# EDGAR Filing Document

**Accession Number:** 0000823620
**File Stem:** 0001193125-26-247116
**Filing Date:** 2026-5
**Character Count:** 310300
**Document Hash:** b5bf225730f04ce3fb8cc7c4cef7b0ad
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-247116.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001193125-26-247116

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**EFFECTIVENESS DATE**: 20260529

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN HIGH INCOME TRUST
- **CENTRAL INDEX KEY:** 0000823620

**ORGANIZATION NAME:**
- **EIN:** 956872063
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05364
- **FILM NUMBER:** 261041180

**BUSINESS ADDRESS:**
- **STREET 1:** 333 S HOPE ST - 55TH FL
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 213-486-9200

**MAIL ADDRESS:**
- **STREET 1:** 333 S HOPE ST - 55TH FL
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

## Series and Classes Contracts Data

### AMERICAN HIGH INCOME TRUST (Series ID: S000009230)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000025083 | Class A       | AHITX           |
| C000025084 | Class R-1     | RITAX           |
| C000025085 | Class R-2     | RITBX           |
| C000025086 | Class R-3     | RITCX           |
| C000025087 | Class R-4     | RITEX           |
| C000025088 | Class R-5     | RITFX           |
| C000025090 | Class C       | AHTCX           |
| C000025091 | Class F-1     | AHTFX           |
| C000025092 | Class 529-A   | CITAX           |
| C000025094 | Class 529-C   | CITCX           |
| C000025095 | Class 529-E   | CITEX           |
| C000025096 | Class 529-F-1 | CITFX           |
| C000068571 | Class F-2     | AHIFX           |
| C000077919 | Class R-6     | RITGX           |
| C000148436 | Class R-2E    | RTEHX           |
| C000164805 | Class R-5E    | RITHX           |
| C000179954 | Class F-3     | HIGFX           |
| C000189441 | Class 529-T   | TAIHX           |
| C000189442 | Class T       | TAHIX           |
| C000224587 | Class 529-F-3 | FTAHX           |
| C000224588 | Class 529-F-2 | FAHHX           |

?xml version='1.0' encoding='ASCII'? 9f07ce1c-6c62-478c-94b4-ddabe650eaae

#### 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

#### A merican 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)

Becky L. Park

6455 Irvine Center Drive

Irvine, California 92618

(Name and address of agent for service)

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

#### Date of fiscal year end:
September 30

#### Date of reporting period:
March 31, 2026

ITEM 1 - Reports to Stockholders

![TSR - American Funds Logo](images_2494.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class A \| AHITX** for the six months ended March 31, 2026

This semi-annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2025 to March 31, 2026. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-A. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$37 0.73%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $27338 |
| Total number of portfolio holdings | 1071 |
| Portfolio turnover rate | 15% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagr eeme nts with accountants
On September 9, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending September 30, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended September 30, 2024 and September 30, and the subsequent interim period through November 10, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-A.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFAASRX-021-0526© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2494.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class C \| AHTCX** for the six months ended March 31, 2026

This semi-annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2025 to March 31, 2026. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-C. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$73 1.46%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $27338 |
| Total number of portfolio holdings | 1071 |
| Portfolio turnover rate | 15% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On September 9, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending September 30, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended September 30, 2024 and September 30, and the subsequent interim period through November 10, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-C.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFCCSRX-021-0526© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2494.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class T \| TAHIX** for the six months ended March 31, 2026

This semi-annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2025 to March 31, 2026. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class T | &nbsp;&nbsp;$22 0.44%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $27338 |
| Total number of portfolio holdings | 1071 |
| Portfolio turnover rate | 15% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On September 9, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending September 30, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended September 30, 2024 and September 30, and the subsequent interim period through November 10, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFTTSRX-021-0526© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2494.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class F-1 \| AHTFX** for the six months ended March 31, 2026

This semi-annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2025 to March 31, 2026. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-F1. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class F-1 | &nbsp;&nbsp;$37 0.74%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $27338 |
| Total number of portfolio holdings | 1071 |
| Portfolio turnover rate | 15% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with ac coun tants
On September 9, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending September 30, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended September 30, 2024 and September 30, and the subsequent interim period through November 10, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-F1.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF1SRX-021-0526© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2494.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class F-2 \| AHIFX** for the six months ended March 31, 2026

This semi-annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2025 to March 31, 2026. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-F2. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class F-2 | &nbsp;&nbsp;$23 0.45%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $27338 |
| Total number of portfolio holdings | 1071 |
| Portfolio turnover rate | 15% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with acc ount ants
On September 9, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending September 30, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended September 30, 2024 and September 30, and the subsequent interim period through November 10, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-F2.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF2SRX-021-0526© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2494.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class F-3 \| HIGFX** for the six months ended March 31, 2026

This semi-annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2025 to March 31, 2026. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-F3. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class F-3 | &nbsp;&nbsp;$17 0.34%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $27338 |
| Total number of portfolio holdings | 1071 |
| Portfolio turnover rate | 15% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accou ntan ts
On September 9, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending September 30, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended September 30, 2024 and September 30, and the subsequent interim period through November 10, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-F3.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF3SRX-021-0526© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2494.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class 529-A \| CITAX** for the six months ended March 31, 2026

This semi-annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2025 to March 31, 2026. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-529A. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-A | &nbsp;&nbsp;$37 0.74%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $27338 |
| Total number of portfolio holdings | 1071 |
| Portfolio turnover rate | 15% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On September 9, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending September 30, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended September 30, 2024 and September 30, and the subsequent interim period through November 10, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-529A.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5ASRX-021-0526© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2494.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class 529-C \| CITCX** for the six months ended March 31, 2026

This semi-annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2025 to March 31, 2026. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-529C. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-C | &nbsp;&nbsp;$75 1.50%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $27338 |
| Total number of portfolio holdings | 1071 |
| Portfolio turnover rate | 15% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On September 9, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending September 30, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended September 30, 2024 and September 30, and the subsequent interim period through November 10, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-529C.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5CSRX-021-0526© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2494.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class 529-E \| CITEX** for the six months ended March 31, 2026

This semi-annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2025 to March 31, 2026. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-529E. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-E | &nbsp;&nbsp;$47 0.94%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $27338 |
| Total number of portfolio holdings | 1071 |
| Portfolio turnover rate | 15% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On September 9, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending September 30, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended September 30, 2024 and September 30, and the subsequent interim period through November 10, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-529E.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5ESRX-021-0526© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2494.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class 529-T \| TAIHX** for the six months ended March 31, 2026

This semi-annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2025 to March 31, 2026. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-T | &nbsp;&nbsp;$25 0.50%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $27338 |
| Total number of portfolio holdings | 1071 |
| Portfolio turnover rate | 15% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On September 9, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending September 30, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended September 30, 2024 and September 30, and the subsequent interim period through November 10, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5TSRX-021-0526© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2494.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class 529-F-1 \| CITFX** for the six months ended March 31, 2026

This semi-annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2025 to March 31, 2026. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-529F1. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-1 | &nbsp;&nbsp;$27 0.54%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $27338 |
| Total number of portfolio holdings | 1071 |
| Portfolio turnover rate | 15% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On September 9, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending September 30, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended September 30, 2024 and September 30, and the subsequent interim period through November 10, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-529F1.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5FSRX-021-0526© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2494.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class 529-F-2 \| FAHHX** for the six months ended March 31, 2026

This semi-annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2025 to March 31, 2026. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-529F2. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-2 | &nbsp;&nbsp;$22 0.44%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $27338 |
| Total number of portfolio holdings | 1071 |
| Portfolio turnover rate | 15% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On September 9, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending September 30, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended September 30, 2024 and September 30, and the subsequent interim period through November 10, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-529F2.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5XSRX-021-0526© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2494.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class 529-F-3 \| FTAHX** for the six months ended March 31, 2026

This semi-annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2025 to March 31, 2026. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-529F3. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-3 | &nbsp;&nbsp;$20 0.39%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $27338 |
| Total number of portfolio holdings | 1071 |
| Portfolio turnover rate | 15% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On September 9, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending September 30, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended September 30, 2024 and September 30, and the subsequent interim period through November 10, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-529F3.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5YSRX-021-0526© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2494.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class R-1 \| RITAX** for the six months ended March 31, 2026

This semi-annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2025 to March 31, 2026. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R1. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-1 | &nbsp;&nbsp;$72 1.43%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $27338 |
| Total number of portfolio holdings | 1071 |
| Portfolio turnover rate | 15% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with a ccoun tants
On September 9, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending September 30, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended September 30, 2024 and September 30, and the subsequent interim period through November 10, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R1.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR1SRX-021-0526© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2494.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class R-2 \| RITBX** for the six months ended March 31, 2026

This semi-annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2025 to March 31, 2026. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R2. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-2 | &nbsp;&nbsp;$72 1.43%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $27338 |
| Total number of portfolio holdings | 1071 |
| Portfolio turnover rate | 15% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On September 9, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending September 30, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended September 30, 2024 and September 30, and the subsequent interim period through November 10, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R2.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR2SRX-021-0526© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2494.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class R-2E \| RTEHX** for the six months ended March 31, 2026

This semi-annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2025 to March 31, 2026. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R2E. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-2E | &nbsp;&nbsp;$57 1.14%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $27338 |
| Total number of portfolio holdings | 1071 |
| Portfolio turnover rate | 15% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On September 9, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending September 30, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended September 30, 2024 and September 30, and the subsequent interim period through November 10, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R2E.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF2ESRX-021-0526© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2494.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class R-3 \| RITCX** for the six months ended March 31, 2026

This semi-annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2025 to March 31, 2026. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R3. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-3 | &nbsp;&nbsp;$50 0.99%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $27338 |
| Total number of portfolio holdings | 1071 |
| Portfolio turnover rate | 15% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On September 9, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending September 30, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended September 30, 2024 and September 30, and the subsequent interim period through November 10, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R3.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR3SRX-021-0526© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2494.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class R-4 \| RITEX** for the six months ended March 31, 2026

This semi-annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2025 to March 31, 2026. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R4. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-4 | &nbsp;&nbsp;$35 0.69%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $27338 |
| Total number of portfolio holdings | 1071 |
| Portfolio turnover rate | 15% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On September 9, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending September 30, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended September 30, 2024 and September 30, and the subsequent interim period through November 10, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R4.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR4SRX-021-0526© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2494.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class R-5E \| RITHX** for the six months ended March 31, 2026

This semi-annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2025 to March 31, 2026. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R5E. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-5E | &nbsp;&nbsp;$25 0.49%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $27338 |
| Total number of portfolio holdings | 1071 |
| Portfolio turnover rate | 15% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On September 9, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending September 30, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended September 30, 2024 and September 30, and the subsequent interim period through November 10, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R5E.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFE5SRX-021-0526© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2494.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class R-5 \| RITFX** for the six months ended March 31, 2026

This semi-annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2025 to March 31, 2026. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R5. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-5 | &nbsp;&nbsp;$20 0.40%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $27338 |
| Total number of portfolio holdings | 1071 |
| Portfolio turnover rate | 15% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On September 9, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending September 30, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended September 30, 2024 and September 30, and the subsequent interim period through November 10, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R5.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR5SRX-021-0526© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2494.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class R-6 \| RITGX** for the six months ended March 31, 2026

This semi-annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2025 to March 31, 2026. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R6. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-6 | &nbsp;&nbsp;$17 0.34%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $27338 |
| Total number of portfolio holdings | 1071 |
| Portfolio turnover rate | 15% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On September 9, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending September 30, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended September 30, 2024 and September 30, and the subsequent interim period through November 10, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R6.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR6SRX-021-0526© 2026 Capital Group. All rights reserved.

------

#### 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 - Investments
The schedule of investments is included as part of the material filed under Item 7 of this Form.

------

#### ITEM 7 - Financial Statements and Financial Highlights for Open-End Management Investment Companies

------

![](img9928104d1.jpg)

**American High-Income Trust**<sup>®</sup>

Financial Statements and Other Information

N-CSR Items 7-11

for the six months ended March 31, 2026

Lit. No. MFGEFP2-021-0526© 2026 Capital Group. All rights reserved.

------

Investment portfolio March 31, 2026unaudited

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 88.42% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes 84.74%** | **Corporate bonds and notes 84.74%** | **Corporate bonds and notes 84.74%** |
| **Communication services 14.43%** | **Communication services 14.43%** | **Communication services 14.43%** |
| Altice France 6.50% 4/15/2032 <sup>(a)</sup>  | USD95,550 | $90619 |
| Altice France 6.875% 7/15/2032 <sup>(a)</sup>  | 47506 | 45057 |
| Altice France SA 10.00% 1/15/2033 <sup>(a)</sup>  | 5030 | 4577 |
| Beignet Investor, LLC 6.581% 5/30/2049 <sup>(a)</sup>  | 11350 | 11678 |
| CCO Holdings, LLC 5.125% 5/1/2027 <sup>(a)</sup>  | 5024 | 5022 |
| CCO Holdings, LLC 5.00% 2/1/2028 <sup>(a)</sup>  | 44312 | 43975 |
| CCO Holdings, LLC 5.375% 6/1/2029 <sup>(a)</sup>  | 16041 | 15830 |
| CCO Holdings, LLC 6.375% 9/1/2029 <sup>(a)</sup>  | 7945 | 7975 |
| CCO Holdings, LLC 4.75% 3/1/2030 <sup>(a)</sup>  | 62541 | 59383 |
| CCO Holdings, LLC 4.50% 8/15/2030 <sup>(a)</sup>  | 60472 | 56547 |
| CCO Holdings, LLC 4.25% 2/1/2031 <sup>(a)</sup>  | 82056 | 74842 |
| CCO Holdings, LLC 7.375% 3/1/2031 <sup>(a)</sup>  | 1695 | 1727 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(a)</sup>  | 59152 | 53530 |
| CCO Holdings, LLC 4.50% 5/1/2032  | 83976 | 75090 |
| CCO Holdings, LLC 7.00% 2/1/2033 <sup>(a)</sup>  | 49289 | 49474 |
| CCO Holdings, LLC 4.50% 6/1/2033 <sup>(a)</sup>  | 92676 | 80752 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(a)</sup>  | 130524 | 111784 |
| CCO Holdings, LLC 7.375% 2/1/2036 <sup>(a)</sup>  | 21205 | 21136 |
| Charter Communications Operating, LLC 5.85% 12/1/2035  | 291 | 286 |
| Charter Communications Operating, LLC 4.80% 3/1/2050  | 18266 | 13514 |
| Charter Communications Operating, LLC 3.70% 4/1/2051  | 11700 | 7248 |
| Charter Communications Operating, LLC 3.90% 6/1/2052  | 23406 | 14915 |
| Charter Communications Operating, LLC 5.25% 4/1/2053  | 32188 | 25267 |
| Charter Communications Operating, LLC 6.70% 12/1/2055  | 6707 | 6414 |
| Charter Communications Operating, LLC 3.85% 4/1/2061  | 4260 | 2490 |
| Clear Channel Outdoor Holdings, Inc. 7.75% 4/15/2028 <sup>(a)</sup>  | 17933 | 18030 |
| Clear Channel Outdoor Holdings, Inc. 7.50% 6/1/2029 <sup>(a)</sup>  | 2791 | 2804 |
| Clear Channel Outdoor Holdings, Inc. 7.125% 2/15/2031 <sup>(a)</sup>  | 13176 | 13813 |
| Connect Finco SARL 9.00% 9/15/2029 <sup>(a)</sup>  | 205964 | 216631 |
| CSC Holdings, LLC 5.50% 4/15/2027 <sup>(a)</sup>  | 11020 | 9571 |
| Cumulus Media New Holdings, Inc. 8.00% 7/1/2029 <sup>(a)(b)</sup>  | 6975 | 1046 |
| DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(a)</sup>  | 58820 | 58794 |
| DIRECTV Financing, LLC 8.875% 2/1/2030 <sup>(a)</sup>  | 81166 | 81087 |
| DIRECTV Financing, LLC 10.00% 2/15/2031 <sup>(a)</sup>  | 38305 | 39133 |
| Discovery Communications, LLC 4.125% 5/15/2029  | 5615 | 5427 |
| DISH Network Corp. 11.75% 11/15/2027 <sup>(a)</sup>  | 255078 | 262932 |
| E. W. Scripps Co. 9.875% 8/15/2030 <sup>(a)</sup>  | 2015 | 1958 |
| EchoStar Corp. 10.75% 11/30/2029  | 178528 | 192965 |
| EchoStar Corp. 6.75% Cash 11/30/2030 <sup>(c)</sup>  | 88134 | 89104 |
| Embarq, LLC 7.995% 6/1/2036  | 112520 | 36083 |
| Frontier Communications Holdings, LLC 5.00% 5/1/2028 <sup>(a)</sup>  | 8880 | 8883 |
| Frontier Communications Holdings, LLC 6.75% 5/1/2029 <sup>(a)</sup>  | 81024 | 81178 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029  | 45830 | 46136 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(a)</sup>  | 68442 | 68895 |
| Frontier Communications Holdings, LLC 8.75% 5/15/2030 <sup>(a)</sup>  | 1206 | 1238 |
| Gray Media, Inc. 10.50% 7/15/2029 <sup>(a)</sup>  | 82690 | 87920 |
| Gray Media, Inc. 4.75% 10/15/2030 <sup>(a)</sup>  | 13252 | 10240 |
| Gray Media, Inc. 5.375% 11/15/2031 <sup>(a)</sup>  | 59154 | 43972 |
| Gray Media, Inc. 9.625% 7/15/2032 <sup>(a)</sup>  | 81451 | 81522 |
| Grupo Televisa, SAB 8.50% 3/11/2032  | 2000 | 2111 |
| Grupo Televisa, SAB 5.00% 5/13/2045  | 2000 | 1244 |
| Lamar Media Corp. 4.00% 2/15/2030  | 45 | 43 |
| Lamar Media Corp. 3.625% 1/15/2031  | 15580 | 14427 |
| Lamar Media Corp. 5.375% 11/1/2033 <sup>(a)</sup>  | 13202 | 12933 |
| Ligado Networks, LLC 17.50% PIK 11/1/2023 <sup>(a)(b)(c)</sup>  | 57351 | 18639 |
| Lindblad Expeditions, LLC 7.00% 9/15/2030 <sup>(a)</sup>  | 18472 | 18871 |
| Live Nation Entertainment, Inc. 4.75% 10/15/2027 <sup>(a)</sup>  | 10200 | 10144 |
| Live Nation Entertainment, Inc. 3.75% 1/15/2028 <sup>(a)</sup>  | 12025 | 11737 |
| News Corp. 3.875% 5/15/2029 <sup>(a)</sup>  | 5360 | 5174 |
| Nexstar Media, Inc. 5.625% 7/15/2027 <sup>(a)</sup>  | 34625 | 34640 |
| Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(a)</sup>  | 82587 | 81267 |
| Nexstar Media, Inc. 6.50% 9/15/2033 <sup>(a)</sup>  | 135350 | 136463 |

---

---

| | |
|:---|:---|
| **1** | American High-Income Trust |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Communication services (continued)** | **Communication services (continued)** | **Communication services (continued)** |
| Nexstar Media, Inc. 7.25% 4/15/2034 <sup>(a)</sup>  | USD118,007 | $118483 |
| Oak-Eagle AcquireCo, Inc. 7.25% 7/1/2033 <sup>(a)</sup>  | 13395 | 13887 |
| Oak-Eagle AcquireCo, Inc. 8.75% 7/1/2034 <sup>(a)</sup>  | 16400 | 17180 |
| OUTFRONT Media Capital, LLC 4.625% 3/15/2030 <sup>(a)</sup>  | 60 | 58 |
| Paramount Global 7.875% 7/30/2030  | 3210 | 3352 |
| Paramount Global 6.875% 4/30/2036  | 12045 | 10572 |
| Scripps Escrow II, Inc. 3.875% 1/15/2029 <sup>(a)</sup>  | 6995 | 6475 |
| Sinclair Television Group, Inc. 8.125% 2/15/2033 <sup>(a)</sup>  | 27480 | 27961 |
| Sirius XM Radio, LLC 5.00% 8/1/2027 <sup>(a)</sup>  | 17950 | 17936 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(a)</sup>  | 82880 | 80050 |
| Sirius XM Radio, LLC 5.50% 7/1/2029 <sup>(a)</sup>  | 22254 | 22194 |
| Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(a)</sup>  | 111187 | 104180 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(a)</sup>  | 102897 | 93516 |
| Sirius XM Radio, LLC 5.875% 4/15/2032 <sup>(a)</sup>  | 35085 | 34887 |
| Snap, Inc. 6.875% 3/1/2033 <sup>(a)</sup>  | 41421 | 39147 |
| Stagwell Global, LLC 5.625% 8/15/2029 <sup>(a)</sup>  | 19590 | 18667 |
| Univision Communications, Inc. 8.00% 8/15/2028 <sup>(a)</sup>  | 52351 | 53165 |
| Univision Communications, Inc. 4.50% 5/1/2029 <sup>(a)</sup>  | 109828 | 103261 |
| Univision Communications, Inc. 7.375% 6/30/2030 <sup>(a)</sup>  | 60405 | 59233 |
| Univision Communications, Inc. 8.50% 7/31/2031 <sup>(a)</sup>  | 27184 | 27338 |
| Univision Communications, Inc. 9.375% 8/1/2032 <sup>(a)</sup>  | 98826 | 101925 |
| Verizon Communications, Inc. 2.355% 3/15/2032  | 544 | 475 |
| Verizon Communications, Inc. 4.75% 1/15/2033  | 2049 | 2024 |
| Verizon Communications, Inc. 5.75% 11/30/2045  | 489 | 477 |
| Verizon Communications, Inc. 5.875% 11/30/2055  | 1202 | 1170 |
| Verizon Communications, Inc. 6.00% 11/30/2065  | 550 | 533 |
| Versant Media Group, Inc. 7.25% 1/30/2031 <sup>(a)</sup>  | 39196 | 40145 |
| Virgin Media Secured Finance PLC 4.50% 8/15/2030 <sup>(a)</sup>  | 1000 | 888 |
| VMED 02 UK Financing I PLC 4.25% 1/31/2031 <sup>(a)</sup>  | 4695 | 4036 |
| WarnerMedia Holdings, Inc. 3.755% 3/15/2027  | 8905 | 8801 |
| WarnerMedia Holdings, Inc. 4.054% 3/15/2029  | 62579 | 60584 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032  | 56016 | 49644 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042  | 125469 | 82973 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052  | 3252 | 1980 |
| WMG Acquisition Corp. 3.75% 12/1/2029 <sup>(a)</sup>  | 30133 | 28690 |
| WMG Acquisition Corp. 3.875% 7/15/2030 <sup>(a)</sup>  | 16091 | 15136 |
| WMG Acquisition Corp. 3.00% 2/15/2031 <sup>(a)</sup>  | 4035 | 3703 |
| Ziggo BV 4.875% 1/15/2030 <sup>(a)</sup>  | 3670 | 3431 |
|  |  | 3944344 |
| **Energy 12.27%** | **Energy 12.27%** | **Energy 12.27%** |
| 3R Lux SARL 9.75% 2/5/2031 <sup>(a)</sup>  | 7510 | 7717 |
| Aker BP ASA 5.25% 10/30/2035 <sup>(a)</sup>  | 5035 | 4899 |
| Antero Midstream Partners, LP 5.375% 6/15/2029 <sup>(a)</sup>  | 11210 | 11180 |
| Antero Midstream Partners, LP 6.625% 2/1/2032 <sup>(a)</sup>  | 920 | 944 |
| Antero Midstream Partners, LP 5.75% 7/1/2034 <sup>(a)</sup>  | 14730 | 14525 |
| Archrock Partners, LP 6.25% 4/1/2028 <sup>(a)</sup>  | 5745 | 5745 |
| Archrock Partners, LP 6.625% 9/1/2032 <sup>(a)</sup>  | 15775 | 16094 |
| Archrock Services, LP 6.00% 2/1/2034 <sup>(a)</sup>  | 14555 | 14421 |
| Ascent Resources Utica Holdings, LLC 9.00% 11/1/2027 <sup>(a)</sup>  | 3815 | 4467 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(a)</sup>  | 44045 | 44028 |
| Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(a)</sup>  | 26920 | 27326 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(a)</sup>  | 13760 | 14005 |
| BIP-V Chinook Holdco, LLC 5.50% 6/15/2031 <sup>(a)</sup>  | 47990 | 46824 |
| BKV Upstream Midstream, LLC 7.50% 10/15/2030 <sup>(a)</sup>  | 14025 | 14185 |
| Blue Racer Midstream, LLC 7.00% 7/15/2029 <sup>(a)</sup>  | 2795 | 2889 |
| Blue Racer Midstream, LLC 7.25% 7/15/2032 <sup>(a)</sup>  | 10435 | 10847 |
| Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(a)</sup>  | 46646 | 47873 |
| Borr IHC, Ltd. 10.375% 11/15/2030 <sup>(a)</sup>  | 10635 | 10804 |
| Bristow Group, Inc. 6.75% 2/1/2033 <sup>(a)</sup>  | 21890 | 22141 |
| California Resources Corp. 8.25% 6/15/2029 <sup>(a)</sup>  | 7132 | 7465 |
| Caturus Energy, LLC 8.50% 2/15/2030 <sup>(a)</sup>  | 30860 | 32043 |
| Cenovus Energy, Inc. 5.25% 6/15/2037  | 151 | 146 |
| Cenovus Energy, Inc. 5.40% 6/15/2047  | 232 | 211 |
| Chord Energy Corp. 6.75% 3/15/2033 <sup>(a)</sup>  | 32145 | 33208 |

