Fundamental Investors®
Investment portfolio
September 30, 2022
unaudited
Common stocks 93.61% Information technology 18.98% | Shares | Value (000) | |
Microsoft Corp. | 19,476,013 | $4,535,963 | |
Broadcom, Inc. | 8,140,136 | 3,614,302 | |
Apple, Inc. | 6,868,666 | 949,250 | |
Applied Materials, Inc. | 8,786,447 | 719,874 | |
TE Connectivity, Ltd. | 5,600,767 | 618,101 | |
Taiwan Semiconductor Manufacturing Company, Ltd. | 34,779,400 | 457,150 | |
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 2,250,991 | 154,328 | |
Motorola Solutions, Inc. | 2,539,662 | 568,808 | |
Mastercard, Inc., Class A | 1,903,604 | 541,271 | |
Micron Technology, Inc. | 8,885,762 | 445,177 | |
Arista Networks, Inc.1 | 3,772,849 | 425,917 | |
SK hynix, Inc. | 6,848,000 | 392,925 | |
ASML Holding NV | 891,902 | 369,953 | |
ASML Holding NV (New York registered) (ADR) | 34,283 | 14,240 | |
Visa, Inc., Class A | 1,927,411 | 342,404 | |
Texas Instruments, Inc. | 1,999,655 | 309,507 | |
Wolfspeed, Inc.1 | 2,671,307 | 276,106 | |
Paychex, Inc. | 2,409,916 | 270,417 | |
KLA Corp. | 881,544 | 266,782 | |
Fidelity National Information Services, Inc. | 3,452,955 | 260,940 | |
STMicroelectronics NV (EUR denominated) | 6,770,000 | 208,885 | |
Ceridian HCM Holding, Inc.1 | 3,633,899 | 203,062 | |
SAP SE | 1,933,818 | 159,414 | |
Intel Corp. | 6,070,620 | 156,440 | |
ServiceNow, Inc.1 | 402,053 | 151,819 | |
Microchip Technology, Inc. | 2,104,000 | 128,407 | |
HubSpot, Inc.1 | 466,000 | 125,876 | |
VeriSign, Inc.1 | 675,258 | 117,292 | |
FleetCor Technologies, Inc.1 | 606,000 | 106,759 | |
Cisco Systems, Inc. | 2,630,000 | 105,200 | |
Shopify, Inc., Class A, subordinate voting shares1 | 3,836,390 | 103,352 | |
Block, Inc., Class A1 | 1,855,000 | 102,006 | |
Edenred SA | 2,190,964 | 100,704 | |
EPAM Systems, Inc.1 | 272,134 | 98,564 | |
Fiserv, Inc.1 | 1,005,000 | 94,038 | |
NetApp, Inc. | 1,494,303 | 92,423 | |
MicroStrategy, Inc., Class A1 | 427,918 | 90,830 | |
Concentrix Corp. | 746,975 | 83,385 | |
MongoDB, Inc., Class A1 | 419,406 | 83,277 | |
Lam Research Corp. | 212,822 | 77,893 | |
Smartsheet, Inc., Class A1 | 2,238,614 | 76,919 | |
NortonLifeLock, Inc. | 3,746,106 | 75,447 | |
Amadeus IT Group SA, Class A, non-registered shares1 | 1,401,950 | 64,895 | |
Advanced Micro Devices, Inc.1 | 851,000 | 53,919 | |
Adobe, Inc.1 | 161,399 | 44,417 | |
CDW Corp. | 275,000 | 42,922 |
Fundamental Investors — Page 1 of 11
unaudited
Common stocks (continued) Information technology (continued) | Shares | Value (000) | |
Tokyo Electron, Ltd. | 171,200 | $42,388 | |
Keyence Corp. | 103,100 | 34,229 | |
Alteryx, Inc., Class A1 | 589,898 | 32,940 | |
SS&C Technologies Holdings, Inc. | 503,000 | 24,018 | |
NVIDIA Corp. | 175,000 | 21,243 | |
Samsung Electronics Co., Ltd. | 488,800 | 17,960 | |
MKS Instruments, Inc. | 200,900 | 16,602 | |
18,470,940 | |||
Health care 14.95% | |||
UnitedHealth Group, Inc. | 4,804,488 | 2,426,459 | |
