# EDGAR Filing Document

**Accession Number:** 0000823620
**File Stem:** 0001193125-25-301433
**Filing Date:** 2025-11
**Character Count:** 359859
**Document Hash:** b0c1fb8087aff02808ff220751f132c0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-301433.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0001193125-25-301433

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 62

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**EFFECTIVENESS DATE**: 20251128

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05364
- **FILM NUMBER:** 251533313

**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'? 81e61265-0648-478c-9d1c-459afaa8b645

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-05364

#### American High-Income Trust
(Exact name of registrant as specified in charter)

------

333 South Hope Street, 55th Floor

Los Angeles, California 90071

(Address of principal executive offices)

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:

#### September 30, 2025
ITEM 1 - Reports to Stockholders

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class A \| AHITX** for the year ended September 30, 2025

This annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$73 | 0.70% |

---

#### Management's discussion of fund performance
The fund's Class A shares gained 7.18% for the year ended September 30, 2025. That result compares with a 7.41% gain for the Bloomberg U.S. Corp High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to

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

#### What factors influenced results
During the fund's fiscal year, U.S. corporate high-yield bonds delivered strong returns despite significant volatility. In January 2025, long-term Treasury yields approached decade-high levels against the backdrop of a widening federal budget deficit and shifting expectations around Federal Reserve (Fed) policy. The Fed cut interest rates three times during the period in response to the balance of risks between persistent inflation and signs of weakness in the labor market. Ten-year U.S. Treasury yields were volatile but ended the period near 12-month lows.

Within the fund, holdings in electric utilities and technology were particularly additive to results relative to the benchmark. Similarly, holdings in communications and real estate investment trust (REIT) bonds also contributed positively to relative returns.

Conversely, the fund's holdings in the energy, consumer cyclical and basic industry sectors had a negative impact on returns relative to the index. Additionally, the fund's exposure to cash/money markets and derivatives hampered overall results.

#### How a hypothetical $10,000 investment has grown
Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1462434.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American High-Income Trust — Class A (with sales charge)\* | 3.11% | 5.84% | 5.76% |
| American High-Income Trust — Class A (without sales charge)\* | 7.18% | 6.66% | 6.17% |
| Bloomberg U.S. Aggregate Index† | 2.88% | (0.45)% | 1.84% |
| Bloomberg U.S. Corp High Yield 2% Issuer Capped Index† | 7.41% | 5.54% | 6.16% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $25988 |
| Total number of portfolio holdings | 1023 |
| Total advisory fees paid (in millions) | $65 |
| Portfolio turnover rate | 40% |

---

**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, 2025 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. MFAAARX-021-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class C \| AHTCX** for the year ended September 30, 2025

This annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$149 | 1.44% |

---

#### Management's discussion of fund performance
The fund's Class C shares gained 6.39% for the year ended September 30, 2025. That result compares with a 7.41% gain for the Bloomberg U.S. Corp High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to

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

#### What factors influenced results
During the fund's fiscal year, U.S. corporate high-yield bonds delivered strong returns despite significant volatility. In January 2025, long-term Treasury yields approached decade-high levels against the backdrop of a widening federal budget deficit and shifting expectations around Federal Reserve (Fed) policy. The Fed cut interest rates three times during the period in response to the balance of risks between persistent inflation and signs of weakness in the labor market. Ten-year U.S. Treasury yields were volatile but ended the period near 12-month lows.

Within the fund, holdings in electric utilities and technology were particularly additive to results relative to the benchmark. Similarly, holdings in communications and real estate investment trust (REIT) bonds also contributed positively to relative returns.

Conversely, the fund's holdings in the energy, consumer cyclical and basic industry sectors had a negative impact on returns relative to the index. Additionally, the fund's exposure to cash/money markets and derivatives hampered overall results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1462478.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American High-Income Trust — Class C (with sales charge)\* | 5.39% | 5.88% | 5.52% |
| American High-Income Trust — Class C (without sales charge)\* | 6.39% | 5.88% | 5.52% |
| Bloomberg U.S. Aggregate Index† | 2.88% | (0.45)% | 1.84% |
| Bloomberg U.S. Corp High Yield 2% Issuer Capped Index† | 7.41% | 5.54% | 6.16% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $25988 |
| Total number of portfolio holdings | 1023 |
| Total advisory fees paid (in millions) | $65 |
| Portfolio turnover rate | 40% |

---

**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, 2025 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. MFCCARX-021-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class T \| TAHIX** for the year ended September 30, 2025

This annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class T | &nbsp;&nbsp;$44 | 0.42% |

---

#### Management's discussion of fund performance
The fund's Class T shares gained 7.45% for the year ended September 30, 2025. That result compares with a 7.41% gain for the Bloomberg U.S. Corp High Yield 2% Issuer Capped Index.

#### What factors influenced results
During the fund's fiscal year, U.S. corporate high-yield bonds delivered strong returns despite significant volatility. In January 2025, long-term Treasury yields approached decade-high levels against the backdrop of a widening federal budget deficit and shifting expectations around Federal Reserve (Fed) policy. The Fed cut interest rates three times during the period in response to the balance of risks between persistent inflation and signs of weakness in the labor market. Ten-year U.S. Treasury yields were volatile but ended the period near 12-month lows.

Within the fund, holdings in electric utilities and technology were particularly additive to results relative to the benchmark. Similarly, holdings in communications and real estate investment trust (REIT) bonds also contributed positively to relative returns.

Conversely, the fund's holdings in the energy, consumer cyclical and basic industry sectors had a negative impact on returns relative to the index. Additionally, the fund's exposure to cash/money markets and derivatives hampered overall results.

#### How a hypothetical $10,000 investment has grown
Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1463226.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American High-Income Trust — Class T (with sales charge)2 | 4.80% | 6.39% | 5.41% |
| American High-Income Trust — Class T (without sales charge)2 | 7.45% | 6.94% | 5.73% |
| Bloomberg U.S. Aggregate Index3 | 2.88% | (0.45)% | 1.81% |
| Bloomberg U.S. Corp High Yield 2% Issuer Capped Index3 | 7.41% | 5.54% | 5.21% |

---

<sup>1</sup> Class T shares were first offered on April 7, 2017.

<sup>2</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $25988 |
| Total number of portfolio holdings | 1023 |
| Total advisory fees paid (in millions) | $65 |
| Portfolio turnover rate | 40% |

---

**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, 2025 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. MFTTARX-021-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class F-1 \| AHTFX** for the year ended September 30, 2025

This annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class F-1 | &nbsp;&nbsp;$74 | 0.71% |

---

#### Management's discussion of fund performance
The fund's Class F-1 shares gained 7.16% for the year ended September 30, 2025. That result compares with a 7.41% gain for the Bloomberg U.S. Corp High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to

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

#### What factors influenced results
During the fund's fiscal year, U.S. corporate high-yield bonds delivered strong returns despite significant volatility. In January 2025, long-term Treasury yields approached decade-high levels against the backdrop of a widening federal budget deficit and shifting expectations around Federal Reserve (Fed) policy. The Fed cut interest rates three times during the period in response to the balance of risks between persistent inflation and signs of weakness in the labor market. Ten-year U.S. Treasury yields were volatile but ended the period near 12-month lows.

Within the fund, holdings in electric utilities and technology were particularly additive to results relative to the benchmark. Similarly, holdings in communications and real estate investment trust (REIT) bonds also contributed positively to relative returns.

Conversely, the fund's holdings in the energy, consumer cyclical and basic industry sectors had a negative impact on returns relative to the index. Additionally, the fund's exposure to cash/money markets and derivatives hampered overall results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1462522.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American High-Income Trust — Class F-1\* | 7.16% | 6.65% | 6.14% |
| Bloomberg U.S. Aggregate Index† | 2.88% | (0.45)% | 1.84% |
| Bloomberg U.S. Corp High Yield 2% Issuer Capped Index† | 7.41% | 5.54% | 6.16% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $25988 |
| Total number of portfolio holdings | 1023 |
| Total advisory fees paid (in millions) | $65 |
| Portfolio turnover rate | 40% |

---

**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, 2025 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. MFF1ARX-021-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class F-2 \| AHIFX** for the year ended September 30, 2025

This annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class F-2 | &nbsp;&nbsp;$44 | 0.42% |

---

#### Management's discussion of fund performance
The fund's Class F-2 shares gained 7.47% for the year ended September 30, 2025. That result compares with a 7.41% gain for the Bloomberg U.S. Corp High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to

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

#### What factors influenced results
During the fund's fiscal year, U.S. corporate high-yield bonds delivered strong returns despite significant volatility. In January 2025, long-term Treasury yields approached decade-high levels against the backdrop of a widening federal budget deficit and shifting expectations around Federal Reserve (Fed) policy. The Fed cut interest rates three times during the period in response to the balance of risks between persistent inflation and signs of weakness in the labor market. Ten-year U.S. Treasury yields were volatile but ended the period near 12-month lows.

Within the fund, holdings in electric utilities and technology were particularly additive to results relative to the benchmark. Similarly, holdings in communications and real estate investment trust (REIT) bonds also contributed positively to relative returns.

Conversely, the fund's holdings in the energy, consumer cyclical and basic industry sectors had a negative impact on returns relative to the index. Additionally, the fund's exposure to cash/money markets and derivatives hampered overall results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1462566.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American High-Income Trust — Class F-2\* | 7.47% | 6.97% | 6.45% |
| Bloomberg U.S. Aggregate Index† | 2.88% | (0.45)% | 1.84% |
| Bloomberg U.S. Corp High Yield 2% Issuer Capped Index† | 7.41% | 5.54% | 6.16% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $25988 |
| Total number of portfolio holdings | 1023 |
| Total advisory fees paid (in millions) | $65 |
| Portfolio turnover rate | 40% |

---

**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, 2025 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. MFF2ARX-021-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class F-3 \| HIGFX** for the year ended September 30, 2025

This annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class F-3 | &nbsp;&nbsp;$33 | 0.32% |

---

#### Management's discussion of fund performance
The fund's Class F-3 shares gained 7.58% for the year ended September 30, 2025. That result compares with a 7.41% gain for the Bloomberg U.S. Corp High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to

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

#### What factors influenced results
During the fund's fiscal year, U.S. corporate high-yield bonds delivered strong returns despite significant volatility. In January 2025, long-term Treasury yields approached decade-high levels against the backdrop of a widening federal budget deficit and shifting expectations around Federal Reserve (Fed) policy. The Fed cut interest rates three times during the period in response to the balance of risks between persistent inflation and signs of weakness in the labor market. Ten-year U.S. Treasury yields were volatile but ended the period near 12-month lows.

Within the fund, holdings in electric utilities and technology were particularly additive to results relative to the benchmark. Similarly, holdings in communications and real estate investment trust (REIT) bonds also contributed positively to relative returns.

Conversely, the fund's holdings in the energy, consumer cyclical and basic industry sectors had a negative impact on returns relative to the index. Additionally, the fund's exposure to cash/money markets and derivatives hampered overall results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1463138.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American High-Income Trust — Class F-32 | 7.58% | 7.08% | 5.89% |
| Bloomberg U.S. Aggregate Index3 | 2.88% | (0.45)% | 1.87% |
| Bloomberg U.S. Corp High Yield 2% Issuer Capped Index3 | 7.41% | 5.54% | 5.27% |

---

<sup>1</sup> Class F-3 shares were first offered on January 27, 2017.

<sup>2</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $25988 |
| Total number of portfolio holdings | 1023 |
| Total advisory fees paid (in millions) | $65 |
| Portfolio turnover rate | 40% |

---

**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, 2025 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. MFF3ARX-021-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class 529-A \| CITAX** for the year ended September 30, 2025

This annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-A | &nbsp;&nbsp;$74 | 0.71% |

---

#### Management's discussion of fund performance
The fund's Class 529-A shares gained 7.16% for the year ended September 30, 2025. That result compares with a 7.41% gain for the Bloomberg U.S. Corp High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to

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

#### What factors influenced results
During the fund's fiscal year, U.S. corporate high-yield bonds delivered strong returns despite significant volatility. In January 2025, long-term Treasury yields approached decade-high levels against the backdrop of a widening federal budget deficit and shifting expectations around Federal Reserve (Fed) policy. The Fed cut interest rates three times during the period in response to the balance of risks between persistent inflation and signs of weakness in the labor market. Ten-year U.S. Treasury yields were volatile but ended the period near 12-month lows.

Within the fund, holdings in electric utilities and technology were particularly additive to results relative to the benchmark. Similarly, holdings in communications and real estate investment trust (REIT) bonds also contributed positively to relative returns.

Conversely, the fund's holdings in the energy, consumer cyclical and basic industry sectors had a negative impact on returns relative to the index. Additionally, the fund's exposure to cash/money markets and derivatives hampered overall results.

#### How a hypothetical $10,000 investment has grown
Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1462610.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American High-Income Trust — Class 529-A (with sales charge)\* | 3.39% | 5.88% | 5.74% |
| American High-Income Trust — Class 529-A (without sales charge)\* | 7.16% | 6.64% | 6.12% |
| Bloomberg U.S. Aggregate Index† | 2.88% | (0.45)% | 1.84% |
| Bloomberg U.S. Corp High Yield 2% Issuer Capped Index† | 7.41% | 5.54% | 6.16% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $25988 |
| Total number of portfolio holdings | 1023 |
| Total advisory fees paid (in millions) | $65 |
| Portfolio turnover rate | 40% |

---

**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, 2025 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. MF5AARX-021-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class 529-C \| CITCX** for the year ended September 30, 2025

This annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-C | &nbsp;&nbsp;$153 | 1.48% |

---

#### Management's discussion of fund performance
The fund's Class 529-C shares gained 6.35% for the year ended September 30, 2025. That result compares with a 7.41% gain for the Bloomberg U.S. Corp High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to

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

#### What factors influenced results
During the fund's fiscal year, U.S. corporate high-yield bonds delivered strong returns despite significant volatility. In January 2025, long-term Treasury yields approached decade-high levels against the backdrop of a widening federal budget deficit and shifting expectations around Federal Reserve (Fed) policy. The Fed cut interest rates three times during the period in response to the balance of risks between persistent inflation and signs of weakness in the labor market. Ten-year U.S. Treasury yields were volatile but ended the period near 12-month lows.

Within the fund, holdings in electric utilities and technology were particularly additive to results relative to the benchmark. Similarly, holdings in communications and real estate investment trust (REIT) bonds also contributed positively to relative returns.

Conversely, the fund's holdings in the energy, consumer cyclical and basic industry sectors had a negative impact on returns relative to the index. Additionally, the fund's exposure to cash/money markets and derivatives hampered overall results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1462654.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American High-Income Trust — Class 529-C (with sales charge)\* | 5.35% | 5.84% | 5.72% |
| American High-Income Trust — Class 529-C (without sales charge)\* | 6.35% | 5.84% | 5.72% |
| Bloomberg U.S. Aggregate Index† | 2.88% | (0.45)% | 1.84% |
| Bloomberg U.S. Corp High Yield 2% Issuer Capped Index† | 7.41% | 5.54% | 6.16% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $25988 |
| Total number of portfolio holdings | 1023 |
| Total advisory fees paid (in millions) | $65 |
| Portfolio turnover rate | 40% |

---

**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, 2025 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. MF5CARX-021-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class 529-E \| CITEX** for the year ended September 30, 2025

This annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-E | &nbsp;&nbsp;$94 | 0.91% |

---

#### Management's discussion of fund performance
The fund's Class 529-E shares gained 6.94% for the year ended September 30, 2025. That result compares with a 7.41% gain for the Bloomberg U.S. Corp High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to

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

#### What factors influenced results
During the fund's fiscal year, U.S. corporate high-yield bonds delivered strong returns despite significant volatility. In January 2025, long-term Treasury yields approached decade-high levels against the backdrop of a widening federal budget deficit and shifting expectations around Federal Reserve (Fed) policy. The Fed cut interest rates three times during the period in response to the balance of risks between persistent inflation and signs of weakness in the labor market. Ten-year U.S. Treasury yields were volatile but ended the period near 12-month lows.

Within the fund, holdings in electric utilities and technology were particularly additive to results relative to the benchmark. Similarly, holdings in communications and real estate investment trust (REIT) bonds also contributed positively to relative returns.

Conversely, the fund's holdings in the energy, consumer cyclical and basic industry sectors had a negative impact on returns relative to the index. Additionally, the fund's exposure to cash/money markets and derivatives hampered overall results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1462742.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American High-Income Trust — Class 529-E\* | 6.94% | 6.43% | 5.92% |
| Bloomberg U.S. Aggregate Index† | 2.88% | (0.45)% | 1.84% |
| Bloomberg U.S. Corp High Yield 2% Issuer Capped Index† | 7.41% | 5.54% | 6.16% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $25988 |
| Total number of portfolio holdings | 1023 |
| Total advisory fees paid (in millions) | $65 |
| Portfolio turnover rate | 40% |

---

**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, 2025 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. MF5EARX-021-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class 529-T \| TAIHX** for the year ended September 30, 2025

This annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-T | &nbsp;&nbsp;$50 | 0.48% |

---

#### Management's discussion of fund performance
The fund's Class 529-T shares gained 7.41% for the year ended September 30, 2025. That result compares with a 7.41% gain for the Bloomberg U.S. Corp High Yield 2% Issuer Capped Index.

#### What factors influenced results
During the fund's fiscal year, U.S. corporate high-yield bonds delivered strong returns despite significant volatility. In January 2025, long-term Treasury yields approached decade-high levels against the backdrop of a widening federal budget deficit and shifting expectations around Federal Reserve (Fed) policy. The Fed cut interest rates three times during the period in response to the balance of risks between persistent inflation and signs of weakness in the labor market. Ten-year U.S. Treasury yields were volatile but ended the period near 12-month lows.

Within the fund, holdings in electric utilities and technology were particularly additive to results relative to the benchmark. Similarly, holdings in communications and real estate investment trust (REIT) bonds also contributed positively to relative returns.

Conversely, the fund's holdings in the energy, consumer cyclical and basic industry sectors had a negative impact on returns relative to the index. Additionally, the fund's exposure to cash/money markets and derivatives hampered overall results.

#### How a hypothetical $10,000 investment has grown
Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1463182.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American High-Income Trust — Class 529-T (with sales charge)2 | 4.76% | 6.34% | 5.36% |
| American High-Income Trust — Class 529-T (without sales charge)2 | 7.41% | 6.88% | 5.68% |
| Bloomberg U.S. Aggregate Index3 | 2.88% | (0.45)% | 1.81% |
| Bloomberg U.S. Corp High Yield 2% Issuer Capped Index3 | 7.41% | 5.54% | 5.21% |

---

<sup>1</sup> Class 529-T shares were first offered on April 7, 2017.

<sup>2</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $25988 |
| Total number of portfolio holdings | 1023 |
| Total advisory fees paid (in millions) | $65 |
| Portfolio turnover rate | 40% |

---

**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, 2025 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. MF5TARX-021-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class 529-F-1 \| CITFX** for the year ended September 30, 2025

This annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-1 | &nbsp;&nbsp;$55 | 0.53% |

---

#### Management's discussion of fund performance
The fund's Class 529-F-1 shares gained 7.35% for the year ended September 30, 2025. That result compares with a 7.41% gain for the Bloomberg U.S. Corp High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to

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

#### What factors influenced results
During the fund's fiscal year, U.S. corporate high-yield bonds delivered strong returns despite significant volatility. In January 2025, long-term Treasury yields approached decade-high levels against the backdrop of a widening federal budget deficit and shifting expectations around Federal Reserve (Fed) policy. The Fed cut interest rates three times during the period in response to the balance of risks between persistent inflation and signs of weakness in the labor market. Ten-year U.S. Treasury yields were volatile but ended the period near 12-month lows.

Within the fund, holdings in electric utilities and technology were particularly additive to results relative to the benchmark. Similarly, holdings in communications and real estate investment trust (REIT) bonds also contributed positively to relative returns.

Conversely, the fund's holdings in the energy, consumer cyclical and basic industry sectors had a negative impact on returns relative to the index. Additionally, the fund's exposure to cash/money markets and derivatives hampered overall results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1462698.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American High-Income Trust — Class 529-F-1\* | 7.35% | 6.84% | 6.34% |
| Bloomberg U.S. Aggregate Index† | 2.88% | (0.45)% | 1.84% |
| Bloomberg U.S. Corp High Yield 2% Issuer Capped Index† | 7.41% | 5.54% | 6.16% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $25988 |
| Total number of portfolio holdings | 1023 |
| Total advisory fees paid (in millions) | $65 |
| Portfolio turnover rate | 40% |

---

**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, 2025 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. MF5FARX-021-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class 529-F-2 \| FAHHX** for the year ended September 30, 2025

This annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-2 | &nbsp;&nbsp;$44 | 0.42% |

---

#### Management's discussion of fund performance
The fund's Class 529-F-2 shares gained 7.47% for the year ended September 30, 2025. That result compares with a 7.41% gain for the Bloomberg U.S. Corp High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to

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

#### What factors influenced results
During the fund's fiscal year, U.S. corporate high-yield bonds delivered strong returns despite significant volatility. In January 2025, long-term Treasury yields approached decade-high levels against the backdrop of a widening federal budget deficit and shifting expectations around Federal Reserve (Fed) policy. The Fed cut interest rates three times during the period in response to the balance of risks between persistent inflation and signs of weakness in the labor market. Ten-year U.S. Treasury yields were volatile but ended the period near 12-month lows.

Within the fund, holdings in electric utilities and technology were particularly additive to results relative to the benchmark. Similarly, holdings in communications and real estate investment trust (REIT) bonds also contributed positively to relative returns.

Conversely, the fund's holdings in the energy, consumer cyclical and basic industry sectors had a negative impact on returns relative to the index. Additionally, the fund's exposure to cash/money markets and derivatives hampered overall results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1463270.jpg)

#### Average annual total retur ns

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American High-Income Trust — Class 529-F-22 | 7.47% | 7.00% |
| Bloomberg U.S. Aggregate Index3 | 2.88% | (0.37)% |
| Bloomberg U.S. Corp High Yield 2% Issuer Capped Index3 | 7.41% | 5.53% |

---

<sup>1</sup> Class 529-F-2 shares were first offered on October 30, 2020.

<sup>2</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $25988 |
| Total number of portfolio holdings | 1023 |
| Total advisory fees paid (in millions) | $65 |
| Portfolio turnover rate | 40% |

---

**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, 2025 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. MF5XARX-021-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class 529-F-3 \| FTAHX** for the year ended September 30, 2025

This annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-3 | &nbsp;&nbsp;$38 | 0.37% |

---

#### Management's discussion of fund performance
The fund's Class 529-F-3 shares gained 7.52% for the year ended September 30, 2025. That result compares with a 7.41% gain for the Bloomberg U.S. Corp High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to

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

#### What factors influenced results
During the fund's fiscal year, U.S. corporate high-yield bonds delivered strong returns despite significant volatility. In January 2025, long-term Treasury yields approached decade-high levels against the backdrop of a widening federal budget deficit and shifting expectations around Federal Reserve (Fed) policy. The Fed cut interest rates three times during the period in response to the balance of risks between persistent inflation and signs of weakness in the labor market. Ten-year U.S. Treasury yields were volatile but ended the period near 12-month lows.

Within the fund, holdings in electric utilities and technology were particularly additive to results relative to the benchmark. Similarly, holdings in communications and real estate investment trust (REIT) bonds also contributed positively to relative returns.

Conversely, the fund's holdings in the energy, consumer cyclical and basic industry sectors had a negative impact on returns relative to the index. Additionally, the fund's exposure to cash/money markets and derivatives hampered overall results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1463314.jpg)

#### Average annual total returns

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American High-Income Trust — Class 529-F-32 | 7.52% | 7.04% |
| Bloomberg U.S. Aggregate Index3 | 2.88% | (0.37)% |
| Bloomberg U.S. Corp High Yield 2% Issuer Capped Index3 | 7.41% | 5.53% |

---

<sup>1</sup> Class 529-F-3 shares were first offered on October 30, 2020.

<sup>2</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $25988 |
| Total number of portfolio holdings | 1023 |
| Total advisory fees paid (in millions) | $65 |
| Portfolio turnover rate | 40% |

---

**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, 2025 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. MF5YARX-021-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class R-1 \| RITAX** for the year ended September 30, 2025

This annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-1 | &nbsp;&nbsp;$146 | 1.41% |

---

#### Management's discussion of fund performance
The fund's Class R-1 shares gained 6.42% for the year ended September 30, 2025. That result compares with a 7.41% gain for the Bloomberg U.S. Corp High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to

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

#### What factors influenced results
During the fund's fiscal year, U.S. corporate high-yield bonds delivered strong returns despite significant volatility. In January 2025, long-term Treasury yields approached decade-high levels against the backdrop of a widening federal budget deficit and shifting expectations around Federal Reserve (Fed) policy. The Fed cut interest rates three times during the period in response to the balance of risks between persistent inflation and signs of weakness in the labor market. Ten-year U.S. Treasury yields were volatile but ended the period near 12-month lows.

