American High-Income Trust®

Investment portfolio

December 31, 2023

unaudited

 

Bonds, notes & other debt instruments 87.45% Corporate bonds, notes & loans 87.06% Energy 14.91%	Principal amount (000)	Value (000)
Aethon United BR, LP 8.25% 2/15/20261	USD9,500	$9,557
Antero Midstream Partners, LP 5.375% 6/15/20291	10,095	9,717
Antero Resources Corp. 7.625% 2/1/20291	4,356	4,474
Antero Resources Corp. 5.375% 3/1/20301	4,600	4,414
Apache Corp. 4.625% 11/15/2025	5,540	5,410
Apache Corp. 5.10% 9/1/2040	13,635	11,704
Apache Corp. 4.75% 4/15/2043	3,015	2,378
Ascent Resources Utica Holdings, LLC 7.00% 11/1/20261	38,410	38,711
Ascent Resources Utica Holdings, LLC 9.00% 11/1/20271	3,830	4,829
Ascent Resources Utica Holdings, LLC 8.25% 12/31/20281	4,042	4,070
Ascent Resources Utica Holdings, LLC 5.875% 6/30/20291	26,735	24,902
BIP-V Chinook Holdco, LLC 5.50% 6/15/20311	25,330	24,038
Blue Racer Midstream, LLC 7.625% 12/15/20251	9,754	9,891
Borr IHC, Ltd. 10.00% 11/15/20281	42,323	44,228
Borr IHC, Ltd. 10.375% 11/15/20301	11,850	12,265
California Resources Corp. 7.125% 2/1/20261	6,275	6,368
Callon Petroleum Co. 7.50% 6/15/20301	35,856	36,200
Cenovus Energy, Inc. 5.375% 7/15/2025	204	204
Cenovus Energy, Inc. 4.25% 4/15/2027	390	381
Cenovus Energy, Inc. 5.25% 6/15/2037	151	145
Cenovus Energy, Inc. 5.40% 6/15/2047	232	220
Cheniere Energy Partners, LP 4.50% 10/1/2029	618	592
Cheniere Energy, Inc. 4.625% 10/15/2028	20,199	19,731
Chesapeake Energy Corp. 5.75% 3/15/20242	1,730	35
Chesapeake Energy Corp. 5.50% 2/1/20261	15,875	15,752
Chesapeake Energy Corp. 5.875% 2/1/20291	45,620	44,755
Chesapeake Energy Corp. 6.75% 4/15/20291	14,610	14,762
Chord Energy Corp. 6.375% 6/1/20261	2,865	2,868
CITGO Petroleum Corp. 6.375% 6/15/20261	8,000	7,982
CITGO Petroleum Corp. 8.375% 1/15/20291	32,145	33,082
Civitas Resources, Inc. 5.00% 10/15/20261	17,860	17,338
Civitas Resources, Inc. 8.375% 7/1/20281	10,415	10,886
Civitas Resources, Inc. 8.625% 11/1/20301	16,405	17,415
Civitas Resources, Inc. 8.75% 7/1/20311	65,373	69,674
CNX Midstream Partners, LP 4.75% 4/15/20301	5,745	5,166
CNX Resources Corp. 7.25% 3/14/20271	23,882	24,138
CNX Resources Corp. 6.00% 1/15/20291	35,548	34,120
CNX Resources Corp. 7.375% 1/15/20311	18,926	19,079
Comstock Resources, Inc. 6.75% 3/1/20291	15,215	13,933
Comstock Resources, Inc. 5.875% 1/15/20301	26,555	23,067
Constellation Oil Services Holding SA 13.50% 6/30/20251,3	5,367	5,367
Constellation Oil Services Holding SA 3.00% Cash 12/31/20264	47,404	34,487
Continental Resources, Inc. 5.75% 1/15/20311	7,250	7,222
Crescent Energy Finance, LLC 7.25% 5/1/20261	8,650	8,712
Crescent Energy Finance, LLC 9.25% 2/15/20281	41,701	43,300

American High-Income Trust — Page 1 of 28

unaudited

Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Energy (continued)	Principal amount (000)	Value (000)
Devon Energy Corp. 5.875% 6/15/2028	USD2,830	$2,861
Devon Energy Corp. 4.50% 1/15/2030	10,040	9,647
Diamond Foreign Asset Co. 8.50% 10/1/20301	7,845	8,029
DT Midstream, Inc. 4.125% 6/15/20291	26,695	24,590
DT Midstream, Inc. 4.375% 6/15/20311	7,951	7,182
Encino Acquisition Partners Holdings, LLC 8.50% 5/1/20281	4,914	4,846
Energean Israel Finance, Ltd. 5.875% 3/30/20311	21,580	18,272
Energean PLC 6.50% 4/30/20271	2,780	2,542
Energy Transfer, LP 6.00% 2/1/20291	1,500	1,514
Energy Transfer, LP 8.00% 4/1/20291	25,695	26,754
Energy Transfer, LP 7.375% 2/1/20311	377	396
EQM Midstream Partners, LP 4.125% 12/1/2026	1,987	1,921
EQM Midstream Partners, LP 7.50% 6/1/20271	5,031	5,187
EQM Midstream Partners, LP 6.50% 7/1/20271	37,825	38,538
EQM Midstream Partners, LP 5.50% 7/15/2028	17,346	17,198
EQM Midstream Partners, LP 4.50% 1/15/20291	21,410	20,246
EQM Midstream Partners, LP 7.50% 6/1/20301	7,428	7,994
EQM Midstream Partners, LP 4.75% 1/15/20311	34,178	31,854
EQM Midstream Partners, LP 6.50% 7/15/2048	23,953	24,579
EQT Corp. 5.00% 1/15/2029	3,925	3,892
EQT Corp. 3.625% 5/15/20311	6,515	5,827
Genesis Energy, LP 6.25% 5/15/2026	6,115	6,114
Genesis Energy, LP 8.00% 1/15/2027	66,354	67,502
Genesis Energy, LP 7.75% 2/1/2028	10,055	10,100
Genesis Energy, LP 8.25% 1/15/2029	32,535	33,506
Genesis Energy, LP 8.875% 4/15/2030	23,828	24,664
Harbour Energy PLC 5.50% 10/15/20261	32,030	31,340
Harvest Midstream I, LP 7.50% 9/1/20281	35,517	35,345
Hess Midstream Operations, LP 5.125% 6/15/20281	6,390	6,171
Hess Midstream Operations, LP 4.25% 2/15/20301	28,875	26,598
Hess Midstream Operations, LP 5.50% 10/15/20301	9,470	9,176
Hilcorp Energy I, LP 6.25% 11/1/20281	3,515	3,505
Hilcorp Energy I, LP 5.75% 2/1/20291	19,025	18,394
Hilcorp Energy I, LP 6.00% 4/15/20301	18,338	17,809
Hilcorp Energy I, LP 6.00% 2/1/20311	24,212	23,428
Hilcorp Energy I, LP 6.25% 4/15/20321	19,840	19,114
Hilcorp Energy I, LP 8.375% 11/1/20331	48,631	51,597
Jonah Energy, LLC 12.00% 11/5/20253	16,449	16,449
Matador Resources Co. 6.875% 4/15/20281	8,675	8,808
Mesquite Energy, Inc. 7.25% 2/15/20231,2	22,796	1,824
Murphy Oil Corp. 6.375% 7/15/2028	4,682	4,708
Murphy Oil USA, Inc. 3.75% 2/15/20311	21,480	18,729
Nabors Industries, Inc. 7.375% 5/15/20271	31,805	31,193
Nabors Industries, Inc. 9.125% 1/31/20301	27,660	27,796
Nabors Industries, Ltd. 7.25% 1/15/20261	7,155	6,885
Neptune Energy Bondco PLC 6.625% 5/15/20251	21,325	21,150
New Fortress Energy, Inc. 6.75% 9/15/20251	32,495	32,262
New Fortress Energy, Inc. 6.50% 9/30/20261	112,673	108,313
New Fortress Energy, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 10.39% 10/30/20285,6	6,205	6,135
NGL Energy Operating, LLC 7.50% 2/1/20261	167,969	169,783
NGL Energy Partners, LP 6.125% 3/1/2025	39,177	39,129
NGL Energy Partners, LP 7.50% 4/15/2026	21,750	21,643
NGPL PipeCo, LLC 4.875% 8/15/20271	1,010	993

American High-Income Trust — Page 2 of 28

unaudited

Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Energy (continued)	Principal amount (000)	Value (000)
Noble Finance II, LLC 8.00% 4/15/20301	USD8,525	$8,878
Northern Oil and Gas, Inc. 8.125% 3/1/20281	38,230	38,748
Northern Oil and Gas, Inc. 8.75% 6/15/20311	24,790	25,852
NuStar Logistics, LP 6.00% 6/1/2026	6,129	6,124
Occidental Petroleum Corp. 2.90% 8/15/2024	10,480	10,312
Occidental Petroleum Corp. 5.875% 9/1/2025	12,395	12,472
Occidental Petroleum Corp. 6.375% 9/1/2028	4,575	4,812
Occidental Petroleum Corp. 8.875% 7/15/2030	7,875	9,224
Occidental Petroleum Corp. 6.625% 9/1/2030	7,825	8,331
Occidental Petroleum Corp. 6.125% 1/1/2031	7,940	8,253
Occidental Petroleum Corp. 6.45% 9/15/2036	5,090	5,392
Occidental Petroleum Corp. 6.20% 3/15/2040	735	760
Occidental Petroleum Corp. 6.60% 3/15/2046	1,530	1,659
Occidental Petroleum Corp. 4.20% 3/15/2048	2,543	2,004
Parkland Corp. 4.625% 5/1/20301	7,220	6,650
PDC Energy, Inc. 5.75% 5/15/2026	12,000	11,985
Permian Resources Operating, LLC 6.875% 4/1/20271	7,097	7,100
Permian Resources Operating, LLC 8.00% 4/15/20271	1,190	1,235
Permian Resources Operating, LLC 5.875% 7/1/20291	1,375	1,342
Permian Resources Operating, LLC 9.875% 7/15/20311	20,705	23,032
Permian Resources Operating, LLC 7.00% 1/15/20321	8,575	8,853
Petroleos Mexicanos 4.875% 1/18/2024	5,287	5,278
Petroleos Mexicanos 6.875% 10/16/2025	6,200	6,104
Petroleos Mexicanos 6.875% 8/4/2026	5,000	4,859
Petroleos Mexicanos 8.75% 6/2/2029	14,137	13,753
Petrorio Luxembourg SARL 6.125% 6/9/20261	6,800	6,682
Range Resources Corp. 4.875% 5/15/2025	5,803	5,735
Range Resources Corp. 8.25% 1/15/2029	15,865	16,440
Range Resources Corp. 4.75% 2/15/20301	24,510	22,684
Rockies Express Pipeline, LLC 4.95% 7/15/20291	7,868	7,532
Seadrill Finance, Ltd. 8.375% 8/1/20301	22,285	23,269
Sitio Royalties Operating Partnership, LP 7.875% 11/1/20281	7,475	7,752
SM Energy Co. 6.50% 7/15/2028	2,910	2,915
Southwestern Energy Co. 5.70% 1/23/20257	5,630	5,611
Southwestern Energy Co. 8.375% 9/15/2028	8,875	9,198
Southwestern Energy Co. 5.375% 3/15/2030	28,845	28,200
Southwestern Energy Co. 4.75% 2/1/2032	13,055	12,095
Suburban Propane Partners, LP 5.00% 6/1/20311	4,610	4,186
Sunoco, LP 6.00% 4/15/2027	12,591	12,627
Sunoco, LP 5.875% 3/15/2028	4,885	4,883
Sunoco, LP 7.00% 9/15/20281	34,975	36,108
Sunoco, LP 4.50% 5/15/2029	38,080	35,415
Sunoco, LP 4.50% 4/30/2030	40,575	37,607
Superior Plus, LP 4.50% 3/15/20291	6,485	6,019
Tallgrass Energy Partners, LP 7.50% 10/1/20251	2,535	2,550
Targa Resources Partners, LP 6.50% 7/15/2027	4,322	4,382
Targa Resources Partners, LP 6.875% 1/15/2029	18,530	19,154
Targa Resources Partners, LP 5.50% 3/1/2030	6,906	6,911
Targa Resources Partners, LP 4.875% 2/1/2031	13,835	13,457
Transocean Aquila, Ltd. 8.00% 9/30/20281	8,310	8,440
Transocean Poseidon, Ltd. 6.875% 2/1/20271	10,763	10,733
Transocean Titan Financing, Ltd. 8.375% 2/1/20281	24,931	25,883
Transocean, Inc. 11.50% 1/30/20271	5,405	5,652
Transocean, Inc. 8.75% 2/15/20301	16,396	17,143

