Washington Mutual Investors FundSM
Investment portfolio
July 31, 2021
unaudited
Common stocks 96.44% Energy 4.86% | Shares | Value (000) | |
Baker Hughes Co., Class A | 36,375,045 | $772,606 | |
Cabot Oil & Gas Corp. | 16,746,650 | 267,946 | |
Chevron Corp. | 18,496,705 | 1,883,150 | |
ConocoPhillips | 13,475,912 | 755,460 | |
DT Midstream, Inc.1 | 995,763 | 42,220 | |
Enbridge, Inc. | 33,657,299 | 1,324,415 | |
EOG Resources, Inc. | 10,124,630 | 737,681 | |
Exxon Mobil Corp. | 7,509,315 | 432,311 | |
Pioneer Natural Resources Company | 7,085,039 | 1,029,952 | |
TC Energy Corp. | 4,375,891 | 213,237 | |
Valero Energy Corp. | 3,187,533 | 213,469 | |
7,672,447 | |||
Materials 4.36% | |||
Air Products and Chemicals, Inc. | 1,997,265 | 581,264 | |
Corteva, Inc. | 2,987,875 | 127,821 | |
Dow Inc. | 30,095,683 | 1,870,748 | |
Huntsman Corp. | 6,988,277 | 184,560 | |
Linde PLC | 815,922 | 250,806 | |
LyondellBasell Industries NV | 14,249,941 | 1,415,447 | |
Nucor Corp. | 9,824,328 | 1,021,926 | |
Packaging Corporation of America | 1,095,991 | 155,083 | |
PPG Industries, Inc. | 1,116,658 | 182,596 | |
Rio Tinto PLC (ADR)2 | 5,989,882 | 516,987 | |
Sherwin-Williams Company | 359,596 | 104,653 | |
Vulcan Materials Co. | 2,659,330 | 478,653 | |
6,890,544 | |||
Industrials 10.24% | |||
ABB, Ltd. (ADR)2 | 13,381,738 | 490,039 | |
Air Lease Corp., Class A | 2,540,433 | 107,613 | |
Caterpillar, Inc. | 5,116,080 | 1,057,750 | |
CSX Corp. | 49,467,153 | 1,598,778 | |
Cummins, Inc. | 415,090 | 96,342 | |
Emerson Electric Co. | 3,215,339 | 324,396 | |
Equifax, Inc. | 1,736,685 | 452,580 | |
FedEx Corp. | 355,929 | 99,642 | |
HEICO Corp. | 925,546 | 125,180 | |
Honeywell International, Inc. | 8,727,868 | 2,040,488 | |
Johnson Controls International PLC | 1,661,658 | 118,676 | |
L3Harris Technologies, Inc. | 5,423,505 | 1,229,726 | |
Lockheed Martin Corp. | 4,029,846 | 1,497,773 | |
Nidec Corp. (ADR)2 | 1,774,227 | 49,980 | |
Norfolk Southern Corp. | 3,464,433 | 893,235 | |
Northrop Grumman Corp. | 4,712,093 | 1,710,584 | |
PACCAR, Inc. | 8,306,199 | 689,331 | |
Parker-Hannifin Corp. | 1,215,750 | 379,351 |
Washington Mutual Investors Fund — Page 1 of 7
unaudited
Common stocks (continued) Industrials (continued) | Shares | Value (000) | |
Raytheon Technologies Corp. | 6,647,306 | $577,983 | |
RELX PLC (ADR) | 7,172,165 | 212,511 | |
Republic Services, Inc. | 2,195,448 | 259,853 | |
Rockwell Automation | 363,000 | 111,593 | |
Trinity Industries, Inc. | 1,812,710 | 49,143 | |
Union Pacific Corp. | 6,021,807 | 1,317,331 | |
United Parcel Service, Inc., Class B | 1,263,221 | 241,730 | |
Waste Connections, Inc. | 3,423,429 | 433,714 | |
16,165,322 | |||
Consumer discretionary 5.81% | |||
Amazon.com, Inc.1 | 114,741 | 381,811 | |
Chipotle Mexican Grill, Inc.1 | 192,318 | 358,373 | |
Darden Restaurants, Inc. | 6,477,944 | 945,002 | |
Dollar General Corp. | 1,505,690 | 350,284 | |
Domino’s Pizza, Inc. | 94,797 | 49,815 | |
General Motors Company1 | 30,153,071 | 1,713,901 | |
Home Depot, Inc. | 9,105,239 | 2,988,248 | |
