Fundamental Investors®
Investment portfolio
September 30, 2021
unaudited
Common stocks 97.44% Information technology 23.97% | Shares | Value (000) | |
Microsoft Corp. | 23,493,794 | $6,623,370 | |
Broadcom, Inc. | 10,931,367 | 5,300,948 | |
Applied Materials, Inc. | 11,087,392 | 1,427,280 | |
Taiwan Semiconductor Manufacturing Company, Ltd.1 | 54,421,000 | 1,122,218 | |
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 2,350,683 | 262,454 | |
ASML Holding NV1 | 1,270,700 | 937,360 | |
ASML Holding NV (New York registered) (ADR) | 73,907 | 55,069 | |
Apple, Inc. | 6,738,158 | 953,449 | |
Advanced Micro Devices, Inc.2 | 8,711,003 | 896,362 | |
TE Connectivity, Ltd. | 5,073,292 | 696,157 | |
NortonLifeLock, Inc. | 27,486,608 | 695,411 | |
Micron Technology, Inc. | 9,250,833 | 656,624 | |
Mastercard, Inc., Class A | 1,814,530 | 630,876 | |
Intel Corp. | 10,903,294 | 580,927 | |
PayPal Holdings, Inc.2 | 2,121,866 | 552,131 | |
Arista Networks, Inc.2 | 1,517,726 | 521,551 | |
Motorola Solutions, Inc. | 2,209,206 | 513,243 | |
RingCentral, Inc., Class A2 | 2,357,081 | 512,665 | |
KLA Corp. | 1,483,459 | 496,232 | |
Fidelity National Information Services, Inc. | 3,355,936 | 408,350 | |
SK hynix, Inc.1 | 4,706,300 | 405,827 | |
Texas Instruments, Inc. | 2,000,000 | 384,420 | |
MongoDB, Inc., Class A2 | 799,327 | 376,891 | |
FleetCor Technologies, Inc.2 | 1,381,432 | 360,927 | |
Ceridian HCM Holding, Inc.2 | 2,864,649 | 322,617 | |
Cisco Systems, Inc. | 5,800,000 | 315,694 | |
Visa, Inc., Class A | 1,285,998 | 286,456 | |
Square, Inc., Class A2 | 1,189,000 | 285,170 | |
Samsung Electronics Co., Ltd.1 | 4,568,381 | 284,331 | |
Zendesk, Inc.2 | 2,279,000 | 265,253 | |
STMicroelectronics NV1 | 6,063,674 | 264,361 | |
Paychex, Inc. | 2,278,918 | 256,264 | |
VeriSign, Inc.2 | 1,200,004 | 246,013 | |
HubSpot, Inc.2 | 346,000 | 233,927 | |
Dell Technologies, Inc., Class C2 | 2,056,672 | 213,976 | |
MicroStrategy, Inc., Class A2,3 | 276,256 | 159,786 | |
SAP SE1 | 1,144,811 | 155,092 | |
EPAM Systems, Inc.2 | 270,400 | 154,258 | |
Smartsheet, Inc., Class A2 | 2,239,000 | 154,088 | |
Adobe, Inc.2 | 247,021 | 142,215 | |
Automatic Data Processing, Inc. | 677,902 | 135,526 | |
Shopify, Inc., Class A, subordinate voting shares2 | 99,274 | 134,594 | |
NetApp, Inc. | 1,494,561 | 134,152 | |
ServiceNow, Inc.2 | 204,088 | 126,998 | |
Lam Research Corp. | 212,859 | 121,149 | |
LiveRamp Holdings, Inc.2 | 2,296,365 | 108,457 | |
Cree, Inc.2 | 1,271,527 | 102,650 |
Fundamental Investors — Page 1 of 11
unaudited
Common stocks (continued) Information technology (continued) | Shares | Value (000) | |
Edenred SA1 | 1,905,140 | $102,612 | |
Concentrix Corp.2 | 513,063 | 90,812 | |
Amadeus IT Group SA, Class A, non-registered shares1,2 | 1,189,155 | 78,119 | |
Keyence Corp.1 | 103,100 | 61,776 | |
Tokyo Electron, Ltd.1 | 134,000 | 59,068 | |
Snowflake, Inc., Class A2 | 162,071 | 49,015 | |
Alteryx, Inc., Class A2 | 584,229 | 42,707 | |
