NPORT-EX 3 edgar.htm

    
Short-Term Bond Fund of America®
Investment portfolio
November 30, 2021
unaudited
Bonds, notes & other debt instruments 94.29%
U.S. Treasury bonds & notes 53.42%
U.S. Treasury 45.99% 		  Principal amount
(000) 		Value
(000)
U.S. Treasury 2.625% 2021 $50,000 $50,049
U.S. Treasury 0.125% 2022 410,000 409,662
U.S. Treasury 0.125% 2022 310,000 309,843
U.S. Treasury 0.125% 2022 90,000 89,898
U.S. Treasury 0.125% 2022 80,000 80,015
U.S. Treasury 0.125% 2022 38,600 38,589
U.S. Treasury 0.125% 2022 24,000 24,005
U.S. Treasury 0.125% 2022 12,000 12,001
U.S. Treasury 0.375% 2022 1 1
U.S. Treasury 1.50% 2022 235,500 237,763
U.S. Treasury 1.50% 2022 220,605 222,914
U.S. Treasury 1.625% 2022 243,665 247,148
U.S. Treasury 1.75% 2022 35,000 35,146
U.S. Treasury 1.875% 2022 19,480 19,754
U.S. Treasury 2.125% 2022 1,192 1,216
U.S. Treasury 0.125% 2023 398,000 397,172
U.S. Treasury 0.125% 2023 300,000 298,166
U.S. Treasury 0.125% 2023 249,200 248,298
U.S. Treasury 0.125% 2023 150,000 148,624
U.S. Treasury 0.125% 2023 108,500 107,719
U.S. Treasury 0.125% 2023 88,500 88,178
U.S. Treasury 0.125% 2023 85,000 84,515
U.S. Treasury 0.125% 2023 10,500 10,474
U.S. Treasury 0.25% 2023 330,000 328,571
U.S. Treasury 0.25% 2023 171,086 170,670
U.S. Treasury 1.375% 2023 10,000 10,131
U.S. Treasury 2.50% 2023 16,121 16,582
U.S. Treasury 2.625% 2023 223,361 232,755
U.S. Treasury 2.75% 2023 98,795 102,101
U.S. Treasury 0.125% 20241 337,563 334,070
U.S. Treasury 0.25% 2024 250,000 247,728
U.S. Treasury 0.25% 2024 166,064 164,224
U.S. Treasury 0.375% 2024 163,816 162,617
U.S. Treasury 0.375% 2024 3,600 3,561
U.S. Treasury 0.625% 2024 15,690 15,619
U.S. Treasury 1.50% 2024 19,500 19,879
U.S. Treasury 1.75% 2024 39,000 40,080
U.S. Treasury 1.75% 2024 14,080 14,466
U.S. Treasury 2.25% 2024 50,000 51,863
U.S. Treasury 0.25% 2025 13,490 13,082
U.S. Treasury 0.25% 2025 5,000 4,867
U.S. Treasury 0.25% 2025 3,125 3,046
U.S. Treasury 0.375% 2025 35,000 34,338
U.S. Treasury 0.375% 2025 15,000 14,585
U.S. Treasury 0.50% 2025 70 69
Short-Term Bond Fund of America — Page 1 of 20
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 1.375% 2025 $74,640 $75,827
U.S. Treasury 0.375% 2026 29,065 28,228
U.S. Treasury 0.75% 2026 38,485 37,887
U.S. Treasury 0.75% 2026 3,257 3,199
U.S. Treasury 1.125% 2026 21,354 21,328
U.S. Treasury 0.375% 2027 3,500 3,329
U.S. Treasury 0.625% 2027 3,500 3,366
U.S. Treasury 1.125% 2028 377 371
U.S. Treasury 0.625% 20301 2,000 1,878
U.S. Treasury 0.875% 2030 9,850 9,421
U.S. Treasury 1.125% 2031 1,569 1,533
U.S. Treasury 1.25% 2031 1,645 1,620
U.S. Treasury 1.375% 2031 1,098 1,092
U.S. Treasury 1.625% 2031 11,800 12,032
U.S. Treasury 1.375% 20401 1,400 1,290
U.S. Treasury 1.875% 20411 1,465 1,469
U.S. Treasury 1.875% 20511 1,010 1,027
U.S. Treasury 2.00% 20511 170 178
U.S. Treasury 2.375% 2051 100 113
      5,351,242
U.S. Treasury inflation-protected securities 7.43%      
U.S. Treasury Inflation-Protected Security 0.125% 20222 205,521 210,433
U.S. Treasury Inflation-Protected Security 0.125% 20222 187,296 193,620
U.S. Treasury Inflation-Protected Security 0.125% 20252 124,765 133,998
U.S. Treasury Inflation-Protected Security 0.125% 20262 100,772 109,006
U.S. Treasury Inflation-Protected Security 0.125% 20262 51,945 56,580
U.S. Treasury Inflation-Protected Security 0.125% 20311,2 135,922 152,109
U.S. Treasury Inflation-Protected Security 0.125% 20312 7,573 8,504
      864,250
Total U.S. Treasury bonds & notes     6,215,492
Mortgage-backed obligations 11.92%
Collateralized mortgage-backed obligations (privately originated) 6.57% 		     
Argent Securities, Inc., Series 2005-W2, Class M1, 0.827% 20353,4 3,263 3,263
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 20483,4,5 5,054 5,045
Arroyo Mortgage Trust, Series 2019-2, Class A2, 3.498% 20493,4,5 932 936
Arroyo Mortgage Trust, Series 2019-2, Class A3, 3.80% 20493,4,5 6,224 6,256
Arroyo Mortgage Trust, Series 2019-1, Class A1, 3.805% 20493,4,5 5,601 5,644
Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 20553,5 3,254 3,258
BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 20593,4,5 13,135 13,197
BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 20593,4,5 9,840 9,975
Bunker Hill Loan Depositary Trust, Series 2019-2, Class A1, 2.879% 20493,4,5 7,163 7,213
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 20303,4,5 7,902 7,918
Cascade Funding Mortgage Trust, Series 2021-HB5, Class A, 0.801% 20313,4,5 4,393 4,395
Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 20313,4,5 4,690 4,687
Cascade Funding Mortgage Trust, Series 2021-HB7, Class M1, 2.125% 20313,4,5 300 301
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 20363,4,5 37,030 37,043
Cascade Funding Mortgage Trust, Series 2018-RM2, Class A, 4.00% 20683,4,5 6,678 6,886
Citigroup Mortgage Loan Trust, Inc., Series 2020-EXP1, Class A1A, 1.804% 20603,4,5 4,750 4,791
COLT Funding Mortgage Loan Trust, Series 2020-2, Class A1, 1.853% 20653,5 2,913 2,923
COLT Funding LLC, Series 2021-5, Class A1, 1.726% 20613,4,5 23,762 23,928
COLT Funding LLC, Series 2021-5, Class A2, 2.606% 20613,4,5 1,554 1,566
Short-Term Bond Fund of America — Page 2 of 20
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued) 		  Principal amount
(000) 		Value
(000)
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 20373,5 $4,111 $4,160
Credit Suisse Mortgage Trust, Series 2019-RPL1, Class A1A, 3.65% 20583,4,5 1,028 1,064
Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 20603,4,5 10,087 10,176
Finance of America HECM Buyout, Series 2020-HB2, Class A, 1.71% 20303,4,5 738 740
Finance of America HECM Buyout, Series 2021-HB1, Class A, 0.875% 20313,4,5 4,108 4,110
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 20693,5 16,427 18,066
Flagstar Mortgage Trust, Series 2021-5INV, Class A5, 2.50% 20513,4,5 3,245 3,306
GCAT, Series 2021-NQM6, Class A1, 1.688% 20663,4,5 41,964 42,233
GS Mortgage-Backed Securities Trust, Series 2020-PJ4, Class A2, 3.00% 20513,4,5 1,059 1,069
Home Partners of America Trust, Series 2021-2, Class A, 1.901% 20263,5 8,482 8,506
Home Partners of America Trust, Series 2021-2, Class B, 2.302% 20263,5 3,000 2,982
Homeward Opportunities Fund Trust, Series 2020-2, 1.657% 20653,4,5 1,955 1,960
HSI Asset Securitization Corp. Trust, Series 2006-OPT2, Class M2, 0.677% 20363,4 6,255 6,258
Hundred Acre Wood Trust, Series 2021-INV1, Class A3, 2.50% 20513,4,5 2,428 2,450
Imperial Fund LLC, Series 2021-NQM4, Class A1, 2.091% 20573,4,5 6,937 6,985
JPMorgan Mortgage Acquisition Corp., Series 2006-HE1, Class A4,
(1-month USD-LIBOR + 0.58%) 0.672% 20363,4 		1,554 1,556
JPMorgan Mortgage Trust, Series 2018-3, Class A1, 3.50% 20483,4,5 38 39
JPMorgan Mortgage Trust, Series 2019-1, Class A3, 4.00% 20493,4,5 165 167
JPMorgan Mortgage Trust, Series 2019-3, Class A3, 4.00% 20493,4,5 121 122
JPMorgan Mortgage Trust, Series 2019-LTV1, Class A15, 4.00% 20493,4,5 52 52
JPMorgan Structured Financing Trust, Series 2021-EBO1, Class A,
(1-month USD-LIBOR + 1.00%) 1.093% 20223,4,5,6,7 		1,339 1,339
Legacy Mortgage Asset Trust, Series 2019-GS5, Class A1, 3.20% 20593,4,5 14,419 14,476
Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 3.25% 20593,4,5 21,461 21,570
Legacy Mortgage Asset Trust, Series 2020-GS4, Class A1, 3.25% 20603,4,5 25,978 26,079
Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 20613,4,5 3,032 3,015
Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 20673,4,5 8,997 9,061
Mello Mortgage Capital Acceptance, Series 2021-INV1, Class A4, 2.50% 20513,4,5 5,786 5,896
Mello Warehouse Securitization Trust, Series 2020-2, Class A, (1-month USD-LIBOR + 0.80%) 0.892% 20533,4,5 16,998 16,969
Mello Warehouse Securitization Trust, Series 2020-1, Class A, (1-month USD-LIBOR + 0.90%) 0.992% 20533,4,5 23,730 23,726
Mello Warehouse Securitization Trust, Series 2021-1, Class A, (1-month USD-LIBOR + 0.70%) 0.789% 20553,4,5 9,750 9,712
Mello Warehouse Securitization Trust, Series 2021-2, Class A, (1-month USD-LIBOR + 0.75%) 0.842% 20553,4,5 823 821
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 0.942% 20553,4,5 27,226 27,253
Metlife Securitization Trust, Series 2017-1A, Class A, 3.00% 20553,4,5 787 805
Metlife Securitization Trust, Series 2018-1A, Class A, 3.75% 20573,4,5 445 461
MFRA Trust, Series 2020-NQM1, Class A1, 1.479% 20653,4,5 4,114 4,128
Mill City Mortgage Trust, Series 2015-1, Class M2, 3.626% 20563,4,5 5,020 5,078
Mill City Mortgage Trust, Series 2016-1, Class A1, 2.50% 20573,4,5 6 6
Mill City Mortgage Trust, Series 2019-3, Class A1, 3.472% 20583,4,5 581 596
Mill City Mortgage Trust, Series 2019-GS2, Class A1, 2.75% 20593,4,5 3,691 3,759
Mill City Mortgage Trust, Series 2019-1, Class A1, 3.25% 20693,4,5 1,470 1,509
Mortgage Repurchase Agreement Financing Trust, Series 2020-5,
(1-month USD-LIBOR + 1.00%) 1.091% 20233,4,5 		37,199 37,249
MRA Issuance Trust, Series 2020-10, Class A, (1-month USD-LIBOR + 1.70%) 1.782% 20223,4,5 61,000 61,079
MRA Issuance Trust, Series 2021-16, Class A1, (1-month USD-LIBOR + 1.55%) 1.644% 20513,4,5 20,837 20,838
New Residential Mortgage Loan Trust, Series 2016-2, Class A1, 3.75% 20353,4,5 408 432
New Residential Mortgage Loan Trust, Series 2015-2A, Class A1, 3.75% 20553,4,5 806 844
New Residential Mortgage Loan Trust, Series 2016-1A, Class A1, 3.75% 20563,5 360 382
New Residential Mortgage Loan Trust, Series 2018-RPL1, Class A1, 3.50% 20573,4,5 3,565 3,653
New Residential Mortgage Loan Trust, Series 2019-2A, Class A1, 4.25% 20573,4,5 713 745
New Residential Mortgage Loan Trust, Series 2018-5A, Class A1, 4.75% 20573,4,5 810 849
New Residential Mortgage Loan Trust, Series 2018-3A, Class A1, 4.50% 20583,4,5 593 634
New Residential Mortgage Loan Trust, Series 2019-RPL3, Class A1, 2.75% 20593,4,5 1,890 1,929
Short-Term Bond Fund of America — Page 3 of 20
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 2020-RPL1, Class A1, 2.75% 20593,4,5 $1,571 $1,600
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, (1-month USD-LIBOR + 0.75%) 0.842% 20553,4,5 27,717 27,669
One Market Plaza Trust, Series 2017-1MKT, Class C, 4.016% 20323,5 7,365 7,389
Progress Residential Trust, Series 2019-SFR3, Class A, 2.271% 20363,5 20,890 21,099
Progress Residential Trust, Series 2020-SFR2, Class A, 2.078% 20373,5 3,365 3,383
Provident Funding Mortgage Trust, Series 2021-INV1, Class A3, 2.50% 20513,4,5 1,090 1,113
Provident Funding Mortgage Warehouse Securitization Trust,
Series 2021-1, Class A, (1-month USD-LIBOR + 0.70%) 0.792% 20553,4,5 		13,852 13,808
RMF Buyout Issuance Trust, Series 2020-2, Class A, 1.706% 20303,4,5 7,249 7,248
RMF Buyout Issuance Trust, Series 2021-HB1, Class A, 1.259% 20313,4,5 7,618 7,638
RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75% 20633,4,5 3,645 3,591
Starwood Mortgage Residential Trust, Series 2020-2, Class A1, 2.718% 20603,4,5 1,391 1,403
Station Place Securitization Trust, Series 2021-WL1, Class A,
(1-month USD-LIBOR + 0.65%) 0.742% 20543,4,5 		13,000 13,020
Station Place Securitization Trust, Series 2021-WL2, Class A, (1-month USD-LIBOR + 0.70%) 0.792% 20543,4,5 19,825 19,846
Towd Point Mortgage Trust, Series 2015-3, Class M2, 4.00% 20543,4,5 948 975
Towd Point Mortgage Trust, Series 2016-2, Class A1A, 2.75% 20553,4,5 213 214
Towd Point Mortgage Trust, Series 2016-1, Class A3B, 3.00% 20553,4,5 95 96
Towd Point Mortgage Trust, Series 2015-4, Class M1, 3.75% 20553,4,5 3,866 3,909
Towd Point Mortgage Trust, Series 2015-4, Class M2, 3.75% 20553,4,5 2,552 2,618
Towd Point Mortgage Trust, Series 2016-4, Class A1, 2.25% 20563,4,5 139 140
Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 20563,4,5 197 199
Towd Point Mortgage Trust, Series 2017-1, Class A1, 2.75% 20563,4,5 172 173
Towd Point Mortgage Trust, Series 2017-5, Class A1, 0.692% 20573,4,5 3,066 3,066
Towd Point Mortgage Trust, Series 2017-3, Class A1, 2.75% 20573,4,5 465 471
Towd Point Mortgage Trust, Series 2017-2, Class A1, 2.75% 20573,4,5 194 197
Towd Point Mortgage Trust, Series 2017-3, Class M1, 3.50% 20573,4,5 2,300 2,405
Towd Point Mortgage Trust, Series 2019-HY2, Class A1, (1-month USD-LIBOR + 1.00%) 1.092% 20583,4,5 2,986 3,000
Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 20583,4,5 5,141 5,275
Towd Point Mortgage Trust, Series 2018-5, Class A1, 3.25% 20583,4,5 506 519
Towd Point Mortgage Trust, Series 2018-3, Class A1, 3.75% 20583,4,5 4,872 5,033
Towd Point Mortgage Trust, Series 2019-1, Class A1, 3.75% 20583,4,5 3,311 3,443
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 20603,5 12,541 12,558
Tricon Residential, Series 2021-SFR1, Class A, 1.943% 20383,5 1,564 1,563
Verus Securitization Trust, Series 2020-2, Class A1, 2.743% 20603,4,5 984 988
Verus Securitization Trust, Series 2021-7, Class A1, 1.829% 20663,4,5 10,745 10,820
Wells Fargo Mortgage-Backed Securities Trust, Series 2020-1, Class A3, 3.00% 20493,4,5 10 10
ZH Trust, Series 2021-1, Class A, 2.253% 20273,5 4,358 4,320
ZH Trust, Series 2021-2, Class A, 2.349% 20273,5 3,811 3,779
      764,697
Federal agency mortgage-backed obligations 2.89%      
Fannie Mae Pool #AD2028 4.50% 20253 437 461
Fannie Mae Pool #555538 2.351% 20333,4 304 305
Fannie Mae Pool #888521 2.339% 20343,4 474 504
Fannie Mae Pool #889579 6.00% 20383 1,348 1,581
Fannie Mae Pool #889983 6.00% 20383 559 648
Fannie Mae Pool #AL0095 6.00% 20383 44 51
Fannie Mae Pool #AC2106 2.09% 20393,4 172 182
Fannie Mae Pool #AC1676 2.085% 20393,4 68 71
Fannie Mae Pool #AC6266 2.201% 20393,4 173 183
Fannie Mae Pool #AE7629 2.06% 20403,4 24 25
Fannie Mae Pool #AL9531 2.128% 20413,4 3,030 3,195
Fannie Mae Pool #AL0073 2.145% 20413,4 205 216
Short-Term Bond Fund of America — Page 4 of 20
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 #AE0789 2.164% 20413,4 $262 $276
Fannie Mae Pool #AE0844 2.184% 20413,4 263 278
Fannie Mae Pool #AI8806 5.00% 20413 996 1,131
Fannie Mae Pool #AP7819 1.91% 20423,4 270 284
Fannie Mae Pool #AL2000 1.942% 20423,4 306 321
Fannie Mae Pool #AL1941 1.951% 20423,4 377 396
Fannie Mae Pool #AL2184 1.981% 20423,4 625 658
Fannie Mae Pool #AL9532 1.991% 20423,4 3,507 3,687
Fannie Mae Pool #AL9533 2.035% 20423,4 1,662 1,748
Fannie Mae Pool #AL9530 2.088% 20423,4 2,417 2,546
Fannie Mae Pool #AB9584 3.50% 20433 5 5
Fannie Mae Pool #BK7655 3.907% 20483,4 1,651 1,716
Fannie Mae Pool #BK6971 4.00% 20483 147 157
Fannie Mae Pool #BK2010 4.00% 20483 39 42
Fannie Mae Pool #BK5305 4.00% 20483 21 22
Fannie Mae Pool #CA2493 4.50% 20483 95 102
Fannie Mae Pool #BK9464 3.615% 20493,4 1,565 1,623
Fannie Mae Pool #BN5611 4.091% 20493,4 2,888 2,994
Fannie Mae, Series 2012-M13, Class A2, Multi Family, 2.377% 20223 1,214 1,222
Fannie Mae, Series 2015-M4, Class AV2, Multi Family, 2.509% 20223,4 1,476 1,480
Fannie Mae, Series 2012-M2, Class A2, Multi Family, 2.717% 20223 97 97
