![](https://capedge.com/proxy/NPORT-P/0001145549-21-050253/img31d0266e1.jpg)
American High-Income Trust®
Investment portfolio
June 30, 2021
unaudited
Bonds, notes & other debt instruments 88.84% Corporate bonds, notes & loans 88.44% Energy 13.32% | Principal amount (000) | Value (000) | |
Aethon United BR LP / Aethon United Finance Corp. 8.25% 20261 | $8,150 | $8,834 | |
Antero Midstream Partners LP 5.375% 20291 | 8,395 | 8,762 | |
Antero Resources Corp. 7.625% 20291 | 2,710 | 3,012 | |
Antero Resources Corp. 5.375% 20301 | 15,820 | 16,166 | |
Apache Corp. 4.625% 2025 | 20,815 | 22,539 | |
Apache Corp. 4.875% 2027 | 20,757 | 22,509 | |
Apache Corp. 4.375% 2028 | 16,119 | 17,181 | |
Apache Corp. 6.00% 2037 | 7,410 | 8,520 | |
Apache Corp. 5.10% 2040 | 18,635 | 19,543 | |
Apache Corp. 4.75% 2043 | 5,725 | 5,965 | |
Apache Corp. 4.25% 2044 | 270 | 265 | |
Apache Corp. 5.35% 2049 | 150 | 158 | |
Ascent Resources - Utica LLC 7.00% 20261 | 24,785 | 26,015 | |
Ascent Resources - Utica LLC 9.00% 20271 | 5,346 | 7,409 | |
Ascent Resources - Utica LLC 8.25% 20281 | 4,764 | 5,250 | |
Ascent Resources - Utica LLC 5.875% 20291 | 17,675 | 17,697 | |
Ascent Resources - Utica LLC, Term Loan, (3-month USD-LIBOR + 9.00%) 10.00% 20251,2,3 | 5,066 | 5,616 | |
Blue Racer Midstream LLC and Blue Racer Finance Corp. 7.625% 20251 | 11,254 | 12,211 | |
Bristow Group, Inc. 6.875% 20281 | 6,675 | 6,818 | |
California Resources Corp. 7.125% 20261 | 5,085 | 5,358 | |
Carrizo Oil & Gas, Inc. 6.25% 2023 | 35,500 | 35,563 | |
Cenovus Energy, Inc. 5.375% 2025 | 7,485 | 8,568 | |
Cenovus Energy, Inc. 4.25% 2027 | 390 | 436 | |
Cenovus Energy, Inc. 5.25% 2037 | 400 | 479 | |
Cenovus Energy, Inc. 5.40% 2047 | 6,390 | 7,924 | |
Centennial Resource Production, LLC 6.875% 20271 | 7,097 | 7,268 | |
Cheniere Energy Partners LP 5.625% 2026 | 22,180 | 23,067 | |
Cheniere Energy Partners LP 4.50% 2029 | 26,037 | 28,022 | |
Cheniere Energy Partners LP 4.00% 20311 | 30,178 | 31,574 | |
Cheniere Energy, Inc. 7.00% 2024 | 10,666 | 12,223 | |
Cheniere Energy, Inc. 5.875% 2025 | 5,005 | 5,740 | |
Cheniere Energy, Inc. 4.625% 20281 | 103,864 | 109,706 | |
Chesapeake Energy Corp. 4.875% 20224 | 28,871 | 830 | |
Chesapeake Energy Corp. 5.75% 20234 | 1,730 | 50 | |
Chesapeake Energy Corp. 5.50% 20261 | 20,225 | 21,394 | |
Chesapeake Energy Corp. 5.875% 20291 | 17,960 | 19,464 | |
CNX Resources Corp. 7.25% 20271 | 15,507 | 16,639 | |
CNX Resources Corp. 6.00% 20291 | 19,307 | 20,902 | |
Comstock Resources, Inc. 6.75% 20291 | 15,975 | 17,037 | |
Comstock Resources, Inc. 5.875% 20301 | 20,455 | 20,890 | |
Constellation Oil Services Holding SA 10.00% 2024 (100% PIK)1,4,5 | 115,294 | 32,859 | |
Continental Resources, Inc. 5.75% 20311 | 10,415 | 12,485 | |
Convey Park Energy LLC 7.50% 20251 | 5,500 | 5,721 | |
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.50% 20311 | 62,730 | 65,442 | |
Crestwood Midstream Partners LP 6.00% 20291 | 9,825 | 10,304 |
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) | |
DCP Midstream LP 7.375% junior subordinated perpetual bonds (3-month USD-LIBOR + 5.148% on 12/15/2022)6 | $4,835 | $4,750 | |
Devon Energy Corp. 5.875% 20281 | 2,830 | 3,152 | |
Devon Energy Corp. 4.50% 20301 | 10,040 | 11,047 | |
Diamond Foreign Asset Co. / Diamond Finance LLC 9.00% 20271,3,5,7,8 | 2,584 | 2,584 | |
Diamond Foreign Asset Co. / Diamond Finance LLC 9.00% 20273,5,7,8 | 2,337 | 2,337 | |
DT Midstream, Inc. 4.125% 20291 | 31,680 | 32,205 | |
DT Midstream, Inc. 4.375% 20311 | 17,850 | 18,261 | |
Encino Acquisition Partners Holdings, LLC 8.50% 20281 | 684 | 699 | |
Endeavor Energy Resources LP 6.625% 20251 | 13,260 | 14,228 | |
Energean Israel Finance, Ltd. 4.50% 20241 | 7,855 | 8,042 | |
Energy Transfer Operating LP 5.00% 2050 | 35,452 | 41,055 | |
Energy Transfer Partners LP 6.50% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.694% on 11/15/2026)6 | 8,300 | 8,483 | |
EnLink Midstream Partners, LLC 5.625% 20281 | 8,585 | 9,095 | |
EQM Midstream Partners LP 4.75% 2023 | 4,250 | 4,442 | |
EQM Midstream Partners LP 6.00% 20251 | 4,000 | 4,359 | |
EQM Midstream Partners LP 4.125% 2026 | 3,011 | 3,090 | |
EQM Midstream Partners LP 6.50% 20271 | 41,025 | 45,863 | |
EQM Midstream Partners LP 5.50% 2028 | 15,121 | 16,370 | |
EQM Midstream Partners LP 4.50% 20291 | 21,910 | 22,319 | |
EQM Midstream Partners LP 4.75% 20311 | 21,350 | 22,027 | |
EQM Midstream Partners LP 6.50% 2048 | 2,000 | 2,144 | |
EQT Corp. 7.625% 2025 (7.375% on 2/1/2025)6 | 10,982 | 12,825 | |
EQT Corp. 3.90% 2027 | 1,825 | 1,957 | |
EQT Corp. 5.00% 2029 | 7,360 | 8,216 | |
EQT Corp. 8.50% 2030 (8.25% on 8/1/2021)6 | 5,395 | 7,036 | |
EQT Corp. 3.625% 20311 | 7,912 | 8,269 | |
Genesis Energy LP 5.625% 2024 | 4,535 | 4,563 | |
Genesis Energy LP 6.50% 2025 | 27,984 | 28,320 | |
Genesis Energy LP 8.00% 2027 | 47,572 | 50,040 | |
Guara Norte SARL 5.198% 20341 | 13,027 | 13,598 | |
Harvest Midstream I LP 7.50% 20281 | 43,865 | 47,725 | |
Hess Midstream Partners LP 5.125% 20281 | 9,663 | 10,149 | |
Hilcorp Energy I LP 5.75% 20251 | 11,400 | 11,612 | |
Hilcorp Energy I LP 5.75% 20291 | 10,815 | 11,290 | |
Hilcorp Energy I LP 6.00% 20311 | 9,540 | 10,124 | |
Independence Energy Finance LLC 7.25% 20261 | 8,650 | 9,110 | |
Indigo Natural Resources LLC 5.375% 20291 | 8,095 | 8,470 | |
Lealand Finance Company BV, Term Loan, (3-month USD-LIBOR + 3.00%) 3.093% 20242,3 | 526 | 342 | |
Lealand Finance Company BV, Term Loan, (3-month USD-LIBOR + 4.00%) 4.09% 2025 (73.30% PIK)2,3,5 | 7,573 | 3,480 | |
McDermott International, Inc., Term Loan, (3-month USD-LIBOR + 4.00%) 4.00% 20242,3,7,8 | 2,000 | 1,000 | |
Murphy Oil Corp. 6.875% 2024 | 7,150 | 7,332 | |
Murphy Oil Corp. 5.75% 2025 | 10,000 | 10,275 | |
Murphy Oil Corp. 6.375% 2028 | 8,000 | 8,446 | |
Murphy Oil USA, Inc. 3.75% 20311 | 12,745 | 12,615 | |
Nabors Industries, Inc. 5.75% 2025 | 3,670 | 3,384 | |
Neptune Energy Group Holdings, Ltd. 6.625% 20251 | 10,000 | 10,300 | |
New Fortress Energy, Inc. 6.75% 20251 | 19,050 | 19,526 | |
New Fortress Energy, Inc. 6.50% 20261 | 53,170 | 54,396 | |
NGL Energy Operating LLC 7.50% 20261 | 139,465 | 146,613 | |
NGL Energy Partners LP 7.50% 2023 | 23,690 | 23,364 |
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) | |
NGL Energy Partners LP 6.125% 2025 | $36,123 | $32,854 | |
NGPL PipeCo LLC 4.875% 20271 | 1,010 | 1,158 | |
Northern Oil and Gas, Inc. 8.125% 20281 | 25,910 | 27,952 | |
NorthRiver Midstream Finance LP 5.625% 20261 | 10,800 | 11,237 | |
NuStar Logistics LP 6.00% 2026 | 6,129 | 6,662 | |
Oasis Midstream Partners LP / OMP Finance Corp. 8.00% 20291 | 33,755 | 35,981 | |
Oasis Petroleum, Inc. 6.375% 20261,9 | 15,131 | 15,796 | |
Occidental Petroleum Corp. 2.70% 2023 | 102 | 105 | |
Occidental Petroleum Corp. 2.90% 2024 | 45,243 | 46,318 | |
Occidental Petroleum Corp. 3.50% 2025 | 1,600 | 1,638 | |
Occidental Petroleum Corp. 5.875% 2025 | 12,395 | 13,805 | |
Occidental Petroleum Corp. 8.00% 2025 | 22,020 | 26,397 | |
Occidental Petroleum Corp. 3.40% 2026 | 10,000 | 10,253 | |
Occidental Petroleum Corp. 3.00% 2027 | 500 | 497 | |
Occidental Petroleum Corp. 3.50% 2029 | 4,155 | 4,175 | |
Occidental Petroleum Corp. 6.625% 2030 | 14,500 | 17,418 | |
Occidental Petroleum Corp. 8.875% 2030 | 7,825 | 10,475 | |
Occidental Petroleum Corp. 6.125% 2031 | 8,440 | 9,940 | |
Occidental Petroleum Corp. 6.45% 2036 | 625 | 748 | |
Occidental Petroleum Corp. 4.10% 2047 | 580 | 541 | |
Occidental Petroleum Corp. 4.20% 2048 | 2,543 | 2,381 | |
PDC Energy, Inc. 5.75% 2026 | 12,000 | 12,551 | |
Peabody Energy Corp. 8.50% 2024 (29.41% PIK)1,5 | 19,316 | 14,619 | |
Petrobras Global Finance Co. 5.60% 2031 | 4,225 | 4,737 | |
Petrobras Global Finance Co. 6.90% 2049 | 6,575 | 7,847 | |
Petrobras Global Finance Co. 6.75% 2050 | 12,530 | 14,667 | |
Petrobras Global Finance Co. 5.50% 2051 | 4,230 | 4,237 | |
Petróleos Mexicanos 6.875% 20251 | 6,200 | 6,871 | |
Petróleos Mexicanos 5.35% 2028 | 7,643 | 7,526 | |
Petróleos Mexicanos 7.69% 2050 | 11,404 | 10,991 | |
Petrorio Luxembourg SARL 6.125% 20261 | 6,800 | 6,965 | |
PowerTeam Services, LLC 9.033% 20251 | 16,015 | 17,637 | |
Precision Drilling Corp. 7.125% 20261 | 4,900 | 5,057 | |
Precision Drilling Corp. 6.875% 20291 | 13,020 | 13,427 | |
Range Resources Corp. 4.875% 2025 | 9,698 | 10,050 | |
Range Resources Corp. 8.25% 20291 | 13,815 | 15,594 | |
Rattler Midstream Partners LP 5.625% 20251 | 19,793 | 20,832 | |
Renewable Energy Group, Inc. 5.875% 20281 | 11,030 | 11,599 | |
Rockies Express Pipeline LLC 4.95% 20291 | 11,193 | 11,559 | |
Sabine Pass Liquefaction, LLC 5.625% 2025 | 1,800 | 2,059 | |
Sabine Pass Liquefaction, LLC 4.50% 2030 | 8,930 | 10,316 | |
Sanchez Energy Corp. 7.25% 20231,4 | 22,796 | 570 | |
SM Energy Co. 6.50% 2028 | 2,910 | 2,994 | |
Southwestern Energy Co. 6.45% 20256 | 12,905 | 14,312 | |
Southwestern Energy Co. 7.50% 2026 | 35,440 | 37,566 | |
Southwestern Energy Co. 7.75% 2027 | 6,259 | 6,799 | |
Southwestern Energy Co. 8.375% 2028 | 15,315 | 17,327 | |
Suburban Propane Partners LP / Suburban Energy Finance Corp. 5.00% 20311 | 15,460 | 15,846 | |
Sunoco LP 5.50% 2026 | 14,672 | 15,169 | |
Sunoco LP 6.00% 2027 | 10,591 | 11,111 | |
Sunoco LP 4.50% 20291 | 31,065 | 31,702 | |
