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Detailed Fund Information

American High-Income Trust® (bond fund)

Class F-2 shares

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Daily Prices

Updated April 16, 2014, 3:11PM Pacific time

Net Asset Value (NAV) $11.47
NAV Change $0.01

(All prices are subject to revision.)

Historical Prices & Distributions

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Ticker Symbols & Fund Numbers

Fund Number 621
Ticker/Quotron Symbol AHIFX
CUSIP Number 026547 82 8

Fund Description

Fund Objective The fund's primary investment objective is to provide a high level of current income. Its secondary investment objective is capital appreciation.
Distinguishing Characteristics A diversified portfolio of lower rated, higher yielding bonds. The fund's portfolio managers pay close attention to balancing the fund's high current income objective with potential principal risk when selecting securities.
Types of Investments At least 65% of the portfolio will be invested in high-yield, lower rated bonds (Ba or BB or below at the time of purchase, or unrated, but determined by the fund’s investment adviser to be of equivalent quality) and other similar securities, including preferred stocks. Up to 25% of assets may be invested in common stocks or equity-related securities.
Non-U.S. Holdings Up to 25% of assets may be invested in securities of issuers outside the U.S., which may be denominated in currencies other than the U.S. dollar.
Maturity Typically, the fund will be invested in intermediate- to long-term securities.

Fund Facts

Minimum Initial Investment $250
Shareholder Accounts (aggregated for all share classes; updated monthly) 1,189,642
Regular Dividends Paid Monthly
Capital Gains Paid
Fund Inception February 19, 1988
Fiscal Year-End September

The months indicated for dividends and capital gains paid represent the anticipated current year ex-dividend date schedule for all share classes.

Returns & Expenses

Figures shown are past results and are not predictive of results in future periods. Current and future results may be lower or higher than those shown. Results shown at net asset value have all distributions reinvested. If a sales charge had been deducted, the results would have been lower. Share price and return will vary, so investors may lose money. Investing for short periods makes losses more likely. Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value. Definitions and other important legal information about these prices and returns are shown below.

Rates of Return*

  Average Annual Total Returns
1 yr 3 yrs 5 yrs 10 yrs Fund Lifetime
March 31, 2014 (most recent month-end)
NAV 6.67% 7.30% 16.50% 7.43% 8.80%
March 31, 2014 (most recent quarter-end)
NAV 6.67% 7.30% 16.50% 7.43% 8.80%

Expense Ratios

American High-Income Trust 0.46%
Lipper High Yield Funds Average 0.84%

12-Month Distribution Rates

As of March 31, 2014 (updated monthly)

NAV 6.32%

Annualized 30-Day SEC Yield

As of March 31, 2014 (updated monthly)

At net asset value 4.66%

Holdings

Portfolio Summary

% of net assets as of March 31, 2014 (updated quarterly)

Cash & equivalents 7.7%
Municipal Securities 0.1%
Non-U.S. Corporate Bonds 16.4%
Non-U.S. Governments/Agencies 2.7%
Other 2.5%
Stocks and Convertible Securities 1.9%
U.S. Corporate Bonds 68.0%
U.S. Treasuries 0.7%

Quality Summary

% of net assets as of March 31, 2014 (updated quarterly)

U.S. Treasuries/Agencies 0.7%
A 0.6%
BBB/Baa 2.6%
BB/Ba 19.7%
B 34.1%
CCC & Below 28.1%
Unrated 3.8%
Cash & equivalents 7.7%

as of March 31, 2014 (updated quarterly)

Average Life (years) 4.1
Average Duration (years) 3.4

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. 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 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 fund investment policies.

Portfolio Holdings

(updated quarterly, upon availability)

Asset Mix

as of March 31, 2014 (updated monthly)

U.S. Equities 2.2%
Non-U.S. Equities 0.5%
U.S. Bonds 69.8%
Non-U.S. Bonds 19.8%
Cash & Equivalents 7.7%

Assets and Portfolio Turnover (for fiscal years)

Fiscal Year Fund Assets (billions) Portfolio Turnover
2013 $20.0 61%
2012 $19.8 38%
2011 $16.0 51%
2010 $16.9 47%
2009 $15.0 43%

Assets shown are for combined share classes.

Portfolio Managers

Number of years with American Funds or affiliates
David C. Barclay 26
David Daigle 19
Abner D. Goldstine 46
Marcus B. Linden 18

(as of the prospectus dated December 1, 2013)

The portfolio managers shown are reflected in the fund’s most recent prospectus.

Important Legal Information

Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds. Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the prospectus. These risks may be heightened in connection with investments in developing countries.

The return of principal in bond funds is not guaranteed. Bond funds have the same interest rate, inflation and credit risks that are associated with the underlying bonds owned by the fund.

* Investment results assume all distributions are reinvested and reflect applicable fees and expenses. Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on Class A share results without a sales charge, adjusted for typical estimated expenses. View dates of first sale and specific expense adjustment information for Class F-2 shares.

  When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Read details about how waivers and/or reimbursements affect the results for each fund.

Source for Lipper expense ratio comparison: Lipper, based on institutional load funds, excluding funds of funds, for the most recent fiscal year-ends available as of March 31, 2014. Expenses are as of the fund’s prospectus. The expense ratios do not reflect sales charges or fees charged by financial intermediaries.

The SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities, while the distribution rate reflects the fund's past dividends paid to shareholders. Accordingly, the fund's SEC yield and distribution rate may differ.


Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectuses, summary prospectuses and CollegeAmerica Program Description, which can be obtained from a financial professional and should be read carefully before investing. CollegeAmerica is distributed by American Funds Distributors® and sold through unaffiliated intermediaries.