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: 811-21928

 

Short-Term Bond Fund of America

(Exact Name of Registrant as Specified in Charter)

 

333 South Hope Street, 55th Floor

Los Angeles, California 90071

(Address of Principal Executive Offices)

 

Registrant's telephone number, including area code: (949) 975-5000

 

Date of fiscal year end: August 31

 

Date of reporting period: February 29, 2024

 

Becky L. Park

Short-Term Bond Fund of America

6455 Irvine Center Drive

Irvine, California 92618

(Name and Address of Agent for Service)

 
 

 

ITEM 1 – Reports to Stockholders

 

 

Short-Term Bond Fund
of America®

 

Semi-annual report
for the six months ended
February 29, 2024

 

Invest with care for
durable outcomes

 

 

The Securities and Exchange Commission has adopted new regulations that will change the content and design of annual and semi-annual shareholder reports beginning in July 2024. Certain types of information, including investment portfolio and financial statements, will not be included in the shareholder reports but will be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR.

 

If you would like to receive shareholder reports and other communications from the fund electronically, you may update your mailing preferences with your financial intermediary or enroll in e-delivery at capitalgroup.com (for accounts held directly with the fund).

 

 

Short-Term Bond Fund of America seeks to provide you with current income, consistent with the maturity and quality standards described in the prospectus, and preservation of capital.

 

This 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 over 90 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 F-2 and Class A shares at net asset value. If a sales charge (maximum 2.50% for Class A shares) 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. 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, refer to capitalgroup.com.

 

Here are the average annual total returns on a $1,000 investment for periods ended March 31, 2024 (the most recent calendar quarter-end):

 

   1 year  5 years  10 years
                
Class F-2 shares      3.24%        1.27%        1.18%  
Class A shares (reflecting 2.50% maximum sales charge)   0.42    0.49    0.69 

 

For other share class results, refer to capitalgroup.com and americanfundsretirement.com.

 

The total annual fund operating expense ratios were 0.40% for Class F-2 shares and 0.68% for Class A shares as of the prospectus dated November 1, 2023. The expense ratios are restated to reflect current fees.

 

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Refer to capitalgroup.com for more information.

 

The fund’s 30-day yield for Class F-2 shares as of February 29, 2024, calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula, was 4.53%. The fund’s 12-month distribution rate for Class F-2 shares as of that date was 3.75%. The 30-day yield for Class A shares as of February 29, 2024, was 4.16%. The distribution rate for Class A shares as of that date was 3.38%. Class A share results reflect the 2.50% maximum sales charge. The SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities while the distribution rate reflects the fund’s past dividends paid to shareholders. Accordingly, the fund’s SEC yield and distribution rate may differ.

 

The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds.

 

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. Refer to the fund prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the fund.

 

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

 

Fellow investors:

 

Results for Short-Term Bond Fund of America for the periods ended February 29, 2024, are shown in the table below, as well as results of the fund’s benchmark and peer group.

 

For additional information about the fund, its investment results, holdings and portfolio managers, refer to capitalgroup.com/individual/investments/fund/SBFFX. You can also access information about Capital Group’s American Funds and read our insights about the markets, retirement, saving for college, investing fundamentals and more at capitalgroup.com.

 

Contents

 

1 Results at a glance
   
2 Investment portfolio
   
27 Financial statements
   
31 Notes to financial statements
   
45 Financial highlights

 

Results at a glance

 

For periods ended February 29, 2024, with all distributions reinvested

 

   Cumulative
total returns		  Average annual total returns
   6 months  1 year  5 years  10 years  Lifetime
(since Class A
inception on
10/02/06)
                
Short-Term Bond Fund of America (Class F-2 shares)1      2.66%        4.37%        1.27%        1.12%            1.56%      
Short-Term Bond Fund of America (Class A shares)   2.51    4.08    1.00    0.89    1.35 
Bloomberg U.S. Government/Credit 1–3 Years ex BBB Index2   2.57    4.45    1.31    1.14    1.92 
Lipper Short U.S. Government Funds Average3   2.45    3.87    0.77    0.64    1.48 

 

Past results are not predictive of results in future periods.

 

1 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 the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Refer to capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.
2 Bloomberg U.S. Government/Credit 1–3 Years ex BBB Index is a market value-weighted index that tracks the total return results of fixed-rate, publicly placed, dollar-denominated obligations issued by the U.S. Treasury, U.S. government agencies, quasi-federal corporations, corporate or foreign debt guaranteed by the U.S. government, and U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity and quality requirements, with maturities of one to three years, excluding BBB-rated securities. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes. Source: Bloomberg Index Services Ltd.
3 Lipper averages reflect the current composition of all eligible mutual funds (all share classes) within a given category. Lipper categories are dynamic, and averages may have few funds, especially over longer periods. Source: London Stock Exchange Group. Refer to the Quarterly Statistical Update, available on our website, for the number of funds in the Lipper category for each fund’s lifetime.
   
Short-Term Bond Fund of America 1
 
Investment portfolio February 29, 2024 unaudited
   
Portfolio by type of security Percent of net assets

 

 

Portfolio quality summary*   Percent of
net assets
U.S. Treasury and agency†   35.28%
AAA/Aaa   41.92 
AA/Aa   6.28 
A/A   8.70 
Unrated   0.02 
Short-term securities & other assets less liabilities   7.80 
* 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.
†  These securities are guaranteed by the full faith and credit of the U.S. government.

 

Bonds, notes & other debt instruments 92.18%  Principal amount
(000)		   Value
(000)		 
U.S. Treasury bonds & notes 35.17%          
U.S. Treasury 33.00%          
U.S. Treasury 2.50% 4/30/20241  USD205,000   $204,063 
U.S. Treasury 3.00% 7/31/2024   500,000    495,361 
U.S. Treasury 4.25% 9/30/2024   21,071    20,951 
U.S. Treasury 2.875% 6/15/2025   276,400    269,487 
U.S. Treasury 4.625% 6/30/20251   593,903    592,078 
U.S. Treasury 0.25% 8/31/2025   183,830    171,861 
U.S. Treasury 5.00% 8/31/2025   213,000    213,567 
U.S. Treasury 3.50% 9/15/2025   9,155    8,980 
U.S. Treasury 3.00% 9/30/2025   670    652 
U.S. Treasury 4.25% 10/15/2025   12,420    12,322 
U.S. Treasury 3.00% 10/31/2025   52,635    51,174 
U.S. Treasury 5.00% 10/31/2025   49,270    49,463 
U.S. Treasury 4.50% 11/15/2025   37,677    37,535 
U.S. Treasury 4.00% 12/15/2025   9,000    8,891 
U.S. Treasury 4.25% 12/31/2025   60,320    59,854 
U.S. Treasury 3.875% 1/15/2026   219,000    215,895 
U.S. Treasury 0.375% 1/31/2026   24,922    22,982 
U.S. Treasury 4.25% 1/31/2026   55,312    54,901 
U.S. Treasury 4.00% 2/15/2026   18,459    18,242 
U.S. Treasury 0.50% 2/28/2026   8,904    8,210 
U.S. Treasury 4.625% 3/15/2026   4,063    4,064 
U.S. Treasury 0.75% 4/30/2026   24,099    22,219 
U.S. Treasury 3.625% 5/15/2026   3,740    3,667 
U.S. Treasury 0.75% 5/31/2026   26,200    24,089 
U.S. Treasury 4.125% 6/15/2026   148,602    147,260 
U.S. Treasury 4.375% 8/15/2026   21,500    21,429 
U.S. Treasury 4.625% 9/15/2026   14,680    14,723 
U.S. Treasury 4.75% 10/15/2026   55,000    55,182 
U.S. Treasury 4.625% 11/15/2026   10,346    10,386 
U.S. Treasury 4.375% 12/15/2026   22,156    22,111 
U.S. Treasury 4.00% 1/15/2027   431,943    426,915 

 

2 Short-Term Bond Fund of America
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
U.S. Treasury bonds & notes (continued)          
U.S. Treasury (continued)          
U.S. Treasury 4.125% 2/15/2027  USD24,996   $24,792 
U.S. Treasury 4.125% 9/30/20271   305,000    302,605 
U.S. Treasury 1.125% 2/29/2028   16,100    14,228 
U.S. Treasury 3.625% 3/31/2028   3,320    3,234 
U.S. Treasury 4.375% 11/30/2028   2,600    2,612 
U.S. Treasury 4.00% 1/31/2029   187,888    185,766 
U.S. Treasury 4.25% 2/28/2029   943    943 
U.S. Treasury 1.875% 2/15/2041   1,036    714 
U.S. Treasury 3.00% 5/15/2042   511    415 
U.S. Treasury 2.25% 8/15/20491   7,260    4,809 
U.S. Treasury 1.875% 2/15/20511   708    424 
U.S. Treasury 2.875% 5/15/20521   417    314 
U.S. Treasury 4.75% 11/15/20531   2,834    3,016 
         3,812,386 
           
U.S. Treasury inflation-protected securities 2.17%          
U.S. Treasury Inflation-Protected Security 0.125% 4/15/20252   186,568    182,000 
U.S. Treasury Inflation-Protected Security 0.375% 7/15/20252   70,240    68,739 
         250,739 
           
Total U.S. Treasury bonds & notes        4,063,125 
           
Mortgage-backed obligations 23.37%          
Federal agency mortgage-backed obligations 14.30%          
Fannie Mae Pool #AD2028 4.50% 3/1/20253   85    85 
Fannie Mae Pool #555538 5.921% 5/1/20333,4   122    120 
Fannie Mae Pool #888521 6.254% 3/1/20343,4   270    277 
Fannie Mae Pool #889579 6.00% 5/1/20383   889    918 
Fannie Mae Pool #AL0095 6.00% 7/1/20383   31    32 
Fannie Mae Pool #889983 6.00% 10/1/20383   367    378 
Fannie Mae Pool #AI8806 5.00% 8/1/20413   663    657 
Fannie Mae Pool #AB9584 3.50% 6/1/20433   4    3 
Fannie Mae Pool #BK2010 4.00% 4/1/20483   12    11 
Fannie Mae Pool #BK5305 4.00% 6/1/20483   8    7 
Fannie Mae Pool #FS5554 4.50% 11/1/20523   5,230    4,955 
Fannie Mae Pool #BX1762 5.50% 11/1/20523   39    39 
Fannie Mae Pool #MA4842 5.50% 12/1/20523   3,364    3,336 
Fannie Mae Pool #MA4894 6.00% 1/1/20533   1,532    1,540 
Fannie Mae Pool #BX5666 6.00% 1/1/20533   90    91 
Fannie Mae Pool #MA4919 5.50% 2/1/20533   594    588 
Fannie Mae Pool #MA4942 6.00% 3/1/20533   435    437 
Fannie Mae Pool #MA4979 5.50% 4/1/20533   4,068    4,027 
Fannie Mae Pool #MA4980 6.00% 4/1/20533   60    60 
Fannie Mae Pool #FS4563 5.00% 5/1/20533   1,354    1,315 
Fannie Mae Pool #MA5010 5.50% 5/1/20533   97    96 
Fannie Mae Pool #FS5192 5.50% 6/1/20533   1,531    1,519 
Fannie Mae Pool #MA5039 5.50% 6/1/20533   995    985 
Fannie Mae Pool #CB6485 6.00% 6/1/20533   21,446    21,568 
Fannie Mae Pool #CB6486 6.00% 6/1/20533   13,128    13,244 
Fannie Mae Pool #CB6465 6.00% 6/1/20533   9,616    9,693 
Fannie Mae Pool #CB6491 6.50% 6/1/20533   6,741    6,902 
Fannie Mae Pool #CB6490 6.50% 6/1/20533   2,357    2,400 
Fannie Mae Pool #CB6468 6.50% 6/1/20533   1,744    1,781 
Fannie Mae Pool #MA5072 5.50% 7/1/20533   18,044    17,861 
Fannie Mae Pool #MA5073 6.00% 7/1/20533   936    940 
Fannie Mae Pool #MA5165 5.50% 10/1/20533   6    6 
Fannie Mae Pool #MA5191 6.00% 11/1/20533   2,290    2,301 
Fannie Mae Pool #CB7617 6.00% 12/1/20533   3,505    3,523 
Fannie Mae Pool #CB7862 6.00% 1/1/20543   11,903    11,961 
Fannie Mae Pool #CB7932 6.00% 2/1/20543   24,064    24,181 
Fannie Mae Pool #CB7933 6.50% 2/1/20543   18,322    18,663 
Fannie Mae Pool #BM6736 4.50% 11/1/20593   4,847    4,631 
Fannie Mae, Series 2017-M10, Class AV2, Multi Family, 2.584% 7/25/20243,4   2,302    2,278 
Fannie Mae, Series 2017-M15, Class AV2, Multi Family, 2.526% 11/25/20243,4   1,823    1,793 
Fannie Mae, Series 2017-M7, Class A2, Multi Family, 2.961% 2/25/20273,4   8    8 
Freddie Mac Pool #781228 6.375% 2/1/20343,4   183    181 
Freddie Mac Pool #A23893 5.50% 7/1/20343   112    113 
Freddie Mac Pool #782818 6.375% 11/1/20343,4   128    131 

 

Short-Term Bond Fund of America 3
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Mortgage-backed obligations (continued)          
Federal agency mortgage-backed obligations (continued)          
Freddie Mac Pool #1H2524 5.496% 8/1/20353,4  USD386   $396 
Freddie Mac Pool #1L1292 6.505% 1/1/20363,4   297    295 
Freddie Mac Pool #G02162 5.50% 5/1/20363   83    85 
Freddie Mac Pool #848751 5.931% 6/1/20363,4   82    84 
Freddie Mac Pool #848365 5.902% 7/1/20363,4   304    308 
Freddie Mac Pool #760014 2.704% 8/1/20453,4   401    386 
Freddie Mac Pool #SI2002 4.00% 3/1/20483   66    62 
Freddie Mac Pool #QC7001 3.50% 8/1/20513   4    3 
Freddie Mac Pool #SD8175 3.50% 10/1/20513   15    13 
Freddie Mac Pool #QF0924 5.50% 9/1/20523   27    27 
Freddie Mac Pool #SD2465 4.50% 10/1/20523   133    126 
Freddie Mac Pool #QF1573 5.50% 10/1/20523   27    27 
Freddie Mac Pool #SD2948 5.50% 11/1/20523   350    347 
Freddie Mac Pool #SD8276 5.00% 12/1/20523   10,248    9,950 
Freddie Mac Pool #SD8288 5.00% 1/1/20533   998    969 
Freddie Mac Pool #SD8290 6.00% 1/1/20533   9,818    9,875 
Freddie Mac Pool #QF8331 5.50% 2/1/20533   28    28 
Freddie Mac Pool #SD8301 6.00% 2/1/20533   4,982    5,011 
Freddie Mac Pool #SD8315 5.00% 4/1/20533   2,790    2,708 
Freddie Mac Pool #SD2716 5.00% 4/1/20533   2,197    2,134 
Freddie Mac Pool #SD8324 5.50% 5/1/20533   1,409    1,395 
Freddie Mac Pool #SD8325 6.00% 5/1/20533   3,413    3,431 
Freddie Mac Pool #QG3376 6.00% 5/1/20533   205    207 
Freddie Mac Pool #SD8329 5.00% 6/1/20533   704    683 
Freddie Mac Pool #SD8331 5.50% 6/1/20533   1,627    1,611 
Freddie Mac Pool #RA9279 6.00% 6/1/20533   4,245    4,284 
Freddie Mac Pool #RA9283 6.00% 6/1/20533   4,021    4,063 
Freddie Mac Pool #RA9281 6.00% 6/1/20533   2,645    2,663 
Freddie Mac Pool #RA9284 6.00% 6/1/20533   1,857    1,889 
Freddie Mac Pool #SD3240 6.00% 6/1/20533   449    451 
Freddie Mac Pool #RA9294 6.50% 6/1/20533   3,210    3,281 
Freddie Mac Pool #RA9292 6.50% 6/1/20533   2,772    2,832 
Freddie Mac Pool #RA9289 6.50% 6/1/20533   2,613    2,692 
Freddie Mac Pool #RA9288 6.50% 6/1/20533   2,484    2,563 
Freddie Mac Pool #RA9287 6.50% 6/1/20533   1,762    1,824 
Freddie Mac Pool #RA9290 6.50% 6/1/20533   1,321    1,357 
Freddie Mac Pool #RA9291 6.50% 6/1/20533   965    983 
Freddie Mac Pool #RA9295 6.50% 6/1/20533   734    761 
Freddie Mac Pool #SD8341 5.00% 7/1/20533   65    63 
Freddie Mac Pool #SD8342 5.50% 7/1/20533   21,432    21,215 
Freddie Mac Pool #SD3356 6.00% 7/1/20533   2,350    2,363 
Freddie Mac Pool #SD3825 6.50% 9/1/20533   32,689    33,290 
Freddie Mac Pool #SD4053 6.00% 10/1/20533   39,645    39,837 
Freddie Mac Pool #SD8385 6.50% 12/1/20533   111,257    113,277 
Freddie Mac, Series K727, Class A2, Multi Family, 2.946% 7/25/20243   1,115    1,104 
Freddie Mac, Series K044, Class A2, Multi Family, 2.811% 1/25/20253   808    791 
Freddie Mac, Series K045, Class A2, Multi Family, 3.023% 1/25/20253   22,172    21,717 
Freddie Mac, Series K730, Class A2, Multi Family, 3.59% 1/25/20253,4   33,879    33,370 
Freddie Mac, Series K046, Class A2, Multi Family, 3.205% 3/25/20253   22,997    22,516 
Freddie Mac, Series KPLB, Class A, Multi Family, 2.77% 5/25/20253   12,982    12,600 
Freddie Mac, Series K732, Class A2, Multi Family, 3.70% 5/25/20253   14,106    13,865 
Freddie Mac, Series K048, Class A2, Multi Family, 3.284% 6/25/20253,4   13,324    13,026 
Freddie Mac, Series K049, Class A2, Multi Family, 3.01% 7/25/20253   2,716    2,642 
Freddie Mac, Series K052, Class A2, Multi Family, 3.151% 11/25/20253   2,075    2,015 
Freddie Mac, Series K054, Class A2, Multi Family, 2.745% 1/25/20263   400    385 
Freddie Mac, Series K057, Class A2, Multi Family, 2.57% 7/25/20263   30    29 
Freddie Mac, Series K070, Class A2, Multi Family, 3.303% 11/25/20273,4   10    10 
Freddie Mac, Series K515, Class A2, Multi Family, 5.40% 1/25/20293   62,265    63,939 
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/20563,4   4,514    4,149 
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/20563   6,846    6,281 
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/20563,4   6,698    6,149 
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/20573,4   14    12 

 

4 Short-Term Bond Fund of America
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Mortgage-backed obligations (continued)          
Federal agency mortgage-backed obligations (continued)          
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/20573  USD11   $9 
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class M45T, 4.50% 6/25/20573   3,836    3,703 
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/20573   5,228    4,913 
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-4, Class MA, 3.50% 3/25/20583   46    43 
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/20583   961    903 
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/20583   7,550    7,058 
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/20593   1,521    1,383 
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 6/25/20283   11,008    10,501 
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 5/25/20293   1,808    1,719 
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/20293   565    522 
FREMF Mortgage Trust, Series 2024 -K516, Class A2, 5.477% 1/25/20293,5   7,970    8,209 
Government National Mortgage Assn. Pool #MA5332 5.00% 7/20/20483   37    36 
Government National Mortgage Assn. Pool #MA5653 5.00% 12/20/20483   1,570    1,555 
Government National Mortgage Assn. Pool #MA5765 5.00% 2/20/20493   339    335 
Government National Mortgage Assn. Pool #MA5878 5.00% 4/20/20493   1,104    1,092 
Government National Mortgage Assn. Pool #MA6042 5.00% 7/20/20493   32    31 
Government National Mortgage Assn. Pool #MA8947 5.00% 6/20/20533   328    320 
Government National Mortgage Assn. Pool #MA9170 5.00% 9/20/20533   29,653    28,976 
Government National Mortgage Assn. Pool #MA9240 5.00% 10/20/20533   19,269    18,829 
Government National Mortgage Assn. Pool #714621 5.46% 8/20/20593   119    119 
Government National Mortgage Assn. Pool #710074 4.72% 4/20/20613   1    1 
Government National Mortgage Assn. Pool #721648 5.05% 4/20/20613   3    3 
Government National Mortgage Assn. Pool #710077 4.70% 5/20/20613   3    3 
Government National Mortgage Assn. Pool #725876 4.899% 9/20/20613   —6    —6 
Government National Mortgage Assn. Pool #710085 4.979% 9/20/20613   2    2 
Government National Mortgage Assn. Pool #725879 4.892% 10/20/20613   1    1 
Government National Mortgage Assn. Pool #AC0975 4.335% 4/20/20633   2    2 
Government National Mortgage Assn. Pool #AC1008 4.334% 10/20/20633   1    1 
Government National Mortgage Assn. Pool #776094 4.812% 10/20/20633   1    1 
Government National Mortgage Assn. Pool #AG8041 4.526% 11/20/20633   6    5 
Government National Mortgage Assn. Pool #AG8060 4.524% 12/20/20633   6    5 
Government National Mortgage Assn. Pool #AC1026 4.352% 1/20/20643   2    2 
Government National Mortgage Assn. Pool #AG8069 4.392% 1/20/20643   6    6 
Government National Mortgage Assn. Pool #AG8070 4.526% 1/20/20643   6    5 
Government National Mortgage Assn. Pool #AG8081 4.397% 2/20/20643   6    6 
Government National Mortgage Assn. Pool #AG8082 4.513% 2/20/20643   5    5 
Government National Mortgage Assn. Pool #AG8076 4.901% 2/20/20643   1    1 
Government National Mortgage Assn. Pool #767680 4.413% 6/20/20643   14    14 
Government National Mortgage Assn. Pool #AG8149 5.933% 6/20/20643,4   63    63 
Government National Mortgage Assn. Pool #AO0461 4.586% 8/20/20653   17    17 
Government National Mortgage Assn., Series 2018-98, Class A, 3.00% 10/16/20503   1,920    1,834 
Government National Mortgage Assn., Series 2012-H12, Class FT, (1-year UST Yield Curve Rate T Note Constant Maturity + 0.70%) 5.51% 5/20/20623,4   270    269 
Government National Mortgage Assn., Series 2012-H20, Class PT, 6.074% 7/20/20623,4   4,106    4,093 
Government National Mortgage Assn., Series 2014-H08, Class FT, (1-year UST Yield Curve Rate T Note Constant Maturity + 0.60%) 5.41% 3/20/20643,4   1,883    1,879 
Uniform Mortgage-Backed Security 4.50% 3/1/20543,7   937    887 
Uniform Mortgage-Backed Security 5.00% 3/1/20543,7   87,992    85,339 
Uniform Mortgage-Backed Security 5.50% 3/1/20543,7   216,723    214,410 
Uniform Mortgage-Backed Security 6.00% 3/1/20543,7   101,576    102,015 
Uniform Mortgage-Backed Security 6.50% 3/1/20543,7   58,178    59,205 
Uniform Mortgage-Backed Security 7.00% 3/1/20543,7   99,625    102,278 
Uniform Mortgage-Backed Security 4.00% 4/1/20543,7   55    51 
Uniform Mortgage-Backed Security 4.50% 4/1/20543,7   500    473 

 

Short-Term Bond Fund of America 5
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Mortgage-backed obligations (continued)          
Federal agency mortgage-backed obligations (continued)          
Uniform Mortgage-Backed Security 5.50% 4/1/20543,7  USD84,395   $83,494 
Uniform Mortgage-Backed Security 6.00% 4/1/20543,7   106,499    106,935 
Uniform Mortgage-Backed Security 6.50% 4/1/20543,7   46,000    46,779 
Uniform Mortgage-Backed Security 7.00% 4/1/20543,7   98,500    101,054 
Uniform Mortgage-Backed Security 4.50% 5/1/20543,7   500    474 
         1,651,952 
           
