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0.0138 0.1139 0.1134 0.1486 0.1437 0.3889 0.0771 0.1139 0.1134 0.1486 0.1437 0.3889 0.0771 0.0006 0.0138 true 0.0006 0.0138 0.1139 0.1134 0.1486 0.1437 0.3889 0.0771 N-CSR American High-Income Municipal Bond Fund 2026-07-31 American High-Income Municipal Bond Fund® Class A AMHIX This annual shareholder report contains important information about American High-Income Municipal Bond Fund<span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </span>(the "fund") for the period from August 1, 2025 to July 31, 2026. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-A</span></span>. You can also request this information by contacting us at <span style="letter-spacing: 0px; top: 0px;display:inline;">(800) 421-4225</span>. capitalgroup.com/mutual-fund-literature-A (800) 421-4225 This report describes changes to the fund that occurred during the reporting period. <div style="margin: 0px; font-family: Arial; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0);"><span style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last year? </span><div style="display: none;"> </div><span style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);display:inline;"><span style="font-size:10pt;display:inline;"><span style="font-family: Arial; line-height: 10pt;display:inline;"><span style="color: rgb(0, 0, 0); line-height: 10pt;display:inline;">(based on a hypothetical $10,0</span></span><span style="line-height: 10pt;display:inline;"><span style="font-family: Arial; line-height: 10pt;display:inline;"><span style="color: rgb(0, 0, 0); line-height: 10pt;display:inline;">00 investment</span></span><span style="line-height: 10pt;display:inline;"><span style="font-family: Arial; line-height: 10pt;display:inline;"><span style="color: rgb(0, 0, 0); line-height: 10pt;display:inline;">)</span></span></span></span></span></span><div style="display: none;"> </div></div> <table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid; padding: 3pt 6pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); width: 126.9pt;"><div style="font-weight:bolder;display:inline;">Share class</div></td><td style="break-inside: avoid; padding: 3pt 6pt; width: 171.072pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255);"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid; padding: 3pt 0px; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; border-right: initial initial;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class A</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>69</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.67<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 69 0.0067 <div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; letter-spacing: normal; text-transform: none; color: rgb(0, 95, 158); padding-top: 0;">Management's discussion of fund performance</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">The fund’s Class A shares gained 7.06% for the year ended July 31, 2026. That result compares with a <span style="display:inline;">5.27</span>% gain for the Bloomberg Municipal Bond Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 9pt; line-height: 11pt; letter-spacing: -0.04pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-returns-A</span></span>.</div> <div style="margin-top: 6.9984pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; letter-spacing: normal; text-transform: none; padding-top: 0;">What factors influenced results</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 11pt; letter-spacing: -0.04pt;">During the fund’s fiscal year, municipal bonds posted positive returns. The U.S. economy remained resilient, though signs of labor market softening led the U.S. Federal Reserve to implement three 25-basis-point rate cuts. Interest rate volatility drove returns while credit spreads stayed range bound. Strong demand for shorter maturities contributed to a steep municipal yield curve.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Yield curve positioning contributed to excess returns relative to the benchmark. The portfolio benefited from the steep curve by overweighting more attractive areas while maintaining underweight portions of the front end where valuations were less attractive. Duration positioning detracted modestly from relative results.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Security selection within general obligation and utilities holdings contributed to returns, while corporates detracted from relative results. The portfolio’s significant underweight to tobacco contributed positively through sector positioning. Housing holdings added value overall, as positive curve positioning and valuation effects more than offset negative duration and sector/industry effects. Within the fund, investments in special tax bonds were particularly additive. Conversely, holdings in transportation and governmental non-general obligation bonds weighed on returns relative to the benchmark. Exposure to derivatives also detracted from results.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1676006.jpg" style="width: 550pt;"/> <div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: left; letter-spacing: normal; text-transform: none; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; color: rgb(0, 0, 0);">Average annual total returns</div> <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 3pt;"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 16.9992pt; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid; padding: 3pt 2pt; width: 60%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: initial initial; background-color: rgb(223, 229, 240);"><div style="display:inline;"></div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">1 year</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">5 years</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">10 years</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">American High-Income Municipal Bond Fund — Class A (with sales <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">charge)</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">*</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">3.04<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">0.58<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">2.68<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">American High-Income Municipal Bond Fund — Class A (without sales <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">charge)</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">*</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">7.06<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">1.35<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">3.07<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 255, 255); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Bloomberg Municipal Bond <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">†</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">5.27<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">0.51<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">1.95<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">*</div> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">†</div> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors <div style="letter-spacing: 0px; top: 0px;display:inline;">cannot </div>invest directly in an index. Source(s): Bloomberg Index Services Ltd.