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The right choice for the long term®

The Cash Management Trust of America

The U.S. Treasury Money Fund of America

The Tax-Exempt Money Fund of America

[photo – hand on laptop touchpad]

Semi-annual report for the six months ended March 31, 2009

The Cash Management Trust of America® seeks to provide income on cash reserves, while preserving capital and maintaining liquidity, through investments in high-quality short-term money market instruments.

The U.S. Treasury Money Fund of AmericaSM seeks to provide income on cash reserves, while preserving capital and maintaining liquidity, through investments in U.S. Treasury securities.

The Tax-Exempt Money Fund of AmericaSM seeks to provide income free from federal taxes, while preserving capital and maintaining liquidity, by investing primarily in securities exempt from regular federal income tax.

These money market funds are three of the American Funds. American Funds is one of the nation’s largest mutual fund families. For nearly 80 years, Capital Research and Management Company,SM the American Funds adviser, has invested with a long-term focus based on thorough research and attention to risk.

Figures shown in this report are past results for Class A shares and are not predictive of results in future periods. Current and future results may be lower or higher than those shown. Investment returns will vary. Although the funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the funds. Investing for short periods makes losses more likely.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank. The funds are participating in the Temporary Guarantee Program for Money Market Funds established by the United States Treasury Department. The program currently runs until September 18, 2009. For more information regarding this program and the funds’ participation, please see the funds’ prospectus and visit the Treasury’s website at ustreas.gov. For current information and month-end results, visit americanfunds.com.

The total annual fund operating expense ratios for Class A shares for the 12 months ended March 31, 2009, were 0.51% for The Cash Management Trust of America, 0.45% for The U.S. Treasury Money Fund of America and 0.48% for The Tax-Exempt Money Fund of America. These figures do not reflect the fee waivers/reimbursements described below.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. For The U.S. Treasury Money Fund of America and The Tax-Exempt Money Fund of America, the investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. For The Cash Management Trust of America, the investment adviser waived 10% of its management fees from October 1, 2005, through December 31, 2008. The investment adviser also has reimbursed certain expenses for The U.S. Treasury Money Fund of America and The Tax-Exempt Money Fund of America. These reimbursements may be adjusted or discontinued by the investment adviser at any time. Fund results shown reflect the waivers and/or reimbursements, without which they would have been lower. Please see the Financial Highlights tables on pages 20, 44 and 68 for details.

Results for Classes B, C, F and 529 of The Cash Management Trust of America can be found on page 19.

Investing outside the United States may be subject to additional risks, such as currency fluctuations and political instability. See the prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the funds.

Income from The Tax-Exempt Money Fund of America may be subject to state or local income taxes and/or federal alternative minimum taxes. Certain other income may be taxable.

[photo – person working on laptop and writing on paper with a pen]

Fellow shareholders:

When we last reported to you six months ago, the economy and financial markets had entered one of the most challenging and turbulent periods in decades. Extreme weakness in the real estate and mortgage markets resulted in steep losses for a number of the largest financial institutions. In some cases this resulted in mergers with stronger institutions or the injection of government aid. As investors became increasingly reluctant to lend, the credit markets ceased to function normally.

Throughout the six months ended March 31, 2009, wary investors continued to seek relative safety in money markets and government securities. All three of our money market funds provided a constant net asset value of $1.00 per share. However, reflecting the very low, near-zero yields on high-quality money market securities, income was modest.

The funds’ results

The Cash Management Trust of America produced an income return of 0.34% (0.68% annualized), with dividends reinvested, for the first half of the fund’s fiscal year. The fund’s annualized seven-day yield as of March 31, 2009, was 0.21%.

The U.S. Treasury Money Fund of America generated an income return of 0.09% (0.18% annualized), with dividends reinvested, for the six months ended March 31, 2009. Rates on short-term Treasuries had dropped to virtually zero — in some instances to zero or below — at the period’s close. As a result, the fund was unable to pay any dividend for the seven days ended March 31, 2009.

The Tax-Exempt Money Fund of America provided a federally tax-exempt income return of 0.33% (0.66% annualized), with dividends reinvested, for the six months. This is equivalent to a taxable return of 0.51% (1.02% annualized) for investors in the 35% tax bracket. A portion of this return may also be exempt from some state and local taxes. The fund’s annualized seven-day yield at March 31, 2009, was 0.00%.

Economic downturn

In the closing months of calendar year 2008, the economy moved deeper into recession as companies increasingly cut their payrolls, consumer spending slowed and credit became severely constricted. The federal government took a number of aggressive steps to bolster the economy and loosen the credit markets.

[Begin Sidebar]

Your funds’ annualized seven-day SEC yields as of March 31, 2009

Seven-day yield: Unlike a fund’s income return, which reflects income generated over the period, the seven-day SEC yield is calculated by annualizing dividends paid by a fund during the last seven days. This calculation more accurately reflects a fund’s current earnings.

The Cash Management Trust of America	0.21	%

The U.S. Treasury Money Fund of America
(reflecting a reimbursement, –0.20% without the reimbursement)	0.00	%

The Tax-Exempt Money Fund of America
(reflecting a reimbursement, –0.13% without the reimbursement)	0.00	%

The Tax-Exempt Money Fund of America (taxable equivalent yield)1
(reflecting a reimbursement, –0.20% without the reimbursement)	0.00	%

Consumer Price Index and federal funds target rate vs. fund yields2

For the five years ended March 31, 2009 (plotted monthly)

[begin line chart]

		Cash Management Trust of America		The U.S. Treasury Money Fund of America4		The Tax-Exempt Money Fund of America1		Federal funds rate (target rate)3		Consumer Price Index (inflation)
Year	Mar-04		0.60		0.30		0.66		1.00		1.74
	Apr-04		0.67		0.39		0.74		1.00		2.29
	May-04		0.73		0.29		0.82		1.00		3.05
	Jun-04		0.67		0.39		0.88		1.00		3.27
	Jul-04		1.03		0.49		0.88		1.25		2.99
	Aug-04		1.42		0.76		0.98		1.50		2.65
	Sep-04		1.51		0.88		1.12		1.75		2.54
	Oct-04		1.47		1.04		1.54		1.75		3.19
	Nov-04		1.50		1.13		1.88		2.00		3.52
	Dec-04		1.69		1.43		1.98		2.25		3.26
2005	Jan-05		1.76		1.48		1.85		2.25		2.97
	Feb-05		1.89		1.64		2.26		2.50		3.01
	Mar-05		2.12		1.98		2.34		2.75		3.15
	Apr-05		2.31		2.10		2.69		2.75		3.51
	May-05		2.50		2.22		3.25		3.00		2.80
	Jun-05		2.51		2.29		3.26		3.00		2.53
	Jul-05		2.84		2.58		3.18		3.25		3.17
	Aug-05		3.05		2.69		3.23		3.50		3.64
	Sep-05		3.17		2.77		3.12		3.75		4.69
	Oct-05		3.35		2.93		3.48		3.75		4.35
	Nov-05		3.54		3.04		3.58		4.00		3.46
	Dec-05		3.73		3.19		3.85		4.25		3.42
2006	Jan-06		3.95		3.44		3.97		4.50		3.99
	Feb-06		3.99		3.60		4.11		4.50		3.60
	Mar-06		4.09		3.78		4.00		4.75		3.36
	Apr-06		4.34		4.06		4.40		4.75		3.55
	May-06		4.54		4.09		4.65		5.00		4.17
	Jun-06		4.68		4.24		4.63		5.25		4.32
	Jul-06		4.87		4.35		4.65		5.25		4.15
	Aug-06		4.88		4.50		4.78		5.25		3.82
	Sep-06		4.81		4.41		4.80		5.25		2.06
	Oct-06		4.81		4.33		4.75		5.25		1.31
	Nov-06		4.87		4.46		4.71		5.25		1.97
	Dec-06		4.79		4.41		4.72		5.25		2.54
2007	Jan-07		4.84		4.46		4.69		5.25		2.08
	Feb-07		4.79		4.51		4.88		5.25		2.42
	Mar-07		4.79		4.50		4.92		5.25		2.78
	Apr-07		4.87		4.43		4.89		5.25		2.57
	May-07		4.86		4.40		5.03		5.25		2.69
	Jun-07		4.83		4.31		4.98		5.25		2.69
	Jul-07		4.86		4.36		4.97		5.25		2.36
	Aug-07		4.83		4.03		4.97		5.25		1.97
	Sep-07		4.83		3.80		5.00		4.75		2.76
	Oct-07		4.55		3.57		4.77		4.50		3.54
	Nov-07		4.24		3.37		4.69		4.50		4.31
	Dec-07		4.04		2.79		4.40		4.25		4.08
2008	Jan-08		3.58		2.67		3.68		3.00		4.28
	Feb-08		2.79		2.29		3.02		3.00		4.03
	Mar-08		2.12		1.47		2.26		2.25		3.98
	Apr-08		1.92		1.34		2.35		2.00		3.94
	May-08		1.79		1.06		2.20		2.00		4.18
	Jun-08		1.82		1.13		2.08		2.00		5.02
	Jul-08		1.73		1.29		1.92		2.00		5.60
	Aug-08		1.64		1.35		1.77		2.00		5.37
	Sep-08		1.64		0.74		3.65		2.00		4.94
	Oct-08		1.33		0.46		2.68		1.00		3.66
	Nov-08		0.91		0.27		1.58		1.00		1.07
	Dec-08		0.65		0.15		0.88		0 - 0.25		0.09
2009	Jan-09		0.32		0.00		0.15		0 - 0.25		0.03
	Feb-09		0.19		0.00		0.11		0 - 0.25		0.24
	Mar-09		0.21		0.00		0.00		0 - 0.25		-0.38

[end line chart]

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser has reimbursed certain expenses for The U.S. Treasury Money Fund of America and The Tax-Exempt Money Fund of America. These reimbursements may be adjusted or discontinued by the investment adviser at any time. Fund results shown reflect the reimbursements, without which they would have been lower. Please see the Financial Highlights tables on pages 20, 44 and 68 for details.

1Represents the fund’s taxable equivalent yield calculated at the maximum effective 35.0% federal tax rate.

2Equivalent to Securities and Exchange Commission (SEC) yields. Represents the seven-day month-end averages.

3As of 12/16/2008, the Federal Reserve lowered the federal funds rate to a range of 0%–0.25%.

4Because income paid by The U.S. Treasury Money Fund of America is exempt from state and local taxes in most states, the fund’s taxable equivalent yield would be higher than the rates shown in the chart.

[End Sidebar]

The Federal Reserve slashed the federal funds rate to a historic low of 0%–0.25% in mid-December. In addition, the U.S. Treasury Department and the Fed initiated numerous guarantee policies and lending facilities, including programs to support markets for commercial paper and asset-backed commercial paper. As a result of these programs, as well as an increase in the issuance of government securities, the markets began to function more normally.

The impact on our funds

Our goal in managing your funds has always been to protect the money you have invested while seeking to provide a reasonable return. Given the turbulence in the markets during the period, we made some shifts in the composition of The Cash Management Trust of America’s portfolio, including increasing the fund’s holdings of U.S. Treasury bills and federal agency discount notes.

Challenging times like these serve as a reminder of the relative stability that money market funds can help provide as part of a diversified portfolio that includes stock and bond mutual funds. Money market funds can also be used to earmark cash for future investment opportunities. The funds offer check-writing privileges, and access to your account is available 24 hours a day at americanfunds.com.

Important changes for your funds

Effective May 1, 2009, American Funds closed these three funds to new investors and introduced the new American Funds Money Market Fund.SM Shareholders in the existing funds were mailed important proxy ballots regarding these changes. We encourage you to review the proxy and vote.

We take this opportunity to welcome the new shareholders who joined us over the past six months. The number of accounts in the three funds rose more than 33% during that time.

We thank you for selecting an American Funds money market fund for your investment portfolio. We appreciate your confidence and look forward to helping you achieve your long-term financial goals.

Cordially,

/s/ Paul G. Haaga, Jr.

Paul G. Haaga, Jr.

Vice Chairman of the Boards

/s/ Abner D. Goldstine

Abner D. Goldstine

President

May 5, 2009

For current information about the funds, visit americanfunds.com.

The Cash Management Trust of America

Investment portfolio

March 31, 2009

unaudited

	Percent of net assets
Federal agency discount notes		62.6	%
U.S. Treasuries		28.4
Discount notes		4.1
Commercial paper		3.0
U.S. government agency-guaranteed commercial paper		2.1
Other assets less liabilities		(0.2	)
Total		100.0	%

				Principal
	Yield at			amount			Value
Short-term securities - 100.24%	acquisition				(000	)		(000	)

Federal agency discount notes - 62.56%
Freddie Mac
April 1, 2009		0.32	%	$	315,150		$	315,146
April 2, 2009		0.24			95,545			95,543
April 6, 2009		0.18			547,159			547,113
April 13, 2009		0.20			776,892			776,750
April 14, 2009		0.28			19,000			18,997
April 20, 2009		0.29			209,000			208,940
April 21, 2009		0.23			275,000			274,954
April 22, 2009		0.25			36,700			36,694
April 23, 2009		0.35			34,700			34,692
April 24, 2009		0.30			21,859			21,855
April 27, 2009		0.34			244,355			244,265
May 4, 2009		0.35			104,100			104,055
May 5, 2009		0.37			25,000			24,989
May 11, 2009		0.37			372,438			372,255
May 12, 2009		0.25			18,000			17,991
May 13, 2009		0.25			90,778			90,735
May 15, 2009		0.38			51,433			51,407
May 18, 2009		0.36			248,100			247,981
May 21, 2009		0.39			350,000			349,833
May 22, 2009		0.40			13,000			12,994
May 26, 2009		0.37			321,911			321,757
May 29, 2009		0.33			96,600			96,556
June 1, 2009		0.33			215,582			215,476
June 3, 2009		0.34			33,785			33,768
June 4, 2009		0.38			200,000			199,896
June 8, 2009		0.32			806,050			805,591
June 15, 2009		0.25			379,300			379,050
June 22, 2009		0.20			134,407			134,306
June 29, 2009		0.19			134,000			133,887
Federal Home Loan Bank
April 1, 2009		0.09			300,000			299,996
April 3, 2009		0.16			413,416			413,401
April 6, 2009		0.19			14,000			13,999
April 7, 2009		0.27			200,000			199,980
April 8, 2009		0.20			196,400			196,379
April 9, 2009		0.25			42,270			42,267
April 14, 2009		0.30			50,000			49,990
April 15, 2009		0.23			50,000			49,989
April 16, 2009		0.25			195,000			194,978
April 17, 2009		0.21			321,200			321,129
April 20, 2009		0.33			226,500			226,440
April 22, 2009		0.34			40,295			40,287
April 24, 2009		0.31			205,000			204,958
April 27, 2009		0.31			125,000			124,954
April 29, 2009		0.32			250,000			249,903
April 30, 2009		0.25			156,900			156,867
May 1, 2009		0.39			75,000			74,969
May 4, 2009		0.36			65,102			65,074
May 5, 2009		0.35			128,107			128,051
May 8, 2009		0.24			160,330			160,269
May 15, 2009		0.38			97,501			97,452
May 21, 2009		0.38			65,000			64,969
May 22, 2009		0.34			72,865			72,829
May 27, 2009		0.35			312,978			312,844
May 29, 2009		0.27			60,950			60,922
June 1, 2009		0.36			150,000			149,927
June 2, 2009		0.21			90,625			90,580
June 3, 2009		0.37			200,000			199,898
June 5, 2009		0.24			250,000			249,865
June 9, 2009		0.32			100,000			99,941
June 10, 2009		0.33			227,000			226,864
June 12, 2009		0.31			118,800			118,725
June 15, 2009		0.29			60,400			60,360
June 16, 2009		0.27			65,000			64,956
June 17, 2009		0.26			285,100			284,903
June 19, 2009		0.19			42,100			42,070
June 24, 2009		0.23			23,905			23,886
June 26, 2009		0.21			250,100			249,900
Fannie Mae
April 1, 2009		0.31			138,705			138,704
April 2, 2009		0.30			245,814			245,808
April 3, 2009		0.27			649,385			649,363
April 8, 2009		0.21			610,603			610,540
April 9, 2009		0.33			200,000			199,976
April 13, 2009		0.21			221,100			221,083
April 14, 2009		0.31			350,000			349,937
April 15, 2009		0.27			238,444			238,402
April 20, 2009		0.31			96,798			96,770
April 22, 2009		0.30			253,555			253,484
April 27, 2009		0.30			50,000			49,982
May 1, 2009		0.25			136,110			136,062
May 6, 2009		0.37			307,200			307,075
May 11, 2009		0.36			150,230			150,156
May 13, 2009		0.37			308,800			308,654
May 15, 2009		0.38			10,000			9,995
May 18, 2009		0.35			44,517			44,496
May 20, 2009		0.38			290,232			290,096
May 27, 2009		0.36			350,000			349,850
June 2, 2009		0.27			28,125			28,111
June 3, 2009		0.32			395,420			395,218
June 15, 2009		0.20			18,800			18,788
June 17, 2009		0.24			192,897			192,764
June 24, 2009		0.22			69,800			69,746
Federal Farm Credit Banks
April 3, 2009		0.30			25,000			24,999
April 8, 2009		0.30			20,000			19,999
April 13, 2009		0.30			25,000			24,997
April 14, 2009		0.30			25,000			24,997
April 15, 2009		0.30			25,000			24,997
April 16, 2009		0.24			25,000			24,997
April 17, 2009		0.24			25,000			24,997
April 20, 2009		0.24			50,000			49,993
April 22, 2009		0.24			50,000			49,993
April 28, 2009		0.21			50,000			49,992
April 29, 2009		0.21			50,000			49,992
May 1, 2009		0.22			25,000			24,995
May 6, 2009		0.22			50,000			49,989
Tennessee Valley Authority
June 11, 2009		0.23			50,000			49,970
Total federal agency discount notes								17,702,214