Dolby Laboratories, Inc., Class A | 409,139 | 36,004 | |
30,493,882 | |||
Communication services 12.85% | |||
Facebook, Inc., Class A2 | 12,101,498 | 4,107,127 | |
Alphabet, Inc., Class C2 | 943,363 | 2,514,355 | |
Alphabet, Inc., Class A2 | 241,336 | 645,216 | |
Comcast Corp., Class A | 42,937,250 | 2,401,480 | |
Netflix, Inc.2 | 3,841,300 | 2,344,499 | |
Charter Communications, Inc., Class A2 | 1,696,005 | 1,233,945 | |
Sea, Ltd., Class A (ADR)2 | 2,450,841 | 781,157 | |
Walt Disney Company2 | 3,490,768 | 590,533 | |
Activision Blizzard, Inc. | 3,952,546 | 305,888 | |
ZoomInfo Technologies, Inc., Class A2 | 4,072,000 | 249,166 | |
T-Mobile US, Inc.2 | 1,874,479 | 239,483 | |
Snap, Inc., Class A2 | 2,992,086 | 221,025 | |
AT&T, Inc. | 5,991,599 | 161,833 | |
New York Times Co., Class A | 2,115,405 | 104,226 | |
Pinterest, Inc., Class A2 | 1,709,776 | 87,113 | |
JOYY Inc., Class A (ADR)3 | 1,359,870 | 74,562 | |
Universal Music Group NV1,2 | 2,572,585 | 68,882 | |
Tencent Holdings, Ltd.1 | 1,017,000 | 59,631 | |
SoftBank Corp.1 | 3,579,300 | 48,597 | |
Electronic Arts, Inc. | 330,633 | 47,033 | |
Vivendi SE1 | 2,572,585 | 32,449 | |
CD Projekt SA1 | 646,164 | 30,977 | |
16,349,177 | |||
Health care 11.19% | |||
UnitedHealth Group, Inc. | 4,744,535 | 1,853,880 | |
Pfizer, Inc. | 39,699,066 | 1,707,457 | |
Thermo Fisher Scientific, Inc. | 2,072,172 | 1,183,894 | |
Centene Corp.2 | 18,867,761 | 1,175,650 | |
Eli Lilly and Company | 4,127,714 | 953,708 | |
AstraZeneca PLC1 | 7,458,804 | 897,925 | |
AstraZeneca PLC (ADR) | 716,369 | 43,025 | |
Cigna Corp. | 2,668,338 | 534,095 | |
Abbott Laboratories | 4,380,137 | 517,426 | |
Regeneron Pharmaceuticals, Inc.2 | 827,408 | 500,731 | |
Molina Healthcare, Inc.2 | 1,401,365 | 380,204 | |
Allakos, Inc.2,4 | 3,299,000 | 349,265 | |
Edwards Lifesciences Corp.2 | 3,043,387 | 344,542 | |
Bristol-Myers Squibb Company | 5,038,309 | 298,117 | |
ResMed, Inc. | 1,064,160 | 280,459 | |
Novo Nordisk A/S, Class B1 | 2,533,440 | 243,679 | |
Danaher Corp. | 672,423 | 204,712 | |
Cortexyme, Inc.2,4 | 1,930,648 | 176,963 | |
Agilon Health, Inc.2 | 6,470,000 | 169,579 |
Fundamental Investors — Page 2 of 11
unaudited
Common stocks (continued) Health care (continued) | Shares | Value (000) | |
Vertex Pharmaceuticals, Inc.2 | 914,440 | $165,870 | |
Anthem, Inc. | 412,164 | 153,655 | |
Humana, Inc. | 391,000 | 152,158 | |
Seagen, Inc.2 | 894,842 | 151,944 | |
Merck & Co., Inc. | 1,850,000 | 138,954 | |
Ultragenyx Pharmaceutical, Inc.2 | 1,508,549 | 136,056 | |
Rede D’Or Sao Luiz SA | 9,827,058 | 122,546 | |
Twist Bioscience Corp.2 | 1,080,987 | 115,633 | |
BioNTech SE (ADR)2 | 399,159 | 108,966 | |
BeiGene, Ltd. (ADR)2 | 292,118 | 106,039 | |
Zimmer Biomet Holdings, Inc. | 716,679 | 104,893 | |
Illumina, Inc.2 | 256,900 | 104,201 | |
NovoCure, Ltd.2 | 883,909 | 102,684 | |
GlaxoSmithKline PLC1 | 3,877,505 | 73,190 | |
Kronos Bio, Inc.2,4 | 3,133,214 | 65,672 | |
Teva Pharmaceutical Industries, Ltd. (ADR)2 | 6,732,737 | 65,577 | |