Centene Corp.1 | 22,857,498 | 1,778,542 | |
Eli Lilly and Company | 4,441,795 | 1,436,254 | |
Pfizer, Inc. | 23,313,847 | 1,020,214 | |
Thermo Fisher Scientific, Inc. | 1,949,885 | 988,962 | |
AstraZeneca PLC | 7,923,403 | 871,337 | |
AstraZeneca PLC (ADR) | 1,407,738 | 77,201 | |
Regeneron Pharmaceuticals, Inc.1 | 989,711 | 681,782 | |
Cigna Corp. | 1,880,006 | 521,645 | |
Abbott Laboratories | 4,860,208 | 470,274 | |
Molina Healthcare, Inc.1 | 1,401,123 | 462,146 | |
Alnylam Pharmaceuticals, Inc.1 | 2,097,490 | 419,834 | |
Elevance Health, Inc. | 862,155 | 391,625 | |
Novo Nordisk A/S, Class B | 3,473,933 | 346,261 | |
Seagen, Inc.1 | 1,880,883 | 257,361 | |
ResMed, Inc. | 1,063,977 | 232,266 | |
Edwards Lifesciences Corp.1 | 2,795,128 | 230,961 | |
Agilon Health, Inc.1 | 9,177,000 | 214,925 | |
Merck & Co., Inc. | 2,420,000 | 208,410 | |
Danaher Corp. | 645,406 | 166,702 | |
AbbVie, Inc. | 1,142,035 | 153,273 | |
Teva Pharmaceutical Industries, Ltd. (ADR)1 | 17,687,576 | 142,739 | |
Vertex Pharmaceuticals, Inc.1 | 435,133 | 125,988 | |
Horizon Therapeutics PLC1 | 1,931,451 | 119,538 | |
Humana, Inc. | 233,500 | 113,292 | |
Bristol-Myers Squibb Company | 1,428,179 | 101,529 | |
NovoCure, Ltd.1 | 1,127,961 | 85,703 | |
Zimmer Biomet Holdings, Inc. | 798,555 | 83,489 | |
Rede D’Or Sao Luiz SA | 15,065,000 | 83,000 | |
Gilead Sciences, Inc. | 877,849 | 54,155 | |
Carl Zeiss Meditec AG, non-registered shares | 496,000 | 52,233 | |
GSK PLC | 3,101,469 | 45,238 | |
Mettler-Toledo International, Inc.1 | 37,455 | 40,606 | |
BeiGene, Ltd. (ADR)1 | 292,068 | 39,377 | |
Zoetis, Inc., Class A | 240,815 | 35,710 | |
Karuna Therapeutics, Inc.1 | 124,200 | 27,936 | |
Guardant Health, Inc.1 | 282,958 | 15,232 | |
CVS Health Corp. | 131,392 | 12,531 | |
Tandem Diabetes Care, Inc.1 | 249,121 | 11,920 | |
14,546,650 | |||
Consumer discretionary 11.58% | |||
Amazon.com, Inc.1 | 15,052,104 | 1,700,888 | |
Dollar Tree Stores, Inc.1 | 7,612,735 | 1,036,093 | |
Home Depot, Inc. | 2,905,180 | 801,655 |
Fundamental Investors — Page 2 of 11
unaudited
Common stocks (continued) Consumer discretionary (continued) | Shares | Value (000) | |
Dollar General Corp. | 2,699,039 | $647,391 | |
Restaurant Brands International, Inc. | 11,716,155 | 623,065 | |
Coupang, Inc., Class A1 | 37,273,395 | 621,348 | |
Booking Holdings, Inc.1 | 325,900 | 535,522 | |
D.R. Horton, Inc. | 6,819,000 | 459,260 | |
Evolution AB | 4,890,690 | 385,154 | |
Target Corp. | 2,247,000 | 333,432 | |
McDonald’s Corp. | 1,373,763 | 316,982 | |
TJX Companies, Inc. | 4,672,425 | 290,251 | |
YUM! Brands, Inc. | 2,540,331 | 270,139 | |
Marriott International, Inc., Class A | 1,625,544 | 227,804 | |
Industria de Diseño Textil, SA | 10,567,625 | 218,279 | |
Galaxy Entertainment Group, Ltd. | 34,454,000 | 201,171 | |
LVMH Moët Hennessy-Louis Vuitton SE | 327,581 | 192,564 | |
NIKE, Inc., Class B | 2,218,966 | 184,440 | |