Superior Plus LP and Superior General Partner, Inc. 4.50% 20291 | 9,120 | 9,406 | |
Tallgrass Energy Partners LP 5.50% 20241 | 5,344 | 5,430 | |
Tallgrass Energy Partners LP 7.50% 20251 | 11,305 | 12,417 |
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) | |
Tapstone Energy, Term Loan, (3-month USD-LIBOR + 4.00%) 4.741% 20242,3,7,8 | $384 | $199 | |
Targa Resources Partners LP 5.875% 2026 | 8,669 | 9,129 | |
Targa Resources Partners LP 6.50% 2027 | 6,322 | 6,871 | |
Targa Resources Partners LP 6.875% 2029 | 4,530 | 5,113 | |
Targa Resources Partners LP 5.50% 2030 | 21,068 | 23,196 | |
Targa Resources Partners LP 4.875% 20311 | 31,050 | 33,654 | |
Targa Resources Partners LP 4.00% 20321 | 7,350 | 7,571 | |
Teekay Corp. 9.25% 20221 | 57,842 | 59,830 | |
Teekay Offshore Partners LP 8.50% 20231 | 25,891 | 23,812 | |
Transocean Guardian, Ltd. 5.875% 20241 | 6,764 | 6,592 | |
Transocean Poseidon, Ltd. 6.875% 20271 | 6,280 | 6,321 | |
Transocean, Inc. 6.125% 20251 | 3,737 | 3,786 | |
Transocean, Inc. 7.25% 20251 | 8,700 | 7,601 | |
Transocean, Inc. 8.00% 20271 | 9,525 | 8,032 | |
USA Compression Partners LP 6.875% 2026 | 7,736 | 8,122 | |
USA Compression Partners LP 6.875% 2027 | 2,403 | 2,572 | |
Weatherford International PLC 8.75% 20241 | 30,964 | 32,435 | |
Weatherford International PLC 11.00% 20241 | 75,523 | 78,640 | |
Western Gas Partners LP 4.50% 2028 | 20,233 | 21,676 | |
Western Gas Partners LP 5.45% 2044 | 985 | 1,066 | |
Western Midstream Operating LP 4.35% 20256 | 6,455 | 6,829 | |
Western Midstream Operating LP 4.75% 2028 | 2,830 | 3,066 | |
Western Midstream Operating LP 5.30% 20306 | 5,550 | 6,232 | |
Western Midstream Operating LP 6.50% 20506 | 5,500 | 6,383 | |
2,590,193 | |||
Communication services 13.18% | |||
Altice France SA 5.125% 20291 | 36,553 | 36,778 | |
Beasley Mezzanine Holdings, LLC 8.625% 20261 | 8,275 | 8,378 | |
Brightstar Escrow Corp. 9.75% 20251 | 9,985 | 10,789 | |
Cablevision Systems Corp. 6.75% 2021 | 9,000 | 9,199 | |
Cablevision Systems Corp. 5.50% 20271 | 2,700 | 2,842 | |
Cablevision Systems Corp. 5.375% 20281 | 2,425 | 2,569 | |
CCO Holdings LLC and CCO Holdings Capital Corp. 4.00% 20231 | 8,595 | 8,687 | |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.50% 20261 | 11,374 | 11,786 | |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 20261 | 16,647 | 17,245 | |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.125% 20271 | 9,878 | 10,373 | |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.00% 20281 | 4,129 | 4,335 | |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.375% 20291 | 4,391 | 4,805 | |
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 20301 | 62,927 | 65,599 | |
CCO Holdings LLC and CCO Holdings Capital Corp. 4.75% 20301 | 65,731 | 69,593 | |
CCO Holdings LLC and CCO Holdings Capital Corp. 2.80% 2031 | 950 | 972 | |
CCO Holdings LLC and CCO Holdings Capital Corp. 4.25% 20311 | 40,375 | 41,183 | |
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 2032 | 35,527 | 36,938 | |
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 20331 | 15,209 | 15,582 | |
CenturyLink, Inc. 6.75% 2023 | 31,074 | 34,499 | |
CenturyLink, Inc. 7.50% 2024 | 9,217 | 10,358 | |
CenturyLink, Inc. 5.125% 20261 | 21,356 | 22,235 | |
Cinemark USA, Inc. 5.875% 20261 | 6,925 | 7,269 | |
Cinemark USA, Inc. 5.25% 20281 | 6,550 | 6,722 | |
Clear Channel Worldwide Holdings, Inc. 7.75% 20281 | 12,400 | 13,005 | |
Clear Channel Worldwide Holdings, Inc. 7.50% 20291 | 6,525 | 6,764 | |
Cogent Communications Group, Inc. 3.50% 20261 | 13,195 | 13,508 | |
Consolidated Communications, Inc. 5.00% 20281 | 14,350 | 14,576 |
American High-Income Trust — Page 4 of 28
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Communication services (continued) | Principal amount (000) | Value (000) | |
Diamond Sports Group LLC 5.375% 20261 | $22,382 | $14,521 | |
Diamond Sports Group LLC 6.625% 20271 | 18,432 | 9,078 | |
DISH DBS Corp. 5.125% 20291 | 18,150 | 17,945 | |
Embarq Corp. 7.995% 2036 | 58,522 | 66,417 | |
Epicor Software Corp., Term Loan C, (3-month USD-LIBOR + 3.25%) 4.00% 20272,3 | 1,787 | 1,786 | |
Epicor Software Corp., Term Loan, (3-month USD-LIBOR + 7.75%) 8.75% 20282,3 | 14,477 | 15,015 | |
Front Range BidCo, Inc. 6.125% 20281 | 17,797 | 18,200 | |
Frontier Communications Corp. 5.875% 20271 | 30,765 | 32,995 | |
Frontier Communications Corp. 5.00% 20281 | 80,150 | 82,962 | |
Frontier Communications Corp. 6.75% 20291 | 38,300 | 40,800 | |
Frontier Communications Holdings, LLC 5.875% 2029 | 25,882 | 26,389 | |
Gray Television, Inc. 7.00% 20271 | 14,544 | 15,773 | |
iHeartCommunications, Inc. 6.375% 2026 | 236 | 251 | |
iHeartCommunications, Inc. 5.25% 20271 | 30,323 | 31,760 | |
iHeartCommunications, Inc. 8.375% 2027 | 427 | 458 | |
Inmarsat PLC 6.75% 20261 | 21,400 | 22,657 | |
Intelsat Jackson Holding Co. 5.50% 20234 | 40,385 | 23,171 | |
Intelsat Jackson Holding Co. 8.00% 20241 | 35,020 | 36,226 | |
Intelsat Jackson Holding Co. 8.50% 20241,4 | 47,700 | 28,314 | |
Intelsat Jackson Holding Co., Term Loan, (3-month USD-LIBOR + 5.50%) 6.50% 20212,3 | 17,530 | 17,749 | |
Intelsat Jackson Holding Co., Term Loan, 6.625% 20242 | 45,355 | 46,290 | |
Kantar Group LLC, Term Loan B, (3-month USD-LIBOR + 4.50%) 5.25% 20262,3 | 6,420 | 6,435 | |
Lamar Media Corp. 3.75% 2028 | 2,567 | 2,616 | |
Lamar Media Corp. 4.875% 2029 | 5,100 | 5,389 | |
Lamar Media Corp. 3.625% 20311 | 8,625 | 8,448 | |
Level 3 Financing, Inc. 3.75% 20291 | 20,600 | 20,059 | |
Liberty Global PLC 5.50% 20281 | 8,369 | 8,797 | |
Ligado Networks LLC 15.50% 2023 (100% PIK)1,5 | 35,098 | 34,667 | |
Ligado Networks LLC 17.50% 2024 (100% PIK)1,5 | 4,447 | 3,443 | |
Live Nation Entertainment, Inc. 3.75% 20281 | 5,750 | 5,784 | |
Match Group, Inc. 4.625% 20281 | 9,175 | 9,559 | |
MDC Partners, Inc. 7.50% 20241,6 | 165,801 | 168,081 | |
Meredith Corp. 6.875% 2026 | 25,377 | 26,425 | |
Netflix, Inc. 4.875% 2028 | 13,740 | 15,990 | |
Netflix, Inc. 4.875% 20301 | 14,298 | 17,046 | |
News Corp. 3.875% 20291 | 25,550 | 25,837 | |
Nexstar Broadcasting, Inc. 4.75% 20281 | 43,850 | 45,111 | |
Nexstar Escrow Corp. 5.625% 20271 | 11,385 | 12,082 | |
OUTFRONT Media Capital LLC 4.625% 20301 | 60 | 61 | |
Playtika Holding Corp. 4.25% 20291 | 675 | 676 | |
Qwest Capital Funding, Inc. 6.875% 2028 | 14,790 | 16,359 | |
Scripps Escrow II, Inc. 3.875% 20291 | 12,143 | 12,064 | |
Sinclair Television Group, Inc. 5.125% 20271 | 8,199 | 8,246 | |
Sinclair Television Group, Inc. 4.125% 20301 | 30,925 | 30,422 | |
Sirius XM Radio, Inc. 4.625% 20241 | 5,683 | 5,846 | |
Sirius XM Radio, Inc. 4.00% 20281 | 48,875 | 50,402 | |
Sirius XM Radio, Inc. 4.125% 20301 | 5,975 | 6,043 | |
Sprint Corp. 11.50% 2021 | 10,496 | 10,901 | |
Sprint Corp. 7.625% 2026 | 27,221 | 33,281 | |
Sprint Corp. 6.875% 2028 | 144,107 | 184,997 | |
Sprint Corp. 8.75% 2032 | 111,706 | 169,933 | |
TEGNA, Inc. 4.75% 20261 | 17,975 | 19,166 | |
TEGNA, Inc. 4.625% 2028 | 9,747 | 10,125 |
American High-Income Trust — Page 5 of 28
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Communication services (continued) | Principal amount (000) | Value (000) | |
TEGNA, Inc. 5.00% 2029 | $13,937 | $14,623 | |
T-Mobile US, Inc. 2.625% 2026 | 30,350 | 31,108 | |
T-Mobile US, Inc. 2.625% 2029 | 8,040 | 7,950 | |
T-Mobile US, Inc. 3.375% 20291 | 30,100 | 31,136 | |
T-Mobile US, Inc. 2.875% 2031 | 10,650 | 10,583 | |
Total Play Telecomunicaciones, SA de CV 7.50% 20251 | 8,175 | 8,677 | |
Trilogy International Partners, LLC 10.00% 20237,8 | 20,400 | 20,400 | |
Trilogy International South Pacific LLC / TISP Finance, Inc. 8.875% 20231 | 56,355 | 56,311 | |
Univision Communications, Inc. 5.125% 20251 | 62,918 | 64,381 | |
Univision Communications, Inc. 6.625% 20271 | 76,170 | 82,629 | |
Univision Communications, Inc. 4.50% 20291 | 76,600 | 77,351 | |
UPC Broadband Finco BV 4.875% 20311 | 11,330 | 11,370 | |
Virgin Media O2 4.25% 20311 | 29,300 | 28,825 | |
Virgin Media Secured Finance PLC 4.50% 20301 | 14,755 | 14,884 | |
VMED O2 UK Financing I PLC 4.75% 20311 | 5,000 | 5,088 | |
Warner Music Group 3.875% 20301 | 10,480 | 10,611 | |
Ziggo Bond Co. BV 5.125% 20301 | 13,368 | 13,709 | |
Ziggo Bond Finance BV 5.50% 20271 | 23,054 | 24,012 | |
Ziggo Bond Finance BV 4.875% 20301 | 39,100 | 40,129 | |
2,563,414 | |||
Consumer discretionary 12.76% | |||
Adient US LLC 9.00% 20251 | 7,504 | 8,284 | |
Affinity Gaming 6.875% 20271 | 14,050 | 14,961 | |
Allied Universal Holdco LLC 6.625% 20261 | 10,948 | 11,621 | |
Allied Universal Holdco LLC 9.75% 20271 | 17,657 | 19,467 | |
Allied Universal Holdco LLC 4.625% 20281 | 14,520 | 14,567 | |
Allied Universal Holdco LLC 6.00% 20291 | 31,540 | 32,017 | |
Atlas LuxCo 4 SARL 4.625% 20281 | 7,925 | 7,964 | |
Boyd Gaming Corp. 8.625% 20251 | 2,090 | 2,307 | |
Boyd Gaming Corp. 4.75% 2027 | 11,564 | 11,983 | |
Boyd Gaming Corp. 4.75% 20311 | 14,320 | 14,875 | |
Boyne USA, Inc. 4.75% 20291 | 4,155 | 4,299 | |
Brookfield Residential Properties, Inc. 5.00% 20291 | 5,450 | 5,507 | |
Burger King Corp. 3.875% 20281 | 10,125 | 10,264 | |
Caesars Entertainment, Inc. 6.25% 20251 | 16,130 | 17,118 | |
Caesars Resort Collection, LLC 5.75% 20251 | 6,980 | 7,364 | |
Carnival Corp. 11.50% 20231 | 23,776 | 26,788 | |
Carnival Corp. 7.625% 20261 | 21,450 | 23,327 | |
