American High Income Trust NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

Investment Company Act File Number: 811-05364

American High-Income Trust

(Exact Name of Registrant as Specified in Charter)

333 South Hope Street, 55th Floor

Los Angeles, California 90071

(Address of Principal Executive Offices)

Registrant's telephone number, including area code: (949) 975-5000

Date of fiscal year end: September 30

Date of reporting period: September 30, 2023

Becky L. Park

American High-Income Trust

6455 Irvine Center Drive

Irvine, California 92618

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

American High-Income Trust^®

Annual report
for the year ended
September 30, 2023

Pursue sustainable
income over time

American High-Income Trust seeks to provide you with a high level of current income. Its secondary investment objective is capital appreciation.

This fund is one of more than 40 offered by Capital Group, home of American Funds, one of the nation’s largest mutual fund families. For over 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

Fund results shown in this report, unless otherwise indicated, are for Class F-2 shares. Class A share results are shown at net asset value unless otherwise indicated. If a sales charge (maximum 3.75%) had been deducted from Class A shares, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, refer to capitalgroup.com.

Refer to page 3 for Class F-2 and Class A share results with relevant sales charges deducted. For other share class results, refer to capitalgroup.com and americanfundsretirement.com.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Refer to capitalgroup. com for more information.

The fund’s net 30-day yield as of September 30, 2023, calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula, was 7.96% for Class F-2 shares and 7.36% for Class A shares. The fund’s gross 30-day yield as of that date was 7.89% for Class F-2 shares and 7.30% for Class A shares. The fund’s 12-month distribution rate as of that date was 6.88% for Class F-2 shares and 6.34% for Class A shares. Class A shares reflect the 3.75% maximum sales charge. The SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities while the distribution rate reflects the fund’s past dividends paid to shareholders. Accordingly, the fund’s SEC yield and distribution rate may differ.

The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. High-yield bonds are subject to greater fluctuations in value and risk of loss of income and principal than investment-grade bonds. Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch, as an indication of an issuer’s creditworthiness. If rating agencies differ, securities will be considered to have received the middle rating, consistent with the fund’s investment policies. If only two agencies rate a security, the lower rating is used. If only one rates a security, that single rating is used. Securities in the Unrated category have not been rated by a rating agency; however, the investment adviser performs its own credit analysis and assigns comparable ratings that are used for compliance with fund investment policies. Investing in bonds issued outside the U.S. may be subject to additional risks. They include currency fluctuations, political and social instability, differing securities regulations and accounting standards, higher transaction costs, possible changes in taxation, illiquidity and price volatility. These risks may be heightened in connection with investments in developing countries. Refer to the fund prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the fund.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Contents

1	Letter to investors

3	The value of a long-term perspective

4	Investment portfolio

24	Financial statements

50	Board of trustees and other officers

Fellow investors:

For the 12-month period ended September 30, Class F-2 shares of the American High-Income Trust reported a total return of 9.06%. That compares to 10.28% for the fund’s primary benchmark, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index. The Lipper High Yield Funds Average, a benchmark of similar funds, gained 9.40%. During the 12-month period, for F-2 shares, the fund paid monthly dividends totaling approximately 62 cents a share. Shareholders who reinvested dividends received an income return of 7.23% for the period. Those who elected to take their dividends in cash received an income return of 7.01%.

High-yield market overview

Investment-grade bond markets tumbled as the U.S. Federal Reserve (Fed) and other central banks expressed a need to keep interest rates higher for longer in a bid to fight inflation. In contrast to higher investment-grade yields during the year, yields on high-yield bonds declined.

Across the U.S. fixed income market, high-yield bonds stood out among the best-returning sectors, posting a 10.28% return over the last 12 months, ending September 30, 2023, according to the Bloomberg U.S. Corporate High Yield Index.

The relatively short duration, higher income, and improved credit quality of the asset class relative to history all contributed to buoy results during a period of heightened market stress. Although yields across the speculative-grade market have fallen over the course of the year, down 80 basis points (bps), they remain elevated, at 8.9% and 250 bps higher than their 10-year average. Conversely, over this same period, spreads remained below their historical average of 544 bps, reflecting the impact of strong economic activity and improved credit quality.

Over the course of the last year, from a quality perspective, there was a clear

Results at a glance

For periods ended September 30, 2023, with all distributions reinvested

	Cumulative total returns			Average annual total returns
	1 year			3 years			5 years			10 years			Lifetime (since 2/19/88)

American High-Income Trust (Class F-2 shares)¹		9.06	%		3.61	%		3.50	%		3.94	%		7.38	%
American High-Income Trust (Class A shares)		8.75			3.31			3.21			3.68			7.14
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index²		10.28			1.75			2.95			4.24			7.51
Lipper High Yield Funds Average³		9.40			1.62			2.44			3.38			6.69

Past results are not predictive of results in future periods.

¹	Class F-2 shares were first offered on August 4, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Refer to capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.
²	Source: Bloomberg Index Services Ltd. From February 19, 1988, through December 31, 1992, the Credit Suisse High Yield Index was used because the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index did not yet exist. Since January 1, 1993, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index has been used. It is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes. There have been periods when the fund has lagged the index.
³	Source: Refinitiv Lipper. Lipper averages reflect the current composition of all eligible mutual funds (all share classes) within a given category. Lipper High Yield Funds Index is an equally weighted index of funds that aim at high (relative) current yield from fixed-income securities, have no quality or maturity restrictions and tend to invest in lower grade debt issues. The results of the underlying funds in the index include reinvestment of dividends and capital gain distributions, as well as brokerage commissions paid by the funds for portfolio transactions and other fund expenses, but do not reflect the effect of sales charges, account fees or U.S. federal income taxes. There have been periods when the fund has lagged the index.

American High-Income Trust

trend of lower quality bonds, where the sensitivity to U.S. Treasury rates is lowest, leading the way. Triple-C bonds were higher by 12.7%, outpacing BB-rated and B-rated bonds by 424 bps and 109 bps, respectively. Although BB-rated bonds, the highest quality tier within the high-yield market, dominate the high-yield market at 47.8% of the index market value, they did drop from 51.6% of the market value a year ago.

Over the 12-month period, all industry categories were in positive territory, both broad and narrow. Within financial institutions, both finance companies and brokerages were among the top returning categories. Consumer cyclicals also posted better-than-average results, led by leisure and gaming. Oil field services was a strong standout within the broader energy sector. At the other end of the spectrum, albeit still in positive territory, communications, where media and telecom were a drag on the broader category, fell short of market returns. Within utilities, electric company bonds also weighed on returns.

Inside the portfolio

Over the past year, the fund has maintained its focus on higher rated bonds, with over 74% of its fixed income exposure in B-rated or higher rated bonds. The fund is slightly overweight the CCC-rated cohort of the high-yield market but also has maintained exposure of approximately 5% to BBB-rated bonds throughout the year. Having this higher quality focus, with an emphasis on bonds backed by collateral, was a negative influence on relative results, as lower quality rallied on robust economic conditions.

Weighing heaviest on relative returns from a broad standpoint was security selection and to a lesser degree was sector/industry selection. From an industry perspective, a sizeable underweight to consumer cyclicals, including all subsectors, weighed on returns as leisure and gaming both stood out as strong positive contributors to broader high-yield market returns. A marginal underweight to building materials, which posted healthy returns over the period, was also a negative for relative results.

On the opposite side of the ledger, an overweight to brokerage, one of the top-performing categories, was additive to relative results. Additionally in the broader financial institutions category, an underweight to banking, among the worst-performing sectors, was also a contributor to relative results. An overweight to the broader energy sector, where oil field services posted very strong returns, was a boost to relative results.

Exposure to non-benchmark investments was a net negative contributor to results. A modest level of cash and U.S. Treasuries detracted from returns, as Fed policy drove rates higher. Several equity positions, received from debt recapitalizations, also had a strong contribution to investment results.

Looking ahead

The long-term strategic merit of investing in high-yield bonds as part of a diversified portfolio remains strong. We believe investors should consider the asset class for its diversification and income benefits over the long term rather than attempting to time market cycles. Within a broader fixed income portfolio, augmenting a core bond portfolio, as represented by the Bloomberg U.S. Aggregate Index, with high-yield bonds has the potential to deliver superior risk-adjusted returns over time.

The economic outlook is uncertain, with heightened inflation concerns, elevated interest rates, and increasing macroeconomic and geopolitical headwinds. Credit stress has increased and is reflected in rising default rates over the last 12 months, but defaults are still below their 10-year average. We anticipate that high-yield default rates will rise modestly with increasing economic pressure and funding costs, but from a relatively low base of just 3.3%. Fundamentals are still strong today, but we anticipate more challenging credit conditions with higher borrowing costs from the historically low levels witnessed during the pandemic.

With elevated yields, higher than their historical average, median spreads modestly below their long-term average, and a favorable technical backdrop from declining issuance, we believe there are attractive opportunities to invest in high-yield bonds. Nonetheless, with elevated volatility and anticipated weaker economic activity, we plan to take a cautious approach to investing and seek to invest in sectors and companies backed by strong asset quality or collateral. We believe that security selection will be of paramount importance in this environment, as virtually all sectors will be exposed to more challenging economic conditions.

As always, we appreciate your continued support and long-term investment perspective.

Sincerely,

David A. Daigle
President

November 9, 2023

For current information about the fund, refer to capitalgroup.com.

2	American High-Income Trust

The value of a long-term perspective

Here’s how a hypothetical $10,000 investment in American High-Income Trust grew between February 19, 1988, when the fund began operations, and September 30, 2023, the end of its latest fiscal year (with all distributions reinvested).

Fund results shown are for Class F-2 and Class A shares. Class A shares reflect deduction of the maximum sales charge of 3.75% on the $10,000 investment¹; thus, the net amount invested was $9,625.²

Class F-2 shares were first offered on August 4, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Refer to capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

¹	As outlined in the prospectus, the sales charge is reduced for accounts (and aggregated investments) of $100,000 or more and is eliminated for purchases of $1 million or more. There is no sales charge on dividends or capital gain distributions that are reinvested in additional shares.
²	The maximum initial sales charge was 4.75% prior to January 10, 2000.
³	The market index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
⁴	Source: Bloomberg Index Services Ltd. From February 19, 1988, through December 31, 1992, the Credit Suisse High Yield Index was used because the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index did not yet exist. Since January 1, 1993, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index has been used.
⁵	Source: Refinitiv Lipper. Results of the Lipper High Yield Funds Average do not reflect any sales charges. Lipper averages reflect the current composition of all eligible mutual funds (all share classes) within a given category. Lipper categories are dynamic and averages may have few funds, especially over longer periods. For the number of funds included in the Lipper category for each fund’s lifetime, refer to the Quarterly Statistical Update, available on our website.
⁶	For the period February 19, 1988, commencement of operations, through September 30, 1988.

Past results are not predictive of results for future periods. The results shown are before taxes on fund distributions and sale of fund shares.

Average annual total returns based on a $1,000 investment (for periods ended September 30, 2023)

	1 year			5 years			10 years

Class F-2 shares		9.06	%		3.50	%		3.94	%
Class A shares*		4.61			2.42			3.28

*	Assumes payment of the maximum 3.75% sales charge.

The total annual fund operating expense ratios are 0.44% for Class F-2 shares and 0.73% for Class A shares as of the prospectus dated December 1, 2023 (unaudited). The net ratio was 0.43% for Class F-2 and 0.72% for Class A. The expense ratios are restated to reflect current fees.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least December 1, 2024. The adviser may elect at its discretion to extend, modify or terminate the waiver at that time. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Refer to capitalgroup.com for more information.

American High-Income Trust

Investment portfolio September 30, 2023

Portfolio by type of security

Percent of net assets

Bonds, notes & other debt instruments 89.04%	Principal amount (000)		Value (000)
Corporate bonds, notes & loans 88.18%
Energy 15.00%
Aethon United BR, LP 8.25% 2/15/2026¹	USD	9,500	$	9,434
Antero Midstream Partners, LP 5.375% 6/15/2029¹		10,095		9,254
Antero Resources Corp. 7.625% 2/1/2029¹		4,356		4,418
Antero Resources Corp. 5.375% 3/1/2030¹		5,950		5,485
Apache Corp. 4.625% 11/15/2025		5,540		5,330
Apache Corp. 5.10% 9/1/2040		13,635		10,847
Apache Corp. 4.75% 4/15/2043		3,685		2,688
Apache Corp. 4.25% 1/15/2044		270		177
Apache Corp. 5.35% 7/1/2049		150		115
Ascent Resources Utica Holdings, LLC 7.00% 11/1/2026¹		38,410		37,556
Ascent Resources Utica Holdings, LLC 9.00% 11/1/2027¹		3,830		4,829
Ascent Resources Utica Holdings, LLC 8.25% 12/31/2028¹		4,042		4,003
Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029¹		26,735		24,072
BIP-V Chinook Holdco, LLC 5.50% 6/15/2031¹		33,080		29,359
Blue Racer Midstream, LLC 7.625% 12/15/2025¹		9,754		9,799
California Resources Corp. 7.125% 2/1/2026¹		6,275		6,313
Callon Petroleum Co. 7.50% 6/15/2030¹		27,975		27,160
Cenovus Energy, Inc. 5.375% 7/15/2025		204		202
Cenovus Energy, Inc. 4.25% 4/15/2027		390		371
Cenovus Energy, Inc. 5.25% 6/15/2037		151		136
Cenovus Energy, Inc. 5.40% 6/15/2047		232		200
Cheniere Energy Partners, LP 4.50% 10/1/2029		618		560
Cheniere Energy Partners, LP 3.25% 1/31/2032		1,566		1,246
Cheniere Energy, Inc. 4.625% 10/15/2028		23,559		21,683
Chesapeake Energy Corp. 5.75% 3/15/2024²		1,730		39
Chesapeake Energy Corp. 5.50% 2/1/2026¹		15,875		15,377
Chesapeake Energy Corp. 5.875% 2/1/2029¹		45,620		42,968
Chesapeake Energy Corp. 6.75% 4/15/2029¹		14,610		14,312
Chord Energy Corp. 6.375% 6/1/2026¹		2,865		2,812
CITGO Petroleum Corp. 6.375% 6/15/2026¹		8,000		7,908
CITGO Petroleum Corp. 8.375% 1/15/2029¹		32,265		32,244
Civitas Resources, Inc. 5.00% 10/15/2026¹		17,860		16,771
Civitas Resources, Inc. 8.375% 7/1/2028¹		13,050		13,295
Civitas Resources, Inc. 8.75% 7/1/2031¹		60,135		61,501
CNX Midstream Partners, LP 4.75% 4/15/2030¹		5,745		4,789
CNX Resources Corp. 7.25% 3/14/2027¹		23,882		23,589
CNX Resources Corp. 6.00% 1/15/2029¹		33,223		31,076
CNX Resources Corp. 7.375% 1/15/2031¹		23,279		22,847
Comstock Resources, Inc. 6.75% 3/1/2029¹		16,595		15,285
Comstock Resources, Inc. 5.875% 1/15/2030¹		21,555		18,684
Constellation Oil Services Holding SA 13.50% 6/30/2025^1,3		5,794		5,794
Constellation Oil Services Holding SA 3.00% Cash 12/31/2026⁴		47,404		31,524
Continental Resources, Inc. 5.75% 1/15/2031¹		7,250		6,814
Crescent Energy Finance, LLC 7.25% 5/1/2026¹		8,650		8,486
Crescent Energy Finance, LLC 9.25% 2/15/2028¹		35,879		36,665


4	American High-Income Trust

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Crestwood Midstream Partners, LP 5.625% 5/1/2027¹	USD	5,000	$	4,797
Crestwood Midstream Partners, LP 6.00% 2/1/2029¹		1,500		1,449
Crestwood Midstream Partners, LP 8.00% 4/1/2029¹		33,755		34,652
Crestwood Midstream Partners, LP 7.375% 2/1/2031¹		13,462		13,726
Devon Energy Corp. 5.875% 6/15/2028		2,830		2,823
Devon Energy Corp. 4.50% 1/15/2030		10,040		9,129
Diamond Foreign Asset Co. 8.50% 10/1/2030¹		17,390		17,409
DT Midstream, Inc. 4.125% 6/15/2029¹		28,835		24,967
DT Midstream, Inc. 4.375% 6/15/2031¹		7,951		6,695
Earthstone Energy Holdings, LLC 9.875% 7/15/2031¹		25,965		28,261
Encino Acquisition Partners Holdings, LLC 8.50% 5/1/2028¹		4,914		4,724
Energean Israel Finance, Ltd. 5.875% 3/30/2031¹		21,580		18,786
Energean PLC 6.50% 4/30/2027¹		12,805		11,674
EPIC Crude Services, LP, Term Loan B, (3-month USD CME Term SOFR + 5.00%) 10.929% 3/2/2026^5,6		2,833		2,784
EPIC Y-Grade Services, LP, Term Loan, (3-month USD CME Term SOFR + 6.00%) 11.522% 6/30/2027^5,6		2,833		2,658
EQM Midstream Partners, LP 6.00% 7/1/2025¹		4,000		3,942
EQM Midstream Partners, LP 4.125% 12/1/2026		1,987		1,841
EQM Midstream Partners, LP 7.50% 6/1/2027¹		8,031		8,055
EQM Midstream Partners, LP 6.50% 7/1/2027¹		41,875		40,932
EQM Midstream Partners, LP 5.50% 7/15/2028		17,346		16,297
EQM Midstream Partners, LP 4.50% 1/15/2029¹		21,410		19,077
EQM Midstream Partners, LP 7.50% 6/1/2030¹		7,428		7,468
EQM Midstream Partners, LP 4.75% 1/15/2031¹		33,208		28,622
EQM Midstream Partners, LP 6.50% 7/15/2048		20,743		18,264
EQT Corp. 5.00% 1/15/2029		3,925		3,693
EQT Corp. 3.625% 5/15/2031¹		6,515		5,518
Genesis Energy, LP 6.50% 10/1/2025		32,102		31,582
Genesis Energy, LP 6.25% 5/15/2026		6,115		5,868
Genesis Energy, LP 8.00% 1/15/2027		63,019		60,815
Genesis Energy, LP 7.75% 2/1/2028		10,055		9,543
Genesis Energy, LP 8.875% 4/15/2030		20,378		19,916
Harbour Energy PLC 5.50% 10/15/2026¹		32,030		29,901
Harvest Midstream I, LP 7.50% 9/1/2028¹		40,517		39,206
Hess Midstream Operations, LP 5.125% 6/15/2028¹		14,063		12,951
Hess Midstream Operations, LP 4.25% 2/15/2030¹		28,875		24,382
Hess Midstream Operations, LP 5.50% 10/15/2030¹		9,470		8,616
Hilcorp Energy I, LP 6.25% 11/1/2028¹		3,515		3,300
Hilcorp Energy I, LP 5.75% 2/1/2029¹		19,025		17,200
Hilcorp Energy I, LP 6.00% 4/15/2030¹		18,338		16,555
Hilcorp Energy I, LP 6.00% 2/1/2031¹		18,382		16,241
Hilcorp Energy I, LP 6.25% 4/15/2032¹		13,710		12,205
Jonah Energy, LLC 12.00% 11/5/2025³		16,449		16,449
Matador Resources Co. 6.875% 4/15/2028¹		8,675		8,526
Mesquite Energy, Inc. 7.25% 2/15/2023^1,2		22,796		2,223
Murphy Oil Corp. 5.75% 8/15/2025		2,768		2,766
Murphy Oil Corp. 6.375% 7/15/2028		8,000		7,871
Murphy Oil USA, Inc. 4.75% 9/15/2029		13,430		12,125
Murphy Oil USA, Inc. 3.75% 2/15/2031¹		21,480		17,559
Nabors Industries, Inc. 7.375% 5/15/2027¹		31,805		30,797
Nabors Industries, Ltd. 7.25% 1/15/2026¹		7,155		6,922
Neptune Energy Bondco PLC 6.625% 5/15/2025¹		21,325		21,144
New Fortress Energy, Inc. 6.75% 9/15/2025¹		32,495		31,056
New Fortress Energy, Inc. 6.50% 9/30/2026¹		103,673		95,567
NGL Energy Operating, LLC 7.50% 2/1/2026¹		181,674		179,841
NGL Energy Partners, LP 6.125% 3/1/2025		41,177		40,469
NGL Energy Partners, LP 7.50% 4/15/2026		18,875		18,261
NGPL PipeCo, LLC 4.875% 8/15/2027¹		1,010		954
Noble Finance II, LLC 8.00% 4/15/2030¹		8,525		8,644
Northern Oil and Gas, Inc. 8.125% 3/1/2028¹		37,565		37,557
Northern Oil and Gas, Inc. 8.75% 6/15/2031¹		24,565		24,780
NuStar Logistics, LP 6.00% 6/1/2026		6,129		5,953
Occidental Petroleum Corp. 2.90% 8/15/2024		10,480		10,239
Occidental Petroleum Corp. 5.875% 9/1/2025		12,395		12,344
Occidental Petroleum Corp. 3.00% 2/15/2027		500		450
Occidental Petroleum Corp. 6.375% 9/1/2028		4,575		4,613