Toll Brothers, Inc. | 4,004,854 | 168,204 | |
Starbucks Corp. | 1,940,000 | 163,464 | |
Flutter Entertainment PLC1 | 1,442,013 | 157,532 | |
Chipotle Mexican Grill, Inc.1 | 89,000 | 133,746 | |
Kering SA | 302,049 | 133,572 | |
Darden Restaurants, Inc. | 1,049,085 | 132,520 | |
MercadoLibre, Inc.1 | 154,642 | 128,010 | |
Adient PLC1 | 4,238,879 | 117,629 | |
B&M European Value Retail SA | 29,746,458 | 101,009 | |
Trainline PLC1,2 | 26,738,751 | 93,153 | |
Caesars Entertainment, Inc.1 | 2,719,255 | 87,723 | |
Entain PLC | 6,914,187 | 83,030 | |
Norwegian Cruise Line Holdings, Ltd.1,3 | 6,900,000 | 78,384 | |
Hilton Worldwide Holdings, Inc. | 640,041 | 77,202 | |
Burlington Stores, Inc.1 | 661,669 | 74,034 | |
Five Below, Inc.1 | 518,411 | 71,370 | |
adidas AG | 560,596 | 65,057 | |
Floor & Decor Holdings, Inc., Class A1 | 796,855 | 55,987 | |
Lowe’s Companies, Inc. | 266,613 | 50,073 | |
Prosus NV, Class N | 915,000 | 47,684 | |
Domino’s Pizza, Inc. | 140,000 | 43,428 | |
Aptiv PLC1 | 550,293 | 43,038 | |
Lear Corp. | 333,172 | 39,877 | |
General Motors Company | 934,498 | 29,988 | |
Kindred Group PLC (SDR) | 3,844,570 | 28,689 | |
Carvana Co., Class A1,3 | 508,500 | 10,323 | |
Mattel, Inc.1 | 511,723 | 9,692 | |
11,269,856 | |||
Industrials 9.87% | |||
TransDigm Group, Inc. | 1,673,313 | 878,188 | |
Carrier Global Corp. | 19,260,591 | 684,907 | |
Deere & Company | 1,900,000 | 634,391 | |
CSX Corp. | 23,175,343 | 617,391 | |
Union Pacific Corp. | 2,648,432 | 515,968 | |
Regal Rexnord Corp.2 | 3,654,382 | 512,929 | |
Caterpillar, Inc. | 3,030,771 | 497,289 | |
Boeing Company1 | 3,375,700 | 408,730 | |
ITT, Inc.2 | 5,564,000 | 363,552 | |
Northrop Grumman Corp. | 766,401 | 360,454 |
Fundamental Investors — Page 3 of 11
unaudited
Common stocks (continued) Industrials (continued) | Shares | Value (000) | |
United Rentals, Inc.1 | 1,204,957 | $325,483 | |
Airbus SE, non-registered shares | 3,404,440 | 294,117 | |
Emerson Electric Co. | 3,561,298 | 260,758 | |
Waste Connections, Inc. | 1,834,233 | 247,860 | |
Raytheon Technologies Corp. | 2,943,104 | 240,923 | |
TFI International, Inc. (CAD denominated) | 2,546,544 | 230,458 | |
ABB, Ltd. | 8,634,463 | 222,346 | |
Norfolk Southern Corp. | 1,050,260 | 220,187 | |
Schneider Electric SE | 1,824,400 | 204,681 | |
Equifax, Inc. | 1,075,225 | 184,326 | |
Lockheed Martin Corp. | 474,929 | 183,460 | |
Rockwell Automation | 793,381 | 170,664 | |
Huntington Ingalls Industries, Inc. | 669,100 | 148,206 | |
LIXIL Corp. | 8,167,300 | 118,347 | |
Dun & Bradstreet Holdings, Inc. | 9,417,714 | 116,685 | |
Jacobs Solutions, Inc. | 1,070,000 | 116,084 | |
Sandvik AB | 7,548,700 | 102,794 | |
BWX Technologies, Inc. | 1,769,181 | 89,114 | |
United Parcel Service, Inc., Class B | 530,598 | 85,713 | |
United Airlines Holdings, Inc.1 | 2,505,378 | 81,500 | |
L3Harris Technologies, Inc. | 359,000 | 74,611 | |