Carnival Corp. 10.50% 20261 | 22,020 | 25,665 | |
Carrols Restaurant Group, Inc. 5.875% 20291 | 13,265 | 13,116 | |
Carvana Co. 5.625% 20251 | 7,820 | 8,150 | |
Carvana Co. 5.50% 20271 | 30,830 | 31,923 | |
Carvana Co. 5.875% 20281 | 17,070 | 17,985 | |
CEC Entertainment, Inc. 6.75% 20261 | 20,520 | 21,084 | |
Cirsa Gaming Corp. SA 7.875% 20231 | 81,547 | 83,325 | |
Colt Merger Sub, Inc. 8.125% 20271 | 1,350 | 1,503 | |
Dana, Inc. 5.625% 2028 | 11,765 | 12,756 | |
Dana, Inc. 4.25% 2030 | 8,010 | 8,250 | |
Empire Communities Corp. 7.00% 20251 | 8,900 | 9,376 | |
Everi Holdings Inc. 5.00% 20291 | 15,135 | 15,513 | |
Extended Stay America, Inc. 5.25% 20251 | 13,850 | 14,125 | |
Fertitta Entertainment, Inc. 6.75% 20241 | 45,317 | 45,837 | |
Ford Motor Co. 8.50% 2023 | 34,981 | 39,081 |
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) | |
Ford Motor Co. 9.00% 2025 | $10,747 | $13,263 | |
Ford Motor Co. 9.625% 2030 | 4,175 | 5,997 | |
Ford Motor Co. 7.45% 2031 | 4,725 | 6,219 | |
Ford Motor Credit Company LLC 5.875% 2021 | 12,470 | 12,549 | |
Ford Motor Credit Company LLC 3.339% 2022 | 5,202 | 5,294 | |
Ford Motor Credit Company LLC 3.087% 2023 | 1,006 | 1,027 | |
Ford Motor Credit Company LLC 3.096% 2023 | 1,708 | 1,744 | |
Ford Motor Credit Company LLC 4.375% 2023 | 2,986 | 3,157 | |
Ford Motor Credit Company LLC 3.664% 2024 | 10,115 | 10,631 | |
Ford Motor Credit Company LLC 3.81% 2024 | 23,513 | 24,635 | |
Ford Motor Credit Company LLC 5.584% 2024 | 13,512 | 14,815 | |
Ford Motor Credit Company LLC 3.375% 2025 | 31,625 | 32,833 | |
Ford Motor Credit Company LLC 5.125% 2025 | 89,780 | 98,982 | |
Ford Motor Credit Company LLC 4.389% 2026 | 275 | 297 | |
Ford Motor Credit Company LLC 4.542% 2026 | 20,395 | 22,238 | |
Ford Motor Credit Company LLC 3.815% 2027 | 23,255 | 24,252 | |
Ford Motor Credit Company LLC 4.125% 2027 | 16,940 | 17,993 | |
Ford Motor Credit Company LLC 4.271% 2027 | 4,575 | 4,908 | |
Ford Motor Credit Company LLC 2.90% 2028 | 7,350 | 7,324 | |
Ford Motor Credit Company LLC 5.113% 2029 | 2,845 | 3,189 | |
Ford Motor Credit Company LLC 4.00% 2030 | 26,488 | 27,779 | |
Full House Resorts, Inc. 8.25% 20281 | 24,245 | 26,514 | |
Golden Nugget, Inc., Term Loan B, (3-month USD-LIBOR + 2.50%) 3.25% 20232,3 | 1,805 | 1,793 | |
Goodyear Tire & Rubber Co. 5.00% 20291 | 14,200 | 14,885 | |
Grupo Axo, SAPI de CV, 5.75% 20261 | 4,080 | 4,086 | |
Hanesbrands, Inc. 4.625% 20241 | 35,790 | 37,982 | |
Hanesbrands, Inc. 5.375% 20251 | 11,356 | 12,057 | |
Hanesbrands, Inc. 4.875% 20261 | 35,056 | 37,904 | |
Hilton Grand Vacations Borrower LLC 5.00% 20291 | 48,160 | 49,304 | |
Hilton Worldwide Holdings, Inc. 3.75% 20291 | 3,750 | 3,792 | |
Hilton Worldwide Holdings, Inc. 4.875% 2030 | 8,757 | 9,366 | |
Hilton Worldwide Holdings, Inc. 4.00% 20311 | 20,830 | 21,043 | |
International Game Technology PLC 6.50% 20251 | 24,037 | 26,982 | |
International Game Technology PLC 4.125% 20261 | 16,640 | 17,347 | |
International Game Technology PLC 6.25% 20271 | 11,430 | 13,065 | |
International Game Technology PLC 5.25% 20291 | 55,662 | 59,777 | |
KB Home 6.875% 2027 | 6,170 | 7,364 | |
Landry’s Finance Acquisition Co., Term Loan, (3-month USD-LIBOR + 12.00%) 13.00% 20232,3 | 568 | 633 | |
Lennar Corp. 4.50% 2024 | 495 | 542 | |
Levi Strauss & Co. 5.00% 2025 | 1,445 | 1,478 | |
Levi Strauss & Co. 3.50% 20311 | 7,470 | 7,450 | |
LGI Homes, Inc. 4.00% 20291 | 12,545 | 12,623 | |
Limited Brands, Inc. 6.625% 20301 | 2,315 | 2,683 | |
Limited Brands, Inc. 6.875% 2035 | 9,709 | 12,306 | |
Limited Brands, Inc. 6.75% 2036 | 11,225 | 14,082 | |
Lithia Motors, Inc. 3.875% 20291 | 21,865 | 22,692 | |
Lithia Motors, Inc. 4.375% 20311 | 6,700 | 7,186 | |
LSF9 Atlantis Holdings LLC / Victra Finance Corp. 7.75% 20261 | 7,175 | 7,450 | |
M.D.C. Holdings, Inc. 6.00% 2043 | 11,252 | 14,515 | |
Magic MergerCo, Inc. 5.25% 20281 | 8,275 | 8,500 | |
Magic MergerCo, Inc. 7.875% 20291 | 8,275 | 8,544 | |
Marriott Ownership Resorts, Inc. 4.75% 2028 | 2,500 | 2,566 | |
Marriott Ownership Resorts, Inc. 4.50% 20291 | 7,745 | 7,861 |
American High-Income Trust — Page 7 of 28
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Consumer discretionary (continued) | Principal amount (000) | Value (000) | |
McGraw-Hill Global Education Holdings, LLC, Term Loan B, (3-month USD-LIBOR + 4.75%) 5.75% 20242,3 | $7,688 | $7,716 | |
Melco International Development, Ltd. 4.875% 20251 | 300 | 307 | |
Melco International Development, Ltd. 5.75% 20281 | 30,375 | 32,122 | |
Melco International Development, Ltd. 5.375% 20291 | 6,350 | 6,719 | |
Merlin Entertainment 5.75% 20261 | 10,798 | 11,332 | |
MGM China Holdings, Ltd. 5.25% 20251 | 1,525 | 1,589 | |
MGM Growth Properties LLC 5.625% 2024 | 12,438 | 13,485 | |
MGM Growth Properties LLC 4.625% 20251 | 16,870 | 18,057 | |
MGM Growth Properties LLC 3.875% 20291 | 22,525 | 22,935 | |
MGM Resorts International 6.00% 2023 | 9,469 | 10,148 | |
MGM Resorts International 5.50% 2027 | 5,707 | 6,280 | |
Midwest Gaming Borrower, LLC 4.875% 20291 | 13,745 | 13,779 | |
Mohegan Gaming & Entertainment 8.00% 20261 | 59,105 | 61,833 | |
NCL Corp., Ltd. 3.625% 20241 | 6,450 | 6,237 | |
NCL Corp., Ltd. 12.25% 20241 | 2,900 | 3,506 | |
NCL Corp., Ltd. 5.875% 20261 | 8,100 | 8,503 | |
Neiman Marcus Group LLC 7.125% 20261 | 54,105 | 57,825 | |
Newell Rubbermaid, Inc. 4.875% 2025 | 7,770 | 8,617 | |
Newell Rubbermaid, Inc. 5.875% 20366 | 535 | 662 | |
Norwegian Cruise Line Holdings, Ltd. 10.25% 20261 | 4,625 | 5,388 | |
Panther BF Aggregator 2 LP 6.25% 20261 | 5,780 | 6,165 | |
Panther BF Aggregator 2 LP 8.50% 20271 | 14,785 | 16,137 | |
Party City Holdings, Inc. 6.125% 20231 | 7,000 | 6,338 | |
Party City Holdings, Inc. 6.625% 20261 | 5,000 | 4,313 | |
Party City Holdings, Inc. 8.75% 20261 | 54,391 | 58,130 | |
Peninsula Pacific Entertainment LLC 8.50% 20271 | 8,925 | 9,597 | |
Playa Resorts Holding BV, Term Loan B, (3-month USD-LIBOR + 2.75%) 2.869% 20242,3 | 17,417 | 16,775 | |
Raptor Acquisition Corp. 4.875% 20261 | 21,250 | 21,574 | |
Raptor Acquisition Corp. / Raptor Co-Issuer LLC, Term Loan B, (3-month USD-LIBOR + 4.00%) 4.75% 20262,3 | 8,900 | 8,926 | |
Real Hero Merger Sub 2, Inc. 6.25% 20291 | 7,825 | 8,127 | |
Royal Caribbean Cruises, Ltd. 10.875% 20231 | 5,500 | 6,270 | |
Royal Caribbean Cruises, Ltd. 11.50% 20251 | 40,330 | 46,533 | |
Royal Caribbean Cruises, Ltd. 4.25% 20261 | 32,740 | 32,740 | |
Sally Holdings LLC and Sally Capital, Inc. 5.625% 2025 | 25,484 | 26,344 | |
Sally Holdings LLC and Sally Capital, Inc. 8.75% 20251 | 23,061 | 25,281 | |
Scientific Games Corp. 5.00% 20251 | 2,935 | 3,038 | |
Scientific Games Corp. 8.625% 20251 | 28,960 | 31,747 | |
Scientific Games Corp. 8.25% 20261 | 52,094 | 55,935 | |
Scientific Games Corp. 7.00% 20281 | 7,261 | 7,945 | |
Scientific Games Corp. 7.25% 20291 | 4,235 | 4,788 | |
Six Flags Entertainment Corp. 4.875% 20241 | 12,639 | 12,781 | |
Sizzling Platter LLC 8.50% 20251 | 7,925 | 8,210 | |
Staples, Inc. 7.50% 20261 | 8,250 | 8,555 | |
Station Casinos LLC 4.50% 20281 | 675 | 688 | |
Studio City Finance, Ltd. 5.00% 20291 | 11,475 | 11,601 | |
Tempur Sealy International, Inc. 4.00% 20291 | 22,765 | 23,120 | |
The Home Co., Inc. 7.25% 20251 | 12,585 | 13,385 | |
Truck Hero, Inc., Term Loan B, (3-month USD-LIBOR + 3.75%) 4.50% 20282,3 | 17,007 | 17,031 | |
Universal Entertainment Corp. 8.50% 20241 | 40,955 | 43,252 | |
Vail Resorts, Inc. 6.25% 20251 | 5,590 | 6,000 | |
VICI Properties LP 4.25% 20261 | 12,298 | 12,808 |
American High-Income Trust — Page 8 of 28
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Consumer discretionary (continued) | Principal amount (000) | Value (000) | |
VICI Properties LP 4.625% 20291 | $23,258 | $24,758 | |
VICI Properties LP / VICI Note Co., Inc. 3.50% 20251 | 16,157 | 16,529 | |
VICI Properties LP / VICI Note Co., Inc. 3.75% 20271 | 9,666 | 9,864 | |
VICI Properties LP / VICI Note Co., Inc. 4.125% 20301 | 49,202 | 50,661 | |
WASH Multifamily Acquisition, Inc. 5.75% 20261 | 7,910 | 8,269 | |
Wheel Pros, Inc. 6.50% 20291 | 10,385 | 10,523 | |
Wheel Pros, Inc., Term Loan, (3-month USD-LIBOR + 4.50%) 5.25% 20282,3 | 13,000 | 13,048 | |
Wyndham Destinations, Inc. 6.625% 20261 | 8,975 | 10,195 | |
Wyndham Destinations, Inc. 4.625% 20301 | 5,575 | 5,767 | |
Wyndham Worldwide Corp. 4.375% 20281 | 22,110 | 23,022 | |
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 20231 | 20,373 | 21,162 | |
Wynn Las Vegas, LLC and Wynn Capital Corp. 5.25% 20271 | 1,890 | 2,035 | |
Wynn Macau, Ltd. 5.625% 20281 | 1,200 | 1,255 | |
Wynn Macau, Ltd. 5.125% 20291 | 3,050 | 3,149 | |
Wynn Resorts, Ltd. 7.75% 20251 | 15,125 | 16,334 | |
Wynn Resorts, Ltd. 5.125% 20291 | 17,530 | 18,540 | |
2,480,185 | |||
Health care 10.56% | |||
Auris Luxembourg III SARL, Term Loan, (3-month USD-LIBOR + 3.75%) 3.854% 20262,3 | 11,870 | 11,781 | |
Avantor Funding, Inc. 4.625% 20281 | 34,645 | 36,621 | |
Bausch Health Companies, Inc. 9.25% 20261 | 40,876 | 44,512 | |
Bausch Health Companies, Inc. 5.75% 20271 | 12,300 | 13,093 | |
Bausch Health Companies, Inc. 4.875% 20281 | 31,730 | 32,515 | |
Bausch Health Companies, Inc. 5.00% 20281 | 22,225 | 21,117 | |
Bausch Health Companies, Inc. 7.00% 20281 | 10,987 | 11,349 | |
