American High-Income Trust®
Investment portfolio
June 30, 2022
unaudited
Bonds, notes & other debt instruments 89.57% Corporate bonds, notes & loans 89.37% Energy 13.92% | Principal amount (000) | Value (000) | |
Aethon United BR LP / Aethon United Finance Corp. 8.25% 20261 | USD6,600 | $6,424 | |
Antero Midstream Partners LP 5.375% 20291 | 10,095 | 9,060 | |
Antero Resources Corp. 7.625% 20291 | 7,453 | 7,594 | |
Antero Resources Corp. 5.375% 20301 | 15,820 | 14,450 | |
Apache Corp. 4.625% 2025 | 5,540 | 5,526 | |
Apache Corp. 6.00% 2037 | 2,910 | 2,689 | |
Apache Corp. 5.10% 2040 | 13,635 | 11,553 | |
Apache Corp. 4.75% 2043 | 5,725 | 4,469 | |
Apache Corp. 4.25% 2044 | 270 | 198 | |
Apache Corp. 5.35% 2049 | 150 | 119 | |
Ascent Resources - Utica, LLC 7.00% 20261 | 38,410 | 35,772 | |
Ascent Resources - Utica, LLC 9.00% 20271 | 4,380 | 5,509 | |
Ascent Resources - Utica, LLC 8.25% 20281 | 4,792 | 4,570 | |
Ascent Resources - Utica, LLC 5.875% 20291 | 23,210 | 20,458 | |
Ascent Resources - Utica, LLC, Term Loan, (3-month USD-LIBOR + 9.00%) 10.00% 20251,2,3 | 4,446 | 4,691 | |
Blue Racer Midstream, LLC and Blue Racer Finance Corp. 7.625% 20251 | 11,254 | 10,657 | |
Bonanza Creek Energy, Inc. 5.00% 20261 | 15,860 | 14,257 | |
California Resources Corp. 7.125% 20261 | 7,775 | 7,616 | |
Callon Petroleum Co. 7.50% 20301 | 10,050 | 9,263 | |
Cenovus Energy, Inc. 5.375% 2025 | 204 | 210 | |
Cenovus Energy, Inc. 4.25% 2027 | 390 | 383 | |
Cenovus Energy, Inc. 5.25% 2037 | 400 | 391 | |
Cenovus Energy, Inc. 5.40% 2047 | 390 | 376 | |
Centennial Resource Production, LLC 6.875% 20271 | 6,752 | 6,424 | |
Cheniere Energy Partners LP 4.50% 2029 | 26,037 | 23,295 | |
Cheniere Energy Partners LP 4.00% 2031 | 30,178 | 25,731 | |
Cheniere Energy Partners LP 3.25% 20321 | 25,247 | 19,938 | |
Cheniere Energy, Inc. 7.00% 2024 | 10,666 | 11,061 | |
Cheniere Energy, Inc. 5.875% 2025 | 5,005 | 5,130 | |
Cheniere Energy, Inc. 4.625% 2028 | 104,038 | 94,028 | |
Chesapeake Energy Corp. 4.875% 20224 | 28,871 | 559 | |
Chesapeake Energy Corp. 5.75% 20234 | 1,730 | 34 | |
Chesapeake Energy Corp. 5.50% 20261 | 20,225 | 19,299 | |
Chesapeake Energy Corp. 5.875% 20291 | 28,595 | 27,019 | |
Chesapeake Energy Corp. 6.75% 20291 | 4,520 | 4,384 | |
CNX Midstream Partners LP 4.75% 20301 | 5,745 | 4,833 | |
CNX Resources Corp. 7.25% 20271 | 37,307 | 36,612 | |
CNX Resources Corp. 6.00% 20291 | 28,152 | 26,351 | |
Comstock Resources, Inc. 6.75% 20291 | 14,820 | 13,302 | |
Comstock Resources, Inc. 5.875% 20301 | 15,605 | 13,463 | |
Constellation Oil Services Holding SA 13.50% 20251,5,6 | 5,794 | 5,794 | |
Constellation Oil Services Holding SA 4.00% PIK or 3.00% Cash 20267 | 45,571 | 38,052 | |
Continental Resources, Inc. 5.75% 20311 | 7,250 | 7,023 | |
CQP Holdco LP / BIP-V Chinook Holdco, LLC 5.50% 20311 | 54,105 | 46,234 |
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) | |
Crestwood Midstream Partners LP 5.75% 2025 | USD4,990 | $4,674 | |
Crestwood Midstream Partners LP 5.625% 20271 | 5,000 | 4,458 | |
Crestwood Midstream Partners LP 6.00% 20291 | 9,825 | 8,590 | |
Devon Energy Corp. 5.875% 2028 | 2,830 | 2,890 | |
Devon Energy Corp. 4.50% 2030 | 10,040 | 9,494 | |
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 20271,3,7 | 2,584 | 2,545 | |
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 20273,7 | 2,337 | 2,302 | |
DT Midstream, Inc. 4.125% 20291 | 23,690 | 20,146 | |
DT Midstream, Inc. 4.375% 20311 | 14,675 | 12,335 | |
Encino Acquisition Partners Holdings, LLC 8.50% 20281 | 684 | 647 | |
Endeavor Energy Resources LP 6.625% 20251 | 13,260 | 13,344 | |
Energean Israel Finance, Ltd. 4.50% 20241 | 17,855 | 16,851 | |
Energean Israel Finance, Ltd. 4.875% 20261 | 20,000 | 17,726 | |
Energean PLC 6.50% 20271 | 9,930 | 8,834 | |
EnLink Midstream Partners, LLC 5.625% 20281 | 8,585 | 7,890 | |
EQM Midstream Partners, LP 6.00% 20251 | 4,000 | 3,842 | |
EQM Midstream Partners, LP 4.125% 2026 | 3,011 | 2,606 | |
EQM Midstream Partners, LP 6.50% 20271 | 46,525 | 43,342 | |
EQM Midstream Partners, LP 7.50% 20271 | 16,085 | 15,548 | |
EQM Midstream Partners, LP 5.50% 2028 | 17,346 | 15,009 | |
EQM Midstream Partners, LP 4.50% 20291 | 21,910 | 17,829 | |
EQM Midstream Partners, LP 7.50% 20301 | 17,867 | 17,193 | |
EQM Midstream Partners, LP 4.75% 20311 | 32,135 | 25,720 | |
EQM Midstream Partners, LP 6.50% 2048 | 9,700 | 7,414 | |
EQT Corp. 6.625% 20258 | 5,052 | 5,207 | |
EQT Corp. 5.00% 2029 | 6,915 | 6,705 | |
EQT Corp. 7.50% 20308 | 5,395 | 5,801 | |
EQT Corp. 3.625% 20311 | 9,080 | 7,863 | |
Genesis Energy, LP 5.625% 2024 | 2,765 | 2,597 | |
Genesis Energy, LP 6.50% 2025 | 32,102 | 29,657 | |
Genesis Energy, LP 6.25% 2026 | 6,115 | 5,472 | |
Genesis Energy, LP 8.00% 2027 | 57,309 | 50,879 | |
Genesis Energy, LP 7.75% 2028 | 7,180 | 6,221 | |
Harbour Energy PLC 5.50% 20261 | 32,030 | 28,844 | |
Harvest Midstream I, LP 7.50% 20281 | 43,575 | 41,009 | |
Hess Midstream Operations LP 4.25% 20301 | 25,875 | 21,718 | |
Hess Midstream Operations LP 5.50% 20301 | 11,695 | 10,516 | |
Hess Midstream Partners LP 5.125% 20281 | 9,663 | 8,691 | |
Hilcorp Energy I, LP 6.25% 20281 | 3,515 | 3,320 | |
Hilcorp Energy I, LP 5.75% 20291 | 16,445 | 14,470 | |
Hilcorp Energy I, LP 6.00% 20301 | 14,030 | 12,229 | |
Hilcorp Energy I, LP 6.00% 20311 | 12,665 | 10,939 | |
Hilcorp Energy I, LP 6.25% 20321 | 8,940 | 7,868 | |
Holly Energy Partners LP / Holly Energy Finance Corp. 6.375% 20271 | 8,700 | 8,207 | |
Holly Energy Partners LP / Holly Energy Finance Corp. 5.00% 20281 | 5,034 | 4,320 | |
Howard Midstream Energy Partners, LLC 6.75% 20271 | 8,950 | 7,724 | |
Independence Energy Finance, LLC 7.25% 20261 | 8,650 | 7,888 | |
Kinetik Holdings LP 5.875% 20301 | 12,960 | 12,369 | |
Lealand Finance Co. BV, Term Loan, (3-month USD-LIBOR + 3.00%) 4.666% 20242,3 | 526 | 329 | |
Lealand Finance Co. BV, Term Loan, (3-month USD-LIBOR + 1.00%) 3.00% PIK and 2.06% Cash 20252,3,7 | 7,807 | 4,001 | |
McDermott International, Inc., Term Loan, (3-month USD-LIBOR + 4.00%) 4.00% 20242,3,5,6 | 2,000 | 1,000 | |
Murphy Oil Corp. 6.875% 2024 | 554 | 556 |
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) | |
Murphy Oil Corp. 5.75% 2025 | USD5,000 | $4,956 | |
Murphy Oil Corp. 6.375% 2028 | 8,000 | 7,476 | |
Murphy Oil USA, Inc. 4.75% 2029 | 11,345 | 10,232 | |
Murphy Oil USA, Inc. 3.75% 20311 | 14,480 | 12,331 | |
Nabors Industries, Inc. 7.375% 20271 | 27,700 | 26,350 | |
Nabors Industries, Ltd. 7.25% 20261 | 4,624 | 4,107 | |
Neptune Energy Group Holdings, Ltd. 6.625% 20251 | 21,325 | 20,511 | |
New Fortress Energy, Inc. 6.75% 20251 | 32,545 | 30,845 | |
New Fortress Energy, Inc. 6.50% 20261 | 74,340 | 67,471 | |
NGL Energy Operating, LLC 7.50% 20261 | 174,817 | 157,952 | |
NGL Energy Partners LP 7.50% 2023 | 8,165 | 7,401 | |
NGL Energy Partners LP 6.125% 2025 | 41,177 | 31,318 | |
NGPL PipeCo, LLC 4.875% 20271 | 1,010 | 1,000 | |
Northern Oil and Gas, Inc. 8.125% 20281 | 33,840 | 31,944 | |
NorthRiver Midstream Finance LP 5.625% 20261 | 10,800 | 9,806 | |
NuStar Logistics LP 6.00% 2026 | 6,129 | 5,742 | |
Oasis Midstream Partners LP / OMP Finance Corp. 8.00% 20291 | 33,755 | 31,413 | |
Oasis Petroleum, Inc. 6.375% 20261 | 19,756 | 18,304 | |
Occidental Petroleum Corp. 2.90% 2024 | 10,480 | 10,131 | |
Occidental Petroleum Corp. 5.875% 2025 | 12,395 | 12,367 | |
Occidental Petroleum Corp. 8.00% 2025 | 22,020 | 23,213 | |
Occidental Petroleum Corp. 3.00% 2027 | 500 | 452 | |
Occidental Petroleum Corp. 6.375% 2028 | 4,575 | 4,640 | |
Occidental Petroleum Corp. 6.625% 2030 | 14,500 | 14,961 | |
Occidental Petroleum Corp. 8.875% 2030 | 7,825 | 8,999 | |
Occidental Petroleum Corp. 6.125% 2031 | 9,440 | 9,588 | |
Occidental Petroleum Corp. 6.45% 2036 | 625 | 642 | |
Occidental Petroleum Corp. 4.20% 2048 | 2,543 | 1,985 | |
Parkland Corp. 4.625% 20301 | 15,355 | 12,483 | |
PDC Energy, Inc. 5.75% 2026 | 12,000 | 11,216 | |
Petróleos Mexicanos 6.875% 2025 | 6,200 | 5,812 | |
Petróleos Mexicanos 8.75% 20291 | 15,562 | 14,118 | |
Petrorio Luxembourg SARL 6.125% 20261 | 6,800 | 6,266 | |
Range Resources Corp. 4.875% 2025 | 7,303 | 7,136 | |
Range Resources Corp. 8.25% 2029 | 17,375 | 17,743 | |
Range Resources Corp. 4.75% 20301 | 19,510 | 17,528 | |
Rattler Midstream Partners LP 5.625% 20251 | 17,873 | 17,890 | |
Rockcliff Energy II, LLC 5.50% 20291 | 2,265 | 2,064 | |
Rockies Express Pipeline, LLC 4.95% 20291 | 11,193 | 9,589 | |
Sabine Pass Liquefaction, LLC 5.625% 2025 | 1,800 | 1,838 | |
Sabine Pass Liquefaction, LLC 4.50% 2030 | 8,930 | 8,567 | |
Sanchez Energy Corp. 7.25% 20231,4 | 22,796 | 342 | |
SM Energy Co. 5.625% 2025 | 5,270 | 4,987 | |
SM Energy Co. 6.50% 2028 | 2,910 | 2,681 | |
Southwestern Energy Co. 5.95% 20258 | 7,548 | 7,469 | |
Southwestern Energy Co. 7.75% 2027 | 5,284 | 5,399 | |
Southwestern Energy Co. 8.375% 2028 | 11,445 | 12,080 | |
Southwestern Energy Co. 5.375% 2029 | 6,470 | 6,014 | |
Southwestern Energy Co. 5.375% 2030 | 44,750 | 41,261 | |
Southwestern Energy Co. 4.75% 2032 | 24,695 | 21,162 | |
Suburban Propane Partners LP / Suburban Energy Finance Corp. 5.00% 20311 | 6,110 | 5,206 | |
Summit Midstream Holdings / Summit Midstream Finance Corp. 8.50% 20261 | 5,750 | 5,176 | |
