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 $12.36 as of 12/20/2024 (updated daily)
Fund Assets (millions) $24,440.2
Portfolio Managers
3
Expense Ratio
(Gross/Net %)
0.54 / 0.54%
Quarterly Fund Fact Sheet (PDF)
Prospectus
Internal Prompt

Returns at NAV

Returns at MOP

Read important investment disclosures
2.13%
1-year return
0.65%
5-year return
2.03%
10-year return
3.16%
30-Day SEC Yield
Returns as of 11/30/24 (updated monthly). Yield as of 11/30/24 (updated monthly).

Asset Mix

U.S. Equities0.0%
Non-U.S. Equities0.0%
U.S. Bonds94.7%
Non-U.S. Bonds0.0%
Cash & Equivalents
5.3%
As of 11/30/2024 (updated monthly)
Internal Prompt

Volatility & Return

Read important investment disclosures

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 11/30/2024 (updated monthly) . Annualized return as of 11/30/2024 (updated monthly) .
VIEW LARGER CHART

Fund Statistics

6 years
Effective Duration
4.1%
Average Yield
to Maturity
4.4%
Average Coupon
% of net assets as of 11/30/2024 (updated monthly)

Morningstar Style BoxTM— Fixed-Income

Medium Quality
Moderate Interest-Rate Sensitivity
Morningstar data as of 9/30/24 (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 11/30/2024
 $24,440.2
Companies/Issuers
Holdings are as of 11/30/2024 (updated monthly).
 1475+
Shareholder Accounts
Shareholder accounts are as of 11/30/2024
 206,525
Regular Dividends Paid
Monthly
Minimum Initial Investment $250
Capital Gains Paid
Dec
Portfolio Turnover (2024) 26%
Fiscal Year-End Jul
Prospectus Date 10/01/2024
CUSIP 876902 10 7
Fund Number 19

Returns

Internal Prompt

Month-End Returns as of 11/30/24

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

Quarter-End Returns as of 9/30/24

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 12/31/2023.
AFTEX
Bloomberg Municipal Bond Index
VIEW LARGER CHART

High & Low Prices

Internal Prompt

Yield

12-month
Distribution Rates
30-day SEC Yield
Fund at NAV 2.87% N/A
Fund at MOP 2.76% 3.16%
As of 11/30/2024 (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(255)
3-yr. Morningstar RatingTM
(255 funds rated)
5-yr. Morningstar RatingTM
(240 funds rated)
10-yr. Morningstar RatingTM
(174 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 11/30/2024 (updated monthly).
Internal Prompt

Lipper Leader Scorecard

Over-all 3 yr. 5 yr. 10 yr.
Consistent Return Within Category
Funds Rated
(268)
(268)
(258)
(181)
Expense Within Category
Funds Rated
(89)
(89)
(88)
(75)
Preservation Within Category
Funds Rated
(6082)
(6082)
(5653)
(4164)
Tax Efficiency Within Category
Funds Rated
(269)
(269)
(259)
(183)
Total Return Within Category
Funds Rated
(270)
(270)
(260)
(183)
Category Gen & Ins Muni Debt Fds
KEY
HIGHEST LOWEST
As of 11/30/2024 (updated monthly)

Risk Measures

Fund
Standard Deviation
4.92
Sharpe Ratio
0.14
For the 10 Years ending 11/30/24 (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 11/30/24 (updated monthly).
AAA/Aaa
14.1%
AA/Aa
43.3%
A
23.0%
BBB/Baa
6.0%
BB/Ba
2.1%
B
0.1%
CCC & Below
0.0%
Unrated
5.9%
Cash & equivalents
5.3%
% of net assets as of 11/30/2024 (updated monthly)

Average Life Breakdown

0-4.9 Years
43.6%
5-9.9 Years
29.8%
10-19.9 Years
10.0%
20-29.9 Years
9.2%
30+ Years
1.0%
% of net assets as of 9/30/2024 (updated monthly)

Holdings

Bonds Breakdown

Bond Details

Total bond holdings
General obligation bonds 5.4%

% of net assets as of 9/30/2024 (updated quarterly)

Top Fixed-Income Issuers

New York City Transitional Finance Authority F ...
2.2%
State of New York Personal Income Tax Revenue
1.6%
South Carolina Public Service Authority
1.6%
Black Belt Energy Gas Dist
1.5%
New York City of
1.5%
Chicago Board of Education
1.4%
California Community Choice Financing Authorit ...
1.1%
Metropolitan Transportation Authority
1.1%
New York City Water & Sewer System
1.0%
Pennsylvania Turnpike Commission
1.0%

% of net assets as of 11/30/2024 (updated monthly)

Geographic Breakdown

Top States
Texas
13.3%
New York
11.0%
Illinois
9.9%
California
6.0%
Florida
4.2%
Pennsylvania
3.8%
Michigan
3.0%
Alabama
3.0%
Georgia
2.5%
Arizona
2.4%
% of net assets as of 9/30/2024

Prices & Distributions

Internal Prompt

Historical Prices Month-End

2024

Historical Prices Year-End

Internal Prompt

Historical Distributions as of 12/20/24

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 $0.0293855 $0.00 $0.00 $0.00 $12.43
Daily 02/29/24 03/01/24 $0.0274938 $0.00 $0.00 $0.00 $12.40
Daily 03/28/24 04/01/24 $0.0293876 $0.00 $0.00 $0.00 $12.38
Daily 04/30/24 05/01/24 $0.0292633 $0.00 $0.00 $0.00 $12.22
Daily 05/31/24 06/03/24 $0.0299269 $0.00 $0.00 $0.00 $12.20
Daily 06/28/24 07/01/24 $0.0289109 $0.00 $0.00 $0.00 $12.37
Daily 07/31/24 08/01/24 $0.0294192 $0.00 $0.00 $0.00 $12.45
Daily 08/30/24 09/03/24 $0.0299546 $0.00 $0.00 $0.00 $12.51
Daily 09/30/24 10/01/24 $0.0294745 $0.00 $0.00 $0.00 $12.62
Daily 10/31/24 11/01/24 $0.0320882 $0.00 $0.00 $0.00 $12.42
Daily 11/29/24 12/02/24 $0.0292645 $0.00 $0.00 $0.00 $12.58
2024 Year-to-Date: Dividends Subtotal: $0.32456885 Cap Gains Subtotal: $0.00
Total Distributions: $0.32456885

Fees & Expenses

Internal Prompt

Fees

Annual Management Fees 0.21%
Other Expenses 0.08%
Service 12b-1 0.25%
As of each fund's most recent prospectus.
Internal Prompt

Expense Ratio

AFTEX 0.54%
Lipper General & Insured Municipal Debt Funds Average
0.75%
Fund as of most recent prospectus. Lipper Category as of 9/30/24 (updated quarterly).