American High-Income Trust	5

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Occidental Petroleum Corp. 8.875% 7/15/2030	USD	7,875	$	8,862
Occidental Petroleum Corp. 6.625% 9/1/2030		7,825		7,937
Occidental Petroleum Corp. 6.125% 1/1/2031		7,940		7,834
Occidental Petroleum Corp. 6.45% 9/15/2036		5,090		5,003
Occidental Petroleum Corp. 6.20% 3/15/2040		735		701
Occidental Petroleum Corp. 6.60% 3/15/2046		1,530		1,505
Occidental Petroleum Corp. 4.20% 3/15/2048		2,543		1,760
ONEOK, Inc. 6.625% 9/1/2053		3,259		3,195
Parkland Corp. 4.625% 5/1/2030¹		7,220		6,164
PDC Energy, Inc. 5.75% 5/15/2026		12,000		11,966
Permian Resources Operating, LLC 6.875% 4/1/2027¹		6,752		6,662
Permian Resources Operating, LLC 5.875% 7/1/2029¹		1,375		1,295
Petrobras Global Finance BV 6.75% 6/3/2050		5,701		5,175
Petrobras Global Finance BV 5.50% 6/10/2051		3,999		3,041
Petroleos Mexicanos 4.875% 1/18/2024		5,287		5,245
Petroleos Mexicanos 6.875% 10/16/2025		6,200		5,944
Petroleos Mexicanos 6.875% 8/4/2026		5,000		4,613
Petroleos Mexicanos 8.75% 6/2/2029		14,137		12,541
Petrorio Luxembourg SARL 6.125% 6/9/2026¹		6,800		6,572
Range Resources Corp. 4.875% 5/15/2025		5,803		5,633
Range Resources Corp. 8.25% 1/15/2029		15,865		16,278
Range Resources Corp. 4.75% 2/15/2030¹		24,510		21,783
Rockies Express Pipeline, LLC 4.95% 7/15/2029¹		9,293		8,288
Sabine Pass Liquefaction, LLC 4.50% 5/15/2030		4,219		3,871
Seadrill Finance, Ltd. 8.375% 8/1/2030¹		23,405		23,851
Sitio Royalties Operating Partnership, LP 7.875% 11/1/2028¹		7,475		7,498
SM Energy Co. 6.50% 7/15/2028		2,910		2,797
Southwestern Energy Co. 5.70% 1/23/2025⁷		5,630		5,553
Southwestern Energy Co. 8.375% 9/15/2028		8,875		9,170
Southwestern Energy Co. 5.375% 3/15/2030		28,845		26,314
Southwestern Energy Co. 4.75% 2/1/2032		11,135		9,569
Suburban Propane Partners, LP 5.00% 6/1/2031¹		4,610		3,854
Sunoco, LP 6.00% 4/15/2027		12,591		12,217
Sunoco, LP 5.875% 3/15/2028		4,885		4,693
Sunoco, LP 7.00% 9/15/2028¹		34,720		34,293
Sunoco, LP 4.50% 5/15/2029		38,080		33,464
Sunoco, LP 4.50% 4/30/2030		40,575		35,188
Superior Plus, LP 4.50% 3/15/2029¹		9,009		7,839
Tallgrass Energy Partners, LP 7.50% 10/1/2025¹		2,535		2,531
Targa Resources Partners, LP 6.50% 7/15/2027		4,322		4,360
Targa Resources Partners, LP 6.875% 1/15/2029		18,530		18,564
Targa Resources Partners, LP 5.50% 3/1/2030		6,906		6,472
Targa Resources Partners, LP 4.875% 2/1/2031		13,835		12,408
Targa Resources Partners, LP 4.00% 1/15/2032		1,175		990
Transocean Aquila, Ltd. 8.00% 9/30/2028¹		8,310		8,316
Transocean Poseidon, Ltd. 6.875% 2/1/2027¹		9,420		9,284
Transocean Titan Financing, Ltd. 8.375% 2/1/2028¹		24,931		25,388
Transocean, Inc. 11.50% 1/30/2027¹		5,405		5,674
Transocean, Inc. 8.75% 2/15/2030¹		16,396		16,780
Transocean, Inc. 6.80% 3/15/2038		10,600		8,079
USA Compression Partners, LP 6.875% 4/1/2026		15,811		15,504
USA Compression Partners, LP 6.875% 9/1/2027		2,403		2,332
Valaris, Ltd. 8.375% 4/30/2030¹		11,475		11,494
Venture Global Calcasieu Pass, LLC 6.25% 1/15/2030¹		8,677		8,286
Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031¹		47,040		38,649
Venture Global Calcasieu Pass, LLC 3.875% 11/1/2033¹		26,525		20,623
Venture Global LNG, Inc. 8.125% 6/1/2028¹		8,600		8,521
Venture Global LNG, Inc. 8.375% 6/1/2031¹		20,220		19,897
Vital Energy, Inc. 10.125% 1/15/2028		5,330		5,439
Vital Energy, Inc. 9.75% 10/15/2030		13,775		14,095
W&T Offshore, Inc. 11.75% 2/1/2026¹		7,100		7,329
Weatherford International, Ltd. 6.50% 9/15/2028¹		51,870		51,926
Weatherford International, Ltd. 8.625% 4/30/2030¹		75,551		76,196
Western Midstream Operating, LP 3.10% 2/1/2025⁷		14,110		13,514
Western Midstream Operating, LP 3.95% 6/1/2025		1,280		1,230
Western Midstream Operating, LP 4.50% 3/1/2028		340		317
Western Midstream Operating, LP 4.75% 8/15/2028		2,830		2,649


6	American High-Income Trust

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Western Midstream Operating, LP 4.05% 2/1/2030⁷	USD	1,425	$	1,247
Western Midstream Operating, LP 6.15% 4/1/2033		3,500		3,380
Western Midstream Operating, LP 5.25% 2/1/2050⁷		11,000		8,582
				2,679,875

Consumer discretionary 12.94%
Acushnet Co. 7.375% 10/15/2028¹		5,570		5,619
Adient Global Holdings, Ltd. 4.875% 8/15/2026¹		9,660		9,122
Advance Auto Parts, Inc. 1.75% 10/1/2027		519		421
Advance Auto Parts, Inc. 3.90% 4/15/2030		23,287		18,912
Advance Auto Parts, Inc. 3.50% 3/15/2032		9,788		7,339
Affinity Interactive 6.875% 12/15/2027¹		11,020		9,355
Allied Universal Holdco, LLC 6.625% 7/15/2026¹		10,952		10,392
Allied Universal Holdco, LLC 9.75% 7/15/2027¹		14,407		12,907
Allied Universal Holdco, LLC 4.625% 6/1/2028¹		14,520		12,121
Allied Universal Holdco, LLC 6.00% 6/1/2029¹		55,713		41,619
Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/2029¹		15,847		16,065
Asbury Automotive Group, Inc. 4.625% 11/15/2029¹		30,700		26,408
Asbury Automotive Group, Inc. 5.00% 2/15/2032¹		28,915		23,991
Atlas LuxCo 4 SARL 4.625% 6/1/2028¹		7,925		6,590
Bath & Body Works, Inc. 6.625% 10/1/2030¹		7,375		6,922
Bath & Body Works, Inc. 6.875% 11/1/2035		24,193		21,634
Bath & Body Works, Inc. 6.75% 7/1/2036		15,090		13,239
Boyd Gaming Corp. 4.75% 12/1/2027		8,389		7,739
Boyd Gaming Corp. 4.75% 6/15/2031¹		6,835		5,825
Boyne USA, Inc. 4.75% 5/15/2029¹		12,285		10,760
Caesars Entertainment, Inc. 6.25% 7/1/2025¹		15,390		15,193
Caesars Entertainment, Inc. 8.125% 7/1/2027¹		11,525		11,589
Caesars Entertainment, Inc. 4.625% 10/15/2029¹		9,520		8,075
Caesars Entertainment, Inc. 7.00% 2/15/2030¹		22,590		22,005
Caesars Entertainment, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 8.666% 2/6/2030^1,5,6		416		416
Caesars Resort Collection, LLC 5.75% 7/1/2025¹		6,965		6,941
Carnival Corp. 7.625% 3/1/2026¹		450		438
Carnival Corp. 5.75% 3/1/2027¹		36,075		32,687
Carnival Corp. 4.00% 8/1/2028¹		64,610		56,075
Carnival Corp. 6.00% 5/1/2029¹		95,299		81,400
Carnival Corp. 7.00% 8/15/2029¹		9,745		9,618
Carnival Corp. 10.50% 6/1/2030¹		26,023		26,823
Clarios Global, LP 6.25% 5/15/2026¹		3,667		3,592
Clarios Global, LP 8.50% 5/15/2027¹		6,825		6,818
Dana, Inc. 4.25% 9/1/2030		2,150		1,728
Dana, Inc. 4.50% 2/15/2032		8,510		6,620
Empire Resorts, Inc. 7.75% 11/1/2026¹		5,220		4,261
Everi Holdings, Inc. 5.00% 7/15/2029¹		3,000		2,586
Fertitta Entertainment, LLC 4.625% 1/15/2029¹		28,070		23,820
Fertitta Entertainment, LLC 6.75% 1/15/2030¹		105,740		86,315
First Student Bidco, Inc. 4.00% 7/31/2029¹		24,840		21,048
First Student Bidco, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.00%) 8.501% 7/21/2028^5,6		3,168		3,090
First Student Bidco, Inc., Term Loan C, (3-month USD CME Term SOFR + 3.00%) 8.652% 7/21/2028^5,6		1,218		1,188
Ford Motor Co. 7.45% 7/16/2031		1,865		1,937
Ford Motor Co. 3.25% 2/12/2032		9,265		7,149
Ford Motor Co. 6.10% 8/19/2032		17,240		16,256
Ford Motor Credit Co., LLC 3.81% 1/9/2024		3,398		3,365
Ford Motor Credit Co., LLC 5.584% 3/18/2024		934		929
Ford Motor Credit Co., LLC 3.664% 9/8/2024		3,188		3,088
Ford Motor Credit Co., LLC 2.30% 2/10/2025		14,765		13,863
Ford Motor Credit Co., LLC 5.125% 6/16/2025		47,330		45,859
Ford Motor Credit Co., LLC 4.134% 8/4/2025		6,321		6,000
Ford Motor Credit Co., LLC 3.375% 11/13/2025		15,290		14,199
Ford Motor Credit Co., LLC 6.95% 6/10/2026		43,124		43,118
Ford Motor Credit Co., LLC 4.542% 8/1/2026		21,795		20,478
Ford Motor Credit Co., LLC 2.70% 8/10/2026		29,842		26,660
Ford Motor Credit Co., LLC 4.271% 1/9/2027		11,575		10,703
Ford Motor Credit Co., LLC 4.95% 5/28/2027		7,420		6,973


American High-Income Trust	7

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Ford Motor Credit Co., LLC 4.125% 8/17/2027	USD	23,665	$	21,574
Ford Motor Credit Co., LLC 3.815% 11/2/2027		16,990		15,147
Ford Motor Credit Co., LLC 2.90% 2/16/2028		6,725		5,734
Ford Motor Credit Co., LLC 6.80% 5/12/2028		11,960		11,956
Ford Motor Credit Co., LLC 5.113% 5/3/2029		5,615		5,146
Ford Motor Credit Co., LLC 7.20% 6/10/2030		47,805		48,103
Ford Motor Credit Co., LLC 4.00% 11/13/2030		16,188		13,535
Gap, Inc. 3.625% 10/1/2029¹		3,225		2,390
Gap, Inc. 3.875% 10/1/2031¹		2,148		1,512
Group 1 Automotive, Inc. 4.00% 8/15/2028¹		7,380		6,414
Hanesbrands, Inc. 4.875% 5/15/2026¹		21,712		19,930
Hanesbrands, Inc. 9.00% 2/15/2031¹		29,021		27,694
Hanesbrands, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 9.066% 3/8/2030^5,6		17,543		17,236
Hilton Domestic Operating Co., Inc. 4.875% 1/15/2030		8,287		7,552
Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031¹		20,465		17,224
Hilton Grand Vacations Borrower, LLC 5.00% 6/1/2029¹		12,490		10,849
Hyundai Capital America 1.65% 9/17/2026¹		15,000		13,244
International Game Technology PLC 6.50% 2/15/2025¹		4,385		4,382
International Game Technology PLC 4.125% 4/15/2026¹		6,110		5,753
International Game Technology PLC 6.25% 1/15/2027¹		3,575		3,503
International Game Technology PLC 5.25% 1/15/2029¹		55,932		51,600
Jacobs Entertainment, Inc. 6.75% 2/15/2029¹		6,380		5,669
KB Home 6.875% 6/15/2027		6,170		6,177
KB Home 7.25% 7/15/2030		6,770		6,659
Kontoor Brands, Inc. 4.125% 11/15/2029¹		6,770		5,604
LCM Investments Holdings II, LLC 4.875% 5/1/2029¹		98,774		84,098
LCM Investments Holdings II, LLC 8.25% 8/1/2031¹		38,985		37,905
Levi Strauss & Co. 3.50% 3/1/2031¹		19,535		15,470
Light and Wonder International, Inc. 7.00% 5/15/2028¹		20,347		20,020
Light and Wonder International, Inc. 7.25% 11/15/2029¹		19,650		19,279
Light and Wonder International, Inc. 7.50% 9/1/2031¹		9,370		9,271
Lindblad Expeditions, LLC 6.75% 2/15/2027¹		4,075		3,820
Lithia Motors, Inc. 4.625% 12/15/2027¹		9,675		8,845
Lithia Motors, Inc. 3.875% 6/1/2029¹		32,084		27,076
Lithia Motors, Inc. 4.375% 1/15/2031¹		16,000		13,253
LSF9 Atlantis Holdings, LLC 7.75% 2/15/2026¹		6,655		6,053
M.D.C. Holdings, Inc. 6.00% 1/15/2043		11,252		9,430
Macy’s Retail Holdings, LLC 6.125% 3/15/2032¹		1,230		1,016
Marriott International, Inc. 3.50% 10/15/2032		500		409
Marriott International, Inc. 2.75% 10/15/2033		1,300		982
Marriott Ownership Resorts, Inc. 4.75% 1/15/2028		2,500		2,191
Marriott Ownership Resorts, Inc. 4.50% 6/15/2029¹		30,030		25,193
Melco Resorts Finance, Ltd. 5.75% 7/21/2028¹		8,910		7,816
Merlin Entertainments PLC 5.75% 6/15/2026¹		10,798		10,346
MGM Resorts International 5.50% 4/15/2027		5,707		5,330
Motel 6 Operating, LP, Term Loan B, (3-month USD CME Term SOFR + 5.00%) 10.424% 9/9/2026^5,6		4,426		4,432
NCL Corp., Ltd. 3.625% 12/15/2024¹		6,450		6,199
NCL Corp., Ltd. 5.875% 3/15/2026¹		8,100		7,488
NCL Corp., Ltd. 5.875% 2/15/2027¹		25,710		24,473
NCL Corp., Ltd. 7.75% 2/15/2029¹		7,115		6,612
Neiman Marcus Group, Ltd., LLC 7.125% 4/1/2026¹		35,980		33,801
Ontario Gaming GTA, LP 8.00% 8/1/2030¹		18,905		18,923
Ontario Gaming GTA, LP, Term Loan B, (3-month USD CME Term SOFR + 4.25%) 9.64% 8/1/2030^5,6		9,050		9,068
Party City Holdings, Inc. 6.125% 8/15/2023^1,2		9,100		91
Party City Holdings, Inc. (6-month USD-LIBOR + 5.00%) 10.821% 7/15/2025^1,2,6,8		4,705		635
Party City Holdings, Inc. 8.75% 2/15/2026^1,2		151,988		23,558
Party City Holdings, Inc. 6.625% 8/1/2026^1,2		5,000		34
Party City Holdings, Inc., Term Loan DIP, 15.31% 11/16/2023^5,6		27,180		28,132
PECF USS Intermediate Holding III Corp., Term Loan B, (1-month USD CME Term SOFR + 4.25%) 9.881% 12/15/2028^5,6		4,987		4,018
PENN Entertainment, Inc. 5.625% 1/15/2027¹		13,975		13,157
Penske Automotive Group, Inc. 3.75% 6/15/2029		9,075		7,648
PETSMART, LLC 7.75% 2/15/2029¹		8,350		7,790
Premier Entertainment Sub, LLC 5.625% 9/1/2029¹		3,000		2,314


8	American High-Income Trust

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
QVC, Inc. 4.85% 4/1/2024	USD	34,375	$	33,078
QVC, Inc. 4.45% 2/15/2025		6,725		5,892
Resorts World Las Vegas, LLC 4.625% 4/16/2029⁹		6,700		5,356
RHP Hotel Properties, LP 7.25% 7/15/2028¹		16,509		16,236
Royal Caribbean Cruises, Ltd. 11.50% 6/1/2025¹		12,318		13,014
Royal Caribbean Cruises, Ltd. 4.25% 7/1/2026¹		21,740		19,955
Royal Caribbean Cruises, Ltd. 5.50% 8/31/2026¹		14,200		13,416
Royal Caribbean Cruises, Ltd. 5.375% 7/15/2027¹		28,035		25,973
Royal Caribbean Cruises, Ltd. 3.70% 3/15/2028		38,550		32,657
Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028¹		16,350		15,007
Royal Caribbean Cruises, Ltd. 8.25% 1/15/2029¹		33,790		35,077
Royal Caribbean Cruises, Ltd. 9.25% 1/15/2029¹		22,450		23,734
Royal Caribbean Cruises, Ltd. 7.25% 1/15/2030¹		11,562		11,472
Sally Holdings, LLC 5.625% 12/1/2025		25,859		25,227
Sands China, Ltd. 5.375% 8/8/2025		6,522		6,322
Sands China, Ltd. 5.65% 8/8/2028		648		610
Sands China, Ltd. 4.875% 6/18/2030		2,000		1,728
Sands China, Ltd. 3.50% 8/8/2031		4,220		3,343
Scientific Games Holdings, LP 6.625% 3/1/2030¹		16,870		14,572
Scientific Games Holdings, LP, Term Loan B, (3-month USD CME Term SOFR + 3.50%) 8.768% 4/4/2029^5,6		14,646		14,580
Service Corp. International 4.00% 5/15/2031		3,575		2,939
Sonic Automotive, Inc. 4.625% 11/15/2029¹		31,390		26,063
Sonic Automotive, Inc. 4.875% 11/15/2031¹		57,614		45,930
Tempur Sealy International, Inc. 4.00% 4/15/2029¹		5,255		4,391
Travel + Leisure Co. 6.00% 4/1/2027		2,750		2,619
Travel + Leisure Co. 4.50% 12/1/2029¹		18,625		15,645
Travel + Leisure Co. 4.625% 3/1/2030¹		5,575		4,698
Universal Entertainment Corp. 8.75% 12/11/2024¹		61,262		65,299
Vail Resorts, Inc. 6.25% 5/15/2025¹		4,090		4,072
WASH Multifamily Acquisition, Inc. 5.75% 4/15/2026¹		28,250		26,411
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/2028¹		19,510		17,540
Wynn Resorts Finance, LLC 5.125% 10/1/2029¹		9,225		8,075
Wynn Resorts Finance, LLC 7.125% 2/15/2031¹		5,546		5,271
ZF North America Capital, Inc. 7.125% 4/14/2030¹		4,500		4,415
				2,311,263

