American High Income Trust (AHITX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

Investment Company Act File Number: 811-05364

American High-Income Trust

(Exact Name of Registrant as Specified in Charter)

333 South Hope Street

Los Angeles, California 90071

(Address of Principal Executive Offices)

Registrant's telephone number, including area code: (213) 486-9200

Date of fiscal year end: September 30

Date of reporting period: March 31, 2012

Courtney R. Taylor

American High-Income Trust

333 South Hope Street

Los Angeles, California 90071

(Name and Address of Agent for Service)

Copies to:

Michael Glazer

Bingham McCutchen LLP

355 South Grand Avenue, Suite 4400

Los Angeles, California 90071

(Counsel for the Registrant)

ITEM 1 – Reports to Stockholders

   

American High-Income TrustSM

[photo of windows of a building]


Semi-annual report for the six months ended March 31, 2012

American High-Income Trust seeks a high level of current income and, secondarily, capital appreciation through a diversified, carefully supervised portfolio consisting primarily of lower rated, higher risk corporate bonds.

This fund is one of the American Funds. American Funds is one of the nation’s largest mutual fund families. For more than 80 years, Capital Research and Management Company,SM the American Funds adviser, has invested with a long-term focus based on thorough research and attention to risk.

Fund results shown in this report, unless otherwise indicated, are for Class A shares at net asset value. If a sales charge (maximum 3.75%) had been deducted, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value. For current information and month-end results, visit americanfunds.com.

Here are the average annual total returns on a $1,000 investment with all distributions reinvested for periods ended March 31, 2012:
Class A shares	1 year			5 years			10 years
Reflecting 3.75% maximum sales charge		0.06	%		4.94	%		7.60	%

The total annual fund operating expense ratio was 0.67% for Class A shares as of the prospectus dated December 1, 2011.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers, without which results would have been lower. See americanfunds.com for more information.

Results for other share classes can be found on page 4.

The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. High-yield bonds are subject to greater fluctuations in value and risk of loss of income and principal than investment-grade bonds. Bond ratings, which typically range from Aaa/AAA (highest) to D (lowest), are assigned by credit rating agencies such as Moody’s, Standard & Poor’s and/or Fitch as an indication of an issuer’s creditworthiness. Investing in bonds issued outside the U.S. may be subject to additional risks. They include currency fluctuations, political and social instability, differing securities regulations and accounting standards, higher transaction costs, possible changes in taxation, illiquidity and price volatility. These risks may be heightened in connection with investments in developing countries. See the prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the fund.

[photo of windows of a building]


Fellow investors:

Signs of an improving U.S. economy, some progress in efforts to resolve the euro zone debt crisis, and investor demand for higher yielding debt helped create double-digit returns for the high-yield bond markets throughout the first half of fiscal 2012.

For the six-month period ending March 31, 2012, American High-Income Trust reported a total return of 11.2%, assuming the reinvestment of monthly dividends totaling 43 cents a share. Shareholders who reinvested dividends received an income return of 4.2%.

Those results slightly trailed the 11.9% gain for the Lipper High Current Yield Funds Index, a benchmark of similar funds, and the 12.2% return for Barclays U.S. Corporate High Yield 2% Issuer Capped Index, which covers the universe of fixed-rate, non-investment-grade debt and limits the maximum exposure of any one issuer to 2%. The latter index is unmanaged and, therefore, has no expenses.

Shareholders who elected to take their dividends in cash saw the value of their holdings increase by 6.9% and received an income return of 4.2%.

[Begin Sidebar]

Results at a glance
For periods ended March 31, 2012, with all distributions reinvested
	Total returns						Average annual total returns
	6 months			1 year			5 years			10 years			Lifetime
													(since 2/19/88)
American High-Income Trust
(Class A shares)		11.2	%		4.0	%		5.7	%		8.0	%		8.6	%
Barclays U.S. Corporate High
Yield 2% Issuer Capped Index*		12.2			6.4			8.3			9.3			—
Lipper High Current Yield
Funds Index		11.9			4.6			5.7			7.6			7.1
*This index did not exist prior to December 31, 1992.  It is unmanaged and, therefore, has no expenses.

[End Sidebar]

The six months in review

Growing confidence that the U.S. economic recovery is sustainable and durable has led to increased consumer spending. Reflecting this trend, the fund’s returns this period were helped by investments related to the real estate, industrial, financial and technology industries. On the other hand, very low natural gas prices weakened energy and utilities investments.

While the economic outlook in the U.S. continues to improve, growth is likely to be modest by historical standards, and could be easily derailed by factors such as higher energy prices and worsening conditions in Europe. In light of these issues, the Federal Reserve appears willing to keep short-term rates low, creating strong demand for high-yield bonds from investors in search of income. Broadly, total returns for below-investment-grade (BB and below) bonds eclipsed those of investment-grade (BBB and above) bonds during the period as investors’ tolerance for risk increased.

High-yield bonds still have higher yields than other fixed-income and equity asset classes, which has boosted demand from investors seeking yield. This demand has been partly met by new issuance, but only partly, and as a result yields have been driven down to the lower end of their historical range. With low absolute yields and strong demand from high-yield bond buyers, companies may find it attractive to add leverage to their balance sheets. This can create attractive new investment opportunities, but also can increase risks to existing holdings.

A long-term perspective

As mentioned above, the market still faces a number of macroeconomic challenges. Policymakers are addressing the issues surrounding the European debt crisis incrementally, but progress is slow and it likely will take years to resolve. Excessive fiscal deficits in governments around the world could raise financing costs and reduce liquidity in the system.

[Begin Sidebar]

We are deeply saddened by the loss of Jon B. Lovelace Jr., chairman emeritus and former portfolio counselor of Capital Research and Management Company and former chairman of The Capital Group Companies.

Nearly every aspect of the Capital Group bears some stamp of Jon’s leadership and service from 1951 until 2005. He was one of the principal architects of our Multiple Portfolio Counselor System, an early proponent of international investing, the founder of New Perspective Fund and Capital Income Builder and a standard-bearer of the Capital Group’s mission to serve investors.

Though he never sought the spotlight, his accomplishments in life, work and philanthropy will long be remembered.

[End Sidebar]

With these issues in mind, and on the heels of several years of strong returns, our investment managers are taking a slightly more cautious view of the market. While volatility in the high-yield market should be anticipated, it’s important to note that investors who have maintained a long-term perspective have received solid returns over time. For the past 10-year period ended March 31, 2012, the fund’s shareholders earned an average annual total return of 8.0%, with dividends reinvested. That compares with a 7.6% average annual total return for the Lipper High Current Yield Funds Index and a 9.3% gain for Barclays U.S. Corporate High Yield 2% Issuer Capped Index for that same period.

Those long-term returns surpassed other asset classes over the same 10-year time period. Investment-grade bonds, as measured by the Citigroup BIG Index, earned an average annual total return of 5.9% and large U.S. stocks, as measured by Standard & Poor’s 500 Composite Index, posted a 4.1% return.

On another note, we would like to take this opportunity to thank Paul G. Haaga, Jr., for his years of leadership as an officer of American High-Income Trust. Paul stepped down as vice chairman of the board on December 31, 2011, after 27 years of service to the American Funds.

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

Sincerely,

/s/ David C. Barclay

David C. Barclay

President

May 14, 2012

For current information about the fund, visit americanfunds.com.

[Begin Sidebar]

The fund’s 30-day yield for Class A shares as of April 30, 2012, calculated in accordance with the U.S. Securities and Exchange Commission formula, was 5.61%. The fund’s distribution rate for Class A shares as of that date was 7.41%. Both reflect the 3.75% maximum sales charge. The SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities while the distribution rate reflects the fund’s past dividends paid to shareholders. Accordingly, the fund’s SEC yield and distribution rate may differ.

[End Sidebar]

Other share class results

unaudited

Classes B, C, F and 529

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com.

Average annual total returns for periods ended March 31, 2012:
							10 years/
	1 year			5 years			Life of class1
Class B shares2
Reflecting applicable contingent deferred sales charge
(CDSC), maximum of 5%, payable only if shares are
sold within six years of purchase		–1.63	%		4.66	%		7.35	%
Not reflecting CDSC		3.18			4.95			7.35
Class C shares
Reflecting CDSC, maximum of 1%, payable only
if shares are sold within one year of purchase		2.17			4.90			7.13
Not reflecting CDSC		3.14			4.90			7.13
Class F-1 shares3
Not reflecting annual asset-based fee charged
by sponsoring firm		3.93			5.71			7.95
Class F-2 shares3 — first sold 8/4/08
Not reflecting annual asset-based fee charged
by sponsoring firm		4.20			—			9.30
Class 529-A shares4
Reflecting 3.75% maximum sales charge		–0.03			4.87			7.52
Not reflecting maximum sales charge		3.88			5.69			7.93
Class 529-B shares2,4
Reflecting applicable CDSC, maximum of 5%, payable
only if shares are sold within six years of purchase		–1.76			4.54			7.21
Not reflecting CDSC		3.05			4.83			7.21
Class 529-C shares4
Reflecting CDSC, maximum of 1%, payable only
if shares are sold within one year of purchase		2.10			4.84			7.05
Not reflecting CDSC		3.06			4.84			7.05
Class 529-E shares3,4		3.62			5.39			7.61
Class 529-F-1 shares3,4 — first sold 9/16/02
Not reflecting annual asset-based fee charged
by sponsoring firm		4.10			5.90			9.66

1Applicable to Class F-2 and 529-F-1 shares only. All other share classes reflect 10-year results.

2These shares are not available for purchase.

3These shares are sold without any initial or contingent deferred sales charge.

4Results shown do not reflect the $10 account setup fee and an annual $10 account maintenance fee.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers, without which results would have been lower. See americanfunds.com for more information.

For information regarding the differences among the various share classes, refer to the fund’s prospectus.

Summary investment portfolio             March 31, 2012

unaudited

The following summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

[begin pie chart]

Portfolio by type of security	(percent of net assets)
U.S. corporate bonds & notes		59.7	%
Corporate bonds & notes of issuers outside the U.S.		13.1	%
Corporate loans		10.4	%
U.S. Treasury bonds & notes		0.3	%
Common stocks & warrants		1.6	%
Convertible securities		0.9	%
Preferred securities		0.5	%
Other		3.8	%
Short-term securities & other assets less liabilities		9.7	%

[end pie chart]

	Principal						Percent
	amount			Value			of net
Bonds, notes & other debt instruments - 87.27%	(000)				(000	)	assets
Corporate bonds, notes & loans - 83.16%
Consumer discretionary - 20.92%
MGM Resorts International 5.875%-13.00% 2012-2022	$	305,633		$	322,115			1.74	%
Charter Communications, Inc.13.50% 2016		46,320			52,921
Charter Communications Operating, LLC and Charter Communications Operating Capital Corp.:
7.25% 2017		70,900			76,395
7.875%-8.125% 2018-2020		78,600			86,426
CCO Holdings LLC and CCO Holdings Capital Corp. 7.00%-7.375% 2019-2020		33,000			35,720			1.36
Univision Communications Inc., Term Loan B, 4.491% 2017 (1) (2) (3)		170,024			157,957
Univision Communications Inc. 8.50% 2021 (4)		41,275			41,069			1.08
Needle Merger Sub Corp. 8.125% 2019 (4)		123,500			124,735			.67
Revel Entertainment, Term Loan B, 9.00% 2017 (1) (2) (3)		119,175			118,095			.64
Neiman Marcus Group, Inc., Term Loan B, 4.75% 2018 (1) (2) (3)		102,945			102,969			.56
Nara Cable Funding Ltd. 8.875% 2018	€	81,975			101,677			.55
Virgin Media Finance PLC, Series 1, 9.50% 2016	$	88,775			100,538			.54
Clear Channel Worldwide Holdings, Inc., Series B, 9.25% 2017		82,450			90,798			.49
Boyd Gaming Corp. 9.125% 2018		82,070			85,866			.46
Michaels Stores, Inc. 7.75% 2018		70,750			75,702			.41
PETCO Animal Supplies, Inc. 9.25% 2018 (4)		67,205			74,094			.40
Other securities					2,219,113			12.02
					3,866,190			20.92
Telecommunication services - 11.40%
Nextel Communications, Inc.:
Series E, 6.875% 2013		46,088			46,319
Series F, 5.95% 2014		117,065			117,650
Series D, 7.375% 2015		121,273			117,635
Sprint Nextel Corp.:
8.375% 2017		83,450			80,946
6.00%- 11.50% 2016-2032 (4)		158,025			162,420			2.84
Clearwire Communications and Clearwire Finance, Inc.:
Series B, 12.00% 2015 (4)		138,930			137,541
Series A, 12.00% 2015 (4)		123,580			122,344
14.75% 2016 (4)		16,600			18,260
12.00% 2017 (4)		91,930			82,048			1.95
Frontier Communications Corp.:
8.25% 2017		119,625			129,195
7.875%-8.750% 2015-2022		118,593			126,010			1.38
Cricket Communications, Inc.:
10.00% 2015		52,570			55,593
7.75% 2016		151,590			160,686			1.17
Wind Acquisition SA:
8.25% 2017  (4)		131,430			130,116
7.25% 2018  (4)		37,080			35,041
7.375% 2018	€	21,915			27,255			1.04
Trilogy International Partners, LLC, 10.25% 2016 (4)	$	89,290			78,352			.42
Other securities					480,336			2.60
					2,107,747			11.40
Financials - 10.34%
Realogy Corp.:
Letter of Credit, 4.691% 2016 (1) (2) (3)		10,813			10,102
Term Loan B, 4.77% 2016 (1) (2) (3)		127,571			119,183
Second Lien Term Loan A, 13.50% 2017 (2) (3)		147,699			152,657
7.875% 2019  (4)		145,435			146,162
9.00% 2020  (4)		86,235			89,253
7.625 %-10.50% 2014-2020 (4)		4,000			4,130			2.82
CIT Group Inc.:
Series C, 4.75% 2015 (4)		152,100			153,823
5.50%-7.00% 2016-2019 (4)		36,550			37,267			1.03
International Lease Finance Corp. 4.875% 2015		115,930			114,827			.62
Other securities					1,083,363			5.87
					1,910,767			10.34
Industrials - 9.47%
Ply Gem Industries, Inc. 8.25% 2018		148,925			150,600			.81
Hawker Beechcraft Acquisition Co., LLC, Term Loan B, 2.47% 2014 (1) (2) (3)		163,479			121,850			.66
Associated Materials, LLC and AMH New Finance, Inc. 9.125% 2017		122,780			120,017			.65
CEVA Group PLC 12.75% 2020 (4)		106,850			101,507			.55
DAE Aviation Holdings, Inc. 11.25% 2015 (4)		75,434			79,017			.43
Euramax International, Inc. 9.50% 2016		84,615			77,846			.42
Other securities					1,098,605			5.95
					1,749,442			9.47
Health care - 7.52%
VWR Funding, Inc., Series B, 10.25% 2015 (5)		138,533			144,075			.78
PTS Acquisition Corp. 9.50% 2015 (5)		120,218			124,125			.67
Quintiles, Term Loan B, 5.00% 2018 (1) (2) (3)		110,079			110,469			.60
Kinetic Concepts, Inc. 10.50% 2018 (4)		87,405			91,666			.50
Other securities					919,335			4.97
					1,389,670			7.52
Information technology - 6.34%
First Data Corp.:
11.25% 2016		81,540			74,201
Term Loan D, 5.242% 2017 (1) (2) (3)		49,511			47,484
12.625% 2021		149,392			150,512
8.75% 2022  (4)  (1)  (5)		102,127			99,063
7.375%-10.55% 2015-2021 (4) (5)		114,041			113,833			2.62
NXP BV and NXP Funding LLC 10.00% 2013 (6)		77,049			85,524			.46
Blackboard Inc., Term Loan B, 7.50% 2018 (1) (2) (3)		82,718			82,446			.45
Other securities					518,683			2.81
					1,171,746			6.34
Materials - 5.48%
Reynolds Group 7.125%-9.875% 2016-2019 (4)		230,655			238,236			1.29
Georgia Gulf Corp. 9.00% 2017 (4) (7)		92,490			103,126			.55
Other securities					671,424			3.64
					1,012,786			5.48
Energy - 5.43%
Laredo Petroleum, Inc. 9.50% 2019		81,950			91,579			.50
Other securities					911,686			4.93
					1,003,265			5.43
Consumer staples - 3.48%
SUPERVALU INC. 8.00% 2016		81,860			86,158			.47
Other securities					556,114			3.01
					642,272			3.48
Utilities - 2.78%
Intergen Power 9.00% 2017 (4)		71,950			76,087			.41
TXU, Term Loan, 4.743% 2017 (1) (2) (3)		134,658			75,156			.40
Other securities					362,926			1.97
					514,169			2.78
Total corporate bonds, notes & loans					15,368,054			83.16
U.S. Treasury bonds & notes - 0.29%
U.S. Treasury 1.375% 2012 (8)		51,500			53,744			.29
Other - 3.82%
Other securities					707,027			3.82
Total bonds, notes & other debt instruments (cost: $15,789,544,000)					16,128,825			87.27
		Principal					Percent
	amount			Value			of net
Convertible securities - 0.87%	(000)				(000	)	assets
Telecommunication services - 0.03%
Clearwire Corp. 8.25% convertible notes 2040 (4)	$	7,722			6,052			.03
Other - 0.84%
Other securities					154,230			.84
Total convertible securities (cost: $145,487,000)					160,282			.87
							Percent
				Value			of net
Preferred securities - 0.52%					(000	)	assets
Financials - 0.52%
Other securities					97,134			.52
Total preferred securities (cost: $91,544,000)					97,134			.52
							Percent
				Value			of net
Common stocks - 1.62%	Shares				(000	)	assets
Financials - 0.43%
CIT Group Inc. (9)		124,904			5,151			.03
Other securities					74,181			.40
					79,332			.43
Telecommunication services - 0.14%
Frontier Communications Corp., Class B		6,000,000			25,020			.14
Other - 1.05%
Other securities					195,104			1.05
Total common stocks (cost: $250,348,000)					299,456			1.62
			��
							Percent
				Value			of net
Warrants - 0.03%	Shares				(000	)	assets
Consumer discretionary - 0.03%
Charter Communications, Inc., warrants, expire 2014 (9)		13,390			258			.00
Other securities					6,194			.03
					6,452			.03
Total warrants (cost: $2,387,000)					6,452			.03
		Principal					Percent
	amount			Value			of net
Short-term securities - 8.05%	(000)				(000	)	assets
Fannie Mae 0.07%-0.19% due 5/1/2012-1/8/2013	$	457,775		$	457,434			2.47
U.S. Treasury Bills 0.048%-0.125% due 4/19-8/23/2012		265,200			265,143			1.43
Freddie Mac 0.07%-0.13% due 6/12-10/2/2012		250,500			250,394			1.36
Federal Home Loan Bank 0.07%-0.19% due 5/30-10/16/2012		92,100			92,068			.50
Other securities					422,781			2.29
Total short-term securities (cost: $1,487,891,000)					1,487,820			8.05
Total investment securities (cost: $17,767,201,000)					18,179,969			98.36
Other assets less liabilities					302,467			1.64
Net assets				$	18,482,436			100.00	%