Notre Dame Intermédica Participações SA | 4,645,000 | 63,639 | |
Mettler-Toledo International, Inc.2 | 44,762 | 61,653 | |
Gilead Sciences, Inc. | 878,000 | 61,328 | |
Applied Molecular Transport, Inc.2,4 | 2,314,000 | 59,863 | |
Insulet Corp.2 | 206,504 | 58,695 | |
Carl Zeiss Meditec AG, non-registered shares1 | 249,340 | 47,930 | |
Incyte Corp.2 | 668,310 | 45,966 | |
Baxter International, Inc. | 504,000 | 40,537 | |
Guardant Health, Inc.2 | 283,007 | 35,379 | |
Tandem Diabetes Care, Inc.2 | 249,164 | 29,745 | |
AmerisourceBergen Corp. | 209,600 | 25,037 | |
Bausch Health Companies, Inc.2 | 747,180 | 20,809 | |
Organon & Co.2 | 86,722 | 2,844 | |
14,236,774 | |||
Financials 10.86% | |||
JPMorgan Chase & Co. | 9,267,152 | 1,516,940 | |
Blackstone, Inc. | 12,326,827 | 1,434,103 | |
KKR & Co., Inc. | 10,681,162 | 650,269 | |
Bank of America Corp. | 14,023,106 | 595,281 | |
CME Group, Inc., Class A | 3,048,058 | 589,433 | |
Apollo Global Management, Inc., Class A | 8,960,106 | 551,853 | |
Aon PLC, Class A | 1,869,567 | 534,266 | |
Intercontinental Exchange, Inc. | 4,363,829 | 501,055 | |
BlackRock, Inc. | 588,849 | 493,844 | |
HDFC Bank, Ltd.1 | 22,825,000 | 489,333 | |
Sberbank of Russia PJSC (ADR)1 | 23,510,850 | 436,837 | |
Capital One Financial Corp. | 2,463,393 | 398,996 | |
Synchrony Financial | 7,637,392 | 373,316 | |
Marsh & McLennan Companies, Inc. | 2,297,393 | 347,894 | |
Citigroup, Inc. | 4,790,967 | 336,230 | |
S&P Global, Inc. | 787,916 | 334,778 | |
Truist Financial Corp. | 5,693,361 | 333,916 | |
Chubb, Ltd. | 1,918,043 | 332,742 | |
Moody’s Corp. | 826,525 | 293,507 | |
First Republic Bank | 1,519,961 | 293,170 | |
Arthur J. Gallagher & Co. | 1,751,482 | 260,358 | |
Discover Financial Services | 2,086,118 | 256,280 | |
Citizens Financial Group, Inc. | 5,445,318 | 255,821 |
Fundamental Investors — Page 3 of 11
unaudited
Common stocks (continued) Financials (continued) | Shares | Value (000) | |
Wells Fargo & Company | 5,194,000 | $241,053 | |
Kotak Mahindra Bank, Ltd.1,2 | 7,571,000 | 203,885 | |
Brookfield Asset Management, Inc., Class A | 3,358,755 | 179,727 | |
Arch Capital Group, Ltd.2 | 4,400,000 | 167,992 | |
Société Générale1 | 5,321,652 | 167,084 | |
AIA Group, Ltd.1 | 13,462,600 | 155,010 | |
Ares Management Corp., Class A | 1,715,449 | 126,652 | |
Travelers Companies, Inc. | 815,653 | 123,987 | |
BNP Paribas SA1 | 1,800,000 | 115,300 | |
London Stock Exchange Group PLC1 | 1,110,968 | 110,994 | |
EQT AB1 | 2,530,689 | 104,239 | |
PNC Financial Services Group, Inc. | 448,308 | 87,707 | |
W. R. Berkley Corp. | 1,196,898 | 87,589 | |
Ping An Insurance (Group) Company of China, Ltd., Class H1 | 11,879,500 | 80,609 | |
QBE Insurance Group, Ltd.1 | 7,614,013 | 63,520 | |
Athene Holding, Ltd., Class A2 | 843,764 | 58,110 | |
Toronto-Dominion Bank (CAD denominated) | 807,740 | 53,473 | |
Progressive Corp. | 475,000 | 42,935 | |
Bank of Nova Scotia (CAD denominated) | 597,745 | 36,792 | |