Communication services 10.79%
Altice France Holding SA 10.50% 5/15/2027¹		19,485		12,179
Altice France SA 5.125% 7/15/2029¹		39,303		28,000
CCO Holdings, LLC 5.50% 5/1/2026¹		2,094		2,025
CCO Holdings, LLC 5.125% 5/1/2027¹		9,878		9,214
CCO Holdings, LLC 5.00% 2/1/2028¹		16,374		14,888
CCO Holdings, LLC 5.375% 6/1/2029¹		7,126		6,401
CCO Holdings, LLC 6.375% 9/1/2029¹		4,400		4,107
CCO Holdings, LLC 4.75% 3/1/2030¹		60,731		51,056
CCO Holdings, LLC 4.50% 8/15/2030¹		65,679		53,996
CCO Holdings, LLC 4.25% 2/1/2031¹		37,905		30,211
CCO Holdings, LLC 4.75% 2/1/2032¹		42,551		34,088
CCO Holdings, LLC 4.50% 5/1/2032		35,527		27,920
CCO Holdings, LLC 4.50% 6/1/2033¹		40,524		31,051
CCO Holdings, LLC 4.25% 1/15/2034¹		41,875		30,876
Charter Communications Operating, LLC 2.80% 4/1/2031		950		741
Clear Channel Outdoor Holdings, Inc. 5.125% 8/15/2027¹		3,025		2,689
Clear Channel Outdoor Holdings, Inc. 7.75% 4/15/2028¹		11,000		8,799
Clear Channel Outdoor Holdings, Inc. 7.50% 6/1/2029¹		5,000		3,831
Cogent Communications Group, Inc. 3.50% 5/1/2026¹		8,445		7,809
Connect Finco SARL 6.75% 10/1/2026¹		14,525		13,566
Consolidated Communications, Inc. 5.00% 10/1/2028¹		14,350		10,675
CSC Holdings, LLC 5.50% 4/15/2027¹		2,700		2,318
CSC Holdings, LLC 5.375% 2/1/2028¹		2,425		1,978
CSC Holdings, LLC 6.50% 2/1/2029¹		10,000		8,296
CSC Holdings, LLC 3.375% 2/15/2031¹		11,375		7,763
Diamond Sports Group, LLC 5.375% 8/15/2026^1,2		9,835		221
Diamond Sports Group, LLC 6.625% 8/15/2027^1,2		18,432		380
DIRECTV Financing, LLC 5.875% 8/15/2027¹		57,900		51,268


American High-Income Trust	9

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.00%) 10.431% 8/2/2027^5,6	USD	28,405	$	27,795
DISH DBS Corp. 5.875% 11/15/2024		88,305		82,334
DISH DBS Corp. 7.75% 7/1/2026		36,060		27,101
DISH Network Corp. 11.75% 11/15/2027¹		121,295		122,380
Embarq Corp. 7.995% 6/1/2036		85,901		48,526
Epicor Software Corp., Term Loan, (1-month USD CME Term SOFR + 7.75%) 13.166% 7/31/2028^5,6		7,250		7,296
Frontier Communications Holdings, LLC 5.875% 10/15/2027¹		23,695		21,572
Frontier Communications Holdings, LLC 5.00% 5/1/2028¹		58,730		50,218
Frontier Communications Holdings, LLC 6.75% 5/1/2029¹		54,308		41,855
Frontier Communications Holdings, LLC 5.875% 11/1/2029		11,982		8,764
Frontier Communications Holdings, LLC 6.00% 1/15/2030¹		12,750		9,343
Frontier Communications Holdings, LLC 8.75% 5/15/2030¹		8,675		8,246
Gray Escrow II, Inc. 5.375% 11/15/2031¹		39,575		25,950
Gray Television, Inc. 5.875% 7/15/2026¹		46,995		42,282
Gray Television, Inc. 7.00% 5/15/2027¹		37,973		32,715
Gray Television, Inc. 4.75% 10/15/2030¹		11,010		7,308
iHeartCommunications, Inc. 6.375% 5/1/2026		236		203
iHeartCommunications, Inc. 8.375% 5/1/2027		427		307
iHeartCommunications, Inc. 5.25% 8/15/2027¹		11,310		8,981
iHeartCommunications, Inc. 4.75% 1/15/2028¹		5,000		3,830
Intelsat Jackson Holdings SA 6.50% 3/15/2030¹		35,007		31,133
Lamar Media Corp. 3.75% 2/15/2028		2,567		2,280
Lamar Media Corp. 4.875% 1/15/2029		3,600		3,264
Lamar Media Corp. 3.625% 1/15/2031		15,350		12,515
Level 3 Financing, Inc. 3.75% 7/15/2029¹		11,500		6,444
Ligado Networks, LLC 15.50% PIK 11/1/2023^1,4		52,957		19,131
Ligado Networks, LLC, Term Loan, 15.00% PIK 11/1/2023^3,4,5		3,563		3,563
Live Nation Entertainment, Inc. 4.75% 10/15/2027¹		10,235		9,382
Live Nation Entertainment, Inc. 3.75% 1/15/2028¹		11,355		10,049
Midas OpCo Holdings, LLC 5.625% 8/15/2029¹		53,860		43,558
Netflix, Inc. 4.875% 4/15/2028		6,190		6,004
Netflix, Inc. 4.875% 6/15/2030¹		2,050		1,943
News Corp. 3.875% 5/15/2029¹		34,350		29,577
News Corp. 5.125% 2/15/2032¹		21,675		18,960
Nexstar Media, Inc. 5.625% 7/15/2027¹		11,995		10,690
Nexstar Media, Inc. 4.75% 11/1/2028¹		72,596		60,176
OUTFRONT Media Capital, LLC 4.625% 3/15/2030¹		60		47
Scripps Escrow II, Inc. 3.875% 1/15/2029¹		14,018		10,558
Sirius XM Radio, Inc. 3.125% 9/1/2026¹		34,305		30,610
Sirius XM Radio, Inc. 4.00% 7/15/2028¹		66,175		56,553
Sirius XM Radio, Inc. 5.50% 7/1/2029¹		1,990		1,762
Sirius XM Radio, Inc. 4.125% 7/1/2030¹		22,315		17,892
Sirius XM Radio, Inc. 3.875% 9/1/2031¹		52,890		40,112
Sprint Capital Corp. 6.875% 11/15/2028		6,365		6,577
Sprint Capital Corp. 8.75% 3/15/2032		17,147		19,852
Sprint Corp. 7.625% 3/1/2026		9,450		9,719
TEGNA, Inc. 5.00% 9/15/2029		8,337		7,013
T-Mobile USA, Inc. 3.375% 4/15/2029		15,950		14,043
Univision Communications, Inc. 5.125% 2/15/2025¹		46,626		45,497
Univision Communications, Inc. 6.625% 6/1/2027¹		79,770		74,377
Univision Communications, Inc. 8.00% 8/15/2028¹		19,205		18,639
Univision Communications, Inc. 4.50% 5/1/2029¹		88,400		72,073
Univision Communications, Inc. 7.375% 6/30/2030¹		41,228		37,729
Univision Communications, Inc., Term Loan, (3-month USD CME Term SOFR + 4.25%) 9.64% 6/24/2029^5,6		1,230		1,231
UPC Broadband Finco BV 4.875% 7/15/2031¹		8,830		7,175
Virgin Media Secured Finance PLC 4.50% 8/15/2030¹		19,230		15,910
VMED O2 UK Financing I PLC 4.25% 1/31/2031¹		49,120		39,162
VZ Secured Financing BV 5.00% 1/15/2032¹		32,285		25,396
WMG Acquisition Corp. 3.75% 12/1/2029¹		32,863		27,642
WMG Acquisition Corp. 3.875% 7/15/2030¹		12,507		10,579
WMG Acquisition Corp. 3.00% 2/15/2031¹		4,050		3,185
Ziggo Bond Co. BV 5.125% 2/28/2030¹		12,118		9,054
Ziggo BV 4.875% 1/15/2030¹		28,685		23,404
				1,927,812


10	American High-Income Trust

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Materials 9.64%
Alcoa Nederland Holding BV 5.50% 12/15/2027¹	USD	10,560	$	10,045
Alcoa Nederland Holding BV 4.125% 3/31/2029¹		4,205		3,725
ArcelorMittal SA 4.25% 7/16/2029		940		879
ArcelorMittal SA 6.80% 11/29/2032		6,750		6,711
ArcelorMittal SA 7.00% 10/15/2039		10,104		10,143
ArcelorMittal SA 6.75% 3/1/2041		15,173		14,492
Arconic Corp., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 9.746% 7/27/2030^5,6		7,550		7,548
ARD Finance SA 6.50% Cash 6/30/2027^1,4		8,809		6,660
Ardagh Metal Packaging Finance PLC 4.00% 9/1/2029¹		27,216		21,335
Ardagh Packaging Finance PLC 5.25% 4/30/2025¹		570		556
Ardagh Packaging Finance PLC 4.125% 8/15/2026¹		1,435		1,313
Ardagh Packaging Finance PLC 5.25% 8/15/2027¹		15,000		12,537
Arsenal AIC Parent, LLC 8.00% 10/1/2030¹		7,550		7,522
ATI, Inc. 4.875% 10/1/2029		13,720		12,096
ATI, Inc. 7.25% 8/15/2030		9,430		9,371
ATI, Inc. 5.125% 10/1/2031		22,140		19,189
Avient Corp. 7.125% 8/1/2030¹		6,750		6,639
Axalta Coating Systems, LLC 4.75% 6/15/2027¹		6,495		6,042
Ball Corp. 6.875% 3/15/2028		21,175		21,325
Ball Corp. 6.00% 6/15/2029		7,100		6,902
Ball Corp. 2.875% 8/15/2030		3,250		2,580
Ball Corp. 3.125% 9/15/2031		26,280		20,618
Braskem Idesa SAPI 6.99% 2/20/2032¹		1,370		825
Braskem Netherlands Finance BV 8.50% 1/12/2031¹		4,665		4,629
CAN-PACK Spolka Akcyjna 3.875% 11/15/2029¹		26,795		21,927
Cleveland-Cliffs, Inc. 6.75% 3/15/2026¹		11,079		11,059
Cleveland-Cliffs, Inc. 7.00% 3/15/2027		3,853		3,757
Cleveland-Cliffs, Inc. 5.875% 6/1/2027		62,955		60,004
Cleveland-Cliffs, Inc. 4.625% 3/1/2029¹		43,193		37,673
Cleveland-Cliffs, Inc. 6.75% 4/15/2030¹		11,575		10,833
Cleveland-Cliffs, Inc. 4.875% 3/1/2031¹		47,444		40,466
Consolidated Energy Finance SA 6.50% 5/15/2026¹		2,013		1,880
Consolidated Energy Finance SA 5.625% 10/15/2028¹		4,680		3,872
CROWN Americas, LLC 5.25% 4/1/2030		2,775		2,574
Crown Cork & Seal Co., Inc. 7.375% 12/15/2026		2,000		2,032
CVR Partners, LP 6.125% 6/15/2028¹		19,175		17,253
Element Solutions, Inc. 3.875% 9/1/2028¹		8,300		7,172
First Quantum Minerals, Ltd. 7.50% 4/1/2025¹		59,207		59,169
First Quantum Minerals, Ltd. 6.875% 3/1/2026¹		64,753		62,932
First Quantum Minerals, Ltd. 6.875% 10/15/2027¹		150,846		144,919
Freeport-McMoRan, Inc. 4.25% 3/1/2030		303		268
Freeport-McMoRan, Inc. 4.625% 8/1/2030		900		812
Freeport-McMoRan, Inc. 5.40% 11/14/2034		4,288		3,931
Freeport-McMoRan, Inc. 5.45% 3/15/2043		8,393		7,167
FXI Holdings, Inc. 12.25% 11/15/2026¹		183,363		167,368
FXI Holdings, Inc. 12.25% 11/15/2026¹		127,259		116,919
INEOS Finance PLC 6.75% 5/15/2028¹		10,200		9,551
Kaiser Aluminum Corp. 4.625% 3/1/2028¹		12,698		11,104
LABL, Inc. 6.75% 7/15/2026¹		560		543
LABL, Inc. 10.50% 7/15/2027¹		31,370		29,530
LABL, Inc. 5.875% 11/1/2028¹		14,600		13,134
LABL, Inc. 9.50% 11/1/2028¹		3,277		3,363
LABL, Inc. 8.25% 11/1/2029¹		9,500		7,772
LSB Industries, Inc. 6.25% 10/15/2028¹		52,150		47,302
LSF11 A5 HoldCo, LLC 6.625% 10/15/2029¹		1,425		1,186
Mauser Packaging Solutions Holding Co. 7.875% 8/15/2026¹		13,505		13,044
Mauser Packaging Solutions Holding Co. 9.25% 4/15/2027¹		12,500		10,943
Methanex Corp. 5.125% 10/15/2027		66,030		60,986
Methanex Corp. 5.25% 12/15/2029		9,948		8,883
Methanex Corp. 5.65% 12/1/2044		9,445		7,653
Mineral Resources, Ltd. 8.125% 5/1/2027¹		3,323		3,282
Mineral Resources, Ltd. 8.00% 11/1/2027¹		32,625		32,051
Mineral Resources, Ltd. 9.25% 10/1/2028¹		40,845		41,305
Mineral Resources, Ltd. 8.50% 5/1/2030¹		20,885		20,514
Nova Chemicals Corp. 4.875% 6/1/2024¹		15,785		15,523
Nova Chemicals Corp. 5.25% 6/1/2027¹		30,102		26,096


American High-Income Trust	11

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Materials (continued)
Nova Chemicals Corp. 4.25% 5/15/2029¹	USD	33,892	$	26,411
Novelis Corp. 3.25% 11/15/2026¹		16,285		14,564
Novelis Corp. 4.75% 1/30/2030¹		11,093		9,615
Novelis Corp. 3.875% 8/15/2031¹		22,344		17,873
Olin Corp. 5.625% 8/1/2029		5,700		5,369
Olin Corp. 5.00% 2/1/2030		3,365		2,993
Olympus Water US Holding Corp. 4.25% 10/1/2028¹		3,850		3,143
Olympus Water US Holding Corp. 9.75% 11/15/2028¹		31,755		31,726
Owens-Brockway Glass Container, Inc. 6.375% 8/15/2025¹		5,341		5,334
Rain Carbon, Inc. 12.25% 9/1/2029¹		7,348		7,715
SCIH Salt Holdings, Inc. 4.875% 5/1/2028¹		41,413		36,592
SCIH Salt Holdings, Inc. 6.625% 5/1/2029¹		20,235		17,364
Scotts Miracle-Gro Co. 4.50% 10/15/2029		3,506		2,870
Scotts Miracle-Gro Co. 4.375% 2/1/2032		6,930		5,210
Sealed Air Corp. 4.00% 12/1/2027¹		7,559		6,753
Sealed Air Corp. 6.125% 2/1/2028¹		14,160		13,729
SNF Group SA 3.375% 3/15/2030¹		10,732		8,673
Summit Materials, LLC 6.50% 3/15/2027¹		5,478		5,355
Summit Materials, LLC 5.25% 1/15/2029¹		15,015		13,648
Trident TPI Holdings, Inc. 12.75% 12/31/2028¹		9,500		9,939
Trivium Packaging Finance BV 5.50% 8/15/2026¹		6,445		6,017
Trivium Packaging Finance BV 8.50% 8/15/2027¹		19,352		17,708
Tronox, Inc. 4.625% 3/15/2029¹		16,860		13,628
Valvoline, Inc. 4.25% 2/15/2030¹		3,691		3,629
Valvoline, Inc. 3.625% 6/15/2031¹		12,465		9,670
Venator Finance SARL 9.50% 7/1/2025^1,2		33,482		14,230
Venator Finance SARL 5.75% 7/15/2025^1,2		70,528		3,442
Venator Finance SARL, Term Loan, 15.05% 10/16/2023^5,6		27,833		29,085
Venator Finance SARL, Term Loan, (USD Prime Rate + 4.00%) 7.73% 8/8/2024^2,5,6		9,064		4,328
Warrior Met Coal, Inc. 7.875% 12/1/2028¹		12,800		12,859
				1,720,906

Health care 9.15%
AdaptHealth, LLC 6.125% 8/1/2028¹		4,805		4,153
AdaptHealth, LLC 4.625% 8/1/2029¹		10,390		7,986
AdaptHealth, LLC 5.125% 3/1/2030¹		16,905		13,115
AthenaHealth Group, Inc. 6.50% 2/15/2030¹		13,000		10,889
Avantor Funding, Inc. 4.625% 7/15/2028¹		55,400		50,567
Avantor Funding, Inc. 3.875% 11/1/2029¹		8,825		7,552
Bausch + Lomb Corp., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 8.755% 5/10/2027^5,6		9,606		9,343
Bausch Health Americas, Inc. 9.25% 4/1/2026¹		27,840		25,222
Bausch Health Americas, Inc. 8.50% 1/31/2027¹		4,977		2,533
Bausch Health Companies, Inc. 5.50% 11/1/2025¹		88,400		78,428
Bausch Health Companies, Inc. 9.00% 12/15/2025¹		27,896		25,416
Bausch Health Companies, Inc. 6.125% 2/1/2027¹		4,370		2,725
Bausch Health Companies, Inc. 5.75% 8/15/2027¹		23,503		14,023
Bausch Health Companies, Inc. 5.00% 1/30/2028¹		18,310		7,484
Bausch Health Companies, Inc. 4.875% 6/1/2028¹		66,925		38,172
Bausch Health Companies, Inc. 5.00% 2/15/2029¹		4,895		1,882
Bausch Health Companies, Inc. 7.25% 5/30/2029¹		8,112		3,268
Bausch Health Companies, Inc. 5.25% 1/30/2030¹		38,442		14,489
Bausch Health Companies, Inc. 14.00% 10/15/2030¹		7,200		4,286
Bausch Health Companies, Inc. 5.25% 2/15/2031¹		81,869		31,536
Bausch Health Companies, Inc., Term Loan, (3-month USD CME Term SOFR + 5.25%) 10.674% 2/1/2027^5,6		7,737		6,314
Catalent Pharma Solutions, Inc. 5.00% 7/15/2027¹		5,859		5,381
Catalent Pharma Solutions, Inc. 3.125% 2/15/2029¹		7,055		5,793
Catalent Pharma Solutions, Inc. 3.50% 4/1/2030¹		24,936		20,563
Centene Corp. 4.25% 12/15/2027		20,407		18,831
Centene Corp. 2.45% 7/15/2028		4,255		3,598
Centene Corp. 4.625% 12/15/2029		34,535		31,143
Centene Corp. 3.375% 2/15/2030		4,168		3,481
Centene Corp. 3.00% 10/15/2030		7,575		6,119
Centene Corp. 2.50% 3/1/2031		20,325		15,638
Centene Corp. 2.625% 8/1/2031		17,525		13,445
Charles River Laboratories International, Inc. 4.25% 5/1/2028¹		4,848		4,353


12	American High-Income Trust

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Charles River Laboratories International, Inc. 3.75% 3/15/2029¹	USD	12,765	$	10,957
CHS / Community Health Systems, Inc. 5.625% 3/15/2027¹		31,575		27,123
CHS / Community Health Systems, Inc. 6.00% 1/15/2029¹		5,252		4,247
CHS / Community Health Systems, Inc. 5.25% 5/15/2030¹		31,635		24,090
CHS / Community Health Systems, Inc. 4.75% 2/15/2031¹		21,500		15,246
DaVita, Inc. 4.625% 6/1/2030¹		1,050		863
Encompass Health Corp. 4.50% 2/1/2028		7,054		6,435
Encompass Health Corp. 4.75% 2/1/2030		3,841		3,404
Endo DAC 6.875% 10/15/2024¹		10,374		7,279
Endo DAC 9.50% 7/31/2027^1,2		6,243		445
Endo DAC 6.00% 6/30/2028^1,2		45,278		3,283
Endo Luxembourg Finance Co. I SARL 6.125% 4/1/2029¹		15,320		10,907
Fortrea Holdings, Inc. 7.50% 7/1/2030¹		21,235		20,689
Fortrea Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 5.05% 6/30/2030^5,6		22,588		22,571
Grifols SA 4.75% 10/15/2028¹		12,075		10,310
HCA, Inc. 5.875% 2/15/2026		2,902		2,887
HCA, Inc. 4.50% 2/15/2027		71		68
HCA, Inc. 5.625% 9/1/2028		22,625		22,074
HCA, Inc. 5.875% 2/1/2029		2,450		2,411
HCA, Inc. 3.50% 9/1/2030		3,940		3,335
HCA, Inc. 7.50% 11/15/2095		5,000		5,246
HealthEquity, Inc. 4.50% 10/1/2029¹		12,790		11,033
Hologic, Inc. 3.25% 2/15/2029¹		8,800		7,441
IQVIA, Inc. 5.00% 10/15/2026¹		18,749		17,944
IQVIA, Inc. 6.50% 5/15/2030¹		13,115		12,853
Jazz Securities DAC 4.375% 1/15/2029¹		12,735		11,114
Mallinckrodt International Finance SA 10.00% 4/15/2025¹		10,000		7,970
Medline Borrower, LP 3.875% 4/1/2029¹		5,000		4,232
Medline Borrower, LP 5.25% 10/1/2029¹		36,430		31,530
Medline Borrower, LP, Term Loan, (3-month USD CME Term SOFR + 3.25%) 8.681% 10/23/2028^5,6		7,026		7,018
Molina Healthcare, Inc. 4.375% 6/15/2028¹		23,805		21,357
Molina Healthcare, Inc. 3.875% 11/15/2030¹		55,775		46,225
Molina Healthcare, Inc. 3.875% 5/15/2032¹		47,875		38,455
Option Care Health, Inc. 4.375% 10/31/2029¹		6,115		5,289
Owens & Minor, Inc. 4.50% 3/31/2029¹		36,045		29,701
Owens & Minor, Inc. 6.625% 4/1/2030¹		57,705		51,281
Par Pharmaceutical, Inc. 7.50% 4/1/2027¹		113,659		81,150
Radiology Partners, Inc. 9.25% 2/1/2028¹		38,699		15,344
Radiology Partners, Inc., Term Loan, (1-month USD CME Term SOFR + 4.25%) 10.179% 7/9/2025^5,6		37,325		28,320
RP Escrow Issuer, LLC 5.25% 12/15/2025¹		36,805		26,754
Select Medical Corp. 6.25% 8/15/2026¹		9,039		8,839
Star Parent, Inc. 9.00% 10/1/2030¹		5,940		6,010
Star Parent, Inc., Term Loan B, (1-month USD CME Term SOFR + 4.00%) 9.327% 9/19/2030^5,6		7,575		7,416
Surgery Center Holdings, Inc. 10.00% 4/15/2027¹		4,742		4,800
Team Health Holdings, Inc. 6.375% 2/1/2025¹		6,359		4,912
Team Health Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 10.566% 3/2/2027^5,6		6,431		4,918
Tenet Healthcare Corp. 4.875% 1/1/2026		64,238		61,605
Tenet Healthcare Corp. 6.25% 2/1/2027		8,995		8,712
Tenet Healthcare Corp. 5.125% 11/1/2027		3,980		3,708
Tenet Healthcare Corp. 4.625% 6/15/2028		9,650		8,697
Tenet Healthcare Corp. 6.125% 10/1/2028		18,920		17,779
Tenet Healthcare Corp. 4.25% 6/1/2029		29,715		25,605
Tenet Healthcare Corp. 4.375% 1/15/2030		19,150		16,496
Tenet Healthcare Corp. 6.125% 6/15/2030		6,000		5,633
Tenet Healthcare Corp. 6.75% 5/15/2031¹		37,295		36,017
Tenet Healthcare Corp. 6.875% 11/15/2031		2,000		1,920
Teva Pharmaceutical Finance Netherlands III BV 6.00% 4/15/2024		26,800		26,692
Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026		50,541		45,088
Teva Pharmaceutical Finance Netherlands III BV 4.75% 5/9/2027		25,715		23,627
Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028		25,125		24,693
Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029		111,236		100,682