AMETEK, Inc. | 601,953 | 68,267 | |
Honeywell International, Inc. | 394,989 | 65,951 | |
General Electric Co. | 1,025,000 | 63,458 | |
Lifco AB, Class B | 4,358,648 | 60,170 | |
Canadian Pacific Railway, Ltd. | 728,300 | 48,592 | |
IMCD NV | 400,000 | 47,472 | |
DSV A/S | 275,000 | 31,874 | |
Checkout Payments Group, Ltd., Series D1,4,5 | 159,760 | 31,450 | |
9,609,350 | |||
Financials 9.58% | |||
Aon PLC, Class A | 2,233,794 | 598,366 | |
Apollo Asset Management, Inc. | 12,515,772 | 581,983 | |
Blackstone, Inc., nonvoting shares | 6,713,891 | 561,953 | |
JPMorgan Chase & Co. | 5,087,290 | 531,622 | |
KKR & Co., Inc. | 10,679,321 | 459,211 | |
CME Group, Inc., Class A | 2,365,777 | 419,050 | |
Wells Fargo & Company | 9,498,072 | 382,012 | |
Marsh & McLennan Companies, Inc. | 2,464,775 | 367,966 | |
Chubb, Ltd. | 1,880,779 | 342,076 | |
Bank of America Corp. | 10,486,518 | 316,693 | |
Arthur J. Gallagher & Co. | 1,811,716 | 310,202 | |
First Republic Bank | 2,296,645 | 299,827 | |
HDFC Bank, Ltd. | 16,789,000 | 290,918 | |
Capital One Financial Corp. | 3,076,185 | 283,532 | |
S&P Global, Inc. | 882,768 | 269,553 | |
Discover Financial Services | 2,648,860 | 240,834 | |
Citizens Financial Group, Inc. | 6,535,515 | 224,560 | |
Arch Capital Group, Ltd.1 | 4,874,000 | 221,962 | |
OneMain Holdings, Inc.2 | 7,142,177 | 210,837 | |
Blue Owl Capital, Inc., Class A | 21,881,000 | 201,962 | |
Synchrony Financial | 6,679,847 | 188,305 | |
BlackRock, Inc. | 338,808 | 186,439 | |
Kotak Mahindra Bank, Ltd. | 8,124,000 | 179,816 |
Fundamental Investors — Page 4 of 11
unaudited
Common stocks (continued) Financials (continued) | Shares | Value (000) | |
Intercontinental Exchange, Inc. | 1,953,855 | $176,531 | |
Citigroup, Inc. | 4,060,000 | 169,180 | |
Progressive Corp. | 1,311,114 | 152,365 | |
W. R. Berkley Corp. | 2,200,000 | 142,076 | |
Brookfield Asset Management, Inc., Class A | 3,358,176 | 137,316 | |
Signature Bank | 857,967 | 129,553 | |
MSCI, Inc. | 268,400 | 113,208 | |
Ares Management Corp., Class A | 1,715,153 | 106,254 | |
London Stock Exchange Group PLC | 1,110,776 | 93,665 | |
Moody’s Corp. | 353,305 | 85,892 | |
Fifth Third Bancorp | 2,213,400 | 70,740 | |
AIA Group, Ltd. | 7,048,400 | 58,520 | |
Charles Schwab Corp. | 780,000 | 56,059 | |
Toronto-Dominion Bank (CAD denominated) | 816,511 | 50,078 | |
Canadian Imperial Bank of Commerce (CAD denominated)3 | 1,022,000 | 44,732 | |
AXA SA | 1,407,165 | 30,810 | |
Focus Financial Partners, Inc., Class A1 | 700,000 | 22,057 | |
Morgan Stanley | 98,500 | 7,782 | |
SVB Financial Group1 | 17,500 | 5,876 | |
Bank of Nova Scotia (CAD denominated) | 24,900 | 1,184 | |
9,323,557 | |||
Consumer staples 8.06% | |||
Philip Morris International, Inc. | 23,082,433 | 1,916,073 | |
British American Tobacco PLC | 38,586,299 | 1,379,823 | |
British American Tobacco PLC (ADR) | 1,562,453 | 55,467 | |
Altria Group, Inc. | 25,024,938 | 1,010,507 | |
