SECURITIES AND EXCHANGE COMMISSION
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
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)
6455 Irvine Center Drive
Irvine, California 92618
(Name and address of agent for service)
Registrant's telephone number, including area code:
Date of reporting period:
ITEM 1 - Reports to Stockholders
ANNUAL SHAREHOLDER REPORT
American High-Income Trust
®
Class A | AHITX
for the year ended September 30, 2024
This annual shareholder report contains important information about American High-Income Trust (the "fund")
for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at
capitalgroup.com/mutual-fund-literature-A
. You can also request this information by contacting us at (800) 421-4225.
What were the fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $ 78 | 0.72 % |
Management's discussion of fund performance
The fund’s Class A shares gained 16.81% for the year ended September 30, 2024. That result compares with a 15.73% gain for the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to
capitalgroup.com/mutual-fund-returns-A
.
What factors influenced results
U.S. bond markets remained strong during the fund’s fiscal year, most of which was spent anticipating a rate cut from the U.S. Federal Reserve that arrived only at the tail end of the period. Below-investment grade (BB/Ba and below) bonds delivered some of the strongest results within fixed income during this time.
Security selection within the portfolio was particularly additive during the period, with securities issued by electric utilities, technology companies and noncyclical consumer companies contributing strongly to returns when compared with the broader high yield index. The fund’s lowest rated securities provided some of the highest returns.
Conversely, the fund’s more defensive positioning (including bonds with higher credit ratings and, in some cases, recently upgraded investment grade securities), detracted from results relative to the broader high yield index given the overall solid performance of the high yield market.
How a hypothetical $10,000 investment has grown
Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.
Average annual total returns
| 1 year | 5 years | 10 years |
| American High-Income Trust — Class A (with sales charge) * | 12.46 % | 4.95 % | 4.40 % |
| American High-Income Trust — Class A (without sales charge) * | 16.81 % | 5.76 % | 4.80 % |
| Bloomberg U.S. Aggregate Index † | 11.57 % | 0.33 % | 1.84 % |
| Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index † | 15.73 % | 4.70 % | 5.04 % |
Effective July 24, 2024, the fund's primary benchmark changed from the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (the "Previous Primary Benchmark") to the Bloomberg U.S. Aggregate Index, a broad-based index that represents the overall applicable securities market, as required by the SEC. The Previous Primary Benchmark provides a means to compare the fund's results to a benchmark that the investment adviser believes is more representative of the fund's investment universe. There is no change in the fund's investment strategies as a result of the benchmark change.
*
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.
†
Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Fund net assets (in millions) | $ 22,385 |
| Total number of portfolio holdings | 1,008 |
| Total advisory fees paid (in millions) | $ 55 |
| Portfolio turnover rate | 39 % |
Portfolio
holdings
by asset type
(percent of net assets)
Availability of additional information
Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at
(800) 421-4225
, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.
Lit. No. MFAAARX-021-1124 © 2024 Capital Group. All rights reserved.
ANNUAL SHAREHOLDER REPORT
American High-Income Trust
®
Class C | AHTCX
for the year ended September 30, 2024
This annual shareholder report contains important information about American High-Income Trust (the "fund")
for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at
capitalgroup.com/mutual-fund-literature-C
. You can also request this information by contacting us at (800) 421-4225.
What were the fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $ 157 | 1.45 % |
Management's discussion of fund performance
The fund’s Class C shares gained 15.97% for the year ended September 30, 2024. That result compares with a 15.73% gain for the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to
capitalgroup.com/mutual-fund-returns-C
.
What factors influenced results
U.S. bond markets remained strong during the fund’s fiscal year, most of which was spent anticipating a rate cut from the U.S. Federal Reserve that arrived only at the tail end of the period. Below-investment grade (BB/Ba and below) bonds delivered some of the strongest results within fixed income during this time.
Security selection within the portfolio was particularly additive during the period, with securities issued by electric utilities, technology companies and noncyclical consumer companies contributing strongly to returns when compared with the broader high yield index. The fund’s lowest rated securities provided some of the highest returns.
Conversely, the fund’s more defensive positioning (including bonds with higher credit ratings and, in some cases, recently upgraded investment grade securities), detracted from results relative to the broader high yield index given the overall solid performance of the high yield market.
How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.
Average annual total
returns
| 1 year | 5 years | 10 years |
| American High-Income Trust — Class C (with sales charge) * | 14.97 % | 4.98 % | 4.16 % |
| American High-Income Trust — Class C (without sales charge) * | 15.97 % | 4.98 % | 4.16 % |
| Bloomberg U.S. Aggregate Index † | 11.57 % | 0.33 % | 1.84 % |
| Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index † | 15.73 % | 4.70 % | 5.04 % |
Effective July 24, 2024, the fund's primary benchmark changed from the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (the "Previous Primary Benchmark") to the Bloo
mber
g U.S. Aggregate Index, a broad-based index that represents the overall applicable securities market, as required by the SEC. The Previous Primary Benchmark provides a means to compare the fund's results to a benchmark that the investment adviser believes is more representative of the fund's investment universe. There is no change in the fund's investment strategies as a result of the benchmark change.
*
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.
†
Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Fund net as sets (in millions) | $ 22,385 |
| Total number of portfolio holdings | 1,008 |
| Total advisory fees paid (in millions) | $ 55 |
| Portfolio turnover rate | 39 % |
Portfolio holdings by asset type
(percent of net assets)
Availability of additional information
Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at
(800) 421-4225
, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.
Lit. No. MFCCARX-021-1124 © 2024 Capital Group. All rights reserved.
ANNUAL SHAREHOLDER REPORT
American High-Income Trust
®
Class T | TAHIX
for the year ended September 30, 2024
This annual shareholder report contains important information about American High-Income Trust (the "fund")
for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at
capitalgroup.com/mutual-fund-literature
. You can also request this information by contacting us at (800) 421-4225.
What were the fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class T | $ 49 | 0.45 % |
Management's discussion of fund performance
The fund’s Class T shares gained 17.12% for the year ended September 30, 2024. That result compares with a 15.73% gain for the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index.
What factors influenced results
U.S. bond markets remained strong during the fund’s fiscal year, most of which was spent anticipating a rate cut from the U.S. Federal Reserve that arrived only at the tail end of the period. Below-investment grade (BB/Ba and below) bonds delivered some of the strongest results within fixed income during this time.
Security selection within the portfolio was particularly additive during the period, with securities issued by electric utilities, technology companies and noncyclical consumer companies contributing strongly to returns when compared with the broader high yield index. The fund’s lowest rated securities provided some of the highest returns.
Conversely, the fund’s more defensive positioning (including bonds with higher credit ratings and, in some cases, recently upgraded investment grade securities), detracted from results relative to the broader high yield index given the overall solid performance of the high yield market.
How a hypothetical $10,000 investment has grown
Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.
Average annual total
returns
| 1 year | 5 years | |
| American High-Income Trust — Class T (with sales charge) 2 | 14.21 % | 5.49 % | 5.15 % |
| American High-Income Trust — Class T (without sales charge) 2 | 17.12 % | 6.03 % | 5.51 % |
| Bloomberg U.S. Aggregate Index 3 | 11.57 % | 0.33 % | 1.66 % |
| Bloomberg U.S. Cor pora te High Yield 2% Issuer Capped Index3 | 15.73 % | 4.70 % | 4.92 % |
Effective July 24, 2024, the fund's primary benchmark changed from the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (the "Previous Primary Benchmark") to the Bloomberg U.S. Aggregate Index, a broad-based index that represents the overall applicable securities market, as required by the SEC. The Previous Primary Benchmark provides a means to compare the fund's results to a benchmark that the investment adviser believes is more representative of the fund's investment universe. There is no change in the fund's investment strategies as a result of the benchmark change.
1
Class T shares were first offered on April 7, 2017.
2
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.
3
Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Fund net assets (in millions) | $ 22,385 |
| Total number of portfolio holdings | 1,008 |
| Total adv isory fees paid (in millions) | $ 55 |
| Portfolio turnover rate | 39 % |
Portfolio holdings by asset type
(percent of net assets)
Availability of additional information
Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at
(800) 421-4225
, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.
Lit. No. MFTTARX-021-1124 © 2024 Capital Group. All rights reserved.
ANNUAL SHAREHOLDER REPORT
American High-Income Trust
®
Class F-1 | AHTFX
for the year ended September 30, 2024
This annual shareholder report contains important information about American High-Income Trust (the "fund")
for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at
capitalgroup.com/mutual-fund-literature-F1
. You can also request this information by contacting us at (800) 421-4225.
What were the fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class F-1 | $ 79 | 0.73 % |
Management's discussion of fund performance
The fund’s Class F-1 shares gained 16.80% for the year ended September 30, 2024. That result compares with a 15.73% gain for the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to
capitalgroup.com/mutual-fund-returns-F1
.
What factors influenced results
U.S. bond markets remained strong during the fund’s fiscal year, most of
which
was spent anticipating a rate cut from the U.S. Federal Reserve that arrived only at the tail end of the period. Below-investment grade (BB/Ba and below) bonds delivered some of the strongest results within fixed income during this time.
Security selection within the portfolio was particularly additive during the period, with securities issued by electric utilities, technology companies and noncyclical consumer companies contributing strongly to returns when compared with the broader high yield index. The fund’s lowest rated securities provided some of the highest returns.
Conversely, the fund’s more defensive positioning (including bonds with higher credit ratings and, in some cases, recently upgraded investment grade securities), detracted from results relative to the broader high yield index given the overall solid performance of the high yield market.
How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.
Average annual to
tal
returns
| 1 year | 5 years | 10 years |
| American High-Income Trust — Class F-1 * | 16.80 % | 5.75 % | 4.78 % |
| Bloomberg U.S. Aggregate Index † | 11.57 % | 0.33 % | 1.84 % |
| Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index † | 15.73 % | 4.70 % | 5.04 % |
Effective July 24, 2024, the fund's primary benchmark changed from the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (the "Previous Primary Benchmark") to the Bloomberg U.S. Aggregate Index, a broad-based index that represents the overall applicable securities market, as required by the SEC. The Previous Primary Benchmark provides a means to compare the fund's results to a benchmark that the investment adviser believes is more representative of the fund's investment universe. There is no change in the fund's investment strategies as a result of the benchmark change.
*
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.
†
Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Fund net assets (in millions) | $ 22,385 |
| Total number of portfolio holdings | 1,008 |
| Total advi sory fees paid (in millions) | $ 55 |
| Portfolio turnover rate | 39 % |
Portfolio holdings by asset type
(percent of net assets)
Availability of additional information
Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at
(800) 421-4225
, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.
Lit. No. MFF1ARX-021-1124 © 2024 Capital Group. All rights reserved.
ANNUAL SHAREHOLDER REPORT
American High-Income Trust
®
Class F-2 | AHIFX
for the year ended September 30, 2024
This annual shareholder report contains important information about American High-Income Trust (the "fund")
for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at
capitalgroup.com/mutual-fund-literature-F2
. You can also request this information by contacting us at (800) 421-4225.
What were the fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class F-2 | $ 47 | 0.43 % |
Management's discussion of fund performance
The fund’s Class F-2 shares gained 17.15% for the year ended September 30, 2024. That result compares with a 15.73% gain for the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to
capitalgroup.com/mutual-fund-returns-F2
.
What factors influenced results
U.S. bond markets remained strong during the fund’s fiscal year, most of which was spent anticipating a rate cut from the U.S. Federal Reserve that arrived only at the tail end of the period. Below-investment grade (BB/Ba and below) bonds delivered some of the strongest results within fixed income during this time.
Security selection within the portfolio was particularly additive during the period, with securities issued by electric utilities, technology companies and noncyclical consumer companies contributing strongly to returns when compared with the broader high yield index. The fund’s lowest rated securities provided some of the highest returns.
Conversely, the fund’s more defensive positioning (including bonds with higher credit ratings and, in some cases, recently upgraded investment grade securities), detracted from results relative to the broader high yield index given the overall solid performance of the high yield market.
How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.
Average annual total
returns
| 1 year | 5 years | 10 years |
| American High-Inc om e Trust — Class F-2* | 17.15 % | 6.06 % | 5.07 % |
| Bloomberg U.S. Aggregate Index † | 11.57 % | 0.33 % | 1.84 % |
| Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index † | 15.73 % | 4.70 % | 5.04 % |
Effective July 24, 2024, the fund's primary benchmark changed from the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (the "Previous Primary Benchmark") to the Bloomberg U.S. Aggregate Index, a broad-based index that represents the overall applicable securities market, as required by the SEC. The Previous Primary Benchmark provides a means to compare the fund's results to a benchmark that the investment adviser believes is more representative of the fund's investment universe. There is no change in the fund's investment strategies as a result of the benchmark change.
*
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.
†
Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Fund net assets (in millions) | $ 22,385 |
| Total number of portfolio holdings | 1,008 |
| Total adv isory fees paid (in millions) | $ 55 |
| Portfolio turnover rate | 39 % |
Portfolio holdings by asset type
(percent of net assets)
Availability of additional information
Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at
(800) 421-4225
, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.
Lit. No. MFF2ARX-021-1124 © 2024 Capital Group. All rights reserved.
ANNUAL SHAREHOLDER REPORT
American High-Income Trust
®
Class F-3 | HIGFX
for the year ended September 30, 2024
This annual shareholder report contains important information about American High-Income Trust (the "fund")
for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at
capitalgroup.com/mutual-fund-literature-F3
. You can also request this information by contacting us at (800) 421-4225.
What were the fund costs for the last year?
(
based
on a
hypothetical
$
10,000
investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class F-3 | $ 35 | 0.32 % |
Management's discussion of fund performance
The fund’s Class F-3 shares gained 17.27% for the year ended September 30, 2024. That result compares with a 15.73% gain for the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to
capitalgroup.com/mutual-fund-returns-F3
.
What factors influenced results
U.S. bond markets remained strong during the fund’s fiscal year, most of which was spent anticipating a rate cut from the U.S. Federal Reserve that arrived only at the tail end of the period. Below-investment grade (BB/Ba and below) bonds delivered some of the strongest results within fixed income during this time.
Security selection within the portfolio was particularly additive during the period, with securities issued by electric utilities, technology companies and noncyclical consumer companies contributing strongly to returns when compared with the broader high yield index. The fund’s lowest rated securities provided some of the highest returns.
Conversely, the fund’s more defensive positioning (including bonds with higher credit ratings and, in some cases, recently upgraded investment grade securities), detracted from results relative to the broader high yield index given the overall solid performance of the high yield market.
How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.
Average annual total returns
| 1 year | 5 years | |
| American High-Income Trust — Class F-3 2 | 17.27 % | 6.17 % | 5.67 % |
| Bloomberg U.S. Aggregate Index 3 | 11.57 % | 0.33 % | 1.74 % |
| Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index 3 | 15.73 % | 4.70 % | 4.99 % |
Effective July 24, 2024, the fund's primary benchmark changed from the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (the "Previous Primary Benchmark") to the Bloomberg U.S. Aggregate Index, a broad-based index that represents the overall applicable securities market, as required by the SEC. The Previous Primary Benchmark provides a means to compare the fund's results to a benchmark that the investment adviser believes is more representative of the fund's investment universe. There is no
change
in the fund's investment strategies as a result of the benchmark change.
1
Class F-3 shares were first offered on January 27, 2017.
2
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.
3
Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the
deduction
of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Fund net assets (in millions) | $ 22,385 |
| Total number of portfolio holdings | 1,008 |
| Total advisory fees paid (in millions) | $ 55 |
| Portfolio turnover rate | 39 % |
Portfolio holdings by asset type
(percent of net assets)
Availability of additional
information
Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at
(800) 421-4225
, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.
Lit. No. MFF3ARX-021-1124 © 2024 Capital Group. All rights reserved.
ANNUAL SHAREHOLDER REPORT
American High-Income Trust
®
Class 529-A | CITAX
for the year ended September 30, 2024
This annual shareholder report contains important information about American High-Income Trust (the "fund")
for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at
capitalgroup.com/mutual-fund-literature-529A
. You can also request this information by contacting us at (800) 421-4225.
What were the fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 529-A | $ 80 | 0.74 % |
Management's discussion of fund performance
The fund’s Class 529-A shares gained 16.79% for the year ended September 30, 2024. That result compares with a
15.73
% gain for the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to
capitalgroup.com/mutual-fund-returns-529A
.
What factors influenced results
U.S. bond markets remained strong during the fund’s fiscal year, most of which was spent anticipating a rate cut from the U.S. Federal Reserve that arrived only at the tail end of the period. Below-investment grade (BB/Ba and below) bonds delivered some of the strongest results within fixed income during this time.
Security selection within the portfolio was particularly additive during the period, with securities issued by electric utilities, technology companies and noncyclical consumer companies contributing strongly to returns when compared with the broader high yield index. The fund’s lowest rated securities provided some of the highest returns.
Conversely, the fund’s more defensive positioning (including bonds with higher credit ratings and, in some cases, recently upgraded investment grade securities), detracted from results relative to the broader high yield index given the overall solid performance of the high yield market.
How a hypothetical $10,000 investment has grown
Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.
Average annual total
returns
| 1 year | 5 years | 10 years |
| American High-Income Trust — Class 529-A (with sales charge) * | 12.67 % | 4.98 % | 4.38 % |
| American High-Income Trust — Class 529-A (without sales charge) * | 16.79 % | 5.73 % | 4.75 % |
| Bloomberg U.S. Aggregate Index † | 11.57 % | 0.33 % | 1.84 % |
| Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index † | 15.73 % | 4.70 % | 5.04 % |
Effective July 24, 2024, the fund's primary benchmark changed from the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (the "Previous Primary Benchmark") to the Bloomberg U.S. Aggregate Index, a broad-based index that represents the overall applicable securities market, as required by the SEC. The Previous Primary Benchmark provides a means to compare the fund's results to a benchmark that the investment adviser believes is more representative of the fund's investment universe. There is no change in the fund's investment strategies as a result of the benchmark change.
*
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.
†
Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Fund net assets (in millions) | $ 22,385 |
| Total number of portfolio holdings | 1,008 |
| Total ad viso ry fees paid (in millions) | $ 55 |
| Portfolio turnover rate | 39 % |
Portfolio holdings by asset type
(percent of net assets)
Availability of additional information
Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at
(800) 421-4225
, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.
Lit. No. MF5AARX-021-1124 © 2024 Capital Group. All rights reserved.
ANNUAL SHAREHOLDER REPORT
American High-Income Trust
®
Class 529-C | CITCX
for the year ended September 30, 2024
This annual shareholder report contains important information about American High-Income Trust (the "fund")
for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at
capitalgroup.com/mutual-fund-literature-529C
. You can also request this information by contacting us at (800) 421-4225.
What were the fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 529-C | $ 162 | 1.50 % |
Management's discussion of fund performance
The fund’s Class 529-C shares gained 15.91% for the year ended September 30, 2024. That result compares with a 15.73% gain for the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to
capitalgroup.com/mutual-fund-returns-529C
.
What factors influenced results
U.S. bond markets remained strong during the fund’s fiscal year, most of which was spent anticipating a rate cut from the U.S. Federal Reserve that arrived only at the tail end of the period. Below-investment grade (BB/Ba and below) bonds delivered some of the strongest results within fixed income during this time.
Security selection within the portfolio was particularly additive during the period, with securities issued by electric utilities, technology companies and noncyclical consumer companies contributing strongly to returns when compared with the broader high yield index. The fund’s lowest rated securities provided some of the highest returns.
Conversely, the fund’s more defensive positioning (including bonds with higher credit ratings and, in some cases, recently upgraded investment grade securities), detracted from results relative to the broader high yield index given the overall solid performance of the high yield market.
How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.
Average annual total returns
| 1 year | 5 years | 10 years |
| American High-Income Trust — Class 529-C (with sales charge) * | 14.91 % | 4.94 % | 4.35 % |
| American High-Income Trust — Class 529-C (without sales charge) * | 15.91 % | 4.94 % | 4.35 % |
| Bloomberg U.S. Aggregate Index † | 11.57 % | 0.33 % | 1.84 % |
| Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index † | 15.73 % | 4.70 % | 5.04 % |
Effective July 24, 2024, the fund's primary benchmark changed from the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (the "Previous Primary Benchmark") to the Bloomberg U.S. Aggregate Index, a broad-based index that represents the overall applicable securities market, as required by the SEC. The Previous Primary Benchmark provides a means to compare the fund's results to a benchmark that the investment adviser believes is more representative of the fund's investment universe. There is no change in the fund's investment strategies as a result of the benchmark change.
*
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.
†
Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Fund net assets (in millions) | $ 22,385 |
| Total number of portfolio holdings | 1,008 |
| Total advisory fees paid (in millions) | $ 55 |
| Portfolio turnover rate | 39 % |
Portfolio holdings by asset type
(percent of net assets)
Availability of additional information
Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at
(800) 421-4225
, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.
Lit. No. MF5CARX-021-1124 © 2024 Capital Group. All rights reserved.
ANNUAL SHAREHOLDER REPORT
American High-Income Trust
®
for the year ended September 30, 2024
This annual shareholder report contains important information about American High-Income Trust (the "fund")
for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at
capitalgroup.com/mutual-fund-literature-529E
. You can also request this information by contacting us at (800) 421-4225.
What were the fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 529-E | $ 101 | 0.93 % |
Management's discussion of fund performance
The fund’s Class 529-E shares gained 16.57% for the year ended September 30, 2024. That result compares with a 15.73% gain for the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to
capitalgroup.com/mutual-fund-returns-529E
.
What factors influenced results
U.S. bond markets remained strong during the fund’s fiscal year, most of which was spent anticipating a rate cut from the U.S. Federal Reserve that arrived only at the tail end of the period. Below-investment grade (BB/Ba and below) bonds delivered some of the strongest results within fixed income during this time.
Security selection within the portfolio was particularly additive during the period, with securities issued by electric utilities, technology companies and noncyclical consumer companies contributing strongly to returns when compared with the broader high yield index. The fund’s lowest rated securities provided some of the highest returns.
Conversely, the fund’s more defensive positioning (including bonds with higher credit ratings and, in some cases, recently upgraded investment grade securities), detracted from results relative to the broader high yield index given the overall solid performance of the high yield market.
How a hypothetical $10,000
investment
has grown
Figures assume reinvestment of dividends and capital gains.
Average annual total returns
| 1 year | 5 years | 10 years |
| American High-Income Trust — Class 529-E * | 16.57 % | 5.53 % | 4.55 % |
| Bloomberg U.S. Aggregate Index † | 11.57 % | 0.33 % | 1.84 % |
| Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index † | 15.73 % | 4.70 % | 5.04 % |
Effective July 24, 2024, the fund's primary benchmark changed from the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (the "Previous Primary Benchmark") to the Bloomberg U.S. Aggregate Index, a broad-based index that represents the overall applicable securities market, as required by the SEC. The Previous Primary Benchmark provides a means to compare the fund's results to a benchmark that the investment adviser believes is more representative of the fund's investment universe. There is no change in the fund's investment strategies as a result of the benchmark change.
*
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.
†
Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest
directly
in an index. Source(s): Bloomberg Index Services Ltd.
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Fund net assets (in millions) | $ 22,385 |
| Total number of portfolio holdings | 1,008 |
| Total advisory fees paid (in millions) | $ 55 |
| Portfolio turnover rate | 39 % |
Portfolio holdings by asset type
(percent of net assets)
Availability of additional information
Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at
(800) 421-4225
, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.
Lit. No. MF5EARX-021-1124 © 2024 Capital Group. All rights reserved.
ANNUAL SHAREHOLDER REPORT
American High-Income Trust
®
Class 529-T | TAIHX
for the year ended September 30, 2024
This annual shareholder report contains important information about American High-Income Trust (the "fund")
for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at
capitalgroup.com/mutual-fund-literature
. You can also request this information by contacting us at (800) 421-4225.
What were the fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 529-T | $ 54 | 0.50 % |
Management's discussion of fund performance
The fund’s Class 529-T shares gained 17.06% for the year ended September 30, 2024. That result compares with a 15.73% gain for the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index.
What factors influenced results
U.S. bond markets remained strong during the fund’s fiscal year, most of which was spent anticipating a rate cut from the U.S. Federal Reserve that arrived only at the tail end of the period. Below-investment grade (BB/Ba and below) bonds delivered some of the strongest results within fixed income during this time.
Security selection within the portfolio was particularly additive during the period, with securities issued by electric utilities, technology companies and noncyclical consumer companies contributing strongly to returns when compared with the broader high yield index. The fund’s lowest rated securities provided some of the highest returns.
Conversely, the fund’s more defensive positioning (including bonds with higher credit ratings and, in some cases, recently upgraded investment grade securities), detracted from results relative to the broader high yield index given the overall solid performance of the high yield market.
How a hypothetical $10,000 investment has grown
Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.
Average annual total returns
| 1 year | 5 years | |
| American High-Income Trust — Class 529-T (with sales charge) 2 | 14.15 % | 5.43 % | 5.09 % |
| American High-Income Trust — Class 529-T (without sales charge) 2 | 17.06 % | 5.98 % | 5.45 % |
| Bloomberg U.S. Aggregate Index 3 | 11.57 % | 0.33 % | 1.66 % |
| Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index 3 | 15.73 % | 4.70 % | 4.92 % |
Effective July 24, 2024, the fund's primary benchmark changed from the Bloomberg U.S. Corporate High Yield 2% Issuer
Capped
Index (the "Previous Primary Benchmark") to the Bloomberg U.S. Aggregate Index, a broad-based index that represents the overall applicable securities market, as required by the SEC. The Previous Primary Benchmark provides a means to compare the fund's results to a benchmark that the investment adviser believes is more representative of the fund's investment universe. There is no change in the fund's investment strategies as a result of the benchmark change.
1
Class 529-T shares were first offered on April 7, 2017.
2
Investment results assume all distributions are reinvested and reflect
applicable
fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.
3
Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Fund net assets (in millions) | $ 22,385 |
| Total number of portfolio holdings | 1,008 |
| Total advisory fees paid (in millions) | $ 55 |
| Portfolio turnover rate | 39 % |
Portfolio holdings by asset type
(percent of net assets)
Availability of additional information
Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at
(800) 421-4225
, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.
Lit. No. MF5TARX-021-1124 © 2024 Capital Group. All rights reserved.
ANNUAL SHAREHOLDER REPORT
American High-Income Trust
®
for the year ended September 30, 2024
This annual shareholder report contains important information about American High-Income Trust (the "fund")
for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at
capitalgroup.com/mutual-fund-literature-529F1
. You can also request this information by contacting us at (800) 421-4225.
What were the fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 529-F-1 | $ 60 | 0.55 % |
Management's discussion of fund performance
The fund’s Class 529-F-1 shares gained 17.00% for the year ended September 30,
2024
. That result compares with a 15.73% gain for the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to
capitalgroup.com/mutual-fund-returns-529F1
.
What factors influenced results
U.S. bond markets remained strong during the fund’s fiscal year, most of which was spent anticipating a rate cut from the U.S. Federal Reserve that arrived only at the tail end of the period. Below-investment grade (BB/Ba and below) bonds delivered some of the strongest results within fixed income during this time.
Security selection within the portfolio was particularly additive during the period, with securities issued by electric utilities, technology companies and noncyclical consumer companies contributing strongly to returns when compared with the broader high yield index. The fund’s lowest rated securities provided some of the highest returns.
Conversely, the fund’s more defensive positioning (including bonds with higher credit ratings and, in some cases, recently upgraded investment grade securities), detracted from results relative to the broader high yield index given the overall solid performance of the high yield market.
How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.
Average annual total returns
| 1 year | 5 years | 10 years |
| American High-Income Trust — Class 529-F-1 * | 17.00 % | 5.94 % | 4.97 % |
| Bloomberg U.S. Aggregate Index † | 11.57 % | 0.33 % | 1.84 % |
| Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index † | 15.73 % | 4.70 % | 5.04 % |
Effective July 24, 2024, the fund's primary benchmark changed from the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (the "Previous Primary Benchmark") to the Bloomberg U.S. Aggregate Index, a broad-based index that represents the overall applicable securities market, as required by the SEC. The Previous Primary Benchmark provides a means to compare the fund's results to a benchmark that the investment adviser believes is more representative of the fund's investment universe. There is no change in the fund's investment strategies as a result of the benchmark change.
*
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.
†
Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Fund net assets (in millions) | $ 22,385 |
| Total number of portfolio holdings | 1,008 |
| Total advisory fees paid (in millions) | $ 55 |
| Portfolio turnover rate | 39 % |
Portfolio holdings by asset type
(percent of net assets)
Availability of additional information
Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at
(800) 421-4225
, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.
Lit. No. MF5FARX-021-1124 © 2024 Capital Group. All rights reserved.
ANNUAL SHAREHOLDER REPORT
American High-Income Trust
®
Class 529-F-2 | FAHHX
for the year ended September 30, 2024
This annual shareholder report contains important information about American High-Income Trust (the "fund")
for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at
capitalgroup.com/mutual-fund-literature-529F2
. You can also request this information by contacting us at (800) 421-4225.
