American Funds Tax-Exempt Fund of New York (Prospectus Summary) | American Funds Tax-Exempt Fund of New York

American Funds Tax-Exempt Fund of New York®

Investment objectives

The fund's primary investment objective is to provide you with a high level of
current income exempt from regular federal, New York state and New York City
income taxes.

Its secondary objective is preservation of capital.

Fees and expenses of the fund

This table describes the fees and expenses that you may pay if you buy and hold
shares of the 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. More information about these and other discounts is available from your
financial professional and in the "Sales charge reductions and waivers" section
on page 48 of the prospectus and on page 70 of the fund's statement of
additional information.

Shareholder fees (fees paid directly from your investment)

Shareholder Fees American Funds Tax-Exempt Fund of New York	Class A		Class B	Class C	Class F-1	Class F-2
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)	3.75%		none	none	none	none
Maximum deferred sales charge (load) (as a percentage of the amount redeemed)	1.00%	[1]	5.00%	1.00%	none	none
Maximum sales charge (load) imposed on reinvested dividends	none		none	none	none	none
Redemption or exchange fees	none		none	none	none	none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses American Funds Tax-Exempt Fund of New York		Class A	Class B	Class C	Class F-1	Class F-2
Management fees		0.38%	0.38%	0.38%	0.38%	0.38%
Distribution and/or service (12b-1) fees		0.18%	0.99%	1.00%	0.23%	none
Other expenses		0.20%	0.22%	0.24%	0.25%	0.25%
Total annual fund operating expenses		0.76%	1.59%	1.62%	0.86%	0.63%
Expense reimbursement	[1]	0.13%	0.14%	0.12%	0.11%	0.10%
Total annual fund operating expenses after expense reimbursement		0.63%	1.45%	1.50%	0.75%	0.53%

Example

This example is intended to help you compare the cost of investing in
the fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the fund for the time periods
indicated and then redeem all of your shares at the end of those periods. The
example also assumes that your investment has a 5% return each year and that the
fund's operating expenses remain the same.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example American Funds Tax-Exempt Fund of New York (USD $)	Expense Example, with Redemption, 1 Year	Expense Example, with Redemption, 3 Years	Expense Example, with Redemption, 5 Years	Expense Example, with Redemption, 10 Years
Class A	437	596	769	1,270
Class B	648	888	1,052	1,654
Class C	253	499	870	1,912
Class F-1	77	263	466	1,051
Class F-2	54	192	341	777

For the share classes listed below, you would pay the following if you did not redeem your shares:

Expense Example, No Redemption American Funds Tax-Exempt Fund of New York (USD $)	Expense Example, No Redemption, 1 Year	Expense Example, No Redemption, 3 Years	Expense Example, No Redemption, 5 Years	Expense Example, No Redemption, 10 Years
Class B	148	488	852	1,654
Class C	153	499	870	1,912

Portfolio turnover

The fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate
may indicate higher transaction costs and may result in higher taxes when fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the example, affect the fund's investment
results. During the most recent fiscal year, the fund's portfolio turnover rate
was 15% of the average value of its portfolio.

Principal investment strategies

The fund seeks to achieve its objectives by primarily investing in municipal
bonds issued by the state of New York and its agencies and municipalities.
Consistent with the fund's objectives, the fund may also invest in municipal
securities that are issued by jurisdictions outside New York. Municipal bonds
are debt obligations generally issued to obtain funds for various public
purposes, including the construction of public facilities.

Under normal circumstances, the fund will invest at least 80% of its assets in,
or derive at least 80% of its income from, securities that are exempt from
regular federal, New York state and New York City income taxes and that do not
subject you to federal alternative minimum tax. The fund may also invest up to
20% of its assets in securities that subject you to federal alternative minimum
tax. The fund is intended primarily for taxable residents of New York.

The fund will invest primarily in debt securities rated BBB- or better or Baa3
or better by Nationally Recognized Statistical Rating Organizations designated
by the fund's investment adviser, or unrated but determined by the fund's
investment adviser to be of equivalent quality. The fund also may invest in debt
securities rated BB+ or below and Ba1 or below by Nationally Recognized
Statistical Rating Organizations designated by the fund's investment adviser, or
unrated but determined by the fund's investment adviser to be of equivalent
quality. Such securities are sometimes referred to as "junk bonds." Some of the
securities held by the fund may have credit and liquidity support features,
including guarantees and letters of credit.

The investment adviser uses a system of multiple portfolio counselors in
managing the fund's assets. Under this approach, the portfolio of the fund is
divided into segments managed by individual counselors who decide how their
respective segments will be invested.

The fund relies on the professional judgment of its investment adviser to make
decisions about the fund's portfolio investments. The basic investment
philosophy of the investment adviser is to seek to invest in attractively priced
securities that, in its opinion, represent good, long-term investment
opportunities. The investment adviser believes that an important way to
accomplish this is by analyzing various factors, which may include the credit
strength of the issuer, prices of similar securities issued by comparable
issuers, anticipated changes in interest rates, general market conditions and
other factors pertinent to the particular security being evaluated. Securities
may be sold when the investment adviser believes that they no longer represent
relatively attractive investment opportunities.