Marriott International, Inc., Class A1 | 1,361,161 | 198,702 | |
McDonald’s Corp. | 351,928 | 85,416 | |
NIKE, Inc., Class B | 1,060,693 | 177,677 | |
Royal Caribbean Cruises, Ltd.1 | 1,065,481 | 81,904 | |
Starbucks Corp. | 863,061 | 104,801 | |
TJX Companies, Inc. | 3,311,607 | 227,872 | |
VF Corp. | 10,995,737 | 881,858 | |
Wynn Resorts, Ltd.1 | 4,700,000 | 462,151 | |
YUM! Brands, Inc. | 1,294,734 | 170,115 | |
9,177,930 | |||
Consumer staples 5.29% | |||
Archer Daniels Midland Company | 12,516,833 | 747,505 | |
Church & Dwight Co., Inc. | 4,356,735 | 377,206 | |
Conagra Brands, Inc. | 22,090,655 | 739,816 | |
Costco Wholesale Corp. | 673,237 | 289,303 | |
Danone (ADR)2 | 6,268,055 | 92,266 | |
General Mills, Inc. | 2,882,247 | 169,649 | |
Hormel Foods Corp. | 10,200,000 | 473,076 | |
Keurig Dr Pepper, Inc. | 28,368,447 | 998,853 | |
Kimberly-Clark Corp. | 756,414 | 102,661 | |
Kraft Heinz Company | 10,232,321 | 393,637 | |
Kroger Co. | 1,049,309 | 42,707 | |
Mondelez International, Inc. | 13,981,561 | 884,474 | |
Nestlé SA (ADR) | 12,242,238 | 1,550,608 | |
Procter & Gamble Company | 2,895,846 | 411,876 | |
Reckitt Benckiser Group PLC (ADR)2 | 25,334,279 | 392,783 | |
Unilever PLC (ADR) | 5,248,111 | 301,924 | |
Walgreens Boots Alliance, Inc. | 7,984,420 | 376,465 | |
8,344,809 | |||
Health care 16.38% | |||
Abbott Laboratories | 9,938,108 | 1,202,312 | |
Anthem, Inc. | 2,265,146 | 869,839 | |
AstraZeneca PLC (ADR)2 | 21,771,358 | 1,246,192 | |
Baxter International, Inc. | 4,729,743 | 365,846 | |
Cigna Corp. | 4,124,893 | 946,622 |
Washington Mutual Investors Fund — Page 2 of 7
unaudited
Common stocks (continued) Health care (continued) | Shares | Value (000) | |
CVS Health Corp. | 33,837,850 | $2,786,885 | |
Danaher Corp. | 3,245,090 | 965,382 | |
Edwards Lifesciences Corp.1 | 1,323,223 | 148,558 | |
Eli Lilly and Company | 4,478,785 | 1,090,584 | |
Gilead Sciences, Inc. | 22,821,733 | 1,558,496 | |
GlaxoSmithKline PLC (ADR)2 | 9,774,580 | 392,352 | |
Humana Inc. | 4,104,936 | 1,748,128 | |
Johnson & Johnson | 16,304,802 | 2,807,687 | |
Medtronic PLC | 1,199,477 | 157,503 | |
Merck & Co., Inc. | 3,158,237 | 242,774 | |
Molina Healthcare, Inc.1 | 60,558 | 16,533 | |
Novartis AG (ADR) | 438,335 | 40,498 | |
Novo Nordisk A/S, Class B (ADR) | 2,160,151 | 200,030 | |
Organon & Co.1 | 58,700 | 1,703 | |
Pfizer, Inc. | 63,020,361 | 2,697,902 | |
Roche Holding AG (ADR) | 2,809,317 | 135,578 | |
Thermo Fisher Scientific, Inc. | 890,296 | 480,769 | |
UnitedHealth Group, Inc. | 13,009,113 | 5,362,616 | |
Viatris, Inc. | 3,996,904 | 56,236 | |
Zimmer Biomet Holdings, Inc. | 793,874 | 129,735 | |
Zoetis, Inc., Class A | 995,058 | 201,698 | |
25,852,458 | |||
Financials 18.17% | |||
Bank of America Corp. | 33,812,974 | 1,297,066 | |
Bank of Nova Scotia | 8,794,481 | 549,127 | |
BlackRock, Inc. | 4,094,974 | 3,551,039 | |
Brookfield Asset Management, Inc., Class A | 3,871,145 | 209,003 | |
Capital One Financial Corp. | 8,038,400 | 1,299,809 | |
Carlyle Group, Inc. | 8,631,579 | 435,636 | |
Chubb, Ltd. | 9,783,979 | 1,650,949 | |
Citigroup, Inc. | 12,966,704 | 876,809 | |