Keurig Dr Pepper, Inc. | 17,228,635 | 617,130 | |
Nestlé SA | 4,738,967 | 513,134 | |
Mondelez International, Inc. | 6,604,100 | 362,103 | |
Archer Daniels Midland Company | 3,853,839 | 310,041 | |
Bunge, Ltd. | 3,299,431 | 272,434 | |
Procter & Gamble Company | 2,090,509 | 263,927 | |
Monster Beverage Corp.1 | 2,972,727 | 258,508 | |
Constellation Brands, Inc., Class A | 1,024,106 | 235,217 | |
Anheuser-Busch InBev SA/NV | 2,909,572 | 131,623 | |
Walmart, Inc. | 970,000 | 125,809 | |
Imperial Brands PLC | 5,221,282 | 107,745 | |
Reckitt Benckiser Group PLC (ADR) | 6,017,162 | 79,968 | |
General Mills, Inc. | 923,309 | 70,735 | |
Kraft Heinz Company | 1,810,177 | 60,369 | |
Shop Apotheke Europe NV, non-registered shares1,2,3 | 974,260 | 39,554 | |
Conagra Brands, Inc. | 1,000,000 | 32,630 | |
7,842,797 | |||
Communication services 6.60% | |||
Alphabet, Inc., Class C1 | 17,975,171 | 1,728,312 | |
Alphabet, Inc., Class A1 | 4,633,443 | 443,189 | |
Meta Platforms, Inc., Class A1 | 7,972,273 | 1,081,678 | |
Comcast Corp., Class A | 34,107,249 | 1,000,366 | |
Netflix, Inc.1 | 4,086,275 | 962,073 | |
Charter Communications, Inc., Class A1 | 1,342,725 | 407,316 | |
Walt Disney Company1 | 2,596,569 | 244,934 | |
ZoomInfo Technologies, Inc.1 | 4,322,000 | 180,054 | |
Take-Two Interactive Software, Inc.1 | 689,920 | 75,201 |
Fundamental Investors — Page 5 of 11
unaudited
Common stocks (continued) Communication services (continued) | Shares | Value (000) | |
Activision Blizzard, Inc. | 868,540 | $64,567 | |
Publicis Groupe SA | 1,333,171 | 63,083 | |
Sea, Ltd., Class A (ADR)1 | 918,909 | 51,505 | |
Electronic Arts, Inc. | 330,576 | 38,251 | |
New York Times Co., Class A | 1,308,000 | 37,605 | |
JOYY, Inc., Class A (ADR) | 1,359,636 | 35,350 | |
Vodafone Group PLC (ADR) | 892,900 | 10,117 | |
BT Group PLC | 3,839,255 | 5,191 | |
6,428,792 | |||
Energy 5.71% | |||
Canadian Natural Resources, Ltd. (CAD denominated) | 21,421,085 | 997,123 | |
ConocoPhillips | 8,598,807 | 880,002 | |
TC Energy Corp. (CAD denominated) | 12,388,000 | 498,982 | |
Pioneer Natural Resources Company | 2,162,100 | 468,159 | |
EOG Resources, Inc. | 3,735,152 | 417,328 | |
Exxon Mobil Corp. | 4,529,762 | 395,493 | |
Chesapeake Energy Corp. | 3,500,000 | 329,735 | |
Baker Hughes Co., Class A | 13,360,000 | 280,026 | |
Coterra Energy, Inc. | 9,540,000 | 249,185 | |
HF Sinclair Corp. | 4,252,000 | 228,928 | |
EQT Corp. | 4,473,028 | 182,276 | |
Chevron Corp. | 1,061,177 | 152,459 | |
Cenovus Energy, Inc. (CAD denominated) | 8,430,000 | 129,500 | |
Valero Energy Corp. | 1,009,000 | 107,812 | |
Equitrans Midstream Corp. | 12,205,288 | 91,296 | |
Tourmaline Oil Corp. | 1,322,300 | 68,721 | |
Antero Resources Corp.1 | 2,165,000 | 66,097 | |
TotalEnergies SE | 263,900 | 12,422 | |
5,555,544 | |||
Materials 4.49% | |||
Vale SA, ordinary nominative shares | 21,080,000 | 281,517 | |