Bausch Health Companies, Inc. 5.00% 20291 | 2,100 | 1,961 | |
Bausch Health Companies, Inc. 6.25% 20291 | 1,455 | 1,441 | |
Bausch Health Companies, Inc. 5.25% 20301 | 29,792 | 27,744 | |
Bausch Health Companies, Inc. 5.25% 20311 | 57,210 | 53,566 | |
Catalent Pharma Solutions, Inc. 5.00% 20271 | 819 | 857 | |
Catalent, Inc. 3.125% 20291 | 9,535 | 9,247 | |
Centene Corp. 5.375% 20261 | 18,842 | 19,713 | |
Centene Corp. 5.375% 20261 | 4,255 | 4,452 | |
Centene Corp. 4.25% 2027 | 34,509 | 36,407 | |
Centene Corp. 2.45% 2028 | 43,245 | 43,883 | |
Centene Corp. 4.625% 2029 | 96,694 | 106,462 | |
Centene Corp. 3.00% 2030 | 40,985 | 42,154 | |
Centene Corp. 3.375% 2030 | 18,661 | 19,532 | |
Centene Corp. 2.50% 2031 | 27,825 | 27,477 | |
Charles River Laboratories International, Inc. 4.25% 20281 | 6,348 | 6,572 | |
Charles River Laboratories International, Inc. 3.75% 20291 | 20,585 | 20,897 | |
Community Health Systems, Inc. 5.625% 20271 | 17,600 | 18,811 | |
Community Health Systems, Inc. 6.00% 20291 | 15,747 | 16,870 | |
Community Health Systems, Inc. 6.875% 20291 | 4,500 | 4,722 | |
DaVita, Inc. 4.625% 20301 | 21,740 | 22,381 | |
Encompass Health Corp. 4.50% 2028 | 8,554 | 8,887 | |
Encompass Health Corp. 4.75% 2030 | 9,376 | 9,975 | |
Endo DAC / Endo Finance LLC / Endo Finco 9.50% 20271 | 33,961 | 34,683 | |
Endo DAC / Endo Finance LLC / Endo Finco 6.00% 20281 | 33,958 | 22,944 | |
Endo International PLC 5.75% 20221 | 48,922 | 45,192 | |
Endo International PLC 5.875% 20241 | 19,325 | 19,063 | |
Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. 6.125% 20291 | 26,545 | 26,047 |
American High-Income Trust — Page 9 of 28
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Health care (continued) | Principal amount (000) | Value (000) | |
HCA, Inc. 5.875% 2023 | $385 | $419 | |
HCA, Inc. 5.375% 2025 | 8,795 | 9,932 | |
HCA, Inc. 5.375% 2026 | 8,436 | 9,718 | |
HCA, Inc. 5.875% 2026 | 4,721 | 5,467 | |
HCA, Inc. 4.50% 2027 | 71 | 80 | |
HCA, Inc. 5.625% 2028 | 29,450 | 34,935 | |
HCA, Inc. 5.875% 2029 | 8,320 | 10,071 | |
HCA, Inc. 3.50% 2030 | 22,522 | 24,008 | |
HCA, Inc. 5.50% 2047 | 3,996 | 5,213 | |
HCA, Inc. 5.25% 2049 | 8,500 | 10,856 | |
HCA, Inc. 7.50% 2095 | 5,000 | 7,047 | |
IMS Health Holdings, Inc. 5.00% 20261 | 28,059 | 29,116 | |
Jaguar Holding Co. II 5.00% 20281 | 6,280 | 6,820 | |
Jazz Securities DAC 4.375% 20291 | 17,815 | 18,493 | |
Mallinckrodt International Finance SA 5.50% 20251,4 | 16,000 | 11,191 | |
Mallinckrodt PLC 5.75% 20221,4 | 11,605 | 8,145 | |
Mallinckrodt PLC 10.00% 20251 | 42,267 | 47,287 | |
Molina Healthcare, Inc. 5.375% 2022 | 21,175 | 22,220 | |
Molina Healthcare, Inc. 4.375% 20281 | 20,505 | 21,418 | |
Molina Healthcare, Inc. 3.875% 20301 | 40,850 | 42,591 | |
Organon Finance 1 LLC 4.125% 20281 | 8,275 | 8,449 | |
Organon Finance 1 LLC 5.125% 20311 | 21,320 | 21,991 | |
Owens & Minor, Inc. 4.375% 2024 | 29,381 | 30,737 | |
Owens & Minor, Inc. 4.50% 20291 | 40,185 | 41,343 | |
Par Pharmaceutical, Inc. 7.50% 20271 | 84,159 | 86,151 | |
Radiology Partners, Inc. 9.25% 20281 | 29,987 | 33,247 | |
Rotech Healthcare, Inc., Term Loan, (3-month USD-LIBOR + 11.00%) 13.00% 2023 (100% PIK)2,3,5,7,8 | 42,981 | 42,981 | |
RP Escrow Issuer, LLC 5.25% 20251 | 12,960 | 13,569 | |
Select Medical Holdings Corp. 6.25% 20261 | 9,039 | 9,647 | |
Surgery Center Holdings 10.00% 20271 | 7,264 | 7,998 | |
Syneos Health, Inc. 3.625% 20291 | 14,620 | 14,492 | |
Team Health Holdings, Inc. 6.375% 20251 | 15,359 | 14,639 | |
Team Health Holdings, Inc., Term Loan B, 3.75% 20242,3 | 6,235 | 6,069 | |
Tenet Healthcare Corp. 6.75% 2023 | 1,730 | 1,890 | |
Tenet Healthcare Corp. 4.625% 2024 | 21,901 | 22,275 | |
Tenet Healthcare Corp. 4.875% 20261 | 101,449 | 105,350 | |
Tenet Healthcare Corp. 5.125% 20271 | 5,000 | 5,250 | |
Tenet Healthcare Corp. 6.25% 20271 | 8,995 | 9,400 | |
Tenet Healthcare Corp. 4.625% 20281 | 8,350 | 8,607 | |
Tenet Healthcare Corp. 6.125% 20281 | 8,600 | 9,189 | |
Tenet Healthcare Corp. 4.25% 20291 | 20,860 | 21,147 | |
Tenet Healthcare Corp. 6.875% 2031 | 2,000 | 2,280 | |
Teva Pharmaceutical Finance Co. BV 2.20% 2021 | 4,145 | 4,144 | |
Teva Pharmaceutical Finance Co. BV 2.95% 2022 | 1,500 | 1,512 | |
Teva Pharmaceutical Finance Co. BV 2.80% 2023 | 40,678 | 40,586 | |
Teva Pharmaceutical Finance Co. BV 6.00% 2024 | 76,748 | 81,578 | |
Teva Pharmaceutical Finance Co. BV 7.125% 2025 | 41,591 | 45,909 | |
Teva Pharmaceutical Finance Co. BV 3.15% 2026 | 40,561 | 38,634 | |
Teva Pharmaceutical Finance Co. BV 6.75% 2028 | 36,482 | 40,048 | |
Teva Pharmaceutical Finance Co. BV 4.10% 2046 | 16,312 | 14,314 | |
U.S. Renal Care, Inc. 10.625% 20271 | 6,516 | 6,858 | |
Valeant Pharmaceuticals International, Inc. 6.125% 20251 | 74,226 | 76,174 |
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) | |
Valeant Pharmaceuticals International, Inc. 9.00% 20251 | $31,377 | $33,685 | |
Valeant Pharmaceuticals International, Inc. 8.50% 20271 | 5,076 | 5,530 | |
2,053,628 | |||
Materials 10.02% | |||
Alcoa Netherlands Holding BV 5.50% 20271 | 10,760 | 11,686 | |
Alcoa Netherlands Holding BV 4.125% 20291 | 6,050 | 6,319 | |
ArcelorMittal 4.25% 2029 | 1,885 | 2,089 | |
ArcelorMittal 7.25% 20396 | 11,104 | 15,704 | |
ArcelorMittal 7.00% 20416 | 17,673 | 24,576 | |
Arconic Corp. 6.00% 20251 | 8,170 | 8,718 | |
Arconic Rolled Products Corp. 6.125% 20281 | 4,775 | 5,137 | |
Ardagh Group SA 6.50% 20271,5 | 12,390 | 13,035 | |
Ardagh Metal Packaging Finance USA LLC 4.00% 20291 | 11,410 | 11,339 | |
Ardagh Packaging Finance 5.25% 20251 | 570 | 600 | |
Ardagh Packaging Finance 6.00% 20251 | 7,808 | 8,075 | |
Ardagh Packaging Finance 4.125% 20261 | 960 | 993 | |
Ardagh Packaging Finance 5.25% 20271 | 9,685 | 9,892 | |
Axalta Coating Systems LLC 4.75% 20271 | 7,995 | 8,400 | |
BWAY Parent Co., Inc. 5.50% 20241 | 27,273 | 27,580 | |
BWAY Parent Co., Inc. 7.25% 20251 | 3,005 | 2,951 | |
Cascades, Inc. 5.125% 20261 | 7,780 | 8,311 | |
Cascades, Inc. 5.375% 20281 | 5,965 | 6,278 | |
Chemours Co. 7.00% 2025 | 7,005 | 7,238 | |
Cleveland-Cliffs, Inc. 9.875% 20251 | 6,478 | 7,600 | |
Cleveland-Cliffs, Inc. 6.75% 20261 | 21,628 | 23,358 | |
Cleveland-Cliffs, Inc. 5.875% 2027 | 62,855 | 66,155 | |
Cleveland-Cliffs, Inc. 7.00% 2027 | 3,853 | 4,075 | |
Cleveland-Cliffs, Inc. 4.625% 20291 | 37,550 | 39,560 | |
Cleveland-Cliffs, Inc. 4.875% 20311 | 42,271 | 44,439 | |
Consolidated Energy Finance SA 6.50% 20261 | 10,805 | 11,124 | |
Constellium SE 3.75% 20291 | 8,655 | 8,579 | |
Crown Holdings, Inc. 4.50% 2023 | 3,000 | 3,146 | |
Crown Holdings, Inc. 7.375% 2026 | 2,000 | 2,457 | |
CVR Partners LP 9.25% 20231 | 8,204 | 8,242 | |
CVR Partners LP 6.125% 20281 | 47,160 | 48,398 | |
Element Solutions, Inc. 3.875% 20281 | 10,800 | 11,035 | |
First Quantum Minerals, Ltd. 7.25% 20231 | 44,506 | 45,424 | |
First Quantum Minerals, Ltd. 6.50% 20241 | 24,932 | 25,505 | |
First Quantum Minerals, Ltd. 7.50% 20251 | 77,651 | 80,768 | |
First Quantum Minerals, Ltd. 6.875% 20261 | 45,410 | 47,561 | |
First Quantum Minerals, Ltd. 6.875% 20271 | 89,010 | 97,105 | |
FMG Resources 4.375% 20311 | 19,410 | 20,791 | |
Freeport-McMoRan, Inc. 3.875% 2023 | 201 | 210 | |
Freeport-McMoRan, Inc. 4.55% 2024 | 2,500 | 2,722 | |
Freeport-McMoRan, Inc. 4.25% 2030 | 11,053 | 11,854 | |
Freeport-McMoRan, Inc. 4.625% 2030 | 900 | 987 | |
Freeport-McMoRan, Inc. 5.40% 2034 | 12,363 | 14,949 | |
Freeport-McMoRan, Inc. 5.45% 2043 | 33,823 | 41,388 | |
FXI Holdings, Inc. 7.875% 20241 | 61,219 | 63,401 | |
FXI Holdings, Inc. 12.25% 20261 | 97,525 | 112,597 | |
GPC Merger Sub, Inc. 7.125% 20281 | 7,945 | 8,583 | |
Hexion, Inc. 7.875% 20271 | 40,140 | 43,355 | |
INEOS Group Holdings SA 5.625% 20241 | 13,888 | 13,973 |
American High-Income Trust — Page 11 of 28
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Materials (continued) | Principal amount (000) | Value (000) | |
INEOS Quattro Finance 2 PLC 3.375% 20261 | $1,690 | $1,714 | |
Joseph T. Ryerson & Son, Inc. 8.50% 20281 | 27,000 | 30,066 | |
LSB Industries, Inc. 9.625% 20231 | 76,972 | 79,234 | |
Mercer International, Inc. 5.125% 20291 | 7,090 | 7,305 | |
Methanex Corp. 5.125% 2027 | 81,520 | 88,155 | |
Methanex Corp. 5.25% 2029 | 22,720 | 24,509 | |
Methanex Corp. 5.65% 2044 | 16,750 | 17,366 | |
Neon Holdings, Inc. 10.125% 20261 | 20,300 | 22,200 | |
Nouryon Holding BV 8.00% 20261 | 14,729 | 15,631 | |
Nova Chemicals Corp. 4.875% 20241 | 11,505 | 12,152 | |
Nova Chemicals Corp. 5.00% 20251 | 5,295 | 5,673 | |
Nova Chemicals Corp. 5.25% 20271 | 44,462 | 47,977 | |
Nova Chemicals Corp. 4.25% 20291 | 26,935 | 27,240 | |
Novelis Corp. 5.875% 20261 | 5,650 | 5,885 | |
Novelis Corp. 4.75% 20301 | 16,825 | 17,687 | |
OCI NV 5.25% 20241 | 14,261 | 14,732 | |
Olin Corp. 9.50% 20251 | 6,880 | 8,575 | |
Olin Corp. 5.625% 2029 | 16,635 | 18,311 | |
Olin Corp. 5.00% 2030 | 4,740 | 5,068 | |
Owens-Illinois, Inc. 5.875% 20231 | 9,000 | 9,717 | |
Owens-Illinois, Inc. 6.375% 20251 | 5,341 | 5,939 | |
Plastipak Holdings, Inc. 6.25% 20251 | 4,910 | 5,037 | |
Rayonier A.M. Products, Inc. 7.625% 20261 | 5,045 | 5,266 | |
SCIH Salt Holdings, Inc. 4.875% 20281 | 58,775 | 58,918 | |
SCIH Salt Holdings, Inc. 6.625% 20291 | 19,190 | 19,262 | |
Scotts Miracle-Gro Co. 4.50% 2029 | 10,276 | 10,696 | |