Collateralized mortgage-backed obligations (privately originated) 4.94%          
Argent Securities, Inc., Series 2005-W2, Class M1, (1-month USD CME Term SOFR + 0.849%) 6.17% 10/25/20353,4   1,228    1,198 
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/20483,4,5   2,925    2,514 
Arroyo Mortgage Trust, Series 2019-1, Class A1, 3.805% 1/25/20493,4,5   3,716    3,508 
Arroyo Mortgage Trust, Series 2019-2, Class A2, 3.498% 4/25/20493,4,5   423    393 
Arroyo Mortgage Trust, Series 2019-2, Class A3, 3.80% 4/25/20493,4,5   2,823    2,644 
Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 3/25/20553,5   1,526    1,409 
Arroyo Mortgage Trust, Series 2022-1, Class A1A, 2.495% 12/25/2056 (3.495% on 2/25/2026)3,5,8   8,783    8,149 
BINOM Securitization Trust, Series 2022-RPL1, Class A1, 3.00% 2/25/20613,4,5   2,181    1,984 
BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 5/25/20593,4,5   7,592    6,922 
BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 5/26/20593,4,5   5,539    5,307 
BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/20613,5   4,287    3,857 
BRAVO Residential Funding Trust, Series 2022-NQM1, Class A1, 3.626% 9/25/2061 (4.626% on 2/25/2026)3,5,8   1,326    1,248 
BRAVO Residential Funding Trust, Series 2022-NQM2, Class A1, 4.272% 11/25/2061 (5.272% on 5/25/2026)3,5,8   758    742 
BRAVO Residential Funding Trust, Series 2022-NQM3, Class A1, 5.108% 7/25/2062 (6.108% on 9/1/2026)3,5,8   6,837    6,701 
BRAVO Residential Funding Trust, Series 2022-R1, Class A, 3.125% 1/29/2070 (6.125% on 1/29/2025)3,5,8   3,658    3,428 
Bunker Hill Loan Depositary Trust, Series 2019-2, Class A1, 2.879% 7/25/20493,4,5   3,403    3,213 
Cantor Commercial Real Estate Lending, Series 2019-CF1, Class AS, 4.027% 5/15/20523   1,000    882 
Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 10/27/20313,4,5   2,459    2,388 
Cascade Funding Mortgage Trust, Series 2021-HB7, Class M1, 2.125% 10/27/20313,4,5   300    285 
Cascade Funding Mortgage Trust, Series 2023-HB12, Class A, 4.25% 4/25/20333,4,5   9,531    9,333 
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 6/25/20363,4,5   13,969    13,803 
Cascade Funding Mortgage Trust, Series 2018-RM2, Class A, 4.00% 10/25/20683,4,5   3,292    3,231 
CIM Trust, Series 2018-R3, Class A1, 5.00% 12/25/20573,4,5   2,112    2,092 
CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/20613,4,5   9,112    8,529 
Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/20603,4,5   1,800    1,628 
COLT Funding, LLC, Series 2023-1, Class A1, 6.048% 4/25/2068 (7.048% on 4/1/2027)3,5,8   10,307    10,315 
COLT Mortgage Loan Trust, Series 2020-2, Class A1, 1.853% 3/25/20653,5   40    40 
COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/20663,4,5   9,302    7,860 
Connecticut Avenue Securities Trust, Series 2014-C02A, Class 1M2, (30-day Average USD-SOFR + 2.714%) 8.036% 5/25/20243,4   3,975    3,985 
Connecticut Avenue Securities Trust, Series 2015-C01, Class 1M2, (30-day Average USD-SOFR + 4.414%) 9.736% 2/25/20253,4   1,310    1,341 
Connecticut Avenue Securities Trust, Series 2017-C01, Class 1B1, (30-day Average USD-SOFR + 5.864%) 11.186% 7/25/20293,4   850    960 
Connecticut Avenue Securities Trust, Series 2018-C01, Class 1M2C, (30-day Average USD-SOFR + 2.364%) 7.686% 7/25/20303,4   5,000    5,117 
Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) 7.222% 6/25/20433,4,5   2,453    2,480 
Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M1, (30-day Average USD-SOFR + 1.05%) 6.372% 1/25/20443,4,5   3,802    3,805 
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 8/15/20373,5   3,939    3,652 
Credit Suisse Mortgage Trust, Series 2022-ATH3, Class A1, 4.991% 8/25/20673,4,5   7,335    7,191 
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 6/25/20693,5   13,687    14,654 
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, (30-day Average USD-SOFR + 3.414%) 8.736% 10/25/20273,4   913    921 
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA3, Class M3, (30-day Average USD-SOFR + 4.814%) 10.136% 4/25/20283,4   2,101    2,191 
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2016-DNA1, Class M3, (30-day Average USD-SOFR + 5.664%) 10.986% 7/25/20283,4   1,752    1,857 

 

6 Short-Term Bond Fund of America
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Mortgage-backed obligations (continued)          
Collateralized mortgage-backed obligations (privately originated) (continued)          
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A, (30-day Average USD-SOFR + 2.00%) 7.322% 4/25/20423,4,5  USD1,938   $1,964 
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1A, (30-day Average USD-SOFR + 2.95%) 8.272% 6/25/20423,4,5   1,342    1,379 
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 7.472% 9/25/20423,4,5   177    179 
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA1, Class M2, (30-day Average USD-SOFR + 1.814%) 7.136% 1/25/20503,4,5   692    696 
GCAT Trust, Series 2024-NQM1, Class A1, 6.007% 1/25/2059 (7.007% on 1/1/2028)3,5,8   1,067    1,066 
GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/20663,4,5   21,572    19,027 
Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/20263,5   5,944    5,386 
Home Partners of America Trust, Series 2022-1, Class A, 3.93% 4/17/20393,5   998    955 
Homeward Opportunities Fund Trust, Series 2020-2, Class A2, 2.635% 5/25/20653,4,5   534    525 
Hundred Acre Wood Trust, Series 2021-INV1, Class A3, 2.50% 7/25/20513,4,5   2,033    1,634 
Imperial Fund Mortgage Trust, Series 2022-NQM7, Class A1, 7.369% 11/25/2067 (8.369% on 11/1/2026)3,5,8   11,716    11,898 
Imperial Fund Mortgage Trust, Series 2023-NQM1, Class A1, 5.941% 2/25/2068 (6.941% on 1/1/2027)3,5,8   15,279    15,148 
Legacy Mortgage Asset Trust, Series 2020-GS4, Class A1, 6.25% 2/25/2060 (7.25% on 5/28/2024)3,5,8   21,342    21,456 
Legacy Mortgage Asset Trust, Series 2020-GS3, Class A1, 6.25% 5/25/2060 (7.25% on 4/25/2024)3,5,8   8,961    9,002 
Legacy Mortgage Asset Trust, Series 2022-GS1, Class A1, 4.00% 2/25/2061 (7.00% on 4/25/2025)3,5,8   11,425    11,074 
Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 4/25/20613,4,5   2,231    2,164 
Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 7/25/2067 (5.25% on 11/25/2024)3,5,8   6,482    6,267 
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (3-month USD CME Term SOFR + 0.965%) 6.285% 11/25/20553,4,5   27,731    27,698 
MFRA Trust, Series 2020-NQM1, Class A1, 1.479% 3/25/20653,4,5   1,678    1,566 
Mill City Mortgage Trust, Series 15-1, Class M3, 3.804% 6/25/20563,4,5   2,740    2,688 
Mill City Mortgage Trust, Series 15-1, Class M2, 3.804% 6/25/20563,4,5   276    275 
Mill City Mortgage Trust, Series 2016-1, Class M2, 3.35% 4/25/20573,4,5   6,085    5,986 
Mill City Mortgage Trust, Series 2019-GS2, Class A1, 2.75% 8/25/20593,4,5   3,709    3,503 
Mill City Mortgage Trust, Series 2019-1, Class A1, 3.25% 10/25/20693,4,5   4,202    4,039 
New Residential Mortgage Loan Trust, Series 2016-2, Class A1, 3.75% 11/26/20353,4,5   244    229 
New Residential Mortgage Loan Trust, Series 2015-2A, Class A1, 3.75% 8/25/20553,4,5   508    474 
New Residential Mortgage Loan Trust, Series 2016-1A, Class A1, 3.75% 3/25/20563,4,5   216    201 
New Residential Mortgage Loan Trust, Series 2018-RPL1, Class A1, 3.50% 12/25/20573,4,5   1,553    1,481 
New Residential Mortgage Loan Trust, Series 2019-2A, Class A1, 4.25% 12/25/20573,4,5   433    413 
New Residential Mortgage Loan Trust, Series 2018-5A, Class A1, 4.75% 12/25/20573,4,5   929    897 
New Residential Mortgage Loan Trust, Series 2018-3A, Class A1, 4.50% 5/27/20583,4,5   745    718 
New Residential Mortgage Loan Trust, Series 2020-RPL1, Class A1, 2.75% 11/25/20593,4,5   8,274    7,746 
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, (1-month USD CME Term SOFR + 0.865%) 6.185% 5/25/20553,4,5   25,739    25,757 
Ocwen Loan Investment Trust, Series 2024-HB1, Class A, 3.00% 2/25/20373,5   15,000    14,260 
Onslow Bay Financial Mortgage Loan Trust, Series 2022-NQM9, Class A1A, 6.45% 9/25/2062 (7.45% on 11/1/2026)3,5,8   5,906    5,923 
Onslow Bay Financial Mortgage Loan Trust, Series 2023-NQM4, Class A1, 6.113% 3/25/2063 (7.113% on 5/1/2027)3,5,8   7,669    7,660 
Onslow Bay Financial, LLC, Series 2024-NQM1, Class A1, 5.928% 11/25/2063 (6.928% on 12/1/2027)3,5,8   1,378    1,376 
PRKCM Trust, Series 2021-AFC2, Class A1, 2.071% 11/25/20563,4,5   9,840    8,255 
Progress Residential Trust, Series 2020-SFR2, Class A, 2.078% 6/18/20373,5   2,397    2,295 
Progress Residential Trust, Series 2021-SFR2, Class A, 1.546% 4/19/20383,5   15,688    14,483 
Progress Residential Trust, Series 2021-SFR6, Class A, 1.524% 7/17/20383,5   5,683    5,197 
Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/20393,5   638    601 
Progress Residential Trust, Series 2023-SFR1, Class A, 4.30% 3/17/20403,5   649    627 
Progress Residential Trust, Series 2024-SFR1, Class A, 3.35% 2/17/20413,5   7,311    6,724 
Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 11/25/20313,4,5   1,496    1,454 
Towd Point Mortgage Trust, Series 2015-3, Class M2, 4.00% 3/25/20543,4,5   2,529    2,495 
Towd Point Mortgage Trust, Series 2015-3, Class B1, 4.222% 3/25/20543,4,5   2,000    1,938 
Towd Point Mortgage Trust, Series 2016-1, Class M1, 3.50% 2/25/20553,4,5   6,597    6,533 
Towd Point Mortgage Trust, Series 2016-1, Class B1, 4.301% 2/25/20553,4,5   1,830    1,772 
Towd Point Mortgage Trust, Series 2015-4, Class M2, 3.75% 4/25/20553,4,5   5,625    5,552 

 

Short-Term Bond Fund of America 7
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Mortgage-backed obligations (continued)          
Collateralized mortgage-backed obligations (privately originated) (continued)          
Towd Point Mortgage Trust, Series 2016-2, Class M1, 3.00% 8/25/20553,4,5  USD2,550   $2,462 
Towd Point Mortgage Trust, Series 2016-2, Class A2, 3.00% 8/25/20553,4,5   189    188 
Towd Point Mortgage Trust, Series 2016-4, Class A2, 3.00% 7/25/20563,4,5   463    460 
Towd Point Mortgage Trust, Series 2016-4, Class M2, 3.75% 7/25/20563,4,5   2,538    2,425 
Towd Point Mortgage Trust, Series 2017-1, Class A1, 2.75% 10/25/20563,4,5   339    338 
Towd Point Mortgage Trust, Series 2016-5, Class M1, 3.375% 10/25/20563,4,5   4,000    3,785 
Towd Point Mortgage Trust, Series 2017-1, Class A2, 3.50% 10/25/20563,4,5   9,145    8,959 
Towd Point Mortgage Trust, Series 2017-5, Class A1, 6.035% 2/25/20573,4,5   813    826 
Towd Point Mortgage Trust, Series 2017-2, Class A2, 3.25% 4/25/20573,4,5   2,782    2,726 
Towd Point Mortgage Trust, Series 2017-2, Class A4, 3.514% 4/25/20573,4,5   752    729 
Towd Point Mortgage Trust, Series 2017-2, Class M1, 3.75% 4/25/20573,4,5   6,818    6,545 
Towd Point Mortgage Trust, Series 2017-4, Class A1, 2.75% 6/25/20573,4,5   3,089    2,970 
Towd Point Mortgage Trust, Series 2017-3, Class A1, 2.75% 7/25/20573,4,5   26    26 
Towd Point Mortgage Trust, Series 2017-3, Class M1, 3.50% 7/25/20573,4,5   2,300    2,155 
Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 10/25/20573,4,5   2,739    2,648 
Towd Point Mortgage Trust, Series 2015-2, Class 2B1, 4.777% 11/25/20573,4,5   2,100    2,064 
Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00% 1/25/20583,4,5   1,298    1,265 
Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 3/25/20583,4,5   6,262    6,075 
Towd Point Mortgage Trust, Series 2019-1, Class A1, 3.75% 3/25/20583,4,5   4,594    4,383 
Towd Point Mortgage Trust, Series 2018-6, Class A1A, 3.75% 3/25/20583,4,5   1,656    1,621 
Towd Point Mortgage Trust, Series 2018-3, Class A1, 3.75% 5/25/20583,4,5   5,347    5,145 
Towd Point Mortgage Trust, Series 2019-HY2, Class A1, (1-month USD CME Term SOFR + 1.114%) 6.435% 5/25/20583,4,5   286    291 
Towd Point Mortgage Trust, Series 2019-2, Class A1, 3.741% 12/25/20583,4,5   5,086    4,845 
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/20603,5   3,237    2,847 
Towd Point Mortgage Trust, Series 2015-2, Class 1M2, 3.684% 11/25/20603,4,5   2,525    2,498 
Towd Point Mortgage Trust, Series 2023-1, Class A1, 3.75% 1/25/20633,5   10,200    9,651 
Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.482% 11/17/20393,5   850    747 
Tricon Residential Trust, Series 2023-SFR1, Class A, 5.10% 7/17/20403,5   5,568    5,524 
Tricon Residential Trust, Series 2023-SFR2, Class A, 5.00% 12/17/20403,5   11,759    11,629 
Verus Securitization Trust, Series 2020-2, Class A1, 2.226% 5/25/20603,4,5   146    144 
Verus Securitization Trust, Series 2023-1, Class A1, 5.85% 12/25/2067 (6.85% on 1/1/2027)3,5,8   4,216    4,193 
Verus Securitization Trust, Series 2023-3, Class A1, 5.93% 3/25/2068 (6.93% on 4/1/2027)3,5,8   5,231    5,229 
Verus Securitization Trust, Series 2023-5, Class A5, 6.476% 6/25/2068 (7.476% on 6/1/2027)3,5,8   12,883    12,937 
Verus Securitization Trust, Series 2024-2, Class A1, 6.095% 2/25/2069 (7.095% on 2/1/2028)3,5,8   9,278    9,344 
         570,067 
           
Commercial mortgage-backed securities 4.13%          
AMSR Trust, Series 2021-SFR3, Class A, 1.476% 10/17/20383,5   1,981    1,798 
AMSR Trust, Series 2023-SFR2, Class A, 3.95% 6/17/20403,5   10,741    10,196 
Banc of America Commercial Mortgage, Inc., Series 2015-UBS7, Class A4, 3.705% 9/15/20483   500    484 
Bank Commercial Mortgage Trust, Series 2017-BNK4, Class A3, 3.362% 5/15/20503   10,654    10,099 
Bank Commercial Mortgage Trust, Series 2017-BNK4, Class A4, 3.625% 5/15/20503   3,099    2,924 
Bank Commercial Mortgage Trust, Series 2023-5YR3, Class AS, 7.315% 9/15/20563,4   4,885    5,237 
Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 8/15/20613   1,185    1,039 
Bank Commercial Mortgage Trust, Series 2019-BN18, Class A4, 3.584% 5/15/20623   1,613    1,439 
Bank of America Merrill Lynch Large Loan, Inc., Series 2015-200P, Class A, 3.218% 4/14/20333,5   17,000    16,356 
Barclays Commercial Mortgage Securities, LLC, Series 2018-TALL, Class A, ((1-month USD CME Term SOFR + 0.047%) + 0.872%) 6.237% 3/15/20373,4,5   6,045    5,760 
Barclays Commercial Mortgage Securities, LLC, Series 23-5C23, Class AS, 7.455% 12/15/20563,4   388    419 
Benchmark Mortgage Trust, Series 2020-B19, Class A5, 1.85% 9/15/20533   3,000    2,412 
Benchmark Mortgage Trust, Series 2023-V3, Class A3, 6.363% 7/15/20563   3,216    3,362 
Benchmark Mortgage Trust, Series 2024-V5, Class AM, 6.417% 1/10/20573   672    696 
BLP Commercial Mortgage Trust, Series 2024-IND2, Class A, (1-month USD CME Term SOFR + 1.342%) 6.642% 3/15/20413,4,5   11,506    11,514 
BMO Mortgage Trust, Series 2023-5C1, Class A3, 6.534% 8/15/20563,4   2,482    2,600 
BMO Mortgage Trust, Series 2023-5C1, Class AS, 7.118% 8/15/20563,4   1,996    2,098 

 

8 Short-Term Bond Fund of America
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Mortgage-backed obligations (continued)          
Commercial mortgage-backed securities (continued)          
BMO Mortgage Trust, Series 2024-5C3, Class AS, 6.286% 2/15/20573,4  USD2,244   $2,312 
BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.77%) 7.087% 5/15/20393,4,5   4,413    4,421 
BPR Trust, Series 2022-OANA, Class A, (1-month USD CME Term SOFR + 1.898%) 7.216% 4/15/20373,4,5   1,157    1,162 
BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 7.432% 6/15/20273,4,5   4,773    4,798 
BX Trust, Series 2021-SDMF, Class A, (1-month USD CME Term SOFR + 0.703%) 6.021% 9/15/20343,4,5   20,011    19,775 
BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 6.132% 9/15/20363,4,5   14,291    14,140 
BX Trust, Series 2021-ARIA, Class A, (1-month USD CME Term SOFR + 1.014%) 6.331% 10/15/20363,4,5   7,298    7,209 
BX Trust, Series 2021-SOAR, Class A, (1-month USD CME Term SOFR + 0.784%) 6.102% 6/15/20383,4,5   2,699    2,676 
BX Trust, Series 2021-SOAR, Class B, (1-month USD CME Term SOFR + 0.984%) 6.302% 6/15/20383,4,5   961    949 
BX Trust, Series 2021-ACNT, Class A, (1-month USD CME Term SOFR + 0.964%) 6.282% 11/15/20383,4,5   18,728    18,619 
BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 6.308% 2/15/20393,4,5   10,634    10,550 
BX Trust, Series 2023-VLT2, Class A, (1-month USD CME Term SOFR + 2.281%) 7.599% 6/15/20403,4,5   9,451    9,494 
BXP Trust, Series 2017-GM, Class A, 3.379% 6/13/20393,5   3,158    2,932 
CD Commercial Mortgage Trust, Series 2017-CD3, Class A4, 3.631% 2/10/20503   2,000    1,852 
Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 5.82% 6/10/20283,4,5   6,311    6,416 
Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/20283,4,5   17,000    17,535 
Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class A4, 3.622% 7/10/20473   500    495 
Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A3, 3.515% 9/10/20583   5,019    4,878 
Commercial Mortgage Trust, Series 2015-3BP, Class A, 3.178% 2/10/20353,5   8,700    8,251 
Commercial Mortgage Trust, Series 2014-CR18, Class A5, 3.828% 7/15/20473   12,466    12,385 
Commercial Mortgage Trust, Series 2014-UBS5, Class A4, 3.838% 9/10/20473   16,310    16,081 
Commercial Mortgage Trust, Series 2014-CR20, Class A4, 3.59% 11/10/20473   1,800    1,771 
Commercial Mortgage Trust, Series 2016-COR1, Class A4, 3.091% 10/10/20493   4,000    3,723 
Commercial Mortgage Trust, Series 2015-PC1, Class A4, 3.62% 7/10/20503   901    885 
CSAIL Commercial Mortgage Trust, Series 2017-CX9, Class A4, 3.176% 9/15/20503   324    306 
CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A3, 3.231% 6/15/20573   1,055    1,033 
DC Commercial Mortgage Trust, Series 2023-DC, Class A, 6.314% 9/10/20403,5   5,393    5,536 
Ellington Financial Mortgage Trust, Series 2020-1, Class A1, 2.006% 5/25/20653,4,5   275    266 
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD CME Term SOFR + 1.194%) 6.512% 7/15/20383,4,5   4,849    4,846 
FIVE Mortgage Trust, Series 2023-V1, Class A3, 5.668% 2/10/20563   7,079    7,177 
Fontainebleau Miami Beach Trust, CMO, Series 2019-FBLU, Class A, 3.144% 12/10/20363,5   10,065    9,798 
FS Commercial Trust, Series 2023-4SZN, Class A, 7.066% 11/10/20393,5   8,886    9,202 
GS Mortgage Securities Trust, Series 2018-HULA, Class A, (1-month USD CME Term SOFR + 1.223%) 6.352% 7/15/20253,4,5   1,830    1,823 
GS Mortgage Securities Trust, Series 2024-70P, Class A, 5.133% 3/10/20413,4,5   19,636    19,458 
GS Mortgage Securities Trust, Series 2014-GC24, Class A5, 3.931% 9/10/20473   11,255    11,104 
GS Mortgage Securities Trust, Series 2020-GS1, Class A2, 3.47% 11/10/20483   1,460    1,410 
GS Mortgage Securities Trust, Series 2015-GC30, Class A4, 3.382% 5/10/20503   6,846    6,630 
GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 8/10/20503   1,000    929 
GS Mortgage Securities Trust, Series 2020-GSA2, Class A5, 2.012% 12/12/20533   2,975    2,353 
Hawaii Hotel Trust, Series 2019-MAUI, Class A, (1-month USD CME Term SOFR + 1.264%) 6.515% 5/17/20383,4,5   4,500    4,485 
JPMBB Commercial Mortgage Securities Trust, Series 2014-C19, Class A4, 3.997% 4/15/20473   91    90 
JPMBB Commercial Mortgage Securities Trust, Series 2014-C26, Class B, 3.951% 1/15/20483   2,333    2,200 
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/20393,5   7,510    6,632 

 

