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, 55th Floor

Los Angeles, California 90071

(Address of Principal Executive Offices)

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

Date of fiscal year end: September 30

Date of reporting period: March 31, 2023

Becky L. Park

American High-Income Trust

6455 Irvine Center Drive

Los Angeles, California 90071

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

American High-Income Trust^®   Semi-annual report
for the six months ended
March 31, 2023

Pursue sustainable
income over time

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

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

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

Here are the average annual total returns on a $1,000 investment with all distributions reinvested for periods ended March 31, 2023:

	1 year			5 years			10 years
Class F-2 shares		–2.92	%		3.87	%		3.87	%
Class A shares (reflecting 3.75% maximum sales charge)		–6.82			2.79			3.21

For other share class results, refer to capitalgroup.com and americanfundsretirement.com.

The total annual fund operating expense ratios were 0.40% for Class F-2 shares and 0.69% for Class A shares as of the prospectus dated December 1, 2022.

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

The fund’s 30-day yield as of March 31, 2023, calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula, was 7.54% for Class F-2 shares and 6.98% for Class A shares. The fund’s 12-month distribution rate as of that date was 6.03% for Class F-2 shares and 5.53% for Class A shares. Class A shares reflect the 3.75% maximum sales charge. The SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities while the distribution rate reflects the fund’s past dividends paid to shareholders. Accordingly, the fund’s SEC yield and distribution rate may differ.

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

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

Fellow investors:

Results for American High-Income Trust for the periods ended March 31, 2023, are shown in the table below, as well as results of the fund’s benchmark and peer group indexes.

For additional information about the fund, its investment results, holdings and portfolio managers, refer to capitalgroup.com/individual/investments/fund/ahifx. You can also access information about Capital Group’s American Funds and read our insights about the markets, retirement, saving for college, investing fundamentals and more at capitalgroup.com.

Contents

1	Results at a glance
2	Investment portfolio
21	Financial statements
25	Notes to financial statements
38	Financial highlights

Results at a glance

For periods ended March 31, 2023, with all distributions reinvested

	Cumulative total returns						Average annual total returns
	6 months			1 year			5 years			10 years			Lifetime (since Class A inception on 2/19/88)
American High-Income Trust (Class F-2 shares)1		7.03	%		–2.92	%		3.87	%		3.87	%		7.43	%
American High-Income Trust (Class A shares)		6.87			–3.20			3.58			3.61			7.19
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index2		7.88			–3.35			3.19			4.09			7.55
Lipper High Yield Funds Average3		7.28			–3.85			2.58			3.27			6.73

There may have been periods when the results lagged the index(es). The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. Past results are not predictive of results in future periods.

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

American High-Income Trust 1

Investment portfolio March 31, 2023	unaudited
Portfolio by type of security	Percent of net assets

Bonds, notes & other debt instruments 88.60%	Principal amount (000)		Value (000)
Corporate bonds, notes & loans 88.52%
Energy 15.27%
Aethon United BR, LP / Aethon United Finance Corp. 8.25% 2/15/20261	USD	6,600	$	6,483
Antero Midstream Partners, LP 5.375% 6/15/20291		10,095		9,513
Antero Resources Corp. 7.625% 2/1/20291		4,356		4,458
Antero Resources Corp. 5.375% 3/1/20301		5,950		5,542
Apache Corp. 4.625% 11/15/2025		5,540		5,349
Apache Corp. 6.00% 1/15/2037		2,910		2,710
Apache Corp. 5.10% 9/1/2040		17,300		14,688
Apache Corp. 4.75% 4/15/2043		5,725		4,306
Apache Corp. 4.25% 1/15/2044		270		198
Apache Corp. 5.35% 7/1/2049		4,520		3,500
Ascent Resources - Utica, LLC, Term Loan, (3-month USD-LIBOR + 9.00%) 10.00% 11/1/20251,2,3		4,446		4,721
Ascent Resources Utica Holdings, LLC 7.00% 11/1/20261		38,410		37,165
Ascent Resources Utica Holdings, LLC 9.00% 11/1/20271		4,380		5,330
Ascent Resources Utica Holdings, LLC 8.25% 12/31/20281		4,042		3,914
Ascent Resources Utica Holdings, LLC 5.875% 6/30/20291		21,835		19,291
BIP-V Chinook Holdco, LLC 5.50% 6/15/20311		33,080		29,773
Blue Racer Midstream, LLC 7.625% 12/15/20251		9,754		9,665
Bonanza Creek Energy, Inc. 5.00% 10/15/20261		17,860		16,811
California Resources Corp. 7.125% 2/1/20261		6,275		6,358
Callon Petroleum Co. 7.50% 6/15/20301		29,225		27,500
Cenovus Energy, Inc. 5.375% 7/15/2025		204		205
Cenovus Energy, Inc. 4.25% 4/15/2027		390		379
Cenovus Energy, Inc. 5.25% 6/15/2037		400		378
Cenovus Energy, Inc. 5.40% 6/15/2047		390		363
Centennial Resource Production, LLC 6.875% 4/1/20271		6,752		6,614
Cheniere Energy Partners, LP 4.50% 10/1/2029		19,427		18,066
Cheniere Energy Partners, LP 4.00% 3/1/2031		8,180		7,288
Cheniere Energy Partners, LP 3.25% 1/31/2032		12,185		10,078
Cheniere Energy, Inc. 4.625% 10/15/2028		64,554		61,419
Chesapeake Energy Corp. 4.875% 4/15/20224		28,871		505
Chesapeake Energy Corp. 5.75% 9/15/20234		1,730		30
Chesapeake Energy Corp. 5.50% 2/1/20261		20,225		19,923
Chesapeake Energy Corp. 5.875% 2/1/20291		37,920		36,141
Chesapeake Energy Corp. 6.75% 4/15/20291		14,610		14,518
CNX Midstream Partners, LP 4.75% 4/15/20301		5,745		4,948
CNX Resources Corp. 7.25% 3/14/20271		23,882		23,789
CNX Resources Corp. 6.00% 1/15/20291		33,223		31,103
CNX Resources Corp. 7.375% 1/15/20311		20,279		19,998
Colgate Energy Partners III, LLC 5.875% 7/1/20291		1,375		1,304
Comstock Resources, Inc. 6.75% 3/1/20291		19,495		17,856
Comstock Resources, Inc. 5.875% 1/15/20301		25,605		22,022
Constellation Oil Services Holding SA 13.50% 6/30/20251,5		5,794		5,794
Constellation Oil Services Holding SA 4.00% PIK 12/31/20266		46,589		27,575
Continental Resources, Inc. 5.75% 1/15/20311		7,250		6,972

2 American High-Income Trust

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Crescent Energy Finance, LLC 9.25% 2/15/20281	USD	38,527	$	36,976
Crestwood Midstream Partners, LP 5.625% 5/1/20271		5,000		4,823
Crestwood Midstream Partners, LP 6.00% 2/1/20291		11,325		10,796
Crestwood Midstream Partners, LP 8.00% 4/1/20291		33,755		34,460
Crestwood Midstream Partners, LP 7.375% 2/1/20311		13,462		13,475
Devon Energy Corp. 5.875% 6/15/2028		2,830		2,884
Devon Energy Corp. 4.50% 1/15/2030		10,040		9,598
Diamond Foreign Asset Co. 9.00% Cash 4/22/20271,3,6		2,584		2,494
Diamond Foreign Asset Co. 9.00% Cash 4/22/20276		2,337		2,255
DT Midstream, Inc. 4.125% 6/15/20291		28,835		25,313
DT Midstream, Inc. 4.375% 6/15/20311		16,380		14,293
Encino Acquisition Partners Holdings, LLC 8.50% 5/1/20281		4,914		4,304
Energean Israel Finance, Ltd. 4.50% 3/30/20241		8,305		8,144
Energean Israel Finance, Ltd. 4.875% 3/30/20261		20,000		18,575
Energean Israel Finance, Ltd. 5.875% 3/30/20311		1,580		1,388
Energean PLC 6.50% 4/30/20271		12,805		11,763
EQM Midstream Partners, LP 6.00% 7/1/20251		4,000		3,959
EQM Midstream Partners, LP 4.125% 12/1/2026		4,911		4,466
EQM Midstream Partners, LP 7.50% 6/1/20271		8,031		8,071
EQM Midstream Partners, LP 6.50% 7/1/20271		42,825		41,554
EQM Midstream Partners, LP 5.50% 7/15/2028		17,346		15,777
EQM Midstream Partners, LP 4.50% 1/15/20291		21,410		18,226
EQM Midstream Partners, LP 7.50% 6/1/20301		21,425		20,781
EQM Midstream Partners, LP 4.75% 1/15/20311		33,208		27,609
EQM Midstream Partners, LP 6.50% 7/15/2048		19,603		15,170
EQT Corp. 5.00% 1/15/2029		5,715		5,426
EQT Corp. 7.25% 2/1/20307		5,395		5,652
EQT Corp. 3.625% 5/15/20311		9,080		7,879
Genesis Energy, LP 6.50% 10/1/2025		32,102		31,125
Genesis Energy, LP 6.25% 5/15/2026		6,115		5,843
Genesis Energy, LP 8.00% 1/15/2027		57,399		56,814
Genesis Energy, LP 7.75% 2/1/2028		7,180		6,970
Genesis Energy, LP 8.875% 4/15/2030		20,378		20,651
Harbour Energy PLC 5.50% 10/15/20261		32,030		28,068
Harvest Midstream I, LP 7.50% 9/1/20281		36,075		36,022
Hess Midstream Operations, LP 4.25% 2/15/20301		28,875		25,823
Hess Midstream Operations, LP 5.50% 10/15/20301		12,720		11,847
Hess Midstream Partners, LP 5.125% 6/15/20281		16,888		16,050
Hilcorp Energy I, LP 6.25% 11/1/20281		3,515		3,340
Hilcorp Energy I, LP 5.75% 2/1/20291		19,025		17,537
Hilcorp Energy I, LP 6.00% 4/15/20301		18,338		16,933
Hilcorp Energy I, LP 6.00% 2/1/20311		13,382		12,372
Hilcorp Energy I, LP 6.25% 4/15/20321		16,545		15,323
Holly Energy Partners, LP / Holly Energy Finance Corp. 6.375% 4/15/20271		4,305		4,262
Howard Midstream Energy Partners, LLC 6.75% 1/15/20271		2,310		2,181
Independence Energy Finance, LLC 7.25% 5/1/20261		8,650		8,139
Murphy Oil Corp. 5.75% 8/15/2025		2,768		2,744
Murphy Oil Corp. 5.625% 5/1/2027		6,700		6,493
Murphy Oil Corp. 6.375% 7/15/2028		8,000		7,890
Murphy Oil USA, Inc. 4.75% 9/15/2029		16,330		14,896
Murphy Oil USA, Inc. 3.75% 2/15/20311		27,230		22,969
Nabors Industries, Inc. 7.375% 5/15/20271		30,625		30,022
Nabors Industries, Ltd. 7.25% 1/15/20261		6,500		6,206
Neptune Energy Group Holdings, Ltd. 6.625% 5/15/20251		21,325		20,693
New Fortress Energy, Inc. 6.75% 9/15/20251		30,685		29,567
New Fortress Energy, Inc. 6.50% 9/30/20261		85,393		78,640
NGL Energy Operating, LLC 7.50% 2/1/20261		173,599		167,659
NGL Energy Partners, LP 6.125% 3/1/2025		41,177		37,005
NGL Energy Partners, LP 7.50% 4/15/2026		14,050		12,166
NGPL PipeCo, LLC 4.875% 8/15/20271		1,010		980
Northern Oil and Gas, Inc. 8.125% 3/1/20281		37,565		37,296
NorthRiver Midstream Finance, LP 5.625% 2/15/20261		10,800		10,148
NuStar Logistics, LP 6.00% 6/1/2026		6,129		6,015
Oasis Petroleum, Inc. 6.375% 6/1/20261		19,756		19,592
Occidental Petroleum Corp. 2.90% 8/15/2024		10,480		10,187
Occidental Petroleum Corp. 5.875% 9/1/2025		12,395		12,503
Occidental Petroleum Corp. 3.00% 2/15/2027		500		458

American High-Income Trust 3

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Occidental Petroleum Corp. 6.375% 9/1/2028	USD	4,575	$	4,742
Occidental Petroleum Corp. 8.875% 7/15/2030		12,675		14,755
Occidental Petroleum Corp. 6.625% 9/1/2030		20,235		21,329
Occidental Petroleum Corp. 6.125% 1/1/2031		11,610		12,057
Occidental Petroleum Corp. 6.45% 9/15/2036		5,090		5,357
Occidental Petroleum Corp. 6.20% 3/15/2040		3,495		3,519
Occidental Petroleum Corp. 6.60% 3/15/2046		7,290		7,673
Occidental Petroleum Corp. 4.20% 3/15/2048		2,543		1,975
Parkland Corp. 4.625% 5/1/20301		15,355		13,673
Patterson-UTI Energy, Inc. 5.15% 11/15/2029		1,595		1,471
PDC Energy, Inc. 5.75% 5/15/2026		12,000		11,698
Petrobras Global Finance Co. 6.75% 6/3/2050		5,701		5,040
Petrobras Global Finance Co. 5.50% 6/10/2051		3,999		3,108
Petróleos Mexicanos 4.875% 1/18/2024		4,467		4,410
Petróleos Mexicanos 6.875% 10/16/2025		6,200		6,139
Petróleos Mexicanos 6.875% 8/4/2026		5,000		4,751
Petróleos Mexicanos 8.75% 6/2/2029		14,137		13,161
Petrorio Luxembourg SARL 6.125% 6/9/20261		6,800		6,392
Range Resources Corp. 4.875% 5/15/2025		5,803		5,696
Range Resources Corp. 8.25% 1/15/2029		17,375		18,330
Range Resources Corp. 4.75% 2/15/20301		24,510		22,374
Rockies Express Pipeline, LLC 4.95% 7/15/20291		11,193		9,986
Sabine Pass Liquefaction, LLC 4.50% 5/15/2030		4,219		4,072
Sanchez Energy Corp. 7.25% 2/15/20241,4		22,796		199
SM Energy Co. 5.625% 6/1/2025		5,270		5,116
SM Energy Co. 6.50% 7/15/2028		2,910		2,780
Southwestern Energy Co. 5.70% 1/23/20257		5,630		5,638
Southwestern Energy Co. 8.375% 9/15/2028		8,875		9,339
Southwestern Energy Co. 5.375% 2/1/2029		6,470		6,105
Southwestern Energy Co. 5.375% 3/15/2030		46,000		43,301
Southwestern Energy Co. 4.75% 2/1/2032		24,695		21,842
Suburban Propane Partners, LP / Suburban Energy Finance Corp. 5.00% 6/1/20311		4,610		4,034
Sunoco, LP 6.00% 4/15/2027		12,591		12,446
Sunoco, LP 5.875% 3/15/2028		4,885		4,696
Sunoco, LP 4.50% 5/15/2029		38,080		35,002
Sunoco, LP 4.50% 4/30/2030		31,235		28,283
Superior Plus, LP and Superior General Partner, Inc. 4.50% 3/15/20291		7,994		7,147
Tallgrass Energy Partners, LP 7.50% 10/1/20251		2,535		2,536
Targa Resources Partners, LP 6.50% 7/15/2027		4,322		4,410
Targa Resources Partners, LP 6.875% 1/15/2029		18,530		18,904
Targa Resources Partners, LP 5.50% 3/1/2030		16,729		16,365
Targa Resources Partners, LP 4.875% 2/1/2031		13,835		12,960
Transocean Poseidon, Ltd. 6.875% 2/1/20271		6,216		6,099
Transocean Titan Financing, Ltd. 8.375% 2/1/20281		24,931		25,679
Transocean, Inc. 7.25% 11/1/20251		8,700		8,232
Transocean, Inc. 11.50% 1/30/20271		5,405		5,587
Transocean, Inc. 8.75% 2/15/20301		16,384		16,726
Transocean, Inc. 6.80% 3/15/2038		10,600		7,352
USA Compression Partners, LP 6.875% 4/1/2026		15,811		15,383
USA Compression Partners, LP 6.875% 9/1/2027		2,403		2,299
Venture Global Calcasieu Pass, LLC 6.25% 1/15/20301		11,517		11,615
Venture Global Calcasieu Pass, LLC 4.125% 8/15/20311		54,765		48,171
Venture Global Calcasieu Pass, LLC 3.875% 11/1/20331		21,525		18,106
W&T Offshore, Inc. 11.75% 2/1/20261		7,100		6,964
Weatherford International, Ltd. 11.00% 12/1/20241		3,050		3,133
Weatherford International, Ltd. 6.50% 9/15/20281		42,845		42,959
Weatherford International, Ltd. 8.625% 4/30/20301		75,551		77,361
Western Gas Partners, LP 3.95% 6/1/2025		1,280		1,226
Western Gas Partners, LP 4.50% 3/1/2028		15,688		14,856
Western Midstream Operating, LP 3.35% 2/1/20257		14,110		13,488
Western Midstream Operating, LP 4.75% 8/15/2028		2,830		2,696
Western Midstream Operating, LP 4.30% 2/1/20307		9,650		8,794
Western Midstream Operating, LP 6.15% 4/1/2033		14,175		14,385
Western Midstream Operating, LP 5.50% 2/1/20507		24,725		21,016
				2,599,021