</div> American High-Income Municipal Bond Fund — Class A (with sales charge) 0.0304 0.0058 0.0268 American High-Income Municipal Bond Fund — Class A (without sales charge) 0.0706 0.0135 0.0307 Bloomberg Municipal Bond Index 0.0527 0.0051 0.0195 The fund’s past performance is not a predictor of its future performance. The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="margin-top: 10pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>15,115</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">4,116</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>39</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">32<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 15115000000 4116 39000000 0.32 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;">Portfolio quality summary</span> <span style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;"> <span style="font-size: smaller; vertical-align: super;display:inline;">*</span> </span> (percent of net assets)</div></div> <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1676012.jpg" style="display: block; width: 300pt;"/> </div> <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 32pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><span style="font-size: smaller; vertical-align: super;display:inline;">*</span> Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard &amp; Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard &amp; Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the lowest of those ratings, consistent with the fund’s investment policies. Securities in the “unrated“ category (above) 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 the fund’s investment policies.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 32pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><span style="font-size: smaller; vertical-align: super;display:inline;">†</span> Includes derivatives.</div></div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; letter-spacing: normal; text-transform: none; color: rgb(0, 95, 158); padding-top: 0;">Material fund changes</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">This is a summary of certain changes to the fund since August 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by October 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-A</span></span> or upon request at <span style="letter-spacing: 0px; top: 0px;display:inline;">(800) 421-4225</span>.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.</div> This is a summary of certain changes to the fund since August 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by October 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-A</span></span> or upon request at <span style="letter-spacing: 0px; top: 0px;display:inline;">(800) 421-4225</span>. 2025-08-01 capitalgroup.com/mutual-fund-literature-A (800) 421-4225 On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026. American High-Income Municipal Bond Fund® Class C AHICX This annual shareholder report contains important information about American High-Income Municipal Bond Fund (the "fund") for the period from August 1, 2025 to July 31, 2026. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-C</span></span>. You can also request this information by contacting us at <span style="letter-spacing: 0px; top: 0px;display:inline;">(800) 421-4225</span>. capitalgroup.com/mutual-fund-literature-C (800) 421-4225 This report describes changes to the fund that occurred during the reporting period. <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><span style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last year? </span><span style="font-family:Arial;display:inline;"><span style="color:#000000;display:inline;">(based on a hypothetical $10,000 <span style="letter-spacing: 0px; top: 0px;display:inline;">investment</span>)</span></span></div> <table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid; padding: 3pt 6pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); width: 126.9pt;"><div style="font-weight:bolder;display:inline;">Share class</div></td><td style="break-inside: avoid; padding: 3pt 6pt; width: 171.072pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255);"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid; padding: 3pt 0px; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; border-right: initial initial;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class C</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>141</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">1.37<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 141 0.0137 <div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; letter-spacing: normal; text-transform: none; color: rgb(0, 95, 158); padding-top: 0;">Management's discussion of fund performance</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">The fund’s Class C shares gained 6.30% for the year ended July 31, 2026. That result compares with a 5.27% gain for the Bloomberg Municipal Bond Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 9pt; line-height: 11pt; letter-spacing: -0.04pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-returns-C</span></span>.</div> <div style="margin-top: 6.9984pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; letter-spacing: normal; text-transform: none; padding-top: 0;">What factors influenced results</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 11pt; letter-spacing: -0.04pt;">During the fund’s fiscal year, municipal bonds posted positive returns. The U.S. economy remained resilient, though signs of labor market softening led the U.S. Federal Reserve to implement three 25-basis-point rate cuts. Interest rate volatility drove returns while credit spreads stayed range bound. Strong demand for shorter maturities contributed to a steep municipal yield curve.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Yield curve positioning contributed to excess returns relative to the benchmark. The portfolio benefited from the steep curve by overweighting more attractive areas while maintaining underweight portions of the front end where valuations were less attractive. Duration positioning detracted modestly from relative results.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Security selection within general obligation and utilities holdings contributed to returns, while corporates detracted from relative results. The portfolio’s significant underweight to tobacco contributed positively through sector positioning. Housing holdings added value overall, as positive curve positioning and valuation effects more than offset negative duration and sector/industry effects. Within the fund, investments in special tax bonds were particularly additive. Conversely, holdings in transportation and <div style="display:inline;">governmental </div>non-general obligation bonds weighed on returns relative to the benchmark. Exposure to derivatives also detracted from results.