Vale SA (ADR), ordinary nominative shares | 16,864,506 | 224,635 | |
Mosaic Co. | 10,297,000 | 497,654 | |
Corteva, Inc. | 8,038,000 | 459,372 | |
Grupo México, SAB de CV, Series B | 110,430,100 | 373,520 | |
Linde PLC | 1,256,785 | 338,817 | |
Wheaton Precious Metals Corp. | 10,391,000 | 336,253 | |
First Quantum Minerals, Ltd. | 16,403,000 | 278,460 | |
Crown Holdings, Inc. | 3,050,000 | 247,141 | |
Dow, Inc. | 4,480,000 | 196,806 | |
Albemarle Corp. | 586,094 | 154,987 | |
Freeport-McMoRan, Inc. | 5,300,000 | 144,849 | |
Royal Gold, Inc. | 1,417,000 | 132,943 | |
Rio Tinto PLC | 2,394,543 | 129,697 | |
Nutrien, Ltd. (CAD denominated) | 1,354,298 | 112,944 | |
Barrick Gold Corp. | 7,239,000 | 112,204 | |
Franco-Nevada Corp. | 807,000 | 96,395 | |
Sherwin-Williams Company | 355,841 | 72,858 | |
CCL Industries, Inc., Class B, nonvoting shares | 1,157,433 | 56,106 | |
Lundin Mining Corp. | 8,815,000 | 44,542 | |
LyondellBasell Industries NV | 500,000 | 37,640 |
Fundamental Investors — Page 6 of 11
unaudited
Common stocks (continued) Materials (continued) | Shares | Value (000) | |
Steel Dynamics, Inc. | 434,000 | $30,792 | |
Newmont Corp. | 158,500 | 6,662 | |
4,366,794 | |||
Utilities 2.46% | |||
AES Corp.2 | 34,632,216 | 782,688 | |
CenterPoint Energy, Inc. | 13,023,942 | 367,015 | |
Edison International | 5,891,997 | 333,369 | |
Evergy, Inc. | 3,881,771 | 230,577 | |
Constellation Energy Corp. | 2,459,884 | 204,638 | |
National Grid PLC | 17,574,000 | 181,361 | |
CMS Energy Corp. | 2,094,607 | 121,990 | |
PG&E Corp.1 | 9,376,111 | 117,201 | |
Brookfield Infrastructure Partners, LP | 1,500,000 | 53,806 | |
2,392,645 | |||
Real estate 1.33% | |||
Crown Castle, Inc. REIT | 3,673,768 | 531,043 | |
VICI Properties, Inc. REIT | 14,542,214 | 434,085 | |
Gaming and Leisure Properties, Inc. REIT | 4,745,021 | 209,920 | |
Equinix, Inc. REIT | 206,924 | 117,707 | |
1,292,755 | |||
Total common stocks (cost: $67,270,354,000) | 91,099,680 | ||
Rights & warrants 0.00% Consumer discretionary 0.00% | |||
Compagnie Financière Richemont SA, Class A, warrants, expire 20231 | 179,683 | 80 | |
Total rights & warrants (cost: $0) | 80 | ||
Convertible stocks 0.06% Utilities 0.06% | |||
AES Corp., convertible preferred units, 6.875% 20242 | 640,442 | 56,596 | |
Total convertible stocks (cost: $64,044,000) | 56,596 | ||
Short-term securities 6.13% Money market investments 6.05% | |||
Capital Group Central Cash Fund 2.81%2,6 | 58,837,705 | 5,883,182 | |
Money market investments purchased with collateral from securities on loan 0.08% | |||
Capital Group Central Cash Fund 2.81%2,6,7 | 427,003 | 42,696 | |
Goldman Sachs Financial Square Government Fund, Institutional Shares 2.93%6,7 | 6,843,524 | 6,844 | |
BlackRock Liquidity Funds – FedFund, Institutional Shares 2.76%6,7 | 6,831,223 | 6,831 | |
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 2.88%6,7 | 6,831,223 | 6,831 |
Fundamental Investors — Page 7 of 11
