0000925950-12-000016.txt : 20121022 0000925950-12-000016.hdr.sgml : 20121022 20121022131232 ACCESSION NUMBER: 0000925950-12-000016 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 8 FILED AS OF DATE: 20121022 DATE AS OF CHANGE: 20121022 EFFECTIVENESS DATE: 20121022 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN FUNDS TAX-EXEMPT FUND OF NEW YORK CENTRAL INDEX KEY: 0001496999 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-168594 FILM NUMBER: 121154236 BUSINESS ADDRESS: STREET 1: ONE MARKET - STEUART TOWER STREET 2: SUITE 1800 CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: 415-421-9360 MAIL ADDRESS: STREET 1: ONE MARKET - STEUART TOWER STREET 2: SUITE 1800 CITY: SAN FRANCISCO STATE: CA ZIP: 94105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN FUNDS TAX-EXEMPT FUND OF NEW YORK CENTRAL INDEX KEY: 0001496999 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22448 FILM NUMBER: 121154237 BUSINESS ADDRESS: STREET 1: ONE MARKET - STEUART TOWER STREET 2: SUITE 1800 CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: 415-421-9360 MAIL ADDRESS: STREET 1: ONE MARKET - STEUART TOWER STREET 2: SUITE 1800 CITY: SAN FRANCISCO STATE: CA ZIP: 94105 0001496999 S000030189 AMERICAN FUNDS TAX-EXEMPT FUND OF NEW YORK C000092891 Class A NYAAX C000092892 Class B NYABX C000092893 Class C NYACX C000092894 Class F-1 NYAEX C000092895 Class F-2 NYAFX 485BPOS 1 tefny485bxbrl.htm AMERICAN FUNDS TAX-EXEMPT FUND OF NEW YORK tefny485bxbrl.htm
SEC. File Nos.   333-168594
811-22448

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM N-1A
Registration Statement
Under
the Securities Act of 1933
Post-Effective Amendment No. 4
and
Registration Statement
Under
The Investment Company Act of 1940
Amendment No. 6


AMERICAN FUNDS TAX-EXEMPT FUND OF NEW YORK
(Exact Name of Registrant as specified in charter)

One Market
Steuart Tower, Suite 2000
San Francisco, California 94105-1409
(Address of principal executive offices)

Registrant's telephone number, including area code:
(415) 421-9360



COURTNEY R. TAYLOR, Secretary
American Funds Tax-Exempt Fund of New York
333 South Hope Street
Los Angeles, California 90071
(Name and Address of Agent for Service)


Copies to:
Michael Glazer
Bingham McCutchen LLP
355 South Grand Avenue, Suite 4400
Los Angeles, CA 90071-3106
(Counsel for the Registrant)
____________

Approximate date of proposed public offering:

It is proposed that this filing become effective immediately pursuant to paragraph (b) of rule 485.
 
 
 
 

 


 
SIGNATURES


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 under 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, duly authorized, in the City and County of Los Angeles, and State of California, on the 19th day of October 2012.

AMERICAN FUNDS TAX-EXEMPT FUND OF NEW YORK

By /s/ Karl J. Zeile                                                              
     (Karl J. Zeile, President and Trustee)

 Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below on October 19, 2012, by the following persons in the capacities indicated.

 
 
Signature
 
Title
 
(1)
 
Principal Executive Officer:
 
 
 
/s/ Karl J. Zeile 
 
 
President and Trustee
 
 
(Karl J. Zeile)
 
 
(2)
 
Principal Financial Officer and Principal Accounting Officer:
 
 
 
/s/ Karl C. Grauman 
 
 
Treasurer
 
 
(Karl C. Grauman)
 
 
(3)
 
Trustees:
 
 
William H. Baribault*
Trustee
 
 
James G. Ellis*
Trustee
 
 
Leonard R. Fuller*
 
Trustee
 
 
W. Scott Hedrick*
Trustee
 
 
R. Clark Hooper*
Chairman of the Board (Independent and Non-Executive)
 
 
Merit E. Janow*
Trustee
 
 
Laurel B. Mitchell*
Trustee
 
 
Frank M. Sanchez*
Trustee
 
 
Margaret Spellings*
Trustee
 
 
Steadman Upham*
Trustee
 
 
 
/s/ Karl J. Zeile 
 
 
President and Trustee
 
 
(Karl J. Zeile)
 
 
 
*By: /s/ Courtney R. Taylor 
 
 
 
(Courtney R. Taylor, pursuant to a power of attorney filed herewith)
 

Counsel represents that this amendment does not contain disclosures that would make the amendment ineligible for effectiveness under the provisions of rule 485(b).

/s/ Katherine H. Newhall                                                        
 (Katherine H. Newhall)
 
 
 
 

 
 
 
POWER OF ATTORNEY

I, William H. Baribault, the undersigned Board member of the following registered investment companies (collectively, the “Funds”):

-  
American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)
-  
The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)
-  
American Funds Insurance Series (File No. 002-86838, File No. 811-03857)
-  
American Funds Money Market Fund (File No. 333-157162, File No. 811-22277)
-  
American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)
-  
American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)
-  
American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)
-  
American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)
-  
American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)
-  
The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)
-  
American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)
-  
American High-Income Trust (File No. 033-17917, File No. 811-05364)
-  
The Bond Fund of America (File No. 002-50700, File No. 811-02444)
-  
Capital World Bond Fund (File No. 033-12447, File No. 811-05104)
-  
Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)
-  
Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)
-  
Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)
-  
The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

Vincent P. Corti
Steven I. Koszalka
Patrick F. Quan
Courtney R. Taylor
Julie E. Lawton
Tanya Schneider
Raymond F. Sullivan, Jr.
Karl C. Grauman
M. Susan Gupton
Brian C. Janssen
Dori Laskin
Gregory F. Niland
 
 
each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940 as amended, and all related requirements of the U. S. Securities and Exchange Commission.  I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.
 

EXECUTED at Washington, DC, this 13th day of June, 2012.
(City, State)

/s/ William H. Baribault
William H. Baribault, Board member
 
 
 
 

 
 
POWER OF ATTORNEY

I, James G. Ellis, the undersigned Board member of the following registered investment companies (collectively, the “Funds”):

-  
AMCAP Fund (File No. 002-26516, File No. 811-01435)
-  
American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)
-  
American Funds Global Balanced Fund (File No. 333-170605, File No. 811-22496)
-  
The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)
-  
American Funds Insurance Series (File No. 002-86838, File No. 811-03857)
-  
American Funds Money Market Fund (File No. 333-157162, File No. 811-22277)
-  
American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)
-  
American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)
-  
American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)
-  
American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)
-  
American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)
-  
The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)
-  
American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)
-  
American High-Income Trust (File No. 033-17917, File No. 811-05364)
-  
American Mutual Fund (File No. 002-10607, File No. 811-00572)
-  
The Bond Fund of America (File No. 002-50700, File No. 811-02444)
-  
Capital World Bond Fund (File No. 033-12447, File No. 811-05104)
-  
Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)
-  
The Investment Company of America (File No. 002-10811, File No. 811-00116)
-  
Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)
-  
Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)
-  
The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

Vincent P. Corti
Steven I. Koszalka
Patrick F. Quan
Courtney R. Taylor
Julie E. Lawton
Tanya Schneider
Raymond F. Sullivan, Jr.
Brian D. Bullard
Karl C. Grauman
M. Susan Gupton
Brian C. Janssen
Dori Laskin
Gregory F. Niland
Ari M. Vinocor
 
 
each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940 as amended, and all related requirements of the U. S. Securities and Exchange Commission.  I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.
 

EXECUTED at Washington, DC, this 13th day of June, 2012.
(City, State)

/s/ James G. Ellis                                           
James G. Ellis, Board member
 
 
 
 

 
 
POWER OF ATTORNEY

I, Leonard R. Fuller, the undersigned Board member of the following registered investment companies (collectively, the “Funds”):

-  
AMCAP Fund (File No. 002-26516, File No. 811-01435)
-  
American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)
-  
American Funds Global Balanced Fund (File No. 333-170605, File No. 811-22496)
-  
The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)
-  
American Funds Insurance Series (File No. 002-86838, File No. 811-03857)
-  
American Funds Money Market Fund (File No. 333-157162, File No. 811-22277)
-  
American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)
-  
American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)
-  
American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)
-  
American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)
-  
American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)
-  
The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)
-  
American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)
-  
American High-Income Trust (File No. 033-17917, File No. 811-05364)
-  
American Mutual Fund (File No. 002-10607, File No. 811-00572)
-  
The Bond Fund of America (File No. 002-50700, File No. 811-02444)
-  
Capital World Bond Fund (File No. 033-12447, File No. 811-05104)
-  
Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)
-  
The Investment Company of America (File No. 002-10811, File No. 811-00116)
-  
Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)
-  
Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)
-  
The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

Vincent P. Corti
Steven I. Koszalka
Patrick F. Quan
Courtney R. Taylor
Julie E. Lawton
Tanya Schneider
Raymond F. Sullivan, Jr.
Brian D. Bullard
Karl C. Grauman
M. Susan Gupton
Brian C. Janssen
Dori Laskin
Gregory F. Niland
Ari M. Vinocor
 
 
each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940 as amended, and all related requirements of the U. S. Securities and Exchange Commission.  I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.
 

EXECUTED at Washington, DC, this 13th day of June, 2012.
(City, State)

/s/ Leonard R. Fuller
Leonard R. Fuller, Board member
 
 
 
 

 
 
POWER OF ATTORNEY

I, W. Scott Hedrick, the undersigned Board member of the following registered investment companies (collectively, the “Funds”):

-  
American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)
-  
The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)
-  
American Funds Insurance Series (File No. 002-86838, File No. 811-03857)
-  
American Funds Money Market Fund (File No. 333-157162, File No. 811-22277)
-  
American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)
-  
American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)
-  
American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)
-  
American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)
-  
American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)
-  
The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)
-  
American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)
-  
American High-Income Trust (File No. 033-17917, File No. 811-05364)
-  
The Bond Fund of America (File No. 002-50700, File No. 811-02444)
-  
Capital World Bond Fund (File No. 033-12447, File No. 811-05104)
-  
Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)
-  
Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)
-  
Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)
-  
The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

Vincent P. Corti
Steven I. Koszalka
Patrick F. Quan
Courtney R. Taylor
Julie E. Lawton
Tanya Schneider
Raymond F. Sullivan, Jr.
Karl C. Grauman
M. Susan Gupton
Brian C. Janssen
Dori Laskin
Gregory F. Niland
 
 
each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940 as amended, and all related requirements of the U. S. Securities and Exchange Commission.  I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.
 

