Purchase Restrictions: Tax-exempt funds should generally not serve as investments for tax-deferred retirement plans and accounts.

Summary

Internal Prompt
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 $15.34 as of 2/14/2025 (updated daily)
Fund Assets (millions) $14,059.3
Portfolio Managers
1
3
Expense Ratio
(Gross/Net %)
2
0.66 / 0.66%
Internal Prompt

Returns at NAV

Returns with Sales Charge

Read important investment disclosures
2.33%
1-year return
1.14%
5-year return
3.01%
10-year return
3.74%
30-Day SEC Yield
Returns as of 1/31/25 (updated monthly). Yield as of 1/31/25 (updated monthly).

Asset Mix

U.S. Equities0.0%
Non-U.S. Equities0.0%
U.S. Bonds92.3%
Non-U.S. Bonds0.1%
Cash & Equivalents
3
7.6%
As of 1/31/2025 (updated monthly)

Growth of 10K
4

Read important investment disclosures
For Class A 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 12/31/2024.
AMHIX
Bloomberg Municipal Bond Index

High & Low Prices

Fund Statistics

7.2 years
Effective Duration
4.9%
Average Yield
to Maturity
4.5%
Average Coupon
% of net assets as of 1/31/2025 (updated monthly)

Morningstar Style BoxTM— Fixed-Income
5

No data is available at this time.

Description

Fund 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 1/31/2025
$14,059.3
Companies/Issuers
Holdings are as of 1/31/2025 (updated monthly).
1344+
Shareholder Accounts
Shareholder accounts are as of 12/31/2024
126,888
Regular Dividends Paid
6
Monthly
Minimum Initial Investment $250
Capital Gains Paid
6
Dec
Portfolio Turnover (2024) 29%
Fiscal Year-End Jul
Prospectus Date 10/01/2024
CUSIP 026545 10 3
Fund Number 40

Returns

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Month-End Returns as of 1/31/25

Quarter-End Returns as of 12/31/24

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Volatility & Return

Read important investment disclosures

Fixed-Income

For Class A Shares, this chart tracks the 10-year standard deviation
8
and 10-year annualized return of the fixed income funds
AMHIX
Bloomberg Municipal Bond Index
Other AF Funds
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Prices and returns will vary, so investors may lose money. View .

Returns at net asset value (NAV) do not reflect a sales charge. If a sales charge had been deducted, the results would have been lower.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund , which can be obtained from a financial professional and should be read carefully before investing.

The return of principal for bond portfolios and for portfolios with significant underlying bond holdings is not guaranteed. Investments are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings.

Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds.

State-specific tax-exempt funds are more susceptible to factors adversely affecting issuers of their states' tax-exempt securities than more widely diversified municipal bond funds.

Income from municipal bonds may be subject to state or local income taxes and/or the federal alternative minimum tax. Certain other income, as well as capital gain distributions, may be taxable. The Tax-Exempt Bond Fund of America will not invest in bonds subject to the federal alternative minimum tax.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses.

  1. Calculated by Morningstar. Due to differing calculation methods, the figures shown here may differ from those calculated by Capital Group.

Capital Client Group, Inc.

Use of this website is intended for U.S. residents only.

This content, developed by Capital Group, home of American Funds, should not be used as a primary basis for investment decisions and is not intended to serve as impartial investment or fiduciary advice.

© 2025 Morningstar, Inc. All Rights Reserved. Some of the information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar, its content providers nor Capital Group are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Information is calculated by Morningstar. Due to differing calculation methods, the figures shown here may differ from those calculated by Capital Group.

Terms and Definitions

Standard Deviation: Annualized standard deviation (based on monthly returns) is a common measure of absolute volatility that tells how returns over time have varied from the mean. A lower number signifies lower volatility.