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1676050.jpg" style="width: 550pt;"/> <div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: left; letter-spacing: normal; text-transform: none; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; color: rgb(0, 0, 0);">Average annual total returns</div> <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 3pt;"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 16.9992pt; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid; padding: 3pt 2pt; width: 60%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: initial initial; background-color: rgb(223, 229, 240);"><div style="display:inline;"></div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">1 year</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">5 years</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">10 years</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">American High-Income Municipal Bond Fund — Class C (with sales <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">charge)</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">*</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">5.30<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">0.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">2.47<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">American High-Income Municipal Bond Fund — Class C (without sales <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">charge)</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">*</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">6.30<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">0.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">2.47<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 255, 255); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Bloomberg Municipal Bond <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">†</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">5.27<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">0.51<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">1.95<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">*</div> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">†</div> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.</div> American High-Income Municipal Bond Fund — Class C (with sales charge) 0.053 0.0063 0.0247 American High-Income Municipal Bond Fund — Class C (without sales charge) 0.063 0.0063 0.0247 Bloomberg Municipal Bond Index 0.0527 0.0051 0.0195 The fund’s past performance is not a predictor of its future performance. The line chart and table do not <span style="letter-spacing: 0px; top: 0px;display:inline;">reflect </span>the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="margin-top: 10pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>15,115</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">4,116</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>39</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">32<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 15115000000 4116 39000000 0.32 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;">Portfolio quality summary</span> <span style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;"> <span style="font-size: smaller; vertical-align: super;display:inline;">*</span> </span> (percent of net assets)</div></div> <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1676056.jpg" style="display: block; width: 300pt;"/> </div> <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 32pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><span style="font-size: smaller; vertical-align: super;display:inline;">*</span> Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard &amp; Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard &amp; Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the lowest of those ratings, consistent with the fund’s investment policies. Securities in the “unrated“ category (above) 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 the fund’s investment policies.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 32pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><span style="font-size: smaller; vertical-align: super;display:inline;">†</span> Includes derivatives.</div></div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; letter-spacing: normal; text-transform: none; color: rgb(0, 95, 158); padding-top: 0;">Material fund changes</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">This is a summary of certain changes to the fund since August 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by October 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-C</span></span> or upon request at <span style="letter-spacing: 0px; top: 0px;display:inline;">(800) 421-4225</span>.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.</div> This is a summary of certain changes to the fund since August 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by October 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-C</span></span> or upon request at <span style="letter-spacing: 0px; top: 0px;display:inline;">(800) 421-4225</span>. 2025-08-01 capitalgroup.com/mutual-fund-literature-C (800) 421-4225 On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026. American High-Income Municipal Bond Fund® Class F-1 ABHFX This annual shareholder report contains important information about American High-Income Municipal Bond Fund (the "fund") for the period from August 1, 2025 to July 31, 2026. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-F1</span></span>. You can also request this information by contacting us at <span style="letter-spacing: 0px; top: 0px;display:inline;">(800) 421-4225</span>. capitalgroup.com/mutual-fund-literature-F1 (800) 421-4225 This report describes changes to the fund that occurred during the reporting period. <div style="margin: 0px; font-family: Arial; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0);"><span style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last year? </span><div style="display: none;"> </div><span style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);display:inline;"><span style="font-size:10pt;display:inline;"><span style="font-family: Arial; line-height: 10pt;display:inline;"><span style="color: rgb(0, 0, 0); line-height: 10pt;display:inline;">(based on a hypothetical $10</span></span><span style="line-height: 10pt;display:inline;"><span style="font-family: Arial; line-height: 10pt;display:inline;"><span style="color: rgb(0, 0, 0); line-height: 10pt;display:inline;">,000 investment</span></span><span style="line-height: 10pt;display:inline;"><span style="font-family: Arial; line-height: 10pt;display:inline;"><span style="color: rgb(0, 0, 0); line-height: 10pt;display:inline;">)</span></span></span></span></span></span><div style="display: none;"> </div></div> <table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid; padding: 3pt 6pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); width: 