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, 2024

Becky L. Park

American High-Income Trust

6455 Irvine Center Drive

Irvine, California 92618

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

American High-Income Trust^®   Semi-annual report
for the six months ended
March 31, 2024

Pursue sustainable
income over time

The Securities and Exchange Commission has adopted new regulations that will change the content and design of annual and semi-annual shareholder reports beginning in July 2024. Certain types of information, including investment portfolio and financial statements, will not be included in the shareholder reports but will be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications from the fund electronically, you may update your mailing preferences with your financial intermediary or enroll in e-delivery at capitalgroup.com (for accounts held directly with the fund).

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, 2024:

	1 year			5 years			10 years
Class F-2 shares		11.74	%		4.98	%		4.35	%
Class A shares (reflecting 3.75% maximum sales charge)		7.21			3.90			3.68

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

The total annual fund operating expense ratios were 0.43% for Class F-2 shares and 0.72% for Class A shares as of the prospectus dated December 1, 2023.

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, 2024, calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula, was 7.01% for Class F-2 shares and 6.46% for Class A shares. The fund’s 12-month distribution rate as of that date was 6.72% for Class F-2 shares and 6.20% 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, 2024, 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
22	Financial statements
26	Notes to financial statements
40	Financial highlights

Results at a glance

For periods ended March 31, 2024, 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		9.65	%		11.74	%		4.98	%		4.35	%		7.55	%
American High-Income Trust (Class A shares)		9.49			11.41			4.68			4.08			7.31
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index2		8.73			11.15			4.19			4.44			7.65
Lipper High Yield Funds Average3		8.22			10.27			3.71			3.60			6.82

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, 2024	unaudited
Portfolio by type of security	Percent of net assets

Bonds, notes & other debt instruments 87.05%	Principal amount (000)		Value (000)
Corporate bonds, notes & loans 86.45%
Energy 14.44%
3R Lux SARL 9.75% 2/5/20311	USD	11,370	$	11,908
Aethon United BR, LP 8.25% 2/15/20261		9,500		9,618
Antero Midstream Partners, LP 5.375% 6/15/20291		10,095		9,717
Antero Resources Corp. 7.625% 2/1/20291		4,356		4,477
Antero Resources Corp. 5.375% 3/1/20301		4,600		4,422
Apache Corp. 4.625% 11/15/2025		5,540		5,355
Apache Corp. 5.10% 9/1/2040		13,635		11,710
Apache Corp. 4.75% 4/15/2043		3,015		2,379
Ascent Resources Utica Holdings, LLC 7.00% 11/1/20261		38,410		38,533
Ascent Resources Utica Holdings, LLC 9.00% 11/1/20271		3,830		4,836
Ascent Resources Utica Holdings, LLC 8.25% 12/31/20281		4,042		4,155
Ascent Resources Utica Holdings, LLC 5.875% 6/30/20291		26,735		25,515
Baytex Energy Corp. 8.50% 4/30/20301		10,440		10,911
Baytex Energy Corp. 7.375% 3/15/20321		41,905		42,362
BIP-V Chinook Holdco, LLC 5.50% 6/15/20311		25,330		23,960
Blue Racer Midstream, LLC 7.625% 12/15/20251		9,754		9,815
Borr IHC, Ltd. 10.00% 11/15/20281		58,568		61,161
Borr IHC, Ltd. 10.375% 11/15/20301		16,325		17,060
California Resources Corp. 7.125% 2/1/20261		6,275		6,316
Callon Petroleum Co. 7.50% 6/15/20301		31,857		33,788
Cenovus Energy, Inc. 5.375% 7/15/2025		204		203
Cenovus Energy, Inc. 4.25% 4/15/2027		390		380
Cenovus Energy, Inc. 5.25% 6/15/2037		151		145
Cenovus Energy, Inc. 5.40% 6/15/2047		232		219
Cheniere Energy Partners, LP 4.50% 10/1/2029		618		589
Cheniere Energy, Inc. 4.625% 10/15/2028		20,199		19,591
Chesapeake Energy Corp. 5.75% 3/15/20232		1,730		39
Chesapeake Energy Corp. 5.50% 2/1/20261		15,875		15,784
Chesapeake Energy Corp. 5.875% 2/1/20291		41,690		41,384
Chesapeake Energy Corp. 6.75% 4/15/20291		14,610		14,778
Chord Energy Corp. 6.375% 6/1/20261		2,865		2,879
CITGO Petroleum Corp. 6.375% 6/15/20261		11,000		11,041
CITGO Petroleum Corp. 8.375% 1/15/20291		29,970		31,514
Civitas Resources, Inc. 5.00% 10/15/20261		17,860		17,475
Civitas Resources, Inc. 8.375% 7/1/20281		10,415		10,977
Civitas Resources, Inc. 8.625% 11/1/20301		16,405		17,627
Civitas Resources, Inc. 8.75% 7/1/20311		65,373		70,035
CNX Midstream Partners, LP 4.75% 4/15/20301		5,745		5,125
CNX Resources Corp. 6.00% 1/15/20291		28,863		28,287
CNX Resources Corp. 7.375% 1/15/20311		18,926		19,291
CNX Resources Corp. 7.25% 3/1/20321		20,975		21,342
Comstock Resources, Inc. 6.75% 3/1/20291		15,215		14,523
Comstock Resources, Inc. 5.875% 1/15/20301		31,980		28,990
Constellation Oil Services Holding SA 13.50% 6/30/20251,3		4,866		4,866
Constellation Oil Services Holding SA 3.00% Cash 12/31/20264		47,404		38,009

2 American High-Income Trust

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Continental Resources, Inc. 5.75% 1/15/20311	USD	7,250	$	7,211
Crescent Energy Finance, LLC 9.25% 2/15/20281		42,981		45,419
Crescent Energy Finance, LLC 7.625% 4/1/20321		28,840		29,083
Delek Logistics Partners, LP 8.625% 3/15/20291		8,050		8,226
Devon Energy Corp. 5.875% 6/15/2028		2,830		2,845
Devon Energy Corp. 4.50% 1/15/2030		10,040		9,684
Diamond Foreign Asset Co. 8.50% 10/1/20301		7,845		8,285
DT Midstream, Inc. 4.125% 6/15/20291		26,695		24,566
DT Midstream, Inc. 4.375% 6/15/20311		7,241		6,563
Ecopetrol SA 8.375% 1/19/2036		6,860		6,929
Encino Acquisition Partners Holdings, LLC 8.50% 5/1/20281		7,769		7,859
Energean Israel Finance, Ltd. 5.875% 3/30/20311		22,830		20,073
Energy Transfer, LP 6.00% 2/1/20291		1,500		1,514
Energy Transfer, LP 8.00% 4/1/20291		7,200		7,485
Energy Transfer, LP 7.375% 2/1/20311		377		395
EQM Midstream Partners, LP 4.125% 12/1/2026		1,987		1,912
EQM Midstream Partners, LP 7.50% 6/1/20271		5,031		5,163
EQM Midstream Partners, LP 6.50% 7/1/20271		23,510		23,739
EQM Midstream Partners, LP 5.50% 7/15/2028		15,301		15,102
EQM Midstream Partners, LP 4.50% 1/15/20291		16,210		15,214
EQM Midstream Partners, LP 6.375% 4/1/20291		4,000		4,032
EQM Midstream Partners, LP 7.50% 6/1/20301		7,428		7,947
EQM Midstream Partners, LP 4.75% 1/15/20311		34,178		31,816
EQM Midstream Partners, LP 6.50% 7/15/2048		23,953		24,042
EQT Corp. 5.00% 1/15/2029		3,925		3,849
EQT Corp. 3.625% 5/15/20311		6,515		5,739
Genesis Energy, LP 6.25% 5/15/2026		6,115		6,081
Genesis Energy, LP 8.00% 1/15/2027		66,354		67,185
Genesis Energy, LP 7.75% 2/1/2028		10,055		10,113
Genesis Energy, LP 8.25% 1/15/2029		32,535		33,428
Genesis Energy, LP 8.875% 4/15/2030		23,828		24,961
Global Partners, LP 6.875% 1/15/2029		2,950		2,929
Global Partners, LP 8.25% 1/15/20321		13,875		14,398
Harbour Energy PLC 5.50% 10/15/20261		32,030		31,294
Harvest Midstream I, LP 7.50% 9/1/20281		35,517		36,043
Hess Midstream Operations, LP 5.125% 6/15/20281		6,390		6,188
Hess Midstream Operations, LP 4.25% 2/15/20301		28,875		26,559
Hess Midstream Operations, LP 5.50% 10/15/20301		9,470		9,184
Hilcorp Energy I, LP 6.25% 11/1/20281		3,515		3,514
Hilcorp Energy I, LP 5.75% 2/1/20291		19,025		18,548
Hilcorp Energy I, LP 6.00% 4/15/20301		18,338		17,972
Hilcorp Energy I, LP 6.00% 2/1/20311		24,212		23,633
Hilcorp Energy I, LP 6.25% 4/15/20321		20,585		20,318
Hilcorp Energy I, LP 8.375% 11/1/20331		48,631		52,765
Jonah Energy, LLC 12.00% 11/5/20253		16,449		16,449
Kodiak Gas Services, LLC 7.25% 2/15/20291		15,320		15,615
Matador Resources Co. 6.875% 4/15/20281		8,675		8,882
Matador Resources Co. 6.50% 4/15/20321		21,615		21,668
MEG Energy Corp. 5.875% 2/1/20291		5,730		5,635
Mesquite Energy, Inc. 7.25% 2/15/20231,2		22,796		1,596
Murphy Oil Corp. 6.375% 7/15/2028		4,682		4,717
Murphy Oil USA, Inc. 3.75% 2/15/20311		21,480		18,779
Nabors Industries, Inc. 7.375% 5/15/20271		31,805		31,772
Nabors Industries, Inc. 9.125% 1/31/20301		29,060		30,237
Nabors Industries, Ltd. 7.25% 1/15/20261		10,380		10,323
Neptune Energy Bondco PLC 6.625% 5/15/20251		16,325		16,335
New Fortress Energy, Inc. 6.75% 9/15/20251		19,362		19,248
New Fortress Energy, Inc. 6.50% 9/30/20261		114,673		110,483
New Fortress Energy, Inc. 8.75% 3/15/20291		57,015		56,848
New Fortress Energy, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 10.317% 10/30/20285,6		6,189		6,218
NGL Energy Operating, LLC 8.125% 2/15/20291		25,045		25,667
NGL Energy Operating, LLC 8.375% 2/15/20321		49,525		50,801
NGL Energy Partners, LP 7.50% 4/15/2026		21,750		21,762
NGPL PipeCo, LLC 4.875% 8/15/20271		1,010		986
Noble Finance II, LLC 8.00% 4/15/20301		2,925		3,049
Northern Oil and Gas, Inc. 8.125% 3/1/20281		38,230		38,831

American High-Income Trust 3

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Northern Oil and Gas, Inc. 8.75% 6/15/20311	USD	16,655	$	17,608
NuStar Logistics, LP 6.00% 6/1/2026		6,129		6,106
Occidental Petroleum Corp. 8.875% 7/15/2030		7,875		9,156
Occidental Petroleum Corp. 6.125% 1/1/2031		1,000		1,037
Occidental Petroleum Corp. 6.45% 9/15/2036		625		667
Occidental Petroleum Corp. 4.20% 3/15/2048		2,543		1,967
Parkland Corp. 4.625% 5/1/20301		7,220		6,662
PDC Energy, Inc. 5.75% 5/15/2026		12,000		11,987
Permian Resources Operating, LLC 6.875% 4/1/20271		7,097		7,104
Permian Resources Operating, LLC 8.00% 4/15/20271		1,190		1,226
Permian Resources Operating, LLC 5.875% 7/1/20291		1,375		1,353
Permian Resources Operating, LLC 9.875% 7/15/20311		35,710		39,819
Permian Resources Operating, LLC 7.00% 1/15/20321		19,090		19,817
Petroleos Mexicanos 6.875% 10/16/2025		6,200		6,128
Petroleos Mexicanos 6.875% 8/4/2026		5,000		4,856
Petroleos Mexicanos 8.75% 6/2/2029		14,137		13,795
Range Resources Corp. 4.875% 5/15/2025		5,803		5,768
Range Resources Corp. 8.25% 1/15/2029		10,550		10,981
Range Resources Corp. 4.75% 2/15/20301		18,892		17,630
Rockies Express Pipeline, LLC 4.95% 7/15/20291		7,011		6,558
Seadrill Finance, Ltd. 8.375% 8/1/20301		14,905		15,651
SM Energy Co. 6.50% 7/15/2028		2,910		2,925
Southwestern Energy Co. 5.70% 1/23/20257		5,630		5,607
Southwestern Energy Co. 8.375% 9/15/2028		8,875		9,232
Southwestern Energy Co. 5.375% 3/15/2030		28,845		27,789
Southwestern Energy Co. 4.75% 2/1/2032		13,055		12,028
Suburban Propane Partners, LP 5.00% 6/1/20311		4,610		4,206
Sunoco, LP 6.00% 4/15/2027		12,591		12,550
Sunoco, LP 5.875% 3/15/2028		4,885		4,842
Sunoco, LP 7.00% 9/15/20281		34,975		35,766
Sunoco, LP 4.50% 5/15/2029		38,080		35,431
Sunoco, LP 4.50% 4/30/2030		40,575		37,191
Superior Plus, LP 4.50% 3/15/20291		6,485		6,001
Tallgrass Energy Partners, LP 7.50% 10/1/20251		2,535		2,553
Talos Production, Inc. 9.00% 2/1/20291		20,510		21,796
Talos Production, Inc. 9.375% 2/1/20311		23,035		24,575
Targa Resources Partners, LP 6.50% 7/15/2027		4,322		4,373
Targa Resources Partners, LP 6.875% 1/15/2029		18,530		19,078
Targa Resources Partners, LP 5.50% 3/1/2030		6,906		6,878
Targa Resources Partners, LP 4.875% 2/1/2031		13,835		13,257
Transocean Aquila, Ltd. 8.00% 9/30/20281		8,310		8,553
Transocean Poseidon, Ltd. 6.875% 2/1/20271		9,686		9,704
Transocean Titan Financing, Ltd. 8.375% 2/1/20281		24,931		26,042
Transocean, Inc. 11.50% 1/30/20271		5,405		5,637
Transocean, Inc. 8.75% 2/15/20301		13,865		14,466
Transocean, Inc. 6.80% 3/15/2038		10,600		8,905
USA Compression Partners, LP 6.875% 4/1/2026		7,736		7,734
USA Compression Partners, LP 6.875% 9/1/2027		2,403		2,410
USA Compression Partners, LP 7.125% 3/15/20291		15,380		15,581
Valaris, Ltd. 8.375% 4/30/20301		8,000		8,259
Venture Global Calcasieu Pass, LLC 3.875% 8/15/20291		28,325		25,522
Venture Global Calcasieu Pass, LLC 6.25% 1/15/20301		3,784		3,810
Venture Global Calcasieu Pass, LLC 4.125% 8/15/20311		47,040		41,863
Venture Global Calcasieu Pass, LLC 3.875% 11/1/20331		23,430		19,924
Venture Global LNG, Inc. 8.125% 6/1/20281		14,650		14,955
Venture Global LNG, Inc. 9.50% 2/1/20291		8,775		9,464
Venture Global LNG, Inc. 8.375% 6/1/20311		20,220		20,865
Vital Energy, Inc. 9.75% 10/15/2030		19,475		21,314
Vital Energy, Inc. 7.875% 4/15/20321		16,055		16,322
W&T Offshore, Inc. 11.75% 2/1/20261		7,100		7,383
Weatherford International, Ltd. 8.625% 4/30/20301		72,731		75,989
Western Midstream Operating, LP 3.10% 2/1/20257		4,955		4,851
Western Midstream Operating, LP 4.50% 3/1/2028		340		329
Western Midstream Operating, LP 5.25% 2/1/20507		5,500		4,923
				2,865,556