American High-Income Trust — Page 3 of 28

unaudited

Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Energy (continued)	Principal amount (000)	Value (000)
Transocean, Inc. 6.80% 3/15/2038	USD10,600	$8,512
USA Compression Partners, LP 6.875% 4/1/2026	15,336	15,288
USA Compression Partners, LP 6.875% 9/1/2027	2,403	2,377
Valaris, Ltd. 8.375% 4/30/20301	8,000	8,203
Venture Global Calcasieu Pass, LLC 6.25% 1/15/20301	3,784	3,769
Venture Global Calcasieu Pass, LLC 4.125% 8/15/20311	47,040	41,503
Venture Global Calcasieu Pass, LLC 3.875% 11/1/20331	32,955	27,967
Venture Global LNG, Inc. 8.125% 6/1/20281	14,650	14,808
Venture Global LNG, Inc. 9.50% 2/1/20291	8,775	9,291
Venture Global LNG, Inc. 8.375% 6/1/20311	20,220	20,240
Vital Energy, Inc. 10.125% 1/15/2028	5,330	5,481
Vital Energy, Inc. 9.75% 10/15/2030	16,425	17,040
W&T Offshore, Inc. 11.75% 2/1/20261	7,100	7,307
Weatherford International, Ltd. 6.50% 9/15/20281	33,776	34,982
Weatherford International, Ltd. 8.625% 4/30/20301	76,926	80,385
Western Midstream Operating, LP 3.10% 2/1/20257	14,110	13,740
Western Midstream Operating, LP 3.95% 6/1/2025	1,280	1,249
Western Midstream Operating, LP 4.50% 3/1/2028	340	329
Western Midstream Operating, LP 4.75% 8/15/2028	2,830	2,765
Western Midstream Operating, LP 5.25% 2/1/20507	11,000	9,876
		2,848,988
Consumer discretionary 11.43%
Acushnet Co. 7.375% 10/15/20281	9,770	10,199
Advance Auto Parts, Inc. 1.75% 10/1/2027	4,304	3,697
Advance Auto Parts, Inc. 5.95% 3/9/2028	7,351	7,320
Advance Auto Parts, Inc. 3.90% 4/15/2030	24,722	22,191
Advance Auto Parts, Inc. 3.50% 3/15/2032	12,761	10,566
Allied Universal Holdco, LLC 9.75% 7/15/20271	14,417	14,143
Allied Universal Holdco, LLC 4.625% 6/1/20281	28,705	26,128
Allied Universal Holdco, LLC 6.00% 6/1/20291	27,823	22,712
Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/20291	21,647	22,134
Asbury Automotive Group, Inc. 4.625% 11/15/20291	30,700	28,450
Asbury Automotive Group, Inc. 5.00% 2/15/20321	28,915	26,312
Atlas LuxCo 4 SARL 4.625% 6/1/20281	5,110	4,676
Bath & Body Works, Inc. 6.625% 10/1/20301	7,375	7,542
Bath & Body Works, Inc. 6.875% 11/1/2035	24,193	24,531
Bath & Body Works, Inc. 6.75% 7/1/2036	17,700	17,836
Boyd Gaming Corp. 4.75% 12/1/2027	8,389	8,087
Boyd Gaming Corp. 4.75% 6/15/20311	6,005	5,518
Boyne USA, Inc. 4.75% 5/15/20291	12,285	11,566
Caesars Entertainment, Inc. 6.25% 7/1/20251	15,390	15,443
Caesars Entertainment, Inc. 8.125% 7/1/20271	11,525	11,822
Caesars Entertainment, Inc. 4.625% 10/15/20291	9,520	8,599
Caesars Entertainment, Inc. 7.00% 2/15/20301	22,590	23,179
Caesars Resort Collection, LLC 5.75% 7/1/20251	6,965	6,969
Carnival Corp. 7.625% 3/1/20261	450	458
Carnival Corp. 5.75% 3/1/20271	36,075	35,216
Carnival Corp. 4.00% 8/1/20281	64,610	60,111
Carnival Corp. 6.00% 5/1/20291	102,574	98,776
Carnival Corp. 7.00% 8/15/20291	9,745	10,181
Carnival Corp. 10.50% 6/1/20301	31,023	33,956
Carvana Co. 12.00% PIK 12/1/20281,4	2,755	2,341
Clarios Global, LP 6.25% 5/15/20261	3,667	3,674

American High-Income Trust — Page 4 of 28

unaudited

Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Consumer discretionary (continued)	Principal amount (000)	Value (000)
Clarios Global, LP 8.50% 5/15/20271	USD6,825	$6,862
Dana, Inc. 4.50% 2/15/2032	2,800	2,439
Everi Holdings, Inc. 5.00% 7/15/20291	3,000	2,727
Fertitta Entertainment, LLC 4.625% 1/15/20291	27,580	25,050
Fertitta Entertainment, LLC 6.75% 1/15/20301	86,729	76,248
First Student Bidco, Inc. 4.00% 7/31/20291	24,840	21,565
First Student Bidco, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.00%) 8.61% 7/21/20285,6	3,160	3,144
First Student Bidco, Inc., Term Loan C, (3-month USD CME Term SOFR + 3.00%) 8.61% 7/21/20285,6	980	975
Ford Motor Co. 3.25% 2/12/2032	4,490	3,736
Ford Motor Co. 6.10% 8/19/2032	12,465	12,571
Ford Motor Credit Co., LLC 3.81% 1/9/2024	3,398	3,396
Ford Motor Credit Co., LLC 5.584% 3/18/2024	934	933
Ford Motor Credit Co., LLC 3.664% 9/8/2024	3,188	3,139
Ford Motor Credit Co., LLC 2.30% 2/10/2025	2,000	1,925
Ford Motor Credit Co., LLC 5.125% 6/16/2025	2,000	1,976
Ford Motor Credit Co., LLC 4.134% 8/4/2025	1,300	1,264
Ford Motor Credit Co., LLC 3.375% 11/13/2025	12,450	11,919
Ford Motor Credit Co., LLC 6.95% 6/10/2026	30,517	31,324
Ford Motor Credit Co., LLC 4.542% 8/1/2026	1,490	1,444
Ford Motor Credit Co., LLC 2.70% 8/10/2026	9,657	8,948
Ford Motor Credit Co., LLC 4.271% 1/9/2027	11,575	11,108
Ford Motor Credit Co., LLC 4.125% 8/17/2027	4,800	4,548
Ford Motor Credit Co., LLC 3.815% 11/2/2027	16,990	15,873
Ford Motor Credit Co., LLC 2.90% 2/16/2028	4,100	3,684
Ford Motor Credit Co., LLC 6.80% 5/12/2028	11,960	12,500
Ford Motor Credit Co., LLC 5.113% 5/3/2029	5,615	5,465
Ford Motor Credit Co., LLC 7.20% 6/10/2030	16,150	17,218
Ford Motor Credit Co., LLC 4.00% 11/13/2030	16,188	14,537
Ford Motor Credit Co., LLC 7.122% 11/7/2033	21,774	23,472
Gap, Inc. 3.625% 10/1/20291	3,225	2,761
Gap, Inc. 3.875% 10/1/20311	2,148	1,772
Group 1 Automotive, Inc. 4.00% 8/15/20281	7,380	6,849
Hanesbrands, Inc. 4.875% 5/15/20261	17,698	17,084
Hanesbrands, Inc. 9.00% 2/15/20311	30,552	29,967
Hanesbrands, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 9.106% 3/8/20305,6	20,242	20,242
Hilton Domestic Operating Co., Inc. 4.875% 1/15/2030	8,287	8,040
Hilton Domestic Operating Co., Inc. 4.00% 5/1/20311	20,465	18,766
Hilton Grand Vacations Borrower, LLC 5.00% 6/1/20291	12,490	11,538
International Game Technology PLC 6.50% 2/15/20251	4,385	4,392
International Game Technology PLC 4.125% 4/15/20261	6,110	5,942
International Game Technology PLC 5.25% 1/15/20291	55,932	54,804
Jacobs Entertainment, Inc. 6.75% 2/15/20291	6,380	6,003
KB Home 6.875% 6/15/2027	6,170	6,421
KB Home 7.25% 7/15/2030	6,770	7,016
Kontoor Brands, Inc. 4.125% 11/15/20291	6,770	6,127
LCM Investments Holdings II, LLC 4.875% 5/1/20291	103,149	95,946
LCM Investments Holdings II, LLC 8.25% 8/1/20311	38,985	40,729
Levi Strauss & Co. 3.50% 3/1/20311	15,760	13,663
LGI Homes, Inc. 8.75% 12/15/20281	9,550	10,165
Light and Wonder International, Inc. 7.00% 5/15/20281	16,357	16,537
Light and Wonder International, Inc. 7.25% 11/15/20291	19,650	20,139