American High-Income Trust	13

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029	USD	15,340	$	15,560
Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031		17,237		17,854
Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046		16,337		10,247
				1,634,119

Industrials 7.60%
AAdvantage Loyalty IP, Ltd. 5.50% 4/20/2026¹		13,837		13,527
ADT Security Corp. 4.125% 8/1/2029¹		4,815		4,077
Allison Transmission, Inc. 3.75% 1/30/2031¹		27,170		21,992
Ashtead Capital, Inc. 5.50% 8/11/2032¹		8,990		8,316
Atkore, Inc. 4.25% 6/1/2031¹		10,150		8,546
Avis Budget Car Rental, LLC 5.75% 7/15/2027¹		18,910		17,832
Avis Budget Car Rental, LLC 4.75% 4/1/2028¹		1,000		877
Avis Budget Car Rental, LLC 5.375% 3/1/2029¹		26,181		23,298
Avolon Holdings Funding, Ltd. 5.25% 5/15/2024¹		17,340		17,178
Avolon Holdings Funding, Ltd. 2.528% 11/18/2027¹		36,710		31,017
Bombardier, Inc. 7.50% 3/15/2025¹		5,102		5,087
Bombardier, Inc. 7.125% 6/15/2026¹		63,425		61,511
Bombardier, Inc. 7.875% 4/15/2027¹		49,620		48,459
Bombardier, Inc. 6.00% 2/15/2028¹		16,088		14,611
Bombardier, Inc. 7.50% 2/1/2029¹		25,231		23,976
Bombardier, Inc. 7.45% 5/1/2034¹		1,850		2,100
Brand Industrial Services, Inc. 10.375% 8/1/2030¹		9,050		9,075
Brand Industrial Services, Inc., Term Loan B, (USD-SOFR + 5.50%) 10.872% 8/1/2030^5,6		4,825		4,712
Brink’s Co. (The) 4.625% 10/15/2027¹		10,371		9,475
BWX Technologies, Inc. 4.125% 6/30/2028¹		12,582		11,137
BWX Technologies, Inc. 4.125% 4/15/2029¹		17,210		15,114
Chart Industries, Inc. 7.50% 1/1/2030¹		10,389		10,459
Clarivate Science Holdings Corp. 3.875% 7/1/2028¹		20,980		18,187
Clarivate Science Holdings Corp. 4.875% 7/1/2029¹		18,675		15,940
Clean Harbors, Inc. 4.875% 7/15/2027¹		12,014		11,335
Clean Harbors, Inc. 6.375% 2/1/2031¹		6,822		6,642
CoreLogic, Inc. 4.50% 5/1/2028¹		77,357		58,805
CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.50%) 11.931% 6/4/2029^5,6		22,275		18,697
Covanta Holding Corp. 4.875% 12/1/2029¹		18,260		15,008
Covanta Holding Corp. 5.00% 9/1/2030		28,240		22,597
Covanta Holding Corp., Term Loan B, (3-month USD CME Term SOFR + 3.00%) 8.334% 11/30/2028^5,6		4,679		4,682
Covanta Holding Corp., Term Loan C, (3-month USD CME Term SOFR + 3.00%) 8.334% 11/30/2028^5,6		274		275
Enviri Corp. 5.75% 7/31/2027¹		7,265		6,399
EquipmentShare.com, Inc. 9.00% 5/15/2028¹		45,925		44,203
Herc Holdings, Inc. 5.50% 7/15/2027¹		3,200		3,029
Howmet Aerospace, Inc. 6.875% 5/1/2025		1,510		1,517
Howmet Aerospace, Inc. 5.95% 2/1/2037		9,125		8,580
Icahn Enterprises, LP 4.75% 9/15/2024		30,622		29,521
Icahn Enterprises, LP 6.375% 12/15/2025		9,914		9,444
Icahn Enterprises, LP 6.25% 5/15/2026		15,579		14,492
Icahn Enterprises, LP 5.25% 5/15/2027		10,988		9,671
Icahn Enterprises, LP 4.375% 2/1/2029		13,415		10,743
KKR Apple Bidco, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.00%) 9.316% 9/22/2028^5,6		22,646		22,657
LSC Communications, Inc. 8.75% 10/15/2023^1,2,3		114,646		346
LSC Communications, Inc., Term Loan B, (USD-Prime + 4.50%) 7.75% 9/30/2022^2,3,5,6		8,059		24
Masonite International Corp. 3.50% 2/15/2030¹		11,831		9,625
Maxim Crane Works Holdings Capital, LLC 11.50% 9/1/2028¹		9,520		9,282
Mileage Plus Holdings, LLC 6.50% 6/20/2027¹		56,741		56,276
Moog, Inc. 4.25% 12/9/2027¹		8,465		7,653
Mueller Water Products, Inc. 4.00% 6/15/2029¹		5,115		4,460
Park Aerospace Holdings, Ltd. 5.50% 2/15/2024¹		1,258		1,252
Park River Holdings, Inc. 5.625% 2/1/2029¹		9,085		6,938
PGT Innovations, Inc. 4.375% 10/1/2029¹		10,555		9,744
Pitney Bowes, Inc. 6.875% 3/15/2027¹		11,500		9,073
PM General Purchaser, LLC 9.50% 10/1/2028¹		33,054		30,766
Prime Security Services Borrower, LLC 3.375% 8/31/2027¹		8,100		7,105
Prime Security Services Borrower, LLC 6.25% 1/15/2028¹		11,833		10,973


14	American High-Income Trust

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
Ritchie Bros. Holdings, Inc. 6.75% 3/15/2028¹	USD	1,304	$	1,303
Ritchie Bros. Holdings, Inc. 7.75% 3/15/2031¹		33,859		34,409
Roller Bearing Company of America, Inc. 4.375% 10/15/2029¹		3,325		2,864
Rolls-Royce PLC 5.75% 10/15/2027¹		9,915		9,577
Sabre GLBL, Inc. 8.625% 6/1/2027¹		108		92
Seagate HDD Cayman 8.50% 7/15/2031¹		9,645		9,904
Sensata Technologies BV 4.00% 4/15/2029¹		3,225		2,780
Sensata Technologies, Inc. 3.75% 2/15/2031¹		8,800		7,131
SkyMiles IP, Ltd. 4.75% 10/20/2028¹		9,000		8,556
Spirit AeroSystems, Inc. 7.50% 4/15/2025¹		3,425		3,364
Spirit AeroSystems, Inc. 4.60% 6/15/2028		46,576		36,355
Spirit AeroSystems, Inc. 9.375% 11/30/2029¹		39,333		40,076
Spirit AeroSystems, Inc., Term Loan, (3-month CME Term SOFR + 4.50%) 9.869% 1/15/2027^5,6		7,624		7,622
SRS Distribution, Inc. 4.625% 7/1/2028¹		10,080		8,722
SRS Distribution, Inc. 6.125% 7/1/2029¹		615		524
Stericycle, Inc. 5.375% 7/15/2024¹		20,884		20,638
Stericycle, Inc. 3.875% 1/15/2029¹		6,235		5,383
The Dun & Bradstreet Corp. 5.00% 12/15/2029¹		24,367		21,038
The Hertz Corp. 5.00% 12/1/2029¹		16,686		13,087
Titan International, Inc. 7.00% 4/30/2028		11,500		10,759
TK Elevator Holdco GmbH 7.625% 7/15/2028¹		1,375		1,253
TK Elevator U.S. Newco, Inc. 5.25% 7/15/2027¹		31,895		29,269
TransDigm, Inc. 6.25% 3/15/2026¹		28,470		27,999
TransDigm, Inc. 7.50% 3/15/2027		770		772
TransDigm, Inc. 5.50% 11/15/2027		19,810		18,569
TransDigm, Inc. 6.75% 8/15/2028¹		7,070		6,969
TransDigm, Inc. 4.625% 1/15/2029		2,971		2,598
TransDigm, Inc. 4.875% 5/1/2029		4,180		3,678
TransDigm, Inc. 6.875% 12/15/2030¹		9,215		9,047
Triumph Group, Inc. 7.75% 8/15/2025		21,075		20,046
Triumph Group, Inc. 9.00% 3/15/2028¹		52,069		51,551
Uber Technologies, Inc. 8.00% 11/1/2026¹		10,000		10,128
United Airlines, Inc. 4.375% 4/15/2026¹		5,125		4,745
United Airlines, Inc. 4.625% 4/15/2029¹		12,925		11,123
United Rentals (North America), Inc. 5.25% 1/15/2030		5,484		5,079
United Rentals (North America), Inc. 3.875% 2/15/2031		13,525		11,268
United Rentals (North America), Inc. 3.75% 1/15/2032		9,535		7,707
WESCO Distribution, Inc. 7.125% 6/15/2025¹		11,475		11,514
WESCO Distribution, Inc. 7.25% 6/15/2028¹		10,900		10,964
XPO, Inc. 7.125% 6/1/2031¹		10,832		10,681
				1,357,461

Financials 7.53%
AG Issuer, LLC 6.25% 3/1/2028¹		48,143		45,012
AG TTMT Escrow Issuer, LLC 8.625% 9/30/2027¹		31,194		31,413
Alliant Holdings Intermediate, LLC 4.25% 10/15/2027¹		10,420		9,341
Alliant Holdings Intermediate, LLC 6.75% 10/15/2027¹		33,300		31,004
Alliant Holdings Intermediate, LLC 6.75% 4/15/2028¹		7,130		6,888
Alliant Holdings Intermediate, LLC 5.875% 11/1/2029¹		34,593		29,997
AmWINS Group, Inc. 4.875% 6/30/2029¹		26,342		23,116
Aretec Escrow Issuer, Inc. 7.50% 4/1/2029¹		62,822		55,968
Ascensus, Inc., Term Loan, (1-month USD CME Term SOFR + 6.50%) 12.03% 8/2/2029^5,6		22,600		21,583
AssuredPartners, Inc. 7.00% 8/15/2025¹		226		224
AssuredPartners, Inc. 5.625% 1/15/2029¹		4,895		4,244
Blackstone Private Credit Fund 7.05% 9/29/2025		9,730		9,748
Block, Inc. 2.75% 6/1/2026		28,750		25,888
Block, Inc. 3.50% 6/1/2031		36,550		28,754
Blue Owl Capital Corp. 4.00% 3/30/2025		449		427
Blue Owl Capital Corp. 3.40% 7/15/2026		5,685		5,100
Blue Owl Capital Corp. 2.625% 1/15/2027		400		344
Blue Owl Capital Corp. 2.875% 6/11/2028		1,750		1,441
Blue Owl Capital Corp. III 3.125% 4/13/2027		11,350		9,704
Blue Owl Credit Income Corp. 4.70% 2/8/2027		17,075		15,549
BroadStreet Partners, Inc. 5.875% 4/15/2029¹		9,950		8,790
Castlelake Aviation Finance DAC 5.00% 4/15/2027¹		17,105		15,642


American High-Income Trust	15

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Coinbase Global, Inc. 3.375% 10/1/2028¹	USD	32,446	$	23,409
Coinbase Global, Inc. 3.625% 10/1/2031¹		38,041		25,292
Compass Group Diversified Holdings, LLC 5.25% 4/15/2029¹		98,625		86,326
Compass Group Diversified Holdings, LLC 5.00% 1/15/2032¹		21,655		17,681
Credit Acceptance Corp. 5.125% 12/31/2024¹		7,030		6,854
GTCR (AP) Finance, Inc. 8.00% 5/15/2027¹		8,409		8,274
GTCR W Merger Sub, LLC, Term Loan B, (1-month USD CME Term SOFR + 3.00%) 8.334% 9/20/2030^5,6		10,350		10,354
GTCR W-2 Merger Sub, LLC 7.50% 1/15/2031¹		47,995		48,123
GTCR W-2 Merger Sub, LLC 8.50% 1/15/2031	GBP	4,870		6,083
Hightower Holding, LLC 6.75% 4/15/2029¹	USD	29,477		25,345
HUB International, Ltd. 7.00% 5/1/2026¹		35,178		35,138
HUB International, Ltd. 5.625% 12/1/2029¹		3,745		3,266
HUB International, Ltd. 7.25% 6/15/2030¹		20,332		20,317
HUB International, Ltd., Term Loan B, (3-month USD CME Term SOFR + 4.25%) 9.584% 6/20/2030^5,6		12,981		13,036
Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032¹		25,010		20,586
JPMorgan Chase & Co. 2.956% 5/13/2031 (USD-SOFR + 2.515% on 5/13/2030)⁷		3,100		2,548
Ladenburg Thalmann Financial Services, Inc. 6.50% 11/30/2027		80		1,449
LPL Holdings, Inc. 4.625% 11/15/2027¹		18,298		16,925
LPL Holdings, Inc. 4.00% 3/15/2029¹		24,220		21,143
LPL Holdings, Inc. 4.375% 5/15/2031¹		23,445		20,085
Macquarie Airfinance Holdings, Ltd. 8.125% 3/30/2029¹		7,555		7,570
MGIC Investment Corp. 5.25% 8/15/2028		7,625		7,108
MSCI, Inc. 4.00% 11/15/2029¹		10,387		9,136
MSCI, Inc. 3.625% 9/1/2030¹		2,542		2,134
MSCI, Inc. 3.875% 2/15/2031¹		31,490		26,720
MSCI, Inc. 3.625% 11/1/2031¹		31,336		25,678
MSCI, Inc. 3.25% 8/15/2033¹		14,529		11,203
Navient Corp. 6.125% 3/25/2024		19,112		19,027
Navient Corp. 5.875% 10/25/2024		25,680		25,301
Navient Corp. 6.75% 6/25/2025		13,000		12,819
Navient Corp. 6.75% 6/15/2026		12,310		11,920
Navient Corp. 5.00% 3/15/2027		54,467		49,016
Navient Corp. 4.875% 3/15/2028		5,570		4,727
Navient Corp. 5.50% 3/15/2029		56,826		47,805
Navient Corp. 9.375% 7/25/2030		11,089		10,948
Navient Corp. 5.625% 8/1/2033		27,712		20,146
NFP Corp. 6.875% 8/15/2028¹		26,914		23,090
Onemain Finance Corp. 6.125% 3/15/2024		1,850		1,846
Onemain Finance Corp. 7.125% 3/15/2026		24,220		23,745
OneMain Finance Corp. 3.875% 9/15/2028		3,989		3,206
Osaic Holdings, Inc. 10.75% 8/1/2027¹		84,349		84,927
Osaic Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 9.816% 8/17/2028^5,6		7,520		7,532
Owl Rock Capital Corp. 3.75% 7/22/2025		12,093		11,337
Oxford Finance, LLC 6.375% 2/1/2027¹		36,265		33,743
Rocket Mortgage, LLC 2.875% 10/15/2026¹		9,410		8,296
Rocket Mortgage, LLC 3.625% 3/1/2029¹		6,605		5,468
Ryan Specialty Group, LLC 4.375% 2/1/2030¹		16,460		14,354
Starwood Property Trust, Inc. 5.50% 11/1/2023¹		7,195		7,187
Starwood Property Trust, Inc. 4.375% 1/15/2027¹		13,670		11,940
WeWork Companies, LLC 6.00% PIK and 5.00% Cash 8/15/2027^1,4		49,238		5,416
WeWork Companies, LLC 8.00% PIK and 7.00% Cash 8/15/2027^1,4		39,271		19,537
				1,345,293

Information technology 4.90%
Almonde, Inc., Term Loan B, (3-month USD-LIBOR + 3.50%) 9.231% 6/13/2024^5,6,8		8,875		8,871
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 12.981% 6/13/2025^5,6,8		1,225		1,223
Black Knight InfoServ, LLC 3.625% 9/1/2028¹		8,470		7,612
BMC Software, Inc., Term Loan, (1-month USD CME Term SOFR + 5.50%) 10.931% 2/27/2026^5,6		13,775		13,775
Booz Allen Hamilton, Inc. 3.875% 9/1/2028¹		952		854
Booz Allen Hamilton, Inc. 4.00% 7/1/2029¹		5,633		4,975
Booz Allen Hamilton, Inc. 5.95% 8/4/2033		798		780
Boxer Parent Co., Inc. 7.125% 10/2/2025¹		3,545		3,532
Boxer Parent Co., Inc. 9.125% 3/1/2026¹		4,290		4,283


16	American High-Income Trust

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Information technology (continued)
CA Magnum Holdings 5.375% 10/31/2026¹	USD	1,075	$	954
Cloud Software Group, Inc. 6.50% 3/31/2029¹		15,750		13,944
Cloud Software Group, Inc. 9.00% 9/30/2029¹		66,039		57,479
CommScope Technologies, LLC 6.00% 6/15/2025¹		18,725		17,850
CommScope Technologies, LLC 5.00% 3/15/2027¹		11,900		6,773
CommScope, Inc. 6.00% 3/1/2026¹		16,030		14,982
CommScope, Inc. 8.25% 3/1/2027¹		12,579		8,695
CommScope, Inc. 7.125% 7/1/2028¹		4,883		2,930
Diebold Nixdorf, Inc., Term Loan, (3-month USD CME Term SOFR + 5.25%) 10.479% 7/15/2025^2,5,6,10		150		27
Diebold Nixdorf, Inc., Term Loan, (3-month USD CME Term SOFR + 7.00%) 12.891% 8/11/2028^1,5,6,10		199,794		200,668
Entegris Escrow Corp. 4.75% 4/15/2029¹		7,610		6,848
Fair Isaac Corp. 4.00% 6/15/2028¹		16,225		14,523
Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 12.876% 9/13/2029^5,6,9		74,987		74,987
Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 12.876% 9/13/2029^5,6,9		1,647		1,647
Gartner, Inc. 4.50% 7/1/2028¹		24,907		22,753
Gartner, Inc. 3.625% 6/15/2029¹		3,657		3,132
Gartner, Inc. 3.75% 10/1/2030¹		13,511		11,352
Go Daddy Operating Co., LLC 5.25% 12/1/2027¹		4,600		4,345
Go Daddy Operating Co., LLC 3.50% 3/1/2029¹		7,075		5,959
Hughes Satellite Systems Corp. 5.25% 8/1/2026		10,775		9,702
Hughes Satellite Systems Corp. 6.625% 8/1/2026		16,491		14,125
Imola Merger Corp. 4.75% 5/15/2029¹		5,000		4,387
McAfee Corp. 7.375% 2/15/2030¹		16,600		13,917
MicroStrategy, Inc. 6.125% 6/15/2028¹		6,425		5,716
NCR Atleos Escrow Corp. 9.50% 4/1/2029¹		45,105		43,672
NCR Atleos, LLC, Term Loan B, (1-month USD CME Term SOFR + 4.75%) 10.068% 3/22/2029^5,6		7,525		7,257
NCR Corp. 5.125% 4/15/2029¹		36,455		32,157
NCR Corp. 6.125% 9/1/2029¹		9,550		9,803
Open Text Corp. 3.875% 2/15/2028¹		3,350		2,930
Open Text Corp. 3.875% 12/1/2029¹		6,550		5,391
Open Text Corp., Term Loan B, (3-month USD CME Term SOFR + 2.75%) 8.166% 1/31/2030^5,6		6,948		6,954
Rocket Software, Inc. 6.50% 2/15/2029¹		9,075		7,499
Synaptics, Inc. 4.00% 6/15/2029¹		5,225		4,316
Tibco Software, Inc., Term Loan A, (3-month USD CME Term SOFR + 4.50%) 9.99% 9/29/2028^5,6		28,632		27,528
UKG, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 8.618% 5/4/2026^5,6		8,770		8,761
UKG, Inc., Term Loan, (1-month USD CME Term SOFR + 4.50%) 9.831% 5/4/2026^5,6		13,675		13,737
UKG, Inc., Term Loan, (3-month USD CME Term SOFR + 5.25%) 10.618% 5/3/2027^5,6		14,325		14,330
Unisys Corp. 6.875% 11/1/2027¹		19,140		14,360
Viasat, Inc. 5.625% 9/15/2025¹		18,350		16,972
Viasat, Inc. 5.625% 4/15/2027¹		1,075		933
Viasat, Inc. 6.50% 7/15/2028¹		10,875		7,546
Viasat, Inc. 7.50% 5/30/2031¹		29,245		19,353
Viavi Solutions, Inc. 3.75% 10/1/2029¹		3,750		3,052
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)^3,7,9		60,835		55,804
Xerox Holdings Corp. 5.50% 8/15/2028¹		10,500		8,843
Ziff Davis, Inc. 4.625% 10/15/2030¹		339		287
				875,085

