Fundamental Investors®
Investment portfolio
March 31, 2021
unaudited
| Common stocks 97.48% Information technology 23.49% | Shares | Value (000) | |
| Microsoft Corp. | 23,720,136 | $5,592,496 | |
| Broadcom Inc. | 11,010,566 | 5,105,159 | |
| Taiwan Semiconductor Manufacturing Company, Ltd.1 | 61,578,000 | 1,280,417 | |
| Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 2,355,631 | 278,624 | |
| ASML Holding NV1 | 2,244,807 | 1,369,195 | |
| ASML Holding NV (New York registered) (ADR) | 193,746 | 119,611 | |
| Applied Materials, Inc. | 10,208,558 | 1,363,863 | |
| Advanced Micro Devices, Inc.2 | 13,764,490 | 1,080,512 | |
| Mastercard Inc., Class A | 2,291,990 | 816,063 | |
| Apple Inc. | 6,352,340 | 775,938 | |
| Intel Corp. | 10,725,822 | 686,453 | |
| Arista Networks, Inc.2 | 2,086,600 | 629,924 | |
| TE Connectivity Ltd. | 4,780,953 | 617,269 | |
| KLA Corp. | 1,730,287 | 571,687 | |
| PayPal Holdings, Inc.2 | 2,350,871 | 570,886 | |
| NortonLifeLock Inc. | 25,618,243 | 544,644 | |
| Texas Instruments Inc. | 2,765,396 | 522,632 | |
| Fidelity National Information Services, Inc. | 3,368,512 | 473,646 | |
| HubSpot, Inc.2 | 938,551 | 426,299 | |
| RingCentral, Inc., Class A2 | 1,348,849 | 401,795 | |
| FleetCor Technologies, Inc.2 | 1,482,129 | 398,144 | |
| Motorola Solutions, Inc. | 2,034,450 | 382,578 | |
| SK hynix, Inc.1 | 3,135,100 | 369,182 | |
| Samsung Electronics Co., Ltd.1 | 4,568,381 | 329,979 | |
| Visa Inc., Class A | 1,405,850 | 297,661 | |
| Square, Inc., Class A2 | 1,299,492 | 295,050 | |
| Micron Technology, Inc.2 | 2,708,707 | 238,935 | |
| Paychex, Inc. | 2,283,715 | 223,850 | |
| Ceridian HCM Holding Inc.2 | 2,642,980 | 222,724 | |
| Dell Technologies Inc., Class C2 | 2,455,472 | 216,450 | |
| Autodesk, Inc.2 | 764,704 | 211,938 | |
| VeriSign, Inc.2 | 996,107 | 197,986 | |
| STMicroelectronics NV1 | 4,872,374 | 185,732 | |
| Cree, Inc.2 | 1,274,203 | 137,780 | |
| Automatic Data Processing, Inc. | 679,329 | 128,033 | |
| Lam Research Corp. | 213,307 | 126,969 | |
| MongoDB, Inc., Class A2 | 462,492 | 123,684 | |
| Adobe Inc.2 | 247,541 | 117,674 | |
| EPAM Systems, Inc.2 | 288,445 | 114,423 | |
| SAP SE1 | 907,220 | 111,111 | |
| NetApp, Inc. | 1,497,707 | 108,838 | |
| Shopify Inc., Class A, subordinate voting shares2 | 93,505 | 103,463 | |
| ServiceNow, Inc.2 | 204,517 | 102,281 | |
| Smartsheet Inc., Class A2 | 1,547,166 | 98,895 | |
| Amadeus IT Group SA, Class A, non-registered shares1,2 | 1,191,658 | 84,353 | |
| Edenred SA1 | 1,581,819 | 82,637 | |
| ON Semiconductor Corp.2 | 1,895,916 | 78,889 |
Fundamental Investors — Page 1 of 11
unaudited
| Common stocks (continued) Information technology (continued) | Shares | Value (000) | |
| Concentrix Corp.2 | 514,143 | $76,978 | |
| LiveRamp Holdings, Inc.2 | 1,139,046 | 59,094 | |
| Dolby Laboratories, Inc., Class A | 410,000 | 40,475 | |
| Snowflake Inc., Class A2 | 162,412 | 37,238 | |
| Keyence Corp.1 | 76,200 | 34,781 | |
| 28,564,918 | |||
| Communication services 11.71% | |||
| Facebook, Inc., Class A2 | 12,373,022 | 3,644,227 | |