4 American High-Income Trust

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary 12.25%
Adient Global Holdings, Ltd. 4.875% 8/15/20261	USD	9,660	$	9,320
Affinity Interactive 6.875% 12/15/20271		13,245		11,827
Allied Universal Holdco, LLC 6.625% 7/15/20261		8,658		8,329
Allied Universal Holdco, LLC 9.75% 7/15/20271		17,402		15,527
Allied Universal Holdco, LLC 4.625% 6/1/20281		14,520		12,301
Allied Universal Holdco, LLC 6.00% 6/1/20291		55,202		41,269
Asbury Automotive Group, Inc. 4.50% 3/1/2028		5,000		4,557
Asbury Automotive Group, Inc. 4.625% 11/15/20291		30,700		27,518
Asbury Automotive Group, Inc. 5.00% 2/15/20321		27,590		24,207
Atlas LuxCo 4 SARL 4.625% 6/1/20281		7,925		6,661
AutoNation, Inc. 2.40% 8/1/2031		12,000		9,251
Bath & Body Works, Inc. 6.625% 10/1/20301		7,375		7,196
Bath & Body Works, Inc. 6.875% 11/1/2035		18,693		16,868
Bath & Body Works, Inc. 6.75% 7/1/2036		13,030		11,659
Beazer Homes USA, Inc. 5.875% 10/15/2027		10,802		9,855
Boyd Gaming Corp. 4.75% 12/1/2027		8,389		8,053
Boyd Gaming Corp. 4.75% 6/15/20311		6,835		6,214
Boyne USA, Inc. 4.75% 5/15/20291		12,285		10,982
Caesars Entertainment, Inc. 6.25% 7/1/20251		15,390		15,405
Caesars Entertainment, Inc. 8.125% 7/1/20271		14,425		14,726
Caesars Entertainment, Inc. 4.625% 10/15/20291		28,148		24,645
Caesars Entertainment, Inc. 7.00% 2/15/20301		38,790		39,504
Caesars Entertainment, Inc., Term Loan B, (USD-SOFR + 3.25%) 7.00% 2/1/20291,2,3		9,479		9,445
Caesars Resort Collection, LLC 5.75% 7/1/20251		6,965		6,973
Carnival Corp. 10.50% 2/1/20261		27,520		28,699
Carnival Corp. 7.625% 3/1/20261		450		411
Carnival Corp. 4.00% 8/1/20281		55,985		48,252
Carnival Corp. 6.00% 5/1/20291		7,825		6,230
Carnival Corp. 10.50% 6/1/20301		2,000		1,922
CDI Escrow Issuer, Inc. 5.75% 4/1/20301		12,370		11,959
CEC Entertainment, Inc. 6.75% 5/1/20261		6,500		6,181
Dana, Inc. 4.25% 9/1/2030		2,150		1,726
Dana, Inc. 4.50% 2/15/2032		8,510		6,726
Empire Resorts, Inc. 7.75% 11/1/20261		11,045		9,151
Everi Holdings, Inc. 5.00% 7/15/20291		3,000		2,673
Fertitta Entertainment, Inc. 4.625% 1/15/20291		28,070		24,669
Fertitta Entertainment, Inc. 6.75% 1/15/20301		91,165		75,086
First Student Bidco, Inc. 4.00% 7/31/20291		21,615		18,828
Ford Motor Co. 2.30% 2/10/2025		6,625		6,149
Ford Motor Co. 6.10% 8/19/2032		13,685		13,281
Ford Motor Credit Company, LLC 3.81% 1/9/2024		3,398		3,362
Ford Motor Credit Company, LLC 5.584% 3/18/2024		934		926
Ford Motor Credit Company, LLC 3.664% 9/8/2024		1,438		1,382
Ford Motor Credit Company, LLC 5.125% 6/16/2025		44,310		43,435
Ford Motor Credit Company, LLC 3.375% 11/13/2025		11,000		10,325
Ford Motor Credit Company, LLC 4.542% 8/1/2026		21,795		20,694
Ford Motor Credit Company, LLC 2.70% 8/10/2026		9,330		8,315
Ford Motor Credit Company, LLC 4.271% 1/9/2027		4,575		4,266
Ford Motor Credit Company, LLC 4.95% 5/28/2027		7,420		7,088
Ford Motor Credit Company, LLC 4.125% 8/17/2027		13,940		12,791
Ford Motor Credit Company, LLC 3.815% 11/2/2027		16,990		15,251
Ford Motor Credit Company, LLC 2.90% 2/16/2028		5,850		5,037
Ford Motor Credit Company, LLC 5.113% 5/3/2029		2,845		2,675
Ford Motor Credit Company, LLC 4.00% 11/13/2030		11,468		9,760
Group 1 Automotive, Inc. 4.00% 8/15/20281		7,380		6,507
Hanesbrands, Inc. 4.875% 5/15/20261		21,712		20,599
Hanesbrands, Inc. 9.00% 2/15/20311		26,254		26,903
Hanesbrands, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.75%) 8.557% 3/8/20302,3		12,418		12,387
Hilton Grand Vacations Borrower 5.00% 6/1/20291		12,490		11,107
Hilton Worldwide Holdings, Inc. 3.75% 5/1/20291		4,250		3,808
Hilton Worldwide Holdings, Inc. 4.875% 1/15/2030		8,287		7,946
Hilton Worldwide Holdings, Inc. 4.00% 5/1/20311		20,465		17,940
International Game Technology PLC 6.50% 2/15/20251		12,403		12,545
International Game Technology PLC 4.125% 4/15/20261		18,730		18,096
International Game Technology PLC 5.25% 1/15/20291		53,932		51,694
Jacobs Entertainment, Inc. 6.75% 2/15/20291		18,230		15,944

American High-Income Trust 5

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Jacobs Entertainment, Inc. 6.75% 2/15/20291	USD	10,230	$	8,947
KB Home 6.875% 6/15/2027		6,170		6,275
KB Home 7.25% 7/15/2030		6,770		6,875
Kontoor Brands, Inc. 4.125% 11/15/20291		6,770		5,819
LCM Investments Holdings II, LLC 4.875% 5/1/20291		77,320		64,774
Levi Strauss & Co. 3.50% 3/1/20311		16,150		13,786
Lindblad Expeditions, LLC 6.75% 2/15/20271		4,075		3,950
Lithia Motors, Inc. 4.625% 12/15/20271		7,250		6,752
Lithia Motors, Inc. 3.875% 6/1/20291		27,860		24,134
Lithia Motors, Inc. 4.375% 1/15/20311		16,400		14,148
LSF9 Atlantis Holdings, LLC / Victra Finance Corp. 7.75% 2/15/20261		6,655		6,052
M.D.C. Holdings, Inc. 6.00% 1/15/2043		11,252		9,793
Macy’s Retail Holdings, LLC 6.125% 3/15/20321		1,230		1,084
Marriott International, Inc. 4.90% 4/15/2029		3,407		3,379
Marriott International, Inc. 3.50% 10/15/2032		9,400		8,248
Marriott International, Inc. 2.75% 10/15/2033		8,500		6,888
Marriott Ownership Resorts, Inc. 4.75% 1/15/2028		2,500		2,237
Marriott Ownership Resorts, Inc. 4.50% 6/15/20291		23,410		19,953
Melco International Development, Ltd. 4.875% 6/6/20251		16,485		15,521
Melco International Development, Ltd. 5.75% 7/21/20281		8,910		7,716
Merlin Entertainment 5.75% 6/15/20261		10,798		10,254
MGM Resorts International 5.50% 4/15/2027		5,707		5,543
Mohegan Gaming & Entertainment 8.00% 2/1/20261		620		568
Motel 6 Operating, LP, Term Loan B, (1-month USD-LIBOR + 5.00%) 9.719% 9/9/20262,3		8,825		8,781
NCL Corp., Ltd. 3.625% 12/15/20241		6,450		6,006
NCL Corp., Ltd. 5.875% 3/15/20261		8,100		6,902
NCL Corp., Ltd. 5.875% 2/15/20271		29,965		27,977
NCL Corp., Ltd. 7.75% 2/15/20291		7,115		6,108
Neiman Marcus Group, LLC 7.125% 4/1/20261		35,980		33,813
Panther BF Aggregator 2, LP 6.25% 5/15/20261		3,667		3,662
Panther BF Aggregator 2, LP 8.50% 5/15/20271		4,155		4,178
Party City Holdings, Inc. 6.125% 8/15/20231,4		9,100		68
Party City Holdings, Inc. (6-month USD-LIBOR + 5.00%) 10.13% 7/15/20251,3,4		4,705		659
Party City Holdings, Inc. 8.75% 2/15/20261,4		151,988		22,988
Party City Holdings, Inc. 6.625% 8/1/20261,4		5,000		50
Party City Holdings, Inc., Term Loan DIP, 14.55% 6/18/20232,3		27,180		28,132
Penske Automotive Group, Inc. 3.75% 6/15/2029		13,325		11,522
PetSmart, Inc. 4.75% 2/15/20281		17,050		16,021
PetSmart, Inc. 7.75% 2/15/20291		23,775		23,363
Premier Entertainment Sub, LLC 5.625% 9/1/20291		5,300		3,919
QVC, Inc. 4.85% 4/1/2024		18,375		14,723
Rakuten Group, Inc. 10.25% 11/30/20241		7,650		7,277
Raptor Acquisition Corp. 4.875% 11/1/20261		10,725		9,986
Real Hero Merger Sub 2, Inc. 6.25% 2/1/20291		2,335		1,729
Royal Caribbean Cruises, Ltd. 11.50% 6/1/20251		47,103		50,268
Royal Caribbean Cruises, Ltd. 4.25% 7/1/20261		36,740		33,015
Royal Caribbean Cruises, Ltd. 5.50% 8/31/20261		14,200		13,301
Royal Caribbean Cruises, Ltd. 5.375% 7/15/20271		28,035		25,004
Royal Caribbean Cruises, Ltd. 3.70% 3/15/2028		40,875		33,482
Royal Caribbean Cruises, Ltd. 5.50% 4/1/20281		31,350		27,713
Royal Caribbean Cruises, Ltd. 8.25% 1/15/20291		34,915		36,515
Royal Caribbean Cruises, Ltd. 9.25% 1/15/20291		19,925		21,190
Royal Caribbean Cruises, Ltd. 7.25% 1/15/20301		11,562		11,645
Sally Holdings, LLC 5.625% 12/1/2025		25,859		25,483
Sands China, Ltd. 5.625% 8/8/2025		6,522		6,362
Sands China, Ltd. 5.90% 8/8/2028		648		616
Sands China, Ltd. 4.875% 6/18/2030		2,000		1,774
Sands China, Ltd. 3.75% 8/8/20317		1,500		1,206
Scientific Games Corp. 8.625% 7/1/20251		25,415		26,043
Scientific Games Corp. 7.00% 5/15/20281		20,347		20,163
Scientific Games Corp. 7.25% 11/15/20291		19,650		19,706
Scientific Games Holdings, LP 6.625% 3/1/20301		22,515		19,918
Sonic Automotive, Inc. 4.625% 11/15/20291		28,980		24,311
Sonic Automotive, Inc. 4.875% 11/15/20311		45,779		36,960
Tempur Sealy International, Inc. 4.00% 4/15/20291		5,255		4,630
The Gap, Inc. 3.625% 10/1/20291		3,225		2,303
The Gap, Inc. 3.875% 10/1/20311		2,148		1,492

6 American High-Income Trust

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
The Home Co., Inc. 7.25% 10/15/20251	USD	7,735	$	7,164
Travel + Leisure Co. 6.00% 4/1/2027		4,000		3,972
Travel + Leisure Co. 4.50% 12/1/20291		18,625		16,174
Universal Entertainment Corp. 8.50% 12/11/20241		58,885		55,482
Vail Resorts, Inc. 6.25% 5/15/20251		4,090		4,103
VICI Properties, LP / VICI Note Co., Inc. 5.625% 5/1/20241		9,113		9,045
VICI Properties, LP / VICI Note Co., Inc. 3.75% 2/15/20271		243		225
WASH Multifamily Acquisition, Inc. 5.75% 4/15/20261		23,650		22,405
Wheel Pros, Inc., Term Loan, (3-month USD-LIBOR + 4.50%) 9.316% 5/11/20282,3		16,538		11,880
Wyndham Destinations, Inc. 6.625% 7/31/20261		8,975		9,019
Wyndham Destinations, Inc. 4.625% 3/1/20301		5,575		4,787
Wyndham Worldwide Corp. 4.375% 8/15/20281		19,510		17,992
Wynn Resorts Finance, LLC 5.125% 10/1/20291		9,225		8,390
Wynn Resorts Finance, LLC 7.125% 2/15/20311		5,546		5,631
Yahoo Holdings, Inc., Term Loan B, (1-month USD-LIBOR + 5.50%) 10.34% 9/1/20272,3		10,200		9,949
				2,084,896
Communication services 10.82%
Altice France Holding SA 10.50% 5/15/20271		19,485		14,924
Altice France Holding SA 5.125% 7/15/20291		33,804		25,470
Brightstar Escrow Corp. 9.75% 10/15/20251		2,720		2,475
Cablevision Systems Corp. 5.50% 4/15/20271		2,700		2,276
Cablevision Systems Corp. 5.375% 2/1/20281		3,775		3,096
CCO Holdings, LLC 5.125% 5/1/20271		9,878		9,347
CCO Holdings, LLC 5.00% 2/1/20281		16,374		15,125
CCO Holdings, LLC 6.375% 9/1/20291		4,400		4,206
CCO Holdings, LLC 4.75% 3/1/20301		60,731		52,684
CCO Holdings, LLC 4.50% 8/15/20301		65,679		55,573
CCO Holdings, LLC 4.25% 2/1/20311		40,930		33,515
CCO Holdings, LLC 4.75% 2/1/20321		37,601		31,627
CCO Holdings, LLC 4.50% 5/1/2032		35,527		29,093
CCO Holdings, LLC 4.50% 6/1/20331		27,049		21,809
CCO Holdings, LLC 4.25% 1/15/20341		41,875		32,796
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.50% 5/1/20261		2,094		2,039
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.375% 6/1/20291		7,126		6,551
CCO Holdings, LLC and CCO Holdings Capital Corp. 2.80% 4/1/2031		950		765
Centerfield Media Parent, Inc. 6.625% 8/1/20261		16,900		11,006
Clear Channel Worldwide Holdings, Inc. 7.75% 4/15/20281		11,000		8,260
Clear Channel Worldwide Holdings, Inc. 7.50% 6/1/20291		5,000		3,558
Cogent Communications Group, Inc. 3.50% 5/1/20261		8,445		7,883
Connect Finco SARL 6.75% 10/1/20261		14,525		13,667
Consolidated Communications, Inc. 5.00% 10/1/20281		14,350		9,762
CSC Holdings, LLC 6.50% 2/1/20291		10,000		8,314
CSC Holdings, LLC 3.375% 2/15/20311		12,700		8,797
Diamond Sports Group, LLC 5.375% 8/15/20261		9,835		553
Diamond Sports Group, LLC 6.625% 8/15/20271		18,432		253
DIRECTV Financing, LLC 5.875% 8/15/20271		48,235		43,733
DIRECTV Financing, LLC, Term Loan, (3-month USD-LIBOR + 5.00%) 9.84% 8/2/20272,3		29,964		28,911
DISH Network Corp. 11.75% 11/15/20271		117,385		113,987
Embarq Corp. 7.995% 6/1/2036		70,126		29,554
Epicor Software Corp., Term Loan, (3-month USD-LIBOR + 7.75%) 12.59% 7/31/20282,3		7,250		7,232
Frontier Communications Corp. 5.875% 10/15/20271		30,110		27,400
Frontier Communications Corp. 5.00% 5/1/20281		81,605		70,905
Frontier Communications Corp. 6.75% 5/1/20291		33,250		26,383
Frontier Communications Holdings, LLC 5.875% 11/1/2029		26,207		20,010
Frontier Communications Holdings, LLC 6.00% 1/15/20301		14,100		10,739
Frontier Communications Holdings, LLC 8.75% 5/15/20301		18,775		18,720
Gray Escrow II, Inc. 5.375% 11/15/20311		21,425		14,251
Gray Television, Inc. 5.875% 7/15/20261		20,065		17,377
Gray Television, Inc. 7.00% 5/15/20271		17,554		14,713
Gray Television, Inc. 4.75% 10/15/20301		6,210		4,130
iHeartCommunications, Inc. 6.375% 5/1/2026		236		208
iHeartCommunications, Inc. 8.375% 5/1/2027		427		311
iHeartCommunications, Inc. 5.25% 8/15/20271		30,323		24,818
iHeartCommunications, Inc. 4.75% 1/15/20281		5,000		3,955
Intelsat Jackson Holding Co. 6.50% 3/15/20301		35,007		32,179
Kantar Group, LLC, Term Loan B2, (3-month USD-LIBOR + 4.50%) 9.659% 12/4/20262,3		6,324		5,928