American High-Income Trust — Page 5 of 28

unaudited

Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Consumer discretionary (continued)	Principal amount (000)	Value (000)
Light and Wonder International, Inc. 7.50% 9/1/20311	USD9,370	$9,780
Lindblad Expeditions, LLC 6.75% 2/15/20271	4,075	4,058
Lithia Motors, Inc. 3.875% 6/1/20291	26,349	23,824
Lithia Motors, Inc. 4.375% 1/15/20311	15,500	14,106
M.D.C. Holdings, Inc. 6.00% 1/15/2043	11,252	10,484
Macy’s Retail Holdings, LLC 6.125% 3/15/20321	1,230	1,165
Marriott Ownership Resorts, Inc. 4.75% 1/15/2028	2,500	2,299
Marriott Ownership Resorts, Inc. 4.50% 6/15/20291	30,030	26,497
Melco Resorts Finance, Ltd. 5.75% 7/21/20281	8,910	8,260
Merlin Entertainments PLC 5.75% 6/15/20261	10,798	10,696
MGM Resorts International 5.50% 4/15/2027	5,707	5,667
Motel 6 Operating, LP, Term Loan B, (3-month USD CME Term SOFR + 5.00%) 10.465% 9/9/20265,6	4,426	4,419
NCL Corp., Ltd. 3.625% 12/15/20241	6,450	6,270
NCL Corp., Ltd. 5.875% 3/15/20261	8,100	7,921
NCL Corp., Ltd. 5.875% 2/15/20271	22,465	22,285
NCL Corp., Ltd. 7.75% 2/15/20291	7,115	7,165
Neiman Marcus Group, Ltd., LLC 7.125% 4/1/20261	35,980	34,604
Ontario Gaming GTA, LP, Term Loan B, (3-month USD CME Term SOFR + 4.25%) 9.598% 8/1/20305,6	9,050	9,097
Party City Holdings, Inc. 0% 10/12/20283,8	14,100	— 9
Party City Holdings, Inc. 12.00% PIK or 12.00% Cash 1/11/20291,4,8	44,226	43,209
PENN Entertainment, Inc. 5.625% 1/15/20271	13,975	13,561
Penske Automotive Group, Inc. 3.75% 6/15/2029	6,325	5,634
Premier Entertainment Sub, LLC 5.625% 9/1/20291	3,000	2,403
QVC, Inc. 4.85% 4/1/2024	42,375	41,984
QVC, Inc. 4.45% 2/15/2025	12,390	11,644
Raising Canes Restaurants, LLC 9.375% 5/1/20291	7,300	7,800
Resorts World Las Vegas, LLC 4.625% 4/16/202910	6,700	5,847
RHP Hotel Properties, LP 7.25% 7/15/20281	9,209	9,580
Royal Caribbean Cruises, Ltd. 4.25% 7/1/20261	21,740	21,012
Royal Caribbean Cruises, Ltd. 5.50% 8/31/20261	14,200	14,069
Royal Caribbean Cruises, Ltd. 5.375% 7/15/20271	28,035	27,770
Royal Caribbean Cruises, Ltd. 3.70% 3/15/2028	38,550	35,568
Royal Caribbean Cruises, Ltd. 5.50% 4/1/20281	16,350	16,152
Royal Caribbean Cruises, Ltd. 8.25% 1/15/20291	33,790	35,930
Royal Caribbean Cruises, Ltd. 9.25% 1/15/20291	22,450	24,162
Royal Caribbean Cruises, Ltd. 7.25% 1/15/20301	11,562	12,082
Sally Holdings, LLC 5.625% 12/1/2025	23,919	23,940
Scientific Games Holdings, LP 6.625% 3/1/20301	16,870	15,969
Scientific Games Holdings, LP, Term Loan B, (3-month USD CME Term SOFR + 3.50%) 8.914% 4/4/20295,6	10,605	10,617
Service Corp. International 4.00% 5/15/2031	3,575	3,205
Sonic Automotive, Inc. 4.625% 11/15/20291	33,640	30,655
Sonic Automotive, Inc. 4.875% 11/15/20311	59,789	53,360
Tempur Sealy International, Inc. 4.00% 4/15/20291	5,255	4,752
Travel + Leisure Co. 4.50% 12/1/20291	12,160	10,905
Travel + Leisure Co. 4.625% 3/1/20301	5,575	4,993
Universal Entertainment Corp. 8.75% 12/11/20241	78,345	84,337
Vail Resorts, Inc. 6.25% 5/15/20251	6,880	6,852
Valvoline, Inc. 4.25% 2/15/20301	3,691	3,665
Valvoline, Inc. 3.625% 6/15/20311	12,465	10,661
WASH Multifamily Acquisition, Inc. 5.75% 4/15/20261	28,250	27,216
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/20281	19,510	18,257

American High-Income Trust — Page 6 of 28

unaudited

Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Consumer discretionary (continued)	Principal amount (000)	Value (000)
Wynn Resorts Finance, LLC 5.125% 10/1/20291	USD9,225	$8,717
Wynn Resorts Finance, LLC 7.125% 2/15/20311	5,546	5,782
ZF North America Capital, Inc. 7.125% 4/14/20301	4,500	4,801
		2,184,914
Communication services 11.42%
Altice France Holding SA 10.50% 5/15/20271	18,460	11,974
Altice France SA 5.125% 7/15/20291	39,303	30,631
CCO Holdings, LLC 5.50% 5/1/20261	2,094	2,081
CCO Holdings, LLC 5.125% 5/1/20271	9,878	9,550
CCO Holdings, LLC 5.00% 2/1/20281	22,774	21,808
CCO Holdings, LLC 5.375% 6/1/20291	7,126	6,727
CCO Holdings, LLC 6.375% 9/1/20291	4,400	4,345
CCO Holdings, LLC 4.75% 3/1/20301	62,543	57,239
CCO Holdings, LLC 4.50% 8/15/20301	65,679	59,296
CCO Holdings, LLC 4.25% 2/1/20311	42,647	37,327
CCO Holdings, LLC 4.75% 2/1/20321	42,551	37,577
CCO Holdings, LLC 4.50% 5/1/2032	37,339	32,029
CCO Holdings, LLC 4.50% 6/1/20331	45,053	38,180
CCO Holdings, LLC 4.25% 1/15/20341	48,005	39,074
Charter Communications Operating, LLC 5.25% 4/1/2053	10,825	9,081
Clear Channel Outdoor Holdings, Inc. 7.75% 4/15/20281	11,000	9,495
Clear Channel Outdoor Holdings, Inc. 7.50% 6/1/20291	5,000	4,162
Cogent Communications Group, Inc. 3.50% 5/1/20261	8,445	8,092
Connect Finco SARL 6.75% 10/1/20261	23,740	23,619
Consolidated Communications, Inc. 5.00% 10/1/20281	14,350	11,783
CSC Holdings, LLC 5.50% 4/15/20271	2,700	2,497
CSC Holdings, LLC 5.375% 2/1/20281	2,425	2,144
CSC Holdings, LLC 6.50% 2/1/20291	10,000	8,834
CSC Holdings, LLC 3.375% 2/15/20311	11,375	8,311
Diamond Sports Group, LLC 5.375% 8/15/20261,2	9,835	504
Diamond Sports Group, LLC 6.625% 8/15/20271,2	18,432	968
DIRECTV Financing, LLC 5.875% 8/15/20271	59,475	55,930
DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.00%) 10.65% 8/2/20275,6	26,664	26,764
DISH DBS Corp. 5.875% 11/15/2024	155,330	145,785
DISH DBS Corp. 7.75% 7/1/2026	36,060	25,153
DISH Network Corp. 11.75% 11/15/20271	123,895	129,430
Embarq Corp. 7.995% 6/1/2036	85,901	53,793
Frontier Communications Holdings, LLC 5.875% 10/15/20271	20,695	20,011
Frontier Communications Holdings, LLC 5.00% 5/1/20281	58,730	54,331
Frontier Communications Holdings, LLC 6.75% 5/1/20291	68,758	61,555
Frontier Communications Holdings, LLC 5.875% 11/1/2029	11,907	10,074
Frontier Communications Holdings, LLC 6.00% 1/15/20301	12,750	10,892
Frontier Communications Holdings, LLC 8.75% 5/15/20301	8,675	8,931
Frontier Communications Holdings, LLC 8.625% 3/15/20311	4,000	4,082
Gray Escrow II, Inc. 5.375% 11/15/20311	41,150	31,093
Gray Television, Inc. 5.875% 7/15/20261	44,880	43,697
Gray Television, Inc. 7.00% 5/15/20271	45,019	42,834
Gray Television, Inc. 4.75% 10/15/20301	11,010	8,301
iHeartCommunications, Inc. 6.375% 5/1/2026	236	201
iHeartCommunications, Inc. 8.375% 5/1/2027	427	278
iHeartCommunications, Inc. 5.25% 8/15/20271	11,310	8,997
iHeartCommunications, Inc. 4.75% 1/15/20281	5,000	3,851

American High-Income Trust — Page 7 of 28

unaudited

Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Communication services (continued)	Principal amount (000)	Value (000)
Intelsat Jackson Holdings SA 6.50% 3/15/20301	USD51,332	$49,027
Lamar Media Corp. 3.75% 2/15/2028	2,567	2,416
Lamar Media Corp. 4.875% 1/15/2029	3,600	3,487
Lamar Media Corp. 3.625% 1/15/2031	10,350	9,206
Level 3 Financing, Inc. 3.75% 7/15/20291	11,500	4,898
Ligado Networks, LLC 15.50% PIK 11/11/20231,2,4	52,957	10,128
Ligado Networks, LLC, Term Loan, 17.50% PIK 11/11/20232,3,4,5	4,104	3,899
Live Nation Entertainment, Inc. 4.75% 10/15/20271	10,235	9,823
Live Nation Entertainment, Inc. 3.75% 1/15/20281	5,605	5,241
Midas OpCo Holdings, LLC 5.625% 8/15/20291	53,860	49,601
Netflix, Inc. 4.875% 4/15/2028	6,190	6,277
News Corp. 3.875% 5/15/20291	34,350	31,618
Nexstar Media, Inc. 5.625% 7/15/20271	11,995	11,609
Nexstar Media, Inc. 4.75% 11/1/20281	70,971	65,455
OUTFRONT Media Capital, LLC 4.625% 3/15/20301	60	54
Scripps Escrow II, Inc. 3.875% 1/15/20291	14,018	12,413
Sirius XM Radio, Inc. 3.125% 9/1/20261	34,305	32,262
Sirius XM Radio, Inc. 4.00% 7/15/20281	66,175	61,244
Sirius XM Radio, Inc. 5.50% 7/1/20291	1,990	1,926
Sirius XM Radio, Inc. 4.125% 7/1/20301	31,070	27,727
Sirius XM Radio, Inc. 3.875% 9/1/20311	76,471	65,515
Sprint Capital Corp. 6.875% 11/15/2028	6,365	6,901
Sprint Capital Corp. 8.75% 3/15/2032	17,147	21,184
Sprint, LLC 7.625% 3/1/2026	9,450	9,879
TEGNA, Inc. 5.00% 9/15/2029	8,337	7,649
T-Mobile USA, Inc. 3.375% 4/15/2029	15,950	14,837
Univision Communications, Inc. 5.125% 2/15/20251	13,868	13,828
Univision Communications, Inc. 6.625% 6/1/20271	86,870	86,696
Univision Communications, Inc. 8.00% 8/15/20281	50,965	52,614
Univision Communications, Inc. 4.50% 5/1/20291	98,600	88,088
Univision Communications, Inc. 7.375% 6/30/20301	48,128	48,046
Univision Communications, Inc., Term Loan, (3-month USD CME Term SOFR + 4.25%) 9.598% 6/24/20295,6	1,227	1,233
UPC Broadband Finco BV 4.875% 7/15/20311	5,770	5,085
Virgin Media Secured Finance PLC 4.50% 8/15/20301	19,230	17,146
VMED O2 UK Financing I PLC 4.25% 1/31/20311	49,120	42,954
VZ Secured Financing BV 5.00% 1/15/20321	11,580	9,900
WMG Acquisition Corp. 3.75% 12/1/20291	29,563	26,952
WMG Acquisition Corp. 3.875% 7/15/20301	12,507	11,329
WMG Acquisition Corp. 3.00% 2/15/20311	4,050	3,475
Ziggo Bond Co. BV 5.125% 2/28/20301	5,457	4,571
Ziggo BV 4.875% 1/15/20301	26,110	23,321
		2,182,825
Materials 8.87%
Alcoa Nederland Holding BV 5.50% 12/15/20271	9,215	8,992
Alcoa Nederland Holding BV 4.125% 3/31/20291	1,509	1,402
ArcelorMittal SA 4.25% 7/16/2029	940	916
ArcelorMittal SA 6.80% 11/29/2032	6,750	7,304
ArcelorMittal SA 7.00% 10/15/2039	10,104	10,959
ArcelorMittal SA 6.75% 3/1/2041	15,173	16,090
ARD Finance SA 6.50% Cash 6/30/20271,4	8,809	4,125
Ardagh Metal Packaging Finance PLC 3.25% 9/1/20281	2,625	2,299
Ardagh Metal Packaging Finance PLC 4.00% 9/1/20291	27,216	23,072

