Investment Fund

Share Class
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
Balances high-quality investing with tax-exempt income. Seeks to combine the stability of shorter term bond funds with the generally higher yield of intermediate-term bonds. With a focus on quality, the strategy typically invests in a broad spectrum of investment-grade municipal bonds with maturities between one and 10 years.
Price at NAV $15.37 as of 11/22/2024 (updated daily)
Fund Assets (millions) $5,590.2
Portfolio Managers
2
Expense Ratio
(Gross/Net %)
0.26 / 0.26%
Prospectus
Internal Prompt

Returns at NAV

Returns with Sales Charge

Asset Mix

U.S. Equities0.0%
Non-U.S. Equities0.0%
U.S. Bonds95.2%
Non-U.S. Bonds0.3%
Cash & Equivalents
4.5%
As of 10/31/2024 (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.
FLTEX
Bloomberg Municipal Short-Intermediate 1-10 Years Index
VIEW LARGER CHART

High & Low Prices

Fund Statistics

3.7 years
Effective Duration
3.8%
Average Yield
to Maturity
4.2%
Average Coupon
% of net assets as of 10/31/2024 (updated monthly)

Morningstar Style BoxTM— Fixed-Income

Medium 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 the prospectus, and to preserve capital.
Distinguishing Characteristics
This tax-exempt strategy seeks to combine the stability of shorter term bond funds with the generally higher yield of intermediate-term bonds. With a focus on quality, the strategy typically invests in a broad spectrum of investment-grade municipal bonds with maturities between one and 10 years.
Types of Investments
Invests primarily in state, municipal and public authority bonds and notes rated in the top four categories. The fund will invest at least 65% of its assets in debt securities rated A- or better or A3 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 between one and 10 years.
Portfolio Restrictions
May invest up to 20% of assets in debt securities in the rating category of BBB/Baa (or unrated, but determined by the fund’s investment adviser to be of equivalent quality).

Fund Facts

Fund Inception 10/06/1993
Fund Assets (millions)
As of 10/31/2024
 $5,590.2
Companies/Issuers
Holdings are as of 10/31/2024 (updated monthly).
 722+
Shareholder Accounts
Shareholder accounts are as of 10/31/2024
 25,082
Regular Dividends Paid
Monthly
Minimum Initial Investment $250
Capital Gains Paid
Dec
Portfolio Turnover (2024) 33%
Fiscal Year-End Jul
Prospectus Date 10/01/2024
CUSIP 532726 80 9
Fund Number 743

Returns

Internal Prompt

Month-End Returns as of 10/31/24

Returns at NAV
| With Sales Charge
Read important investment disclosures
FLTEX
Bloomberg Municipal Short-Intermediate 1-10 Years Index
ANNUAL RETURNS CHART

Quarter-End Returns as of 9/30/24

Internal Prompt

Volatility & Return

Read important investment disclosures

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
FLTEX
Bloomberg Municipal Short-Intermediate 1-10 Years 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
Internal Prompt

Yield

12-month
Distribution Rates
30-day SEC Yield
Fund at NAV 2.60% 3.04%
Fund at MOP N/A N/A
As of 10/31/2024 (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(208)
3-yr. Morningstar RatingTM
(208 funds rated)
5-yr. Morningstar RatingTM
(199 funds rated)
10-yr. Morningstar RatingTM
(147 funds rated)
Overall Morningstar Risk Above Average
HIGH
LOW
Category
Muni National Short
ADVANTAGES AND DISADVANTAGES OF MORNINGSTAR RATINGS
Ratings are based on risk-adjusted returns as of 10/31/2024 (updated monthly).

Risk Measures

Fund
Standard Deviation
2.98
Sharpe Ratio
-0.02
For the 10 Years ending 10/31/24 (updated monthly).
American Funds
Benchmark
Morningstar
Benchmark
Bloomberg Municipal Short-Intermediate 1-10 Years Index
Bloomberg Municipal TR USD
R-squared
96 96
Beta
0.57 0.57
Capture Ratio (Downside/Upside)
54/60 54/60
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
20.1%
AA/Aa
44.5%
A
23.1%
BBB/Baa
6.7%
Unrated
1.0%
Cash & equivalents
4.5%
% of net assets as of 10/31/2024 (updated monthly)

Average Life Breakdown

0-4.9 Years
59.4%
5-9.9 Years
34.4%
10-19.9 Years
2.0%
20-29.9 Years
0.2%
30+ Years
--
% of net assets as of 9/30/2024 (updated monthly)

Holdings

Bonds Breakdown

Bond Details

Total bond holdings
General obligation bonds 5.5%

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

Top Fixed-Income Issuers

Main Street Natural Gas Inc Ga
2.3%
Black Belt Energy Gas Dist
2.2%
Waste Management
2.2%
California Community Choice Financing Authorit ...
2.2%
New York State Housing Finance Agency
1.6%
Michigan State Housing Development Authority
1.3%
Texas Department of Housing & Community Affair ...
1.2%
California (State of)
1.0%
Port of Seattle WA
1.0%
New York City Transitional Finance Authority F ...
1.0%

% of net assets as of 10/31/2024 (updated monthly)

Geographic Breakdown

Top States
Texas
13.6%
California
8.0%
New York
7.1%
Illinois
5.4%
Pennsylvania
4.4%
Alabama
4.3%
Georgia
4.2%
Florida
3.1%
Michigan
2.9%
Colorado
2.8%
% 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 11/22/24

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 $0.0324344 $0.00 $0.00 $0.00 $15.31
Daily 02/29/24 03/01/24 $0.031102 $0.00 $0.00 $0.00 $15.29
Daily 03/28/24 04/01/24 $0.0333868 $0.00 $0.00 $0.00 $15.26
Daily 04/30/24 05/01/24 $0.0330597 $0.00 $0.00 $0.00 $15.13
Daily 05/31/24 06/03/24 $0.0347088 $0.00 $0.00 $0.00 $15.07
Daily 06/28/24 07/01/24 $0.0335765 $0.00 $0.00 $0.00 $15.21
Daily 07/31/24 08/01/24 $0.0347596 $0.00 $0.00 $0.00 $15.31
Daily 08/30/24 09/03/24 $0.0347264 $0.00 $0.00 $0.00 $15.43
Daily 09/30/24 10/01/24 $0.0338875 $0.00 $0.00 $0.00 $15.52
Daily 10/31/24 11/01/24 $0.0354435 $0.00 $0.00 $0.00 $15.33
2024 Year-to-Date: Dividends Subtotal: $0.3370852 Cap Gains Subtotal: $0.00
Total Distributions: $0.3370852

Fees & Expenses

Internal Prompt

Fees

Annual Management Fees 0.22%
Other Expenses 0.04%
Service 12b-1 --
As of each fund's most recent prospectus.
Internal Prompt

Expense Ratio

FLTEX 0.26%
Lipper Short-Intmdt Municipal Debt Funds Average
0.34%
Fund as of most recent prospectus. Lipper Category as of 9/30/24 (updated quarterly).