"Other securities" includes all issues that are not disclosed separately in the summary investment portfolio.

Investments in affiliates

A company is considered to be an affiliate of the fund under the Investment Company Act of 1940 if the fund's holdings in that company represent 5% or more of the outstanding voting shares. The value of the fund's affiliated-company holdings is either shown in the summary investment portfolio or included in the value of "Other securities" under the respective industry sectors. Further details on such holdings and related transactions during the six months ended March 31, 2012, appear below.

	Beginning shares or principal amount		Additions		Reductions		Ending shares or principal amount		Dividend or interest income (000)		Value of  affiliates at 3/31/2012 (000)
Georgia Gulf Corp. 9.00% 2017 (4)	$	92,490,000		-		-	$	92,490,000	$	4,156	$	103,126
Georgia Gulf Corp. (9)		2,198,408		1,222,333		1,697,333		1,723,408		-		60,112
Georgia Gulf Corp. 10.75% 2016	$	5,388,000		-	$	5,388,000		-		33		-
Nortek Inc. 10.00% 2018	$	50,485,000	$	53,485,000	$	56,235,000	$	47,735,000		2,436		50,838
Nortek Inc. 8.50% 2021	$	51,015,000	$	61,015,000	$	71,140,000	$	40,890,000		2,106		40,686
Nortek, Inc. (9)		793,646		-		-		793,646		-		34,913
Cooper-Standard Holdings Inc. (4) (9)		1,224,685		-		-		1,224,685		-		53,568
Cooper-Standard Holdings Inc. 7.00% convertible preferred (4) (10)		99,687		-		-		99,687		348		19,498
Cooper-Standard Holdings Inc., warrants, expire 2017 (4) (9) (10)		195,965		-		-		195,965		-		4,164
American Media, Inc. (6) (9) (10)		1,122,345		-		-		1,122,345		-		11,313
									$	9,079	$	378,218

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

(1) Coupon rate may change periodically.

(2) Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

(3) Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans, including those in "Other securities," was $1,922,003,000, which represented 10.40% of the net assets of the fund.

(4) Acquired in a transaction exempt from registration under Rule 144A or section 4(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, including those in "Other securities," was $5,964,918,000, which represented 32.27% of the net assets of the fund.

(5) Payment in kind; the issuer has the option of paying additional securities in lieu of cash.

(6) Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale.  Further details on these holdings appear below.

	Acquisition	Cost		Value		Percent of
	date	(000)		(000)		net assets
NXP BV and NXP Funding LLC 10.00% 2013	7/17/2009	$	70,290	$	85,524		.46	%
American Media, Inc.	11/17/2010		18,803		11,313		.07
Other restricted securities			54,403		55,894		.30
Total restricted securities		$	143,496	$	152,731		.83	%

(7) Represents an affiliated company as defined under the Investment Company Act of 1940.

(8) A portion of this security was pledged as collateral for losses on unsettled forward currency contracts with certain counterparties. The total value of pledged collateral was $604,000, which represented less than .01% of the net assets of the fund.

(9) Security did not produce income during the last 12 months.

(10) Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in "Other securities," was $190,431,000, which represented 1.03% of the net assets of the fund.

Key to symbol

€ = Euros

See Notes to Financial Statements

Financial statements

Statement of assets and liabilities			unaudited
at March 31, 2012	(dollars in thousands)
Assets:
Investment securities, at value:
Unaffiliated issuers (cost: $17,471,209)	$	17,801,751
Affiliated issuers (cost: $295,992)		378,218	$	18,179,969
Cash				11,845
Unrealized appreciation on open forward currency contracts				1,413
Receivables for:
Sales of investments	$	25,808
Sales of fund's shares		38,615
Dividends and interest		355,604		420,027
				18,613,254
Liabilities:
Unrealized depreciation on open forward currency contracts				2,961
Payables for:
Purchases of investments		88,772
Repurchases of fund's shares		19,938
Dividends on fund's shares		7,280
Closed forward currency contracts		82
Investment advisory services		4,431
Services provided by related parties		6,953
Trustees' deferred compensation		198
Other		203		127,857
Net assets at March 31, 2012			$	18,482,436
Net assets consist of:
Capital paid in on shares of beneficial interest			$	19,010,813
Distributions in excess of net investment income				(12,915	)
Accumulated net realized loss				(926,713	)
Net unrealized appreciation				411,251
Net assets at March 31, 2012			$	18,482,436

	(dollars and shares in thousands, except per-share amounts)
Shares of beneficial interest issued and outstanding (no stated par value) -
unlimited shares authorized (1,669,602 total shares outstanding)
		Net assets		Shares outstanding		Net asset value per share
Class A		$	12,842,636		1,160,134	$	11.07
Class B			233,454		21,089		11.07
Class C			1,355,424		122,442		11.07
Class F-1			1,512,481		136,629		11.07
Class F-2			837,498		75,655		11.07
Class 529-A			311,147		28,107		11.07
Class 529-B			15,003		1,355		11.07
Class 529-C			118,631		10,716		11.07
Class 529-E			17,456		1,577		11.07
Class 529-F-1			17,689		1,598		11.07
Class R-1			22,873		2,066		11.07
Class R-2			220,224		19,894		11.07
Class R-3			341,955		30,890		11.07
Class R-4			228,693		20,659		11.07
Class R-5			271,998		24,571		11.07
Class R-6			135,274		12,220		11.07
See Notes to Financial Statements

Statement of operations				unaudited
for the six months ended March 31, 2012	(dollars in thousands)
Investment income:
Income:
Interest (net of non-U.S. taxes of $51;
also includes $8,731 from affiliates)	$	695,725
Dividends (also includes $348 from affiliates)		6,605		$	702,330
Fees and expenses*:
Investment advisory services		26,328
Distribution services		26,631
Transfer agent services		10,964
Administrative services		1,488
Reports to shareholders		572
Registration statement and prospectus		341
Trustees' compensation		78
Auditing and legal		69
Custodian		112
State and local taxes		108
Other		329			67,020
Net investment income					635,310
Net realized gain and unrealized appreciation
on investments, forward currency contracts and currency:
Net realized gain (loss) on:
Investments (also includes $12,571 net gain from affiliates)		83,330
Forward currency contracts		6,688
Currency transactions		(850	)		89,168
Net unrealized appreciation (depreciation) on:
Investments		1,083,358
Forward currency contracts		(7,383	)
Currency translations		1,132			1,077,107
Net realized gain and unrealized appreciation
on investments, forward currency contracts and currency					1,166,275
Net increase in net assets resulting
from operations				$	1,801,585
(*) Additional information related to class-specific fees and expenses is included
in the Notes to Financial Statements.
See Notes to Financial Statements
Statements of changes in net assets
		(dollars in thousands)
	Six months ended March 31, 2012*			Year ended September 30, 2011
Operations:
Net investment income	$	635,310		$	1,310,018
Net realized gain on investments, forward currency contracts and currency transactions		89,168			550,497
Net unrealized appreciation (depreciation) on investments, forward currency contracts and currency translations		1,077,107			(1,731,856	)
Net increase in net assets resulting from operations		1,801,585			128,659
Dividends paid or accrued to shareholders from net investment income		(683,172	)		(1,350,032	)
Net capital share transactions		1,387,460			305,028
Total increase (decrease) in net assets		2,505,873			(916,345	)
Net assets:
Beginning of period		15,976,563			16,892,908
End of period (including distributions in excess of and undistributed
net investment income: $(12,915) and $34,947, respectively)	$	18,482,436		$	15,976,563
*Unaudited.
See Notes to Financial Statements

Notes to financial statements                                                                                                  

         unaudited

1.   Organization

American High-Income Trust (the "fund") is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The fund seeks a high level of current income and, secondarily, capital appreciation through a diversified, carefully supervised portfolio consisting primarily of lower rated, higher risk corporate bonds.

The fund has 16 share classes consisting of five retail share classes (Classes A, B and C, as well as two F share classes, F-1 and F-2), five 529 college savings plan share classes and six retirement plan share classes. The 529 college savings plan share classes (Classes 529-A, 529-B, 529-C, 529-E and 529-F-1) can be used to save for college education. The retirement plan share classes (Classes R-1, R-2, R-3, R-4, R-5 and R-6) are generally offered only through eligible employer-sponsored retirement plans. The fund’s share classes are described below:

Share class	Initial sales charge	Contingent deferred sales charge upon redemption	Conversion feature
Classes A and 529-A	Up to 3.75%	None (except 1% for certain redemptions within one year of purchase without an initial sales charge)	None
Classes B and 529-B*	None	Declines from 5% to 0% for redemptions within six years of purchase	Classes B and 529-B convert to Classes A and 529-A, respectively, after eight years
Class C	None	1% for redemptions within one year of purchase	Class C converts to Class F-1 after 10 years
Class 529-C	None	1% for redemptions within one year of purchase	None
Class 529-E	None	None	None
Classes F-1, F-2 and 529-F-1	None	None	None
Classes R-1, R-2, R-3, R-4, R-5 and R-6	None	None	None

*Class B and 529-B shares of the fund are not available for purchase.

Holders of all share classes have equal pro rata rights to assets, dividends and liquidation proceeds.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, administrative and shareholder 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 class.

2.   Significant accounting policies

The financial statements have been prepared to comply with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. The fund follows the significant accounting policies described below, 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 recognizedon 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 and unrealized gains and losses are allocated daily among the various share classes based on their relative net assets. Class-specific fees and expenses, such as distribution, administrative and shareholder services, are charged directly to the respective share class.

Dividends and distributions to shareholders –Dividends paid to shareholders are declared daily after the determination of the fund’s net investment income and are paid to shareholders monthly. Distributions paid to shareholders 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. On the accompanying financial statements, 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. 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.

Loan transactions – The fund may enter 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.

3.   Valuation

Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value of each share class of the fund is generally determined as of approximately 4:00 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 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 purchased with more than 60 days left to maturity, are generally valued at prices obtained from one or more 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; 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

When the fund’s investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to be representative), fixed-income securities will be valued in good faith at the mean quoted bid and asked prices that are reasonably and timely available (or bid prices, if asked prices are not available) or at prices for securities of comparable maturity, quality and type.

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described above for either equity or fixed-income securities, depending on which method is deemed most appropriate by the investment adviser. Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates fair value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par when they reach 60 days.Forward currency contracts are valued at the mean of representative quoted bid and asked prices, generally based on prices supplied by one or more pricing vendors.

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 value guidelines adopted by authority of the fund’s board of trustees as further described below. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission (“SEC”) rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; 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. Fair valuations and 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 delegated authority to 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 “Fair Valuation Committee”) to administer, implement and oversee the fair value process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees with supplemental information to support the changes. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.

The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.

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. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.The following tables presentthe fund’s valuation levels as of March 31, 2012 (dollars in thousands):

Investment securities:	Level 1		Level 2			Level 3		Total
Bonds, notes & other debt instruments:
Corporate bonds, notes, & loans	$	-	$	15,320,610		$	47,444	$	15,368,054
U.S. Treasury bonds & notes		-		53,744			-		53,744
Other		-		707,027			-		707,027
Convertible securities		36,108		124,174			-		160,282
Preferred securities		18,735		78,399			-		97,134
Common stocks		287,908		-			11,548		299,456
Warrants		258		4,164			2,030		6,452
Short-term securities		-		1,487,820			-		1,487,820
Total	$	343,009	$	17,775,938		$	61,022	$	18,179,969
Forward currency contracts*:	Level 1		Level 2			Level 3		Total
Unrealized appreciation on open forward currency contracts	$	-	$	1,413		$	-	$	1,413
Unrealized depreciation on open forward currency contracts		-		(2,961	)		-		(2,961	)
Total	$	-	$	(1,548	)	$	-	$	(1,548	)
*Forward currency contracts are not included in the investment portfolio.

4.   Risk factors

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

Investing in lower rated bonds — 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.

Thinly traded securities — There may be little trading in the secondary market for particular bonds or other debt securities, which may make them more difficult to value, acquire or sell.

Investing in bonds — Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Longer maturity debt securities may be subject to greater price fluctuations than shorter maturity debt securities. In addition, falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities.

Bonds and other debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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.

Market conditions — The prices of, and the income generated by, the securities held by the fund may decline due to market conditions and other factors, including those directly involving the issuers of securities held by the fund.

Investing outside the U.S.— Securities of issuers domiciled outside the U.S., or with significant operations outside the U.S., may lose value because of political, social, economic or market developments in the countries or regions in which the issuer operates. 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. 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 settlement and accounting practices and different regulatory, legal and reporting standards, and may be more difficult to value, than those in the U.S.

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 employed by the investment adviser in this process 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.   Taxation and distributions

Federal income taxation – The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds 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 period ended March 31, 2012, 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 period, the fund did not incur any interest or penalties.

The fund is not subject to examination by U.S. federal tax authorities for tax years before 2007 and state tax authorities and tax authorities outside the U.S. for tax years before 2006.

Non-U.S. taxation – Dividend and interest income are recorded net of non-U.S. taxes paid.

Distributions – Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which 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; cost of investments sold; paydowns on fixed-income securities; net capital losses; 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.

The components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of September 30, 2011, the components of distributable earnings on a tax basis were as follows:

(dollars in thousands)
Undistributed ordinary income	$	67,652
Capital loss carryforward expiring 2018*		(998,023	)

*The capital loss carryforward will be used to offset any capital gains realized by the fund in the current year or in subsequent years through the expiration dates. The fund will not make distributions from capital gains while a capital loss carryforward remains.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after September 30, 2011, may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of March 31, 2012, the tax basis unrealized appreciation (depreciation) and cost of investment securities were as follows:

(dollars in thousands)
Gross unrealized appreciation on investment securities	$	1,055,347
Gross unrealized depreciation on investment securities		(695,957	)
Net unrealized appreciation on investment securities		359,390
Cost of investment securities		17,820,579

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

Share class	Six months ended March 31, 2012		Year ended September 30, 2011
Class A	$	481,139	$	948,181
Class B		9,021		26,714
Class C		46,536		95,927
Class F-1		55,749		115,447
Class F-2		29,492		46,320
Class 529-A		11,288		20,211
Class 529-B		553		1,431
Class 529-C		3,900		7,106
Class 529-E		619		1,063
Class 529-F-1		640		1,045
Class R-1		779		1,552
Class R-2		7,535		15,146
Class R-3		12,070		24,160
Class R-4		8,695		17,338
Class R-5		10,241		19,644
Class R-6		4,915		8,747
Total	$	683,172	$	1,350,032

6.   Fees and transactions with related parties

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

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 0.300% on the first $60 million of daily net assets and decreasing to 0.135% on such assets in excess of $15 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 1.50% on such income in excess of $50 million. For the six months ended March 31, 2012, the investment advisory services fee was $26,328,000, which was equivalent to an annualized rate of 0.305% of average dailynet assets.