What were the fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 529-F-2 | $ 48 | 0.44 % |
Management's discussion of fund performance
The fund’s Class 529-F-2 shares gained 17.14% for the year ended September 30, 2024. That result compares with a 15.73% gain for the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to
capitalgroup.com/mutual-fund-returns-529F2
.
What factors influenced results
U.S. bond markets remained strong during the fund’s fiscal year, most of which was spent anticipating a rate cut from the U.S. Federal Reserve that arrived only at the tail end of the period. Below-investment grade (BB/Ba and below) bonds delivered some of the strongest results within fixed income during this time.
Security selection within the portfolio was particularly additive during the period, with securities issued by electric utilities, technology companies and noncyclical consumer companies contributing strongly to returns when compared with the broader high yield index. The fund’s lowest rated securities provided some of the highest returns.
Conversely, the fund’s more defensive positioning (including bonds with higher credit ratings and, in some cases, recently upgraded investment grade securities), detracted from results relative to the broader high yield index given the overall solid performance of the high yield market.
How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.
Average annual total returns
| 1 year | |
| American High-Income Trust — Class 529-F-2 2 | 17.14 % | 6.88 % |
| Bloomberg U.S. Aggregate Index 3 | 11.57 % | (1.18 ) % |
| Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index 3 | 15.73 % | 5.06 % |
Effective July 24, 2024, the fund's primary benchmark changed from the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (the "Previous Primary Benchmark") to the Bloomberg U.S. Aggregate Index, a broad-based index that represents the overall applicable securities market, as required by the SEC. The Previous Primary Benchmark provides a means to compare the fund's results to a benchmark that the investment adviser believes is more representative of the fund's investment universe. There is no change in the fund's investment strategies as a result of the benchmark change.
1
Class 529-F-2 shares were first offered on October 30, 2020.
2
Investment results assume all distributions are reinvested and reflect
applicable
fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.
3
Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Fund net assets (in millions) | $ 22,385 |
| Total number of portfolio holdings | 1,008 |
| Total advisory fees paid (in millions) | $ 55 |
| Portfolio turnover rate | 39 % |
Portfolio holdings by asset type
(percent of net assets)
Availability of additional information
Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at
(800) 421-4225
, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.
Lit. No. MF5XARX-021-1124 © 2024 Capital Group. All rights reserved.
ANNUAL SHAREHOLDER REPORT
American High-Income Trust
®
Class 529-F-3 | FTAHX
for the year ended September 30, 2024
This annual shareholder report contains important information about American High-Income Trust (the "fund")
for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at
capitalgroup.com/mutual-fund-literature-529F3
. You can also request this information by contacting us at (800) 421-4225.
What were the fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 529-F-3 | $ 42 | 0.39 % |
Management's discussion of fund performance
The fund’s Class 529-F-3 shares gained 17.19% for the year ended September 30, 2024. That result compares with a 15.73% gain for the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to
capitalgroup.com/mutual-fund-returns-529F3
.
What factors influenced results
U.S. bond markets remained strong during the fund’s fiscal year, most of which was spent anticipating a rate cut from the U.S. Federal Reserve that arrived only at the tail end of the period. Below-investment grade (BB/Ba and below) bonds delivered some of the strongest results within fixed income during this time.
Security selection within the portfolio was particularly additive during the period, with securities issued by electric utilities, technology companies and noncyclical consumer companies contributing strongly to returns when compared with the broader high yield index. The fund’s lowest rated securities provided some of the highest returns.
Conversely, the fund’s more defensive positioning (including bonds with higher credit ratings and, in some cases, recently upgraded investment grade securities), detracted from results relative to the broader high yield index given the overall solid performance of the high yield market.
How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.
Average annual total returns
| 1 year | |
| American High-Income Trust — Class 529-F-3 2 | 17.19 % | 6.92 % |
| Bloomberg U.S. Aggregate Index 3 | 11.57 % | (1.18 ) % |
| Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index 3 | 15.73 % | 5.06 % |
Effective July 24, 2024, the fund's primary benchmark changed from the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (the "Previous Primary Benchmark") to the Bloomberg U.S.
Aggregate
Index, a broad-based index that represents the overall applicable securities market, as required by the SEC. The Previous Primary Benchmark provides a means to compare the fund's results to a benchmark that the investment adviser believes is more representative of the fund's investment universe. There is no change in the fund's investment strategies as a result of the benchmark change.
1
Class 529-F-3 shares were first offered on October 30, 2020.
2
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.
3
Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Fund net assets (in millions) | $ 22,385 |
| Total number of portfolio holdings | 1,008 |
| Total advisory fees paid (in millions) | $ 55 |
| Portfolio turnover rate | 39 % |
Portfolio holdings by asset type
(percent of net assets)
Availability of additional information
Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at
(800) 421-4225
, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.
Lit. No. MF5YARX-021-1124 © 2024 Capital Group. All rights reserved.
ANNUAL SHAREHOLDER REPORT
American High-Income Trust
®
Class R-1 | RITAX
for the year ended September 30, 2024
This annual shareholder report contains important information about American High-Income Trust (the "fund")
for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at
capitalgroup.com/mutual-fund-literature-R1
. You can also request this information by contacting us at (800) 421-4225.
What were the fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R-1 | $ 153 | 1.42 % |
Management's discussion of fund performance
The fund’s Class R-1 shares gained 16.00% for the year ended September 30,
2024.
That result compares with a 15.73% gain for the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to
capitalgroup.com/mutual-fund-returns-R1
.
What factors influenced results
U.S. bond markets remained strong during the fund’s fiscal year, most of which was spent
anticipating
a rate cut from the U.S. Federal Reserve that arrived only at the tail end of the period. Below-investment grade (BB/Ba and below) bonds delivered some of the strongest results within fixed income during this time.
Security selection within the portfolio was particularly additive during the period, with securities issued by electric utilities, technology companies and noncyclical consumer companies contributing strongly to returns when compared with the broader high yield index. The fund’s lowest rated securities provided some of the highest returns.
Conversely, the fund’s more defensive positioning (including bonds with higher credit ratings and, in some cases, recently upgraded investment grade securities), detracted from results relative to the broader high yield index given the overall solid performance of the high yield market.
How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.
Average annual total returns
| 1 year | 5 years | 10 years |
American High-Income Trust — Class R-1 * | 16.00 % | 5.00 % | 4.02 % |
Bloomberg U.S. Aggregate Index † | 11.57 % | 0.33 % | 1.84 % |
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index † | 15.73 % | 4.70 % | 5.04 % |
Effective July 24, 2024, the fund's primary benchmark changed from the
Bloomberg
U.S. Corporate High Yield 2% Issuer Capped Index (the "Previous Primary Benchmark") to the Bloomberg U.S. Aggregate Index, a broad-based index that represents the overall applicable securities market, as required by the SEC. The Previous Primary Benchmark provides a means to compare the fund's results to a benchmark that the investment adviser believes is more representative of the fund's investment universe. There is no change in the fund's investment strategies as a result of the benchmark change.
*
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.
†
Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Fund net assets (in millions) | $ 22,385 |
| Total number of portfolio holdings | 1,008 |
| Total advisory fees paid (in millions) | $ 55 |
| Portfolio turnover rate | 39 % |
Portfolio holdings by asset type
(percent of net assets)
Availability of additional information
Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at
(800) 421-4225
, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.
Lit. No. MFR1ARX-021-1124 © 2024 Capital Group. All rights reserved.
ANNUAL SHAREHOLDER REPORT
American High-Income Trust
®
Class R-2 | RITBX
for the year ended September 30, 2024
This annual shareholder report contains important information about American High-Income Trust (the "fund")
for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at
capitalgroup.com/mutual-fund-literature-R2
. You can also request this information by contacting us at (800) 421-4225.
What were the fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R-2 | $ 152 | 1.41 % |
Management's discussion of fund performance
The fund’s Class R-2 shares gained 16.02% for the year ended September 30, 2024. That result compares with a 15.73% gain for the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to
capitalgroup.com/mutual-fund-returns-R2
.
What factors influenced results
U.S. bond markets remained strong during the fund’s fiscal year, most of which was spent anticipating a rate cut from the U.S. Federal Reserve that arrived only at the tail end of the period. Below-investment grade (BB/Ba and below) bonds delivered some of the strongest results within fixed income during this time.
Security selection within the portfolio was particularly additive during the period, with securities issued by electric utilities, technology companies and noncyclical consumer companies contributing strongly to returns when compared with the broader high yield index. The fund’s lowest rated securities provided some of the highest returns.
Conversely, the fund’s more defensive positioning (including bonds with higher credit ratings and, in some cases, recently upgraded investment grade securities), detracted from results relative to the broader high yield index given the
overall
solid performance of the high yield market.
How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.
Average annual total returns
| 1 year | 5 years | 10 years |
American High-Income Trust — Class R-2 * | 16.02 % | 5.01 % | 4.03 % |
| Bloomberg U.S. Aggregate Index † | 11.57 % | 0.33 % | 1.84 % |
| Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index † | 15.73 % | 4.70 % | 5.04 % |
Effective July 24, 2024, the fund's primary benchmark changed from the Bloomberg U.S. Corporate High
Yield
2% Issuer Capped Index (the "Previous Primary Benchmark") to the Bloomberg U.S. Aggregate Index, a broad-based index that represents the overall applicable securities market, as required by the SEC. The Previous Primary Benchmark provides a means to compare the fund's results to a benchmark that the investment adviser believes is more representative of the fund's investment universe. There is no change in the fund's investment strategies as a result of the benchmark change.
*
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.
†
Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index
Services
Ltd.
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Fund net assets (in millions) | $ 22,385 |
| Total number of portfolio holdings | 1,008 |
| Total advisory fees paid (in millions) | $ 55 |
| Portfolio turnover rate | 39 % |
Portfolio holdings by asset type
(percent of net assets)
Availability of additional information
Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at
(800) 421-4225
, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.
Lit. No. MFR2ARX-021-1124 © 2024 Capital Group. All rights reserved.
ANNUAL SHAREHOLDER REPORT
American High-Income Trust
®
Class R-2E | RTEHX
for the year ended September 30, 2024
This annual shareholder report contains important information about American High-Income Trust (the "fund")
for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at
capitalgroup.com/mutual-fund-literature-R2E
. You can also request this information by contacting us at (800) 421-4225.
What were the fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R-2E | $ 121 | 1.12 % |
Management's discussion of fund performance
The fund’s Class R-2E shares gained 16.35% for the year ended September 30, 2024. That result compares with a 15.73% gain for the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to
capitalgroup.com/mutual-fund-returns-R2E
.
What factors influenced results
U.S. bond markets remained strong during the fund’s fiscal year, most of which was spent anticipating a rate cut from the U.S. Federal Reserve that arrived only at the tail end of the period. Below-investment grade (BB/Ba and below) bonds delivered some of the strongest results within fixed income during this time.
Security selection within the portfolio was particularly additive during the period, with securities issued by electric utilities, technology companies and noncyclical consumer companies contributing strongly to returns when compared with the broader high yield index. The fund’s lowest rated securities provided some of the highest returns.
Conversely, the fund’s more defensive positioning (including bonds with higher credit ratings and, in some cases, recently upgraded investment grade securities), detracted from results relative to the broader high yield index given the
overall
solid performance of the high yield market.
How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.
Average annual
total
returns
| 1 year | 5 years | 10 years |
| American High-Income Trust — Class R-2E * | 16.35 % | 5.32 % | 4.38 % |
| Bloomberg U.S. Aggregate Index † | 11.57 % | 0.33 % | 1.84 % |
| Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index † | 15.73 % | 4.70 % | 5.04 % |
Effective July 24, 2024, the fund's primary benchmark changed from the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (the "Previous Primary Benchmark") to the Bloomberg U.S. Aggregate Index, a broad-based index that represents the overall applicable securities market, as required by the SEC. The Previous Primary Benchmark provides a means to compare the fund's results to a benchmark that the investment adviser believes is more representative of the fund's investment universe. There is no change in the fund's investment strategies as a result of the benchmark change.
*
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.
†
Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Fund net assets (in millions) | $ 22,385 |
| Total number of portfolio holdings | 1,008 |
| Total advisory fees paid (in millions) | $ 55 |
| Portfolio turnover rate | 39 % |
Portfolio holdings by asset type
(percent of net assets)
Availability of additional information
Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple
accounts
at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at
(800) 421-4225
, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.
Lit. No. MF2EARX-021-1124 © 2024 Capital Group. All rights reserved.
ANNUAL SHAREHOLDER REPORT
American High-Income Trust
®
for the year ended September 30, 2024
This annual shareholder report contains important information about American High-Income Trust (the "fund")
for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at
capitalgroup.com/mutual-fund-literature-R3
. You can also request this information by contacting us at (800) 421-4225.
What were the fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R-3 | $ 105 | 0.97 % |
Management's discussion of fund performance
The fund’s Class R-3 shares gained 16.52% for the year ended September 30, 2024. That result compares with a 15.73% gain for the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to
capitalgroup.com/mutual-fund-returns-R3
.
What factors influenced results
U.S. bond markets remained strong during the fund’s fiscal year, most of which was spent anticipating a rate cut from the U.S. Federal Reserve that arrived only at the tail end of the period. Below-investment grade (BB/Ba and below) bonds delivered some of the strongest results within fixed income during this time.
Security selection within the portfolio was particularly additive during the period, with securities issued by electric utilities, technology companies and noncyclical consumer companies contributing strongly to returns when compared with the broader high yield index. The fund’s lowest rated securities provided some of the highest returns.
Conversely, the fund’s more defensive positioning (including bonds with higher
credit
ratings and, in some cases, recently upgraded investment grade securities), detracted from results relative to the broader high yield index given the overall solid performance of the high yield market.
How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.
Average annual total returns
| 1 year | 5 years | 10 years |
American High-Income Trust — Class R-3 * | 16.52 % | 5.48 % | 4.50 % |
| Bloomberg U.S. Aggregate Index † | 11.57 % | 0.33 % | 1.84 % |
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index † | 15.73 % | 4.70 % | 5.04 % |
Effective July 24, 2024, the fund's primary benchmark changed from the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (the "Previous Primary Benchmark") to the Bloomberg U.S. Aggregate Index, a broad-based index that represents the overall applicable securities market, as required by the SEC. The Previous Primary Benchmark provides a means to compare the fund's results to a benchmark that the investment adviser believes is more representative of the fund's investment universe. There is no change in the fund's investment strategies as a result of
the
benchmark change.
*
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.
†
Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Fund net assets (in millions) | $ 22,385 |
| Total number of portfolio holdings | 1,008 |
| Total advisory fees paid (in millions) | $ 55 |
| Portfolio turnover rate | 39 % |
Portfolio holdings by asset type
(percent of net assets)
Availability of additional information
Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at
(800) 421-4225
, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.
Lit. No. MFR3ARX-021-1124 © 2024 Capital Group. All rights reserved.
ANNUAL SHAREHOLDER REPORT
American High-Income Trust
®
Class R-4 | RITEX
for the year ended September 30, 2024
This
annual shareholder report
contains important information about American High-Income Trust (the "fund")
for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at
capitalgroup.com/mutual-fund-literature-R4
. You can also request this information by contacting us at (800) 421-4225.
What were the fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R-4 | $ 73 | 0.67 % |
Management's discussion of fund performance
The fund’s Class R-4 shares gained 16.87% for the year ended September 30, 2024. That result compares with a 15.73% gain for the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to
capitalgroup.com/mutual-fund-returns-R4
.
What factors influenced results
U.S. bond markets remained strong during the fund’s fiscal year, most of which was spent anticipating a rate cut from the U.S. Federal Reserve that arrived only at the tail end of the period. Below-investment grade (BB/Ba and below) bonds delivered some of the strongest results within fixed income during this time.
Security selection within the portfolio was particularly additive during the period, with securities issued by electric utilities, technology companies and noncyclical consumer companies contributing strongly to returns when compared with the broader high yield index. The fund’s lowest rated securities provided some of the highest returns.
Conversely, the fund’s more defensive positioning (including bonds with higher credit ratings and, in some cases, recently upgraded investment grade securities), detracted from results relative to the broader high yield index given the overall solid
performance
of the high yield market.
How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.
Average annual total returns
| 1 year | 5 years | 10 years |
American High-Income Trust — Class R-4 * | 16.87 % | 5.80 % | 4.82 % |
Bloomberg U.S. Aggregate Index † | 11.57 % | 0.33 % | 1.84 % |
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index † | 15.73 % | 4.70 % | 5.04 % |
Effective July 24, 2024, the fund's primary benchmark changed from the Bloomberg U.S. Corporate
High
Yield 2% Issuer Capped Index (the "Previous Primary Benchmark") to the Bloomberg U.S. Aggregate Index, a broad-based index that represents the overall applicable securities market, as required by the SEC. The Previous Primary Benchmark provides a means to compare the fund's results to a benchmark that the investment adviser believes is more representative of the fund's investment universe. There is no change in the fund's investment strategies as a result of the benchmark change.
*
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.
†
Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Fund net assets (in millions) | $ 22,385 |
| Total number of portfolio holdings | 1,008 |
| Total advisory fees paid (in millions) | $ 55 |
| Portfolio turnover rate | 39 % |
Portfolio holdings by asset type
(percent of net assets)
Availability of additional information
Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at
(800) 421-4225
, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.
Lit. No. MFR4ARX-021-1124 © 2024 Capital Group. All rights reserved.
ANNUAL SHAREHOLDER REPORT
American High-Income Trust
®
for the year ended September 30, 2024
This annual shareholder report contains important information about American High-Income Trust (the "fund")
for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at
capitalgroup.com/mutual-fund-literature-R5E
. You can also request this information by contacting us at (800) 421-4225.
What were the fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R-5E | $ 51 | 0.47 % |
Management's discussion of fund performance
The fund’s Class R-5E shares gained 17.10% for the year ended September 30, 2024. That result compares with a 15.73% gain for the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index. For information on
returns
for additional periods, including the fund lifetime, please refer to
capitalgroup.com/mutual-fund-returns-R5E
.
What factors influenced results
U.S. bond markets remained strong during the fund’s fiscal year, most of which was spent anticipating a rate cut from the U.S. Federal Reserve that arrived only at the tail end of the period. Below-investment grade (BB/Ba and below) bonds delivered some of the strongest results within fixed income during this time.
Security selection within the portfolio was particularly additive during the period, with securities issued by electric utilities, technology companies and noncyclical consumer companies contributing strongly to returns when compared with the broader high yield index. The fund’s lowest rated securities provided some of the highest returns.
Conversely, the fund’s more defensive positioning (including bonds with higher credit ratings and, in some cases, recently upgraded investment grade securities), detracted from results relative to the broader high yield index given the overall solid performance of the high yield market.
How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.
Average annual total returns
| 1 year | 5 years | |
| American High-Income Trust — Class R-5E 2 | 17.10 % | 6.01 % | 6.44 % |
| Bloomberg U.S. Aggregate Index 3 | 11.57 % | 0.33 % | 1.80 % |
| Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index 3 | 15.73 % | 4.70 % | 6.07 % |
Effective July 24, 2024, the fund's primary benchmark changed from the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (the "Previous Primary Benchmark") to the Bloomberg U.S. Aggregate Index, a broad-based index that represents the overall applicable securities market, as required by the SEC. The Previous Primary Benchmark provides a means to compare the fund's results to a benchmark that the investment adviser believes is more representative of the fund's investment universe. There is no change in the fund's investment strategies as a result of the benchmark change.
1
Class R-5E shares were first offered on November 20, 2015.
2
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When
applicable
, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.
3
Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Fund net assets (in millions) | $ 22,385 |
| Total number of portfolio holdings | 1,008 |
| Total advisory fees paid (in millions) | $ 55 |
| Portfolio turnover rate | 39 % |
Portfolio holdings by asset type
(percent of net assets)
Availability of additional information
Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at
(800) 421-4225
, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.
Lit. No. MFE5ARX-021-1124 © 2024 Capital Group. All rights reserved.
ANNUAL SHAREHOLDER REPORT
American High-Income Trust
®
Class R-5 | RITFX
for the year ended September 30, 2024
This annual shareholder report contains important information about American High-Income Trust (the "fund")
for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at
capitalgroup.com/mutual-fund-literature-R5
. You can also request this information by contacting us at (800) 421-4225.
What were the fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R-5 | $ 41 | 0.38 % |
Management's discussion of fund performance
The fund’s Class R-5 shares gained 17.21% for the year ended September 30, 2024. That result compares with a 15.73% gain for the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index. For information on returns for additional periods,
including
the fund lifetime, please refer to
capitalgroup.com/mutual-fund-returns-R5
.
What factors influenced results
U.S. bond markets remained strong during the fund’s fiscal year, most of which was spent anticipating a rate cut from the U.S. Federal Reserve that arrived only at the tail end of the period. Below-investment grade (BB/Ba and below) bonds delivered some of the strongest results within fixed income during this time.
Security selection within the portfolio was particularly additive during the period, with securities issued by electric utilities, technology companies and noncyclical consumer companies contributing strongly to returns when compared with the broader high yield index. The fund’s lowest rated securities provided some of the highest returns.
Conversely, the fund’s more defensive positioning (including bonds with higher credit ratings and, in some cases, recently upgraded investment grade securities), detracted from results relative to the broader high yield index given the overall solid performance of the high yield market.
How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.
Average annual total returns
| 1 year | 5 years | 10 years |
| American High-Income Trust — Class R-5 * | 17.21 % | 6.11 % | 5.13 % |
| Bloomberg U.S. Aggregate Index † | 11.57 % | 0.33 % | 1.84 % |
| Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index † | 15.73 % | 4.70 % | 5.04 % |
Effective July 24, 2024, the fund's primary benchmark changed from the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (the "Previous Primary Benchmark") to the Bloomberg U.S. Aggregate Index, a broad-based index that represents the overall applicable securities market, as required by the SEC. The Previous Primary Benchmark provides a means to compare the fund's results to a benchmark that the
investment
adviser believes is more representative of the fund's investment universe. There is no change in the fund's investment strategies as a result of the benchmark change.
*
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.
†
Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no
expenses
. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Fund net assets (in millions) | $ 22,385 |
| Total number of portfolio holdings | 1,008 |
| Total advisory fees paid (in millions) | $ 55 |
| Portfolio turnover rate | 39 % |
Portfolio holdings by asset type
(percent of net assets)
Availability of additional information
Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at
(800) 421-4225
, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.
Lit. No. MFR5ARX-021-1124 © 2024 Capital Group. All rights reserved.
ANNUAL SHAREHOLDER REPORT
American High-Income Trust
®
Class R-6 | RITGX
for the year ended September 30, 2024
This annual shareholder report contains important information about American High-Income Trust (the "fund")
for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at
capitalgroup.com/mutual-fund-literature-R6
. You
can
also request this information by contacting us at (800) 421-4225.
What were the fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R-6 | $ 35 | 0.32 % |
Management's discussion of fund performance
The fund’s Class R-6 shares gained 17.27% for the year ended September 30, 2024. That result compares with a 15.73% gain for the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to
capitalgroup.com/mutual-fund-returns-R6
.
What factors influenced results
U.S. bond markets remained strong during the fund’s fiscal year, most of which was spent anticipating a rate cut from the U.S. Federal Reserve that arrived only at the tail end of the period. Below-investment grade (BB/Ba and below) bonds delivered some of the strongest results within fixed income during this time.
Security selection within the portfolio was particularly additive during the period, with securities issued by electric utilities, technology companies and noncyclical consumer companies contributing strongly to returns when compared with the broader high yield index. The fund’s lowest rated securities provided some of the highest returns.
Conversely, the fund’s more defensive positioning (including bonds with higher credit ratings and, in some cases, recently upgraded investment grade securities), detracted from results relative to the broader high yield index given the overall solid performance of the high yield market.
How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.
Average annual total returns
| 1 year | 5 years | 10 years |
| American High-Income Trust — Class R-6 * | 17.27 % | 6.17 % | 5.19 % |
| Bloomberg U.S. Aggregate Index † | 11.57 % | 0.33 % | 1.84 % |
| Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index † | 15.73 % | 4.70 % | 5.04 % |
Effective July 24, 2024, the fund's primary
benchmark
changed from the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (the "Previous Primary Benchmark") to the Bloomberg U.S. Aggregate Index, a broad-based index that represents the overall applicable securities market, as required by the SEC. The Previous Primary Benchmark provides a means to compare the fund's results to a benchmark that the investment adviser believes is more representative of the fund's investment universe. There is no change in the fund's investment strategies as a result of the benchmark change.
*
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.
†
Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Fund net assets (in millions) | $ 22,385 |
| Total number of portfolio holdings | 1,008 |
| Total advisory fees paid (in millions) | $ 55 |
| Portfolio turnover rate | 39 % |
Portfolio holdings by asset type
(percent of net assets)
Availability of additional information
Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at
(800) 421-4225
, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.
Lit. No. MFR6ARX-021-1124 © 2024 Capital Group. All rights reserved.
ITEM 2 - Code of Ethics
The Registrant has adopted a Code of Ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer and principal accounting officer, or persons performing similar functions. A copy of the code of ethics is available without charge at capitalgroup.com.
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
Registrant1 | (a) Audit Fees | (b) Audit-Related Fees | (c) Tax Fees | (d) All Other Fees |
September 30, 2024 | 388,000 | 3,000 | 9,000 | None |
September 30, 2023 | 31,000 | 3,000 | 10,000 | None |
Adviser and Affiliates2 | | | | |
September 30, 2024 | Not Applicable | 2,550,000 | None | 11,000 |
September 30, 2023 | Not Applicable | 1,912,000 | None | None |
Registrant, Adviser and Affiliates3 | (g) Aggregate |
non-audit fees |
September 30, 2024 | 2,574,000 |
September 30, 2023 | 1,925,000 |
1The audit fees represents fees billed for professional services rendered for the audit and review of the Registrant's annual financial statements. The audit-related fees represents fees billed for assurance and related services that are reasonably related to the performance of the audit or review of the Registrant's financial statements, but not reported under "audit fees". The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns. The other fees represents fees, if any, billed for other products and services rendered by the principal accountant to the Registrant other than those reported under the "audit fees", "audit-related fees", and "tax fees".
2This 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. 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. The tax fees consist of consulting services relating to the Registrant’s investments. The other fees consist of subscription services related to an accounting research tool.
3Aggregate 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. 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.
(e1)(e2)(h) 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.
(f)Not applicable.
(i)Not applicable.
(j)Not applicable.
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 - Investments
The schedule of investments is included as part of the material filed under Item 7 of this Form.
ITEM 7 - Financial Statements and Financial Highlights for Open-End Management Investment Companies
American High-Income Trust® Financial Statements and Other Information N-CSR Items 7-11 for the year ended September 30, 2024 Lit. No. MFGEFP4-021-1124 © 2024 Capital Group. All rights reserved.
