Fundamental Investors®
Investment portfolio
March 31, 2022
unaudited
Common stocks 97.46% Information technology 23.11% | Shares | Value (000) | |
Microsoft Corp. | 20,554,195 | $6,337,064 | |
Broadcom, Inc. | 8,030,925 | 5,056,913 | |
Micron Technology, Inc. | 20,980,524 | 1,634,173 | |
Applied Materials, Inc. | 11,401,964 | 1,502,779 | |
Apple, Inc. | 6,943,754 | 1,212,449 | |
Taiwan Semiconductor Manufacturing Company, Ltd.1 | 38,840,400 | 803,003 | |
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 2,350,278 | 245,040 | |
Arista Networks, Inc.2 | 5,080,000 | 706,018 | |
ASML Holding NV1 | 965,479 | 643,974 | |
ASML Holding NV (New York registered) (ADR) | 34,283 | 22,899 | |
TE Connectivity, Ltd. | 5,072,417 | 664,385 | |
Mastercard, Inc., Class A | 1,814,217 | 648,365 | |
Motorola Solutions, Inc. | 2,294,662 | 555,767 | |
Intel Corp. | 10,849,601 | 537,706 | |
RingCentral, Inc., Class A2 | 4,554,566 | 533,841 | |
SK hynix, Inc.1 | 5,570,200 | 533,197 | |
NortonLifeLock, Inc. | 18,619,015 | 493,776 | |
KLA Corp. | 1,316,568 | 481,943 | |
FleetCor Technologies, Inc.2 | 1,481,298 | 368,932 | |
Texas Instruments, Inc. | 1,999,655 | 366,897 | |
MongoDB, Inc., Class A2 | 799,189 | 354,512 | |
Fidelity National Information Services, Inc. | 3,355,357 | 336,945 | |
Paychex, Inc. | 2,409,916 | 328,881 | |
Cisco Systems, Inc. | 5,799,000 | 323,352 | |
Block, Inc., Class A2 | 2,083,400 | 282,509 | |
STMicroelectronics NV1 | 6,062,629 | 263,368 | |
DocuSign, Inc.2 | 2,382,100 | 255,171 | |
Ceridian HCM Holding, Inc.2 | 3,633,899 | 248,413 | |
Wolfspeed, Inc.2 | 2,171,307 | 247,225 | |
Samsung Electronics Co., Ltd.1 | 4,277,800 | 244,381 | |
ServiceNow, Inc.2 | 402,053 | 223,899 | |
HubSpot, Inc.2 | 466,000 | 221,322 | |
MicroStrategy, Inc., Class A2 | 427,918 | 208,105 | |
Automatic Data Processing, Inc. | 842,107 | 191,613 | |
Visa, Inc., Class A | 774,651 | 171,794 | |
Shopify, Inc., Class A, subordinate voting shares2 | 225,343 | 152,323 | |
VeriSign, Inc.2 | 675,258 | 150,218 | |
SAP SE1 | 1,144,614 | 127,720 | |
Concentrix Corp. | 746,975 | 124,416 | |
NetApp, Inc. | 1,494,303 | 124,027 | |
Smartsheet, Inc., Class A2 | 2,238,614 | 122,631 | |
Lam Research Corp. | 212,822 | 114,415 | |
Advanced Micro Devices, Inc.2 | 1,004,700 | 109,854 | |
Edenred SA1 | 2,190,964 | 108,312 | |
SS&C Technologies Holdings, Inc. | 1,311,000 | 98,351 | |
Amadeus IT Group SA, Class A, non-registered shares1,2 | 1,401,950 | 91,318 |
Fundamental Investors — Page 1 of 11
unaudited
Common stocks (continued) Information technology (continued) | Shares | Value (000) | |
Tokyo Electron, Ltd.1 | 171,200 | $87,907 | |
LiveRamp Holdings, Inc.2 | 2,295,969 | 85,846 | |
Adobe, Inc.2 | 161,399 | 73,537 | |
PayPal Holdings, Inc.2 | 574,381 | 66,427 | |
Keyence Corp.1 | 103,100 | 47,934 | |