4 American High-Income Trust

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services 11.84%
Altice France Holding SA 10.50% 5/15/20271	USD	22,035	$	8,265
Altice France SA 5.125% 7/15/20291		53,921		36,510
Altice France SA 5.50% 10/15/20291		6,794		4,619
América Móvil, SAB de CV 10.125% 1/22/2029	MXN	129,800		7,803
CCO Holdings, LLC 5.50% 5/1/20261	USD	2,094		2,063
CCO Holdings, LLC 5.125% 5/1/20271		9,878		9,418
CCO Holdings, LLC 5.00% 2/1/20281		25,249		23,521
CCO Holdings, LLC 5.375% 6/1/20291		7,126		6,529
CCO Holdings, LLC 6.375% 9/1/20291		4,400		4,177
CCO Holdings, LLC 4.75% 3/1/20301		62,543		53,741
CCO Holdings, LLC 4.50% 8/15/20301		56,879		47,703
CCO Holdings, LLC 4.25% 2/1/20311		42,647		34,854
CCO Holdings, LLC 4.75% 2/1/20321		38,551		31,500
CCO Holdings, LLC 4.50% 5/1/2032		56,859		45,729
CCO Holdings, LLC 4.50% 6/1/20331		46,733		36,545
CCO Holdings, LLC 4.25% 1/15/20341		60,600		45,797
Charter Communications Operating, LLC 5.25% 4/1/2053		10,825		8,583
Clear Channel Outdoor Holdings, Inc. 7.75% 4/15/20281		11,000		9,643
Clear Channel Outdoor Holdings, Inc. 7.50% 6/1/20291		5,000		4,140
Cogent Communications Group, Inc. 3.50% 5/1/20261		8,445		8,045
Connect Finco SARL 6.75% 10/1/20261		66,725		65,454
Consolidated Communications, Inc. 5.00% 10/1/20281		14,350		11,974
CSC Holdings, LLC 5.50% 4/15/20271		2,700		2,418
CSC Holdings, LLC 5.375% 2/1/20281		2,425		2,088
CSC Holdings, LLC 11.75% 1/31/20291		6,850		6,865
CSC Holdings, LLC 6.50% 2/1/20291		10,000		8,482
CSC Holdings, LLC 3.375% 2/15/20311		11,375		7,741
CSC Holdings, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.50%) 9.825% 1/18/20285,6		25,450		24,535
Diamond Sports Group, LLC 5.375% 8/15/20261,2		9,835		277
Diamond Sports Group, LLC 6.625% 8/15/20271,2		18,432		518
Diamond Sports Group, LLC, Term Loan, 5.00% PIK and 5.00% Cash 12/2/20244,5		1,564		2,599
DIRECTV Financing, LLC 5.875% 8/15/20271		59,475		56,303
DIRECTV Financing, LLC 8.875% 2/1/20301		7,075		7,065
DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.00%) 10.445% 8/2/20275,6		12,563		12,630
DISH DBS Corp. 5.875% 11/15/2024		245,395		235,326
DISH DBS Corp. 7.75% 7/1/2026		22,235		14,906
DISH DBS Corp. 5.25% 12/1/20261		4,575		3,611
DISH Network Corp. 11.75% 11/15/20271		125,195		127,938
Embarq Corp. 7.995% 6/1/2036		85,901		46,765
Frontier Communications Holdings, LLC 5.875% 10/15/20271		20,695		20,052
Frontier Communications Holdings, LLC 5.00% 5/1/20281		66,465		61,742
Frontier Communications Holdings, LLC 6.75% 5/1/20291		72,033		64,274
Frontier Communications Holdings, LLC 5.875% 11/1/2029		11,907		10,074
Frontier Communications Holdings, LLC 6.00% 1/15/20301		33,185		28,145
Frontier Communications Holdings, LLC 8.75% 5/15/20301		8,675		8,884
Frontier Communications Holdings, LLC 8.625% 3/15/20311		4,000		4,089
Gray Television, Inc. 5.875% 7/15/20261		44,880		43,736
Gray Television, Inc. 7.00% 5/15/20271		47,949		44,633
Gray Television, Inc. 4.75% 10/15/20301		12,985		8,526
Gray Television, Inc. 5.375% 11/15/20311		54,605		35,858
iHeartCommunications, Inc. 6.375% 5/1/2026		236		201
iHeartCommunications, Inc. 8.375% 5/1/2027		427		239
iHeartCommunications, Inc. 5.25% 8/15/20271		11,310		8,241
iHeartCommunications, Inc. 4.75% 1/15/20281		5,000		3,516
Intelsat Jackson Holdings SA 6.50% 3/15/20301		51,332		47,819
Lamar Media Corp. 3.75% 2/15/2028		2,567		2,400
Lamar Media Corp. 4.875% 1/15/2029		3,600		3,472
Lamar Media Corp. 3.625% 1/15/2031		10,350		9,089
Level 3 Financing, Inc. 3.75% 7/15/20291		11,500		5,175
Ligado Networks, LLC 15.50% PIK 11/11/20231,2,4		52,957		8,076
Ligado Networks, LLC, Term Loan, 17.50% PIK 11/11/20232,3,4,5		4,650		4,417
Live Nation Entertainment, Inc. 4.75% 10/15/20271		10,235		9,779
Live Nation Entertainment, Inc. 3.75% 1/15/20281		5,605		5,199
Merlin Entertainments Group U.S. Holdings, Inc. 7.375% 2/15/20311		11,790		11,889
Midas OpCo Holdings, LLC 5.625% 8/15/20291		42,330		38,475

American High-Income Trust 5

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
Netflix, Inc. 4.875% 4/15/2028	USD	6,190	$	6,183
News Corp. 3.875% 5/15/20291		28,750		26,315
Nexstar Media, Inc. 5.625% 7/15/20271		11,995		11,515
Nexstar Media, Inc. 4.75% 11/1/20281		67,381		61,460
OUTFRONT Media Capital, LLC 4.625% 3/15/20301		60		54
Scripps Escrow II, Inc. 3.875% 1/15/20291		14,018		11,161
Sirius XM Radio, Inc. 3.125% 9/1/20261		29,505		27,662
Sirius XM Radio, Inc. 5.00% 8/1/20271		4,800		4,621
Sirius XM Radio, Inc. 4.00% 7/15/20281		61,375		56,191
Sirius XM Radio, Inc. 5.50% 7/1/20291		10,490		9,999
Sirius XM Radio, Inc. 4.125% 7/1/20301		35,870		31,379
Sirius XM Radio, Inc. 3.875% 9/1/20311		89,246		74,475
Sprint Capital Corp. 6.875% 11/15/2028		6,365		6,788
Sprint Capital Corp. 8.75% 3/15/2032		17,147		20,804
Sprint, LLC 7.625% 3/1/2026		9,450		9,769
TEGNA, Inc. 5.00% 9/15/2029		8,337		7,481
T-Mobile USA, Inc. 3.375% 4/15/2029		15,950		14,764
Univision Communications, Inc. 6.625% 6/1/20271		83,970		82,200
Univision Communications, Inc. 8.00% 8/15/20281		55,765		56,848
Univision Communications, Inc. 4.50% 5/1/20291		96,800		86,591
Univision Communications, Inc. 7.375% 6/30/20301		48,128		47,631
Univision Communications, Inc., Term Loan, (3-month USD CME Term SOFR + 4.25%) 9.559% 6/24/20295,6		1,224		1,228
UPC Broadband Finco BV 4.875% 7/15/20311		4,870		4,351
Virgin Media Secured Finance PLC 4.50% 8/15/20301		19,230		16,598
VMED O2 UK Financing I PLC 4.25% 1/31/20311		49,120		41,634
VZ Secured Financing BV 5.00% 1/15/20321		11,580		9,954
WMG Acquisition Corp. 3.75% 12/1/20291		29,563		26,513
WMG Acquisition Corp. 3.875% 7/15/20301		12,507		11,089
WMG Acquisition Corp. 3.00% 2/15/20311		4,050		3,446
Ziggo Bond Co. BV 5.125% 2/28/20301		5,457		4,677
Ziggo BV 4.875% 1/15/20301		24,435		21,951
				2,350,012
Consumer discretionary 10.51%
Acushnet Co. 7.375% 10/15/20281		2,960		3,070
Advance Auto Parts, Inc. 1.75% 10/1/2027		4,304		3,758
Advance Auto Parts, Inc. 5.95% 3/9/2028		37,341		37,355
Advance Auto Parts, Inc. 3.90% 4/15/2030		28,552		25,910
Advance Auto Parts, Inc. 3.50% 3/15/2032		15,671		13,446
Allied Universal Holdco, LLC 9.75% 7/15/20271		16,202		16,269
Allied Universal Holdco, LLC 4.625% 6/1/20281		4,940		4,517
Allied Universal Holdco, LLC 6.00% 6/1/20291		33,688		29,024
Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/20291		39,247		40,420
Asbury Automotive Group, Inc. 4.625% 11/15/20291		24,710		22,828
Asbury Automotive Group, Inc. 5.00% 2/15/20321		23,915		21,686
Bath & Body Works, Inc. 6.625% 10/1/20301		3,610		3,691
Bath & Body Works, Inc. 6.875% 11/1/2035		24,193		24,758
Bath & Body Works, Inc. 6.75% 7/1/2036		17,700		17,891
Boyd Gaming Corp. 4.75% 12/1/2027		8,389		8,097
Boyd Gaming Corp. 4.75% 6/15/20311		6,005		5,524
Boyne USA, Inc. 4.75% 5/15/20291		12,285		11,396
Caesars Entertainment, Inc. 8.125% 7/1/20271		11,525		11,811
Caesars Entertainment, Inc. 4.625% 10/15/20291		62,175		56,745
Caesars Entertainment, Inc. 7.00% 2/15/20301		19,345		19,869
Caesars Entertainment, Inc. 6.50% 2/15/20321		22,045		22,253
Carnival Corp. 7.625% 3/1/20261		450		456
Carnival Corp. 5.75% 3/1/20271		36,075		35,727
Carnival Corp. 4.00% 8/1/20281		55,915		52,122
Carnival Corp. 6.00% 5/1/20291		97,774		96,536
Carnival Corp. 7.00% 8/15/20291		9,320		9,728
Carnival Corp. 10.50% 6/1/20301		31,023		33,955
Carvana Co. 12.00% PIK 12/1/20281,4		12,973		12,696
Clarios Global, LP 6.25% 5/15/20261		3,667		3,668
Clarios Global, LP 8.50% 5/15/20271		6,825		6,848
Dana, Inc. 4.50% 2/15/2032		4,400		3,806
Fertitta Entertainment, LLC 4.625% 1/15/20291		19,880		18,249

6 American High-Income Trust

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Fertitta Entertainment, LLC 6.75% 1/15/20301	USD	43,288	$	38,904
First Student Bidco, Inc. 4.00% 7/31/20291		24,840		22,040
First Student Bidco, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.00%) 8.563% 7/21/20285,6		5,706		5,706
First Student Bidco, Inc., Term Loan C, (3-month USD CME Term SOFR + 3.00%) 8.563% 7/21/20285,6		1,671		1,671
Ford Motor Co. 3.25% 2/12/2032		4,490		3,737
Ford Motor Co. 6.10% 8/19/2032		12,465		12,639
Ford Motor Credit Co., LLC 3.664% 9/8/2024		1,438		1,424
Ford Motor Credit Co., LLC 2.30% 2/10/2025		2,000		1,940
Ford Motor Credit Co., LLC 5.125% 6/16/2025		2,000		1,983
Ford Motor Credit Co., LLC 3.375% 11/13/2025		11,000		10,588
Ford Motor Credit Co., LLC 6.95% 6/10/2026		18,050		18,447
Ford Motor Credit Co., LLC 2.70% 8/10/2026		4,927		4,594
Ford Motor Credit Co., LLC 4.271% 1/9/2027		7,000		6,737
Ford Motor Credit Co., LLC 6.80% 5/12/2028		11,960		12,432
Ford Motor Credit Co., LLC 5.113% 5/3/2029		5,615		5,454
Ford Motor Credit Co., LLC 7.20% 6/10/2030		8,900		9,452
Ford Motor Credit Co., LLC 4.00% 11/13/2030		16,188		14,466
Ford Motor Credit Co., LLC 7.122% 11/7/2033		21,774		23,443
Gap, Inc. 3.625% 10/1/20291		3,225		2,828
Gap, Inc. 3.875% 10/1/20311		2,148		1,819
Group 1 Automotive, Inc. 4.00% 8/15/20281		7,380		6,808
Hanesbrands, Inc. 4.875% 5/15/20261		17,698		17,243
Hanesbrands, Inc. 9.00% 2/15/20311		41,117		42,278
Hanesbrands, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 9.08% 3/8/20305,6		23,418		23,440
Hilton Domestic Operating Co., Inc. 4.875% 1/15/2030		8,287		7,951
Hilton Domestic Operating Co., Inc. 4.00% 5/1/20311		20,465		18,311
Hilton Grand Vacations Borrower, LLC 5.00% 6/1/20291		10,880		10,155
International Game Technology PLC 6.50% 2/15/20251		4,385		4,402
International Game Technology PLC 4.125% 4/15/20261		6,110		5,927
International Game Technology PLC 5.25% 1/15/20291		37,462		36,226
Jacobs Entertainment, Inc. 6.75% 2/15/20291		6,380		6,203
KB Home 6.875% 6/15/2027		6,170		6,382
KB Home 7.25% 7/15/2030		6,770		7,014
Kontoor Brands, Inc. 4.125% 11/15/20291		6,770		6,083
LCM Investments Holdings II, LLC 4.875% 5/1/20291		104,074		95,764
LCM Investments Holdings II, LLC 8.25% 8/1/20311		53,270		55,772
Levi Strauss & Co. 3.50% 3/1/20311		17,575		15,433
LGI Homes, Inc. 8.75% 12/15/20281		9,550		10,083
Light and Wonder International, Inc. 7.00% 5/15/20281		16,357		16,488
Light and Wonder International, Inc. 7.25% 11/15/20291		19,650		20,185
Light and Wonder International, Inc. 7.50% 9/1/20311		6,245		6,499
Lindblad Expeditions, LLC 6.75% 2/15/20271		4,075		4,110
Lithia Motors, Inc. 3.875% 6/1/20291		26,349		23,771
Lithia Motors, Inc. 4.375% 1/15/20311		12,640		11,333
M.D.C. Holdings, Inc. 6.00% 1/15/2043		11,252		11,445
Macy’s Retail Holdings, LLC 6.125% 3/15/20321		1,230		1,194
Marriott Ownership Resorts, Inc. 4.75% 1/15/2028		2,500		2,351
Marriott Ownership Resorts, Inc. 4.50% 6/15/20291		18,830		17,238
Melco Resorts Finance, Ltd. 5.75% 7/21/20281		8,910		8,459
Merlin Entertainments PLC 5.75% 6/15/20261		10,798		10,705
MGM Resorts International 5.50% 4/15/2027		5,707		5,660
Motel 6 Operating, LP, Term Loan B, (3-month USD CME Term SOFR + 5.00%) 10.421% 9/9/20265,6		4,426		4,438
NCL Corp., Ltd. 5.875% 2/15/20271		12,465		12,324
NCL Corp., Ltd. 7.75% 2/15/20291		7,115		7,394
Neiman Marcus Group, Ltd., LLC 7.125% 4/1/20261		35,980		35,267
Newell Brands Inc. 6.625% 9/15/2029		9,500		9,305
Party City Holdings, Inc. 0% 10/12/20283,8		14,100		—	9
Party City Holdings, Inc. 12.00% PIK 1/11/20291,4,8		46,039		43,968
Penske Automotive Group, Inc. 3.75% 6/15/2029		6,325		5,678
QVC, Inc. 4.45% 2/15/2025		12,390		12,019
RHP Hotel Properties, LP 7.25% 7/15/20281		8,782		9,055
RHP Hotel Properties, LP 4.50% 2/15/20291		15,140		14,150
Royal Caribbean Cruises, Ltd. 4.25% 7/1/20261		16,740		16,166

