Investment Fund

Purchase Restrictions: Tax-exempt funds should generally not serve as investments for tax-deferred retirement plans and accounts. Class F-2 shares are available through certain registered investment advisor and fee-based programs, but are not available for purchase in most employer-sponsored retirement plans. See the prospectus for details.
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Summary

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Quality tax-exempt income while seeking preservation. Invests in high-quality, short-term municipal bonds to provide tax-exempt income while preserving capital. With a dollar-weighted average effective maturity of three years or less, it is designed to generate a slightly higher yield than tax-exempt money market funds, and provide a high degree of stability with limited exposure to interest rate volatility.
Price at NAV $10.09 as of 4/20/2026 (updated daily)
Fund Assets (millions) $2,303.1
Portfolio Managers
2
Expense Ratio
(Gross/Net %)
0.32 / 0.31%
Quarterly Fund Fact Sheet (PDF)
Prospectus
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Returns at NAV

Returns at MOP

Asset Mix

U.S. Equities0.0%
Non-U.S. Equities0.0%
U.S. Bonds88.7%
Non-U.S. Bonds0.4%
Cash & Equivalents
11.0%
As of 3/31/2026 (updated monthly)
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Volatility & Return

Read important investment disclosures

Fixed-Income

For Class F-2 Shares, this chart tracks the 10-year standard deviation
and 10-year annualized return of the fixed income funds
ASTFX
Bloomberg Municipal Short 1-5 Years Index
Other AF Funds
Standard Deviation as of 03/31/2026 (updated monthly) . Annualized return as of 03/31/2026 (updated monthly) .
VIEW LARGER CHART

Fund Statistics

2.3 years
Effective Duration
3.2%
Average Yield
to Maturity
4.4%
Average Coupon
% of net assets as of 3/31/2026 (updated monthly)

Morningstar Style BoxTM— Fixed-Income

High Quality
Limited Interest-Rate Sensitivity
Morningstar data as of 3/31/26 (updated quarterly)

Description

Objective
The fund's investment objective is to provide you with current income exempt from regular federal income tax, consistent with the maturity and quality standards described in this prospectus, and to preserve capital.
Distinguishing Characteristics
This strategy invests in high-quality, short-term municipal bonds to provide tax-exempt income while preserving capital. With a dollar-weighted average effective maturity of three years or less, the strategy is designed to generate a slightly higher yield than tax-exempt money market funds. It seeks to provide a high degree of stability with limited exposure to interest rate volatility.
Types of Investments
Invests primarily in municipal bonds with quality ratings of AA- or better or Aa3 or better or unrated but determined by the fund's investment adviser to be of equivalent quality.
Maturity
The dollar-weighted average maturity of the fund's portfolio is no greater than three years.
Portfolio Restrictions
May invest up to 20% of assets in securities subject to the alternative minimum tax (AMT).

Fund Facts

Fund Inception 8/07/2009
Fund Assets (millions)
As of 3/31/2026
 $2,303.1
Companies/Issuers
Holdings are as of 2/28/2026 (updated monthly).
 581+
Shareholder Accounts
Shareholder accounts are as of 3/31/2026
 2,656
Regular Dividends Paid
Monthly
Minimum Initial Investment $250
Capital Gains Paid
Dec
Portfolio Turnover (2025) 56%
Fiscal Year-End Jul
Prospectus Date 10/01/2025
CUSIP 02630W 60 8
Fund Number 639

Returns

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Month-End Returns as of 3/31/26

Returns at NAV
| at MOP
Read important investment disclosures
ASTFX
Bloomberg Municipal Short 1-5 Years Index
ANNUAL RETURNS CHART

Quarter-End Returns as of 3/31/26

Growth of 10K

Read important investment disclosures
For Class F-2 Shares, this chart tracks a hypothetical investment with dividends reinvested, over the last 20 years, or since inception date if the fund has been in existence under 20 years, through 12/31/2025.
ASTFX
Bloomberg Municipal Short 1-5 Years Index
VIEW LARGER CHART

High & Low Prices

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Yield

12-month
Distribution Rates
30-day SEC Yield
Fund at NAV 2.87% 2.61%
Fund at MOP N/A N/A
As of 3/31/2026 (updated monthly)
Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
Vikas Malhotra 4 9 14
Mark Marinella 7 13 39
A boldface number indicates that years of experience with Capital Group is equal to years of experience with investment industry.