Sunoco LP 6.00% 2027 | 12,591 | 12,026 | |
Sunoco LP 5.875% 2028 | 4,885 | 4,463 |
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) | |
Sunoco LP 4.50% 2029 | USD31,065 | $25,667 | |
Sunoco LP 4.50% 20301 | 31,235 | 25,275 | |
Superior Plus LP and Superior General Partner, Inc. 4.50% 20291 | 7,994 | 6,810 | |
Tallgrass Energy Partners, LP 7.50% 20251 | 5,470 | 5,303 | |
Targa Resources Partners LP 6.50% 2027 | 4,322 | 4,435 | |
Targa Resources Partners LP 6.875% 2029 | 18,530 | 18,941 | |
Targa Resources Partners LP 5.50% 2030 | 16,729 | 15,993 | |
Targa Resources Partners LP 4.875% 2031 | 13,835 | 12,637 | |
Teekay Offshore Partners LP 8.50% 20231,5,6 | 27,286 | 24,830 | |
Transocean Guardian, Ltd. 5.875% 20241 | 4,742 | 4,390 | |
Transocean Poseidon, Ltd. 6.875% 20271 | 5,888 | 5,189 | |
Transocean, Inc. 6.125% 20251 | 4,044 | 3,705 | |
Transocean, Inc. 7.25% 20251 | 8,700 | 6,450 | |
Transocean, Inc. 11.50% 20271 | 1,905 | 1,791 | |
USA Compression Partners, LP 6.875% 2026 | 9,636 | 8,778 | |
USA Compression Partners, LP 6.875% 2027 | 2,403 | 2,136 | |
Venture Global Calcasieu Pass, LLC 4.125% 20311 | 53,160 | 45,584 | |
Venture Global Calcasieu Pass, LLC 3.875% 20331 | 11,525 | 9,542 | |
Weatherford International, Ltd. 11.00% 20241 | 8,691 | 8,769 | |
Weatherford International, Ltd. 6.50% 20281 | 42,845 | 38,530 | |
Weatherford International, Ltd. 8.625% 20301 | 63,845 | 53,102 | |
Western Gas Partners LP 4.50% 2028 | 20,233 | 18,344 | |
Western Gas Partners LP 5.45% 2044 | 985 | 821 | |
Western Midstream Operating, LP 3.60% 2025 (3.35% on 8/1/2022)8 | 6,455 | 5,959 | |
Western Midstream Operating, LP 4.75% 2028 | 2,830 | 2,590 | |
Western Midstream Operating, LP 4.55% 2030 (4.30% on 8/1/2022)8 | 9,650 | 8,374 | |
Western Midstream Operating, LP 5.75% 2050 (5.50% on 8/1/2022)8 | 5,500 | 4,433 | |
2,407,461 | |||
Consumer discretionary 13.70% | |||
Adient Global Holdings, Ltd. 4.875% 20261 | 3,775 | 3,319 | |
Affinity Gaming 6.875% 20271 | 4,050 | 3,407 | |
Allied Universal Holdco, LLC 6.625% 20261 | 10,948 | 10,067 | |
Allied Universal Holdco, LLC 9.75% 20271 | 17,657 | 14,992 | |
Allied Universal Holdco, LLC 4.625% 20281 | 14,520 | 12,017 | |
Allied Universal Holdco, LLC 6.00% 20291 | 55,952 | 40,796 | |
Asbury Automotive Group, Inc. 4.50% 2028 | 5,000 | 4,344 | |
Asbury Automotive Group, Inc. 4.625% 20291 | 30,700 | 25,410 | |
Asbury Automotive Group, Inc. 5.00% 20321 | 6,940 | 5,684 | |
Atlas LuxCo 4 SARL 4.625% 20281 | 7,925 | 6,426 | |
Beazer Homes USA, Inc. 5.875% 2027 | 10,802 | 8,331 | |
Boyd Gaming Corp. 4.75% 2027 | 10,889 | 9,877 | |
Boyd Gaming Corp. 4.75% 20311 | 14,320 | 12,129 | |
Boyne USA, Inc. 4.75% 20291 | 17,805 | 15,446 | |
Caesars Entertainment, Inc. 6.25% 20251 | 15,390 | 14,884 | |
Caesars Entertainment, Inc. 8.125% 20271 | 14,360 | 13,905 | |
Caesars Entertainment, Inc. 4.625% 20291 | 66,735 | 52,067 | |
Caesars Resort Collection, LLC 5.75% 20251 | 6,040 | 5,792 | |
Carnival Corp. 7.625% 20261 | 32,150 | 24,977 | |
Carnival Corp. 10.50% 20261 | 27,520 | 27,449 | |
Carnival Corp. 4.00% 20281 | 55,985 | 46,106 | |
Carnival Corp. 6.00% 20291 | 16,575 | 11,702 | |
Carnival Corp. 10.50% 20301 | 19,050 | 15,721 | |
Carvana Co. 5.625% 20251 | 9,870 | 7,594 |
American High-Income Trust — Page 4 of 28
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Consumer discretionary (continued) | Principal amount (000) | Value (000) | |
Carvana Co. 5.50% 20271 | USD21,330 | $13,795 | |
Carvana Co. 5.875% 20281 | 18,110 | 11,519 | |
Carvana Co. 4.875% 20291 | 22,172 | 12,641 | |
CDI Escrow Issuer, Inc. 5.75% 20301 | 15,620 | 14,247 | |
CEC Entertainment, Inc. 6.75% 20261 | 6,500 | 5,734 | |
Dana, Inc. 4.25% 2030 | 3,975 | 3,092 | |
Dana, Inc. 4.50% 2032 | 8,510 | 6,303 | |
Dave & Buster’s, Inc. 7.625% 20251 | 6,075 | 6,006 | |
Empire Communities Corp. 7.00% 20251 | 8,900 | 7,044 | |
Empire Resorts, Inc. 7.75% 20261 | 15,895 | 14,255 | |
Everi Holdings, Inc. 5.00% 20291 | 3,000 | 2,539 | |
Fertitta Entertainment, Inc. 4.625% 20291 | 25,195 | 21,550 | |
Fertitta Entertainment, Inc. 6.75% 20301 | 82,175 | 63,306 | |
First Student Bidco, Inc. / First Transit Parent, Inc. 4.00% 20291 | 43,095 | 34,546 | |
Ford Motor Co. 2.30% 2025 | 2,000 | 1,800 | |
Ford Motor Co. 2.90% 2029 | 4,225 | 3,320 | |
Ford Motor Co. 3.25% 2032 | 6,100 | 4,583 | |
Ford Motor Co. 5.291% 2046 | 1,265 | 974 | |
Ford Motor Credit Company, LLC 3.664% 2024 | 2,138 | 2,026 | |
Ford Motor Credit Company, LLC 3.81% 2024 | 4,098 | 3,983 | |
Ford Motor Credit Company, LLC 5.584% 2024 | 1,504 | 1,499 | |
Ford Motor Credit Company, LLC 3.375% 2025 | 26,750 | 24,172 | |
Ford Motor Credit Company, LLC 5.125% 2025 | 77,545 | 74,214 | |
Ford Motor Credit Company, LLC 2.70% 2026 | 15,315 | 13,070 | |
Ford Motor Credit Company, LLC 4.389% 2026 | 275 | 254 | |
Ford Motor Credit Company, LLC 4.542% 2026 | 21,795 | 19,982 | |
Ford Motor Credit Company, LLC 3.815% 2027 | 31,715 | 27,021 | |
Ford Motor Credit Company, LLC 4.125% 2027 | 13,940 | 12,314 | |
Ford Motor Credit Company, LLC 4.271% 2027 | 4,575 | 4,112 | |
Ford Motor Credit Company, LLC 4.95% 2027 | 7,420 | 6,908 | |
Ford Motor Credit Company, LLC 2.90% 2028 | 8,850 | 7,145 | |
Ford Motor Credit Company, LLC 5.113% 2029 | 2,845 | 2,557 | |
Ford Motor Credit Company, LLC 4.00% 2030 | 18,388 | 14,936 | |
Group 1 Automotive, Inc. 4.00% 20281 | 12,155 | 10,183 | |
Hanesbrands, Inc. 4.625% 20241 | 35,960 | 35,266 | |
Hanesbrands, Inc. 4.875% 20261 | 35,056 | 32,540 | |
Hilton Grand Vacations Borrower 5.00% 20291 | 13,179 | 10,696 | |
Hilton Worldwide Holdings, Inc. 3.75% 20291 | 4,250 | 3,610 | |
Hilton Worldwide Holdings, Inc. 4.875% 2030 | 10,527 | 9,543 | |
Hilton Worldwide Holdings, Inc. 4.00% 20311 | 20,465 | 17,068 | |
International Game Technology PLC 6.50% 20251 | 23,237 | 23,164 | |
International Game Technology PLC 4.125% 20261 | 23,730 | 21,524 | |
International Game Technology PLC 6.25% 20271 | 12,005 | 11,700 | |
International Game Technology PLC 5.25% 20291 | 63,232 | 57,388 | |
Jacobs Entertainment, Inc. 6.75% 20291 | 10,230 | 8,665 | |
KB Home 6.875% 2027 | 6,170 | 5,965 | |
KB Home 7.25% 2030 | 6,770 | 6,423 | |
Kontoor Brands, Inc. 4.125% 20291 | 6,770 | 5,388 | |
Kronos Acquisition Holdings, Inc., Term Loan B2, (3-month USD CME Term SOFR + 6.00%) 7.649% 20262,3 | 1,995 | 1,955 | |
Las Vegas Sands Corp. 3.20% 2024 | 12,558 | 11,876 | |
LCM Investments Holdings II, LLC 4.875% 20291 | 23,529 | 17,976 | |
Lennar Corp. 4.50% 2024 | 495 | 494 | |
Levi Strauss & Co. 3.50% 20311 | 7,470 | 6,121 |
American High-Income Trust — Page 5 of 28
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Consumer discretionary (continued) | Principal amount (000) | Value (000) | |
Limited Brands, Inc. 6.625% 20301 | USD4,805 | $4,163 | |
Limited Brands, Inc. 6.875% 2035 | 21,943 | 17,894 | |
Limited Brands, Inc. 6.75% 2036 | 13,030 | 10,447 | |
Lindblad Expeditions, LLC 6.75% 20271 | 4,075 | 3,500 | |
Lithia Motors, Inc. 4.625% 20271 | 5,350 | 4,913 | |
Lithia Motors, Inc. 3.875% 20291 | 6,930 | 5,901 | |
Lithia Motors, Inc. 4.375% 20311 | 6,200 | 5,296 | |
LSF9 Atlantis Holdings, LLC / Victra Finance Corp. 7.75% 20261 | 6,655 | 5,646 | |
M.D.C. Holdings, Inc. 6.00% 2043 | 11,252 | 9,209 | |
Macy’s Retail Holdings, LLC 5.875% 20301 | 2,870 | 2,413 | |
Macy’s Retail Holdings, LLC 6.125% 20321 | 1,230 | 1,030 | |
Marriott Ownership Resorts, Inc. 4.75% 2028 | 2,500 | 2,172 | |
Marriott Ownership Resorts, Inc. 4.50% 20291 | 7,200 | 5,999 | |
Melco International Development, Ltd. 4.875% 20251 | 8,025 | 6,009 | |
Melco International Development, Ltd. 5.75% 20281 | 27,482 | 17,726 | |
Melco International Development, Ltd. 5.375% 20291 | 27,799 | 16,819 | |
Melco Resorts Finance, Ltd. 5.25% 20261 | 5,000 | 3,534 | |
Merlin Entertainment 5.75% 20261 | 10,798 | 9,868 | |
MGM Resorts International 6.00% 2023 | 4,884 | 4,881 | |
MGM Resorts International 5.50% 2027 | 5,707 | 5,129 | |
Midas Intermediate Holdco II, LLC, Term Loan B, (USD Prime Rate + 7.75%) 9.70% Cash 20252,3,7 | 4,215 | 3,877 | |
Midwest Gaming Borrower, LLC 4.875% 20291 | 4,795 | 3,916 | |
Mohegan Gaming & Entertainment 8.00% 20261 | 12,915 | 11,016 | |
Motel 6 Operating LP, Term Loan B, (1-month USD-LIBOR + 5.00%) 6.666% 20262,3 | 10,461 | 10,304 | |
NCL Corp., Ltd. 3.625% 20241 | 6,450 | 5,374 | |
NCL Corp., Ltd. 5.875% 20261 | 12,750 | 10,045 | |
NCL Corp., Ltd. 5.875% 20271 | 24,615 | 21,092 | |
NCL Corp., Ltd. 7.75% 20291 | 7,115 | 5,454 | |
Neiman Marcus Group, LLC 7.125% 20261 | 52,945 | 48,964 | |
Newell Brands, Inc. 5.625% 20368 | 535 | 464 | |
Newell Rubbermaid, Inc. 4.875% 2025 | 7,770 | 7,666 | |
Panther BF Aggregator 2, LP 6.25% 20261 | 3,667 | 3,535 | |
Panther BF Aggregator 2, LP 8.50% 20271 | 8,425 | 8,160 | |
Party City Holdings, Inc. 6.125% 20231 | 9,100 | 7,672 | |
Party City Holdings, Inc. 6.625% 20261 | 5,000 | 2,955 | |
Party City Holdings, Inc. 8.75% 20261 | 74,453 | 50,174 | |
Penske Automotive Group, Inc. 3.75% 2029 | 6,325 | 5,278 | |
PetSmart, Inc. 4.75% 20281 | 14,175 | 12,306 | |
PetSmart, Inc. 7.75% 20291 | 23,775 | 21,463 | |
Premier Entertainment Sub, LLC 5.625% 20291 | 30,035 | 21,429 | |
