American Fds, The Tax-Exempt Bond Fund of America, Class F-1 Shs
AFTFX
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- American Fds, The Tax-Exempt Bond Fund of America, Class F-1 Shs (AFTFX) is an open-end mutual fund managed by Capital Group that seeks a high level of current income exempt from regular federal income tax, consistent with the preservation of capital. The fund primarily invests at least 80% of its assets in municipal bonds, debt securities, and derivative instruments generating income exempt from federal taxation, with a portfolio emphasis on revenue bonds (approximately 89.3%), general obligation bonds (5.1%), and a mix of over 1,463 issuers featuring mid credit quality and moderate interest-rate sensitivity; it provides monthly dividends, pays capital gains annually in December, and maintains an effective duration of 6.9 years, average yield to maturity of 4.5%, and average coupon of 4.4% as of April 2025. As part of the American Funds family within the municipal national intermediate category, it targets individual and institutional investors seeking tax-efficient fixed-income exposure. Founded on October 3, 1979, and domiciled in the United States with primary operations focused on U.S. municipal securities markets, the fund had approximately $23.5 billion in assets under management as of April 30, 2025, across over 4,400 shareholder accounts. Portfolio managers include Karl J. Zeile (21 years tenure), Courtney K. Wolf (6 years), and Lee Chu (5 years), overseeing a 2024 portfolio turnover of 26% with an expense ratio of 0.62%, comprising 0.21% management fees, 0.16% other expenses, and 0.25% Rule 12b-1 service fees. In late 2024, Capital Group, the fund's investment adviser, lowered fees on 18 American Funds including municipal bond offerings by revising initial sales charge breakpoints, enhancing cost efficiency for investors. The fund maintained its fiscal year-end of July and prospectus date of October 1, 2024, with no reported acquisitions, major partnerships, or portfolio overhauls in 2024-2025, though broader Capital Group adjustments included simplified fee structures effective in related funds during 2024. These operational refinements support ongoing preservation-focused management amid municipal bond market dynamics.