-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Da4lzFrSc6ifVQUfMeyu3HV+sQCSDqZZbEL7Ag2tlIXN5tUTqQXfLqLyMeZL1CXQ CfUpoAG28R5U69KpoIcjMA== 0000792953-07-000031.txt : 20071105 0000792953-07-000031.hdr.sgml : 20071105 20071105162437 ACCESSION NUMBER: 0000792953-07-000031 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 5 FILED AS OF DATE: 20071105 DATE AS OF CHANGE: 20071105 EFFECTIVENESS DATE: 20071105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN FUNDS TAX EXEMPT SERIES I CENTRAL INDEX KEY: 0000792953 IRS NUMBER: 526294769 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-05270 FILM NUMBER: 071214235 BUSINESS ADDRESS: STREET 1: 1101 VERMONT AVE NW STE 600 CITY: WASHINGTON STATE: DC ZIP: 20005 BUSINESS PHONE: 2028425665 MAIL ADDRESS: STREET 1: 1101 VERMONT AVE NW STE 600 CITY: WASHINGTON STATE: DC ZIP: 20005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN FUNDS TAX EXEMPT SERIES I CENTRAL INDEX KEY: 0000792953 IRS NUMBER: 526294769 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04653 FILM NUMBER: 071214236 BUSINESS ADDRESS: STREET 1: 1101 VERMONT AVE NW STE 600 CITY: WASHINGTON STATE: DC ZIP: 20005 BUSINESS PHONE: 2028425665 MAIL ADDRESS: STREET 1: 1101 VERMONT AVE NW STE 600 CITY: WASHINGTON STATE: DC ZIP: 20005 0000792953 S000009404 The Tax-Exempt Fund of Maryland C000025748 A TMMDX C000025749 B TEMBX C000025750 C TEMCX C000025751 F TMDFX C000025752 R-5 RTMFX 0000792953 S000009405 The Tax-Exempt Fund of Virginia C000025753 A TFVAX C000025754 B TEVBX C000025755 C TEVCX C000025756 F TEVFX C000025757 R-5 RTVFX 485BPOS 1 aftes485b.htm AMERICAN FUNDS TAX-EXEMPT SERIES I- XBRL FILING Unassociated Document
 
SEC File Nos. 33-5270
811-4653
 

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM N-1A

Registration Statement
under
the Securities Act of 1933

Post-Effective Amendment No. 29

Registration Statement
under
the Investment Company Act of 1940

Amendment No. 28


THE AMERICAN FUNDS TAX-EXEMPT SERIES I
(Exact name of registrant as specified in charter)

1101 Vermont Avenue, N.W.
Washington, D.C. 20005
(Address of principal executive offices)


Registrant's Telephone Number, Including Area Code:
(202) 842-5665


JEFFREY L. STEELE
WASHINGTON MANAGEMENT CORPORATION
1101 Vermont Avenue, N.W.
Washington, D.C. 20005
(Name and address of agent for service)


Copies to:
ROBERT W. HELM, ESQ.
DECHERT LLP
1775 I Street, NW
Washington, DC 20006
(Counsel for the Registrant)

 


Approximate Date of Proposed Public Offering:

|X|  It is proposed that this filing will become effective on November 5 2007,
pursuant to paragraph (b) of Rule 485.

The purpose of submitting these XBRL formatted documents is to test the related format and technology and, as a result, investors should not rely on this information in making investment decisions.

Exhibit index



XBRL Instance Document
Ex-100.ins
XBRL Taxonomy Extension Schema Document
Ex-100.sch
XBRL Taxonomy Extension Definition Linkbase
Ex-100.def
XBRL Taxonomy Extension Labels Linkbase
Ex-100.lab



SIGNATURE OF REGISTRANT

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Washington, District of Columbia, on the 5th day of November, 2007.

THE AMERICAN FUNDS TAX-EXEMPT SERIES I

By
       /s/ Jeffrey L. Steele, President

Pursuant to the requirements of the Securities Act of 1933, this amendment to registration statement has been signed below on November 5, 2007, by the following persons in the capacities indicated.

