Short-Term Bond Fund of America®
Investment portfolio
May 31, 2026
unaudited
 
Bonds, notes & other debt instruments 90.25%
U.S. Treasury bonds & notes 39.25%
U.S. Treasury 38.46%
 
Principal amount
(000)
Value
(000)
U.S. Treasury 4.625% 6/30/2026
USD3,001
$3,003
U.S. Treasury 1.125% 10/31/2026
3,750
3,709
U.S. Treasury 4.375% 12/15/2026
2,000
2,007
U.S. Treasury 4.00% 1/15/2027
325,000
325,459
U.S. Treasury 1.50% 1/31/2027
29,000
28,564
U.S. Treasury 4.125% 2/15/2027
3,000
3,006
U.S. Treasury 3.75% 4/30/2027
3,679
3,674
U.S. Treasury 3.875% 5/31/2027
63,000
62,974
U.S. Treasury 3.25% 6/30/2027
120,000
119,162
U.S. Treasury 3.875% 7/31/2027
12,221
12,212
U.S. Treasury 3.625% 8/31/2027
33,776
33,648
U.S. Treasury 3.375% 9/15/2027
144,938
143,923
U.S. Treasury 3.50% 9/30/2027 (a)
626,890
623,335
U.S. Treasury 3.875% 10/15/2027
14,421
14,405
U.S. Treasury 4.125% 11/15/2027
70,414
70,565
U.S. Treasury 3.375% 11/30/2027
457
453
U.S. Treasury 4.00% 12/15/2027
242,000
242,113
U.S. Treasury 0.625% 12/31/2027
23,000
21,829
U.S. Treasury 3.375% 12/31/2027
56,244
55,723
U.S. Treasury 4.25% 1/15/2028
95,000
95,386
U.S. Treasury 4.25% 2/15/2028
19,000
19,082
U.S. Treasury 3.875% 3/15/2028
90,000
89,828
U.S. Treasury 1.25% 3/31/2028
30,000
28,560
U.S. Treasury 3.625% 3/31/2028
1,671
1,660
U.S. Treasury 3.75% 4/15/2028
41,220
41,039
U.S. Treasury 3.75% 4/30/2028 (b)
1,308,213
1,302,332
U.S. Treasury 4.00% 5/31/2028
250,000
250,034
U.S. Treasury 1.25% 6/30/2028
15,000
14,184
U.S. Treasury 4.00% 6/30/2028
90,000
89,997
U.S. Treasury 3.875% 7/15/2028
8,476
8,452
U.S. Treasury 3.50% 10/15/2028
118,831
117,417
U.S. Treasury 3.50% 11/15/2028
37,423
36,958
U.S. Treasury 3.50% 12/15/2028
19,326
19,078
U.S. Treasury 4.00% 1/31/2029
182,630
182,423
U.S. Treasury 3.50% 2/15/2029
2,563
2,527
U.S. Treasury 3.875% 4/15/2029
23,125
23,019
U.S. Treasury 3.875% 5/15/2029
765,117
761,560
U.S. Treasury 4.50% 5/31/2029
19,396
19,635
U.S. Treasury 4.25% 1/31/2030
10,000
10,052
U.S. Treasury 3.625% 9/30/2030
48,074
47,143
U.S. Treasury 3.875% 4/30/2031 (b)
29,042
28,709
U.S. Treasury 4.25% 11/15/2034
17,821
17,669
U.S. Treasury 1.875% 2/15/2041
341
235
U.S. Treasury 3.25% 5/15/2042
152
125
U.S. Treasury 2.75% 11/15/2042
511
387
Short-Term Bond Fund of America — Page 1 of 37
unaudited
Bonds, notes & other debt instruments (continued)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued)
 
Principal amount
(000)
Value
(000)
U.S. Treasury 3.00% 5/15/2045 (a)
USD8,297
$6,268
U.S. Treasury 1.875% 2/15/2051
354
195
U.S. Treasury 2.875% 5/15/2052
208
143
U.S. Treasury 4.625% 11/15/2055
6,020
5,685
 
4,989,546
U.S. Treasury inflation-protected securities 0.79%
 
 
 
U.S. Treasury Inflation-Protected Security 0.125% 4/15/2027 (c)
58,457
57,919
U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 (c)
8,356
7,383
U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 (c)
39,811
37,083
 
102,385
Total U.S. Treasury bonds & notes
5,091,931
Asset-backed obligations 23.62%
Auto loan 9.74%
 
 
 
Ally Auto Receivables Trust, Series 2026-1, Class A2, 3.91% 11/15/2028 (d)
7,628
7,619
Ally Auto Receivables Trust, Series 2026-1, Class A3, 3.92% 10/15/2030 (d)
4,281
4,254
American Credit Acceptance Receivables Trust, Series 2025-1, Class A, 4.67% 7/12/2028 (d)(e)
7
7
American Credit Acceptance Receivables Trust, Series 2025-2, Class A, 4.81% 9/12/2028 (d)(e)
2,352
2,354
American Credit Acceptance Receivables Trust, Series 2024-4, Class B, 4.80% 11/13/2028 (d)(e)
653
653
American Credit Acceptance Receivables Trust, Series 2025-4, Class A, 4.42% 5/14/2029 (d)(e)
8,391
8,403
American Credit Acceptance Receivables Trust, Series 2026-1, Class A, 4.16% 7/12/2029 (d)(e)
3,994
3,994
American Credit Acceptance Receivables Trust, Series 2024-1, Class C, 5.63% 1/14/2030 (d)(e)
3,712
3,720
American Credit Acceptance Receivables Trust, Series 2026-1, Class B, 4.24% 4/12/2030 (d)(e)
3,261
3,254
American Credit Acceptance Receivables Trust, Series 2026-2, Class A, 4.32% 5/8/2030 (d)(e)
10,500
10,507
American Credit Acceptance Receivables Trust, Series 2026-2, Class B, 4.50% 10/8/2030 (d)(e)
935
934
AmeriCredit Automobile Receivables Trust, Series 2023-2, Class A3, 5.81% 5/18/2028 (d)
3,471
3,485
AmeriCredit Automobile Receivables Trust, Series 2024-1, Class A3, 5.43% 1/18/2029 (d)
3,201
3,219
Arivo Acceptance Auto Loan Receivables Trust, Series 2025-1A, Class A2, 4.92% 5/15/2029 (d)(e)
2,119
2,125
AutoNation Finance Trust, Series 2025-1A, Class A2, 4.72% 4/10/2028 (d)(e)
3,205
3,207
AutoNation Finance Trust, Series 2026-1A, Class A2, 3.95% 1/11/2029 (d)(e)
9,039
9,035
AutoNation Finance Trust, Series 2026-1A, Class A3, 4.03% 8/12/2030 (d)(e)
8,819
8,784
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/2028 (d)(e)
15,496
15,654
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-7, Class A, 5.90% 8/21/2028 (d)(e)
3,900
3,961
Avis Budget Rental Car Funding (AESOP), LLC, Series 2022-4A, Class A, 4.77% 2/20/2029 (d)(e)
9,913
9,957
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-1, Class B, 6.08% 4/20/2029 (d)(e)
2,500
2,551
Avis Budget Rental Car Funding (AESOP), LLC, Series 2025-1A, Class A, 4.80% 8/20/2029 (d)(e)
1,506
1,512
Avis Budget Rental Car Funding (AESOP), LLC, Series 2024-1, Class A, 5.36% 6/20/2030 (d)(e)
3,732
3,798
Avis Budget Rental Car Funding (AESOP), LLC, Series 2026-1A, Class A, 4.28% 8/20/2030 (d)(e)
10,406
10,289
Avis Budget Rental Car Funding (AESOP), LLC, Series 2025-2A, Class A, 5.12% 8/20/2031 (d)(e)
3,503
3,541
Avis Budget Rental Car Funding (AESOP), LLC, Series 2026-2A, Class A, 4.60% 8/20/2032 (d)(e)
4,266
4,209
Bank of America Auto Trust, Series 2025-1A, Class A2A, 4.52% 11/22/2027 (d)(e)
247
247
Bank of America Auto Trust, Series 2024-1, Class A3, 5.35% 11/15/2028 (d)(e)
218
219
Bridgecrest Lending Auto Securitization Trust, Series 2025-2, Class A2, 4.84% 1/18/2028 (d)
2,595
2,596
Bridgecrest Lending Auto Securitization Trust, Series 2025-3, Class A2, 4.73% 2/15/2028 (d)
2,308
2,309
Bridgecrest Lending Auto Securitization Trust, Series 2025-4, Class A2, 4.35% 6/15/2028 (d)
10,709
10,717
Bridgecrest Lending Auto Securitization Trust, Series 2026-1, Class A2, 4.10% 7/17/2028 (d)
543
543
Bridgecrest Lending Auto Securitization Trust, Series 2025-1, Class A3, 4.67% 8/15/2028 (d)
2,363
2,365
Bridgecrest Lending Auto Securitization Trust, Series 2024-1, Class B, 5.43% 8/15/2028 (d)
58
58
Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A3, 4.72% 9/15/2028 (d)
3,797
3,802
Bridgecrest Lending Auto Securitization Trust, Series 2024-3, Class B, 5.37% 10/16/2028 (d)
1,515
1,517
Bridgecrest Lending Auto Securitization Trust, Series 2025-2, Class A3, 4.78% 12/15/2028 (d)
12,900
12,934
Bridgecrest Lending Auto Securitization Trust, Series 2026-1, Class A3, 4.04% 12/17/2029 (d)
3,593
3,585
Short-Term Bond Fund of America — Page 2 of 37
unaudited
Bonds, notes & other debt instruments (continued)
Asset-backed obligations (continued)
Auto loan (continued)
 
Principal amount
(000)
Value
(000)
Bridgecrest Lending Auto Securitization Trust, Series 2026-2, Class A3, 4.27% 1/15/2030 (d)
USD5,510
$5,510
CarMax Auto Owner Trust, Series 2024-4, Class A2A, 4.67% 12/15/2027 (d)
530
530
CarMax Auto Owner Trust, Series 2025-1, Class A2A, 4.63% 3/15/2028 (d)
695
695
CarMax Auto Owner Trust, Series 2023-3, Class A3, 5.28% 5/15/2028 (d)
1,339
1,345
CarMax Auto Owner Trust, Series 2024-1, Class A3, 4.92% 10/16/2028 (d)
6,200
6,227
CarMax Auto Owner Trust, Series 2024-3, Class A3, 4.89% 7/16/2029 (d)
7,498
7,543
CarMax Auto Owner Trust, Series 2026-1, Class A3, 4.04% 3/17/2031 (d)
5,299
5,266
CarMax Select Receivables Trust, Series 2026-A, Class A2A, 4.03% 12/17/2029 (d)
8,142
8,129
CarMax Select Receivables Trust, Series 2024-A, Class C, 5.62% 1/15/2030 (d)
1,438
1,461
Carvana Auto Receivables Trust, Series 2023-P3, Class A3, 5.82% 8/10/2028 (d)(e)
343
344
Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.72% 9/11/2028 (d)
690
676
Carvana Auto Receivables Trust, Series 2024-N3, Class A3, 4.53% 1/10/2029 (d)(e)
2,059
2,061
Carvana Auto Receivables Trust, Series 2024-P2, Class A3, 5.33% 7/10/2029 (d)
1,036
1,043
Carvana Auto Receivables Trust, Series 2024-N1, Class B, 5.63% 5/10/2030 (d)(e)
3,263
3,280
Chase Auto Owner Trust, Series 2024-1, Class A3, 5.13% 5/25/2029 (d)(e)
2,592
2,608
Chase Auto Owner Trust, Series 2024-2, Class A3, 5.52% 6/25/2029 (d)(e)
3,742
3,778
Chase Auto Owner Trust, Series 2024-4A, Class A3, 4.94% 7/25/2029 (d)(e)
4,784
4,811
Chesapeake Funding II, LLC, Series 2023-2, Class A1, 6.16% 10/15/2035 (d)(e)
1,402
1,408
Citizens Auto Receivables Trust, Series 2023-2, Class A3, 5.83% 2/15/2028 (d)(e)
1,300
1,305
Citizens Auto Receivables Trust, Series 2023-2, Class A4, 5.74% 10/15/2030 (d)(e)
6,081
6,144
CPS Auto Receivables Trust, Series 2024-C, Class B, 5.68% 12/15/2028 (d)(e)
2,734
2,738
CPS Auto Receivables Trust, Series 2024-D, Class B, 4.65% 3/15/2029 (d)(e)
507
507
CPS Auto Receivables Trust, Series 2023-C, Class C, 6.27% 10/15/2029 (d)(e)
572
576
CPS Auto Trust, Series 2025-B, Class A, 4.74% 2/15/2029 (d)(e)
3,441
3,446
CPS Auto Trust, Series 2025-D, Class A, 4.46% 7/16/2029 (d)(e)
10,697
10,712
CPS Auto Trust, Series 2025-B, Class B, 4.79% 11/15/2029 (d)(e)
3,214
3,227
CPS Auto Trust, Series 2026-B, Class A, 4.35% 2/15/2030 (d)(e)
1,845
1,845
Credit Acceptance Auto Loan Trust, Series 2023-3, Class A, 6.39% 8/15/2033 (d)(e)
721
722
Credit Acceptance Auto Loan Trust, Series 2024-1A, Class A, 5.68% 3/15/2034 (d)(e)
1,295
1,300
Credit Acceptance Auto Loan Trust, Series 2025-2A, Class A, 4.50% 11/15/2035 (d)(e)
14,633
14,591
Credit Acceptance Auto Loan Trust, Series 2026-1A, Class A, 4.65% 4/15/2036 (d)(e)
3,202
3,195
Drive Auto Receivables Trust, Series 2025-1, Class A2, 4.87% 8/15/2028 (d)
524
525
Drive Auto Receivables Trust, Series 2024-2, Class A3, 4.50% 9/15/2028 (d)
1,058
1,058
Drive Auto Receivables Trust, Series 2025-2, Class A2, 4.29% 10/16/2028 (d)
961
961
Drive Auto Receivables Trust, Series 2024-1, Class B, 5.31% 1/16/2029 (d)
741
742
Drive Auto Receivables Trust, Series 2024-2, Class B, 4.52% 7/16/2029 (d)
3,118
3,124
Drive Auto Receivables Trust, Series 2024-1, Class C, 5.43% 11/17/2031 (d)
2,892
2,926
Drive Auto Receivables Trust, Series 2025-2, Class A3, 4.14% 9/15/2032 (d)
1,312
1,312
Drive Auto Receivables Trust, Series 2025-2, Class C, 4.39% 9/15/2032 (d)
3,041
3,022
Drive Auto Receivables Trust, Series 2025-1, Class A3, 4.73% 9/15/2032 (d)
5,896
5,912
Drive Auto Receivables Trust, Series 2025-1, Class C, 4.99% 9/15/2032 (d)
467
470
DriveTime Auto Owner Trust, Series 2023-3, Class C, 6.40% 5/15/2029 (d)(e)
814
819
Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 (d)(e)
1,251
1,253
Enterprise Fleet Financing, LLC, Series 2024-4, Class A2, 4.69% 7/20/2027 (d)(e)
8,466
8,483
Enterprise Fleet Financing, LLC, Series 2024-1, Class A2, 5.23% 3/20/2030 (d)(e)
2,671
2,684
Enterprise Fleet Financing, LLC, Series 2024-1, Class A3, 5.16% 9/20/2030 (d)(e)
1,520
1,538
Exeter Automobile Receivables Trust, Series 2025-3A, Class A2, 4.83% 1/18/2028 (d)
137
138
Exeter Automobile Receivables Trust, Series 2025-4A, Class A2, 4.53% 3/15/2028 (d)
645
645
Exeter Automobile Receivables Trust, Series 2023-3A, Class C, 6.21% 6/15/2028 (d)
231
231
Exeter Automobile Receivables Trust, Series 2025-1A, Class A3, 4.67% 8/15/2028 (d)
2,230
2,231
Exeter Automobile Receivables Trust, Series 2024-1A, Class B, 5.29% 8/15/2028 (d)
497
498
Exeter Automobile Receivables Trust, Series 2026-1A, Class A2, 4.08% 9/15/2028 (d)
6,851
6,852
Exeter Automobile Receivables Trust, Series 2025-3A, Class A3, 4.78% 7/16/2029 (d)
3,821
3,832
Exeter Automobile Receivables Trust, Series 2025-4A, Class A3, 4.39% 9/17/2029 (d)
5,021
5,030
Short-Term Bond Fund of America — Page 3 of 37
unaudited
Bonds, notes & other debt instruments (continued)
Asset-backed obligations (continued)
Auto loan (continued)
 
Principal amount
(000)
Value
(000)
Exeter Automobile Receivables Trust, Series 2025-5A, Class A3, 4.24% 11/15/2029 (d)
USD11,844
$11,849
Exeter Automobile Receivables Trust, Series 2026-1A, Class A3, 4.03% 3/15/2030 (d)
7,452
7,429
Exeter Automobile Receivables Trust, Series 2026-2A, Class A3, 4.45% 5/15/2030 (d)
7,095
7,112
Exeter Automobile Receivables Trust, Series 2024-1A, Class C, 5.41% 5/15/2030 (d)
4,255
4,278
Exeter Automobile Receivables Trust, Series 2025-5A, Class B, 4.28% 7/15/2030 (d)
1,400
1,398
Exeter Automobile Receivables Trust, Series 2024-4A, Class B, 5.29% 8/15/2030 (d)
1,893
1,897
Exeter Automobile Receivables Trust, Series 2026-1A, Class B, 4.22% 10/15/2030 (d)
1,710
1,696
Exeter Automobile Receivables Trust, Series 2026-2A, Class B, 4.66% 1/15/2031 (d)
4,529
4,530
Exeter Automobile Receivables Trust, Series 2025-3A, Class C, 5.09% 10/15/2031 (d)
1,332
1,342
Exeter Select Automobile Receivables Trust, Series 2025-1, Class A2, 4.83% 10/16/2028 (d)
1,456
1,457
Exeter Select Automobile Receivables Trust, Series 2025-3, Class A2, 4.24% 5/15/2029 (d)
7,285
7,285
Exeter Select Automobile Receivables Trust, Series 2026-1, Class A2, 4.37% 10/15/2029 (d)
3,015
3,018
Exeter Select Automobile Receivables Trust, Series 2025-1, Class A3, 4.69% 4/15/2030 (d)
2,185
2,193
Exeter Select Automobile Receivables Trust, Series 2025-1, Class C, 5.40% 8/15/2031 (d)
1,000
1,009
FCCU Auto Receivables Trust, Series 2026-1A, Class A2, 3.98% 10/15/2029 (d)(e)
500
499
FCCU Auto Receivables Trust, Series 2026-1A, Class A4, 4.32% 3/15/2032 (d)(e)
767
756
First Investors Auto Owner Trust, Series 2025-1A, Class A2, 4.31% 12/15/2028 (d)(e)
12,666
12,676
First Investors Auto Owner Trust, Series 2025-1A, Class A3, 4.25% 7/15/2030 (d)(e)
8,594
8,588
Ford Credit Auto Lease Trust, Series 2024-A, Class A4, 5.05% 6/15/2027 (d)
75
75
Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85% 8/15/2035 (d)(e)
4,029
4,066
Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 (d)(e)
2,981
3,040
Ford Credit Auto Owner Trust, Series 2026-1, Class A, 4.32% 8/15/2038 (8.63% on 2/15/2031) (d)(e)(f)
28,352
28,093
Ford Credit Auto Owner Trust, Series 2026-1, Class B, 4.48% 8/15/2038 (9.21% on 2/15/2031) (d)(e)(f)
1,000
988
Ford Credit Floorplan Master Owner Trust, Series 2024-3, Class A1, 4.30% 9/15/2029 (d)(e)
6,810
6,819
Ford Credit Floorplan Master Owner Trust, Series 2025-1, Class A1, 4.63% 4/15/2030 (d)
4,155
4,179
Ford Credit Floorplan Master Owner Trust, Series 2025-2, Class A1, 4.06% 9/15/2030 (d)
17,336
17,243
Ford Credit Floorplan Master Owner Trust, Series 2026-1, Class A, 4.42% 5/15/2031 (d)
6,282
6,284
General Motors, Series 2025-1A, Class A1, 4.59% 3/15/2029 (d)(e)
1,986
1,993
General Motors, Series 2025-2A, Class A, 4.64% 3/15/2030 (d)(e)
7,089
7,128
GLS Auto Receivables Trust, Series 2025-2A, Class A2, 4.75% 3/15/2028 (d)(e)
3,202
3,205
GLS Auto Receivables Trust, Series 2025-3A, Class A2, 4.52% 7/17/2028 (d)(e)
3,669
3,673
GLS Auto Receivables Trust, Series 2024-4A, Class A3, 4.75% 7/17/2028 (d)(e)
1,344
1,345
GLS Auto Receivables Trust, Series 2025-1A, Class A3, 4.77% 9/15/2028 (d)(e)
5,430
5,439
GLS Auto Receivables Trust, Series 2025-4A, Class A2, 4.37% 10/16/2028 (d)(e)
5,705
5,710
GLS Auto Receivables Trust, Series 2025-2A, Class A3, 4.75% 1/16/2029 (d)(e)
14,527
14,572
GLS Auto Receivables Trust, Series 2024-3A, Class B, 5.08% 1/16/2029 (d)(e)
717
719
GLS Auto Receivables Trust, Series 2026-2A, Class A2, 4.25% 4/16/2029 (d)(e)
6,852
6,854
GLS Auto Receivables Trust, Series 2025-4A, Class A3, 4.29% 7/16/2029 (d)(e)
7,785
7,792
GLS Auto Receivables Trust, Series 2025-2A, Class B, 4.97% 10/15/2029 (d)(e)
1,983
1,996
GLS Auto Receivables Trust, Series 2026-1A, Class A3, 3.97% 11/15/2029 (d)(e)
6,702
6,677
GLS Auto Receivables Trust, Series 2026-2A, Class A3, 4.33% 11/15/2029 (d)(e)
3,772
3,773
GLS Auto Receivables Trust, Series 2024-1, Class C, 5.64% 12/17/2029 (d)(e)
5,212
5,248
GLS Auto Receivables Trust, Series 2025-4A, Class B, 4.53% 4/15/2030 (d)(e)
3,916
3,914
GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 (d)(e)
4,573
4,582
GLS Auto Select Receivables Trust, Series 2024-1, Class A2, 5.24% 3/15/2030 (d)(e)
3,543
3,561
GLS Auto Select Receivables Trust, Series 2025-1A, Class A2, 4.71% 4/15/2030 (d)(e)
7,166
7,193
GLS Auto Select Receivables Trust, Series 2025-3A, Class A2, 4.46% 10/15/2030 (d)(e)
2,802
2,808
GLS Auto Select Receivables Trust, Series 2025-4A, Class A2, 4.17% 2/18/2031 (d)(e)
5,646
5,638
GLS Auto Select Receivables Trust, Series 2025-1A, Class C, 5.26% 3/15/2031 (d)(e)
122
123
GM Financial Automobile Leasing Trust, Series 2024-2, Class A3, 5.39% 7/20/2027 (d)
1,027
1,029
GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A3, 5.45% 6/16/2028 (d)
2,745
2,759
GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035 (d)(e)
2,325
2,379
GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77% 8/11/2036 (d)(e)
6,653
6,873
GM Financial Securitized Term Auto Receivables Trust, Series 2024-1, Class A3, 4.85% 12/18/2028 (d)
2,718
2,728
Short-Term Bond Fund of America — Page 4 of 37
unaudited
Bonds, notes & other debt instruments (continued)
Asset-backed obligations (continued)
Auto loan (continued)
 