American High-Income Trust — Page 8 of 28

unaudited

Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Materials (continued)	Principal amount (000)	Value (000)
Ardagh Packaging Finance PLC 5.25% 4/30/20251	USD570	$555
Ardagh Packaging Finance PLC 5.25% 8/15/20271	15,000	11,671
Arsenal AIC Parent, LLC 8.00% 10/1/20301	7,550	7,887
Arsenal AIC Parent, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.50%) 9.856% 8/18/20305,6	7,531	7,572
ATI, Inc. 4.875% 10/1/2029	13,720	12,806
ATI, Inc. 7.25% 8/15/2030	9,430	9,822
ATI, Inc. 5.125% 10/1/2031	22,140	20,570
Avient Corp. 7.125% 8/1/20301	6,750	7,026
Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/20311	5,995	6,295
Axalta Coating Systems, LLC 4.75% 6/15/20271	6,495	6,318
Ball Corp. 6.875% 3/15/2028	11,915	12,386
Ball Corp. 6.00% 6/15/2029	7,100	7,259
Ball Corp. 2.875% 8/15/2030	3,250	2,792
Ball Corp. 3.125% 9/15/2031	26,280	22,687
Braskem Idesa SAPI 6.99% 2/20/20321	1,370	803
CAN-PACK Spolka Akcyjna 3.875% 11/15/20291	26,795	22,998
Cleveland-Cliffs, Inc. 6.75% 3/15/20261	8,478	8,520
Cleveland-Cliffs, Inc. 7.00% 3/15/2027	3,853	3,867
Cleveland-Cliffs, Inc. 5.875% 6/1/2027	50,855	50,732
Cleveland-Cliffs, Inc. 4.625% 3/1/20291	43,193	40,124
Cleveland-Cliffs, Inc. 6.75% 4/15/20301	13,575	13,783
Cleveland-Cliffs, Inc. 4.875% 3/1/20311	47,119	42,658
Consolidated Energy Finance SA 6.50% 5/15/20261	2,013	1,840
Consolidated Energy Finance SA 5.625% 10/15/20281	13,025	11,045
Crown Cork & Seal Co., Inc. 7.375% 12/15/2026	2,000	2,102
CSN Resources SA 8.875% 12/5/20301	7,625	7,953
CVR Partners, LP 6.125% 6/15/20281	30,484	28,475
Element Solutions, Inc. 3.875% 9/1/20281	8,300	7,649
First Quantum Minerals, Ltd. 7.50% 4/1/20251	80,843	77,157
First Quantum Minerals, Ltd. 6.875% 3/1/20261	58,290	52,254
First Quantum Minerals, Ltd. 6.875% 10/15/20271	141,362	120,334
First Quantum Minerals, Ltd. 8.625% 6/1/20311	8,420	7,146
Freeport-McMoRan, Inc. 4.25% 3/1/2030	303	285
Freeport-McMoRan, Inc. 5.40% 11/14/2034	4,288	4,323
Freeport-McMoRan, Inc. 5.45% 3/15/2043	7,843	7,643
FXI Holdings, Inc. 12.25% 11/15/20261	183,755	164,003
FXI Holdings, Inc. 12.25% 11/15/20261	127,259	114,215
INEOS Finance PLC 6.75% 5/15/20281	10,200	10,029
Kaiser Aluminum Corp. 4.625% 3/1/20281	12,698	11,760
LABL, Inc. 6.75% 7/15/20261	560	545
LABL, Inc. 10.50% 7/15/20271	17,865	17,154
LABL, Inc. 5.875% 11/1/20281	14,600	13,255
LABL, Inc. 9.50% 11/1/20281	3,277	3,314
LABL, Inc. 8.25% 11/1/20291	9,500	8,022
LSB Industries, Inc. 6.25% 10/15/20281	45,900	43,599
Mauser Packaging Solutions Holding Co. 7.875% 8/15/20261	13,505	13,756
Mauser Packaging Solutions Holding Co. 9.25% 4/15/20271	12,500	12,283
Methanex Corp. 5.125% 10/15/2027	58,710	57,413
Methanex Corp. 5.25% 12/15/2029	8,893	8,566
Methanex Corp. 5.65% 12/1/2044	9,445	8,258
Mineral Resources, Ltd. 8.125% 5/1/20271	5,473	5,567
Mineral Resources, Ltd. 8.00% 11/1/20271	36,242	37,207
Mineral Resources, Ltd. 9.25% 10/1/20281	41,510	44,209

American High-Income Trust — Page 9 of 28

unaudited

Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Materials (continued)	Principal amount (000)	Value (000)
Mineral Resources, Ltd. 8.50% 5/1/20301	USD12,125	$12,655
NOVA Chemicals Corp. 4.875% 6/1/20241	15,785	15,662
NOVA Chemicals Corp. 5.25% 6/1/20271	30,102	28,258
NOVA Chemicals Corp. 8.50% 11/15/20281	13,800	14,489
NOVA Chemicals Corp. 4.25% 5/15/20291	35,492	29,925
Novelis Corp. 3.25% 11/15/20261	13,285	12,515
Novelis Corp. 4.75% 1/30/20301	9,228	8,693
Novelis Corp. 3.875% 8/15/20311	19,344	17,075
Olin Corp. 5.625% 8/1/2029	5,700	5,615
Olin Corp. 5.00% 2/1/2030	3,365	3,214
Olympus Water US Holding Corp. 4.25% 10/1/20281	2,900	2,613
Olympus Water US Holding Corp. 9.75% 11/15/20281	28,862	30,670
Owens-Brockway Glass Container, Inc. 6.375% 8/15/20251	5,341	5,379
Rain Carbon, Inc. 12.25% 9/1/20291	2,698	2,641
SCIH Salt Holdings, Inc. 4.875% 5/1/20281	41,413	38,786
SCIH Salt Holdings, Inc. 6.625% 5/1/20291	17,150	16,028
Scotts Miracle-Gro Co. 4.50% 10/15/2029	3,506	3,119
Scotts Miracle-Gro Co. 4.375% 2/1/2032	6,930	5,864
Sealed Air Corp. 4.00% 12/1/20271	7,559	7,102
Sealed Air Corp. 6.125% 2/1/20281	14,160	14,291
Smyrna Ready Mix Concrete, LLC 8.875% 11/15/20311	5,975	6,287
Summit Materials, LLC 6.50% 3/15/20271	5,478	5,485
Summit Materials, LLC 5.25% 1/15/20291	15,015	14,541
Summit Materials, LLC 7.25% 1/15/20311	8,372	8,827
Trident TPI Holdings, Inc. 12.75% 12/31/20281	9,500	10,177
Trivium Packaging Finance BV 5.50% 8/15/20261	6,445	6,330
Trivium Packaging Finance BV 8.50% 8/15/20271	23,886	23,447
Tronox, Inc. 4.625% 3/15/20291	22,075	19,569
Venator Finance SARL, Term Loan, (USD-SOFR + 10.00%) 8.00% PIK and 7.43% Cash 10/10/20284,5,6	16,570	16,549
Warrior Met Coal, Inc. 7.875% 12/1/20281	14,275	14,223
		1,695,680
Health care 8.49%
AdaptHealth, LLC 6.125% 8/1/20281	11,940	10,318
AdaptHealth, LLC 4.625% 8/1/20291	22,500	17,394
AdaptHealth, LLC 5.125% 3/1/20301	25,617	20,016
AthenaHealth Group, Inc. 6.50% 2/15/20301	13,000	11,811
Avantor Funding, Inc. 4.625% 7/15/20281	44,744	43,277
Avantor Funding, Inc. 3.875% 11/1/20291	8,825	8,022
Bausch + Lomb Corp., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 8.71% 5/10/20275,6	9,606	9,526
Bausch Health Americas, Inc. 9.25% 4/1/20261	15,430	14,136
Bausch Health Americas, Inc. 8.50% 1/31/20271	11,577	6,367
Bausch Health Companies, Inc. 5.50% 11/1/20251	97,900	89,647
Bausch Health Companies, Inc. 9.00% 12/15/20251	27,896	26,096
Bausch Health Companies, Inc. 6.125% 2/1/20271	4,370	2,954
Bausch Health Companies, Inc. 5.75% 8/15/20271	23,503	15,186
Bausch Health Companies, Inc. 5.00% 1/30/20281	18,310	8,324
Bausch Health Companies, Inc. 4.875% 6/1/20281	66,925	40,387
Bausch Health Companies, Inc. 5.00% 2/15/20291	95	41
Bausch Health Companies, Inc. 7.25% 5/30/20291	8,112	3,716
Bausch Health Companies, Inc. 5.25% 1/30/20301	33,642	15,544
Bausch Health Companies, Inc. 5.25% 2/15/20311	81,869	35,753

American High-Income Trust — Page 10 of 28

unaudited

Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Health care (continued)	Principal amount (000)	Value (000)
Bausch Health Companies, Inc., Term Loan, (3-month USD CME Term SOFR + 5.25%) 10.706% 2/1/20275,6	USD7,634	$6,241
Catalent Pharma Solutions, Inc. 5.00% 7/15/20271	5,859	5,667
Catalent Pharma Solutions, Inc. 3.125% 2/15/20291	7,055	6,182
Catalent Pharma Solutions, Inc. 3.50% 4/1/20301	27,136	23,636
Catalent Pharma Solutions, Inc., Term Loan B4, (1-month USD CME Term SOFR + 3.50%) 8.36% 2/22/20285,6	7,248	7,239
Centene Corp. 4.25% 12/15/2027	20,407	19,679
Centene Corp. 2.45% 7/15/2028	4,255	3,793
Centene Corp. 4.625% 12/15/2029	34,535	33,153
Centene Corp. 3.375% 2/15/2030	4,168	3,745
Centene Corp. 3.00% 10/15/2030	7,575	6,570
Centene Corp. 2.50% 3/1/2031	20,325	16,962
Centene Corp. 2.625% 8/1/2031	17,525	14,561
Charles River Laboratories International, Inc. 4.25% 5/1/20281	4,848	4,619
Charles River Laboratories International, Inc. 3.75% 3/15/20291	12,765	11,704
CHS / Community Health Systems, Inc. 5.625% 3/15/20271	32,055	29,825
CHS / Community Health Systems, Inc. 5.25% 5/15/20301	31,635	26,502
CHS / Community Health Systems, Inc. 4.75% 2/15/20311	21,500	16,931
CHS / Community Health Systems, Inc. 10.875% 1/15/20321	4,035	4,222
Encompass Health Corp. 4.50% 2/1/2028	7,054	6,756
Encompass Health Corp. 4.75% 2/1/2030	3,841	3,621
Endo DAC 6.875% 10/15/20241	10,374	6,665
Endo DAC 9.50% 7/31/20271,2	6,243	445
Endo DAC 6.00% 6/30/20281,2	45,278	3,226
Endo Luxembourg Finance Co. I SARL 6.125% 4/1/20291	12,320	7,896
Fortrea Holdings, Inc. 7.50% 7/1/20301	12,185	12,529
Fortrea Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 9.106% 7/1/20305,6	20,537	20,537
Grifols SA 4.75% 10/15/20281	12,075	10,964
HCA, Inc. 5.875% 2/15/2026	2,902	2,928
HCA, Inc. 4.50% 2/15/2027	71	70
HCA, Inc. 5.625% 9/1/2028	22,625	23,170
HCA, Inc. 3.50% 9/1/2030	3,940	3,573
HCA, Inc. 7.50% 11/15/2095	5,000	5,658
Hologic, Inc. 3.25% 2/15/20291	8,800	7,988
IQVIA, Inc. 5.00% 10/15/20261	23,649	23,439
IQVIA, Inc. 6.50% 5/15/20301	13,115	13,461
Jazz Securities DAC 4.375% 1/15/20291	12,660	11,800
Mallinckrodt International Finance SA 14.75% 11/14/20281	4,901	5,287
Medline Borrower, LP 3.875% 4/1/20291	7,570	6,854
Medline Borrower, LP 5.25% 10/1/20291	25,275	23,857
Medline Borrower, LP, Term Loan, (3-month USD CME Term SOFR + 3.00%) 8.47% 10/23/20285,6	7,009	7,044
Molina Healthcare, Inc. 4.375% 6/15/20281	23,805	22,537
Molina Healthcare, Inc. 3.875% 11/15/20301	55,775	50,199
Molina Healthcare, Inc. 3.875% 5/15/20321	47,875	41,886
Option Care Health, Inc. 4.375% 10/31/20291	6,115	5,534
Owens & Minor, Inc. 4.50% 3/31/20291	29,235	25,818
Owens & Minor, Inc. 6.625% 4/1/20301	38,020	36,349
Par Pharmaceutical, Inc. 7.50% 4/1/20271	110,659	70,934
Radiology Partners, Inc. 9.25% 2/1/20281	38,699	19,889
Radiology Partners, Inc., Term Loan, (1-month USD CME Term SOFR + 4.25%) 10.179% 7/9/20255,6	41,753	33,785

