Investment Fund

Purchase Restrictions: Tax-exempt funds should generally not serve as investments for tax-deferred retirement plans and accounts.

Summary

Internal Prompt
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 $12.53 as of 1/16/2026 (updated daily)
Fund Assets (millions) $24,072.7
Portfolio Managers
3
Expense Ratio
(Gross/Net %)
0.55 / 0.55%
Prospectus
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Returns at NAV

Returns with Sales Charge

Read important investment disclosures
-0.03%
1-year return
0.18%
5-year return
1.92%
10-year return
3.27%
30-Day SEC Yield
Returns as of 12/31/25 (updated monthly). Yield as of 12/31/25 (updated monthly).

Asset Mix

U.S. Equities0.0%
Non-U.S. Equities0.0%
U.S. Bonds93.8%
Non-U.S. Bonds0.1%
Cash & Equivalents
6.0%
As of 12/31/2025 (updated monthly)

Growth of 10K

Read important investment disclosures
For Class A 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 12/31/2024.
AFTEX
Bloomberg Municipal Bond Index
VIEW LARGER CHART

High & Low Prices

Fund Statistics

6.5 years
Effective Duration
4.2%
Average Yield
to Maturity
4.4%
Average Coupon
% of net assets as of 12/31/2025 (updated monthly)

Morningstar Style BoxTM— Fixed-Income

Medium Quality
Moderate Interest-Rate Sensitivity
Morningstar data as of 9/30/25 (updated quarterly)

Description

Fund 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 12/31/2025
 $24,072.7
Companies/Issuers
Holdings are as of 12/31/2025 (updated monthly).
 1465+
Shareholder Accounts
Shareholder accounts are as of 12/31/2025
 192,466
Regular Dividends Paid
Monthly
Minimum Initial Investment $250
Capital Gains Paid
Dec
Portfolio Turnover (2025) 24%
Fiscal Year-End Jul
Prospectus Date 10/01/2025
CUSIP 876902 10 7
Fund Number 19

Returns

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Month-End Returns as of 12/31/25

Returns at NAV
| With Sales Charge
Read important investment disclosures
AFTEX
Bloomberg Municipal Bond Index
ANNUAL RETURNS CHART

Quarter-End Returns as of 12/31/25

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Volatility & Return

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Fixed-Income

For Class A Shares, this chart tracks the 10-year standard deviation
and 10-year annualized return of the fixed income funds
AFTEX
Bloomberg Municipal Bond Index
Other AF Funds
Standard Deviation as of 12/31/2025 (updated monthly) . Annualized return as of 12/31/2025 (updated monthly) .
VIEW LARGER CHART
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Yield

12-month
Distribution Rates
30-day SEC Yield
Fund at NAV 3.00% N/A
Fund at MOP 2.89% 3.27%
As of 12/31/2025 (updated monthly)

Portfolio Management

Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
Lee Chu 6 17
Courtney Wolf 7 20
Karl Zeile 22 26 32
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(253)
3-yr. Morningstar RatingTM
(253 funds rated)
5-yr. Morningstar RatingTM
(232 funds rated)
10-yr. Morningstar RatingTM
(176 funds rated)
Overall Morningstar Risk Above Average
HIGH
LOW
Category
Muni National Interm
ADVANTAGES AND DISADVANTAGES OF MORNINGSTAR RATINGS
Ratings are based on risk-adjusted returns as of 12/31/2025 (updated monthly).

Risk Measures

Fund
Standard Deviation
5.01
Sharpe Ratio
0.03
For the 10 Years ending 12/31/25 (updated monthly).
American Funds/
Morningstar Benchmark
Bloomberg Municipal TR USD
R-squared
98
Beta
0.96
Capture Ratio (Downside/Upside)
94/95
American Funds and Morningstar Benchmark for the 10 Years ending 12/31/25 (updated monthly).
AAA/Aaa
11.0%
AA/Aa
47.2%
A
21.6%
BBB/Baa
5.3%
BB/Ba
2.4%
B
0.1%
CCC & Below
0.0%
Unrated
6.3%
Cash & equivalents
6.1%
% of net assets as of 12/31/2025 (updated monthly)

Average Life Breakdown

0-4.9 Years
34.7%
5-9.9 Years
35.7%
10-19.9 Years
13.0%
20-29.9 Years
9.7%
30+ Years
0.9%
% of net assets as of 12/31/2025 (updated monthly)

Holdings

Bonds Breakdown

Bond Details

Total bond holdings
General obligation bonds 5.5%

% of net assets as of 12/31/2025 (updated quarterly)

Top Fixed-Income Issuers

New York City Transitional Finance Authority F ...
2.4%
Black Belt Energy Gas Dist
2.2%
California Community Choice Financing Authorit ...
1.6%
New York City of
1.6%
State of New York Personal Income Tax Revenue
1.6%
South Carolina Public Service Authority
1.6%
Chicago Board of Education
1.5%
New Hampshire St Business Fin
1.4%
New York City Water & Sewer System
1.0%
Pennsylvania Turnpike Commission
1.0%

% of net assets as of 12/31/2025 (updated monthly)

Geographic Breakdown

Top States
Texas
12.8%
New York
11.1%
California
9.1%
Illinois
8.2%
Alabama
4.7%
Florida
3.6%
Pennsylvania
3.4%
Washington
2.5%
New Hampshire
2.5%
Michigan
2.4%
% of net assets as of 12/31/2025

Prices & Distributions

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Historical Prices Month-End

2025

Historical Prices Year-End

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Historical Distributions as of 01/16/26

FIND HISTORICAL DISTRIBUTIONS
2025
Record
Date		 Calculated
Date		 Pay Date
Income Dividend Regular
Income Dividend Special
Cap. Gains Long-Term
Cap. Gains Short-Term
Reinvest NAV
Daily 01/31/25 02/03/25 $0.0306975 $0.00 $0.00 $0.00 $12.39
Daily 02/28/25 03/03/25 $0.0287608 $0.00 $0.00 $0.00 $12.49
Daily 03/31/25 04/01/25 $0.0312838 $0.00 $0.00 $0.00 $12.27
Daily 04/30/25 05/01/25 $0.0308321 $0.00 $0.00 $0.00 $12.16
Daily 05/30/25 06/02/25 $0.0313602 $0.00 $0.00 $0.00 $12.09
Daily 06/30/25 07/01/25 $0.0308086 $0.00 $0.00 $0.00 $12.15
Daily 07/31/25 08/01/25 $0.0322155 $0.00 $0.00 $0.00 $12.07
Daily 08/29/25 09/02/25 $0.0316361 $0.00 $0.00 $0.00 $12.14
Daily 09/30/25 10/01/25 $0.0310293 $0.00 $0.00 $0.00 $12.40
Daily 10/31/25 11/03/25 $0.0317772 $0.00 $0.00 $0.00 $12.50
Daily 11/28/25 12/01/25 $0.030971 $0.00 $0.00 $0.00 $12.50
Daily 12/31/25 01/02/26 $0.0335278 $0.00 $0.00 $0.00 $12.48
2025 Year-to-Date: Dividends Subtotal: $0.37489993 Cap Gains Subtotal: $0.00
Total Distributions: $0.37489993

Fees & Expenses

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Fees

Annual Management Fees 0.23%
Other Expenses 0.07%
Service 12b-1 0.25%
As of each fund's most recent prospectus.
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Expense Ratio

AFTEX 0.55%
Lipper General & Insured Municipal Debt Funds Average
0.74%
Fund as of most recent prospectus. Lipper Category as of 12/31/25 (updated quarterly).