![](https://capedge.com/proxy/NPORT-P/0001145549-20-012322/imgecf37dfb1.jpg)
American High-Income Trust®
Investment portfolio
December 31, 2019
unaudited
Bonds, notes & other debt instruments 89.62% Corporate bonds & notes 89.38% Communication services 15.54% | Principal amount (000) | Value (000) |
Altice Finco SA 8.125% 20241 | $17,545 | $18,140 |
Altice France SA, Term Loan B-13, (3-month USD-LIBOR + 4.00%) 5.74% 20262,3 | 8,984 | 9,035 |
Altice NV 6.625% 20231 | 9,460 | 9,645 |
Altice NV 7.50% 20261 | 10,875 | 11,711 |
Altice SA 7.625% 20251 | 67,950 | 70,838 |
AMC Networks Inc. 5.00% 2024 | 1,775 | 1,815 |
AMC Networks Inc. 4.75% 2025 | 9,069 | 9,122 |
Cablevision Systems Corp. 6.75% 2021 | 44,150 | 47,616 |
Cablevision Systems Corp. 5.50% 20271 | 2,700 | 2,904 |
Cablevision Systems Corp. 5.75% 20301 | 11,800 | 12,611 |
CBS Corp. 7.25% 20241 | 3,325 | 3,509 |
CCO Holdings LLC and CCO Holdings Capital Corp. 4.00% 20231 | 21,675 | 22,027 |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.125% 20231 | 7,725 | 7,901 |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.875% 20241 | 3,835 | 3,972 |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.375% 20251 | 1,600 | 1,655 |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.50% 20261 | 11,000 | 11,617 |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 20261 | 61,225 | 64,707 |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.125% 20271 | 44,890 | 47,442 |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.00% 20281 | 45,300 | 47,618 |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.375% 20291 | 11,525 | 12,324 |
CCO Holdings LLC and CCO Holdings Capital Corp. 4.75% 20301 | 68,130 | 69,621 |
CenturyLink, Inc. 6.75% 2023 | 65,675 | 73,447 |
CenturyLink, Inc. 7.50% 2024 | 9,100 | 10,279 |
CenturyLink, Inc. 5.125% 20261 | 30,150 | 30,757 |
CenturyLink, Inc., Series T, 5.80% 2022 | 6,000 | 6,318 |
Cinemark USA, Inc. 4.875% 2023 | 9,673 | 9,854 |
Clear Channel Worldwide Holdings, Inc. 9.25% 20241 | 22,289 | 24,732 |
CSC Holdings, LLC 7.75% 20251 | 1,500 | 1,603 |
CSC Holdings, LLC 5.50% 20261 | 12,475 | 13,237 |
Cumulus Media New Holdings Inc. 6.75% 20261 | 25,050 | 26,882 |
Diamond Sports Group LLC 5.375% 20261 | 23,695 | 24,013 |
Diamond Sports Group LLC 6.625% 20271 | 10,641 | 10,368 |
DISH DBS Corp. 5.125% 2020 | 2,000 | 2,015 |
DISH DBS Corp. 6.75% 2021 | 11,000 | 11,584 |
Embarq Corp. 7.995% 2036 | 22,810 | 24,162 |
Entercom Media Corp. 6.50% 20271 | 3,630 | 3,894 |
Frontier Communications Corp. 8.50% 2020 | 8,175 | 4,899 |
Frontier Communications Corp. 9.25% 2021 | 12,775 | 6,260 |
Frontier Communications Corp. 10.50% 2022 | 124,150 | 60,872 |
Frontier Communications Corp. 11.00% 2025 | 221,729 | 108,093 |
Frontier Communications Corp. 8.50% 20261 | 17,225 | 17,472 |
Frontier Communications Corp. 8.00% 20271 | 39,815 | 41,680 |
Getty Images Inc. 9.75% 20271 | 6,075 | 6,047 |
Gogo Inc. 9.875% 20241 | 155,725 | 164,809 |
Gray Television, Inc. 7.00% 20271 | 11,275 | 12,550 |
iHeartCommunications, Inc. 6.375% 2026 | 7,942 | 8,633 |
American High-Income Trust — Page 1 of 22
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Communication services (continued) | Principal amount (000) | Value (000) |
iHeartCommunications, Inc. 5.25% 20271 | $49,572 | $51,959 |
iHeartCommunications, Inc. 8.375% 2027 | 15,203 | 16,828 |
iHeartCommunications, Inc., Term Loan D, (3-month USD-LIBOR + 4.00%) 5.945% 20262,3 | 665 | 672 |
Inmarsat PLC 4.875% 20221 | 23,005 | 23,336 |
Inmarsat PLC 6.75% 20261 | 43,300 | 46,169 |
Intelsat Jackson Holding Co. 5.50% 2023 | 49,935 | 43,000 |
Intelsat Jackson Holding Co. 8.00% 20241 | 12,675 | 13,034 |
Intelsat Jackson Holding Co. 8.50% 20241 | 72,675 | 66,346 |
Intelsat Jackson Holding Co., Term Loan, 6.625% 20242 | 41,055 | 41,658 |
LCPR Senior Secured Financing Designated Activity Co. 6.75% 20271 | 10,800 | 11,468 |
Level 3 Communications, Inc. 3.875% 20291 | 14,800 | 14,938 |
Liberty Global PLC 5.50% 20281 | 8,250 | 8,379 |
Ligado Networks, Term Loan, (3-month USD-LIBOR + 8.75%) 10.85% 2020 (100% PIK)2,3,4 | 34,292 | 21,875 |
Live Nation Entertainment, Inc. 4.875% 20241 | 3,900 | 4,046 |
Live Nation Entertainment, Inc. 5.625% 20261 | 3,600 | 3,844 |
Live Nation Entertainment, Inc. 4.75% 20271 | 6,486 | 6,725 |
Loral Space & Communications Inc. 4.875% 20271 | 4,550 | 4,641 |
Match Group, Inc. 5.00% 20271 | 7,450 | 7,788 |
Match Group, Inc. 5.625% 20291 | 14,675 | 15,671 |
MDC Partners Inc. 6.50% 20241 | 159,594 | 144,832 |
Meredith Corp. 6.875% 2026 | 61,617 | 64,239 |
Neptune Finco Corp. (Altice NV) 6.625% 20251 | 10,600 | 11,276 |
Neptune Finco Corp. (Altice NV) 10.875% 20251 | 2,098 | 2,348 |
Netflix, Inc. 5.375% 20291 | 14,100 | 15,042 |
Netflix, Inc. 4.875% 20301 | 26,255 | 26,714 |
Nexstar Broadcasting, Inc. 5.625% 20241 | 9,000 | 9,401 |
Nexstar Escrow Corp. 5.625% 20271 | 20,270 | 21,398 |
Numericable Group SA 7.375% 20261 | 21,300 | 22,908 |
OUTFRONT Media Cap LLC 5.00% 20271 | 8,905 | 9,344 |
Qwest Capital Funding, Inc. 6.875% 2028 | 14,900 | 14,719 |
Sinclair Broadcast Group, Inc. 5.50% 20301 | 9,050 | 9,270 |
Sirius XM Radio Inc. 3.875% 20221 | 24,550 | 25,133 |
Sirius XM Radio Inc. 4.625% 20231 | 7,475 | 7,603 |
Sirius XM Radio Inc. 4.625% 20241 | 18,740 | 19,716 |
Sirius XM Radio Inc. 5.50% 20291 | 14,525 | 15,732 |
Sprint Corp. 7.25% 2021 | 18,765 | 19,878 |
Sprint Corp. 11.50% 2021 | 39,855 | 45,607 |
Sprint Corp. 7.875% 2023 | 13,995 | 15,470 |
Sprint Corp. 7.125% 2024 | 7,250 | 7,836 |
Sprint Corp. 7.625% 2026 | 17,325 | 19,138 |
Sprint Corp. 6.875% 2028 | 92,440 | 99,775 |
Sprint Corp. 8.75% 2032 | 64,630 | 78,564 |
TEGNA Inc. 5.00% 20291 | 8,700 | 8,863 |
Terrier Media Buyer (3-month USD-LIBOR + 4.00%) 6.148% 20262,3 | 9,125 | 9,228 |
Terrier Media Buyer, Inc. 8.875% 20271 | 9,125 | 9,673 |
T-Mobile US, Inc. 4.00% 2022 | 7,025 | 7,209 |
T-Mobile US, Inc. 6.375% 2025 | 9,625 | 9,966 |
T-Mobile US, Inc. 6.50% 2026 | 9,775 | 10,499 |
Trilogy International Partners, LLC 8.875% 20221 | 52,813 | 49,793 |
Twitter, Inc. 3.875% 20271 | 12,625 | 12,650 |
Univision Communications Inc. 5.125% 20231 | 76,757 | 76,757 |
Univision Communications Inc. 5.125% 20251 | 51,619 | 51,167 |
Warner Music Group 5.00% 20231 | 19,875 | 20,380 |
Warner Music Group 4.875% 20241 | 3,175 | 3,295 |
American High-Income Trust — Page 2 of 22
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Communication services (continued) | Principal amount (000) | Value (000) |
Warner Music Group 5.50% 20261 | $8,275 | $8,733 |
Zayo Group Holdings, Inc. 6.00% 2023 | 7,000 | 7,172 |
Zayo Group Holdings, Inc. 6.375% 2025 | 3,000 | 3,099 |
Zayo Group Holdings, Inc. 5.75% 20271 | 2,700 | 2,752 |
Ziggo Bond Finance BV 5.50% 20271 | 30,925 | 32,915 |
2,622,761 | ||
Health care 14.76% | ||
Auris Luxembourg III SARL, Term Loan, (3-month USD-LIBOR + 3.75%) 5.549% 20262,3 | 12,052 | 12,133 |