Consumer staples 4.30%
Albertsons Companies, Inc. 3.25% 3/15/2026¹		4,800		4,451
Albertsons Companies, Inc. 4.625% 1/15/2027¹		7,215		6,819
Albertsons Companies, Inc. 3.50% 3/15/2029¹		63,448		54,151
Albertsons Companies, Inc. 4.875% 2/15/2030¹		8,665		7,819
B&G Foods, Inc. 5.25% 4/1/2025		10,391		10,207
B&G Foods, Inc. 5.25% 9/15/2027		37,756		31,659
B&G Foods, Inc. 8.00% 9/15/2028¹		17,160		17,205
BJ’s Wholesale Club, Term Loan, (3-month USD CME Term SOFR + 2.75%) 8.079% 2/3/2027^5,6		4,985		5,000
Central Garden & Pet Co. 4.125% 10/15/2030		21,206		17,703
Central Garden & Pet Co. 4.125% 4/30/2031¹		14,105		11,516


American High-Income Trust	17

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer staples (continued)
Coty, Inc. 5.00% 4/15/2026¹	USD	11,000	$	10,579
Coty, Inc. 6.50% 4/15/2026¹		11,005		10,961
Coty, Inc. 4.75% 1/15/2029¹		54,370		49,083
Coty, Inc. 6.625% 7/15/2030¹		28,095		27,462
Darling Ingredients, Inc. 5.25% 4/15/2027¹		6,431		6,134
Darling Ingredients, Inc. 6.00% 6/15/2030¹		27,715		26,270
Energizer Holdings, Inc. 4.375% 3/31/2029¹		15,240		12,735
H.J. Heinz Co. 3.00% 6/1/2026		6,360		5,965
H.J. Heinz Co. 3.875% 5/15/2027		5,545		5,227
H.J. Heinz Co. 4.375% 6/1/2046		6,215		4,847
H.J. Heinz Co. 4.875% 10/1/2049		9,975		8,337
Ingles Markets, Inc. 4.00% 6/15/2031¹		18,805		15,464
Kronos Acquisition Holdings, Inc. 5.00% 12/31/2026¹		49,745		45,411
Kronos Acquisition Holdings, Inc. 7.00% 12/31/2027¹		65,372		56,467
Kronos Acquisition Holdings, Inc., Term Loan B2, (3-month USD CME Term SOFR + 6.00%) 11.567% 12/22/2026^5,6		1,970		1,972
Lamb Weston Holdings, Inc. 4.125% 1/31/2030¹		45,745		39,171
Lamb Weston Holdings, Inc. 4.375% 1/31/2032¹		6,925		5,810
Nestle Skin Health SA, Term Loan B3, (3-month USD CME Term SOFR + 3.75%) 9.24% 10/1/2026^5,6		23,143		23,140
Performance Food Group, Inc. 5.50% 10/15/2027¹		16,205		15,368
Performance Food Group, Inc. 4.25% 8/1/2029¹		5,785		5,004
Post Holdings, Inc. 5.625% 1/15/2028¹		24,830		23,497
Post Holdings, Inc. 5.50% 12/15/2029¹		19,249		17,472
Post Holdings, Inc. 4.625% 4/15/2030¹		62,517		53,611
Post Holdings, Inc. 4.50% 9/15/2031¹		26,110		21,764
Prestige Brands, Inc. 5.125% 1/15/2028¹		25,958		24,194
Prestige Brands, Inc. 3.75% 4/1/2031¹		14,440		11,642
Simmons Foods, Inc. 4.625% 3/1/2029¹		15,605		12,821
TreeHouse Foods, Inc. 4.00% 9/1/2028		25,585		21,395
United Natural Foods, Inc. 6.75% 10/15/2028¹		44,820		34,227
US Foods, Inc. 4.625% 6/1/2030¹		7,180		6,247
				768,807

Real estate 4.19%
Anywhere Real Estate Group, LLC 5.75% 1/15/2029¹		20,435		14,803
Anywhere Real Estate Group, LLC 5.25% 4/15/2030¹		33,120		23,038
Boston Properties, LP 3.65% 2/1/2026		3,679		3,454
Boston Properties, LP 2.75% 10/1/2026		1,675		1,503
Boston Properties, LP 2.55% 4/1/2032		1,073		775
Brookfield Property REIT, Inc. 5.75% 5/15/2026¹		32,555		29,912
Brookfield Property REIT, Inc. 4.50% 4/1/2027¹		11,785		9,837
Cushman & Wakefield U.S. Borrower, LLC 8.875% 9/1/2031¹		7,550		7,311
Cushman & Wakefield U.S. Borrower, LLC, Term Loan B, (1-month USD CME Term SOFR + 4.00%) 9.316% 1/31/2030^5,6		6,295		6,256
Forestar Group, Inc. 3.85% 5/15/2026¹		10,830		9,848
Forestar Group, Inc. 5.00% 3/1/2028¹		1,905		1,713
Greystar Real Estate Partners, LLC 7.75% 9/1/2030¹		9,025		8,925
Iron Mountain, Inc. 4.875% 9/15/2027¹		29,660		27,391
Iron Mountain, Inc. 5.25% 3/15/2028¹		24,088		22,298
Iron Mountain, Inc. 5.00% 7/15/2028¹		9,252		8,427
Iron Mountain, Inc. 7.00% 2/15/2029¹		4,250		4,161
Iron Mountain, Inc. 5.25% 7/15/2030¹		57,225		50,065
Iron Mountain, Inc. 4.50% 2/15/2031¹		34,910		28,752
Kennedy-Wilson, Inc. 4.75% 3/1/2029		47,611		36,601
Kennedy-Wilson, Inc. 4.75% 2/1/2030		50,290		37,590
Kennedy-Wilson, Inc. 5.00% 3/1/2031		38,630		28,257
Ladder Capital Finance Holdings LLLP 5.25% 10/1/2025¹		14,495		13,970
Ladder Capital Finance Holdings LLLP 4.25% 2/1/2027¹		30,621		26,812
Ladder Capital Finance Holdings LLLP 4.75% 6/15/2029¹		13,661		11,053
MPT Operating Partnership, LP 5.00% 10/15/2027		13,527		10,503
MPT Operating Partnership, LP 3.50% 3/15/2031		3,437		2,150
Park Intermediate Holdings, LLC 4.875% 5/15/2029¹		16,445		13,931
RHP Hotel Properties, LP 4.50% 2/15/2029¹		15,140		12,992
RLJ Lodging Trust, LP 3.75% 7/1/2026¹		5,035		4,558
RLJ Lodging Trust, LP 4.00% 9/15/2029¹		14,905		12,224
Service Properties Trust 4.35% 10/1/2024		5,155		4,951


18	American High-Income Trust

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Real estate (continued)
Service Properties Trust 4.50% 3/15/2025	USD	7,100	$	6,654
Service Properties Trust 4.75% 10/1/2026		21,735		18,668
Service Properties Trust 4.95% 2/15/2027		16,497		13,951
Service Properties Trust 5.50% 12/15/2027		3,195		2,735
Service Properties Trust 3.95% 1/15/2028		31,855		24,855
Service Properties Trust 4.95% 10/1/2029		43,571		32,989
Service Properties Trust 4.375% 2/15/2030		3,985		2,864
The Howard Hughes Corp. 5.375% 8/1/2028¹		27,522		24,282
The Howard Hughes Corp. 4.125% 2/1/2029¹		38,928		31,182
The Howard Hughes Corp. 4.375% 2/1/2031¹		68,127		52,355
VICI Properties, LP 5.625% 5/1/2024¹		9,113		9,063
VICI Properties, LP 3.50% 2/15/2025¹		5,104		4,888
VICI Properties, LP 4.625% 6/15/2025¹		12,470		12,054
VICI Properties, LP 4.25% 12/1/2026¹		9,323		8,695
VICI Properties, LP 3.75% 2/15/2027¹		243		221
VICI Properties, LP 4.50% 1/15/2028¹		3,000		2,741
VICI Properties, LP 3.875% 2/15/2029¹		14,585		12,619
VICI Properties, LP 4.625% 12/1/2029¹		1,657		1,472
VICI Properties, LP 4.125% 8/15/2030¹		4,258		3,626
Xenia Hotels & Resorts, Inc. 6.375% 8/15/2025¹		7,560		7,429
				747,404

Utilities 2.14%
Aegea Finance SARL 9.00% 1/20/2031¹		7,450		7,517
AmeriGas Partners, LP 5.75% 5/20/2027		5,878		5,515
Calpine Corp. 5.25% 6/1/2026¹		1,051		1,021
Calpine Corp. 4.50% 2/15/2028¹		4,000		3,609
Calpine Corp. 5.125% 3/15/2028¹		8,282		7,384
Calpine Corp. 3.75% 3/1/2031¹		9,175		7,402
DPL, Inc. 4.125% 7/1/2025		10,965		10,408
Emera, Inc. 6.75% 6/15/2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)^7,8		18,225		17,564
Enfragen Energia Sur SA 5.375% 12/30/2030¹		4,850		3,398
Enfragen Energia Sur SA 5.375% 12/30/2030		631		442
FirstEnergy Corp. 2.65% 3/1/2030		3,534		2,885
FirstEnergy Corp. 2.25% 9/1/2030		19,000		14,749
FirstEnergy Corp. 7.375% 11/15/2031		7,191		7,855
FirstEnergy Corp. 3.40% 3/1/2050		10,069		6,270
FirstEnergy Corp., Series C, 5.10% 7/15/2047		5,065		4,304
FirstEnergy Transmission, LLC 2.866% 9/15/2028¹		10,562		9,171
FirstEnergy Transmission, LLC 4.55% 4/1/2049¹		2,000		1,570
NextEra Energy Operating Partners, LP 4.25% 7/15/2024¹		3,163		3,099
NextEra Energy Operating Partners, LP 3.875% 10/15/2026¹		2,373		2,151
NRG Energy, Inc. 3.625% 2/15/2031¹		2,000		1,520
Pacific Gas and Electric Co. 1.70% 11/15/2023		6,000		5,967
Pacific Gas and Electric Co. 3.45% 7/1/2025		6,096		5,786
Pacific Gas and Electric Co. 3.30% 3/15/2027		3,904		3,528
Pacific Gas and Electric Co. 5.45% 6/15/2027		7,720		7,436
Pacific Gas and Electric Co. 2.10% 8/1/2027		2,965		2,537
Pacific Gas and Electric Co. 3.30% 12/1/2027		3,055		2,701
Pacific Gas and Electric Co. 3.75% 7/1/2028		6,310		5,605
Pacific Gas and Electric Co. 4.55% 7/1/2030		4,170		3,688
Pacific Gas and Electric Co. 2.50% 2/1/2031		7,695		5,860
Pacific Gas and Electric Co. 3.25% 6/1/2031		2,135		1,699
Pacific Gas and Electric Co. 3.30% 8/1/2040		5,540		3,554
Pacific Gas and Electric Co. 3.50% 8/1/2050		21,290		12,699
PG&E Corp. 5.00% 7/1/2028		59,620		54,068
PG&E Corp. 5.25% 7/1/2030		74,395		64,740
PG&E Corp., Term Loan, (3-month USD CME Term SOFR + 3.00%) 8.431% 6/23/2025^5,6		485		486
Talen Energy Supply, LLC 8.625% 6/1/2030¹		46,763		47,978
Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.50%) 9.876% 5/17/2030^5,6		5,985		6,010
Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029¹		28,325		23,866
Vistra Operations Co., LLC 3.55% 7/15/2024¹		5,769		5,628
				381,670

Total corporate bonds, notes & loans				15,749,695


American High-Income Trust	19

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes 0.77%
U.S. Treasury 0.77%
U.S. Treasury 3.875% 8/15/2033	USD	58,825	$	55,576
U.S. Treasury 3.625% 5/15/2053¹¹		65,500		54,222
U.S. Treasury 4.125% 8/15/2053		31,500		28,592
Total U.S. Treasury bonds & notes				138,390

Mortgage-backed obligations 0.08%
Collateralized mortgage-backed obligations 0.08%
Treehouse Park Improvement Association No.1 9.75% 12/1/2033^1,3		15,299		13,534

Bonds & notes of governments & government agencies outside the U.S. 0.01%
Argentine Republic 0.75% 7/9/2030 (1.75% on 7/9/2027)⁷		8,675		2,488

Total bonds, notes & other debt instruments (cost: $17,776,853,000)				15,904,107

Convertible bonds & notes 0.22%
Communication services 0.21%
DISH Network Corp., convertible notes, 3.375% 8/15/2026		62,635		37,957

Financials 0.01%
Coinbase Global, Inc., convertible notes, 0.50% 6/1/2026		2,390		1,806

Total convertible bonds & notes (cost: $58,281,000)				39,763

Common stocks 3.51%	Shares
Health care 1.13%
Rotech Healthcare, Inc.^3,9,10,12		1,916,276		201,209

Energy 0.82%
Chesapeake Energy Corp.		610,745		52,665
Ascent Resources - Utica, LLC, Class A^3,9,12		905,325		30,781
Weatherford International¹²		206,113		18,618
California Resources Corp.		183,103		10,256
Altera Infrastructure, LP^3,12		123,978		9,379
Constellation Oil Services Holding SA, Class B-1^3,12		51,096,574		6,643
Diamond Offshore Drilling, Inc.¹²		378,640		5,558
Mesquite Energy, Inc.^3,12		109,992		4,663
Civitas Resources, Inc.		57,659		4,663
Denbury, Inc.¹²		19,155		1,877
Southwestern Energy Co.¹²		229,524		1,480
McDermott International, Ltd.^9,12		1,745,604		436
Earthstone Energy, Inc., Class A¹²		587		12
Bighorn Permian Resources, LLC³		42,744		—	¹³
				147,031

Utilities 0.71%
Talen Energy Corp.¹²		2,242,027		118,603
PG&E Corp.¹²		489,795		7,901
				126,504

Information technology 0.59%
Diebold Nixdorf, Inc.^1,10,12		5,798,324		104,312

Consumer discretionary 0.14%
NMG Parent, LLC¹²		182,562		20,082
MYT Holding Co., Class B^10,12		7,468,376		5,601
				25,683

20	American High-Income Trust

Common stocks (continued)	Shares		Value (000)
Communication services 0.12%
Frontier Communications Parent, Inc.¹²		600,000	$	9,390
Intelsat SA¹²		319,194		7,262
Cumulus Media, Inc., Class A¹²		561,836		2,860
Clear Channel Outdoor Holdings, Inc.¹²		890,868		1,407
iHeartMedia, Inc., Class A¹²		378,645		1,196
				22,115

Total common stocks (cost: $699,400,000)				626,854

Preferred securities 0.14%
Consumer discretionary 0.07%
MYT Holdings, LLC, Series A, 10.00% preferred shares^10,12		19,884,070		12,925

Industrials 0.07%
ACR III LSC Holdings, LLC, Series B, preferred shares^1,3,12		13,566		11,426

Energy 0.00%
McDermott International, Inc., 8.00% cumulative preferred shares^3,12		1,130		56

Total preferred securities (cost: $32,392,000)				24,407

Rights & warrants 0.03%
Consumer discretionary 0.02%
NMG Parent, LLC, warrants, expire 9/24/2027¹²		407,047		3,925

Communication services 0.01%
Intelsat Jackson Holdings SA (CVR), Series A¹²		33,426		267
Intelsat Jackson Holdings SA (CVR), Series B¹²		33,426		234
				501
Energy 0.00%
California Resources Corp., warrants, expire 10/27/2024¹²		16,108		343
McDermott International, Inc., warrants, expire 7/1/2027^3,12		845,563		—	¹³
Constellation Oil Services Holding SA, Class D, warrants, expire 6/10/2071^3,12		18		—	¹³
				343

Total rights & warrants (cost: $4,390,000)				4,769

Short-term securities 6.56%
Money market investments 6.56%
Capital Group Central Cash Fund 5.44%^10,14		11,713,664		1,171,249

Total short-term securities (cost: $1,171,444,000)				1,171,249
Total investment securities 99.50% (cost: $19,742,760,000)				17,771,149
Other assets less liabilities 0.50%				90,051

Net assets 100.00%			$	17,861,200

American High-Income Trust

Futures contracts

Contracts	Type	Number of contracts	Expiration date	Notional amount (000)			Value and unrealized (depreciation) appreciation at 9/30/2023 (000)
2 Year U.S. Treasury Note Futures	Long	470	1/4/2024		USD95,274			$	(239	)
5 Year U.S. Treasury Note Futures	Long	1,606	1/4/2024		169,207				(1,421	)
10 Year Ultra U.S. Treasury Note Futures	Short	148	12/29/2023		(16,511	)			498
10 Year U.S. Treasury Note Futures	Short	170	12/29/2023		(18,370	)			317
30 Year Ultra U.S. Treasury Bond Futures	Short	29	12/29/2023		(3,442	)			265
								$	(580	)

Swap contracts

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Reference
index

Financing
rate paid

Payment
frequency

Expiration
date

Notional
amount
(000)

Value at
9/30/2023
(000)

Upfront
premium
received
(000)

Unrealized
appreciation
at 9/30/2023
(000)

CDX.NA.HY.41

5.00%

Quarterly

12/20/2028

USD230,160

$(1,801

)

$(2,000

)

$199

Investments in affiliates¹⁰

	Value of affiliates at 10/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized appreciation (depreciation) (000)			Value of affiliates at 9/30/2023 (000)		Interest or dividend income (000)
Bonds, notes & other debt instruments 1.13%
Information technology 1.13%
Diebold Nixdorf, Inc., Term Loan, (3-month USD CME Term SOFR + 7.00%) 12.891% 8/11/2028^1,5,6	$	—	$	195,239	$	—	$	—	$	5,429		$	200,668	$	1,990
Diebold Nixdorf, Inc., Term Loan, (3-month USD CME Term SOFR + 5.25%) 10.479% 7/15/2025^2,5,6		—		46,115		47,654		1,406		160			27		961
													200,695
Common stocks 1.74%
Health care 1.13%
Rotech Healthcare, Inc.^3,9,12		205,042		—		—		—		(3,833	)		201,209		—
Information technology 0.59%
Diebold Nixdorf, Inc.^1,12		—		274,680		—		—		(170,368	)		104,312		—
Consumer discretionary 0.03%
MYT Holding Co., Class B¹²		13,070		—		—		—		(7,469	)		5,601		—
Financials 0.00%
Jonah Energy Parent, LLC¹⁵		53,310		—		33,636		23,490		(43,164	)		—		28,202
Total common stocks													311,122
Preferred securities 0.07%
Consumer discretionary 0.07%
MYT Holdings, LLC, Series A, 10.00% preferred shares¹²		21,773		—		—		—		(8,848	)		12,925		—
Short-term securities 6.56%
Money market investments 6.56%
Capital Group Central Cash Fund 5.44%¹⁴		724,312		3,745,609		3,298,625		7		(54	)		1,171,249		50,736
Total 9.50%							$	24,903	$	(228,147	)	$	1,695,991	$	81,889

22	American High-Income Trust

Restricted securities⁹

	Acquisition date(s)	Cost (000)		Value (000)		Percent of net assets
Rotech Healthcare, Inc.^3,10,12	9/26/2013	$	41,128	$	201,209		1.13	%
Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 12.876% 9/13/2029^5,6	9/13/2023		74,275		74,987		.42
Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 12.876% 9/13/2029^5,6	9/13/2023		1,491		1,647		.01
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)^3,7	6/23/2023		58,592		55,804		.31
Ascent Resources - Utica, LLC, Class A^3,12	4/25/2016-11/15/2016		4,340		30,781		.17
Resorts World Las Vegas, LLC 4.625% 4/16/2029	8/11/2023-8/14/2023		5,630		5,356		.03
McDermott International, Ltd.¹²	4/4/2018-12/31/2020		7,967		436		.00	¹⁶
Total		$	193,423	$	370,220		2.07	%

¹	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $11,578,503,000, which represented 64.82% of the net assets of the fund.
²	Scheduled interest and/or principal payment was not received.
³	Value determined using significant unobservable inputs.
⁴	Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.
⁵	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $788,151,000, which represented 4.41% of the net assets of the fund.
⁶	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
⁷	Step bond; coupon rate may change at a later date.
⁸	Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
⁹	Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $370,220,000, which represented 2.07% of the net assets of the fund.
¹⁰	Affiliate of the fund or part of the same “group of investment companies” as the fund, as defined under the Investment Company Act of 1940, as amended.
¹¹	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $1,101,000, which represented .01% of the net assets of the fund.
¹²	Security did not produce income during the last 12 months.
¹³	Amount less than one thousand.
¹⁴	Rate represents the seven-day yield at 9/30/2023.
¹⁵	Affiliated issuer during the reporting period but no longer held at 9/30/2023.
¹⁶	Amount less than .01%.