American High-Income Trust — Page 11 of 28

unaudited

Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Health care (continued)	Principal amount (000)	Value (000)
RP Escrow Issuer, LLC 5.25% 12/15/20251	USD36,805	$29,488
Select Medical Corp. 6.25% 8/15/20261	9,039	9,090
Star Parent, Inc. 9.00% 10/1/20301	5,940	6,267
Star Parent, Inc., Term Loan, (3-month USD CME Term SOFR + 4.00%) 9.348% 9/27/20305,6	7,575	7,525
Surgery Center Holdings, Inc. 10.00% 4/15/20271	4,742	4,802
Team Health Holdings, Inc. 6.375% 2/1/20251	6,359	5,333
Team Health Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 10.633% 3/2/20275,6	6,412	4,918
Tenet Healthcare Corp. 4.875% 1/1/2026	42,988	42,534
Tenet Healthcare Corp. 6.25% 2/1/2027	8,995	9,045
Tenet Healthcare Corp. 5.125% 11/1/2027	3,980	3,894
Tenet Healthcare Corp. 4.625% 6/15/2028	9,650	9,215
Tenet Healthcare Corp. 6.125% 10/1/2028	18,430	18,394
Tenet Healthcare Corp. 4.25% 6/1/2029	39,354	36,681
Tenet Healthcare Corp. 4.375% 1/15/2030	19,150	17,768
Tenet Healthcare Corp. 6.75% 5/15/20311	37,295	38,164
Tenet Healthcare Corp. 6.875% 11/15/2031	2,000	2,056
Teva Pharmaceutical Finance Netherlands III BV 6.00% 4/15/2024	12,350	12,320
Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026	45,611	42,265
Teva Pharmaceutical Finance Netherlands III BV 4.75% 5/9/2027	19,990	19,165
Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028	20,665	21,140
Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029	112,086	107,168
Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029	15,340	16,552
Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031	12,437	13,579
Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046	16,337	11,081
		1,622,889
Financials 7.70%
AG Issuer, LLC 6.25% 3/1/20281	48,143	47,909
AG TTMT Escrow Issuer, LLC 8.625% 9/30/20271	31,194	32,829
Alliant Holdings Intermediate, LLC 4.25% 10/15/20271	10,420	10,023
Alliant Holdings Intermediate, LLC 6.75% 10/15/20271	34,600	34,513
Alliant Holdings Intermediate, LLC 6.75% 4/15/20281	7,130	7,299
Alliant Holdings Intermediate, LLC 5.875% 11/1/20291	35,243	33,437
Alliant Holdings Intermediate, LLC 7.00% 1/15/20311	14,420	15,220
AmWINS Group, Inc. 4.875% 6/30/20291	26,342	24,091
Aretec Group, Inc. 7.50% 4/1/20291	68,497	61,730
Aretec Group, Inc. 10.00% 8/15/20301	21,190	22,544
Ascensus, Inc., Term Loan, (1-month USD CME Term SOFR + 6.50%) 12.176% 8/2/20295,6	22,600	21,823
AssuredPartners, Inc. 7.00% 8/15/20251	226	227
AssuredPartners, Inc. 5.625% 1/15/20291	4,895	4,575
Block, Inc. 2.75% 6/1/2026	35,300	33,311
Block, Inc. 3.50% 6/1/2031	36,550	32,522
Blue Owl Capital Corp. 4.00% 3/30/2025	449	437
Blue Owl Capital Corp. 3.40% 7/15/2026	5,685	5,289
Blue Owl Capital Corp. 2.625% 1/15/2027	400	361
Blue Owl Capital Corp. 2.875% 6/11/2028	1,750	1,538
Blue Owl Capital Corp. III 3.125% 4/13/2027	11,350	10,037
Blue Owl Credit Income Corp. 4.70% 2/8/2027	17,075	16,145
Bread Financial Holdings, Inc. 9.75% 3/15/20291	4,600	4,772
BroadStreet Partners, Inc. 5.875% 4/15/20291	9,950	9,296
Castlelake Aviation Finance DAC 5.00% 4/15/20271	17,105	16,089

American High-Income Trust — Page 12 of 28

unaudited

Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Financials (continued)	Principal amount (000)	Value (000)
Coinbase Global, Inc. 3.375% 10/1/20281	USD37,781	$31,922
Coinbase Global, Inc. 3.625% 10/1/20311	36,001	27,867
Compass Group Diversified Holdings, LLC 5.25% 4/15/20291	98,625	93,271
Compass Group Diversified Holdings, LLC 5.00% 1/15/20321	21,655	19,654
Credit Acceptance Corp. 9.25% 12/15/20281	6,125	6,537
Enova International, Inc. 11.25% 12/15/20281	6,125	6,315
GTCR (AP) Finance, Inc. 8.00% 5/15/20271	12,089	12,228
GTCR W Merger Sub, LLC, Term Loan B, (1-month USD CME Term SOFR + 3.00%) 8.334% 9/20/20305,6	10,350	10,393
GTCR W-2 Merger Sub, LLC 7.50% 1/15/20311	41,320	43,691
Hightower Holding, LLC 6.75% 4/15/20291	27,750	25,233
HUB International, Ltd. 7.00% 5/1/20261	35,178	35,355
HUB International, Ltd. 5.625% 12/1/20291	3,745	3,577
HUB International, Ltd. 7.25% 6/15/20301	20,332	21,489
HUB International, Ltd., Term Loan B, (3-month USD CME Term SOFR + 4.25%) 9.662% 6/20/20305,6	12,949	13,024
Iron Mountain Information Management Services, Inc. 5.00% 7/15/20321	25,010	22,966
JPMorgan Chase & Co. 2.956% 5/13/2031 (USD-SOFR + 2.515% on 5/13/2030)7	3,100	2,726
LPL Holdings, Inc. 4.625% 11/15/20271	8,085	7,816
LPL Holdings, Inc. 4.00% 3/15/20291	6,610	6,125
LPL Holdings, Inc. 4.375% 5/15/20311	12,700	11,516
Macquarie Airfinance Holdings, Ltd. 8.125% 3/30/20291	7,555	7,903
MGIC Investment Corp. 5.25% 8/15/2028	7,625	7,430
MSCI, Inc. 4.00% 11/15/20291	10,387	9,775
MSCI, Inc. 3.625% 9/1/20301	742	672
MSCI, Inc. 3.875% 2/15/20311	27,300	24,977
MSCI, Inc. 3.625% 11/1/20311	23,511	20,721
MSCI, Inc. 3.25% 8/15/20331	14,529	12,161
Navient Corp. 5.875% 10/25/2024	25,680	25,695
Navient Corp. 6.75% 6/25/2025	13,000	13,163
Navient Corp. 6.75% 6/15/2026	12,310	12,522
Navient Corp. 5.00% 3/15/2027	54,467	52,637
Navient Corp. 4.875% 3/15/2028	10,570	9,832
Navient Corp. 5.50% 3/15/2029	56,826	52,466
Navient Corp. 9.375% 7/25/2030	13,239	13,881
Navient Corp. 11.50% 3/15/2031	55,460	60,798
Navient Corp. 5.625% 8/1/2033	27,712	22,775
NFP Corp. 6.875% 8/15/20281	26,914	27,380
Onemain Finance Corp. 7.125% 3/15/2026	24,220	24,691
Onemain Finance Corp. 5.375% 11/15/2029	2,515	2,359
Onemain Finance Corp. 7.875% 3/15/2030	20,010	20,615
Osaic Financial Services, Inc. 6.50% 11/30/2027	80	1,505
Osaic Holdings, Inc. 10.75% 8/1/20271	86,049	87,429
Osaic Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 9.856% 8/17/20285,6	7,520	7,553
Owl Rock Capital Corp. 3.75% 7/22/2025	12,093	11,588
Oxford Finance, LLC 6.375% 2/1/20271	36,100	34,156
PennyMac Financial Services, Inc. 7.875% 12/15/20291	7,675	7,911
Rocket Mortgage, LLC 2.875% 10/15/20261	9,410	8,689
Rocket Mortgage, LLC 3.625% 3/1/20291	6,605	5,986
Ryan Specialty Group, LLC 4.375% 2/1/20301	16,460	15,287

American High-Income Trust — Page 13 of 28

unaudited

Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Financials (continued)	Principal amount (000)	Value (000)
Starwood Property Trust, Inc. 4.375% 1/15/20271	USD13,670	$12,897
USI, Inc. 7.50% 1/15/20321	6,945	7,119
		1,470,295
Industrials 7.69%
AAdvantage Loyalty IP, Ltd. 5.50% 4/20/20261	12,579	12,498
ADT Security Corp. 4.125% 8/1/20291	4,815	4,436
Allison Transmission, Inc. 3.75% 1/30/20311	27,170	24,035
American Airlines, Inc. 8.50% 5/15/20291	8,960	9,467
Aramark Services, Inc. 5.00% 4/1/20251	2,980	2,960
Ashtead Capital, Inc. 5.50% 8/11/20321	8,990	8,889
Atkore, Inc. 4.25% 6/1/20311	15,900	14,209
Avis Budget Car Rental, LLC 5.75% 7/15/20271	18,910	18,142
Avis Budget Car Rental, LLC 4.75% 4/1/20281	1,000	922
Avis Budget Car Rental, LLC 5.375% 3/1/20291	26,181	24,248
Avolon Holdings Funding, Ltd. 5.25% 5/15/20241	17,340	17,250
Avolon Holdings Funding, Ltd. 2.528% 11/18/20271	36,710	32,557
Bombardier, Inc. 7.125% 6/15/20261	47,784	47,604
Bombardier, Inc. 7.875% 4/15/20271	48,346	48,400
Bombardier, Inc. 6.00% 2/15/20281	18,688	18,230
Bombardier, Inc. 7.50% 2/1/20291	40,981	41,696
Bombardier, Inc. 8.75% 11/15/20301	17,680	18,846
Bombardier, Inc. 7.45% 5/1/20341	1,850	2,114
Brand Industrial Services, Inc. 10.375% 8/1/20301	9,050	9,582
Brand Industrial Services, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.50%) 10.877% 8/1/20305,6	4,813	4,799
Brink’s Co. (The) 4.625% 10/15/20271	10,371	9,896
BWX Technologies, Inc. 4.125% 6/30/20281	8,235	7,645
BWX Technologies, Inc. 4.125% 4/15/20291	10,000	9,136
Chart Industries, Inc. 7.50% 1/1/20301	10,389	10,872
Clarivate Science Holdings Corp. 3.875% 7/1/20281	20,980	19,800
Clarivate Science Holdings Corp. 4.875% 7/1/20291	18,675	17,543
Clean Harbors, Inc. 4.875% 7/15/20271	12,014	11,784
Clean Harbors, Inc. 6.375% 2/1/20311	6,822	6,936
CoreLogic, Inc. 4.50% 5/1/20281	77,357	67,841
CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.50%) 11.97% 6/4/20295,6	22,275	20,061
Covanta Holding Corp. 4.875% 12/1/20291	19,838	17,356
Covanta Holding Corp. 5.00% 9/1/2030	28,240	24,098
Covanta Holding Corp., Term Loan B, (3-month USD CME Term SOFR + 3.00%) 8.36% 11/30/20285,6	4,668	4,681
Covanta Holding Corp., Term Loan C, (3-month USD CME Term SOFR + 3.00%) 8.36% 11/30/20285,6	274	275
Dun & Bradstreet Corp. (The) 5.00% 12/15/20291	24,367	22,757
Enviri Corp. 5.75% 7/31/20271	6,745	6,294
EquipmentShare.com, Inc. 9.00% 5/15/20281	45,925	47,307
Herc Holdings, Inc. 5.50% 7/15/20271	3,200	3,162
Hertz Corp. (The) 5.00% 12/1/20291	16,686	13,709
Howmet Aerospace, Inc. 6.875% 5/1/2025	1,510	1,531
Howmet Aerospace, Inc. 5.95% 2/1/2037	9,125	9,536
Icahn Enterprises, LP 4.75% 9/15/2024	25,967	25,825
Icahn Enterprises, LP 6.375% 12/15/2025	9,914	9,742
Icahn Enterprises, LP 6.25% 5/15/2026	18,614	17,776
Icahn Enterprises, LP 5.25% 5/15/2027	9,513	8,553