Bausch Health Cos. Inc. 5.00% 20281 | 32,825 | 33,773 |
Bausch Health Cos. Inc. 7.00% 20281 | 10,270 | 11,316 |
Bausch Health Cos. Inc. 5.25% 20301 | 39,035 | 40,577 |
Centene Corp. 4.75% 2022 | 52,600 | 53,746 |
Centene Corp. 6.125% 2024 | 25,825 | 26,826 |
Centene Corp. 4.75% 2025 | 29,115 | 30,303 |
Centene Corp. 5.375% 20261 | 36,880 | 39,207 |
Centene Corp. 4.25% 20271 | 67,765 | 69,839 |
Centene Corp. 4.625% 20291 | 96,310 | 101,674 |
Charles River Laboratories International, Inc. 5.50% 20261 | 7,465 | 8,042 |
Charles River Laboratories International, Inc. 4.25% 20281 | 22,461 | 22,924 |
Community Health Systems Inc. 5.125% 2021 | 5,450 | 5,462 |
Concordia International Corp. 8.00% 20245 | 3,251 | 3,088 |
Concordia International Corp., Term Loan, (3-month USD-LIBOR + 5.50%) 7.447% 20242,3,5 | 879 | 824 |
DaVita HealthCare Partners Inc. 5.125% 2024 | 16,840 | 17,296 |
DaVita HealthCare Partners Inc. 5.00% 2025 | 8,825 | 9,097 |
Eagle Holding Co. II, LLC 7.625% 20221,4 | 10,700 | 10,895 |
Eagle Holding Co. II, LLC 7.75% 20221,4 | 52,595 | 53,498 |
Encompass Health Corp. 4.50% 2028 | 12,483 | 12,959 |
Encompass Health Corp. 4.75% 2030 | 7,410 | 7,702 |
Endo International PLC 5.75% 20221 | 44,719 | 33,316 |
Endo International PLC 6.00% 20231 | 62,940 | 45,631 |
Endo International PLC 5.875% 20241 | 28,625 | 27,850 |
Endo International PLC 6.00% 20251,6 | 52,510 | 35,559 |
Envision Healthcare Corp. 8.75% 20261 | 17,930 | 11,168 |
Envision Healthcare Corp., Term Loan, (3-month USD-LIBOR + 3.75%) 5.549% 20252,3 | 5,420 | 4,651 |
HCA Inc. 7.50% 2022 | 3,860 | 4,272 |
HCA Inc. 5.875% 2023 | 16,750 | 18,546 |
HCA Inc. 5.375% 2026 | 2,500 | 2,791 |
HCA Inc. 5.875% 2026 | 4,500 | 5,125 |
HCA Inc. 5.625% 2028 | 17,900 | 20,432 |
HCA Inc. 5.50% 2047 | 7,494 | 8,603 |
HCA Inc. 5.25% 2049 | 681 | 761 |
HealthSouth Corp. 5.75% 2024 | 5,060 | 5,127 |
HealthSouth Corp. 5.75% 2025 | 18,115 | 19,028 |
Hill-Rom Holdings, Inc. 4.375% 20271 | 15,899 | 16,401 |
IMS Health Holdings, Inc. 5.00% 20261 | 42,760 | 45,211 |
Jaguar Holding Co. 6.375% 20231 | 27,655 | 28,614 |
Kinetic Concepts, Inc. 12.50% 20211 | 85,087 | 87,780 |
Mallinckrodt International Finance SA 5.50% 20251 | 16,000 | 5,720 |
Mallinckrodt PLC 4.875% 20201 | 113,020 | 87,386 |
Mallinckrodt PLC 5.75% 20221 | 16,470 | 6,794 |
Mallinckrodt PLC 5.625% 20231 | 3,096 | 1,185 |
Molina Healthcare, Inc. 5.375% 2022 | 98,161 | 104,518 |
Molina Healthcare, Inc. 4.875% 20251 | 44,580 | 45,936 |
American High-Income Trust — Page 3 of 22
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Health care (continued) | Principal amount (000) | Value (000) |
NVA Holdings Inc. 6.875% 20261 | $17,225 | $18,668 |
Owens & Minor, Inc. 3.875% 2021 | 32,485 | 31,361 |
Owens & Minor, Inc. 4.375% 2024 | 1,999 | 1,525 |
Owens & Minor, Inc., Term Loan B, (3-month USD-LIBOR + 4.50%) 6.191% 20252,3 | 12,689 | 11,389 |
Par Pharmaceutical Cos. Inc. 7.50% 20271 | 67,295 | 67,128 |
PAREXEL International Corp. 6.375% 20251 | 37,214 | 37,214 |
Prestige Brands International Inc. 6.375% 20241 | 10,966 | 11,427 |
Rotech Healthcare Inc., Term Loan, (3-month USD-LIBOR + 11.00%) 13.31% 2023 (100% PIK)2,3,4,7,8 | 59,223 | 59,815 |
Select Medical Holdings Corp. 6.25% 20261 | 19,460 | 21,102 |
Sterigenics-Nordion Holdings, LLC, Term Loan B, 4.771% 20222,3 | 7,475 | 7,442 |
Surgery Center Holdings 10.00% 20271 | 10,445 | 11,493 |
Team Health Holdings, Inc. 6.375% 20251 | 85,398 | 57,252 |
Team Health Holdings, Inc., Term Loan B, 4.549% 20242,3 | 1,855 | 1,510 |
Tenet Healthcare Corp. 8.125% 2022 | 49,955 | 55,352 |
Tenet Healthcare Corp. 4.625% 2024 | 46,636 | 47,841 |
Tenet Healthcare Corp. 4.875% 20261 | 115,390 | 121,004 |
Tenet Healthcare Corp. 5.125% 20271 | 18,840 | 19,923 |
Tenet Healthcare Corp. 6.25% 20271 | 16,250 | 17,509 |
Teva Pharmaceutical Finance Co. BV 2.20% 2021 | 6,304 | 6,117 |
Teva Pharmaceutical Finance Co. BV 2.80% 2023 | 86,591 | 80,494 |
Teva Pharmaceutical Finance Co. BV 6.00% 2024 | 103,780 | 105,242 |
Teva Pharmaceutical Finance Co. BV 7.125% 20251 | 47,855 | 49,256 |
Teva Pharmaceutical Finance Co. BV 3.15% 2026 | 33,910 | 28,316 |
Teva Pharmaceutical Finance Co. BV 6.75% 2028 | 19,035 | 19,360 |
Valeant Pharmaceuticals International, Inc. 6.50% 20221 | 8,125 | 8,318 |
Valeant Pharmaceuticals International, Inc. 5.875% 20231 | 30,421 | 30,706 |
Valeant Pharmaceuticals International, Inc. 6.125% 20251 | 163,318 | 169,086 |
Valeant Pharmaceuticals International, Inc. 9.00% 20251 | 50,780 | 57,874 |
Valeant Pharmaceuticals International, Inc. 9.25% 20261 | 55,150 | 63,447 |
Valeant Pharmaceuticals International, Inc. 8.50% 20271 | 13,360 | 15,239 |
Verscend Holding Corp., Term Loan B, (3-month USD-LIBOR + 4.50%) 6.299% 20252,3 | 7,628 | 7,690 |
Vizient Inc. 6.25% 20271 | 2,320 | 2,489 |
WellCare Health Plans, Inc. 5.375% 20261 | 4,085 | 4,358 |
2,490,533 | ||
Materials 11.74% | ||
AK Steel Holding Corp. 7.625% 2021 | 36,200 | 36,576 |
AK Steel Holding Corp. 6.375% 2025 | 7,100 | 7,121 |
AK Steel Holding Corp. 7.00% 2027 | 3,700 | 3,740 |
Ardagh Group SA 6.50% 20271,4 | 12,035 | 12,466 |
Ardagh Packaging Finance 6.00% 20251 | 27,600 | 29,014 |
Axalta Coating Systems LLC 4.875% 20241 | 12,250 | 12,704 |
Ball Corp. 4.375% 2020 | 8,175 | 8,365 |
Ball Corp. 5.00% 2022 | 8,925 | 9,454 |
Berry Global Escrow Corp. 4.875% 20261 | 5,475 | 5,785 |
Berry Plastics Corp. 5.50% 2022 | 5,780 | 5,859 |
Blue Cube Spinco Inc. 9.75% 2023 | 4,820 | 5,195 |
Blue Cube Spinco Inc. 10.00% 2025 | 4,260 | 4,719 |
Braskem Idesa Sapi 7.45% 20291 | 8,965 | 9,568 |
BWAY Parent Co., Inc. 5.50% 20241 | 28,725 | 29,661 |
BWAY Parent Co., Inc. 7.25% 20251 | 3,005 | 2,975 |
BWAY Parent Co., Inc., Term Loan, (3-month USD-LIBOR + 3.25%) 5.234% 20242,3 | 2,992 | 2,987 |
Carlyle Group LP 8.75% 20231,4 | 4,410 | 4,511 |
American High-Income Trust — Page 4 of 22
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Materials (continued) | Principal amount (000) | Value (000) |
Cascades Inc. 5.125% 20261 | $14,880 | $15,326 |
Chemours Co. 6.625% 2023 | 36,193 | 36,407 |
Chemours Co. 7.00% 2025 | 7,005 | 7,072 |
Cleveland-Cliffs Inc. 4.875% 20241 | 65,200 | 66,772 |
Cleveland-Cliffs Inc. 5.75% 2025 | 68,532 | 67,804 |
Cleveland-Cliffs Inc. 5.875% 20271 | 82,475 | 79,329 |
Consolidated Energy Finance SA 6.50% 20261 | 20,430 | 19,211 |
Crown Holdings, Inc. 4.50% 2023 | 3,000 | 3,161 |
Crown Holdings, Inc. 7.375% 2026 | 2,000 | 2,381 |
CVR Partners, LP 9.25% 20231 | 32,370 | 33,881 |
Cydsa SAB de CV 6.25% 20271 | 4,745 | 4,889 |
First Quantum Minerals Ltd. 7.00% 20211 | 5,232 | 5,255 |
First Quantum Minerals Ltd. 7.25% 20221 | 42,350 | 42,624 |
First Quantum Minerals Ltd. 7.25% 20231 | 63,580 | 65,956 |
First Quantum Minerals Ltd. 6.50% 20241 | 57,748 | 58,013 |
First Quantum Minerals Ltd. 7.50% 20251 | 130,275 | 133,478 |
First Quantum Minerals Ltd. 6.875% 20261 | 69,275 | 70,269 |