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

Distribution services – The fund has plans of distribution for all share classes, except Classes F-2, R-5 and R-6. 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 below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.All share classes with a plan may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.

For Classes A and 529-A, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limit of 0.30% is not exceeded. As of March 31, 2012, there were no unreimbursed expenses subject to reimbursement for Classes A or 529-A.

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

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

During the period October 1, 2011, through December 31, 2011, only Class A and B shares were subject to the shareholder services agreement with AFS. During this period, AFS and other third parties were compensated for providing transfer agent services to Class C, F, R and 529 shares through the fees paid by the fund to CRMC under the fund’s administrative services agreement with CRMC as described in the administrative services section on the following page; CRMC paid for any transfer agent services expenses in excess of 0.10% of the respective average daily net assets of each of such share classes.

Effective January 1, 2012, the shareholder services agreement with AFS was modified to include Class C, F, R and 529 shares and payment for transfer agent services for such classes under the administrative services agreement terminated. Under this structure, transfer agent services expenses for some classes may exceed 0.10% of average daily net assets, resulting in an increase in expenses paid by some share classes.

For the six months ended March 31, 2012, the total transfer agent services fee paid under these agreements was $10,964,000, of which $9,905,000 was paid by the fund to AFS and $1,059,000 was paid by the fund to CRMC through its administrative services agreement with the fund. Amounts paid to CRMC by the fund were then paid by CRMC to AFS and other third parties.

Administrative services – The fund has an administrative services agreement with CRMC under which the fund compensates CRMC for providing administrative services to Class A, C, F, R and 529 shares. These services include, but are not limited to, coordinating, monitoring, assisting and overseeing third parties that provide services to fund shareholders.

During the period October 1, 2011, through December 31, 2011, the agreement applied only to Class C, F, R and 529 shares. The agreement also required CRMC to arrange for the provision of transfer agent services for such share classes, which paid CRMC annual fees up to 0.15% (0.10% for Class R-5 and 0.05% for Class R-6) of their respective average daily net assets. During this period, up to 0.05% of these fees were used to compensate CRMC for performing administrative services; all other amounts paid under this agreement were used to compensate AFS and other third parties for transfer agent services.

Effective January 1, 2012, the administrative services agreement with CRMC was modified to include Class A shares. Under the revised agreement, Class A shares pay an annual fee of 0.01% and Class C, F, R and 529 shares pay an annual fee of 0.05% of their respective average daily net assets to CRMC for administrative services. Fees for transfer agent services are no longer included as part of the administrative services fee paid by the fund to CRMC.

For the six months ended March 31, 2012, total fees paid to CRMC for performing administrative services were $1,488,000.

529 plan services – Each 529 share class is subject to service fees to compensate the Commonwealth of Virginia for the maintenance of the 529 college savings plan.The quarterly fee is based on a series of decreasing annual rates beginning with 0.10% on the first $30 billion of the net assets invested in Class 529 shares of the American Funds and decreasing to 0.06% on such assets between $120 billion and $150 billion. The fee for any given calendar quarter is accrued and calculated on the basis of the average net assets of Class 529 shares of the American Funds for the last month of the prior calendar quarter. The fee is included in other expenses on the accompanying financial statements. The Commonwealth of Virginia is not considered a related party.

Class-specific expenses under the agreements described on the previous page for the six months ended March 31, 2012, were as follows (dollars in thousands):

Share class	Distribution services		Transfer agent services		Administrative services		529 plan services
Class A	$	14,341	$	7,877	$	309	Not applicable
Class B		1,238		161	Not applicable		Not applicable
Class C		6,447		828		285	Not applicable
Class F-1		1,700		748		317	Not applicable
Class F-2	Not applicable			317		169	Not applicable
Class 529-A		301		132		66	$	142
Class 529-B		77		9		4		8
Class 529-C		544		57		25		55
Class 529-E		40		5		4		8
Class 529-F-1		-		7		4		8
Class R-1		108		14		7	Not applicable
Class R-2		782		404		55	Not applicable
Class R-3		783		234		94	Not applicable
Class R-4		270		108		58	Not applicable
Class R-5	Not applicable			61		62	Not applicable
Class R-6	Not applicable			2		29	Not applicable
Total class-specific expenses	$	26,631	$	10,964	$	1,488	$	221

Trustees’ deferred compensation – Trustees who are unaffiliated with CRMCmay 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 $78,000, shown on the accompanying financial statements, includes $63,000 in current fees (either paid in cash or deferred) and a net increase of $15,000 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, AFS and AFD. No affiliated officers or trustees received any compensation directly from the fund.

7.   Capital share transactions

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

	Sales(*)				Reinvestments of dividends				Repurchases(*)						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended March 31, 2012
Class A	$	1,509,377		139,640	$	438,662		40,446	$	(1,110,694	)		(103,334	)	$	837,345			76,752
Class B		14,866		1,376		8,113		749		(69,710	)		(6,496	)		(46,731	)		(4,371	)
Class C		187,694		17,357		41,219		3,802		(185,886	)		(17,294	)		43,027			3,865
Class F-1		410,363		38,064		54,674		5,041		(305,836	)		(28,505	)		159,201			14,600
Class F-2		301,688		28,104		24,163		2,226		(102,346	)		(9,507	)		223,505			20,823
Class 529-A		42,543		3,936		11,239		1,036		(21,922	)		(2,035	)		31,860			2,937
Class 529-B		1,554		144		548		50		(4,009	)		(373	)		(1,907	)		(179	)
Class 529-C		16,409		1,518		3,884		358		(9,769	)		(908	)		10,524			968
Class 529-E		2,705		251		616		57		(1,599	)		(148	)		1,722			160
Class 529-F-1		3,380		312		636		59		(1,551	)		(144	)		2,465			227
Class R-1		4,063		376		771		71		(3,382	)		(312	)		1,452			135
Class R-2		37,998		3,513		7,464		689		(39,073	)		(3,628	)		6,389			574
Class R-3		101,273		9,352		11,986		1,106		(56,519	)		(5,260	)		56,740			5,198
Class R-4		41,163		3,812		8,666		799		(43,645	)		(4,056	)		6,184			555
Class R-5		53,214		4,929		10,204		941		(31,101	)		(2,890	)		32,317			2,980
Class R-6		24,854		2,298		4,902		452		(6,389	)		(590	)		23,367			2,160
Total net increase
(decrease)	$	2,753,144		254,982	$	627,747		57,882	$	(1,993,431	)		(185,480	)	$	1,387,460			127,384
Year ended September 30, 2011
Class A	$	2,605,724		229,912	$	844,366		75,016	$	(3,058,911	)		(271,226	)	$	391,179			33,702
Class B		41,092		3,620		23,217		2,059		(236,503	)		(20,828	)		(172,194	)		(15,149	)
Class C		324,695		28,610		81,992		7,284		(421,827	)		(37,401	)		(15,140	)		(1,507	)
Class F-1		529,143		46,653		110,292		9,796		(730,942	)		(65,285	)		(91,507	)		(8,836	)
Class F-2		277,746		24,465		34,006		3,025		(210,334	)		(18,597	)		101,418			8,893
Class 529-A		75,124		6,629		20,114		1,788		(43,688	)		(3,871	)		51,550			4,546
Class 529-B		2,565		226		1,419		126		(9,838	)		(868	)		(5,854	)		(516	)
Class 529-C		30,054		2,653		7,072		629		(19,438	)		(1,725	)		17,688			1,557
Class 529-E		4,520		401		1,058		94		(1,995	)		(177	)		3,583			318
Class 529-F-1		6,417		566		1,037		92		(2,737	)		(244	)		4,717			414
Class R-1		6,478		571		1,518		135		(9,006	)		(796	)		(1,010	)		(90	)
Class R-2		78,238		6,908		14,994		1,332		(87,033	)		(7,692	)		6,199			548
Class R-3		119,975		10,572		24,046		2,133		(173,188	)		(15,397	)		(29,167	)		(2,692	)
Class R-4		91,285		8,062		17,262		1,533		(98,183	)		(8,664	)		10,364			931
Class R-5		95,406		8,410		19,487		1,731		(105,669	)		(9,381	)		9,224			760
Class R-6		49,975		4,389		8,737		776		(34,734	)		(3,110	)		23,978			2,055
Total net increase
(decrease)	$	4,338,437		382,647	$	1,210,617		107,549	$	(5,244,026	)		(465,262	)	$	305,028			24,934
* Includes exchanges between share classes of the fund.

8.   Investment transactions

The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $3,494,764,000 and $3,237,230,000, respectively, during the six months ended March 31, 2012.

9.   Forward currency contracts

The fund has entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The fund’s investment adviser uses forward currency contracts to manage the fund’s exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates. To reduce these risks, the fund has entered into a collateral program with certain counterparties. The program calls for the fund to either receive or pledge collateral based on the net gain or loss on unsettled forward currency contracts by counterparty. The purpose of the collateral is to cover potential losses that could occur in the event that either party can not meet their contractual obligations.

On a daily basis, the fund’s investment adviser values forward currency contracts based on the applicable exchange rate and records unrealized appreciation or depreciation for open forward currency contracts in the fund’s statement of assets and liabilities. Realized gains or losses are recorded at the time the forward currency contract is closed or offset by another contract with the same broker for the same settlement date and currency. Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in the fund’s statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in the fund’s statement of operations.

As of March 31, 2012, the fund had open forward currency contracts to sell currencies, as shown in the following table. The open forward currency contracts shown are generally indicative of the level of activity over the prior 12-month period.

					(amounts in thousands)
			Contract amount				Unrealized appreciation  (depreciation) at 3/31/2012
	Settlement date	Counterparty	Receive		Deliver
Sales
Brazilian reais	4/5/2012	JPMorgan Chase	$	23,306	BRL40,000		$	1,413
Euros	4/12/2012	Barclays Bank PLC	$	9,181	€	7,000		(151	)
Euros	4/13/2012	HSBC Bank	$	10,909	€	8,250		(95	)
Euros	4/13/2012	HSBC Bank	$	11,231	€	8,500		(98	)
Euros	4/16/2012	JPMorgan Chase	$	58,535	€	45,000		(1,424	)
Euros	4/19/2012	JPMorgan Chase	$	22,343	€	17,000		(332	)
Euros	4/23/2012	Bank of New York Mellon	$	9,241	€	7,000		(95	)
Euros	4/26/2012	Citibank	$	60,212	€	45,700		(745	)
Euros	4/27/2012	JPMorgan Chase	$	1,323	€	1,000		(11	)
Euros	4/30/2012	Citibank	$	3,591	€	2,700		(10	)
Euros	5/10/2012	UBS AG	$	2,001	€	1,500		(0	)
Forward currency contracts - net							$	(1,548	)