Principal risks

This section describes the principal risks associated with the fund's principal
investment strategies. You may lose money by investing in the fund. The
likelihood of loss may be greater if you invest for a shorter period of time.

Risks of investing in municipal bonds of issuers within the state of New York -
Because the fund invests primarily in securities of issuers within the state of
New York, the fund is more susceptible to factors adversely affecting issuers of
New York securities than a comparable municipal bond mutual fund that does not
concentrate in a single state. For example, such factors may include political
policy changes, tax base erosion, state constitutional limits on tax increases,
budget deficits and other financial or economic difficulties, and changes in the
credit ratings assigned to New York's municipal issuers. New York's economy and
finances may be especially vulnerable to changes in the performance of the
financial services sector, which historically has been volatile. More detailed
information about the risks of investing in New York municipal securities is
contained in the statement of additional information.

Market conditions -- The prices of, and the income generated by, the securities
held by the fund may decline due to market conditions and other factors,
including those directly involving the issuers of securities held by the fund.

Investing in bonds -- Rising interest rates will generally cause the prices of
bonds and other debt securities to fall. Longer maturity debt securities may be
subject to greater price fluctuations than shorter maturity debt securities. In
addition, falling interest rates may cause an issuer to redeem, call or
refinance a security before its stated maturity, which may result in the fund
having to reinvest the proceeds in lower yielding securities.

Bonds and other debt securities are subject to credit risk, which is the
possibility that the credit strength of an issuer will weaken and/or an issuer
of a debt security will fail to make timely payments of principal or interest
and the security will go into default.

Thinly traded securities -- There may be little trading in the secondary market
for particular bonds or other debt securities, which may make them more
difficult to value, acquire or sell.

Credit and liquidity support -- Changes in the credit quality of banks and
financial institutions providing credit and liquidity support features with
respect to securities held by the fund could cause the values of these
securities to decline.

Investing in lower rated bonds -- Lower rated bonds and other lower rated debt
securities generally have higher rates of interest and involve greater risk of
default or price declines due to changes in the issuer's creditworthiness than
those of higher quality debt securities. The market prices of these securities
may fluctuate more than the prices of higher quality debt securities and may
decline significantly in periods of general economic difficulty. These risks
may be increased with respect to investments in junk bonds.

Investing in similar municipal bonds -- Investing significantly in municipal
obligations of issuers in the same state or backed by revenues of similar
types of projects or industries may make the fund more susceptible to certain
economic, political or regulatory occurrences. As a result, the potential for
fluctuations in the fund's share price may increase.

Management -- The investment adviser to the fund actively manages the fund's
investments. Consequently, the fund is subject to the risk that the methods
and analyses employed by the investment adviser in this process may not produce
the desired results. This could cause the fund to lose value or its investment
results to lag relevant benchmarks or other funds with similar objectives.

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. You should consider how this fund
fits into your overall investment program.

Investment results

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. This information provides some indication of the risks of
investing in the fund. 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. Past investment
results (before and after taxes) are not predictive of future investment results.
Updated information on the fund's investment results can be obtained by visiting
americanfunds.com.

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.

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.)

Highest/Lowest quarterly results during the period were:

Highest 3.99% (quarter ended September 30, 2011)

Lowest 0.62% (quarter ended March 31, 2011)

The fund's total return for the six months ended June 30, 2012,
was 4.49%.

After-tax returns are shown only for Class A shares; after-tax returns for other
share classes will vary. 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. Your actual
after-tax returns depend on your individual tax situation and likely will
differ from the results shown above.

Average annual total returns For the periods ended December 31, 2011 (with maximum sales charge):

Average Annual Total Returns American Funds Tax-Exempt Fund of New York	Label	1 Year	5 Years	10 Years	Since Inception	Inception Date
Class A	Share class A - Before taxes	6.72%			2.69%	Nov. 01, 2010
Class A After Taxes on Distributions	Share class A - After taxes on distributions	6.72%			2.69%	Nov. 01, 2010
Class A After Taxes on Distributions and Sales	Share class A - After taxes on distributions and sale of fund shares	5.48%			2.71%	Nov. 01, 2010
Class B	Share class B - Before taxes	4.95%			1.81%	Nov. 01, 2010
Class C	Share class C - Before taxes	8.89%			5.23%	Nov. 01, 2010
Class F-1	Share class F-1 - Before taxes	10.70%			5.95%	Nov. 01, 2010
Class F-2	Share class F-2 - Before taxes	10.98%			6.20%	Nov. 01, 2010
Barclays New York Municipal Funds Index	Barclays New York Municipal Funds Index (reflects no deductions for sales charges, account fees, expenses or taxes)	9.79%	5.26%		5.05%	Nov. 01, 2010
Lipper New York Municipal Debt Funds Average	Lipper New York Municipal Debt Funds Average (reflects no deductions for sales charges, account fees or taxes)	9.69%	3.79%	4.47%	3.90%	Nov. 01, 2010

Class A annualized 30-day yield at July 31, 2012: 2.30%         
(For current yield information, please call American FundsLine®
at 800/325-3590.)

[1] 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.

[1] 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.