126.9pt;"><div style="font-weight:bolder;display:inline;">Share class</div></td><td style="break-inside: avoid; padding: 3pt 6pt; width: 171.072pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255);"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid; padding: 3pt 0px; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; border-right: initial initial;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class F-1</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>71</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.69<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 71 0.0069 <div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; letter-spacing: normal; text-transform: none; color: rgb(0, 95, 158); padding-top: 0;">Management's discussion of fund performance</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">The fund’s Class F-1 shares gained 7.04% for the year ended July 31, 2026. That result compares with a 5.27% gain for the Bloomberg Municipal Bond Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 9pt; line-height: 11pt; letter-spacing: -0.04pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-returns-F1</span></span>.</div> <div style="margin-top: 6.9984pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; letter-spacing: normal; text-transform: none; padding-top: 0;">What factors influenced results</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 11pt; letter-spacing: -0.04pt;">During the fund’s fiscal year, municipal bonds posted positive returns. The U.S. economy remained resilient, though signs of labor market softening led the U.S. Federal Reserve to implement three 25-basis-point rate cuts. Interest rate volatility drove returns while credit spreads stayed range bound. Strong demand for shorter maturities contributed to a steep municipal yield curve.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Yield curve positioning contributed to excess returns relative to the benchmark. The portfolio benefited from the steep curve by overweighting more attractive areas while maintaining underweight portions of the front end where valuations were less attractive. Duration positioning detracted modestly from relative results.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Security selection within general obligation and utilities holdings contributed to returns, while corporates detracted from relative results. The portfolio’s significant underweight to tobacco contributed positively through sector positioning. Housing holdings added value overall, as positive curve positioning and valuation effects more than offset negative duration and sector/industry effects. Within the fund, investments in special tax bonds were particularly additive. Conversely, holdings in transportation and governmental non-general obligation bonds weighed on returns relative to the benchmark. Exposure to derivatives also detracted from results.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1676094.jpg" style="width: 550pt;"/> <div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: left; letter-spacing: normal; text-transform: none; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; color: rgb(0, 0, 0);">Average annual total returns</div> <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 3pt;"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 16.9992pt; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid; padding: 3pt 2pt; width: 60%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: initial initial; background-color: rgb(223, 229, 240);"><div style="display:inline;"></div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">1 year</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">5 years</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">10 years</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">American High-Income Municipal Bond Fund — Class <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">F-1</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">*</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">7.04<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">1.33<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">3.03<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 255, 255); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Bloomberg Municipal Bond <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">†</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">5.27<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">0.51<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">1.95<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">*</div> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">†</div> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.</div> American High-Income Municipal Bond Fund — Class F-1 0.0704 0.0133 0.0303 Bloomberg Municipal Bond Index 0.0527 0.0051 0.0195 The fund’s past performance is not a predictor of its future performance. The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="margin-top: 10pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>15,115</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">4,116</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>39</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">32<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 15115000000 4116 39000000 0.32 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;"><span style="font-weight:bolder;display:inline;">Portfolio quality summary</span></span> <span style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;"><span style="font-weight:bolder;display:inline;"> <span style="font-size: smaller; vertical-align: super;display:inline;">*</span> </span></span> (percent of net assets)</div></div> <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1676100.jpg" style="display: block; width: 300pt;"/> </div> <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 32pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><span style="font-size: smaller; vertical-align: super;display:inline;">*</span> Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard &amp; Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard &amp; Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the lowest of those ratings, consistent with the fund’s investment policies. Securities in the “unrated“ category (above) 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 the fund’s investment policies.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 32pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><span style="font-size: smaller; vertical-align: super;display:inline;">†</span> Includes derivatives.</div></div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; letter-spacing: normal; text-transform: none; color: rgb(0, 95, 158); padding-top: 0;">Material fund changes</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">This is a summary of certain changes to the fund since August 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by October 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-F1</span></span> or upon request at <span style="letter-spacing: 0px; top: 0px;display:inline;">(800) 421-4225</span>.