American High-Income Trust — Page 14 of 28

unaudited

Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Industrials (continued)	Principal amount (000)	Value (000)
Icahn Enterprises, LP 9.75% 1/15/20291	USD8,945	$9,137
Icahn Enterprises, LP 4.375% 2/1/2029	13,415	11,218
Masonite International Corp. 3.50% 2/15/20301	11,831	10,270
Maxim Crane Works Holdings Capital, LLC 11.50% 9/1/20281	7,760	8,051
Mileage Plus Holdings, LLC 6.50% 6/20/20271	46,554	46,720
Moog, Inc. 4.25% 12/9/20271	8,465	8,001
Mueller Water Products, Inc. 4.00% 6/15/20291	5,115	4,665
Park Aerospace Holdings, Ltd. 5.50% 2/15/20241	1,258	1,256
PGT Innovations, Inc. 4.375% 10/1/20291	8,055	8,035
Pike Corp. 8.625% 1/31/20311	7,600	7,996
Pitney Bowes, Inc. 6.875% 3/15/20271	11,500	10,753
PM General Purchaser, LLC 9.50% 10/1/20281	30,688	31,153
Prime Security Services Borrower, LLC 3.375% 8/31/20271	8,100	7,515
Prime Security Services Borrower, LLC 6.25% 1/15/20281	11,833	11,773
Ritchie Bros. Holdings, Inc. 6.75% 3/15/20281	1,304	1,344
Ritchie Bros. Holdings, Inc. 7.75% 3/15/20311	22,437	23,948
Roller Bearing Company of America, Inc. 4.375% 10/15/20291	2,005	1,858
Sabre GLBL, Inc. 8.625% 6/1/20271	108	98
Seagate HDD Cayman 8.25% 12/15/20291	4,000	4,317
Seagate HDD Cayman 8.50% 7/15/20311	9,645	10,474
Sensata Technologies BV 4.00% 4/15/20291	3,225	3,001
Sensata Technologies, Inc. 3.75% 2/15/20311	8,800	7,769
SkyMiles IP, Ltd. 4.75% 10/20/20281	9,000	8,856
Spirit AeroSystems, Inc. 4.60% 6/15/2028	50,341	44,585
Spirit AeroSystems, Inc. 9.375% 11/30/20291	28,960	31,726
Spirit AeroSystems, Inc. 9.75% 11/15/20301	38,085	40,988
Spirit AeroSystems, Inc., Term Loan, (3-month CME Term SOFR + 4.25%) 9.633% 1/15/20275,6	4,329	4,353
SRS Distribution, Inc. 4.625% 7/1/20281	10,080	9,574
SRS Distribution, Inc. 6.125% 7/1/20291	615	584
Stericycle, Inc. 5.375% 7/15/20241	20,884	20,834
Stericycle, Inc. 3.875% 1/15/20291	7,360	6,685
Titan International, Inc. 7.00% 4/30/2028	11,500	11,516
TK Elevator Holdco GmbH 7.625% 7/15/20281	12,315	12,112
TK Elevator U.S. Newco, Inc. 5.25% 7/15/20271	31,895	31,354
TransDigm, Inc. 6.25% 3/15/20261	31,295	31,273
TransDigm, Inc. 7.50% 3/15/2027	770	774
TransDigm, Inc. 5.50% 11/15/2027	19,810	19,425
TransDigm, Inc. 6.75% 8/15/20281	7,070	7,242
TransDigm, Inc. 4.625% 1/15/2029	2,971	2,791
TransDigm, Inc. 4.875% 5/1/2029	4,180	3,912
TransDigm, Inc. 6.875% 12/15/20301	7,315	7,539
Triumph Group, Inc. 7.75% 8/15/2025	14,455	14,419
Triumph Group, Inc. 9.00% 3/15/20281	74,479	79,290
Uber Technologies, Inc. 8.00% 11/1/20261	10,000	10,192
United Airlines, Inc. 4.625% 4/15/20291	3,600	3,371
United Rentals (North America), Inc. 5.25% 1/15/2030	5,484	5,406
United Rentals (North America), Inc. 3.875% 2/15/2031	13,525	12,305
United Rentals (North America), Inc. 3.75% 1/15/2032	9,535	8,447
WESCO Distribution, Inc. 7.125% 6/15/20251	11,475	11,567
WESCO Distribution, Inc. 7.25% 6/15/20281	10,900	11,211

American High-Income Trust — Page 15 of 28

unaudited

Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Industrials (continued)	Principal amount (000)	Value (000)
XPO, Inc. 7.125% 6/1/20311	USD10,832	$11,225
XPO, Inc. 7.125% 2/1/20321	20,182	20,842
		1,468,750
Information technology 5.58%
Black Knight InfoServ, LLC 3.625% 9/1/20281	8,470	8,036
BMC Software, Inc., Term Loan, (1-month USD CME Term SOFR + 5.50%) 10.97% 2/27/20265,6	13,775	13,788
Booz Allen Hamilton, Inc. 3.875% 9/1/20281	952	898
Booz Allen Hamilton, Inc. 4.00% 7/1/20291	5,633	5,285
Boxer Parent Co., Inc. 7.125% 10/2/20251	3,545	3,568
Boxer Parent Co., Inc. 9.125% 3/1/20261	4,290	4,310
CA Magnum Holdings 5.375% 10/31/20261	1,075	1,002
Cloud Software Group, Inc. 6.50% 3/31/20291	30,080	28,674
Cloud Software Group, Inc. 9.00% 9/30/20291	87,622	83,356
Cloud Software Group, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 9.948% 3/30/20295,6	22,319	21,903
CommScope Technologies, LLC 6.00% 6/15/20251	44,890	36,627
CommScope Technologies, LLC 5.00% 3/15/20271	14,150	5,903
CommScope, Inc. 6.00% 3/1/20261	40,113	35,789
CommScope, Inc. 8.25% 3/1/20271	12,579	6,653
CommScope, Inc. 7.125% 7/1/20281	4,883	2,324
CommScope, Inc. 4.75% 9/1/20291	2,525	1,698
CommScope, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 8.72% 4/6/20265,6	11,909	10,667
Diebold Nixdorf, Inc., Term Loan, (3-month USD CME Term SOFR + 7.00%) 12.86% 8/11/20281,5,6,8	200,419	206,682
Entegris Escrow Corp. 4.75% 4/15/20291	7,610	7,340
Fair Isaac Corp. 4.00% 6/15/20281	16,225	15,365
Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 12.61% 9/13/20295,6,10	2,058	2,027
Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 12.713% 9/13/20295,6,10	74,987	73,862
Gartner, Inc. 4.50% 7/1/20281	26,527	25,173
Gartner, Inc. 3.625% 6/15/20291	3,657	3,305
Gartner, Inc. 3.75% 10/1/20301	13,511	11,958
Go Daddy Operating Co., LLC 5.25% 12/1/20271	4,600	4,512
Go Daddy Operating Co., LLC 3.50% 3/1/20291	7,075	6,416
Hughes Satellite Systems Corp. 5.25% 8/1/2026	18,475	16,276
Hughes Satellite Systems Corp. 6.625% 8/1/2026	18,716	14,774
Imola Merger Corp. 4.75% 5/15/20291	5,000	4,757
McAfee Corp. 7.375% 2/15/20301	20,450	18,703
MicroStrategy, Inc. 6.125% 6/15/20281	6,425	6,240
NCR Atleos Corp. 9.50% 4/1/20291	45,105	47,963
NCR Atleos, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.75%) 10.206% 3/27/20295,6	7,525	7,513
NCR Voyix Corp. 5.125% 4/15/20291	36,455	34,695
Open Text Corp. 3.875% 2/15/20281	14,045	13,060
Open Text Corp. 3.875% 12/1/20291	16,125	14,478
Oracle Corp. 5.55% 2/6/2053	8,500	8,512
RingCentral, Inc. 8.50% 8/15/20301	4,950	5,067
Rocket Software, Inc. 6.50% 2/15/20291	9,075	7,905
Synaptics, Inc. 4.00% 6/15/20291	5,225	4,694

American High-Income Trust — Page 16 of 28

unaudited

Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Information technology (continued)	Principal amount (000)	Value (000)
Tibco Software, Inc., Term Loan A, (3-month USD CME Term SOFR + 4.50%) 9.948% 9/29/20285,6	USD28,551	$27,955
UKG, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 8.764% 5/4/20265,6	8,748	8,781
UKG, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 9.988% 5/4/20265,6	13,607	13,687
UKG, Inc., Term Loan, (3-month USD CME Term SOFR + 5.25%) 10.764% 5/3/20275,6	14,325	14,385
Unisys Corp. 6.875% 11/1/20271	19,140	17,252
Viasat, Inc. 5.625% 9/15/20251	28,925	28,231
Viasat, Inc. 5.625% 4/15/20271	1,075	1,041
Viasat, Inc. 6.50% 7/15/20281	16,625	13,672
Viasat, Inc. 7.50% 5/30/20311	43,195	33,962
Viavi Solutions, Inc. 3.75% 10/1/20291	3,750	3,288
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)3,7,10	60,835	61,900
Xerox Holdings Corp. 5.50% 8/15/20281	10,500	9,487
Ziff Davis, Inc. 4.625% 10/15/20301	339	311
		1,065,710
Real estate 4.90%
Anywhere Real Estate Group, LLC 5.75% 1/15/20291	20,435	15,904
Anywhere Real Estate Group, LLC 5.25% 4/15/20301	33,120	24,762
Brookfield Property REIT, Inc. 5.75% 5/15/20261	34,395	33,422
Brookfield Property REIT, Inc. 4.50% 4/1/20271	11,785	10,621
Cushman & Wakefield U.S. Borrower, LLC 8.875% 9/1/20311	7,550	8,007
Cushman & Wakefield U.S. Borrower, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.00%) 9.356% 1/31/20305,6	6,295	6,303
Forestar Group, Inc. 3.85% 5/15/20261	10,830	10,328
Forestar Group, Inc. 5.00% 3/1/20281	1,905	1,843
Greystar Real Estate Partners, LLC 7.75% 9/1/20301	9,025	9,466
HAT Holdings I, LLC 8.00% 6/15/20271	9,200	9,592
Howard Hughes Corp. (The) 5.375% 8/1/20281	27,522	26,490
Howard Hughes Corp. (The) 4.125% 2/1/20291	40,963	36,572
Howard Hughes Corp. (The) 4.375% 2/1/20311	68,502	59,531
Iron Mountain, Inc. 4.875% 9/15/20271	29,660	28,961
Iron Mountain, Inc. 5.25% 3/15/20281	24,088	23,435
Iron Mountain, Inc. 5.00% 7/15/20281	9,252	8,898
Iron Mountain, Inc. 7.00% 2/15/20291	4,250	4,371
Iron Mountain, Inc. 5.25% 7/15/20301	54,225	51,679
Iron Mountain, Inc. 4.50% 2/15/20311	34,910	31,683
Kennedy-Wilson, Inc. 4.75% 3/1/2029	49,201	41,132
Kennedy-Wilson, Inc. 4.75% 2/1/2030	53,470	43,408
Kennedy-Wilson, Inc. 5.00% 3/1/2031	41,005	32,617
Ladder Capital Finance Holdings LLLP 5.25% 10/1/20251	12,489	12,331
Ladder Capital Finance Holdings LLLP 4.25% 2/1/20271	27,957	26,370
Ladder Capital Finance Holdings LLLP 4.75% 6/15/20291	20,206	18,247
MPT Operating Partnership, LP 5.00% 10/15/2027	31,357	25,642
MPT Operating Partnership, LP 3.50% 3/15/2031	3,437	2,154
Park Intermediate Holdings, LLC 4.875% 5/15/20291	16,445	15,240
RHP Hotel Properties, LP 4.50% 2/15/20291	15,140	14,093
RLJ Lodging Trust, LP 3.75% 7/1/20261	3,035	2,878
RLJ Lodging Trust, LP 4.00% 9/15/20291	14,905	13,409
Service Properties Trust 4.50% 3/15/2025	9,100	8,895
Service Properties Trust 5.25% 2/15/2026	2,545	2,474
Service Properties Trust 4.75% 10/1/2026	23,915	22,346
Service Properties Trust 4.95% 2/15/2027	21,992	19,937
Service Properties Trust 5.50% 12/15/2027	5,705	5,229

