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Form N-CSR AMERICAN HIGH INCOME For: Sep 30

November 30, 2022 12:28 PM EST

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

 

Investment Company Act File Number: 811-05364

 

American High-Income Trust

(Exact Name of Registrant as Specified in Charter)

 

333 South Hope Street, 55th Floor

Los Angeles, California 90071

(Address of Principal Executive Offices)

 

Registrant's telephone number, including area code: (949) 975-5000

 

Date of fiscal year end: September 30

 

Date of reporting period: September 30, 2022

 

Brian C. Janssen

American High-Income Trust

6455 Irvine Center Drive

Los Angeles, California 90071

(Name and Address of Agent for Service)

 
 

 

ITEM 1 – Reports to Stockholders

  

American High-Income Trust®

 

Annual report
for the year ended
September 30, 2022

 

 

Pursue sustainable
income over time

 

American High-Income Trust seeks to provide you with a high level of current income. Its secondary investment objective is capital appreciation.

 

This fund is one of more than 40 offered by Capital Group, home of American Funds, one of the nation’s largest mutual fund families. For over 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

 

Fund results shown in this report, unless otherwise indicated, are for Class F-2 shares. Class A share results are shown at net asset value unless otherwise indicated. If a sales charge (maximum 3.75%) had been deducted from Class A shares, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com.

 

Refer to page 3 for Class F-2 and Class A share results with relevant sales charges deducted. For other share class results, visit capitalgroup.com and americanfundsretirement.com.

 

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information.

 

The fund’s 30-day yield, as of September 30, 2022, calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula, was 7.77% for Class F-2 shares and 7.20% for Class A shares. The fund’s 12-month distribution rate as of that date was 5.65% for Class F-2 shares and 5.13% for Class A shares. Class A shares reflect the 3.75% maximum sales charge. The SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities while the distribution rate reflects the fund’s past dividends paid to shareholders. Accordingly, the fund’s SEC yield and distribution rate may differ.

 

The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. High-yield bonds are subject to greater fluctuations in value and risk of loss of income and principal than investment-grade bonds. Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch, as an indication of an issuer’s creditworthiness. If rating agencies differ, securities will be considered to have received the middle rating, consistent with the fund’s investment policies. If only two agencies rate a security, the lower rating is used. If only one rates a security, that single rating is used. Securities in the Unrated category have not been rated by a rating agency; however, the investment adviser performs its own credit analysis and assigns comparable ratings that are used for compliance with fund investment policies. Investing in bonds issued outside the U.S. may be subject to additional risks. They include currency fluctuations, political and social instability, differing securities regulations and accounting standards, higher transaction costs, possible changes in taxation, illiquidity and price volatility. These risks may be heightened in connection with investments in developing countries. Refer to the fund prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the fund.

 

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

 

Contents

 

1 Letter to investors
   
3 The value of a long-term perspective
   
4 Investment portfolio
   
24 Financial statements
   
50 Board of trustees and other officers

 

Fellow investors:

 

For the 12-month period ended September 30, Class F-2 shares of the American High-Income Trust reported a total return of –11.62%. That compares to –14.15% for the fund’s primary benchmark, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index. The Lipper High Yield Funds Average, a benchmark of similar funds, lost 13.51%. During the 12-month period, for F-2 shares, the fund paid monthly dividends totaling approximately 50 cents a share. Shareholders who reinvested dividends received an income return of 4.85% for the period. Those who elected to take their dividends in cash received an income return of 4.74%.

 

High-yield market overview

Bond markets tumbled as the U.S. Federal Reserve and many other central banks moved aggressively to raise interest rates amid mounting inflationary pressures. Against this backdrop, yields on speculative grade corporate bonds approached 10% and reached levels rarely seen since the global financial crisis of 2007-2009. Even with this inflationary environment, the high-yield market fared better than many other asset classes over this period. The relatively short duration, higher income, and improved credit quality of the asset class relative to history all contributed to mitigate losses during a period of severe market stress.

 

Although the economic environment is likely to weaken in the next year, the credit quality of the high-yield market is stronger than it has been historically, and yield spreads are now above the historical average going back nearly 30 years. The absence of near-term large scale refinancing requirements, resulting from corporations raising record amounts of capital during the recent window of low rates and favorable credit conditions, allows corporations to gradually adjust to the reality of higher borrowing costs. As a result, the volume of new high-yield debt issuance could remain low for the foreseeable future.

 

Results at a glance

 

For periods ended September 30, 2022, with all distributions reinvested

 

    Cumulative
total returns
  Average annual total returns
    1 year   3 years   5 years   10 years   Lifetime
(since 2/19/88)
                     
American High-Income Trust (Class F-2 shares)1     –11.62 %     1.65 %     2.48 %     3.78 %     7.33 %
American High-Income Trust (Class A shares)     –11.86       1.36       2.21       3.52       7.09  
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index2     –14.15       –0.47       1.56       3.94       7.43  
Lipper High Yield Funds Average3     –13.51       –0.80       1.04       3.13       6.60  

 

1 Class F-2 shares were first offered on August 4, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.
2 Source: Bloomberg Index Services Ltd. From February 19, 1988, through December 31, 1992, the Credit Suisse High Yield Index was used because the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index did not yet exist. Since January 1, 1993, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index has been used. It is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.
3 Source: Refinitiv Lipper. Lipper averages reflect the current composition of all eligible mutual funds (all share classes) within a given category. Lipper High Yield Funds Index is an equally weighted index of funds that aim at high (relative) current yield from fixed-income securities, have no quality or maturity restrictions and tend to invest in lower grade debt issues. The results of the underlying funds in the index include reinvestment of dividends and capital gain distributions, as well as brokerage commissions paid by the funds for portfolio transactions and other fund expenses, but do not reflect the effect of sales charges, account fees or U.S. federal income taxes.

 

American High-Income Trust 1
 

Over the course of the last year, from a quality perspective, there was relatively low return dispersion among the three primary rating tiers within the high-yield market. Corporate bonds rated BB and B both returned –13.8%, with CCC-rated bonds returning –16.3%. Bonds rated BB, the highest rating within high yield, represent a record high proportion of all high-yield bonds.

 

Nearly all industry sectors posted negative returns during the period. The worst performing sectors were consumer noncyclicals, communications, and finance companies. At the other end of the spectrum, the top-performing sectors of the high-yield market were energy, transportation, and capital goods.

 

Inside the portfolio

Over the past year, the fund has maintained its focus on higher rated bonds, with 84% of its fixed income exposure in B or higher rated bonds. The fund is slightly underweight the riskier CCC-rated cohort of the high-yield market. Having this higher quality focus, with an emphasis on bonds backed by collateral, was a positive influence in achieving results better than those of the benchmark.

 

Security selection played a dominant role in outpacing benchmark results, whereas industry selection, albeit a positive contributor as well, had less influence. An overweight to the energy sector benefited relative returns, but security selection in the sector was by far the largest contributor to relative returns, with several energy companies among the top contributors to total returns. Also among the top contributors, both by way of industry and security selection, was the communications sector, where the fund is currently underweight the benchmark.

 

On the opposite side of the ledger, there were just a few sectors that weighed on relative results in any meaningful manner. Namely, the consumer noncyclical sector, where pharmaceuticals weighed on the broader category, detracted from results. An underweight to the transportation sector, albeit modest, as well as security selection in the category were slightly detrimental to relative returns.

 

Exposure to non-benchmark investments was a net positive contributor to results. A modest level of cash and U.S. Treasuries added to returns given the risk-off sentiment theme that was present for most of the period. Several equity positions, received from debt recapitalizations, also had strong contributions to investment results.

 

Looking ahead

The long-term strategic merit of investing in high-yield bonds as part of a diversified portfolio remains strong. We believe investors should consider the asset class for its diversification benefits over the long term rather than attempting to time market cycles. Within a broader fixed income portfolio, augmenting a core bond portfolio, as represented by the Bloomberg U.S. Aggregate Index, with high-yield bonds has the potential to deliver superior risk-adjusted returns over time.

 

The economic outlook is uncertain, with high inflation, rising interest rates, and increasing macroeconomic headwinds. Although credit stress is anticipated to rise, the high-yield asset class has had historically low levels of corporate defaults over the last year. We anticipate that high-yield default rates will rise with increasing economic pressure and funding costs, but from a very low base of just 1% over the last year. Fundamentally, high-yield credit quality is at historic highs, with bonds rated BB making up more than half the market, and lower rated CCC bonds making up just 11%. This quality improvement should lead to lower default rates relative to prior periods of economic stress.

 

With historically high yields, spreads slightly above the long-term average, and a favorable technical backdrop from declining issuance, we believe there are increasingly attractive opportunities to invest in high-yield bonds. Nonetheless, with elevated volatility and anticipated weaker economic activity, we plan to take a cautious approach to investing and seek to invest in sectors and companies backed by strong asset quality or collateral. We believe that security selection will be of paramount importance in this environment, as virtually all sectors will be exposed to more challenging economic conditions.

 

As always, we appreciate your continued support and long-term investment perspective.

 

Sincerely,

 

David A. Daigle
President

 

November 8, 2022

 

For current information about the fund, visit capitalgroup.com.

 

2 American High-Income Trust
 

The value of a long-term perspective

 

Here’s how a hypothetical $10,000 investment in American High-Income Trust grew between February 19, 1988, when the fund began operations, and September 30, 2022, the end of its latest fiscal year (with all distributions reinvested).

 

Fund results shown are for Class F-2 and Class A shares. Class A shares reflect deduction of the maximum sales charge of 3.75% on the $10,000 investment1; thus, the net amount invested was $9,625.2

 

Class F-2 shares were first offered on August 4, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

 

 

1 As outlined in the prospectus, the sales charge is reduced for accounts (and aggregated investments) of $100,000 or more and is eliminated for purchases of $1 million or more. There is no sales charge on dividends or capital gain distributions that are reinvested in additional shares.
2 The maximum initial sales charge was 4.75% prior to January 10, 2000.
3 The market index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
4 Source: Bloomberg Index Services Ltd. From February 19, 1988, through December 31, 1992, the Credit Suisse High Yield Index was used because the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index did not yet exist. Since January 1, 1993, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index has been used.
5 Source: Refinitiv Lipper. Results of the Lipper High Yield Funds Average do not reflect any sales charges. Lipper averages reflect the current composition of all eligible mutual funds (all share classes) within a given category. Lipper categories are dynamic and averages may have few funds, especially over longer periods. For the number of funds included in the Lipper category for each fund’s lifetime, refer to the Quarterly Statistical Update, available on our website.
6 For the period February 19, 1988, commencement of operations, through September 30, 1988.

 

Past results are not predictive of results for future periods. The results shown are before taxes on fund distributions and sale of fund shares.

 

Average annual total returns based on a $1,000 investment (for periods ended September 30, 2022)

 

    1 year   5 years   10 years
             
Class F-2 shares     –11.62 %     2.48 %     3.78 %
Class A shares*     –15.16       1.43       3.12  

 

 

* Assumes payment of the maximum 3.75% sales charge.

 

 

The total annual fund operating expense ratios are 0.40% for Class F-2 shares and 0.69% for Class A shares as of the prospectus dated December 1, 2022 (unaudited).

 

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information.