Fannie Mae, Series 2016-M2, Class AV2, Multi Family, 2.152% 20233 2,876 2,907
Fannie Mae, Series 2016-M3, Class ASQ2, Multi Family, 2.263% 20233 380 381
Fannie Mae, Series 2013-M12, Class APT, Multi Family, 2.483% 20233,4 3,146 3,191
Fannie Mae, Series 2017-M3, Class AV2, Multi Family, 2.61% 20243,4 2,646 2,708
Fannie Mae, Series 2017-M10, Class AV2, Multi Family, 2.639% 20243,4 4,228 4,361
Fannie Mae, Series 2017-M15, Class AV2, Multi Family, 2.708% 20243,4 2,882 2,986
Fannie Mae, Series 2015-M8, Class A1, Multi Family, 2.344% 20253 67 67
Fannie Mae, Series 2016-M9, Class A1, Multi Family, 2.003% 20263 439 447
Fannie Mae, Series 2016-M5, Class A1, Multi Family, 2.073% 20263 3,429 3,506
Fannie Mae, Series 2016-M11, Class A1, Multi Family, 2.08% 20263 5,169 5,273
Fannie Mae, Series 2016-M12, Class A1, Multi Family, 2.132% 20263 2,169 2,213
Fannie Mae, Series 2016-M6, Class A1, Multi Family, 2.137% 20263 534 539
Fannie Mae, Series 2016-M4, Class A1, Multi Family, 2.187% 20263 2,350 2,404
Fannie Mae, Series 2017-M7, Class A1, Multi Family, 2.595% 20263 602 608
Fannie Mae, Series 2017-M8, Class A1, Multi Family, 2.654% 20273 140 140
Fannie Mae, Series 2017-M7, Class A2, Multi Family, 2.961% 20273,4 10 11
Fannie Mae, Series 2017-M15, Class ATS1, Multi Family, 2.987% 20273,5 372 376
Freddie Mac Pool #G14740 5.50% 20243 39 40
Freddie Mac Pool #782818 2.375% 20343,4 316 336
Freddie Mac Pool #781228 2.375% 20343,4 267 269
Freddie Mac Pool #A23893 5.50% 20343 209 235
Freddie Mac Pool #1H2524 2.352% 20353,4 574 612
Freddie Mac Pool #848365 2.324% 20363,4 433 462
Freddie Mac Pool #848751 2.33% 20363,4 143 153
Freddie Mac Pool #1L1292 2.505% 20363,4 585 594
Freddie Mac Pool #1L1476 2.555% 20363,4 163 164
Freddie Mac Pool #G02162 5.50% 20363 127 146
Freddie Mac Pool #1B4386 2.099% 20393,4 37 37
Freddie Mac Pool #1B8916 2.12% 20413,4 369 370
Freddie Mac Pool #760014 2.888% 20453,4 630 651
Freddie Mac Pool #SI2002 4.00% 20483 210 225
Freddie Mac Pool #SD8164 3.50% 20513 21 22
Freddie Mac, Series K718, Class A2, Multi Family, 2.791% 20223 16 16
Short-Term Bond Fund of America — Page 5 of 20
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued) 		  Principal amount
(000) 		Value
(000)
Freddie Mac, Series K030, Class A2, Multi Family, 3.25% 20233 $499 $514
Freddie Mac, Series K036, Class A2, Multi Family, 3.527% 20233 7,090 7,408
Freddie Mac, Series K727, Class A2, Multi Family, 2.946% 20243 1,600 1,670
Freddie Mac, Series K037, Class A2, Multi Family, 3.49% 20243 2,000 2,096
Freddie Mac, Series K044, Class A2, Multi Family, 2.811% 20253 1,000 1,048
Freddie Mac, Series K049, Class A2, Multi Family, 3.01% 20253 750 795
Freddie Mac, Series K052, Class A2, Multi Family, 3.151% 20253 2,075 2,215
Freddie Mac, Series K057, Class A2, Multi Family, 2.57% 20263 30 32
Freddie Mac, Series K054, Class A2, Multi Family, 2.745% 20263 400 422
Freddie Mac, Series K734, Class A2, Multi Family, 3.208% 20263 4,605 4,913
Freddie Mac, Series K070, Class A2, Multi Family, 3.303% 20273,4 10 11
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 20563 9,548 9,910
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 20563,4 9,405 9,746
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 20563,4 6,069 6,286
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 20573,4 18 18
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 20573 8,125 8,467
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 20573 14 15
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class M45T, 4.50% 20573 5,414 5,946
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 20583 10,626 11,141
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 20583 1,488 1,554
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-4, Class MA, 3.50% 20583 69 72
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 20593 1,651 1,713
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 20283 14,749 15,191
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 20293 843 872
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 20293 2,576 2,686
Government National Mortgage Assn. Pool #MA5653 5.00% 20483 2,949 3,179
Government National Mortgage Assn. Pool #MA5332 5.00% 20483 67 72
Government National Mortgage Assn. Pool #MA5878 5.00% 20493 2,124 2,290
Government National Mortgage Assn. Pool #MA5765 5.00% 20493 636 685
Government National Mortgage Assn. Pool #MA6042 5.00% 20493 61 65
Government National Mortgage Assn. Pool #714621 5.46% 20593 119 133
Government National Mortgage Assn. Pool #710077 4.70% 20613 5 5
Government National Mortgage Assn. Pool #710074 4.72% 20613 2 2
Government National Mortgage Assn. Pool #725879 4.893% 20613 2 2
Government National Mortgage Assn. Pool #725876 4.89% 20613 1 1
Government National Mortgage Assn. Pool #765151 4.94% 20613 5 5
Government National Mortgage Assn. Pool #710085 5.016% 20613 4 4
Government National Mortgage Assn. Pool #721648 5.05% 20613 3 3
Government National Mortgage Assn. Pool #AC1008 4.439% 20633 1 1
Government National Mortgage Assn. Pool #AG8041 4.446% 20633 22 23
Government National Mortgage Assn. Pool #AG8060 4.449% 20633 22 23
Government National Mortgage Assn. Pool #AC0975 4.482% 20633 3 3
Government National Mortgage Assn. Pool #776094 4.907% 20633 2 3
Government National Mortgage Assn. Pool #AG8149 0.738% 20643,4 236 239
Government National Mortgage Assn. Pool #AG8081 4.374% 20643 21 22
Government National Mortgage Assn. Pool #AG8069 4.372% 20643 20 21
Government National Mortgage Assn. Pool #AG8082 4.444% 20643 22 23
Government National Mortgage Assn. Pool #AC1026 4.439% 20643 3 3
Government National Mortgage Assn. Pool #AG8070 4.446% 20643 22 23
Government National Mortgage Assn. Pool #767680 4.558% 20643 39 42
Government National Mortgage Assn. Pool #AG8076 4.804% 20643 4 4
Government National Mortgage Assn. Pool #AA7554 6.64% 20643 20 21
Government National Mortgage Assn. Pool #AO0461 4.619% 20653 64 68
Short-Term Bond Fund of America — Page 6 of 20
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 2012-H12, Class FT,
(1-year CMT Weekly Rate + 0.70%) 0.79% 20623,4 		$970 $968
Government National Mortgage Assn., Series 2012-H20, Class PT, 0.903% 20623,4 15,700 15,680
Government National Mortgage Assn., Series 2014-H08, Class FT,
(1-year CMT Weekly Rate + 0.60%) 0.69% 20643,4 		5,543 5,518
Uniform Mortgage-Backed Security 2.00% 20373,8 78,328 80,051
Uniform Mortgage-Backed Security 2.00% 20373,8 48,716 49,864
Uniform Mortgage-Backed Security 4.50% 20513,8 16,605 17,843
      336,287
Commercial mortgage-backed securities 2.46%      
Banc of America Commercial Mortgage, Inc., Series 2015-UBS7, Class A4, 3.705% 20483 500 532
Bank of America Merrill Lynch Large Loan, Inc., Series 2015-200P, Class A, 3.218% 20333,5 500 522
BX Trust, Series 2021-ACNT, Class A, (1-month USD-LIBOR + 0.85%) 0.95% 20263,4,5 17,514 17,498
BX Trust, Series 2021-SDMF, Class A, (1-month USD-LIBOR + 0.589%) 0.679% 20343,4,5 27,861 27,622
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 0.79% 20363,4,5 21,661 21,584
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 0.989% 20363,4,5 8,798 8,790
BX Trust, Series 2021-VOLT, Class B, (1-month USD-LIBOR + 0.95%) 1.04% 20363,4,5 679 675
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 0.76% 20383,4,5 4,783 4,763
BX Trust, Series 2021-SOAR, Class B, (1-month USD-LIBOR + 0.87%) 0.96% 20383,4,5 1,361 1,355