Sealed Air Corp. 4.875% 20221 | 8,590 | 8,959 | |
Sealed Air Corp. 4.00% 20271 | 10,395 | 11,092 | |
Silgan Holdings, Inc. 4.125% 2028 | 12,765 | 13,264 | |
SPCM SA 4.875% 20251 | 16,237 | 16,735 | |
Summit Materials, Inc. 6.50% 20271 | 5,478 | 5,818 | |
Summit Materials, Inc. 5.25% 20291 | 16,515 | 17,569 | |
Trivium Packaging BV 5.50% 20261 | 8,352 | 8,786 | |
Trivium Packaging BV 8.50% 20271 | 5,192 | 5,658 | |
Tronox, Ltd. 4.625% 20291 | 45,120 | 45,627 | |
Valvoline, Inc. 4.25% 20301 | 4,441 | 4,591 | |
Valvoline, Inc. 3.625% 20311 | 10,905 | 10,932 | |
Venator Materials Corp. 5.75% 20251 | 71,328 | 70,343 | |
Venator Materials Corp. 9.50% 20251 | 32,955 | 37,160 | |
W. R. Grace & Co. 4.875% 20271 | 13,795 | 14,644 | |
Warrior Met Coal, Inc. 8.00% 20241 | 23,261 | 23,639 | |
1,947,394 | |||
Industrials 8.67% | |||
ADT Corp. 3.50% 2022 | 19,500 | 19,890 | |
Allison Transmission Holdings, Inc. 3.75% 20311 | 40,900 | 40,251 | |
American Airlines, Inc. 5.50% 20261 | 35,530 | 37,662 | |
American Airlines, Inc. 5.75% 20291 | 13,225 | 14,316 | |
Associated Materials, LLC 9.00% 20251 | 32,952 | 35,011 | |
Atkore, Inc. 4.25% 20311 | 8,150 | 8,265 | |
ATS Automation Tooling Systems, Inc. 4.125% 20281 | 4,825 | 4,956 | |
Avis Budget Car Rental, LLC 5.75% 20271 | 26,495 | 27,671 | |
Avis Budget Group, Inc. 5.25% 20251 | 7,622 | 7,732 | |
Avis Budget Group, Inc. 4.75% 20281 | 15,675 | 16,085 |
American High-Income Trust — Page 12 of 28
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Industrials (continued) | Principal amount (000) | Value (000) | |
Avis Budget Group, Inc. 5.375% 20291 | $22,645 | $23,611 | |
Avolon Holdings Funding, Ltd. 5.25% 20241 | 17,340 | 19,084 | |
Azul Investments LLP 7.25% 20261 | 10,700 | 10,512 | |
Boeing Company 4.508% 2023 | 470 | 501 | |
Boeing Company 5.04% 2027 | 450 | 519 | |
Boeing Company 3.625% 2031 | 15,200 | 16,364 | |
Boeing Company 3.50% 2039 | 1,090 | 1,095 | |
Boeing Company 3.90% 2049 | 540 | 571 | |
Boeing Company 3.75% 2050 | 5,675 | 5,864 | |
Boeing Company 5.93% 2060 | 9,250 | 12,797 | |
Bohai Financial Investment Holding Co., Ltd. 5.25% 20221 | 19,125 | 20,017 | |
Bohai Financial Investment Holding Co., Ltd. 4.50% 20231 | 553 | 581 | |
Bohai Financial Investment Holding Co., Ltd. 5.125% 20231 | 15,340 | 16,590 | |
Bohai Financial Investment Holding Co., Ltd. 5.50% 20241 | 4,500 | 4,950 | |
Bombardier, Inc. 6.125% 20231 | 4,325 | 4,564 | |
Bombardier, Inc. 7.50% 20241 | 8,763 | 9,168 | |
Bombardier, Inc. 7.50% 20251 | 33,683 | 34,715 | |
Bombardier, Inc. 7.125% 20261 | 34,900 | 36,584 | |
Bombardier, Inc. 7.875% 20271 | 59,390 | 61,692 | |
Bombardier, Inc. 7.45% 20341 | 8,670 | 9,322 | |
Booz Allen Hamilton, Inc. 3.875% 20281 | 23,133 | 23,654 | |
BWX Technologies, Inc. 4.125% 20281 | 13,770 | 14,066 | |
BWX Technologies, Inc. 4.125% 20291 | 19,455 | 19,845 | |
Clarivate Science Holdings Corp. 3.875% 20281 | 26,655 | 26,931 | |
Clarivate Science Holdings Corp. 4.875% 20291 | 24,320 | 24,989 | |
Clean Harbors, Inc. 4.875% 20271 | 12,014 | 12,622 | |
Continental Airlines, Inc., Series 2007-1, Class B, 6.903% 2022 | 171 | 174 | |
CoreCivic, Inc. 8.25% 2026 | 38,740 | 40,249 | |
CoreLogic, Inc. 4.50% 20281 | 63,925 | 63,446 | |
CoreLogic, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 7.00% 20292,3 | 22,275 | 22,470 | |
Covanta Holding Corp. 5.875% 2025 | 8,192 | 8,495 | |
Covanta Holding Corp. 5.00% 2030 | 14,150 | 14,896 | |
Deluxe Corp. 8.00% 20291 | 6,650 | 7,233 | |
Dun & Bradstreet Corp. 6.875% 20261 | 15,898 | 16,907 | |
Dun & Bradstreet Corp. 10.25% 20271 | 24,225 | 26,837 | |
Fortress Transportation and Infrastructure Investors LLC 9.75% 20271 | 7,555 | 8,751 | |
Fortress Transportation and Infrastructure Investors LLC 5.50% 20281 | 8,835 | 9,210 | |
Global Infrastructure Solutions, Inc. 5.625% 20291 | 10,000 | 10,390 | |
Harsco Corp. 5.75% 20271 | 13,025 | 13,682 | |
Herc Holdings, Inc. 5.50% 20271 | 3,200 | 3,377 | |
Hexcel Corp. 4.20% 2027 | 3,693 | 3,978 | |
Howmet Aerospace, Inc. 6.875% 2025 | 12,730 | 14,834 | |
Howmet Aerospace, Inc. 6.75% 2028 | 1,715 | 2,076 | |
IAA Spinco, Inc. 5.50% 20271 | 1,950 | 2,051 | |
Icahn Enterprises Finance Corp. 4.75% 2024 | 24,005 | 25,117 | |
JELD-WEN Holding, Inc. 4.875% 20271 | 15,171 | 15,796 | |
Kratos Defense & Security Solutions, Inc. 6.50% 20251 | 34,545 | 36,299 | |
LABL Escrow Issuer, LLC 6.75% 20261 | 10,725 | 11,462 | |
LABL Escrow Issuer, LLC 10.50% 20271 | 16,650 | 18,390 | |
LSC Communications, Inc. 8.75% 20231,4,7,8 | 114,646 | 6,088 | |
LSC Communications, Inc., Term Loan B, (USD Prime Rate + 4.50%) 7.75% 20222,3,4,7,8 | 8,059 | 428 | |
MasTec, Inc. 4.50% 20281 | 19,860 | 20,949 | |
Meritor, Inc. 6.25% 20251 | 9,500 | 10,132 | |
Meritor, Inc. 4.50% 20281 | 4,275 | 4,342 |
American High-Income Trust — Page 13 of 28
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Industrials (continued) | Principal amount (000) | Value (000) | |
MH Sub I, LLC, Term Loan, (3-month USD-LIBOR + 6.25%) 6.345% 20292,3 | $2,650 | $2,702 | |
Mueller Water Products, Inc. 4.00% 20291 | 13,130 | 13,509 | |
NESCO Holdings II, Inc. 5.50% 20291 | 5,345 | 5,586 | |
Nielsen Finance LLC and Nielsen Finance Co. 5.00% 20251 | 9,150 | 9,440 | |
Nielsen Finance LLC and Nielsen Finance Co. 5.625% 20281 | 4,375 | 4,626 | |
Nielsen Finance LLC and Nielsen Finance Co. 5.875% 20301 | 22,475 | 24,520 | |
Park River Holdings, Inc. 5.625% 20291 | 17,205 | 16,764 | |
Pitney Bowes, Inc. 6.875% 20271 | 11,500 | 12,183 | |
Prime Security Services Borrower, LLC 3.375% 20271 | 8,100 | 7,867 | |
Prime Security Services Borrower, LLC 6.25% 20281 | 11,833 | 12,602 | |
R.R. Donnelley & Sons Co. 6.125% 20261 | 19,625 | 20,707 | |
R.R. Donnelley & Sons Co., Term Loan B, (3-month USD-LIBOR + 5.00%) 5.104% 20242,3 | 1,636 | 1,639 | |
Rexnord Corp. 4.875% 20251 | 22,992 | 23,527 | |
Rolls-Royce PLC 5.75% 20271 | 9,870 | 10,884 | |
Sensata Technologies Holding BV 4.00% 20291 | 8,600 | 8,740 | |
Sensata Technologies, Inc. 3.75% 20311 | 8,800 | 8,713 | |
SkyMiles IP, Ltd. 4.75% 20281 | 28,805 | 32,047 | |
Spirit AeroSystems, Inc. 4.60% 2028 | 4,290 | 4,215 | |
SRS Distribution, Inc. 4.625% 20281 | 10,080 | 10,319 | |
SRS Distribution, Inc. 6.125% 20291 | 6,605 | 6,813 | |
Stericycle, Inc. 5.375% 20241 | 20,884 | 21,526 | |
Stericycle, Inc. 3.875% 20291 | 4,785 | 4,792 | |
The Brink’s Co. 4.625% 20271 | 10,371 | 10,827 | |
Titan International, Inc. 7.00% 20281 | 11,500 | 12,047 | |
TransDigm, Inc. 8.00% 20251 | 7,297 | 7,905 | |
TransDigm, Inc. 6.25% 20261 | 35,986 | 38,010 | |
TransDigm, Inc. 6.375% 2026 | 9,800 | 10,165 | |
TransDigm, Inc. 5.50% 2027 | 14,295 | 14,920 | |
TransDigm, Inc. 7.50% 2027 | 6,770 | 7,211 | |
TransDigm, Inc. 4.625% 20291 | 12,030 | 12,070 | |
Triumph Group, Inc. 6.25% 20241 | 8,580 | 8,741 | |
Triumph Group, Inc. 8.875% 20241 | 9,516 | 10,598 | |
Triumph Group, Inc. 7.75% 20251 | 3,865 | 3,981 | |
Uber Technologies, Inc. 8.00% 20261 | 8,710 | 9,410 | |
United Airlines Holdings, Inc. 6.50% 20271 | 77,040 | 84,917 | |
United Airlines, Inc., Pass Through Trust Certificates, Series 2020-1, Class B, 4.875% 2027 | 5,867 | 6,231 | |
United Airlines, Inc. 4.375% 20261 | 4,385 | 4,545 | |
United Airlines, Inc. 4.625% 20291 | 14,440 | 14,963 | |
United Rentals, Inc. 5.875% 2026 | 849 | 881 | |
United Rentals, Inc. 5.25% 2030 | 5,484 | 6,014 | |
United Rentals, Inc. 3.875% 2031 | 4,450 | 4,533 | |
Vertical Holdco GMBH 7.625% 20281 | 10,225 | 11,117 | |
Vertical U.S. Newco, Inc. 5.25% 20271 | 31,060 | 32,768 | |
WESCO Distribution, Inc. 7.125% 20251 | 20,750 | 22,450 | |
WESCO Distribution, Inc. 7.25% 20281 | 26,025 | 29,023 | |
Western Global Airlines LLC 10.375% 20251 | 6,870 | 7,879 | |
XPO Logistics, Inc. 6.75% 20241 | 3,102 | 3,226 | |
XPO Logistics, Inc. 6.25% 20251 | 6,500 | 6,922 | |
1,686,181 |
American High-Income Trust — Page 14 of 28
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Financials 5.77% | Principal amount (000) | Value (000) | |
Advisor Group Holdings, LLC 6.25% 20281 | $28,708 | $30,353 | |
AG Merger Sub II, Inc. 10.75% 20271 | 75,170 | 83,721 | |
Alliant Holdings Intermediate, LLC 6.75% 20271 | 27,805 | 29,257 | |
Ally Financial, Inc. 8.00% 2031 | 13,941 | 20,051 | |
Ally Financial, Inc. 8.00% 2031 | 1,122 | 1,580 | |
Apollo Commercial Real Estate Finance, Inc. 4.625% 20291 | 12,325 | 12,169 | |
Aretec Escrow Issuer, Inc. 7.50% 20291 | 47,070 | 48,548 | |
AssuredPartners, Inc. 7.00% 20251 | 226 | 232 | |
AssuredPartners, Inc. 8.00% 20271 | 10,909 | 11,656 | |
AssuredPartners, Inc. 5.625% 20291 | 6,395 | 6,408 | |
BroadStreet Partners, Inc. 5.875% 20291 | 9,950 | 10,181 | |
Compass Diversified Holdings 5.25% 20291 | 66,060 | 68,785 | |
Credit Acceptance Corp. 5.125% 20241 | 9,190 | 9,551 | |
Credit Suisse Group AG 7.50% junior subordinated perpetual bonds (USD Semi Annual 30/360 (vs. 3-month USD-LIBOR) + 4.60% on 7/17/2023)1,6 | 2,295 | 2,501 | |
Fairstone Financial, Inc. 7.875% 20241 | 10,309 | 10,783 | |
Freedom Mortgage Corp. 7.625% 20261 | 10,900 | 11,361 | |
FS Energy and Power Fund 7.50% 20231 | 87,571 | 90,715 | |
Hightower Holding, LLC 6.75% 20291 | 11,255 | 11,503 | |
HUB International, Ltd. 7.00% 20261 | 29,178 | 30,333 | |
Icahn Enterprises Finance Corp. 5.25% 2027 | 10,503 | 10,859 | |