 

American High-Income Trust 3
 

Investment portfolio September 30, 2022

 

Portfolio by type of security Percent of net assets
 
 

 

Bonds, notes & other debt instruments 90.02%   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans 89.84%                
Energy 14.36%                
Aethon United BR, LP / Aethon United Finance Corp. 8.25% 20261   USD 6,600     $ 6,386  
Antero Midstream Partners, LP 5.375% 20291     10,095       8,933  
Antero Resources Corp. 7.625% 20291     4,356       4,357  
Antero Resources Corp. 5.375% 20301     8,415       7,584  
Apache Corp. 4.625% 2025     5,540       5,344  
Apache Corp. 6.00% 2037     2,910       2,611  
Apache Corp. 5.10% 2040     13,635       11,038  
Apache Corp. 4.75% 2043     5,725       4,282  
Apache Corp. 4.25% 2044     270       192  
Apache Corp. 5.35% 2049     150       118  
Ascent Resources - Utica, LLC 7.00% 20261     38,410       37,073  
Ascent Resources - Utica, LLC 9.00% 20271     4,380       5,351  
Ascent Resources - Utica, LLC 8.25% 20281     4,042       3,892  
Ascent Resources - Utica, LLC 5.875% 20291     21,835       19,472  
Ascent Resources - Utica, LLC, Term Loan, (3-month USD-LIBOR + 9.00%) 10.00% 20251,2,3     4,446       4,668  
Blue Racer Midstream, LLC and Blue Racer Finance Corp. 7.625% 20251     9,754       9,379  
Bonanza Creek Energy, Inc. 5.00% 20261     15,860       14,424  
California Resources Corp. 7.125% 20261     6,275       5,908  
Callon Petroleum Co. 7.50% 20301     10,050       8,818  
Cenovus Energy, Inc. 5.375% 2025     204       205  
Cenovus Energy, Inc. 4.25% 2027     390       368  
Cenovus Energy, Inc. 5.25% 2037     400       352  
Cenovus Energy, Inc. 5.40% 2047     390       335  
Centennial Resource Production, LLC 6.875% 20271     6,752       6,548  
Cheniere Energy Partners, LP 4.50% 2029     26,037       22,983  
Cheniere Energy Partners, LP 4.00% 2031     30,178       25,364  
Cheniere Energy Partners, LP 3.25% 2032     26,813       20,643  
Cheniere Energy, Inc. 4.625% 2028     75,403       69,347  
Chesapeake Energy Corp. 4.875% 20224     28,871       794  
Chesapeake Energy Corp. 5.75% 20234     1,730       48  
Chesapeake Energy Corp. 5.50% 20261     20,225       19,391  
Chesapeake Energy Corp. 5.875% 20291     22,275       20,688  
Chesapeake Energy Corp. 6.75% 20291     7,520       7,225  
CNX Midstream Partners, LP 4.75% 20301     5,745       4,519  
CNX Resources Corp. 7.25% 20271     37,307       36,367  
CNX Resources Corp. 6.00% 20291     28,722       26,274  
CNX Resources Corp. 7.375% 20311     20,168       19,770  
Comstock Resources, Inc. 6.75% 20291     13,320       12,317  
Comstock Resources, Inc. 5.875% 20301     15,605       13,628  
Constellation Oil Services Holding SA 13.50% 20251,5     5,794       5,794  
Constellation Oil Services Holding SA 4.00% PIK 20266     46,128       38,056  
Continental Resources, Inc. 5.75% 20311     7,250       6,569  
CQP Holdco, LP / BIP-V Chinook Holdco, LLC 5.50% 20311     52,105       44,177  
Crestwood Midstream Partners, LP 5.75% 2025     4,990       4,741  

 

4 American High-Income Trust
 
Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Energy (continued)                
Crestwood Midstream Partners, LP 5.625% 20271   USD 5,000     $ 4,536  
Crestwood Midstream Partners, LP 6.00% 20291     9,825       8,807  
Devon Energy Corp. 5.875% 2028     2,830       2,830  
Devon Energy Corp. 4.50% 2030     10,040       9,152  
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 20271,3,6     2,584       2,390  
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 20276     2,337       2,162  
DT Midstream, Inc. 4.125% 20291     23,690       20,069  
DT Midstream, Inc. 4.375% 20311     14,675       12,125  
Encino Acquisition Partners Holdings, LLC 8.50% 20281     684       632  
Energean Israel Finance, Ltd. 4.50% 20241     17,855       16,828  
Energean Israel Finance, Ltd. 4.875% 20261     20,000       17,750  
Energean Israel Finance, Ltd. 5.875% 20311     1,580       1,300  
Energean PLC 6.50% 20271     9,930       8,754  
EnLink Midstream Partners, LLC 5.625% 20281     8,585       8,040  
EQM Midstream Partners, LP 6.00% 20251     4,000       3,704  
EQM Midstream Partners, LP 4.125% 2026     3,011       2,558  
EQM Midstream Partners, LP 6.50% 20271     42,825       39,636  
EQM Midstream Partners, LP 7.50% 20271     16,085       15,358  
EQM Midstream Partners, LP 5.50% 2028     17,346       14,863  
EQM Midstream Partners, LP 4.50% 20291     21,410       17,285  
EQM Midstream Partners, LP 7.50% 20301     16,425       15,547  
EQM Midstream Partners, LP 4.75% 20311     32,135       25,583  
EQM Midstream Partners, LP 6.50% 2048     9,700       7,419  
EQT Corp. 6.375% 20257     5,052       5,066  
EQT Corp. 5.00% 2029     6,915       6,466  
EQT Corp. 7.25% 20307     5,395       5,580  
EQT Corp. 3.625% 20311     9,080       7,584  
Genesis Energy, LP 5.625% 2024     2,765       2,605  
Genesis Energy, LP 6.50% 2025     32,102       29,059  
Genesis Energy, LP 6.25% 2026     6,115       5,320  
Genesis Energy, LP 8.00% 2027     55,399       48,680  
Genesis Energy, LP 7.75% 2028     7,180       6,255  
Harbour Energy PLC 5.50% 20261     32,030       28,738  
Harvest Midstream I, LP 7.50% 20281     36,075       33,806  
Hess Midstream Operations, LP 4.25% 20301     25,875       20,949  
Hess Midstream Operations, LP 5.50% 20301     11,695       10,055  
Hess Midstream Partners, LP 5.125% 20281     9,663       8,474  
Hilcorp Energy I, LP 6.25% 20281     3,515       3,251  
Hilcorp Energy I, LP 5.75% 20291     19,025       16,672  
Hilcorp Energy I, LP 6.00% 20301     14,598       12,755  
Hilcorp Energy I, LP 6.00% 20311     14,567       12,675  
Hilcorp Energy I, LP 6.25% 20321     14,045       12,462  
Holly Energy Partners, LP / Holly Energy Finance Corp. 6.375% 20271     8,700       8,321  
Holly Energy Partners, LP / Holly Energy Finance Corp. 5.00% 20281     5,034       4,445  
Howard Midstream Energy Partners, LLC 6.75% 20271     8,950       7,988  
Independence Energy Finance, LLC 7.25% 20261     8,650       7,791  
Kinetik Holdings, LP 5.875% 20301     10,050       9,224  
Lealand Finance Co. BV, Term Loan, (3-month USD-LIBOR + 3.00%) 5.524% 20242,3     526       329  
Lealand Finance Co. BV, Term Loan, (3-month USD-LIBOR + 1.00%) 3.00% PIK and 3.52% Cash 20252,3,6     7,867       4,012  
McDermott International, Inc., Term Loan, (3-month USD-LIBOR + 4.00%) 4.00% 20242,3,5     2,000       1,000  
Murphy Oil Corp. 5.75% 2025     5,000       4,828  
Murphy Oil Corp. 6.375% 2028     8,000       7,572  
Murphy Oil USA, Inc. 4.75% 2029     16,330       14,487  
Murphy Oil USA, Inc. 3.75% 20311     19,480       15,696  
Nabors Industries, Inc. 7.375% 20271     27,700       25,623  
Nabors Industries, Ltd. 7.25% 20261     4,624       4,032  
Neptune Energy Group Holdings, Ltd. 6.625% 20251     21,325       19,827  
New Fortress Energy, Inc. 6.75% 20251     30,685       29,118  
New Fortress Energy, Inc. 6.50% 20261     82,518       76,365  
NGL Energy Operating, LLC 7.50% 20261     173,222       154,350  
NGL Energy Partners, LP 7.50% 2023     6,665       6,467  
NGL Energy Partners, LP 6.125% 2025     41,177       33,012  
NGPL PipeCo, LLC 4.875% 20271     1,010       942  
Northern Oil and Gas, Inc. 8.125% 20281     33,865       31,818  

 

American High-Income Trust 5
 
Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Energy (continued)                
NorthRiver Midstream Finance, LP 5.625% 20261   USD 10,800     $ 10,083  
NuStar Logistics, LP 6.00% 2026     6,129       5,623  
Oasis Midstream Partners, LP / OMP Finance Corp. 8.00% 20291     33,755       32,559  
Oasis Petroleum, Inc. 6.375% 20261     21,156       20,201  
Occidental Petroleum Corp. 2.90% 2024     10,480       10,101  
Occidental Petroleum Corp. 5.875% 2025     12,395       12,449  
Occidental Petroleum Corp. 8.00% 2025     8,765       9,303  
Occidental Petroleum Corp. 3.00% 2027     500       452  
Occidental Petroleum Corp. 6.375% 2028     4,575       4,567  
Occidental Petroleum Corp. 6.625% 2030     20,235       20,587  
Occidental Petroleum Corp. 8.875% 2030     12,675       14,140  
Occidental Petroleum Corp. 6.125% 2031     11,610       11,464  
Occidental Petroleum Corp. 6.45% 2036     625       627  
Occidental Petroleum Corp. 4.20% 2048     2,543       2,040  
Parkland Corp. 4.625% 20301     15,355       12,472  
PDC Energy, Inc. 5.75% 2026     12,000       11,118  
Petrobras Global Finance Co. 6.75% 2050     5,701       4,654  
Petrobras Global Finance Co. 5.50% 2051     3,999       2,846  
Petróleos Mexicanos 6.875% 2025     6,200       5,840  
Petróleos Mexicanos 8.75% 20291     14,137       12,119  
Petrorio Luxembourg SARL 6.125% 20261     6,800       6,144  
Range Resources Corp. 4.875% 2025     5,803       5,478  
Range Resources Corp. 8.25% 2029     17,375       17,716  
Range Resources Corp. 4.75% 20301     19,510       16,962  
Rattler Midstream Partners, LP 5.625% 20251     17,873       18,118  
Rockcliff Energy II, LLC 5.50% 20291     2,265       1,988  
Rockies Express Pipeline, LLC 4.95% 20291     11,193       9,623  
Sabine Pass Liquefaction, LLC 4.50% 2030     8,930       8,148  
Sanchez Energy Corp. 7.25% 20231,4     22,796       228  
SM Energy Co. 5.625% 2025     5,270       5,066  
SM Energy Co. 6.50% 2028     2,910       2,772  
Southwestern Energy Co. 5.95% 20257     7,548       7,400  
Southwestern Energy Co. 7.75% 2027     5,284       5,382  
Southwestern Energy Co. 8.375% 2028     11,445       11,878  
Southwestern Energy Co. 5.375% 2029     6,470       5,881  
Southwestern Energy Co. 5.375% 2030     41,000       37,031  
Southwestern Energy Co. 4.75% 2032     24,695       20,751  
Suburban Propane Partners, LP / Suburban Energy Finance Corp. 5.00% 20311     4,610       3,790  
Summit Midstream Holdings / Summit Midstream Finance Corp. 8.50% 20261     1,795       1,688  
Sunoco, LP 6.00% 2027     12,591       12,025  
Sunoco, LP 5.875% 2028     4,885       4,440  
Sunoco, LP 4.50% 2029     31,065       25,826  
Sunoco, LP 4.50% 2030     31,235       25,580  
Superior Plus, LP and Superior General Partner, Inc. 4.50% 20291     7,994       6,616  
Tallgrass Energy Partners, LP 7.50% 20251     5,470       5,383  
Targa Resources Partners, LP 6.50% 2027     4,322       4,282  
Targa Resources Partners, LP 6.875% 2029     18,530       18,245  
Targa Resources Partners, LP 5.50% 2030     16,729       15,052  
Targa Resources Partners, LP 4.875% 2031     13,835       11,921  
Teekay Offshore Partners, LP 8.50% 20231,4,5     27,286       6,822  
Transocean Guardian, Ltd. 5.875% 20241     4,245       4,007  
Transocean Poseidon, Ltd. 6.875% 20271     5,495       5,039  
Transocean, Inc. 6.125% 20251     3,682       3,450  
Transocean, Inc. 7.25% 20251     8,700       6,675  
Transocean, Inc. 11.50% 20271     1,905       1,766  
USA Compression Partners, LP 6.875% 2026     15,811       14,571  
USA Compression Partners, LP 6.875% 2027     2,403       2,188  
Venture Global Calcasieu Pass, LLC 4.125% 20311     53,160       44,209  
Venture Global Calcasieu Pass, LLC 3.875% 20331     11,525       8,983  
Weatherford International, Ltd. 11.00% 20241     7,243       7,380  
Weatherford International, Ltd. 6.50% 20281     42,845       38,621  
Weatherford International, Ltd. 8.625% 20301     67,875       59,265  
Western Gas Partners, LP 4.50% 2028     15,688       14,220  
Western Gas Partners, LP 5.45% 2044     985       809  
Western Midstream Operating, LP 3.35% 20257     4,955       4,625  

 

6 American High-Income Trust
 
Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Energy (continued)                
Western Midstream Operating, LP 4.75% 2028   USD 2,830     $ 2,581  
Western Midstream Operating, LP 4.30% 20307     9,650       8,275  
Western Midstream Operating, LP 5.50% 20507     10,350       8,372  
              2,327,877  
                 
