485BPOS 2012-09-30 0000823620 2012-12-01 AMERICAN HIGH INCOME TRUST false 2012-11-29 2012-12-01 <tt>The fund pays transaction costs, such as commissions, when it buys and sells <br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may <br />indicate higher transaction costs and may result in higher taxes when fund shares<br />are held in a taxable account. These costs, which are not reflected in annual fund <br />operating expenses or in the example, affect the fund's investment results. During <br />the most recent fiscal year, the fund's portfolio turnover rate was 38% of the <br />average value of its portfolio.</tt> <div style="display:none">~ http://www.americanfunds.com/role/ExpenseExample_S000009230Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/BarChartData_S000009230Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The fund's primary investment objective is to provide you with a high level of<br />current income.</tt> <tt>This example is intended to help you compare the cost of investing in the fund <br />with the cost of investing in other mutual funds.<br /> <br />The example assumes that you invest $10,000 in the fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />example also assumes that your investment has a 5% return each year and that <br />the fund's operating expenses remain the same.</tt> <tt>The fund invests primarily in higher yielding and generally lower quality <br />debt securities (rated Ba1 or below or BB+ or below by Nationally Recognized<br />Statistical Rating Organizations or unrated but determined by the fund's<br />investment adviser to be of equivalent quality), including corporate loan<br />obligations. Such securities are sometimes referred to as "junk bonds." <br />The fund may also invest a portion of its assets in securities of issuers <br />domiciled outside the United States.<br /> <br />The fund is designed for investors seeking a high level of current income <br />and who are able to tolerate greater credit risk and price fluctuations <br />than those that exist in funds investing in higher quality debt securities.<br /> <br />The investment adviser uses a system of multiple portfolio counselors in<br />managing the fund's assets. Under this approach, the portfolio of the fund <br />is divided into segments managed by individual counselors who decide how <br />their respective segments will be invested.<br /> <br />The fund relies on the professional judgment of its investment adviser to <br />make decisions about the fund's portfolio investments. The basic investment<br />philosophy of the investment adviser is to seek to invest in attractively <br />priced securities that, in its opinion, represent good, long-term investment<br />opportunities. The investment adviser believes that an important way to<br />accomplish this is through fundamental analysis, which may include meeting <br />with company executives and employees, suppliers, customers and competitors.<br />Securities may be sold when the investment adviser believes that they no <br />longer represent relatively attractive investment opportunities.</tt> American High-Income Trust ® <tt>Its secondary investment objective is capital appreciation.</tt> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in American Funds. Example After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Investment objectives Past investment results (before and after taxes) are not predictive of future investment results. The Lipper High Yield Funds Index includes the fund and other funds that disclose investment objectives and/or strategies reasonably comparable to the fund's objective and/or strategies. You may lose money by investing in the fund. Principal risks Shareholder fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.38 Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-favored arrangement, such as a 401(k) plan, individual retirement account (IRA) or 529 college savings plan. Calendar year total returns for Class A shares (Results do not include a sales charge; if a sales charge were included, results would be lower.) (Results do not include a sales charge; if a sales charge were included, results would be lower.) Investment results 100000 The following bar chart shows how the fund's investment results have varied from year to year, and the following table shows how the fund's average annual total returns for various periods compare with different broad measures