American High-Income Trust 7

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Royal Caribbean Cruises, Ltd. 5.375% 7/15/20271	USD	18,980	$	18,725
Royal Caribbean Cruises, Ltd. 3.70% 3/15/2028		10,950		10,199
Royal Caribbean Cruises, Ltd. 5.50% 4/1/20281		8,325		8,234
Royal Caribbean Cruises, Ltd. 8.25% 1/15/20291		25,250		26,747
Royal Caribbean Cruises, Ltd. 9.25% 1/15/20291		19,925		21,384
Royal Caribbean Cruises, Ltd. 7.25% 1/15/20301		11,562		12,021
Royal Caribbean Cruises, Ltd. 6.25% 3/15/20321		37,765		38,090
Sally Holdings, LLC 6.75% 3/1/2032		31,144		30,927
Scientific Games Holdings, LP 6.625% 3/1/20301		16,870		16,322
Scientific Games Holdings, LP, Term Loan B, (3-month USD CME Term SOFR + 3.25%) 8.58% 4/4/20295,6		10,579		10,590
Service Corp. International 4.00% 5/15/2031		6,450		5,720
Sonic Automotive, Inc. 4.625% 11/15/20291		33,640		30,200
Sonic Automotive, Inc. 4.875% 11/15/20311		59,789		52,385
Staples, Inc. 7.50% 4/15/20261		2,000		1,954
Station Casinos, LLC 6.625% 3/15/20321		7,080		7,157
STL Holding Co., LLC 8.75% 2/15/20291		6,425		6,600
Tempur Sealy International, Inc. 4.00% 4/15/20291		5,255		4,774
Travel + Leisure Co. 4.50% 12/1/20291		9,460		8,705
Universal Entertainment Corp. 8.75% 12/11/20241		94,124		101,501
Vail Resorts, Inc. 6.25% 5/15/20251		6,880		6,886
Valvoline, Inc. 4.25% 2/15/20301		3,521		3,516
Valvoline, Inc. 3.625% 6/15/20311		13,085		11,291
Wand NewCo 3, Inc. 7.625% 1/30/20321		27,595		28,563
Wand NewCo 3, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 9.08% 1/30/20315,6		8,940		8,975
WASH Multifamily Acquisition, Inc. 5.75% 4/15/20261		23,650		23,135
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/20281		14,675		13,655
Wynn Resorts Finance, LLC 5.125% 10/1/20291		9,225		8,748
Wynn Resorts Finance, LLC 7.125% 2/15/20311		5,546		5,743
ZF North America Capital, Inc. 7.125% 4/14/20301		4,500		4,746
				2,086,583
Materials 9.14%
Alcoa Nederland Holding BV 5.50% 12/15/20271		9,215		9,134
Alcoa Nederland Holding BV 4.125% 3/31/20291		1,509		1,387
ArcelorMittal SA 4.25% 7/16/2029		940		898
ArcelorMittal SA 6.80% 11/29/2032		6,750		7,225
ArcelorMittal SA 7.00% 10/15/2039		10,104		11,009
ArcelorMittal SA 6.75% 3/1/2041		15,173		15,805
ARD Finance SA 6.50% Cash 6/30/20271,4		8,809		2,957
Ardagh Metal Packaging Finance PLC 3.25% 9/1/20281		2,625		2,270
Ardagh Metal Packaging Finance PLC 4.00% 9/1/20291		23,996		19,368
ATI, Inc. 4.875% 10/1/2029		13,720		12,926
ATI, Inc. 7.25% 8/15/2030		9,430		9,758
ATI, Inc. 5.125% 10/1/2031		22,140		20,534
Avient Corp. 7.125% 8/1/20301		6,750		6,927
Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/20311		5,995		6,244
Axalta Coating Systems, LLC 4.75% 6/15/20271		6,495		6,274
Ball Corp. 6.875% 3/15/2028		11,915		12,241
Ball Corp. 6.00% 6/15/2029		7,100		7,176
Ball Corp. 2.875% 8/15/2030		3,250		2,776
Ball Corp. 3.125% 9/15/2031		26,280		22,362
Braskem Idesa SAPI 6.99% 2/20/20321		1,370		1,064
CAN-PACK Spolka Akcyjna 3.875% 11/15/20291		24,195		21,437
Cleveland-Cliffs, Inc. 7.00% 3/15/2027		3,853		3,884
Cleveland-Cliffs, Inc. 5.875% 6/1/2027		50,855		50,805
Cleveland-Cliffs, Inc. 4.625% 3/1/20291		42,343		39,519
Cleveland-Cliffs, Inc. 6.75% 4/15/20301		13,575		13,631
Cleveland-Cliffs, Inc. 4.875% 3/1/20311		47,119		42,896
Cleveland-Cliffs, Inc. 7.00% 3/15/20321		8,120		8,237
Consolidated Energy Finance SA 6.50% 5/15/20261		2,013		1,881
Consolidated Energy Finance SA 5.625% 10/15/20281		15,875		13,341
Consolidated Energy Finance SA 12.00% 2/15/20311		71,450		74,709
Crown Cork & Seal Co., Inc. 7.375% 12/15/2026		2,000		2,100
CVR Partners, LP 6.125% 6/15/20281		34,339		33,036
Element Solutions, Inc. 3.875% 9/1/20281		8,300		7,623

8 American High-Income Trust

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Materials (continued)
First Quantum Minerals, Ltd. 6.875% 10/15/20271	USD	157,489	$	151,177
First Quantum Minerals, Ltd. 9.375% 3/1/20291		123,500		128,090
Freeport-McMoRan, Inc. 4.25% 3/1/2030		303		287
Freeport-McMoRan, Inc. 5.40% 11/14/2034		4,288		4,240
Freeport-McMoRan, Inc. 5.45% 3/15/2043		7,843		7,515
FXI Holdings, Inc. 12.25% 11/15/20261		183,755		184,444
FXI Holdings, Inc. 12.25% 11/15/20261		127,259		127,459
INEOS Finance PLC 6.75% 5/15/20281		10,200		10,082
INEOS Finance PLC 7.50% 4/15/20291		6,210		6,237
Kaiser Aluminum Corp. 4.625% 3/1/20281		12,698		11,927
LABL, Inc. 6.75% 7/15/20261		560		554
LABL, Inc. 10.50% 7/15/20271		9,080		9,013
LABL, Inc. 5.875% 11/1/20281		14,600		13,454
LABL, Inc. 9.50% 11/1/20281		3,277		3,319
LABL, Inc. 8.25% 11/1/20291		9,500		8,125
LSB Industries, Inc. 6.25% 10/15/20281		42,320		40,773
Mauser Packaging Solutions Holding Co. 7.875% 8/15/20261		13,505		13,768
Mauser Packaging Solutions Holding Co. 9.25% 4/15/20271		12,500		12,415
Methanex Corp. 5.125% 10/15/2027		52,210		50,547
Methanex Corp. 5.25% 12/15/2029		8,893		8,516
Methanex Corp. 5.65% 12/1/2044		9,445		8,147
Mineral Resources, Ltd. 8.125% 5/1/20271		5,473		5,541
Mineral Resources, Ltd. 8.00% 11/1/20271		36,242		37,019
Mineral Resources, Ltd. 9.25% 10/1/20281		41,510		43,770
Mineral Resources, Ltd. 8.50% 5/1/20301		12,125		12,502
Miter Brands Acquisition Holdco, Inc. 6.75% 4/1/20321		11,555		11,602
NOVA Chemicals Corp. 4.875% 6/1/20241		15,785		15,746
NOVA Chemicals Corp. 5.25% 6/1/20271		36,882		34,765
NOVA Chemicals Corp. 8.50% 11/15/20281		13,800		14,706
NOVA Chemicals Corp. 4.25% 5/15/20291		35,492		30,429
NOVA Chemicals Corp. 9.00% 2/15/20301		46,725		48,267
Novelis Corp. 3.25% 11/15/20261		13,285		12,392
Novelis Corp. 4.75% 1/30/20301		9,228		8,522
Novelis Corp. 3.875% 8/15/20311		19,344		16,637
Olin Corp. 5.625% 8/1/2029		5,700		5,633
Olin Corp. 5.00% 2/1/2030		3,365		3,196
Olympus Water US Holding Corp. 9.75% 11/15/20281		8,600		9,172
Owens-Brockway Glass Container, Inc. 6.375% 8/15/20251		5,341		5,371
SCIH Salt Holdings, Inc. 4.875% 5/1/20281		41,413		38,623
SCIH Salt Holdings, Inc. 6.625% 5/1/20291		17,760		16,462
Sealed Air Corp. 4.00% 12/1/20271		7,559		7,092
Sealed Air Corp. 6.125% 2/1/20281		14,160		14,201
Summit Materials, LLC 6.50% 3/15/20271		5,478		5,478
Summit Materials, LLC 5.25% 1/15/20291		15,015		14,646
Summit Materials, LLC 7.25% 1/15/20311		8,372		8,708
Trident TPI Holdings, Inc. 12.75% 12/31/20281		9,500		10,148
Trivium Packaging Finance BV 5.50% 8/15/20261		3,667		3,619
Trivium Packaging Finance BV 8.50% 8/15/20271		31,269		30,916
Tronox, Inc. 4.625% 3/15/20291		22,075		19,827
Venator Finance SARL, Term Loan, (USD-SOFR + 8.00%) 8.00% PIK and SOFR + 2.00% Cash 12/31/20254,5,6		5,786		5,902
Venator Finance SARL, Term Loan, (USD-SOFR + 10.00%) 8.00% PIK and 7.43% Cash 10/10/20284,5,6		16,887		16,803
Warrior Met Coal, Inc. 7.875% 12/1/20281		14,275		14,391
				1,813,609
Health care 8.68%
AdaptHealth, LLC 6.125% 8/1/20281		11,940		11,225
AdaptHealth, LLC 4.625% 8/1/20291		22,500		19,382
AdaptHealth, LLC 5.125% 3/1/20301		34,082		29,754
AthenaHealth Group, Inc. 6.50% 2/15/20301		27,375		25,066
Avantor Funding, Inc. 4.625% 7/15/20281		47,034		44,624
Avantor Funding, Inc. 3.875% 11/1/20291		8,825		7,965
Bausch + Lomb Corp., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 8.677% 5/10/20275,6		9,557		9,472
Bausch Health Americas, Inc. 9.25% 4/1/20261		11,275		10,611
Bausch Health Americas, Inc. 8.50% 1/31/20271		17,697		10,419

American High-Income Trust 9

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Bausch Health Companies, Inc. 5.50% 11/1/20251	USD	99,615	$	94,136
Bausch Health Companies, Inc. 9.00% 12/15/20251		21,166		20,226
Bausch Health Companies, Inc. 6.125% 2/1/20271		4,370		2,727
Bausch Health Companies, Inc. 5.75% 8/15/20271		23,503		13,591
Bausch Health Companies, Inc. 5.00% 1/30/20281		18,310		8,336
Bausch Health Companies, Inc. 4.875% 6/1/20281		66,925		36,587
Bausch Health Companies, Inc. 5.00% 2/15/20291		95		40
Bausch Health Companies, Inc. 7.25% 5/30/20291		8,112		3,519
Bausch Health Companies, Inc. 5.25% 1/30/20301		33,642		14,166
Bausch Health Companies, Inc. 5.25% 2/15/20311		81,199		33,587
Bausch Health Companies, Inc., Term Loan, (3-month USD CME Term SOFR + 5.25%) 10.679% 2/1/20275,6		15,422		12,126
Catalent Pharma Solutions, Inc. 5.00% 7/15/20271		17,733		17,477
Catalent Pharma Solutions, Inc. 3.125% 2/15/20291		8,955		8,566
Catalent Pharma Solutions, Inc. 3.50% 4/1/20301		24,432		23,290
Catalent Pharma Solutions, Inc., Term Loan B4, (3-month USD CME Term SOFR + 3.00%) 8.329% 2/22/20285,6		18,248		18,316
Centene Corp. 4.25% 12/15/2027		20,032		19,115
Centene Corp. 4.625% 12/15/2029		34,535		32,812
Centene Corp. 3.375% 2/15/2030		4,168		3,691
Centene Corp. 3.00% 10/15/2030		7,575		6,502
Centene Corp. 2.50% 3/1/2031		20,325		16,735
Centene Corp. 2.625% 8/1/2031		17,525		14,399
Charles River Laboratories International, Inc. 4.25% 5/1/20281		4,848		4,591
Charles River Laboratories International, Inc. 3.75% 3/15/20291		12,765		11,663
CHS / Community Health Systems, Inc. 5.625% 3/15/20271		40,065		36,918
CHS / Community Health Systems, Inc. 5.25% 5/15/20301		35,610		29,068
CHS / Community Health Systems, Inc. 4.75% 2/15/20311		21,500		16,612
CHS / Community Health Systems, Inc. 10.875% 1/15/20321		4,035		4,161
Encompass Health Corp. 4.50% 2/1/2028		7,054		6,724
Encompass Health Corp. 4.75% 2/1/2030		3,841		3,601
Endo DAC 6.875% 10/15/20241		10,374		6,795
Endo DAC 9.50% 7/31/20271		6,243		414
Endo DAC 6.00% 6/30/20281		45,278		3,198
Endo Luxembourg Finance Co. I SARL 6.125% 4/1/20291		12,320		8,020
Fortrea Holdings, Inc. 7.50% 7/1/20301		12,185		12,594
Fortrea Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 9.08% 7/1/20305,6		13,339		13,396
Grifols SA 4.75% 10/15/20281		45,500		37,702
HCA, Inc. 4.50% 2/15/2027		71		70
HCA, Inc. 5.625% 9/1/2028		22,625		22,913
HCA, Inc. 3.50% 9/1/2030		3,940		3,564
HCA, Inc. 7.50% 11/15/2095		5,000		5,552
Hologic, Inc. 3.25% 2/15/20291		8,800		7,895
IQVIA, Inc. 5.00% 10/15/20261		18,749		18,360
IQVIA, Inc. 6.50% 5/15/20301		18,115		18,509
Jazz Securities DAC 4.375% 1/15/20291		12,660		11,803
Mallinckrodt International Finance SA 14.75% 11/14/20281		4,901		5,372
Medline Borrower, LP 3.875% 4/1/20291		5,000		4,554
Medline Borrower, LP 6.25% 4/1/20291		19,968		20,082
Medline Borrower, LP 5.25% 10/1/20291		25,275		23,909
Medline Borrower, LP, Term Loan B, (3-month USD CME Term SOFR + 2.75%) 8.082% 10/23/20285,6		10,178		10,200
Molina Healthcare, Inc. 4.375% 6/15/20281		18,815		17,702
Molina Healthcare, Inc. 3.875% 11/15/20301		55,775		49,634
Molina Healthcare, Inc. 3.875% 5/15/20321		53,385		46,525
Option Care Health, Inc. 4.375% 10/31/20291		6,115		5,612
Owens & Minor, Inc. 4.50% 3/31/20291		31,935		29,272
Owens & Minor, Inc. 6.625% 4/1/20301		38,020		37,768
Par Pharmaceutical, Inc. 7.50% 4/1/20271		110,659		73,158
Radiology Partners, Inc. 3.50% PIK and 5.00% Cash 1/31/20291,4		47,895		44,497
Radiology Partners, Inc. 9.78% PIK 2/15/20301,4		56,435		45,501
Radiology Partners, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.25%) 10.179% 1/31/20295,6		40,005		38,605
Select Medical Corp. 6.25% 8/15/20261		9,039		9,063
Star Parent, Inc. 9.00% 10/1/20301		5,940		6,294