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.</div> This is a summary of certain changes to the fund since August 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by October 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-F1</span></span> or upon request at <span style="letter-spacing: 0px; top: 0px;display:inline;">(800) 421-4225</span>. 2025-08-01 capitalgroup.com/mutual-fund-literature-F1 (800) 421-4225 On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026. American High-Income Municipal Bond Fund® Class F-2 AHMFX This annual shareholder report contains important information about American High-Income Municipal Bond Fund<span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </span>(the "fund") for the period from August 1, 2025 to July 31, 2026. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-F2</span></span>. You can also request this information by contacting us at <span style="letter-spacing: 0px; top: 0px;display:inline;">(800) 421-4225</span>. capitalgroup.com/mutual-fund-literature-F2 (800) 421-4225 This report describes changes to the fund that occurred during the reporting period. <div style="margin: 0px; font-family: Arial; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0);"><span style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last year? </span><div style="display: none;"> </div><span style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);display:inline;"><span style="font-size:10pt;display:inline;"><span style="font-family: Arial; line-height: 10pt;display:inline;"><span style="color: rgb(0, 0, 0); line-height: 10pt;display:inline;">(based on a hypothetical $10,000 inves</span></span><span style="line-height: 10pt;display:inline;"><span style="font-family: Arial; line-height: 10pt;display:inline;"><span style="color: rgb(0, 0, 0); line-height: 10pt;display:inline;">tment)</span></span></span></span></span><div style="display: none;"> </div></div> <table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid; padding: 3pt 6pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); width: 126.9pt;"><div style="font-weight:bolder;display:inline;">Share class</div></td><td style="break-inside: avoid; padding: 3pt 6pt; width: 171.072pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255);"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid; padding: 3pt 0px; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; border-right: initial initial;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class F-2</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>46</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.44<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 46 0.0044 <div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; letter-spacing: normal; text-transform: none; color: rgb(0, 95, 158); padding-top: 0;">Management's discussion of fund performance</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">The fund’s Class F-2 shares gained 7.31% for the year ended July 31, 2026. That result compares with a 5.27% gain for the Bloomberg Municipal Bond Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 9pt; line-height: 11pt; letter-spacing: -0.04pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-returns-F2</span></span>.</div> <div style="margin-top: 6.9984pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; letter-spacing: normal; text-transform: none; padding-top: 0;">What factors influenced results</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 11pt; letter-spacing: -0.04pt;">During the fund’s fiscal year, municipal bonds posted positive returns. The U.S. economy remained resilient, though signs of labor market softening led the U.S. Federal Reserve to implement three 25-basis-point rate cuts. Interest rate volatility drove returns while credit spreads stayed range bound. Strong demand for shorter maturities contributed to a steep municipal yield curve.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Yield curve positioning contributed to excess returns relative to the benchmark. The portfolio benefited from the steep curve by overweighting more attractive areas while maintaining underweight portions of the front end where valuations were less attractive. Duration positioning detracted modestly from relative results.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Security selection within general obligation and utilities holdings contributed to returns, while corporates detracted from relative results. The portfolio’s significant underweight to tobacco contributed positively through sector positioning. Housing holdings added value overall, as positive curve positioning and valuation effects more than offset negative duration and sector/industry effects. Within the fund, investments in special tax bonds were particularly additive. Conversely, holdings in transportation and governmental non-general obligation bonds weighed on returns relative to the benchmark. Exposure to derivatives also detracted from results.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1676138.jpg" style="width: 550pt;"/> <div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: left; letter-spacing: normal; text-transform: none; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; color: rgb(0, 0, 0);">Average annual total returns</div> <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 3pt;"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 16.9992pt; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid; padding: 3pt 2pt; width: 60%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: initial initial; background-color: rgb(223, 229, 240);"><div style="display:inline;"></div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">1 year</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">5 years</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">10 years</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">American High-Income Municipal Bond Fund — Class <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">F-2</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">*</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">7.31<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">1.59<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">3.30<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 255, 255); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Bloomberg Municipal Bond <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">†</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">5.27<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">0.51<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">1.95<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">*</div> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">†</div> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.