Financial highlights

				Income (loss) from investment operations(1)								Dividends and distributions
		Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return(2)(3)			Net assets, end of period (in millions)		Ratio of expenses to average net assets before reimbursements/ waivers			Ratio of expenses to average net assets after reimbursements/ waivers(3)			Ratio of net income to average net assets(3)
Class A:	Six months ended 3/31/2012(4)(5)	$	10.36	$	.40	$	.74		$	1.14		$	(.43	)	$	-		$	(.43	)	$	11.07		11.18	%	$	12,843		.70	%(6)		.70	%(6)		7.45	%(6)
	Year ended 9/30/2011		11.13		.85		(.74	)		.11			(.88	)		-			(.88	)		10.36		.67			11,223		.67			.67			7.57
	Year ended 9/30/2010		10.29		.89		.78			1.67			(.83	)		-			(.83	)		11.13		16.75			11,687		.68			.68			8.26
	Year ended 9/30/2009		10.01		.83		.33			1.16			(.88	)		-			(.88	)		10.29		14.03			10,274		.80			.79			9.57
	Year ended 9/30/2008		12.35		.93		(2.32	)		(1.39	)		(.93	)		(.02	)		(.95	)		10.01		(11.87	)		8,074		.70			.67			8.14
	Year ended 9/30/2007		12.30		.93		.04			.97			(.92	)		-			(.92	)		12.35		7.99			9,516		.69			.66			7.35
Class B:	Six months ended 3/31/2012(4)(5)		10.36		.36		.74			1.10			(.39	)		-			(.39	)		11.07		10.77			233		1.45	(6)		1.45	(6)		6.73	(6)
	Year ended 9/30/2011		11.13		.77		(.74	)		.03			(.80	)		-			(.80	)		10.36		(.10	)		264		1.44			1.44			6.82
	Year ended 9/30/2010		10.29		.80		.78			1.58			(.74	)		-			(.74	)		11.13		15.86			452		1.46			1.46			7.50
	Year ended 9/30/2009		10.01		.76		.33			1.09			(.81	)		-			(.81	)		10.29		13.18			550		1.56			1.55			8.93
	Year ended 9/30/2008		12.35		.85		(2.32	)		(1.47	)		(.85	)		(.02	)		(.87	)		10.01		(12.55	)		557		1.47			1.44			7.37
	Year ended 9/30/2007		12.30		.83		.04			.87			(.82	)		-			(.82	)		12.35		7.19			756		1.44			1.41			6.62
Class C:	Six months ended 3/31/2012(4)(5)		10.36		.36		.74			1.10			(.39	)		-			(.39	)		11.07		10.74			1,355		1.49	(6)		1.49	(6)		6.66	(6)
	Year ended 9/30/2011		11.13		.76		(.74	)		.02			(.79	)		-			(.79	)		10.36		(.15	)		1,229		1.48			1.48			6.76
	Year ended 9/30/2010		10.29		.80		.78			1.58			(.74	)		-			(.74	)		11.13		15.80			1,337		1.51			1.51			7.44
	Year ended 9/30/2009		10.01		.76		.33			1.09			(.81	)		-			(.81	)		10.29		13.15			1,213		1.58			1.57			8.74
	Year ended 9/30/2008		12.35		.84		(2.32	)		(1.48	)		(.84	)		(.02	)		(.86	)		10.01		(12.59	)		890		1.52			1.48			7.32
	Year ended 9/30/2007		12.30		.83		.04			.87			(.82	)		-			(.82	)		12.35		7.14			1,045		1.48			1.45			6.55
Class F-1:	Six months ended 3/31/2012(4)(5)		10.36		.40		.74			1.14			(.43	)		-			(.43	)		11.07		11.17			1,512		.72	(6)		.72	(6)		7.42	(6)
	Year ended 9/30/2011		11.13		.85		(.74	)		.11			(.88	)		-			(.88	)		10.36		.62			1,264		.72			.72			7.52
	Year ended 9/30/2010		10.29		.88		.78			1.66			(.82	)		-			(.82	)		11.13		16.69			1,457		.74			.74			8.21
	Year ended 9/30/2009		10.01		.83		.33			1.16			(.88	)		-			(.88	)		10.29		14.02			1,482		.81			.80			9.54
	Year ended 9/30/2008		12.35		.93		(2.32	)		(1.39	)		(.93	)		(.02	)		(.95	)		10.01		(11.90	)		1,204		.74			.70			8.09
	Year ended 9/30/2007		12.30		.92		.04			.96			(.91	)		-			(.91	)		12.35		7.98			1,166		.70			.67			7.32
Class F-2:	Six months ended 3/31/2012(4)(5)		10.36		.41		.74			1.15			(.44	)		-			(.44	)		11.07		11.31			838		.46	(6)		.46	(6)		7.65	(6)
	Year ended 9/30/2011		11.13		.88		(.74	)		.14			(.91	)		-			(.91	)		10.36		.88			568		.46			.46			7.77
	Year ended 9/30/2010		10.29		.91		.78			1.69			(.85	)		-			(.85	)		11.13		16.98			511		.48			.48			8.44
	Year ended 9/30/2009		10.01		.81		.37			1.18			(.90	)		-			(.90	)		10.29		14.32			341		.53			.53			8.99
	Period from 8/4/2008 to 9/30/2008(4)		11.01		.14		(1.00	)		(.86	)		(.14	)		-			(.14	)		10.01		(7.84	)		13		.08			.07			1.34
Class 529-A:	Six months ended 3/31/2012(4)(5)		10.36		.39		.74			1.13			(.42	)		-			(.42	)		11.07		11.14			311		.77	(6)		.77	(6)		7.37	(6)
	Year ended 9/30/2011		11.13		.85		(.74	)		.11			(.88	)		-			(.88	)		10.36		.59			261		.74			.74			7.50
	Year ended 9/30/2010		10.29		.88		.78			1.66			(.82	)		-			(.82	)		11.13		16.66			230		.76			.76			8.18
	Year ended 9/30/2009		10.01		.82		.33			1.15			(.87	)		-			(.87	)		10.29		13.99			172		.84			.83			9.50
	Year ended 9/30/2008		12.35		.93		(2.32	)		(1.39	)		(.93	)		(.02	)		(.95	)		10.01		(11.91	)		120		.74			.71			8.11
	Year ended 9/30/2007		12.30		.92		.04			.96			(.91	)		-			(.91	)		12.35		7.92			124		.76			.72			7.30
Class 529-B:	Six months ended 3/31/2012(4)(5)		10.36		.35		.74			1.09			(.38	)		-			(.38	)		11.07		10.70			15		1.58	(6)		1.58	(6)		6.58	(6)
	Year ended 9/30/2011		11.13		.75		(.74	)		.01			(.78	)		-			(.78	)		10.36		(.22	)		16		1.55			1.55			6.70
	Year ended 9/30/2010		10.29		.79		.78			1.57			(.73	)		-			(.73	)		11.13		15.74			23		1.56			1.56			7.39
	Year ended 9/30/2009		10.01		.75		.33			1.08			(.80	)		-			(.80	)		10.29		13.08			22		1.65			1.64			8.76
	Year ended 9/30/2008		12.35		.84		(2.32	)		(1.48	)		(.84	)		(.02	)		(.86	)		10.01		(12.64	)		18		1.58			1.55			7.26
	Year ended 9/30/2007		12.30		.82		.04			.86			(.81	)		-			(.81	)		12.35		7.06			21		1.56			1.53			6.50
Class 529-C:	Six months ended 3/31/2012(4)(5)		10.36		.35		.74			1.09			(.38	)		-			(.38	)		11.07		10.71			119		1.57	(6)		1.57	(6)		6.58	(6)
	Year ended 9/30/2011		11.13		.76		(.74	)		.02			(.79	)		-			(.79	)		10.36		(.21	)		101		1.54			1.54			6.70
	Year ended 9/30/2010		10.29		.79		.78			1.57			(.73	)		-			(.73	)		11.13		15.75			91		1.56			1.56			7.39
	Year ended 9/30/2009		10.01		.75		.33			1.08			(.80	)		-			(.80	)		10.29		13.08			68		1.64			1.63			8.71
	Year ended 9/30/2008		12.35		.84		(2.32	)		(1.48	)		(.84	)		(.02	)		(.86	)		10.01		(12.64	)		49		1.57			1.54			7.27
	Year ended 9/30/2007		12.30		.82		.04			.86			(.81	)		-			(.81	)		12.35		7.07			52		1.55			1.52			6.50
Class 529-E:	Six months ended 3/31/2012(4)(5)	$	10.36	$	.38	$	.74		$	1.12		$	(.41	)	$	-		$	(.41	)	$	11.07		11.00	%	$	17		1.02	%(6)		1.02	%(6)		7.12	%(6)
	Year ended 9/30/2011		11.13		.81		(.74	)		.07			(.84	)		-			(.84	)		10.36		.31			15		1.02			1.02			7.22
	Year ended 9/30/2010		10.29		.85		.78			1.63			(.79	)		-			(.79	)		11.13		16.34			12		1.04			1.04			7.90
	Year ended 9/30/2009		10.01		.80		.33			1.13			(.85	)		-			(.85	)		10.29		13.66			9		1.13			1.12			9.23
	Year ended 9/30/2008		12.35		.90		(2.32	)		(1.42	)		(.90	)		(.02	)		(.92	)		10.01		(12.18	)		7		1.06			1.02			7.79
	Year ended 9/30/2007		12.30		.88		.04			.92			(.87	)		-			(.87	)		12.35		7.62			7		1.04			1.01			7.01
Class 529-F-1:	Six months ended 3/31/2012(4)(5)		10.36		.40		.74			1.14			(.43	)		-			(.43	)		11.07		11.26			18		.56	(6)		.56	(6)		7.58	(6)
	Year ended 9/30/2011		11.13		.87		(.74	)		.13			(.90	)		-			(.90	)		10.36		.80			14		.53			.53			7.70
	Year ended 9/30/2010		10.29		.90		.78			1.68			(.84	)		-			(.84	)		11.13		16.91			11		.55			.55			8.40
	Year ended 9/30/2009		10.01		.84		.33			1.17			(.89	)		-			(.89	)		10.29		14.23			7		.63			.62			9.72
	Year ended 9/30/2008		12.35		.95		(2.32	)		(1.37	)		(.95	)		(.02	)		(.97	)		10.01		(11.74	)		6		.56			.52			8.29
	Year ended 9/30/2007		12.30		.94		.04			.98			(.93	)		-			(.93	)		12.35		8.15			6		.54			.51			7.51
Class R-1:	Six months ended 3/31/2012(4)(5)		10.36		.35		.74			1.09			(.38	)		-			(.38	)		11.07		10.74			23		1.51	(6)		1.51	(6)		6.64	(6)
	Year ended 9/30/2011		11.13		.76		(.74	)		.02			(.79	)		-			(.79	)		10.36		(.17	)		20		1.50			1.50			6.74
	Year ended 9/30/2010		10.29		.79		.78			1.57			(.73	)		-			(.73	)		11.13		15.78			23		1.53			1.53			7.41
	Year ended 9/30/2009		10.01		.75		.33			1.08			(.80	)		-			(.80	)		10.29		13.08			18		1.64			1.63			8.65
	Year ended 9/30/2008		12.35		.84		(2.32	)		(1.48	)		(.84	)		(.02	)		(.86	)		10.01		(12.62	)		12		1.55			1.52			7.29
	Year ended 9/30/2007		12.30		.82		.04			.86			(.81	)		-			(.81	)		12.35		7.08			13		1.57			1.52			6.50
Class R-2:	Six months ended 3/31/2012(4)(5)		10.36		.35		.74			1.09			(.38	)		-			(.38	)		11.07		10.74			220		1.51	(6)		1.51	(6)		6.64	(6)
	Year ended 9/30/2011		11.13		.76		(.74	)		.02			(.79	)		-			(.79	)		10.36		(.15	)		200		1.53			1.48			6.76
	Year ended 9/30/2010		10.29		.80		.78			1.58			(.74	)		-			(.74	)		11.13		15.80			209		1.58			1.51			7.44
	Year ended 9/30/2009		10.01		.76		.33			1.09			(.81	)		-			(.81	)		10.29		13.17			170		1.79			1.56			8.81
	Year ended 9/30/2008		12.35		.84		(2.32	)		(1.48	)		(.84	)		(.02	)		(.86	)		10.01		(12.58	)		128		1.70			1.48			7.34
	Year ended 9/30/2007		12.30		.82		.04			.86			(.81	)		-			(.81	)		12.35		7.13			138		1.69			1.47			6.56
Class R-3:	Six months ended 3/31/2012(4)(5)		10.36		.38		.74			1.12			(.41	)		-			(.41	)		11.07		11.00			342		1.03	(6)		1.03	(6)		7.12	(6)
	Year ended 9/30/2011		11.13		.81		(.74	)		.07			(.84	)		-			(.84	)		10.36		.31			266		1.02			1.02			7.22
	Year ended 9/30/2010		10.29		.85		.78			1.63			(.79	)		-			(.79	)		11.13		16.33			316		1.05			1.05			7.90
	Year ended 9/30/2009		10.01		.80		.33			1.13			(.85	)		-			(.85	)		10.29		13.66			272		1.13			1.12			9.20
	Year ended 9/30/2008		12.35		.89		(2.32	)		(1.43	)		(.89	)		(.02	)		(.91	)		10.01		(12.20	)		185		1.07			1.04			7.77
	Year ended 9/30/2007		12.30		.88		.04			.92			(.87	)		-			(.87	)		12.35		7.58			186		1.07			1.04			6.98
Class R-4:	Six months ended 3/31/2012(4)(5)		10.36		.40		.74			1.14			(.43	)		-			(.43	)		11.07		11.17			229		.72	(6)		.72	(6)		7.44	(6)
	Year ended 9/30/2011		11.13		.85		(.74	)		.11			(.88	)		-			(.88	)		10.36		.61			208		.72			.72			7.52
	Year ended 9/30/2010		10.29		.88		.78			1.66			(.82	)		-			(.82	)		11.13		16.68			213		.75			.75			8.19
	Year ended 9/30/2009		10.01		.83		.33			1.16			(.88	)		-			(.88	)		10.29		14.02			172		.81			.80			9.56
	Year ended 9/30/2008		12.35		.93		(2.32	)		(1.39	)		(.93	)		(.02	)		(.95	)		10.01		(11.93	)		125		.77			.73			8.08
	Year ended 9/30/2007		12.30		.92		.04			.96			(.91	)		-			(.91	)		12.35		7.93			118		.75			.72			7.30
Class R-5:	Six months ended 3/31/2012(4)(5)		10.36		.41		.74			1.15			(.44	)		-			(.44	)		11.07		11.33			272		.42	(6)		.42	(6)		7.73	(6)
	Year ended 9/30/2011		11.13		.88		(.74	)		.14			(.91	)		-			(.91	)		10.36		.91			224		.42			.42			7.82
	Year ended 9/30/2010		10.29		.91		.78			1.69			(.85	)		-			(.85	)		11.13		17.03			232		.44			.44			8.50
	Year ended 9/30/2009		10.01		.85		.33			1.18			(.90	)		-			(.90	)		10.29		14.37			202		.51			.50			9.88
	Year ended 9/30/2008		12.35		.96		(2.32	)		(1.36	)		(.96	)		(.02	)		(.98	)		10.01		(11.65	)		140		.45			.42			8.40
	Year ended 9/30/2007		12.30		.96		.04			1.00			(.95	)		-			(.95	)		12.35		8.26			137		.44			.41			7.61
Class R-6:	Six months ended 3/31/2012(4)(5)		10.36		.41		.74			1.15			(.44	)		-			(.44	)		11.07		11.36			135		.37	(6)		.37	(6)		7.76	(6)
	Year ended 9/30/2011		11.13		.89		(.74	)		.15			(.92	)		-			(.92	)		10.36		.96			104		.37			.37			7.86
	Year ended 9/30/2010		10.29		.92		.78			1.70			(.86	)		-			(.86	)		11.13		17.09			89		.39			.39			8.56
	Period from 5/1/2009 to 9/30/2009(4)		8.47		.33		1.83			2.16			(.34	)		-			(.34	)		10.29		25.96			49		.18			.18			3.55

	Six months ended March 31,			Year ended September 30
	2012(4)(5)			2011			2010			2009			2008			2007
Portfolio turnover rate for all share classes		20	%		51	%		47	%		43	%		35	%		42	%

(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 reimbursements/waivers from CRMC. During some of the periods shown, CRMC reduced fees for investment advisory services. In addition, during some of the periods shown, CRMC paid a portion of the fund's transfer agent fees for certain retirement plan share classes.

(4)Based on operations for the period shown and, accordingly, is not representative of a full year.

(5)Unaudited.

(6)Annualized.

See Notes to Financial Statements

Expense example                                                                                                                                           

          unaudited

As a shareholder of the fund, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (October 1, 2011, through March 31, 2012).

Actual expenses:

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

Hypothetical example for comparison purposes:

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

Notes:

There are some account fees that are charged to certain types of accounts, such as individual retirement accounts and 529 college savings plan accounts (generally, a $10 fee is charged to set up the account and an additional $10 fee is charged to the account annually), that would increase the amount of expenses paid on your account. In addition, retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F-1, F-2 and 529-F-1 shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

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

	Beginning account value 10/1/2011		Ending account value 3/31/2012		Expenses paid during period*		Annualized expense ratio
Class A -- actual return	$	1,000.00	$	1,111.80	$	3.70		.70	%
Class A -- assumed 5% return		1,000.00		1,021.50		3.54		.70
Class B -- actual return		1,000.00		1,107.69		7.64		1.45
Class B -- assumed 5% return		1,000.00		1,017.75		7.31		1.45
Class C -- actual return		1,000.00		1,107.44		7.85		1.49
Class C -- assumed 5% return		1,000.00		1,017.55		7.52		1.49
Class F-1 -- actual return		1,000.00		1,111.68		3.80		.72
Class F-1 -- assumed 5% return		1,000.00		1,021.40		3.64		.72
Class F-2 -- actual return		1,000.00		1,113.11		2.43		.46
Class F-2 -- assumed 5% return		1,000.00		1,022.70		2.33		.46
Class 529-A -- actual return		1,000.00		1,111.41		4.06		.77
Class 529-A -- assumed 5% return		1,000.00		1,021.15		3.89		.77
Class 529-B -- actual return		1,000.00		1,106.95		8.32		1.58
Class 529-B -- assumed 5% return		1,000.00		1,017.10		7.97		1.58
Class 529-C -- actual return		1,000.00		1,107.06		8.27		1.57
Class 529-C -- assumed 5% return		1,000.00		1,017.15		7.92		1.57
Class 529-E -- actual return		1,000.00		1,110.02		5.38		1.02
Class 529-E -- assumed 5% return		1,000.00		1,019.90		5.15		1.02
Class 529-F-1 -- actual return		1,000.00		1,112.56		2.96		.56
Class 529-F-1 -- assumed 5% return		1,000.00		1,022.20		2.83		.56
Class R-1 -- actual return		1,000.00		1,107.36		7.96		1.51
Class R-1 -- assumed 5% return		1,000.00		1,017.45		7.62		1.51
Class R-2 -- actual return		1,000.00		1,107.37		7.96		1.51
Class R-2 -- assumed 5% return		1,000.00		1,017.45		7.62		1.51
Class R-3 -- actual return		1,000.00		1,109.99		5.43		1.03
Class R-3 -- assumed 5% return		1,000.00		1,019.85		5.20		1.03
Class R-4 -- actual return		1,000.00		1,111.68		3.80		.72
Class R-4 -- assumed 5% return		1,000.00		1,021.40		3.64		.72
Class R-5 -- actual return		1,000.00		1,113.32		2.22		.42
Class R-5 -- assumed 5% return		1,000.00		1,022.90		2.12		.42
Class R-6 -- actual return		1,000.00		1,113.57		1.96		.37
Class R-6 -- assumed 5% return		1,000.00		1,023.15		1.87		.37
*The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 366(to reflect the one-half year period).

Approval of Investment Advisory and Service Agreement

The fund’s board has approved the fund’s Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through March 31, 2013. The board approved the agreement following the recommendation of the fund’s Contracts Committee (the “committee”), which is composed of all of the fund’s independent board members. The board and the committee determined that the fund’s advisory fee structure was fair and reasonable in relation to the services provided and that approving the agreement was in the best interests of the fund and its shareholders.

In reaching this decision, the board and the committee took into account information furnished to them throughout the year, as well as information prepared specifically in connection with their review of the agreement and were advised by their independent counsel. They considered the factors discussed below, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor.

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of its organization; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative, compliance and shareholder services provided by CRMC to the fund under the agreement and other agreements as well as the benefits to fund shareholders from investing in a fund that is part of a large family of funds. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit the fund and its shareholders.

2. Investment results

The board and the committee considered the investment results of the fund in light of its primary objective of providing a high level of current income and its secondary objective of capital appreciation. They compared the fund’s total returns with those of other relevant funds (including the other funds that are the basis of the Lipper index for the category in which the fund is included) and market data such as relevant market indices, in each case as available at the time of the related board and committee meetings. This report, including the letter to shareholders and related disclosures, contains certain information about the fund’s investment results. The board and the committee concluded that the fund’s long-term results have been satisfactory and that CRMC’s record in managing the fund indicated that its continued management should benefit the fund and its shareholders.

3. Advisory fees and total expenses

The board and the committee compared the advisory fees and total expense levels of the fund to those of other relevant funds. They observed that the fund’s advisory fees and expenses remain significantly below those of most other relevant funds. The board and the committee also noted the breakpoint discounts in the fund’s advisory fee structure that reduce the level of fees charged by CRMC to the fund as fund assets increase. In addition, they reviewed information regarding the advisory fees paid by clients of an affiliate of CRMC. They noted that, to the extent there were differences between the advisory fees paid by the fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational and regulatory differences between advising the fund and the other clients. The board and the committee concluded that the fund’s cost structure was fair and reasonable in relation to the services provided, and that the shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by the fund.

