Investment Fund

Purchase Restrictions: Tax-exempt funds should generally not serve as investments for tax-deferred retirement plans and accounts. Class F-2 shares are available through certain registered investment advisor and fee-based programs, but are not available for purchase in most employer-sponsored retirement plans. See the prospectus for details.
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Summary

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A well-researched, broadly diversified approach for high tax-exempt income. With a strong focus on risk management, it provides exposure to a well-researched, broadly diversified portfolio of bond investments that are typically not available to retail investors, emphasizing higher yielding and lower rated municipal bonds.
Price at NAV $15.38 as of 4/22/2026 (updated daily)
Fund Assets (millions) $14,200.3
Portfolio Managers
3
Expense Ratio
(Gross/Net %)
0.43 / 0.43%
Quarterly Fund Fact Sheet (PDF)
Prospectus
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Returns at NAV

Returns at MOP

Asset Mix

U.S. Equities0.0%
Non-U.S. Equities0.0%
U.S. Bonds91.7%
Non-U.S. Bonds0.1%
Cash & Equivalents
8.2%
As of 3/31/2026 (updated monthly)
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Volatility & Return

Read important investment disclosures

Fixed-Income

For Class F-2 Shares, this chart tracks the 10-year standard deviation
and 10-year annualized return of the fixed income funds
AHMFX
Bloomberg Municipal Bond Index
Other AF Funds
Standard Deviation as of 03/31/2026 (updated monthly) . Annualized return as of 03/31/2026 (updated monthly) .
VIEW LARGER CHART

Fund Statistics

7.3 years
Effective Duration
5.1%
Average Yield
to Maturity
4.6%
Average Coupon
% of net assets as of 3/31/2026 (updated monthly)

Morningstar Style BoxTM— Fixed-Income

No data is available at this time.

Description

Objective
The fund's investment objective is to provide you with a high level of current income exempt from regular federal income tax.
Distinguishing Characteristics
This strategy offers investors opportunities for high federally tax-exempt income with a strong focus on risk management. It provides exposure to a well-researched, broadly diversified portfolio of bond investments that are typically not available to retail investors, emphasizing higher yielding and lower rated municipal bonds.
Types of Investments
Primarily invests in state, municipal and public authority bonds and notes. Normally, at least 80% of assets will be invested in tax-exempt securities. (May invest up to 100% of assets in bonds subject to the alternative minimum tax.) The fund will generally invest at least 50% of assets in debt securities rated Baa/BBB or below at the time of purchase, and 65% in securities rated A or below at the time of purchase, or unrated, but determined by the fund’s investment adviser to be of equivalent quality.
Maturity
Typically, the fund will be invested in intermediate- to long-term securities.

Fund Facts

Fund Inception 9/26/1994
Fund Assets (millions)
As of 3/31/2026
 $14,200.3
Companies/Issuers
Holdings are as of 2/28/2026 (updated monthly).
 1417+
Shareholder Accounts
Shareholder accounts are as of 3/31/2026
 57,118
Regular Dividends Paid
Monthly
Minimum Initial Investment $250
Capital Gains Paid
Dec
Portfolio Turnover (2025) 28%
Fiscal Year-End Jul
Prospectus Date 03/01/2026
CUSIP 026545 60 8
Fund Number 640

Returns

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Month-End Returns as of 3/31/26

Returns at NAV
| at MOP
Read important investment disclosures
AHMFX
Bloomberg Municipal Bond Index
ANNUAL RETURNS CHART

Quarter-End Returns as of 3/31/26

Growth of 10K

Read important investment disclosures
For Class F-2 Shares, this chart tracks a hypothetical investment with dividends reinvested, over the last 20 years, or since inception date if the fund has been in existence under 20 years, through 12/31/2025.
AHMFX
Bloomberg Municipal Bond Index
VIEW LARGER CHART

High & Low Prices

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Yield

12-month
Distribution Rates
30-day SEC Yield
Fund at NAV 4.22% 4.16%
Fund at MOP N/A N/A
As of 3/31/2026 (updated monthly)
Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
Lee Chu 1 17
Chad Rach 14 21 30
Jerry Solomon 9 17 34
A boldface number indicates that years of experience with Capital Group is equal to years of experience with investment industry.

