Amcap Fund (CAFBX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

Investment Company Act File Number: 811-01435

AMCAP Fund, Inc.

(Exact Name of Registrant as Specified in Charter)

333 South Hope Street

Los Angeles, California 90071

(Address of Principal Executive Offices)

Registrant's telephone number, including area code: (213) 486-9200

Date of fiscal year end: February 28 or 29

Date of reporting period: August 31, 2009

Vincent P. Corti

Capital Research and Management Company

333 South Hope Street

Los Angeles, California 90071

(Name and Address of Agent for Service)

Copies to:

Eric A.S. Richards

O’Melveny & Myers LLP

400 South Hope Street, 10th Floor

Los Angeles, California 90071

(Counsel for the Registrant)

ITEM 1 – Reports to Stockholders

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The right choice for the long term®

AMCAP Fund

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Semi-annual report for the six months ended August 31, 2009

AMCAP Fund® seeks long-term growth of capital by investing primarily in U.S. companies with a record of above-average growth.

This fund is one of the 30 American Funds. For nearly 80 years, Capital Research and Management Company,SM the American Funds adviser, has invested with a long-term focus based on thorough research and attention to risk.

Fund results shown in this report, unless otherwise indicated, are for Class A shares at net asset value. If a sales charge (maximum 5.75%) had been deducted, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value. For current information and month-end results, visit americanfunds.com.

Here are returns on a $1,000 investment with all distributions reinvested for periods ended September 30, 2009 (the most recent calendar quarter-end):
Class A shares	1 year			5 years			10 years
Reflecting 5.75% maximum sales charge
Average annual total return		—			0.81	%		2.75	%
Cumulative total return		–4.42	%		4.12	%		31.10	%

The total annual fund operating expense ratio was 0.81% for Class A shares for the 12 months ended September 30, 2009. Note that the expense ratio shown above differs from those shown in the Financial Highlights table on pages 22 to 28 and the Expense Example on pages 29 and 30, which are annualized for the six-month period ended August 31, 2009.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Fund results shown reflect the waiver, without which they would have been lower. See the Financial Highlights table on pages 22 to 28 for details.

Results for other share classes can be found on page 31.

Equity investments are subject to market fluctuations. See the prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the fund.

Fellow shareholders:

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U.S. stocks rallied sharply during the past six months ended August 31, 2009, as the global financial crisis eased and signs of recovery emerged. Today the U.S. economy has improved but is far from vigorous. A number of fundamental issues in the economy and the markets have yet to be resolved.

AMCAP posted a total return of 46.0% for the six months ended August 31, exceeding the 40.5% total return of the unmanaged Standard & Poor’s 500 Composite Index, a broad measure of mostly large U.S. stocks. AMCAP also outpaced the 45.0% total return of the Lipper Multi-Cap Core Funds Index and the 41.6% total return of the Lipper Growth Funds Index.

While we are pleased to report AMCAP’s strong returns, it is worth pointing out that the past six-month period began just before the market lows and ended close to the near-term market highs. In many ways, this period reflects a bounce back from the deep pessimism of the period leading up to the market’s low on March 9. Progress in the overall market from here will depend on how fast and how pervasively the signs of recovery turn into broad fundamental improvement.

Over the longer term, AMCAP continued to exceed the S&P 500 and the fund’s two Lipper peer-group indexes by a significant margin. For its 42-year lifetime, AMCAP provided an average annual return of 11.1%, outpacing the 9.2% of the S&P 500, the 9.0% of the Lipper Multi-Cap Core Funds Index and the 8.2% of the Lipper Growth Funds Index. The table below shows cumulative returns during selected periods. Note that the 10-year period encompasses two of the most severe declines in the postwar period.

Cumulative total returns
For periods ended August 31, 2009	Six months			1 year			5 years			10 years
AMCAP (Class A shares)		46.0	%		–10.1	%		8.9	%		33.5	%
Standard & Poor’s 500 Composite Index*		40.5			–18.2			2.5			–7.7
Lipper Multi-Cap Core Funds Index†		45.0			–17.0			9.2			9.7
Lipper Growth Funds Index†		41.6			–19.7			0.6			–17.5
*The S&P 500 is unmanaged, and its results do not reflect the effect of sales charges, commissions or expenses.
†Lipper indexes do not include the effect of sales charges.