</div> American High-Income Municipal Bond Fund — Class F-2 0.0731 0.0159 0.033 Bloomberg Municipal Bond Index 0.0527 0.0051 0.0195 The fund’s past performance is not a predictor of its future performance. The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund <span style="letter-spacing: 0px; top: 0px;display:inline;">shares</span>. <div style="margin-top: 10pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>15,115</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">4,116</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>39</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">32<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 15115000000 4116 39000000 0.32 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;"><span style="font-weight:bolder;display:inline;">Portfolio quality summary</span></span> <span style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;"><span style="font-weight:bolder;display:inline;"> <span style="font-size: smaller; vertical-align: super;display:inline;">*</span> </span></span> (percent of net assets)</div></div> <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1676144.jpg" style="display: block; width: 300pt;"/> </div> <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 32pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><span style="font-size: smaller; vertical-align: super;display:inline;">*</span> Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard &amp; Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard &amp; Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the lowest of those ratings, consistent with the fund’s investment policies. Securities in the “unrated“ category (above) 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 the fund’s investment policies.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 32pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><span style="font-size: smaller; vertical-align: super;display:inline;">†</span> Includes derivatives.</div></div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; letter-spacing: normal; text-transform: none; color: rgb(0, 95, 158); padding-top: 0;">Material fund changes</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">This is a summary of certain changes to the fund since August 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by October 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-F2</span></span> or upon request at <span style="letter-spacing: 0px; top: 0px;display:inline;">(800) 421-4225</span>.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.</div> This is a summary of certain changes to the fund since August 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by October 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-F2</span></span> or upon request at <span style="letter-spacing: 0px; top: 0px;display:inline;">(800) 421-4225</span>. 2025-08-01 capitalgroup.com/mutual-fund-literature-F2 (800) 421-4225 On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026. American High-Income Municipal Bond Fund® Class F-3 HIMFX This annual shareholder report contains important information about American High-Income Municipal Bond Fund (the "fund") for the period from August 1, 2025 to July 31, 2026. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-F3</span></span>. You can also request this information by contacting us at <span style="letter-spacing: 0px; top: 0px;display:inline;">(800) 421-4225</span>. capitalgroup.com/mutual-fund-literature-F3 (800) 421-4225 This report describes changes to the fund that occurred during the reporting period. <div style="margin: 0px; font-family: Arial; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0);"><span style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last year? </span><div style="display: none;"> </div><span style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);display:inline;"><span style="font-size:10pt;display:inline;"><span style="font-family: Arial; line-height: 10pt;display:inline;"><span style="color: rgb(0, 0, 0); line-height: 10pt;display:inline;">(based on a hypothetical $10,000 inve<span style="letter-spacing: 0px; top: 0px; line-height: 10pt;display:inline;">stm</span>ent)</span></span></span></span><div style="display: none;"> </div></div> <table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid; padding: 3pt 6pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); width: 126.9pt;"><div style="font-weight:bolder;display:inline;">Share class</div></td><td style="break-inside: avoid; padding: 3pt 6pt; width: 171.072pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255);"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid; padding: 3pt 0px; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; border-right: initial initial;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class F-3</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>34</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.33<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 34 0.0033 <div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; letter-spacing: normal; text-transform: none; color: rgb(0, 95, 158); padding-top: 0;">Management's discussion of fund performance</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">The fund’s Class F-3 shares gained 7.43% for the year ended July 31, 2026. That result compares with a 5.27% gain for the Bloomberg Municipal Bond Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 9pt; line-height: 11pt; letter-spacing: -0.04pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-returns-F3</span></span>.</div> <div style="margin-top: 6.9984pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; letter-spacing: normal; text-transform: none; padding-top: 0;">What factors influenced results</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 11pt; letter-spacing: -0.04pt;">During the fund’s fiscal year, municipal bonds posted positive returns. The U.S. economy remained resilient, though signs of labor market softening led the U.S. Federal Reserve to implement three 25-basis-point rate cuts. Interest rate volatility drove returns while credit spreads stayed range bound. Strong demand for shorter maturities contributed to a steep municipal yield curve.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Yield curve positioning contributed to excess returns relative to the benchmark. The portfolio benefited from the steep curve by overweighting more attractive areas while maintaining underweight portions of the front end where valuations were less attractive. Duration positioning detracted modestly from relative results.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Security selection within general obligation and utilities holdings contributed to returns, while corporates detracted from relative results. The portfolio’s significant underweight to tobacco contributed positively through sector positioning. Housing holdings added value overall, as positive curve positioning and valuation effects more than offset negative duration and sector/industry effects. Within the fund, investments in special tax bonds were particularly additive. Conversely, holdings in transportation and governmental non-general obligation bonds weighed on returns relative to the benchmark. Exposure to derivatives also detracted from results.