Within the fund, holdings in electric utilities and technology were particularly additive to results relative to the benchmark. Similarly, holdings in communications and real estate investment trust (REIT) bonds also contributed positively to relative returns.

Conversely, the fund's holdings in the energy, consumer cyclical and basic industry sectors had a negative impact on returns relative to the index. Additionally, the fund's exposure to cash/money markets and derivatives hampered overall results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1462786.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American High-Income Trust — Class R-1\* | 6.42% | 5.91% | 5.38% |
| Bloomberg U.S. Aggregate Index† | 2.88% | (0.45)% | 1.84% |
| Bloomberg U.S. Corp High Yield 2% Issuer Capped Index† | 7.41% | 5.54% | 6.16% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $25988 |
| Total number of portfolio holdings | 1023 |
| Total advisory fees paid (in millions) | $65 |
| Portfolio turnover rate | 40% |

---

**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, 2025 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. MFR1ARX-021-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class R-2 \| RITBX** for the year ended September 30, 2025

This annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-2 | &nbsp;&nbsp;$145 | 1.40% |

---

#### Management's discussion of fund performance
The fund's Class R-2 shares gained 6.43% for the year ended September 30, 2025. That result compares with a 7.41% gain for the Bloomberg U.S. Corp High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to

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

#### What factors influenced results
During the fund's fiscal year, U.S. corporate high-yield bonds delivered strong returns despite significant volatility. In January 2025, long-term Treasury yields approached decade-high levels against the backdrop of a widening federal budget deficit and shifting expectations around Federal Reserve (Fed) policy. The Fed cut interest rates three times during the period in response to the balance of risks between persistent inflation and signs of weakness in the labor market. Ten-year U.S. Treasury yields were volatile but ended the period near 12-month lows.

Within the fund, holdings in electric utilities and technology were particularly additive to results relative to the benchmark. Similarly, holdings in communications and real estate investment trust (REIT) bonds also contributed positively to relative returns.

Conversely, the fund's holdings in the energy, consumer cyclical and basic industry sectors had a negative impact on returns relative to the index. Additionally, the fund's exposure to cash/money markets and derivatives hampered overall results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1462830.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American High-Income Trust — Class R-2\* | 6.43% | 5.92% | 5.39% |
| Bloomberg U.S. Aggregate Index† | 2.88% | (0.45)% | 1.84% |
| Bloomberg U.S. Corp High Yield 2% Issuer Capped Index† | 7.41% | 5.54% | 6.16% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $25988 |
| Total number of portfolio holdings | 1023 |
| Total advisory fees paid (in millions) | $65 |
| Portfolio turnover rate | 40% |

---

**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, 2025 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. MFR2ARX-021-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class R-2E \| RTEHX** for the year ended September 30, 2025

This annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-2E | &nbsp;&nbsp;$116 | 1.12% |

---

#### Management's discussion of fund performance
The fund's Class R-2E shares gained 6.73% for the year ended September 30, 2025. That result compares with a 7.41% gain for the Bloomberg U.S. Corp High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to

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

#### What factors influenced results
During the fund's fiscal year, U.S. corporate high-yield bonds delivered strong returns despite significant volatility. In January 2025, long-term Treasury yields approached decade-high levels against the backdrop of a widening federal budget deficit and shifting expectations around Federal Reserve (Fed) policy. The Fed cut interest rates three times during the period in response to the balance of risks between persistent inflation and signs of weakness in the labor market. Ten-year U.S. Treasury yields were volatile but ended the period near 12-month lows.

Within the fund, holdings in electric utilities and technology were particularly additive to results relative to the benchmark. Similarly, holdings in communications and real estate investment trust (REIT) bonds also contributed positively to relative returns.

Conversely, the fund's holdings in the energy, consumer cyclical and basic industry sectors had a negative impact on returns relative to the index. Additionally, the fund's exposure to cash/money markets and derivatives hampered overall results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1463050.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American High-Income Trust — Class R-2E\* | 6.73% | 6.22% | 5.71% |
| Bloomberg U.S. Aggregate Index† | 2.88% | (0.45)% | 1.84% |
| Bloomberg U.S. Corp High Yield 2% Issuer Capped Index† | 7.41% | 5.54% | 6.16% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $25988 |
| Total number of portfolio holdings | 1023 |
| Total advisory fees paid (in millions) | $65 |
| Portfolio turnover rate | 40% |

---

**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, 2025 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. MF2EARX-021-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class R-3 \| RITCX** for the year ended September 30, 2025

This annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-3 | &nbsp;&nbsp;$99 | 0.96% |

---

#### Management's discussion of fund performance
The fund's Class R-3 shares gained 6.89% for the year ended September 30, 2025. That result compares with a 7.41% gain for the Bloomberg U.S. Corp High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to

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

#### What factors influenced results
During the fund's fiscal year, U.S. corporate high-yield bonds delivered strong returns despite significant volatility. In January 2025, long-term Treasury yields approached decade-high levels against the backdrop of a widening federal budget deficit and shifting expectations around Federal Reserve (Fed) policy. The Fed cut interest rates three times during the period in response to the balance of risks between persistent inflation and signs of weakness in the labor market. Ten-year U.S. Treasury yields were volatile but ended the period near 12-month lows.

Within the fund, holdings in electric utilities and technology were particularly additive to results relative to the benchmark. Similarly, holdings in communications and real estate investment trust (REIT) bonds also contributed positively to relative returns.

Conversely, the fund's holdings in the energy, consumer cyclical and basic industry sectors had a negative impact on returns relative to the index. Additionally, the fund's exposure to cash/money markets and derivatives hampered overall results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1462874.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American High-Income Trust — Class R-3\* | 6.89% | 6.39% | 5.86% |
| Bloomberg U.S. Aggregate Index† | 2.88% | (0.45)% | 1.84% |
| Bloomberg U.S. Corp High Yield 2% Issuer Capped Index† | 7.41% | 5.54% | 6.16% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $25988 |
| Total number of portfolio holdings | 1023 |
| Total advisory fees paid (in millions) | $65 |
| Portfolio turnover rate | 40% |

---

**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, 2025 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. MFR3ARX-021-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class R-4 \| RITEX** for the year ended September 30, 2025

This annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-4 | &nbsp;&nbsp;$68 | 0.66% |

---

#### Management's discussion of fund performance
The fund's Class R-4 shares gained 7.22% for the year ended September 30, 2025. That result compares with a 7.41% gain for the Bloomberg U.S. Corp High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to

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

#### What factors influenced results
During the fund's fiscal year, U.S. corporate high-yield bonds delivered strong returns despite significant volatility. In January 2025, long-term Treasury yields approached decade-high levels against the backdrop of a widening federal budget deficit and shifting expectations around Federal Reserve (Fed) policy. The Fed cut interest rates three times during the period in response to the balance of risks between persistent inflation and signs of weakness in the labor market. Ten-year U.S. Treasury yields were volatile but ended the period near 12-month lows.

Within the fund, holdings in electric utilities and technology were particularly additive to results relative to the benchmark. Similarly, holdings in communications and real estate investment trust (REIT) bonds also contributed positively to relative returns.

Conversely, the fund's holdings in the energy, consumer cyclical and basic industry sectors had a negative impact on returns relative to the index. Additionally, the fund's exposure to cash/money markets and derivatives hampered overall results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1462918.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American High-Income Trust — Class R-4\* | 7.22% | 6.71% | 6.19% |
| Bloomberg U.S. Aggregate Index† | 2.88% | (0.45)% | 1.84% |
| Bloomberg U.S. Corp High Yield 2% Issuer Capped Index† | 7.41% | 5.54% | 6.16% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $25988 |
| Total number of portfolio holdings | 1023 |
| Total advisory fees paid (in millions) | $65 |
| Portfolio turnover rate | 40% |

---

**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, 2025 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. MFR4ARX-021-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class R-5E \| RITHX** for the year ended September 30, 2025

This annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-5E | &nbsp;&nbsp;$49 | 0.47% |

---

#### Management's discussion of fund performance
The fund's Class R-5E shares gained 7.42% for the year ended September 30, 2025. That result compares with a 7.41% gain for the Bloomberg U.S. Corp High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to

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

#### What factors influenced results
During the fund's fiscal year, U.S. corporate high-yield bonds delivered strong returns despite significant volatility. In January 2025, long-term Treasury yields approached decade-high levels against the backdrop of a widening federal budget deficit and shifting expectations around Federal Reserve (Fed) policy. The Fed cut interest rates three times during the period in response to the balance of risks between persistent inflation and signs of weakness in the labor market. Ten-year U.S. Treasury yields were volatile but ended the period near 12-month lows.

Within the fund, holdings in electric utilities and technology were particularly additive to results relative to the benchmark. Similarly, holdings in communications and real estate investment trust (REIT) bonds also contributed positively to relative returns.

Conversely, the fund's holdings in the energy, consumer cyclical and basic industry sectors had a negative impact on returns relative to the index. Additionally, the fund's exposure to cash/money markets and derivatives hampered overall results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1463094.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American High-Income Trust — Class R-5E2 | 7.42% | 6.91% | 6.53% |
| Bloomberg U.S. Aggregate Index3 | 2.88% | (0.45)% | 1.91% |
| Bloomberg U.S. Corp High Yield 2% Issuer Capped Index3 | 7.41% | 5.54% | 6.20% |

---

<sup>1</sup> Class R-5E shares were first offered on November 20, 2015.

<sup>2</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $25988 |
| Total number of portfolio holdings | 1023 |
| Total advisory fees paid (in millions) | $65 |
| Portfolio turnover rate | 40% |

---

**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, 2025 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. MFE5ARX-021-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class R-5 \| RITFX** for the year ended September 30, 2025

This annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-5 | &nbsp;&nbsp;$38 | 0.37% |

---

#### Management's discussion of fund performance
The fund's Class R-5 shares gained 7.52% for the year ended September 30, 2025. That result compares with a 7.41% gain for the Bloomberg U.S. Corp High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to

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

#### What factors influenced results
During the fund's fiscal year, U.S. corporate high-yield bonds delivered strong returns despite significant volatility. In January 2025, long-term Treasury yields approached decade-high levels against the backdrop of a widening federal budget deficit and shifting expectations around Federal Reserve (Fed) policy. The Fed cut interest rates three times during the period in response to the balance of risks between persistent inflation and signs of weakness in the labor market. Ten-year U.S. Treasury yields were volatile but ended the period near 12-month lows.

Within the fund, holdings in electric utilities and technology were particularly additive to results relative to the benchmark. Similarly, holdings in communications and real estate investment trust (REIT) bonds also contributed positively to relative returns.

Conversely, the fund's holdings in the energy, consumer cyclical and basic industry sectors had a negative impact on returns relative to the index. Additionally, the fund's exposure to cash/money markets and derivatives hampered overall results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1462962.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American High-Income Trust — Class R-5\* | 7.52% | 7.02% | 6.50% |
| Bloomberg U.S. Aggregate Index† | 2.88% | (0.45)% | 1.84% |
| Bloomberg U.S. Corp High Yield 2% Issuer Capped Index† | 7.41% | 5.54% | 6.16% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $25988 |
| Total number of portfolio holdings | 1023 |
| Total advisory fees paid (in millions) | $65 |
| Portfolio turnover rate | 40% |

---

**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, 2025 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. MFR5ARX-021-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## American High-Income Trust <sup>®</sup>
**Class R-6 \| RITGX** for the year ended September 30, 2025

This annual shareholder report contains important information about American High-Income Trust (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-6 | &nbsp;&nbsp;$33 | 0.32% |

---

#### Management's discussion of fund performance
The fund's Class R-6 shares gained 7.58% for the year ended September 30, 2025. That result compares with a 7.41% gain for the Bloomberg U.S. Corp High Yield 2% Issuer Capped Index. For information on returns for additional periods, including the fund lifetime, please refer to

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

#### What factors influenced results
During the fund's fiscal year, U.S. corporate high-yield bonds delivered strong returns despite significant volatility. In January 2025, long-term Treasury yields approached decade-high levels against the backdrop of a widening federal budget deficit and shifting expectations around Federal Reserve (Fed) policy. The Fed cut interest rates three times during the period in response to the balance of risks between persistent inflation and signs of weakness in the labor market. Ten-year U.S. Treasury yields were volatile but ended the period near 12-month lows.

Within the fund, holdings in electric utilities and technology were particularly additive to results relative to the benchmark. Similarly, holdings in communications and real estate investment trust (REIT) bonds also contributed positively to relative returns.

Conversely, the fund's holdings in the energy, consumer cyclical and basic industry sectors had a negative impact on returns relative to the index. Additionally, the fund's exposure to cash/money markets and derivatives hampered overall results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1463006.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American High-Income Trust — Class R-6\* | 7.58% | 7.08% | 6.56% |
| Bloomberg U.S. Aggregate Index† | 2.88% | (0.45)% | 1.84% |
| Bloomberg U.S. Corp High Yield 2% Issuer Capped Index† | 7.41% | 5.54% | 6.16% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $25988 |
| Total number of portfolio holdings | 1023 |
| Total advisory fees paid (in millions) | $65 |
| Portfolio turnover rate | 40% |

---

**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, 2025 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. MFR6ARX-021-1125© 2025 Capital Group. All rights reserved.

------

#### ITEM 2 - Code of Ethics
The Registrant has adopted a Code of Ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer and principal accounting officer, or persons performing similar functions. A copy of the code of ethics is available without charge at https://www.capitalgroup.com/individual/pdf/shareholder/cg_code_of_ethics.pdf.

------

#### ITEM 3 - Audit Committee Financial Expert
The Registrant's board has determined that Paul S. Williams, a member of the Registrant's audit committee, is an "audit committee financial expert" and "independent," as such terms are defined in this Item. This designation will not increase the designee's duties, obligations or liability as compared to his or her duties, obligations and liability as a member of the audit committee and of the board, nor will it reduce the responsibility of the other audit committee members. There may be other individuals who, through education or experience, would qualify as "audit committee financial experts" if the board had designated them as such. Most importantly, the board believes each member of the audit committee contributes significantly to the effective oversight of the Registrant's financial statements and condition.

------

#### ITEM 4 - Principal Accountant Fees and Services

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Registrant<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;&nbsp;&nbsp;(b) Audit-Related Fees | (c) Tax Fees | &nbsp;&nbsp;&nbsp;&nbsp;(d) All Other Fees |
| **September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223000 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;10000 |  |
| **September 30, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388000 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;9000 |  |
| **Adviser and Affiliates<sup>2</sup>** |  |  |  |  |
| **September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable | &nbsp;&nbsp;1697000 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;72000 |
| **September 30, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable | &nbsp;&nbsp;2550000 |  | &nbsp;&nbsp;&nbsp;&nbsp;11000 |

---

---

| | |
|:---|:---|
| **Registrant, Adviser and Affiliates<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Aggregate |
| **Registrant, Adviser and Affiliates<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**non-audit fees** |
| **September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786000 |
| **September 30, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2574000 |

---

<sup>1</sup>The audit fees represents fees billed for professional services rendered for the audit and review of the Registrant's annual financial statements. The audit-related fees represents fees billed for assurance and related services that are reasonably related to the performance of the audit or review of the Registrant's financial statements, but not reported under "audit fees". The tax fees consist of professional services relating to the preparation of the Registrant's tax returns. The other fees represents fees, if any, billed for other products and services rendered by the principal accountant to the Registrant other than those reported under the "audit fees", "audit-related fees", and "tax fees".

<sup>2</sup>This includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below. The audit-related fees consist of assurance and related services relating to the examination of the Registrant's transfer agent, principal underwriter and investment adviser conducted in accordance with Statement on Standards for Attestation Engagements Number 18 issued by the American Institute of Certified Public Accountants. The tax fees consist of consulting services relating to the Registrant's investments. The other fees consist of subscription services related to an accounting research tool.

<sup>3</sup>Aggregate non-audit fees paid to the Registrant's auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors' independence.

**(e1)(e2)(h)** All audit and permissible non-audit services that the Registrant's audit committee considers compatible with maintaining the independent registered public accounting firm's independence are required to be pre-approved by the committee. The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services. Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre- approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates.

**(f)**Not applicable.

**(i)**Not applicable.

**(j)**Not applicable.

------

#### ITEM 5 - Audit Committee of Listed Registrants
Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.

------

#### ITEM 6 - Investments
The schedule of investments is included as part of the material filed under Item 7 of this Form.

------

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

------

![](imgf142a9db1.jpg)

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

Financial Statements and Other Information

N-CSR Items 7-11

for the year ended September 30, 2025

Lit. No. MFGEFP4-021-1125© 2025 Capital Group. All rights reserved.

------

Investment portfolio September 30, 2025

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 87.95% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans 87.82%** | **Corporate bonds, notes & loans 87.82%** | **Corporate bonds, notes & loans 87.82%** |
| **Communication services 14.13%** | **Communication services 14.13%** | **Communication services 14.13%** |
| CCO Holdings, LLC 5.50% 5/1/2026 <sup>(a)</sup>  | USD2,094 | $2093 |
| CCO Holdings, LLC 5.125% 5/1/2027 <sup>(a)</sup>  | 128 | 127 |
| CCO Holdings, LLC 5.00% 2/1/2028 <sup>(a)</sup>  | 44293 | 43903 |
| CCO Holdings, LLC 5.375% 6/1/2029 <sup>(a)</sup>  | 15976 | 15882 |
| CCO Holdings, LLC 6.375% 9/1/2029 <sup>(a)</sup>  | 7900 | 8015 |
| CCO Holdings, LLC 4.75% 3/1/2030 <sup>(a)</sup>  | 62546 | 60066 |
| CCO Holdings, LLC 4.50% 8/15/2030 <sup>(a)</sup>  | 56202 | 53116 |
| CCO Holdings, LLC 4.25% 2/1/2031 <sup>(a)</sup>  | 73951 | 68172 |
| CCO Holdings, LLC 7.375% 3/1/2031 <sup>(a)</sup>  | 1690 | 1745 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(a)</sup>  | 58823 | 54448 |
| CCO Holdings, LLC 4.50% 5/1/2032  | 78517 | 71505 |
| CCO Holdings, LLC 4.50% 6/1/2033 <sup>(a)</sup>  | 92426 | 82230 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(a)</sup>  | 110329 | 95455 |
| Charter Communications Operating, LLC 5.85% 12/1/2035  | 291 | 294 |
| Charter Communications Operating, LLC 4.80% 3/1/2050  | 10713 | 8490 |
| Charter Communications Operating, LLC 3.70% 4/1/2051  | 11660 | 7698 |
| Charter Communications Operating, LLC 3.90% 6/1/2052  | 23326 | 15810 |
| Charter Communications Operating, LLC 5.25% 4/1/2053  | 22981 | 19216 |
| Charter Communications Operating, LLC 6.70% 12/1/2055  | 191 | 193 |
| Charter Communications Operating, LLC 3.85% 4/1/2061  | 4245 | 2648 |
| Clear Channel Outdoor Holdings, Inc. 7.75% 4/15/2028 <sup>(a)</sup>  | 28850 | 28823 |
| Clear Channel Outdoor Holdings, Inc. 7.50% 6/1/2029 <sup>(a)</sup>  | 8250 | 8022 |
| Clear Channel Outdoor Holdings, Inc. 7.125% 2/15/2031 <sup>(a)</sup>  | 23200 | 23998 |
| Connect Finco SARL 9.00% 9/15/2029 <sup>(a)</sup>  | 193153 | 203323 |
| Connect Finco SARL, Term Loan B, (1-month USD CME Term SOFR + 4.50%) 8.663% 9/27/2029 <sup>(b)(c)</sup>  | 17157 | 16972 |
| Consolidated Communications, Inc. 5.00% 10/1/2028 <sup>(a)</sup>  | 11315 | 11456 |
| CSC Holdings, LLC 5.50% 4/15/2027 <sup>(a)</sup>  | 14570 | 13841 |
| CSC Holdings, LLC, Term Loan B, (USD Prime Rate + 1.50%) 9.00% 4/15/2027 <sup>(b)(c)</sup>  | 8082 | 7830 |
| CSC Holdings, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.65% 1/18/2028 <sup>(b)(c)</sup>  | 38491 | 38347 |
| Cumulus Media New Holdings, Inc. 8.00% 7/1/2029 <sup>(a)</sup>  | 7000 | 1820 |
| Diamond Sports Net, LLC, Term Loan, 15.00% PIK 1/2/2028 <sup>(b)(d)</sup>  | 486 | 428 |
| DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(a)</sup>  | 58672 | 58650 |
| DIRECTV Financing, LLC 8.875% 2/1/2030 <sup>(a)</sup>  | 77885 | 77026 |
| DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.00%) 9.57% 8/2/2027 <sup>(b)(c)</sup>  | 1313 | 1315 |
| DISH Network Corp. 11.75% 11/15/2027 <sup>(a)</sup>  | 303827 | 321776 |
| EchoStar Corp. 10.75% 11/30/2029  | 210465 | 231711 |
| EchoStar Corp. 6.75% PIK 11/30/2030 <sup>(d)</sup>  | 79995 | 82532 |
| Embarq, LLC 7.995% 6/1/2036  | 112111 | 56125 |
| Frontier Communications Holdings, LLC 5.875% 10/15/2027 <sup>(a)</sup>  | 5745 | 5746 |
| Frontier Communications Holdings, LLC 5.00% 5/1/2028 <sup>(a)</sup>  | 8910 | 8897 |
| Frontier Communications Holdings, LLC 6.75% 5/1/2029 <sup>(a)</sup>  | 86058 | 86989 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029  | 45546 | 46064 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(a)</sup>  | 68143 | 69004 |
| Frontier Communications Holdings, LLC 8.75% 5/15/2030 <sup>(a)</sup>  | 9875 | 10324 |
| Frontier Communications Holdings, LLC 8.625% 3/15/2031 <sup>(a)</sup>  | 5225 | 5513 |
| Gray Media, Inc. 10.50% 7/15/2029 <sup>(a)</sup>  | 91520 | 99032 |
| Gray Media, Inc. 4.75% 10/15/2030 <sup>(a)</sup>  | 13162 | 10118 |
| Gray Media, Inc. 5.375% 11/15/2031 <sup>(a)</sup>  | 58930 | 44308 |
| Gray Media, Inc. 9.625% 7/15/2032 <sup>(a)</sup>  | 37051 | 37885 |
| Gray Television, Inc., Term Loan D, (3-month USD CME Term SOFR + 3.00%) 7.395% 12/1/2028 <sup>(b)(c)</sup>  | 8636 | 8647 |
| Gray Television, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.53% 6/4/2029 <sup>(b)(c)</sup>  | 596 | 597 |
| Lamar Media Corp. 3.625% 1/15/2031  | 15575 | 14504 |
| Lamar Media Corp. 5.375% 11/1/2033 <sup>(a)</sup>  | 11380 | 11310 |
| Ligado Networks, LLC, 17.50% PIK 11/1/2023 <sup>(a)(d)(e)</sup>  | 62737 | 20860 |
| Ligado Networks, LLC, Term Loan, 17.50% PIK 05/05/2028 <sup>(b)(d)(f)</sup>  | 18857 | 18857 |
| Lindblad Expeditions, LLC 7.00% 9/15/2030 <sup>(a)</sup>  | 21990 | 22428 |
| Live Nation Entertainment, Inc. 4.75% 10/15/2027 <sup>(a)</sup>  | 10235 | 10174 |
| Live Nation Entertainment, Inc. 3.75% 1/15/2028 <sup>(a)</sup>  | 5605 | 5483 |
| News Corp. 3.875% 5/15/2029 <sup>(a)</sup>  | 5325 | 5144 |
| Nexstar Media, Inc. 5.625% 7/15/2027 <sup>(a)</sup>  | 34745 | 34723 |
| Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(a)</sup>  | 82876 | 80959 |
| OUTFRONT Media Capital, LLC 4.625% 3/15/2030 <sup>(a)</sup>  | 60 | 58 |