10 American High-Income Trust

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Star Parent, Inc., Term Loan, (3-month USD CME Term SOFR + 4.00%) 9.309% 9/27/20305,6	USD	7,575	$	7,537
Surgery Center Holdings, Inc. 10.00% 4/15/20271		4,742		4,754
Surgery Center Holdings, Inc. 7.25% 4/15/20321		10,830		10,928
Surgery Center Holdings, Inc., Term Loan B2, (3-month USD CME Term SOFR + 3.50%) 8.829% 12/19/20305,6		7,622		7,668
Team Health Holdings, Inc. 6.375% 2/1/20251		6,359		5,873
Team Health Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 10.563% 3/2/20275,6		6,394		5,691
Tenet Healthcare Corp. 6.25% 2/1/2027		8,995		8,998
Tenet Healthcare Corp. 5.125% 11/1/2027		3,980		3,896
Tenet Healthcare Corp. 4.625% 6/15/2028		9,650		9,198
Tenet Healthcare Corp. 6.125% 10/1/2028		8,930		8,905
Tenet Healthcare Corp. 4.25% 6/1/2029		33,304		30,988
Tenet Healthcare Corp. 4.375% 1/15/2030		15,750		14,570
Tenet Healthcare Corp. 6.75% 5/15/20311		42,095		42,915
Tenet Healthcare Corp. 6.875% 11/15/2031		2,000		2,094
Teva Pharmaceutical Finance Netherlands III BV 6.00% 4/15/2024		12,350		12,349
Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026		43,611		40,806
Teva Pharmaceutical Finance Netherlands III BV 4.75% 5/9/2027		13,890		13,464
Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028		17,040		17,468
Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029		108,886		104,742
Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029		15,340		16,485
Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031		16,687		18,323
Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046		21,137		14,585
				1,722,570
Financials 7.92%
AG Issuer, LLC 6.25% 3/1/20281		43,343		42,479
AG TTMT Escrow Issuer, LLC 8.625% 9/30/20271		26,369		27,322
Alliant Holdings Intermediate, LLC 4.25% 10/15/20271		10,420		9,821
Alliant Holdings Intermediate, LLC 6.75% 10/15/20271		34,600		34,117
Alliant Holdings Intermediate, LLC 6.75% 4/15/20281		7,130		7,188
Alliant Holdings Intermediate, LLC 5.875% 11/1/20291		35,243		32,775
Alliant Holdings Intermediate, LLC 7.00% 1/15/20311		14,420		14,575
AmWINS Group, Inc. 6.375% 2/15/20291		16,835		16,936
AmWINS Group, Inc. 4.875% 6/30/20291		26,342		24,613
Aretec Group, Inc. 7.50% 4/1/20291		69,097		65,857
Aretec Group, Inc. 10.00% 8/15/20301		27,190		29,733
AssuredPartners, Inc. 5.625% 1/15/20291		4,895		4,515
Block, Inc. 2.75% 6/1/2026		32,650		30,739
Block, Inc. 3.50% 6/1/2031		33,575		29,252
Blue Owl Capital Corp. 4.00% 3/30/2025		449		440
Blue Owl Capital Corp. 3.40% 7/15/2026		5,685		5,358
Blue Owl Capital Corp. 2.625% 1/15/2027		400		365
Blue Owl Capital Corp. 2.875% 6/11/2028		1,750		1,548
Blue Owl Capital Corp. III 3.125% 4/13/2027		11,350		10,346
Blue Owl Credit Income Corp. 4.70% 2/8/2027		20,625		19,578
Blue Owl Credit Income Corp. 6.65% 3/15/20311		8,315		8,123
Boost Newco Borrower, LLC 7.50% 1/15/20311		29,070		30,453
BroadStreet Partners, Inc. 5.875% 4/15/20291		9,950		9,219
Castlelake Aviation Finance DAC 5.00% 4/15/20271		17,105		16,491
Coinbase Global, Inc. 3.375% 10/1/20281		57,341		49,192
Coinbase Global, Inc. 3.625% 10/1/20311		51,036		41,268
Compass Group Diversified Holdings, LLC 5.25% 4/15/20291		103,460		98,410
Compass Group Diversified Holdings, LLC 5.00% 1/15/20321		21,655		19,377
GTCR (AP) Finance, Inc. 8.00% 5/15/20271		12,089		12,138
Hightower Holding, LLC 6.75% 4/15/20291		27,750		26,105
Howden UK Refinance PLC 7.25% 2/15/20311		21,035		21,136
Howden UK Refinance 2 PLC 8.125% 2/15/20321		23,375		23,595
HUB International, Ltd. 5.625% 12/1/20291		3,745		3,515
HUB International, Ltd. 7.25% 6/15/20301		20,332		20,910
HUB International, Ltd. 7.375% 1/31/20321		13,805		13,907
HUB International, Ltd., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 8.574% 6/20/20305,6		2,325		2,328
Iron Mountain Information Management Services, Inc. 5.00% 7/15/20321		27,600		25,234
JPMorgan Chase & Co. 2.956% 5/13/2031 (USD-SOFR + 2.515% on 5/13/2030)7		3,100		2,711

American High-Income Trust 11

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
LPL Holdings, Inc. 4.625% 11/15/20271	USD	8,085	$	7,765
LPL Holdings, Inc. 4.00% 3/15/20291		6,610		6,081
LPL Holdings, Inc. 4.375% 5/15/20311		12,700		11,569
MSCI, Inc. 4.00% 11/15/20291		316		292
MSCI, Inc. 3.625% 9/1/20301		742		659
MSCI, Inc. 3.875% 2/15/20311		17,775		15,866
MSCI, Inc. 3.625% 11/1/20311		13,761		11,956
MSCI, Inc. 3.25% 8/15/20331		14,529		11,983
Nationstar Mortgage Holdings, Inc. 7.125% 2/1/20321		8,315		8,264
Navient Corp. 5.875% 10/25/2024		25,680		25,674
Navient Corp. 6.75% 6/25/2025		13,000		13,108
Navient Corp. 6.75% 6/15/2026		12,310		12,420
Navient Corp. 5.00% 3/15/2027		50,842		48,745
Navient Corp. 4.875% 3/15/2028		10,570		9,861
Navient Corp. 5.50% 3/15/2029		62,001		57,797
Navient Corp. 9.375% 7/25/2030		13,239		14,176
Navient Corp. 11.50% 3/15/2031		58,335		64,990
Navient Corp. 5.625% 8/1/2033		27,712		22,965
NFP Corp. 6.875% 8/15/20281		22,114		22,413
OneMain Finance Corp. 7.125% 3/15/2026		24,220		24,676
OneMain Finance Corp. 5.375% 11/15/2029		2,515		2,367
OneMain Finance Corp. 7.875% 3/15/2030		20,010		20,661
Osaic Financial Services, Inc. 6.50% 11/30/2027		80		1,493
Osaic Holdings, Inc. 10.75% 8/1/20271		86,049		89,243
Osaic Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 9.827% 8/17/20285,6		7,501		7,527
Owl Rock Capital Corp. 3.75% 7/22/2025		12,093		11,736
Oxford Finance, LLC 6.375% 2/1/20271		36,100		34,269
Panther Escrow Issuer, LLC 7.125% 6/1/20311		16,400		16,687
Rocket Mortgage, LLC 2.875% 10/15/20261		9,410		8,703
Rocket Mortgage, LLC 3.625% 3/1/20291		6,605		5,948
Ryan Specialty Group, LLC 4.375% 2/1/20301		14,350		13,430
Starwood Property Trust, Inc. 4.375% 1/15/20271		18,170		17,107
Starwood Property Trust, Inc. 7.25% 4/1/20291		3,255		3,285
Truist Insurance Holdings, LLC, Term Loan, (1-month USD CME Term SOFR + 4.75%) 10.073% 3/8/20325,6		109,160		109,979
USI, Inc. 7.50% 1/15/20321		6,945		6,966
				1,572,330
Industrials 7.30%
AAdvantage Loyalty IP, Ltd. 5.50% 4/20/20261		11,321		11,251
AAR Escrow Issuer, LLC 6.75% 3/15/20291		5,701		5,752
ADT Security Corp. 4.125% 8/1/20291		4,815		4,416
Allison Transmission, Inc. 3.75% 1/30/20311		22,880		19,985
Ambipar Lux SARL 9.875% 2/6/20311		8,323		8,344
American Airlines, Inc. 8.50% 5/15/20291		8,960		9,471
Aramark Services, Inc. 5.00% 4/1/20251		2,980		2,960
Atkore, Inc. 4.25% 6/1/20311		17,900		15,893
Avis Budget Car Rental, LLC 5.75% 7/15/20271		18,910		18,189
Avis Budget Car Rental, LLC 4.75% 4/1/20281		1,000		926
Avis Budget Car Rental, LLC 5.375% 3/1/20291		26,181		24,427
Avolon Holdings Funding, Ltd. 2.528% 11/18/20271		36,710		32,669
Bombardier, Inc. 7.125% 6/15/20261		47,784		48,527
Bombardier, Inc. 7.875% 4/15/20271		43,471		43,529
Bombardier, Inc. 6.00% 2/15/20281		16,133		15,887
Bombardier, Inc. 7.50% 2/1/20291		19,413		20,012
Bombardier, Inc. 8.75% 11/15/20301		17,680		18,900
Bombardier, Inc. 7.45% 5/1/20341		1,850		2,056
Brand Industrial Services, Inc. 10.375% 8/1/20301		9,050		9,809
Brand Industrial Services, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.50%) 10.806% 8/1/20305,6		4,801		4,826
Brink’s Co. (The) 4.625% 10/15/20271		10,371		9,855
BWX Technologies, Inc. 4.125% 6/30/20281		8,235		7,685
BWX Technologies, Inc. 4.125% 4/15/20291		3,470		3,205
Champions Financing, Inc. 8.75% 2/15/20291		15,500		16,251
Chart Industries, Inc. 7.50% 1/1/20301		10,389		10,801
Clarivate Science Holdings Corp. 3.875% 7/1/20281		20,980		19,433

12 American High-Income Trust

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
Clarivate Science Holdings Corp. 4.875% 7/1/20291	USD	17,725	$	16,417
Clean Harbors, Inc. 4.875% 7/15/20271		12,014		11,666
Clean Harbors, Inc. 6.375% 2/1/20311		6,822		6,879
CoreLogic, Inc. 4.50% 5/1/20281		64,397		57,813
CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.50%) 11.945% 6/4/20295,6		22,275		21,078
Covanta Holding Corp. 4.875% 12/1/20291		19,838		17,801
Covanta Holding Corp. 5.00% 9/1/2030		28,240		24,949
Covanta Holding Corp., Term Loan B, (1-month USD CME Term SOFR + 2.75%) 8.174% 11/30/20285,6		4,668		4,669
Covanta Holding Corp., Term Loan C, (1-month USD CME Term SOFR + 2.75%) 8.174% 11/30/20285,6		274		274
Dun & Bradstreet Corp. (The) 5.00% 12/15/20291		24,367		22,512
Enviri Corp. 5.75% 7/31/20271		6,745		6,357
EquipmentShare.com, Inc. 9.00% 5/15/20281		40,925		42,204
ESAB Corp. 6.25% 4/15/20291		11,525		11,593
Herc Holdings, Inc. 5.50% 7/15/20271		3,200		3,145
Hertz Corp. (The) 5.00% 12/1/20291		10,000		7,737
Howmet Aerospace, Inc. 6.875% 5/1/2025		1,510		1,528
Howmet Aerospace, Inc. 5.95% 2/1/2037		3,000		3,108
Husky Injection Molding Systems, Ltd. 9.00% 2/15/20291		16,610		17,197
Husky Injection Molding Systems, Ltd., Term Loan B, (3-month USD CME Term SOFR + 5.00%) 10.273% 2/1/20295,6		7,925		7,951
Icahn Enterprises, LP 4.75% 9/15/2024		11,077		11,034
Icahn Enterprises, LP 6.375% 12/15/2025		9,914		9,841
Icahn Enterprises, LP 6.25% 5/15/2026		23,674		22,871
Icahn Enterprises, LP 5.25% 5/15/2027		24,893		22,514
Icahn Enterprises, LP 9.75% 1/15/20291		16,070		16,794
Icahn Enterprises, LP 4.375% 2/1/2029		13,415		11,449
Masonite International Corp. 3.50% 2/15/20301		11,831		10,478
Maxim Crane Works Holdings Capital, LLC 11.50% 9/1/20281		7,760		8,423
Mileage Plus Holdings, LLC 6.50% 6/20/20271		41,516		41,777
Moog, Inc. 4.25% 12/9/20271		8,465		7,992
Mueller Water Products, Inc. 4.00% 6/15/20291		5,115		4,644
Pitney Bowes, Inc. 6.875% 3/15/20271		11,500		10,511
PM General Purchaser, LLC 9.50% 10/1/20281		38,138		38,960
Prime Security Services Borrower, LLC 3.375% 8/31/20271		8,100		7,448
Prime Security Services Borrower, LLC 6.25% 1/15/20281		11,833		11,601
Ritchie Bros. Holdings, Inc. 6.75% 3/15/20281		1,304		1,332
Ritchie Bros. Holdings, Inc. 7.75% 3/15/20311		9,038		9,467
Roller Bearing Company of America, Inc. 4.375% 10/15/20291		2,005		1,838
Sabre GLBL, Inc. 8.625% 6/1/20271		108		95
Seagate HDD Cayman 8.25% 12/15/20291		4,000		4,302
Seagate HDD Cayman 8.50% 7/15/20311		9,645		10,433
Sensata Technologies BV 4.00% 4/15/20291		3,225		2,948
Sensata Technologies, Inc. 3.75% 2/15/20311		15,230		13,189
SkyMiles IP, Ltd. 4.75% 10/20/20281		9,000		8,806
Spirit AeroSystems, Inc. 4.60% 6/15/2028		36,103		33,879
Spirit AeroSystems, Inc. 9.375% 11/30/20291		35,700		38,986
Spirit AeroSystems, Inc. 9.75% 11/15/20301		66,546		74,519
Spirit AeroSystems, Inc., Term Loan, (3-month CME Term SOFR + 4.25%) 9.563% 1/15/20275,6		14,796		14,891
SRS Distribution, Inc. 4.625% 7/1/20281		10,080		10,164
SRS Distribution, Inc. 6.125% 7/1/20291		615		628
Stericycle, Inc. 3.875% 1/15/20291		7,360		6,679
Titan International, Inc. 7.00% 4/30/2028		11,500		11,359
TK Elevator U.S. Newco, Inc. 5.25% 7/15/20271		23,150		22,391
TransDigm, Inc. 7.50% 3/15/2027		770		771
TransDigm, Inc. 5.50% 11/15/2027		19,810		19,405
TransDigm, Inc. 6.75% 8/15/20281		7,070		7,172
TransDigm, Inc. 4.625% 1/15/2029		2,971		2,761
TransDigm, Inc. 6.375% 3/1/20291		29,000		29,127
TransDigm, Inc. 4.875% 5/1/2029		4,180		3,893
TransDigm, Inc. 6.875% 12/15/20301		7,315		7,465
TransDigm, Inc. 6.625% 3/1/20321		26,750		27,059
Triumph Group, Inc. 9.00% 3/15/20281		67,031		70,750
Uber Technologies, Inc. 8.00% 11/1/20261		10,000		10,127