Consumer discretionary 13.75%                
Adient Global Holdings, Ltd. 4.875% 20261     10,275       9,018  
Affinity Gaming 6.875% 20271     18,800       15,362  
Allied Universal Holdco, LLC 6.625% 20261     8,658       7,732  
Allied Universal Holdco, LLC 9.75% 20271     14,407       11,862  
Allied Universal Holdco, LLC 4.625% 20281     14,520       11,210  
Allied Universal Holdco, LLC 6.00% 20291     55,202       35,742  
Asbury Automotive Group, Inc. 4.50% 2028     5,000       4,237  
Asbury Automotive Group, Inc. 4.625% 20291     30,700       24,618  
Asbury Automotive Group, Inc. 5.00% 20321     10,940       8,443  
Atlas LuxCo 4 SARL 4.625% 20281     7,925       5,995  
Bath & Body Works, Inc. 6.625% 20301     4,055       3,535  
Bath & Body Works, Inc. 6.875% 2035     26,468       22,175  
Bath & Body Works, Inc. 6.75% 2036     13,030       10,758  
Beazer Homes USA, Inc. 5.875% 2027     10,802       8,364  
Boyd Gaming Corp. 4.75% 2027     8,389       7,441  
Boyd Gaming Corp. 4.75% 20311     4,835       3,923  
Boyne USA, Inc. 4.75% 20291     7,805       6,550  
Caesars Entertainment, Inc. 6.25% 20251     15,390       14,858  
Caesars Entertainment, Inc. 8.125% 20271     14,360       13,748  
Caesars Entertainment, Inc. 4.625% 20291     11,022       8,449  
Caesars Resort Collection, LLC 5.75% 20251     5,260       5,082  
Carnival Corp. 7.625% 20261     28,450       21,665  
Carnival Corp. 10.50% 20261     27,520       27,271  
Carnival Corp. 4.00% 20281     55,985       45,257  
Carnival Corp. 6.00% 20291     12,825       8,443  
Carnival Corp. 10.50% 20301     19,050       15,273  
Carvana Co. 5.625% 20251     3,500       2,468  
Carvana Co. 5.50% 20271     21,330       11,665  
Carvana Co. 5.875% 20281     15,170       7,724  
Carvana Co. 4.875% 20291     20,427       9,995  
CDI Escrow Issuer, Inc. 5.75% 20301     12,370       10,823  
CEC Entertainment, Inc. 6.75% 20261     6,500       5,859  
Dana, Inc. 4.25% 2030     3,975       2,918  
Dana, Inc. 4.50% 2032     8,510       6,086  
Dave & Buster’s, Inc. 7.625% 20251     6,075       5,991  
Empire Communities Corp. 7.00% 20251     8,900       7,395  
Empire Resorts, Inc. 7.75% 20261     13,895       11,700  
Everi Holdings, Inc. 5.00% 20291     3,000       2,465  
Fertitta Entertainment, Inc. 4.625% 20291     25,195       20,889  
Fertitta Entertainment, Inc. 6.75% 20301     78,475       59,789  
First Student Bidco, Inc. / First Transit Parent, Inc. 4.00% 20291     40,595       32,975  
Ford Motor Co. 2.30% 2025     2,000       1,775  
Ford Motor Co. 2.90% 2029     1,625       1,234  
Ford Motor Credit Company, LLC 3.664% 2024     2,138       2,013  
Ford Motor Credit Company, LLC 3.81% 2024     4,098       3,970  
Ford Motor Credit Company, LLC 5.584% 2024     1,504       1,477  
Ford Motor Credit Company, LLC 3.375% 2025     11,000       9,734  
Ford Motor Credit Company, LLC 5.125% 2025     51,145       48,344  
Ford Motor Credit Company, LLC 2.70% 2026     9,330       7,750  
Ford Motor Credit Company, LLC 4.389% 2026     275       249  
Ford Motor Credit Company, LLC 4.542% 2026     21,795       19,437  
Ford Motor Credit Company, LLC 3.815% 2027     21,990       18,503  
Ford Motor Credit Company, LLC 4.125% 2027     13,940       12,028  
Ford Motor Credit Company, LLC 4.271% 2027     4,575       4,009  
Ford Motor Credit Company, LLC 4.95% 2027     7,420       6,640  
Ford Motor Credit Company, LLC 2.90% 2028     5,850       4,606  
Ford Motor Credit Company, LLC 5.113% 2029     2,845       2,475  
Ford Motor Credit Company, LLC 4.00% 2030     11,468       8,971  
Group 1 Automotive, Inc. 4.00% 20281     12,155       9,814  
Hanesbrands, Inc. 4.625% 20241     35,960       34,337  
Hanesbrands, Inc. 4.875% 20261     34,622       31,171  

 

American High-Income Trust 7
 
Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Consumer discretionary (continued)                
Hilton Grand Vacations Borrower 5.00% 20291   USD 13,179     $ 10,656  
Hilton Worldwide Holdings, Inc. 3.75% 20291     4,250       3,519  
Hilton Worldwide Holdings, Inc. 4.875% 2030     8,287       7,227  
Hilton Worldwide Holdings, Inc. 4.00% 20311     20,465       16,576  
International Game Technology PLC 6.50% 20251     17,403       17,385  
International Game Technology PLC 4.125% 20261     23,730       21,719  
International Game Technology PLC 6.25% 20271     12,005       11,645  
International Game Technology PLC 5.25% 20291     57,167       50,758  
Jacobs Entertainment, Inc. 6.75% 20291     10,230       8,766  
KB Home 6.875% 2027     6,170       5,861  
KB Home 7.25% 2030     6,770       6,152  
Kontoor Brands, Inc. 4.125% 20291     6,770       5,404  
Kronos Acquisition Holdings, Inc., Term Loan B2, (3-month USD CME Term SOFR + 6.00%) 8.940% 20262,3     1,990       1,886  
Las Vegas Sands Corp. 3.20% 2024     12,558       11,847  
Las Vegas Sands Corp. 3.90% 2029     1,475       1,221  
LCM Investments Holdings II, LLC 4.875% 20291     39,984       31,022  
Levi Strauss & Co. 3.50% 20311     7,470       5,837  
Lindblad Expeditions, LLC 6.75% 20271     4,075       3,593  
Lithia Motors, Inc. 4.625% 20271     5,350       4,655  
Lithia Motors, Inc. 3.875% 20291     15,415       12,396  
Lithia Motors, Inc. 4.375% 20311     6,200       5,085  
LSF9 Atlantis Holdings, LLC / Victra Finance Corp. 7.75% 20261     6,655       5,948  
M.D.C. Holdings, Inc. 6.00% 2043     11,252       8,464  
Macy’s Retail Holdings, LLC 5.875% 20301     2,870       2,276  
Macy’s Retail Holdings, LLC 6.125% 20321     1,230       944  
Marriott Ownership Resorts, Inc. 4.75% 2028     2,500       2,096  
Marriott Ownership Resorts, Inc. 4.50% 20291     7,200       5,700  
Melco International Development, Ltd. 4.875% 20251     8,025       5,957  
Melco International Development, Ltd. 5.75% 20281     33,552       21,641  
Melco International Development, Ltd. 5.375% 20291     28,774       17,538  
Melco Resorts Finance, Ltd. 5.25% 20261     5,000       3,519  
Merlin Entertainment 5.75% 20261     10,798       10,072  
MGM China Holdings, Ltd. 4.75% 20271     24,635       19,195  
MGM Resorts International 6.00% 2023     4,884       4,892  
MGM Resorts International 5.50% 2027     5,707       5,138  
Mohegan Gaming & Entertainment 8.00% 20261     10,340       8,645  
Motel 6 Operating, LP, Term Loan B, (1-month USD-LIBOR + 5.00%) 8.052% 20262,3     10,435       10,304  
NCL Corp., Ltd. 3.625% 20241     6,450       5,431  
NCL Corp., Ltd. 5.875% 20261     8,100       6,175  
NCL Corp., Ltd. 5.875% 20271     24,615       20,543  
NCL Corp., Ltd. 7.75% 20291     7,115       5,379  
Neiman Marcus Group, LLC 7.125% 20261     48,095       44,263  
New SK Holdco SUB, LLC, Term Loan, (30-day Average USD-SOFR + 8.25%) 1.50% PIK and 9.16% Cash 20272,3,6     4,216       3,870  
Newell Rubbermaid, Inc. 4.875% 2025     7,770       7,521  
Panther BF Aggregator 2, LP 6.25% 20261     3,667       3,507  
Panther BF Aggregator 2, LP 8.50% 20271     6,925       6,626  
Party City Holdings, Inc. 6.125% 20231     9,100       6,143  
Party City Holdings, Inc. 6.625% 20261     5,000       2,275  
Party City Holdings, Inc. 8.75% 20261     99,533       57,864  
Penske Automotive Group, Inc. 3.75% 2029     6,325       5,040  
PetSmart, Inc. 4.75% 20281     14,175       12,160  
PetSmart, Inc. 7.75% 20291     23,775       21,292  
Premier Entertainment Sub, LLC 5.625% 20291     20,425       14,167  
Premier Entertainment Sub, LLC 5.875% 20311     7,425       5,022  
QVC, Inc. 4.85% 2024     1,875       1,767  
QVC, Inc. 4.75% 2027     1,176       884  
QVC, Inc. 4.375% 2028     11,948       8,125  
Raptor Acquisition Corp. 4.875% 20261     24,360       20,980  
Real Hero Merger Sub 2, Inc. 6.25% 20291     9,657       6,986  
Royal Caribbean Cruises, Ltd. 10.875% 20231     5,500       5,627  
Royal Caribbean Cruises, Ltd. 11.50% 20251     50,103       53,311  
Royal Caribbean Cruises, Ltd. 4.25% 20261     36,740       27,078  
Royal Caribbean Cruises, Ltd. 5.50% 20261     14,200       10,881  
Royal Caribbean Cruises, Ltd. 5.375% 20271     22,035       16,239  
Royal Caribbean Cruises, Ltd. 3.70% 2028     1,525       994  

 

8 American High-Income Trust
 
Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Consumer discretionary (continued)                
Royal Caribbean Cruises, Ltd. 5.50% 20281   USD 1,400     $ 984  
Royal Caribbean Cruises, Ltd. 8.25% 20291     31,240       30,460  
Royal Caribbean Cruises, Ltd. 9.25% 20291     19,925       19,664  
Sally Holdings, LLC and Sally Capital, Inc. 5.625% 2025     29,514       28,010  
Sands China, Ltd. 5.625% 2025     6,522       5,919  
Sands China, Ltd. 2.80% 20277     7,407       5,896  
Sands China, Ltd. 5.90% 2028     13,054       11,001  
Sands China, Ltd. 3.35% 20297     4,761       3,543  
Sands China, Ltd. 4.875% 2030     9,030       7,078  
Sands China, Ltd. 3.75% 20317     12,127       8,719  
Scientific Games Corp. 8.625% 20251     25,415       26,051  
Scientific Games Corp. 7.00% 20281     26,891       25,409  
Scientific Games Corp. 7.25% 20291     41,815       38,972  
Scientific Games Holdings, LP 6.625% 20301     29,004       23,296  
Six Flags Entertainment Corp. 4.875% 20241     7,939       7,572  
Sonic Automotive, Inc. 4.625% 20291     28,980       22,784  
Sonic Automotive, Inc. 4.875% 20311     43,779       33,234  
Staples, Inc. 7.50% 20261     8,250       6,939  
Studio City Co., Ltd. 7.00% 20271     4,770       3,992  
Studio City Finance, Ltd. 6.00% 20251     8,065       4,510  
Studio City Finance, Ltd. 5.00% 20291     19,447       8,669  
Tempur Sealy International, Inc. 4.00% 20291     14,220       11,230  
The Gap, Inc. 3.625% 20291     3,225       2,101  
The Gap, Inc. 3.875% 20311     2,148       1,370  
The Home Co., Inc. 7.25% 20251     17,945       14,570  
Travel + Leisure Co. 6.60% 20257     925       904  
Travel + Leisure Co. 6.00% 2027     4,000       3,613  
Travel + Leisure Co. 4.50% 20291     27,230       21,157  
Universal Entertainment Corp. 8.50% 20241     58,885       54,261  
Vail Resorts, Inc. 6.25% 20251     4,090       4,041  
VICI Properties, LP 4.25% 20261     9,323       8,427  
VICI Properties, LP 4.625% 20291     4,118       3,582  
VICI Properties, LP / VICI Note Co., Inc. 5.625% 20241     9,113       8,967  
VICI Properties, LP / VICI Note Co., Inc. 3.50% 20251     14,407       13,335  
VICI Properties, LP / VICI Note Co., Inc. 4.625% 20251     12,470       11,751  
VICI Properties, LP / VICI Note Co., Inc. 3.75% 20271     243       213  
VICI Properties, LP / VICI Note Co., Inc. 3.875% 20291     22,525       18,944  
VICI Properties, LP / VICI Note Co., Inc. 4.125% 20301     17,502       14,653  
WASH Multifamily Acquisition, Inc. 5.75% 20261     22,940       21,176  
Wheel Pros, Inc. 6.50% 20291     26,279       12,074  
Wheel Pros, Inc., Term Loan, (3-month USD-LIBOR + 4.50%) 7.552% 20282,3     16,664       12,378  
Wyndham Destinations, Inc. 6.625% 20261     13,750       12,899  
Wyndham Destinations, Inc. 4.625% 20301     5,575       4,416  
Wyndham Worldwide Corp. 4.375% 20281     15,730       13,850  
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 20231     10,142       9,950  
Wynn Macau, Ltd. 5.625% 20281     13,610       9,092  
Wynn Macau, Ltd. 5.125% 20291     21,160       13,798  
Wynn Resorts Finance, LLC 7.75% 20251     13,625       13,324  
Wynn Resorts Finance, LLC 5.125% 20291     43,380       35,158  
Yahoo Holdings, Inc., Term Loan B, (1-month USD-LIBOR + 5.50%) 8.615% 20272,3     15,050       14,067  
              2,227,982  
                 