Key to abbreviations

CME = CME Group

CVR = Contingent Value Rights

DAC = Designated Activity Company

GBP = British pounds

LIBOR = London Interbank Offered Rate

PIK = Payment In Kind

REIT = Real Estate Investment Trust

SOFR = Secured Overnight Financing Rate

USD = U.S. dollars

Refer to the notes to financial statements.

American High-Income Trust

Financial statements

Statement of assets and liabilities
at September 30, 2023	(dollars in thousands)

Assets:
Investment securities, at value:
Unaffiliated issuers (cost: $18,035,178)	$	16,075,158
Affiliated issuers (cost: $1,707,582)		1,695,991	$	17,771,149
Cash				16,961
Cash collateral pledged for futures contracts				2,140
Cash collateral pledged for swap contracts				11,824
Cash denominated in currencies other than U.S. dollars (cost: $18)				18
Receivables for:
Sales of investments		69,820
Sales of fund’s shares		20,750
Dividends and interest		294,610
Variation margin on futures contracts		299
Variation margin on centrally cleared swap contracts		640		386,119
				18,188,211
Liabilities:
Payables for:
Purchases of investments		261,744
Repurchases of fund’s shares		53,903
Dividends on fund’s shares		3,416
Investment advisory services		4,090
Services provided by related parties		3,324
Trustees’ deferred compensation		330
Variation margin on futures contracts		80
Variation margin on centrally cleared swap contracts		64
Other		60		327,011
Commitments and contingencies*
Net assets at September 30, 2023			$	17,861,200

Net assets consist of:
Capital paid in on shares of beneficial interest			$	22,083,775
Total accumulated loss				(4,222,575	)
Net assets at September 30, 2023			$	17,861,200

*	Refer to Note 5 for further information on unfunded commitments.

Refer to the notes to financial statements.

24	American High-Income Trust

Financial statements (continued)

Statement of assets and liabilities
at September 30, 2023 (continued)	(dollars and shares in thousands, except per-share amounts)

Shares of beneficial interest issued and outstanding (no stated par value) —
unlimited shares authorized (1,978,551 total shares outstanding)

	Net assets		Shares outstanding		Net asset value per share
Class A	$	9,839,231		1,089,928	$	9.03
Class C		203,842		22,580		9.03
Class T		9		1		9.03
Class F-1		263,118		29,147		9.03
Class F-2		2,029,065		224,767		9.03
Class F-3		1,027,437		113,813		9.03
Class 529-A		293,001		32,457		9.03
Class 529-C		8,663		960		9.03
Class 529-E		10,879		1,205		9.03
Class 529-T		12		1		9.03
Class 529-F-1		11		1		9.03
Class 529-F-2		34,194		3,788		9.03
Class 529-F-3		11		1		9.03
Class R-1		11,250		1,246		9.03
Class R-2		106,106		11,754		9.03
Class R-2E		7,637		846		9.03
Class R-3		132,438		14,671		9.03
Class R-4		111,714		12,375		9.03
Class R-5E		20,788		2,303		9.03
Class R-5		29,010		3,213		9.03
Class R-6		3,732,784		413,494		9.03

Refer to the notes to financial statements.

American High-Income Trust

Financial statements (continued)

Statement of operations
for the year ended September 30, 2023	(dollars in thousands)

Investment income:
Income:
Interest (includes $2,951 from affiliates)	$	1,149,915
Dividends (includes $78,938 from affiliates)		87,057		$	1,236,972
Fees and expenses*:
Investment advisory services		49,790
Distribution services		30,527
Transfer agent services		18,429
Administrative services		5,145
529 plan services		212
Reports to shareholders		706
Registration statement and prospectus		604
Trustees’ compensation		103
Auditing and legal		80
Custodian		128
Other		268
Total fees and expenses before waiver		105,992
Less waiver of fees and expenses:
Investment advisory services waiver		1,771
Total fees and expenses after waiver					104,221
Net investment income					1,132,751

Net realized loss and unrealized appreciation:
Net realized (loss) gain on:
Investments:
Unaffiliated issuers		(371,975	)
Affiliated issuers		24,903
Futures contracts		(3,559	)
Swap contracts		(20,506	)
Currency transactions		(1,072	)		(372,209	)
Net unrealized appreciation (depreciation) on:
Investments:
Unaffiliated issuers		890,545
Affiliated issuers		(228,147	)
Futures contracts		(1,164	)
Swap contracts		958
Currency translations		(137	)		662,055
Net realized loss and unrealized appreciation					289,846

Net increase in net assets resulting from operations				$	1,422,597

*	Additional information related to class-specific fees and expenses is included in the notes to financial statements.

Refer to the notes to financial statements.

26	American High-Income Trust

Financial statements (continued)

Statements of changes in net assets
	(dollars in thousands)

	Year ended September 30,
	2023			2022
Operations:
Net investment income	$	1,132,751		$	934,219
Net realized loss		(372,209	)		(104,410	)
Net unrealized appreciation (depreciation)		662,055			(3,145,073	)
Net increase (decrease) in net assets resulting from operations		1,422,597			(2,315,264	)

Distributions paid or accrued to shareholders		(1,136,882	)		(919,673	)

Net capital share transactions		1,364,838			(554,431	)

Total increase (decrease) in net assets		1,650,553			(3,789,368	)

Net assets:
Beginning of year		16,210,647			20,000,015
End of year	$	17,861,200		$	16,210,647

Refer to the notes to financial statements.

American High-Income Trust

Notes to financial statements

1. Organization

American High-Income Trust (the “fund”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, diversified management investment company. The fund seeks to provide a high level of current income. Its secondary investment objective is capital appreciation.

The fund has 21 share classes consisting of six retail share classes (Classes A, C, T, F-1, F-2 and F-3), seven 529 college savings plan share classes (Classes 529-A, 529-C, 529-E, 529-T, 529-F-1, 529-F-2 and 529-F-3) and eight retirement plan share classes (Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6). The 529 college savings plan share classes can be used to save for college education. The retirement plan share classes are generally offered only through eligible employer-sponsored retirement plans. The fund’s share classes are described further in the following table:

Share class	Initial sales charge	Contingent deferred sales charge upon redemption	Conversion feature
Class A	Up to 3.75%	None (except 0.75% for certain redemptions within 18 months of purchase without an initial sales charge)	None
Class 529-A	Up to 3.50%	None (except 1.00% for certain redemptions within 18 months of purchase without an initial sales charge)	None
Classes C and 529-C	None	1.00% for redemptions within one year of purchase	Class C converts to Class A after eight years and Class 529-C converts to Class 529-A after five years
Class 529-E	None	None	None
Classes T and 529-T*	Up to 2.50%	None	None
Classes F-1, F-2, F-3, 529-F-1, 529-F-2 and 529-F-3	None	None	None
Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6	None	None	None

*	Class T and 529-T shares are not available for purchase.

Holders of all share classes have equal pro rata rights to the assets, dividends and liquidation proceeds of the fund. Each share class has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for distribution, transfer agent and administrative services. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each share class.

2. Significant accounting policies

The fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the fund’s investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The fund follows the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

Security transactions and related investment income — Security transactions are recorded by the fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the fund will segregate liquid assets sufficient to meet its payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

Class allocations — Income, fees and expenses (other than class-specific fees and expenses) are allocated daily among the various share classes based on the relative value of their settled shares. Realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes based on their relative net assets. Class-specific fees and expenses, such as distribution, transfer agent and administrative services, are charged directly to the respective share class.

28	American High-Income Trust

Distributions paid or accrued to shareholders — Income dividends are declared daily after the determination of the fund’s net investment income and are paid to shareholders monthly. Capital gain distributions are recorded on the ex-dividend date.

Currency translation — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the fund’s statement of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

3. Valuation

Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

Methods and inputs — The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Equity securities, including depositary receipts, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.

Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security.

Fixed-income class	Examples of standard inputs
All	Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)
Corporate bonds, notes & loans; convertible securities	Standard inputs and underlying equity of the issuer
Bonds & notes of governments & government agencies	Standard inputs and interest rate volatilities
Mortgage-backed; asset-backed obligations	Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information
Municipal securities	Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund’s investment adviser. The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds”), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information. Exchange-traded futures are generally valued at the official settlement price of the exchange or market on which such instruments are traded, as of the close of business on the day the futures are being valued. Swaps are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, other reference data, and terms of the contract.

American High-Income Trust

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by the fund’s investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, contractual or legal restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Processes and structure — The fund’s board of trustees has designated the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Committee”) to administer, implement and oversee the fair valuation process and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.

Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following tables present the fund’s valuation levels as of September 30, 2023 (dollars in thousands):

	Investment securities
	Level 1			Level 2		Level 3			Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds, notes & loans	$	—		$	15,667,715	$	81,980		$	15,749,695
U.S. Treasury bonds & notes		—			138,390		—			138,390
Other		—			2,488		13,534			16,022
Convertible bonds & notes		—			39,763		—			39,763
Common stocks		236,922			137,257		252,675			626,854
Preferred securities		—			12,925		11,482			24,407
Rights & warrants		343			4,426		—	¹		4,769
Short-term securities		1,171,249			—		—			1,171,249
Total	$	1,408,514		$	16,002,964	$	359,671		$	17,771,149

	Other investments²
		Level 1			Level 2		Level 3			Total
Assets:
Unrealized appreciation on futures contracts	$	1,080		$	—	$	—		$	1,080
Unrealized appreciation on centrally cleared credit default swaps		—			199		—			199
Liabilities:
Unrealized depreciation on futures contracts		(1,660	)		—		—			(1,660	)
Total	$	(580	)	$	199	$	—		$	(381	)

¹	Amount less than one thousand.
²	Futures contracts and credit default swaps are not included in the investment portfolio.

30	American High-Income Trust

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the year ended September 30, 2023 (dollars in thousands):

	Beginning value at 10/1/2022		Transfers into Level 3³		Purchases		Sales			Net realized gain⁴		Unrealized depreciation⁴			Transfers out of Level 3³			Ending value at 9/30/2023
Investment securities	$	395,342	$	36,362	$	165,657	$	(110,871	)	$	3,925	$	(26,853	)	$	(103,891	)	$	359,671

Net unrealized appreciation during the period on Level 3 investment securities held at September 30, 2023																		$	817

³	Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.
⁴	Net realized gain and unrealized depreciation are included in the related amounts on investments in the fund’s statement of operations.

Unobservable inputs — Valuation of the fund’s Level 3 securities is based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund’s investment adviser to fair value the fund’s Level 3 securities (dollars in thousands):

Value at
9/30/2023

Valuation
techniques

Unobservable
inputs

Range
(if applicable)

Weighted
average

Impact to
valuation from
an increase in
input²

Bonds, notes & other debt instruments

95,514

Estimated recovery value

Expected proceeds

Not applicable

Transaction

Transaction price

Not applicable

Net adjustment (decrease) based on movement of market comparables

10%

Decrease

Yield analysis

Yield

12.7%

Decrease

Common stocks

252,675

Estimated recovery value

Expected proceeds

Not applicable

Vendor price

Not applicable

Risk discount

40%

Decrease

Market comparable companies

EV/EBITDA multiple

7.3x - 7.5x

7.3x

Increase

Price/Book Value multiple

0.4x

Increase

DLOM

15% - 16%

16%

Decrease

EV/EBITDA less CapEx multiple

10.5x

Increase

Preferred securities

11,482

Market comparable companies

EV/EBITDA multiple

3.6x

Increase

DLOM

15%

Decrease

Estimated recovery value

Expected proceeds

Not applicable

Risk discount

95%

Decrease

Rights & warrants

—

Estimated recovery value

Expected proceeds

Not applicable

359,671

¹	Weighted average is by relative fair value.
²	This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.
³	Amount less than one thousand.

Key to abbreviations

CapEx = Capital expenditures

DLOM = Discount for lack of marketability

EBITDA = Earnings before income taxes, depreciation and amortization

EV = Enterprise value

4. Risk factors

Investing in the fund may involve certain risks including, but not limited to, those described below.

American High-Income Trust

Market conditions — The prices of, and the income generated by, the securities held by the fund may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; changes in inflation rates; and currency exchange rate, interest rate and commodity price fluctuations.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease), bank failures and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.

Issuer risks — The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

Investing in debt instruments — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities which may be prepaid at any time, such as mortgage- or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which the fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

Investing in lower rated debt instruments — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

Liquidity risk — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs or to try to limit losses, or may be forced to sell at a loss.

32	American High-Income Trust

Investing in derivatives — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. The fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., and securities tied economically to countries outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers are domiciled, operate or generate revenue or to which the securities are tied economically. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

Management — The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

5. Certain investment techniques

Loan transactions — The fund has entered into loan transactions in which the fund acquires a loan either through an agent, by assignment from another holder, or as a participation interest in another holder’s portion of a loan. The loan is often administered by a financial institution that acts as agent for the holders of the loan, and the fund may be required to receive approval from the agent and/or borrower prior to the sale of the investment. The loan’s interest rate and maturity date may change based on the terms of the loan, including potential early payments of principal.

Unfunded commitments — The fund has participated in transactions that involve unfunded commitments, which may obligate the fund to purchase new or additional bonds if certain contingencies are met. As of September 30, 2023, the fund’s maximum exposure of unfunded bond commitments was $36,180,000, which would represent .20% of the net assets of the fund should such commitments become due.

Futures contracts — The fund has entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund’s interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio.

Upon entering into futures contracts, and to maintain the fund’s open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant (“FCM”), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

American High-Income Trust

On a daily basis, the fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in the statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on the fund’s statement of assets and liabilities. The fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in the fund’s statement of operations. The average month-end notional amount of futures contracts while held was $313,175,000.

Swap contracts — The fund has entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant’s swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the fund enters into bilaterally negotiated swap transactions, the fund will enter into swap agreements only with counterparties that meet certain credit standards and subject to agreed collateralized procedures. The term of a swap can be days, months or years and certain swaps may be less liquid than others.

Upon entering into a centrally cleared swap contract, the fund is required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the fund’s statement of assets and liabilities for centrally cleared swaps and as unrealized appreciation or depreciation in the fund’s statement of assets and liabilities for bilateral swaps. For centrally cleared swaps, the fund also pays or receives a variation margin based on the increase or decrease in the value of the swaps, including accrued interest as applicable, and records variation margin in the statement of assets and liabilities. The fund records realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from swaps are recorded in the fund’s statement of operations.

Swap agreements can take different forms. The fund has entered into the following types of swap agreements:

Credit default swap indices — The fund has entered into centrally cleared credit default swap indices, including CDX and iTraxx indices (collectively referred to as “CDSI”), in order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks. A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party (the protection buyer) is obligated to pay the other party (the protection seller) a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits.

The fund may enter into a CDSI transaction as either protection buyer or protection seller. If the fund is a protection buyer, it would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the fund, as a protection buyer, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As a protection seller, the fund would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the fund, coupled with the periodic payments previously received by the fund, may be less than the full notional value that the fund, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to the fund. Furthermore, as a protection seller, the fund would effectively add leverage to its portfolio because it would have investment exposure to the notional amount of the swap transaction. The average month-end notional amount of credit default swaps while held was $231,873,000.

34	American High-Income Trust

The following tables identify the location and fair value amounts on the fund’s statement of assets and liabilities and the effect on the fund’s statement of operations resulting from the fund’s use of futures contracts and credit default swaps as of, or for the year ended, September 30, 2023 (dollars in thousands):

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation*	$	1,080		Unrealized depreciation*	$	1,660
Swap (centrally cleared)	Credit	Unrealized appreciation*		199		Unrealized depreciation*		—
			$	1,279			$	1,660

		Net realized loss				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(3,559	)	Net unrealized depreciation on futures contracts	$	(1,164	)
Swap	Credit	Net realized loss on swap contracts		(20,506	)	Net unrealized appreciation on swap contracts		958
			$	(24,065	)		$	(206	)

*	Includes cumulative appreciation/depreciation on futures contracts and centrally cleared credit default swaps as reported in the applicable tables following the fund’s investment portfolio. Only current day’s variation margin is reported within the fund’s statement of assets and liabilities.

Collateral — The fund receives or pledges highly liquid assets, such as cash or U.S. government securities, as collateral due to its use of futures contracts and credit default swaps. For futures contracts and centrally cleared credit default swaps, the fund pledges collateral for initial and variation margin by contract. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by the fund, if any, is disclosed in the fund’s investment portfolio, and cash collateral pledged by the fund, if any, is held in a segregated account with the fund’s custodian, which is reflected as pledged cash collateral in the fund’s statement of assets and liabilities.

6. Taxation and distributions

Federal income taxation — The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The fund is not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the year ended September 30, 2023, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the year, the fund did not incur any significant interest or penalties.

The fund’s tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction’s statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

Non-U.S. taxation — Dividend and interest income are recorded net of non-U.S. taxes paid. The fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. Gains realized by the fund on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. The fund generally records an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

American High-Income Trust

Distributions — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; deferred expenses; cost of investments sold; net capital losses; amortization of premiums and discounts and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes.

During the year ended September 30, 2023, the fund reclassified $7,000 from total accumulated loss to capital paid in on shares of beneficial interest to align financial reporting with tax reporting.

As of September 30, 2023, the tax basis components of distributable earnings, unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

Undistributed ordinary income	$	27,045
Capital loss carryforward*		(2,116,518	)
Gross unrealized appreciation on investments		190,524
Gross unrealized depreciation on investments		(2,306,820	)
Net unrealized depreciation on investments		(2,116,296	)
Cost of investments		19,889,064

*	The capital loss carryforward will be used to offset any capital gains realized by the fund in future years. The fund will not make distributions from capital gains while a capital loss carryforward remains.

Tax-basis distributions paid or accrued to shareholders from ordinary income were as follows (dollars in thousands):

	Year ended September 30
Share class	2023			2022
Class A	$	646,145		$	523,071
Class C		12,611			11,439
Class T		—	^†		—	^†
Class F-1		18,085			15,774
Class F-2		130,199			91,492
Class F-3		68,239			51,182
Class 529-A		19,391			15,906
Class 529-C		553			539
Class 529-E		716			585
Class 529-T		1			1
Class 529-F-1		1			1
Class 529-F-2		2,265			1,788
Class 529-F-3		1			1
Class R-1		707			545
Class R-2		6,236			4,891
Class R-2E		438			298
Class R-3		8,370			6,830
Class R-4		7,382			6,029
Class R-5E		1,312			884
Class R-5		1,959			2,500
Class R-6		212,271			185,917
Total	$	1,136,882		$	919,673

^†	Amount less than one thousand.

7. Fees and transactions with related parties

CRMC, the fund’s investment adviser, is the parent company of American Funds Distributors^®, Inc. (“AFD”), the principal underwriter of the fund’s shares, and American Funds Service Company^® (“AFS”), the fund’s transfer agent. CRMC, AFD and AFS are considered related parties to the fund.