| Comcast Corp., Class A | 46,335,503 | 2,507,214 | |
| Alphabet Inc., Class C2 | 875,898 | 1,811,909 | |
| Alphabet Inc., Class A2 | 263,941 | 544,383 | |
| Netflix, Inc.2 | 3,737,614 | 1,949,764 | |
| Charter Communications, Inc., Class A2 | 1,889,466 | 1,165,838 | |
| Walt Disney Company2 | 3,498,115 | 645,472 | |
| Sea Ltd., Class A (ADR)2 | 2,069,792 | 462,040 | |
| Activision Blizzard, Inc. | 3,960,866 | 368,361 | |
| Snap Inc., Class A2 | 2,998,384 | 156,785 | |
| Tencent Holdings Ltd.1 | 1,931,700 | 152,289 | |
| JOYY Inc., Class A (ADR) | 1,362,732 | 127,729 | |
| Verizon Communications Inc. | 1,998,922 | 116,237 | |
| Pinterest, Inc., Class A2 | 1,560,604 | 115,532 | |
| New York Times Co., Class A | 2,119,857 | 107,307 | |
| T-Mobile US, Inc.2 | 740,841 | 92,820 | |
| HUYA, Inc. (ADR)2,3 | 4,547,289 | 88,581 | |
| Vivendi SA1 | 2,578,000 | 84,668 | |
| SoftBank Corp.1 | 3,988,800 | 51,911 | |
| SoftBank Group Corp.1 | 551,000 | 46,718 | |
| 14,239,785 | |||
| Health care 10.86% | |||
| UnitedHealth Group Inc. | 4,725,460 | 1,758,202 | |
| Pfizer Inc. | 31,212,079 | 1,130,814 | |
| Thermo Fisher Scientific Inc. | 2,159,197 | 985,414 | |
| Centene Corp.2 | 14,433,934 | 922,473 | |
| Eli Lilly and Company | 4,072,589 | 760,841 | |
| AstraZeneca PLC1 | 6,728,467 | 670,962 | |
| AstraZeneca PLC (ADR) | 207,792 | 10,331 | |
| Cigna Corp. | 2,569,779 | 621,218 | |
| Regeneron Pharmaceuticals, Inc.2 | 1,305,196 | 617,540 | |
| Abbott Laboratories | 4,036,378 | 483,720 | |
| Molina Healthcare, Inc.2 | 1,750,964 | 409,305 | |
| Allakos Inc.2,4 | 3,514,894 | 403,440 | |
| Baxter International Inc. | 4,342,659 | 366,260 | |
| Bristol-Myers Squibb Company | 5,048,914 | 318,738 | |
| Illumina, Inc.2 | 594,679 | 228,392 | |
| Humana Inc. | 521,034 | 218,444 | |
| ResMed Inc. | 1,066,400 | 206,903 | |
| Edwards Lifesciences Corp.2 | 2,428,394 | 203,111 | |
| Vertex Pharmaceuticals Inc.2 | 916,365 | 196,918 | |
| Teva Pharmaceutical Industries Ltd. (ADR)2 | 16,731,410 | 193,080 | |
| Ultragenyx Pharmaceutical Inc.2 | 1,511,724 | 172,125 | |
| Novo Nordisk A/S, Class B1 | 2,538,772 | 171,448 | |
| Danaher Corp. | 673,838 | 151,667 | |
| Merck & Co., Inc. | 1,935,941 | 149,242 |
Fundamental Investors — Page 2 of 11
unaudited
| Common stocks (continued) Health care (continued) | Shares | Value (000) | |
| Daiichi Sankyo Company, Ltd.1 | 4,922,550 | $143,885 | |
| Seagen Inc.2 | 896,725 | 124,519 | |
| Zimmer Biomet Holdings, Inc. | 718,188 | 114,968 | |
| Twist Bioscience Corp.2 | 919,073 | 113,836 | |
| Rede D’Or Sao Luiz SA | 9,702,000 | 111,884 | |
| Galapagos NV (ADR)2 | 1,435,334 | 110,650 | |
| BeiGene, Ltd. (ADR)2 | 292,733 | 101,894 | |
| Applied Molecular Transport Inc.2,4 | 2,291,200 | 100,836 | |
| Biogen Inc.2 | 329,822 | 92,268 | |
| Anthem, Inc. | 255,015 | 91,538 | |
| Cortexyme, Inc.2,3,4 | 1,920,887 | 69,210 | |
| GlaxoSmithKline PLC1 | 3,885,666 | 68,971 | |
| Notre Dame Intermédica Participações SA | 4,645,000 | 68,330 | |
| AmerisourceBergen Corp. | 565,758 | 66,799 | |
| Kronos Bio, Inc.2,3 | 1,979,800 | 57,949 | |
| Incyte Corp.2 | 669,716 | 54,428 | |