EXECUTED at Washington, DC, this 13th day of June, 2012.
(City, State)

/s/ W. Scott Hedrick
W. Scott Hedrick, Board member
 
 
 
 

 
 
POWER OF ATTORNEY

I, R. Clark Hooper, the undersigned Board member of the following registered investment companies (collectively, the “Funds”):

-  
American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)
-  
The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)
-  
American Funds Insurance Series (File No. 002-86838, File No. 811-03857)
-  
American Funds Money Market Fund (File No. 333-157162, File No. 811-22277)
-  
American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)
-  
American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)
-  
American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)
-  
American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)
-  
American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)
-  
The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)
-  
American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)
-  
American High-Income Trust (File No. 033-17917, File No. 811-05364)
-  
The Bond Fund of America (File No. 002-50700, File No. 811-02444)
-  
Capital Income Builder (File No. 033-12967, File No. 811-05085)
-  
Capital World Bond Fund (File No. 033-12447, File No. 811-05104)
-  
Capital World Growth and Income Fund, Inc. (File No. 033-54444, File No. 811-07338)
-  
Capital World Growth and Income Fund
-  
Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)
-  
Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)
-  
The New Economy Fund  (File No. 002-83848, File No. 811-03735)
-  
The New Economy Fund
-  
Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)
-  
The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

Vincent P. Corti
Steven I. Koszalka
Patrick F. Quan
Courtney R. Taylor
Julie E. Lawton
Tanya Schneider
Raymond F. Sullivan, Jr.
Karl C. Grauman
M. Susan Gupton
Brian C. Janssen
Dori Laskin
Gregory F. Niland
Neal F. Wellons
 
 
each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940 as amended, and all related requirements of the U. S. Securities and Exchange Commission.  I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.
 

EXECUTED at Washington, DC, this 13th day of June, 2012.
(City, State)

/s/ R. Clark Hooper
R. Clark Hooper, Board member
 
 
 
 

 
 
POWER OF ATTORNEY

I, Merit E. Janow, the undersigned Board member of the following registered investment companies (collectively, the “Funds”):

-  
American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)
-  
The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)
-  
American Funds Insurance Series (File No. 002-86838, File No. 811-03857)
-  
American Funds Money Market Fund (File No. 333-157162, File No. 811-22277)
-  
American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)
-  
American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)
-  
American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)
-  
American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)
-  
American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)
-  
The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)
-  
American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)
-  
American High-Income Trust (File No. 033-17917, File No. 811-05364)
-  
The Bond Fund of America (File No. 002-50700, File No. 811-02444)
-  
Capital Income Builder (File No. 033-12967, File No. 811-05085)
-  
Capital World Bond Fund (File No. 033-12447, File No. 811-05104)
-  
Capital World Growth and Income Fund, Inc. (File No. 033-54444, File No. 811-07338)
-  
Capital World Growth and Income Fund
-  
Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)
-  
Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)
-  
The New Economy Fund  (File No. 002-83848, File No. 811-03735)
-  
The New Economy Fund
-  
Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)
-  
The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

Vincent P. Corti
Steven I. Koszalka
Patrick F. Quan
Courtney R. Taylor
Julie E. Lawton
Tanya Schneider
Raymond F. Sullivan, Jr.
Karl C. Grauman
M. Susan Gupton
Brian C. Janssen
Dori Laskin
Gregory F. Niland
Neal F. Wellons
 
 
each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940 as amended, and all related requirements of the U. S. Securities and Exchange Commission.  I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.
 

EXECUTED at Washington, DC, this 13th day of June, 2012.
(City, State)

/s/ Merit E. Janow
Merit E. Janow, Board member
 
 
 
 

 
 
POWER OF ATTORNEY

I, Laurel B. Mitchell, the undersigned Board member of the following registered investment companies (collectively, the “Funds”):

-  
American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)
-  
The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)
-  
American Funds Insurance Series (File No. 002-86838, File No. 811-03857)
-  
American Funds Money Market Fund (File No. 333-157162, File No. 811-22277)
-  
American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)
-  
American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)
-  
American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)
-  
American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)
-  
American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)
-  
The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)
-  
American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)
-  
American High-Income Trust (File No. 033-17917, File No. 811-05364)
-  
The Bond Fund of America (File No. 002-50700, File No. 811-02444)
-  
Capital World Bond Fund (File No. 033-12447, File No. 811-05104)
-  
Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)
-  
Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)
-  
Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)
-  
The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

Vincent P. Corti
Steven I. Koszalka
Patrick F. Quan
Courtney R. Taylor
Julie E. Lawton
Tanya Schneider
Raymond F. Sullivan, Jr.
Karl C. Grauman
M. Susan Gupton
Brian C. Janssen
Dori Laskin
Gregory F. Niland
 
 
each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940 as amended, and all related requirements of the U. S. Securities and Exchange Commission.  I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.
 

EXECUTED at Washington, DC, this 13th day of June, 2012.
(City, State)

/s/ Laurel B. Mitchell
Laurel B. Mitchell, Board member
 
 
 
 

 
 
POWER OF ATTORNEY

I, Frank M. Sanchez, the undersigned Board member of the following registered investment companies (collectively, the “Funds”):

-  
American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)
-  
The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)
-  
American Funds Insurance Series (File No. 002-86838, File No. 811-03857)
-  
American Funds Money Market Fund (File No. 333-157162, File No. 811-22277)
-  
American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)
-  
American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)
-  
American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)
-  
American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)
-  
American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)
-  
The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)
-  
American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)
-  
American High-Income Trust (File No. 033-17917, File No. 811-05364)
-  
The Bond Fund of America (File No. 002-50700, File No. 811-02444)
-  
Capital World Bond Fund (File No. 033-12447, File No. 811-05104)
-  
Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)
-  
Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)
-  
Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)
-  
The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

Vincent P. Corti
Steven I. Koszalka
Patrick F. Quan
Courtney R. Taylor
Julie E. Lawton
Tanya Schneider
Raymond F. Sullivan, Jr.
Karl C. Grauman
M. Susan Gupton
Brian C. Janssen
Dori Laskin
Gregory F. Niland
 
 
each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940 as amended, and all related requirements of the U. S. Securities and Exchange Commission.  I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.
 

EXECUTED at Los Angeles, CA, this 13th day of June, 2012.
(City, State)

/s/ Frank M. Sanchez
Frank M. Sanchez, Board member
 
 
 
 

 
 
POWER OF ATTORNEY

I, Margaret Spellings, the undersigned Board member of the following registered investment companies (collectively, the “Funds”):

-  
American Balanced Fund (File No. 002-10758, File No. 811-00066)
-  
American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)
-  
The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)
-  
American Funds Insurance Series (File No. 002-86838, File No. 811-03857)
-  
American Funds Money Market Fund (File No. 333-157162, File No. 811-22277)
-  
American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)
-  
American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)
-  
American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)
-  
American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)
-  
American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)
-  
The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)
-  
American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)
-  
American High-Income Trust (File No. 033-17917, File No. 811-05364)
-  
The Bond Fund of America (File No. 002-50700, File No. 811-02444)
-  
Capital World Bond Fund (File No. 033-12447, File No. 811-05104)
-  
The Income Fund of America (File No. 002-33371, File No. 811-01880)
-  
Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)
-  
International Growth and Income Fund (File No. 333-152323, File No. 811-22215)
-  
Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)
-  
Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)
-  
The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

Vincent P. Corti
Steven I. Koszalka
Patrick F. Quan
Courtney R. Taylor
Julie E. Lawton
Tanya Schneider
Raymond F. Sullivan, Jr.
Karl C. Grauman
M. Susan Gupton
Brian C. Janssen
Dori Laskin
Gregory F. Niland
Jeffrey P. Regal
 
 
each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940 as amended, and all related requirements of the U. S. Securities and Exchange Commission.  I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.
 

EXECUTED at Washington, DC, this 18th day of June, 2012.
(City, State)

/s/ Margaret Spellings
Margaret Spellings, Board member
 
 
 
 

 
 
POWER OF ATTORNEY

I, Steadman Upham, the undersigned Board member of the following registered investment companies (collectively, the “Funds”):

-  
American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)
-  
The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)
-  
American Funds Insurance Series (File No. 002-86838, File No. 811-03857)
-  
American Funds Money Market Fund (File No. 333-157162, File No. 811-22277)
-  
American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)
-  
American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)
-  
American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)
-  
American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)
-  
American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)
-  
The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)
-  
American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)
-  
American High-Income Trust (File No. 033-17917, File No. 811-05364)
-  
The Bond Fund of America (File No. 002-50700, File No. 811-02444)
-  
Capital Income Builder (File No. 033-12967, File No. 811-05085)
-  
Capital World Bond Fund (File No. 033-12447, File No. 811-05104)
-  
Capital World Growth and Income Fund, Inc. (File No. 033-54444, File No. 811-07338)
-  
Capital World Growth and Income Fund
-  
Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)
-  
Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)
-  
The New Economy Fund  (File No. 002-83848, File No. 811-03735)
-  
The New Economy Fund
-  
Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)
-  
The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

Vincent P. Corti
Steven I. Koszalka
Patrick F. Quan
Courtney R. Taylor
Julie E. Lawton
Tanya Schneider
Raymond F. Sullivan, Jr.
Karl C. Grauman
M. Susan Gupton
Brian C. Janssen
Dori Laskin
Gregory F. Niland
Neal F. Wellons
 
 
each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940 as amended, and all related requirements of the U. S. Securities and Exchange Commission.  I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.
 