---

---

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

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Communication services (continued)** | **Communication services (continued)** | **Communication services (continued)** |
| Paramount Global 7.875% 7/30/2030  | USD3,200 | $3574 |
| Paramount Global 6.875% 4/30/2036  | 12000 | 12735 |
| Scripps Escrow II, Inc. 3.875% 1/15/2029 <sup>(a)</sup>  | 6975 | 6151 |
| Sinclair Television Group, Inc. 5.125% 2/15/2027 <sup>(a)</sup>  | 1000 | 1001 |
| Sinclair Television Group, Inc. 8.125% 2/15/2033 <sup>(a)</sup>  | 27385 | 28126 |
| Sirius XM Radio, LLC 3.125% 9/1/2026 <sup>(a)</sup>  | 29990 | 29605 |
| Sirius XM Radio, LLC 5.00% 8/1/2027 <sup>(a)</sup>  | 23280 | 23187 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(a)</sup>  | 82755 | 80032 |
| Sirius XM Radio, LLC 5.50% 7/1/2029 <sup>(a)</sup>  | 19175 | 19195 |
| Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(a)</sup>  | 86893 | 81558 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(a)</sup>  | 134998 | 122431 |
| Snap, Inc. 6.875% 3/1/2033 <sup>(a)</sup>  | 37005 | 37864 |
| Sprint, LLC 7.625% 3/1/2026  | 6450 | 6465 |
| Stagwell Global, LLC 5.625% 8/15/2029 <sup>(a)</sup>  | 24490 | 23810 |
| TEGNA, Inc. 5.00% 9/15/2029  | 27517 | 27397 |
| Univision Communications, Inc. 8.00% 8/15/2028 <sup>(a)</sup>  | 47296 | 49046 |
| Univision Communications, Inc. 4.50% 5/1/2029 <sup>(a)</sup>  | 98667 | 93148 |
| Univision Communications, Inc. 7.375% 6/30/2030 <sup>(a)</sup>  | 60186 | 60525 |
| Univision Communications, Inc. 8.50% 7/31/2031 <sup>(a)</sup>  | 27110 | 28017 |
| Univision Communications, Inc. 9.375% 8/1/2032 <sup>(a)</sup>  | 95025 | 101345 |
| Virgin Media Secured Finance PLC 4.50% 8/15/2030 <sup>(a)</sup>  | 1000 | 944 |
| VMED O2 UK Financing I PLC 4.25% 1/31/2031 <sup>(a)</sup>  | 4600 | 4268 |
| WarnerMedia Holdings, Inc. 3.755% 3/15/2027  | 8875 | 8761 |
| WarnerMedia Holdings, Inc. 4.054% 3/15/2029  | 70344 | 67941 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032  | 33444 | 30685 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042  | 203237 | 162375 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052  | 9983 | 7450 |
| WMG Acquisition Corp. 3.75% 12/1/2029 <sup>(a)</sup>  | 30238 | 28866 |
| WMG Acquisition Corp. 3.875% 7/15/2030 <sup>(a)</sup>  | 21627 | 20529 |
| WMG Acquisition Corp. 3.00% 2/15/2031 <sup>(a)</sup>  | 4050 | 3754 |
| X Corp., Term Loan B3, 9.50% 10/26/2029 <sup>(b)</sup>  | 9000 | 9051 |
| X Corp., Term Loan B, (USD-SOFR + 6.50%) 10.958% 10/26/2029 <sup>(b)(c)</sup>  | 36802 | 36149 |
| Ziggo BV 4.875% 1/15/2030 <sup>(a)</sup>  | 3670 | 3467 |
|  |  | 3672177 |
| **Energy 12.23%** | **Energy 12.23%** | **Energy 12.23%** |
| 3R Lux SARL 9.75% 2/5/2031 <sup>(a)</sup>  | 7395 | 7814 |
| Antero Midstream Partners, LP 5.375% 6/15/2029 <sup>(a)</sup>  | 11250 | 11217 |
| Antero Midstream Partners, LP 6.625% 2/1/2032 <sup>(a)</sup>  | 925 | 953 |
| Archrock Partners, LP 6.25% 4/1/2028 <sup>(a)</sup>  | 5720 | 5732 |
| Archrock Partners, LP 6.625% 9/1/2032 <sup>(a)</sup>  | 12710 | 13047 |
| Ascent Resources Utica Holdings, LLC 9.00% 11/1/2027 <sup>(a)</sup>  | 3830 | 4630 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(a)</sup>  | 26390 | 26356 |
| Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(a)</sup>  | 26815 | 27385 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(a)</sup>  | 18660 | 18986 |
| Baytex Energy Corp. 8.50% 4/30/2030 <sup>(a)</sup>  | 14465 | 14884 |
| Baytex Energy Corp. 7.375% 3/15/2032 <sup>(a)</sup>  | 13885 | 13605 |
| BIP-V Chinook Holdco, LLC 5.50% 6/15/2031 <sup>(a)</sup>  | 27330 | 27094 |
| Blue Racer Midstream, LLC 7.00% 7/15/2029 <sup>(a)</sup>  | 2785 | 2890 |
| Blue Racer Midstream, LLC 7.25% 7/15/2032 <sup>(a)</sup>  | 10465 | 11014 |
| Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(a)</sup>  | 52500 | 52278 |
| Borr IHC, Ltd. 10.375% 11/15/2030 <sup>(a)</sup>  | 15998 | 16038 |
| California Resources Corp. 7.125% 2/1/2026 <sup>(a)</sup>  | 3121 | 3130 |
| California Resources Corp. 8.25% 6/15/2029 <sup>(a)</sup>  | 11625 | 12132 |
| Caturus Energy, LLC 8.50% 2/15/2030 <sup>(a)</sup>  | 26865 | 27993 |
| Cenovus Energy, Inc. 4.25% 4/15/2027  | 390 | 390 |
| Cenovus Energy, Inc. 5.25% 6/15/2037  | 151 | 147 |
| Cenovus Energy, Inc. 5.40% 6/15/2047  | 232 | 214 |
| Chord Energy Corp. 6.75% 3/15/2033 <sup>(a)</sup>  | 32085 | 32528 |
| CITGO Petroleum Corp. 8.375% 1/15/2029 <sup>(a)</sup>  | 27700 | 28855 |
| Civitas Resources, Inc. 5.00% 10/15/2026 <sup>(a)</sup>  | 10025 | 9984 |
| Civitas Resources, Inc. 8.375% 7/1/2028 <sup>(a)</sup>  | 20620 | 21399 |
| Civitas Resources, Inc. 8.625% 11/1/2030 <sup>(a)</sup>  | 16405 | 17003 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(a)</sup>  | 54508 | 55912 |
| Civitas Resources, Inc. 9.625% 6/15/2033 <sup>(a)</sup>  | 7180 | 7589 |

---

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

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Energy (continued)** | **Energy (continued)** | **Energy (continued)** |
| CNX Midstream Partners, LP 4.75% 4/15/2030 <sup>(a)</sup>  | USD5,745 | $5514 |
| CNX Resources Corp. 6.00% 1/15/2029 <sup>(a)</sup>  | 35060 | 35100 |
| CNX Resources Corp. 7.375% 1/15/2031 <sup>(a)</sup>  | 20626 | 21281 |
| CNX Resources Corp. 7.25% 3/1/2032 <sup>(a)</sup>  | 55835 | 57967 |
| Comstock Resources, Inc. 6.75% 3/1/2029 <sup>(a)</sup>  | 6150 | 6144 |
| Comstock Resources, Inc. 5.875% 1/15/2030 <sup>(a)</sup>  | 21285 | 20516 |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(a)(g)</sup>  | 49175 | 50454 |
| Crescent Energy Finance, LLC 9.25% 2/15/2028 <sup>(a)</sup>  | 26770 | 27812 |
| Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(a)</sup>  | 38270 | 38032 |
| Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(a)</sup>  | 36465 | 35534 |
| Crescent Energy Finance, LLC 8.375% 1/15/2034 <sup>(a)</sup>  | 12230 | 12402 |
| Diamond Foreign Asset Co. 8.50% 10/1/2030 <sup>(a)</sup>  | 9515 | 10090 |
| DT Midstream, Inc. 4.125% 6/15/2029 <sup>(a)</sup>  | 26695 | 26052 |
| DT Midstream, Inc. 4.375% 6/15/2031 <sup>(a)</sup>  | 7241 | 7001 |
| Energean Israel Finance, Ltd. 5.375% 3/30/2028 <sup>(a)</sup>  | 22800 | 22431 |
| Energean Israel Finance, Ltd. 5.875% 3/30/2031 <sup>(a)</sup>  | 13000 | 12497 |
| Energy Transfer, LP 6.00% 2/1/2029 <sup>(a)</sup>  | 1500 | 1521 |
| Energy Transfer, LP 7.375% 2/1/2031 <sup>(a)</sup>  | 377 | 394 |
| EQT Corp. 4.50% 1/15/2029  | 5000 | 5002 |
| EQT Corp. 4.75% 1/15/2031  | 22156 | 22119 |
| EQT Corp. 3.625% 5/15/2031 <sup>(a)</sup>  | 6515 | 6095 |
| Expand Energy Corp. 5.75% 3/15/2023 <sup>(e)</sup>  | 1730 | 7 |
| Expand Energy Corp. 5.875% 2/1/2029 <sup>(a)</sup>  | 10825 | 10866 |
| Expand Energy Corp. 6.75% 4/15/2029 <sup>(a)</sup>  | 2845 | 2875 |
| Expand Energy Corp. 5.375% 3/15/2030  | 2700 | 2746 |
| Expand Energy Corp. 4.75% 2/1/2032  | 2695 | 2650 |
| Expand Energy Corp. 4.875% 4/15/2032 <sup>(e)</sup>  | 28871 | 120 |
| Genesis Energy, LP 7.75% 2/1/2028  | 8635 | 8702 |
| Genesis Energy, LP 8.25% 1/15/2029  | 33320 | 34775 |
| Genesis Energy, LP 8.875% 4/15/2030  | 25863 | 27400 |
| Genesis Energy, LP 7.875% 5/15/2032  | 62250 | 64974 |
| Global Partners, LP 6.875% 1/15/2029  | 2950 | 2978 |
| Global Partners, LP 8.25% 1/15/2032 <sup>(a)</sup>  | 10000 | 10555 |
| Global Partners, LP 7.125% 7/1/2033 <sup>(a)</sup>  | 7535 | 7729 |
| Harbour Energy PLC 5.50% 10/15/2026 <sup>(a)</sup>  | 27305 | 27047 |
| Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(a)</sup>  | 28612 | 28942 |
| Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(a)</sup>  | 19210 | 19687 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(a)</sup>  | 18890 | 19268 |
| Hess Midstream Operations, LP 5.125% 6/15/2028 <sup>(a)</sup>  | 11390 | 11386 |
| Hess Midstream Operations, LP 6.50% 6/1/2029 <sup>(a)</sup>  | 16285 | 16806 |
| Hess Midstream Operations, LP 4.25% 2/15/2030 <sup>(a)</sup>  | 28875 | 28011 |
| Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(a)</sup>  | 11795 | 11889 |
| Hilcorp Energy I, LP 5.75% 2/1/2029 <sup>(a)</sup>  | 15685 | 15465 |
| Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(a)</sup>  | 18223 | 17976 |
| Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(a)</sup>  | 22172 | 21436 |
| Hilcorp Energy I, LP 6.25% 4/15/2032 <sup>(a)</sup>  | 11425 | 10968 |
| Hilcorp Energy I, LP 8.375% 11/1/2033 <sup>(a)</sup>  | 25156 | 26438 |
| Hilcorp Energy I, LP 7.25% 2/15/2035 <sup>(a)</sup>  | 1000 | 978 |
| Kodiak Gas Services, LLC 7.25% 2/15/2029 <sup>(a)</sup>  | 8555 | 8883 |
| Kodiak Gas Services, LLC 6.50% 10/1/2033 <sup>(a)</sup>  | 5010 | 5104 |
| Kodiak Gas Services, LLC 6.75% 10/1/2035 <sup>(a)</sup>  | 5010 | 5147 |
| Lealand Finance Co. BV, Term Loan, (3-month USD CME Term SOFR + 1.00%) 3.00% PIK and 5.43% Cash <br> 12/30/2027 <sup>(b)(c)(d)</sup>  | 42 | 34 |
| Matador Resources Co. 6.875% 4/15/2028 <sup>(a)</sup>  | 5000 | 5106 |
| Matador Resources Co. 6.50% 4/15/2032 <sup>(a)</sup>  | 15360 | 15518 |
| Matador Resources Co. 6.25% 4/15/2033 <sup>(a)</sup>  | 28695 | 28902 |
| MEG Energy Corp. 5.875% 2/1/2029 <sup>(a)</sup>  | 33520 | 33544 |
| Mesquite Energy, Inc. 7.25% 2/15/2023 <sup>(a)(e)</sup>  | 22796 | 65 |
| Murphy Oil Corp. 6.375% 7/15/2028  | 4682 | 4697 |
| Murphy Oil Corp. 6.00% 10/1/2032  | 12420 | 12262 |
| Murphy Oil USA, Inc. 3.75% 2/15/2031 <sup>(a)</sup>  | 21480 | 20008 |
| Nabors Industries, Inc. 7.375% 5/15/2027 <sup>(a)</sup>  | 6928 | 7038 |
| Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(a)</sup>  | 23305 | 24255 |
| Nabors Industries, Inc. 8.875% 8/15/2031 <sup>(a)</sup>  | 9705 | 9046 |
| Nabors Industries, Ltd. 7.50% 1/15/2028 <sup>(a)</sup>  | 1860 | 1860 |
| New Fortress Energy, Inc. 6.50% 9/30/2026 <sup>(a)</sup>  | 22215 | 5599 |

---

---

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

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Energy (continued)** | **Energy (continued)** | **Energy (continued)** |
| New Fortress Energy, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.50%) 9.57% 10/30/2028 <sup>(b)(c)</sup>  | USD6,112 | $3001 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(a)</sup>  | 429847 | 126805 |
| NGL Energy Operating, LLC 8.125% 2/15/2029 <sup>(a)</sup>  | 1185 | 1216 |
| NGL Energy Operating, LLC 8.375% 2/15/2032 <sup>(a)</sup>  | 9305 | 9543 |
| Noble Finance II, LLC 8.00% 4/15/2030 <sup>(a)</sup>  | 41175 | 42649 |
| Northern Oil and Gas, Inc. 8.75% 6/15/2031 <sup>(a)</sup>  | 16840 | 17418 |
| Northern Oil and Gas, Inc. 7.875% 10/15/2033 <sup>(a)</sup>  | 16755 | 16699 |
| NuStar Logistics, LP 6.00% 6/1/2026  | 6129 | 6168 |
| Occidental Petroleum Corp. 6.60% 3/15/2046  | 10412 | 10894 |
| Occidental Petroleum Corp. 6.05% 10/1/2054  | 29763 | 29067 |
| Parkland Corp. 5.875% 7/15/2027 <sup>(a)</sup>  | 12950 | 12964 |
| Parkland Corp. 4.625% 5/1/2030 <sup>(a)</sup>  | 7220 | 7024 |
| Parkland Corp. 6.625% 8/15/2032 <sup>(a)</sup>  | 1740 | 1789 |
| Permian Resources Operating, LLC 8.00% 4/15/2027 <sup>(a)</sup>  | 1190 | 1209 |
| Permian Resources Operating, LLC 5.875% 7/1/2029 <sup>(a)</sup>  | 1375 | 1382 |
| Permian Resources Operating, LLC 9.875% 7/15/2031 <sup>(a)</sup>  | 23092 | 25136 |
| Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(a)</sup>  | 17475 | 18137 |
| Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(a)</sup>  | 39061 | 39818 |
| Petrobras Global Finance BV 5.125% 9/10/2030  | 26850 | 26570 |
| Petroleos Mexicanos 6.875% 10/16/2025  | 6200 | 6196 |
| Petroleos Mexicanos 4.50% 1/23/2026  | 10000 | 9948 |
| Petroleos Mexicanos 6.875% 8/4/2026  | 8850 | 8973 |
| Petroleos Mexicanos 6.49% 1/23/2027  | 1850 | 1870 |
| Petroleos Mexicanos 5.35% 2/12/2028  | 23515 | 23431 |
| Petroleos Mexicanos 8.75% 6/2/2029  | 13695 | 14761 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 12860 | 13089 |
| Petroleos Mexicanos 5.95% 1/28/2031  | 28110 | 27245 |
| Petroleos Mexicanos 6.50% 6/2/2041  | 189 | 166 |
| Petroleos Mexicanos 6.375% 1/23/2045  | 73 | 59 |
| Petroleos Mexicanos 6.75% 9/21/2047  | 645 | 533 |
| Petroleos Mexicanos 6.35% 2/12/2048  | 107 | 85 |
| Petroleos Mexicanos 7.69% 1/23/2050  | 9175 | 8348 |
| Petroleos Mexicanos 6.95% 1/28/2060  | 7810 | 6429 |
| Range Resources Corp. 8.25% 1/15/2029  | 8450 | 8655 |
| Range Resources Corp. 4.75% 2/15/2030 <sup>(a)</sup>  | 9970 | 9760 |
| Saturn Oil & Gas, Inc. 9.625% 6/15/2029 <sup>(a)</sup>  | 10544 | 10932 |
| Seadrill Finance, Ltd. 8.375% 8/1/2030 <sup>(a)</sup>  | 17605 | 18292 |
| SM Energy Co. 6.50% 7/15/2028  | 2910 | 2931 |
| Suburban Propane Partners, LP 5.00% 6/1/2031 <sup>(a)</sup>  | 4610 | 4389 |
| Summit Midstream Holdings, LLC 8.625% 10/31/2029 <sup>(a)</sup>  | 42365 | 42607 |
| Sunoco, LP 6.00% 4/15/2027  | 12591 | 12595 |
| Sunoco, LP 5.875% 3/15/2028  | 4210 | 4223 |
| Sunoco, LP 7.00% 9/15/2028 <sup>(a)</sup>  | 34975 | 36082 |
| Sunoco, LP 7.00% 5/1/2029 <sup>(a)</sup>  | 6585 | 6823 |
| Sunoco, LP 4.50% 5/15/2029  | 36280 | 35419 |
| Sunoco, LP 4.50% 4/30/2030  | 38700 | 37292 |
| Sunoco, LP 5.625% 3/15/2031 <sup>(a)</sup>  | 18580 | 18455 |
| Sunoco, LP 7.25% 5/1/2032 <sup>(a)</sup>  | 21760 | 22853 |
| Sunoco, LP 6.25% 7/1/2033 <sup>(a)</sup>  | 19925 | 20295 |
| Sunoco, LP 5.875% 3/15/2034 <sup>(a)</sup>  | 20390 | 20226 |
| 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>  | 38000 | 38621 |
| Superior Plus, LP 4.50% 3/15/2029 <sup>(a)</sup>  | 6485 | 6262 |
| Talos Production, Inc. 9.00% 2/1/2029 <sup>(a)</sup>  | 17465 | 18072 |
| Talos Production, Inc. 9.375% 2/1/2031 <sup>(a)</sup>  | 30675 | 31973 |
| Targa Resources Partners, LP 6.875% 1/15/2029  | 18530 | 18877 |
| Targa Resources Partners, LP 5.50% 3/1/2030  | 6906 | 7026 |
| Targa Resources Partners, LP 4.875% 2/1/2031  | 1010 | 1013 |
| TGS ASA 8.50% 1/15/2030 <sup>(a)</sup>  | 17220 | 17753 |
| Tidewater, Inc. 9.125% 7/15/2030 <sup>(a)</sup>  | 4295 | 4609 |
| Transocean Aquila, Ltd. 8.00% 9/30/2028 <sup>(a)</sup>  | 5322 | 5478 |
| Transocean International, Ltd. 7.875% 10/15/2032 <sup>(a)</sup>  | 11400 | 11543 |
| Transocean Poseidon, Ltd. 6.875% 2/1/2027 <sup>(a)</sup>  | 6458 | 6470 |
| Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(a)</sup>  | 23057 | 23686 |
| Transocean, Inc. 8.00% 2/1/2027 <sup>(a)</sup>  | 12365 | 12357 |
| Transocean, Inc. 8.25% 5/15/2029 <sup>(a)</sup>  | 6410 | 6325 |

---

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

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Energy (continued)** | **Energy (continued)** | **Energy (continued)** |
| Transocean, Inc. 8.75% 2/15/2030 <sup>(a)</sup>  | USD12,211 | $12857 |
| Transocean, Inc. 8.50% 5/15/2031 <sup>(a)</sup>  | 14590 | 14309 |
| Transocean, Inc. 6.80% 3/15/2038  | 7850 | 6654 |
| USA Compression Partners, LP 6.875% 9/1/2027  | 4503 | 4505 |
| USA Compression Partners, LP 7.125% 3/15/2029 <sup>(a)</sup>  | 9195 | 9489 |
| USA Compression Partners, LP 6.25% 10/1/2033 <sup>(a)</sup>  | 26350 | 26467 |
| Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029 <sup>(a)</sup>  | 33785 | 32406 |
| Venture Global Calcasieu Pass, LLC 6.25% 1/15/2030 <sup>(a)</sup>  | 5504 | 5744 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(a)</sup>  | 59400 | 56105 |
| Venture Global Calcasieu Pass, LLC 3.875% 11/1/2033 <sup>(a)</sup>  | 23430 | 21128 |
| Venture Global LNG, Inc. 8.125% 6/1/2028 <sup>(a)</sup>  | 21350 | 22114 |
| Venture Global LNG, Inc. 9.50% 2/1/2029 <sup>(a)</sup>  | 8775 | 9676 |
| Venture Global LNG, Inc. 7.00% 1/15/2030 <sup>(a)</sup>  | 22565 | 23366 |
| Venture Global LNG, Inc. 8.375% 6/1/2031 <sup>(a)</sup>  | 32585 | 34236 |
| Venture Global LNG, Inc. 9.875% 2/1/2032 <sup>(a)</sup>  | 23258 | 25336 |
| 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>  | 10000 | 9918 |
| Venture Global Plaquemines LNG, LLC 7.50% 5/1/2033 <sup>(a)</sup>  | 32960 | 36442 |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(a)</sup>  | 51940 | 54707 |
| Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(a)</sup>  | 25975 | 29334 |
| Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(a)</sup>  | 45420 | 48272 |
| Vital Energy, Inc. 7.875% 4/15/2032 <sup>(a)</sup>  | 8350 | 8111 |
| Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(a)</sup>  | 89034 | 91078 |
| Weatherford International, Ltd. 6.75% 10/15/2033 <sup>(a)</sup>  | 26045 | 26079 |
| Western Midstream Operating, LP 4.50% 3/1/2028  | 340 | 341 |
| Western Midstream Operating, LP 5.25% 2/1/2050  | 5500 | 4791 |
| Wildfire Intermediate Holdings, LLC 7.50% 10/15/2029 <sup>(a)</sup>  | 9530 | 9653 |
|  |  | 3178533 |
| **Consumer discretionary 10.64%** | **Consumer discretionary 10.64%** | **Consumer discretionary 10.64%** |
| Advance Auto Parts, Inc. 5.95% 3/9/2028  | 26298 | 26910 |
| Advance Auto Parts, Inc. 3.90% 4/15/2030  | 20001 | 18585 |
| Advance Auto Parts, Inc. 7.00% 8/1/2030 <sup>(a)</sup>  | 2510 | 2584 |
| Advance Auto Parts, Inc. 3.50% 3/15/2032  | 13146 | 11506 |
| Advance Auto Parts, Inc. 7.375% 8/1/2033 <sup>(a)</sup>  | 13320 | 13746 |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 5.614%) 9.765% 3/11/2030 <sup>(b)(c)(f)(g)</sup>  | 13567 | 13567 |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 7.614%) 6.00% PIK and 5.98% Cash <br> 3/11/2030 <sup>(b)(c)(d)(f)(g)</sup>  | 12615 | 12615 |
| Allied Universal Holdco, LLC 4.625% 6/1/2028 <sup>(a)</sup>  | 12030 | 11802 |
| Allied Universal Holdco, LLC 6.00% 6/1/2029 <sup>(a)</sup>  | 30300 | 29814 |
| Allied Universal Holdco, LLC 6.875% 6/15/2030 <sup>(a)</sup>  | 33830 | 34800 |
| Allied Universal Holdco, LLC 7.875% 2/15/2031 <sup>(a)</sup>  | 11565 | 12136 |
| Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/2029 <sup>(a)</sup>  | 39212 | 40716 |
| Asbury Automotive Group, Inc. 4.625% 11/15/2029 <sup>(a)</sup>  | 24710 | 24001 |
| Asbury Automotive Group, Inc. 5.00% 2/15/2032 <sup>(a)</sup>  | 12930 | 12426 |
| Bath & Body Works, Inc. 6.875% 11/1/2035  | 32943 | 34317 |
| Bath & Body Works, Inc. 6.75% 7/1/2036  | 26895 | 27715 |
| Beach Acquisition Bidco, LLC 10.75% PIK or 10.00% Cash 7/15/2033 <sup>(a)(d)</sup>  | 13000 | 14055 |
| Belron Finance 2019, LLC 6.742% 10/16/2031 <sup>(b)(c)</sup>  | 14311 | 14400 |
| Boyd Gaming Corp. 4.75% 12/1/2027  | 8389 | 8357 |
| Boyd Gaming Corp. 4.75% 6/15/2031 <sup>(a)</sup>  | 30812 | 29729 |
| Boyne USA, Inc. 4.75% 5/15/2029 <sup>(a)</sup>  | 12285 | 12061 |
| Caesars Entertainment, Inc. 4.625% 10/15/2029 <sup>(a)</sup>  | 18715 | 17908 |
| Caesars Entertainment, Inc. 7.00% 2/15/2030 <sup>(a)</sup>  | 38340 | 39461 |
| Caesars Entertainment, Inc. 6.50% 2/15/2032 <sup>(a)</sup>  | 38762 | 39561 |
| Carnival Corp. 4.00% 8/1/2028 <sup>(a)</sup>  | 18085 | 17838 |
| Carnival Corp. 5.125% 5/1/2029 <sup>(a)</sup>  | 11010 | 11010 |
| Carnival Corp. 6.00% 5/1/2029 <sup>(a)</sup>  | 11137 | 11310 |
| Carnival Corp. 7.00% 8/15/2029 <sup>(a)</sup>  | 10030 | 10568 |
| Carnival Corp. 5.75% 8/1/2032 <sup>(a)</sup>  | 69264 | 70575 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(a)</sup>  | 90995 | 93331 |
| Cougar JV Subsidiary, LLC 8.00% 5/15/2032 <sup>(a)</sup>  | 44605 | 47488 |
| Fertitta Entertainment, LLC 4.625% 1/15/2029 <sup>(a)</sup>  | 23880 | 22747 |
| Fertitta Entertainment, LLC 6.75% 1/15/2030 <sup>(a)</sup>  | 47348 | 44465 |
| First Student Bidco, Inc. 4.00% 7/31/2029 <sup>(a)</sup>  | 23135 | 22025 |