Short-Term Bond Fund of America 9
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Mortgage-backed obligations (continued)          
Commercial mortgage-backed securities (continued)          
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% 12/15/20493,4  USD2,738   $2,583 
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2017-JP5, Class AS, 3.723% 3/15/20503   2,145    2,017 
Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 9/10/20393,5   6,622    5,872 
MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD CME Term SOFR + 0.915%) 6.233% 4/15/20383,4,5   9,007    8,955 
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class A5, 3.741% 8/15/20473   1,897    1,883 
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20, Class A4, 3.249% 2/15/20483   1,250    1,221 
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C21, Class A4, 3.338% 3/15/20483   4,000    3,879 
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C24, Class AS, 4.036% 5/15/20483,4   1,000    933 
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25, Class ASB, 3.383% 10/15/20483   259    254 
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C34, Class ASB, 3.354% 11/15/20523   995    963 
One Market Plaza Trust, Series 2017-1MKT, Class A, 3.614% 2/10/20323,5   7,505    6,947 
One Market Plaza Trust, Series 2017-1MKT, Class C, 4.016% 2/10/20323,5   7,365    6,433 
SFO Commerical Mortgage Trust, Series 2021-555, Class A, (1-month USD CME Term SOFR + 1.264%) 6.582% 5/15/2038 (1-month USD CME Term SOFR + 1.514% on 5/15/2026)3,5,8   14,280    13,845 
SFO Commerical Mortgage Trust, Series 2021-555, Class B, (1-month USD CME Term SOFR + 1.614%) 6.932% 5/15/20383,4,5   500    474 
SG Commercial Mortgage Securities Trust, Series 2016-C5, Class A3, 2.779% 10/10/20483   872    829 
SREIT Trust, Series 2021-FLWR, Class A, (1-month USD CME Term SOFR + 0.691%) 6.009% 7/15/20363,4,5   6,572    6,498 
SREIT Trust, Series 2021-MFP, Class A, (1-month USD CME Term SOFR + 0.845%) 6.163% 11/15/20383,4,5   5,061    5,041 
StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class A, (1-month USD CME Term SOFR + 1.00%) 6.318% 1/15/20393,4,5   16,312    16,163 
Wells Fargo Commercial Mortgage Trust, Series 2015-C29, Class AS, 4.013% 6/15/20483,4   6,749    6,520 
Wells Fargo Commercial Mortgage Trust, Series 2016-C34, Class A4, 3.096% 6/15/20493   5,160    4,854 
Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class A5, 3.817% 8/15/20503   1,677    1,662 
Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class AS, 3.854% 10/15/20503,4   1,000    917 
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS-2, Class A-5, 3.767% 7/15/20583,4   8,775    8,480 
WF-RBS Commercial Mortgage Trust, Series 2014-C25, Class A5, 3.631% 11/15/20473   581    570 
WF-RBS Commercial Mortgage Trust, Series 2014-C22, Class A4, 3.488% 9/15/20573   5,397    5,336 
WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + 2.789%) 8.107% 11/15/20273,4,5   17,286    17,378 
         477,527 
           
Total mortgage-backed obligations        2,699,546 
           
Asset-backed obligations 21.16%          
522 Funding CLO, Ltd., Series 18-3, Class AR, (3-month USD CME Term SOFR + 1.302%) 6.619% 10/20/20313,4,5   2,228    2,227 
522 Funding CLO, Ltd., Series 2020-6A, Class A1R, (3-month USD CME Term SOFR + 1.412%) 6.727% 10/23/20343,4,5   3,540    3,530 
ACHV ABS Trust, Series 2023-3PL, Class A, 6.60% 8/19/20303,5   263    263 
ACHV ABS Trust, Series 2023-3PL, Class B, 7.17% 8/19/20303,5   5,750    5,778 
Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 11/16/20263,5   1,973    1,925 
Affirm Asset Securitization Trust, Series 2022-X1, Class A, 1.75% 2/15/20273,5   708    699 
Affirm Asset Securitization Trust, Series 2023-A, Class A, 6.61% 1/18/20283,5   3,374    3,396 
Affirm, Inc., Series 2023-B, Class A, 6.82% 9/15/20283,5   7,486    7,598 
Affirm, Inc., Series 2023-X1, Class A, 7.11% 11/15/20283,5   6,317    6,340 
Affirm, Inc., Series 2024-A, Class A, 6.27% 2/15/20293,5   13,906    13,890 
AGL CLO, Ltd., Series 2023-24, Class A1, (3-month USD CME Term SOFR + 2.00%) 7.325% 7/25/20363,4,5   8,511    8,586 

 

10 Short-Term Bond Fund of America
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Asset-backed obligations (continued)          
Allegro CLO, Ltd., Series 2016-1A, Class AR2, (3-month USD CME Term SOFR + 1.212%) 6.526% 1/15/20303,4,5  USD3,535   $3,539 
Allegro CLO, Ltd., Series 2017-1A, Class AR, (3-month USD CME Term SOFR + 1.212%) 6.526% 10/16/20303,4,5   7,839    7,848 
American Credit Acceptance Receivables Trust, Series 2022-3, Class B, 4.55% 10/13/20263,5   238    238 
American Credit Acceptance Receivables Trust, Series 2022-4, Class B, 6.75% 10/13/20263,5   1,041    1,041 
American Credit Acceptance Receivables Trust, Series 2024-1, Class B, 5.60% 11/12/20273,5   6,339    6,341 
American Credit Acceptance Receivables Trust, Series 2022-4, Class C, 7.86% 2/15/20293,5   1,120    1,133 
American Credit Acceptance Receivables Trust, Series 2024-1, Class C, 5.63% 1/14/20303,5   14,718    14,676 
American Homes 4 Rent, Series 2014-SFR2, Class A, 3.786% 10/17/20363,5   11,956    11,789 
American Homes 4 Rent, Series 2015-SFR2, Class A, 3.732% 10/17/20523,5   4,339    4,226 
American Homes 4 Rent, Series 2015-SFR2, Class B, 4.295% 10/17/20523,5   1,521    1,483 
American Money Management Corp., CLO, Series 2016-18, Class AR, (3-month USD CME Term SOFR + 1.362%) 6.685% 5/26/20313,4,5   1,481    1,482 
AmeriCredit Automobile Receivables Trust, Series 2023-1, Class A2A, 5.84% 10/19/20263   5,155    5,161 
AmeriCredit Automobile Receivables Trust, Series 2023-2, Class A2, 6.19% 4/19/20273   11,204    11,239 
AmeriCredit Automobile Receivables Trust, Series 2023-2, Class A3, 5.81% 5/18/20283   9,883    9,941 
Anchorage Capital CLO, Ltd., Series 2014-4R, Class A, (3-month USD CME Term SOFR + 1.312%) 6.631% 1/28/20313,4,5   166    166 
Anchorage Capital CLO, Ltd., Series 2019-11, Class AR, (3-month USD CME Term SOFR + 1.402%) 6.719% 7/22/20323,4,5   1,000    1,001 
Apidos CLO, Series 2017-27, Class A1R, (3-month USD CME Term SOFR + 1.192%) 6.508% 7/17/20303,4,5   673    672 
Apidos CLO, Series 2013-15, Class A1RR (3-month USD CME Term SOFR + 1.272%) 6.589% 4/20/20313,4,5   1,799    1,800 
Apidos CLO, Ltd., Series 2015-23, Class AR, (3-month USD CME Term SOFR + 1.482%) 6.796% 4/15/20333,4,5   2,000    2,003 
Ares CLO, Ltd., Series 2017-42A, Class AR, (3-month USD CME Term SOFR + 1.182%) 6.499% 1/22/20283,4,5   4,191    4,191 
Ares CLO, Ltd., Series 2015-35R, Class B, (3-month USD CME Term SOFR + 1.912%) 7.226% 7/15/20303,4,5   1,010    1,011 
Ares CLO, Ltd., Series 2015-2, Class AR3, (3-month USD CME Term SOFR + 1.32%) 6.654% 4/17/20333,4,5   3,000    3,000 
Auxilior Term Funding, LLC, Series 2023-1, Class A2, 6.18% 12/15/20283,5   12,500    12,563 
Avis Budget Rental Car Funding (AESOP), LLC, Series 2018-2A, Class A, 4.00% 3/20/20253,5   1,033    1,033 
Avis Budget Rental Car Funding (AESOP), LLC, Series 2019-3A, Class A, 2.36% 3/20/20263,5   2,280    2,222 
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-1A, Class A, 2.33% 8/20/20263,5   1,250    1,202 
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/20273,5   18,269    17,195 
Avis Budget Rental Car Funding (AESOP), LLC, Series 2022-5, Class A, 6.12% 4/20/20273,5   5,320    5,390 
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class A, 5.20% 10/20/20273,5   6,056    6,027 
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-3A, Class A, 5.44% 2/22/20283,5   6,340    6,357 
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/20283,5   6,476    6,559 
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-7, Class A, 5.90% 8/21/20283,5   3,900    3,959 
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-8, Class A, 6.02% 2/20/20303,5   1,000    1,030 
Avis Budget Rental Car Funding (AESOP), LLC, Series 2024-1, Class A, 5.36% 6/20/20303,5   3,732    3,744 
AXIS Equipment Finance Receivables, LLC, Series 2024-1, Class A2, 5.38% 1/21/20313,5   7,425    7,435 
Babson CLO, Ltd., Series 2020-2, Class AR, (3-month USD CME Term SOFR + 1.272%) 6.586% 10/15/20333,4,5   2,574    2,579 
Babson CLO, Ltd., Series 2021-3, Class A, (3-month USD CME Term SOFR + 1.412%) 6.71% 1/18/20353,4,5   1,500    1,497 

 

Short-Term Bond Fund of America 11
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Asset-backed obligations (continued)          
Babson CLO, Ltd., Series 2023-1, Class C, (3-month USD CME Term SOFR + 3.10%) 8.418% 4/20/20363,4,5  USD1,000   $1,004 
Bain Capital Credit CLO, Ltd., Series 2017-2, Class AR2, (3-month USD CME Term SOFR + 1.442%) 6.766% 7/25/20343,4,5   3,750    3,754 
Balboa Bay Loan Funding, Ltd., Series 2023-1, Class A, (3-month USD CME Term SOFR + 1.90%) 7.218% 4/20/20353,4,5   2,000    2,001 
Ballyrock, Ltd., CLO, Series 2019-2A, Class A1R, (3-month USD CME Term SOFR + 1.40%) 6.714% 2/20/20363,4,5   24,200    24,189 
Ballyrock, Ltd., CLO, Series 2023-23, Class A1, (3-month USD CME Term SOFR + 1.98%) 7.305% 4/25/20363,4,5   857    865 
Bank of America Credit Card Trust, Series 2022-A2, Class A2, 5.00% 4/17/20283   9,593    9,625 
Bank of America Credit Card Trust, Series 2023-A2, Class A2, 4.98% 11/15/20283   976    979 
Bankers Healthcare Group Securitization Trust, Series 2020-A, Class A, 2.56% 9/17/20313,5   177    176 
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 11/17/20333,5   2,807    2,673 
Bankers Healthcare Group Securitization Trust, Series 2021-B, Class A, 0.90% 10/17/20343,5   1,889    1,840 
Bankers Healthcare Group Securitization Trust, Series 2021-B, Class B, 1.67% 10/17/20343,5   650    600 
Bankers Healthcare Group Securitization Trust, Series 2022-A, Class A, 1.71% 2/20/20353,5   2,600    2,547 
Battalion CLO, Ltd., Series 2018-12, Class A2R, (3-month USD CME Term SOFR + 1.712%) 7.031% 5/17/20313,4,5   2,462    2,455 
Betony CLO 2, Ltd., Series 2018-1, Class A2, (3-month USD CME Term SOFR + 1.862%) 7.179% 4/30/20313,4,5   700    701 
Birch Grove CLO, Ltd., Series 2021-2, Class C, (3-month USD CME Term SOFR + 2.512%) 7.821% 10/19/20343,4,5   1,500    1,498 
Birch Grove CLO, Ltd., Series 2023-6, Class A1, (3-month USD CME Term SOFR + 2.20%) 7.518% 7/20/20353,4,5   1,975    1,993 
BlueMountain CLO, Ltd., Series 2018-22, Class C, (3-month USD CME Term SOFR + 2.212%) 7.526% 7/15/20313,4,5  3,200    3,154 
BMW Vehicle Lease Trust, Series 2023-1, Class A3, 5.16% 11/25/20253   2,816    2,810 
Bridgecrest Lending Auto Securitization Trust, Series 2024-1, Class A2, 5.82% 9/15/20263   2,246    2,246 
Bridgecrest Lending Auto Securitization Trust, Series 2023-1, Class A3, 6.51% 11/15/20273   7,634    7,704 
Bridgecrest Lending Auto Securitization Trust, Series 2024-1, Class A3, 5.53% 1/18/20283   10,329    10,314 
Bridgecrest Lending Auto Securitization Trust, Series 2024-1, Class B, 5.43% 8/15/20283   1,507    1,508 
Carlyle Global Market Strategies, CLO, Series 2019-1, Class A1AR, (3-month USD CME Term SOFR + 1.342%) 6.659% 4/20/20313,4,5   250    250 
Carlyle Global Market Strategies, CLO, Series 2014-2RA, Class A1, (3-month USD CME Term SOFR + 1.312%) 6.619% 5/15/20313,4,5   1,275    1,276 
Carlyle Global Market Strategies, CLO, Series 2014-3R, Class A1A, (3-month USD CME Term SOFR + 1.312%) 6.631% 7/27/20313,4,5   2,290    2,294 
Carlyle Global Market Strategies, CLO, Series 2015-1, Class A1RR, (3-month USD CME Term SOFR + 1.342%) 6.659% 1/20/20323,4,5   249    250 
Carlyle Global Market Strategies, CLO, Series 2012-4A, Class A1R3, (3-month USD CME Term SOFR + 1.342%) 6.659% 4/22/20323,4,5   2,000    2,002 
CarMax Auto Owner Trust, Series 2022-4, Class A2A, 5.34% 12/15/20253   1,274    1,273 
CarMax Auto Owner Trust, Series 2023-1, Class A2A, 5.23% 1/15/20263   1,469    1,468 
CarMax Auto Owner Trust, Series 2023-2, Class A2A, 5.50% 6/15/20263   5,637    5,635 
CarMax Auto Owner Trust, Series 2024-1, Class A2A, 5.30% 3/15/20273   1,500    1,499 
CarMax Auto Owner Trust, Series 2023-3, Class A3, 5.28% 5/15/20283   3,642    3,654 
CarMax Auto Owner Trust, Series 2024-1, Class A3, 4.92% 10/16/20283   10,000    9,965 
Carvana Auto Receivables Trust, Series 2024-N1, Class A2, 5.76% 4/12/20273,5   3,000    3,004 
Carvana Auto Receivables Trust, Series 2023-N3, Class A, 6.41% 9/10/20273,5   2,416    2,427 
Carvana Auto Receivables Trust, Series 2023-N4, Class A, 6.42% 1/10/20283,5   6,991    7,036 
Carvana Auto Receivables Trust, Series 2023-P3, Class A3, 5.82% 8/10/20283,5   1,442    1,452 
Carvana Auto Receivables Trust, Series 2023-P3, Class A4, 5.71% 7/10/20293,5   736    742 
Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/20373,5   1,358    1,173 
CCG Receivables Trust, Series 2023-2, Class A2, 6.28% 4/14/20323,5   12,000    12,154 

 

12 Short-Term Bond Fund of America
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Asset-backed obligations (continued)          
Cent CLO, Ltd., Series 2014-21A, Class AR, (3-month USD CME Term SOFR + 1.231%) 6.551% 7/27/20303,4,5  USD11,712   $11,710 
Cerberus Loan Funding, LP, CLO, Series 2022-2, Class A1, (3-month USD CME Term SOFR + 2.75%) 8.064% 10/15/20343,4,5   3,000    3,004 
Cerberus Loan Funding, LP, CLO, Series 2023-1, Class A, (3-month USD CME Term SOFR + 2.40%) 7.714% 3/22/20353,4,5   2,000    2,006 
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/20603,5   28,256    26,296 
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/20613,5   20,519    18,438 
CF Hippolyta, LLC, Series 2022-1, Class A1, 5.97% 8/15/20623,5   10,785    10,529 
CF Hippolyta, LLC, Series 2022-1, Class A2, 6.11% 8/15/20623,5   4,262    4,144 
Chase Issuance Trust, Series 2024-A1, Class A, 4.60% 1/16/20293   17,109    17,022 
Chase Issuance Trust, Series 2024-A2, Class A, 4.63% 1/15/20313   6,088    6,068 
Chesapeake Funding II, LLC, Series 2023-2, Class A1, 6.16% 10/15/20353,5   5,712    5,749 
CIFC Funding, Ltd., CLO, Series 2017-4, Class A1R, (3-month USD CME Term SOFR + 1.212%) 6.53% 10/24/20303,4,5   1,179    1,180 
CIFC Funding, Ltd., CLO, Series 2015-1, Class ARR, (3-month USD CME Term SOFR + 1.372%) 6.689% 1/22/20313,4,5   214    214 
CIFC Funding, Ltd., CLO, Series 2014-5, Class A1R2, (3-month USD CME Term SOFR + 1.462%) 6.778% 10/17/20313,4,5   600    601 
Citibank Credit Card Issuance Trust, Series 2017-A5, Class A5, (1-month USD CME Term SOFR + 0.734%) 6.055% 4/22/20263,4   13,839    13,849 
Citibank Credit Card Issuance Trust, Series 2023-A1, Class A1, 5.23% 12/8/20273   7,630    7,650 
Citizens Auto Receivables Trust, Series 2024-1, Class A2A, 5.43% 10/15/20263,5   19,200    19,209 
Citizens Auto Receivables Trust, Series 2023-2, Class A3, 5.83% 2/15/20283,5   20,622    20,873 
Citizens Auto Receivables Trust, Series 2024-1, Class A3, 5.11% 4/17/20283,5   15,589    15,580 
Citizens Auto Receivables Trust, Series 2023-2, Class A4, 5.74% 10/15/20303,5   8,672    8,823 
CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/20453,5   2,936    2,629 
CLI Funding VI, LLC, Series 2020-1A, Class A, 2.08% 9/18/20453,5   6,359    5,689 
CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/20453,5   5,285    4,746 
CLI Funding VIII, LLC, Series 2021-1A, Class A, 1.64% 2/18/20463,5   1,879    1,660 
CLI Funding VIII, LLC, Series 2022-1, Class A, 2.72% 1/18/20473,5   2,846    2,533 
Covenant Credit Partners CLO, Ltd., Series 2017-1, Class C1, (3-month USD CME Term SOFR + 2.812%) 8.126% 10/15/20293,4,5   539    539 
CPS Auto Receivables Trust, Series 2023-A, Class A, 5.54% 3/16/20263,5   2,852    2,851 
CPS Auto Receivables Trust, Series 2022-B, Class A, 2.88% 6/15/20263,5   773    771 
CPS Auto Receivables Trust, Series 2023-C, Class A, 6.13% 9/15/20263,5   5,482    5,490 
CPS Auto Receivables Trust, Series 2023-A, Class B, 5.47% 11/16/20263,5   3,278    3,267 
CPS Auto Receivables Trust, Series 2022-D, Class A, 6.09% 1/15/20273,5   3,211    3,216 
CPS Auto Receivables Trust, Series 2023-B, Class A, 5.91% 8/16/20273,5   2,667    2,670 
CPS Auto Receivables Trust, Series 2024-A, Class A, 5.71% 9/15/20273,5   3,787    3,785 
CPS Auto Receivables Trust, Series 2024-A, Class B, 5.65% 5/15/20283,5   1,625    1,622 
CPS Auto Receivables Trust, Series 2023-A, Class C, 5.54% 4/16/20293,5   4,663    4,632 
CPS Auto Receivables Trust, Series 2023-C, Class C, 6.27% 10/15/20293,5   1,171    1,179 
CPS Auto Receivables Trust, Series 2022-C, Class A, 4.18% 4/15/20303,5   641    640 
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.00% 5/15/20303,5   3,028    3,001 
Credit Acceptance Auto Loan Trust, Series 2023-3, Class A, 6.39% 8/15/20333,5   3,463    3,505 
Crestline Denali CLO XVII, LLC, Series 2018-1, Class C, (3-month USD CME Term SOFR + 2.612%) 7.926% 10/15/20313,4,5   1,000    1,002 
Drive Auto Receivables Trust, Series 2024-1, Class A3, 5.35% 2/15/20283   8,594    8,591 
Drive Auto Receivables Trust, Series 2024-1, Class B, 5.31% 1/16/20293   1,626    1,625 
Drive Auto Receivables Trust, Series 2024-1, Class C, 5.43% 11/17/20313   2,892    2,893 
DriveTime Auto Owner Trust, Series 2022-2A, Class A, 2.88% 6/15/20263,5   105    105 
DriveTime Auto Owner Trust, Series 2022-3, Class A, 6.05% 10/15/20263,5   3,654    3,657 
DriveTime Auto Owner Trust, Series 2023-1, Class A, 5.48% 4/15/20273,5   3,194    3,189 
DriveTime Auto Owner Trust, Series 2023-2, Class A, 5.88% 4/15/20273,5   962    963 
DriveTime Auto Owner Trust, Series 2023-3, Class A, 6.29% 8/16/20273,5   3,677    3,690 
DriveTime Auto Owner Trust, Series 2022-2A, Class C, 4.72% 3/15/20283,5   6,000    5,920 
DriveTime Auto Owner Trust, Series 2023-1, Class C, 5.55% 10/16/20283,5   5,316    5,292 
DriveTime Auto Owner Trust, Series 2023-3, Class C, 6.40% 5/15/20293,5   1,187    1,195 
Dryden Senior Loan Fund, CLO, Series 2017-47A, Class A1R, (3-month USD CME Term SOFR + 1.242%) 6.556% 4/15/20283,4,5   4,007    4,009 
Dryden Senior Loan Fund, CLO, Series 2015-38, Class ARR, (3-month USD CME Term SOFR + 1.15%) 6.481% 7/15/20303,4,5   2,048    2,048 

 