Alteryx, Inc., Class A2 | 589,898 | 42,195 | |
EPAM Systems, Inc.2 | 132,700 | 39,360 | |
Snowflake, Inc., Class A2 | 162,043 | 37,129 | |
MKS Instruments, Inc. | 200,900 | 30,135 | |
29,084,666 | |||
Health care 12.18% | |||
UnitedHealth Group, Inc. | 4,765,488 | 2,430,256 | |
Centene Corp.2 | 23,163,775 | 1,950,158 | |
Eli Lilly and Company | 4,734,535 | 1,355,829 | |
Pfizer, Inc. | 25,005,847 | 1,294,553 | |
Thermo Fisher Scientific, Inc. | 1,978,885 | 1,168,828 | |
AstraZeneca PLC1 | 7,740,002 | 1,026,411 | |
AstraZeneca PLC (ADR) | 1,407,738 | 93,389 | |
Abbott Laboratories | 4,860,208 | 575,254 | |
Cigna Corp. | 2,379,712 | 570,203 | |
Regeneron Pharmaceuticals, Inc.2 | 756,611 | 528,432 | |
Molina Healthcare, Inc.2 | 1,401,123 | 467,401 | |
Anthem, Inc. | 887,167 | 435,794 | |
Edwards Lifesciences Corp.2 | 2,795,128 | 329,043 | |
Merck & Co., Inc. | 4,000,000 | 328,200 | |
Novo Nordisk A/S, Class B1 | 2,533,003 | 280,522 | |
ResMed, Inc. | 1,063,977 | 258,025 | |
Seagen, Inc.2 | 1,629,383 | 234,713 | |
Agilon Health, Inc.2,3 | 7,939,751 | 201,273 | |
Danaher Corp. | 645,406 | 189,317 | |
Rede D’Or Sao Luiz SA | 13,230,000 | 138,662 | |
AbbVie, Inc. | 811,427 | 131,540 | |
Horizon Therapeutics PLC2 | 1,208,085 | 127,103 | |
Novartis AG1 | 1,400,000 | 122,782 | |
Vertex Pharmaceuticals, Inc.2 | 435,133 | 113,557 | |
Ultragenyx Pharmaceutical, Inc.2 | 1,508,289 | 109,532 | |
Zimmer Biomet Holdings, Inc. | 798,555 | 102,135 | |
Humana, Inc. | 233,500 | 101,612 | |
GlaxoSmithKline PLC1 | 3,876,837 | 83,600 | |
NovoCure, Ltd.2 | 883,757 | 73,219 | |
Teva Pharmaceutical Industries, Ltd. (ADR)2 | 6,731,576 | 63,210 | |
Twist Bioscience Corp.2 | 1,262,424 | 62,339 | |
Hapvida Participacoes e Investimentos SA2 | 24,356,716 | 60,571 | |
BeiGene, Ltd. (ADR)2 | 292,068 | 55,084 | |
Gilead Sciences, Inc. | 877,849 | 52,188 | |
Mettler-Toledo International, Inc.2 | 37,455 | 51,433 | |
Carl Zeiss Meditec AG, non-registered shares1 | 249,297 | 40,423 | |
CVS Health Corp. | 344,600 | 34,877 | |
Tandem Diabetes Care, Inc.2 | 249,121 | 28,970 | |
Kronos Bio, Inc.2,4 | 3,062,293 | 22,140 | |
Guardant Health, Inc.2 | 282,958 | 18,743 |
Fundamental Investors — Page 2 of 11
unaudited
Common stocks (continued) Health care (continued) | Shares | Value (000) | |
Applied Molecular Transport, Inc.2,3,4 | 2,313,601 | $17,398 | |
ZimVie, Inc.2 | 8,200 | 187 | |
15,328,906 | |||
Consumer discretionary 11.15% | |||
Amazon.com, Inc.2 | 781,090 | 2,546,314 | |
Dollar General Corp. | 4,319,653 | 961,684 | |
Home Depot, Inc. | 2,999,780 | 897,924 | |
Restaurant Brands International, Inc. | 11,716,155 | 684,106 | |
Coupang, Inc., Class A2 | 35,342,541 | 624,856 | |
Evolution AB1 | 5,696,883 | 581,393 | |
Dollar Tree Stores, Inc.2 | 3,450,435 | 552,587 | |
