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

Summary

Internal Prompt
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 $16.60 as of 1/17/2025 (updated daily)
Fund Assets (millions) $3,166.2
Portfolio Managers
1
3
Expense Ratio
(Gross/Net %)
2
0.57 / 0.57%
Internal Prompt

Returns at NAV

Returns at MOP

Read important investment disclosures
-1.26%
1-year return
0.29%
5-year return
1.83%
10-year return
3.18%
30-Day SEC Yield
Returns as of 12/31/24 (updated monthly). Yield as of 12/31/24 (updated monthly).

Asset Mix

U.S. Equities0.0%
Non-U.S. Equities0.0%
U.S. Bonds93.4%
Non-U.S. Bonds0.0%
Cash & Equivalents
3
6.6%
As of 12/31/2024 (updated monthly)
Internal Prompt

Volatility & Return

Read important investment disclosures

Fixed-Income

For Class A Shares, this chart tracks the 10-year standard deviation
4
and 10-year annualized return of the fixed income funds
TAFTX
Bloomberg California Municipal Index
Other AF Funds
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

Prices and returns will vary, so investors may lose money. View .

Returns at net asset value (NAV) do not reflect a sales charge. If a sales charge had been deducted, the results would have been lower.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund , which can be obtained from a financial professional and should be read carefully before investing.

The return of principal for bond portfolios and for portfolios with significant underlying bond holdings is not guaranteed. Investments are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings.

Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds.

State-specific tax-exempt funds are more susceptible to factors adversely affecting issuers of their states' tax-exempt securities than more widely diversified municipal bond funds.

Income from municipal bonds may be subject to state or local income taxes and/or the federal alternative minimum tax. Certain other income, as well as capital gain distributions, may be taxable. The Tax-Exempt Bond Fund of America will not invest in bonds subject to the federal alternative minimum tax.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses.

  1. Calculated by Morningstar. Due to differing calculation methods, the figures shown here may differ from those calculated by Capital Group.

Capital Client Group, Inc.

Use of this website is intended for U.S. residents only.

This content, developed by Capital Group, home of American Funds, should not be used as a primary basis for investment decisions and is not intended to serve as impartial investment or fiduciary advice.

© 2025 Morningstar, Inc. All Rights Reserved. Some of the information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar, its content providers nor Capital Group are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Information is calculated by Morningstar. Due to differing calculation methods, the figures shown here may differ from those calculated by Capital Group.

Terms and Definitions

Standard Deviation: Annualized standard deviation (based on monthly returns) is a common measure of absolute volatility that tells how returns over time have varied from the mean. A lower number signifies lower volatility.

Standard Deviation as of 12/31/2024 (updated monthly) . Annualized return as of 12/31/2024 (updated monthly) .
VIEW LARGER CHART

Fund Statistics

6.5 years
Effective Duration
4.3%
Average Yield
to Maturity
4.3%
Average Coupon
% of net assets as of 12/31/2024 (updated monthly)

Morningstar Style BoxTM— Fixed-Income
5

No data is available at this time.

Description

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 12/31/2024
$3,166.2
Companies/Issuers
Holdings are as of 12/31/2024 (updated monthly).
535+
Shareholder Accounts
Shareholder accounts are as of 12/31/2024
14,818
Regular Dividends Paid
6
Monthly
Minimum Initial Investment $1,000
Capital Gains Paid
6
Dec
Portfolio Turnover (2024) 23%
Fiscal Year-End Jul
Prospectus Date 10/01/2024
CUSIP 02630B 10 9
Fund Number 20

Returns

Internal Prompt

Month-End Returns as of 12/31/24

Quarter-End Returns as of 12/31/24

Growth of 10K
8

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.
TAFTX
Bloomberg California Municipal Index

High & Low Prices

Internal Prompt

Yield

12-month
Distribution Rates
9
30-day SEC Yield
Fund at NAV 2.90% N/A
Fund at MOP 2.79% 3.18%
As of 12/31/2024 (updated monthly)

Portfolio Management
1

Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
Mark Marinella 6 12 38
Ivan Mirabelli 1 9 12
Karl J. Zeile 22 25 31
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
10


Overall Morningstar RatingTM
Funds rated(100)
3-yr. Morningstar RatingTM
(100 funds rated)
5-yr. Morningstar RatingTM
(97 funds rated)
10-yr. Morningstar RatingTM
(77 funds rated)
Overall Morningstar Risk Below Average
HIGH
LOW
Category Muni California Long
Ratings are based on risk-adjusted returns as of 12/31/2024 (updated monthly).
Internal Prompt