American High-Income Trust — Page 17 of 28

unaudited

Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Real estate (continued)	Principal amount (000)	Value (000)
Service Properties Trust 3.95% 1/15/2028	USD35,650	$29,253
Service Properties Trust 4.95% 10/1/2029	48,896	40,526
Service Properties Trust 4.375% 2/15/2030	8,760	6,811
Service Properties Trust 8.625% 11/15/20311	68,355	71,654
VICI Properties, LP 5.625% 5/1/20241	9,113	9,089
VICI Properties, LP 3.50% 2/15/20251	5,104	4,977
VICI Properties, LP 4.625% 6/15/20251	11,050	10,861
VICI Properties, LP 4.25% 12/1/20261	9,323	8,978
VICI Properties, LP 3.75% 2/15/20271	243	229
VICI Properties, LP 4.50% 1/15/20281	3,000	2,864
VICI Properties, LP 3.875% 2/15/20291	12,535	11,525
VICI Properties, LP 4.625% 12/1/20291	1,657	1,563
VICI Properties, LP 4.125% 8/15/20301	2,233	2,036
WeWork Companies, LLC 6.00% PIK and 5.00% Cash 8/15/20271,2,4	49,238	10,340
WeWork Companies, LLC 8.00% PIK and 7.00% Cash 8/15/20271,2,4	39,271	13,549
Xenia Hotels & Resorts, Inc. 6.375% 8/15/20251	3,560	3,554
		936,079
Consumer staples 4.05%
Albertsons Companies, Inc. 3.25% 3/15/20261	4,800	4,532
Albertsons Companies, Inc. 4.625% 1/15/20271	7,215	7,019
Albertsons Companies, Inc. 3.50% 3/15/20291	46,057	41,873
Albertsons Companies, Inc. 4.875% 2/15/20301	8,665	8,305
B&G Foods, Inc. 5.25% 4/1/2025	3,642	3,589
B&G Foods, Inc. 5.25% 9/15/2027	29,666	26,986
B&G Foods, Inc. 8.00% 9/15/20281	13,880	14,592
BJ’s Wholesale Club, Term Loan B, (3-month USD CME Term SOFR + 2.00%) 7.36% 2/5/20295,6	4,431	4,460
Central Garden & Pet Co. 4.125% 10/15/2030	21,206	19,311
Central Garden & Pet Co. 4.125% 4/30/20311	14,105	12,481
Coty, Inc. 5.00% 4/15/20261	11,000	10,833
Coty, Inc. 6.50% 4/15/20261	9,980	9,975
Coty, Inc. 4.75% 1/15/20291	50,670	48,371
Coty, Inc. 6.625% 7/15/20301	28,095	28,880
Darling Ingredients, Inc. 5.25% 4/15/20271	6,431	6,342
Darling Ingredients, Inc. 6.00% 6/15/20301	27,320	27,358
Energizer Holdings, Inc. 4.375% 3/31/20291	15,240	13,660
H.J. Heinz Co. 3.00% 6/1/2026	6,360	6,113
H.J. Heinz Co. 3.875% 5/15/2027	5,545	5,442
H.J. Heinz Co. 4.375% 6/1/2046	5	4
H.J. Heinz Co. 4.875% 10/1/2049	9,975	9,465
Ingles Markets, Inc. 4.00% 6/15/20311	18,805	16,616
Kronos Acquisition Holdings, Inc. 5.00% 12/31/20261	48,100	46,941
Kronos Acquisition Holdings, Inc. 7.00% 12/31/20271	62,095	59,368
Kronos Acquisition Holdings, Inc., Term Loan B2, (3-month USD CME Term SOFR + 6.00%) 11.538% 12/22/20265,6	1,960	1,967
Lamb Weston Holdings, Inc. 4.125% 1/31/20301	45,745	42,216
Lamb Weston Holdings, Inc. 4.375% 1/31/20321	6,925	6,326
Nestle Skin Health SA, Term Loan B3, (1-month USD CME Term SOFR + 3.50%) 8.948% 10/1/20265,6	29,993	30,193
Performance Food Group, Inc. 5.50% 10/15/20271	16,205	15,985
Performance Food Group, Inc. 4.25% 8/1/20291	5,785	5,312
Post Holdings, Inc. 5.625% 1/15/20281	24,830	24,623
Post Holdings, Inc. 5.50% 12/15/20291	19,249	18,568

American High-Income Trust — Page 18 of 28

unaudited

Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Consumer staples (continued)	Principal amount (000)	Value (000)
Post Holdings, Inc. 4.625% 4/15/20301	USD62,517	$57,572
Post Holdings, Inc. 4.50% 9/15/20311	24,360	21,864
Prestige Brands, Inc. 5.125% 1/15/20281	25,958	25,233
Prestige Brands, Inc. 3.75% 4/1/20311	14,440	12,639
Simmons Foods, Inc. 4.625% 3/1/20291	12,365	10,710
TreeHouse Foods, Inc. 4.00% 9/1/2028	29,680	26,310
United Natural Foods, Inc. 6.75% 10/15/20281	41,970	34,032
US Foods, Inc. 4.625% 6/1/20301	8,325	7,766
		773,832
Utilities 2.02%
Aegea Finance SARL 9.00% 1/20/20311	3,750	3,988
AmeriGas Partners, LP 5.75% 5/20/2027	5,878	5,722
Calpine Corp. 5.25% 6/1/20261	1,051	1,038
Calpine Corp. 4.50% 2/15/20281	4,000	3,807
Calpine Corp. 5.125% 3/15/20281	8,282	7,946
Calpine Corp. 3.75% 3/1/20311	9,175	8,058
DPL, Inc. 4.125% 7/1/2025	10,965	10,699
Emera, Inc. 6.75% 6/15/2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)7,11	18,225	17,915
Enfragen Energia Sur SA 5.375% 12/30/20301	4,850	3,793
Enfragen Energia Sur SA 5.375% 12/30/2030	631	494
FirstEnergy Corp. 2.25% 9/1/2030	19,000	16,025
FirstEnergy Corp. 7.375% 11/15/2031	7,191	8,492
FirstEnergy Corp. 3.40% 3/1/2050	5,134	3,625
FirstEnergy Corp. 5.10% 7/15/2047	4,000	3,667
FirstEnergy Transmission, LLC 2.866% 9/15/20281	5,075	4,606
FirstEnergy Transmission, LLC 4.55% 4/1/20491	2,000	1,735
NextEra Energy Operating Partners, LP 4.25% 7/15/20241	3,163	3,129
NextEra Energy Operating Partners, LP 3.875% 10/15/20261	2,373	2,261
NRG Energy, Inc. 3.625% 2/15/20311	2,000	1,721
Pacific Gas and Electric Co. 3.45% 7/1/2025	6,096	5,903
Pacific Gas and Electric Co. 3.30% 3/15/2027	3,904	3,653
Pacific Gas and Electric Co. 5.45% 6/15/2027	7,720	7,787
Pacific Gas and Electric Co. 3.75% 7/1/2028	6,100	5,719
Pacific Gas and Electric Co. 4.55% 7/1/2030	4,170	3,975
Pacific Gas and Electric Co. 2.50% 2/1/2031	7,695	6,355
Pacific Gas and Electric Co. 3.25% 6/1/2031	2,135	1,851
Pacific Gas and Electric Co. 3.30% 8/1/2040	5,540	4,064
Pacific Gas and Electric Co. 3.50% 8/1/2050	26,090	18,067
PG&E Corp. 5.00% 7/1/2028	53,720	52,302
PG&E Corp. 5.25% 7/1/2030	80,585	77,820
Talen Energy Supply, LLC 8.625% 6/1/20301	49,563	52,699
Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.50%) 9.869% 5/17/20305,6	5,955	5,996
Venture Global Calcasieu Pass, LLC 3.875% 8/15/20291	28,325	25,732
Vistra Operations Co., LLC 3.55% 7/15/20241	5,769	5,689
		386,333
Total corporate bonds, notes & loans		16,636,295

American High-Income Trust — Page 19 of 28

unaudited

Bonds, notes & other debt instruments (continued) U.S. Treasury bonds & notes 0.29% U.S. Treasury 0.29%	Principal amount (000)	Value (000)
U.S. Treasury 3.875% 8/15/2033	USD18,275	$18,264
U.S. Treasury 3.625% 5/15/205312	5,000	4,635
U.S. Treasury 4.125% 8/15/205312	31,500	31,927
		54,826
Mortgage-backed obligations 0.07% Collateralized mortgage-backed obligations 0.07%
Treehouse Park Improvement Association No.1 9.75% 12/1/20331,3	15,299	14,214
Bonds & notes of governments & government agencies outside the U.S. 0.03%
Argentine Republic 1.00% 7/9/2029	6,700	2,693
Argentine Republic 0.75% 7/9/2030 (1.75% on 7/9/2027)7	8,675	3,501
		6,194
Total bonds, notes & other debt instruments (cost: $17,398,835,000)		16,711,529
Convertible bonds & notes 0.21% Communication services 0.17%
DISH Network Corp., convertible notes, 3.375% 8/15/2026	62,635	33,510
Financials 0.04%
Coinbase Global, Inc., convertible notes, 0.50% 6/1/2026	8,582	7,815
Total convertible bonds & notes (cost: $63,863,000)		41,325
Common stocks 4.35% Health care 1.06%	Shares
Rotech Healthcare, Inc.3,8,10,13	1,916,276	201,209
Mallinckrodt PLC13	62,717	2,415
		203,624
Information technology 0.88%
Diebold Nixdorf, Inc.1,8,13	5,800,284	167,918
Utilities 0.80%
Talen Energy Corp.13	2,242,027	143,490
PG&E Corp.	489,795	8,831
		152,321
Energy 0.76%
Chesapeake Energy Corp.	610,745	46,991
Ascent Resources - Utica, LLC, Class A3,10	905,325	31,062
Weatherford International13	206,113	20,164
Altera Infrastructure, LP3,13	123,978	11,427
California Resources Corp.	183,103	10,012
Constellation Oil Services Holding SA, Class B-13,13	51,096,574	7,153
Mesquite Energy, Inc.3,13	109,992	6,217
Diamond Offshore Drilling, Inc.13	378,640	4,922
Civitas Resources, Inc.	57,659	3,943

