Investment Fund

Share Class
Purchase Restrictions: Class 529-F-2 share funds are available only for CollegeAmerica accounts sold through Registered Investment Advisors.

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 $9.58 as of 6/21/2024 (updated daily)
Fund Assets (millions) $20,150.8
Portfolio Managers
4
Expense Ratio
(Gross/Net %)
0.45 / 0.44%

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Returns at NAV

Returns at MOP

Asset Mix

U.S. Equities5.2%
Non-U.S. Equities0.4%
U.S. Bonds75.8%
Non-U.S. Bonds11.5%
Cash & Equivalents
7.2%
As of 5/31/2024 (updated monthly)
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Volatility & Return

Read important investment disclosures

Fixed-Income

For Class 529-F-2 Shares, this chart tracks the 10-year standard deviation
and 10-year annualized return of the fixed income funds
FAHHX
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index
Other AF Funds
Standard Deviation as of 05/31/2024 (updated monthly) . Annualized return as of 05/31/2024 (updated monthly) .
VIEW LARGER CHART

Fund Statistics

3.1 years
Effective Duration
7.6%
Average Yield
to Worst
5.8%
Average Coupon
% of net assets as of 5/31/2024 (updated monthly)

Morningstar Style BoxTM— Fixed-Income

Low Quality
Limited Interest-Rate Sensitivity
Morningstar data as of 3/31/24 (updated quarterly)

Description

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 5/31/2024
$20,150.8
Companies/Issuers
Holdings are as of 5/31/2024 (updated monthly).
444+
Shareholder Accounts
Shareholder accounts are as of 5/31/2024
5,039
Regular Dividends Paid
Monthly
Minimum Initial Investment $250
Capital Gains Paid
Dec
Portfolio Turnover (2023) 39%
Fiscal Year-End Sep
Prospectus Date 12/01/2023
CUSIP 026547 745
Fund Number 1621

Returns

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Month-End Returns as of 5/31/24

FAHHX
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index

Quarter-End Returns as of 3/31/24

Growth of 10K

High & Low Prices

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Yield

12-month
Distribution Rates
30-day SEC Yield
Fund at NAV 6.72% 7.17%
Fund at MOP N/A N/A
As of 5/31/2024 (updated monthly)
Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
Tom Chow 9 9 35
David A. Daigle 20 29
Tara L. Torrens 8 20
Shannon Ward 7 7 31
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


Overall Morningstar RatingTM
Funds rated(595)
3-yr. Morningstar RatingTM
(595 funds rated)
5-yr. Morningstar RatingTM
(564 funds rated)
10-yr. Morningstar RatingTM
(428 funds rated)
Overall Morningstar Risk Average
HIGH
LOW
Category High Yield Bond
Ratings are based on risk-adjusted returns as of 5/31/2024 (updated monthly).
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Lipper Leader Scorecard

Over-all 3 yr. 5 yr. 10 yr.
Consistent Return Within Category
Funds Rated

(445)

(445)
Expense Within Category
Funds Rated

(271)

(271)
Preservation Within Category
Funds Rated

(6133)

(6133)
Tax Efficiency Within Category
Funds Rated

(446)

(446)
Total Return Within Category
Funds Rated

(446)

(446)
Category High Yield Funds
KEY
HIGHEST LOWEST
As of 5/31/2024 (updated monthly)

Risk Measures

Fund
Standard Deviation
7.51
Sharpe Ratio
0.37
For the 10 Years ending 5/31/24 (updated monthly).
American Funds
Benchmark
Morningstar
Benchmark
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index
Bloomberg US Agg Bond TR USD
R-squared 97 19
Beta 0.97 0.66
Capture Ratio (Downside/Upside) 97/97 47/99
American Funds Benchmark for the 10 Years ending 5/31/24 (updated monthly).
Morningstar Benchmark for the 10 Years ending 5/31/24 (updated monthly).
U.S. Treasuries/Agencies
0.4%
A
0.1%
BBB/Baa
5.0%
BB/Ba
34.1%
B
31.6%
CCC & Below
14.9%
Other
5.0%
Unrated
2.5%
Cash & equivalents
6.3%
% of net assets as of 3/31/2024 (updated monthly)

Average Life Breakdown

0-4.9 Years
56.1%
5-9.9 Years
29.6%
10-19.9 Years
0.9%
20-29.9 Years
0.7%
30+ Years
0.0%
% of net assets as of 3/31/2024 (updated monthly)

Holdings

Bonds Breakdown

Bond Details

Total bond holdings
U.S. Treasury bonds & notes 0.5%
Non-U.S. government/agency securities 0.1%

% of net assets as of 3/31/2024 (updated quarterly)

Top Fixed-Income Issuers

EchoStar
2.4%
Charter Communications
1.8%
One Rock Capital Partners LLC
1.6%
First Quantum Minerals
1.4%
Televisa
1.4%

% of net assets as of 3/31/2024 (updated quarterly)

Geographic Breakdown

United States
80.9%
Europe
4.2%
Asia & Pacific Basin
1.1%
Other (Including Canada & Latin America)
6.6%
Cash & equivalents
7.2%
% of net assets as of 5/31/2024 (updated monthly)

Prices & Distributions

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Historical Prices Month-End

Historical Prices Year-End

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Historical Distributions as of 06/21/24

2024
Record
Date
Calculated
Date
Pay Date
Income Dividend Regular
Income Dividend Special
Cap. Gains Long-Term
Cap. Gains Short-Term
Reinvest NAV
Daily 01/31/24 02/01/24 $0.0537248 $0.00 $0.00 $0.00 $9.49
Daily 02/29/24 03/01/24 $0.0485649 $0.00 $0.00 $0.00 $9.48
Daily 03/28/24 04/01/24 $0.0503088 $0.00 $0.00 $0.00 $9.57
Daily 04/30/24 05/01/24 $0.0502339 $0.00 $0.00 $0.00 $9.45
Daily 05/31/24 06/03/24 $0.0539264 $0.00 $0.00 $0.00 $9.56
2024 Year-to-Date: Dividends Subtotal: $0.2567587 Cap Gains Subtotal: $0.00
Total Distributions: $0.2567587

Fees & Expenses

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Fees

Annual Management Fees 0.29%
Other Expenses 0.16%
Service 12b-1 --
As of each fund's most recent prospectus.
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Expense Ratio

Gross Net
FAHHX 0.45% 0.44%
Lipper High Yield Funds Average
--%
Fund as of most recent prospectus. Lipper Category as of -- (updated quarterly).