Communication services 10.99%                
Altice France Holding SA 10.50% 20271     31,085       24,419  
Altice France SA 5.125% 20291     33,804       25,335  
Brightstar Escrow Corp. 9.75% 20251     2,720       2,522  
Cablevision Systems Corp. 5.50% 20271     2,700       2,381  
Cablevision Systems Corp. 5.375% 20281     8,928       7,809  
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.00% 20231     8,595       8,556  
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.50% 20261     2,094       1,987  
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.125% 20271     9,878       8,931  
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.00% 20281     11,349       9,805  
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.375% 20291     7,126       6,253  
CCO Holdings, LLC and CCO Holdings Capital Corp. 6.375% 20291     4,400       4,048  
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 20301     60,904       48,315  
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.75% 20301     60,731       49,417  
CCO Holdings, LLC and CCO Holdings Capital Corp. 2.80% 2031     950       720  

 

American High-Income Trust 9
 
Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Communication services (continued)                
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.25% 20311   USD 39,030     $ 30,004  
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 2032     35,527       27,159  
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.75% 20321     23,530       18,363  
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 20331     27,049       20,047  
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.25% 20341     41,875       30,072  
Centerfield Media Parent, Inc. 6.625% 20261     16,900       13,397  
CenturyLink, Inc. 6.75% 2023     31,074       31,701  
Cinemark USA, Inc. 5.875% 20261     7,050       5,903  
Clear Channel Worldwide Holdings, Inc. 7.75% 20281     11,000       8,324  
Clear Channel Worldwide Holdings, Inc. 7.50% 20291     5,000       3,633  
Cogent Communications Group, Inc. 3.50% 20261     13,445       11,861  
Consolidated Communications, Inc. 5.00% 20281     14,350       10,007  
CSC Holdings, LLC 6.50% 20291     10,000       8,848  
CSC Holdings, LLC 3.375% 20311     12,700       8,974  
Diamond Sports Group, LLC 5.375% 20261     9,835       1,970  
Diamond Sports Group, LLC 6.625% 20271     18,432       1,359  
DIRECTV Financing, LLC, Term Loan, (3-month USD-LIBOR + 5.00%) 8.115% 20272,3     31,522       29,449  
DIRECTV Holdings, LLC and DIRECTV Financing Co., Inc. 5.875% 20271     57,635       49,818  
Embarq Corp. 7.995% 2036     34,262       17,208  
Epicor Software Corp., Term Loan, (3-month USD-LIBOR + 7.75%) 10.865% 20282,3     9,477       9,282  
Frontier Communications Corp. 5.875% 20271     28,765       25,846  
Frontier Communications Corp. 5.00% 20281     78,175       67,220  
Frontier Communications Corp. 6.75% 20291     36,670       30,337  
Frontier Communications Holdings, LLC 5.875% 2029     26,207       20,861  
Frontier Communications Holdings, LLC 6.00% 20301     14,100       11,107  
Frontier Communications Holdings, LLC 8.75% 20301     18,775       18,818  
Gray Escrow II, Inc. 5.375% 20311     19,925       15,672  
Gray Television, Inc. 5.875% 20261     3,090       2,855  
Gray Television, Inc. 7.00% 20271     14,544       13,712  
Gray Television, Inc. 4.75% 20301     6,210       4,663  
iHeartCommunications, Inc. 6.375% 2026     236       219  
iHeartCommunications, Inc. 5.25% 20271     40,323       34,528  
iHeartCommunications, Inc. 8.375% 2027     427       360  
iHeartCommunications, Inc. 4.75% 20281     5,000       4,174  
Iliad Holding SAS 6.50% 20261     20,325       17,806  
Inmarsat PLC 6.75% 20261     14,525       12,722  
Intelsat Jackson Holding Co. 6.50% 20301     35,007       29,850  
Kantar Group, LLC, Term Loan B2, (3-month USD-LIBOR + 4.50%) 8.174% 20262,3     6,356       5,998  
Lamar Media Corp. 3.75% 2028     2,567       2,246  
Lamar Media Corp. 4.875% 2029     3,600       3,216  
Lamar Media Corp. 3.625% 2031     5,950       4,688  
Level 3 Financing, Inc. 3.75% 20291     11,500       8,450  
Ligado Networks, LLC 15.50% PIK 20231,6     39,349       18,297  
Live Nation Entertainment, Inc. 3.75% 20281     5,750       4,888  
Magallanes, Inc. 4.279% 20321     5,967       4,917  
Match Group, Inc. 4.625% 20281     6,192       5,423  
McGraw-Hill Education, Inc. 5.75% 20281     10,000       8,371  
Midas OpCo Holdings, LLC 5.625% 20291     60,510       49,883  
Netflix, Inc. 4.875% 2028     6,190       5,807  
Netflix, Inc. 5.375% 20291     875       824  
Netflix, Inc. 4.875% 20301     12,050       11,039  
News Corp. 3.875% 20291     31,450       26,762  
News Corp. 5.125% 20321     31,705       27,885  
Nexstar Broadcasting, Inc. 4.75% 20281     55,451       47,245  
Nexstar Escrow Corp. 5.625% 20271     12,515       11,531  
Nielsen Finance, LLC and Nielsen Finance Co. 4.50% 20291     1,021       1,019  
OUTFRONT Media Capital, LLC 4.625% 20301     60       47  
Qwest Capital Funding, Inc. 6.875% 2028     9,965       8,738  
Scripps Escrow II, Inc. 3.875% 20291     14,018       11,195  
Sinclair Television Group, Inc. 5.125% 20271     8,199       6,797  
Sinclair Television Group, Inc. 4.125% 20301     7,700       5,807  
Sirius XM Radio, Inc. 3.125% 20261     24,740       21,759  
Sirius XM Radio, Inc. 4.00% 20281     51,990       44,331  
Sirius XM Radio, Inc. 4.125% 20301     9,075       7,396  
Sirius XM Radio, Inc. 3.875% 20311     51,380       39,959  
Sprint Corp. 7.625% 2026     9,450       9,790  
Sprint Corp. 6.875% 2028     49,953       51,415  

 

10 American High-Income Trust
 
Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Communication services (continued)                
Sprint Corp. 8.75% 2032   USD 47,727     $ 55,417  
Summer (BC) BidCo B, LLC 5.50% 20261     4,460       3,670  
TEGNA, Inc. 4.625% 2028     9,072       8,395  
TEGNA, Inc. 5.00% 2029     16,937       15,629  
T-Mobile US, Inc. 2.625% 2026     1,350       1,225  
T-Mobile US, Inc. 3.375% 2029     15,950       13,805  
Twitter, Inc. 5.00% 20301     12,200       11,717  
Univision Communications, Inc. 5.125% 20251     62,918       59,828  
Univision Communications, Inc. 6.625% 20271     81,170       76,783  
Univision Communications, Inc. 4.50% 20291     70,850       57,937  
Univision Communications, Inc. 7.375% 20301     27,328       26,141  
Univision Communications, Inc., Term Loan, (3-month USD CME Term + 4.50%) 6.25% 20292,3     2,850       2,789  
UPC Broadband Finco BV 4.875% 20311     8,830       6,867  
Virgin Media O2 4.25% 20311     44,720       33,987  
Virgin Media Secured Finance PLC 4.50% 20301     14,955       11,698  
VZ Secured Financing BV 5.00% 20321     34,975       26,194  
Warner Music Group 3.75% 20291     26,900       22,386  
Warner Music Group 3.875% 20301     12,330       10,127  
Ziggo Bond Co. BV 5.125% 20301     13,368       9,583  
Ziggo Bond Finance BV 4.875% 20301     29,100       23,037  
              1,781,565  
                 
Health care 9.91%                
1375209 B.C., Ltd. 9.00% 20281     5,600       5,586  
AdaptHealth, LLC 5.125% 20301     17,015       14,056  
Avantor Funding, Inc. 4.625% 20281     46,000       41,039  
Avantor Funding, Inc. 3.875% 20291     6,900       5,618  
Bausch Health Americas, Inc. 9.25% 20261     21,340       12,690  
Bausch Health Americas, Inc. 8.50% 20271     5,076       2,169  
Bausch Health Companies, Inc. 9.00% 20251     31,021       19,740  
Bausch Health Companies, Inc. 5.75% 20271     16,063       10,966  
Bausch Health Companies, Inc. 6.125% 20271     4,370       3,036  
Bausch Health Companies, Inc. 4.875% 20281     49,375       31,915  
Bausch Health Companies, Inc. 5.00% 20281     26,037       9,636  
Bausch Health Companies, Inc. 7.00% 20281     8,262       3,164  
Bausch Health Companies, Inc. 5.00% 20291     5,975       2,328  
Bausch Health Companies, Inc. 5.25% 20301     28,442       10,682  
Bausch Health Companies, Inc. 5.25% 20311     76,821       29,037  
Catalent Pharma Solutions, Inc. 5.00% 20271     819       732  
Catalent Pharma Solutions, Inc. 3.125% 20291     3,750       2,896  
Catalent Pharma Solutions, Inc. 3.50% 20301     14,520       11,439  
Centene Corp. 4.25% 2027     30,509       27,971  
Centene Corp. 2.45% 2028     36,375       29,677  
Centene Corp. 4.625% 2029     64,334       57,961  
Centene Corp. 3.00% 2030     28,035       22,262  
Centene Corp. 3.375% 2030     18,861       15,460  
Centene Corp. 2.50% 2031     27,825       21,033  
Centene Corp. 2.625% 2031     9,025       6,820  
Charles River Laboratories International, Inc. 4.25% 20281     9,673       8,444  
Charles River Laboratories International, Inc. 3.75% 20291     12,765       10,635  
Charles River Laboratories International, Inc. 4.00% 20311     17,300       13,973  
Community Health Systems, Inc. 8.00% 20261     7,500       6,506  
Community Health Systems, Inc. 5.625% 20271     32,685       25,207  
Community Health Systems, Inc. 6.00% 20291     15,747       11,609  
Community Health Systems, Inc. 6.875% 20291     4,500       2,184  
Community Health Systems, Inc. 5.25% 20301     32,640       22,800  
Community Health Systems, Inc. 4.75% 20311     1,608       1,084  
DaVita, Inc. 4.625% 20301     17,070       13,250  
Encompass Health Corp. 4.50% 2028     7,054       6,056  
Encompass Health Corp. 4.75% 2030     3,841       3,166  
Endo DAC / Endo Finance, LLC / Endo Finco 9.50% 20271,4     6,243       936  
Endo DAC / Endo Finance, LLC / Endo Finco 6.00% 20281,4     45,278       2,604  
Endo International PLC 5.875% 20241     10,374       8,536  
Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. 6.125% 20291     15,320       12,117  
Grifols Escrow Issuer SA 4.75% 20281     12,605       9,765  
HCA, Inc. 5.375% 2025     1,000       989  

 

