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Form N-CSR INCOME FUND OF AMERICA For: Jul 31

September 30, 2022 1:22 PM EDT

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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: 811-01880

 

The Income Fund of America

(Exact Name of Registrant as Specified in Charter)

 

6455 Irvine Center Drive

Irvine, California 92618

(Address of Principal Executive Offices)

 

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

 

Date of fiscal year end: July 31

 

Date of reporting period: July 31, 2022

 

Hong T. Le

The Income Fund of America

6455 Irvine Center Drive

Irvine, California 92620

(Name and Address of Agent for Service)

 
 

  

ITEM 1 – Reports to Stockholders

  

The Income Fund of America®

 

Annual report
for the year ended
July 31, 2022

 

 

Seeking current
income through
a flexible mix of
stocks and bonds


 

 

The Income Fund of America seeks current income while secondarily striving for capital growth.

 

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 A shares at net asset value. If a sales charge (maximum 5.75%) had been deducted, 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. 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.

 

Here are the average annual total returns on a $1,000 investment for periods ended June 30, 2022 (the most recent calendar quarter-end):

 

    1 year   5 years   10 years
                         
Class F-2 shares     -4.01 %     6.42 %     7.97 %
Class A shares (reflecting 5.75% maximum sales charge)     -9.70       4.96       7.14  

 

For other share class results, visit capitalgroup.com and americanfundsretirement.com.

 

The total annual fund operating expense ratios are 0.36% for Class F-2 shares and 0.56% for Class A shares as of the prospectus dated October 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.

 

The fund’s 30-day yield as of July 31, 2022, was 3.20% for Class F-2 shares and 2.84% for Class A shares, calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula. The fund’s 12-month distribution rates for Class F-2 shares and Class A shares as of that date were 3.19% and 2.82%, respectively. The Class A share results reflect the 5.75% 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. Investing outside the United States may be subject to additional risks, such as currency fluctuations, periods of 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
     
4   The value of a long-term perspective
     
6   The portfolio at a glance
     
7   Investment portfolio
     
49   Financial statements
     
83   Board of trustees and other officers

 

Fellow investors:

 

For the fiscal year ended July 31, 2022, The Income Fund of America’s Class F-2 shares recorded a total return of –1.40%. The fund paid quarterly dividends totaling about 79 cents a share. It also paid capital gain distributions totaling more than 98 cents a share in December 2021.

 

The fund, which invests in a mix of stocks and bonds, recorded a return that outpaced the 5.95% decline of the 65%/35% S&P 500 Index/Bloomberg U.S. Aggregate Index, the fund’s primary benchmark. As you can see in the chart below, over its lifetime The Income Fund of America has outpaced the blended index, a broad measure of the U.S. stock and bond markets. Market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

 

The fund’s primary objective is to provide investors with regular quarterly income. While we are disappointed with the fund’s negative total return, we are pleased that during the 12-month period the market rediscovered the importance of dividend-paying companies. We are further pleased that the fund continued to pay income at a meaningfully higher rate than the S&P 500. The fund also aims to provide lower volatility than the overall stock market.

 

Results at a glance

 

For periods ended July 31, 2022, with all distributions reinvested:

 

    Cumulative
total returns
  Average annual total returns
    1 year   5 years   10 years   Lifetime
(12/1/73)1
                 
The Income Fund of America (Class F-2 shares)     -1.40 %     6.78 %     8.12 %     10.76 %
The Income Fund of America (Class A shares)     -1.60       6.59       7.93       10.58  
65%/35% S&P 500 Index/Bloomberg U.S. Aggregate Index2,3     -5.95       9.00       9.64       9.90  
S&P 500 Index4     -4.64       12.83       13.80       11.18  
Bloomberg U.S. Aggregate Index3,5     -9.12       1.28       1.65       6.76  

 

The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

 

1 Date Capital Research and Management Company became the fund’s investment adviser.
2 The 65%/35% S&P 500 Index/Bloomberg U.S. Aggregate Index blends the S&P 500 Index with the Bloomberg U.S. Aggregate Index by weighting their total returns at 65% and 35%, respectively. Results assume the blend is rebalanced monthly.
3 Source: Bloomberg Index Services Ltd. From December 1, 1973, through December 31, 1975, the Bloomberg U.S. Government/Credit Index was used because the Bloomberg U.S. Aggregate Index did not yet exist.
4 Source: S&P Dow Jones Indices LLC. S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.
5 Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.

 

The Income Fund of America 1
 

A strong start, a volatile second half

The fiscal year began in the closing months of the long bull market. Supported by strong returns for fast growing technology and consumer stocks, the S&P 500, a broad measure of the U.S. stock market, soared, reaching a series of record highs and outpacing most other developed markets. However, inflation reached a 30-year high in August as supply chain disruptions and soaring consumer demand fueled sharp price increases.

 

By the start of 2022, however, fresh waves of COVID-19 infections, persistently high inflation, rising rates and Russia’s invasion of Ukraine sent stock prices tumbling, ultimately pushing the S&P 500 into bear territory. The war, which began in February, amplified conditions that had been weighing on markets since the start of the year.

 

Headline U.S. inflation, as measured by the Consumer Price Index, rose to 9.1% in June from 8.6% in May. In response to several months of rising inflation, the Federal Reserve increased interest rates for the first time since 2018, raising its benchmark rate 25 basis points at its March meeting, then increased rates a further 75 basis points at both its June and July meetings.

 

Growth stocks, particularly those with relatively high valuations, suffered the steepest losses. Among them were companies across the information technology, consumer discretionary and communications services sectors. Defensive areas of the market, and those companies that pay higher dividend yields, tended to generate the strongest returns. The energy sector advanced 67% as the Russia-Ukraine war sent oil prices soaring. Crude oil futures briefly touched $130 a barrel and remained above $100 near the end of the fiscal year. The utilities, health care and consumer staples sectors also recorded gains. Within fixed income, virtually every sector declined, as rates rose more aggressively than expected.

 

While markets provided a negative return during the fund’s fiscal year, the last month of the period saw a surge in U.S. stock prices. Equities were supported by better-than-anticipated corporate earnings and hopes that the Fed may slow the pace of interest rate tightening, given deteriorating economic conditions.

 

Inside the portfolio

Given the fund’s commitment to current income and its dividend discipline, its managers invest primarily in higher yielding companies, but also those companies that they consider to be reasonably valued. This proved to be beneficial to total returns in relative terms, particularly in the volatile second half of the fiscal year. Nowhere was this more evident than in the communications services sector, where the fund avoided many of the high-flying digital consumer companies that suffered some of the steepest losses of the period. However, fund investments in more traditional consumer companies, like specialty retailer Home Depot, did record modest losses.

 

In a period of soaring oil prices, select investments in the energy sector also proved to be beneficial to the fund’s total return. While the fund’s conservative investment approach led it away from some of the more aggressive exploration and production companies, integrated oil giant Chevron and Canadian Natural Resources both advanced by more than 60%.

 

Support from investments in defensive sectors

Investments in the generally less volatile consumer staples, health care and real estate areas also delivered positive results and outpaced the broader market. Within consumer staples, shares of branded foods maker General Mills, food processor Archer Daniels Midland and British American Tobacco (BAT) all advanced, thanks in part to support from relatively attractive dividend yields and defensive characteristics in a volatile environment. BAT was also buoyed by positive sentiment on its next-generation products and position in the vaping market given its ongoing transition away from conventional tobacco products. However, Philip Morris International, the fund’s second-largest investment, posted a modest decline partly due to the impact of unfavorable exchange rates in overseas markets.

 

With respect to the health care sector, top holding Pfizer and pharmaceutical giant AstraZeneca both generated double-digit gains. Pfizer shares were bolstered by better-than-forecast second-quarter results, upgraded full-year guidance and FDA approval for its COVID-19 drug Paxlovid. In the real estate sector, gaming and leisure property operator VICI Properties, the fund’s eighth-largest investment, rose. However, shares of Crown Castle International Corp., which operates towers and other infrastructure for wireless communications, lost ground.

 

As economy slows, materials, financials weigh on results

Holdings in the more cyclical materials and financial sectors delivered some of the steepest losses in the period. Brazilian iron ore producer Vale plummeted 35.4% as industrial metals prices fell over concerns about a

 

2 The Income Fund of America
 

slowdown in China’s economy and the risk of a global recession. Similarly, mining company Rio Tinto fell 29%. Among financial holdings, derivatives exchange operator CME Group, the fund’s fourth-biggest position, declined on a decline in revenue. Financial services giant JPMorgan Chase and Synchrony Financial also lost ground. Broadly speaking, banks appeared to anticipate too early that the Federal Reserve may be done with its rate tightening cycle.

 

Elsewhere among the fund’s top 10 equity positions, semiconductor maker Broadcom’s shares rose after the company beat fiscal fourth-quarter revenue and earnings estimates, enabling it to increase its dividend and boost share buybacks. Defense contractor Lockheed Martin advanced 11.3% on expectations that defense spending would rise across the globe in light of the Russia-Ukraine war. Software maker Microsoft slipped 1.5%.

 

Fixed income challenges

At the close of the period, 24% of the fund’s assets were invested in fixed income securities, up from about 21% the previous year. During the period, managers reduced equity exposure and increased holdings of cash and high-yield bonds to reduce the fund’s risk profile.

 

The fund’s fixed income allocation was composed of a mix of U.S. Treasuries and other government issues, as well as investment-grade and high-yield corporate bonds. Not surprisingly, in a period of rising rates and declines across most fixed income sectors, bond holdings proved to be a drag on overall returns. One surprise during the period was that investment-grade bonds fared less well than we had expected.

 

While fixed income investments have contributed only modest levels of income in recent years, with rates rising we expect them to contribute more to the fund’s income objective over time. What’s more, they continue to play an important role in helping to mitigate equity market volatility.

 

Looking ahead

Since its inception, the fund’s primary objective has been to provide income and, secondarily, growth of capital — all with an eye toward capital preservation. We have often said that, given this approach, we don’t typically expect the fund to capture all of the market upside, particularly in a strong bull market, but it often has provided relative stability in volatile market periods. We are gratified that the fund did just that in the recently concluded fiscal year.

 

Looking ahead, with the U.S. economy slowing and rates rising, the chances of a recession appear more likely than a soft landing. It is important to remember that recessions are inevitable and ultimately correct excesses in the economy and markets. With wage pressure in the economy persisting as of this writing, the Federal Reserve faces a significant challenge ahead as it seeks to get inflation under control. Yet, market expectations appear to be focused on a soft landing, particularly during the strong bounceback in July. Given these circumstances, we believe more rate increases lie ahead.

 

That said, we continue to find interesting companies at what we believe are compelling valuations. We remain steadfast in our commitment to income and dividend-paying companies. Since the 1940s, dividends have accounted for an average 31% of total returns for the S&P 500. Over the last couple of decades, a period marked by low inflation and strong growth, that average fell to 15%. More recently, however, dividends are reasserting themselves, moving back toward the historical average. In addition, market pullbacks provide us with opportunities to invest in higher quality companies that might not otherwise be in the fund’s purview because of relatively low dividend yields.

 

We remain confident that, with our patient approach, deep research effort and focus on income investing, we can generate solid returns for our investors and help them withstand bouts of market volatility.

 

We thank you for your commitment to The Income Fund of America and look forward to reporting to you again in six months.

 

Cordially,

 

 

Hilda L. Applbaum

Co-President

 

 

Caroline Randall

Co-President

 

September 9, 2022

 

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

 

The Income Fund of America 3
 

The value of a long-term perspective

 

Fund results shown are for Class F-2 shares and Class A shares. Class A share results reflect deduction of the maximum sales charge of 5.75% on the $10,000 investment¹; thus, the net amount invested was $9,425.2 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. 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.

 

Class F-2 shares were first offered on August 1, 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.

 

The results shown are before taxes on fund distributions and sale of fund shares.

 

1 As outlined in the prospectus, the sales charge is reduced for accounts (and aggregated investments) of $25,000 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 8.5% prior to July 1, 1988.
3 For the period December 1, 1973 (when Capital Research and Management Company became the fund’s investment adviser), through July 31, 1974.
4 The indexes are unmanaged and include reinvested distributions, but do not reflect the effect of sales charges, commissions or expenses. Investors cannot invest directly in an index.
5 From December 1, 1973, through December 31, 1975, the Bloomberg U.S. Government/Credit Index was used because the Bloomberg U.S. Aggregate Index did not exist.
6 From April 1990 to September 1994 and from September 2003 to March 2009, the fund accrued dividends daily but paid quarterly. Dividends reflect quarterly dividends actually paid during the period, while year-end values are adjusted for cumulative dividends accrued but not yet paid.
7 The 65%/35% S&P 500 Index/Bloomberg U.S. Aggregate Index blends the S&P 500 Index with the Bloomberg U.S. Aggregate Index by weighting their total returns at 65% and 35%, respectively. Results assume the blend is rebalanced monthly.
   

 

4 The Income Fund of America
 

How a hypothetical $10,000 investment has grown

There have always been reasons not to invest. If you look beyond the negative headlines, however, you will find that despite occasional stumbles, financial markets have tended to reward investors over the long term. Investment management — bolstered by experience and careful research — can add even more value. As the chart below shows, over its lifetime, The Income Fund of America (IFA) has fared well against its benchmarks.