American High-Income Trust 13

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
United Rentals (North America), Inc. 5.25% 1/15/2030	USD	5,484	$	5,354
United Rentals (North America), Inc. 3.875% 2/15/2031		13,525		12,132
United Rentals (North America), Inc. 3.75% 1/15/2032		9,535		8,334
United Rentals (North America), Inc. 6.125% 3/15/20341		6,840		6,857
WESCO Distribution, Inc. 7.125% 6/15/20251		11,475		11,492
WESCO Distribution, Inc. 7.25% 6/15/20281		10,900		11,137
WESCO Distribution, Inc. 6.625% 3/15/20321		25,315		25,756
XPO, Inc. 7.125% 6/1/20311		10,832		11,122
XPO, Inc. 7.125% 2/1/20321		5,665		5,836
				1,448,730
Information technology 6.10%
Black Knight InfoServ, LLC 3.625% 9/1/20281		8,470		8,025
Booz Allen Hamilton, Inc. 3.875% 9/1/20281		952		893
Booz Allen Hamilton, Inc. 4.00% 7/1/20291		5,633		5,242
Boxer Parent Co., Inc. 7.125% 10/2/20251		3,545		3,551
Boxer Parent Co., Inc. 9.125% 3/1/20261		4,290		4,300
CA Magnum Holdings 5.375% 10/31/20261		1,075		1,030
Cloud Software Group, Inc. 6.50% 3/31/20291		30,080		28,570
Cloud Software Group, Inc. 9.00% 9/30/20291		98,647		94,708
Cloud Software Group, Inc., Term Loan A, (3-month USD CME Term SOFR + 4.50%) 9.909% 9/29/20285,6		28,470		28,394
Cloud Software Group, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 9.909% 3/30/20295,6		30,928		30,810
CommScope Technologies, LLC 6.00% 6/15/20251		64,320		56,019
CommScope Technologies, LLC 5.00% 3/15/20271		23,450		9,116
CommScope, Inc. 6.00% 3/1/20261		55,188		50,566
CommScope, Inc. 8.25% 3/1/20271		14,919		6,999
CommScope, Inc. 7.125% 7/1/20281		4,883		1,936
CommScope, Inc. 4.75% 9/1/20291		12,420		8,973
CommScope, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 8.695% 4/6/20265,6		46,449		42,346
Diebold Nixdorf, Inc., Term Loan, (3-month USD CME Term SOFR + 7.50%) 12.82% 8/11/20281,5,6,8		191,936		200,893
Entegris, Inc. 4.75% 4/15/20291		7,610		7,301
Fair Isaac Corp. 4.00% 6/15/20281		16,225		15,168
Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 12.459% 9/13/20295,6,10		74,987		75,361
Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 12.571% 9/13/20295,6,10		1,441		1,448
Gartner, Inc. 4.50% 7/1/20281		21,727		20,723
Gartner, Inc. 3.625% 6/15/20291		3,657		3,315
Gartner, Inc. 3.75% 10/1/20301		13,511		12,108
Go Daddy Operating Co., LLC 5.25% 12/1/20271		4,600		4,502
Go Daddy Operating Co., LLC 3.50% 3/1/20291		7,075		6,388
Hughes Satellite Systems Corp. 5.25% 8/1/2026		45,413		37,833
Hughes Satellite Systems Corp. 6.625% 8/1/2026		33,653		19,850
Imola Merger Corp. 4.75% 5/15/20291		5,000		4,693
McAfee Corp. 7.375% 2/15/20301		20,450		18,776
MicroStrategy, Inc. 6.125% 6/15/20281		6,425		6,206
NCR Atleos Corp. 9.50% 4/1/20291		54,630		58,489
NCR Voyix Corp. 5.125% 4/15/20291		23,505		21,827
Open Text Corp. 3.875% 2/15/20281		14,045		13,018
Open Text Corp. 3.875% 12/1/20291		12,925		11,529
Open Text Holdings, Inc. 4.125% 12/1/20311		4,800		4,216
Oracle Corp. 5.55% 2/6/2053		5,127		5,019
Rocket Software, Inc. 6.50% 2/15/20291		6,245		5,356
Synaptics, Inc. 4.00% 6/15/20291		5,225		4,708
UKG, Inc. 6.875% 2/1/20311		50,375		51,355
UKG, Inc., Term Loan, (3-month USD CME Term SOFR + 5.25%) 10.68% 5/3/20275,6		9,385		9,465
UKG, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.50%) 8.814% 2/10/20315,6		17,260		17,357
Unisys Corp. 6.875% 11/1/20271		19,140		17,031
Viasat, Inc. 5.625% 9/15/20251		34,725		33,873
Viasat, Inc. 5.625% 4/15/20271		10,075		9,547
Viasat, Inc. 6.50% 7/15/20281		19,500		15,077
Viasat, Inc. 7.50% 5/30/20311		47,920		34,782
Viavi Solutions, Inc. 3.75% 10/1/20291		3,750		3,221

14 American High-Income Trust

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Information technology (continued)
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)3,7,10	USD	60,835	$	59,205
Xerox Holdings Corp. 5.50% 8/15/20281		10,500		9,571
Xerox Holdings Corp. 8.875% 11/30/20291		9,700		9,890
Ziff Davis, Inc. 4.625% 10/15/20301		339		306
				1,210,885
Real estate 4.83%
Anywhere Real Estate Group, LLC 5.75% 1/15/20291		32,995		23,399
Anywhere Real Estate Group, LLC 5.25% 4/15/20301		41,935		28,560
Anywhere Real Estate Group, LLC 7.00% 4/15/20301		7,245		6,459
Brookfield Property REIT, Inc. 5.75% 5/15/20261		29,805		29,286
Brookfield Property REIT, Inc. 4.50% 4/1/20271		11,785		10,767
Cushman & Wakefield U.S. Borrower, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.00%) 9.33% 1/31/20305,6		6,279		6,303
Fideicomiso Fibra Uno 7.375% 2/13/20341		8,025		8,018
Forestar Group, Inc. 3.85% 5/15/20261		10,830		10,352
Forestar Group, Inc. 5.00% 3/1/20281		1,905		1,837
Greystar Real Estate Partners, LLC 7.75% 9/1/20301		7,185		7,443
HAT Holdings I, LLC 8.00% 6/15/20271		11,125		11,614
Howard Hughes Corp. (The) 5.375% 8/1/20281		27,522		26,431
Howard Hughes Corp. (The) 4.125% 2/1/20291		40,963		36,857
Howard Hughes Corp. (The) 4.375% 2/1/20311		69,592		60,496
Iron Mountain, Inc. 4.875% 9/15/20271		29,660		28,700
Iron Mountain, Inc. 5.25% 3/15/20281		24,088		23,325
Iron Mountain, Inc. 5.00% 7/15/20281		9,252		8,861
Iron Mountain, Inc. 7.00% 2/15/20291		4,250		4,336
Iron Mountain, Inc. 5.25% 7/15/20301		54,225		51,355
Iron Mountain, Inc. 4.50% 2/15/20311		34,910		31,533
Kennedy-Wilson, Inc. 4.75% 3/1/2029		49,816		41,065
Kennedy-Wilson, Inc. 4.75% 2/1/2030		54,610		43,620
Kennedy-Wilson, Inc. 5.00% 3/1/2031		47,370		36,911
Ladder Capital Finance Holdings LLLP 5.25% 10/1/20251		12,489		12,276
Ladder Capital Finance Holdings LLLP 4.25% 2/1/20271		26,507		24,818
Ladder Capital Finance Holdings LLLP 4.75% 6/15/20291		20,541		18,691
MPT Operating Partnership, LP 5.25% 8/1/2026		660		605
MPT Operating Partnership, LP 5.00% 10/15/2027		55,169		46,261
MPT Operating Partnership, LP 4.625% 8/1/2029		660		507
MPT Operating Partnership, LP 3.50% 3/15/2031		11,437		7,863
Park Intermediate Holdings, LLC 4.875% 5/15/20291		16,445		15,305
RLJ Lodging Trust, LP 4.00% 9/15/20291		14,905		13,150
Service Properties Trust 4.50% 3/15/2025		9,100		8,898
Service Properties Trust 5.25% 2/15/2026		2,545		2,464
Service Properties Trust 4.75% 10/1/2026		25,845		24,111
Service Properties Trust 4.95% 2/15/2027		27,977		25,900
Service Properties Trust 5.50% 12/15/2027		5,705		5,444
Service Properties Trust 3.95% 1/15/2028		40,590		34,773
Service Properties Trust 4.95% 10/1/2029		48,896		40,088
Service Properties Trust 4.375% 2/15/2030		9,950		7,606
Service Properties Trust 8.625% 11/15/20311		74,400		79,423
VICI Properties, LP 3.50% 2/15/20251		5,104		4,995
VICI Properties, LP 4.625% 6/15/20251		11,050		10,890
VICI Properties, LP 4.25% 12/1/20261		9,323		8,970
VICI Properties, LP 3.75% 2/15/20271		243		230
VICI Properties, LP 4.50% 1/15/20281		3,000		2,882
VICI Properties, LP 3.875% 2/15/20291		12,535		11,547
VICI Properties, LP 4.625% 12/1/20291		1,657		1,568
VICI Properties, LP 4.125% 8/15/20301		2,233		2,032
WeWork Companies, LLC 6.00% PIK and 5.00% Cash 8/15/20271,2,4		49,238		2,985
WeWork Companies, LLC 8.00% PIK and 7.00% Cash 8/15/20271,2,4		39,271		4,320
Xenia Hotels & Resorts, Inc. 6.375% 8/15/20251		3,560		3,567
				959,697
Consumer staples 3.99%
Albertsons Companies, Inc. 4.625% 1/15/20271		7,215		6,988
Albertsons Companies, Inc. 3.50% 3/15/20291		36,457		32,757
Albertsons Companies, Inc. 4.875% 2/15/20301		8,665		8,250
Amer Sports Co. 6.75% 2/16/20311		9,850		9,832

American High-Income Trust 15

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer staples (continued)
B&G Foods, Inc. 5.25% 4/1/2025	USD	3,642	$	3,625
B&G Foods, Inc. 5.25% 9/15/2027		29,666		27,748
B&G Foods, Inc. 8.00% 9/15/20281		13,880		14,471
BJ’s Wholesale Club, Term Loan B, (3-month USD CME Term SOFR + 2.00%) 7.327% 2/5/20295,6		4,431		4,455
Central Garden & Pet Co. 4.125% 10/15/2030		21,206		19,043
Central Garden & Pet Co. 4.125% 4/30/20311		14,105		12,446
Coty, Inc. 5.00% 4/15/20261		25,400		25,040
Coty, Inc. 6.50% 4/15/20261		9,980		10,003
Coty, Inc. 4.75% 1/15/20291		41,070		38,902
Coty, Inc. 6.625% 7/15/20301		28,095		28,553
Darling Ingredients, Inc. 5.25% 4/15/20271		6,431		6,338
Darling Ingredients, Inc. 6.00% 6/15/20301		16,475		16,340
Energizer Holdings, Inc. 4.375% 3/31/20291		11,620		10,424
Fiesta Purchaser, Inc. 7.875% 3/1/20311		23,330		24,111
Fiesta Purchaser, Inc., Term Loan B, (1-month USD CME Term SOFR + 4.00%) 9.337% 1/31/20315,6		12,057		12,088
H.J. Heinz Co. 3.00% 6/1/2026		6,360		6,090
H.J. Heinz Co. 3.875% 5/15/2027		5,545		5,375
H.J. Heinz Co. 4.375% 6/1/2046		5		4
H.J. Heinz Co. 4.875% 10/1/2049		9,975		9,035
Ingles Markets, Inc. 4.00% 6/15/20311		5,070		4,430
KeHE Distributors, LLC 9.00% 2/15/20291		10,550		10,709
Kronos Acquisition Holdings, Inc. 5.00% 12/31/20261		48,100		47,191
Kronos Acquisition Holdings, Inc. 7.00% 12/31/20271		66,895		66,508
Kronos Acquisition Holdings, Inc., Term Loan B2, (3-month USD CME Term SOFR + 6.00%) 11.493% 12/22/20265,6		1,955		1,965
Lamb Weston Holdings, Inc. 4.125% 1/31/20301		37,760		34,465
Lamb Weston Holdings, Inc. 4.375% 1/31/20321		6,925		6,216
Performance Food Group, Inc. 5.50% 10/15/20271		16,205		15,921
Performance Food Group, Inc. 4.25% 8/1/20291		5,785		5,307
Post Holdings, Inc. 5.625% 1/15/20281		24,830		24,415
Post Holdings, Inc. 5.50% 12/15/20291		19,249		18,617
Post Holdings, Inc. 4.625% 4/15/20301		62,517		57,438
Post Holdings, Inc. 4.50% 9/15/20311		24,360		21,936
Post Holdings, Inc. 6.25% 2/15/20321		28,038		28,277
Prestige Brands, Inc. 5.125% 1/15/20281		21,158		20,618
Prestige Brands, Inc. 3.75% 4/1/20311		14,440		12,585
Simmons Foods, Inc. 4.625% 3/1/20291		12,365		10,939
TreeHouse Foods, Inc. 4.00% 9/1/2028		32,650		29,325
United Natural Foods, Inc. 6.75% 10/15/20281		43,110		35,859
US Foods, Inc. 4.625% 6/1/20301		8,325		7,735
				792,374
Utilities 1.70%
AmeriGas Partners, LP 5.75% 5/20/2027		5,878		5,745
Calpine Corp. 5.25% 6/1/20261		1,051		1,041
Calpine Corp. 4.50% 2/15/20281		4,000		3,797
Calpine Corp. 5.125% 3/15/20281		8,282		7,956
Calpine Corp. 3.75% 3/1/20311		9,175		8,044
DPL, Inc. 4.125% 7/1/2025		10,965		10,728
Emera, Inc. 6.75% 6/15/2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)7,11		18,225		18,068
Enfragen Energia Sur SA 5.375% 12/30/20301		4,850		4,026
Enfragen Energia Sur SA 5.375% 12/30/2030		631		524
FirstEnergy Corp. 2.25% 9/1/2030		19,000		15,821
FirstEnergy Corp. 7.375% 11/15/2031		7,191		8,473
FirstEnergy Corp. 5.10% 7/15/2047		4,000		3,515
FirstEnergy Corp. 3.40% 3/1/2050		5,134		3,544
FirstEnergy Transmission, LLC 2.866% 9/15/20281		5,075		4,631
FirstEnergy Transmission, LLC 4.55% 4/1/20491		2,000		1,694
MIWD Holdco II, LLC, Term Loan B, (1-month USD CME Term SOFR + 3.50%) 8.825% 3/20/20315,6		6,130		6,166
NextEra Energy Operating Partners, LP 4.25% 7/15/20241		3,163		3,137
NextEra Energy Operating Partners, LP 3.875% 10/15/20261		2,373		2,215
NRG Energy, Inc. 3.625% 2/15/20311		2,000		1,728
Pacific Gas and Electric Co. 3.45% 7/1/2025		6,096		5,932
Pacific Gas and Electric Co. 3.30% 3/15/2027		3,904		3,700

16 American High-Income Trust

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Pacific Gas and Electric Co. 5.45% 6/15/2027	USD	5,670	$	5,690
Pacific Gas and Electric Co. 3.75% 7/1/2028		6,055		5,675
Pacific Gas and Electric Co. 4.55% 7/1/2030		4,170		3,966
Pacific Gas and Electric Co. 3.30% 8/1/2040		5,540		4,072
Pacific Gas and Electric Co. 3.50% 8/1/2050		26,090		17,849
PG&E Corp. 5.00% 7/1/2028		53,720		51,793
PG&E Corp. 5.25% 7/1/2030		75,785		72,093
Talen Energy Supply, LLC 8.625% 6/1/20301		41,151		44,036
Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.50%) 9.826% 5/17/20305,6		5,940		5,971
Vistra Operations Co., LLC 3.55% 7/15/20241		5,769		5,728
				337,358
Total corporate bonds, notes & loans				17,159,704
U.S. Treasury bonds & notes 0.45%
U.S. Treasury 0.45%
U.S. Treasury 3.875% 8/15/2033		55,125		53,697
U.S. Treasury 3.625% 5/15/2053		5,000		4,396
U.S. Treasury 4.125% 8/15/205312		31,500		30,294
Total U.S. Treasury bonds & notes				88,387
Bonds & notes of governments & government agencies outside the U.S. 0.08%
Argentine Republic 1.00% 7/9/2029		9,575		5,173
Argentine Republic 0.75% 7/9/2030 (1.75% on 7/9/2027)7		21,500		11,316
				16,489
Mortgage-backed obligations 0.07%
Collateralized mortgage-backed obligations 0.07%
Treehouse Park Improvement Association No.1 9.75% 12/1/20331,3		15,299		14,215
Total bonds, notes & other debt instruments (cost: $17,950,277,000)				17,278,795
Convertible bonds & notes 0.20%
Communication services 0.20%
DISH Network Corp., convertible notes, 3.375% 8/15/2026		62,635		39,304
Total convertible bonds & notes (cost: $57,630,000)				39,304
Common stocks 4.64%	Shares
Utilities 1.09%
Talen Energy Corp.13		2,242,027		211,535
PG&E Corp.		264,795		4,438
				215,973
Health care 1.03%
Rotech Healthcare, Inc.3,8,10,13		1,916,276		201,209
Mallinckrodt PLC13		62,717		3,104
				204,313
Information technology 1.00%
Diebold Nixdorf, Inc.8,13		5,800,284		199,762
Energy 0.80%
Chesapeake Energy Corp.		610,745		54,252
Ascent Resources - Utica, LLC, Class A3,10		905,325		31,623
Weatherford International13		206,113		23,790
Altera Infrastructure, LP3,13		123,978		11,427
California Resources Corp.		183,103		10,089
Constellation Oil Services Holding SA, Class B-13,13		51,096,574		7,665
Mesquite Energy, Inc.3,13		109,992		6,235
Diamond Offshore Drilling, Inc.13		378,640		5,165