American High-Income Trust 11
 
Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Health care (continued)                
HCA, Inc. 5.875% 2026   USD 2,902     $ 2,866  
HCA, Inc. 4.50% 2027     71       66  
HCA, Inc. 5.625% 2028     22,625       21,598  
HCA, Inc. 5.875% 2029     2,450       2,386  
HCA, Inc. 3.50% 2030     24,300       20,118  
HCA, Inc. 7.50% 2095     5,000       5,040  
HealthEquity, Inc. 4.50% 20291     9,575       8,100  
IMS Health Holdings, Inc. 5.00% 20261     24,059       22,955  
Jazz Securities DAC 4.375% 20291     18,875       16,345  
Mallinckrodt PLC 10.00% 20251     17,862       16,280  
Minerva Merger Sub, Inc. 6.50% 20301     13,000       10,302  
Molina Healthcare, Inc. 4.375% 20281     25,955       23,479  
Molina Healthcare, Inc. 3.875% 20301     47,150       39,637  
Molina Healthcare, Inc. 3.875% 20321     41,850       34,340  
Mozart Debt Merger Sub, Inc. 3.875% 20291     5,000       4,017  
Mozart Debt Merger Sub, Inc. 5.25% 20291     33,755       25,550  
Option Care Health, Inc. 4.375% 20291     6,115       5,179  
Organon Finance 1, LLC 4.125% 20281     10,575       9,065  
Organon Finance 1, LLC 5.125% 20311     4,835       3,969  
Owens & Minor, Inc. 4.375% 2024     23,411       22,782  
Owens & Minor, Inc. 4.50% 20291     20,965       16,486  
Owens & Minor, Inc. 6.625% 20301     21,665       19,119  
Par Pharmaceutical, Inc. 7.50% 20271     91,204       72,268  
Radiology Partners, Inc. 9.25% 20281     33,199       21,710  
RP Escrow Issuer, LLC 5.25% 20251     20,435       16,915  
Select Medical Holdings Corp. 6.25% 20261     9,039       8,516  
Surgery Center Holdings 10.00% 20271     8,084       7,872  
Syneos Health, Inc. 3.625% 20291     10,280       8,197  
Team Health Holdings, Inc. 6.375% 20251     11,359       8,438  
Team Health Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 8.284% 20272,3     5,498       4,722  
Tenet Healthcare Corp. 4.625% 2024     4,274       4,138  
Tenet Healthcare Corp. 4.875% 20261     103,349       96,176  
Tenet Healthcare Corp. 5.125% 20271     12,785       11,499  
Tenet Healthcare Corp. 6.25% 20271     8,995       8,415  
Tenet Healthcare Corp. 4.625% 20281     18,000       15,752  
Tenet Healthcare Corp. 6.125% 20281     12,815       11,248  
Tenet Healthcare Corp. 4.25% 20291     20,860       17,302  
Tenet Healthcare Corp. 4.375% 20301     25,005       20,926  
Tenet Healthcare Corp. 6.125% 20301     12,150       11,161  
Tenet Healthcare Corp. 6.875% 2031     2,000       1,781  
Teva Pharmaceutical Finance Co. BV 2.95% 2022     846       840  
Teva Pharmaceutical Finance Co. BV 6.00% 2024     65,748       63,924  
Teva Pharmaceutical Finance Co. BV 7.125% 2025     37,181       36,253  
Teva Pharmaceutical Finance Co. BV 3.15% 2026     65,186       53,573  
Teva Pharmaceutical Finance Co. BV 4.75% 2027     9,815       8,348  
Teva Pharmaceutical Finance Co. BV 6.75% 2028     38,012       34,974  
Teva Pharmaceutical Finance Co. BV 5.125% 2029     134,010       110,875  
Teva Pharmaceutical Finance Co. BV 4.10% 2046     4,657       2,790  
Valeant Pharmaceuticals International, Inc. 5.50% 20251     75,675       60,236  
              1,606,302  
                 
Materials 9.45%                
Alcoa Nederland Holding BV 5.50% 20271     10,760       10,058  
Alcoa Nederland Holding BV 4.125% 20291     6,250       5,254  
Allegheny Technologies, Inc. 5.875% 2027     5,415       4,936  
Allegheny Technologies, Inc. 4.875% 2029     30,780       25,635  
Allegheny Technologies, Inc. 5.125% 2031     23,440       19,191  
ArcelorMittal 4.25% 2029     940       842  
ArcelorMittal 7.00% 2039     10,104       9,520  
ArcelorMittal 6.75% 2041     15,173       13,924  
Arconic Corp. 6.00% 20251     8,170       7,885  
Arconic Rolled Products Corp. 6.125% 20281     4,775       4,229  
Ardagh Group SA 6.50% Cash 20271,6     8,809       6,049  
Ardagh Metal Packaging Finance USA, LLC 3.25% 20281     10,000       8,170  
Ardagh Metal Packaging Finance USA, LLC 6.00% 20271     13,505       12,749  
Ardagh Metal Packaging Finance USA, LLC 4.00% 20291     6,970       5,117  

 

12 American High-Income Trust
 
Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Materials (continued)                
Ardagh Packaging Finance 5.25% 20251   USD 570     $ 534  
Ardagh Packaging Finance 4.125% 20261     16,435       13,704  
Avient Corp. 7.125% 20301     9,895       9,155  
Axalta Coating Systems, LLC 4.75% 20271     6,495       5,798  
Ball Corp. 2.875% 2030     3,250       2,501  
Ball Corp. 3.125% 2031     31,280       23,646  
Braskem Idesa SAPI 6.99% 20321     1,370       918  
BWAY Parent Co., Inc. 5.50% 20241     27,273       25,951  
Can-Pack SA / Canpack US, LLC 3.875% 20291     36,370       28,489  
Cleveland-Cliffs, Inc. 6.75% 20261     5,348       5,267  
Cleveland-Cliffs, Inc. 5.875% 2027     59,680       53,838  
Cleveland-Cliffs, Inc. 7.00% 2027     3,853       3,411  
Cleveland-Cliffs, Inc. 4.625% 20291     35,062       29,526  
Cleveland-Cliffs, Inc. 4.875% 20311     54,846       45,385  
Consolidated Energy Finance SA 6.50% 20261     2,013       1,867  
Consolidated Energy Finance SA 5.625% 20281     3,680       2,960  
Crown Holdings, Inc. 7.375% 2026     2,000       2,004  
Crown Holdings, Inc. 5.25% 20301     2,775       2,501  
CVR Partners, LP 6.125% 20281     22,525       19,645  
Diamond (BC) BV 4.625% 20291     3,445       2,404  
Element Solutions, Inc. 3.875% 20281     8,300       6,700  
First Quantum Minerals, Ltd. 6.50% 20241     22,832       22,403  
First Quantum Minerals, Ltd. 7.50% 20251     75,026       72,309  
First Quantum Minerals, Ltd. 6.875% 20261     48,710       45,006  
First Quantum Minerals, Ltd. 6.875% 20271     140,896       127,121  
FMG Resources 4.375% 20311     8,710       6,707  
Freeport-McMoRan, Inc. 3.875% 2023     201       200  
Freeport-McMoRan, Inc. 4.25% 2030     303       260  
Freeport-McMoRan, Inc. 4.625% 2030     900       790  
Freeport-McMoRan, Inc. 5.40% 2034     4,288       3,818  
Freeport-McMoRan, Inc. 5.45% 2043     8,393       7,017  
FXI Holdings, Inc. 7.875% 20241     106,551       84,285  
FXI Holdings, Inc. 12.25% 20261     124,432       98,768  
GPC Merger Sub, Inc. 7.125% 20281     9,665       7,782  
Graphic Packaging International, LLC 3.75% 20301     15,000       12,396  
Hexion, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 7.413% 20292,3     9,247       7,934  
Kaiser Aluminum Corp. 4.625% 20281     8,573       7,010  
Labl, Inc. 5.875% 20281     12,100       9,822  
Labl, Inc. 8.25% 20291     10,215       7,444  
LSB Industries, Inc. 6.25% 20281     33,115       28,469  
LSF11 A5 HoldCo, LLC 6.625% 20291     1,425       1,072  
Mercer International, Inc. 5.125% 2029     7,090       5,661  
Methanex Corp. 5.125% 2027     70,865       59,647  
Methanex Corp. 5.25% 2029     14,073       11,222  
Methanex Corp. 5.65% 2044     9,445       6,375  
Mineral Resources, Ltd. 8.00% 20271     28,450       27,432  
Mineral Resources, Ltd. 8.50% 20301     25,920       25,106  
Neon Holdings, Inc. 10.125% 20261     15,585       14,223  
Nova Chemicals Corp. 4.875% 20241     13,505       12,709  
Nova Chemicals Corp. 5.25% 20271     41,062       34,992  
Nova Chemicals Corp. 4.25% 20291     41,532       32,499  
Novelis Corp. 3.25% 20261     8,285       6,926  
Novelis Corp. 4.75% 20301     16,073       13,221  
Novelis Corp. 3.875% 20311     26,124       19,542  
Olin Corp. 5.625% 2029     5,700       5,070  
Olin Corp. 5.00% 2030     3,365       2,797  
Owens-Illinois, Inc. 5.875% 20231     4,082       4,035  
Owens-Illinois, Inc. 6.375% 20251     5,341       5,031  
Reynolds Group, Inc. 4.00% 20271     15,000       12,606  
S.P.C.M. SA 3.375% 20301     2,800       2,192  
SCIH Salt Holdings, Inc. 4.875% 20281     42,863       35,478  
SCIH Salt Holdings, Inc. 6.625% 20291     18,600       14,324  
SCIL IV, LLC 5.375% 20261     8,825       6,828  
Scotts Miracle-Gro Co. 4.50% 2029     7,776       5,655  
Scotts Miracle-Gro Co. 4.375% 2032     7,620       5,431  
Sealed Air Corp. 4.00% 20271     7,559       6,557  
Sealed Air Corp. 5.00% 20291     8,750       7,821  

 

American High-Income Trust 13
 
Bonds, notes & other debt instruments (continued) Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Materials (continued)                
Silgan Holdings, Inc. 4.125% 2028   USD 6,456     $ 5,740  
Summit Materials, Inc. 6.50% 20271     5,478       5,258  
Summit Materials, Inc. 5.25% 20291     15,015       13,232  
Trivium Packaging BV 5.50% 20261     7,602       6,809  
Trivium Packaging BV 8.50% 20271     5,192       4,594  
Tronox, Ltd. 4.625% 20291     14,155       10,505  
Valvoline, Inc. 4.25% 20301     3,691       3,496  
Valvoline, Inc. 3.625% 20311     8,405       6,202  
Venator Materials Corp. 5.75% 20251     70,528       47,741  
Venator Materials Corp. 9.50% 20251     24,880       23,954  
W. R. Grace Holdings, LLC 4.875% 20271     11,410       9,823  
W. R. Grace Holdings, LLC 5.625% 20291     9,765       7,348  
Warrior Met Coal, Inc. 7.875% 20281     34,515       33,593  
              1,532,051  
                 
Industrials 9.11%                
AAdvantage Loyalty IP, Ltd. 5.50% 20261     19,870       18,694  
ADT Security Corp. 4.125% 20291     14,855       12,361  
Allegiant Travel Co. 7.25% 20271     7,661       7,237  
Allison Transmission Holdings, Inc. 3.75% 20311     24,820       19,075  
Ashtead Capital, Inc. 5.50% 20321     11,630       10,813  
Atkore, Inc. 4.25% 20311     6,650       5,327  
Atlantic Aviation FBO, Inc., Term Loan, (3-month USD-LIBOR + 5.75%) 8.865% 20292,3     43,600       41,747  
ATS Automation Tooling Systems, Inc. 4.125% 20281     4,825       4,012  
Avis Budget Car Rental, LLC 5.75% 20271     18,910       16,681  
Avis Budget Group, Inc. 4.75% 20281     1,000       817  
Avis Budget Group, Inc. 5.375% 20291     20,095       16,528  
Avolon Holdings Funding, Ltd. 5.25% 20241     17,340       16,837  
Avolon Holdings Funding, Ltd. 2.528% 20271     36,710       28,769  
BlueLinx Holdings, Inc. 6.00% 20291     8,825       6,939  
Boeing Company 3.90% 2049     540       354  
Bohai Financial Investment Holding Co., Ltd. 4.50% 20231     553       550  
Bohai Financial Investment Holding Co., Ltd. 5.50% 20241     1,258       1,232  
Bombardier, Inc. 7.50% 20241     5,460       5,432  
Bombardier, Inc. 7.50% 20251     14,749       14,363  
Bombardier, Inc. 7.125% 20261     77,460       71,154  
Bombardier, Inc. 7.875% 20271     119,310       110,031  
Bombardier, Inc. 6.00% 20281     46,560       39,025  
Bombardier, Inc. 7.45% 20341     8,670       8,130  
Builders FirstSource, Inc. 4.25% 20321     15,974       12,289  
BWX Technologies, Inc. 4.125% 20281     8,235       7,209  
BWX Technologies, Inc. 4.125% 20291     18,130       15,720  
Clarivate Science Holdings Corp. 3.875% 20281     31,755       26,263  
Clarivate Science Holdings Corp. 4.875% 20291     24,320       19,082  
Clean Harbors, Inc. 4.875% 20271     12,014       10,979  
CoreLogic, Inc. 4.50% 20281     85,432       58,218  
CoreLogic, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 9.625% 20292,3     22,275       16,818  
Covanta Holding Corp. 4.875% 20291     22,145       17,937  
Covanta Holding Corp. 5.00% 2030     31,035       24,391  
Dun & Bradstreet Corp. 5.00% 20291     31,517       26,067  
Garda World Security Corp. 6.00% 20291     3,200       2,352  
GFL Environmental, Inc. 3.50% 20281     20,000       16,900  
Harsco Corp. 5.75% 20271     10,785       6,758  
Herc Holdings, Inc. 5.50% 20271     3,200       2,886  
Howmet Aerospace, Inc. 6.875% 2025     1,510       1,523  
Howmet Aerospace, Inc. 5.95% 2037     3,000       2,718  
Icahn Enterprises Finance Corp. 4.75% 2024     24,105       22,590  
JELD-WEN Holding, Inc. 4.875% 20271     8,721       6,247  
Labl Escrow Issuer, LLC 6.75% 20261     10,725       9,741  
Labl Escrow Issuer, LLC 10.50% 20271     22,105       18,843  
LSC Communications, Inc. 8.75% 20231,4,5     114,646       1,114  
LSC Communications, Inc., Term Loan B, (USD Prime Rate + 4.50%) 7.75% 20222,3,5     8,059       78  
Masonite International Corp. 3.50% 20301     11,831       9,074  
MasTec, Inc. 4.50% 20281     9,375       8,199  
Mueller Water Products, Inc. 4.00% 20291     5,115       4,364  
Nielsen Finance, LLC and Nielsen Finance Co. 5.625% 20281     4,375       4,352  
Nielsen Finance, LLC and Nielsen Finance Co. 5.875% 20301     19,975       19,937  