Ratings & Risk

Morningstar Rating TM


Overall Morningstar RatingTM
Funds rated(170)
3-yr. Morningstar RatingTM
(170 funds rated)
5-yr. Morningstar RatingTM
(165 funds rated)
10-yr. Morningstar RatingTM
(122 funds rated)
Overall Morningstar Risk Average
HIGH
LOW
Category
High Yield Muni
ADVANTAGES AND DISADVANTAGES OF MORNINGSTAR RATINGS
Ratings are based on risk-adjusted returns as of 3/31/2026 (updated monthly).

Lipper Leader Scorecard

Over-all 3 yr. 5 yr. 10 yr.
Consistent Return Within Category
Funds Rated
(173)
(173)
(167)
(123)
Expense Within Category
Funds Rated
(78)
(78)
(75)
(46)
Preservation Within Category
Funds Rated
(5978)
(5978)
(5549)
(4240)
Tax Efficiency Within Category
Funds Rated
(173)
(173)
(167)
(123)
Total Return Within Category
Funds Rated
(173)
(173)
(167)
(123)
Category Hi Yld Muni Debt Funds
KEY
HIGHEST LOWEST
As of 3/31/2026 (updated monthly)

Risk Measures

Fund
Standard Deviation
6.50
Sharpe Ratio
0.21
For the 10 Years ending 3/31/26 (updated monthly).
American Funds/
Morningstar Benchmark
Bloomberg Municipal TR USD
R-squared
89
Beta
1.17
Capture Ratio (Downside/Upside)
108/124
American Funds and Morningstar Benchmark for the 10 Years ending 3/31/26 (updated monthly).
AAA/Aaa
1.2%
AA/Aa
10.9%
A
10.9%
BBB/Baa
15.2%
BB/Ba
11.9%
B
1.5%
CCC & Below
0.9%
Unrated
39.2%
Cash & equivalents
8.2%
% of net assets as of 3/31/2026 (updated monthly)

Average Life Breakdown

0-4.9 Years
22.4%
5-9.9 Years
25.4%
10-19.9 Years
21.3%
20-29.9 Years
19.5%
30+ Years
3.2%
% of net assets as of 3/31/2026 (updated monthly)

Holdings

Bonds Breakdown

Bond Details

Total bond holdings
General obligation bonds 3.7%
Corporate bonds, notes & loans 0.1%
Mortgage-backed obligations 0.1%

% of net assets as of 3/31/2026 (updated quarterly)

Top Fixed-Income Issuers

Commonwealth of Puerto Rico
2.6%
Chicago Board of Education
2.5%
United Airlines Inc
2.2%
Black Belt Energy Gas Dist
1.6%
Puerto Rico Sales Tax Financing Corp
1.4%
Freddie Mac Multifamily Pass Through Certifica ...
1.1%
Delta Air Lines
1.0%
Puerto Rico Commonwealth Aqueduct & Sewer Auth ...
1.0%
State of Illinois McCormick Place Expansion Pr ...
0.9%
California Community Choice Financing Authorit ...
0.9%

% of net assets as of 3/31/2026 (updated monthly)

Geographic Breakdown

Top States
Colorado
9.3%
California
7.1%
Texas
6.9%
New York
6.7%
Illinois
6.4%
Florida
5.3%
Wisconsin
4.9%
Alabama
3.2%
Pennsylvania
3.1%
Arizona
2.5%
% of net assets as of 3/31/2026

Prices & Distributions

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Historical Prices Month-End

2026

Historical Prices Year-End

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Historical Distributions as of 04/22/26

FIND HISTORICAL DISTRIBUTIONS
2026
Record
Date		 Calculated
Date		 Pay Date
Income Dividend Regular
Income Dividend Special
Cap. Gains Long-Term
Cap. Gains Short-Term
Reinvest NAV
Daily 01/30/26 02/02/26 $0.0499979 $0.00 $0.00 $0.00 $15.37
Daily 02/27/26 03/02/26 $0.0485093 $0.00 $0.00 $0.00 $15.57
Daily 03/31/26 04/01/26 $0.051212 $0.00 $0.00 $0.00 $15.20
2026 Year-to-Date: Dividends Subtotal: $0.14971922 Cap Gains Subtotal: $0.00
Total Distributions: $0.14971922

Fees & Expenses

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Fees

Annual Management Fees 0.28%
Other Expenses 0.15%
Service 12b-1 --
As of each fund's most recent prospectus.
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Expense Ratio

AHMFX 0.43%
Lipper High Yield Municipal Debt Funds Average
0.53%
Fund as of most recent prospectus. Lipper Category as of 3/31/26 (updated quarterly).