American High Income Trust
Actively managed U.S. bond fund
As of its 2026 Q2 report, American High Income Trust held 1,092 positions with $28.40B in net assets. Its ten largest holdings made up 15.3% of the fund. The AHITX share class costs 0.74% a year. Over the 12 months to May 2026, AHITX returned 8.5%, with dividends reinvested. In 2026 Q2 it added 124 new positions and exited 102.
The funds primary investment objective is to provide you with a high level of current income.
The fund invests primarily in lower-rated debt securities rated Ba1/BB+ or below, including corporate loans and unrated debt the adviser deems equivalent, to generate high current income. It may also hold securities with economic ties to non-U.S. countries and use derivatives such as futures and swaps. Because the fund concentrates in lower-quality debt, it carries greater credit risk and price volatility than funds holding higher-quality securities. The adviser employs multiple portfolio managers, each overseeing distinct segments of the portfolio.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
CMQXXCAPITAL GROUP CENTRAL CASH FUND | 8.13% | $2.31B | — | — |
1.75% | $495.47M | 5.8M | $85.02 | |
DISH NETWORK CORP 11.75% · due 2027-11-15 | 0.92% | $262.28M | — | — |
CONNECT FINCO SARL / CONNECT US FINCO LLC 9.00% · due 2029-09-15 | 0.75% | $212.43M | — | — |
FXI HOLDINGS INC 11.00% · due 2030-11-15 | 0.70% | $199.91M | — | — |
ECHOSTAR CORP 10.75% · due 2029-11-30 | 0.68% | $193.02M | — | — |
MPT OPERATING PARTNERSHIP LP 5.00% · due 2027-10-15 | 0.64% | $181.99M | — | — |
0.60% | $170.82M | 444.5K | $384.26 | |
PERATON CORP 0.09% floating · due 2028-02-01 | 0.58% | $165.06M | — | — |
CLOUD SOFTWARE GROUP LLC 9.00% · due 2029-09-30 | 0.55% | $155.10M | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
The 200 largest of 1,092 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 83.34% |
| Cash & short-term | 8.13% |
| Stocks | 4.13% |
| Loans | 3.96% |
| Derivatives | -0.01% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
By sector
- Other
- 40.7%
- International
- 10.5%
- Cash
- 8.2%
- Financials
- 5.4%
- 11 other sectors
- 35.2%
- Other
- 40.7%
- International
- 10.5%
- Cash
- 8.2%
- Financials
- 5.4%
- Real Estate
- 4.8%
- Information Technology
- 4.7%
- Health Care
- 3.8%
- Consumer Staples
- 3.8%
- Consumer Discretionary
- 3.8%
- Energy
- 3.6%
- Industrials
- 3.2%
- Communication Services
- 2.7%
- Utilities
- 2.5%
- Materials
- 2.3%
- Government
- 0.0%
How it has done
AHITX share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.95%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 21 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.74% | +8.54% | +32.13% | +27.03% | -2.50% | |
| 1.45% | +7.76% | +29.37% | +22.63% | -2.61% | |
| 1.45% | +7.77% | +29.40% | +22.66% | -2.61% | |
| 1.01% | +8.24% | +31.11% | +25.39% | -2.54% | |
| 0.70% | +8.57% | +32.28% | +27.29% | -2.49% | |
| 0.42% | +8.88% | +33.44% | +29.15% | -2.44% | |
| 1.48% | +7.74% | +29.25% | +22.45% | -2.62% | |
| 0.76% | +8.52% | +32.06% | +26.94% | -2.50% | |
| 0.76% | +8.52% | +32.06% | +26.90% | -2.50% | |
| 1.52% | +7.69% | +29.08% | +22.15% | -2.63% | |
| 0.95% | +8.29% | +31.28% | +25.67% | -2.53% | |
| 0.82% | +8.72% | +32.80% | +28.10% | -2.47% | |
| 0.47% | +8.82% | +33.24% | +28.83% | -2.45% | |
| 0.36% | +8.93% | +33.64% | +29.49% | -2.43% | |
| 1.16% | +8.08% | +30.52% | +24.44% | -2.56% | |
| 0.51% | +8.77% | +33.05% | +28.53% | -2.46% | |
| 0.36% | +8.93% | +33.65% | +29.49% | -2.43% | |
| 0.78% | +8.77% | +32.97% | +28.38% | -2.46% | |
| 0.73% | +8.82% | +33.16% | +28.69% | -2.46% | |
| 0.41% | +8.88% | +33.40% | +29.07% | -2.45% | |
| 0.46% | +8.83% | +33.22% | +28.81% | -2.45% |
These classes hold the same portfolio, so the 7.34pp spread over 5 years is the cost difference between them — roughly 1.47pp a year — not a difference in what they own.
Fees & fund details
American High Income Trust is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 0.36% – 1.52%· AHITX 0.74%
- Portfolio turnover
- 40.00% a year · as of 2025 Q4
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
124 new· the largest 7
102 exited· the largest 6
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 94.2% |
| Floating rate | 5.8% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.0% |
| 1-3y | 20.5% |
| 3-5y | 34.6% |
| 5-10y | 38.9% |
| 10y+ | 3.0% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 50% |
| Interest rates | 50% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +2.37 yr |
| Investment grade | +0.47 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.70 yr | 25% |
| 5 yr | 1.52 yr | 55% |
| 10 yr | 0.43 yr | 15% |
| 30 yr | 0.10 yr | 4% |
| 3 mo | 0.04 yr | 1% |
| 1 yr | 0.70 yr | 25% |
| 5 yr | 1.56 yr | 55% |
| 10 yr | 0.45 yr | 16% |
| 30 yr | 0.09 yr | 3% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.03 | +0.00 | +0.03 | $6.9k | $97.3k |
| 1 yr | +0.70 | +0.05 | +0.65 | $152.0k | $1.83m |
| 5 yr | +1.52 | +0.18 | +1.37 | $525.1k | $3.90m |
| 10 yr | +0.43 | +0.17 | +0.29 | $474.3k | $814.8k |
| 30 yr | +0.10 | +0.06 | +0.02 | $178.2k | $68.5k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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