Signature                                                      Title

(1)           Principal Executive Officer:


              /s/Jeffrey L. Steele                                                                President

(2)           Principal Financial Officer and
Principal Accounting Officer:


   /s/Michael W. Stockton                                                                Vice President and Treasurer

(3)                      Trustees:

 /s/Jeffrey L. Steele                                                                President and Trustee
Cyrus A. Ansary*                                                      Chairman of the Board
Daniel J. Callahan III*                                                      Trustee
R. Clark Hooper*                                                      Trustee
James H. Lemon, Jr.*                                                      Vice Chairman
James C. Miller III*                                                      Trustee
Katherine D. Ortega*                                                      Trustee
J. Knox Singleton*                                                      Trustee



*By
      /s/Michael W. Stockton


 EX-100.LAB 2 reg_lab.xml XBRL TAXONOMY EXTENSION LABELS LINKBASE DOCUMENT American Funds Tax Exempt Series IAllInstrumentsgroup_C000025748C000025753group_C000025749C000025754group_C000025750C000025755group_C000025751C000025756The Tax-Exempt Fund of MarylandThe Tax-Exempt Fund of VirginiaTEFMD ATEFMD BTEFMD CTEFMD FTEFMD R-5TEFVA ATEFVA BTEFVA CTEFVA FTEFVA R-5 EX-100.DEF 3 reg_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-100.SCH 4 reg.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT EX-100.INS 5 r-11052007.xml XBRL INSTANCE DOCUMENT 0000792953ici:Registrant_item2007-11-050000792953filer:S0000094042007-11-050000792953filer:S0000094052007-11-050000792953filer:C0000257482007-11-050000792953filer:C0000257492007-11-050000792953filer:C0000257502007-11-050000792953filer:C0000257512007-11-050000792953filer:C0000257522007-11-050000792953filer:C0000257532007-11-050000792953filer:C0000257542007-11-050000792953filer:C0000257552007-11-050000792953filer:C0000257562007-11-050000792953filer:C0000257572007-11-050000792953filer:AllInstruments2007-11-050000792953filer:group_C000025748C0000257532007-11-050000792953filer:group_C000025749C0000257542007-11-050000792953filer:group_C000025750C0000257552007-11-050000792953filer:group_C000025751C0000257562007-11-05pureiso4217:USDRisk/Return summaryThe fund's primary objective is to provide you with a high level of current income exempt from regular federal and the respective state (Maryland or Virginia) income taxes.Its secondary objective is to preserve your investment.It invests primarily in investment-grade municipal bonds, and to a lesser extentin lower quality bonds, issued by municipalities in the respective state(Maryland or Virginia), including counties, cities, towns and various regionalor special districts.The fund is designed for investors seeking income exempt from federal and state taxes, and capital preservation over the long term.Each fund is intended primarily for taxable residents of its respective state (Maryland or Virginia).Your investment in the fund is subject to risks, including the possibility that the fund's income and the value of its portfolio holdings may fluctuate in response to economic, political or social events in the respective state (Maryland or Virginia), the United States or abroad.Because the fund invests in securities issued by the respective state's (Maryland or Virginia) municipalities, the fund is more susceptible to factors adversely affecting issuers of such state's securities than a comparable municipal bond mutual fund that does not concentrate in a single state. The values of, and the income generated by, debt securities owned by the fund may be affected by changing interest rates and credit risk assessments as well as by events specifically involving the issuers of those securities. Lower quality or longer maturity bonds may be subject to greater price fluctuations than higher quality or shorter maturity bonds.Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person.YOU MAY LOSE MONEY BY INVESTING IN THE FUND. THE LIKELIHOOD OF LOSS MAY BE GREATER IF YOU INVEST FOR A SHORTER PERIOD OF TIME.HISTORICAL INVESTMENT RESULTSThe information on the following pages provides some indication of the risks of investing in the fund by showing changes in the fund's investment results from year to year and by showing how the fund's average annual total returns for various periods compare with those of a broad measure of market performance.All fund results reflect the reinvestment of dividends and capital gain distributions, if any. Unless otherwise noted, fund results reflect any fee waivers and/or expense reimbursements in effect during the period presented.Figures shown are past results and are not predictive of future results.Unlike the bar charts, the Investment Results tables reflect, as required bySecu rities and Exchange Commission rules, each fund's results with the followingmaximum initial or contingent deferred sales charges imposed:Class A share results reflect the maximum initial sales charge of 3.75%. This charge is reduced for purchases of $100,000 or more and eliminated for purchases of $1 million or more.Class B share results reflect the applicable contingent deferred sales charge. For example, results for the one-year period shown reflect a contingent