Investment portfolio September 30, 2024
| | | | | | | | | | |
| Bonds, notes & other debt instruments 86.67% | | Principal amount
(000) | | | Value (000) | |
Corporate bonds, notes & loans 86.36% | | | | | | | | |
Energy 13.71% | | 3R Lux SARL 9.75% 2/5/20311 | | | USD11,370 | | | $ | 11,990 | |
| | Antero Midstream Partners, LP 5.375% 6/15/20291 | | | 11,250 | | | | 11,141 | |
| | Antero Midstream Partners, LP 6.625% 2/1/20321 | | | 925 | | | | 958 | |
| | Antero Resources Corp. 5.375% 3/1/20301 | | | 4,600 | | | | 4,548 | |
| | Apache Corp. 4.625% 11/15/2025 | | | 5,540 | | | | 5,463 | |
| | Apache Corp. 5.10% 9/1/2040 | | | 6,985 | | | | 6,215 | |
| | Apache Corp. 4.75% 4/15/2043 | | | 3,015 | | | | 2,492 | |
| | Archrock Partners, LP 6.25% 4/1/20281 | | | 5,720 | | | | 5,753 | |
| | Archrock Partners, LP 6.625% 9/1/20321 | | | 7,260 | | | | 7,450 | |
| | Ascent Resources Utica Holdings, LLC 7.00% 11/1/20261 | | | 38,410 | | | | 38,475 | |
| | Ascent Resources Utica Holdings, LLC 9.00% 11/1/20271 | | | 3,830 | | | | 4,599 | |
| | Ascent Resources Utica Holdings, LLC 8.25% 12/31/20281 | | | 4,042 | | | | 4,144 | |
| | Ascent Resources Utica Holdings, LLC 5.875% 6/30/20291 | | | 24,485 | | | | 24,209 | |
| | Baytex Energy Corp. 8.50% 4/30/20301 | | | 10,440 | | | | 10,829 | |
| | Baytex Energy Corp. 7.375% 3/15/20321 | | | 41,905 | | | | 41,792 | |
| | BIP-V Chinook Holdco, LLC 5.50% 6/15/20311 | | | 25,330 | | | | 24,860 | |
| | Blue Racer Midstream, LLC 7.00% 7/15/20291 | | | 2,785 | | | | 2,898 | |
| | Blue Racer Midstream, LLC 7.25% 7/15/20321 | | | 16,370 | | | | 17,192 | |
| | Borr IHC, Ltd. 10.00% 11/15/20281 | | | 59,869 | | | | 62,251 | |
| | Borr IHC, Ltd. 10.375% 11/15/20301 | | | 22,564 | | | | 23,873 | |
| | California Resources Corp. 7.125% 2/1/20261 | | | 6,275 | | | | 6,279 | |
| | California Resources Corp. 8.25% 6/15/20291 | | | 11,625 | | | | 11,856 | |
| | Cenovus Energy, Inc. 5.375% 7/15/2025 | | | 204 | | | | 205 | |
| | Cenovus Energy, Inc. 4.25% 4/15/2027 | | | 390 | | | | 388 | |
| | Cenovus Energy, Inc. 5.25% 6/15/2037 | | | 151 | | | | 149 | |
| | Cenovus Energy, Inc. 5.40% 6/15/2047 | | | 232 | | | | 225 | |
| | Cheniere Energy Partners, LP 4.50% 10/1/2029 | | | 618 | | | | 610 | |
| | Cheniere Energy, Inc. 4.625% 10/15/2028 | | | 20,199 | | | | 20,081 | |
| | Chesapeake Energy Corp. 5.75% 3/15/20232 | | | 1,730 | | | | 36 | |
| | Chesapeake Energy Corp. 5.50% 2/1/20261 | | | 15,875 | | | | 15,858 | |
| | Chesapeake Energy Corp. 5.875% 2/1/20291 | | | 36,865 | | | | 37,083 | |
| | Chesapeake Energy Corp. 6.75% 4/15/20291 | | | 14,610 | | | | 14,894 | |
| | Chesapeake Energy Corp. 4.875% 4/15/20322 | | | 28,871 | | | | 595 | |
| | Chord Energy Corp. 6.375% 6/1/20261 | | | 2,865 | | | | 2,874 | |
| | CITGO Petroleum Corp. 8.375% 1/15/20291 | | | 29,970 | | | | 31,209 | |
| | Civitas Resources, Inc. 5.00% 10/15/20261 | | | 17,860 | | | | 17,676 | |
| | Civitas Resources, Inc. 8.375% 7/1/20281 | | | 16,615 | | | | 17,292 | |
| | Civitas Resources, Inc. 8.625% 11/1/20301 | | | 16,405 | | | | 17,395 | |
| | Civitas Resources, Inc. 8.75% 7/1/20311 | | | 65,373 | | | | 69,282 | |
| | CNX Midstream Partners, LP 4.75% 4/15/20301 | | | 5,745 | | | | 5,376 | |
| | CNX Resources Corp. 6.00% 1/15/20291 | | | 28,863 | | | | 29,042 | |
| | CNX Resources Corp. 7.375% 1/15/20311 | | | 18,926 | | | | 19,793 | |
| | CNX Resources Corp. 7.25% 3/1/20321 | | | 27,025 | | | | 28,403 | |
| | Comstock Resources, Inc. 6.75% 3/1/20291 | | | 3,640 | | | | 3,557 | |
| | Comstock Resources, Inc. 5.875% 1/15/20301 | | | 21,030 | | | | 19,679 | |
| | Constellation Oil Services Holding SA 13.50% 6/30/20251,3 | | | 3,302 | | | | 3,302 | |
| | Constellation Oil Services Holding SA 3.00% Cash 12/31/20264 | | | 47,404 | | | | 43,257 | |
| | Crescent Energy Finance, LLC 9.25% 2/15/20281 | | | 42,981 | | | | 44,856 | |
| | Crescent Energy Finance, LLC 7.625% 4/1/20321 | | | 28,840 | | | | 28,873 | |
| | Crescent Energy Finance, LLC 7.375% 1/15/20331 | | | 33,655 | | | | 33,152 | |
| | Delek Logistics Partners, LP 8.625% 3/15/20291 | | | 8,050 | | | | 8,476 | |
| | Devon Energy Corp. 5.875% 6/15/2028 | | | 2,830 | | | | 2,861 | |
| | Devon Energy Corp. 4.50% 1/15/2030 | | | 10,040 | | | | 9,955 | |
| | Diamond Foreign Asset Co. 8.50% 10/1/20301 | | | 7,845 | | | | 8,203 | |
| | DT Midstream, Inc. 4.125% 6/15/20291 | | | 26,695 | | | | 25,555 | |
| | DT Midstream, Inc. 4.375% 6/15/20311 | | | 7,241 | | | | 6,860 | |
| | Ecopetrol SA 8.375% 1/19/2036 | | | 6,860 | | | | 7,019 | |
| | Encino Acquisition Partners Holdings, LLC 8.50% 5/1/20281 | | | 15,469 | | | | 15,758 | |
| | Encino Acquisition Partners Holdings, LLC 8.75% 5/1/20311 | | | 25,420 | | | | 26,755 | |
| | Energean Israel Finance, Ltd. 4.875% 3/30/20261 | | | 5,000 | | | | 4,776 | |
| | Energean Israel Finance, Ltd. 5.375% 3/30/20281 | | | 5,000 | | | | 4,510 | |
| | Energean Israel Finance, Ltd. 5.875% 3/30/20311 | | | 22,830 | | | | 19,559 | |
| | Energy Transfer, LP 6.00% 2/1/20291 | | | 1,500 | | | | 1,538 | |
| | | | | | |
| 1 | | American High-Income Trust | | | | |
| | | | | | | | | | |
| Bonds, notes & other debt instruments (continued) | | Principal amount
(000) | | | Value (000) | |
Corporate bonds, notes & loans (continued) | | | | | | | | |
Energy (continued) | | Energy Transfer, LP 7.375% 2/1/20311 | | | USD377 | | | $ | 401 | |
| | EQM Midstream Partners, LP 4.125% 12/1/2026 | | | 1,987 | | | | 1,963 | |
| | EQM Midstream Partners, LP 6.50% 7/1/20271 | | | 22,265 | | | | 22,951 | |
| | EQM Midstream Partners, LP 5.50% 7/15/2028 | | | 4,765 | | | | 4,833 | |
| | EQM Midstream Partners, LP 4.50% 1/15/20291 | | | 16,210 | | | | 15,870 | |
| | EQM Midstream Partners, LP 6.375% 4/1/20291 | | | 4,000 | | | | 4,133 | |
| | EQM Midstream Partners, LP 7.50% 6/1/20301 | | | 7,428 | | | | 8,163 | |
| | EQM Midstream Partners, LP 4.75% 1/15/20311 | | | 35,921 | | | | 34,806 | |
| | EQM Midstream Partners, LP 6.50% 7/15/2048 | | | 23,953 | | | | 24,788 | |
| | EQT Corp. 5.00% 1/15/2029 | | | 3,925 | | | | 3,973 | |
| | EQT Corp. 3.625% 5/15/20311 | | | 6,515 | | | | 5,985 | |
| | Genesis Energy, LP 8.00% 1/15/2027 | | | 66,354 | | | | 67,885 | |
| | Genesis Energy, LP 7.75% 2/1/2028 | | | 8,635 | | | | 8,750 | |
| | Genesis Energy, LP 8.25% 1/15/2029 | | | 32,535 | | | | 33,721 | |
| | Genesis Energy, LP 8.875% 4/15/2030 | | | 23,828 | | | | 25,067 | |
| | Genesis Energy, LP 7.875% 5/15/2032 | | | 55,735 | | | | 56,791 | |
| | Global Partners, LP 6.875% 1/15/2029 | | | 2,950 | | | | 2,967 | |
| | Global Partners, LP 8.25% 1/15/20321 | | | 11,825 | | | | 12,275 | |
| | Gran Tierra Energy, Inc. 9.50% 10/15/20291 | | | 5,825 | | | | 5,533 | |
| | Gulfport Energy Corp. 6.75% 9/1/20291 | | | 7,505 | | | | 7,602 | |
| | Harbour Energy PLC 5.50% 10/15/20261 | | | 30,030 | | | | 29,925 | |
| | Harvest Midstream I, LP 7.50% 9/1/20281 | | | 35,517 | | | | 36,373 | |
| | Harvest Midstream I, LP 7.50% 5/15/20321 | | | 20,180 | | | | 21,243 | |
| | Hess Midstream Operations, LP 5.125% 6/15/20281 | | | 6,390 | | | | 6,327 | |
| | Hess Midstream Operations, LP 6.50% 6/1/20291 | | | 8,995 | | | | 9,317 | |
| | Hess Midstream Operations, LP 4.25% 2/15/20301 | | | 28,875 | | | | 27,591 | |
| | Hess Midstream Operations, LP 5.50% 10/15/20301 | | | 9,470 | | | | 9,457 | |
| | Hilcorp Energy I, LP 6.25% 11/1/20281 | | | 3,515 | | | | 3,511 | |
| | Hilcorp Energy I, LP 5.75% 2/1/20291 | | | 21,475 | | | | 20,909 | |
| | Hilcorp Energy I, LP 6.00% 4/15/20301 | | | 19,453 | | | | 18,979 | |
| | Hilcorp Energy I, LP 6.00% 2/1/20311 | | | 26,882 | | | | 26,196 | |
| | Hilcorp Energy I, LP 6.25% 4/15/20321 | | | 20,585 | | | | 20,053 | |
| | Hilcorp Energy I, LP 8.375% 11/1/20331 | | | 43,831 | | | | 47,288 | |
| | Kodiak Gas Services, LLC 7.25% 2/15/20291 | | | 6,480 | | | | 6,711 | |
| | Kraken Oil & Gas Partners, LLC 7.625% 8/15/20291 | | | 2,875 | | | | 2,874 | |
| | Lealand Finance Co. BV, Term Loan, (3-month USD CME Term SOFR + 1.00%)
3.00% PIK and 6.36% Cash 12/31/20274,5,6 | | | 41 | | | | 15 | |
| | Matador Resources Co. 6.875% 4/15/20281 | | | 8,675 | | | | 8,830 | |
| | Matador Resources Co. 6.50% 4/15/20321 | | | 17,840 | | | | 17,827 | |
| | Matador Resources Co. 6.25% 4/15/20331 | | | 14,415 | | | | 14,209 | |
| | MEG Energy Corp. 5.875% 2/1/20291 | | | 16,730 | | | | 16,383 | |
| | Mesquite Energy, Inc. 7.25% 2/15/20231,2 | | | 22,796 | | | | 484 | |
| | Murphy Oil Corp. 6.375% 7/15/2028 | | | 4,682 | | | | 4,760 | |
| | Murphy Oil Corp. 6.00% 10/1/2032 | | | 10,445 | | | | 10,313 | |
| | Murphy Oil USA, Inc. 3.75% 2/15/20311 | | | 21,480 | | | | 19,379 | |
| | Nabors Industries, Inc. 7.375% 5/15/20271 | | | 29,980 | | | | 30,071 | |
| | Nabors Industries, Inc. 9.125% 1/31/20301 | | | 29,060 | | | | 29,995 | |
| | Nabors Industries, Inc. 8.875% 8/15/20311 | | | 16,205 | | | | 15,430 | |
| | New Fortress Energy, Inc. 6.75% 9/15/20251 | | | 28,242 | | | | 27,079 | |
| | New Fortress Energy, Inc. 6.50% 9/30/20261 | | | 149,253 | | | | 125,550 | |
| | New Fortress Energy, Inc. 8.75% 3/15/20291 | | | 57,015 | | | | 42,973 | |
| | New Fortress Energy, Inc., Term Loan,
(3-month USD CME Term SOFR + 5.00%) 10.252% 10/30/20285,6 | | | 6,158 | | | | 5,577 | |
| | NGL Energy Operating, LLC 8.125% 2/15/20291 | | | 20,580 | | | | 21,118 | |
| | NGL Energy Operating, LLC 8.375% 2/15/20321 | | | 36,400 | | | | 37,539 | |
| | NGPL PipeCo, LLC 4.875% 8/15/20271 | | | 1,010 | | | | 1,014 | |
| | Noble Finance II, LLC 8.00% 4/15/20301 | | | 29,475 | | | | 30,435 | |
| | Northern Oil and Gas, Inc. 8.125% 3/1/20281 | | | 38,230 | | | | 38,539 | |
| | Northern Oil and Gas, Inc. 8.75% 6/15/20311 | | | 16,655 | | | | 17,376 | |
| | NuStar Logistics, LP 6.00% 6/1/2026 | | | 6,129 | | | | 6,170 | |
| | Occidental Petroleum Corp. 4.20% 3/15/2048 | | | 2,543 | | | | 2,006 | |
| | Parkland Corp. 4.625% 5/1/20301 | | | 7,220 | | | | 6,814 | |
| | Permian Resources Operating, LLC 8.00% 4/15/20271 | | | 1,190 | | | | 1,226 | |
| | Permian Resources Operating, LLC 5.875% 7/1/20291 | | | 1,375 | | | | 1,375 | |
| | Permian Resources Operating, LLC 9.875% 7/15/20311 | | | 35,710 | | | | 39,882 | |
| | Permian Resources Operating, LLC 7.00% 1/15/20321 | | | 22,620 | | | | 23,551 | |
| | Permian Resources Operating, LLC 6.25% 2/1/20331 | | | 42,361 | | | | 43,076 | |
| | | | | | | | |
| | | | American High-Income Trust | | | 2 | |
| | | | | | | | | | |
| Bonds, notes & other debt instruments (continued) | | Principal amount
(000) | | | Value (000) | |
Corporate bonds, notes & loans (continued) | | | | | | | | |
Energy (continued) | | Petroleos Mexicanos 6.875% 10/16/2025 | | | USD6,200 | | | $ | 6,211 | |
| | Petroleos Mexicanos 4.50% 1/23/2026 | | | 10,000 | | | | 9,681 | |
| | Petroleos Mexicanos 6.875% 8/4/2026 | | | 5,000 | | | | 4,984 | |
| | Petroleos Mexicanos 8.75% 6/2/2029 | | | 14,137 | | | | 14,321 | |
| | Petroleos Mexicanos 6.84% 1/23/2030 | | | 3,670 | | | | 3,401 | |
| | Petroleos Mexicanos 5.95% 1/28/2031 | | | 10,880 | | | | 9,424 | |
| | Petroleos Mexicanos 7.69% 1/23/2050 | | | 3,670 | | | | 2,870 | |
| | Petroleos Mexicanos 6.95% 1/28/2060 | | | 9,580 | | | | 6,877 | |
| | Range Resources Corp. 4.875% 5/15/2025 | | | 5,803 | | | | 5,778 | |
| | Range Resources Corp. 8.25% 1/15/2029 | | | 10,550 | | | | 10,929 | |
| | Range Resources Corp. 4.75% 2/15/20301 | | | 12,695 | | | | 12,255 | |
| | Saturn Oil & Gas, Inc. 9.625% 6/15/20291 | | | 26,028 | | | | 25,738 | |
| | Seadrill Finance, Ltd. 8.375% 8/1/20301 | | | 14,905 | | | | 15,572 | |
| | SM Energy Co. 6.50% 7/15/2028 | | | 2,910 | | | | 2,910 | |
| | Southwestern Energy Co. 5.70% 1/23/20257 | | | 5,630 | | | | 5,630 | |
| | Southwestern Energy Co. 8.375% 9/15/2028 | | | 8,875 | | | | 9,137 | |
| | Southwestern Energy Co. 5.375% 3/15/2030 | | | 15,225 | | | | 15,189 | |
| | Southwestern Energy Co. 4.75% 2/1/2032 | | | 4,615 | | | | 4,418 | |
| | Suburban Propane Partners, LP 5.00% 6/1/20311 | | | 4,610 | | | | 4,302 | |
| | Summit Midstream Holdings, LLC 8.625% 10/31/20291 | | | 17,290 | | | | 18,099 | |
| | Sunoco, LP 6.00% 4/15/2027 | | | 12,591 | | | | 12,642 | |
| | Sunoco, LP 5.875% 3/15/2028 | | | 4,885 | | | | 4,913 | |
| | Sunoco, LP 7.00% 9/15/20281 | | | 34,975 | | | | 36,275 | |
| | Sunoco, LP 7.00% 5/1/20291 | | | 6,585 | | | | 6,885 | |
| | Sunoco, LP 4.50% 5/15/2029 | | | 38,080 | | | | 36,640 | |
| | Sunoco, LP 4.50% 4/30/2030 | | | 40,575 | | | | 38,905 | |
| | Sunoco, LP 7.25% 5/1/20321 | | | 19,080 | | | | 20,241 | |
| | Superior Plus, LP 4.50% 3/15/20291 | | | 6,485 | | | | 6,154 | |
| | Tallgrass Energy Partners, LP 7.50% 10/1/20251 | | | 2,535 | | | | 2,535 | |
| | Talos Production, Inc. 9.00% 2/1/20291 | | | 20,510 | | | | 21,138 | |
| | Talos Production, Inc. 9.375% 2/1/20311 | | | 26,275 | | | | 27,036 | |
| | Targa Resources Partners, LP 6.50% 7/15/2027 | | | 4,322 | | | | 4,379 | |
| | Targa Resources Partners, LP 6.875% 1/15/2029 | | | 18,530 | | | | 19,013 | |
| | Targa Resources Partners, LP 5.50% 3/1/2030 | | | 6,906 | | | | 7,038 | |
| | Targa Resources Partners, LP 4.875% 2/1/2031 | | | 13,835 | | | | 13,742 | |
| | Transocean Aquila, Ltd. 8.00% 9/30/20281 | | | 7,543 | | | | 7,722 | |
| | Transocean Poseidon, Ltd. 6.875% 2/1/20271 | | | 8,610 | | | | 8,619 | |
| | Transocean Titan Financing, Ltd. 8.375% 2/1/20281 | | | 24,931 | | | | 25,701 | |
| | Transocean, Inc. 8.25% 5/15/20291 | | | 6,410 | | | | 6,360 | |
| | Transocean, Inc. 8.75% 2/15/20301 | | | 15,305 | | | | 15,970 | |
| | Transocean, Inc. 8.50% 5/15/20311 | | | 11,015 | | | | 10,952 | |
| | Transocean, Inc. 6.80% 3/15/2038 | | | 10,600 | | | | 8,660 | |
| | Transportadora de Gas del Sur SA 8.50% 7/24/20311 | | | 6,540 | | | | 6,824 | |
| | USA Compression Partners, LP 6.875% 9/1/2027 | | | 2,403 | | | | 2,425 | |
| | USA Compression Partners, LP 7.125% 3/15/20291 | | | 9,195 | | | | 9,478 | |
| | Venture Global Calcasieu Pass, LLC 3.875% 8/15/20291 | | | 28,325 | | | | 26,790 | |
| | Venture Global Calcasieu Pass, LLC 6.25% 1/15/20301 | | | 3,784 | | | | 3,969 | |
| | Venture Global Calcasieu Pass, LLC 4.125% 8/15/20311 | | | 47,040 | | | | 43,772 | |
| | Venture Global Calcasieu Pass, LLC 3.875% 11/1/20331 | | | 23,430 | | | | 21,032 | |
| | Venture Global LNG, Inc. 8.125% 6/1/20281 | | | 14,650 | | | | 15,283 | |
| | Venture Global LNG, Inc. 9.50% 2/1/20291 | | | 8,775 | | | | 9,891 | |
| | Venture Global LNG, Inc. 7.00% 1/15/20301 | | | 9,675 | | | | 9,891 | |
| | Venture Global LNG, Inc. 8.375% 6/1/20311 | | | 20,220 | | | | 21,365 | |
| | Venture Global LNG, Inc. 9.00% junior subordinated perpetual preferred bonds
(5-year UST Yield Curve Rate T Note Constant Maturity + 5.44% on 9/30/2029)1,7 | | | 10,000 | | | | 10,144 | |
| | Vital Energy, Inc. 7.875% 4/15/20321 | | | 13,205 | | | | 12,802 | |
| | W&T Offshore, Inc. 11.75% 2/1/20261 | | | 7,100 | | | | 7,244 | |
| | Weatherford International, Ltd. 8.625% 4/30/20301 | | | 66,731 | | | | 69,584 | |
| | Western Midstream Operating, LP 3.10% 2/1/20257 | | | 4,955 | | | | 4,917 | |
| | Western Midstream Operating, LP 4.50% 3/1/2028 | | | 340 | | | | 337 | |
| | Western Midstream Operating, LP 5.25% 2/1/20507 | | | 5,500 | | | | 4,992 | |
| | Wildfire Intermediate Holdings, LLC 7.50% 10/15/20291 | | | 9,530 | | | | 9,402 | |
| | | | | | | | | | |
| | | | | | | | | 3,069,829 | |
| | | | | | | | | | |
| | | | | | |
| 3 | | American High-Income Trust | | | | |
| | | | | | | | | | |
| Bonds, notes & other debt instruments (continued) | | Principal amount
(000) | | | Value (000) | |
Corporate bonds, notes & loans (continued) | | | | | | | | |
Communication services 12.35% | | Altice France Holding SA 10.50% 5/15/20271 | | | USD22,035 | | | $ | 7,643 | |
| | Altice France SA 5.125% 7/15/20291 | | | 53,921 | | | | 37,968 | |
| | Altice France SA 5.50% 10/15/20291 | | | 6,794 | | | | 4,766 | |
| | América Móvil, SAB de CV 10.125% 1/22/2029 | | | MXN129,800 | | | | 6,633 | |
| | CCO Holdings, LLC 5.50% 5/1/20261 | | | USD2,094 | | | | 2,091 | |
| | CCO Holdings, LLC 5.125% 5/1/20271 | | | 9,878 | | | | 9,729 | |
| | CCO Holdings, LLC 5.00% 2/1/20281 | | | 33,822 | | | | 32,926 | |
| | CCO Holdings, LLC 5.375% 6/1/20291 | | | 7,126 | | | | 6,873 | |
| | CCO Holdings, LLC 6.375% 9/1/20291 | | | 4,400 | | | | 4,408 | |
| | CCO Holdings, LLC 4.75% 3/1/20301 | | | 63,463 | | | | 58,423 | |
| | CCO Holdings, LLC 4.50% 8/15/20301 | | | 56,879 | | | | 51,601 | |
| | CCO Holdings, LLC 4.25% 2/1/20311 | | | 62,740 | | | | 55,361 | |
| | CCO Holdings, LLC 4.75% 2/1/20321 | | | 46,213 | | | | 40,766 | |
| | CCO Holdings, LLC 4.50% 5/1/2032 | | | 70,804 | | | | 61,276 | |
| | CCO Holdings, LLC 4.50% 6/1/20331 | | | 63,198 | | | | 53,720 | |
| | CCO Holdings, LLC 4.25% 1/15/20341 | | | 66,975 | | | | 54,996 | |
| | Charter Communications Operating, LLC 5.25% 4/1/2053 | | | 10,825 | | | | 8,852 | |
| | Clear Channel Outdoor Holdings, Inc. 7.75% 4/15/20281 | | | 11,000 | | | | 9,852 | |
| | Clear Channel Outdoor Holdings, Inc. 7.50% 6/1/20291 | | | 5,000 | | | | 4,311 | |
| | Cogent Communications Group, LLC 3.50% 5/1/20261 | | | 8,445 | | | | 8,240 | |
| | Connect Finco SARL 6.75% 10/1/20261 | | | 80,175 | | | | 80,175 | |
| | Connect Finco SARL 9.00% 9/15/20291 | | | 94,135 | | | | 91,215 | |
| | Consolidated Communications, Inc. 5.00% 10/1/20281 | | | 14,350 | | | | 13,221 | |
| | CSC Holdings, LLC 5.50% 4/15/20271 | | | 2,700 | | | | 2,377 | |
| | CSC Holdings, LLC 5.375% 2/1/20281 | | | 2,425 | | | | 2,045 | |
| | CSC Holdings, LLC 3.375% 2/15/20311 | | | 1,000 | | | | 710 | |
| | CSC Holdings, LLC, Term Loan B,
(3-month USD CME Term SOFR + 4.50%) 9.597% 1/18/20285,6 | | | 25,321 | | | | 24,696 | |
| | Diamond Sports Group, LLC 5.375% 8/15/20261,2 | | | 9,835 | | | | 129 | |
| | Diamond Sports Group, LLC 6.625% 8/15/20271,2 | | | 18,432 | | | | 242 | |
| | Diamond Sports Group, LLC, Term Loan, 5.00% 12/2/20244,5 | | | 1,611 | | | | 1,965 | |
| | DIRECTV Financing, LLC 5.875% 8/15/20271 | | | 67,350 | | | | 66,174 | |
| | DIRECTV Financing, LLC 8.875% 2/1/20301 | | | 7,075 | | | | 7,124 | |
| | DIRECTV Financing, LLC, Term Loan,
(3-month USD CME Term SOFR + 5.00%) 9.96% 8/2/20275,6 | | | 11,992 | | | | 12,013 | |
| | DISH DBS Corp. 5.875% 11/15/2024 | | | 245,395 | | | | 244,193 | |
| | DISH DBS Corp. 7.75% 7/1/2026 | | | 22,235 | | | | 19,316 | |
| | DISH DBS Corp. 5.25% 12/1/20261 | | | 4,575 | | | | 4,236 | |
| | DISH Network Corp. 11.75% 11/15/20271 | | | 125,195 | | | | 131,498 | |
| | Embarq Corp. 7.995% 6/1/2036 | | | 99,536 | | | | 44,478 | |
| | Frontier Communications Holdings, LLC 5.875% 10/15/20271 | | | 16,900 | | | | 16,983 | |
| | Frontier Communications Holdings, LLC 5.00% 5/1/20281 | | | 51,590 | | | | 51,164 | |
| | Frontier Communications Holdings, LLC 6.75% 5/1/20291 | | | 80,408 | | | | 81,033 | |
| | Frontier Communications Holdings, LLC 5.875% 11/1/2029 | | | 33,832 | | | | 33,616 | |
| | Frontier Communications Holdings, LLC 6.00% 1/15/20301 | | | 41,860 | | | | 41,826 | |
| | Frontier Communications Holdings, LLC 8.75% 5/15/20301 | | | 8,675 | | | | 9,252 | |
| | Frontier Communications Holdings, LLC 8.625% 3/15/20311 | | | 4,000 | | | | 4,316 | |
| | Gray Television, Inc. 7.00% 5/15/20271 | | | 66,354 | | | | 65,273 | |
| | Gray Television, Inc. 10.50% 7/15/20291 | | | 84,135 | | | | 87,959 | |
| | Gray Television, Inc. 4.75% 10/15/20301 | | | 12,860 | | | | 8,193 | |
| | Gray Television, Inc. 5.375% 11/15/20311 | | | 81,655 | | | | 51,129 | |
| | Gray Television, Inc., Term Loan B,
(3-month USD CME Term SOFR + 5.25%) 10.451% 6/4/20295,6 | | | 22,335 | | | | 21,528 | |
| | Intelsat Jackson Holdings SA 6.50% 3/15/20301 | | | 40,207 | | | | 38,570 | |
| | Lamar Media Corp. 3.625% 1/15/2031 | | | 10,350 | | | | 9,467 | |
| | Level 3 Financing, Inc. 3.75% 7/15/20291 | | | 11,500 | | | | 7,878 | |
| | Ligado Networks, LLC 17.50% PIK 11/22/20241,2,4 | | | 52,957 | | | | 9,267 | |
| | Ligado Networks, LLC, Term Loan, 17.50% 11/22/20242,3,4,5 | | | 5,697 | | | | 5,412 | |
| | Live Nation Entertainment, Inc. 4.75% 10/15/20271 | | | 10,235 | | | | 10,099 | |
| | Live Nation Entertainment, Inc. 3.75% 1/15/20281 | | | 5,605 | | | | 5,400 | |
| | Merlin Entertainments Group U.S. Holdings, Inc. 7.375% 2/15/20311 | | | 6,990 | | | | 7,023 | |
| | Netflix, Inc. 4.875% 4/15/2028 | | | 6,190 | | | | 6,343 | |
| | News Corp. 3.875% 5/15/20291 | | | 28,750 | | | | 27,214 | |
| | Nexstar Media, Inc. 5.625% 7/15/20271 | | | 11,995 | | | | 11,890 | |
| | Nexstar Media, Inc. 4.75% 11/1/20281 | | | 68,656 | | | | 65,651 | |
| | OUTFRONT Media Capital, LLC 4.625% 3/15/20301 | | | 60 | | | | 57 | |
| | ROBLOX Corp. 3.875% 5/1/20301 | | | 9,600 | | | | 8,945 | |
| | | | | | | | |
| | | | American High-Income Trust | | | 4 | |
| | | | | | | | | | |
| Bonds, notes & other debt instruments (continued) | | Principal amount
(000) | | | Value (000) | |
Corporate bonds, notes & loans (continued) | | | | | | | | |
Communication services (continued) | | Scripps Escrow II, Inc. 3.875% 1/15/20291 | | | USD14,018 | | | $ | 10,460 | |
| | Sirius XM Radio, Inc. 3.125% 9/1/20261 | | | 35,505 | | | | 34,331 | |
| | Sirius XM Radio, Inc. 5.00% 8/1/20271 | | | 13,800 | | | | 13,586 | |
| | Sirius XM Radio, Inc. 4.00% 7/15/20281 | | | 74,550 | | | | 70,390 | |