 

14 American High-Income Trust
 
Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Industrials (continued)                
Nielsen Finance, LLC and Nielsen Finance Co. 4.75% 20311   USD 10,404     $ 10,215  
Park River Holdings, Inc. 5.625% 20291     17,205       11,198  
PGT Innovations, Inc. 4.375% 20291     22,759       18,712  
Pitney Bowes, Inc. 6.875% 20271     11,500       7,072  
PM General Purchaser, LLC 9.50% 20281     44,445       37,263  
Prime Security Services Borrower, LLC 3.375% 20271     8,100       6,823  
Prime Security Services Borrower, LLC 6.25% 20281     11,833       10,117  
R.R. Donnelley & Sons Co. 6.125% 20261     12,125       10,973  
Roller Bearing Company of America, Inc. 4.375% 20291     3,325       2,809  
Rolls-Royce PLC 5.75% 20271     8,205       7,145  
Sensata Technologies Holding BV 4.00% 20291     3,225       2,676  
Sensata Technologies, Inc. 3.75% 20311     8,800       6,950  
SkyMiles IP, Ltd. 4.75% 20281     38,930       36,311  
Spirit AeroSystems, Inc. 4.60% 2028     21,955       15,899  
SRS Distribution, Inc. 4.625% 20281     10,080       8,671  
SRS Distribution, Inc. 6.125% 20291     615       495  
Stericycle, Inc. 5.375% 20241     20,884       20,105  
Stericycle, Inc. 3.875% 20291     26,235       21,754  
The Brink’s Co. 4.625% 20271     10,371       9,235  
The Hertz Corp. 5.00% 20291     5,000       3,726  
Titan International, Inc. 7.00% 2028     11,500       10,458  
TK Elevator Holdco GmbH 7.625% 20281     13,455       11,296  
TransDigm, Inc. 6.25% 20261     32,470       31,551  
TransDigm, Inc. 6.375% 2026     5,560       5,260  
TransDigm, Inc. 6.875% 2026     7,740       7,347  
TransDigm, Inc. 5.50% 2027     16,295       14,209  
TransDigm, Inc. 7.50% 2027     770       734  
TransDigm, Inc. 4.625% 2029     2,971       2,399  
TransDigm, Inc. 4.875% 2029     4,180       3,386  
Triumph Group, Inc. 6.25% 20241     88,221       80,524  
Triumph Group, Inc. 8.875% 20241     10,859       10,739  
Triumph Group, Inc. 7.75% 2025     22,525       17,239  
Uber Technologies, Inc. 8.00% 20261     7,210       7,209  
United Airlines Holdings, Inc. 6.50% 20271     76,432       74,952  
United Airlines, Inc. 4.375% 20261     5,125       4,583  
United Airlines, Inc. 4.625% 20291     10,825       8,984  
United Rentals, Inc. 4.875% 2028     13,525       12,430  
United Rentals, Inc. 5.25% 2030     5,484       4,971  
United Rentals, Inc. 3.875% 2031     9,450       7,705  
United Rentals, Inc. 3.75% 2032     8,360       6,581  
Vertical U.S. Newco, Inc. 5.25% 20271     43,165       36,803  
WESCO Distribution, Inc. 7.125% 20251     11,475       11,500  
WESCO Distribution, Inc. 7.25% 20281     15,900       15,607  
Western Global Airlines, LLC 10.375% 20251     11,525       10,354  
XPO Logistics, Inc. 6.25% 20251     2,928       2,940  
              1,476,667  
                 
Financials 7.30%                
Advisor Group Holdings, LLC 6.25% 20281     41,998       36,391  
AG Merger Sub II, Inc. 10.75% 20271     76,600       75,164  
AG TTMT Escrow Issuer, LLC 8.625% 20271     19,291       18,230  
Alliant Holdings Intermediate, LLC 6.75% 20271     33,300       28,770  
Alliant Holdings Intermediate, LLC / Alliant Holdings 4.25% 20271     14,020       12,003  
Alliant Holdings Intermediate, LLC / Alliant Holdings 5.875% 20291     31,605       25,733  
AmWINS Group, Inc. 4.875% 20291     22,902       19,061  
Aretec Escrow Issuer, Inc. 7.50% 20291     47,732       40,041  
Ascensus, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 8.813% 20292,3     22,600       20,340  
AssuredPartners, Inc. 7.00% 20251     226       209  
AssuredPartners, Inc. 8.00% 20271     8,409       7,752  
AssuredPartners, Inc. 5.625% 20291     4,895       3,811  
Blackstone Private Credit Fund 7.05% 20251     12,730       12,581  
BroadStreet Partners, Inc. 5.875% 20291     9,950       7,856  
Castlelake Aviation Finance DAC 5.00% 20271     36,905       31,434  
Coinbase Global, Inc. 3.375% 20281     31,775       19,939  
Coinbase Global, Inc. 3.625% 20311     21,776       12,118  
Compass Diversified Holdings 5.25% 20291     81,845       64,340  
Compass Diversified Holdings 5.00% 20321     21,655       15,936  

 

American High-Income Trust 15
 
Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Financials (continued)                
Credit Acceptance Corp. 5.125% 20241   USD 7,030     $ 6,557  
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)1,7     2,295       1,974  
Digital Currency Group, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.00% 20262,3,5     17,548       15,781  
Digital Currency Group, Inc., Term Loan, 8.75% 20262,5     23,397       19,459  
FS Energy and Power Fund 7.50% 20231     54,954       54,968  
Hightower Holding, LLC 6.75% 20291     18,130       14,826  
HUB International, Ltd. 7.00% 20261     41,928       39,832  
HUB International, Ltd. 5.625% 20291     3,745       3,134  
Icahn Enterprises Finance Corp. 5.25% 2027     5,503       4,830  
Icahn Enterprises Finance Corp. 4.375% 2029     9,175       7,408  
Iron Mountain Information Management Services, Inc. 5.00% 20321     18,510       14,354  
Ladder Capital Corp. 4.25% 20271     28,586       23,062  
Ladenburg Thalmann Financial Services, Inc. 6.50% 2027     80       1,105  
LPL Holdings, Inc. 4.625% 20271     25,103       22,798  
LPL Holdings, Inc. 4.00% 20291     34,520       29,681  
LPL Holdings, Inc. 4.375% 20311     23,445       19,494  
MGIC Investment Corp. 5.25% 2028     7,625       6,828  
MidCap Financial Issuer Trust 6.50% 20281     8,400       7,191  
MSCI, Inc. 4.00% 20291     15,793       13,673  
MSCI, Inc. 3.625% 20301     3,759       3,098  
MSCI, Inc. 3.625% 20311     28,350       22,782  
MSCI, Inc. 3.875% 20311     27,015       22,800  
MSCI, Inc. 3.25% 20331     18,400       14,238  
National Financial Partners Corp. 6.875% 20281     11,239       8,785  
Navient Corp. 5.50% 2023     12,488       12,434  
Navient Corp. 5.875% 2024     28,815       27,341  
Navient Corp. 6.125% 2024     23,112       22,538  
Navient Corp. 6.75% 2025     11,000       10,313  
Navient Corp. 6.75% 2026     12,310       11,190  
Navient Corp. 5.00% 2027     53,762       44,045  
Navient Corp. 4.875% 2028     5,570       4,266  
Navient Corp. 5.50% 2029     45,671       34,779  
Navient Corp. 5.625% 2033     27,712       18,683  
Onemain Finance Corp. 3.875% 2028     3,989       2,944  
OneMain Holdings, Inc. 7.125% 2026     24,220       21,870  
Owl Rock Capital Corp. 3.75% 2025     12,093       11,115  
Owl Rock Capital Corp. 4.00% 2025     449       422  
Owl Rock Capital Corp. 3.40% 2026     5,685       4,884  
Owl Rock Capital Corp. 2.625% 2027     400       324  
Owl Rock Capital Corp. II 4.625% 20241     9,835       9,272  
Owl Rock Capital Corp. III 3.125% 20271     11,350       9,211  
Owl Rock Core Income Corp. 4.70% 2027     15,700       13,771  
Oxford Finance, LLC / Oxford Finance Co-Issuer II, Inc. 6.375% 20271     38,985       36,556  
Quicken Loans, LLC 3.625% 20291     6,605       5,099  
Rocket Mortgage / Rocket Mortgage Co-Issuer, Inc. 2.875% 20261     9,410       7,730  
Ryan Specialty Group, LLC 4.375% 20301     12,050       10,235  
Springleaf Finance Corp. 6.125% 2024     3,700       3,570  
Springleaf Finance Corp. 6.625% 2028     9,960       8,569  
Springleaf Finance Corp. 5.375% 2029     6,627       5,147  
Starwood Property Trust, Inc. 5.50% 20231     7,195       7,085  
Starwood Property Trust, Inc. 4.375% 20271     11,835       10,108  
              1,183,868  
                 
Information technology 4.58%                
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 10.621% 20252,3     72,794       59,918  
Applied Systems, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 9.174% 20252,3     12,995       12,833  
Black Knight, Inc. 3.625% 20281     8,470       7,242  
Block, Inc. 2.75% 2026     28,750       24,738  
Block, Inc. 3.50% 2031     34,585       26,882  
BMC Software, Inc. 7.125% 20251     3,545       3,478  
BMC Software, Inc. 9.125% 20261     4,290       4,138  
BMC Software, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 6.128% 20262,3     24,550       23,000  
Booz Allen Hamilton, Inc. 3.875% 20281     18,443       15,903  
Booz Allen Hamilton, Inc. 4.00% 20291     15,348       13,161  
CA Magnum Holdings 5.375% 20261     1,075       906  
CDK Global, Inc. 7.25% 20291     34,675       33,038  

 

16 American High-Income Trust
 
Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Information technology (continued)                
Ciena Corp. 4.00% 20301   USD 8,850     $ 7,402  
CommScope Finance, LLC 6.00% 20261     8,605       7,936  
CommScope Finance, LLC 8.25% 20271     6,000       4,966  
CommScope Technologies, LLC 6.00% 20251     7,425       6,608  
CommScope Technologies, LLC 5.00% 20271     4,750       3,593  
Condor Merger Sub, Inc. 7.375% 20301     12,020       9,850  
Diebold Nixdorf AG, Term Loan B, (3-month USD-LIBOR + 2.75%) 5.50% 20232,3     22,876       18,797  
Diebold Nixdorf, Inc. 8.50% 2024     35,228       19,293  
Diebold Nixdorf, Inc. 9.375% 20251     146,693       111,854  
Diebold Nixdorf, Inc., Term Loan B, (3-month EUR-EURIBOR + 3.00%) 3.438% 20232,3   EUR 16,191       13,064  
Elastic NV 4.125% 20291   USD 6,750       5,340  
Entegris Escrow Corp. 4.75% 20291     15,955       14,090  
Fair Isaac Corp. 4.00% 20281     28,090       23,994  
Gartner, Inc. 4.50% 20281     42,107       37,711  
Gartner, Inc. 3.625% 20291     3,657       3,052  
Gartner, Inc. 3.75% 20301     8,325       6,833  
GoDaddy Operating Co. 5.25% 20271     7,725       7,126  
GoDaddy Operating Co. 3.50% 20291     4,825       3,958  
Imola Merger Corp. 4.75% 20291     5,000       4,230  
J2 Global, Inc. 4.625% 20301     339       279  
MicroStrategy, Inc. 6.125% 20281     7,850       6,484  
MoneyGram International, Inc. 5.375% 20261     18,775       18,427  
NCR Corp. 5.00% 20281     1,940       1,530  
NCR Corp. 5.125% 20291     59,439       44,701  
NCR Corp. 5.25% 20301     854       646  
Picard Midco, Inc. 6.50% 20291     14,000       11,847  
Rocket Software, Inc. 6.50% 20291     14,075       10,444  
Sabre GLBL, Inc. 7.375% 20251     1,950       1,749  
Sabre Holdings Corp. 9.25% 20251     6,879       6,595  
Synaptics, Inc. 4.00% 20291     5,225       4,222  
UKG, Inc., Term Loan B, (3-month USD-LIBOR + 3.25%) 5.535% 20262,3     8,860       8,403  
UKG, Inc., Term Loan, (3-month USD-LIBOR + 5.25%) 7.535% 20272,3     44,145       41,827  
Unisys Corp. 6.875% 20271     35,865       28,045  
VeriSign, Inc. 5.25% 2025     3,068       3,062  
Veritas Holdings, Ltd. 7.50% 20251     5,625       4,316  
Viavi Solutions, Inc. 3.75% 20291     3,750       3,006  
Xerox Corp. 5.00% 20251     3,659       3,297  
Xerox Corp. 5.50% 20281     11,000       8,800  
              742,614  
                 