EXECUTED at Washington, DC, this 13th day of June, 2012.
(City, State)

/s/ Steadman Upham
Steadman Upham, Board member
 
 
 
 

 
 
 
Exhibit Index

Exhibit No.
Description
   
EX-101.INS
XBRL Instance Document
EX-101.SCH
XBRL Taxonomy Extension Schema Document
EX-101.CAL
XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF
XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB
XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE
XBRL Taxonomy Extension Presentation Linkbase

EX-101.INS 2 ck0001496999-20120731.xml 485BPOS 2012-07-31 0001496999 2012-10-01 AMERICAN FUNDS TAX-EXEMPT FUND OF NEW YORK false 2012-09-28 2012-10-01 <tt>The fund pays transaction costs, such as commissions, when it buys and sells <br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when fund <br />shares are held in a taxable account. These costs, which are not reflected in <br />annual fund operating expenses or in the example, affect the fund's investment <br />results. During the most recent fiscal year, the fund's portfolio turnover rate <br />was 14% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.americanfunds.com/role/ExpenseExample_S000009233Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/BarChartData_S000009233Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The fund's investment objective is to provide you with current income exempt<br />from regular federal income tax, consistent with its maturity and quality<br />standards described in the prospectus, and to preserve capital.</tt> <tt>This example is intended to help you compare the cost of investing in<br />the fund with the cost of investing in other mutual funds.<br /> <br />The example assumes that you invest $10,000 in the fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />example also assumes that your investment has a 5% return each year and that the<br />fund's operating expenses remain the same.</tt> <tt>Under normal circumstances, the fund will invest at least 80% of its assets in,<br />or derive at least 80% of its income from, securities that are exempt from<br />regular federal income tax and that do not subject you to federal alternative<br />minimum tax. The fund may also invest up to 20% of its assets in securities that<br />may subject you to federal alternative minimum tax. The fund invests primarily<br />in municipal bonds rated AA- or better or Aa3 or better by Nationally Recognized<br />Statistical Rating Organizations designated by the fund's investment adviser, or<br />unrated but determined by the fund's investment adviser to be of equivalent<br />quality. The fund may also invest in municipal bonds rated A- or better or A3 or<br />better by Nationally Recognized Statistical Rating Organizations designated by<br />the fund's investment adviser or unrated but determined by the fund's investment<br />adviser to be of equivalent quality. Some of the securities in which the fund<br />invests may have credit and liquidity support features, including guarantees and<br />letters of credit. The fund's aggregate portfolio will have a dollar-weighted<br />average maturity no greater than three years.<br /> <br />In addition, the fund may invest significantly in municipal obligations of<br />issuers in the same state, or engaged in the same types of projects or<br />industries.<br /> <br />The investment adviser uses a system of multiple portfolio counselors in<br />managing the fund's assets. Under this approach, the portfolio of the fund is<br />divided into segments managed by individual counselors who decide how their<br />respective segments will be invested.<br /> <br />The fund relies on the professional judgment of its investment adviser to make<br />decisions about the fund's portfolio investments. The basic investment philosophy <br />of the investment adviser is to seek to invest in attractively priced securities <br />that, in its opinion, represent good, long-term investment opportunities. The <br />investment adviser believes that an important way to accomplish this is by analyzing <br />various factors, which may include the credit strength of the issuer, prices of <br />similar securities issued by comparable issuers, anticipated changes in interest <br />rates, general market conditions and other factors pertinent to the particular <br />security being evaluated. Securities may be sold when the investment adviser <br />believes that they no longer represent relatively attractive investment <br />opportunities.</tt> American Funds Short-Term Tax-Exempt Bond Fund® You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $500,000 in American Funds. Example After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Investment objective Past investment results (before and after taxes) are not predictive of future investment results. The Lipper Short Municipal Debt Funds Average includes the fund and other funds that disclose investment objectives and/or strategies reasonably comparable to the fund's objective and/or strategies. The results below and on the following page for certain periods shown reflect the operation of the fund as a money market fund prior to its conversion on August 7, 2009 to a short-term tax-exempt bond fund. You may lose money by investing in the fund. Principal risks Shareholder fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.14 Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. Calender year total returns for Class A shares (Results do not include a sales charge; if a sales charge were included, results would be lower.) (Results do not include a sales charge; if a sales charge were included, results would be lower.) Investment results 500000 The following bar chart shows how the fund's investment results have varied from year to year, and the following table shows how the fund's average annual total returns for various periods compare with different broad measures of market results. <tt>Highest/Lowest quarterly returns during this period were:<br /><br />Highest&#xA0;&#xA0;1.29% (quarter ended September 30, 2010)<br /><br />Lowest&#xA0;&#xA0;-0.76% (quarter ended December 31, 2010)</tt> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Average annual total returns For the periods ended December 31, 2011 (with maximum sales charge): <tt>The following bar chart shows how the fund's investment results have varied from<br />year to year, and the following table shows how the fund's average annual total<br />returns for various periods compare with different broad measures of market<br />results.</tt> Portfolio turnover <tt>This section describes the principal risks associated with the fund's principal<br />investment strategies. You may lose money by investing in the fund. The<br />likelihood of loss may be greater if you invest for a shorter period of time.<br /> <br />Market conditions -- The prices of, and the income generated by, the securities<br />held by the fund may decline due to market conditions and other factors,<br />including those directly involving the issuers of securities held by the fund.<br /> <br />Investing in bonds -- Rising interest rates will generally cause the prices of<br />bonds and other debt securities to fall. Longer maturity debt securities may be<br />subject to greater price fluctuations than shorter maturity debt securities. In<br />addition, falling interest rates may cause an issuer to redeem, call or refinance <br />a security before its stated maturity, which may result in the fund having to <br />reinvest the proceeds in lower yielding securities.<br /> <br />Bonds and other debt securities are subject to credit risk, which is the<br />possibility that the credit strength of an issuer will weaken and/or an issuer<br />of a debt security will fail to make timely payments of principal or interest<br />and the security will go into default.<br /> <br />Thinly traded securities -- There may be little trading in the secondary market<br />for particular bonds or other debt securities, which may make them more<br />difficult to value, acquire or sell.<br /> <br />Credit and liquidity support -- Changes in the credit quality of banks and<br />financial institutions providing credit and liquidity support features with<br />respect to securities held by the fund could cause the values of these<br />securities to decline.<br /> <br />Investing in similar municipal bonds -- Investing significantly in municipal<br />obligations of issuers in the same state or backed by revenues of similar <br />types of projects or industries may make the fund more susceptible to certain<br />economic, political or regulatory occurrences. As a result, the potential for<br />fluctuations in the fund's share price may increase.<br /> <br />Management -- The investment adviser to the fund actively manages the fund's<br />investments. Consequently, the fund is subject to the risk that the methods <br />and analyses employed by the investment adviser in this process may not produce <br />the desired results. This could cause the fund to lose value or its investment<br />results to lag relevant benchmarks or other funds with similar objectives.<br /> <br />Your investment in the fund is not a bank deposit and is not insured or<br />guaranteed by the Federal Deposit Insurance Corporation or any other<br />governmental agency, entity or person. You should consider how this fund <br />fits into your overall investment program.</tt> Fees and expenses of the fund After-tax returns are shown only for Class A shares; Principal investment strategies americanfunds.com <tt>The following bar chart shows how the fund's investment results have varied from<br />year to year, and the following table shows how the fund's average annual total<br />returns for various periods compare with different broad measures of market<br />results. This information provides some indication of the risks of investing in<br />the fund. The Lipper Short Municipal Debt Funds Average includes the fund and<br />other funds that disclose investment objectives and/or strategies reasonably<br />comparable to the fund's objective and/or strategies. The results below and on<br />the following page for certain periods shown reflect the operation of the fund<br />as a money market fund prior to its conversion on August 7, 2009 to a short-term<br />tax-exempt bond fund. Accordingly, results for such periods are not representative <br />of the fund's results had the fund been operated as a short-term tax-exempt bond <br />fund during the entire period. Past investment results (before and after taxes) <br />are not predictive of future investment results. Updated information on the fund's <br />investment results can be obtained by visiting americanfunds.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the fund. You may qualify for sales charge discounts if you and your<br />family invest, or agree to invest in the future, at least $500,000 in American<br />Funds. More information about these and other discounts is available from your<br />financial professional and in the "Sales charge reductions and waivers" section<br />on page 48 of the prospectus and on page 70 of the fund's statement of<br />additional information.</tt> <div style="display:none">~ http://www.americanfunds.com/role/OperatingExpensesData_S000009233Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/PerformanceTableData_S000009233Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>After-tax returns are shown only for Class A shares; after-tax returns for other<br />share classes will vary. After-tax returns are calculated using the highest<br />individual federal income tax rates in effect during each year of the periods<br />shown and do not reflect the impact of state and local taxes. Your actual<br />after-tax returns depend on your individual tax situation and likely will differ<br />from the results shown above.</tt> 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 governmental agency, entity or person. <tt>Class A annualized 30-day yield at July 31, 2012: 0.36%<br />(For current yield information, please call American&#xA0;&#xA0;&#xA0;<br />FundsLine&#xAE; at 800/325-3590.)</tt> <div style="display:none">~ http://www.americanfunds.com/role/ShareholderFeesData_S000009233Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Lipper Short Municipal Debt Funds Average (reflects no deductions for sales charges, account fees or taxes) 0.0240 0.0252 0.0250 Barclays Municipal Short 1-5 Years Index (reflects no deductions for sales charges, account fees, expenses or taxes) 0.0345 0.0422 Share class A - After taxes on distributions and sale of fund shares 0.0045 0.0142 0.0140 1989-10-24 Share class A - After taxes on distributions 0.0005 0.0142 0.0140 1989-10-24 ASTFX 0.0000 Share class F-2 - Before taxes 53 167 653 0.00 291 0.0268 0.0014 0.0038 0.00 0.0000 0.0052 0.0233 2009-08-12 0.0000 FSTTX 0.0000 Share class F-1 - Before taxes 80 249 966 0.00 433 0.0243 0.0015 0.0038 0.00 0.0025 0.0078 0.0213 2009-08-27 0.0000 ASTEX 0.0089 Lowest Highest 0.0250 800/325-3590 Share class A - Before taxes 309 2010-09-30 0.0036 434 -0.0076 0.0066 0.0190 969 0.00 571 0.0318 0.0129 0.0005 0.0006 0.0154 0.0038 2010-12-31 0.0088 0.0142 0.0193 0.0262 0.00 0.0046 Class A annualized 30-day yield at July 31, 2012: 0.0015 0.0140 0.0059 0.0295 1989-10-24 0.0100 <tt>The fund pays transaction costs, such as commissions, when it buys and sells <br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when fund <br />shares are held in a taxable account. These costs, which are not reflected in <br />annual fund operating expenses or in the example, affect the fund's investment <br />results. During the most recent fiscal year, the fund's portfolio turnover rate <br />was 15% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.americanfunds.com/role/ExpenseExample_S000030189Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/BarChartData_S000030189Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The fund's primary investment objective is to provide you with a high level of<br />current income exempt from regular federal, New York state and New York City<br />income taxes.