---

---

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

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Consumer discretionary (continued)** | **Consumer discretionary (continued)** | **Consumer discretionary (continued)** |
| First Student Bidco, Inc., Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.711% 8/15/2030 <sup>(b)(c)</sup>  | USD5,645 | $5655 |
| First Student Bidco, Inc., Term Loan C, (3-month USD CME Term SOFR + 2.50%) 6.711% 8/15/2030 <sup>(b)(c)</sup>  | 1671 | 1674 |
| Flutter Treasury DAC 5.875% 6/4/2031 <sup>(a)</sup>  | 33327 | 33850 |
| Flutter Treasury DAC 6.125% 6/4/2031  | GBP8,025 | 10903 |
| Ford Motor Co. 3.25% 2/12/2032  | USD69,100 | 60478 |
| Ford Motor Co. 5.291% 12/8/2046  | 1000 | 843 |
| Ford Motor Credit Co., LLC 3.375% 11/13/2025  | 11000 | 10980 |
| Ford Motor Credit Co., LLC 7.35% 11/4/2027  | 1690 | 1763 |
| Ford Motor Credit Co., LLC 5.918% 3/20/2028  | 1663 | 1692 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028  | 8290 | 8658 |
| Ford Motor Credit Co., LLC 5.80% 3/8/2029  | 1760 | 1787 |
| Ford Motor Credit Co., LLC 5.113% 5/3/2029  | 9000 | 8936 |
| Ford Motor Credit Co., LLC 5.875% 11/7/2029  | 5475 | 5572 |
| Ford Motor Credit Co., LLC 7.20% 6/10/2030  | 4060 | 4342 |
| Ford Motor Credit Co., LLC 5.73% 9/5/2030  | 47947 | 48362 |
| Ford Motor Credit Co., LLC 4.00% 11/13/2030  | 10945 | 10213 |
| Ford Motor Credit Co., LLC 6.05% 3/5/2031  | 10485 | 10731 |
| Ford Motor Credit Co., LLC 3.625% 6/17/2031  | 14715 | 13387 |
| Ford Motor Credit Co., LLC 6.532% 3/19/2032  | 49140 | 51155 |
| Ford Motor Credit Co., LLC 7.122% 11/7/2033  | 12225 | 13073 |
| Ford Motor Credit Co., LLC 6.125% 3/8/2034  | 36245 | 36439 |
| Ford Motor Credit Co., LLC 6.50% 2/7/2035  | 58835 | 60476 |
| Gap, Inc. 3.625% 10/1/2029 <sup>(a)</sup>  | 3225 | 3022 |
| Gap, Inc. 3.875% 10/1/2031 <sup>(a)</sup>  | 2148 | 1962 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035  | 12850 | 13265 |
| Genting New York, LLC 7.25% 10/1/2029 <sup>(a)</sup>  | 33690 | 34824 |
| Great Canadian Gaming Corp. 8.75% 11/15/2029 <sup>(a)</sup>  | 43396 | 42944 |
| Hanesbrands, Inc. 9.00% 2/15/2031 <sup>(a)</sup>  | 52067 | 55181 |
| Hanesbrands, Inc., Term Loan B, (3-month USD CME Term SOFR + 2.75%) 6.913% 3/7/2032 <sup>(b)(c)</sup>  | 26112 | 26275 |
| Hilton Domestic Operating Co., Inc. 4.875% 1/15/2030  | 8287 | 8246 |
| Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(a)</sup>  | 20465 | 19382 |
| Hilton Domestic Operating Co., Inc. 5.75% 9/15/2033 <sup>(a)</sup>  | 21170 | 21468 |
| Hilton Grand Vacations Borrower, LLC 5.00% 6/1/2029 <sup>(a)</sup>  | 10880 | 10471 |
| Hyatt Hotels Corp. 5.75% 3/30/2032  | 6572 | 6857 |
| International Game Technology PLC 5.25% 1/15/2029 <sup>(a)</sup>  | 34522 | 34392 |
| KB Home 6.875% 6/15/2027  | 3390 | 3468 |
| KB Home 7.25% 7/15/2030  | 6770 | 6990 |
| Kohl's Corp. 5.125% 5/1/2031  | 2220 | 1764 |
| Kontoor Brands, Inc. 4.125% 11/15/2029 <sup>(a)</sup>  | 6770 | 6422 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(a)</sup>  | 74054 | 72610 |
| LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(a)</sup>  | 40135 | 42478 |
| Levi Strauss & Co. 3.50% 3/1/2031 <sup>(a)</sup>  | 26310 | 24461 |
| Light and Wonder International, Inc. 7.25% 11/15/2029 <sup>(a)</sup>  | 7800 | 8011 |
| Light and Wonder International, Inc. 7.50% 9/1/2031 <sup>(a)</sup>  | 6245 | 6499 |
| Light and Wonder International, Inc. 6.25% 10/1/2033 <sup>(a)</sup>  | 10005 | 10029 |
| Lithia Motors, Inc. 3.875% 6/1/2029 <sup>(a)</sup>  | 29794 | 28481 |
| Lithia Motors, Inc. 5.50% 10/1/2030 <sup>(a)</sup>  | 15830 | 15822 |
| Lithia Motors, Inc. 4.375% 1/15/2031 <sup>(a)</sup>  | 17130 | 16280 |
| M.D.C. Holdings, Inc. 6.00% 1/15/2043  | 15000 | 14296 |
| Macy's Retail Holdings, LLC 6.125% 3/15/2032 <sup>(a)</sup>  | 1230 | 1233 |
| Marriott Ownership Resorts, Inc. 4.75% 1/15/2028  | 1500 | 1477 |
| Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(a)</sup>  | 10220 | 9869 |
| Melco Resorts Finance, Ltd. 5.75% 7/21/2028 <sup>(a)</sup>  | 8910 | 8902 |
| Mercury Aggregator, LP, Term Loan, 19.00% 2/3/2026 <sup>(b)(f)</sup>  | 3042 | 1162 |
| Mercury Aggregator, LP, Term Loan 2, 19.00% 2/3/2026 <sup>(b)(f)</sup>  | 1739 | 664 |
| MGM Resorts International 5.50% 4/15/2027  | 5707 | 5748 |
| Newell Brands, Inc. 8.50% 6/1/2028 <sup>(a)</sup>  | 14415 | 15283 |
| Newell Brands, Inc. 6.625% 9/15/2029  | 9500 | 9572 |
| Newell Brands, Inc. 6.375% 5/15/2030  | 24765 | 24599 |
| Newell Brands, Inc. 6.625% 5/15/2032  | 33485 | 33130 |
| Newell Brands, Inc. 6.875% 4/1/2036  | 13055 | 13009 |
| Newell Brands, Inc. 7.00% 4/1/2046  | 7020 | 6197 |
| Nissan Motor Acceptance Co., LLC 5.30% 9/13/2027 <sup>(a)</sup>  | 10000 | 9996 |
| Nissan Motor Acceptance Co., LLC 6.125% 9/30/2030 <sup>(a)</sup>  | 14165 | 14179 |
| Nissan Motor Acceptance Corp. 1.85% 9/16/2026 <sup>(a)</sup>  | 2680 | 2585 |
| Nissan Motor Co., Ltd. 4.345% 9/17/2027 <sup>(a)</sup>  | 3085 | 3029 |

---

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

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Consumer discretionary (continued)** | **Consumer discretionary (continued)** | **Consumer discretionary (continued)** |
| Nissan Motor Co., Ltd. 7.50% 7/17/2030 <sup>(a)</sup>  | USD45,195 | $47465 |
| Nissan Motor Co., Ltd. 7.75% 7/17/2032 <sup>(a)</sup>  | 34165 | 36181 |
| Nissan Motor Co., Ltd. 8.125% 7/17/2035 <sup>(a)</sup>  | 86605 | 93024 |
| Party City Holdings, Inc. 0% 10/12/2028 <sup>(f)(g)</sup>  | 9100 | — <br><sup>(i)</sup><br>|
| Party City Holdings, Inc. 0% 10/12/2028 <sup>(f)(g)</sup>  | 5000 | — <br><sup>(i)</sup><br>|
| Party City Holdings, Inc. 0% 8/27/2030 <sup>(f)</sup>  | 50308 | 1006 |
| Penske Automotive Group, Inc. 3.75% 6/15/2029  | 6325 | 6047 |
| Petco Health and Wellness Co., Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 7.513% 3/3/2028 <sup>(b)(c)</sup>  | 7000 | 6831 |
| RHP Hotel Properties, LP 7.25% 7/15/2028 <sup>(a)</sup>  | 8782 | 9066 |
| RHP Hotel Properties, LP 4.50% 2/15/2029 <sup>(a)</sup>  | 15140 | 14861 |
| RHP Hotel Properties, LP 6.50% 6/15/2033 <sup>(a)</sup>  | 14225 | 14660 |
| Royal Caribbean Cruises, Ltd. 5.375% 7/15/2027 <sup>(a)</sup>  | 3580 | 3612 |
| Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028 <sup>(a)</sup>  | 15325 | 15626 |
| Royal Caribbean Cruises, Ltd. 6.25% 3/15/2032 <sup>(a)</sup>  | 10000 | 10327 |
| Royal Caribbean Cruises, Ltd. 6.00% 2/1/2033 <sup>(a)</sup>  | 12375 | 12695 |
| Royal Caribbean Cruises, Ltd. 5.375% 1/15/2036  | 2798 | 2815 |
| Sally Holdings, LLC 6.75% 3/1/2032  | 61917 | 64452 |
| Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(a)</sup>  | 12545 | 11672 |
| Scientific Games Holdings, LP, Term Loan, (3-month USD CME Term SOFR + 3.00%) 7.286% 4/4/2029 <sup>(b)(c)</sup>  | 39298 | 39028 |
| Service Corp. International 4.625% 12/15/2027  | 9870 | 9830 |
| Service Corp. International 5.125% 6/1/2029  | 1820 | 1824 |
| Service Corp. International 3.375% 8/15/2030  | 4675 | 4336 |
| Service Corp. International 4.00% 5/15/2031  | 10150 | 9577 |
| Service Corp. International 5.75% 10/15/2032  | 8410 | 8531 |
| Somnigroup International, Inc. 4.00% 4/15/2029 <sup>(a)</sup>  | 5255 | 5051 |
| Sonic Automotive, Inc. 4.625% 11/15/2029 <sup>(a)</sup>  | 38415 | 37336 |
| Sonic Automotive, Inc. 4.875% 11/15/2031 <sup>(a)</sup>  | 63209 | 60489 |
| Station Casinos, LLC 4.50% 2/15/2028 <sup>(a)</sup>  | 1100 | 1082 |
| Station Casinos, LLC 6.625% 3/15/2032 <sup>(a)</sup>  | 8130 | 8357 |
| TopBuild Corp. 5.625% 1/31/2034 <sup>(a)</sup>  | 22340 | 22275 |
| Travel + Leisure Co. 4.50% 12/1/2029 <sup>(a)</sup>  | 24455 | 23644 |
| Travel + Leisure Co. 4.625% 3/1/2030 <sup>(a)</sup>  | 4780 | 4611 |
| Universal Entertainment Corp. 9.875% 8/1/2029 <sup>(a)</sup>  | 59225 | 58848 |
| Vail Resorts, Inc. 5.625% 7/15/2030 <sup>(a)</sup>  | 7755 | 7808 |
| Vail Resorts, Inc. 6.50% 5/15/2032 <sup>(a)</sup>  | 20013 | 20706 |
| Valvoline, Inc. 3.625% 6/15/2031 <sup>(a)</sup>  | 13085 | 12008 |
| Voyager Parent, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.75%) 8.752% 7/1/2032 <sup>(b)(c)</sup>  | 18565 | 18626 |
| Wand NewCo 3, Inc. 7.625% 1/30/2032 <sup>(a)</sup>  | 570 | 601 |
| Wyndham Hotels & Resorts, Inc. 4.375% 8/15/2028 <sup>(a)</sup>  | 11825 | 11552 |
| Wynn Resorts Finance, LLC 5.125% 10/1/2029 <sup>(a)</sup>  | 35510 | 35667 |
| Wynn Resorts Finance, LLC 7.125% 2/15/2031 <sup>(a)</sup>  | 10396 | 11198 |
| Wynn Resorts Finance, LLC 6.25% 3/15/2033 <sup>(a)</sup>  | 31500 | 32010 |
| ZF North America Capital, Inc. 7.50% 3/24/2031 <sup>(a)</sup>  | 17640 | 17531 |
|  |  | 2764498 |
| **Financials 9.56%** | **Financials 9.56%** | **Financials 9.56%** |
| AG Issuer, LLC 6.25% 3/1/2028 <sup>(a)</sup>  | 37301 | 37401 |
| Alera Group Intermediate Holdings, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.25%) 7.413% <br> 5/30/2032 <sup>(b)(c)</sup>  | 15325 | 15396 |
| Alera Group Intermediate Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 5.50%) 9.663% <br>5/30/2033 <sup>(b)(c)</sup>  | 30965 | 31926 |
| Alliant Holdings Intermediate, LLC 4.25% 10/15/2027 <sup>(a)</sup>  | 7920 | 7795 |
| Alliant Holdings Intermediate, LLC 6.75% 10/15/2027 <sup>(a)</sup>  | 34600 | 34702 |
| Alliant Holdings Intermediate, LLC 6.75% 4/15/2028 <sup>(a)</sup>  | 12230 | 12457 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(a)</sup>  | 39305 | 39259 |
| Alliant Holdings Intermediate, LLC 7.00% 1/15/2031 <sup>(a)</sup>  | 14420 | 14911 |
| Alliant Holdings Intermediate, LLC 6.50% 10/1/2031 <sup>(a)</sup>  | 29307 | 30001 |
| Alliant Holdings Intermediate, LLC 7.375% 10/1/2032 <sup>(a)</sup>  | 57285 | 59100 |
| AmWINS Group, Inc. 6.375% 2/15/2029 <sup>(a)</sup>  | 7835 | 7999 |
| AmWINS Group, Inc. 4.875% 6/30/2029 <sup>(a)</sup>  | 34762 | 33808 |
| Ardonagh Finco, Ltd. 7.75% 2/15/2031 <sup>(a)</sup>  | 24835 | 26006 |
| Ardonagh Group Finance, Ltd. 8.875% 2/15/2032 <sup>(a)</sup>  | 47313 | 49777 |
| Aretec Group, Inc. 7.50% 4/1/2029 <sup>(a)</sup>  | 68455 | 68839 |
| Aretec Group, Inc. 10.00% 8/15/2030 <sup>(a)</sup>  | 18500 | 20179 |
| Blackstone Private Credit Fund 6.00% 11/22/2034  | 19315 | 19792 |

---

---

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

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| Block, Inc. 2.75% 6/1/2026  | USD32,650 | $32247 |
| Block, Inc. 5.625% 8/15/2030 <sup>(a)</sup>  | 29340 | 29748 |
| Block, Inc. 3.50% 6/1/2031  | 75470 | 70295 |
| Block, Inc. 6.50% 5/15/2032  | 41280 | 42757 |
| Block, Inc. 6.00% 8/15/2033 <sup>(a)</sup>  | 19745 | 20233 |
| Blue Owl Capital Corp. 3.40% 7/15/2026  | 5685 | 5634 |
| Blue Owl Capital Corp. 2.625% 1/15/2027  | 400 | 389 |
| Blue Owl Capital Corp. 3.125% 4/13/2027  | 11350 | 11052 |
| Blue Owl Capital Corp. 2.875% 6/11/2028  | 1750 | 1656 |
| Blue Owl Credit Income Corp. 4.70% 2/8/2027  | 25805 | 25772 |
| Blue Owl Credit Income Corp. 6.65% 3/15/2031  | 8315 | 8743 |
| Boost Newco Borrower, LLC 7.50% 1/15/2031 <sup>(a)</sup>  | 40795 | 43310 |
| Brown & Brown, Inc. 5.25% 6/23/2032  | 389 | 399 |
| Brown & Brown, Inc. 5.55% 6/23/2035  | 584 | 601 |
| Brown & Brown, Inc. 6.25% 6/23/2055  | 693 | 730 |
| Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(a)</sup>  | 90001 | 85493 |
| Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(a)</sup>  | 64372 | 57496 |
| Compass Group Diversified Holdings, LLC 5.25% 4/15/2029 <sup>(a)</sup>  | 89765 | 83001 |
| Compass Group Diversified Holdings, LLC 5.00% 1/15/2032 <sup>(a)</sup>  | 19795 | 17752 |
| Denali Intermediate Holdings, Inc., Term Loan, (1-month CME Term SOFR + 5.50%) 9.666% 8/26/2032 <sup>(b)(c)(f)</sup>  | 23017 | 23017 |
| FS KKR Capital Corp. 6.125% 1/15/2031  | 13575 | 13456 |
| Hightower Holding, LLC 6.75% 4/15/2029 <sup>(a)</sup>  | 22745 | 22459 |
| Hightower Holding, LLC 9.125% 1/31/2030 <sup>(a)</sup>  | 4400 | 4689 |
| Howden UK Refinance PLC 7.25% 2/15/2031 <sup>(a)</sup>  | 11145 | 11483 |
| Howden UK Refinance 2 PLC 8.125% 2/15/2032 <sup>(a)</sup>  | 4935 | 5125 |
| HUB International, Ltd. 5.625% 12/1/2029 <sup>(a)</sup>  | 7735 | 7734 |
| HUB International, Ltd. 7.25% 6/15/2030 <sup>(a)</sup>  | 21454 | 22391 |
| HUB International, Ltd. 7.375% 1/31/2032 <sup>(a)</sup>  | 24645 | 25679 |
| HUB International, Ltd., Term Loan, (3-month USD CME Term SOFR + 2.50%) 6.825% 6/20/2030 <sup>(b)(c)</sup>  | 6193 | 6209 |
| ION Platform Finance US, Inc. 7.875% 9/30/2032 <sup>(a)</sup>  | 62275 | 61866 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(a)</sup>  | 36135 | 34849 |
| Jane Street Group, LLC 7.125% 4/30/2031 <sup>(a)</sup>  | 3397 | 3566 |
| Jane Street Group, LLC 6.75% 5/1/2033 <sup>(a)</sup>  | 23420 | 24343 |
| Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(a)</sup>  | 12385 | 12963 |
| JPMorgan Chase & Co. 2.956% 5/13/2031 (USD-SOFR + 2.515% on 5/13/2030) <sup>(h)</sup>  | 3100 | 2908 |
| LPL Holdings, Inc. 4.625% 11/15/2027 <sup>(a)</sup>  | 8085 | 8072 |
| LPL Holdings, Inc. 4.00% 3/15/2029 <sup>(a)</sup>  | 6610 | 6470 |
| LPL Holdings, Inc. 4.375% 5/15/2031 <sup>(a)</sup>  | 12700 | 12301 |
| MSCI, Inc. 3.875% 2/15/2031 <sup>(a)</sup>  | 20290 | 19448 |
| MSCI, Inc. 3.625% 11/1/2031 <sup>(a)</sup>  | 5000 | 4699 |
| Nationstar Mortgage Holdings, Inc. 7.125% 2/1/2032 <sup>(a)</sup>  | 8315 | 8703 |
| Navient Corp. 6.75% 6/15/2026  | 9100 | 9211 |
| Navient Corp. 5.00% 3/15/2027  | 39277 | 39131 |
| Navient Corp. 4.875% 3/15/2028  | 10570 | 10372 |
| Navient Corp. 5.50% 3/15/2029  | 106491 | 104478 |
| Navient Corp. 9.375% 7/25/2030  | 42044 | 46504 |
| Navient Corp. 11.50% 3/15/2031  | 51335 | 57946 |
| Navient Corp. 7.875% 6/15/2032  | 37015 | 38996 |
| Navient Corp. 5.625% 8/1/2033  | 54572 | 49828 |
| OneMain Finance Corp. 7.125% 3/15/2026  | 6311 | 6373 |
| OneMain Finance Corp. 3.875% 9/15/2028  | 11120 | 10696 |
| OneMain Finance Corp. 6.625% 5/15/2029  | 22000 | 22641 |
| OneMain Finance Corp. 5.375% 11/15/2029  | 27625 | 27335 |
| OneMain Finance Corp. 7.875% 3/15/2030  | 20010 | 21190 |
| OneMain Finance Corp. 6.125% 5/15/2030  | 49295 | 49958 |
| OneMain Finance Corp. 4.00% 9/15/2030  | 6000 | 5582 |
| OneMain Finance Corp. 7.50% 5/15/2031  | 3110 | 3254 |
| OneMain Finance Corp. 7.125% 11/15/2031  | 34815 | 36130 |
| OneMain Finance Corp. 7.125% 9/15/2032  | 29645 | 30661 |
| OneMain Finance Corp. 6.50% 3/15/2033  | 26475 | 26550 |
| Osaic Financial Services, Inc. 6.50% 11/30/2027  | 80 | 1770 |
| Osaic Holdings, Inc. 6.75% 8/1/2032 <sup>(a)</sup>  | 18720 | 19350 |
| Osaic Holdings, Inc. 8.00% 8/1/2033 <sup>(a)</sup>  | 46460 | 48191 |
| Osaic Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 3.00%) 7.163% 7/30/2032 <sup>(b)(c)</sup>  | 17330 | 17342 |
| Oxford Finance, LLC 6.375% 2/1/2027 <sup>(a)</sup>  | 31875 | 31900 |
| Panther Escrow Issuer, LLC 7.125% 6/1/2031 <sup>(a)</sup>  | 20650 | 21493 |

