The Tax-Exempt Fund of California - F-3 | American Funds

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RETIREMENT PLAN INVESTOR

Use your plan ID (available on your account statement) to determine which employer-sponsored retirement plan website to use:

IF YOUR PLAN ID BEGINS WITH IRK, BRK, 1, 2 OR 754

Visit americanfunds.com/retire

IF YOUR PLAN ID BEGINS WITH 34 OR 135

Visit myretirement.americanfunds.com

TAX-EXEMPT BOND FUNDS

®

Purchase Restrictions: Tax-exempt funds should generally not serve as investments for tax-deferred retirement plans and accounts. Class F-3 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 state specific approach to tax-exempt income. Seeks to provide income exempt from state and federal taxes by focusing on higher quality investments that primarily provide funding for public services and projects in the state of California. It has the flexibility to invest in higher income securities across the ratings spectrum.
Price at NAV $16.72 as of 8/12/2022 (updated daily)
Fund Assets (millions) $2,725.6
Portfolio Managers
2
Expense Ratio
0.27%

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Returns at NAV

Returns with Sales Charge

Asset Mix

U.S. Equities0.0%
Non-U.S. Equities0.0%
U.S. Bonds88.0%
Non-U.S. Bonds0.0%
Cash & Equivalents
12.0%
U.S. Equities0.0%
Non-U.S. Equities0.0%
U.S. Bonds88.0%
Non-U.S. Bonds0.0%
Cash & Equivalents
12.0%
As of 7/31/2022 (updated monthly)

Growth of 10K

Read important investment disclosures
For Class F-3 Shares, this chart tracks a hypothetical investment with dividends reinvested through 12/31/2021.
EXCAX
Bloomberg California Municipal Index

High & Low Prices

Fund Statistics

7.8 years
Effective Duration
3.9%
Average Yield
to Maturity
4.1%
Average Coupon
% of net assets as of 6/30/2022 (updated quarterly)

Morningstar Style BoxTM— Fixed-Income

No data is available at this time.

Description

Fund Objective
The fund's primary investment objective is to provide you with a high level of current income exempt from regular federal and California income taxes. Its secondary objective is preservation of capital.
Distinguishing Characteristics
This strategy seeks to provide California residents with income exempt from state and federal taxes. It focuses on higher quality municipal bonds that primarily provide funding for public services and public and private projects in the state of California. The strategy has the flexibility to invest in higher income securities across the ratings spectrum.
Types of Investments
Invests primarily in debt securities rated BBB- or better or Baa3 or better (or unrated, but determined by the fund’s investment adviser to be of equivalent quality).
Maturity
Typically, the fund will be invested substantially in securities with maturities in excess of three years.
Portfolio Restrictions
No more than 10% of assets may be invested in securities rated BB+ or below and Ba1 or below (or unrated, but determined by the fund’s investment adviser to be of equivalent quality).

Fund Facts

Fund Inception 10/28/1986
Fund Assets (millions)
As of 7/31/2022
$2,725.6
Companies/Issuers
Holdings are as of 6/30/2022 (updated quarterly).
491+
Shareholder Accounts
Shareholder accounts are as of 7/31/2022
3,783
Regular Dividends Paid
Monthly
Minimum Initial Investment $1,000
Capital Gains Paid
Dec
Portfolio Turnover (2021) 17%
Fiscal Year-End Jul
Prospectus Date 05/01/2022
CUSIP 02630B 70 3
Fund Number 720

Returns

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Month-End Returns as of 7/31/22

Quarter-End Returns as of 6/30/22

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Volatility & Return

Read important investment disclosures

Fixed-Income

For Class F-3 Shares, this chart tracks the 10-year standard deviation
and 10-year annualized return of the fixed income funds
EXCAX
Bloomberg California Municipal Index
Other AF Funds
Standard Deviation as of 07/31/2022 (updated monthly) . Annualized return as of 07/31/2022 (updated monthly) .
VIEW LARGER CHART
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Yield

12-month
Distribution Rates
30-day SEC Yield
Fund at NAV 2.48% 2.92%
Fund at MOP N/A N/A
As of 7/31/2022 (updated monthly)

Portfolio Management

Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
Mark Marinella 3 8 36
Karl J. Zeile 18 22 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(101)
3-yr. Morningstar RatingTM
(101 funds rated)
5-yr. Morningstar RatingTM
(92 funds rated)
10-yr. Morningstar RatingTM
(69 funds rated)
Overall Morningstar Risk Below Average
HIGH
LOW
Category Muni California Long
Ratings are based on risk-adjusted returns as of 7/31/2022 (updated monthly).