</tt> <tt>This example is intended to help you compare the cost of investing in<br />the fund with the cost of investing in other mutual funds.<br /> <br />The example assumes that you invest $10,000 in the fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />example also assumes that your investment has a 5% return each year and that the<br />fund's operating expenses remain the same.</tt> <tt>The fund seeks to achieve its objectives by primarily investing in municipal<br />bonds issued by the state of New York and its agencies and municipalities.<br />Consistent with the fund's objectives, the fund may also invest in municipal<br />securities that are issued by jurisdictions outside New York. Municipal bonds<br />are debt obligations generally issued to obtain funds for various public<br />purposes, including the construction of public facilities.<br /> <br />Under normal circumstances, the fund will invest at least 80% of its assets in,<br />or derive at least 80% of its income from, securities that are exempt from<br />regular federal, New York state and New York City income taxes and that do not<br />subject you to federal alternative minimum tax. The fund may also invest up to<br />20% of its assets in securities that subject you to federal alternative minimum<br />tax. The fund is intended primarily for taxable residents of New York.<br /> <br />The fund will invest primarily in debt securities rated BBB- or better or Baa3<br />or better by Nationally Recognized Statistical Rating Organizations designated<br />by the fund's investment adviser, or unrated but determined by the fund's<br />investment adviser to be of equivalent quality. The fund also may invest in debt<br />securities rated BB+ or below and Ba1 or below by Nationally Recognized<br />Statistical Rating Organizations designated by the fund's investment adviser, or<br />unrated but determined by the fund's investment adviser to be of equivalent<br />quality. Such securities are sometimes referred to as "junk bonds." Some of the<br />securities held by the fund may have credit and liquidity support features,<br />including guarantees and letters of credit.<br /> <br />The investment adviser uses a system of multiple portfolio counselors in<br />managing the fund's assets. Under this approach, the portfolio of the fund is<br />divided into segments managed by individual counselors who decide how their<br />respective segments will be invested.<br /> <br />The fund relies on the professional judgment of its investment adviser to make<br />decisions about the fund's portfolio investments. The basic investment<br />philosophy of the investment adviser is to seek to invest in attractively priced<br />securities that, in its opinion, represent good, long-term investment<br />opportunities. The investment adviser believes that an important way to<br />accomplish this is by analyzing various factors, which may include the credit<br />strength of the issuer, prices of similar securities issued by comparable<br />issuers, anticipated changes in interest rates, general market conditions and<br />other factors pertinent to the particular security being evaluated. Securities<br />may be sold when the investment adviser believes that they no longer represent<br />relatively attractive investment opportunities.</tt> American Funds Tax-Exempt Fund of New York® <tt>Its secondary objective is preservation of capital.</tt> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in American Funds. Example After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Investment objectives Past investment results (before and after taxes) are not predictive of future investment results. The Lipper New York Municipal Debt Funds Average includes the fund and other funds that disclose investment objectives and/or strategies reasonably comparable to the fund's objective and/or strategies. You may lose money by investing in the fund. Principal risks Shareholder fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.15 Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. 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.) (Results do not include a sales charge; if a sales charge were included, results would be lower.) Investment results 100000 The following bar chart shows the fund's investment results for its first full calendar year of operations, and the following table shows the fund's average annual total returns for various periods compare with different broad measures of market results. <tt>Highest/Lowest quarterly results during the period were:<br /><br />Highest 3.99% (quarter ended September 30, 2011)<br /><br />Lowest 0.62% (quarter ended March 31, 2011)<br /><br />The fund's total return for the six months ended June 30, 2012,<br />was 4.49%.</tt> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Average annual total returns For the periods ended December 31, 2011 (with maximum sales charge): <tt>The following bar chart shows the fund's investment results for its first full<br />calendar year of operations, and the following table shows the fund's average<br />annual total returns for various periods compare with different broad measures<br />of market results.</tt> Portfolio turnover <tt>This section describes the principal risks associated with the fund's principal<br />investment strategies. You may lose money by investing in the fund. The<br />likelihood of loss may be greater if you invest for a shorter period of time.<br /> <br />Risks of investing in municipal bonds of issuers within the state of New York -<br />Because the fund invests primarily in securities of issuers within the state of<br />New York, the fund is more susceptible to factors adversely affecting issuers of<br />New York securities than a comparable municipal bond mutual fund that does not<br />concentrate in a single state. For example, such factors may include political<br />policy changes, tax base erosion, state constitutional limits on tax increases,<br />budget deficits and other financial or economic difficulties, and changes in the<br />credit ratings assigned to New York's municipal issuers. New York's economy and<br />finances may be especially vulnerable to changes in the performance of the<br />financial services sector, which historically has been volatile. More detailed<br />information about the risks of investing in New York municipal securities is<br />contained in the statement of additional information.<br /> <br />Market conditions -- The prices of, and the income generated by, the securities<br />held by the fund may decline due to market conditions and other factors,<br />including those directly involving the issuers of securities held by the fund.<br /> <br />Investing in bonds -- Rising interest rates will generally cause the prices of<br />bonds and other debt securities to fall. Longer maturity debt securities may be<br />subject to greater price fluctuations than shorter maturity debt securities. In<br />addition, falling interest rates may cause an issuer to redeem, call or<br />refinance a security before its stated maturity, which may result in the fund<br />having to reinvest the proceeds in lower yielding securities.<br /> <br />Bonds and other debt securities are subject to credit risk, which is the<br />possibility that the credit strength of an issuer will weaken and/or an issuer<br />of a debt security will fail to make timely payments of principal or interest<br />and the security will go into default.<br /> <br />Thinly traded securities -- There may be little trading in the secondary market<br />for particular bonds or other debt securities, which may make them more<br />difficult to value, acquire or sell.<br /> <br />Credit and liquidity support -- Changes in the credit quality of banks and<br />financial institutions providing credit and liquidity support features with<br />respect to securities held by the fund could cause the values of these<br />securities to decline.<br /><br />Investing in lower rated bonds -- Lower rated bonds and other lower rated debt<br />securities generally have higher rates of interest and involve greater risk of<br />default or price declines due to changes in the issuer's creditworthiness than<br />those of higher quality debt securities. The market prices of these securities<br />may fluctuate more than the prices of higher quality debt securities and may<br />decline significantly in periods of general economic difficulty. These risks <br />may be increased with respect to investments in junk bonds.<br /> <br />Investing in similar municipal bonds -- Investing significantly in municipal<br />obligations of issuers in the same state or backed by revenues of similar <br />types of projects or industries may make the fund more susceptible to certain<br />economic, political or regulatory occurrences. As a result, the potential for<br />fluctuations in the fund's share price may increase.<br /> <br />Management -- The investment adviser to the fund actively manages the fund's<br />investments. Consequently, the fund is subject to the risk that the methods <br />and analyses employed by the investment adviser in this process may not produce <br />the desired results. This could cause the fund to lose value or its investment<br />results to lag relevant benchmarks or other funds with similar objectives.<br /> <br />Your investment in the fund is not a bank deposit and is not insured or<br />guaranteed by the Federal Deposit Insurance Corporation or any other<br />governmental agency, entity or person. You should consider how this fund <br />fits into your overall investment program.</tt> Fees and expenses of the fund After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. Principal investment strategies americanfunds.com <tt>The following bar chart shows the fund's investment results for its first full<br />calendar year of operations, and the following table shows the fund's average<br />annual total returns for various periods compare with different broad measures<br />of market results. This information provides some indication of the risks of<br />investing in the fund. The Lipper New York Municipal Debt Funds Average includes<br />the fund and other funds that disclose investment objectives and/or strategies<br />reasonably comparable to the fund's objective and/or strategies. Past investment<br />results (before and after taxes) are not predictive of future investment results. <br />Updated information on the fund's investment results can be obtained by visiting <br />americanfunds.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the fund. You may qualify for sales charge discounts if you and your<br />family invest, or agree to invest in the future, at least $100,000 in American<br />Funds. More information about these and other discounts is available from your<br />financial professional and in the "Sales charge reductions and waivers" section<br />on page 48 of the prospectus and on page 70 of the fund's statement of<br />additional information.</tt> <div style="display:none">~ http://www.americanfunds.com/role/OperatingExpensesData_S000030189Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> For the share classes listed below, you would pay the following if you did not redeem your shares: <div style="display:none">~ http://www.americanfunds.com/role/PerformanceTableData_S000030189Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>After-tax returns are shown only for Class A shares; after-tax returns for other<br />share classes will vary. After-tax returns are calculated using the highest<br />individual federal income tax rates in effect during each year of the periods<br />shown and do not reflect the impact of state and local taxes. Your actual<br />after-tax returns depend on your individual tax situation and likely will <br />differ from the results shown above.</tt> 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 governmental agency, entity or person. <div style="display:none">~ http://www.americanfunds.com/role/ExpenseExampleNoRedemption_S000030189Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Class A annualized 30-day yield at July 31, 2012: 2.30%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />(For current yield information, please call American FundsLine&#xAE; <br />at 800/325-3590.)