American Funds Tax-Exempt Preservation Portfolio Class F-1
TEPFX
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- American Funds Tax-Exempt Preservation Portfolio Class F-1 (TEPFX) is a mutual fund managed by Capital Group that seeks current income exempt from regular federal income tax, consistent with the preservation of capital. The fund primarily invests in a diversified portfolio of short- to intermediate-term municipal securities, including revenue bonds (approximately 82%), general obligation bonds (approximately 7%), and cash equivalents; it holds over 1,000 issuers with an effective duration of around 3.2-3.4 years, an average yield to maturity of 3.3%, and an average coupon of 4.5%, focusing on U.S. bonds (89%) with minimal non-U.S. exposure. It pays regular monthly dividends and annual capital gains in December, with a minimum initial investment of $250, low portfolio turnover of 34% in 2024, and operates within the municipal national short category. Launched on May 18, 2012, and headquartered at Capital Research and Management Company in Los Angeles, California, the fund targets individual and institutional investors seeking tax-efficient income with principal stability, primarily in the U.S. market through its short-intermediate municipal debt segment. Portfolio managers include Andrew Suzman, Wesley Phoa, John Queen, Brittain Ezzes, Samir Mathur, Damien McCann, and Michelle Black, with varying tenures from inception; as of late 2025, fund assets stand at approximately $395 million across 66 shareholder accounts. In recent developments, parent company Capital Group expanded its strategic partnership with KKR in 2025, launching the first public-private fixed income investment solutions and filing for a public-private equity interval fund, alongside plans for target date funds and model portfolios integrating private market strategies to enhance retirement and wealth offerings. Capital Group also issued its 2025 capital market assumptions, enhanced small business retirement plan services, and continued growth in fixed income and ETFs amid broader strategic shifts to diversify beyond equities.