Citizens Financial Group, Inc. | 5,473,648 | 230,769 | |
CME Group, Inc., Class A | 14,017,033 | 2,973,433 | |
Discover Financial Services | 10,269,834 | 1,276,746 | |
Everest Re Group, Ltd. | 371,755 | 93,991 | |
Fifth Third Bancorp | 3,363,308 | 122,054 | |
Intercontinental Exchange, Inc. | 8,947,118 | 1,072,133 | |
JPMorgan Chase & Co. | 19,122,972 | 2,902,485 | |
KeyCorp | 16,038,006 | 315,307 | |
KKR & Co., Inc. | 5,092,363 | 324,689 | |
Marsh & McLennan Companies, Inc. | 22,921,478 | 3,374,500 | |
Moody’s Corp. | 912,360 | 343,047 | |
Nasdaq, Inc. | 4,048,854 | 756,043 | |
PNC Financial Services Group, Inc. | 10,559,811 | 1,926,215 | |
Regions Financial Corp. | 12,813,414 | 246,658 | |
S&P Global, Inc. | 1,795,942 | 769,956 | |
Toronto-Dominion Bank | 9,590,082 | 637,261 | |
Travelers Companies, Inc. | 5,071,202 | 755,203 | |
Truist Financial Corp. | 12,808,910 | 697,189 | |
28,687,117 |
Washington Mutual Investors Fund — Page 3 of 7
unaudited
Common stocks (continued) Information technology 18.37% | Shares | Value (000) | |
Analog Devices, Inc. | 356,988 | $59,767 | |
Apple, Inc. | 8,687,190 | 1,267,114 | |
Applied Materials, Inc. | 3,868,204 | 541,278 | |
ASML Holding NV (New York registered) (ADR) | 2,313,833 | 1,774,108 | |
Automatic Data Processing, Inc. | 2,927,735 | 613,741 | |
Broadcom, Inc. | 16,143,799 | 7,836,200 | |
EPAM Systems, Inc.1 | 183,487 | 102,716 | |
Fidelity National Information Services, Inc. | 6,898,222 | 1,028,180 | |
Intel Corp. | 45,925,797 | 2,467,134 | |
Jack Henry & Associates, Inc. | 350,175 | 60,962 | |
KLA Corp. | 1,453,570 | 506,075 | |
Mastercard, Inc., Class A | 1,300,571 | 501,942 | |
Micron Technology, Inc.1 | 42,476 | 3,295 | |
Microsoft Corp. | 32,285,516 | 9,198,466 | |
Motorola Solutions, Inc. | 899,502 | 201,417 | |
NetApp, Inc. | 4,576,367 | 364,233 | |
Paychex, Inc. | 3,002,522 | 341,747 | |
SAP SE (ADR)2 | 1,185,196 | 170,336 | |
TE Connectivity, Ltd. | 3,141,721 | 463,310 | |
Texas Instruments, Inc. | 1,125,194 | 214,484 | |
Visa, Inc., Class A | 5,194,168 | 1,279,791 | |
28,996,296 | |||
Communication services 8.04% | |||
Activision Blizzard, Inc. | 806,468 | 67,437 | |
Alphabet, Inc., Class A1 | 353,600 | 952,786 | |
Alphabet, Inc., Class C1 | 520,158 | 1,406,726 | |
AT&T, Inc. | 10,000,000 | 280,500 | |
Comcast Corp., Class A | 122,389,464 | 7,200,172 | |
Electronic Arts, Inc. | 605,243 | 87,131 | |
Facebook, Inc., Class A1 | 3,982,319 | 1,418,900 | |
Verizon Communications, Inc. | 22,877,253 | 1,276,093 | |
12,689,745 | |||
Utilities 2.84% | |||
American Electric Power Company, Inc. | 1,999,589 | 176,204 | |
CMS Energy Corp. | 4,943,183 | 305,439 | |
Dominion Energy, Inc. | 1,996,105 | 149,448 | |
DTE Energy Company | 3,785,924 | 444,165 | |
Edison International | 2,537,121 | 138,273 | |
Entergy Corp. | 1,309,266 | 134,750 | |
Evergy, Inc. | 1,552,158 | 101,232 | |
Exelon Corp. | 22,259,725 | 1,041,755 | |
NextEra Energy, Inc. | 4,659,652 | 362,987 | |
Public Service Enterprise Group, Inc. | 3,747,100 | 233,182 | |
Sempra Energy | 6,849,219 | 894,850 | |