Short-Term Bond Fund of America 13
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Asset-backed obligations (continued)          
Dryden Senior Loan Fund, CLO, Series 2015-37, Class AR, (3-month USD CME Term SOFR + 1.362%) 6.676% 1/15/20313,4,5  USD2,437   $2,442 
Dryden Senior Loan Fund, CLO, Series 2018-57, Class A, (3-month USD CME Term SOFR + 1.272%) 6.579% 5/15/20313,4,5   1,041    1,042 
Dryden Senior Loan Fund, CLO, Series 2018-60A, Class A, (3-month USD CME Term SOFR + 1.312%) 6.626% 7/15/20313,4,5   962    964 
Dryden Senior Loan Fund, CLO, Series 2020-83, Class A, (3-month USD CME Term SOFR + 1.482%) 6.78% 1/18/20323,4,5   1,800    1,805 
Dryden Senior Loan Fund, CLO, Series 2019-72, Class CR, (3-month USD CME Term SOFR + 2.112%) 7.419% 5/15/20323,4,5   1,414    1,409 
Dryden Senior Loan Fund, CLO, Series 2021-93, Class A1A, (3-month USD CME Term SOFR + 1.342%) 6.656% 1/15/20343,4,5   725    726 
Dryden Senior Loan Fund, CLO, Series 2016-43, Class AR2, (3-month USD CME Term SOFR + 1.302%) 6.619% 4/20/20343,4,5   1,250    1,250 
EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/20453,5   716    637 
Elmwood CLO 18, Ltd., Series 2022-5, Class AR, (3-month USD CME Term SOFR + 1.65%) 6.967% 7/17/20333,4,5   22,000    22,084 
Elmwood CLO IV, Ltd., Series 2020-1, Class A, (3-month USD CME Term SOFR + 1.502%) 6.816% 4/15/20333,4,5   300    300 
Enterprise Fleet Financing, LLC, Series 2022-1, Class A2, 3.03% 1/20/20283,5   6,660    6,565 
Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/20293,5   2,181    2,158 
Enterprise Fleet Financing, LLC, Series 2022-4, Class A2, 5.76% 10/22/20293,5   10,620    10,646 
Enterprise Fleet Financing, LLC, Series 2024-1, Class A2, 5.23% 3/20/20303,5   12,910    12,891 
Enterprise Fleet Financing, LLC, Series 2024-1, Class A3, 5.16% 9/20/20303,5   4,534    4,523 
Exeter Automobile Receivables Trust, Series 2023-1, Class A2, 5.61% 6/16/20253   58    58 
Exeter Automobile Receivables Trust, Series 2023-3, Class A2, 6.11% 9/15/20253   731    731 
Exeter Automobile Receivables Trust, Series 2023-1, Class A3, 5.58% 4/15/20263   696    696 
Exeter Automobile Receivables Trust, Series 2023-3, Class A3, 6.04% 7/15/20263   2,091    2,093 
Exeter Automobile Receivables Trust, Series 2024-1, Class A2, 5.53% 10/15/20263   9,100    9,096 
Exeter Automobile Receivables Trust, Series 2022-3A, Class B, 4.86% 12/15/20263   3,411    3,401 
Exeter Automobile Receivables Trust, Series 2022-4A, Class B, 4.57% 1/15/20273   6,440    6,418 
Exeter Automobile Receivables Trust, Series 2023-5, Class A3, 6.32% 3/15/20273   9,940    10,023 
Exeter Automobile Receivables Trust, Series 2023-1, Class B, 5.72% 4/15/20273   3,930    3,925 
Exeter Automobile Receivables Trust, Series 2024-1, Class A3, 5.31% 8/16/20273   4,450    4,444 
Exeter Automobile Receivables Trust, Series 2022-6, Class B, 6.03% 8/16/20273   4,808    4,814 
Exeter Automobile Receivables Trust, Series 2023-3, Class B, 6.11% 9/15/20273   3,231    3,241 
Exeter Automobile Receivables Trust, Series 2022-6, Class C, 6.32% 5/15/20283   2,330    2,345 
Exeter Automobile Receivables Trust, Series 2023-3, Class C, 6.21% 6/15/20283   283    286 
Exeter Automobile Receivables Trust, Series 2024-1, Class B, 5.29% 8/15/20283   6,168    6,150 
Exeter Automobile Receivables Trust, Series 2024-1, Class C, 5.41% 5/15/20303   4,255    4,239 
First National Master Note Trust, Series 2023-1, Class A, 5.13% 4/16/20293   4,144    4,133 
First National Master Note Trust, Series 2023-2, Class A, 5.77% 9/17/20293   5,347    5,426 
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 10/19/20373,5   6,205    5,785 
Flagship Credit Auto Trust, Series 2022-4, Class A2, 6.15% 9/15/20263,5   7,206    7,212 
Flagship Credit Auto Trust, Series 2023-3, Class A2, 5.89% 7/15/20273,5   4,693    4,698 
Flagship Credit Auto Trust, Series 2023-3, Class A3, 5.44% 4/17/20283,5   2,469    2,470 
Flagship Credit Auto Trust, Series 2023-3, Class B, 5.64% 7/16/20293,5   2,126    2,128 
Ford Credit Auto Lease Trust, Series 2024-A, Class A3, 5.06% 5/15/20273   9,463    9,445 
Ford Credit Auto Lease Trust, Series 2024-A, Class A4, 5.05% 6/15/20273   2,413    2,404 
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 7/15/20313,5   2,000    1,962 
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 8/15/20313,5   7,910    7,661 
Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85% 8/15/20353,5   17,573    17,504 
Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/20363,5   2,981    3,016 
Fortress Credit BSL, Ltd., CLO, Series 2023-1, Class AT, (3-month USD CME Term SOFR + 2.25%) 7.566% 4/23/20363,4,5   1,500    1,508 
Fortress Credit Opportunities CLO, LLC, Series 2022-17, Class A, (3-month USD CME Term SOFR + 1.37%) 6.684% 1/15/20303,4,5   376    376 
Galaxy CLO, Ltd., Series 2013-15, Class ARR, (3-month USD CME Term SOFR + 1.232%) 6.546% 10/15/20303,4,5   1,724    1,725 
GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/20453,5   7,618    6,842 
GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/20463,5   4,013    3,503 
Generate CLO, Ltd., Series 4A, Class A1R, (3-month USD CME Term SOFR + 1.352%) 6.669% 4/20/20323,4,5   930    930 

 

14 Short-Term Bond Fund of America
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Asset-backed obligations (continued)          
Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/20403,5  USD18,427   $16,895 
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/20403,5   13,588    12,472 
Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/20413,5   16,113    14,302 
Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/20413,5   6,951    6,207 
GLS Auto Receivables Trust, Series 2023-4, Class A2, 6.40% 12/15/20263,5   32,555    32,679 
GLS Auto Receivables Trust, Series 2023-4, Class A3, 6.42% 6/15/20273,5   20,000    20,254 
GLS Auto Receivables Trust, Series 2024-1, Class A3, 5.40% 9/15/20273,5   2,915    2,911 
GLS Auto Receivables Trust, Series 2024-1, Class C, 5.64% 12/17/20293,5   5,212    5,207 
GLS Auto Select Receivables Trust, Series 2024-1, Class A2, 5.24% 3/15/20303,5   14,726    14,663 
GM Financial Automobile Leasing Trust, Series 2023-1, Class A2A, 5.27% 6/20/20253   869    868 
GM Financial Automobile Leasing Trust, Series 2023-1, Class A3, 5.16% 4/20/20263   3,706    3,700 
GM Financial Automobile Leasing Trust, Series 2023-3, Class A3, 5.38% 11/20/20263   3,042    3,050 
GM Financial Automobile Leasing Trust, Series 2023-3, Class A4, 5.44% 8/20/20273   1,804    1,811 
GM Financial Consumer Automobile Receivables Trust, Series 2023-1, Class A2A, 5.19% 3/16/20263   1,151    1,149 
GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A3, 5.45% 6/16/20283   8,324    8,381 
GM Financial Revolving Receivables Trust, Series 2023-1, Class A, 5.12% 4/11/20353,5   12,000    12,136 
GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/20353,5   2,325    2,398 
GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77% 8/11/20363,5   24,204    25,020 
GM Financial Securitized Term Auto Receivables Trust, Series 2024-1, Class A3, 4.85% 12/18/20283   5,540    5,525 
GM Financial Securitized Term Auto Receivables Trust, Series 2024-1, Class A4, 4.86% 6/18/20293   2,495    2,490 
GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1, 5.34% 6/15/20283,5   16,100    16,184 
GoldenTree Loan Management US CLO, Ltd., Series 2017-2, Class AR, (3-month USD CME Term SOFR + 1.172%) 6.489% 11/20/20303,4,5   687    687 
GoldenTree Loan Opportunities X, Ltd., CLO, Series 2015-10, Class AR, (3-month USD CME Term SOFR + 1.382%) 6.699% 7/20/20313,4,5   15,266    15,289 
GoldenTree Loan Opportunities XI, Ltd., CLO, Series 2015-11A, Class AR2, (3-month USD CME Term SOFR + 1.332%) 6.63% 1/18/20313,4,5   1,337    1,339 
Golub Capital BDC 3 CLO 1, LLC, Series 2021-1, Class A, (3-month USD CME Term SOFR + 1.862%) 7.176% 4/15/20333,4,5   2,185    2,177 
Golub Capital Partners CLO, Ltd., Series 2016-31, Class A2R, (3-month USD CME Term SOFR + 1.912%) 7.184% 8/5/20303,4,5   1,000    1,000 
Golub Capital Partners CLO, Ltd., Series 2016-31, Class CR, (3-month USD CME Term SOFR + 3.162%) 8.434% 8/5/20303,4,5   500    499 
Golub Capital Partners CLO, Ltd., Series 2021-57, Class A1, (3-month USD CME Term SOFR + 1.752%) 7.076% 10/25/20343,4,5   4,000    4,000 
Greywolf CLO, Ltd., Series 2015-1, Class BR, (3-month USD CME Term SOFR + 2.262%) 7.586% 1/27/20313,4,5   1,580    1,571 
GT Loan Financing, Ltd., Series 2013-1, Class AR, (3-month USD CME Term SOFR + 1.362%) 6.681% 7/28/20313,4,5   9,008    9,018 
Guggenheim CLO, Ltd., Series 2022-2, Class C, (3-month USD CME Term SOFR + 4.50%) 9.814% 1/15/20353,4,5   618    623 
HalseyPoint CLO II, Ltd., Series 2020-2A, Class A1, (3-month USD CME Term SOFR + 2.122%) 7.439% 7/20/20313,4,5   8,814    8,821 
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/20253,5   11,495    11,191 
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/20253,5   3,660    3,556 
Hertz Vehicle Financing III, LLC, Series 2022-1A, Class A, 1.99% 6/25/20263,5   15,481    14,891 
Hertz Vehicle Financing III, LLC, Series 2022-4A, Class A, 3.73% 9/25/20263,5   26,860    26,227 
Hertz Vehicle Financing III, LLC, Series 2023-1, Class A, 5.49% 6/25/20273,5   11,000    10,991 
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/20273,5   24,031    21,827 
Hertz Vehicle Financing III, LLC, Series 2022-5A, Class A, 3.89% 9/25/20283,5   3,000    2,859 
Hertz Vehicle Financing III, LLC, Series 2023-4, Class A, 6.15% 3/25/20303,5   2,295    2,371 
Honda Auto Receivables Owner Trust, Series 2023-1, Class A3, 5.04% 4/21/20273   5,561    5,551 
Honda Auto Receivables Owner Trust, Series 2023-3, Class A3, 5.41% 2/18/20283   3,626    3,645 
Hyundai Auto Lease Securitization Trust, Series 2024-A, Class A3, 5.02% 3/15/20273,5   9,596    9,558 
Hyundai Auto Lease Securitization Trust, Series 2024-A, Class A4, 5.07% 2/15/20283,5   1,425    1,420 
ICG US CLO, Ltd., Series 2014-2, Class ARR, (3-month USD CME Term SOFR + 1.292%) 6.606% 1/15/20313,4,5   381    382 
ICG US CLO, Ltd., Series 2014-3A, Class A1RR, (3-month USD CME Term SOFR + 1.292%) 6.616% 4/25/20313,4,5   553    553 
Ivy Hill Middle Market Credit Fund, Ltd., CLO, Series 18, Class C, (3-month USD CME Term SOFR + 2.962%) 8.279% 4/22/20333,4,5   500    497 
Jamestown CLO, Ltd., Series 2018-11, Class A2, (3-month USD CME Term SOFR + 1.962%) 7.276% 7/14/20313,4,5   2,000    2,001 

 

Short-Term Bond Fund of America 15
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Asset-backed obligations (continued)          
Juniper Valley Park CLO, Ltd., Series 2023-1, Class A1, (3-month USD CME Term SOFR + 1.85%) 7.168% 7/20/20353,4,5  USD22,919   $22,975 
KKR Financial CLO, Ltd., Series 11, Class AR, (3-month USD CME Term SOFR + 1.442%) 6.756% 1/15/20313,4,5   569    570 
KKR Financial CLO, Ltd., Series 21, Class A, (3-month USD CME Term SOFR + 1.262%) 6.576% 4/15/20313,4,5   1,266    1,267 
KKR Financial CLO, Ltd., Series 21, Class B, (3-month USD CME Term SOFR + 1.662%) 6.976% 4/15/20313,4,5   700    699 
KKR Financial CLO, Ltd., Series 22-2, Class C, (3-month USD CME Term SOFR + 4.25%) 9.568% 10/20/20313,4,5   3,000    3,008 
KKR Financial CLO, Ltd., Series 16, Class A12R, (3-month USD CME Term SOFR + 1.472%) 6.789% 10/20/20343,4,5   735    735 
LAD Auto Receivables Trust, Series 2023-3, Class A2, 6.09% 6/15/20263,5   7,680    7,689 
LAD Auto Receivables Trust, Series 2021-1A, Class A, 1.30% 8/17/20263,5   989    980 
LAD Auto Receivables Trust, Series 2023-1, Class A2, 5.68% 10/15/20263,5   9,902    9,899 
LAD Auto Receivables Trust, Series 2024-1, Class A2, 5.44% 11/16/20263,5   10,804    10,792 
LAD Auto Receivables Trust, Series 2022-1, Class A, 5.21% 6/15/20273,5   3,979    3,969 
LAD Auto Receivables Trust, Series 2023-1, Class A3, 5.48% 6/15/20273,5   18,199    18,154 
LAD Auto Receivables Trust, Series 2023-2, Class A2, 5.93% 6/15/20273,5   1,692    1,694 
LAD Auto Receivables Trust, Series 2022-1, Class B, 5.87% 9/15/20273,5   642    643 
LAD Auto Receivables Trust, Series 2023-3, Class A3, 6.12% 9/15/20273,5   25,457    25,598 
LAD Auto Receivables Trust, Series 2023-4, Class A3, 6.10% 12/15/20273,5   12,972    13,079 
LAD Auto Receivables Trust, Series 2023-1, Class C, 6.18% 12/15/20273,5   339    340 
LAD Auto Receivables Trust, Series 2024-1, Class A3, 5.23% 1/18/20283,5   6,526    6,505 
LAD Auto Receivables Trust, Series 2023-2, Class A3, 5.42% 2/15/20283,5   4,505    4,493 
LAD Auto Receivables Trust, Series 2023-3, Class A4, 5.95% 3/15/20283,5   12,138    12,229 
LAD Auto Receivables Trust, Series 2023-2, Class B, 5.45% 4/15/20283,5   895    890 
LAD Auto Receivables Trust, Series 2024-1, Class A4, 5.17% 9/15/20283,5   6,414    6,386 
LAD Auto Receivables Trust, Series 2023-2, Class C, 5.58% 9/15/20283,5   1,980    1,969 
LAD Auto Receivables Trust, Series 2024-1, Class B, 5.33% 2/15/20293,5   1,470    1,464 
LCM, LP, Series 2027, Class A1, (3-month USD CME Term SOFR + 1.342%) 6.656% 7/16/20313,4,5   5,319    5,323 
Logan CLO II, Ltd., Series 21-2, Class A, (3-month USD CME Term SOFR + 1.412%) 6.729% 1/20/20353,4,5   1,837    1,838 
Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD CME Term SOFR + 1.262%) 6.579% 7/21/20303,4,5   15,004    15,035 
Madison Park Funding, Ltd., CLO, Series 2017-23A, Class AR, (3-month USD CME Term SOFR + 1.232%) 6.551% 7/27/20313,4,5   674    675 
Madison Park Funding, Ltd., CLO, Series 2019-34, Class BR, (3-month USD CME Term SOFR + 1.912%) 7.236% 4/25/20323,4,5   1,200    1,202 
Madison Park Funding, Ltd., CLO, Series 2021-48A, Class A, (3-month USD CME Term SOFR + 1.412%) 6.721% 4/19/20333,4,5   1,000    1,002 
Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD CME Term SOFR + 1.412%) 6.726% 4/15/20293,4,5   2,907    2,907 
MCF CLO, LLC, Series 2018-1, Class A1, (3-month USD CME Term SOFR + 1.632%) 6.93% 7/18/20303,4,5   1,227    1,226 
Mercedes-Benz Auto Receivables Trust, Series 2023-1, Class A2, 5.09% 1/15/20263   905    904 
Mercedes-Benz Auto Receivables Trust, Series 2024-1, Class A3, 4.80% 4/16/20293   12,511    12,454 
Mercedes-Benz Auto Receivables Trust, Series 2024-1, Class A4, 4.79% 7/15/20313   4,571    4,540 
MidOcean Credit CLO, Series 2016-6, Class ARR, (3-month USD CME Term SOFR + 1.332%) 6.649% 4/20/20333,4,5   2,000    1,995 
MidOcean Credit CLO, Series 2023-12, Class B, (3-month USD CME Term SOFR + 2.55%) 7.848% 4/18/20343,4,5   500    501 
Mission Lane Credit Card Master Trust, Series 2022-B, Class A1, 8.25% 1/15/20283,9,10   3,635    3,632 
Mission Lane Credit Card Master Trust, Series 2022-B, Class A2, 8.73% 1/15/20283,9,10   385    385 
Mission Lane Credit Card Master Trust, Series 2023-A, Class A, 7.23% 7/17/20283,5   23,801    23,957 
Monroe Capital MML CLO X, LLC, Series 2020-1, Class A1R, (3-month USD CME Term SOFR + 1.87%) 7.189% 5/20/20343,4,5   1,800    1,783 
Monroe Capital MML CLO XI, Ltd., Series 2021-2, Class A1, (3-month USD CME Term SOFR + 1.762%) 7.148% 9/14/20333,4,5   4,000    3,960 
MP CLO III, Ltd., Series 2013-1, Class AR, (3-month USD CME Term SOFR + 1.512%) 6.829% 10/20/20303,4,5   296    296 
Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/20693,5   3,951    3,470 
Navient Student Loan Trust, Series 2020-D, Class A, 1.69% 5/15/20693,5   1,081    982 
Navient Student Loan Trust, Series 2021-B, Class A, 0.94% 7/15/20693,5   4,019    3,498 
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/20693,5   8,285    7,206 
Navient Student Loan Trust, Series 2021-EA, Class A, 0.97% 12/16/20693,5   8,751    7,517 

 

16 Short-Term Bond Fund of America
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Asset-backed obligations (continued)          
Navient Student Loan Trust, Series 2021-FA, Class A, 1.11% 2/18/20703,5  USD4,728   $4,018 
Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/20703,5   14,349    12,402 
Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 4/20/20623,5   12,578    11,360 
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/20623,5   10,038    9,096 
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/20623,5   20,140    18,273 
Neuberger Berman CLO, Ltd., Series 2014-17, Class CR2, (3-month USD CME Term SOFR + 2.262%) 7.579% 4/22/20293,4,5   350    350 
Neuberger Berman CLO, Ltd., Series 2017-25, Class AR, (3-month USD CME Term SOFR + 1.192%) 6.49% 10/18/20293,4,5   277    277 
Neuberger Berman CLO, Ltd., Series 2018-27A, Class B, (3-month USD CME Term SOFR + 1.662%) 6.976% 1/15/20303,4,5   2,035    2,028 
Neuberger Berman CLO, Ltd., Series 2019-31A, Class AR, (3-month USD CME Term SOFR + 1.302%) 6.619% 4/20/20313,4,5   325    325 
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/20613,5   48,385    42,169 
Newark BSL CLO 1, Ltd., Series 2016-1, Class BR, (3-month USD CME Term SOFR + 2.262%) 7.581% 12/21/20293,4,5   1,150    1,148 
Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD CME Term SOFR + 1.232%) 6.556% 7/25/20303,4,5   4,557    4,564 
Northwoods Capital, Ltd., CLO, Series 2018-11B, Class A1, (3-month USD CME Term SOFR + 1.362%) 6.671% 4/19/20313,4,5   238    238 
Oak Hill Credit Partners, CLO, Series 2023-15, Class B1, (3-month USD CME Term SOFR + 2.50%) 7.818% 4/20/20353,4,5   3,000    3,017 
Oaktree CLO, Ltd., Series 2018-1, Class A2, (3-month USD CME Term SOFR + 2.112%) 7.429% 10/20/20303,4,5   500    502 
Ocean Trails CLO, Series 2020-10, Class AR, (3-month USD CME Term SOFR + 1.22%) 6.796% 10/15/20343,4,5   2,000    2,000 
Ocean Trails CLO, Series 2023-14, Class A1, (3-month USD CME Term SOFR + 2.00%) 7.318% 1/20/20353,4,5   2,400    2,411 
OCP CLO, Ltd., Series 2018-15A, Class A1, (3-month USD CME Term SOFR + 1.362%) 6.679% 7/20/20313,4,5   2,422    2,425 
OCP CLO, Ltd., Series 2020-8RA, Class A1, (3-month USD CME Term SOFR + 1.482%) 6.798% 1/17/20323,4,5   500    500 
OCP CLO, Ltd., Series 2019-16A, Class AR, (3-month USD CME Term SOFR + 1.262%) 6.587% 4/10/20333,4,5   3,250    3,248 
OCP CLO, Ltd., Series 2023-29, Class C, (3-month USD CME Term SOFR + 3.10%) 8.43% 1/20/20353,4,5   1,200    1,201 
Octagon Investment Partners 32, Ltd., CLO, Series 2017-1, Class A1R, (3-month USD CME Term SOFR + 1.212%) 6.526% 7/15/20293,4,5   186    186 
Octagon Investment Partners XVII, Ltd., CLO, Series 2013-1, Class CR2, (3-month USD CME Term SOFR + 1.962%) 7.286% 1/25/20313,4,5   700    689 
OnDeck Asset Securitization Trust, LLC, Series 2021-1A, Class A, 1.59% 5/17/20273,5   8,688    8,596 
Oportun Funding, LLC, Series 2021-A, Class A, 1.21% 3/8/20283,5   3,912    3,752 
Oportun Funding, LLC, Series 2021-B, Class A, 1.47% 5/8/20313,5   8,636    8,169 
Owl Rock CLO, Ltd., Series 2022-7, Class A1, (3-month USD CME Term SOFR + 2.10%) 7.418% 7/20/20333,4,5   4,000    4,002 
Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD CME Term SOFR + 1.162%) 6.479% 4/20/20293,4,5   3,524    3,523 
Palmer Square Loan Funding, CLO, Series 2021-4A, Class A1, (3-month USD CME Term SOFR + 1.062%) 6.376% 10/15/20293,4,5   12,575    12,555 
Palmer Square Loan Funding, CLO, Series 2021-4A, Class A2, (3-month USD CME Term SOFR + 1.662%) 6.976% 10/15/20293,4,5   4,278    4,273 
Palmer Square Loan Funding, CLO, Series 2022-1A, Class A1, (3-month USD CME Term SOFR + 1.05%) 6.364% 4/15/20303,4,5   4,044    4,044 
Palmer Square Loan Funding, CLO, Series 2022-3, Class A1A, (3-month USD CME Term SOFR + 1.82%) 7.134% 4/15/20313,4,5   12,477    12,514 
Palmer Square Loan Funding, CLO, Series 2022-3, Class B, (3-month USD CME Term SOFR + 3.75%) 9.064% 4/15/20313,4,5   4,000    4,001 
Palmer Square Loan Funding, CLO, Series 2018-2, Class A1A, (3-month USD CME Term SOFR + 1.362%) 6.676% 7/16/20313,4,5   6,670    6,680 
Palmer Square Loan Funding, CLO, Series 2022-4, Class A1, (3-month USD-CME Term SOFR + 1.75%) 7.069% 7/24/20313,4,5   9,426    9,432 
Palmer Square, Ltd., Series 2013-2A, Class A1A3, (3-month USD CME Term SOFR + 1.262%) 6.578% 10/17/20313,4,5   2,554    2,556 
PFS Financing Corp., Series 2021-B, Class A, 0.775% 8/17/20263,5   1,500    1,466 
PFS Financing Corp., Series 2022-D, Class A, 4.27% 8/16/20273,5   5,455    5,370 
   