Consumer staples 4.12%                
Albertsons Companies, Inc. 3.50% 20231     10,207       10,106  
Albertsons Companies, Inc. 4.625% 20271     10,475       9,386  
Albertsons Companies, Inc. 5.875% 20281     5,000       4,623  
Albertsons Companies, Inc. 3.50% 20291     57,488       46,460  
Albertsons Companies, Inc. 4.875% 20301     5,915       5,012  
B&G Foods, Inc. 5.25% 2025     26,687       23,251  
B&G Foods, Inc. 5.25% 2027     36,606       29,732  
CD&R Smokey Buyer, Inc. 6.75% 20251     5,070       4,621  
Central Garden & Pet Co. 4.125% 2030     19,116       15,256  
Central Garden & Pet Co. 4.125% 20311     16,755       13,208  
Coty, Inc. 5.00% 20261     11,000       10,028  
Coty, Inc. 6.50% 20261     7,980       7,363  
Coty, Inc. 4.75% 20291     23,020       19,524  
Darling Ingredients, Inc. 5.25% 20271     6,431       6,075  
Darling Ingredients, Inc. 6.00% 20301     25,245       24,083  
Edgewell Personal Care Co. 5.50% 20281     4,025       3,604  
Energizer Holdings, Inc. 4.375% 20291     9,560       7,113  
Ingles Markets, Inc. 4.00% 20311     5,070       4,147  
Kraft Heinz Company 3.00% 2026     6,360       5,870  
Kraft Heinz Company 3.875% 2027     5,545       5,189  
Kraft Heinz Company 4.375% 2046     6,215       4,845  
Kraft Heinz Company 4.875% 2049     9,975       8,244  
Kraft Heinz Company 5.50% 2050     5,845       5,270  
Kronos Acquisition Holdings, Inc. 5.00% 20261     38,550       33,877  
Kronos Acquisition Holdings, Inc. 7.00% 20271     54,572       41,857  
Lamb Weston Holdings, Inc. 4.875% 20281     5,240       4,766  

 

American High-Income Trust 17
 
Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Consumer staples (continued)                
Lamb Weston Holdings, Inc. 4.125% 20301    USD 50,775     $ 43,053  
Lamb Weston Holdings, Inc. 4.375% 20321     13,500       11,179  
Nestle Skin Health SA, Term Loan B3, (3-month USD-LIBOR + 3.75%) 7.424% 20262,3     23,380       21,824  
Performance Food Group, Inc. 5.50% 20271     15,790       14,388  
Performance Food Group, Inc. 4.25% 20291     5,785       4,828  
Pilgrim’s Pride Corp. 5.875% 20271     14,450       14,085  
Post Holdings, Inc. 5.625% 20281     29,830       27,282  
Post Holdings, Inc. 5.50% 20291     27,109       23,477  
Post Holdings, Inc. 4.625% 20301     51,665       42,546  
Post Holdings, Inc. 4.50% 20311     24,475       19,753  
Prestige Brands International, Inc. 5.125% 20281     11,533       10,399  
Prestige Brands International, Inc. 3.75% 20311     14,440       11,234  
Simmons Foods, Inc. 4.625% 20291     15,605       12,792  
TreeHouse Foods, Inc. 4.00% 2028     28,436       22,712  
United Natural Foods, Inc. 6.75% 20281     31,195       28,596  
US Foods, Inc. 4.625% 20301     7,180       5,958  
              667,616  
                 
Utilities 3.34%                
AmeriGas Partners, LP 5.875% 2026     5,770       5,237  
AmeriGas Partners, LP 5.75% 2027     9,118       8,209  
Calpine Corp. 5.25% 20261     1,051       992  
Calpine Corp. 4.50% 20281     4,000       3,533  
Calpine Corp. 5.125% 20281     8,282       7,130  
Calpine Corp. 3.75% 20311     9,175       7,194  
DPL, Inc. 4.125% 2025     10,965       10,105  
Emera, Inc. 6.75% 2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)7     18,225       17,352  
Enfragen Energia Sur SA 5.375% 20301     4,850       2,894  
FirstEnergy Corp. 2.25% 2030     19,000       14,676  
FirstEnergy Corp. 2.65% 2030     6,754       5,463  
FirstEnergy Corp. 7.375% 2031     7,191       7,918  
FirstEnergy Corp. 3.40% 2050     69       45  
FirstEnergy Corp., Series C, 5.35% 20477     5,065       4,285  
FirstEnergy Transmission, LLC 2.866% 20281     10,562       8,990  
FirstEnergy Transmission, LLC 4.55% 20491     2,000       1,569  
NextEra Energy Partners, LP 4.25% 20241     3,163       3,033  
NextEra Energy Partners, LP 3.875% 20261     2,373       2,164  
NGL Energy Partners, LP 7.50% 2026     14,050       10,742  
NRG Energy, Inc. 3.625% 20311     21,050       16,464  
Pacific Gas and Electric Co. 3.75% 2028     6,000       5,062  
Pacific Gas and Electric Co. 4.55% 2030     4,000       3,433  
Pacific Gas and Electric Co. 2.50% 2031     2,000       1,458  
Pacific Gas and Electric Co. 3.30% 2040     4,540       2,916  
Pacific Gas and Electric Co. 3.50% 2050     9,040       5,523  
PG&E Corp. 5.00% 2028     59,690       51,475  
PG&E Corp. 5.25% 2030     60,380       51,518  
PG&E Corp., Term Loan, (3-month USD-LIBOR + 3.00%) 6.125% 20252,3     490       470  
Talen Energy Corp. 10.50% 20261,4     59,967       49,293  
Talen Energy Corp. 7.25% 20271     101,607       104,124  
Talen Energy Corp. 6.625% 20281     1,819       1,844  
Talen Energy Corp., Term Loan, (3-month USD CME Term SOFR + 4.75%) 7.48% 20232,3     62,105       62,338  
Talen Energy Corp., Term Loan B, (3-month USD-LIBOR + 3.75%) 6.274% 20262,3     12,145       12,323  
Talen Energy Supply, LLC 7.625% 20281     9,825       10,157  
Targa Resources Partners, LP 4.00% 2032     1,175       971  
Venture Global Calcasieu Pass, LLC 3.875% 20291     27,420       23,576  
Vistra Operations Co., LLC 3.55% 20241     5,769       5,502  
Vistra Operations Co., LLC 5.625% 20271     12,805       12,015  
              541,993  
                 
Real estate 2.93%                
Brookfield Property REIT, Inc. 5.75% 20261     32,922       29,806  
Brookfield Property REIT, Inc. 4.50% 20271     4,045       3,323  
Diversified Healthcare Trust 4.375% 2031     3,795       2,463  
Forestar Group, Inc. 3.85% 20261     10,830       8,932  
Forestar Group, Inc. 5.00% 20281     1,905       1,532  
Howard Hughes Corp. 5.375% 20281     29,474       24,503  

 

18 American High-Income Trust
 
Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Real estate (continued)                
Howard Hughes Corp. 4.125% 20291   USD 29,513     $ 22,865  
Howard Hughes Corp. 4.375% 20311     51,837       37,315  
Iron Mountain, Inc. 4.875% 20271     29,660       26,620  
Iron Mountain, Inc. 5.00% 20281     4,702       4,053  
Iron Mountain, Inc. 5.25% 20281     24,088       21,163  
Iron Mountain, Inc. 5.25% 20301     55,225       45,818  
Iron Mountain, Inc. 4.50% 20311     23,090       17,893  
Kennedy-Wilson Holdings, Inc. 4.75% 2029     46,900       35,902  
Kennedy-Wilson Holdings, Inc. 4.75% 2030     44,534       33,133  
Kennedy-Wilson Holdings, Inc. 5.00% 2031     45,230       32,896  
Ladder Capital Corp. 5.25% 20251     14,495       13,354  
Ladder Capital Corp. 4.75% 20291     2,015       1,512  
Medical Properties Trust, Inc. 5.00% 2027     13,527       11,712  
Medical Properties Trust, Inc. 3.50% 2031     3,437       2,400  
Park Intermediate Holdings, LLC 4.875% 20291     16,445       13,346  
Realogy Corp. 4.875% 20231     3,800       3,714  
Realogy Corp. 5.75% 20291     27,125       19,599  
Realogy Corp. 5.25% 20301     32,645       22,225  
RHP Hotel Properties, LP / RHP Finance Corp. 4.50% 20291     11,330       9,415  
RLJ Lodging Trust, LP 4.00% 20291     14,905       11,709  
WeWork Companies, Inc. 7.875% 20251     1,925       1,336  
WeWork Companies, LLC 5.00% 20251     28,850       16,793  
              475,332  
                 
Total corporate bonds, notes & loans             14,563,867  
                 
Mortgage-backed obligations 0.08%                
Collateralized mortgage-backed obligations 0.08%                
Treehouse Park Improvement Association No.1 - Anleihen 9.75% 20331,5     15,299       13,568  
                 
U.S. Treasury bonds & notes 0.07%                
U.S. Treasury inflation-protected securities 0.07%                
U.S. Treasury Inflation-Protected Security 0.125% 20518,9     18,208       11,449  
                 
Asset-backed obligations 0.03%                
Aesop Funding, LLC, Series 2019-2A, Class D, 3.04% 20251,10     5,000       4,519  
                 
Total bonds, notes & other debt instruments (cost: $17,339,656,000)             14,593,403  
                 
Convertible bonds & notes 0.20%                
Communication services 0.18%                
DISH DBS Corp., convertible notes, 3.375% 2026     42,635       29,439  
                 
Energy 0.02%                
Mesquite Energy, Inc., convertible notes, 13.14% Cash 20231,5,6     2,454       2,454  
                 
Total convertible bonds & notes (cost: $46,730,000)             31,893  
                 
Convertible stocks 0.22%     Shares          
Financials 0.18%                
2020 Cash Mandatory Exchangeable Trust, convertible preferred shares, 5.25% 20231     26,724       30,128  
                 
Utilities 0.04%                
PG&E Corp., convertible preferred units, 5.50% 2023     57,000       6,512  
                 
Total convertible stocks (cost: $29,180,000)             36,640  

 

American High-Income Trust 19
 
Common stocks 3.35%   Shares     Value
(000)
 
Health care 1.26%                
Rotech Healthcare, Inc.5,11,12,13     1,916,276     $ 205,042  
                 
Energy 1.10%                
Chesapeake Energy Corp.     700,520       65,996  
Diamond Offshore Drilling, Inc.12     3,987,316       26,436  
Weatherford International12     796,137       25,707  
Denbury, Inc.12     269,000       23,204  
Ascent Resources - Utica, LLC, Class A5,12,13     90,532,504       21,728  
California Resources Corp.     183,103       7,036  
Civitas Resources, Inc.     57,659       3,309  
McDermott International, Ltd.12     3,921,721       1,765  
McDermott International, Ltd.12,13     1,745,604       785  
Southwestern Energy Co.12     229,524       1,405  
Mesquite Energy, Inc.5,12     109,992       660  
Earthstone Energy, Inc., Class A12     19,787       244  
Petroplus Holdings AG5,12     3,360,000       14
Bighorn Permian Resources, LLC5,12     42,744       14
Constellation Oil Services Holding SA, Class B-15,12     51,096,574       14
              178,275  
                 
Financials 0.38%                
Jonah Energy Parent, LLC5,11     747,471       53,310  
Navient Corp.     537,500       7,896  
              61,206  
                 
Consumer discretionary 0.29%                
NMG Parent, LLC12     182,562       33,317  
MYT Holding Co., Class B5,11,12     7,468,376       13,070  
              46,387  
                 