| | Sirius XM Radio, Inc. 5.50% 7/1/20291 | | | 8,500 | | | | 8,311 | |
| | Sirius XM Radio, Inc. 4.125% 7/1/20301 | | | 61,389 | | | | 55,715 | |
| | Sirius XM Radio, Inc. 3.875% 9/1/20311 | | | 119,697 | | | | 104,385 | |
| | Sprint Capital Corp. 6.875% 11/15/2028 | | | 6,365 | | | | 6,954 | |
| | Sprint Capital Corp. 8.75% 3/15/2032 | | | 17,147 | | | | 21,288 | |
| | Sprint, LLC 7.625% 3/1/2026 | | | 9,450 | | | | 9,769 | |
| | Stagwell Global, LLC 5.625% 8/15/20291 | | | 28,585 | | | | 27,659 | |
| | TEGNA, Inc. 5.00% 9/15/2029 | | | 8,337 | | | | 7,947 | |
| | T-Mobile USA, Inc. 3.375% 4/15/2029 | | | 15,950 | | | | 15,321 | |
| | Univision Communications, Inc. 6.625% 6/1/20271 | | | 83,970 | | | | 84,300 | |
| | Univision Communications, Inc. 8.00% 8/15/20281 | | | 55,765 | | | | 57,062 | |
| | Univision Communications, Inc. 4.50% 5/1/20291 | | | 93,800 | | | | 83,871 | |
| | Univision Communications, Inc. 7.375% 6/30/20301 | | | 48,128 | | | | 46,619 | |
| | Univision Communications, Inc. 8.50% 7/31/20311 | | | 21,430 | | | | 21,498 | |
| | Univision Communications, Inc., Term Loan,
(3-month USD CME Term SOFR + 4.25%) 8.854% 6/24/20295,6 | | | 1,221 | | | | 1,207 | |
| | Virgin Media Secured Finance PLC 4.50% 8/15/20301 | | | 5,275 | | | | 4,697 | |
| | VMED O2 UK Financing I PLC 4.25% 1/31/20311 | | | 49,120 | | | | 43,532 | |
| | VZ Secured Financing BV 5.00% 1/15/20321 | | | 11,580 | | | | 10,678 | |
| | WMG Acquisition Corp. 3.75% 12/1/20291 | | | 33,338 | | | | 31,412 | |
| | WMG Acquisition Corp. 3.875% 7/15/20301 | | | 16,147 | | | | 15,065 | |
| | WMG Acquisition Corp. 3.00% 2/15/20311 | | | 4,050 | | | | 3,594 | |
| | Ziggo Bond Co. BV 5.125% 2/28/20301 | | | 5,457 | | | | 5,036 | |
| | Ziggo BV 4.875% 1/15/20301 | | | 19,750 | | | | 18,788 | |
| | | | | | | | | | |
| | | | | | | | | 2,765,205 | |
| | | | | | | | | | |
| | | | | | | | | | | |
Consumer discretionary 9.68% | | Advance Auto Parts, Inc. 1.75% 10/1/2027 | | | 2,355 | | | | 2,106 | |
| | Advance Auto Parts, Inc. 5.95% 3/9/2028 | | | 23,148 | | | | 23,507 | |
| | Advance Auto Parts, Inc. 3.90% 4/15/2030 | | | 26,052 | | | | 23,317 | |
| | Advance Auto Parts, Inc. 3.50% 3/15/2032 | | | 13,756 | | | | 11,509 | |
| | Aimbridge Acquisition Co., Inc., Term Loan B,
(3-month USD CME Term SOFR + 3.75%) 8.71% 2/2/20265,6 | | | 55,063 | | | | 53,838 | |
| | Aimbridge Acquisition Co., Inc., Term Loan B,
(3-month USD CME Term SOFR + 4.75%) 9.71% 2/2/20265,6 | | | 14,175 | | | | 13,927 | |
| | Allied Universal Holdco, LLC 9.75% 7/15/20271 | | | 17,772 | | | | 17,827 | |
| | Allied Universal Holdco, LLC 4.625% 6/1/20281 | | | 4,940 | | | | 4,640 | |
| | Allied Universal Holdco, LLC 6.00% 6/1/20291 | | | 11,710 | | | | 10,476 | |
| | Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/20291 | | | 49,167 | | | | 51,845 | |
| | Asbury Automotive Group, Inc. 4.625% 11/15/20291 | | | 24,710 | | | | 23,585 | |
| | Asbury Automotive Group, Inc. 5.00% 2/15/20321 | | | 12,930 | | | | 12,269 | |
| | Bath & Body Works, Inc. 6.625% 10/1/20301 | | | 2,300 | | | | 2,347 | |
| | Bath & Body Works, Inc. 6.875% 11/1/2035 | | | 40,068 | | | | 41,796 | |
| | Bath & Body Works, Inc. 6.75% 7/1/2036 | | | 22,385 | | | | 23,094 | |
| | Boyd Gaming Corp. 4.75% 12/1/2027 | | | 8,389 | | | | 8,310 | |
| | Boyd Gaming Corp. 4.75% 6/15/20311 | | | 6,005 | | | | 5,738 | |
| | Boyne USA, Inc. 4.75% 5/15/20291 | | | 12,285 | | | | 11,819 | |
| | Caesars Entertainment, Inc. 8.125% 7/1/20271 | | | 11,525 | | | | 11,770 | |
| | Caesars Entertainment, Inc. 4.625% 10/15/20291 | | | 86,490 | | | | 82,327 | |
| | Caesars Entertainment, Inc. 7.00% 2/15/20301 | | | 45,830 | | | | 47,910 | |
| | Caesars Entertainment, Inc. 6.50% 2/15/20321 | | | 44,070 | | | | 45,614 | |
| | Carnival Corp. 7.625% 3/1/20261 | | | 450 | | | | 454 | |
| | Carnival Corp. 5.75% 3/1/20271 | | | 23,600 | | | | 23,916 | |
| | Carnival Corp. 4.00% 8/1/20281 | | | 50,890 | | | | 49,184 | |
| | Carnival Corp. 6.00% 5/1/20291 | | | 53,362 | | | | 54,100 | |
| | Carnival Corp. 7.00% 8/15/20291 | | | 6,690 | | | | 7,114 | |
| | Carnival Corp. 10.50% 6/1/20301 | | | 31,023 | | | | 33,703 | |
| | Clarios Global, LP 6.25% 5/15/20261 | | | 3,667 | | | | 3,668 | |
| | Clarios Global, LP 8.50% 5/15/20271 | | | 6,825 | | | | 6,860 | |
| | Cougar JV Subsidiary, LLC 8.00% 5/15/20321 | | | 33,855 | | | | 35,826 | |
| | Dana, Inc. 4.50% 2/15/2032 | | | 4,400 | | | | 3,905 | |
| | Fertitta Entertainment, LLC 4.625% 1/15/20291 | | | 28,310 | | | | 27,052 | |
| | Fertitta Entertainment, LLC 6.75% 1/15/20301 | | | 45,248 | | | | 42,185 | |
| | | | | | |
| 5 | | American High-Income Trust | | | | |
| | | | | | | | | | |
| Bonds, notes & other debt instruments (continued) | | Principal amount
(000) | | | Value (000) | |
Corporate bonds, notes & loans (continued) | | | | | | | | |
Consumer discretionary (continued) | | First Student Bidco, Inc. 4.00% 7/31/20291 | | | USD24,840 | | | $ | 23,328 | |
| | First Student Bidco, Inc., Term Loan B,
(3-month USD CME Term SOFR + 3.00%) 7.865% 7/21/20285,6 | | | 5,659 | | | | 5,671 | |
| | First Student Bidco, Inc., Term Loan C,
(3-month USD CME Term SOFR + 3.00%) 7.865% 7/21/20285,6 | | | 1,671 | | | | 1,675 | |
| | Ford Motor Credit Co., LLC 2.30% 2/10/2025 | | | 2,000 | | | | 1,978 | |
| | Ford Motor Credit Co., LLC 5.125% 6/16/2025 | | | 2,000 | | | | 2,000 | |
| | Ford Motor Credit Co., LLC 3.375% 11/13/2025 | | | 11,000 | | | | 10,794 | |
| | Ford Motor Credit Co., LLC 6.95% 6/10/2026 | | | 12,450 | | | | 12,822 | |
| | Ford Motor Credit Co., LLC 4.271% 1/9/2027 | | | 900 | | | | 884 | |
| | Ford Motor Credit Co., LLC 7.20% 6/10/2030 | | | 2,125 | | | | 2,291 | |
| | Ford Motor Credit Co., LLC 4.00% 11/13/2030 | | | 4,720 | | | | 4,366 | |
| | Ford Motor Credit Co., LLC 7.122% 11/7/2033 | | | 20,925 | | | | 22,630 | |
| | Ford Otomotiv Sanayi AS 7.125% 4/25/20291 | | | 6,350 | | | | 6,578 | |
| | Gap, Inc. 3.625% 10/1/20291 | | | 3,225 | | | | 2,920 | |
| | Gap, Inc. 3.875% 10/1/20311 | | | 2,148 | | | | 1,880 | |
| | Garrett Motion Holdings, Inc. 7.75% 5/31/20321 | | | 2,500 | | | | 2,560 | |
| | Genting New York, LLC 7.25% 10/1/20291 | | | 27,175 | | | | 27,520 | |
| | Hanesbrands, Inc. 4.875% 5/15/20261 | | | 17,698 | | | | 17,559 | |
| | Hanesbrands, Inc. 9.00% 2/15/20311 | | | 41,117 | | | | 44,420 | |
| | Hanesbrands, Inc., Term Loan B,
(3-month USD CME Term SOFR + 3.75%) 8.595% 3/8/20305,6 | | | 26,359 | | | | 26,359 | |
| | Hilton Domestic Operating Co., Inc. 4.875% 1/15/2030 | | | 8,287 | | | | 8,182 | |
| | Hilton Domestic Operating Co., Inc. 4.00% 5/1/20311 | | | 20,465 | | | | 19,150 | |
| | Hilton Grand Vacations Borrower, LLC 5.00% 6/1/20291 | | | 10,880 | | | | 10,345 | |
| | International Game Technology PLC 4.125% 4/15/20261 | | | 6,110 | | | | 6,034 | |
| | International Game Technology PLC 5.25% 1/15/20291 | | | 34,522 | | | | 34,414 | |
| | Jacobs Entertainment, Inc. 6.75% 2/15/20291 | | | 6,380 | | | | 6,210 | |
| | KB Home 6.875% 6/15/2027 | | | 6,170 | | | | 6,434 | |
| | KB Home 7.25% 7/15/2030 | | | 6,770 | | | | 7,075 | |
| | Kontoor Brands, Inc. 4.125% 11/15/20291 | | | 6,770 | | | | 6,398 | |
| | Las Vegas Sands Corp. 6.20% 8/15/2034 | | | 34,755 | | | | 36,413 | |
| | LCM Investments Holdings II, LLC 4.875% 5/1/20291 | | | 77,169 | | | | 74,212 | |
| | LCM Investments Holdings II, LLC 8.25% 8/1/20311 | | | 44,045 | | | | 46,804 | |
| | Levi Strauss & Co. 3.50% 3/1/20311 | | | 23,585 | | | | 21,402 | |
| | LGI Homes, Inc. 8.75% 12/15/20281 | | | 9,550 | | | | 10,233 | |
| | Light and Wonder International, Inc. 7.00% 5/15/20281 | | | 16,357 | | | | 16,511 | |
| | Light and Wonder International, Inc. 7.25% 11/15/20291 | | | 7,800 | | | | 8,076 | |
| | Light and Wonder International, Inc. 7.50% 9/1/20311 | | | 6,245 | | | | 6,555 | |
| | Lindblad Expeditions, LLC 6.75% 2/15/20271 | | | 4,075 | | | | 4,106 | |
| | Lithia Motors, Inc. 3.875% 6/1/20291 | | | 26,349 | | | | 24,611 | |
| | Lithia Motors, Inc. 4.375% 1/15/20311 | | | 12,640 | | | | 11,771 | |
| | M.D.C. Holdings, Inc. 6.00% 1/15/2043 | | | 16,252 | | | | 17,314 | |
| | Macy’s Retail Holdings, LLC 6.125% 3/15/20321 | | | 1,230 | | | | 1,194 | |
| | Marriott Ownership Resorts, Inc. 4.75% 1/15/2028 | | | 2,500 | | | | 2,404 | |
| | Marriott Ownership Resorts, Inc. 4.50% 6/15/20291 | | | 14,430 | | | | 13,584 | |
| | Melco Resorts Finance, Ltd. 5.75% 7/21/20281 | | | 32,785 | | | | 31,740 | |
| | Merlin Entertainments PLC 5.75% 6/15/20261 | | | 10,798 | | | | 10,676 | |
| | MGM Resorts International 5.50% 4/15/2027 | | | 5,707 | | | | 5,731 | |
| | Motel 6 Operating, LP, Term Loan B,
(3-month USD CME Term SOFR + 5.00%) 10.065% 9/9/20265,6 | | | 4,426 | | | | 4,448 | |
| | NCL Corp., Ltd. 5.875% 2/15/20271 | | | 12,465 | | | | 12,518 | |
| | Newell Brands Inc. 6.625% 9/15/2029 | | | 9,500 | | | | 9,636 | |
| | Party City Holdings, Inc. 0% 10/12/20283,8 | | | 9,100 | | | | — | 9 |
| | Party City Holdings, Inc. 0% 10/12/20283,8 | | | 5,000 | | | | — | 9 |
| | Party City Holdings, Inc. 12.00% PIK 1/11/20291,4,8 | | | 48,843 | | | | 47,228 | |
| | Penske Automotive Group, Inc. 3.75% 6/15/2029 | | | 6,325 | | | | 5,904 | |
| | Petco Health and Wellness Co., Inc., Term Loan B,
(1-month USD CME Term SOFR + 3.512%) 8.115% 3/3/20285,6 | | | 11,850 | | | | 11,289 | |
| | QVC, Inc. 4.45% 2/15/2025 | | | 12,390 | | | | 12,328 | |
| | RHP Hotel Properties, LP 7.25% 7/15/20281 | | | 8,782 | | | | 9,197 | |
| | RHP Hotel Properties, LP 4.50% 2/15/20291 | | | 15,140 | | | | 14,662 | |
| | Royal Caribbean Cruises, Ltd. 4.25% 7/1/20261 | | | 4,000 | | | | 3,958 | |
| | Royal Caribbean Cruises, Ltd. 5.375% 7/15/20271 | | | 9,480 | | | | 9,571 | |
| | Royal Caribbean Cruises, Ltd. 5.50% 4/1/20281 | | | 28,325 | | | | 28,702 | |
| | Royal Caribbean Cruises, Ltd. 6.25% 3/15/20321 | | | 38,620 | | | | 40,086 | |
| | Royal Caribbean Cruises, Ltd. 6.00% 2/1/20331 | | | 40,910 | | | | 41,966 | |
| | | | | | | | |
| | | | American High-Income Trust | | | 6 | |
| | | | | | | | | | |
| Bonds, notes & other debt instruments (continued) | | Principal amount
(000) | | | Value (000) | |
Corporate bonds, notes & loans (continued) | | | | | | | | |
Consumer discretionary (continued) | | Sally Holdings, LLC 6.75% 3/1/2032 | | | USD46,702 | | | $ | 48,009 | |
| | Scientific Games Holdings, LP 6.625% 3/1/20301 | | | 16,870 | | | | 16,753 | |
| | Scientific Games Holdings, LP, Term Loan,
(3-month USD CME Term SOFR + 3.00%) 8.318% 4/4/20295,6 | | | 10,579 | | | | 10,533 | |
| | Service Corp. International 4.00% 5/15/2031 | | | 9,625 | | | | 8,914 | |
| | Service Corp. International 5.75% 10/15/2032 | | | 8,410 | | | | 8,476 | |
| | Sonic Automotive, Inc. 4.625% 11/15/20291 | | | 34,880 | | | | 32,776 | |
| | Sonic Automotive, Inc. 4.875% 11/15/20311 | | | 63,209 | | | | 58,397 | |
| | Station Casinos, LLC 6.625% 3/15/20321 | | | 7,080 | | | | 7,244 | |
| | STL Holding Co., LLC 8.75% 2/15/20291 | | | 6,425 | | | | 6,841 | |
| | Tempur Sealy International, Inc. 4.00% 4/15/20291 | | | 5,255 | | | | 4,906 | |
| | Travel + Leisure Co. 4.50% 12/1/20291 | | | 24,455 | | | | 23,193 | |
| | Travel + Leisure Co. 4.625% 3/1/20301 | | | 4,780 | | | | 4,475 | |
| | Universal Entertainment Corp. 9.875% 8/1/20291 | | | 45,150 | | | | 45,291 | |
| | Vail Resorts, Inc. 6.50% 5/15/20321 | | | 15,745 | | | | 16,463 | |
| | Valvoline, Inc. 3.625% 6/15/20311 | | | 13,085 | | | | 11,723 | |
| | Velocity Vehicle Group, LLC 8.00% 6/1/20291 | | | 16,005 | | | | 16,679 | |
| | Wand NewCo 3, Inc. 7.625% 1/30/20321 | | | 22,745 | | | | 23,977 | |
| | WASH Multifamily Acquisition, Inc. 5.75% 4/15/20261 | | | 23,650 | | | | 23,543 | |
| | Wayfair, LLC 7.25% 10/31/20291 | | | 4,585 | | | | 4,709 | |
| | Wyndham Hotels & Resorts, Inc. 4.375% 8/15/20281 | | | 9,455 | | | | 9,127 | |
| | Wynn Resorts Finance, LLC 5.125% 10/1/20291 | | | 9,225 | | | | 9,120 | |
| | Wynn Resorts Finance, LLC 7.125% 2/15/20311 | | | 5,546 | | | | 5,987 | |
| | Wynn Resorts Finance, LLC 6.25% 3/15/20331 | | | 28,685 | | | | 29,077 | |
| | ZF North America Capital, Inc. 7.125% 4/14/20301 | | | 4,500 | | | | 4,668 | |
| | | | | | | | | | |
| | | | | | | | | 2,165,726 | |
| | | | | | | | | | |
| | | | | | | | | | | |
Health care 9.17% | | AdaptHealth, LLC 6.125% 8/1/20281 | | | 11,940 | | | | 11,963 | |
| | AdaptHealth, LLC 4.625% 8/1/20291 | | | 23,230 | | | | 21,535 | |
| | AdaptHealth, LLC 5.125% 3/1/20301 | | | 36,087 | | | | 33,807 | |
| | AthenaHealth Group, Inc. 6.50% 2/15/20301 | | | 27,375 | | | | 26,318 | |
| | Avantor Funding, Inc. 4.625% 7/15/20281 | | | 47,034 | | | | 46,008 | |
| | Avantor Funding, Inc. 3.875% 11/1/20291 | | | 19,305 | | | | 18,281 | |
| | Bausch + Lomb Corp., Term Loan B,
(3-month USD CME Term SOFR + 3.25%) 8.27% 5/10/20275,6 | | | 9,533 | | | | 9,508 | |
| | Bausch Health Americas, Inc. 9.25% 4/1/20261 | | | 11,275 | | | | 10,584 | |
| | Bausch Health Americas, Inc. 8.50% 1/31/20271 | | | 17,697 | | | | 14,510 | |
| | Bausch Health Companies, Inc. 5.50% 11/1/20251 | | | 99,615 | | | | 97,574 | |
| | Bausch Health Companies, Inc. 9.00% 12/15/20251 | | | 29,066 | | | | 27,992 | |
| | Bausch Health Companies, Inc. 6.125% 2/1/20271 | | | 4,370 | | | | 3,951 | |
| | Bausch Health Companies, Inc. 5.75% 8/15/20271 | | | 18,503 | | | | 15,792 | |
| | Bausch Health Companies, Inc. 5.00% 1/30/20281 | | | 18,310 | | | | 11,979 | |
| | Bausch Health Companies, Inc. 4.875% 6/1/20281 | | | 72,180 | | | | 56,553 | |
| | Bausch Health Companies, Inc. 5.00% 2/15/20291 | | | 95 | | | | 55 | |
| | Bausch Health Companies, Inc. 7.25% 5/30/20291 | | | 8,112 | | | | 5,004 | |
| | Bausch Health Companies, Inc. 5.25% 1/30/20301 | | | 33,642 | | | | 18,869 | |
| | Bausch Health Companies, Inc. 5.25% 2/15/20311 | | | 67,761 | | | | 37,215 | |
| | Bausch Health Companies, Inc., Term Loan,
(3-month USD CME Term SOFR + 5.25%) 10.195% 2/1/20275,6 | | | 15,211 | | | | 14,618 | |
| | Catalent Pharma Solutions, Inc. 5.00% 7/15/20271 | | | 20,733 | | | | 20,649 | |
| | Catalent Pharma Solutions, Inc. 3.125% 2/15/20291 | | | 8,955 | | | | 8,805 | |
| | Catalent Pharma Solutions, Inc. 3.50% 4/1/20301 | | | 24,432 | | | | 24,051 | |
| | Catalent Pharma Solutions, Inc., Term Loan B4,
(3-month USD CME Term SOFR + 3.00%) 7.92% 2/22/20285,6 | | | 18,157 | | | | 18,191 | |
| | Centene Corp. 4.25% 12/15/2027 | | | 20,032 | | | | 19,690 | |
| | Centene Corp. 4.625% 12/15/2029 | | | 28,063 | | | | 27,481 | |
| | Centene Corp. 3.375% 2/15/2030 | | | 4,168 | | | | 3,844 | |
| | Centene Corp. 3.00% 10/15/2030 | | | 7,575 | | | | 6,787 | |
| | Centene Corp. 2.50% 3/1/2031 | | | 20,325 | | | | 17,487 | |
| | Centene Corp. 2.625% 8/1/2031 | | | 12,700 | | | | 10,900 | |
| | Charles River Laboratories International, Inc. 4.25% 5/1/20281 | | | 4,848 | | | | 4,719 | |
| | Charles River Laboratories International, Inc. 3.75% 3/15/20291 | | | 12,765 | | | | 12,027 | |
| | CHS / Community Health Systems, Inc. 5.625% 3/15/20271 | | | 40,065 | | | | 39,457 | |
| | CHS / Community Health Systems, Inc. 5.25% 5/15/20301 | | | 36,485 | | | | 33,607 | |
| | CHS / Community Health Systems, Inc. 4.75% 2/15/20311 | | | 21,500 | | | | 18,915 | |
| | CHS / Community Health Systems, Inc. 10.875% 1/15/20321 | | | 4,035 | | | | 4,452 | |
| | | | | | |
| 7 | | American High-Income Trust | | | | |
| | | | | | | | | | |
| Bonds, notes & other debt instruments (continued) | | Principal amount
(000) | | | Value (000) | |
Corporate bonds, notes & loans (continued) | | | | | | | | |
Health care (continued) | | Concentra Escrow Issuer Corp. 6.875% 7/15/20321 | | | USD11,730 | | | $ | 12,349 | |
| | DaVita, Inc. 4.625% 6/1/20301 | | | 21,160 | | | | 20,187 | |
| | DaVita, Inc. 3.75% 2/15/20311 | | | 4,570 | | | | 4,126 | |
| | DaVita, Inc. 6.875% 9/1/20321 | | | 55,285 | | | | 57,159 | |
| | Encompass Health Corp. 4.50% 2/1/2028 | | | 7,054 | | | | 6,930 | |
| | Encompass Health Corp. 4.75% 2/1/2030 | | | 3,841 | | | | 3,757 | |
| | Endo Finance Holdings, Inc. 8.50% 4/15/20311 | | | 61,680 | | | | 66,169 | |
| | Endo International PLC, Term Loan B,
(3-month USD CME Term SOFR + 4.50%) 9.783% 4/23/20315,6 | | | 40,535 | | | | 40,548 | |
| | Fortrea Holdings, Inc. 7.50% 7/1/20301 | | | 11,775 | | | | 11,867 | |
| | Fortrea Holdings, Inc., Term Loan B,
(3-month USD CME Term SOFR + 3.75%) 8.491% 7/1/20305,6 | | | 1,621 | | | | 1,621 | |
| | Grifols, SA 3.875% 10/15/2028 | | | EUR7,750 | | | | 8,031 | |
| | Grifols, SA 4.75% 10/15/20281 | | | USD48,000 | | | | 45,003 | |
| | Grifols, SA 7.50% 5/1/2030 | | | EUR36,530 | | | | 43,279 | |
| | HAH Group Holding Co., LLC 9.75% 10/1/20311 | | | USD13,350 | | | | 13,472 | |
| | HCA, Inc. 4.50% 2/15/2027 | | | 71 | | | | 71 | |
| | HCA, Inc. 5.625% 9/1/2028 | | | 22,625 | | | | 23,496 | |
| | HCA, Inc. 3.50% 9/1/2030 | | | 3,940 | | | | 3,714 | |
| | HCA, Inc. 7.50% 11/15/2095 | | | 5,000 | | | | 5,728 | |
| | Hologic, Inc. 3.25% 2/15/20291 | | | 8,800 | | | | 8,206 | |
| | IQVIA, Inc. 5.00% 10/15/20261 | | | 18,749 | | | | 18,714 | |
| | IQVIA, Inc. 6.50% 5/15/20301 | | | 13,085 | | | | 13,665 | |
| | Jazz Securities DAC 4.375% 1/15/20291 | | | 12,660 | | | | 12,254 | |
| | Mallinckrodt International Finance SA 14.75% 11/14/20281 | | | 4,901 | | | | 5,350 | |
| | Medline Borrower, LP 3.875% 4/1/20291 | | | 13,625 | | | | 12,911 | |
| | Medline Borrower, LP 6.25% 4/1/20291 | | | 51,473 | | | | 53,099 | |
| | Medline Borrower, LP 5.25% 10/1/20291 | | | 26,865 | | | | 26,379 | |
| | Medline Borrower, LP, Term Loan B,
(3-month USD CME Term SOFR + 2.75%) 7.595% 10/23/20285,6 | | | 10,152 | | | | 10,168 | |
| | Molina Healthcare, Inc. 4.375% 6/15/20281 | | | 18,815 | | | | 18,308 | |
| | Molina Healthcare, Inc. 3.875% 11/15/20301 | | | 43,950 | | | | 40,859 | |
| | Molina Healthcare, Inc. 3.875% 5/15/20321 | | | 58,490 | | | | 53,538 | |
| | Option Care Health, Inc. 4.375% 10/31/20291 | | | 6,115 | | | | 5,815 | |
| | Owens & Minor, Inc. 4.50% 3/31/20291 | | | 29,496 | | | | 26,702 | |
| | Owens & Minor, Inc. 6.625% 4/1/20301 | | | 80,360 | | | | 78,082 | |
| | Perrigo Finance Unlimited Co. 6.125% 9/30/2032 | | | 9,740 | | | | 9,822 | |
| | Radiology Partners, Inc. 3.50% PIK and 4.275% Cash 1/31/20291,4 | | | 53,259 | | | | 52,926 | |
| | Radiology Partners, Inc. 9.898% PIK 2/15/20301,4 | | | 58,902 | | | | 55,736 | |
| | Radiology Partners, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.00%)
1.50% PIK and 8.883% Cash 1/31/20294,5,6 | | | 40,108 | | | | 39,346 | |
| | Select Medical Corp. 6.25% 8/15/20261 | | | 9,039 | | | | 9,101 | |
| | Star Parent, Inc. 9.00% 10/1/20301 | | | 5,940 | | | | 6,385 | |
| | Star Parent, Inc., Term Loan,
(3-month USD CME Term SOFR + 3.75%) 8.354% 9/27/20305,6 | | | 7,537 | | | | 7,341 | |
| | Sterigenics-Nordion Holdings, LLC 7.375% 6/1/20311 | | | 8,160 | | | | 8,484 | |
| | Surgery Center Holdings, Inc. 7.25% 4/15/20321 | | | 6,965 | | | | 7,279 | |
| | Team Health Holdings, Inc., Term Loan B,
(3-month USD CME Term SOFR + 5.25%) 10.502% 3/2/20275,6 | | | 1,035 | | | | 993 | |
| | Tenet Healthcare Corp. 6.25% 2/1/2027 | | | 8,995 | | | | 9,015 | |
| | Tenet Healthcare Corp. 5.125% 11/1/2027 | | | 3,980 | | | | 3,968 | |
| | Tenet Healthcare Corp. 4.625% 6/15/2028 | | | 12,685 | | | | 12,461 | |
| | Tenet Healthcare Corp. 6.125% 10/1/2028 | | | 8,930 | | | | 9,008 | |
| | Tenet Healthcare Corp. 4.25% 6/1/2029 | | | 35,249 | | | | 34,014 | |
| | Tenet Healthcare Corp. 4.375% 1/15/2030 | | | 15,750 | | | | 15,122 | |
| | Tenet Healthcare Corp. 6.75% 5/15/2031 | | | 37,245 | | | | 38,853 | |
| | Tenet Healthcare Corp. 6.875% 11/15/2031 | | | 2,000 | | | | 2,191 | |
| | Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026 | | | 30,036 | | | | 28,893 | |
| | Teva Pharmaceutical Finance Netherlands III BV 4.75% 5/9/2027 | | | 13,890 | | | | 13,712 | |
| | Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028 | | | 17,040 | | | | 17,774 | |
| | Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029 | | | 108,886 | | | | 108,099 | |
| | Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029 | | | 15,340 | | | | 16,966 | |
| | Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031 | | | 21,687 | | | | 24,891 | |
| | Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046 | | | 21,137 | | | | 15,729 | |
| | | | | | | | | | |
| | | | | | | | | 2,052,844 | |
| | | | | | | | | | |
| | | | | | | | |
| | | | American High-Income Trust | | | 8 | |
| | | | | | | | | | |
| Bonds, notes & other debt instruments (continued) | | Principal amount
(000) | | | Value (000) | |
Corporate bonds, notes & loans (continued) | | | | | | | | |
Materials 8.41% | | Alcoa Nederland Holding BV 5.50% 12/15/20271 | | | USD9,215 | | | $ | 9,258 | |
| | Alliance Resource Operating Partners, LP 8.625% 6/15/20291 | | | 34,352 | | | | 36,533 | |
| | ArcelorMittal SA 4.25% 7/16/2029 | | | 940 | | | | 935 | |
| | ArcelorMittal SA 6.80% 11/29/2032 | | | 6,750 | | | | 7,533 | |
| | ArcelorMittal SA 7.00% 10/15/2039 | | | 10,104 | | | | 11,483 | |
| | ArcelorMittal SA 6.75% 3/1/2041 | | | 15,173 | | | | 16,667 | |
| | ARD Finance SA 6.50% Cash 6/30/20271,4 | | | 8,809 | | | | 1,995 | |
| | Ardagh Metal Packaging Finance PLC 4.00% 9/1/20291 | | | 15,000 | | | | 13,403 | |