deferred sales charge of 5%. These charges begin to decline one year after purchase and are eliminated six years after purchase.Class C share results for the one-year period shown reflect a contingentdeferred sales charge of 1%, which only applies if shares are sold within oneyear of purchase.Class F shares are sold without any initial or contingent deferred sales charge.Results would be higher if calculated without sales charges.The Investment Results table shows the fund's results on both a pretax and after-tax basis, as required by Securities and Exchange Commission rules.After-tax returns are shown only for Class A shares;after-tax returns for other share classes will vary.Total returns shown "after taxes on distributions" reflect the effect of taxes on distributions (for example, dividends or capital gain distributions) by the fund.Total returns shown "after taxes on distributions and sale of fund shares" assume that you sold your fund shares at the end of the particular time period and, as a result, reflect the effect of both taxes on distributions by the fund and taxes on any gain or loss realized upon the sale of the shares.After-tax returns are calculated using the highesthistorical individual federal income tax rates in effect during each year of theperiods shown and do not reflect the impact of state and local taxes.< /ici:Paragraph>YOUR ACTUAL AFTER-TAX RETURNS DEPEND ON YOUR INDIVIDUAL TAX SITUATION AND LIKELYWILL DIFFER FROM THE RESULTS SHOWN ON THE FOLLOWING PAGES.Unlike the Investment Results tables on pages 4 and 6, the Additional InvestmentResults t ables on pages 11 and 12 reflect each fund's results calculated withoutsales charges.THE MARYLAND FUND CALENDAR YEAR TOTAL RETURNS FOR CLASS A SHARES(Results do not include a sales charge; if a sales charge were included, results would be lower.)19970.089619980.05741999-0.023520000.081920010.05120020.083120030.046620040.039320050.0320060.0395HIGHEST0.03992002-09-30LOWEST-0.01742004-06-30The fund's total return for the six months2007-06-300.0012INVESTMENT RESULTS(WITH MAXIMUM SALES CHARGES)AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED DECEMBER 31, 2006THE MARYLAND FUND1 YEAR5 YEARS10 YEARSLIFETIME1CLASS A1986-08-14Before taxes0.00030.03960.0450.0559After taxes on distributions0.00030.03960.0446After taxes on distributions and0.0130.03960.0447sale of fund shares1 YEAR5 YEARSLIFETIME1CLASS B2000-03-15Before taxes-0.01790.03640.0449CLASS C2001-04-12Before taxes0.02160.03880.0385CLASS F2001-06-15Before taxes0.03870.04620.04451 YEAR5 YEARS10 YEARSLIFETIME2INDEXES (BEFORE TAXES)Lehman Brothers Municipal Bond0.04840.05530.05760.0706Index3Lipper Maryland Municipal Debt Funds0.03930.04480.04690.0588Average4Class A annualized 30-day yield0.03725For current yield information, please call American FundsLine/(R)/ at(800) 325-35901Lifetime results for each share class are measured from the date the share class was first sold.2Lifetime results for the index(es) shown are measured from the date Class A shares were first sold. The funds or securities that compose each index may vary over time.3Lehman Brothers Municipal Bond Index represents the national investment-grade municipal bond market. This index is unmanaged and includes reinvested dividends and/or distributions, but does not reflect sales charges, commissions, expenses or taxes.4Lipper Maryland Municipal Debt Funds Average is comprised of funds that limit their assets to those securities that provide income that is exempt from taxation in Maryland. The results of the underlying funds in the average include reinvestment of dividends and capital gain distributions, as well as brokerage commissions paid by the funds for portfolio transactions, but do not reflect sales charges or taxes.5Reflects fee waivers (3.68% without the waivers) as described in the Annual Fund Operating Expenses table under "Fees and expenses of the fund."THE VIRGINIA FUND CALENDAR YEAR TOTAL RETURNS FOR CLASS A SHARES(Results do not include a sales charge; if a sales charge were included, results would be lower.)19970.083219980.05691999-0.025320000.100520010.045220020.089220030.041820040.030420050.023120060.0399HIGHEST0.04342002-09-30LOWEST-0.02332004-06-30The fund's total return for the six months ended2007-06-300.0009INVESTMENT RESULTS(WITH MAXIMUM SALES CHARGES)AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED DECEMBER 31, 2006THE VIRGINIA FUND1 YEAR5 YEARS10 YEARSLIFETIME1CLASS A1986-08-14Before taxes0.00110.03670.04390.057After taxes on distributions0.00110.03660.0435After taxes on distributions and0.0130.03680.0434sale of fund shares1 YEAR5 YEARSLIFETIME1CLASS B2000-03-15Before taxes-0.01750.03350.0445CLASS C2001-04-18Before taxes0.02190.03590.0359CLASS F2001-04-04Before taxes0.03910.0430.04061 YEAR5 YEARS10 YEARSLIFETIME2INDEXES (BEFORE TAXES)Lehman Brothers Municipal Bond0.04840.05530.05760.0706Index3Lipper Virginia Municipal Debt Funds0.03950.04620.04810.0591Average4Class A annualized 30-day yield0.0365(For current yield information, please call American FundsLine at(800) 325-35901Lifetime results for each share class are measured from the date the share class was first sold.2Lifetime results for the index(es) shown are measured from the date Class A shares were first sold. The funds or securities that compose each index may vary over time.3Lehman Brothers Municipal Bond Index represents the national investment-grade municipal bond market. This index is unmanaged and includes reinvested dividends and/or distributions, but