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 tax-exempt income from municipal bond investments that primarily provide funding for important public services and projects in the state of New York. With a quality-oriented approach, it holds a diversified portfolio with a modest amount of high-yield securities.
Price at NAV $10.07 as of 10/24/2025 (updated daily)
Fund Assets (millions) $281.8
Portfolio Managers
2
Expense Ratio
(Gross/Net %)
0.65 / 0.58%
Quarterly Fund Fact Sheet (PDF)
Prospectus
Internal Prompt

Returns at NAV

Returns at MOP

Read important investment disclosures
-3.75%
1-year return
0.07%
5-year return
1.56%
10-year return
3.52%
30-Day SEC Yield
Returns as of 9/30/25 (updated monthly). Yield as of 9/30/25 (updated monthly).

Asset Mix

U.S. Equities0.0%
Non-U.S. Equities0.0%
U.S. Bonds96.2%
Non-U.S. Bonds0.3%
Cash & Equivalents
3.5%
As of 9/30/2025 (updated monthly)
Internal Prompt

Volatility & Return

Read important investment disclosures

Fixed-Income

For Class A Shares, this chart tracks the 10-year standard deviation
and 10-year annualized return of the fixed income funds
NYAAX
Bloomberg New York Municipal Index
Other AF Funds
Standard Deviation as of 09/30/2025 (updated monthly) . Annualized return as of 09/30/2025 (updated monthly) .
VIEW LARGER CHART

Fund Statistics

8.2 years
Effective Duration
4.7%
Average Yield
to Maturity
4.6%
Average Coupon
% of net assets as of 9/30/2025 (updated monthly)

Morningstar Style BoxTM— Fixed-Income

Medium Quality
Extensive Interest-Rate Sensitivity
Morningstar data as of 9/30/25 (updated quarterly)

Description

Objective
The fund's primary investment objective is to provide you with a high level of current income exempt from regular federal, New York state and New York City income taxes. Its secondary objective is preservation of capital.
Distinguishing Characteristics
This strategy seeks to provide New York residents with tax-exempt income from municipal bond investments that primarily provide funding for public services and private projects in the state of New York. With a quality-oriented approach, it holds a diversified portfolio with a modest amount of high-yield securities.
Types of Investments
Normally, at least 80% of the fund's assets will be invested in, or derive income from, securities exempt from regular federal, New York state and New York City income taxes and the federal alternative minimum tax. Up to 20% of assets may be invested in securities subject to the alternative minimum tax.
Maturity
Typically, the fund will be invested substantially in securities with maturities longer than 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 to be of equivalent quality by the fund's investment adviser.

Fund Facts

Fund Inception 11/01/2010
Fund Assets (millions)
As of 9/30/2025
 $281.8
Companies/Issuers
Holdings are as of 9/30/2025 (updated monthly).
 101+
Shareholder Accounts
Shareholder accounts are as of 9/30/2025
 2,396
Regular Dividends Paid
Monthly
Minimum Initial Investment $1,000
Capital Gains Paid
Dec
Portfolio Turnover (2025) 18%
Fiscal Year-End Jul
Prospectus Date 10/01/2025
CUSIP 02630X 10 1
Fund Number 41

Returns

Internal Prompt

Month-End Returns as of 9/30/25

Returns at NAV
| at MOP
Read important investment disclosures
NYAAX
Bloomberg New York Municipal Index
ANNUAL RETURNS CHART

Quarter-End Returns as of 9/30/25

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 12/31/2024.
NYAAX
Bloomberg New York Municipal Index
VIEW LARGER CHART

High & Low Prices

Internal Prompt

Yield

12-month
Distribution Rates
30-day SEC Yield
Fund at NAV 3.16% N/A
Fund at MOP 3.04% 3.52%
As of 9/30/2025 (updated monthly)
Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
Lee Chu 1 16
Jerry Solomon 11 16 33
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(79)
3-yr. Morningstar RatingTM
(79 funds rated)
5-yr. Morningstar RatingTM
(77 funds rated)
10-yr. Morningstar RatingTM
(61 funds rated)
Overall Morningstar Risk Below Average
HIGH
LOW
Category
Muni New York Long
ADVANTAGES AND DISADVANTAGES OF MORNINGSTAR RATINGS
Ratings are based on risk-adjusted returns as of 9/30/2025 (updated monthly).