| | ATI, Inc. 4.875% 10/1/2029 | | | 13,720 | | | | 13,274 | |
| | ATI, Inc. 7.25% 8/15/2030 | | | 9,430 | | | | 10,051 | |
| | ATI, Inc. 5.125% 10/1/2031 | | | 20,940 | | | | 20,364 | |
| | Avient Corp. 7.125% 8/1/20301 | | | 6,750 | | | | 7,044 | |
| | Avient Corp. 6.25% 11/1/20311 | | | 5,495 | | | | 5,637 | |
| | Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/20311 | | | 5,995 | | | | 6,409 | |
| | Axalta Coating Systems, LLC 4.75% 6/15/20271 | | | 6,495 | | | | 6,449 | |
| | Ball Corp. 6.875% 3/15/2028 | | | 11,915 | | | | 12,349 | |
| | Ball Corp. 6.00% 6/15/2029 | | | 7,100 | | | | 7,357 | |
| | Ball Corp. 2.875% 8/15/2030 | | | 3,250 | | | | 2,895 | |
| | Ball Corp. 3.125% 9/15/2031 | | | 33,780 | | | | 30,033 | |
| | Braskem Idesa SAPI 6.99% 2/20/20321 | | | 1,370 | | | | 1,081 | |
| | Canpack Spolka Akcyjna 3.875% 11/15/20291 | | | 32,760 | | | | 30,706 | |
| | Cleveland-Cliffs, Inc. 7.00% 3/15/2027 | | | 3,853 | | | | 3,854 | |
| | Cleveland-Cliffs, Inc. 5.875% 6/1/2027 | | | 39,430 | | | | 39,554 | |
| | Cleveland-Cliffs, Inc. 4.625% 3/1/20291 | | | 53,793 | | | | 50,836 | |
| | Cleveland-Cliffs, Inc. 6.75% 4/15/20301 | | | 13,575 | | | | 13,821 | |
| | Cleveland-Cliffs, Inc. 4.875% 3/1/20311 | | | 42,269 | | | | 39,320 | |
| | Cleveland-Cliffs, Inc. 7.00% 3/15/20321 | | | 34,683 | | | | 35,108 | |
| | Consolidated Energy Finance SA 6.50% 5/15/20261 | | | 4,513 | | | | 4,465 | |
| | Consolidated Energy Finance SA 5.625% 10/15/20281 | | | 18,525 | | | | 15,679 | |
| | Consolidated Energy Finance SA 12.00% 2/15/20311 | | | 71,450 | | | | 71,964 | |
| | Coronado Finance Pty, Ltd. 9.25% 10/1/20291 | | | 15,400 | | | | 15,846 | |
| | Crown Cork & Seal Co., Inc. 7.375% 12/15/2026 | | | 2,000 | | | | 2,109 | |
| | CVR Partners, LP 6.125% 6/15/20281 | | | 15,385 | | | | 15,073 | |
| | Element Solutions, Inc. 3.875% 9/1/20281 | | | 13,920 | | | | 13,282 | |
| | First Quantum Minerals, Ltd. 6.875% 10/15/20271 | | | 167,689 | | | | 165,947 | |
| | First Quantum Minerals, Ltd. 9.375% 3/1/20291 | | | 124,500 | | | | 132,119 | |
| | Freeport-McMoRan, Inc. 4.25% 3/1/2030 | | | 303 | | | | 297 | |
| | Freeport-McMoRan, Inc. 5.40% 11/14/2034 | | | 4,288 | | | | 4,452 | |
| | Freeport-McMoRan, Inc. 5.45% 3/15/2043 | | | 7,843 | | | | 7,884 | |
| | FXI Holdings, Inc. 12.25% 11/15/20261 | | | 183,755 | | | | 183,343 | |
| | FXI Holdings, Inc. 12.25% 11/15/20261 | | | 127,259 | | | | 127,257 | |
| | INEOS Finance PLC 6.75% 5/15/20281 | | | 10,200 | | | | 10,311 | |
| | INEOS Finance PLC 7.50% 4/15/20291 | | | 6,210 | | | | 6,496 | |
| | Kaiser Aluminum Corp. 4.625% 3/1/20281 | | | 12,698 | | | | 12,293 | |
| | LABL, Inc. 6.75% 7/15/20261 | | | 560 | | | | 560 | |
| | LABL, Inc. 10.50% 7/15/20271 | | | 6,745 | | | | 6,763 | |
| | LABL, Inc. 5.875% 11/1/20281 | | | 12,000 | | | | 11,261 | |
| | LABL, Inc. 9.50% 11/1/20281 | | | 5,087 | | | | 5,263 | |
| | LSB Industries, Inc. 6.25% 10/15/20281 | | | 14,290 | | | | 13,966 | |
| | LSF11 A5 HoldCo, LLC 6.625% 10/15/20291 | | | 1,100 | | | | 1,071 | |
| | Mativ Holdings, Inc. 8.00% 10/1/20291 | | | 9,650 | | | | 9,862 | |
| | Mauser Packaging Solutions Holding Co. 7.875% 8/15/20261 | | | 13,505 | | | | 13,655 | |
| | Mauser Packaging Solutions Holding Co. 9.25% 4/15/20271 | | | 13,500 | | | | 13,855 | |
| | Methanex Corp. 5.125% 10/15/2027 | | | 52,210 | | | | 51,703 | |
| | Methanex Corp. 5.25% 12/15/2029 | | | 8,893 | | | | 8,786 | |
| | Methanex Corp. 5.65% 12/1/2044 | | | 9,445 | | | | 8,541 | |
| | Mineral Resources, Ltd. 8.125% 5/1/20271 | | | 11,473 | | | | 11,603 | |
| | Mineral Resources, Ltd. 8.00% 11/1/20271 | | | 46,617 | | | | 47,929 | |
| | Mineral Resources, Ltd. 9.25% 10/1/20281 | | | 45,777 | | | | 48,800 | |
| | Mineral Resources, Ltd. 8.50% 5/1/20301 | | | 16,429 | | | | 17,133 | |
| | NOVA Chemicals Corp. 5.25% 6/1/20271 | | | 24,402 | | | | 24,152 | |
| | NOVA Chemicals Corp. 8.50% 11/15/20281 | | | 5,030 | | | | 5,375 | |
| | NOVA Chemicals Corp. 4.25% 5/15/20291 | | | 35,492 | | | | 33,031 | |
| | NOVA Chemicals Corp. 9.00% 2/15/20301 | | | 46,725 | | | | 50,667 | |
| | Novelis Corp. 3.25% 11/15/20261 | | | 13,285 | | | | 12,832 | |
| | Novelis Corp. 4.75% 1/30/20301 | | | 9,228 | | | | 8,955 | |
| | Novelis Corp. 3.875% 8/15/20311 | | | 19,344 | | | | 17,703 | |
| | | | | | |
| 9 | | American High-Income Trust | | | | |
| | | | | | | | | | |
| Bonds, notes & other debt instruments (continued) | | Principal amount
(000) | | | Value (000) | |
Corporate bonds, notes & loans (continued) | | | | | | | | |
Materials (continued) | | OI European Group BV 4.75% 2/15/20301 | | | USD3,500 | | | $ | 3,313 | |
| | Olin Corp. 5.625% 8/1/2029 | | | 5,700 | | | | 5,719 | |
| | Olin Corp. 5.00% 2/1/2030 | | | 3,365 | | | | 3,290 | |
| | Olympus Water US Holding Corp. 9.75% 11/15/20281 | | | 8,600 | | | | 9,189 | |
| | Owens-Brockway Glass Container, Inc. 7.375% 6/1/20321 | | | 11,455 | | | | 11,713 | |
| | SCIH Salt Holdings, Inc. 4.875% 5/1/20281 | | | 41,413 | | | | 39,965 | |
| | SCIH Salt Holdings, Inc. 6.625% 5/1/20291 | | | 23,000 | | | | 22,138 | |
| | Sealed Air Corp. 4.00% 12/1/20271 | | | 7,559 | | | | 7,311 | |
| | Sealed Air Corp. 6.125% 2/1/20281 | | | 14,160 | | | | 14,410 | |
| | Summit Materials, LLC 6.50% 3/15/20271 | | | 5,478 | | | | 5,502 | |
| | Summit Materials, LLC 5.25% 1/15/20291 | | | 15,015 | | | | 14,864 | |
| | Summit Materials, LLC 7.25% 1/15/20311 | | | 8,372 | | | | 8,877 | |
| | Trident TPI Holdings, Inc. 12.75% 12/31/20281 | | | 9,500 | | | | 10,558 | |
| | Trivium Packaging Finance BV 5.50% 8/15/20261 | | | 3,667 | | | | 3,656 | |
| | Trivium Packaging Finance BV 8.50% 8/15/20271 | | | 19,369 | | | | 19,435 | |
| | Tronox, Inc. 4.625% 3/15/20291 | | | 14,155 | | | | 13,238 | |
| | Venator Material, LLC, Term Loan,
(3-month USD CME Term SOFR + 2.00%) 7.29% PIK and 7.339% Cash 1/16/20264,5,6 | | | 10,628 | | | | 10,734 | |
| | Venator Material, LLC, Term Loan,
(USD-SOFR + 10.00%) 8.00% PIK and 7.30% Cash 10/10/20284,5,6 | | | 17,577 | | | | 17,555 | |
| | Warrior Met Coal, Inc. 7.875% 12/1/20281 | | | 14,275 | | | | 14,833 | |
| | | | | | | | | | |
| | | | | | | | | 1,882,532 | |
| | | | | | | | | | |
| | | | | | | | | | | |
Financials 7.72% | | AG Issuer, LLC 6.25% 3/1/20281 | | | 33,361 | | | | 32,644 | |
| | AG TTMT Escrow Issuer, LLC 8.625% 9/30/20271 | | | 10,928 | | | | 11,213 | |
| | Alliant Holdings Intermediate, LLC 4.25% 10/15/20271 | | | 10,420 | | | | 9,984 | |
| | Alliant Holdings Intermediate, LLC 6.75% 10/15/20271 | | | 34,600 | | | | 34,498 | |
| | Alliant Holdings Intermediate, LLC 6.75% 4/15/20281 | | | 7,130 | | | | 7,251 | |
| | Alliant Holdings Intermediate, LLC 5.875% 11/1/20291 | | | 32,255 | | | | 31,002 | |
| | Alliant Holdings Intermediate, LLC 7.00% 1/15/20311 | | | 14,420 | | | | 14,829 | |
| | Alliant Holdings Intermediate, LLC 6.50% 10/1/20311 | | | 19,390 | | | | 19,618 | |
| | Alliant Holdings Intermediate, LLC 7.375% 10/1/20321 | | | 36,450 | | | | 37,001 | |
| | AmWINS Group, Inc. 6.375% 2/15/20291 | | | 7,835 | | | | 8,031 | |
| | AmWINS Group, Inc. 4.875% 6/30/20291 | | | 25,492 | | | | 24,465 | |
| | Aretec Group, Inc. 7.50% 4/1/20291 | | | 62,347 | | | | 59,267 | |
| | Aretec Group, Inc. 10.00% 8/15/20301 | | | 18,855 | | | | 20,089 | |
| | AssuredPartners, Inc. 5.625% 1/15/20291 | | | 4,895 | | | | 4,717 | |
| | AssuredPartners, Inc., Term Loan,
(3-month USD CME Term SOFR + 3.50%) 8.345% 2/14/20315,6 | | | 7,850 | | | | 7,852 | |
| | Baldwin Insurance Group Holdings, LLC 7.125% 5/15/20311 | | | 4,045 | | | | 4,260 | |
| | Block, Inc. 2.75% 6/1/2026 | | | 32,650 | | | | 31,680 | |
| | Block, Inc. 3.50% 6/1/2031 | | | 43,575 | | | | 39,774 | |
| | Block, Inc. 6.50% 5/15/20321 | | | 36,440 | | | | 37,991 | |
| | Blue Owl Capital Corp. 4.00% 3/30/2025 | | | 449 | | | | 446 | |
| | Blue Owl Capital Corp. 3.40% 7/15/2026 | | | 5,685 | | | | 5,506 | |
| | Blue Owl Capital Corp. 2.625% 1/15/2027 | | | 400 | | | | 378 | |
| | Blue Owl Capital Corp. 2.875% 6/11/2028 | | | 1,750 | | | | 1,604 | |
| | Blue Owl Capital Corp. III 3.125% 4/13/2027 | | | 11,350 | | | | 10,741 | |
| | Blue Owl Credit Income Corp. 4.70% 2/8/2027 | | | 20,625 | | | | 20,243 | |
| | Blue Owl Credit Income Corp. 6.65% 3/15/2031 | | | 8,315 | | | | 8,497 | |
| | Boost Newco Borrower, LLC 7.50% 1/15/20311 | | | 40,795 | | | | 43,809 | |
| | Castlelake Aviation Finance DAC 5.00% 4/15/20271 | | | 9,210 | | | | 9,267 | |
| | Coinbase Global, Inc. 3.375% 10/1/20281 | | | 84,211 | | | | 75,729 | |
| | Coinbase Global, Inc. 3.625% 10/1/20311 | | | 58,851 | | | | 49,916 | |
| | Compass Group Diversified Holdings, LLC 5.25% 4/15/20291 | | | 88,775 | | | | 86,321 | |
| | Compass Group Diversified Holdings, LLC 5.00% 1/15/20321 | | | 21,060 | | | | 19,420 | |
| | GTCR (AP) Finance, Inc. 8.00% 5/15/20271 | | | 12,089 | | | | 12,097 | |
| | Hightower Holding, LLC 6.75% 4/15/20291 | | | 26,340 | | | | 25,283 | |
| | Hightower Holding, LLC 9.125% 1/31/20301 | | | 4,400 | | | | 4,596 | |
| | Howden UK Refinance PLC 7.25% 2/15/20311 | | | 33,510 | | | | 34,801 | |
| | Howden UK Refinance 2 PLC 8.125% 2/15/20321 | | | 10,825 | | | | 11,137 | |
| | HUB International, Ltd. 5.625% 12/1/20291 | | | 3,745 | | | | 3,676 | |
| | HUB International, Ltd. 7.25% 6/15/20301 | | | 20,332 | | | | 21,200 | |
| | HUB International, Ltd. 7.375% 1/31/20321 | | | 13,805 | | | | 14,264 | |
| | HUB International, Ltd., Term Loan,
(3-month USD CME Term SOFR + 3.00%) 8.255% 6/20/20305,6 | | | 2,314 | | | | 2,313 | |
| | | | | | | | |
| | | | American High-Income Trust | | | 10 | |
| | | | | | | | | | |
| Bonds, notes & other debt instruments (continued) | | Principal amount
(000) | | Value (000) | |
Corporate bonds, notes & loans (continued) | | | | | | | | |
Financials (continued) | | Intercontinental Exchange, Inc. 3.625% 9/1/2028 | | | USD8,470 | | | $ | 8,279 | |
| | Iron Mountain Information Management Services, Inc. 5.00% 7/15/20321 | | | 31,600 | | | | 30,485 | |
| | JPMorgan Chase & Co. 2.956% 5/13/2031 (USD-SOFR + 2.515% on 5/13/2030)7 | | | 3,100 | | | | 2,852 | |
| | LPL Holdings, Inc. 4.625% 11/15/20271 | | | 8,085 | | | | 8,027 | |
| | LPL Holdings, Inc. 4.00% 3/15/20291 | | | 6,610 | | | | 6,330 | |
| | LPL Holdings, Inc. 4.375% 5/15/20311 | | | 12,700 | | | | 11,988 | |
| | MSCI, Inc. 4.00% 11/15/20291 | | | 316 | | | | 307 | |
| | MSCI, Inc. 3.625% 9/1/20301 | | | 742 | | | | 699 | |
| | MSCI, Inc. 3.875% 2/15/20311 | | | 23,300 | | | | 22,067 | |
| | MSCI, Inc. 3.625% 11/1/20311 | | | 7,125 | | | | 6,563 | |
| | MSCI, Inc. 3.25% 8/15/20331 | | | 6,000 | | | | 5,286 | |
| | Nationstar Mortgage Holdings, Inc. 7.125% 2/1/20321 | | | 8,315 | | | | 8,691 | |
| | Navient Corp. 5.875% 10/25/2024 | | | 22,000 | | | | 21,989 | |
| | Navient Corp. 6.75% 6/25/2025 | | | 13,000 | | | | 13,090 | |
| | Navient Corp. 6.75% 6/15/2026 | | | 12,310 | | | | 12,594 | |
| | Navient Corp. 5.00% 3/15/2027 | | | 50,842 | | | | 50,433 | |
| | Navient Corp. 4.875% 3/15/2028 | | | 10,570 | | | | 10,227 | |
| | Navient Corp. 5.50% 3/15/2029 | | | 69,026 | | | | 67,022 | |
| | Navient Corp. 9.375% 7/25/2030 | | | 13,239 | | | | 14,699 | |
| | Navient Corp. 11.50% 3/15/2031 | | | 51,335 | | | | 58,699 | |
| | Navient Corp. 5.625% 8/1/2033 | | | 34,432 | | | | 30,578 | |
| | OneMain Finance Corp. 7.125% 3/15/2026 | | | 24,220 | | | | 24,745 | |
| | OneMain Finance Corp. 3.875% 9/15/2028 | | | 8,215 | | | | 7,626 | |
| | OneMain Finance Corp. 5.375% 11/15/2029 | | | 20,035 | | | | 19,270 | |
| | OneMain Finance Corp. 7.875% 3/15/2030 | | | 20,010 | | | | 20,936 | |
| | OneMain Finance Corp. 7.125% 11/15/2031 | | | 28,550 | | | | 28,914 | |
| | Osaic Financial Services, Inc. 6.50% 11/30/2027 | | | 80 | | | | 1,574 | |
| | Osaic Holdings, Inc. 10.75% 8/1/20271 | | | 86,049 | | | | 87,683 | |
| | Osaic Holdings, Inc., Term Loan B3,
(3-month USD CME Term SOFR + 4.00%) 8.845% 8/17/20285,6 | | | 7,482 | | | | 7,414 | |
| | Owl Rock Capital Corp. 3.75% 7/22/2025 | | | 12,093 | | | | 11,953 | |
| | Oxford Finance, LLC 6.375% 2/1/20271 | | | 33,310 | | | | 33,120 | |
| | Panther Escrow Issuer, LLC 7.125% 6/1/20311 | | | 16,400 | | | | 17,215 | |
| | Rocket Mortgage, LLC 2.875% 10/15/20261 | | | 9,410 | | | | 9,041 | |
| | Rocket Mortgage, LLC 3.625% 3/1/20291 | | | 6,605 | | | | 6,216 | |
| | Ryan Specialty, LLC 4.375% 2/1/20301 | | | 14,350 | | | | 13,847 | |
| | Ryan Specialty, LLC 5.875% 8/1/20321 | | | 8,105 | | | | 8,246 | |
| | Starwood Property Trust, Inc. 4.375% 1/15/20271 | | | 18,170 | | | | 17,722 | |
| | Starwood Property Trust, Inc. 7.25% 4/1/20291 | | | 4,685 | | | | 4,918 | |
| | Truist Insurance Holdings, LLC, Term Loan,
(1-month USD CME Term SOFR + 4.75%) 9.354% 5/6/20325,6 | | | 109,160 | | | | 111,173 | |
| | USI, Inc. 7.50% 1/15/20321 | | | 6,945 | | | | 7,203 | |
| | | | | | | | | | |
| | | | | | | | | 1,727,131 | |
| | | | | | | | | | |
| | | | | | | | | | | |
Information technology 7.19% | | Acuris Finance US, Inc. 9.00% 8/1/20291 | | | 30,950 | | | | 31,221 | |
| | Booz Allen Hamilton, Inc. 3.875% 9/1/20281 | | | 952 | | | | 924 | |
| | Booz Allen Hamilton, Inc. 4.00% 7/1/20291 | | | 5,633 | | | | 5,484 | |
| | Cloud Software Group, Inc. 6.50% 3/31/20291 | | | 30,080 | | | | 29,954 | |
| | Cloud Software Group, Inc. 9.00% 9/30/20291 | | | 125,123 | | | | 127,434 | |
| | Cloud Software Group, Inc. 8.25% 6/30/20321 | | | 32,525 | | | | 34,025 | |
| | Cloud Software Group, Inc., Term Loan,
(3-month USD CME Term SOFR + 4.00%) 8.604% 3/30/20295,6 | | | 48,392 | | | | 48,242 | |
| | CommScope Technologies, LLC 6.00% 6/15/20251 | | | 87,265 | | | | 84,538 | |
| | CommScope Technologies, LLC 5.00% 3/15/20271 | | | 32,500 | | | | 27,233 | |
| | CommScope, Inc., Term Loan B,
(3-month USD CME Term SOFR + 3.25%) 8.21% 4/6/20265,6 | | | 47,550 | | | | 46,222 | |
| | CommScope, LLC 6.00% 3/1/20261 | | | 62,173 | | | | 60,541 | |
| | CommScope, LLC 8.25% 3/1/20271 | | | 14,919 | | | | 13,453 | |
| | CommScope, LLC 7.125% 7/1/20281 | | | 4,883 | | | | 4,054 | |
| | CommScope, LLC 4.75% 9/1/20291 | | | 10,603 | | | | 8,920 | |
| | CrowdStrike Holdings, Inc. 3.00% 2/15/2029 | | | 10,015 | | | | 9,278 | |
| | Diebold Nixdorf, Inc., Term Loan,
(3-month USD CME Term SOFR + 7.50%) 12.611% 8/11/20281,5,6,8 | | | 201,536 | | | | 204,979 | |
| | Entegris, Inc. 4.75% 4/15/20291 | | | 7,610 | | | | 7,506 | |
| | Fair Isaac Corp. 4.00% 6/15/20281 | | | 39,400 | | | | 38,157 | |
| | | | | | |
| 11 | | American High-Income Trust | | | | |
| | | | | | | | | | |
| Bonds, notes & other debt instruments (continued) | | Principal amount
(000) | | Value (000) | |
Corporate bonds, notes & loans (continued) | | | | | | | | |
Information technology (continued) | | Finastra USA, Inc., Term Loan B,
(3-month USD CME Term SOFR + 7.25%) 12.181% 9/13/20295,6,10 | | | USD74,612 | | | $ | 74,891 | |
|
| | Finastra USA, Inc., Term Loan,
(3-month USD CME Term SOFR + 7.25%) 12.181% 9/13/20295,6,10 | | | 3,602 | | | | 3,616 | |
|
| | Fortress Intermediate 3, Inc. 7.50% 6/1/20311 | | | 9,875 | | | | 10,431 | |
| | Gartner, Inc. 4.50% 7/1/20281 | | | 14,075 | | | | 13,943 | |
| | Gartner, Inc. 3.625% 6/15/20291 | | | 3,657 | | | | 3,494 | |
| | Gartner, Inc. 3.75% 10/1/20301 | | | 6,525 | | | | 6,130 | |
| | Helios Software Holdings, Inc. 8.75% 5/1/20291 | | | 90,475 | | | | 92,562 | |
| | Hughes Satellite Systems Corp. 5.25% 8/1/2026 | | | 72,548 | | | | 67,558 | |
| | Hughes Satellite Systems Corp. 6.625% 8/1/2026 | | | 51,153 | | | | 44,568 | |
| | Imola Merger Corp. 4.75% 5/15/20291 | | | 5,000 | | | | 4,883 | |
| | ION Trading Technologies SARL 9.50% 5/30/20291 | | | 63,196 | | | | 64,765 | |
| | McAfee Corp. 7.375% 2/15/20301 | | | 20,450 | | | | 19,966 | |
| | NCR Atleos Corp. 9.50% 4/1/20291 | | | 39,430 | | | | 43,439 | |
| | NCR Voyix Corp. 5.125% 4/15/20291 | | | 13,700 | | | | 13,418 | |
| | Open Text Corp. 3.875% 2/15/20281 | | | 14,045 | | | | 13,426 | |
| | Open Text Corp. 3.875% 12/1/20291 | | | 8,075 | | | | 7,514 | |
| | Open Text Holdings, Inc. 4.125% 12/1/20311 | | | 4,800 | | | | 4,415 | |
| | Rocket Software, Inc. 6.50% 2/15/20291 | | | 6,245 | | | | 5,949 | |
| | Shift4 Payments, LLC 6.75% 8/15/20321 | | | 27,870 | | | | 29,119 | |
| | Synaptics, Inc. 4.00% 6/15/20291 | | | 5,225 | | | | 4,954 | |
| | UKG, Inc. 6.875% 2/1/20311 | | | 46,200 | | | | 47,772 | |
| | Unisys Corp. 6.875% 11/1/20271 | | | 19,140 | | | | 18,484 | |
| | Viasat, Inc. 5.625% 9/15/20251 | | | 5,600 | | | | 5,527 | |
| | Viasat, Inc. 5.625% 4/15/20271 | | | 100,188 | | | | 94,629 | |
| | Viasat, Inc. 6.50% 7/15/20281 | | | 19,500 | | | | 15,319 | |
| | Viasat, Inc. 7.50% 5/30/20311 | | | 49,745 | | | | 34,310 | |
| | Viavi Solutions, Inc. 3.75% 10/1/20291 | | | 3,750 | | | | 3,407 | |
| | Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)3,7,10 | | | 60,835 | | | | 56,954 | |
| | Xerox Holdings Corp. 5.50% 8/15/20281 | | | 10,500 | | | | 8,975 | |
| | Xerox Holdings Corp. 8.875% 11/30/20291 | | | 4,875 | | | | 4,534 | |
| | Zebra Technologies Corp. 6.50% 6/1/20321 | | | 6,670 | | | | 6,969 | |
| | Ziff Davis, Inc. 4.625% 10/15/20301 | | | 339 | | | | 319 | |
| | | | | | | | | | |
| | | | | | | | | 1,608,405 | |
| | | | | | | | | | |
| | | | | | | | | | | |
Industrials 6.59% | | AAdvantage Loyalty IP, Ltd. 5.50% 4/20/20261 | | | 3,068 | | | | 3,062 | |
| | AAR Escrow Issuer, LLC 6.75% 3/15/20291 | | | 5,701 | | | | 5,934 | |
| | ADT Security Corp. 4.125% 8/1/20291 | | | 4,815 | | | | 4,603 | |
| | Allison Transmission, Inc. 3.75% 1/30/20311 | | | 22,880 | | | | 20,819 | |
| | Ambipar Lux SARL 9.875% 2/6/20311 | | | 8,323 | | | | 8,641 | |
| | Amentum Escrow Corp. 7.25% 8/1/20321 | | | 46,170 | | | | 48,227 | |
| | Amentum Escrow Corp., Term Loan B,
(3-month USD CME Term SOFR + 2.25%) 8.09% 7/15/20315,6 | | | 22,455 | | | | 22,413 | |
| | American Airlines, Inc. 8.50% 5/15/20291 | | | 8,960 | | | | 9,512 | |
| | Aramark Services, Inc. 5.00% 4/1/20251 | | | 2,980 | | | | 2,980 | |
| | Atkore, Inc. 4.25% 6/1/20311 | | | 17,900 | | | | 16,380 | |
| | Avis Budget Car Rental, LLC 5.75% 7/15/20271 | | | 18,910 | | | | 18,719 | |
| | Avis Budget Car Rental, LLC 4.75% 4/1/20281 | | | 2,190 | | | | 2,061 | |
| | Avis Budget Car Rental, LLC 5.375% 3/1/20291 | | | 26,181 | | | | 24,496 | |
| | Avis Budget Car Rental, LLC 8.25% 1/15/20301 | | | 19,080 | | | | 19,532 | |
| | Avis Budget Car Rental, LLC 8.00% 2/15/20311 | | | 28,765 | | | | 29,445 | |
| | Avolon Holdings Funding, Ltd. 2.528% 11/18/20271 | | | 36,710 | | | | 34,290 | |
| | Boeing Co. 6.528% 5/1/20341 | | | 12,279 | | | | 13,183 | |
| | Boeing Co. 6.858% 5/1/20541 | | | 3,843 | | | | 4,221 | |
| | Bombardier, Inc. 7.125% 6/15/20261 | | | 3,008 | | | | 3,057 | |
| | Bombardier, Inc. 7.875% 4/15/20271 | | | 8,633 | | | | 8,663 | |
| | Bombardier, Inc. 6.00% 2/15/20281 | | | 8,295 | | | | 8,357 | |
| | Bombardier, Inc. 8.75% 11/15/20301 | | | 2,440 | | | | 2,682 | |
| | Bombardier, Inc. 7.45% 5/1/20341 | | | 1,850 | | | | 2,048 | |
| | Brand Industrial Services, Inc. 10.375% 8/1/20301 | | | 5,050 | | | | 5,414 | |
| | Brink’s Co. (The) 4.625% 10/15/20271 | | | 10,371 | | | | 10,223 | |
| | Brink’s Co. (The) 6.50% 6/15/20291 | | | 3,870 | | | | 4,013 | |
| | Brink’s Co. (The) 6.75% 6/15/20321 | | | 1,980 | | | | 2,068 | |
| | BWX Technologies, Inc. 4.125% 6/30/20281 | | | 8,235 | | | | 7,950 | |
| | BWX Technologies, Inc. 4.125% 4/15/20291 | | | 3,470 | | | | 3,338 | |
| | | | | | | | |
| | | | American High-Income Trust | | | 12 | |
| | | | | | | | | | |
| Bonds, notes & other debt instruments (continued) | | Principal amount
(000) | | Value (000) | |
Corporate bonds, notes & loans (continued) | | | | | | | | |
Industrials (continued) | | Champion Financing, LLC 8.75% 2/15/20291 | | | USD18,500 | | | $ | 18,859 | |
| | Chart Industries, Inc. 7.50% 1/1/20301 | | | 10,389 | | | | 10,962 | |
| | Clarivate Science Holdings Corp. 3.875% 7/1/20281 | | | 17,370 | | | | 16,684 | |
| | Clarivate Science Holdings Corp. 4.875% 7/1/20291 | | | 15,510 | | | | 14,933 | |
| | Clean Harbors, Inc. 4.875% 7/15/20271 | | | 12,014 | | | | 11,854 | |
| | Clean Harbors, Inc. 6.375% 2/1/20311 | | | 6,822 | | | | 6,995 | |
| | CoreLogic, Inc. 4.50% 5/1/20281 | | | 54,867 | | | | 51,832 | |
| | CoreLogic, Inc., Term Loan,
(3-month USD CME Term SOFR + 3.50%) 8.46% 6/2/20285,6 | | | 5,992 | | | | 5,947 | |
| | CoreLogic, Inc., Term Loan,
(3-month USD CME Term SOFR + 6.50%) 11.46% 6/4/20295,6 | | | 22,275 | | | | 21,809 | |
| | Dun & Bradstreet Corp. (The) 5.00% 12/15/20291 | | | 18,592 | | | | 18,532 | |
| | Enviri Corp. 5.75% 7/31/20271 | | | 26,745 | | | | 26,276 | |
| | EquipmentShare.com, Inc. 9.00% 5/15/20281 | | | 45,260 | | | | 47,320 | |
| | EquipmentShare.com, Inc. 8.625% 5/15/20321 | | | 12,740 | | | | 13,381 | |
| | Fortress Transportation and Infrastructure Investors, LLC 5.50% 5/1/20281 | | | 9,300 | | | | 9,270 | |
| | Fortress Transportation and Infrastructure Investors, LLC 7.875% 12/1/20301 | | | 6,000 | | | | 6,470 | |
| | GFL Environmental, Inc. 4.00% 8/1/20281 | | | 9,530 | | | | 9,161 | |
| | Herc Holdings, Inc. 5.50% 7/15/20271 | | | 3,200 | | | | 3,199 | |
| | Herc Holdings, Inc. 6.625% 6/15/20291 | | | 5,290 | | | | 5,484 | |
| | Hertz Corp. (The) 4.625% 12/1/20261 | | | 5,000 | | | | 3,944 | |