Principal amount
(000)
Value
(000)
GM Financial Securitized Term Auto Receivables Trust, Series 2026-2, Class A2A, 4.05% 5/16/2029 (d)
USD9,815
$9,813
GM Financial Securitized Term Auto Receivables Trust, Series 2024-1, Class A4, 4.86% 6/18/2029 (d)
2,495
2,516
GM Financial Securitized Term Auto Receivables Trust, Series 2026-2, Class A4, 4.22% 2/17/2032 (d)
2,870
2,857
GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1, 5.34% 6/15/2028 (d)(e)
16,100
16,111
GMF Floorplan Owner Revolving Trust, Series 2024-1, Class A1, 5.13% 3/15/2029 (d)(e)
350
353
Hertz Vehicle Financing III, LLC, Series 2023-1, Class A, 5.49% 6/25/2027 (d)(e)
3,333
3,337
Hertz Vehicle Financing III, LLC, Series 2026-1A, Class A, 5.09% 11/25/2030 (d)(e)
2,650
2,665
Hertz Vehicle Financing III, LLC, Series 2026-2A, Class A, 5.40% 11/25/2032 (d)(e)
3,174
3,194
Hertz Vehicle Financing, LLC, Series 2023-1A, Class B, 6.22% 6/25/2027 (d)(e)
557
557
Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 (d)(e)
47,999
47,550
Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 (d)(e)
4,177
4,138
Hertz Vehicle Financing, LLC, Series 2023-3A, Class A, 5.94% 2/25/2028 (d)(e)
10,230
10,314
Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 (d)(e)
12,336
12,481
Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 (d)(e)
9,888
9,928
Hertz Vehicle Financing, LLC, Series 2025-3A, Class A, 5.06% 12/26/2029 (d)(e)
16,917
17,033
Hertz Vehicle Financing, LLC, Series 2025-4A, Class A, 5.41% 12/25/2031 (d)(e)
2,836
2,882
Honda Auto Receivables Owner Trust, Series 2023-1, Class A3, 5.04% 4/21/2027 (d)
86
86
Honda Auto Receivables Owner Trust, Series 2023-3, Class A3, 5.41% 2/18/2028 (d)
1,055
1,060
Honda Auto Receivables Owner Trust, Series 2024-2, Class A3, 5.27% 11/20/2028 (d)
962
969
Huntington National Bank (The), Series 2024-1, Class B2, (30-day Average USD-SOFR + 1.40%)
5.025% 5/20/2032 (d)(e)(g)
660
662
Huntington National Bank (The), Series 2024-2, Class B2, (30-day Average USD-SOFR + 1.35%)
4.975% 10/20/2032 (d)(e)(g)
1,977
1,985
Huntington National Bank (The), Series 2024-2, Class B1, 5.442% 10/20/2032 (d)(e)
6,148
6,194
Huntington National Bank (The), Series 2025-1, Class B, 4.957% 3/21/2033 (d)(e)
15,323
15,367
Huntington National Bank (The), Series 2025-2, Class B1, 4.835% 9/20/2033 (d)(e)
4,464
4,464
Huntington National Bank (The), Series 2026-1, Class B1, 4.503% 2/20/2034 (d)(e)
15,991
15,884
Hyundai Auto Lease Securitization Trust, Series 2024-A, Class A4, 5.07% 2/15/2028 (d)(e)
952
952
Hyundai Auto Lease Securitization Trust, Series 2026-A, Class A2A, 3.85% 5/15/2028 (d)(e)
7,714
7,701
Hyundai Auto Lease Securitization Trust, Series 2026-A, Class A3, 3.97% 12/15/2028 (d)(e)
11,510
11,466
Hyundai Auto Receivables Trust, Series 2024-A, Class A3, 4.99% 2/15/2029 (d)
3,535
3,554
Hyundai Floorplan Master Owner Trust, Series 2025-1A, Class A, 4.01% 10/15/2030 (d)(e)
11,675
11,577
LAD Auto Receivables Trust, Series 2023-1, Class C, 6.18% 12/15/2027 (d)(e)
7
7
LAD Auto Receivables Trust, Series 2025-2A, Class A2, 4.30% 7/17/2028 (d)(e)
1,495
1,496
LAD Auto Receivables Trust, Series 2024-2, Class A3, 5.61% 8/15/2028 (d)(e)
1,026
1,028
LAD Auto Receivables Trust, Series 2024-1, Class A4, 5.17% 9/15/2028 (d)(e)
4,867
4,881
LAD Auto Receivables Trust, Series 2023-2, Class C, 5.58% 9/15/2028 (d)(e)
1,514
1,518
LAD Auto Receivables Trust, Series 2024-1, Class B, 5.33% 2/15/2029 (d)(e)
1,470
1,481
LAD Auto Receivables Trust, Series 2024-3A, Class A3, 4.52% 3/15/2029 (d)(e)
2,584
2,589
LAD Auto Receivables Trust, Series 2026-1A, Class A2, 3.75% 5/15/2029 (d)(e)
4,278
4,266
LAD Auto Receivables Trust, Series 2024-2, Class A4, 5.46% 7/16/2029 (d)(e)
4,612
4,651
LAD Auto Receivables Trust, Series 2024-3A, Class A4, 4.60% 12/17/2029 (d)(e)
1,408
1,414
LAD Auto Receivables Trust, Series 2024-3A, Class B, 4.74% 1/15/2030 (d)(e)
394
396
LAD Auto Receivables Trust, Series 2024-3A, Class C, 4.93% 3/15/2030 (d)(e)
142
143
Lendbuzz Securitization Trust, Series 2025-1A, Class A2, 5.10% 10/15/2030 (d)(e)
3,456
3,465
Mercedes-Benz Auto Lease Trust, Series 2024-A, Class A3, 5.32% 1/18/2028 (d)
3,622
3,639
Mercedes-Benz Auto Receivables Trust, Series 2024-1, Class A3, 4.80% 4/16/2029 (d)
5,650
5,674
Mercedes-Benz Auto Receivables Trust, Series 2024-1, Class A4, 4.79% 7/15/2031 (d)
4,571
4,607
OneMain Direct Auto Receivables Trust, Series 2026-1A, Class A, 4.49% 12/14/2033 (d)(e)
2,965
2,941
PenFed Auto Receivables Owner Trust, Series 2025-A, Class A2, 4.12% 9/15/2028 (d)(e)
4,454
4,455
PenFed Auto Receivables Owner Trust, Series 2025-A, Class A3, 4.03% 7/15/2030 (d)(e)
1,032
1,028
Porsche Innovative Lease Owner Trust, Series 2024-1, Class A3, 4.67% 11/22/2027 (d)(e)
3,086
3,093
Prestige Auto Receivables Trust, Series 2024-2, Class B, 4.56% 2/15/2029 (d)(e)
484
484
Research-Driven Pagaya Motor Asset Trust, Series 2026-3A, Class A2, 4.853% 3/26/2035 (d)(e)
4,409
4,410
Short-Term Bond Fund of America — Page 5 of 37
unaudited
Bonds, notes & other debt instruments (continued)
Asset-backed obligations (continued)
Auto loan (continued)
 
Principal amount
(000)
Value
(000)
Research-Driven Pagaya Motor Asset Trust I, Series 2025-4A, Class A2, 5.124% 4/25/2034 (d)(e)
USD16,503
$16,551
Research-Driven Pagaya Motor Asset Trust I, Series 2025-5A, Class A2, 4.575% 6/26/2034 (d)(e)
4,738
4,741
Research-Driven Pagaya Motor Asset Trust I, Series 2025-5A, Class A3, 4.838% 6/26/2034 (d)(e)
7,600
7,579
Research-Driven Pagaya Motor Asset Trust I, Series 2026-R1A, Class A, 5.659% 7/25/2034 (d)(e)
9,642
9,646
Research-Driven Pagaya Motor Asset Trust I, Series 2025-6A, Class A3, 5.013% 8/25/2034 (d)(e)
1,000
998
Research-Driven Pagaya Motor Asset Trust I, Series 2026-1A, Class A3, 4.864% 1/25/2035 (d)(e)
2,624
2,609
Research-Driven Pagaya Motor Asset Trust I, Series 2026-1A, Class B, 5.444% 1/25/2035 (d)(e)
1,910
1,893
Research-Driven Pagaya Motor Asset Trust I, Series 2026-2A, Class A4, 5.62% 2/26/2035 (d)(e)
6,802
6,790
Santander Drive Auto Receivables Trust, Series 2025-2, Class A2, 4.71% 6/15/2028 (d)
403
403
Santander Drive Auto Receivables Trust, Series 2023-3, Class B, 5.61% 7/17/2028 (d)
147
147
Santander Drive Auto Receivables Trust, Series 2024-5, Class A3, 4.62% 11/15/2028 (d)
2,735
2,738
Santander Drive Auto Receivables Trust, Series 2022-6, Class C, 4.96% 11/15/2028 (d)
267
268
Santander Drive Auto Receivables Trust, Series 2024-2, Class A3, 5.63% 11/15/2028 (d)
1,371
1,372
Santander Drive Auto Receivables Trust, Series 2024-1, Class B, 5.23% 12/15/2028 (d)
2,114
2,118
Santander Drive Auto Receivables Trust, Series 2025-4, Class A2, 4.28% 1/15/2029 (d)
10,663
10,667
Santander Drive Auto Receivables Trust, Series 2024-4, Class A3, 4.85% 1/16/2029 (d)
541
542
Santander Drive Auto Receivables Trust, Series 2024-3, Class A3, 5.63% 1/16/2029 (d)
1,299
1,301
Santander Drive Auto Receivables Trust, Series 2026-1, Class A2, 4.04% 3/15/2029 (d)
4,746
4,744
Santander Drive Auto Receivables Trust, Series 2024-2, Class B, 5.78% 7/16/2029 (d)
7,586
7,631
Santander Drive Auto Receivables Trust, Series 2024-4, Class B, 4.93% 9/17/2029 (d)
917
922
Santander Drive Auto Receivables Trust, Series 2024-3, Class B, 5.55% 9/17/2029 (d)
7,975
8,033
Santander Drive Auto Receivables Trust, Series 2025-4, Class A3, 4.17% 4/15/2030 (d)
19,220
19,215
Santander Drive Auto Receivables Trust, Series 2023-1, Class C, 5.09% 5/15/2030 (d)
5,822
5,852
Santander Drive Auto Receivables Trust, Series 2023-3, Class C, 5.77% 11/15/2030 (d)
902
913
Santander Drive Auto Receivables Trust, Series 2022-7, Class C, 6.69% 3/17/2031 (d)
789
800
SBNA Auto Lease Trust, Series 2024-B, Class A3, 5.56% 11/22/2027 (d)(e)
1,316
1,319
SBNA Auto Lease Trust, Series 2024-C, Class A3, 4.56% 2/22/2028 (d)(e)
1,143
1,145
Securitized Term Auto Receivables Trust, Series 2025-A, Class B, 5.038% 7/25/2031 (d)(e)
651
656
Securitized Term Auto Receivables Trust, Series 2025-B, Class B, 4.925% 12/29/2032 (d)(e)
1,282
1,291
Securitized Term Auto Receivables Trust, Series 2025-B, Class C, 5.121% 12/29/2032 (d)(e)
1,172
1,181
Securitized Term Auto Receivables Trust, Series 2026-A, Class B, 4.284% 3/25/2033 (d)(e)
990
986
Securitized Term Auto Receivables Trust, Series 2026-A, Class C, 4.431% 3/25/2033 (d)(e)
463
461
SFS Auto Receivables Securitization Trust, Series 2025-1A, Class A2, 4.65% 5/22/2028 (d)(e)
169
169
SFS Auto Receivables Securitization Trust, Series 2025-2A, Class A2, 4.52% 11/20/2028 (d)(e)
1,501
1,503
SFS Auto Receivables Securitization Trust, Series 2024-3A, Class A3, 4.55% 6/20/2030 (d)(e)
6,021
6,041
Space Coast Credit Union, Series 2025-1A, Class A2, 4.67% 11/15/2028 (d)(e)
11,923
11,947
Space Coast Credit Union, Series 2024-1, Class A3, 5.11% 6/15/2029 (d)(e)
2,310
2,320
Space Coast Credit Union, Series 2026-1A, Class A2, 4.18% 8/15/2029 (d)(e)
3,413
3,411
Stellantis Financial Underwritten Enhanced Lease Trust, Series 2025-AA, Class A2, 4.63%
7/20/2027 (d)(e)
2,621
2,625
Stellantis Financial Underwritten Enhanced Lease Trust, Series 2025-CA, Class A3, 4.11%
4/20/2029 (d)(e)
5,676
5,649
Toyota Auto Receivables Owner Trust, Series 2023-A, Class A3, 4.63% 9/15/2027 (d)
1,737
1,739
Toyota Auto Receivables Owner Trust, Series 2023-C, Class A3, 5.16% 4/17/2028 (d)
2,244
2,253
Toyota Auto Receivables Owner Trust, Series 2024-A, Class A3, 4.83% 10/16/2028 (d)
4,610
4,630
Toyota Auto Receivables Owner Trust, Series 2024-A, Class A4, 4.77% 4/16/2029 (d)
3,293
3,319
Tricolor Auto Securitization Trust, Series 2025-1A, Class A, 4.94% 2/15/2029 (d)(e)(h)(i)
11,265
6,534
Truist Bank Auto Credit-Linked Notes, Series 2025-1, Class B, 4.728% 9/26/2033 (d)(e)
17,720
17,705
United Auto Credit Securitization Trust, Series 2025-1, Class B, 5.05% 2/10/2028 (d)(e)
8,166
8,175
United Auto Credit Securitization Trust, Series 2025-1, Class C, 5.15% 6/10/2030 (d)(e)
1,327
1,330
VStrong Auto Receivables Trust, Series 2024-A, Class A3, 5.62% 12/15/2028 (d)(e)
193
193
VStrong Auto Receivables Trust, Series 2024-A, Class B, 5.77% 7/15/2030 (d)(e)
16,150
16,337
Western Funding Auto Loan Trust, Series 2025-1, Class A, 4.75% 7/16/2035 (d)(e)
8,343
8,373
Westlake Automobile Receivables Trust, Series 2024-1, Class B, 5.55% 11/15/2027 (d)(e)
1,271
1,272
Short-Term Bond Fund of America — Page 6 of 37
unaudited
Bonds, notes & other debt instruments (continued)
Asset-backed obligations (continued)
Auto loan (continued)
 
Principal amount
(000)
Value
(000)
Westlake Automobile Receivables Trust, Series 2025-1A, Class A2A, 4.66% 1/18/2028 (d)(e)
USD3,400
$3,403
Westlake Automobile Receivables Trust, Series 2025-P1, Class A2, 4.65% 2/15/2028 (d)(e)
4,242
4,247
Westlake Automobile Receivables Trust, Series 2024-3A, Class A3, 4.71% 4/17/2028 (d)(e)
4,257
4,264
Westlake Automobile Receivables Trust, Series 2023-1, Class C, 5.74% 8/15/2028 (d)(e)
193
194
Westlake Automobile Receivables Trust, Series 2026-1A, Class A2A, 4.02% 9/15/2028 (d)(e)
8,027
8,024
Westlake Automobile Receivables Trust, Series 2025-2A, Class A2A, 4.66% 9/15/2028 (d)(e)
2,064
2,068
Westlake Automobile Receivables Trust, Series 2026-P1, Class A2, 3.84% 1/16/2029 (d)(e)
3,827
3,820
Westlake Automobile Receivables Trust, Series 2024-1, Class C, 5.65% 2/15/2029 (d)(e)
2,617
2,634
Westlake Automobile Receivables Trust, Series 2025-3A, Class A3, 4.22% 6/15/2029 (d)(e)
6,416
6,418
Westlake Automobile Receivables Trust, Series 2026-2A, Class A2A, 4.26% 6/15/2029 (d)(e)
11,458
11,461
Westlake Automobile Receivables Trust, Series 2026-1A, Class A3, 4.01% 7/16/2029 (d)(e)
12,186
12,157
Westlake Automobile Receivables Trust, Series 2026-P1, Class A3, 3.92% 3/15/2030 (d)(e)
3,801
3,777
Westlake Automobile Receivables Trust, Series 2024-2, Class B, 5.62% 3/15/2030 (d)(e)
2,775
2,788
Westlake Automobile Receivables Trust, Series 2026-2A, Class A3, 4.35% 4/15/2030 (d)(e)
5,608
5,608
Westlake Automobile Receivables Trust, Series 2025-1A, Class B, 4.98% 9/16/2030 (d)(e)
388
390
Westlake Automobile Receivables Trust, Series 2025-2A, Class B, 4.63% 1/15/2031 (d)(e)
1,959
1,966
Westlake Automobile Receivables Trust, Series 2026-P1, Class A4, 4.01% 3/17/2031 (d)(e)
1,167
1,155
Westlake Flooring Master Trust, Series 2025-1A, Class A, 4.23% 10/15/2029 (d)(e)
40,050
39,970
Wheels Fleet Lease Funding, LLC, Series 2026-1, Class A2A, 4.30% 4/18/2039 (d)(e)
9,178
9,180
Wheels Fleet Lease Funding, LLC, Series 2024-2A, Class A1, 4.87% 6/21/2039 (d)(e)
8,511
8,565
Wheels Fleet Lease Funding, LLC, Series 2024-3A, Class A1, 4.80% 9/19/2039 (d)(e)
6,596
6,639
World OMNI Select Auto Trust, Series 2025-A, Class A2A, 4.14% 5/15/2030 (d)
5,085
5,087
 
1,262,905
Other asset-backed securities 8.66%
 
 
 
ACHV ABS Trust, Series 2024-3AL, Class A, 5.01% 12/26/2031 (d)(e)
620
624
ACHV ABS Trust, Series 2024-3AL, Class B, 5.45% 12/26/2031 (d)(e)
338
341
ACHV ABS Trust, Series 2025-1PL, Class A, 4.76% 4/26/2032 (d)(e)
1,239
1,242
ACHV ABS Trust, Series 2025-1PL, Class B, 5.04% 4/26/2032 (d)(e)
861
863
ACHV ABS Trust, Series 2025-1PL, Class C, 5.31% 4/26/2032 (d)(e)
1,030
1,033
Affirm Asset Securitization Trust, Series 2024-B, Class A, 4.62% 9/15/2029 (d)(e)
10,839
10,857
Affirm Asset Securitization Trust, Series 2025-X2, Class A, 4.45% 10/15/2030 (d)(e)
9,984
9,995
Affirm Asset Securitization Trust, Series 2025-X2, Class B, 4.56% 10/15/2030 (d)(e)
1,593
1,595
Affirm Master Trust, Series 2025-2A, Class A, 4.67% 7/15/2033 (d)(e)
1,799
1,807
Affirm Master Trust, Series 2026-1A, Class A, 4.37% 2/15/2034 (d)(e)
6,726
6,694
Affirm Master Trust, Series 2025-3A, Class A, 4.45% 10/16/2034 (d)(e)
14,096
14,027
Affirm Master Trust, Series 2026-2A, Class A, 4.67% 4/16/2035 (d)(e)
10,260
10,257
ALLO Issuer, LLC, Series 2026-1A, Class A2, 5.607% 6/20/2056 (d)(e)
2,623
2,655
Altde Trust, Series 2026-1A, Class A, 5.521% 4/15/2051 (d)(e)
11,555
11,526
Ansley Park Capital, LLC, Series 2025-A, Class A2, 4.43% 4/20/2035 (d)(e)
24,179
24,095
APL Finance, LLC, Series 2025-1A, Class A, 4.81% 3/20/2036 (d)(e)
3,569
3,554
Apollo Aviation Securitization Equity Trust, Series 2025-3A, Class A, 5.243% 2/16/2050 (d)(e)
7,501
7,408
Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 (d)(e)
1,821
1,811
Apollo Aviation Securitization Equity Trust, Series 2025-1A, Class A, 5.943% 2/16/2050 (d)(e)
332
335
Auxilior Term Funding, LLC, Series 2023-1A, Class A3, 5.70% 2/15/2030 (d)(e)
4,380
4,407
Auxilior Term Funding, LLC, Series 24-1, Class A3, 5.49% 7/15/2031 (d)(e)
5,820
5,887
AXIS Equipment Finance Receivables, LLC, Series 2023-1, Class A2, 6.09% 12/20/2029 (d)(e)
866
870
AXIS Equipment Finance Receivables, LLC, Series 2024-1, Class A2, 5.38% 1/21/2031 (d)(e)
955
961
AXIS Equipment Finance Receivables, LLC, Series 2024-2, Class A2, 5.19% 7/21/2031 (d)(e)
2,486
2,510
AXIS Equipment Finance Receivables, LLC, Series 2025-1A, Class A2, 4.70% 9/22/2031 (d)(e)
4,999
5,028
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 11/17/2033 (d)(e)
112
112
Bankers Healthcare Group Securitization Trust, Series 2021-B, Class B, 1.67% 10/17/2034 (d)(e)
92
92
Beacon Container Finance II, LLC, Series 2021-1A, Class A, 2.25% 10/22/2046 (d)(e)
7,285
6,758
Short-Term Bond Fund of America — Page 7 of 37
unaudited
Bonds, notes & other debt instruments (continued)
Asset-backed obligations (continued)
Other asset-backed securities (continued)
 