36	American High-Income Trust

Investment advisory services — The fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. At the beginning of the year, these fees were based on a series of decreasing annual rates beginning with 0.300% on the first $60 million of daily net assets and decreasing to 0.132% on such assets in excess of $21 billion. On March 6, 2023, the fund’s board of trustees approved an amended investment advisory and service agreement effective May 1, 2023, replacing the prior series of rates and breakpoints with a new series of decreasing annual rates beginning with 0.157% on the first $15 billion of daily net assets and decreasing to 0.132% on such assets in excess of $21 billion. The agreement also provides for monthly fees, accrued daily, based on a series of decreasing rates beginning with 3.00% on the first $8,333,333 of the fund’s monthly gross income and decreasing to 1.50% on such income in excess of $50,000,000. During the year ended September 30, 2023, CRMC waived investment advisory services fees of $1,771,000. CRMC does not intend to recoup this waiver. As a result, the fees shown on the fund’s statement of operations of $49,790,000, which were equivalent to an annualized rate of 0.290% of average daily net assets, were reduced to $48,019,000, which were equivalent to an annualized rate of 0.280% of average daily net assets.

Class-specific fees and expenses — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

Distribution services — The fund has plans of distribution for all share classes, except Class F-2, F-3, 529-F-2, 529-F-3, R-5E, R-5 and R-6 shares. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.30% to 1.00% as noted in this section. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.

Share class	Currently approved limits			Plan limits
Class A		0.30	%		0.30	%
Class 529-A		0.30			0.50
Classes C, 529-C and R-1		1.00			1.00
Class R-2		0.75			1.00
Class R-2E		0.60			0.85
Classes 529-E and R-3		0.50			0.75
Classes T, F-1, 529-T, 529-F-1 and R-4		0.25			0.50

For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These share classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limits are not exceeded. As of September 30, 2023, there were no unreimbursed expenses subject to reimbursement for Class A or 529-A shares.

Transfer agent services — The fund has a shareholder services agreement with AFS under which the fund compensates AFS for providing transfer agent services to each of the fund’s share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the fund reimburses AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

Administrative services — The fund has an administrative services agreement with CRMC under which the fund compensates CRMC for providing administrative services to all share classes. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on the fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides the fund the ability to charge an administrative services fee at the annual rate of 0.05% of the average daily net assets attributable to each share class of the fund. Currently the fund pays CRMC an administrative services fee at the annual rate of 0.03% of the average daily net assets attributable to each share class of the fund for CRMC’s provision of administrative services.

529 plan services — Each 529 share class is subject to service fees to compensate the Virginia College Savings Plan (“Virginia529”) for its oversight and administration of the CollegeAmerica 529 college savings plan. The fees are based on the combined net assets invested in Class 529 and ABLE shares of the American Funds. Class ABLE shares are offered on other American Funds by Virginia529 through ABLEAmerica^®, a tax-advantaged savings program for individuals with disabilities. Virginia529 is not considered a related party to the fund.

American High-Income Trust

The quarterly fees are based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $75 billion. The fees for any given calendar quarter are accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. For the year ended September 30, 2023, the 529 plan services fees were $212,000, which were equivalent to 0.060% of the average daily net assets of each 529 share class.

For the year ended September 30, 2023, class-specific expenses under the agreements were as follows (dollars in thousands):

Share class	Distribution services		Transfer agent services			Administrative services			529 plan services
Class A		$24,897		$14,418			$2,978		Not applicable
Class C		2,177		319			66		Not applicable
Class T		—		—	*		—	*	Not applicable
Class F-1		688		454			84		Not applicable
Class F-2	Not applicable			1,995			573		Not applicable
Class F-3	Not applicable			11			296		Not applicable
Class 529-A		689		407			90		$179
Class 529-C		97		13			3		6
Class 529-E		57		6			3		7
Class 529-T		—		—	*		—	*	—	*
Class 529-F-1		—		—	*		—	*	—	*
Class 529-F-2	Not applicable			12			10		20
Class 529-F-3	Not applicable			—	*		—	*	—	*
Class R-1		122		13			4		Not applicable
Class R-2		806		372			32		Not applicable
Class R-2E		43		15			2		Not applicable
Class R-3		669		204			40		Not applicable
Class R-4		282		111			34		Not applicable
Class R-5E	Not applicable			30			6		Not applicable
Class R-5	Not applicable			16			9		Not applicable
Class R-6	Not applicable			33			915		Not applicable
Total class-specific expenses		$30,527		$18,429			$5,145		$212

*	Amount less than one thousand.

Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Trustees’ compensation of $103,000 in the fund’s statement of operations reflects $70,000 in current fees (either paid in cash or deferred) and a net increase of $33,000 in the value of the deferred amounts.

Affiliated officers and trustees — Officers and certain trustees of the fund are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from the fund.

Investment in CCF — The fund holds shares of CCF, an institutional prime money market fund managed by CRMC. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for the fund’s short-term instruments. CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from CCF.

Security transactions with related funds — The fund has sold investment securities to other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. Each transaction was executed at the current market price of the security and no brokerage commissions or fees were paid in accordance with Rule 17a-7 of the 1940 Act. During the year ended September 30, 2023, the fund engaged in such sale transactions with related funds in the amount of $6,637,000, which generated $4,492,000 of net realized gains from such sales.

38	American High-Income Trust

Interfund lending — Pursuant to an exemptive order issued by the SEC, the fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the year ended September 30, 2023.

8. Committed line of credit

The fund participates with other funds managed by CRMC (or funds managed by certain affiliates of CRMC) in a $1.5 billion credit facility (the “line of credit”) to be utilized for temporary purposes to support shareholder redemptions. The fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in the fund’s statement of operations. The fund did not borrow on this line of credit at any time during the year ended September 30, 2023.

9. Indemnifications

The fund’s organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund’s maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote. Insurance policies are also available to the fund’s board members and officers.

10. Capital share transactions

Capital share transactions in the fund were as follows (dollars and shares in thousands):

	Sales*				Reinvestments of distributions					Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares

Year ended September 30, 2023

Class A	$	892,030		97,541	$	622,988		68,147		$	(1,595,188	)		(174,716	)	$	(80,170	)		(9,028	)
Class C		32,248		3,527		12,189		1,334			(76,374	)		(8,362	)		(31,937	)		(3,501	)
Class T		—		—		—		—			—			—			—			—
Class F-1		266,798		29,217		17,295		1,892			(291,005	)		(31,848	)		(6,912	)		(739	)
Class F-2		940,969		102,932		123,139		13,468			(736,501	)		(80,590	)		327,607			35,810
Class F-3		478,528		52,434		66,617		7,287			(423,022	)		(46,351	)		122,123			13,370
Class 529-A		33,021		3,608		19,322		2,114			(57,728	)		(6,307	)		(5,385	)		(585	)
Class 529-C		2,147		235		550		60			(4,913	)		(537	)		(2,216	)		(242	)
Class 529-E		1,255		137		712		78			(2,733	)		(298	)		(766	)		(83	)
Class 529-T		—		—		1		—	^†		—			—			1			—	^†
Class 529-F-1		—		—		1		—	^†		—			—			1			—	^†
Class 529-F-2		7,664		840		2,253		246			(7,916	)		(866	)		2,001			220
Class 529-F-3		—		—		1		—	^†		—			—			1			—	^†
Class R-1		1,855		203		704		77			(3,586	)		(393	)		(1,027	)		(113	)
Class R-2		19,001		2,077		6,193		677			(27,212	)		(2,980	)		(2,018	)		(226	)
Class R-2E		2,880		316		437		48			(1,688	)		(185	)		1,629			179
Class R-3		31,239		3,415		8,293		907			(40,150	)		(4,393	)		(618	)		(71	)
Class R-4		25,996		2,842		7,343		804			(30,451	)		(3,333	)		2,888			313
Class R-5E		6,145		672		1,307		143			(4,409	)		(482	)		3,043			333
Class R-5		6,017		657		1,947		212			(7,693	)		(840	)		271			29
Class R-6		1,193,063		130,765		212,099		23,197			(368,840	)		(40,534	)		1,036,322			113,428
Total net increase (decrease)	$	3,940,856		431,418	$	1,103,391		120,691		$	(3,679,409	)		(403,015	)	$	1,364,838			149,094

Refer to the end of the table for footnotes.

American High-Income Trust

	Sales*				Reinvestments of distributions					Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares

Year ended September 30, 2022

Class A	$	1,092,727		109,073	$	503,816		51,559		$	(1,587,874	)		(161,339	)	$	8,669			(707	)
Class C		41,310		4,126		11,009		1,124			(99,720	)		(10,107	)		(47,401	)		(4,857	)
Class T		—		—		—		—			—			—			—			—
Class F-1		199,247		20,391		15,058		1,533			(310,396	)		(31,344	)		(96,091	)		(9,420	)
Class F-2		799,547		81,166		86,723		8,873			(788,097	)		(80,098	)		98,173			9,941
Class F-3		698,630		69,445		49,909		5,104			(891,592	)		(88,409	)		(143,053	)		(13,860	)
Class 529-A		36,332		3,634		15,848		1,621			(60,667	)		(6,163	)		(8,487	)		(908	)
Class 529-C		2,960		294		536		55			(6,632	)		(667	)		(3,136	)		(318	)
Class 529-E		1,428		143		583		60			(2,516	)		(252	)		(505	)		(49	)
Class 529-T		—		—		1		—	^†		—			—			1			—	^†
Class 529-F-1		—		—		1		—	^†		—			—			1			—	^†
Class 529-F-2		6,535		651		1,779		182			(8,138	)		(817	)		176			16
Class 529-F-3		—		—		1		—	^†		—			—			1			—	^†
Class R-1		2,186		221		543		56			(2,767	)		(282	)		(38	)		(5	)
Class R-2		24,469		2,456		4,850		496			(37,633	)		(3,760	)		(8,314	)		(808	)
Class R-2E		2,402		241		297		30			(3,275	)		(329	)		(576	)		(58	)
Class R-3		32,214		3,232		6,764		692			(49,578	)		(4,990	)		(10,600	)		(1,066	)
Class R-4		26,446		2,623		5,999		613			(39,596	)		(4,011	)		(7,151	)		(775	)
Class R-5E		8,396		831		882		91			(3,739	)		(381	)		5,539			541
Class R-5		10,147		999		2,350		236			(60,889	)		(5,989	)		(48,392	)		(4,754	)
Class R-6		730,330		70,891		185,873		18,992			(1,209,450	)		(129,324	)		(293,247	)		(39,441	)
Total net increase (decrease)	$	3,715,306		370,417	$	892,822		91,317		$	(5,162,559	)		(528,262	)	$	(554,431	)		(66,528	)

*	Includes exchanges between share classes of the fund.
^†	Amount less than one thousand.

11. Investment transactions

The fund engaged in purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $6,473,306,000 and $6,030,024,000, respectively, during the year ended September 30, 2023.

40	American High-Income Trust

Financial highlights

			Income (loss) from investment operations¹
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			Ratio of expenses to average net assets before waivers/ reimburse- ments⁴			Ratio of expenses to average net assets after waivers/ reimburse- ments^3,4			Ratio of net income to average net assets³
Class A:
9/30/2023	$	8.86	$	.59	$	.17		$	.76		$	(.59	)	$	9.03		8.75	%	$	9,839			.73	%		.72	%		6.48	%
9/30/2022		10.55		.48		(1.70	)		(1.22	)		(.47	)		8.86		(11.86	)		9,738			.68			.68			4.86
9/30/2021		9.63		.47		.95			1.42			(.50	)		10.55		15.05			11,600			.69			.69			4.61
9/30/2020		9.96		.58		(.33	)		.25			(.58	)		9.63		2.71			10,008			.73			.73			6.11
9/30/2019		10.25		.62		(.29	)		.33			(.62	)		9.96		3.39			10,428			.72			.72			6.14
Class C:
9/30/2023		8.86		.53		.17			.70			(.53	)		9.03		7.95			204			1.47			1.46			5.73
9/30/2022		10.55		.41		(1.70	)		(1.29	)		(.40	)		8.86		(12.52	)		231			1.43			1.43			4.09
9/30/2021		9.63		.40		.95			1.35			(.43	)		10.55		14.22			326			1.43			1.43			3.89
9/30/2020		9.96		.52		(.34	)		.18			(.51	)		9.63		1.96			330			1.47			1.47			5.41
9/30/2019		10.25		.55		(.29	)		.26			(.55	)		9.96		2.61			521			1.48			1.48			5.38
Class T:
9/30/2023		8.86		.62		.17			.79			(.62	)		9.03		9.03	⁵		—	⁶		.46	⁵		.45	⁵		6.74	⁵
9/30/2022		10.55		.51		(1.70	)		(1.19	)		(.50	)		8.86		(11.63	)⁵		—	⁶		.42	⁵		.42	⁵		5.12	⁵
9/30/2021		9.63		.50		.95			1.45			(.53	)		10.55		15.36	⁵		—	⁶		.43	⁵		.43	⁵		4.87	⁵
9/30/2020		9.96		.61		(.34	)		.27			(.60	)		9.63		2.97	⁵		—	⁶		.47	⁵		.47	⁵		6.37	⁵
9/30/2019		10.25		.65		(.29	)		.36			(.65	)		9.96		3.65	⁵		—	⁶		.47	⁵		.47	⁵		6.39	⁵
Class F-1:
9/30/2023		8.86		.59		.17			.76			(.59	)		9.03		8.73			263			.74			.73			6.47
9/30/2022		10.55		.48		(1.70	)		(1.22	)		(.47	)		8.86		(11.88	)		265			.70			.70			4.79
9/30/2021		9.63		.47		.95			1.42			(.50	)		10.55		15.05			415			.70			.70			4.62
9/30/2020		9.96		.59		(.34	)		.25			(.58	)		9.63		2.71			401			.73			.73			6.11
9/30/2019		10.25		.62		(.29	)		.33			(.62	)		9.96		3.37			446			.74			.74			6.12
Class F-2:
9/30/2023		8.86		.62		.17			.79			(.62	)		9.03		9.06			2,029			.44			.43			6.79
9/30/2022		10.55		.51		(1.70	)		(1.19	)		(.50	)		8.86		(11.62	)		1,674			.40			.40			5.14
9/30/2021		9.63		.50		.95			1.45			(.53	)		10.55		15.39			1,888			.40			.40			4.89
9/30/2020		9.96		.61		(.33	)		.28			(.61	)		9.63		3.00			1,368			.44			.44			6.38
9/30/2019		10.25		.65		(.29	)		.36			(.65	)		9.96		3.66			1,281			.46			.46			6.41
Class F-3:
9/30/2023		8.86		.63		.17			.80			(.63	)		9.03		9.18			1,027			.33			.32			6.88
9/30/2022		10.55		.52		(1.70	)		(1.18	)		(.51	)		8.86		(11.52	)		890			.30			.30			5.23
9/30/2021		9.63		.51		.95			1.46			(.54	)		10.55		15.50			1,206			.30			.30			4.96
9/30/2020		9.96		.63		(.34	)		.29			(.62	)		9.63		3.11			595			.34			.34			6.48
9/30/2019		10.25		.66		(.29	)		.37			(.66	)		9.96		3.77			523			.36			.36			6.50
Class 529-A:
9/30/2023		8.86		.59		.17			.76			(.59	)		9.03		8.71			293			.76			.75			6.45
9/30/2022		10.55		.48		(1.70	)		(1.22	)		(.47	)		8.86		(11.88	)		293			.71			.71			4.83
9/30/2021		9.63		.47		.95			1.42			(.50	)		10.55		15.03			358			.71			.71			4.59
9/30/2020		9.96		.58		(.33	)		.25			(.58	)		9.63		2.68			322			.76			.76			6.08
9/30/2019		10.25		.62		(.29	)		.33			(.62	)		9.96		3.34			317			.78			.78			6.08

Refer to the end of the table for footnotes.

American High-Income Trust

Financial highlights (continued)

			Income (loss) from investment operations¹
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			Ratio of expenses to average net assets before waivers/ reimburse- ments⁴			Ratio of expenses to average net assets after waivers/ reimburse- ments^3,4			Ratio of net income to average net assets³
Class 529-C:
9/30/2023	$	8.86	$	.52	$	.17		$	.69		$	(.52	)	$	9.03		7.89	%	$	9			1.53	%		1.52	%		5.66	%
9/30/2022		10.55		.40		(1.70	)		(1.30	)		(.39	)		8.86		(12.56	)		11			1.48			1.48			4.03
9/30/2021		9.63		.40		.95			1.35			(.43	)		10.55		14.19			16			1.45			1.45			3.87
9/30/2020		9.96		.50		(.33	)		.17			(.50	)		9.63		1.92			18			1.50			1.50			5.41
9/30/2019		10.25		.54		(.29	)		.25			(.54	)		9.96		2.58			53			1.51			1.51			5.35
Class 529-E:
9/30/2023		8.86		.57		.17			.74			(.57	)		9.03		8.51			11			.95			.94			6.26
9/30/2022		10.55		.46		(1.70	)		(1.24	)		(.45	)		8.86		(12.06	)		11			.90			.90			4.64
9/30/2021		9.63		.45		.95			1.40			(.48	)		10.55		14.81			14			.90			.90			4.41
9/30/2020		9.96		.57		(.34	)		.23			(.56	)		9.63		2.50			14			.94			.94			5.91
9/30/2019		10.25		.60		(.29	)		.31			(.60	)		9.96		3.15			16			.96			.96			5.90
Class 529-T:
9/30/2023		8.86		.61		.17			.78			(.61	)		9.03		8.96	⁵		—	⁶		.52	⁵		.51	⁵		6.69	⁵
9/30/2022		10.55		.50		(1.70	)		(1.20	)		(.49	)		8.86		(11.68	)⁵		—	⁶		.48	⁵		.48	⁵		5.07	⁵
9/30/2021		9.63		.50		.95			1.45			(.53	)		10.55		15.30	⁵		—	⁶		.48	⁵		.48	⁵		4.82	⁵
9/30/2020		9.96		.60		(.33	)		.27			(.60	)		9.63		2.92	⁵		—	⁶		.52	⁵		.52	⁵		6.30	⁵
9/30/2019		10.25		.64		(.29	)		.35			(.64	)		9.96		3.59	⁵		—	⁶		.53	⁵		.53	⁵		6.32	⁵
Class 529-F-1:
9/30/2023		8.86		.61		.17			.78			(.61	)		9.03		8.92	⁵		—	⁶		.56	⁵		.55	⁵		6.65	⁵
9/30/2022		10.55		.50		(1.70	)		(1.20	)		(.49	)		8.86		(11.72	)⁵		—	⁶		.52	⁵		.52	⁵		5.03	⁵
9/30/2021		9.63		.49		.95			1.44			(.52	)		10.55		15.27	⁵		—	⁶		.49	⁵		.49	⁵		5.26	⁵
9/30/2020		9.96		.60		(.33	)		.27			(.60	)		9.63		2.92			31			.53			.53			6.31
9/30/2019		10.25		.64		(.29	)		.35			(.64	)		9.96		3.58			33			.54			.54			6.32
Class 529-F-2:
9/30/2023		8.86		.62		.17			.79			(.62	)		9.03		9.07			34			.43			.42			6.79
9/30/2022		10.55		.51		(1.70	)		(1.19	)		(.50	)		8.86		(11.62	)		32			.41			.41			5.13
9/30/2021^7,8		9.62		.46		.95			1.41			(.48	)		10.55		14.92	⁹		38			.44	¹⁰		.44	¹⁰		4.82	¹⁰
Class 529-F-3:
9/30/2023		8.86		.62		.17			.79			(.62	)		9.03		9.10			—	⁶		.40			.39			6.81
9/30/2022		10.55		.51		(1.70	)		(1.19	)		(.50	)		8.86		(11.59	)		—	⁶		.37			.37			5.18
9/30/2021^7,8		9.62		.46		.96			1.42			(.49	)		10.55		14.99	⁹		—	⁶		.43	¹⁰		.37	¹⁰		4.90	¹⁰
Class R-1:
9/30/2023		8.86		.53		.17			.70			(.53	)		9.03		7.99			11			1.43			1.42			5.77
9/30/2022		10.55		.41		(1.70	)		(1.29	)		(.40	)		8.86		(12.50	)		12			1.41			1.41			4.14
9/30/2021		9.63		.40		.95			1.35			(.43	)		10.55		14.22			14			1.43			1.43			3.88
9/30/2020		9.96		.51		(.33	)		.18			(.51	)		9.63		1.94			12			1.49			1.49			5.37
9/30/2019		10.25		.55		(.29	)		.26			(.55	)		9.96		2.61			9			1.49			1.49			5.38

Refer to the end of the table for footnotes.