BXP Trust, Series 2017-GM, Class A, 3.379% 20393,5 1,000 1,071
CIM Retail Portfolio Trust, Series 2021-RETL, Class A, (1-month USD-LIBOR + 1.40%) 1.49% 20263,4,5 1,517 1,517
Citigroup Commercial Mortgage Trust, Series 2013-GC11, Class B, 3.732% 20463,4 1,094 1,121
Citigroup Commercial Mortgage Trust, Series 2013-GC15, Class A4, 4.371% 20463,4 1,550 1,630
Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class B, 5.095% 20463,4 1,255 1,315
Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class A4, 3.622% 20473 500 527
Citigroup Commercial Mortgage Trust, Series 2014-GC19, Class A4, 4.023% 20473 1,000 1,053
Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A3, 3.515% 20583 5,390 5,680
Commercial Mortgage Trust, Series 2012-CR1, Class A3, 3.391% 20453 1,686 1,693
Commercial Mortgage Trust, Series 2013-CR6, Class B, 3.397% 20463,5 3,250 3,302
Commercial Mortgage Trust, Series 2013-CRE7, Class B, 3.613% 20463,5 500 514
Commercial Mortgage Trust, Series 2013-CR7, Class C, 4.208% 20463,4,5 460 472
Commercial Mortgage Trust, Series 2013-CC10, Class B, 5.063% 20463,4,5 2,750 2,890
Commercial Mortgage Trust, Series 2014-CR20, Class A4, 3.59% 20473 1,800 1,896
Commercial Mortgage Trust, Series 2014-CR16, Class A3, 3.775% 20473 750 784
Commercial Mortgage Trust, Series 2014-UBS2, Class AM, 4.048% 20473 1,308 1,387
Commercial Mortgage Trust, Series 2015-CR22, Class B, 3.926% 20483,4 1,000 1,055
Commercial Mortgage Trust, Series 2016-COR1, Class A4, 3.091% 20493 4,000 4,222
Commercial Mortgage Trust, Series 2015-PC1, Class A4, 3.62% 20503 2,694 2,776
Commercial Mortgage Trust, Series 2015-PC1, Class AM, 4.29% 20503,4 500 537
CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A3, 3.231% 20573 1,237 1,284
Ellington Financial Mortgage Trust, Series 2020-1, Class A1, 2.006% 20653,4,5 1,141 1,147
Ellington Financial Mortgage Trust, Series 2021-3, Class A1, 1.241% 20663,4,5 4,343 4,313
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 1.17% 20383,4,5 6,682 6,689
Fontainebleau Miami Beach Trust, CMO, Series 2019-FBLU, Class A, 3.144% 20363,5 2,400 2,472
GS Mortgage Securities Trust, Series 2018-HULA, Class A, 1.01% 20253,4,5 1,846 1,846
GS Mortgage Securities Trust, Series 2012-GCJ7, Class A4, 3.377% 20453 521 521
GS Mortgage Securities Trust, Series 2013-GC12, Class A4, 3.135% 20463 1,173 1,206
GS Mortgage Securities Trust, Series 2013-GC10, Class B, 3.682% 20463,5 2,250 2,295
GS Mortgage Securities Trust, Series 2013-GC14, Class A5, 4.243% 20463 2,544 2,663
GS Mortgage Securities Trust, Series 2013-GC16, Class A4, 4.271% 20463 890 936
GS Mortgage Securities Trust, Series 2020-GS1, Class A2, 3.47% 20483 1,460 1,519
Hawaii Hotel Trust, Series 2019-MAUI, Class A, (1-month USD-LIBOR + 1.15%) 1.239% 20383,4,5 4,500 4,503
JPMBB Commercial Mortgage Securities Trust, Series 2014-C19, Class A4, 3.997% 20473 948 997
Short-Term Bond Fund of America — Page 7 of 20
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued) 		  Principal amount
(000) 		Value
(000)
JPMBB Commercial Mortgage Securities Trust, Series 2014-C26, Class B, 3.951% 20483 $3,500 $3,604
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-C6, Class A3, 3.507% 20453 5,950 5,992
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C16, Class A4, 4.166% 20463 940 987
L.A. Arena Funding, LLC, Series 1, Class A, 7.656% 20263,5 605 604
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A,
(1-month USD-LIBOR + 1.05%) 1.14% 20383,4,5 		7,227 7,242
Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 20393,5 7,193 7,240
MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A,
(1-month USD-LIBOR + 0.801%) 0.89% 20263,4,5 		13,421 13,410
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class A4, 3.102% 20463 3,000 3,068
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class B, 3.708% 20463,4 1,511 1,546
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C13, Class A-4, 4.039% 20463 10,000 10,498
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C12, Class A4, 4.259% 20463,4 7,963 8,337
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class A4, 4.296% 20463,4 2,000 2,076
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class A4, 3.443% 20473 629 641
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C16, Class A4, 3.60% 20473 240 249
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19, Class B, 4.00% 20473,4 6,985 7,386
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C8, Class A4, 3.134% 20483 11,390 11,598
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20, Class A4, 3.249% 20483 1,250 1,312
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25, Class ASB, 3.383% 20483 805 835
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C34, Class ASB, 3.354% 20523 1,500 1,588
Motel 6 Trust, Series 2021-MTL6, Class A, (1-month USD-LIBOR + 0.90%) 0.99% 20383,4,5 3,867 3,867
Motel 6 Trust, Series 2021-MTL6, Class B, (1-month USD-LIBOR + 1.20%) 1.29% 20383,4,5 786 786
SREIT Trust, Series 2021-FLWR, Class A, (1-month USD-LIBOR + 0.577%) 0.667% 20363,4,5 8,572 8,495
SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 0.831% 20383,4,5 5,890 5,865
Wells Fargo Commercial Mortgage Trust, Series 2012-LC5, Class A3, 2.918% 20453 62 62
Wells Fargo Commercial Mortgage Trust, Series 2016-C34, Class A4, 3.096% 20493 5,160 5,387
Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class A4, 3.548% 20503 1,124 1,153
Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class A5, 3.817% 20503 2,000 2,106
WF-RBS Commercial Mortgage Trust, Series 2012-C9, Class A3, 2.87% 20453 913 923
WF-RBS Commercial Mortgage Trust, Series 2012-C10, Class AS, 3.241% 20453 313 318
WF-RBS Commercial Mortgage Trust, Series 2013-C13, Class B, 3.553% 20453 1,250 1,280
WF-RBS Commercial Mortgage Trust, Series 2013-C11, Class B, 3.714% 20453,4 3,250 3,319
WF-RBS Commercial Mortgage Trust, Series 2012-C8, Class B, 4.311% 20453 6,000 6,087
WF-RBS Commercial Mortgage Trust, Series 2014-C25, Class A5, 3.631% 20473 581 615
WF-RBS Commercial Mortgage Trust, Series 2014-C19, Class A5, 4.101% 20473 1,580 1,671
WF-RBS Commercial Mortgage Trust, Series 2013-C12, Class A4, 3.198% 20483 1,204 1,230
WF-RBS Commercial Mortgage Trust, Series 2013-C12, Class B, 3.863% 20483,4 1,250 1,282
WF-RBS Commercial Mortgage Trust, Series 2014-C22, Class A4, 3.488% 20573 1,491 1,548
      285,381
Total mortgage-backed obligations     1,386,365
Asset-backed obligations 11.61%      
Aesop Funding LLC, Series 2019-1A, Class A, 3.45% 20233,5 15,498 15,580
Aesop Funding LLC, Series 2017-2A, Class A, 2.97% 20243,5 7,225 7,409
Aesop Funding LLC, Series 2018-1A, Class A, 3.70% 20243,5 1,080 1,128
Aesop Funding LLC, Series 2019-2A, Class A, 3.35% 20253,5 12,965 13,667
Aesop Funding LLC, Series 2018-2A, Class A, 4.00% 20253,5 12,750 13,501
Aesop Funding LLC, Series 2020-1A, Class A, 2.33% 20263,5 1,250 1,290
Aesop Funding LLC, Series 2019-3A, Class A, 2.36% 20263,5 2,280 2,345
Aesop Funding LLC, Series 2020-2, Class A, 2.02% 20273,5 10,786 10,938
Affirm Asset Securitization Trust, Series 2021-A, Class A, 0.88% 20253,5 13,197 13,207
Affirm Asset Securitization Trust, Series 2020-A, Class A, 2.10% 20253,5 13,537 13,584
Short-Term Bond Fund of America — Page 8 of 20
unaudited
Bonds, notes & other debt instruments (continued)
Asset-backed obligations (continued) 		  Principal amount
