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.

Summary

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A quality-oriented approach to core tax-exempt income. With a focus on investment-grade securities, this is also our most diversified municipal offering, with the flexibility to own higher income securities across the ratings spectrum. It does not invest in bonds subject to the alternative minimum tax.
Price at NAV $12.28 as of 5/22/2024 (updated daily)
Fund Assets (millions) $23,808.8
Portfolio Managers
3
Expense Ratio
(Gross/Net %)
0.35 / 0.35%

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Returns at NAV

Returns at MOP

Asset Mix

U.S. Equities0.0%
Non-U.S. Equities0.0%
U.S. Bonds91.6%
Non-U.S. Bonds0.0%
Cash & Equivalents
8.4%
As of 4/30/2024 (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
TEAFX
Bloomberg Municipal Bond Index
Other AF Funds
Standard Deviation as of 04/30/2024 (updated monthly) . Annualized return as of 04/30/2024 (updated monthly) .
VIEW LARGER CHART

Fund Statistics

6.1 years
Effective Duration
4.4%
Average Yield
to Maturity
4.3%
Average Coupon
% of net assets as of 4/30/2024 (updated monthly)

Morningstar Style BoxTM— Fixed-Income

Medium Quality
Moderate Interest-Rate Sensitivity
Morningstar data as of 3/31/24 (updated quarterly)

Description

Objective
The fund's investment objective is to provide you with a high level of current income exempt from federal income tax, consistent with the preservation of capital.
Distinguishing Characteristics
This strategy takes a quality-oriented approach to tax-exempt investing, with a focus on investment-grade securities. It is also our most diversified municipal offering with the flexibility to own higher income securities across the ratings spectrum. The strategy does not invest in bonds subject to the alternative minimum tax.
Types of Investments
Primarily invests in state, municipal and public authority bonds and notes. The fund will normally invest at least 80% of its assets in, or derive at least 80% of its income from, tax-exempt securities, and invest at least 65% of its assets in tax-exempt securities rated in the three highest categories.
Maturity
Typically, the fund will be invested substantially in securities with maturities in excess of three years.
Portfolio Restrictions
May invest up to 10% of its assets in debt securities rated BB+ or below and Ba1 or below (or unrated, but determined by the fund’s investment adviser to be of equivalent quality). Will not invest in securities subject to the alternative minimum tax.

Fund Facts

Fund Inception 10/03/1979
Fund Assets (millions)
As of 4/30/2024
$23,808.8
Companies/Issuers
Holdings are as of 4/30/2024 (updated monthly).
1449+
Shareholder Accounts
Shareholder accounts are as of 4/30/2024
96,105
Regular Dividends Paid
Monthly
Minimum Initial Investment $250
Capital Gains Paid
Dec
Portfolio Turnover (2023) 23%
Fiscal Year-End Jul
Prospectus Date 10/01/2023
CUSIP 876902 60 2
Fund Number 619

Returns

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Month-End Returns as of 4/30/24

Quarter-End Returns as of 3/31/24

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 12/31/2023.
TEAFX
Bloomberg Municipal Bond Index

High & Low Prices

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Yield

12-month
Distribution Rates
30-day SEC Yield
Fund at NAV 3.04% 3.69%
Fund at MOP N/A N/A
As of 4/30/2024 (updated monthly)
Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
Lee Chu 4 15
Courtney K. Wolf 5 18
Karl J. Zeile 20 24 30
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(261)
3-yr. Morningstar RatingTM
(261 funds rated)
5-yr. Morningstar RatingTM
(238 funds rated)
10-yr. Morningstar RatingTM
(179 funds rated)
Overall Morningstar Risk Above Average
HIGH
LOW
Category Muni National Interm
Ratings are based on risk-adjusted returns as of 4/30/2024 (updated monthly).
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Lipper Leader Scorecard

Over-all 3 yr. 5 yr. 10 yr.
Consistent Return Within Category
Funds Rated

(268)

(268)

(253)

(182)
Expense Within Category
Funds Rated

(125)

(125)

(114)

(61)
Preservation Within Category
Funds Rated

(6134)

(6134)

(5704)

(4182)
Tax Efficiency Within Category
Funds Rated

(269)

(269)

(254)

(184)
Total Return Within Category
Funds Rated

(270)

(270)

(255)

(184)
Category Gen & Ins Muni Debt Fds
KEY
HIGHEST LOWEST
As of 4/30/2024 (updated monthly)

Risk Measures

Fund
Standard Deviation
4.88
Sharpe Ratio
0.22
For the 10 Years ending 4/30/24 (updated monthly).
American Funds/
Morningstar Benchmark
Bloomberg Municipal TR USD
R-squared 98
Beta 0.96
Capture Ratio (Downside/Upside) 94/97
American Funds and Morningstar Benchmark for the 10 Years ending 4/30/24 (updated monthly).
AAA/Aaa
12.3%
AA/Aa
43.5%
A
21.6%
BBB/Baa
6.8%
BB/Ba
2.3%
B
0.1%
CCC & Below
0.1%
Unrated
5.0%
Cash & equivalents
8.4%
% of net assets as of 4/30/2024 (updated monthly)

Average Life Breakdown

0-4.9 Years
41.8%
5-9.9 Years
27.3%
10-19.9 Years
11.1%
20-29.9 Years
10.6%
30+ Years
1.4%
% of net assets as of 3/31/2024 (updated monthly)

Holdings

Bonds Breakdown

Bond Details

Total bond holdings
General obligation bonds 5.3%

% of net assets as of 3/31/2024 (updated quarterly)

Top Fixed-Income Issuers

State of New York Personal Income Tax Revenue
1.9%
New York City Transitional Finance Authority F ...
1.7%
New York City of
1.4%
Chicago Board of Education
1.4%
South Carolina Public Service Authority
1.3%
Metropolitan Transportation Authority
1.2%
Pennsylvania Turnpike Commission
1.0%
The Illinois State Toll Highway Authority
0.9%
Main Street Natural Gas Inc Ga
0.9%
Black Belt Energy Gas Dist
0.8%

% of net assets as of 3/31/2024 (updated quarterly)

Geographic Breakdown

New York
11.2%
Texas
11.1%
Illinois
10.1%
California
6.3%
Florida
4.4%
Pennsylvania
3.9%
Michigan
3.4%
Georgia
2.5%
Alabama
2.5%
Washington
2.5%
% of net assets as of 3/31/2024

Prices & Distributions

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Historical Prices Month-End

Historical Prices Year-End

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Historical Distributions as of 05/22/24

2024
Record
Date
Calculated
Date
Pay Date
Income Dividend Regular
Income Dividend Special
Cap. Gains Long-Term
Cap. Gains Short-Term
Reinvest NAV
Daily 01/31/24 02/01/24 $0.0313811 $0.00 $0.00 $0.00 $12.43
Daily 02/29/24 03/01/24 $0.0292324 $0.00 $0.00 $0.00 $12.40
Daily 03/28/24 04/01/24 $0.0312851 $0.00 $0.00 $0.00 $12.38
Daily 04/30/24 05/01/24 $0.0312187 $0.00 $0.00 $0.00 $12.22
2024 Year-to-Date: Dividends Subtotal: $0.12311724 Cap Gains Subtotal: $0.00
Total Distributions: $0.12311724

Fees & Expenses

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Fees

Annual Management Fees 0.20%
Other Expenses 0.15%
Service 12b-1 --
As of each fund's most recent prospectus.
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Expense Ratio

TEAFX 0.35%
Lipper General & Insured Municipal Debt Funds Average
0.44%
Fund as of most recent prospectus. Lipper Category as of 3/31/24 (updated quarterly).