Investment Fund

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 $16.78 as of 11/11/2024 (updated daily)
Fund Assets (millions) $3,161.6
Portfolio Managers
3
Expense Ratio
(Gross/Net %)
0.57 / 0.57%
Quarterly Fund Fact Sheet (PDF)
Prospectus
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Returns at NAV

Returns at MOP

Read important investment disclosures
7.60%
1-year return
0.30%
5-year return
1.88%
10-year return
3.05%
30-Day SEC Yield
Returns as of 10/31/24 (updated monthly). Yield as of 10/31/24 (updated monthly).

Asset Mix

U.S. Equities0.0%
Non-U.S. Equities0.0%
U.S. Bonds91.1%
Non-U.S. Bonds0.0%
Cash & Equivalents
8.9%
As of 10/31/2024 (updated monthly)
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Volatility & Return

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Fixed-Income

For Class A Shares, this chart tracks the 10-year standard deviation
and 10-year annualized return of the fixed income funds
TAFTX
Bloomberg California Municipal Index
Other AF Funds
Standard Deviation as of 10/31/2024 (updated monthly) . Annualized return as of 10/31/2024 (updated monthly) .
VIEW LARGER CHART

Fund Statistics

6.4 years
Effective Duration
4.3%
Average Yield
to Maturity
4.2%
Average Coupon
% of net assets as of 10/31/2024 (updated monthly)

Morningstar Style BoxTM— Fixed-Income

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 10/31/2024
 $3,161.6
Companies/Issuers
Holdings are as of 10/31/2024 (updated monthly).
 518+
Shareholder Accounts
Shareholder accounts are as of 9/30/2024
 15,046
Regular Dividends Paid
Monthly
Minimum Initial Investment $1,000
Capital Gains Paid
Dec
Portfolio Turnover (2024) 23%
Fiscal Year-End Jul
Prospectus Date 10/01/2024
CUSIP 02630B 10 9
Fund Number 20

Returns

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Month-End Returns as of 10/31/24

Returns at NAV
| at MOP
Read important investment disclosures
TAFTX
Bloomberg California Municipal 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.
TAFTX
Bloomberg California Municipal Index
VIEW LARGER CHART

High & Low Prices

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Yield

12-month
Distribution Rates
30-day SEC Yield
Fund at NAV 2.86% N/A
Fund at MOP 2.75% 3.05%
As of 10/31/2024 (updated monthly)
Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
Mark Marinella 5 11 37
Ivan Mirabelli 1 8 11
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(101)
3-yr. Morningstar RatingTM
(101 funds rated)
5-yr. Morningstar RatingTM
(97 funds rated)
10-yr. Morningstar RatingTM
(78 funds rated)
Overall Morningstar Risk Below Average
HIGH
LOW
Category
Muni California Long
ADVANTAGES AND DISADVANTAGES OF MORNINGSTAR RATINGS
Ratings are based on risk-adjusted returns as of 10/31/2024 (updated monthly).
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Lipper Leader Scorecard

Over-all 3 yr. 5 yr. 10 yr.
Consistent Return Within Category
Funds Rated
(116)
(116)
(112)
(91)
Expense Within Category
Funds Rated
(63)
(63)
(63)
(58)
Preservation Within Category
Funds Rated
(6105)
(6105)
(5684)
(4192)
Tax Efficiency Within Category
Funds Rated
(117)
(117)
(113)
(91)
Total Return Within Category
Funds Rated
(117)
(117)
(113)
(91)
Category CA Muni Debt Funds
KEY
HIGHEST LOWEST
As of 10/31/2024 (updated monthly)

Risk Measures

Fund
Standard Deviation
5.19
Sharpe Ratio
0.12
For the 10 Years ending 10/31/24 (updated monthly).
American Funds
Benchmark
Morningstar
Benchmark
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 10/31/24 (updated monthly).
Morningstar Benchmark for the 10 Years ending 10/31/24 (updated monthly).
AAA/Aaa
4.8%
AA/Aa
35.1%
A
20.3%
BBB/Baa
7.9%
BB/Ba
1.8%
CCC & Below
0.0%
Unrated
21.1%
Cash & equivalents
8.9%
% of net assets as of 10/31/2024 (updated monthly)

Average Life Breakdown

0-4.9 Years
38.7%
5-9.9 Years
34.1%
10-19.9 Years
7.4%
20-29.9 Years
9.8%
30+ Years
0.9%
% of net assets as of 9/30/2024 (updated monthly)

Holdings

Bonds Breakdown

Bond Details

Total bond holdings
General obligation bonds 7.2%

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

Top Fixed-Income Issuers

California (State of)
6.1%
California Community Choice Financing Authorit ...
4.6%
Los Angeles Department of Airports Los Angeles ...
2.3%
Waste Management
1.9%
San Diego County Regional Airport Authority
1.6%
Airport Commission of The City and County of S ...
1.4%
California Housing Finance Agency
1.3%
San Francisco Calif City & Cnty Pub Utils Comm ...
1.3%
Bay Area Toll Authority
1.2%
Chevron
1.2%

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

Prices & Distributions

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Historical Prices Month-End

2024

Historical Prices Year-End

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Historical Distributions as of 11/11/24

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 $0.0392537 $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
2024 Year-to-Date: Dividends Subtotal: $0.39491388 Cap Gains Subtotal: $0.00
Total Distributions: $0.39491388

Fees & Expenses

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Fees

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

TAFTX 0.57%
Lipper California Municipal Debt Funds Average
0.75%
Fund as of most recent prospectus. Lipper Category as of 9/30/24 (updated quarterly).