---

American High-Income Trust<sub>2</sub>

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** | **Energy (continued)** | **Energy (continued)** |
| CITGO Petroleum Corp. 8.375% 1/15/2029 <sup>(a)</sup>  | USD27,810 | $28735 |
| CNX Midstream Partners, LP 4.75% 4/15/2030 <sup>(a)</sup>  | 5770 | 5490 |
| CNX Resources Corp. 7.375% 1/15/2031 <sup>(a)</sup>  | 20716 | 21299 |
| CNX Resources Corp. 7.25% 3/1/2032 <sup>(a)</sup>  | 56005 | 57746 |
| CNX Resources Corp. 5.875% 3/1/2034 <sup>(a)</sup>  | 19875 | 19370 |
| Comstock Resources, Inc. 6.75% 3/1/2029 <sup>(a)</sup>  | 6200 | 6125 |
| Comstock Resources, Inc. 5.875% 1/15/2030 <sup>(a)</sup>  | 21360 | 20695 |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(a)(d)</sup>  | 54325 | 56547 |
| Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(a)</sup>  | 52625 | 53434 |
| Crescent Energy Finance, LLC 7.875% 4/15/2032 <sup>(a)</sup>  | 8320 | 8506 |
| Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(a)</sup>  | 31580 | 31596 |
| Crescent Energy Finance, LLC 8.375% 1/15/2034 <sup>(a)</sup>  | 12270 | 12838 |
| Diamond Foreign Asset Co. 8.50% 10/1/2030 <sup>(a)</sup>  | 8597 | 9086 |
| DT Midstream, Inc. 4.125% 6/15/2029 <sup>(a)</sup>  | 26600 | 26048 |
| DT Midstream, Inc. 4.375% 6/15/2031 <sup>(a)</sup>  | 7216 | 6958 |
| Energean Israel Finance, Ltd. 5.375% 3/30/2028 <sup>(a)</sup>  | 20034 | 19309 |
| Energean Israel Finance, Ltd. 5.875% 3/30/2031 <sup>(a)</sup>  | 20105 | 18726 |
| Energy Transfer, LP 6.00% 2/1/2029 <sup>(a)</sup>  | 1505 | 1517 |
| Energy Transfer, LP 7.375% 2/1/2031 <sup>(a)</sup>  | 377 | 391 |
| EQT Corp. 4.75% 1/15/2031  | 4727 | 4704 |
| EQT Corp. 3.625% 5/15/2031 <sup>(a)</sup>  | 1992 | 1860 |
| Expand Energy Corp. 5.875% 2/1/2029 <sup>(a)</sup>  | 10785 | 10792 |
| Expand Energy Corp. 6.75% 4/15/2029 <sup>(a)</sup>  | 2835 | 2837 |
| Expand Energy Corp. 4.75% 2/1/2032  | 1315 | 1282 |
| Expand Energy Corp. 4.875% 4/15/2032 <sup>(b)</sup>  | 28871 | 4 |
| Expand Energy Corp. 5.75% 3/15/2033 <sup>(b)</sup>  | 1730 | — <br><sup>(e)</sup><br>|
| Ferrellgas, LP 5.875% 4/1/2029 <sup>(a)</sup>  | 5015 | 4798 |
| Genesis Energy, LP 8.25% 1/15/2029  | 33204 | 34330 |
| Genesis Energy, LP 8.875% 4/15/2030  | 25977 | 27142 |
| Genesis Energy, LP 7.875% 5/15/2032  | 62506 | 64323 |
| Genesis Energy, LP 6.75% 3/15/2034  | 36650 | 36502 |
| Global Partners, LP 6.875% 1/15/2029  | 2965 | 2969 |
| Global Partners, LP 8.25% 1/15/2032 <sup>(a)</sup>  | 10065 | 10443 |
| Global Partners, LP 7.125% 7/1/2033 <sup>(a)</sup>  | 15675 | 15813 |
| Gulfport Energy Operating Corp. 6.75% 9/1/2029 <sup>(a)</sup>  | 10030 | 10270 |
| Harbour Energy PLC 5.50% 10/15/2026 <sup>(a)</sup>  | 27485 | 27396 |
| Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(a)</sup>  | 26084 | 26351 |
| Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(a)</sup>  | 11929 | 12183 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(a)</sup>  | 18954 | 19087 |
| Hess Midstream Operations, LP 5.125% 6/15/2028 <sup>(a)</sup>  | 11351 | 11323 |
| Hess Midstream Operations, LP 6.50% 6/1/2029 <sup>(a)</sup>  | 16350 | 16711 |
| Hess Midstream Operations, LP 4.25% 2/15/2030 <sup>(a)</sup>  | 29016 | 27897 |
| Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(a)</sup>  | 8172 | 8111 |
| Hilcorp Energy I, LP 5.75% 2/1/2029 <sup>(a)</sup>  | 12311 | 12147 |
| Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(a)</sup>  | 12834 | 12500 |
| Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(a)</sup>  | 10235 | 9955 |
| Hilcorp Energy I, LP 6.25% 4/15/2032 <sup>(a)</sup>  | 11395 | 11037 |
| Hilcorp Energy I, LP 8.375% 11/1/2033 <sup>(a)</sup>  | 15005 | 15666 |
| Hilcorp Energy I, LP 6.875% 5/15/2034 <sup>(a)</sup>  | 2145 | 2100 |
| Hilcorp Energy I, LP 7.25% 2/15/2035 <sup>(a)</sup>  | 995 | 993 |
| Infinity Natural Resources, LLC 7.625% 4/1/2031 <sup>(a)</sup>  | 21270 | 21396 |
| Kodiak Gas Services, LLC 7.25% 2/15/2029 <sup>(a)</sup>  | 8585 | 8899 |
| Kodiak Gas Services, LLC 5.875% 4/1/2031 <sup>(a)</sup>  | 16340 | 16431 |
| Kodiak Gas Services, LLC 6.50% 10/1/2033 <sup>(a)</sup>  | 8051 | 8144 |
| Kodiak Gas Services, LLC 6.75% 10/1/2035 <sup>(a)</sup>  | 6591 | 6701 |
| Matador Resources Co. 6.875% 4/15/2028 <sup>(a)</sup>  | 5030 | 5128 |
| Matador Resources Co. 6.50% 4/15/2032 <sup>(a)</sup>  | 15425 | 15604 |
| Matador Resources Co. 6.25% 4/15/2033 <sup>(a)</sup>  | 28805 | 28850 |
| Matador Resources Co. 6.00% 4/15/2034 <sup>(a)</sup>  | 14700 | 14616 |
| Mesquite Energy, Inc. 7.25% 2/15/2023 <sup>(a)(b)(d)(f)</sup>  | 22796 | — <br><sup>(e)</sup><br>|
| Murphy Oil Corp. 6.00% 10/1/2032  | 12445 | 12370 |
| Murphy Oil USA, Inc. 3.75% 2/15/2031 <sup>(a)</sup>  | 21545 | 20033 |
| Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(a)</sup>  | 26615 | 27961 |
| Nabors Industries, Inc. 8.875% 8/15/2031 <sup>(a)</sup>  | 6615 | 6896 |
| Nabors Industries, Inc. 7.625% 11/15/2032 <sup>(a)</sup>  | 40751 | 41741 |
| New Fortress Energy, Inc. 6.50% 9/30/2026 <sup>(a)</sup>  | 22215 | 3016 |

---

---

| | |
|:---|:---|
| **3** | American High-Income Trust |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** | **Energy (continued)** | **Energy (continued)** |
| NFE Brazil Financing, Ltd. 15.00% PIK or 15.00% Cash 8/30/2029 <sup>(c)(f)(g)</sup>  | USD47,620 | $47620 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(a)(b)</sup>  | 429847 | 194766 |
| NGL Energy Operating, LLC 8.125% 2/15/2029 <sup>(a)</sup>  | 1200 | 1237 |
| NGL Energy Operating, LLC 8.375% 2/15/2032 <sup>(a)</sup>  | 9360 | 9653 |
| Noble Finance II, LLC 8.00% 4/15/2030 <sup>(a)</sup>  | 41316 | 42560 |
| Northern Oil and Gas, Inc. 8.75% 6/15/2031 <sup>(a)</sup>  | 16841 | 17522 |
| Northern Oil and Gas, Inc. 7.875% 10/15/2033 <sup>(a)</sup>  | 22645 | 23445 |
| Occidental Petroleum Corp. 6.60% 3/15/2046  | 22752 | 23583 |
| Occidental Petroleum Corp. 6.05% 10/1/2054  | 29863 | 29060 |
| Odebrecht Drilling Services, LLC 7.50% 6/15/2030 <sup>(a)</sup>  | 6312 | 6203 |
| Permian Resources Operating, LLC 8.00% 4/15/2027 <sup>(a)</sup>  | 1185 | 1187 |
| Permian Resources Operating, LLC 5.875% 7/1/2029 <sup>(a)</sup>  | 1370 | 1372 |
| Permian Resources Operating, LLC 9.875% 7/15/2031 <sup>(a)</sup>  | 23012 | 24438 |
| Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(a)</sup>  | 17416 | 18046 |
| Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(a)</sup>  | 37530 | 38255 |
| Petrobras Global Finance BV 5.125% 9/10/2030  | 35115 | 34451 |
| Petroleos Mexicanos 8.75% 6/2/2029  | 13795 | 14510 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 25180 | 25251 |
| Petroleos Mexicanos 5.95% 1/28/2031  | 28180 | 26964 |
| Petroleos Mexicanos 6.50% 6/2/2041  | 189 | 160 |
| Petroleos Mexicanos 6.375% 1/23/2045  | 73 | 58 |
| Petroleos Mexicanos 6.75% 9/21/2047  | 645 | 515 |
| Petroleos Mexicanos 6.35% 2/12/2048  | 107 | 82 |
| Petroleos Mexicanos 7.69% 1/23/2050  | 9175 | 7951 |
| Petroleos Mexicanos 6.95% 1/28/2060  | 7841 | 6185 |
| Raizen Fuels Finance SA 6.25% 7/8/2032 <sup>(b)</sup>  | 15170 | 8419 |
| Range Resources Corp. 4.75% 2/15/2030 <sup>(a)</sup>  | 9985 | 9742 |
| Saturn Oil & Gas, Inc. 9.625% 6/15/2029 <sup>(a)</sup>  | 10201 | 10684 |
| Seadrill Finance, Ltd. 8.375% 8/1/2030 <sup>(a)</sup>  | 17605 | 18219 |
| SM Energy Co. 5.00% 10/15/2026 <sup>(a)</sup>  | 10090 | 10079 |
| SM Energy Co. 8.375% 7/1/2028 <sup>(a)</sup>  | 20675 | 21256 |
| SM Energy Co. 6.50% 7/15/2028  | 2900 | 2909 |
| SM Energy Co. 8.625% 11/1/2030 <sup>(a)</sup>  | 12774 | 13485 |
| SM Energy Co. 8.75% 7/1/2031 <sup>(a)</sup>  | 46088 | 48199 |
| SM Energy Co. 9.625% 6/15/2033 <sup>(a)</sup>  | 7205 | 7964 |
| SM Energy Co. 6.625% 4/15/2034 <sup>(a)</sup>  | 16975 | 16941 |
| Suburban Propane Partners, LP 5.00% 6/1/2031 <sup>(a)</sup>  | 4650 | 4380 |
| Summit Midstream Holdings, LLC 8.625% 10/31/2029 <sup>(a)</sup>  | 42520 | 43758 |
| Sunoco, LP 5.875% 7/15/2027 <sup>(a)</sup>  | 12995 | 12995 |
| Sunoco, LP 5.875% 3/15/2028  | 4245 | 4246 |
| Sunoco, LP 7.00% 9/15/2028 <sup>(a)</sup>  | 34855 | 35676 |
| Sunoco, LP 7.00% 5/1/2029 <sup>(a)</sup>  | 6610 | 6792 |
| Sunoco, LP 4.50% 5/15/2029  | 41371 | 40370 |
| Sunoco, LP 4.50% 10/1/2029 <sup>(a)</sup>  | 4050 | 3916 |
| Sunoco, LP 4.50% 4/30/2030  | 36771 | 35470 |
| Sunoco, LP 4.625% 5/1/2030 <sup>(a)</sup>  | 7270 | 7001 |
| Sunoco, LP 5.625% 3/15/2031 <sup>(a)</sup>  | 27194 | 27088 |
| Sunoco, LP 5.375% 7/15/2031 <sup>(a)</sup>  | 7715 | 7659 |
| Sunoco, LP 7.25% 5/1/2032 <sup>(a)</sup>  | 21910 | 22683 |
| Sunoco, LP 6.625% 8/15/2032 <sup>(a)</sup>  | 6780 | 6891 |
| Sunoco, LP 6.25% 7/1/2033 <sup>(a)</sup>  | 19990 | 20093 |
| Sunoco, LP 5.875% 3/15/2034 <sup>(a)</sup>  | 20455 | 20244 |
| Sunoco, LP 5.625% 7/15/2034 <sup>(a)</sup>  | 12570 | 12386 |
| Sunoco, LP 7.875% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + <br> 4.23% on 9/18/2030) <sup>(a)(h)</sup>  | 38300 | 39134 |
| Superior Plus, LP 4.50% 3/15/2029 <sup>(a)</sup>  | 6460 | 6180 |
| Talos Production, Inc. 9.00% 2/1/2029 <sup>(a)</sup>  | 17570 | 18302 |
| Talos Production, Inc. 9.375% 2/1/2031 <sup>(a)</sup>  | 32450 | 34408 |
| Targa Resources Partners, LP 5.50% 3/1/2030  | 6936 | 7003 |
| Targa Resources Partners, LP 4.875% 2/1/2031  | 1035 | 1034 |
| TGS ASA 8.50% 1/15/2030 <sup>(a)</sup>  | 17340 | 18179 |
| Tidewater, Inc. 9.125% 7/15/2030 <sup>(a)</sup>  | 1191 | 1270 |
| Transocean Aquila, Ltd. 8.00% 9/30/2028 <sup>(a)</sup>  | 4569 | 4699 |
| Transocean International, Ltd. 8.25% 5/15/2029 <sup>(a)</sup>  | 6390 | 6606 |
| Transocean International, Ltd. 8.75% 2/15/2030 <sup>(a)</sup>  | 11417 | 11909 |
| Transocean International, Ltd. 8.50% 5/15/2031 <sup>(a)</sup>  | 16670 | 17494 |

---

American High-Income Trust<sub>4</sub>

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** | **Energy (continued)** | **Energy (continued)** |
| Transocean International, Ltd. 7.875% 10/15/2032 <sup>(a)</sup>  | USD11,409 | $12198 |
| Transocean International, Ltd. 6.80% 3/15/2038  | 7895 | 7590 |
| USA Compression Partners, LP 7.125% 3/15/2029 <sup>(a)</sup>  | 9240 | 9460 |
| USA Compression Partners, LP 6.25% 10/1/2033 <sup>(a)</sup>  | 26435 | 26395 |
| Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029 <sup>(a)</sup>  | 25170 | 23937 |
| Venture Global Calcasieu Pass, LLC 6.25% 1/15/2030 <sup>(a)</sup>  | 8839 | 9046 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(a)</sup>  | 54425 | 50512 |
| Venture Global Calcasieu Pass, LLC 3.875% 11/1/2033 <sup>(a)</sup>  | 33075 | 29326 |
| Venture Global LNG, Inc. 8.125% 6/1/2028 <sup>(a)</sup>  | 34054 | 34845 |
| Venture Global LNG, Inc. 9.50% 2/1/2029 <sup>(a)</sup>  | 8815 | 9536 |
| Venture Global LNG, Inc. 7.00% 1/15/2030 <sup>(a)</sup>  | 12955 | 13234 |
| Venture Global LNG, Inc. 8.375% 6/1/2031 <sup>(a)</sup>  | 67124 | 69842 |
| Venture Global LNG, Inc. 9.875% 2/1/2032 <sup>(a)</sup>  | 27558 | 29610 |
| Venture Global LNG, Inc. 9.00% junior subordinated perpetual preferred bonds (5-year UST Yield Curve Rate T <br> Note Constant Maturity + 5.44% on 9/30/2029) <sup>(a)(h)</sup>  | 10035 | 10003 |
| Venture Global Plaquemines LNG, LLC 6.125% 12/15/2030 <sup>(a)</sup>  | 36390 | 37444 |
| Venture Global Plaquemines LNG, LLC 7.50% 5/1/2033 <sup>(a)</sup>  | 20400 | 22436 |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(a)</sup>  | 52044 | 54286 |
| Venture Global Plaquemines LNG, LLC 6.50% 6/15/2034 <sup>(a)</sup>  | 14005 | 14587 |
| Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(a)</sup>  | 26049 | 29211 |
| Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(a)</sup>  | 45512 | 48234 |
| Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(a)</sup>  | 32760 | 33408 |
| Weatherford International, Ltd. 6.75% 10/15/2033 <sup>(a)</sup>  | 35415 | 36209 |
| Western Midstream Operating, LP 4.50% 3/1/2028  | 340 | 340 |
| Western Midstream Operating, LP 5.25% 2/1/2050  | 5530 | 4668 |
| Wildfire Intermediate Holdings, LLC 7.50% 10/15/2029 <sup>(a)</sup>  | 9560 | 9694 |
| YPF SA 8.75% 9/11/2031  | 4930 | 5150 |
| YPF SA 8.75% 9/11/2031 <sup>(a)</sup>  | 3985 | 4163 |
|  |  | 3353916 |
| **Consumer discretionary 10.76%** | **Consumer discretionary 10.76%** | **Consumer discretionary 10.76%** |
| Acushnet Co. 5.625% 12/1/2033 <sup>(a)</sup>  | 12290 | 12226 |
| Advance Auto Parts, Inc. 5.95% 3/9/2028  | 30213 | 30726 |
| Advance Auto Parts, Inc. 3.90% 4/15/2030  | 20086 | 18458 |
| Advance Auto Parts, Inc. 7.00% 8/1/2030 <sup>(a)</sup>  | 2500 | 2534 |
| Advance Auto Parts, Inc. 3.50% 3/15/2032  | 11241 | 9708 |
| Advance Auto Parts, Inc. 7.375% 8/1/2033 <sup>(a)</sup>  | 13325 | 13507 |
| Allied Universal Holdco, LLC 4.625% 6/1/2028 <sup>(a)</sup>  | 12125 | 11854 |
| Allied Universal Holdco, LLC 6.00% 6/1/2029 <sup>(a)</sup>  | 11985 | 11593 |
| Allied Universal Holdco, LLC 6.875% 6/15/2030 <sup>(a)</sup>  | 33882 | 34372 |
| Allied Universal Holdco, LLC 7.875% 2/15/2031 <sup>(a)</sup>  | 14775 | 15246 |
| Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/2029 <sup>(a)</sup>  | 55062 | 56330 |
| Asbury Automotive Group, Inc. 4.625% 11/15/2029 <sup>(a)</sup>  | 24840 | 24029 |
| Asbury Automotive Group, Inc. 5.00% 2/15/2032 <sup>(a)</sup>  | 12985 | 12309 |
| Bath & Body Works, Inc. 6.875% 11/1/2035  | 9076 | 8938 |
| Bath & Body Works, Inc. 6.75% 7/1/2036  | 11215 | 10767 |
| Beach Acquisition Bidco, LLC 10.75% PIK 7/15/2033 <sup>(a)(c)</sup>  | 13813 | 14721 |
| Boyd Gaming Corp. 4.75% 12/1/2027  | 8359 | 8277 |
| Boyd Gaming Corp. 4.75% 6/15/2031 <sup>(a)</sup>  | 22483 | 21396 |
| Boyne USA, Inc. 4.75% 5/15/2029 <sup>(a)</sup>  | 16390 | 15906 |
| Brightstar Lottery PLC 5.75% 1/15/2033 <sup>(a)</sup>  | 44740 | 43541 |
| Caesars Entertainment, Inc. 4.625% 10/15/2029 <sup>(a)</sup>  | 27835 | 26786 |
| Caesars Entertainment, Inc. 7.00% 2/15/2030 <sup>(a)</sup>  | 34560 | 35004 |
| Caesars Entertainment, Inc. 6.50% 2/15/2032 <sup>(a)</sup>  | 47557 | 47041 |
| Caesars Entertainment, Inc. 6.00% 10/15/2032 <sup>(a)</sup>  | 12595 | 11603 |
| Carnival Corp. 4.00% 8/1/2028 <sup>(a)</sup>  | 14289 | 13959 |
| Carnival Corp. 5.125% 5/1/2029 <sup>(a)</sup>  | 11115 | 11039 |
| Carnival Corp. 7.00% 8/15/2029 <sup>(a)</sup>  | 10020 | 10400 |
| Carnival Corp. 5.75% 8/1/2032 <sup>(a)</sup>  | 73890 | 73958 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(a)</sup>  | 101451 | 102519 |
| Cougar JV Subsidiary, LLC 8.00% 5/15/2032 <sup>(a)</sup>  | 39546 | 40919 |
| Cyprium Corp. 6.125% 4/15/2031 <sup>(a)</sup>  | 17330 | 17128 |
| Cyprium Corp. 6.375% 4/15/2034 <sup>(a)</sup>  | 25545 | 24859 |
| Fertitta Entertainment, LLC 4.625% 1/15/2029 <sup>(a)</sup>  | 26970 | 25792 |
| Fertitta Entertainment, LLC 6.75% 1/15/2030 <sup>(a)</sup>  | 37933 | 35460 |

---

---

| | |
|:---|:---|
| **5** | American High-Income Trust |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer discretionary (continued)** | **Consumer discretionary (continued)** | **Consumer discretionary (continued)** |
| First Student Bidco, Inc. 4.00% 7/31/2029 <sup>(a)</sup>  | USD26,295 | $25190 |
| Flutter Treasury DAC 5.875% 6/4/2031 <sup>(a)</sup>  | 27813 | 27577 |
| Ford Motor Co. 3.25% 2/12/2032  | 76810 | 66741 |
| Ford Motor Co. 5.291% 12/8/2046  | 995 | 779 |
| Ford Motor Credit Co., LLC 7.35% 11/4/2027  | 1690 | 1745 |
| Ford Motor Credit Co., LLC 5.918% 3/20/2028  | 1663 | 1685 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028  | 8345 | 8641 |
| Ford Motor Credit Co., LLC 5.80% 3/8/2029  | 1760 | 1780 |
| Ford Motor Credit Co., LLC 4.97% 4/6/2029  | 2137 | 2111 |
| Ford Motor Credit Co., LLC 5.113% 5/3/2029  | 17645 | 17483 |
| Ford Motor Credit Co., LLC 5.875% 11/7/2029  | 5475 | 5545 |
| Ford Motor Credit Co., LLC 7.20% 6/10/2030  | 4125 | 4348 |
| Ford Motor Credit Co., LLC 5.73% 9/5/2030  | 47221 | 47193 |
| Ford Motor Credit Co., LLC 4.00% 11/13/2030  | 11040 | 10279 |
| Ford Motor Credit Co., LLC 6.05% 3/5/2031  | 10580 | 10679 |
| Ford Motor Credit Co., LLC 5.42% 4/9/2031  | 17639 | 17328 |
| Ford Motor Credit Co., LLC 3.625% 6/17/2031  | 14790 | 13333 |
| Ford Motor Credit Co., LLC 6.532% 3/19/2032  | 52520 | 53923 |
| Ford Motor Credit Co., LLC 5.753% 4/6/2033  | 37172 | 36497 |
| Ford Motor Credit Co., LLC 7.122% 11/7/2033  | 12295 | 12922 |
| Ford Motor Credit Co., LLC 6.125% 3/8/2034  | 54325 | 53832 |
| Ford Motor Credit Co., LLC 6.50% 2/7/2035  | 69060 | 69725 |
| Ford Motor Credit Co., LLC 5.869% 10/31/2035  | 93300 | 89619 |
| Gap, Inc. 3.625% 10/1/2029 <sup>(a)</sup>  | 3245 | 3034 |
| Gap, Inc. 3.875% 10/1/2031 <sup>(a)</sup>  | 2163 | 1961 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035  | 12895 | 13132 |
| Genting New York, LLC 7.25% 10/1/2029 <sup>(a)</sup>  | 28715 | 28847 |
| Great Canadian Gaming Corp. 8.75% 11/15/2029 <sup>(a)</sup>  | 51886 | 50652 |
| Hilton Domestic Operating Co., Inc. 4.875% 1/15/2030  | 8257 | 8137 |
| Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(a)</sup>  | 20395 | 19158 |
| Hilton Domestic Operating Co., Inc. 5.75% 9/15/2033 <sup>(a)</sup>  | 21094 | 21015 |
| Hilton Domestic Operating Co., Inc. 5.50% 3/31/2034 <sup>(a)</sup>  | 7325 | 7162 |
| Hilton Grand Vacations Borrower, LLC 5.00% 6/1/2029 <sup>(a)</sup>  | 10940 | 10394 |
| Hyundai Capital America 1.65% 9/17/2026 <sup>(a)</sup>  | 10 | 10 |
| International Game Technology PLC 5.25% 1/15/2029 <sup>(a)</sup>  | 34702 | 34443 |
| KB Home 6.875% 6/15/2027  | 3415 | 3449 |
| KB Home 7.25% 7/15/2030  | 6800 | 6935 |
| Kontoor Brands, Inc. 4.125% 11/15/2029 <sup>(a)</sup>  | 6810 | 6440 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(a)</sup>  | 74369 | 72414 |
| LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(a)</sup>  | 40225 | 41905 |
| Levi Strauss & Co. 3.50% 3/1/2031 <sup>(a)</sup>  | 29445 | 26981 |
| Light and Wonder International, Inc. 7.25% 11/15/2029 <sup>(a)</sup>  | 7775 | 7930 |
| Light and Wonder International, Inc. 7.50% 9/1/2031 <sup>(a)</sup>  | 6225 | 6392 |
| Light and Wonder International, Inc. 6.25% 10/1/2033 <sup>(a)</sup>  | 10035 | 9839 |
| Lithia Motors, Inc. 3.875% 6/1/2029 <sup>(a)</sup>  | 29874 | 28392 |
| Lithia Motors, Inc. 5.50% 10/1/2030 <sup>(a)</sup>  | 15880 | 15570 |
| Lithia Motors, Inc. 4.375% 1/15/2031 <sup>(a)</sup>  | 17190 | 16167 |
| Macy's Retail Holdings, LLC 6.125% 3/15/2032 <sup>(a)</sup>  | 1225 | 1205 |
| Macy's Retail Holdings, LLC 7.375% 8/1/2033 <sup>(a)</sup>  | 8045 | 8252 |
| Marriott Ownership Resorts, Inc. 4.75% 1/15/2028  | 1495 | 1472 |
| Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(a)</sup>  | 7661 | 7269 |
| Melco Resorts Finance, Ltd. 5.75% 7/21/2028 <sup>(a)</sup>  | 8910 | 8726 |
| MGM Resorts International 5.50% 4/15/2027  | 5722 | 5737 |
| Newell Brands, Inc. 6.375% 9/15/2027  | 995 | 1003 |
| Newell Brands, Inc. 8.50% 6/1/2028 <sup>(a)</sup>  | 20995 | 21683 |
| Newell Brands, Inc. 6.625% 9/15/2029  | 21860 | 21358 |
| Newell Brands, Inc. 6.375% 5/15/2030  | 30300 | 29109 |
| Newell Brands, Inc. 6.625% 5/15/2032  | 51760 | 49588 |
| Newell Brands, Inc. 7.375% 4/1/2036  | 17110 | 15769 |
| Newell Brands, Inc. 7.50% 4/1/2046  | 7045 | 5661 |
| Nissan Motor Acceptance Co., LLC 5.30% 9/13/2027 <sup>(a)</sup>  | 10035 | 9975 |
| Nissan Motor Acceptance Co., LLC 2.45% 9/15/2028 <sup>(a)</sup>  | 10000 | 9147 |
| Nissan Motor Acceptance Co., LLC 6.125% 9/30/2030 <sup>(a)</sup>  | 40360 | 38822 |
| Nissan Motor Acceptance Corp. 1.85% 9/16/2026 <sup>(a)</sup>  | 2730 | 2685 |
| Nissan Motor Co., Ltd. 4.345% 9/17/2027 <sup>(a)</sup>  | 3145 | 3062 |
| Nissan Motor Co., Ltd. 7.50% 7/17/2030 <sup>(a)</sup>  | 45480 | 45869 |