Icahn Enterprises Finance Corp. 4.375% 20291 | 9,175 | 9,159 | |
Ladder Capital Corp. 5.25% 20221 | 14,775 | 14,893 | |
Ladder Capital Corp. 4.25% 20271 | 27,061 | 27,112 | |
LD Holdings Group LLC 6.125% 20281 | 9,850 | 9,867 | |
LPL Financial Holdings, Inc. 4.625% 20271 | 18,198 | 18,911 | |
LPL Financial Holdings, Inc. 4.00% 20291 | 9,000 | 9,065 | |
LPL Financial Holdings, Inc. 4.375% 20311 | 18,525 | 18,782 | |
MGIC Investment Corp. 5.25% 2028 | 7,625 | 8,092 | |
MidCap Financial Issuer Trust 6.50% 20281 | 13,250 | 13,883 | |
MidCap Financial Issuer Trust 5.625% 20301 | 10,125 | 10,177 | |
MSCI, Inc. 5.375% 20271 | 12,255 | 13,088 | |
MSCI, Inc. 4.00% 20291 | 15,793 | 16,708 | |
MSCI, Inc. 3.625% 20301 | 3,759 | 3,853 | |
MSCI, Inc. 3.625% 20311 | 28,050 | 28,808 | |
MSCI, Inc. 3.875% 20311 | 27,015 | 28,071 | |
National Financial Partners Corp. 6.875% 20281 | 22,989 | 24,270 | |
Nationstar Mortgage Holdings, Inc. 5.50% 20281 | 7,575 | 7,652 | |
Navient Corp. 6.50% 2022 | 1,444 | 1,507 | |
Navient Corp. 5.50% 2023 | 55,232 | 58,323 | |
Navient Corp. 7.25% 2023 | 2,700 | 2,988 | |
Navient Corp. 5.875% 2024 | 31,315 | 33,861 | |
Navient Corp. 6.125% 2024 | 23,168 | 25,077 | |
Navient Corp. 6.75% 2025 | 5,000 | 5,542 | |
Navient Corp. 6.75% 2026 | 5,210 | 5,826 | |
Navient Corp. 5.00% 2027 | 51,022 | 52,897 | |
Navient Corp. 4.875% 2028 | 5,570 | 5,605 | |
Navient Corp. 5.625% 2033 | 29,712 | 28,762 | |
NFP Corp. 4.875% 20281 | 10,000 | 10,175 | |
OneMain Holdings, Inc. 7.125% 2026 | 22,870 | 26,665 | |
Owl Rock Capital Corp. 4.625% 20241 | 9,835 | 10,458 | |
Owl Rock Capital Corp. 3.75% 2025 | 12,093 | 12,800 | |
Owl Rock Capital Corp. 4.00% 2025 | 449 | 479 | |
Owl Rock Capital Corp. 3.375% 2026 | 5,685 | 5,931 |
American High-Income Trust — Page 15 of 28
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Financials (continued) | Principal amount (000) | Value (000) | |
Quicken Loans, LLC 3.625% 20291 | $6,605 | $6,536 | |
Springleaf Finance Corp. 6.125% 2024 | 3,700 | 3,987 | |
Springleaf Finance Corp. 6.625% 2028 | 4,960 | 5,703 | |
Springleaf Finance Corp. 5.375% 2029 | 6,627 | 7,222 | |
Starwood Property Trust, Inc. 5.00% 2021 | 18,169 | 18,283 | |
Starwood Property Trust, Inc. 5.50% 20231 | 7,195 | 7,546 | |
Summer (BC) BidCo B LLC 5.50% 20261 | 5,960 | 6,067 | |
Travelport Finance Luxembourg SARL, Term Loan, (3-month USD-LIBOR + 8.00%) 9.00% 2025 (72.22% PIK)2,3,5 | 11,773 | 12,377 | |
United Wholesale Mortgage, LLC 5.50% 20291 | 5,325 | 5,331 | |
1,122,886 | |||
Information technology 4.35% | |||
Almonde, Inc., Term Loan B, (3-month USD-LIBOR + 3.50%) 4.50% 20242,3 | 3,893 | 3,837 | |
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 8.25% 20252,3 | 67,794 | 68,659 | |
Applied Systems, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 6.25% 20252,3 | 17,170 | 17,458 | |
Avaya, Inc. 6.125% 20281 | 7,090 | 7,598 | |
Banff Merger Sub, Inc. 9.75% 20261 | 33,267 | 35,055 | |
Black Knight, Inc. 3.625% 20281 | 21,350 | 21,269 | |
BMC Software, Inc. 7.125% 20251 | 6,940 | 7,444 | |
BMC Software, Inc. 9.125% 20261 | 4,290 | 4,544 | |
Booz Allen Hamilton, Inc. 4.00% 20291 | 9,635 | 9,864 | |
Broadcom, Inc. 3.469% 20341 | 2,578 | 2,730 | |
CommScope Finance LLC 6.00% 20261 | 10,242 | 10,825 | |
Dell International LLC / EMC Corp. 8.10% 2036 | 7,925 | 12,096 | |
Dell International LLC / EMC Corp. 8.35% 2046 | 9,017 | 14,771 | |
Dell, Inc. 6.50% 2038 | 6,350 | 8,128 | |
Dell, Inc. 5.40% 2040 | 1,825 | 2,161 | |
Diebold Nixdorf AG, Term Loan B, (3-month USD-LIBOR + 2.75%) 2.897% 20232,3 | 5,195 | 5,127 | |
Diebold Nixdorf, Inc. 9.375% 20251 | 86,900 | 96,627 | |
Diebold, Inc. 8.50% 2024 | 24,505 | 25,118 | |
Elastic NV 4.125% 20291 | 15,900 | 15,900 | |
Gartner, Inc. 4.50% 20281 | 36,330 | 38,417 | |
Gartner, Inc. 3.75% 20301 | 7,525 | 7,708 | |
Imola Merger Corp. 4.75% 20291 | 5,000 | 5,150 | |
J2 Global, Inc. 4.625% 20301 | 5,390 | 5,587 | |
McAfee, LLC, Term Loan, (3-month USD-LIBOR + 3.75%) 3.897% 20242,3 | 14 | 14 | |
MicroStrategy, Inc. 6.125% 20281 | 13,925 | 13,942 | |
MoneyGram International, Inc., Term Loan B, (3-month USD-LIBOR + 6.00%) 7.00% 20232,3 | 32,508 | 32,847 | |
NCR Corp. 5.125% 20291 | 52,150 | 53,845 | |
Oracle Corp. 3.95% 2051 | 7,985 | 8,726 | |
PTC, Inc. 3.625% 20251 | 216 | 223 | |
Rocket Software, Inc. 6.50% 20291 | 29,100 | 28,915 | |
Sabre GLBL, Inc. 7.375% 20251 | 1,950 | 2,123 | |
Sabre Holdings Corp. 9.25% 20251 | 7,154 | 8,526 | |
Solera Holdings, Inc., Term Loan B, (3-month USD-LIBOR + 4.00%) 4.50% 20282,3 | 23,475 | 23,568 | |
Square, Inc. 2.75% 20261 | 34,575 | 35,223 | |
Square, Inc. 3.50% 20311 | 26,860 | 27,129 | |
Synaptics, Inc. 4.00% 20291 | 4,250 | 4,277 | |
UKG, Inc., Term Loan B, (3-month USD-LIBOR + 3.25%) 4.00% 20262,3 | 3,325 | 3,331 | |
Ultimate Software Group, Inc., Term Loan, (3-month USD-LIBOR + 6.75%) 7.50% 20272,3 | 33,050 | 33,725 | |
Unisys Corp. 6.875% 20271 | 32,965 | 36,069 |
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) | |
VeriSign, Inc. 5.25% 2025 | $3,068 | $3,488 | |
Veritas Holdings, Ltd. 10.50% 20241 | 2,882 | 2,970 | |
Veritas Holdings, Ltd. 7.50% 20251 | 47,350 | 49,435 | |
ViaSat, Inc. 5.625% 20271 | 2,445 | 2,559 | |
Virtusa Corp., Term Loan B, (3-month USD-LIBOR + 4.25%) 5.00% 20282,3 | 948 | 953 | |
Xerox Corp. 5.00% 20251 | 12,575 | 13,290 | |
Xerox Corp. 5.50% 20281 | 32,726 | 34,048 | |
845,299 | |||
Consumer staples 3.63% | |||
Albertsons Companies, Inc. 3.50% 20231 | 10,207 | 10,508 | |
Albertsons Companies, Inc. 4.625% 20271 | 650 | 681 | |
Albertsons Companies, Inc. 3.50% 20291 | 28,350 | 28,067 | |
Albertsons Companies, Inc. 4.875% 20301 | 5,915 | 6,316 | |
B&G Foods, Inc. 5.25% 2025 | 48,026 | 49,388 | |
B&G Foods, Inc. 5.25% 2027 | 25,552 | 26,645 | |
CD&R Smokey Buyer, Inc. 6.75% 20251 | 5,070 | 5,441 | |
Central Garden & Pet Co. 4.125% 2030 | 12,556 | 12,868 | |
Central Garden & Pet Co. 4.125% 20311 | 14,605 | 14,810 | |
Coty, Inc. 5.00% 20261 | 11,000 | 11,184 | |
Coty, Inc. 6.50% 20261 | 7,980 | 8,100 | |
Darling Ingredients, Inc. 5.25% 20271 | 7,931 | 8,351 | |
Edgewell Personal Care Co. 5.50% 20281 | 4,775 | 5,071 | |
Energizer Holdings, Inc. 4.375% 20291 | 9,560 | 9,583 | |
Ingles Markets, Inc. 4.00% 20311 | 14,105 | 14,105 | |
JBS Luxembourg SARL 3.625% 20321 | 12,260 | 12,268 | |
Kraft Heinz Company 3.00% 2026 | 9,128 | 9,725 | |
Kraft Heinz Company 3.875% 2027 | 17,995 | 19,786 | |
Kraft Heinz Company 3.75% 2030 | 2,285 | 2,511 | |
Kraft Heinz Company 4.25% 2031 | 16,793 | 19,095 | |
Kraft Heinz Company 4.625% 2039 | 2,950 | 3,446 | |
Kraft Heinz Company 5.00% 2042 | 15,840 | 19,379 | |
Kraft Heinz Company 5.20% 2045 | 6,760 | 8,408 | |
Kraft Heinz Company 4.375% 2046 | 38,099 | 43,244 | |
Kraft Heinz Company 4.875% 2049 | 26,225 | 31,905 | |
Kraft Heinz Company 5.50% 2050 | 13,680 | 17,793 | |
Kronos Acquisition Holdings, Inc. 5.00% 20261 | 17,470 | 17,758 | |
Kronos Acquisition Holdings, Inc. 7.00% 20271 | 49,945 | 50,126 | |
Lamb Weston Holdings, Inc. 4.625% 20241 | 7,754 | 8,045 | |
Nestle Skin Health SA, Term Loan B3, (3-month USD-LIBOR + 3.75%) 4.50% 20262,3 | 23,677 | 23,781 | |
Post Holdings, Inc. 5.625% 20281 | 15,185 | 16,142 | |
Post Holdings, Inc. 5.50% 20291 | 14,799 | 15,904 | |
Post Holdings, Inc. 4.625% 20301 | 56,166 | 57,181 | |
Post Holdings, Inc. 4.50% 20311 | 23,500 | 23,491 | |
Prestige Brands International, Inc. 5.125% 20281 | 11,533 | 12,183 | |
Prestige Brands International, Inc. 3.75% 20311 | 14,440 | 13,951 | |
Simmons Foods, Inc. 4.625% 20291 | 19,185 | 19,376 | |
Spectrum Brands, Inc. 5.75% 2025 | 3,272 | 3,357 | |
TreeHouse Foods, Inc. 4.00% 2028 | 1,540 | 1,531 | |
Triton Water Holdings, Inc. 6.25% 20291 | 11,185 | 11,228 | |
United Natural Foods, Inc. 6.75% 20281 | 30,145 | 32,502 | |
705,234 |
American High-Income Trust — Page 17 of 28
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Real estate 3.26% | Principal amount (000) | Value (000) | |
Brookfield Property REIT, Inc. 5.75% 20261 | $82,121 | $86,439 | |
Diversified Healthcare Trust 4.75% 2024 | 4,950 | 5,092 | |
Diversified Healthcare Trust 9.75% 2025 | 6,800 | 7,540 | |
Diversified Healthcare Trust 4.75% 2028 | 3,315 | 3,270 | |
Diversified Healthcare Trust 4.375% 2031 | 23,630 | 22,673 | |
HAT Holdings I LLC / HAT Holdings II LLC 3.375% 20261 | 10,125 | 10,214 | |
Hospitality Properties Trust 7.50% 2025 | 4,209 | 4,769 | |
Howard Hughes Corp. 5.375% 20281 | 40,458 | 43,032 | |
Howard Hughes Corp. 4.125% 20291 | 32,238 | 32,340 | |
Howard Hughes Corp. 4.375% 20311 | 49,287 | 49,207 | |
Iron Mountain, Inc. 4.875% 20271 | 36,285 | 37,664 | |
Iron Mountain, Inc. 5.00% 20281 | 6,202 | 6,457 | |
Iron Mountain, Inc. 5.25% 20281 | 26,460 | 27,745 | |
Iron Mountain, Inc. 5.25% 20301 | 52,125 | 55,248 | |
Iron Mountain, Inc. 4.50% 20311 | 19,090 | 19,353 | |
Kennedy-Wilson Holdings, Inc. 4.75% 2029 | 42,180 | 43,506 | |
Kennedy-Wilson Holdings, Inc. 5.00% 2031 | 39,595 | 40,783 | |
Ladder Capital Corp. 5.25% 20251 | 14,319 | 14,587 | |
Medical Properties Trust, Inc. 5.00% 2027 | 19,172 | 20,348 | |
Medical Properties Trust, Inc. 3.50% 2031 | 4,187 | 4,234 | |
Park Intermediate Holdings LLC 4.875% 20291 | 32,595 | 33,759 | |
QTS Realty Trust, Inc. 3.875% 20281 | 8,900 | 9,529 | |