Xcel Energy, Inc. | 7,270,620 | 496,220 | |
4,478,505 | |||
Real estate 2.08% | |||
Alexandria Real Estate Equities, Inc. REIT | 3,004,137 | 604,853 | |
American Tower Corp. REIT | 1,077,568 | 304,736 | |
Boston Properties, Inc. REIT | 1,820,000 | 213,632 | |
Digital Realty Trust, Inc. REIT | 7,388,631 | 1,139,032 | |
Extra Space Storage, Inc. REIT | 922,810 | 160,698 |
Washington Mutual Investors Fund — Page 4 of 7
unaudited
Common stocks (continued) Real estate (continued) | Shares | Value (000) | |
Mid-America Apartment Communities, Inc. REIT | 2,187,209 | $422,350 | |
Regency Centers Corp. REIT | 6,616,698 | 432,798 | |
3,278,099 | |||
Total common stocks (cost: $86,192,490,000) | 152,233,272 | ||
Convertible stocks 0.84% Health care 0.23% | |||
Becton, Dickinson and Company, Series B, convertible preferred shares, 6.00% 20232 | 2,968,108 | 166,867 | |
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 2023 | 119,380 | 191,320 | |
358,187 | |||
Financials 0.08% | |||
KKR & Co., Inc., Series C, 6.00% convertible preferred shares | 1,497,561 | 124,357 | |
Information technology 0.28% | |||
Broadcom, Inc., Series A, cumulative convertible preferred shares, 8.00% 2022 | 289,766 | 447,497 | |
Utilities 0.25% | |||
American Electric Power Company, Inc., convertible preferred units, 6.125% 2023 | 771,846 | 40,962 | |
Dominion Energy, Inc., Series A, convertible preferred shares, 7.25% 2022 | 1,603,179 | 159,885 | |
NextEra Energy, Inc., convertible preferred units, 5.279% 2023 | 3,867,009 | 198,532 | |
399,379 | |||
Total convertible stocks (cost: $1,049,858,000) | 1,329,420 | ||
Short-term securities 2.91% Money market investments 2.52% | |||
Capital Group Central Cash Fund 0.05%3,4 | 39,782,129 | 3,978,611 | |
Money market investments purchased with collateral from securities on loan 0.39% | |||
Capital Group Central Cash Fund 0.05%3,4,5 | 2,877,869 | 287,816 | |
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.03%3,5 | 101,000,000 | 101,000 | |
BlackRock Liquidity Funds – FedFund, Institutional Shares 0.03%3,5 | 95,000,000 | 95,000 | |
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%3,5 | 81,905,717 | 81,905 | |
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%3,5 | 17,800,000 | 17,800 | |
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 0.03%3,5 | 11,800,000 | 11,800 | |
Fidelity Investments Money Market Government Portfolio, Class I 0.01%3,5 | 5,900,000 | 5,900 | |
RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 0.03%3,5 | 5,900,000 | 5,900 | |
607,121 | |||
Total short-term securities (cost: $4,585,331,000) | 4,585,732 | ||
Total investment securities 100.19% (cost: $91,827,679,000) | 158,148,424 | ||
Other assets less liabilities (0.19%) | (300,716) | ||
Net assets 100.00% | $157,847,708 |
Washington Mutual Investors Fund — Page 5 of 7
unaudited
Investments in affiliates4
Value of affiliates at 5/1/2021 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized (depreciation) appreciation (000) | Value of affiliates at 7/31/2021 (000) | Dividend income (000) | |
Common stocks 0.00% | |||||||