U.S. Treasuries - 28.40%
U.S. Treasury Bills
April 2, 2009		0.10			650,000			649,994
April 9, 2009		0.24			400,000			399,975
April 23, 2009		0.14			450,000			449,947
April 29, 2009		0.28			300,000			299,968
April 30, 2009		0.17			600,000			599,906
May 7, 2009		0.24			576,100			576,000
May 14, 2009		0.29			900,000			899,843
May 21, 2009		0.29			703,200			703,038
May 28, 2009		0.31			900,000			899,874
June 4, 2009		0.28			400,000			399,872
June 11, 2009		0.24			1,000,000			999,650
June 18, 2009		0.23			560,300			560,110
June 25, 2009		0.23			569,800			569,589
July 2, 2009		0.16			28,400			28,385
Total U.S. Treasuries								8,036,151

Discount notes - 4.15%
International Bank for Reconstruction and Development
April 7, 2009		0.20			300,000			299,970
April 13, 2009		0.20			100,000			99,981
April 15, 2009		0.25			100,000			99,979
April 21, 2009		0.36			100,000			99,971
May 1, 2009		0.32			50,000			49,979
May 4, 2009		0.33			50,000			49,979
June 11, 2009		0.40			100,000			99,939
June 12, 2009		0.40			100,000			99,937
June 16, 2009		0.37			275,000			274,813
Total discount notes								1,174,548

Commercial paper - 3.01%
Caisse d'Amortissement de la Dette Sociale
April 6, 2009		0.46			100,000			99,985
April 22, 2009		0.25			50,000			49,992
May 15, 2009		0.51			100,000			99,936
European Investment Bank
May 12, 2009		0.35			150,000			149,841
May 29, 2009		0.20			100,000			99,869
KfW (1)
April 16, 2009		0.31			100,000			99,986
May 15, 2009		0.42			30,000			29,984
May 20, 2009		0.30			50,000			49,979
May 29, 2009		0.34			50,000			49,974
Private Export Funding Corp. (1)
May 12, 2009		0.37			50,000			49,978
British Columbia (Province of)
May 7, 2009		0.32			20,000			19,994
May 28, 2009		0.29			26,300			26,288
Yale University
May 8, 2009		0.50			25,000			24,987
Total commercial paper								850,793

U.S. government agency-guaranteed commercial paper - 2.12%
Citigroup Funding Inc., FDIC insured
April 16, 2009		0.30			50,000			49,993
April 21, 2009		0.35			75,000			74,985
April 28, 2009		0.30			75,000			74,982
Bank of America Corp., FDIC insured
April 14, 2009		0.32			100,000			99,979
May 11, 2009		0.35			100,000			99,960
General Electric Capital Corp., FDIC insured
April 9, 2009		0.32			100,000			99,988
May 12, 2009		0.38			100,000			99,945
Total U.S. government agency-guaranteed commercial paper								599,832

Total investment securities (cost: $28,363,404,000)								28,363,538


Other assets less liabilities								(67,961	)

Net assets							$	28,295,577


(1) Purchased in a transaction exempt from registration under 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 $279,901,000, which represented .99% of the net assets of the fund.

See Notes to Financial Statements

Financial statements

Statement of assets and liabilities			unaudited
at March 31, 2009	(dollars in thousands)

Assets:
Investment securities, at value (cost: $28,363,404)			$	28,363,538
Cash				9,593
Other assets				690
Receivables for sales of fund's share				88,963
				28,462,784
Liabilities:
Payables for:
Repurchases of fund's shares	$	150,987
Dividends on fund's shares		79
Investment advisory services		6,628
Services provided by affiliates		8,860
Trustees' deferred compensation		152
Other		501		167,207
Net assets at March 31, 2009			$	28,295,577

Net assets consist of:
Capital paid in on shares of beneficial interest			$	28,295,355
Undistributed net investment income				88
Net unrealized appreciation				134
Net assets at March 31, 2009			$	28,295,577

(dollars and shares in thousands, except per-share amounts)
Shares of beneficial interest issued and outstanding (no stated par value) - unlimited shares authorized (28,295,349 total shares outstanding)
	Net assets		Shares outstanding		Net asset value per share*
Class A	$	21,327,127		21,326,956	$	1.00
Class B		947,186		947,178		1.00
Class C		1,084,277		1,084,268		1.00
Class F-1		121,498		121,497		1.00
Class F-2		1,557		1,557		1.00
Class 529-A		727,112		727,106		1.00
Class 529-B		61,319		61,318		1.00
Class 529-C		182,345		182,344		1.00
Class 529-E		42,356		42,355		1.00
Class 529-F-1		38,146		38,146		1.00
Class R-1		87,306		87,305		1.00
Class R-2		1,389,866		1,389,855		1.00
Class R-3		1,250,549		1,250,539		1.00
Class R-4		671,755		671,750		1.00
Class R-5		363,178		363,175		1.00

See Notes to Financial Statements

Statement of operations				unaudited
for the six months ended March 31, 2009	(dollars in thousands)

Investment income:
Income:
Interest				$	114,454

Fees and expenses*:
Investment advisory services	$	35,054
Distribution services		28,824
Transfer agent services		8,903
Administrative services		6,092
Reports to shareholders		591
Registration statement and prospectus		1,902
Trustees' compensation		112
Auditing and legal		10
Custodian		196
State and local taxes		146
U.S. Treasury Guarantee Program		4,408
Other		896
Total fees and expenses before reimbursements/waivers		87,134
Less reimbursements/waivers of fees and expenses		44,749
Total fees and expenses after reimbursements/waivers					42,385
Net investment income					72,069

Net unrealized depreciation on investments					(2,177	)

Net increase in net assets resulting from operations				$	69,892

(*) Additional information related to class-specific fees and expenses is included in the Notes to Financial Statements.

See Notes to Financial Statements



Statements of changes in net assets		(dollars in thousands)


	Six months ended March 31,			Year ended September 30,
		2009	†	2008
Operations:
Net investment income	$	72,069		$	457,403
Net unrealized (depreciation) appreciation on investments		(2,177	)		2,915
Net increase in net assets resulting from operations		69,892			460,318

Dividends paid or accrued to
shareholders from net investment income		(71,981	)		(457,399	)

Net capital share transactions		7,382,548			6,131,504

Total increase in net assets		7,380,459			6,134,423

Net assets:
Beginning of period		20,915,118			14,780,695
End of period	$	28,295,577		$	20,915,118

†Unaudited.

See Notes to Financial Statements

Notes to financial statements

& #160; unaudited

1. Organization and significant accounting policies

Organization – The Cash Management Trust of America (the "fund") is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The fund seeks to provide income on cash reserves, while preserving capital and maintaining liquidity, through investments in high-quality short-term money market instruments.

The fund has 15 share classes consisting of five retail share classes, five 529 college savings plan share classes and five retirement plan share classes. The 529 college savings plan share classes (529-A, 529-B, 529-C, 529-E and 529-F-1) can be used to save for college education. The five retirement plan share classes (R-1, R-2, R-3, R-4 and R-5) are generally offered only through eligible employer-sponsored retirement plans. The fund’s share classes are described below:

Share class	Initial sales charge	Contingent deferred sales charge upon redemption	Conversion feature
Classes A and 529-A	None	None	None
Classes B and 529-B*	None	Declines from 5% to 0% for redemptions within six years of purchase	Classes B and 529-B convert to Classes A and 529-A, respectively, after eight years
Class C*	None	1% for redemptions within one year of purchase	Class C converts to Class F-1 after 10 years
Class 529-C*	None	1% for redemptions within one year of purchase	None
Class 529-E	None	None	None
Classes F-1, F-2 and 529-F-1	None	None	None
Classes R-1, R-2, R-3, R-4 and R-5	None	None	None

*Classes B, 529-B, C and 529-C are not available for purchase.

Holders of all share classes have equal pro rata rights to assets, dividends and liquidation proceeds. Each share class has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for distribution, administrative and shareholder services. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class.

Significant accounting policies – The financial statements have been prepared to comply with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of the significant accounting policies followed by the fund:

Net asset value – The fund values its shares in accordance with Securities and Exchange Commission ("SEC") rules, using the penny-rounding method, which permits the fund to maintain a constant net asset value of $1.00 per share.

Security valuation –Fixed-income securities, including short-term securities purchased with more than 60 days left to maturity, are valued at prices obtained from an independent pricing service when such prices are available. However, where the investment adviser deems it appropriate, such securities will be valued at the mean quoted bid and asked prices (or bid prices, if asked prices are not available) or at prices for securities of comparable maturity, quality and type. Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par when they reach 60 days or less remaining to maturity.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the investment adviser are fair valued as determined in good faith under procedures adopted by authority of the fund's board of trustees. Various factors may be reviewed in order to make a good faith determination of a security’s fair value. These factors include, but are not limited to, 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.

Security transactions and related investment income – Security transactions are recorded by the fund as of the date the trades are executed with brokers. Interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

Class allocations – Income, fees and expenses (other than class-specific fees and expenses) are allocated daily among the various share classes based on the relative value of their settled shares. Unrealized gains and losses are allocated daily among the various share classes based on their relative net assets. Class-specific fees and expenses, such as distribution, administrative and shareholder services, are charged directly to the respective share class.

Dividends to shareholders – Dividends paid to shareholders are declared daily after the determination of the fund’s net investment income and are paid to shareholders monthly.

2. Risk factors

Investing in the fund may involve certain risks including, but not limited to, those described below.

Normally, the fund invests substantially in high-quality money market instruments, such as commercial paper, commercial bank obligations, savings association obligations, U.S. or Canadian government securities, and short-term corporate bonds and notes. The value of the securities held by the fund may be affected by changing interest rates and by changes in credit ratings of the securities. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. These securities may have credit and liquidity enhancements. Changes in the credit quality of banks and financial institutions providing these enhancements could cause the fund to experience a loss and may affect its share price.

In addition, the fund may invest in securities issued by entities domiciled outside of the U.S. or in securities with credit and liquidity support features provided by entities domiciled outside of the U.S. These securities may be affected by unfavorable political, economic or governmental developments that could affect the repayment of principal or the payment of interest. Securities of U.S. issuers with substantial operations outside the United States may also be subject to similar risks.

3. Taxation and distributions

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

As of and during the period ended March 31, 2009, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any interest or penalties.

The fund is not subject to examination by U.S. federal tax authorities for tax years before 2004 and by state tax authorities for tax years before 2003.

Distributions – Distributions paid to shareholders are based on net investment income determined on a tax basis, which may differ from net investment income for financial reporting purposes. As of March 31, 2009, there were no material differences between book and tax reporting. The fiscal year in which amounts are distributed may differ from the year in which the net investment income is recorded by the fund for financial reporting purposes.

The components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of September 30, 2008, the fund had tax basis undistributed ordinary income of $646,000.

As of March 31, 2009, the tax basis unrealized appreciation (depreciation) and cost of investment securities were as follows:

(dollars in thousands)
Gross unrealized appreciation on investment securities	$	1,451
Gross unrealized depreciation on investment securities		(1,317	)
Net unrealized appreciation on investment securities		134
Cost of investment securities		28,363,404

Distributions paid or accrued to shareholders from ordinary income were as follows (dollars in thousands):

Share class	Six months ended March 31, 2009		Year ended September 30, 2008

Class A	$	65,366	$	385,036
Class B		583		5,659
Class C		524		5,811
Class F-1		287		1,397
Class F-2*		7		-	†
Class 529-A		1,062		8,553
Class 529-B		21		264
Class 529-C		53		712
Class 529-E		35		444
Class 529-F-1		67		417
Class R-1		36		782
Class R-2		669		14,904
Class R-3		1,207		16,530
Class R-4		1,027		10,065
Class R-5		1,037		6,825
Total	$	71,981	$	457,399


* Class F-2 was offered beginning September 12, 2008.
† Amount less than one thousand.

4. Fees and transactions with related parties

Capital Research and Management Company ("CRMC"), the fund’s investment adviser, is the parent company of American Funds Service Company® ("AFS"), the fund’s transfer agent, and American Funds Distributors,® Inc. ("AFD"), the principal underwriter of the fund’s shares.

Investment advisory services - The Investment Advisory and Service Agreement with CRMC provides for monthly fees accrued daily. These fees are based on a declining series of annual rates beginning with 0.320% on the first $1 billion of daily net assets and decreasing to 0.270% on such assets in excess of $2 billion. CRMC waived a portion of its investment advisory services fee commencing on October 1, 2005, and terminating on December 31, 2008. During the six months ended March 31, 2009, total investment advisory services fees waived by CRMC were $1,707,000.

The Investment Advisory and Service Agreement also provides that CRMC will reimburse the fund’s Class A shares to the extent that annual operating expenses exceed 25% of gross income. Expenses related to interest, taxes, brokerage commissions and extraordinary items are not subject to these limitations. During the six months ended March 31, 2009, these reimbursements totaled $28,621,000.

Due to lower short-term interest rates, CRMC agreed to pay a portion of fees and expenses. For the six months ended March 31, 2009, the total fees paid by CRMC were as follows:

Share class	(dollars in thousands)
Class B	$	2,382
Class C		3,348
Class F-1		114
Class F-2		1
Class 529-A		452
Class 529-B		165
Class 529-C		543
Class 529-E		65
Class 529-F-1		17
Class R-1		249
Class R-2		4,278
Class R-3		2,086
Class R-4		562
Class R-5		159
Total	$	14,421

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

Distribution services – The fund has adopted plans of distribution for all share classes, except Classes F-2 and R-5. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.15% to 1.00% as noted below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes, except Classes F-2 and R-5, may use a portion (0.15% for Class A, B, 529-A and 529-B shares and 0.25% for all other share classes) of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.