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1676226.jpg" style="width: 550pt;"/> <div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: left; letter-spacing: normal; text-transform: none; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; color: rgb(0, 0, 0);">Average annual total returns</div> <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 3pt;"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 16.9992pt; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid; padding: 3pt 2pt; width: 60%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: initial initial; background-color: rgb(223, 229, 240);"><div style="display:inline;"></div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">1 year</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">5 years</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">Since inception<div style="font-size: smaller; vertical-align: super;display:inline;">1</div></div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">American High-Income Municipal Bond Fund — Class <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">F-3</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">7.43<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">1.70<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">4.00<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 255, 255); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Bloomberg Municipal Bond <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">5.27<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">0.51<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">2.43<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">1</div> Class F-3 shares were first offered on January 27, 2017.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.</div> American High-Income Municipal Bond Fund — Class F-3 0.0743 0.017 0.04 Bloomberg Municipal Bond Index 0.0527 0.0051 0.0243 2017-01-27 The fund’s past performance is not a predictor of its future performance. The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="margin-top: 10pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>15,115</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">4,116</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>39</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">32<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 15115000000 4116 39000000 0.32 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;"><span style="font-weight:bolder;display:inline;">Portfolio quality summary</span></span> <span style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;"><span style="font-weight:bolder;display:inline;"> <span style="font-size: smaller; vertical-align: super;display:inline;">*</span> </span></span> (percent of net assets)</div></div> <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1676232.jpg" style="display: block; width: 300pt;"/> </div> <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 32pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><span style="font-size: smaller; vertical-align: super;display:inline;">*</span> Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard &amp; Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard &amp; Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the lowest of those ratings, consistent with the fund’s investment policies. Securities in the “unrated“ category (above) 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 the fund’s investment policies.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 32pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><span style="font-size: smaller; vertical-align: super;display:inline;">†</span> Includes derivatives.</div></div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; letter-spacing: normal; text-transform: none; color: rgb(0, 95, 158); padding-top: 0;">Material fund changes</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">This is a summary of certain changes to the fund since August 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by October 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-F3</span></span> or upon request at <span style="letter-spacing: 0px; top: 0px;display:inline;">(800) 421-4225</span>.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.</div> This is a summary of certain changes to the fund since August 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by October 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-F3</span></span> or upon request at <span style="letter-spacing: 0px; top: 0px;display:inline;">(800) 421-4225</span>. 2025-08-01 capitalgroup.com/mutual-fund-literature-F3 (800) 421-4225 On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026. American High-Income Municipal Bond Fund® Class R-6 This annual shareholder report contains important information about American High-Income Municipal Bond Fund (the "fund") for the period from August 1, 2025 to July 31, 2026. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-R6</span></span>. You can also request this information by contacting us at <span style="letter-spacing: 0px; top: 0px;display:inline;">(800) 421-4225</span>. capitalgroup.com/mutual-fund-literature-R6 (800) 421-4225 This report describes changes to the fund that occurred during the reporting period. <div style="margin: 0px; font-family: Arial; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0);"><span style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last year? </span><div style="display: none;"> </div><span style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);display:inline;"><span style="font-size:10pt;display:inline;"><span style="font-family: Arial; line-height: 10pt;display:inline;"><span style="color: rgb(0, 0, 0); line-height: 10pt;display:inline;">(based on a hypothetical $10,000 in<span style="letter-spacing: 0px; top: 0px; line-height: 10pt;display:inline;">ve</span>stment)</span></span></span></span><div style="display: none;"> </div></div> <table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid; padding: 3pt 6pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); width: 126.9pt;"><div style="font-weight:bolder;display:inline;">Share class</div></td><td style="break-inside: avoid; padding: 3pt 6pt; width: 171.072pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255);"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid; padding: 3pt 0px; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; border-right: initial initial;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class R-6</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>32</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.31<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 32 0.0031 <div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; letter-spacing: normal; text-transform: none; color: rgb(0, 95, 158); padding-top: 0;">Management's discussion of fund performance</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">The fund’s Class R-6 shares gained 7.42% for the year ended July 31, <span style="display:inline;">2026</span>. That result compares with a 5.27% gain for the Bloomberg Municipal Bond Index.