Freeport-McMoRan Inc. 3.55% 2022 | 57,384 | 58,203 |
Freeport-McMoRan Inc. 3.875% 2023 | 5,680 | 5,795 |
FXI Holdings, Inc. 7.875% 20241 | 106,959 | 102,947 |
Greif, Inc. 6.50% 20271 | 6,955 | 7,524 |
H.I.G. Capital, LLC 6.75% 20241 | 5,441 | 5,076 |
Hexion Inc. 7.875% 20271 | 47,840 | 49,872 |
INEOS Group Holdings SA 5.625% 20241 | 22,325 | 22,983 |
LSB Industries, Inc. 9.625% 20231 | 93,500 | 96,285 |
Mineral Resources Ltd. 8.125% 20271 | 30,605 | 33,660 |
Neon Holdings, Inc. 10.125% 20261 | 26,180 | 26,111 |
Nova Chemicals Corp. 4.875% 20241 | 11,250 | 11,639 |
Nova Chemicals Corp. 5.25% 20271 | 28,550 | 29,388 |
Novelis Corp. 6.25% 20241 | 10,140 | 10,660 |
Novelis Corp. 5.875% 20261 | 5,650 | 6,025 |
OCI NV 5.25% 20241 | 21,685 | 22,607 |
Owens-Illinois, Inc. 5.00% 20221 | 3,920 | 4,076 |
Owens-Illinois, Inc. 5.875% 20231 | 25,970 | 27,777 |
Owens-Illinois, Inc. 6.375% 20251 | 8,101 | 8,871 |
Plastipak Holdings, Inc. 6.25% 20251 | 4,910 | 4,247 |
Platform Specialty Products Corp. 5.875% 20251 | 10,180 | 10,676 |
Rayonier Advanced Materials Inc. 5.50% 20241 | 38,720 | 29,250 |
Reynolds Group Inc. 5.75% 2020 | 29,214 | 29,287 |
Reynolds Group Inc. 7.00% 20241 | 9,930 | 10,284 |
Ryerson Inc. 11.00% 20221 | 70,955 | 75,034 |
S.P.C.M. SA 4.875% 20251 | 14,375 | 14,986 |
Scotts Miracle-Gro Co. 4.50% 20291 | 11,800 | 12,092 |
Sealed Air Corp. 4.875% 20221 | 8,250 | 8,758 |
Sealed Air Corp. 5.25% 20231 | 4,410 | 4,710 |
Sealed Air Corp. 4.00% 20271 | 9,723 | 9,869 |
Silgan Holdings Inc. 4.125% 20281 | 11,965 | 11,999 |
Standard Industries Inc. 6.00% 20251 | 5,375 | 5,664 |
Starfruit US Holdco LLC 8.00% 20261 | 14,250 | 15,141 |
Summit Materials, Inc. 6.125% 2023 | 22,562 | 22,957 |
Summit Materials, Inc. 6.50% 20271 | 5,385 | 5,804 |
TPC Group Inc. 10.50% 20241 | 55,536 | 56,068 |
Trivium Packaging BV 5.50% 20261 | 15,116 | 15,957 |
Trivium Packaging BV 8.50% 20271 | 5,167 | 5,758 |
American High-Income Trust — Page 5 of 22
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Materials (continued) | Principal amount (000) | Value (000) |
Tronox Ltd. 5.75% 20251 | $5,830 | $5,956 |
Tronox Ltd. 6.50% 20261 | 74,058 | 76,482 |
United States Steel Corp. 6.875% 2025 | 5,925 | 5,544 |
Univar Solutions USA Inc. 5.125% 20271 | 13,340 | 13,949 |
Venator Materials Corp. 5.75% 20251 | 80,418 | 74,387 |
Warrior Met Coal, Inc. 8.00% 20241 | 13,947 | 14,165 |
Zekelman Industries Inc. 9.875% 20231 | 9,215 | 9,693 |
1,980,744 | ||
Energy 10.45% | ||
American Energy-Permian Basin, LLC/AEPB Finance Corp. 12.00% 20241 | 28,567 | 19,854 |
Antero Resources Corp. 5.375% 2024 | 12,500 | 11,625 |
Ascent Resources - Utica LLC 10.00% 20221 | 10,510 | 10,480 |
Ascent Resources - Utica LLC 7.00% 20261 | 27,765 | 22,222 |
Ascent Resources Marcellus Holdings, Inc., Term Loan B, (3-month USD-LIBOR + 6.50%) 8.245% 20232,3,5 | 7,958 | 7,541 |
Berry Petroleum Corp. 7.00% 20261 | 4,500 | 4,181 |
Blue Racer Midstream LLC and Blue Racer Finance Corp. 6.125% 20221 | 22,725 | 22,311 |
Bruin E&P Partners, LLC 8.875% 20231 | 9,660 | 6,307 |
Calfrac Well Services Ltd. 8.50% 20261 | 7,900 | 3,259 |
California Resources Corp. 8.00% 20221 | 8,385 | 3,627 |
California Resources Corp., Term Loan B1, (3-month USD-LIBOR + 10.375%) 12.077% 20212,3 | 6,000 | 4,550 |
California Resources Corp., Term Loan B, (3-month USD-LIBOR + 4.75%) 6.555% 20222,3 | 20,525 | 18,353 |
Carrizo Oil & Gas Inc. 6.25% 2023 | 47,435 | 48,258 |
Centennial Resource Production, LLC 6.875% 20271 | 6,857 | 7,147 |
Cheniere Energy Partners, LP 4.50% 20291 | 27,972 | 28,796 |
Cheniere Energy, Inc. 7.00% 2024 | 15,255 | 17,612 |
Cheniere Energy, Inc. 5.875% 2025 | 4,750 | 5,351 |
Cheniere Energy, Inc. 3.70% 20291 | 3,386 | 3,457 |
Chesapeake Energy Corp. 4.875% 2022 | 28,871 | 22,889 |
Chesapeake Energy Corp. 5.75% 2023 | 3,704 | 2,516 |
Chesapeake Energy Corp. 11.50% 20251 | 28,920 | 27,402 |
Chesapeake Energy Corp., Term Loan, (3-month USD-LIBOR + 8.00%) 9.928% 20242,3 | 12,470 | 12,883 |
Citgo Holding, Inc. 9.25% 20241 | 9,091 | 9,773 |
Comstock Resources, Inc. 9.75% 2026 | 40,025 | 36,418 |
CONSOL Energy Inc. 5.875% 2022 | 75,209 | 75,450 |
Constellation Oil Services Holding SA 10.00% 20241,4,7,8 | 105,094 | 49,920 |
Convey Park Energy LLC 7.50% 20251 | 18,760 | 16,188 |
DCP Midstream Operating LP 4.95% 2022 | 13,753 | 14,307 |
Denbury Resources Inc. 9.00% 20211 | 34,045 | 33,015 |
Denbury Resources Inc. 7.75% 20241 | 12,085 | 10,730 |
Diamond Offshore Drilling, Inc. 3.45% 2023 | 500 | 426 |
Diamond Offshore Drilling, Inc. 7.875% 2025 | 17,975 | 15,683 |
Diamond Offshore Drilling, Inc. 4.875% 2043 | 24,590 | 13,486 |
Enbridge Energy Partners, LP 7.375% 2045 | 6,816 | 10,168 |
Encino Acquisitions Partners LLC, Term Loan, (3-month USD-LIBOR + 6.75%) 8.549% 20252,3 | 8,775 | 6,508 |
EP Energy Corp. 8.00% 20241,9 | 6,600 | 3,319 |
EP Energy Corp. 7.75% 20261 | 12,785 | 9,178 |
Extraction Oil & Gas, Inc. 7.375% 20241 | 19,850 | 12,464 |
Extraction Oil & Gas, Inc. 5.625% 20261 | 31,080 | 18,737 |
Genesis Energy, LP 6.75% 2022 | 29,179 | 29,523 |
Genesis Energy, LP 6.50% 2025 | 23,140 | 22,446 |
Global Partners LP/GLP Finance Corp. 7.00% 2023 | 5,250 | 5,423 |
Hess Midstream Partners LP 5.125% 20281 | 18,230 | 18,481 |
Hi-Crush Partners LP 9.50% 20261 | 4,700 | 2,199 |
American High-Income Trust — Page 6 of 22
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Energy (continued) | Principal amount (000) | Value (000) |
Indigo Natural Resources LLC 6.875% 20261 | $7,755 | $7,309 |
Jonah Energy LLC 7.25% 20251 | 42,475 | 12,636 |
KCA Deutag UK Finance PLC 7.25% 20211 | 4,000 | 2,732 |
KCA Deutag UK Finance PLC 9.625% 20231 | 7,900 | 5,394 |
Laredo Petroleum, Inc. 5.625% 2022 | 5,940 | 5,779 |
Matador Resources Co. 5.875% 2026 | 5,925 | 5,955 |
McDermott International, Inc. 10.625% 20241,9 | 59,725 | 5,244 |
McDermott International, Inc., Term Loan B, (3-month USD-LIBOR + 5.00%) 6.945% 20252,3,9 | 40,362 | 23,746 |
McDermott International, Inc., Term Loan B, (3-month USD-LIBOR + 10.00%) 12.002% 20212,3 | 9,508 | 9,734 |
Murphy Oil Corp. 6.875% 2024 | 7,150 | 7,558 |
Murphy Oil Corp. 5.75% 2025 | 5,000 | 5,240 |
Murphy Oil Corp. 5.875% 2027 | 11,937 | 12,549 |
Nabors Industries Inc. 5.50% 2023 | 11,000 | 10,588 |
Nabors Industries Inc. 5.75% 2025 | 6,940 | 6,266 |
Neptune Energy Group Holdings Ltd. 6.625% 20251 | 11,325 | 11,346 |
NGL Energy Partners LP 7.50% 2023 | 19,130 | 19,249 |
NGL Energy Partners LP 6.125% 2025 | 42,680 | 40,350 |
NGPL PipeCo LLC 4.375% 20221 | 1,420 | 1,475 |
NGPL PipeCo LLC 4.875% 20271 | 1,010 | 1,074 |
Nine Energy Service, Inc. 8.75% 20231 | 8,620 | 7,010 |
Noble Corp. PLC 7.95% 20256 | 4,595 | 2,380 |
Noble Corp. PLC 8.95% 20456 | 14,615 | 6,358 |
NuStar Logistics, LP 6.00% 2026 | 10,115 | 10,716 |
Oasis Petroleum Inc. 6.875% 2022 | 41,700 | 40,240 |
Oasis Petroleum Inc. 6.875% 2023 | 5,700 | 5,586 |
Oasis Petroleum Inc. 6.25% 20261 | 8,710 | 7,251 |