Principal amount
(000)
Value
(000)
Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1,
Class A, 2.443% 7/15/2046 (d)(e)
USD1,474
$1,402
Blue Owl Asset Leasing Trust, Series 2024-1A, Class A2, 5.05% 3/15/2029 (d)(e)
2,368
2,373
Blue Owl Asset Leasing Trust, Series 2024-1A, Class B, 5.41% 3/15/2030 (d)(e)
190
191
Business Jet Securities, LLC, Series 2024-2A, Class A, 5.364% 9/15/2039 (d)(e)
552
551
CAL Funding IV, Ltd., Series 2020-1A, Class A, 2.22% 9/25/2045 (d)(e)
1,622
1,557
Capteris Equipment Finance, Series 2024-1, Class A2, 5.58% 7/20/2032 (d)(e)
12,975
13,152
Capteris Equipment Finance, Series 2026-1A, Class A2, 4.44% 9/20/2033 (d)(e)
12,219
12,199
Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037 (d)(e)
1,171
1,107
Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 (d)(e)
1,228
1,235
Castlelake Aircraft Securitization Trust, Series 2025-3A, Class A, 5.087% 11/15/2050 (d)(e)
7,724
7,605
Castlelake Aircraft Securitization Trust, Series 2026-2A, Class A, 5.333% 4/15/2051 (d)(e)
13,829
13,796
CCG Receivables Trust, Series 2023-1, Class A2, 5.82% 9/16/2030 (d)(e)
386
386
CCG Receivables Trust, Series 2023-1, Class B, 5.99% 9/16/2030 (d)(e)
6,000
6,030
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 (d)(e)
41,618
35,101
CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 (d)(e)
2,516
2,093
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 (d)(e)
27,230
21,869
CF Hippolyta, LLC, Series 2022-1A, Class A1, 5.97% 8/15/2062 (d)(e)
10,526
10,561
CF Hippolyta, LLC, Series 2022-1A, Class A2, 6.11% 8/15/2062 (d)(e)
4,160
4,168
Clarus Capital Funding, LLC, Series 2024-1A, Class A2, 4.71% 8/20/2032 (d)(e)
4,174
4,183
Clarus Capital Funding, LLC, Series 2026-1A, Class A2, 4.52% 11/20/2034 (d)(e)
13,471
13,473
CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045 (d)(e)
1,903
1,789
CLI Funding VI, LLC, Series 2020-1A, Class A, 2.08% 9/18/2045 (d)(e)
4,201
3,946
CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045 (d)(e)
3,310
3,107
CLI Funding VIII, LLC, Series 2021-1A, Class A, 1.64% 2/18/2046 (d)(e)
1,171
1,084
CLI Funding VIII, LLC, Series 2022-1, Class A, 2.72% 1/18/2047 (d)(e)
2,996
2,761
CNH Equipment Trust, Series 2024-B, Class A3, 5.19% 9/17/2029 (d)
4,078
4,116
CNH Equipment Trust, Series 2025-A, Class A3, 4.36% 8/15/2030 (d)
8,000
8,021
CNH Equipment Trust, Series 2025-B, Class A3, 4.30% 10/15/2030 (d)
2,000
2,001
Commercial Equipment Finance, Series 2024-1, Class A, 5.97% 7/16/2029 (d)(e)
2,570
2,584
Commercial Equipment Finance, Series 2025-1A, Class A, 4.83% 5/15/2031 (d)(e)
10,228
10,251
Consolidated Communications, LLC, Series 2026-1A, Class A2, 5.079% 3/20/2056 (d)(e)
1,455
1,438
Crockett Partners Equipment Co. II, LLC, Series 2024-1C, Class A, 6.05% 1/20/2031 (d)(e)
5,780
5,860
Crossroads Asset Trust, Series 2024-A, Class A2, 5.90% 8/20/2030 (d)(e)
2,278
2,295
Daimler Trucks Retail Trust, Series 2024-1, Class A3, 5.49% 12/15/2027 (d)
1,420
1,427
Dell Equipment Finance Trust, Series 2025-1, Class A2, 4.68% 7/22/2027 (d)(e)
2,651
2,657
Dell Equipment Finance Trust, Series 2024-1, Class A3, 5.39% 3/22/2030 (d)(e)
4,240
4,259
Dell Equipment Finance Trust, Series 2024-2, Class A3, 4.59% 8/22/2030 (d)(e)
3,048
3,057
Dell Equipment Finance Trust, Series 2025-1, Class A3, 4.61% 2/24/2031 (d)(e)
5,500
5,528
Dext ABS, LLC, Series 2025-2, Class A2, 4.10% 4/17/2028 (d)(e)
12,622
12,624
Dext ABS, LLC, Series 2023-1, Class A2, 5.99% 3/15/2032 (d)(e)
439
440
DLLAA, LLC, Series 2025-1A, Class A4, 5.08% 4/20/2033 (d)(e)
3,555
3,595
DLLAD, LLC, Series 2024-1, Class A2, 5.50% 8/20/2027 (d)(e)
495
496
DLLAD, LLC, Series 2024-1, Class A3, 5.30% 7/20/2029 (d)(e)
1,227
1,243
DLLMT, LLC, Series 2026-1A, Class A2, 4.03% 7/20/2028 (d)(e)
5,478
5,475
DLLMT, LLC, Series 2024-1A, Class A3, 4.84% 8/21/2028 (d)(e)
4,650
4,672
DLLMT, LLC, Series 2026-1A, Class A3, 4.20% 12/20/2029 (d)(e)
5,412
5,392
DLLMT, LLC, Series 2024-1A, Class A4, 4.98% 4/20/2032 (d)(e)
3,000
3,032
EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045 (d)(e)
411
385
EquipmentShare, Series 2024-2M, Class A, 5.70% 12/20/2032 (d)(e)
8,609
8,714
EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 (d)(e)
8,298
8,324
FTAI MRE 2026-1 Cayman, Ltd., Series 2026-1A, Class A, 5.632% 6/15/2051 (d)(e)
10,381
10,426
GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 (d)(e)
4,618
4,373
GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046 (d)(e)
4,088
3,774
Short-Term Bond Fund of America — Page 8 of 37
unaudited
Bonds, notes & other debt instruments (continued)
Asset-backed obligations (continued)
Other asset-backed securities (continued)
 
Principal amount
(000)
Value
(000)
Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/2040 (d)(e)
USD11,129
$10,682
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040 (d)(e)
8,848
8,501
Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041 (d)(e)
11,659
10,848
Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041 (d)(e)
5,335
4,999
GreatAmerica Leasing Receivables Funding, LLC, Series 2024-2, Class A2, 5.28% 3/15/2027 (d)(e)
579
580
GreatAmerica Leasing Receivables Funding, LLC, Series 2025-1, Class A2, 4.52% 10/15/2027 (d)(e)
5,326
5,336
GreatAmerica Leasing Receivables Funding, LLC, Series 2024-1, Class A3, 4.98% 1/18/2028 (d)(e)
1,317
1,323
GreatAmerica Leasing Receivables Funding, LLC, Series 2025-1, Class A3, 4.49% 4/16/2029 (d)(e)
4,213
4,223
GreatAmerica Leasing Receivables Funding, LLC, Series 2022-1, Class A4, 5.35% 7/16/2029 (d)(e)
7,122
7,146
GreatAmerica Leasing Receivables Funding, LLC, Series 2023-1, Class B, 5.21% 3/15/2030 (d)(e)
500
505
GreatAmerica Leasing Receivables Funding, LLC, Series 2026-1, Class A3, 4.76% 9/16/2030 (d)(e)
2,330
2,343
Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 (d)(e)
538
533
HPEFS Equipment Trust, Series 2025-1A, Class A3, 4.43% 9/20/2032 (d)(e)
1,652
1,657
HPEFS Equipment Trust, Series 2025-2A, Class A3, 4.03% 11/22/2032 (d)(e)
3,706
3,697
HPEFS Equipment Trust, Series 2025-2A, Class A2, 4.07% 11/22/2032 (d)(e)
2,010
2,010
John Deere Owner Trust, Series 2024-A, Class A3, 4.96% 11/15/2028 (d)
2,580
2,594
John Deere Owner Trust, Series 2024-B, Class A3, 5.20% 3/15/2029 (d)
9,899
9,985
Kapitus Asset Securitization, LLC, Series 2026-1A, Class A, 5.36% 5/10/2033 (d)(e)
962
962
Lightpath Fiber Issuer, LLC, Series 2026-1A, Class A2, 5.597% 3/25/2056 (d)(e)
2,500
2,504
M&T Equipment Notes, Series 2024-1, Class A3, 4.76% 8/18/2031 (d)(e)
6,103
6,129
Merchants Fleet Funding, LLC, Series 2024-1, Class A, 5.82% 4/20/2037 (d)(e)
9,370
9,426
Mercury Financial Credit Card Master Trust, Series 2026-2A, Class A, 5.07% 6/21/2032 (d)(e)
15,781
15,853
Merit DAC, Series 2026-1A, Class A, 4.852% 2/15/2040 (d)(e)
21,103
20,792
MMP Capital, Series 2025-A, Class A, 5.36% 12/15/2031 (d)(e)
1,284
1,290
MMP Capital, Series 2025-A, Class B, 5.72% 12/15/2031 (d)(e)
700
706
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 (d)(e)
53,935
45,417
NMEF Funding, LLC, Series 2023-A, Class A2, 6.57% 6/17/2030 (d)(e)
131
131
NMEF Funding, LLC, Series 2024-A, Class A2, 5.15% 12/15/2031 (d)(e)
7,603
7,640
NMEF Funding, LLC, Series 2025-A, Class A2, 4.72% 7/15/2032 (d)(e)
7,236
7,254
NMEF Funding, LLC, Series 2025-B, Class A2, 4.64% 1/18/2033 (d)(e)
10,303
10,331
NMEF Funding, LLC, Series 2026-A, Class A2, 4.09% 2/15/2034 (d)(e)
2,644
2,638
Oaktree ABF Equipment ST, LLC, Series 2026-1A, Class A2, 4.50% 10/17/2033 (d)(e)
3,081
3,080
OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 (d)(e)
9,128
9,206
OnDeck Asset Securitization Trust, LLC, Series 2024-2A, Class A, 4.98% 10/17/2031 (d)(e)
6,093
6,087
OnDeck Asset Securitization Trust, LLC, Series 2025-1A, Class A, 5.08% 4/19/2032 (d)(e)
6,040
6,031
OnDeck Asset Securitization Trust, LLC, Series 2025-2A, Class A, 4.84% 11/17/2032 (d)(e)
4,549
4,527
Oportun Funding, LLC, Series 2021-B, Class A, 1.47% 5/8/2031 (d)(e)
932
918
OWN Equipment Fund III, Series 2025-2M, Class A, 5.42% 3/27/2034 (d)(e)
9,046
9,043
Pagaya AI Debt Selection Trust, Series 2026-1, Class A1, 4.228% 2/15/2027 (d)(e)
10,954
10,953
Pagaya AI Debt Selection Trust, Series 2025-R3, Class A, 4.841% 1/18/2033 (d)(e)
19,889
19,875
Pagaya AI Debt Selection Trust, Series 2026-1, Class A2, 4.739% 9/15/2033 (d)(e)
3,340
3,337
Pagaya AI Debt Selection Trust, Series 2026-1, Class B, 5.37% 9/15/2033 (d)(e)
1,370
1,366
Pagaya AI Debt Selection Trust, Series 2026-R1, Class A, 4.714% 12/15/2033 (d)(e)
16,298
16,255
Pagaya AI Debt Selection Trust, Series 2026-R1, Class B, 5.276% 12/15/2033 (d)(e)
2,774
2,765
Pagaya Point Of Sale Holdings Grantor Trust, Series 2025-2, Class A, 5.065% 7/20/2033 (d)(e)
28,111
28,124
PEAC Solutions Receivables, LLC, Series 2024-2A, Class A2, 4.74% 4/20/2027 (d)(e)
3,207
3,211
PEAC Solutions Receivables, LLC, Series 2024-1A, Class A2, 5.79% 6/21/2027 (d)(e)
5,615
5,642
PEAC Solutions Receivables, LLC, Series 2026-1A, Class A2, 4.27% 10/20/2028 (d)(e)
11,109
11,106
PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 (d)(e)
4,804
4,824
PEAC Solutions Receivables, LLC, Series 2024-1A, Class A3, 5.64% 11/20/2030 (d)(e)
9,000
9,134
PEAC Solutions Receivables, LLC, Series 2024-2A, Class A3, 4.65% 10/20/2031 (d)(e)
1,463
1,467
PEAC Solutions Receivables, LLC, Series 2025-1A, Class A3, 5.04% 7/20/2032 (d)(e)
2,000
2,020
PEAC Solutions Receivables, LLC, Series 2026-1A, Class A3, 4.39% 7/20/2033 (d)(e)
4,079
4,060
PFS Financing Corp., Series 2024-F, Class A, 4.75% 8/15/2029 (d)(e)
7,918
7,966
Short-Term Bond Fund of America — Page 9 of 37
unaudited
Bonds, notes & other debt instruments (continued)
Asset-backed obligations (continued)
Other asset-backed securities (continued)
 
Principal amount
(000)
Value
(000)
PFS Financing Corp., Series 2026-D, Class A, 4.49% 5/15/2031 (d)(e)
USD1,185
$1,194
PG&E Recovery Funding, LLC, Series 2024-A, Class A1, 4.838% 6/1/2033 (d)
4,167
4,205
PK ALIFT Loan Funding, Series 2025-2, Class A, 4.75% 3/15/2043 (d)(e)
1,426
1,408
PK ALIFT Loan Funding, Series 2026-1, Class A, 4.614% 9/15/2043 (d)(e)
4,374
4,281
PK ALIFT Loan Funding 3, LP, Series 2024-1, Class AF, (1-month USD CME Term SOFR + 1.70%)
5.327% 9/15/2039 (d)(e)(g)
936
946
PK ALIFT Loan Funding 3, LP, Series 2024-1, Class A1, 5.842% 9/15/2039 (d)(e)
2,678
2,713
PK ALIFT Loan Funding 4, LP, Series 2024-2, Class A, 5.052% 10/15/2039 (d)(e)
3,490
3,483
Post Road Equipment Finance, Series 2025-1A, Class A2, 4.90% 5/15/2031 (d)(e)
2,488
2,502
Reach Financial, LLC, Series 2024-2, Class A, 5.88% 7/15/2031 (d)(e)
459
459
Reach Financial, LLC, Series 2026-1A, Class A, 4.32% 2/15/2033 (d)(e)
9,350
9,353
Reach Financial, LLC, Series 2026-1A, Class B, 4.37% 2/15/2033 (d)(e)
9,202
9,162
SCF Equipment Leasing, LLC, Series 2024-1A, Class A3, 5.52% 1/20/2032 (d)(e)
18,765
19,018
SCF Equipment Trust, LLC, Series 2025-1A, Class A2, 4.82% 7/22/2030 (d)(e)
2,732
2,739
SCF Equipment Trust, LLC, Series 2025-1A, Class A3, 5.11% 11/21/2033 (d)(e)
2,972
3,011
SCF Equipment Trust, LLC, Series 2025-2A, Class C, 4.82% 6/20/2036 (d)(e)
1,575
1,543
SLAM, LLC, Series 2026-1A, Class A, 5.547% 7/15/2051 (d)(e)
7,651
7,670
SLAM, Ltd., Series 2024-1A, Class A, 5.335% 9/15/2049 (d)(e)
423
420
SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046 (d)(e)
1,528
1,501
Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 (d)(e)
1,243
1,221
SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075 (d)(e)
4,859
4,735
TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045 (d)(e)
5,943
5,697
Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 8/21/2045 (d)(e)
2,539
2,451
Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045 (d)(e)
4,196
3,942
Textainer Marine Containers, Ltd., Series 2020-3, Class A, 2.11% 9/20/2045 (d)(e)
390
374
Textainer Marine Containers, Ltd., Series 2021-1, Class A, 1.68% 2/20/2046 (d)(e)
8,639
8,123
Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046 (d)(e)
8,821
8,296
TIF Funding II, LLC, Series 2021-1A, Class A, 1.65% 2/20/2046 (d)(e)
6,233
5,681
T-Mobile US Trust, Series 2026-1A, Class A, 4.25% 10/21/2030 (d)(e)
11,899
11,882
Trinity Rail Leasing 2018, LLC, Series 2020-1A, Class A, 1.96% 10/17/2050 (d)(e)
2,361
2,264
Trinity Rail Leasing, LP, Series 2020-2A, Class A2, 2.56% 11/19/2050 (d)(e)
11,230
10,848
Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045 (d)(e)
10,055
9,474
Triumph Rail, LLC, Series 2021-2, Class A, 2.15% 6/19/2051 (d)(e)
2,561
2,490
U.S. Bank NA, Series 2025-SUP1, Class B, 5.582% 2/25/2032 (d)(e)
4,005
4,013
U.S. Bank NA, Series 2025-SUP2, Class B1, 4.818% 9/25/2032 (d)(e)
4,665
4,660
U.S. Bank NA, Series 2026-RVM1, Class B1, 4.959% 12/25/2046 (d)(e)
5,163
5,101
Upgrade Master Pass-Thru Trust, Series 2026-ST1, Class A, 4.244% 3/15/2034 (d)(e)
3,247
3,245
Upgrade Master Pass-Thru Trust, Series 2026-ST1, Class B, 4.635% 3/15/2034 (d)(e)
555
552
Upstart Securitization Trust, Series 2025-4, Class B, 5.20% 11/20/2035 (d)(e)
2,895
2,899
Upstart Securitization Trust, Series 2026-1, Class A2, 4.30% 3/20/2036 (d)(e)
4,251
4,242
Upstart Securitization Trust, Series 2026-2, Class A2, 4.54% 5/20/2036 (d)(e)
4,803
4,803
USQ Rail, Series 2021-3A, Class A, 2.21% 6/28/2051 (d)(e)
7,972
7,713
Verdant Receivables, LLC, Series 2025-1A, Class A2, 4.85% 3/13/2028 (d)(e)
7,036
7,057
Verdant Receivables, LLC, Series 2023-1A, Class A2, 6.24% 1/13/2031 (d)(e)
4,136
4,187
Verdant Receivables, LLC, Series 2024-1, Class A2, 5.68% 12/12/2031 (d)(e)
3,269
3,316
Verdant Receivables, LLC, Series 2025-1A, Class A3, 4.96% 5/12/2033 (d)(e)
11,438
11,528
Verizon Master Trust, Series 2025-3, Class A1A, 4.51% 3/20/2030 (5.26% on 11/20/2027) (d)(f)
9,867
9,901
Verizon Master Trust, Series 2024-3, Class A1A, 5.34% 4/22/2030 (d)
10,895
11,016
Verizon Master Trust, Series 2024-6, Class A1A, 4.17% 8/20/2030 (d)
7,750
7,752
Verizon Master Trust, Series 2025-9, Class A1A, 3.96% 10/21/2030 (4.67% on 10/20/2027) (d)(f)
18,658
18,601
Verizon Master Trust, Series 2026-1, Class A1A, 3.94% 2/20/2031 (4.69% on 2/20/2028) (d)(f)
20,495
20,406
Verizon Master Trust, Series 2025-7, Class A1A, 3.96% 8/20/2031 (d)
13,431
13,338
Verizon Master Trust, Series 2024-2, Class A, 4.83% 12/22/2031 (d)(e)
3,475
3,516
Verizon Master Trust, Series 2024-5, Class A, 5.00% 6/21/2032 (d)(e)
2,919
2,968
Short-Term Bond Fund of America — Page 10 of 37
unaudited
Bonds, notes & other debt instruments (continued)
Asset-backed obligations (continued)
Other asset-backed securities (continued)
 
Principal amount
(000)
Value
(000)
VFI ABS, LLC, Series 2025-1A, Class A, 4.78% 6/24/2030 (d)(e)
USD2,522
$2,529
Volvo Financial Equipment, LLC, Series 2024-1A, Class A2, 4.56% 5/17/2027 (d)(e)
170
170
Volvo Financial Equipment, LLC, Series 2025-1A, Class A2, 4.41% 11/15/2027 (d)(e)
2,318
2,321
Wingspire Equipment Finance, LLC, Series 2025-1A, Class B, 4.128% 10/20/2026 (d)(e)
531
531
Wingspire Equipment Finance, LLC, Series 2024-1A, Class A2, 4.99% 9/20/2032 (d)(e)
2,401
2,410
Wingspire Equipment Finance, LLC, Series 2025-1A, Class A2, 4.33% 9/20/2033 (d)(e)
1,228
1,228
Wingspire Equipment Finance, LLC, Series 2025-1A, Class B, 4.57% 9/20/2033 (d)(e)
1,490
1,484
 
1,123,127
Collateralized loan obligations 3.04%
 
 
 
37 Capital CLO 4, Ltd., Series 2023-2A, Class CR, (3-month USD CME Term SOFR + 1.80%) 5.473%
4/15/2035 (d)(e)(g)
1,000
997
522 Funding CLO, Ltd., Series 2019-5A, Class AR2, (3-month USD CME Term SOFR + 1.02%) 4.693%
4/15/2035 (d)(e)(g)
2,240
2,240
ABPCI Direct Lending Fund CLO VI, Ltd., Series 2019-6A, Class A1RR, (3-month USD CME Term
SOFR + 1.40%) 5.067% 1/27/2037 (d)(e)(g)
3,000
2,990
Allegro CLO X, Ltd., Series 2019-1A, Class ARR, (3-month USD CME Term SOFR + 1.13%) 4.805%
4/20/2032 (d)(e)(g)
1,248
1,249
Apex Credit CLO, LLC, Series 2021-2A, Class A1AR, (3-month USD CME Term SOFR + 1.18%)
4.855% 10/20/2034 (d)(e)(g)
4,688
4,689
Apidos CLO XXXII, Ltd., Series 2019-32A, Class A1R, (3-month USD CME Term SOFR + 1.10%)
4.775% 1/20/2033 (d)(e)(g)
3,724
3,732
Ares LIII CLO, Ltd., Series 2019-53A, Class A1R2, (3-month USD CME Term SOFR + 1.09%) 4.757%
10/24/2036 (d)(e)(g)
36,363
36,398
Ares LXII CLO, Ltd., Series 2021-62, Class A1R, (3-month USD CME Term SOFR + 1.07%) 4.737%
1/25/2034 (d)(e)(g)
6,580
6,578
Atlas Senior Loan Fund XVI, Ltd., CLO, Series 2021-16A, Class AR, (3-month USD CME Term SOFR +
1.10%) 4.775% 1/20/2034 (d)(e)(g)
2,908
2,910
Atlas Senior Loan Fund XVI, Ltd., CLO, Series 2021-16A, Class C1R, (3-month USD CME Term SOFR +
1.90%) 5.575% 1/20/2034 (d)(e)(g)
1,617
1,604
Bain Capital Credit CLO, Ltd., Series 2019-1A, Class AR3, (3-month USD CME Term SOFR + 0.98%)
4.655% 4/19/2034 (d)(e)(g)
13,798
13,786
Ballyrock CLO 20, Ltd., Series 2022-20A, Class A1A3, (3-month USD CME Term SOFR + 1.05%)
4.723% 10/15/2036 (d)(e)(g)
15,762
15,740
Barings CLO, Ltd., Series 2021-2A, Class A1R, (3-month USD CME Term SOFR + 1.07%) 4.743%
7/15/2034 (d)(e)(g)
5,604
5,603
Battalion CLO XIV, Ltd., Series 2019-14A, Class AR2, (3-month USD CME Term SOFR + 1.14%)
4.815% 1/20/2035 (d)(e)(g)
2,980
2,981
BCC Middle Market CLO, LLC, Series 2023-2A, Class A1R, (3-month USD CME Term SOFR + 1.35%)
5.022% 10/21/2035 (d)(e)(g)
2,140
2,131
Beechwood Park CLO, Ltd., Series 2019-1A, Class A1RR, (3-month USD CME Term SOFR + 1.07%)
4.75% 1/17/2035 (d)(e)(g)
4,000
3,999
BlackRock DLF X CLO, LP, Series 2025-2A, Class A, (3-month USD CME Term SOFR + 1.27%) 4.911%
11/21/2033 (d)(e)(g)
11,110
11,119
BlueMountain CLO XXXI, Ltd., Series 2021-31A, Class A1R, (3-month USD CME Term SOFR + 1.10%)
4.775% 4/19/2034 (d)(e)(g)
4,652
4,656
Canyon Capital CLO, Ltd., Series 2021-1A, Class AR, (3-month USD CME Term SOFR + 1.05%)
4.723% 4/15/2034 (d)(e)(g)
13,000
13,011
Cerberus Loan Funding 53, LLC, CLO, Series 2025-4A, Class A, (3-month USD CME Term SOFR +
1.48%) 5.153% 1/15/2038 (d)(e)(g)
5,000
5,004
CIFC Funding CLO, Ltd., Series 2023-2A, Class AR, (3-month USD CME Term SOFR + 1.13%) 4.802%
1/21/2037 (d)(e)(g)
11,947
11,961
CIFC Funding CLO, Ltd., Series 2023-2A, Class CR, (3-month USD CME Term SOFR + 1.65%) 5.322%
1/21/2037 (d)(e)(g)
1,417
1,411
Short-Term Bond Fund of America — Page 11 of 37
unaudited
Bonds, notes & other debt instruments (continued)
Asset-backed obligations (continued)
Collateralized loan obligations (continued)
 