Booking Holdings, Inc.2 | 222,836 | 523,319 | |
Target Corp. | 2,254,000 | 478,344 | |
Caesars Entertainment, Inc.2 | 5,132,833 | 397,076 | |
Marriott International, Inc., Class A2 | 2,209,899 | 388,390 | |
TJX Companies, Inc. | 5,812,425 | 352,117 | |
McDonald’s Corp. | 1,373,763 | 339,704 | |
Industria de Diseño Textil, SA1 | 14,217,625 | 309,359 | |
YUM! Brands, Inc. | 2,244,561 | 266,048 | |
LVMH Moët Hennessy-Louis Vuitton SE1 | 327,581 | 233,261 | |
D.R. Horton, Inc. | 3,095,000 | 230,608 | |
Flutter Entertainment PLC1,2 | 1,991,680 | 228,457 | |
NIKE, Inc., Class B | 1,558,519 | 209,714 | |
B&M European Value Retail SA1 | 29,746,458 | 208,402 | |
Galaxy Entertainment Group, Ltd.1 | 33,508,000 | 199,148 | |
Starbucks Corp. | 2,000,000 | 181,940 | |
Adient PLC2 | 4,234,822 | 172,654 | |
Mercedes-Benz Group AG1,2 | 2,299,603 | 161,516 | |
adidas AG1 | 683,834 | 159,686 | |
Domino’s Pizza, Inc. | 390,100 | 158,775 | |
Burlington Stores, Inc.2 | 862,700 | 157,158 | |
Prosus NV, Class N1 | 2,909,900 | 154,042 | |
Hilton Worldwide Holdings, Inc.2 | 995,278 | 151,024 | |
MercadoLibre, Inc.2 | 125,042 | 148,735 | |
Entain PLC1,2 | 6,914,187 | 148,299 | |
Darden Restaurants, Inc. | 1,049,085 | 139,476 | |
Cie. Financière Richemont SA, Class A1 | 978,432 | 124,113 | |
Chipotle Mexican Grill, Inc.2 | 73,350 | 116,042 | |
Peloton Interactive, Inc., Class A2 | 4,063,000 | 107,344 | |
Toll Brothers, Inc. | 1,923,230 | 90,430 | |
Five Below, Inc.2 | 518,411 | 82,101 | |
Kering SA1 | 129,490 | 81,799 | |
Trainline PLC1,2 | 22,556,443 | 73,695 | |
Lear Corp. | 480,181 | 68,469 | |
Aptiv PLC2 | 550,293 | 65,876 | |
Floor & Decor Holdings, Inc., Class A2 | 796,855 | 64,545 | |
Lowe’s Companies, Inc. | 266,613 | 53,907 | |
Kindred Group PLC (SDR)1 | 4,278,262 | 46,684 | |
Carvana Co., Class A2 | 335,100 | 39,974 | |
General Motors Company2 | 750,700 | 32,836 | |
Arrival Group2,3 | 5,269,585 | 19,656 |
Fundamental Investors — Page 3 of 11
unaudited
Common stocks (continued) Consumer discretionary (continued) | Shares | Value (000) | |
Arrival Group2 | 1,114,462 | $4,157 | |
Farfetch, Ltd., Class A2 | 1,337,769 | 20,227 | |
14,037,971 | |||
Financials 10.51% | |||
JPMorgan Chase & Co. | 7,835,380 | 1,068,119 | |
Blackstone, Inc., nonvoting shares | 6,979,914 | 886,030 | |
Apollo Asset Management, Inc. | 12,515,772 | 775,853 | |
CME Group, Inc., Class A | 2,695,777 | 641,217 | |
KKR & Co., Inc. | 10,679,321 | 624,420 | |
Aon PLC, Class A | 1,879,539 | 612,034 | |
Intercontinental Exchange, Inc. | 3,810,172 | 503,400 | |
Bank of America Corp. | 12,016,701 | 495,328 | |
S&P Global, Inc. | 1,122,670 | 460,497 | |
HDFC Bank, Ltd.1 | 22,825,000 | 440,542 | |
Marsh & McLennan Companies, Inc. | 2,451,775 | 417,831 | |
BlackRock, Inc. | 538,808 | 411,741 | |
Capital One Financial Corp. | 3,076,185 | 403,872 | |