Share class	Currently approved limits	Plan limits
Class A	0.15%	0.15%
Class 529-A	0.15	0.50
Classes B and 529-B	0.90	0.90
Classes C, 529-C and R-1	1.00	1.00
Class R-2	0.75	1.00
Classes 529-E and R-3	0.50	0.75
Classes F-1, 529-F-1 and R-4	0.25	0.50

Transfer agent services – The fund has a transfer agent agreement with AFS for Classes A and B. Under this agreement, these share classes compensate AFS for transfer agent services including shareholder recordkeeping, communications and transaction processing. AFS is also compensated for certain transfer agent services provided to all other share classes from the administrative services fees paid to CRMC described below.

Administrative services – The fund has an administrative services agreement with CRMC to provide transfer agent and other related shareholder services for all share classes other than Classes A and B. Each relevant share class pays CRMC annual fees up to 0.15% (0.10% for Class R-5) based on its respective average daily net assets. Each relevant share class also pays AFS additional amounts for certain transfer agent services. CRMC and AFS may use these fees to compensate third parties for performing these services. Each 529 share class is subject to an additional administrative services fee payable to the Commonwealth of Virginia for the maintenance of the 529 college savings plan. The quarterly fee is based on a declining series of annual rates beginning with 0.10% on the first $30 billion of the net assets invested in Class 529 shares of the American Funds and decreasing to 0.06% on such assets between $120 billion and $150 billion. The fee for any given calendar quarter is accrued and calculated on the basis of the average net assets of Class 529 shares of the American Funds for the last month of the prior calendar quarter. Although these amounts are included with administrative services fees on the accompanying financial statements, the Commonwealth of Virginia is not considered a related party.

Expenses under the agreements described above for the six months ended March 31, 2009, were as follows (dollars in thousands):

Share class	Distribution services	Transfer agent services	Administrative services
Share class	Distribution services	Transfer agent services	CRMC administrative services	Transfer agent services	Commonwealth of Virginia administrative services
Class A	$10,125	$8,572	Not applicable	Not applicable	Not applicable
Class B	3,773	331	Not applicable	Not applicable	Not applicable
Class C	5,000	Included in administrative services	$559	$106	Not applicable
Class F-1	171		77	11	Not applicable
Class F-2	Not applicable		2	-*	Not applicable
Class 529-A	320		278	52	$ 294
Class 529-B	209		22	5	23
Class 529-C	691		68	15	69
Class 529-E	87		16	3	17
Class 529-F-1	-		15	3	16
Class R-1	361		43	13	Not applicable
Class R-2	4,591		918	1,540	Not applicable
Class R-3	2,768		837	445	Not applicable
Class R-4	728		441	21	Not applicable
Class R-5	Not applicable		174	9	Not applicable
Total	$28,824	$8,903	$3,450	$2,223	$419

* Amount less than one thousand.

Trustees’ deferred compensation – Since the adoption of the deferred compensation plan in 1993, trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund. These amounts represent general, unsecured liabilities of the fund and vary according to the total return of the fund. Trustees’ compensation on the accompanying financial statements includes the current fees (either paid in cash or deferred) and the net increase or decrease in the value of the deferred amounts.

5. Disclosure of fair value measurements

The fund adopted the Statement of Financial Accounting Standards No. 157 (“FAS 157”), Fair Value Measurements, on October 1, 2008. FAS 157 requires the fund to classify its assets and liabilities into three levels based on the method 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. Level 3 values are based on significant unobservable inputs that reflect the fund’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 generally high-quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. At March 31, 2009, all of the fund’s investment securities were classified as Level 2.

6. Capital share transactions

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

Share class	Sales(1)				Reinvestments of dividends						Repurchases(1)						Net increase (decrease)
	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Six months ended March 31, 2009
Class A	$	18,680,627		18,680,627	$	63,081			63,081		$	(13,460,464	)		(13,460,464	)	$	5,283,244			5,283,244
Class B		778,223		778,223		547			547			(380,841	)		(380,841	)		397,929			397,929
Class C		1,019,416		1,019,416		491			491			(628,391	)		(628,391	)		391,516			391,516
Class F-1		133,173		133,173		200			200			(133,847	)		(133,847	)		(474	)		(474	)
Class F-2		4,793		4,793		4			4			(3,831	)		(3,831	)		966			966
Class 529-A		444,905		444,905		1,052			1,052			(148,408	)		(148,408	)		297,549			297,549
Class 529-B		42,031		42,031		21			21			(7,329	)		(7,329	)		34,723			34,723
Class 529-C		138,060		138,060		52			52			(37,567	)		(37,567	)		100,545			100,545
Class 529-E		24,403		24,403		35			35			(8,477	)		(8,477	)		15,961			15,961
Class 529-F-1		21,118		21,118		67			67			(7,548	)		(7,548	)		13,637			13,637
Class R-1		58,955		58,955		35			35			(34,528	)		(34,528	)		24,462			24,462
Class R-2		917,299		917,299		657			657			(583,227	)		(583,227	)		334,729			334,729
Class R-3		872,092		872,092		1,190			1,190			(586,635	)		(586,635	)		286,647			286,647
Class R-4		462,389		462,389		1,017			1,017			(286,526	)		(286,526	)		176,880			176,880
Class R-5		258,047		258,047		1,021			1,021			(234,834	)		(234,834	)		24,234			24,234
Total net increase
(decrease)	$	23,855,531		23,855,531	$	69,470			69,470		$	(16,542,453	)		(16,542,453	)	$	7,382,548			7,382,548

Year ended September 30, 2008
Class A	$	27,308,954		27,308,954	$	371,463			371,463		$	(23,660,278	)		(23,660,278	)	$	4,020,139			4,020,139
Class B		617,367		617,367		5,226			5,226			(288,253	)		(288,253	)		334,340			334,340
Class C		975,490		975,490		5,456			5,456			(504,451	)		(504,451	)		476,495			476,495
Class F-1		167,071		167,071		1,125			1,125			(82,705	)		(82,705	)		85,491			85,491
Class F-2 (2)		591		591		-	(3)		-	(3)		-			-			591			591
Class 529-A		339,827		339,827		8,482			8,482			(187,883	)		(187,883	)		160,426			160,426
Class 529-B		20,825		20,825		261			261			(5,000	)		(5,000	)		16,086			16,086
Class 529-C		76,790		76,790		707			707			(25,372	)		(25,372	)		52,125			52,125
Class 529-E		18,215		18,215		441			441			(8,849	)		(8,849	)		9,807			9,807
Class 529-F-1		20,705		20,705		414			414			(7,353	)		(7,353	)		13,766			13,766
Class R-1		85,995		85,995		769			769			(62,533	)		(62,533	)		24,231			24,231
Class R-2		1,402,801		1,402,801		14,567			14,567			(1,133,027	)		(1,133,027	)		284,341			284,341
Class R-3		1,398,646		1,398,646		16,223			16,223			(1,072,142	)		(1,072,142	)		342,727			342,727
Class R-4		776,603		776,603		9,872			9,872			(634,411	)		(634,411	)		152,064			152,064
Class R-5		821,893		821,893		6,658			6,658			(669,676	)		(669,676	)		158,875			158,875
Total net increase
(decrease)	$	34,031,773		34,031,773	$	441,664			441,664		$	(28,341,933	)		(28,341,933	)	$	6,131,504			6,131,504


(1) Includes exchanges between share classes of the fund.
(2) Class F-2 was offered beginning September 12, 2008.
(3) Amount less than one thousand.

7. Temporary Guarantee Program for Money Market Funds

The board of trustees approved participation in the U.S. Treasury Department Guarantee Program for Money Market Funds (the “Program”). Subject to provisions contained in a guarantee agreement signed by the fund, the Program guarantees that in the event the fund is liquidated, each shareholder of record on September 19, 2008 will receive $1.00 net asset value for the lesser of the shares held on September 19, 2008, and the date the fund’s net asset value falls below $0.995. Shares purchased subsequent to September 19, 2008, are not covered under the Program to the extent that the number of shares held in a particular account exceeds the number of shares held in that account on September 19, 2008. During the six months ended March 31, 2009, the fund paid total fees of $5,098,000, equivalent to 0.025% of the fund’s net assets as of September 19, 2008, to participate in the program through April 30, 2009. During the six months ended March 31, 2009, the expense related to these fees on the accompanying financial statements totaled $4,408,000. Subsequent to March 31, 2009, the U.S. Treasury Department elected to extend the period of guarantee through September 18, 2009. The fund paid total fees of $3,059,000, equivalent to 0.015% of the fund’s net assets as of September 19, 2008, to participate in this extension.

Other share class results

unaudited

Classes B, C, F and 529

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com.

Average annual total returns for periods ended March 31, 2009:

	1 year			5 years			Life of class
Class B shares1 — first sold 3/15/00
Reflecting applicable contingent deferred sales charge
(CDSC), maximum of 5%, payable only if shares
are sold within six years of purchase		–4.43	%		1.82	%		2.08	%
Not reflecting CDSC		0.57			2.19			2.08

Class C shares — first sold 3/16/01
Reflecting CDSC, maximum of 1%, payable only
if shares are sold within one year of purchase		–0.52			2.06			1.52
Not reflecting CDSC		0.48			2.06			1.52

Class F-1 shares2 — first sold 3/26/01
Not reflecting annual asset-based fee charged
by sponsoring firm		0.99			2.73			2.14

Class F-2 shares2 — first sold 9/23/08
Not reflecting annual asset-based fee charged
by sponsoring firm		—			—			0.31	3

Class 529-A shares2,4 — first sold 2/15/02		1.04			2.80			2.19

Class 529-B shares1,4 — first sold 6/7/02
Reflecting applicable CDSC, maximum of 5%, payable
only if shares are sold within six years of purchase		–4.51			1.69			1.55
Not reflecting CDSC		0.49			2.06			1.55

Class 529-C shares4 — first sold 4/2/02
Reflecting CDSC, maximum of 1%, payable only
if shares are sold within one year of purchase		–0.57			1.98			1.46
Not reflecting CDSC		0.43			1.98			1.46

Class 529-E shares2,4 — first sold 3/11/02		0.74			2.42			1.80

Class 529-F-1 shares2,4 — first sold 9/16/02
Not reflecting annual asset-based fee charged
by sponsoring firm		1.12			2.84			2.25

1These shares are no longer available for purchase.

2These shares are sold without any initial or contingent deferred sales charge.

3Results are cumulative total returns; they are not annualized.

4Results shown do not reflect the $10 account setup fee and an annual $10 account maintenance fee.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from October 1, 2005, through December 31, 2008, and also has reimbursed certain expenses. These reimbursements may be adjusted or discontinued by the investment adviser at any time. Fund results shown reflect the waiver and reimbursements, without which they would have been lower. Please see the Financial Highlights table on pages 20 to 25 for details.

For information regarding the differences among the various share classes, please refer to the fund’s prospectus.

Financial highlights(1)

	Net asset value, beginning of period		Net investment income(2)			Dividends (from net investment income)			Net asset value, end of period		Total return(3)(4)			Net assets, end of period (in millions)		Ratio of expenses to average net assets before reimbursements /waivers			Ratio of expenses to average net assets after reimbursements /waivers(4)			Ratio of net income to average net assets (4)
Class A:
Six months ended 3/31/2009(5)	$	1.00	$	.003		$	(.003	)	$	1.00		.34	%	$	21,327		.53	%(6)		.22	%(6)		.67	%(6)
Year ended 9/30/2008		1.00		.028			(.028	)		1.00		2.80			16,045		.49			.46			2.67
Year ended 9/30/2007		1.00		.048			(.048	)		1.00		4.94			12,023		.51			.48			4.83
Year ended 9/30/2006		1.00		.042			(.042	)		1.00		4.26			9,353		.53			.50			4.21
Year ended 9/30/2005		1.00		.022			(.022	)		1.00		2.20			7,656		.55			.52			2.17
Year ended 9/30/2004		1.00		.008			(.008	)		1.00		.84			7,766		.57			.28			.84
Class B:
Six months ended 3/31/2009(5)		1.00		.001			(.001	)		1.00		.08			947		1.32	(6)		.74	(6)		.14	(6)
Year ended 9/30/2008		1.00		.020			(.020	)		1.00		1.98			549		1.28			1.26			1.70
Year ended 9/30/2007		1.00		.040			(.040	)		1.00		4.10			215		1.32			1.29			4.04
Year ended 9/30/2006		1.00		.034			(.034	)		1.00		3.43			158		1.33			1.30			3.44
Year ended 9/30/2005		1.00		.013			(.013	)		1.00		1.36			128		1.35			1.35			1.32
Year ended 9/30/2004		1.00		.001			(.001	)		1.00		.12			157		1.34			1.02			.12
Class C:
Six months ended 3/31/2009(5)		1.00		.001			(.001	)		1.00		.06			1,084		1.47	(6)		.79	(6)		.10	(6)
Year ended 9/30/2008		1.00		.018			(.018	)		1.00		1.84			693		1.43			1.40			1.51
Year ended 9/30/2007		1.00		.039			(.039	)		1.00		3.95			216		1.46			1.44			3.88
Year ended 9/30/2006		1.00		.032			(.032	)		1.00		3.25			133		1.49			1.46			3.32
Year ended 9/30/2005		1.00		.012			(.012	)		1.00		1.20			92		1.51			1.51			1.20
Year ended 9/30/2004		1.00		.001			(.001	)		1.00		.10			104		1.51			1.05			.10
Class F-1:
Six months ended 3/31/2009(5)		1.00		.002			(.002	)		1.00		.20			122		.71	(6)		.53	(6)		.42	(6)
Year ended 9/30/2008		1.00		.025			(.025	)		1.00		2.57			122		.70			.68			2.19
Year ended 9/30/2007		1.00		.046			(.046	)		1.00		4.68			36		.76			.73			4.59
Year ended 9/30/2006		1.00		.040			(.040	)		1.00		4.05			22		.73			.70			4.08
Year ended 9/30/2005		1.00		.019			(.019	)		1.00		1.96			16		.75			.75			1.78
Year ended 9/30/2004		1.00		.004			(.004	)		1.00		.41			39		.72			.71			.61
Class F-2:
Six months ended 3/31/2009(5)		1.00		.003			(.003	)		1.00		.28			2		.45	(6)		.38	(6)		.51	(6)
Period from 9/23/2008 to 9/30/2008		1.00		-	(7)		-	(7)		1.00		.03			1		.01			.01			.03
Class 529-A:
Six months ended 3/31/2009(5)		1.00		.002			(.002	)		1.00		.21			727		.66	(6)		.49	(6)		.36	(6)
Year ended 9/30/2008		1.00		.026			(.026	)		1.00		2.65			430		.63			.60			2.48
Year ended 9/30/2007		1.00		.047			(.047	)		1.00		4.79			269		.65			.63			4.69
Year ended 9/30/2006		1.00		.040			(.040	)		1.00		4.12			183		.66			.64			4.09
Year ended 9/30/2005		1.00		.020			(.020	)		1.00		2.03			138		.69			.69			2.05
Year ended 9/30/2004		1.00		.005			(.005	)		1.00		.47			112		.67			.66			.48
Class 529-B:
Six months ended 3/31/2009(5)		1.00		.001			(.001	)		1.00		.06			61		1.45	(6)		.73	(6)		.09	(6)
Year ended 9/30/2008		1.00		.018			(.018	)		1.00		1.84			27		1.42			1.39			1.56
Year ended 9/30/2007		1.00		.039			(.039	)		1.00		3.96			10		1.46			1.43			3.89
Year ended 9/30/2006		1.00		.032			(.032	)		1.00		3.27			5		1.48			1.46			3.36
Year ended 9/30/2005		1.00		.012			(.012	)		1.00		1.18			2		1.53			1.53			1.13
Year ended 9/30/2004		1.00		.001			(.001	)		1.00		.10			2		1.53			1.06			.10
Class 529-C:
Six months ended 3/31/2009(5)		1.00		.001			(.001	)		1.00		.05			182		1.55	(6)		.76	(6)		.08	(6)
Year ended 9/30/2008		1.00		.017			(.017	)		1.00		1.74			82		1.52			1.49			1.43
Year ended 9/30/2007		1.00		.038			(.038	)		1.00		3.85			30		1.56			1.53			3.78
Year ended 9/30/2006		1.00		.031			(.031	)		1.00		3.18			17		1.57			1.55			3.25
Year ended 9/30/2005		1.00		.011			(.011	)		1.00		1.09			8		1.62			1.62			1.15
Year ended 9/30/2004		1.00		.001			(.001	)		1.00		.10			6		1.63			1.05			.10
Class 529-E:
Six months ended 3/31/2009(5)		1.00		.001			(.001	)		1.00		.11			43		1.05	(6)		.66	(6)		.20	(6)
Year ended 9/30/2008		1.00		.022			(.022	)		1.00		2.24			26		1.03			1.00			2.08
Year ended 9/30/2007		1.00		.043			(.043	)		1.00		4.37			17		1.06			1.03			4.29
Year ended 9/30/2006		1.00		.036			(.036	)		1.00		3.70			11		1.07			1.04			3.71
Year ended 9/30/2005		1.00		.016			(.016	)		1.00		1.61			7		1.10			1.10			1.64
Year ended 9/30/2004		1.00		.002			(.002	)		1.00		.15			5		1.11			.98			.15