</div> <div style="margin-top: 6.9984pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; letter-spacing: normal; text-transform: none; padding-top: 0;">What factors influenced results</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 11pt; letter-spacing: -0.04pt;">During the fund’s fiscal year, municipal bonds posted positive returns. The U.S. economy remained resilient, though signs of labor market softening led the U.S. Federal Reserve to implement three 25-basis-point rate cuts. Interest rate volatility drove returns while credit spreads stayed range bound. Strong demand for shorter maturities contributed to a steep municipal yield curve.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Yield curve positioning contributed to excess returns relative to the benchmark. The portfolio benefited from the steep curve by overweighting more attractive areas while maintaining underweight portions of the front end where valuations were less attractive. Duration positioning detracted modestly from relative results.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Security selection within general obligation and utilities holdings contributed to returns, while corporates detracted from relative results. The portfolio’s significant underweight to tobacco contributed positively through sector positioning. Housing holdings added value overall, as positive curve positioning and valuation effects more than offset negative duration and sector/industry effects. Within the fund, investments in special tax bonds were particularly additive. Conversely, holdings in transportation and governmental non-general obligation bonds weighed on returns relative to the benchmark. Exposure to derivatives also detracted from results.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1676182.jpg" style="width: 550pt;"/> <div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: left; letter-spacing: normal; text-transform: none; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; color: rgb(0, 0, 0);">Average annual total returns</div> <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 3pt;"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 16.9992pt; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid; padding: 3pt 2pt; width: 60%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: initial initial; background-color: rgb(223, 229, 240);"><div style="display:inline;"></div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">1 year</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">5 years</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">10 years</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">American High-Income Municipal Bond Fund — Class <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">R-6</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">*</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">7.42<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">1.70<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">3.41<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 255, 255); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Bloomberg Municipal Bond <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">†</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">5.27<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">0.51<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">1.95<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">*</div> Investment results assume all distributions are reinvested and reflect <div style="letter-spacing: 0px; top: 0px;display:inline;">applicable </div>fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">†</div> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.</div> American High-Income Municipal Bond Fund — Class R-6 0.0742 0.017 0.0341 Bloomberg Municipal Bond Index 0.0527 0.0051 0.0195 The fund’s past performance is not a predictor of its future performance. The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="margin-top: 10pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>15,115</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">4,116</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>39</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">32<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 15115000000 4116 39000000 0.32 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;"><span style="font-weight:bolder;display:inline;">Portfolio quality summary</span></span> <span style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;"><span style="font-weight:bolder;display:inline;"> <span style="font-size: smaller; vertical-align: super;display:inline;">*</span> </span></span> (percent of net assets)</div></div> <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1676188.jpg" style="display: block; width: 300pt;"/> </div> <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 32pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><span style="font-size: smaller; vertical-align: super;display:inline;">*</span> Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard &amp; Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard &amp; Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the lowest of those ratings, consistent with the fund’s investment policies. Securities in the “unrated“ category (above) 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 the fund’s investment policies.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 32pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><span style="font-size: smaller; vertical-align: super;display:inline;">†</span> Includes derivatives.</div></div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; letter-spacing: normal; text-transform: none; color: rgb(0, 95, 158); padding-top: 0;">Material fund changes</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">This is a summary of certain changes to the fund since August 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by October 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-R6</span></span> or upon request at <span style="letter-spacing: 0px; top: 0px;display:inline;">(800) 421-4225</span>.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.</div> This is a summary of certain changes to the fund since August 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by October 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-R6</span></span> or upon request at <span style="letter-spacing: 0px; top: 0px;display:inline;">(800) 421-4225</span>. 2025-08-01 capitalgroup.com/mutual-fund-literature-R6 (800) 421-4225 On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026. 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. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the lowest of those ratings, consistent with the fund’s investment policies. Securities in the “unrated“ category (above) 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 the fund’s investment policies. Includes derivatives. Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd. Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Class F-3 shares were first offered on January 27, 2017.