4. Ancillary benefits

The board and the committee considered a variety of other benefits received by CRMC and its affiliates as a result of CRMC’s relationship with the fund and the other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the fund’s principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC’s institutional management affiliates. The board and the committee reviewed CRMC’s portfolio trading practices, noting that while CRMC receives the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the fund, it does not obtain third-party research or other services in return for allocating brokerage to such broker-dealers. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC by the fund.

5. Adviser financial information

The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and willingness to invest in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. The board and the committee also compared CRMC’s profitability to the reported results of several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the fund’s advisory fee structure. The board and the committee concluded that the fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and the fund’s shareholders.

Offices

Offices of the fund and of the investment adviser

Capital Research and Management Company

333 South Hope Street

Los Angeles, CA 90071-1406

6455 Irvine Center Drive

Irvine, CA 92618

Transfer agent for shareholder accounts

American Funds Service Company

(Write to the address near you.)

P.O. Box 6007

Indianapolis, IN 46206-6007

P.O. Box 2280

Norfolk, VA 23501-2280

Custodian of assets

JPMorgan Chase Bank

270 Park Avenue

New York, NY 10017-2070

Counsel

Bingham McCutchen LLP

355 South Grand Avenue, Suite 4400

Los Angeles, CA 90071-3106

Independent registered public accounting firm

Deloitte & Touche LLP

695 Town Center Drive

Suite 1200

Costa Mesa, CA 92626-7188

Principal underwriter

American Funds Distributors, Inc.

333 South Hope Street

Los Angeles, CA 90071-1406

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

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

A complete March 31, 2012, portfolio of American High-Income Trust’s investments is available free of charge by calling AFS or visiting the SEC website (where it is part of Form N-CSR).

American High-Income Trust files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. This filing is available free of charge on the SEC website. You may also review or, for a fee, copy this filing at the SEC’s Public Reference Room in Washington, D.C. Additional information regarding the operation of the Public Reference Room may be obtained by calling the SEC’s Office of Investor Education and Advocacy at 800/SEC-0330. Additionally, the list of portfolio holdings is available by calling AFS.

This report is for the information of shareholders of American High-Income Trust, but it also may be used as sales literature when preceded or accompanied by the current prospectus or summary prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after June 30, 2012, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

   

The American Funds difference

Since 1931, American Funds has helped investors pursue long-term investment success. Our consistent approach — in combination with a proven system — has resulted in a superior long-term track record.

Consistent approach

We base our decisions on a long-term perspective because we believe it is the best way to achieve superior long-term investment results. Our portfolio counselors average 25 years of investment experience, including 21 years at our company, reflecting a career commitment to our long-term approach.1

Proven system

Our system combines individual accountability with teamwork. Each fund is divided into portions that are managed by investment professionals with varied backgrounds, ages and investment styles. An extensive global research effort is the backbone of our system.

Superior long-term track record

Our equity funds have beaten their Lipper peer indexes in 91% of 10-year periods and 96% of 20-year periods. Our fixed-income funds have beaten their Lipper indexes in 60% of 10-year periods and 67% of 20-year periods.2 Our fund management fees have been among the lowest in the industry.3

1 As of 12/31/11.

2 Based on Class A share results for periods through 12/31/11. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date.

3 Based on management fees for the 20-year period ended 12/31/11 versus comparable Lipper categories, excluding funds of funds.

American Funds span a range of investment objectives

•Growth funds

AMCAP Fund®

EuroPacific Growth Fund®

The Growth Fund of America®

The New Economy Fund®

New Perspective Fund®

New World Fund®

SMALLCAP World Fund®

•Growth-and-income funds

American Mutual Fund®

Capital World Growth and Income Fund®

Fundamental InvestorsSM

International Growth and Income FundSM

The Investment Company of America®

Washington Mutual Investors FundSM

•Equity-income funds

Capital Income Builder®

The Income Fund of America®

•Balanced funds

American Balanced Fund®

American Funds Global Balanced FundSM

•Bond funds

American Funds Mortgage Fund®

American High-Income TrustSM

The Bond Fund of AmericaSM

Capital World Bond Fund®

Intermediate Bond Fund of America®

Short-Term Bond Fund of AmericaSM

U.S. Government Securities FundSM

•Tax-exempt bond funds

American Funds Short-Term Tax-Exempt Bond FundSM

American High-Income Municipal Bond Fund®

Limited Term Tax-Exempt Bond Fund of AmericaSM

The Tax-Exempt Bond Fund of America®

State-specific tax-exempt funds

American Funds Tax-Exempt Fund of New York®

The Tax-Exempt Fund of California®

The Tax-Exempt Fund of Maryland®

The Tax-Exempt Fund of Virginia®

•Money market fund

American Funds Money Market Fund®

•American Funds Portfolio SeriesSM

American Funds Global Growth PortfolioSM

American Funds Growth PortfolioSM

American Funds Growth and Income PortfolioSM

American Funds Balanced PortfolioSM

American Funds Income PortfolioSM

American Funds Tax-Advantaged Income PortfolioSM

American Funds Preservation PortfolioSM

American Funds Tax-Exempt Preservation PortfolioSM

•American Funds Target Date Retirement Series®

The Capital Group Companies

American FundsCapital Research and ManagementCapital InternationalCapital GuardianCapital Bank and Trust

Lit. No. MFGESR-921-0512P

Litho in USA RCG/ALD/8076-S28714

Printed on paper containing 10% post-consumer waste

Printed with inks containing soy and/or vegetable oil

ITEM 2 – Code of Ethics

Not applicable for filing of semi-annual reports to shareholders.

ITEM 3 – Audit Committee Financial Expert

Not applicable for filing of semi-annual reports to shareholders.

ITEM 4 – Principal Accountant Fees and Services

Not applicable for filing of semi-annual reports to shareholders.