Principal amount
(000)
Value
(000)
Crown City CLO, Series 2023-5AR, Class A1R2, (3-month USD CME Term SOFR + 1.25%) 4.91%
4/22/2037 (d)(e)(g)
USD3,000
$3,000
Dryden 45 Senior Loan Fund, CLO, Series 2016-45A, Class A1RR, (3-month USD CME Term SOFR +
1.08%) 4.753% 10/15/2030 (d)(e)(g)
675
675
Dryden 37 Senior Loan Fund, CLO, Series 2015-37, Class AR, (3-month USD CME Term SOFR +
1.362%) 5.035% 1/15/2031 (d)(e)(g)
158
158
Dryden 60 CLO, Ltd., Series 2018-60A, Class A, (3-month USD CME Term SOFR + 1.312%) 4.985%
7/15/2031 (d)(e)(g)
128
128
Dryden 113 CLO, Ltd., Series 2022-112A, Class AR2, (3-month USD CME Term SOFR + 1.14%)
4.791% 11/15/2036 (d)(e)(g)
3,000
2,998
Dryden 113 CLO, Ltd., Series 2022-11, Class AR3, (3-month USD CME Term SOFR + 1.09%) 4.763%
10/15/2037 (d)(e)(g)
3,000
3,003
Elevation CLO, Ltd., Series 2021-12A, Class C1R2, (3-month USD CME Term SOFR + 1.95%) 5.596%
4/20/2037 (d)(e)(g)
1,850
1,853
Elmwood CLO I, Ltd., Series 2019-1A, Class CR3, (3-month USD CME Term SOFR + 1.60%) 5.275%
4/20/2037 (d)(e)(g)
2,500
2,487
Flatiron CLO 28, Ltd., Series 2024-1A, Class A1R, (3-month USD CME Term SOFR + 1.08%) 4.753%
7/15/2036 (d)(e)(g)
7,269
7,274
Fortress Credit BSL IX, Ltd., CLO, Series 2020-1A, Class A1AR, (3-month USD CME Term SOFR +
1.10%) 4.775% 10/20/2033 (d)(e)(g)
3,385
3,386
Fortress Credit BSL VIII, Ltd., CLO, Series 2019-2A, Class A1AR, (3-month USD CME Term SOFR +
1.05%) 4.725% 10/20/2032 (d)(e)(g)
762
763
Fortress Credit BSL VIII, Ltd., CLO, Series 2019-2A, Class CR, (3-month USD CME Term SOFR +
2.00%) 5.675% 10/20/2032 (d)(e)(g)
1,750
1,752
Fortress Credit BSL XV, Ltd., CLO, Series 2022-2, Class AR, (3-month USD CME Term SOFR + 1.40%)
5.075% 10/18/2033 (d)(e)(g)
2,597
2,599
Fortress Credit BSL XVIII, Ltd., CLO, Series 2023-1A, Class A1R, (3-month USD CME Term SOFR +
1.57%) 5.236% 4/23/2036 (d)(e)(g)
2,400
2,403
Fortress Credit BSL XX, Ltd., CLO, Series 2023-3A, Class AR, (3-month USD CME Term SOFR +
1.24%) 4.906% 1/23/2037 (d)(e)(g)
12,000
12,011
Fortress Credit BSL XX, Ltd., CLO, Series 2023-3A, Class CR, (3-month USD CME Term SOFR +
1.75%) 5.416% 1/23/2037 (d)(e)(g)
726
724
Galaxy XXII CLO, Ltd., Series 2016-22A, Class BR4, (3-month USD CME Term SOFR + 1.40%) 5.28%
4/16/2034 (d)(e)(g)
1,533
1,533
GCRED BSL CLO 1, Series 2025-BSL1A, Class A1, (3-month USD CME Term SOFR + 1.05%) 4.714%
1/20/2034 (d)(e)(g)
25,500
25,495
GCRED BSL CLO 1, Series 2025-BSL1A, Class C, (3-month USD CME Term SOFR + 1.70%) 5.364%
1/20/2034 (d)(e)(g)
678
677
Golub Capital Partners CLO 31M, Ltd., Series 2016-31A, Class A2RR, (3-month USD CME Term SOFR
+ 1.75%) 5.408% 11/5/2037 (d)(e)(g)
1,000
1,001
Golub Capital Partners CLO 44M, Ltd., Series 2019-44A, Class A1R, (3-month USD CME Term SOFR
+ 1.57%) 5.245% 10/21/2038 (d)(e)(g)
3,000
3,001
Golub Capital Partners Static, Ltd., CLO, Series 2024-1, Class AR, (3-month USD CME Term SOFR +
1.12%) 4.795% 7/20/2035 (d)(e)(g)
687
688
Harvest US CLO, Ltd., Series 2023-1A, Class CR, (3-month USD CME Term SOFR + 1.75%) 5.423%
1/15/2037 (d)(e)(g)
1,213
1,204
Jamestown CLO XI, Ltd., Series 2018-11, Class A2, (3-month USD CME Term SOFR + 1.962%)
5.631% 7/14/2031 (d)(e)(g)
2,000
2,005
Jamestown CLO XIV, Ltd., Series 2019-14A, Class A1RR, (3-month USD CME Term SOFR + 1.04%)
4.715% 10/20/2034 (d)(e)(g)
9,301
9,303
KKR CLO, Ltd., Series 21, Class A, (3-month USD CME Term SOFR + 1.262%) 4.935%
4/15/2031 (d)(e)(g)
88
88
Magnetite XXII, Ltd., CLO, Series 2019-22, Class ARR, (3-month USD CME Term SOFR + 1.25%)
4.923% 7/15/2036 (d)(e)(g)
2,771
2,773
Short-Term Bond Fund of America — Page 12 of 37
unaudited
Bonds, notes & other debt instruments (continued)
Asset-backed obligations (continued)
Collateralized loan obligations (continued)
 
Principal amount
(000)
Value
(000)
Marble Point CLO XV, Ltd., Series 2019-1A, Class A1R2, (3-month USD CME Term SOFR + 1.04%)
4.706% 7/23/2032 (d)(e)(g)
USD11,741
$11,743
Marble Point CLO XV, Ltd., Series 2019-1A, Class BR2, (3-month USD CME Term SOFR + 1.60%)
5.266% 7/23/2032 (d)(e)(g)
1,250
1,251
Marble Point CLO XXIV, Ltd., Series 2022-1A, Class C1R, (3-month USD CME Term SOFR + 1.70%)
5.375% 4/20/2035 (d)(e)(g)
2,159
2,162
Monroe Capital Mml CLO XII, Ltd., Series 2021-2, Class A1, (3-month USD CME Term SOFR +
1.762%) 5.436% 9/14/2033 (d)(e)(g)
2,803
2,806
Neuberger Berman Loan Advisers CLO 50, Ltd., Series 2022-50A, Class CR2, (3-month USD CME
Term SOFR + 1.55%) 5.216% 7/23/2036 (d)(e)(g)
2,500
2,493
Neuberger Berman Loan Advisers LaSalle Street Lending CLO II, Ltd., Series 2024-2A, Class A1R
(3-month USD CME Term SOFR + 1.34%) 5.015% 4/20/2038 (d)(e)(g)
3,000
3,006
Palmer Square CLO, Ltd., Series 2018-2AR, Class BR2, (3-month USD CME Term SOFR + 1.90%)
5.542% 4/16/2037 (d)(e)(g)
1,600
1,601
Palmer Square Loan Funding, Ltd., CLO, Series 2022-4A, Class A1RN, (3-month USD CME Term
SOFR + 1.00%) 4.667% 7/24/2031 (d)(e)(g)
1,203
1,204
Palmer Square Loan Funding, Ltd., CLO, Series 2024-2A, Class A1R, (3-month USD CME Term SOFR
+ 0.82%) 4.493% 1/15/2033 (d)(e)(g)
2,022
2,023
Parallel, Ltd., CLO, Series 2023-1A, Class A1R, (3-month USD CME Term SOFR + 1.39%) 5.065%
7/20/2036 (d)(e)(g)
9,500
9,511
Post CLO, Ltd., Series 2022-1A, Class CR, (3-month USD CME Term SOFR + 1.70%) 5.375%
4/20/2035 (d)(e)(g)
2,000
2,003
PPM CLO 2, Ltd., Series 2019-2, Class CR2, (3-month USD CME Term SOFR + 2.80%) 6.48%
4/16/2037 (d)(e)(g)
3,000
2,992
Rockford Tower CLO, Ltd., Series 2018-1, Class A, (3-month USD CME Term SOFR + 1.362%) 5.004%
5/20/2031 (d)(e)(g)
10
10
Signal Peak CLO, LLC, Series 2018-5A, Class CR2, (3-month USD CME Term SOFR + 1.95%) 5.581%
4/25/2037 (d)(e)(g)
2,000
2,003
Sound Point CLO V-R LTD, Ltd., Series 2014-1R, Class A, (3-month USD CME Term SOFR + 1.412%)
5.087% 7/18/2031 (d)(e)(g)
1,292
1,294
Sound Point CLO XXXIII, Ltd., Series 2022-1A, Class AR, (3-month USD CME Term SOFR + 1.10%)
4.767% 4/20/2035 (d)(e)(g)
5,646
5,648
Sound Point CLO XXXIII, Ltd., Series 2022-1A, Class BR, (3-month USD CME Term SOFR + 1.75%)
5.417% 4/20/2035 (d)(e)(g)
1,256
1,259
Sounds Point CLO IV-R, Ltd., Series 2013-3R, Class A, (3-month USD CME Term SOFR + 1.412%)
5.087% 4/18/2031 (d)(e)(g)
65
65
Sounds Point CLO IV-R, Ltd., Series 2013-3R, Class C, (3-month USD CME Term SOFR + 2.512%)
6.187% 4/18/2031 (d)(e)(g)
1,200
1,204
Steele Creek CLO, Ltd., Series 2019-1A, Class ARR, (3-month USD CME Term SOFR + 1.04%) 4.713%
4/15/2032 (d)(e)(g)
7,159
7,160
Steele Creek CLO, Ltd., Series 2019-2A, Class ARR, (3-month USD CME Term SOFR + 1.00%) 4.673%
7/15/2032 (d)(e)(g)
10,203
10,198
TCW CLO AMR, Ltd., Series 2019-1A, Class AJR, (3-month USD CME Term SOFR + 1.609%) 5.258%
8/16/2034 (d)(e)(g)
1,000
1,001
Thompson Park CLO, Ltd., Series 2021-1A, Class A1R, (3-month USD CME Term SOFR + 1.05%)
4.723% 4/15/2034 (d)(e)(g)
23,898
23,904
Tralee CLO V, Ltd., Series 2018-5A, Class C1RR, (3-month USD CME Term SOFR + 2.00%) 5.414%
10/20/2034 (d)(e)(g)
3,150
3,122
Trimaran Cavu, Ltd., CLO, Series 2021-2A, Class CR, (3-month USD CME Term SOFR + 1.80%)
5.467% 10/25/2034 (d)(e)(g)
2,098
2,101
Trinitas CLO XII, Ltd., Series 2020-12A, Class A1R2, (3-month USD CME Term SOFR + 1.05%) 4.718%
4/25/2033 (d)(e)(g)
15,999
15,998
Valley Stream Park CLO, Ltd., Series 2022-1A, Class ARR, (3-month USD CME Term SOFR + 1.19%)
4.865% 1/20/2037 (d)(e)(g)
8,000
8,004
Short-Term Bond Fund of America — Page 13 of 37
unaudited
Bonds, notes & other debt instruments (continued)
Asset-backed obligations (continued)
Collateralized loan obligations (continued)
 
Principal amount
(000)
Value
(000)
Venture 36 CLO, Ltd., Series 2019-36A, Class A1AR, (3-month USD CME Term SOFR + 1.13%)
5.067% 4/20/2032 (d)(e)(g)
USD1,950
$1,952
Vibrant CLO IX-R, Ltd., Series 2018-9RA, Class B, (3-month USD CME Term SOFR + 1.60%) 5.275%
4/20/2037 (d)(e)(g)
3,857
3,861
Vibrant CLO, Ltd., Series 2023-16A, Class A1A2, (3-month USD CME Term SOFR + 1.25%) 4.896%
7/15/2036 (d)(e)(g)
10,325
10,328
Wind River CLO, Ltd., Series 2022-1AR, Class ARR, (3-month USD CME Term SOFR + 1.15%) 4.788%
7/20/2035 (d)(e)(g)
5,000
5,001
 
394,679
Credit card 1.95%
 
 
 
Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 (d)(e)
39,223
39,290
Bank of America Credit Card Trust, Series 2024-A1, Class A, 4.93% 5/15/2029 (d)
9,889
9,977
Barclays Dryrock Issuance Trust, Series 2025-1, Class A, 3.97% 7/15/2031 (d)
30,733
30,555
Chase Issuance Trust, Series 2024-A1, Class A, 4.60% 1/15/2029 (d)
15,114
15,176
Evergreen Credit Card Trust, Series 2025-CRT5, Class B, 5.24% 5/15/2029 (d)(e)
2,089
2,104
First National Master Note Trust, Series 2023-2, Class A, 5.77% 9/15/2029 (d)
10,347
10,398
First National Master Note Trust, Series 2025-1, Class A, 4.85% 2/15/2030 (d)
9,391
9,477
First National Master Note Trust, Series 2024-1, Class A, 5.34% 5/15/2030 (d)
4,219
4,267
Imprint Payments Credit Card Master Trust, Series 2025-A, Class A, 4.84% 9/15/2029 (d)(e)
8,501
8,471
Imprint Payments Credit Card Master Trust, Series 2025-A, Class B, 5.24% 9/15/2029 (d)(e)
921
918
Imprint Payments Credit Card Master Trust, Series 2025-A, Class C, 5.48% 9/15/2029 (d)(e)
714
713
Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78% 12/16/2030 (d)(e)
5,559
5,560
Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.06% 9/15/2031 (d)(e)
17,757
17,764
Mission Lane Credit Card Master Trust, Series 2025-B, Class B, 5.21% 9/15/2031 (d)(e)
1,659
1,659
Mission Lane Credit Card Master Trust, Series 2025-B, Class C, 5.41% 9/15/2031 (d)(e)
405
402
Mission Lane Credit Card Master Trust, Series 2026-A, Class A, 4.95% 7/15/2032 (d)(e)
16,512
16,482
Mission Lane Credit Card Master Trust, Series 2026-A, Class B, 5.34% 7/15/2032 (d)(e)
1,668
1,664
Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/2029 (d)
5,633
5,644
Synchrony Card Issuance Trust, Series 2023-A2, Class A, 5.74% 10/15/2029 (d)
3,984
4,009
Synchrony Card Issuance Trust, Series 2024-A2, Class A, 4.93% 7/15/2030 (d)
8,978
9,054
Synchrony Card Issuance Trust, Series 2025-A1, Class A, 4.78% 2/15/2031 (d)
7,759
7,828
Synchrony Card Issuance Trust, Series 2025-A2, Class A, 4.49% 5/15/2031 (d)
17,351
17,398
Synchrony Card Issuance Trust, Series 2025-A3, Class A, 4.06% 11/15/2031 (d)
13,956
13,860
World Financial Network Credit Card Master Trust, Series 2024-A, Class A, 5.47% 2/15/2031 (d)
5,394
5,454
World Financial Network Credit Card Master Trust, Series 2024-B, Class A, 4.62% 5/15/2031 (d)
15,181
15,246
 
253,370
Student loan 0.23%
 
 
 
Nelnet Student Loan Trust, Series 2025-AA, Class A1A, 5.07% 3/15/2057 (d)(e)
6,345
6,354
Nelnet Student Loan Trust, Series 2026-A, Class B, 4.78% 2/21/2061 (d)(e)
2,244
2,221
Nelnet Student Loan Trust, Series 2021-CA, Class AFX, 1.32% 4/20/2062 (d)(e)
6,499
6,126
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 (d)(e)
3,736
3,564
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 (d)(e)
10,112
9,616
Prodigy Finance DAC, Series 2021-1A, Class A, (1-month USD CME Term SOFR + 1.364%) 4.949%
7/25/2051 (d)(e)(g)
302
302
SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%)
5.193% 11/15/2052 (d)(e)(g)
729
737
SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 1/15/2053 (d)(e)
1,055
970
 
29,890
Total asset-backed obligations
3,063,971
Short-Term Bond Fund of America — Page 14 of 37
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations 17.76%
Collateralized mortgage-backed obligations (privately originated) 6.87%
 
Principal amount
(000)
Value
(000)
Angel Oak Mortgage Trust, Series 2022-6, Class A1, 4.30% 7/25/2067 (5.30% on 9/1/2026) (d)(e)(f)
USD12,010
$11,968
Angel Oak Mortgage Trust, Series 2024-7, Class A1, 5.621% 5/25/2069 (6.621% on 7/1/2028) (d)(e)(f)
4,128
4,150
Angel Oak Mortgage Trust, Series 2024-8, Class A1, 5.338% 5/27/2069 (6.338% on 8/1/2028) (d)(e)(f)
4,172
4,179
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 (d)(e)(g)
1,703
1,563
Arroyo Mortgage Trust, Series 2019-1, Class A1, 3.805% 1/25/2049 (d)(e)(g)
1,643
1,605
Arroyo Mortgage Trust, Series 2019-2, Class A2, 3.498% 4/25/2049 (d)(e)(g)
201
196
Arroyo Mortgage Trust, Series 2019-2, Class A3, 3.80% 4/25/2049 (d)(e)(g)
1,586
1,549
Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 3/25/2055 (d)(e)
423
414
Arroyo Mortgage Trust, Series 2022-1, Class A1A, 3.495% 12/25/2056 (d)(e)
7,471
7,272
Aspire Mortgage Trust, Series 2026-2, Class A1A, 5.325% 4/26/2066 (6.325% on 4/1/2030) (d)(e)(f)
18,093
18,114
Atlas SP, Series 2024-RPL1, Class A1, 3.85% 4/25/2064 (4.85% on 8/1/2028) (d)(e)(f)
10,975
10,696
BINOM Securitization Trust, Series 2022-RPL1, Class A1, 3.00% 2/25/2061 (d)(e)(g)
1,665
1,548
BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 5/25/2059 (d)(e)(g)
4,896
4,607
BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 5/26/2059 (d)(e)(g)
1,915
1,900
BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/2061 (d)(e)(g)
254
232
BRAVO Residential Funding Trust, Series 2022-NQM2, Class A1, 5.272% 11/25/2061 (d)(e)
448
446
BRAVO Residential Funding Trust, Series 2023-NQM4, Class M1, 6.96% 5/25/2063 (d)(e)(g)
4,035
4,025
BRAVO Residential Funding Trust, Series 2023-NQM7, Class B1, 7.88% 9/25/2063 (d)(e)(g)
535
538
BRAVO Residential Funding Trust, Series 2023-NQM8, Class A1, 6.394% 10/25/2063 (7.394% on
11/1/2027) (d)(e)(f)
1,142
1,145
BRAVO Residential Funding Trust, Series 2024-NQM1, Class A1, 5.943% 12/1/2063 (6.943% on 1/1/2028) (d)(e)(f)
1,510
1,515
BRAVO Residential Funding Trust, Series 2025-NQM1, Class A1, 5.604% 12/25/2064 (d)(e)(f)
7,008
7,046
BRAVO Residential Funding Trust, Series 2025-NQM5, Class A1, 5.496% 2/25/2065 (6.496% on 5/1/2027) (d)(e)(f)
10,462
10,507
BRAVO Residential Funding Trust, Series 2025-NQM4, Class A1, 5.613% 2/25/2065 (d)(e)(f)
4,083
4,106
Bridge Trust, Series 2024-SFR1, Class A, 4.00% 8/17/2040 (d)(e)
7,105
6,876
Bunker Hill Loan Depositary Trust, Series 2019-2, Class A1, 2.879% 7/25/2049 (d)(e)(g)
993
978
Cantor Commercial Real Estate Lending, Series 2019-CF1, Class AS, 4.027% 5/15/2052 (d)
1,000
952
Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 (d)(e)(g)
8,844
8,822
Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 (d)(e)(g)
23,159
22,724
Cascade Funding Mortgage Trust, Series 2024-R1, Class A1, 4.00% 10/25/2054 (5.00% on 10/25/2028) (d)(e)(f)
5,867
5,763
CIM Trust, Series 2020-R5, Class M1, 2.75% 12/25/2059 (d)(e)(g)
5,700
5,424
CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 (d)(e)(g)
7,033
6,636
CIM Trust, Series 2020-R7, Class A1B, 2.25% 12/27/2061 (d)(e)(g)
2,556
2,037
CIM Trust, Series 2024-R1, Class A1, 4.75% 6/25/2064 (d)(e)(g)
1,783
1,753
Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060 (d)(e)(g)
898
854
COLT Funding, LLC, Series 2023-1, Class A1, 6.048% 4/25/2068 (7.048% on 4/1/2027) (d)(e)(f)
5,160
5,149
COLT Funding, LLC, Series 2023-3, Class A1, 7.18% 9/25/2068 (8.18% on 9/1/2027) (d)(e)(f)
3,010
3,023
COLT Funding, LLC, Series 2023-4, Class A1, 7.163% 10/25/2068 (8.163% on 10/1/2027) (d)(e)(f)
944
950
COLT Funding, LLC, Series 2025-1, Class A1, 5.699% 1/25/2070 (6.699% on 1/1/2029) (d)(e)(f)
6,986
7,031
COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066 (d)(e)(g)
6,408
5,816
Connecticut Avenue Securities Trust, Series 2017-C01, Class 1B1, (30-day Average USD-SOFR + 5.864%) 9.477%
7/25/2029 (d)(g)
850
874
Connecticut Avenue Securities Trust, Series 2018-C01, Class 1M2C, (30-day Average USD-SOFR + 2.364%)
5.977% 7/25/2030 (d)(g)
2,767
2,814
Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) 5.512%
6/25/2043 (d)(e)(g)
1,396
1,405
Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M1, (30-day Average USD-SOFR + 1.05%) 4.662%
1/25/2044 (d)(e)(g)
992
992
Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M1, (30-day Average USD-SOFR + 1.10%) 4.712%
2/25/2044 (d)(e)(g)
169
170
Connecticut Avenue Securities Trust, Series 2024-R04, Class 1A1, (30-day Average USD-SOFR + 1.00%) 4.612%
5/25/2044 (d)(e)(g)
3,335
3,342
Connecticut Avenue Securities Trust, Series 2024-R06, Class 1A1, (30-day Average USD-SOFR + 1.15%) 4.762%
9/25/2044 (d)(e)(g)
4,149
4,160
Short-Term Bond Fund of America — Page 15 of 37
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued)
 