Short-Term Bond Fund of America 17
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Asset-backed obligations (continued)        
PFS Financing Corp., Series 2023-D, Class A, (30-day Average USD-SOFR + 1.15%) 6.475% 8/16/20273,4,5  USD4,490   $4,519 
PFS Financing Corp., Series 2023-A, Class A, 5.80% 3/15/20283,5   10,653    10,780 
PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/20283,5   22,925    22,952 
PFS Financing Corp., Series 2023-C, Class A, 5.52% 10/16/20283,5   4,277    4,314 
Pikes Peak CLO, Series 2023-14, Class A1, (3-month USD CME Term SOFR + 1.95%) 7.268% 4/20/20363,4,5   3,000    3,010 
Post Road Equipment Finance, Series 2024-1, Class A2, 5.59% 11/15/20293,5   11,358    11,348 
Prestige Auto Receivables Trust, Series 2023-1, Class A2, 5.88% 3/16/20263,5   8,854    8,852 
Prodigy Finance DAC, Series 2021-1A, Class A, (1-month USD CME Term SOFR + 1.364%) 6.685% 7/25/20513,4,5   714    713 
Race Point CLO, Ltd., Series 2015-9A, Class A1A2, (3-month USD CME Term SOFR + 1.202%) 6.516% 10/15/20303,4,5   18,714    18,718 
Rad CLO, Ltd., Series 2019-5, Class AR, (3-month USD CME Term SOFR + 1.382%) 6.70% 7/24/20323,4,5   600    601 
Reach Financial, LLC, Series 2023-1, Class A, 7.05% 2/18/20313,5   3,212    3,225 
Regatta XIV Funding, Ltd., CLO, Series 2018-3A, Class A, (3-month USD CME Term SOFR + 1.452%) 6.776% 10/25/20313,4,5   2,891    2,893 
Regatta XIV Funding, Ltd., CLO, Series 2019-1A, Class AR, (3-month USD CME Term SOFR + 1.362%) 6.676% 10/15/20323,4,5   2,500    2,503 
Regatta XX Funding, Ltd., CLO, Series 2021-2, Class A, (3-month USD CME Term SOFR + 1.422%) 6.736% 10/15/20343,4,5   2,000    2,001 
Regatta XXIII Funding, Ltd., Series 2021-4, Class A1, (3-month USD CME Term SOFR + 1.412%) 6.729% 1/20/20353,4,5   550    550 
Research-Driven Pagaya Motor Asset Trust I, Series 2022-3, Class A, 5.38% 11/25/20303,5   6,902    6,862 
Rockford Tower CLO, Ltd., Series 2017-3, Class A, (3-month USD CME Term SOFR + 1.452%) 6.769% 10/20/20303,4,5   1,057    1,057 
Rockford Tower CLO, Ltd., Series 2018-1, Class A, (3-month USD CME Term SOFR + 1.362%) 6.681% 5/20/20313,4,5   409    409 
RR, Ltd., Series 2022-24, Class A1AR, (3-month USD CME Term SOFR + 1.73%) 7.099% 1/15/20363,4,5   2,000    2,008 
Santander Drive Auto Receivables Trust, Series 2022-7, Class A2, 5.81% 1/15/20263   675    675 
Santander Drive Auto Receivables Trust, Series 2023-2, Class A2, 5.87% 3/16/20263   440    441 
Santander Drive Auto Receivables Trust, Series 2023-1, Class A2, 5.36% 5/15/20263   1,804    1,804 
Santander Drive Auto Receivables Trust, Series 2022-5, Class A3, 4.11% 8/17/20263   5,874    5,855 
Santander Drive Auto Receivables Trust, Series 2023-3, Class A2, 6.08% 8/17/20263   2,502    2,506 
Santander Drive Auto Receivables Trust, Series 2022-6, Class A3, 4.49% 11/16/20263   2,521    2,512 
Santander Drive Auto Receivables Trust, Series 2024-1, Class A2, 5.71% 2/16/20273   20,126    20,136 
Santander Drive Auto Receivables Trust, Series 2023-4, Class A2, 6.18% 2/16/20273   3,583    3,592 
Santander Drive Auto Receivables Trust, Series 2022-5, Class B, 4.43% 3/15/20273   2,589    2,565 
Santander Drive Auto Receivables Trust, Series 2022-7, Class A3, 5.75% 4/15/20273   3,008    3,010 
Santander Drive Auto Receivables Trust, Series 2022-6, Class B, 4.72% 6/15/20273   3,171    3,144 
Santander Drive Auto Receivables Trust, Series 2022-4, Class B, 4.42% 11/15/20273   4,660    4,605 
Santander Drive Auto Receivables Trust, Series 2022-7, Class B, 5.95% 1/17/20283   1,521    1,530 
Santander Drive Auto Receivables Trust, Series 2023-1, Class B, 4.98% 2/15/20283   6,392    6,351 
Santander Drive Auto Receivables Trust, Series 2024-1, Class A3, 5.25% 4/17/20283   6,148    6,149 
Santander Drive Auto Receivables Trust, Series 2023-4, Class A3, 5.73% 4/17/20283   1,390    1,396 
Santander Drive Auto Receivables Trust, Series 2023-3, Class B, 5.61% 7/17/20283   1,152    1,156 
Santander Drive Auto Receivables Trust, Series 2023-6, Class A3, 5.93% 7/17/20283   2,810    2,855 
Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.74% 10/15/20283   10,512    10,384 
Santander Drive Auto Receivables Trust, Series 2022-6, Class C, 4.96% 11/15/20283   4,994    4,936 
Santander Drive Auto Receivables Trust, Series 2024-1, Class B, 5.23% 12/15/20283   3,718    3,713 
Santander Drive Auto Receivables Trust, Series 2023-1, Class C, 5.09% 5/15/20303   8,843    8,736 
Santander Drive Auto Receivables Trust, Series 2023-3, Class C, 5.77% 11/15/20303   902    908 
Santander Drive Auto Receivables Trust, Series 2022-7, Class C, 6.69% 3/17/20313   961    980 
SBNA Auto Lease Trust, Series 2024-A, Class A2, 5.45% 1/20/20263,5   8,098    8,095 
SBNA Auto Lease Trust, Series 2024-A, Class A3, 5.39% 11/20/20263,5   9,804    9,811 
SFS Auto Receivables Securitization Trust, Series 2023-1, Class A2A, 5.89% 3/22/20273,5   7,425    7,438 
SFS Auto Receivables Securitization Trust, Series 2024-1, Class A2, 5.35% 6/21/20273,5   19,000    18,996 
SFS Auto Receivables Securitization Trust, Series 2023-1, Class A3, 5.47% 10/20/20283,5   9,627    9,679 
SFS Auto Receivables Securitization Trust, Series 2024-1, Class A3, 4.95% 5/21/20293,5   32,766    32,628 
SFS Auto Receivables Securitization Trust, Series 2023-1, Class A4, 5.47% 12/20/20293,5   798    807 
SMB Private Education Loan Trust, Series 2022-C, Class A1A, 4.48% 5/16/20503,5   1,654    1,606 
   
18 Short-Term Bond Fund of America
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Asset-backed obligations (continued)          
SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) 6.875% 11/15/20523,4,5  USD2,090   $2,105 
SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 1/15/20533,5   1,663    1,469 
SMB Private Education Loan Trust, Series 2021-A, Class A2B, 1.59% 1/15/20533,5   2,271    2,033 
Sound Point CLO, Ltd., Series 2015-1RA, Class AR, (3-month USD CME Term SOFR + 1.342%) 6.656% 4/15/20303,4,5   3,365    3,366 
Sound Point CLO, Ltd., Series 2017-3A, Class A1R, (3-month USD CME Term SOFR + 1.242%) 6.559% 10/20/20303,4,5   8,408    8,412 
Sound Point CLO, Ltd., Series 2013-3R, Class A, (3-month USD CME Term SOFR + 1.412%) 6.71% 4/18/20313,4,5   340    340 
Sound Point CLO, Ltd., Series 2013-3R, Class C, (3-month USD CME Term SOFR + 2.512%) 7.81% 4/18/20313,4,5   1,200    1,162 
Sound Point CLO, Ltd., Series 2014-1R, Class A, (3-month USD CME Term SOFR + 1.412%) 6.71% 7/18/20313,4,5   7,000    6,996 
SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/20463,5   7,150    6,651 
Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/20333,5   1,964    1,828 
Stratus Static CLO, Ltd., Series 2021-3, Class A, (3-month USD CME Term SOFR + 1.212%) 6.529% 12/29/20293,4,5   2,081    2,084 
Stratus Static CLO, Ltd., Series 2022-3, Class AR, (3-month USD CME Term SOFR + 1.30%) 6.623% 10/20/20313,4,5   8,473    8,472 
SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/20753,5   11,083    10,434 
Sycamore Tree CLO, Ltd., Series 2023-3, Class A1, (3-month USD CME Term SOFR + 2.20%) 7.518% 4/20/20353,4,5   2,000    2,004 
Sycamore Tree CLO, Ltd., Series 2023-4, Class C, (3-month USD CME Term SOFR + 3.70%) 9.018% 10/20/20363,4,5   1,500    1,506 
Symphony Static CLO, Ltd., Series 2021-1, Class A, (3-month USD CME Term SOFR + 1.092%) 6.416% 10/25/20293,4,5   1,741    1,742 
Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/20293   16,401    16,547 
Synchrony Card Issuance Trust, Series 2023-A2, Class A, 5.74% 10/15/20293   3,984    4,050 
TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/20453,5   3,697    3,354 
TCI-Flatiron CLO, Ltd., Series 2016-1A, Class AR3, (3-month USD CME Term SOFR + 1.10%) 6.417% 1/17/20323,4,5   705    704 
TCW CLO, Ltd., Series 2019-1, Class ASNR, (3-month USD CME Term SOFR + 1.482%) 6.807% 8/16/20343,4,5   3,000    2,996 
Teachers Insurance and Annuity Association of AME, CLO, Series 2016-1, Class AR, (3-month USD CME Term SOFR + 1.462%) 6.779% 7/20/20313,4,5   1,084    1,086 
Telos CLO, Ltd., Series 2013-4, Class AR, (3-month USD CME Term SOFR + 1.502%) 6.818% 1/17/20303,4,5   479    479 
Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 8/21/20453,5   4,574    4,262 
Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/20453,5   3,051    2,771 
Textainer Marine Containers, Ltd., Series 2021-1, Class A, 1.68% 2/20/20463,5   7,773    6,847 
Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/20463,5   7,115    6,309 
TICP CLO, Ltd., Series 2018-10, Class B, (3-month USD CME Term SOFR + 1.732%) 7.049% 4/20/20313,4,5   700    697 
TICP CLO, Ltd., Series 2018-12, Class AR, (3-month USD CME Term SOFR + 1.432%) 6.746% 7/15/20343,4,5   2,000    2,002 
TIF Funding II, LLC, Series 2021-1A, Class A, 1.65% 2/20/20463,5   1,730    1,491 
T-Mobile US Trust, Series 2024-1, Class A, 5.05% 9/20/20293,5   14,656    14,672 
Toyota Auto Receivables Owner Trust, Series 2023-A, Class A3, 4.63% 9/15/20273   12,679    12,576 
Toyota Auto Receivables Owner Trust, Series 2023-C, Class A3, 5.16% 4/17/20283   7,517    7,530 
Toyota Auto Receivables Owner Trust, Series 2024-A, Class A3, 4.83% 10/16/20283   8,862    8,833 
Toyota Auto Receivables Owner Trust, Series 2024-A, Class A4, 4.77% 4/16/20293   3,293    3,278 
Toyota Lease Owner Trust, Series 2023-A, Class A2, 5.30% 8/20/20253,5   6,343    6,336 
Trestles CLO, Ltd., Series 2023-6, Class A, (3-month USD CME Term SOFR + 1.70%) 7.062% 1/25/20363,4,5   10,000    10,012 
Trinitas CLO, Ltd., Series 2020-12, Class A1R, (3-month USD CME Term SOFR + 1.37%) 6.693% 4/25/20333,4,5   1,628    1,628 
Trinitas CLO, Ltd., Series 2017-7, Class A1R, (3-month USD CME Term SOFR + 1.461%) 6.786% 1/25/20353,4,5   1,000    998 
Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/20453,5   13,596    12,053 
Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/20463,5   4,569    3,972 
TSTAT 2022-1, Ltd., Series 2022-1, Class CR, (3-month USD CME Term SOFR + 2.85%) 8.168% 7/20/20313,4,5   4,500    4,504 
Valley Stream Park CLO, Ltd., Series 2022-1, Class AR, (3-month USD CME Term SOFR + 1.63%) 6.948% 10/20/20343,4,5   10,500    10,533 
           
Short-Term Bond Fund of America 19
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Asset-backed obligations (continued)          
Venture CDO, Ltd., CLO, Series 2017-29, Class AR, (3-month USD CME Term SOFR + 1.252%) 6.559% 9/7/20303,4,5  USD3,438   $3,434 
Venture CDO, Ltd., CLO, Series 2018-32, Class A2A, (3-month USD CME Term SOFR + 1.332%) 6.63% 7/18/20313,4,5   4,173    4,174 
Venture XVII CLO, Ltd., Series 2014-17, Class ARR, (3-month USD CME Term SOFR + 1.142%) 6.456% 4/15/20273,4,10   285    285 
Verizon Master Trust, Series 2022-7, Class A1A, 5.23% 11/22/2027 (5.98% on 11/20/2024)3,8   4,000    3,994 
Verizon Master Trust, Series 2023-2, Class A, 4.89% 4/13/20283   14,170    14,103 
Verizon Master Trust, Series 2024-1, Class A1A, 5.00% 12/20/20283   15,940    15,909 
Verizon Master Trust, Series 2022-6, Class A, 3.67% 1/22/2029 (4.42% on 8/20/2025)3,8   6,457    6,324 
Verizon Master Trust, Series 2023-1, Class A, 4.49% 1/22/2029 (5.24% on 1/20/2026)3,8   17,721    17,540 
Verizon Master Trust, Series 2023-4, Class A1A, 5.16% 6/20/20293   11,800    11,840 
Verizon Master Trust, Series 2023-6, Class A, 5.35% 9/22/20313,5   10,000    10,190 
Verizon Master Trust, Series 2024-2, Class A, 4.83% 12/22/20313,5   12,162    12,172 
Vibrant CLO, Ltd., Series 2017-7, Class A1R, (3-month USD CME Term SOFR + 1.302%) 6.619% 9/15/20303,4,5   512    512 
Voya, Ltd., CLO, Series 2015-1, Class A2R, (3-month USD CME Term SOFR + 1.512%) 6.81% 1/18/20293,4,5   475    475 
Voya, Ltd., CLO, Series 2019-1A, Class AR, (3-month USD CME Term SOFR + 1.322%) 6.636% 4/15/20313,4,5   312    313 
Voya, Ltd., CLO, Series 2018-2, Class C1, (3-month USD CME Term SOFR + 2.112%) 7.426% 7/15/20313,4,5   400    396 
Wellfleet CLO, Ltd., Series 2015-1, Class AR4, (3-month USD CME Term SOFR + 1.152%) 6.469% 7/20/20293,4,5   48    48 
Wellfleet CLO, Ltd., Series 2017-3A, Class A1, (3-month USD CME Term SOFR + 1.412%) 6.728% 1/17/20313,4,5   1,496    1,497 
Wellfleet CLO, Ltd., Series 2022-1, Class C, (3-month USD CME Term SOFR + 2.85%) 8.167% 4/15/20343,4,5   900    906 
Wells Fargo Card Issuance Trust, Series 2024-A1, Class A, 5.039% 2/15/20293   17,961    17,982 
Westlake Automobile Receivables Trust, Series 2022-3, Class A2, 5.24% 7/15/20253,5   1,461    1,461 
Westlake Automobile Receivables Trust, Series 2023-1, Class A2A, 5.51% 6/15/20263,5   6,412    6,410 
Westlake Automobile Receivables Trust, Series 2022-3, Class C, 5.49% 7/15/20263,5   10,800    10,789 
Westlake Automobile Receivables Trust, Series 2023-2, Class A2A, 5.87% 7/15/20263,5   3,067    3,069 
Westlake Automobile Receivables Trust, Series 2023-2, Class A3, 5.80% 2/16/20273,5   5,000    5,016 
Westlake Automobile Receivables Trust, Series 2023-3, Class A3, 5.82% 5/17/20273,5   13,000    13,085 
Westlake Automobile Receivables Trust, Series 2023-4, Class A3, 6.24% 7/15/20273,5   17,755    17,949 
Westlake Automobile Receivables Trust, Series 2022-3, Class B, 5.99% 12/15/20273,5   11,200    11,234 
Westlake Automobile Receivables Trust, Series 2022-3, Class C, 6.44% 12/15/20273,5   1,863    1,880 
Westlake Automobile Receivables Trust, Series 2023-1, Class A3, 5.21% 1/18/20283,5   2,978    2,969 
Westlake Automobile Receivables Trust, Series 2023-1, Class B, 5.41% 1/18/20283,5   1,771    1,767 
Westlake Automobile Receivables Trust, Series 2023-1, Class C, 5.74% 8/15/20283,5   686    685 
Westlake Flooring Master Trust, Series 2024-1, Class A, 5.43% 2/15/20283,5   2,411    2,420 
Wind River CLO, Ltd., Series 2018-1, Class B, (3-month USD CME Term SOFR + 1.912%) 7.226% 7/15/20303,4,5   250    250 
Wind River CLO, Ltd., Series 2013-2A, Class AR2, (3-month USD CME Term SOFR + 1.262%) 6.56% 10/18/20303,4,5   1,692    1,695 
Wind River CLO, Ltd., Series 2023-1, Class C1, (3-month USD CME Term SOFR + 3.50%) 8.825% 4/25/20363,4,5   500    502 
World Financial Network Credit Card Master Trust, Series 2023-A, Class A, 5.02% 3/15/20303   5,276    5,245 
World Omni Auto Receivables Trust, Series 2023-C, Class A3, 5.15% 11/15/20283   1,237    1,239 
         2,444,592 
           
Corporate bonds, notes & loans 8.63%          
Financials 4.93%          
AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025)5,8   20,000    20,518 
American Express Co. 4.90% 2/13/2026   10,572    10,542 
American Express Co. 1.65% 11/4/2026   2,000    1,830 
Bank of America Corp. (USD-SOFR + 0.41%) 5.31% 6/14/20244   10,000    9,998 
Bank of America Corp. 1.53% 12/6/2025 (USD-SOFR + 0.65% on 12/6/2024)8   10,000    9,684 
Bank of America Corp. 5.08% 1/20/2027 (USD-SOFR + 1.29% on 1/20/2026)8   25,000    24,849 
Bank of America Corp. 4.376% 4/27/2028 (USD-SOFR + 1.58% on 4/27/2027)8   10,402    10,115 
           
20 Short-Term Bond Fund of America
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Corporate bonds, notes & loans (continued)        
Financials (continued)          
Bank of Ireland Group PLC 6.253% 9/16/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.65% on 9/16/2025)5,8  USD10,000   $10,064 
Bank of Nova Scotia (The) 1.45% 1/10/2025   2,000    1,933 
Bank of Nova Scotia (The) 1.35% 6/24/2026   2,000    1,837 
BPCE SA 1.625% 1/14/20255   6,000    5,801 
BPCE SA 1.00% 1/20/20265   2,000    1,847 
BPCE SA 5.975% 1/18/2027 (USD-SOFR + 2.10% on 1/18/2026)5,8   10,000    10,012 
Chubb INA Holdings, Inc. 3.35% 5/3/2026   1,275    1,230 
Citigroup, Inc. 2.014% 1/25/2026 (USD-SOFR + 0.694% on 1/25/2025)8   2,000    1,933 
Cooperatieve Rabobank UA (New York Branch) 4.85% 1/9/2026   20,000    19,923 
Dexia 0.50% 7/16/20245   11,000    10,800 
Fifth Third Bancorp 6.339% 7/27/2029 (USD-SOFR + 2.34% on 7/27/2028)8   3,860    3,962 
Goldman Sachs Group, Inc. 5.70% 11/1/2024   8,000    8,005 
Guardian Life Global Funding 0.875% 12/10/20255   8,000    7,403 
HSBC Holdings PLC 4.292% 9/12/2026 (3-month USD CME Term SOFR + 1.609% on 9/12/2025)8   20,000    19,610 
JPMorgan Chase & Co. 0.768% 8/9/2025 (USD-SOFR + 0.49% on 8/9/2024)8   12,500    12,219 
JPMorgan Chase & Co. 5.04% 1/23/2028 (USD-SOFR + 1.19% on 1/23/2027)8   11,225    11,168 
JPMorgan Chase & Co. 2.947% 2/24/2028 (USD-SOFR + 1.17% on 2/24/2027)8   2,000    1,874 
JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)8   5,000    4,946 
JPMorgan Chase & Co. 5.299% 7/24/2029 (USD-SOFR + 1.45% on 7/24/2028)8   23,000    23,068 
JPMorgan Chase & Co. 5.012% 1/23/2030 (USD-SOFR + 1.31% on 1/23/2029)8   12,082    11,958 
Lloyds Banking Group PLC 5.985% 8/7/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.48% on 8/7/2026)8   15,000    15,109 
Lloyds Banking Group PLC 5.462% 1/5/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.375% on 1/5/2027)8   17,800    17,731 
Met Tower Global Funding 0.70% 4/5/20245   25,000    24,890 
Met Tower Global Funding 1.25% 9/14/20265   20,000    18,145 
Metropolitan Life Global Funding I 5.00% 1/6/20265   10,000    9,977 
Metropolitan Life Global Funding I 1.875% 1/11/20275   18,000    16,436 
Metropolitan Life Global Funding I 4.40% 6/30/20275   5,600    5,458 
Morgan Stanley 1.164% 10/21/2025 (USD-SOFR + 0.56% on 10/21/2024)8   19,129    18,565 
Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028)8   6,645    6,609 
National Australia Bank, Ltd. 1.388% 1/12/20255   17,000    16,457 
National Australia Bank, Ltd. 4.787% 1/10/2029   10,000    9,943 
New York Life Global Funding 0.90% 10/29/20245   20,000    19,414 
New York Life Global Funding 0.95% 6/24/20255   17,280    16,361 
New York Life Global Funding 0.85% 1/15/20265   10,000    9,265 
Nordea Bank ABP 3.60% 6/6/20255   3,000    2,939 
Northwestern Mutual Global Funding 0.60% 3/25/20245   10,000    9,970 
Northwestern Mutual Global Funding 0.80% 1/14/20265   16,215    14,993 
PNC Financial Services Group, Inc. 5.671% 10/28/2025 (USD-SOFR + 1.09% on 10/28/2024)8   3,000    2,997 
PNC Financial Services Group, Inc. 4.758% 1/26/2027 (USD-SOFR + 1.085% on 1/26/2026)8   5,000    4,941 
PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028)8   2,500    2,515 
State Street Corp. 4.857% 1/26/2026 (USD-SOFR + 0.604% on 1/26/2025)8   7,295    7,253 
Swedbank AB 6.136% 9/12/20265   20,000    20,277 
Toronto-Dominion Bank (The) 1.15% 6/12/2025   7,208    6,844 
Truist Financial Corp. 5.435% 1/24/2030 (USD-SOFR + 1.62% on 1/24/2029)8   2,931    2,900 
UBS AG 0.70% 8/9/20245   20,000    19,592 
Wells Fargo & Co. 3.908% 4/25/2026 (USD-SOFR + 1.32% on 4/25/2025)8   8,788    8,619 
Wells Fargo Bank, N.A. 5.45% 8/7/2026   4,000    4,035 
         569,364 
           
Consumer discretionary 0.91%          
Amazon.com, Inc. 0.45% 5/12/2024   9,210    9,124 
American Honda Finance Corp. 0.55% 7/12/2024   9,000    8,838 
American Honda Finance Corp. 0.75% 8/9/2024   16,000    15,677 
BMW US Capital, LLC 0.80% 4/1/20245   5,752    5,729 
Daimler Trucks Finance North America, LLC (USD-SOFR + 1.00%) 5.30% 4/5/20244,5   20,000    20,012 
Daimler Trucks Finance North America, LLC 5.20% 1/17/20255   4,569    4,556 
Daimler Trucks Finance North America, LLC 5.15% 1/16/20265   3,343    3,334 
Daimler Trucks Finance North America, LLC 2.00% 12/14/20265   8,525    7,823 
Daimler Trucks Finance North America, LLC 5.00% 1/15/20275   10,070    10,035 
Daimler Trucks Finance North America, LLC 5.40% 9/20/20285   6,068    6,140 
   
Short-Term Bond Fund of America 21
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Corporate bonds, notes & loans (continued)          
Consumer discretionary (continued)          
Mercedes-Benz Finance North America, LLC 5.375% 11/26/20255  USD3,725   $3,736 
Toyota Motor Credit Corp. 0.80% 1/9/2026   8,695    8,070 
Toyota Motor Credit Corp. 4.45% 5/18/2026   2,500    2,474 
         105,548 
           
Health care 0.89%          
AbbVie, Inc. 4.80% 3/15/2027   25,075    25,008 
AbbVie, Inc. 4.80% 3/15/2029   22,000    21,903 
Bristol-Myers Squibb Co. 4.90% 2/22/2029   22,400    22,355 
Cigna Group (The) 1.25% 3/15/2026   832    769 
Eli Lilly and Co. 5.00% 2/27/2026   16,000    15,999 
Novartis Capital Corp. 2.00% 2/14/2027   3,656    3,390 
Pfizer Investment Enterprises Pte., Ltd. 4.45% 5/19/2028   8,000    7,848 
Pfizer Investment Enterprises Pte., Ltd. 4.65% 5/19/2030   5,000    4,920 
         102,192 
           