Brookfield Asset Management Reinsurance Partners, Ltd., Class A | 8,760 | 487 | |
13,817,367 | |||
Consumer discretionary 10.68% | |||
Amazon.com, Inc.2 | 835,239 | 2,743,793 | |
Home Depot, Inc. | 2,815,555 | 924,234 | |
Dollar General Corp. | 4,250,920 | 901,790 | |
Evolution AB1 | 5,629,975 | 855,804 | |
Restaurant Brands International, Inc. | 11,262,880 | 689,176 | |
Target Corp. | 2,600,143 | 594,835 | |
Prosus NV, Class N1 | 6,895,456 | 543,074 | |
Booking Holdings, Inc.2 | 212,848 | 505,273 | |
Caesars Entertainment, Inc.2 | 4,137,613 | 464,571 | |
Flutter Entertainment PLC (EUR denominated)1,2 | 1,314,540 | 258,059 | |
Flutter Entertainment PLC1,2 | 677,483 | 133,933 | |
Industria de Diseño Textil, SA1 | 9,266,677 | 337,145 | |
TJX Companies, Inc. | 5,059,350 | 333,816 | |
McDonald’s Corp. | 1,374,000 | 331,285 | |
Marriott International, Inc., Class A2 | 2,210,280 | 327,320 | |
NIKE, Inc., Class B | 2,227,304 | 323,471 | |
Domino’s Pizza, Inc. | 578,790 | 276,060 | |
YUM! Brands, Inc. | 2,069,994 | 253,181 | |
B&M European Value Retail SA1 | 30,605,251 | 242,981 | |
LVMH Moët Hennessy-Louis Vuitton SE1 | 327,637 | 234,281 | |
Entain PLC1,2 | 6,362,379 | 182,129 | |
Shop Apotheke Europe NV, non-registered shares1,2,3,4 | 1,176,089 | 173,928 | |
Darden Restaurants, Inc. | 1,049,266 | 158,932 | |
Toll Brothers, Inc. | 2,849,846 | 157,568 | |
Burlington Stores, Inc.2 | 553,466 | 156,946 | |
Hilton Worldwide Holdings, Inc.2 | 1,156,118 | 152,735 | |
Galaxy Entertainment Group, Ltd.1,2 | 27,756,000 | 140,044 | |
Peloton Interactive, Inc., Class A2 | 1,408,945 | 122,649 | |
Trainline PLC1,2 | 22,560,332 | 106,675 | |
Cie. Financière Richemont SA, Class A1 | 978,601 | 100,907 | |
Floor & Decor Holdings, Inc., Class A2 | 796,992 | 96,269 | |
Kering SA1 | 129,512 | 92,112 |
Fundamental Investors — Page 4 of 11
unaudited
Common stocks (continued) Consumer discretionary (continued) | Shares | Value (000) | |
Five Below, Inc.2 | 518,500 | $91,676 | |
Carvana Co., Class A2 | 296,875 | 89,520 | |
MercadoLibre, Inc.2 | 51,700 | 86,825 | |
Arrival Group2,3 | 5,269,585 | 69,295 | |
Arrival Group2 | 1,114,654 | 14,658 | |
adidas AG1 | 214,930 | 67,726 | |
Lowe’s Companies, Inc. | 285,581 | 57,933 | |
Kindred Group PLC (SDR)1 | 3,646,000 | 54,749 | |
Coupang, Inc., Class A2 | 1,780,739 | 49,594 | |
Farfetch, Ltd., Class A2 | 1,120,000 | 41,978 | |
THG PLC1,2 | 5,112,855 | 34,686 | |
Airbnb, Inc., Class A2 | 89,963 | 15,091 | |
13,588,707 | |||
Industrials 8.97% | |||
TransDigm Group, Inc.2 | 1,673,602 | 1,045,282 | |
Honeywell International, Inc. | 4,859,128 | 1,031,496 | |
CSX Corp. | 33,873,005 | 1,007,383 | |
Deere & Company | 2,150,473 | 720,559 | |
Carrier Global Corp. | 12,048,393 | 623,625 | |
Airbus SE, non-registered shares1,2 | 4,136,536 | 543,107 | |
Union Pacific Corp. | 2,648,889 | 519,209 | |
ABB, Ltd.1 | 15,118,306 | 503,926 | |
Emerson Electric Co. | 5,172,840 | 487,282 | |
