Investment Fund

Summary

Internal Prompt
Seeks capital preservation and tax-exempt income. Offers exposure to a mix of fixed-income securities focused on preservation of principal and seeks to provide investors a source of some tax-exempt current income.
Price at NAV $9.86 as of 2/25/2026 (updated daily)
Fund Assets (millions) $396.7
Portfolio Solutions Committee Members
7
Expense Ratio
(Gross/Net %)
0.59 / 0.59%
Prospectus

Asset Mix

U.S. Equities0.0%
Non-U.S. Equities0.0%
U.S. Bonds90.7%
Non-U.S. Bonds0.2%
Cash & Equivalents
9.1%
As of 1/31/2026 (updated monthly)

Fund Statistics

3.2 years
Effective Duration
3.1%
Average Yield
to Maturity
4.4%
Average Coupon
% of net assets as of 1/31/2026 (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 12/31/2025.
TEPAX
Bloomberg Municipal Bond 1-7 Year Blend Index
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High & Low Prices

Internal Prompt

Returns at NAV

Returns with Sales Charge

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2.15%
1-year return
0.73%
5-year return
1.38%
10-year return
2.53%
30-Day SEC Yield
Returns as of 1/31/26 (updated monthly). Yield as of 1/31/26 (updated monthly).

Morningstar Style BoxTM— Fixed-Income

Medium Quality
Limited Interest-Rate Sensitivity
Morningstar data as of 12/31/25 (updated quarterly)

Description

Fund Objective
The fund's investment objective is to provide current income that is exempt from regular federal income tax, consistent with preservation of capital.
Distinguishing Characteristics
Pursues its investment objectives by investing in a mix of American Funds in different combinations and weightings.
Types of Investments
The underlying funds seek current income, consistent with the preservation of capital, through tax-exempt bond investments.

Fund Facts

Fund Inception 5/18/2012
Fund Assets (millions)
As of 1/31/2026
 $396.7
Companies/Issuers
Holdings are as of 1/31/2026 (updated monthly).
 1082+
Shareholder Accounts
Shareholder accounts are as of 1/31/2026
 4,970
Regular Dividends Paid
Monthly
Minimum Initial Investment $250
Capital Gains Paid
Dec
Portfolio Turnover (2025) 15%
Fiscal Year-End Oct
Prospectus Date 01/01/2026
CUSIP 02630Y 10 9
Fund Number 44

Returns

Internal Prompt

Month-End Returns as of 1/31/26

Returns at NAV
| With Sales Charge
Read important investment disclosures
TEPAX
Bloomberg Municipal Bond 1-7 Year Blend Index
ANNUAL RETURNS CHART

Quarter-End Returns as of 12/31/25

Internal Prompt

Volatility & Return

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Equities

For Class A Shares, this chart tracks the 10-year standard deviation
and 10-year annualized return of the equity funds
TEPAX
Bloomberg Municipal Bond 1-7 Year Blend Index
Other AF Funds
Standard Deviation as of 01/31/2026 (updated monthly) . Annualized return as of 01/31/2026 (updated monthly) .
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Internal Prompt

Yield

12-month
Distribution Rates
30-day SEC Yield
Fund at NAV 2.60% N/A
Fund at MOP 2.54% 2.53%
As of 1/31/2026 (updated monthly)

Valuation

Price/ Price/ Price/
Book
Cash Flow
Earnings
Fund -- -- --
Bloomberg Municipal Bond 1-7 Year Blend Index
-- -- --
Fund as of 12/31/25. Index as of --.

Portfolio Solutions Committee

Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
Michelle Black 6 24 31
Brittain Ezzes 2 4 28
Samir Mathur 6 13 33
Damien McCann 14 26
Wesley Phoa 13 27 33
John Queen 6 24 36
Andrew Suzman 13 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(207)
3-yr. Morningstar RatingTM
(207 funds rated)
5-yr. Morningstar RatingTM
(194 funds rated)
10-yr. Morningstar RatingTM
(151 funds rated)
Overall Morningstar Risk Above Average
HIGH
LOW
Category
Muni National Short
ADVANTAGES AND DISADVANTAGES OF MORNINGSTAR RATINGS
Ratings are based on risk-adjusted returns as of 1/31/2026 (updated monthly).

Risk Measures

Fund
Standard Deviation
2.73
Sharpe Ratio
-0.23
For the 10 Years ending 1/31/26 (updated monthly).
American Funds
Benchmark
Morningstar
Benchmark
Bloomberg Municipal Bond 1-7 Year Blend Index
Bloomberg Municipal TR USD
R-squared
93 93
Beta
0.50 0.50
Capture Ratio (Downside/Upside)
48/55 48/55
American Funds Benchmark for the 10 Years ending 1/31/26 (updated monthly).
Morningstar Benchmark for the 10 Years ending 1/31/26 (updated monthly).
AAA/Aaa
15.7%
AA/Aa
46.9%
A
20.0%
BBB/Baa
3.2%
BB/Ba
0.7%
B
0.0%
Unrated
4.4%
Cash & equivalents
9.2%
% of net assets as of 1/31/2026 (updated monthly)

Average Life Breakdown

0-4.9 Years
64.8%
5-9.9 Years
25.5%
10-19.9 Years
1.5%
20-29.9 Years
0.0%
30+ Years
--
% of net assets as of 12/31/2025 (updated monthly)

Holdings

Bonds Breakdown

Bond Details

Total bond holdings
General obligation bonds 7.1%

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

Geographic Breakdown

Top States
California
11.5%
Texas
10.8%
New York
8.7%
Illinois
4.5%
Florida
3.8%
Alabama
3.6%
Pennsylvania
3.2%
Colorado
2.7%
North Carolina
2.6%
Virginia
2.6%
% of net assets as of 12/31/2025

Prices & Distributions

Internal Prompt

Historical Prices Month-End

2026

Historical Prices Year-End

Internal Prompt

Historical Distributions as of 02/25/26

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
01/27/26 01/27/26 01/28/26 $0.0095 $0.00 $0.00 $0.00 $9.80
02/24/26 02/24/26 02/25/26 $0.0184 $0.00 $0.00 $0.00 $9.85
2026 Year-to-Date: Dividends Subtotal: $0.0279 Cap Gains Subtotal: $0.00
Total Distributions: $0.0279

Fees & Expenses

Internal Prompt

Fees

Annual Management Fees 0.00%
Other Expenses 0.04%
Acquired (Underlying) Fund Fees and Expenses 0.25%
Service 12b-1 0.30%
As of each fund's most recent prospectus.
Internal Prompt

Expense Ratio

TEPAX 0.59%
Lipper Short-Intmdt Municipal Debt Funds Average
0.61%
Fund as of most recent prospectus. Lipper Category as of 12/31/25 (updated quarterly).