Realogy Corp. 9.375% 20271 | 9,835 | 10,941 | |
Realogy Corp. 5.75% 20291 | 14,475 | 15,152 | |
Realogy Group LLC 7.625% 20251 | 3,645 | 3,958 | |
RHP Hotel Properties LP / RHP Finance Corp. 4.50% 20291 | 12,830 | 12,874 | |
Service Properties Trust 5.50% 2027 | 2,300 | 2,458 | |
WeWork Companies, Inc. 7.875% 20251 | 2,400 | 2,511 | |
Xenia Hotels & Resorts, Inc. 4.875% 20291 | 7,605 | 7,862 | |
633,545 | |||
Utilities 2.92% | |||
AES Corp. 3.30% 20251 | 12,600 | 13,485 | |
AmeriGas Partners LP 5.75% 2027 | 5,878 | 6,572 | |
Calpine Corp. 5.25% 20261 | 2,135 | 2,202 | |
Calpine Corp. 4.50% 20281 | 4,000 | 4,085 | |
Calpine Corp. 5.125% 20281 | 8,282 | 8,439 | |
Calpine Corp. 3.75% 20311 | 5,550 | 5,293 | |
Calpine Corp. 5.00% 20311 | 15,000 | 14,955 | |
DPL, Inc. 4.125% 2025 | 12,465 | 13,384 | |
DPL, Inc. 4.35% 2029 | 5,850 | 6,357 | |
Emera, Inc. 6.75% 2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)6 | 18,225 | 21,378 | |
Enfragen Energia Sur SA 5.375% 20301 | 9,700 | 9,666 | |
FirstEnergy Corp. 4.40% 20276 | 550 | 599 | |
FirstEnergy Corp. 2.25% 2030 | 21,125 | 20,280 | |
FirstEnergy Corp. 2.65% 2030 | 6,754 | 6,737 | |
FirstEnergy Corp. 7.375% 2031 | 17,026 | 23,344 | |
FirstEnergy Corp. 5.35% 20476 | 6,825 | 8,202 | |
FirstEnergy Corp. 3.40% 2050 | 23,669 | 23,262 | |
FirstEnergy Transmission LLC 2.866% 20281 | 12,350 | 12,809 | |
Inversiones Latin America Power 5.125% 20331 | 6,530 | 6,479 | |
Investment Energy Resources, Ltd. 6.25% 20291 | 2,710 | 2,937 | |
NextEra Energy Partners LP 4.25% 20241 | 3,163 | 3,341 | |
NextEra Energy Partners LP 3.875% 20261 | 2,373 | 2,514 |
American High-Income Trust — Page 18 of 28
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Utilities (continued) | Principal amount (000) | Value (000) | |
NGL Energy Partners LP 7.50% 2026 | $20,525 | $18,770 | |
NRG Energy, Inc. 7.25% 2026 | 10,807 | 11,231 | |
NRG Energy, Inc. 3.625% 20311 | 18,625 | 18,326 | |
Pacific Gas and Electric Co. 3.00% 2028 | 6,400 | 6,439 | |
Pacific Gas and Electric Co. 3.75% 2028 | 6,000 | 6,294 | |
Pacific Gas and Electric Co. 4.55% 2030 | 8,203 | 8,781 | |
Pacific Gas and Electric Co. 2.50% 2031 | 2,000 | 1,877 | |
Pacific Gas and Electric Co. 3.25% 2031 | 3,500 | 3,447 | |
Pacific Gas and Electric Co. 3.30% 2040 | 4,540 | 4,110 | |
Pacific Gas and Electric Co. 3.50% 2050 | 8,040 | 7,176 | |
Pacific Gas and Electric Co. 4.95% 2050 | 6,675 | 6,877 | |
PG&E Corp. 5.00% 2028 | 51,670 | 52,312 | |
PG&E Corp. 5.25% 2030 | 42,520 | 43,044 | |
PG&E Corp., Term Loan, (3-month USD-LIBOR + 3.00%) 3.50% 20252,3 | 4,803 | 4,746 | |
Talen Energy Corp. 10.50% 20261 | 80,412 | 58,248 | |
Talen Energy Corp. 7.25% 20271 | 63,062 | 58,924 | |
Talen Energy Corp. 6.625% 20281 | 1,819 | 1,669 | |
Talen Energy Supply, LLC 7.625% 20281 | 23,355 | 21,887 | |
Vistra Operations Co. LLC 3.55% 20241 | 5,769 | 6,095 | |
Vistra Operations Co. LLC 4.375% 20291 | 11,650 | 11,723 | |
568,296 | |||
Total corporate bonds, notes & loans | 17,196,255 | ||
U.S. Treasury bonds & notes 0.38% U.S. Treasury 0.29% | |||
U.S. Treasury 2.625% 202110 | 55,000 | 55,646 | |
U.S. Treasury inflation-protected securities 0.09% | |||
U.S. Treasury Inflation-Protected Security 0.125% 205110,11 | 16,408 | 17,986 | |
Total U.S. Treasury bonds & notes | 73,632 | ||
Asset-backed obligations 0.02% | |||
Aesop Funding LLC, Series 2019-2A, Class D, 3.04% 20251,12 | 5,000 | 5,041 | |
Municipals 0.00% Puerto Rico 0.00% | |||
Aqueduct and Sewer Auth., Rev. Bonds, Series 2012-B, 5.35% 2027 | 50 | 50 | |
Total bonds, notes & other debt instruments (cost: $16,836,093,000) | 17,274,978 | ||
Convertible bonds & notes 0.43% Communication services 0.28% | |||
Cinemark USA, Inc., convertible notes, 4.50% 20251 | 3,500 | 6,208 | |
DISH DBS Corp., convertible notes, 3.375% 2026 | 42,635 | 43,616 | |
Live Nation Entertainment, Inc., convertible notes, 2.00% 2025 | 4,500 | 5,044 | |
54,868 |
American High-Income Trust — Page 19 of 28
unaudited
Convertible bonds & notes (continued) Industrials 0.05% | Principal amount (000) | Value (000) | |
American Airlines Group, Inc., convertible notes, 6.50% 2025 | $3,200 | $5,032 | |
Southwest Airlines Co., convertible notes, 1.25% 2025 | 3,631 | 5,517 | |
10,549 | |||
Consumer discretionary 0.05% | |||
NCL Corp., Ltd., convertible notes, 5.375% 20251 | 2,530 | 4,614 | |
Royal Caribbean Cruises, Ltd., convertible notes, 4.25% 20231 | 3,350 | 4,581 | |
9,195 | |||
Information technology 0.04% | |||
Sabre GLBL, Inc., convertible notes, 4.00% 2025 | 4,000 | 7,300 | |
Energy 0.01% | |||
Mesquite Energy, Inc., convertible notes, 15.19% 2023 (100% PIK)1,5,7,8 | 2,194 | 2,194 | |
Total convertible bonds & notes (cost: $74,080,000) | 84,106 | ||
Convertible stocks 0.21% Financials 0.18% | Shares | ||
2020 Cash Mandatory Exchangeable Trust, convertible preferred shares, 0% 20231 | 26,724 | 33,741 | |
Utilities 0.03% | |||
PG&E Corp., convertible preferred units, 5.50% 2023 | 57,000 | 5,778 | |
Total convertible stocks (cost: $31,325,000) | 39,519 | ||
Common stocks 5.38% Energy 2.42% | |||
Chesapeake Energy Corp. | 2,651,622 | 137,672 | |
Chesapeake Energy Corp.1,7 | 13,599 | 678 | |
Oasis Petroleum, Inc.9 | 1,299,833 | 130,698 | |
Denbury, Inc.13 | 843,500 | 64,764 | |
Extraction Oil & Gas, Inc.13 | 785,434 | 43,128 | |
Extraction Oil & Gas, Inc.1,7,13,14 | 267,195 | 14,085 | |
Diamond Offshore Drilling, Inc.13 | 3,120,572 | 19,815 | |
Diamond Offshore Drilling, Inc.1,7,8,13 | 1,092,958 | 5,830 | |
Weatherford International13 | 1,390,634 | 25,310 | |
Ascent Resources - Utica LLC, Class A7,8,13,14 | 90,532,504 | 18,107 | |
California Resources Corp.13 | 183,103 | 5,519 | |
McDermott International, Ltd.13 | 3,921,721 | 1,922 | |
McDermott International, Ltd.1,13,14 | 1,745,604 | 855 | |
Southwestern Energy Co.13 | 229,524 | 1,301 | |
Mesquite Energy, Inc.7,8,13 | 109,992 | 660 | |
Tapstone Energy, LLC1,7,8,9,13 | 498,479 | 5 | |
Petroplus Holdings AG7,8,13 | 3,360,000 | —15 | |
470,349 | |||
Health care 1.06% | |||
Rotech Healthcare, Inc.7,8,9,13,14 | 1,916,276 | 206,000 |
American High-Income Trust — Page 20 of 28
unaudited
Common stocks (continued) Industrials 0.62% | Shares | Value (000) | |
New AMI I, LLC7,8,9,13 | 13,950,408 | $121,368 | |
Communication services 0.36% | |||
Frontier Communications Parent, Inc.13 | 1,873,818 | 49,469 | |
iHeartMedia, Inc., Class A13 | 378,645 | 10,197 | |
Cumulus Media, Inc., Class A13 | 561,642 | 8,228 | |
Clear Channel Outdoor Holdings, Inc.13 | 890,868 | 2,352 | |
70,246 | |||
Consumer discretionary 0.36% | |||
MYT Holding Co., Class B7,9,13 | 7,468,376 | 41,450 | |
NMG Parent LLC7,13 | 192,637 | 26,006 | |
NMG Parent LLC1,7,13 | 21,825 | 2,622 | |
70,078 | |||
Materials 0.28% | |||
Hexion Holdings Corp., Class B9,13 | 3,003,813 | 54,068 | |
Financials 0.14% | |||
Navient Corp. | 775,000 | 14,981 | |
Jonah Energy Parent LLC7,8,9,13 | 747,471 | 11,212 | |
26,193 | |||
Information technology 0.11% | |||
MoneyGram International, Inc.13 | 1,310,886 | 13,214 | |
Diebold Nixdorf, Inc.13 | 685,000 | 8,795 | |
22,009 | |||
Utilities 0.03% | |||
Vistra Corp. | 301,892 | 5,600 | |
Total common stocks (cost: $768,215,000) | 1,045,911 | ||
Preferred securities 0.16% Consumer discretionary 0.10% | |||
MYT Holding LLC, Series A, preferred shares | 19,884,070 | 20,331 | |
Industrials 0.05% | |||
ACR III LSC Holdings LLC, Series B, preferred shares1,7,8,13 | 13,566 | 9,544 | |
Financials 0.01% | |||
Ladenburg Thalmann Financial Services, Inc., noncumulative preferred shares | 80,000 | 1,800 | |
Energy 0.00% | |||
McDermott International, Inc., 8.00% cumulative preferred shares7,8,13 | 1,130 | 57 | |
Total preferred securities (cost: $33,872,000) | 31,732 |
American High-Income Trust — Page 21 of 28
unaudited
Rights & warrants 0.14% Energy 0.09% | Shares | Value (000) | |
Chesapeake Energy Corp., Class B, warrants, expire 202613 | 338,114 | $8,057 | |
Chesapeake Energy Corp., Class A, warrants, expire 202613 | 227,724 | 6,121 | |
Chesapeake Energy Corp., Class C, warrants, expire 202613 | 143,513 | 2,994 | |
California Resources Corp., warrants, expire 202413 | 16,108 | 124 | |
Denbury, Inc., Series B, warrants, expire 20231,13 | 155 | 6 | |
McDermott International, Inc., warrants, expire 20277,8,13 | 845,563 | —15 | |
Sable Permian Resources, LLC, Class A, warrants, expire 20247,8,13 | 42,744 | —15 | |
17,302 | |||
Consumer discretionary 0.05% | |||
NMG Parent LLC, warrants, expire 20277,13 | 407,047 | 9,308 | |
Utilities 0.00% | |||
Vistra Energy Corp., rights1,7,8,13 | 2,202 | —15 | |
Total rights & warrants (cost: $45,001,000) | 26,610 | ||
Short-term securities 3.93% Money market investments 3.93% | |||
Capital Group Central Cash Fund 0.04%9,16 | 7,642,407 | 764,241 | |
Total short-term securities (cost: $764,469,000) | 764,241 | ||
Total investment securities 99.09% (cost: $18,553,055,000) | 19,267,097 | ||
Other assets less liabilities 0.91% | 177,314 | ||
Net assets 100.00% | $19,444,411 |
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount17 (000) | Value at 6/30/202118 (000) | Unrealized depreciation at 6/30/2021 (000) |
2 Year U.S. Treasury Note Futures | Long | 3,772 | October 2021 | $754,400 | $831,048 | $(1,412) |