</tt> <div style="display:none">~ http://www.americanfunds.com/role/ShareholderFeesData_S000030189Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Lipper New York Municipal Debt Funds Average (reflects no deductions for sales charges, account fees or taxes) 0.0969 0.0379 0.0447 0.0390 2010-11-01 Barclays New York Municipal Funds Index (reflects no deductions for sales charges, account fees, expenses or taxes) 0.0979 0.0526 0.0505 2010-11-01 Share class A - After taxes on distributions and sale of fund shares 0.0548 0.0271 2010-11-01 Share class A - After taxes on distributions 0.0672 0.0269 2010-11-01 NYAFX 0.0000 Share class F-2 - Before taxes 54 192 -0.0010 777 0.00 341 0.1098 0.0025 0.0038 2013-09-30 0.00 0.0000 0.0053 0.0063 0.0620 2010-11-01 0.0000 NYAEX 0.0000 Share class F-1 - Before taxes 77 263 -0.0011 1051 0.00 466 0.1070 0.0025 0.0038 2013-09-30 0.00 0.0023 0.0075 0.0086 0.0595 2010-11-01 0.0000 NYACX 0.0000 Share class C - Before taxes 253 153 499 -0.0012 1912 0.00 870 0.0889 0.0024 0.0038 2013-09-30 1912 499 870 0.00 0.0100 0.0150 0.0162 0.0523 2010-11-01 0.0100 NYABX 0.0000 Share class B - Before taxes 648 148 888 -0.0014 1654 0.00 1052 0.0495 0.0022 0.0038 2013-09-30 1654 488 852 0.00 0.0099 0.0145 0.0159 0.0181 2010-11-01 0.0500 NYAAX Lowest Highest 0.0375 800/325-3590 Share class A - Before taxes 437 2011-09-30 0.0230 596 0.0062 -0.0013 1270 0.00 769 0.0399 0.0672 0.0020 0.0038 2013-09-30 2011-03-31 0.1092 0.00 Class A annualized 30-day yield at July 31, 2012: 0.0018 0.0063 0.0076 0.0269 2010-11-01 0.0100 <tt>The fund pays transaction costs, such as commissions, when it buys and sells <br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when <br />fund shares are held in a taxable account. These costs, which are not reflected <br />in annual fund operating expenses or in the example, affect the fund's<br />investment results. During the most recent fiscal year, the fund's portfolio<br />turnover rate was 9% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.americanfunds.com/role/ExpenseExample_S000009237Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/BarChartData_S000009237Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The fund's investment objective is to provide you with current income that is<br />exempt from regular federal income tax, consistent with the maturity and quality<br />standards described in this prospectus, and preservation of capital.</tt> <tt>This example is intended to help you compare the cost of investing in<br />the fund with the cost of investing in other mutual funds.<br /> <br />The example assumes that you invest $10,000 in the fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />example also assumes that your investment has a 5% return each year and that the<br />fund's operating expenses remain the same.</tt> <tt>The fund invests primarily in municipal bonds. Under normal circumstances, the<br />fund will invest at least 80% of its assets in, or derive at least 80% of its<br />income from, securities that are exempt from regular federal income tax and that<br />do not subject you to federal alternative minimum tax. The fund may also invest<br />up to 20% of its assets in securities that may subject you to federal<br />alternative minimum tax.<br /> <br />The fund invests primarily in municipal bonds rated A- or better or A3 or better<br />by Nationally Recognized Statistical Rating Organizations designated by the<br />fund's investment adviser, or unrated but determined by the fund's investment<br />adviser to be of equivalent quality. The fund may also invest in municipal bonds<br />in the rating categories of BBB and Baa or unrated but determined by the fund's<br />investment adviser to be of equivalent quality. Some of the securities in which<br />the fund invests may have credit and liquidity support features, including<br />guarantees and letters of credit. The dollar-weighted average maturity of the<br />fund's portfolio is between three and 10 years.<br /> <br />In addition, the fund may invest significantly in municipal obligations of<br />issuers in the same state, or engaged in the same types of projects or<br />industries.<br /><br />The investment adviser uses a system of multiple portfolio counselors in<br />managing the fund's assets. Under this approach, the portfolio of the fund is<br />divided into segments managed by individual counselors who decide how their<br />respective segments will be invested.<br /> <br />The fund relies on the professional judgment of its investment adviser to make<br />decisions about the fund's portfolio investments. The basic investment philosophy <br />of the investment adviser is to seek to invest in attractively priced securities <br />that, in its opinion, represent good, long-term investment opportunities. The <br />investment adviser believes that an important way to accomplish this is by analyzing <br />various factors, which may include the credit strength of the issuer, prices of <br />similar securities issued by comparable issuers, anticipated changes in interest rates, <br />general market conditions and other factors pertinent to the particular security being <br />evaluated. Securities may be sold when the investment adviser believes that they no <br />longer represent relatively attractive investment opportunities.</tt> Limited Term Tax-Exempt Bond Fund of America® Example After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Based on estimated amounts for a full fiscal year. Investment objective Past investment results (before and after taxes) are not predictive of future investment results. The Lipper Intermediate Municipal Debt Funds Average includes the fund and other funds that disclose investment objectives and/or strategies reasonably comparable to the fund's objective and/or strategies. You may lose money by investing in the fund. Principal risks Shareholder fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.09 Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. 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.) (Results do not include a sales charge; if a sales charge were included, results would be lower.) Investment results The following bar chart shows how the fund's investment results have varied from year to year, and the following table shows how the fund's average annual total returns for various periods compare with different broad measures of market results. <tt>Highest/Lowest quarterly results during the period were:<br /><br />Highest 5.60% (quarter ended <br />September 30, 2009)<br /><br />Lowest -2.23% (quarter ended<br />December 31, 2010)</tt> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Average annual total returns For the periods ended December 31, 2011 (with maximum sales charge): <tt>The following bar chart shows how the fund's investment results have varied from<br />year to year, and the following table shows how the fund's average annual total<br />returns for various periods compare with different broad measures of market<br />results.</tt> Portfolio turnover <tt>This section describes the principal risks associated with the fund's principal<br />investment strategies. You may lose money by investing in the fund. The<br />likelihood of loss may be greater if you invest for a shorter period of time.<br /> <br />Market conditions -- The prices of, and the income generated by, the securities<br />held by the fund may decline due to market conditions and other factors,<br />including those directly involving the issuers of securities held by the fund.<br /> <br />Investing in bonds -- Rising interest rates will generally cause the prices of<br />bonds and other debt securities to fall. Longer maturity debt securities may be<br />subject to greater price fluctuations than shorter maturity debt securities. <br />In addition, falling interest rates may cause an issuer to redeem, call or<br />refinance a security before its stated maturity, which may result in the fund<br />having to reinvest the proceeds in lower yielding securities.<br /> <br />Bonds and other debt securities are subject to credit risk, which is the<br />possibility that the credit strength of an issuer will weaken and/or an issuer<br />of a debt security will fail to make timely payments of principal or interest<br />and the security will go into default.<br /> <br />Thinly traded securities -- There may be little trading in the secondary market<br />for particular bonds or other debt securities, which may make them more<br />difficult to value, acquire or sell.<br /> <br />Credit and liquidity support -- Changes in the credit quality of banks and<br />financial institutions providing credit and liquidity support features with<br />respect to securities held by the fund could cause the values of these<br />securities to decline.<br /><br />Investing in lower rated bonds -- Lower rated bonds and other lower rated debt<br />securities generally have higher rates of interest and involve greater risk of<br />default or price declines due to changes in the issuer's creditworthiness than<br />those of higher quality debt securities. The market prices of these securities<br />may fluctuate more than the prices of higher quality debt securities and may<br />decline significantly in periods of general economic difficulty.<br /> <br />Investing in similar municipal bonds -- Investing significantly in municipal<br />obligations of issuers in the same state or backed by revenues of similar <br />types of projects or industries may make the fund more susceptible to certain<br />economic, political or regulatory occurrences. As a result, the potential for<br />fluctuations in the fund's share price may increase.<br /> <br />Management -- The investment adviser to the fund actively manages the fund's<br />investments. Consequently, the fund is subject to the risk that the methods <br />and analyses employed by the investment adviser in this process may not produce <br />the desired results. This could cause the fund to lose value or its investment<br />results to lag relevant benchmarks or other funds with similar objectives.<br /> <br />Your investment in the fund is not a bank deposit and is not insured or<br />guaranteed by the Federal Deposit Insurance Corporation or any other<br />governmental agency, entity or person. You should consider how this fund <br />fits into your overall investment program.</tt> Fees and expenses of the fund After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. Principal investment strategies americanfunds.com. <tt>The following bar chart shows how the fund's investment results have varied from<br />year to year, and the following table shows how the fund's average annual total<br />returns for various periods compare with different broad measures of market<br />results. This information provides some indication of the risks of investing in<br />the fund. The Lipper Intermediate Municipal Debt Funds Average includes the fund<br />and other funds that disclose investment objectives and/or strategies reasonably<br />comparable to the fund's objective and/or strategies. Past investment results<br />(before and after taxes) are not predictive of future investment results.<br />Updated information on the fund's investment results can be obtained by visiting<br />americanfunds.com. Investment results for Class R-6 shares are not presented<br />because the class had not commenced operations as of December 31, 2011. However,<br />results for Class A shares are presented because Class A is the class of shares<br />with the longest period of operation. Other share classes, including Class R-6<br />shares, have different expenses and therefore different investment results.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the fund.</tt> <div style="display:none">~ http://www.americanfunds.com/role/OperatingExpensesData_S000009237Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/PerformanceTableData_S000009237Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>After-tax returns are shown only for Class A shares; after-tax returns for other<br />share classes will vary. After-tax returns are calculated using the highest<br />individual federal income tax rates in effect during each year of the periods<br />shown and do not reflect the impact of state and local taxes. Your actual<br />after-tax returns depend on your individual tax situation and likely will differ<br />from the results shown above.</tt> 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 governmental agency, entity or person. <tt>Class A annualized 30-day yield at July 31, 2012: 1.12%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />(For current yield information, please call American FundsLine&#xAE; <br />at 800/325-3590.)</tt> <div style="display:none">~ http://www.americanfunds.com/role/ShareholderFeesData_S000009237Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Lipper Intermediate Municipal Debt Funds Average (reflects no deductions for sales charges, account fees or taxes) 0.0860 0.0449 0.0431 0.0463 1993-10-06 Barclays Municipal Short-Intermediate 1-10 Years Index (reflects no deductions for sales charges, account fees, expenses or taxes) 0.0676 0.0520 0.0460 0.0484 1993-10-06 Share class A - After taxes on distributions and sale of fund shares 0.0411 0.0380 0.0386 1993-10-06 Share class A - After taxes on distributions 0.0477 0.0391 0.0395 1993-10-06 0.0781 Lowest Highest 0.00 800/325-3590 Share class A - Before taxes 33 2009-09-30 0.0112 103 -0.0223 0.0277 0.0364 406 0.00 180 0.0324 0.0560 0.0477 0.0007 -0.0131 0.0025 2010-12-31 0.0945 0.0391 0.0157 0.0748 0.00 0.0428 Class A annualized 30-day yield at July 31, 2012: 0.00 0.0395 0.0032 0.0361 0.0444 1993-10-06 0.00 <tt>The fund pays transaction costs, such as commissions, when it buys and sells <br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when fund <br />shares are held in a taxable account. These costs, which are not reflected in <br />annual fund operating expenses or in the example, affect the fund's investment <br />results. During the most recent fiscal year, the fund's portfolio turnover rate <br />was 9% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.americanfunds.com/role/ExpenseExample_S000009237Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/BarChartData_S000009237Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The fund's investment objective is to provide you with current income that is<br />exempt from regular federal income tax, consistent with the maturity and quality<br />standards described in this prospectus, and preservation of capital.