Class 529-F-1:
Six months ended 3/31/2009(5)	$	1.00	$	.002		$	(.002	)	$	1.00		.24	%	$	38		.55	%(6)		.43	%(6)		.43	%(6)
Year ended 9/30/2008		1.00		.027			(.027	)		1.00		2.76			24		.52			.49			2.50
Year ended 9/30/2007		1.00		.048			(.048	)		1.00		4.90			11		.55			.53			4.79
Year ended 9/30/2006		1.00		.041			(.041	)		1.00		4.22			6		.57			.54			4.20
Year ended 9/30/2005		1.00		.019			(.019	)		1.00		1.96			4		.75			.75			1.97
Year ended 9/30/2004		1.00		.003			(.003	)		1.00		.28			3		.86			.85			.30
Class R-1:
Six months ended 3/31/2009(5)		1.00		.001			(.001	)		1.00		.05			87		1.47	(6)		.78	(6)		.10	(6)
Year ended 9/30/2008		1.00		.018			(.018	)		1.00		1.81			63		1.45			1.42			1.62
Year ended 9/30/2007		1.00		.039			(.039	)		1.00		3.93			39		1.50			1.46			3.86
Year ended 9/30/2006		1.00		.032			(.032	)		1.00		3.27			17		1.52			1.46			3.24
Year ended 9/30/2005		1.00		.012			(.012	)		1.00		1.20			18		1.54			1.50			1.31
Year ended 9/30/2004		1.00		.001			(.001	)		1.00		.10			10		1.56			1.03			.10
Class R-2:
Six months ended 3/31/2009(5)		1.00		.001			(.001	)		1.00		.06			1,390		1.48	(6)		.77	(6)		.11	(6)
Year ended 9/30/2008		1.00		.018			(.018	)		1.00		1.78			1,055		1.50			1.46			1.67
Year ended 9/30/2007		1.00		.039			(.039	)		1.00		3.96			771		1.54			1.43			3.89
Year ended 9/30/2006		1.00		.032			(.032	)		1.00		3.29			609		1.72			1.44			3.28
Year ended 9/30/2005		1.00		.012			(.012	)		1.00		1.24			474		1.76			1.47			1.28
Year ended 9/30/2004		1.00		.001			(.001	)		1.00		.11			348		1.76			1.03			.11
Class R-3:
Six months ended 3/31/2009(5)		1.00		.001			(.001	)		1.00		.12			1,251		1.06	(6)		.67	(6)		.22	(6)
Year ended 9/30/2008		1.00		.022			(.022	)		1.00		2.26			964		1.01			.98			2.12
Year ended 9/30/2007		1.00		.043			(.043	)		1.00		4.36			621		1.07			1.04			4.28
Year ended 9/30/2006		1.00		.036			(.036	)		1.00		3.69			442		1.11			1.05			3.70
Year ended 9/30/2005		1.00		.016			(.016	)		1.00		1.63			284		1.12			1.08			1.67
Year ended 9/30/2004		1.00		.002			(.002	)		1.00		.16			211		1.12			.97			.16
Class R-4:
Six months ended 3/31/2009(5)		1.00		.002			(.002	)		1.00		.19			672		.73	(6)		.53	(6)		.35	(6)
Year ended 9/30/2008		1.00		.026			(.026	)		1.00		2.58			495		.70			.67			2.45
Year ended 9/30/2007		1.00		.047			(.047	)		1.00		4.76			343		.69			.66			4.65
Year ended 9/30/2006		1.00		.040			(.040	)		1.00		4.08			175		.71			.68			4.04
Year ended 9/30/2005		1.00		.020			(.020	)		1.00		2.00			134		.71			.71			2.10
Year ended 9/30/2004		1.00		.004			(.004	)		1.00		.43			65		.71			.70			.46
Class R-5:
Six months ended 3/31/2009(5)		1.00		.003			(.003	)		1.00		.29			363		.44	(6)		.33	(6)		.60	(6)
Year ended 9/30/2008		1.00		.029			(.029	)		1.00		2.88			339		.40			.37			2.61
Year ended 9/30/2007		1.00		.049			(.049	)		1.00		5.05			180		.41			.38			4.93
Year ended 9/30/2006		1.00		.043			(.043	)		1.00		4.38			146		.41			.38			4.37
Year ended 9/30/2005		1.00		.023			(.023	)		1.00		2.30			91		.42			.42			2.30
Year ended 9/30/2004		1.00		.007			(.007	)		1.00		.72			77		.42			.40			.75

(1)Based on operations for the periods shown (unless otherwise noted) and, accordingly, may not be representative of a full year.

(2)Based on average shares outstanding.

(3)Total returns exclude any applicable sales charges, including contingent deferred sales charges.

(4)This column reflects the impact, if any, of certain reimbursements/waivers from CRMC. During some of the periods shown, CRMC reimbursed expenses, as provided by the Investment Advisory and Service Agreement. Also, during some of the periods shown, CRMC reduced fees for investment advisory services, paid a portion of the fund's transfer agent fees for certain retirement plan share classes and, due to lower short-term interest rates, agreed to pay a portion of fees and expenses for some of the share classes.

(5)Unaudited.

(6)Annualized.

(7)Amount less than $.001.

See Notes to Financial Statements

Expense example

unaudited

As a shareholder of the fund, you incur certain ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. Certain share classes also incur transaction costs such as contingent deferred sales charges (loads) on redemptions. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2008, through March 31, 2009).

Actual expenses:

The first line of each share class in the table on page 28 provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses paid during period" to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of each share class in the table on page 28 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:

There are some account fees that are charged to certain types of accounts, such as individual retirement accounts and 529 college savings plan accounts (generally, a $10 fee is charged to set up the account and an additional $10 fee is charged to the account annually), that would increase the amount of expenses paid on your account. In addition, retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F-1, F-2, and 529-F-1 shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 10/1/2008		Ending account value 3/31/2009		Expenses paid during period*		Annualized expense ratio

Class A -- actual return	$	1,000.00	$	1,003.45	$	1.10		.22	%
Class A -- assumed 5% return		1,000.00		1,023.83		1.11		.22
Class B -- actual return		1,000.00		1,000.79		3.69		.74
Class B -- assumed 5% return		1,000.00		1,021.24		3.73		.74
Class C -- actual return		1,000.00		1,000.57		3.94		.79
Class C -- assumed 5% return		1,000.00		1,020.99		3.98		.79
Class F-1 -- actual return		1,000.00		1,001.98		2.65		.53
Class F-1 -- assumed 5% return		1,000.00		1,022.29		2.67		.53
Class F-2 -- actual return		1,000.00		1,002.83		1.90		.38
Class F-2 -- assumed 5% return		1,000.00		1,023.04		1.92		.38
Class 529-A -- actual return		1,000.00		1,002.05		2.45		.49
Class 529-A -- assumed 5% return		1,000.00		1,022.49		2.47		.49
Class 529-B -- actual return		1,000.00		1,000.59		3.64		.73
Class 529-B -- assumed 5% return		1,000.00		1,021.29		3.68		.73
Class 529-C -- actual return		1,000.00		1,000.47		3.79		.76
Class 529-C -- assumed 5% return		1,000.00		1,021.14		3.83		.76
Class 529-E -- actual return		1,000.00		1,001.14		3.29		.66
Class 529-E -- assumed 5% return		1,000.00		1,021.64		3.33		.66
Class 529-F-1 -- actual return		1,000.00		1,002.38		2.15		.43
Class 529-F-1 -- assumed 5% return		1,000.00		1,022.79		2.17		.43
Class R-1 -- actual return		1,000.00		1,000.54		3.89		.78
Class R-1 -- assumed 5% return		1,000.00		1,021.04		3.93		.78
Class R-2 -- actual return		1,000.00		1,000.60		3.84		.77
Class R-2 -- assumed 5% return		1,000.00		1,021.09		3.88		.77
Class R-3 -- actual return		1,000.00		1,001.16		3.34		.67
Class R-3 -- assumed 5% return		1,000.00		1,021.59		3.38		.67
Class R-4 -- actual return		1,000.00		1,001.87		2.65		.53
Class R-4 -- assumed 5% return		1,000.00		1,022.29		2.67		.53
Class R-5 -- actual return		1,000.00		1,002.93		1.65		.33
Class R-5 -- assumed 5% return		1,000.00		1,023.29		1.66		.33

*The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period (182), and divided by 365 (to reflect the one-half year period).

Approval of Investment Advisory and Service Agreement

The fund’s board has approved the fund’s Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through May 31, 2010. The board approved the agreement following the recommendation of the fund’s Contracts Committee (the “committee”), which is composed of all of the fund’s independent board members. The board and the committee determined that the fund’s advisory fee structure was fair and reasonable in relation to the services provided and that approving the agreement was in the best interests of the fund and its shareholders.

In reaching this decision, the board and the committee took into account information furnished to them throughout the year, as well as information prepared specifically in connection with their review of the agreement, and were advised by their independent counsel. They considered the factors discussed below, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor.

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of its organization; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and committee considered, among other things, the impact of current market conditions on the fund and CRMC. The board and the committee also considered the nature, extent and quality of administrative, compliance and shareholder services provided by CRMC to the fund under the agreement and other agreements as well as the benefits to fund shareholders from investing in a fund that is part of a large family of funds. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit the fund and its shareholders.

2. Investment results

The board and the committee considered the investment results of the fund in light of its objectives of providing shareholders with income on their cash reserves while preserving capital and maintaining liquidity. They compared the fund’s total returns with those of other relevant funds (including the other funds that are the basis of the Lipper index for the category in which the fund is included) and market data such as relevant market indices, in each case as available at the time of the related meetings. In addition to the information reviewed by the board and committee, this report, including the letter to shareholders and related disclosures, contains certain information about the fund’s investment results. The board and the committee concluded that the fund’s results have been satisfactory and that CRMC’s record in managing the fund indicated that its continued management should benefit the fund and its shareholders.

3. Advisory fees and total expenses

The board and the committee compared the advisory fees and total expense levels of the fund to those of other relevant funds. They observed that the fund’s advisory fees and expenses remain significantly below those of most other relevant funds. The board and the committee also noted the breakpoint discounts in the fund’s advisory fee structure that reduce the level of fees charged by CRMC to the fund as fund assets increase. In addition, they reviewed information regarding the advisory fees paid by institutional clients of an affiliate of CRMC with investment mandates similar to those of the fund. They noted that, although the fees paid by those clients generally were lower than those paid by the fund, the differences appropriately reflected the significant investment, operational and regulatory differences between advising mutual funds and institutional clients. The board and the committee concluded that the fund’s cost structure was fair and reasonable in relation to the services provided, and that the shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by the fund.

4. Ancillary benefits

The board and the committee considered a variety of other benefits received by CRMC and its affiliates as a result of CRMC’s relationship with the fund and the other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the fund’s principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC’s institutional management affiliates. The board and the committee reviewed CRMC’s portfolio trading practices, noting that while CRMC receives the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the fund, it does not obtain third-party research or other services in return for allocating brokerage to such broker-dealers. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC by the fund.

5. Adviser financial information

The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and willingness to invest in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments and attract and retain qualified personnel. They noted information previously received regarding the compensation structure for CRMC’s investment professionals. The board and the committee also compared CRMC’s profitability to the reported results of several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. The board further considered the breakpoint discounts in the fund’s advisory fee structure and the impact of the termination of CRMC’s 10% advisory fee waiver effective December 31, 2008. The board and the committee concluded that the fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and the fund’s shareholders.

The U.S. Treasury Money Fund of America

Investment portfolio

March 31, 2009

unaudited

	Percent of net assets
U.S. Treasuries		92.2	%
Federal agency discount notes		10.4
U.S. government agency-guaranteed commercial paper		0.4
Other assets less liabilities		(3.0	)
Total		100.0	%

				Principal
	Yield at			amount			Value
Short-term securities - 102.98%	acquisition				(000	)		(000	)

U.S. Treasuries - 92.17%
U.S. Treasury Bills
April 2, 2009		0.10-0.88	%	$	181,500		$	181,498
April 9, 2009		0.10-0.20			257,700			257,684
April 16, 2009		0.10-1.11			291,750			291,721
April 23, 2009		0.12-0.34			206,000			205,976
April 29, 2009		0.21-0.44			300,460			300,428
April 30, 2009		0.12-0.25			225,500			225,465
May 7, 2009		0.22-0.26			146,300			146,275
May 14, 2009		0.11-0.31			394,000			393,930
May 15, 2009		0.19-0.26			209,300			209,271
May 21, 2009		0.19-0.32			348,100			348,020
May 28, 2009		0.29-0.30			121,300			121,283
June 4, 2009		0.15-0.41			455,300			455,154
June 11, 2009		0.20-0.24			294,500			294,397
June 18, 2009		0.21-0.29			284,300			284,203
June 24, 2009		0.25-0.35			199,500			199,412
June 25, 2009		0.22			100,000			99,963
July 2, 2009		0.29-0.49			452,700			452,465
July 9, 2009		0.27-0.29			150,000			149,917
July 16, 2009		0.30			50,000			49,970
July 23, 2009		0.22			100,000			99,936
July 30, 2009		0.20			1,100			1,099
August 6, 2009		0.26			30,000			29,972
September 10, 2009		0.36			100,000			99,843
September 17, 2009		0.37			28,500			28,450
September 24, 2009		0.40			100,000			99,819
October 1, 2009		0.42			140,000			139,705
U.S. Treasury Notes
4.50% April 30, 2009					79,100			79,381
Total U.S. Treasuries								5,245,237