ITEM 5 – Audit Committee of Listed Registrants

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

ITEM 6 – Schedule of Investments

American High-Income TrustSM

Investment portfolio

March 31, 2012

unaudited

Bonds, notes & other debt instruments — 87.27%	Principal amount (000)			Value (000)
CORPORATE BONDS, NOTES & LOANS — 83.16%
CONSUMER DISCRETIONARY — 20.92%
MGM Resorts International 6.75% 2012	$	41,353		$	42,258
MGM Resorts International 6.75% 2013		45,790			47,450
MGM Resorts International 13.00% 2013		27,275			31,741
MGM Resorts International 5.875% 2014		70,090			72,543
MGM Resorts International 10.375% 2014		9,525			10,847
MGM Resorts International 6.625% 2015		18,975			19,592
MGM Resorts International 6.875% 2016		12,000			12,180
MGM Resorts International 7.50% 2016		31,400			32,499
MGM Resorts International 11.125% 2017		13,800			15,680
MGM Resorts International 9.00% 2020		12,225			13,661
MGM Resorts International 7.75% 2022		23,200			23,664
Charter Communications, Inc. 13.50% 2016		46,320			52,921
Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. 7.25% 2017		70,900			76,395
Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. 7.875% 2018		40,425			43,861
CCO Holdings LLC and CCO Holdings Capital Corp. 7.00% 2019		10,000			10,650
CCO Holdings LLC and CCO Holdings Capital Corp. 7.375% 2020		23,000			25,070
Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. 8.125% 2020		38,175			42,565
Univision Communications Inc., Term Loan B, 4.491% 20171,2,3		170,024			157,957
Univision Communications Inc. 8.50% 20214		41,275			41,069
Virgin Media Finance PLC, Series 1, 9.50% 2016		88,775			100,538
Virgin Media Secured Finance PLC 6.50% 2018		9,325			10,176
Virgin Media Finance PLC 8.375% 20194		57,435			64,614
Revel Entertainment, Term Loan B, 9.00% 20171,2,3		119,175			118,095
Revel Entertainment 12.00% 20181,5,6,7		38,348			37,153
Michaels Stores, Inc., Term Loan B3, 5.125% 20161,2,3		17,346			17,439
Michaels Stores, Inc., Term Loan B2, 5.125% 20161,2,3		5,877			5,909
Michaels Stores, Inc. 11.375% 2016		11,000			11,743
Michaels Stores, Inc. 13.00% 2016		38,550			40,767
Michaels Stores, Inc. 7.75% 2018		70,750			75,702
Boyd Gaming Corp. 6.75% 2014		31,675			31,873
Boyd Gaming Corp. 7.125% 2016		34,465			33,431
Boyd Gaming Corp. 9.125% 2018		82,070			85,866
Neiman Marcus Group, Inc. 10.375% 2015		27,825			29,112
Neiman Marcus Group, Inc., Term Loan B, 4.75% 20181,2,3		102,945			102,969
Toys “R” Us-Delaware, Inc., Term Loan B, 6.00% 20161,2,3		14,086			14,134
Toys “R” Us-Delaware, Inc. 7.375% 20164		19,580			20,167
Toys “R” Us Property Co. II, LLC 8.50% 2017		38,025			39,879
Toys “R” Us Property Co. I, LLC 10.75% 2017		3,875			4,262
Toys “R” Us-Delaware, Inc., Term Loan B2, 5.25% 20181,2,3		41,462			41,177
Toys “R” Us, Inc. 7.375% 2018		12,900			11,642
Needle Merger Sub Corp. 8.125% 20194		123,500			124,735
Nara Cable Funding Ltd. 8.875% 2018	€	81,975			101,677
Nara Cable Funding Ltd. 8.875% 20184	$	22,000			21,010
Limited Brands, Inc. 5.25% 2014		703			749
Limited Brands, Inc. 8.50% 2019		9,934			11,797
Limited Brands, Inc. 7.00% 2020		17,513			19,615
Limited Brands, Inc. 6.625% 2021		60,934			66,342
Limited Brands, Inc. 5.625% 2022		22,500			22,809
Mediacom Broadband LLC and Mediacom Broadband Corp. 8.50% 2015		67,753			70,124
Mediacom LLC and Mediacom Capital Corp. 9.125% 2019		26,450			28,864
Mediacom LLC and Mediacom Capital Corp. 7.25% 20224		19,300			19,589
Clear Channel Worldwide Holdings, Inc., Series B, 9.25% 2017		82,450			90,798
Clear Channel Worldwide Holdings, Inc. 7.625% 20204		22,750			22,409
Warner Music Group 9.50% 20164		16,261			17,806
Warner Music Group 9.50% 2016		11,855			12,981
Warner Music Group 11.50% 20184		51,250			55,094
Warner Music Group 13.75% 20194		16,975			17,230
J.C. Penney Co., Inc. 5.75% 2018		55,764			57,367
J.C. Penney Co., Inc. 5.65% 2020		33,397			32,813
CityCenter Holdings, LLC and CityCenter Finance Corp. 7.625% 2016		27,500			29,150
CityCenter Holdings, LLC and CityCenter Finance Corp. 7.625% 20164		20,000			21,200
CityCenter Holdings, LLC and CityCenter Finance Corp. 11.50% 20171,5		28,128			30,582
PETCO Animal Supplies, Inc. 9.25% 20184		67,205			74,094
Bon-Ton Department Stores, Inc. 10.25% 2014		78,025			68,467
Academy, Ltd., Term Loan B, 6.00% 20181,2,3		45,835			46,118
Academy, Ltd. 9.25% 20194		21,050			21,708
EchoStar DBS Corp 7.125% 2016		7,000			7,779
DISH DBS Corp 7.875% 2019		3,550			4,100
DISH DBS Corp 6.75% 2021		48,490			52,490
Hanesbrands Inc., Series B, 4.146% 20141		27,262			27,365
Hanesbrands Inc. 8.00% 2016		18,350			20,277
Hanesbrands Inc. 6.375% 2020		9,000			9,292
Allison Transmission Holdings, Inc., Term Loan B, 2.75% 20141,2,3		31,226			31,059
Allison Transmission Holdings, Inc. 11.00% 20154		23,195			24,529
Burger King Corp 0%/11.00% 20194,8		76,125			54,905
Burlington Coat Factory Warehouse Corp., Term Loan B, 6.25% 20171,2,3		36,019			36,318
Burlington Coat Factory Warehouse Corp. 10.00% 2019		15,250			15,936
Tower Automotive Holdings 10.625% 20174		45,533			49,631
NCL Corp. Ltd. 11.75% 2016		18,925			22,000
NCL Corp. Ltd. 9.50% 2018		12,475			13,504
NCL Corp. Ltd. 9.50% 20184		8,450			9,147
Tousa, Inc. 9.00% 20106,9		22,486			14,301
Tousa, Inc. 9.00% 20106,9		7,325			4,659
Tousa, Inc. 9.25% 20114,6,9		36,325			23,103
Cinemark USA, Inc. 8.625% 2019		36,250			40,419
Jaguar Land Rover PLC 7.75% 20184		15,960			16,439
Jaguar Land Rover PLC 8.125% 20214		22,725			23,407
AMC Entertainment Inc. 8.00% 2014		5,825			5,869
AMC Entertainment Inc. 8.75% 2019		14,525			15,288
AMC Entertainment Inc. 9.75% 2020		19,000			18,002
Mohegan Tribal Gaming Authority 10.50% 20164		19,175			16,730
Mohegan Tribal Gaming Authority 11.00% 20181,4,5		29,225			21,626
Royal Caribbean Cruises Ltd. 6.875% 2013		4,000			4,240
Royal Caribbean Cruises Ltd. 11.875% 2015		27,725			33,824
DineEquity, Inc. 9.50% 2018		33,775			37,152
Local T.V. Finance LLC, Term Loan B, 2.25% 20131,2,3		4,345			4,326
Local T.V. Finance LLC 9.25% 20151,4,5		31,914			32,712
Circus and Eldorado Joint Venture and Silver Legacy Resort Casino 10.125% 20129		37,251			30,918
Wynn Las Vegas, LLC and Wynn Capital Corp. 7.75% 2020		27,850			30,739
Marina District Finance Co., Inc. 9.50% 2015		10,000			9,175
Marina District Finance Co., Inc. 9.875% 2018		21,000			18,952
Kabel BW Erste Beteiligu 7.50% 2019	€	7,250			10,346
UPC Germany GmbH 9.625% 2019		10,800			15,813
Gray Television, Inc. 10.50% 2015	$	9,175			9,588
Gray Television, Inc., Series D, 17.00% 20491,6,7,9		16,601			16,518
Jarden Corp. 8.00% 2016		23,250			25,255
Sally Holdings LLC and Sally Capital Inc. 6.875% 20194		21,625			23,139
CSC Holdings, Inc. 8.50% 2014		14,750			16,483
Cablevision Systems Corp. 7.75% 2018		3,000			3,150
CSC Holdings, Inc. 8.625% 2019		2,900			3,342
Chrysler Group LLC, Term Loan B, 6.00% 20171,2,3		20,659			21,023
Cumulus Media Inc. 7.75% 20194		22,000			20,900
Vidéotron Ltée 6.375% 2015		3,720			3,818
Quebecor Media Inc. 7.75% 2016		3,725			3,841
Vidéotron Ltée 5.00% 20224		12,175			12,114
Seneca Gaming Corp. 8.25% 20184		16,750			17,211
Lamar Media Corp. 7.875% 2018		13,525			14,861
Lamar Media Corp. 5.875% 20224		1,500			1,534
Education Management LLC and Education Management Finance Corp. 8.75% 2014		16,245			15,676
Fox Acquisition LLC 13.375% 20164		13,715			15,018
LBI Media, Inc. 8.50% 20174		40,150			12,346
KB Home 8.00% 2020		12,000			11,910
Dynacast International Ltd. 9.25% 20194		10,950			11,497
Seminole Tribe of Florida 7.804% 20202,4		8,320			8,187
Macy’s Retail Holdings, Inc. 3.875% 2022		6,120			6,148
Radio One, Inc., Term Loan B, 7.50% 20161,2,3		5,571			5,541
Regal Cinemas Corp. 8.625% 2019		5,000			5,487
FCE Bank PLC 7.125% 2013	€	3,550			4,918
Tenneco Inc. 6.875% 2020	$	4,300			4,644
Marks and Spencer Group PLC 7.125% 20374		4,270			4,416
Grupo Televisa, SAB 6.625% 2040		2,500			2,840
Houghton Mifflin Harcourt 10.50% 20194		5,150			2,755
Time Warner Cable Inc. 7.50% 2014		750			845
Cox Communications, Inc. 5.45% 2014		390			434
KAC Acquisition Corp. 8.00% 20262,4,5,6		256			—
					3,866,190
TELECOMMUNICATION SERVICES — 11.40%
Nextel Communications, Inc., Series E, 6.875% 2013		46,088			46,319
Nextel Communications, Inc., Series F, 5.95% 2014		117,065			117,650
Nextel Communications, Inc., Series D, 7.375% 2015		121,273			117,635
Sprint Nextel Corp. 6.00% 2016		20,000			17,950
Sprint Nextel Corp. 8.375% 2017		83,450			80,946
Sprint Nextel Corp. 9.125% 20174		49,000			48,877
Sprint Nextel Corp. 9.00% 20184		31,150			34,265
Sprint Nextel Corp. 11.50% 20214		53,075			57,188
Sprint Capital Corp. 8.75% 2032		4,800			4,140
Clearwire Communications and Clearwire Finance, Inc., Series B, 12.00% 20154		138,930			137,541
Clearwire Communications and Clearwire Finance, Inc., Series A, 12.00% 20154		123,580			122,344
Clearwire Communications and Clearwire Finance, Inc. 14.75% 20164		16,600			18,260
Clearwire Communications and Clearwire Finance, Inc. 12.00% 20174		91,930			82,048
Frontier Communications Corp. 7.875% 2015		19,800			21,384
Frontier Communications Corp. 8.25% 2017		119,625			129,195
Frontier Communications Corp. 8.125% 2018		17,151			18,223
Frontier Communications Corp. 8.50% 2020		55,010			58,173
Frontier Communications Corp. 8.75% 2022		26,632			28,230
Cricket Communications, Inc. 10.00% 2015		52,570			55,593
Cricket Communications, Inc. 7.75% 2016		151,590			160,686
Wind Acquisition SA 11.75% 20174		131,430			130,116
Wind Acquisition SA 7.25% 20184	$	37,080			35,041
Wind Acquisition SA 7.375% 2018	€	21,915			27,255
Digicel Group Ltd. 12.00% 20144	$	61,825			69,244
Digicel Group Ltd. 12.00% 2014		600			672
Digicel Group Ltd. 8.875% 20154		50,975			52,122
Digicel Group Ltd. 8.875% 2015		10,015			10,240
Digicel Group Ltd. 10.50% 20184		10,450			11,652
Vodafone Group PLC, Term Loan B, 6.875% 20152,3,5		60,050			60,651
Vodafone Group PLC, Term Loan B, 6.25% 20162,3,5,6		30,229			30,456
Trilogy International Partners, LLC, 10.25% 20164		89,290			78,352
LightSquared, Term Loan B, 12.00% 20142,3,5		144,713			65,881
Crown Castle International Corp. 9.00% 2015		29,475			32,570
Crown Castle International Corp. 7.75% 20174		11,150			12,209
Crown Castle International Corp. 7.125% 2019		1,000			1,097
Level 3 Financing, Inc. 8.75% 2017		5,850			6,142
Level 3 Escrow Inc. 8.125% 20194		14,400			14,904
Level 3 Communications, Inc. 11.875% 2019		15,850			18,148
Polkomtel Finance AB 11.625% 20204		26,800			28,073
Intelsat Jackson Holding Co. 9.50% 2016		15,425			16,158
SBA Telecommunications, Inc. 8.00% 2016		12,850			13,878
Portugal Telecom International Finance BV 5.625% 2016	€	10,000			12,506
América Móvil, SAB de CV 5.00% 2020	$	4,350			4,857
América Móvil, SAB de CV 8.46% 2036	MXN65,000				4,967
Telecom Italia Capital SA 6.999% 2018	$	5,950			6,366
Syniverse Holdings, Inc. 9.125% 2019		4,600			5,094
Sable International Finance Ltd. 8.75% 20204		2,300			2,449
					2,107,747
FINANCIALS — 10.34%
Realogy Corp. 10.50% 2014		1,000			980
Realogy Corp., Letter of Credit, 4.691% 20161,2,3		10,813			10,102
Realogy Corp., Term Loan B, 4.77% 20161,2,3		127,571			119,183
Realogy Corp., Second Lien Term Loan A, 13.50% 20172,3		147,699			152,657
Realogy Corp. 7.875% 20194		145,435			146,162
Realogy Corp. 7.625% 20204		3,000			3,150
Realogy Corp. 9.00% 20204		86,235			89,253
CIT Group Inc., Series C, 4.75% 20154		152,100			153,823
CIT Group Inc., Series C, 7.00% 20164		6,000			6,030
CIT Group Inc., Series C, 5.50% 20194		30,550			31,237
Liberty Mutual Group Inc. 6.50% 20354		18,000			18,680
Liberty Mutual Group Inc., Series B, 7.00% 20671,4		11,185			10,122
Liberty Mutual Group Inc., Series A, 7.80% 20871,4		62,323			61,077
Liberty Mutual Group Inc., Series C, 10.75% 20881,4		47,950			64,613
International Lease Finance Corp. 5.00% 2012		3,525			3,560
International Lease Finance Corp., Series R, 6.375% 2013		1,000			1,032
International Lease Finance Corp. 4.875% 2015		115,930			114,827
International Lease Finance Corp. 8.625% 2015		13,430			14,823
International Lease Finance Corp. 5.75% 2016		9,000			8,996
HBOS PLC 6.75% 20184		35,925			33,751
LBG Capital No.1 PLC, Series 2, 7.875% 20204		29,490			26,836
Lloyds TSB Bank PLC 6.375% 2021		1,250			1,344
HBOS PLC 6.00% 20334		17,781			13,519
Lloyds Banking Group PLC, junior subordinated 6.657% preference shares (undated)1,4,9		4,404			3,061
Springleaf Finance Corp., Series I, 5.40% 2015		18,513			15,412
Springleaf Finance Corp., Term Loan B, 5.50% 20171,2,3		49,290			45,419
Springleaf Finance Corp., Series J, 6.90% 2017		20,000			15,700
Host Marriott, LP, Series O, 6.375% 2015		10,725			10,966
Host Hotels & Resorts, LP, Series Q, 6.75% 2016		18,325			18,966
Host Hotels & Resorts LP 9.00% 2017		3,850			4,278
Host Hotels & Resorts LP 5.875% 2019		16,100			17,046
Host Hotels & Resorts LP 6.00% 2020		4,000			4,260
Host Hotels & Resorts LP 6.00% 20214		7,000			7,490
Regions Financial Corp. 7.75% 2014		36,979			40,723
Regions Financial Corp. 5.20% 2015		5,300			5,459
Regions Financial Corp. 5.75% 2015		5,024			5,313
MetLife Capital Trust IV, junior subordinated 7.875% 20671,4		14,950			16,520
MetLife Capital Trust X, junior subordinated 9.25% 20681,4		18,500			22,385
MetLife Inc., junior subordinated 10.75% 20691		7,000			9,632
Royal Bank of Scotland Group PLC 5.05% 2015		3,581			3,506
Royal Bank of Scotland Group PLC 4.70% 2018		18,909			16,489
RBS Capital Trust II 6.425% noncumulative trust (undated)1,9		24,535			16,929
Royal Bank of Scotland Group PLC, junior subordinated 6.99% (undated)1,4,9		11,480			9,414
Developers Diversified Realty Corp. 5.50% 2015		2,470			2,546
Developers Diversified Realty Corp. 9.625% 2016		20,326			24,626
Developers Diversified Realty Corp. 7.50% 2017		9,940			11,287
Developers Diversified Realty Corp. 7.875% 2020		6,040			7,152
Ford Motor Credit Co. 8.70% 2014		2,000			2,267
Ford Motor Credit Co. 5.625% 2015		2,000			2,132
Ford Motor Credit Co. 7.00% 2015		6,000			6,569
Ford Motor Credit Co. 8.00% 2016		13,950			16,205
Ford Motor Credit Co. 4.25% 2017		6,000			6,070
Ford Motor Credit Co. 6.625% 2017		5,150			5,712
Hospitality Properties Trust 7.875% 2014		4,090			4,488
Hospitality Properties Trust 5.125% 2015		4,410			4,611
Hospitality Properties Trust 6.30% 2016		5,940			6,473
Hospitality Properties Trust 5.625% 2017		8,870			9,469
Hospitality Properties Trust 6.70% 2018		9,595			10,699
American Tower Corp. 7.00% 2017		21,825			25,454
American Tower Corp. 7.25% 2019		8,460			9,780
Prologis, Inc. 7.625% 2014		3,000			3,339
Prologis, Inc. 6.25% 2017		2,750			3,031
Prologis, Inc. 6.625% 2018		8,570			9,765
Prologis, Inc. 7.375% 2019		7,120			8,322
Prologis, Inc. 6.875% 2020		6,580			7,568
Genworth Financial, Inc. 7.625% 2021		14,935			15,471
Genworth Financial, Inc., junior subordinated 6.15% 20661		22,500			15,300
Catlin Insurance Ltd., junior subordinated 7.249% (undated)1,4		30,275			27,929
Synovus Financial Corp. 5.125% 2017		21,493			19,827
Synovus Financial Corp. 7.875% 2019		7,585			7,850
Lazard Group LLC 7.125% 2015		22,000			23,871
Zions Bancorporation 7.75% 2014		5,530			6,059
Zions Bancorporation 6.00% 2015		11,747			12,261
Barclays Bank PLC 5.14% 2020		8,485			8,185
Barclays Bank PLC, junior subordinated 6.86% (undated)1,4		9,000			8,505
Unum Group 7.125% 2016		12,425			14,197
Unum Group 5.625% 2020		1,155			1,224
Korea Development Bank 4.00% 2016		1,000			1,047
Korea Development Bank 3.50% 2017		3,190			3,249
Korea Development Bank 3.875% 2017		9,360			9,710
XL Capital Ltd., Series E, junior subordinated 6.50% (undated)1		16,025			13,661
ACE Cash Express, Inc. 11.00% 20194		14,825			13,639
Associated Banc-Corp 5.125% 2016		12,700			13,422
NASDAQ OMX Group, Inc. 5.25% 2018		12,250			13,195
Bank of America Corp. 5.70% 2022		10,000			10,602
BBVA Bancomer SA, junior subordinated 7.25% 20204		1,700			1,806
BBVA Bancomer SA 6.50% 20214		8,305			8,700
American International Group, Inc. 4.875% 2016		9,805			10,380
Goldman Sachs Group, Inc. 5.75% 2022		10,000			10,303
Rouse Co. 7.20% 2012		2,620			2,666
Rouse Co. 6.75% 20134		6,250			6,453
BNP Paribas, junior subordinated 7.195% (undated)1,4		10,000			8,975
HSBK (Europe) BV 7.25% 20214		8,545			8,849
Wells Fargo & Co., Series K, junior subordinated 7.98% (undated)1		7,365			8,056
Brandywine Operating Partnership, LP 7.50% 2015		7,000			7,790
QBE Capital Funding III LP 7.25% 20411,4		7,650			7,222
Société Générale 5.75% 20164		5,900			5,874
VEB Finance Ltd. 6.902% 20204		4,950			5,371
Banco de Crédito del Perú 5.375% 20204		5,000			5,150
The Export-Import Bank of Korea 4.375% 2021		2,900			2,937
Banco del Estado de Chile 4.125% 20204		2,500			2,578
Allstate Corp., Series B, junior subordinated 6.125% 20671		2,530			2,492
Banco Mercantil del Norte, SA, junior subordinated 6.862% 20211,4		2,000			2,085
Development Bank of Kazakhstan 5.50% 20154		1,475			1,586
					1,910,767
INDUSTRIALS — 9.47%
Hawker Beechcraft Acquisition Co., LLC, Term Loan E, 14.00% 20121,2,3,6		21,620			21,620
Hawker Beechcraft Acquisition Co., LLC, Letter of Credit, 2.37% 20141,2,3		10,030			7,476
Hawker Beechcraft Acquisition Co., LLC, Term Loan B, 2.47% 20141,2,3		163,479			121,850
Hawker Beechcraft Acquisition Co., LLC, Term Loan B, 10.50% 20141,2,3		25,146			18,860
Hawker Beechcraft Acquisition Co., LLC 8.50% 2015		8,045			1,126
Hawker Beechcraft Acquisition Co., LLC 8.875% 20155		57,450			8,043
Hawker Beechcraft Acquisition Co., LLC 9.75% 2017		5,075			51
CEVA Group PLC 11.625% 20164		18,205			19,388
CEVA Group PLC 8.375% 20174		19,825			19,726
CEVA Group PLC 11.50% 20184		38,407			38,215
CEVA Group PLC 12.75% 20204		106,850			101,507
Ply Gem Industries, Inc. 13.125% 2014		25,487			25,869
Ply Gem Industries, Inc. 8.25% 2018		148,925			150,600
US Investigations Services, Inc., Term Loan B, 2.992% 20151,2,3		5,975			5,732
US Investigations Services, Inc., Term Loan D, 7.75% 20151,2,3		49,101			49,239
US Investigations Services, Inc. 10.50% 20154		48,330			46,155
US Investigations Services, Inc. 11.75% 20164		20,350			19,383
Associated Materials, LLC and AMH New Finance, Inc. 9.125% 2017		122,780			120,017
DAE Aviation Holdings, Inc. and Standard Aero Ltd., Term Loan B1, 5.56% 20141,2,3		8,033			7,963
DAE Aviation Holdings, Inc. and Standard Aero Ltd., Term Loan B2, 5.56% 20141,2,3		7,659			7,592
DAE Aviation Holdings, Inc. 11.25% 20154		75,434			79,017
ARAMARK Corp. 4.047% 20151		25,170			25,107
ARAMARK Corp. 8.50% 2015		43,220			44,355
ARAMARK Corp. 8.625% 20161,4,5		23,800			24,454
Nortek Inc. 10.00% 201810		47,735			50,838
Nortek Inc. 8.50% 202110		40,890			40,686
Euramax International, Inc. 9.50% 2016		84,615			77,846
United Air Lines, 1991 Equipment Trust Certificates, Series A, 10.11% 20062,6,9		1,135			—
United Air Lines, Inc., Term Loan B, 2.25% 20141,2,3		29,102			28,309
Continental Airlines, Inc., Series 2001-1, Class B, 7.373% 20172		2,370			2,406
Continental Airlines, Inc., Series 1998-1, Class B, 6.748% 20182		3,766			3,771
Continental Airlines, Inc., Series 1997-4B, Class B, 6.90% 20182		2,194			2,208
Continental Airlines, Inc., Series 1997-4, Class A, 6.90% 20192		3,953			4,245
Continental Airlines, Inc., Series 2000-2, Class B, 8.307% 20192		1,040			1,056
Continental Airlines, Inc., Series 1999-1, Class A, 6.545% 20202		3,116			3,355
Continental Airlines, Inc., Series 2003-ERJ3, Class A, 7.875% 20202		9,914			10,063
United Air Lines, Inc., Series 2007-1, Class B, 7.336% 20212,4		3,370			3,320
Continental Airlines, Inc., Series 2001-1, Class A-1, 6.703% 20222		4,582			4,857
Continental Airlines, Inc., Series 2000-2, Class A-1, 7.707% 20222		2,484			2,729
Continental Airlines, Inc., Series 2000-1, Class A-1, 8.048% 20222		287			321
Continental Airlines, Inc., Series 2000-1, Class B, 8.388% 20222		5,655			5,740
Esterline Technologies Corp. 6.625% 2017		21,562			22,424
Esterline Technologies Corp. 7.00% 2020		40,860			45,355
Navios Maritime Acquisition Corporation and Navios Acquisition Finance (US) Inc. 8.625% 2017		34,840			31,530
Navios Maritime Holdings Inc. and Navios Maritime Finance II (US) Inc. 8.125% 2019		21,275			18,350
Navios Logistics Finance (US) Inc., 9.25% 2019		3,225			2,838
Nielsen Finance LLC and Nielsen Finance Co. 11.625% 2014		2,557			2,966
Nielsen Finance LLC and Nielsen Finance Co. 11.50% 2016		6,492			7,514
Nielsen Finance LLC, Term Loan 1L, 8.50% 20172,3		28,000			30,240
Nielsen Finance LLC and Nielsen Finance Co. 7.75% 2018		9,700			10,743
Ashtead Capital, Inc. 9.00% 20164		48,955			51,342
RBS Global, Inc. and Rexnord LLC 11.75% 2016		3,525			3,741
RBS Global, Inc. and Rexnord LLC 8.50% 2018		39,800			42,884
United Rentals, Inc. 7.375% 20204		11,625			11,916
United Rentals, Inc. 7.625% 20224		31,725			32,677
Northwest Airlines, Inc., Term Loan B, 3.97% 20131,2,3		6,857			6,874
Delta Air Lines, Inc., Series 2002-1, Class G-2, MBIA insured, 6.417% 20142		5,798			5,856
Delta Air Lines, Inc., Series 2010-B, Class 2-B, 6.75% 20172,4		7,650			7,688
Northwest Airlines, Inc., Term Loan A, 2.22% 20181,2,3		9,042			8,545
Delta Air Lines, Inc., Series 2002-1, Class G-1, MBIA insured, 6.718% 20242		10,908			11,549
TransDigm Inc. 7.75% 2018		36,445			39,634
JELD-WEN Escrow Corp. 12.25% 20174		28,750			32,416
BE Aerospace, Inc. 5.25% 2022		31,135			31,524
H&E Equipment Services, Inc. 8.375% 2016		22,775			23,572
Baker Corp. 8.25% 20194		14,400			14,904
AMR Corp. 9.00% 20129		16,155			7,189
American Airlines, Inc., Series 2001-1, Class B, 7.377% 20192	��	6,428			2,636
AMR Corp. 10.00% 2021		9,000			3,915
Florida East Coast Railway Corp. 8.125% 2017		9,450			9,686
CMA CGM 8.50% 20174		12,800			8,112
Sequa Corp., Term Loan B, 3.84% 20141,2,3		6,469			6,395
Odebrecht Finance Ltd 6.00% 20234		4,800			5,013
RSC Equipment Rental, Inc. and RSC Holdings III, LLC 9.50% 2014		2,960			3,056
RailAmerica, Inc. 9.25% 2017		1,193			1,263
					1,749,442
HEALTH CARE — 7.52%
Kinetic Concepts, Inc. 10.50% 20184		87,405			91,666
Kinetic Concepts, Inc. 12.50% 20194		60,750			57,712