Principal amount
(000)
Value
(000)
Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%) 4.612%
2/25/2045 (d)(e)(g)
USD2,805
$2,809
Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%) 4.762%
2/25/2045 (d)(e)(g)
757
757
Connecticut Avenue Securities Trust, Series 2025-R03, Class 1M1, (30-day Average USD-SOFR + 0.95%) 4.562%
9/25/2045 (d)(e)(g)
3,615
3,613
Connecticut Avenue Securities Trust, Series 2026-R02, Class 1M1, (30-day Average USD-SOFR + 1.05%) 4.662%
2/25/2046 (d)(e)(g)
4,718
4,720
Finance of America Structured Securities Trust, Series 2025-PC1, Class A1, 4.50% 5/25/2075 (d)(e)(f)
13,501
13,099
Freddie Mac STACR REMIC Trust, Series 2021-DNA3, Class M2, (30-day Average USD-SOFR + 2.10%) 5.712%
10/25/2033 (d)(e)(g)
651
663
Freddie Mac STACR REMIC Trust, Series 2021-DNA5, Class M2, (30-day Average USD-SOFR + 1.65%) 5.262%
1/25/2034 (d)(e)(g)
383
384
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2016-DNA3, Class M3, (30-day Average
USD-SOFR + 5.114%) 8.727% 12/25/2028 (d)(g)
3,410
3,420
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA2, Class M1A, (30-day Average
USD-SOFR + 1.30%) 4.912% 2/25/2042 (d)(e)(g)
78
78
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1A, (30-day Average
USD-SOFR + 2.95%) 6.562% 6/25/2042 (d)(e)(g)
4,814
4,872
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average
USD-SOFR + 3.70%) 7.312% 9/25/2042 (d)(e)(g)
4,000
4,132
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA1, Class A1, (30-day Average
USD-SOFR + 1.35%) 4.962% 2/25/2044 (d)(e)(g)
5,907
5,930
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA3, Class A1, (30-day Average
USD-SOFR + 0.95%) 4.562% 9/25/2045 (d)(e)(g)
1,738
1,741
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2026-DNA1, Class A1, (30-day Average
USD-SOFR + 0.85%) 4.462% 2/25/2046 (d)(e)(g)
11,474
11,474
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2018-DNA3, Class M2, (30-day Average
USD-SOFR + 2.214%) 5.827% 9/25/2048 (d)(e)(g)
2,038
2,077
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-HQA5, Class B1, (30-day Average
USD-SOFR + 4.00%) 7.612% 11/25/2050 (d)(e)(g)
7,155
7,870
GCAT Trust, Series 2024-NQM1, Class A1, 6.007% 1/25/2059 (7.007% on 1/1/2028) (d)(e)(f)
498
500
GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) (d)(e)(f)
2,377
2,394
GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/2066 (d)(e)(g)
10,741
9,850
GS Mortgage-Backed Securities Trust, Series 2024-RPL2, Class A1, 3.75% 7/25/2061 (4.75% on 2/1/2028) (d)(e)(f)
5,545
5,419
GS Mortgage-Backed Securities Trust, Series 2025-RPL3, Class A1, 4.10% 7/25/2065 (5.10% on 6/1/2029) (d)(e)(f)
2,967
2,881
Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026 (d)(e)
4,196
4,134
Home Partners of America Trust, Series 2021-2, Class C, 2.402% 12/17/2026 (d)(e)
8,818
8,696
Home Partners of America Trust, Series 2022-1, Class A, 3.93% 4/17/2039 (d)(e)
223
222
Imperial Fund Mortgage Trust, Series 2022-NQM7, Class A1, 7.369% 11/25/2067 (8.369% on 11/1/2026) (d)(e)(f)
7,222
7,246
Imperial Fund Mortgage Trust, Series 2023-NQM1, Class A1, 5.941% 2/25/2068 (6.941% on 1/1/2027) (d)(e)(f)
12,047
12,023
JP Morgan Mortgage Trust, Series 2026-NQX1, Class A1, 5.50% 7/25/2066 (d)(e)(g)
9,116
9,131
Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 5.75% 4/25/2061 (d)(e)
1,686
1,688
Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 6.25% 7/25/2067 (d)(e)
4,863
4,871
Liberty Street Trust, Series 2026-225L, Class A, 4.746% 2/10/2043 (d)(e)(g)
4,997
4,921
MFRA Trust, Series 2020-NQM1, Class A1, 2.479% 3/25/2065 (d)(e)(g)
640
626
MFRA Trust, Series 2024-NQM2, Class A1, 5.272% 8/25/2069 (6.272% on 8/1/2028) (d)(e)(f)
3,585
3,588
MFRA Trust, Series 2024-NQM3, Class A1, 5.722% 12/25/2069 (6.722% on 12/1/2028) (d)(e)(f)
4,792
4,819
MFRA Trust, Series 2025-NQM3, Class A1, 5.261% 8/25/2070 (6.261% on 7/1/2029) (d)(e)(f)
7,184
7,181
Mill City Mortgage Trust, Series 15-1, Class M3, 3.743% 6/25/2056 (d)(e)(g)
1,493
1,484
Mill City Mortgage Trust, Series 2019-GS2, Class A1, 2.75% 8/25/2059 (d)(e)(g)
1,742
1,702
Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM2, Class A1, 6.386% 5/25/2069 (7.386% on
5/1/2028) (d)(e)(f)
10,564
10,657
Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM3, Class A1, 5.044% 7/25/2069 (d)(e)(g)
3,009
3,009
Short-Term Bond Fund of America — Page 16 of 37
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued)
 
Principal amount
(000)
Value
(000)
New Residential Mortgage Loan Trust, Series 2016-2, Class A1, 3.75% 11/26/2035 (d)(e)(g)
USD167
$162
New Residential Mortgage Loan Trust, Series 2015-2A, Class A1, 3.75% 8/25/2055 (d)(e)(g)
345
334
New Residential Mortgage Loan Trust, Series 2016-1A, Class A1, 3.75% 3/25/2056 (d)(e)(g)
150
144
New Residential Mortgage Loan Trust, Series 2018-RPL1, Class A1, 3.50% 12/25/2057 (d)(e)(g)
1,022
993
New Residential Mortgage Loan Trust, Series 2019-2A, Class A1, 4.25% 12/25/2057 (d)(e)(g)
289
282
New Residential Mortgage Loan Trust, Series 2018-5A, Class A1, 4.75% 12/25/2057 (d)(e)(g)
556
549
New Residential Mortgage Loan Trust, Series 2018-3A, Class A1, 4.50% 5/25/2058 (d)(e)(g)
523
508
New Residential Mortgage Loan Trust, Series 2020-RPL1, Class A1, 2.75% 11/25/2059 (d)(e)(g)
3,745
3,601
New Residential Mortgage Loan Trust, Series 2025-NQM2, Class A1, 5.566% 4/25/2065 (d)(e)(f)
3,444
3,461
New York Mortgage Trust, Series 2024-CP1, Class A1, 3.75% 2/25/2068 (d)(e)(g)
2,432
2,259
Ocwen Loan Investment Trust, Series 2024-HB1, Class A, 3.00% 2/25/2037 (d)(e)
3,206
3,171
Onslow Bay Financial Mortgage Loan Trust, Series 2022-NQM7, Class A1, 5.11% 8/25/2062 (6.11% on
8/1/2026) (d)(e)(f)
2,613
2,609
Onslow Bay Financial Mortgage Loan Trust, Series 2023-NQM4, Class A1, 6.113% 3/25/2063 (7.113% on
5/1/2027) (d)(e)(f)
4,414
4,404
Onslow Bay Financial Mortgage Loan Trust, Series 2025-NQM8, Class A1, 5.472% 3/25/2065 (6.472% on
5/1/2029) (d)(e)(f)
9,597
9,639
Onslow Bay Financial Mortgage Loan Trust, Series 2026-NQM4, Class A1, 5.173% 2/25/2066 (d)(e)(g)
12,410
12,395
Onslow Bay Financial, LLC, Series 2024-HYB2, Class A1, 3.705% 4/25/2053 (d)(e)(g)
10,801
10,825
Onslow Bay Financial, LLC, Series 2022-NQM6, Class A1, 4.70% 7/25/2062 (5.70% on 6/1/2026) (d)(e)(f)
7,730
7,713
Onslow Bay Financial, LLC, Series 2026-R1, Class A1, 4.884% 1/25/2063 (d)(e)(g)
16,015
15,864
Onslow Bay Financial, LLC, Series 2023-NQM7, Class A1, 6.844% 4/25/2063 (7.844% on 9/1/2027) (d)(e)(f)
1,888
1,894
Onslow Bay Financial, LLC, Series 2023-NQM8, Class A1, 7.045% 09/25/2063 (8.045% on 9/1/2027) (d)(e)(f)
842
845
Onslow Bay Financial, LLC, Series 2023-NQM10, Class A1, 6.465% 10/25/2063 (7.465% on 11/1/2027) (d)(e)(f)
1,931
1,939
Onslow Bay Financial, LLC, Series 2023-NQM9, Class A1, 7.159% 10/25/2063 (8.159% on 10/1/2027) (d)(e)(f)
2,272
2,285
Onslow Bay Financial, LLC, Series 2024-NQM1, Class A1, 5.928% 11/25/2063 (6.928% on 12/1/2027) (d)(e)(f)
722
724
Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 1/25/2064 (6.988% on 3/1/2028) (d)(e)(f)
5,920
5,953
Onslow Bay Financial, LLC, Series 2024-NQM4, Class A1, 6.067% 1/25/2064 (7.067% on 2/1/2028) (d)(e)(f)
4,910
4,937
Onslow Bay Financial, LLC, Series 2024-NQM6, Class A1, 6.447% 2/25/2064 (7.447% on 4/1/2028) (d)(e)(f)
1,501
1,515
Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) (d)(e)(f)
6,736
6,789
Onslow Bay Financial, LLC, Series 2024-NQM10, Class A1, 6.18% 5/25/2064 (7.18% on 6/1/2028) (d)(e)(f)
6,082
6,136
Onslow Bay Financial, LLC, Series 2024-NQM8, Class A1, 6.233% 5/25/2064 (7.233% on 5/1/2028) (d)(e)(f)
20,209
20,382
Onslow Bay Financial, LLC, Series 2024-NQM13, Class A1, 5.116% 6/25/2064 (6.116% on 8/1/2028) (d)(e)(f)
2,771
2,774
Onslow Bay Financial, LLC, Series 2024-NQM11, Class A1, 5.875% 6/25/2064 (6.825% on 7/1/2028) (d)(e)(f)
5,400
5,444
Onslow Bay Financial, LLC, Series 2024-NQM17, Class A1, 5.61% 11/25/2064 (6.61% on 11/1/2028) (d)(e)(f)
16,168
16,257
Onslow Bay Financial, LLC, Series 2025-NQM3, Class A1, 5.648% 12/1/2064 (6.648% on 2/1/2029) (d)(e)(f)
5,108
5,140
Onslow Bay Financial, LLC, Series 2025-NQM1, Class A1, 5.547% 12/25/2064 (6.547% on 12/1/2028) (d)(e)(f)
15,792
15,872
Onslow Bay Financial, LLC, Series 2025-NQM12, Class A1, 5.316% 6/25/2065 (6.316% on 6/1/2031) (d)(e)(f)
4,343
4,350
Onslow Bay Financial, LLC, Series 2025-NQM14, Class A1A, 5.162% 7/25/2065 (6.162% on 7/1/2029) (d)(e)(f)
3,891
3,889
Onslow Bay Financial, LLC, Series 2025-NQM16, Class A1A, 4.905% 8/25/2065 (5.905% on 9/1/2029) (d)(e)(f)
4,702
4,677
Onslow Bay Financial, LLC, Series 2025-NQM18, Class A1A, 5.057% 9/25/2065 (6.057% on 9/1/2029) (d)(e)(f)
5,683
5,674
Onslow Bay Financial, LLC, Series 2025-NQM19, Class A1, 4.869% 10/25/2065 (d)(e)(g)
12,505
12,444
Onslow Bay Financial, LLC, Series 2026-NQM5, Class A1, 5.321% 1/25/2066 (d)(e)(g)
7,688
7,702
PRKCM Trust, Series 2021-AFC2, Class A1, 2.071% 11/25/2056 (d)(e)(g)
5,872
5,180
PRKCM Trust, Series 23-AFC4, Class A1, 7.225% 11/25/2058 (8.225% on 10/1/2027) (d)(e)(f)
2,637
2,650
Progress Residential Trust, Series 2021-SFR6, Class A, 1.524% 7/17/2038 (d)(e)
5,650
5,627
Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039 (d)(e)
614
606
Progress Residential Trust, Series 2024-SFR1, Class A, 3.35% 2/17/2041 (d)(e)
3,781
3,634
Progress Residential Trust, Series 2024-SFR3, Class A, 3.00% 6/17/2041 (d)(e)
5,576
5,280
Progress Residential Trust, Series 2025-SFR2, Class A, 3.305% 4/17/2042 (d)(e)
3,367
3,176
Progress Residential Trust, Series 2025-SFR3, Class B, 3.39% 7/17/2042 (d)(e)
6,000
5,595
Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2042 (d)(e)
4,098
3,864
Progress Residential Trust, Series 2025-SFR6, Class A, 4.00% 12/17/2042 (d)(e)
1,488
1,431
Progress Residential Trust, Series 2026-SFR2, Class A, 4.24% 5/17/2043 (d)(e)
6,233
6,023
Short-Term Bond Fund of America — Page 17 of 37
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued)
 
Principal amount
(000)
Value
(000)
PRP Advisors, LLC, Series 2025-RPL3, Class A1, 3.25% 4/25/2055 (4.25% on 4/1/2028) (d)(e)(f)
USD3,272
$3,172
Sequoia Mortgage Trust, Series 2025-HYB1, Class A1A, 5.03% 10/25/2055 (d)(e)(g)
11,422
11,463
Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%)
5.377% 10/17/2041 (d)(e)(g)
4,394
4,395
Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%)
5.078% 2/17/2042 (d)(e)(g)
2,336
2,332
Starwood Mortgage Residential Trust, Series 2025-SFR6, Class A, (1-month USD CME Term SOFR + 1.40%)
5.028% 8/17/2042 (d)(e)(g)
12,000
11,998
Towd Point Mortgage Trust, Series 2019-HY1, Class A1, (1-month USD CME Term SOFR + 1.115%) 4.699%
10/25/2048 (d)(e)(g)
1,314
1,317
Towd Point Mortgage Trust, Series 2015-3, Class B1, 4.207% 3/25/2054 (d)(e)(g)
2,637
2,621
Towd Point Mortgage Trust, Series 2016-1, Class B1, 4.30% 2/25/2055 (d)(e)(g)
1,830
1,809
Towd Point Mortgage Trust, Series 2015-5, Class B1, 3.961% 5/25/2055 (d)(e)(g)
17,794
17,625
Towd Point Mortgage Trust, Series 2016-2, Class M1, 3.00% 8/25/2055 (d)(e)(g)
1,252
1,244
Towd Point Mortgage Trust, Series 2016-3, Class M2, 4.00% 4/25/2056 (d)(e)(g)
1,124
1,121
Towd Point Mortgage Trust, Series 2016-3, Class B1, 4.074% 4/25/2056 (d)(e)(g)
1,788
1,767
Towd Point Mortgage Trust, Series 2016-4, Class M2, 3.75% 7/25/2056 (d)(e)(g)
2,538
2,512
Towd Point Mortgage Trust, Series 2016-5, Class M1, 3.375% 10/25/2056 (d)(e)(g)
4,000
3,931
Towd Point Mortgage Trust, Series 2017-2, Class M1, 3.75% 4/25/2057 (d)(e)(g)
5,084
5,040
Towd Point Mortgage Trust, Series 2017-2, Class M2, 3.75% 4/25/2057 (d)(e)(g)
946
918
Towd Point Mortgage Trust, Series 2017-2, Class A4, 3.75% 4/25/2057 (d)(e)(g)
301
298
Towd Point Mortgage Trust, Series 2017-4, Class A1, 2.75% 6/25/2057 (d)(e)(g)
1,265
1,247
Towd Point Mortgage Trust, Series 2017-4, Class A2, 3.00% 6/25/2057 (d)(e)(g)
944
900
Towd Point Mortgage Trust, Series 2017-3, Class M1, 3.50% 7/25/2057 (d)(e)(g)
2,300
2,246
Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 10/25/2057 (d)(e)(g)
855
847
Towd Point Mortgage Trust, Series 2017-6, Class A2, 3.00% 10/25/2057 (d)(e)(g)
3,000
2,895
Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00% 1/25/2058 (d)(e)(g)
72
72
Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 3/25/2058 (d)(e)(g)
1,960
1,952
Towd Point Mortgage Trust, Series 2018-2, Class A2, 3.50% 03/25/2058 (d)(e)(g)
3,500
3,423
Towd Point Mortgage Trust, Series 2019-1, Class A1, 3.75% 3/25/2058 (d)(e)(g)
3,277
3,186
Towd Point Mortgage Trust, Series 2018-6, Class A1A, 3.75% 3/25/2058 (d)(e)(g)
128
128
Towd Point Mortgage Trust, Series 2018-3, Class A1, 3.75% 5/25/2058 (d)(e)(g)
2,983
2,937
Towd Point Mortgage Trust, Series 2019-HY2, Class A1, (1-month USD CME Term SOFR + 1.114%) 4.699%
5/25/2058 (d)(e)(g)
139
141
Towd Point Mortgage Trust, Series 2019-2, Class A1, 3.75% 12/25/2058 (d)(e)(g)
1,639
1,590
Towd Point Mortgage Trust, Series 2019-HY3, Class A1A, (1-month USD CME Term SOFR + 1.115%) 4.699%
10/25/2059 (d)(e)(g)
671
672
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060 (d)(e)
2,279
2,079
Towd Point Mortgage Trust, Series 2015-2, Class 1B2, 3.587% 11/25/2060 (d)(e)(g)
7,156
6,965
Towd Point Mortgage Trust, Series 2023-1, Class A1, 3.75% 1/25/2063 (d)(e)
7,405
7,069
Towd Point Mortgage Trust, Series 2024-3, Class A1A, 4.963% 7/25/2065 (d)(e)(g)
2,714
2,703
Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.482% 11/17/2039 (d)(e)
764
730
Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038 (d)(e)
5,066
5,046
Tricon Residential Trust, Series 2022-SFR1, Class A, 3.856% 4/17/2039 (d)(e)
7,245
7,194
Tricon Residential Trust, Series 2024-SFR2, Class A, 4.75% 6/17/2040 (d)(e)
3,424
3,408
Tricon Residential Trust, Series 2023-SFR2, Class A, 5.00% 12/17/2040 (d)(e)
2,716
2,710
Tricon Residential Trust, Series 2024-SFR3, Class A, 4.50% 8/17/2041 (d)(e)
5,919
5,848
Verus Securitization Trust, Series 2025-R1, Class A1, 5.402% 5/25/2065 (6.402% on 7/1/2029) (d)(e)(f)
7,188
7,208
Verus Securitization Trust, Series 2026-R1, Class A1, 4.832% 10/25/2067 (5.832% on 1/1/2030) (d)(e)(f)
2,811
2,788
Verus Securitization Trust, Series 2026-R5, Class A1, 5.457% 3/25/2068 (d)(e)(g)
7,459
7,483
Verus Securitization Trust, Series 2023-5, Class A5, 6.476% 6/25/2068 (7.476% on 6/1/2027) (d)(e)(f)
6,705
6,691
Verus Securitization Trust, Series 2023-6, Class A3, 7.09% 9/25/2068 (8.09% on 9/1/2027) (d)(e)(f)
1,851
1,856
Verus Securitization Trust, Series 2023-7, Class A1, 7.07% 10/25/2068 (8.07% on 10/1/2027) (d)(e)(f)
3,423
3,442
Verus Securitization Trust, Series 2024-2, Class A1, 6.095% 2/25/2069 (7.095% on 2/1/2028) (d)(e)(f)
3,654
3,674
Short-Term Bond Fund of America — Page 18 of 37
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued)
 
Principal amount
(000)
Value
(000)
Verus Securitization Trust, Series 2024-3, Class A1, 6.338% 4/25/2069 (7.338% on 4/1/2028) (d)(e)(f)
USD17,590
$17,737
Verus Securitization Trust, Series 2024-5, Class A1, 6.192% 6/25/2069 (7.192% on 6/1/2028) (d)(e)(f)
4,804
4,856
Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) (d)(e)(f)
6,295
6,348
Verus Securitization Trust, Series 2024-7, Class A1, 5.095% 9/25/2069 (d)(e)(g)
8,173
8,171
Verus Securitization Trust, Series 2024-R1, Class A1, 5.218% 9/25/2069 (d)(e)(g)
4,353
4,357
Verus Securitization Trust, Series 2024-8, Class A1, 5.364% 10/25/2069 (d)(e)(g)
4,266
4,279
Verus Securitization Trust, Series 2024-9, Class A1, 5.438% 11/25/2069 (d)(e)(g)
4,921
4,940
Verus Securitization Trust, Series 2025-3, Class A1, 5.623% 5/25/2070 (6.623% on 4/1/2029) (d)(e)(f)
4,355
4,383
Verus Securitization Trust, Series 2025-7, Class A1, 5.129% 8/25/2070 (6.129% on 8/1/2029) (d)(e)(f)
6,954
6,955
Verus Securitization Trust, Series 2025-8, Class A1A, 4.869% 9/25/2070 (5.869% on 9/1/2029) (d)(e)(f)
7,343
7,303
Verus Securitization Trust, Series 2026-2, Class A1, 4.59% 2/25/2071 (d)(e)(g)
7,302
7,217
Verus Securitization Trust, Series 2026-4, Class A1, 4.998% 4/25/2071 (d)(e)(g)
9,592
9,565
 
890,952
Commercial mortgage-backed securities 5.55%
 
 
 