Federal agency discount notes - 10.45%
Federal Home Loan Bank
April 3, 2009		0.20			41,200			41,199
April 6, 2009		0.20			50,000			49,996
April 8, 2009		0.34			36,400			36,397
April 20, 2009		0.17			16,000			15,995
April 21, 2009		0.28			29,200			29,195
May 11, 2009		0.36			35,700			35,683
June 8, 2009		0.30			19,400			19,389
June 17, 2009		0.33			12,700			12,691
Fannie Mae
April 1, 2009		0.12			44,000			43,999
April 15, 2009		0.26			100,000			99,979
May 20, 2009		0.37			25,500			25,488
June 30, 2009		0.36			45,500			45,461
Freddie Mac
June 1, 2009		0.34			50,000			49,976
June 5, 2009		0.50			25,000			24,987
July 29, 2009		0.29			35,000			34,952
Federal Farm Credit Banks
May 7, 2009		0.22			29,100			29,093
Total federal agency discount notes								594,480

U.S. government agency-guaranteed commercial paper - 0.36%
Citigroup Funding Inc., FDIC insured
May 29, 2009		0.32			20,500			20,488
Total U.S. government agency-guaranteed commercial paper								20,488


Total investment securities (cost: $5,859,407,000)								5,860,205
Other assets less liabilities								(169,720	)

Net assets							$	5,690,485

See Notes to Financial Statements

Financial statements

Statement of assets and liabilities			unaudited
at March 31, 2009	(dollars in thousands)

Assets:
Investment securities, at value (cost: $5,859,407)			$	5,860,205
Cash				720
Other assets				96
Receivables for:
Sales of fund's shares	$	17,528
Interest		1,485		19,013
				5,880,034
Liabilities:
Payables for:
Purchases of investments		139,708
Repurchases of fund's shares		47,548
Investment advisory services		1,418
Services provided by affiliates		807
Trustees' deferred compensation		46
Other		22		189,549
Net assets at March 31, 2009			$	5,690,485

Net assets consist of:
Capital paid in on shares of beneficial interest			$	5,689,608
Undistributed net investment income				79
Net unrealized appreciation				798
Net assets at March 31, 2009			$	5,690,485

(dollars and shares in thousands, except per-share amounts)
Shares of beneficial interest issued and outstanding (no stated par value) - unlimited shares authorized (5,689,606 total shares outstanding)
	Net assets		Shares outstanding		Net asset value per share
Class A	$	5,184,337		5,183,536	$	1.00
Class R-1		10,370		10,368		1.00
Class R-2		116,039		116,021		1.00
Class R-3		113,432		113,415		1.00
Class R-4		181,274		181,246		1.00
Class R-5		85,033		85,020		1.00


See Notes to Financial Statements

Statement of operations				unaudited
for the six months ended March 31, 2009	(dollars in thousands)

Investment income:
Income:
Interest				$	14,815

Fees and expenses*:
Investment advisory services	$	8,109
Distribution services		2,847
Transfer agent services		716
Administrative services		429
Reports to shareholders		89
Registration statement and prospectus		661
Trustees' compensation		18
Auditing and legal		8
Custodian		22
State and local taxes		21
U.S. Treasury Guarantee Program		611
Other		94
Total fees and expenses before reimbursements/waivers		13,625
Less reimbursements/waivers of fees and expenses		3,465
Total fees and expenses after reimbursements/waivers					10,160
Net investment income					4,655

Net unrealized appreciation on investments					990
Net increase in net assets resulting from operations				$	5,645

(*) Additional information related to class-specific fees and expenses is included in the Notes to Financial Statements.

See Notes to Financial Statements

Statements of changes in net assets		(dollars in thousands)

	Six months ended March 31,			Year ended September 30,
		2009*		2008
Operations:
Net investment income	$	4,655		$	22,872
Net unrealized appreciation (depreciation) on investments		990			(483	)
Net increase in net assets resulting from operations		5,645			22,389

Dividends paid or accrued to shareholders from net investment income		(4,738	)		(22,710	)

Net capital share transactions		1,367,733			3,497,135

Total increase in net assets		1,368,640			3,496,814

Net assets:
Beginning of period		4,321,845			825,031
End of period	$	5,690,485		$	4,321,845

*Unaudited.

See Notes to Financial Statements

Notes to financial statements

& #160; unaudited

1. Organization and significant accounting policies

Organization – The U.S. Treasury Money Fund of America (the "fund") is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The fund seeks to provide income on cash reserves, while preserving capital and maintaining liquidity, through investments in U.S. Treasury securities.

The fund has six share classes consisting of one retail share class (Class A) and five retirement plan share classes (R-1, R-2, R-3, R-4 and R-5). The five retirement plan share classes are generally offered only through eligible employer-sponsored retirement plans. All share classes are sold without any sales charges and do not carry any conversion rights.

Security valuation – Fixed-income securities, including short-term securities purchased with more than 60 days left to maturity, are valued at prices obtained from an independent pricing service when such prices are available. However, where the investment adviser deems it appropriate, such securities will be valued at the mean quoted bid and asked prices (or bid prices, if asked prices are not available) or at prices for securities of comparable maturity, quality and type. Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par when they reach 60 days or less remaining to maturity.

Dividends to shareholders – Dividends paid to shareholders are declared daily after the determination of the fund’s net investment income and are paid to shareholders monthly.

2. Risk factors

Investing in the fund may involve certain risks including, but not limited to, those described below.

Normally, the fund’s portfolio consists primarily of U.S. Treasury securities, which are guaranteed by the United States government. These securities are generally affected by changes in the level of interest rates. For example, the value of the U.S. Treasury securities generally will decline when interest rates rise and increase when interest rates fall. A security backed by the U.S. Treasury or the full faith and credit of the United States government is guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market prices for such securities are not guaranteed and will fluctuate.

3. Taxation and distributions

The fund is not subject to examination by U.S. federal tax authorities for tax years before 2004 and by state tax authorities for tax years before 2003.

As of March 31, 2009, the tax basis unrealized appreciation (depreciation) and cost of investment securities were as follows:

(dollars in thousands)
Gross unrealized appreciation on investment securities	$	853
Gross unrealized depreciation on investment securities		(55	)
Net unrealized appreciation on investment securities		798
Cost of investment securities		5,859,407

Distributions paid or accrued to shareholders from ordinary income were as follows (dollars in thousands):

Share class	Six months ended March 31, 2009		Year ended September 30, 2008
Class A	$	4,617	$	20,339
Class R-1		2		32
Class R-2		19		526
Class R-3		17		665
Class R-4		32		732
Class R-5		51		416
Total	$	4,738	$	22,710

4. Fees and transactions with related parties

Investment advisory services - The Investment Advisory and Service Agreement with CRMC provides for monthly fees accrued daily. These fees are based on an annual rate of 0.300% on the first $800 million of daily net assets and 0.285% on such assets in excess of $800 million. CRMC waived a portion of its investment advisory services fee commencing on September 1, 2004, and terminating on December 31, 2008. During the six months ended March 31, 2009, total investment advisory services fees waived by CRMC were $410,000.

Due to lower short-term interest rates, CRMC agreed to pay a portion of fees and expenses. For the six months ended March 31, 2009, the total fees paid by CRMC were $2,050,000, $44,000, $469,000, $260,000, $206,000 and $26,000 for Classes A, R-1, R-2, R-3, R-4 and R-5, respectively.

Distribution services – The fund has adopted plans of distribution for all share classes, except Class R-5. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.15% to 1.00% as noted below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes may use a portion (0.15% for Class A and 0.25% for all other share classes) of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.

Share class	Currently approved limits	Plan limits
Class A	0.15%	0.15%
Class R-1	1.00	1.00
Class R-2	0.75	1.00
Class R-3	0.50	0.75
Class R-4	0.25	0.50

Transfer agent services – The fund has a transfer agent agreement with AFS for Class A. Under this agreement, this share class compensates AFS for transfer agent services including shareholder recordkeeping, communications and transaction processing. AFS is also compensated for certain transfer agent services provided to all other share classes from the administrative services fees paid to CRMC described below.

Expenses under the agreements described above for the six months ended March 31, 2009, were as follows (dollars in thousands):

Share class	Distribution services	Transfer agent services	Administrative services
Share class	Distribution services	Transfer agent services	CRMC administrative services	Transfer agent services
Class A	$2,047	$716	Not applicable	Not applicable
Class R-1	45	Included in administrative services	$4	$1
Class R-2	359		73	109
Class R-3	222		67	32
Class R-4	174		96	13
Class R-5	Not applicable		33	1
Total	$2,847	$716	$273	$156

5. Disclosure of fair value measurements

6. Capital share transactions

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

Share class	Sales(*)				Reinvestments of dividends				Repurchases(*)						Net increase
	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Six months ended March 31, 2009
Class A	$	4,619,546		4,619,546	$	4,419		4,419	$	(3,483,262	)		(3,483,262	)	$	1,140,703		1,140,703
Class R-1		7,393		7,393		2		2		(3,613	)		(3,613	)		3,782		3,782
Class R-2		86,453		86,453		19		19		(42,943	)		(42,943	)		43,529		43,529
Class R-3		94,476		94,476		17		17		(45,795	)		(45,795	)		48,698		48,698
Class R-4		162,572		162,572		32		32		(73,053	)		(73,053	)		89,551		89,551
Class R-5		85,700		85,700		49		49		(44,279	)		(44,279	)		41,470		41,470
Total net increase
(decrease)	$	5,056,140		5,056,140	$	4,538		4,538	$	(3,692,945	)		(3,692,945	)	$	1,367,733		1,367,733

Year ended September 30, 2008
Class A	$	4,393,916		4,393,916	$	19,069		19,069	$	(1,078,943	)		(1,078,943	)	$	3,334,042		3,334,042
Class R-1		9,352		9,352		32		32		(5,095	)		(5,095	)		4,289		4,289
Class R-2		60,718		60,718		516		516		(33,763	)		(33,763	)		27,471		27,471
Class R-3		73,965		73,965		655		655		(47,856	)		(47,856	)		26,764		26,764
Class R-4		233,456		233,456		722		722		(158,303	)		(158,303	)		75,875		75,875
Class R-5		96,723		96,723		285		285		(68,314	)		(68,314	)		28,694		28,694
Total net increase
(decrease)	$	4,868,130		4,868,130	$	21,279		21,279	$	(1,392,274	)		(1,392,274	)	$	3,497,135		3,497,135

*Includes exchanges between share classes of the fund.

7. Temporary Guarantee Program for Money Market Funds

The board of trustees approved participation in the U.S. Treasury Department Guarantee Program for Money Market Funds (the “Program”). Subject to provisions contained in a guarantee agreement signed by the fund, the Program guarantees that in the event the fund is liquidated, each shareholder of record on September 19, 2008, will receive $1.00 net asset value for the lesser of the shares held on September 19, 2008, and the date the fund’s net asset value falls below $0.995. Shares purchased subsequent to September 19, 2008, are not covered under the Program to the extent that the number of shares held in a particular account exceeds the number of shares held in that account on September 19, 2008. During the six months ended March 31, 2009, the fund paid total fees of $707,000, equivalent to 0.025% of the fund’s net assets as of September 19, 2008, to participate in the program through April 30, 2009. During the six months ended March 31, 2009, the expense related to these fees on the accompanying financial statements totaled $611,000. Subsequent to March 31, 2009, the U.S. Treasury Department elected to extend the period of guarantee through September 18, 2009. The fund paid total fees of $424,000, equivalent to 0.015% of the fund’s net assets as of September 19, 2008, to participate in this extension.

Financial highlights(1)

	Net asset value, beginning of period		Net investment income(2)			Dividends (from net investment income)			Net asset value, end of period		Total return(3)			Net assets, end of period (in millions)		Ratio of expenses to average net assets before reimbursements /waivers			Ratio of expenses to average net assets after reimbursements /waivers(3)			Ratio of net income to average net assets(3)
Class A:
Six months ended 3/31/2009(4)		1.00	$	.001		$	(.001	)	$	1.00		.09	%	$	5,184		.45	%(5)		.35	%(5)		.17	%(5)
Year ended 9/30/2008		1.00		.021			(.021	)		1.00		2.06			4,043		.48			.45			1.78
Year ended 9/30/2007		1.00		.044			(.044	)		1.00		4.43			709		.57			.54			4.33
Year ended 9/30/2006		1.00		.038			(.038	)		1.00		3.82			523		.59			.56			3.77
Year ended 9/30/2005		1.00		.019			(.019	)		1.00		1.90			483		.62			.59			1.87
Year ended 9/30/2004		1.00		.004			(.004	)		1.00		.39			532		.62			.61			.39
Class R-1:
Six months ended 3/31/2009(4)		1.00		-	(6)		-	(6)		1.00		.02			10		1.46	(5)		.48	(5)		.04	(5)
Year ended 9/30/2008		1.00		.011			(.011	)		1.00		1.09			6		1.46			1.40			.81
Year ended 9/30/2007		1.00		.034			(.034	)		1.00		3.44			2		1.54			1.50			3.38
Year ended 9/30/2006		1.00		.028			(.028	)		1.00		2.85			2		1.54			1.51			2.93
Year ended 9/30/2005		1.00		.010			(.010	)		1.00		.96			1		1.60			1.52			1.03
Year ended 9/30/2004		1.00		.001			(.001	)		1.00		.10			1		1.63			.94			.10
Class R-2:
Six months ended 3/31/2009(4)		1.00		-	(6)		-	(6)		1.00		.02			116		1.45	(5)		.47	(5)		.03	(5)
Year ended 9/30/2008		1.00		.011			(.011	)		1.00		1.08			72		1.51			1.43			.98
Year ended 9/30/2007		1.00		.034			(.034	)		1.00		3.47			45		1.59			1.48			3.40
Year ended 9/30/2006		1.00		.028			(.028	)		1.00		2.87			36		1.72			1.48			2.88
Year ended 9/30/2005		1.00		.010			(.010	)		1.00		.99			27		1.79			1.48			1.03
Year ended 9/30/2004		1.00		.001			(.001	)		1.00		.10			22		1.81			.92			.10
Class R-3:
Six months ended 3/31/2009(4)		1.00		-	(6)		-	(6)		1.00		.02			114		1.05	(5)		.46	(5)		.03	(5)
Year ended 9/30/2008		1.00		.015			(.015	)		1.00		1.49			65		1.06			1.03			1.37
Year ended 9/30/2007		1.00		.038			(.038	)		1.00		3.90			38		1.09			1.06			3.82
Year ended 9/30/2006		1.00		.032			(.032	)		1.00		3.28			30		1.11			1.08			3.31
Year ended 9/30/2005		1.00		.014			(.014	)		1.00		1.38			21		1.14			1.11			1.43
Year ended 9/30/2004		1.00		.001			(.001	)		1.00		.12			16		1.14			.89			.13
Class R-4:
Six months ended 3/31/2009(4)		1.00		-	(6)		-	(6)		1.00		.03			181		.75	(5)		.44	(5)		.05	(5)
Year ended 9/30/2008		1.00		.018			(.018	)		1.00		1.80			92		.75			.72			1.31
Year ended 9/30/2007		1.00		.042			(.042	)		1.00		4.25			16		.75			.72			4.12
Year ended 9/30/2006		1.00		.036			(.036	)		1.00		3.64			7		.77			.74			3.63
Year ended 9/30/2005		1.00		.017			(.017	)		1.00		1.74			5		.78			.75			1.79
Year ended 9/30/2004		1.00		.002			(.002	)		1.00		.24			2		.77			.76			.23
Class R-5:
Six months ended 3/31/2009(4)		1.00		.001			(.001	)		1.00		.09			85		.44	(5)		.35	(5)		.15	(5)
Year ended 9/30/2008		1.00		.021			(.021	)		1.00		2.13			44		.43			.40			1.96
Year ended 9/30/2007		1.00		.045			(.045	)		1.00		4.56			15		.45			.42			4.47
Year ended 9/30/2006		1.00		.039			(.039	)		1.00		3.96			11		.45			.42			3.98
Year ended 9/30/2005		1.00		.021			(.021	)		1.00		2.07			7		.46			.43			2.08
Year ended 9/30/2004		1.00		.006			(.006	)		1.00		.55			7		.45			.45			.57

(1) Based on operations for the periods shown (unless otherwise noted) and, accordingly, may not be representative of a full year.
(2) Based on average shares outstanding.
(3) This column reflects the impact, if any, of certain reimbursements/waivers from CRMC. During the periods shown, CRMC reduced fees for investment advisory services. In addition, during some of the periods shown, CRMC paid a portion of the fund's transfer agent fees for certain retirement plan share classes and, due to lower short-term interest rates, agreed to pay a portion of fees and expenses for some of the share classes.
(4) Unaudited.
(5) Annualized.
(6) Amount less than $.001.