Pacific Drilling SA 8.375% 20231 | 9,080 | 8,308 |
PDC Energy Inc. 5.75% 2026 | 12,000 | 12,000 |
Peabody Energy Corp. 6.00% 20221 | 50,250 | 49,119 |
Peabody Energy Corp. 6.375% 20251 | 825 | 761 |
Petrobras Global Finance Co. 5.299% 2025 | 5,289 | 5,779 |
Petrobras Global Finance Co. 6.90% 2049 | 6,325 | 7,430 |
Petróleos Mexicanos 6.49% 20271 | 2,065 | 2,198 |
Petróleos Mexicanos 5.35% 2028 | 7,343 | 7,327 |
Petróleos Mexicanos 7.69% 20501 | 4,312 | 4,721 |
QEP Resources, Inc. 5.25% 2023 | 7,080 | 7,027 |
QEP Resources, Inc. 5.625% 2026 | 27,905 | 27,285 |
Range Resources Corp. 4.875% 2025 | 7,060 | 6,054 |
Sabine Pass Liquefaction, LLC 5.625% 20216 | 3,105 | 3,192 |
Sabine Pass Liquefaction, LLC 5.625% 2025 | 1,800 | 2,027 |
Sanchez Energy Corp. 7.25% 20231,9 | 25,450 | 16,625 |
Sanchez Energy Corp., Term Loan, (3-month USD-LIBOR + 8.00%) 10.176% 20202,3,7,8 | 2,941 | 2,941 |
Seven Generations Energy Ltd. 5.375% 20251 | 5,100 | 5,138 |
SM Energy Co. 6.125% 2022 | 5,871 | 5,946 |
SM Energy Co. 5.00% 2024 | 7,000 | 6,688 |
SM Energy Co. 5.625% 2025 | 19,205 | 18,285 |
SM Energy Co. 6.75% 2026 | 4,120 | 4,049 |
SM Energy Co. 6.625% 2027 | 7,050 | 6,946 |
Southwestern Energy Co. 6.20% 20256 | 5,075 | 4,667 |
Southwestern Energy Co. 7.50% 2026 | 22,900 | 21,240 |
Southwestern Energy Co. 7.75% 2027 | 3,985 | 3,701 |
Sunoco LP 4.875% 2023 | 26,560 | 27,236 |
Sunoco LP 5.50% 2026 | 6,710 | 6,981 |
Sunoco LP 6.00% 2027 | 7,125 | 7,622 |
American High-Income Trust — Page 7 of 22
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Energy (continued) | Principal amount (000) | Value (000) |
Tallgrass Energy Partners, LP 5.50% 20241 | $7,925 | $7,984 |
Tapstone Energy Inc. 9.75% 20221,9 | 18,945 | 237 |
Targa Resources Partners LP 6.75% 2024 | 1,000 | 1,039 |
Targa Resources Partners LP 5.125% 2025 | 1,080 | 1,123 |
Targa Resources Partners LP 5.875% 2026 | 7,225 | 7,690 |
Targa Resources Partners LP 6.50% 20271 | 10,615 | 11,643 |
Targa Resources Partners LP 6.875% 20291 | 11,920 | 13,253 |
Targa Resources Partners LP 5.50% 20301 | 34,090 | 35,070 |
Teekay Corp. 9.25% 20221 | 47,795 | 50,439 |
Teekay Offshore Partners LP 8.50% 20231 | 27,825 | 27,599 |
Transocean Guardian Ltd. 5.875% 20241 | 8,304 | 8,511 |
Transocean Inc. 8.375% 20216 | 18,490 | 19,006 |
Transocean Inc. 9.00% 20231 | 10,028 | 10,613 |
Transocean Inc. 6.125% 20251 | 33,682 | 34,608 |
Transocean Inc. 7.25% 20251 | 9,175 | 9,014 |
Transocean Poseidon Ltd. 6.875% 20271 | 6,280 | 6,671 |
Transocean Sentry Ltd. 5.375% 20231 | 14,625 | 14,917 |
Ultra Petroleum Corp. 11.00% 2024 (18.18% PIK)4 | 52,387 | 8,644 |
USA Compression Partners, LP 6.875% 2026 | 11,975 | 12,596 |
USA Compression Partners, LP 6.875% 2027 | 15,050 | 15,704 |
Valaris PLC 7.75% 2026 | 18,700 | 10,612 |
Valaris PLC 5.75% 2044 | 30,420 | 13,793 |
Vine Oil & Gas LP 8.75% 20231 | 40,765 | 20,107 |
Vine Oil & Gas LP 9.75% 20231 | 10,475 | 5,290 |
Viper Energy Partners LP 5.375% 20271 | 10,200 | 10,627 |
W&T Offshore, Inc. 9.75% 20231 | 15,159 | 14,496 |
Weatherford International PLC 11.00% 20241 | 77,642 | 84,145 |
Whiting Petroleum Corp. 5.75% 2021 | 10,925 | 10,360 |
Whiting Petroleum Corp. 6.25% 2023 | 6,647 | 5,583 |
Whiting Petroleum Corp. 6.625% 2026 | 14,390 | 9,843 |
WPX Energy Inc. 5.75% 2026 | 2,735 | 2,926 |
1,763,664 | ||
Consumer discretionary 9.19% | ||
Allied Universal Holdco LLC 6.625% 20261 | 16,135 | 17,371 |
Allied Universal Holdco LLC 9.75% 20271 | 49,540 | 53,037 |
Boyd Gaming Corp. 4.75% 20271 | 25,205 | 26,228 |
Burger King Corp. 4.375% 20281 | 8,975 | 9,014 |
Cedar Fair, LP 5.25% 20291 | 4,045 | 4,366 |
Churchill Downs Inc. 4.75% 20281 | 18,520 | 19,202 |
Cirsa Gaming Corp. SA 7.875% 20231 | 62,297 | 66,141 |
Extended Stay America Inc. 4.625% 20271 | 12,476 | 12,655 |
Fertitta Entertainment, Inc. 6.75% 20241 | 3,365 | 3,491 |
Fertitta Entertainment, Inc. 8.75% 20251 | 24,105 | 25,837 |
Golden Entertainment, Inc. 7.625% 20261 | 5,800 | 6,263 |
Hanesbrands Inc. 4.625% 20241 | 22,210 | 23,469 |
Hanesbrands Inc. 4.875% 20261 | 30,540 | 32,391 |
Hilton Worldwide Holdings Inc. 4.25% 2024 | 4,275 | 4,368 |
Hilton Worldwide Holdings Inc. 4.875% 2030 | 8,495 | 9,019 |
Lennar Corp. 8.375% 2021 | 18,725 | 19,856 |
Levi Strauss & Co. 5.00% 2025 | 5,570 | 5,753 |
Limited Brands, Inc. 6.625% 2021 | 6,750 | 7,090 |
Mattel, Inc. 6.75% 20251 | 13,475 | 14,511 |
McGraw-Hill Global Education Holdings, LLC 7.875% 20241 | 1,500 | 1,294 |
American High-Income Trust — Page 8 of 22
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Consumer discretionary (continued) | Principal amount (000) | Value (000) |
McGraw-Hill Global Education Holdings, LLC, Term Loan B, (3-month USD-LIBOR + 4.00%) 5.799% 20222,3 | $9,158 | $8,800 |
Melco International Development Ltd. 5.375% 20291 | 17,175 | 17,657 |
Merlin Entertainment 5.75% 20261 | 10,390 | 11,407 |
MGM Growth Properties LLC 5.625% 2024 | 3,600 | 3,932 |
MGM Resorts International 7.75% 2022 | 16,675 | 18,622 |
MGM Resorts International 6.00% 2023 | 9,190 | 10,105 |
MGM Resorts International 5.50% 2027 | 12,050 | 13,398 |
Neiman Marcus Group Ltd. LLC 8.00% 20241 | 38,533 | 12,331 |
Neiman Marcus Group Ltd. LLC 8.75% 20241 | 40,647 | 13,413 |
Neiman Marcus Group Ltd. LLC 14.00% 2024 (42.86% PIK)1,4 | 72,206 | 37,547 |
Neiman Marcus Group Ltd. LLC, Term Loan B, (3-month USD-LIBOR + 6.00%) 8.27% 2023 (12.09% PIK)2,3,4 | 33,665 | 27,723 |
NMG Finco PLC 5.75% 20221 | 33,096 | 32,739 |
Panther BF Aggregator 2, LP 6.25% 20261 | 9,740 | 10,513 |
Panther BF Aggregator 2, LP 8.50% 20271 | 14,275 | 15,194 |
Party City Holdings Inc. 6.125% 20231 | 7,000 | 6,145 |
Party City Holdings Inc. 6.625% 20261 | 5,000 | 3,537 |
Party City Holdings Inc., Term Loan, 4.30% 20222,3 | 5,477 | 5,109 |
PetSmart, Inc., Term Loan B2, (3-month USD-LIBOR + 4.00%) 5.74% 20222,3 | 25,150 | 24,940 |
PetSmart, Inc. 7.125% 20231 | 143,624 | 141,111 |
PetSmart, Inc. 5.875% 20251 | 93,719 | 95,711 |
PetSmart, Inc. 8.875% 20251 | 121,525 | 120,310 |
PetSmart, Inc., Term Loan, (3-month USD-LIBOR + 3.00%) 4.74% 20222,3 | 27,124 | 26,548 |
Sally Holdings LLC and Sally Capital Inc. 5.50% 2023 | 19,845 | 20,242 |
Sally Holdings LLC and Sally Capital Inc. 5.625% 2025 | 62,765 | 65,854 |
Sally Holdings LLC and Sally Capital Inc., Term Loan B2, 4.50% 20242 | 3,390 | 3,354 |
Scientific Games Corp. 6.625% 2021 | 2,295 | 2,333 |
Scientific Games Corp. 5.00% 20251 | 12,760 | 13,398 |
Scientific Games Corp. 8.25% 20261 | 99,365 | 109,736 |
Scientific Games Corp. 7.00% 20281 | 25,860 | 27,718 |
Scientific Games Corp. 7.25% 20291 | 22,875 | 24,919 |
Service Corp. International 5.375% 2024 | 2,345 | 2,420 |
ServiceMaster Global Holdings, Inc. 5.125% 20241 | 12,000 | 12,475 |
Six Flags Entertainment Corp. 4.875% 20241 | 29,500 | 30,631 |
Sotheby’s 4.875% 20251 | 25,560 | 25,762 |
Staples, Inc. 7.50% 20261 | 80,425 | 83,592 |