of market results. <tt>Highest/Lowest quarterly results during this period were:<br /><br />Highest 20.08% (quarter ended June 30, 2009)<br /><br />Lowest -19.08% (quarter ended December 31, 2008)<br /><br />The fund&#x2019;s total return for the nine months ended September 30, 2012, was 10.71%</tt> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Average annual total returns For the periods ended December 31, 2011 (with maximum sales charge): <tt>The following bar chart shows how the fund's investment results have varied from<br />year to year, and the following table shows how the fund's average annual total<br />returns for various periods compare with different broad measures of market<br />results.</tt> Portfolio turnover <tt>This section describes the principal risks associated with the fund's principal<br />investment strategies. You may lose money by investing in the fund. The<br />likelihood of loss may be greater if you invest for a shorter period of time.<br /> <br />Investing in lower rated bonds - Lower rated bonds and other lower rated debt<br />securities generally have higher rates of interest and involve greater risk of<br />default or price declines due to changes in the issuer's creditworthiness than<br />those of higher quality debt securities. The market prices of these securities<br />may fluctuate more than the prices of higher quality debt securities and may<br />decline significantly in periods of general economic difficulty. These risks may<br />be increased with respect to investments in junk bonds.<br /> <br />Thinly traded securities - There may be little trading in the secondary market<br />for particular bonds or other debt securities, which may make them more<br />difficult to value, acquire or sell.<br /> <br />Investing in bonds - Rising interest rates will generally cause the prices of<br />bonds and other debt securities to fall. Longer maturity debt securities may be<br />subject to greater price fluctuations than shorter maturity debt securities. In<br />addition, falling interest rates may cause an issuer to redeem, call or refinance <br />a security before its stated maturity, which may result in the fund having to <br />reinvest the proceeds in lower yielding securities.<br /> <br />Bonds and other debt securities are subject to credit risk, which is the<br />possibility that the credit strength of an issuer will weaken and/or an issuer<br />of a debt security will fail to make timely payments of principal or interest<br />and the security will go into default.<br /><br />Market conditions - The prices of, and the income generated by, the securities<br />held by the fund may decline due to market conditions and other factors,<br />including those directly involving the issuers of securities held by the fund.<br /> <br />Investing outside the United States - Securities of issuers domiciled outside<br />the United States, or with significant operations outside the United States, may<br />lose value because of adverse political, social, economic or market developments<br />in the countries or regions in which the issuer operates. These securities may<br />also lose value due to changes in foreign currency exchange rates against the<br />U.S. dollar and/or currencies of other countries. Securities markets in certain<br />countries may be more volatile and/or less liquid than those in the United States. <br />Investments outside the United States may also be subject to different settlement <br />and accounting practices and different regulatory, legal and reporting standards, <br />and may be more difficult to value, than those in the United States.<br /> <br />Management - The investment adviser to the fund actively manages the fund's<br />investments. Consequently, the fund is subject to the risk that the methods <br />and analyses employed by the investment adviser in this process may not <br />produce the desired results. This could cause the fund to lose value or its <br />investment results to lag relevant benchmarks or other funds with similar <br />objectives.<br /> <br />Your investment in the fund is not a bank deposit and is not insured or<br />guaranteed by the Federal Deposit Insurance Corporation or any other<br />governmental agency, entity or person. You should consider how this fund fits<br />into your overall investment program.