See Notes to Financial Statements

Expense example

unaudited

As a shareholder of the fund, you incur certain ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2008, through March 31, 2009).

Actual expenses:

The first line of each share class in the table on the next page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses paid during period" to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of each share class in the table on the next page provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:

There are some account fees that are charged to certain types of accounts, such as individual retirement accounts (generally, a $10 fee is charged to set up the account and an additional $10 fee is charged to the account annually), that would increase the amount of expenses paid on your account. In addition, retirement plan participants may be subject to certain fees charged by the plan sponsor. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the second line of each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

	Beginning account value 10/1/2008		Ending account value 3/31/2009		Expenses paid during period*		Annualized expense ratio

Class A -- actual return	$	1,000.00	$	1,000.89	$	1.75		.35	%
Class A -- assumed 5% return		1,000.00		1,023.19		1.77		.35
Class R-1 -- actual return		1,000.00		1,000.21		2.39		.48
Class R-1 -- assumed 5% return		1,000.00		1,022.54		2.42		.48
Class R-2 -- actual return		1,000.00		1,000.21		2.34		.47
Class R-2 -- assumed 5% return		1,000.00		1,022.59		2.37		.47
Class R-3 -- actual return		1,000.00		1,000.21		2.29		.46
Class R-3 -- assumed 5% return		1,000.00		1,022.64		2.32		.46
Class R-4 -- actual return		1,000.00		1,000.30		2.19		.44
Class R-4 -- assumed 5% return		1,000.00		1,022.74		2.22		.44
Class R-5 -- actual return		1,000.00		1,000.88		1.75		.35
Class R-5 -- assumed 5% return		1,000.00		1,023.19		1.77		.35

The Tax-Exempt Money Fund of America

Investment portfolio

March 31, 2009

unaudited

[begin pie chart]

Texas	18.43	%
Nevada	6.11	%
Massachusetts	5.63	%
Arizona	5.49	%
Florida	4.88	%
Maryland	4.88	%
Minnesota	4.84	%
New York	3.36	%
Connecticut	3.19	%
Tennessee	3.16	%
Other states	39.36	%
Other assets less liabilities	0.67	%

[end pie chart]

	Principal
	amount			Value
Short-term securities - 99.33%		(000	)		(000	)

ALABAMA - 0.38%
Industrial Dev. Auth. of Mobile County, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 2002, 0.15% 2032 (1)	$	300		$	300
Industrial Dev. Board of the City of Decatur:
Environmental Facs. Rev. Bonds (BP Amoco Chemical Co. Project), Series 2001, AMT, 0.40% 2035 (1)		3,300			3,300
Solid Waste Disposal Rev. Bonds (Amoco Chemical Company Project), Series 1995, AMT, 0.40% 2025 (1)		300			300
					3,900

ALASKA - 0.87%
City of Valdez, Marine Terminal Rev. Ref. Bonds:
BP Pipelines Inc. Project:
Series 2001, 0.15% 2037 (1)		400			400
Series 2003-A, 0.30% 2037 (1)		1,500			1,500
Series 2003-B, 0.30% 2037 (1)		4,100			4,100
Series 2003-C, 0.30% 2037 (1)		600			600
Exxon Pipeline Co. Project:
Series 1993-A, 0.15% 2033 (1)		1,100			1,100
Series 1993-B, 0.15% 2033 (1)		1,300			1,300
					9,000

ARIZONA - 5.49%
Industrial Dev. Auth., Industrial Dev. Rev. Bonds:
County of Apache 1983 Series B (Tuscon Electric Power Co. Springerville Project), 0.60% 2018 (1)		8,900			8,900
County of Pima (Tuscon Electric Power Co. Project), Series 2008-B, 0.37% 2029 (1)		5,000			5,000
Salt River Project Agricultural Improvement & Power Dist., TECP:
Series B:
0.35% 4/3/2009		7,500			7,500
0.50% 4/3/2009		4,500			4,500
0.35% 4/6/2009		10,475			10,475
0.60% 5/1/2009		3,000			3,000
0.60% 5/11/2009		3,000			3,000
Series C:
0.35% 4/3/2009		2,400			2,400
0.55% 4/6/2009		11,000			11,000
0.30% 4/7/2009		1,000			1,000
					56,775

CALIFORNIA - 2.42%
City of Los Angeles, Tax and Rev. Anticipation Notes, Series 2008, 3.00% 6/30/2009		10,000			10,068
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2008-A-1, 0.25% 2037 (1)		15,000			15,000
					25,068

COLORADO - 2.38%
City of Aurora, Hospital Rev. Ref. Bonds (Children's Hospital Association Project), Series 2008-C, 0.35% 2033 (1)		1,500			1,500
Educational and Cultural Facs. Auth., Demand Rev. Bonds (National Jewish Federation Bond Program):
Series C-1, 0.50% 2035 (1)		500			500
Series C-4, 0.50% 2037 (1)		1,300			1,300
Series C-6, 0.50% 2036 (1)		700			700
Series D-5, 0.50% 2038 (1)		1,500			1,500
General Fund Tax and Rev. Anticipation Notes, Series 2008-A, 3.00% 6/26/2009		15,000			15,084
Health Facs. Auth., Rev. Bonds (Exempla, Inc.):
Series 2002-B, 0.35% 2033 (1)		1,450			1,450
Series 2009-A, 0.41% 2039 (1)		1,800			1,800
County of Pitkin, Industrial Dev. Rev. Ref. Bonds (Aspen Skiing Co. Project), Series 1994-B, AMT, 0.75% 2014 (1)		800			800
					24,634

CONNECTICUT - 3.19%
Health and Educational Facs. Auth., Rev. Bonds:
Yale University Issue:
Series S-2, TECP, 0.45% 5/6/2009		8,000			8,000
Series S-2, TECP, 0.45% 5/13/2009		8,000			7,999
Series U-2, 0.20% 2033 (1)		10,000			10,000
Yale-New Haven Hospital Issue, Series K-1, 0.28% 2025 (1)		6,000			6,000
Health and Educational Facs. Auth., Demand Rev. Bonds (Gaylord Hospital Issue), Series B, 0.50% 2037 (1)		1,000			1,000
					32,999

DELAWARE - 0.13%
Delaware River and Bay Auth., Rev. Ref. Bonds, Series 2008, 0.25% 2030 (1)		1,300			1,300

DISTRICT OF COLUMBIA - 0.97%
Metropolitan Area Transit Auth., Series 2006-A, TECP, 0.50% 5/11/2009		10,000			10,000

FLORIDA - 4.88%
Jacksonville Electric Auth.:
Electric System Rev. Bonds, Series 2001-B, 0.50% 2030 (1)		12,700			12,700
Rev. Bonds, Series 2000-B, TECP:
0.55% 5/6/2009		7,000			7,000
0.55% 5/6/2009		10,700			10,701
Jacksonville Health Facs. Auth., Hospital Rev. Bonds (Baptist Medical Center Project):
Series 2003-C, 0.35% 2033 (1)		4,500			4,500
Series 2007-B, 0.35% 2033 (1)		3,900			3,900
City of Miami, Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Mercy Hospital Project), Series 1998, 0.50% 2020 (1)		3,350			3,350
Miami-Dade County Industrial Dev. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. of Florida Project), Series 2007, AMT, 0.70% 2027 (1)		2,000			2,000
School Board of Orange County, Certs. of Part., Series 2008-E, 0.35% 2022 (1)		6,325			6,325
					50,476

GEORGIA - 0.27%
Dev. Auth. of Fulton County, Educational Facs. Rev. Bonds (Catholic Education of North Georgia, Inc. Project), Series 2002, 0.50% 2028 (1)		2,775			2,775

IDAHO - 0.73%
Tax Anticipation Notes, Series 2008, 3.00% 6/30/2009		7,500			7,550

ILLINOIS - 2.36%
City of Chicago, Second Lien Water Rev. Ref. Bonds, Series 2004-2, 0.46% 2031 (1)		10,000			10,000
Illinois Dev. Fin. Auth., Solid Waste Disposal Demand Rev. Bonds (Waste Management, Inc. Project), Series 2002, AMT, 0.70% 2023 (1)		2,000			2,000
Illinois Fin. Auth., Rev. Bonds (Resurrection Health Care), Series 2008-B, 0.35% 2029 (1)		12,000			12,000
County of Will, Environmental Facs. Rev. Bonds (ExxonMobil Project), Series 2001, AMT, 0.15% 2026 (1)		400			400
					24,400

INDIANA - 0.71%
Hospital Auth. of the County of Elkhart, Hospital Rev. Bonds (Elkhart General Hospital, Inc.), Series 2008, 0.30% 2033 (1)		2,000			2,000
Fin. Auth., Health System Rev. Ref. Bonds (Sisters of St. Francis Health Services, Inc. Obligated Group), Series 2008-I, 0.40% 2037 (1)		1,325			1,325
Health Fac. Fncg. Auth., Hospital Rev. Bonds (Community Hospitals Project), Series 2000-B, 0.55% 2028 (1)		3,500			3,500
City of Whiting, Industrial Sewage and Solid Waste Disposal Rev. Ref. Bonds (Amoco Oil Co. Project), Series 1999, AMT, 0.40% 2026 (1)		525			525
					7,350

KANSAS - 1.61%
Dev. Fin. Auth., Demand Rev. Bonds (Sisters of Charity of Leavenworth Health System):
Series 2006-C, 0.50% 2019 (1)		200			200
Series 2006-D, 0.50% 2031 (1)		14,500			14,500
State of Kansas, Dept. of Transportation Highway Rev. Bonds, Series 2004-C-1, 0.50% 2021 (1)		2,000			2,000
					16,700

KENTUCKY - 0.53%
County of Boone, Pollution Control Rev. Ref. Bonds (Duke Energy Kentucky, Inc. Project), Series 2008-A, 0.42% 2027 (1)		2,000			2,000
County of Breckinridge, Association of Counties Leasing Trust, Lease Program Rev. Bonds:
Series 1999, 0.35% 2029 (1)		1,010			1,010
Series 2001-A, 0.35% 2031 (1)		1,035			1,035
County of Trimble, Association of Counties Leasing Trust, Lease Program Rev. Bonds, Series 2008-A, 0.40% 2038 (1)		1,500			1,500
					5,545

LOUISIANA - 0.96%
Industrial Dev. Board of the Parish of Calcasieu, Inc., Environmental Rev. Bonds (Citgo Petroleum Corp. Project), Series 1994, AMT, 0.40% 2024 (1)		1,200			1,200
Parish of Plaquemines, Environmental Rev. Bonds (BP Exploration & Oil Inc. Project), Series 1994, AMT, 0.40% 2024 (1)		500			500
Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (Exxon Project), Series 1989, 0.10% 2019 (1)		2,400			2,400
Parish of St. Bernard, Exempt Fac. Rev. Bonds (Mobil Oil Corp. Project), Series 1996, AMT, 0.20% 2026 (1)		2,800			2,800
Parish of St. Charles, Pollution Control Rev. Ref. Bonds (Shell Oil Co. Project), Series 1992-B, 0.30% 2022 (1)		3,000			3,000
					9,900

MARYLAND - 4.88%
Baltimore County, Consolidated Public Improvement Bond Anticipation Notes, Series 1995, TECP, 0.50% 5/4/2009		10,000			10,000
Community Dev. Administration, Maryland Dept. of Housing and Community Dev., Multi-family Dev. Rev. Bonds (Barrington Apartments Project), Series 2003-A, AMT, 0.70% 2037 (1)		2,280			2,280
Health and Educational Facs. Auth., Rev. Notes (Johns Hopkins University Issue), TECP:
Series 2001-B:
0.35% 4/7/2009		2,000			2,000
0.45% 5/6/2009		2,156			2,156
Series A:
0.35% 4/3/2009		2,000			2,000
0.30% 4/7/2009		8,611			8,610
0.50% 5/8/2009		11,350			11,350
0.50% 5/13/2009		10,000			10,000
Washington Suburban Sanitary Dist., Montgomery and Prince George's Counties, Sewage Disposal Ref. Bonds of 2003, 5.25% 6/1/2009		2,055			2,072
					50,468

MASSACHUSETTS - 5.63%
G.O. Bonds:
Demand Bonds, Consolidated Loan of 2006, Series B, 0.40% 2026 (1)		16,900			16,900
Ref. Bonds (Demand Bonds), Series 1998-A, 0.35% 2016 (1)		10,000			10,000
Ref. Bonds, TECP:
Series 2000-F, 0.32% 4/3/2009		1,000			1,000
Series 2006-F, 0.32% 4/1/2009		6,300			6,300
Rev. Anticipation Notes, Series 2008-B, 4.00% 4/30/2009		7,000			7,021
Health and Educational Facs. Auth., Rev. Bonds (Harvard University Issue), Series BB, 0.20% 2034 (1)		2,000			2,000
Port. Auth., TECP:
Series 2003-A, 0.32% 4/3/2009		5,000			5,000
Series 2003-B, AMT, 0.32% 4/1/2009		10,000			10,000
					58,221

MICHIGAN - 2.37%
Board of Trustees of Michigan State University, Series 2008-A, TECP, 0.30% 4/2/2009		12,500			12,500
Regents of the University of Michigan:
General Rev. Bonds, Series 2002, 0.27% 2032 (1)		1,965			1,965
Series H, TECP:
0.35% 4/2/2009		4,000			4,000
0.35% 4/2/2009		6,000			6,000
					24,465

MINNESOTA - 4.84%
City of Minneapolis, Health Care System Demand Rev. Bonds (Fairview Health Services), Series 2008-E, 0.25% 2047 (1)		3,000			3,000
City of Rochester, Health Care Facs. Rev. Bonds:
Mayo Foundation, Series 2002-B, 0.25% 2032 (1)		10,000			10,000
Mayo Foundation/Mayo Medical Center, TECP:
Series 2000-B, 0.50% 4/6/2009		2,000			2,000
Series 2001-D, 0.50% 4/7/2009		5,000			5,000
Series 2008-C, 0.30% 4/8/2009		10,000			10,000
Regents of the University of Minnesota, TECP:
Series 2005-A, 0.30% 4/2/2009		2,100			2,100
Series 2007-B, 0.30% 4/13/2009		9,985			9,984
Series 2007-C, 0.50% 4/3/2009		8,000			8,000
					50,084

MISSISSIPPI - 0.74%
Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project):
Series 2007-A, 0.30% 2030 (1)		1,100			1,100
Series 2007-E, 0.25% 2030 (1)		1,445			1,445
Jackson County, Port Fac. Ref. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 1993, 0.30% 2023 (1)		2,200			2,200
Business Fin. Corp., Tax-Exempt Gulf Opportunity Zone Rev. Bonds (Tindall Corp. Project), Series 2007, 0.48% 2028 (1)		2,900			2,900
					7,645