| Insulet Corp.2 | 206,939 | 53,995 | |
| Mettler-Toledo International Inc.2 | 44,857 | 51,841 | |
| Oak Street Health, Inc.2 | 827,277 | 44,896 | |
| GW Pharmaceuticals PLC (ADR)2 | 205,553 | 44,584 | |
| Guardant Health, Inc.2 | 283,603 | 43,292 | |
| Gilead Sciences, Inc. | 659,644 | 42,633 | |
| Carl Zeiss Meditec AG, non-registered shares1 | 249,865 | 37,661 | |
| Bausch Health Companies Inc.2 | 748,753 | 23,765 | |
| Tandem Diabetes Care, Inc.2 | 249,688 | 22,035 | |
| 13,207,255 | |||
| Financials 10.42% | |||
| JPMorgan Chase & Co. | 13,316,578 | 2,027,183 | |
| The Blackstone Group Inc. | 12,352,772 | 920,652 | |
| CME Group Inc., Class A | 3,117,000 | 636,585 | |
| Intercontinental Exchange, Inc. | 5,105,668 | 570,201 | |
| Bank of America Corp. | 13,551,101 | 524,292 | |
| KKR & Co. Inc. | 10,703,643 | 522,873 | |
| BlackRock, Inc. | 665,502 | 501,762 | |
| Truist Financial Corp. | 8,088,123 | 471,699 | |
| HDFC Bank Ltd.1,2 | 22,825,000 | 464,510 | |
| Aon PLC, Class A | 1,933,929 | 445,017 | |
| Apollo Global Management, Inc., Class A | 8,487,376 | 398,992 | |
| Citigroup Inc. | 5,010,025 | 364,479 | |
| Sberbank of Russia PJSC (ADR)1 | 23,560,335 | 363,103 | |
| Citizens Financial Group, Inc. | 7,748,520 | 342,097 | |
| Synchrony Financial | 8,171,396 | 332,249 | |
| Chubb Ltd. | 1,922,081 | 303,631 | |
| AIA Group Ltd.1 | 22,229,600 | 270,434 | |
| First Republic Bank | 1,523,160 | 253,987 | |
| Marsh & McLennan Companies, Inc. | 2,043,135 | 248,854 | |
| Moody’s Corp. | 828,265 | 247,328 | |
| Capital One Financial Corp. | 1,937,941 | 246,564 | |
| Arch Capital Group Ltd.2 | 5,686,185 | 218,179 | |
| Arthur J. Gallagher & Co. | 1,665,527 | 207,808 | |
| Discover Financial Services | 2,090,508 | 198,577 | |
| Kotak Mahindra Bank Ltd.1,2 | 7,571,000 | 182,044 | |
| S&P Global Inc. | 503,030 | 177,504 | |
| Société Générale1,2 | 5,332,853 | 139,346 |
Fundamental Investors — Page 3 of 11
unaudited
| Common stocks (continued) Financials (continued) | Shares | Value (000) | |
| Travelers Companies, Inc. | 817,369 | $122,932 | |
| Zurich Insurance Group AG1 | 285,700 | 121,830 | |
| Brookfield Asset Management Inc., Class A | 2,648,786 | 117,871 | |
| Ares Management Corp., Class A | 1,719,060 | 96,319 | |
| W. R. Berkley Corp. | 1,199,418 | 90,376 | |
| PNC Financial Services Group, Inc. | 449,251 | 78,803 | |
| Ping An Insurance (Group) Company of China, Ltd., Class H1 | 6,437,500 | 76,879 | |
| Oscar Health, Inc., Class A2,3 | 2,491,164 | 66,963 | |
| QBE Insurance Group Ltd.1 | 8,963,073 | 65,829 | |
| London Stock Exchange Group PLC1 | 555,501 | 53,164 | |
| Toronto-Dominion Bank (CAD denominated) | 809,440 | 52,791 | |
| BNP Paribas SA1,2 | 729,843 | 44,345 | |
| Bank of Nova Scotia (CAD denominated) | 599,003 | 37,474 | |
| Progressive Corp. | 341,132 | 32,616 | |
| Willis Towers Watson PLC | 136,971 | 31,350 | |
| 12,669,492 | |||
| Consumer discretionary 10.39% | |||
| Amazon.com, Inc.2 | 842,796 | 2,607,678 | |
| Home Depot, Inc. | 2,821,481 | 861,257 | |
| Evolution Gaming Group AB1 | 5,641,825 | 831,019 | |