Staples, Inc. 10.75% 20271 | 16,175 | 16,448 |
Staples, Inc., Term Loan, (3 month USD-LIBOR + 4.50%) 6.191% 20242,3 | 14,908 | 14,712 |
Stars Group Holdings BV 7.00% 20261 | 10,075 | 10,937 |
William Carter Co. 5.625% 20271 | 5,120 | 5,516 |
Wyndham Worldwide Corp. 5.375% 20261 | 11,000 | 11,631 |
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 20231 | 27,211 | 28,566 |
Wynn Las Vegas, LLC and Wynn Capital Corp. 5.25% 20271 | 8,070 | 8,584 |
Wynn Resorts Ltd. 5.125% 20291 | 12,086 | 13,000 |
1,549,976 | ||
Industrials 8.95% | ||
ACCO Brands Corp. 5.25% 20241 | 4,360 | 4,553 |
ADT Corp. 3.50% 2022 | 42,670 | 43,550 |
Advanced Disposal Services, Inc. 5.625% 20241 | 15,000 | 15,644 |
Allison Transmission Holdings, Inc. 5.00% 20241 | 36,971 | 37,941 |
ARAMARK Corp. 5.125% 2024 | 28,620 | 29,430 |
ARAMARK Corp. 5.00% 20251 | 2,000 | 2,090 |
ARAMARK Corp. 5.00% 20281 | 8,310 | 8,772 |
American High-Income Trust — Page 9 of 22
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Industrials (continued) | Principal amount (000) | Value (000) |
Ashtead Group PLC 4.125% 20251 | $6,770 | $6,976 |
Ashtead Group PLC 4.375% 20271 | 2,875 | 2,987 |
Ashtead Group PLC 4.00% 20281 | 13,800 | 13,972 |
Ashtead Group PLC 4.25% 20291 | 9,945 | 10,181 |
Associated Materials, LLC 9.00% 20241 | 88,214 | 77,628 |
Avis Budget Group, Inc. 5.50% 2023 | 12,225 | 12,475 |
Avis Budget Group, Inc. 5.25% 20251 | 5,250 | 5,416 |
Avolon Holdings Funding Ltd. 5.25% 20241 | 17,000 | 18,606 |
Beacon Roofing Supply, Inc. 4.875% 20251 | 21,654 | 21,807 |
Bohai Financial Investment Holding Co., Ltd. 5.25% 20221 | 19,125 | 20,430 |
Bohai Financial Investment Holding Co., Ltd. 5.125% 20231 | 15,000 | 16,212 |
Bohai Financial Investment Holding Co., Ltd. 5.50% 20241 | 4,500 | 4,946 |
Brookfield WEC Holdings Inc., Term Loan, (3-month USD-LIBOR + 3.50%) 5.299% 20252,3 | 2,948 | 2,971 |
Builders FirstSource, Inc. 5.625% 20241 | 68,538 | 71,422 |
Clean Harbors, Inc. 4.875% 20271 | 11,620 | 12,252 |
Clean Harbors, Inc. 5.125% 20291 | 9,085 | 9,770 |
Continental Airlines, Inc., Series 2001-1, Class A1, 6.703% 2022 | 586 | 616 |
Continental Airlines, Inc., Series 2007-1, Class B, 6.903% 2022 | 528 | 554 |
Continental Airlines, Inc., Series 2000-2, Class A1, 7.707% 2022 | 331 | 343 |
Continental Airlines, Inc., Series 2000-1, Class A1, 8.048% 2022 | 49 | 50 |
Continental Airlines, Inc., Series 2000-1, Class B, 8.388% 2022 | 1 | 1 |
Covanta Holding Corp. 5.875% 2024 | 15,500 | 15,991 |
Covanta Holding Corp. 5.875% 2025 | 7,750 | 8,199 |
Dun & Bradstreet Corp. 6.875% 20261 | 39,720 | 43,915 |
Dun & Bradstreet Corp. 10.25% 20271 | 68,557 | 78,967 |
Dun & Bradstreet Corp., Term Loan B, (3-month USD-LIBOR + 5.00%) 6.792% 20262,3 | 13,135 | 13,253 |
Euramax International, Inc. 12.00% 20201 | 52,646 | 52,272 |
F-Brasile SpA 7.375% 20261 | 31,582 | 33,477 |
FXI Holdings, Inc. 12.25% 20261 | 88,375 | 92,186 |
GW B-CR Security Corp. 9.50% 20271 | 23,332 | 24,950 |
Hardwoods Acquisition Inc. 7.50% 20211 | 28,539 | 14,555 |
Harsco Corp. 5.75% 20271 | 9,840 | 10,517 |
HDTFS Inc. 6.25% 2022 | 9,200 | 9,326 |
Hertz Global Holdings Inc. 7.625% 20221 | 16,644 | 17,351 |
Icahn Enterprises Finance Corp. 4.75% 20241 | 8,925 | 9,182 |
JELD-WEN Holding, Inc. 4.875% 20271 | 14,905 | 15,283 |
Korn Ferry 4.625% 20271 | 8,925 | 8,992 |
Kratos Defense & Security Solutions, Inc. 6.50% 20251 | 18,598 | 19,954 |
LABL Escrow Issuer, LLC 6.75% 20261 | 10,165 | 10,819 |
LABL Escrow Issuer, LLC 10.50% 20271 | 15,925 | 16,316 |
LSC Communications, Inc. 8.75% 20231 | 121,328 | 65,871 |
LSC Communications, Inc., Term Loan B, (3-month USD-LIBOR + 5.50%) 7.124% 20222,3 | 8,952 | 5,856 |
Moog Inc. 4.25% 20271 | 27,271 | 27,819 |
Nielsen Finance LLC and Nielsen Finance Co. 5.00% 20251 | 9,000 | 9,292 |
Pisces Parent LLC 8.00% 20261 | 68,045 | 71,109 |
Pisces Parent LLC, Term Loan B, (3-month USD-LIBOR + 3.75%) 5.486% 20252,3 | 13,101 | 13,095 |
Prime Security Services Borrower, LLC 9.25% 20231 | 12,500 | 13,133 |
PrimeSource Building Products Inc. 9.00% 20231 | 46,991 | 46,756 |
R.R. Donnelley & Sons Co. 7.875% 2021 | 22,119 | 22,957 |
R.R. Donnelley & Sons Co. 6.50% 2023 | 14,075 | 14,433 |
R.R. Donnelley & Sons Co., Term Loan B, (3-month USD-LIBOR + 5.00%) 6.799% 20242,3 | 5,940 | 5,996 |
Rexnord Corp. 4.875% 20251 | 22,105 | 22,878 |
Sensata Technologies Holding BV 4.875% 20231 | 4,225 | 4,510 |
Stericycle, Inc. 5.375% 20241 | 20,000 | 21,042 |
American High-Income Trust — Page 10 of 22
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Industrials (continued) | Principal amount (000) | Value (000) |
Swissport Financing SARL 5.25% 2024 | €7,723 | $9,235 |
TransDigm Inc. 6.50% 2024 | $17,285 | 17,863 |
TransDigm Inc. 6.25% 20261 | 12,200 | 13,231 |
TransDigm Inc. 5.50% 20271 | 10,475 | 10,612 |
Uber Technologies, Inc. 7.50% 20231 | 16,025 | 16,786 |
Uber Technologies, Inc. 8.00% 20261 | 10,090 | 10,542 |
United Continental Holdings, Inc. 6.00% 2020 | 14,150 | 14,637 |
United Rentals, Inc. 4.625% 2025 | 13,600 | 14,010 |
United Rentals, Inc. 5.25% 2030 | 10,500 | 11,321 |
Virgin Australia Holdings Ltd. 7.875% 20211 | 11,375 | 11,772 |
Wesco Aircraft Holdings, Inc. 8.50% 20241 | 19,820 | 20,555 |
Wesco Aircraft Holdings, Inc. 9.00% 20261 | 55,140 | 57,860 |
Wesco Aircraft Holdings, Inc. 13.125% 20271 | 9,819 | 10,114 |
1,510,385 | ||
Information technology 6.19% | ||
Alcatel-Lucent USA Inc. 6.45% 2029 | 16,200 | 17,172 |
Almonde Inc., Term Loan B, (3-month USD-LIBOR + 3.50%) 5.696% 20242,3 | 3,957 | 3,939 |
Almonde Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 9.446% 20252,3 | 63,343 | 62,076 |
Applied Systems, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.945% 20252,3 | 20,365 | 20,900 |
Banff Merger Sub Inc. 9.75% 20261 | 25,303 | 25,683 |
Camelot Finance SA 4.50% 20261 | 9,755 | 10,042 |
CDW Corp. 5.00% 2025 | 10,500 | 10,994 |
CommScope Finance LLC 6.00% 20261 | 10,075 | 10,736 |
CommScope Finance LLC 8.25% 20271 | 5,700 | 6,010 |
CommScope Technologies LLC 5.50% 20241 | 3,000 | 3,045 |
CommScope Technologies LLC 6.00% 20251 | 4,750 | 4,767 |
CommScope Technologies LLC 5.00% 20271 | 13,650 | 12,865 |
Dell Inc. 2.65% 2020 | 6,100 | 6,109 |
Diebold Nixdorf AG, Term Loan A1, (3-month USD-LIBOR + 9.25%) 11.062% 20222,3 | 64,025 | 67,706 |
Diebold Nixdorf AG, Term Loan B, (3-month USD-LIBOR + 2.75%) 4.50% 20232,3 | 7,432 | 7,237 |
Diebold, Inc. 8.50% 2024 | 39,190 | 37,933 |
Diebold, Inc., Term Loan A, (3-month USD-LIBOR + 4.75%) 6.50% 20222,3,7 | 7,864 | 7,628 |
Ellucian, Inc. 9.00% 20231 | 7,050 | 7,264 |
Fair Isaac Corp. 4.00% 20281 | 8,875 | 8,964 |
Financial & Risk US Holdings, Inc. 6.25% 20261 | 27,780 | 30,366 |
Financial & Risk US Holdings, Inc. 8.25% 20261 | 31,890 | 35,975 |
Financial & Risk US Holdings, Inc., Term Loan B, (3-month USD-LIBOR + 3.25%) 4.952% 20252,3 | 7,153 | 7,223 |
Genesys Telecommunications Laboratories, Inc. 10.00% 20241 | 85,075 | 92,165 |