 

 

 

The Income Fund of America 5
 

The portfolio at a glance

 

  July 31, 2022
Investment mix by security type  
  Percent of net assets

 

 

 

Five largest sectors in common stock holdings    
     
      Percent of
net assets
Consumer staples     9.85 %
Financials     9.74  
Health care     8.62  
Energy     6.25  
Real estate     5.83  

 

Ten largest common stock holdings        
         
      Percent of
net assets
Pfizer     2.64 %
Philip Morris International     2.37  
Broadcom     1.71  
CME Group     1.54  
Lockheed Martin     1.50  
Microsoft     1.36  
Crown Castle International     1.26  
VICI Properties     1.25  
AstraZeneca     1.19  
Home Depot     1.08  

 

Country diversification by domicile        
         
      Percent of
net assets
United States     69.95 %
United Kingdom     5.08  
Canada     4.89  
Eurozone*     4.41  
Switzerland     1.59  
Taiwan     1.12  
Other countries     3.69  
Short-term securities & other assets less liabilities     9.27  

 

* Countries using the euro as a common currency; those represented in the fund’s portfolio are Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain.

 

  July 31, 2021
Investment mix by security type  
  Percent of net assets

 

 

 

 

Five largest sectors in common stock holdings    
     
      Percent of
net assets
Financials     13.25 %
Consumer staples     10.01  
Health care     7.71  
Information technology     7.51  
Real estate     6.70  

 

Ten largest common stock holdings        
         
      Percent of
net assets
JPMorgan Chase     2.55 %
Philip Morris International     2.51  
Broadcom     2.22  
Pfizer     1.92  
Microsoft     1.91  
Taiwan Semiconductor Manufacturing     1.76  
CME Group     1.57  
Crown Castle International     1.49  
Altria     1.35  
Gilead Sciences     1.33  

 

Country diversification by domicile        
         
      Percent of
net assets
United States     70.90 %
Eurozone     5.97  
United Kingdom     5.34  
Canada     4.21  
Taiwan     1.96  
Switzerland     1.88  
Japan     1.22  
Other countries     3.88  
Short-term securities & other assets less liabilities     4.64  

 

  Countries using the euro as a common currency; those represented in the fund’s portfolio are Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain.

 

6 The Income Fund of America
 

Investment portfolio July 31, 2022

 

Common stocks 65.75%   Shares     Value
(000)
 
Consumer staples 9.85%                
Philip Morris International, Inc.     29,470,078     $ 2,863,018  
General Mills, Inc.     16,686,077       1,247,952  
Altria Group, Inc.     25,459,182       1,116,640  
Kraft Heinz Company     26,339,505       970,084  
Coca-Cola Company     13,214,010       847,943  
Procter & Gamble Company     6,024,489       836,862  
British American Tobacco PLC1     19,019,000       747,491  
PepsiCo, Inc.     3,712,012       649,454  
Nestlé SA1     4,237,617       520,469  
Kimberly-Clark Corp.     3,701,600       487,834  
Kellogg Co.     4,940,000       365,165  
Archer Daniels Midland Company     3,962,000       327,935  
Bunge, Ltd.     2,560,245       236,387  
Walgreens Boots Alliance, Inc.     5,500,000       217,910  
Conagra Brands, Inc.     5,730,100       196,027  
Imperial Brands PLC1     4,508,000       99,155  
Haleon PLC1,2     23,412,680       83,198  
Scandinavian Tobacco Group A/S1     2,636,362       50,427  
Danone SA1     725,000       39,974  
Viva Wine Group AB1,3     4,081,633       20,068  
              11,923,993  
                 
Financials 9.74%                
CME Group, Inc., Class A     9,355,378       1,866,211  
JPMorgan Chase & Co.     8,310,119       958,655  
PNC Financial Services Group, Inc.     4,676,565       776,029  
Zurich Insurance Group AG1     1,356,885       592,296  
Synchrony Financial     13,519,951       452,648  
Toronto-Dominion Bank (CAD denominated)     6,737,346       437,634  
Fifth Third Bancorp     11,994,824       409,263  
Ares Management Corp., Class A     4,990,000       357,534  
Apollo Asset Management, Inc.     5,915,679       337,785  
Manulife Financial Corp.     17,661,400       323,285  
DBS Group Holdings, Ltd.1     13,821,100       315,683  
Citigroup, Inc.     6,025,000       312,698  
Blackstone, Inc., nonvoting shares     2,929,100       298,973  
M&T Bank Corp.     1,529,000       271,321  
Canadian Imperial Bank of Commerce     5,277,000       266,951  
Power Corporation of Canada, subordinate voting shares3     9,625,253       261,574  
AXA SA1     11,065,000       255,441  
Regions Financial Corp.     10,069,900       213,280  
B3 SA-Brasil, Bolsa, Balcao     96,956,000       207,812  
Tryg A/S1     8,288,203       188,651  
Ping An Insurance (Group) Company of China, Ltd., Class H1     29,593,500       174,842  
American International Group, Inc.     3,353,000       173,585  
Citizens Financial Group, Inc.     4,477,680       170,018  
Progressive Corp.     1,315,000       151,304  
DNB Bank ASA1     7,313,748       143,683  
Bank of Nova Scotia (CAD denominated)     2,348,000       143,038  
Postal Savings Bank of China Co., Ltd., Class H1     212,013,000       140,550  
Franklin Resources, Inc.3     5,103,503       140,091  
KeyCorp     7,620,000       139,446  
BlackRock, Inc.     204,880       137,102  
Legal & General Group PLC1     36,764,300       117,306  
Truist Financial Corp.     2,316,800       116,929  
BNP Paribas SA1     2,300,000       109,021  
Morgan Stanley     1,221,093       102,938  
Carlyle Group, Inc.     2,617,000       101,827  
Principal Financial Group, Inc.     1,434,100       95,999  
National Bank of Canada3     975,000       68,411  
Tokio Marine Holdings, Inc.1     1,109,000       64,706  
ING Groep NV1     6,297,949       61,206  
Lufax Holding, Ltd. (ADR)     12,931,000       59,224  
Islandsbanki hf.1     54,814,905       51,738  
Qualitas Controladora, SAB de CV3     10,711,900       45,201  

 

The Income Fund of America 7
 
Common stocks (continued)   Shares     Value
(000)
 
Financials (continued)                
Janus Henderson Group PLC     1,623,200     $ 41,830  
China Pacific Insurance (Group) Co., Ltd., Class H1     15,385,000       32,969  
Münchener Rückversicherungs-Gesellschaft AG1     117,000       26,458  
TISCO Financial Group PCL, foreign registered shares1     10,000,000       24,392  
BB Seguridade Participações SA     3,300,000       18,490  
Jonah Energy Parent, LLC1,4     275,936       17,710  
Brookfield Asset Management, Inc., Class A     207,530       10,304  
ICICI Securities, Ltd.1     1,587,232       9,637  
Sberbank of Russia PJSC1,2,4,5     25,683,200       6 
              11,793,679  
                 
Health care 8.62%                
Pfizer, Inc.     63,326,000       3,198,596  
AstraZeneca PLC1     11,007,800       1,446,975  
Gilead Sciences, Inc.     21,207,787       1,267,165  
CVS Health Corp.     8,763,349       838,477  
Merck & Co., Inc.     7,954,232       710,631  
AbbVie, Inc.     4,906,453       704,125  
Novartis AG1     7,751,820       666,234  
Johnson & Johnson     2,995,000       522,687  
GSK PLC1     22,156,544       466,774  
Medtronic PLC     3,028,785       280,223  
Bristol-Myers Squibb Company     1,989,449       146,782  
Danaher Corp.     246,538       71,859  
Rotech Healthcare, Inc.1,2,4,5,7     543,172       55,404  
Amgen, Inc.     215,310       53,283  
Organon & Co.     264,123       8,378  
Viatris, Inc.     69,981       678  
              10,438,271  
                 
Energy 6.25%                
TC Energy Corp. (CAD denominated)     20,122,000       1,072,765  
ConocoPhillips     9,841,689       958,876  
Exxon Mobil Corp.     8,689,933       842,315  
Chevron Corp.     5,139,586       841,761  
Tourmaline Oil Corp.3     10,557,500       661,456  
Canadian Natural Resources, Ltd. (CAD denominated)     11,331,100       625,686  
Coterra Energy, Inc.     14,650,000       448,143  
Enbridge, Inc.3     6,526,000       293,213  
Aker BP ASA (SDR)1,2     5,300,680       183,330  
Aker BP ASA1,3     3,057,831       105,759  
TotalEnergies SE1     5,352,400       273,029  
Pioneer Natural Resources Company     1,089,700       258,204  
Valero Energy Corp.     2,209,000       244,691  
Baker Hughes Co., Class A     9,487,000       243,721  
Equinor ASA1     4,220,000       162,301  
Chesapeake Energy Corp.3     992,914       93,503  
EOG Resources, Inc.     623,305       69,324  
Var Energi ASA1     15,950,645       63,839  
DT Midstream, Inc.     812,500       44,712  
Ascent Resources - Utica, LLC, Class A1,2,4,5     110,214,618       29,758  
Diamond Offshore Drilling, Inc.2,3     2,333,912       15,754  
Diamond Offshore Drilling, Inc.2,8     815,687       5,506  
Woodside Energy Group, Ltd. (CDI)1,2     889,049       20,276  
California Resources Corp.     104,121       4,671  
Mesquite Energy, Inc.1,2,4     25,913       155  
Bighorn Permian Resources, LLC1,2     17,183       100  
McDermott International, Ltd.2,3     156,914       71  
              7,562,919  
                 
Real estate 5.83%                
Crown Castle International Corp. REIT     8,442,881       1,525,291  
VICI Properties, Inc. REIT     44,135,717       1,509,000  
Digital Realty Trust, Inc. REIT     4,811,945       637,342  
Gaming and Leisure Properties, Inc. REIT     11,304,134       587,702  
Iron Mountain, Inc. REIT     11,965,000       580,183  
Regency Centers Corp. REIT     6,494,773       418,458  
Public Storage REIT     1,138,000       371,455  

 

8 The Income Fund of America
 
Common stocks (continued)   Shares     Value
(000)
 
Real estate (continued)                
Prologis, Inc. REIT     1,550,372     $ 205,517  
Lamar Advertising Co. REIT, Class A     2,003,322       202,456  
CubeSmart REIT     3,927,254       180,143  
Federal Realty Investment Trust REIT     1,700,000       179,537  
American Tower Corp. REIT     646,000       174,956  
W. P. Carey, Inc. REIT     1,820,000       162,526  
Americold Realty Trust, Inc.     3,362,200       110,112  
Boston Properties, Inc. REIT     891,865       81,303  
Longfor Group Holdings, Ltd.1     23,567,000       78,877  
Extra Space Storage, Inc. REIT     197,700       37,468  
Selvaag Bolig ASA1     1,912,218       8,095  
              7,050,421  
                 
Industrials 5.71%                
Lockheed Martin Corp.     4,373,742       1,809,898  
BAE Systems PLC1     127,909,564       1,202,798  
United Parcel Service, Inc., Class B     3,127,500       609,518  
Norfolk Southern Corp.     1,972,453       495,421  
Emerson Electric Co.     4,759,579       428,695  
Raytheon Technologies Corp.     4,188,623       390,422  
Hubbell, Inc.     1,303,000       285,383  
Kone OYJ, Class B1     6,205,540       283,077  
Siemens AG1     2,125,000       235,941  
General Dynamics Corp.     1,000,000       226,670  
Cummins, Inc.     1,000,000       221,310  
ManpowerGroup, Inc.7     2,722,832       213,497  
Watsco, Inc.     774,800       212,256  
Deutsche Post AG1     2,863,547       113,963  
Caterpillar, Inc.     231,902       45,975  
Inwido AB1     2,500,000       30,284  
Honeywell International, Inc.     146,500       28,195  
Intrum AB1     1,250,000       26,691  
Regal Rexnord Corp.     134,000       17,996  
Coor Service Management Holding AB1     2,000,000       16,534  
Ventia Services Group Pty, Ltd.1     7,954,000       14,915  
              6,909,439  
                 
Utilities 5.26%                
DTE Energy Company     9,033,567       1,177,074  
Brookfield Infrastructure Partners, LP7     27,322,088       1,088,574  
National Grid PLC1     70,611,969       974,760  
Duke Energy Corp.     6,543,965       719,378  
Dominion Energy, Inc.     5,973,473       489,705  
AES Corp.     19,558,000       434,579  
The Southern Co.     5,472,114       420,751  
Public Service Enterprise Group, Inc.     6,191,216       406,577  
E.ON SE1     18,789,000       168,411  
CMS Energy Corp.     1,715,700       117,920  
Exelon Corp.     2,520,300       117,169  
Edison International     1,643,100       111,353  
Enel SpA1     11,950,000       60,383  
Guangdong Investment, Ltd.1     52,919,000       51,665  
China Resources Gas Group, Ltd.1     7,250,000       30,516  
              6,368,815  
                 
Information technology 5.21%                
Broadcom, Inc.     3,853,961       2,063,719  
Microsoft Corp.     5,873,899       1,649,038  
Taiwan Semiconductor Manufacturing Company, Ltd.1     61,581,300       1,054,609  
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)     1,543,000       136,525  
Texas Instruments, Inc.     3,637,597       650,730  
Intel Corp.     5,100,000       185,181  
Cisco Systems, Inc.     3,500,000       158,795  
Tokyo Electron, Ltd.1     338,600       117,396  
QUALCOMM, Inc.     747,000       108,360  
MediaTek, Inc.1     3,617,000       83,174  
Vanguard International Semiconductor Corp.1     22,093,500       53,363  

 

