Investment Fund

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

Summary

Internal Prompt
Quality tax-exempt income while seeking preservation. Invests in high-quality, short-term municipal bonds to provide tax-exempt income while preserving capital. With a dollar-weighted average effective maturity of three years or less, it is designed to generate a slightly higher yield than tax-exempt money market funds, and provide a high degree of stability with limited exposure to interest rate volatility.
Price at NAV $9.93 as of 12/24/2024 (updated daily)
Fund Assets (millions) $2,006.3
Portfolio Managers
2
Expense Ratio
(Gross/Net %)
0.44 / 0.43%
Prospectus
Internal Prompt

Returns at NAV

Returns with Sales Charge

Read important investment disclosures
1.53%
1-year return
0.67%
5-year return
0.90%
10-year return
2.77%
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. Bonds91.1%
Non-U.S. Bonds0.4%
Cash & Equivalents
8.5%
As of 11/30/2024 (updated monthly)

Growth of 10K

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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.
ASTEX
Bloomberg Municipal Short 1-5 Years Index
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High & Low Prices

Fund Statistics

2.5 years
Effective Duration
3.5%
Average Yield
to Maturity
4.3%
Average Coupon
% of net assets as of 11/30/2024 (updated monthly)

Morningstar Style BoxTM— Fixed-Income

High Quality
Limited Interest-Rate Sensitivity
Morningstar data as of 9/30/24 (updated quarterly)

Description

Fund Objective
The fund's investment objective is to provide you with current income exempt from regular federal income tax, consistent with the maturity and quality standards described in this prospectus, and to preserve capital.
Distinguishing Characteristics
This strategy invests in high-quality, short-term municipal bonds to provide tax-exempt income while preserving capital. With a dollar-weighted average effective maturity of three years or less, the strategy is designed to generate a slightly higher yield than tax-exempt money market funds. It seeks to provide a high degree of stability with limited exposure to interest rate volatility.
Types of Investments
Invests primarily in municipal bonds with quality ratings of AA- or better or Aa3 or better or unrated but determined by the fund's investment adviser to be of equivalent quality.
Maturity
The dollar-weighted average maturity of the fund's portfolio is no greater than three years.
Portfolio Restrictions
May invest up to 20% of assets in securities subject to the alternative minimum tax (AMT).

Fund Facts

Fund Inception 8/07/2009
Fund Assets (millions)
As of 11/30/2024
 $2,006.3
Companies/Issuers
Holdings are as of 11/30/2024 (updated monthly).
 551+
Shareholder Accounts
Shareholder accounts are as of 11/30/2024
 23,258
Regular Dividends Paid
Monthly
Minimum Initial Investment $250
Capital Gains Paid
Dec
Portfolio Turnover (2024) 42%
Fiscal Year-End Jul
Prospectus Date 10/01/2024
CUSIP 02630W 10 3
Fund Number 39

Returns

Internal Prompt

Month-End Returns as of 11/30/24

Returns at NAV
| With Sales Charge
Read important investment disclosures
ASTEX
Bloomberg Municipal Short 1-5 Years Index
ANNUAL RETURNS CHART

Quarter-End Returns as of 9/30/24

Internal Prompt

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
ASTEX
Bloomberg Municipal Short 1-5 Years 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
Internal Prompt

Yield

12-month
Distribution Rates
30-day SEC Yield
Fund at NAV 2.50% N/A
Fund at MOP 2.43% 2.77%
As of 11/30/2024 (updated monthly)

Portfolio Management

Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
Vikas Malhotra 2 7 12
Mark Marinella 5 11 37
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
(197 funds rated)
10-yr. Morningstar RatingTM
(146 funds rated)
Overall Morningstar Risk Average
HIGH
LOW
Category
Muni National Short
ADVANTAGES AND DISADVANTAGES OF MORNINGSTAR RATINGS
Ratings are based on risk-adjusted returns as of 11/30/2024 (updated monthly).

Risk Measures

Fund
Standard Deviation
1.96
Sharpe Ratio
-0.33
For the 10 Years ending 11/30/24 (updated monthly).
American Funds
Benchmark
Morningstar
Benchmark
Bloomberg Municipal Short 1-5 Years Index
Bloomberg Municipal TR USD
R-squared
87 87
Beta
0.36 0.36
Capture Ratio (Downside/Upside)
32/37 32/37
American Funds Benchmark for the 10 Years ending 11/30/24 (updated monthly).
Morningstar Benchmark for the 10 Years ending 11/30/24 (updated monthly).
AAA/Aaa
25.7%
AA/Aa
43.6%
A
16.8%
BBB/Baa
3.0%
Unrated
2.3%
Cash & equivalents
8.5%
% of net assets as of 11/30/2024 (updated monthly)

Average Life Breakdown

0-4.9 Years
79.3%
5-9.9 Years
14.1%
10-19.9 Years
0.2%
20-29.9 Years
0.0%
30+ Years
--
% of net assets as of 9/30/2024 (updated monthly)

Holdings

Bonds Breakdown

Bond Details

Total bond holdings
General obligation bonds 6.9%

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

Top Fixed-Income Issuers

Waste Management
2.9%
Black Belt Energy Gas Dist
2.2%
New York City of
1.9%
California Community Choice Financing Authorit ...
1.8%
Main Street Natural Gas Inc Ga
1.4%
California (State of)
1.3%
New York City Transitional Finance Authority F ...
1.1%
New York State Housing Finance Agency
1.1%
North Carolina Housing Finance Agency
1.1%
Los Angeles Department of Airports Los Angeles ...
1.0%

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

Geographic Breakdown

Top States
Texas
13.0%
California
9.1%
New York
7.5%
Illinois
4.2%
Pennsylvania
3.8%
Alabama
3.5%
Georgia
3.1%
Florida
2.8%
Indiana
2.5%
Colorado
2.5%
% 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 12/24/24

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 $0.0191826 $0.00 $0.00 $0.00 $9.92
Daily 02/29/24 03/01/24 $0.0193592 $0.00 $0.00 $0.00 $9.91
Daily 03/28/24 04/01/24 $0.0203442 $0.00 $0.00 $0.00 $9.89
Daily 04/30/24 05/01/24 $0.0201516 $0.00 $0.00 $0.00 $9.83
Daily 05/31/24 06/03/24 $0.0216301 $0.00 $0.00 $0.00 $9.82
Daily 06/28/24 07/01/24 $0.020658 $0.00 $0.00 $0.00 $9.88
Daily 07/31/24 08/01/24 $0.0216111 $0.00 $0.00 $0.00 $9.94
Daily 08/30/24 09/03/24 $0.0214673 $0.00 $0.00 $0.00 $10.00
Daily 09/30/24 10/01/24 $0.0223425 $0.00 $0.00 $0.00 $10.04
Daily 10/31/24 11/01/24 $0.0219606 $0.00 $0.00 $0.00 $9.96
Daily 11/29/24 12/02/24 $0.020846 $0.00 $0.00 $0.00 $10.00
2024 Year-to-Date: Dividends Subtotal: $0.22955315 Cap Gains Subtotal: $0.00
Total Distributions: $0.22955315

Fees & Expenses

Internal Prompt

Fees

Annual Management Fees 0.20%
Other Expenses 0.09%
Service 12b-1 0.15%
As of each fund's most recent prospectus.
Internal Prompt

Expense Ratio

Gross Net
ASTEX 0.44% 0.43%
Lipper Short Municipal Debt Funds Average
0.62%
Fund as of most recent prospectus. Lipper Category as of 9/30/24 (updated quarterly).