| Restaurant Brands International Inc. | 11,474,050 | 745,813 | |
| Dollar General Corp. | 3,628,171 | 735,140 | |
| Prosus NV1 | 6,359,711 | 709,046 | |
| Booking Holdings Inc.2 | 276,429 | 644,035 | |
| Target Corp. | 2,605,616 | 516,094 | |
| Domino’s Pizza, Inc. | 1,164,989 | 428,471 | |
| Flutter Entertainment PLC (CDI)1,2 | 1,317,307 | 281,654 | |
| Flutter Entertainment PLC1,2 | 644,409 | 137,240 | |
| LVMH Moët Hennessy-Louis Vuitton SE1 | 530,697 | 353,652 | |
| Industria de Diseño Textil, SA1 | 10,010,743 | 329,985 | |
| NIKE, Inc., Class B | 2,355,219 | 312,985 | |
| Marriott International, Inc., Class A2 | 1,814,090 | 268,685 | |
| Shop Apotheke Europe NV, non-registered shares1,2,4 | 1,165,537 | 254,259 | |
| McDonald’s Corp. | 1,000,000 | 224,140 | |
| Galaxy Entertainment Group Ltd.1,2 | 24,369,000 | 220,401 | |
| Burlington Stores, Inc.2 | 653,243 | 195,189 | |
| Peloton Interactive, Inc., Class A2 | 1,411,197 | 158,675 | |
| Trainline PLC1,2 | 22,607,816 | 143,070 | |
| Las Vegas Sands Corp. | 2,329,315 | 141,529 | |
| Hilton Worldwide Holdings Inc.2 | 1,158,551 | 140,092 | |
| B&M European Value Retail SA1 | 17,032,525 | 123,953 | |
| Entain PLC1,2 | 5,093,255 | 106,627 | |
| YUM! Brands, Inc. | 949,488 | 102,716 | |
| Cie. Financière Richemont SA, Class A1 | 980,661 | 94,169 | |
| Arrival Group1,2,3,5 | 5,269,585 | 75,320 | |
| Arrival Group2 | 1,117,000 | 17,939 | |
| Wynn Resorts, Ltd. | 741,266 | 92,933 | |
| Darden Restaurants, Inc. | 650,117 | 92,317 | |
| Kering SA1 | 129,785 | 89,612 | |
| Five Below, Inc.2 | 466,749 | 89,051 | |
| Toll Brothers, Inc. | 1,395,446 | 79,164 | |
| Floor & Decor Holdings, Inc., Class A2 | 798,670 | 76,257 | |
| Carvana Co., Class A2 | 284,947 | 74,770 | |
| adidas AG1,2 | 215,382 | 67,233 |
Fundamental Investors — Page 4 of 11
unaudited
| Common stocks (continued) Consumer discretionary (continued) | Shares | Value (000) | |
| THG PLC1,2 | 7,810,659 | $67,145 | |
| MercadoLibre, Inc.2 | 42,577 | 62,679 | |
| TJX Companies, Inc. | 861,159 | 56,966 | |
| Airbnb, Inc., Class A2 | 159,284 | 29,936 | |
| 12,638,896 | |||
| Industrials 9.78% | |||
| CSX Corp. | 11,810,068 | 1,138,727 | |
| Honeywell International Inc. | 4,869,356 | 1,056,991 | |
| TransDigm Group Inc.2 | 1,677,125 | 986,015 | |
| Parker-Hannifin Corp. | 2,857,915 | 901,472 | |
| Deere & Company | 2,405,995 | 900,179 | |
| Airbus SE, non-registered shares1,2 | 5,011,525 | 567,633 | |
| Union Pacific Corp. | 2,574,288 | 567,399 | |
| Caterpillar Inc. | 2,403,546 | 557,310 | |
| Norfolk Southern Corp. | 1,803,045 | 484,154 | |
| ABB Ltd.1 | 14,150,224 | 430,375 | |
| Safran SA1,2 | 3,075,349 | 418,650 | |
| Emerson Electric Co. | 3,943,435 | 355,777 | |
| Carrier Global Corp. | 6,647,372 | 280,652 | |
| Nidec Corp.1 | 2,294,100 | 280,236 | |
| Boeing Company2 | 1,022,459 | 260,441 | |
| Northrop Grumman Corp. | 730,461 | 236,406 | |
| Lockheed Martin Corp. | 621,004 | 229,461 | |
| Waste Connections, Inc. | 1,972,945 | 213,039 | |
| ITT Inc. | 2,332,231 | 212,023 | |
| PACCAR Inc. | 1,955,859 | 181,738 | |
| Experian PLC1 | 4,202,201 | 144,759 | |
