American High-Income Municipal Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, American High-Income Municipal Bond Fund held 3,940 positions with $14.73B in net assets. Its ten largest holdings made up 4.5% of the fund. The AMHIX share class costs 0.67% a year. Over the 12 months to May 2026, AMHIX returned 7.8%, with dividends reinvested. In 2026 Q3 it added 340 new positions and exited 167.
The funds investment objective is to provide you with a high level of current income exempt from regular federal income tax.
The fund invests at least 50% of its portfolio in municipal bonds rated BBB+ or below (or Baa1 or below), including unrated securities deemed equivalent by the adviser, and seeks to maximize current income exempt from federal tax by accepting prudent risks to capital value. The fund relies on multiple portfolio managers, each overseeing segments of the portfolio and selecting securities the adviser believes represent attractive long-term opportunities at good prices. Because at least half the portfolio is in below-investment-grade or unrated debt, credit risk is material to returns.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
PUERTO RICO COMMONWEALTH OF (GOVERNMENT) 0.00% floating · due 2043-11-01 | 0.98% | $144.31M | — |
PUERTO RICO COMMONWEALTH OF (GOVERNMENT) 0.00% · due 2051-11-01 | 0.93% | $136.49M | — |
NEW YORK N Y 3.05% floating · due 2042-03-01 | 0.37% | $54.80M | — |
BUCKEYE TOBACCO SETTLEMENT FINANCING AUTHORITY 5.00% · due 2055-06-01 | 0.32% | $47.66M | — |
NEW YORK CITY TRANSITIONAL FINANCE AUTH FUTURE TAX SEC REV 3.05% floating · due 2054-11-01 | 0.32% | $47.55M | — |
FLORIDA DEVELOPMENT FINANCE CORP 3.00% · due 2032-06-01 | 0.32% | $46.75M | — |
UIPA CROSSROADS PUBLIC INFRASTRUCTURE DISTRICT 4.38% · due 2052-06-01 | 0.32% | $46.36M | — |
CITY OF HOUSTON TX AIRPORT SYSTEM REVENUE 4.00% · due 2041-07-15 | 0.31% | $45.51M | — |
PUBLIC FINANCE AUTHORITY WISCONSIN 5.42% floating · due 2062-07-01 | 0.31% | $45.11M | — |
PUERTO RICO SALES TAX FINANCING CORP 4.75% · due 2053-07-01 | 0.29% | $42.99M | — |
The 200 largest of 3,940 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 98.17% |
| Loans | 0.13% |
| Securitized | 0.12% |
| Stocks | 0.01% |
| Derivatives | -0.02% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
How it has done
AMHIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 4.29%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 7 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.67% | +7.79% | +19.01% | +9.44% | -5.72% | |
| 1.37% | +7.03% | +16.44% | +5.58% | -5.89% | |
| 0.69% | +7.77% | +18.90% | +9.29% | -5.73% | |
| 0.43% | +8.04% | +19.85% | +10.74% | -5.67% | |
| 0.32% | +8.15% | +20.23% | +11.32% | -5.64% | |
| 0.32% | +8.17% | +20.24% | +11.34% | -5.64% | |
| 0.62% | +8.13% | +20.09% | +11.08% | -5.65% |
These classes hold the same portfolio, so the 5.76pp spread over 5 years is the cost difference between them — roughly 1.15pp a year — not a difference in what they own.
Fees & fund details
American High-Income Municipal Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.32% – 1.37%· AMHIX 0.67%
- Portfolio turnover
- 28.00% a year · as of 2025 Q3
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
340 new· the largest 7
167 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 88.2% |
| Floating rate | 11.8% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.2% |
| 1-3y | 1.6% |
| 3-5y | 3.1% |
| 5-10y | 12.6% |
| 10y+ | 81.5% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 52% |
| Interest rates | 48% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +4.03 yr |
| Investment grade | +2.46 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.38 yr | 6% |
| 5 yr | 1.31 yr | 22% |
| 10 yr | 2.77 yr | 47% |
| 30 yr | 1.42 yr | 24% |
| 3 mo | 0.03 yr | 0% |
| 1 yr | 0.36 yr | 6% |
| 5 yr | 1.40 yr | 22% |
| 10 yr | 3.20 yr | 49% |
| 30 yr | 1.50 yr | 23% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.03 | +0.01 | +0.02 | $12.6k | $25.5k |
| 1 yr | +0.38 | +0.11 | +0.25 | $156.5k | $375.2k |
| 5 yr | +1.31 | +0.54 | +0.86 | $792.2k | $1.27m |
| 10 yr | +2.77 | +1.29 | +1.91 | $1.90m | $2.81m |
| 30 yr | +1.42 | +0.51 | +0.99 | $756.1k | $1.45m |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
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