</tt> <tt>This example is intended to help you compare the cost of investing in<br />the fund with the cost of investing in other mutual funds.<br /> <br />The example assumes that you invest $10,000 in the fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />example also assumes that your investment has a 5% return each year and that <br />the fund's operating expenses remain the same.</tt> <tt>The fund invests primarily in municipal bonds. Under normal circumstances, the<br />fund will invest at least 80% of its assets in, or derive at least 80% of its<br />income from, securities that are exempt from regular federal income tax and that<br />do not subject you to federal alternative minimum tax. The fund may also invest<br />up to 20% of its assets in securities that may subject you to federal<br />alternative minimum tax.<br /> <br />The fund invests primarily in municipal bonds rated A- or better or A3 or better<br />by Nationally Recognized Statistical Rating Organizations designated by the<br />fund's investment adviser, or unrated but determined by the fund's investment<br />adviser to be of equivalent quality. The fund may also invest in municipal bonds<br />in the rating categories of BBB and Baa or unrated but determined by the fund's<br />investment adviser to be of equivalent quality. Some of the securities in which<br />the fund invests may have credit and liquidity support features, including<br />guarantees and letters of credit. The dollar-weighted average maturity of the<br />fund's portfolio is between three and 10 years.<br /> <br />In addition, the fund may invest significantly in municipal obligations of<br />issuers in the same state, or engaged in the same types of projects or<br />industries.<br /> <br />The investment adviser uses a system of multiple portfolio counselors in<br />managing the fund's assets. Under this approach, the portfolio of the fund <br />is divided into segments managed by individual counselors who decide how their<br />respective segments will be invested.<br /> <br />The fund relies on the professional judgment of its investment adviser to make<br />decisions about the fund's portfolio investments. The basic investment philosophy <br />of the investment adviser is to seek to invest in attractively priced securities <br />that, in its opinion, represent good, long-term investment opportunities. The <br />investment adviser believes that an important way to accomplish this is by <br />analyzing various factors, which may include the credit strength of the issuer, <br />prices of similar securities issued by comparable issuers, anticipated changes <br />in interest rates, general market conditions and other factors pertinent to the <br />particular security being evaluated. Securities may be sold when the investment <br />adviser believes that they no longer represent relatively attractive investment <br />opportunities.</tt> Limited Term Tax-Exempt Bond Fund of America® You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $500,000 in American Funds. Example After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Investment objective Past investment results (before and after taxes) are not predictive of future investment results. The Lipper Intermediate Municipal Debt Funds Average includes the fund and other funds that disclose investment objectives and/or strategies reasonably comparable to the fund's objective and/or strategies. You may lose money by investing in the fund. Principal risks Shareholder fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.09 Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. 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.) (Results do not include a sales charges; if a sales charge were included, results would be lower.) Investment results 500000 The following bar chart shows how the fund's investment results have varied from year to year, and the following table shows how the fund's average annual total returns for various periods compare with different broad measures of market results. <tt>Highest/Lowest quarterly results during this period were:<br /><br />Highest 5.60% (quarter ended September 30, 2009)<br /><br />Lowest -2.23% (quarter ended December 31, 2010)</tt> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Average annual total returns For the periods ended December 31, 2011 (with maximum sales charge): <tt>The following bar chart shows how the fund's investment results have varied from<br />year to year, and the following table shows how the fund's average annual total<br />returns for various periods compare with different broad measures of market<br />results.</tt> Portfolio turnover <tt>This section describes the principal risks associated with the fund's principal<br />investment strategies. You may lose money by investing in the fund. The<br />likelihood of loss may be greater if you invest for a shorter period of time.<br /> <br />Market conditions -- The prices of, and the income generated by, the securities<br />held by the fund may decline due to market conditions and other factors, including <br />those directly involving the issuers of securities held by the fund.<br /> <br />Investing in bonds -- Rising interest rates will generally cause the prices of<br />bonds and other debt securities to fall. Longer maturity debt securities may be<br />subject to greater price fluctuations than shorter maturity debt securities. In<br />addition, falling interest rates may cause an issuer to redeem, call or refinance <br />a security before its stated maturity, which may result in the fund having to <br />reinvest the proceeds in lower yielding securities.<br /> <br />Bonds and other debt securities are subject to credit risk, which is the<br />possibility that the credit strength of an issuer will weaken and/or an issuer<br />of a debt security will fail to make timely payments of principal or interest<br />and the security will go into default.<br /> <br />Thinly traded securities -- There may be little trading in the secondary market<br />for particular bonds or other debt securities, which may make them more<br />difficult to value, acquire or sell.<br /> <br />Credit and liquidity support -- Changes in the credit quality of banks and<br />financial institutions providing credit and liquidity support features with<br />respect to securities held by the fund could cause the values of these<br />securities to decline.<br /> <br />Investing in lower rated bonds -- Lower rated bonds and other lower rated debt<br />securities generally have higher rates of interest and involve greater risk of<br />default or price declines due to changes in the issuer's creditworthiness than<br />those of higher quality debt securities. The market prices of these securities<br />may fluctuate more than the prices of higher quality debt securities and may<br />decline significantly in periods of general economic difficulty.<br /> <br />Investing in similar municipal bonds -- Investing significantly in municipal<br />obligations of issuers in the same state or backed by revenues of similar <br />types of projects or industries may make the fund more susceptible to certain<br />economic, political or regulatory occurrences. As a result, the potential for<br />fluctuations in the fund's share price may increase.<br /> <br />Management -- The investment adviser to the fund actively manages the fund's<br />investments. Consequently, the fund is subject to the risk that the methods <br />and analyses employed by the investment adviser in this process may not produce <br />the desired results. This could cause the fund to lose value or its investment<br />results to lag relevant benchmarks or other funds with similar objectives.<br /> <br />Your investment in the fund is not a bank deposit and is not insured or<br />guaranteed by the Federal Deposit Insurance Corporation or any other<br />governmental agency, entity or person. You should consider how this fund <br />fits into your overall investment program.</tt> Fees and expenses of the fund After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. Principal investment strategies americanfunds.com <tt>The following bar chart shows how the fund's investment results have varied from<br />year to year, and the following table shows how the fund's average annual total<br />returns for various periods compare with different broad measures of market<br />results. This information provides some indication of the risks of investing in<br />the fund. The Lipper Intermediate Municipal Debt Funds Average includes the fund<br />and other funds that disclose investment objectives and/or strategies reasonably<br />comparable to the fund's objective and/or strategies. Past investment results<br />(before and after taxes) are not predictive of future investment results.<br />Updated information on the fund's investment results can be obtained by <br />visiting americanfunds.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the fund. You may qualify for sales charge discounts if you and your<br />family invest, or agree to invest in the future, at least $500,000 in American<br />Funds. More information about these and other discounts is available from your<br />financial professional and in the "Sales charge reductions and waivers" section<br />on page 48 of the prospectus and on page 70 of the fund's statement of<br />additional information.</tt> <div style="display:none">~ http://www.americanfunds.com/role/OperatingExpensesData_S000009237Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> For the share classes listed below, you would pay the following if you did not redeem your shares: <div style="display:none">~ http://www.americanfunds.com/role/PerformanceTableData_S000009237Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>After-tax returns are shown only for Class A shares; after-tax returns for <br />other share classes will vary. After-tax returns are calculated using the <br />highest individual federal income tax rates in effect during each year of <br />the periods shown and do not reflect the impact of state and local taxes. <br />Your actual after-tax returns depend on your individual tax situation and <br />likely will differ from the results shown above.</tt> 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 governmental agency, entity or person. <div style="display:none">~ http://www.americanfunds.com/role/ExpenseExampleNoRedemption_S000009237Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Class A annualized 30-day yield at July 31, 2012: 1.12%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />(For current yield information, please call American FundsLine&#xAE; <br />at 800/325-3590.)</tt> <div style="display:none">~ http://www.americanfunds.com/role/ShareholderFeesData_S000009237Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Lipper Intermediate Municipal Debt Funds Average (reflects no deductions for sales charges, account fees or taxes) 0.0860 0.0449 0.0431 0.0463 1993-10-06 Barclays Municipal Short-Intermediate 1-10 Years Index (reflects no deductions for sales charges, account fees, expenses or taxes) 0.0676 0.0520 0.0460 0.0484 1993-10-06 Share class A - After taxes on distributions and sale of fund shares 0.0411 0.0380 0.0386 1993-10-06 Share class A - After taxes on distributions 0.0477 0.0391 0.0395 1993-10-06 LTEFX 0.0000 Share classes F-2 - before taxes 39 122 480 0.00 213 0.0772 0.0013 0.0025 0.00 0.0000 0.0038 0.0534 2008-08-18 0.0000 LTXFX 0.0000 Share classes F-1 - before taxes 66 208 810 0.00 362 0.0743 0.0015 0.0025 0.0441 0.00 0.0025 0.0416 0.0065 0.0409 2001-03-15 0.0000 LTXCX 0.0000 Share classes C - before taxes 236 136 425 1613 0.00 734 0.0569 0.0009 0.0025 1613 0.0366 425 734 0.00 0.0100 0.0341 0.0134 0.0340 2001-03-15 0.0100 LTXBX 0.0000 Share classes B - before taxes 632 132 812 1375 0.00 913 0.0174 0.0005 0.0025 1375 0.0336 412 713 0.00 0.0100 0.0363 0.0130 0.0409 2000-03-15 0.0500 LTEBX 0.0781 Lowest Highest 0.0250 800/325-3590 Share class A - Before taxes 310 2009-09-30 0.0112 437 -0.0223 0.0277 0.0364 981 0.00 576 0.0324 0.0560 0.0477 0.0005 -0.0131 0.0025 2010-12-31 0.0945 0.0391 0.0157 0.0748 0.00 0.0428 Class A annualized 30-day yield at July 31, 2012: 0.0030 0.0395 0.0060 0.0361 0.0444 1993-10-06 0.0100 <tt>The fund pays transaction costs, such as commissions, when it buys and sells <br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when <br />fund shares are held in a taxable account. These costs, which are not reflected <br />in annual fund operating expenses or in the example, affect the fund's investment <br />results. During the most recent fiscal year, the fund's portfolio turnover rate <br />was 20% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.americanfunds.com/role/ExpenseExample_S000009229Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/BarChartData_S000009229Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The fund's investment objective is to provide you with a high level of current<br />income exempt from regular federal income tax.