The Income Fund of America 9
 
Common stocks (continued)   Shares     Value
(000)
 
Information technology (continued)                
GlobalWafers Co., Ltd.1     1,600,000     $ 24,428  
NortonLifeLock, Inc.     502,750       12,332  
FDM Group (Holdings) PLC1     974,737       10,978  
              6,308,628  
                 
Consumer discretionary 4.10%                
Home Depot, Inc.     4,349,832       1,309,038  
Darden Restaurants, Inc.     6,040,500       751,982  
Starbucks Corp.     7,292,017       618,217  
Target Corp.     3,569,500       583,185  
Restaurant Brands International, Inc.3     10,723,408       574,882  
Industria de Diseño Textil, SA1     12,656,400       307,418  
Genuine Parts Co.     1,377,500       210,578  
Hasbro, Inc.     1,851,825       145,776  
General Motors Company2     3,497,200       126,808  
Domino’s Pizza Group PLC1,7     30,671,123       107,070  
Mercedes-Benz Group AG1     1,400,000       81,911  
Stellantis NV1     2,971,500       42,689  
Persimmon PLC1     1,675,000       38,534  
Puuilo OYJ1,3,7     5,509,640       27,975  
NMG Parent, LLC2     67,256       11,938  
Kindred Group PLC (SDR)1     1,255,000       11,033  
Lumi Gruppen AS1,7     1,869,659       3,793  
MYT Holding Co., Class B1,2,4     2,070,418       3,623  
              4,956,450  
                 
Communication services 3.04%                
Verizon Communications, Inc.     24,928,633       1,151,454  
Comcast Corp., Class A     24,136,400       905,598  
Koninklijke KPN NV1     203,005,139       668,453  
Nippon Telegraph and Telephone Corp.1     9,563,600       273,238  
BCE, Inc.3     5,379,188       271,784  
AT&T, Inc.     13,000,000       244,140  
Deutsche Telekom AG1     4,014,400       75,941  
Warner Bros. Discovery, Inc.2     2,419,170       36,288  
Singapore Telecommunications, Ltd.1     15,841,000       29,990  
SoftBank Corp.1     1,775,008       20,533  
Cumulus Media, Inc., Class A2     217,532       1,727  
Clear Channel Outdoor Holdings, Inc.2     152,827       237  
              3,679,383  
                 
Materials 2.14%                
Dow, Inc.     10,800,000       574,668  
Rio Tinto PLC1     9,179,620       552,510  
Vale SA, ordinary nominative shares     17,911,900       241,463  
UPM-Kymmene Oyj1     6,317,526       199,961  
Packaging Corporation of America     1,331,630       187,240  
Barrick Gold Corp.     10,037,200       157,986  
BHP Group, Ltd. (CDI)1     4,920,000       135,427  
BASF SE1     2,794,000       123,983  
Newmont Corp.     2,700,000       122,256  
Air Products and Chemicals, Inc.     456,106       113,219  
Fortescue Metals Group, Ltd.1     7,395,309       95,068  
Shin-Etsu Chemical Co., Ltd.1     200,000       25,649  
Akzo Nobel NV1     350,000       23,605  
Evonik Industries AG1     934,056       19,890  
Polymetal International PLC1     6,162,000       14,642  
              2,587,567  
                 
Total common stocks (cost: $56,345,429,000)             79,579,565  

 

10 The Income Fund of America
 
Preferred securities 0.31%   Shares     Value
(000)
 
Financials 0.23%                
Itaú Unibanco Holding SA, preferred nominative shares     17,950,000     $ 81,943  
Citigroup, Inc., 7.681% preferred shares3     2,245,277       61,363  
Citigroup, Inc., Series K, 6.875% noncumulative preferred depositary shares     2,145,767       57,614  
Goldman Sachs Group, Inc., Series J, 5.50% preferred depositary shares3     1,200,000       30,096  
PNC Financial Services Group, Inc., Series P, (3-month USD-LIBOR + 4.067%) 6.85% noncumulative preferred depositary shares9     1,000,000       25,270  
Wells Fargo & Company, Series Q, Class A, 5.85% noncumulative preferred depositary shares3     555,913       13,603  
              269,889  
                 
Information technology 0.08%                
Samsung Electronics Co., Ltd., nonvoting preferred shares1     2,264,500       99,794  
                 
Consumer discretionary 0.00%                
MYT Holdings, LLC, Series A, preferred shares, 10.00% 20291,2,4     1,427,896       1,563  
                 
Industrials 0.00%                
ACR III LSC Holdings, LLC, Series B, preferred shares1,2,4,8     3,260       1,041  
                 
Total preferred securities (cost: $391,427,000)             372,287  
                 
Rights & warrants 0.00%                
Consumer discretionary 0.00%                
NMG Parent, LLC, warrants, expire 20271,2     75,844       3,370  
                 
Energy 0.00%                
Constellation Oil Services Holding SA, Class D, warrants1,2,4     28       6 
                 
Total rights & warrants (cost: $460,000)             3,370  
                 
Convertible stocks 0.55%                
Health care 0.25%                
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 20233     82,100       124,944  
Becton, Dickinson and Company, Series B, convertible preferred shares, 6.00% 20233     2,467,280       123,364  
Boston Scientific Corp., Series A, convertible preferred shares, 5.50% 2023     449,460       48,910  
              297,218  
                 
Information technology 0.11%                
Broadcom, Inc., Series A, cumulative convertible preferred shares, 8.00% 2022     78,700       132,043  
                 
Utilities 0.11%                
AES Corp., convertible preferred units, 6.875% 20243     1,043,000       94,663  
DTE Energy Company, convertible preferred units, 6.25% 2022     680,000       35,108  
              129,771  
                 
Financials 0.06%                
KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 20233     1,061,031       74,272  
                 
Consumer discretionary 0.02%                
Aptiv PLC, Series A, convertible preferred shares, 5.50% 2023     224,000       27,165  
                 
Total convertible stocks (cost: $544,611,000)             660,469  
                 
Convertible bonds & notes 0.00% Principal amount
(000)
         
Energy 0.00%                
Mesquite Energy, Inc., convertible notes, 13.14% Cash 20231,4,8,10   USD 578       577  
                 
Total convertible bonds & notes (cost: $577,000)             577  

 

The Income Fund of America 11
 
Bonds, notes & other debt instruments 24.12%   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans 15.61%                
Financials 2.81%                
ACE INA Holdings, Inc. 2.875% 2022   USD 765     $ 765  
ACE INA Holdings, Inc. 3.35% 2026     765       767  
Advisor Group Holdings, LLC 6.25% 20288     51,615       46,208  
AerCap Holdings NV 4.50% 2023     10,000       9,992  
AerCap Holdings NV 6.50% 2025     4,315       4,466  
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 1.15% 2023     9,000       8,645  
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 1.65% 2024     25,275       23,500  
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 2.45% 2026     23,694       21,088  
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.00% 2028     27,689       24,313  
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.30% 2032     12,254       10,301  
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.40% 2033     8,248       6,815  
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.85% 2041     6,777       5,152  
AG Merger Sub II, Inc. 10.75% 20278     47,972       48,694  
Alliant Holdings Intermediate, LLC 6.75% 20278     37,176       35,372  
Alliant Holdings Intermediate, LLC / Alliant Holdings 4.25% 20278     20,465       19,102  
Alliant Holdings Intermediate, LLC / Alliant Holdings 5.875% 20298     22,155       19,332  
Ally Financial, Inc. 8.00% 2031     11,764       13,100  
American International Group, Inc. 2.50% 2025     25,000       24,100  
American International Group, Inc. 4.375% 2050     3,450       3,263  
AmWINS Group, Inc. 4.875% 20298     28,145       25,655  
Aretec Escrow Issuer, Inc. 7.50% 20298     44,563       39,512  
Ascensus, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 8.813% 20299,11     6,070       5,498  
AssuredPartners, Inc. 7.00% 20258     435       429  
AssuredPartners, Inc. 8.00% 20278     19,359       19,060  
AssuredPartners, Inc. 5.625% 20298     15,820       14,101  
AXA Equitable Holdings, Inc. 5.00% 2048     1,500       1,447  
Bangkok Bank PCL 3.733% 2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)12     8,245       7,291  
Bank of America Corp. 1.843% 2025 (USD-SOFR + 0.67% on 2/4/2024)12     20,000       19,383  
Bank of America Corp. 2.456% 2025 (3-month USD-LIBOR + 0.87% on 10/22/2024)12     10,750       10,336  
Bank of America Corp. 3.841% 2025 (USD-SOFR + 1.11% on 4/25/2024)12     8,000       7,986  
Bank of America Corp. 1.197% 2026 (USD-SOFR + 1.01% on 10/24/2025)12     7,500       6,806  
Bank of America Corp. 1.319% 2026 (USD-SOFR + 1.15% on 6/19/2025)12     9,700       8,958  
Bank of America Corp. 1.658% 2027 (USD-SOFR + 0.91% on 3/11/2026)12     4,896       4,477  
Bank of America Corp. 3.419% 2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)12     5,400       5,170  
Bank of America Corp. 4.376% 2028 (USD-SOFR + 1.58% on 4/27/2027)12     41,000       41,155  
Bank of America Corp. 2.087% 2029 (USD-SOFR + 1.06% on 6/14/2028)12     26,229       23,178  
Bank of America Corp. 2.299% 2032 (USD-SOFR + 1.22% on 7/21/2031)12     21,808       18,323  
Bank of America Corp. 2.572% 2032 (USD-SOFR + 1.21% on 10/20/2031)12     8,494       7,286  
Bank of America Corp. 2.972% 2033 (USD-SOFR + 1.33% on 2/4/2032)12     7,135       6,325  
Bank of America Corp. 4.571% 2033 (USD-SOFR + 1.83% on 4/27/2032)12     26,000       26,200  
Bank of America Corp. 5.015% 2033 (USD-SOFR + 2.16% on 7/22/2032)12     6,316       6,592  
Bank of Nova Scotia 1.625% 2023     8,000       7,908  
BNP Paribas 2.819% 2025 (3-month USD-LIBOR + 1.111% on 11/19/2024)8,12     5,184       4,966  
BNP Paribas 2.219% 2026 (USD-SOFR + 2.074% on 6/9/2025)8,12     23,433       21,913  
BNP Paribas 1.323% 2027 (USD-SOFR + 1.004% on 1/13/2026)8,12     12,125       10,850  
BNP Paribas 2.591% 2028 (USD-SOFR + 1.228% on 1/20/2027)8,12     13,189       12,001  
BNP Paribas 2.159% 2029 (USD-SOFR + 1.218% on 9/15/2028)8,12     6,375       5,404  
BNP Paribas 2.871% 2032 (USD-SOFR + 1.387% on 4/19/2031)8,12     10,282       8,700  
Capital One Financial Corp. 1.343% 2024 (USD-SOFR + 0.69% on 12/6/2023)12     13,075       12,555  
Capital One Financial Corp. 4.985% 2026 (USD-SOFR + 2.16% on 7/24/2025)12     9,000       9,093  
Castlelake Aviation Finance DAC 5.00% 20278     26,060       21,959  
CIT Group, Inc. 3.929% 2024 (USD-SOFR + 3.827% on 6/19/2023)12     11,575       11,496  
Citigroup, Inc. 2.014% 2026 (USD-SOFR + 0.694% on 1/25/2025)12     6,069       5,765  
Citigroup, Inc. 3.106% 2026 (USD-SOFR + 2.842% on 3/8/2026)12     7,300       7,103  
Citigroup, Inc. 4.60% 2026     1,300       1,324  
Citigroup, Inc. 3.07% 2028 (USD-SOFR + 1.28% on 2/24/2027)12     5,855       5,562  
Citigroup, Inc. 3.668% 2028 (3-month USD-LIBOR + 1.39% on 7/24/2027)12     700       678  
Citigroup, Inc. 4.658% 2028 (USD-SOFR + 1.887% on 5/24/2027)12     45,044       45,668  
Citigroup, Inc. 2.976% 2030 (USD-SOFR + 1.422% on 11/5/2029)12     2,400       2,167  
Citigroup, Inc. 2.572% 2031 (USD-SOFR + 2.107% on 6/3/2030)12     14,800       12,883  
Citigroup, Inc. 4.412% 2031 (USD-SOFR + 3.914% on 3/31/2030)12     3,000       2,972  
Citigroup, Inc., Series A, 5.95% junior subordinated perpetual bonds (3-month USD-LIBOR + 4.068% on 1/30/2023)12     100       100  
CME Group, Inc. 3.75% 2028     6,875       6,988  
Coinbase Global, Inc. 3.375% 20288     24,880       16,067  
Coinbase Global, Inc. 3.625% 20318     24,690       14,691  

 

