Investors should consider the investment objectives, risks, charges and expenses of the Fund/Portfolio carefully before investing.

Income seekers – typically those who have fully or partially retired and want to use their investments to supplement their pension – have had a tough time of it over the past year, as the current low interest rate environment means bank deposits are paying paltry rates. For investors needing income, corporate bonds have been one of the best places to be ,and the high-yield bond sector is still paying attractive yields, although investment-grade bonds now yield little more than gilts as share prices have recovered.

Investing in the high-yield bond market is a fairly risky business, but with risk sometimes can come reward. The managers at the American Funds American High-Income Trust specialize in finding value in high-yield, low-grade bonds

American High-Income Trust may be appropriate for:

• Investors looking for a sensible way to invest in the high-yield bond market
• Individuals and organizations that want an opportunity to increase their investment income and are willing to take equity-type risk
• Growth-oriented investors seeking to diversity their holdings into income-producing investments

Objective

The fund’s primary investment objective is to provide a high level of current income. Its secondary investment objective is capital appreciation.

Investments

The fund seeks to invest primarily in a broad range of lower quality, higher yielding debt securities that also provide an opportunity to increase in value. At least 65% of the portfolio will be invested in high-yield, high-risk bonds (Ba or BB or below at 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% may be invested in common stocks or equity-related securities. Additionally, up to 25% of assets may be invested in securities based outside the U.S.

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.

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 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.