ALA Trust, Series 2025-OANA, Class A, (1-month USD CME Term SOFR + 1.743%) 5.37% 6/15/2040 (d)(e)(g)
1,130
1,136
AMSR Trust, Series 2021-SFR3, Class A, 1.476% 10/17/2038 (d)(e)
1,981
1,959
AMSR Trust, Series 2025-SFR1, Class A, 3.655% 6/17/2042 (d)(e)
9,583
9,123
AMSR Trust, Series 2025-SFR1, Class C, 3.655% 6/17/2042 (d)(e)
878
822
AMSR Trust, Series 2025-SFR1, Class B, 3.655% 6/17/2042 (d)(e)
594
560
AMSR Trust, Series 2025-SFR2, Class A, 4.275% 11/17/2042 (d)(e)
4,452
4,325
ARES Commercial Mortgage Trust, Series 24-IND, Class A, (1-month USD CME Term SOFR + 1.69%) 5.319%
7/15/2041 (d)(e)(g)
1,342
1,347
Atrium Hotel Portfolio Trust, Series 2024-ATRM, Class A, 5.59% 11/10/2029 (d)(e)(g)
7,479
7,531
Bank Commercial Mortgage Trust, Series 2017-BNK4, Class A3, 3.362% 5/15/2050 (d)
10,654
10,580
Bank Commercial Mortgage Trust, Series 2017-BNK4, Class A4, 3.625% 5/15/2050 (d)
3,099
3,071
Bank Commercial Mortgage Trust, Series 2023-5YR1, Class A3, 6.26% 4/15/2056 (d)(g)
1,465
1,497
Bank Commercial Mortgage Trust, Series 2023-5YR3, Class AS, 7.559% 9/15/2056 (d)(g)
4,885
5,130
Bank Commercial Mortgage Trust, Series 2024-5YR8, Class A3, 5.884% 8/15/2057 (d)
710
733
Bank Commercial Mortgage Trust, Series 2024-5YR11, Class A3, 5.893% 11/15/2057 (d)
12,896
13,303
Bank Commercial Mortgage Trust, Series 2024-5YR11, Class AS, 6.139% 11/15/2057 (d)
1,881
1,932
Bank Commercial Mortgage Trust, Series 2024-5YR12, Class A3, 5.902% 12/15/2057 (d)(g)
2,085
2,157
Bank Commercial Mortgage Trust, Series 2024-5YR12, Class AS, 6.122% 12/15/2057 (d)(g)
1,798
1,846
Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 8/15/2061 (d)
1,185
1,124
Bank Commercial Mortgage Trust, Series 2019-BN18, Class A4, 3.584% 5/15/2062 (d)
1,613
1,554
Bank Commercial Mortgage Trust, Series 2019-BN24, Class A3, 2.96% 11/15/2062 (d)
1,649
1,553
Bank5, Series 2025-5YR18, Class AS, 5.466% 12/15/2058 (d)(g)
2,247
2,257
Barclays Commercial Mortgage Securities, LLC, Series 2018-TALL, Class A, ((1-month USD CME Term SOFR +
0.047%) + 0.872%) 4.546% 3/15/2037 (d)(e)(g)
6,045
5,740
Barclays Commercial Mortgage Securities, LLC, Series 23-5C23, Class AS, 7.701% 12/15/2056 (d)(g)
388
407
Barclays Commercial Mortgage Securities, LLC, Series 2024-5C31, Class AS, 5.852% 12/15/2057 (d)(g)
1,719
1,754
Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/2053 (d)(g)
1,570
1,561
Benchmark Mortgage Trust, Series 2020-B19, Class A5, 1.85% 9/15/2053 (d)
5,087
4,539
Benchmark Mortgage Trust, Series 2024-V7, Class A3, 6.228% 5/15/2056 (d)(g)
4,348
4,514
Benchmark Mortgage Trust, Series 2024-V5, Class AM, 6.417% 1/10/2057 (d)(g)
672
695
Benchmark Mortgage Trust, Series 2025-V14, Class AM, 6.09% 4/15/2057 (d)(g)
276
284
Benchmark Mortgage Trust, Series 2024-V8, Class A3, 6.189% 7/15/2057 (d)(g)
1,987
2,064
Benchmark Mortgage Trust, Series 2024-V9, Class A3, 5.602% 8/15/2057 (d)
13,088
13,390
Benchmark Mortgage Trust, Series 2024-V9, Class AS, 6.064% 8/15/2057 (d)(g)
300
307
Benchmark Mortgage Trust, Series 2024-V10, Class A3, 5.277% 9/15/2057 (d)
317
322
Benchmark Mortgage Trust, Series 2024-V11, Class A3, 5.909% 11/15/2057 (d)(g)
2,000
2,070
Benchmark Mortgage Trust, Series 2024-V11, Class AM, 6.201% 11/15/2057 (d)(g)
1,930
1,978
BFLD Trust, Series 2025-5MW, Class A, 4.83% 10/10/2042 (d)(e)(g)
7,318
7,265
Short-Term Bond Fund of America — Page 19 of 37
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
 
Principal amount
(000)
Value
(000)
BLP Commercial Mortgage Trust, Series 2024-IND2, Class A, (1-month USD CME Term SOFR + 1.342%) 4.969%
3/15/2041 (d)(e)(g)
USD3,980
$3,990
BMO Mortgage Trust, Series 2023-5C1, Class A3, 6.534% 8/15/2056 (d)(g)
971
1,000
BMO Mortgage Trust, Series 2023-5C1, Class AS, 7.355% 8/15/2056 (d)(g)
1,996
2,074
BMO Mortgage Trust, Series 2023-C6, Class A5, 5.956% 9/15/2056 (d)(g)
370
388
BMO Mortgage Trust, Series 2024-5C3, Class AS, 6.286% 2/15/2057 (d)(g)
2,244
2,308
BMO Mortgage Trust, Series 2024-5C5, Class AS, 6.364% 2/15/2057 (d)(g)
3,940
4,078
BMO Mortgage Trust, Series 2024-5C6, Class A3, 5.316% 9/15/2057 (d)
386
392
BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 (d)(g)
3,140
3,219
BMO Mortgage Trust, Series 2025-5C9, Class A3, 5.779% 4/15/2058 (d)(g)
4,599
4,739
BMO Mortgage Trust, Series 2025-5C9, Class AS, 6.165% 4/15/2058 (d)(g)
2,971
3,069
BOCA Commercial Mortgage Trust, Series 2025-BOCA, Class A, (1-month USD CME Term SOFR + 1.60%)
5.227% 12/15/2042 (d)(e)(g)
18,155
18,206
BOCA Commercial Mortgage Trust, Series 2025-BOCA, Class B, (1-month USD CME Term SOFR + 1.90%)
5.527% 12/15/2042 (d)(e)(g)
1,057
1,060
BX Trust, Series 2021-ACNT, Class A, (1-month USD CME Term SOFR + 0.964%) 4.592% 11/15/2038 (d)(e)(g)
13,980
13,990
BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 4.617% 1/17/2039 (d)(e)(g)
10,463
10,464
BX Trust, Series 2024-CNYN, Class A, (1-month USD CME Term SOFR + 1.442%) 5.069% 4/15/2041 (d)(e)(g)
5,101
5,113
BX Trust, Series 2024-BIO2, Class A, 5.413% 8/13/2041 (d)(e)(g)
21,410
21,378
BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 5.319% 8/15/2041 (d)(e)(g)
13,383
13,456
BX Trust, Series 2024-FNX, Class A, (1-month USD CME Term SOFR + 1.442%) 5.069% 11/15/2041 (d)(e)(g)
11,736
11,760
BX Trust, Series 2025-BIO3, Class A, 6.138% 2/10/2042 (d)(e)
15,330
15,497
BX Trust, Series 2025-ARIA, Class A, 5.199% 12/13/2042 (d)(e)(g)
26,000
26,137
BX Trust, Series 2025-VOLT, Class A, (1-month USD CME Term SOFR + 1.70%) 5.327% 12/15/2044 (d)(e)(g)
24,862
24,919
BX Trust, Series 2025-VOLT, Class C, (1-month USD CME Term SOFR + 2.10%) 5.727% 12/15/2044 (d)(e)(g)
2,998
3,006
BXP Trust, Series 2017-GM, Class A, 3.379% 6/13/2039 (d)(e)
3,158
3,113
CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 5.529% 7/15/2041 (d)(e)(g)
3,180
3,192
CALI Mortgage Trust, Series 24-SUN, Class B, (1-month USD CME Term SOFR + 2.34%) 5.978% 7/15/2041 (d)(e)(g)
421
423
CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.269% 8/15/2041 (d)(e)(g)
10,569
10,540
CD Commercial Mortgage Trust, Series 2017-CD3, Class A4, 3.631% 2/10/2050 (d)
2,000
1,967
CD Commercial Mortgage Trust, Series 2017-CD6, Class A5, 3.456% 11/13/2050 (d)
3,686
3,641
Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/2028 (d)(e)(g)
17,000
17,443
Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 (d)(e)(g)
6,311
6,425
Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 2/10/2049 (d)
229
228
Commercial Mortgage Trust, Series 2016-COR1, Class A4, 3.091% 10/10/2049 (d)
4,000
3,978
CONE Commercial Mortgage Trust, Series 2026-DFW3, Class A, 5.751% 5/15/2043 (d)(e)(g)
8,797
8,773
CSAIL Commercial Mortgage Trust, Series 2017-CX9, Class A4, 3.176% 9/15/2050 (d)
318
315
CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class A4, 3.191% 11/15/2050 (d)
646
639
CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class A5, 3.458% 11/15/2050 (d)(g)
882
861
DC Commercial Mortgage Trust, Series 2023-DC, Class A, 6.314% 9/12/2040 (d)(e)
5,393
5,508
Durst Commercial Mortgage Trust, Series 2025-151, Class A, 5.317% 8/10/2042 (d)(e)(g)
9,188
9,261
Ellington Financial Mortgage Trust, Series 2025-NQM4, Class A1A, 4.972% 9/25/2070 (5.972% on
8/1/2029) (d)(e)(f)
7,791
7,749
Ellington Financial Mortgage Trust, Series 2026-NQM1, Class A1, 4.771% 2/25/2071 (d)(e)(g)
5,720
5,668
Ellington Financial Mortgage Trust, Series 2026-NQM4, Class A1, 5.466% 4/25/2071 (d)(e)(g)
12,453
12,494
ELM Trust 2024, Series 2024-ELM, Class A15, 5.994% 6/10/2039 (d)(e)(g)
4,339
4,337
ELM Trust 2024, Series 2024-ELM, Class A10, 5.994% 6/10/2039 (d)(e)(g)
3,942
3,940
ELM Trust 2024, Series 2024-ELM, Class B10, 5.596% 6/10/2039 (d)(e)(g)
5,283
5,281
ELM Trust 2024, Series 2024-ELM, Class B15, 6.195% 6/10/2039 (d)(e)(g)
4,744
4,741
ELM Trust 2024, Series 2024-ELM, Class C15, 6.396% 6/10/2039 (d)(e)(g)
380
380
Extended Stay America Trust, Series 2025-ESH, Class A, (1-month USD CME Term SOFR + 1.30%) 4.927%
10/15/2042 (d)(e)(g)
4,951
4,964
Extended Stay America Trust, Series 2025-ESH, Class B, (1-month USD CME Term SOFR + 1.60%) 5.227%
10/15/2042 (d)(e)(g)
376
377
Short-Term Bond Fund of America — Page 20 of 37
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
 
Principal amount
(000)
Value
(000)
Extended Stay America Trust, Series 2026-ESH2, Class A, (1-month USD CME Term SOFR + 1.20%) 4.827%
2/15/2043 (d)(e)(g)
USD9,369
$9,390
FIVE Mortgage Trust, Series 2023-V1, Class A3, 5.668% 2/10/2056 (d)(g)
7,079
7,183
Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) 5.077%
12/15/2039 (d)(e)(g)
5,334
5,348
FS Commercial Mortgage Trust, Series 2026-HULA, Class A, (1-month USD CME Term SOFR + 1.45%) 5.077%
3/15/2041 (d)(e)(g)
7,917
7,939
FS Commercial Trust, Series 2023-4SZN, Class A, 7.066% 11/10/2039 (d)(e)
4,347
4,379
Great Wolf Trust, Series 2024-WLF2, Class A, (1-month USD CME Term SOFR + 1.691%) 5.318% 5/15/2041 (d)(e)(g)
7,231
7,257
GS Mortgage Securities Trust, Series 2024-70P, Class A, 5.487% 3/10/2041 (d)(e)(g)
14,790
14,740
GS Mortgage Securities Trust, Series 2017-GS6, Class A3, 3.433% 5/10/2050 (d)
4,459
4,408
GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 8/10/2050 (d)
1,000
988
GS Mortgage Securities Trust, Series 2020-GSA2, Class A5, 2.012% 12/12/2053 (d)
2,975
2,612
Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.02%
3/15/2042 (d)(e)(g)
8,709
8,738
Hawaii Hotel Trust, Series 2025-MAUI, Class B, (1-month USD CME Term SOFR + 1.742%) 5.369%
3/15/2042 (d)(e)(g)
1,617
1,623
HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 6.072% 5/10/2039 (d)(e)(g)
7,830
7,886
Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 (d)(e)(g)
15,227
15,556
INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 4.977%
3/15/2042 (d)(e)(g)
9,982
9,994
JPMBB Commercial Mortgage Securities Trust, Series 2014-C26, Class B, 3.951% 1/15/2048 (d)
1,060
1,032
JPMDB Commercial Mortgage Securities Trust, Series 2016-C4, Class A3, 3.141% 12/15/2049 (d)
2,675
2,658
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 10/15/2050 (d)
250
246
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039 (d)(e)
7,510
6,475
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% 12/15/2049 (d)(g)
2,738
2,724
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2017-JP5, Class AS, 3.723% 3/15/2050 (d)
2,145
2,132
JW Commercial Mortgage Trust 2024-MRCO, Series 2024-BERY, Class A, (1-month USD CME Term SOFR +
1.593%) 5.22% 11/15/2039 (d)(e)(g)
4,950
4,962
KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%) 5.169%
12/15/2039 (d)(e)(g)
5,996
6,004
LV Trust, Series 2024-SHOW, Class A, 5.104% 10/10/2041 (d)(e)(g)
10,198
10,255
Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 9/10/2039 (d)(e)
6,622
6,409
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C34, Class ASB, 3.354% 11/15/2052 (d)
337
335
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2025-5C1, Class AS, 6.011% 3/15/2058 (d)
5,060
5,198
NYC Commercial Mortgage Trust, Series 2025-28L, Class A, 4.824% 11/5/2038 (d)(e)(g)
10,711
10,663
NYC Commercial Mortgage Trust, Series 2025-28L, Class B, 5.174% 11/5/2038 (d)(e)(g)
777
776
One Market Plaza Trust, Series 2017-1MKT, Class A, 3.614% 2/10/2032 (d)(e)
7,505
7,257
SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A, (1-month USD CME Term SOFR + 1.392%) 5.019%
5/15/2039 (d)(e)(g)
6,371
6,385
SFO Commerical Mortgage Trust, Series 2021-555, Class A, (1-month USD CME Term SOFR + 1.514%) 5.141%
5/15/2038 (1-month USD CME Term SOFR + 1.764% on 5/15/2027) (d)(e)(f)
15,780
15,783
SFO Commerical Mortgage Trust, Series 2021-555, Class B, (1-month USD CME Term SOFR + 1.614%) 5.491%
5/15/2038 (d)(e)(g)
500
500
StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class A, (1-month USD CME Term SOFR + 1.00%)
4.627% 1/15/2039 (d)(e)(g)
33,422
33,417
SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) 5.07%
2/15/2042 (d)(e)(g)
20,328
20,228
UBS Commercial Mortgage Trust, Series 2017-C2, Class A4, 3.487% 8/15/2050 (d)
2,954
2,926
Wells Fargo Commercial Mortgage Trust, Series 2025-1918, Class A, 5.761% 9/15/2040 (d)(e)(g)
414
410
Wells Fargo Commercial Mortgage Trust, Series 2017-C39, Class A5, 3.418% 9/15/2050 (d)
4,681
4,601
Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class AS, 3.854% 10/15/2050 (d)(g)
1,000
978
Wells Fargo Commercial Mortgage Trust, Series 2024-5C1, Class AS, 6.52% 7/15/2057 (d)
410
425
Wells Fargo Commercial Mortgage Trust, Series 2024-5C2, Class A3, 5.92% 11/15/2057 (d)(g)
2,452
2,536
Short-Term Bond Fund of America — Page 21 of 37
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
 
Principal amount
(000)
Value
(000)
Wells Fargo Commercial Mortgage Trust, Series 2024-5C2, Class AS, 6.346% 11/15/2057 (d)(g)
USD3,899
$4,032
WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + 2.789%)
6.416% 11/15/2027 (d)(e)(g)
15,121
15,210
 
719,509
Federal agency mortgage-backed obligations 5.34%
 
 
 
Fannie Mae Pool #555538 5.765% 5/1/2033 (d)(g)
89
90
Fannie Mae Pool #888521 5.827% 3/1/2034 (d)(g)
179
184
Fannie Mae Pool #889579 6.00% 5/1/2038 (d)
670
703
Fannie Mae Pool #AL0095 6.00% 7/1/2038 (d)
24
25
Fannie Mae Pool #889983 6.00% 10/1/2038 (d)
271
285
Fannie Mae Pool #DB4044 6.00% 5/1/2039 (d)
1,578
1,632
Fannie Mae Pool #MA5477 6.00% 9/1/2039 (d)
3,528
3,628
Fannie Mae Pool #DC3297 6.00% 9/1/2039 (d)
441
455
Fannie Mae Pool #DC3296 6.00% 9/1/2039 (d)
70
72
Fannie Mae Pool #DC1020 6.00% 9/1/2039 (d)
31
32
Fannie Mae Pool #DC9263 6.00% 12/1/2039 (d)
327
337
Fannie Mae Pool #FA0743 6.00% 3/1/2040 (d)
8,010
8,238
Fannie Mae Pool #MA5662 6.00% 3/1/2040 (d)
6,859
7,055
Fannie Mae Pool #MA5685 6.00% 4/1/2040 (d)
1,120
1,152
Fannie Mae Pool #MA5747 6.00% 6/1/2040 (d)
647
665
Fannie Mae Pool #AI8806 5.00% 8/1/2041 (d)
431
436
Fannie Mae Pool #AB9584 3.50% 6/1/2043 (d)
3
3
Fannie Mae Pool #BK2010 4.00% 4/1/2048 (d)
10
10
Fannie Mae Pool #BK5305 4.00% 6/1/2048 (d)
6
6
Fannie Mae Pool #BX1762 5.50% 11/1/2052 (d)
29
30
Fannie Mae Pool #MA4842 5.50% 12/1/2052 (d)
2,561
2,592
Fannie Mae Pool #MA4894 6.00% 1/1/2053 (d)
908
931
Fannie Mae Pool #BX5666 6.00% 1/1/2053 (d)
61
63
Fannie Mae Pool #MA4919 5.50% 2/1/2053 (d)
423
427
Fannie Mae Pool #FS4191 5.50% 3/1/2053 (d)
839
851
Fannie Mae Pool #MA4942 6.00% 3/1/2053 (d)
255
262
Fannie Mae Pool #MA4979 5.50% 4/1/2053 (d)
2,954
2,980
Fannie Mae Pool #MA4980 6.00% 4/1/2053 (d)
37
38
Fannie Mae Pool #FS4563 5.00% 5/1/2053 (d)
1,108
1,101
Fannie Mae Pool #FS4840 5.50% 5/1/2053 (d)
217
219
Fannie Mae Pool #MA5010 5.50% 5/1/2053 (d)
70
71
Fannie Mae Pool #FS5192 5.50% 6/1/2053 (d)
1,114
1,121
Fannie Mae Pool #MA5039 5.50% 6/1/2053 (d)
727
733
Fannie Mae Pool #CB6491 6.50% 6/1/2053 (d)
4,040
4,223
Fannie Mae Pool #CB6490 6.50% 6/1/2053 (d)
1,536
1,606
Fannie Mae Pool #CB6468 6.50% 6/1/2053 (d)
1,235
1,294
Fannie Mae Pool #MA5072 5.50% 7/1/2053 (d)
436
439
Fannie Mae Pool #MA5073 6.00% 7/1/2053 (d)
593
608
Fannie Mae Pool #CB6768 6.50% 7/1/2053 (d)
1,537
1,610
Fannie Mae Pool #MA5139 6.00% 9/1/2053 (d)
1,124
1,150
Fannie Mae Pool #MA5165 5.50% 10/1/2053 (d)
4
4
Fannie Mae Pool #MA5166 6.00% 10/1/2053 (d)
12,962
13,276
Fannie Mae Pool #FS6838 5.50% 11/1/2053 (d)
1,252
1,262
Fannie Mae Pool #MA5191 6.00% 11/1/2053 (d)
15,970
16,342
Fannie Mae Pool #CB7426 6.50% 11/1/2053 (d)
12,194
12,729
Fannie Mae Pool #MA5192 6.50% 11/1/2053 (d)
43
45
Fannie Mae Pool #CB7626 6.50% 12/1/2053 (d)
4,677
4,925
Fannie Mae Pool #DA4639 6.50% 12/1/2053 (d)
7
7
Short-Term Bond Fund of America — Page 22 of 37
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
 
Principal amount
(000)
Value
(000)
Fannie Mae Pool #FS6873 6.50% 1/1/2054 (d)
USD13,806
$14,356
Fannie Mae Pool #FS6767 6.50% 1/1/2054 (d)
5,344
5,618
Fannie Mae Pool #MA5271 5.50% 2/1/2054 (d)
258
259
Fannie Mae Pool #FS6809 5.50% 2/1/2054 (d)
127
128
Fannie Mae Pool #CB7932 6.00% 2/1/2054 (d)
16,439
16,918
Fannie Mae Pool #FS7031 6.00% 2/1/2054 (d)
1,395
1,438
Fannie Mae Pool #FS7503 6.00% 2/1/2054 (d)
967
989
Fannie Mae Pool #CB7933 6.50% 2/1/2054 (d)
3,043
3,175
Fannie Mae Pool #MA5296 5.50% 3/1/2054 (d)
136
137
Fannie Mae Pool #FS7507 6.00% 3/1/2054 (d)
10,196
10,509
Fannie Mae Pool #CB8163 6.00% 3/1/2054 (d)
9,723
10,000
Fannie Mae Pool #MA5295 6.00% 3/1/2054 (d)
148
151
Fannie Mae Pool #CB8168 6.00% 3/1/2054 (d)
88
91
Fannie Mae Pool #DB2762 6.00% 4/1/2054 (d)
40
41
Fannie Mae Pool #DB2495 6.00% 5/1/2054 (d)
770
788
Fannie Mae Pool #MA5388 5.50% 6/1/2054 (d)
3,168
3,187
Fannie Mae Pool #FS8153 6.00% 6/1/2054 (d)
2,963
3,070
Fannie Mae Pool #DB6878 6.00% 6/1/2054 (d)
1,306
1,336
Fannie Mae Pool #FS8223 6.00% 6/1/2054 (d)
366
376
Fannie Mae Pool #FS8219 6.00% 6/1/2054 (d)
333
342
Fannie Mae Pool #CB8725 6.50% 6/1/2054 (d)
5,081
5,318
Fannie Mae Pool #FP0128 6.50% 6/1/2054 (d)
2,902
3,018
Fannie Mae Pool #CB8842 5.50% 7/1/2054 (d)
1,945
1,969
Fannie Mae Pool #DB5213 5.50% 7/1/2054 (d)
1,121
1,127
Fannie Mae Pool #BU4699 5.50% 7/1/2054 (d)
1,061
1,073
Fannie Mae Pool #MA5421 6.00% 7/1/2054 (d)
4,942
5,052
Fannie Mae Pool #DB5214 6.00% 7/1/2054 (d)
1,781
1,821
Fannie Mae Pool #BU4700 6.00% 7/1/2054 (d)
1,482
1,525
Fannie Mae Pool #DB6901 6.00% 7/1/2054 (d)
824
843
Fannie Mae Pool #FS8318 6.00% 7/1/2054 (d)
679
703
Fannie Mae Pool #DB7039 6.00% 7/1/2054 (d)
257
264
Fannie Mae Pool #CB8872 6.50% 7/1/2054 (d)
7,963
8,334
Fannie Mae Pool #FS8790 6.50% 7/1/2054 (d)
6,987
7,279
Fannie Mae Pool #CB8876 6.50% 7/1/2054 (d)
2,097
2,189
Fannie Mae Pool #FS8317 6.50% 7/1/2054 (d)
1,173
1,232
Fannie Mae Pool #FS8786 6.50% 7/1/2054 (d)
53
55
Fannie Mae Pool #CB8977 5.00% 8/1/2054 (d)
341
337
Fannie Mae Pool #MA5445 6.00% 8/1/2054 (d)
5,364
5,483
Fannie Mae Pool #FS8757 6.00% 8/1/2054 (d)
1,074
1,107
Fannie Mae Pool #FS8758 6.00% 8/1/2054 (d)
530
543
Fannie Mae Pool #BU4916 6.00% 8/1/2054 (d)
470
482
Fannie Mae Pool #FS8756 6.00% 8/1/2054 (d)
439
452
Fannie Mae Pool #BU4968 6.00% 8/1/2054 (d)
246
252
Fannie Mae Pool #DB7690 6.00% 8/1/2054 (d)
129
134
Fannie Mae Pool #DB7687 6.00% 8/1/2054 (d)
128
132
Fannie Mae Pool #FS8795 6.00% 8/1/2054 (d)
129
132
Fannie Mae Pool #DC0296 6.00% 8/1/2054 (d)
107
111
Fannie Mae Pool #CB9071 6.50% 8/1/2054 (d)
4,698
4,912
Fannie Mae Pool #FS8783 6.50% 8/1/2054 (d)
1,495
1,567
Fannie Mae Pool #FS9025 5.50% 9/1/2054 (d)
7,486
7,597
Fannie Mae Pool #CB9210 5.50% 9/1/2054 (d)
1,607
1,622
Fannie Mae Pool #CB9146 5.50% 9/1/2054 (d)
904
911
Fannie Mae Pool #BU4946 5.50% 9/1/2054 (d)
790
795
Fannie Mae Pool #FS8866 6.00% 9/1/2054 (d)
1,048
1,078
Short-Term Bond Fund of America — Page 23 of 37
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
 