(000) 		Value
(000)
Affirm Asset Securitization Trust, Series 2021-B, Class A, 1.03% 20263,5 $22,156 $22,062
Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 20263,5 15,221 15,218
Allegro CLO, Ltd., Series 2016-1A, Class AR2,
(3-month USD-LIBOR + 0.95%) 1.074% 20303,5 		12,063 12,065
Allegro CLO, Ltd., Series 2017-1A, Class AR,
(3-month USD-LIBOR + 0.95%) 1.072% 20303,4,5 		7,947 7,947
American Credit Acceptance Receivables Trust, Series 2021-1, Class A, 0.35% 20243,5 7,300 7,300
American Credit Acceptance Receivables Trust, Series 2021-1, Class B, 0.61% 20253,5 1,441 1,441
AmeriCredit Automobile Receivables Trust, Series 2020-2, Class A3, 0.66% 20243 4,444 4,452
Ares CLO, Ltd., Series 2017-42A, Class AR,
(3-month USD-LIBOR + 0.92%) 1.048% 20283,4,5 		14,768 14,768
Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR,
(3-month USD-LIBOR + 1.00%) 1.16% 20303,4,5 		20,775 20,775
Bankers Healthcare Group Securitization Trust, Series 2020-A, Class A, 2.56% 20313,5 2,145 2,171
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 20333,5 6,365 6,344
Bankers Healthcare Group Securitization Trust, Series 2021-B, Class A, 0.90% 20343,5 7,965 7,938
Bankers Healthcare Group Securitization Trust, Series 2021-B, Class B, 1.67% 20343,5 650 642
CarMaxAuto Owner Trust, Series 2019-2, Class A3, 2.68% 20243 6,593 6,673
CarMaxAuto Owner Trust, Series 2019-2, Class A4, 2.77% 20243 2,485 2,550
Carvana Auto Receivables Trust, Series 2021-P1, Class A3, 0.54% 20253 651 650
Castlelake Aircraft Securitization Trust, Series 2021-2A, Class A, 2.852% 20373,5,6 1,534 1,526
Cent CLO, Ltd., Series 2014-21A, Class AR,
(3-month USD-LIBOR + 0.97%) 1.105% 20303,4,5 		25,492 25,492
CF Hippolyta LLC, Series 2020-1, Class A1, 1.69% 20603,5 18,142 18,076
CF Hippolyta LLC, Series 2021-1, Class A1, 1.53% 20613,5 13,075 12,868
CLI Funding V LLC, Series 2020-2A, Class A, 2.03% 20453,5 4,004 3,987
CLI Funding V LLC, Series 2020-3A, Class A, 2.07% 20453,5 1,256 1,254
CLI Funding V LLC, Series 2020-1A, Class A, 2.08% 20453,5 8,531 8,472
Cloud Pass-Through Trust, Series 2019-1A, Class CLOU, 3.554% 20223,4,5 258 259
CPS Auto Receivables Trust, Series 2021-A, Class A, 0.35% 20243,5 1,418 1,418
CPS Auto Receivables Trust, Series 2019-B, Class C, 3.35% 20243,5 560 561
CPS Auto Receivables Trust, Series 2020-B, Class B, 2.11% 20263,5 561 562
CPS Auto Receivables Trust, Series 2020-B, Class C, 3.30% 20263,5 586 594
Credit Acceptance Auto Loan Trust, Series 2020-2A, Class A, 1.37% 20293,5 13,682 13,754
Credit Acceptance Auto Loan Trust, Series 2020-1A, Class A, 2.01% 20293,5 23,529 23,754
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.00% 20303,5 10,100 10,045
Drive Auto Receivables Trust, Series 2021-1, Class A2, 0.36% 20233 4,239 4,239
Drive Auto Receivables Trust, Series 2020-2, Class A3, 0.83% 20243 1,465 1,465
Drive Auto Receivables Trust, Series 2021-3, Class A2, 0.52% 20253 20,000 19,998
Drive Auto Receivables Trust, Series 2020-2, Class B, 1.42% 20253 1,938 1,945
Drive Auto Receivables Trust, Series 2020-2, Class C, 2.28% 20263 4,085 4,143
Drive Auto Receivables Trust, Series 2020-1, Class C, 2.36% 20263 3,500 3,535
Drivetime Auto Owner Trust, Series 2020-2A, Class A, 1.14% 20243,5 1,012 1,013
Drivetime Auto Owner Trust, Series 2019-4A, Class B, 2.36% 20243,5 3,304 3,308
Drivetime Auto Owner Trust, Series 2021-1A, Class A, 0.35% 20253,5 11,053 11,052
Drivetime Auto Owner Trust, Series 2021-2A, Class A, 0.41% 20253,5 7,058 7,051
Drivetime Auto Owner Trust, Series 2021-1A, Class B, 0.62% 20253,5 1,322 1,321
Drivetime Auto Owner Trust, Series 2019-2A, Class C, 3.18% 20253,5 366 369
Drivetime Auto Owner Trust, Series 2020-2A, Class B, 2.08% 20263,5 2,959 2,983
Drivetime Auto Owner Trust, Series 2020-2A, Class C, 3.28% 20263,5 1,617 1,666
Dryden Senior Loan Fund, CLO, Series 2017-47A, Class A1R,
(3-month USD-LIBOR + 0.98%) 1.104% 20283,4,5 		23,225 23,217
Dryden Senior Loan Fund, CLO, Series 2014-33A, Class AR3,
(3-month USD-LIBOR + 1.00%) 1.124% 20293,4,5 		18,504 18,504
EDvestinU Private Education Loan LLC, Series 2021-A, Class A, 1.80% 20453,5 1,074 1,062
Short-Term Bond Fund of America — Page 9 of 20
unaudited
Bonds, notes & other debt instruments (continued)
Asset-backed obligations (continued) 		  Principal amount
(000) 		Value
(000)
Exeter Automobile Receivables Trust, Series 2017-3A, Class C, 3.68% 20233,5 $1,525 $1,540
Exeter Automobile Receivables Trust, Series 2019-2A, Class C, 3.30% 20243,5 4,077 4,097
Exeter Automobile Receivables Trust, Series 2021-4A, Class A3, 0.68% 20253 12,566 12,562
Exeter Automobile Receivables Trust, Series 2020-2A, Class C, 3.28% 20253,5 2,345 2,393
First Investors Auto Owner Trust, Series 2021-1A, Class A, 0.45% 20263,5 3,906 3,904
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 20373,5 8,417 8,235
FirstKey Homes Trust, Series 2021-SFR3, Class A, 2.135% 20383,5 3,697 3,724
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.52% 20303,5 9,391 9,890
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 20313,5 1,857 1,899
FREED ABS Trust, Series 2021-2, Class A, 0.68% 20283,5 1,797 1,797
Freedom Financial, Series 2021-3FP, Class A, 0.62% 20283,5 1,388 1,387
GCI Funding I LLC, Series 2020-1, Class A, 2.82% 20453,5 17,082 17,203
GCI Funding I LLC, Series 2021-1, Class A, 2.38% 20463,5 5,061 5,064
Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 20403,5 23,530 23,518
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 20403,5 21,448 21,487
Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 20413,5 20,471 20,223
Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 20413,5 6,806 6,771
GM Financial Automobile Leasing Trust, Series 2020-2, Class A2A, 0.71% 20223 238 238
GM Financial Automobile Leasing Trust, Series 2020-2, Class A3, 0.80% 20233 4,544 4,554
GM Financial Automobile Leasing Trust, Series 2019-4, Class B, 2.04% 20253 4,331 4,405
GM Financial Automobile Leasing Trust, Series 2019-4, Class C, 2.24% 20253 3,130 3,191
Hertz Vehicle Financing LLC, Series 2021-1A, Class A, 1.21% 20253,5 41,982 41,725
Hertz Vehicle Financing LLC, Series 2021-1A, Class B, 1.56% 20253,5 3,660 3,647
Hertz Vehicle Financing LLC, Series 2021-2A, Class A, 1.68% 20273,5 18,970 18,960
Hertz Vehicle Financing LLC, Series 2021-2A, Class B, 2.12% 20273,5 857 855
Invitation Homes Trust, Series 2018-SFR1, Class A, (1-month USD-LIBOR + 0.70%) 0.79% 20373,4,5 844 845
Invitation Homes Trust, Series 2018-SFR3, Class A, (1-month USD-LIBOR + 1.00%) 1.09% 20373,4,5 677 678
LAD Auto Receivables Trust, Series 2021-1A, Class A, 1.30% 20263,5 15,385 15,399
LAD Auto Receivables Trust, Series 2021-1A, Class B, 1.94% 20263,5 730 731
Longfellow Place CLO, Ltd., Series 2013-1A, Class AR3, (3-month USD-LIBOR + 1.00%) 1.124% 20293,4,5 12,750 12,750
Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2,
(3-month USD-LIBOR + 1.00%) 1.13% 20303,4,5 		31,785 31,807
Marathon CLO, Ltd., Series 2017-9A, Class A1AR,
(3-month USD-LIBOR + 1.15%) 1.274% 20293,4,5 		27,873 27,873
Mercury Financial Credit Card Master Trust, Series 2021-1A, Class A, 1.54% 20263,5 7,800 7,809
Mission Lane Credit Card Master Trust, Series 2021-A, Class A, 1.59% 20263,5 12,936 12,875
Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 20693,5 4,178 4,131
Navient Student Loan Trust, Series 2021-B, Class A, 0.94% 20693,5 6,635 6,585