Lipper Leader Scorecard
11

Over-all 3 yr. 5 yr. 10 yr.
Consistent Return Within Category
Funds Rated

(116)

(116)

(112)

(90)
Expense Within Category
Funds Rated

(63)

(63)

(63)

(58)
Preservation Within Category
Funds Rated

(6102)

(6102)

(5663)

(4185)
Tax Efficiency Within Category
Funds Rated

(117)

(117)

(113)

(90)
Total Return Within Category
Funds Rated

(117)

(117)

(113)

(90)
Category CA Muni Debt Funds
KEY
HIGHEST LOWEST
As of 12/31/2024 (updated monthly)

Risk Measures

Fund
Standard Deviation
4
5.23
Sharpe Ratio
4
0.09
For the 10 Years ending 12/31/24 (updated monthly).
American Funds
Benchmark
12
Morningstar
Benchmark
4
Bloomberg California Municipal Index
Bloomberg Municipal TR USD
R-squared 98 98
Beta 1.01 1.01
Capture Ratio (Downside/Upside) 98/98 98/98
American Funds Benchmark for the 10 Years ending 12/31/24 (updated monthly).
Morningstar Benchmark for the 10 Years ending 12/31/24 (updated monthly).
AAA/Aaa
5.0%
AA/Aa
35.4%
A
19.3%
BBB/Baa
8.5%
BB/Ba
1.7%
CCC & Below
0.0%
Unrated
23.5%
Cash & equivalents
3
6.6%
% of net assets as of 12/31/2024 (updated monthly)

Average Life Breakdown

0-4.9 Years
36.6%
5-9.9 Years
35.0%
10-19.9 Years
9.9%
20-29.9 Years
10.7%
30+ Years
1.2%
% of net assets as of 12/31/2024 (updated monthly)

Holdings

Bonds Breakdown

Bond Details

Total bond holdings
General obligation bonds 6.1%

% of net assets as of 12/31/2024 (updated quarterly)

Top Fixed-Income Issuers
13

California Community Choice Financing Authorit ...
7.0%
California (State of)
5.0%
Los Angeles Department of Airports Los Angeles ...
2.3%
Airport Commission of The City and County of S ...
1.7%
San Diego County Regional Airport Authority
1.6%
Waste Management
1.5%
California Housing Finance Agency
1.3%
San Francisco Calif City & Cnty Pub Utils Comm ...
1.1%
City of Los Angeles CA
1.0%
HumanGood California Obligated Group
1.0%

% of net assets as of 12/31/2024 (updated monthly)

Prices & Distributions

Internal Prompt

Historical Prices Month-End

Historical Prices Year-End

Internal Prompt

Historical Distributions as of 01/17/25

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 $0.0392537 $0.00 $0.00 $0.00 $16.72
Daily 02/29/24 03/01/24 $0.0370651 $0.00 $0.00 $0.00 $16.70
Daily 03/28/24 04/01/24 $0.0401231 $0.00 $0.00 $0.00 $16.68
Daily 04/30/24 05/01/24 $0.0394352 $0.00 $0.00 $0.00 $16.46
Daily 05/31/24 06/03/24 $0.0399189 $0.00 $0.00 $0.00 $16.45
Daily 06/28/24 07/01/24 $0.0392383 $0.00 $0.00 $0.00 $16.68
Daily 07/31/24 08/01/24 $0.0396507 $0.00 $0.00 $0.00 $16.78
Daily 08/30/24 09/03/24 $0.0394906 $0.00 $0.00 $0.00 $16.87
Daily 09/30/24 10/01/24 $0.0393381 $0.00 $0.00 $0.00 $17.03
Daily 10/31/24 11/01/24 $0.0414001 $0.00 $0.00 $0.00 $16.75
Daily 11/29/24 12/02/24 $0.0391208 $0.00 $0.00 $0.00 $16.95
Daily 12/31/24 01/02/25 $0.0409734 $0.0086 $0.00 $0.00 $16.70
2024 Year-to-Date: Dividends Subtotal: $0.483608 Cap Gains Subtotal: $0.00
Total Distributions: $0.483608

Fees & Expenses

Internal Prompt

Fees

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

Expense Ratio
2

TAFTX 0.57%
Lipper California Municipal Debt Funds Average
14
0.74%
Fund as of most recent prospectus. Lipper Category as of 12/31/24 (updated quarterly).