Chubb, Ltd. | 1,880,779 | 402,299 | |
Citizens Financial Group, Inc. | 8,855,791 | 401,433 | |
Arthur J. Gallagher & Co. | 1,848,480 | 322,745 | |
Wells Fargo & Company | 6,443,104 | 312,233 | |
Discover Financial Services | 2,654,865 | 292,540 | |
OneMain Holdings, Inc. | 5,935,132 | 281,385 | |
Citigroup, Inc. | 5,000,000 | 267,000 | |
Synchrony Financial | 7,636,075 | 265,812 | |
First Republic Bank | 1,519,699 | 246,343 | |
Moody’s Corp. | 729,793 | 246,239 | |
Blue Owl Capital, Inc., Class A | 18,229,761 | 231,153 | |
AXA SA1 | 7,380,000 | 215,525 | |
Arch Capital Group, Ltd.2 | 4,399,241 | 213,011 | |
Signature Bank | 689,267 | 202,293 | |
Brookfield Asset Management, Inc., Class A | 3,358,176 | 189,972 | |
Kotak Mahindra Bank, Ltd.1 | 7,571,000 | 174,098 | |
Société Générale1 | 5,320,735 | 142,339 | |
W. R. Berkley Corp. | 2,099,638 | 139,815 | |
Ares Management Corp., Class A | 1,715,153 | 139,322 | |
London Stock Exchange Group PLC1 | 1,110,776 | 116,049 | |
EQT AB1 | 2,855,934 | 111,840 | |
Fifth Third Bancorp | 2,213,400 | 95,265 | |
Truist Financial Corp. | 1,579,856 | 89,578 | |
Ping An Insurance (Group) Company of China, Ltd., Class H1 | 11,877,500 | 83,803 | |
AIA Group, Ltd.1 | 7,048,400 | 73,793 | |
Progressive Corp. | 575,000 | 65,544 | |
Toronto-Dominion Bank (CAD denominated)3 | 807,601 | 64,077 | |
Bank of Nova Scotia (CAD denominated)3 | 597,642 | 42,834 | |
Focus Financial Partners, Inc., Class A2 | 700,000 | 32,018 | |
SVB Financial Group2 | 17,500 | 9,790 | |
Morgan Stanley | 98,500 | 8,609 | |
ING Groep NV1 | 681,600 | 7,123 | |
13,226,764 |
Fundamental Investors — Page 4 of 11
unaudited
Common stocks (continued) Communication services 9.33% | Shares | Value (000) | |
Alphabet, Inc., Class C2 | 925,832 | $2,585,840 | |
Alphabet, Inc., Class A2 | 235,998 | 656,393 | |
Meta Platforms, Inc., Class A2 | 11,439,899 | 2,543,776 | |
Comcast Corp., Class A | 41,376,366 | 1,937,241 | |
Netflix, Inc.2 | 3,548,188 | 1,329,116 | |
Charter Communications, Inc., Class A2 | 1,379,546 | 752,570 | |
Walt Disney Company2 | 3,490,166 | 478,711 | |
ZoomInfo Technologies, Inc., Class A2 | 5,613,232 | 335,335 | |
Sea, Ltd., Class A (ADR)2 | 2,450,418 | 293,536 | |
AT&T, Inc. | 7,000,000 | 165,410 | |
Take-Two Interactive Software, Inc.2 | 627,200 | 96,426 | |
T-Mobile US, Inc.2 | 676,884 | 86,878 | |
Pinterest, Inc., Class A2 | 3,350,481 | 82,455 | |
Activision Blizzard, Inc. | 868,540 | 69,579 | |
Universal Music Group NV1 | 2,572,141 | 68,284 | |
Tencent Holdings, Ltd.1 | 1,370,000 | 64,630 | |
New York Times Co., Class A | 1,308,000 | 59,959 | |
JOYY, Inc., Class A (ADR) | 1,359,636 | 49,939 | |
Electronic Arts, Inc. | 330,576 | 41,821 | |
CD Projekt SA1 | 646,164 | 26,550 | |
Vodafone Group PLC (ADR)2 | 892,900 | 14,840 | |