---

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

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| PennyMac Financial Services, Inc. 6.875% 5/15/2032 <sup>(a)</sup>  | USD9,880 | $10245 |
| PennyMac Financial Services, Inc. 6.875% 2/15/2033 <sup>(a)</sup>  | 12725 | 13156 |
| Planet Financial Group, LLC 10.50% 12/15/2029 <sup>(a)</sup>  | 3965 | 4172 |
| Rocket Mortgage, LLC 2.875% 10/15/2026 <sup>(a)</sup>  | 9410 | 9225 |
| Rocket Mortgage, LLC 3.625% 3/1/2029 <sup>(a)</sup>  | 6605 | 6305 |
| Ryan Specialty, LLC 4.375% 2/1/2030 <sup>(a)</sup>  | 14350 | 13921 |
| Ryan Specialty, LLC 5.875% 8/1/2032 <sup>(a)</sup>  | 20285 | 20527 |
| SLM Corp. 6.50% 1/31/2030  | 16510 | 17218 |
| Starwood Property Trust, Inc. 4.375% 1/15/2027 <sup>(a)</sup>  | 18170 | 18029 |
| Starwood Property Trust, Inc. 5.25% 10/15/2028 <sup>(a)</sup>  | 25650 | 25673 |
| Starwood Property Trust, Inc. 7.25% 4/1/2029 <sup>(a)</sup>  | 12280 | 12910 |
| Starwood Property Trust, Inc. 6.50% 7/1/2030 <sup>(a)</sup>  | 9800 | 10144 |
| Starwood Property Trust, Inc. 6.50% 10/15/2030 <sup>(a)</sup>  | 9490 | 9827 |
| Truist Insurance Holdings, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.752% 5/6/2032 <sup>(b)(c)</sup>  | 64378 | 65679 |
| USI, Inc. 7.50% 1/15/2032 <sup>(a)</sup>  | 6945 | 7292 |
| Voyager Parent, LLC 9.25% 7/1/2032 <sup>(a)</sup>  | 94690 | 100197 |
| WEX, Inc. 6.50% 3/15/2033 <sup>(a)</sup>  | 13025 | 13313 |
|  |  | 2483801 |
| **Information technology 7.85%** | **Information technology 7.85%** | **Information technology 7.85%** |
| Acuris Finance US, Inc. 9.00% 8/1/2029 <sup>(a)</sup>  | 37940 | 39679 |
| ams-OSRAM AG 12.25% 3/30/2029 <sup>(a)</sup>  | 73955 | 79656 |
| Booz Allen Hamilton, Inc. 3.875% 9/1/2028 <sup>(a)</sup>  | 952 | 934 |
| Booz Allen Hamilton, Inc. 4.00% 7/1/2029 <sup>(a)</sup>  | 5633 | 5498 |
| Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(a)</sup>  | 46480 | 46950 |
| Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(a)</sup>  | 115658 | 120092 |
| Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(a)</sup>  | 51425 | 54606 |
| Cloud Software Group, Inc. 6.625% 8/15/2033 <sup>(a)</sup>  | 53105 | 54113 |
| CommScope Technologies, LLC 5.00% 3/15/2027 <sup>(a)</sup>  | 36540 | 36284 |
| CommScope, LLC 8.25% 3/1/2027 <sup>(a)</sup>  | 31179 | 31546 |
| CommScope, LLC 7.125% 7/1/2028 <sup>(a)</sup>  | 24218 | 24328 |
| CommScope, LLC 4.75% 9/1/2029 <sup>(a)</sup>  | 760 | 756 |
| CommScope, LLC 9.50% 12/15/2031 <sup>(a)</sup>  | 15400 | 15950 |
| Commscope, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.913% 12/17/2029 <sup>(b)(c)</sup>  | 16540 | 16755 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(a)(g)</sup>  | 135170 | 142924 |
| Ellucian Holdings, Inc. 6.50% 12/1/2029 <sup>(a)</sup>  | 9555 | 9731 |
| Ellucian Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.913% 11/22/2032 <sup>(b)(c)</sup>  | 7525 | 7704 |
| Fair Isaac Corp. 4.00% 6/15/2028 <sup>(a)</sup>  | 56525 | 55040 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(a)</sup>  | 75860 | 76994 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 11.288% 9/13/2029 <sup>(b)(c)(j)</sup>  | 20691 | 20846 |
| Finastra USA, Inc., Term Loan, (1-month USD CME Term SOFR + 4.00%) 8.129% 7/30/2032 <sup>(b)(c)</sup>  | 74685 | 74461 |
| Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.00%) 11.038% 9/15/2033 <sup>(b)(c)</sup>  | 4000 | 3995 |
| Fortress Intermediate 3, Inc. 7.50% 6/1/2031 <sup>(a)</sup>  | 9875 | 10352 |
| Gartner, Inc. 4.50% 7/1/2028 <sup>(a)</sup>  | 14075 | 13962 |
| Gartner, Inc. 3.75% 10/1/2030 <sup>(a)</sup>  | 3000 | 2834 |
| Gen Digital, Inc. 6.25% 4/1/2033 <sup>(a)</sup>  | 17350 | 17756 |
| Helios Software Holdings, Inc. 8.75% 5/1/2029 <sup>(a)</sup>  | 97585 | 101258 |
| Hughes Satellite Systems Corp. 5.25% 8/1/2026  | 125513 | 123192 |
| Hughes Satellite Systems Corp. 6.625% 8/1/2026  | 107494 | 102326 |
| Imola Merger Corp. 4.75% 5/15/2029 <sup>(a)</sup>  | 5000 | 4867 |
| Intel Corp. 3.05% 8/12/2051  | 3840 | 2438 |
| Intel Corp. 5.60% 2/21/2054  | 6396 | 6145 |
| ION Trading Technologies SARL 9.50% 5/30/2029 <sup>(a)</sup>  | 70336 | 74639 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.25%) 7.413% 3/20/2032 <sup>(b)(c)</sup>  | 14801 | 14840 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 9.163% 3/20/2033 <sup>(b)(c)</sup>  | 21425 | 21472 |
| McAfee Corp. 7.375% 2/15/2030 <sup>(a)</sup>  | 6000 | 5572 |
| NCR Atleos Corp. 9.50% 4/1/2029 <sup>(a)</sup>  | 44430 | 48129 |
| NCR Voyix Corp. 5.125% 4/15/2029 <sup>(a)</sup>  | 6845 | 6743 |
| Pagaya US Holding Co., LLC 8.875% 8/1/2030 <sup>(a)</sup>  | 17460 | 16301 |
| Qnity Electronics, Inc. 5.75% 8/15/2032 <sup>(a)</sup>  | 2000 | 2018 |
| Qnity Electronics, Inc. 6.25% 8/15/2033 <sup>(a)</sup>  | 3000 | 3067 |
| Shift4 Payments, LLC 6.75% 8/15/2032 <sup>(a)</sup>  | 32895 | 34033 |
| Synaptics, Inc. 4.00% 6/15/2029 <sup>(a)</sup>  | 5225 | 5006 |
| UKG, Inc. 6.875% 2/1/2031 <sup>(a)</sup>  | 33250 | 34334 |
| Unisys Corp. 10.625% 1/15/2031 <sup>(a)</sup>  | 47972 | 51152 |

---

---

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

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Information technology (continued)** | **Information technology (continued)** | **Information technology (continued)** |
| Viasat, Inc. 5.625% 4/15/2027 <sup>(a)</sup>  | USD136,383 | $135948 |
| Viasat, Inc. 6.50% 7/15/2028 <sup>(a)</sup>  | 34211 | 33467 |
| Viasat, Inc. 7.50% 5/30/2031 <sup>(a)</sup>  | 63898 | 60042 |
| Viasat, Inc., Term Loan B, (1-month USD CME Term SOFR + 4.50%) 8.778% 3/2/2029 <sup>(b)(c)</sup>  | 62853 | 62186 |
| Viasat, Inc., Term Loan B, (1-month USD CME Term SOFR + 4.50%) 8.75% 5/30/2030 <sup>(b)(c)</sup>  | 23540 | 23202 |
| Viavi Solutions, Inc. 3.75% 10/1/2029 <sup>(a)</sup>  | 3750 | 3549 |
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(d)(j)</sup>  | 65296 | 71499 |
| X.AI Corp. 12.50% 6/30/2030  | 16825 | 17686 |
| Xerox Holdings Corp. 5.50% 8/15/2028 <sup>(a)</sup>  | 7150 | 4219 |
| Xerox Holdings Corp. 8.875% 11/30/2029 <sup>(a)</sup>  | 6699 | 3653 |
| Ziff Davis, Inc. 4.625% 10/15/2030 <sup>(a)</sup>  | 3189 | 3009 |
|  |  | 2039738 |
| **Materials 7.82%** | **Materials 7.82%** | **Materials 7.82%** |
| Alliance Resource Operating Partners, LP 8.625% 6/15/2029 <sup>(a)</sup>  | 19091 | 20223 |
| AmeriTex HoldCo Intermediate, LLC 7.625% 8/15/2033 <sup>(a)</sup>  | 12285 | 12798 |
| ArcelorMittal SA 4.25% 7/16/2029  | 940 | 939 |
| ArcelorMittal SA 7.00% 10/15/2039  | 10104 | 11357 |
| ArcelorMittal SA 6.75% 3/1/2041  | 16873 | 18332 |
| ARD Finance SA 7.25% PIK 6/30/2027 <sup>(a)(d)</sup>  | 9459 | 284 |
| Ardagh Metal Packaging Finance PLC 4.00% 9/1/2029 <sup>(a)</sup>  | 20000 | 18526 |
| Avient Corp. 7.125% 8/1/2030 <sup>(a)</sup>  | 6750 | 6942 |
| Avient Corp. 6.25% 11/1/2031 <sup>(a)</sup>  | 5495 | 5584 |
| Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/2031 <sup>(a)</sup>  | 5995 | 6280 |
| Axalta Coating Systems, LLC 4.75% 6/15/2027 <sup>(a)</sup>  | 6495 | 6469 |
| Ball Corp. 6.875% 3/15/2028  | 11915 | 12152 |
| Ball Corp. 6.00% 6/15/2029  | 12690 | 13006 |
| Ball Corp. 2.875% 8/15/2030  | 3250 | 2955 |
| Ball Corp. 3.125% 9/15/2031  | 33780 | 30692 |
| Ball Corp. 5.50% 9/15/2033  | 44000 | 44501 |
| BHP Billiton Finance (USA), Ltd. 5.75% 9/5/2055  | 689 | 717 |
| CAN-PACK SA 3.875% 11/15/2029 <sup>(a)</sup>  | 46882 | 44033 |
| Capstone Copper Corp. 6.75% 3/31/2033 <sup>(a)</sup>  | 5775 | 5953 |
| Celanese US Holdings, LLC 6.665% 7/15/2027  | 1120 | 1150 |
| Celanese US Holdings, LLC 6.50% 4/15/2030  | 8040 | 8099 |
| Celanese US Holdings, LLC 7.05% 11/15/2030  | 6425 | 6637 |
| Celanese US Holdings, LLC 6.75% 4/15/2033  | 33445 | 33325 |
| Celanese US Holdings, LLC 7.20% 11/15/2033  | 1690 | 1758 |
| Century Aluminum Co. 6.875% 8/1/2032 <sup>(a)</sup>  | 9900 | 10273 |
| Cleveland-Cliffs, Inc. 7.00% 3/15/2027  | 3853 | 3855 |
| Cleveland-Cliffs, Inc. 5.875% 6/1/2027  | 46730 | 46758 |
| Cleveland-Cliffs, Inc. 4.625% 3/1/2029 <sup>(a)</sup>  | 48973 | 47224 |
| Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(a)</sup>  | 58147 | 59305 |
| Cleveland-Cliffs, Inc. 6.75% 4/15/2030 <sup>(a)</sup>  | 29689 | 30198 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(a)</sup>  | 42269 | 39599 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(a)</sup>  | 52060 | 53696 |
| Cleveland-Cliffs, Inc. 7.00% 3/15/2032 <sup>(a)</sup>  | 34683 | 35072 |
| Cleveland-Cliffs, Inc. 7.375% 5/1/2033 <sup>(a)</sup>  | 10155 | 10375 |
| Cleveland-Cliffs, Inc. 7.625% 1/15/2034 <sup>(a)</sup>  | 39255 | 40474 |
| Consolidated Energy Finance SA 6.50% 5/15/2026 <sup>(a)</sup>  | 2500 | 2435 |
| Consolidated Energy Finance SA 5.625% 10/15/2028 <sup>(a)</sup>  | 19525 | 16362 |
| Consolidated Energy Finance SA 12.00% 2/15/2031 <sup>(a)</sup>  | 70555 | 64646 |
| CSN Islands XI Corp. 6.75% 1/28/2028 <sup>(a)</sup>  | 4820 | 4686 |
| CVR Partners, LP 6.125% 6/15/2028 <sup>(a)</sup>  | 10385 | 10376 |
| Element Solutions, Inc. 3.875% 9/1/2028 <sup>(a)</sup>  | 8300 | 8051 |
| First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(a)</sup>  | 118580 | 125822 |
| First Quantum Minerals, Ltd. 7.25% 2/15/2034 <sup>(a)</sup>  | 12730 | 13171 |
| Freeport-McMoRan, Inc. 4.25% 3/1/2030  | 200 | 198 |
| Freeport-McMoRan, Inc. 5.45% 3/15/2043  | 7090 | 6833 |
| FXI Holdings, Inc. 12.25% 11/15/2026 <sup>(a)</sup>  | 198104 | 174807 |
| FXI Holdings, Inc. 12.25% 11/15/2026 <sup>(a)</sup>  | 140826 | 123780 |
| INEOS Finance PLC 6.75% 5/15/2028 <sup>(a)</sup>  | 10200 | 10014 |
| INEOS Finance PLC 7.50% 4/15/2029 <sup>(a)</sup>  | 6210 | 6050 |
| JH North America Holdings, Inc. 5.875% 1/31/2031 <sup>(a)</sup>  | 12520 | 12723 |
| JH North America Holdings, Inc. 6.125% 7/31/2032 <sup>(a)</sup>  | 19785 | 20283 |

---

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

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Materials (continued)** | **Materials (continued)** | **Materials (continued)** |
| Kaiser Aluminum Corp. 4.625% 3/1/2028 <sup>(a)</sup>  | USD12,698 | $12566 |
| LSB Industries, Inc. 6.25% 10/15/2028 <sup>(a)</sup>  | 2735 | 2700 |
| Magnera Corp. 4.75% 11/15/2029 <sup>(a)</sup>  | 20000 | 17724 |
| Mauser Packaging Solutions Holding Co. 7.875% 8/15/2026 <sup>(a)</sup>  | 13505 | 13464 |
| Mauser Packaging Solutions Holding Co. 9.25% 4/15/2027 <sup>(a)</sup>  | 10000 | 10031 |
| Mercer International, Inc. 12.875% 10/1/2028 <sup>(a)</sup>  | 10690 | 9742 |
| Mercer International, Inc. 5.125% 2/1/2029  | 6945 | 5125 |
| Methanex Corp. 5.125% 10/15/2027  | 52210 | 52310 |
| Methanex Corp. 5.25% 12/15/2029  | 23543 | 23527 |
| Methanex Corp. 5.65% 12/1/2044  | 7820 | 6696 |
| Methanex US Operations, Inc. 6.25% 3/15/2032 <sup>(a)</sup>  | 19570 | 19926 |
| Minera Mexico, SA de CV, 5.625% 2/12/2032 <sup>(a)</sup>  | 2205 | 2278 |
| Mineral Resources, Ltd. 8.125% 5/1/2027 <sup>(a)</sup>  | 14463 | 14472 |
| Mineral Resources, Ltd. 8.00% 11/1/2027 <sup>(a)</sup>  | 50057 | 51065 |
| Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(a)</sup>  | 44527 | 46711 |
| Mineral Resources, Ltd. 8.50% 5/1/2030 <sup>(a)</sup>  | 16429 | 17102 |
| Nickel Industries Ltd. 9.00% 9/30/2030 <sup>(a)</sup>  | 690 | 701 |
| NOVA Chemicals Corp. 5.25% 6/1/2027 <sup>(a)</sup>  | 24402 | 24492 |
| NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(a)</sup>  | 5030 | 5270 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(a)</sup>  | 34367 | 33288 |
| NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(a)</sup>  | 30560 | 32803 |
| NOVA Chemicals Corp. 7.00% 12/1/2031 <sup>(a)</sup>  | 16170 | 17050 |
| Novelis Corp. 3.875% 8/15/2031 <sup>(a)</sup>  | 7345 | 6702 |
| Olin Corp. 6.625% 4/1/2033 <sup>(a)</sup>  | 1810 | 1822 |
| Quikrete Holdings, Inc. 6.375% 3/1/2032 <sup>(a)</sup>  | 13515 | 14010 |
| Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(a)</sup>  | 26310 | 27374 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.00% PIK and 4.00% Cash on 12/30/2025) <sup>(a)(d)(h)</sup>  | 35585 | 35792 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.00% PIK and 4.00% Cash on 12/30/2025) <sup>(d)(h)</sup>  | 16437 | 16533 |
| SCIH Salt Holdings, Inc. 4.875% 5/1/2028 <sup>(a)</sup>  | 51268 | 50141 |
| SCIH Salt Holdings, Inc. 6.625% 5/1/2029 <sup>(a)</sup>  | 16950 | 16633 |
| Sealed Air Corp. 4.00% 12/1/2027 <sup>(a)</sup>  | 7559 | 7425 |
| Sealed Air Corp. 6.125% 2/1/2028 <sup>(a)</sup>  | 14160 | 14367 |
| Solstice Advanced Materials, Inc. 5.625% 9/30/2033 <sup>(a)</sup>  | 22765 | 22854 |
| Trident TPI Holdings, Inc. 12.75% 12/31/2028 <sup>(a)</sup>  | 9500 | 10141 |
| Trivium Packaging Finance BV 8.25% 7/15/2030 <sup>(a)</sup>  | 15120 | 16142 |
| Trivium Packaging Finance BV 12.25% 1/15/2031 <sup>(a)</sup>  | 20715 | 22440 |
| Tronox, Inc. 4.625% 3/15/2029 <sup>(a)</sup>  | 5000 | 3266 |
| Tronox, Inc. 9.125% 9/30/2030 <sup>(a)</sup>  | 13845 | 13573 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 8.00% PIK and 6.261% Cash <br> 1/16/2026 <sup>(b)(c)(d)(f)</sup>  | 11517 | 2856 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 8.00% PIK 7/16/2026 <sup>(b)(c)(d)(f)</sup>  | 11579 | 2872 |
| Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 8.00% PIK and 6.322% Cash 10/12/2028 <sup>(b)(c)(d)(f)</sup>  | 19059 | 4727 |
| Veritiv Operating Co. 10.50% 11/30/2030 <sup>(a)</sup>  | 17595 | 18905 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(a)</sup>  | 13925 | 14192 |
|  |  | 2031588 |
| **Health care 7.41%** | **Health care 7.41%** | **Health care 7.41%** |
| 1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(a)</sup>  | 43915 | 45050 |
| AdaptHealth, LLC 6.125% 8/1/2028 <sup>(a)</sup>  | 5205 | 5197 |
| AdaptHealth, LLC 4.625% 8/1/2029 <sup>(a)</sup>  | 23470 | 22221 |
| AdaptHealth, LLC 5.125% 3/1/2030 <sup>(a)</sup>  | 33045 | 31544 |
| Amneal Pharmaceuticals, LLC 6.875% 8/1/2032 <sup>(a)</sup>  | 14225 | 14729 |
| AthenaHealth Group, Inc. 6.50% 2/15/2030 <sup>(a)</sup>  | 22375 | 22211 |
| Avantor Funding, Inc. 4.625% 7/15/2028 <sup>(a)</sup>  | 47034 | 46308 |
| Avantor Funding, Inc. 3.875% 11/1/2029 <sup>(a)</sup>  | 12375 | 11780 |
| Bausch + Lomb Corp. 8.375% 10/1/2028 <sup>(a)</sup>  | 5050 | 5269 |
| Bausch + Lomb Corp., Term Loan B, (1-month USD CME Term SOFR + 4.25%) 8.413% 1/15/2031 <sup>(b)(c)</sup>  | 9024 | 9046 |
| Bausch Health Americas, Inc. 8.50% 1/31/2027 <sup>(a)</sup>  | 46202 | 45784 |
| Bausch Health Cos., Inc. 5.00% 1/30/2028 <sup>(a)</sup>  | 5310 | 4562 |
| Bausch Health Cos., Inc. 4.875% 6/1/2028 <sup>(a)</sup>  | 19700 | 17649 |
| Bausch Health Cos., Inc. 11.00% 9/30/2028 <sup>(a)</sup>  | 12950 | 13480 |
| Bausch Health Cos., Inc. 5.25% 1/30/2030 <sup>(a)</sup>  | 7780 | 5492 |
| Bausch Health Cos., Inc. 5.25% 2/15/2031 <sup>(a)</sup>  | 31758 | 20825 |
| Biocon Biologics Global PLC 6.67% 10/9/2029  | 1800 | 1749 |
| Centene Corp. 4.25% 12/15/2027  | 1810 | 1779 |

---

---

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

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Health care (continued)** | **Health care (continued)** | **Health care (continued)** |
| Centene Corp. 4.625% 12/15/2029  | USD14,718 | $14280 |
| Centene Corp. 2.50% 3/1/2031  | 20325 | 17521 |
| Charles River Laboratories International, Inc. 4.25% 5/1/2028 <sup>(a)</sup>  | 4848 | 4746 |
| CHS / Community Health Systems, Inc. 6.00% 1/15/2029 <sup>(a)</sup>  | 19850 | 19286 |
| CHS / Community Health Systems, Inc. 5.25% 5/15/2030 <sup>(a)</sup>  | 49285 | 44630 |
| CHS / Community Health Systems, Inc. 4.75% 2/15/2031 <sup>(a)</sup>  | 21500 | 18607 |
| CHS / Community Health Systems, Inc. 10.875% 1/15/2032 <sup>(a)</sup>  | 11820 | 12533 |
| DaVita, Inc. 4.625% 6/1/2030 <sup>(a)</sup>  | 24552 | 23550 |
| DaVita, Inc. 3.75% 2/15/2031 <sup>(a)</sup>  | 29130 | 26701 |
| DaVita, Inc. 6.875% 9/1/2032 <sup>(a)</sup>  | 54476 | 56319 |
| DaVita, Inc. 6.75% 7/15/2033 <sup>(a)</sup>  | 49870 | 51468 |
| Encompass Health Corp. 4.50% 2/1/2028  | 7054 | 7000 |
| Encompass Health Corp. 4.75% 2/1/2030  | 3841 | 3800 |
| Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(a)</sup>  | 54680 | 58733 |
| Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.00%) 8.163% 4/23/2031 <sup>(b)(c)</sup>  | 40130 | 40242 |
| Fortrea Holdings, Inc. 7.50% 7/1/2030 <sup>(a)</sup>  | 795 | 754 |
| Fortrea Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 8.058% 7/1/2030 <sup>(b)(c)</sup>  | 122 | 113 |
| Grifols SA 4.75% 10/15/2028 <sup>(a)</sup>  | 39315 | 38225 |
| Grifols SA 7.50% 5/1/2030  | EUR5,000 | 6202 |
| HCA, Inc. 7.50% 11/15/2095  | USD4,000 | 4457 |
| Insulet Corp. 6.50% 4/1/2033 <sup>(a)</sup>  | 279 | 290 |
| IQVIA, Inc. 5.00% 10/15/2026 <sup>(a)</sup>  | 18749 | 18743 |
| IQVIA, Inc. 5.00% 5/15/2027 <sup>(a)</sup>  | 4000 | 3992 |
| IQVIA, Inc. 6.50% 5/15/2030 <sup>(a)</sup>  | 19500 | 20170 |
| IQVIA, Inc. 6.25% 6/1/2032 <sup>(a)</sup>  | 36355 | 37423 |
| Jazz Securities DAC 4.375% 1/15/2029 <sup>(a)</sup>  | 16210 | 15806 |
| Medline Borrower, LP 3.875% 4/1/2029 <sup>(a)</sup>  | 29990 | 28946 |
| Medline Borrower, LP 6.25% 4/1/2029 <sup>(a)</sup>  | 51473 | 52845 |
| Medline Borrower, LP 5.25% 10/1/2029 <sup>(a)</sup>  | 37240 | 36946 |
| Medline Borrower, LP, Term Loan B, (1-month USD CME Term SOFR + 2.00%) 6.163% 10/23/2028 <sup>(b)(c)</sup>  | 3657 | 3661 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(a)</sup>  | 24845 | 24253 |
| Molina Healthcare, Inc. 3.875% 11/15/2030 <sup>(a)</sup>  | 47455 | 43949 |
| Molina Healthcare, Inc. 3.875% 5/15/2032 <sup>(a)</sup>  | 70925 | 64410 |
| Molina Healthcare, Inc. 6.25% 1/15/2033 <sup>(a)</sup>  | 26685 | 27006 |
| Owens & Minor, Inc. 4.50% 3/31/2029 <sup>(a)</sup>  | 62030 | 49844 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(a)</sup>  | 128910 | 106472 |
| Perrigo Finance Unlimited Co. 6.125% 9/30/2032  | 9740 | 9813 |
| Radiology Partners, Inc. 9.781% PIK 2/15/2030 <sup>(a)(d)</sup>  | 53267 | 52158 |
| Radiology Partners, Inc. 8.50% 7/15/2032 <sup>(a)</sup>  | 74090 | 76764 |
| Star Parent, Inc., Term Loan, (3-month USD CME Term SOFR + 4.00%) 8.002% 9/27/2030 <sup>(b)(c)</sup>  | 7461 | 7468 |
| Sterigenics-Nordion Holdings, LLC 7.375% 6/1/2031 <sup>(a)</sup>  | 14680 | 15433 |
| Surgery Center Holdings, Inc. 7.25% 4/15/2032 <sup>(a)</sup>  | 13785 | 14178 |
| Team Health Holdings, Inc. 8.375% 6/30/2028 <sup>(a)</sup>  | 6500 | 6646 |
| Team Health Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.796% 6/30/2028 <sup>(b)(c)</sup>  | 6484 | 6484 |
| Tenet Healthcare Corp. 6.25% 2/1/2027  | 4570 | 4572 |
| Tenet Healthcare Corp. 5.125% 11/1/2027  | 6670 | 6663 |
| Tenet Healthcare Corp. 4.625% 6/15/2028  | 12685 | 12580 |
| Tenet Healthcare Corp. 6.125% 10/1/2028  | 8930 | 8943 |
| Tenet Healthcare Corp. 4.25% 6/1/2029  | 39359 | 38471 |
| Tenet Healthcare Corp. 4.375% 1/15/2030  | 15750 | 15331 |
| Tenet Healthcare Corp. 6.75% 5/15/2031  | 32331 | 33497 |
| Tenet Healthcare Corp. 6.875% 11/15/2031  | 2000 | 2176 |
| Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026  | 5863 | 5764 |
| Teva Pharmaceutical Finance Netherlands III BV 4.75% 5/9/2027  | 8410 | 8409 |
| Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028  | 22810 | 23697 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | 150456 | 151391 |
| Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029  | 15340 | 16760 |
| Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031  | 26532 | 30369 |
| Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032  | 29765 | 31021 |
| Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046  | 32047 | 23945 |
| Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030  | 14990 | 15453 |
|  |  | 1926584 |

