Investment Fund

Summary

Internal Prompt
Seeks capital preservation and tax-exempt income. Offers exposure to a mix of fixed-income securities focused on preservation of principal and seeks to provide investors a source of some tax-exempt current income.
Price at NAV $9.77 as of 10/24/2025 (updated daily)
Fund Assets (millions) $396.9
Portfolio Solutions Committee Members
7
Expense Ratio
(Gross/Net %)
0.61 / 0.61%
Quarterly Fund Fact Sheet (PDF)
Prospectus

Asset Mix

U.S. Equities0.0%
Non-U.S. Equities0.0%
U.S. Bonds89.0%
Non-U.S. Bonds0.2%
Cash & Equivalents
10.8%
As of 9/30/2025 (updated monthly)

Fund Statistics

3.3 years
Effective Duration
3.3%
Average Yield
to Maturity
4.5%
Average Coupon
% of net assets as of 9/30/2025 (updated monthly)
Internal Prompt

Volatility & Return

Read important investment disclosures

Equities

For Class A Shares, this chart tracks the 10-year standard deviation
and 10-year annualized return of the equity funds
TEPAX
Bloomberg Municipal Bond 1-7 Year Blend 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
Internal Prompt

Returns at NAV

Returns at MOP

Read important investment disclosures
0.60%
1-year return
0.64%
5-year return
1.40%
10-year return
2.63%
30-Day SEC Yield
Returns as of 9/30/25 (updated monthly). Yield as of 9/30/25 (updated monthly).

Morningstar Style BoxTM— Fixed-Income

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

Description

Objective
The fund's investment objective is to provide current income that is exempt from regular federal income tax, consistent with preservation of capital.
Distinguishing Characteristics
Pursues its investment objectives by investing in a mix of American Funds in different combinations and weightings.
Types of Investments
The underlying funds seek current income, consistent with the preservation of capital, through tax-exempt bond investments.

Fund Facts

Fund Inception 5/18/2012
Fund Assets (millions)
As of 9/30/2025
 $396.9
Companies/Issuers
Holdings are as of 9/30/2025 (updated monthly).
 1030+
Shareholder Accounts
Shareholder accounts are as of 9/30/2025
 5,073
Regular Dividends Paid
Monthly
Minimum Initial Investment $250
Capital Gains Paid
Dec
Portfolio Turnover (2024) 34%
Fiscal Year-End Oct
Prospectus Date 01/01/2025
CUSIP 02630Y 10 9
Fund Number 44

Returns

Internal Prompt

Month-End Returns as of 9/30/25

Returns at NAV
| at MOP
Read important investment disclosures
TEPAX
Bloomberg Municipal Bond 1-7 Year Blend 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.
TEPAX
Bloomberg Municipal Bond 1-7 Year Blend Index
VIEW LARGER CHART

High & Low Prices

Internal Prompt

Yield

12-month
Distribution Rates
30-day SEC Yield
Fund at NAV 2.60% N/A
Fund at MOP 2.53% 2.63%
As of 9/30/2025 (updated monthly)

Valuation

Price/ Price/ Price/
Book
Cash Flow
Earnings
Fund -- -- --
Bloomberg Municipal Bond 1-7 Year Blend Index
-- -- --
Fund as of 9/30/25. Index as of --.

Portfolio Solutions Committee

Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
Brittain Ezzes 1 3 27
Samir Mathur 5 12 32
Damien McCann 13 25
Wesley Phoa 12 26 32
John Queen 5 23 35
Andrew Suzman 12 31
Michelle Black 5 23 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(213)
3-yr. Morningstar RatingTM
(213 funds rated)
5-yr. Morningstar RatingTM
(197 funds rated)
10-yr. Morningstar RatingTM
(155 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 9/30/2025 (updated monthly).

Lipper Leader Scorecard

Over-all 3 yr. 5 yr. 10 yr.
Consistent Return Within Category
Funds Rated
(76)
(76)
(76)
(62)
Expense Within Category
Funds Rated
(27)
(27)
(27)
(26)
Preservation Within Category
Funds Rated
(6065)
(6065)
(5624)
(4269)
Tax Efficiency Within Category
Funds Rated
(76)
(76)
(76)
(62)
Total Return Within Category
Funds Rated
(76)
(76)
(76)
(62)
Category Short-Intmt Muni Dbt Fds
KEY
HIGHEST LOWEST
As of 9/30/2025 (updated monthly)

Risk Measures

Fund
Standard Deviation
2.73
Sharpe Ratio
-0.18
For the 10 Years ending 9/30/25 (updated monthly).
American Funds
Benchmark
Morningstar
Benchmark
Bloomberg Municipal Bond 1-7 Year Blend Index
Bloomberg Municipal TR USD
R-squared
96 93
Beta
0.90 0.51
Capture Ratio (Downside/Upside)
90/89 48/55
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
13.6%
AA/Aa
47.8%
A
19.5%
BBB/Baa
3.3%
BB/Ba
0.7%
B
0.0%
Unrated
4.3%
Cash & equivalents
10.8%
% of net assets as of 9/30/2025 (updated monthly)

Average Life Breakdown

0-4.9 Years
62.9%
5-9.9 Years
25.0%
10-19.9 Years
1.3%
20-29.9 Years
0.0%
30+ Years
--
% of net assets as of 9/30/2025 (updated monthly)

Holdings

Bonds Breakdown

Bond Details

Total bond holdings
General obligation bonds 7.3%

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

Geographic Breakdown

Top States
California
10.9%
Texas
10.0%
New York
7.7%
Illinois
4.3%
Alabama
3.4%
Florida
3.4%
Pennsylvania
3.4%
Michigan
2.9%
Colorado
2.7%
New Jersey
2.6%
% of net assets as of 9/30/2025

Prices & Distributions

Internal Prompt

Historical Prices Month-End

2025

Historical Prices Year-End

Internal Prompt

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
01/28/25 01/28/25 01/29/25 $0.0089 $0.00 $0.00 $0.00 $9.60
02/25/25 02/25/25 02/26/25 $0.0184 $0.00 $0.00 $0.00 $9.65
03/26/25 03/26/25 03/27/25 $0.0221 $0.00 $0.00 $0.00 $9.58
04/25/25 04/25/25 04/28/25 $0.0204 $0.00 $0.00 $0.00 $9.52
05/27/25 05/27/25 05/28/25 $0.0221 $0.00 $0.00 $0.00 $9.57
06/25/25 06/25/25 06/26/25 $0.0216 $0.00 $0.00 $0.00 $9.61
07/28/25 07/28/25 07/29/25 $0.0204 $0.00 $0.00 $0.00 $9.63
08/26/25 08/26/25 08/27/25 $0.0217 $0.00 $0.00 $0.00 $9.70
09/25/25 09/25/25 09/26/25 $0.022 $0.00 $0.00 $0.00 $9.75
2025 Year-to-Date: Dividends Subtotal: $0.1776 Cap Gains Subtotal: $0.00
Total Distributions: $0.1776

Fees & Expenses

Internal Prompt

Fees

Annual Management Fees 0.00%
Other Expenses 0.05%
Acquired (Underlying) Fund Fees and Expenses 0.26%
Service 12b-1 0.30%
As of each fund's most recent prospectus.
Internal Prompt

Expense Ratio

TEPAX 0.61%
Lipper Short-Intmdt Municipal Debt Funds Average
0.61%
Fund as of most recent prospectus. Lipper Category as of 9/30/25 (updated quarterly).