American High-Income Municipal Bond Fund
American High-Income Municipal Bond Fund · 6 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2025 Q3
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.
| Share class | Expense ratio | As of |
|---|---|---|
| AMHIX | 0.67% | 2026 Q1 |
| AHICX | 1.37% | 2026 Q1 |
| ABHFX | 0.69% | 2026 Q1 |
| AHMFX | 0.43% | 2026 Q1 |
| C000114834 | 0.32% | 2026 Q1 |
| HIMFX | 0.32% | 2026 Q1 |
| TAHHX | 0.62% | 2026 Q1 |
Portfolio turnover 28.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| 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.
Latest quarter
What changed since the fund's previous filing
Largest new: BLACK BELT ENERGY GAS DIST ×2, ARKANSAS DEVELOPMENT FINANCE AUTHORITY, NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY, NEW YORK N Y, TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY CORP V, NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY, OHIO HIGHER EDUCATIONAL FACILITY COMMISSION
Largest exited: UNITED STATES TREASURY, ARKANSAS DEVELOPMENT FINANCE AUTHORITY ×2, ROCHESTER MINN, OHIO HIGHER EDUCATIONAL FACILITY COMMISSION, STATE OF HAWAII DEPARTMENT OF BUDGET & FINANCE, NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY, PHOENIX ARIZ INDL DEV AUTH
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +6.96% | +17.72% | +9.76% | 4.36% | -5.72% | |
| +6.21% | +15.18% | +5.89% | 4.36% | -5.89% | |
| +6.94% | +17.62% | +9.61% | 4.36% | -5.73% | |
| +7.22% | +18.56% | +11.07% | 4.36% | -5.67% | |
| +7.33% | +18.93% | +11.65% | 4.36% | -5.64% | |
| +7.34% | +18.94% | +11.66% | 4.36% | -5.64% | |
| +7.30% | +18.79% | +11.41% | 4.36% | -5.65% |
These classes hold the same portfolio, so the 5.77pp spread over 5 years is the cost difference between them — roughly 1.15pp a year — not a difference in what they own.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | 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 Y3.05% floating · due 2042-03-01 | 0.37% | $54.80M | — |
| — | BUCKEYE TOBACCO SETTLEMENT FINANCING AUTHORITY5.00% · due 2055-06-01 | 0.32% | $47.66M | — |
| — | NEW YORK CITY TRANSITIONAL FINANCE AUTH FUTURE TAX SEC REV3.05% floating · due 2054-11-01 | 0.32% | $47.55M | — |
| — | FLORIDA DEVELOPMENT FINANCE CORP3.00% · due 2032-06-01 | 0.32% | $46.75M | — |
| — | UIPA CROSSROADS PUBLIC INFRASTRUCTURE DISTRICT4.38% · due 2052-06-01 | 0.32% | $46.36M | — |
| — | CITY OF HOUSTON TX AIRPORT SYSTEM REVENUE4.00% · due 2041-07-15 | 0.31% | $45.51M | — |
| — | PUBLIC FINANCE AUTHORITY WISCONSIN5.42% floating · due 2062-07-01 | 0.31% | $45.11M | — |
| — | PUERTO RICO SALES TAX FINANCING CORP4.75% · due 2053-07-01 | 0.29% | $42.99M | — |
Top 10 positions are 4.46% of net assets, top 25 8.36%, across 929 issuers.
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