American High-Income Trust — Page 20 of 28

unaudited

Common stocks (continued) Energy (continued)	Shares	Value (000)
Exxon Mobil Corp.	16,090	$1,609
Southwestern Energy Co.13	229,524	1,503
McDermott International, Ltd.1,10,13	1,745,604	157
Bighorn Permian Resources, LLC3	42,744	— 9
		145,160
Consumer discretionary 0.44%
Party City Holdco, Inc.3,8,13	2,530,772	57,803
Party City Holdco, Inc.1,3,8,13	25,266	577
NMG Parent, LLC13	182,562	20,082
MYT Holding Co., Class B3,8,13	7,468,376	5,601
		84,063
Materials 0.25%
Venator Materials PLC3,8,13	9,474,891,765	48,606
Communication services 0.16%
Frontier Communications Parent, Inc.13	600,000	15,204
Intelsat SA13	319,194	9,177
Cumulus Media, Inc., Class A13	561,836	2,989
Clear Channel Outdoor Holdings, Inc.13	890,868	1,621
iHeartMedia, Inc., Class A13	378,645	1,011
		30,002
Total common stocks (cost: $865,598,000)		831,694
Preferred securities 0.18% Industrials 0.11%
ACR III LSC Holdings, LLC, Series B, preferred shares1,3,13	13,566	21,002
Consumer discretionary 0.07%
MYT Holdings, LLC, Series A, 10.00% preferred shares8,13	19,884,070	12,925
Energy 0.00%
McDermott International, Ltd. 8.00% cumulative preferred shares3,13	1,130	56
Total preferred securities (cost: $32,392,000)		33,983
Rights & warrants 0.02% Consumer discretionary 0.02%
NMG Parent, LLC, warrants, expire 9/24/202713	407,047	3,254
Energy 0.00%
California Resources Corp., warrants, expire 10/27/202413	16,108	312
McDermott International, Inc., warrants, expire 7/1/20273,13	845,563	— 9
Constellation Oil Services Holding SA, Class D, warrants, expire 6/10/20713,13	19	— 9
		312
Total rights & warrants (cost: $4,056,000)		3,566

American High-Income Trust — Page 21 of 28

unaudited

Short-term securities 6.43% Money market investments 6.43%	Shares	Value (000)
Capital Group Central Cash Fund 5.44%8,14	12,284,657	$1,228,343
Total short-term securities (cost: $1,228,576,000)		1,228,343
Total investment securities98.64% (cost: $19,593,320,000)		18,850,440
Other assets less liabilities 1.36%		259,230
Net assets100.00%		$19,109,670

Futures contracts  

Contracts	Type	Number of contracts	Expiration date	Notional amount (000)	Value and unrealized appreciation (depreciation) at 12/31/2023 (000)
2 Year U.S. Treasury Note Futures	Long	633	4/3/2024	USD130,343	$1,306
5 Year U.S. Treasury Note Futures	Long	1,305	4/3/2024	141,949	3,185
10 Year U.S. Treasury Note Futures	Short	120	3/28/2024	(13,547 )	(76 )
10 Year Ultra U.S. Treasury Note Futures	Short	148	3/28/2024	(17,466 )	(784 )
30 Year Ultra U.S. Treasury Bond Futures	Long	40	3/28/2024	5,344	(30 )
					$3,601

Swap contracts

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection 

Reference index	Financing rate paid	Payment frequency	Expiration date	Notional amount (000)	Value at 12/31/2023 (000)	Upfront premium paid (received) (000)	Unrealized appreciation (depreciation) at 12/31/2023 (000)
CDX.NA.HY.41	5.00%	Quarterly	12/20/2028	USD255,583	$(14,907 )	$(9,036 )	$(5,871 )

Investments in affiliates8  

	Value at 10/1/2023 (000)	Additions (000)	Reductions (000)	Net realized gain (loss) (000)	Net unrealized appreciation (depreciation) (000)	Value at 12/31/2023 (000)	Dividend or interest income (000)
Bonds, notes & other debt instruments 1.31%
Information technology 1.08%
Diebold Nixdorf, Inc., Term Loan, (3-month USD CME Term SOFR + 7.00%) 12.86% 8/11/20281,5,6	$200,668	$643	$—	$—	$5,371	$206,682	$6,710
Diebold Nixdorf, Inc., Term Loan, (3-month USD CME Term SOFR + 5.25%) 10.479% 7/15/202515	27	—	115	—	88	—	(116 )
						206,682

American High-Income Trust — Page 22 of 28

unaudited

Investments in affiliates8 (continued)

	Value at 10/1/2023 (000)	Additions (000)	Reductions (000)	Net realized gain (loss) (000)	Net unrealized appreciation (depreciation) (000)	Value at 12/31/2023 (000)	Dividend or interest income (000)
Consumer discretionary 0.23%
Party City Holdings, Inc. 12.00% PIK or 12.00% Cash 1/11/20292,6	$—	$40,137	$—	$—	$3,072	$43,209	$1,262
Party City Holdings, Inc. 0% 10/12/20285	—	— 9	—	—	—	— 9	—
						43,209
Total bonds, notes & other debt instruments						249,891
Common stocks 2.52%
Health care 1.05%
Rotech Healthcare, Inc.3,10,13	201,209	—	—	—	—	201,209	—
Information technology 0.88%
Diebold Nixdorf, Inc.1,13	104,312	116	—	—	63,490	167,918	—
Consumer discretionary 0.34%
Party City Holdco, Inc.3,13	—	21,180	—	—	36,623	57,803	—
Party City Holdco, Inc.1,3,13	—	159	—	—	418	577	—
MYT Holding Co., Class B3,13	5,601	—	—	—	—	5,601	—
						63,981
Materials 0.25%
Venator Materials PLC3,13	—	141,089	—	—	(92,483 )	48,606	—
Total common stocks						481,714
Preferred securities 0.06%
Consumer discretionary 0.06%
MYT Holdings, LLC, Series A, 10.00% preferred shares13	12,925	—	—	—	—	12,925	—
Short-term securities 6.43%
Money market investments 6.43%
Capital Group Central Cash Fund 5.44%14	1,171,249	746,217	689,098	14	(39 )	1,228,343	15,639
Total 10.32%				$14	$16,540	$1,972,873	$23,495

Restricted securities10  

	Acquisition date(s)	Cost (000)	Value (000)	Percent of net assets
Rotech Healthcare, Inc.3,8,13	9/26/2013	$41,128	$201,209	1.05 %
Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 12.713% 9/13/20295,6	9/13/2023	73,538	73,862	.39
Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 12.61% 9/13/20295,6	9/13/2023-12/13/2023	2,058	2,027	.01
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)3,7	6/23/2023	58,774	61,900	.33
Ascent Resources - Utica, LLC, Class A3	4/25/2016-11/15/2016	4,340	31,062	.16
Resorts World Las Vegas, LLC 4.625% 4/16/2029	8/11/2023-8/14/2023	5,669	5,847	.03
McDermott International, Ltd.1,13	4/4/2018-12/31/2020	7,967	157	.00 16
Total		$193,474	$376,064	1.97 %

 

American High-Income Trust — Page 23 of 28

unaudited

1	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $12,515,707,000, which represented 65.49% of the net assets of the fund.
2	Scheduled interest and/or principal payment was not received.
3	Value determined using significant unobservable inputs.
4	Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.
5	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $744,592,000, which represented 3.90% of the net assets of the fund.
6	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
7	Step bond; coupon rate may change at a later date.
8	Affiliate of the fund or part of the same “group of investment companies“ as the fund, as defined under the Investment Company Act of 1940, as amended.
9	Amount less than one thousand.
10	Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $376,064,000, which represented 1.97% of the net assets of the fund.
11	Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
12	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $12,611,000, which represented .07% of the net assets of the fund.
13	Security did not produce income during the last 12 months.
14	Rate represents the seven-day yield at 12/31/2023.
15	Affiliated issuer during the reporting period but no longer held at 12/31/2023.
16	Amount less than .01%.

Valuation disclosures

Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value 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. Security transactions are recorded by the fund as of the date the trades are executed with brokers. 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.

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.

American High-Income Trust — Page 24 of 28

unaudited

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

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

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund’s investment adviser. The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds“), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information. Exchange-traded futures are generally valued at the official settlement price of the exchange or market on which such instruments are traded, as of the close of business on the day the futures are being valued. The average month-end notional amount of futures contracts while held was $358,413,000. 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. The average month-end notional amounts of credit default swaps while held were $229,977,000.

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.

American High-Income Trust — Page 25 of 28

unaudited

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

	Investment securities
	Level 1	Level 2	Level 3	Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds, notes & loans	$—	$16,548,680	$87,615	$16,636,295
U.S. Treasury bonds & notes	—	54,826	—	54,826
Mortgage-backed obligations	—	—	14,214	14,214
Bonds & notes of governments & government agencies outside the U.S.	—	6,194	—	6,194
Convertible bonds & notes	—	41,325	—	41,325
Common stocks	430,365	31,674	369,655	831,694
Preferred securities	—	12,925	21,058	33,983
Rights & warrants	312	3,254	— 1	3,566
Short-term securities	1,228,343	—	—	1,228,343
Total	$1,659,020	$16,698,878	$492,542	$18,850,440

 

	Other investments2
	Level 1	Level 2	Level 3	Total
Assets:
Unrealized appreciation on futures contracts	$4,491	$—	$—	$4,491
Liabilities:
Unrealized depreciation on futures contracts	(890 )	—	—	(890 )
Unrealized depreciation on centrally cleared credit default swaps	—	(5,871 )	—	(5,871 )
Total	$3,601	$(5,871 )	$—	$(2,270 )

1

Amount less than one thousand.

2

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

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

	Beginning value at 10/1/2023	Transfers into Level 33	Purchases	Sales	Net realized loss	Unrealized appreciation	Transfers out of Level 33	Ending value at 12/31/2023
Investment securities	$359,671	$5,601	$162,952	$(1,600 )	$(111,148 )	$77,066	$—	$492,542
Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2023								$(35,443 )

3

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

American High-Income Trust — Page 26 of 28

unaudited

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

	Value at 12/31/2023	Valuation techniques	Unobservable inputs	Range (if applicable)	Weighted average1	Impact to valuation from an increase in input2
Bonds, notes & other debt instruments	101,829	Estimated recovery value	Expected proceeds	Not applicable	Not applicable	Not applicable
			Discount for uncertainty	5%	5%	Decrease
		Transaction	Transaction price	Not applicable	Not applicable	Not applicable
			Net adjustment (decrease) based on movement of market comparables	5%	5%	Decrease
		Expected proceeds	Expected proceeds	Not applicable	Not applicable	Not applicable
		Yield analysis	Yield	10%	10%	Decrease
Common stocks	$369,655	Estimated recovery value	Expected proceeds	Not applicable	Not applicable	Not applicable
			Vendor price	Not applicable	Not applicable	Not applicable
			Discount for uncertainty	20%	20%	Decrease
		Market comparable companies	EV/EBITDA multiple	5.7x - 8.0x	6.7x	Increase
			Discount to EV/EBITDA multiple	11%	11%	Decrease
			Price/Book value multiple	0.6x	0.6x	Increase
			DLOM	13% - 17%	15%	Decrease
			EV/EBITDA less CapEx multiple	10.5x	10.5x	Increase
		Indicative market quotation	Broker quote	Not applicable	Not applicable	Not applicable
Preferred securities	$21,058	Market comparable companies	EV/EBITDA multiple	4.0x	4.0x	Increase
			DLOM	15%	15%	Decrease
		Estimated recovery value	Expected proceeds	Not applicable	Not applicable	Not applicable
			Risk discount	95%	95%	Decrease
Rights & warrants	$— 3	Estimated recovery value	Expected proceeds	Not applicable	Not applicable	Not applicable
	$492,542

1

Weighted average is by relative fair value.

2

This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

3

Amount less than one thousand.  

 

Key to abbreviation(s)

CapEx = Capital expenditures

CME = CME Group

DAC = Designated Activity Company

DLOM = Discount for lack of marketability

EBITDA = Earnings before income taxes, depreciation and amortization

EV = Enterprise value

 

LIBOR = London Interbank Offered Rate

PIK = Payment In Kind

REIT = Real Estate Investment Trust

SOFR = Secured Overnight Financing Rate

USD = U.S. dollars

American High-Income Trust — Page 27 of 28

unaudited

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

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

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

American Funds Distributors, Inc., member FINRA.

© 2024 Capital Group. All rights reserved.

MFGEFP1-021-0224O-S96457

American High-Income Trust — Page 28 of 28