Investment Fund

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

Internal Prompt
A state specific approach to tax-exempt income. Seeks to provide tax-exempt income from municipal bond investments that primarily provide funding for important public services and projects in the state of New York. With a quality-oriented approach, it holds a diversified portfolio with a modest amount of high-yield securities.
Price at NAV $10.05 as of 4/15/2024 (updated daily)
Fund Assets (millions) $272.9
Portfolio Managers
2
Expense Ratio
(Gross/Net %)
0.37 / 0.31%
Prospectus (PDF)

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Returns at NAV

Returns with Sales Charge

Asset Mix

U.S. Equities0.0%
Non-U.S. Equities0.0%
U.S. Bonds95.9%
Non-U.S. Bonds0.0%
Cash & Equivalents
4.1%
As of 3/31/2024 (updated monthly)

Growth of 10K

Read important investment disclosures
For Class F-3 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.
TFNYX
Bloomberg New York Municipal Index
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High & Low Prices

Fund Statistics

7.3 years
Effective Duration
4.4%
Average Yield
to Maturity
4.5%
Average Coupon
% of net assets as of 3/31/2024 (updated monthly)

Morningstar Style BoxTM— Fixed-Income

Medium Quality
Extensive Interest-Rate Sensitivity
Morningstar data as of 12/31/23 (updated quarterly)

Description

Fund Objective
The fund's primary investment objective is to provide you with a high level of current income exempt from regular federal, New York state and New York City income taxes. Its secondary objective is preservation of capital.
Distinguishing Characteristics
This strategy seeks to provide New York residents with tax-exempt income from municipal bond investments that primarily provide funding for public services and private projects in the state of New York. With a quality-oriented approach, it holds a diversified portfolio with a modest amount of high-yield securities.
Types of Investments
Normally, at least 80% of the fund's assets will be invested in, or derive income from, securities exempt from regular federal, New York state and New York City income taxes and the federal alternative minimum tax. Up to 20% of assets may be invested in securities subject to the alternative minimum tax.
Maturity
Typically, the fund will be invested substantially in securities with maturities longer than 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 to be of equivalent quality by the fund's investment adviser.

Fund Facts

Fund Inception 11/01/2010
Fund Assets (millions)
As of 2/29/2024
 $272.9
Companies/Issuers
Holdings are as of 3/31/2024 (updated monthly).
 104+
Shareholder Accounts
Shareholder accounts are as of 3/31/2024
 381
Regular Dividends Paid
Monthly
Minimum Initial Investment $1,000
Capital Gains Paid
Dec
Portfolio Turnover (2023) 29%
Fiscal Year-End Jul
Prospectus Date 10/01/2023
CUSIP 02630X 60 6
Fund Number 741

Returns

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Month-End Returns as of 3/31/24

Returns at NAV
| With Sales Charge
Read important investment disclosures
TFNYX
Bloomberg New York Municipal Index
ANNUAL RETURNS CHART

Quarter-End Returns as of 3/31/24

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Volatility & Return

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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
TFNYX
Bloomberg New York Municipal Index
Other AF Funds
Standard Deviation as of 03/31/2024 (updated monthly) . Annualized return as of 03/31/2024 (updated monthly) .
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Yield

12-month
Distribution Rates
30-day SEC Yield
Fund at NAV 3.12% 3.57%
Fund at MOP N/A N/A
As of 3/31/2024 (updated monthly)

Portfolio Management

Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
Lee Chu 1 15
Jerome Solomon 11 15 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(81)
3-yr. Morningstar RatingTM
(81 funds rated)
5-yr. Morningstar RatingTM
(75 funds rated)
10-yr. Morningstar RatingTM
(64 funds rated)
Overall Morningstar Risk Below Average
HIGH
LOW
Category
Muni New York Long
ADVANTAGES AND DISADVANTAGES OF MORNINGSTAR RATINGS
Ratings are based on risk-adjusted returns as of 3/31/2024 (updated monthly).

Risk Measures

Fund
Standard Deviation
5.54
Sharpe Ratio
0.23
For the 10 Years ending 3/31/24 (updated monthly).
American Funds
Benchmark
Morningstar
Benchmark
Bloomberg New York Municipal Index
Bloomberg Municipal TR USD
R-squared
98 97
Beta
1.03 1.09
Capture Ratio (Downside/Upside)
103/103 110/106
American Funds Benchmark for the 10 Years ending 3/31/24 (updated monthly).
Morningstar Benchmark for the 10 Years ending 3/31/24 (updated monthly).
AAA/Aaa
10.3%
AA/Aa
47.3%
A
16.6%
BBB/Baa
12.0%
BB/Ba
1.9%
B
2.4%
CCC & Below
0.5%
Unrated
4.8%
Cash & equivalents
4.1%
% of net assets as of 3/31/2024 (updated monthly)

Average Life Breakdown

0-4.9 Years
32.4%
5-9.9 Years
32.0%
10-19.9 Years
12.5%
20-29.9 Years
18.6%
30+ Years
0.4%
% of net assets as of 3/31/2024 (updated monthly)

Holdings

Bonds Breakdown

Bond Details

Total bond holdings
General obligation bonds 6.6%

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

Top Fixed-Income Issuers

New York City Transitional Finance Authority F ...
5.3%
Metropolitan Transportation Authority
5.2%
State of New York Personal Income Tax Revenue
5.1%
New York St Twy Auth
5.0%
New York City of
4.9%
STATE OF NEW YORK SALES TAX REVENUE
4.3%
Port Authority of New York and New Jersey
3.0%
Triborough Bridge and Tunnel Authority
2.7%
New York City Water & Sewer System
2.6%
Long Island Power Authority
2.3%

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

Prices & Distributions

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Historical Prices Month-End

2024

Historical Prices Year-End

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Historical Distributions as of 04/15/24

FIND HISTORICAL DISTRIBUTIONS
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 $0.0272212 $0.00 $0.00 $0.00 $10.15
Daily 02/29/24 03/01/24 $0.0260808 $0.00 $0.00 $0.00 $10.13
Daily 03/28/24 04/01/24 $0.0280301 $0.00 $0.00 $0.00 $10.11
2024 Year-to-Date: Dividends Subtotal: $0.08133209 Cap Gains Subtotal: $0.00
Total Distributions: $0.08133209

Fees & Expenses

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Fees

Annual Management Fees 0.26%
Other Expenses 0.11%
Service 12b-1 --
As of each fund's most recent prospectus.
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Expense Ratio

Gross Net
TFNYX 0.37% 0.31%
Lipper New York Municipal Debt Funds Average
0.52%
Fund as of most recent prospectus. Lipper Category as of 3/31/24 (updated quarterly).

Resources

Prospectuses & Reports for TFNYX