Standard Deviation as of 01/31/2025 (updated monthly) . Annualized return as of 01/31/2025 (updated monthly) .
VIEW LARGER CHART
Internal Prompt

Yield

12-month
Distribution Rates
9
30-day SEC Yield
Fund at NAV 3.84% N/A
Fund at MOP 3.70% 3.74%
As of 1/31/2025 (updated monthly)

Portfolio Management
1

Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
Chad M. Rach 13 20 29
Jerome Solomon 8 16 33
Courtney K. Wolf 3 19
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
10


Overall Morningstar RatingTM
Funds rated(183)
3-yr. Morningstar RatingTM
(183 funds rated)
5-yr. Morningstar RatingTM
(177 funds rated)
10-yr. Morningstar RatingTM
(120 funds rated)
Overall Morningstar Risk Below Average
HIGH
LOW
Category High Yield Muni
Ratings are based on risk-adjusted returns as of 1/31/2025 (updated monthly).

Risk Measures

Fund
Standard Deviation
8
6.33
Sharpe Ratio
8
0.26
For the 10 Years ending 1/31/25 (updated monthly).
American Funds/
Morningstar Benchmark
8
Bloomberg Municipal TR USD
R-squared 88
Beta 1.16
Capture Ratio (Downside/Upside) 108/123
American Funds and Morningstar Benchmark for the 10 Years ending 1/31/25 (updated monthly).
AAA/Aaa
2.9%
AA/Aa
9.1%
A
11.8%
BBB/Baa
17.1%
BB/Ba
11.1%
B
2.6%
CCC & Below
0.3%
Unrated
37.8%
Cash & equivalents
3
7.4%
% of net assets as of 1/31/2025 (updated monthly)

Average Life Breakdown

0-4.9 Years
26.0%
5-9.9 Years
25.4%
10-19.9 Years
19.7%
20-29.9 Years
18.8%
30+ Years
3.6%
% of net assets as of 12/31/2024 (updated monthly)

Holdings

Bonds Breakdown

Bond Details

Total bond holdings
General obligation bonds 3.3%
Mortgage-backed obligations 0.2%

% of net assets as of 12/31/2024 (updated quarterly)

Top Fixed-Income Issuers
11

United Airlines Inc
2.5%
Commonwealth of Puerto Rico
2.3%
Chicago Board of Education
1.7%
Delta Air Lines
1.1%
State of Illinois McCormick Place Expansion Pr ...
1.0%
Puerto Rico Commonwealth Aqueduct & Sewer Auth ...
1.0%
Cofina
1.0%
Black Belt Energy Gas Dist
0.9%
Puerto Rico Electric Power Authority
0.8%
Tower Health Obligated Group
0.7%

% of net assets as of 12/31/2024 (updated monthly)

Geographic Breakdown

Colorado
9.5%
Texas
7.6%
California
6.8%
New York
6.1%
Illinois
6.1%
Wisconsin
4.9%
Florida
4.8%
Pennsylvania
3.8%
Arizona
3.3%
Ohio
2.7%
% of net assets as of 12/31/2024

Prices & Distributions

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Historical Prices Month-End

Historical Prices Year-End

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Historical Distributions as of 02/14/25

2025
Record
Date
Calculated
Date
Pay Date
Income Dividend Regular
Income Dividend Special
Cap. Gains Long-Term
Cap. Gains Short-Term
Reinvest NAV
Daily 01/31/25 02/03/25 $0.049401 $0.00 $0.00 $0.00 $15.32
2025 Year-to-Date: Dividends Subtotal: $0.04940101 Cap Gains Subtotal: $0.00
Total Distributions: $0.04940101

Fees & Expenses

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Fees

Annual Management Fees 0.28%
Other Expenses 0.10%
Service 12b-1 0.28%
As of each fund's most recent prospectus.
Internal Prompt

Expense Ratio
2

AMHIX 0.66%
Lipper High Yield Municipal Debt Funds Average
12
0.83%
Fund as of most recent prospectus. Lipper Category as of 12/31/24 (updated quarterly).