Navient Student Loan Trust, Series 2021-EA, Class A, 0.97% 20693,5 13,327 13,152
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 20693,5 13,528 13,393
Navient Student Loan Trust, Series 2021-FA, Class A, 1.11% 20703,5 7,037 6,947
Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 20703,5 19,916 19,900
Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 20623,5 22,960 22,731
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 20623,5 17,756 17,544
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 20623,5 35,889 35,539
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 20613,5 61,463 60,503
Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R,
(3-month USD-LIBOR + 0.97%) 1.094% 20303,4,5 		10,145 10,145
OnDeck Asset Securitization Trust LLC, Series 2021-1A, Class A, 1.59% 20273,5 8,539 8,518
OneMain Direct Auto Receivables Trust, Series 2018-1, Class A, 3.43% 20243,5 924 925
Oportun Funding LLC, Series 2021-A, Class A, 1.21% 20283,5 9,200 9,196
Oportun Funding LLC, Series 2021-B, Class A, 1.47% 20313,5 8,636 8,609
Option One Mortgage Loan Trust, Series 2005-3, Class M2, (1-month USD-LIBOR + 0.735%) 0.827% 20353,4 3,026 3,030
OSW Structured Asset Trust, Series 2020-RPL1, Class A1, 3.072% 20593,4,5 14,428 14,467
Palmer Square Loan Funding, CLO, Series 2021-4A, Class A1, (3-month USD-LIBOR + 0.80%) 0.928% 20293,4,5 12,500 12,502
Short-Term Bond Fund of America — Page 10 of 20
unaudited
Bonds, notes & other debt instruments (continued)
Asset-backed obligations (continued) 		  Principal amount
(000) 		Value
(000)
Palmer Square Loan Funding, CLO, Series 2021-4A, Class A2, (3-month USD-LIBOR + 1.40%) 1.528% 20293,4,5 $4,278 $4,279
Palmer Square Loan Funding, CLO, Series 2019-2, Class A1, (3-month USD-LIBOR + 0.97%) 1.102% 20273,4,5 4,918 4,920
Palmer Square Loan Funding, CLO, Series 2019-1A, Class A1, (3-month USD-LIBOR + 1.05%) 1.182% 20273,4,5 7,946 7,951
Palmer Square Loan Funding, CLO, Series 2020-4, Class A1,
(3-month USD-LIBOR + 1.00%) 1.18% 20283,4,5 		29,746 29,759
Palmer Square Loan Funding, CLO, Series 2021-1, Class A1,
(3-month USD-LIBOR + 0.90%) 1.032% 20293,4,5 		7,394 7,394
Prodigy Finance DAC, Series 2021-1A, Class A, (1-month USD-LIBOR + 1.25%) 1.342% 20513,4,5 2,521 2,522
Progress Residential Trust, Series 2019-SFR4, Class A, 2.687% 20363,5 471 478
Race Point CLO, Ltd., Series 2015-9A, Class A1A2,
(3-month USD-LIBOR + 0.94%) 1.064% 20303,4,5 		22,775 22,775
Santander Consumer Auto Receivables Trust, Series 2020-A, Class A, 1.37% 20243,5 7,846 7,876
Santander Drive Auto Receivables Trust, Series 2021-3, Class A2, 0.29% 20243 4,395 4,394
Santander Drive Auto Receivables Trust, Series 2020-1, Class A3, 2.03% 20243 571 571
Santander Drive Auto Receivables Trust, Series 2019-3, Class C, 2.49% 20253 3,704 3,722
SMB Private Education Loan Trust, Series 2021-A, Class A1, (1-month USD-LIBOR + 0.50%) 0.589% 20533,4,5 1,848 1,850
SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 20533,5 3,031 2,954
Social Professional Loan Program LLC, Series 2015-D, Class A2, 2.72% 20363,5 1,205 1,209
Sound Point CLO, Ltd., Series 2017-3A, Class A1R,
(3-month USD-LIBOR + 0.98%) 1.112% 20303,4,5 		27,160 27,168
Sound Point CLO, Ltd., Series 2017-2A, Class AR,
(3-month USD-LIBOR + 0.98%) 1.112% 20303,4,5 		16,090 16,090
Sound Point CLO, Ltd., Series 2015-1RA, Class AR,
(3-month USD-LIBOR + 1.08%) 1.204% 20303,4,5 		16,955 16,955
Sprite, Ltd., Series 2021-1, Class A, 3.75% 20463,5 10,026 9,743
Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 20333,5 4,283 4,269
SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 20753,5 20,651 20,466
TAL Advantage V LLC, Series 2020-1A, Class A, 2.05% 20453,5 4,182 4,169
Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 20453,5 4,058 4,064
Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 20453,5 1,307 1,317
Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 20463,5 2,371 2,317
Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 20463,5 9,819 9,840
TIF Funding II LLC, Series 2021-1A, Class A, 1.65% 20463,5 4,901 4,767
Towd Point Mortgage Trust, Series 2018-4, Class A1, 3.00% 20583,4,5 2,845 2,925
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 20313,5 10,000 10,357
Triton Container Finance VIII LLC, Series 2020-1, Class A, 2.11% 20453,5 15,909 15,830
Verizon Owner Trust, Series 2019-C, Class A1A, 1.94% 20243 3,590 3,618
Volkswagen Auto Lease Trust, Series 2019-A, Class A3, 1.99% 20223 3,625 3,639
Westlake Automobile Receivables Trust, Series 2021-3A, Class A2, 0.57% 20243,5 21,313 21,311
Westlake Automobile Receivables Trust, Series 2020-2, Class A2A, 0.93% 20243,5 6,411 6,419
Westlake Automobile Receivables Trust, Series 2020-2, Class B, 1.32% 20253,5 4,345 4,366
Westlake Automobile Receivables Trust, Series 2020-2, Class C, 2.01% 20253,5 2,110 2,141
      1,351,416
Corporate bonds, notes & loans 10.50%
Financials 5.67% 		     
ACE INA Holdings, Inc. 2.875% 2022 1,275 1,297
ACE INA Holdings, Inc. 3.35% 2026 1,275 1,374
American Express Co. 1.65% 2026 9,000 8,989
Bank of America Corp. 0.523% 2024 (USD-SOFR + 0.41% on 6/14/2023)9 10,000 9,927
Bank of America Corp. 1.197% 2026 (USD-SOFR + 1.01% on 10/24/2025)9 11,225 10,996
Bank of Nova Scotia 1.35% 2026 7,000 6,921
Commonwealth Bank of Australia (3-month USD-LIBOR + 0.70%) 0.816% 20224,5 5,000 5,009
Dexia Credit Local SA 0.50% 20245 11,000 10,886
Goldman Sachs Group, Inc. 1.093% 2026 (USD-SOFR + 0.789% on 12/9/2025)9 4,075 3,965
Short-Term Bond Fund of America — Page 11 of 20
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Financials (continued) 		  Principal amount
(000) 		Value
(000)
Groupe BPCE SA 1.00% 20265 $11,000 $10,694
Guardian Life Global Funding 0.875% 20255 8,000 7,824
HSBC Holdings PLC 4.292% 2026 (3-month USD-LIBOR + 1.348% on 9/12/2025)9 20,000 21,672
Intercontinental Exchange, Inc. 0.70% 2023 11,150 11,123
JPMorgan Chase & Co. 0.563% 2025 (USD-SOFR + 0.375% on 2/16/2024)9 12,300 12,170
JPMorgan Chase & Co. 0.768% 2025 (USD-SOFR + 0.49% on 8/9/2024)9 12,500 12,333
Lloyds Banking Group PLC 0.695% 2024
(1-year UST Yield Curve Rate T Note Constant Maturity + 0.55% on 5/11/2023)9 		12,000 11,960
Met Tower Global Funding 0.70% 20245 25,000 24,839
Met Tower Global Funding 1.25% 20265 20,000 19,655
Metropolitan Life Global Funding I 3.375% 20225 5,200 5,218
Metropolitan Life Global Funding I 0.40% 20245 13,575 13,432
Metropolitan Life Global Funding I 3.60% 20245 7,007 7,406
Metropolitan Life Global Funding I 0.95% 20255 905 895
Morgan Stanley 0.529% 2024 (USD-SOFR + 0.455% on 1/25/2023)9 13,000 12,953
Morgan Stanley 0.791% 2025 (USD-SOFR + 0.509% on 1/22/2024)9 22,500 22,260
Morgan Stanley 1.164% 2025 (USD-SOFR + 0.56% on 10/21/2024)9 19,129 18,984
National Securities Clearing Corp. 0.40% 20235 40,000 39,734
Natwest Markets PLC 0.80% 20245 20,000 19,736
New York Life Global Funding 2.25% 20225 2,760 2,791
New York Life Global Funding 0.90% 20245 20,000 19,917
New York Life Global Funding 0.95% 20255 17,680 17,525
New York Life Global Funding 0.85% 20265 10,000 9,797
Northwestern Mutual Global Funding 0.60% 20245 10,000 9,925
Northwestern Mutual Global Funding 0.80% 20265 16,215 15,842
Rabobank Nederland 2.75% 2022 4,100 4,111
Royal Bank of Canada (3-month USD-LIBOR + 0.73%) 0.862% 20224 10,295 10,308
Royal Bank of Canada 0.425% 2024 18,632 18,466
Royal Bank of Canada 0.75% 2024 8,000 7,913
Royal Bank of Canada 1.20% 2026 10,000 9,856
