Purchase Restrictions: Class R-3 shares are available in certain employer-sponsored retirement plans. See the prospectus for details.

Summary

Internal Prompt
A well-researched approach to high-yield investing. Invests in a diversified portfolio of lower rated, higher yielding bonds with a focus on income and the potential for capital appreciation. The high-yield investment team benefits from the extensive research capabilities of Capital’s equity and macroeconomic analysts.
Price at NAV $9.65 as of 4/25/2025 (updated daily)
Fund Assets (millions) $23,588.3
Portfolio Managers
1,2
 5
Expense Ratio
(Gross/Net %)
3
 0.97 / 0.97%
Prospectus
Internal Prompt

Returns at NAV

Returns with Sales Charge

Asset Mix

U.S. Equities4.2%
Non-U.S. Equities0.4%
U.S. Bonds75.0%
Non-U.S. Bonds11.4%
Cash & Equivalents
4
9.0%
As of 3/31/2025 (updated monthly)

Growth of 10K
5

Read important investment disclosures

High & Low Prices

Fund Statistics

2.9 years
Effective Duration
7.1%
Average Yield
to Worst
6%
Average Coupon
% of net assets as of 3/31/2025 (updated monthly)

Morningstar Style BoxTM— Fixed-Income
6

Low Quality
Limited Interest-Rate Sensitivity
Morningstar data as of 3/31/25 (updated quarterly)

Description

Fund Objective
The fund's primary investment objective is to provide you with a high level of current income. Its secondary investment objective is capital appreciation.
Distinguishing Characteristics
The strategy invests in a diversified portfolio of lower rated, higher yielding bonds with a focus on income and the potential for capital appreciation. A dedicated team of analysts, traders and portfolio managers collaborate to achieve a comprehensive understanding of a company’s financial position and capital structure via fundamental bottom-up analysis. The high-yield investment team benefits from the extensive research capabilities across Capital’s equity and macroeconomic analysts.
Types of Investments
At least 80% of the portfolio will be invested in high-yield, lower rated bonds (BB+/Ba1 or below at the time of purchase) and other similar securities.
Holdings Outside the U.S.
A portion of the portfolio's 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

Fund Inception 2/19/1988
Fund Assets (millions)
As of 3/31/2025
 $23,588.3
Companies/Issuers
Holdings are as of 3/31/2025 (updated monthly).
 475+
Shareholder Accounts
Shareholder accounts are as of 3/31/2025
 6,674
Regular Dividends Paid
7
 Monthly
Minimum Initial Investment $0
Capital Gains Paid
7
 Dec
Portfolio Turnover (2024) 39%
Fiscal Year-End Sep
Prospectus Date 12/01/2024
CUSIP 026547 85 1
Fund Number 2321

Returns

Internal Prompt

Month-End Returns as of 3/31/25

Returns at NAV
5,8
 | With Sales Charge
5,8
Read important investment disclosures
RITCX
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index
ANNUAL RETURNS CHART

Quarter-End Returns as of 3/31/25

Internal Prompt

Volatility & Return

Read important investment disclosures

Fixed-Income

For Class R-3 Shares, this chart tracks the 10-year standard deviation
9
and 10-year annualized return of the fixed income funds
RITCX
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index
Other AF Funds
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

Prices and returns will vary, so investors may lose money. View .

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.

Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility. These risks may be heightened in connection with investments in developing countries.

Smaller company stocks entail additional risks, and they can fluctuate in price more than larger company stocks.

There have been periods when the results lagged the index(es) and/or average(s). The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

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

70%|30% MSCI All Country World Index|Bloomberg U.S. Aggregate Index: 70%|30% MSCI All Country World Index|Bloomberg U.S. Aggregate Index blends the MSCI All Country World Index with the Bloomberg U.S. Aggregate Index by weighting their total returns at 70% and 30%, respectively. The blend is rebalanced monthly. MSCI All Country World Index is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed- and emerging-market country indexes. Results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. The indexes are unmanaged, and results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.