American High-Income Trust 17

Common stocks (continued)	Shares		Value (000)
Energy (continued)
Civitas Resources, Inc.		57,659	$	4,377
Exxon Mobil Corp.		16,090		1,870
Southwestern Energy Co.13		229,524		1,740
McDermott International, Ltd.10,13		1,745,604		349
Bighorn Permian Resources, LLC3		42,744		—	9
				158,582
Consumer discretionary 0.34%
Party City Holdco, Inc.3,8,13		2,530,772		47,427
Party City Holdco, Inc.1,3,8,13		25,266		473
NMG Parent, LLC13		182,562		17,572
MYT Holding Co., Class B8,13		7,468,376		1,680
				67,152
Materials 0.24%
Venator Materials PLC3,8,13		68,896		48,606
Communication services 0.14%
Frontier Communications Parent, Inc.13		600,000		14,700
Intelsat SA		319,194		8,578
Cumulus Media, Inc., Class A13		561,836		2,017
Clear Channel Outdoor Holdings, Inc.13		890,868		1,470
iHeartMedia, Inc., Class A13		378,645		791
				27,556
Total common stocks (cost: $863,565,000)				921,944
Preferred securities 0.16%
Industrials 0.10%
ACR III LSC Holdings, LLC, Series B, preferred shares1,3,13		13,566		21,109
Consumer discretionary 0.06%
MYT Holdings, LLC, Series A, 10.00% preferred shares8,13		19,884,070		11,294
Energy 0.00%
McDermott International, Ltd. 8.00% cumulative preferred shares3,13		1,130		57
Total preferred securities (cost: $32,392,000)				32,460
Rights & warrants 0.03%
Consumer discretionary 0.03%
NMG Parent, LLC, warrants, expire 9/24/202713		407,047		4,783
Energy 0.00%
California Resources Corp., warrants, expire 10/27/202413		16,108		315
McDermott International, Inc., warrants, expire 7/1/20273,13		845,563		—	9
Constellation Oil Services Holding SA, Class D, warrants, expire 6/10/20713,13		18		—	9
				315
Total rights & warrants (cost: $4,056,000)				5,098

18 American High-Income Trust

Short-term securities 7.18%	Shares		Value (000)
Money market investments 7.18%
Capital Group Central Cash Fund 5.37%8,14		14,249,931	$	1,424,423
Total short-term securities (cost: $1,425,113,000)				1,424,423
Total investment securities 99.26% (cost: $20,333,033,000)				19,702,024
Other assets less liabilities 0.74%				146,399
Net assets 100.00%			$	19,848,423

Futures contracts

Contracts	Type	Number of contracts	Expiration date	Notional amount (000)			Value and unrealized appreciation (depreciation) at 3/31/2024 (000)
2 Year U.S. Treasury Note Futures	Long	1,436	7/3/2024	USD	293,639			$	(433	)
5 Year U.S. Treasury Note Futures	Long	2,068	7/3/2024		221,308				271
10 Year U.S. Treasury Note Futures	Long	124	6/28/2024		13,739				69
10 Year U.S. Treasury Note Futures	Short	148	6/28/2024		(16,962	)			(134	)
30 Year Ultra U.S. Treasury Bond Futures	Long	38	6/28/2024		4,902				109
								$	(118	)

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 3/31/2024 (000)			Upfront premium paid (received) (000)			Unrealized appreciation (depreciation) at 3/31/2024 (000)
CDX.NA.IG.41	1.00%	Quarterly	12/20/2028	USD	19,717	$	(451	)	$	(413	)		$	(38	)
CDX.NA.HY.41	5.00%	Quarterly	12/20/2028		70,108		(5,174	)		(4,723	)			(451	)
CDX.NA.IG.42	1.00%	Quarterly	6/20/2029		213,493		(4,835	)		(4,719	)			(116	)
CDX.NA.HY.42	5.00%	Quarterly	6/20/2029		74,625		(5,410	)		(5,230	)			(180	)
						$	(15,870	)	$	(15,085	)		$	(785	)

Investments in affiliates⁸

	Value at 10/1/2023 (000)		Additions (000)			Reductions (000)		Net realized gain (loss) (000)		Net unrealized appreciation (depreciation) (000)		Value at 3/31/2024 (000)			Dividend or interest income (000)
Bonds, notes & other debt instruments 1.23%
Consumer discretionary 0.22%
Party City Holdings, Inc. 12.00% PIK 1/11/20291,4	$	—	$	41,897		$	—	$	—	$	2,071	$	43,968		$	2,675
Party City Holdings, Inc. 0% 10/12/20283		—		—	9		—		—		—		—	9		—
													43,968

American High-Income Trust 19

Investments in affiliates⁸ (continued)

	Value at 10/1/2023 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)		Net unrealized appreciation (depreciation) (000)			Value at 3/31/2024 (000)		Dividend or interest income (000)
Information technology 1.01%
Diebold Nixdorf, Inc., Term Loan, (3-month USD CME Term SOFR + 7.50%) 12.82% 8/11/20281,5,6	$	200,668	$	25,800	$	32,885	$	1,060	$	6,250		$	200,893	$	14,806
Diebold Nixdorf, Inc., Term Loan, (3-month USD CME Term SOFR + 5.25%) 10.479% 7/15/202515		27		—		115		—		88			—		—
													200,893
Total bonds, notes & other debt instruments													244,861
Common stocks 2.51%
Health care 1.01%
Rotech Healthcare, Inc.3,10,13		201,209		—		—		—		—			201,209		—
Information technology 1.01%
Diebold Nixdorf, Inc.13		104,312		230		115		—		95,335			199,762		—
Consumer discretionary 0.25%
Party City Holdco, Inc.1,3,13		—		21,339		—		—		26,561			47,900		—
MYT Holding Co., Class B13		5,601		—		—		—		(3,921	)		1,680		—
													49,580
Materials 0.24%
Venator Materials PLC3,13		—		141,090		—		—		(92,484	)		48,606		—
Total common stocks													499,157
Preferred securities 0.06%
Consumer discretionary 0.06%
MYT Holdings, LLC, Series A, 10.00% preferred shares13		12,925		—		—		—		(1,631	)		11,294		—
Short-term securities 7.18%
Money market investments 7.18%
Capital Group Central Cash Fund 5.37%14		1,171,249		1,923,838		1,670,207		38		(495	)		1,424,423		35,053
Total 10.98%							$	1,098	$	31,774		$	2,179,735	$	52,534

Restricted securities¹⁰

	Acquisition date(s)	Cost (000)		Value (000)		Percent of net assets
Rotech Healthcare, Inc.3,8,13	9/26/2013	$	41,128	$	201,209		1.01	%
Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 12.459% 9/13/20295,6	9/13/2023		73,568		75,361		.38
Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 12.571% 9/13/20295,6	9/13/2023 - 3/13/2024		1,441		1,448		.01
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)3,7	6/23/2023		58,960		59,205		.30
Ascent Resources - Utica, LLC, Class A3	4/25/2016-11/15/2016		4,340		31,623		.16
McDermott International, Ltd.13	4/4/2018-12/31/2020		7,967		349		.00	16
Total		$	187,404	$	369,195		1.86	%

20 American High-Income Trust

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 $12,913,827,000, which represented 65.06% of the net assets of the fund.
2	Scheduled interest and/or principal payment was not received.
3	Value determined using significant unobservable inputs.
4	Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.
5	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $868,708,000, which represented 4.38% of the net assets of the fund.
6	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
7	Step bond; coupon rate may change at a later date.
8	Affiliate of the fund or part of the same “group of investment companies” as the fund, as defined under the Investment Company Act of 1940, as amended.
9	Amount less than one thousand.
10	Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $369,195,000, which represented 1.86% of the net assets of the fund.
11	Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
12	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $11,776,000, which represented .06% of the net assets of the fund.
13	Security did not produce income during the last 12 months.
14	Rate represents the seven-day yield at 3/31/2024.
15	Affiliated issuer during the reporting period but no longer held at 3/31/2024.
16	Amount less than .01%.

Key to abbreviation(s)

CME = CME Group
DAC = Designated Activity Company
LIBOR = London Interbank Offered Rate
MXN = Mexican pesos
PIK = Payment In Kind
REIT = Real Estate Investment Trust
SOFR = Secured Overnight Financing Rate
USD = U.S. dollars

Refer to the notes to financial statements.

American High-Income Trust 21

Financial statements

Statement of assets and liabilities	unaudited
at March 31, 2024	(dollars in thousands)

Assets:
Investment securities, at value:
Unaffiliated issuers (cost: $18,173,095)	$	17,522,289
Affiliated issuers (cost: $2,159,938)		2,179,735	$	19,702,024
Cash				84,580
Cash collateral pledged for futures contracts				2,115
Cash collateral pledged for swap contracts				1,234
Unrealized appreciation on unfunded commitments*				32
Receivables for:
Sales of investments		46,079
Sales of fund’s shares		34,744
Dividends and interest		312,546
Variation margin on futures contracts		18
Variation margin on centrally cleared swap contracts		6		393,393
				20,183,378
Liabilities:
Payables for:
Purchases of investments		291,099
Repurchases of fund’s shares		31,099
Dividends on fund’s shares		3,497
Investment advisory services		4,659
Services provided by related parties		3,481
Trustees’ deferred compensation		370
Variation margin on futures contracts		546
Variation margin on centrally cleared swap contracts		141
Other		63		334,955
Commitments and contingencies*
Net assets at March 31, 2024			$	19,848,423
Net assets consist of:
Capital paid in on shares of beneficial interest			$	22,986,501
Total distributable earnings (accumulated loss)				(3,138,078	)
Net assets at March 31, 2024			$	19,848,423

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

Refer to the notes to financial statements.

22  American High-Income Trust

Financial statements (continued)

Statement of assets and liabilities	unaudited
at March 31, 2024 (continued)	(dollars and shares in thousands, except per-share amounts)

Shares of beneficial interest issued and outstanding (no stated par value) —
unlimited shares authorized (2,074,283 total shares outstanding)

	Net assets		Shares outstanding		Net asset value per share
Class A	$	10,584,002		1,106,094	$	9.57
Class C		209,224		21,865		9.57
Class T		9		1		9.57
Class F-1		269,629		28,178		9.57
Class F-2		2,353,840		245,991		9.57
Class F-3		1,355,630		141,672		9.57
Class 529-A		310,895		32,491		9.57
Class 529-C		8,449		883		9.57
Class 529-E		11,564		1,209		9.57
Class 529-T		14		1		9.57
Class 529-F-1		12		1		9.57
Class 529-F-2		38,610		4,035		9.57
Class 529-F-3		12		1		9.57
Class R-1		11,570		1,209		9.57
Class R-2		116,116		12,135		9.57
Class R-2E		14,819		1,549		9.57
Class R-3		150,635		15,742		9.57
Class R-4		120,373		12,580		9.57
Class R-5E		23,620		2,468		9.57
Class R-5		31,876		3,331		9.57
Class R-6		4,237,524		442,847		9.57

Refer to the notes to financial statements.

American High-Income Trust 23

Financial statements (continued)

Statement of operations	unaudited
for the six months ended March 31, 2024	(dollars in thousands)

Investment income:
Income:
Interest (includes $17,481 from affiliates)	$	622,918
Dividends (includes $35,053 from affiliates)		40,092		$	663,010
Fees and expenses*:
Investment advisory services		26,765
Distribution services		15,903
Transfer agent services		9,222
Administrative services		2,807
529 plan services		103
Reports to shareholders		401
Registration statement and prospectus		513
Trustees’ compensation		77
Auditing and legal		184
Custodian		31
Other		197
Total fees and expenses before waiver		56,203
Less waiver of fees and expenses:
Investment advisory services waiver		42
Total fees and expenses after waiver					56,161
Net investment income					606,849
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss) on:
Investments:
Unaffiliated issuers		(228,283	)
Affiliated issuers		1,098
Futures contracts		1,203
Swap contracts		(10,384	)
Currency transactions		178			(236,188	)
Net unrealized appreciation (depreciation) on:
Investments:
Unaffiliated issuers		1,308,788
Affiliated issuers		31,774
Futures contracts		462
Swap contracts		(984	)
Currency translations		1			1,340,041
Net realized gain (loss) and unrealized appreciation (depreciation)					1,103,853
Net increase (decrease) in net assets resulting from operations				$	1,710,702

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

Refer to the notes to financial statements.

24 American High-Income Trust

Financial statements (continued)

Statements of changes in net assets
	(dollars in thousands)

	Six months ended March 31, 2024*			Year ended September 30, 2023
Operations:
Net investment income	$	606,849		$	1,132,751
Net realized gain (loss)		(236,188	)		(372,209	)
Net unrealized appreciation (depreciation)		1,340,041			662,055
Net increase (decrease) in net assets resulting from operations		1,710,702			1,422,597
Distributions paid or accrued to shareholders		(626,205	)		(1,136,882	)
Net capital share transactions		902,726			1,364,838
Total increase (decrease) in net assets		1,987,223			1,650,553
Net assets:
Beginning of period		17,861,200			16,210,647
End of period	$	19,848,423		$	17,861,200

* Unaudited.

Refer to the notes to financial statements.

American High-Income Trust 25

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

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

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

2. Significant accounting policies

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

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

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

26 American High-Income Trust

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

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

3. Valuation

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

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

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

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

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

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

American High-Income Trust 27

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

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

Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The tables on the following page present the fund’s valuation levels as of March 31, 2024 (dollars in thousands):

28 American High-Income Trust

	Investment securities
	Level 1			Level 2			Level 3			Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds, notes & loans	$	—		$	17,074,767		$	84,937		$	17,159,704
U.S. Treasury bonds & notes		—			88,387			—			88,387
Bonds & notes of governments & government agencies outside the U.S.		—			16,489			—			16,489
Mortgage-backed obligations		—			—			14,215			14,215
Convertible bonds & notes		—			39,304			—			39,304
Common stocks		536,345			30,934			354,665			921,944
Preferred securities		—			11,294			21,166			32,460
Rights & warrants		315			4,783			—	1		5,098
Short-term securities		1,424,423			—			—			1,424,423
Total	$	1,961,083		$	17,265,958		$	474,983		$	19,702,024
	Other investments2
	Level 1			Level 2			Level 3			Total
Assets:
Unrealized appreciation on futures contracts	$	449		$	—		$	—		$	449
Liabilities:
Unrealized depreciation on futures contracts		(567	)		—			—			(567	)
Unrealized depreciation on centrally cleared credit default swaps		—			(785	)		—			(785	)
Total	$	(118	)	$	(785	)	$	—		$	(903	)

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

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the six months ended March 31, 2024 (dollars in thousands):

	Beginning value at 10/1/2023		Transfers into Level 33		Purchases		Sales			Net realized loss4			Unrealized appreciation4		Transfers out of Level 33			Ending value at 3/31/2024
Investment securities	$	359,671	$	5,601	$	163,472	$	(2,117	)	$	(104,644	)	$	58,601	$	(5,601	)	$	474,983
Net unrealized depreciation during the period on Level 3 investment securities held at March 31, 2024																		$	(47,650	)

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

American High-Income Trust 29

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 3/31/2024			Valuation techniques	Unobservable inputs	Range (if applicable)	Weighted average1	Impact to valuation from an increase in input2
Bonds, notes & other debt instruments	$	99,152		Estimated recovery value	Expected proceeds	Not applicable	Not applicable	Not applicable
					Discount for uncertainty	5%	5%	Decrease
					Transaction price	Not applicable	Not applicable	Not applicable
				Transaction	Net adjustment (decrease) based on movement of market comparables	5%	5%	Decrease
				Expected proceeds	Expected proceeds	Not applicable	Not applicable	Not applicable
				Yield analysis	Yield	11%	11%	Decrease
Common stocks	$	354,665		Estimated recovery value	Expected proceeds	Not applicable	Not applicable	Not applicable
					Vendor Price	Not applicable	Not applicable	Not applicable
					Discount for uncertainty	20%	20%	Decrease
				Market comparable companies	EV/EBITDA multiple	5.4x - 8.0x	6.0x	Increase
					Discount to EV/EBITDA multiple	12%	12%	Decrease
					Price/Book Value multiple	0.6x	0.6x	Increase
					DLOM	7% - 16%	13%	Decrease
					EV/EBITDA less CapEx multiple	10.5x	10.5x	Increase
Preferred securities	$	21,166		Market comparable companies	EV/EBITDA multiple	4.5x	4.5x	Increase
					DLOM	15%	15%	Decrease
				Estimated recovery value	Expected proceeds	Not applicable	Not applicable	Not applicable
					Risk discount	95%	95%	Decrease
Rights & warrants		—	3	Estimated recovery value	Expected proceeds	Not applicable	Not applicable	Not applicable
	$	474,983

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

Key to abbreviations

CapEx = Capital expenditures

DLOM = Discount for lack of marketability

EBITDA = Earnings before income taxes, depreciation and amortization

EV = Enterprise value

4. Risk factors

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

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

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

30 American High-Income Trust

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

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

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

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

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

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

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).