GoDaddy Operating Co. 5.25% 20271 | 24,130 | 25,441 |
Infor (US), Inc. 6.50% 2022 | 62,790 | 63,844 |
Informatica Corp. 7.125% 20231 | 14,250 | 14,499 |
Internet Brands, Inc., Term Loan, (3-month USD-LIBOR + 3.75%) 5.549% 20242,3 | 5,071 | 5,100 |
Internet Brands, Inc., Term Loan, (3-month USD-LIBOR + 7.50%) 9.299% 20252,3 | 15,865 | 15,925 |
Kronos Inc., Term Loan B, (3-month USD-LIBOR + 3.00%) 4.909% 20232,3 | 11,064 | 11,134 |
Kronos Inc., Term Loan B, (3-month USD-LIBOR + 8.25%) 10.159% 20242,3 | 92,085 | 94,617 |
McAfee, LLC, Term Loan, (3-month USD-LIBOR + 3.75%) 5.555% 20242,3 | 19,448 | 19,558 |
McAfee, LLC, Term Loan, (3-month USD-LIBOR + 8.50%) 10.305% 20252,3 | 7,831 | 7,900 |
Mitchell International, Inc., Term Loan B, (3-month USD-LIBOR + 7.25%) 9.049% 20252,3 | 10,167 | 9,671 |
MoneyGram International Inc., Term Loan B, (3-month USD-LIBOR + 6.00%) 7.799% 20232,3,7 | 27,715 | 25,152 |
Solera Holdings, Inc. 10.50% 20241 | 11,633 | 12,368 |
Tempo Acquisition LLC 6.75% 20251 | 15,900 | 16,456 |
Unisys Corp. 10.75% 20221 | 77,660 | 83,703 |
American High-Income Trust — Page 11 of 22
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Information technology (continued) | Principal amount (000) | Value (000) |
VeriSign, Inc. 4.625% 2023 | $4,600 | $4,683 |
VeriSign, Inc. 5.25% 2025 | 3,000 | 3,313 |
VeriSign, Inc. 4.75% 2027 | 8,430 | 8,909 |
Veritas Holdings Ltd. 7.50% 20231 | 43,900 | 43,918 |
Veritas Holdings Ltd. 10.50% 20241 | 19,782 | 18,356 |
Veritas US Inc., Term Loan B, (3-month USD-LIBOR + 4.50%) 6.299% 20232,3 | 22,230 | 21,489 |
Vertafore Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 9.049% 20262,3 | 28,550 | 28,383 |
ViaSat, Inc. 5.625% 20271 | 7,940 | 8,511 |
Xerox Corp. 4.125% 2023 | 3,791 | 3,938 |
1,043,667 | ||
Financials 5.10% | ||
AG Merger Sub II, Inc. 10.75% 20271 | 66,223 | 66,412 |
Alliant Holdings Intermediate, LLC 6.75% 20271 | 32,857 | 35,249 |
Ally Financial Inc. 8.00% 2020 | 8,825 | 8,907 |
Ally Financial Inc. 8.00% 2031 | 19,145 | 26,611 |
Ally Financial Inc. 8.00% 2031 | 16,080 | 22,073 |
AmWINS Group, Inc. 7.75% 20261 | 9,115 | 10,099 |
AssuredPartners, Inc. 7.00% 20251 | 4,370 | 4,456 |
AssuredPartners, Inc. 8.00% 20271 | 40,395 | 42,126 |
CIT Group Inc. 4.125% 2021 | 22,435 | 22,899 |
Compass Diversified Holdings 8.00% 20261 | 62,501 | 67,835 |
Credit Acceptance Corp. 5.125% 20241 | 11,920 | 12,408 |
Credit Suisse Group AG, junior subordinated, 7.50% (USD Semi Annual 30/360 (vs. 3-month USD-LIBOR) + 4.60% on 7/17/2023)1,6 | 2,295 | 2,513 |
Fairstone Financial Inc. 7.875% 20241 | 31,573 | 34,033 |
FS Energy and Power Fund 7.50% 20231 | 82,005 | 84,226 |
General Motors Acceptance Corp. 7.50% 2020 | 13,225 | 13,726 |
goeasy Ltd. 5.375% 20241 | 17,800 | 18,163 |
HUB International Ltd. 7.00% 20261 | 44,696 | 47,379 |
HUB International Ltd., Term Loan B, (1-month USD-LIBOR + 4.00%) 5.903% 20252,3 | 3,000 | 3,033 |
Icahn Enterprises Finance Corp. 6.25% 2022 | 36,825 | 37,590 |
Icahn Enterprises Finance Corp. 5.25% 20271 | 12,930 | 13,255 |
LPL Financial Holdings Inc. 4.625% 20271 | 26,365 | 26,958 |
MSCI Inc. 5.375% 20271 | 10,075 | 10,879 |
MSCI Inc. 4.00% 20291 | 34,720 | 35,262 |
Navient Corp. 6.50% 2022 | 23,040 | 25,027 |
Navient Corp. 5.50% 2023 | 47,215 | 50,520 |
Navient Corp. 7.25% 2023 | 2,700 | 3,058 |
Navient Corp. 5.875% 2024 | 5,000 | 5,362 |
Navient Corp. 6.125% 2024 | 22,225 | 24,169 |
Navient Corp. 6.75% 2026 | 5,210 | 5,736 |
Navient Corp. 5.625% 2033 | 3,000 | 2,587 |
OneMain Holdings, Inc. 7.125% 2026 | 3,000 | 3,474 |
Owl Rock Capital Corp. 4.625% 20241 | 9,000 | 9,106 |
Springleaf Finance Corp. 8.25% 2020 | 3,500 | 3,680 |
Springleaf Finance Corp. 6.125% 2024 | 23,900 | 26,230 |
Springleaf Finance Corp. 6.625% 2028 | 7,575 | 8,565 |
Springleaf Finance Corp. 5.375% 2029 | 15,105 | 15,795 |
Starwood Property Trust, Inc. 5.00% 2021 | 15,435 | 16,049 |
Travelport Finance Luxembourg SARL, Term Loan, (3-month USD-LIBOR + 5.00%) 6.986% 20262,3 | 13,466 | 12,611 |
Travelport Finance Luxembourg SARL, Term Loan, (3-month USD-LIBOR + 9.00%) 10.945% 20272,3 | 4,000 | 3,333 |
861,394 |
American High-Income Trust — Page 12 of 22
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Real estate 2.77% | Principal amount (000) | Value (000) |
Brookfield Property REIT Inc. 5.75% 20261 | $63,240 | $66,837 |
Communications Sales & Leasing, Inc. 6.00% 20231 | 3,750 | 3,609 |
Communications Sales & Leasing, Inc. 7.125% 20241 | 3,525 | 2,996 |
Equinix, Inc. 5.875% 2026 | 3,850 | 4,093 |
Equinix, Inc. 5.375% 2027 | 34,855 | 37,918 |
Five Point Holdings LLC 7.875% 20251 | 6,025 | 6,084 |
Gaming and Leisure Properties, Inc. 4.375% 2021 | 3,500 | 3,578 |
Howard Hughes Corp. 5.375% 20251 | 75,685 | 79,090 |
Iron Mountain Inc. 6.00% 2023 | 2,500 | 2,558 |
Iron Mountain Inc. 5.75% 2024 | 43,665 | 44,265 |
Iron Mountain Inc. 4.875% 20271 | 23,821 | 24,651 |
Iron Mountain Inc. 5.25% 20281 | 25,834 | 26,915 |
Medical Properties Trust, Inc. 5.00% 2027 | 17,000 | 18,063 |
Realogy Corp. 5.25% 20211 | 27,990 | 28,333 |
Realogy Corp. 4.875% 20231 | 51,375 | 50,604 |
Realogy Corp. 9.375% 20271 | 49,484 | 51,760 |
SBA Communications Corp. 4.00% 2022 | 9,550 | 9,753 |
SBA Communications Corp. 4.875% 2022 | 6,775 | 6,872 |
467,979 | ||
Utilities 2.50% | ||
AES Corp. 4.00% 2021 | 15,800 | 16,053 |
AES Corp. 4.50% 2023 | 4,900 | 5,033 |
AES Corp. 4.875% 2023 | 17,904 | 18,210 |
AES Corp. 5.50% 2025 | 11,936 | 12,354 |
AES Corp. 6.00% 2026 | 21,550 | 22,991 |
AES Corp. 5.125% 2027 | 8,845 | 9,458 |
AmeriGas Partners, LP 5.50% 2025 | 4,900 | 5,304 |
AmeriGas Partners, LP 5.75% 2027 | 5,725 | 6,296 |
Calpine Corp. 6.00% 20221 | 1,775 | 1,780 |
Calpine Corp. 5.375% 2023 | 28,890 | 29,289 |
Calpine Corp. 5.875% 20241 | 23,530 | 24,069 |
Calpine Corp. 5.75% 2025 | 7,000 | 7,201 |
Calpine Corp. 5.25% 20261 | 3,960 | 4,132 |
Calpine Corp. 5.125% 20281 | 12,200 | 12,483 |
Clearway Energy Operating LLC 5.00% 2026 | 4,560 | 4,721 |
Clearway Energy Operating LLC 4.75% 20281 | 8,850 | 8,983 |
DPL Inc. 4.35% 20291 | 5,850 | 5,644 |
Edison International 4.125% 2028 | 5,850 | 6,001 |
Emera Inc. 6.75% 2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)6 | 14,705 | 16,639 |
Enel Società per Azioni 8.75% 20731,6 | 13,387 | 15,748 |
NGL Energy Partners LP 7.50% 20261 | 30,260 | 29,348 |
NRG Energy, Inc. 7.25% 2026 | 5,000 | 5,472 |
Pacific Gas and Electric Co. 2.45% 20229 | 6,650 | 6,665 |
Pacific Gas and Electric Co. 3.25% 20239 | 4,550 | 4,540 |
Pacific Gas and Electric Co. 6.05% 20349 | 15,775 | 16,553 |
Talen Energy Corp. 6.50% 2025 | 6,790 | 5,815 |
Talen Energy Corp. 10.50% 20261 | 67,770 | 64,624 |
Talen Energy Corp. 7.25% 20271 | 53,280 | 56,160 |
421,566 |
American High-Income Trust — Page 13 of 22
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Consumer staples 2.19% | Principal amount (000) | Value (000) |