| | Hertz Corp. (The), Term Loan C-EXIT,
(3-month USD CME Term SOFR + 3.25%) 8.46% 6/30/20285,6 | | | 810 | | | | 727 | |
| | Hertz Corp. (The), Term Loan B-EXIT,
(3-month USD CME Term SOFR + 3.50%) 8.882% 6/30/20285,6 | | | 4,179 | | | | 3,751 | |
| | Howmet Aerospace, Inc. 5.95% 2/1/2037 | | | 3,000 | | | | 3,283 | |
| | Husky Injection Molding Systems, Ltd. 9.00% 2/15/20291 | | | 16,610 | | | | 17,353 | |
| | Husky Injection Molding Systems, Ltd., Term Loan B,
(3-month USD CME Term SOFR + 5.00%) 10.326% 2/15/20295,6 | | | 7,905 | | | | 7,874 | |
| | Icahn Enterprises, LP 6.25% 5/15/2026 | | | 23,674 | | | | 23,509 | |
| | Icahn Enterprises, LP 5.25% 5/15/2027 | | | 52,783 | | | | 50,622 | |
| | Icahn Enterprises, LP 9.75% 1/15/20291 | | | 28,777 | | | | 29,891 | |
| | Icahn Enterprises, LP 4.375% 2/1/2029 | | | 13,415 | | | | 11,736 | |
| | JetBlue Airways Corp. 9.875% 9/20/20311 | | | 9,650 | | | | 10,174 | |
| | Mileage Plus Holdings, LLC 6.50% 6/20/20271 | | | 30,536 | | | | 30,939 | |
| | Miter Brands Acquisition Holdco, Inc. 6.75% 4/1/20321 | | | 6,789 | | | | 7,042 | |
| | Moog, Inc. 4.25% 12/9/20271 | | | 8,465 | | | | 8,228 | |
| | Mueller Water Products, Inc. 4.00% 6/15/20291 | | | 5,115 | | | | 4,883 | |
| | NESCO Holdings II, Inc. 5.50% 4/15/20291 | | | 20,425 | | | | 18,849 | |
| | Owens Corning 3.50% 2/15/2030 | | | 11,831 | | | | 11,243 | |
| | Pitney Bowes, Inc. 6.875% 3/15/20271 | | | 11,500 | | | | 11,441 | |
| | PM General Purchaser, LLC 9.50% 10/1/20281 | | | 15,342 | | | | 15,621 | |
| | Prime Security Services Borrower, LLC 3.375% 8/31/20271 | | | 8,100 | | | | 7,704 | |
| | Prime Security Services Borrower, LLC 6.25% 1/15/20281 | | | 11,833 | | | | 11,845 | |
| | Reworld Holding Corp. 4.875% 12/1/20291 | | | 17,163 | | | | 16,171 | |
| | Reworld Holding Corp. 5.00% 9/1/2030 | | | 28,240 | | | | 26,549 | |
| | Ritchie Bros. Holdings, Inc. 6.75% 3/15/20281 | | | 1,304 | | | | 1,350 | |
| | Ritchie Bros. Holdings, Inc. 7.75% 3/15/20311 | | | 9,038 | | | | 9,637 | |
| | Roller Bearing Company of America, Inc. 4.375% 10/15/20291 | | | 2,005 | | | | 1,926 | |
| | Sabre GLBL, Inc. 8.625% 6/1/20271 | | | 108 | | | | 106 | |
| | Seagate HDD Cayman 8.25% 12/15/2029 | | | 4,000 | | | | 4,346 | |
| | Seagate HDD Cayman 8.50% 7/15/2031 | | | 9,645 | | | | 10,534 | |
| | Sensata Technologies BV 4.00% 4/15/20291 | | | 3,225 | | | | 3,077 | |
| | Sensata Technologies, Inc. 3.75% 2/15/20311 | | | 15,230 | | | | 13,960 | |
| | SkyMiles IP, Ltd. 4.75% 10/20/20281 | | | 9,000 | | | | 8,992 | |
| | Spirit AeroSystems, Inc. 4.60% 6/15/2028 | | | 20,878 | | | | 19,967 | |
| | Spirit AeroSystems, Inc. 9.375% 11/30/20291 | | | 25,625 | | | | 27,831 | |
| | Spirit AeroSystems, Inc. 9.75% 11/15/20301 | | | 51,551 | | | | 57,544 | |
| | Spirit AeroSystems, Inc., Term Loan,
(3-month CME Term SOFR + 4.25%) 9.502% 1/15/20275,6 | | | 14,758 | | | | 14,909 | |
| | Standard Building Solutions, Inc. 6.50% 8/15/20321 | | | 10,000 | | | | 10,363 | |
| | Titan International, Inc. 7.00% 4/30/2028 | | | 11,500 | | | | 11,454 | |
| | TK Elevator U.S. Newco, Inc. 5.25% 7/15/20271 | | | 13,400 | | | | 13,266 | |
| | TransDigm, Inc. 5.50% 11/15/2027 | | | 19,810 | | | | 19,757 | |
| | TransDigm, Inc. 6.75% 8/15/20281 | | | 7,070 | | | | 7,286 | |
| | TransDigm, Inc. 4.625% 1/15/2029 | | | 2,971 | | | | 2,872 | |
| | TransDigm, Inc. 6.375% 3/1/20291 | | | 27,000 | | | | 27,890 | |
| | | | | | |
| 13 | | American High-Income Trust | | | | |
| | | | | | | | | | |
| Bonds, notes & other debt instruments (continued) | | Principal amount
(000) | | Value (000) | |
Corporate bonds, notes & loans (continued) | | | | | | | | |
Industrials (continued) | | TransDigm, Inc. 4.875% 5/1/2029 | | | USD4,180 | | | $ | 4,074 | |
| | TransDigm, Inc. 6.875% 12/15/20301 | | | 7,315 | | | | 7,667 | |
| | TransDigm, Inc. 6.625% 3/1/20321 | | | 38,025 | | | | 39,645 | |
| | Triumph Group, Inc. 9.00% 3/15/20281 | | | 19,041 | | | | 19,956 | |
| | Uber Technologies, Inc. 8.00% 11/1/20261 | | | 10,000 | | | | 10,025 | |
| | Uber Technologies, Inc. 7.50% 9/15/20271 | | | 16,550 | | | | 16,886 | |
| | Uber Technologies, Inc. 6.25% 1/15/20281 | | | 17,200 | | | | 17,396 | |
| | Uber Technologies, Inc. 4.50% 8/15/20291 | | | 7,050 | | | | 7,003 | |
| | United Rentals (North America), Inc. 5.25% 1/15/2030 | | | 5,484 | | | | 5,493 | |
| | United Rentals (North America), Inc. 3.875% 2/15/2031 | | | 13,525 | | | | 12,593 | |
| | United Rentals (North America), Inc. 3.75% 1/15/2032 | | | 9,535 | | | | 8,713 | |
| | United Rentals (North America), Inc. 6.125% 3/15/20341 | | | 6,840 | | | | 7,077 | |
| | WESCO Distribution, Inc. 7.25% 6/15/20281 | | | 10,900 | | | | 11,170 | |
| | WESCO Distribution, Inc. 6.625% 3/15/20321 | | | 35,115 | | | | 36,620 | |
| | Wrangler Holdco Corp. 6.625% 4/1/20321 | | | 7,230 | | | | 7,521 | |
| | XPO, Inc. 7.125% 6/1/20311 | | | 10,832 | | | | 11,351 | |
| | XPO, Inc. 7.125% 2/1/20321 | | | 5,665 | | | | 5,969 | |
| | | | | | | | | | |
| | | | | | | | | 1,474,904 | |
| | | | | | | | | | |
| | | | | | | | | | | |
Real estate 6.00% | | Anywhere Real Estate Group, LLC 5.75% 1/15/20291 | | | 45,285 | | | | 37,824 | |
| | Anywhere Real Estate Group, LLC 5.25% 4/15/20301 | | | 35,935 | | | | 28,690 | |
| | Anywhere Real Estate Group, LLC 7.00% 4/15/20301 | | | 10,175 | | | | 9,462 | |
| | Brookfield Property REIT, Inc. 5.75% 5/15/20261 | | | 26,043 | | | | 25,956 | |
| | Brookfield Property REIT, Inc. 4.50% 4/1/20271 | | | 10,266 | | | | 9,999 | |
| | Cushman & Wakefield U.S. Borrower, LLC, Term Loan B,
(3-month USD CME Term SOFR + 3.75%) 8.595% 1/31/20305,6 | | | 6,279 | | | | 6,295 | |
| | Forestar Group, Inc. 3.85% 5/15/20261 | | | 10,830 | | | | 10,598 | |
| | Forestar Group, Inc. 5.00% 3/1/20281 | | | 1,905 | | | | 1,857 | |
| | Greystar Real Estate Partners, LLC 7.75% 9/1/20301 | | | 5,175 | | | | 5,500 | |
| | Howard Hughes Corp. (The) 5.375% 8/1/20281 | | | 28,542 | | | | 28,146 | |
| | Howard Hughes Corp. (The) 4.125% 2/1/20291 | | | 43,798 | | | | 40,893 | |
| | Howard Hughes Corp. (The) 4.375% 2/1/20311 | | | 86,022 | | | | 78,920 | |
| | Iron Mountain, Inc. 4.875% 9/15/20271 | | | 15,835 | | | | 15,728 | |
| | Iron Mountain, Inc. 5.25% 3/15/20281 | | | 24,088 | | | | 24,012 | |
| | Iron Mountain, Inc. 5.00% 7/15/20281 | | | 9,252 | | | | 9,138 | |
| | Iron Mountain, Inc. 7.00% 2/15/20291 | | | 4,250 | | | | 4,433 | |
| | Iron Mountain, Inc. 5.25% 7/15/20301 | | | 64,225 | | | | 63,468 | |
| | Iron Mountain, Inc. 4.50% 2/15/20311 | | | 37,685 | | | | 35,779 | |
| | Iron Mountain, Inc. 5.625% 7/15/20321 | | | 5,270 | | | | 5,261 | |
| | Kennedy-Wilson, Inc. 4.75% 3/1/2029 | | | 49,816 | | | | 46,157 | |
| | Kennedy-Wilson, Inc. 4.75% 2/1/2030 | | | 63,380 | | | | 57,532 | |
| | Kennedy-Wilson, Inc. 5.00% 3/1/2031 | | | 47,370 | | | | 42,564 | |
| | Ladder Capital Finance Holdings LLLP 5.25% 10/1/20251 | | | 12,489 | | | | 12,479 | |
| | Ladder Capital Finance Holdings LLLP 4.25% 2/1/20271 | | | 24,411 | | | | 23,874 | |
| | Ladder Capital Finance Holdings LLLP 4.75% 6/15/20291 | | | 20,541 | | | | 20,079 | |
| | Ladder Capital Finance Holdings LLLP 7.00% 7/15/20311 | | | 14,045 | | | | 14,905 | |
| | MPT Operating Partnership, LP 2.50% 3/24/2026 | | | GBP13,100 | | | | 15,858 | |
| | MPT Operating Partnership, LP 5.25% 8/1/2026 | | | USD660 | | | | 629 | |
| | MPT Operating Partnership, LP 0.993% 10/15/2026 | | | EUR6,200 | | | | 5,926 | |
| | MPT Operating Partnership, LP 5.00% 10/15/2027 | | | USD171,659 | | | | 154,148 | |
| | MPT Operating Partnership, LP 4.625% 8/1/2029 | | | 660 | | | | 532 | |
| | MPT Operating Partnership, LP 3.50% 3/15/2031 | | | 22,912 | | | | 16,751 | |
| | Park Intermediate Holdings, LLC 4.875% 5/15/20291 | | | 16,445 | | | | 15,972 | |
| | Park Intermediate Holdings, LLC 7.00% 2/1/20301 | | | 8,445 | | | | 8,786 | |
| | Pebblebrook Hotel, LP 6.375% 10/15/20291 | | | 7,810 | | | | 7,868 | |
| | RLJ Lodging Trust, LP 4.00% 9/15/20291 | | | 14,905 | | | | 13,733 | |
| | SBA Communications Corp. 3.125% 2/1/2029 | | | 2,854 | | | | 2,640 | |
| | Service Properties Trust 5.25% 2/15/2026 | | | 2,545 | | | | 2,503 | |
| | Service Properties Trust 4.75% 10/1/2026 | | | 37,067 | | | | 35,652 | |
| | Service Properties Trust 4.95% 2/15/2027 | | | 40,577 | | | | 38,445 | |
| | Service Properties Trust 5.50% 12/15/2027 | | | 5,705 | | | | 5,436 | |
| | Service Properties Trust 3.95% 1/15/2028 | | | 64,830 | | | | 56,130 | |
| | Service Properties Trust 8.375% 6/15/2029 | | | 49,361 | | | | 49,354 | |
| | Service Properties Trust 4.95% 10/1/2029 | | | 70,971 | | | | 56,441 | |
| | Service Properties Trust 4.375% 2/15/2030 | | | 39,141 | | | | 29,664 | |
| | Service Properties Trust 8.625% 11/15/20311 | | | 90,050 | | | | 98,001 | |
| | | | | | | | |
| | | | American High-Income Trust | | | 14 | |
| | | | | | | | | | |
| Bonds, notes & other debt instruments (continued) | | Principal amount
(000) | | Value (000) | |
Corporate bonds, notes & loans (continued) | | | | | | | | |
Real estate (continued) | | Service Properties Trust 8.875% 6/15/2032 | | | USD30,101 | | | $ | 28,779 | |
| | VICI Properties, LP 3.50% 2/15/20251 | | | 5,104 | | | | 5,069 | |
| | VICI Properties, LP 4.625% 6/15/20251 | | | 11,050 | | | | 10,991 | |
| | VICI Properties, LP 4.25% 12/1/20261 | | | 9,323 | | | | 9,239 | |
| | VICI Properties, LP 3.75% 2/15/20271 | | | 243 | | | | 237 | |
| | VICI Properties, LP 3.875% 2/15/20291 | | | 12,535 | | | | 12,016 | |
| | VICI Properties, LP 4.625% 12/1/20291 | | | 1,657 | | | | 1,627 | |
| | VICI Properties, LP 4.125% 8/15/20301 | | | 2,233 | | | | 2,122 | |
| | | | | | | | | | |
| | | | | | | | | 1,344,098 | |
| | | | | | | | | | |
| | | | | | | | | | | |
Consumer staples 3.68% | | Albertsons Companies, Inc. 4.625% 1/15/20271 | | | 7,215 | | | | 7,038 | |
| | Albertsons Companies, Inc. 3.50% 3/15/20291 | | | 36,457 | | | | 34,096 | |
| | Albertsons Companies, Inc. 4.875% 2/15/20301 | | | 8,665 | | | | 8,550 | |
| | Amer Sports Co. 6.75% 2/16/20311 | | | 17,500 | | | | 17,955 | |
| | B&G Foods, Inc. 5.25% 4/1/2025 | | | 3,642 | | | | 3,639 | |
| | B&G Foods, Inc. 5.25% 9/15/2027 | | | 29,666 | | | | 28,536 | |
| | B&G Foods, Inc. 8.00% 9/15/20281 | | | 21,880 | | | | 22,915 | |
| | BJ’s Wholesale Club, Term Loan B,
(3-month USD CME Term SOFR + 2.00%) 6.965% 2/5/20295,6 | | | 4,431 | | | | 4,462 | |
| | Central Garden & Pet Co. 4.125% 10/15/2030 | | | 21,206 | | | | 19,736 | |
| | Central Garden & Pet Co. 4.125% 4/30/20311 | | | 24,090 | | | | 22,092 | |
| | Coty, Inc. 5.00% 4/15/20261 | | | 20,400 | | | | 20,330 | |
| | Coty, Inc. 4.75% 1/15/20291 | | | 41,070 | | | | 40,207 | |
| | Coty, Inc. 6.625% 7/15/20301 | | | 23,270 | | | | 24,200 | |
| | Darling Ingredients, Inc. 5.25% 4/15/20271 | | | 6,431 | | | | 6,403 | |
| | Darling Ingredients, Inc. 6.00% 6/15/20301 | | | 16,475 | | | | 16,648 | |
| | Energizer Holdings, Inc. 4.375% 3/31/20291 | | | 4,880 | | | | 4,626 | |
| | Fiesta Purchaser, Inc. 7.875% 3/1/20311 | | | 22,530 | | | | 23,924 | |
| | Fiesta Purchaser, Inc. 9.625% 9/15/20321 | | | 13,890 | | | | 14,413 | |
| | Fiesta Purchaser, Inc., Term Loan B,
(3-month USD CME Term SOFR + 4.00%) 8.845% 2/12/20315,6 | | | 12,057 | | | | 12,082 | |
| | H.J. Heinz Co. 3.00% 6/1/2026 | | | 6,360 | | | | 6,232 | |
| | H.J. Heinz Co. 3.875% 5/15/2027 | | | 5,545 | | | | 5,507 | |
| | H.J. Heinz Co. 4.375% 6/1/2046 | | | 5 | | | | 4 | |
| | H.J. Heinz Co. 4.875% 10/1/2049 | | | 9,975 | | | | 9,408 | |
| | Ingles Markets, Inc. 4.00% 6/15/20311 | | | 5,070 | | | | 4,642 | |
| | KeHE Distributors, LLC 9.00% 2/15/20291 | | | 10,550 | | | | 10,984 | |
| | Kronos Acquisition Holdings, Inc. 8.25% 6/30/20311 | | | 10,280 | | | | 10,332 | |
| | Lamb Weston Holdings, Inc. 4.125% 1/31/20301 | | | 37,760 | | | | 35,450 | |
| | Lamb Weston Holdings, Inc. 4.375% 1/31/20321 | | | 8,965 | | | | 8,323 | |
| | Performance Food Group, Inc. 5.50% 10/15/20271 | | | 16,205 | | | | 16,175 | |
| | Performance Food Group, Inc. 4.25% 8/1/20291 | | | 7,785 | | | | 7,411 | |
| | Performance Food Group, Inc. 6.125% 9/15/20321 | | | 17,620 | | | | 18,027 | |
| | Post Holdings, Inc. 5.625% 1/15/20281 | | | 8,384 | | | | 8,463 | |
| | Post Holdings, Inc. 5.50% 12/15/20291 | | | 19,249 | | | | 19,125 | |
| | Post Holdings, Inc. 4.625% 4/15/20301 | | | 52,267 | | | | 50,057 | |
| | Post Holdings, Inc. 4.50% 9/15/20311 | | | 24,360 | | | | 22,780 | |
| | Post Holdings, Inc. 6.25% 2/15/20321 | | | 42,863 | | | | 44,190 | |
| | Post Holdings, Inc. 6.375% 3/1/20331 | | | 10,000 | | | | 10,188 | |
| | Prestige Brands, Inc. 5.125% 1/15/20281 | | | 11,533 | | | | 11,443 | |
| | Prestige Brands, Inc. 3.75% 4/1/20311 | | | 14,440 | | | | 13,237 | |
| | Simmons Foods, Inc. 4.625% 3/1/20291 | | | 9,275 | | | | 8,809 | |
| | TreeHouse Foods, Inc. 4.00% 9/1/2028 | | | 36,760 | | | | 34,071 | |
| | United Natural Foods, Inc. 6.75% 10/15/20281 | | | 46,315 | | | | 44,218 | |
| | United Natural Foods, Inc., Term Loan B,
(3-month USD CME Term SOFR + 4.75%) 9.595% 5/1/20315,6 | | | 61,575 | | | | 61,883 | |
| | US Foods, Inc. 4.625% 6/1/20301 | | | 8,325 | | | | 8,050 | |
| | US Foods, Inc. 5.75% 4/15/20331 | | | 11,450 | | | | 11,491 | |
| | Walgreens Boots Alliance, Inc. 3.45% 6/1/2026 | | | 11,705 | | | | 11,270 | |
| | | | | | | | | | |
| | | | | | | | | 823,622 | |
| | | | | | | | | | |
| | | | | | | | | | | |
Utilities 1.86% | | Aegea Finance SARL 9.00% 1/20/20311 | | | 7,485 | | | | 8,106 | |
| | AmeriGas Partners, LP 5.50% 5/20/2025 | | | 2,293 | | | | 2,287 | |
| | AmeriGas Partners, LP 5.75% 5/20/2027 | | | 5,878 | | | | 5,774 | |
| | Calpine Corp. 5.25% 6/1/20261 | | | 1,051 | | | | 1,048 | |
| | | | | | |
| 15 | | American High-Income Trust | | | | |
| | | | | | | | | | |
| Bonds, notes & other debt instruments (continued) | | Principal amount (000) | | Value (000) | |
Corporate bonds, notes & loans (continued) | | | | | | | | |
Utilities | | Calpine Corp. 4.50% 2/15/20281 | | | USD4,000 | | | $ | 3,908 | |
(continued) | | Calpine Corp. 5.125% 3/15/20281 | | | 8,282 | | | | 8,173 | |
| | Calpine Corp. 3.75% 3/1/20311 | | | 9,175 | | | | 8,510 | |
| | Comision Federal de Electricidad 5.70% 1/24/20301 | | | 11,125 | | | | 11,158 | |
| | DPL, Inc. 4.125% 7/1/2025 | | | 10,965 | | | | 10,864 | |
| | Emera, Inc. 6.75% 6/15/2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)7,11 | | | 18,225 | | | | 18,399 | |
| | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple 7.25% 1/31/20411 | | | 4,075 | | | | 4,256 | |
| | FirstEnergy Corp. 2.25% 9/1/2030 | | | 19,000 | | | | 16,833 | |
| | FirstEnergy Corp. 4.85% 7/15/2047 | | | 4,000 | | | | 3,669 | |
| | FirstEnergy Corp. 3.40% 3/1/2050 | | | 5,134 | | | | 3,766 | |
| | FirstEnergy Transmission, LLC 2.866% 9/15/20281 | | | 5,075 | | | | 4,803 | |
| | FirstEnergy Transmission, LLC 4.55% 4/1/20491 | | | 2,000 | | | | 1,801 | |
| | Lightning Power, LLC 7.25% 8/15/20321 | | | 19,825 | | | | 20,864 | |
| | MIWD Holdco II, LLC, Term Loan B, | | | | | | | | |
| | (3-month USD CME Term SOFR + 3.50%) 8.345% 3/28/20315,6 | | | 6,130 | | | | 6,153 | |
| | NextEra Energy Operating Partners, LP 3.875% 10/15/20261 | | | 2,373 | | | | 2,313 | |
| | NRG Energy, Inc. 3.625% 2/15/20311 | | | 2,000 | | | | 1,814 | |
| | Pacific Gas and Electric Co. 3.45% 7/1/2025 | | | 6,096 | | | | 6,027 | |
| | Pacific Gas and Electric Co. 3.30% 3/15/2027 | | | 3,904 | | | | 3,799 | |
| | Pacific Gas and Electric Co. 5.45% 6/15/2027 | | | 5,670 | | | | 5,808 | |
| | Pacific Gas and Electric Co. 3.75% 7/1/2028 | | | 6,055 | | | | 5,897 | |
| | Pacific Gas and Electric Co. 4.55% 7/1/2030 | | | 4,170 | | | | 4,139 | |
| | Pacific Gas and Electric Co. 3.30% 8/1/2040 | | | 5,540 | | | | 4,306 | |
| | Pacific Gas and Electric Co. 4.95% 7/1/2050 | | | 4,700 | | | | 4,277 | |
| | Pacific Gas and Electric Co. 3.50% 8/1/2050 | | | 44,090 | | | | 31,959 | |
| | PG&E Corp. 5.00% 7/1/2028 | | | 59,870 | | | | 59,395 | |
| | PG&E Corp. 5.25% 7/1/2030 | | | 75,785 | | | | 75,332 | |
| | PG&E Corp., junior subordinated, 7.375% 3/15/2055 | | | | | | | | |
| | (5-year UST Yield Curve Rate T Note Constant Maturity + 3.883% on 3/15/2030)7 | | | 15,800 | | | | 16,612 | |
| | Talen Energy Supply, LLC 8.625% 6/1/20301 | | | 45,301 | | | | 49,408 | |
| | Talen Energy Supply, LLC, Term Loan B, | | | | | | | | |
| | (3-month USD CME Term SOFR + 3.50%) 8.596% 5/17/20305,6 | | | 5,925 | | | | 5,948 | |
| | | | | | | | | | |
| | | | | | | | | 417,406 | |
| | | | | | | | | | |
| | Total corporate bonds, notes & loans | | | | | | | 19,331,702 | |
| | | | | | | | | | |
| | |
U.S. Treasury bonds & notes 0.16% | | | | | | | | |
U.S. Treasury | | U.S. Treasury 3.625% 5/15/2053 | | | 5,000 | | | | 4,551 | |
0.16% | | U.S. Treasury 4.125% 8/15/205312 | | | 31,500 | | | | 31,375 | |
| | | | | | | | | | |
| | Total U.S. Treasury bonds & notes | | | | | | | 35,926 | |
| | | | | | | | | | |
| | |
Mortgage-backed obligations 0.07% | | | | | | | | |
Collateralized | | Treehouse Park Improvement Association No.1 9.75% 12/1/20331,3 | | | 15,299 | | | | 14,955 | |
mortgage-backed | | | | | | | | | | |
obligations | | | | | | | | | | |
0.07% | | | | | | | | | | |
| | |
Municipals 0.05% | | | | | | | | |
Puerto Rico | | G.O. Taxable Bonds, Series 2022, 0% 11/1/20436 | | | 8,434 | | | | 5,439 | |
0.05% | | G.O. Taxable Bonds, Capital Appreciation Bonds, Series 2022, 0% 11/1/2051 | | | 9,331 | | | | 6,112 | |
| | | | | | | | | | |
| | Total municipals | | | | | | | 11,551 | |
| | | | | | | | | | |
| | |
Bonds & notes of governments & government agencies outside the U.S. 0.03% | | | | | | | | |
| | Argentine Republic 0.75% 7/9/2030 (1.75% on 7/9/2027)7 | | | 11,880 | | | | 7,217 | |
| | | | | | | | | | |
| | Total bonds, notes & other debt instruments (cost: $19,471,422,000) | | | | | | | 19,401,351 | |
| | | | | | | | | | |
| | |
| Convertible bonds & notes 0.23% | | | | | |
Communication | | DISH Network Corp., convertible notes, 3.375% 8/15/2026 | | | 62,635 | | | | 50,725 | |
services | | Total convertible bonds & notes (cost: $58,966,000) | | | | | | | 50,725 | |
0.23% | | | | | | | | | | |
| | | | | | | | |
| | | | American High-Income Trust | | | 16 | |
| | | | | | | | | | |
| Common stocks 4.28% | | Shares | | Value (000) | |
Information | | Diebold Nixdorf, Inc.8,13 | | | 5,800,284 | | | $ | 259,041 | |
technology | | | | | | | | | | |
1.16% | | | | | | | | | | |
| | | | | | | | | | |
Health care | | Rotech Healthcare, Inc.3,8,10,13 | | | 1,916,276 | | | | 177,581 | |
1.06% | | Endo, Inc.13 | | | 1,999,566 | | | | 53,089 | |
| | Endo, Inc. GUC 6.00% Escrow13 | | | 45,278,000 | | | | 1,698 | |
| | Endo, Inc., 2L 9.50% Escrow13 | | | 6,243,000 | | | | 234 | |
| | Endo, Inc., 1L 7.50% Escrow3,13 | | | 110,659,000 | | | | – | 9 |
| | Endo, Inc., 1L 6.875% Escrow3,13 | | | 10,374,000 | | | | – | 9 |
| | Endo, Inc., 1L 6.125% Escrow3,13 | | | 12,320,000 | | | | – | 9 |
| | Mallinckrodt PLC13 | | | 62,717 | | | | 4,760 | |
| | | | | | | | | | |
| | | | | | | | | 237,362 | |
| | | | | | | | | | |
| | | | | | | | | | | |
Utilities | | Talen Energy Corp.13 | | | 1,065,383 | | | | 189,894 | |
| | | | | | | | | | |
0.85% | | | | | | | | | | |
| | | | | | | | | | | |
Energy | | Chesapeake Energy Corp. | | | 560,545 | | | | 46,105 | |
0.57% | | Ascent Resources - Utica, LLC, Class A3,10 | | | 905,325 | | | | 32,881 | |
| | Weatherford International | | | 206,113 | | | | 17,503 | |
| | Altera Infrastructure, LP3,13 | | | 123,978 | | | | 9,514 | |
| | Constellation Oil Services Holding SA, Class B-13,13 | | | 47,013,674 | | | | 7,992 | |
| | Mesquite Energy, Inc.3,13 | | | 109,992 | | | | 6,236 | |
| | Civitas Resources, Inc. | | | 57,659 | | | | 2,922 | |
| | Exxon Mobil Corp. | | | 16,090 | | | | 1,886 | |
| | Southwestern Energy Co.13 | | | 229,524 | | | | 1,632 | |
| | McDermott International, Ltd.10,13 | | | 1,745,604 | | | | 349 | |
| | Bighorn Permian Resources, LLC3 | | | 42,744 | | | | – | 9 |
| | | | | | | | | | |
| | | | | | | | | 127,020 | |
| | | | | | | | | | |
| | | | | | | | | | | |
Consumer | | Party City Holdco, Inc.3,8,13 | | | 2,530,772 | | | | 42,466 | |
discretionary | | Party City Holdco, Inc.1,3,8,13 | | | 25,266 | | | | 424 | |
0.29% | | NMG Parent, LLC3,13 | | | 182,562 | | | | 22,273 | |
| | MYT Holding Co., Class B8,13 | | | 7,468,376 | | | | 933 | |
| | | | | | | | | | |
| | | | | | | | | 66,096 | |
| | | | | | | | | | |
| | | | | | | | | | | |
Materials | | Venator Materials PLC3,8,13 | | | 68,896 | | | | 35,494 | |
| | | | | | | | | | |
0.16% | | | | | | | | | | |
| | | | | | | | | | | |
Communication | | Frontier Communications Parent, Inc.13 | | | 400,000 | | | | 14,212 | |
services | | Intelsat SA | | | 319,194 | | | | 10,095 | |
0.12% | | Clear Channel Outdoor Holdings, Inc.13 | | | 890,868 | | | | 1,425 | |
| | Cumulus Media, Inc., Class A13 | | | 561,836 | | | | 736 | |
| | iHeartMedia, Inc., Class A13 | | | 310,596 | | | | 574 | |
| | | | | | | | | | |
| | | | | | | | | 27,042 | |
| | | | | | | | | | |
| | | | | | | | | | | |
Real estate | | WeWork, Inc.3,13 | | | 1,257,820 | | | | 16,138 | |
| | | | | | | | | | |
0.07% | | Total common stocks (cost: $836,623,000) | | | | | | | 958,087 | |
| | | | | | | | | | |
| | |