American High-Income Trust 31

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

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

5. Certain investment techniques

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

Unfunded commitments — The fund has participated in transactions that involve unfunded commitments, which may obligate the fund to purchase new or additional bonds if certain contingencies are met. As of March 31, 2024, the fund’s maximum exposure of unfunded bond commitments was $25,669,000, which would represent 0.13% of the net assets of the fund should such commitments become due. Unrealized appreciation of $32,000 is disclosed as unrealized appreciation on unfunded commitments in the fund’s statement of assets and liabilities and is included in net unrealized appreciation on investments in unaffiliated issuers in the fund’s statement of operations.

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

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

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 $378,176,000.

32 American High-Income Trust

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 $258,222,000.

American High-Income Trust 33

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, 2024 (dollars in thousands):

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation*	$	449		Unrealized depreciation*	$	567
Swap (centrally cleared)	Credit	Unrealized appreciation*		—		Unrealized depreciation*		785
			$	449			$	1,352
		Net realized gain (loss)				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized gain (loss) on futures contracts	$	1,203		Net unrealized appreciation (depreciation) on futures contracts	$	462
Swap	Credit	Net realized gain (loss) on swap contracts		(10,384	)	Net unrealized appreciation (depreciation) on swap contracts		(984	)
			$	(9,181	)		$	(522	)

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

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

6. Taxation and distributions

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

As of and during the period ended March 31, 2024, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the 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. The fund generally records an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

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

34 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, 2023, the components of distributable earnings on a tax basis were as follows (dollars in thousands):

Undistributed ordinary income	$	27,045
Capital loss carryforward*		(2,116,518	)

* 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.

As of March 31, 2024, the tax basis unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

Gross unrealized appreciation on investments	$	558,036
Gross unrealized depreciation on investments		(1,338,218	)
Net unrealized appreciation (depreciation) on investments		(780,182	)
Cost of investments		20,496,388

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

Share class	Six months ended March 31, 2024			Year ended September 30, 2023
Class A	$	333,796		$	646,145
Class C		5,973			12,611
Class T		—	†		—	†
Class F-1		8,702			18,085
Class F-2		73,399			130,199
Class F-3		41,145			68,239
Class 529-A		9,813			19,391
Class 529-C		245			553
Class 529-E		356			716
Class 529-T		—	†		1
Class 529-F-1		—	†		1
Class 529-F-2		1,250			2,265
Class 529-F-3		—	†		1
Class R-1		335			707
Class R-2		3,265			6,236
Class R-2E		295			438
Class R-3		4,474			8,370
Class R-4		3,817			7,382
Class R-5E		747			1,312
Class R-5		1,045			1,959
Class R-6		137,548			212,271
Total	$	626,205		$	1,136,882

^† Amount less than one thousand.

7. Fees and transactions with related parties

CRMC, the fund’s investment adviser, is the parent company of 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.

Investment advisory services — The fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on a series of decreasing annual rates beginning with 0.157% on the first $15 billion of daily net assets and decreasing to 0.132% on such assets in excess of $21 billion. The agreement also provides for monthly fees, accrued daily, based on a series of decreasing rates beginning with 3.00% on the first $8,333,333 of the fund’s monthly gross income and decreasing to 1.50% on such income in excess of $50,000,000. During the six months ended March 31, 2024, CRMC waived investment advisory services fees of $42,000. CRMC does not intend to recoup this waiver. As a result, the fees shown on the fund’s statement of operations of $26,765,000 were reduced to $26,723,000, both of which were equivalent to an annualized rate of 0.286% of average daily net assets.

American High-Income Trust 35

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, 2024, there were no unreimbursed expenses subject to reimbursement for Class A or 529-A shares.

Transfer agent services — The fund has a shareholder services agreement with AFS under which the fund compensates AFS for providing transfer agent services to each of the fund’s share classes. These services include recordkeeping, shareholder communications and transaction processing. Under this agreement, the fund also pays sub-transfer agency fees to AFS. These fees are paid by AFS to third parties for performing transfer agent services on behalf of fund shareholders.

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

529 plan services — Each 529 share class is subject to service fees to compensate the 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.

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, 2024, the 529 plan services fees were $103,000, which were equivalent to 0.058% of the average daily net assets of each 529 share class.

36 American High-Income Trust

For the six months ended March 31, 2024, class-specific expenses under the agreements were as follows (dollars in thousands):

Share class	Distribution services		Transfer agent services			Administrative services			529 plan services
Class A		$13,136		$7,104			$1,525			Not applicable
Class C		1,023		143			31			Not applicable
Class T		—		—	*		—	*		Not applicable
Class F-1		327		222			40			Not applicable
Class F-2		Not applicable		1,114			321			Not applicable
Class F-3		Not applicable		6			178			Not applicable
Class 529-A		346		200			45			$87
Class 529-C		42		6			1			2
Class 529-E		28		3			2			3
Class 529-T		—		—	*		—	*		—	*
Class 529-F-1		—		—	*		—	*		—	*
Class 529-F-2		Not applicable		11			5			11
Class 529-F-3		Not applicable		—	*		—	*		—	*
Class R-1		57		6			2			Not applicable
Class R-2		417		187			17			Not applicable
Class R-2E		29		9			1			Not applicable
Class R-3		354		106			21			Not applicable
Class R-4		144		57			17			Not applicable
Class R-5E		Not applicable		17			3			Not applicable
Class R-5		Not applicable		9			5			Not applicable
Class R-6		Not applicable		22			593			Not applicable
Total class-specific expenses		$15,903		$9,222			$2,807			$103

* 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 $77,000 in the fund’s statement of operations reflects $40,000 in current fees (either paid in cash or deferred) and a net increase of $37,000 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 may purchase investment securities from, or sell investment securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act. During the six months ended March 31, 2024, the fund did not engage in any such purchase or sale transactions with any related funds.

Interfund lending — Pursuant to an exemptive order issued by the SEC, the fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the six months ended March 31, 2024.

American High-Income Trust 37

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, 2024.

9. Indemnifications

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

10. Capital share transactions

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

	Sales*				Reinvestments of distributions						Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Six months ended March 31, 2024
Class A	$	637,794		68,377	$	322,165			34,498		$	(805,388	)		(86,709	)	$	154,571			16,166
Class C		21,469		2,300		5,778			619			(33,731	)		(3,634	)		(6,484	)		(715	)
Class T		—		—		—			—			—			—			—			—
Class F-1		110,902		11,939		8,337			893			(128,158	)		(13,801	)		(8,919	)		(969	)
Class F-2		516,609		55,491		69,260			7,414			(384,213	)		(41,681	)		201,656			21,224
Class F-3		377,834		40,672		40,245			4,303			(158,867	)		(17,116	)		259,212			27,859
Class 529-A		20,762		2,224		9,778			1,047			(30,122	)		(3,237	)		418			34
Class 529-C		1,322		142		244			26			(2,278	)		(245	)		(712	)		(77	)
Class 529-E		783		84		355			38			(1,107	)		(118	)		31			4
Class 529-T		—		—		—	†		—	†		—			—			—	†		—	†
Class 529-F-1		—		—		—	†		—	†		—			—			—	†		—	†
Class 529-F-2		5,667		610		1,243			133			(4,627	)		(496	)		2,283			247
Class 529-F-3		—		—		—	†		—	†		—			—			—	†		—	†
Class R-1		967		104		333			36			(1,647	)		(177	)		(347	)		(37	)
Class R-2		11,727		1,265		3,244			347			(11,445	)		(1,231	)		3,526			381
Class R-2E		7,733		816		293			31			(1,346	)		(144	)		6,680			703
Class R-3		24,228		2,608		4,441			475			(18,739	)		(2,012	)		9,930			1,071
Class R-4		13,736		1,476		3,804			408			(15,612	)		(1,679	)		1,928			205
Class R-5E		2,878		308		743			79			(2,056	)		(222	)		1,565			165
Class R-5		5,836		631		1,042			112			(5,769	)		(625	)		1,109			118
Class R-6		344,225		36,839		137,509			14,718			(205,455	)		(22,204	)		276,279			29,353
Total net increase (decrease)	$	2,104,472		225,886	$	608,814			65,177		$	(1,810,560	)		(195,331	)	$	902,726			95,732

Refer to the end of the tables for footnotes.

38 American High-Income Trust

	Sales*				Reinvestments of distributions					Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Year ended September 30, 2023
Class A	$	892,030		97,541	$	622,988		68,147		$	(1,595,188	)		(174,716	)	$	(80,170	)		(9,028	)
Class C		32,248		3,527		12,189		1,334			(76,374	)		(8,362	)		(31,937	)		(3,501	)
Class T		—		—		—		—			—			—			—			—
Class F-1		266,798		29,217		17,295		1,892			(291,005	)		(31,848	)		(6,912	)		(739	)
Class F-2		940,969		102,932		123,139		13,468			(736,501	)		(80,590	)		327,607			35,810
Class F-3		478,528		52,434		66,617		7,287			(423,022	)		(46,351	)		122,123			13,370
Class 529-A		33,021		3,608		19,322		2,114			(57,728	)		(6,307	)		(5,385	)		(585	)
Class 529-C		2,147		235		550		60			(4,913	)		(537	)		(2,216	)		(242	)
Class 529-E		1,255		137		712		78			(2,733	)		(298	)		(766	)		(83	)
Class 529-T		—		—		1		—	†		—			—			1			—	†
Class 529-F-1		—		—		1		—	†		—			—			1			—	†
Class 529-F-2		7,664		840		2,253		246			(7,916	)		(866	)		2,001			220
Class 529-F-3		—		—		1		—	†		—			—			1			—	†
Class R-1		1,855		203		704		77			(3,586	)		(393	)		(1,027	)		(113	)
Class R-2		19,001		2,077		6,193		677			(27,212	)		(2,980	)		(2,018	)		(226	)
Class R-2E		2,880		316		437		48			(1,688	)		(185	)		1,629			179
Class R-3		31,239		3,415		8,293		907			(40,150	)		(4,393	)		(618	)		(71	)
Class R-4		25,996		2,842		7,343		804			(30,451	)		(3,333	)		2,888			313
Class R-5E		6,145		672		1,307		143			(4,409	)		(482	)		3,043			333
Class R-5		6,017		657		1,947		212			(7,693	)		(840	)		271			29
Class R-6		1,193,063		130,765		212,099		23,197			(368,840	)		(40,534	)		1,036,322			113,428
Total net increase (decrease)	$	3,940,856		431,418	$	1,103,391		120,691		$	(3,679,409	)		(403,015	)	$	1,364,838			149,094

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

11. Investment transactions

The fund engaged in purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $4,317,792,000 and $3,939,912,000, respectively, during the six months ended March 31, 2024.

American High-Income Trust 39

Financial highlights

			Income (loss) from investment operations1
Year ended	Net asset value, beginning of year		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of year		Total return2,3			Net assets, end of year (in millions)			Ratio of expenses to average net assets before waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Ratio of net income (loss) to average net assets3
Class A:
3/31/20245,6	$	9.03	$	.30	$	.55		$	.85		$	(.31	)	$	9.57		9.49	%7	$	10,584			.73	%8		.73	%8		6.36	%8
9/30/2023		8.86		.59		.17			.76			(.59	)		9.03		8.75			9,839			.73			.72			6.48
9/30/2022		10.55		.48		(1.70	)		(1.22	)		(.47	)		8.86		(11.86	)		9,738			.68			.68			4.86
9/30/2021		9.63		.47		.95			1.42			(.50	)		10.55		15.05			11,600			.69			.69			4.61
9/30/2020		9.96		.58		(.33	)		.25			(.58	)		9.63		2.71			10,008			.73			.73			6.11
9/30/2019		10.25		.62		(.29	)		.33			(.62	)		9.96		3.39			10,428			.72			.72			6.14
Class C:
3/31/20245,6		9.03		.26		.55			.81			(.27	)		9.57		9.10	7		209			1.47	8		1.47	8		5.62	8
9/30/2023		8.86		.53		.17			.70			(.53	)		9.03		7.95			204			1.47			1.46			5.73
9/30/2022		10.55		.41		(1.70	)		(1.29	)		(.40	)		8.86		(12.52	)		231			1.43			1.43			4.09
9/30/2021		9.63		.40		.95			1.35			(.43	)		10.55		14.22			326			1.43			1.43			3.89
9/30/2020		9.96		.52		(.34	)		.18			(.51	)		9.63		1.96			330			1.47			1.47			5.41
9/30/2019		10.25		.55		(.29	)		.26			(.55	)		9.96		2.61			521			1.48			1.48			5.38
Class T:
3/31/20245,6		9.03		.31		.55			.86			(.32	)		9.57		9.64	7,9		—	10		.47	8,9		.47	8,9		6.62	8,9
9/30/2023		8.86		.62		.17			.79			(.62	)		9.03		9.03	9		—	10		.46	9		.45	9		6.74	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
Class F-1:
3/31/20245,6		9.03		.29		.55			.84			(.30	)		9.57		9.49	7		270			.74	8		.74	8		6.34	8
9/30/2023		8.86		.59		.17			.76			(.59	)		9.03		8.73			263			.74			.73			6.47
9/30/2022		10.55		.48		(1.70	)		(1.22	)		(.47	)		8.86		(11.88	)		265			.70			.70			4.79
9/30/2021		9.63		.47		.95			1.42			(.50	)		10.55		15.05			415			.70			.70			4.62
9/30/2020		9.96		.59		(.34	)		.25			(.58	)		9.63		2.71			401			.73			.73			6.11
9/30/2019		10.25		.62		(.29	)		.33			(.62	)		9.96		3.37			446			.74			.74			6.12
Class F-2:
3/31/20245,6		9.03		.31		.55			.86			(.32	)		9.57		9.65	7		2,354			.43	8		.43	8		6.65	8
9/30/2023		8.86		.62		.17			.79			(.62	)		9.03		9.06			2,029			.44			.43			6.79
9/30/2022		10.55		.51		(1.70	)		(1.19	)		(.50	)		8.86		(11.62	)		1,674			.40			.40			5.14
9/30/2021		9.63		.50		.95			1.45			(.53	)		10.55		15.39			1,888			.40			.40			4.89
9/30/2020		9.96		.61		(.33	)		.28			(.61	)		9.63		3.00			1,368			.44			.44			6.38
9/30/2019		10.25		.65		(.29	)		.36			(.65	)		9.96		3.66			1,281			.46			.46			6.41
Class F-3:
3/31/20245,6		9.03		.31		.55			.86			(.32	)		9.57		9.71	7		1,356			.33	8		.33	8		6.73	8
9/30/2023		8.86		.63		.17			.80			(.63	)		9.03		9.18			1,027			.33			.32			6.88
9/30/2022		10.55		.52		(1.70	)		(1.18	)		(.51	)		8.86		(11.52	)		890			.30			.30			5.23
9/30/2021		9.63		.51		.95			1.46			(.54	)		10.55		15.50			1,206			.30			.30			4.96
9/30/2020		9.96		.63		(.34	)		.29			(.62	)		9.63		3.11			595			.34			.34			6.48
9/30/2019		10.25		.66		(.29	)		.37			(.66	)		9.96		3.77			523			.36			.36			6.50
Class 529-A:
3/31/20245,6		9.03		.29		.55			.84			(.30	)		9.57		9.48	7		311			.75	8		.75	8		6.33	8
9/30/2023		8.86		.59		.17			.76			(.59	)		9.03		8.71			293			.76			.75			6.45
9/30/2022		10.55		.48		(1.70	)		(1.22	)		(.47	)		8.86		(11.88	)		293			.71			.71			4.83
9/30/2021		9.63		.47		.95			1.42			(.50	)		10.55		15.03			358			.71			.71			4.59
9/30/2020		9.96		.58		(.33	)		.25			(.58	)		9.63		2.68			322			.76			.76			6.08
9/30/2019		10.25		.62		(.29	)		.33			(.62	)		9.96		3.34			317			.78			.78			6.08

Refer to the end of the table for footnotes.