---

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

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Real estate 6.68%** | **Real estate 6.68%** | **Real estate 6.68%** |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(a)</sup>  | USD33,205 | $32038 |
| Anywhere Real Estate Group, LLC 5.25% 4/15/2030 <sup>(a)</sup>  | 31275 | 29222 |
| Anywhere Real Estate Group, LLC 7.00% 4/15/2030 <sup>(a)</sup>  | 7830 | 7930 |
| Brookfield Property REIT, Inc. 5.75% 5/15/2026 <sup>(a)</sup>  | 15602 | 15572 |
| Fideicomiso Fibra Uno 7.70% 1/23/2032 <sup>(a)</sup>  | 9925 | 10733 |
| Forestar Group, Inc. 5.00% 3/1/2028 <sup>(a)</sup>  | 2905 | 2880 |
| Forestar Group, Inc. 6.50% 3/15/2033 <sup>(a)</sup>  | 47035 | 48156 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(a)</sup>  | 30122 | 30027 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(a)</sup>  | 58793 | 56449 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(a)</sup>  | 98327 | 92270 |
| Hudson Pacific Properties, LP 5.95% 2/15/2028  | 4000 | 3948 |
| Hudson Pacific Properties, LP 3.25% 1/15/2030  | 10870 | 9345 |
| Iron Mountain, Inc. 4.875% 9/15/2027 <sup>(a)</sup>  | 15835 | 15772 |
| Iron Mountain, Inc. 5.25% 3/15/2028 <sup>(a)</sup>  | 27088 | 27063 |
| Iron Mountain, Inc. 5.00% 7/15/2028 <sup>(a)</sup>  | 9252 | 9203 |
| Iron Mountain, Inc. 7.00% 2/15/2029 <sup>(a)</sup>  | 4250 | 4383 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(a)</sup>  | 67825 | 67120 |
| Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(a)</sup>  | 46035 | 43986 |
| Iron Mountain, Inc. 5.625% 7/15/2032 <sup>(a)</sup>  | 5270 | 5246 |
| Iron Mountain, Inc. 6.25% 1/15/2033 <sup>(a)</sup>  | 9545 | 9743 |
| Kennedy-Wilson, Inc. 4.75% 3/1/2029  | 44066 | 42141 |
| Kennedy-Wilson, Inc. 4.75% 2/1/2030  | 60830 | 56853 |
| Kennedy-Wilson, Inc. 5.00% 3/1/2031  | 52130 | 48532 |
| Ladder Capital Finance Holdings LLLP 4.25% 2/1/2027 <sup>(a)</sup>  | 19411 | 19255 |
| Ladder Capital Finance Holdings LLLP 4.75% 6/15/2029 <sup>(a)</sup>  | 15263 | 14990 |
| Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030  | 1710 | 1745 |
| Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(a)</sup>  | 4220 | 4427 |
| MPT Operating Partnership, LP 0.993% 10/15/2026  | EUR6,200 | 6983 |
| MPT Operating Partnership, LP 5.00% 10/15/2027  | USD242,853 | 235496 |
| MPT Operating Partnership, LP 4.625% 8/1/2029  | 6110 | 5104 |
| MPT Operating Partnership, LP 3.50% 3/15/2031  | 28833 | 21231 |
| MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(a)</sup>  | 123973 | 131824 |
| MPT Operating Partnership, LP, Term Loan A, (1-month USD CME Term SOFR + 2.35%) 6.623% 6/30/2027 <sup>(b)(c)</sup>  | 4760 | 4735 |
| Park Intermediate Holdings, LLC 5.875% 10/1/2028 <sup>(a)</sup>  | 9200 | 9190 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(a)</sup>  | 16445 | 16047 |
| Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(a)</sup>  | 17445 | 17998 |
| Pebblebrook Hotel, LP 6.375% 10/15/2029 <sup>(a)</sup>  | 15850 | 16099 |
| RLJ Lodging Trust, LP 3.75% 7/1/2026 <sup>(a)</sup>  | 1080 | 1070 |
| RLJ Lodging Trust, LP 4.00% 9/15/2029 <sup>(a)</sup>  | 6620 | 6257 |
| SBA Communications Corp. 3.125% 2/1/2029  | 4579 | 4287 |
| Service Properties Trust 4.75% 10/1/2026  | 37067 | 37160 |
| Service Properties Trust 4.95% 2/15/2027  | 23681 | 23610 |
| Service Properties Trust 0% 9/30/2027 <sup>(a)</sup>  | 29620 | 26148 |
| Service Properties Trust 5.50% 12/15/2027  | 15705 | 15429 |
| Service Properties Trust 3.95% 1/15/2028  | 68830 | 64472 |
| Service Properties Trust 8.375% 6/15/2029  | 64101 | 65141 |
| Service Properties Trust 4.95% 10/1/2029  | 106258 | 93741 |
| Service Properties Trust 4.375% 2/15/2030  | 89557 | 76202 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(a)</sup>  | 97995 | 104411 |
| Service Properties Trust 8.875% 6/15/2032  | 38351 | 38600 |
| VICI Properties, LP 3.875% 2/15/2029 <sup>(a)</sup>  | 5355 | 5232 |
| VICI Properties, LP 4.125% 8/15/2030 <sup>(a)</sup>  | 250 | 242 |
|  |  | 1735738 |
| **Industrials 6.15%** | **Industrials 6.15%** | **Industrials 6.15%** |
| AAR Escrow Issuer, LLC 6.75% 3/15/2029 <sup>(a)</sup>  | 5701 | 5873 |
| ADT Security Corp. 4.125% 8/1/2029 <sup>(a)</sup>  | 4815 | 4663 |
| AECOM 6.00% 8/1/2033 <sup>(a)</sup>  | 1160 | 1187 |
| Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(a)</sup>  | 15525 | 16096 |
| Allison Transmission, Inc. 3.75% 1/30/2031 <sup>(a)</sup>  | 25505 | 23583 |
| Ambipar Lux SARL 10.875% 2/5/2033 <sup>(a)</sup>  | 3504 | 589 |
| Amentum Holdings, Inc. 7.25% 8/1/2032 <sup>(a)</sup>  | 25900 | 26914 |
| American Airlines, Inc. 8.50% 5/15/2029 <sup>(a)</sup>  | 6190 | 6461 |
| Aramark Services, Inc. 5.00% 2/1/2028 <sup>(a)</sup>  | 18695 | 18629 |
| ATI, Inc. 4.875% 10/1/2029  | 13720 | 13501 |

---

---

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

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| ATI, Inc. 7.25% 8/15/2030  | USD9,430 | $9906 |
| ATI, Inc. 5.125% 10/1/2031  | 20940 | 20624 |
| Avis Budget Car Rental, LLC 5.75% 7/15/2027 <sup>(a)</sup>  | 15498 | 15479 |
| Avis Budget Car Rental, LLC 4.75% 4/1/2028 <sup>(a)</sup>  | 1000 | 970 |
| Avis Budget Car Rental, LLC 5.375% 3/1/2029 <sup>(a)</sup>  | 16495 | 16099 |
| Avis Budget Car Rental, LLC 8.25% 1/15/2030 <sup>(a)</sup>  | 6466 | 6713 |
| Avis Budget Car Rental, LLC 8.00% 2/15/2031 <sup>(a)</sup>  | 3745 | 3877 |
| Avis Budget Group, Inc. 5.75% 7/15/2027 <sup>(a)</sup>  | 1534 | 1533 |
| Axon Enterprise, Inc. 6.125% 3/15/2030 <sup>(a)</sup>  | 29365 | 30232 |
| Axon Enterprise, Inc. 6.25% 3/15/2033 <sup>(a)</sup>  | 28920 | 29839 |
| Boeing Co. (The) 6.528% 5/1/2034  | 11643 | 12880 |
| Bombardier, Inc. 7.125% 6/15/2026 <sup>(a)</sup>  | 618 | 617 |
| Brink's Co. (The) 4.625% 10/15/2027 <sup>(a)</sup>  | 10371 | 10279 |
| Brink's Co. (The) 6.50% 6/15/2029 <sup>(a)</sup>  | 3870 | 3986 |
| Brink's Co. (The) 6.75% 6/15/2032 <sup>(a)</sup>  | 4075 | 4242 |
| BWX Technologies, Inc. 4.125% 6/30/2028 <sup>(a)</sup>  | 8235 | 8046 |
| BWX Technologies, Inc. 4.125% 4/15/2029 <sup>(a)</sup>  | 3470 | 3362 |
| Clarivate Science Holdings Corp. 3.875% 7/1/2028 <sup>(a)</sup>  | 16475 | 15870 |
| Clarivate Science Holdings Corp. 4.875% 7/1/2029 <sup>(a)</sup>  | 14880 | 14076 |
| Clean Harbors, Inc. 4.875% 7/15/2027 <sup>(a)</sup>  | 8484 | 8484 |
| Clean Harbors, Inc. 5.125% 7/15/2029 <sup>(a)</sup>  | 1300 | 1290 |
| Clean Harbors, Inc. 6.375% 2/1/2031 <sup>(a)</sup>  | 9062 | 9288 |
| Clean Harbors, Inc. 5.75% 10/15/2033 <sup>(a)</sup>  | 28690 | 28963 |
| CoreLogic, Inc. 4.50% 5/1/2028 <sup>(a)</sup>  | 70852 | 68927 |
| CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 3.50%) 7.778% 6/2/2028 <sup>(b)(c)</sup>  | 5915 | 5923 |
| CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.50%) 10.778% 6/4/2029 <sup>(b)(c)</sup>  | 13425 | 13431 |
| Enviri Corp. 5.75% 7/31/2027 <sup>(a)</sup>  | 15000 | 14892 |
| EquipmentShare.com, Inc. 9.00% 5/15/2028 <sup>(a)</sup>  | 62920 | 66662 |
| EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(a)</sup>  | 10665 | 11528 |
| EquipmentShare.com, Inc. 8.00% 3/15/2033 <sup>(a)</sup>  | 1000 | 1070 |
| FTAI Aviation Investors, LLC 5.50% 5/1/2028 <sup>(a)</sup>  | 27827 | 27856 |
| FTAI Aviation Investors, LLC 7.875% 12/1/2030 <sup>(a)</sup>  | 1100 | 1170 |
| Garda World Security Corp. 8.375% 11/15/2032 <sup>(a)</sup>  | 43865 | 45571 |
| Herc Holdings, Inc. 5.50% 7/15/2027 <sup>(a)</sup>  | 5200 | 5191 |
| Herc Holdings, Inc. 6.625% 6/15/2029 <sup>(a)</sup>  | 10590 | 10889 |
| Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(a)</sup>  | 21840 | 22704 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(a)</sup>  | 32060 | 33493 |
| Hertz Corp. (The) 4.625% 12/1/2026 <sup>(a)</sup>  | 16320 | 16073 |
| Icahn Enterprises, LP 6.25% 5/15/2026  | 7023 | 7020 |
| Icahn Enterprises, LP 5.25% 5/15/2027  | 86618 | 85209 |
| Icahn Enterprises, LP 9.75% 1/15/2029  | 15482 | 15644 |
| Icahn Enterprises, LP 4.375% 2/1/2029  | 20865 | 18029 |
| Icahn Enterprises, LP 10.00% 11/15/2029 <sup>(a)</sup>  | 2040 | 2052 |
| Miter Brands Acquisition Holdco, Inc. 6.75% 4/1/2032 <sup>(a)</sup>  | 6789 | 6978 |
| Moog, Inc. 4.25% 12/9/2027 <sup>(a)</sup>  | 8465 | 8351 |
| Mueller Water Products, Inc. 4.00% 6/15/2029 <sup>(a)</sup>  | 5115 | 4930 |
| NESCO Holdings II, Inc. 5.50% 4/15/2029 <sup>(a)</sup>  | 20000 | 19601 |
| OneSky Flight, LLC 8.875% 12/15/2029 <sup>(a)</sup>  | 8720 | 9178 |
| Peraton Corp., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 8.013% 2/1/2028 <sup>(b)(c)</sup>  | 40354 | 34104 |
| Pitney Bowes, Inc. 6.875% 3/15/2027 <sup>(a)</sup>  | 11500 | 11506 |
| Prime Security Services Borrower, LLC 3.375% 8/31/2027 <sup>(a)</sup>  | 8000 | 7788 |
| Prime Security Services Borrower, LLC 6.25% 1/15/2028 <sup>(a)</sup>  | 11833 | 11840 |
| QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(a)</sup>  | 42730 | 44349 |
| QXO Building Products, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.00%) 7.163% 4/30/2032 <sup>(b)(c)</sup>  | 4533 | 4575 |
| RB Global Holdings, Inc. 6.75% 3/15/2028 <sup>(a)</sup>  | 1304 | 1335 |
| RB Global Holdings, Inc. 7.75% 3/15/2031 <sup>(a)</sup>  | 9038 | 9464 |
| Reworld Holding Corp. 4.875% 12/1/2029 <sup>(a)</sup>  | 12698 | 11954 |
| Sabre GLBL, Inc. 11.125% 7/15/2030 <sup>(a)</sup>  | 41665 | 40402 |
| Science Applications International Corp. 5.875% 11/1/2033 <sup>(a)</sup>  | 12790 | 12802 |
| Sensata Technologies BV 4.00% 4/15/2029 <sup>(a)</sup>  | 3225 | 3099 |
| Sensata Technologies, Inc. 3.75% 2/15/2031 <sup>(a)</sup>  | 15230 | 14069 |
| SkyMiles IP, Ltd. 4.75% 10/20/2028 <sup>(a)</sup>  | 9000 | 9054 |
| Spirit AeroSystems, Inc. 4.60% 6/15/2028  | 1462 | 1461 |
| Spirit AeroSystems, Inc. 9.375% 11/30/2029 <sup>(a)</sup>  | 4359 | 4596 |
| Spirit AeroSystems, Inc. 9.75% 11/15/2030 <sup>(a)</sup>  | 1685 | 1855 |
| Standard Building Solutions, Inc. 6.50% 8/15/2032 <sup>(a)</sup>  | 10000 | 10270 |

---

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

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| Standard Building Solutions, Inc. 6.25% 8/1/2033 <sup>(a)</sup>  | USD37,680 | $38219 |
| 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>  | 13400 | 13363 |
| TransDigm, Inc. 6.75% 8/15/2028 <sup>(a)</sup>  | 8945 | 9127 |
| TransDigm, Inc. 4.625% 1/15/2029  | 4470 | 4384 |
| TransDigm, Inc. 6.375% 3/1/2029 <sup>(a)</sup>  | 31065 | 31800 |
| TransDigm, Inc. 6.875% 12/15/2030 <sup>(a)</sup>  | 7315 | 7586 |
| TransDigm, Inc. 6.625% 3/1/2032 <sup>(a)</sup>  | 39680 | 40902 |
| TransDigm, Inc. 6.00% 1/15/2033 <sup>(a)</sup>  | 16000 | 16191 |
| TransDigm, Inc. 6.375% 5/31/2033 <sup>(a)</sup>  | 45010 | 45629 |
| TransDigm, Inc. 6.25% 1/31/2034 <sup>(a)</sup>  | 27940 | 28755 |
| TransDigm, Inc. 6.75% 1/31/2034 <sup>(a)</sup>  | 92745 | 95961 |
| Uber Technologies, Inc. 4.50% 8/15/2029 <sup>(a)</sup>  | 7050 | 7043 |
| United Rentals (North America), Inc. 6.00% 12/15/2029 <sup>(a)</sup>  | 1759 | 1813 |
| United Rentals (North America), Inc. 5.25% 1/15/2030  | 5484 | 5516 |
| United Rentals (North America), Inc. 3.875% 2/15/2031  | 14145 | 13392 |
| United Rentals (North America), Inc. 3.75% 1/15/2032  | 11090 | 10282 |
| United Rentals (North America), Inc. 6.125% 3/15/2034 <sup>(a)</sup>  | 6840 | 7121 |
| Waste Pro USA, Inc. 7.00% 2/1/2033 <sup>(a)</sup>  | 5505 | 5716 |
| WESCO Distribution, Inc. 7.25% 6/15/2028 <sup>(a)</sup>  | 4975 | 5044 |
| WESCO Distribution, Inc. 6.625% 3/15/2032 <sup>(a)</sup>  | 30115 | 31334 |
| WESCO Distribution, Inc. 6.375% 3/15/2033 <sup>(a)</sup>  | 7820 | 8112 |
| XPO, Inc. 6.25% 6/1/2028 <sup>(a)</sup>  | 17187 | 17545 |
| XPO, Inc. 7.125% 6/1/2031 <sup>(a)</sup>  | 10832 | 11346 |
| XPO, Inc. 7.125% 2/1/2032 <sup>(a)</sup>  | 8665 | 9121 |
|  |  | 1599489 |
| **Consumer staples 3.59%** | **Consumer staples 3.59%** | **Consumer staples 3.59%** |
| Albertsons Cos., Inc. 4.625% 1/15/2027 <sup>(a)</sup>  | 7215 | 7180 |
| Albertsons Cos., Inc. 5.875% 2/15/2028 <sup>(a)</sup>  | 10000 | 10012 |
| Albertsons Cos., Inc. 3.50% 3/15/2029 <sup>(a)</sup>  | 36457 | 34601 |
| Albertsons Cos., Inc. 4.875% 2/15/2030 <sup>(a)</sup>  | 37361 | 36752 |
| Amer Sports Co. 6.75% 2/16/2031 <sup>(a)</sup>  | 16952 | 17641 |
| B&G Foods, Inc. 5.25% 9/15/2027  | 52181 | 50546 |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(a)</sup>  | 86760 | 84171 |
| B&G Foods, Inc. 7.663% 10/10/2029 <sup>(b)(c)</sup>  | 4750 | 4573 |
| Central Garden & Pet Co. 4.125% 10/15/2030  | 19206 | 18271 |
| Central Garden & Pet Co. 4.125% 4/30/2031 <sup>(a)</sup>  | 46498 | 43442 |
| Coty, Inc. 5.00% 4/15/2026 <sup>(a)</sup>  | 4000 | 3993 |
| Coty, Inc. 4.75% 1/15/2029 <sup>(a)</sup>  | 32780 | 32130 |
| Coty, Inc. 6.625% 7/15/2030 <sup>(a)</sup>  | 11620 | 11889 |
| Darling Ingredients, Inc. 5.25% 4/15/2027 <sup>(a)</sup>  | 6431 | 6422 |
| Darling Ingredients, Inc. 6.00% 6/15/2030 <sup>(a)</sup>  | 24085 | 24341 |
| Energizer Holdings, Inc. 4.375% 3/31/2029 <sup>(a)</sup>  | 4880 | 4687 |
| Fiesta Purchaser, Inc. 7.875% 3/1/2031 <sup>(a)</sup>  | 17530 | 18523 |
| Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(a)</sup>  | 18715 | 20251 |
| Fiesta Purchaser, Inc., Term Loan B, (1-month USD CME Term SOFR + 2.75%) 6.913% 2/12/2031 <sup>(b)(c)</sup>  | 11907 | 11895 |
| H.J. Heinz Co. 3.00% 6/1/2026  | 6360 | 6308 |
| H.J. Heinz Co. 3.875% 5/15/2027  | 5545 | 5523 |
| H.J. Heinz Co. 4.375% 6/1/2046  | 5 | 4 |
| H.J. Heinz Co. 4.875% 10/1/2049  | 9975 | 8732 |
| Ingles Markets, Inc. 4.00% 6/15/2031 <sup>(a)</sup>  | 5070 | 4770 |
| Lamb Weston Holdings, Inc. 4.875% 5/15/2028 <sup>(a)</sup>  | 1820 | 1815 |
| Lamb Weston Holdings, Inc. 4.125% 1/31/2030 <sup>(a)</sup>  | 43295 | 41622 |
| Lamb Weston Holdings, Inc. 4.375% 1/31/2032 <sup>(a)</sup>  | 25519 | 24140 |
| Mars, Inc. 4.60% 3/1/2028 <sup>(a)</sup>  | 3610 | 3655 |
| Opal Bidco SAS 6.50% 3/31/2032 <sup>(a)</sup>  | 14905 | 15287 |
| Performance Food Group, Inc. 5.50% 10/15/2027 <sup>(a)</sup>  | 16205 | 16183 |
| Performance Food Group, Inc. 4.25% 8/1/2029 <sup>(a)</sup>  | 7785 | 7571 |
| Performance Food Group, Inc. 6.125% 9/15/2032 <sup>(a)</sup>  | 17620 | 18070 |
| Post Holdings, Inc. 5.50% 12/15/2029 <sup>(a)</sup>  | 19249 | 19193 |
| Post Holdings, Inc. 4.625% 4/15/2030 <sup>(a)</sup>  | 49715 | 47983 |
| Post Holdings, Inc. 4.50% 9/15/2031 <sup>(a)</sup>  | 23500 | 21978 |
| Post Holdings, Inc. 6.25% 2/15/2032 <sup>(a)</sup>  | 52863 | 54413 |
| Post Holdings, Inc. 6.375% 3/1/2033 <sup>(a)</sup>  | 10000 | 10118 |

---

---

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

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Consumer staples (continued)** | **Consumer staples (continued)** | **Consumer staples (continued)** |
| Prestige Brands, Inc. 5.125% 1/15/2028 <sup>(a)</sup>  | USD11,533 | $11449 |
| Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(a)</sup>  | 14440 | 13311 |
| TreeHouse Foods, Inc. 4.00% 9/1/2028  | 47280 | 46081 |
| United Natural Foods, Inc. 6.75% 10/15/2028 <sup>(a)</sup>  | 18580 | 18636 |
| United Natural Foods, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.75%) 8.913% 5/1/2031 <sup>(b)(c)</sup>  | 74678 | 75191 |
| US Foods, Inc. 4.625% 6/1/2030 <sup>(a)</sup>  | 8325 | 8145 |
| US Foods, Inc. 5.75% 4/15/2033 <sup>(a)</sup>  | 11450 | 11539 |
|  |  | 933037 |
| **Utilities 1.71%** | **Utilities 1.71%** | **Utilities 1.71%** |
| AmeriGas Partners, LP 5.75% 5/20/2027  | 5878 | 5881 |
| Calpine Corp. 4.50% 2/15/2028 <sup>(a)</sup>  | 4000 | 3986 |
| Calpine Corp. 5.125% 3/15/2028 <sup>(a)</sup>  | 8282 | 8292 |
| 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>  | 11425 | 11841 |
| Edison International 6.95% 11/15/2029  | 2520 | 2676 |
| 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>  | 1090 | 1112 |
| Emera, Inc. 6.75% 6/15/2076 (3-month USD CME Term SOFR + 5.702% on 6/15/2026) <sup>(h)</sup>  | 18225 | 18342 |
| 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>  | 8450 | 8838 |
| FirstEnergy Corp. 2.25% 9/1/2030  | 15000 | 13487 |
| FirstEnergy Corp. 4.85% 7/15/2047  | 4000 | 3546 |
| Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(a)</sup>  | 17170 | 17982 |
| Long Ridge Energy, LLC 8.75% 2/15/2032 <sup>(a)</sup>  | 64969 | 66828 |
| Long Ridge Energy, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.502% 2/19/2032 <sup>(b)(c)</sup>  | 13725 | 13417 |
| MI Windows and Doors, LLC, Term Loan B3, (3-month USD CME Term SOFR + 2.75%) 6.913% 3/28/2031 <sup>(b)(c)</sup>  | 6069 | 6097 |
| Pacific Gas and Electric Co. 5.45% 6/15/2027  | 5670 | 5768 |
| Pacific Gas and Electric Co. 4.55% 7/1/2030  | 4170 | 4143 |
| Pacific Gas and Electric Co. 5.05% 10/15/2032  | 3000 | 2994 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040  | 5540 | 4202 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050  | 5700 | 4897 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050  | 26355 | 18007 |
| Pacific Gas and Electric Co. 6.15% 3/1/2055  | 1000 | 1007 |
| Pacific Gas and Electric Co. 6.10% 10/15/2055  | 5000 | 4993 |
| PG&E Corp. 5.00% 7/1/2028  | 41000 | 40652 |
| PG&E Corp. 5.25% 7/1/2030  | 67990 | 67090 |
| 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>  | 26965 | 27750 |
| Saavi Energia SARL 8.875% 2/10/2035 <sup>(a)</sup>  | 11702 | 12608 |
| Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(a)</sup>  | 47301 | 50242 |
| Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.733% 5/17/2030 <sup>(b)(c)</sup>  | 5850 | 5867 |
| Vistra Operations Co., LLC 5.00% 7/31/2027 <sup>(a)</sup>  | 1770 | 1765 |
| XPLR Infrastructure Operating Partners, LP 8.375% 1/15/2031 <sup>(a)</sup>  | 9650 | 10121 |
|  |  | 444431 |
| **Municipals 0.05%** | **Municipals 0.05%** | **Municipals 0.05%** |
| I-20 Lancaster Fund, LLC 12.00% 1/15/2035 <sup>(a)</sup>  | 13406 | 13052 |
| **Total corporate bonds, notes & loans** |  | 22822666 |
| **Mortgage-backed obligations 0.05%** | **Mortgage-backed obligations 0.05%** | **Mortgage-backed obligations 0.05%** |
| **Collateralized mortgage-backed obligations 0.05%** | **Collateralized mortgage-backed obligations 0.05%** | **Collateralized mortgage-backed obligations 0.05%** |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(a)(f)</sup>  | 12498 | 12498 |
| **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>(c)</sup>  | 7871 | 5215 |
| GO Taxable Bonds, CAB, Series 2022, 0% 11/1/2051  | 8699 | 5883 |
| **Total municipals** |  | 11098 |