Consumer discretionary 0.00% | |||||||
Wynn Resorts, Ltd.1,6 | $827,301 | $20,021 | $225,773 | $2,938 | $(162,336) | $— | $— |
Short-term securities 2.70% | |||||||
Money market investments 2.52% | |||||||
Capital Group Central Cash Fund 0.05%3 | 3,739,005 | 3,062,394 | 2,822,765 | (131) | 108 | 3,978,611 | 541 |
Money market investments purchased with collateral from securities on loan 0.18% | |||||||
Capital Group Central Cash Fund 0.05%3,5 | 115,517 | 172,2997 | 287,816 | —8 | |||
Total short-term securities | 4,266,427 | ||||||
Total 2.70% | $2,807 | $(162,228) | $4,266,427 | $541 |
1 | Security did not produce income during the last 12 months. |
2 | All or a portion of this security was on loan. The total value of all such securities was $979,719,000, which represented .62% of the net assets of the fund. |
3 | Rate represents the seven-day yield at 7/31/2021. |
4 | Affiliate of the fund or part of the same “group of investment companies“ as the fund, as defined under the Investment Company Act of 1940, as amended. |
5 | Security purchased with cash collateral from securities on loan. |
6 | Unaffiliated issuer at 7/31/2021. |
7 | Represents net activity. |
8 | Dividend income is included with securities lending income and is not shown in this table. |
Valuation disclosures
Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open. Security transactions are recorded by the fund as of the date the trades are executed with brokers.
Methods and inputs — The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Equity securities are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.
Fixed-income securities, including short-term securities, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the following inputs: benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads, interest rate volatilities, and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data.
When the fund’s investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or deemed to be not representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.
Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund’s investment adviser. The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds“), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information.
Washington Mutual Investors Fund — Page 6 of 7
unaudited
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by authority of the fund’s board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
Processes and structure — The fund’s board of trustees has delegated authority to the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.
The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group.
Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. At July 31, 2021, all of the fund’s investments were classified as Level 1.
Key to abbreviation |
ADR = American Depositary Receipts |
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
American Funds Distributors, Inc., member FINRA.
© 2021 Capital Group. All rights reserved.
MFGEFP1-001-0921O-S85315 | Washington Mutual Investors Fund — Page 7 of 7 |