40 American High-Income Trust

Financial highlights (continued)

			Income (loss) from investment operations1
Year ended	Net asset value, beginning of year		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of year		Total return2,3			Net assets, end of year (in millions)			Ratio of expenses to average net assets before waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Ratio of net income (loss) to average net assets3
Class 529-C:
3/31/20245,6	$	9.03	$	.26	$	.55		$	.81		$	(.27	)	$	9.57		9.06	%7	$	8			1.53	%8		1.52	%8		5.56	%8
9/30/2023		8.86		.52		.17			.69			(.52	)		9.03		7.89			9			1.53			1.52			5.66
9/30/2022		10.55		.40		(1.70	)		(1.30	)		(.39	)		8.86		(12.56	)		11			1.48			1.48			4.03
9/30/2021		9.63		.40		.95			1.35			(.43	)		10.55		14.19			16			1.45			1.45			3.87
9/30/2020		9.96		.50		(.33	)		.17			(.50	)		9.63		1.92			18			1.50			1.50			5.41
9/30/2019		10.25		.54		(.29	)		.25			(.54	)		9.96		2.58			53			1.51			1.51			5.35
Class 529-E:
3/31/20245,6		9.03		.29		.55			.84			(.30	)		9.57		9.38	7		11			.94	8		.94	8		6.15	8
9/30/2023		8.86		.57		.17			.74			(.57	)		9.03		8.51			11			.95			.94			6.26
9/30/2022		10.55		.46		(1.70	)		(1.24	)		(.45	)		8.86		(12.06	)		11			.90			.90			4.64
9/30/2021		9.63		.45		.95			1.40			(.48	)		10.55		14.81			14			.90			.90			4.41
9/30/2020		9.96		.57		(.34	)		.23			(.56	)		9.63		2.50			14			.94			.94			5.91
9/30/2019		10.25		.60		(.29	)		.31			(.60	)		9.96		3.15			16			.96			.96			5.90
Class 529-T:
3/31/20245,6		9.03		.31		.55			.86			(.32	)		9.57		9.61	7,9		—	10		.52	8,9		.52	8,9		6.57	8,9
9/30/2023		8.86		.61		.17			.78			(.61	)		9.03		8.96	9		—	10		.52	9		.51	9		6.69	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
Class 529-F-1:
3/31/20245,6		9.03		.30		.55			.85			(.31	)		9.57		9.58	7,9		—	10		.56	8,9		.56	8,9		6.53	8,9
9/30/2023		8.86		.61		.17			.78			(.61	)		9.03		8.92	9		—	10		.56	9		.55	9		6.65	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
Class 529-F-2:
3/31/20245,6		9.03		.31		.55			.86			(.32	)		9.57		9.65	7		39			.45	8		.45	8		6.64	8
9/30/2023		8.86		.62		.17			.79			(.62	)		9.03		9.07			34			.43			.42			6.79
9/30/2022		10.55		.51		(1.70	)		(1.19	)		(.50	)		8.86		(11.62	)		32			.41			.41			5.13
9/30/20215,11		9.62		.46		.95			1.41			(.48	)		10.55		14.92	7		38			.44	8		.44	8		4.82	8
Class 529-F-3:
3/31/20245,6		9.03		.31		.55			.86			(.32	)		9.57		9.68	7		—	10		.40	8		.40	8		6.69	8
9/30/2023		8.86		.62		.17			.79			(.62	)		9.03		9.10			—	10		.40			.39			6.81
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:
3/31/20245,6		9.03		.26		.55			.81			(.27	)		9.57		9.12	7		11			1.43	8		1.43	8		5.66	8
9/30/2023		8.86		.53		.17			.70			(.53	)		9.03		7.99			11			1.43			1.42			5.77
9/30/2022		10.55		.41		(1.70	)		(1.29	)		(.40	)		8.86		(12.50	)		12			1.41			1.41			4.14
9/30/2021		9.63		.40		.95			1.35			(.43	)		10.55		14.22			14			1.43			1.43			3.88
9/30/2020		9.96		.51		(.33	)		.18			(.51	)		9.63		1.94			12			1.49			1.49			5.37
9/30/2019		10.25		.55		(.29	)		.26			(.55	)		9.96		2.61			9			1.49			1.49			5.38

Refer to the end of the table for footnotes.

American High-Income Trust 41

Financial highlights (continued)

			Income (loss) from investment operations1
Year ended	Net asset value, beginning of year		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of year		Total return2,3			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Ratio of net income (loss) to average net assets3
Class R-2:
3/31/20245,6	$	9.03	$	.26	$	.55		$	.81		$	(.27	)	$	9.57		9.12	%7	$	116		1.42	%8		1.42	%8		5.67	%8
9/30/2023		8.86		.53		.17			.70			(.53	)		9.03		7.99			106		1.43			1.42			5.78
9/30/2022		10.55		.41		(1.70	)		(1.29	)		(.40	)		8.86		(12.49	)		106		1.40			1.40			4.13
9/30/2021		9.63		.40		.95			1.35			(.43	)		10.55		14.25			135		1.40			1.40			3.91
9/30/2020		9.96		.52		(.34	)		.18			(.51	)		9.63		1.96			122		1.46			1.46			5.39
9/30/2019		10.25		.55		(.29	)		.26			(.55	)		9.96		2.63			143		1.46			1.46			5.40
Class R-2E:
3/31/20245,6		9.03		.28		.55			.83			(.29	)		9.57		9.28	7		15		1.13	8		1.13	8		6.03	8
9/30/2023		8.86		.56		.17			.73			(.56	)		9.03		8.31			8		1.14			1.12			6.11
9/30/2022		10.55		.44		(1.70	)		(1.26	)		(.43	)		8.86		(12.24	)		6		1.11			1.11			4.42
9/30/2021		9.63		.43		.95			1.38			(.46	)		10.55		14.57			8		1.12			1.12			4.20
9/30/2020		9.96		.54		(.33	)		.21			(.54	)		9.63		2.26			8		1.17			1.17			5.68
9/30/2019		10.25		.58		(.29	)		.29			(.58	)		9.96		2.93			9		1.17			1.17			5.68
Class R-3:
3/31/20245,6		9.03		.28		.55			.83			(.29	)		9.57		9.36	7		151		.98	8		.98	8		6.11	8
9/30/2023		8.86		.57		.17			.74			(.57	)		9.03		8.47			132		.98			.97			6.23
9/30/2022		10.55		.46		(1.70	)		(1.24	)		(.45	)		8.86		(12.10	)		131		.95			.95			4.58
9/30/2021		9.63		.45		.95			1.40			(.48	)		10.55		14.76			167		.96			.96			4.35
9/30/2020		9.96		.55		(.33	)		.22			(.55	)		9.63		2.43			142		1.00			1.00			5.85
9/30/2019		10.25		.59		(.29	)		.30			(.59	)		9.96		3.09			164		1.01			1.01			5.85
Class R-4:
3/31/20245,6		9.03		.30		.55			.85			(.31	)		9.57		9.52	7		120		.68	8		.68	8		6.41	8
9/30/2023		8.86		.60		.17			.77			(.60	)		9.03		8.80			112		.68			.67			6.54
9/30/2022		10.55		.49		(1.70	)		(1.21	)		(.48	)		8.86		(11.83	)		107		.65			.65			4.89
9/30/2021		9.63		.48		.95			1.43			(.51	)		10.55		15.10			135		.65			.65			4.66
9/30/2020		9.96		.58		(.33	)		.25			(.58	)		9.63		2.75			120		.69			.69			6.16
9/30/2019		10.25		.63		(.29	)		.34			(.63	)		9.96		3.41			138		.71			.71			6.16
Class R-5E:
3/31/20245,6		9.03		.31		.55			.86			(.32	)		9.57		9.63	7		24		.49	8		.49	8		6.60	8
9/30/2023		8.86		.62		.17			.79			(.62	)		9.03		9.01			21		.48			.47			6.74
9/30/2022		10.55		.51		(1.70	)		(1.19	)		(.50	)		8.86		(11.66	)		17		.45			.45			5.15
9/30/2021		9.63		.50		.95			1.45			(.53	)		10.55		15.33			15		.45			.45			4.85
9/30/2020		9.96		.60		(.33	)		.27			(.60	)		9.63		2.95			11		.49			.49			6.32
9/30/2019		10.25		.65		(.29	)		.36			(.65	)		9.96		3.62			8		.49			.49			6.35
Class R-5:
3/31/20245,6		9.03		.31		.55			.86			(.32	)		9.57		9.68	7		32		.39	8		.39	8		6.71	8
9/30/2023		8.86		.63		.17			.80			(.63	)		9.03		9.11			29		.39			.38			6.82
9/30/2022		10.55		.51		(1.70	)		(1.19	)		(.50	)		8.86		(11.58	)		28		.36			.36			4.97
9/30/2021		9.63		.51		.95			1.46			(.54	)		10.55		15.44			84		.35			.35			4.95
9/30/2020		9.96		.62		(.34	)		.28			(.61	)		9.63		3.06			74		.39			.39			6.46
9/30/2019		10.25		.66		(.29	)		.37			(.66	)		9.96		3.72			79		.41			.41			6.46
Class R-6:
3/31/20245,6		9.03		.31		.55			.86			(.32	)		9.57		9.71	7		4,237		.33	8		.33	8		6.75	8
9/30/2023		8.86		.63		.17			.80			(.63	)		9.03		9.17			3,733		.33			.32			6.94
9/30/2022		10.55		.52		(1.70	)		(1.18	)		(.51	)		8.86		(11.52	)		2,659		.30			.30			5.25
9/30/2021		9.63		.51		.95			1.46			(.54	)		10.55		15.50			3,581		.30			.30			5.01
9/30/2020		9.96		.63		(.34	)		.29			(.62	)		9.63		3.11			3,169		.33			.33			6.46
9/30/2019		10.25		.66		(.29	)		.37			(.66	)		9.96		3.78			2,301		.35			.35			6.51

Refer to the end of the table for footnotes.

42 American High-Income Trust

Financial highlights (continued)

	Six months ended March 31, 20245,6,7		Year ended September 30,
			2023		2022		2021		2020		2019
Portfolio turnover rate for all share classes12		24%		39%		40%		66%		75%		52%

1	Based on average shares outstanding.
2	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
3	This column reflects the impact, if any, of certain waivers/reimbursements from CRMC. During some of the years shown, CRMC waived a portion of investment advisory services fees and reimbursed a portion of transfer agent services fees for certain share classes.
4	Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.
5	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 43

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, 2023, through March 31, 2024).

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.

44 American High-Income Trust

Expense example (continued)

	Beginning account value 10/1/2023		Ending account value 3/31/2024		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	1,094.94	$	3.82		.73	%
Class A – assumed 5% return		1,000.00		1,021.35		3.69		.73
Class C – actual return		1,000.00		1,090.95		7.68		1.47
Class C – assumed 5% return		1,000.00		1,017.65		7.41		1.47
Class T – actual return		1,000.00		1,096.38		2.46		.47
Class T – assumed 5% return		1,000.00		1,022.65		2.38		.47
Class F-1 – actual return		1,000.00		1,094.87		3.88		.74
Class F-1 – assumed 5% return		1,000.00		1,021.30		3.74		.74
Class F-2 – actual return		1,000.00		1,096.54		2.25		.43
Class F-2 – assumed 5% return		1,000.00		1,022.85		2.17		.43
Class F-3 – actual return		1,000.00		1,097.10		1.73		.33
Class F-3 – assumed 5% return		1,000.00		1,023.35		1.67		.33
Class 529-A – actual return		1,000.00		1,094.81		3.93		.75
Class 529-A – assumed 5% return		1,000.00		1,021.25		3.79		.75
Class 529-C – actual return		1,000.00		1,090.65		7.94		1.52
Class 529-C – assumed 5% return		1,000.00		1,017.40		7.67		1.52
Class 529-E – actual return		1,000.00		1,093.78		4.92		.94
Class 529-E – assumed 5% return		1,000.00		1,020.30		4.75		.94
Class 529-T – actual return		1,000.00		1,096.09		2.72		.52
Class 529-T – assumed 5% return		1,000.00		1,022.40		2.63		.52
Class 529-F-1 – actual return		1,000.00		1,095.84		2.93		.56
Class 529-F-1 – assumed 5% return		1,000.00		1,022.20		2.83		.56
Class 529-F-2 – actual return		1,000.00		1,096.45		2.36		.45
Class 529-F-2 – assumed 5% return		1,000.00		1,022.75		2.28		.45
Class 529-F-3 – actual return		1,000.00		1,096.75		2.10		.40
Class 529-F-3 – assumed 5% return		1,000.00		1,023.00		2.02		.40
Class R-1 – actual return		1,000.00		1,091.15		7.48		1.43
Class R-1 – assumed 5% return		1,000.00		1,017.85		7.21		1.43
Class R-2 – actual return		1,000.00		1,091.22		7.42		1.42
Class R-2 – assumed 5% return		1,000.00		1,017.90		7.16		1.42
Class R-2E – actual return		1,000.00		1,092.83		5.91		1.13
Class R-2E – assumed 5% return		1,000.00		1,019.35		5.70		1.13
Class R-3 – actual return		1,000.00		1,093.58		5.13		.98
Class R-3 – assumed 5% return		1,000.00		1,020.10		4.95		.98
Class R-4 – actual return		1,000.00		1,095.21		3.56		.68
Class R-4 – assumed 5% return		1,000.00		1,021.60		3.44		.68
Class R-5E – actual return		1,000.00		1,096.25		2.57		.49
Class R-5E – assumed 5% return		1,000.00		1,022.55		2.48		.49
Class R-5 – actual return		1,000.00		1,096.79		2.04		.39
Class R-5 – assumed 5% return		1,000.00		1,023.05		1.97		.39
Class R-6 – actual return		1,000.00		1,097.10		1.73		.33
Class R-6 – assumed 5% return		1,000.00		1,023.35		1.67		.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 366 (to reflect the one-half year period).

American High-Income Trust 45

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, 2025. 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 and 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 they 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 publicly disclosed benchmarks, including applicable market and fund indexes over various periods (including the fund’s lifetime) through September 30, 2023. They generally placed greater emphasis on investment results over longer term periods and relative to benchmarks consistent with the fund’s objective. 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.

46 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 benefited 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 47

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, 2022, through September 30, 2023. 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.

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, 2024, 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.

On or around July 1, 2024, American Funds Distributors, Inc. will be renamed Capital Client Group, 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 84% 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, 2023.
	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, 2023. 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, 2023. Thirteen 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 a security and an index move in relation to each other. A correlation ranges from -1 to 1. A positive correlation close to 1 implies that as one moved, either up or down, the other moved in “lockstep,” in the same direction. A negative correlation close to -1 indicates the two have moved in the opposite direction.
	4	On average, our mutual fund management fees were in the lowest quintile 55% of the time, based on the 20-year period ended December 31, 2023, 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.
Capital Group manages equity assets through three investment groups. These groups make investment and proxy voting decisions independently. Fixed income investment professionals provide fixed income research and investment management across the Capital organization; however, for securities with equity characteristics, they act solely on behalf of one of the three equity investment groups.
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 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

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

ITEM 13 – 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, 2024

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

By __/s/ Kristine M. Nishiyama_______

Kristine M. Nishiyama,

Principal Executive Officer

Date: May 31, 2024

By ___/s/ Becky L. Park    __________

Becky L. Park, Treasurer and

Principal Financial Officer

Date: May 31, 2024