Safran SA1 | 3,496,242 | 438,359 | |
ITT, Inc.4 | 4,965,982 | 426,280 | |
L3Harris Technologies, Inc. | 1,673,552 | 368,583 | |
Norfolk Southern Corp. | 1,520,657 | 363,817 | |
Northrop Grumman Corp. | 728,927 | 262,523 | |
Waste Connections, Inc. | 1,968,801 | 247,931 | |
Nidec Corp.1 | 2,206,188 | 244,744 | |
Rockwell Automation | 793,518 | 233,326 | |
Caterpillar, Inc. | 1,213,362 | 232,929 | |
Lockheed Martin Corp. | 645,016 | 222,595 | |
Rexnord Corp. | 3,439,000 | 221,093 | |
Boeing Company2 | 708,000 | 155,718 | |
LIXIL Corp.1 | 4,575,100 | 132,947 | |
TFI International, Inc. (CAD denominated) | 1,161,928 | 118,871 | |
Lifco AB, Class B1 | 4,359,400 | 116,689 | |
Raytheon Technologies Corp. | 1,333,663 | 114,642 | |
BWX Technologies, Inc. | 1,769,486 | 95,305 | |
IMCD NV1 | 498,121 | 94,572 | |
United Rentals, Inc.2 | 250,000 | 87,732 | |
MTU Aero Engines AG1 | 356,586 | 80,628 | |
Dun & Bradstreet Holdings, Inc.2 | 4,783,539 | 80,411 | |
FTI Consulting, Inc.2 | 579,334 | 78,036 | |
Armstrong World Industries, Inc. | 785,468 | 74,989 | |
AMETEK, Inc. | 602,057 | 74,661 | |
Equifax, Inc. | 280,337 | 71,043 | |
Shoals Technologies Group, Inc., Class A2 | 2,370,000 | 66,076 | |
Jacobs Engineering Group, Inc. | 406,549 | 53,880 | |
ASSA ABLOY AB, Class B1 | 1,744,263 | 50,575 | |
Uber Technologies, Inc.2 | 1,122,032 | 50,267 |
Fundamental Investors — Page 5 of 11
unaudited
Common stocks (continued) Industrials (continued) | Shares | Value (000) | |
DSV A/S1 | 194,266 | $46,380 | |
Sweco AB, Class B, non-registered shares1 | 1,796,901 | 28,248 | |
11,415,719 | |||
Consumer staples 8.24% | |||
Philip Morris International, Inc. | 24,178,759 | 2,291,905 | |
Altria Group, Inc. | 42,224,460 | 1,922,057 | |
British American Tobacco PLC1 | 44,284,111 | 1,545,046 | |
British American Tobacco PLC (ADR) | 1,038,814 | 36,649 | |
Conagra Brands, Inc. | 18,894,810 | 639,967 | |
Keurig Dr Pepper, Inc. | 17,231,606 | 588,632 | |
Nestlé SA1 | 4,444,933 | 534,809 | |
Mondelez International, Inc. | 7,773,000 | 452,233 | |
Constellation Brands, Inc., Class A | 1,886,971 | 397,566 | |
Archer Daniels Midland Company | 5,934,000 | 356,099 | |
Procter & Gamble Company | 2,036,613 | 284,719 | |
Bunge, Ltd. | 3,300,000 | 268,356 | |
Walmart, Inc. | 1,866,514 | 260,155 | |
Anheuser-Busch InBev SA/NV1 | 3,070,844 | 173,435 | |
Kellogg Co. | 2,593,141 | 165,754 | |
Walgreens Boots Alliance, Inc. | 3,000,000 | 141,150 | |
ITC, Ltd.1 | 38,035,066 | 120,210 | |
Reckitt Benckiser Group PLC (ADR) | 6,018,200 | 95,088 | |
Kraft Heinz Company | 2,061,526 | 75,905 | |
Church & Dwight Co., Inc. | 877,934 | 72,491 | |
General Mills, Inc. | 1,052,060 | 62,934 | |
10,485,160 | |||
Materials 3.98% | |||
Vale SA, ordinary nominative shares (ADR) | 24,238,240 | 338,123 | |
Vale SA, ordinary nominative shares | 13,953,000 | 195,341 | |
Dow, Inc. | 8,854,863 | 509,686 | |
Eastman Chemical Company | 4,899,099 | 493,535 | |
Grupo México, SAB de CV, Series B | 108,129,118 | 431,595 | |