12 The Income Fund of America
 
Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Financials (continued)                
Commonwealth Bank of Australia 3.35% 2024   USD 800     $ 799  
Commonwealth Bank of Australia 3.35% 20248     675       674  
Compass Diversified Holdings 5.25% 20298     64,255       56,852  
Compass Diversified Holdings 5.00% 20328     26,645       20,483  
Corebridge Financial, Inc. 3.50% 20258     9,248       9,053  
Corebridge Financial, Inc. 3.65% 20278     22,661       21,835  
Corebridge Financial, Inc. 3.85% 20298     15,393       14,633  
Corebridge Financial, Inc. 3.90% 20328     7,289       6,790  
Corebridge Financial, Inc. 4.35% 20428     1,622       1,423  
Corebridge Financial, Inc. 4.40% 20528     3,907       3,385  
Crédit Agricole SA 1.907% 2026 (USD-SOFR + 1.676% on 6/16/2025)8,12     10,675       9,878  
Crédit Agricole SA 1.247% 2027 (USD-SOFR + 0.892% on 1/26/2026)8,12     4,900       4,364  
Credit Suisse Group AG 2.997% 2023 (3-month USD-LIBOR + 1.20% on 12/14/2022)8,12     4,750       4,723  
Credit Suisse Group AG 3.80% 2023     14,925       14,878  
Credit Suisse Group AG 2.593% 2025 (USD-SOFR + 1.56% on 9/11/2024)8,12     1,275       1,197  
Credit Suisse Group AG 2.193% 2026 (USD-SOFR + 2.044% on 6/5/2025)8,12     13,800       12,585  
Credit Suisse Group AG 1.305% 2027 (USD-SOFR + 0.98% on 2/2/2026)8,12     16,300       14,062  
Credit Suisse Group AG 3.869% 2029 (3-month USD-LIBOR + 1.41% on 1/12/2028)8,12     1,975       1,789  
Credit Suisse Group AG 4.194% 2031 (USD-SOFR + 3.73% on 4/1/2030)8,12     10,408       9,266  
Credit Suisse Group AG 3.091% 2032 (USD-SOFR + 1.73% on 5/14/2031)8,12     15,601       12,555  
Danske Bank AS 3.875% 20238     9,604       9,573  
Danske Bank AS 3.773% 2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.45% on 3/28/2024)8,12     25,000       24,537  
Danske Bank AS 4.298% 2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)8,12     5,000       4,810  
Deutsche Bank AG 3.30% 2022     460       459  
Deutsche Bank AG 3.95% 2023     5,345       5,349  
Deutsche Bank AG 0.898% 2024     7,500       7,102  
Deutsche Bank AG 2.222% 2024 (USD-SOFR + 2.159% on 9/18/2023)12     21,775       21,051  
Deutsche Bank AG 3.70% 2024     8,653       8,548  
Deutsche Bank AG 3.70% 2024     1,725       1,703  
Deutsche Bank AG 3.961% 2025 (USD-SOFR + 2.581% on 11/26/2024)12     89,325       86,320  
Deutsche Bank AG 4.50% 2025     800       779  
Deutsche Bank AG 2.129% 2026 (USD-SOFR + 1.87% on 11/24/2025)12     37,898       34,003  
Deutsche Bank AG 4.10% 2026     33,123       32,628  
Deutsche Bank AG 4.10% 2026     834       830  
Deutsche Bank AG 2.311% 2027 (USD-SOFR + 1.219% on 11/16/2026)12     5,250       4,565  
Deutsche Bank AG 2.552% 2028 (USD-SOFR + 1.318% on 1/7/2027)12     44,547       39,134  
Deutsche Bank AG 3.547% 2031 (USD-SOFR + 3.043% on 9/18/2030)12     6,450       5,559  
Deutsche Bank AG 3.035% 2032 (USD-SOFR + 1.718% on 5/28/2031)12     3,625       2,982  
Digital Currency Group, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.00% 20261,4,9,11     6,825       6,041  
Digital Currency Group, Inc., Term Loan, 8.75% 20261,4,11     9,100       7,739  
FS Energy and Power Fund 7.50% 20238     42,570       42,987  
Goldman Sachs Group, Inc. 3.272% 2025 (3-month USD-LIBOR + 1.201% on 9/29/2024)12     1,100       1,079  
Goldman Sachs Group, Inc. 1.431% 2027 (USD-SOFR + 0.795% on 3/9/2026)12     10,650       9,627  
Goldman Sachs Group, Inc. 1.542% 2027 (USD-SOFR + 0.818% on 9/10/2026)12     17,000       15,222  
Goldman Sachs Group, Inc. 1.948% 2027 (USD-SOFR + 0.913% on 10/21/2026)12     48,202       44,008  
Goldman Sachs Group, Inc. 2.64% 2028 (USD-SOFR + 1.114% on 2/24/2027)12     25,188       23,483  
Goldman Sachs Group, Inc. 3.615% 2028 (USD-SOFR + 1.846% on 3/15/2027)12     33,910       32,953  
Goldman Sachs Group, Inc. 3.691% 2028 (3-month USD-LIBOR + 1.51% on 6/5/2027)12     8,000       7,809  
Goldman Sachs Group, Inc. 2.615% 2032 (USD-SOFR + 1.281% on 4/22/2031)12     6,523       5,632  
Goldman Sachs Group, Inc. 3.102% 2033 (USD-SOFR + 1.41% on 2/24/2032)12     37,259       33,315  
Goldman Sachs Group, Inc. 3.21% 2042 (USD-SOFR + 1.513% on 4/22/2041)12     7,500       6,054  
Groupe BPCE SA 5.70% 20238     16,825       17,019  
Groupe BPCE SA 5.15% 20248     18,160       18,163  
Groupe BPCE SA 1.625% 20258     8,000       7,560  
Groupe BPCE SA 1.00% 20268     10,000       8,984  
Groupe BPCE SA 1.652% 2026 (USD-SOFR + 1.52% on 10/6/2025)8,12     6,925       6,263  
Groupe BPCE SA 2.277% 2032 (USD-SOFR + 1.312% on 1/20/2031)8,12     7,675       6,180  
Hightower Holding, LLC 6.75% 20298     19,215       15,148  
HSBC Holdings PLC 4.25% 2024     9,000       9,030  
HSBC Holdings PLC 2.099% 2026 (USD-SOFR + 1.929% on 6/4/2025)12     14,000       13,061  
HSBC Holdings PLC 4.755% 2028 (USD-SOFR + 2.11% on 6/9/2027)12     281       279  
HSBC Holdings PLC 4.583% 2029 (3-month USD-LIBOR + 1.535% on 6/19/2028)12     5,750       5,621  

 

The Income Fund of America 13
 
Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Financials (continued)                
Huarong Finance 2017 Co., Ltd. 4.25% 2027   USD 17,000     $ 14,089  
Huarong Finance II Co., Ltd. 5.50% 2025     17,000       15,493  
HUB International, Ltd. 7.00% 20268     45,276       44,761  
HUB International, Ltd. 5.625% 20298     10,435       9,258  
Icahn Enterprises Finance Corp. 5.25% 2027     5,855       5,635  
Icahn Enterprises Finance Corp. 4.375% 2029     9,625       8,676  
Intercontinental Exchange, Inc. 2.65% 2040     12,025       9,425  
Intesa Sanpaolo SpA 3.375% 20238     9,360       9,313  
Intesa Sanpaolo SpA 3.25% 20248     1,730       1,672  
Intesa Sanpaolo SpA 5.017% 20248     149,555       144,910  
Intesa Sanpaolo SpA 5.71% 20268     43,165       41,801  
Intesa Sanpaolo SpA 3.875% 20278     9,300       8,824  
Intesa Sanpaolo SpA 3.875% 20288     2,820       2,650  
Iron Mountain Information Management Services, Inc. 5.00% 20328     45,895       41,440  
JPMorgan Chase & Co. 3.559% 2024 (3-month USD-LIBOR + 0.73% on 4/23/2023)12     5,400       5,392  
JPMorgan Chase & Co. 3.875% 2024     150       151  
JPMorgan Chase & Co. 1.561% 2025 (USD-SOFR + 0.605% on 12/10/2024)12     21,994       20,742  
JPMorgan Chase & Co. 2.301% 2025 (USD-SOFR + 1.16% on 10/15/2024)12     250       240  
JPMorgan Chase & Co. 2.005% 2026 (USD-SOFR + 1.585% on 3/13/2025)12     23,150       21,914  
JPMorgan Chase & Co. 4.08% 2026 (USD-SOFR + 1.32% on 4/26/2025)12     15,000       15,003  
JPMorgan Chase & Co. 2.182% 2028 (USD-SOFR + 1.89% on 6/1/2027)12     4,400       4,014  
JPMorgan Chase & Co. 3.54% 2028 (3-month USD-LIBOR + 1.38% on 5/1/2027)12     350       339  
JPMorgan Chase & Co. 4.323% 2028 (USD-SOFR + 1.56% on 4/26/2027)12     59,000       59,272  
JPMorgan Chase & Co. 4.851% 2028 (USD-SOFR + 1.99% on 7/25/2027)12     18,700       19,201  
JPMorgan Chase & Co. 2.069% 2029 (USD-SOFR + 1.015% on 6/1/2028)12     20,593       18,202  
JPMorgan Chase & Co. 2.522% 2031 (USD-SOFR + 2.04% on 4/22/2030)12     4,100       3,601  
JPMorgan Chase & Co. 4.586% 2033 (USD-SOFR + 1.80% on 4/26/2032)12     598       606  
JPMorgan Chase & Co. 3.328% 2052 (USD-SOFR + 1.58% on 4/22/2051)12     7,500       6,000  
JPMorgan Chase & Co., Series S, 6.75% junior subordinated perpetual bonds (3-month USD-LIBOR + 3.78% on 2/1/2024)12     25,901       26,629  
Kasikornbank PCL HK 3.343% 2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)12     8,320       7,491  
Ladder Capital Corp. 4.25% 20278     22,719       20,291  
Liberty Mutual Group, Inc. 4.25% 20238     971       973  
Liberty Mutual Group, Inc. 4.569% 20298     3,429       3,430  
Lloyds Banking Group PLC 4.05% 2023     6,000       6,019  
Lloyds Banking Group PLC 4.582% 2025     7,000       6,911  
Lloyds Banking Group PLC 2.438% 2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on 2/5/2025)12     5,600       5,338  
Lloyds Banking Group PLC 3.75% 2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.80% on 3/18/2027)12     12,427       12,027  
Lloyds Banking Group PLC 4.375% 2028     3,950       3,907  
LPL Holdings, Inc. 4.625% 20278     41,845       40,622  
LPL Holdings, Inc. 4.00% 20298     6,250       5,826  
LPL Holdings, Inc. 4.375% 20318     22,090       20,099  
MGIC Investment Corp. 5.25% 2028     5,075       4,893  
Mitsubishi UFJ Financial Group, Inc. 1.412% 2025     3,850       3,579  
Mitsubishi UFJ Financial Group, Inc. 1.538% 2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/20/2026)12     17,000       15,211  
Mitsubishi UFJ Financial Group, Inc. 2.341% 2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.83% on 1/19/2027)12     5,000       4,577  
Mitsubishi UFJ Financial Group, Inc. 4.08% 2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.30% on 4/19/2027)12     8,000       7,901  
Mizuho Financial Group, Inc. 0.849% 2024 (3-month USD-LIBOR + 0.61% on 9/8/2023)12     5,200       5,016  
Mizuho Financial Group, Inc. 1.554% 2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/9/2026)12     13,000       11,599  
Mizuho Financial Group, Inc. 1.979% 2031 (3-month USD-LIBOR + 1.27% on 9/8/2030)12     4,100       3,322  
Morgan Stanley 3.70% 2024     600       604  
Morgan Stanley 4.679% 2026 (USD-SOFR + 1.669% on 7/17/2025)12     12,230       12,446  
Morgan Stanley 1.512% 2027 (USD-SOFR + 0.858% on 7/20/2026)12     30,463       27,522  
Morgan Stanley 1.593% 2027 (USD-SOFR + 0.879% on 5/4/2026)12     9,869       8,993  
Morgan Stanley 2.475% 2028 (USD-SOFR + 1.00% on 1/21/2027)12     5,451       5,079  
Morgan Stanley 4.21% 2028 (USD-SOFR + 1.61% on 4/20/2027)12     26,000       26,017  
Morgan Stanley 1.928% 2032 (USD-SOFR + 1.02% on 4/28/2031)12     10,000       8,245  
Morgan Stanley 2.239% 2032 (USD-SOFR + 1.178% on 7/21/2031)12     3,688       3,113  

 