Albertsons Cos. LLC 4.625% 20271 | $18,075 | $18,087 |
B&G Foods, Inc. 5.25% 2025 | 48,495 | 49,970 |
B&G Foods, Inc. 5.25% 2027 | 23,850 | 24,118 |
Central Garden & Pet Co. 6.125% 2023 | 4,300 | 4,452 |
Cott Beverages Inc. 5.50% 20251 | 18,515 | 19,387 |
Darling Ingredients Inc. 5.25% 20271 | 3,630 | 3,870 |
Energizer Holdings, Inc. 6.375% 20261 | 21,200 | 22,617 |
Energizer Holdings, Inc. 7.75% 20271 | 10,140 | 11,351 |
Energizer SpinCo, Inc. 5.50% 20251 | 5,600 | 5,821 |
First Quality Enterprises, Inc. 5.00% 20251 | 16,960 | 17,695 |
Lamb Weston Holdings, Inc. 4.625% 20241 | 14,275 | 15,179 |
Nestle Skin Health SA, Term Loan B1, (3-month USD-LIBOR + 4.25%) 6.195% 20262,3 | 30,758 | 31,090 |
Performance Food Group, Inc. 5.50% 20271 | 24,161 | 25,883 |
Post Holdings, Inc. 5.50% 20251 | 10,000 | 10,496 |
Post Holdings, Inc. 8.00% 20251 | 8,400 | 9,021 |
Post Holdings, Inc. 5.00% 20261 | 31,760 | 33,605 |
Post Holdings, Inc. 5.625% 20281 | 21,660 | 23,379 |
Post Holdings, Inc. 5.50% 20291 | 13,880 | 14,826 |
Prestige Brands International Inc. 5.125% 20281 | 11,315 | 11,881 |
Spectrum Brands Inc. 5.75% 2025 | 3,000 | 3,139 |
TreeHouse Foods, Inc. 4.875% 2022 | 2,000 | 2,013 |
TreeHouse Foods, Inc. 6.00% 20241 | 10,975 | 11,396 |
369,276 | ||
Total corporate bonds & notes | 15,081,945 | |
U.S. Treasury bonds & notes 0.24% U.S. Treasury 0.24% | ||
U.S. Treasury 2.50% 202010 | 40,000 | 40,341 |
Municipals 0.00% Puerto Rico 0.00% | ||
Aqueduct and Sewer Auth., Rev. Bonds, Series 2012-B, 5.35% 2027 | 50 | 49 |
Total bonds, notes & other debt instruments (cost: $15,458,970,000) | 15,122,335 | |
Convertible bonds 0.42% Communication services 0.32% | ||
DISH DBS Corp., convertible notes, 3.375% 2026 | 38,195 | 36,835 |
Gogo Inc., convertible notes, 6.00% 2022 | 7,213 | 9,056 |
Liberty Media Corp. 2.75% 20491 | 5,740 | 6,041 |
Twitter, Inc. 1.00% 2021 | 2,273 | 2,216 |
54,148 | ||
Health care 0.07% | ||
Teva Pharmaceutical Finance Co. BV, Series C, convertible bonds, 0.25% 2026 | 11,910 | 11,349 |
Materials 0.03% | ||
Cleveland-Cliffs Inc., convertible notes, 1.50% 2025 | 5,150 | 6,169 |
Total convertible bonds (cost: $71,700,000) | 71,666 |
American High-Income Trust — Page 14 of 22
unaudited
Convertible stocks 0.45% Industrials 0.30% | Shares | Value (000) |
Associated Materials, LLC, convertible preferred, 14.00% 20207,8 | 43,400 | $43,255 |
Stanley Black & Decker, Inc., convertible preferred, 5.25% 2022 | 58,000 | 6,320 |
49,575 | ||
Utilities 0.12% | ||
Dominion Energy, Inc., Series A units, convertible preferred, 7.25% 2022 | 86,000 | 9,201 |
Southern Co., units, convertible preferred, 6.75% 2022 | 110,000 | 5,929 |
DTE Energy Co., units, convertible preferred, 6.25% 2022 | 111,000 | 5,690 |
20,820 | ||
Information technology 0.03% | ||
Broadcom Inc., Series A, cumulative convertible preferred, 8.00% 2022 | 4,370 | 5,148 |
Total convertible stocks (cost: $71,932,000) | 75,543 | |
Preferred securities 0.12% Consumer discretionary 0.12% | ||
Neiman Marcus Group, Inc., preferred shares1,11 | 23,426,848 | 20,733 |
Total preferred securities (cost: $12,355,000) | 20,733 | |
Common stocks 1.26% Energy 0.50% | ||
Weatherford International11 | 1,929,240 | 53,922 |
Ascent Resources - Utica, LLC, Class A5,7,8,11,12 | 90,532,504 | 12,675 |
Tribune Resources, Inc.5,7,11 | 6,028,136 | 9,796 |
Jones Energy II, Inc., Class A7,11 | 475,238 | 6,370 |
Southwestern Energy Co.11 | 229,524 | 555 |
White Star Petroleum Corp., Class A5,7,8,11,12 | 24,665,117 | 247 |
McDermott International, Inc.11 | 140,912 | 95 |
Denbury Resources Inc.11 | 60,000 | 85 |
Petroplus Holdings AG7,8,11 | 3,360,000 | —13 |
83,745 | ||
Health care 0.27% | ||
Rotech Healthcare Inc.5,7,8,11,12 | 1,916,276 | 38,325 |
Advanz Pharma Corp.5,11,12 | 2,244,779 | 6,537 |
Advanz Pharma Corp.5,11 | 433,351 | 1,262 |
46,124 | ||
Materials 0.20% | ||
Hexion Holdings Corp., Class B11 | 2,820,060 | 33,982 |
Communication services 0.11% | ||
Cumulus Media Inc., Class A11 | 561,642 | 9,868 |
iHeartMedia, Inc., Class A11 | 378,645 | 6,399 |
Clear Channel Outdoor Holdings, Inc.11 | 890,868 | 2,548 |
Frontier Communications Corp.11 | 93,331 | 83 |
Adelphia Recovery Trust, Series Arahova7,8,11 | 1,773,964 | 7 |
Adelphia Recovery Trust, Series ACC-17,8,11 | 10,643,283 | 5 |
18,910 |
American High-Income Trust — Page 15 of 22
unaudited
Common stocks (continued) Utilities 0.09% | Shares | Value (000) |
Aqua America, Inc. | 127,000 | $7,918 |
Vistra Energy Corp. | 299,690 | 6,890 |
14,808 | ||
Information technology 0.09% | ||
Diebold Nixdorf, Inc.11 | 855,000 | 9,029 |
MoneyGram International, Inc.11 | 2,497,886 | 5,246 |
Corporate Risk Holdings I, Inc.7,8,11 | 2,380,355 | 279 |
14,554 | ||
Total common stocks (cost: $333,655,000) | 212,123 | |
Rights & warrants 0.05% Energy 0.05% | ||
Sable Permian Resources, LLC, warrants, expire 20241,7,8,11 | 109,972 | 7,930 |
Tribune Resources, Inc., Class A, warrants, expire 20235,7,8,11 | 2,032,968 | 27 |
Tribune Resources, Inc., Class B, warrants, expire 20235,7,8,11 | 1,581,198 | 12 |
Tribune Resources, Inc., Class C, warrants, expire 20235,7,8,11 | 1,480,250 | 7 |
Ultra Petroleum Corp., warrants, expire 202511 | 1,053,850 | 37 |
8,013 | ||
Industrials 0.00% | ||
Associated Materials, LLC, warrants, expire 20237,8,11 | 616,536 | —13 |
Total rights & warrants (cost: $28,009,000) | 8,013 | |
Short-term securities 6.65% Money market investments 6.65% | ||
Capital Group Central Cash Fund 1.73%14 | 11,210,906 | 1,121,090 |
Total short-term securities (cost: $1,120,505,000) | 1,121,090 | |
Total investment securities98.57% (cost: $17,097,126,000) | 16,631,503 | |
Other assets less liabilities 1.43% | 242,035 | |
Net assets100.00% | $16,873,538 |
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount15 (000) | Value at 12/31/201916 (000) | Unrealized (depreciation) appreciation at 12/31/2019 (000) |
2 Year U.S. Treasury Note Futures | Long | 2,909 | April 2020 | $581,800 | $626,890 | $(325) |
10 Year Ultra U.S. Treasury Note Futures | Short | 1,130 | March 2020 | (113,000) | (158,995) | 1,912 |
$1,587 |
American High-Income Trust — Page 16 of 22
unaudited
Swap contracts
Credit default swaps
Centrally cleared credit default swaps on credit indices — buy protection
Receive | Pay/ Payment frequency | Expiration date | Notional (000) | Value at 12/31/2019 (000) | Upfront payments (000) | Unrealized depreciation at 12/31/2019 (000) |
CDX.NA.IG.33 | 1.00%/Quarterly | 12/20/2024 | $431,800 | $(11,195) | $(10,154) | $(1,041) |
CDX.NA.HY.33 | 5.00%/Quarterly | 12/20/2024 | 564,088 | (54,341) | (40,792) | (13,549) |
$(50,946) | $(14,590) |
Investments in affiliates
A company is an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings represent 5% or more of the outstanding voting shares of that company. Further details on these holdings and related transactions during the three months ended December 31, 2019, appear below.