MISSOURI - 2.10%
Curators of the University of Missouri, Demand System Facs. Rev. Bonds, Series 2006-B, 0.24% 2035 (1)		3,500			3,500
Health and Educational Facs. Auth., Demand Educational Facs. Rev. Bonds:
Saint Louis University:
Series 2008-A-1, 0.40% 2035 (1)		1,800			1,800
Series 2008-A-2, 0.40% 2035 (1)		800			800
Washington University:
Series 1996-B, 0.32% 2030 (1)		1,000			1,000
Series 1996-D, 0.35% 2030 (1)		3,200			3,200
Series 2000-C, 0.35% 2040 (1)		2,700			2,700
Series 2003-B, 0.23% 2033 (1)		2,700			2,700
Series 2004-B, 0.23% 2034 (1)		4,000			4,000
Industrial Dev. Auth. of St. Joseph, Demand Health Facs. Rev. Bonds (Heartland Regional Medical Center), Series 2009-A, 0.41% 2043 (1)		2,000			2,000
					21,700

MONTANA - 1.28%
Fac. Fin. Auth., Demand Rev. Bonds (Sisters of Charity of Leavenworth Health System), Series 2003:
0.50% 2025 (1)		3,135			3,135
0.46% 2035 (1)		9,000			9,000
City of Great Falls, Multi-family Housing Rev. Bonds (Autumn Run Apartments Project), Series 1998, AMT, 0.63% 2038 (1)		1,100			1,100
					13,235

NEBRASKA - 2.44%
Omaha Public Power Dist., TECP:
0.35% 4/1/2009		15,400			15,400
0.60% 5/7/2009		2,500			2,500
0.50% 5/14/2009		6,800			6,799
Educational Fin. Auth., Rev. Ref. Bonds (Creighton University Projects), Series 2008, 0.40% 2035 (1)		500			500
					25,199

NEVADA - 6.11%
Las Vegas Valley Water Dist., G.O. Limited Tax Water Notes (SNWA Rev. Supported), Series 2004-A, TECP:
0.50% 5/1/2009		12,300			12,300
0.50% 5/4/2009		15,500			15,500
0.50% 5/5/2009		15,500			15,500
0.55% 5/5/2009		3,000			3,000
City of Reno, Sales Tax Rev. Ref. Bonds (Re-TRAC-Reno Transportation Rail Access Corridor Project), Series 2008-A, 0.30% 2042 (1)		16,900			16,900
					63,200

NEW HAMPSHIRE - 0.72%
Health and Education Facs. Auth., Rev. Bonds (Dartmouth College Issue):
Series 2007-A, 0.20% 2031 (1)		5,195			5,195
Series 2007-B, 0.20% 2041 (1)		2,300			2,300
					7,495

NEW JERSEY - 0.77%
Health Care Facs. Fncg. Auth., Rev. Bonds (AHS Hospital Corp. Issue), Series 2008-C, 0.22% 2036 (1)		8,000			8,000

NEW YORK - 3.36%
Dormitory Auth., Rev. Bonds (Cornell University):
Series 2008-B, 0.28% 2037 (1)		1,300			1,300
Series 2008-C, 0.45% 2037 (1)		11,300			11,300
Tompkins County, Industrial Dev. Agcy., Demand Civic Fac. Rev. Bonds (Cornell University Project), Series 2002-A, 0.34% 2030 (1)		6,000			6,000
New York City Transitional Fin. Auth., Future Tax Secured Bonds:
Fiscal Series 1999-A, Subseries A-1, 0.30% 2022 (1)		3,100			3,100
Series 1999-B, Subseries B-3, 0.30% 2028 (1)		12,000			12,000
Dormitory Auth., Trustees of Columbia University in the City of New York (Columbia University 1997 Issue), Series 1997, TECP, 0.50% 5/4/2009		1,000			1,000
					34,700

NORTH CAROLINA - 1.19%
Capital Facs. Fin. Agcy.:
Duke University Issue, Series A-2, TECP:
0.40% 4/1/2009		7,581			7,581
0.55% 4/1/2009		475			475
0.50% 5/6/2009		1,171			1,171
Educational Facs. Rev. Bonds:
Catawba College, Series 2006, 0.47% 2031 (1)		1,040			1,040
Methodist College, Inc., Series 2005, 0.48% 2030 (1)		1,000			1,000
Student Housing Facs. Rev. Bonds (NCUU Real Estate Foundation, Inc. Project), Series 2003-A, 0.48% 2034 (1)		1,020			1,020
					12,287

OHIO - 0.90%
Collateralized Air Quality, Dev. Rev. Ref. Bonds (Dayton Power and Light Company Project), Series 2008-A, 0.48% 2040 (1)		1,000			1,000
Ohio State University, General Receipts, Series I, TECP, 0.15% 4/2/2009		8,300			8,300
					9,300

OREGON - 1.08%
County of Clackamas, Hospital Fac. Auth. Rev. Bonds (Legacy Health System), Series 2008-C, 0.41% 2037 (1)		3,600			3,600
Health, Housing, Educational and Cultural Facs. Auth., Demand Rev. Bonds (Peacehealth), Series 1995, 0.25% 2015 (1)		1,530			1,530
City of Salem, Hospital Fac. Auth. Rev. Bonds (Salem Hospital Project), Series 2008-B, 0.30% 2034 (1)		6,000			6,000
					11,130

RHODE ISLAND - 0.77%
Health and Educational Building Corp., Tax-Exempt Standard Notes (Brown University), Series 2006-A, TECP, 0.50% 5/8/2009		8,000			8,000

SOUTH CAROLINA - 1.47%
Berkeley County, Pollution Control Rev. Ref. Bonds (Amoco Chemical Co. Project), Series 1994, 0.30% 2012 (1)		1,400			1,400
Public Service Auth. (Santee Cooper), Rev. Notes, Series 1998, TECP:
0.55% 4/6/2009		7,300			7,300
0.60% 5/1/2009		6,505			6,505
					15,205

SOUTH DAKOTA - 0.14%
Lawrence County, Pollution Control Rev. Ref. Bonds (Homestake Mining Co. of California Project), Series 1997-B, 0.45% 2032 (1)		1,500			1,500

TENNESSEE - 3.16%
Health and Educational Facs. Board of the Metropolitan Government of Nashville and Davidson County:
Demand Multi-family Housing Rev. Bonds (Weatherly Ridge Apartments Project), Series 2006-A, AMT, 0.63% 2041 (1)		2,500			2,500
Rev. Bonds (Vanderbilt University), Series 2000-A, 0.25% 2030 (1)		7,140			7,140
Vanderbuilt University, Series 2004-A, TECP:
0.35% 4/2/2009		6,500			6,500
0.15% 4/3/2009		15,660			15,660
Industrial Dev. Board of Metropolitan Government of Nashville and Davidson County, Rev. Bonds (YMCA Projects), Series 1998, 0.55% 2018 (1)		930			930
					32,730

TEXAS - 18.43%
Calhoun County, Navigation Industrial Dev. Auth. Port Rev. Bonds (British Petroleum Company P.L.C., Guarantor), Series 1998, AMT, 0.50% 2024 (1)		1,000			1,000
Capital Area Cultural Education, Facs. Fin. Corp., Demand Rev. Bonds (Summit Christian Academy Project), Series 2006, 0.57% 2033 (1)		1,500			1,500
Gulf Coast Industrial Dev. Auth., Environmental Facs. Rev. Bonds (CITGO Petroleum Corp. Project), Series 2001, AMT, 0.42% 2031 (1)		5,100			5,100
Gulf Coast Waste Disposal Auth.:
Environmental Facs. Rev. Bonds:
BP Products North America Inc. Project, Series 2006, AMT, 0.40% 2036 (1)		9,300			9,300
ExxonMobil Project, AMT:
Series 2000 AMT, 0.20% 2030 (1)		1,200			1,200
Series 2001-A, AMT, 0.20% 2030 (1)		1,000			1,000
Series 2001-B, AMT, 0.20% 2025 (1)		5,550			5,550
Pollution Control Rev. Ref. Bonds (Amoco Oil Co. Project), Series 1992, 0.15% 2017 (1)		600			600
Solid Waste Disposal Rev. Bonds (Amoco Oil Co. Project), Series 1995, AMT, 0.20% 2027 (1)		10,000			10,000
Solid Waste Disposal Rev. Ref. Bonds (Amoco Oil Co. Project), Series 1994, AMT, 0.45% 2023 (1)		3,100			3,100
Harris County, Unlimited Notes, Series C, TECP:
0.50% 5/11/2009		19,055			19,053
0.55% 6/1/2009		3,000			3,000
City of Houston, Hotel Occupancy Tax and Parking Rev. Notes, Series A, TECP:
0.55% 5/7/2009		4,600			4,600
0.55% 5/7/2009		1,500			1,500
Lower Neches Valley Auth., Industrial Dev. Corp., Exempt Facs. Rev. Ref. Bonds (ExxonMobil Project), AMT:
Series 2001, Subseries B-2, 0.20% 2039 (1)		4,000			4,000
Series 2001, Subseries B-4, 0.20% 2033 (1)		2,030			2,030
Series 2001-B, 0.20% 2029 (1)		10,000			10,000
Public Fin. Auth., G.O. Notes:
Series 2002-A, TECP:
0.40% 4/9/2009		5,000			5,000
0.45% 4/20/2009		5,000			5,000
0.50% 5/5/2009		5,000			5,000
0.45% 5/8/2009		6,000			5,999
0.50% 5/15/2009		2,400			2,400
Series 2003, TECP:
0.30% 4/7/2009		7,000			7,000
0.35% 4/7/2009		21,000			21,000
0.50% 5/11/2009		9,000			9,000
Series 2008, TECP, 0.30% 4/7/2009		3,000			3,000
City of San Antonio, Education Facs. Corp., Demand Rev. Bonds (University of the Incarnate Word Project), Series 2007, 0.45% 2027 (1)		3,195			3,195
Tax and Rev. Anticipation Notes, Series 2008, 3.00% 8/28/2009		7,000			7,073
Board of Regents of the Texas A&M University System:
Rev. Fncg. System Bonds:
Series 2005-A, 5.00% 5/15/2009		2,000			2,011
Series 2005-B, 5.00% 5/15/2009		5,065			5,092
Rev. Fncg. System Notes, Series B, TECP, 0.40% 4/6/2009		9,000			9,000
Board of Regents of the University of Texas System:
Permanent University Fund Bonds, Series 2008-A, 0.15% 2038 (1)		3,500			3,500
Rev. Fncg. System Ref. Bonds, Series 2001-A, 0.20% 2013 (1)		1,600			1,600
Rev. Fncg. System, Series 2002-A, TECP:
0.25% 4/6/2009		7,154			7,154
0.50% 5/7/2009		6,000			6,000
					190,557

UTAH - 0.87%
Board of Regents, Student Loan Rev. Bonds, Series 2008-A, AMT, 0.57% 2048 (1)		9,000			9,000

VIRGINIA - 1.36%
Industrial Dev. Auth. of the City of Newport News, Educational Facs. Rev. Bonds (Christopher Newport University Foundations Projects), Series 2006, 0.50% 2036 (1)		3,500			3,500
Peninsula Ports Auth., Coal Terminal Rev. Ref. Bonds (Dominion Terminal Associates Project), TECP, Series 1987-A, 0.35% 4/1/2009		3,000			3,000
Virginia College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2006-C, 0.35% 2026 (1)		7,550			7,550
					14,050

WASHINGTON - 2.12%
Industrial Dev. Corp. of the Port of Bellingham, Environmental Facs. Industrial Rev. Bonds (BP West Coast Products LLC Project), AMT:
Series 2003, 0.40% 2038 (1)		2,600			2,600
Series 2006, 0.40% 2040 (1)		2,200			2,200
Series 2007, 0.40% 2041 (1)		4,200			4,200
Econ. Dev. Fin. Auth. Demand Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2002-E, AMT, 0.70% 2027 (1)		5,000			5,000
State Housing Fin. Commission, Demand Multi-family Rev. Bonds (Cedar Ridge Retirement Project), Series 2005-A, AMT, 0.63% 2041 (1)		2,500			2,500
Public Power Supply System:
Project No. 1 Ref. Electric Rev. Bonds, Series 1993-3A-3, 0.62% 2017 (1)		3,900			3,900
Projects Nos. 1 and 3 Ref. Electric Rev. Bonds, Series 1993-3A-3, 0.46% 2018 (1)		1,500			1,500
					21,900

WISCONSIN - 2.09%
Operating Notes of 2008, 3.00% 6/15/2009		20,000			20,108
University of Wisconsin Hospitals and Clinics Auth., Demand Rev. Ref. Bonds, Series 2009-1, 0.50% 2032 (1)		1,500			1,500
					21,608

WYOMING - 2.63%
Lincoln County, Pollution Control Rev. Bonds (Exxon Project):
Series 1987-A, AMT, 0.20% 2017 (1)		7,000			7,000
Series 1987-C, AMT, 0.20% 2017 (1)		3,900			3,900
Sweetwater County:
Customized Purchase Pollution Control Rev. Ref. Bonds (PacifiCorp Project), Series 1988-A, TECP:
0.40% 4/1/2009		7,700			7,700
0.50% 5/15/2009		4,800			4,800
Environmental Improvement Rev. Bonds (PacifiCorp Project), Series 1995, AMT, 0.75% 2025 (1)		3,800			3,800
					27,200


Total investment securities (cost: $1,027,038,000)					1,027,251
Other assets less liabilities					6,903

Net assets				$	1,034,154

(1) Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.

Key to abbreviations

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

TECP = Tax-Exempt Commercial Paper

See Notes to Financial Statements

Financial statements

Statement of assets and liabilities			unaudited
at March 31, 2009	(dollars in thousands)

Assets:
Investment securities, at value (cost: $1,027,038)			$	1,027,251
Cash				8,674
Other assets				31
Receivables for:
Sales of investments	$	5,555
Sales of fund's shares		943
Interest		1,956		8,454
				1,044,410
Liabilities:
Payables for:
Repurchases of fund's shares		9,790
Investment advisory services		323
Services provided by affiliates		75
Trustees' deferred compensation		33
Other		35		10,256
Net assets at March 31, 2009			$	1,034,154

Net assets consist of:
Capital paid in on shares of beneficial interest			$	1,033,973
Distributions in excess of net investment income				(32	)
Net unrealized appreciation				213
Net assets at March 31, 2009			$	1,034,154

(dollars and shares in thousands, except per-share amounts)
Shares of beneficial interest issued and outstanding (no stated par value) - unlimited shares authorized (1,034,039 total shares outstanding)
	Net assets		Shares outstanding		Net asset value per share
Class A	$	889,996		889,897	$	1.00
Class R-5		144,158		144,142		1.00


See Notes to Financial Statements

Statement of operations				unaudited
for the six months ended March 31, 2009	(dollars in thousands)

Investment income:
Income:
Interest				$	6,029

Fees and expenses*:
Investment advisory services	$	1,928
Distribution services		240
Transfer agent services		112
Administrative services		77
Reports to shareholders		16
Registration statement and prospectus		80
Trustees' compensation		8
Auditing and legal		25
Custodian		11
State and local taxes		10
U.S. Treasury Guarantee Program		201
Other		42
Total fees and expenses before reimbursements/waivers		2,750
Less reimbursements/waivers of fees and expenses		171
Total fees and expenses after reimbursements/waivers					2,579
Net investment income					3,450

Net unrealized appreciation on investments					457

Net increase in net assets resulting from operations				$	3,907

(*) Additional information related to class-specific fees and expenses is included in the Notes to Financial Statements.




Statements of changes in net assets		(dollars in thousands)


	Six months ended March 31,			Year ended September 30,
		2009	†	2008
Operations:
Net investment income	$	3,450		$	15,362
Net unrealized appreciation (depreciation) on investments		457			(356	)
Net increase in net assets resulting from operations		3,907			15,006

Dividends paid or accrued to shareholders
from net investment income		(3,453	)		(15,362	)

Net capital share transactions		102,028			313,829

Total increase in net assets		102,482			313,473

Net assets:
Beginning of period		931,672			618,199
End of period	$	1,034,154		$	931,672


†Unaudited.