---

American High-Income Trust<sub>6</sub>

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer discretionary (continued)** | **Consumer discretionary (continued)** | **Consumer discretionary (continued)** |
| Nissan Motor Co., Ltd. 7.75% 7/17/2032 <sup>(a)</sup>  | USD34,445 | $34914 |
| Nissan Motor Co., Ltd. 8.125% 7/17/2035 <sup>(a)</sup>  | 114500 | 117905 |
| Party City Holdings, Inc. 0% 10/12/2028 <sup>(f)</sup>  | 9100 | — <br><sup>(e)</sup><br>|
| Party City Holdings, Inc. 0% 10/12/2028 <sup>(f)</sup>  | 5000 | — <br><sup>(e)</sup><br>|
| Party City Holdings, Inc. 0% 8/27/2030 <sup>(f)</sup>  | 50308 | 1006 |
| PENN Entertainment, Inc. 4.125% 7/1/2029 <sup>(a)</sup>  | 5 | 5 |
| Penske Automotive Group, Inc. 3.75% 6/15/2029  | 6305 | 6003 |
| RHP Hotel Properties, LP 7.25% 7/15/2028 <sup>(a)</sup>  | 8837 | 9028 |
| RHP Hotel Properties, LP 4.50% 2/15/2029 <sup>(a)</sup>  | 15195 | 14739 |
| RHP Hotel Properties, LP 6.50% 6/15/2033 <sup>(a)</sup>  | 14275 | 14546 |
| RHP Hotel Properties, LP 5.75% 3/15/2034 <sup>(a)</sup>  | 20595 | 20341 |
| Royal Caribbean Cruises, Ltd. 5.375% 7/15/2027 <sup>(a)</sup>  | 3570 | 3584 |
| Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028 <sup>(a)</sup>  | 15270 | 15448 |
| Royal Caribbean Cruises, Ltd. 6.25% 3/15/2032 <sup>(a)</sup>  | 9965 | 10190 |
| Royal Caribbean Cruises, Ltd. 6.00% 2/1/2033 <sup>(a)</sup>  | 12330 | 12456 |
| Royal Caribbean Cruises, Ltd. 4.75% 5/15/2033  | 6070 | 5863 |
| Royal Caribbean Cruises, Ltd. 5.375% 1/15/2036  | 4296 | 4222 |
| Royal Caribbean Cruises, Ltd. 5.25% 2/27/2038  | 5755 | 5477 |
| Sally Holdings, LLC 6.75% 4/1/2032  | 67053 | 68679 |
| Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(a)</sup>  | 37805 | 32556 |
| Sekisui House U.S., Inc. 6.00% 1/15/2043  | 5053 | 4623 |
| Service Corp. International 4.625% 12/15/2027  | 9835 | 9742 |
| Service Corp. International 5.125% 6/1/2029  | 1815 | 1804 |
| Service Corp. International 3.375% 8/15/2030  | 4690 | 4330 |
| Service Corp. International 4.00% 5/15/2031  | 10200 | 9515 |
| Service Corp. International 5.75% 10/15/2032  | 13605 | 13596 |
| Six Flags Entertainment Corp. 8.625% 1/15/2032 <sup>(a)</sup>  | 20990 | 21038 |
| Somnigroup International, Inc. 4.00% 4/15/2029 <sup>(a)</sup>  | 5250 | 5052 |
| Sonic Automotive, Inc. 4.625% 11/15/2029 <sup>(a)</sup>  | 41225 | 39989 |
| Sonic Automotive, Inc. 4.875% 11/15/2031 <sup>(a)</sup>  | 55644 | 52864 |
| Station Casinos, LLC 4.50% 2/15/2028 <sup>(a)</sup>  | 1095 | 1074 |
| Station Casinos, LLC 6.625% 3/15/2032 <sup>(a)</sup>  | 8155 | 8193 |
| TopBuild Corp. 5.625% 1/31/2034 <sup>(a)</sup>  | 22410 | 21958 |
| Travel + Leisure Co. 4.50% 12/1/2029 <sup>(a)</sup>  | 24540 | 23481 |
| Travel + Leisure Co. 4.625% 3/1/2030 <sup>(a)</sup>  | 4800 | 4582 |
| Universal Entertainment Corp. 9.875% 8/1/2029 <sup>(a)</sup>  | 61885 | 59954 |
| Vail Resorts, Inc. 5.625% 7/15/2030 <sup>(a)</sup>  | 7785 | 7724 |
| Vail Resorts, Inc. 6.50% 5/15/2032 <sup>(a)</sup>  | 13345 | 13503 |
| Valvoline, Inc. 3.625% 6/15/2031 <sup>(a)</sup>  | 13145 | 11889 |
| Wand NewCo 3, Inc. 7.625% 1/30/2032 <sup>(a)</sup>  | 570 | 583 |
| Wayfair, Inc. 6.75% 11/15/2032 <sup>(a)</sup>  | 3010 | 3035 |
| Wyndham Hotels & Resorts, Inc. 4.375% 8/15/2028 <sup>(a)</sup>  | 11880 | 11612 |
| Wyndham Hotels & Resorts, Inc. 5.625% 3/1/2033 <sup>(a)</sup>  | 27811 | 27392 |
| Wynn Resorts Finance, LLC 5.125% 10/1/2029 <sup>(a)</sup>  | 23290 | 23001 |
| Wynn Resorts Finance, LLC 7.125% 2/15/2031 <sup>(a)</sup>  | 15526 | 16284 |
| Wynn Resorts Finance, LLC 6.25% 3/15/2033 <sup>(a)</sup>  | 9486 | 9397 |
|  |  | 2941788 |
| **Financials 9.35%** | **Financials 9.35%** | **Financials 9.35%** |
| Alliant Holdings Intermediate, LLC 4.25% 10/15/2027 <sup>(a)</sup>  | 7890 | 7739 |
| Alliant Holdings Intermediate, LLC 6.75% 10/15/2027 <sup>(a)</sup>  | 34480 | 34475 |
| Alliant Holdings Intermediate, LLC 6.75% 4/15/2028 <sup>(a)</sup>  | 12235 | 12309 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(a)</sup>  | 39465 | 38216 |
| Alliant Holdings Intermediate, LLC 7.00% 1/15/2031 <sup>(a)</sup>  | 14370 | 14500 |
| Alliant Holdings Intermediate, LLC 6.50% 10/1/2031 <sup>(a)</sup>  | 27762 | 27295 |
| Alliant Holdings Intermediate, LLC 7.375% 10/1/2032 <sup>(a)</sup>  | 56489 | 56020 |
| AmWINS Group, Inc. 6.375% 2/15/2029 <sup>(a)</sup>  | 7810 | 7860 |
| AmWINS Group, Inc. 4.875% 6/30/2029 <sup>(a)</sup>  | 34923 | 33483 |
| Ardonagh Finco, Ltd. 7.75% 2/15/2031 <sup>(a)</sup>  | 40525 | 41030 |
| Ardonagh Group Finance, Ltd. 8.875% 2/15/2032 <sup>(a)</sup>  | 43113 | 42283 |
| Aretec Group, Inc. 7.50% 4/1/2029 <sup>(a)</sup>  | 68755 | 68159 |
| Aretec Group, Inc. 10.00% 8/15/2030 <sup>(a)</sup>  | 16700 | 17759 |
| Asurion, LLC 8.00% 12/31/2032 <sup>(a)</sup>  | 10145 | 10533 |
| Asurion, LLC 8.375% 2/1/2034 <sup>(a)</sup>  | 36130 | 35103 |
| Blackstone Private Credit Fund 5.95% 7/16/2029  | 21086 | 20784 |

---

---

| | |
|:---|:---|
| **7** | American High-Income Trust |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| Blackstone Private Credit Fund 5.35% 3/12/2031  | USD11,344 | $10783 |
| Blackstone Private Credit Fund 6.00% 11/22/2034  | 19385 | 18134 |
| Block, Inc. 2.75% 6/1/2026  | 32619 | 32492 |
| Block, Inc. 5.625% 8/15/2030 <sup>(a)</sup>  | 3673 | 3655 |
| Block, Inc. 3.50% 6/1/2031  | 70785 | 64424 |
| Block, Inc. 6.50% 5/15/2032  | 26926 | 27189 |
| Block, Inc. 6.00% 8/15/2033 <sup>(a)</sup>  | 11021 | 10850 |
| Blue Owl Capital Corp. 2.625% 1/15/2027  | 400 | 390 |
| Blue Owl Capital Corp. 3.125% 4/13/2027  | 11310 | 10983 |
| Blue Owl Capital Corp. 2.875% 6/11/2028  | 1745 | 1623 |
| Blue Owl Credit Income Corp. 4.70% 2/8/2027  | 25715 | 25432 |
| Blue Owl Credit Income Corp. 6.65% 3/15/2031  | 8350 | 8241 |
| Brown & Brown, Inc. 5.25% 6/23/2032  | 389 | 388 |
| Brown & Brown, Inc. 5.55% 6/23/2035  | 584 | 583 |
| Brown & Brown, Inc. 6.25% 6/23/2055  | 693 | 692 |
| Cipher Compute, LLC 7.125% 11/15/2030 <sup>(a)</sup>  | 13710 | 14221 |
| Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(a)</sup>  | 111436 | 104401 |
| Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(a)</sup>  | 76824 | 65007 |
| Compass Group Diversified Holdings, LLC 5.25% 4/15/2029 <sup>(a)</sup>  | 102247 | 95202 |
| Compass Group Diversified Holdings, LLC 5.00% 1/15/2032 <sup>(a)</sup>  | 20821 | 18117 |
| Freedom Mortgage Holdings, LLC 6.875% 5/1/2031 <sup>(a)</sup>  | 16265 | 15222 |
| FS KKR Capital Corp. 6.875% 8/15/2029  | 8504 | 8362 |
| FS KKR Capital Corp. 6.125% 1/15/2031  | 9571 | 8986 |
| Hightower Holding, LLC 6.75% 4/15/2029 <sup>(a)</sup>  | 22860 | 22464 |
| Hightower Holding, LLC 9.125% 1/31/2030 <sup>(a)</sup>  | 4420 | 4529 |
| Howden UK Refinance PLC 7.25% 2/15/2031 <sup>(a)</sup>  | 8770 | 8851 |
| Howden UK Refinance 2 PLC 8.125% 2/15/2032 <sup>(a)</sup>  | 4935 | 4628 |
| HUB International, Ltd. 5.625% 12/1/2029 <sup>(a)</sup>  | 7710 | 7486 |
| HUB International, Ltd. 7.25% 6/15/2030 <sup>(a)</sup>  | 21524 | 22062 |
| HUB International, Ltd. 7.375% 1/31/2032 <sup>(a)</sup>  | 22255 | 22713 |
| ION Platform Finance US, Inc. 4.625% 5/1/2028 <sup>(a)</sup>  | 10001 | 9337 |
| ION Platform Finance US, Inc. 5.00% 5/1/2028 <sup>(a)</sup>  | 2740 | 2562 |
| ION Platform Finance US, Inc. 8.75% 5/1/2029 <sup>(a)</sup>  | 124833 | 116223 |
| ION Platform Finance US, Inc. 9.50% 5/30/2029 <sup>(a)</sup>  | 74066 | 69802 |
| ION Platform Finance US, Inc. 9.00% 8/1/2029 <sup>(a)</sup>  | 52463 | 48694 |
| ION Platform Finance US, Inc. 7.875% 9/30/2032 <sup>(a)</sup>  | 53529 | 41500 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(a)</sup>  | 36265 | 34261 |
| Jane Street Group, LLC 7.125% 4/30/2031 <sup>(a)</sup>  | 3412 | 3509 |
| Jane Street Group, LLC 6.75% 5/1/2033 <sup>(a)</sup>  | 46435 | 47144 |
| Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(a)</sup>  | 25 | 26 |
| LPL Holdings, Inc. 4.625% 11/15/2027 <sup>(a)</sup>  | 8055 | 7999 |
| LPL Holdings, Inc. 4.00% 3/15/2029 <sup>(a)</sup>  | 6585 | 6399 |
| LPL Holdings, Inc. 4.375% 5/15/2031 <sup>(a)</sup>  | 12655 | 12121 |
| MSCI, Inc. 3.875% 2/15/2031 <sup>(a)</sup>  | 15323 | 14494 |
| MSCI, Inc. 3.625% 11/1/2031 <sup>(a)</sup>  | 5030 | 4656 |
| Navient Corp. 6.75% 6/15/2026  | 1700 | 1705 |
| Navient Corp. 5.00% 3/15/2027  | 39522 | 38663 |
| Navient Corp. 5.50% 3/15/2029  | 106840 | 98032 |
| Navient Corp. 9.375% 7/25/2030  | 46189 | 45068 |
| Navient Corp. 11.50% 3/15/2031  | 53875 | 54812 |
| Navient Corp. 7.875% 6/15/2032  | 68004 | 60714 |
| Navient Corp. 5.625% 8/1/2033  | 57811 | 45132 |
| OneMain Finance Corp. 3.875% 9/15/2028  | 11110 | 10567 |
| OneMain Finance Corp. 6.625% 5/15/2029  | 21925 | 21974 |
| OneMain Finance Corp. 5.375% 11/15/2029  | 27725 | 26756 |
| OneMain Finance Corp. 7.875% 3/15/2030  | 20095 | 20751 |
| OneMain Finance Corp. 6.125% 5/15/2030  | 53251 | 52107 |
| OneMain Finance Corp. 4.00% 9/15/2030  | 6020 | 5441 |
| OneMain Finance Corp. 7.50% 5/15/2031  | 3120 | 3139 |
| OneMain Finance Corp. 7.125% 11/15/2031  | 34919 | 34628 |
| OneMain Finance Corp. 7.125% 9/15/2032  | 27951 | 27563 |
| OneMain Finance Corp. 6.50% 3/15/2033  | 22759 | 21777 |
| OneMain Finance Corp. 6.75% 9/15/2033  | 16170 | 15525 |
| Osaic Holdings, Inc. 6.75% 8/1/2032 <sup>(a)</sup>  | 36550 | 36582 |
| Osaic Holdings, Inc. 8.00% 8/1/2033 <sup>(a)</sup>  | 93987 | 92861 |
| Oxford Finance, LLC 6.375% 2/1/2027 <sup>(a)</sup>  | 32015 | 31755 |

---

American High-Income Trust<sub>8</sub>

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| Panther Escrow Issuer, LLC 7.125% 6/1/2031 <sup>(a)</sup>  | USD7,931 | $7962 |
| PennyMac Financial Services, Inc. 4.25% 2/15/2029 <sup>(a)</sup>  | 3321 | 3150 |
| PennyMac Financial Services, Inc. 7.875% 12/15/2029 <sup>(a)</sup>  | 4329 | 4431 |
| PennyMac Financial Services, Inc. 6.875% 5/15/2032 <sup>(a)</sup>  | 9920 | 9583 |
| PennyMac Financial Services, Inc. 6.875% 2/15/2033 <sup>(a)</sup>  | 12770 | 12229 |
| Rocket Companies, Inc. 7.125% 2/1/2032 <sup>(a)</sup>  | 8350 | 8614 |
| Rocket Mortgage, LLC 3.625% 3/1/2029 <sup>(a)</sup>  | 6580 | 6235 |
| Ryan Specialty, LLC 4.375% 2/1/2030 <sup>(a)</sup>  | 14420 | 13988 |
| Ryan Specialty, LLC 5.875% 8/1/2032 <sup>(a)</sup>  | 22786 | 22539 |
| SLM Corp. 6.50% 1/31/2030  | 6700 | 6582 |
| Starwood Property Trust, Inc. 4.375% 1/15/2027 <sup>(a)</sup>  | 18215 | 18134 |
| Starwood Property Trust, Inc. 5.25% 10/15/2028 <sup>(a)</sup>  | 25730 | 25453 |
| Starwood Property Trust, Inc. 7.25% 4/1/2029 <sup>(a)</sup>  | 12335 | 12716 |
| Starwood Property Trust, Inc. 6.50% 7/1/2030 <sup>(a)</sup>  | 9835 | 10050 |
| Starwood Property Trust, Inc. 6.50% 10/15/2030 <sup>(a)</sup>  | 9520 | 9661 |
| USI, Inc. 7.50% 1/15/2032 <sup>(a)</sup>  | 6920 | 7020 |
| Voyager Parent, LLC 9.25% 7/1/2032 <sup>(a)</sup>  | 102961 | 106960 |
|  |  | 2555244 |
| **Materials 7.13%** | **Materials 7.13%** | **Materials 7.13%** |
| Alliance Resource Operating Partners, LP 8.625% 6/15/2029 <sup>(a)</sup>  | 19191 | 19949 |
| ArcelorMittal SA 4.25% 7/16/2029  | 935 | 932 |
| ArcelorMittal SA 7.00% 10/15/2039  | 10154 | 11050 |
| ArcelorMittal SA 6.75% 3/1/2041  | 16953 | 18044 |
| ARD Finance SA 7.25% PIK 6/30/2027 <sup>(a)(c)</sup>  | 9802 | 98 |
| Ardagh Metal Packaging Finance PLC 4.00% 9/1/2029 <sup>(a)</sup>  | 20150 | 18465 |
| Avient Corp. 7.125% 8/1/2030 <sup>(a)</sup>  | 6725 | 6838 |
| Avient Corp. 6.25% 11/1/2031 <sup>(a)</sup>  | 5515 | 5558 |
| Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/2031 <sup>(a)</sup>  | 6035 | 6318 |
| Axalta Coating Systems, LLC 4.75% 6/15/2027 <sup>(a)</sup>  | 6575 | 6534 |
| Ball Corp. 6.00% 6/15/2029  | 12645 | 12843 |
| Ball Corp. 2.875% 8/15/2030  | 3240 | 2951 |
| Ball Corp. 3.125% 9/15/2031  | 26190 | 23608 |
| Ball Corp. 5.50% 9/15/2033  | 43846 | 43913 |
| CAN-PACK SA 3.875% 11/15/2029 <sup>(a)</sup>  | 47306 | 44448 |
| Capstone Copper Corp. 6.75% 3/31/2033 <sup>(a)</sup>  | 5795 | 5762 |
| Celanese US Holdings, LLC 7.165% 7/15/2027  | 1125 | 1149 |
| Celanese US Holdings, LLC 6.50% 4/15/2030  | 10545 | 10768 |
| Celanese US Holdings, LLC 7.05% 11/15/2030  | 6450 | 6823 |
| Celanese US Holdings, LLC 7.00% 2/15/2031  | 11240 | 11550 |
| Celanese US Holdings, LLC 6.75% 4/15/2033  | 44390 | 45570 |
| Celanese US Holdings, LLC 7.20% 11/15/2033  | 1695 | 1810 |
| Celanese US Holdings, LLC 7.375% 2/15/2034  | 17790 | 18242 |
| Century Aluminum Co. 6.875% 8/1/2032 <sup>(a)</sup>  | 9935 | 10260 |
| Cleveland-Cliffs, Inc. 4.625% 3/1/2029 <sup>(a)</sup>  | 49149 | 46940 |
| Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(a)</sup>  | 58352 | 58386 |
| Cleveland-Cliffs, Inc. 6.75% 4/15/2030 <sup>(a)</sup>  | 29584 | 28881 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(a)</sup>  | 45839 | 41218 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(a)</sup>  | 53769 | 53682 |
| Cleveland-Cliffs, Inc. 7.00% 3/15/2032 <sup>(a)</sup>  | 57205 | 55420 |
| Cleveland-Cliffs, Inc. 7.375% 5/1/2033 <sup>(a)</sup>  | 13419 | 13138 |
| Cleveland-Cliffs, Inc. 7.625% 1/15/2034 <sup>(a)</sup>  | 49620 | 48524 |
| Commercial Metals Co. 5.75% 11/15/2033 <sup>(a)</sup>  | 14244 | 14108 |
| Commercial Metals Co. 6.00% 12/15/2035 <sup>(a)</sup>  | 39555 | 39036 |
| Consolidated Energy Finance SA 5.625% 10/15/2028 <sup>(a)</sup>  | 21085 | 19662 |
| Consolidated Energy Finance SA 12.00% 2/15/2031 <sup>(a)</sup>  | 70895 | 69920 |
| CSN Inova Ventures 6.75% 1/28/2028 <sup>(a)</sup>  | 4820 | 3542 |
| CSN Inova Ventures 6.75% 1/28/2028 <sup>(g)</sup>  | 500 | 367 |
| CSN Resources SA 5.875% 4/8/2032  | 500 | 307 |
| CVR Partners, LP 6.125% 6/15/2028 <sup>(a)</sup>  | 10430 | 10401 |
| Element Solutions, Inc. 3.875% 9/1/2028 <sup>(a)</sup>  | 8270 | 8057 |
| First Quantum Minerals, Ltd. 7.25% 2/15/2034 <sup>(a)</sup>  | 12815 | 13057 |
| First Quantum Minerals, Ltd. 6.375% 2/15/2036 <sup>(a)</sup>  | 31995 | 30804 |
| FMC Corp. 3.45% 10/1/2029  | 11780 | 10534 |
| FMC Corp. 5.65% 5/18/2033  | 1000 | 886 |

---

---

| | |
|:---|:---|
| **9** | American High-Income Trust |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Materials (continued)** | **Materials (continued)** | **Materials (continued)** |
| FMC Corp. 6.375% 5/18/2053  | USD500 | $377 |
| Freeport-McMoRan, Inc. 4.25% 3/1/2030  | 275 | 270 |
| Freeport-McMoRan, Inc. 5.45% 3/15/2043  | 3079 | 2916 |
| FXI Holdings, Inc. 16.00% PIK 11/15/2029 (14.00% on 11/15/2028) <sup>(a)(c)(h)</sup>  | 135585 | 71182 |
| FXI Holdings, Inc. 11.00% 11/15/2030 <sup>(a)</sup>  | 236578 | 210555 |
| FXI Holdings, Inc. 11.00% 11/15/2030 <sup>(a)(f)</sup>  | 19000 | 18620 |
| Graphic Packaging International, LLC 3.75% 2/1/2030 <sup>(a)</sup>  | 12480 | 11464 |
| Graphic Packaging International, LLC 6.375% 7/15/2032 <sup>(a)</sup>  | 25095 | 25008 |
| INEOS Finance PLC 6.75% 5/15/2028 <sup>(a)</sup>  | 8765 | 8479 |
| INEOS Finance PLC 7.50% 4/15/2029 <sup>(a)</sup>  | 2820 | 2738 |
| James Hardie International Finance Designated Activity Co. 5.00% 1/15/2028 <sup>(a)</sup>  | 2000 | 1987 |
| JH North America Holdings, Inc. 5.875% 1/31/2031 <sup>(a)</sup>  | 8310 | 8247 |
| JH North America Holdings, Inc. 6.125% 7/31/2032 <sup>(a)</sup>  | 15925 | 15887 |
| LSB Industries, Inc. 6.25% 10/15/2028 <sup>(a)</sup>  | 1016 | 1011 |
| LYB International Finance III, LLC 5.125% 1/15/2031  | 5035 | 5044 |
| Magnera Corp. 4.75% 11/15/2029 <sup>(a)</sup>  | 10035 | 9070 |
| Mauser Packaging Solutions Holding Co. 7.875% 4/15/2030 <sup>(a)</sup>  | 21300 | 21315 |
| Mauser Packaging Solutions Holding Co. 9.25% 4/15/2030 <sup>(a)</sup>  | 13895 | 12922 |
| Methanex Corp. 5.125% 10/15/2027  | 52440 | 52144 |
| Methanex Corp. 5.25% 12/15/2029  | 27038 | 26783 |
| Methanex Corp. 5.65% 12/1/2044  | 7875 | 7074 |
| Methanex US Operations, Inc. 6.25% 3/15/2032 <sup>(a)</sup>  | 43400 | 44425 |
| Mineral Resources, Ltd. 8.00% 11/1/2027 <sup>(a)</sup>  | 50068 | 50752 |
| Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(a)</sup>  | 48706 | 50509 |
| Mineral Resources, Ltd. 8.50% 5/1/2030 <sup>(a)</sup>  | 23548 | 24228 |
| NOVA Chemicals Corp. 5.25% 6/1/2027 <sup>(a)</sup>  | 24317 | 24293 |
| NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(a)</sup>  | 5050 | 5255 |
| NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(a)</sup>  | 30810 | 32564 |
| NOVA Chemicals Corp. 7.00% 12/1/2031 <sup>(a)</sup>  | 16230 | 17192 |
| Novelis Corp. 3.875% 8/15/2031 <sup>(a)</sup>  | 7405 | 6603 |
| Olin Corp. 6.625% 4/1/2033 <sup>(a)</sup>  | 1820 | 1783 |
| Quikrete Holdings, Inc. 6.375% 3/1/2032 <sup>(a)</sup>  | 13565 | 13765 |
| Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(a)</sup>  | 17641 | 17931 |
| Samarco Mineracao SA 5.00% PIK and 4.00% Cash 6/30/2031 (5.00% PIK and 4.00% Cash on 12/30/2026) <sup>(a)(c)(h)</sup>  | 40377 | 39752 |
| Samarco Mineracao SA 5.00% PIK and 4.00% Cash 6/30/2031 (5.00% PIK and 4.00% Cash on 12/30/2026) <sup>(c)(h)</sup>  | 17244 | 16977 |
| SCIH Salt Holdings, Inc. 4.875% 5/1/2028 <sup>(a)</sup>  | 40040 | 39607 |
| SCIH Salt Holdings, Inc. 6.625% 5/1/2029 <sup>(a)</sup>  | 16890 | 16820 |
| Sealed Air Corp. 4.00% 12/1/2027 <sup>(a)</sup>  | 7534 | 7520 |
| Sealed Air Corp. 6.125% 2/1/2028 <sup>(a)</sup>  | 14110 | 14296 |
| Solstice Advanced Materials, Inc. 5.625% 9/30/2033 <sup>(a)</sup>  | 19974 | 19715 |
| Synergy Infrastructure Holdings, LLC 7.875% 12/1/2030 <sup>(a)</sup>  | 8345 | 8527 |
| Trident TPI Holdings, Inc. 12.75% 12/31/2028 <sup>(a)</sup>  | 9545 | 9303 |
| Trivium Packaging Finance BV 8.25% 7/15/2030 <sup>(a)</sup>  | 13888 | 14542 |
| Trivium Packaging Finance BV 12.25% 1/15/2031 <sup>(a)</sup>  | 18850 | 20424 |
| Vale Overseas, Ltd. 6.00% 2/25/2056 (5-year UST Yield Curve Rate T Note Constant Maturity + 2.431% on <br> 2/25/2031) <sup>(a)(h)</sup>  | 1310 | 1290 |
| Veritiv Operating Co. 10.50% 11/30/2030 <sup>(a)</sup>  | 10943 | 11386 |
| W. R. Grace Holdings, LLC 7.00% 8/1/2033 <sup>(a)</sup>  | 9500 | 9234 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(a)</sup>  | 13975 | 14149 |
| Westlake Corp. 5.55% 11/15/2035  | 3015 | 3007 |
| Westlake Corp. 6.375% 11/15/2055  | 990 | 979 |
|  |  | 1950274 |
| **Health care 7.08%** | **Health care 7.08%** | **Health care 7.08%** |
| 1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(a)</sup>  | 128415 | 131585 |
| Accendra Health, Inc. 4.50% 3/31/2029 <sup>(a)</sup>  | 71274 | 43096 |
| Accendra Health, Inc. 6.625% 4/1/2030 <sup>(a)</sup>  | 130719 | 62305 |
| AdaptHealth, LLC 6.125% 8/1/2028 <sup>(a)</sup>  | 2057 | 2054 |
| AdaptHealth, LLC 4.625% 8/1/2029 <sup>(a)</sup>  | 16735 | 15958 |
| AdaptHealth, LLC 5.125% 3/1/2030 <sup>(a)</sup>  | 9385 | 8998 |
| Amneal Pharmaceuticals, LLC 6.875% 8/1/2032 <sup>(a)</sup>  | 12340 | 12719 |
| AthenaHealth Group, Inc. 6.50% 2/15/2030 <sup>(a)</sup>  | 12994 | 12210 |
| Avantor Funding, Inc. 4.625% 7/15/2028 <sup>(a)</sup>  | 47215 | 46111 |
| Avantor Funding, Inc. 3.875% 11/1/2029 <sup>(a)</sup>  | 12329 | 11576 |
| Bausch + Lomb Corp. 8.375% 10/1/2028 <sup>(a)</sup>  | 5085 | 5257 |