American High-Income Trust 7

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
Lamar Media Corp. 3.75% 2/15/2028	USD	2,567	$	2,377
Lamar Media Corp. 4.875% 1/15/2029		3,600		3,391
Lamar Media Corp. 3.625% 1/15/2031		10,950		9,427
Level 3 Financing, Inc. 3.75% 7/15/20291		11,500		6,146
Ligado Networks, LLC 15.50% PIK 11/1/20231,6		49,148		15,113
Live Nation Entertainment, Inc. 4.75% 10/15/20271		4,910		4,547
Live Nation Entertainment, Inc. 3.75% 1/15/20281		5,750		5,161
Midas OpCo Holdings, LLC 5.625% 8/15/20291		53,860		47,289
Netflix, Inc. 4.875% 4/15/2028		6,190		6,165
Netflix, Inc. 5.375% 11/15/20291		875		890
Netflix, Inc. 4.875% 6/15/20301		2,050		2,043
News Corp. 3.875% 5/15/20291		45,995		40,922
News Corp. 5.125% 2/15/20321		31,705		29,771
Nexstar Broadcasting, Inc. 4.75% 11/1/20281		65,616		58,434
Nexstar Escrow Corp. 5.625% 7/15/20271		11,995		11,097
OUTFRONT Media Capital, LLC 4.625% 3/15/20301		60		50
Scripps Escrow II, Inc. 3.875% 1/15/20291		14,018		11,017
Sinclair Television Group, Inc. 4.125% 12/1/20301		7,700		6,217
Sirius XM Radio, Inc. 3.125% 9/1/20261		43,930		39,671
Sirius XM Radio, Inc. 4.00% 7/15/20281		61,990		53,311
Sirius XM Radio, Inc. 4.125% 7/1/20301		18,625		15,247
Sirius XM Radio, Inc. 3.875% 9/1/20311		51,380		39,999
Sprint Corp. 7.625% 3/1/2026		9,450		10,002
Sprint Corp. 6.875% 11/15/2028		27,744		29,839
Sprint Corp. 8.75% 3/15/2032		30,459		37,116
TEGNA, Inc. 5.00% 9/15/2029		8,337		7,216
T-Mobile US, Inc. 2.625% 4/15/2026		1,350		1,261
T-Mobile US, Inc. 3.375% 4/15/2029		15,950		14,556
Univision Communications, Inc. 5.125% 2/15/20251		60,818		59,806
Univision Communications, Inc. 6.625% 6/1/20271		82,870		78,652
Univision Communications, Inc. 4.50% 5/1/20291		89,675		75,431
Univision Communications, Inc. 7.375% 6/30/20301		32,328		30,593
Univision Communications, Inc., Term Loan, (3-month USD CME Term SOFR + 4.25%) 9.148% 6/24/20292,3		1,237		1,231
UPC Broadband Finco BV 4.875% 7/15/20311		8,830		7,646
Virgin Media O2 4.25% 1/31/20311		44,720		38,101
Virgin Media Secured Finance PLC 4.50% 8/15/20301		14,955		12,879
VZ Secured Financing BV 5.00% 1/15/20321		21,075		17,216
Warner Music Group 3.75% 12/1/20291		32,463		28,794
Warner Music Group 3.875% 7/15/20301		12,507		10,994
Warner Music Group 3.00% 2/15/20311		4,050		3,390
WarnerMedia Holdings, Inc. 4.279% 3/15/20321		3,805		3,400
Ziggo Bond Co. BV 5.125% 2/28/20301		13,368		10,765
Ziggo Bond Finance BV 4.875% 1/15/20301		28,685		24,484
				1,842,525
Health care 9.91%
1375209 B.C., Ltd. 9.00% 1/30/20281		14,425		14,317
AdaptHealth, LLC 6.125% 8/1/20281		8,780		8,069
AdaptHealth, LLC 5.125% 3/1/20301		20,760		17,632
Avantor Funding, Inc. 4.625% 7/15/20281		41,175		39,051
Avantor Funding, Inc. 3.875% 11/1/20291		6,900		6,182
Bausch Health Americas, Inc. 9.25% 4/1/20261		35,840		26,626
Bausch Health Americas, Inc. 8.50% 1/31/20271		5,171		2,369
Bausch Health Companies, Inc. 9.00% 12/15/20251		34,021		27,122
Bausch Health Companies, Inc. 6.125% 2/1/20271		4,370		2,833
Bausch Health Companies, Inc. 5.75% 8/15/20271		16,063		10,021
Bausch Health Companies, Inc. 7.00% 1/15/20281		8,262		3,335
Bausch Health Companies, Inc. 5.00% 1/30/20281		18,310		6,981
Bausch Health Companies, Inc. 4.875% 6/1/20281		66,925		39,546
Bausch Health Companies, Inc. 5.00% 2/15/20291		95		37
Bausch Health Companies, Inc. 7.25% 5/30/20291		8,112		3,114
Bausch Health Companies, Inc. 5.25% 1/30/20301		33,642		12,595
Bausch Health Companies, Inc. 14.00% 10/15/20301		13,950		7,923
Bausch Health Companies, Inc. 5.25% 2/15/20311		78,304		30,343
Catalent Pharma Solutions, Inc. 5.00% 7/15/20271		5,859		5,727
Catalent Pharma Solutions, Inc. 3.125% 2/15/20291		2,975		2,618

8 American High-Income Trust

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Catalent Pharma Solutions, Inc. 3.50% 4/1/20301	USD	41,375	$	36,399
Centene Corp. 4.25% 12/15/2027		20,407		19,682
Centene Corp. 2.45% 7/15/2028		20,245		17,631
Centene Corp. 4.625% 12/15/2029		35,635		33,537
Centene Corp. 3.375% 2/15/2030		8,361		7,302
Centene Corp. 3.00% 10/15/2030		10,575		8,915
Centene Corp. 2.50% 3/1/2031		24,825		20,126
Centene Corp. 2.625% 8/1/2031		17,525		14,216
Charles River Laboratories International, Inc. 4.25% 5/1/20281		13,673		12,813
Charles River Laboratories International, Inc. 3.75% 3/15/20291		12,765		11,344
Charles River Laboratories International, Inc. 4.00% 3/15/20311		7,525		6,591
Community Health Systems, Inc. 8.00% 3/15/20261		11,500		11,126
Community Health Systems, Inc. 5.625% 3/15/20271		32,685		28,728
Community Health Systems, Inc. 6.00% 1/15/20291		9,622		8,149
Community Health Systems, Inc. 6.875% 4/15/20291		4,500		2,791
Community Health Systems, Inc. 5.25% 5/15/20301		26,635		20,918
Community Health Systems, Inc. 4.75% 2/15/20311		1,608		1,189
DaVita, Inc. 4.625% 6/1/20301		16,310		13,937
Encompass Health Corp. 4.50% 2/1/2028		7,054		6,582
Encompass Health Corp. 4.75% 2/1/2030		3,841		3,496
Endo DAC 6.00% 6/30/20281,4		45,278		3,509
Endo DAC / Endo Finance, LLC / Endo Finco 9.50% 7/31/20271,4		6,243		484
Endo International PLC 5.875% 10/15/20241		10,374		7,750
Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. 6.125% 4/1/20291		15,320		11,346
Grifols Escrow Issuer SA 4.75% 10/15/20281		12,075		9,914
HCA, Inc. 5.375% 2/1/2025		1,000		1,001
HCA, Inc. 5.875% 2/15/2026		2,902		2,947
HCA, Inc. 4.50% 2/15/2027		71		69
HCA, Inc. 5.625% 9/1/2028		22,625		22,906
HCA, Inc. 5.875% 2/1/2029		2,450		2,505
HCA, Inc. 3.50% 9/1/2030		24,300		21,660
HCA, Inc. 7.50% 11/15/2095		5,000		5,492
HealthEquity, Inc. 4.50% 10/1/20291		15,845		14,098
IMS Health Holdings, Inc. 5.00% 10/15/20261		24,059		23,543
Jazz Securities DAC 4.375% 1/15/20291		10,185		9,379
Mallinckrodt PLC 10.00% 4/15/20251		17,362		14,784
Medline Borrower, LP, Term Loan, (3-month USD-LIBOR + 3.25%) 8.09% 10/23/20282,3		7,062		6,894
Minerva Merger Sub, Inc. 6.50% 2/15/20301		13,000		10,553
Molina Healthcare, Inc. 4.375% 6/15/20281		25,955		24,169
Molina Healthcare, Inc. 3.875% 11/15/20301		55,775		48,715
Molina Healthcare, Inc. 3.875% 5/15/20321		45,350		38,153
Mozart Debt Merger Sub, Inc. 3.875% 4/1/20291		5,000		4,343
Mozart Debt Merger Sub, Inc. 5.25% 10/1/20291		36,430		31,642
Option Care Health, Inc. 4.375% 10/31/20291		6,115		5,407
Owens & Minor, Inc. 4.375% 12/15/2024		25,411		24,544
Owens & Minor, Inc. 4.50% 3/31/20291		30,970		24,198
Owens & Minor, Inc. 6.625% 4/1/20301		45,095		38,766
Par Pharmaceutical, Inc. 7.50% 4/1/20271		106,234		79,129
Radiology Partners, Inc. 9.25% 2/1/20281		38,699		21,435
Radiology Partners, Inc., Term Loan, (3-month USD-LIBOR + 4.25%) 8.885% 7/9/20252,3		1,815		1,472
RP Escrow Issuer, LLC 5.25% 12/15/20251		25,435		19,297
Select Medical Holdings Corp. 6.25% 8/15/20261		9,039		8,777
Surgery Center Holdings 10.00% 4/15/20271		4,742		4,840
Syneos Health, Inc. 3.625% 1/15/20291		5,780		4,757
Team Health Holdings, Inc. 6.375% 2/1/20251		6,359		3,835
Team Health Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 10.057% 3/2/20272,3		5,467		3,818
Tenet Healthcare Corp. 4.625% 7/15/2024		4,274		4,220
Tenet Healthcare Corp. 4.875% 1/1/2026		111,349		109,284
Tenet Healthcare Corp. 6.25% 2/1/2027		8,995		8,856
Tenet Healthcare Corp. 5.125% 11/1/2027		3,980		3,825
Tenet Healthcare Corp. 4.625% 6/15/2028		18,000		16,625
Tenet Healthcare Corp. 6.125% 10/1/2028		14,815		14,213
Tenet Healthcare Corp. 4.25% 6/1/2029		20,860		18,891
Tenet Healthcare Corp. 4.375% 1/15/2030		25,005		22,464
Tenet Healthcare Corp. 6.875% 11/15/2031		2,000		1,912
Teva Pharmaceutical Finance Co. BV 2.80% 7/21/2023		8,206		8,117

American High-Income Trust 9

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Teva Pharmaceutical Finance Co. BV 6.00% 4/15/2024	USD	46,824	$	46,875
Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026		65,186		59,057
Teva Pharmaceutical Finance Co. BV 4.75% 5/9/2027		24,040		22,470
Teva Pharmaceutical Finance Co. BV 6.75% 3/1/2028		24,371		24,403
Teva Pharmaceutical Finance Co. BV 5.125% 5/9/2029		110,110		99,848
Teva Pharmaceutical Finance Co. BV 7.875% 9/15/2029		15,340		16,069
Teva Pharmaceutical Finance Co. BV 8.125% 9/15/2031		21,537		22,634
Teva Pharmaceutical Finance Co. BV 4.10% 10/1/2046		16,337		10,901
Valeant Pharmaceuticals International, Inc. 5.50% 11/1/20251		83,325		68,602
				1,687,310
Materials 9.51%
Alcoa Nederland Holding BV 5.50% 12/15/20271		10,760		10,640
Alcoa Nederland Holding BV 4.125% 3/31/20291		6,250		5,570
Allegheny Technologies, Inc. 4.875% 10/1/2029		21,320		19,435
Allegheny Technologies, Inc. 5.125% 10/1/2031		22,140		20,180
ArcelorMittal 4.25% 7/16/2029		940		892
ArcelorMittal 7.00% 10/15/2039		10,104		10,636
ArcelorMittal 6.75% 3/1/2041		15,173		15,408
Ardagh Group SA 6.50% Cash 6/30/20271,6		8,809		6,749
Ardagh Metal Packaging Finance USA, LLC 6.00% 6/15/20271		1,500		1,489
Ardagh Metal Packaging Finance USA, LLC 3.25% 9/1/20281		5,000		4,309
Ardagh Metal Packaging Finance USA, LLC 4.00% 9/1/20291		16,970		13,295
Ardagh Packaging Finance PLC 5.25% 4/30/20251		570		562
Ardagh Packaging Finance PLC 4.125% 8/15/20261		11,435		10,679
Ardagh Packaging Finance PLC 5.25% 8/15/20271		10,000		7,894
Avient Corp. 7.125% 8/1/20301		6,750		6,968
Axalta Coating Systems, LLC 4.75% 6/15/20271		6,495		6,179
Ball Corp. 6.875% 3/15/2028		21,175		21,938
Ball Corp. 2.875% 8/15/2030		3,250		2,710
Ball Corp. 3.125% 9/15/2031		26,280		21,772
Braskem Idesa SAPI 6.99% 2/20/20321		1,370		1,035
CAN-PACK SA 3.875% 11/15/20291		26,795		21,725
Cleveland-Cliffs, Inc. 6.75% 3/15/20261		9,823		10,010
Cleveland-Cliffs, Inc. 7.00% 3/15/2027		3,853		3,776
Cleveland-Cliffs, Inc. 5.875% 6/1/2027		63,955		63,392
Cleveland-Cliffs, Inc. 4.625% 3/1/20291		39,643		36,416
Cleveland-Cliffs, Inc. 4.875% 3/1/20311		43,344		39,452
Consolidated Energy Finance SA 6.50% 5/15/20261		2,013		1,897
Consolidated Energy Finance SA 5.625% 10/15/20281		3,680		3,169
CROWN Americas, LLC 5.25% 4/1/2030		2,775		2,675
Crown Holdings, Inc. 7.375% 12/15/2026		2,000		2,115
CVR Partners, LP 6.125% 6/15/20281		22,525		19,993
Element Solutions, Inc. 3.875% 9/1/20281		8,300		7,294
First Quantum Minerals, Ltd. 7.50% 4/1/20251		76,007		76,021
First Quantum Minerals, Ltd. 6.875% 3/1/20261		55,328		53,722
First Quantum Minerals, Ltd. 6.875% 10/15/20271		141,914		136,940
Freeport-McMoRan, Inc. 4.25% 3/1/2030		303		281
Freeport-McMoRan, Inc. 4.625% 8/1/2030		900		851
Freeport-McMoRan, Inc. 5.40% 11/14/2034		4,288		4,207
Freeport-McMoRan, Inc. 5.45% 3/15/2043		8,393		7,860
FXI Holdings, Inc. 7.875% 11/1/20241		135,382		126,437
FXI Holdings, Inc. 12.25% 11/15/20261		158,184		140,784
Graphic Packaging International, LLC 3.75% 2/1/20301		10,000		8,688
Hexion, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 9.454% 3/15/20292,3		11,195		10,090
INEOS Finance PLC 6.75% 5/15/20281		10,200		9,858
Kaiser Aluminum Corp. 4.625% 3/1/20281		12,698		11,318
LABL, Inc. 5.875% 11/1/20281		14,600		13,000
LABL, Inc. 9.50% 11/1/20281		3,277		3,310
LABL, Inc. 8.25% 11/1/20291		15,215		13,003
LSB Industries, Inc. 6.25% 10/15/20281		49,875		44,437
LSF11 A5 HoldCo, LLC 6.625% 10/15/20291		1,425		1,200
Mauser Packaging Solutions Holding Co. 7.875% 8/15/20261		21,143		21,162
Mauser Packaging Solutions Holding Co. 9.25% 4/15/20271		12,500		11,562
Methanex Corp. 5.125% 10/15/2027		73,490		69,341
Methanex Corp. 5.25% 12/15/2029		12,718		11,905
Methanex Corp. 5.65% 12/1/2044		9,445		7,787