11,739,289 | |||
Consumer staples 9.12% | |||
Philip Morris International, Inc. | 26,293,710 | 2,470,031 | |
Altria Group, Inc. | 41,850,106 | 2,186,668 | |
British American Tobacco PLC1 | 39,051,349 | 1,633,378 | |
British American Tobacco PLC (ADR) | 1,508,635 | 63,604 | |
Nestlé SA1 | 6,502,967 | 844,220 | |
Keurig Dr Pepper, Inc. | 17,228,635 | 652,965 | |
Conagra Brands, Inc. | 14,996,516 | 503,433 | |
Constellation Brands, Inc., Class A | 2,034,224 | 468,523 | |
Mondelez International, Inc. | 7,372,557 | 462,849 | |
Archer Daniels Midland Company | 4,623,839 | 417,348 | |
Bunge, Ltd. | 3,299,431 | 365,610 | |
Procter & Gamble Company | 1,998,929 | 305,436 | |
Walmart, Inc. | 1,400,000 | 208,488 | |
Anheuser-Busch InBev SA/NV1 | 2,909,572 | 174,514 | |
Walgreens Boots Alliance, Inc. | 3,799,345 | 170,097 | |
ITC, Ltd.1 | 38,035,066 | 125,357 | |
Shop Apotheke Europe NV, non-registered shares1,2,3,4 | 1,175,886 | 107,376 | |
Reckitt Benckiser Group PLC (ADR)3 | 6,017,162 | 92,905 | |
Church & Dwight Co., Inc. | 877,783 | 87,234 | |
Kraft Heinz Company | 1,810,177 | 71,303 | |
General Mills, Inc. | 923,309 | 62,527 | |
11,473,866 | |||
Industrials 9.05% | |||
CSX Corp. | 31,774,083 | 1,189,939 | |
TransDigm Group, Inc.2 | 1,673,313 | 1,090,230 | |
Carrier Global Corp. | 17,385,591 | 797,477 | |
Deere & Company | 1,900,000 | 789,374 | |
Union Pacific Corp. | 2,648,432 | 723,578 | |
Raytheon Technologies Corp. | 5,183,533 | 513,533 | |
ABB, Ltd.1,3 | 15,115,700 | 489,047 |
Fundamental Investors — Page 5 of 11
unaudited
Common stocks (continued) Industrials (continued) | Shares | Value (000) | |
Regal Rexnord Corp. | 3,231,382 | $480,765 | |
ITT, Inc.4 | 5,564,000 | 418,469 | |
Airbus SE, non-registered shares1,2 | 3,265,140 | 394,669 | |
Emerson Electric Co. | 3,561,298 | 349,185 | |
Northrop Grumman Corp. | 766,401 | 342,750 | |
Lockheed Martin Corp. | 724,929 | 319,984 | |
Norfolk Southern Corp. | 1,115,449 | 318,148 | |
Caterpillar, Inc. | 1,330,771 | 296,522 | |
TFI International, Inc. (CAD denominated) | 2,546,544 | 271,225 | |
Waste Connections, Inc. | 1,834,233 | 256,242 | |
Schneider Electric SE1,2 | 1,385,386 | 231,299 | |
Rockwell Automation | 793,381 | 222,171 | |
Honeywell International, Inc. | 912,429 | 177,540 | |
Jacobs Engineering Group, Inc. | 1,200,000 | 165,372 | |
Boeing Company2 | 707,878 | 135,559 | |
Nidec Corp.1 | 1,599,988 | 126,760 | |
United Parcel Service, Inc., Class B | 530,598 | 113,792 | |
Lifco AB, Class B1 | 4,358,648 | 110,612 | |
Sandvik AB1,2 | 5,000,000 | 106,152 | |
Dun & Bradstreet Holdings, Inc.2 | 5,777,714 | 101,226 | |
BWX Technologies, Inc. | 1,769,181 | 95,288 | |
FTI Consulting, Inc.2 | 579,234 | 91,067 | |
United Rentals, Inc.2 | 249,957 | 88,787 | |
LIXIL Corp.1 | 4,574,300 | 85,123 | |
AMETEK, Inc. | 601,953 | 80,168 | |