| LIXIL Corp.1 | 4,584,700 | 127,757 | |
| BWX Technologies, Inc. | 1,773,210 | 116,925 | |
| L3Harris Technologies, Inc. | 531,669 | 107,759 | |
| Raytheon Technologies Corp. | 1,336,470 | 103,269 | |
| TFI International Inc. (CAD denominated) | 1,164,373 | 87,279 | |
| MTU Aero Engines AG1 | 357,337 | 84,104 | |
| Lifco AB, Class B1 | 873,715 | 81,163 | |
| AMETEK, Inc. | 603,325 | 77,063 | |
| Armstrong World Industries, Inc. | 824,682 | 74,296 | |
| United Rentals, Inc.2 | 219,669 | 72,339 | |
| Dun & Bradstreet Holdings, Inc.2 | 3,032,095 | 72,194 | |
| Shoals Technologies Group, Inc., Class A2 | 2,017,363 | 70,164 | |
| IMCD NV1 | 499,169 | 69,377 | |
| FTI Consulting, Inc.2 | 473,957 | 66,406 | |
| Uber Technologies, Inc.2 | 1,124,394 | 61,291 | |
| Equifax Inc. | 280,927 | 50,884 | |
| ASSA ABLOY AB, Class B1 | 1,747,934 | 50,195 | |
| Rexnord Corp. | 999,461 | 47,065 | |
| DSV Panalpina A/S1 | 194,675 | 38,175 | |
| Sweco AB, Class B, non-registered shares1 | 1,800,683 | 29,405 | |
| 11,890,547 | |||
| Consumer staples 8.81% | |||
| Philip Morris International Inc. | 24,335,286 | 2,159,513 | |
| Altria Group, Inc. | 41,283,121 | 2,112,044 | |
| British American Tobacco PLC1 | 44,763,683 | 1,712,172 | |
| British American Tobacco PLC (ADR) | 1,676,210 | 64,936 |
Fundamental Investors — Page 5 of 11
unaudited
| Common stocks (continued) Consumer staples (continued) | Shares | Value (000) | |
| Conagra Brands, Inc. | 18,375,509 | $690,919 | |
| Keurig Dr Pepper Inc. | 16,976,454 | 583,481 | |
| Nestlé SA1 | 4,708,736 | 524,814 | |
| Constellation Brands, Inc., Class A | 1,890,942 | 431,135 | |
| Mondelez International, Inc. | 6,961,238 | 407,441 | |
| Walmart Inc. | 2,366,061 | 321,382 | |
| Procter & Gamble Company | 2,040,900 | 276,399 | |
| Archer Daniels Midland Company | 4,352,454 | 248,090 | |
| Reckitt Benckiser Group PLC (ADR) | 6,030,867 | 109,702 | |
| Reckitt Benckiser Group PLC1 | 1,189,508 | 106,569 | |
| Kraft Heinz Company | 4,865,262 | 194,610 | |
| Anheuser-Busch InBev SA/NV1 | 3,077,308 | 194,011 | |
| Bunge Ltd. | 2,300,000 | 182,321 | |
| Kellogg Co. | 2,598,599 | 164,491 | |
| ITC Ltd.1 | 38,035,066 | 113,801 | |
| Church & Dwight Co., Inc. | 879,782 | 76,849 | |
| General Mills, Inc. | 685,659 | 42,045 | |
| Tesco PLC1 | 1 | —6 | |
| 10,716,725 | |||
| Materials 4.98% | |||
| Grupo México, SAB de CV, Series B | 121,120,018 | 636,785 | |
| Vale SA, ordinary nominative (ADR) | 22,662,872 | 393,881 | |
| Vale SA, ordinary nominative | 13,329,000 | 231,999 | |
| LyondellBasell Industries NV | 5,632,018 | 586,011 | |
| Eastman Chemical Company | 4,909,411 | 540,624 | |
| Dow Inc. | 8,369,889 | 535,171 | |
| Linde PLC | 1,459,538 | 408,875 | |
| Barrick Gold Corp. | 19,394,082 | 384,003 | |
| Corteva, Inc. | 6,896,283 | 321,505 | |
| Wheaton Precious Metals Corp. | 7,034,209 | 268,777 | |
| Royal Gold, Inc. | 2,279,771 | 245,349 | |
| Franco-Nevada Corp. | 1,920,587 | 240,689 | |
| Rio Tinto PLC1 | 3,050,165 | 233,343 | |
| Westlake Chemical Corp. | 2,600,881 | 230,932 | |
| BHP Group PLC1 | 6,382,570 | 184,273 | |