| Preferred securities 0.32% | | | | | |
Financials | | AH Parent, Inc., 10.50%, perpetual cumulative preferred shares3,4,10,13 | | | 36,740 | | | | 36,740 | |
| | | | | | | | | | |
0.16% | | | | | | | | | | |
| | | | | | | | | | | |
Industrials | | ACR III LSC Holdings, LLC, Series B, preferred shares1,3,13 | | | 13,566 | | | | 22,433 | |
| | | | | | | | | | |
0.10% | | | | | | | | | | |
| | | | | | |
| 17 | | American High-Income Trust | | | | |
| | | | | | | | | | |
| Preferred securities (continued) | | Shares | | Value (000) | |
Consumer | | MYT Holdings, LLC, Series A, 10.00% preferred shares8,13 | | | 19,884,070 | | | $ | 12,676 | |
| | | | | | | | | | |
discretionary 0.06% | | | | | | | | | | |
| | | | | | | | | | |
Energy | | McDermott International, Ltd. 8.00% cumulative preferred shares3,13 | | | 1,130 | | | | 283 | |
0.00% | | Total preferred securities (cost: $68,581,000) | | | | | | | 72,132 | |
| | | | | | | | | | |
| | |
| Rights & warrants 0.00% | | | | | |
Energy | | California Resources Corp., warrants, expire 10/27/202413 | | | 16,108 | | | | 270 | |
0.00% | | McDermott International, Inc., warrants, expire 7/1/20273,13 | | | 845,563 | | | | – | 9 |
| | Constellation Oil Services Holding SA, Class D, warrants, expire 6/10/20713,13 | | | 19 | | | | – | 9 |
| | | | | | | | | | |
| | | | | | | | | 270 | |
| | | | | | | | | | |
| | | | | | | | | | | |
Consumer | | NMG Parent, LLC, warrants, expire 9/24/20273,13 | | | 407,047 | | | | – | 9 |
discretionary | | Total rights & warrants (cost: $4,056,000) | | | | | | | 270 | |
0.00% | | | | | | | | | | |
| | |
| Short-term securities 7.07% | | | | | |
| | |
Money market investments 7.07% | | | | | | | | |
| | Capital Group Central Cash Fund 5.09%8,14 | | | 15,829,611 | | | | 1,583,278 | |
| | | | | | | | | | |
| | Total short-term securities (cost: $1,583,203,000) | | | | | | | 1,583,278 | |
| | | | | | | | | | |
| | | |
| | Total investment securities 98.57% (cost: $22,022,851,000) | | | | | | | 22,065,843 | |
| | Other assets less liabilities 1.43% | | | | | | | 319,128 | |
| | | | | | | | | | |
| | Net assets 100.00% | | | | | | $ | 22,384,971 | |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| Futures contracts | | | | | | | | | | | | | | | |
| | | | | |
| Contracts | | Type | | | Number of
contracts | | | Expiration
date | | | Notional amount (000) | | | Value and
unrealized
appreciation
(depreciation)
at 9/30/2024
(000) | |
U.S Treasury Contracts | | | Long | | | | 4,296 | | | | 12/31/2024 | | | | USD472,057 | | | $ | 925 | |
2 Year U.S. Treasury Note Futures | | | Long | | | | 2,281 | | | | 1/6/2025 | | | | 475,000 | | | | 1,114 | |
10 Year Ultra U.S. Treasury Note Futures | | | Short | | | | 144 | | | | 12/31/2024 | | | | (17,035 | ) | | | (5 | ) |
10 Year U.S. Treasury Note Futures | | | Short | | | | 152 | | | | 12/31/2024 | | | | (17,371 | ) | | | (30 | ) |
30 Year Ultra U.S. Treasury Bond Futures | | | Long | | | | 19 | | | | 12/31/2024 | | | | 2,529 | | | | (16 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 1,988 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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
9/30/2024
(000) | | | Upfront
premium
paid
(received)
(000) | | | Unrealized
appreciation
(depreciation)
at 9/30/2024
(000) | |
| | | | | | | |
CDX.NA.HY.42 | | 5.00% | | | Quarterly | | | | 6/20/2029 | | | | USD203,370 | | | | $(15,794 | ) | | | $(15,845 | ) | | | $51 | |
| | | | | | | | |
| | | | American High-Income Trust | | | 18 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Swap contracts (continued) | | | | | | | | | | |
| | | |
Credit default swaps (continued) | | | | | | | | | | | | | |
| | | |
Centrally cleared credit default swaps on credit indices – sell protection | | | | | | | | | | | | | |
Reference index | | Financing
rate received | |
| Payment
frequency |
| |
| Expiration
date |
| |
| Notional
amount(000) |
15 | |
| Value at
9/30/2024(000) |
16 | |
| Upfront
premium
paid
(received)
(000) |
| |
| Unrealized
appreciation
(depreciation)
at 9/30/2024
(000) |
|
| | | | | | | |
CDX.NA.HY.43 | | 5.00% | | | Quarterly | | | | 12/20/2029 | | | | USD301,471 | | | | $22,063 | | | | $21,910 | | | | $153 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments in affiliates8 | | | | | | | | | | | | | |
| | | | | | | |
| | | Value at
10/1/2023 (000) | | | Additions
(000) | | | Reductions
(000) | | | Net realized gain (loss) (000) | | | Net unrealized appreciation (depreciation) (000) | | | Value at
9/30/2024 (000) | | | Dividend
or interest
income (000) | |
| | | | | | | | | |
Bonds, notes & other debt instruments 1.13% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Consumer discretionary 0.21% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Party City Holdings, Inc. 12.00% PIK 1/11/20291,4 | | $ | – | | | $ | 44,577 | | | $ | – | | | | | | | | $ – | | | | | | | | $ 2,651 | | | $ | 47,228 | | | $ | 5,645 | |
| | | | | | | | | |
Party City Holdings, Inc. 0% 10/12/20283 | | | – | | | | – | 9 | | | – | | | | | | | | – | | | | | | | | – | | | | – | 9 | | | – | |
| | | | | | | | | |
Party City Holdings, Inc. 0% 10/12/20283 | | | – | | | | – | 9 | | | – | | | | | | | | – | | | | | | | | – | | | | – | 9 | | | – | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 47,228 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Information technology 0.92% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Diebold Nixdorf, Inc., Term Loan, (3-month USD CME Term SOFR + 7.50%) 12.611% 8/11/20281,5,6 | | | 200,668 | | | | 35,677 | | | | 32,885 | | | | | | | | 1,059 | | | | | | | | 460 | | | | 204,979 | | | | 27,768 | |
| | | | | | | | | |
Diebold Nixdorf, Inc., Term Loan, 3-month USD CME Term SOFR + 5.25%) 10.479% 7/15/202517 | | | 27 | | | | – | | | | 115 | | | | | | | | – | | | | | | | | 88 | | | | – | | | | – | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 204,979 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total bonds, notes & other debt instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 252,207 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stocks 2.30% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Information technology 1.16% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Diebold Nixdorf, Inc.13 | | | 104,312 | | | | 230 | | | | 115 | | | | | | | | – | 9 | | | | | | | 154,614 | | | | 259,041 | | | | – | |
| | | | | | | | | |
Health care 0.79% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Rotech Healthcare, Inc.3,10,13 | | | 201,209 | | | | – | | | | – | | | | | | | | – | | | | | | | | (23,628 | ) | | | 177,581 | | | | – | |
| | | | | | | | | |
Consumer discretionary 0.19% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Party City Holdco, Inc.3,13 | | | – | | | | 21,180 | | | | – | | | | | | | | – | | | | | | | | 21,286 | | | | 42,466 | | | | – | |
| | | | | | | | | |
Party City Holdco, Inc.1,3,13 | | | – | | | | 159 | | | | – | | | | | | | | – | | | | | | | | 265 | | | | 424 | | | | – | |
| | | | | | | | | |
MYT Holding Co., Class B13 | | | 5,601 | | | | – | | | | – | | | | | | | | – | | | | | | | | (4,668 | ) | | | 933 | | | | – | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 43,823 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Materials 0.16% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Venator Materials PLC3,13 | | | – | | | | 140,932 | | | | – | | | | | | | | – | | | | | | | | (105,438 | ) | | | 35,494 | | | | – | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total common stocks | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 515,939 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred securities 0.06% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Consumer discretionary 0.06% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
MYT Holdings, LLC, Series A, 10.00% preferred shares13 | | | 12,925 | | | | – | | | | – | | | | | | | | – | | | | | | | | (249 | ) | | | 12,676 | | | | – | |
| | | | | | | | | |
Short-term securities 7.07% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Money market investments 7.07% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Capital Group Central Cash Fund 5.09%14 | | | 1,171,249 | | | | 4,335,407 | | | | 3,923,912 | | | | | | | | 265 | | | | | | | | 269 | | | | 1,583,278 | | | | 78,046 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total 10.56% | | | | | | | | | | | | | | | | | | | $1,324 | | | | | | | | $ 45,650 | | | $ | 2,364,100 | | | $ | 111,459 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| 19 | | American High-Income Trust | | | | |
Restricted securities10
| | | | | | | | | | | | | | | | |
| | | Acquisition date(s) | | | Cost
(000) | | | Value
(000) | | | Percent
of net
assets | |
| | | | |
Rotech Healthcare, Inc.3,8,13 | | | 9/26/2013 | | | | $ 41,128 | | | | $177,581 | | | | .79 | % |
Finastra USA, Inc., Term Loan B, | | | | | | | | | | | | | | | | |
(3-month USD CME Term SOFR + 7.25%) 12.181% 9/13/20295,6 | | | 9/13/2023 | | | | 73,293 | | | | 74,891 | | | | .33 | |
Finastra USA, Inc., Term Loan, | | | | | | | | | | | | | | | | |
(3-month USD CME Term SOFR + 7.25%) 12.181% 9/13/20295,6 | | | 9/13/2023-9/13/2024 | | | | 3,602 | | | | 3,616 | | | | .02 | |
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)3,7 | | | 6/23/2023 | | | | 59,313 | | | | 56,954 | | | | .26 | |
AH Parent, Inc., 10.50%, perpetual cumulative preferred shares3,4,13 | | | 9/27/2024 | | | | 36,189 | | | | 36,740 | | | | .16 | |
Ascent Resources - Utica, LLC, Class A3 | | | 4/25/2016-11/15/2016 | | | | 4,340 | | | | 32,881 | | | | .15 | |
McDermott International, Ltd.13 | | | 4/4/2018-12/31/2020 | | | | 7,967 | | | | 349 | | | | .00 | 18 |
| | | | | | | | | | | | | | | | |
Total | | | | | | | $225,832 | | | | $383,012 | | | | 1.71 | % |
| | | | | | | | | | | | | | | | |
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 $14,248,297,000, which represented 63.65% 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 $1,051,731,000, which represented 4.70% 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 | 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. |
9 | Amount less than one thousand. |
10 | 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 $383,012,000, which represented 1.71% of the net assets of the fund. |
11 | Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date. |
12 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $16,862,000, which represented .08% of the net assets of the fund. |
13 | Security did not produce income during the last 12 months. |
14 | Rate represents the seven-day yield at 9/30/2024. |
15 | The maximum potential amount the fund may pay as a protection seller should a credit event occur. |
16 | The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. |
17 | Affiliated issuer during the reporting period but no longer held at 9/30/2024. |
Key to abbreviation(s)
CME = CME Group
DAC = Designated Activity Company
EUR = Euros
G.O. = General Obligation
GBP = British pounds
LIBOR = London Interbank Offered Rate
MXN = Mexican pesos
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 | | | 20 | |
Financial statements
Statement of assets and liabilities at September 30, 2024
(dollars in thousands)
| | | | | | | | | | | | |
Assets: | | | | | | | | | | | | |
Investment securities, at value: | | | | | | | | | | | | |
Unaffiliated issuers (cost: $19,691,776) | | $ | 19,701,743 | | | | | | | | | |
Affiliated issuers (cost: $2,331,075) | | | 2,364,100 | | | | | | | $ | 22,065,843 | |
| | | | | | | | | | | | |
Cash | | | | | | | | | | | 59,716 | |
Cash collateral pledged for futures contracts | | | | | | | | | | | 2,115 | |
Cash collateral pledged for swap contracts | | | | | | | | | | | 118 | |
Cash denominated in currencies other than U.S. dollars (cost: $1) | | | | | | | | | | | 1 | |
Unrealized appreciation on unfunded commitments* | | | | | | | | | | | 16 | |
Receivables for: | | | | | | | | | | | | |
Sales of investments | | | 99,297 | | | | | | | | | |
Sales of fund’s shares | | | 30,927 | | | | | | | | | |
Dividends and interest | | | 330,564 | | | | | | | | | |
Variation margin on futures contracts | | | 143 | | | | | | | | | |
Variation margin on centrally cleared swap contracts | | | 125 | | | | | | | | | |
Other | | | 24 | | | | | | | | 461,080 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 22,588,889 | |
Liabilities: | | | | | | | | | | | | |
Payables for: | | | | | | | | | | | | |
Purchases of investments | | | 152,109 | | | | | | | | | |
Repurchases of fund’s shares | | | 36,234 | | | | | | | | | |
Dividends on fund’s shares | | | 3,987 | | | | | | | | | |
Investment advisory services | | | 5,029 | | | | | | | | | |
Services provided by related parties | | | 3,567 | | | | | | | | | |
Trustees’ deferred compensation | | | 402 | | | | | | | | | |
Variation margin on futures contracts | | | 2,448 | | | | | | | | | |
Variation margin on centrally cleared swap contracts | | | 85 | | | | | | | | | |
Other | | | 57 | | | | | | | | 203,918 | |
| | | | | | | | | | | | |
Net assets at September 30, 2024 | | | | | | | | | | $ | 22,384,971 | |
| | | | | | | | | | | | |
| | | |
Net assets consist of: | | | | | | | | | | | | |
Capital paid in on shares of beneficial interest | | | | | | | | | | $ | 24,814,379 | |
Total distributable earnings (accumulated loss) | | | | | | | | | | | (2,429,408 | ) |
| | | | | | | | | | | | |
Net assets at September 30, 2024 | | | | | | | | | | $ | 22,384,971 | |
| | | | | | | | | | | | |
*Refer to Note 5 for further information on unfunded commitments.
Refer to the notes to financial statements.
| | | | | | |
| 21 | | American High-Income Trust | | | | |
Financial statements (continued)
Statement of assets and liabilities at September 30, 2024 (continued)
(dollars and shares in thousands, except per-share amounts)
Shares of beneficial interest issued and outstanding (no stated par value) —
unlimited shares authorized (2,263,312 total shares outstanding)
| | | | | | | | | | | | |
| | | Net assets | | | Shares
outstanding | | | Net asset value
per share | |
| | | |
Class A | | $ | 11,170,682 | | | | 1,129,451 | | | | $9.89 | |
Class C | | | 217,130 | | | | 21,954 | | | | 9.89 | |
Class T | | | 10 | | | | 1 | | | | 9.89 | |
Class F-1 | | | 290,430 | | | | 29,365 | | | | 9.89 | |
Class F-2 | | | 3,426,572 | | | | 346,456 | | | | 9.89 | |
Class F-3 | | | 1,705,926 | | | | 172,484 | | | | 9.89 | |
Class 529-A | | | 323,580 | | | | 32,717 | | | | 9.89 | |
Class 529-C | | | 7,731 | | | | 782 | | | | 9.89 | |
Class 529-E | | | 12,145 | | | | 1,228 | | | | 9.89 | |
Class 529-T | | | 15 | | | | 2 | | | | 9.89 | |
Class 529-F-1 | | | 13 | | | | 1 | | | | 9.89 | |
Class 529-F-2 | | | 41,470 | | | | 4,193 | | | | 9.89 | |
Class 529-F-3 | | | 13 | | | | 1 | | | | 9.89 | |
Class R-1 | | | 12,679 | | | | 1,282 | | | | 9.89 | |
Class R-2 | | | 117,232 | | | | 11,853 | | | | 9.89 | |
Class R-2E | | | 16,450 | | | | 1,663 | | | | 9.89 | |
Class R-3 | | | 154,421 | | | | 15,613 | | | | 9.89 | |
Class R-4 | | | 123,674 | | | | 12,504 | | | | 9.89 | |
Class R-5E | | | 27,936 | | | | 2,825 | | | | 9.89 | |
Class R-5 | | | 30,635 | | | | 3,097 | | | | 9.89 | |
Class R-6 | | | 4,706,227 | | | | 475,840 | | | | 9.89 | |
Refer to the notes to financial statements.
| | | | | | | | |
| | | | American High-Income Trust | | | 22 | |
Financial statements (continued)
Statement of operations for the year ended September 30, 2024
(dollars in thousands)
| | | | | | | | |
Investment income: | | | | | | | | |
Income: | | | | | | | | |
Interest (includes $33,413 from affiliates) | | $ | 1,316,018 | | | | | |
Dividends (net of non-U.S. taxes of $339;
also includes $78,046 from affiliates) | | | 87,394 | | | $ | 1,403,412 | |
| | | | | | | | |
Fees and expenses*: | | | | | | | | |
Investment advisory services | | | 55,980 | | | | | |
Distribution services | | | 32,780 | | | | | |
Transfer agent services | | | 18,623 | | | | | |
Administrative services | | | 5,910 | | | | | |
529 plan services | | | 207 | | | | | |
Reports to shareholders | | | 723 | | | | | |
Registration statement and prospectus | | | 873 | | | | | |
Trustees’ compensation | | | 150 | | | | | |
Auditing and legal | | | 435 | | | | | |
Custodian | | | 74 | | | | | |
Other | | | 271 | | | | | |
| | | | | | | | |
Total fees and expenses before waiver | | | 116,026 | | | | | |
Less waiver of fees and expenses: | | | | | | | | |
Investment advisory services waiver | | | 821 | | | | | |
| | | | | | | | |
Total fees and expenses after waiver | | | | | | | 115,205 | |
| | | | | | | | |
Net investment income | | | | | | | 1,288,207 | |
| | | | | | | | |
| | |
Net realized gain (loss) and unrealized appreciation (depreciation): | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | |
Investments: | | | | | | | | |
Unaffiliated issuers | | | (214,671 | ) | | | | |
Affiliated issuers | | | 1,324 | | | | | |
Futures contracts | | | 15,261 | | | | | |
Swap contracts | | | (12,005 | ) | | | | |
Currency transactions | | | 148 | | | | (209,943 | ) |
| | | | | | | | |
Net unrealized appreciation (depreciation) on: | | | | | | | | |
Investments: | | | | | | | | |
Unaffiliated issuers | | | 1,968,886 | | | | | |
Affiliated issuers | | | 45,650 | | | | | |
Futures contracts | | | 2,568 | | | | | |
Swap contracts | | | 5 | | | | | |
Currency translations | | | 25 | | | | 2,017,134 | |
| | | | | | | | |
Net realized gain (loss) and unrealized appreciation (depreciation) | | | | | | | 1,807,191 | |
| | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | | | | $ | 3,095,398 | |
| | | | | | | | |
*Additional information related to class-specific fees and expenses is included in the notes to financial statements.
Refer to the notes to financial statements.
| | | | | | |
| 23 | | American High-Income Trust | | | | |
Financial statements (continued)
Statements of changes in net assets
(dollars in thousands)
| | | | | | | | |
| | | Year ended September 30, | |
| | | 2024 | | | 2023 | |
Operations: | | | | | | | | |
Net investment income | | $ | 1,288,207 | | | $ | 1,132,751 | |
Net realized gain (loss) | | | (209,943 | ) | | | (372,209 | ) |
Net unrealized appreciation (depreciation) | | | 2,017,134 | | | | 662,055 | |
| | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 3,095,398 | | | | 1,422,597 | |
| | |
Distributions paid or accrued to shareholders | | | (1,302,223 | ) | | | (1,136,882 | ) |
| | |
Net capital share transactions | | | 2,730,596 | | | | 1,364,838 | |
| | | | | | | | |
Total increase (decrease) in net assets | | | 4,523,771 | | | | 1,650,553 | |
| | |
Net assets: | | | | | | | | |
Beginning of year | | | 17,861,200 | | | | 16,210,647 | |
| | | | | | | | |
End of year | | $ | 22,384,971 | | | $ | 17,861,200 | |
| | | | | | | | |
Refer to the notes to financial statements.
| | | | | | | | |
| | | | American High-Income Trust | | | 24 | |
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.
| | | | | | |
| 25 | | 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, and terms of the contract.
| | | | | | | | |
| | | | American High-Income Trust | | | 26 | |
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, 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 tables on the following page present the fund’s valuation levels as of September 30, 2024 (dollars in thousands):
| | | | | | |
| 27 | | American High-Income Trust | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | Investment securities | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Assets: | | | | | | | | | | | | | | | | |
Bonds, notes & other debt instruments: | | | | | | | | | | | | | | | | |
Corporate bonds, notes & loans | | $ | – | | | $ | 19,266,034 | | | $ | 65,668 | | | $ | 19,331,702 | |
U.S. Treasury bonds & notes | | | – | | | | 35,926 | | | | – | | | | 35,926 | |
Mortgage-backed obligations | | | – | | | | – | | | | 14,955 | | | | 14,955 | |
Municipals | | | – | | | | 11,551 | | | | – | | | | 11,551 | |
Bonds & notes of governments & government agencies outside the U.S. | | | – | | | | 7,217 | | | | – | | | | 7,217 | |
Convertible bonds & notes | | | – | | | | 50,725 | | | | – | | | | 50,725 | |
Common stocks | | | 536,279 | | | | 70,809 | | | | 350,999 | | | | 958,087 | |
Preferred securities | | | – | | | | 12,676 | | | | 59,456 | | | | 72,132 | |
Rights & warrants | | | 270 | | | | – | | | | – | 1 | | | 270 | |
Short-term securities | | | 1,583,278 | | | | – | | | | – | | | | 1,583,278 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 2,119,827 | | | $ | 19,454,938 | | | $ | 491,078 | | | $ | 22,065,843 | |
| | | | | | | | | | | | | | | | |
| | | |
| | | | | | Other investments2 | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Assets: | | | | | | | | | | | | | | | | |
Unrealized appreciation on futures contracts | | $ | 2,039 | | | $ | – | | | $ | – | | | $ | 2,039 | |
Unrealized appreciation on centrally cleared credit default swaps | | | – | | | | 204 | | | | – | | | | 204 | |
Liabilities: | | | | | | | | | | | | | | | | |
Unrealized depreciation on futures contracts | | | (51 | ) | | | – | | | | – | | | | (51 | ) |
| | | | | | | | | | | | | | | | |
Total | | $ | 1,988 | | | $ | 204 | | | $ | – | | | $ | 2,192 | |
| | | | | | | | | | | | | | | | |
1 Amount less than one thousand.
2Futures contracts and credit default swaps are not included in the investment portfolio.