14 The Income Fund of America
 
Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Financials (continued)                
Morgan Stanley 2.943% 2033 (USD-SOFR + 1.29% on 1/21/2032)12   USD 30,404     $ 27,177  
Morgan Stanley 5.297% 2037 (USD-SOFR + 2.62% on 4/20/2032)12     3,226       3,253  
Morgan Stanley 3.217% 2042 (USD-SOFR + 1.485% on 4/22/2041)12     2,854       2,372  
MSCI, Inc. 4.00% 20298     19,500       18,418  
MSCI, Inc. 3.625% 20318     11,825       10,545  
MSCI, Inc. 3.875% 20318     16,009       14,606  
MSCI, Inc. 3.25% 20338     3,650       3,167  
National Australia Bank, Ltd. 1.887% 20278     20,000       18,474  
National Financial Partners Corp. 6.875% 20288     18,421       16,215  
Navient Corp. 5.50% 2023     24,393       24,560  
Navient Corp. 5.875% 2024     15,600       15,310  
Navient Corp. 6.125% 2024     29,960       29,839  
Navient Corp. 6.75% 2026     6,000       5,723  
Navient Corp. 5.00% 2027     19,710       17,851  
Navient Corp. 4.875% 2028     3,085       2,653  
Navient Corp. 5.50% 2029     72,940       62,639  
Navient Corp. 5.625% 2033     10,990       8,543  
Northwestern Mutual Global Funding 1.75% 20278     17,100       15,836  
Onemain Finance Corp. 3.875% 2028     5,974       4,956  
Owl Rock Capital Corp. 3.75% 2025     12,473       11,900  
Owl Rock Capital Corp. 4.00% 2025     449       434  
Owl Rock Capital Corp. 3.40% 2026     6,475       5,837  
Owl Rock Capital Corp. 2.625% 2027     20,600       17,505  
Owl Rock Capital Corp. 2.875% 2028     1,765       1,445  
Owl Rock Capital Corp. II 4.625% 20248     9,285       8,893  
Owl Rock Capital Corp. III 3.125% 20278     14,490       12,449  
Owl Rock Core Income Corp. 4.70% 20278     17,775       16,410  
Oxford Finance, LLC / Oxford Finance Co-Issuer II, Inc. 6.375% 20278     22,660       21,825  
PNC Financial Services Group, Inc. 2.854% 202212     8,395       8,393  
PNC Financial Services Group, Inc. 3.90% 2024     3,000       3,014  
PNC Financial Services Group, Inc., Series O, (3-month USD-LIBOR + 3.678%) 4.964% junior subordinated perpetual bonds9     80       80  
Prudential Financial, Inc. 4.35% 2050     6,205       5,942  
Prudential Financial, Inc. 3.70% 2051     755       655  
Prudential Financial, Inc., junior subordinated, 5.625% 2043 (3-month USD-LIBOR + 3.92% on 6/15/2023)12     1,850       1,848  
Quicken Loans, LLC 3.625% 20298     6,645       5,690  
Rabobank Nederland 4.375% 2025     9,000       9,037  
Rocket Mortgage / Rocket Mortgage Co-Issuer, Inc. 2.875% 20268     12,990       11,505  
Royal Bank of Canada 1.15% 2025     12,367       11,556  
Ryan Specialty Group, LLC 4.375% 20308     23,070       20,850  
Santander Holdings USA, Inc. 3.40% 2023     12,500       12,478  
Santander Holdings USA, Inc. 3.50% 2024     11,250       11,140  
Santander Holdings USA, Inc. 2.49% 202812     10,650       9,478  
Springleaf Finance Corp. 6.125% 2024     20,300       20,050  
Starwood Property Trust, Inc. 5.50% 20238     5,400       5,365  
Starwood Property Trust, Inc. 4.375% 20278     25,050       23,005  
Sumitomo Mitsui Banking Corp. 2.174% 2027     3,125       2,877  
Swiss Re Finance (Luxembourg) SA 5.00% 2049 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.582% on 4/2/2029)8,12     3,800       3,635  
Synchrony Financial 4.375% 2024     5,095       5,088  
Toronto-Dominion Bank 0.75% 2025     6,575       6,032  
Toronto-Dominion Bank 1.25% 2026     8,247       7,464  
Toronto-Dominion Bank 1.95% 2027     10,000       9,292  
Toronto-Dominion Bank 2.45% 2032     7,500       6,498  
U.S. Bancorp 3.70% 2024     10,000       10,102  
U.S. Bancorp 2.375% 2026     6,000       5,802  
U.S. Bancorp 4.548% 2028 (USD-SOFR + 1.66% on 7/27/2027)12     9,000       9,240  
UBS Group AG 4.125% 20258     4,425       4,451  
UBS Group AG 1.364% 2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.08% on 1/30/2026)8,12     4,000       3,600  
UBS Group AG 1.494% 2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 8/10/2026)8,12     6,925       6,153  
UniCredit SpA 4.625% 20278     1,730       1,674  
UniCredit SpA 5.861% 2032 (5-year USD-ICE Swap + 3.703% on 6/19/2027)8,12     23,729       21,246  
Wells Fargo & Company 1.654% 2024 (USD-SOFR + 1.60% on 6/2/2023)12     6,500       6,380  

 

The Income Fund of America 15
 
Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Financials (continued)                
Wells Fargo & Company 2.406% 2025 (3-month USD-LIBOR + 0.825% on 10/30/2024)12   USD 16,860     $ 16,240  
Wells Fargo & Company 2.164% 2026 (3-month USD-LIBOR + 0.75% on 2/11/2025)12     12,000       11,451  
Wells Fargo & Company 2.188% 2026 (USD-SOFR + 2.00% on 4/30/2025)12     9,350       8,878  
Wells Fargo & Company 3.908% 2026 (USD-SOFR + 1.32% on 4/25/2025)12     4,687       4,662  
Wells Fargo & Company 2.393% 2028 (USD-SOFR + 2.10% on 6/2/2027)12     3,950       3,624  
Wells Fargo & Company 3.526% 2028 (USD-SOFR + 1.51% on 3/24/2027)12     75,547       73,053  
Wells Fargo & Company 3.584% 2028 (3-month USD-LIBOR + 1.31% on 5/22/2027)12     281       272  
Wells Fargo & Company 2.879% 2030 (3-month USD-LIBOR + 1.17% on 10/30/2029)12     8,120       7,379  
Wells Fargo & Company 2.572% 2031 (3-month USD-LIBOR + 1.00% on 2/11/2030)12     13,850       12,226  
Wells Fargo & Company 5.013% 2051 (3-month USD-LIBOR + 4.24% on 4/4/2050)12     4,150       4,316  
Westpac Banking Corp. 2.894% 2030 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 2/4/2025)12     7,000       6,662  
Westpac Banking Corp. 2.668% 2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 11/15/2030)12     11,150       9,102  
Westpac Banking Corp. 2.963% 2040     5,075       3,795  
              3,403,788  
                 
Consumer discretionary 2.25%                
Allied Universal Holdco, LLC 6.625% 20268     16,985       16,477  
Allied Universal Holdco, LLC 9.75% 20278     21,570       19,806  
Allied Universal Holdco, LLC 4.625% 20288     15,680       13,958  
Allied Universal Holdco, LLC 6.00% 20298     9,565       7,376  
Amazon.com, Inc. 2.70% 2060     8,300       6,001  
Asbury Automotive Group, Inc. 4.625% 20298     38,735       34,280  
Asbury Automotive Group, Inc. 5.00% 20328     3,365       2,944  
Atlas LuxCo 4 SARL 4.625% 20288     10,665       9,328  
Bath & Body Works, Inc. 6.625% 20308     13,250       12,676  
Bath & Body Works, Inc. 6.875% 2035     23,458       21,559  
Bath & Body Works, Inc. 6.75% 2036     2,555       2,322  
Boyd Gaming Corp. 4.75% 2027     22,590       21,763  
Boyd Gaming Corp. 4.75% 20318     4,745       4,378  
Boyne USA, Inc. 4.75% 20298     22,750       21,329  
Caesars Entertainment, Inc. 6.25% 20258     37,810       37,762  
Caesars Entertainment, Inc. 4.625% 20298     23,185       19,711  
Caesars Resort Collection, LLC 5.75% 20258     5,020       5,027  
Carnival Corp. 4.00% 20288     32,200       28,152  
Carvana Co. 5.625% 20258     23,630       18,121  
Carvana Co. 5.50% 20278     34,930       23,142  
Carvana Co. 5.875% 20288     24,955       15,882  
Carvana Co. 4.875% 20298     22,055       13,219  
CDI Escrow Issuer, Inc. 5.75% 20308     26,335       25,776  
Cedar Fair, LP / Canadas Wonderland Co. / Magnum Management Corp. / Millennium Operations, LLC 5.50% 20258     29,490       29,727  
Daimler Trucks Finance North America, LLC 1.125% 20238     9,000       8,682  
Daimler Trucks Finance North America, LLC 1.625% 20248     5,525       5,230  
Daimler Trucks Finance North America, LLC 3.50% 20258     16,100       15,838  
Daimler Trucks Finance North America, LLC 2.00% 20268     14,225       12,990  
Daimler Trucks Finance North America, LLC 3.65% 20278     8,387       8,194  
Daimler Trucks Finance North America, LLC 2.375% 20288     7,500       6,627  
Daimler Trucks Finance North America, LLC 2.50% 20318     9,000       7,595  
DaimlerChrysler North America Holding Corp. 1.75% 20238     17,000       16,824  
DaimlerChrysler North America Holding Corp. 3.65% 20248     9,360       9,360  
DaimlerChrysler North America Holding Corp. 3.30% 20258     2,000       1,975  
Dana, Inc. 5.625% 2028     1,305       1,217  
Fertitta Entertainment, Inc. 4.625% 20298     33,420       31,246  
Fertitta Entertainment, Inc. 6.75% 20308     12,760       10,463  
First Student Bidco, Inc. / First Transit Parent, Inc. 4.00% 20298     35,685       31,566  
Ford Motor Co. 2.30% 2025     13,475       12,647  
Ford Motor Co. 2.90% 2029     17,000       14,313  
Ford Motor Credit Company, LLC 3.664% 2024     11,380       11,041  
Ford Motor Credit Company, LLC 3.81% 2024     15,305       15,132  
Ford Motor Credit Company, LLC 5.584% 2024     3,280       3,315  
Ford Motor Credit Company, LLC 5.125% 2025     52,275       52,197  
Ford Motor Credit Company, LLC 2.70% 2026     34,095       31,026  
Ford Motor Credit Company, LLC 4.542% 2026     32,520       31,675  
Ford Motor Credit Company, LLC 3.815% 2027     8,215       7,542  

 

16 The Income Fund of America
 
Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Consumer discretionary (continued)                
Ford Motor Credit Company, LLC 4.125% 2027   USD 71,670     $ 68,174  
Ford Motor Credit Company, LLC 4.271% 2027     117,666       112,922  
Ford Motor Credit Company, LLC 4.95% 2027     57,170       56,263  
Ford Motor Credit Company, LLC 2.90% 2028     19,180       16,670  
Ford Motor Credit Company, LLC 5.113% 2029     25,589       24,913  
Ford Motor Credit Company, LLC 4.00% 2030     25,134       22,251  
General Motors Company 4.35% 2025     2,150       2,156  
General Motors Company 6.125% 2025     9,825       10,341  
General Motors Company 4.20% 2027     100       98  
General Motors Company 6.80% 2027     1,438       1,556  
General Motors Company 5.40% 2029     23,575       23,586  
General Motors Company 5.60% 2032     28,000       27,990  
General Motors Company 6.60% 2036     5,110       5,384  
General Motors Company 6.75% 2046     12,230       12,633  
General Motors Financial Co. 3.70% 2023     4,775       4,769  
General Motors Financial Co. 1.20% 2024     11,390       10,663  
General Motors Financial Co. 3.50% 2024     7,335       7,210  
General Motors Financial Co. 2.75% 2025     9,708       9,292  
General Motors Financial Co. 3.80% 2025     5,560       5,490  
General Motors Financial Co. 1.25% 2026     2,755       2,487  
General Motors Financial Co. 1.50% 2026     23,695       21,227  
General Motors Financial Co. 4.00% 2026     1,867       1,823  
General Motors Financial Co. 2.35% 2027     17,019       15,353  
General Motors Financial Co. 2.70% 2027     16,256       14,669  
General Motors Financial Co. 2.40% 2028     13,319       11,414  
General Motors Financial Co. 2.40% 2028     9,238       8,020  
General Motors Financial Co. 4.30% 2029     8,000       7,588  
General Motors Financial Co. 2.35% 2031     17,998       14,515  
General Motors Financial Co. 2.70% 2031     13,156       10,771  
Grand Canyon University 3.25% 2023     2,500       2,469  
Grand Canyon University 4.375% 2026     5,000       4,813  
Hanesbrands, Inc. 4.625% 20248     16,610       16,487  
Hanesbrands, Inc. 4.875% 20268     48,407       47,177  
Hilton Grand Vacations Borrower 5.00% 20298     17,560       15,576  
Hilton Worldwide Holdings, Inc. 4.875% 2030     30,661       29,851  
Hilton Worldwide Holdings, Inc. 4.00% 20318     22,520       20,270  
Home Depot, Inc. 1.50% 2028     25,000       22,657  
Home Depot, Inc. 3.90% 2028     1,150       1,185  
Home Depot, Inc. 2.95% 2029     5,000       4,822  
Home Depot, Inc. 1.875% 2031     7,500       6,541  
Home Depot, Inc. 5.95% 2041     12,500       14,859  
Home Depot, Inc. 4.50% 2048     601       618  
Hyundai Capital America 2.85% 20228     8,235       8,224  
Hyundai Capital America 3.25% 20228     11,817       11,817  
Hyundai Capital America 1.25% 20238     7,561       7,342  
Hyundai Capital America 2.375% 20238     21,815       21,627  
Hyundai Capital America 5.75% 20238     5,000       5,066  
Hyundai Capital America 0.875% 20248     8,000       7,507  
Hyundai Capital America 1.00% 20248     10,550       9,853  
Hyundai Capital America 1.80% 20258     1,871       1,718  
Hyundai Capital America 2.65% 20258     27,917       26,806  
Hyundai Capital America 5.875% 20258     3,300       3,411  
Hyundai Capital America 1.30% 20268     9,000       8,105  
Hyundai Capital America 1.50% 20268     7,575       6,781  
Hyundai Capital America 1.65% 20268     10,625       9,504  
Hyundai Capital America 2.375% 20278     2,999       2,680  
Hyundai Capital America 3.00% 20278     20,750       19,389  
Hyundai Capital America 1.80% 20288     7,931       6,814  
Hyundai Capital America 2.00% 20288     5,009       4,295  
Hyundai Capital America 2.10% 20288     4,875       4,166  
Hyundai Capital Services, Inc. 2.125% 20258     2,600       2,458  
Hyundai Capital Services, Inc. 1.25% 20268     3,490       3,156  
International Game Technology PLC 6.50% 20258     19,330       19,676  
International Game Technology PLC 5.25% 20298     71,325       68,978  
KB Home 7.25% 2030     10,295       10,359  
KIA Corp. 2.375% 20258     4,825       4,626  
Kontoor Brands, Inc. 4.125% 20298     5,180       4,376  