42	American High-Income Trust

Financial highlights (continued)

			Income (loss) from investment operations¹
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers/ reimburse- ments⁴			Ratio of expenses to average net assets after waivers/ reimburse- ments^3,4			Ratio of net income to average net assets³
Class R-2:
9/30/2023	$	8.86	$	.53	$	.17		$	.70		$	(.53	)	$	9.03		7.99	%	$	106		1.43	%		1.42	%		5.78	%
9/30/2022		10.55		.41		(1.70	)		(1.29	)		(.40	)		8.86		(12.49	)		106		1.40			1.40			4.13
9/30/2021		9.63		.40		.95			1.35			(.43	)		10.55		14.25			135		1.40			1.40			3.91
9/30/2020		9.96		.52		(.34	)		.18			(.51	)		9.63		1.96			122		1.46			1.46			5.39
9/30/2019		10.25		.55		(.29	)		.26			(.55	)		9.96		2.63			143		1.46			1.46			5.40
Class R-2E:
9/30/2023		8.86		.56		.17			.73			(.56	)		9.03		8.31			8		1.14			1.12			6.11
9/30/2022		10.55		.44		(1.70	)		(1.26	)		(.43	)		8.86		(12.24	)		6		1.11			1.11			4.42
9/30/2021		9.63		.43		.95			1.38			(.46	)		10.55		14.57			8		1.12			1.12			4.20
9/30/2020		9.96		.54		(.33	)		.21			(.54	)		9.63		2.26			8		1.17			1.17			5.68
9/30/2019		10.25		.58		(.29	)		.29			(.58	)		9.96		2.93			9		1.17			1.17			5.68
Class R-3:
9/30/2023		8.86		.57		.17			.74			(.57	)		9.03		8.47			132		.98			.97			6.23
9/30/2022		10.55		.46		(1.70	)		(1.24	)		(.45	)		8.86		(12.10	)		131		.95			.95			4.58
9/30/2021		9.63		.45		.95			1.40			(.48	)		10.55		14.76			167		.96			.96			4.35
9/30/2020		9.96		.55		(.33	)		.22			(.55	)		9.63		2.43			142		1.00			1.00			5.85
9/30/2019		10.25		.59		(.29	)		.30			(.59	)		9.96		3.09			164		1.01			1.01			5.85
Class R-4:
9/30/2023		8.86		.60		.17			.77			(.60	)		9.03		8.80			112		.68			.67			6.54
9/30/2022		10.55		.49		(1.70	)		(1.21	)		(.48	)		8.86		(11.83	)		107		.65			.65			4.89
9/30/2021		9.63		.48		.95			1.43			(.51	)		10.55		15.10			135		.65			.65			4.66
9/30/2020		9.96		.58		(.33	)		.25			(.58	)		9.63		2.75			120		.69			.69			6.16
9/30/2019		10.25		.63		(.29	)		.34			(.63	)		9.96		3.41			138		.71			.71			6.16
Class R-5E:
9/30/2023		8.86		.62		.17			.79			(.62	)		9.03		9.01			21		.48			.47			6.74
9/30/2022		10.55		.51		(1.70	)		(1.19	)		(.50	)		8.86		(11.66	)		17		.45			.45			5.15
9/30/2021		9.63		.50		.95			1.45			(.53	)		10.55		15.33			15		.45			.45			4.85
9/30/2020		9.96		.60		(.33	)		.27			(.60	)		9.63		2.95			11		.49			.49			6.32
9/30/2019		10.25		.65		(.29	)		.36			(.65	)		9.96		3.62			8		.49			.49			6.35
Class R-5:
9/30/2023		8.86		.63		.17			.80			(.63	)		9.03		9.11			29		.39			.38			6.82
9/30/2022		10.55		.51		(1.70	)		(1.19	)		(.50	)		8.86		(11.58	)		28		.36			.36			4.97
9/30/2021		9.63		.51		.95			1.46			(.54	)		10.55		15.44			84		.35			.35			4.95
9/30/2020		9.96		.62		(.34	)		.28			(.61	)		9.63		3.06			74		.39			.39			6.46
9/30/2019		10.25		.66		(.29	)		.37			(.66	)		9.96		3.72			79		.41			.41			6.46
Class R-6:
9/30/2023		8.86		.63		.17			.80			(.63	)		9.03		9.17			3,733		.33			.32			6.94
9/30/2022		10.55		.52		(1.70	)		(1.18	)		(.51	)		8.86		(11.52	)		2,659		.30			.30			5.25
9/30/2021		9.63		.51		.95			1.46			(.54	)		10.55		15.50			3,581		.30			.30			5.01
9/30/2020		9.96		.63		(.34	)		.29			(.62	)		9.63		3.11			3,169		.33			.33			6.46
9/30/2019		10.25		.66		(.29	)		.37			(.66	)		9.96		3.78			2,301		.35			.35			6.51

Refer to the end of the table for footnotes.

American High-Income Trust

Financial highlights (continued)

	Year ended September 30,
	2023	2022	2021	2020	2019
Portfolio turnover rate for all share classes¹¹	39%	40%	66%	75%	52%

¹		Based on average shares outstanding.
²		Total returns exclude any applicable sales charges, including contingent deferred sales charges.
³		This column reflects the impact, if any, of certain waivers/reimbursements from CRMC. During some of the years shown, CRMC waived a portion of investment advisory services fees and reimbursed a portion of transfer agent services fees for certain share classes.
⁴		Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.
⁵		All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
⁶		Amount less than $1 million.
⁷		Based on operations for a period that is less than a full year.
⁸		Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.
⁹		Not annualized.
¹⁰		Annualized.
¹¹		Rates do not include the fund’s portfolio activity with respect to any Central Funds.

Refer to the notes to financial statements.

44	American High-Income Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of American High-Income Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of American High-Income Trust (the “Fund”), including the investment portfolio, as of September 30, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Costa Mesa, California
November 9, 2023

We have served as the auditor of one or more American Funds investment companies since 1956.

American High-Income Trust

Expense example

unaudited

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (April 1, 2023, through September 30, 2023).

Actual expenses:

The first line of each share class in the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:

Retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F-1, F-2, F-3, 529-F-1, 529-F-2 and 529-F-3 shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the table on the following page are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

46	American High-Income Trust

Expense example (continued)

	Beginning account value 4/1/2023		Ending account value 9/30/2023		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	1,017.52	$	3.59		.71	%
Class A – assumed 5% return		1,000.00		1,021.51		3.60		.71
Class C – actual return		1,000.00		1,013.74		7.37		1.46
Class C – assumed 5% return		1,000.00		1,017.75		7.38		1.46
Class T – actual return		1,000.00		1,018.82		2.28		.45
Class T – assumed 5% return		1,000.00		1,022.81		2.28		.45
Class F-1 – actual return		1,000.00		1,017.45		3.69		.73
Class F-1 – assumed 5% return		1,000.00		1,021.41		3.70		.73
Class F-2 – actual return		1,000.00		1,019.02		2.13		.42
Class F-2 – assumed 5% return		1,000.00		1,022.96		2.13		.42
Class F-3 – actual return		1,000.00		1,019.54		1.57		.31
Class F-3 – assumed 5% return		1,000.00		1,023.51		1.57		.31
Class 529-A – actual return		1,000.00		1,017.41		3.74		.74
Class 529-A – assumed 5% return		1,000.00		1,021.36		3.75		.74
Class 529-C – actual return		1,000.00		1,013.47		7.62		1.51
Class 529-C – assumed 5% return		1,000.00		1,017.50		7.64		1.51
Class 529-E – actual return		1,000.00		1,016.43		4.70		.93
Class 529-E – assumed 5% return		1,000.00		1,020.41		4.71		.93
Class 529-T – actual return		1,000.00		1,018.55		2.58		.51
Class 529-T – assumed 5% return		1,000.00		1,022.51		2.59		.51
Class 529-F-1 – actual return		1,000.00		1,018.37		2.78		.55
Class 529-F-1 – assumed 5% return		1,000.00		1,022.31		2.79		.55
Class 529-F-2 – actual return		1,000.00		1,019.05		2.08		.41
Class 529-F-2 – assumed 5% return		1,000.00		1,023.01		2.08		.41
Class 529-F-3 – actual return		1,000.00		1,019.21		1.92		.38
Class 529-F-3 – assumed 5% return		1,000.00		1,023.16		1.93		.38
Class R-1 – actual return		1,000.00		1,013.98		7.17		1.42
Class R-1 – assumed 5% return		1,000.00		1,017.95		7.18		1.42
Class R-2 – actual return		1,000.00		1,014.04		7.07		1.40
Class R-2 – assumed 5% return		1,000.00		1,018.05		7.08		1.40
Class R-2E – actual return		1,000.00		1,015.50		5.61		1.11
Class R-2E – assumed 5% return		1,000.00		1,019.50		5.62		1.11
Class R-3 – actual return		1,000.00		1,016.26		4.85		.96
Class R-3 – assumed 5% return		1,000.00		1,020.26		4.86		.96
Class R-4 – actual return		1,000.00		1,017.79		3.34		.66
Class R-4 – assumed 5% return		1,000.00		1,021.76		3.35		.66
Class R-5E – actual return		1,000.00		1,018.80		2.33		.46
Class R-5E – assumed 5% return		1,000.00		1,022.76		2.33		.46
Class R-5 – actual return		1,000.00		1,019.28		1.87		.37
Class R-5 – assumed 5% return		1,000.00		1,023.21		1.88		.37
Class R-6 – actual return		1,000.00		1,019.53		1.62		.32
Class R-6 – assumed 5% return		1,000.00		1,023.46		1.62		.32

*	The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).

American High-Income Trust

Tax information

unaudited

We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The fund hereby designates the following amounts for the fund’s fiscal year ended September 30, 2023:

Qualified dividend income	$36,211,000
Section 163(j) interest dividends	$1,214,430,000
Corporate dividends received deduction	$36,117,000
U.S. government income that may be exempt from state taxation	$17,162,000

Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in January 2024, to determine the calendar year amounts to be included on their 2023 tax returns. Shareholders should consult their tax advisors.

48	American High-Income Trust

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American High-Income Trust

Board of trustees and other officers

Independent trustees¹

Name and year of birth	Year first elected a trustee of the fund²	Principal occupation(s) during past five years	Number of portfolios in fund complex overseen by trustee	Other directorships³ held by trustee
Francisco G. Cigarroa, MD, 1957	2021	Professor of Surgery, University of Texas Health San Antonio; Trustee, Ford Foundation; Clayton Research Scholar, Clayton Foundation for Biomedical Research	88	None
Nariman Farvardin, 1956	2018	President, Stevens Institute of Technology	93	None
Jennifer C. Feikin, 1968	2022	Business Advisor; previously held positions at Google, AOL, 20th Century Fox and McKinsey & Company; Trustee, The Nature Conservancy of Utah; former Trustee, The Nature Conservancy of California	102	Hertz Global Holdings, Inc.
Leslie Stone Heisz, 1961	2022	Former Managing Director, Lazard (retired, 2010); Director, Kaiser Permanente (California public benefit corporation); former Lecturer, UCLA Anderson School of Management	102	Edwards Lifesciences; Public Storage, Inc.
Mary Davis Holt, 1950	2015-2016 2017	Principal, Mary Davis Holt Enterprises, LLC (leadership development consulting); former Partner, Flynn Heath Holt Leadership, LLC (leadership consulting); former COO, Time Life Inc. (1993–2003)	89	None
Merit E. Janow, 1958	2010	Dean Emerita and Professor of Practice, International Economic Law & International Affairs, Columbia University, School of International and Public Affairs	99	Aptiv (autonomous and green vehicle technology); Mastercard Incorporated
Margaret Spellings, 1957 Chair of the Board (Independent and Non-Executive)	2010	President and CEO, Bipartisan Policy Center; former President and CEO, Texas 2036; former President, Margaret Spellings & Company (public policy and strategic consulting); former President, The University of North Carolina	93	None
Alexandra Trower, 1964	2019	Former Executive Vice President, Global Communications and Corporate Officer, The Estée Lauder Companies	88	None
Paul S. Williams, 1959	2020	Former Partner/Managing Director, Major, Lindsey & Africa (executive recruiting firm)	88	Air Transport Services Group, Inc. (aircraft leasing and air cargo transportation); Public Storage, Inc.

Interested trustees^4,5

Name, year of birth and position with fund	Year first elected a trustee or officer of the fund²	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund	Number of portfolios in fund complex overseen by trustee	Other directorships³ held by trustee
Michael C. Gitlin, 1970 Trustee	2015	Partner – Capital Fixed Income Investors, Capital Research and Management Company; Vice Chairman and Director, Capital Research and Management Company; Director, The Capital Group Companies, Inc.⁶	88	None
Karl J. Zeile, 1966 Trustee	2019	Partner — Capital Fixed Income Investors, Capital Research and Management Company	23	None

The fund’s statement of additional information includes further details about fund trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by referring to the Capital Group website at capitalgroup.com. The address for all trustees and officers of the fund is 333 South Hope Street, Los Angeles, CA 90071, Attention: Secretary.

50	American High-Income Trust

Other officers⁵

Name, year of birth and position with fund	Year first elected an officer of the fund²	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund
David A. Daigle, 1967 President	2008	Partner — Capital Fixed Income Investors, Capital Research and Management Company; Partner — Capital Fixed Income Investors, Capital Bank and Trust Company⁶
Kristine M. Nishiyama, 1970 Principal Executive Officer	2003	Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Chair, Senior Vice President, General Counsel and Director, Capital Bank and Trust Company⁶
Michael W. Stockton, 1967 Executive Vice President	2021	Senior Vice President — Fund Business Management Group, Capital Research and Management Company
Tom Chow, 1966 Senior Vice President	2015	Partner — Capital Fixed Income Investors, Capital Research and Management Company
Tara L. Torrens, 1979 Senior Vice President	2016	Partner — Capital Fixed Income Investors, Capital Research and Management Company
Shannon Ward, 1964 Senior Vice President	2017	Partner — Capital Fixed Income Investors, Capital Research and Management Company
Courtney R. Taylor, 1975 Secretary	2006-2010 2023	Assistant Vice President — Fund Business Management Group, Capital Research and Management Company
Becky L. Park, 1979 Treasurer	2021	Vice President — Investment Operations, Capital Research and Management Company
Jane Y. Chung, 1974 Assistant Secretary	2014	Associate — Fund Business Management Group, Capital Research and Management Company
Sandra Chuon, 1972 Assistant Treasurer	2019	Vice President — Investment Operations, Capital Research and Management Company
Brian C. Janssen, 1972 Assistant Treasurer	2012	Senior Vice President — Investment Operations, Capital Research and Management Company

¹	The term independent trustee refers to a trustee who is not an “interested person” of the fund within the meaning of the Investment Company Act of 1940.
²	Trustees and officers of the fund serve until their resignation, removal or retirement.
³	This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company.
⁴	The term interested trustee refers to a trustee who is an “interested person” within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the fund’s investment adviser, Capital Research and Management Company, or affiliated entities (including the fund’s principal underwriter).
⁵	All of the trustees and/or officers listed, except Tom Chow and Tara L. Torrens, are officers and/or directors/trustees of one or more of the other funds for which Capital Research and Management Company serves as investment adviser.
⁶	Company affiliated with Capital Research and Management Company.

American High-Income Trust

Office of the fund

333 South Hope Street
Los Angeles, CA 90071-1406

Investment adviser

Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406

Transfer agent for shareholder accounts

American Funds Service Company
(Write to the address nearest you.)

P.O. Box 6007
Indianapolis, IN 46206-6007

P.O. Box 2280
Norfolk, VA 23501-2280

Custodian of assets

JPMorgan Chase Bank
270 Park Avenue
New York, NY 10017-2070

Counsel

Morgan, Lewis & Bockius LLP
One Federal Street
Boston, MA 02110-1726

Independent registered public accounting firm

Deloitte & Touche LLP
695 Town Center Drive
Suite 1000
Costa Mesa, CA 92626-7188

Principal underwriter

American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, CA 90071-1406

52	American High-Income Trust

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or refer to the Capital Group website at capitalgroup.com.

“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on our website or upon request by calling AFS. The fund files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on our website.

American High-Income Trust files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The list of portfolio holdings is available free of charge on the SEC website and on our website.

This report is for the information of shareholders of American High-Income Trust, but it also may be used as sales literature when preceded or accompanied by the current prospectus or summary prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after December 31, 2023, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

BLOOMBERG^® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

American Funds Distributors, Inc.

The Capital Advantage^®

Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital System^TM— has resulted in superior outcomes.

Aligned with investor success
We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. Our portfolio managers average 28 years of investment industry experience, including 22 years at our company, reflecting a career commitment to our long-term approach.¹

The Capital System
The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.

American Funds’ superior outcomes
Equity-focused funds have beaten their Lipper peer indexes in 90% of 10-year periods and 99% of 20-year periods.²Relative to their peers, our fixed income funds have helped investors achieve better diversification through attention to correlation between bonds and equities.³Fund management fees have been among the lowest in the industry.⁴

	¹	Investment industry experience as of December 31, 2022.
	²	Based on Class F-2 share results for rolling monthly 10- and 20-year periods starting with the first 10- or 20-year period after each mutual fund’s inception through December 31, 2022. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date (except Capital Income Builder and SMALLCAP World Fund, for which the Lipper average was used). Expenses differ for each share class, so results will vary. Past results are not predictive of results in future periods.
	³	Based on Class F-2 share results as of December 31, 2022. Sixteen of the 18 fixed income American Funds that have been in existence for the three-year period showed a three-year correlation lower than their respective Morningstar peer group averages. S&P 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.
	⁴	On average, our mutual fund management fees were in the lowest quintile 62% of the time, based on the 20-year period ended December 31, 2022, versus comparable Lipper categories, excluding funds of funds.

Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Results for certain funds with an inception date after August 1, 2008, also include hypothetical returns because those funds’ Class F-2 shares sold after the funds’ date of first offering. Refer to capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

ITEM 2 – Code of Ethics

The Registrant has adopted a Code of Ethics that applies to its Principal Executive Officer and Principal Financial Officer. The Registrant undertakes to provide to any person without charge, upon request, a copy of the Code of Ethics. Such request can be made by calling 800/421-4225 or to the Secretary of the Registrant, 333 South Hope Street, 55th Floor, Los Angeles, California 90071.

ITEM 3 – Audit Committee Financial Expert

The Registrant’s board has determined that Paul S. Williams, a member of the Registrant’s audit committee, is an “audit committee financial expert” and "independent," as such terms are defined in this Item. This designation will not increase the designee’s duties, obligations or liability as compared to his or her duties, obligations and liability as a member of the audit committee and of the board, nor will it reduce the responsibility of the other audit committee members. There may be other individuals who, through education or experience, would qualify as "audit committee financial experts" if the board had designated them as such. Most importantly, the board believes each member of the audit committee contributes significantly to the effective oversight of the Registrant’s financial statements and condition.

ITEM 4 – Principal Accountant Fees and Services

		AHIT

Registrant:
a) Audit Fees:
Audit	2022	177,000
	2023	31,000

b) Audit-Related Fees:
	2022	3,000
	2023	3,000

c) Tax Fees:
	2022	9,000
	2023	10,000
	The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns.

d) All Other Fees:
	2022	None
	2023	None

	Adviser and affiliates (includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below):
a) Audit Fees:
	Not Applicable

b) Audit-Related Fees:
	2022	2,114,000
	2023	1,912,000
	The audit-related fees consist of assurance and related services relating to the examination of the Registrant’s transfer agent, principal underwriter and investment adviser conducted in accordance with Statement on Standards for Attestation Engagements Number 18 issued by the American Institute of Certified Public Accountants.

c) Tax Fees:
	2022	394,000
	2023	None
	The tax fees consist of consulting services relating to the Registrant’s investments.


d) All Other Fees:
	2022	None
	2023	None
	The other fees consist of subscription services related to an accounting research tool.


	All audit and permissible non-audit services that the Registrant’s audit committee considers compatible with maintaining the independent registered public accounting firm’s independence are required to be pre-approved by the committee. The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services. Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre-approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates.

	Aggregate non-audit fees paid to the Registrant’s auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant, were $2,521,000 for fiscal year 2022 and $1,925,000 for fiscal year 2023. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors’ independence.

ITEM 5 – Audit Committee of Listed Registrants

Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.

ITEM 6 – Schedule of Investments

Not applicable, insofar as the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 10 – Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.

ITEM 11 – Controls and Procedures

(a)	The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.

(b)

There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12 – Exhibits

(a)(1)	The Code of Ethics that is the subject of the disclosure required by Item 2 is attached as an exhibit hereto.

(a)(2)	The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	AMERICAN HIGH-INCOME TRUST

	By __/s/ Kristine M. Nishiyama________________
	Kristine M. Nishiyama, Principal Executive Officer

	Date: November 30, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By _ /s/ Kristine M. Nishiyama_____________

Kristine M. Nishiyama,

Principal Executive Officer

Date: November 30, 2023

By ___/s/ Becky L. Park__________________

Becky L. Park, Treasurer and

Principal Financial Officer

Date: November 30, 2023

American High Income Trust (AHITX) N-CSRCertified annual shareholder report (management investment company)