---

American High-Income Trust<sub>10</sub>

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Health care (continued)** | **Health care (continued)** | **Health care (continued)** |
| Bausch Health Americas, Inc. 8.50% 1/31/2027 <sup>(a)</sup>  | USD56,782 | $56297 |
| Bausch Health Cos., Inc. 5.00% 1/30/2028 <sup>(a)</sup>  | 5385 | 4556 |
| Bausch Health Cos., Inc. 4.875% 6/1/2028 <sup>(a)</sup>  | 22292 | 20433 |
| Bausch Health Cos., Inc. 11.00% 9/30/2028 <sup>(a)</sup>  | 5296 | 5407 |
| Bausch Health Cos., Inc. 7.25% 5/30/2029 <sup>(a)</sup>  | 11580 | 8628 |
| Bausch Health Cos., Inc. 5.25% 1/30/2030 <sup>(a)</sup>  | 15350 | 9934 |
| Bausch Health Cos., Inc. 5.25% 2/15/2031 <sup>(a)</sup>  | 34458 | 21019 |
| BioMarin Pharmaceutical, Inc. 5.50% 2/15/2034 <sup>(a)</sup>  | 33655 | 33159 |
| Centene Corp. 4.25% 12/15/2027  | 979 | 962 |
| Centene Corp. 4.625% 12/15/2029  | 14828 | 14086 |
| Centene Corp. 3.375% 2/15/2030  | 5 | 5 |
| Centene Corp. 2.50% 3/1/2031  | 10290 | 8641 |
| Centene Corp. 2.625% 8/1/2031  | 15 | 13 |
| Charles River Laboratories International, Inc. 4.25% 5/1/2028 <sup>(a)</sup>  | 4863 | 4757 |
| CHS / Community Health Systems, Inc. 6.00% 1/15/2029 <sup>(a)</sup>  | 19915 | 19708 |
| CHS / Community Health Systems, Inc. 6.875% 4/15/2029 <sup>(a)</sup>  | 7600 | 7316 |
| CHS / Community Health Systems, Inc. 5.25% 5/15/2030 <sup>(a)</sup>  | 49516 | 46700 |
| CHS / Community Health Systems, Inc. 4.75% 2/15/2031 <sup>(a)</sup>  | 23835 | 21987 |
| CHS / Community Health Systems, Inc. 10.875% 1/15/2032 <sup>(a)</sup>  | 9449 | 10149 |
| DaVita, Inc. 4.625% 6/1/2030 <sup>(a)</sup>  | 31806 | 30601 |
| DaVita, Inc. 3.75% 2/15/2031 <sup>(a)</sup>  | 29030 | 26636 |
| DaVita, Inc. 6.875% 9/1/2032 <sup>(a)</sup>  | 54665 | 56048 |
| DaVita, Inc. 6.75% 7/15/2033 <sup>(a)</sup>  | 41920 | 42680 |
| Encompass Health Corp. 4.50% 2/1/2028  | 7029 | 6971 |
| Encompass Health Corp. 4.75% 2/1/2030  | 3826 | 3746 |
| Endo Finance Holdings, LP 8.50% 4/15/2031 <sup>(a)</sup>  | 54925 | 57553 |
| Fortrea Holdings, Inc. 7.50% 7/1/2030 <sup>(a)</sup>  | 673 | 639 |
| Grifols SA 4.75% 10/15/2028 <sup>(a)</sup>  | 20280 | 19876 |
| HCA, Inc. 4.625% 3/15/2052  | 40 | 32 |
| HCA, Inc. 7.50% 11/15/2095  | 4020 | 4284 |
| Insulet Corp. 6.50% 4/1/2033 <sup>(a)</sup>  | 289 | 295 |
| IQVIA, Inc. 5.00% 10/15/2026 <sup>(a)</sup>  | 18749 | 18775 |
| IQVIA, Inc. 5.00% 5/15/2027 <sup>(a)</sup>  | 4000 | 3987 |
| IQVIA, Inc. 6.50% 5/15/2030 <sup>(a)</sup>  | 19500 | 19921 |
| IQVIA, Inc. 6.25% 6/1/2032 <sup>(a)</sup>  | 36480 | 37091 |
| Jazz Securities DAC 4.375% 1/15/2029 <sup>(a)</sup>  | 16295 | 15902 |
| Medline Borrower, LP 3.875% 4/1/2029 <sup>(a)</sup>  | 22258 | 21544 |
| Medline Borrower, LP 6.25% 4/1/2029 <sup>(a)</sup>  | 45058 | 45970 |
| Medline Borrower, LP 5.25% 10/1/2029 <sup>(a)</sup>  | 30244 | 29996 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(a)</sup>  | 11825 | 11442 |
| Molina Healthcare, Inc. 3.875% 11/15/2030 <sup>(a)</sup>  | 62589 | 56001 |
| Molina Healthcare, Inc. 6.50% 2/15/2031 <sup>(a)</sup>  | 33555 | 33030 |
| Molina Healthcare, Inc. 3.875% 5/15/2032 <sup>(a)</sup>  | 90315 | 78515 |
| Molina Healthcare, Inc. 6.25% 1/15/2033 <sup>(a)</sup>  | 43164 | 41878 |
| Organon & Co. 4.125% 4/30/2028 <sup>(a)</sup>  | 10065 | 9772 |
| Perrigo Finance Unlimited Co. 6.125% 9/30/2032  | 4750 | 4338 |
| Radiology Partners, Inc. 9.781% PIK 2/15/2030 <sup>(a)(c)</sup>  | 56082 | 51289 |
| Radiology Partners, Inc. 8.50% 7/15/2032 <sup>(a)</sup>  | 74330 | 75454 |
| Sotera Health Holdings, LLC 7.375% 6/1/2031 <sup>(a)</sup>  | 14740 | 15244 |
| Surgery Center Holdings, Inc. 7.25% 4/15/2032 <sup>(a)</sup>  | 34150 | 33584 |
| Team Health Holdings, Inc. 8.375% 6/30/2028 <sup>(a)</sup>  | 6520 | 6441 |
| Tenet Healthcare Corp. 5.125% 11/1/2027  | 18120 | 18113 |
| Tenet Healthcare Corp. 4.625% 6/15/2028  | 12640 | 12535 |
| Tenet Healthcare Corp. 6.125% 10/1/2028  | 6222 | 6240 |
| Tenet Healthcare Corp. 4.25% 6/1/2029  | 39524 | 38349 |
| Tenet Healthcare Corp. 4.375% 1/15/2030  | 15845 | 15356 |
| Tenet Healthcare Corp. 6.75% 5/15/2031  | 32396 | 33132 |
| Tenet Healthcare Corp. 6.875% 11/15/2031  | 2010 | 2143 |
| Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026  | 5843 | 5788 |
| Teva Pharmaceutical Finance Netherlands III BV 4.75% 5/9/2027  | 8485 | 8476 |
| Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028  | 28270 | 28989 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | 145085 | 144709 |
| Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029  | 15410 | 16521 |
| Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031  | 29972 | 33544 |

---

---

| | |
|:---|:---|
| **11** | American High-Income Trust |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Health care (continued)** | **Health care (continued)** | **Health care (continued)** |
| Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032  | USD24,900 | $25572 |
| Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046  | 35202 | 26137 |
| Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030  | 15855 | 16067 |
|  |  | 1936832 |
| **Industrials 6.84%** | **Industrials 6.84%** | **Industrials 6.84%** |
| AAR Escrow Issuer, LLC 6.75% 3/15/2029 <sup>(a)</sup>  | 5726 | 5832 |
| ADT Security Corp. 4.125% 8/1/2029 <sup>(a)</sup>  | 4835 | 4622 |
| ADT Security Corp. 5.875% 10/15/2033 <sup>(a)</sup>  | 12555 | 12172 |
| Advanced Drainage Systems, Inc. 5.375% 3/1/2034 <sup>(a)</sup>  | 26190 | 25552 |
| AECOM 6.00% 8/1/2033 <sup>(a)</sup>  | 1165 | 1165 |
| Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(a)</sup>  | 15635 | 15991 |
| Allison Transmission, Inc. 3.75% 1/30/2031 <sup>(a)</sup>  | 25590 | 23837 |
| Allison Transmission, Inc. 5.875% 12/1/2033 <sup>(a)</sup>  | 8060 | 8015 |
| Amentum Holdings, Inc. 7.25% 8/1/2032 <sup>(a)</sup>  | 26025 | 26956 |
| Aramark Services, Inc. 5.00% 2/1/2028 <sup>(a)</sup>  | 26200 | 26060 |
| ATI, Inc. 4.875% 10/1/2029  | 13785 | 13612 |
| ATI, Inc. 7.25% 8/15/2030  | 9395 | 9749 |
| ATI, Inc. 5.125% 10/1/2031  | 20995 | 20763 |
| Avis Budget Car Rental, LLC 5.75% 7/15/2027 <sup>(a)</sup>  | 15572 | 15557 |
| Avis Budget Car Rental, LLC 4.75% 4/1/2028 <sup>(a)</sup>  | 1005 | 981 |
| Avis Budget Car Rental, LLC 5.375% 3/1/2029 <sup>(a)</sup>  | 37155 | 35573 |
| Avis Budget Car Rental, LLC 8.25% 1/15/2030 <sup>(a)</sup>  | 21770 | 21916 |
| Avis Budget Car Rental, LLC 8.00% 2/15/2031 <sup>(a)</sup>  | 3805 | 3764 |
| Avis Budget Group, Inc. 5.75% 7/15/2027 <sup>(a)</sup>  | 1539 | 1534 |
| Axon Enterprise, Inc. 6.125% 3/15/2030 <sup>(a)</sup>  | 29470 | 30031 |
| Axon Enterprise, Inc. 6.25% 3/15/2033 <sup>(a)</sup>  | 29031 | 29658 |
| Brink's Co. (The) 4.625% 10/15/2027 <sup>(a)</sup>  | 10336 | 10207 |
| Brink's Co. (The) 6.50% 6/15/2029 <sup>(a)</sup>  | 3855 | 3917 |
| Brink's Co. (The) 6.75% 6/15/2032 <sup>(a)</sup>  | 4060 | 4113 |
| BWX Technologies, Inc. 4.125% 6/30/2028 <sup>(a)</sup>  | 8235 | 8013 |
| BWX Technologies, Inc. 4.125% 4/15/2029 <sup>(a)</sup>  | 3515 | 3382 |
| CACI International, Inc. 6.375% 6/15/2033 <sup>(a)</sup>  | 12410 | 12641 |
| Carpenter Technology Corp. 5.625% 3/1/2034 <sup>(a)</sup>  | 13400 | 13293 |
| Clarivate Science Holdings Corp. 3.875% 7/1/2028 <sup>(a)</sup>  | 40675 | 38421 |
| Clarivate Science Holdings Corp. 4.875% 7/1/2029 <sup>(a)</sup>  | 14981 | 13017 |
| Clean Harbors, Inc. 5.125% 7/15/2029 <sup>(a)</sup>  | 5305 | 5244 |
| Clean Harbors, Inc. 6.375% 2/1/2031 <sup>(a)</sup>  | 9032 | 9179 |
| Clean Harbors, Inc. 5.75% 10/15/2033 <sup>(a)</sup>  | 34205 | 34157 |
| Columbus McKinnon Corp. 7.125% 2/1/2033 <sup>(a)</sup>  | 21460 | 21470 |
| CoreLogic, Inc. 4.50% 5/1/2028 <sup>(a)</sup>  | 66022 | 62043 |
| Eaton Corp. 4.50% 3/6/2033  | 1197 | 1181 |
| Eaton Corp. 4.80% 3/6/2036  | 1863 | 1840 |
| Eaton Corp. 4.20% 3/6/2031  | 2316 | 2283 |
| Enviri Corp. 5.75% 7/31/2027 <sup>(a)</sup>  | 15085 | 15059 |
| EquipmentShare.com, Inc. 9.00% 5/15/2028 <sup>(a)</sup>  | 89557 | 92618 |
| EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(a)</sup>  | 24068 | 25151 |
| EquipmentShare.com, Inc. 8.00% 3/15/2033 <sup>(a)</sup>  | 6217 | 6425 |
| ESAB Corp. 5.625% 4/1/2031 <sup>(a)</sup>  | 16115 | 16268 |
| Fedex Freight Holding Co., Inc. 4.30% 3/15/2029 <sup>(a)</sup>  | 2015 | 1991 |
| Fedex Freight Holding Co., Inc. 4.95% 3/15/2033 <sup>(a)</sup>  | 2015 | 1966 |
| Fedex Freight Holding Co., Inc. 5.25% 3/15/2036 <sup>(a)</sup>  | 2015 | 1950 |
| FTAI Aviation Investors, LLC 5.50% 5/1/2028 <sup>(a)</sup>  | 27732 | 27746 |
| FTAI Aviation Investors, LLC 7.875% 12/1/2030 <sup>(a)</sup>  | 1105 | 1155 |
| Garda World Security Corp. 6.50% 1/15/2031 <sup>(a)</sup>  | 26965 | 27358 |
| Garda World Security Corp. 8.375% 11/15/2032 <sup>(a)</sup>  | 37286 | 37344 |
| Herc Holdings, Inc. 6.625% 6/15/2029 <sup>(a)</sup>  | 10630 | 10811 |
| Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(a)</sup>  | 21915 | 22487 |
| Herc Holdings, Inc. 5.75% 3/15/2031 <sup>(a)</sup>  | 780 | 769 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(a)</sup>  | 39435 | 40444 |
| Herc Holdings, Inc. 6.00% 3/15/2034 <sup>(a)</sup>  | 5455 | 5279 |
| Hertz Corp. (The) 4.625% 12/1/2026 <sup>(a)</sup>  | 19445 | 17638 |
| I-20 Lancaster Fund, LLC 12.00% 1/15/2035 <sup>(a)</sup>  | 13451 | 13367 |
| Icahn Enterprises, LP 5.25% 5/15/2027  | 85833 | 84178 |
| Icahn Enterprises, LP 9.75% 1/15/2029  | 15552 | 15301 |

---

American High-Income Trust<sub>12</sub>

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| Icahn Enterprises, LP 4.375% 2/1/2029  | USD12,255 | $10471 |
| Icahn Enterprises, LP 10.00% 11/15/2029 <sup>(a)</sup>  | 8765 | 8646 |
| Lsf12 Helix Parent, LLC 7.125% 2/1/2033 <sup>(a)</sup>  | 4025 | 3884 |
| Miter Brands Acquisition Holdco, Inc. 6.75% 4/1/2032 <sup>(a)</sup>  | 6814 | 6530 |
| Moog, Inc. 4.25% 12/9/2027 <sup>(a)</sup>  | 8500 | 8525 |
| Moog, Inc. 5.50% 10/15/2034 <sup>(a)</sup>  | 21065 | 21184 |
| Mueller Water Products, Inc. 4.00% 6/15/2029 <sup>(a)</sup>  | 5095 | 4912 |
| NESCO Holdings II, Inc. 5.50% 4/15/2029 <sup>(a)</sup>  | 25100 | 24571 |
| OneSky Flight, LLC 8.875% 12/15/2029 <sup>(a)</sup>  | 8750 | 9039 |
| Pitney Bowes, Inc. 6.875% 3/15/2027 <sup>(a)</sup>  | 11560 | 11556 |
| Pitney Bowes, Inc. 7.25% 3/15/2029 <sup>(a)</sup>  | 13890 | 13908 |
| QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(a)</sup>  | 28315 | 28906 |
| RB Global Holdings, Inc. 6.75% 3/15/2028 <sup>(a)</sup>  | 1299 | 1317 |
| RB Global Holdings, Inc. 7.75% 3/15/2031 <sup>(a)</sup>  | 9008 | 9342 |
| Reworld Holding Corp. 4.875% 12/1/2029 <sup>(a)</sup>  | 31307 | 29379 |
| Science Applications International Corp. 5.875% 11/1/2033 <sup>(a)</sup>  | 16470 | 16090 |
| Sensata Technologies BV 4.00% 4/15/2029 <sup>(a)</sup>  | 3225 | 3114 |
| Sensata Technologies, Inc. 3.75% 2/15/2031 <sup>(a)</sup>  | 15310 | 14212 |
| SkyMiles IP, Ltd. 4.75% 10/20/2028 <sup>(a)</sup>  | 8291 | 8282 |
| Spirit AeroSystems, Inc. 4.60% 6/15/2028  | 1017 | 1018 |
| Standard Building Solutions, Inc. 6.50% 8/15/2032 <sup>(a)</sup>  | 10040 | 10054 |
| Standard Building Solutions, Inc. 6.25% 8/1/2033 <sup>(a)</sup>  | 29630 | 29325 |
| Standard Building Solutions, Inc. 5.875% 3/15/2034 <sup>(a)</sup>  | 3020 | 2915 |
| Team Services Holding, Inc. 9.00% 2/15/2033 <sup>(a)</sup>  | 21575 | 21171 |
| Texas Combined Tirz I, LLC 0% 12/7/2062 <sup>(a)(f)</sup>  | 3141 | 3141 |
| TK Elevator U.S. Newco, Inc. 5.25% 7/15/2027 <sup>(a)</sup>  | 2868 | 2863 |
| TKC Holdings, Inc. 8.50% 8/15/2030 <sup>(a)</sup>  | 5030 | 5076 |
| TransDigm, Inc. 6.75% 8/15/2028 <sup>(a)</sup>  | 8915 | 9034 |
| TransDigm, Inc. 4.625% 1/15/2029  | 13555 | 13327 |
| TransDigm, Inc. 6.375% 3/1/2029 <sup>(a)</sup>  | 22955 | 23412 |
| TransDigm, Inc. 6.875% 12/15/2030 <sup>(a)</sup>  | 7290 | 7474 |
| TransDigm, Inc. 6.625% 3/1/2032 <sup>(a)</sup>  | 39541 | 40376 |
| TransDigm, Inc. 6.00% 1/15/2033 <sup>(a)</sup>  | 22620 | 22633 |
| TransDigm, Inc. 6.375% 5/31/2033 <sup>(a)</sup>  | 45345 | 45139 |
| TransDigm, Inc. 6.25% 1/31/2034 <sup>(a)</sup>  | 28045 | 28377 |
| TransDigm, Inc. 6.75% 1/31/2034 <sup>(a)</sup>  | 93045 | 94334 |
| TransDigm, Inc. 6.125% 7/31/2034 <sup>(a)</sup>  | 57333 | 56461 |
| Uber Technologies, Inc. 4.50% 8/15/2029 <sup>(a)</sup>  | 7025 | 6969 |
| United Airlines Holdings, Inc. 5.375% 3/1/2031  | 5310 | 5207 |
| United Rentals (North America), Inc. 6.00% 12/15/2029 <sup>(a)</sup>  | 1774 | 1805 |
| United Rentals (North America), Inc. 5.25% 1/15/2030  | 5464 | 5437 |
| United Rentals (North America), Inc. 3.875% 2/15/2031  | 14220 | 13377 |
| United Rentals (North America), Inc. 3.75% 1/15/2032  | 11050 | 10141 |
| United Rentals (North America), Inc. 6.125% 3/15/2034 <sup>(a)</sup>  | 9885 | 10022 |
| Waste Pro USA, Inc. 7.00% 2/1/2033 <sup>(a)</sup>  | 5525 | 5601 |
| WESCO Distribution, Inc. 7.25% 6/15/2028 <sup>(a)</sup>  | 4960 | 4991 |
| WESCO Distribution, Inc. 5.25% 4/15/2031 <sup>(a)</sup>  | 14310 | 14260 |
| WESCO Distribution, Inc. 6.625% 3/15/2032 <sup>(a)</sup>  | 30080 | 30825 |
| WESCO Distribution, Inc. 6.375% 3/15/2033 <sup>(a)</sup>  | 7850 | 8004 |
| WESCO Distribution, Inc. 5.50% 4/15/2034 <sup>(a)</sup>  | 22530 | 22245 |
| XPO, Inc. 6.25% 6/1/2028 <sup>(a)</sup>  | 17127 | 17371 |
| XPO, Inc. 7.125% 6/1/2031 <sup>(a)</sup>  | 10792 | 11124 |
| XPO, Inc. 7.125% 2/1/2032 <sup>(a)</sup>  | 8635 | 8912 |
|  |  | 1869335 |
| **Real estate 5.81%** | **Real estate 5.81%** | **Real estate 5.81%** |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(a)</sup>  | 4798 | 4629 |
| Anywhere Real Estate Group, LLC 5.25% 4/15/2030 <sup>(a)</sup>  | 14943 | 14130 |
| Forestar Group, Inc. 5.00% 3/1/2028 <sup>(a)</sup>  | 2910 | 2889 |
| Forestar Group, Inc. 6.50% 3/15/2033 <sup>(a)</sup>  | 47190 | 46696 |
| GGP Retail, LLC 5.75% 5/15/2026 <sup>(a)</sup>  | 15672 | 15666 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(a)</sup>  | 58793 | 55658 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(a)</sup>  | 104337 | 95871 |
| Howard Hughes Corp. (The) 5.875% 3/1/2032 <sup>(a)</sup>  | 40085 | 38614 |
| Howard Hughes Corp. (The) 6.125% 3/1/2034 <sup>(a)</sup>  | 34115 | 32792 |

---

---

| | |
|:---|:---|
| **13** | American High-Income Trust |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Real estate (continued)** | **Real estate (continued)** | **Real estate (continued)** |
| Hudson Pacific Properties, LP 5.95% 2/15/2028  | USD4,020 | $3817 |
| Hudson Pacific Properties, LP 3.25% 1/15/2030  | 13725 | 11108 |
| Iron Mountain, Inc. 4.875% 9/15/2027 <sup>(a)</sup>  | 15780 | 15760 |
| Iron Mountain, Inc. 5.25% 3/15/2028 <sup>(a)</sup>  | 26992 | 26887 |
| Iron Mountain, Inc. 5.00% 7/15/2028 <sup>(a)</sup>  | 9282 | 9188 |
| Iron Mountain, Inc. 7.00% 2/15/2029 <sup>(a)</sup>  | 4270 | 4355 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(a)</sup>  | 73200 | 71160 |
| Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(a)</sup>  | 46216 | 43422 |
| Iron Mountain, Inc. 5.625% 7/15/2032 <sup>(a)</sup>  | 5285 | 5135 |
| Iron Mountain, Inc. 6.25% 1/15/2033 <sup>(a)</sup>  | 9510 | 9487 |
| Kennedy-Wilson, Inc. 4.75% 3/1/2029  | 43910 | 43306 |
| Kennedy-Wilson, Inc. 4.75% 2/1/2030  | 60620 | 60683 |
| Kennedy-Wilson, Inc. 5.00% 3/1/2031  | 51241 | 51323 |
| Ladder Capital Finance Holdings LLLP 4.25% 2/1/2027 <sup>(a)</sup>  | 19341 | 19119 |
| Ladder Capital Finance Holdings LLLP 4.75% 6/15/2029 <sup>(a)</sup>  | 15303 | 14841 |
| Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030  | 1710 | 1714 |
| Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(a)</sup>  | 4240 | 4386 |
| MPT Operating Partnership, LP 5.00% 10/15/2027  | 201448 | 187689 |
| MPT Operating Partnership, LP 4.625% 8/1/2029  | 67505 | 52570 |
| MPT Operating Partnership, LP 3.50% 3/15/2031  | 29793 | 19500 |
| MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(a)</sup>  | 137380 | 139386 |
| Park Intermediate Holdings, LLC 5.875% 10/1/2028 <sup>(a)</sup>  | 9170 | 9136 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(a)</sup>  | 24355 | 23396 |
| Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(a)</sup>  | 17510 | 17736 |
| Pebblebrook Hotel, LP 6.375% 10/15/2029 <sup>(a)</sup>  | 15905 | 15947 |
| RLJ Lodging Trust, LP 3.75% 7/1/2026 <sup>(a)</sup>  | 1085 | 1080 |
| RLJ Lodging Trust, LP 4.00% 9/15/2029 <sup>(a)</sup>  | 6675 | 6257 |
| SBA Communications Corp. 3.125% 2/1/2029  | 4584 | 4346 |
| Service Properties Trust 4.95% 2/15/2027  | 3251 | 3265 |
| Service Properties Trust 0% 9/30/2027 <sup>(a)</sup>  | 29515 | 26890 |
| Service Properties Trust 5.50% 12/15/2027  | 15650 | 15686 |
| Service Properties Trust 3.95% 1/15/2028  | 66885 | 64027 |
| Service Properties Trust 4.95% 10/1/2029  | 100733 | 91343 |
| Service Properties Trust 4.375% 2/15/2030  | 74650 | 66371 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(a)</sup>  | 97655 | 102058 |
| Service Properties Trust 8.875% 6/15/2032  | 38216 | 37916 |
| VICI Properties, LP 4.125% 8/15/2030 <sup>(a)</sup>  | 250 | 240 |
|  |  | 1587475 |
| **Information technology 5.66%** | **Information technology 5.66%** | **Information technology 5.66%** |
| Amphenol Corp. 4.125% 11/15/2030  | 2990 | 2947 |
| ams-OSRAM AG 12.25% 3/30/2029 <sup>(a)</sup>  | 92800 | 98782 |
| APLD ComputeCo 2, LLC 6.75% 3/15/2031 <sup>(a)</sup>  | 26445 | 26269 |
| Black Pearl Compute, LLC 6.125% 2/15/2031 <sup>(a)</sup>  | 27090 | 27606 |
| Booz Allen Hamilton, Inc. 3.875% 9/1/2028 <sup>(a)</sup>  | 957 | 933 |
| Booz Allen Hamilton, Inc. 4.00% 7/1/2029 <sup>(a)</sup>  | 755 | 731 |
| Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(a)</sup>  | 50255 | 49077 |
| Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(a)</sup>  | 111993 | 108144 |
| Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(a)</sup>  | 48010 | 45573 |
| Cloud Software Group, Inc. 6.625% 8/15/2033 <sup>(a)</sup>  | 40338 | 35900 |
| CoreWeave, Inc. 9.25% 6/1/2030 <sup>(a)</sup>  | 14090 | 13704 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(a)(d)</sup>  | 130595 | 136124 |
| Ellucian Holdings, Inc. 6.50% 12/1/2029 <sup>(a)</sup>  | 7300 | 7149 |
| Fair Isaac Corp. 4.00% 6/15/2028 <sup>(a)</sup>  | 56530 | 54900 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(a)</sup>  | 84291 | 82759 |
| Flash Compute, LLC 7.25% 12/31/2030 <sup>(a)</sup>  | 19955 | 20115 |
| Hughes Satellite Systems Corp. 5.25% 8/1/2026  | 131087 | 116674 |
| Hughes Satellite Systems Corp. 6.625% 8/1/2026  | 156462 | 117877 |
| Imola Merger Corp. 4.75% 5/15/2029 <sup>(a)</sup>  | 5035 | 4897 |
| Intel Corp. 3.05% 8/12/2051  | 3850 | 2339 |
| Intel Corp. 5.60% 2/21/2054  | 6421 | 5895 |
| NCR Atleos Corp. 9.50% 4/1/2029 <sup>(a)</sup>  | 44575 | 47740 |
| NCR Voyix Corp. 5.125% 4/15/2029 <sup>(a)</sup>  | 6880 | 6587 |
| Oracle Corp. 4.95% 2/4/2031  | 11638 | 11391 |
| Oracle Corp. 5.25% 2/3/2032  | 10625 | 10439 |