Principal amount
(000)
Value
(000)
Fannie Mae Pool #DC1873 6.00% 9/1/2054 (d)
USD177
$181
Fannie Mae Pool #DC3262 6.00% 9/1/2054 (d)
74
76
Fannie Mae Pool #DC3459 6.00% 9/1/2054 (d)
26
27
Fannie Mae Pool #DC4451 5.50% 10/1/2054 (d)
674
683
Fannie Mae Pool #BU5049 6.50% 10/1/2054 (d)
1,086
1,140
Fannie Mae Pool #DC4585 5.50% 11/1/2054 (d)
2,287
2,308
Fannie Mae Pool #BU5165 5.50% 11/1/2054 (d)
56
57
Fannie Mae Pool #DC5696 6.00% 11/1/2054 (d)
6,226
6,364
Fannie Mae Pool #MA5553 5.50% 12/1/2054 (d)
7,417
7,458
Fannie Mae Pool #CB9616 5.50% 12/1/2054 (d)
6,520
6,587
Fannie Mae Pool #DC7035 6.00% 12/1/2054 (d)
2,002
2,047
Fannie Mae Pool #DC7823 6.00% 12/1/2054 (d)
32
33
Fannie Mae Pool #DD0835 6.00% 1/1/2055 (d)
1,912
1,954
Fannie Mae Pool #FA0608 5.50% 2/1/2055 (d)
778
782
Fannie Mae Pool #MA5615 6.00% 2/1/2055 (d)
476
487
Fannie Mae Pool #MA5647 6.00% 3/1/2055 (d)
648
663
Fannie Mae Pool #CC0972 6.00% 3/1/2055 (d)
14
14
Fannie Mae Pool #MA5674 6.00% 4/1/2055 (d)
3,030
3,097
Fannie Mae Pool #FA1162 6.00% 4/1/2055 (d)
39
40
Fannie Mae Pool #DD4459 6.00% 4/1/2055 (d)
37
38
Fannie Mae Pool #MA5701 6.00% 5/1/2055 (d)
979
1,000
Fannie Mae Pool #MA5736 6.00% 6/1/2055 (d)
95
97
Fannie Mae Pool #MA5761 6.00% 7/1/2055 (d)
5,879
6,010
Fannie Mae Pool #DD9889 6.00% 7/1/2055 (d)
64
66
Fannie Mae Pool #CC0879 6.00% 8/1/2055 (d)
278
287
Fannie Mae Pool #BM6736 4.50% 11/1/2059 (d)
4,028
3,910
Fannie Mae, Series 2017-M7, Class A2, Multi Family, 2.961% 2/25/2027 (d)(g)
7
7
Freddie Mac Pool #781228 5.875% 2/1/2034 (d)(g)
151
154
Freddie Mac Pool #A23893 5.50% 7/1/2034 (d)
85
85
Freddie Mac Pool #782818 6.117% 11/1/2034 (d)(g)
80
82
Freddie Mac Pool #1H2524 5.912% 8/1/2035 (d)(g)
242
251
Freddie Mac Pool #1L1292 6.304% 1/1/2036 (d)(g)
259
267
Freddie Mac Pool #G02162 5.50% 5/1/2036 (d)
59
60
Freddie Mac Pool #848751 5.945% 6/1/2036 (d)(g)
48
50
Freddie Mac Pool #848365 6.17% 7/1/2036 (d)(g)
218
224
Freddie Mac Pool #QO1940 6.00% 3/1/2039 (d)
397
409
Freddie Mac Pool #QO2528 6.00% 9/1/2039 (d)
149
154
Freddie Mac Pool #SB8373 6.00% 3/1/2040 (d)
460
473
Freddie Mac Pool #SB1452 6.00% 4/1/2040 (d)
5,156
5,306
Freddie Mac Pool #SB8380 6.00% 4/1/2040 (d)
118
121
Freddie Mac Pool #SB8386 6.00% 5/1/2040 (d)
3,784
3,892
Freddie Mac Pool #RR0004 6.00% 6/1/2040 (d)
1,216
1,250
Freddie Mac Pool #760014 4.634% 8/1/2045 (d)(g)
314
313
Freddie Mac Pool #SI2002 4.00% 3/1/2048 (d)
53
51
Freddie Mac Pool #Z40273 4.50% 10/1/2048 (d)
127
124
Freddie Mac Pool #SD8175 3.50% 10/1/2051 (d)
12
11
Freddie Mac Pool #QF0924 5.50% 9/1/2052 (d)
22
22
Freddie Mac Pool #SD8256 4.00% 10/1/2052 (d)
19,152
17,986
Freddie Mac Pool #SD2465 4.50% 10/1/2052 (d)
108
104
Freddie Mac Pool #QF1573 5.50% 10/1/2052 (d)
21
21
Freddie Mac Pool #SD2948 5.50% 11/1/2052 (d)
282
285
Freddie Mac Pool #SD8288 5.00% 1/1/2053 (d)
818
811
Freddie Mac Pool #SD8290 6.00% 1/1/2053 (d)
6,102
6,273
Freddie Mac Pool #QF8331 5.50% 2/1/2053 (d)
20
20
Short-Term Bond Fund of America — Page 24 of 37
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
 
Principal amount
(000)
Value
(000)
Freddie Mac Pool #SD8301 6.00% 2/1/2053 (d)
USD2,968
$3,051
Freddie Mac Pool #SD8315 5.00% 4/1/2053 (d)
2,283
2,259
Freddie Mac Pool #SD2716 5.00% 4/1/2053 (d)
1,738
1,727
Freddie Mac Pool #SD8324 5.50% 5/1/2053 (d)
1,037
1,046
Freddie Mac Pool #SD2861 6.00% 5/1/2053 (d)
3,360
3,454
Freddie Mac Pool #SD8325 6.00% 5/1/2053 (d)
2,150
2,204
Freddie Mac Pool #QG3376 6.00% 5/1/2053 (d)
198
205
Freddie Mac Pool #SD8329 5.00% 6/1/2053 (d)
578
572
Freddie Mac Pool #SD8331 5.50% 6/1/2053 (d)
1,208
1,218
Freddie Mac Pool #RA9279 6.00% 6/1/2053 (d)
2,394
2,481
Freddie Mac Pool #SD3240 6.00% 6/1/2053 (d)
293
301
Freddie Mac Pool #RA9294 6.50% 6/1/2053 (d)
1,910
1,999
Freddie Mac Pool #RA9292 6.50% 6/1/2053 (d)
1,748
1,831
Freddie Mac Pool #RA9289 6.50% 6/1/2053 (d)
1,677
1,773
Freddie Mac Pool #RA9288 6.50% 6/1/2053 (d)
1,568
1,659
Freddie Mac Pool #RA9287 6.50% 6/1/2053 (d)
1,127
1,194
Freddie Mac Pool #RA9290 6.50% 6/1/2053 (d)
923
975
Freddie Mac Pool #RA9291 6.50% 6/1/2053 (d)
618
646
Freddie Mac Pool #RA9295 6.50% 6/1/2053 (d)
503
538
Freddie Mac Pool #QG5777 6.50% 6/1/2053 (d)
111
116
Freddie Mac Pool #SD8341 5.00% 7/1/2053 (d)
54
54
Freddie Mac Pool #SD8342 5.50% 7/1/2053 (d)
2,002
2,019
Freddie Mac Pool #SD3356 6.00% 7/1/2053 (d)
1,578
1,619
Freddie Mac Pool #SD3432 6.00% 7/1/2053 (d)
292
304
Freddie Mac Pool #SD3512 6.00% 8/1/2053 (d)
135
139
Freddie Mac Pool #SD8362 5.50% 9/1/2053 (d)
336
339
Freddie Mac Pool #SD8363 6.00% 9/1/2053 (d)
2,448
2,511
Freddie Mac Pool #SD3825 6.50% 9/1/2053 (d)
16,814
17,491
Freddie Mac Pool #SD4053 6.00% 10/1/2053 (d)
22,918
23,538
Freddie Mac Pool #SD8368 6.00% 10/1/2053 (d)
8,019
8,200
Freddie Mac Pool #RJ0326 6.50% 11/1/2053 (d)
1,961
2,044
Freddie Mac Pool #SD8374 6.50% 11/1/2053 (d)
55
57
Freddie Mac Pool #SD4693 6.50% 1/1/2054 (d)
1,428
1,485
Freddie Mac Pool #SD8401 5.50% 2/1/2054 (d)
32
33
Freddie Mac Pool #SD8402 6.00% 2/1/2054 (d)
4,363
4,460
Freddie Mac Pool #RJ1216 5.50% 4/1/2054 (d)
825
836
Freddie Mac Pool #RJ1215 5.50% 4/1/2054 (d)
588
592
Freddie Mac Pool #SD5303 6.00% 4/1/2054 (d)
1,425
1,464
Freddie Mac Pool #QI3333 6.00% 4/1/2054 (d)
160
165
Freddie Mac Pool #SD8432 6.00% 5/1/2054 (d)
813
831
Freddie Mac Pool #SD5692 6.00% 5/1/2054 (d)
211
219
Freddie Mac Pool #RJ1768 5.50% 6/1/2054 (d)
396
403
Freddie Mac Pool #RJ1785 6.00% 6/1/2054 (d)
91
93
Freddie Mac Pool #SD8439 6.00% 6/1/2054 (d)
50
51
Freddie Mac Pool #SD8446 5.50% 7/1/2054 (d)
2,896
2,913
Freddie Mac Pool #QI8872 5.50% 7/1/2054 (d)
535
541
Freddie Mac Pool #RJ1963 5.50% 7/1/2054 (d)
520
526
Freddie Mac Pool #SD8447 6.00% 7/1/2054 (d)
4,004
4,093
Freddie Mac Pool #RJ1964 6.00% 7/1/2054 (d)
2,089
2,174
Freddie Mac Pool #SD5813 6.00% 7/1/2054 (d)
1,030
1,057
Freddie Mac Pool #QI8874 6.00% 7/1/2054 (d)
636
654
Freddie Mac Pool #SD5873 6.00% 7/1/2054 (d)
448
459
Freddie Mac Pool #SD5896 6.00% 7/1/2054 (d)
266
273
Freddie Mac Pool #QI9151 6.50% 7/1/2054 (d)
1,113
1,169
Short-Term Bond Fund of America — Page 25 of 37
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
 
Principal amount
(000)
Value
(000)
Freddie Mac Pool #RJ1986 6.50% 7/1/2054 (d)
USD18
$18
Freddie Mac Pool #RJ2193 5.00% 8/1/2054 (d)
269
266
Freddie Mac Pool #RJ2241 5.00% 8/1/2054 (d)
185
184
Freddie Mac Pool #RJ2195 5.00% 8/1/2054 (d)
176
173
Freddie Mac Pool #RJ2200 5.50% 8/1/2054 (d)
1,865
1,884
Freddie Mac Pool #RJ2206 5.50% 8/1/2054 (d)
1,095
1,103
Freddie Mac Pool #RJ2243 5.50% 8/1/2054 (d)
1,055
1,066
Freddie Mac Pool #SD6286 5.50% 8/1/2054 (d)
485
491
Freddie Mac Pool #RJ2203 5.50% 8/1/2054 (d)
194
196
Freddie Mac Pool #RJ2212 6.00% 8/1/2054 (d)
2,989
3,095
Freddie Mac Pool #SD8454 6.00% 8/1/2054 (d)
2,733
2,794
Freddie Mac Pool #RJ2216 6.00% 8/1/2054 (d)
1,708
1,752
Freddie Mac Pool #SD6029 6.00% 8/1/2054 (d)
661
679
Freddie Mac Pool #RJ2210 6.00% 8/1/2054 (d)
601
618
Freddie Mac Pool #QJ3296 6.00% 8/1/2054 (d)
28
29
Freddie Mac Pool #RJ2222 6.50% 8/1/2054 (d)
4,624
4,824
Freddie Mac Pool #SD8455 6.50% 8/1/2054 (d)
4,158
4,324
Freddie Mac Pool #RJ2247 6.50% 8/1/2054 (d)
1,716
1,793
Freddie Mac Pool #RJ2228 6.50% 8/1/2054 (d)
944
985
Freddie Mac Pool #QJ3044 5.50% 9/1/2054 (d)
1,626
1,635
Freddie Mac Pool #RJ2415 5.50% 9/1/2054 (d)
919
934
Freddie Mac Pool #SD6328 5.50% 9/1/2054 (d)
856
868
Freddie Mac Pool #RJ2408 5.50% 9/1/2054 (d)
814
823
Freddie Mac Pool #SD8462 5.50% 9/1/2054 (d)
152
153
Freddie Mac Pool #RJ2314 6.00% 9/1/2054 (d)
2,320
2,385
Freddie Mac Pool #RJ2312 6.00% 9/1/2054 (d)
1,187
1,220
Freddie Mac Pool #RJ2306 6.00% 9/1/2054 (d)
1,146
1,191
Freddie Mac Pool #RJ2308 6.00% 9/1/2054 (d)
1,131
1,171
Freddie Mac Pool #RJ2309 6.00% 9/1/2054 (d)
651
667
Freddie Mac Pool #SD8463 6.00% 9/1/2054 (d)
553
565
Freddie Mac Pool #QJ5643 6.50% 9/1/2054 (d)
5,459
5,696
Freddie Mac Pool #SD6271 6.50% 9/1/2054 (d)
1,148
1,196
Freddie Mac Pool #RJ2411 6.50% 9/1/2054 (d)
768
801
Freddie Mac Pool #QJ4693 6.50% 9/1/2054 (d)
674
708
Freddie Mac Pool #RJ2470 6.50% 9/1/2054 (d)
276
287
Freddie Mac Pool #RJ2474 6.50% 9/1/2054 (d)
212
222
Freddie Mac Pool #SD8469 5.50% 10/1/2054 (d)
6,148
6,182
Freddie Mac Pool #SD6733 6.50% 10/1/2054 (d)
359
375
Freddie Mac Pool #RJ2917 5.50% 11/1/2054 (d)
18,981
19,160
Freddie Mac Pool #SD8475 5.50% 11/1/2054 (d)
511
514
Freddie Mac Pool #RJ2922 6.00% 11/1/2054 (d)
1,656
1,695
Freddie Mac Pool #QX0376 5.50% 12/1/2054 (d)
5,455
5,514
Freddie Mac Pool #SD8493 5.50% 12/1/2054 (d)
2,172
2,184
Freddie Mac Pool #SD8494 5.50% 1/1/2055 (d)
3,615
3,635
Freddie Mac Pool #QX4065 6.00% 1/1/2055 (d)
1,186
1,212
Freddie Mac Pool #SL2928 7.00% 1/1/2055 (d)
250
265
Freddie Mac Pool #SD8501 7.00% 1/1/2055 (d)
165
175
Freddie Mac Pool #SD8507 6.00% 2/1/2055 (d)
251
257
Freddie Mac Pool #SD8515 5.50% 3/1/2055 (d)
124
125
Freddie Mac Pool #SD8516 6.00% 3/1/2055 (d)
300
307
Freddie Mac Pool #QX8785 6.50% 3/1/2055 (d)
458
479
Freddie Mac Pool #SD8525 6.00% 4/1/2055 (d)
16,460
16,827
Freddie Mac Pool #SL0796 6.00% 4/1/2055 (d)
3,629
3,710
Freddie Mac Pool #QY2186 6.50% 4/1/2055 (d)
557
582
Short-Term Bond Fund of America — Page 26 of 37
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
 
Principal amount
(000)
Value
(000)
Freddie Mac Pool #SD8534 6.00% 5/1/2055 (d)
USD1,373
$1,404
Freddie Mac Pool #SL1138 6.00% 5/1/2055 (d)
533
544
Freddie Mac Pool #SL1137 6.00% 5/1/2055 (d)
500
512
Freddie Mac Pool #SL4069 7.00% 6/1/2055 (d)
308
325
Freddie Mac Pool #RQ0028 6.00% 7/1/2055 (d)
24,224
24,763
Freddie Mac Pool #RQ0041 6.00% 8/1/2055 (d)
320
327
Freddie Mac Pool #RQ0050 6.00% 9/1/2055 (d)
133
136
Freddie Mac Pool #SL3368 6.00% 12/1/2055 (d)
8
8
Freddie Mac, Series K057, Class A2, Multi Family, 2.57% 7/25/2026 (d)
19
18
Freddie Mac, Series K070, Class A2, Multi Family, 3.303% 11/25/2027 (d)(g)
10
10
Freddie Mac, Series K515, Class A2, Multi Family, 5.40% 1/25/2029 (d)
22,724
23,236
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 (d)
2,452
2,325
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 (d)
3,850
3,619
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 (d)(g)
3,781
3,580
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 (d)(g)
12
11
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/2057 (d)
9
8
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class M45T, 4.50% 6/25/2057 (d)
2,037
1,987
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 (d)(g)
2,576
2,504
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-4, Class MA, 3.50% 3/25/2058 (d)
33
32
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/2058 (d)
710
681
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/26/2058 (d)
5,626
5,367
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/2059 (d)
1,136
1,066
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 6/25/2028 (d)
8,031
7,855
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 5/25/2029 (d)
1,329
1,295
Government National Mortgage Assn. Pool #MA5332 5.00% 7/20/2048 (d)
28
28
Government National Mortgage Assn. Pool #MA5653 5.00% 12/20/2048 (d)
1,221
1,228
Government National Mortgage Assn. Pool #MA5765 5.00% 2/20/2049 (d)
263
264
Government National Mortgage Assn. Pool #MA5878 5.00% 4/20/2049 (d)
861
868
Government National Mortgage Assn. Pool #MA6042 5.00% 7/20/2049 (d)
24
24
Government National Mortgage Assn. Pool #MA8947 5.00% 6/20/2053 (d)
260
259
Government National Mortgage Assn. Pool #721648 5.05% 4/20/2061 (d)
4
4
Government National Mortgage Assn. Pool #710077 4.70% 5/20/2061 (d)
3
3
Government National Mortgage Assn. Pool #725876 4.92% 9/20/2061 (d)
—
(j)
—
(j)
Government National Mortgage Assn. Pool #710085 4.938% 9/20/2061 (d)
2
2
Government National Mortgage Assn. Pool #725879 4.92% 10/20/2061 (d)
—
(j)
—
(j)
Government National Mortgage Assn. Pool #AC0975 4.684% 4/20/2063 (d)
1
1
Government National Mortgage Assn. Pool #AC1008 4.684% 10/20/2063 (d)
—
(j)
—
(j)
Government National Mortgage Assn. Pool #776094 4.738% 10/20/2063 (d)
1
1
Government National Mortgage Assn. Pool #AG8041 4.369% 11/20/2063 (d)
2
2
Government National Mortgage Assn. Pool #AG8060 4.369% 12/20/2063 (d)
2
2
Government National Mortgage Assn. Pool #AG8069 4.254% 1/20/2064 (d)
3
3
Government National Mortgage Assn. Pool #AG8070 4.369% 1/20/2064 (d)
2
2
Government National Mortgage Assn. Pool #AC1026 4.684% 1/20/2064 (d)
1
1
Government National Mortgage Assn. Pool #AG8081 4.254% 2/20/2064 (d)
3
3
Government National Mortgage Assn. Pool #AG8082 4.369% 2/20/2064 (d)
2
2
Government National Mortgage Assn. Pool #AG8076 4.779% 2/20/2064 (d)
1
1
Government National Mortgage Assn. Pool #AG8149 4.226% 6/20/2064 (d)(g)
16
16
Government National Mortgage Assn. Pool #767680 4.299% 6/20/2064 (d)
8
7
Government National Mortgage Assn. Pool #AO0461 4.618% 8/20/2065 (d)
2
2
Government National Mortgage Assn., Series 2018-98, Class A, 3.00% 10/16/2050 (d)
1,558
1,510
Government National Mortgage Assn., Series 2012-H12, Class FT, (1-year UST Yield Curve Rate T Note Constant
Maturity + 0.70%) 4.49% 5/20/2062 (d)(g)
52
52
Government National Mortgage Assn., Series 2012-H20, Class PT, 4.46% 7/20/2062 (d)(g)
278
280
Short-Term Bond Fund of America — Page 27 of 37
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
 
Principal amount
(000)
Value
(000)
Government National Mortgage Assn., Series 2014-H08, Class FT, (1-year UST Yield Curve Rate T Note Constant
Maturity + 0.60%) 4.39% 3/20/2064 (d)(g)
USD225
$226
Uniform Mortgage-Backed Security 5.50% 6/1/2041 (d)(k)
3,645
3,710
Uniform Mortgage-Backed Security 4.00% 6/1/2056 (d)(k)
28,883
27,046
Uniform Mortgage-Backed Security 5.50% 6/1/2056 (d)(k)
6
6
Uniform Mortgage-Backed Security 7.00% 6/1/2056 (d)(k)
701
742
Uniform Mortgage-Backed Security 3.50% 7/1/2056 (d)(k)
1
1
Uniform Mortgage-Backed Security 4.00% 7/1/2056 (d)(k)
31,965
29,911
Uniform Mortgage-Backed Security 5.50% 7/1/2056 (d)(k)
123
123
 
692,509
Total mortgage-backed obligations
2,302,970
Corporate bonds and notes 8.57%
Financials 3.88%
 
 
 