10 American High-Income Trust

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Materials (continued)
Mineral Resources, Ltd. 8.00% 11/1/20271	USD	25,450	$	26,201
Mineral Resources, Ltd. 8.50% 5/1/20301		25,920		26,628
Nova Chemicals Corp. 4.875% 6/1/20241		15,785		15,592
Nova Chemicals Corp. 5.25% 6/1/20271		31,493		28,750
Nova Chemicals Corp. 4.25% 5/15/20291		36,067		29,524
Novelis Corp. 3.25% 11/15/20261		16,285		14,897
Novelis Corp. 4.75% 1/30/20301		11,093		10,206
Novelis Corp. 3.875% 8/15/20311		22,344		18,852
Olin Corp. 5.625% 8/1/2029		5,700		5,500
Olin Corp. 5.00% 2/1/2030		3,365		3,158
Owens-Illinois, Inc. 5.875% 8/15/20231		4,082		4,080
Owens-Illinois, Inc. 6.375% 8/15/20251		5,341		5,349
SCIH Salt Holdings, Inc. 4.875% 5/1/20281		41,413		36,970
SCIH Salt Holdings, Inc. 6.625% 5/1/20291		18,600		15,415
Scotts Miracle-Gro Co. 4.50% 10/15/2029		7,776		6,695
Scotts Miracle-Gro Co. 4.375% 2/1/2032		7,620		6,132
Sealed Air Corp. 4.00% 12/1/20271		7,559		7,061
Sealed Air Corp. 6.125% 2/1/20281		15,912		16,106
Sealed Air Corp. 5.00% 4/15/20291		13,750		12,938
SPCM SA 3.375% 3/15/20301		10,732		8,866
Summit Materials, LLC 6.50% 3/15/20271		5,478		5,438
Summit Materials, LLC 5.25% 1/15/20291		15,015		14,211
Trivium Packaging BV 5.50% 8/15/20261		6,445		6,182
Trivium Packaging BV 8.50% 8/15/20271		19,352		17,629
Tronox, Ltd. 4.625% 3/15/20291		14,155		11,870
Valvoline, Inc. 4.25% 2/15/20301		3,691		3,623
Valvoline, Inc. 3.625% 6/15/20311		8,405		7,147
Venator Finance SARL 9.50% 7/1/20251		33,482		20,926
Venator Finance SARL 5.75% 7/15/20251		70,528		10,253
Venator Finance SARL, Term Loan, (3-month USD-LIBOR + 3.00%) 8.159% 8/8/20242,3		9,064		6,007
W. R. Grace Holdings, LLC 5.625% 8/15/20291		6,495		5,521
Warrior Met Coal, Inc. 7.875% 12/1/20281		26,880		27,058
				1,618,803
Industrials 8.67%
AAdvantage Loyalty IP, Ltd. 5.50% 4/20/20261		15,095		14,874
ADT Security Corp. 4.125% 8/1/20291		4,815		4,300
Allison Transmission Holdings, Inc. 3.75% 1/30/20311		24,820		21,203
Ashtead Capital, Inc. 5.50% 8/11/20321		10,743		10,574
Atkore, Inc. 4.25% 6/1/20311		6,650		5,827
Atlantic Aviation FBO, Inc., Term Loan, (3-month USD-LIBOR + 5.75%) 10.385% 9/21/20292,3		67,254		66,127
Avis Budget Car Rental, LLC 5.75% 7/15/20271		18,910		17,736
Avis Budget Group, Inc. 4.75% 4/1/20281		1,000		911
Avis Budget Group, Inc. 5.375% 3/1/20291		23,995		22,309
Avolon Holdings Funding, Ltd. 5.25% 5/15/20241		17,340		17,176
Avolon Holdings Funding, Ltd. 2.528% 11/18/20271		36,710		31,096
BlueLinx Holdings, Inc. 6.00% 11/15/20291		6,795		5,618
Boeing Company 3.90% 5/1/2049		540		409
Bohai Financial Investment Holding Co., Ltd. 5.50% 2/15/20241		1,258		1,247
Bombardier, Inc. 7.50% 3/15/20251		5,102		5,107
Bombardier, Inc. 7.125% 6/15/20261		67,460		67,764
Bombardier, Inc. 7.875% 4/15/20271		41,960		42,518
Bombardier, Inc. 6.00% 2/15/20281		25,648		25,007
Bombardier, Inc. 7.50% 2/1/20291		13,681		13,989
Bombardier, Inc. 7.45% 5/1/20341		1,850		2,081
BWX Technologies, Inc. 4.125% 6/30/20281		15,932		14,365
BWX Technologies, Inc. 4.125% 4/15/20291		18,130		16,099
Chart Industries, Inc. 7.50% 1/1/20301		10,389		10,747
Clarivate Science Holdings Corp. 3.875% 7/1/20281		31,755		28,375
Clarivate Science Holdings Corp. 4.875% 7/1/20291		18,675		16,907
Clean Harbors, Inc. 4.875% 7/15/20271		12,014		11,600
Clean Harbors, Inc. 5.125% 7/15/20291		5,000		4,773
Clean Harbors, Inc. 6.375% 2/1/20311		17,247		17,614
CoreLogic, Inc. 4.50% 5/1/20281		75,882		57,646
CoreLogic, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 11.375% 6/4/20292,3		22,275		16,637
Covanta Holding Corp. 4.875% 12/1/20291		18,260		16,266

American High-Income Trust 11

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
Covanta Holding Corp. 5.00% 9/1/2030	USD	28,240	$	24,353
Dun & Bradstreet Corp. 5.00% 12/15/20291		24,367		21,126
Garda World Security Corp. 6.00% 6/1/20291		3,200		2,548
GFL Environmental, Inc. 3.50% 9/1/20281		10,000		9,059
Harsco Corp. 5.75% 7/31/20271		7,265		5,712
Herc Holdings, Inc. 5.50% 7/15/20271		3,200		3,092
Howmet Aerospace, Inc. 6.875% 5/1/2025		1,510		1,569
Howmet Aerospace, Inc. 5.95% 2/1/2037		9,125		9,204
Icahn Enterprises Finance Corp. 4.75% 9/15/2024		24,105		23,544
Icahn Enterprises, LP 5.25% 5/15/2027		5,503		5,170
Icahn Enterprises, LP 4.375% 2/1/2029		9,175		7,903
LABL Escrow Issuer, LLC 6.75% 7/15/20261		560		541
LABL Escrow Issuer, LLC 10.50% 7/15/20271		36,018		33,355
LSC Communications, Inc. 8.75% 10/15/20231,4,5		114,646		346
LSC Communications, Inc., Term Loan B, (3-month USD-LIBOR + 4.50%) 7.75% 9/30/20222,3,4,5		8,059		24
Masonite International Corp. 3.50% 2/15/20301		11,831		9,825
MasTec, Inc. 4.50% 8/15/20281		9,375		8,674
Mileage Plus Holdings, LLC 6.50% 6/20/20271		68,387		68,234
Mueller Water Products, Inc. 4.00% 6/15/20291		5,115		4,574
Park River Holdings, Inc. 5.625% 2/1/20291		17,205		11,750
PGT Innovations, Inc. 4.375% 10/1/20291		22,759		20,597
Pitney Bowes, Inc. 6.875% 3/15/20271		11,500		9,118
PM General Purchaser, LLC 9.50% 10/1/20281		50,749		46,540
Prime Security Services Borrower, LLC 3.375% 8/31/20271		8,100		7,269
Prime Security Services Borrower, LLC 6.25% 1/15/20281		11,833		11,075
R.R. Donnelley & Sons Co. 6.125% 11/1/20261		12,125		12,174
Regal Rexnord Corp. 6.40% 4/15/20331		19,125		19,160
Ritchie Bros. Holdings, Inc. 6.75% 3/15/20281		13,643		14,067
Ritchie Bros. Holdings, Inc. 7.75% 3/15/20311		46,887		49,197
Roller Bearing Company of America, Inc. 4.375% 10/15/20291		3,325		2,973
Rolls-Royce PLC 5.75% 10/15/20271		9,915		9,886
Sabre GLBL, Inc. 7.375% 9/1/20251		3,617		3,235
Sabre GLBL, Inc. 11.25% 12/15/20271		17,689		16,494
Sabre Holdings Corp. 9.25% 4/15/20251		16,754		15,798
Sensata Technologies Holding BV 4.00% 4/15/20291		3,225		2,917
Sensata Technologies, Inc. 3.75% 2/15/20311		8,800		7,708
SkyMiles IP, Ltd. 4.75% 10/20/20281		19,430		18,766
Spirit AeroSystems, Inc. 7.50% 4/15/20251		3,425		3,428
Spirit AeroSystems, Inc. 4.60% 6/15/2028		31,555		26,780
Spirit AeroSystems, Inc. 9.375% 11/30/20291		21,688		23,694
Spirit AeroSystems, Inc., Term Loan, (3-month CME Term SOFR + 4.50%) 9.176% 1/15/20272,3		7,663		7,677
SRS Distribution, Inc. 4.625% 7/1/20281		10,080		8,966
SRS Distribution, Inc. 6.125% 7/1/20291		615		520
Stericycle, Inc. 5.375% 7/15/20241		20,884		20,746
Stericycle, Inc. 3.875% 1/15/20291		16,235		14,193
The Brink’s Co. 4.625% 10/15/20271		10,371		9,785
The Hertz Corp. 5.00% 12/1/20291		7,500		6,220
Titan International, Inc. 7.00% 4/30/2028		11,500		10,372
TK Elevator Holdco GmbH 7.625% 7/15/20281		1,375		1,190
TransDigm, Inc. 6.25% 3/15/20261		32,470		32,533
TransDigm, Inc. 6.875% 5/15/2026		12,740		12,561
TransDigm, Inc. 6.375% 6/15/2026		5,560		5,441
TransDigm, Inc. 7.50% 3/15/2027		770		769
TransDigm, Inc. 5.50% 11/15/2027		19,810		18,701
TransDigm, Inc. 6.75% 8/15/20281		14,070		14,228
TransDigm, Inc. 4.625% 1/15/2029		2,971		2,644
TransDigm, Inc. 4.875% 5/1/2029		4,180		3,704
Triumph Group, Inc. 7.75% 8/15/2025		21,075		19,365
Triumph Group, Inc. 9.00% 3/15/20281		31,249		31,321
Uber Technologies, Inc. 8.00% 11/1/20261		10,000		10,262
United Airlines, Inc. 4.375% 4/15/20261		5,125		4,909
United Airlines, Inc. 4.625% 4/15/20291		10,100		9,149
United Rentals, Inc. 5.25% 1/15/2030		5,484		5,284
United Rentals, Inc. 3.875% 2/15/2031		9,450		8,350
United Rentals, Inc. 3.75% 1/15/2032		8,360		7,209

12 American High-Income Trust

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
Vertical U.S. Newco, Inc. 5.25% 7/15/20271	USD	29,545	$	27,932
WESCO Distribution, Inc. 7.125% 6/15/20251		11,475		11,675
WESCO Distribution, Inc. 7.25% 6/15/20281		10,900		11,203
				1,475,290
Financials 7.20%
Advisor Group Holdings, LLC 6.25% 3/1/20281		41,998		37,874
AG Merger Sub II, Inc. 10.75% 8/1/20271		76,600		77,818
AG TTMT Escrow Issuer, LLC 8.625% 9/30/20271		21,016		21,174
Alliant Holdings Intermediate, LLC 4.25% 10/15/20271		14,020		12,574
Alliant Holdings Intermediate, LLC 6.75% 10/15/20271		33,300		30,917
Alliant Holdings Intermediate, LLC 6.75% 4/15/20281		7,130		7,057
Alliant Holdings Intermediate, LLC 5.875% 11/1/20291		31,605		26,709
AmWINS Group, Inc. 4.875% 6/30/20291		27,142		24,056
Aretec Escrow Issuer, Inc. 7.50% 4/1/20291		57,872		47,387
Ascensus, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 11.313% 8/2/20292,3		22,600		20,340
AssuredPartners, Inc. 7.00% 8/15/20251		226		220
AssuredPartners, Inc. 8.00% 5/15/20271		8,409		8,035
AssuredPartners, Inc. 5.625% 1/15/20291		4,895		4,236
Blackstone Private Credit Fund 7.05% 9/29/20251		12,730		12,568
Block, Inc. 2.75% 6/1/2026		28,750		26,248
Block, Inc. 3.50% 6/1/2031		31,175		25,633
BroadStreet Partners, Inc. 5.875% 4/15/20291		9,950		8,426
Castlelake Aviation Finance DAC 5.00% 4/15/20271		17,105		15,185
Coinbase Global, Inc. 3.375% 10/1/20281		26,075		16,128
Coinbase Global, Inc. 3.625% 10/1/20311		30,431		17,074
Compass Diversified Holdings 5.25% 4/15/20291		90,012		79,365
Compass Diversified Holdings 5.00% 1/15/20321		21,655		17,583
Credit Acceptance Corp. 5.125% 12/31/20241		7,030		6,689
Credit Suisse Group AG 7.50% junior subordinated perpetual bonds (USD Semi Annual 30/360 (vs. 3-month USD-LIBOR) + 4.60% on 7/17/2023)1,4,7		2,295		132
FS Energy and Power Fund 7.50% 8/15/20231		54,954		54,919
Hightower Holding, LLC 6.75% 4/15/20291		18,130		15,448
HUB International, Ltd. 7.00% 5/1/20261		35,178		34,607
HUB International, Ltd. 5.625% 12/1/20291		3,745		3,268
Iron Mountain Information Management Services, Inc. 5.00% 7/15/20321		18,510		15,913
JPMorgan Chase & Co. 2.956% 5/13/2031 (USD-SOFR + 2.515% on 5/13/2030)7		3,100		2,682
Ladenburg Thalmann Financial Services, Inc. 6.50% 11/30/2027		80		1,285
LPL Holdings, Inc. 4.625% 11/15/20271		29,103		27,529
LPL Holdings, Inc. 4.00% 3/15/20291		48,520		43,716
LPL Holdings, Inc. 4.375% 5/15/20311		23,445		20,754
MGIC Investment Corp. 5.25% 8/15/2028		7,625		7,256
MSCI, Inc. 4.00% 11/15/20291		15,793		14,427
MSCI, Inc. 3.625% 9/1/20301		5,559		4,837
MSCI, Inc. 3.875% 2/15/20311		31,490		28,058
MSCI, Inc. 3.625% 11/1/20311		46,121		39,542
MSCI, Inc. 3.25% 8/15/20331		25,004		20,499
National Financial Partners Corp. 6.875% 8/15/20281		11,239		9,655
Navient Corp. 6.125% 3/25/2024		21,112		20,850
Navient Corp. 5.875% 10/25/2024		25,680		24,977
Navient Corp. 6.75% 6/25/2025		11,000		10,702
Navient Corp. 6.75% 6/15/2026		12,310		12,017
Navient Corp. 5.00% 3/15/2027		53,762		47,423
Navient Corp. 4.875% 3/15/2028		5,570		4,691
Navient Corp. 5.50% 3/15/2029		45,671		38,651
Navient Corp. 5.625% 8/1/2033		27,712		20,593
OneMain Finance Corp. 3.875% 9/15/2028		3,989		3,167
OneMain Holdings, Inc. 7.125% 3/15/2026		24,220		23,307
Owl Rock Capital Corp. 4.00% 3/30/2025		449		419
Owl Rock Capital Corp. 3.75% 7/22/2025		12,093		11,041
Owl Rock Capital Corp. 3.40% 7/15/2026		5,685		5,028
Owl Rock Capital Corp. 2.625% 1/15/2027		400		339
Owl Rock Capital Corp. II 4.625% 11/26/20241		9,835		9,442
Owl Rock Capital Corp. III 3.125% 4/13/2027		11,350		9,549
Owl Rock Core Income Corp. 4.70% 2/8/2027		15,700		14,205
Oxford Finance, LLC 6.375% 2/1/20271		38,985		36,499
Quicken Loans, LLC 3.625% 3/1/20291		6,605		5,680