Premier Entertainment Sub, LLC 5.875% 20311 | 15,560 | 10,820 | |
QVC, Inc. 4.85% 2024 | 1,875 | 1,756 | |
QVC, Inc. 4.75% 2027 | 1,176 | 931 | |
QVC, Inc. 4.375% 2028 | 11,948 | 8,862 | |
Raptor Acquisition Corp. 4.875% 20261 | 32,875 | 28,825 | |
Real Hero Merger Sub 2, Inc. 6.25% 20291 | 11,582 | 8,800 | |
Royal Caribbean Cruises, Ltd. 10.875% 20231 | 5,500 | 5,532 | |
Royal Caribbean Cruises, Ltd. 11.50% 20251 | 39,133 | 40,306 | |
Royal Caribbean Cruises, Ltd. 4.25% 20261 | 36,740 | 26,165 | |
Royal Caribbean Cruises, Ltd. 5.50% 20261 | 14,200 | 10,585 | |
Royal Caribbean Cruises, Ltd. 5.375% 20271 | 22,035 | 16,070 | |
Royal Caribbean Cruises, Ltd. 3.70% 2028 | 5,775 | 3,677 | |
Royal Caribbean Cruises, Ltd. 5.50% 20281 | 1,400 | 976 |
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) | |
Sally Holdings, LLC and Sally Capital, Inc. 5.625% 2025 | USD31,014 | $29,172 | |
Scientific Games Corp. 8.625% 20251 | 25,415 | 26,091 | |
Scientific Games Corp. 7.00% 20281 | 30,726 | 28,878 | |
Scientific Games Corp. 7.25% 20291 | 61,995 | 58,225 | |
Scientific Games Holdings LP 6.625% 20301 | 46,325 | 39,449 | |
Six Flags Entertainment Corp. 4.875% 20241 | 7,939 | 7,560 | |
Sonic Automotive, Inc. 4.625% 20291 | 31,560 | 24,495 | |
Sonic Automotive, Inc. 4.875% 20311 | 43,779 | 32,997 | |
Staples, Inc. 7.50% 20261 | 8,250 | 6,863 | |
Studio City Co., Ltd. 7.00% 20271 | 24,570 | 21,334 | |
Studio City Finance, Ltd. 6.00% 20251 | 12,240 | 7,769 | |
Studio City Finance, Ltd. 5.00% 20291 | 23,322 | 12,077 | |
Tempur Sealy International, Inc. 4.00% 20291 | 17,370 | 14,026 | |
The Gap, Inc. 3.625% 20291 | 3,225 | 2,271 | |
The Gap, Inc. 3.875% 20311 | 2,148 | 1,503 | |
The Home Co., Inc. 7.25% 20251 | 17,945 | 14,695 | |
Travel + Leisure Co. 6.60% 20258 | 925 | 900 | |
Travel + Leisure Co. 6.00% 2027 | 4,000 | 3,629 | |
Travel + Leisure Co. 4.50% 20291 | 27,230 | 21,109 | |
Universal Entertainment Corp. 8.50% 20241 | 63,885 | 61,982 | |
Vail Resorts, Inc. 6.25% 20251 | 5,590 | 5,593 | |
VICI Properties LP 4.25% 20261 | 9,323 | 8,534 | |
VICI Properties LP 4.625% 20291 | 4,118 | 3,689 | |
VICI Properties LP / VICI Note Co., Inc. 5.625% 20241 | 9,113 | 9,018 | |
VICI Properties LP / VICI Note Co., Inc. 3.50% 20251 | 14,407 | 13,499 | |
VICI Properties LP / VICI Note Co., Inc. 4.625% 20251 | 16,870 | 16,076 | |
VICI Properties LP / VICI Note Co., Inc. 4.50% 20261 | 2,625 | 2,420 | |
VICI Properties LP / VICI Note Co., Inc. 3.75% 20271 | 11,968 | 10,551 | |
VICI Properties LP / VICI Note Co., Inc. 3.875% 20291 | 22,525 | 19,417 | |
VICI Properties LP / VICI Note Co., Inc. 4.125% 20301 | 17,502 | 15,136 | |
WASH Multifamily Acquisition, Inc. 5.75% 20261 | 18,780 | 17,732 | |
Wheel Pros, Inc. 6.50% 20291 | 26,279 | 18,607 | |
Wheel Pros, Inc., Term Loan, (3-month USD-LIBOR + 4.50%) 6.095% 20282,3 | 16,664 | 13,831 | |
Wyndham Destinations, Inc. 6.625% 20261 | 13,750 | 13,061 | |
Wyndham Destinations, Inc. 4.625% 20301 | 5,575 | 4,329 | |
Wyndham Worldwide Corp. 4.375% 20281 | 25,455 | 22,301 | |
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 20231 | 14,798 | 14,226 | |
Wynn Macau, Ltd. 5.625% 20281 | 1,200 | 743 | |
Wynn Macau, Ltd. 5.125% 20291 | 6,175 | 3,843 | |
Wynn Resorts Finance, LLC 7.75% 20251 | 15,125 | 14,739 | |
Wynn Resorts Finance, LLC 5.125% 20291 | 13,550 | 10,692 | |
Yahoo Holdings, Inc., Term Loan B, (1-month USD-LIBOR + 5.50%) 7.166% 20272,3 | 19,900 | 18,797 | |
2,370,291 | |||
Communication services 12.17% | |||
Altice France Holding SA 10.50% 20271 | 31,085 | 26,144 | |
Altice France SA 5.125% 20291 | 33,804 | 25,628 | |
Beasley Mezzanine Holdings, LLC 8.625% 20261 | 8,275 | 6,219 | |
Brightstar Escrow Corp. 9.75% 20251 | 2,720 | 2,578 | |
Cablevision Systems Corp. 5.50% 20271 | 2,700 | 2,452 | |
Cablevision Systems Corp. 5.375% 20281 | 8,928 | 7,745 | |
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.00% 20231 | 8,595 | 8,545 | |
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.50% 20261 | 2,094 | 2,047 | |
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.125% 20271 | 9,878 | 9,354 |
American High-Income Trust — Page 7 of 28
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Communication services (continued) | Principal amount (000) | Value (000) | |
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.00% 20281 | USD7,849 | $7,269 | |
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.375% 20291 | 7,126 | 6,384 | |
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 20301 | 63,952 | 53,303 | |
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.75% 20301 | 67,731 | 58,135 | |
CCO Holdings, LLC and CCO Holdings Capital Corp. 2.80% 2031 | 950 | 762 | |
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.25% 20311 | 41,260 | 33,741 | |
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 2032 | 35,527 | 28,887 | |
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.75% 20321 | 23,530 | 19,325 | |
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 20331 | 24,024 | 18,983 | |
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.25% 20341 | 36,125 | 28,032 | |
Centerfield Media Parent, Inc. 6.625% 20261 | 17,760 | 14,362 | |
CenturyLink, Inc. 6.75% 2023 | 31,074 | 30,843 | |
Cinemark USA, Inc. 5.875% 20261 | 10,875 | 9,714 | |
Clear Channel Worldwide Holdings, Inc. 7.75% 20281 | 11,000 | 8,032 | |
Clear Channel Worldwide Holdings, Inc. 7.50% 20291 | 5,000 | 3,610 | |
Cogent Communications Group, Inc. 3.50% 20261 | 13,445 | 12,392 | |
Consolidated Communications, Inc. 5.00% 20281 | 14,350 | 11,493 | |
CSC Holdings, LLC 6.50% 20291 | 10,000 | 9,051 | |
CSC Holdings, LLC 3.375% 20311 | 12,700 | 9,425 | |
Diamond Sports Group, LLC 5.375% 20261 | 9,835 | 2,471 | |
Diamond Sports Group, LLC 6.625% 20271 | 18,432 | 2,304 | |
DIRECTV Financing, LLC, Term Loan, (3-month USD-LIBOR + 5.00%) 6.666% 20272,3 | 32,302 | 29,873 | |
DIRECTV Holdings, LLC and DIRECTV Financing Co., Inc. 5.875% 20271 | 57,635 | 49,353 | |
DISH DBS Corp. 5.125% 2029 | 11,340 | 6,927 | |
Embarq Corp. 7.995% 2036 | 35,912 | 27,048 | |
Epicor Software Corp., Term Loan, (3-month USD-LIBOR + 7.75%) 9.416% 20282,3 | 9,477 | 9,257 | |
Front Range BidCo, Inc. 6.125% 20281 | 16,027 | 11,616 | |
Frontier Communications Corp. 5.875% 20271 | 30,765 | 27,741 | |
Frontier Communications Corp. 5.00% 20281 | 78,175 | 66,625 | |
Frontier Communications Corp. 6.75% 20291 | 36,670 | 30,263 | |
Frontier Communications Holdings, LLC 5.875% 2029 | 26,207 | 20,209 | |
Frontier Communications Holdings, LLC 6.00% 20301 | 14,100 | 10,888 | |
Frontier Communications Holdings, LLC 8.75% 20301 | 17,875 | 18,107 | |
Gray Escrow II, Inc. 5.375% 20311 | 19,925 | 16,008 | |
Gray Television, Inc. 5.875% 20261 | 3,090 | 2,893 | |
Gray Television, Inc. 7.00% 20271 | 14,544 | 14,018 | |
Gray Television, Inc. 4.75% 20301 | 6,210 | 4,868 | |
iHeartCommunications, Inc. 6.375% 2026 | 236 | 219 | |
iHeartCommunications, Inc. 5.25% 20271 | 40,323 | 34,569 | |
iHeartCommunications, Inc. 8.375% 2027 | 427 | 340 | |
iHeartCommunications, Inc. 4.75% 20281 | 5,000 | 4,127 | |
Iliad Holding SAS 6.50% 20261 | 20,325 | 18,329 | |
Inmarsat PLC 6.75% 20261 | 14,525 | 13,102 | |
Intelsat Jackson Holding Co. 6.50% 20301 | 35,007 | 28,968 | |
Kantar Group, LLC, Term Loan B2, (3-month USD-LIBOR + 4.50%) 6.75% 20262,3 | 6,372 | 5,926 | |
Lamar Media Corp. 3.75% 2028 | 2,567 | 2,282 | |
Lamar Media Corp. 4.875% 2029 | 5,100 | 4,600 | |
Lamar Media Corp. 3.625% 2031 | 11,475 | 9,410 | |
Level 3 Financing, Inc. 3.75% 20291 | 11,500 | 8,913 | |
Ligado Networks, LLC 15.50% PIK 20231,7 | 39,349 | 21,445 | |
Ligado Networks, LLC 17.50% PIK 20241,7 | 5,260 | 1,709 | |
Live Nation Entertainment, Inc. 3.75% 20281 | 5,750 | 4,974 | |
Magallanes, Inc. 4.279% 20321 | 5,967 | 5,339 | |
Match Group, Inc. 4.625% 20281 | 6,192 | 5,624 |
American High-Income Trust — Page 8 of 28
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Communication services (continued) | Principal amount (000) | Value (000) | |
Mav Acquisition Corp. 5.75% 20281 | USD10,000 | $8,582 | |
Midas OpCo Holdings, LLC 5.625% 20291 | 55,660 | 44,880 | |
Netflix, Inc. 4.875% 2028 | 6,190 | 5,838 | |
Netflix, Inc. 5.375% 20291 | 875 | 828 | |
Netflix, Inc. 4.875% 20301 | 12,050 | 11,051 | |
News Corp. 3.875% 20291 | 32,450 | 28,109 | |
News Corp. 5.125% 20321 | 35,300 | 31,325 | |
Nexstar Broadcasting, Inc. 4.75% 20281 | 45,350 | 38,980 | |
Nexstar Escrow Corp. 5.625% 20271 | 22,182 | 20,288 | |
Nielsen Finance, LLC and Nielsen Finance Co. 4.50% 20291 | 1,021 | 924 | |
OUTFRONT Media Capital, LLC 4.625% 20301 | 60 | 47 | |
Qwest Capital Funding, Inc. 6.875% 2028 | 14,790 | 13,194 | |
Scripps Escrow II, Inc. 3.875% 20291 | 14,018 | 11,773 | |
Sinclair Television Group, Inc. 5.125% 20271 | 8,199 | 6,923 | |
Sinclair Television Group, Inc. 4.125% 20301 | 23,475 | 18,651 | |
Sirius XM Radio, Inc. 3.125% 20261 | 24,740 | 22,140 | |
Sirius XM Radio, Inc. 4.00% 20281 | 54,925 | 47,705 | |
Sirius XM Radio, Inc. 4.125% 20301 | 9,075 | 7,601 | |
Sirius XM Radio, Inc. 3.875% 20311 | 51,380 | 41,011 | |
Sprint Corp. 7.625% 2026 | 19,021 | 20,083 | |
Sprint Corp. 6.875% 2028 | 131,965 | 139,158 | |
Sprint Corp. 8.75% 2032 | 93,292 | 112,578 | |