L3Harris Technologies, Inc. | 317,000 | 78,765 | |
IMCD NV1 | 400,000 | 68,011 | |
Robert Half International, Inc. | 592,700 | 67,675 | |
Safran SA1 | 427,279 | 50,218 | |
Checkout Payments Group, Ltd., Series D1,2,5,6 | 159,760 | 49,614 | |
Storskogen Group AB, Class B1,2 | 19,103,844 | 46,091 | |
DSV A/S1 | 194,233 | 37,141 | |
United Airlines Holdings, Inc.2 | 417,837 | 19,371 | |
11,388,939 | |||
Energy 5.04% | |||
Canadian Natural Resources, Ltd. | 21,634,889 | 1,339,645 | |
ConocoPhillips | 8,702,212 | 870,221 | |
TC Energy Corp. (CAD denominated) | 11,576,000 | 652,901 | |
EOG Resources, Inc. | 4,688,988 | 559,068 | |
Baker Hughes Co., Class A | 14,504,723 | 528,117 | |
Coterra Energy, Inc. | 19,358,518 | 522,099 | |
Exxon Mobil Corp. | 5,879,762 | 485,609 | |
Pioneer Natural Resources Company | 1,928,692 | 482,231 | |
Chesapeake Energy Corp. | 3,500,000 | 304,500 | |
Chevron Corp. | 1,517,334 | 247,067 | |
Valero Energy Corp. | 1,345,909 | 136,664 | |
Equitrans Midstream Corp. | 12,205,288 | 103,013 | |
Cenovus Energy, Inc. | 5,618,000 | 93,652 | |
TotalEnergies SE1 | 263,900 | 13,390 | |
Lundin Energy AB1 | 36,315 | 1,539 | |
6,339,716 |
Fundamental Investors — Page 6 of 11
unaudited
Common stocks (continued) Materials 4.40% | Shares | Value (000) | |
Vale SA, ordinary nominative shares (ADR) | 27,075,162 | $541,232 | |
Vale SA, ordinary nominative shares | 19,591,000 | 393,380 | |
Grupo México, SAB de CV, Series B | 110,430,100 | 660,693 | |
Dow, Inc. | 8,853,336 | 564,135 | |
Linde PLC | 1,419,147 | 453,318 | |
First Quantum Minerals, Ltd. | 12,865,982 | 445,418 | |
Barrick Gold Corp. | 17,422,000 | 427,362 | |
Corteva, Inc. | 7,318,738 | 420,681 | |
Wheaton Precious Metals Corp. | 7,750,000 | 368,745 | |
Royal Gold, Inc. | 2,274,591 | 321,354 | |
Rio Tinto PLC1 | 2,394,543 | 189,949 | |
LyondellBasell Industries NV | 1,714,473 | 176,282 | |
Franco-Nevada Corp. | 1,023,823 | 162,924 | |
Sherwin-Williams Company | 524,073 | 130,819 | |
Asian Paints, Ltd.1 | 2,142,500 | 86,554 | |
Air Products and Chemicals, Inc. | 324,328 | 81,053 | |
CCL Industries, Inc., Class B, nonvoting shares | 1,157,433 | 52,217 | |
Newmont Corp. | 455,500 | 36,190 | |
Lundin Mining Corp. | 3,265,900 | 33,099 | |
5,545,405 | |||
Utilities 2.09% | |||
AES Corp. | 31,195,240 | 802,653 | |
CenterPoint Energy, Inc. | 12,326,978 | 377,699 | |
Edison International | 4,965,138 | 348,056 | |
National Grid PLC1 | 17,574,000 | 269,931 | |
Evergy, Inc. | 3,680,444 | 251,522 | |
CMS Energy Corp. | 3,371,995 | 235,837 | |
Exelon Corp. | 3,544,721 | 168,835 | |
Constellation Energy Corp. | 1,451,166 | 81,628 | |
Enel SpA1 | 8,924,999 | 59,602 | |
Brookfield Infrastructure Partners LP | 573,384 | 37,967 | |
2,633,730 | |||
Real estate 1.48% | |||