unaudited
Short-term securities (continued) Money market investments purchased with collateral from securities on loan (continued) | Shares | Value (000) | |
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 2.80%6,7 | 6,831,224 | $6,831 | |
State Street Institutional U.S. Government Money Market Fund, Institutional Class 2.91%6,7 | 6,831,224 | 6,831 | |
76,864 | |||
Total short-term securities (cost: $5,959,500,000) | 5,960,046 | ||
Total investment securities 99.80% (cost: $73,293,898,000) | 97,116,402 | ||
Other assets less liabilities 0.20% | 197,780 | ||
Net assets 100.00% | $97,314,182 |
Investments in affiliates2
Value of affiliates at 1/1/2022 (000) | Additions (000) | Reductions (000) | Net realized loss (000) | Net unrealized appreciation (depreciation) (000) | Value of affiliates at 9/30/2022 (000) | Dividend income (000) | ||||
Common stocks 2.06% | ||||||||||
Health care 0.00% | ||||||||||
Applied Molecular Transport, Inc.8 | $32,344 | $— | $4,207 | $(68,313) | $40,176 | $— | $— | |||
Kronos Bio, Inc.8 | 42,573 | — | 13,734 | (74,392) | 45,553 | — | — | |||
— | ||||||||||
Consumer discretionary 0.10% | ||||||||||
Trainline PLC1 | 85,182 | 15,775 | — | — | (7,804) | 93,153 | — | |||
Industrials 0.90% | ||||||||||
Regal Rexnord Corp. | 474,020 | 126,464 | — | — | (87,555) | 512,929 | 3,624 | |||
ITT, Inc. | 524,713 | 42,172 | — | — | (203,333) | 363,552 | 4,407 | |||
876,481 | ||||||||||
Financials 0.22% | ||||||||||
OneMain Holdings, Inc. | 115,382 | 236,738 | — | — | (141,283) | 210,837 | 17,066 | |||
Consumer staples 0.04% | ||||||||||
Shop Apotheke Europe NV, non-registered shares1,3 | 151,680 | — | 8,095 | (49,974) | (54,057) | 39,554 | — | |||
Utilities 0.80% | ||||||||||
AES Corp. | 548,172 | 270,560 | — | — | (36,044) | 782,688 | 13,572 | |||
Total common stocks | 2,002,713 | |||||||||
Convertible stocks 0.06% | ||||||||||
Utilities 0.06% | ||||||||||
AES Corp., convertible preferred units, 6.875% 2024 | 61,482 | — | — | — | (4,886) | 56,596 | 3,302 | |||
Short-term securities 6.09% | ||||||||||
Money market investments 6.05% | ||||||||||
Capital Group Central Cash Fund 2.81%6 | 2,325,312 | 10,674,641 | 7,116,233 | (867) | 329 | 5,883,182 | 34,983 | |||
Money market investments purchased with collateral from securities on loan 0.04% | ||||||||||
Capital Group Central Cash Fund 2.81%6,7 | 17,038 | 25,6589 | 42,696 | —10 | ||||||
Total short-term securities | 5,925,878 | |||||||||
Total 8.21% | $(193,546) | $(448,904) | $7,985,187 | $76,954 |
Fundamental Investors — Page 8 of 11
unaudited
Restricted security5
Acquisition date | Cost (000) | Value (000) | Percent of net assets | |
Checkout Payments Group, Ltd., Series D1,4 | 1/11/2022 | $49,613 | $31,450 | .03% |
1 | Security did not produce income during the last 12 months. |
2 | 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. |