---

American High-Income Trust<sub>14</sub>

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Information technology (continued)** | **Information technology (continued)** | **Information technology (continued)** |
| Oracle Corp. 6.25% 11/9/2032  | USD1,015 | $1042 |
| Oracle Corp. 5.35% 5/4/2033  | 988 | 962 |
| Oracle Corp. 5.50% 8/3/2035  | 1015 | 969 |
| Oracle Corp. 5.20% 9/26/2035  | 9778 | 9177 |
| Oracle Corp. 5.70% 2/4/2036  | 22363 | 21511 |
| Oracle Corp. 6.55% 2/4/2046  | 584 | 545 |
| Oracle Corp. 6.90% 11/9/2052  | 1005 | 950 |
| Oracle Corp. 6.70% 2/4/2056  | 35104 | 32606 |
| Oracle Corp. 6.85% 2/4/2066  | 1015 | 934 |
| Pagaya US Holding Co., LLC 8.875% 8/1/2030 <sup>(a)</sup>  | 8570 | 6146 |
| Qnity Electronics, Inc. 5.75% 8/15/2032 <sup>(a)</sup>  | 2015 | 2020 |
| Qnity Electronics, Inc. 6.25% 8/15/2033 <sup>(a)</sup>  | 3010 | 3047 |
| Shift4 Payments, LLC 6.75% 8/15/2032 <sup>(a)</sup>  | 16472 | 16217 |
| SV RNO Property Owner 1, LLC 5.875% 3/1/2031 <sup>(a)</sup>  | 12180 | 12047 |
| Synaptics, Inc. 4.00% 6/15/2029 <sup>(a)</sup>  | 5270 | 4995 |
| UKG, Inc. 6.875% 2/1/2031 <sup>(a)</sup>  | 22577 | 22084 |
| Unisys Corp. 10.625% 1/15/2031 <sup>(a)</sup>  | 44983 | 38739 |
| Viasat, Inc. 5.625% 4/15/2027 <sup>(a)</sup>  | 136847 | 136029 |
| Viasat, Inc. 6.50% 7/15/2028 <sup>(a)</sup>  | 29291 | 28969 |
| Viasat, Inc. 7.50% 5/30/2031 <sup>(a)</sup>  | 59059 | 58436 |
| Viavi Solutions, Inc. 3.75% 10/1/2029 <sup>(a)</sup>  | 3775 | 3545 |
| VoltaGrid, LLC 7.375% 11/1/2030 <sup>(a)</sup>  | 10259 | 10600 |
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(c)(g)</sup>  | 32035 | 35110 |
| WULF Compute, LLC 7.75% 10/15/2030 <sup>(a)</sup>  | 62960 | 66569 |
|  |  | 1547801 |
| **Consumer staples 3.93%** | **Consumer staples 3.93%** | **Consumer staples 3.93%** |
| Albertsons Cos., Inc. 3.50% 3/15/2029 <sup>(a)</sup>  | 45163 | 43106 |
| Albertsons Cos., Inc. 4.875% 2/15/2030 <sup>(a)</sup>  | 46436 | 45483 |
| Albertsons Cos., Inc. 5.50% 3/31/2031 <sup>(a)</sup>  | 21540 | 21323 |
| Albertsons Cos., Inc. 5.625% 3/31/2032 <sup>(a)</sup>  | 36200 | 35669 |
| Albertsons Cos., Inc. 5.75% 3/31/2034 <sup>(a)</sup>  | 70955 | 69507 |
| B&G Foods, Inc. 5.25% 9/15/2027  | 52357 | 50498 |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(a)</sup>  | 126582 | 124804 |
| Central Garden & Pet Co. 4.125% 10/15/2030  | 19141 | 18020 |
| Central Garden & Pet Co. 4.125% 4/30/2031 <sup>(a)</sup>  | 46703 | 43556 |
| Coty, Inc. 4.75% 1/15/2029 <sup>(a)</sup>  | 35865 | 34931 |
| Coty, Inc. 6.625% 7/15/2030 <sup>(a)</sup>  | 22913 | 22736 |
| Coty, Inc. 5.60% 1/15/2031 <sup>(a)</sup>  | 8803 | 8527 |
| Darling Ingredients, Inc. 5.25% 4/15/2027 <sup>(a)</sup>  | 6411 | 6416 |
| Darling Ingredients, Inc. 6.00% 6/15/2030 <sup>(a)</sup>  | 24080 | 24268 |
| Fiesta Purchaser, Inc. 7.875% 3/1/2031 <sup>(a)</sup>  | 19981 | 20359 |
| Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(a)</sup>  | 19985 | 20404 |
| H.J. Heinz Co. 3.00% 6/1/2026  | 6340 | 6325 |
| H.J. Heinz Co. 3.875% 5/15/2027  | 5525 | 5489 |
| H.J. Heinz Co. 4.375% 6/1/2046  | 5 | 4 |
| Industrial F&B Investments III, Inc. 7.75% 2/11/2033 <sup>(a)</sup>  | 58470 | 59128 |
| Ingles Markets, Inc. 4.00% 6/15/2031 <sup>(a)</sup>  | 7480 | 6980 |
| Lamb Weston Holdings, Inc. 4.875% 5/15/2028 <sup>(a)</sup>  | 1830 | 1810 |
| Lamb Weston Holdings, Inc. 4.125% 1/31/2030 <sup>(a)</sup>  | 43340 | 41291 |
| Lamb Weston Holdings, Inc. 4.375% 1/31/2032 <sup>(a)</sup>  | 25573 | 23783 |
| Opal Bidco SAS 6.50% 3/31/2032 <sup>(a)</sup>  | 12970 | 12990 |
| Performance Food Group, Inc. 4.25% 8/1/2029 <sup>(a)</sup>  | 7760 | 7460 |
| Performance Food Group, Inc. 6.125% 9/15/2032 <sup>(a)</sup>  | 19560 | 19621 |
| Performance Food Group, Inc. 5.625% 3/1/2034 <sup>(a)</sup>  | 24500 | 23657 |
| Philip Morris International, Inc. 3.875% 10/27/2028  | 4985 | 4945 |
| Philip Morris International, Inc. 4.00% 10/29/2030  | 3006 | 2944 |
| Post Holdings, Inc. 4.625% 4/15/2030 <sup>(a)</sup>  | 62125 | 59684 |
| Post Holdings, Inc. 4.50% 9/15/2031 <sup>(a)</sup>  | 23615 | 21985 |
| Post Holdings, Inc. 6.25% 2/15/2032 <sup>(a)</sup>  | 52832 | 53444 |
| Post Holdings, Inc. 6.375% 3/1/2033 <sup>(a)</sup>  | 10035 | 9895 |
| Post Holdings, Inc. 6.25% 10/15/2034 <sup>(a)</sup>  | 23645 | 23176 |
| Post Holdings, Inc. 6.50% 3/15/2036 <sup>(a)</sup>  | 28520 | 27959 |
| Prestige Brands, Inc. 5.125% 1/15/2028 <sup>(a)</sup>  | 21623 | 21591 |
| Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(a)</sup>  | 14605 | 13397 |

---

---

| | |
|:---|:---|
| **15** | American High-Income Trust |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer staples (continued)** | **Consumer staples (continued)** | **Consumer staples (continued)** |
| United Natural Foods, Inc. 6.75% 10/15/2028 <sup>(a)</sup>  | USD18,232 | $18263 |
| US Foods, Inc. 4.625% 6/1/2030 <sup>(a)</sup>  | 8380 | 8167 |
| US Foods, Inc. 5.75% 4/15/2033 <sup>(a)</sup>  | 11490 | 11450 |
|  |  | 1075045 |
| **Utilities 1.48%** | **Utilities 1.48%** | **Utilities 1.48%** |
| AmeriGas Partners, LP 5.75% 5/20/2027  | 5908 | 5951 |
| CMS Energy Corp., junior subordinated, 6.50% 6/1/2055 (5-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.961% on 6/1/2035) <sup>(h)</sup>  | 11465 | 11677 |
| Edison International 6.95% 11/15/2029  | 2510 | 2650 |
| Edison International 4.80% 3/15/2031  | 4250 | 4151 |
| Edison International, junior subordinated, 7.875% 6/15/2054 (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 3.658% on 6/15/2029) <sup>(h)</sup>  | 1085 | 1112 |
| Emera, Inc. 6.75% 6/15/2076 (3-month USD CME Term SOFR + 5.702% on 6/15/2026) <sup>(h)</sup>  | 18160 | 18197 |
| Exelon Corp., junior subordinated, 6.50% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.975% on 3/15/2035) <sup>(h)</sup>  | 8480 | 8652 |
| FirstEnergy Corp. 2.25% 9/1/2030  | 15090 | 13603 |
| FirstEnergy Corp. 4.85% 7/15/2047  | 3985 | 3407 |
| Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(a)</sup>  | 10785 | 11067 |
| Long Ridge Energy, LLC 8.75% 2/15/2032 <sup>(a)</sup>  | 50699 | 53227 |
| Pacific Gas and Electric Co. 5.45% 6/15/2027  | 5650 | 5707 |
| Pacific Gas and Electric Co. 4.55% 7/1/2030  | 4155 | 4100 |
| Pacific Gas and Electric Co. 5.05% 10/15/2032  | 3010 | 2992 |
| Pacific Gas and Electric Co. 5.70% 3/1/2035  | 1540 | 1562 |
| Pacific Gas and Electric Co. 6.00% 8/15/2035  | 2965 | 3065 |
| Pacific Gas and Electric Co. 5.20% 5/1/2036  | 7500 | 7312 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040  | 5565 | 4165 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050  | 5790 | 4800 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050  | 33580 | 22221 |
| Pacific Gas and Electric Co. 6.15% 3/1/2055  | 995 | 962 |
| Pacific Gas and Electric Co. 6.10% 10/15/2055  | 5020 | 4826 |
| PG&E Corp. 5.00% 7/1/2028  | 40919 | 40623 |
| PG&E Corp. 5.25% 7/1/2030  | 68000 | 67138 |
| PG&E Corp., junior subordinated, 7.375% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity + <br> 3.883% on 3/15/2030) <sup>(h)</sup>  | 27216 | 27413 |
| Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(a)</sup>  | 47356 | 49702 |
| Vistra Operations Co., LLC 5.00% 7/31/2027 <sup>(a)</sup>  | 1765 | 1760 |
| Vistra Operations Co., LLC 4.375% 5/1/2029 <sup>(a)</sup>  | 4540 | 4435 |
| Vistra Operations Co., LLC 6.875% 4/15/2032 <sup>(a)</sup>  | 8930 | 9247 |
| XPLR Infrastructure Operating Partners, LP 8.375% 1/15/2031 <sup>(a)</sup>  | 9680 | 10195 |
|  |  | 405919 |
| **Total corporate bonds and notes** |  | 23167973 |
| **Loans 3.60%** | **Loans 3.60%** | **Loans 3.60%** |
| **Industrials 0.58%** | **Industrials 0.58%** | **Industrials 0.58%** |
| CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 3.614%) 7.282% 6/2/2028 <sup>(i)(j)</sup>  | 1995 | 1915 |
| CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.614%) 10.282% 6/4/2029 <sup>(i)(j)</sup>  | 9099 | 8474 |
| Peraton Corp., Term Loan B, (3-month USD CME Term SOFR + 3.85%) 7.517% 2/1/2028 <sup>(i)(j)</sup>  | 169942 | 145229 |
| QXO Building Products, Inc., Term Loan B, (1-month USD CME Term SOFR + 2.00%) 5.668% 4/30/2032 <sup>(i)(j)</sup>  | 4547 | 4544 |
|  |  | 160162 |
| **Information technology 0.57%** | **Information technology 0.57%** | **Information technology 0.57%** |
| Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 4.00%) 7.671% 9/15/2032 <sup>(i)(j)</sup>  | 52597 | 49470 |
| Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.00%) 10.674% 9/15/2033 <sup>(i)(j)</sup>  | 2008 | 1740 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 8.668% 3/21/2033 <sup>(i)(j)</sup>  | 21501 | 17237 |
| Viasat, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.614%) 8.282% 3/2/2029 <sup>(i)(j)</sup>  | 62666 | 62920 |
| Viasat, Inc., Term Loan B, (1-month USD CME Term SOFR + 4.614%) 8.289% 5/30/2030 <sup>(i)(j)</sup>  | 23533 | 23585 |
|  |  | 154952 |

---

---

| | |
|:---|:---|
| American High-Income Trust | **16** |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Loans (continued)** | **Loans (continued)** | **Loans (continued)** |
| **Consumer staples 0.52%** | **Consumer staples 0.52%** | **Consumer staples 0.52%** |
| B&G Foods, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.50%) 7.168% 10/10/2029 <sup>(i)(j)</sup>  | USD4,739 | $4440 |
| Fiesta Purchaser, Inc., Term Loan B, (1-month USD CME Term SOFR + 2.75%) 6.418% 2/12/2031 <sup>(i)(j)</sup>  | 15851 | 15481 |
| TreeHouse Foods, Inc., Term Loan B, (1-month USD CME Term SOFR + 4.25%) 7.918% 2/11/2033 <sup>(i)(j)</sup>  | 49545 | 49421 |
| United Natural Foods, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.75%) 8.418% 5/1/2031 <sup>(i)(j)</sup>  | 72789 | 73289 |
|  |  | 142631 |
| **Financials 0.51%** | **Financials 0.51%** | **Financials 0.51%** |
| Alera Group Intermediate Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 5.50%) 9.176% <br>5/30/2033 <sup>(i)(j)</sup>  | 31072 | 30088 |
| CRC Insurance Group, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.45% 5/6/2032 <sup>(i)(j)</sup>  | 64644 | 64186 |
| Denali Intermediate Holdings, Inc., Term Loan, (1-month CME Term SOFR + 5.50%) 9.176% 8/26/2032 <sup>(i)(j)</sup>  | 23177 | 23235 |
| HUB International, Ltd., Term Loan, (3-month USD CME Term SOFR + 2.25%) 5.92% 6/20/2030 <sup>(i)(j)</sup>  | 6160 | 6152 |
| Osaic Holdings, Inc., Term Loan B1, (3-month USD CME Term SOFR + 2.50%) 6.20% 7/30/2032 <sup>(i)(j)</sup>  | 17390 | 17083 |
|  |  | 140744 |
| **Communication services 0.45%** | **Communication services 0.45%** | **Communication services 0.45%** |
| Connect Finco SARL, Term Loan B, (1-month USD CME Term SOFR + 4.50%) 8.168% 9/27/2029 <sup>(i)(j)</sup>  | 38835 | 38953 |
| CSC Holdings, LLC, Term Loan B, (USD Prime Rate + 1.50%) 8.25% 4/15/2027 <sup>(i)(j)</sup>  | 8067 | 7125 |
| Diamond Sports Net, LLC, Term Loan, 12.00% Cash 1/2/2028 <sup>(c)(i)</sup>  | 532 | 106 |
| DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.262%) 8.928% 8/2/2027 <sup>(i)(j)</sup>  | 10 | 10 |
| Gray Television, Inc., Term Loan D, (3-month USD CME Term SOFR + 3.114%) 6.782% 12/1/2028 <sup>(i)(j)</sup>  | 8606 | 8616 |
| Gray Television, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 8.918% 6/4/2029 <sup>(i)(j)</sup>  | 600 | 601 |
| Ligado Networks, LLC, Term Loan, 17.50% PIK 12/31/2027 <sup>(c)(f)(i)</sup>  | 22384 | 22384 |
| Peroton Corp., Term Loan B, (3-month USD CME Term SOFR + 7.85%) 11.523% 2/1/2029 <sup>(i)(j)</sup>  | 19680 | 13628 |
| Versant Media Group, Inc., Term Loan B, (3-month USD CME Term SOFR + 1.75%) 5.45% 1/30/2031 <sup>(i)(j)</sup>  | 30609 | 30625 |
|  |  | 122048 |
| **Consumer discretionary 0.39%** | **Consumer discretionary 0.39%** | **Consumer discretionary 0.39%** |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 1.614%) 6.00% PIK and 5.282% <br> Cash 3/11/2030 <sup>(c)(d)(f)(i)(j)</sup>  | 13101 | 13101 |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 5.614%) 9.29% <br>3/11/2030 <sup>(d)(f)(i)(j)</sup>  | 13662 | 13662 |
| Belron Finance 2019, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.00%) 5.66% 10/16/2031 <sup>(i)(j)</sup>  | 14289 | 14297 |
| First Student Bidco, Inc., Term Loan B, (3-month USD CME Term SOFR + 2.25%) 5.923% 8/15/2030 <sup>(i)(j)</sup>  | 6224 | 6213 |
| First Student Bidco, Inc., Term Loan C, (3-month USD CME Term SOFR + 2.25%) 5.923% 8/15/2030 <sup>(i)(j)</sup>  | 1136 | 1134 |
| Hertz Corp. (The), Term Loan B, (3-month USD CME Term SOFR + 3.614%) 7.282% 6/30/2028 <sup>(i)(j)</sup>  | 10 | 7 |
| Hertz Corp. (The), Term Loan C-EXIT, (1-month USD CME Term SOFR + 3.614%) 7.282% 6/30/2028 <sup>(i)(j)</sup>  | 5 | 4 |
| Mercury Aggregator, LP, Term Loan 2, 19.00% PIK 2/3/2026 <sup>(b)(c)(f)(i)</sup>  | 1889 | — <br><sup>(e)</sup><br>|
| Mercury Aggregator, LP, Term Loan, 19.00% PIK 2/3/2026 <sup>(b)(c)(f)(i)</sup>  | 3506 | — <br><sup>(e)</sup><br>|
| Scientific Games Holdings, LP, Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.652% 4/4/2029 <sup>(i)(j)</sup>  | 39239 | 38705 |
| Voyager Parent, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.25%) 7.95% 7/1/2032 <sup>(i)(j)</sup>  | 18534 | 18433 |
|  |  | 105556 |
| **Health care 0.38%** | **Health care 0.38%** | **Health care 0.38%** |
| Bausch + Lomb Corp., Term Loan B, (1-month USD CME Term SOFR + 3.75%) 7.418% 1/15/2031 <sup>(i)(j)</sup>  | 9071 | 9102 |
| BioMarin Pharmaceutical, Inc., Term Loan B, (USD-SOFR + 1.75%) 5.421% 1/28/2033 <sup>(i)(j)</sup>  | 14595 | 14586 |
| Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 7.418% 4/23/2031 <sup>(i)(j)</sup>  | 43075 | 42882 |
| Fortrea Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 7.417% 7/1/2030 <sup>(i)(j)</sup>  | 122 | 118 |
| Medline Borrower, LP, Term Loan B, (1-month USD CME Term SOFR + 1.75%) 5.418% 10/23/2028 <sup>(i)(j)</sup>  | 696 | 698 |
| Owens & Minor, Inc., Term Loan, (3-month USD CME Term SOFR + 3.85%) 7.518% 3/29/2029 <sup>(i)(j)</sup>  | 24124 | 21797 |
| Star Parent, Inc., Term Loan, (3-month USD CME Term SOFR + 4.00%) 7.70% 9/27/2030 <sup>(i)(j)</sup>  | 7398 | 7317 |
| Team Health Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.00%) 7.661% 6/30/2028 <sup>(i)(j)</sup>  | 6473 | 6460 |
|  |  | 102960 |

---

---

| | |
|:---|:---|
| **17** | American High-Income Trust |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Loans (continued)** | **Loans (continued)** | **Loans (continued)** |
| **Materials 0.13%** | **Materials 0.13%** | **Materials 0.13%** |
| Consolidated Energy Finance SA, Term Loan B, (3-month USD CME Term SOFR + 4.75%) 8.414% <br>11/15/2030 <sup>(i)(j)</sup>  | USD21,875 | $21055 |
| Venator Material, LLC, Term Loan, (USD Prime Rate + 4.00%) 7.00% PIK 7/16/2026 <sup>(c)(f)(i)(j)</sup>  | 11531 | 3653 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 7.00% PIK 7/16/2026 <sup>(c)(f)(i)(j)</sup>  | 11665 | 3695 |
| Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 7.00% PIK 10/12/2028 <sup>(b)(c)(f)(i)(j)</sup>  | 19880 | 6298 |
|  |  | 34701 |
| **Utilities 0.04%** | **Utilities 0.04%** | **Utilities 0.04%** |
| MI Windows and Doors, LLC, Term Loan B3, (3-month USD CME Term SOFR + 2.75%) 6.418% 3/28/2031 <sup>(i)(j)</sup>  | 6047 | 5594 |
| Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.153% 5/17/2030 <sup>(i)(j)</sup>  | 5845 | 5861 |
|  |  | 11455 |
| **Real estate 0.02%** | **Real estate 0.02%** | **Real estate 0.02%** |
| MPT Operating Partnership, LP, Term Loan A, (1-month USD CME Term SOFR + 2.35%) 6.387% 6/30/2027 <sup>(i)(j)</sup>  | 4773 | 4546 |
| **Energy 0.01%** | **Energy 0.01%** | **Energy 0.01%** |
| Lealand Finance Co. BV, Term Loan, (3-month USD CME Term SOFR + 1.114%) 3.00% PIK and 4.787% Cash <br> 12/30/2027 <sup>(c)(i)(j)</sup>  | 42 | 35 |
| New Fortress Energy, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.50%) 9.57% 10/30/2028 <sup>(b)(i)(j)</sup>  | 6112 | 3442 |
|  |  | 3477 |
| **Total loans** |  | 983232 |
| **Mortgage-backed obligations 0.04%** | **Mortgage-backed obligations 0.04%** | **Mortgage-backed obligations 0.04%** |
| **Collateralized mortgage-backed obligations 0.04%** | **Collateralized mortgage-backed obligations 0.04%** | **Collateralized mortgage-backed obligations 0.04%** |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(a)(b)(f)</sup>  | 12598 | 12094 |
| **Municipals 0.04%** | **Municipals 0.04%** | **Municipals 0.04%** |
| **Puerto Rico 0.04%** | **Puerto Rico 0.04%** | **Puerto Rico 0.04%** |
| GO Taxable Bonds, Series 2022, 0% 11/1/2043 <sup>(j)</sup>  | 7355 | 4937 |
| GO Taxable Bonds, CAB, Series 2022, 0% 11/1/2051  | 8096 | 5616 |
| **Total municipals** |  | 10553 |
| **Total bonds, notes & other debt instruments** (cost: $24,833,686,000) |  | 24173852 |
| Convertible bonds & notes 0.23% |  |  |
| **Communication services 0.23%** | **Communication services 0.23%** | **Communication services 0.23%** |
| EchoStar Corp., convertible notes, 3.875% Cash 11/30/2030 <sup>(c)</sup>  | 17388 | 62155 |
| **Total convertible bonds & notes** (cost: $18,508,000) |  | 62155 |
| Common stocks 3.95% | Shares |  |
| **Information technology 1.61%** | **Information technology 1.61%** | **Information technology 1.61%** |
| Diebold Nixdorf, Inc. <sup>(d)(k)</sup>  | 5827734 | 439626 |
| **Energy 0.81%** | **Energy 0.81%** | **Energy 0.81%** |
| Constellation Oil Services Holding SA (NDR) <sup>(d)(k)</sup>  | 8039422 | 110848 |
| Ascent CNR Corp., Class A <sup>(f)(g)</sup>  | 905325 | 48055 |
| Mesquite Energy, Inc. <sup>(d)(f)(k)</sup>  | 549959 | 34438 |
| Weatherford International  | 200024 | 18918 |
| Altera Infrastructure, LP <sup>(f)</sup>  | 125528 | 5427 |
| McDermott International, Ltd. <sup>(k)</sup>  | 107613 | 2798 |
| McDermott International, Ltd. <sup>(g)(k)</sup>  | 13965 | 363 |
| New Fortress Energy, Inc., Class A <sup>(k)</sup>  | 2594469 | 1531 |
| Expand Energy Corp.  | 787 | 86 |
|  |  | 222464 |

---

---

| | |
|:---|:---|
| American High-Income Trust | **18** |

---

------

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Health care 0.71%** | **Health care 0.71%** | **Health care 0.71%** |
| Rotech Healthcare, Inc. <sup>(d)(f)(g)(k)</sup>  | 1950456 | $136786 |
| Keenova Therapeutics Public, Ltd. Co. <sup>(k)</sup>  | 577925 | 50857 |
| Par Health, Inc. <sup>(a)(k)</sup>  | 577925 | 3684 |
| Endo, LP, Class A1 <sup>(a)(k)</sup>  | 3817032 | 2710 |
|  |  | 194037 |
| **Utilities 0.52%** | **Utilities 0.52%** | **Utilities 0.52%** |
| Talen Energy Corp. <sup>(k)</sup>  | 444535 | 141909 |
| PG&E Corp.  | 3180 | 56 |
|  |  | 141965 |
| **Consumer discretionary 0.30%** | **Consumer discretionary 0.30%** | **Consumer discretionary 0.30%** |
| Aimbridge Topco, LLC <sup>(d)(f)(k)</sup>  | 1145929 | 82003 |
| NMG Parent, LLC <sup>(f)(k)</sup>  | 160737 | — <br><sup>(e)</sup><br>|
|  |  | 82003 |
| **Communication services 0.00%** | **Communication services 0.00%** | **Communication services 0.00%** |
| iHeartMedia, Inc., Class A <sup>(k)</sup>  | 313346 | 915 |
| **Financials 0.00%** | **Financials 0.00%** | **Financials 0.00%** |
| Navient Corp.  | 3390 | 28 |
| **Materials 0.00%** | **Materials 0.00%** | **Materials 0.00%** |
| Venator Materials PLC <sup>(d)(f)(k)</sup>  | 68896 | — <br><sup>(e)</sup><br>|
| **Total common stocks** (cost: $789,078,000) |  | 1081038 |
| Preferred securities 0.22% |  |  |
| **Financials 0.14%** | **Financials 0.14%** | **Financials 0.14%** |
| AH Parent, Inc., Class A, 10.00% Cash perpetual cumulative preferred shares <sup>(f)(g)</sup>  | 36740 | 36636 |
| **Industrials 0.08%** | **Industrials 0.08%** | **Industrials 0.08%** |
| ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(a)(f)(k)</sup>  | 13566 | 22156 |
| **Total preferred securities** (cost: $50,220,000) |  | 58792 |
| Rights & warrants 0.02% |  |  |
| **Communication services 0.02%** | **Communication services 0.02%** | **Communication services 0.02%** |
| SES SA (CVR) <sup>(k)</sup>  | 320584 | 4795 |
| **Energy 0.00%** | **Energy 0.00%** | **Energy 0.00%** |
| McDermott International, Inc., warrants, expire 6/30/2027 <sup>(f)(k)</sup>  | 845563 | — <br><sup>(e)</sup><br>|
| Constellation Oil Services Holding SA, Class D, warrants, expire 6/10/2071 <sup>(d)(f)(k)</sup>  | 19 | — <br><sup>(e)</sup><br>|
|  |  | — <br><sup>(e)</sup><br>|
| **Total rights & warrants** (cost: $4,435,000) | **Total rights & warrants** (cost: $4,435,000) | 4795 |

---

---

| | |
|:---|:---|
| **19** | American High-Income Trust |

---

------

---

| | | |
|:---|:---|:---|
| Short-term securities 6.33% | Shares | Value<br> (000)<br>|
| **Money market investments 6.33%** | **Money market investments 6.33%** | **Money market investments 6.33%** |
| Capital Group Central Cash Fund 3.71% <sup>(d)(l)</sup>  | 17318254 | $1731652 |
| **Total short-term securities** (cost: $1,731,705,000) | **Total short-term securities** (cost: $1,731,705,000) | 1731652 |
| **Total investment securities 99.17%** (cost: $27,427,632,000) |  | 27112284 |
| Other assets less liabilities 0.83% |  | 225705 |
| **Net assets 100.00%** |  | $27337989 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 3/31/2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 2793 | 7/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD579,395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3888)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 6583 | 7/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 712147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3983)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Long | 212 | 6/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (551)<br>|
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 109 | 6/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (392)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(8814)<br>|

---

**Swap contracts**

------

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>3/31/2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 3/31/2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.HY.45 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | USD390,462 | &nbsp;&nbsp;&nbsp;&nbsp; $(20582)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(18526)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2056)<br>|

---

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <sup>(m)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>3/31/2026 <sup>(n)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 3/31/2026 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.HY.46 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2031 | USD170,206 | &nbsp;&nbsp;&nbsp;&nbsp; $8176 | &nbsp;&nbsp;&nbsp;&nbsp; $6760 | &nbsp;&nbsp;&nbsp;&nbsp; $1416 |

---

**Investments in affiliates** <sup>(d)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>10/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>3/31/2026 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Bonds, notes & other debt instruments 0.80%** |  |  |  |  |  |  |  |
| **Energy 0.20%** |  |  |  |  |  |  |  |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(a)</sup>  | $50454 | &nbsp;&nbsp; $9476 | &nbsp;&nbsp; $4044 | &nbsp;&nbsp; $119 | &nbsp;&nbsp; $542 | &nbsp;&nbsp; $56547 | &nbsp;&nbsp; $2289 |
| Mesquite Energy, Inc. 7.25% 2/15/2023 <sup>(a)(b)(f)</sup>  | 65 | &nbsp;&nbsp; — <br><sup>(e)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (65)<br>| &nbsp;&nbsp; — <br><sup>(e)</sup><br>| &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 56547 |  |