| First Quantum Minerals Ltd. | 7,866,000 | 149,909 | |
| PPG Industries, Inc. | 659,801 | 99,142 | |
| Packaging Corp. of America | 686,630 | 92,338 | |
| Air Products and Chemicals, Inc. | 325,067 | 91,454 | |
| Asian Paints Ltd.1 | 2,142,500 | 74,484 | |
| CCL Industries Inc., Class B, nonvoting shares | 1,160,069 | 64,174 | |
| Sherwin-Williams Company | 49,973 | 36,881 | |
| 6,050,599 | |||
| Energy 2.74% | |||
| ConocoPhillips | 11,474,358 | 607,797 | |
| Canadian Natural Resources, Ltd. (CAD denominated) | 18,024,771 | 557,223 | |
| Chevron Corp. | 3,940,973 | 412,975 | |
| Valero Energy Corp. | 5,605,058 | 401,322 | |
| BP PLC1 | 87,650,000 | 355,610 | |
| EOG Resources, Inc. | 4,699,668 | 340,867 | |
| Exxon Mobil Corp. | 5,470,000 | 305,390 | |
| Baker Hughes Co., Class A | 7,489,833 | 161,855 | |
| Cabot Oil & Gas Corp. | 4,902,358 | 92,066 |
Fundamental Investors — Page 6 of 11
unaudited
| Common stocks (continued) Energy (continued) | Shares | Value (000) | |
| Pioneer Natural Resources Company | 319,956 | $50,816 | |
| Equitrans Midstream Corp. | 5,729,280 | 46,751 | |
| 3,332,672 | |||
| Utilities 2.68% | |||
| Enel SpA1 | 100,508,065 | 1,004,227 | |
| AES Corp. | 20,003,695 | 536,299 | |
| DTE Energy Company | 3,051,124 | 406,227 | |
| Ørsted AS1 | 1,688,990 | 273,253 | |
| Sempra Energy | 1,727,736 | 229,063 | |
| American Electric Power Company, Inc. | 1,999,591 | 169,365 | |
| Xcel Energy Inc. | 2,419,480 | 160,920 | |
| Exelon Corp. | 3,552,794 | 155,399 | |
| CenterPoint Energy, Inc. | 5,884,347 | 133,280 | |
| CMS Energy Corp. | 1,994,409 | 122,098 | |
| Iberdrola, S.A., non-registered shares1,2 | 3,203,687 | 41,304 | |
| Brookfield Infrastructure Partners LP | 574,690 | 30,680 | |
| 3,262,115 | |||
| Real estate 1.62% | |||
| Crown Castle International Corp. REIT | 4,170,557 | 717,878 | |
| VICI Properties Inc. REIT | 12,274,217 | 346,624 | |
| Gaming and Leisure Properties, Inc. REIT | 6,440,411 | 273,267 | |
| Equinix, Inc. REIT | 294,140 | 199,895 | |
| AvalonBay Communities, Inc. REIT | 869,505 | 160,432 | |
| American Tower Corp. REIT | 345,844 | 82,677 | |
| KE Holdings Inc., Class A (ADR)2 | 985,862 | 56,174 | |
| Shimao Group Holdings Ltd.1 | 14,590,500 | 45,934 | |
| Digital Realty Trust, Inc. REIT | 301,837 | 42,511 | |
| Brookfield Property Partners LP | 1,898,977 | 33,783 | |
| K-Fast Holding AB, Class B1,2 | 520,105 | 16,073 | |
| 1,975,248 | |||
| Total common stocks (cost: $67,243,002,000) | 118,548,252 | ||
| Preferred securities 0.02% Information technology 0.02% | |||
| Samsung Electronics Co., Ltd., nonvoting preferred shares1 | 500,000 | 32,349 | |
| Total preferred securities (cost: $14,544,000) | 32,349 | ||
| Rights & warrants 0.00% Consumer discretionary 0.00% | |||
| Cie. Financière Richemont SA, Class A, warrants, expire 20232 | 180,093 | 68 | |
| Total rights & warrants (cost: $0) | 68 | ||
| Convertible stocks 0.32% Information technology 0.17% | |||
| Broadcom Inc., Series A, cumulative convertible preferred shares, 8.00% 2022 | 141,637 | 208,842 |
Fundamental Investors — Page 7 of 11