Skandinaviska Enskilda Banken AB 2.20% 20225 30,000 30,504
Sumitomo Mitsui Financial Group, Inc. 3.936% 2023 14,846 15,687
Swedbank AB 2.80% 20225 6,800 6,849
Swedbank AB 0.85% 20245 20,000 19,903
Toronto-Dominion Bank 0.30% 2023 22,785 22,674
Toronto-Dominion Bank 0.45% 2023 8,080 8,045
Toronto-Dominion Bank 0.75% 2023 14,417 14,434
Toronto-Dominion Bank 0.70% 2024 10,000 9,901
Toronto-Dominion Bank 1.15% 2025 7,208 7,169
Toronto-Dominion Bank 1.20% 2026 10,000 9,861
Toronto-Dominion Bank 1.25% 2026 9,825 9,657
UBS AG 1.75% 20225 6,200 6,227
UBS AG 0.375% 20235 20,000 19,883
UBS AG 0.70% 20245 20,000 19,794
      659,291
Consumer discretionary 1.66%      
Amazon.com, Inc. 0.25% 2023 9,210 9,191
Amazon.com, Inc. 0.45% 2024 9,210 9,105
Amazon.com, Inc. 0.80% 2025 8,635 8,511
American Honda Finance Corp. 0.65% 2023 13,250 13,247
American Honda Finance Corp. 0.875% 2023 1,000 1,002
American Honda Finance Corp. 0.55% 2024 12,250 12,093
American Honda Finance Corp. 0.75% 2024 16,000 15,860
Short-Term Bond Fund of America — Page 12 of 20
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued) 		  Principal amount
(000) 		Value
(000)
American Honda Finance Corp. 1.20% 2025 $764 $760
Bayerische Motoren Werke AG 2.95% 20225 3,000 3,028
Bayerische Motoren Werke AG 3.45% 20235 13,235 13,708
Bayerische Motoren Werke AG 0.75% 20245 18,750 18,578
Bayerische Motoren Werke AG 0.80% 20245 13,735 13,663
Toyota Motor Credit Corp. 0.50% 2023 1,500 1,496
Toyota Motor Credit Corp. 1.35% 2023 8,621 8,709
Toyota Motor Credit Corp. 2.90% 2023 4,000 4,122
Toyota Motor Credit Corp. 0.45% 2024 35,730 35,396
Toyota Motor Credit Corp. 0.625% 2024 15,000 14,820
Toyota Motor Credit Corp. 0.80% 2026 10,695 10,415
      193,704
Information technology 0.64%      
Apple, Inc. 0.75% 2023 19,033 19,085
Apple, Inc. 0.55% 2025 1,100 1,075
Apple, Inc. 1.125% 2025 4,352 4,344
Apple, Inc. 0.70% 2026 14,135 13,811
Intuit, Inc. 0.95% 2025 3,955 3,910
Microsoft Corp. 2.875% 2024 20,974 21,838
salesforce.com, inc. 0.625% 2024 10,000 9,919
      73,982
Health care 0.59%      
AstraZeneca Finance LLC 0.70% 2024 15,000 14,853
AstraZeneca PLC (3-month USD-LIBOR + 0.665%) 0.823% 20234 11,772 11,866
AstraZeneca PLC 0.70% 2026 1,112 1,075
Bristol-Myers Squibb Company 2.90% 2024 9,005 9,423
Cigna Corp. 1.25% 2026 11,830 11,632
Novartis Capital Corp. 1.75% 2025 10,420 10,601
Novartis Capital Corp. 2.00% 2027 3,656 3,714
UnitedHealth Group, Inc. 1.15% 2026 6,081 6,006
      69,170
Consumer staples 0.55%      
7-Eleven, Inc. 0.625% 20235 10,695 10,665
Nestle Holdings, Inc. 0.606% 20245 20,000 19,775
Nestlé Holdings, Inc. 0.625% 20265 8,000 7,771
Nestlé Holdings, Inc. 1.15% 20275 11,000 10,769
Philip Morris International, Inc. 2.50% 2022 1,250 1,270
Philip Morris International, Inc. 2.875% 2024 4,000 4,180
Procter & Gamble Company 0.55% 2025 7,937 7,753
Procter & Gamble Company 1.00% 2026 2,389 2,367
      64,550
Utilities 0.53%      
Duke Energy Progress, LLC 3.375% 2023 11,846 12,363
Entergy Corp. 0.62% 2023 12,256 12,178
Entergy Louisiana, LLC 0.95% 2024 16,000 15,850
Southern California Edison Co. (3-month USD-LIBOR + 0.27%) 0.389% 20214 5,575 5,575
Southern California Edison Co. 0.70% 2023 9,285 9,265
Southern California Edison Co. 0.975% 2024 6,375 6,341
      61,572
Short-Term Bond Fund of America — Page 13 of 20
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Communication services 0.33% 		  Principal amount
(000) 		Value
(000)
Alphabet, Inc. 0.45% 2025 $445 $435
Alphabet, Inc. 0.80% 2027 3,315 3,185
Comcast Corp. 3.10% 2025 10,292 10,860
SBA Tower Trust 1.631% 20265 7,443 7,370
Tencent Holdings, Ltd. 1.81% 20265 12,000 12,023
Tencent Holdings, Ltd. 1.81% 2026 4,000 4,008
      37,881
Energy 0.18%      
Chevron USA, Inc. 0.426% 2023 1,100 1,097
Chevron USA, Inc. 0.687% 2025 390 382
Exxon Mobil Corp. 1.571% 2023 10,200 10,331
Exxon Mobil Corp. 2.019% 2024 5,125 5,252
Saudi Arabian Oil Co. 1.25% 20235 640 641
Saudi Arabian Oil Co. 1.625% 20255 2,690 2,672
      20,375
Real estate 0.15%      
Public Storage 2.37% 2022 2,770 2,808
Public Storage (USD-SOFR + 0.47%) 0.05% 20244 13,770 13,780
Public Storage 0.875% 2026 1,420 1,387
      17,975
Industrials 0.14%      
Honeywell International, Inc. 0.483% 2022 1,840 1,840
Siemens AG 0.65% 20245 15,000 14,914
      16,754
Materials 0.06%      
Air Products and Chemicals, Inc. 1.50% 2025 6,815 6,866
Total corporate bonds, notes & loans     1,222,120
Bonds & notes of governments & government agencies outside the U.S. 5.72%      
Asian Development Bank 0.625% 2024 20,627 20,474
Asian Development Bank 1.00% 2026 19,197 19,109
Caisse d’Amortissement de la Dette Sociale 1.125% 20245 50,000 50,183
Canada 0.75% 2026 23,510 23,111
CPPIB Capital, Inc. 0.875% 20265 11,640 11,310
Denmark (Kingdom of) 0.125% 20225 10,480 10,466
Denmark (Kingdom of) 0.125% 2022 7,850 7,840
Development Bank of Japan, Inc. 1.25% 20265 17,276 17,219
European Bank for Reconstruction & Development 0.50% 2025 13,500 13,262
European Investment Bank 2.00% 2022 9,000 9,155
European Investment Bank 2.25% 2022 11,265 11,334
European Investment Bank 2.25% 2022 6,000 6,084
European Investment Bank 0.25% 2023 3,000 2,984
European Investment Bank 2.25% 2024 8,479 8,803
European Investment Bank 0.375% 2025 8,000 7,770
European Investment Bank 0.625% 2025 3,000 2,957
European Investment Bank 1.625% 2025 4 4
European Investment Bank 1.25% 2031 4,586 4,508
European Stability Mechanism 2.125% 20225 28,324 28,798
European Stability Mechanism 0.375% 20255 7,594 7,387
Inter-American Development Bank 1.75% 2022 15,000 15,175
Short-Term Bond Fund of America — Page 14 of 20
unaudited
Bonds, notes & other debt instruments (continued)
Bonds & notes of governments & government agencies outside the U.S. (continued) 		  Principal amount
(000) 		Value
(000)
Inter-American Development Bank 2.125% 2022 $10,000 $10,025
Inter-American Development Bank 0.50% 2024 17,606 17,414
Inter-American Development Bank 0.625% 2025 13,000 12,812
International Bank for Reconstruction and Development 1.625% 2022 5,000 5,014
International Bank for Reconstruction and Development 0.625% 2025 3,000 2,965
International Bank for Reconstruction and Development 0.75% 2025 12,933 12,851
International Bank for Reconstruction and Development 1.625% 2025 6,653 6,794
International Development Association 2.75% 20235 15,000 15,471
International Development Association 0.375% 20255 11,250 10,943
Japan Bank for International Cooperation 1.75% 2024 3,594 3,673
KfW 0.25% 2023 58,008 57,876
KfW 0.25% 2023 23,990 23,855
KfW 0.50% 2024 20,594 20,388
KfW 1.375% 2024 15,165 15,380
KfW 0.375% 2025 8,054 7,864
KfW 0.625% 2026 8,396 8,228
Kommunalbanken 0.50% 20245 9,624 9,499
Kommunalbanken 0.375% 20255 29,932 29,126
Kommuninvest i Sverige Aktiebolag 0.25% 20235 18,327 18,179
Kommuninvest i Sverige Aktiebolag 0.50% 20235 19,752 19,754
Kommuninvest i Sverige Aktiebolag 0.375% 20245 25,000 24,808
Oesterreichische Kontrollbank AG 0.50% 2024 25,194 24,935
Oesterreichische Kontrollbank AG 0.375% 2025 9,375 9,128
Ontario Teachers’ Finance Trust 0.875% 20265 14,141 13,863
Quebec (Province of) 0.60% 2025 7,415 7,200
      665,978
Federal agency bonds & notes 0.85%      
Fannie Mae 2.00% 2022 14,444 14,470
Fannie Mae 0.25% 2023 22,381 22,302
Fannie Mae 0.375% 20251 19,044 18,559
Fannie Mae 0.625% 2025 12,100 11,954