American High-Income Trust 13

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Rocket Mortgage, LLC 2.875% 10/15/20261	USD	9,410	$	8,432
Ryan Specialty Group, LLC 4.375% 2/1/20301		12,050		10,551
Springleaf Finance Corp. 6.125% 3/15/2024		3,700		3,608
Starwood Property Trust, Inc. 5.50% 11/1/20231		7,195		7,216
Starwood Property Trust, Inc. 4.375% 1/15/20271		11,835		9,795
				1,226,005
Information technology 4.30%
Almonde, Inc., Term Loan B, (3-month USD-LIBOR + 3.50%) 8.325% 6/13/20242,3		15,848		14,913
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 12.075% 6/13/20252,3		81,669		66,152
Black Knight, Inc. 3.625% 9/1/20281		8,470		7,718
BMC Software, Inc. 7.125% 10/2/20251		3,545		3,532
BMC Software, Inc. 9.125% 3/1/20261		4,290		4,176
BMC Software, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 10.34% 2/27/20262,3		23,325		22,679
Booz Allen Hamilton, Inc. 3.875% 9/1/20281		9,362		8,552
Booz Allen Hamilton, Inc. 4.00% 7/1/20291		5,633		5,088
CA Magnum Holdings 5.375% 10/31/20261		1,075		944
CDK Global, Inc. 7.25% 6/15/20291		11,650		11,461
CommScope Finance, LLC 6.00% 3/1/20261		16,030		15,488
CommScope Finance, LLC 8.25% 3/1/20271		24,731		20,279
CommScope Technologies, LLC 6.00% 6/15/20251		41,921		39,520
CommScope Technologies, LLC 5.00% 3/15/20271		13,025		9,540
CommScope, Inc. 7.125% 7/1/20281		9,869		7,291
Condor Merger Sub, Inc. 7.375% 2/15/20301		8,000		6,715
Diebold Nixdorf Dutch Holding BV 9.00% 7/15/2025	EUR	25,040		13,985
Diebold Nixdorf, Inc. 9.375% 7/15/20251	USD	151,093		77,435
Diebold Nixdorf, Inc., units, 8.50% PIK or 8.50% Cash 10/15/20261,6		53,944		13,773
Diebold Nixdorf, Inc., Term Loan, (3-month USD CME Term SOFR + 7.00%) 14.75% 6/5/20232,3		15,141		15,141
Diebold Nixdorf, Inc., Term Loan, (3-month USD CME Term SOFR + 5.25%) 10.479% 7/15/20252,3		53,938		27,509
Diebold Nixdorf, Inc., Term Loan, (3-month USD CME Term SOFR + 6.50%) 11.629% 7/15/20252,3		47,768		50,156
Entegris Escrow Corp. 4.75% 4/15/20291		7,610		7,201
Fair Isaac Corp. 4.00% 6/15/20281		18,315		17,004
Finastra, Ltd., Term Loan B, (3-month EUR-EURIBOR + 3.00%) 5.492% 6/13/20242,3	EUR	19,007		18,623
Gartner, Inc. 4.50% 7/1/20281	USD	37,332		35,472
Gartner, Inc. 3.625% 6/15/20291		3,657		3,266
Gartner, Inc. 3.75% 10/1/20301		20,136		18,093
GoDaddy Operating Co. 5.25% 12/1/20271		7,725		7,525
GoDaddy Operating Co. 3.50% 3/1/20291		10,575		9,153
Imola Merger Corp. 4.75% 5/15/20291		5,000		4,479
J2 Global, Inc. 4.625% 10/15/20301		339		293
MicroStrategy, Inc. 6.125% 6/15/20281		6,425		5,710
MoneyGram International, Inc. 5.375% 8/1/20261		18,775		18,839
NCR Corp. 5.125% 4/15/20291		35,955		31,146
NCR Corp. 6.125% 9/1/20291		9,550		9,428
Open Text Corp., Term Loan B, (3-month USD CME Term SOFR + 3.50%) 8.407% 1/31/20302,3		7,000		6,989
Rocket Software, Inc. 6.50% 2/15/20291		9,075		7,156
Synaptics, Inc. 4.00% 6/15/20291		5,225		4,508
Tibco Software, Inc., Term Loan A, (3-month USD CME Term SOFR + 4.50%) 9.498% 9/29/20282,3		25,785		23,432
UKG, Inc., Term Loan B, (3-month USD-LIBOR + 3.25%) 8.032% 5/4/20262,3		8,815		8,601
UKG, Inc., Term Loan, (3-month USD-LIBOR + 5.25%) 10.032% 5/3/20272,3		26,300		25,379
Unisys Corp. 6.875% 11/1/20271		19,140		12,227
VeriSign, Inc. 5.25% 4/1/2025		3,068		3,067
Viavi Solutions, Inc. 3.75% 10/1/20291		3,750		3,211
Xerox Corp. 5.50% 8/15/20281		11,000		9,532
				732,381
Consumer staples 4.11%
Albertsons Companies, Inc. 4.625% 1/15/20271		7,215		6,985
Albertsons Companies, Inc. 3.50% 3/15/20291		68,823		59,947
Albertsons Companies, Inc. 4.875% 2/15/20301		11,915		11,134
B&G Foods, Inc. 5.25% 4/1/2025		26,687		24,881
B&G Foods, Inc. 5.25% 9/15/2027		41,606		35,718

14 American High-Income Trust

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer staples (continued)
BJ’s Wholesale Club, Term Loan, (3-month USD CME Term SOFR + 2.75%) 7.448% 2/3/20272,3	USD	4,985	$	4,997
Central Garden & Pet Co. 4.125% 10/15/2030		14,556		12,875
Central Garden & Pet Co. 4.125% 4/30/20311		16,755		14,484
Coty, Inc. 5.00% 4/15/20261		11,000		10,623
Coty, Inc. 6.50% 4/15/20261		11,005		10,961
Coty, Inc. 4.75% 1/15/20291		30,080		28,117
Darling Ingredients, Inc. 5.25% 4/15/20271		6,431		6,276
Darling Ingredients, Inc. 6.00% 6/15/20301		25,170		25,107
Energizer Holdings, Inc. 4.375% 3/31/20291		9,560		8,413
Ingles Markets, Inc. 4.00% 6/15/20311		5,070		4,411
Kraft Heinz Company 3.00% 6/1/2026		6,360		6,079
Kraft Heinz Company 3.875% 5/15/2027		5,545		5,418
Kraft Heinz Company 4.375% 6/1/2046		6,215		5,420
Kraft Heinz Company 4.875% 10/1/2049		9,975		9,279
Kronos Acquisition Holdings, Inc. 5.00% 12/31/20261		38,550		35,298
Kronos Acquisition Holdings, Inc. 7.00% 12/31/20271		60,572		52,904
Kronos Acquisition Holdings, Inc., Term Loan B2, (3-month USD CME Term SOFR + 6.00%) 11.023% 12/22/20262,3		1,980		1,926
Lamb Weston Holdings, Inc. 4.125% 1/31/20301		43,015		39,399
Lamb Weston Holdings, Inc. 4.375% 1/31/20321		8,500		7,716
Nestle Skin Health SA, Term Loan B3, (3-month USD-LIBOR + 3.75%) 8.909% 10/1/20262,3		23,261		23,068
Performance Food Group, Inc. 5.50% 10/15/20271		16,205		15,857
Performance Food Group, Inc. 4.25% 8/1/20291		5,785		5,201
Post Holdings, Inc. 5.625% 1/15/20281		24,830		24,357
Post Holdings, Inc. 5.50% 12/15/20291		19,834		18,713
Post Holdings, Inc. 4.625% 4/15/20301		61,665		55,323
Post Holdings, Inc. 4.50% 9/15/20311		24,475		21,562
Prestige Brands International, Inc. 5.125% 1/15/20281		11,533		11,194
Prestige Brands International, Inc. 3.75% 4/1/20311		14,440		12,252
Simmons Foods, Inc. 4.625% 3/1/20291		15,605		12,701
TreeHouse Foods, Inc. 4.00% 9/1/2028		28,436		25,170
United Natural Foods, Inc. 6.75% 10/15/20281		42,695		39,720
US Foods, Inc. 4.625% 6/1/20301		7,180		6,484
				699,970
Real estate 3.40%
Anywhere Real Estate Group, LLC 5.75% 1/15/20291		20,435		15,316
Anywhere Real Estate Group, LLC 5.25% 4/15/20301		33,120		24,170
Brookfield Property REIT, Inc. 5.75% 5/15/20261		27,215		24,372
Brookfield Property REIT, Inc. 4.50% 4/1/20271		4,045		3,252
Forestar Group, Inc. 3.85% 5/15/20261		10,830		9,757
Forestar Group, Inc. 5.00% 3/1/20281		1,905		1,708
Hospitality Properties Trust 4.35% 10/1/2024		2,855		2,735
Hospitality Properties Trust 4.50% 3/15/2025		6,150		5,659
Howard Hughes Corp. 5.375% 8/1/20281		29,474		26,883
Howard Hughes Corp. 4.125% 2/1/20291		29,513		25,039
Howard Hughes Corp. 4.375% 2/1/20311		52,202		42,089
Iron Mountain, Inc. 4.875% 9/15/20271		29,660		28,073
Iron Mountain, Inc. 5.25% 3/15/20281		24,088		22,979
Iron Mountain, Inc. 5.00% 7/15/20281		4,702		4,380
Iron Mountain, Inc. 5.25% 7/15/20301		57,225		51,653
Iron Mountain, Inc. 4.50% 2/15/20311		26,670		22,944
Kennedy-Wilson Holdings, Inc. 4.75% 3/1/2029		40,015		31,859
Kennedy-Wilson Holdings, Inc. 4.75% 2/1/2030		48,594		35,913
Kennedy-Wilson Holdings, Inc. 5.00% 3/1/2031		38,630		28,381
Ladder Capital Finance Holdings LLLP 5.25% 10/1/20251		14,495		12,768
Ladder Capital Finance Holdings LLLP 4.25% 2/1/20271		28,586		22,610
Ladder Capital Finance Holdings LLLP 4.75% 6/15/20291		2,015		1,459
Medical Properties Trust, Inc. 5.00% 10/15/2027		13,527		11,141
Medical Properties Trust, Inc. 3.50% 3/15/2031		3,437		2,317
Park Intermediate Holdings, LLC 4.875% 5/15/20291		16,445		14,167
RHP Hotel Properties, LP 4.50% 2/15/20291		11,330		10,248
RLJ Lodging Trust, LP 3.75% 7/1/20261		5,535		5,073
RLJ Lodging Trust, LP 4.00% 9/15/20291		14,905		12,463
VICI Properties, LP 3.50% 2/15/20251		5,104		4,844

American High-Income Trust 15

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Real estate (continued)
VICI Properties, LP 4.625% 6/15/20251		USD	12,470	$	12,072
VICI Properties, LP 4.25% 12/1/20261			9,323		8,707
VICI Properties, LP 3.875% 2/15/20291			13,935		12,404
VICI Properties, LP 4.625% 12/1/20291			1,657		1,510
VICI Properties, LP 4.125% 8/15/20301			2,233		1,974
WeWork Companies, Inc. 7.875% 5/1/20251			1,925		1,066
WeWork Companies, LLC 5.00% 7/10/20251			63,725		32,347
Xenia Hotels & Resorts, Inc. 6.375% 8/15/20251			4,740		4,654
					578,986
Utilities 3.08%
AmeriGas Partners, LP 5.75% 5/20/2027			5,878		5,540
Calpine Corp. 5.25% 6/1/20261			1,051		1,026
Calpine Corp. 4.50% 2/15/20281			4,000		3,715
Calpine Corp. 5.125% 3/15/20281			8,282		7,594
Calpine Corp. 3.75% 3/1/20311			9,175		7,748
DPL, Inc. 4.125% 7/1/2025			10,965		10,487
Emera, Inc. 6.75% 6/15/2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)7			18,225		17,050
Enfragen Energia Sur SA 5.375% 12/30/20301			4,850		2,916
FirstEnergy Corp. 2.65% 3/1/2030			3,534		3,010
FirstEnergy Corp. 2.25% 9/1/2030			19,000		15,703
FirstEnergy Corp. 7.375% 11/15/2031			7,191		8,073
FirstEnergy Corp. 3.40% 3/1/2050			10,069		6,919
FirstEnergy Corp., Series C, 5.10% 7/15/20477			5,065		4,499
FirstEnergy Transmission, LLC 2.866% 9/15/20281			10,562		9,542
FirstEnergy Transmission, LLC 4.55% 4/1/20491			2,000		1,686
NextEra Energy Partners, LP 4.25% 7/15/20241			3,163		3,126
NextEra Energy Partners, LP 3.875% 10/15/20261	��		2,373		2,212
NRG Energy, Inc. 3.625% 2/15/20311			2,000		1,606
Pacific Gas and Electric Co. 1.70% 11/15/2023			6,000		5,855
Pacific Gas and Electric Co. 5.45% 6/15/2027			7,720		7,651
Pacific Gas and Electric Co. 2.10% 8/1/2027			2,965		2,588
Pacific Gas and Electric Co. 3.30% 12/1/2027			3,055		2,754
Pacific Gas and Electric Co. 3.75% 7/1/2028			6,310		5,813
Pacific Gas and Electric Co. 4.55% 7/1/2030			4,170		3,910
Pacific Gas and Electric Co. 2.50% 2/1/2031			7,695		6,241
Pacific Gas and Electric Co. 3.25% 6/1/2031			2,135		1,811
Pacific Gas and Electric Co. 3.30% 8/1/2040			5,540		3,938
Pacific Gas and Electric Co. 3.50% 8/1/2050			16,465		10,891
PG&E Corp. 5.00% 7/1/2028			58,570		55,366
PG&E Corp. 5.25% 7/1/2030			60,380		56,128
PG&E Corp., Term Loan, (3-month USD-LIBOR + 3.00%) 7.875% 6/23/20252,3			487		487
Talen Energy Corp. 10.50% 1/15/20261,4			59,967		24,212
Talen Energy Corp. 7.25% 5/15/20271			101,607		104,420
Talen Energy Corp. 6.625% 1/15/20281			1,819		1,849
Talen Energy Corp., Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.506% 11/13/20232,3			62,105		62,571
Talen Energy Corp., Term Loan B, (3-month USD-LIBOR + 3.75%) 8.32% 7/8/20262,3			12,145		12,266
Talen Energy Supply, LLC 7.625% 6/1/20281			9,825		10,152
Targa Resources Partners, LP 4.00% 1/15/2032			1,175		1,025
Venture Global Calcasieu Pass, LLC 3.875% 8/15/20291			28,325		25,575
Vistra Operations Co., LLC 3.55% 7/15/20241			5,769		5,573
					523,528
Total corporate bonds, notes & loans					15,068,715
Mortgage-backed obligations 0.08%
Collateralized mortgage-backed obligations 0.08%
Treehouse Park Improvement Assn. No.1 - Anleihen 9.75% 12/1/20331,5			15,299		13,534
Total bonds, notes & other debt instruments (cost: $16,954,318,000)					15,082,249

16 American High-Income Trust

Convertible bonds & notes 0.14%	Principal amount (000)		Value (000)
Communication services 0.13%
DISH DBS Corp., convertible notes, 3.375% 8/15/2026	USD	42,635	$	22,170
Energy 0.01%
Mesquite Energy, Inc., convertible notes, 13.14% Cash 7/15/20231,5,6		2,454		2,454
Total convertible bonds & notes (cost: $46,860,000)				24,624
Convertible stocks 0.23%		Shares
Financials 0.18%
2020 Cash Mandatory Exchangeable Trust, convertible preferred shares, 5.25% 6/1/20231		26,724		31,140
Utilities 0.05%
PG&E Corp., convertible preferred units, 5.50% 8/16/2023		57,000		8,113
Total convertible stocks (cost: $28,401,000)				39,253
Common stocks 2.84%
Health care 1.21%
Rotech Healthcare, Inc.5,8,9,10		1,916,276		205,042
Energy 0.97%
Chesapeake Energy Corp.		610,745		46,441
Weatherford International9		562,156		33,364
Denbury, Inc.9		219,000		19,191
Diamond Offshore Drilling, Inc.9		1,516,891		18,263
Ascent Resources - Utica, LLC, Class A5,9,10		90,532,504		18,107
Altera Infrastructure, LP5,9		112,537		9,460
California Resources Corp.		183,103		7,049
Constellation Oil Services Holding SA, Class B-15,9		51,096,574		5,621
Civitas Resources, Inc.		57,659		3,940
McDermott International, Ltd.9		2,999,554		1,020
McDermott International, Ltd.9,10		1,745,604		593
Southwestern Energy Co.9		229,524		1,148
Mesquite Energy, Inc.5,9		109,992		660
Petroplus Holdings AG5,9		3,360,000		—	11
Bighorn Permian Resources, LLC5		42,744		—	11
				164,857
Financials 0.24%
Jonah Energy Parent, LLC5,8		747,471		31,954
Navient Corp.		537,500		8,595
				40,549
Consumer discretionary 0.19%
NMG Parent, LLC5,9		182,562		25,102
MYT Holding Co., Class B5,8,9		7,468,376		7,842
				32,944
Communication services 0.15%
Frontier Communications Parent, Inc.9		600,000		13,662
Intelsat SA5,9		318,478		7,803
Cumulus Media, Inc., Class A9		561,836		2,073
iHeartMedia, Inc., Class A9		378,645		1,477
Clear Channel Outdoor Holdings, Inc.9		890,868		1,069
				26,084
Information technology 0.08%
MoneyGram International, Inc.9		1,310,886		13,659
Total common stocks (cost: $434,097,000)				483,135

American High-Income Trust 17

Preferred securities 0.16%	Shares		Value (000)
Consumer discretionary 0.11%
MYT Holdings, LLC, Series A, 10.00% preferred shares5,8,9		19,884,070	$	18,890
Industrials 0.05%
ACR III LSC Holdings, LLC, Series B, preferred shares1,5,9		13,566		8,185
Energy 0.00%
McDermott International, Inc., 8.00% cumulative preferred shares5,9		1,130		56
Total preferred securities (cost: $32,392,000)				27,131
Rights & warrants 0.05%
Consumer discretionary 0.05%
NMG Parent, LLC, warrants, expire 9/24/20279		407,047		8,522
Communication services 0.00%
Intelsat Jackson Holdings SA (CVR), Series A5,9		33,352		234
Intelsat Jackson Holdings SA (CVR), Series B5,9		33,352		208
				442
Energy 0.00%
California Resources Corp., warrants, expire 10/27/20249		16,108		137
Denbury, Inc., Series B, warrants, expire 9/18/20231,9		155		8
McDermott International, Inc., warrants, expire 7/1/20275,9		400,530		—	11
McDermott International, Inc., warrants, expire 7/1/20275,9		445,033		—	11
Constellation Oil Services Holding SA, Class D, warrants, expire 6/10/20715,9		18		—	11
				145
Total rights & warrants (cost: $4,601,000)				9,109
Short-term securities 6.27%
Money market investments 6.27%
Capital Group Central Cash Fund 4.86%8,12		10,676,702		1,067,670
Total short-term securities (cost: $1,067,798,000)				1,067,670
Total investment securities 98.29% (cost: $18,568,467,000)				16,733,171
Other assets less liabilities 1.71%				290,436
Net assets 100.00%			$	17,023,607