does not reflect sales charges, commissions, expenses or taxes.4Lipper Virginia Municipal Debt Funds Average is comprised of funds that limit their assets to those securities that provide income that is exempt from taxation in Virginia. The results of the underlying funds in the average include reinvestment of dividends and capital gain distributions, as well as brokerage commissions paid by the funds for portfolio transactions, but do not reflect sales charges or taxes.5Reflects fee waivers (3.56% without the waivers) as described in the Annual Fund Operating Expenses table under "Fees and expenses of the fund."Fees and expenses of the fundThese tables describe the fees and expenses that you may pay if you buy and holdshares of the fund.SHAREHOLDER FEES (PAID DIRECTLY FROM YOUR INVESTMENT)CLASS ACLASS BCLASS CCLASS F1Maximum initial sales charge on purchases0.037520.00000.00000.0000as a percentage of offering price)Maximum sales charge on reinvested0.00000.00000.00000.0000dividendsMaximum contingent deferred sales0.000030.050040.010050.0000chargeRedemption or exchange fees0.00000.00000.00000.0000ANNUAL FUND OPERATING EXPENSES (DEDUCTED FROM FUND ASSETS)CLASS ACLASS BCLASS CCLASS FTHE MARYLAND FUNDManagement fees60.00370.0037 0.00370.0037Distribution and/or service0.00250.01000.01000.0025(12b-1) fees7Other expenses80.00080.00080.00140.0016Total annual fund operating0.00700.01450.01510.0078expenses6THE VIRGINIA FUNDManagement fees60.00360.00360.00360.0036Distribution and/or service0.00250.01000.01000.0025(12b-1) fees7Other expenses80.00080.00090.00140.0016Total annual fund operating0.00690.01450.01500.0077expenses61Class F shares are generally available only to fee-based programs of investment dealers that have special agreements with the fund's distributor and to certain registered investment advisers.2The initial sales charge is reduced for purchases of $100,000 or more and eliminated for purchases of $1 million or more.3A contingent deferred sales charge of 1.00% applies on certain redemptions made within one year following purchases of $1 million or more made without an initial sales charge.4The contingent deferred sales charge is reduced one year after purchase and eliminated six years after purchase.5The contingent deferred sales charge is eliminated one year after purchase.6The fund's investment adviser and business manager are each currently waiving 10% of its management fee. The waivers may be discontinued at any time in consultation with the fund's board, but they are expected to continue at this level until further review. The fund's investment adviser, business manager and board intend to review the waivers as circumstances warrant. Management fees and total expenses do not reflect any waivers. Information regarding the effect of any waivers on total annual fund operating expenses can be found in the Financial Highlights table in this prospectus and in the fund's annual report.7Class A and F 12b-1 fees may not exceed .25% and .50%, respectively, of each class' average net assets annually. Class B and C 12b-1 fees may not exceed 1.00% of each class' average net assets annually.8Includes custodial, legal, transfer agent and subtransfer agent/recordkeeping payments and various other expenses. Subtransfer agent/recordkeeping payments may be made to third parties (including affiliates of the fund's investment adviser) that provide subtransfer agent, recordkeeping and/or shareholder services with respect to certain shareholder accounts in lieu of the transfer agent providing such services. The amount paid for subtransfer agent/recordkeeping services will vary depending on the share class and services provided, and typically ranges from $3 to $19 per account.EXAMPLESThe examples below are intended to help you compare the cost of investing in thefund with the cost of investing in other mutual funds. The examples assume thatyou invest $10,000 in the fund for the time periods indicated, that yourinvestment has a 5% return each year, that all dividends and capital gaindistributions are reinvested, and that the fund's operating expenses remain thesame as shown above. The examples do not reflect the impact of any fee waiversor expense reimbursements. The examples assuming redemption do not reflect theeffect of any taxable gain or loss at the time of the redemption.Although your actual costs may be higher or lower, based on these assumptions, your cumulative estimated expenses would be:1 YEAR3 YEARS5 YEARS10 YEARSTHE MARYLAND FUNDClass A14445907501213Class B -- assuming redemption26488599921531Class B -- assuming no redemption31484597921531Class C -- assuming redemption42544778241802Class C -- assuming no redemption1544778241802< ici:Paragraph contextRef="C0000792953_C000025751" />Class F -- excluding intermediary80249433 966fees5THE VIRGINIA FUNDClass A14435877451201Class B -- assuming redemption26488599921529Class B -- assuming no redemption31484597921529Class C -- assuming redemption42534748181791Class C -- assuming no redemption1534748181791Class F -- excluding intermediary79246428954fees51Reflects the maximum initial sales charge.2Reflects applicable contingent deferred sales charges through year six and Class A expenses for years nine and 10 because Class B shares automatically convert to Class A shares after eight years.3Reflects Class A expenses for years nine and 10 because Class B shares automatically convert to Class A shares after eight years.4Reflects a contingent deferred sales charge in the