Fannie Mae 0.875% 2030 14,375 13,581
Freddie Mac 0.25% 2023 14,244 14,201
Freddie Mac 0.25% 2023 3,750 3,734
Freddie Mac 0.375% 2023 2 2
      98,803
Municipals 0.27%
California 0.06% 		     
Regents of the University of California, General Rev. Bonds,
Series 2020-BG, 0.883% 2025 		7,500 7,440
Florida 0.12%      
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.258% 2025 13,725 13,717
New York 0.09%      
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 0.492% 2024 9,985 9,917
Short-Term Bond Fund of America — Page 15 of 20
unaudited
Bonds, notes & other debt instruments (continued)
Municipals (continued)
Tennessee 0.00% 		  Principal amount
(000) 		Value
(000)
Housing Dev. Agcy., Homeownership Program Bonds, Series 2012-2-C, 4.00% 2038 $25 $25
Total municipals     31,099
Total bonds, notes & other debt instruments (cost: $10,953,187,000)     10,971,273
Short-term securities 7.40%
Money market investments 7.40% 		  Shares  
Capital Group Central Cash Fund 0.07%10,11 8,615,234 861,523
Total short-term securities (cost: $861,463,000)     861,523
Total investment securities 101.69% (cost: $11,814,650,000)     11,832,796
Other assets less liabilities (1.69)%     (196,864)
Net assets 100.00%     $11,635,932
Futures contracts
Contracts Type Number of
contracts 		Expiration Notional
amount
(000) 		Value and
unrealized
(depreciation)
appreciation
at 11/30/2021
(000)
90 Day Euro Dollar Futures Long 37 March 2022 $9,224 $(12)
90 Day Euro Dollar Futures Long 3,703 December 2022 917,187 (2,639)
2 Year U.S. Treasury Note Futures Long 6,594 March 2022 1,442,334 2,394
5 Year U.S. Treasury Note Futures Short 12,464 March 2022 (1,513,110) (11,573)
10 Year U.S. Treasury Note Futures Short 739 March 2022 (96,670) (1,068)
10 Year Ultra U.S. Treasury Note Futures Short 1,632 March 2022 (239,726) (4,262)
20 Year U.S. Treasury Bond Futures Short 185 March 2022 (29,993) (763)
30 Year Ultra U.S. Treasury Bond Futures Long 9 March 2022 1,805 65
          $(17,858)
Swap contracts
Interest rate swaps
Centrally cleared interest rate swaps
Receive   Pay Expiration
date 		Notional
(000) 		Value at
11/30/2021
(000) 		Upfront
premium
paid
(000) 		Unrealized
appreciation
(depreciation)
at 11/30/2021
(000)
Rate Payment
frequency 		  Rate Payment
frequency
0.10865% Annual   U.S. EFFR Annual 3/29/2022 $30,000 $2 $— $2
U.S. EFFR Annual   0.34565% Annual 3/27/2024 30,000 236 — 236
0.278% Annual   U.S. EFFR Annual 10/1/2027 3,500 (166) — (166)
                $— $72
Short-Term Bond Fund of America — Page 16 of 20
unaudited
Investments in affiliates11
  Value of
affiliate at
9/1/2021
(000) 		Additions
(000) 		Reductions
(000) 		Net
realized
loss
(000) 		Net
unrealized
depreciation
(000) 		Value of
affiliate at
11/30/2021
(000) 		Dividend
income
(000)
Short-term securities 7.40%
Money market investments 7.40%              
Capital Group Central Cash Fund 0.07%10 $863,461 $624,866 $626,715 $(3) $(86) $861,523 $149
1 All or a portion of this security was pledged as collateral. The total value of pledged collateral was $15,320,000, which represented .13% of the net assets of the fund.
2 Index-linked bond whose principal amount moves with a government price index.
3 Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
4 Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
5 Acquired in a transaction exempt from registration under Rule 144A 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 $2,922,055,000, which represented 25.11% of the net assets of the fund.
6 Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $2,865,000, which represented .02% of the net assets of the fund.
7 Value determined using significant unobservable inputs.
8 Purchased on a TBA basis.
9 Step bond; coupon rate may change at a later date.
10 Rate represents the seven-day yield at 11/30/2021.
11 Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
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 prices obtained from one or more 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
Short-Term Bond Fund of America — Page 17 of 20
unaudited
When the fund’s investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or deemed to be not representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type. Some securities may be valued based on their effective maturity or average life, which may be shorter than the stated maturity. 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 futures are generally valued at the official settlement price of the exchange or market on which such instruments are traded, as of the close of business on the day the futures are being valued. The average month-end notional amount of futures contracts while held was $4,985,167,000. Interest rate swaps are generally valued by pricing vendors based on market inputs that include the index and term of index, reset frequency, payer/receiver, currency and pay frequency. The average month-end notional amount of interest rate swaps while held was $1,419,605,000.
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 authority of the fund’s board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
Processes and structure — The fund’s board of trustees has delegated authority to 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 “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.
The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group.
Short-Term Bond Fund of America — Page 18 of 20
unaudited
Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following tables present the fund’s valuation levels as of November 30, 2021 (dollars in thousands):
  Investment securities
  Level 1 Level 2 Level 3 Total
Assets:        
Bonds, notes & other debt instruments:        
U.S. Treasury bonds & notes $— $6,215,492 $— $6,215,492
Mortgage-backed obligations — 1,385,026 1,339 1,386,365
Asset-backed obligations — 1,351,416 — 1,351,416
Corporate bonds, notes & loans — 1,222,120 — 1,222,120
Bonds & notes of governments & government agencies outside the U.S. — 665,978 — 665,978
Federal agency bonds & notes — 98,803 — 98,803
Municipals — 31,099 — 31,099
Short-term securities 861,523 — — 861,523
Total $861,523 $10,969,934 $1,339 $11,832,796
  Other investments*
  Level 1 Level 2 Level 3 Total
Assets:        
Unrealized appreciation on futures contracts $2,459 $— $— $2,459
Unrealized appreciation on interest rate swaps — 238 — 238
Liabilities:        
Unrealized depreciation on futures contracts (20,317) — — (20,317)
Unrealized depreciation on interest rate swaps — (166) — (166)
Total $(17,858) $72 $— $(17,786)
* Futures contracts and interest rate swaps are not included in the fund’s investment portfolio.
   
Key to abbreviations and symbol
Agcy. = Agency
Auth. = Authority
CLO = Collateralized Loan Obligations
CMO = Collateralized Mortgage Obligations
CMT = Constant Maturity Treasury
DAC = Designated Activity Company
Dev. = Development
EFFR = Effective Federal Funds Rate
Fin. = Finance
LIBOR = London Interbank Offered Rate
Rev. = Revenue
SOFR = Secured Overnight Financing Rate
TBA = To-be-announced
USD/$ = U.S. dollars
Short-Term Bond Fund of America — Page 19 of 20
unaudited
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.
American Funds Distributors, Inc., member FINRA.
© 2022 Capital Group. All rights reserved.
MFGEFP1-048-0122O-S85376 Short-Term Bond Fund of America — Page 20 of 20