Summer (BC) BidCo B, LLC 5.50% 20261 | 5,960 | 5,347 | |
TEGNA, Inc. 4.625% 2028 | 9,072 | 8,507 | |
TEGNA, Inc. 5.00% 2029 | 16,937 | 16,065 | |
T-Mobile US, Inc. 2.625% 2026 | 18,850 | 17,142 | |
T-Mobile US, Inc. 3.375% 2029 | 30,100 | 26,425 | |
T-Mobile US, Inc. 2.875% 2031 | 8,050 | 6,698 | |
Twitter, Inc. 5.00% 20301 | 24,925 | 23,688 | |
Univision Communications, Inc. 5.125% 20251 | 62,918 | 59,332 | |
Univision Communications, Inc. 6.625% 20271 | 81,170 | 77,436 | |
Univision Communications, Inc. 4.50% 20291 | 75,965 | 63,823 | |
Univision Communications, Inc. 7.375% 20301 | 19,478 | 19,060 | |
Univision Communications, Inc., Term Loan, (3-month USD CME Term + 4.50%) 6.25% 20292,3 | 2,850 | 2,731 | |
UPC Broadband Finco BV 4.875% 20311 | 11,330 | 9,268 | |
Virgin Media O2 4.25% 20311 | 45,513 | 36,712 | |
Virgin Media Secured Finance PLC 4.50% 20301 | 14,955 | 12,328 | |
VMED O2 UK Financing I PLC 4.75% 20311 | 2,432 | 1,970 | |
VZ Secured Financing BV 5.00% 20321 | 37,975 | 31,598 | |
Warner Music Group 3.75% 20291 | 26,900 | 22,508 | |
Warner Music Group 3.875% 20301 | 15,580 | 12,982 | |
Ziggo Bond Co. BV 5.125% 20301 | 13,368 | 10,503 | |
Ziggo Bond Finance BV 4.875% 20301 | 29,100 | 24,753 | |
ZipRecruiter, Inc. 5.00% 20301 | 10,900 | 9,170 | |
2,104,515 | |||
Health care 9.73% | |||
AdaptHealth, LLC 5.125% 20301 | 17,015 | 14,365 | |
Avantor Funding, Inc. 4.625% 20281 | 41,000 | 37,693 | |
Avantor Funding, Inc. 3.875% 20291 | 6,900 | 6,045 | |
Bausch Health Americas, Inc. 9.25% 20261 | 26,605 | 19,096 | |
Bausch Health Americas, Inc. 8.50% 20271 | 5,076 | 3,572 | |
Bausch Health Companies, Inc. 5.75% 20271 | 14,475 | 12,014 |
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) | |
Bausch Health Companies, Inc. 6.125% 20271 | USD16,840 | $14,344 | |
Bausch Health Companies, Inc. 4.875% 20281 | 36,850 | 28,913 | |
Bausch Health Companies, Inc. 5.00% 20281 | 26,037 | 13,938 | |
Bausch Health Companies, Inc. 7.00% 20281 | 10,987 | 6,303 | |
Bausch Health Companies, Inc. 5.00% 20291 | 15,200 | 7,951 | |
Bausch Health Companies, Inc. 5.25% 20301 | 25,942 | 13,478 | |
Bausch Health Companies, Inc. 5.25% 20311 | 59,285 | 30,514 | |
Catalent Pharma Solutions, Inc. 5.00% 20271 | 819 | 772 | |
Catalent Pharma Solutions, Inc. 3.125% 20291 | 5,250 | 4,314 | |
Catalent Pharma Solutions, Inc. 3.50% 20301 | 14,520 | 11,866 | |
Centene Corp. 4.25% 2027 | 30,509 | 28,574 | |
Centene Corp. 2.45% 2028 | 36,375 | 30,436 | |
Centene Corp. 4.625% 2029 | 91,944 | 86,008 | |
Centene Corp. 3.00% 2030 | 43,185 | 35,903 | |
Centene Corp. 3.375% 2030 | 18,861 | 16,049 | |
Centene Corp. 2.50% 2031 | 27,825 | 22,173 | |
Centene Corp. 2.625% 2031 | 9,025 | 7,199 | |
Charles River Laboratories International, Inc. 4.25% 20281 | 11,173 | 10,055 | |
Charles River Laboratories International, Inc. 3.75% 20291 | 12,765 | 11,100 | |
Charles River Laboratories International, Inc. 4.00% 20311 | 17,300 | 14,781 | |
Community Health Systems, Inc. 5.625% 20271 | 31,000 | 26,322 | |
Community Health Systems, Inc. 6.00% 20291 | 15,747 | 13,068 | |
Community Health Systems, Inc. 6.875% 20291 | 4,500 | 2,916 | |
Community Health Systems, Inc. 5.25% 20301 | 26,150 | 19,919 | |
DaVita, Inc. 4.625% 20301 | 16,020 | 12,544 | |
Encompass Health Corp. 4.50% 2028 | 8,554 | 7,338 | |
Encompass Health Corp. 4.75% 2030 | 4,591 | 3,854 | |
Endo DAC / Endo Finance, LLC / Endo Finco 9.50% 20271 | 6,243 | 1,295 | |
Endo DAC / Endo Finance, LLC / Endo Finco 6.00% 20281 | 51,778 | 4,142 | |
Endo International PLC 5.875% 20241 | 10,374 | 7,936 | |
Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. 6.125% 20291 | 15,320 | 11,611 | |
Grifols Escrow Issuer SA 4.75% 20281 | 12,605 | 10,948 | |
HCA, Inc. 5.375% 2025 | 1,000 | 998 | |
HCA, Inc. 5.375% 2026 | 5,436 | 5,400 | |
HCA, Inc. 5.875% 2026 | 4,721 | 4,754 | |
HCA, Inc. 4.50% 2027 | 71 | 68 | |
HCA, Inc. 5.625% 2028 | 22,625 | 22,299 | |
HCA, Inc. 5.875% 2029 | 5,320 | 5,334 | |
HCA, Inc. 3.50% 2030 | 25,093 | 21,419 | |
HCA, Inc. 5.50% 2047 | 2,021 | 1,807 | |
HCA, Inc. 5.25% 2049 | 8,500 | 7,338 | |
HCA, Inc. 7.50% 2095 | 5,000 | 5,122 | |
HealthEquity, Inc. 4.50% 20291 | 13,825 | 12,114 | |
IMS Health Holdings, Inc. 5.00% 20261 | 28,059 | 26,796 | |
Jazz Securities DAC 4.375% 20291 | 28,290 | 25,219 | |
Mallinckrodt PLC 10.00% 20251 | 21,862 | 21,097 | |
Minerva Merger Sub, Inc. 6.50% 20301 | 13,000 | 10,849 | |
Molina Healthcare, Inc. 4.375% 20281 | 27,655 | 24,759 | |
Molina Healthcare, Inc. 3.875% 20301 | 47,150 | 40,377 | |
Molina Healthcare, Inc. 3.875% 20321 | 42,350 | 35,599 | |
Mozart Debt Merger Sub, Inc. 3.875% 20291 | 5,000 | 4,276 | |
Mozart Debt Merger Sub, Inc. 5.25% 20291 | 33,755 | 27,828 | |
Option Care Health, Inc. 4.375% 20291 | 6,115 | 5,253 | |
Organon Finance 1, LLC 4.125% 20281 | 10,575 | 9,398 |
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) | |
Organon Finance 1, LLC 5.125% 20311 | USD6,335 | $5,489 | |
Owens & Minor, Inc. 4.375% 2024 | 23,411 | 22,913 | |
Owens & Minor, Inc. 4.50% 20291 | 20,965 | 17,144 | |
Owens & Minor, Inc. 6.625% 20301 | 21,665 | 19,817 | |
Par Pharmaceutical, Inc. 7.50% 20271 | 91,204 | 69,602 | |
Radiology Partners, Inc. 9.25% 20281 | 33,199 | 24,982 | |
RP Escrow Issuer, LLC 5.25% 20251 | 20,435 | 17,694 | |
Select Medical Holdings Corp. 6.25% 20261 | 9,039 | 8,456 | |
Surgery Center Holdings 10.00% 20271 | 7,264 | 7,046 | |
Syneos Health, Inc. 3.625% 20291 | 10,280 | 8,718 | |
Team Health Holdings, Inc. 6.375% 20251 | 11,359 | 7,949 | |
Team Health Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 6.775% 20272,3 | 5,514 | 4,666 | |
Tenet Healthcare Corp. 6.75% 2023 | 1,730 | 1,782 | |
Tenet Healthcare Corp. 4.625% 2024 | 5,024 | 4,829 | |
Tenet Healthcare Corp. 4.875% 20261 | 103,349 | 95,439 | |
Tenet Healthcare Corp. 5.125% 20271 | 14,825 | 13,368 | |
Tenet Healthcare Corp. 6.25% 20271 | 8,995 | 8,298 | |
Tenet Healthcare Corp. 4.625% 20281 | 18,000 | 15,701 | |
Tenet Healthcare Corp. 6.125% 20281 | 12,815 | 11,006 | |
Tenet Healthcare Corp. 4.25% 20291 | 20,860 | 17,630 | |
Tenet Healthcare Corp. 4.375% 20301 | 28,005 | 23,749 | |
Tenet Healthcare Corp. 6.125% 20301 | 12,150 | 11,246 | |
Tenet Healthcare Corp. 6.875% 2031 | 2,000 | 1,782 | |
Teva Pharmaceutical Finance Co. BV 2.95% 2022 | 846 | 834 | |
Teva Pharmaceutical Finance Co. BV 6.00% 2024 | 65,748 | 64,926 | |
Teva Pharmaceutical Finance Co. BV 7.125% 2025 | 41,591 | 40,652 | |
Teva Pharmaceutical Finance Co. BV 3.15% 2026 | 50,186 | 41,316 | |
Teva Pharmaceutical Finance Co. BV 4.75% 2027 | 11,315 | 9,678 | |
Teva Pharmaceutical Finance Co. BV 6.75% 2028 | 42,982 | 40,144 | |
Teva Pharmaceutical Finance Co. BV 5.125% 2029 | 131,585 | 108,733 | |
Teva Pharmaceutical Finance Co. BV 4.10% 2046 | 4,657 | 2,915 | |
Valeant Pharmaceuticals International, Inc. 9.00% 20251 | 37,432 | 27,759 | |
1,683,716 | |||
Materials 9.22% | |||
Alcoa Nederland Holding BV 5.50% 20271 | 10,760 | 10,217 | |
Alcoa Nederland Holding BV 4.125% 20291 | 6,050 | 5,420 | |
Allegheny Technologies, Inc. 5.875% 2027 | 4,000 | 3,548 | |
Allegheny Technologies, Inc. 4.875% 2029 | 35,960 | 28,728 | |
Allegheny Technologies, Inc. 5.125% 2031 | 18,440 | 14,154 | |
ArcelorMittal 4.25% 2029 | 940 | 893 | |
ArcelorMittal 7.00% 2039 | 10,104 | 10,212 | |
ArcelorMittal 6.75% 2041 | 15,173 | 15,039 | |
Arconic Corp. 6.00% 20251 | 8,170 | 7,989 | |
Arconic Rolled Products Corp. 6.125% 20281 | 4,775 | 4,469 | |
Ardagh Group SA 6.50% Cash 20271,7 | 8,809 | 6,548 | |
Ardagh Metal Packaging Finance USA, LLC 6.00% 20271 | 13,505 | 13,390 | |
Ardagh Metal Packaging Finance USA, LLC 3.25% 20281 | 10,000 | 8,549 | |
Ardagh Metal Packaging Finance USA, LLC 4.00% 20291 | 11,410 | 9,191 | |
Ardagh Packaging Finance 5.25% 20251 | 570 | 528 | |
Ardagh Packaging Finance 4.125% 20261 | 16,435 | 13,957 | |
Axalta Coating Systems, LLC 4.75% 20271 | 7,995 | 7,195 | |
Ball Corp. 2.875% 2030 | 3,250 | 2,623 |
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) | |
Ball Corp. 3.125% 2031 | USD16,280 | $13,159 | |
Braskem Idesa SAPI 6.99% 20321 | 1,370 | 1,062 | |
BWAY Parent Co., Inc. 5.50% 20241 | 27,273 | 26,100 | |
Can-Pack SA / Canpack US, LLC 3.875% 20291 | 36,370 | 28,429 | |
Cleveland-Cliffs, Inc. 6.75% 20261 | 8,028 | 7,984 | |
Cleveland-Cliffs, Inc. 5.875% 2027 | 53,855 | 50,314 | |
Cleveland-Cliffs, Inc. 7.00% 2027 | 3,853 | 3,824 | |
Cleveland-Cliffs, Inc. 4.625% 20291 | 33,250 | 29,400 | |
Cleveland-Cliffs, Inc. 4.875% 20311 | 42,871 | 37,892 | |
Consolidated Energy Finance SA 6.50% 20261 | 10,805 | 9,970 | |
Consolidated Energy Finance SA 5.625% 20281 | 16,850 | 13,578 | |
Constellium SE 3.75% 20291 | 8,655 | 6,877 | |
Crown Holdings, Inc. 7.375% 2026 | 2,000 | 2,051 | |
Crown Holdings, Inc. 5.25% 20301 | 2,775 | 2,606 | |
CVR Partners LP 6.125% 20281 | 22,525 | 20,171 | |
Diamond (BC) BV 4.625% 20291 | 3,445 | 2,760 | |
Element Solutions, Inc. 3.875% 20281 | 10,800 | 8,928 | |
First Quantum Minerals, Ltd. 6.50% 20241 | 25,332 | 24,378 | |
First Quantum Minerals, Ltd. 7.50% 20251 | 75,026 | 71,083 | |
First Quantum Minerals, Ltd. 6.875% 20261 | 47,890 | 44,201 | |
First Quantum Minerals, Ltd. 6.875% 20271 | 116,356 | 104,229 | |