Information technology 0.44%          
Apple, Inc. 1.125% 5/11/2025   4,352    4,157 
Apple, Inc. 0.70% 2/8/2026   12,135    11,223 
Cisco Systems, Inc. 4.80% 2/26/2027   22,535    22,557 
Cisco Systems, Inc. 4.85% 2/26/2029   12,641    12,664 
         50,601 
           
Materials 0.40%          
Air Products and Chemicals, Inc. 1.50% 10/15/2025   3,405    3,221 
BHP Billiton Finance (USA), Ltd. 4.875% 2/27/2026   17,000    16,934 
BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2026   6,000    6,039 
BHP Billiton Finance (USA), Ltd. 4.75% 2/28/2028   9,000    8,943 
EIDP, Inc. 4.50% 5/15/2026   10,834    10,670 
         45,807 
           
Utilities 0.37%          
Entergy Louisiana, LLC 0.95% 10/1/2024   16,000    15,581 
PacifiCorp 5.10% 2/15/2029   5,225    5,211 
Southern California Edison Co. 0.975% 8/1/2024   5,229    5,128 
Southern California Edison Co. 4.90% 6/1/2026   8,000    7,947 
Southern California Edison Co. 4.875% 2/1/2027   9,150    9,103 
         42,970 
           
Consumer staples 0.32%          
Philip Morris International, Inc. 2.875% 5/1/2024   4,000    3,982 
Philip Morris International, Inc. 4.875% 2/13/2026   8,000    7,965 
Philip Morris International, Inc. 4.875% 2/15/2028   13,616    13,547 
Philip Morris International, Inc. 5.25% 9/7/2028   4,475    4,512 
Procter & Gamble Co. 4.10% 1/26/2026   5,254    5,195 
Procter & Gamble Co. 1.00% 4/23/2026   2,389    2,212 
         37,413 
           
Industrials 0.13%          
Siemens Financieringsmaatschappij NV 0.65% 3/11/20245   15,000    14,989 
           
Real estate 0.12%          
Public Storage Operating Co. (USD-SOFR + 0.47%) 5.831% 4/23/20244   13,770    13,771 
           
           
Energy 0.07%          
Exxon Mobil Corp. 2.019% 8/16/2024   5,125    5,048 
Saudi Arabian Oil Co. 1.625% 11/24/20255   2,690    2,526 
         7,574 
           
Communication services 0.05%          
SBA Tower Trust 1.631% 11/15/20265   6,741    6,058 
           
Total corporate bonds, notes & loans        996,287 
           
22 Short-Term Bond Fund of America
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Bonds & notes of governments & government agencies outside the U.S. 3.48%          
Asian Development Bank 4.125% 9/27/2024  USD23,281   $23,119 
Asian Development Bank 0.625% 10/8/2024   8,547    8,312 
Asian Development Bank 2.875% 5/6/2025   10,981    10,715 
Asian Development Bank 1.00% 4/14/2026   19,197    17,795 
Asian Development Bank 3.875% 9/28/2032   2,327    2,240 
Caisse d’Amortissement de la Dette Sociale 1.125% 11/29/20245   40,000    38,774 
Caisse d’Amortissement de la Dette Sociale 4.00% 1/25/20265   9,184    9,051 
Chile (Republic of) 4.85% 1/22/2029   1,855    1,842 
Corporacion Andina de Fomento 5.00% 1/24/2029   19,547    19,331 
CPPIB Capital, Inc. 0.875% 9/9/20265   10,154    9,247 
CPPIB Capital, Inc. 4.375% 1/30/20275   7,375    7,329 
CPPIB Capital, Inc. 4.25% 7/20/20285   4,787    4,735 
Development Bank of Japan, Inc. 1.75% 2/18/20255   14,294    13,808 
Development Bank of Japan, Inc. 1.25% 10/20/20265   15,276    13,919 
European Bank for Reconstruction & Development 0.50% 5/19/2025   4,750    4,498 
European Investment Bank 2.25% 6/24/2024   5,000    4,951 
European Investment Bank 4.00% 2/15/2029   27,105    26,679 
Inter-American Development Bank 0.50% 9/23/2024   8,000    7,789 
Inter-American Development Bank 0.625% 7/15/2025   5,500    5,188 
Inter-American Development Bank 4.50% 5/15/2026   7,056    7,033 
International Bank for Reconstruction and Development 1.625% 1/15/2025   2    2 
International Bank for Reconstruction and Development 0.75% 3/11/2025   3,526    3,375 
Japan Bank for International Cooperation 1.75% 10/17/2024   3,594    3,514 
Japan Bank for International Cooperation 2.875% 4/14/2025   19,050    18,559 
Japan Bank for International Cooperation 4.25% 1/26/2026   19,250    19,016 
KfW 5.125% 9/29/2025   39,416    39,567 
KfW 4.00% 3/15/2029   3,714    3,653 
Kommunalbanken 0.50% 10/21/20245   3,978    3,860 
Kommunalbanken 0.375% 9/11/20255   13,000    12,130 
Kommuninvest i Sverige Aktiebolag 2.875% 7/3/20245   3,933    3,899 
Ontario Teachers’ Finance Trust 0.875% 9/21/20265   6,173    5,603 
Ontario Teachers’ Finance Trust 3.00% 4/13/20275   8,000    7,611 
Saskatchewan (Province of) 3.25% 6/8/2027   3,364    3,224 
Sweden (Kingdom of) 4.375% 1/30/20265   8,840    8,783 
Swedish Export Credit Corp. 3.625% 9/3/2024   20,783    20,588 
Swedish Export Credit Corp. 4.375% 2/13/2026   11,784    11,683 
         401,422 
           
Municipals 0.26%          
California 0.06%          
Regents of the University of California, General Rev. Bonds, Series 2020-BG, 0.883% 5/15/2025   7,500    7,143 
           
Florida 0.11%          
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.258% 7/1/2025   13,725    13,050 
           
New York 0.09%          
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 0.492% 3/15/2024 (escrowed to maturity)   9,985    9,969 
           
Total municipals        30,162 
           
Federal agency bonds & notes 0.11%          
Fannie Mae 0.375% 8/25/20251   8,065    7,558 
Federal Farm Credit Banks 1.125% 1/6/2025   2,726    2,636 
Tennessee Valley Authority 3.875% 3/15/2028   2,274    2,240 
         12,434 
           
Total bonds, notes & other debt instruments (cost: $10,755,458,000)        10,647,568 
           
Short-Term Bond Fund of America 23
 
Short-term securities 15.65%  Shares   Value
(000)		 
Money market investments 15.65%        
Capital Group Central Cash Fund 5.41%11,12   18,081,855   $1,808,186 
           
Total short-term securities (cost: $1,808,160,000)        1,808,186 
           
Options purchased (equity style) 0.02%          
Options purchased (equity style)*        1,730 
           
Total options purchased (equity style) (cost: $1,735,000)        1,730 
Total investment securities 107.85% (cost: $12,565,353,000)        12,457,484 
Total options written (0.02)%†        (1,800)
Other assets less liabilities (7.83)%        (904,015)
           
Net assets 100.00%       $11,551,669 

 

*Options purchased (equity style)

 

Options on futures

 

       Notional          Value at 
   Number of   amount   Exercise   Expiration  2/29/2024 
Description  contracts   (000)   price   date  (000) 
Put                       
3 Month SOFR Futures Option   1,000    USD250,000    USD94.37   3/15/2024  $6 
3 Month SOFR Futures Option   920    230,000    96.00   12/13/2024   1,662 
10 Year U.S. Treasury Note Futures Option   182    18,200    110.50   3/1/2024   37 
                     $1,705 
Call                       
10 Year U.S. Treasury Note Futures Option   182    USD18,200    USD110.50   3/1/2024  $25 
                     $1,730 

 

†Options written (equity style)

 

Options on futures

 

       Notional          Value at 
   Number of   amount   Exercise   Expiration  2/29/2024 
Description  contracts   (000)   price   date  (000) 
Put                   
3 Month SOFR Futures Option   1,000    USD(250,000)    USD94.13   3/15/2024  $(6)
3 Month SOFR Futures Option   1,840    (460,000)   95.50   12/13/2024   (1,794)
                     $(1,800)

 

Futures contracts

 

Contracts  Type  Number of
contracts		   Expiration
date		  Notional
amount
(000)		   Value and
unrealized
appreciation
(depreciation)
at 2/29/2024
(000)		 
3 Month SOFR Futures  Long   2,013   3/19/2025   USD480,604    $   (603)
2 Year U.S. Treasury Note Futures  Long   25,214   7/3/2024   5,162,566    2,171 
5 Year U.S. Treasury Note Futures  Short   2,801   7/3/2024   (299,444)   (461)
10 Year U.S. Treasury Note Futures  Short   1,929   6/28/2024   (213,034)   (79)
10 Year U.S. Treasury Note Futures  Short   7,748   6/28/2024   (884,604)   (3,636)
   
24 Short-Term Bond Fund of America
 

Futures contracts (continued)

 

Contracts  Type  Number of
contracts		   Expiration
date		  Notional
amount
(000)		   Value and
unrealized
appreciation
(depreciation)
at 2/29/2024
(000)		 
20 Year U.S. Treasury Bond Futures  Short   211   6/28/2024   USD(25,162)  $(137)
30 Year Ultra U.S. Treasury Bond Futures  Short   295   6/28/2024   (37,723)   (54)
                   $(2,799)

 

Swap contracts

 

Interest rate swaps

 

Centrally cleared interest rate swaps

 

Receive  Pay     Notional
amount
(000)		  Value at
2/29/2024
(000)		   Upfront
premium
paid
(received)
(000)		   Unrealized
appreciation
(depreciation)
at 2/29/2024
(000)		 
Rate  Payment
frequency		  Rate  Payment
frequency		  Expiration
date		           
4.801%  Annual  SOFR  Annual  3/31/2025  USD29,982  $(69)  $—   $(69)
4.8155%  Annual  SOFR  Annual  3/31/2025  105,519   (226)   —    (226)
SOFR  Annual  4.5495%  Annual  8/29/2025  92,704   300    —    300 
SOFR  Annual  4.5305%  Annual  8/29/2025  30,000   105    —    105 
4.75908%  Annual  SOFR  Annual  11/9/2025  671,200   563    —    563 
4.7575%  Annual  SOFR  Annual  11/9/2025  604,100   491    —    491 
4.74674%  Annual  SOFR  Annual  11/9/2025  424,700   272    —    272 
4.4245%  Annual  SOFR  Annual  12/6/2025  52,280   (212)   —    (212)
3.379%  Annual  SOFR  Annual  3/17/2028  30,693   (132)   —    (132)
3.355%  Annual  SOFR  Annual  3/17/2028  30,900   (145)   —    (145)
3.8825%  Annual  SOFR  Annual  12/7/2028  16,590   (108)   —    (108)
SOFR  Annual  4.18799%  Annual  11/9/2033  99,300   (2,448)   —    (2,448)
SOFR  Annual  4.205%  Annual  11/9/2033  141,900   (3,691)   —    (3,691)
SOFR  Annual  4.19658%  Annual  11/9/2033  158,800   (4,024)   —    (4,024)
SOFR  Annual  3.878%  Annual  12/6/2033  12,070   —6    —    —6 
SOFR  Annual  3.8355%  Annual  12/7/2033  9,110   31    —    31 
SOFR  Annual  3.3985%  Annual  3/17/2056  3,114   50    —    50 
SOFR  Annual  3.413%  Annual  3/17/2056  3,100   43    —    43 
                  $(9,200)  $—   $(9,200)

 

Investments in affiliates12

 

   Value at
9/1/2023
(000)		   Additions
(000)		   Reductions
(000)		   Net
realized
gain (loss)
(000)		   Net
unrealized
appreciation
(depreciation)
(000)		   Value at
2/29/2024
(000)		   Dividend
or interest
income
(000)		 
Short-term securities 15.65%                                   
Money market investments 15.65%                                   
Capital Group Central Cash Fund 5.41%11   $1,727,794    $2,520,011   $2,439,695   $123   $(47)  $1,808,186   $43,667 
   
Short-Term Bond Fund of America 25
 

Restricted securities10

 

   Acquisition
date(s)		  Cost
(000)		   Value
(000)		   Percent
of net
assets		 
Mission Lane Credit Card Master Trust, Series 2022-B, Class A1, 8.25% 1/15/20283,9  12/6/2022  $3,635   $3,632    .03%
Mission Lane Credit Card Master Trust, Series 2022-B, Class A2, 8.73% 1/15/20283,9  12/6/2022   385    385    .01 
Venture XVII CLO, Ltd., Series 2014-17, Class ARR, (3-month USD CME Term SOFR + 1.142%) 6.456% 4/15/20273,4  10/4/2022   283    285    .0013 
Total     $4,303   $4,302    .04%
   
1 All or a portion of this security was pledged as collateral. The total value of pledged collateral was $53,362,000, which represented .46% of the net assets of the fund.
2 Index-linked bond whose principal amount moves with a government price index.
3 Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
4 Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
5 Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $3,291,539,000, which represented 28.49% of the net assets of the fund.
6 Amount less than one thousand.
7 Purchased on a TBA basis.
8 Step bond; coupon rate may change at a later date.
9 Value determined using significant unobservable inputs.
10 Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $4,302,000, which represented .04% of the net assets of the fund.
11 Rate represents the seven-day yield at 2/29/2024.
12 Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
13 Amount less than .01%.

 

Key to abbreviation(s)

Assn. = Association

Auth. = Authority

CLO = Collateralized Loan Obligations

CME = CME Group

CMO = Collateralized Mortgage Obligations

DAC = Designated Activity Company

Fin. = Finance

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

 

Refer to the notes to financial statements.

 

26 Short-Term Bond Fund of America
 

Financial statements

 

Statement of assets and liabilities
at February 29, 2024		 unaudited
(dollars in thousands)

 

Assets:          
Investment securities, at value:          
Unaffiliated issuers (cost: $10,757,194)  $10,649,298      
Affiliated issuers (cost: $1,808,159)   1,808,186   $12,457,484 
Receivables for:          
Sales of investments   363,826      
Sales of fund’s shares   14,846      
Dividends and interest   57,506      
Variation margin on centrally cleared swap contracts   357    436,535 
         12,894,019 
Liabilities:          
Options written, at value (premium received: $1,543)        1,800 
Payables for:          
Purchases of investments   1,314,306      
Repurchases of fund’s shares   16,270      
Dividends on fund’s shares   697      
Investment advisory services   2,298      
Services provided by related parties   1,337      
Trustees’ deferred compensation   127      
Variation margin on futures contracts   2,248      
Variation margin on centrally cleared swap contracts   1,253      
Bank overdraft   1,948      
Other   66    1,340,550 
Net assets at February 29, 2024       $11,551,669 
 
Net assets consist of:          
Capital paid in on shares of beneficial interest       $12,219,962 
Total distributable earnings (accumulated loss)        (668,293)
Net assets at February 29, 2024       $11,551,669 

 

Refer to the notes to financial statements.

 

Short-Term Bond Fund of America 27
 

Financial statements (continued)

 

Statement of assets and liabilities unaudited
at February 29, 2024 (continued)  (dollars and shares in thousands, except per-share amounts)

 

Shares of beneficial interest issued and outstanding (no stated par value) —
unlimited shares authorized (1,220,952 total shares outstanding)

 

   Net assets   Shares
outstanding		   Net asset value
per share		 
Class A  $4,125,172    435,919   $9.46 
Class C   51,348    5,523    9.30 
Class T   9    1    9.47 
Class F-1   69,133    7,306    9.46 
Class F-2   967,422    102,224    9.46 
Class F-3   579,510    61,225    9.47 
Class 529-A   460,324    48,645    9.46 
Class 529-C   11,098    1,198    9.26 
Class 529-E   14,817    1,568    9.45 
Class 529-T   11    1    9.46 
Class 529-F-1   10    1    9.46 
Class 529-F-2   136,040    14,372    9.47 
Class 529-F-3   10    1    9.47 
Class R-1   1,851    199    9.29 
Class R-2   38,376    4,135    9.28 
Class R-2E   1,516    161    9.44 
Class R-3   56,246    5,955    9.44 
Class R-4   26,445    2,794    9.46 
Class R-5E   7,026    742    9.47 
Class R-5   10,603    1,120    9.47 
Class R-6   4,994,702    527,862    9.46 

 

Refer to the notes to financial statements.

 

28 Short-Term Bond Fund of America
 

Financial statements (continued)

 

Statement of operations unaudited
for the six months ended February 29, 2024 (dollars in thousands)
   
Investment income:          
Income:          
Interest from unaffiliated issuers  $213,509      
Dividends from affiliated issuers   43,667   $257,176 
Fees and expenses*:          
Investment advisory services   14,550      
Distribution services   7,716      
Transfer agent services   3,052      
Administrative services   1,732      
529 plan services   181      
Reports to shareholders   135      
Registration statement and prospectus   299      
Trustees’ compensation   34      
Auditing and legal   14      
Custodian   17      
Other   28    27,758 
Net investment income        229,418 
 
Net realized gain (loss) and unrealized appreciation (depreciation):          
Net realized gain (loss) on:          
Investments:          
Unaffiliated issuers   (34,713)     
Affiliated issuers   123      
Futures contracts   (1,778)     
Swap contracts   1,897    (34,471)
Net unrealized appreciation (depreciation) on:          
Investments:          
Unaffiliated issuers   124,309      
Affiliated issuers   (47)     
Options written   (257)     
Futures contracts   (5,651)     
Swap contracts   (14,027)   104,327 
Net realized gain (loss) and unrealized appreciation (depreciation)        69,856 
           
Net increase (decrease) in net assets resulting from operations       $299,274 
   
* Additional information related to class-specific fees and expenses is included in the notes to financial statements.

 

Refer to the notes to financial statements.

 

Short-Term Bond Fund of America 29
 

Financial statements (continued)

 

Statements of changes in net assets  
  (dollars in thousands)
   
   Six months ended
February 29, 2024*		   Year ended
August 31, 2023		 
Operations:          
Net investment income  $229,418   $323,201 
Net realized gain (loss)   (34,471)   (354,958)
Net unrealized appreciation (depreciation)   104,327    157,499 
Net increase (decrease) in net assets resulting from operations   299,274    125,742 
           
Distributions paid or accrued to shareholders   (226,910)   (321,910)
           
Net capital share transactions   (329,920)   79,103 
           
Total increase (decrease) in net assets   (257,556)   (117,065)
           
Net assets:          
Beginning of period   11,809,225    11,926,290 
End of period  $11,551,669   $11,809,225 
   
* Unaudited.

 

Refer to the notes to financial statements.

 

30 Short-Term Bond Fund of America
 
Notes to financial statements unaudited

 

1. Organization

 

Short-Term Bond Fund of America (the “fund”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, diversified management investment company. The fund seeks to provide current income, consistent with the maturity and quality standards described in the prospectus, and preservation of capital.

 

The fund has 21 share classes consisting of six retail share classes (Classes A, C, T, F-1, F-2 and F-3), seven 529 college savings plan share classes (Classes 529-A, 529-C, 529-E, 529-T, 529-F-1, 529-F-2 and 529-F-3) and eight retirement plan share classes (Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6). The 529 college savings plan share classes can be used to save for college education. The retirement plan share classes are generally offered only through eligible employer-sponsored retirement plans. The fund’s 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%   None (except 0.75% for certain redemptions within 18 months of purchase without an initial sales charge)   None
Class 529-A   Up to 2.50%   None (except 1.00% for certain redemptions within 18 months of purchase without an initial sales charge)   None
Classes C and 529-C*   None   1.00% for redemptions within one year of purchase   Class C converts to Class A after eight years and Class 529-C converts to Class 529-A after five years
Class 529-E   None   None   None
Classes T and 529-T*   Up to 2.50%   None   None
Classes F-1, F-2, F-3, 529-F-1, 529-F-2 and 529-F-3   None   None   None
Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6   None   None   None
* Class C, T, 529-C and 529-T shares are not available for purchase.

 

Holders of all share classes have equal pro rata rights to the assets, dividends and liquidation proceeds of the fund. Each share class 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.

 

2. Significant accounting policies

 

The fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the fund’s 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 fund follows 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 fund 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 fund will segregate liquid assets sufficient to meet its payment obligations. Dividend income is recognized on the ex-dividend date and 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 based on the relative value of their settled shares. Realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes 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.

 

Short-Term Bond Fund of America 31
 

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

 

3. Valuation

 

Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

 

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

 

Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security.

 

Fixed-income class   Examples of standard inputs
All   Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)
Corporate bonds, notes & loans; convertible securities   Standard inputs and underlying equity of the issuer
Bonds & notes of governments & government agencies   Standard inputs and interest rate volatilities
Mortgage-backed; asset-backed obligations   Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information
Municipal securities   Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts

 

The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds”), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information. Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures of the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. Swaps are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, and terms of the contract.

 

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by the fund’s investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

 

32 Short-Term Bond Fund of America
 

Processes and structure — The fund’s board of trustees has designated the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Committee”) to administer, implement and oversee the fair valuation process and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.

 

Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following tables present the fund’s valuation levels as of February 29, 2024 (dollars in thousands):

 

   Investment securities 
   Level 1   Level 2   Level 3   Total 
Assets:                    
Bonds, notes & other debt instruments:                    
U.S. Treasury bonds & notes  $—   $4,063,125   $—   $4,063,125 
Mortgage-backed obligations   —    2,699,546    —    2,699,546 
Asset-backed obligations   —    2,440,575    4,017    2,444,592 
Corporate bonds, notes & loans   —    996,287    —    996,287 
Bonds & notes of governments & government agencies outside the U.S.   —    401,422    —    401,422 
Municipals   —    30,162    —    30,162 
Federal agency bonds & notes   —    12,434    —    12,434 
Short-term securities   1,808,186    —    —    1,808,186 
Options purchased on futures (equity style)   1,730    —    —    1,730 
Total  $1,809,916   $10,643,551   $4,017   $12,457,484 
                     
   Other investments* 
   Level 1   Level 2   Level 3   Total 
Assets:                    
Unrealized appreciation on futures contracts  $2,171   $—   $—   $2,171 
Unrealized appreciation on centrally cleared interest rate swaps   —    1,855    —    1,855 
Liabilities:                    
Value of options written   (1,800)   —    —    (1,800)
Unrealized depreciation on futures contracts   (4,970)   —    —    (4,970)
Unrealized depreciation on centrally cleared interest rate swaps   —    (11,055)   —    (11,055)
Total  $(4,599)  $(9,200)  $—   $(13,799)

 

* Options written, futures contracts and interest rate swaps are not included in the fund’s investment portfolio.

 

Short-Term Bond Fund of America 33
 

4. Risk factors

 

Investing in the 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 fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; changes in inflation rates; and currency exchange rate, interest rate and commodity price fluctuations.

 

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

 

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

 

Investing in debt instruments — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

 

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

 

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which the fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

 

34 Short-Term Bond Fund of America
 

Investing in mortgage-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and the fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

 

Investing in securities backed by the U.S. government — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.

 

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

 

Investing in inflation-linked bonds — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.

 

Investing in inflation-linked bonds may also reduce the fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the fund.

 

Investing outside the U.S. — Securities of issuers domiciled outside the U.S. or with significant operations or revenues outside the U.S., and securities tied economically to countries outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers are domiciled, operate or generate revenue or to which the securities are tied economically. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

 

Short-Term Bond Fund of America 35
 

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

 

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

 

5. Certain investment techniques

 

Index-linked bonds — The fund has invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund’s statement of operations.

 

Mortgage dollar rolls — The fund has entered into mortgage dollar roll transactions of TBA securities in which the fund sells a TBA mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar TBA security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions and may result in an increase to the fund’s portfolio turnover rate. Portfolio turnover rates excluding and including mortgage dollar rolls are presented at the end of the fund’s financial highlights table.

