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Detailed Fund Information

American Funds Tax-Exempt Fund of New York® (tax-exempt bond fund)

Class A shares

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Daily Prices

Updated July 11, 2014, 3:15PM Pacific time

Net Asset Value (NAV) $10.53
NAV Change $0.02
Maximum Offering Price (MOP) $10.94

(All prices are subject to revision.)

Historical Prices & Distributions

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Ticker Symbols & Fund Numbers

Fund Number 41
Ticker/Quotron Symbol NYAAX
CUSIP Number 02630X 10 1

Fund Description

Fund Objective The fund's primary investment objective is to provide 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.
Distinguishing Characteristics Seeks to provide New York residents tax-exempt income through investments that provide funding for important public services and projects. The fund may not be appropriate for residents of other states and tax-exempt entities.
Types of Investments Normally, at least 80% of the fund's assets will be invested in, or derive income from, securities exempt from regular federal, New York state and New York City income taxes and the federal alternative minimum tax. Up to 20% of assets may be invested in securities subject to the alternative minimum tax.
Maturity Typically, the fund will be invested substantially in securities with maturities longer than three years.
Portfolio Restrictions No more than 10% of assets may be invested in securities rated BB+ or below and Ba1 or below, or unrated but determined to be of equivalent quality by the fund's investment adviser.

Fund Facts

Minimum Initial Investment $1,000
Shareholder Accounts (aggregated for all share classes; updated monthly) 2,065
Regular Dividends Paid Monthly
Capital Gains Paid
Fund Inception November 1, 2010
Fiscal Year-End July

The months indicated for dividends and capital gains paid represent the anticipated current year ex-dividend date schedule for all share classes.

Returns & Expenses

Figures shown are past results and are not predictive of results in future periods. Current and future results may be lower or higher than those shown. Results shown at net asset value have all distributions reinvested. If a sales charge had been deducted, the results would have been lower. Share price and return will vary, so investors may lose money. Investing for short periods makes losses more likely. Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value. Returns with sales charge for Class A shares reflect payment of the 3.75% maximum sales charge at the beginning of the stated periods.

Definitions and other important legal information about these prices and returns are shown below.

Rates of Return*

  Average Annual Total Returns
1 yr 3 yrs 5 yrs 10 yrs Fund Lifetime
June 30, 2014 (most recent month-end)
NAV 5.11% 5.26% 4.56%
With sales charge 1.20% 3.92% 3.47%
June 30, 2014 (most recent quarter-end)
NAV 5.11% 5.26% 4.56%
With sales charge 1.20% 3.92% 3.47%

Interactive Results Graphs

Expense Ratios

American Funds Tax-Exempt Fund of New York 0.66%
Lipper New York Municipal Debt Funds Average 0.80%

12-Month Distribution Rates

As of June 30, 2014 (updated monthly)

NAV 2.99%
With sales charge 2.88%

Annualized 30-Day SEC Yield

As of June 30, 2014 (updated monthly)

With sales charge 2.04%
View annualized 30-day SEC yields without fee waivers and/or expense reimbursement.


Portfolio Summary

% of net assets as of March 31, 2014 (updated quarterly)

Cash & equivalents 5.9%
Municipal Securities 94.1%

Quality Summary

% of net assets as of March 31, 2014 (updated quarterly)

AAA/Aaa 5.5%
AA/Aa 30.6%
A 37.2%
BBB/Baa 12.5%
BB/Ba 4.3%
B 2.0%
CCC & Below 0.0%
Unrated 2.0%
Cash & equivalents 5.9%

as of March 31, 2014 (updated quarterly)

Average Life (years) 7.4
Average Duration (years) 7.2

Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch, as an indication of an issuer’s creditworthiness. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund’s investment policies. Securities in the Unrated category have not been rated by a rating agency; however, the investment adviser performs its own credit analysis and assigns comparable ratings that are used for compliance with fund investment policies.

Portfolio Holdings

(updated quarterly, upon availability)

Asset Mix

as of May 31, 2014 (updated monthly)

U.S. Bonds 89.4%
Cash & Equivalents 10.6%

Assets and Portfolio Turnover (for fiscal years)

Fiscal Year Fund Assets (millions) Portfolio Turnover
2013 $123.5 23%
2012 $128.7 15%
2011 $68.5 16%

Assets shown are for combined share classes.

Portfolio Managers

Number of years with American Funds or affiliates
Jerome Solomon 5
Karl J. Zeile 14

(as of the prospectus dated October 1, 2013)

The portfolio managers shown are reflected in the fund’s most recent prospectus.

Important Legal Information

The fund is more susceptible to factors adversely affecting issuers of its state's tax-exempt securities than a more widely diversified municipal bond fund.

Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds. Income may be subject to state or local income taxes and/or the federal alternative minimum tax. Certain other income, as well as capital gain distributions, may be taxable.

The return of principal in bond funds is not guaranteed. Bond funds have the same interest rate, inflation and credit risks that are associated with the underlying bonds owned by the fund.

* Investment results assume all distributions are reinvested and reflect applicable fees and expenses.

  When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Read details about how waivers and/or reimbursements affect the results for each fund.

Source for Lipper expense ratio comparison: Lipper, based on front-end load funds, excluding funds of funds, for the most recent fiscal year-ends available as of March 31, 2014. The fund’s expense ratio is as of the fund’s prospectus. The expense ratios do not reflect sales charges.

  The investment adviser is currently reimbursing a portion of other expenses. The adviser has committed to retain any reimbursements only through September 30, 2014.

The SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities, while the distribution rate reflects the fund's past dividends paid to shareholders. Accordingly, the fund's SEC yield and distribution rate may differ.

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectuses, summary prospectuses and CollegeAmerica Program Description, which can be obtained from a financial professional and should be read carefully before investing. CollegeAmerica is distributed by American Funds Distributors® and sold through unaffiliated intermediaries.