10 Year Ultra U.S. Treasury Note Futures | Short | 541 | September 2021 | (54,100) | (79,637) | (1,248) |
10 Year U.S. Treasury Note Futures | Short | 5,036 | September 2021 | (503,600) | (667,270) | (1,497) |
$(4,157) |
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 6/30/2021 (000) | Upfront premium received (000) | Unrealized depreciation at 6/30/2021 (000) |
CDX.NA.HY.36 | 5.00%/Quarterly | 6/20/2026 | $909,905 | $(92,845) | $(83,396) | $(9,449) |
American High-Income Trust — Page 22 of 28
unaudited
Investments in affiliates9
Value of affiliates at 10/1/2020 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value of affiliates at 6/30/2021 (000) | Interest or dividend income (000) | |
Bonds, notes & other debt instruments 0.08% | |||||||
Energy 0.08% | |||||||
Oasis Petroleum, Inc. 6.375% 20261 | $— | $17,173 | $1,968 | $43 | $548 | $15,796 | $56 |
Health care 0.00% | |||||||
Concordia International Corp. 8.00% 202419 | 3,202 | — | 3,316 | (62) | 176 | — | 72 |
Concordia International Corp., Term Loan, (3-month USD-LIBOR + 5.50%) 6.50% 20243,19 | 873 | — | 896 | (45) | 68 | — | 32 |
— | |||||||
Total bonds, notes & other debt instruments | 15,796 | ||||||
Common stocks 2.91% | |||||||
Energy 0.67% | |||||||
Oasis Petroleum, Inc. | — | 70,539 | 22,657 | 19,729 | 63,087 | 130,698 | 1,147 |
Tapstone Energy, LLC1,7,8,13 | 5 | — | — | — | — | 5 | — |
Ascent Resources - Utica LLC, Class A7,8,13,14,19 | 19,012 | — | — | — | (905) | — | — |
Tribune Resources, LLC7,13,19 | 5,425 | — | 5,124 | (28,461) | 28,160 | — | — |
130,703 | |||||||
Health care 1.06% | |||||||
Rotech Healthcare, Inc.7,8,13,14 | 111,144 | — | — | — | 94,856 | 206,000 | — |
Advanz Pharma Corp., Ltd.13,19 | 13,484 | — | 46,225 | (11,465) | 44,206 | — | — |
206,000 | |||||||
Industrials 0.63% | |||||||
New AMI I, LLC7,8,13,20 | 84,679 | —15 | — | — | 36,689 | 121,368 | — |
Consumer discretionary 0.21% | |||||||
MYT Holding Co., Class B7,13 | 7,069 | 26 | —15 | —15 | 34,355 | 41,450 | — |
Materials 0.28% | |||||||
Hexion Holdings Corp., Class B13 | 30,095 | 1,898 | 1,620 | 895 | 22,800 | 54,068 | — |
Financials 0.06% | |||||||
Jonah Energy Parent LLC7,8,13 | — | 10,146 | — | — | 1,066 | 11,212 | — |
Total common stocks | 564,801 | ||||||
Rights & warrants 0.00% | |||||||
Energy 0.00% | |||||||
Tribune Resources, LLC, Class A, warrants, expire 20237,13,19 | —15 | — | —15 | (264) | 264 | — | — |
Tribune Resources, LLC, Class B, warrants, expire 20237,13,19 | —15 | — | —15 | (16) | 16 | — | — |
Tribune Resources, LLC, Class C, warrants, expire 20237,13,19 | —15 | — | —15 | (28) | 28 | — | — |
— | |||||||
Short-term securities 3.93% | |||||||
Money market investments 3.93% | |||||||
Capital Group Central Cash Fund 0.04%16 | 617,276 | 4,077,276 | 3,930,226 | (27) | (58) | 764,241 | 512 |
Total 6.92% | $(19,701) | $325,356 | $1,344,838 | $1,819 |
American High-Income Trust — Page 23 of 28
unaudited
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 $12,062,619,000, which represented 62.04% 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 $482,327,000, which represented 2.48% 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 | Scheduled interest and/or principal payment was not received. |
5 | 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. |
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 $545,143,000, which represented 2.80% of the net assets of the fund. |
8 | Value determined using significant unobservable inputs. |
9 | 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. |
10 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $57,775,000, which represented .30% of the net assets of the fund. |
11 | Index-linked bond whose principal amount moves with a government price index. |
12 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
13 | Security did not produce income during the last 12 months. |
14 | 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. |
15 | Amount less than one thousand. |
16 | Rate represents the seven-day yield at 6/30/2021. |
17 | Notional amount is calculated based on the number of contracts and notional contract size. |
18 | Value is calculated based on the notional amount and current market price. |
19 | Unaffiliated issuer at 6/30/2021. |
20 | This security changed its name during the reporting period. |
Private placement securities | Acquisition date(s) | Cost (000) | Value (000) | Percent of net assets |
Rotech Healthcare, Inc. | 9/26/2013 | $41,128 | $206,000 | 1.06% |
Ascent Resources - Utica LLC, Class A | 4/25/2016-11/15/2016 | 4,340 | 18,107 | .09 |
Extraction Oil & Gas, Inc. | 1/20/2021 | 6,738 | 14,085 | .07 |
McDermott International, Ltd. | 4/4/2018-12/31/2020 | 7,967 | 855 | .01 |
Total private placement securities | $ 60,173 | $239,047 | 1.23% |
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 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 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 & 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 |
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 $910,225,000. 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 $660,148,000.
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 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.
American High-Income Trust — Page 25 of 28
unaudited
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 facilitated by the investment adviser’s global risk management 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 June 30, 2021 (dollars in thousands):
Investment securities | ||||
Level 1 | Level 2 | Level 3 | Total | |
Assets: | ||||
Bonds, notes & other debt instruments: | ||||
Corporate bonds, notes & loans | $— | $17,120,238 | $76,017 | $17,196,255 |
U.S. Treasury bonds & notes | — | 73,632 | — | 73,632 |
Asset-backed obligations | — | 5,041 | — | 5,041 |
Municipals | — | 50 | — | 50 |
Convertible bonds & notes | — | 81,912 | 2,194 | 84,106 |
Convertible stocks | 5,778 | 33,741 | — | 39,519 |
Common stocks | 578,073 | 104,656 | 363,182 | 1,045,911 |
Preferred securities | 1,800 | 20,331 | 9,601 | 31,732 |
Rights & warrants | 17,302 | 9,308 | —1 | 26,610 |
Short-term securities | 764,241 | — | — | 764,241 |
Total | $1,367,194 | $17,448,909 | $450,994 | $19,267,097 |
Other investments2 | ||||
Level 1 | Level 2 | Level 3 | Total | |
Liabilities: | ||||
Unrealized depreciation on futures contracts | $(4,157) | $— | $— | $(4,157) |
Unrealized depreciation on credit default swaps | — | (9,449) | — | (9,449) |
Total | $(4,157) | $(9,449) | $— | $(13,606) |
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 nine months ended
June 30, 2021 (dollars in thousands):
June 30, 2021 (dollars in thousands):
Beginning value at 10/1/2020 | Transfers into Level 33 | Purchases | Sales | Net realized loss | Unrealized appreciation | Transfers out of Level 33 | Ending value at 6/30/2021 | |
Investment securities | $336,162 | $1 | $92,663 | $(130,623) | $(52,072) | $214,064 | $(9,201) | $450,994 |
Net unrealized appreciation during the period on Level 3 investment securities held at June 30, 2021 | $177,293 |
3Transfers 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 6/30/2021 | Valuation techniques | Unobservable inputs | Range (if applicable) | Weighted average1 | Impact to valuation from an increase in input2 | |
Bonds, notes & other debt instruments | $ 76,017 | Estimated recovery value | Expected sale proceeds | N/A | N/A | N/A |
Exchange terms | N/A | N/A | N/A | |||
Vendor price | N/A | N/A | N/A | |||
Par value | N/A | N/A | N/A | |||
Risk discount | 50% | 50% | Decrease | |||
Yield analysis | YTM risk premium | 200 bps | 200 bps | Decrease | ||
Convertible securities | 2,194 | Transaction price | N/A | N/A | N/A | N/A |
Common stocks | 363,182 | Liquidation value | N/A | N/A | N/A | N/A |
Estimated recovery value | N/A | N/A | N/A | N/A | ||
Exchange terms | N/A | N/A | N/A | |||
Par value | N/A | N/A | N/A | |||
Risk discount | 90% | 90% | Decrease | |||
Adjustment based on market decline | 20% | 20% | Decrease | |||
Market comparable companies | EV/EBITDA multiple | 5.9x | 5.9x | Increase | ||
EV/EBITDA less CapEx multiple | 10.0x - 17.7x | 14.8x | Increase | |||
Discount to EV/EBITDA less CapEx multiple | 21% | 21% | Decrease | |||
DLOM | 16% - 21% | 19% | Decrease | |||
Recent market information | Vendor price | N/A | N/A | N/A | ||
DLOM | 16% | 16% | Decrease | |||
Transaction price | N/A | N/A | N/A | N/A | ||
Preferred securities | 9,601 | Estimated recovery value | Par value | N/A | N/A | N/A |
Risk discount | 95% | 95% | Decrease | |||
Market comparable companies | EV/EBITDA multiple | 3.5x | 3.5x | Increase | ||
DLOM | 30% | 30% | Decrease | |||
Rights & warrants | —3 | Estimated recovery value | N/A | N/A | N/A | N/A |
Total | $ 450,994 |
1 | Weighted average is by relative fair value. |
2 | This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements. |
3 | Amount less than one thousand. |
Key to abbreviations and symbol |
Auth. = Authority |
CapEx = Capital expenditure |
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 |
Rev. = Revenue |
USD/$ = U.S. dollars |
YTM = Yield to maturity |
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.
© 2021 Capital Group. All rights reserved.
MFGEFP3-021-0821O-S85335 | American High-Income Trust — Page 28 of 28 |