 

Option contracts — The fund has entered into option contracts, which give the purchaser of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the reference instrument underlying the option (or the cash value of the instrument underlying the option) at a specified exercise price. The writer of an option on a security has the obligation, upon exercise of the option, to cash settle or deliver the underlying currency or instrument upon payment of the exercise price (in the case of a call) or to cash settle or take delivery of the underlying currency or instrument and pay the exercise price (in the case of a put).

 

By purchasing a put option, the fund obtains the right (but not the obligation) to sell the currency or instrument underlying the option (or to deliver the cash value of the instrument underlying the option) at a specified exercise price. In return for this right, the fund pays the current market price, or the option premium, for the option. The fund may terminate its position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the fund will lose the entire amount of the premium paid. If the option is exercised, the fund completes the sale of the underlying instrument (or cash settles) at the exercise price. The fund may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

 

The features of call options are essentially the same as those of put options, except that the purchaser of a call option obtains the right (but not the obligation) to purchase, rather than sell, the underlying currency or instrument (or cash settle) at the specified exercise price. The buyer of a call option typically attempts to participate in potential price increases of the underlying currency or instrument with risk limited to the cost of the option if the price of the underlying currency or instrument falls. At the same time, the call option buyer can expect to suffer a loss if the price of the underlying currency or instrument does not rise sufficiently to offset the cost of the option.

 

36 Short-Term Bond Fund of America
 

The writer of a put or call option takes the opposite side of the transaction from the option purchaser. In return for receipt of the option premium, the writer assumes the obligation to pay or receive the exercise price for the option’s underlying currency or instrument if the other party to the option chooses to exercise it. The writer may seek to terminate a position in a put option before exercise by entering into opposing close-out transactions in advance of the option expiration date. If the market for the relevant put option is not liquid, however, the writer must be prepared to pay the exercise price while the option is outstanding, regardless of price changes. Writing a call option obligates the writer to, upon exercise of the option, deliver the option’s underlying currency or instrument in return for the exercise price or to make a net cash settlement payment, as applicable. The characteristics of writing call options are similar to those of writing put options, except that writing call options is generally a profitable strategy if prices remain the same or fall. The potential gain for the option seller in such a transaction would be capped at the premium received.

 

Option contracts can be either equity style (premium is paid in full when the option is opened) or futures style (premium moves as part of variation margin over the life of the option, and is paid in full when the option is closed). For equity style options, premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities from unaffiliated issuers in the fund’s statement of asset and liabilities, and premiums received on options written, as well as the daily fluctuation in market value, are included in options written at value in the fund’s statement of assets and liabilities. For futures style options, on a daily basis for both purchased and written options, the fund pays or receives variation margin based on the premium paid and the daily fluctuation in market value, and records variation margin in the statement of assets and liabilities. Realized gains or losses are recorded at the time the option contract is closed or expires. For purchased options, the net realized gains or losses and net unrealized appreciation or depreciation from equity style options are recorded in investments in unaffiliated issuers in the fund’s statement of operations, and from futures style options are recorded in options purchased (futures style) in the fund’s statement of operations. For written options, the net realized gains or losses and net unrealized appreciation or depreciation are recorded in options written in the fund’s statement of operations.

 

Option contracts can take different forms. The fund has entered into the following types of option contracts:

 

Options on futures — The fund has entered into options on futures contracts to seek to manage the fund’s interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. An option on a futures contract gives the holder of the option the right to buy or sell a position in a futures contract from or to the writer of the option, at a specified price on or before the specified expiration date. The average month-end notional amount of options on futures while held was $662,750,000.

 

Futures contracts — The fund has entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund’s interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio.

 

Upon entering into futures contracts, and to maintain the fund’s open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant (“FCM”), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

 

On a daily basis, the fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in the statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on the fund’s statement of assets and liabilities. The 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 the fund’s statement of operations. The average month-end notional amount of futures contracts while held was $7,283,851,000.

 

Swap contracts — The fund has entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant’s swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the fund enters into bilaterally negotiated swap transactions, the fund will enter into swap agreements only with counterparties that meet certain credit standards and subject to agreed collateralized procedures. The term of a swap can be days, months or years and certain swaps may be less liquid than others.

 

Short-Term Bond Fund of America 37
 

Upon entering into a centrally cleared swap contract, the fund is required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

 

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the fund’s statement of assets and liabilities for centrally cleared swaps and as unrealized appreciation or depreciation in the fund’s statement of assets and liabilities for bilateral swaps. For centrally cleared swaps, the fund also pays or receives a variation margin based on the increase or decrease in the value of the swaps, including accrued interest as applicable, and records variation margin in the statement of assets and liabilities. The fund records realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from swaps are recorded in the fund’s statement of operations.

 

Swap agreements can take different forms. The fund has entered into the following types of swap agreements:

 

Interest rate swaps — The fund has entered into interest rate swaps, which seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark, or on an inflation index such as the U.S. Consumer Price Index (which is a measure that examines the weighted average of prices of a basket of consumer goods and services and measures changes in the purchasing power of the U.S. dollar and the rate of inflation). In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the fund’s current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party. The average month-end notional amount of interest rate swaps while held was $1,130,063,000.

 

The following tables identify the location and fair value amounts on the fund’s statement of assets and liabilities and the effect on the fund’s statement of operations resulting from the fund’s use of option contracts, futures contracts and interest rate swaps as of, or for the six months ended, February 29, 2024 (dollars in thousands):

 

      Assets   Liabilities 
Contracts  Risk type  Location on statement of
assets and liabilities		  Value   Location on statement of
assets and liabilities		  Value 
Options purchased (equity style)  Interest  Investment securities from unaffiliated issuers  $1,730   Investment securities from unaffiliated issuers  $— 
Options written (equity style)  Interest  Options written, at value   —   Options written, at value   1,800 
Futures  Interest  Unrealized appreciation*   2,171   Unrealized depreciation*   4,970 
Swap (centrally cleared)  Interest  Unrealized appreciation*   1,855   Unrealized depreciation*   11,055 
         $5,756      $17,825 

 

Refer to the end of the tables for footnote.

 

38 Short-Term Bond Fund of America
 
      Net realized gain (loss)   Net unrealized appreciation (depreciation) 
Contracts  Risk type  Location on statement of operations  Value   Location on statement of operations  Value 
Options purchased (equity style)  Interest  Net realized gain on investments in unaffiliated issuers  $—   Net unrealized depreciation on investments in unaffiliated issuers  $(4)
Options written  Interest  Net realized gain on options written   —   Net unrealized depreciation on options written   (257)
Futures  Interest  Net realized loss on futures contracts   (1,778)  Net unrealized depreciation on futures contracts   (5,651)
Swap  Interest  Net realized gain on swap contracts   1,897   Net unrealized depreciation on swap contracts   (14,027)
         $119      $(19,939)

 

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

 

Collateral — The fund receives or pledges highly liquid assets, such as cash or U.S. government securities, as collateral due to its use of option contracts, futures contracts, interest rate swaps and future delivery contracts. For options on futures, futures contracts and centrally cleared interest rate swaps, the fund pledges collateral for initial and variation margin by contract. For future delivery contracts, the fund either receives or pledges collateral based on the net gain or loss on unsettled contracts by certain counterparties. 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 the fund, if any, is disclosed in the fund’s investment portfolio, and cash collateral pledged by the fund, if any, is held in a segregated account with the fund’s custodian, which is reflected as pledged cash collateral in the fund’s statement of assets and liabilities.

 

6. Taxation and distributions

 

Federal income taxation — The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The fund is not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

 

As of and during the period ended February 29, 2024, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any significant interest or penalties.

 

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

 

Distributions — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; cost of investments sold; net capital losses 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 fund for financial reporting purposes.

 

The components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of August 31, 2023, the components of distributable earnings on a tax basis were as follows (dollars in thousands):

 

Undistributed ordinary income  $2,891 
Capital loss carryforward*   (513,800)

 

* The capital loss carryforward will be used to offset any capital gains realized by the fund in the current year or in subsequent years. The fund will not make distributions from capital gains while a capital loss carryforward remains.

 

Short-Term Bond Fund of America 39
 

As of February 29, 2024, the tax basis unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

 

Gross unrealized appreciation on investments  $28,428 
Gross unrealized depreciation on investments   (150,870)
Net unrealized appreciation (depreciation) on investments   (122,442)
Cost of investments   12,566,127 

 

Tax-basis distributions paid or accrued to shareholders from ordinary income were as follows (dollars in thousands):

 

Share class  Six months ended
February 29, 2024		   Year ended
August 31, 2023		 
Class A  $79,097   $121,990 
Class C   838    1,316 
Class T   —†    —† 
Class F-1   1,435    2,221 
Class F-2   19,271    29,400 
Class F-3   13,545    24,504 
Class 529-A   8,618    12,540 
Class 529-C   166    206 
Class 529-E   259    358 
Class 529-T   —†    —† 
Class 529-F-1   —†    —† 
Class 529-F-2   2,680    3,809 
Class 529-F-3   —†    —† 
Class R-1   25    30 
Class R-2   594    768 
Class R-2E   26    37 
Class R-3   966    1,316 
Class R-4   526    808 
Class R-5E   141    171 
Class R-5   226    357 
Class R-6   98,497    122,079 
Total  $226,910   $321,910 

 

†  Amount less than one thousand.

 

7. Fees and transactions with related parties

 

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

 

Investment advisory services — The fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on a series of decreasing annual rates beginning with 0.252% on the first $15 billion of daily net assets and decreasing to 0.230% on such assets in excess of $15 billion. For the six months ended February 29, 2024, the investment advisory services fees were $14,550,000, which were equivalent to an annualized rate of 0.252% of average daily net assets.

 

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

 

40 Short-Term Bond Fund of America
 

Distribution services — The fund has plans of distribution for all share classes, except Class F-2, F-3, 529-F-2, 529-F-3, R-5E, R-5 and R-6 shares. Under the plans, the 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, ranging from 0.30% to 1.00% as noted in this section. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use up to 0.25% 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.

 

Share class  Currently approved limits  Plan limits
Class A   0.30%   0.30%
Class 529-A   0.50    0.50 
Classes C, 529-C and R-1   1.00    1.00 
Class R-2   0.75    1.00 
Class R-2E   0.60    0.85 
Classes 529-E and R-3   0.50    0.75 
Classes T, F-1, 529-T, 529-F-1 and R-4   0.25    0.50 

 

For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These share classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limits are not exceeded. As of February 29, 2024, unreimbursed expenses subject to reimbursement totaled $6,482,000 for Class A shares. There were no unreimbursed expenses subject to reimbursement for Class 529-A shares.

 

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

 

Administrative services — The fund has an administrative services agreement with CRMC under which the fund compensates CRMC for providing administrative services to all share classes. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on 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 agreement provides the fund the ability to charge an administrative services fee at the annual rate of 0.05% of the average daily net assets attributable to each share class of the fund. Currently the fund pays CRMC an administrative services fee at the annual rate of 0.03% of the average daily net assets attributable to each share class of the fund for CRMC’s provision of administrative services.

 

529 plan services — Each 529 share class is subject to service fees to compensate the Virginia College Savings Plan (“Virginia529”) for its oversight and administration of the CollegeAmerica 529 college savings plan. The fees are based on the combined net assets invested in Class 529 and ABLE shares of the American Funds. Class ABLE shares are offered on other American Funds by Virginia529 through ABLEAmerica®, a tax-advantaged savings program for individuals with disabilities. Virginia529 is not considered a related party to the fund.

 

The quarterly fees are based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $75 billion. The fees for any given calendar quarter are accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. For the six months ended February 29, 2024, the 529 plan services fees were $181,000, which were equivalent to 0.058% of the average daily net assets of each 529 share class.

 

Short-Term Bond Fund of America 41
 

For the six months ended February 29, 2024, class-specific expenses under the agreements were as follows (dollars in thousands):

 

Share class  Distribution
services		   Transfer agent
services		   Administrative
services		   529 plan
services		  
Class A   $6,373    $2,033    $638   Not applicable  
Class C   277    27    8   Not applicable  
Class T   —    —*   —*  Not applicable  
Class F-1   95    54    12   Not applicable  
Class F-2   Not applicable    549    144   Not applicable  
Class F-3   Not applicable    2    99   Not applicable  
Class 529-A   546    208    69   $135  
Class 529-C   56    5    2   3  
Class 529-E   36    3    2   4  
Class 529-T   —    —*   —*  — *
Class 529-F-1   —    —*   —*  — *
Class 529-F-2   Not applicable    33    20   39  
Class 529-F-3   Not applicable    —    —*  — *
Class R-1   8    1    —*  Not applicable  
Class R-2   147    64    6   Not applicable  
Class R-2E   5    1    —*  Not applicable  
Class R-3   138    36    8   Not applicable  
Class R-4   35    13    4   Not applicable  
Class R-5E   Not applicable    6    1   Not applicable  
Class R-5   Not applicable    3    2   Not applicable  
Class R-6   Not applicable    14    717   Not applicable  
Total class-specific expenses   $7,716    $3,052    $1,732   $181  

 

* Amount less than one thousand.

 

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 the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Trustees’ compensation of $34,000 in the fund’s statement of operations reflects $28,000 in current fees (either paid in cash or deferred) and a net increase of $6,000 in the value of the deferred amounts.

 

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

 

Investment in CCF — The fund holds shares of CCF, an institutional prime money market fund managed by CRMC. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for the fund’s short-term instruments. CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from CCF.

 

Security transactions with related funds — The fund may purchase investment securities from, or sell investment securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the 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. During the six months ended February 29, 2024, the fund did not engage in any such purchase or sale transactions with any related funds.

 

Interfund lending — Pursuant to an exemptive order issued by the SEC, the fund, 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 fund did not lend or borrow cash through the interfund lending program at any time during the six months ended February 29, 2024.

 

42 Short-Term Bond Fund of America
 

8. Indemnifications

 

The fund’s organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund’s maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote. Insurance policies are also available to the fund’s board members and officers.

 

9. Capital share transactions

 

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

 

   Sales*  

Reinvestments of
distributions

   Repurchases*  

Net increase
(decrease)

 
Share class  Amount Shares   Amount   Shares   Amount   Shares   Amount   Shares 
                           
Six months ended February 29, 2024                          
                           
Class A  $740,434    78,430   $78,085    8,265   $(1,105,178)   (117,024)  $(286,659)   (30,329)
Class C   8,245    890    830    90    (17,628)   (1,902)   (8,553)   (922)
Class T   —    —    —    —    —    —    —    — 
Class F-1   8,231    875    1,408    149    (19,636)   (2,075)   (9,997)   (1,051)
Class F-2   212,986    22,558    18,414    1,949    (253,678)   (26,871)   (22,278)   (2,364)
Class F-3   96,520    10,210    13,160    1,393    (267,622)   (28,318)   (157,942)   (16,715)
Class 529-A   56,427    5,974    8,584    909    (75,391)   (7,976)   (10,380)   (1,093)
Class 529-C   3,680    398    165    18    (4,077)   (441)   (232)   (25)
Class 529-E   2,394    254    257    27    (2,342)   (248)   309    33 
Class 529-T   —    —    —†    —†    —    —    —†    —† 
Class 529-F-1   —    —    —†    —†    —    —    —†    —† 
Class 529-F-2   20,597    2,179    2,668    283    (20,531)   (2,171)   2,734    291 
Class 529-F-3   —    —    —†    —†    —    —    —†    —† 
Class R-1   286    31    25    2    (164)   (18)   147    15 
Class R-2   4,137    447    587    63    (6,649)   (718)   (1,925)   (208)
Class R-2E   325    35    26    3    (358)   (38)   (7)   —† 
Class R-3   7,453    792    959    102    (6,883)   (730)   1,529    164 
Class R-4   2,910    308    522    55    (7,703)   (816)   (4,271)   (453)
Class R-5E   1,304    137    140    15    (1,610)   (170)   (166)   (18)
Class R-5   1,292    137    222    23    (2,175)   (230)   (661)   (70)
Class R-6   387,829    40,963    97,920    10,367    (317,317)   (33,606)   168,432    17,724 
Total net increase (decrease)  $1,555,050    164,618   $223,972    23,713   $(2,108,942)   (223,352)  $(329,920)   (35,021)

 

Refer to the end of the tables for footnotes.

 

Short-Term Bond Fund of America 43
 
   Sales*  

Reinvestments of
distributions

   Repurchases*  

Net increase
(decrease)

 
Share class  Amount Shares   Amount   Shares   Amount   Shares   Amount   Shares 
                           
Year ended August 31, 2023                          
                           
Class A  $1,591,010    168,287   $120,550    12,760   $(2,278,699)   (241,000)  $(567,139)   (59,953)
Class C   30,597    3,295    1,304    141    (50,889)   (5,475)   (18,988)   (2,039)
Class T   —    —    —    —    —    —    —    — 
Class F-1   16,995    1,796    2,181    230    (36,504)   (3,861)   (17,328)   (1,835)
Class F-2   748,861    79,102    27,673    2,929    (854,331)   (90,380)   (77,797)   (8,349)
Class F-3   309,643    32,757    23,965    2,536    (458,440)   (48,490)   (124,832)   (13,197)
Class 529-A   113,941    12,046    12,484    1,322    (151,743)   (16,059)   (25,318)   (2,691)
Class 529-C   6,872    742    205    22    (6,856)   (741)   221    23 
Class 529-E   4,036    427    356    38    (5,722)   (606)   (1,330)   (141)
Class 529-T   —    —    —†    —†    —    —    —†    —† 
Class 529-F-1   —    —    —†    —†    —    —    —†    —† 
Class 529-F-2   48,000    5,078    3,780    400    (49,830)   (5,272)   1,950    206 
Class 529-F-3   —    —    —†    —†    —    —    —†    —† 
Class R-1   656    71    30    3    (456)   (49)   230    25 
Class R-2   12,568    1,356    760    82    (15,171)   (1,636)   (1,843)   (198)
Class R-2E   473    50    37    4    (819)   (87)   (309)   (33)
Class R-3   16,214    1,717    1,296    137    (21,625)   (2,291)   (4,115)   (437)
Class R-4   9,018    953    802    85    (12,554)   (1,329)   (2,734)   (291)
Class R-5E   3,179    336    171    18    (932)   (98)   2,418    256 
Class R-5   5,481    580    349    37    (6,886)   (728)   (1,056)   (111)
Class R-6   1,693,140    179,233    121,195    12,835    (897,262)   (95,128)   917,073    96,940 
Total net increase (decrease)  $4,610,684    487,826   $317,138    33,579   $(4,848,719)   (513,230)  $79,103    8,175 

 

* Includes exchanges between share classes of the fund.
† Amount less than one thousand.

 

10. Investment transactions

 

The fund engaged in purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $13,113,140,000 and $13,385,929,000, respectively, during the six months ended February 29, 2024.

 

11. Ownership concentration

 

At February 29, 2024, one shareholder held more than 10% of the fund’s outstanding shares. The shareholder, American Funds College Target Date Series — College 2024 Fund, held aggregate ownership of 11% of the fund’s outstanding shares. CRMC is the investment adviser to American Funds College Target Date Series — College 2024 Fund.

 

44 Short-Term Bond Fund of America
 

Financial highlights

 

       Income (loss) from
investment operations1		   Dividends and distributions                     
Year ended  Net asset
value,
beginning
of year		   Net
investment
income
(loss)		   Net gains
(losses) on
securities
(both
realized and
unrealized)		   Total from
investment
operations		   Dividends
(from net
investment
income)		   Distributions
(from capital
gains)		  Total
dividends
and
distributions		   Net asset
value,
end
of year		   Total return2,3   Net assets,
end of
year
(in millions)		  Ratio of
expenses to
average net
assets before
waivers/
reimburse-
ments4		  Ratio of
expenses to
average net
assets after
waivers/
reimburse-
ments3,4		  Ratio of
net income
to average
net assets3
Class A:                                                            
2/29/20245,6   $9.40   $.18   $.05   $.23   $(.17)  $—  $(.17)  $9.46    2.51%7   $4,125   .69%8    .69%8    3.77%8 
8/31/2023   9.56    .24    (.16)   .08    (.24)   —   (.24)   9.40    .89    4,385   .68   .68   2.56
8/31/2022   10.03    .08    (.46)   (.38)   (.09)   —   (.09)   9.56    (3.84)    5,031   .67   .67   .86
8/31/2021   10.19    .04    (.05)   (.01)   (.05)   (.10)    (.15)   10.03    (.13)    5,070   .67   .67   .44
8/31/2020   9.96    .13    .24    .37    (.14)   —9    (.14)   10.19    3.82    4,456   .70   .70   1.26
8/31/2019   9.81    .18    .15    .33    (.18)   —   (.18)   9.96    3.36    3,306   .70   .70   1.81
Class C:                                                            
2/29/20245,6    9.24    .14    .06    .20    (.14)   —   (.14)   9.30    2.177    51   1.398    1.398    3.078 
8/31/2023   9.39    .17    (.15)   .02    (.17)   —   (.17)   9.24    .27    60   1.38   1.38   1.82
8/31/2022   9.88    .02    (.47)   (.45)   (.04)   —   (.04)   9.39    (4.56)    80   1.37   1.37   .18
8/31/2021   10.06    (.03)   (.04)   (.07)   (.01)   (.10)    (.11)   9.88    (.77)    80   1.37   1.37   (.25) 
8/31/2020   9.84    .05    .25    .30    (.08)   —9    (.08)   10.06    3.05    79   1.39   1.39   .55
8/31/2019   9.69    .11    .15    .26    (.11)   —   (.11)   9.84    2.66    62   1.42   1.42   1.09
Class T:                                                            
2/29/20245,6    9.41    .19    .06    .25    (.19)   —   (.19)   9.47    2.677,10    —11    .388,10    .388,10    4.098,10 
8/31/2023   9.56    .27    (.15)   .12    (.27)   —   (.27)   9.41    1.3010    —11    .3710    .3710    2.9010 
8/31/2022   10.03    .11    (.47)   (.36)   (.11)   —   (.11)   9.56    (3.56)10    —11    .3710    .3710    1.1510 
8/31/2021   10.19    .07    (.05)   .02    (.08)   (.10)    (.18)   10.03    .1610    —11    .3710    .3710    .7410 
8/31/2020   9.96    .16    .24    .40    (.17)   —9    (.17)   10.19    4.1310    —11    .3910    .3910    1.6010 
8/31/2019   9.81    .21    .15    .36    (.21)   —   (.21)   9.96    3.6510    —11    .4110    .4110    2.1010 
Class F-1:                                                            
2/29/20245,6    9.40    .18    .06    .24    (.18)   —   (.18)   9.46    2.527    69   .688    .688    3.778 
8/31/2023   9.56    .24    (.16)   .08    (.24)   —   (.24)   9.40    .90    79   .67   .67   2.55
8/31/2022   10.03    .08    (.46)   (.38)   (.09)   —   (.09)   9.56    (3.84)    97   .67   .67   .83
8/31/2021   10.19    .04    (.05)   (.01)   (.05)   (.10)    (.15)   10.03    (.13)    120   .67   .67   .44
8/31/2020   9.96    .13    .24    .37    (.14)   —9    (.14)   10.19    3.82    131   .69   .69   1.26
8/31/2019   9.81    .18    .14    .32    (.17)   —   (.17)   9.96    3.33    93   .73   .73   1.78
Class F-2:                                                            
2/29/20245,6    9.40    .19    .06    .25    (.19)   —   (.19)   9.46    2.667    967   .418    .418    4.058 
8/31/2023   9.56    .27    (.16)   .11    (.27)   —   (.27)   9.40    1.18    984   .40   .40   2.86
8/31/2022   10.03    .11    (.47)   (.36)   (.11)   —   (.11)   9.56    (3.58)    1,080   .40   .40   1.14
8/31/2021   10.19    .07    (.05)   .02    (.08)   (.10)    (.18)   10.03    .14    1,079   .41   .41   .71
8/31/2020   9.96    .15    .25    .40    (.17)   —9    (.17)   10.19    4.11    845   .41   .41   1.49
8/31/2019   9.81    .20    .15    .35    (.20)   —   (.20)   9.96    3.62    449   .44   .44   2.07
Class F-3:                                                            
2/29/20245,6    9.41    .20    .05    .25    (.19)   —   (.19)   9.47    2.717    580   .298    .298    4.168 
8/31/2023   9.56    .28    (.15)   .13    (.28)   —   (.28)   9.41    1.39    733   .29   .29   2.94
8/31/2022   10.03    .12    (.47)   (.35)   (.12)   —   (.12)   9.56    (3.49)    871   .30   .30   1.26
8/31/2021   10.19    .08    (.05)   .03    (.09)   (.10)    (.19)   10.03    .24    783   .31   .30   .81
8/31/2020   9.96    .16    .25    .41    (.18)   —9    (.18)   10.19    4.21    538   .34   .32   1.62
8/31/2019   9.81    .21    .15    .36    (.21)   —   (.21)   9.96    3.72    314   .36   .35   2.16
Class 529-A:                                                            
2/29/20245,6    9.40    .18    .06    .24    (.18)   —   (.18)   9.46    2.527    460   .688    .688    3.788 
8/31/2023   9.56    .24    (.16)   .08    (.24)   —   (.24)   9.40    .90    468   .67   .67   2.59
8/31/2022   10.03    .08    (.46)   (.38)   (.09)   —   (.09)   9.56    (3.83)    501   .65   .65   .86
8/31/2021   10.19    .05    (.06)   (.01)   (.05)   (.10)    (.15)   10.03    (.12)    560   .66   .66   .45
8/31/2020   9.96    .13    .24    .37    (.14)   —9    (.14)   10.19    3.82    556   .69   .69   1.27
8/31/2019   9.81    .18    .14    .32    (.17)   —   (.17)   9.96    3.33    443   .73   .73   1.78

 

Refer to the end of the table for footnotes.

