American Funds High-Income Trust Class F-1 (AHTFX) is an open-end mutual fund managed by Capital Research and Management Company that seeks a high level of current income through a diversified portfolio of high-yield, lower-rated bonds, notes, and loans, with a secondary objective of capital appreciation; the fund normally invests at least 80% of its assets in income-producing securities rated BB or lower or unrated securities of comparable quality, including corporate bonds (88% of net assets), U.S. and non-U.S. bonds (approximately 77% U.S. and 11% non-U.S.), bank loans, equities, and cash equivalents. Core holdings encompass high-yield corporate debt from over 440 issuers, with an average yield to worst of 6.4%, effective duration of 2.7 years, and monthly dividend distributions; the fund maintains a portfolio turnover rate of around 40% and serves individual and institutional investors seeking income from the high-yield bond category, with assets under management exceeding $26 billion as of late 2025. Launched on February 19, 1988, as part of the American Funds family, the fund is domiciled in the United States with investment operations managed from Capital Group's headquarters in Los Angeles, California, and employs a multiple portfolio manager approach led by Tom Chow, David Daigle, Andy Moth, and Shannon Ward.
In recent developments, Capital Group, the parent organization overseeing AHTFX, expanded its strategic partnership with KKR in December 2025 to integrate private credit and equity into American Funds retirement solutions and model portfolios, building on 2025 launches of public-private fixed-income strategies such as Capital Group KKR Core Plus+ and Capital Group KKR Multi-Sector+; this alliance aims to bridge public and private markets, with a U.S. equity fund filing expected in early 2026 and further real asset products targeted for late 2026. The fund itself sustained steady monthly income distributions throughout 2025 totaling approximately $0.57 per share year-to-date, alongside a prospectus update in December 2024 and consistent portfolio allocations emphasizing corporate high-yield securities as of September 30, 2025.