Crown Castle International Corp. REIT | 3,839,811 | 708,829 | |
VICI Properties, Inc. REIT | 13,830,214 | 393,608 | |
Gaming and Leisure Properties, Inc. REIT | 7,420,155 | 348,228 | |
Equinix, Inc. REIT | 293,471 | 217,644 | |
UDR, Inc. REIT | 2,851,948 | 163,616 | |
K-Fast Holding AB, Class B1,2 | 3,113,539 | 21,972 | |
Shimao Group Holdings, Ltd.1 | 14,557,500 | 8,144 | |
1,862,041 | |||
Total common stocks (cost: $74,872,493,000) | 122,661,293 | ||
Rights & warrants 0.00% Consumer discretionary 0.00% | |||
Compagnie Financière Richemont SA, Class A, warrants, expire 20232 | 179,683 | 142 | |
Total rights & warrants (cost: $0) | 142 |
Fundamental Investors — Page 7 of 11
unaudited
Convertible stocks 0.35% Information technology 0.22% | Shares | Value (000) | |
Broadcom, Inc., Series A, cumulative convertible preferred shares, 8.00% 2022 | 141,316 | $277,424 | |
Financials 0.08% | |||
KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 20233 | 1,268,873 | 94,290 | |
Utilities 0.05% | |||
AES Corp., convertible preferred units, 6.875% 2024 | 640,442 | 63,359 | |
Total convertible stocks (cost: $273,715,000) | 435,073 | ||
Short-term securities 2.20% Money market investments 2.14% | |||
Capital Group Central Cash Fund 0.32%4,7 | 26,982,669 | 2,698,267 | |
Money market investments purchased with collateral from securities on loan 0.06% | |||
Capital Group Central Cash Fund 0.32%4,7,8 | 330,750 | 33,075 | |
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.25%7,8 | 7,642,184 | 7,642 | |
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.25%7,8 | 7,632,699 | 7,633 | |
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 0.23%7,8 | 7,632,699 | 7,633 | |
State Street Institutional U.S. Government Money Market Fund, Institutional Class 0.22%7,8 | 7,632,699 | 7,633 | |
BlackRock Liquidity Funds – FedFund, Institutional Shares 0.23%7,8 | 7,632,698 | 7,632 | |
71,248 | |||
Total short-term securities (cost: $2,769,445,000) | 2,769,515 | ||
Total investment securities 100.01% (cost: $77,915,653,000) | 125,866,023 | ||
Other assets less liabilities (0.01)% | (9,421) | ||
Net assets 100.00% | $125,856,602 |
Fundamental Investors — Page 8 of 11
unaudited
Investments in affiliates4
Value of affiliates at 1/1/2022 (000) | Additions (000) | Reductions (000) | Net realized (loss) gain (000) | Net unrealized depreciation (000) | Value of affiliates at 3/31/2022 (000) | Dividend income (000) | |
Common stocks 0.45% | |||||||
Health care 0.03% | |||||||
Kronos Bio, Inc.2 | $42,573 | $— | $617 | $(1,469) | $(18,347) | $22,140 | $— |
Applied Molecular Transport, Inc.2,3 | 32,344 | — | — | — | (14,946) | 17,398 | — |
39,538 | |||||||
Consumer staples 0.09% | |||||||
Shop Apotheke Europe NV, non-registered shares1,2,3 | 151,680 | — | — | — | (44,304) | 107,376 | — |
Industrials 0.33% | |||||||