Investment results analysis

The past six months ended August 31 was a very strong period for AMCAP. Many stocks bounced back from steep price losses in fiscal 2009 ended February 28, one of the most difficult periods in the fund’s history. Information technology is the fund’s largest industry sector, with 27.5% of the investment portfolio, followed by consumer discretionary stocks (16.3%), health care (11.9%), industrials (11.8%), financials (7.4%), energy (6.6%) and consumer staples (5.7%). AMCAP had 7.1% of its portfolio in cash and equivalents as of August 31.

Looking ahead

Signs of an economic recovery in the United States are clear, but uncertainties about the pace and strength of the upturn still exist. Unemployment remains high, and consumer spending has not yet returned to healthy levels. Personal and government debt levels remain high. Loan problems in commercial real estate continue, though there appears to be a recovery beginning in many residential real estate markets.

There is uncertainty about rising taxes and health care. Until these issues are resolved, small businesses may find it difficult to move forward with construction of new plants or make other major capital expenditures. Consumers may take some time to rebuild their balance sheets. Thus, this recovery may take longer than many previous recoveries and be more fragile than past upturns.

As the recovery continues, it is easy to get caught up in the minute-by-minute media coverage of fluctuating news and stock prices. But it is important to realize that underlying the sometimes volatile stock prices are real companies that provide real goods and services, with managements that are working hard, seeking long-term growth and fundamental strength. It’s good to remember that these are the types of companies we have in AMCAP.

At AMCAP, we are pleased to have a large and experienced team of analysts and portfolio counselors to carefully monitor economic conditions, industries and companies during this challenging time. As usual, we will continue to follow our long-term strategy of investing in quality growth companies at attractive prices.

We thank you for taking a long-term perspective on your mutual fund investments and for your continued support of AMCAP Fund.

Cordially,

/s/ Claudia P. Huntington

Claudia P. Huntington

Vice Chairman of the Board

/s/ Timothy D. Armour

Timothy D. Armour

President

October 13, 2009

For current information about the fund, visit americanfunds.com.

Summary investment portfolio, August 31, 2009

unaudited

The following summary investment portfolio is designed to streamline the report and help investors better focus on a fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

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	Percent of
Industry sector diversification	net assets
Information technology		27.51
Consumer discretionary		16.27
Health care		11.91
Industrials		11.77
Financials		7.40
Other industries		18.03
Short-term securities & other assets less liabilities		7.11