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 03/31/2025 (updated monthly) . Annualized return as of 03/31/2025 (updated monthly) .
VIEW LARGER CHART
Internal Prompt

Yield

12-month
Distribution Rates
10
 30-day SEC Yield
Fund at NAV 6.04% 6.07%
Fund at MOP N/A N/A
As of 3/31/2025 (updated monthly)

Portfolio Management
1,2

Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
Tom Chow 10 10 36
David A. Daigle 21 30
Andy Moth 4 8 21
Tara L. Torrens 11 21
Shannon Ward 7 8 32
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
11


Overall Morningstar RatingTM
Funds rated(586)
3-yr. Morningstar RatingTM
(586 funds rated)
5-yr. Morningstar RatingTM
(537 funds rated)
10-yr. Morningstar RatingTM
(423 funds rated)
Overall Morningstar Risk Average
HIGH
LOW
Category
High Yield Bond
ADVANTAGES AND DISADVANTAGES OF MORNINGSTAR RATINGS
Ratings are based on risk-adjusted returns as of 3/31/2025 (updated monthly).

Risk Measures

Fund
Standard Deviation
9
 7.42
Sharpe Ratio
9
 0.38
For the 10 Years ending 3/31/25 (updated monthly).
American Funds
Benchmark
12
 Morningstar
Benchmark
9
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index
Bloomberg US Agg Bond TR USD
R-squared
21 21
Beta
0.67 0.67
Capture Ratio (Downside/Upside)
48/101 48/101
American Funds Benchmark for the 10 Years ending 3/31/25 (updated monthly).
Morningstar Benchmark for the 10 Years ending 3/31/25 (updated monthly).
Equities
4.6%
Convertibles
0.1%
U.S. Treasuries/Agencies
0.2%
A
0.1%
BBB/Baa
4.9%
BB/Ba
35.9%
B
30.2%
CCC & Below
15.0%
Other
0.0%
Unrated
1.6%
Cash & equivalents
4
7.5%
% of net assets as of 3/31/2025 (updated monthly)

Average Life Breakdown

0-4.9 Years
64.5%
5-9.9 Years
20.3%
10-19.9 Years
0.9%
20-29.9 Years
0.6%
30+ Years
0.1%
% of net assets as of 3/31/2025 (updated monthly)

Holdings

Bonds Breakdown

Bond Details

Total bond holdings
U.S. Treasury bonds & notes 0.2%

% of net assets as of 3/31/2025 (updated quarterly)

Top Fixed-Income Issuers
13

EchoStar
2.6%
Service Properties
2.1%
Charter Communications
2.1%
Medical Properties Trust
1.6%
New Fortress Energy
1.5%
One Rock Capital Partners Holdco
1.4%
Televisaunivision
1.4%
Sirius XM Holdings
1.4%
Bausch Health Companies
1.3%
Cleveland-Cliffs
1.3%

% of net assets as of 3/31/2025 (updated monthly)

Geographic Breakdown

Regions | Currency Weighting
| Top Countries
United States
79.2%
Europe
4.7%
Asia & Pacific Basin
0.9%
Other (Including Canada & Latin America)
6.2%
Cash & equivalents
4
9.0%
% of net assets as of 3/31/2025 (updated monthly)

Prices & Distributions

Internal Prompt

Historical Prices Month-End

2025

Historical Prices Year-End

Internal Prompt

Historical Distributions as of 04/25/25

FIND HISTORICAL DISTRIBUTIONS
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 $0.0469417 $0.00 $0.00 $0.00 $9.85
Daily 02/28/25 03/03/25 $0.0439826 $0.00 $0.00 $0.00 $9.86
Daily 03/31/25 04/01/25 $0.0491989 $0.00 $0.00 $0.00 $9.72
2025 Year-to-Date: Dividends Subtotal: $0.14012318 Cap Gains Subtotal: $0.00
Total Distributions: $0.14012318

Fees & Expenses

Internal Prompt

Fees

Annual Management Fees 0.28%
Other Expenses 0.19%
Service 12b-1 0.50%
As of each fund's most recent prospectus.
Internal Prompt