---

---

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

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes 0.04%** | **U.S. Treasury bonds & notes 0.04%** | **U.S. Treasury bonds & notes 0.04%** |
| **U.S. Treasury inflation-protected securities 0.04%** | **U.S. Treasury inflation-protected securities 0.04%** | **U.S. Treasury inflation-protected securities 0.04%** |
| U.S. Treasury Inflation-Protected Security 2.125% 1/15/2035 <sup>(k)(l)</sup>  | USD10,378 | $10686 |
| **Total bonds, notes & other debt instruments** (cost: $22,950,697,000) |  | 22856948 |
| Convertible bonds & notes 0.16% |  |  |
| **Communication services 0.16%** | **Communication services 0.16%** | **Communication services 0.16%** |
| EchoStar Corp., convertible notes, 3.875% PIK 11/30/2030 <sup>(d)</sup>  | 17448 | 42966 |
| **Total convertible bonds & notes** (cost: $18,566,000) |  | 42966 |
| Common stocks 3.85% | Shares |  |
| **Information technology 1.27%** | **Information technology 1.27%** | **Information technology 1.27%** |
| Diebold Nixdorf, Inc. <sup>(g)(m)</sup>  | 5800284 | 330790 |
| **Health care 0.77%** | **Health care 0.77%** | **Health care 0.77%** |
| Rotech Healthcare, Inc. <sup>(f)(g)(j)(m)</sup>  | 1916276 | 138298 |
| Mallinckrodt PLC <sup>(m)</sup>  | 577925 | 60393 |
| Endo, LP, Class A1 <sup>(a)(m)</sup>  | 3784392 | 2412 |
| Endo, LP, nonvoting shares <sup>(f)(m)</sup>  | 133353000 | — <br><sup>(i)</sup><br>|
|  |  | 201103 |
| **Utilities 0.72%** | **Utilities 0.72%** | **Utilities 0.72%** |
| Talen Energy Corp. <sup>(m)</sup>  | 439665 | 187025 |
| **Energy 0.70%** | **Energy 0.70%** | **Energy 0.70%** |
| Constellation Oil Services Holding SA (NDR) <sup>(g)(m)</sup>  | 9248784 | 101482 |
| Ascent Resources, LLC, Class A <sup>(f)(j)</sup>  | 905325 | 41654 |
| Weatherford International  | 199074 | 13623 |
| Mesquite Energy, Inc. <sup>(f)(m)</sup>  | 109992 | 6235 |
| New Fortress Energy, Inc., Class A <sup>(m)</sup>  | 2594469 | 5734 |
| Expand Energy Corp.  | 49800 | 5291 |
| Altera Infrastructure, LP <sup>(f)</sup>  | 123978 | 4946 |
| McDermott International, Ltd. <sup>(m)</sup>  | 107613 | 2141 |
| McDermott International, Ltd. <sup>(j)(m)</sup>  | 13965 | 278 |
|  |  | 181384 |
| **Consumer discretionary 0.34%** | **Consumer discretionary 0.34%** | **Consumer discretionary 0.34%** |
| Aimbridge Topco, LLC <sup>(f)(g)(m)</sup>  | 1145929 | 88729 |
| NMG Parent, LLC <sup>(f)(m)</sup>  | 160737 | — <br><sup>(i)</sup><br>|
|  |  | 88729 |
| **Communication services 0.05%** | **Communication services 0.05%** | **Communication services 0.05%** |
| Frontier Communications Parent, Inc. <sup>(m)</sup>  | 250000 | 9338 |
| Clear Channel Outdoor Holdings, Inc. <sup>(m)</sup>  | 890868 | 1408 |
| iHeartMedia, Inc., Class A <sup>(m)</sup>  | 310596 | 891 |
| DSG TopCo, Inc. <sup>(m)</sup>  | 38232 | 436 |
| Cumulus Media, Inc., Class A <sup>(m)</sup>  | 561836 | 77 |
|  |  | 12150 |
| **Materials 0.00%** | **Materials 0.00%** | **Materials 0.00%** |
| Venator Materials PLC <sup>(f)(g)(m)</sup>  | 68896 | — <br><sup>(i)</sup><br>|
| **Total common stocks** (cost: $804,518,000) |  | 1001181 |

---

---

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

---

------

---

| | | |
|:---|:---|:---|
| Preferred securities 0.23% | Shares | Value<br> (000)<br>|
| **Financials 0.15%** | **Financials 0.15%** | **Financials 0.15%** |
| AH Parent, Inc., Class A, 10.50% PIK or 10.00% Cash perpetual cumulative preferred shares <sup>(d)(f)(j)</sup>  | 36740 | $37928 |
| **Industrials 0.08%** | **Industrials 0.08%** | **Industrials 0.08%** |
| ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(a)(f)(m)</sup>  | 13566 | 22188 |
| **Total preferred securities** (cost: $50,220,000) |  | 60116 |
| Rights & warrants 0.02% |  |  |
| **Communication services 0.02%** | **Communication services 0.02%** | **Communication services 0.02%** |
| SES SA (CVR) <sup>(m)</sup>  | 319194 | 4433 |
| **Energy 0.00%** | **Energy 0.00%** | **Energy 0.00%** |
| Expand Energy Corporation, Class C, warrants, expire 2/9/2026 <sup>(m)</sup>  | 572 | 56 |
| McDermott International, Inc., warrants, expire 6/30/2027 <sup>(f)(m)</sup>  | 845563 | — <br><sup>(i)</sup><br>|
| Constellation Oil Services Holding SA, Class D, warrants, expire 6/10/2071 <sup>(f)(g)(m)</sup>  | 19 | — <br><sup>(i)</sup><br>|
|  |  | 56 |
| **Total rights & warrants** (cost: $4,845,000) | **Total rights & warrants** (cost: $4,845,000) | 4489 |
| Short-term securities 6.75% |  |  |
| **Money market investments 6.75%** | **Money market investments 6.75%** | **Money market investments 6.75%** |
| Capital Group Central Cash Fund 4.17% <sup>(g)(n)</sup>  | 17531824 | 1753182 |
| **Total short-term securities** (cost: $1,753,166,000) | **Total short-term securities** (cost: $1,753,166,000) | 1753182 |
| **Total investment securities 98.96%** (cost: $25,582,012,000) |  | 25718882 |
| Other assets less liabilities 1.04% |  | 269145 |
| **Net assets 100.00%** |  | $25988027 |

---

**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 9/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 389 | 1/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD81,067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $58 |
| 5 Year U.S. Treasury Note Futures | Long | 3132 | 1/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 19 | 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $583 |

---

**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>9/30/2025 <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 9/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.HY.44 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | USD372,575 | &nbsp;&nbsp;&nbsp;&nbsp; $(29692)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(29044)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(648)<br>|

---

---

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

---

------

**Swap contracts** (continued)

------

**Credit default swaps** (continued)

**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>(o)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>9/30/2025 <sup>(p)</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 9/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.HY.45 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | USD242,555 | &nbsp;&nbsp;&nbsp;&nbsp; $18710 | &nbsp;&nbsp;&nbsp;&nbsp; $18492 | &nbsp;&nbsp;&nbsp;&nbsp; $218 |

---

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>10/1/2024 <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>9/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Bonds, notes & other debt instruments 0.84%** |  |  |  |  |  |  |  |
| **Energy 0.19%** |  |  |  |  |  |  |  |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(a)</sup>  | $— | &nbsp;&nbsp; $49202 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1252 | &nbsp;&nbsp; $50454 | &nbsp;&nbsp; $4112 |
| **Consumer discretionary 0.10%** |  |  |  |  |  |  |  |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD <br> CME Term SOFR + 5.614%) 9.765% 3/11/2030 <sup>(b)(c)(f)</sup> <br>|  | &nbsp;&nbsp; 12226 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1341 | &nbsp;&nbsp; 13567 | &nbsp;&nbsp; 832 |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD <br> CME Term SOFR + 7.614%) 6.00% PIK and 5.98% Cash <br> 3/11/2030 <sup>(b)(c)(d)(f)</sup> <br>|  | &nbsp;&nbsp; 17230 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4615)<br>| &nbsp;&nbsp; 12615 | &nbsp;&nbsp; 348 |
| Party City Holdco, Inc. 12.00% PIK 1/11/2029 <sup>(a)(e)(q)</sup>  | 47228 | &nbsp;&nbsp; 1416 | &nbsp;&nbsp; 1006 | &nbsp;&nbsp; (45507)<br>| &nbsp;&nbsp; (2131)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 731 |
| Party City Holdings, Inc. 0% 10/12/2028 <sup>(f)</sup>  | — <br><sup>(i)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(i)</sup><br>| &nbsp;&nbsp; — |
| Party City Holdings, Inc. 0% 10/12/2028 <sup>(f)</sup>  | — <br><sup>(i)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(i)</sup><br>| &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 26182 |  |
| **Information technology 0.55%** |  |  |  |  |  |  |  |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(a)</sup>  |  | &nbsp;&nbsp; 144906 | &nbsp;&nbsp; 10120 | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 7583 | &nbsp;&nbsp; 142924 | &nbsp;&nbsp; 8671 |
| Diebold Nixdorf, Inc., Term Loan, <br>(3-month USD CME Term SOFR + 6.50%) <br>14.25% 8/11/2028 <sup>(a)(c)(q)</sup> <br>| 204979 | &nbsp;&nbsp; 571 | &nbsp;&nbsp; 206138 | &nbsp;&nbsp; 5726 | &nbsp;&nbsp; (5138)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 5475 |
|  |  |  |  |  |  | &nbsp;&nbsp; 142924 |  |
| **Total bonds, notes & other debt instruments** |  |  |  |  |  | &nbsp;&nbsp; 219560 |  |
| **Common stocks 2.54%** |  |  |  |  |  |  |  |
| **Information technology 1.28%** |  |  |  |  |  |  |  |
| Diebold Nixdorf, Inc. <sup>(m)</sup>  | 259041 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 71749 | &nbsp;&nbsp; 330790 | &nbsp;&nbsp; — |
| **Health care 0.53%** |  |  |  |  |  |  |  |
| Rotech Healthcare, Inc. <sup>(f)(j)(m)</sup>  | 177581 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (39283)<br>| &nbsp;&nbsp; 138298 | &nbsp;&nbsp; — |
| **Energy 0.39%** |  |  |  |  |  |  |  |
| Constellation Oil Services Holding SA (NDR) <sup>(m)</sup>  |  | &nbsp;&nbsp; 43659 | &nbsp;&nbsp; — <br><sup>(i)</sup><br>| &nbsp;&nbsp; — <br><sup>(i)</sup><br>| &nbsp;&nbsp; 57823 | &nbsp;&nbsp; 101482 | &nbsp;&nbsp; — |
| **Consumer discretionary 0.34%** |  |  |  |  |  |  |  |
| Aimbridge Topco, LLC <sup>(f)(m)</sup>  |  | &nbsp;&nbsp; 102518 | &nbsp;&nbsp; — <br><sup>(i)</sup><br>| &nbsp;&nbsp; — <br><sup>(i)</sup><br>| &nbsp;&nbsp; (13789)<br>| &nbsp;&nbsp; 88729 | &nbsp;&nbsp; — |
| MYT Holding Co., Class B <sup>(m)(q)</sup>  | 933 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1921 | &nbsp;&nbsp; (5173)<br>| &nbsp;&nbsp; 6161 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Party City Holdco, Inc. <sup>(m)(q)</sup>  | 42466 | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(i)</sup><br>| &nbsp;&nbsp; (21180)<br>| &nbsp;&nbsp; (21286)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Party City Holdco, Inc. <sup>(a)(m)(q)</sup>  | 424 | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(i)</sup><br>| &nbsp;&nbsp; (159)<br>| &nbsp;&nbsp; (265)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 88729 |  |
| **Materials 0.00%** |  |  |  |  |  |  |  |
| Venator Materials PLC <sup>(f)(m)</sup>  | 35494 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (35494)<br>| &nbsp;&nbsp; — <br><sup>(i)</sup><br>| &nbsp;&nbsp; — |
| **Total common stocks** |  |  |  |  |  | &nbsp;&nbsp; 659299 |  |

---

---

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

---

------

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> 10/1/2024<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> 9/30/2025<br> (000)<br>| Dividend<br> or interest<br> income<br> (000)<br>|
| **Preferred securities 0.00%** |  |  |  |  |  |  |  |
| **Consumer discretionary 0.00%** |  |  |  |  |  |  |  |
| MYT Holdings, LLC, Series A, 10.00% preferred shares <sup>(m)(q)</sup>  | $12676 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22748 | &nbsp;&nbsp; $4952 | &nbsp;&nbsp; $5120 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Rights & warrants 0.00%** |  |  |  |  |  |  |  |
| **Energy 0.00%** |  |  |  |  |  |  |  |
| Constellation Oil Services Holding SA, Class D, warrants, <br> expire 6/10/2071 <sup>(f)(m)</sup> <br>| — <br><sup>(i)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(i)</sup><br>| &nbsp;&nbsp; — |
| **Short-term securities 6.75%** |  |  |  |  |  |  |  |
| **Money market investments 6.75%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.17% <sup>(n)</sup>  | 1583278 | &nbsp;&nbsp; 5711133 | &nbsp;&nbsp; 5541022 | &nbsp;&nbsp; (149)<br>| &nbsp;&nbsp; (58)<br>| &nbsp;&nbsp; 1753182 | &nbsp;&nbsp; 89744 |
| **Total 10.13%** |  |  |  | &nbsp;&nbsp; $(60935)<br>| &nbsp;&nbsp; $28970 | &nbsp;&nbsp; $2632041 | &nbsp;&nbsp; $109913 |

---

**Restricted securities** <sup>(j)</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>(f)(g)(m)</sup> <br>| 9/26/2013 | $41128 | $138298 | 0.53<br> %<br>|
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(d)</sup> <br>| 9/29/2025 | 64920 | 71499 | 0.27 |
| Ascent Resources, LLC, Class A <sup>(f)</sup> <br>| 4/25/2016-11/15/2016 | 4340 | 41654 | 0.16 |
| AH Parent, Inc., Class A, 10.50% PIK or 10.00% Cash perpetual <br> cumulative preferred shares <sup>(d)(f)</sup> <br>| 9/27/2024 | 36189 | 37928 | 0.15 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + <br> 7.25%) 11.288% 9/13/2029 <sup>(b)(c)</sup> <br>| 9/13/2023 | 20383 | 20846 | 0.08 |
| McDermott International, Ltd. <sup>(m)</sup> <br>| 4/4/2018-12/31/2020 | 7967 | 278 | 0.00 <br><sup>(r)</sup><br>|
| **Total** |  | $174927 | $310503 | 1.19<br> %<br>|

---

<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 $16,290,809,000, which represented 62.69% of the net assets of the fund. 

<sup>(b)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $944,032,000, which represented 3.63% of the net assets of the fund. 

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

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

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

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

<sup>(j)</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>(k)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $9,682,000, which represented 0.04% of the net assets of the fund. 

<sup>(l)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(m)</sup> Security did not produce income during the last 12 months.

<sup>(n)</sup> Rate represents the seven-day yield at 9/30/2025.

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

<sup>(p)</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>(q)</sup> Affiliated issuer during the reporting period but no longer held at 9/30/2025.

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

---

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

---

------

---

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

---

Refer to the notes to financial statements.

---

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

---

------

Financial statements

**Statement of assets and liabilities** at September 30, 2025

------

(dollars in thousands)

---

| | | |
|:---|:---|:---|
| **Assets:** |  |  |
| Investment securities, at value: |  |  |
| Unaffiliated issuers (cost: $23,012,218) | $23086841 |  |
| Affiliated issuers (cost: $2,569,794) | 2632041 | $25718882 |
| Cash |  | 62602 |
| Cash collateral pledged for futures contracts |  | 1729 |
| Cash collateral pledged for swap contracts |  | 11 |
| Receivables for: |  |  |
| Sales of investments | 75193 |  |
| Sales of fund's shares | 45715 |  |
| Dividends and interest | 392069 |  |
| Variation margin on futures contracts | 165 |  |
| Variation margin on centrally cleared swap contracts | 252 |  |
| Other | 7 | 513401<br>|
|  |  | 26296625 |
| **Liabilities:** |  |  |
| Payables for: |  |  |
| Purchases of investments | 254622 |  |
| Repurchases of fund's shares | 38715 |  |
| Dividends on fund's shares | 4955 |  |
| Investment advisory services | 5782 |  |
| Services provided by related parties | 3922 |  |
| Trustees' deferred compensation | 464 |  |
| Variation margin on futures contracts | 11 |  |
| Variation margin on centrally cleared swap contracts | 69 |  |
| Other | 58 | 308598<br>|
| Commitments and contingencies\* |  |  |
| **Net assets at September 30, 2025** |  | $25988027 |
| **Net assets consist of:** |  |  |
| Capital paid in on shares of beneficial interest |  | $28240602 |
| Total distributable earnings (accumulated loss) |  | (2252575) <br>|
| **Net assets at September 30, 2025** |  | $25988027 |

---

\*

Refer to Note 5 for further information on unfunded commitments.

Refer to the notes to financial statements.

---

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

---

------

Financial statements (continued)

**Statement of assets and liabilities** at September 30, 2025 (continued)

------

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

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

**unlimited shares authorized (2,611,871 total shares outstanding)** 

---

| | | | |
|:---|:---|:---|:---|
|  | Net assets | Shares <br>outstanding<br>| Net asset value <br>per share<br>|
| Class A | $11574519 | 1163272 | $9.95 |
| Class C | 211434 | 21250 | 9.95 |
| Class T | 10 | 1 | 9.95 |
| Class F-1 | 343217 | 34494 | 9.95 |
| Class F-2 | 4680652 | 470419 | 9.95 |
| Class F-3 | 2651953 | 266529 | 9.95 |
| Class 529-A | 324301 | 32593 | 9.95 |
| Class 529-C | 6594 | 663 | 9.95 |
| Class 529-E | 11198 | 1126 | 9.95 |
| Class 529-T | 16 | 2 | 9.95 |
| Class 529-F-1 | 14 | 1 | 9.95 |
| Class 529-F-2 | 48273 | 4852 | 9.95 |
| Class 529-F-3 | 14 | 1 | 9.95 |
| Class R-1 | 12448 | 1251 | 9.95 |
| Class R-2 | 113453 | 11402 | 9.95 |
| Class R-2E | 18333 | 1843 | 9.95 |
| Class R-3 | 158824 | 15962 | 9.95 |
| Class R-4 | 273439 | 27481 | 9.95 |
| Class R-5E | 33036 | 3320 | 9.95 |
| Class R-5 | 34170 | 3434 | 9.95 |
| Class R-6 | 5492129 | 551975 | 9.95 |

---

Refer to the notes to financial statements.

---

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

---

------

Financial statements (continued)

**Statement of operations** for the year ended September 30, 2025

------

(dollars in thousands)

---

| | | |
|:---|:---|:---|
| **Investment income:** |  |  |
| Income: |  |  |
| Interest (includes $20,169 from affiliates) | $1559022 |  |
| Dividends (includes $89,744 from affiliates) | 106795 | $1665817 |
| Fees and expenses\*: |  |  |
| Investment advisory services | 64957 |  |
| Distribution services | 35022 |  |
| Transfer agent services | 20136 |  |
| Administrative services | 7092 |  |
| 529 plan services | 206 |  |
| Reports to shareholders | 471 |  |
| Registration statement and prospectus | 1100 |  |
| Trustees' compensation | 141 |  |
| Auditing and legal | 317 |  |
| Custodian | 95 |  |
| Other | 293 | 129830<br>|
| Net investment income |  | 1535987<br>|
| **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |
| Net realized gain (loss) on: |  |  |
| Investments: |  |  |
| Unaffiliated issuers | 160943 |  |
| Affiliated issuers | (60935)<br>|  |
| Futures contracts | (11952)<br>|  |
| Swap contracts | (3078)<br>|  |
| Currency transactions | (4)<br>| 84974 |
| Net unrealized appreciation (depreciation) on: |  |  |
| Investments: |  |  |
| Unaffiliated issuers | 64858 |  |
| Affiliated issuers | 28970 |  |
| Futures contracts | (1405)<br>|  |
| Swap contracts | (634)<br>|  |
| Currency translations | (16)<br>| 91773<br>|
| Net realized gain (loss) and unrealized appreciation (depreciation) |  | 176747<br>|
| **Net increase (decrease) in net assets resulting from operations** |  | $1712734 |

---

\*

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

**Statements of changes in net assets**

------

(dollars in thousands)

---

| | | |
|:---|:---|:---|
|  | **Year ended September 30,** | **Year ended September 30,** |
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | $1535987 | $1288207 |
| Net realized gain (loss) | 84974 | (209943)<br>|
| Net unrealized appreciation (depreciation) | 91773 | 2017134 |
| Net increase (decrease) in net assets resulting from operations | 1712734 | 3095398 |
| **Distributions paid or accrued to shareholders** | (1535898)<br>| (1302223)<br>|
| **Net capital share transactions** | 3426220 | 2730596 |
| **Total increase (decrease) in net assets**  | 3603056 | 4523771 |
| **Net assets:** |  |  |
| Beginning of year | 22384971 | 17861200 |
| End of year | $25988027 | $22384971 |

---

Refer to the notes to financial statements.

---

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

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------

Notes to financial statements

&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 in the preparation of the financial statements. The fund follows the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

---

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

---

------

**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.

**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.

**New accounting pronouncements** — In December 2023, the FASB issued Accounting Standards Update 2023-09 ("the ASU"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the ASU and its impact to the financial statements.

**3. Valuation**

------

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

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

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

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

---

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

---

------

---

| | |
|:---|:---|
| **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>|

---

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.

---

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

---

------

**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 September 30, 2025, 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, notes & loans | $— | $22738182 | $84484 | $22822666 |
| Mortgage-backed obligations |  |  | 12498 | 12498 |
| Municipals |  | 11098 |  | 11098 |
| U.S. Treasury bonds & notes |  | 10686 |  | 10686 |
| Convertible bonds & notes  |  | 42966 |  | 42966 |
| Common stocks  | 658078 | 63241 | 279862 | 1001181 |
| Preferred securities  |  |  | 60116 | 60116 |
| Rights & warrants  | 56 | 4433 | — <br><sup>1</sup><br>| 4489 |
| Short-term securities  | 1753182 |  |  | 1753182 |
| Total | $2411316 | $22870606 | $436960 | $25718882 |

---

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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 futures contracts | $583 | $— | $— | $583 |
| Unrealized appreciation on centrally cleared credit default swaps |  | 218 |  | 218 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on centrally cleared credit default swaps |  | (648)<br>|  | (648)<br>|
| Total  | $583 | $(430)<br>| $— | $153 |

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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 year ended

September 30, 2025 (dollars in thousands):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning** <br>**value at** <br>**10/1/2024**<br>| **Transfers** <br>**into** <br>**Level 3**<sup>3</sup> <br>| **Purchases** | **Sales** | **Net** <br>**realized** <br>**gain (loss)**<sup>4</sup> <br>| **Unrealized** <br>**appreciation** <br>**(depreciation)**<sup>4</sup> <br>| **Transfers** <br>**out of** <br>**Level 3**<sup>3</sup> <br>| **Ending** <br>**value at** <br>**9/30/2025**<br>|
| Investment securities | &nbsp;&nbsp; $491078 | &nbsp;&nbsp; $86256 | &nbsp;&nbsp; $31099 | &nbsp;&nbsp; $(28314)<br>| &nbsp;&nbsp; $(130899)<br>| &nbsp;&nbsp; $67521 | &nbsp;&nbsp; $(79781)<br>| &nbsp;&nbsp; $436960 |
| Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at September 30, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at September 30, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at September 30, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at September 30, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at September 30, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at September 30, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at September 30, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at September 30, 2025 | &nbsp;&nbsp; $31193 |

---

<sup>3</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 the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.

<sup>4</sup>

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

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

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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>**9/30/2025**<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>|
| Bonds, notes & other <br> debt instruments | $96982 | &nbsp;&nbsp; Estimated recovery <br> value | Expected proceeds | Not applicable | Not applicable | Not applicable |
| Bonds, notes & other <br> debt instruments | $96982 | &nbsp;&nbsp; Estimated recovery <br> value | Vendor price | Not applicable | Not applicable | Not applicable |
| Bonds, notes & other <br> debt instruments | $96982 | &nbsp;&nbsp; Estimated recovery <br> value | De minimis | Not applicable | Not applicable | Not applicable |
| Bonds, notes & other <br> debt instruments | $96982 | Transaction | Transaction price | Not applicable | Not applicable | Not applicable |
| Bonds, notes & other <br> debt instruments | $96982 | &nbsp;&nbsp; Indicative market <br> quotation<br>| Broker quote | Not applicable | Not applicable | Not applicable |
| Common stocks | $279862 | &nbsp;&nbsp; Estimated recovery <br> value | De minimis | Not applicable | Not applicable | Not applicable |
| Common stocks | $279862 | &nbsp;&nbsp; Estimated recovery <br> value | Expected proceeds | Not applicable | Not applicable | Not applicable |
| Common stocks | $279862 | &nbsp;&nbsp; Estimated recovery <br> value | Discount for uncertainty | 15% - 20% | 18% | Decrease |
| Common stocks | $279862 | Market comparables | EV/EBITDA multiple | 5.5x - 10.0x | 8.6x | Increase |
| Common stocks | $279862 | Market comparables | EV/EBITDA-CAPEX multiple | 10.5x | 10.5x | Increase |
| Common stocks | $279862 | Market comparables | DLOM | 7% | 7% | Decrease |
| Preferred securities | $60116 | Market comparables | EV/EBITDA multiple | 4.7x | 4.7x | Increase |
| Preferred securities | $60116 | Market comparables | DLOM | 15% | 15% | Decrease |
| Preferred securities | $60116 | Yield analysis | Yield | 10% | 10% | Decrease |
| Rights & warrants | — <br><sup>3</sup><br>| &nbsp;&nbsp; Estimated recovery <br> value<br>| De minimis | Not applicable | Not applicable | Not applicable |
|  | $436960 |  |  |  |  |  |

---

<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.