PTS Acquisition Corp. 9.50% 20155		120,218			124,125
PTS Acquisition Corp. 9.75% 2017	€	16,085			21,560
VWR Funding, Inc., Series B, 10.25% 20155	$	138,533			144,075
Quintiles, Term Loan B, 5.00% 20181,2,3		110,079			110,469
Tenet Healthcare Corp. 7.375% 2013		51,295			52,834
Tenet Healthcare Corp. 9.25% 2015		48,935			54,563
inVentiv Health Inc. 10.00% 20184		64,370			58,577
inVentiv Health Inc. 10.00% 20184		39,135			35,417
HCA Inc. 6.375% 2015		23,880			25,313
HCA Inc., Term Loan B2, 3.72% 20171,2,3		7,015			6,898
HCA Inc. 6.50% 2020		5,000			5,262
HCA Inc. 7.875% 2020		5,050			5,574
HCA Holdings, Inc. 7.75% 2021		2,250			2,337
HCA Inc. 7.50% 2022		25,300			27,008
Alkermes, Inc., Term Loan B, 6.75% 20171,2,3		36,883			37,667
Alkermes, Inc., Term Loan B, 9.50% 20181,2,3		19,930			20,727
Symbion Inc. 8.00% 2016		58,510			58,218
Elan Finance PLC and Elan Finance Corp. 8.75% 2016		34,675			38,359
Elan Finance PLC and Elan Finance Corp. 8.75% 2016		17,885			19,785
Patheon Inc. 8.625% 20174		63,911			55,283
Bausch & Lomb Inc. 9.875% 2015		47,825			50,575
Surgical Care Affiliates, Inc. 8.875% 20151,4,5		28,684			29,114
Surgical Care Affiliates, Inc. 10.00% 20174		19,430			19,503
Merge Healthcare Inc 11.75% 2015		41,500			45,027
Grifols Inc. 8.25% 2018		37,875			41,189
Rotech Healthcare Inc. 10.50% 2018		61,845			41,127
Multiplan Inc. 9.875% 20184		34,215			37,123
Centene Corp. 5.75% 2017		26,935			27,979
Boston Scientific Corp. 6.00% 2020		12,086			13,890
ConvaTec Healthcare 10.50% 20184		9,765			10,083
Accellent Inc. 8.375% 2017		7,500			7,575
Endo Pharmaceuticals Holdings Inc. 7.00% 2019		1,960			2,102
Endo Pharmaceuticals Holdings Inc. 7.00% 2020		3,500			3,762
DJO Finance LLC 7.75% 2018		3,900			3,217
Health Management Associates, Inc. 6.125% 2016		3,000			3,154
Vanguard Health Systems Inc. 0% 2016		1,235			821
					1,389,670
INFORMATION TECHNOLOGY — 6.34%
First Data Corp. 9.875% 2015		16,639			16,722
First Data Corp. 9.875% 2015		4,794			4,842
First Data Corp. 10.55% 20155		28,662			29,235
First Data Corp. 11.25% 2016		81,540			74,201
First Data Corp., Term Loan D, 5.242% 20171,2,3		49,511			47,484
First Data Corp. 7.375% 20194		5,000			5,119
First Data Corp. 8.25% 20214		58,946			57,915
First Data Corp. 12.625% 2021		149,392			150,512
First Data Corp. 8.75% 20221,4,5		102,127			99,063
Freescale Semiconductor, Inc., Term Loan, 4.494% 20161,2,3		19,735			19,232
Freescale Semiconductor, Inc. 10.125% 2016		21,303			22,794
Freescale Semiconductor, Inc. 9.25% 20184		33,725			37,097
Freescale Semiconductor, Inc. 10.125% 20184		31,616			35,410
Freescale Semiconductor, Inc., Term Loan B, 6.00% 20191,2,3		46,000			45,958
Freescale Semiconductor, Inc. 8.05% 2020		3,000			3,030
NXP BV and NXP Funding LLC 3.322% 20131		337			338
NXP BV and NXP Funding LLC 3.995% 20131,2	€	1,418			1,877
NXP BV and NXP Funding LLC 10.00% 20137	$	77,049			85,524
NXP BV and NXP Funding LLC 9.75% 20184		54,000			61,290
SRA International, Inc., Term Loan B, 6.50% 20181,2,3		63,179			63,100
Sterling Merger Inc. 11.00% 20194		64,345			68,206
Blackboard Inc., Term Loan B, 7.50% 20181,2,3		82,718			82,446
SunGard Data Systems Inc. 10.625% 2015		6,250			6,582
SunGard Data Systems Inc. 7.375% 2018		17,700			18,895
SunGard Data Systems Inc. 7.625% 2020		23,484			25,187
Serena Software, Inc. 10.375% 2016		24,540			25,491
Hughes Satellite Systems Corp. 6.50% 2019		4,500			4,725
Hughes Satellite Systems Corp. 7.625% 2021		15,850			17,078
Jabil Circuit, Inc. 8.25% 2018		11,915			13,911
Jabil Circuit, Inc. 5.625% 2020		6,000		��	6,330
Advanced Micro Devices, Inc. 8.125% 2017		11,050			12,210
Advanced Micro Devices, Inc. 7.75% 2020		3,750			4,144
Ceridian Corp. 11.25% 2015		12,650			11,480
Lawson Software, Inc. 9.375% 20194		8,950			9,286
Sanmina-SCI Corp. 8.125% 2016		4,880			5,032
					1,171,746
MATERIALS — 5.48%
Reynolds Group 8.75% 20164	$	38,240		$	40,630
Reynolds Group 9.25% 20184		34,685			34,772
Reynolds Group 7.125% 20194		5,700			5,971
Reynolds Group 7.875% 20194		31,260			33,761
Reynolds Group 9.00% 20194		15,870			15,711
Reynolds Group 9.875% 20194		66,190			67,762
Reynolds Group 9.875% 20194		38,710			39,629
Georgia Gulf Corp. 9.00% 20174,10		92,490			103,126
ArcelorMittal 4.50% 2017		35,750			35,886
ArcelorMittal 5.50% 2021		21,242			20,878
ArcelorMittal 6.25% 2022		13,075			13,239
ArcelorMittal 6.75% 2041		23,320			21,864
Ball Corp. 7.125% 2016		15,285			16,737
Ball Corp. 6.75% 2020		2,555			2,810
Ball Corp. 5.75% 2021		16,830			17,966
Ball Corp. 5.00% 2022		31,240			31,357
Consolidated Minerals Ltd. 8.875% 20164		55,985			47,727
FMG Resources 7.00% 20154		16,475			16,887
FMG Resources 6.00% 20174		27,775			27,567
FMG Resources 6.875% 20184		3,000			3,015
Ardagh Packaging Finance 7.375% 2017	€	17,870			25,382
Ardagh Packaging Finance 7.375% 20174	$	7,775			8,378
Ardagh Packaging Finance 11.125% 20181,4,5		12,467			11,865
Ardagh Packaging Finance 9.125% 20204		1,115			1,201
MacDermid 9.50% 20174		44,766			46,669
JMC Steel Group Inc. 8.25% 20184		43,600			45,562
Smurfit Kappa Acquisition 7.75% 2019	€	11,610			16,801
Smurfit Capital Funding PLC 7.50% 2025	$	25,515			25,387
Newpage Corp. 11.375% 2014		56,550			38,171
Taminco Global Chemical Corp. 9.75% 20204		26,205			27,384
Packaging Dynamics Corp. 8.75% 20164		25,345			26,739
CEMEX Finance LLC 9.50% 20164		10,400			10,427
CEMEX Finance LLC 9.50% 2016		6,850			6,868
CEMEX SA 9.25% 20204		7,635			7,082
Graphic Packaging International, Inc. 9.50% 2017		11,715			13,062
Graphic Packaging International, Inc. 7.875% 2018		8,965			9,974
International Paper Co. 7.95% 2018		17,575			22,107
Sappi Papier Holding GmbH 6.625% 2018	€	835			1,069
Sappi Papier Holding GmbH 6.625% 20214	$	20,085			18,880
OMNOVA Solutions Inc. 7.875% 2018		20,545			19,775
Mirabela Nickel Ltd. 8.75% 20184		22,650			19,592
Mongolian Mining Corp. 8.875% 20174		8,700			8,651
Lyondell Chemical Co. 8.00% 2017		2,001			2,256
Braskem Finance Ltd. 5.75% 20214		2,100			2,209
					1,012,786
ENERGY — 5.43%
Petroplus Finance Ltd. 15.00% 20136		5,381			5,381
Petroplus Finance Ltd. 6.75% 20144		100,292			39,615
Petroplus Finance Ltd. 7.00% 20174		126,097			49,808
Petroplus Finance Ltd. 9.375% 20194,9		80,460			31,782
Transocean Inc. 5.05% 2016		11,400			12,219
Transocean Inc. 6.375% 2021		65,555			73,869
Transocean Inc. 7.35% 2041		5,960			7,051
Laredo Petroleum, Inc. 9.50% 2019		81,950			91,579
Arch Coal, Inc. 8.75% 2016		7,560			7,976
Arch Coal, Inc. 7.00% 20194		38,107			35,344
Arch Coal, Inc. 7.25% 2020		2,500			2,331
Arch Coal, Inc. 7.25% 20214		45,925			42,595
Peabody Energy Corp. 6.00% 20184		52,450			51,663
Peabody Energy Corp. 6.25% 20214		30,675			30,215
Petrobras International 5.75% 2020		20,410			22,705
Petrobras International 5.375% 2021		44,730			48,369
Petrobras International 6.875% 2040		4,130			4,880
Petrobras International Finance Co. 6.75% 2041		2,025			2,352
Alpha Natural Resources, Inc. 6.00% 2019		31,375			28,551
Alpha Natural Resources, Inc. 6.25% 2021		41,425			37,593
Energy Transfer Partners, LP 7.50% 2020		39,325			43,847
CONSOL Energy Inc. 8.00% 2017		24,690			25,863
CONSOL Energy Inc. 8.25% 2020		16,755			17,593
Dolphin Energy Ltd. 5.50% 20214		35,500			37,586
Reliance Holdings Ltd. 5.40% 20224		29,125			29,017
Reliance Holdings Ltd. 6.25% 20404		5,000			4,563
Gazprom OJSC 5.092% 20154		2,340			2,463
Gazprom OJSC 5.999% 20214		9,900			10,484
Gazprom OJSC, Series 9, 6.51% 2022		12,175			13,332
Gazprom OJSC 7.288% 20374		1,800			2,050
El Paso Pipeline Partners Operating Co., LLC 5.00% 2021		19,195			19,991
Teekay Corp. 8.50% 2020		19,135			19,948
QGOG Atlantic/Alaskan Rigs Ltd. 5.25% 20182,4		19,387			19,581
Pemex Project Funding Master Trust 5.75% 2018		5,850			6,611
Pemex Project Funding Master Trust, Series 13, 6.625% 2035		6,500			7,475
Pemex Project Funding Master Trust 6.50% 20414		2,245			2,537
Odebrecht Drilling Norbe VIII/IX Ltd 6.35% 20212,4		15,259			16,327
Overseas Shipholding Group, Inc. 8.125% 2018		20,725			15,751
Denbury Resources Inc. 9.75% 2016		7,400			8,159
Denbury Resources Inc. 8.25% 2020		6,088			6,834
TransCanada PipeLines Ltd., junior subordinated 6.35% 20671		13,295			13,754
Continental Resources Inc. 8.25% 2019		1,800			2,020
Continental Resources Inc. 7.375% 2020		700			780
Continental Resources Inc. 7.125% 2021		5,000			5,575
Concho Resources Inc. 8.625% 2017		3,300			3,630
Concho Resources Inc. 7.00% 2021		4,400			4,741
Enterprise Products Operating LLC 7.00% 20671		6,180			6,210
Regency Energy Partners LP and Regency Energy Finance Corp. 6.50% 2021		5,750			6,124
Forest Oil Corp. 8.50% 2014		1,500			1,612
Forest Oil Corp. 7.25% 2019		4,000			3,930
Afren PLC 10.25% 20194		5,000			5,269
Enbridge Energy Partners, LP, junior subordinated 8.05% 20771		3,500			3,806
Transportadora de Gas Internacional 5.70% 20224		3,600			3,690
Ras Laffan Liquefied Natural Gas II 5.298% 20202,4		2,820			3,031
Anadarko Petroleum Corp. 6.20% 2040		1,500			1,701
Phillips 66 5.875% 20424		925			948
General Maritime Corp. 12.00% 20179		19,450			554
					1,003,265
CONSUMER STAPLES — 3.48%
SUPERVALU INC. 7.50% 2012		3,860			3,889
Albertson’s, Inc. 7.25% 2013		4,990			5,240
SUPERVALU INC. 7.50% 2014		25,950			26,469
SUPERVALU INC. 8.00% 2016		81,860			86,158
Albertson’s, Inc. 7.45% 2029		2,684			2,067
Albertson’s, Inc. 8.00% 2031		26,420			20,145
Rite Aid Corp. 9.75% 2016		22,200			24,697
Rite Aid Corp. 10.375% 2016		15,250			16,317
Rite Aid Corp. 10.25% 2019		30,345			35,086
Rite Aid Corp. 8.00% 2020		34,650			40,064
Tops Holding Corp. and Tops Markets, LLC. 10.125% 2015		51,959			55,726
C&S Group Enterprises LLC 8.375% 20174		50,278			53,169
Stater Bros. Holdings Inc. 7.75% 2015		26,230			26,919
Stater Bros. Holdings Inc. 7.375% 2018		19,175			20,877
Ingles Markets, Inc. 8.875% 2017		38,775			42,168
Smithfield Foods, Inc., Series B, 7.75% 2013		2,776			2,929
Smithfield Foods, Inc. 10.00% 2014		12,799			15,039
Smithfield Foods, Inc. 7.75% 2017		9,350			10,612
BFF International Ltd. 7.25% 20204		23,950			27,099
Del Monte Corp. 7.625% 2019		25,175			25,175
Cott Beverages Inc. 8.375% 2017		8,700			9,450
Cott Beverages Inc. 8.125% 2018		13,325			14,491
Tyson Foods, Inc. 10.50% 2014		16,525			19,252
Spectrum Brands Inc. 9.50% 2018		12,175			13,788
Constellation Brands, Inc. 8.375% 2014		4,650			5,272
Constellation Brands, Inc. 7.25% 2017		6,500			7,394
Pilgrim’s Pride Corp. 7.875% 2018		10,000			10,025
CEDC Finance Corp. 9.125% 20164		11,500			8,797
Post Holdings, Inc. 7.375% 20224		7,500			7,875
TreeHouse Foods, Inc. 7.75% 2018		5,600			6,083
					642,272
UTILITIES — 2.78%
TXU, Term Loan, 3.743% 20141,2,3		9,397			5,757
TXU, Term Loan, 4.743% 20171,2,3		134,658			75,156
Texas Competitive Electric Holdings Co. LLC, 11.50% 20204		52,845			34,746
Edison Mission Energy 7.50% 2013		40,575			33,474
Edison Mission Energy 7.75% 2016		12,825			8,913
Midwest Generation, LLC, Series B, 8.56% 20162		27,207			25,983
Edison Mission Energy 7.00% 2017		13,995			8,887
Edison Mission Energy 7.20% 2019		38,950			24,344
Edison Mission Energy 7.625% 2027		17,830			10,653
Intergen Power 9.00% 20174		71,950			76,087
AES Corp. 7.75% 2015		5,575			6,244
AES Corp. 8.00% 2017		34,000			38,463
AES Corp. 8.00% 2020		16,300			18,786
AES Corp. 7.375% 20214		5,775			6,410
NRG Energy, Inc. 7.375% 2017		42,835			44,655
NRG Energy, Inc. 8.25% 2020		6,000			5,940
CMS Energy Corp. 8.75% 2019		21,125			25,863
CMS Energy Corp. 5.05% 2022		5,000			5,054
Nevada Power Co., General and Refunding Mortgage Notes, Series I, 6.50% 2012		525			526
NV Energy, Inc 6.25% 2020		22,150			24,141
Entergy Corp. 4.70% 2017		21,100			21,995
Abu Dhabi National Energy Co. PJSC (TAQA) 6.165% 20174		2,000			2,230
Abu Dhabi National Energy Co. PJSC (TAQA) 5.875% 20214		4,125			4,414
Enersis SA 7.375% 2014		5,000			5,448
					514,169
Total corporate bonds, notes & loans					15,368,054
BONDS & NOTES OF GOVERNMENTS & GOVERNMENT AGENCIES OUTSIDE THE U.S. — 3.53%
Brazil (Federal Republic of) Global 12.50% 2016	BRL13,350				8,864
Brazil (Federal Republic of) 10.00% 2017		35,620			19,006
Brazil (Federal Republic of) 6.00% 201711		25,015			14,871
Brazil (Federal Republic of) Global 8.00% 20182	$	2,727			3,261
Brazil (Federal Republic of) Global 4.875% 2021		3,100			3,525
Brazil (Federal Republic of) Global 10.25% 2028	BRL15,000				9,861
Brazil (Federal Republic of) Global 7.125% 2037	$	2,500			3,444
Brazil (Federal Republic of) 6.00% 204511	BRL20,863				13,107
United Mexican States Government, Series M, 7.50% 2012	MXN7,500				591
United Mexican States Government Global, Series A, 5.625% 2017	$	3,000			3,485
United Mexican States Government 4.00% 201911	MXN 23,402				2,093
United Mexican States Government, Series M, 6.50% 2021		320,000			25,636
United Mexican States Government Global, Series A, 3.625% 2022	$	1,900			1,948
United Mexican States Government Global, Series A, 6.75% 2034		6,105			7,875
United Mexican States Government, Series M30, 10.00% 2036	MXN109,500				10,994
United Mexican States Government 4.00% 204011		95,012			7,997
Turkey (Republic of) 4.00% 201511	TRY23,482				14,576
Turkey (Republic of) 10.00% 2015		15,100			8,659
Turkey (Republic of) 9.00% 2016		4,100			2,289
Turkey (Republic of) 7.50% 2017	$	9,700			11,228
Turkey (Republic of) 6.75% 2018		5,950			6,701
Turkey (Republic of) 10.50% 2020	TRY3,750				2,239
Turkey (Republic of) 5.625% 2021	$	4,000			4,194
Turkey (Republic of) 6.75% 2040		2,500			2,738
Polish Government, Series 0414, 5.75% 2014	PLN51,554				16,958
Polish Government, Series 1017, 5.25% 2017		2,050			668
Polish Government 6.375% 2019	$	3,535			4,127
Polish Government 5.125% 2021		14,225			15,263
Polish Government 5.00% 2022		8,000			8,472
Bahrain Government 5.50% 2020		39,889			39,690
Bahrain Government 5.50% 20204		2,087			2,077
Russian Federation 7.85% 2018	RUB160,000				5,718
Russian Federation 7.85% 2018		115,000			4,110
Russian Federation 5.00% 2020	$	8,100			8,674
Russian Federation 12.75% 2028		2,000			3,612
Russian Federation 7.50% 20302		15,536			18,663
Colombia (Republic of) Global 8.25% 2014		4,000			4,730
Colombia (Republic of) Global 12.00% 2015	COP19,150,000				13,489
Colombia (Republic of) Global 11.75% 2020	$	1,936			3,093
Colombia (Republic of) Global 7.75% 2021	COP 1,780,000				1,192
Colombia (Republic of) Global 9.85% 2027		12,085,000			9,560
Colombia (Republic of) Global 10.375% 2033	$	823			1,393
Colombia (Republic of) Global 7.375% 2037		4,139			5,836
Latvia (Republic of) 5.25% 20174		25,300			26,122
Latvia (Republic of) 5.25% 2021		10,000			10,189
Venezuela (Republic of) 10.75% 2013		6,000			6,285
Venezuela (Republic of) 8.50% 2014		1,250			1,259
Venezuela (Republic of) 5.75% 2016		3,000			2,677
Venezuela (Republic of) 7.65% 2025		8,455			6,426
Venezuela (Republic of) 9.25% 2027		13,595			12,059
Venezuela (Republic of) 9.25% 2028		2,390			1,996
Romanian Government 6.75% 20224		25,900			27,195
Uruguay (Republic of) 5.00% 201811	UYU190,753				11,318
Uruguay (Republic of) 4.25% 20272,11		171,072			9,834
Uruguay (Republic of) 4.375% 202811		104,493			6,026
Indonesia (Republic of) 10.375% 2014	$	1,800			2,106
Indonesia (Republic of) 6.875% 20174		1,000			1,184
Indonesia (Republic of) 6.875% 2018		8,000			9,580
Indonesia (Republic of) 6.875% 20184		3,725			4,461
Indonesia (Republic of) 4.875% 2021		5,600			6,097
Indonesia (Republic of) 6.625% 20374		2,500			3,100
Lithuania (Republic of) 6.625% 20224		22,825			25,364
Panama (Republic of) Global 7.125% 2026		585			784
Panama (Republic of) Global 8.875% 2027		6,500			9,994
Panama (Republic of) Global 6.70% 20362		6,440			8,501
Hungary (Republic of) 4.75% 2015		3,500			3,307
Hungarian Government, Series 17/B, 6.75% 2017	HUF1,012,000				4,226
Hungarian Government 6.25% 2020	$	5,800			5,320
Hungarian Government 6.375% 2021		700			644
Hungarian Government 7.625% 2041		4,500			4,095
Chilean Government 5.50% 2020	CLP1,790,000				3,847
Chilean Government 6.00% 2020		1,565,000			3,219
Chilean Government 3.25% 2021	$	5,075			5,176
Chilean Government 6.00% 2021	CLP2,550,000				5,248
South Korean Government 5.00% 2014	KRW11,325,000				10,339
South Korean Government 5.50% 2017		2,800,000			2,681
Dominican Republic 7.50% 20212,4	$	10,000			10,375
Dominican Republic 7.50% 20212		450			467
Argentina (Republic of) 0.098% 20121,2		16,240			2,004
Argentina (Republic of) GDP-Linked 2035		63,377			8,397
Croatian Government 6.75% 20194		5,705			5,735
Croatian Government 6.375% 20214		2,810			2,702
Philippines (Republic of) 6.25% 2036	PHP293,000				7,281
Province of Buenos Aires 10.875% 20212,4	$	6,500			4,875
Peru (Republic of) 7.125% 2019		2,945			3,759
Corporación Andina de Fomento 5.75% 2017		3,000			3,337
State of Qatar 5.25% 2020		3,000			3,322
Sri Lanka (Republic of) 6.25% 20214		3,300			3,301
					652,721
U.S. TREASURY BONDS & NOTES — 0.29%
U.S. Treasury 1.375% 2012		10,000			10,056
U.S. Treasury 1.375% 2013		21,500			21,718
U.S. Treasury 3.25% 201612		20,000			21,970
					53,744
MORTGAGE-BACKED OBLIGATIONS2 — 0.21%
American Tower Trust I, Series 2007-1A, Class E, 6.249% 20374		10,725			11,407
American Tower Trust I, Series 2007-1A, Class F, 6.639% 20374		27,010			27,659
					39,066
MUNICIPALS — 0.08%
State of New Jersey, Economic Development Authority, Energy Facility Revenue Bonds (ACR Energy Partners, LLC Project),
Series 2011-B, 12.00% 20304		12,385			13,360
State of Connecticut, Mohegan Tribe of Indians, Gaming Authority Priority Distribution Payment, Public Improvement Bonds,
Series 2003, 5.25% 2033		2,500			1,880
					15,240
Total bonds, notes & other debt instruments (cost: $15,789,544,000)					16,128,825
	Shares or
Convertible securities — 0.87%	principal amount
INFORMATION TECHNOLOGY — 0.53%
Linear Technology Corp., Series A, 3.00% convertible notes 2027	$	46,000,000			49,162
Liberty Media Corp. 3.50% convertible notes 2031	$	48,500,000			29,556
Suntech Power Holdings Co., Ltd. 3.00% convertible notes 2013	$	25,000,000			19,906
					98,624
CONSUMER DISCRETIONARY — 0.20%
Cooper-Standard Holdings Inc. 7.00% convertible preferred4,6,10		99,687		$	19,498
General Motors Co., Series B, 4.75% convertible preferred 2013		400,000			16,740
					36,238
ENERGY — 0.07%
Apache Corp., Series D, 6.00% convertible preferred 2013		230,000			12,774
UTILITIES — 0.04%
PPL Corp. 9.50% convertible preferred 2013, units		121,677			6,594
TELECOMMUNICATION SERVICES — 0.03%
Clearwire Corp. 8.25% convertible notes 20404	$	7,722,000			6,052
Total convertible securities (cost: $145,487,000)					160,282
Preferred securities — 0.52%	Shares
FINANCIALS — 0.52%
Ally Financial Inc., Series G, 7.00%4		34,250			28,536
Ally Financial Inc., Series 2, 8.125% preferred		650,000			15,049
Zions Bancorporation, Series C, 9.50% noncumulative depositary shares		500,000			13,035
Swire Pacific Ltd. 8.84% cumulative guaranteed perpetual capital securities4		450,000			12,305
First Republic Bank, Series A, noncumulative convertible preferred		400,000			10,153
Citigroup Inc. 6.95% preferred		228,000			5,700
Citigroup Inc. 7.875% preferred		150,150			4,124
HSBC Holdings PLC, Series 2, 8.00%		300,000			8,232
Total preferred securities (cost: $91,544,000)					97,134
Common stocks — 1.62%
FINANCIALS — 0.43%
Citigroup Inc.		998,169			36,483
American Tower Corp.		538,967			33,966
CIT Group Inc.13		124,904			5,151
Bank of America Corp.		390,000			3,732
					79,332
CONSUMER DISCRETIONARY — 0.41%
Cooper-Standard Holdings Inc.4,10,13		1,224,685			53,568
American Media, Inc.6,7,10,13		1,122,345			11,313
Ford Motor Co.		810,210			10,119
Adelphia Recovery Trust, Series Arahova6,13		1,773,964			42
Adelphia Recovery Trust, Series ACC-113		10,643,283			12
Five Star Travel Corp.6,7,13		83,780			23
					75,077
MATERIALS — 0.32%
Georgia Gulf Corp.10,13		1,723,408			60,112
INDUSTRIALS — 0.32%
Nortek, Inc.10,13		793,646			34,913
Delta Air Lines, Inc.13		2,373,769			23,524
United Continental Holdings, Inc.13		22,981			494
Atrium Corp.6,7,13		10,987			59
Quad/Graphics, Inc., Class A		2,328			32
ACF Industries Holding Corp.6,13		4,746			—
					59,022
TELECOMMUNICATION SERVICES — 0.14%
Frontier Communications Corp., Class B		6,000,000			25,020
ENERGY — 0.00%
Petroplus Holdings AG13		3,360,000			782
INFORMATION TECHNOLOGY — 0.00%
Remark Media, Inc.6,7,13		25,710			111
Total common stocks (cost: $250,348,000)					299,456
Warrants — 0.03%
CONSUMER DISCRETIONARY — 0.03%
Cooper-Standard Holdings Inc., warrants, expire 20174,6,10,13		195,965			4,164
Revel Holdings, Inc., warrants, expire 20216,7,13		16,916			2,030
Charter Communications, Inc., warrants, expire 201413		13,390			258
Total warrants (cost: $2,387,000)					6,452
	Principal amount
Short-term securities — 8.05%		(000	)
Fannie Mae 0.07%–0.19% due 5/1/2012–1/8/2013	$	457,775			457,434
U.S. Treasury Bills 0.048%–0.125% due 4/19–8/23/2012		265,200			265,143
Freddie Mac 0.07%–0.13% due 6/12–10/2/2012		250,500			250,394
Federal Home Loan Bank 0.07%–0.19% due 5/30–10/16/2012		92,100			92,068
Chariot Funding, LLC 0.20% due 6/26/20124		48,200			48,181
Jupiter Securitization Co., LLC 0.20% due 6/28/20124		15,000			14,992
Bank of New York Co., Inc. 0.10% due 4/25–4/30/20124		46,400			46,397
Walt Disney Co. 0.10% due 5/24–5/25/20124		45,600			45,590
Straight-A Funding LLC 0.19% due 4/17–4/18/20124		45,195			45,193
Coca-Cola Co. 0.09%–0.14% due 4/4–5/23/20124		42,500			42,497
NetJets Inc. 0.07% due 4/27/20124		36,000			35,998
Paccar Financial Corp. 0.12% due 4/20–4/24/2012		33,200			33,193
Private Export Funding Corp. 0.21% due 8/6/20124		30,000			29,948
Medtronic Inc. 0.10% due 5/8/20124		27,500			27,495
Johnson & Johnson 0.04% due 4/3/20124		17,000			17,000
PepsiCo Inc. 0.07% due 4/30/20124		16,300			16,299
Wal-Mart Stores, Inc. 0.07% due 4/20/20124		13,000			12,999
Procter & Gamble Co. 0.08% due 4/27/20124		7,000			6,999
Total short-term securities (cost: $1,487,891,000)					1,487,820
Total investment securities (cost: $17,767,201,000)					18,179,969
Other assets less liabilities					302,467
Net assets				$	18,482,436