unaudited
| Convertible stocks (continued) Utilities 0.08% | Shares | Value (000) | |
| AES Corp., convertible preferred units, 6.875% 2024 | 641,900 | $66,309 | |
| NextEra Energy, Inc., convertible preferred units, 6.219% 2023 | 559,699 | 27,761 | |
| 94,070 | |||
| Financials 0.07% | |||
| KKR & Co. Inc., Series C, convertible preferred shares, 6.00% | 1,271,763 | 84,763 | |
| Total convertible stocks (cost: $301,505,000) | 387,675 | ||
| Short-term securities 2.07% Money market investments 2.03% | |||
| Capital Group Central Cash Fund 0.08%4,7 | 24,659,978 | 2,466,244 | |
| Money market investments purchased from securities lending collateral 0.04% | |||
| Goldman Sachs Financial Square Government Fund, Institutional Shares 0.03%7,8 | 35,141,228 | 35,141 | |
| Capital Group Central Cash Fund 0.08%4,7,8 | 85,780 | 8,579 | |
| 43,720 | |||
| Total short-term securities (cost: $2,509,637,000) | 2,509,964 | ||
| Total investment securities 99.89% (cost: $70,068,688,000) | 121,478,308 | ||
| Other assets less liabilities 0.11% | 138,278 | ||
| Net assets 100.00% | $121,616,586 |
Investments in affiliates4
| Value of affiliates at 1/1/2021 (000) | Additions (000) | Reductions (000) | Net realized gain (000) | Net unrealized (depreciation) appreciation (000) | Value of affiliates at 3/31/2021 (000) | Dividend income (000) | |
| Common stocks 0.68% | |||||||
| Health care 0.47% | |||||||
| Allakos Inc.2 | $481,945 | $8,989 | $245 | $133 | $(87,382) | $403,440 | $— |
| Applied Molecular Transport Inc.2 | 65,542 | 6,408 | 81 | 45 | 28,922 | 100,836 | — |
| Cortexyme, Inc.2,3 | 30,137 | 29,897 | 33 | 5 | 9,204 | 69,210 | — |
| GW Pharmaceuticals PLC (ADR)2,9 | 230,820 | — | 385,472 | 172,358 | 26,878 | — | — |
| 573,486 | |||||||
| Consumer discretionary 0.21% | |||||||
| Shop Apotheke Europe NV, non-registered shares1,2 | 64,638 | 209,705 | 128 | 35 | (19,991) | 254,259 | — |
| Total common stocks | 827,745 | ||||||
| Short-term securities 2.04% | |||||||
| Money market investments 2.03% | |||||||
| Capital Group Central Cash Fund 0.08%7 | 2,361,500 | 2,769,503 | 2,664,758 | 76 | (77) | 2,466,244 | 526 |
| Money market investments purchased from securities lending collateral 0.01% | |||||||
| Capital Group Central Cash Fund 0.08%7,8 | — | —10 | —10 | —10 | —10 | 8,579 | —10 |
| Total short-term securities | 2,474,823 | ||||||
| Total 2.72% | $172,652 | $(42,446) | $3,302,568 | $526 | |||
Fundamental Investors — Page 8 of 11
unaudited
| 1 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $18,175,815,000, which represented 14.95% of the net assets of the fund. This amount includes $18,100,495,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. |
| 2 | Security did not produce income during the last 12 months. |
| 3 | All or a portion of this security was on loan. The total value of all such securities was $35,973,000, which represented .03% of the net assets of the fund. |
| 4 | Affiliate of the fund or part of the same group of investment companies as the fund, in each case as defined under the Investment Company Act of 1940. |