FMG Resources 4.375% 20311 | 11,210 | 9,171 | |
Freeport-McMoRan, Inc. 3.875% 2023 | 201 | 200 | |
Freeport-McMoRan, Inc. 4.25% 2030 | 303 | 276 | |
Freeport-McMoRan, Inc. 4.625% 2030 | 900 | 837 | |
Freeport-McMoRan, Inc. 5.40% 2034 | 4,288 | 4,193 | |
Freeport-McMoRan, Inc. 5.45% 2043 | 8,393 | 7,783 | |
FXI Holdings, Inc. 7.875% 20241 | 89,381 | 77,704 | |
FXI Holdings, Inc. 12.25% 20261 | 113,952 | 101,631 | |
GPC Merger Sub, Inc. 7.125% 20281 | 9,665 | 7,769 | |
Graphic Packaging International, LLC 3.75% 20301 | 12,000 | 10,185 | |
Hexion, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 5.924% 20292,3 | 9,270 | 8,337 | |
Joseph T. Ryerson & Son, Inc. 8.50% 20281 | 2,417 | 2,497 | |
Kaiser Aluminum Corp. 4.625% 20281 | 8,573 | 7,149 | |
Labl, Inc. 5.875% 20281 | 9,100 | 7,365 | |
Labl, Inc. 8.25% 20291 | 23,145 | 17,518 | |
LSB Industries, Inc. 6.25% 20281 | 30,115 | 26,620 | |
LSF11 A5 HoldCo, LLC 6.625% 20291 | 1,425 | 1,203 | |
Mercer International, Inc. 5.125% 2029 | 7,090 | 6,068 | |
Methanex Corp. 5.125% 2027 | 70,865 | 62,658 | |
Methanex Corp. 5.25% 2029 | 10,273 | 8,702 | |
Methanex Corp. 5.65% 2044 | 9,445 | 6,685 | |
Mineral Resources, Ltd. 8.00% 20271 | 26,160 | 25,549 | |
Mineral Resources, Ltd. 8.50% 20301 | 34,570 | 34,108 | |
Neon Holdings, Inc. 10.125% 20261 | 15,585 | 14,869 | |
Nova Chemicals Corp. 4.875% 20241 | 13,505 | 12,863 | |
Nova Chemicals Corp. 5.00% 20251 | 5,295 | 4,849 | |
Nova Chemicals Corp. 5.25% 20271 | 41,062 | 35,326 | |
Nova Chemicals Corp. 4.25% 20291 | 46,627 | 36,517 | |
Novelis Corp. 3.25% 20261 | 14,960 | 12,669 | |
Novelis Corp. 4.75% 20301 | 20,073 | 16,723 | |
Novelis Corp. 3.875% 20311 | 28,124 | 21,707 | |
Olin Corp. 5.625% 2029 | 5,700 | 5,089 | |
Olin Corp. 5.00% 2030 | 3,365 | 2,912 |
American High-Income Trust — Page 12 of 28
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Materials (continued) | Principal amount (000) | Value (000) | |
Olympus Water US Holding Corp. 6.25% 20291 | USD2,833 | $1,972 | |
Owens-Illinois, Inc. 5.875% 20231 | 9,000 | 8,922 | |
Owens-Illinois, Inc. 6.375% 20251 | 5,341 | 5,104 | |
Rayonier A.M. Products, Inc. 7.625% 20261 | 1,398 | 1,222 | |
SCIH Salt Holdings, Inc. 4.875% 20281 | 49,518 | 41,258 | |
SCIH Salt Holdings, Inc. 6.625% 20291 | 24,675 | 19,530 | |
SCIL IV, LLC 5.375% 20261 | 8,825 | 7,074 | |
Scotts Miracle-Gro Co. 4.50% 2029 | 10,276 | 8,446 | |
Scotts Miracle-Gro Co. 4.375% 2032 | 9,120 | 6,950 | |
Sealed Air Corp. 4.00% 20271 | 10,395 | 9,392 | |
Sealed Air Corp. 5.00% 20291 | 8,750 | 8,193 | |
Silgan Holdings, Inc. 4.125% 2028 | 8,356 | 7,507 | |
Summit Materials, Inc. 6.50% 20271 | 5,478 | 5,293 | |
Summit Materials, Inc. 5.25% 20291 | 16,515 | 14,439 | |
Trivium Packaging BV 5.50% 20261 | 8,352 | 7,912 | |
Trivium Packaging BV 8.50% 20271 | 5,192 | 4,875 | |
Tronox, Ltd. 4.625% 20291 | 14,155 | 11,412 | |
Unifrax Escrow Issuer Corp. 5.25% 20281 | 4,400 | 3,519 | |
Valvoline, Inc. 4.25% 20301 | 4,441 | 3,716 | |
Valvoline, Inc. 3.625% 20311 | 10,905 | 8,745 | |
Venator Materials Corp. 5.75% 20251 | 70,528 | 56,577 | |
Venator Materials Corp. 9.50% 20251 | 24,880 | 25,001 | |
W. R. Grace Holdings, LLC 4.875% 20271 | 11,410 | 9,944 | |
W. R. Grace Holdings, LLC 5.625% 20291 | 9,765 | 7,214 | |
Warrior Met Coal, Inc. 7.875% 20281 | 43,015 | 41,043 | |
1,594,638 | |||
Industrials 8.70% | |||
AAdvantage Loyalty IP, Ltd. 5.50% 20261 | 37,325 | 34,425 | |
ADT Security Corp. 4.125% 20291 | 15,430 | 12,566 | |
Allison Transmission Holdings, Inc. 3.75% 20311 | 24,820 | 19,936 | |
Atkore, Inc. 4.25% 20311 | 8,150 | 6,781 | |
Atlantic Aviation FBO, Inc., Term Loan, (3-month USD-LIBOR + 5.75%) 7.416% 20292,3 | 43,600 | 41,965 | |
ATS Automation Tooling Systems, Inc. 4.125% 20281 | 4,825 | 4,036 | |
Avis Budget Car Rental, LLC 5.75% 20271 | 18,910 | 16,834 | |
Avis Budget Group, Inc. 4.75% 20281 | 1,000 | 831 | |
Avis Budget Group, Inc. 5.375% 20291 | 15,095 | 12,579 | |
Avolon Holdings Funding, Ltd. 5.25% 20241 | 17,340 | 17,050 | |
Avolon Holdings Funding, Ltd. 2.528% 20271 | 36,710 | 29,956 | |
BlueLinx Holdings, Inc. 6.00% 20291 | 8,825 | 6,896 | |
Boeing Company 3.90% 2049 | 540 | 384 | |
Bohai Financial Investment Holding Co., Ltd. 4.50% 20231 | 553 | 551 | |
Bohai Financial Investment Holding Co., Ltd. 5.50% 20241 | 1,258 | 1,249 | |
Bombardier, Inc. 7.50% 20241 | 7,460 | 7,023 | |
Bombardier, Inc. 7.50% 20251 | 24,862 | 22,537 | |
Bombardier, Inc. 7.125% 20261 | 73,460 | 60,803 | |
Bombardier, Inc. 7.875% 20271 | 112,590 | 94,019 | |
Bombardier, Inc. 6.00% 20281 | 51,082 | 38,360 | |
Bombardier, Inc. 7.45% 20341 | 8,670 | 6,545 | |
Builders FirstSource, Inc. 4.25% 20321 | 22,740 | 17,353 | |
BWX Technologies, Inc. 4.125% 20281 | 14,880 | 13,271 | |
BWX Technologies, Inc. 4.125% 20291 | 20,465 | 17,993 | |
Clarivate Science Holdings Corp. 3.875% 20281 | 31,755 | 26,625 | |
Clarivate Science Holdings Corp. 4.875% 20291 | 24,320 | 20,040 |
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) | |
Clean Harbors, Inc. 4.875% 20271 | USD12,014 | $11,014 | |
CoreLogic, Inc. 4.50% 20281 | 85,432 | 65,920 | |
CoreLogic, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 8.188% 20292,3 | 22,275 | 16,372 | |
Covanta Holding Corp. 5.00% 2030 | 28,035 | 22,946 | |
Covert Mergeco, Inc. 4.875% 20291 | 23,145 | 18,866 | |
Dun & Bradstreet Corp. 5.00% 20291 | 31,517 | 27,264 | |
Garda World Security Corp. 6.00% 20291 | 3,200 | 2,465 | |
GFL Environmental, Inc. 3.50% 20281 | 28,000 | 24,052 | |
Global Infrastructure Solutions, Inc. 5.625% 20291 | 10,000 | 7,823 | |
Gol Finance SA 8.00% 2026 | 2,922 | 1,949 | |
Harsco Corp. 5.75% 20271 | 14,035 | 11,248 | |
Herc Holdings, Inc. 5.50% 20271 | 3,200 | 2,927 | |
Howmet Aerospace, Inc. 6.875% 2025 | 1,510 | 1,554 | |
Howmet Aerospace, Inc. 5.95% 2037 | 3,000 | 2,834 | |
Icahn Enterprises Finance Corp. 4.75% 2024 | 24,605 | 23,035 | |
JELD-WEN Holding, Inc. 4.875% 20271 | 8,721 | 6,814 | |
Labl Escrow Issuer, LLC 6.75% 20261 | 10,725 | 9,673 | |
Labl Escrow Issuer, LLC 10.50% 20271 | 22,105 | 19,261 | |
LSC Communications, Inc. 8.75% 20231,4,5,6 | 114,646 | 1,114 | |
LSC Communications, Inc., Term Loan B, (USD Prime Rate + 4.50%) 7.75% 20222,3,4,5,6 | 8,059 | 78 | |
Masonite International Corp. 3.50% 20301 | 11,831 | 9,438 | |
MasTec, Inc. 4.50% 20281 | 9,375 | 8,444 | |
Maxar Technologies, Inc. 7.75% 20271 | 5,700 | 5,652 | |
Meritor, Inc. 4.50% 20281 | 3,040 | 2,931 | |
Mueller Water Products, Inc. 4.00% 20291 | 5,115 | 4,469 | |
Nielsen Finance, LLC and Nielsen Finance Co. 5.625% 20281 | 4,375 | 4,076 | |
Nielsen Finance, LLC and Nielsen Finance Co. 5.875% 20301 | 22,475 | 20,677 | |
Nielsen Finance, LLC and Nielsen Finance Co. 4.75% 20311 | 10,404 | 9,373 | |
Park River Holdings, Inc. 5.625% 20291 | 17,205 | 10,747 | |
PGT Innovations, Inc. 4.375% 20291 | 22,759 | 17,976 | |
Pitney Bowes, Inc. 6.875% 20271 | 11,500 | 9,153 | |
PM General Purchaser, LLC 9.50% 20281 | 44,445 | 35,968 | |
Prime Security Services Borrower, LLC 3.375% 20271 | 8,100 | 6,698 | |
Prime Security Services Borrower, LLC 6.25% 20281 | 11,833 | 9,931 | |
R.R. Donnelley & Sons Co. 6.125% 20261 | 12,125 | 11,337 | |
Roller Bearing Company of America, Inc. 4.375% 20291 | 3,325 | 2,833 | |
Rolls-Royce PLC 5.75% 20271 | 8,205 | 7,417 | |
Sensata Technologies Holding BV 4.00% 20291 | 3,225 | 2,742 | |
Sensata Technologies, Inc. 3.75% 20311 | 8,800 | 7,068 | |
SkyMiles IP, Ltd. 4.75% 20281 | 34,080 | 32,219 | |
SRS Distribution, Inc. 4.625% 20281 | 10,080 | 8,836 | |
SRS Distribution, Inc. 6.125% 20291 | 615 | 486 | |
Stericycle, Inc. 5.375% 20241 | 20,884 | 20,200 | |
Stericycle, Inc. 3.875% 20291 | 26,235 | 21,483 | |
The Brink’s Co. 4.625% 20271 | 10,371 | 9,235 | |
Titan International, Inc. 7.00% 2028 | 11,500 | 10,820 | |
TransDigm, Inc. 6.25% 20261 | 32,470 | 31,399 | |
TransDigm, Inc. 6.375% 2026 | 5,560 | 5,210 | |
TransDigm, Inc. 6.875% 2026 | 7,740 | 7,228 | |
TransDigm, Inc. 5.50% 2027 | 16,295 | 13,878 | |
TransDigm, Inc. 7.50% 2027 | 770 | 727 | |
TransDigm, Inc. 4.625% 2029 | 2,971 | 2,399 | |
TransDigm, Inc. 4.875% 2029 | 9,080 | 7,407 |
American High-Income Trust — Page 14 of 28
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Industrials (continued) | Principal amount (000) | Value (000) | |
Triumph Group, Inc. 6.25% 20241 | USD83,416 | $74,513 | |
Triumph Group, Inc. 8.875% 20241 | 10,859 | 10,952 | |
Triumph Group, Inc. 7.75% 20251 | 22,825 | 17,607 | |
Uber Technologies, Inc. 8.00% 20261 | 8,710 | 8,691 | |
United Airlines Holdings, Inc. 6.50% 20271 | 77,065 | 75,973 | |
United Airlines, Inc. 4.375% 20261 | 9,140 | 8,086 | |
United Airlines, Inc. 4.625% 20291 | 13,290 | 11,319 | |
United Rentals, Inc. 4.875% 2028 | 13,525 | 12,817 | |
United Rentals, Inc. 5.25% 2030 | 5,484 | 5,096 | |
United Rentals, Inc. 3.875% 2031 | 9,450 | 7,991 | |
United Rentals, Inc. 3.75% 2032 | 8,360 | 6,881 | |
Vertical Holdco GMBH 7.625% 20281 | 19,799 | 17,804 | |
Vertical U.S. Newco, Inc. 5.25% 20271 | 44,615 | 39,855 | |
WESCO Distribution, Inc. 7.125% 20251 | 12,975 | 12,973 | |
WESCO Distribution, Inc. 7.25% 20281 | 14,545 | 14,420 | |
Western Global Airlines, LLC 10.375% 20251 | 11,525 | 11,110 | |