See Notes to Financial Statements

Notes to financial statements

& #160; unaudited

1. Organization and significant accounting policies

Organization – The Tax-Exempt Money Fund of America (the "fund") is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The fund seeks to provide income free from federal taxes, while preserving capital and maintaining liquidity, by investing primarily in securities exempt from regular federal income tax.

The fund has two share classes consisting of one retail share class (Class A) and one retirement plan share class (R-5). The retirement plan share class (R-5) is generally offered only through eligible employer-sponsored retirement plans. Each share class is sold without any sales charges and do not carry any conversion rights.

Class allocations –Income, fees and expenses (other than class-specific fees and expenses) are allocated daily among the two share classes based on the relative value of their settled shares. Unrealized gains and losses are allocated daily among the two share classes based on their relative net assets. Class-specific fees and expenses, such as distribution, administrative and shareholder services, are charged directly to the respective share class.

Dividends to shareholders – Dividends paid to shareholders are declared daily after the determination of the fund’s net investment income and are paid to shareholders monthly.

2. Risk factors

Investing in the fund may involve certain risks including, but not limited to, those described below.

Normally, the fund invests substantially in high-quality money market instruments that are issued by states, territories or possessions of the United States and the District of Columbia, and their political subdivisions, agencies and instrumentalities. These instruments are exempt from regular federal income tax. However, the fund may purchase securities that would subject a shareholder to federal alternative minimum taxes. Therefore, while the fund’s distributions from tax-exempt securities are not subject to income tax, a portion or all of the distributions may be included in determining a shareholder’s federal alternative minimum tax.

The value of the securities held by the fund may be affected by changing interest rates and by changes in credit ratings of the securities. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. The fund may also invest in municipal securities that are supported by credit and liquidity enhancements. Changes in the credit quality of banks and financial institutions providing these enhancements could cause the fund to experience a loss and may affect its share price. In addition, the fund may invest a substantial portion of its portfolio in taxable short-term debt securities in response to abnormal market conditions (which may detract from achieving the fund's objective over the short term).

3. Taxation and distributions

Federal income taxation – The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its net income each year. The fund is not subject to income taxes to the extent taxable income is distributed. Generally, income earned by the fund is exempt from federal income taxes.

The fund is not subject to examination by U.S. federal tax authorities for tax years before 2004 and by state tax authorities for tax years before 2003.

The components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of September 30, 2008, the components of distributable earnings on a tax basis were as follows:

	(dollars in thousands)
Undistributed tax-exempt income				$	158
Short-term loss carryforwards*:
Expiring 2009	$	(27	)
Expiring 2010		(2	)
Expiring 2011		(3	)		(32	)

*The short-term loss carryforwards will be used to offset any short-term gains realized by the fund in the current year or in subsequent years through the expiration dates. The fund will not make distributions from short-term gains while short-term loss carryforwards remain.

As of March 31, 2009, the tax basis unrealized appreciation (depreciation) and cost of investment securities were as follows:

(dollars in thousands)
Gross unrealized appreciation on investment securities	$	221
Gross unrealized depreciation on investment securities		(8	)
Net unrealized appreciation on investment securities		213
Cost of investment securities		1,027,038

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

Share class	Six months ended March 31, 2009		Year ended September 30, 2008
Class A	$	3,052	$	13,528
Class R-5		401		1,834
Total	$	3,453	$	15,362

4. Fees and transactions with related parties

Investment advisory services - The Investment Advisory and Service Agreement with CRMC provides for monthly fees accrued daily. These fees are based on a declining series of annual rates beginning with 0.390% on the first $200 million of daily net assets and decreasing to 0.290% on such assets in excess of $1.2 billion. CRMC waived a portion of its investment advisory services fee commencing on September 1, 2004, and terminating on December 31, 2008. During the six months ended March 31, 2009, total investment advisory services fees waived by CRMC were $96,000.

Due to lower short-term interest rates, CRMC agreed to pay a portion of fees and expenses. For the six months ended March 31, 2009, the total fees paid by CRMC were $61,000 and $14,000 for Classes A and R-5, respectively.

Distribution services – The fund has adopted a plan of distribution for Class A shares. Under the plan the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plan provides for payments, based on an annualized percentage of average daily net assets, of up to 0.15%. This class may use a portion of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD for providing certain shareholder services.

Transfer agent services – The fund has a transfer agent agreement with AFS for Class A. Under this agreement, this share class compensates AFS for transfer agent services including shareholder recordkeeping, communications and transaction processing. AFS is also compensated for certain transfer agent services provided to Class R-5 from the administrative services fees paid to CRMC described below.

Administrative services – The fund has an administrative services agreement with CRMC to provide transfer agent and other related shareholder services for Class R-5. This share class also pays AFS additional amounts for certain transfer agent services. CRMC and AFS may use these fees to compensate third parties for performing these services.

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

5. Disclosure of fair value measurements

6. Capital share transactions

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

	Sales*				Reinvestments of dividends				Repurchases*						Net increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares

Six months ended March 31, 2009
Class A	$	601,498		601,498	$	2,819		2,819	$	(525,032	)		(525,032	)	$	79,285		79,285
Class R-5		183,439		183,439		291		291		(160,987	)		(160,987	)		22,743		22,743
Total net increase
(decrease)	$	784,937		784,937	$	3,110		3,110	$	(686,019	)		(686,019	)	$	102,028		102,028

Year ended September 30, 2008
Class A	$	1,047,017		1,047,017	$	12,354		12,354	$	(829,292	)		(829,292	)	$	230,079		230,079
Class R-5		362,984		362,984		1,205		1,205		(280,439	)		(280,439	)		83,750		83,750
Total net increase
(decrease)	$	1,410,001		1,410,001	$	13,559		13,559	$	(1,109,731	)		(1,109,731	)	$	313,829		313,829

(*) Includes exchanges between share classes of the fund.

7. Temporary Guarantee Program for Money Market Funds

The Board of Trustees approved participation in the U.S. Treasury Department Guarantee Program for Money Market Funds (the “Program”). Subject to provisions contained in a guarantee agreement signed by the fund, the Program guarantees that in the event the fund is liquidated, each shareholder of record on September 19, 2008, will receive $1.00 net asset value for the lesser of the shares held on September 19, 2008, and the date the fund’s net asset value falls below $0.995. Shares purchased subsequent to September 19, 2008, are not covered under the Program to the extent that the number of shares held in a particular account exceeds the number of shares held in that account on September 19, 2008. During the six months ended March 31, 2009, the fund paid total fees of $232,000, equivalent to 0.025% of the fund’s net assets as of September 19, 2008, to participate in the program through April 30, 2009. During the six months ended March 31, 2009, the expense related to these fees on the accompanying financial statements totaled $201,000. Subsequent to March 31, 2009, the U.S. Treasury Department elected to extend the period of guarantee through September 18, 2009. The fund paid total fees of $139,000, equivalent to 0.015% of the fund’s net assets as of September 19, 2008, to participate in this extension.

Financial highlights (1)

	Net asset value, beginning of period		Net investment income (2)		Dividends (from net investment income)			Net asset value, end of period		Total return (3)			Net assets, end of period (in millions)		Ratio of expenses to average net assets before reimbursements /waivers			Ratio of expenses to average net assets after reimbursements /waivers(3)			Ratio of net income to average net assets (3)
Class A:
Six months ended 3/31/2009(4)	$	1.00	$	.003	$	(.003	)	$	1.00		.33	%	$	890		.50	%(5)		.47	%(5)		.65	%(5)
Year ended 9/30/2008		1.00		.020		(.020	)		1.00		1.99			810		.47			.43			1.93
Year ended 9/30/2007		1.00		.031		(.031	)		1.00		3.19			580		.51			.47			3.14
Year ended 9/30/2006		1.00		.027		(.027	)		1.00		2.76			460		.52			.48			2.73
Year ended 9/30/2005		1.00		.016		(.016	)		1.00		1.63			405		.53			.50			1.61
Year ended 9/30/2004		1.00		.005		(.005	)		1.00		.49			418		.53			.53			.49
Class R-5:
Six months ended 3/31/2009(4)		1.00		.003		(.003	)		1.00		.32			144		.53	(5)		.50	(5)		.55	(5)
Year ended 9/30/2008		1.00		.019		(.019	)		1.00		1.96			122		.51			.47			1.85
Year ended 9/30/2007		1.00		.031		(.031	)		1.00		3.15			38		.55			.52			3.09
Year ended 9/30/2006		1.00		.027		(.027	)		1.00		2.72			30		.56			.52			2.69
Year ended 9/30/2005		1.00		.016		(.016	)		1.00		1.59			27		.56			.53			1.63
Year ended 9/30/2004		1.00		.005		(.005	)		1.00		.45			21		.57			.57			.47

(1) Based on operations for the periods shown (unless otherwise noted) and, accordingly, may not be representative of a full year.

(2) Based on average shares outstanding.

(3) This column reflects the impact, if any, of certain reimbursements/waivers from CRMC. During the periods shown, CRMC reduced fees for investment advisory services. In addition, for the six months ended March 31, 2009, due to lower short-term interest rates, CRMC agreed to pay a portion of fees and expenses.

(4) Unaudited.

(5) Annualized.

See Notes to Financial Statements

Expense example

unaudited

Actual expenses:

Hypothetical example for comparison purposes:

Notes:

	Beginning account value 10/1/2008		Ending account value 3/31/2009		Expenses paid during period*		Annualized expense ratio

Class A -- actual return	$	1,000.00	$	1,003.31	$	2.35		.47	%
Class A -- assumed 5% return		1,000.00		1,022.59		2.37		.47
Class R-5 -- actual return		1,000.00		1,003.18		2.50		.50
Class R-5 -- assumed 5% return		1,000.00		1,022.44		2.52		.50

Offices of the funds and of the investment adviser

Capital Research and Management Company

333 South Hope Street

Los Angeles, CA 90071-1406

6455 Irvine Center Drive

Irvine, CA 92618

Transfer agent for shareholder accounts

American Funds Service Company

(Please write to the address near you.)

P.O. Box 6007

Indianapolis, IN 46206-6007

P.O. Box 2280

Norfolk, VA 23501-2280

Custodian of assets

JPMorgan Chase Bank

270 Park Avenue

New York, NY 10017-2070

Counsel

Paul, Hastings, Janofsky & Walker LLP

515 South Flower Street

Los Angeles, CA 90071-2228

Independent registered public

accounting firm

PricewaterhouseCoopers LLP

350 South Grand Avenue

Los Angeles, CA 90071-2889

Principal underwriter

American Funds Distributors, Inc.

333 South Hope Street

Los Angeles, CA 90071-1406

Investors should carefully consider the investment objectives, risks, charges and expenses of the American Funds. This and other important information is contained in the funds’ 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 800/421-0180 or visit the American Funds website at americanfunds.com.

“American Funds Proxy Voting Guidelines” — which describes how we vote proxies relating to portfolio securities — is available free of charge on the U.S. Securities and Exchange Commission (SEC) website at sec.gov, on the American Funds website or upon request by calling AFS. The funds file their proxy voting records with the SEC for the 12 months ended June 30 by August 31. The reports also are available on the SEC and American Funds websites.

The Cash Management Trust of America, The U.S. Treasury Money Fund of America and The Tax-Exempt Money Fund of America file a complete list of their portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. This filing is available free of charge on the SEC website. You may also review or, for a fee, copy this filing at the SEC’s Public Reference Room in Washington, D.C. Additional information regarding the operation of the Public Reference Room may be obtained by calling the SEC’s Office of Investor Education and Advocacy at 800/SEC-0330. Additionally, the list of portfolio holdings is available on the American Funds website or by calling AFS.

This report is for the information of shareholders of The Cash Management Trust of America, The U.S. Treasury Money Fund of America and The Tax-Exempt Money Fund of America, but it also may be used as sales literature when preceded or accompanied by the current prospectus, which gives details about charges, expenses, investment objectives and operating policies of the funds. If used as sales material after June 30, 2009, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

[logo - American Funds®]

The right choice for the long term®

What makes American Funds different?

For nearly 80 years, we have followed a consistent philosophy to benefit our investors. Our carefully conceived, broadly diversified funds, in addition to the target date retirement series, offer opportunities that have attracted over 50 million shareholder accounts.

Our unique combination of strengths includes these five factors:

•A long-term, value-oriented approach

We seek to buy securities at reasonable prices relative to their prospects and hold them for the long term.

•An extensive global research effort

Our investment professionals travel the world to find the best investment opportunities and gain a comprehensive understanding of companies and markets.

•The multiple portfolio counselor system

Our unique approach to portfolio management, developed 50 years ago, blends teamwork with individual accountability and has provided American Funds with a sustainable method of achieving fund objectives.

•Experienced investment professionals

American Funds portfolio counselors have an average of 25 years of investment experience, providing a depth of knowledge and broad perspective that few organizations have.

•A commitment to low management fees

The American Funds provide exceptional value for shareholders, with management fees that are among the lowest in the mutual fund industry.

American Funds span a range of investment objectives

•Growth funds

AMCAP Fund®

EuroPacific Growth Fund®

The Growth Fund of America®

The New Economy Fund®

New Perspective Fund®

New World Fund®

SMALLCAP World Fund®

•Growth-and-income funds

American Mutual Fund®

Capital World Growth and Income FundSM

Fundamental InvestorsSM

International Growth and Income FundSM

The Investment Company of America®

Washington Mutual Investors FundSM

•Equity-income funds

Capital Income Builder®

The Income Fund of America®

•Balanced fund

American Balanced Fund®

•Bond funds

American High-Income TrustSM

The Bond Fund of AmericaSM

Capital World Bond Fund®

Intermediate Bond Fund of America®

Short-Term Bond Fund of AmericaSM

U.S. Government Securities FundSM

•Tax-exempt bond funds

American High-Income Municipal Bond Fund®

Limited Term Tax-Exempt Bond Fund of AmericaSM

The Tax-Exempt Bond Fund of America®

State-specific tax-exempt funds

The Tax-Exempt Fund of California®

The Tax-Exempt Fund of Maryland®

The Tax-Exempt Fund of Virginia®

•Money market funds

American Funds Money Market Fund SM

>The Cash Management Trust of America®

>The Tax-Exempt Money Fund of AmericaSM

>The U.S. Treasury Money Fund of AmericaSM

•American Funds Target Date Retirement Series®

The Capital Group Companies

American Funds Capital Research and Management Capital International Capital Guardian Capital Bank and Trust

Lit. No. MFGESR-960-0509P

Litho in USA AGD/CG/8090-S16771

Printed on paper containing 10% post-consumer waste

Printed with inks containing soy and/or vegetable oil

ITEM 2 – Code of Ethics

(a)	The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.

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

(a)(1)	Not applicable for filing of semi-annual reports to shareholders.

(a)(2)	The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

	THE CASH MANAGEMENT TRUST OF AMERICA

	By /s/ Abner D. Goldstine
	Abner D. Goldstine, President and Principal Executive Officer

	Date: June 8, 2009

1.	I have reviewed this report on Form N-CSR of The Cash Management Trust of America;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

	a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

	d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

	a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

	b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

1.	I have reviewed this report on Form N-CSR of The Cash Management Trust of America;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

	a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

	d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

	a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

	b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

1)	The Registrant's periodic report on Form N-CSR for the period ended March 31, 2009 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2)	The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Principal Executive Officer	Principal Financial Officer

THE CASH MANAGEMENT TRUST OF AMERICA	THE CASH MANAGEMENT TRUST OF AMERICA


/s/ Abner D. Goldstine	/s/ Ari M. Vinocor
Abner D. Goldstine, President	Ari M. Vinocor, Treasurer

Date: June 8, 2009	Date: June 8, 2009