---

---

| | |
|:---|:---|
| American High-Income Trust | **20** |

---

------

**Investments in affiliates** <sup>(d)</sup> (continued)

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> 10/1/2025<br> (000)<br>| Additions<br> (000)<br>| Reductions<br> (000)<br>| Net<br> realized<br> gain (loss)<br> (000)<br>| Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000)<br>| Value at<br> 3/31/2026<br> (000)<br>| Dividend<br> or interest<br> income<br> (000)<br>|
| **Consumer discretionary 0.10%** |  |  |  |  |  |  |  |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD <br> CME Term SOFR + 5.614%) 9.29% <br>3/11/2030 <sup>(f)(i)(j)</sup> <br>| $13567 | &nbsp;&nbsp; $95 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13662 | &nbsp;&nbsp; $738 |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD <br> CME Term SOFR + 1.614%) 6.00% PIK and 5.282% Cash <br> 3/11/2030 <sup>(c)(f)(i)(j)</sup> <br>| 12615 | &nbsp;&nbsp; 486 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13101 | &nbsp;&nbsp; 192 |
|  |  |  |  |  |  | &nbsp;&nbsp; 26763 |  |
| **Information technology 0.50%** |  |  |  |  |  |  |  |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(a)</sup>  | 142924 | &nbsp;&nbsp; 927 | &nbsp;&nbsp; 5701 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; (2090)<br>| &nbsp;&nbsp; 136124 | &nbsp;&nbsp; 5217 |
| **Total bonds, notes & other debt instruments** |  |  |  |  |  | &nbsp;&nbsp; 219434 |  |
| **Common stocks 2.94%** |  |  |  |  |  |  |  |
| **Information technology 1.61%** |  |  |  |  |  |  |  |
| Diebold Nixdorf, Inc. <sup>(k)</sup>  | 330790 | &nbsp;&nbsp; 3556 | &nbsp;&nbsp; 1314 | &nbsp;&nbsp; 898 | &nbsp;&nbsp; 105696 | &nbsp;&nbsp; 439626 | &nbsp;&nbsp; — |
| **Energy 0.53%** |  |  |  |  |  |  |  |
| Constellation Oil Services Holding SA (NDR) <sup>(k)</sup>  | 101482 | &nbsp;&nbsp; 699 | &nbsp;&nbsp; 16902 | &nbsp;&nbsp; 8736 | &nbsp;&nbsp; 16833 | &nbsp;&nbsp; 110848 | &nbsp;&nbsp; — |
| Mesquite Energy, Inc. <sup>(f)(k)</sup>  | 6235 | &nbsp;&nbsp; 27646 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 557 | &nbsp;&nbsp; 34438 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 145286 |  |
| **Health care 0.50%** |  |  |  |  |  |  |  |
| Rotech Healthcare, Inc. <sup>(f)(g)(k)</sup>  | 138298 | &nbsp;&nbsp; 2397 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3909)<br>| &nbsp;&nbsp; 136786 | &nbsp;&nbsp; — |
| **Consumer discretionary 0.30%** |  |  |  |  |  |  |  |
| Aimbridge Topco, LLC <sup>(f)(k)</sup>  | 88729 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (6726)<br>| &nbsp;&nbsp; 82003 | &nbsp;&nbsp; — |
| **Materials 0.00%** |  |  |  |  |  |  |  |
| Venator Materials PLC <sup>(f)(k)</sup>  | — <br><sup>(e)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(e)</sup><br>| &nbsp;&nbsp; — |
| **Total common stocks** |  |  |  |  |  | &nbsp;&nbsp; 803701 |  |
| **Rights & warrants 0.00%** |  |  |  |  |  |  |  |
| **Energy 0.00%** |  |  |  |  |  |  |  |
| Constellation Oil Services Holding SA, Class D, warrants, <br> expire 6/10/2071 <sup>(f)(k)</sup> <br>| — <br><sup>(e)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(e)</sup><br>| &nbsp;&nbsp; — |
| **Short-term securities 6.33%** |  |  |  |  |  |  |  |
| **Money market investments 6.33%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.71% <sup>(l)</sup>  | 1753182 | &nbsp;&nbsp; 2115661 | &nbsp;&nbsp; 2137028 | &nbsp;&nbsp; (94)<br>| &nbsp;&nbsp; (69)<br>| &nbsp;&nbsp; 1731652 | &nbsp;&nbsp; 36162 |
| **Total 10.07%** |  |  |  | &nbsp;&nbsp; $9723 | &nbsp;&nbsp; $110769 | &nbsp;&nbsp; $2754787 | &nbsp;&nbsp; $44598 |

---

**Restricted securities** <sup>(g)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Rotech Healthcare, Inc. <sup>(d)(f)(k)</sup> <br>| 9/26/2013-3/27/2026 | $43525 | $136786 | 0.50<br> %<br>|
| Ascent CNR Corp., Class A <sup>(f)</sup> <br>| 4/25/2016-11/15/2016 | 4340 | 48055 | 0.18 |
| NFE Brazil Financing, Ltd. 15.00% PIK or 15.00% Cash <br>8/30/2029 <sup>(c)(f)</sup> <br>| 2/17/2026 | 47620 | 47620 | 0.18 |
| AH Parent, Inc., Class A, 10.50% PIK or 10.00% Cash perpetual <br> cumulative preferred shares <sup>(c)(f)</sup> <br>| 9/27/2024 | 36189 | 36636 | 0.13 |
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(c)</sup> <br>| 9/29/25-3/27/2026 | 31677 | 35110 | 0.13 |
| CSN Inova Ventures 6.75% 1/28/2028  | 12/3/2025 | 468 | 367 | 0.00 <br><sup>(o)</sup><br>|
| McDermott International, Ltd. <sup>(k)</sup> <br>| 4/4/2018-12/31/2020 | 7967 | 363 | 0.00 <br><sup>(o)</sup><br>|
| **Total** |  | $171786 | $304937 | 1.12<br> %<br>|

---

---

| | |
|:---|:---|
| **21** | American High-Income Trust |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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 $17,735,907,000, which represented 64.88% of the net assets of the fund. 

<sup>(b)</sup> Scheduled interest and/or principal payment was not received.

<sup>(c)</sup> 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. 

<sup>(d)</sup> 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.

<sup>(e)</sup> Amount less than one thousand.

<sup>(f)</sup> Value determined using significant unobservable inputs.

<sup>(g)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(h)</sup> Step bond; coupon rate may change at a later date.

<sup>(i)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $983,232,000, which represented 3.60% of the net assets of the fund. 

<sup>(j)</sup> 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. 

<sup>(k)</sup> Non-income producing.

<sup>(l)</sup> Rate represents the seven-day yield at 3/31/2026.

<sup>(m)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>(n)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

<sup>(o)</sup> Amount less than 0.01%.

---

| |
|:---|
| **Key to abbreviation(s)** |
| CAB = Capital Appreciation Bonds |
| CME = CME Group |
| CVR = Contingent Value Rights |
| DAC = Designated Activity Company |
| GO = General Obligation |
| NDR = Norwegian Depositary Receipts |
| PIK = Payment In Kind |
| SOFR = Secured Overnight Financing Rate |
| USD = U.S. dollars |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American High-Income Trust | **22** |

---

------

Financial statements

**Statement of assets and liabilities** at March 31, 2026unaudited

------

(dollars in thousands)

---

| | | |
|:---|:---|:---|
| **Assets:** |  |  |
| Investment securities, at value: |  |  |
| Unaffiliated issuers (cost: $24,827,223) | $24357497 |  |
| Affiliated issuers (cost: $2,600,409) | 2754787 | $27112284 |
| Cash |  | 34649 |
| Cash collateral pledged for futures contracts |  | 12732 |
| Cash collateral pledged for swap contracts |  | 11154 |
| Unrealized appreciation on unfunded commitments\* |  | 6 |
| Receivables for: |  |  |
| Sales of investments | 283 |  |
| Sales of fund's shares | 42930 |  |
| Dividends and interest | 409968 |  |
| Variation margin on futures contracts | 1231 |  |
| Variation margin on centrally cleared swap contracts | 1877 |  |
| Other | 2 | 456291<br>|
|  |  | 27627116 |
| **Liabilities:** |  |  |
| Payables for: |  |  |
| Purchases of investments | 205185 |  |
| Repurchases of fund's shares | 62133 |  |
| Dividends on fund's shares | 5295 |  |
| Investment advisory services | 7242 |  |
| Services provided by related parties | 4887 |  |
| Trustees' deferred compensation | 499 |  |
| Variation margin on centrally cleared swap contracts | 3819 |  |
| Other | 67 | 289127<br>|
| Commitments and contingencies\* |  |  |
| **Net assets at March 31, 2026** |  | $27337989 |
| **Net assets consist of:** |  |  |
| Capital paid in on shares of beneficial interest |  | $30069607 |
| Total distributable earnings (accumulated loss) |  | (2731618) <br>|
| **Net assets at March 31, 2026** |  | $27337989 |

---

\*

Refer to Note 5 for further information on unfunded commitments.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **23** | American High-Income Trust |

---

------

Financial statements (continued)

**Statement of assets and liabilities** at March 31, 2026 (continued)unaudited

------

(dollars and shares in thousands, except per-share amounts)

**Shares of beneficial interest issued and outstanding (no stated par value) —**

**unlimited shares authorized (2,796,749 total shares outstanding)** 

---

| | | | |
|:---|:---|:---|:---|
|  | Net assets | Shares <br>outstanding<br>| Net asset value <br>per share<br>|
| Class A | $11544917 | 1181075 | $9.77 |
| Class C | 208476 | 21328 | 9.77 |
| Class T | 9 | 1 | 9.77 |
| Class F-1 | 349706 | 35776 | 9.77 |
| Class F-2 | 5014472 | 512994 | 9.77 |
| Class F-3 | 2938340 | 300600 | 9.77 |
| Class 529-A | 317097 | 32440 | 9.77 |
| Class 529-C | 6422 | 657 | 9.77 |
| Class 529-E | 11335 | 1160 | 9.77 |
| Class 529-T | 16 | 2 | 9.77 |
| Class 529-F-1 | 14 | 1 | 9.77 |
| Class 529-F-2 | 50331 | 5149 | 9.77 |
| Class 529-F-3 | 14 | 1 | 9.77 |
| Class R-1 | 11403 | 1166 | 9.77 |
| Class R-2 | 109272 | 11179 | 9.77 |
| Class R-2E | 18932 | 1937 | 9.77 |
| Class R-3 | 161601 | 16532 | 9.77 |
| Class R-4 | 267614 | 27378 | 9.77 |
| Class R-5E | 34729 | 3553 | 9.77 |
| Class R-5 | 32686 | 3344 | 9.77 |
| Class R-6 | 6260603 | 640476 | 9.77 |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American High-Income Trust | **24** |

---

------

Financial statements (continued)

**Statement of operations** for the six months ended March 31, 2026unaudited

------

(dollars in thousands)

---

| | | |
|:---|:---|:---|
| **Investment income:** |  |  |
| Income: |  |  |
| Interest (includes $8,436 from affiliates) | $856666 |  |
| Dividends (includes $36,162 from affiliates) | 41004 | $897670 |
| Fees and expenses\*: |  |  |
| Investment advisory services | 36452 |  |
| Distribution services | 18739 |  |
| Transfer agent services | 10743 |  |
| Administrative services | 3989 |  |
| 529 plan services | 100 |  |
| Reports to shareholders | 887 |  |
| Registration statement and prospectus | 3180 |  |
| Trustees' compensation | 78 |  |
| Auditing and legal | 262 |  |
| Custodian | 48 |  |
| Other | 210 | 74688<br>|
| Net investment income |  | 822982<br>|
| **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |
| Net realized gain (loss) on: |  |  |
| Investments: |  |  |
| Unaffiliated issuers | (1523)<br>|  |
| Affiliated issuers | 9723 |  |
| Futures contracts | 1426 |  |
| Swap contracts | (3180)<br>|  |
| In-kind redemptions | 4814 |  |
| Currency transactions | 73 | 11333 |
| Net unrealized appreciation (depreciation) on: |  |  |
| Investments: |  |  |
| Unaffiliated issuers | (563199)<br>|  |
| Affiliated issuers | 110769 |  |
| Futures contracts | (9397)<br>|  |
| Swap contracts | (210)<br>|  |
| Currency translations | (6)<br>| (462043) <br>|
| Net realized gain (loss) and unrealized appreciation (depreciation) |  | (450710) <br>|
| **Net increase (decrease) in net assets resulting from operations** |  | $372272 |

---

\*

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

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **25** | American High-Income Trust |

---

------

Financial statements (continued)

**Statements of changes in net assets**

------

(dollars in thousands)

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br>**March 31,**<br>| **Year ended** <br>**September 30,**<br>|
|  | **2026\*** | **2025** |
| **Operations:** |  |  |
| Net investment income | $822982 | $1535987 |
| Net realized gain (loss) | 11333 | 84974 |
| Net unrealized appreciation (depreciation) | (462043)<br>| 91773 |
| Net increase (decrease) in net assets resulting from operations | 372272 | 1712734 |
| **Distributions paid or accrued to shareholders** | (851315)<br>| (1535898)<br>|
| **Net capital share transactions** | 1829005 | 3426220 |
| **Total increase (decrease) in net assets**  | 1349962 | 3603056 |
| **Net assets:** |  |  |
| Beginning of period | 25988027 | 22384971 |
| End of period | $27337989 | $25988027 |

---

\*

Unaudited.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American High-Income Trust | **26** |

---

------

Notes to financial statementsunaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

\*

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 ("FASB"). 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 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.

**Operating segments** — The fund represents a single operating segment as the operating results of the fund are monitored as a whole and its long-term asset allocation is determined in accordance with the terms of its prospectus, based on defined investment objectives that are executed by the fund's portfolio management team. A senior executive team comprised of the fund's Principal Executive Officer and Principal Financial Officer, serves as the fund's chief operating decision maker ("CODM"), who act in accordance with Board of Trustee reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess the fund's profits and losses and to make resource allocation decisions. Segment assets are reflected in the statement of assets and liabilities as net assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying statement of operations.

---

| | |
|:---|:---|
| **27** | American High-Income Trust |

---

------

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

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

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

**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.

**In-kind redemptions** — The fund normally redeems shares in cash; however, under certain conditions and circumstances, payment of the redemption price wholly or partly with portfolio securities or other fund assets may be permitted. A redemption of shares in-kind is based upon the closing value of the shares being redeemed as of the trade date. During the six months ended March 31, 2026, the fund delivered $75,515,000 of investment securities in connection with in-kind redemptions. Realized gains or losses resulting from redemptions of shares in-kind are reflected separately in the fund's statement of operations.

**3. Valuation**

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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.

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| | |
|:---|:---|
| American High-Income Trust | **28** |

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| | |
|:---|:---|
| **Fixed-income class** | **Examples of standard inputs** |
| All | &nbsp;&nbsp; Benchmark yields, transactions, bids, offers, quotations from dealers and <br> trading systems, new issues, spreads and other relationships observed in <br> the markets among comparable securities; and proprietary pricing models <br> such as yield measures calculated using factors such as cash flows, financial <br> or collateral performance and other reference data (collectively referred to <br> as "standard inputs")<br>|
| 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 | &nbsp;&nbsp; Standard inputs and cash flows, prepayment information, default rates, <br> delinquency and loss assumptions, collateral characteristics, credit <br> enhancements and specific deal information<br>|
| Municipal securities | &nbsp;&nbsp; Standard inputs and, for certain distressed securities, cash flows or <br> liquidation values using a net present value calculation based on inputs that <br> include, but are not limited to, financial statements and debt contracts <br>|

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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 on 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.

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.

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| | |
|:---|:---|
| **29** | American High-Income Trust |

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**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 fund's valuation levels as of March 31, 2026, were as follows (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Corporate bonds and notes | $— | $23097586 | $70387 | $23167973 |
| Loans |  | 920439 | 62793 | 983232 |
| Mortgage-backed obligations |  |  | 12094 | 12094 |
| Municipals |  | 10553 |  | 10553 |
| Convertible bonds & notes  |  | 62155 |  | 62155 |
| Common stocks  | 606230 | 168099 | 306709 | 1081038 |
| Preferred securities  |  |  | 58792 | 58792 |
| Rights & warrants  |  | 4795 | — <br><sup>1</sup><br>| 4795 |
| Short-term securities  | 1731652 |  |  | 1731652 |
| Total | $2337882 | $24263627 | $510775 | $27112284 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments**<sup>2</sup>  | **Other investments**<sup>2</sup>  | **Other investments**<sup>2</sup>  | **Other investments**<sup>2</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on centrally cleared credit default swaps | $— | $1416 | $— | $1416 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (8814)<br>|  |  | (8814)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (2056)<br>|  | (2056)<br>|
| Total  | $(8814)<br>| $(640)<br>| $— | $(9454)<br>|

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<sup>1</sup>

Amount less than one thousand.

<sup>2</sup>

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, 2026 (dollars in thousands):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Corporate** <br>**bonds** <br>**and notes**<br>| **Loans** | **Mortgage-** <br>**backed** <br>**obligations**<br>| **Common** <br>**stocks**<br>| **Preferred** <br>**securities**<br>| **Rights &** <br>**warrants**<br>| **Total** |
| Beginning value at 10/1/2025 | &nbsp;&nbsp; 4148 | &nbsp;&nbsp; 80336<br>| &nbsp;&nbsp; 12498 | &nbsp;&nbsp; 279862 | &nbsp;&nbsp; 60116<br>| &nbsp;&nbsp; — <br><sup>3</sup><br>| &nbsp;&nbsp; 436960<br>|
| Transfers into level 3<sup>4</sup> <br>| &nbsp;&nbsp; 115<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 115<br>|
| Purchases | &nbsp;&nbsp; 67173 | &nbsp;&nbsp; 3107<br>| &nbsp;&nbsp; 96 | &nbsp;&nbsp; 30016 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 100392 |
| Sales | &nbsp;&nbsp; — | &nbsp;&nbsp; (1111)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (270)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1381)<br>|
| Net realized gain (loss)<sup>5</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 270<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 265<br>|
| Unrealized appreciation (depreciation)<sup>5</sup> <br>| &nbsp;&nbsp; (1049)<br>| &nbsp;&nbsp; 3483<br>| &nbsp;&nbsp; (500)<br>| &nbsp;&nbsp; (3169)<br>| &nbsp;&nbsp; (1324)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2559)<br>|
| Transfers out of level 3<sup>4</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (23017)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (23017)<br>|
| Ending value at 3/31/2026 | &nbsp;&nbsp; 70387 | &nbsp;&nbsp; 62793<br>| &nbsp;&nbsp; 12094 | &nbsp;&nbsp; 306709 | &nbsp;&nbsp; 58792<br>| &nbsp;&nbsp; — <br><sup>3</sup><br>| &nbsp;&nbsp; 510775<br>|
| Net unrealized appreciation (depreciation) <br>during the period on level 3 investment <br>securities held at 3/31/2026<br>| &nbsp;&nbsp; (6382)<br>| &nbsp;&nbsp; 255<br>| &nbsp;&nbsp; (521)<br>| &nbsp;&nbsp; (3169)<br>| &nbsp;&nbsp; (1324)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (11141)<br>|

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<sup>3</sup>

Amount less than one thousand.

<sup>4</sup>

Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are a result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.

<sup>5</sup>

Net realized gain (loss) and unrealized appreciation (depreciation) are included in the related amounts on investments in the fund's statement of operations.

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| | |
|:---|:---|
| American High-Income Trust | **30** |

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**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):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Value at** <br>**3/31/2026**<br>| &nbsp;&nbsp; **Valuation** <br>**techniques**<br>| &nbsp;&nbsp; **Unobservable** <br>**inputs**<br>| **Range** <br>**(if applicable)**<br>| &nbsp;&nbsp; **Weighted** <br>**average**<sup>1</sup> <br>| &nbsp;&nbsp; **Impact to** <br>**valuation from** <br>**an increase in** <br>**input**<sup>2</sup><br>|
| Corporate bonds and <br> notes | $70387 | &nbsp;&nbsp; Estimated recovery <br> value | Expected proceeds | Not applicable | Not applicable | Not applicable |
| Corporate bonds and <br> notes | $70387 | &nbsp;&nbsp; Estimated recovery <br> value | De minimis | Not applicable | Not applicable | Not applicable |
| Corporate bonds and <br> notes | $70387 | Transaction | Transaction price | Not applicable | Not applicable | Not applicable |
| Loans | $62793 | &nbsp;&nbsp; Estimated recovery <br> value<br>| Expected proceeds | Not applicable | Not applicable | Not applicable |
| Loans | $62793 | Market comparables | EV/EBITDA multiple | 10.3x | 10.3x | Increase |
| Mortgage-backed <br> obligations<br>| $12094 | &nbsp;&nbsp; Discounted cash <br> flow<br>| Discount rate | 11% | 11% | Decrease |
| Common stocks | $306709 | &nbsp;&nbsp; Estimated recovery <br> value | De minimis | Not applicable | Not applicable | Not applicable |
| Common stocks | $306709 | &nbsp;&nbsp; Estimated recovery <br> value | Expected proceeds | Not applicable | Not applicable | Not applicable |
| Common stocks | $306709 | &nbsp;&nbsp; Estimated recovery <br> value | Discount for uncertainty | 10% - 15% | 11% | Decrease |
| Common stocks | $306709 | Market comparables | EV/EBITDA multiple | 5.6x - 10.3x | 8.5x | Increase |
| Common stocks | $306709 | Market comparables | EV/EBITDA-CAPEX multiple | 10.5x | 10.5x | Increase |
| Preferred securities | $58792 | Market comparables | EV/EBITDA multiple | 4.3x | 4.3x | Increase |
| Preferred securities | $58792 | Yield analysis | Yield | 11% | 11% | Decrease |
| Rights & warrants | $— <br><sup>3</sup><br>| &nbsp;&nbsp; Estimated recovery <br> value<br>| De minimis | Not applicable | Not applicable | Not applicable |
|  | $510775 |  |  |  |  |  |

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<sup>1</sup>

Weighted average is by relative fair value.

<sup>2</sup>

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.

<sup>3</sup>

Amount less than one thousand.

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| |
|:---|
| **Key to abbreviations** |
| CAPEX = Capital expenditures |
| EBITDA = Earnings before interest, taxes, depreciation and amortization |
| EV = Enterprise value |

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**4. Risk factors**

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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; levels of public debt and deficits; 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.

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| | |
|:---|:---|
| **31** | American High-Income Trust |

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

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

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

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

**Investing in lower rated debt instruments —** Lower rated bonds and other lower rated debt securities, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating Organizations, 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).

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| | |
|:---|:---|
| American High-Income Trust | **32** |

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**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**

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**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.

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, 2026, the fund had $10,366,000 of unfunded bond commitments, which would represent 0.04% of the net assets of the fund should such commitments become due. Net unrealized appreciation on unfunded commitments of $6,000 is presented in the fund's statement of assets and liabilities and is included in net unrealized appreciation (depreciation) 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 $751,300,000.

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| | |
|:---|:---|
| **33** | American High-Income Trust |

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**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 $275,379,000.

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| | |
|:---|:---|
| American High-Income Trust | **34** |

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------

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, 2026 (dollars in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Futures | Interest | Unrealized appreciation\* | $— | Unrealized depreciation\* | $8814 |
| Swap (centrally <br> cleared)<br>| Credit | Unrealized appreciation\* | 1416 | Unrealized depreciation\* | 2056 |
|  |  |  | $1416 |  | $10870 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of operations** | **Value** | **Location on statement of operations** | **Value** |
| Futures | Interest | Net realized gain (loss) on futures contracts | $1426 | &nbsp;&nbsp; Net unrealized appreciation (depreciation) <br> on futures contracts<br>| $(9397)<br>|
| Swap | Credit | Net realized gain (loss) on swap contracts | (3180)<br>| &nbsp;&nbsp; Net unrealized appreciation (depreciation) <br> on swap contracts<br>| (210)<br>|
|  |  |  | $(1754)<br>|  | $(9607)<br>|

---

\*

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, 2026, 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.

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| | |
|:---|:---|
| **35** | American High-Income Trust |

---

------

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

The components of distributable earnings on a tax basis are reported as of the fund's most recent year-end. As of September 30, 2025, the components of distributable earnings on a tax basis were as follows (dollars in thousands):

---

| | |
|:---|:---|
| Undistributed ordinary income | $21944 |
| Capital loss carryforward\* | (2245358)<br>|

---

\*

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, 2026, the tax basis unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

---

| | |
|:---|:---|
| Gross unrealized appreciation on investments | $780754 |
| Gross unrealized depreciation on investments | (1203890)<br>|
| Net unrealized appreciation (depreciation) on investments | (423136)<br>|
| Cost of investments | 27537732 |

---

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

---

| | | |
|:---|:---|:---|
| <br>**Share class** | **Six months ended** <br>**March 31,**<br>**2026** | **Year ended** <br>**September 30,**<br>**2025** |
| Class A | &nbsp;&nbsp; $360508 | $712270 |
| Class C | &nbsp;&nbsp; 5772 | 11898 |
| Class T | &nbsp;&nbsp; — <br><sup>†</sup><br>| 1 |
| Class F-1 | &nbsp;&nbsp; 10703 | 19613 |
| Class F-2 | &nbsp;&nbsp; 158218 | 261161 |
| Class F-3 | &nbsp;&nbsp; 93521 | 139803 |
| Class 529-A | &nbsp;&nbsp; 9969 | 20265 |
| Class 529-C | &nbsp;&nbsp; 176 | 390 |
| Class 529-E | &nbsp;&nbsp; 340 | 692 |
| Class 529-T | &nbsp;&nbsp; 1 | 1 |
| Class 529-F-1 | &nbsp;&nbsp; — <br><sup>†</sup><br>| 1 |
| Class 529-F-2 | &nbsp;&nbsp; 1608 | 2952 |
| Class 529-F-3 | &nbsp;&nbsp; 1 | 1 |
| Class R-1 | &nbsp;&nbsp; 325 | 692 |
| Class R-2 | &nbsp;&nbsp; 3056 | 6430 |
| Class R-2E | &nbsp;&nbsp; 540 | 995 |
| Class R-3 | &nbsp;&nbsp; 4806 | 9262 |
| Class R-4 | &nbsp;&nbsp; 8436 | 10808 |
| Class R-5E | &nbsp;&nbsp; 1095 | 1997 |
| Class R-5 | &nbsp;&nbsp; 1080 | 2144 |
| Class R-6 | &nbsp;&nbsp; 191160 | 334522 |
| Total | &nbsp;&nbsp; $851315 | $1535898 |

---

<sup>†</sup>

Amount less than one thousand.

**7. Fees and transactions with related parties**

------

CRMC, the fund's investment adviser, is the parent company of Capital Client Group, Inc. ("CCG"), the principal underwriter of the fund's shares, and American Funds Service Company® ("AFS"), the fund's transfer agent. CRMC, CCG and AFS are considered related parties to the fund.

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| | |
|:---|:---|
| American High-Income Trust | **36** |

---

------

**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. For the six months ended March 31, 2026, the investment advisory services fees were $36,452,000, which were equivalent to an annualized rate of 0.274% of average daily net assets. On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component to the advisory fee schedule, effective March 1, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Share class** | **Currently approved limits** | **Plan limits** |
| Class A | 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Class 529-A | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Classes C, 529-C and R-1 | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Class R-2 | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Class R-2E | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Classes 529-E and R-3 | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Classes T, F-1, 529-T, 529-F-1 and R-4 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |

---

For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by CCG for certain shares sold without a sales charge. These share classes reimburse CCG for amounts billed within the prior 15 months but only to the extent that the overall annual expense limits are not exceeded. As of March 31, 2026, there were no unreimbursed expenses subject to reimbursement for Class A or 529-A shares.