Ratings & Risk

Morningstar Rating TM


Overall Morningstar RatingTM
Funds rated(205)
3-yr. Morningstar RatingTM
(205 funds rated)
5-yr. Morningstar RatingTM
(194 funds rated)
10-yr. Morningstar RatingTM
(150 funds rated)
Overall Morningstar Risk Average
HIGH
LOW
Category
Muni National Short
ADVANTAGES AND DISADVANTAGES OF MORNINGSTAR RATINGS
Ratings are based on risk-adjusted returns as of 3/31/2026 (updated monthly).

Lipper Leader Scorecard

Over-all 3 yr. 5 yr. 10 yr.
Consistent Return Within Category
Funds Rated
(122)
(122)
(115)
(80)
Expense Within Category
Funds Rated
(57)
(57)
(51)
(31)
Preservation Within Category
Funds Rated
(5978)
(5978)
(5549)
(4240)
Tax Efficiency Within Category
Funds Rated
(122)
(122)
(115)
(80)
Total Return Within Category
Funds Rated
(122)
(122)
(115)
(80)
Category Short Muni Debt Funds
KEY
HIGHEST LOWEST
As of 3/31/2026 (updated monthly)

Risk Measures

Fund
Standard Deviation
2.04
Sharpe Ratio
-0.37
For the 10 Years ending 3/31/26 (updated monthly).
American Funds
Benchmark
Morningstar
Benchmark
Bloomberg Municipal Short 1-5 Years Index
Bloomberg Municipal TR USD
R-squared
86 86
Beta
0.36 0.36
Capture Ratio (Downside/Upside)
31/43 31/43
American Funds Benchmark for the 10 Years ending 3/31/26 (updated monthly).
Morningstar Benchmark for the 10 Years ending 3/31/26 (updated monthly).
AAA/Aaa
18.4%
AA/Aa
50.7%
A
17.2%
BBB/Baa
1.1%
Unrated
1.6%
Cash & equivalents
11.0%
% of net assets as of 3/31/2026 (updated monthly)

Average Life Breakdown

0-4.9 Years
76.8%
5-9.9 Years
12.0%
10-19.9 Years
0.2%
20-29.9 Years
--
30+ Years
--
% of net assets as of 3/31/2026 (updated monthly)

Holdings

Bonds Breakdown

Bond Details

Total bond holdings
General obligation bonds 8.0%

% of net assets as of 3/31/2026 (updated quarterly)

Top Fixed-Income Issuers

New York City Transitional Finance Authority F ...
2.0%
Black Belt Energy Gas Dist
2.0%
Waste Management
1.9%
California Community Choice Financing Authorit ...
1.6%
Kentucky Inc Ky Pub Energy Auth
1.3%
New York City of
1.2%
Housing Development Corp/NY
1.1%
State of Wisconsin
1.1%
Metropolitan Transportation Authority Payroll ...
1.0%
New Jersey St Higher Ed Assistance Auth
1.0%

% of net assets as of 3/31/2026 (updated monthly)

Geographic Breakdown

Top States
Texas
11.6%
California
9.9%
New York
9.2%
Alabama
3.5%
Illinois
3.4%
Florida
3.3%
Pennsylvania
3.1%
Georgia
2.9%
Ohio
2.9%
North Carolina
2.7%
% of net assets as of 3/31/2026

Prices & Distributions

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Historical Prices Month-End

2026

Historical Prices Year-End

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Historical Distributions as of 04/20/26

FIND HISTORICAL DISTRIBUTIONS
2026
Record
Date		 Calculated
Date		 Pay Date
Income Dividend Regular
Income Dividend Special
Cap. Gains Long-Term
Cap. Gains Short-Term
Reinvest NAV
Daily 01/30/26 02/02/26 $0.0226618 $0.00 $0.00 $0.00 $10.13
Daily 02/27/26 03/02/26 $0.0216985 $0.00 $0.00 $0.00 $10.17
Daily 03/31/26 04/01/26 $0.0235681 $0.00 $0.00 $0.00 $10.05
2026 Year-to-Date: Dividends Subtotal: $0.06792833 Cap Gains Subtotal: $0.00
Total Distributions: $0.06792833

Fees & Expenses

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Fees

Annual Management Fees 0.20%
Other Expenses 0.12%
Service 12b-1 --
As of each fund's most recent prospectus.
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Expense Ratio

Gross Net
ASTFX 0.32% 0.31%
Lipper Short Municipal Debt Funds Average
0.36%
Fund as of most recent prospectus. Lipper Category as of 3/31/26 (updated quarterly).