The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the year ended September 30, 2024 (dollars in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Beginning
value at
10/1/2023 | | | Transfers
into
Level 33 | | | Purchases | | | Sales | | | Net
realized gain (loss)4
| | | Unrealized
appreciation
(depreciation)4
| | | Transfers
out of
Level 33 | | | Ending
value at
9/30/2024 | |
Investment securities | | $ | 359,671 | | | $ | 30,588 | | | $ | 244,874 | | | $ | (22,737 | ) | | $ | (102,007 | ) | | $ | 17,972 | | | $ | (37,283 | ) | | $ | 491,078 | |
| | |
Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at September 30, 2024 | | | | | | | $ | (88,411 | ) |
3Transfers 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 inthe availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.
4Net realized gain (loss) and unrealized appreciation (depreciation) is included in the related amounts on investments in the fund’s statement of operations.
| | | | | | | | |
| | | | American High-Income Trust | | | 28 | |
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
9/30/2024 | | | Valuation techniques | | Unobservable inputs | | Range (if applicable) | | Weighted
average1 | | Impact to
valuation from an increase in
input2
|
| | | | | | | | Expected proceeds | | Not applicable | | Not applicable | | Not applicable |
| | | | | | Estimated recovery | | Discount for uncertainty | | 5% | | 5% | | Decrease |
| | | | | | value | | De minimis | | Not applicable | | Not applicable | | Not applicable |
Bonds, notes & other debt instruments | | $ | 80,623 | | | Transaction | | Transaction price | | Not applicable | | Not applicable | | Not applicable |
| | Net adjustment (decrease) based on movement of market comparables | | 1% | | 1% | | Decrease |
| | | | | | | Market comparables | | Yield | | 13% | | 13% | | Decrease |
| | | | | | | | De minimis | | Not applicable | | Not applicable | | Not applicable |
| | | | | | Estimated recovery | | Expected proceeds | | Not applicable | | Not applicable | | Not applicable |
| | | | | | value | | Vendor price | | Not applicable | | Not applicable | | Not applicable |
| | | | | | | | Discount for uncertainty | | 20% | | 20% | | Decrease |
| | | | | | Transaction | | Transaction price | | Not applicable | | Not applicable | | Not applicable |
| | | | | | Discount for uncertainty | | 3% | | 3% | | Decrease |
| | | | | | Market comparables | | EV/EBITDA multiple | | 6.0x -10.2x | | 6.8x | | Increase |
Common stocks | | $ | 350,999 | | | Discount to EV/EBITDA multiple | | 14% -28% | | 18% | | Decrease |
| | | | | | Premium to EV/EBITDA multiple | | 15% | | 15% | | Increase |
| | | | | | Price to book value multiple | | 0.6x | | 0.6x | | Increase |
| | | | | | Premium to Price to book value multiple | | 30% | | 30% | | Increase |
| | | | | | DLOM | | 7% -15% | | 12% | | Decrease |
| | | | | | Indicative market | | Broker quote | | Not applicable | | Not applicable | | Not applicable |
| | | | | | | quotation |
| | | | | | Market comparables | | EV/EBITDA multiple | | 4.5x | | 4.5x | | Increase |
| | | | | | DLOM | | 15% | | 15% | | Decrease |
Preferred securities | | $ | 59,456 | | | Estimated recovery value | | Expected proceeds | | Not applicable | | Not applicable | | Not applicable |
| | | | | | | Transaction | | Transaction price | | Not applicable | | Not applicable | | Not applicable |
Rights & warrants | | | – | 3 | | Estimated recovery value | | De minimis | | Not applicable | | Not applicable | | Not applicable |
| | $ | 491,078 | | | | | | | | | | | |
| | | | | | | | | | | | | | |
1Weighted average is by relative fair value.
2This 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.
3Amount less than one thousand.
Key to abbreviations
DLOM = Discount for lack of marketability
EBITDA = Earnings before interest, 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.
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.
| | | | | | |
| 29 | | American High-Income Trust | | | | |
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 that 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.
| | | | | | | | |
| | | | American High-Income Trust | | | 30 | |
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, 2024, the fund’s maximum exposure of unfunded bond commitments was $142,663,000, which would represent 0.64% of the net assets of the fund should such commitments become due. Unrealized appreciation of $16,000 is disclosed as unrealized appreciation on unfunded commitments in the fund’s statement of assets and liabilities and is included in net unrealized appreciation on investments in unaffiliated issuers in the fund’s statement of operations.
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.
| | | | | | |
| 31 | | 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 $883,333,000.
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 $360,042,000.
| | | | | | | | |
| | | | American High-Income Trust | | | 32 | |
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, 2024 (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* | | $ | 2,039 | | | | | Unrealized depreciation* | | $ | 51 | |
| | | | | | |
Swap (centrally cleared) | | Credit | | Unrealized appreciation* | | | 204 | | | | | Unrealized depreciation* | | | – | |
| | | | | | | | | | | | | | | | |
| | | | | | $ | 2,243 | | | | | | | $ | 51 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | Net realized gain (loss) | | | | | Net unrealized appreciation (depreciation) | |
Contracts | | Risk type | | Location on statement of operations | | | Value | | | | | Location on statement of operations | | | Value | |
| | | | | | |
Futures | | Interest | | Net realized gain (loss) on futures contracts | | $ | 15,261 | | | | | Net unrealized appreciation (depreciation) on futures contracts | | $ | 2,568 | |
| | | | | | |
Swap | | Credit | | Net realized gain (loss) on swap contracts | | | (12,005 | ) | | | | Net unrealized appreciation (depreciation) on swap contracts | | | 5 | |
| | | | | | | | | | | | | | | | |
| | | | | | $ | 3,256 | | | | | | | $ | 2,573 | |
| | | | | | | | | | | | | | | | |
| | * | 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, 2024, 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.
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; 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.
| | | | | | |
| 33 | | American High-Income Trust | | | | |
During the year ended September 30, 2024, the fund reclassified $8,000 from total accumulated loss to capital paid in on shares of beneficial interest to align financial reporting with tax reporting.
As of September 30, 2024, the tax basis components of distributable earnings, unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):
| | | | | | |
| | | |
Undistributed ordinary income | | $ | 15,710 | | | |
Capital loss carryforward* | | | (2,321,334 | ) | | |
| | |
Gross unrealized appreciation on investments | | | 706,707 | | | |
Gross unrealized depreciation on investments | | | (811,745 | ) | | |
Net unrealized appreciation (depreciation) on investments | | | (105,038 | ) | | |
| | |
Cost of investments | | | 22,167,008 | | | |
*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 | | 2024 | | | | | | 2023 | |
| | | | | | | | | | | | | |
| | | |
Class A | | $ | 677,131 | | | | | | | $ | 646,145 | |
Class C | | | 11,924 | | | | | | | | 12,611 | |
Class T | | | 1 | | | | | | | | – | † |
Class F-1 | | | 17,384 | | | | | | | | 18,085 | |
Class F-2 | | | 164,007 | | | | | | | | 130,199 | |
Class F-3 | | | 92,480 | | | | | | | | 68,239 | |
Class 529-A | | | 19,887 | | | | | | | | 19,391 | |
Class 529-C | | | 472 | | | | | | | | 553 | |
Class 529-E | | | 721 | | | | | | | | 716 | |
Class 529-T | | | 1 | | | | | | | | 1 | |
Class 529-F-1 | | | 1 | | | | | | | | 1 | |
Class 529-F-2 | | | 2,578 | | | | | | | | 2,265 | |
Class 529-F-3 | | | 1 | | | | | | | | 1 | |
Class R-1 | | | 677 | | | | | | | | 707 | |
Class R-2 | | | 6,574 | | | | | | | | 6,236 | |
Class R-2E | | | 767 | | | | | | | | 438 | |
Class R-3 | | | 9,087 | | | | | | | | 8,370 | |
Class R-4 | | | 7,668 | | | | | | | | 7,382 | |
Class R-5E | | | 1,599 | | | | | | | | 1,312 | |
Class R-5 | | | 2,075 | | | | | | | | 1,959 | |
Class R-6 | | | 287,188 | | | | | | | | 212,271 | |
| | | | | | | | | | | | |
Total | | $ | 1,302,223 | | | | | | | $ | 1,136,882 | |
| | | | | | | | | | | | |
†Amount less than one thousand.
7. Fees and transactions with related parties
CRMC, the fund’s investment adviser, is the parent company of Capital Client Group, Inc. (“CCG”), the principal underwriter of the fund’s shares, and American Funds Service Company® (“AFS”), the fund’s transfer agent. CRMC, CCG and AFS are considered related parties to the fund.
Investment advisory services – The fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on a 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, 2024, CRMC waived investment advisory services fees of $821,000. CRMC does not intend to recoup this waiver. As a result, the fees shown on the fund’s statement of operations of $55,980,000, which were equivalent to an annualized rate of 0.284% of average daily net assets, were reduced to $55,159,000, which were equivalent to an annualized rate of 0.280% of average daily net assets.
| | | | | | | | |
| | | | American High-Income Trust | | | 34 | |
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 CCG for paying service fees, to firms that have entered into agreements with CCG 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 CCG for certain shares sold without a sales charge. These share classes reimburse CCG 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, 2024, 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. Under this agreement, the fund also pays sub-transfer agency fees to AFS. These fees are paid by AFS 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 Commonwealth Savers Plan (formerly, 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 Commonwealth Savers Plan through ABLEAmerica®, a tax-advantaged savings program for individuals with disabilities. Commonwealth Savers Plan is not considered a related party to the fund.
| | | | | | |
| 35 | | 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, 2024, the 529 plan services fees were $207,000, which were equivalent to 0.057% of the average daily net assets of each 529 share class.
For the year ended September 30, 2024, 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 | | | | | | | | | $27,136 | | | | | $14,089 | | | | | $3,135 | | | | | Not applicable | |
Class C | | | | | | | | | 2,064 | | | | | 279 | | | | | 62 | | | | | Not applicable | |
Class T | | | | | | | | | – | | | | | – | * | | | | – | * | | | | Not applicable | |
Class F-1 | | | | | | | | | 663 | | | | | 441 | | | | | 81 | | | | | Not applicable | |
Class F-2 | | | | Not applicable | | | | | 2,520 | | | | | 727 | | | | | Not applicable | |
Class F-3 | | | | Not applicable | | | | | 15 | | | | | 405 | | | | | Not applicable | |
Class 529-A | | | | | | | | | 710 | | | | | 395 | | | | | 92 | | | | | | | | | | $174 | |
Class 529-C | | | | | | | | | 82 | | | | | 11 | | | | | 3 | | | | | | | | | | 5 | |
Class 529-E | | | | | | | | | 57 | | | | | 6 | | | | | 3 | | | | | | | | | | 6 | |
Class 529-T | | | | | | | | | – | | | | | – | * | | | | – | * | | | | | | | | | – | * |
Class 529-F-1 | | | | | | | | | – | | | | | – | * | | | | – | * | | | | | | | | | – | * |
Class 529-F-2 | | | | Not applicable | | | | | 22 | | | | | 11 | | | | | | | | | | 22 | |
Class 529-F-3 | | | | Not applicable | | | | | – | * | | | | – | * | | | | | | | | | – | * |
Class R-1 | | | | | | | | | 117 | | | | | 12 | | | | | 4 | | | | | Not applicable | |
Class R-2 | | | | | | | | | 851 | | | | | 378 | | | | | 34 | | | | | Not applicable | |
Class R-2E | | | | | | | | | 76 | | | | | 25 | | | | | 4 | | | | | Not applicable | |
Class R-3 | | | | | | | | | 730 | | | | | 216 | | | | | 44 | | | | | Not applicable | |
Class R-4 | | | | | | | | | 294 | | | | | 115 | | | | | 35 | | | | | Not applicable | |
Class R-5E | | | | Not applicable | | | | | 36 | | | | | 7 | | | | | Not applicable | |
Class R-5 | | | | Not applicable | | | | | 17 | | | | | 9 | | | | | Not applicable | |
Class R-6 | | | | Not applicable | | | | | 46 | | | | | 1,254 | | | | | Not applicable | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total class-specific expenses | | | | | | | | | $32,780 | | | | | $18,623 | | | | | $5,910 | | | | | | | | | | $207 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
*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 $150,000 in the fund’s statement of operations reflects $80,000 in current fees (either paid in cash or deferred) and a net increase of $70,000 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, CCG 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 may purchase investment securities from, or sell 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. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act. During the year ended September 30, 2024, the fund did not engage in any such purchase or sale transactions with any related funds.
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, 2024.
| | | | | | | | |
| | | | American High-Income Trust | | | 36 | |
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, 2024.
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 increase
(decrease) | |
| Share class | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Year ended September 30, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | $ | 1,265,011 | | | | 133,402 | | | $ | 653,697 | | | | 68,809 | | | $ | (1,537,468 | ) | | | (162,688 | ) | | $ | 381,240 | | | | 39,523 | |
Class C | | | 48,313 | | | | 5,081 | | | | 11,533 | | | | 1,215 | | | | (65,402 | ) | | | (6,922 | ) | | | (5,556 | ) | | | (626 | ) |
Class T | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | |
Class F-1 | | | 217,955 | | | | 23,039 | | | | 16,633 | | | | 1,752 | | | | (232,035 | ) | | | (24,573 | ) | | | 2,553 | | | | 218 | |
Class F-2 | | | 1,784,496 | | | | 186,714 | | | | 155,520 | | | | 16,324 | | | | (766,723 | ) | | | (81,349 | ) | | | 1,173,293 | | | | 121,689 | |
Class F-3 | | | 781,814 | | | | 82,622 | | | | 90,293 | | | | 9,478 | | | | (315,809 | ) | | | (33,429 | ) | | | 556,298 | | | | 58,671 | |
Class 529-A | | | 46,614 | | | | 4,910 | | | | 19,816 | | | | 2,086 | | | | (63,865 | ) | | | (6,736 | ) | | | 2,565 | | | | 260 | |
Class 529-C | | | 2,554 | | | | 269 | | | | 470 | | | | 50 | | | | (4,713 | ) | | | (497 | ) | | | (1,689 | ) | | | (178 | ) |
Class 529-E | | | 1,484 | | | | 157 | | | | 719 | | | | 76 | | | | (1,986 | ) | | | (210 | ) | | | 217 | | | | 23 | |
Class 529-T | | | – | | | | – | | | | 1 | | | | 1 | | | | – | | | | – | | | | 1 | | | | 1 | |
Class 529-F-1 | | | – | | | | – | | | | 1 | | | | – | † | | | – | | | | – | | | | 1 | | | | – | † |
Class 529-F-2 | | | 9,595 | | | | 1,017 | | | | 2,566 | | | | 270 | | | | (8,361 | ) | | | (882 | ) | | | 3,800 | | | | 405 | |
Class 529-F-3 | | | – | | | | – | | | | 1 | | | | – | † | | | – | | | | – | | | | 1 | | | | – | † |
Class R-1 | | | 1,961 | | | | 207 | | | | 674 | | | | 71 | | | | (2,279 | ) | | | (242 | ) | | | 356 | | | | 36 | |
Class R-2 | | | 21,855 | | | | 2,318 | | | | 6,532 | | | | 687 | | | | (27,569 | ) | | | (2,906 | ) | | | 818 | | | | 99 | |
Class R-2E | | | 10,411 | | | | 1,094 | | | | 765 | | | | 80 | | | | (3,412 | ) | | | (357 | ) | | | 7,764 | | | | 817 | |
Class R-3 | | | 41,283 | | | | 4,378 | | | | 9,012 | | | | 948 | | | | (41,576 | ) | | | (4,384 | ) | | | 8,719 | | | | 942 | |
Class R-4 | | | 29,090 | | | | 3,070 | | | | 7,638 | | | | 804 | | | | (35,484 | ) | | | (3,745 | ) | | | 1,244 | | | | 129 | |
Class R-5E | | | 7,495 | | | | 789 | | | | 1,592 | | | | 168 | | | | (4,108 | ) | | | (435 | ) | | | 4,979 | | | | 522 | |
Class R-5 | | | 8,413 | | | | 898 | | | | 2,067 | | | | 218 | | | | (11,606 | ) | | | (1,232 | ) | | | (1,126 | ) | | | (116 | ) |
Class R-6 | | | 735,445 | | | | 77,441 | | | | 287,030 | | | | 30,189 | | | | (427,357 | ) | | | (45,284 | ) | | | 595,118 | | | | 62,346 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total net increase (decrease) | | $ | 5,013,789 | | | | 527,406 | | | $ | 1,266,560 | | | | 133,226 | | | $ | (3,549,753 | ) | | | (375,871 | ) | | $ | 2,730,596 | | | | 284,761 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Refer to the end of the table for footnotes.
| | | | | | |
| 37 | | 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, 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
*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 $8,683,138,000 and $6,814,261,000, respectively, during the year ended September 30, 2024.
| | | | | | | | |
| | | | American High-Income Trust | | | 38 | |
Financial highlights
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Income (loss) from
investment operations1 | | | | | | | | | | | | | | | | | | | | | | |
| Year ended | | Net asset value, beginning of year | | | Net investment income (loss) | | | 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 return2,3 | | | 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- ments3,4 | | | Ratio of net income (loss) to average net assets3 | |
| | | | | | | | | | | |
Class A: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
9/30/2024 | | $ | 9.03 | | | $ | .61 | | | $ | .86 | | | $ | 1.47 | | | $ | (.61 | ) | | $ | 9.89 | | | | 16.81 | % | | $ | 11,171 | | | | .72 | % | | | .72 | % | | | 6.41 | % |
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 | |
| | | | | | | | | | | |
Class C: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
9/30/2024 | | | 9.03 | | | | .54 | | | | .86 | | | | 1.40 | | | | (.54 | ) | | | 9.89 | | | | 15.97 | | | | 217 | | | | 1.46 | | | | 1.45 | | | | 5.67 | |
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 | |
| | | | | | | | | | | |
Class T: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
9/30/2024 | | | 9.03 | | | | .64 | | | | .86 | | | | 1.50 | | | | (.64 | ) | | | 9.89 | | | | 17.12 | 5 | | | – | 6 | | | .45 | 5 | | | .45 | 5 | | | 6.67 | 5 |
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 | | | 6.375 | |
| | | | | | | | | | | |
Class F-1: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
9/30/2024 | | | 9.03 | | | | .61 | | | | .86 | | | | 1.47 | | | | (.61 | ) | | | 9.89 | | | | 16.80 | | | | 290 | | | | .74 | | | | .73 | | | | 6.39 | |
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 | |
| | | | | | | | | | | |
Class F-2: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
9/30/2024 | | | 9.03 | | | | .64 | | | | .86 | | | | 1.50 | | | | (.64 | ) | | | 9.89 | | | | 17.15 | | | | 3,427 | | | | .43 | | | | .43 | | | | 6.70 | |
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 | |
| | | | | | | | | | | |
Class F-3: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
9/30/2024 | | | 9.03 | | | | .65 | | | | .86 | | | | 1.51 | | | | (.65 | ) | | | 9.89 | | | | 17.27 | | | | 1,706 | | | | .33 | | | | .32 | | | | 6.79 | |
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 | |
| | | | | | | | | | | |
Class 529-A: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
9/30/2024 | | | 9.03 | | | | .61 | | | | .86 | | | | 1.47 | | | | (.61 | ) | | | 9.89 | | | | 16.79 | | | | 324 | | | | .74 | | | | .74 | | | | 6.39 | |
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 | |
Refer to the end of the table for footnotes.
| | | | | | |
| 39 | | American High-Income Trust | | | | |
Financial highlights (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Income (loss) from
investment operations1 | | | | | | | | | | | | | | | | | | | | | | |
| Year ended | | Net asset value, beginning of year | | | Net investment income (loss) | | | 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 return2,3 | | | 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- ments3,4 | | | Ratio of net income (loss) to average net assets3 | |
| | | | | | | | | | | |
Class 529-C: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
9/30/2024 | | $ | 9.03 | | | $ | .54 | | | $ | .86 | | | $ | 1.40 | | | $ | (.54 | ) | | $ | 9.89 | | | | 15.91 | % | | $ | 8 | | | | 1.50 | % | | | 1.50 | % | | | 5.62 | % |
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 | |
| | | | | | | | | | | |
Class 529-E: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
9/30/2024 | | | 9.03 | | | | .59 | | | | .86 | | | | 1.45 | | | | (.59 | ) | | | 9.89 | | | | 16.57 | | | | 12 | | | | .93 | | | | .93 | | | | 6.20 | |
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 | |
| | | | | | | | | | | |
Class 529-T: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
9/30/2024 | | | 9.03 | | | | .63 | | | | .86 | | | | 1.49 | | | | (.63 | ) | | | 9.89 | | | | 17.06 | 5 | | | – | 6 | | | .51 | 5 | | | .50 | 5 | | | 6.62 | 5 |
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 |
| | | | | | | | | | | |
Class 529-F-1: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
9/30/2024 | | | 9.03 | | | | .63 | | | | .86 | | | | 1.49 | | | | (.63 | ) | | | 9.89 | | | | 17.00 | 5 | | | – | 6 | | | .55 | 5 | | | .55 | 5 | | | 6.57 | 5 |
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 | |
| | | | | | | | | | | |
Class 529-F-2: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
9/30/2024 | | | 9.03 | | | | .64 | | | | .86 | | | | 1.50 | | | | (.64 | ) | | | 9.89 | | | | 17.14 | | | | 41 | | | | .44 | | | | .44 | | | | 6.69 | |
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 | |
9/30/20217,8 | | | 9.62 | | | | .46 | | | | .95 | | | | 1.41 | | | | (.48 | ) | | | 10.55 | | | | 14.92 | 9 | | | 38 | | | | .44 | 10 | | | .44 | 10 | | | 4.82 | 10 |
| | | | | | | | | | | |
Class 529-F-3: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
9/30/2024 | | | 9.03 | | | | .64 | | | | .86 | | | | 1.50 | | | | (.64 | ) | | | 9.89 | | | | 17.19 | | | | – | 6 | | | .39 | | | | .39 | | | | 6.73 | |
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 | |
9/30/20217,8 | | | 9.62 | | | | .46 | | | | .96 | | | | 1.42 | | | | (.49 | ) | | | 10.55 | | | | 14.99 | 9 | | | – | 6 | | | .43 | 10 | | | .37 | 10 | | | 4.90 | 10 |
| | | | | | | | | | | |
Class R-1: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
9/30/2024 | | | 9.03 | | | | .55 | | | | .86 | | | | 1.41 | | | | (.55 | ) | | | 9.89 | | | | 16.00 | | | | 13 | | | | 1.42 | | | | 1.42 | | | | 5.71 | |
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 | |
Refer to the end of the table for footnotes.
| | | | | | | | |
| | | | American High-Income Trust | | | 40 | |
Financial highlights (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Income (loss) from
investment operations1 | | | | | | | | | | | | | | | | | | | | | | |
| Year ended | | Net asset value, beginning of year | | | Net investment income (loss) | | | 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 return2,3 | | | 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- ments3,4 | | | Ratio of net income (loss) to average net assets3 | |
| | | | | | | | | | | |
Class R-2: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
9/30/2024 | | $ | 9.03 | | | $ | .55 | | | $ | .86 | | | $ | 1.41 | | | $ | (.55 | ) | | $ | 9.89 | | | | 16.02 | % | | $ | 117 | | | | 1.41 | % | | | 1.41 | % | | | 5.72 | % |
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 | |
| | | | | | | | | | | |
Class R-2E: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
9/30/2024 | | | 9.03 | | | | .58 | | | | .86 | | | | 1.44 | | | | (.58 | ) | | | 9.89 | | | | 16.35 | | | | 16 | | | | 1.12 | | | | 1.12 | | | | 6.04 | |
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 | |
| | | | | | | | | | | |
Class R-3: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
9/30/2024 | | | 9.03 | | | | .59 | | | | .86 | | | | 1.45 | | | | (.59 | ) | | | 9.89 | | | | 16.52 | | | | 154 | | | | .98 | | | | .97 | | | | 6.16 | |
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 | |
| | | | | | | | | | | |
Class R-4: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
9/30/2024 | | | 9.03 | | | | .62 | | | | .86 | | | | 1.48 | | | | (.62 | ) | | | 9.89 | | | | 16.87 | | | | 124 | | | | .68 | | | | .67 | | | | 6.46 | |
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 | |
| | | | | | | | | | | |
Class R-5E: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
9/30/2024 | | | 9.03 | | | | .64 | | | | .86 | | | | 1.50 | | | | (.64 | ) | | | 9.89 | | | | 17.10 | | | | 28 | | | | .48 | | | | .47 | | | | 6.65 | |
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 | |
| | | | | | | | | | | |
Class R-5: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
9/30/2024 | | | 9.03 | | | | .65 | | | | .86 | | | | 1.51 | | | | (.65 | ) | | | 9.89 | | | | 17.21 | | | | 31 | | | | .38 | | | | .38 | | | | 6.75 | |
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 | |
| | | | | | | | | | | |
Class R-6: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
9/30/2024 | | | 9.03 | | | | .65 | | | | .86 | | | | 1.51 | | | | (.65 | ) | | | 9.89 | | | | 17.27 | | | | 4,706 | | | | .33 | | | | .32 | | | | 6.80 | |
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 | |
Refer to the end of the table for footnotes.
| | | | | | |
| 41 | | American High-Income Trust | | | | |
Financial highlights (continued)
| | | | | | | | | | |
| | | Year ended September 30, |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| | | | | |
Portfolio turnover rate for all share classes11 | | 39% | | 39% | | 40% | | 66% | | 75% |
| 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. |
| 11 | Rates do not include the fund’s portfolio activity with respect to any Central Funds. |
Refer to the notes to financial statements.
| | | | | | | | |
| | | | American High-Income Trust | | | 42 | |
Report of Independent Registered Public Accounting Firm
To the shareholders and the 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, 2024, 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, 2024, 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, 2024, 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 12, 2024
We have served as the auditor of one or more American Funds investment companies since 1956.
| | | | | | |
| 43 | | 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, 2024:
| | | | |
Qualified dividend income | | | $4,552,000 | |
| | | | | |
Section 163(j) interest dividends | | | $1,421,129,000 | |
| | | | | |
Corporate dividends received deduction | | | $3,489,000 | |
| | | | | |
U.S. government income that may be exempt from state taxation | | | $32,427,000 | |
| | | | | |
Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in January 2025, to determine the calendar year amounts to be included on their 2024 tax returns. Shareholders should consult their tax advisors.
Changes in and disagreements with accountants
Not applicable
Matters submitted for shareholder vote
Not applicable
Remuneration paid to directors, officers and others
Refer to information in the financial statements.
Approval of Investment Advisory and Service Agreement
Not applicable
| | | | | | |
| 45 | | American High-Income Trust | | | | |
ITEM 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable
ITEM 9 - Proxy Disclosures for Open-End Management Investment Companies
Not applicable
ITEM 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The information is included as part of the material filed under Item 7 of this Form.
ITEM 11 - Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable
ITEM 12 - 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 13 - 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 14 - 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 15 - 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 16 - 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 17 - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 18 - Recovery of Erroneously Awarded Compensation
Not applicable
ITEM 19 - Exhibits
(a)(1) Code of Ethics - See Item 2
(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 29, 2024
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 29, 2024
By /s/ Becky L. Park
Becky L. Park, Treasurer and
Principal Financial Officer
Date: November 29, 2024