</tt> Fees and expenses of the fund After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. Principal investment strategies americanfunds.com <tt>The following bar chart shows how the fund's investment results have varied <br />from year to year, and the following table shows how the fund's average annual <br />total returns for various periods compare with different broad measures of <br />market results. This information provides some indication of the risks of <br />investing in the fund. The Lipper High Yield Funds Index includes the fund <br />and other funds that disclose investment objectives and/or strategies <br />reasonably comparable to the fund's objective and/or strategies. Past <br />investment results (before and after taxes) are not predictive of future <br />investment results. Updated information on the fund's investment results <br />can be obtained by visiting americanfunds.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the fund. You may qualify for sales charge discounts if you and your<br />family invest, or agree to invest in the future, at least $100,000 in American<br />Funds. More information about these and other discounts is available from your<br />financial professional and in the "Sales charge reductions and waivers" section<br />on page 24 of the prospectus and on page 63 of the fund's statement of<br />additional information.</tt> <div style="display:none">~ http://www.americanfunds.com/role/OperatingExpensesData_S000009230Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> For the share classes listed below, you would pay the following if you did not redeem your shares: <div style="display:none">~ http://www.americanfunds.com/role/PerformanceTableData_S000009230Member column dei_LegalEntityAxis compact * column rr_PerformanceMeasureAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>After-tax returns are shown only for Class A shares; after-tax returns for other<br />share classes will vary. After-tax returns are calculated using the highest<br />individual federal income tax rates in effect during each year of the periods<br />shown and do not reflect the impact of state and local taxes. Your actual<br />after-tax returns depend on your individual tax situation and likely will differ<br />from the results shown above. In addition, after-tax returns are not relevant if<br />you hold your fund shares through a tax-favored arrangement, such as a 401(k)<br />plan, individual retirement account (IRA) or 529 college savings plan.</tt> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. <div style="display:none">~ http://www.americanfunds.com/role/ExpenseExampleNoRedemption_S000009230Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Class A annualized 30-day yield at September 30, 2012: 5.05% <br />(For current yield information, please call American FundsLine&#xAE; <br />at 800/325-3590.)</tt> <div style="display:none">~ http://www.americanfunds.com/role/ShareholderFeesData_S000009230Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Lipper High Yield Funds Index (reflects no deductions for sales charges, account fees or taxes) 0.0285 0.0513 0.0708 0.0690 1988-02-19 Barclays U.S. Corporate High Yield 2% Issuer Capped Index (reflects no deductions for sales charges, account fees, expenses or taxes) 0.0496 0.0774 0.0896 1988-02-19 Share class A - After taxes on distributions and sale of fund shares -0.0117 0.0185 0.0410 1988-02-19 Share class A - After taxes on distributions -0.0437 0.0133 0.0393 1988-02-19 RITGX 0 0.0000 Share class R-6 - Before taxes 37 116 456 202 0.0230 0.0006 0.0030 0.00 0.0000 0.0036 0.1831 2009-05-01 0.0000 AHIFX 0 0.0000 Share class F-2 - Before taxes 47 148 579 258 0.0221 0.0016 0.0030 0.00 0.0000 0.0046 0.0818 2008-08-04 0.0000 CITFX 0 0.0000 Share class 529-F-1 - Before taxes 77 219 808 372 0.0213 0.0026 0.0030 0.0523 0.00 0.0000 0.0056 10 0.0926 2002-09-16 0.0000 CITEX 0 0.0000 Share class 529-E - Before taxes 124 364 1351 621 0.0164 0.0022 0.0030 0.0471 0.00 0.0050 0.0102 10 0.0713 2002-03-15 0.0000 CITCX 0 0.0000 Share class 529-C - Before taxes 278 178 531 1956 907 0.0017 0.0026 0.0030 1956 0.0418 531 907 0.00 0.0100 0.0156 10 0.0678 2002-02-19 0.0100 CITBX 0 0.0000 Share class 529-B - Before taxes 679 179 934 1754 1112 -0.0363 0.0027 0.0030 1754 0.0388 534 912 0.00 0.0100 0.0157 10 0.0706 2002-02-25 0.0500 CITAX 0 0.0375 Share class 529-A - Before taxes 471 651 1398 845 -0.0191 0.0026 0.0030 0.0422 0.00 0.0021 0.0077 10 0.0724 2002-02-19 0.0100 AHTFX 0 0.0000 Share class F-1 - Before