Growth of $10K | Annual Returns | Volatility & Returns

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Growth of a hypothetical $10,000 investment

Read important investment disclosures
This chart tracks a Class F-2 share investment over the last 20 years, or, since inception date if the fund has been in existence under 20 years.
The Tax-Exempt Fund of California (TEFEX)
Index

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. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. View fund expense ratios and returns.

Returns shown at net asset value (NAV) have all distributions reinvested.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectuses and summary prospectuses, which can be obtained from a financial professional and should be read carefully before investing.

The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds.

For more information about the risks associated with each fund, go to its detailed fund information page or read the prospectus.

State-specific tax-exempt funds are more susceptible to factors adversely affecting issuers of their states' tax-exempt securities than more widely diversified municipal bond funds. Income from municipal bonds 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.

There may have been periods when the fund(s) lagged the index(es). Certain market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

All American Funds trademarks referenced are registered trademarks owned by American Funds Distributors, Inc. or an affiliated company.

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. View results and yields without fee waiver and/or expense reimbursement .

  1. Barclays Municipal California Index did not exist prior to June 30, 1993. Therefore, results are measured from June 30, 1993, and are based on the corresponding value of the hypothetical $10,000 investment in the fund on that date.
  2. Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on Class A share results without a sales charge, adjusted for estimated annual expenses. View dates of first sale and specific expense adjustment information.

Content contained herein is not intended to serve as impartial investment or fiduciary advice. The content has been developed by Capital Group, which receives fees for managing, distributing and/or servicing its investments.

Terms and Definitions

Bloomberg Barclays California Municipal: Bloomberg Barclays California Municipal Index is a market-value-weighted index that includes only investment-grade tax-exempt bonds that are issued from California.

Annual Returns

Read important investment disclosures
For Class F-2 Shares, this chart tracks the total returns since the fund's inception date (Tuesday, October 28, 1986) through December 31, 2017. Fund returns and, if available, index returns are for calendar years except for the inception year (1986), which may not be a full calendar year. In cases where the index was launched after the fund inception, the index returns are shown in calender years.
The Tax-Exempt Fund of California (TEFEX)
Index

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. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. View fund expense ratios and returns.

Returns shown at net asset value (NAV) have all distributions reinvested.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectuses and summary prospectuses, which can be obtained from a financial professional and should be read carefully before investing.

The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds.

For more information about the risks associated with each fund, go to its detailed fund information page or read the prospectus.

State-specific tax-exempt funds are more susceptible to factors adversely affecting issuers of their states' tax-exempt securities than more widely diversified municipal bond funds. Income from municipal bonds 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.

There may have been periods when the fund(s) lagged the index(es). Certain market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

All American Funds trademarks referenced are registered trademarks owned by American Funds Distributors, Inc. or an affiliated company.

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. View results and yields without fee waiver and/or expense reimbursement .

  1. Barclays Municipal California Index did not exist prior to June 30, 1993. Therefore, results are measured from June 30, 1993, and are based on the corresponding value of the hypothetical $10,000 investment in the fund on that date.
  2. YTD (year-to-date return): the net change in the value of the fund's shares (in percentage terms) from January 1, 2017, to the current date shown above.
  3. Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on Class A share results without a sales charge, adjusted for estimated annual expenses. View dates of first sale and specific expense adjustment information.

Content contained herein is not intended to serve as impartial investment or fiduciary advice. The content has been developed by Capital Group, which receives fees for managing, distributing and/or servicing its investments.

Terms and Definitions

Bloomberg Barclays California Municipal: Bloomberg Barclays California Municipal Index is a market-value-weighted index that includes only investment-grade tax-exempt bonds that are issued from California.

Volatility & Returns

For Class F-2 Shares, this chart tracks the 10-year standard deviation and 10-year annualized return of the fixed income funds.
Fixed-Income
Index
Standard Deviation as of 03/31/2018. Annualized return as of 03/31/2018

Volatility & Return chart is not available for funds less than 10 years old.