XPO Logistics, Inc. 6.25% 20251 | 2,928 | 2,911 | |
1,505,273 | |||
Financials 7.05% | |||
Advisor Group Holdings, LLC 6.25% 20281 | 43,998 | 38,457 | |
AG Merger Sub II, Inc. 10.75% 20271 | 76,600 | 75,848 | |
Alliant Holdings Intermediate, LLC 6.75% 20271 | 33,300 | 29,638 | |
Alliant Holdings Intermediate, LLC / Alliant Holdings 4.25% 20271 | 17,020 | 14,755 | |
Alliant Holdings Intermediate, LLC / Alliant Holdings 5.875% 20291 | 31,605 | 26,269 | |
AmWINS Group, Inc. 4.875% 20291 | 24,252 | 19,891 | |
Aretec Escrow Issuer, Inc. 7.50% 20291 | 47,732 | 40,754 | |
Ascensus, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 7.50% 20292,3 | 22,600 | 20,933 | |
AssuredPartners, Inc. 7.00% 20251 | 226 | 213 | |
AssuredPartners, Inc. 8.00% 20271 | 10,909 | 10,226 | |
AssuredPartners, Inc. 5.625% 20291 | 6,395 | 5,128 | |
BroadStreet Partners, Inc. 5.875% 20291 | 9,950 | 7,801 | |
Castlelake Aviation Finance DAC 5.00% 20271 | 36,905 | 30,718 | |
Coinbase Global, Inc. 3.375% 20281 | 37,524 | 23,726 | |
Coinbase Global, Inc. 3.625% 20311 | 30,866 | 17,424 | |
Compass Diversified Holdings 5.25% 20291 | 81,590 | 67,488 | |
Compass Diversified Holdings 5.00% 20321 | 25,605 | 19,843 | |
Credit Acceptance Corp. 5.125% 20241 | 8,230 | 7,770 | |
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)1,8 | 2,295 | 2,123 | |
Digital Currency Group, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.00% 20262,3,5,6 | 17,548 | 15,532 | |
Digital Currency Group, Inc., Term Loan, 8.75% 20262,5,6 | 23,397 | 19,897 | |
FS Energy and Power Fund 7.50% 20231 | 56,454 | 56,679 | |
Hightower Holding, LLC 6.75% 20291 | 18,130 | 13,660 | |
HUB International, Ltd. 7.00% 20261 | 45,928 | 43,280 | |
HUB International, Ltd. 5.625% 20291 | 4,495 | 3,719 | |
Icahn Enterprises Finance Corp. 5.25% 2027 | 5,503 | 4,887 | |
Icahn Enterprises Finance Corp. 4.375% 2029 | 9,175 | 7,432 | |
Iron Mountain Information Management Services, Inc. 5.00% 20321 | 18,510 | 14,976 | |
Ladder Capital Corp. 4.25% 20271 | 28,586 | 23,126 | |
Ladenburg Thalmann Financial Services, Inc. 6.50% 2027 | 80 | 1,213 | |
LPL Holdings, Inc. 4.625% 20271 | 27,098 | 25,342 | |
LPL Holdings, Inc. 4.00% 20291 | 32,670 | 27,999 |
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) | |
LPL Holdings, Inc. 4.375% 20311 | USD23,505 | $20,125 | |
MGIC Investment Corp. 5.25% 2028 | 7,625 | 6,842 | |
MidCap Financial Issuer Trust 6.50% 20281 | 13,250 | 11,433 | |
MSCI, Inc. 4.00% 20291 | 15,793 | 14,037 | |
MSCI, Inc. 3.625% 20301 | 3,759 | 3,140 | |
MSCI, Inc. 3.625% 20311 | 28,350 | 23,392 | |
MSCI, Inc. 3.875% 20311 | 27,015 | 23,176 | |
MSCI, Inc. 3.25% 20331 | 18,400 | 14,702 | |
National Financial Partners Corp. 6.875% 20281 | 14,489 | 11,995 | |
Navient Corp. 5.50% 2023 | 28,488 | 28,292 | |
Navient Corp. 5.875% 2024 | 28,815 | 26,536 | |
Navient Corp. 6.125% 2024 | 23,112 | 21,956 | |
Navient Corp. 6.75% 2025 | 11,000 | 9,944 | |
Navient Corp. 6.75% 2026 | 8,210 | 7,278 | |
Navient Corp. 5.00% 2027 | 53,762 | 44,298 | |
Navient Corp. 4.875% 2028 | 5,570 | 4,362 | |
Navient Corp. 5.50% 2029 | 45,671 | 35,283 | |
Navient Corp. 5.625% 2033 | 32,712 | 22,763 | |
Onemain Finance Corp. 3.875% 2028 | 3,989 | 3,057 | |
OneMain Holdings, Inc. 7.125% 2026 | 24,220 | 22,441 | |
Owl Rock Capital Corp. 3.75% 2025 | 12,093 | 11,197 | |
Owl Rock Capital Corp. 4.00% 2025 | 449 | 423 | |
Owl Rock Capital Corp. 3.40% 2026 | 5,685 | 5,000 | |
Owl Rock Capital Corp. 2.625% 2027 | 400 | 335 | |
Owl Rock Capital Corp. II 4.625% 20241 | 9,835 | 9,363 | |
Owl Rock Capital Corp. III 3.125% 20271 | 11,350 | 9,709 | |
Owl Rock Core Income Corp. 4.70% 20271 | 15,700 | 14,334 | |
Oxford Finance, LLC / Oxford Finance Co-Issuer II, Inc. 6.375% 20271 | 38,985 | 37,401 | |
Quicken Loans, LLC 3.625% 20291 | 6,605 | 5,206 | |
Rocket Mortgage / Rocket Mortgage Co-Issuer, Inc. 2.875% 20261 | 9,410 | 7,803 | |
Ryan Specialty Group, LLC 4.375% 20301 | 14,355 | 12,507 | |
Springleaf Finance Corp. 6.125% 2024 | 3,700 | 3,543 | |
Springleaf Finance Corp. 6.625% 2028 | 9,960 | 8,920 | |
Springleaf Finance Corp. 5.375% 2029 | 6,627 | 5,383 | |
Starwood Property Trust, Inc. 5.50% 20231 | 7,195 | 7,127 | |
Starwood Property Trust, Inc. 4.375% 20271 | 11,835 | 10,292 | |
1,220,342 | |||
Information technology 4.85% | |||
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 8.489% 20252,3 | 72,794 | 63,019 | |
Applied Systems, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 6.506% 20252,3 | 17,170 | 16,641 | |
Avaya, Inc. 6.125% 20281 | 7,090 | 4,646 | |
Black Knight, Inc. 3.625% 20281 | 8,470 | 7,348 | |
BMC Software, Inc. 7.125% 20251 | 3,545 | 3,399 | |
BMC Software, Inc. 9.125% 20261 | 4,290 | 4,014 | |
BMC Software, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 6.128% 20262,3 | 24,550 | 22,862 | |
Booz Allen Hamilton, Inc. 3.875% 20281 | 35,293 | 31,291 | |
Booz Allen Hamilton, Inc. 4.00% 20291 | 17,718 | 15,479 | |
CA Magnum Holdings 5.375% 20261 | 4,300 | 3,737 | |
CDK Global, Inc. 7.25% 20291 | 34,675 | 33,425 | |
Ciena Corp. 4.00% 20301 | 8,850 | 7,649 | |
CommScope Finance, LLC 6.00% 20261 | 8,605 | 7,942 | |
CommScope Finance, LLC 8.25% 20271 | 6,000 | 4,758 | |
CommScope Technologies, LLC 6.00% 20251 | 7,425 | 6,437 |
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) | |
CommScope Technologies, LLC 5.00% 20271 | USD4,750 | $3,518 | |
Condor Merger Sub, Inc. 7.375% 20301 | 17,095 | 13,945 | |
Diebold Nixdorf AG, Term Loan B, (3-month USD-LIBOR + 2.75%) 4.00% 20232,3 | 22,947 | 19,476 | |
Diebold Nixdorf, Inc. 9.375% 20251 | 146,693 | 102,758 | |
Diebold Nixdorf, Inc., Term Loan B, (3-month EUR-EURIBOR + 3.00%) 3.00% 20232,3 | EUR6,925 | 6,133 | |
Diebold, Inc. 8.50% 2024 | USD35,228 | 18,369 | |
Elastic NV 4.125% 20291 | 6,750 | 5,643 | |
Entegris Escrow Corp. 4.75% 20291 | 15,955 | 14,887 | |
Fair Isaac Corp. 4.00% 20281 | 33,475 | 29,715 | |
Gartner, Inc. 4.50% 20281 | 42,107 | 38,738 | |
Gartner, Inc. 3.625% 20291 | 3,657 | 3,175 | |
Gartner, Inc. 3.75% 20301 | 10,525 | 8,978 | |
GoDaddy Operating Co. 5.25% 20271 | 7,725 | 7,083 | |
GoDaddy Operating Co. 3.50% 20291 | 4,825 | 4,077 | |
Imola Merger Corp. 4.75% 20291 | 5,000 | 4,200 | |
J2 Global, Inc. 4.625% 20301 | 339 | 290 | |
MicroStrategy, Inc. 6.125% 20281 | 7,850 | 6,266 | |
MoneyGram International, Inc. 5.375% 20261 | 29,850 | 28,469 | |
NCR Corp. 5.00% 20281 | 6,475 | 5,499 | |
NCR Corp. 5.125% 20291 | 68,259 | 57,875 | |
NCR Corp. 5.25% 20301 | 2,249 | 1,943 | |
Rocket Software, Inc. 6.50% 20291 | 14,075 | 10,200 | |
Sabre GLBL, Inc. 7.375% 20251 | 1,950 | 1,812 | |
Sabre Holdings Corp. 9.25% 20251 | 6,879 | 6,642 | |
Square, Inc. 2.75% 20261 | 42,725 | 38,015 | |
Square, Inc. 3.50% 20311 | 34,585 | 27,635 | |
Synaptics, Inc. 4.00% 20291 | 5,225 | 4,250 | |
UKG, Inc., Term Loan B, (3-month USD-LIBOR + 3.25%) 4.212% 20262,3 | 8,882 | 8,371 | |
UKG, Inc., Term Loan, (3-month USD-LIBOR + 5.25%) 6.212% 20272,3 | 51,670 | 47,988 | |
Unisys Corp. 6.875% 20271 | 35,865 | 31,372 | |
VeriSign, Inc. 5.25% 2025 | 3,068 | 3,087 | |
Veritas Holdings, Ltd. 7.50% 20251 | 30,057 | 22,615 | |
Viavi Solutions, Inc. 3.75% 20291 | 3,750 | 3,147 | |
Xerox Corp. 5.00% 20251 | 11,825 | 11,017 | |
Xerox Corp. 5.50% 20281 | 11,000 | 9,217 | |
839,052 | |||
Consumer staples 3.96% | |||
Albertsons Companies, Inc. 3.50% 20231 | 10,207 | 10,104 | |
Albertsons Companies, Inc. 4.625% 20271 | 10,475 | 9,378 | |
Albertsons Companies, Inc. 5.875% 20281 | 5,000 | 4,682 | |
Albertsons Companies, Inc. 3.50% 20291 | 53,663 | 43,590 | |
Albertsons Companies, Inc. 4.875% 20301 | 5,915 | 5,090 | |
B&G Foods, Inc. 5.25% 2025 | 18,557 | 17,140 | |
B&G Foods, Inc. 5.25% 2027 | 25,411 | 22,012 | |
CD&R Smokey Buyer, Inc. 6.75% 20251 | 5,070 | 4,508 | |
Central Garden & Pet Co. 4.125% 2030 | 21,646 | 17,788 | |
Central Garden & Pet Co. 4.125% 20311 | 18,755 | 15,085 | |
Coty, Inc. 5.00% 20261 | 11,000 | 10,098 | |
Coty, Inc. 6.50% 20261 | 7,980 | 7,369 | |
Coty, Inc. 4.75% 20291 | 19,625 | 16,886 | |
Darling Ingredients, Inc. 5.25% 20271 | 12,756 | 12,360 | |
Darling Ingredients, Inc. 6.00% 20301 | 17,135 | 17,106 | |
Edgewell Personal Care Co. 5.50% 20281 | 4,775 | 4,354 |
American High-Income Trust — Page 17 of 28
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Consumer staples (continued) | Principal amount (000) | Value (000) | |
Energizer Holdings, Inc. 4.375% 20291 | USD9,560 | $7,354 | |
Ingles Markets, Inc. 4.00% 20311 | 6,570 | 5,693 | |
Kraft Heinz Company 3.00% 2026 | 9,128 | 8,615 | |
Kraft Heinz Company 3.875% 2027 | 7,545 | 7,303 | |
Kraft Heinz Company 3.75% 2030 | 2,285 | 2,109 | |
Kraft Heinz Company 4.375% 2046 | 9,215 | 7,695 | |
Kraft Heinz Company 4.875% 2049 | 9,975 | 8,827 | |
Kraft Heinz Company 5.50% 2050 | 8,845 | 8,511 | |
Kronos Acquisition Holdings, Inc. 5.00% 20261 | 35,880 | 30,723 | |
Kronos Acquisition Holdings, Inc. 7.00% 20271 | 56,072 | 42,126 | |
Lamb Weston Holdings, Inc. 4.875% 20281 | 5,240 | 4,940 | |
Lamb Weston Holdings, Inc. 4.125% 20301 | 50,775 | 44,083 | |
Lamb Weston Holdings, Inc. 4.375% 20321 | 13,500 | 11,771 | |
Nestle Skin Health SA, Term Loan B3, (3-month USD-LIBOR + 3.75%) 6.00% 20262,3 | 23,439 | 21,769 | |
Performance Food Group, Inc. 5.50% 20271 | 13,380 | 12,410 | |