taxes 73 227 883 395 0.0195 0.0017 0.0030 0.0504 0.00 0.0024 0.0728 0.0071 0.0694 2001-03-15 0.0000 AHTCX 0 0.0000 Share class C - Before taxes 251 151 468 1768 808 0.0023 0.0018 0.0030 1768 0.0424 468 808 0.00 0.0100 0.0647 0.0148 0.0620 2001-03-15 0.0100 AHTBX 0 0.0000 Share class B - Before taxes 647 147 856 1520 987 -0.0351 0.0014 0.0030 1520 0.0399 456 787 0.00 0.0100 0.0669 0.0144 0.0600 2000-03-15 0.0500 RITFX 0 0.0000 Share class R-5 - Before taxes 42 132 518 230 0.0225 0.0011 0.0030 0.0534 0.00 0.0000 0.0041 0.0801 2002-05-15 0.0000 RITEX 0 0.0000 Share class R-4 - Before taxes 74 230 894 401 0.0195 0.0017 0.0030 0.0502 0.00 0.0025 0.0072 0.0905 2002-07-19 0.0000 RITCX 0 0.0000 Share class R-3 - Before taxes 105 328 1259 569 0.0164 0.0023 0.0030 0.0470 0.00 0.0050 0.0103 0.0803 2002-06-21 0.0000 RITBX 0 0.0000 Share class R-2 - Before taxes 157 486 1834 839 0.0117 0.0049 0.0030 0.0424 0.00 0.0075 0.0154 0.0741 2002-06-18 0.0000 RITAX 0 0.0000 Share class R-1 - Before taxes 153 474 1791 818 0.0115 0.0020 0.0030 0.0420 0.00 0.0100 0.0150 0.0818 2002-07-11 0.0000 AHITX -0.0358 0 Lowest Highest 0.0375 800/325-3590 2012-09-30 Share class A - Before taxes 443 2009-06-30 0.0505 587 -0.1908 0.0975 0.1498 1201 745 0.0153 0.2008 -0.0184 0.0015 -0.2752 0.0030 2008-12-31 0.4842 0.0428 0.0363 The fund's total return for the nine months ended 0.0199 0.00 0.2887 Class A annualized 30-day yield at September 30, 2012: 0.0024 0.0693 0.0069 0.1219 0.0822 1988-02-19 0.1071 0.0100 0000823620 ck0000823620:SummaryS000009230Memberck0000823620:S000009230Memberck0000823620:C000025083Member 2012-12-01 2012-12-01 0000823620 ck0000823620:SummaryS000009230Memberck0000823620:S000009230Memberck0000823620:C000025084Member 2012-12-01 2012-12-01 0000823620 ck0000823620:SummaryS000009230Memberck0000823620:S000009230Memberck0000823620:C000025085Member 2012-12-01 2012-12-01 0000823620 ck0000823620:SummaryS000009230Memberck0000823620:S000009230Memberck0000823620:C000025086Member 2012-12-01 2012-12-01 0000823620 ck0000823620:SummaryS000009230Memberck0000823620:S000009230Memberck0000823620:C000025087Member 2012-12-01 2012-12-01 0000823620 ck0000823620:SummaryS000009230Memberck0000823620:S000009230Memberck0000823620:C000025088Member 2012-12-01 2012-12-01 0000823620 ck0000823620:SummaryS000009230Memberck0000823620:S000009230Memberck0000823620:C000025089Member 2012-12-01 2012-12-01 0000823620 ck0000823620:SummaryS000009230Memberck0000823620:S000009230Memberck0000823620:C000025090Member 2012-12-01 2012-12-01 0000823620 ck0000823620:SummaryS000009230Memberck0000823620:S000009230Memberck0000823620:C000025091Member 2012-12-01 2012-12-01 0000823620 ck0000823620:SummaryS000009230Memberck0000823620:S000009230Memberck0000823620:C000025092Member 2012-12-01 2012-12-01 0000823620 ck0000823620:SummaryS000009230Memberck0000823620:S000009230Memberck0000823620:C000025093Member 2012-12-01 2012-12-01 0000823620 ck0000823620:SummaryS000009230Memberck0000823620:S000009230Memberck0000823620:C000025094Member 2012-12-01 2012-12-01 0000823620 ck0000823620:SummaryS000009230Memberck0000823620:S000009230Memberck0000823620:C000025095Member 2012-12-01 2012-12-01 0000823620 ck0000823620:SummaryS000009230Memberck0000823620:S000009230Memberck0000823620:C000025096Member 2012-12-01 2012-12-01 0000823620 ck0000823620:SummaryS000009230Memberck0000823620:S000009230Memberck0000823620:C000068571Member 2012-12-01 2012-12-01 0000823620 ck0000823620:SummaryS000009230Memberck0000823620:S000009230Memberck0000823620:C000077919Member 2012-12-01 2012-12-01 0000823620 ck0000823620:SummaryS000009230Memberck0000823620:S000009230Memberrr:AfterTaxesOnDistributionsMemberck0000823620:C000025083Member 2012-12-01 2012-12-01 0000823620 ck0000823620:SummaryS000009230Memberck0000823620:S000009230Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0000823620:C000025083Member 2012-12-01 2012-12-01 0000823620 ck0000823620:SummaryS000009230Memberck0000823620:S000009230Memberck0000823620:RRINDEX00001Member 2012-12-01 2012-12-01 0000823620 ck0000823620:SummaryS000009230Memberck0000823620:S000009230Memberck0000823620:RRINDEX00002Member 2012-12-01 2012-12-01 0000823620 ck0000823620:SummaryS000009230Memberck0000823620:S000009230Member 2012-12-01 2012-12-01 0000823620 2012-12-01 2012-12-01 pure iso4217:USD A contingent deferred sales charge of 1.00% applies on certain redemptions within one year following purchases of $1 million or more made without an initial sales charge.