Risk Measures

Fund
Standard Deviation
4.27
Sharpe Ratio
0.50
For the 10 Years ending 7/31/22 (updated monthly).
American Funds
Benchmark
Morningstar
Benchmark
Bloomberg California Municipal Index
Bloomberg Municipal TR USD
R-squared 97 97
Beta 1.00 1.05
Capture Ratio (Downside/Upside) 100/100 102/105
American Funds Benchmark for the 10 Years ending 6/30/22 (updated quarterly).
Morningstar Benchmark for the 10 Years ending 7/31/22 (updated monthly).
AAA/Aaa
2.2%
AA/Aa
38.8%
A
16.4%
BBB/Baa
8.0%
BB/Ba
1.7%
CCC & Below
0.1%
Unrated
24.1%
Cash & equivalents
8.7%
% of net assets as of 6/30/2022 (updated quarterly)

Average Life Breakdown

0-4.9 Years
40.4%
5-9.9 Years
45.7%
10-19.9 Years
3.4%
20-29.9 Years
2.1%
30+ Years
1.0%
% of net assets as of 3/31/2022 (updated quarterly)

Holdings

Bonds Breakdown

Bond Details

Total bond holdings
General obligation bonds 16.4%

% of net assets as of 6/30/2022 (updated quarterly)

Top Fixed-Income Issuers

State of California General Obligation Bonds
2.0%
Irvine Unified School District
1.7%
SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN
1.3%
LOS ANGELES CALIF DEPARTMENT OF WATER & POWER
1.2%
OAKLAND CALIF UNI SCH DIST
1.2%
LOS ANGELES INTL ARPT
1.2%
State of California Veterans G.O. Bonds
1.0%
San Diego County Regional Airport Authority
1.0%
California Housing Finance Agency
1.0%
CALIFORNIA ST MUNI FIN AUTH
0.9%

% of net assets as of 6/30/2022 (updated quarterly)

Prices & Distributions

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Historical Prices Month-End

Historical Prices Year-End

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Historical Distributions as of 08/12/22

2022
Record
Date
Calculated
Date
Pay Date
Income Dividend Regular
Income Dividend Special
Cap. Gains Long-Term
Cap. Gains Short-Term
Reinvest NAV
Daily 01/31/22 02/01/22 $0.0350929 $0.00 $0.00 $0.00 $17.80
Daily 02/28/22 03/01/22 $0.0323074 $0.00 $0.00 $0.00 $17.67
Daily 03/31/22 04/01/22 $0.0348728 $0.00 $0.00 $0.00 $17.13
Daily 04/29/22 05/02/22 $0.0343313 $0.00 $0.00 $0.00 $16.51
Daily 05/31/22 06/01/22 $0.0363208 $0.00 $0.00 $0.00 $16.68
Daily 06/30/22 07/01/22 $0.0350187 $0.00 $0.00 $0.00 $16.25
Daily 07/29/22 08/01/22 $0.0371784 $0.00 $0.00 $0.00 $16.72
2022 Year-to-Date: Dividends Subtotal: $0.24512232 Cap Gains Subtotal: $0.00
Total Distributions: $0.24512232

Fees & Expenses

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Fees

Annual Management Fees 0.23%
Other Expenses 0.04%
Service 12b-1 --
As of each fund's most recent prospectus.
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Expense Ratio

EXCAX 0.27%
Lipper California Municipal Debt Funds Average
0.52%
Fund as of most recent prospectus. Lipper Category as of 6/30/22 (updated quarterly).

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