</tt> <tt>This example is intended to help you compare the cost of investing in the <br />fund with the cost of investing in other mutual funds.<br /> <br />The example assumes that you invest $10,000 in the fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />example also assumes that your investment has a 5% return each year and that <br />the fund's operating expenses remain the same.</tt> <tt>In seeking to achieve its objective, the fund may forego opportunities that<br />would result in capital gains and may accept prudent risks to capital value, <br />in each case to take advantage of opportunities for higher current income.<br /> <br />Under normal circumstances, the fund will invest at least 80% of its assets <br />in, or derive at least 80% of its income from, securities that are exempt <br />from regular federal income tax. The fund may invest, without limitation, in<br />securities that may subject you to federal alternative minimum tax. The fund<br />invests a significant portion of its portfolio in municipal bonds rated BBB+ <br />or below or Baa1 or below by Nationally Recognized Statistical Rating <br />Organizations designated by the fund's investment adviser, or unrated but <br />determined by the fund's investment adviser to be of equivalent quality. <br />Securities rated BB+ or below and Ba1 or below are sometimes referred to as <br />"junk bonds." Some of the securities in which the fund invests may have credit <br />and liquidity support features, including guarantees and letters of credit.<br /> <br />In addition, the fund may invest significantly in municipal obligations of<br />issuers in the same state, or engaged in the same types of projects or<br />industries.<br /><br />The investment adviser uses a system of multiple portfolio counselors in<br />managing the fund's assets. Under this approach, the portfolio of the fund is<br />divided into segments managed by individual counselors who decide how their<br />respective segments will be invested.<br /> <br />The fund relies on the professional judgment of its investment adviser to make<br />decisions about the fund's portfolio investments. The basic investment philosophy <br />of the investment adviser is to seek to invest in attractively priced securities <br />that, in its opinion, represent good, long-term investment opportunities. The <br />investment adviser believes that an important way to accomplish this is by <br />analyzing various factors, which may include the credit strength of the issuer, <br />prices of similar securities issued by comparable issuers, anticipated changes <br />in interest rates, general market conditions and other factors pertinent to the <br />particular security being evaluated. Securities may be sold when the investment <br />adviser believes that they no longer represent relatively attractive investment <br />opportunities.</tt> American High-Income Municipal Bond Fund® Example After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Investment objective Past investment results (before and after taxes) are not predictive of future investment results. The Barclays High Yield Municipal Bond Index is a market-value-weighted index composed of municipal bonds rated below BBB/Baa. The Lipper High Yield Municipal Debt Funds Average includes the fund and other funds that disclose investment objectives and/or strategies reasonably comparable to the fund's objective and/or strategies. You may lose money by investing in the fund. Principal risks Shareholder fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.20 Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. 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.) Results do not include a sales charge; if a sales charge were included, results would be lower.) Investment results The following bar chart shows how the fund's investment results have varied from year to year, and the following table shows how the fund's average annual total returns for various periods compare with different broad measures of market results. <tt>Highest/Lowest quarterly results during this period were.<br /><br />Highest&#xA0;&#xA0;11.55% (quarter ended September 30, 2009)<br /><br />Lowest&#xA0;&#xA0;-13.96% (quarter ended December 31, 2008)<br /><br />The fund's total return for the six months ended <br />June 30, 2012 was 7.99%.</tt> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Average annual total returns For the periods ended December 31, 2011 (with maximum sales charge): <tt>The following bar chart shows how the fund's investment results have varied from<br />year to year, and the following table shows how the fund's average annual total<br />returns for various periods compare with different broad measures of market<br />results.</tt> Portfolio turnover <tt>This section describes the principal risks associated with the fund's principal<br />investment strategies. You may lose money by investing in the fund. The likelihood <br />of loss may be greater if you invest for a shorter period of time.<br /> <br />Market conditions -- The prices of, and the income generated by, the securities<br />held by the fund may decline due to market conditions and other factors,<br />including those directly involving the issuers of securities held by the fund.<br /> <br />Investing in bonds -- Rising interest rates will generally cause the prices of<br />bonds and other debt securities to fall. Longer maturity debt securities may be<br />subject to greater price fluctuations than shorter maturity debt securities. <br />In addition, falling interest rates may cause an issuer to redeem, call or <br />refinance a security before its stated maturity, which may result in the fund <br />having to reinvest the proceeds in lower yielding securities.<br /> <br />Bonds and other debt securities are subject to credit risk, which is the<br />possibility that the credit strength of an issuer will weaken and/or an issuer<br />of a debt security will fail to make timely payments of principal or interest<br />and the security will go into default.<br /> <br />Thinly traded securities -- There may be little trading in the secondary market<br />for particular bonds or other debt securities, which may make them more<br />difficult to value, acquire or sell.<br /> <br />Credit and liquidity support -- Changes in the credit quality of banks and<br />financial institutions providing credit and liquidity support features with<br />respect to securities held by the fund could cause the values of these<br />securities to decline.<br />&#xA0;&#xA0;<br />Investing in lower rated bonds -- Lower rated bonds and other lower rated debt<br />securities generally have higher rates of interest and involve greater risk of<br />default or price declines due to changes in the issuer's creditworthiness than<br />those of higher quality debt securities. The market prices of these securities<br />may fluctuate more than the prices of higher quality debt securities and may<br />decline significantly in periods of general economic difficulty. These risks <br />may be increased with respect to investments in junk bonds.<br /> <br />Investing in similar municipal bonds -- Investing significantly in municipal<br />obligations of issuers in the same state or backed by revenues of similar types<br />of projects or industries may make the fund more susceptible to certain economic, <br />political or regulatory occurrences. As a result, the potential for fluctuations <br />in the fund's share price may increase.<br /> <br />Management -- The investment adviser to the fund actively manages the fund's<br />investments. Consequently, the fund is subject to the risk that the methods and<br />analyses employed by the investment adviser in this process may not produce the<br />desired results. This could cause the fund to lose value or its investment<br />results to lag relevant benchmarks or other funds with similar objectives.<br /> <br />Your investment in the fund is not a bank deposit and is not insured or guaranteed <br />by the Federal Deposit Insurance Corporation or any other governmental agency, <br />entity or person. You should consider how this fund fits into your overall <br />investment program.</tt> Fees and expenses of the fund After-tax returns are shown only for Class A shares; Principal investment strategies americanfunds.com <tt>The following bar chart shows how the fund's investment results have varied from<br />year to year, and the following table shows how the fund's average annual total<br />returns for various periods compare with different broad measures of market<br />results. This information provides some indication of the risks of investing in<br />the fund. The Barclays High Yield Municipal Bond Index is a market-value-weighted <br />index composed of municipal bonds rated below BBB/Baa. The Lipper High Yield <br />Municipal Debt Funds Average includes the fund and other funds that disclose <br />investment objectives and/or strategies reasonably comparable to the fund's <br />objective and/or strategies. Past investment results (before and after taxes) <br />are not predictive of future investment results. Updated information on the <br />fund's investment results can be obtained by visiting americanfunds.com. <br />Investment results for Class R-6 shares are not presented because the class <br />had not commenced operations as of December 31, 2011. However, results for <br />Class A shares are presented because Class A is the class of shares with the <br />longest period of operation. Other share classes, including Class R-6 shares, <br />have different expenses and therefore different investment results.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the fund.</tt> <div style="display:none">~ http://www.americanfunds.com/role/OperatingExpensesData_S000009229Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/PerformanceTableData_S000009229Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>After-tax returns are shown only for Class A shares; after-tax returns for other<br />share classes will vary. After-tax returns are calculated using the highest<br />individual federal income tax rates in effect during each year of the periods<br />shown and do not reflect the impact of state and local taxes. Your actual<br />after-tax returns depend on your individual tax situation and likely will differ<br />from the results shown above.</tt> 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 governmental agency, entity or person. <tt>Class A annualized 30-day yield at July 31, 2012: 3.39%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />(For current yield information, please call American FundsLine&#xAE; <br />at 800/325-3590.)</tt> <div style="display:none">~ http://www.americanfunds.com/role/ShareholderFeesData_S000009229Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Lipper High Yield Municipal Debt Funds Average (reflects no deductions for sales charges, account fees or taxes) 0.0994 0.0165 0.0416 0.0493 1994-09-26 Barclays High Yield Municipal Bond Index (reflects no deductions for sales charges, account fees, expenses or taxes) 0.0925 0.0220 0.0551 1994-09-26 Barclays Municipal Bond Index (reflects no deductions for sales charges, account fees, expenses or taxes) 0.1070 0.0522 0.0538 0.0599 1994-09-26 Share class A - After taxes on distributions and sale of fund shares 0.0547 0.0222 0.0394 1994-09-26 Share class A - After taxes on distributions 0.0575 0.0183 0.0382 1994-09-26 0.0624 Lowest Highest 0.00 800/325-3590 2012-06-30 Share class A - Before taxes 39 2009-09-30 0.0339 122 0.1396 0.0566 0.0408 480 213 -0.0081 0.1155 0.0575 0.0004 -0.1940 0.0034 2008-12-31 0.2444 0.0183 0.0468 The fund's total return 0.00 0.0990 0.00 0.0624 Class A annualized 30-day yield at July 31, 2012: 0.00 0.0382 0.0038 0.0638 0.0514 1994-09-26 0.0799 0.00 <tt>The fund pays transaction costs, such as commissions, when it buys and sells <br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when <br />fund shares are held in a taxable account. These costs, which are not reflected <br />in annual fund operating expenses or in the example, affect the fund's investment <br />results. During the most recent fiscal year, the fund's portfolio turnover rate <br />was 20% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.americanfunds.com/role/ExpenseExample_S000009229Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/BarChartData_S000009229Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The fund's investment objective is to provide you with a high level of current<br />income exempt from regular federal income tax.</tt> <tt>This example is intended to help you compare the cost of investing in the <br />fund with the cost of investing in other mutual funds.<br /><br />The example assumes that you invest $10,000 in the fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />example also assumes that your investment has a 5% return each year and that <br />the fund's operating expenses remain the same.