Communication services 0.24%                
Frontier Communications Parent, Inc.12     921,177       21,583  
Intelsat SA5,12     318,478       8,917  
Cumulus Media, Inc., Class A12     561,836       3,950  
iHeartMedia, Inc., Class A12     378,645       2,775  
Clear Channel Outdoor Holdings, Inc.12     890,868       1,221  
              38,446  
                 
Information technology 0.08%                
MoneyGram International, Inc.12     1,310,886       13,633  
                 
Total common stocks (cost: $428,720,000)             542,989  
                 
Preferred securities 0.16%                
Consumer discretionary 0.13%                
MYT Holdings, LLC, Series A, preferred shares, 10.00% 20295,11,12     19,884,070       21,773  
                 
Industrials 0.03%                
ACR III LSC Holdings, LLC, Series B, preferred shares1,5,12     13,566       4,331  
                 
Energy 0.00%                
McDermott International, Inc., 8.00% cumulative preferred shares5,12     1,130       57  
                 
Total preferred securities (cost: $32,392,000)             26,161  
                 
Rights & warrants 0.17%                
Consumer discretionary 0.13%                
NMG Parent, LLC, warrants, expire 202712     407,047       20,447  
Carnelian Point Holdings, LP, warrants, expire 20275,12     4,459       14
              20,447  

 

20 American High-Income Trust
 
Rights & warrants (continued)   Shares     Value
(000)
 
Energy 0.04%                
Chesapeake Energy Corp., Class B, warrants, expire 202612     28,742     $ 2,271  
Chesapeake Energy Corp., Class A, warrants, expire 202612     25,868       2,069  
Chesapeake Energy Corp., Class C, warrants, expire 202612     19,731       1,414  
California Resources Corp., warrants, expire 202412     16,108       168  
Denbury, Inc., Series B, warrants, expire 20231,12     155       8  
McDermott International, Inc., warrants, expire 20275,12     400,530       14
McDermott International, Inc., warrants, expire 20275,12     445,033       14
Constellation Oil Services Holding SA, Class D, warrants, expire 20715,12     18       14
              5,930  
                 
Communication services 0.00%                
Intelsat Jackson Holdings SA (CVR), Series A5,12     33,352       200  
Intelsat Jackson Holdings SA (CVR), Series B5,12     33,352       184  
              384  
                 
Total rights & warrants (cost: $14,525,000)             26,761  
                 
Short-term securities 4.47%                
Money market investments 4.47%                
Capital Group Central Cash Fund 2.81%11,15     7,243,841       724,312  
                 
Total short-term securities (cost: $724,452,000)             724,312  
Total investment securities 98.59% (cost: $18,615,655,000)             15,982,159  
Other assets less liabilities 1.41%             228,488  
                 
Net assets 100.00%           $ 16,210,647  

 

Futures contracts                          
Contracts   Type   Number of
contracts
  Expiration   Notional
amount
(000)
    Value and
unrealized
(depreciation)
appreciation
at 9/30/2022
(000)
 
5 Year U.S. Treasury Note Futures   Long   143   December 2022     USD15,374       $ (88 )
10 Year Ultra U.S. Treasury Note Futures   Short   4   December 2022     (474 )       31  
10 Year U.S. Treasury Note Futures   Short   50   December 2022     (5,603 )       280  
30 Year Ultra U.S. Treasury Bond Futures   Short   30   December 2022     (4,110 )       361  
                          $ 584  

 

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
9/30/2022
(000)
    Upfront
premium
(received)
paid
(000)
    Unrealized
appreciation
(depreciation)
at 9/30/2022
(000)
 
CDX.NA.HY.38   5.00%   Quarterly   6/20/2027     USD38,313     $ 904     $ (731 )     $ 1,635  
CDX.NA.HY.39   5.00%   Quarterly   12/20/2027     278,650       11,679       12,644         (965 )
                        $ 12,583     $ 11,913       $ 670  

 

Centrally cleared credit default swaps on credit indices – sell protection
Financing
rate received
  Payment
frequency
  Reference
index
  Expiration
date
    Notional
amount
(000)
16

  Value at
9/30/2022
(000)
17

  Upfront
premium
paid
(000)
    Unrealized
depreciation
at 9/30/2022
(000)
 
5.00%   Quarterly   CDX.NA.HY.37   12/20/2026     USD86,749     $ (863 )   $ 566       $ (1,429 )

 

American High-Income Trust 21
 

Investments in affiliates11

 

    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
9/30/2022
(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 202316   $ 44,394     $ 2,999     $ 47,393     $ (111 )   $ 111     $     $ 3,035  
Common stocks 1.68%                                                        
Health care 1.27%                                                        
Rotech Healthcare, Inc.5,12,13     206,958                         (1,916 )     205,042        
Energy 0.00%                                                        
Tapstone Energy, LLC16     4,970             2,304       2,299       (4,965 )            
Financials 0.33%                                                        
Jonah Energy Parent, LLC5     16,070                         37,240       53,310       4,560  
Consumer discretionary 0.08%                                                        
MYT Holding Co., Class B5,12     39,209                         (26,139 )     13,070        
Industrials 0.00%                                                        
New AMI I, LLC16     125,135             96,044       11,365       (40,456 )            
Total common stocks                                             271,422          
Preferred securities 0.13%                                                        
Consumer discretionary 0.13%                                                        
MYT Holdings, LLC, Series A, preferred shares, 10.00% 20295,12     21,032                         741       21,773        
Short-term securities 4.47%                                                        
Money market investments 4.47%                                                        
Capital Group Central Cash Fund 2.81%15     1,140,704       3,996,100       4,412,191       (320 )     19       724,312       6,398  
Total 6.28%                           $ 13,233     $ (35,365 )   $ 1,017,507     $ 13,993  

 

Restricted securities13                      
    Acquisition
date(s)
  Cost
(000)
    Value
(000)
    Percent
of net
assets
 
Rotech Healthcare, Inc.5,11,12   9/26/2013   $ 41,128     $ 205,042       1.27 %
Ascent Resources - Utica, LLC, Class A5,12   4/25/2016-11/15/2016     4,340       21,728       .13  
McDermott International, Ltd.12   4/4/2018-12/31/2020     7,967       785       .00  
Total       $ 53,435     $ 227,555       1.40 %

 

22 American High-Income Trust
 
1 Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $10,817,916,000, which represented 66.73% 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 $501,708,000, which represented 3.10% 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 Value determined using significant unobservable inputs.
6 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.
7 Step bond; coupon rate may change at a later date.
8 All or a portion of this security was pledged as collateral. The total value of pledged collateral was $9,763,000, which represented .06% of the net assets of the fund.
9 Index-linked bond whose principal amount moves with a government price index.
10 Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
11 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.
12 Security did not produce income during the last 12 months.
13 Restricted security, other than Rule 144A, subject to legal or contractual restrictions on resale, including private placement securities not registered under the Securities Act of 1933. The total value of all such restricted securities was $227,555,000, which represented 1.40% of the net assets of the fund.
14 Amount less than one thousand.
15 Rate represents the seven-day yield at 9/30/2022.
16 The maximum potential amount the fund may pay as a protection seller should a credit event occur.
17 The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively.
18 Affiliated issuer during the reporting period but no longer held at 9/30/2022.

 

Key to abbreviations

CME = CME Group

CVR = Contingent Value Rights

DAC = Designated Activity Company

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

LIBOR = London Interbank Offered Rate

PIK = Payment In Kind

REIT = Real Estate Investment Trust

SOFR = Secured Overnight Financing Rate

USD = U.S. dollars

 

Refer to the notes to financial statements.

 

American High-Income Trust 23
 
Financial statements  
   
Statement of assets and liabilities  
at September 30, 2022 (dollars in thousands)
   
Assets:            
Investment securities, at value:                
Unaffiliated issuers (cost: $17,815,038)   $ 14,964,652          
Affiliated issuers (cost: $800,617)     1,017,507     $ 15,982,159  
Cash             262  
Cash collateral pledged for futures contracts             135  
Cash collateral pledged for swap contracts             7,246  
Cash denominated in currencies other than U.S. dollars (cost: $1)             1  
Receivables for:                
Sales of investments     43,039          
Sales of fund’s shares     10,967          
Dividends and interest     267,301          
Variation margin on futures contracts     70          
Variation margin on centrally cleared swap contracts     526          
Other     135       322,038  
              16,311,841  
Liabilities:                
Unrealized depreciation on unfunded commitments             178  
Payables for:                
Purchases of investments     64,618          
Repurchases of fund’s shares     25,979          
Dividends on fund’s shares     2,789          
Investment advisory services     3,793          
Services provided by related parties     3,279          
Trustees’ deferred compensation     289          
Variation margin on futures contracts     38          
Variation margin on centrally cleared swap contracts     170          
Other     61       101,016  
Net assets at September 30, 2022           $ 16,210,647  
                 
Net assets consist of:                
Capital paid in on shares of beneficial interest           $ 20,718,930  
Total accumulated loss             (4,508,283 )
Net assets at September 30, 2022           $ 16,210,647  

 

Refer to the notes to financial statements.

 

24 American High-Income Trust
 
Financial statements (continued)  
   
Statement of assets and liabilities  
at September 30, 2022 (continued) (dollars and shares in thousands, except per-share amounts)

 

Shares of beneficial interest issued and outstanding (no stated par value) —
unlimited shares authorized (1,829,457 total shares outstanding)

 

    Net assets     Shares
outstanding
    Net asset value
per share
 
Class A   $ 9,737,746       1,098,956     $ 8.86  
Class C     231,105       26,081       8.86  
Class T     9       1       8.86  
Class F-1     264,814       29,886       8.86  
Class F-2     1,674,328       188,957       8.86  
Class F-3     890,018       100,443       8.86  
Class 529-A     292,782       33,042       8.86  
Class 529-C     10,648       1,202       8.86  
Class 529-E     11,417       1,288       8.86  
Class 529-T     12       1       8.86  
Class 529-F-1     10       1       8.86  
Class 529-F-2     31,614       3,568       8.86  
Class 529-F-3     10       1       8.86  
Class R-1     12,041       1,359       8.86  
Class R-2     106,150       11,980       8.86  
Class R-2E     5,909       667       8.86  
Class R-3     130,628       14,742       8.86  
Class R-4     106,885       12,062       8.86  
Class R-5E     17,452       1,970       8.86  
Class R-5     28,209       3,184       8.86  
Class R-6     2,658,860       300,066       8.86  

 

Refer to the notes to financial statements.

 

American High-Income Trust 25
 
Financial statements (continued)  
   
Statement of operations  
for the year ended September 30, 2022 (dollars in thousands)
   
Investment income:                
Income:                
Interest (includes $3,035 from affiliates)   $ 1,001,995          
Dividends (net of non-U.S. taxes of $4; also includes $10,958 from affiliates)     42,131     $ 1,044,126  
Fees and expenses*:                
Investment advisory services     49,390          
Distribution services     34,868          
Transfer agent services     17,733          
Administrative services     5,652          
529 plan services     229          
Reports to shareholders     640          
Registration statement and prospectus     658          
Trustees’ compensation     14          
Auditing and legal     412          
Custodian     49          
Other     262       109,907  
Net investment income             934,219  
                 
Net realized loss and unrealized depreciation:                
Net realized (loss) gain on:                
Investments (net of non-U.S. taxes of $12):                
Unaffiliated issuers     (170,155 )        
Affiliated issuers     13,233          
Futures contracts     36,754          
Swap contracts     15,176          
Currency transactions     582       (104,410 )
Net unrealized (depreciation) appreciation on:                
Investments:                
Unaffiliated issuers     (3,102,912 )        
Affiliated issuers     (35,365 )        
Futures contracts     (5,162 )        
Swap contracts     (1,643 )        
Currency translations     9       (3,145,073 )
Net realized loss and unrealized depreciation             (3,249,483 )
                 
Net decrease in net assets resulting from operations           $ (2,315,264 )

 

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

 

Refer to the notes to financial statements.

 

26 American High-Income Trust
 
Financial statements (continued)  
   
Statements of changes in net assets  
  (dollars in thousands)
   
    Year ended September 30,  
    2022     2021  
Operations:                
Net investment income   $ 934,219     $ 875,405  
Net realized (loss) gain     (104,410 )     363,040  
Net unrealized (depreciation) appreciation     (3,145,073 )     1,311,323  
Net (decrease) increase in net assets resulting from operations     (2,315,264 )     2,549,768  
                 
Distributions paid or accrued to shareholders     (919,673 )     (925,224 )
                 
Net capital share transactions     (554,431 )     1,630,014  
                 
Total (decrease) increase in net assets     (3,789,368 )     3,254,558  
                 
Net assets:                
Beginning of year     20,000,015       16,745,457  
End of year   $ 16,210,647     $ 20,000,015  

 

Refer to the notes to financial statements.