Futures contracts

Contracts	Type	Number of contracts		Expiration	Notional amount (000)			Value and unrealized (depreciation) appreciation at 3/31/2023 (000)
30 Day Federal Funds Futures	Long		736	April 2023	USD	291,924			$	(94	)
2 Year U.S. Treasury Note Futures	Long		633	June 2023		130,685				61
5 Year U.S. Treasury Note Futures	Long		608	June 2023		66,581				877
10 Year U.S. Treasury Note Futures	Short		160	June 2023		(18,387	)			93
30 Year Ultra U.S. Treasury Bond Futures	Short		30	June 2023		(4,234	)			(179	)
									$	758

18 American High-Income Trust

Swap contracts

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Reference index	Financing rate paid	Payment frequency	Expiration date	Notional amount (000)		Value at 3/31/2023 (000)			Upfront premium received (000)			Unrealized appreciation (depreciation) at 3/31/2023 (000)
CDX.NA.HY.39	5.00%	Quarterly	12/20/2027	USD	75,600	$	(832	)	$	(1,631	)	$	799
CDX.NA.HY.40	5.00%	Quarterly	6/20/2028		133,510		(1,990	)		(1,181	)		(809	)
						$	(2,822	)	$	(2,812	)	$	(10	)

Investments in affiliates⁸

	Value of affiliates at 10/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized (depreciation) appreciation (000)			Value of affiliates at 3/31/2023 (000)		Dividend income (000)
Common stocks 1.44%
Health care 1.20%
Rotech Healthcare, Inc.5,9,10	$	205,042	$	—	$	—	$	—	$	—		$	205,042	$	—
Financials 0.19%
Jonah Energy Parent, LLC5		53,310		—		—		—		(21,356	)		31,954		28,202
Consumer discretionary 0.05%
MYT Holding Co., Class B5,9		13,070		—		—		—		(5,228	)		7,842		—
Total common stocks													244,838
Preferred securities 0.11%
Consumer discretionary 0.11%
MYT Holdings, LLC, Series A, 10.00% preferred shares5,9		21,773		—		—		—		(2,883	)		18,890		—
Short-term securities 6.27%
Money market investments 6.27%
Capital Group Central Cash Fund 4.86%12		724,312		1,592,865		1,249,606		86		13			1,067,670		18,901
Total 7.82%							$	86	$	(29,454	)	$	1,331,398	$	47,103

Restricted securities¹⁰

	Acquisition date(s)		Cost (000)		Value (000)	Percent of net assets
Rotech Healthcare, Inc.5,8,9	9/26/2013	$	41,128	$	205,042	1.20	%
Ascent Resources - Utica, LLC, Class A5,9	4/25/2016-11/15/2016		4,340		18,107	.11
McDermott International, Ltd.9	4/4/2018-12/31/2020		7,967		593	.00	13
Total		$	53,435	$	223,742	1.31	%

American High-Income Trust 19

1	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $10,932,520,000, which represented 64.22% of the net assets of the fund.
2	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $652,572,000, which represented 3.83% of the net assets of the fund.
3	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
4	Scheduled interest and/or principal payment was not received.
5	Value determined using significant unobservable inputs.
6	Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.
7	Step bond; coupon rate may change at a later date.
8	Affiliate of the fund or part of the same “group of investment companies” as the fund, as defined under the Investment Company Act of 1940, as amended.
9	Security did not produce income during the last 12 months.
10	Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $223,742,000, which represented 1.31% of the net assets of the fund.
11	Amount less than one thousand.
12	Rate represents the seven-day yield at 3/31/2023.
13	Amount less than .01%.

Key to abbreviations

Assn. = Association

CME = CME Group

CVR = Contingent Value Rights

DAC = Designated Activity Company

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

LIBOR = London Interbank Offered Rate

PIK = Payment In Kind

REIT = Real Estate Investment Trust

SOFR = Secured Overnight Financing Rate

USD = U.S. dollars

Refer to the notes to financial statements.

20 American High-Income Trust

Financial statements

Statement of assets and liabilities	unaudited
at March 31, 2023	(dollars in thousands)

Assets:
Investment securities, at value:
Unaffiliated issuers (cost: $17,424,504)	$	15,401,773
Affiliated issuers (cost: $1,143,963)		1,331,398	$	16,733,171
Cash				17,272
Cash collateral pledged for futures contracts				2,304
Cash collateral pledged for swap contracts				12,610
Cash denominated in currencies other than U.S. dollars (cost: $36)				36
Unrealized appreciation on unfunded commitments				10,534
Receivables for:
Sales of investments		55,540
Sales of fund’s shares		57,832
Dividends and interest		270,582
Variation margin on futures contracts		227		384,181
				17,160,108
Liabilities:
Unrealized depreciation on unfunded commitments				83
Payables for:
Purchases of investments		95,719
Repurchases of fund’s shares		28,214
Dividends on fund’s shares		3,542
Investment advisory services		3,980
Services provided by related parties		3,343
Trustees’ deferred compensation		302
Variation margin on futures contracts		95
Variation margin on centrally cleared swap contracts		1,038
Other		185		136,418
Net assets at March 31, 2023			$	17,023,607
Net assets consist of:
Capital paid in on shares of beneficial interest			$	20,954,580
Total accumulated loss				(3,930,973	)
Net assets at March 31, 2023			$	17,023,607

Refer to the notes to financial statements.

American High-Income Trust 21

Financial statements (continued)

Statement of assets and liabilities	unaudited
at March 31, 2023 (continued)	(dollars and shares in thousands, except per-share amounts)

Shares of beneficial interest issued and outstanding (no stated par value) —
unlimited shares authorized (1,854,902 total shares outstanding)

	Net assets		Shares outstanding		Net asset value per share
Class A	$	9,987,398		1,088,234	$	9.18
Class C		220,448		24,020		9.18
Class T		9		1		9.18
Class F-1		286,453		31,212		9.18
Class F-2		1,938,861		211,259		9.18
Class F-3		972,815		105,998		9.18
Class 529-A		302,489		32,959		9.18
Class 529-C		9,773		1,065		9.18
Class 529-E		11,390		1,241		9.18
Class 529-T		12		1		9.18
Class 529-F-1		11		1		9.18
Class 529-F-2		33,266		3,625		9.18
Class 529-F-3		11		1		9.18
Class R-1		12,284		1,338		9.18
Class R-2		109,243		11,903		9.18
Class R-2E		7,018		765		9.18
Class R-3		134,927		14,702		9.18
Class R-4		114,737		12,502		9.18
Class R-5E		19,418		2,116		9.18
Class R-5		28,943		3,154		9.18
Class R-6		2,834,101		308,805		9.18

Refer to the notes to financial statements.

22 American High-Income Trust

Financial statements (continued)

Statement of operations	unaudited
for the six months ended March 31, 2023	(dollars in thousands)

Investment income:
Income:
Interest from unaffiliated issuers	$	526,803
Dividends (includes $47,103 from affiliates)		52,270		$	579,073
Fees and expenses*:
Investment advisory services		23,919
Distribution services		15,199
Transfer agent services		8,897
Administrative services		2,505
529 plan services		107
Reports to shareholders		382
Registration statement and prospectus		405
Trustees’ compensation		38
Auditing and legal		21
Custodian		21
Other		188			51,682
Net investment income					527,391
Net realized loss and unrealized appreciation:
Net realized (loss) gain on:
Investments:
Unaffiliated issuers		(216,695	)
Affiliated issuers		86
Futures contracts		1,868
Swap contracts		(14,270	)
Currency transactions		(493	)		(229,504	)
Net unrealized appreciation (depreciation) on:
Investments:
Unaffiliated issuers		838,282
Affiliated issuers		(29,454	)
Futures contracts		174
Swap contracts		749
Currency translations		(259	)		809,492
Net realized loss and unrealized appreciation					579,988
Net increase in net assets resulting from operations				$	1,107,379

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

Refer to the notes to financial statements.

American High-Income Trust 23

Financial statements (continued)

Statements of changes in net assets
	(dollars in thousands)

	Six months ended March 31, 2023*			Year ended September 30, 2022
Operations:
Net investment income	$	527,391		$	934,219
Net realized loss		(229,504	)		(104,410	)
Net unrealized appreciation (depreciation)		809,492			(3,145,073	)
Net increase (decrease) in net assets resulting from operations		1,107,379			(2,315,264	)
Distributions paid or accrued to shareholders		(530,069	)		(919,673	)
Net capital share transactions		235,650			(554,431	)
Total increase (decrease) in net assets		812,960			(3,789,368	)
Net assets:
Beginning of period		16,210,647			20,000,015
End of period	$	17,023,607		$	16,210,647
*Unaudited.

Refer to the notes to financial statements.

24 American High-Income Trust

Notes to financial statements unaudited

1. Organization

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

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

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

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

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

2. Significant accounting policies

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

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

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

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

American High-Income Trust 25

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

3. Valuation

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

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

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

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

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

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

26 American High-Income Trust

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

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

Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following tables present the fund’s valuation levels as of March 31, 2023 (dollars in thousands):

	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds, notes & loans	$	—		$	15,062,551		$	6,164	$	15,068,715
Mortgage-backed obligations		—			—			13,534		13,534
Convertible bonds & notes		—			22,170			2,454		24,624
Convertible stocks		8,113			31,140			—		39,253
Common stocks		171,544			—			311,591		483,135
Preferred securities		—			—			27,131		27,131
Rights & warrants		145			8,522			442		9,109
Short-term securities		1,067,670			—			—		1,067,670
Total	$	1,247,472		$	15,124,383		$	361,316	$	16,733,171
	Other investments1
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	1,031		$	—		$	—	$	1,031
Unrealized appreciation on centrally cleared credit default swaps		—			799			—		799
Liabilities:
Unrealized depreciation on futures contracts		(273	)		—			—		(273	)
Unrealized depreciation on centrally cleared credit default swaps		—			(809	)		—		(809	)
Total	$	758		$	(10	)	$	—	$	748

¹  Futures contracts and credit default swaps are not included in the investment portfolio.

American High-Income Trust 27

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the six months ended March 31, 2023 (dollars in thousands):

	Beginning value at 10/1/2022		Transfers into Level 32		Purchases		Sales			Net realized loss3			Unrealized depreciation3			Transfers out of Level 32			Ending value at 3/31/2023
Investment securities	$	395,342	$	27,841	$	87,447	$	(74,781	)	$	(524	)	$	(28,661	)	$	(45,348	)	$	361,316
Net unrealized depreciation during the period on Level 3 investment securities held at March 31, 2023																			$	(46,799	)

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

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

	Value at 3/31/2023		Valuation techniques	Unobservable inputs	Range (if applicable)	Weighted average*	Impact to valuation from an increase in input†
Bonds, notes & other debt instruments	$	19,698	Estimated recovery value	Expected proceeds	Not applicable	Not applicable	Not applicable
			Transaction	Transaction price	Not applicable	Not applicable	Not applicable
				Net adjustment (decrease) based on movement of market comparables	10%	10%	Decrease
Convertible bonds & notes		2,454	Transaction	Transaction price	Not applicable	Not applicable	Not applicable
Common stocks		311,591	Estimated recovery value	Expected proceeds	Not applicable	Not applicable	Not applicable
				EV/EBITDA multiple	7.5x	7.5x	Increase
				DLOM	15%	15%	Decrease
				Vendor price	Not applicable	Not applicable	Not applicable
				Risk discount	90%	90%	Decrease
				Net adjustment (decrease) based on movement of market comparables	20%	20%	Decrease
			Market comparable companies	EV/EBITDA multiple	3.7x	3.7x	Increase
				EV/EBITDA less CapEx multiple	10.2x	10.2x	Increase
				DLOM	17%	17%	Decrease
			Transaction	Transaction price	Not applicable	Not applicable	Not applicable
				Discount for uncertainty	5%	5%	Decrease
			Indicative market quotation	Broker quote	Not applicable	Not applicable	Not applicable
Preferred securities		27,131	Indicative market quotation	Broker quote	Not applicable	Not applicable	Not applicable
			Market comparable companies	EV/EBITDA multiple	3.3x	3.3x	Increase
				DLOM	30%	30%	Decrease
			Estimated recovery value	Expected proceeds	Not applicable	Not applicable	Not applicable
				Risk discount	95%	95%	Decrease
Rights & warrants		442	Indicative market quotation	Broker quote	Not applicable	Not applicable	Not applicable
			Estimated recovery value	Expected proceeds	Not applicable	Not applicable	Not applicable
Total	$	361,316

*	Weighted average is by relative fair value.
†	This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

Key to abbreviations

CapEx = Capital expenditures

DLOM = Discount for lack of marketability

EBITDA = Earnings before income taxes, depreciation and amortization

EV = Enterprise value

28 American High-Income Trust

4. Risk factors

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

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

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

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

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

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

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

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

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

American High-Income Trust 29

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

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

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

5. Certain investment techniques

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

Unfunded commitments — The fund has participated in transactions that involve unfunded commitments, which may obligate the fund to purchase new or additional bonds if certain contingencies are met. As of March 31, 2023, the fund’s maximum exposure of unfunded bond commitments was $79,484,000, which would represent ..47% of the net assets of the fund should such commitments become due. Unrealized appreciation of $10,534,000 is disclosed as unrealized appreciation on unfunded commitments and unrealized depreciation of $83,000 is disclosed as unrealized depreciation on unfunded commitments in the fund’s statement of assets and liabilities. Both are included in net unrealized appreciation on investments in unaffiliated issuers in the fund’s statement of operations.

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

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

30 American High-Income Trust

On a daily basis, the fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in the statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on the fund’s statement of assets and liabilities. The fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in the fund’s statement of operations. The average month-end notional amount of futures contracts while held was $156,297,000.

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

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

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

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

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

The fund may enter into a CDSI transaction as either protection buyer or protection seller. If the fund is a protection buyer, it would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the fund, as a protection buyer, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As a protection seller, the fund would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the fund, coupled with the periodic payments previously received by the fund, may be less than the full notional value that the fund, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to the fund. Furthermore, as a protection seller, the fund would effectively add leverage to its portfolio because it would have investment exposure to the notional amount of the swap transaction. The average month-end notional amount of credit default swaps while held was $254,864,000.

American High-Income Trust 31

The following tables identify the location and fair value amounts on the fund’s statement of assets and liabilities and the effect on the fund’s statement of operations resulting from the fund’s use of futures contracts and credit default swaps as of, or for the six months ended, March 31, 2023 (dollars in thousands):

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation*	$	1,031		Unrealized depreciation*	$	273
Swap (centrally cleared)	Credit	Unrealized appreciation*		799		Unrealized depreciation*		809
			$	1,830			$	1,082
		Net realized gain (loss)				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations		Value		Location on statement of operations		Value
Futures	Interest	Net realized gain on futures contracts	$	1,868		Net unrealized appreciation on futures contracts	$	174
Swap	Credit	Net realized loss on swap contracts		(14,270	)	Net unrealized appreciation on swap contracts		749
			$	(12,402	)		$	923

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

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

6. Taxation and distributions

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

As of and during the period ended March 31, 2023, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any significant interest or penalties.

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

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

Distributions — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; cost of investments sold; 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.

32 American High-Income Trust

The components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of September 30, 2022, the components of distributable earnings on a tax basis were as follows (dollars in thousands):

Undistributed ordinary income	$	25,468
Capital loss carryforward1		(1,555,540	)
Post-October capital loss deferral2		(201,079	)

1	The capital loss carryforward will be used to offset any capital gains realized by the fund in the current year or in subsequent years. The fund will not make distributions from capital gains while a capital loss carryforward remains.
2	This deferral is considered incurred in the subsequent year.

As of March 31, 2023, the tax basis unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

Gross unrealized appreciation on investments	$	217,110
Gross unrealized depreciation on investments		(2,197,406	)
Net unrealized depreciation on investments		(1,980,296	)
Cost of investments		18,717,027

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

Share class	Six months ended March 31, 2023			Year ended September 30, 2022
Class A	$	309,319		$	523,071
Class C		6,239			11,439
Class T		—	3		—	3
Class F-1		8,642			15,774
Class F-2		59,302			91,492
Class F-3		32,142			51,182
Class 529-A		9,279			15,906
Class 529-C		276			539
Class 529-E		347			585
Class 529-T		—	3		1
Class 529-F-1		—	3		1
Class 529-F-2		1,070			1,788
Class 529-F-3		—	3		1
Class R-1		340			545
Class R-2		2,973			4,891
Class R-2E		193			298
Class R-3		3,978			6,830
Class R-4		3,506			6,029
Class R-5E		596			884
Class R-5		948			2,500
Class R-6		90,919			185,917
Total	$	530,069		$	919,673

³  Amount less than one thousand.