1Coupon rate may change periodically.

2Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

3Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $1,922,003,000, which represented 10.40% of the net assets of the fund.

4Acquired in a transaction exempt from registration under Rule 144A or section 4(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 $5,964,918,000, which represented 32.27% of the net assets of the fund.

5Payment in kind; the issuer has the option of paying additional securities in lieu of cash.

6Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $190,431,000, which represented 1.03% of the net assets of the fund.

7Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below.

								Percent
	Acquisition	Cost			Value			of net
	date(s)		(000	)		(000	)	assets
NXP BV and NXP Funding LLC 10.00% 2013	7/17/2009	$	70,290		$	85,524			.46	%
Revel Entertainment 12.00% 2018	2/15/2011–3/15/2012		36,871			37,153			.20
Revel Holdings, Inc., warrants, expire 2021	2/15/2011		—			2,030			.01
Gray Television, Inc., Series D, 17.00% 2049	6/26/2008		15,730			16,518			.09
American Media, Inc.	11/17/2010		18,803			11,313			.07
Remark Media, Inc.	12/17/2007		791			111			.00
Five Star Travel Corp.	12/17/2007		21			23			.00
Atrium Corp.	4/30/2010		990			59			.00
Total restricted securities		$	143,496		$	152,731			.83	%

8Step bond; coupon rate will increase at a later date.

9Scheduled interest and/or principal payment was not received.

10Represents an affiliated company as defined under the Investment Company Act of 1940.

11Index-linked bond whose principal amount moves with a government price index.

12A portion of this security was pledged as collateral for losses on unsettled forward currency contracts with certain counterparties. The total value of pledged collateral was $604,000, which represented less than .01% of the net assets of the fund.

13Security did not produce income during the last 12 months.

Key to abbreviations and symbol
BRL = Brazilian reais	MXN = Mexican pesos
CLP = Chilean pesos	PHP = Philippine pesos
COP = Colombian pesos	PLN = Polish zloty
€ = Euros	RUB = Russian rubles
HUF = Hungarian forints	TRY = Turkish lira
KRW = South Korean won	UYU = Uruguayan pesos

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

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

MFGEFP-921-0512O-S29451

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

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

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

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

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

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

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

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

ITEM 11 – Controls and Procedures

(a)	The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.
(b)	There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12 – Exhibits

(a)(1)	Not applicable for filing of semi-annual reports to shareholders.
(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/ David C. Barclay

David C. Barclay, President and

Principal Executive Officer

Date: May 31, 2012

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/ David C. Barclay

David C. Barclay, President and

Principal Executive Officer

Date: May 31, 2012

By /s/ Karl C. Grauman

Karl C. Grauman, Treasurer and

Principal Financial Officer

Date: May 31, 2012