Tax Exempt Bond Fund of America
Tax Exempt Bond Fund of America · 6 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Tax Exempt Bond Fund of America is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2025 Q3
The funds investment objective is to provide you with a high level of current income exempt from federal income tax, consistent with the preservation of capital.
The fund invests at least 65% of assets in federal tax-exempt debt securities rated A- or better, with up to 10% permitted in below-investment-grade securities, and derives at least 80% of income from tax-exempt securities. Multiple portfolio managers oversee segments of the portfolio, selecting securities the investment adviser judges to offer attractive long-term value and selling when that case no longer holds. Because security selection depends on the adviser's judgment of relative value, fund holdings and performance will diverge from any benchmark.
| Share class | Expense ratio | As of |
|---|---|---|
| AFTEX | 0.55% | 2026 Q1 |
| TEBCX | 1.30% | 2026 Q1 |
| AFTFX | 0.63% | 2026 Q1 |
| TEAFX | 0.38% | 2026 Q1 |
| C000114839 | 0.27% | 2026 Q1 |
| TFEBX | 0.27% | 2026 Q1 |
| TLLLX | 0.55% | 2026 Q1 |
Portfolio turnover 24.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 99.46% |
| Securitized | 0.00% |
| Derivatives | -0.03% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: NEW YORK N Y, MISSOURI ST HEALTH & EDL FACS AUTH, BLACK BELT ENERGY GAS DIST ×3, OHIO HIGHER EDUCATIONAL FACILITY COMMISSION, PUBLIC FINANCE AUTHORITY WISCONSIN, NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY
Largest exited: UNITED STATES TREASURY, NEW YORK CITY TRANSITIONAL FINANCE AUTH FUTURE TAX SEC REV ×2, OHIO HIGHER EDUCATIONAL FACILITY COMMISSION, CENTRAL PLAINS ENERGY PROJ, NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY, ILLINOIS FINANCE AUTHORITY, UNIVERSITY OF CALIFORNIA
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +5.72% | +11.33% | +4.92% | 3.79% | -4.64% | |
| +4.93% | +8.80% | +1.01% | 3.79% | -4.82% | |
| +5.63% | +11.05% | +4.49% | 3.79% | -4.66% | |
| +5.90% | +11.92% | +5.85% | 3.79% | -4.60% | |
| +6.01% | +12.20% | +6.34% | 3.79% | -4.57% | |
| +6.02% | +12.30% | +6.43% | 3.79% | -4.57% | |
| +5.99% | +12.20% | +6.31% | 3.79% | -4.58% |
These classes hold the same portfolio, so the 5.42pp spread over 5 years is the cost difference between them — roughly 1.08pp a year — not a difference in what they own.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 91.3% |
| Floating rate | 8.7% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.7% |
| 1-3y | 2.3% |
| 3-5y | 3.4% |
| 5-10y | 15.4% |
| 10y+ | 77.3% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 52% |
| Interest rates | 48% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +5.54 yr |
| High yield | +0.83 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.41 yr | 7% |
| 5 yr | 1.38 yr | 23% |
| 10 yr | 2.96 yr | 50% |
| 30 yr | 1.13 yr | 19% |
| 3 mo | 0.03 yr | 0% |
| 1 yr | 0.36 yr | 6% |
| 5 yr | 1.53 yr | 24% |
| 10 yr | 3.32 yr | 52% |
| 30 yr | 1.13 yr | 18% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.03 | +0.02 | +0.01 | $50.9k | $14.0k |
| 1 yr | +0.41 | +0.31 | +0.05 | $759.6k | $134.2k |
| 5 yr | +1.38 | +1.38 | +0.16 | $3.38m | $381.3k |
| 10 yr | +2.96 | +2.91 | +0.41 | $7.14m | $1.00m |
| 30 yr | +1.13 | +0.92 | +0.21 | $2.25m | $512.5k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | PUERTO RICO COMMONWEALTH OF (GOVERNMENT)0.00% floating · due 2043-11-01 | 0.58% | $141.20M | — |
| — | BLACK BELT ENERGY GAS DIST5.00% · due 2035-10-01 | 0.37% | $90.51M | — |
| — | NEW YORK N Y2.90% floating · due 2056-02-01 | 0.36% | $89.30M | — |
| — | CITY OF DETROIT MI SEWAGE DISPOSAL SYSTEM REVENUE3.25% floating · due 2032-07-01 | 0.33% | $81.46M | — |
| — | BLACK BELT ENERGY GAS DIST5.00% · due 2055-10-01 | 0.33% | $81.02M | — |
| — | MISSOURI ST HEALTH & EDL FACS AUTH5.00% · due 2036-04-01 | 0.33% | $79.80M | — |
| — | BLACK BELT ENERGY GAS DIST5.00% · due 2036-06-01 | 0.32% | $79.42M | — |
| — | PUERTO RICO COMMONWEALTH OF (GOVERNMENT)0.00% · due 2051-11-01 | 0.32% | $78.12M | — |
| — | CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY5.00% · due 2055-02-01 | 0.30% | $74.48M | — |
| — | BLACK BELT ENERGY GAS DIST4.00% · due 2051-06-01 | 0.28% | $67.43M | — |
Top 10 positions are 3.52% of net assets, top 25 6.94%, across 1.1K issuers.
See more of this fund's book
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