7. Fees and transactions with related parties

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

American High-Income Trust 33

Investment advisory services — The fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. At the beginning of the year, these fees were based on a series of decreasing annual rates beginning with 0.300% on the first $60 million of daily net assets and decreasing to 0.132% on such assets in excess of $21 billion. On March 6, 2023, the fund’s board of trustees approved an amended investment advisory and service agreement effective May 1, 2023, replacing the prior series of rates and breakpoints with a new series of decreasing annual rates beginning with 0.157% on the first $15 billion of daily net assets and decreasing to 0.132% on such assets in excess of $21 billion. The agreement also provides for monthly fees, accrued daily, based on a series of decreasing rates beginning with 3.00% on the first $8,333,333 of the fund’s monthly gross income and decreasing to 1.50% on such income in excess of $50,000,000. For the six months ended March 31, 2023, the investment advisory services fees were $23,919,000, which were equivalent to an annualized rate of 0.286% of average daily net assets.

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

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

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

For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These share classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limits are not exceeded. As of March 31, 2023, there were no unreimbursed expenses subject to reimbursement for Class A or 529-A shares.

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

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

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

34 American High-Income Trust

The quarterly fees are based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $75 billion. The fees for any given calendar quarter are accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. For the six months ended March 31, 2023, the 529 plan services fees were $107,000, which were equivalent to 0.061% of the average daily net assets of each 529 share class.

For the six months ended March 31, 2023, class-specific expenses under the agreements were as follows (dollars in thousands):

Share class	Distribution services		Transfer agent services			Administrative services			529 plan services
Class A		$12,350		$6,982			$1,485		Not applicable
Class C		1,122		161			34		Not applicable
Class T		—		—	*		—	*	Not applicable
Class F-1		340		216			42		Not applicable
Class F-2		Not applicable		921			272		Not applicable
Class F-3		Not applicable		5			145		Not applicable
Class 529-A		352		197			45		$91
Class 529-C		51		7			1		3
Class 529-E		29		3			2		3
Class 529-T		—		—	*		—	*	—	*
Class 529-F-1		—		—	*		—	*	—	*
Class 529-F-2		Not applicable		5			5		10
Class 529-F-3		Not applicable		—	*		—	*	—	*
Class R-1		61		7			2		Not applicable
Class R-2		403		190			16		Not applicable
Class R-2E		20		7			1		Not applicable
Class R-3		332		104			20		Not applicable
Class R-4		139		55			17		Not applicable
Class R-5E		Not applicable		14			3		Not applicable
Class R-5		Not applicable		8			4		Not applicable
Class R-6		Not applicable		15			411		Not applicable
Total class-specific expenses		$15,199		$8,897			$2,505		$107

* Amount less than one thousand.

Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Trustees’ compensation of $38,000 in the fund’s statement of operations reflects $30,000 in current fees (either paid in cash or deferred) and a net increase of $8,000 in the value of the deferred amounts.

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

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

Security transactions with related funds — The fund has sold investment securities to other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. Each transaction was executed at the current market price of the security and no brokerage commissions or fees were paid in accordance with Rule 17a-7 of the 1940 Act. During the six months ended March 31, 2023, the fund engaged in such sale transactions with related funds in the amount of $6,637,000, which generated $4,492,000 of net realized gains from such sales.

American High-Income Trust 35

Interfund lending — Pursuant to an exemptive order issued by the SEC, the fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the six months ended March 31, 2023.

8. Committed line of credit

The fund participates with other funds managed by CRMC (or funds managed by certain affiliates of CRMC) in a $1.5 billion credit facility (the “line of credit”) to be utilized for temporary purposes to support shareholder redemptions. The fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in the fund’s statement of operations. The fund did not borrow on this line of credit at any time during the six months ended March 31, 2023.

9. Indemnifications

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

10. Capital share transactions

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

	Sales*				Reinvestments of distributions						Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Six months ended March 31, 2023
Class A	$	481,491		52,685	$	298,061			32,619		$	(875,208	)		(96,026	)	$	(95,656	)		(10,722	)
Class C		16,647		1,822		6,020			659			(41,429	)		(4,542	)		(18,762	)		(2,061	)
Class T		—		—		—			—			—			—			—			—
Class F-1		133,848		14,696		8,242			902			(130,019	)		(14,272	)		12,071			1,326
Class F-2		554,626		60,747		56,040			6,132			(406,800	)		(44,577	)		203,866			22,302
Class F-3		280,245		30,768		31,437			3,440			(261,307	)		(28,653	)		50,375			5,555
Class 529-A		17,018		1,860		9,244			1,012			(27,019	)		(2,955	)		(757	)		(83	)
Class 529-C		957		105		275			30			(2,484	)		(272	)		(1,252	)		(137	)
Class 529-E		483		53		345			38			(1,264	)		(138	)		(436	)		(47	)
Class 529-T		—		—		—	†		—	†		—			—			—	†		—	†
Class 529-F-1		—		—		—	†		—	†		—			—			—	†		—	†
Class 529-F-2		3,749		412		1,063			116			(4,299	)		(471	)		513			57
Class 529-F-3		—		—		—	†		—	†		—			—			—	†		—	†
Class R-1		822		90		339			37			(1,341	)		(148	)		(180	)		(21	)
Class R-2		9,436		1,033		2,953			323			(13,037	)		(1,433	)		(648	)		(77	)
Class R-2E		1,166		129		193			21			(473	)		(52	)		886			98
Class R-3		14,065		1,539		3,944			432			(18,338	)		(2,011	)		(329	)		(40	)
Class R-4		13,871		1,518		3,484			381			(13,309	)		(1,459	)		4,046			440
Class R-5E		2,056		226		594			65			(1,321	)		(145	)		1,329			146
Class R-5		2,582		282		941			103			(3,804	)		(415	)		(281	)		(30	)
Class R-6		141,475		15,501		90,769			9,932			(151,379	)		(16,694	)		80,865			8,739
Total net increase (decrease)	$	1,674,537		183,466	$	513,944			56,242		$	(1,952,831	)		(214,263	)	$	235,650			25,445

Refer to the end of the tables for footnotes.

36 American High-Income Trust

	Sales*				Reinvestments of distributions					Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Year ended September 30, 2022
Class A	$	1,092,727		109,073	$	503,816		51,559		$	(1,587,874	)		(161,339	)	$	8,669			(707	)
Class C		41,310		4,126		11,009		1,124			(99,720	)		(10,107	)		(47,401	)		(4,857	)
Class T		—		—		—		—			—			—			—			—
Class F-1		199,247		20,391		15,058		1,533			(310,396	)		(31,344	)		(96,091	)		(9,420	)
Class F-2		799,547		81,166		86,723		8,873			(788,097	)		(80,098	)		98,173			9,941
Class F-3		698,630		69,445		49,909		5,104			(891,592	)		(88,409	)		(143,053	)		(13,860	)
Class 529-A		36,332		3,634		15,848		1,621			(60,667	)		(6,163	)		(8,487	)		(908	)
Class 529-C		2,960		294		536		55			(6,632	)		(667	)		(3,136	)		(318	)
Class 529-E		1,428		143		583		60			(2,516	)		(252	)		(505	)		(49	)
Class 529-T		—		—		1		—	†		—			—			1			—	†
Class 529-F-1		—		—		1		—	†		—			—			1			—	†
Class 529-F-2		6,535		651		1,779		182			(8,138	)		(817	)		176			16
Class 529-F-3		—		—		1		—	†		—			—			1			—	†
Class R-1		2,186		221		543		56			(2,767	)		(282	)		(38	)		(5	)
Class R-2		24,469		2,456		4,850		496			(37,633	)		(3,760	)		(8,314	)		(808	)
Class R-2E		2,402		241		297		30			(3,275	)		(329	)		(576	)		(58	)
Class R-3		32,214		3,232		6,764		692			(49,578	)		(4,990	)		(10,600	)		(1,066	)
Class R-4		26,446		2,623		5,999		613			(39,596	)		(4,011	)		(7,151	)		(775	)
Class R-5E		8,396		831		882		91			(3,739	)		(381	)		5,539			541
Class R-5		10,147		999		2,350		236			(60,889	)		(5,989	)		(48,392	)		(4,754	)
Class R-6		730,330		70,891		185,873		18,992			(1,209,450	)		(129,324	)		(293,247	)		(39,441	)
Total net increase (decrease)	$	3,715,306		370,417	$	892,822		91,317		$	(5,162,559	)		(528,262	)	$	(554,431	)		(66,528	)

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

11. Investment transactions

The fund engaged in purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $2,763,710,000 and $3,056,318,000, respectively, during the six months ended March 31, 2023.

American High-Income Trust 37

Financial highlights

			Income (loss) from investment operations1
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net assets value, end of year		Total return2,3			Net assets, end of year (in millions)			Ratio of expenses to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Ratio of net income to average net assets3
Class A:
3/31/20235,6	$	8.86	$	.28	$	.32		$	.60		$	(.28	)	$	9.18		6.87	%7	$	9,987			.72	%8		.72	%8		6.22	%8
9/30/2022		10.55		.48		(1.70	)		(1.22	)		(.47	)		8.86		(11.86	)		9,738			.68			.68			4.86
9/30/2021		9.63		.47		.95			1.42			(.50	)		10.55		15.05			11,600			.69			.69			4.61
9/30/2020		9.96		.58		(.33	)		.25			(.58	)		9.63		2.71			10,008			.73			.73			6.11
9/30/2019		10.25		.62		(.29	)		.33			(.62	)		9.96		3.39			10,428			.72			.72			6.14
9/30/2018		10.48		.61		(.25	)		.36			(.59	)		10.25		3.59			10,753			.69			.69			5.92
Class C:
3/31/20235,6		8.86		.25		.32			.57			(.25	)		9.18		6.48	7		221			1.46	8		1.46	8		5.48	8
9/30/2022		10.55		.41		(1.70	)		(1.29	)		(.40	)		8.86		(12.52	)		231			1.43			1.43			4.09
9/30/2021		9.63		.40		.95			1.35			(.43	)		10.55		14.22			326			1.43			1.43			3.89
9/30/2020		9.96		.52		(.34	)		.18			(.51	)		9.63		1.96			330			1.47			1.47			5.41
9/30/2019		10.25		.55		(.29	)		.26			(.55	)		9.96		2.61			521			1.48			1.48			5.38
9/30/2018		10.48		.53		(.25	)		.28			(.51	)		10.25		2.77			616			1.48			1.48			5.11
Class T:
3/31/20235,6		8.86		.30		.32			.62			(.30	)		9.18		7.01	7,9		—	10		.45	8,9		.45	8,9		6.47	8,9
9/30/2022		10.55		.51		(1.70	)		(1.19	)		(.50	)		8.86		(11.63	)9		—	10		.42	9		.42	9		5.12	9
9/30/2021		9.63		.50		.95			1.45			(.53	)		10.55		15.36	9		—	10		.43	9		.43	9		4.87	9
9/30/2020		9.96		.61		(.34	)		.27			(.60	)		9.63		2.97	9		—	10		.47	9		.47	9		6.37	9
9/30/2019		10.25		.65		(.29	)		.36			(.65	)		9.96		3.65	9		—	10		.47	9		.47	9		6.39	9
9/30/2018		10.48		.63		(.25	)		.38			(.61	)		10.25		3.82	9		—	10		.47	9		.47	9		6.13	9
Class F-1:
3/31/20235,6		8.86		.28		.32			.60			(.28	)		9.18		6.87	7		287			.73	8		.73	8		6.20	8
9/30/2022		10.55		.48		(1.70	)		(1.22	)		(.47	)		8.86		(11.88	)		265			.70			.70			4.79
9/30/2021		9.63		.47		.95			1.42			(.50	)		10.55		15.05			415			.70			.70			4.62
9/30/2020		9.96		.59		(.34	)		.25			(.58	)		9.63		2.71			401			.73			.73			6.11
9/30/2019		10.25		.62		(.29	)		.33			(.62	)		9.96		3.37			446			.74			.74			6.12
9/30/2018		10.48		.61		(.25	)		.36			(.59	)		10.25		3.54			481			.73			.73			5.86
Class F-2:
3/31/20235,6		8.86		.30		.32			.62			(.30	)		9.18		7.03	7		1,939			.43	8		.43	8		6.50	8
9/30/2022		10.55		.51		(1.70	)		(1.19	)		(.50	)		8.86		(11.62	)		1,674			.40			.40			5.14
9/30/2021		9.63		.50		.95			1.45			(.53	)		10.55		15.39			1,888			.40			.40			4.89
9/30/2020		9.96		.61		(.33	)		.28			(.61	)		9.63		3.00			1,368			.44			.44			6.38
9/30/2019		10.25		.65		(.29	)		.36			(.65	)		9.96		3.66			1,281			.46			.46			6.41
9/30/2018		10.48		.64		(.25	)		.39			(.62	)		10.25		3.82			1,155			.46			.46			6.15
Class F-3:
3/31/20235,6		8.86		.30		.32			.62			(.30	)		9.18		7.08	7		973			.33	8		.33	8		6.59	8
9/30/2022		10.55		.52		(1.70	)		(1.18	)		(.51	)		8.86		(11.52	)		890			.30			.30			5.23
9/30/2021		9.63		.51		.95			1.46			(.54	)		10.55		15.50			1,206			.30			.30			4.96
9/30/2020		9.96		.63		(.34	)		.29			(.62	)		9.63		3.11			595			.34			.34			6.48
9/30/2019		10.25		.66		(.29	)		.37			(.66	)		9.96		3.77			523			.36			.36			6.50
9/30/2018		10.48		.65		(.25	)		.40			(.63	)		10.25		3.93			437			.36			.36			6.26
Class 529-A:
3/31/20235,6		8.86		.28		.32			.60			(.28	)		9.18		6.85	7		303			.76	8		.76	8		6.18	8
9/30/2022		10.55		.48		(1.70	)		(1.22	)		(.47	)		8.86		(11.88	)		293			.71			.71			4.83
9/30/2021		9.63		.47		.95			1.42			(.50	)		10.55		15.03			358			.71			.71			4.59
9/30/2020		9.96		.58		(.33	)		.25			(.58	)		9.63		2.68			322			.76			.76			6.08
9/30/2019		10.25		.62		(.29	)		.33			(.62	)		9.96		3.34			317			.78			.78			6.08
9/30/2018		10.48		.60		(.25	)		.35			(.58	)		10.25		3.51			330			.77			.77			5.84

Refer to the end of the table for footnotes.

38 American High-Income Trust

Financial highlights (continued)

			Income (loss) from investment operations1
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net assets value, end of year		Total return2,3			Net assets, end of year (in millions)			Ratio of expenses to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Ratio of net income to average net assets3
Class 529-C:
3/31/20235,6	$	8.86	$	.25	$	.32		$	.57		$	(.25	)	$	9.18		6.45	%7	$	10			1.52	%8		1.52	%8		5.42	%8
9/30/2022		10.55		.40		(1.70	)		(1.30	)		(.39	)		8.86		(12.56	)		11			1.48			1.48			4.03
9/30/2021		9.63		.40		.95			1.35			(.43	)		10.55		14.19			16			1.45			1.45			3.87
9/30/2020		9.96		.50		(.33	)		.17			(.50	)		9.63		1.92			18			1.50			1.50			5.41
9/30/2019		10.25		.54		(.29	)		.25			(.54	)		9.96		2.58			53			1.51			1.51			5.35
9/30/2018		10.48		.53		(.25	)		.28			(.51	)		10.25		2.73			65			1.53			1.53			5.06
Class 529-E:
3/31/20235,6		8.86		.27		.32			.59			(.27	)		9.18		6.76	7		11			.94	8		.94	8		5.99	8
9/30/2022		10.55		.46		(1.70	)		(1.24	)		(.45	)		8.86		(12.06	)		11			.90			.90			4.64
9/30/2021		9.63		.45		.95			1.40			(.48	)		10.55		14.81			14			.90			.90			4.41
9/30/2020		9.96		.57		(.34	)		.23			(.56	)		9.63		2.50			14			.94			.94			5.91
9/30/2019		10.25		.60		(.29	)		.31			(.60	)		9.96		3.15			16			.96			.96			5.90
9/30/2018		10.48		.58		(.25	)		.33			(.56	)		10.25		3.31			16			.96			.96			5.64
Class 529-T:
3/31/20235,6		8.86		.29		.32			.61			(.29	)		9.18		6.98	7,9		—	10		.51	8,9		.51	8,9		6.41	8,9
9/30/2022		10.55		.50		(1.70	)		(1.20	)		(.49	)		8.86		(11.68	)9		—	10		.48	9		.48	9		5.07	9
9/30/2021		9.63		.50		.95			1.45			(.53	)		10.55		15.30	9		—	10		.48	9		.48	9		4.82	9
9/30/2020		9.96		.60		(.33	)		.27			(.60	)		9.63		2.92	9		—	10		.52	9		.52	9		6.30	9
9/30/2019		10.25		.64		(.29	)		.35			(.64	)		9.96		3.59	9		—	10		.53	9		.53	9		6.32	9
9/30/2018		10.48		.63		(.25	)		.38			(.61	)		10.25		3.76	9		—	10		.52	9		.52	9		6.08	9
Class 529-F-1:
3/31/20235,6		8.86		.29		.32			.61			(.29	)		9.18		6.96	7,9		—	10		.56	8,9		.56	8,9		6.37	8,9
9/30/2022		10.55		.50		(1.70	)		(1.20	)		(.49	)		8.86		(11.72	)9		—	10		.52	9		.52	9		5.03	9
9/30/2021		9.63		.49		.95			1.44			(.52	)		10.55		15.27	9		—	10		.49	9		.49	9		5.26	9
9/30/2020		9.96		.60		(.33	)		.27			(.60	)		9.63		2.92			31			.53			.53			6.31
9/30/2019		10.25		.64		(.29	)		.35			(.64	)		9.96		3.58			33			.54			.54			6.32
9/30/2018		10.48		.63		(.25	)		.38			(.61	)		10.25		3.75			29			.54			.54			6.07
Class 529-F-2:
3/31/20235,6		8.86		.30		.32			.62			(.30	)		9.18		7.03	7		33			.42	8		.42	8		6.51	8
9/30/2022		10.55		.51		(1.70	)		(1.19	)		(.50	)		8.86		(11.62	)		32			.41			.41			5.13
9/30/20215,11		9.62		.46		.95			1.41			(.48	)		10.55		14.92	7		38			.44	8		.44	8		4.82	8
Class 529-F-3:
3/31/20235,6		8.86		.30		.32			.62			(.30	)		9.18		7.04	7		—	10		.40	8		.40	8		6.53	8
9/30/2022		10.55		.51		(1.70	)		(1.19	)		(.50	)		8.86		(11.59	)		—	10		.37			.37			5.18
9/30/20215,11		9.62		.46		.96			1.42			(.49	)		10.55		14.99	7		—	10		.43	8		.37	8		4.90	8
Class R-1:
3/31/20235,6		8.86		.25		.32			.57			(.25	)		9.18		6.50	7		12			1.43	8		1.43	8		5.51	8
9/30/2022		10.55		.41		(1.70	)		(1.29	)		(.40	)		8.86		(12.50	)		12			1.41			1.41			4.14
9/30/2021		9.63		.40		.95			1.35			(.43	)		10.55		14.22			14			1.43			1.43			3.88
9/30/2020		9.96		.51		(.33	)		.18			(.51	)		9.63		1.94			12			1.49			1.49			5.37
9/30/2019		10.25		.55		(.29	)		.26			(.55	)		9.96		2.61			9			1.49			1.49			5.38
9/30/2018		10.48		.53		(.25	)		.28			(.51	)		10.25		2.77			11			1.48			1.48			5.12

Refer to the end of the table for footnotes.