LyondellBasell Industries NV | 3,860,940 | 362,349 | |
Linde PLC | 1,159,112 | 340,060 | |
Barrick Gold Corp. | 17,034,387 | 307,471 | |
Corteva, Inc. | 6,881,798 | 289,586 | |
Wheaton Precious Metals Corp. | 7,499,435 | 281,829 | |
Rio Tinto PLC1 | 4,133,758 | 272,936 | |
First Quantum Minerals, Ltd. | 12,975,151 | 240,224 | |
Royal Gold, Inc. | 2,274,983 | 217,238 | |
Franco-Nevada Corp. | 1,094,000 | 142,127 | |
BHP Group PLC1 | 5,519,690 | 137,569 | |
PPG Industries, Inc. | 864,535 | 123,637 | |
Packaging Corporation of America | 685,188 | 94,172 | |
Asian Paints, Ltd.1 | 2,142,500 | 92,961 | |
Air Products and Chemicals, Inc. | 324,384 | 83,078 | |
CCL Industries, Inc., Class B, nonvoting shares | 1,157,633 | 59,956 | |
Sherwin-Williams Company | 149,605 | 41,849 | |
5,055,322 |
Fundamental Investors — Page 6 of 11
unaudited
Common stocks (continued) Energy 3.19% | Shares | Value (000) | |
ConocoPhillips | 11,450,258 | $775,984 | |
Canadian Natural Resources, Ltd. (CAD denominated) | 17,986,913 | 657,646 | |
Exxon Mobil Corp. | 8,880,086 | 522,327 | |
Valero Energy Corp. | 5,593,286 | 394,718 | |
EOG Resources, Inc. | 4,689,797 | 376,450 | |
Baker Hughes Co., Class A | 14,507,224 | 358,764 | |
Pioneer Natural Resources Company | 1,359,300 | 226,337 | |
Cabot Oil & Gas Corp. | 8,359,615 | 181,905 | |
Chevron Corp. | 1,517,596 | 153,960 | |
Chesapeake Energy Corp. | 2,349,700 | 144,718 | |
BP PLC1 | 30,000,000 | 135,901 | |
Equitrans Midstream Corp. | 10,253,507 | 103,970 | |
DT Midstream, Inc. | 621,339 | 28,731 | |
4,061,411 | |||
Utilities 2.01% | |||
Enel SpA1 | 81,352,354 | 624,586 | |
AES Corp. | 22,262,406 | 508,251 | |
CenterPoint Energy, Inc. | 10,009,226 | 246,227 | |
Sempra Energy | 1,724,107 | 218,099 | |
Evergy, Inc. | 3,392,221 | 210,996 | |
CMS Energy Corp. | 3,372,576 | 201,444 | |
Exelon Corp. | 3,545,332 | 171,381 | |
Xcel Energy, Inc. | 2,414,398 | 150,900 | |
Ørsted AS1 | 866,995 | 114,392 | |
NextEra Energy, Inc. | 997,900 | 78,355 | |
Brookfield Infrastructure Partners LP | 573,483 | 32,251 | |
2,556,882 | |||
Real estate 1.50% | |||
Crown Castle International Corp. REIT | 3,931,022 | 681,325 | |
VICI Properties, Inc. REIT | 13,832,599 | 392,984 | |
Gaming and Leisure Properties, Inc. REIT | 7,421,434 | 343,761 | |
Equinix, Inc. REIT | 293,522 | 231,920 | |
UDR, Inc. REIT | 2,852,440 | 151,122 | |
Digital Realty Trust, Inc. REIT | 301,203 | 43,509 | |
Shimao Group Holdings, Ltd.1 | 14,560,000 | 26,566 | |
K-Fast Holding AB, Class B1,2 | 3,114,076 | 25,805 | |
KE Holdings, Inc., Class A (ADR)2 | 658,614 | 12,026 | |
1,909,018 | |||
Total common stocks (cost: $71,958,951,000) | 123,969,419 | ||
Preferred securities 0.02% Information technology 0.02% | |||
Samsung Electronics Co., Ltd., nonvoting preferred shares1 | 500,000 | 29,266 | |
29,266 | |||
Real estate 0.00% | |||
Brookfield Property Preferred LP, Series 1, 6.25% preferred shares3 | 43,503 | 1,064 | |
1,064 | |||
