NYAFX American Funds Tax-Exempt Fund of NY F-2 Forecast, Technical & Fundamental Analysis

The investment seeks a high level of current income exempt from regular federal, New York state and New York City income taxes; preservation of capital is the secondary objective. 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. It 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 the investors to federal alternative minimum tax.