 

Short-Term Bond Fund of America 45
 

Financial highlights (continued)

 

       Income (loss) from
investment operations1		   Dividends and distributions                     
Year ended  Net asset
value,
beginning
of year		   Net
investment
income
(loss)		  Net gains
(losses) on
securities
(both
realized and
unrealized)		   Total from
investment
operations		   Dividends
(from net
investment
income)		   Distributions
(from capital
gains)		  Total
dividends
and
distributions		   Net asset
value,
end
of year		   Total return2,3   Net assets,
end of
year
(in millions)		  Ratio of
expenses to
average net
assets before
waivers/
reimburse-
ments4		  Ratio of
expenses to
average net
assets after
waivers/
reimburse-
ments3,4		  Ratio of
net income
to average
net assets3
Class 529-C:                                                           
2/29/20245,6   $9.21   $.14  $.05   $.19   $(.14)  $—  $(.14)  $9.26    2.04%7   $11   1.44%8    1.44%8    3.01%8 
8/31/2023   9.36    .17   (.15)   .02    (.17)   —   (.17)   9.21    .20    11   1.43   1.43   1.84
8/31/2022   9.84    .01   (.45)   (.44)   (.04)   —   (.04)   9.36    (4.50)    11   1.42   1.42   .09
8/31/2021   10.03    (.03)    (.05)   (.08)   (.01)   (.10)    (.11)   9.84    (.86)    14   1.40   1.40   (.28) 
8/31/2020   9.81    .06   .23    .29    (.07)   —9    (.07)   10.03    3.03    16   1.44   1.44   .59
8/31/2019   9.66    .10   .15    .25    (.10)   —   (.10)   9.81    2.64    37   1.46   1.46   1.05
Class 529-E:                                                           
2/29/20245,6    9.39    .17   .06    .23    (.17)   —   (.17)   9.45    2.417    15   .898    .898    3.578 
8/31/2023   9.55    .22   (.16)   .06    (.22)   —   (.22)   9.39    .67    14   .89   .89   2.37
8/31/2022   10.02    .06   (.46)   (.40)   (.07)   —   (.07)   9.55    (4.03)    16   .88   .88   .60
8/31/2021   10.18    .02   (.05)   (.03)   (.03)   (.10)    (.13)   10.02    (.34)    21   .89   .89   .23
8/31/2020   9.95    .11   .24    .35    (.12)   —9    (.12)   10.18    3.61    20   .91   .91   1.08
8/31/2019   9.80    .15   .15    .30    (.15)   —   (.15)   9.95    3.11    19   .94   .94   1.57
Class 529-T:                                                           
2/29/20245,6    9.40    .19   .06    .25    (.19)   —   (.19)   9.46    2.647,10    —11    .448,10    .448,10    4.018,10 
8/31/2023   9.56    .27   (.16)   .11    (.27)   —   (.27)   9.40    1.1410    —11    .4310    .4310    2.8410 
8/31/2022   10.03    .11   (.47)   (.36)   (.11)   —   (.11)   9.56    (3.61)10    —11    .4310    .4310    1.0910 
8/31/2021   10.19    .07   (.06)   .01    (.07)   (.10)    (.17)   10.03    .1110    —11    .4410    .4410    .6710 
8/31/2020   9.96    .15   .25    .40    (.17)   —9    (.17)   10.19    4.0610    —11    .4710    .4710    1.5210 
8/31/2019   9.81    .20   .15    .35    (.20)   —   (.20)   9.96    3.5710    —11    .5010    .5010    2.0110 
Class 529-F-1:                                                           
2/29/20245,6    9.41    .19   .04    .23    (.18)   —   (.18)   9.46    2.507,10    —11    .508,10    .508,10    3.958,10 
8/31/2023   9.56    .26   (.15)   .11    (.26)   —   (.26)   9.41    1.1710    —11    .5010    .5010    2.7610 
8/31/2022   10.03    .10   (.47)   (.37)   (.10)   —   (.10)   9.56    (3.67)10    —11    .4910    .4910    1.0310 
8/31/2021   10.19    .10   (.09)   .01    (.07)   (.10)    (.17)   10.03    .0710    —11    .4210    .4210    .9610 
8/31/2020   9.96    .15   .25    .40    (.17)   —9    (.17)   10.19    4.07    122   .46   .46   1.51
8/31/2019   9.81    .20   .15    .35    (.20)   —   (.20)   9.96    3.58    102   .49   .49   2.03
Class 529-F-2:                                                           
2/29/20245,6    9.41    .19   .06    .25    (.19)   —   (.19)   9.47    2.667    136   .408    .408    4.068 
8/31/2023   9.56    .28   (.16)   .12    (.27)   —   (.27)   9.41    1.31    132   .37   .37   2.91
8/31/2022   10.03    .11   (.47)   (.36)   (.11)   —   (.11)   9.56    (3.58)    133   .40   .40   1.13
8/31/20215,12    10.17    .05   (.03)   .02    (.06)   (.10)    (.16)   10.03    .147    139   .438    .438    .648 
Class 529-F-3:                                                           
2/29/20245,6    9.41    .19   .06    .25    (.19)   —   (.19)   9.47    2.677    —11    .378    .378    4.098 
8/31/2023   9.56    .27   (.15)   .12    (.27)   —   (.27)   9.41    1.30    —11    .37   .37   2.89
8/31/2022   10.03    .11   (.47)   (.36)   (.11)   —   (.11)   9.56    (3.56)    —11    .37   .37   1.15
8/31/20215,12    10.17    .06   (.04)   .02    (.06)   (.10)    (.16)   10.03    .187    —11    .448    .378    .688 
Class R-1:                                                           
2/29/20245,6    9.23    .14   .06    .20    (.14)   —   (.14)   9.29    2.167    2   1.408    1.408    3.068 
8/31/2023   9.38    .17   (.15)   .02    (.17)   —   (.17)   9.23    .25    2   1.39   1.39   1.88
8/31/2022   9.87    —9    (.45)   (.45)   (.04)   —   (.04)   9.38    (4.57)    1   1.39   1.39   (.02) 
8/31/2021   10.05    (.03)    (.04)   (.07)   (.01)   (.10)    (.11)   9.87    (.77)    3   1.38   1.38   (.26) 
8/31/2020   9.83    .05   .24    .29    (.07)   —9    (.07)   10.05    3.02    3   1.42   1.42   .53
8/31/2019   9.69    .10   .14    .24    (.10)   —   (.10)   9.83    2.54    2   1.45   1.45   1.03

 

Refer to the end of the table for footnotes.

 

46Short-Term Bond Fund of America
 

Financial highlights (continued)

 

       Income (loss) from
investment operations1		   Dividends and distributions                     
Year ended  Net asset
value,
beginning
of year		   Net
investment
income
(loss)		  Net gains
(losses) on
securities
(both
realized and
unrealized)		   Total from
investment
operations		   Dividends
(from net
investment
income)		   Distributions
(from capital
gains)		  Total
dividends
and
distributions		   Net asset
value,
end
of year		   Total return2,3  Net assets,
end of
year
(in millions)		   Ratio of
expenses to
average net
assets before
waivers/
reimburse-
ments4		  Ratio of
expenses to
average net
assets after
waivers/
reimburse-
ments3,4		  Ratio of
net income
to average
net assets3
Class R-2:                                                           
2/29/20245,6   $9.22   $.14  $.06   $.20   $(.14)  $—  $(.14)  $9.28    2.18%7   $38    1.37%8    1.37%8    3.08%8 
8/31/2023   9.38    .18   (.17)   .01    (.17)   —   (.17)   9.22    .17   40    1.37   1.37   1.89
8/31/2022   9.86    .01   (.45)   (.44)   (.04)   —   (.04)   9.38    (4.47)    43    1.38   1.38   .14
8/31/2021   10.05    (.03)    (.05)   (.08)   (.01)   (.10)    (.11)   9.86    (.87)    48    1.39   1.39   (.27) 
8/31/2020   9.82    .06   .24    .30    (.07)   —9    (.07)   10.05    3.14   51    1.41   1.41   .56
8/31/2019   9.68    .10   .15    .25    (.11)   —   (.11)   9.82    2.55   45    1.43   1.43   1.07
Class R-2E:                                                           
2/29/20245,6    9.38    .16   .06    .22    (.16)   —   (.16)   9.44    2.337    2    1.068    1.068    3.408 
8/31/2023   9.54    .20   (.16)   .04    (.20)   —   (.20)   9.38    .48   1    1.08   1.08   2.15
8/31/2022   10.02    .05   (.48)   (.43)   (.05)   —   (.05)   9.54    (4.25)    2    1.09   1.09   .48
8/31/2021   10.18    —9    (.05)   (.05)   (.01)   (.10)    (.11)   10.02    (.50)    1    1.12   1.12   (.01) 
8/31/2020   9.95    .08   .25    .33    (.10)   —9    (.10)   10.18    3.35   1    1.17   1.16   .79
8/31/2019   9.80    .13   .15    .28    (.13)   —   (.13)   9.95    2.87   1    1.18   1.18   1.36
Class R-3:                                                           
2/29/20245,6    9.39    .17   .04    .21    (.16)   —   (.16)   9.44    2.297    56    .928    .928    3.548 
8/31/2023   9.54    .22   (.15)   .07    (.22)   —   (.22)   9.39    .75   54    .92   .92   2.33
8/31/2022   10.02    .06   (.48)   (.42)   (.06)   —   (.06)   9.54    (4.15)    59    .93   .93   .58
8/31/2021   10.18    .02   (.06)   (.04)   (.02)   (.10)    (.12)   10.02    (.39)    63    .95   .95   .17
8/31/2020   9.94    .10   .26    .36    (.12)   —9    (.12)   10.18    3.65   64    .97   .97   1.01
8/31/2019   9.80    .15   .14    .29    (.15)   —   (.15)   9.94    2.96   56    .99   .99   1.52
Class R-4:                                                           
2/29/20245,6    9.40    .18   .06    .24    (.18)   —   (.18)   9.46    2.547    27    .648    .648    3.828 
8/31/2023   9.56    .25   (.16)   .09    (.25)   —   (.25)   9.40    .94   31    .63   .63   2.62
8/31/2022   10.03    .09   (.47)   (.38)   (.09)   —   (.09)   9.56    (3.81)    34    .63   .63   .88
8/31/2021   10.19    .05   (.06)   (.01)   (.05)   (.10)    (.15)   10.03    (.10)    38    .64   .64   .48
8/31/2020   9.96    .13   .25    .38    (.15)   —9    (.15)   10.19    3.86   44    .66   .66   1.32
8/31/2019   9.81    .18   .15    .33    (.18)   —   (.18)   9.96    3.37   37    .69   .69   1.83
Class R-5E:                                                           
2/29/20245,6    9.41    .19   .06    .25    (.19)   —   (.19)   9.47    2.637    7    .458    .458    4.018 
8/31/2023   9.56    .27   (.15)   .12    (.27)   —   (.27)   9.41    1.23   7    .44   .44   2.91
8/31/2022   10.03    .11   (.47)   (.36)   (.11)   —   (.11)   9.56    (3.63)    5    .45   .45   1.09
8/31/2021   10.19    .07   (.06)   .01    (.07)   (.10)    (.17)   10.03    .09   4    .45   .45   .66
8/31/2020   9.96    .15   .25    .40    (.17)   —9    (.17)   10.19    4.05   3    .48   .48   1.49
8/31/2019   9.81    .20   .15    .35    (.20)   —   (.20)   9.96    3.57   2    .49   .49   2.03
Class R-5:                                                           
2/29/20245,6    9.41    .19   .06    .25    (.19)   —   (.19)   9.47    2.697    11    .348    .348    4.118 
8/31/2023   9.56    .27   (.14)   .13    (.28)   —   (.28)   9.41    1.34   11    .35   .35   2.91
8/31/2022   10.03    .11   (.46)   (.35)   (.12)   —   (.12)   9.56    (3.54)    12    .35   .35   1.11
8/31/2021   10.19    .08   (.06)   .02    (.08)   (.10)    (.18)   10.03    .19   17    .35   .35   .76
8/31/2020   9.96    .16   .25    .41    (.18)   —9    (.18)   10.19    4.16   13    .37   .37   1.60
8/31/2019   9.81    .21   .15    .36    (.21)   —   (.21)   9.96    3.67   11    .40   .40   2.11
Class R-6:                                                           
2/29/20245,6    9.40    .20   .05    .25    (.19)   —   (.19)   9.46    2.717    4,995    .298    .298    4.168 
8/31/2023   9.56    .29   (.17)   .12    (.28)   —   (.28)   9.40    1.28   4,797    .29   .29   3.02
8/31/2022   10.03    .12   (.47)   (.35)   (.12)   —   (.12)   9.56    (3.49)    3,950    .30   .30   1.26
8/31/2021   10.19    .08   (.05)   .03    (.09)   (.10)    (.19)   10.03    .24   3,618    .30   .30   .81
8/31/2020   9.96    .16   .25    .41    (.18)   —9    (.18)   10.19    4.22   2,956    .32   .32   1.64
8/31/2019   9.81    .21   .15    .36    (.21)   —   (.21)   9.96    3.73   2,054    .34   .34   2.18

 

Refer to the end of the table for footnotes.

 

Short-Term Bond Fund of America 47
 

Financial highlights (continued)

 

   Six months ended
February 29, 20245,6,7		  Year ended August 31,
Portfolio turnover rate for all share classes13,14    2023  2022  2021  2020  2019
Excluding mortgage dollar roll transactions   49%           91%   86%   69%   107%   134%
Including mortgage dollar roll transactions   148%   203%   130%   147%   116%   153%

 

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 waivers/reimbursements from AFS and/or CRMC. During some of the years shown, AFS waived a portion of transfer agent services fees for Class F-3 shares. In addition, during some of the years shown, CRMC reimbursed a portion of transfer agent services fees for certain share classes.
4  Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.
5 Based on operations for a period that is less than a full year.
6  Unaudited.
7  Not annualized.
8  Annualized.
9  Amount less than $.01.
10  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.
11  Amount less than $1 million.
12  Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.
13  Refer to Note 5 for more information on mortgage dollar rolls.
14  Rates do not include the fund’s portfolio activity with respect to any Central Funds.

 

Refer to the notes to financial statements.

 

48 Short-Term Bond Fund of America
 
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 (September 1, 2023, through February 29, 2024).

 

Actual expenses:

The first line of each share class in the table on the following page 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 page 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:

Retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F-1, F-2, F-3, 529-F-1, 529-F-2 and 529-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 page 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.

 

Short-Term Bond Fund of America 49
 

Expense example (continued)

 

  Beginning
account value
9/1/2023		   Ending
account value
2/29/2024		   Expenses paid
during period*		   Annualized
expense ratio		 
Class A – actual return  $1,000.00   $1,025.14   $3.47    .69%
Class A – assumed 5% return   1,000.00    1,021.43    3.47    .69 
Class C – actual return   1,000.00    1,021.71    6.99    1.39 
Class C – assumed 5% return   1,000.00    1,017.95    6.97    1.39 
Class T – actual return   1,000.00    1,026.67    1.91    .38 
Class T – assumed 5% return   1,000.00    1,022.97    1.91    .38 
Class F-1 – actual return   1,000.00    1,025.19    3.42    .68 
Class F-1 – assumed 5% return   1,000.00    1,021.48    3.42    .68 
Class F-2 – actual return   1,000.00    1,026.58    2.07    .41 
Class F-2 – assumed 5% return   1,000.00    1,022.82    2.06    .41 
Class F-3 – actual return   1,000.00    1,027.14    1.46    .29 
Class F-3 – assumed 5% return   1,000.00    1,023.42    1.46    .29 
Class 529-A – actual return   1,000.00    1,025.20    3.42    .68 
Class 529-A – assumed 5% return   1,000.00    1,021.48    3.42    .68 
Class 529-C – actual return   1,000.00    1,020.36    7.23    1.44 
Class 529-C – assumed 5% return   1,000.00    1,017.70    7.22    1.44 
Class 529-E – actual return   1,000.00    1,024.12    4.48    .89 
Class 529-E – assumed 5% return   1,000.00    1,020.44    4.47    .89 
Class 529-T – actual return   1,000.00    1,026.39    2.22    .44 
Class 529-T – assumed 5% return   1,000.00    1,022.68    2.21    .44 
Class 529-F-1 – actual return   1,000.00    1,024.98    2.52    .50 
Class 529-F-1 – assumed 5% return   1,000.00    1,022.38    2.51    .50 
Class 529-F-2 – actual return   1,000.00    1,026.60    2.02    .40 
Class 529-F-2 – assumed 5% return   1,000.00    1,022.87    2.01    .40 
Class 529-F-3 – actual return   1,000.00    1,026.74    1.86    .37 
Class 529-F-3 – assumed 5% return   1,000.00    1,023.02    1.86    .37 
Class R-1 – actual return   1,000.00    1,021.65    7.04    1.40 
Class R-1 – assumed 5% return   1,000.00    1,017.90    7.02    1.40 
Class R-2 – actual return   1,000.00    1,021.80    6.89    1.37 
Class R-2 – assumed 5% return   1,000.00    1,018.05    6.87    1.37 
Class R-2E – actual return   1,000.00    1,023.26    5.33    1.06 
Class R-2E – assumed 5% return   1,000.00    1,019.59    5.32    1.06 
Class R-3 – actual return   1,000.00    1,022.88    4.63    .92 
Class R-3 – assumed 5% return   1,000.00    1,020.29    4.62    .92 
Class R-4 – actual return   1,000.00    1,025.41    3.22    .64 
Class R-4 – assumed 5% return   1,000.00    1,021.68    3.22    .64 
Class R-5E – actual return   1,000.00    1,026.34    2.27    .45 
Class R-5E – assumed 5% return   1,000.00    1,022.63    2.26    .45 
Class R-5 – actual return   1,000.00    1,026.87    1.71    .34 
Class R-5 – assumed 5% return   1,000.00    1,023.17    1.71    .34 
Class R-6 – actual return   1,000.00    1,027.14    1.46    .29 
Class R-6 – assumed 5% return   1,000.00    1,023.42    1.46    .29 

 

* 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 366 (to reflect the one-half year period).

 

50 Short-Term Bond Fund of America
 
Liquidity Risk Management Program unaudited

 

The fund has adopted a liquidity risk management program (the “program”). The fund’s board has designated Capital Research and Management Company (“CRMC”) as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk Management Committee.

 

Under the program, CRMC manages the fund’s liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the fund. This risk is managed by monitoring the degree of liquidity of the fund’s investments, limiting the amount of the fund’s illiquid investments, and utilizing various risk management tools and facilities available to the fund for meeting shareholder redemptions, among other means. CRMC’s process of determining the degree of liquidity of the fund’s investments is supported by one or more third-party liquidity assessment vendors.

 

The fund’s board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2022, through September 30, 2023. No significant liquidity events impacting the fund were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing the fund’s liquidity risk.

 

Short-Term Bond Fund of America 51
 

Office of the fund

333 South Hope Street
Los Angeles, CA 90071-1406

 

Investment adviser

Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406

 

Transfer agent for shareholder accounts

American Funds Service Company
(Write to the address nearest you.)

 

P.O. Box 6007
Indianapolis, IN 46206-6007

 

P.O. Box 2280
Norfolk, VA 23501-2280

 

Custodian of assets

JPMorgan Chase Bank
270 Park Avenue
New York, NY 10017-2070

 

Counsel

Morgan, Lewis & Bockius LLP
One Federal Street
Boston, MA 02110-1726

 

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

 

52 Short-Term Bond Fund of America
 

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 refer to the Capital Group website at capitalgroup.com.

 

“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on our website or upon request by calling AFS. The 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 our website.

 

Short-Term Bond Fund of America files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The list of portfolio holdings is available free of charge on the SEC website and on our website.

 

This report is for the information of shareholders of Short-Term Bond Fund of America, 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 fund. If used as sales material after June 30, 2024, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

 

BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

 

On or around July 1, 2024, American Funds Distributors, Inc. will be renamed Capital Client Group, Inc.

 

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 SystemTM — has resulted in superior outcomes.

 

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 28 years of investment industry experience, including 22 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 outcomes

Equity-focused funds have beaten their Lipper peer indexes in 84% of 10-year periods and 97% of 20-year periods.2 Relative to their peers, our fixed income funds have helped investors achieve better diversification through attention to correlation between bonds and equities.3 Fund management fees have been among the lowest in the industry.4

 

  1 Investment industry experience as of December 31, 2023.
  2 Based on Class F-2 share results for rolling monthly 10- and 20-year periods starting with the first 10- or 20-year period after each mutual fund’s inception through December 31, 2023. 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. Past results are not predictive of results in future periods.
  3 Based on Class F-2 share results as of December 31, 2023. Thirteen of the 18 fixed income American Funds that have been in existence for the three-year period showed a three-year correlation lower than their respective Morningstar peer group averages. S&P 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how a security and an index move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one moved, either up or down, the other moved in “lockstep,” in the same direction. A negative correlation close to -1 indicates the two have moved in the opposite direction.
  4 On average, our mutual fund management fees were in the lowest quintile 55% of the time, based on the 20-year period ended December 31, 2023, versus comparable Lipper categories, excluding funds of funds.

 

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 the results of the original share class of the fund 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. Refer to capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

 

Capital Group manages equity assets through three investment groups. These groups make investment and proxy voting decisions independently. Fixed income investment professionals provide fixed income research and investment management across the Capital organization; however, for securities with equity characteristics, they act solely on behalf of one of the three equity investment groups.

 

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property 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

 

Not applicable, insofar as the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

 

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)

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

 

ITEM 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

 

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

 

ITEM 13 – 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.

 

  SHORT-TERM BOND FUND OF AMERICA
   
  By __/s/ Kristine M. Nishiyama____________________
 

Kristine M. Nishiyama,

Principal Executive Officer

   
  Date: April 30, 2024

 

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,

Principal Executive Officer

 
Date: April 30, 2024

 

 

 

By ___/s/ Becky L. Park    __________

Becky L. Park, Treasurer and

Principal Financial Officer

 
Date: April 30, 2024

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERT302

CERT906