Total preferred securities (cost: $15,625,000) | 30,330 |
Fundamental Investors — Page 7 of 11
unaudited
Rights & warrants 0.00% Consumer discretionary 0.00% | Shares | Value (000) | |
Cie. Financière Richemont SA, Class A, warrants, expire 20232 | 179,714 | $85 | |
Total rights & warrants (cost: $0) | 85 | ||
Convertible stocks 0.30% Information technology 0.17% | |||
Broadcom, Inc., Series A, cumulative convertible preferred shares, 8.00% 2022 | 141,340 | 216,534 | |
216,534 | |||
Financials 0.08% | |||
KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 2023 | 1,269,092 | 100,271 | |
100,271 | |||
Utilities 0.05% | |||
AES Corp., convertible preferred units, 6.875% 2024 | 640,552 | 61,749 | |
61,749 | |||
Total convertible stocks (cost: $273,760,000) | 378,554 | ||
Short-term securities 2.16% Money market investments 2.15% | |||
Capital Group Central Cash Fund 0.06%4,5 | 27,419,600 | 2,742,234 | |
Money market investments purchased with collateral from securities on loan 0.01% | |||
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.03%5,6 | 3,540,802 | 3,541 | |
Capital Group Central Cash Fund 0.06%4,5,6 | 30,807 | 3,081 | |
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%5,6 | 1,432,550 | 1,433 | |
8,055 | |||
Total short-term securities (cost: $2,749,943,000) | 2,750,289 | ||
Total investment securities 99.92% (cost: $74,998,279,000) | 127,128,677 | ||
Other assets less liabilities 0.08% | 96,349 | ||
Net assets 100.00% | $127,225,026 |
Investments in affiliates4
Value of affiliates at 1/1/2021 (000) | Additions (000) | Reductions (000) | Net realized (loss) gain (000) | Net unrealized (depreciation) appreciation (000) | Value of affiliates at 9/30/2021 (000) | Dividend income (000) | |
Common stocks 0.98% | |||||||
Health care 0.51% | |||||||
Allakos, Inc.2 | $481,945 | $13,233 | $22,356 | $(9,648) | $(113,909) | $349,265 | $— |
Cortexyme, Inc.2 | 30,137 | 31,173 | 253 | 101 | 115,805 | 176,963 | — |
Kronos Bio, Inc.2 | — | 88,318 | 171 | (7) | (22,468) | 65,672 | — |
Applied Molecular Transport, Inc.2 | 65,542 | 7,410 | 303 | 128 | (12,914) | 59,863 | — |
GW Pharmaceuticals PLC (ADR)2,7 | 230,820 | — | 430,382 | 195,041 | 4,521 | — | — |
651,763 |
Fundamental Investors — Page 8 of 11
unaudited
Investments in affiliates4 (continued)
Value of affiliates at 1/1/2021 (000) | Additions (000) | Reductions (000) | Net realized (loss) gain (000) | Net unrealized (depreciation) appreciation (000) | Value of affiliates at 9/30/2021 (000) | Dividend income (000) | |
Consumer discretionary 0.14% | |||||||
Shop Apotheke Europe NV, non-registered shares1,2,3 | $64,638 | $212,024 | $595 | $62 | $(102,201) | $173,928 | $— |
Industrials 0.33% | |||||||
ITT, Inc. | — | 455,350 | 778 | 64 | (28,356) | 426,280 | 1,983 |
Total common stocks | 1,251,971 | ||||||
Short-term securities 2.16% | |||||||
Money market investments 2.16% | |||||||
Capital Group Central Cash Fund 0.06%5 | 2,361,500 | 7,197,885 | 6,817,148 | 56 | (59) | 2,742,234 | 1,171 |