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

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

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

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| | |
|:---|:---|
| **37** | American High-Income Trust |

---

------

The quarterly fees are based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $75 billion. The fees for any given calendar quarter are accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. For the six months ended March 31, 2026, the 529 plan services fees were $100,000, which were equivalent to 0.051% of the average daily net assets of each 529 share class.

For the six months ended March 31, 2026, class-specific expenses under the agreements were as follows (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Transfer agent** <br>**services**<br>| **Administrative** <br>**services**<br>| **529 plan** <br>**services**<br>|
| Class A | $15552 | $6887 | $1735 | Not applicable |
| Class C | 1049 | 124 | 31 | Not applicable |
| Class T |  | —<br> \*<br>| —<br> \*<br>| Not applicable |
| Class F-1 | 426 | 260 | 52 | Not applicable |
| Class F-2 | Not applicable | 2705 | 729 | Not applicable |
| Class F-3 | Not applicable | 21 | 424 | Not applicable |
| Class 529-A | 385 | 181 | 48 | $82 |
| Class 529-C | 32 | 4 | 1 | 2 |
| Class 529-E | 28 | 3 | 2 | 3 |
| Class 529-T |  | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Class 529-F-1 |  | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Class 529-F-2 | Not applicable | 13 | 7 | 13 |
| Class 529-F-3 | Not applicable | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Class R-1 | 59 | 6 | 2 | Not applicable |
| Class R-2 | 414 | 189 | 16 | Not applicable |
| Class R-2E | 56 | 19 | 3 | Not applicable |
| Class R-3 | 402 | 119 | 24 | Not applicable |
| Class R-4 | 336 | 136 | 40 | Not applicable |
| Class R-5E | Not applicable | 26 | 5 | Not applicable |
| Class R-5 | Not applicable | 9 | 5 | Not applicable |
| Class R-6 | Not applicable | 41 | 865 | Not applicable |
| Total class-specific expenses | $18739 | $10743 | $3989 | $100 |

---

\*

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 $78,000 in the fund's statement of operations reflects $42,000 in current fees (either paid in cash or deferred) and a net increase of $36,000 in the value of the deferred amounts.

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

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

**Security transactions with related funds** — The fund may purchase investment securities from, or sell investment securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund's board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act. During the six months ended March 31, 2026, 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, 2026.

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| | |
|:---|:---|
| American High-Income Trust | **38** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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, 2026.

**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):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales\*** | **Sales\*** | **Reinvestments of**<br> **distributions** | **Reinvestments of**<br> **distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase**<br> **(decrease)** | **Net increase**<br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended March 31, 2026** | **Six months ended March 31, 2026** | **Six months ended March 31, 2026** | **Six months ended March 31, 2026** | **Six months ended March 31, 2026** | **Six months ended March 31, 2026** | **Six months ended March 31, 2026** | **Six months ended March 31, 2026** | **Six months ended March 31, 2026** |
| Class A | $694513 | 70115 | &nbsp;&nbsp;&nbsp; $348877 | 35259 | &nbsp;&nbsp;&nbsp; $(866854)<br>| (87571)<br>| &nbsp;&nbsp;&nbsp; $176536 | 17803 |
| Class C | 25490 | 2572 | &nbsp;&nbsp;&nbsp; 5610 | 567 | &nbsp;&nbsp;&nbsp; (30303)<br>| (3061)<br>| &nbsp;&nbsp;&nbsp; 797 | 78 |
| Class T |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  |
| Class F-1 | 156440 | 15800 | &nbsp;&nbsp;&nbsp; 10089 | 1020 | &nbsp;&nbsp;&nbsp; (153729)<br>| (15538)<br>| &nbsp;&nbsp;&nbsp; 12800 | 1282 |
| Class F-2 | 843176 | 85155 | &nbsp;&nbsp;&nbsp; 153002 | 15464 | &nbsp;&nbsp;&nbsp; (574504)<br>| (58044)<br>| &nbsp;&nbsp;&nbsp; 421674 | 42575 |
| Class F-3 | 572833 | 57850 | &nbsp;&nbsp;&nbsp; 86895 | 8783 | &nbsp;&nbsp;&nbsp; (322208)<br>| (32562)<br>| &nbsp;&nbsp;&nbsp; 337520 | 34071 |
| Class 529-A | 19894 | 2009 | &nbsp;&nbsp;&nbsp; 9934 | 1004 | &nbsp;&nbsp;&nbsp; (31355)<br>| (3166)<br>| &nbsp;&nbsp;&nbsp; (1527)<br>| (153)<br>|
| Class 529-C | 1130 | 114 | &nbsp;&nbsp;&nbsp; 176 | 18 | &nbsp;&nbsp;&nbsp; (1364)<br>| (138)<br>| &nbsp;&nbsp;&nbsp; (58)<br>| (6)<br>|
| Class 529-E | 1313 | 133 | &nbsp;&nbsp;&nbsp; 338 | 34 | &nbsp;&nbsp;&nbsp; (1313)<br>| (133)<br>| &nbsp;&nbsp;&nbsp; 338 | 34 |
| Class 529-T |  |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class 529-F-1 |  |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 529-F-2 | 6283 | 634 | &nbsp;&nbsp;&nbsp; 1602 | 162 | &nbsp;&nbsp;&nbsp; (4935)<br>| (499)<br>| &nbsp;&nbsp;&nbsp; 2950 | 297 |
| Class 529-F-3 |  |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class R-1 | 642 | 65 | &nbsp;&nbsp;&nbsp; 323 | 32 | &nbsp;&nbsp;&nbsp; (1803)<br>| (182)<br>| &nbsp;&nbsp;&nbsp; (838)<br>| (85)<br>|
| Class R-2 | 9265 | 937 | &nbsp;&nbsp;&nbsp; 3036 | 307 | &nbsp;&nbsp;&nbsp; (14538)<br>| (1467)<br>| &nbsp;&nbsp;&nbsp; (2237)<br>| (223)<br>|
| Class R-2E | 1961 | 198 | &nbsp;&nbsp;&nbsp; 540 | 54 | &nbsp;&nbsp;&nbsp; (1568)<br>| (158)<br>| &nbsp;&nbsp;&nbsp; 933 | 94 |
| Class R-3 | 23604 | 2384 | &nbsp;&nbsp;&nbsp; 4771 | 482 | &nbsp;&nbsp;&nbsp; (22722)<br>| (2296)<br>| &nbsp;&nbsp;&nbsp; 5653 | 570 |
| Class R-4 | 25893 | 2614 | &nbsp;&nbsp;&nbsp; 8397 | 849 | &nbsp;&nbsp;&nbsp; (35282)<br>| (3566)<br>| &nbsp;&nbsp;&nbsp; (992)<br>| (103)<br>|
| Class R-5E | 5693 | 575 | &nbsp;&nbsp;&nbsp; 1090 | 110 | &nbsp;&nbsp;&nbsp; (4475)<br>| (452)<br>| &nbsp;&nbsp;&nbsp; 2308 | 233 |
| Class R-5 | 3292 | 332 | &nbsp;&nbsp;&nbsp; 1076 | 109 | &nbsp;&nbsp;&nbsp; (5270)<br>| (531)<br>| &nbsp;&nbsp;&nbsp; (902)<br>| (90)<br>|
| Class R-6 | 1142306 | 115697 | &nbsp;&nbsp;&nbsp; 191041 | 19309 | &nbsp;&nbsp;&nbsp; (459298)<br>| (46505)<br>| &nbsp;&nbsp;&nbsp; 874049 | 88501 |
| Total net increase (decrease) | $3533728 | 357184 | &nbsp;&nbsp;&nbsp; $826798 | 83563 | &nbsp;&nbsp;&nbsp; $(2531521)<br>| (255869)<br>| &nbsp;&nbsp;&nbsp; $1829005 | 184878 |

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Refer to the end of the table(s) for footnote(s).

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| | |
|:---|:---|
| **39** | American High-Income Trust |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales\*** | **Sales\*** | **Reinvestments of**<br> **distributions** | **Reinvestments of**<br> **distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase**<br> **(decrease)** | **Net increase**<br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended September 30, 2025** | **Year ended September 30, 2025** | **Year ended September 30, 2025** | **Year ended September 30, 2025** | **Year ended September 30, 2025** | **Year ended September 30, 2025** | **Year ended September 30, 2025** | **Year ended September 30, 2025** | **Year ended September 30, 2025** |
| Class A | $1297654 | 132304 | &nbsp;&nbsp;&nbsp; $688319 | 70168 | &nbsp;&nbsp;&nbsp; $(1651774)<br>| (168651)<br>| &nbsp;&nbsp;&nbsp; $334199 | 33821 |
| Class C | 49792 | 5076 | &nbsp;&nbsp;&nbsp; 11547 | 1177 | &nbsp;&nbsp;&nbsp; (68093)<br>| (6957)<br>| &nbsp;&nbsp;&nbsp; (6754)<br>| (704)<br>|
| Class T |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  |
| Class F-1 | 240185 | 24492 | &nbsp;&nbsp;&nbsp; 18468 | 1882 | &nbsp;&nbsp;&nbsp; (208423)<br>| (21245)<br>| &nbsp;&nbsp;&nbsp; 50230 | 5129 |
| Class F-2 | 1920948 | 195796 | &nbsp;&nbsp;&nbsp; 251366 | 25619 | &nbsp;&nbsp;&nbsp; (951439)<br>| (97452)<br>| &nbsp;&nbsp;&nbsp; 1220875 | 123963 |
| Class F-3 | 1406879 | 143686 | &nbsp;&nbsp;&nbsp; 132435 | 13494 | &nbsp;&nbsp;&nbsp; (617082)<br>| (63135)<br>| &nbsp;&nbsp;&nbsp; 922232 | 94045 |
| Class 529-A | 41531 | 4237 | &nbsp;&nbsp;&nbsp; 20204 | 2060 | &nbsp;&nbsp;&nbsp; (62974)<br>| (6421)<br>| &nbsp;&nbsp;&nbsp; (1239)<br>| (124)<br>|
| Class 529-C | 2149 | 219 | &nbsp;&nbsp;&nbsp; 389 | 40 | &nbsp;&nbsp;&nbsp; (3708)<br>| (378)<br>| &nbsp;&nbsp;&nbsp; (1170)<br>| (119)<br>|
| Class 529-E | 1790 | 183 | &nbsp;&nbsp;&nbsp; 687 | 70 | &nbsp;&nbsp;&nbsp; (3484)<br>| (355)<br>| &nbsp;&nbsp;&nbsp; (1007)<br>| (102)<br>|
| Class 529-T |  |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class 529-F-1 |  |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class 529-F-2 | 12213 | 1245 | &nbsp;&nbsp;&nbsp; 2940 | 300 | &nbsp;&nbsp;&nbsp; (8689)<br>| (886)<br>| &nbsp;&nbsp;&nbsp; 6464 | 659 |
| Class 529-F-3 |  |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class R-1 | 1937 | 198 | &nbsp;&nbsp;&nbsp; 690 | 70 | &nbsp;&nbsp;&nbsp; (2934)<br>| (299)<br>| &nbsp;&nbsp;&nbsp; (307)<br>| (31)<br>|
| Class R-2 | 20343 | 2075 | &nbsp;&nbsp;&nbsp; 6381 | 651 | &nbsp;&nbsp;&nbsp; (31151)<br>| (3177)<br>| &nbsp;&nbsp;&nbsp; (4427)<br>| (451)<br>|
| Class R-2E | 5052 | 515 | &nbsp;&nbsp;&nbsp; 994 | 101 | &nbsp;&nbsp;&nbsp; (4287)<br>| (436)<br>| &nbsp;&nbsp;&nbsp; 1759 | 180 |
| Class R-3 | 38134 | 3891 | &nbsp;&nbsp;&nbsp; 9191 | 937 | &nbsp;&nbsp;&nbsp; (43836)<br>| (4479)<br>| &nbsp;&nbsp;&nbsp; 3489 | 349 |
| Class R-4 | 183192 | 18791 | &nbsp;&nbsp;&nbsp; 10702 | 1089 | &nbsp;&nbsp;&nbsp; (48020)<br>| (4903)<br>| &nbsp;&nbsp;&nbsp; 145874 | 14977 |
| Class R-5E | 12037 | 1229 | &nbsp;&nbsp;&nbsp; 1986 | 202 | &nbsp;&nbsp;&nbsp; (9198)<br>| (936)<br>| &nbsp;&nbsp;&nbsp; 4825 | 495 |
| Class R-5 | 10044 | 1024 | &nbsp;&nbsp;&nbsp; 2138 | 219 | &nbsp;&nbsp;&nbsp; (8861)<br>| (906)<br>| &nbsp;&nbsp;&nbsp; 3321 | 337 |
| Class R-6 | 1015240 | 103462 | &nbsp;&nbsp;&nbsp; 334437 | 34089 | &nbsp;&nbsp;&nbsp; (601824)<br>| (61416)<br>| &nbsp;&nbsp;&nbsp; 747853 | 76135 |
| Total net increase (decrease) | $6259120 | 638423 | &nbsp;&nbsp;&nbsp; $1492877 | 152168 | &nbsp;&nbsp;&nbsp; $(4325777)<br>| (442032)<br>| &nbsp;&nbsp;&nbsp; $3426220 | 348559 |

---

\*

Includes exchanges between share classes of the fund.

<sup>†</sup>

Amount less than one thousand.

**11. Investment transactions**

------

The fund engaged in purchases and sales of investment securities, excluding in-kind transactions, short-term securities and U.S. government obligations, if any, of $5,225,134,000 and $3,613,760,000, respectively, during the six months ended March 31, 2026.