| 5 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $75,320,000, which represented .06% of the net assets of the fund. |
| 6 | Amount less than one thousand. |
| 7 | Rate represents the seven-day yield at 3/31/2021. |
| 8 | Security purchased with cash collateral from securities on loan. |
| 9 | Unaffiliated issuer at 3/31/2021. |
| 10 | Information not shown for money market investments purchased with cash collateral from securities on loan. |
Valuation disclosures
Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open. Security transactions are recorded by the fund as of the date the trades are executed with brokers. Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date.
Methods and inputs — The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Equity securities are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.
Fixed-income securities, including short-term securities, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security.
| Fixed-income class | Examples of standard inputs |
| All | Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”) |
| Corporate bonds, notes & loans; convertible securities | Standard inputs and underlying equity of the issuer |
| Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
| Mortgage-backed; asset-backed obligations | Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information |
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.
Fundamental Investors — Page 9 of 11
unaudited
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.
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, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.
Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following table presents the fund’s valuation levels as of March 31, 2021 (dollars in thousands):
Fundamental Investors — Page 10 of 11
unaudited
| Investment securities | ||||
| Level 1 | Level 2 | Level 3 | Total | |
| Assets: | ||||
| Common stocks: | ||||
| Information technology | $24,717,531 | $3,847,387 | $— | $28,564,918 |
| Communication services | 13,904,199 | 335,586 | — | 14,239,785 |
| Health care | 12,114,328 | 1,092,927 | — | 13,207,255 |
| Financials | 10,888,008 | 1,781,484 | — | 12,669,492 |
| Consumer discretionary | 8,754,511 | 3,884,385 | — | 12,638,896 |
| Industrials | 9,568,718 | 2,321,829 | — | 11,890,547 |
| Consumer staples | 8,065,358 | 2,651,367 | — | 10,716,725 |
| Materials | 5,558,499 | 492,100 | — | 6,050,599 |
| Energy | 2,977,062 | 355,610 | — | 3,332,672 |
| Utilities | 1,943,331 | 1,318,784 | — | 3,262,115 |
| Real estate | 1,913,241 | 62,007 | — | 1,975,248 |
| Preferred securities | — | 32,349 | — | 32,349 |
| Rights & warrants | 68 | — | — | 68 |
| Convertible stocks | 387,675 | — | — | 387,675 |
| Short-term securities | 2,509,964 | — | — | 2,509,964 |
| Total | $103,302,493 | $18,175,815 | $— | $121,478,308 |
| Key to abbreviations |
| ADR = American Depositary Receipts |
| CAD = Canadian dollars |
| CDI = CREST Depository Interest |
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.
| MFGEFP1-010-0521O-S78069 | Fundamental Investors — Page 11 of 11 |