Expense Ratio
3

RITCX 0.97%
Lipper High Yield Funds Average
14
 --%
Fund as of most recent prospectus. Lipper Category as of -- (updated quarterly).
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. Investing for short periods makes losses more likely. Prices and returns will vary, so investors may lose money. View mutual fund expense ratios and returns. View current mutual fund SEC yields.
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 prospectuses and/or summary prospectuses, which can be obtained from a financial professional and should be read carefully before investing.
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. For most funds, unless otherwise noted below, if agency ratings differ, a security will be considered to have received the highest of those ratings, consistent with applicable investment policies. Securities in the Unrated category have not been rated by any of the rating agencies referenced above; however, the investment adviser performs its own credit analysis and assigns comparable ratings that are used for compliance with applicable investment policies.
For the fund(s) noted, if agency ratings differ, consistent with applicable investment policies, a security will be considered to have received the middle rating. If only two agencies rate a security, the lower rating is used. If only one rates a security, that single rating is used. (American High-Income Trust)
The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds.
Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds.
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.
Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility. These risks may be heightened in connection with investments in developing countries.
Capital Group offers a range of share classes designed to meet the needs of retirement plan sponsors and participants. The different share classes incorporate varying levels of financial professional compensation and service provider payments.
There have been periods when the results lagged the index(es) and/or average(s). The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
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Portfolios are managed, so holdings will change. Certain fixed income and/or cash and equivalents holdings may be held through mutual funds managed by the investment adviser or its affiliates that are not offered to the public.
Totals may not reconcile due to rounding.
Investment results assume all distributions are reinvested and reflect applicable fees and expenses.
When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower and net expenses higher. Read details about how waivers and/or reimbursements affect the results for each fund. View results and yields without fee waiver and/or expense reimbursement.
Certain share classes were offered after the inception dates of some funds. Results for these shares prior to the dates of first sale are hypothetical based on the original share class results without a sales charge, adjusted for typical estimated expenses. 
  • Class R-3 shares were first offered on 5/15/2002.
Results for certain funds with an inception date after the share class inception also include hypothetical returns because those funds' shares sold after the funds' date of first offering. View dates of first sale and specific expense adjustment information.
  1. Reflects current team at the time of publication. Years of experience in investment industry and Capital Group are as of the most recent year end. Years of experience on the fund are as of the most recent prospectus.
  1. Tara L. Torrens will be retiring from the firm effective 7/1/2025, and will transition out of the fund at that time. (American High-Income Trust)
  1. Expense ratios are as of each fund's prospectus/characteristics statement available at the time of publication.
  1. Includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
  1. When applicable, returns for less than one year are not annualized, but calculated as cumulative total returns.
  1. Read more information about Morningstar Style Box methodology. The model for the fixed-income style box is based on the two pillars of fixed-income performance: interest-rate sensitivity and credit quality. The three interest sensitivity groups are limited, moderate and extensive and the three credit quality groups are high, medium and low. These groupings display a portfolio's effective duration and third party credit ratings to provide an overall representation of the fund's risk orientation given the sensitivity to interest rate and credit rating of bonds in the portfolio.
  1. The months indicated for dividends and capital gains paid represent the anticipated current year ex-dividend date schedule for all share classes.
  1. YTD (year-to-date return): For the period from January 1 of the current year to the date shown or from inception date if first offered after January 1 of the current year.
  1. Calculated by Morningstar. Due to differing calculation methods, the figures shown here may differ from those calculated by Capital Group.
  1. The distribution rate reflects the fund's past dividends paid to shareholders and may differ from the fund's SEC yield which reflects the rate at which the fund is earning income on its current portfolio of securities. The distribution rate reflects fee waivers and/or expense reimbursements in effect during the period. Without waivers and/or reimbursements, it would be reduced.
  1. The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Past results are not a guarantee of results in future periods. The Morningstar Ratings are based on the share classes of each underlying fund held by the series; other underlying fund share classes may have different performance characteristics.
  1. Calculated by Capital Group. Due to differing calculation methods, the figures shown here may differ from those calculated by Morningstar.
  1. The information shown does not include cash and cash equivalents. This includes shares of money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
  1. Comparable industry expense information is not available for the fund.
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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.