Performance Food Group, Inc. 4.25% 20291 | 7,285 | 6,097 | |
Pilgrim’s Pride Corp. 5.875% 20271 | 14,450 | 13,863 | |
Post Holdings, Inc. 5.625% 20281 | 34,660 | 32,974 | |
Post Holdings, Inc. 5.50% 20291 | 27,109 | 24,289 | |
Post Holdings, Inc. 4.625% 20301 | 51,665 | 43,681 | |
Post Holdings, Inc. 4.50% 20311 | 24,475 | 20,089 | |
Prestige Brands International, Inc. 5.125% 20281 | 11,533 | 10,745 | |
Prestige Brands International, Inc. 3.75% 20311 | 14,440 | 11,997 | |
Simmons Foods, Inc. 4.625% 20291 | 19,185 | 16,251 | |
Spectrum Brands, Inc. 5.75% 2025 | 3,272 | 3,236 | |
TreeHouse Foods, Inc. 4.00% 2028 | 28,436 | 23,207 | |
United Natural Foods, Inc. 6.75% 20281 | 31,195 | 29,197 | |
US Foods, Inc. 4.625% 20301 | 8,680 | 7,329 | |
684,434 | |||
Utilities 3.18% | |||
AmeriGas Partners LP 5.875% 2026 | 5,770 | 5,393 | |
AmeriGas Partners LP 5.75% 2027 | 11,573 | 10,608 | |
Calpine Corp. 5.25% 20261 | 1,051 | 1,000 | |
Calpine Corp. 4.50% 20281 | 4,000 | 3,639 | |
Calpine Corp. 5.125% 20281 | 8,282 | 7,311 | |
Calpine Corp. 3.75% 20311 | 9,175 | 7,482 | |
DPL, Inc. 4.125% 2025 | 12,465 | 11,531 | |
Emera, Inc. 6.75% 2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)8 | 18,225 | 17,655 | |
Enfragen Energia Sur SA 5.375% 20301 | 4,850 | 3,282 | |
FirstEnergy Corp. 2.25% 2030 | 19,000 | 15,081 | |
FirstEnergy Corp. 2.65% 2030 | 6,754 | 5,582 | |
FirstEnergy Corp. 7.375% 2031 | 7,191 | 8,088 | |
FirstEnergy Corp. 3.40% 2050 | 69 | 47 | |
FirstEnergy Corp., Series C, 5.35% 20478 | 5,065 | 4,288 | |
FirstEnergy Transmission, LLC 2.866% 20281 | 11,850 | 10,035 | |
FirstEnergy Transmission, LLC 4.55% 20491 | 2,000 | 1,614 | |
NextEra Energy Partners LP 4.25% 20241 | 3,163 | 3,031 | |
NextEra Energy Partners LP 3.875% 20261 | 2,373 | 2,175 | |
NGL Energy Partners LP 7.50% 2026 | 14,050 | 10,527 | |
NRG Energy, Inc. 3.625% 20311 | 21,050 | 16,548 | |
Pacific Gas and Electric Co. 3.75% 2028 | 6,000 | 5,303 | |
Pacific Gas and Electric Co. 4.55% 2030 | 12,203 | 10,854 |
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) | |
Pacific Gas and Electric Co. 2.50% 2031 | USD2,000 | $1,532 | |
Pacific Gas and Electric Co. 3.30% 2040 | 4,540 | 3,137 | |
Pacific Gas and Electric Co. 3.50% 2050 | 9,040 | 6,055 | |
PG&E Corp. 5.00% 2028 | 59,690 | 50,525 | |
PG&E Corp. 5.25% 2030 | 60,380 | 49,789 | |
PG&E Corp., Term Loan, (3-month USD-LIBOR + 3.00%) 4.688% 20252,3 | 4,754 | 4,497 | |
Talen Energy Corp. 10.50% 20261 | 59,967 | 38,979 | |
Talen Energy Corp. 7.25% 20271,4 | 97,632 | 96,272 | |
Talen Energy Corp. 6.625% 20281 | 1,819 | 1,764 | |
Talen Energy Corp., Term Loan, (3-month USD CME Term SOFR + 4.75%) 5.949% 20232,3 | 62,105 | 61,562 | |
Talen Energy Corp., Term Loan B, (3-month USD-LIBOR + 3.75%) 5.416% 20262,3,4 | 12,145 | 11,669 | |
Talen Energy Supply, LLC 7.625% 20281,4 | 9,825 | 9,643 | |
Targa Resources Partners LP 4.00% 2032 | 8,525 | 7,311 | |
Venture Global Calcasieu Pass, LLC 3.875% 20291 | 27,420 | 24,060 | |
Vistra Operations Co., LLC 3.55% 20241 | 5,769 | 5,574 | |
Vistra Operations Co., LLC 5.625% 20271 | 17,655 | 16,636 | |
550,079 | |||
Real estate 2.89% | |||
Brookfield Property REIT, Inc. 5.75% 20261 | 42,942 | 39,304 | |
Diversified Healthcare Trust 4.375% 2031 | 10,730 | 7,310 | |
Forestar Group, Inc. 3.85% 20261 | 9,330 | 7,682 | |
Forestar Group, Inc. 5.00% 20281 | 1,905 | 1,560 | |
Howard Hughes Corp. 5.375% 20281 | 30,358 | 25,487 | |
Howard Hughes Corp. 4.125% 20291 | 32,013 | 24,750 | |
Howard Hughes Corp. 4.375% 20311 | 51,837 | 38,452 | |
Iron Mountain, Inc. 4.875% 20271 | 29,660 | 26,883 | |
Iron Mountain, Inc. 5.00% 20281 | 6,202 | 5,505 | |
Iron Mountain, Inc. 5.25% 20281 | 24,088 | 21,671 | |
Iron Mountain, Inc. 5.25% 20301 | 55,225 | 48,118 | |
Iron Mountain, Inc. 4.50% 20311 | 19,090 | 15,654 | |
Kennedy-Wilson Holdings, Inc. 4.75% 2029 | 49,700 | 40,330 | |
Kennedy-Wilson Holdings, Inc. 4.75% 2030 | 45,238 | 35,474 | |
Kennedy-Wilson Holdings, Inc. 5.00% 2031 | 45,955 | 35,686 | |
Ladder Capital Corp. 5.25% 20251 | 14,495 | 13,143 | |
Ladder Capital Corp. 4.75% 20291 | 2,015 | 1,554 | |
Medical Properties Trust, Inc. 5.00% 2027 | 13,527 | 12,400 | |
Medical Properties Trust, Inc. 3.50% 2031 | 4,187 | 3,312 | |
Park Intermediate Holdings, LLC 4.875% 20291 | 16,445 | 14,148 | |
Realogy Corp. 5.75% 20291 | 24,200 | 18,392 | |
Realogy Corp. 5.25% 20301 | 32,645 | 24,244 | |
RHP Hotel Properties LP / RHP Finance Corp. 4.50% 20291 | 11,330 | 9,629 | |
RLJ Lodging Trust, LP 4.00% 20291 | 14,905 | 12,270 | |
WeWork Companies, Inc. 7.875% 20251 | 1,925 | 1,411 | |
WeWork Companies, LLC 5.00% 20251 | 23,200 | 15,017 | |
499,386 | |||
Total corporate bonds, notes & loans | 15,459,187 | ||
U.S. Treasury bonds & notes 0.08% U.S. Treasury inflation-protected securities 0.08% | |||
U.S. Treasury Inflation-Protected Security 0.125% 20519,10 | 17,764 | 13,573 |
American High-Income Trust — Page 19 of 28
unaudited
Bonds, notes & other debt instruments (continued) Mortgage-backed obligations 0.08% Collateralized mortgage-backed obligations 0.08% | Principal amount (000) | Value (000) | |
Treehouse Park Improvement Association No.1 - Anleihen 9.75% 20331,5,6 | USD15,299 | $13,568 | |
Asset-backed obligations 0.04% | |||
Aesop Funding, LLC, Series 2019-2A, Class D, 3.04% 20251,11 | 5,000 | 4,659 | |
Castlelake Aircraft Securitization Trust, Series 2017-1R, Class C, 6.50% 20411,11 | 4,602 | 2,399 | |
7,058 | |||
Total bonds, notes & other debt instruments (cost: $18,100,501,000) | 15,493,386 | ||
Convertible bonds & notes 0.18% Communication services 0.17% | |||
DISH DBS Corp., convertible notes, 3.375% 2026 | 42,635 | 28,906 | |
Energy 0.01% | |||
Mesquite Energy, Inc., convertible notes, 13.14% Cash 20231,5,6,7 | 2,454 | 2,454 | |
Total convertible bonds & notes (cost: $46,666,000) | 31,360 | ||
Convertible stocks 0.21% Financials 0.18% | Shares | ||
2020 Cash Mandatory Exchangeable Trust, convertible preferred shares, 5.25% 20231 | 26,724 | 30,709 | |
Utilities 0.03% | |||
PG&E Corp., convertible preferred units, 5.50% 2023 | 57,000 | 5,449 | |
Total convertible stocks (cost: $29,610,000) | 36,158 | ||
Common stocks 3.24% Energy 1.22% | |||
Chesapeake Energy Corp. | 805,741 | 65,346 | |
Oasis Petroleum, Inc. | 350,000 | 42,578 | |
Ascent Resources - Utica, LLC, Class A5,6,12,13 | 90,532,504 | 24,444 | |
Diamond Offshore Drilling, Inc.12 | 2,953,237 | 17,394 | |
Diamond Offshore Drilling, Inc.1,12 | 1,034,079 | 6,091 | |
Denbury, Inc.12 | 385,000 | 23,096 | |
Weatherford International12 | 796,137 | 16,854 | |
California Resources Corp. | 183,103 | 7,049 | |
McDermott International, Ltd.5,6,12 | 3,921,721 | 2,235 | |
McDermott International, Ltd.1,5,6,12,13 | 1,745,604 | 995 | |
Civitas Resources, Inc. | 57,659 | 3,015 | |
Southwestern Energy Co.12 | 229,524 | 1,435 | |
Mesquite Energy, Inc.5,6,12 | 109,992 | 660 | |
Bighorn Permian Resources, LLC5,6,12 | 42,744 | 228 | |
Constellation Oil Services Holding SA, Class B-15,6,12 | 51,096,574 | —14 | |
Petroplus Holdings AG5,6,12 | 3,360,000 | —14 | |
211,420 |
American High-Income Trust — Page 20 of 28
unaudited
Common stocks (continued) Health care 1.13% | Shares | Value (000) | |
Rotech Healthcare, Inc.5,6,12,13,15 | 1,916,276 | $195,460 | |
Financials 0.32% | |||
Jonah Energy Parent, LLC5,6,15 | 747,471 | 47,973 | |
Navient Corp. | 537,500 | 7,519 | |
55,492 | |||
Consumer discretionary 0.27% | |||
NMG Parent, LLC12 | 182,562 | 32,861 | |
MYT Holding Co., Class B5,6,12,15 | 7,468,376 | 13,070 | |
45,931 | |||
Communication services 0.22% | |||
Frontier Communications Parent, Inc.12 | 921,177 | 21,684 | |
Intelsat SA5,6,12 | 318,478 | 8,599 | |
Cumulus Media, Inc., Class A12 | 561,836 | 4,343 | |
iHeartMedia, Inc., Class A12 | 378,645 | 2,988 | |
Clear Channel Outdoor Holdings, Inc.12 | 890,868 | 953 | |
38,567 | |||
Information technology 0.08% | |||
MoneyGram International, Inc.12 | 1,310,886 | 13,109 | |
Total common stocks (cost: $468,700,000) | 559,979 | ||
Preferred securities 0.15% Consumer discretionary 0.13% | |||
MYT Holdings, LLC, Series A, preferred shares, 10.00% 202912,15 | 19,884,070 | 21,773 | |
Industrials 0.02% | |||
ACR III LSC Holdings, LLC, Series B, preferred shares1,5,6,12 | 13,566 | 4,331 | |
Energy 0.00% | |||
McDermott International, Inc., 8.00% cumulative preferred shares5,6,12 | 1,130 | 57 | |
Total preferred securities (cost: $32,392,000) | 26,161 | ||
Rights & warrants 0.14% Consumer discretionary 0.11% | |||
NMG Parent, LLC, warrants, expire 20275,12 | 407,047 | 19,415 | |
Energy 0.03% | |||
Chesapeake Energy Corp., Class A, warrants, expire 202612 | 25,868 | 1,720 | |
Chesapeake Energy Corp., Class B, warrants, expire 202612 | 28,742 | 1,627 | |
Chesapeake Energy Corp., Class C, warrants, expire 202612 | 19,731 | 1,035 | |
California Resources Corp., warrants, expire 202412 | 16,108 | 166 | |
Denbury, Inc., Series B, warrants, expire 20231,12 | 155 | 4 |
American High-Income Trust — Page 21 of 28
unaudited
Rights & warrants (continued) Energy (continued) | Shares | Value (000) | |
McDermott International, Inc., warrants, expire 20275,6,12 | 845,563 | $—14 | |
Constellation Oil Services Holding SA, Class D, warrants5,6,12 | 18 | —14 | |