first year.5Does not include fees charged by financial intermediaries, which are independent of fund expenses and will increase the overall cost of your investment. Intermediary fees typically range from .75% to 1.50% of assets annually depending on the services offered.Investment objectives, strategies and risksThe fund's primary investment objective is to provide you with a high level of current income exempt from regular federal and the respective state's (Maryland or Virginia) income taxes.Its secondary objective is preservation of capital.The fund seeks to achieve these objectives under normal circumstances by investing 80% of its assets in, or deriving at least 80% of its income from, municipal bonds, and to a lesser extent in lower quality bonds, issued by municipalities in the respective state (Maryland or Virginia) and in municipal securities that are issued by jurisdictions outside the respective state provided such securities are exempt from federal and Maryland/Virginia taxation.Municipal bonds are debt obligations generally issued to obtain funds for various public purposes, including the construction of public facilities. The fund may also invest up to 20% of its assets in securities that may subject you to federal alternative minimum taxes.Because the fund invests in securities of issuers in the state of Maryland orVirginia, the fund is more susceptible to factors adversely affecting issuers ofsuch state's securities than is a comparable municipal bond mutual fund thatdoes not concentrate in a single state.Both Maryland and Virginia are affected by changes in levels of federal funding and financial support of certain industries, as well as by federal spending cutbacks due to the large number of residents who are employed by the federal government.In addition, each state is dependent on certain economic sectors. Maryland's economy is based largely on the government sector, manufacturing, the service trade, and financial, real estate and insurance entities. Virginia's economy is most dependent on the government sector, manufacturing, the service trade and financial services.To the extent there are changes to any of these sectors, the fund may be adversely impacted. More detailed information about the fund's risks is contained in the statement of additional information.The fund will invest primarily in investment-grade debt securities rated Baa or BBB or better by Moody's Investors Service or Standard & Poor's Corporation (or unrated but determined to be of equivalent quality) and may invest up to 20% of its assets in lower quality, lower rated debt securities rated Ba and BB or below (or unrated but determined to be of equivalent quality).The values of, and the income generated by, most debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities. For example, the values of debt securities in the fund's portfolio generally will decline when interest rates rise and increase when interest rates fall.In addition, falling interest rates may cause an issuer to redeem or "call" a security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities.Debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default.Lower quality or longer maturity debt securities generally have higher rates ofinterest and may be subject to greater price fluctuations than higher quality orshorter maturity debt securities.There may be little trading in the secondary market for particular debt securities, which may make them more difficult to value or sell.Also, bonds of certain sectors may from time to time have special risks. For example, the health care sector can be affected by state and federal regulation.The fund's investment adviser attempts to reduce these risks through diversification of the portfolio and with ongoing credit analysis of each issuer, as well as by monitoring economic and legislative developments, but there can be no assurance that it will be successful at doing so.The fund may also hold cash or money market instruments, which may includetaxable debt securities. The percentage of the fund invested in such holdingsvaries and depends on various factors, including market conditions and purchasesand redemptions of fund shares. A larger percentage of such holdings couldmoderate the fund's investment results in a period of rising market prices.A larger percentage of cash or money market instruments could reduce the magnitude of the fund's loss in a period of falling market prices and provide liquidity to make additional investments or to meet redemptions.The fund relies on the professional judgment of its investment adviser to make decisions about the fund's portfolio investments.The basic investmentphilosophy of the investment adviser is to seek to invest in attractively pricedsecurities that, in its opinion, represent above-average long-term investmentopportunities.The investment adviser believes that an important way to accomplish this is by analyzing various factors, which may include the credit strength of the issuer, prices of similar securities issued by comparable issuers, current and anticipated changes in interest rates, general market conditions and other factors pertinent to the particular security being evaluated.Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.2007-11-052007-11-05The purpose of submitting the tagged exhibit is to test the related format and technology and, as a result, investors should not rely on this exhibit in making investment decisions. -----END PRIVACY-ENHANCED MESSAGE-----