---

| | |
|:---|:---|
| American High-Income Trust | **40** |

---

------

Financial highlights

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from** <br>**investment operations**<sup>1</sup> | **Income (loss) from** <br>**investment operations**<sup>1</sup> | **Income (loss) from** <br>**investment operations**<sup>1</sup> | | | | | | | |
| <br>**Year ended**  | <br>**Net asset** <br>**value,** <br>**beginning** <br>**of year**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| <br>**Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| <br>**Net asset** <br>**value, end** <br>**of year**<br>| <br>**Total** <br>**return**<sup>2,3</sup> <br>| <br>**Net assets,** <br>**end of year** <br>**(in millions)** <br>| <br>**Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>4</sup> <br>| <br>**Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3,4</sup> <br>| <br>**Ratio of** <br>**net income** <br>**(loss) to** <br>**average** <br>**net assets**<sup>3</sup> <br>|
| **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  |
| 3/31/2026<sup>5,6</sup> <br>| $9.95 | &nbsp;&nbsp; $.30 | &nbsp;&nbsp; $(.17)<br>| &nbsp;&nbsp; $.13 | &nbsp;&nbsp; $(.31)<br>| &nbsp;&nbsp; $9.77 | 1.29 %<sup>7</sup><br>| &nbsp;&nbsp; $11545 | &nbsp;&nbsp; .73 %<sup>8</sup><br>| &nbsp;&nbsp; .73 %<sup>8</sup><br>| 6.02 %<sup>8</sup><br>|
| 9/30/2025 | 9.89 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; (.62)<br>| 9.95 | 7.18 | &nbsp;&nbsp; 11575 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .70 | 6.35 |
| 9/30/2024 | 9.03 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .86 | 1.47 | &nbsp;&nbsp; (.61)<br>| 9.89 | 16.81 | &nbsp;&nbsp; 11171 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; .72 | 6.41 |
| 9/30/2023 | 8.86 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; (.59)<br>| 9.03 | 8.75 | &nbsp;&nbsp; 9839 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .72 | 6.48 |
| 9/30/2022 | 10.55 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp; (.47)<br>| 8.86 | &nbsp;&nbsp; (11.86)<br>| &nbsp;&nbsp; 9738 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; .68 | 4.86 |
| 9/30/2021 | 9.63 | &nbsp;&nbsp; .47 | &nbsp;&nbsp; .95 | 1.42 | &nbsp;&nbsp; (.50)<br>| 10.55 | 15.05 | &nbsp;&nbsp; 11600 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .69 | 4.61 |
| **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  |
| 3/31/2026<sup>5,6</sup> <br>| 9.95 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.27)<br>| 9.77 | &nbsp;&nbsp; .92 <br><sup>7</sup><br>| &nbsp;&nbsp; 209 | 1.46 <br><sup>8</sup><br>| 1.46 <br><sup>8</sup><br>| 5.29 <br><sup>8</sup><br>|
| 9/30/2025 | 9.89 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; (.55)<br>| 9.95 | 6.39 | &nbsp;&nbsp; 211 | 1.44 | 1.44 | 5.61 |
| 9/30/2024 | 9.03 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .86 | 1.40 | &nbsp;&nbsp; (.54)<br>| 9.89 | 15.97 | &nbsp;&nbsp; 217 | 1.46 | 1.45 | 5.67 |
| 9/30/2023 | 8.86 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; (.53)<br>| 9.03 | 7.95 | &nbsp;&nbsp; 204 | 1.47 | 1.46 | 5.73 |
| 9/30/2022 | 10.55 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (.40)<br>| 8.86 | &nbsp;&nbsp; (12.52)<br>| &nbsp;&nbsp; 231 | 1.43 | 1.43 | 4.09 |
| 9/30/2021 | 9.63 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .95 | 1.35 | &nbsp;&nbsp; (.43)<br>| 10.55 | 14.22 | &nbsp;&nbsp; 326 | 1.43 | 1.43 | 3.89 |
| **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  |
| 3/31/2026<sup>5,6</sup> <br>| 9.95 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; .14 | &nbsp;&nbsp; (.32)<br>| 9.77 | 1.42 <br><sup>79</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .44 <br><sup>89</sup><br>| &nbsp;&nbsp; .44 <br><sup>89</sup><br>| 6.30 <br><sup>89</sup><br>|
| 9/30/2025 | 9.89 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; (.65)<br>| 9.95 | 7.45 <br><sup>9</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .42 <br><sup>9</sup><br>| &nbsp;&nbsp; .42 <br><sup>9</sup><br>| 6.61 <br><sup>9</sup><br>|
| 9/30/2024 | 9.03 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .86 | 1.50 | &nbsp;&nbsp; (.64)<br>| 9.89 | 17.12 <br><sup>9</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .45 <br><sup>9</sup><br>| &nbsp;&nbsp; .45 <br><sup>9</sup><br>| 6.67 <br><sup>9</sup><br>|
| 9/30/2023 | 8.86 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; (.62)<br>| 9.03 | 9.03 <br><sup>9</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .46 <br><sup>9</sup><br>| &nbsp;&nbsp; .45 <br><sup>9</sup><br>| 6.74 <br><sup>9</sup><br>|
| 9/30/2022 | 10.55 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (.50)<br>| 8.86 | &nbsp;&nbsp; (11.63 )<sup>9</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .42 <br><sup>9</sup><br>| &nbsp;&nbsp; .42 <br><sup>9</sup><br>| 5.12 <br><sup>9</sup><br>|
| 9/30/2021 | 9.63 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .95 | 1.45 | &nbsp;&nbsp; (.53)<br>| 10.55 | 15.36 <br><sup>9</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .43 <br><sup>9</sup><br>| &nbsp;&nbsp; .43 <br><sup>9</sup><br>| 4.87 <br><sup>9</sup><br>|
| **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  |
| 3/31/2026<sup>5,6</sup> <br>| 9.95 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; .13 | &nbsp;&nbsp; (.31)<br>| 9.77 | 1.28 <br><sup>7</sup><br>| &nbsp;&nbsp; 350 | &nbsp;&nbsp; .74 <br><sup>8</sup><br>| &nbsp;&nbsp; .74 <br><sup>8</sup><br>| 6.02 <br><sup>8</sup><br>|
| 9/30/2025 | 9.89 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; (.62)<br>| 9.95 | 7.16 | &nbsp;&nbsp; 343 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .71 | 6.33 |
| 9/30/2024 | 9.03 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .86 | 1.47 | &nbsp;&nbsp; (.61)<br>| 9.89 | 16.80 | &nbsp;&nbsp; 290 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .73 | 6.39 |
| 9/30/2023 | 8.86 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; (.59)<br>| 9.03 | 8.73 | &nbsp;&nbsp; 263 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .73 | 6.47 |
| 9/30/2022 | 10.55 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp; (.47)<br>| 8.86 | &nbsp;&nbsp; (11.88)<br>| &nbsp;&nbsp; 265 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .70 | 4.79 |
| 9/30/2021 | 9.63 | &nbsp;&nbsp; .47 | &nbsp;&nbsp; .95 | 1.42 | &nbsp;&nbsp; (.50)<br>| 10.55 | 15.05 | &nbsp;&nbsp; 415 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .70 | 4.62 |
| **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  |
| 3/31/2026<sup>5,6</sup> <br>| 9.95 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; .14 | &nbsp;&nbsp; (.32)<br>| 9.77 | 1.43 <br><sup>7</sup><br>| &nbsp;&nbsp; 5014 | &nbsp;&nbsp; .45 <br><sup>8</sup><br>| &nbsp;&nbsp; .45 <br><sup>8</sup><br>| 6.30 <br><sup>8</sup><br>|
| 9/30/2025 | 9.89 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; (.65)<br>| 9.95 | 7.47 | &nbsp;&nbsp; 4681 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .42 | 6.62 |
| 9/30/2024 | 9.03 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .86 | 1.50 | &nbsp;&nbsp; (.64)<br>| 9.89 | 17.15 | &nbsp;&nbsp; 3427 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; .43 | 6.70 |
| 9/30/2023 | 8.86 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; (.62)<br>| 9.03 | 9.06 | &nbsp;&nbsp; 2029 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; .43 | 6.79 |
| 9/30/2022 | 10.55 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (.50)<br>| 8.86 | &nbsp;&nbsp; (11.62)<br>| &nbsp;&nbsp; 1674 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .40 | 5.14 |
| 9/30/2021 | 9.63 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .95 | 1.45 | &nbsp;&nbsp; (.53)<br>| 10.55 | 15.39 | &nbsp;&nbsp; 1888 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .40 | 4.89 |
| **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  |
| 3/31/2026<sup>5,6</sup> <br>| 9.95 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; .15 | &nbsp;&nbsp; (.33)<br>| 9.77 | 1.48 <br><sup>7</sup><br>| &nbsp;&nbsp; 2938 | &nbsp;&nbsp; .34 <br><sup>8</sup><br>| &nbsp;&nbsp; .34 <br><sup>8</sup><br>| 6.41 <br><sup>8</sup><br>|
| 9/30/2025 | 9.89 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; (.66)<br>| 9.95 | 7.58 | &nbsp;&nbsp; 2652 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .32 | 6.73 |
| 9/30/2024 | 9.03 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .86 | 1.51 | &nbsp;&nbsp; (.65)<br>| 9.89 | 17.27 | &nbsp;&nbsp; 1706 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .32 | 6.79 |
| 9/30/2023 | 8.86 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; (.63)<br>| 9.03 | 9.18 | &nbsp;&nbsp; 1027 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .32 | 6.88 |
| 9/30/2022 | 10.55 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (.51)<br>| 8.86 | &nbsp;&nbsp; (11.52)<br>| &nbsp;&nbsp; 890 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; .30 | 5.23 |
| 9/30/2021 | 9.63 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .95 | 1.46 | &nbsp;&nbsp; (.54)<br>| 10.55 | 15.50 | &nbsp;&nbsp; 1206 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; .30 | 4.96 |
| **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  |
| 3/31/2026<sup>5,6</sup> <br>| 9.95 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; .13 | &nbsp;&nbsp; (.31)<br>| 9.77 | 1.28 <br><sup>7</sup><br>| &nbsp;&nbsp; 317 | &nbsp;&nbsp; .74 <br><sup>8</sup><br>| &nbsp;&nbsp; .74 <br><sup>8</sup><br>| 6.00 <br><sup>8</sup><br>|
| 9/30/2025 | 9.89 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; (.62)<br>| 9.95 | 7.16 | &nbsp;&nbsp; 324 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .71 | 6.34 |
| 9/30/2024 | 9.03 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .86 | 1.47 | &nbsp;&nbsp; (.61)<br>| 9.89 | 16.79 | &nbsp;&nbsp; 324 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .74 | 6.39 |
| 9/30/2023 | 8.86 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; (.59)<br>| 9.03 | 8.71 | &nbsp;&nbsp; 293 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; .75 | 6.45 |
| 9/30/2022 | 10.55 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp; (.47)<br>| 8.86 | &nbsp;&nbsp; (11.88)<br>| &nbsp;&nbsp; 293 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .71 | 4.83 |
| 9/30/2021 | 9.63 | &nbsp;&nbsp; .47 | &nbsp;&nbsp; .95 | 1.42 | &nbsp;&nbsp; (.50)<br>| 10.55 | 15.03 | &nbsp;&nbsp; 358 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .71 | 4.59 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **41** | American High-Income Trust |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from**<br> **investment operations**<sup>1</sup> | **Income (loss) from**<br> **investment operations**<sup>1</sup> | **Income (loss) from**<br> **investment operations**<sup>1</sup> | | | | | | | |
| <br>**Year ended**  | <br>**Net asset**<br> **value,**<br> **beginning**<br> **of year**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| <br>**Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| <br>**Net asset**<br> **value, end**<br> **of year**<br>| <br>**Total**<br> **return**<sup>2,3</sup><br>| <br>**Net assets,**<br> **end of year**<br> **(in millions)** <br>| <br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup><br>| <br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup><br>| <br>**Ratio of**<br> **net income**<br> **(loss) to**<br> **average**<br> **net assets**<sup>3</sup><br>|
| **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  |
| 3/31/2026<sup>5,6</sup> <br>| $9.95 | &nbsp;&nbsp; $.26 | &nbsp;&nbsp; $(.17)<br>| &nbsp;&nbsp; $.09 | &nbsp;&nbsp; $(.27)<br>| &nbsp;&nbsp; $9.77 | &nbsp;&nbsp; .90 %<sup>7</sup><br>| &nbsp;&nbsp; $6 | 1.50 %<sup>8</sup><br>| 1.50 %<sup>8</sup><br>| 5.24 %<sup>8</sup><br>|
| 9/30/2025 | 9.89 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; (.55)<br>| 9.95 | 6.35 | &nbsp;&nbsp; 7 | 1.48 | 1.48 | 5.57 |
| 9/30/2024 | 9.03 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .86 | 1.40 | &nbsp;&nbsp; (.54)<br>| 9.89 | 15.91 | &nbsp;&nbsp; 8 | 1.50 | 1.50 | 5.62 |
| 9/30/2023 | 8.86 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; (.52)<br>| 9.03 | 7.89 | &nbsp;&nbsp; 9 | 1.53 | 1.52 | 5.66 |
| 9/30/2022 | 10.55 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (.39)<br>| 8.86 | &nbsp;&nbsp; (12.56)<br>| &nbsp;&nbsp; 11 | 1.48 | 1.48 | 4.03 |
| 9/30/2021 | 9.63 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .95 | 1.35 | &nbsp;&nbsp; (.43)<br>| 10.55 | 14.19 | &nbsp;&nbsp; 16 | 1.45 | 1.45 | 3.87 |
| **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  |
| 3/31/2026<sup>5,6</sup> <br>| 9.95 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; .12 | &nbsp;&nbsp; (.30)<br>| 9.77 | 1.18 <br><sup>7</sup><br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; .94 <br><sup>8</sup><br>| &nbsp;&nbsp; .94 <br><sup>8</sup><br>| 5.81 <br><sup>8</sup><br>|
| 9/30/2025 | 9.89 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; (.60)<br>| 9.95 | 6.94 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .91 | 6.13 |
| 9/30/2024 | 9.03 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .86 | 1.45 | &nbsp;&nbsp; (.59)<br>| 9.89 | 16.57 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .93 | 6.20 |
| 9/30/2023 | 8.86 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; (.57)<br>| 9.03 | 8.51 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .94 | 6.26 |
| 9/30/2022 | 10.55 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (.45)<br>| 8.86 | &nbsp;&nbsp; (12.06)<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .90 | 4.64 |
| 9/30/2021 | 9.63 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; .95 | 1.40 | &nbsp;&nbsp; (.48)<br>| 10.55 | 14.81 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .90 | 4.41 |
| **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  |
| 3/31/2026<sup>5,6</sup> <br>| 9.95 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; .14 | &nbsp;&nbsp; (.32)<br>| 9.77 | 1.40 <br><sup>79</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .50 <br><sup>89</sup><br>| &nbsp;&nbsp; .50 <br><sup>89</sup><br>| 6.25 <br><sup>89</sup><br>|
| 9/30/2025 | 9.89 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; (.64)<br>| 9.95 | 7.41 <br><sup>9</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .48 <br><sup>9</sup><br>| &nbsp;&nbsp; .48 <br><sup>9</sup><br>| 6.57 <br><sup>9</sup><br>|
| 9/30/2024 | 9.03 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .86 | 1.49 | &nbsp;&nbsp; (.63)<br>| 9.89 | 17.06 <br><sup>9</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .51 <br><sup>9</sup><br>| &nbsp;&nbsp; .50 <br><sup>9</sup><br>| 6.62 <br><sup>9</sup><br>|
| 9/30/2023 | 8.86 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; (.61)<br>| 9.03 | 8.96 <br><sup>9</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .52 <br><sup>9</sup><br>| &nbsp;&nbsp; .51 <br><sup>9</sup><br>| 6.69 <br><sup>9</sup><br>|
| 9/30/2022 | 10.55 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (.49)<br>| 8.86 | &nbsp;&nbsp; (11.68 )<sup>9</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .48 <br><sup>9</sup><br>| &nbsp;&nbsp; .48 <br><sup>9</sup><br>| 5.07 <br><sup>9</sup><br>|
| 9/30/2021 | 9.63 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .95 | 1.45 | &nbsp;&nbsp; (.53)<br>| 10.55 | 15.30 <br><sup>9</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .48 <br><sup>9</sup><br>| &nbsp;&nbsp; .48 <br><sup>9</sup><br>| 4.82 <br><sup>9</sup><br>|
| **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  |
| 3/31/2026<sup>5,6</sup> <br>| 9.95 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; .14 | &nbsp;&nbsp; (.32)<br>| 9.77 | 1.38 <br><sup>79</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .54 <br><sup>89</sup><br>| &nbsp;&nbsp; .54 <br><sup>89</sup><br>| 6.20 <br><sup>89</sup><br>|
| 9/30/2025 | 9.89 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; (.64)<br>| 9.95 | 7.35 <br><sup>9</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .53 <br><sup>9</sup><br>| &nbsp;&nbsp; .53 <br><sup>9</sup><br>| 6.52 <br><sup>9</sup><br>|
| 9/30/2024 | 9.03 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .86 | 1.49 | &nbsp;&nbsp; (.63)<br>| 9.89 | 17.00 <br><sup>9</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .55 <br><sup>9</sup><br>| &nbsp;&nbsp; .55 <br><sup>9</sup><br>| 6.57 <br><sup>9</sup><br>|
| 9/30/2023 | 8.86 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; (.61)<br>| 9.03 | 8.92 <br><sup>9</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .56 <br><sup>9</sup><br>| &nbsp;&nbsp; .55 <br><sup>9</sup><br>| 6.65 <br><sup>9</sup><br>|
| 9/30/2022 | 10.55 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (.49)<br>| 8.86 | &nbsp;&nbsp; (11.72 )<sup>9</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .52 <br><sup>9</sup><br>| &nbsp;&nbsp; .52 <br><sup>9</sup><br>| 5.03 <br><sup>9</sup><br>|
| 9/30/2021 | 9.63 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; .95 | 1.44 | &nbsp;&nbsp; (.52)<br>| 10.55 | 15.27 <br><sup>9</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .49 <br><sup>9</sup><br>| &nbsp;&nbsp; .49 <br><sup>9</sup><br>| 5.26 <br><sup>9</sup><br>|
| **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  |
| 3/31/2026<sup>5,6</sup> <br>| 9.95 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; .14 | &nbsp;&nbsp; (.32)<br>| 9.77 | 1.43 <br><sup>7</sup><br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; .44 <br><sup>8</sup><br>| &nbsp;&nbsp; .44 <br><sup>8</sup><br>| 6.31 <br><sup>8</sup><br>|
| 9/30/2025 | 9.89 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; (.65)<br>| 9.95 | 7.47 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .42 | 6.62 |
| 9/30/2024 | 9.03 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .86 | 1.50 | &nbsp;&nbsp; (.64)<br>| 9.89 | 17.14 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; .44 | 6.69 |
| 9/30/2023 | 8.86 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; (.62)<br>| 9.03 | 9.07 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; .42 | 6.79 |
| 9/30/2022 | 10.55 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (.50)<br>| 8.86 | &nbsp;&nbsp; (11.62)<br>| &nbsp;&nbsp; 32 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .41 | 5.13 |
| 9/30/2021<sup>5,11</sup> <br>| 9.62 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; .95 | 1.41 | &nbsp;&nbsp; (.48)<br>| 10.55 | 14.92 <br><sup>7</sup><br>| &nbsp;&nbsp; 38 | &nbsp;&nbsp; .44 <br><sup>8</sup><br>| &nbsp;&nbsp; .44 <br><sup>8</sup><br>| 4.82 <br><sup>8</sup><br>|
| **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  |
| 3/31/2026<sup>5,6</sup> <br>| 9.95 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; .14 | &nbsp;&nbsp; (.32)<br>| 9.77 | 1.45 <br><sup>7</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .39 <br><sup>8</sup><br>| &nbsp;&nbsp; .39 <br><sup>8</sup><br>| 6.35 <br><sup>8</sup><br>|
| 9/30/2025 | 9.89 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; (.65)<br>| 9.95 | 7.52 | &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .37 | &nbsp;&nbsp; .37 | 6.67 |
| 9/30/2024 | 9.03 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .86 | 1.50 | &nbsp;&nbsp; (.64)<br>| 9.89 | 17.19 | &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .39 | &nbsp;&nbsp; .39 | 6.73 |
| 9/30/2023 | 8.86 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; (.62)<br>| 9.03 | 9.10 | &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .40 | &nbsp;&nbsp; .39 | 6.81 |
| 9/30/2022 | 10.55 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (.50)<br>| 8.86 | &nbsp;&nbsp; (11.59)<br>| &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .37 | &nbsp;&nbsp; .37 | 5.18 |
| 9/30/2021<sup>5,11</sup> <br>| 9.62 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; .96 | 1.42 | &nbsp;&nbsp; (.49)<br>| 10.55 | 14.99 <br><sup>7</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .43 <br><sup>8</sup><br>| &nbsp;&nbsp; .37 <br><sup>8</sup><br>| 4.90 <br><sup>8</sup><br>|
| **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  |
| 3/31/2026<sup>5,6</sup> <br>| 9.95 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.27)<br>| 9.77 | &nbsp;&nbsp; .93 <br><sup>7</sup><br>| &nbsp;&nbsp; 11 | 1.43 <br><sup>8</sup><br>| 1.43 <br><sup>8</sup><br>| 5.32 <br><sup>8</sup><br>|
| 9/30/2025 | 9.89 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; (.55)<br>| 9.95 | 6.42 | &nbsp;&nbsp; 13 | 1.41 | 1.41 | 5.64 |
| 9/30/2024 | 9.03 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; .86 | 1.41 | &nbsp;&nbsp; (.55)<br>| 9.89 | 16.00 | &nbsp;&nbsp; 13 | 1.42 | 1.42 | 5.71 |
| 9/30/2023 | 8.86 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; (.53)<br>| 9.03 | 7.99 | &nbsp;&nbsp; 11 | 1.43 | 1.42 | 5.77 |
| 9/30/2022 | 10.55 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (.40)<br>| 8.86 | &nbsp;&nbsp; (12.50)<br>| &nbsp;&nbsp; 12 | 1.41 | 1.41 | 4.14 |
| 9/30/2021 | 9.63 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .95 | 1.35 | &nbsp;&nbsp; (.43)<br>| 10.55 | 14.22 | &nbsp;&nbsp; 14 | 1.43 | 1.43 | 3.88 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American High-Income Trust | **42** |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from**<br> **investment operations**<sup>1</sup> | **Income (loss) from**<br> **investment operations**<sup>1</sup> | **Income (loss) from**<br> **investment operations**<sup>1</sup> | | | | | | | |
| <br>**Year ended**  | <br>**Net asset**<br> **value,**<br> **beginning**<br> **of year**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| <br>**Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| <br>**Net asset**<br> **value, end**<br> **of year**<br>| <br>**Total**<br> **return**<sup>2,3</sup><br>| <br>**Net assets,**<br> **end of year**<br> **(in millions)** <br>| <br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup><br>| <br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup><br>| <br>**Ratio of**<br> **net income**<br> **(loss) to**<br> **average**<br> **net assets**<sup>3</sup><br>|
| **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  |
| 3/31/2026<sup>5,6</sup> <br>| $9.95 | &nbsp;&nbsp; $.26 | &nbsp;&nbsp; $(.17)<br>| &nbsp;&nbsp; $.09 | &nbsp;&nbsp; $(.27)<br>| &nbsp;&nbsp; $9.77 | &nbsp;&nbsp; .93 %<sup>7</sup><br>| &nbsp;&nbsp; $109 | 1.43 %<sup>8</sup><br>| 1.43 %<sup>8</sup><br>| 5.32 %<sup>8</sup><br>|
| 9/30/2025 | 9.89 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; (.55)<br>| 9.95 | 6.43 | &nbsp;&nbsp; 114 | 1.40 | 1.40 | 5.65 |
| 9/30/2024 | 9.03 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; .86 | 1.41 | &nbsp;&nbsp; (.55)<br>| 9.89 | 16.02 | &nbsp;&nbsp; 117 | 1.41 | 1.41 | 5.72 |
| 9/30/2023 | 8.86 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; (.53)<br>| 9.03 | 7.99 | &nbsp;&nbsp; 106 | 1.43 | 1.42 | 5.78 |
| 9/30/2022 | 10.55 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (.40)<br>| 8.86 | &nbsp;&nbsp; (12.49)<br>| &nbsp;&nbsp; 106 | 1.40 | 1.40 | 4.13 |
| 9/30/2021 | 9.63 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .95 | 1.35 | &nbsp;&nbsp; (.43)<br>| 10.55 | 14.25 | &nbsp;&nbsp; 135 | 1.40 | 1.40 | 3.91 |
| **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  |
| 3/31/2026<sup>5,6</sup> <br>| 9.95 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; .11 | &nbsp;&nbsp; (.29)<br>| 9.77 | 1.08 <br><sup>7</sup><br>| &nbsp;&nbsp; 19 | 1.14 <br><sup>8</sup><br>| 1.14 <br><sup>8</sup><br>| 5.61 <br><sup>8</sup><br>|
| 9/30/2025 | 9.89 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; (.58)<br>| 9.95 | 6.73 | &nbsp;&nbsp; 18 | 1.12 | 1.12 | 5.93 |
| 9/30/2024 | 9.03 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .86 | 1.44 | &nbsp;&nbsp; (.58)<br>| 9.89 | 16.35 | &nbsp;&nbsp; 16 | 1.12 | 1.12 | 6.04 |
| 9/30/2023 | 8.86 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; (.56)<br>| 9.03 | 8.31 | &nbsp;&nbsp; 8 | 1.14 | 1.12 | 6.11 |
| 9/30/2022 | 10.55 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (.43)<br>| 8.86 | &nbsp;&nbsp; (12.24)<br>| &nbsp;&nbsp; 6 | 1.11 | 1.11 | 4.42 |
| 9/30/2021 | 9.63 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; .95 | 1.38 | &nbsp;&nbsp; (.46)<br>| 10.55 | 14.57 | &nbsp;&nbsp; 8 | 1.12 | 1.12 | 4.20 |
| **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  |
| 3/31/2026<sup>5,6</sup> <br>| 9.95 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; .12 | &nbsp;&nbsp; (.30)<br>| 9.77 | 1.16 <br><sup>7</sup><br>| &nbsp;&nbsp; 162 | &nbsp;&nbsp; .99 <br><sup>8</sup><br>| &nbsp;&nbsp; .99 <br><sup>8</sup><br>| 5.77 <br><sup>8</sup><br>|
| 9/30/2025 | 9.89 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; (.60)<br>| 9.95 | 6.89 | &nbsp;&nbsp; 159 | &nbsp;&nbsp; .96 | &nbsp;&nbsp; .96 | 6.09 |
| 9/30/2024 | 9.03 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .86 | 1.45 | &nbsp;&nbsp; (.59)<br>| 9.89 | 16.52 | &nbsp;&nbsp; 154 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .97 | 6.16 |
| 9/30/2023 | 8.86 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; (.57)<br>| 9.03 | 8.47 | &nbsp;&nbsp; 132 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .97 | 6.23 |
| 9/30/2022 | 10.55 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (.45)<br>| 8.86 | &nbsp;&nbsp; (12.10)<br>| &nbsp;&nbsp; 131 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .95 | 4.58 |
| 9/30/2021 | 9.63 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; .95 | 1.40 | &nbsp;&nbsp; (.48)<br>| 10.55 | 14.76 | &nbsp;&nbsp; 167 | &nbsp;&nbsp; .96 | &nbsp;&nbsp; .96 | 4.35 |
| **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  |
| 3/31/2026<sup>5,6</sup> <br>| 9.95 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; .13 | &nbsp;&nbsp; (.31)<br>| 9.77 | 1.30 <br><sup>7</sup><br>| &nbsp;&nbsp; 268 | &nbsp;&nbsp; .69 <br><sup>8</sup><br>| &nbsp;&nbsp; .69 <br><sup>8</sup><br>| 6.06 <br><sup>8</sup><br>|
| 9/30/2025 | 9.89 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; (.63)<br>| 9.95 | 7.22 | &nbsp;&nbsp; 273 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .66 | 6.42 |
| 9/30/2024 | 9.03 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .86 | 1.48 | &nbsp;&nbsp; (.62)<br>| 9.89 | 16.87 | &nbsp;&nbsp; 124 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; .67 | 6.46 |
| 9/30/2023 | 8.86 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; (.60)<br>| 9.03 | 8.80 | &nbsp;&nbsp; 112 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; .67 | 6.54 |
| 9/30/2022 | 10.55 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (.48)<br>| 8.86 | &nbsp;&nbsp; (11.83)<br>| &nbsp;&nbsp; 107 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .65 | 4.89 |
| 9/30/2021 | 9.63 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .95 | 1.43 | &nbsp;&nbsp; (.51)<br>| 10.55 | 15.10 | &nbsp;&nbsp; 135 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .65 | 4.66 |
| **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  |
| 3/31/2026<sup>5,6</sup> <br>| 9.95 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; .14 | &nbsp;&nbsp; (.32)<br>| 9.77 | 1.40 <br><sup>7</sup><br>| &nbsp;&nbsp; 35 | &nbsp;&nbsp; .49 <br><sup>8</sup><br>| &nbsp;&nbsp; .49 <br><sup>8</sup><br>| 6.26 <br><sup>8</sup><br>|
| 9/30/2025 | 9.89 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; (.64)<br>| 9.95 | 7.42 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; .47 | &nbsp;&nbsp; .47 | 6.58 |
| 9/30/2024 | 9.03 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .86 | 1.50 | &nbsp;&nbsp; (.64)<br>| 9.89 | 17.10 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .47 | 6.65 |
| 9/30/2023 | 8.86 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; (.62)<br>| 9.03 | 9.01 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .47 | 6.74 |
| 9/30/2022 | 10.55 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (.50)<br>| 8.86 | &nbsp;&nbsp; (11.66)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; .45 | 5.15 |
| 9/30/2021 | 9.63 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .95 | 1.45 | &nbsp;&nbsp; (.53)<br>| 10.55 | 15.33 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; .45 | 4.85 |
| **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  |
| 3/31/2026<sup>5,6</sup> <br>| 9.95 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; .14 | &nbsp;&nbsp; (.32)<br>| 9.77 | 1.45 <br><sup>7</sup><br>| &nbsp;&nbsp; 33 | &nbsp;&nbsp; .40 <br><sup>8</sup><br>| &nbsp;&nbsp; .40 <br><sup>8</sup><br>| 6.36 <br><sup>8</sup><br>|
| 9/30/2025 | 9.89 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; (.65)<br>| 9.95 | 7.52 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .37 | 6.68 |
| 9/30/2024 | 9.03 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .86 | 1.51 | &nbsp;&nbsp; (.65)<br>| 9.89 | 17.21 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .38 | 6.75 |
| 9/30/2023 | 8.86 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; (.63)<br>| 9.03 | 9.11 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .38 | 6.82 |
| 9/30/2022 | 10.55 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (.50)<br>| 8.86 | &nbsp;&nbsp; (11.58)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .36 | 4.97 |
| 9/30/2021 | 9.63 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .95 | 1.46 | &nbsp;&nbsp; (.54)<br>| 10.55 | 15.44 | &nbsp;&nbsp; 84 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .35 | 4.95 |
| **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  |
| 3/31/2026<sup>5,6</sup> <br>| 9.95 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; .15 | &nbsp;&nbsp; (.33)<br>| 9.77 | 1.48 <br><sup>7</sup><br>| &nbsp;&nbsp; 6261 | &nbsp;&nbsp; .34 <br><sup>8</sup><br>| &nbsp;&nbsp; .34 <br><sup>8</sup><br>| 6.41 <br><sup>8</sup><br>|
| 9/30/2025 | 9.89 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; (.66)<br>| 9.95 | 7.58 | &nbsp;&nbsp; 5492 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .32 | 6.73 |
| 9/30/2024 | 9.03 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .86 | 1.51 | &nbsp;&nbsp; (.65)<br>| 9.89 | 17.27 | &nbsp;&nbsp; 4706 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .32 | 6.80 |
| 9/30/2023 | 8.86 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; (.63)<br>| 9.03 | 9.17 | &nbsp;&nbsp; 3733 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .32 | 6.94 |
| 9/30/2022 | 10.55 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (.51)<br>| 8.86 | &nbsp;&nbsp; (11.52)<br>| &nbsp;&nbsp; 2659 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; .30 | 5.25 |
| 9/30/2021 | 9.63 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .95 | 1.46 | &nbsp;&nbsp; (.54)<br>| 10.55 | 15.50 | &nbsp;&nbsp; 3581 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; .30 | 5.01 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **43** | American High-Income Trust |

---

------

Financial highlights (continued)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**March 31,** <br>**2026**<sup>5,6,7,13</sup>  | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** |
|  | **Six months** <br>**ended** <br>**March 31,** <br>**2026**<sup>5,6,7,13</sup>  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Portfolio turnover rate for all share classes<sup>12</sup> | &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 66<br> %<br>|

---

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total returns exclude any applicable sales charges, including contingent deferred sales charges.

<sup>3</sup> This column reflects the impact of certain waivers and/or reimbursements from CRMC and/or AFS, if any.

<sup>4</sup> Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.

<sup>5</sup> Based on operations for a period that is less than a full year.

<sup>6</sup> Unaudited.

<sup>7</sup> Not annualized.

<sup>8</sup> Annualized.

<sup>9</sup> 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. 

<sup>10</sup> Amount less than $1 million.

<sup>11</sup> Class 529-F-2 and 529-F-3 shares began investment operations on 10/30/2020.

<sup>12</sup> Rates do not include the fund's portfolio activity with respect to any Central Funds.

<sup>13</sup> Rates exclude in-kind transactions, if any.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American High-Income Trust | **44** |

---

------

Changes in and disagreements with accountants

------

On September 9, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP ("PwC") was appointed as the fund's independent registered public accounting firm for the fiscal year ending September 30, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations.

D&T's reports on the fund's financial statements as of and for the fiscal years ended September 30, 2024 and September 30, 2025 did not contain an adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. At no point during the fund's fiscal years ended September 30, 2024 and September 30, 2025 and the subsequent interim period through November 10, 2025, (i) were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of D&T, would have caused them to make reference to the subject matter of the disagreements in connection with their reports on the fund's financial statements for such periods, and (ii) there were no "reportable events" of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended. The fund requested that D&T furnish it with a letter addressed to the U.S. Securities and Exchange Commission stating whether or not it agrees with the above statements. A copy of such letter was filed as an exhibit to the fund's Form N-CSR for the period ended September 30, 2025.

During the fund's fiscal years ended September 30, 2024 and September 30, 2025 and the subsequent interim period through November 10, 2025, neither the fund, nor anyone on its behalf, consulted with PwC on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the fund's financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

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| | |
|:---|:---|
| **45** | American High-Income Trust |

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------

Matters submitted for shareholder vote

------

**Results of special meeting of shareholders**

Held November 25, 2025

Shares outstanding (all classes) on August 28, 2025 (record date):

2,596,018,647

Total shares voting on November 25, 2025:

1,763,167,827 (67.9% of shares outstanding)

The proposal: To elect board members

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| | | | | |
|:---|:---|:---|:---|:---|
| **Board member** | **Votes for** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percent** <br> **of shares** <br> **voting for**<br>| **Votes withheld** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percent** <br> **of shares** <br> **withheld**<br>|
| Gina F. Adams | 1617037687 | 91.7% | 146130140 | 8.3% |
| Pramod Atluri | 1730742874 | 98.2% | 32424953 | 1.8% |
| Francisco G. Cigarroa | 1731031754 | 98.2% | 32136073 | 1.8% |
| Nariman Farvardin | 1730116607 | 98.1% | 33051220 | 1.9% |
| Jennifer C. Feikin | 1731781593 | 98.2% | 31386234 | 1.8% |
| Leslie Stone Heisz | 1731947724 | 98.2% | 31220103 | 1.8% |
| Merit E. Janow | 1730978151 | 98.2% | 32189676 | 1.8% |
| Martin E. Koehler | 1732597294 | 98.3% | 30570533 | 1.7% |
| Benjamin R. Miller | 1732807472 | 98.3% | 30360355 | 1.7% |
| Josette Sheeran | 1730979258 | 98.2% | 32188569 | 1.8% |
| Margaret Spellings | 1731091092 | 98.2% | 32076735 | 1.8% |
| Alexandra Trower | 1731908512 | 98.2% | 31259315 | 1.8% |
| Paul S. Williams | 1732349689 | 98.3% | 30818138 | 1.7% |
| Courtney K. Wolf | 1732134340 | 98.2% | 31033487 | 1.8% |

---

The proposal: To approve the proposed amendment of the Investment Advisory and Service Agreement to modify the fee schedule

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Votes for** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percent** <br>**of shares** <br>**voting for**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Votes** <br>**withheld**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percent** <br>**of shares** <br>**withheld**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Votes** <br>**abstaining**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percent** <br>**of shares** <br>**votes abstaining**<br>|
| 1385876895 | 78.6% | 52052379 | 3.0% | 51673956 | 2.9% |
| (broker non-votes = 273,564,597) |  |  |  |  |  |

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Remuneration paid to directors, officers and others

------

Refer to the trustees' deferred compensation disclosure in the notes to financial statements.

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| | |
|:---|:---|
| American High-Income Trust | **46** |

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Approval of Investment Advisory and Service Agreement

------

At a meeting held in March, 2026, the fund's board approved the continuation of the fund's Investment Advisory and Service Agreement (the "agreement") with Capital Research and Management Company ("CRMC") for an interim period through July 31, 2026, and the agreement was amended to add an additional breakpoint for when the fund's net assets exceed $27.5 billion. At a meeting to be held in June 2026, the fund's board will consider the continuation of the agreement with CRMC for an additional one-year term through July 31, 2027. The approval for an interim period aligns the renewal cycle for the fund's agreement with the renewal cycle of other fixed income funds and exchange-traded funds managed by CRMC. Considerations for the interim and one-year contract periods are discussed below on a combined basis. The board approved the agreement for the interim period 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 Morningstar 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 December 31, 2025. 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 Morningstar 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.

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| | |
|:---|:---|
| **47** | American High-Income Trust |

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------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 payments 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.

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| | |
|:---|:---|
| American High-Income Trust | **48** |

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------

#### ITEM 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies
On September 9, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP ("PwC") was appointed as the fund's independent registered public accounting firm for the fiscal year ending September 30, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations.

D&T's reports on the fund's financial statements as of and for the fiscal years ended September 30, 2024 and September 30, 2025 did not contain an adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. At no point during the fund's fiscal years ended September 30, 2024 and September 30, 2025 and the subsequent interim period through November 10, 2025, (i) were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of D&T, would have caused them to make reference to the subject matter of the disagreements in connection with their reports on the fund's financial statements for such periods, and (ii) there were no "reportable events" of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended. The fund requested that D&T furnish it with a letter addressed to the U.S. Securities and Exchange Commission stating whether or not it agrees with the above statements. A copy of such letter was filed as an exhibit to the fund's Form N-CSR for the period ended September 30, 2025.

During the fund's fiscal years ended September 30, 2024 and September 30, 2025 and the subsequent interim period through November 10, 2025, neither the fund, nor anyone on its behalf, consulted with PwC on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the fund's financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

------

#### ITEM 9 - Proxy Disclosures for Open-End Management Investment Companies
The information is included as part of the material filed under Item 7 of this Form under Matters submitted for shareholder vote.

------

#### ITEM 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The information is included as part of the material filed under Item 7 of this Form within the trustees' deferred compensation disclosure in the notes to financial statements.

------

#### ITEM 11 - Statement Regarding Basis for Approval of Investment Advisory Contract
The information is included as part of the material filed under Item 7 of this Form under Approval of Investment Advisory and Service Agreement.

------

#### ITEM 12 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

------

#### ITEM 13 - Portfolio Managers of Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

------

#### ITEM 14 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

------

#### ITEM 15 - Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ''interested persons'' of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board's composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. The committee also coordinates annual self-assessments of the board and evaluates, selects and nominates independent trustee candidates to the full board of trustees. While the committee normally is able to identify from its own and other resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant's Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.

------

#### ITEM 16 - Controls and Procedures
(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, 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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

------

#### ITEM 17 - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

------

#### ITEM 18 - Recovery of Erroneously Awarded Compensation
None

------

#### ITEM 19 - 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](cert302) and [906](cert906) 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 29, 2026

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 29, 2026

By /s/ Becky L. Park

Becky L. Park, Treasurer and

Principal Financial Officer

Date: May 29, 2026

------

## Ex-99.Cert

**CERTIFICATION**

**I, Kristine M. Nishiyama, certify that:**

1. I have reviewed this report on Form N-CSR of **American High-Income Trust**;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 29, 2026

<u>/s/ Kristine M. Nishiyama</u> Kristine M. Nishiyama, Principal Executive Officer American High-Income Trust

**CERTIFICATION**

I, **Becky L. Park**, certify that:

1. I have reviewed this report on Form N-CSR of **American High-Income Trust**;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 29, 2026

<u>/s/ Becky L. Park</u> Becky L. Park,

Treasurer and Principal Financial Officer

American High-Income Trust

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## Exhibit 99.906

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

KRISTINE M. NISHIYAMA, Principal Executive Officer, and BECKY L. PARK, Treasurer and Principal Financial Officer of American High-Income Trust (the "Registrant"), each certify to the best of her or his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2026 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Principal Executive Officer

**American High-Income Trust**

<u>/s/ Kristine M. Nishiyama</u>

Kristine M. Nishiyama, Principal Executive Officer

Date: May 29, 2026

Principal Financial Officer

**American High-Income Trust**

<u>/s/ Becky L. Park</u>

Becky L. Park, Treasurer and Principal Financial Officer

Date: May 29, 2026

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to **American High-Income Trust** and will be retained by **American High-Income Trust** and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

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