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							Percent
				Value			of net
Common stocks  - 92.89%	Shares				(000	)	assets
Information technology  - 27.51%
Microsoft Corp.		20,295,000		$	500,272			2.71	%
Oracle Corp.		17,920,000			391,910			2.12
Accenture Ltd, Class A		10,060,000			331,980			1.80
Yahoo! Inc. (1)		21,395,000			312,581			1.69
SAP AG (2)		5,163,300			252,375			1.37
Cisco Systems, Inc. (1)		11,669,300			252,057			1.37
Google Inc., Class A (1)		527,300			243,439			1.32
Hewlett-Packard Co.		5,400,000			242,406			1.31
Corning Inc.		15,260,000			230,121			1.25
Apple Inc. (1)		1,250,000			210,262			1.14
Automatic Data Processing, Inc.		4,100,000			157,235			.85
MasterCard Inc., Class A		725,000			146,907			.80
Intel Corp.		7,000,000			142,240			.77
Logitech International SA (1)		7,581,556			138,591			.75
Other securities					1,522,685			8.26
					5,075,061			27.51
Consumer discretionary  - 16.27%
Omnicom Group Inc.		7,951,000			288,780			1.57
Target Corp.		5,795,600			272,393			1.48
Johnson Controls, Inc.		10,621,700			263,099			1.43
Lowe's Companies, Inc.		10,999,700			236,494			1.28
YUM! Brands, Inc.		5,976,000			204,678			1.11
Best Buy Co., Inc.		5,400,000			195,912			1.06
Time Warner Inc.		6,300,000			175,833			.95
O'Reilly Automotive, Inc. (1)		3,819,800			146,222			.79
Staples, Inc.		6,565,000			141,870			.77
Carnival Corp., units		4,725,200			138,212			.75
Other securities					937,158			5.08
					3,000,651			16.27
Health care  - 11.91%
Medtronic, Inc.		10,030,000			384,149			2.08
McKesson Corp.		4,600,000			261,556			1.42
WellPoint, Inc. (1)		4,000,000			211,400			1.15
Aetna Inc.		6,313,700			179,940			.97
Hologic, Inc. (1)		9,370,000			154,137			.83
Roche Holding AG (2)		865,000			137,798			.75
Other securities					868,079			4.71
					2,197,059			11.91
Industrials  - 11.77%
Precision Castparts Corp.		3,921,621			357,966			1.94
General Dynamics Corp.		4,365,000			258,364			1.40
Robert Half International Inc.		7,359,000			193,468			1.05
Manpower Inc.		3,506,000			181,260			.98
United Technologies Corp.		2,850,000			169,176			.92
United Parcel Service, Inc., Class B		2,820,000			150,757			.82
CSX Corp.		3,242,115			137,790			.75
Union Pacific Corp.		2,303,300			137,760			.74
Other securities					584,707			3.17
					2,171,248			11.77
Financials  - 7.40%
Capital One Financial Corp.		7,251,200			270,397			1.47
American Express Co.		7,500,000			253,650			1.37
Bank of New York Mellon Corp.		7,136,000			211,297			1.15
JPMorgan Chase & Co.		3,700,000			160,802			.87
Other securities					467,932			2.54
					1,364,078			7.40
Energy  - 6.63%
Schlumberger Ltd.		5,740,000			322,588			1.75
FMC Technologies, Inc. (1)		3,420,000			163,134			.88
Other securities					736,925			4.00
					1,222,647			6.63
Consumer staples  - 5.68%
PepsiCo, Inc.		3,042,481			172,418			.93
Walgreen Co.		4,700,000			159,236			.86
L'Oréal SA (2)		1,450,000			143,079			.78
Other securities					572,886			3.11
					1,047,619			5.68
Materials  - 2.02%
Other securities					372,986			2.02
Other - 0.56%
Other securities					102,402			.56
Miscellaneous  -  3.14%
Other common stocks in initial period of acquisition					579,831			3.14
Total common stocks (cost: $15,380,861,000)					17,133,582			92.89
Convertible securities  - 0.00%
Miscellaneous  -  0.00%
Other convertible securities in initial period of acquisition					583			.00
Total convertible securities (cost: $230,000)					583			.00
	Principal amount
Short-term securities  - 7.41%		(000	)
Freddie Mac 0.20%-0.70% due  9/14/2009-5/17/2010	$	433,000			432,815			2.35
U.S. Treasury Bills  0.161%-0.39% due 9/15/2009-2/4/2010		321,100			321,027			1.74
Federal Home Loan Bank  0.145-0.56% due 9/2-11/25/2009		243,553			243,506			1.32
Other securities					369,329			2.00
Total short-term securities (cost: $1,366,560,000)					1,366,677			7.41
Total investment securities (cost: $16,747,651,000)					18,500,842			100.30
Other assets less liabilities					(56,068	)		(.30	)
Net assets				$	18,444,774			100.00	%

"Miscellaneous" securities include holdings in their initial period of acquisition that have not previously been publicly disclosed.

"Other securities" includes all issues that are not disclosed separately in the summary investment portfolio. Some of these securities (with aggregate value of $188,495,000, which represented 1.02% of the net assets of the fund) may be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers.

Investments in affiliates

A company is considered to be an affiliate of the fund under the Investment Company Act of 1940 if the fund's holdings in that company represent 5% or more of the outstanding voting shares of that company. The value of the fund's holdings in affiliated companies is included in "Other securities" under their respective industry sectors in the preceding summary investment portfolio.  Further details on these holdings and related transactions during the six months ended August 31, 2009, appear below.

	Beginning shares		Additions		Reductions		Ending shares			Dividend income  (000)		Value of affiliates at 8/31/09 (000)
Harman International Industries, Inc.		3,320,000		755,900		-		4,075,900	$	-	$	122,236
Tractor Supply Co.1		1,525,000		500,000		-		2,025,000		-		95,296
Bare Escentuals, Inc.1		5,735,000		-		-		5,735,000		-		53,221
Portfolio Recovery Associates, Inc. 1		975,391		17,609		-		993,000		-		43,613
Medicis Pharmaceutical Corp., Class A3		3,625,000		-		3,625,000		-		250		-
Williams-Sonoma, Inc.3		6,174,900		173,100		4,448,000		1,900,000		1,524		-
									$	1,774	$	314,366

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

(1) Security did not produce income during the last 12 months.

(2) Valued under fair value procedures adopted by authority of the board of directors. The total value of all such securities, including those in “Miscellaneous” and “Other securities,” was $779,800,000, which represented 4.23% 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.

(3) Unaffiliated issuer at 8/31/2009.