 

The Income Fund of America 17
 
Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Consumer discretionary (continued)                
LCM Investments Holdings II, LLC 4.875% 20298   USD 13,147     $ 11,263  
Levi Strauss & Co. 3.50% 20318     28,005       25,352  
Lindblad Expeditions, LLC 6.75% 20278     6,830       6,283  
Lithia Motors, Inc. 3.875% 20298     19,355       17,269  
Lithia Motors, Inc. 4.375% 20318     4,550       4,136  
Macy’s Retail Holdings, LLC 5.875% 20308     13,450       11,553  
Marriott International, Inc. 5.75% 2025     527       550  
Marriott International, Inc. 3.125% 2026     660       637  
Marriott International, Inc. 2.75% 2033     3,970       3,255  
Marriott Ownership Resorts, Inc. 4.50% 20298     2,595       2,257  
Melco International Development, Ltd. 5.75% 20288     11,330       8,077  
Merlin Entertainment 5.75% 20268     7,210       6,682  
MGM Resorts International 6.00% 2023     5,355       5,408  
MGM Resorts International 5.50% 2027     3,617       3,515  
Midwest Gaming Borrower, LLC 4.875% 20298     13,870       12,674  
Mohegan Gaming & Entertainment 8.00% 20268     31,585       28,350  
NCL Corp., Ltd. 5.875% 20278     10,560       9,731  
NCL Corp., Ltd. 7.75% 20298     10,560       8,491  
Neiman Marcus Group, LLC 7.125% 20268     6,970       6,828  
Newell Brands, Inc. 5.625% 203612     1,215       1,121  
Newell Rubbermaid, Inc. 4.875% 2025     6,570       6,644  
Newell Rubbermaid, Inc. 4.70% 2026     210       208  
Nissan Motor Acceptance Co., LLC 1.125% 20248     7,850       7,288  
Nissan Motor Acceptance Co., LLC 1.85% 20268     17,890       15,396  
Nissan Motor Acceptance Co., LLC 2.45% 20288     11,160       9,178  
Nissan Motor Co., Ltd. 2.60% 20228     6,560       6,547  
Nissan Motor Co., Ltd. 3.043% 20238     400       394  
Nissan Motor Co., Ltd. 3.522% 20258     800       770  
Nissan Motor Co., Ltd. 2.00% 20268     16,020       14,141  
Nissan Motor Co., Ltd. 4.345% 20278     4,070       3,823  
Nissan Motor Co., Ltd. 2.75% 20288     20,125       17,095  
Nissan Motor Co., Ltd. 4.81% 20308     27,800       25,258  
Panther BF Aggregator 2, LP 6.25% 20268     4,725       4,759  
Panther BF Aggregator 2, LP 8.50% 20278     16,520       16,693  
Party City Holdings, Inc. 8.75% 20268     44,239       26,920  
Penske Automotive Group, Inc. 3.75% 2029     7,275       6,557  
Premier Entertainment Sub, LLC 5.625% 20298     8,850       7,168  
Premier Entertainment Sub, LLC 5.875% 20318     8,850       6,948  
QVC, Inc. 4.75% 2027     1,751       1,478  
QVC, Inc. 4.375% 2028     13,436       10,517  
Real Hero Merger Sub 2, Inc. 6.25% 20298     21,788       17,701  
Royal Caribbean Cruises, Ltd. 11.50% 20258     17,461       18,729  
Royal Caribbean Cruises, Ltd. 4.25% 20268     22,785       17,943  
Royal Caribbean Cruises, Ltd. 5.375% 20278     26,035       20,243  
Sally Holdings, LLC and Sally Capital, Inc. 5.625% 2025     14,080       14,079  
Sands China, Ltd. 3.80% 2026     8,325       7,509  
Sands China, Ltd. 2.55% 20278,12     1,727       1,439  
Scientific Games Corp. 8.625% 20258     13,280       13,811  
Scientific Games Corp. 7.00% 20288     38,659       39,378  
Scientific Games Corp. 7.25% 20298     25,850       26,338  
Scientific Games Holdings, LP 6.625% 20308     20,510       18,452  
Six Flags Entertainment Corp. 4.875% 20248     11,570       11,422  
Six Flags Theme Parks, Inc. 7.00% 20258     1,760       1,812  
Sonic Automotive, Inc. 4.625% 20298     37,710       32,106  
Sonic Automotive, Inc. 4.875% 20318     14,185       11,583  
Starbucks Corp. 3.50% 2050     1,400       1,158  
Stellantis Finance US, Inc. 1.711% 20278     7,175       6,363  
Stellantis Finance US, Inc. 2.691% 20318     5,075       4,163  
Tempur Sealy International, Inc. 4.00% 20298     6,705       5,789  
The Gap, Inc. 3.625% 20298     2,507       1,842  
The Gap, Inc. 3.875% 20318     1,670       1,212  
Toyota Motor Credit Corp. 0.45% 2024     25,283       24,319  
Toyota Motor Credit Corp. 0.80% 2026     11,003       10,116  
Toyota Motor Credit Corp. 1.90% 2027     10,000       9,390  
Toyota Motor Credit Corp. 3.05% 2028     4,050       3,965  
Travel + Leisure Co. 4.50% 20298     18,020       15,540  
Truck Hero, Inc., Term Loan B, (3-month USD-LIBOR + 3.25%) 5.872% 20289,11     24,874       22,620  

 

18 The Income Fund of America
 
Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Consumer discretionary (continued)                
Vail Resorts, Inc. 6.25% 20258   USD 9,270     $ 9,489  
VICI Properties, LP 4.25% 20268     3,660       3,446  
VICI Properties, LP 4.625% 20298     13,845       13,206  
VICI Properties, LP / VICI Note Co., Inc. 3.50% 20258     9,115       8,625  
VICI Properties, LP / VICI Note Co., Inc. 4.625% 20258     11,545       11,220  
VICI Properties, LP / VICI Note Co., Inc. 3.875% 20298     27,355       25,012  
VICI Properties, LP / VICI Note Co., Inc. 4.125% 20308     36,865       33,739  
Volkswagen Group of America Finance, LLC 2.70% 20228     3,150       3,148  
Volkswagen Group of America Finance, LLC 3.125% 20238     2,000       1,988  
Volkswagen Group of America Finance, LLC 4.25% 20238     7,365       7,402  
Volkswagen Group of America Finance, LLC 2.85% 20248     4,870       4,752  
Volkswagen Group of America Finance, LLC 1.25% 20258     6,021       5,474  
Volkswagen Group of America Finance, LLC 3.35% 20258     6,326       6,201  
Volkswagen Group of America Finance, LLC 4.625% 20258     2,575       2,611  
Volkswagen Group of America Finance, LLC 3.20% 20268     8,003       7,703  
Volkswagen Group of America Finance, LLC 4.35% 20278     9,175       9,132  
Volkswagen Group of America Finance, LLC 4.75% 20288     2,000       2,019  
WASH Multifamily Acquisition, Inc. 5.75% 20268     36,065       36,017  
Wheel Pros, Inc. 6.50% 20298     20,451       14,881  
Wyndham Destinations, Inc. 4.625% 20308     5,750       4,719  
Wyndham Worldwide Corp. 4.375% 20288     14,805       13,625  
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 20238     15,648       15,550  
Wynn Resorts Finance, LLC 7.75% 20258     9,075       9,177  
              2,723,070  
                 
Energy 2.07%                
Antero Midstream Partners, LP 5.375% 20298     14,760       14,440  
Antero Resources Corp. 7.625% 20298     8,786       9,271  
Antero Resources Corp. 5.375% 20308     4,660       4,585  
Apache Corp. 4.25% 2030     4,870       4,701  
Apache Corp. 6.00% 2037     3,565       3,431  
Apache Corp. 4.75% 2043     2,565       2,104  
Apache Corp. 5.35% 2049     28,900       24,162  
Ascent Resources - Utica, LLC 7.00% 20268     30,865       30,092  
Ascent Resources - Utica, LLC 9.00% 20278     959       1,165  
Ascent Resources - Utica, LLC 8.25% 20288     6,340       6,196  
Ascent Resources - Utica, LLC 5.875% 20298     8,680       7,637  
Ascent Resources - Utica, LLC, Term Loan, (3-month USD-LIBOR + 9.00%) 10.00% 20258,9,11     6,827       7,231  
Baker Hughes Co. 4.486% 2030     1,650       1,670  
Blue Racer Midstream, LLC and Blue Racer Finance Corp. 7.625% 20258     10,281       10,267  
Bonanza Creek Energy, Inc. 5.00% 20268     23,690       22,290  
BP Capital Markets America, Inc. 2.772% 2050     3,032       2,251  
California Resources Corp. 7.125% 20268     26,405       26,368  
Canadian Natural Resources, Ltd. 2.05% 2025     3,150       2,978  
Canadian Natural Resources, Ltd. 3.85% 2027     2,760       2,699  
Canadian Natural Resources, Ltd. 4.95% 2047     534       528  
Cenovus Energy, Inc. 5.375% 2025     4,421       4,595  
Cenovus Energy, Inc. 4.25% 2027     24,616       24,529  
Cenovus Energy, Inc. 5.25% 2037     3,170       3,196  
Cenovus Energy, Inc. 5.40% 2047     6,668       6,630  
Centennial Resource Production, LLC 6.875% 20278     2,490       2,383  
Cheniere Energy Partners, LP 4.50% 2029     59,391       57,695  
Cheniere Energy Partners, LP 4.00% 2031     32,845       30,569  
Cheniere Energy Partners, LP 3.25% 2032     12,268       10,721  
Cheniere Energy, Inc. 5.125% 2027     20,450       20,812  
Cheniere Energy, Inc. 4.625% 2028     58,755       57,283  
Chesapeake Energy Corp. 4.875% 202213     28,085       579  
Chesapeake Energy Corp. 5.50% 20268     19,835       19,909  
Chesapeake Energy Corp. 5.875% 20298     28,785       28,961  
Chesapeake Energy Corp. 6.75% 20298     10,180       10,555  
CNX Midstream Partners, LP 4.75% 20308     8,065       6,966  
CNX Resources Corp. 7.25% 20278     26,180       26,541  
CNX Resources Corp. 6.00% 20298     29,260       28,502  
Comstock Resources, Inc. 6.75% 20298     17,870       17,736  
Comstock Resources, Inc. 5.875% 20308     15,235       14,351  
Constellation Oil Services Holding SA 13.50% 20251,4,8     8,659       8,659  

 

The Income Fund of America 19
 
Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Energy (continued)                
Continental Resources, Inc. 5.75% 20318   USD 11,330     $ 11,187  
CQP Holdco, LP / BIP-V Chinook Holdco, LLC 5.50% 20318     36,675       34,834  
Devon Energy Corp. 4.50% 2030     11,418       11,084  
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 20278,9,10     2,085       1,970  
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 20279,10     1,889       1,785  
Diamondback Energy, Inc. 4.40% 2051     8,312       7,459  
Diamondback Energy, Inc. 4.25% 2052     2,422       2,084  
DT Midstream, Inc. 4.125% 20298     8,935       8,291  
DT Midstream, Inc. 4.375% 20318     8,915       8,019  
El Paso Pipeline Partners Operating Co., LLC 4.70% 2042     33,265       29,616  
Enbridge Energy Partners, LP 5.875% 2025     1,145       1,203  
Enbridge Energy Partners, LP 5.50% 2040     800       826  
Enbridge Energy Partners, LP 7.375% 2045     9,108       11,354  
Enbridge, Inc. 4.00% 2023     2,630       2,637  
Enbridge, Inc. 2.50% 2025     1,600       1,550  
Energy Transfer Operating, LP 5.875% 2024     629       643  
Energy Transfer Operating, LP 2.90% 2025     9,203       8,850  
Energy Transfer Operating, LP 3.75% 2030     16,115       14,982  
Energy Transfer Operating, LP 5.00% 2050     23,598       20,848  
Energy Transfer Partners, LP 4.50% 2024     2,170       2,178  
Energy Transfer Partners, LP 4.75% 2026     8,000       8,061  
Energy Transfer Partners, LP 4.20% 2027     7,263       7,123  
Energy Transfer Partners, LP 4.95% 2028     9,400       9,485  
Energy Transfer Partners, LP 6.125% 2045     7,449       7,398  
Energy Transfer Partners, LP 5.30% 2047     5,722       5,158  
Energy Transfer Partners, LP 6.00% 2048     8,153       7,972  
Energy Transfer Partners, LP 6.25% 2049     5,891       5,903  
Enterprise Products Operating, LLC 3.20% 2052     400       304  
EQM Midstream Partners, LP 4.125% 2026     3,036       2,804  
EQM Midstream Partners, LP 6.50% 20278     38,110       38,286  
EQM Midstream Partners, LP 5.50% 2028     19,665       18,633  
EQM Midstream Partners, LP 4.50% 20298     22,045       19,779  
EQM Midstream Partners, LP 7.50% 20308     11,535       11,888  
EQM Midstream Partners, LP 4.75% 20318     18,310       16,586  
EQT Corp. 6.625% 202512     16,935       17,655  
EQT Corp. 5.00% 2029     6,485       6,420  
EQT Corp. 7.50% 203012     7,100       7,783  
EQT Corp. 3.625% 20318     2,115       1,939  
Equinor ASA 3.00% 2027     7,000       6,875  
Equinor ASA 3.625% 2028     5,265       5,281  
Equinor ASA 3.25% 2049     7,583       6,379  
Exxon Mobil Corp. 2.44% 2029     4,315       4,018  
Exxon Mobil Corp. 2.61% 2030     1,700       1,586  
Exxon Mobil Corp. 3.452% 2051     5,000       4,331  
Genesis Energy, LP 5.625% 2024     3,595       3,461  
Genesis Energy, LP 6.50% 2025     27,824       26,988  
Genesis Energy, LP 6.25% 2026     4,500       4,183  
Genesis Energy, LP 8.00% 2027     49,657       48,807  
Genesis Energy, LP 7.75% 2028     17,135       16,576  
Harvest Midstream I, LP 7.50% 20288     17,985       17,227  
Hess Midstream Operations, LP 4.25% 20308     5,020       4,480  
Hess Midstream Operations, LP 5.50% 20308     6,070       5,663  
Hess Midstream Partners, LP 5.125% 20288     14,435       14,101  
Hilcorp Energy I, LP 6.25% 20288     4,000       3,880  
Hilcorp Energy I, LP 5.75% 20298     2,960       2,706  
Hilcorp Energy I, LP 6.00% 20308     8,150       7,408  
Hilcorp Energy I, LP 6.00% 20318     19,400       17,842  
Holly Energy Partners, LP / Holly Energy Finance Corp. 6.375% 20278     4,295       4,260  
Kinder Morgan Energy Partners, LP 5.00% 2043     20,000       18,697  
MPLX, LP 1.75% 2026     6,500       5,980  
MPLX, LP 2.65% 2030     11,897       10,310  
MPLX, LP 4.70% 2048     5,147       4,521  
MPLX, LP 5.50% 2049     12,619       12,225  
Nabors Industries, Inc. 7.375% 20278     6,535       6,480  
New Fortress Energy, Inc. 6.75% 20258     18,450       18,036  
New Fortress Energy, Inc. 6.50% 20268     44,075       41,805  
NGL Energy Operating, LLC 7.50% 20268     150,364       137,815  

