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Use your plan ID (available on your account statement) to determine which employer-sponsored retirement plan website to use:

IF YOUR PLAN ID BEGINS WITH IRK, BRK, 1 OR 2

Visit americanfunds.com/retire

IF YOUR PLAN ID BEGINS WITH 34 OR 135

Visit myretirement.americanfunds.com

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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 $9.03 as of 9/29/2023 (updated daily)
Fund Assets (millions) $18,180.6
Portfolio Managers
4
Expense Ratio
0.41%
Prospectus (PDF)

Internal Prompt

Returns at NAV

Returns with Sales Charge

Asset Mix

U.S. Equities3.5%
Non-U.S. Equities0.1%
U.S. Bonds77.8%
Non-U.S. Bonds10.7%
Cash & Equivalents
7.8%
As of 8/31/2023 (updated monthly)

Growth of 10K

Read important investment disclosures

High & Low Prices

Fund Statistics

3.3 years
Effective Duration
8.2%
Average Yield
to Worst
5.4%
Average Coupon
% of net assets as of 6/30/2023 (updated quarterly)

Morningstar Style BoxTM— Fixed-Income

Low Quality
Limited Interest-Rate Sensitivity
Morningstar data as of 6/30/23 (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 8/31/2023
 $18,180.6
Companies/Issuers
Holdings are as of 6/30/2023 (updated quarterly).
 434+
Shareholder Accounts
Shareholder accounts are as of 8/31/2023
 4,931
Regular Dividends Paid
Monthly
Minimum Initial Investment $250
Capital Gains Paid
Dec
Portfolio Turnover (2022) 40%
Fiscal Year-End Sep
Prospectus Date 12/01/2022
CUSIP 026547 745
Fund Number 1621

Returns

Internal Prompt

Month-End Returns as of 8/31/23

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

Quarter-End Returns as of 6/30/23

Internal Prompt

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 08/31/2023 (updated monthly) . Annualized return as of 08/31/2023 (updated monthly) .
VIEW LARGER CHART
Internal Prompt

Yield

12-month
Distribution Rates
30-day SEC Yield
Fund at NAV 6.69% 7.69%
Fund at MOP N/A N/A
As of 8/31/2023 (updated monthly)

Portfolio Management

Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
Tom Chow 8 8 34
David A. Daigle 19 28
Tara L. Torrens 7 19
Shannon Ward 6 6 30
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(628)
3-yr. Morningstar RatingTM
(628 funds rated)
5-yr. Morningstar RatingTM
(585 funds rated)
10-yr. Morningstar RatingTM
(419 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 8/31/2023 (updated monthly).

Risk Measures

Fund
Standard Deviation
7.30
Sharpe Ratio
0.42
For the 10 Years ending 8/31/23 (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 14
Beta
0.97 0.64
Capture Ratio (Downside/Upside)
98/95 48/100
American Funds Benchmark for the 10 Years ending 6/30/23 (updated quarterly).
Morningstar Benchmark for the 10 Years ending 8/31/23 (updated monthly).
A
0.0%
BBB/Baa
6.8%
BB/Ba
35.6%
B
30.4%
CCC & Below
13.8%
Other
3.3%
Unrated
1.9%
Cash & equivalents
8.2%
% of net assets as of 6/30/2023 (updated quarterly)

Average Life Breakdown

0-4.9 Years
45.5%
5-9.9 Years
39.5%
10-19.9 Years
1.6%
20-29.9 Years
0.6%
30+ Years
0.0%
% of net assets as of 6/30/2023 (updated quarterly)

Holdings

Bonds Breakdown

Bond Details

Total bond holdings
Convertible securities 0.1%
Mortgage-backed obligations 0.1%

% of net assets as of 6/30/2023 (updated quarterly)

Top Fixed-Income Issuers

Ford Motor
1.7%
Teva Pharmaceutical
1.7%
Charter Communications
1.7%
Bausch Health Companies
1.6%
One Rock Capital Partners LLC
1.5%

% of net assets as of 6/30/2023 (updated quarterly)

Geographic Breakdown

Regions | Currency Weighting
| Top Countries
United States
77.9%
Europe
5.8%
Asia & Pacific Basin
0.9%
Other (Including Canada & Latin America)
5.7%
Cash & equivalents
9.6%
% of net assets as of 6/30/2023 (updated quarterly)

Prices & Distributions

Internal Prompt

Historical Prices Month-End

2023

Historical Prices Year-End

Internal Prompt

Historical Distributions as of 09/29/23

FIND HISTORICAL DISTRIBUTIONS
2023
Record
Date		 Calculated
Date		 Pay Date
Income Dividend Regular
Income Dividend Special
Cap. Gains Long-Term
Cap. Gains Short-Term
Reinvest NAV
Daily 01/31/23 02/01/23 $0.0496494 $0.00 $0.00 $0.00 $9.30
Daily 02/28/23 03/01/23 $0.0444736 $0.00 $0.00 $0.00 $9.14
Daily 03/31/23 04/03/23 $0.0535442 $0.00 $0.00 $0.00 $9.18
Daily 04/28/23 05/01/23 $0.0487378 $0.00 $0.00 $0.00 $9.20
Daily 05/31/23 06/01/23 $0.0559181 $0.00 $0.00 $0.00 $9.06
Daily 06/30/23 07/03/23 $0.0475301 $0.00 $0.00 $0.00 $9.15
Daily 07/31/23 08/01/23 $0.047915 $0.00 $0.00 $0.00 $9.24
Daily 08/31/23 09/01/23 $0.074883 $0.00 $0.00 $0.00 $9.19
Daily 09/29/23 10/02/23 $0.0494087 $0.00 $0.00 $0.00 $9.03
2023 Year-to-Date: Dividends Subtotal: $0.47205985 Cap Gains Subtotal: $0.00
Total Distributions: $0.47205985

Fees & Expenses

Internal Prompt

Fees

Annual Management Fees 0.26%
Other Expenses 0.15%
Service 12b-1 --
As of each fund's most recent prospectus.
Internal Prompt

Expense Ratio

FAHHX 0.41%
Lipper High Yield Funds Average
--%
Fund as of most recent prospectus. Lipper Category as of -- (updated quarterly).

Resources

Prospectuses & Reports for FAHHX