3 | All or a portion of this security was on loan. The total value of all such securities was $82,346,000, which represented .08% of the net assets of the fund. |
4 | Value determined using significant unobservable inputs. |
5 | Restricted security subject to legal or contractual restrictions on resale, including private placement securities not registered under the Securities Act of 1933. The total value of all such restricted securities was $31,450,000, which represented .03% of the net assets of the fund. |
6 | Rate represents the seven-day yield at 9/30/2022. |
7 | Security purchased with cash collateral from securities on loan. |
8 | Affiliated issuer during the reporting period but no longer held at 9/30/2022. |
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.
Equity securities, including depositary receipts, 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 evaluated prices obtained from third-party 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 |
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 the fund’s investment adviser and approved by the 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, dealer or broker quotes, 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 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 designated 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 team. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.
The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group.
Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The table on the following page presents the fund’s valuation levels as of September 30, 2022 (dollars in
thousands):
thousands):
Fundamental Investors — Page 10 of 11
unaudited
Investment securities | |||||||
Level 1 | Level 2 | Level 3 | Total | ||||
Assets: | |||||||
Common stocks: | |||||||
Information technology | $16,622,437 | $1,848,503 | $— | $18,470,940 | |||
Health care | 13,231,581 | 1,315,069 | — | 14,546,650 | |||
Consumer discretionary | 9,562,962 | 1,706,894 | — | 11,269,856 | |||
Industrials | 8,496,099 | 1,081,801 | 31,450 | 9,609,350 | |||
Financials | 8,669,828 | 653,729 | — | 9,323,557 | |||
Consumer staples | 5,670,918 | 2,171,879 | — | 7,842,797 | |||
Communication services | 6,360,518 | 68,274 | — | 6,428,792 | |||
Energy | 5,543,122 | 12,422 | — | 5,555,544 | |||
Materials | 4,237,097 | 129,697 | — | 4,366,794 | |||
Utilities | 2,211,284 | 181,361 | — | 2,392,645 | |||
Real estate | 1,292,755 | — | — | 1,292,755 | |||
Rights & warrants | 80 | — | — | 80 | |||
Convertible stocks | 56,596 | — | — | 56,596 | |||
Short-term securities | 5,960,046 | — | — | 5,960,046 | |||
Total | $87,915,323 | $9,169,629 | $31,450 | $97,116,402 |
Key to abbreviations |
ADR = American Depositary Receipts |
CAD = Canadian dollars |
EUR = Euros |
REIT = Real Estate Investment Trust |
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.
MFGEFP3-010-1122O-S89800 | Fundamental Investors — Page 11 of 11 |