</tt> <tt>In seeking to achieve its objective, the fund may forego opportunities that<br />would result in capital gains and may accept prudent risks to capital value, <br />in each case to take advantage of opportunities for higher current income.<br /> <br />Under normal circumstances, the fund will invest at least 80% of its assets in,<br />or derive at least 80% of its income from, securities that are exempt from<br />regular federal income tax. The fund may invest, without limitation, in<br />securities that may subject you to federal alternative minimum tax. The fund <br />invests a significant portion of its portfolio in municipal bonds rated BBB+ or<br />below or Baa1 or below by Nationally Recognized Statistical Rating Organizations<br />designated by the fund's investment adviser, or unrated but determined by the<br />fund's investment adviser to be of equivalent quality. Securities rated BB+ or<br />below and Ba1 or below are sometimes referred to as "junk bonds." Some of the<br />securities in which the fund invests may have credit and liquidity support<br />features, including guarantees and letters of credit.<br /> <br />In addition, the fund may invest significantly in municipal obligations of<br />issuers in the same state, or engaged in the same types of projects or<br />industries.<br /> <br />The investment adviser uses a system of multiple portfolio counselors in<br />managing the fund's assets. Under this approach, the portfolio of the fund is<br />divided into segments managed by individual counselors who decide how their<br />respective segments will be invested.<br /> <br />The fund relies on the professional judgment of its investment adviser to make<br />decisions about the fund's portfolio investments. The basic investment philosophy <br />of the investment adviser is to seek to invest in attractively priced securities <br />that, in its opinion, represent good, long-term investment opportunities. The <br />investment adviser believes that an important way to accomplish this is by <br />analyzing various factors, which may include the credit strength of the issuer, <br />prices of similar securities issued by comparable issuers, anticipated changes <br />in interest rates, general market conditions and other factors pertinent to the <br />particular security being evaluated. Securities may be sold when the investment <br />adviser believes that they no longer represent relatively attractive investment <br />opportunities.</tt> American High-Income Municipal Bond Fund® You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in American Funds. Example After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Investment objective Past investment results (before and after taxes) are not predictive of future investment results. The Barclays High Yield Municipal Bond Index is a market-value-weighted index composed of municipal bonds rated below BBB/Baa. The Lipper High Yield Municipal Debt Funds Average includes the fund and other funds that disclose investment objectives and/or strategies reasonably comparable to the fund's objective and/or strategies. You may lose money by investing in the fund. Principal risks Shareholder fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.20 Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. 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.) (Results do not include a sales charge; if a sales charge were included, results would be lower.) Investment results 100000 The following bar chart shows how the fund's investment results have varied from year to year, and the following table shows how the fund's average annual total returns for various periods compare with different broad measures of market results. <tt>Highest/Lowest quarterly results during this period were:<br /><br />Highest&#xA0;&#xA0;11.55% (quarter ended September 30, 2009)<br /><br />Lowest&#xA0;&#xA0;-13.96% (quarter ended December 31, 2008)<br /><br />The fund's total return for the six month ended<br />June 30, 2012, was 7.99%.</tt> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Average annual total returns For the periods ended December 31, 2011 (with maximum sales charge): <tt>The following bar chart shows how the fund's investment results have varied from<br />year to year, and the following table shows how the fund's average annual total<br />returns for various periods compare with different broad measures of market<br />results.</tt> Portfolio turnover <tt>This section describes the principal risks associated with the fund's principal<br />investment strategies. You may lose money by investing in the fund. The<br />likelihood of loss may be greater if you invest for a shorter period of time.<br /> <br />Market conditions -- The prices of, and the income generated by, the securities<br />held by the fund may decline due to market conditions and other factors,<br />including those directly involving the issuers of securities held by the fund.<br /> <br />Investing in bonds -- Rising interest rates will generally cause the prices of<br />bonds and other debt securities to fall. Longer maturity debt securities may be<br />subject to greater price fluctuations than shorter maturity debt securities. In<br />addition, falling interest rates may cause an issuer to redeem, call or refinance <br />a security before its stated maturity, which may result in the fund having to <br />reinvest the proceeds in lower yielding securities.<br /> <br />Bonds and other debt securities are subject to credit risk, which is the<br />possibility that the credit strength of an issuer will weaken and/or an issuer<br />of a debt security will fail to make timely payments of principal or interest<br />and the security will go into default.<br /> <br />Thinly traded securities -- There may be little trading in the secondary market<br />for particular bonds or other debt securities, which may make them more difficult <br />to value, acquire or sell.<br /> <br />Credit and liquidity support -- Changes in the credit quality of banks and<br />financial institutions providing credit and liquidity support features with<br />respect to securities held by the fund could cause the values of these<br />securities to decline.<br /> <br />Investing in lower rated bonds -- Lower rated bonds and other lower rated debt<br />securities generally have higher rates of interest and involve greater risk of<br />default or price declines due to changes in the issuer's creditworthiness than<br />those of higher quality debt securities. The market prices of these securities<br />may fluctuate more than the prices of higher quality debt securities and may<br />decline significantly in periods of general economic difficulty. These risks may<br />be increased with respect to investments in junk bonds.<br /> <br />Investing in similar municipal bonds -- Investing significantly in municipal<br />obligations of issuers in the same state or backed by revenues of similar types<br />of projects or industries may make the fund more susceptible to certain<br />economic, political or regulatory occurrences. As a result, the potential for<br />fluctuations in the fund's share price may increase.<br /> <br />Management -- The investment adviser to the fund actively manages the fund's<br />investments. Consequently, the fund is subject to the risk that the methods and<br />analyses employed by the investment adviser in this process may not produce the<br />desired results. This could cause the fund to lose value or its investment<br />results to lag relevant benchmarks or other funds with similar objectives.<br /> <br />Your investment in the fund is not a bank deposit and is not insured or guaranteed <br />by the Federal Deposit Insurance Corporation or any other governmental agency, <br />entity or person. You should consider how this fund fits into your overall <br />investment program.</tt> Fees and expenses of the fund After-tax returns are shown only for Class A shares; Principal investment strategies americanfunds.com <tt>The following bar chart shows how the fund's investment results have varied from<br />year to year, and the following table shows how the fund's average annual total<br />returns for various periods compare with different broad measures of market<br />results. This information provides some indication of the risks of investing in<br />the fund. The Barclays High Yield Municipal Bond Index is a market-value-weighted <br />index composed of municipal bonds rated below BBB/Baa. The Lipper High Yield <br />Municipal Debt Funds Average includes the fund and other funds that disclose <br />investment objectives and/or strategies reasonably comparable to the fund's <br />objective and/or strategies. Past investment results (before and after taxes) <br />are not predictive of future investment results. Updated information on the <br />fund's investment results can be obtained by visiting americanfunds.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the fund. You may qualify for sales charge discounts if you and your<br />family invest, or agree to invest in the future, at least $100,000 in American<br />Funds. More information about these and other discounts is available from your<br />financial professional and in the "Sales charge reductions and waivers" section<br />on page 48 of the prospectus and on page 70 of the fund's statement of<br />additional information.</tt> <div style="display:none">~ http://www.americanfunds.com/role/OperatingExpensesData_S000009229Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> For the share classes listed below, you would pay the following if you did not redeem your shares: <div style="display:none">~ http://www.americanfunds.com/role/PerformanceTableData_S000009229Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>After-tax returns are shown only for Class A shares; after-tax returns for other<br />share classes will vary. After-tax returns are calculated using the highest<br />individual federal income tax rates in effect during each year of the periods<br />shown and do not reflect the impact of state and local taxes. Your actual<br />after-tax returns depend on your individual tax situation and likely will differ<br />from the results shown above.</tt> 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 governmental agency, entity or person. <div style="display:none">~ http://www.americanfunds.com/role/ExpenseExampleNoRedemption_S000009229Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Class A annualized 30-day yield at July 31, 2012: 3.39%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />(For current yield information, please call American FundsLine&#xAE; <br />at 800/325-3590.)</tt> <div style="display:none">~ http://www.americanfunds.com/role/ShareholderFeesData_S000009229Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Lipper High Yield Municipal Debt Funds Average (reflects no deductions for sales charges, account fees or taxes) 0.0994 0.0165 0.0416 0.0493 1994-09-26 Barclays High Yield Municipal Bond Index (reflects no deductions for sales charges, account fees, expenses or taxes) 0.0925 0.0220 0.0551 1994-09-26 Barclays Municipal Bond Index (reflects no deductions for sales charges, account fees, expenses or taxes) 0.1070 0.0522 0.0538 0.0599 1994-09-26 Share class A - After taxes on distributions and sale of fund shares 0.0547 0.0222 0.0394 1994-09-26 Share class A - After taxes on distributions 0.0575 0.0183 0.0382 1994-09-26 AHMFX 0.0000 Share class F-2 - Before taxes 50 157 616 0.00 274 0.1009 0.0015 0.0034 0.00 0.0000 0.0049 0.0493 2008-08-12 0.0000 ABHFX 0.0000 Share class F-1 - Before taxes 78 243 942 0.00 422 0.0978 0.0017 0.0034 0.0254 0.00 0.0025 0.0414 0.0076 0.0418 2001-03-19 0.0000 AHICX 0.0000 Share class C - Before taxes 249 149 462 1746 0.00 797 0.0802 0.0012 0.0034 1746 0.0182 462 797 0.00 0.0100 0.0339 0.0146 0.0350 2001-03-15 0.0100 ABHMX 0.0000 Share class B - Before taxes 645 145 849 1500 0.00 976 0.0407 0.0008 0.0034 1500 0.0154 449 776 0.00 0.0100 0.0363 0.0142 0.0417 2000-03-15 0.0500 AMHIX 0.0624 Lowest Highest 0.0375 800/325-3590 2012-06-30 Share class A - Before taxes 442 2009-09-30 0.0339 584 -0.1396 0.0566 0.0408 1190 0.00 739 -0.0081 0.1155 0.0575 0.0008 -0.1940 0.0034 2008-12-31 0.2444 0.0183 0.0468 The fund's total return 0.0990 0.00 0.0624 Class A annualized 30-day yield at July 31, 2012: 0.0026 0.0382 0.0068 0.0638 0.0514 1994-09-26 0.0799 0.0100 0001496999 ck0001496999:SummaryS000009229-1Memberck0001496999:S000009229Memberck0001496999:C000025078Member 2012-10-01 2012-10-01 0001496999 ck0001496999:SummaryS000009229-1Memberck0001496999:S000009229Memberck0001496999:C000025079Member 2012-10-01 2012-10-01 0001496999 ck0001496999:SummaryS000009229-1Memberck0001496999:S000009229Memberck0001496999:C000025080Member 2012-10-01 2012-10-01 0001496999 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without an initial sales charge. Based on estimated amounts for a full fiscal year. A 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. The investment adviser is currently reimbursing a portion of the other expenses. The reimbursement will be in effect at least through September 30, 2013, unless modified or terminated by the fund's board. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. 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