4,552 | |||
Communication services 0.00% | |||
Intelsat Jackson Holdings SA (CVR), Series A5,6,12 | 33,352 | 134 | |
Intelsat Jackson Holdings SA (CVR), Series B5,6,12 | 33,352 | 125 | |
259 | |||
Total rights & warrants (cost: $14,525,000) | 24,226 | ||
Short-term securities 5.02% Money market investments 5.02% | |||
Capital Group Central Cash Fund 1.38%15,16 | 8,684,192 | 868,245 | |
Total short-term securities (cost: $868,567,000) | 868,245 | ||
Total investment securities 98.51% (cost: $19,560,961,000) | 17,039,515 | ||
Other assets less liabilities 1.49% | 257,864 | ||
Net assets 100.00% | $17,297,379 |
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | Value and unrealized appreciation at 6/30/2022 (000) |
5 Year U.S. Treasury Note Futures | Short | 36 | September 2022 | USD(4,041) | $39 |
10 Year Ultra U.S. Treasury Note Futures | Short | 39 | September 2022 | (4,967) | 71 |
10 Year U.S. Treasury Note Futures | Short | 150 | September 2022 | (17,780) | 110 |
30 Year Ultra U.S. Treasury Bond Futures | Short | 102 | September 2022 | (15,743) | 460 |
$680 |
Swap contracts
Credit default swaps
Centrally cleared credit default swaps on credit indices — buy protection
Reference index | Financing rate paid | Payment frequency | Expiration date | Notional amount (000) | Value at 6/30/2022 (000) | Upfront premium received (000) | Unrealized appreciation at 6/30/2022 (000) |
CDX.NA.HY.38 | 5.00% | Quarterly | 6/20/2027 | USD285,367 | $8,595 | $(1,213) | $9,808 |
American High-Income Trust — Page 22 of 28
unaudited
Investments in affiliates15
Value of affiliates at 10/1/2021 (000) | Additions (000) | Reductions (000) | Net realized (loss) gain (000) | Net unrealized appreciation (depreciation) (000) | Value of affiliates at 6/30/2022 (000) | Interest or dividend income (000) | ||||
Bonds, notes & other debt instruments 0.00% | ||||||||||
Health care 0.00% | ||||||||||
Rotech Healthcare, Inc., Term Loan, (3-month USD-LIBOR + 11.00%) 13.00% PIK 20233,5,17 | $44,394 | $2,999 | $47,393 | $(111) | $111 | $— | $3,035 | |||
Common stocks 1.48% | ||||||||||
Energy 0.00% | ||||||||||
Tapstone Energy, LLC1,5,12,17 | 4,970 | — | 2,304 | 2,299 | (4,965) | — | — | |||
Health care 1.13% | ||||||||||
Rotech Healthcare, Inc.5,6,12,13 | 206,958 | — | — | — | (11,498) | 195,460 | — | |||
Financials 0.28% | ||||||||||
Jonah Energy Parent, LLC5,6 | 16,070 | — | — | — | 31,903 | 47,973 | 3,162 | |||
Consumer discretionary 0.07% | ||||||||||
MYT Holding Co., Class B5,6,12 | 39,209 | — | — | — | (26,139) | 13,070 | — | |||
Industrials 0.00% | ||||||||||
New AMI I, LLC5,12,17 | 125,135 | — | 96,044 | 11,365 | (40,456) | — | — | |||
Total common stocks | 256,503 | |||||||||
Preferred securities 0.13% | ||||||||||
Consumer discretionary 0.13% | ||||||||||
MYT Holdings, LLC, Series A, preferred shares, 10.00% 202912 | 21,032 | — | — | — | 741 | 21,773 | — | |||
Short-term securities 5.02% | ||||||||||
Money market investments 5.02% | ||||||||||
Capital Group Central Cash Fund 1.38%16 | 1,140,704 | 3,329,214 | 3,601,296 | (215) | (162) | 868,245 | 2,179 | |||
Total 6.63% | $13,338 | $(50,465) | $1,146,521 | $8,376 |
Private placement securities13
Acquisition date(s) | Cost (000) | Value (000) | Percent of net assets | |||
Rotech Healthcare, Inc. | 9/26/2013 | $41,128 | $195,460 | 1.13% | ||
Ascent Resources - Utica, LLC, Class A | 4/25/2016-11/15/2016 | 4,340 | 24,444 | .14 | ||
McDermott International, Ltd. | 4/4/2018-12/31/2020 | 7,967 | 995 | .01 | ||
Total | $ 53,435 | $ 220,899 | 1.28% |
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 $11,430,310,000, which represented 66.08% 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 $518,339,000, which represented 3.00% 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 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $401,993,000, which represented 2.32% of the net assets of the fund. |
6 | Value determined using significant unobservable inputs. |
7 | Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. |
8 | Step bond; coupon rate may change at a later date. |
9 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $11,797,000, which represented .07% of the net assets of the fund. |
10 | Index-linked bond whose principal amount moves with a government price index. |
11 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
12 | Security did not produce income during the last 12 months. |
13 | 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. |
14 | Amount less than one thousand. |
15 | 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. |
16 | Rate represents the seven-day yield at 6/30/2022. |
17 | Affiliated issuer during the reporting period but no longer held at 6/30/2022. |
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 $559,472,000. 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 $378,177,000.
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, 2022 (dollars in thousands):
Investment securities | |||||||
Level 1 | Level 2 | Level 3 | Total | ||||
Assets: | |||||||
Bonds, notes & other debt instruments: | |||||||
Corporate bonds, notes & loans | $— | $15,390,942 | $68,245 | $15,459,187 | |||
U.S. Treasury bonds & notes | — | 13,573 | — | 13,573 | |||
Mortgage-backed obligations | — | — | 13,568 | 13,568 | |||
Asset-backed obligations | — | 7,058 | — | 7,058 | |||
Convertible bonds & notes | — | 28,906 | 2,454 | 31,360 | |||
Convertible stocks | 5,449 | 30,709 | — | 36,158 | |||
Common stocks | 233,454 | 32,861 | 293,664 | 559,979 | |||
Preferred securities | — | 21,773 | 4,388 | 26,161 | |||
Rights & warrants | 4,552 | 19,415 | 259 | 24,226 | |||
Short-term securities | 868,245 | — | — | 868,245 | |||
Total | $1,111,700 | $15,545,237 | $382,578 | $17,039,515 |
Other investments* | |||||||
Level 1 | Level 2 | Level 3 | Total | ||||
Assets: | |||||||
Unrealized appreciation on futures contracts | $680 | $— | $— | $680 | |||
Unrealized appreciation on centrally cleared credit default swaps | — | 9,808 | — | 9,808 | |||
Total | $680 | $9,808 | $— | $10,488 |
* | Futures contracts and credit default swaps are not included in the fund’s 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, 2022 (dollars in thousands):
Beginning value at 10/1/2021 | Transfers into Level 3† | Purchases | Sales | Net realized gain | Unrealized depreciation | Transfers out of Level 3† | Ending value at 6/30/2022 | |
Investment securities | $471,243 | $30,399 | $65,564 | $(166,576) | $13,688 | $(31,740) | $— | $382,578 |
Net unrealized appreciation during the period on Level 3 investment securities held at June 30, 2022 | $13,215 |
†Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.
American High-Income Trust — Page 26 of 28
unaudited
Unobservable inputs — Valuation of the fund’s Level 3 securities is based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund’s investment adviser to fair value the fund’s Level 3 securities (dollars in thousands):
Value at 6/30/2022 | Valuation techniques | Unobservable inputs | Range (if applicable) | Weighted average* | Impact to valuation from an increase in input† | |
Bonds, notes & other debt instruments | $81,813 | Estimated recovery value | Expected proceeds | 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 | Yield | 11.7% - 13.4% | 12.7% | Decrease | ||
Transaction price | N/A | N/A | N/A | N/A | ||
Net adjustment based on market comparables movement (decrease) | 10% | 10% | Decrease | |||
Convertible bonds & notes | 2,454 | Transaction price | N/A | N/A | N/A | N/A |
Common stocks | 293,664 | Estimated recovery value | N/A | N/A | N/A | N/A |
Exchange terms | N/A | N/A | N/A | |||
Risk discount | 90% | 90% | Decrease | |||
Net adjustment based on market comparables (decrease) | 20% | 20% | Decrease | |||
Market comparable companies | EV/EBITDA multiple | 2.0x - 4.8x | 2.9x | Increase | ||
EV/EBITDA less CapEx multiple | 10.5x | 10.5x | Increase | |||
DLOM | 18% | 18% | Decrease | |||
Recent market information | Broker quote | N/A | N/A | N/A | ||
Quoted price | N/A | N/A | N/A | |||
Corporate action terms | N/A | N/A | N/A | |||
DLOM | 15% | 15% | Decrease | |||
Preferred securities | 4,388 | 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 | 259 | Estimated recovery value | N/A | N/A | N/A | N/A |
Recent market information | Broker quote | N/A | N/A | N/A | ||
Total | $382,578 |
* | Weighted average is by relative fair value. |
† | 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 |
CapEx = Capital expenditures |
CME = CME Group |
CVR = Contingent Value Rights |
DAC = Designated Activity Company |
DLOM = Discount for lack of marketability |
EBITDA = Earnings before income taxes, depreciation and amortization |
EUR = Euros |
EURIBOR = Euro Interbank Offered Rate |
EV = Enterprise value |
LIBOR = London Interbank Offered Rate |
REIT = Real Estate Investment Trust |
SOFR = Secured Overnight Financing Rate |
USD = U.S. dollars |
American High-Income Trust — Page 27 of 28
unaudited
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
American Funds Distributors, Inc., member FINRA.
© 2022 Capital Group. All rights reserved.
MFGEFP3-021-0822O-S85335 | American High-Income Trust — Page 28 of 28 |