Beginning shares or principal amount | Additions | Reductions | Ending shares or principal amount | Net realized gain (000) | Net unrealized (depreciation) appreciation (000) | Dividend or interest income (000) | Value of affiliates at 12/31/2019 (000) | |
Bonds, notes & other debt instruments 0.07% | ||||||||
Health care 0.02% | ||||||||
Concordia International Corp. 8.00% 2024 | $3,251,000 | — | — | $3,251,000 | $— | $(77) | $53 | $3,088 |
Concordia International Corp., Term Loan, (3-month USD-LIBOR + 5.50%) 7.447% 20242,3 | $883,960 | — | $4,510 | $879,450 | —13 | (7) | 16 | 824 |
3,912 | ||||||||
Energy 0.05% | ||||||||
Ascent Resources Marcellus Holdings, Inc., Term Loan B, (3-month USD-LIBOR + 6.50%) 8.245% 20232,3 | $7,958,333 | — | — | $7,958,333 | — | 187 | (192) | 7,541 |
Total bonds, notes & other debt instruments | 11,453 | |||||||
Common stocks 0.41% | ||||||||
Energy 0.14% | ||||||||
Ascent Resources - Utica, LLC, Class A7,8,11,12 | 90,532,504 | — | — | 90,532,504 | — | (4,527) | — | 12,675 |
Tribune Resources, Inc.7,11 | 6,028,136 | — | — | 6,028,136 | — | (3,768) | — | 9,796 |
White Star Petroleum Corp., Class A7,8,11,12 | 24,665,117 | — | — | 24,665,117 | — | — | — | 247 |
Jones Energy II, Inc., Class A7,11,17 | 475,238 | — | — | 475,238 | — | 905 | — | — |
22,718 | ||||||||
Health care 0.27% | ||||||||
Rotech Healthcare Inc.7,8,11,12 | 1,916,276 | — | — | 1,916,276 | — | 11,498 | — | 38,325 |
Advanz Pharma Corp.11,12 | 2,244,779 | — | — | 2,244,779 | — | (20,421) | — | 6,537 |
Advanz Pharma Corp.11 | 433,351 | — | — | 433,351 | — | (3,942) | — | 1,262 |
46,124 | ||||||||
Total common stocks | 68,842 |
American High-Income Trust — Page 17 of 22
unaudited
Investments in affiliates (continued)
Beginning shares or principal amount | Additions | Reductions | Ending shares or principal amount | Net realized gain (000) | Net unrealized (depreciation) appreciation (000) | Dividend or interest income (000) | Value of affiliates at 12/31/2019 (000) | |
Rights & warrants 0.00% | ||||||||
Energy 0.00% | ||||||||
Tribune Resources, Inc., Class A, warrants, expire 20237,8,11 | 2,032,968 | — | — | 2,032,968 | $— | $(129) | $— | $27 |
Tribune Resources, Inc., Class B, warrants, expire 20237,8,11 | 1,581,198 | — | — | 1,581,198 | — | (69) | — | 12 |
Tribune Resources, Inc., Class C, warrants, expire 20237,8,11 | 1,480,250 | — | — | 1,480,250 | — | (46) | — | 7 |
46 | ||||||||
Total 0.48% | $— | $(20,396) | $(123) | $80,341 |
1 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $10,205,405,000, which represented 60.48% of the net assets of the fund. |
2 | Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $895,227,000, which represented 5.31% of the net assets of the fund. |
3 | Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. |
4 | Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Most recent payment was 100% cash unless otherwise noted. |
5 | Represents an affiliated company as defined under the Investment Company Act of 1940. |
6 | Step bond; coupon rate may change at a later date. |
7 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $264,391,000, which represented 1.57% of the net assets of the fund. |
8 | Value determined using significant unobservable inputs. |
9 | Scheduled interest and/or principal payment was not received. |
10 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $22,492,000, which represented .13% of the net assets of the fund. |
11 | Security did not produce income during the last 12 months. |
12 | Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below. |
13 | Amount less than one thousand. |
14 | Rate represents the seven-day yield at 12/31/2019. |
15 | Notional amount is calculated based on the number of contracts and notional contract size. |
16 | Value is calculated based on the notional amount and current market price. |
17 | Unaffiliated issuer at 12/31/2019. |
Private placement securities | Acquisition date(s) | Cost (000) | Value (000) | Percent of net assets |
Rotech Healthcare Inc. | 9/26/2013 | $41,128 | $38,325 | .23% |
Ascent Resources - Utica, LLC, Class A | 4/25/2016-11/15/2016 | 4,340 | 12,675 | .07 |
Advanz Pharma Corp. | 8/31/2018 | 28,414 | 6,537 | .04 |
White Star Petroleum Corp., Class A | 6/30/2016 | 16,491 | 247 | .00 |
Total private placement securities | $ 90,373 | $ 57,784 | .34% |
American High-Income Trust — Page 18 of 22
unaudited
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 of each share class of the fund is generally determined as of approximately 4:00 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 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 prices obtained from one or more 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; 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 |
When the fund’s investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or deemed to be not representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.
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 $747,480,000. Credit default swaps are generally valued by pricing vendors based on market inputs that include the index and term of index, reset frequency, payer/receiver, currency and pay frequency. The average month-end notional amount of credit default swaps while held was $602,152,000.
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 authority of the fund’s board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related
American High-Income Trust — Page 19 of 22
unaudited
securities; 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 and 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 delegated authority to 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 “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any 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.
The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.
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, 2019 (dollars in thousands):
Investment securities | ||||
Level 1 | Level 2 | Level 3 | Total | |
Assets: | ||||
Bonds, notes & other debt instruments: | ||||
Corporate bonds & notes | $— | $14,969,269 | $112,676 | $15,081,945 |
U.S. Treasury bonds & notes | — | 40,341 | — | 40,341 |
Municipals | — | 49 | — | 49 |
Convertible bonds | — | 71,666 | — | 71,666 |
Convertible stocks | 32,288 | — | 43,255 | 75,543 |
Preferred securities | — | 20,733 | — | 20,733 |
Common stocks | 144,419 | 16,166 | 51,538 | 212,123 |
Rights & warrants | — | 37 | 7,976 | 8,013 |
Short-term securities | 1,121,090 | — | — | 1,121,090 |
Total | $1,297,797 | $15,118,261 | $215,445 | $16,631,503 |
Other investments* | ||||
Level 1 | Level 2 | Level 3 | Total | |
Assets: | ||||
Unrealized appreciation on futures contracts | $1,912 | $— | $— | $1,912 |
Liabilities: | ||||
Unrealized depreciation on futures contracts | (325) | — | — | (325) |
Unrealized depreciation on credit default swaps | — | (14,590) | — | (14,590) |
Total | $1,587 | $(14,590) | $— | $(13,003) |
* | Futures contracts and credit default swaps are not included in the investment portfolio. |
American High-Income Trust — Page 20 of 22
unaudited
The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the three months ended December 31, 2019 (dollars in thousands):
Beginning value at 10/1/2019 | Transfers into Level 3† | Purchases | Sales | Net realized gain | Unrealized depreciation | Transfers out of Level 3† | Ending value at 12/31/2019 | |
Investment securities | $191,236 | $— | $131,967 | $(43,276) | $1,443 | $(65,925) | $— | $215,445 |
Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2019 | $(66,300) |
† | Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. |
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 12/31/2019 | Valuation techniques | Unobservable inputs | Range (if appropriate) | Weighted average | Impact to valuation from an increase in input* | |
Bonds, notes & other debt instruments | $112,676 | Yield analysis | Yield to maturity risk premium | N/A | N/A | Decrease |
Redemption value | N/A | N/A | N/A | N/A | ||
Market comparable security | N/A | N/A | N/A | N/A | ||
Common stocks | 51,538 | Market comparable companies | EBITDA multiple | 4.8x | 4.8x | Increase |
DLOM | 20% | 20% | Decrease | |||
Multiple of revenue | Revenue multiple | 1.4x | 1.4x | Increase | ||
Expected proceeds | Discount to reflect timing of receipt and amount of proceeds | 50% | 50% | Decrease | ||
Liquidation value | N/A | N/A | N/A | N/A | ||
Convertible stocks | 43,255 | Multiple of revenue | Revenue multiple | 0.85x | 0.85x | Increase |
Rights & warrants | 7,976 | Black-Scholes | Implied volatility | 30% | 30% | Increase |
Market comparables | $ per acre | $4.5K | $4.5K | Increase | ||
$ per thousand Boe per day | $25K | $25K | Increase | |||
$215,445 |
* | This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements. |
Key to abbreviations and symbols |
Auth. = Authority |
Boe = Barrel of oil equivalent |
€ = Euros |
DLOM = Discount for lack of marketability |
EBITDA = Earnings before income taxes, depreciation and amortization |
LIBOR = London Interbank Offered Rate |
Rev. = Revenue |
USD/$ = U.S. dollars |
American High-Income Trust — Page 21 of 22
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.
© 2020 Capital Group. All rights reserved.
MFGEFPX-021-0220O-S73155 | American High-Income Trust — Page 22 of 22 |