American Express Co. 4.731% 4/25/2029 (USD-SOFR + 1.26% on 4/25/2028) (f)
9,000
9,047
American Express Co. 4.444% 5/3/2030 (USD-SOFR + 0.811% on 5/3/2029) (f)
9,000
8,969
American Express Co. 6.489% 10/30/2031 (USD-SOFR + 1.94% on 10/30/2030) (f)
4,522
4,845
Bank of America Corp. 4.979% 1/24/2029 (USD-SOFR + 0.83% on 1/24/2028) (f)
5,000
5,040
Bank of America Corp. 4.456% 2/6/2032 (USD-SOFR + 0.87% on 2/6/2031) (f)
18,900
18,616
Bank of America Corp. 4.695% 4/23/2032 (USD-SOFR + 1.04% on 4/23/2031) (f)
50
50
Bank of America Corp. 2.572% 10/20/2032 (USD-SOFR + 1.21% on 10/20/2031) (f)
300
268
Bank of Montreal 4.567% 9/10/2027 (USD-SOFR + 0.88% on 9/10/2026) (f)
10,000
10,004
Citibank, NA 4.929% 8/6/2026
3,000
3,003
Citigroup, Inc. 4.786% 3/4/2029 (USD-SOFR + 0.87% on 3/4/2028) (f)
8,100
8,139
Corebridge Global Funding 4.25% 8/21/2028 (e)
15,000
14,895
Goldman Sachs Group, Inc. 4.148% 1/21/2029 (USD-SOFR + 0.71% on 1/21/2028) (f)
10,000
9,932
Goldman Sachs Group, Inc. 4.656% 6/3/2029 (USD-SOFR + 0.72% on 6/3/2028) (f)
11,265
11,281
HSBC Holdings PLC 4.619% 11/6/2031 (USD-SOFR + 1.19% on 11/6/2030) (f)
4,870
4,812
JPMorgan Chase & Co. 5.571% 4/22/2028 (USD-SOFR + 0.93% on 4/22/2027) (f)
13,000
13,141
JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027) (f)
5,000
5,025
JPMorgan Chase & Co. 4.505% 10/22/2028 (USD-SOFR + 0.86% on 10/22/2027) (f)
11,295
11,314
JPMorgan Chase & Co. 5.299% 7/24/2029 (USD-SOFR + 1.45% on 7/24/2028) (f)
31,000
31,469
JPMorgan Chase & Co. 5.012% 1/23/2030 (USD-SOFR + 1.31% on 1/23/2029) (f)
10,000
10,097
JPMorgan Chase & Co. 4.408% 4/23/2030 (USD-SOFR + 0.82% on 4/23/2029) (f)
12,000
11,938
JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) (f)
10,644
10,630
JPMorgan Chase & Co. 4.255% 10/22/2031 (USD-SOFR + 0.93% on 10/22/2030) (f)
12,500
12,263
JPMorgan Chase & Co. 4.347% 1/22/2032 (USD-SOFR + 0.84% on 1/22/2031) (f)
11,350
11,158
JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) (f)
2,750
2,426
JPMorgan Chase & Co. 2.545% 11/8/2032 (USD-SOFR + 1.18% on 11/8/2031) (f)
3,490
3,117
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) (f)
15,000
15,044
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) (f)
1,325
1,333
LSEG US Fin Corp. 4.25% 3/23/2029 (e)
5,000
4,960
LSEG US Fin Corp. 4.50% 3/23/2031 (e)
8,900
8,794
Mastercard, Inc. 4.10% 1/15/2028
15,865
15,874
Mastercard, Inc. 4.55% 3/15/2028
6,505
6,546
Met Tower Global Funding 1.25% 9/14/2026 (e)
10,000
9,920
Metropolitan Life Global Funding I 1.875% 1/11/2027 (e)
16,000
15,787
Metropolitan Life Global Funding I 4.40% 6/30/2027 (e)
5,600
5,615
Morgan Stanley 5.652% 4/13/2028 (USD-SOFR + 1.01% on 4/13/2027) (f)
10,000
10,107
Morgan Stanley 4.968% 7/14/2028 (USD-SOFR + 0.93% on 7/14/2027) (f)
10,000
10,064
Morgan Stanley 4.133% 10/18/2029 (USD-SOFR + 0.913% on 10/18/2028) (f)
14,149
13,988
Short-Term Bond Fund of America — Page 28 of 37
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds and notes (continued)
Financials (continued)
 
Principal amount
(000)
Value
(000)
Morgan Stanley 4.238% 1/9/2030 (USD-SOFR + 0.80% on 1/9/2029) (f)
USD7,126
$7,049
Morgan Stanley 4.213% 2/8/2030 (USD-SOFR + 0.762% on 2/8/2029) (f)
8,725
8,630
Morgan Stanley 4.555% 4/10/2030 (USD-SOFR + 0.96% on 4/10/2029) (f)
12,000
11,955
Morgan Stanley 5.042% 7/19/2030 (USD-SOFR + 1.215% on 7/19/2029) (f)
775
782
Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) (f)
725
723
Morgan Stanley 5.23% 1/15/2031 (USD-SOFR + 1.108% on 1/15/2030) (f)
5,000
5,076
Morgan Stanley 4.356% 10/22/2031 (USD-SOFR + 1.074% on 10/22/2030) (f)
10,000
9,816
National Australia Bank, Ltd. 5.087% 6/11/2027
2,000
2,021
National Australia Bank, Ltd. 4.50% 10/26/2027
20,000
20,106
Northwestern Mutual Global Funding 4.11% 9/12/2027 (e)
2,500
2,494
PNC Financial Services Group, Inc. 5.102% 7/23/2027 (USD-SOFR + 0.796% on 7/23/2026) (f)
12,500
12,512
PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028) (f)
2,500
2,558
PNC Financial Services Group, Inc. 5.222% 1/29/2031 (USD-SOFR + 1.072% on 1/29/2030) (f)
5,000
5,094
Progressive Corp. 4.60% 3/26/2031
1,739
1,740
Royal Bank of Canada 4.965% 1/24/2029 (USD-SOFR + 0.83% on 1/24/2028) (f)
10,000
10,080
Swedbank AB 6.136% 9/12/2026 (e)
20,000
20,112
Toronto-Dominion Bank (The) 4.861% 1/31/2028
7,500
7,556
Toronto-Dominion Bank (The) 4.783% 12/17/2029
6,000
6,057
Truist Financial Corp. 5.071% 5/20/2031 (USD-SOFR + 1.309% on 5/20/2030) (f)
6,771
6,852
Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) (f)
13,000
13,149
 
503,873
Consumer discretionary 1.20%
 
 
 
Amazon.com, Inc. 3.90% 11/20/2028
7,000
6,950
Amazon.com, Inc. 4.25% 3/13/2031
28,000
27,697
American Honda Finance Corp. 4.80% 3/5/2030
16,702
16,708
BMW US Capital, LLC 5.05% 3/21/2030 (e)
10,000
10,113
Daimler Trucks Finance North America, LLC 2.00% 12/14/2026 (e)
6,525
6,451
Daimler Trucks Finance North America, LLC 5.00% 1/15/2027 (e)
3,502
3,519
Daimler Trucks Finance North America, LLC 4.95% 1/13/2028 (e)
3,180
3,205
Hyundai Capital America 5.45% 6/24/2026 (e)
6,226
6,232
Hyundai Capital America 5.275% 6/24/2027 (e)
10,000
10,089
Hyundai Capital America 4.90% 6/23/2028 (e)
9,396
9,442
Hyundai Capital America 4.25% 9/18/2028 (e)
5,979
5,931
Hyundai Capital America 4.25% 1/8/2029 (e)
7,723
7,639
Hyundai Capital America 5.10% 6/24/2030 (e)
9,390
9,477
Toyota Motor Credit Corp. 4.60% 1/8/2027
2,500
2,510
Volkswagen Group of America Finance, LLC 4.95% 3/25/2027 (e)
9,573
9,624
Volkswagen Group of America Finance, LLC 5.05% 3/27/2028 (e)
20,000
20,126
 
155,713
Communication services 0.66%
 
 
 
Alphabet, Inc. 3.875% 11/15/2028
10,000
9,944
Alphabet, Inc. 4.00% 5/15/2030
12,581
12,438
Alphabet, Inc. 4.10% 2/15/2031
8,502
8,390
Alphabet, Inc. 4.40% 2/15/2033
4,408
4,338
Comcast Corp. 5.10% 6/1/2029
10,000
10,213
Meta Platforms, Inc. 4.20% 11/15/2030
9,704
9,581
Meta Platforms, Inc. 4.55% 5/15/2031
15,000
14,951
SBA Tower Trust 1.631% 11/15/2026 (e)
6,741
6,658
Walt Disney Co. (The) 3.75% 3/14/2029
10,000
9,867
 
86,380
Short-Term Bond Fund of America — Page 29 of 37
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds and notes (continued)
Health care 0.65%
 
Principal amount
(000)
Value
(000)
AbbVie, Inc. 4.80% 3/15/2027
USD13,000
$13,078
AbbVie, Inc. 4.80% 3/15/2029
1,250
1,264
AbbVie, Inc. 4.125% 3/15/2031
9,223
9,057
Ascension Health 4.294% 11/15/2030
5,101
5,036
Eli Lilly and Co. 4.75% 2/12/2030
7,945
8,067
Johnson & Johnson 4.50% 3/1/2027
16,500
16,581
Novartis Capital Corp. 2.00% 2/14/2027
3,656
3,606
Novartis Capital Corp. 4.10% 3/16/2029
10,000
9,948
Novartis Capital Corp. 4.40% 3/18/2031
11,555
11,502
Roche Holdings, Inc. 4.203% 9/9/2029 (e)
1,112
1,108
Thermo Fisher Scientific, Inc. (The) 4.215% 2/12/2031
4,766
4,698
 
83,945
Consumer staples 0.61%
 
 
 
Mars, Inc. 4.45% 3/1/2027 (e)
8,164
8,189
Mars, Inc. 4.60% 3/1/2028 (e)
9,414
9,464
Mars, Inc. 4.80% 3/1/2030 (e)
25,000
25,184
Mars, Inc. 5.00% 3/1/2032 (e)
7,000
7,075
Philip Morris International, Inc. 5.125% 11/17/2027
1,250
1,265
Philip Morris International, Inc. 4.875% 2/15/2028
2,500
2,523
Philip Morris International, Inc. 4.125% 4/27/2029
10,000
9,910
Philip Morris International, Inc. 4.00% 10/29/2030
9,049
8,861
Walmart, Inc. 3.90% 4/15/2028
3,750
3,743
Walmart, Inc. 4.35% 4/28/2030
2,500
2,512
 
78,726
Energy 0.47%
 
 
 
Chevron USA, Inc. 4.687% 4/15/2030
9,447
9,542
Enterprise Products Operating, LLC 4.60% 1/15/2031
6,574
6,573
Qatar Energy 1.375% 9/12/2026 (e)
15,000
14,892
Saudi Arabian Oil Co. 4.00% 2/2/2029 (e)
3,650
3,602
Saudi Arabian Oil Co. 4.375% 2/2/2031 (e)
14,905
14,640
Schlumberger Investment SA 4.55% 5/7/2031
3,483
3,477
TotalEnergies Capital USA, LLC 4.248% 1/13/2031
7,883
7,789
 
60,515
Information technology 0.39%
 
 
 
Accenture Capital, Inc. 3.90% 10/4/2027
11,500
11,474
Amphenol Corp. 3.80% 11/15/2027
800
795
Amphenol Corp. 3.90% 11/15/2028
800
793
Apple, Inc. 4.00% 5/10/2028
7,500
7,506
Cisco Systems, Inc. 4.80% 2/26/2027
22,535
22,655
Microsoft Corp. 3.40% 6/15/2027
7,500
7,472
 
50,695
Utilities 0.37%
 
 
 
Florida Power & Light Co. 5.15% 6/15/2029
1,000
1,022
PacifiCorp 5.10% 2/15/2029
175
177
PacifiCorp 4.25% 3/15/2029
8,375
8,293
PacifiCorp 4.65% 4/15/2029
1,875
1,875
PacifiCorp 3.50% 6/15/2029
125
121
PacifiCorp 2.70% 9/15/2030
800
736
PacifiCorp 5.10% 4/15/2031
11,400
11,526
Southern California Edison Co. 5.30% 3/1/2028
3,050
3,083
Short-Term Bond Fund of America — Page 30 of 37
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds and notes (continued)
Utilities (continued)
 
Principal amount
(000)
Value
(000)
Southern California Edison Co. 4.20% 3/1/2029
USD65
$64
Southern California Edison Co. 5.15% 6/1/2029
14,185
14,334
Southern California Edison Co. 2.85% 8/1/2029
750
709
Southern California Edison Co. 5.25% 3/15/2030
5,950
6,023
 
47,963
Materials 0.19%
 
 
 
BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2026
6,000
6,018
Ecolab, Inc. 4.80% 6/15/2031
8,941
9,015
Rio Tinto Finance (USA) PLC 4.875% 3/14/2030
10,000
10,133
 
25,166
Industrials 0.15%
 
 
 
Eaton Corp. 4.20% 3/6/2031
7,203
7,091
Honeywell Aerospace, Inc. 4.30% 3/16/2031 (e)
12,195
12,018
 
19,109
Total corporate bonds and notes
1,112,085
Bonds & notes of governments & government agencies outside the U.S. 1.02%
Saudi Arabia 0.39%
 
 
 
Saudi Arabia (Kingdom of) 3.25% 10/26/2026
2,000
1,996
Saudi Arabia (Kingdom of) 4.125% 1/12/2029 (e)
23,840
23,620
Saudi Arabia (Kingdom of) 4.25% 9/9/2030 (e)
25,345
24,975
 
50,591
Canada 0.24%
 
 
 
CPPIB Capital, Inc. 0.875% 9/9/2026 (e)
10,154
10,074
CPPIB Capital, Inc. 4.375% 1/30/2027 (e)
1,702
1,708
CPPIB Capital, Inc. 4.25% 7/20/2028 (e)
2,393
2,398
Ontario Teachers’ Finance Trust 0.875% 9/21/2026 (e)
6,173
6,119
Ontario Teachers’ Finance Trust 3.00% 4/13/2027 (e)
8,000
7,932
Saskatchewan (Province of) 3.25% 6/8/2027
3,364
3,338
 
31,569
Supra National 0.18%
 
 
 
Asian Development Bank 3.875% 9/28/2032
1,163
1,139
Corporacion Andina de Fomento 5.00% 1/24/2029
7,017
7,152
European Investment Bank 4.00% 2/15/2029
14,700
14,682
 
22,973
United Arab Emirates 0.11%
 
 
 
Abu Dhabi (Emirate of) 3.125% 10/11/2027 (e)
15,000
14,791
Kuwait 0.08%
 
 
 
Kuwait (State of) 4.016% 10/9/2028 (e)
10,100
9,989
Chile 0.02%
 
 
 
Chile (Republic of) 4.85% 1/22/2029
1,855
1,875
Total bonds & notes of governments & government agencies outside the U.S.
131,788
Short-Term Bond Fund of America — Page 31 of 37
unaudited
Bonds, notes & other debt instruments (continued)
Loans 0.03%
Asset backed obligations 0.03%
 
Principal amount
(000)
Value
(000)
Amergin Asset Management, LLC, Term Loan A, (1-month USD CME Term SOFR + 2.50%) 6.146%
11/21/2027 (e)(g)(l)
USD4,320
$4,304
Total bonds, notes & other debt instruments (cost: $11,726,760,000)
11,707,049
Short-term securities 12.12%
Money market investments 12.12%
 
Shares
 
Capital Group Central Cash Fund 3.67% (m)(n)
15,716,844
1,571,527
Total short-term securities (cost: $1,571,551,000)
1,571,527
Options purchased (equity style) 0.02%
 
 
 
Options purchased (equity style)*
2,877
Total options purchased (equity style) (cost: $3,073,000)
2,877
Total investment securities 102.39% (cost: $13,301,384,000)
13,281,453
Total options written (equity style) † (0.03)% (premium received: $3,527,000)
(3,700
)
Other assets less liabilities (2.39)%
(305,806
)
Net assets 100.00%
$12,971,947
*Options purchased (equity style)
Options on futures 
Description
Number of
contracts
Expiration
date
Exercise
price
Notional
amount
(000)
Value at
5/31/2026
(000)
Call
3 Month SOFR Futures Option
4,859
12/11/2026
USD98.00
USD1,214,750
$243
Put
3 Month SOFR Futures Option
1,225
12/11/2026
USD97.00
USD306,250
$2,634
 
$2,877
†Options written (equity style)
Options on futures 
Description
Number of
contracts
Expiration
date
Exercise
price
Notional
amount
(000)
Value at
5/31/2026
(000)
Put
3 Month SOFR Futures Option
1,267
12/11/2026
USD96.06
USD(316,750
)
$(530
)
3 Month SOFR Futures Option
2,450
12/11/2026
96.63
(612,500
)
(3,170
)
 
$(3,700
)
Short-Term Bond Fund of America — Page 32 of 37
unaudited
Futures contracts
 
Contracts
Type
Number of
contracts
Expiration
date
Notional
amount
(000)
Value and
unrealized
appreciation
(depreciation)
at 5/31/2026
(000)
3 Month SOFR Futures
Long
136
9/16/2026
USD32,754
$(154
)
3 Month SOFR Futures
Long
8,987
3/17/2027
2,160,699
(4,301
)
2 Year U.S. Treasury Note Futures
Long
20,466
10/5/2026
4,227,508
5,429
5 Year U.S. Treasury Note Futures
Long
3,793
10/5/2026
406,651
1,872
10 Year U.S. Treasury Note Futures
Short
697
9/30/2026
(76,550
)
(223
)
10 Year Ultra U.S. Treasury Note Futures
Short
2,748
9/30/2026
(307,991
)
(3,216
)
20 Year U.S. Treasury Bond Futures
Short
229
9/30/2026
(25,698
)
(346
)
30 Year Ultra U.S. Treasury Bond Futures
Short
370
9/30/2026
(42,330
)
(841
)
 
 
 
 
$(1,780
)
Swap contracts
Interest rate swaps
Centrally cleared interest rate swaps 
Receive
Pay
Expiration
date
Notional
amount
(000)
Value at
5/31/2026
(000)
Upfront
premium
paid
(received)
(000)
Unrealized
appreciation
(depreciation)
at 5/31/2026
(000)
Rate
Payment
frequency
Rate
Payment
frequency
3.948%
Annual
SOFR
Annual
11/6/2026
USD19,000
$15
$—
$15
U.S. Urban CPI
At maturity
3.31%
At maturity
5/13/2027
20,878
19
—
19
U.S. Urban CPI
At maturity
2.99%
At maturity
5/29/2027
20,878
23
—
23
3.8825%
Annual
SOFR
Annual
12/7/2028
16,590
6
—
6
2.801%
At maturity
U.S. Urban CPI
At maturity
5/6/2031
31,910
102
—
102
2.7585%
At maturity
U.S. Urban CPI
At maturity
5/6/2031
31,911
40
—
40
3.43574%
Annual
SOFR
Annual
6/17/2031
31,802
(629
)
—
(629
)
SOFR
Annual
3.61832%
Annual
1/31/2033
25,700
453
—
453
SOFR
Annual
3.67958%
Annual
1/31/2033
25,800
364
—
364
SOFR
Annual
3.7315%
Annual
3/25/2033
29,306
346
—
346
SOFR
Annual
3.739%
Annual
3/25/2033
13,803
157
—
157
SOFR
Annual
3.7655%
Annual
3/26/2033
17,307
170
—
170
SOFR
Annual
3.788%
Annual
3/26/2033
10,406
88
—
88
SOFR
Annual
3.793%
Annual
3/26/2033
5,182
42
—
42
SOFR
Annual
3.8105%
Annual
3/30/2033
17,307
124
—
124
SOFR
Annual
3.8175%
Annual
3/31/2033
6,944
47
—
47
SOFR
Annual
3.878%
Annual
12/6/2033
12,070
61
—
61
SOFR
Annual
3.73632%
Annual
6/17/2036
36,208
927
—
927
4.07464%
Annual
SOFR
Annual
6/17/2056
9,256
(296
)
—
(296
)
 
 
 
 
$2,059
$—
$2,059
Short-Term Bond Fund of America — Page 33 of 37
unaudited
Investments in affiliates (n)
 
 
Value at
9/1/2025
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
5/31/2026
(000)
Dividend
or interest
income
(000)
Short-term securities 12.12%
Money market investments 12.12%
Capital Group Central Cash Fund 3.67% (m)
$1,608,255
$4,881,227
$4,917,740
$61
$(276
)
$1,571,527
$34,618
 
(a)
All or a portion of this security was pledged as collateral.  At period end, the total value of securities pledged was $35,842,000, which represented 0.28% of
the net assets of the fund.
(b)
All or a portion of this security was on loan. 
(c)
Index-linked bond whose principal amount moves with a government price index.
(d)
Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
(e)
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 $4,282,103,000, which
represented 33.01% of the net assets of the fund.
(f)
Step bond; coupon rate may change at a later date.
(g)
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.
(h)
Scheduled interest and/or principal payment was not received.
(i)
Value determined using significant unobservable inputs.
(j)
Amount less than one thousand.
(k)
Represents securities transacted on a TBA basis.
(l)
Loan participations and assignments; may be subject to legal or contractual restrictions on resale.
(m)
Rate represents the seven-day yield at 5/31/2026.
(n)
Affiliate of the fund or part of the same “group of investment companies“ as the fund, as defined under the Investment Company Act of 1940, as amended.
Short-Term Bond Fund of America — Page 34 of 37
unaudited
Valuation disclosures
Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value 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. Security transactions are recorded by the fund as of the date the trades are executed with brokers.
Methods and inputs — The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Fixed-income securities, including short-term securities, are generally valued at 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 on the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. The average month-end notional amount of options on futures while held was $3,669,029,000. The average month-end notional amount of futures contracts while held was $7,589,741,000. 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. The average month-end notional amounts of interest rate swaps while held were $336,026,000.
Short-Term Bond Fund of America — Page 35 of 37
unaudited
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.
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 fund’s valuation levels as of May 31, 2026, were as follows (dollars in thousands): 
 
Investment securities
 
Level 1
Level 2
Level 3
Total
Assets:
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes
$—
$5,091,931
$—
$5,091,931
Asset-backed obligations
—
3,057,437
6,534
3,063,971
Mortgage-backed obligations
—
2,302,970
—
2,302,970
Corporate bonds and notes
—
1,112,085
—
1,112,085
Bonds & notes of governments & government agencies
outside the U.S.
—
131,788
—
131,788
Loans
—
4,304
—
4,304
Short-term securities
1,571,527
—
—
1,571,527
Options purchased on futures (equity style)
2,877
—
—
2,877
Total
$1,574,404
$11,700,515
$6,534
$13,281,453
 
Short-Term Bond Fund of America — Page 36 of 37
unaudited
 
Other investments*
 
Level 1
Level 2
Level 3
Total
Assets:
Unrealized appreciation on futures contracts
$7,301
$—
$—
$7,301
Unrealized appreciation on centrally cleared interest rate swaps
—
2,984
—
2,984
Liabilities:
Value of options written (equity style)
(3,700
)
—
—
(3,700
)
Unrealized depreciation on futures contracts
(9,081
)
—
—
(9,081
)
Unrealized depreciation on centrally cleared interest rate swaps
—
(925
)
—
(925
)
Total
$(5,480
)
$2,059
$—
$(3,421
)
*
Options written, futures contracts and interest rate swaps are not included in the fund’s investment portfolio. 
Key to abbreviation(s)
Assn. = Association
CLO = Collateralized Loan Obligations
CME = CME Group
CPI = Consumer Price Index
DAC = Designated Activity Company
SOFR = Secured Overnight Financing Rate
TBA = To be announced
USD = U.S. dollars
UST = U.S. Treasury
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.
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.
Capital Client Group, Inc., member FINRA.
© 2026 Capital Group. All rights reserved.
MFGEFP3-048-0726
Short-Term Bond Fund of America — Page 37 of 37