American High-Income Trust 39

Financial highlights (continued)

			Income (loss) from investment operations1
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net assets value, end of year		Total return2,3			Net assets, end of year (in millions)		Ratio of expenses to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Ratio of net income to average net assets3
Class R-2:
3/31/20235,6	$	8.86	$	.25	$	.32		$	.57		$	(.25	)	$	9.18		6.50	%7	$	109		1.43	%8		1.43	%8		5.50	%8
9/30/2022		10.55		.41		(1.70	)		(1.29	)		(.40	)		8.86		(12.49	)		106		1.40			1.40			4.13
9/30/2021		9.63		.40		.95			1.35			(.43	)		10.55		14.25			135		1.40			1.40			3.91
9/30/2020		9.96		.52		(.34	)		.18			(.51	)		9.63		1.96			122		1.46			1.46			5.39
9/30/2019		10.25		.55		(.29	)		.26			(.55	)		9.96		2.63			143		1.46			1.46			5.40
9/30/2018		10.48		.53		(.25	)		.28			(.51	)		10.25		2.80			150		1.46			1.46			5.14
Class R-2E:
3/31/20235,6		8.86		.27		.32			.59			(.27	)		9.18		6.66	7		7		1.14	8		1.14	8		5.81	8
9/30/2022		10.55		.44		(1.70	)		(1.26	)		(.43	)		8.86		(12.24	)		6		1.11			1.11			4.42
9/30/2021		9.63		.43		.95			1.38			(.46	)		10.55		14.57			8		1.12			1.12			4.20
9/30/2020		9.96		.54		(.33	)		.21			(.54	)		9.63		2.26			8		1.17			1.17			5.68
9/30/2019		10.25		.58		(.29	)		.29			(.58	)		9.96		2.93			9		1.17			1.17			5.68
9/30/2018		10.48		.56		(.25	)		.31			(.54	)		10.25		3.09			7		1.18			1.18			5.44
Class R-3:
3/31/20235,6		8.86		.27		.32			.59			(.27	)		9.18		6.74	7		135		.99	8		.99	8		5.95	8
9/30/2022		10.55		.46		(1.70	)		(1.24	)		(.45	)		8.86		(12.10	)		131		.95			.95			4.58
9/30/2021		9.63		.45		.95			1.40			(.48	)		10.55		14.76			167		.96			.96			4.35
9/30/2020		9.96		.55		(.33	)		.22			(.55	)		9.63		2.43			142		1.00			1.00			5.85
9/30/2019		10.25		.59		(.29	)		.30			(.59	)		9.96		3.09			164		1.01			1.01			5.85
9/30/2018		10.48		.58		(.25	)		.33			(.56	)		10.25		3.26			175		1.01			1.01			5.60
Class R-4:
3/31/20235,6		8.86		.29		.32			.61			(.29	)		9.18		6.90	7		115		.68	8		.68	8		6.26	8
9/30/2022		10.55		.49		(1.70	)		(1.21	)		(.48	)		8.86		(11.83	)		107		.65			.65			4.89
9/30/2021		9.63		.48		.95			1.43			(.51	)		10.55		15.10			135		.65			.65			4.66
9/30/2020		9.96		.58		(.33	)		.25			(.58	)		9.63		2.75			120		.69			.69			6.16
9/30/2019		10.25		.63		(.29	)		.34			(.63	)		9.96		3.41			138		.71			.71			6.16
9/30/2018		10.48		.61		(.25	)		.36			(.59	)		10.25		3.57			138		.70			.70			5.90
Class R-5E:
3/31/20235,6		8.86		.29		.32			.61			(.29	)		9.18		7.00	7		19		.49	8		.49	8		6.45	8
9/30/2022		10.55		.51		(1.70	)		(1.19	)		(.50	)		8.86		(11.66	)		17		.45			.45			5.15
9/30/2021		9.63		.50		.95			1.45			(.53	)		10.55		15.33			15		.45			.45			4.85
9/30/2020		9.96		.60		(.33	)		.27			(.60	)		9.63		2.95			11		.49			.49			6.32
9/30/2019		10.25		.65		(.29	)		.36			(.65	)		9.96		3.62			8		.49			.49			6.35
9/30/2018		10.48		.63		(.25	)		.38			(.61	)		10.25		3.80			3		.48			.48			6.22
Class R-5:
3/31/20235,6		8.86		.30		.32			.62			(.30	)		9.18		7.05	7		29		.38	8		.38	8		6.55	8
9/30/2022		10.55		.51		(1.70	)		(1.19	)		(.50	)		8.86		(11.58	)		28		.36			.36			4.97
9/30/2021		9.63		.51		.95			1.46			(.54	)		10.55		15.44			84		.35			.35			4.95
9/30/2020		9.96		.62		(.34	)		.28			(.61	)		9.63		3.06			74		.39			.39			6.46
9/30/2019		10.25		.66		(.29	)		.37			(.66	)		9.96		3.72			79		.41			.41			6.46
9/30/2018		10.48		.64		(.25	)		.39			(.62	)		10.25		3.88			84		.40			.40			6.20
Class R-6:
3/31/20235,6		8.86		.30		.32			.62			(.30	)		9.18		7.08	7		2,834		.33	8		.33	8		6.61	8
9/30/2022		10.55		.52		(1.70	)		(1.18	)		(.51	)		8.86		(11.52	)		2,659		.30			.30			5.25
9/30/2021		9.63		.51		.95			1.46			(.54	)		10.55		15.50			3,581		.30			.30			5.01
9/30/2020		9.96		.63		(.34	)		.29			(.62	)		9.63		3.11			3,169		.33			.33			6.46
9/30/2019		10.25		.66		(.29	)		.37			(.66	)		9.96		3.78			2,301		.35			.35			6.51
9/30/2018		10.48		.65		(.25	)		.40			(.63	)		10.25		3.94			1,994		.35			.35			6.26

Refer to the end of the table for footnotes.

40 American High-Income Trust

Financial highlights (continued)

	Six months ended March 31, 20235,6,7		Year ended September 30,
			2022		2021		2020		2019		2018
Portfolio turnover rate for all share classes12		18%		40%		66%		75%		52%		62%

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

Refer to the notes to financial statements.

American High-Income Trust 41

Expense example unaudited

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (October 1, 2022, through March 31, 2023).

Actual expenses:

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

Hypothetical example for comparison purposes:

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

Notes:

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

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

42 American High-Income Trust

Expense example (continued)

	Beginning account value 10/1/2022		Ending account value 3/31/2023		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	1,068.74	$	3.71		.72	%
Class A – assumed 5% return		1,000.00		1,021.34		3.63		.72
Class C – actual return		1,000.00		1,064.84		7.52		1.46
Class C – assumed 5% return		1,000.00		1,017.65		7.34		1.46
Class T – actual return		1,000.00		1,070.13		2.32		.45
Class T – assumed 5% return		1,000.00		1,022.69		2.27		.45
Class F-1 – actual return		1,000.00		1,068.70		3.77		.73
Class F-1 – assumed 5% return		1,000.00		1,021.29		3.68		.73
Class F-2 – actual return		1,000.00		1,070.28		2.22		.43
Class F-2 – assumed 5% return		1,000.00		1,022.79		2.17		.43
Class F-3 – actual return		1,000.00		1,070.82		1.70		.33
Class F-3 – assumed 5% return		1,000.00		1,023.29		1.66		.33
Class 529-A – actual return		1,000.00		1,068.54		3.92		.76
Class 529-A – assumed 5% return		1,000.00		1,021.14		3.83		.76
Class 529-C – actual return		1,000.00		1,064.49		7.82		1.52
Class 529-C – assumed 5% return		1,000.00		1,017.35		7.64		1.52
Class 529-E – actual return		1,000.00		1,067.58		4.85		.94
Class 529-E – assumed 5% return		1,000.00		1,020.24		4.73		.94
Class 529-T – actual return		1,000.00		1,069.79		2.63		.51
Class 529-T – assumed 5% return		1,000.00		1,022.39		2.57		.51
Class 529-F-1 – actual return		1,000.00		1,069.58		2.89		.56
Class 529-F-1 – assumed 5% return		1,000.00		1,022.14		2.82		.56
Class 529-F-2 – actual return		1,000.00		1,070.31		2.17		.42
Class 529-F-2 – assumed 5% return		1,000.00		1,022.84		2.12		.42
Class 529-F-3 – actual return		1,000.00		1,070.42		2.06		.40
Class 529-F-3 – assumed 5% return		1,000.00		1,022.94		2.02		.40
Class R-1 – actual return		1,000.00		1,064.98		7.36		1.43
Class R-1 – assumed 5% return		1,000.00		1,017.80		7.19		1.43
Class R-2 – actual return		1,000.00		1,064.98		7.36		1.43
Class R-2 – assumed 5% return		1,000.00		1,017.80		7.19		1.43
Class R-2E – actual return		1,000.00		1,066.56		5.87		1.14
Class R-2E – assumed 5% return		1,000.00		1,019.25		5.74		1.14
Class R-3 – actual return		1,000.00		1,067.36		5.10		.99
Class R-3 – assumed 5% return		1,000.00		1,020.00		4.99		.99
Class R-4 – actual return		1,000.00		1,068.97		3.51		.68
Class R-4 – assumed 5% return		1,000.00		1,021.54		3.43		.68
Class R-5E – actual return		1,000.00		1,069.98		2.53		.49
Class R-5E – assumed 5% return		1,000.00		1,022.49		2.47		.49
Class R-5 – actual return		1,000.00		1,070.51		1.96		.38
Class R-5 – assumed 5% return		1,000.00		1,023.04		1.92		.38
Class R-6 – actual return		1,000.00		1,070.82		1.70		.33
Class R-6 – assumed 5% return		1,000.00		1,023.29		1.66		.33

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

American High-Income Trust 43

Approval of Investment Advisory and Service Agreement

The fund’s board has approved the continuation of the fund’s Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through April 30, 2024. The agreement was amended to lower the current fee schedule resulting in an overall lower advisory fee. The board approved the agreement following the recommendation of the fund’s Contracts Committee (the “committee”), which is composed of all the fund’s independent board members. The board and the committee determined in the exercise of their business judgment 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 their interactions with CRMC as well as information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each 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 CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which the fund’s assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; 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 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 considered the risks assumed by CRMC in providing services to the fund, including operational, business, financial, reputational, regulatory and litigation risks. 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 objective. They compared the fund’s investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which the fund is included) and data such as relevant market and fund indexes over various periods (including the fund’s lifetime) through September 30, 2022. They generally placed greater emphasis on investment results over longer term periods. On the basis of this evaluation and the board’s and the committee’s ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that the fund’s investment results have been satisfactory for renewal of the agreement, 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 generally compared favorably to those of other similar funds included in the comparable Lipper category. The board and the committee also considered 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 effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. 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, regulatory and market 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, as well as in relation to the risks assumed by the adviser in sponsoring and managing the fund, and that the fund’s shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by the fund.

44 American High-Income Trust

4. Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with the fund and 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 and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that CRMC bears the cost of third-party research. The board and committee also noted that CRMC benefitted from the use of commissions from portfolio transactions made on behalf of the fund to facilitate payment to certain broker-dealers for research to comply with regulatory requirements applicable to these firms, with all such amounts reimbursed by CRMC. 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 related cost allocation methodology as well as its track record of investing 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. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of a number of 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 and CRMC’s sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. 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.

American High-Income Trust 45

Liquidity Risk Management Program unaudited

The fund has adopted a liquidity risk management program (the “program”). The fund’s board has designated Capital Research and Management Company (“CRMC”) as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk Management Committee.

Under the program, CRMC manages the fund’s liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the fund. This risk is managed by monitoring the degree of liquidity of the fund’s investments, limiting the amount of the fund’s illiquid investments, and utilizing various risk management tools and facilities available to the fund for meeting shareholder redemptions, among other means. CRMC’s process of determining the degree of liquidity of the fund’s investments is supported by one or more third-party liquidity assessment vendors.

The fund’s board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2021, through September 30, 2022. No significant liquidity events impacting the fund were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing the fund’s liquidity risk.

46 American High-Income Trust

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American High-Income Trust 47

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48 American High-Income Trust

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American High-Income Trust 49

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50 American High-Income Trust

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American High-Income Trust 51

Office of the fund

333 South Hope Street
Los Angeles, CA 90071-1406

Investment adviser

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

Transfer agent for shareholder accounts

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

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

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

Custodian of assets

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

Counsel

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

Independent registered public accounting firm

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

Principal underwriter

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

52 American High-Income Trust

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

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

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

This report is for the information of shareholders of American High-Income Trust, but it also may be used as sales literature when preceded or accompanied by the current prospectus or summary prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after June 30, 2023, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

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

American Funds Distributors, Inc.

The Capital Advantage^®

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

Aligned with investor success We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. Our portfolio managers average 28 years of investment industry experience, including 22 years at our company, reflecting a career commitment to our long-term approach.1 The Capital System The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system. American Funds’ superior outcomes Equity-focused funds have beaten their Lipper peer indexes in 90% of 10-year periods and 99% of 20-year periods.2 Relative to their peers, our fixed income funds have helped investors achieve better diversification through attention to correlation between bonds and equities.3 Fund management fees have been among the lowest in the industry.4
1	Investment industry experience as of December 31, 2022.
2	Based on Class F-2 share results for rolling monthly 10- and 20-year periods starting with the first 10- or 20-year period after each mutual fund’s inception through December 31, 2022. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date (except Capital Income Builder and SMALLCAP World Fund, for which the Lipper average was used). Expenses differ for each share class, so results will vary. Past results are not predictive of results in future periods.
3	Based on Class F-2 share results as of December 31, 2022. Sixteen of the 18 fixed income American Funds that have been in existence for the three-year period showed a three-year correlation lower than their respective Morningstar peer group averages. S&P 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.
4	On average, our mutual fund management fees were in the lowest quintile 62% of the time, based on the 20-year period ended December 31, 2022, versus comparable Lipper categories, excluding funds of funds.

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

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

 

ITEM 2 – Code of Ethics

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

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

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

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

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

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

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

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

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

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

ITEM 11 – Controls and Procedures

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

ITEM 12 – Exhibits

(a)(1)	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/ Kristine M. Nishiyama____________________

Kristine M. Nishiyama,

Principal Executive Officer

Date: May 31, 2023

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

By __/s/ Kristine M. Nishiyama_________________

Kristine M. Nishiyama,

Principal Executive Officer

Date: May 31, 2023

By ___/s/ Becky L. Park    __________

Becky L. Park, Treasurer and

Principal Financial Officer

Date: May 31, 2023