 

20 The Income Fund of America
 
Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Energy (continued)                
NGL Energy Partners, LP 7.50% 2023   USD 8,821     $ 8,268  
NGL Energy Partners, LP 6.125% 2025     26,098       20,548  
Northern Oil and Gas, Inc. 8.125% 20288     27,950       27,087  
NuStar Logistics, LP 6.00% 2026     9,165       9,019  
NuStar Logistics, LP 5.625% 2027     2,270       2,175  
Oasis Midstream Partners, LP / OMP Finance Corp. 8.00% 20298     41,410       41,005  
Oasis Petroleum, Inc. 6.375% 20268     18,124       17,871  
Occidental Petroleum Corp. 2.90% 2024     13,065       12,967  
Occidental Petroleum Corp. 5.875% 2025     26,705       27,245  
Occidental Petroleum Corp. 8.00% 2025     22,190       24,441  
Occidental Petroleum Corp. 8.50% 2027     13,000       14,874  
Occidental Petroleum Corp. 6.375% 2028     10,370       11,130  
Occidental Petroleum Corp. 6.625% 2030     11,445       12,711  
Occidental Petroleum Corp. 8.875% 2030     43,590       52,251  
Occidental Petroleum Corp. 6.125% 2031     8,850       9,497  
Occidental Petroleum Corp. 6.45% 2036     1,095       1,219  
Occidental Petroleum Corp. 6.60% 2046     2,000       2,212  
ONEOK, Inc. 2.20% 2025     413       388  
ONEOK, Inc. 5.85% 2026     14,093       14,796  
ONEOK, Inc. 3.10% 2030     1,154       1,024  
ONEOK, Inc. 6.35% 2031     2,500       2,682  
ONEOK, Inc. 5.20% 2048     5,652       5,265  
ONEOK, Inc. 4.45% 2049     960       789  
ONEOK, Inc. 4.50% 2050     2,530       2,096  
ONEOK, Inc. 7.15% 2051     3,048       3,303  
Parkland Corp. 4.625% 20308     5,545       4,974  
Petróleos Mexicanos 3.50% 2023     14,822       14,761  
Petróleos Mexicanos 4.625% 2023     4,243       4,222  
Petróleos Mexicanos 6.875% 2025     18,955       18,599  
Petróleos Mexicanos 6.875% 2026     77,241       73,938  
Petróleos Mexicanos 6.50% 2027     72,935       66,044  
Petróleos Mexicanos 6.50% 2029     865       744  
Petróleos Mexicanos 8.75% 20298     24,503       23,147  
Petróleos Mexicanos 5.95% 2031     6,039       4,706  
Petróleos Mexicanos 6.70% 2032     50,565       40,650  
Petróleos Mexicanos 6.75% 2047     5,324       3,654  
Pioneer Natural Resources Company 2.15% 2031     5,684       4,873  
Plains All American Pipeline, LP 3.80% 2030     1,361       1,236  
Range Resources Corp. 4.875% 2025     2,375       2,373  
Range Resources Corp. 8.25% 2029     25,655       27,501  
Range Resources Corp. 4.75% 20308     22,135       21,171  
Rattler Midstream Partners, LP 5.625% 20258     3,235       3,304  
Rockcliff Energy II, LLC 5.50% 20298     12,125       11,730  
Rockies Express Pipeline, LLC 4.95% 20298     11,768       10,357  
Sabine Pass Liquefaction, LLC 5.75% 2024     6,600       6,740  
Sabine Pass Liquefaction, LLC 5.625% 2025     4,245       4,368  
Sabine Pass Liquefaction, LLC 5.875% 2026     1,400       1,463  
Sanchez Energy Corp. 7.25% 20238,13     5,374       114  
SM Energy Co. 6.50% 2028     2,975       2,937  
Southwestern Energy Co. 5.95% 202512     13,213       13,391  
Southwestern Energy Co. 7.75% 2027     7,950       8,301  
Southwestern Energy Co. 8.375% 2028     7,755       8,345  
Southwestern Energy Co. 5.375% 2029     8,980       8,791  
Southwestern Energy Co. 5.375% 2030     39,660       39,109  
Southwestern Energy Co. 4.75% 2032     10,135       9,463  
Statoil ASA 3.25% 2024     850       848  
Statoil ASA 4.25% 2041     3,000       2,961  
Suburban Propane Partners, LP / Suburban Energy Finance Corp. 5.00% 20318     6,125       5,589  
Sunoco Logistics Operating Partners, LP 4.00% 2027     5,586       5,409  
Sunoco Logistics Operating Partners, LP 5.40% 2047     12,858       11,842  
Sunoco, LP 6.00% 2027     12,160       12,118  
Sunoco, LP 5.875% 2028     12,700       12,172  
Sunoco, LP 4.50% 2029     10,505       9,477  
Sunoco, LP 4.50% 2030     6,950       6,104  
Superior Plus, LP and Superior General Partner, Inc. 4.50% 20298     3,825       3,524  
Tallgrass Energy Partners, LP 7.50% 20258     2,400       2,408  
Targa Resources Partners, LP 6.50% 2027     4,740       4,876  

 

The Income Fund of America 21
 
Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Energy (continued)                
Targa Resources Partners, LP 6.875% 2029   USD 9,385     $ 9,701  
Targa Resources Partners, LP 5.50% 2030     22,550       22,317  
Teekay Offshore Partners, LP 8.50% 20231,4,8     17,805       16,203  
Total Capital International 3.127% 2050     8,100       6,573  
Total SE 2.986% 2041     7,401       6,155  
TransCanada PipeLines, Ltd. 4.10% 2030     5,254       5,171  
Transocean Guardian, Ltd. 5.875% 20248     4,939       4,731  
Transocean Poseidon, Ltd. 6.875% 20278     7,720       7,104  
Valero Energy Corp. 4.00% 2029     6,000       5,850  
Venture Global Calcasieu Pass, LLC 4.125% 20318     36,865       34,066  
Weatherford International, Ltd. 11.00% 20248     8,342       8,459  
Weatherford International, Ltd. 6.50% 20288     22,665       21,605  
Weatherford International, Ltd. 8.625% 20308     56,495       51,249  
Western Gas Partners, LP 4.65% 2026     5,000       4,969  
Western Gas Partners, LP 4.50% 2028     30,415       29,396  
Western Gas Partners, LP 5.45% 2044     1,210       1,085  
Western Midstream Operating, LP 3.60% 2025 (3.35% on 8/1/2022)12     9,602       9,421  
Western Midstream Operating, LP 4.75% 2028     3,540       3,465  
Western Midstream Operating, LP 4.55% 2030 (4.30% on 8/1/2022)12     13,900       13,030  
Williams Companies, Inc. 3.50% 2030     2,081       1,938  
              2,507,421  
                 
Health care 1.76%                
AbbVie, Inc. 2.95% 2026     2,890       2,822  
AbbVie, Inc. 4.55% 2035     6,750       6,907  
AbbVie, Inc. 4.30% 2036     1,003       999  
AbbVie, Inc. 4.75% 2045     1,203       1,194  
AdaptHealth, LLC 5.125% 20308     15,450       14,195  
AmerisourceBergen Corp. 0.737% 2023     6,664       6,545  
Amgen, Inc. 4.20% 2052     2,065       1,926  
Amgen, Inc. 4.40% 2062     3,999       3,752  
Anthem, Inc. 2.375% 2025     2,046       1,994  
AstraZeneca Finance, LLC 1.20% 2026     10,098       9,332  
AstraZeneca Finance, LLC 1.75% 2028     5,612       5,151  
AstraZeneca Finance, LLC 2.25% 2031     2,650       2,410  
AstraZeneca PLC 3.375% 2025     4,500       4,501  
Avantor Funding, Inc. 4.625% 20288     27,540       26,579  
Avantor Funding, Inc. 3.875% 20298     12,935       11,936  
Bausch Health Americas, Inc. 9.25% 20268     8,225       5,745  
Bausch Health Americas, Inc. 8.50% 20278     5,175       3,287  
Bausch Health Companies, Inc. 6.125% 20278     11,350       9,699  
Bausch Health Companies, Inc. 4.875% 20288     29,150       23,308  
Bausch Health Companies, Inc. 5.00% 20288     30,469       16,321  
Bausch Health Companies, Inc. 7.00% 20288     9,470       5,272  
Bausch Health Companies, Inc. 5.00% 20298     12,675       6,449  
Bausch Health Companies, Inc. 5.25% 20318     20,245       10,436  
Baxter International, Inc. 1.322% 2024     21,489       20,345  
Baxter International, Inc. 1.915% 2027     21,489       19,840  
Baxter International, Inc. 2.272% 2028     11,534       10,435  
Bayer US Finance II, LLC 3.875% 20238     3,850       3,853  
Bayer US Finance II, LLC 4.25% 20258     20,143       20,125  
Bayer US Finance II, LLC 4.40% 20448     13,090       10,979  
Boston Scientific Corp. 1.90% 2025     9,109       8,694  
Catalent Pharma Solutions, Inc. 5.00% 20278     6,407       6,422  
Catalent Pharma Solutions, Inc. 3.125% 20298     17,495       15,530  
Catalent Pharma Solutions, Inc. 3.50% 20308     4,915       4,403  
Centene Corp. 4.25% 2027     50,425       49,634  
Centene Corp. 2.45% 2028     47,440       42,569  
Centene Corp. 4.625% 2029     91,900       90,789  
Centene Corp. 3.00% 2030     28,035       25,057  
Centene Corp. 3.375% 2030     44,100       40,136  
Centene Corp. 2.50% 2031     12,110       10,407  
Centene Corp. 2.625% 2031     2,630       2,246  
Charles River Laboratories International, Inc. 4.25% 20288     27,840       27,256  
Charles River Laboratories International, Inc. 3.75% 20298     2,500       2,310  
Cigna Corp. 4.80% 2038     1,609       1,644  
Community Health Systems, Inc. 5.625% 20278     21,210       18,921  

 