ITT, Inc. | 524,713 | 42,172 | — | — | (148,416) | 418,469 | 1,469 |
Total common stocks | 565,383 | ||||||
Short-term securities 2.17% | |||||||
Money market investments 2.14% | |||||||
Capital Group Central Cash Fund 0.32%7 | 2,325,312 | 3,397,725 | 3,024,478 | (144) | (148) | 2,698,267 | 1,088 |
Money market investments purchased with collateral from securities on loan 0.03% | |||||||
Capital Group Central Cash Fund 0.32%7,8 | 17,038 | 16,0379 | 33,075 | —10 | |||
Total short-term securities | 2,731,342 | ||||||
Total 2.62% | $(1,613) | $(226,161) | $3,296,725 | $2,557 |
Private placement securities6
Acquisition date | Cost (000) | Value (000) | Percent of net assets | |
Checkout Payments Group, Ltd., Series D | 1/11/2022 | $49,614 | $49,614 | .04% |
1 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $14,069,945,000, which represented 11.18% of the net assets of the fund. This amount includes $14,020,331,000 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 $75,580,000, which represented .06% 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 | Value determined using significant unobservable inputs. |
6 | Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. |
7 | Rate represents the seven-day yield at 3/31/2022. |
8 | Security purchased with cash collateral from securities on loan. |
9 | Represents net activity. |
10 | 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.
Fundamental Investors — Page 9 of 11
unaudited
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.
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 March 31, 2022 (dollars in thousands):
Investment securities | ||||
Level 1 | Level 2 | Level 3 | Total | |
Assets: | ||||
Common stocks: | ||||
Information technology | $26,133,552 | $2,951,114 | $— | $29,084,666 |
Health care | 13,775,168 | 1,553,738 | — | 15,328,906 |
Consumer discretionary | 11,328,117 | 2,709,854 | — | 14,037,971 |
Financials | 11,861,652 | 1,365,112 | — | 13,226,764 |
Communication services | 11,579,825 | 159,464 | — | 11,739,289 |
Consumer staples | 8,589,021 | 2,884,845 | — | 11,473,866 |
Industrials | 9,594,202 | 1,745,123 | 49,614 | 11,388,939 |
Energy | 6,324,787 | 14,929 | — | 6,339,716 |
Materials | 5,268,902 | 276,503 | — | 5,545,405 |
Utilities | 2,304,197 | 329,533 | — | 2,633,730 |
Real estate | 1,831,925 | 30,116 | — | 1,862,041 |
Rights & warrants | 142 | — | — | 142 |
Convertible stocks | 435,073 | — | — | 435,073 |
Short-term securities | 2,769,515 | — | — | 2,769,515 |
Total | $111,796,078 | $14,020,331 | $49,614 | $125,866,023 |
Key to abbreviations |
ADR = American Depositary Receipts |
CAD = Canadian dollars |
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.
© 2022 Capital Group. All rights reserved.
MFGEFP1-010-0522O-S85361 | Fundamental Investors — Page 11 of 11 |