Lipper Leader Scorecard

Over-all 3 yr. 5 yr. 10 yr.
Consistent Return Within Category
Funds Rated
(94)
(94)
(92)
(75)
Expense Within Category
Funds Rated
(43)
(43)
(42)
(39)
Preservation Within Category
Funds Rated
(6065)
(6065)
(5624)
(4269)
Tax Efficiency Within Category
Funds Rated
(94)
(94)
(92)
(75)
Total Return Within Category
Funds Rated
(94)
(94)
(92)
(75)
Category NY Muni Debt Funds
KEY
HIGHEST LOWEST
As of 9/30/2025 (updated monthly)

Risk Measures

Fund
Standard Deviation
5.72
Sharpe Ratio
-0.01
For the 10 Years ending 9/30/25 (updated monthly).
American Funds
Benchmark
Morningstar
Benchmark
Bloomberg New York Municipal Index
Bloomberg Municipal TR USD
R-squared
97 97
Beta
1.08 1.09
Capture Ratio (Downside/Upside)
110/101 110/102
American Funds Benchmark for the 10 Years ending 8/31/25 (updated monthly).
Morningstar Benchmark for the 10 Years ending 9/30/25 (updated monthly).
AAA/Aaa
9.6%
AA/Aa
52.5%
A
13.2%
BBB/Baa
12.2%
BB/Ba
2.7%
B
1.7%
CCC & Below
0.4%
Unrated
4.2%
Cash & equivalents
3.5%
% of net assets as of 9/30/2025 (updated monthly)

Average Life Breakdown

0-4.9 Years
26.9%
5-9.9 Years
40.0%
10-19.9 Years
16.3%
20-29.9 Years
12.5%
30+ Years
0.8%
% of net assets as of 9/30/2025 (updated monthly)

Holdings

Bonds Breakdown

Bond Details

Total bond holdings
General obligation bonds 7.5%

% of net assets as of 9/30/2025 (updated quarterly)

Top Fixed-Income Issuers

New York City Transitional Finance Authority F ...
6.3%
New York City Water & Sewer System
6.0%
New York City of
5.2%
State of New York Personal Income Tax Revenue
5.0%
State of New York Sales Tax Revenue
5.0%
Metropolitan Transportation Authority
4.2%
New York St Twy Auth
3.9%
Port Authority of New York and New Jersey
3.0%
Triborough Bridge and Tunnel Authority
2.5%
Metropolitan Transportation Authority Payroll ...
2.2%

% of net assets as of 9/30/2025 (updated monthly)

Prices & Distributions

Internal Prompt

Historical Prices Month-End

2025

Historical Prices Year-End

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Historical Distributions as of 10/24/25

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 $0.0261889 $0.00 $0.00 $0.00 $10.06
Daily 02/28/25 03/03/25 $0.0248727 $0.00 $0.00 $0.00 $10.14
Daily 03/31/25 04/01/25 $0.0267205 $0.00 $0.00 $0.00 $9.90
Daily 04/30/25 05/01/25 $0.0259175 $0.00 $0.00 $0.00 $9.80
Daily 05/30/25 06/02/25 $0.0261278 $0.00 $0.00 $0.00 $9.69
Daily 06/30/25 07/01/25 $0.0256487 $0.00 $0.00 $0.00 $9.72
Daily 07/31/25 08/01/25 $0.0280519 $0.00 $0.00 $0.00 $9.63
Daily 08/29/25 09/02/25 $0.0277542 $0.00 $0.00 $0.00 $9.67
Daily 09/30/25 10/01/25 $0.026656 $0.00 $0.00 $0.00 $9.95
2025 Year-to-Date: Dividends Subtotal: $0.23793819 Cap Gains Subtotal: $0.00
Total Distributions: $0.23793819

Fees & Expenses

Internal Prompt

Fees

Annual Management Fees 0.27%
Other Expenses 0.13%
Service 12b-1 0.25%
As of each fund's most recent prospectus.
Internal Prompt

Expense Ratio

Gross Net
NYAAX 0.65% 0.58%
Lipper New York Municipal Debt Funds Average
0.76%
Fund as of most recent prospectus. Lipper Category as of 9/30/25 (updated quarterly).