Shareholder Report
Jul. 31, 2026
USD ($)
Holding
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $ 69 | 0.67 % |
Management's discussion of fund performance
The fund’s Class A shares gained 7.06% 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 capitalgroup.com/mutual-fund-returns-A.
What factors influenced results
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.
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.
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.
Average annual total returns
1 year | 5 years | 10 years | |
| American High-Income Municipal Bond Fund — Class A (with sales charge) * | 3.04 % | 0.58 % | 2.68 % |
| American High-Income Municipal Bond Fund — Class A (without sales charge) * | 7.06 % | 1.35 % | 3.07 % |
| Bloomberg Municipal Bond Index † | 5.27 % | 0.51 % | 1.95 % |
*
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.†
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.Key fund statistics
| Fund net assets (in millions) | $ 15,115 |
| Total number of portfolio holdings | 4,116 |
| Total advisory fees paid (in millions) | $ 39 |
| Portfolio turnover rate | 32 % |
Portfolio quality summary * (percent of net assets)
* 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.
Material fund changes
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 capitalgroup.com/mutual-fund-literature-A or upon request at (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.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $ 141 | 1.37 % |
Management's discussion of fund performance
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 capitalgroup.com/mutual-fund-returns-C.
What factors influenced results
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.
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.
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.
Average annual total returns
1 year | 5 years | 10 years | |
| American High-Income Municipal Bond Fund — Class C (with sales charge) * | 5.30 % | 0.63 % | 2.47 % |
| American High-Income Municipal Bond Fund — Class C (without sales charge) * | 6.30 % | 0.63 % | 2.47 % |
| Bloomberg Municipal Bond Index † | 5.27 % | 0.51 % | 1.95 % |
*
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.†
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.Key fund statistics
| Fund net assets (in millions) | $ 15,115 |
| Total number of portfolio holdings | 4,116 |
| Total advisory fees paid (in millions) | $ 39 |
| Portfolio turnover rate | 32 % |
Portfolio quality summary * (percent of net assets)
* 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.
Material fund changes
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 capitalgroup.com/mutual-fund-literature-C or upon request at (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.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class F-1 | $ 71 | 0.69 % |
Management's discussion of fund performance
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 capitalgroup.com/mutual-fund-returns-F1.
What factors influenced results
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.
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.
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.
Average annual total returns
1 year | 5 years | 10 years | |
| American High-Income Municipal Bond Fund — Class F-1 * | 7.04 % | 1.33 % | 3.03 % |
| Bloomberg Municipal Bond Index † | 5.27 % | 0.51 % | 1.95 % |
*
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.†
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.Key fund statistics
| Fund net assets (in millions) | $ 15,115 |
| Total number of portfolio holdings | 4,116 |
| Total advisory fees paid (in millions) | $ 39 |
| Portfolio turnover rate | 32 % |
Portfolio quality summary * (percent of net assets)
* 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.
Material fund changes
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 capitalgroup.com/mutual-fund-literature-F1 or upon request at (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.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class F-2 | $ 46 | 0.44 % |
Management's discussion of fund performance
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 capitalgroup.com/mutual-fund-returns-F2.
What factors influenced results
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.
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.
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.
Average annual total returns
1 year | 5 years | 10 years | |
| American High-Income Municipal Bond Fund — Class F-2 * | 7.31 % | 1.59 % | 3.30 % |
| Bloomberg Municipal Bond Index † | 5.27 % | 0.51 % | 1.95 % |
*
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.†
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.Key fund statistics
| Fund net assets (in millions) | $ 15,115 |
| Total number of portfolio holdings | 4,116 |
| Total advisory fees paid (in millions) | $ 39 |
| Portfolio turnover rate | 32 % |
Portfolio quality summary * (percent of net assets)
* 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.
Material fund changes
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 capitalgroup.com/mutual-fund-literature-F2 or upon request at (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.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class F-3 | $ 34 | 0.33 % |
Management's discussion of fund performance
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 capitalgroup.com/mutual-fund-returns-F3.
What factors influenced results
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.
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.
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.
Average annual total returns
1 year | 5 years | Since inception 1 | |
| American High-Income Municipal Bond Fund — Class F-3 2 | 7.43 % | 1.70 % | 4.00 % |
| Bloomberg Municipal Bond Index 3 | 5.27 % | 0.51 % | 2.43 % |
1
Class F-3 shares were first offered on January 27, 2017.2
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.3
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.Key fund statistics
| Fund net assets (in millions) | $ 15,115 |
| Total number of portfolio holdings | 4,116 |
| Total advisory fees paid (in millions) | $ 39 |
| Portfolio turnover rate | 32 % |
Portfolio quality summary * (percent of net assets)
* 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.
Material fund changes
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 capitalgroup.com/mutual-fund-literature-F3 or upon request at (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.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R-6 | $ 32 | 0.31 % |
Management's discussion of fund performance
The fund’s Class R-6 shares gained 7.42% for the year ended July 31, 2026. That result compares with a 5.27% gain for the Bloomberg Municipal Bond Index.
What factors influenced results
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.
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.
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.
Average annual total returns
1 year | 5 years | 10 years | |
| American High-Income Municipal Bond Fund — Class R-6 * | 7.42 % | 1.70 % | 3.41 % |
| Bloomberg Municipal Bond Index † | 5.27 % | 0.51 % | 1.95 % |
*
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.†
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.Key fund statistics
| Fund net assets (in millions) | $ 15,115 |
| Total number of portfolio holdings | 4,116 |
| Total advisory fees paid (in millions) | $ 39 |
| Portfolio turnover rate | 32 % |
Portfolio quality summary * (percent of net assets)
* 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.
Material fund changes
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 capitalgroup.com/mutual-fund-literature-R6 or upon request at (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.