22 The Income Fund of America
 
Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Health care (continued)                
Community Health Systems, Inc. 6.00% 20298   USD 8,870     $ 7,763  
Community Health Systems, Inc. 5.25% 20308     29,625       24,964  
CVS Health Corp. 4.30% 2028     14,910       15,168  
DaVita, Inc. 4.625% 20308     16,615       13,656  
Eli Lilly and Company 3.375% 2029     1,353       1,357  
Encompass Health Corp. 4.50% 2028     13,743       12,747  
Encompass Health Corp. 4.75% 2030     4,560       4,215  
GlaxoSmithKline PLC 3.625% 2025     5,915       5,999  
Grifols Escrow Issuer SA 4.75% 20288     14,480       12,854  
HCA, Inc. 5.375% 2026     9,680       9,997  
HCA, Inc. 5.875% 2026     13,870       14,352  
HCA, Inc. 3.125% 20278     8,130       7,661  
HCA, Inc. 5.625% 2028     20,915       21,718  
HCA, Inc. 3.375% 20298     9,657       8,869  
HCA, Inc. 3.50% 2030     20,534       18,771  
HCA, Inc. 3.625% 20328     13,000       11,811  
HCA, Inc. 4.375% 20428     5,000       4,296  
HCA, Inc. 4.625% 20528     4,747       4,147  
HealthEquity, Inc. 4.50% 20298     20,305       18,936  
Iqvia, Inc. 5.00% 20278     11,510       11,542  
Jazz Securities DAC 4.375% 20298     14,125       13,632  
Mallinckrodt PLC 10.00% 20258     12,820       12,476  
Merck & Co., Inc. 1.90% 2028     10,442       9,576  
Merck & Co., Inc. 2.75% 2051     5,514       4,293  
Molina Healthcare, Inc. 4.375% 20288     25,980       25,064  
Molina Healthcare, Inc. 3.875% 20308     12,815       11,855  
Molina Healthcare, Inc. 3.875% 20328     32,460       29,863  
Mozart Debt Merger Sub, Inc. 5.25% 20298     19,695       17,822  
Novant Health, Inc. 3.168% 2051     6,000       4,690  
Novartis Capital Corp. 2.00% 2027     3,090       2,944  
Option Care Health, Inc. 4.375% 20298     16,705       15,264  
Organon Finance 1, LLC 4.125% 20288     28,670       27,146  
Organon Finance 1, LLC 5.125% 20318     10,730       10,059  
Owens & Minor, Inc. 4.375% 2024     32,762       32,150  
Owens & Minor, Inc. 4.50% 20298     35,390       31,854  
Par Pharmaceutical, Inc. 7.50% 20278     59,082       47,770  
Pfizer, Inc. 3.45% 2029     9,000       9,070  
Radiology Partners, Inc. 9.25% 20288     35,255       26,020  
Rede D’Or Finance SARL 4.95% 2028     1,820       1,701  
Rede D’Or Finance SARL 4.50% 2030     8,840       7,596  
RP Escrow Issuer, LLC 5.25% 20258     6,450       5,806  
Select Medical Holdings Corp. 6.25% 20268     18,853       18,904  
Shire PLC 2.875% 2023     1,759       1,744  
Summa Health 3.511% 2051     2,650       2,191  
Surgery Center Holdings 10.00% 20278     13,500       13,777  
Syneos Health, Inc. 3.625% 20298     12,340       11,060  
Tenet Healthcare Corp. 4.625% 2024     5,642       5,645  
Tenet Healthcare Corp. 4.875% 20268     106,640       105,168  
Tenet Healthcare Corp. 5.125% 20278     13,695       13,523  
Tenet Healthcare Corp. 4.25% 20298     35,940       33,500  
Tenet Healthcare Corp. 4.375% 20308     10,985       10,227  
Teva Pharmaceutical Finance Co. BV 6.00% 2024     76,069       76,829  
Teva Pharmaceutical Finance Co. BV 7.125% 2025     30,880       31,763  
Teva Pharmaceutical Finance Co. BV 3.15% 2026     100,615       91,020  
Teva Pharmaceutical Finance Co. BV 4.75% 2027     90,980       87,341  
Teva Pharmaceutical Finance Co. BV 6.75% 2028     207,815       208,737  
Teva Pharmaceutical Finance Co. BV 5.125% 2029     87,505       80,501  
Teva Pharmaceutical Finance Co. BV 4.10% 2046     104,100       73,578  
Teva Pharmaceutical Finance Co., LLC 6.15% 2036     2,435       2,234  
UnitedHealth Group, Inc. 1.15% 2026     5,633       5,243  
UnitedHealth Group, Inc. 4.00% 2029     10,624       10,909  
UnitedHealth Group, Inc. 2.00% 2030     2,102       1,882  
UnitedHealth Group, Inc. 2.30% 2031     2,832       2,570  
UnitedHealth Group, Inc. 4.20% 2032     8,585       8,976  
UnitedHealth Group, Inc. 3.05% 2041     8,325       7,094  
UnitedHealth Group, Inc. 3.25% 2051     5,379       4,541  

 

The Income Fund of America 23
 
Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Health care (continued)                
UnitedHealth Group, Inc. 4.75% 2052   USD 3,002     $ 3,187  
Valeant Pharmaceuticals International, Inc. 5.50% 20258     13,550       12,110  
Valeant Pharmaceuticals International, Inc. 9.00% 20258     16,475       12,002  
              2,126,085  
                 
Communication services 1.58%                
Alphabet, Inc. 2.25% 2060     3,900       2,723  
Altice France Holding SA 10.50% 20278     11,630       11,018  
Altice France SA 5.125% 20298     71,512       61,305  
AT&T, Inc. 1.65% 2028     7,175       6,386  
AT&T, Inc. 3.50% 2053     11,419       9,041  
British Telecommunications PLC 9.625% 203012     4,011       5,089  
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.125% 20278     13,485       13,229  
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.00% 20288     13,250       12,811  
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 20308     41,075       36,583  
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.75% 20308     28,837       26,282  
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.25% 20318     41,550       36,106  
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 2032     19,415       16,814  
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.75% 20328     22,075       19,548  
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 20338     37,190       31,517  
CCO Holdings, LLC and CCO Holdings Capital Corp. 3.90% 2052     5,000       3,620  
Centerfield Media Parent, Inc. 6.625% 20268     11,255       8,858  
CenturyLink, Inc. 4.00% 20278     45,226       41,724  
CenturyLink, Inc. 7.65% 2042     270       211  
Cogent Communications Group, Inc. 3.50% 20268     10,700       10,105  
Comcast Corp. 2.887% 2051     11,570       8,692  
CSC Holdings, LLC 3.375% 20318     18,725       15,022  
Diamond Sports Group, LLC 6.625% 20278     27,190       2,583  
DIRECTV Financing, LLC, Term Loan, (3-month USD-LIBOR + 5.00%) 7.372% 20279,11     13,447       12,747  
DIRECTV Holdings, LLC and DIRECTV Financing Co., Inc. 5.875% 20278     46,420       43,326  
DISH DBS Corp. 5.125% 2029     6,370       4,172  
Embarq Corp. 7.995% 2036     15,460       12,759  
Fox Corp. 4.03% 2024     1,120       1,125  
Front Range BidCo, Inc. 6.125% 20288     23,307       18,124  
Frontier Communications Corp. 5.875% 20278     34,240       33,814  
Frontier Communications Corp. 5.00% 20288     49,395       46,499  
Frontier Communications Corp. 6.75% 20298     49,388       44,088  
Frontier Communications Holdings, LLC 5.875% 2029     12,195       10,279  
Frontier Communications Holdings, LLC 6.00% 20308     9,875       8,320  
Frontier Communications Holdings, LLC 8.75% 20308     17,175       18,265  
Gray Escrow II, Inc. 5.375% 20318     7,865       6,960  
Gray Television, Inc. 7.00% 20278     17,880       18,017  
iHeartCommunications, Inc. 5.25% 20278     21,050       19,276  
Inmarsat PLC 6.75% 20268     16,600       16,257  
Intelsat Jackson Holding Co. 6.50% 20308     18,065       16,746  
Kantar Group, LLC, Term Loan B2, (3-month USD-LIBOR + 4.50%) 6.75% 20269,11     6,332       6,000  
Lamar Media Corp. 3.75% 2028     5,094       4,798  
Lamar Media Corp. 4.875% 2029     21,525       20,962  
Lamar Media Corp. 3.625% 2031     8,515       7,504  
Level 3 Financing, Inc. 3.75% 20298     10,000       8,301  
Liberty Global PLC 5.50% 20288     7,975       7,295  
Ligado Networks, LLC 15.50% PIK 20238,10     25,778       13,727  
Live Nation Entertainment, Inc. 3.75% 20288     5,950       5,458  
Magallanes, Inc. 3.428% 20248     20,413       20,108  
Magallanes, Inc. 3.638% 20258     17,133       16,788  
Magallanes, Inc. 3.755% 20278     20,795       20,000  
Magallanes, Inc. 4.054% 20298     5,500       5,238  
Magallanes, Inc. 4.279% 20328     21,453       20,037  
Magallanes, Inc. 5.05% 20428     18,473       16,431  
Magallanes, Inc. 5.141% 20528     14,538       12,821  
Magallanes, Inc. 5.391% 20628     5,911       5,227  
Midas OpCo Holdings, LLC 5.625% 20298     16,750       14,064  
Netflix, Inc. 3.625% 20258     290       286  
Netflix, Inc. 4.875% 2028     16,905       16,817  
Netflix, Inc. 5.875% 2028     26,692       27,757  
Netflix, Inc. 5.375% 20298     26,189       26,364  
Netflix, Inc. 6.375% 2029     12,600       13,394  

 

24 The Income Fund of America
 
Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Communication services (continued)                
Netflix, Inc. 4.875% 20308   USD 17,802     $ 17,602  
News Corp. 3.875% 20298     17,450       16,135  
News Corp. 5.125% 20328     18,130       17,336  
Nexstar Broadcasting, Inc. 4.75% 20288     42,275       39,483  
Nexstar Escrow Corp. 5.625% 20278     16,305       16,377  
SBA Tower Trust 1.631% 20268     23,592       21,425  
Scripps Escrow II, Inc. 3.875% 20298     7,300       6,560  
Sinclair Television Group, Inc. 4.125% 20308     11,150       9,495  
Sirius XM Radio, Inc. 5.00% 20278     4,791       4,760  
Sirius XM Radio, Inc. 4.00% 20288     53,375       49,656  
Sirius XM Radio, Inc. 4.125% 20308     19,300       17,451  
Sirius XM Radio, Inc. 3.875% 20318     26,440       23,035  
Sprint Corp. 7.125% 2024     10,000       10,492  
Sprint Corp. 7.625% 2025     36,000       38,472  
Sprint Corp. 7.625% 2026     46,595       50,874  
Sprint Corp. 6.875% 2028     78,592       88,326  
Sprint Corp. 8.75% 2032     22,365       29,002  
Summer (BC) BidCo B, LLC 5.50% 20268     10,930       9,498  
Take-Two Interactive Software, Inc. 3.30% 2024     7,634       7,593  
Take-Two Interactive Software, Inc. 4.00% 2032     4,502       4,399  
TEGNA, Inc. 4.75% 20268     12,425       12,350  
TEGNA, Inc. 5.00% 2029     9,875       9,673  
T-Mobile US, Inc. 2.25% 2026     8,000       7,469  
T-Mobile US, Inc. 2.625% 2026     6,250       5,900  
T-Mobile US, Inc. 2.05% 2028     11,475       10,297  
T-Mobile US, Inc. 2.40% 2029     2,929       2,613  
T-Mobile US, Inc. 3.375% 2029     20,975       19,617  
T-Mobile US, Inc. 2.55% 2031     1,790       1,566  
T-Mobile US, Inc. 2.875% 2031     5,775       5,120  
T-Mobile US, Inc. 3.50% 2031     19,500       18,060  
T-Mobile US, Inc. 2.70% 2032     6,775       5,916  
T-Mobile US, Inc. 3.40% 2052     4,589       3,537  
Univision Communications, Inc. 6.625% 20278     39,575       39,728  
Univision Communications, Inc. 4.50% 20298     73,515       66,577  
Univision Communications, Inc. 7.375% 20308     3,975       4,030  
UPC Broadband Finco BV 4.875% 20318     48,900       43,346  
Verizon Communications, Inc. 4.329% 2028     14,870       15,264  
Verizon Communications, Inc. 2.55% 2031     6,100       5,427  
Verizon Communications, Inc. 3.40% 2041     10,000       8,529  
Virgin Media O2 4.25% 20318     25,888       22,732  
Virgin Media Secured Finance PLC 4.50% 20308     26,070       23,530  
VMED O2 UK Financing I PLC 4.75% 20318     1,068       968  
Vodafone Group PLC 4.25% 2050     7,275       6,374  
VZ Secured Financing BV 5.00% 20328     21,790       19,465  
Warner Music Group 3.875% 20308     24,040       21,951  
Warner Music Group 3.00% 20318     6,260       5,450  
Ziggo Bond Co. BV 5.125% 20308     21,600       18,443  
Ziggo Bond Finance BV 4.875% 20308     17,345       16,058  
ZipRecruiter, Inc. 5.00% 20308     17,000       15,210  
              1,912,589  
                 
Industrials 1.36%                
AAdvantage Loyalty IP, Ltd. 5.50% 20268     7,905       7,785  
ADT Security Corp. 4.125% 20298     8,480       7,651  
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 1.75% 2026     3,978       3,537  
Air Lease Corp. 2.875% 2026     24,541       23,011  
Air Lease Corp. 2.20% 2027     8,500       7,567  
Air Lease Corp. 2.10% 2028     5,900       4,900  
Allison Transmission Holdings, Inc. 3.75% 20318     25,185       21,785  
American Airlines, Inc., Series 2013-2, Class A, 4.95% 2024     1,506       1,478  
Associated Materials, LLC, Term Loan B, (3-month USD CME Term SOFR + 6.00%) 7.077% 20299,11     30,000       27,450  
Atkore, Inc. 4.25% 20318     12,215       10,645  
ATS Automation Tooling Systems, Inc. 4.125% 20288     3,975       3,529  
Avis Budget Car Rental, LLC 5.75% 20278     12,675       12,057  
Avis Budget Group, Inc. 5.375% 20298     18,760       17,136  
Avolon Holdings Funding, Ltd. 3.95% 20248     22,645       21,836  

 

The Income Fund of America 25
 
Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Industrials (continued)                
Avolon Holdings Funding, Ltd. 2.125% 20268   USD 17,179     $ 14,936  
Avolon Holdings Funding, Ltd. 4.25% 20268     8,919       8,311  
Avolon Holdings Funding, Ltd. 2.528% 20278     4,438       3,679  
Avolon Holdings Funding, Ltd. 3.25% 20278     17,000       14,873  
Avolon Holdings Funding, Ltd. 2.75% 20288     10,000       8,280  
Boeing Company 1.95% 2024     523