Money market investments purchased with collateral from securities on loan 0.00% | |||||||
Capital Group Central Cash Fund 0.06%5,6 | — | 3,0818 | 3,081 | —9 | |||
Total short-term securities | 2,745,315 | ||||||
Total 3.14% | $185,797 | $(159,581) | $3,997,286 | $3,154 |
1 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $16,572,725,000, which represented 13.03% of the net assets of the fund. This entire amount relates 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 $8,745,000, which represented .01% of the net assets of the fund. |
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 | Rate represents the seven-day yield at 9/30/2021. |
6 | Security purchased with cash collateral from securities on loan. |
7 | Unaffiliated issuer at 9/30/2021. |
8 | Represents net activity. |
9 | 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. 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.
Fundamental Investors — Page 9 of 11
unaudited
Fixed-income securities, including short-term securities, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security.
Fixed-income class | Examples of standard inputs |
All | Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”) |
Corporate bonds, notes & loans; convertible securities | Standard inputs and underlying equity of the issuer |
Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
Mortgage-backed; asset-backed obligations | Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information |
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.
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.
Fundamental Investors — Page 10 of 11
unaudited
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 September 30, 2021 (dollars in thousands):
Investment securities | ||||
Level 1 | Level 2 | Level 3 | Total | |
Assets: | ||||
Common stocks: | ||||
Information technology | $27,023,118 | $3,470,764 | $— | $30,493,882 |
Communication services | 16,108,641 | 240,536 | — | 16,349,177 |
Health care | 12,974,050 | 1,262,724 | — | 14,236,774 |
Financials | 11,890,556 | 1,926,811 | — | 13,817,367 |
Consumer discretionary | 10,030,474 | 3,558,233 | — | 13,588,707 |
Industrials | 9,135,544 | 2,280,175 | — | 11,415,719 |
Consumer staples | 8,111,660 | 2,373,500 | — | 10,485,160 |
Materials | 4,551,856 | 503,466 | — | 5,055,322 |
Energy | 3,925,510 | 135,901 | — | 4,061,411 |
Utilities | 1,817,904 | 738,978 | — | 2,556,882 |
Real estate | 1,856,647 | 52,371 | — | 1,909,018 |
Preferred securities | 1,064 | 29,266 | — | 30,330 |
Rights & warrants | 85 | — | — | 85 |
Convertible stocks | 378,554 | — | — | 378,554 |
Short-term securities | 2,750,289 | — | — | 2,750,289 |
Total | $110,555,952 | $16,572,725 | $— | $127,128,677 |
Key to abbreviations |
ADR = American Depositary Receipts |
CAD = Canadian dollars |
EUR = Euros |
SDR = Swedish 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.
MFGEFP3-010-1121O-S85338 | Fundamental Investors — Page 11 of 11 |