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
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 $12.49 as of 2/28/2025 (updated daily)
Fund Assets (millions) $24,232.0
Portfolio Managers
3
Expense Ratio
(Gross/Net %)
0.25 / 0.25%
Prospectus
Internal Prompt

Returns at NAV

Returns with Sales Charge

Asset Mix

U.S. Equities0.0%
Non-U.S. Equities0.0%
U.S. Bonds94.4%
Non-U.S. Bonds0.0%
Cash & Equivalents
5.6%
As of 1/31/2025 (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 12/31/2024.
TFEBX
Bloomberg Municipal Bond Index
VIEW LARGER CHART

High & Low Prices

Fund Statistics

6.3 years
Effective Duration
4.2%
Average Yield
to Maturity
4.3%
Average Coupon
% of net assets as of 1/31/2025 (updated monthly)

Morningstar Style BoxTM— Fixed-Income

Medium Quality
Moderate Interest-Rate Sensitivity
Morningstar data as of 12/31/24 (updated quarterly)

Description

Fund 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 1/31/2025
 $24,232.0
Companies/Issuers
Holdings are as of 1/31/2025 (updated monthly).
 1495+
Shareholder Accounts
Shareholder accounts are as of 1/31/2025
 122,993
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 80 0
Fund Number 719

Returns

Internal Prompt

Month-End Returns as of 1/31/25

Returns at NAV
| With Sales Charge
Read important investment disclosures
TFEBX
Bloomberg Municipal Bond Index
ANNUAL RETURNS CHART

Quarter-End Returns as of 12/31/24

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
TFEBX
Bloomberg Municipal Bond Index
Other AF Funds
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Prices and returns will vary, so investors may lose money. View .

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 01/31/2025 (updated monthly) . Annualized return as of 01/31/2025 (updated monthly) .
VIEW LARGER CHART
Internal Prompt

Yield

12-month
Distribution Rates
30-day SEC Yield
Fund at NAV 3.23% 3.65%
Fund at MOP N/A N/A
As of 1/31/2025 (updated monthly)

Portfolio Management

Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
Lee Chu 5 16
Courtney K. Wolf 6 19
Karl J. Zeile 21 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


Overall Morningstar RatingTM
Funds rated(260)
3-yr. Morningstar RatingTM
(260 funds rated)
5-yr. Morningstar RatingTM
(241 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 1/31/2025 (updated monthly).

Risk Measures

Fund
Standard Deviation
4.92
Sharpe Ratio
0.11
For the 10 Years ending 1/31/25 (updated monthly).
American Funds/
Morningstar Benchmark
Bloomberg Municipal TR USD
R-squared
98
Beta
0.96
Capture Ratio (Downside/Upside)
92/97
American Funds and Morningstar Benchmark for the 10 Years ending 1/31/25 (updated monthly).
AAA/Aaa
14.6%
AA/Aa
43.5%
A
22.2%
BBB/Baa
6.0%
BB/Ba
2.1%
B
0.1%
CCC & Below
0.0%
Unrated
5.9%
Cash & equivalents
5.6%
% of net assets as of 1/31/2025 (updated monthly)

Average Life Breakdown

0-4.9 Years
40.6%
5-9.9 Years
31.0%
10-19.9 Years
12.5%
20-29.9 Years
9.6%
30+ Years
1.0%
% of net assets as of 12/31/2024 (updated monthly)

Holdings

Bonds Breakdown

Bond Details

Total bond holdings
General obligation bonds 5.2%

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

Top Fixed-Income Issuers

New York City Transitional Finance Authority F ...
2.9%
State of New York Personal Income Tax Revenue
1.6%
Black Belt Energy Gas Dist
1.5%
South Carolina Public Service Authority
1.5%
New York City of
1.5%
Chicago Board of Education
1.3%
California Community Choice Financing Authorit ...
1.2%
New York City Water & Sewer System
1.2%
Main Street Natural Gas Inc Ga
1.1%
Metropolitan Transportation Authority
1.0%

% of net assets as of 1/31/2025 (updated monthly)

Geographic Breakdown

Top States
Texas
13.0%
New York
11.2%
Illinois
9.2%
California
6.8%
Florida
4.1%
Alabama
3.8%
Pennsylvania
3.7%
Michigan
2.8%
Georgia
2.6%
Washington
2.4%
% of net assets as of 12/31/2024

Prices & Distributions

Internal Prompt

Historical Prices Month-End

2025

Historical Prices Year-End

Internal Prompt

Historical Distributions as of 02/28/25

FIND HISTORICAL DISTRIBUTIONS
2025
Record
Date		 Calculated
Date		 Pay Date
Income Dividend Regular
Income Dividend Special
Cap. Gains Long-Term
Cap. Gains Short-Term
Reinvest NAV
Daily 01/31/25 02/03/25 $0.0336695 $0.00 $0.00 $0.00 $12.39
Daily 02/28/25 03/03/25 $0.0314988 $0.00 $0.00 $0.00 $12.49
2025 Year-to-Date: Dividends Subtotal: $0.0651683 Cap Gains Subtotal: $0.00
Total Distributions: $0.0651683

Fees & Expenses

Internal Prompt

Fees

Annual Management Fees 0.21%
Other Expenses 0.04%
Service 12b-1 --
As of each fund's most recent prospectus.
Internal Prompt

Expense Ratio

TFEBX 0.25%
Lipper General & Insured Municipal Debt Funds Average
0.44%
Fund as of most recent prospectus. Lipper Category as of 12/31/24 (updated quarterly).