---

| |
|:---|
| **Key to abbreviations** |
| CAPEX = Capital expenditures |
| DLOM = Discount for lack of marketability |
| EBITDA = Earnings before interest, taxes, depreciation and amortization |
| EV = Enterprise value |

---

**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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| | |
|:---|:---|
| **29** | 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 | **30** |

---

------

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

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

**5. Certain investment techniques**

------

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

**Unfunded commitments** — The fund has participated in transactions that involve unfunded commitments, which may obligate the fund to purchase new or additional bonds if certain contingencies are met. As of September 30, 2025, the fund's maximum exposure of unfunded bond commitments was $10,366,000, which would represent 0.04% of the net assets of the fund should such commitments become due.

**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 $572,567,000.

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| | |
|:---|:---|
| **31** | 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 $324,991,000.

The following tables identify the location and fair value amounts on the fund's statement of assets and liabilities and the effect on the fund's statement of operations resulting from the fund's use of futures contracts and credit default swaps as of, or for the year ended, September 30, 2025 (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\* | $583 | Unrealized depreciation\* | $— |
| Swap (centrally <br> cleared)<br>| Credit | Unrealized appreciation\* | 218 | Unrealized depreciation\* | 648 |
|  |  |  | $801 |  | $648 |

---

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **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 | $(11952)<br>| &nbsp;&nbsp; Net unrealized appreciation (depreciation) <br> on futures contracts<br>| $(1405)<br>|
| Swap | Credit | Net realized gain (loss) on swap contracts | (3078)<br>| &nbsp;&nbsp; Net unrealized appreciation (depreciation) <br> on swap contracts<br>| (634)<br>|
|  |  |  | $(15030)<br>|  | $(2039)<br>|

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\*

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**

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

As of and during the year ended September 30, 2025, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the year, the fund did not incur any significant interest or penalties.

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

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

**Distributions** — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; deferred expenses; cost of investments sold; net capital losses; amortization of premiums and discounts and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes.

During the year ended September 30, 2025, the fund reclassified $3,000 from total accumulated loss to capital paid in on shares of beneficial interest to align financial reporting with tax reporting.

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

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As of September 30, 2025, the tax basis components of distributable earnings, unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

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| | |
|:---|:---|
| Undistributed ordinary income | $21944 |
| Capital loss carryforward\* | (2245358)<br>|
| Gross unrealized appreciation on investments | 877421 |
| Gross unrealized depreciation on investments | (894700)<br>|
| Net unrealized appreciation (depreciation) on investments | (17279)<br>|
| Cost of investments | 25746866 |

---

\*

Reflects the utilization of capital loss carryforward of $75,976,000. The capital loss carryforward will be used to offset any capital gains realized by the fund in future years. The fund will not make distributions from capital gains while a capital loss carryforward remains.

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

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| | | |
|:---|:---|:---|
| | **Year ended September 30,** | **Year ended September 30,** |
| <br>**Share class** | **2025** | **2024** |
| Class A | &nbsp;&nbsp; $712270 | $677131 |
| Class C | &nbsp;&nbsp; 11898 | 11924 |
| Class T | &nbsp;&nbsp; 1 | 1 |
| Class F-1 | &nbsp;&nbsp; 19613 | 17384 |
| Class F-2 | &nbsp;&nbsp; 261161 | 164007 |
| Class F-3 | &nbsp;&nbsp; 139803 | 92480 |
| Class 529-A | &nbsp;&nbsp; 20265 | 19887 |
| Class 529-C | &nbsp;&nbsp; 390 | 472 |
| Class 529-E | &nbsp;&nbsp; 692 | 721 |
| Class 529-T | &nbsp;&nbsp; 1 | 1 |
| Class 529-F-1 | &nbsp;&nbsp; 1 | 1 |
| Class 529-F-2 | &nbsp;&nbsp; 2952 | 2578 |
| Class 529-F-3 | &nbsp;&nbsp; 1 | 1 |
| Class R-1 | &nbsp;&nbsp; 692 | 677 |
| Class R-2 | &nbsp;&nbsp; 6430 | 6574 |
| Class R-2E | &nbsp;&nbsp; 995 | 767 |
| Class R-3 | &nbsp;&nbsp; 9262 | 9087 |
| Class R-4 | &nbsp;&nbsp; 10808 | 7668 |
| Class R-5E | &nbsp;&nbsp; 1997 | 1599 |
| Class R-5 | &nbsp;&nbsp; 2144 | 2075 |
| Class R-6 | &nbsp;&nbsp; 334522 | 287188 |
| Total | &nbsp;&nbsp; $1535898 | $1302223 |

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

------

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

**Investment advisory services** — The fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on a series of decreasing annual rates beginning with 0.157% on the first $15 billion of daily net assets and decreasing to 0.132% on such assets in excess of $21 billion. The agreement also provides for monthly fees, accrued daily, based on a series of decreasing rates beginning with 3.00% on the first $8,333,333 of the fund's monthly gross income and decreasing to 1.50% on such income in excess of $50,000,000. For the year ended September 30, 2025, the investment advisory services fees were $64,957,000, which were equivalent to an annualized rate of 0.275% of average daily net assets.

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

**Distribution services** — The fund has plans of distribution for all share classes, except Class F-2, F-3, 529-F-2, 529-F-3, R-5E, R-5 and R-6 shares. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.30% to 1.00% as noted in this section. In some cases, the board of trustees has limited the

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

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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 September 30, 2025, 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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| | |
|:---|:---|
| **35** | American High-Income Trust |

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------

The quarterly fees are based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $75 billion. The fees for any given calendar quarter are accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. For the year ended September 30, 2025, the 529 plan services fees were $206,000, which were equivalent to 0.054% of the average daily net assets of each 529 share class.

For the year ended September 30, 2025, 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 | $29027 | $13776 | $3367 | Not applicable |
| Class C | 2118 | 260 | 64 | Not applicable |
| Class T |  | —<br> \*<br>| —<br> \*<br>| Not applicable |
| Class F-1 | 770 | 464 | 93 | Not applicable |
| Class F-2 | Not applicable | 4266 | 1182 | Not applicable |
| Class F-3 | Not applicable | 25 | 623 | Not applicable |
| Class 529-A | 721 | 373 | 96 | $172 |
| Class 529-C | 69 | 8 | 2 | 4 |
| Class 529-E | 56 | 6 | 3 | 6 |
| 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 | 23 | 13 | 24 |
| Class 529-F-3 | Not applicable | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Class R-1 | 123 | 12 | 4 | Not applicable |
| Class R-2 | 855 | 384 | 34 | Not applicable |
| Class R-2E | 101 | 34 | 5 | Not applicable |
| Class R-3 | 762 | 225 | 46 | Not applicable |
| Class R-4 | 420 | 155 | 50 | Not applicable |
| Class R-5E | Not applicable | 46 | 9 | Not applicable |
| Class R-5 | Not applicable | 18 | 10 | Not applicable |
| Class R-6 | Not applicable | 61 | 1491 | Not applicable |
| Total class-specific expenses | $35022 | $20136 | $7092 | $206 |

---

\*

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 $141,000 in the fund's statement of operations reflects $82,000 in current fees (either paid in cash or deferred) and a net increase of $59,000 in the value of the deferred amounts.

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

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

**Security transactions with related funds** — The fund may purchase investment securities from, or sell investment securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund's board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act. During the year ended September 30, 2025, the fund did not engage in any such purchase or sale transactions with any related funds.

**Interfund lending** — Pursuant to an exemptive order issued by the SEC, the fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the year ended September 30, 2025.

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

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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 year ended September 30, 2025.

**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** |
| **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 <br> (decrease)<br>| $6259120 | 638423 | &nbsp;&nbsp;&nbsp; $1492877 | 152168 | &nbsp;&nbsp;&nbsp; $(4325777)<br>| (442032)<br>| &nbsp;&nbsp;&nbsp; $3426220 | 348559 |

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

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| | |
|:---|:---|
| **37** | 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, 2024** | **Year ended September 30, 2024** | **Year ended September 30, 2024** | **Year ended September 30, 2024** | **Year ended September 30, 2024** | **Year ended September 30, 2024** | **Year ended September 30, 2024** | **Year ended September 30, 2024** | **Year ended September 30, 2024** |
| Class A | $1265011 | 133402 | &nbsp;&nbsp;&nbsp; $653697 | 68809 | &nbsp;&nbsp;&nbsp; $(1537468)<br>| (162688)<br>| &nbsp;&nbsp;&nbsp; $381240 | 39523 |
| Class C | 48313 | 5081 | &nbsp;&nbsp;&nbsp; 11533 | 1215 | &nbsp;&nbsp;&nbsp; (65402)<br>| (6922)<br>| &nbsp;&nbsp;&nbsp; (5556)<br>| (626)<br>|
| Class T |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  |
| Class F-1 | 217955 | 23039 | &nbsp;&nbsp;&nbsp; 16633 | 1752 | &nbsp;&nbsp;&nbsp; (232035)<br>| (24573)<br>| &nbsp;&nbsp;&nbsp; 2553 | 218 |
| Class F-2 | 1784496 | 186714 | &nbsp;&nbsp;&nbsp; 155520 | 16324 | &nbsp;&nbsp;&nbsp; (766723)<br>| (81349)<br>| &nbsp;&nbsp;&nbsp; 1173293 | 121689 |
| Class F-3 | 781814 | 82622 | &nbsp;&nbsp;&nbsp; 90293 | 9478 | &nbsp;&nbsp;&nbsp; (315809)<br>| (33429)<br>| &nbsp;&nbsp;&nbsp; 556298 | 58671 |
| Class 529-A | 46614 | 4910 | &nbsp;&nbsp;&nbsp; 19816 | 2086 | &nbsp;&nbsp;&nbsp; (63865)<br>| (6736)<br>| &nbsp;&nbsp;&nbsp; 2565 | 260 |
| Class 529-C | 2554 | 269 | &nbsp;&nbsp;&nbsp; 470 | 50 | &nbsp;&nbsp;&nbsp; (4713)<br>| (497)<br>| &nbsp;&nbsp;&nbsp; (1689)<br>| (178)<br>|
| Class 529-E | 1484 | 157 | &nbsp;&nbsp;&nbsp; 719 | 76 | &nbsp;&nbsp;&nbsp; (1986)<br>| (210)<br>| &nbsp;&nbsp;&nbsp; 217 | 23 |
| Class 529-T |  |  | &nbsp;&nbsp;&nbsp; 1 | 1 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | 1 |
| 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 | 9595 | 1017 | &nbsp;&nbsp;&nbsp; 2566 | 270 | &nbsp;&nbsp;&nbsp; (8361)<br>| (882)<br>| &nbsp;&nbsp;&nbsp; 3800 | 405 |
| 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 | 1961 | 207 | &nbsp;&nbsp;&nbsp; 674 | 71 | &nbsp;&nbsp;&nbsp; (2279)<br>| (242)<br>| &nbsp;&nbsp;&nbsp; 356 | 36 |
| Class R-2 | 21855 | 2318 | &nbsp;&nbsp;&nbsp; 6532 | 687 | &nbsp;&nbsp;&nbsp; (27569)<br>| (2906)<br>| &nbsp;&nbsp;&nbsp; 818 | 99 |
| Class R-2E | 10411 | 1094 | &nbsp;&nbsp;&nbsp; 765 | 80 | &nbsp;&nbsp;&nbsp; (3412)<br>| (357)<br>| &nbsp;&nbsp;&nbsp; 7764 | 817 |
| Class R-3 | 41283 | 4378 | &nbsp;&nbsp;&nbsp; 9012 | 948 | &nbsp;&nbsp;&nbsp; (41576)<br>| (4384)<br>| &nbsp;&nbsp;&nbsp; 8719 | 942 |
| Class R-4 | 29090 | 3070 | &nbsp;&nbsp;&nbsp; 7638 | 804 | &nbsp;&nbsp;&nbsp; (35484)<br>| (3745)<br>| &nbsp;&nbsp;&nbsp; 1244 | 129 |
| Class R-5E | 7495 | 789 | &nbsp;&nbsp;&nbsp; 1592 | 168 | &nbsp;&nbsp;&nbsp; (4108)<br>| (435)<br>| &nbsp;&nbsp;&nbsp; 4979 | 522 |
| Class R-5 | 8413 | 898 | &nbsp;&nbsp;&nbsp; 2067 | 218 | &nbsp;&nbsp;&nbsp; (11606)<br>| (1232)<br>| &nbsp;&nbsp;&nbsp; (1126)<br>| (116)<br>|
| Class R-6 | 735445 | 77441 | &nbsp;&nbsp;&nbsp; 287030 | 30189 | &nbsp;&nbsp;&nbsp; (427357)<br>| (45284)<br>| &nbsp;&nbsp;&nbsp; 595118 | 62346 |
| Total net increase <br> (decrease)<br>| $5013789 | 527406 | &nbsp;&nbsp;&nbsp; $1266560 | 133226 | &nbsp;&nbsp;&nbsp; $(3549753)<br>| (375871)<br>| &nbsp;&nbsp;&nbsp; $2730596 | 284761 |

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\*

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 short-term securities and U.S. government obligations,

if any, of $11,701,981,000 and $8,546,211,000, respectively, during the year ended September 30, 2025.

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

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Financial highlights

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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:**  |
| 9/30/2025 | $9.89 | &nbsp;&nbsp; $.62 | &nbsp;&nbsp; $.06 | &nbsp;&nbsp; $.68 | &nbsp;&nbsp; $(.62)<br>| &nbsp;&nbsp; $9.95 | 7.18<br> %<br>| &nbsp;&nbsp; $11575 | &nbsp;&nbsp; .70<br> %<br>| &nbsp;&nbsp; .70<br> %<br>| 6.35<br> %<br>|
| 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:**  |
| 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:**  |
| 9/30/2025 | 9.89 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; (.65)<br>| 9.95 | 7.45 <br><sup>5</sup><br>| &nbsp;&nbsp; — <br><sup>6</sup><br>| &nbsp;&nbsp; .42 <br><sup>5</sup><br>| &nbsp;&nbsp; .42 <br><sup>5</sup><br>| 6.61 <br><sup>5</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>5</sup><br>| &nbsp;&nbsp; — <br><sup>6</sup><br>| &nbsp;&nbsp; .45 <br><sup>5</sup><br>| &nbsp;&nbsp; .45 <br><sup>5</sup><br>| 6.67 <br><sup>5</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>5</sup><br>| &nbsp;&nbsp; — <br><sup>6</sup><br>| &nbsp;&nbsp; .46 <br><sup>5</sup><br>| &nbsp;&nbsp; .45 <br><sup>5</sup><br>| 6.74 <br><sup>5</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>5</sup><br>| &nbsp;&nbsp; — <br><sup>6</sup><br>| &nbsp;&nbsp; .42 <br><sup>5</sup><br>| &nbsp;&nbsp; .42 <br><sup>5</sup><br>| 5.12 <br><sup>5</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>5</sup><br>| &nbsp;&nbsp; — <br><sup>6</sup><br>| &nbsp;&nbsp; .43 <br><sup>5</sup><br>| &nbsp;&nbsp; .43 <br><sup>5</sup><br>| 4.87 <br><sup>5</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:**  |
| 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:**  |
| 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:**  |
| 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:**  |
| 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).

---

| | |
|:---|:---|
| **39** | 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:**  |
| 9/30/2025 | $9.89 | &nbsp;&nbsp; $.55 | &nbsp;&nbsp; $.06 | &nbsp;&nbsp; $.61 | &nbsp;&nbsp; $(.55)<br>| &nbsp;&nbsp; $9.95 | 6.35<br> %<br>| &nbsp;&nbsp; $7 | 1.48<br> %<br>| 1.48<br> %<br>| 5.57<br> %<br>|
| 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:**  |
| 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:**  |
| 9/30/2025 | 9.89 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; (.64)<br>| 9.95 | 7.41 <br><sup>5</sup><br>| &nbsp;&nbsp; — <br><sup>6</sup><br>| &nbsp;&nbsp; .48 <br><sup>5</sup><br>| &nbsp;&nbsp; .48 <br><sup>5</sup><br>| 6.57 <br><sup>5</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>5</sup><br>| &nbsp;&nbsp; — <br><sup>6</sup><br>| &nbsp;&nbsp; .51 <br><sup>5</sup><br>| &nbsp;&nbsp; .50 <br><sup>5</sup><br>| 6.62 <br><sup>5</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>5</sup><br>| &nbsp;&nbsp; — <br><sup>6</sup><br>| &nbsp;&nbsp; .52 <br><sup>5</sup><br>| &nbsp;&nbsp; .51 <br><sup>5</sup><br>| 6.69 <br><sup>5</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>5</sup><br>| &nbsp;&nbsp; — <br><sup>6</sup><br>| &nbsp;&nbsp; .48 <br><sup>5</sup><br>| &nbsp;&nbsp; .48 <br><sup>5</sup><br>| 5.07 <br><sup>5</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>5</sup><br>| &nbsp;&nbsp; — <br><sup>6</sup><br>| &nbsp;&nbsp; .48 <br><sup>5</sup><br>| &nbsp;&nbsp; .48 <br><sup>5</sup><br>| 4.82 <br><sup>5</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:**  |
| 9/30/2025 | 9.89 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; (.64)<br>| 9.95 | 7.35 <br><sup>5</sup><br>| &nbsp;&nbsp; — <br><sup>6</sup><br>| &nbsp;&nbsp; .53 <br><sup>5</sup><br>| &nbsp;&nbsp; .53 <br><sup>5</sup><br>| 6.52 <br><sup>5</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>5</sup><br>| &nbsp;&nbsp; — <br><sup>6</sup><br>| &nbsp;&nbsp; .55 <br><sup>5</sup><br>| &nbsp;&nbsp; .55 <br><sup>5</sup><br>| 6.57 <br><sup>5</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>5</sup><br>| &nbsp;&nbsp; — <br><sup>6</sup><br>| &nbsp;&nbsp; .56 <br><sup>5</sup><br>| &nbsp;&nbsp; .55 <br><sup>5</sup><br>| 6.65 <br><sup>5</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>5</sup><br>| &nbsp;&nbsp; — <br><sup>6</sup><br>| &nbsp;&nbsp; .52 <br><sup>5</sup><br>| &nbsp;&nbsp; .52 <br><sup>5</sup><br>| 5.03 <br><sup>5</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>5</sup><br>| &nbsp;&nbsp; — <br><sup>6</sup><br>| &nbsp;&nbsp; .49 <br><sup>5</sup><br>| &nbsp;&nbsp; .49 <br><sup>5</sup><br>| 5.26 <br><sup>5</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:**  |
| 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>7,8</sup> <br>| 9.62 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; .95 | 1.41 | &nbsp;&nbsp; (.48)<br>| 10.55 | 14.92 <br><sup>9</sup><br>| &nbsp;&nbsp; 38 | &nbsp;&nbsp; .44 <br><sup>10</sup><br>| &nbsp;&nbsp; .44 <br><sup>10</sup><br>| 4.82 <br><sup>10</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:**  |
| 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>6</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>6</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>6</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>6</sup><br>| &nbsp;&nbsp; .37 | &nbsp;&nbsp; .37 | 5.18 |
| 9/30/2021<sup>7,8</sup> <br>| 9.62 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; .96 | 1.42 | &nbsp;&nbsp; (.49)<br>| 10.55 | 14.99 <br><sup>9</sup><br>| &nbsp;&nbsp; — <br><sup>6</sup><br>| &nbsp;&nbsp; .43 <br><sup>10</sup><br>| &nbsp;&nbsp; .37 <br><sup>10</sup><br>| 4.90 <br><sup>10</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:**  |
| 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).

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

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------

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:**  |
| 9/30/2025 | $9.89 | &nbsp;&nbsp; $.55 | &nbsp;&nbsp; $.06 | &nbsp;&nbsp; $.61 | &nbsp;&nbsp; $(.55)<br>| &nbsp;&nbsp; $9.95 | 6.43<br> %<br>| &nbsp;&nbsp; $114 | 1.40<br> %<br>| 1.40<br> %<br>| 5.65<br> %<br>|
| 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:**  |
| 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:**  |
| 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:**  |
| 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:**  |
| 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:**  |
| 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:**  |
| 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 |

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

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

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Financial highlights (continued)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Portfolio turnover rate for all share classes<sup>11</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66<br> %<br>|

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<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> 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>6</sup> Amount less than $1 million.

<sup>7</sup> Based on operations for a period that is less than a full year.

<sup>8</sup> Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.

<sup>9</sup> Not annualized.

<sup>10</sup> Annualized.

<sup>11</sup> Rates do not include the fund's portfolio activity with respect to any Central Funds.

Refer to the notes to financial statements.

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

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Report of Independent Registered Public Accounting Firm

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To the shareholders and the Board of Trustees of American High-Income Trust:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of American High-Income Trust (the "Fund"), including the investment portfolio, as of September 30, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Costa Mesa, California

November 10, 2025

We have served as the auditor of one or more American Funds investment companies since 1956.

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

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Tax informationunaudited

------

We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The fund hereby designates the following amounts for the fund's fiscal year ended September 30, 2025:

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| | |
|:---|:---|
| Qualified dividend income | $4810000 |
| Section 199A dividends | $249000 |
| Section 163(j) interest dividends | $1680882000 |
| Corporate dividends received deduction | $4243000 |
| U.S. government income that may be exempt from state taxation | $69019000 |

---

**Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in January 2026, to determine the *calendar year* amounts to be included on their 2025 tax returns. Shareholders should consult their tax advisors.**

**44**<br>

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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. The dismissal does not affect D&T's previous engagement to audit the fund's financial statements for the fiscal year ended September 30, 2025.

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 is filed as an exhibit to this Form N-CSR.

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).

Matters submitted for shareholder vote

------

None

Remuneration paid to directors, officers and others

------

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

Approval of Investment Advisory and Service Agreement

------

Not applicable for the current reporting period due to the timing of the board's approval of this agreement.

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

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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. The dismissal does not affect D&T's previous engagement to audit the fund's financial statements for the fiscal year ended September 30, 2025.

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 is filed as an exhibit to this Form N-CSR.

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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#### ITEM 9 - Proxy Disclosures for Open-End Management Investment Companies
None

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#### 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.

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#### ITEM 11 - Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable for the current reporting period due to the timing of the board's approval of this agreement.

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#### 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.

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#### 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.

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#### 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.

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

------

#### ITEM 19 - Exhibits
(a)(1) Code of Ethics - See Item 2

(a)(2) The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections [302](cert302.htm) and [906](cert906.htm) of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

(a)(3) [Change in registrant's independent registered public accounting firm – Auditor's response letter to SEC is attached as an exhibit hereto.](AUDITORLETTERTOSEC.htm)

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**American High-Income Trust**

By /s/ Kristine M. Nishiyama

Kristine M. Nishiyama,

Principal Executive Officer

Date: November 28, 2025

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

By /s/ Kristine M. Nishiyama

Kristine M. Nishiyama,

Principal Executive Officer

Date: November 28, 2025

By /s/ Becky L. Park

Becky L. Park, Treasurer and

Principal Financial Officer

Date: November 28, 2025

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## 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: November 28, 2025

<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: November 28, 2025

<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 September 30, 2025 (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: November 28, 2025

Principal Financial Officer

**American High-Income Trust**

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

Becky L. Park, Treasurer and Principal Financial Officer

Date: November 28, 2025

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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## Ex-99

![Image is missing](g2sjzgnboyi0q2u2xjxvn.jpg)

**Deloitte & Touche LLP**

695 Town Center Drive,

Suite 1000

Costa Mesa, CA 92626

USA

Tel: +1 714 436 7100

Fax: +1 714 436 7200

www.deloitte.com

November 28, 2025

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549-7561

Dear Sirs/Madams:

We have read Item 8 of American High-Income Trust's Form N-CSR dated November 28, 2025, and have the following comments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.We agree with the statements concerning our Firm made in the ﬁrst two paragraphs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.We have no basis on which to agree or disagree with the statements made in the third paragraph.

Yours truly,

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