See Notes to Financials Statements

Financial statements

Statement of assets and liabilities			unaudited
at August 31, 2009	(dollars in thousands)
Assets:
Investment securities, at value:
Unaffiliated issuers (cost: $16,336,489)	$	18,186,476
Affiliated issuers (cost: $411,162)		314,366	$	18,500,842
Cash				121
Receivables for:
Sales of investments		13,520
Sales of fund's shares		22,039
Dividends and interest		25,860		61,419
				18,562,382
Liabilities:
Payables for:
Purchases of investments		62,124
Repurchases of fund's shares		32,918
Investment advisory services		5,080
Services provided by affiliates		13,665
Directors' deferred compensation		1,664
Other		2,157		117,608
Net assets at August 31, 2009			$	18,444,774
Net assets consist of:
Capital paid in on shares of capital stock			$	19,941,299
Undistributed net investment income				47,294
Accumulated net realized loss				(3,297,152	)
Net unrealized appreciation				1,753,333
Net assets at August 31, 2009			$	18,444,774

(dollars and shares in thousands, except per-share amounts)
Total authorized capital stock - 2,000,000 shares, $1.00 par value (1,231,646 total shares outstanding)
	Net assets		Shares outstanding		Net asset value per share*
Class A	$	12,237,741		812,457	$	15.06
Class B		654,916		45,224		14.48
Class C		1,017,691		70,823		14.37
Class F-1		1,376,491		91,757		15.00
Class F-2		257,221		17,041		15.09
Class 529-A		425,151		28,322		15.01
Class 529-B		68,324		4,715		14.49
Class 529-C		121,997		8,416		14.50
Class 529-E		24,713		1,665		14.85
Class 529-F-1		17,412		1,159		15.02
Class R-1		35,818		2,452		14.61
Class R-2		356,984		24,457		14.60
Class R-3		507,865		34,120		14.88
Class R-4		385,758		25,727		14.99
Class R-5		652,182		43,128		15.12
Class R-6		304,510		20,183		15.09
(*) Maximum offering price and redemption price per share were equal to the net asset value per share for all share classes, except for Classes A and 529-A, for which the maximum offering prices per share were $15.98 and $15.93, respectively.
See Notes to Financial Statements

Statement of operations				unaudited
for the six months ended August 31, 2009	(dollars in thousands)
Investment income:
Income:
Dividends (net of non-U.S.
taxes of $2,607; also includes
$1,774 from affiliates)	$	120,350
Interest		2,439		$	122,789
Fees and expenses*:
Investment advisory services		26,809
Distribution services		25,512
Transfer agent services		11,652
Administrative services		4,572
Reports to shareholders		968
Registration statement and prospectus		2,677
Directors' compensation		660
Auditing and legal		44
Custodian		116
State and local taxes		1
Other		642			73,653
Net investment income					49,136
Net realized loss and unrealized appreciation
on investments and currency:
Net realized (loss) gain on:
Investments (including $105,659 net loss from affiliates)		(994,249	)
Currency transactions		80			(994,169	)
Net unrealized appreciation on:
Investments		6,774,363
Currency translations		199			6,774,562
Net realized loss and unrealized appreciation
on investments and currency					5,780,393
Net increase in net assets resulting
from operations				$	5,829,529
(*) Additional information related to class-specific fees and expenses is included in the Notes to Financial Statements.
See Notes to Financial Statements
Statements of changes in net assets		(dollars in thousands)
	Six months ended August 31, 2009*			Year ended February 28, 2009
Operations:
Net investment income	$	49,136		$	188,389
Net realized loss on investments and currency transactions		(994,169	)		(2,303,365	)
Net unrealized appreciation (depreciation) on investments and currency translations		6,774,562			(7,434,726	)
Net increase (decrease) in net assets resulting from operations		5,829,529			(9,549,702	)
Dividends and distributions paid to shareholders:
Dividends from net investment income		(181,053	)		-
Distributions from net realized gain on investments		-			(938,078	)
Total dividends and distributions paid to shareholders		(181,053	)		(938,078	)
Net capital share transactions		(218,209	)		(1,160,523	)
Total increase (decrease) in net assets		5,430,267			(11,648,303	)
Net assets:
Beginning of period		13,014,507			24,662,810
End of period (including undistributed
net investment income: $47,294 and $179,211, respectively)	$	18,444,774		$	13,014,507
*Unaudited.
See Notes to Financial Statements

Notes to financial statements                                                                                                    

       unaudited

1. Organization and significant accounting policies

Organization – AMCAP Fund, Inc. (the "fund") is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The fund seeks long-term growth of capital by investing primarily in U.S. companies with a record of above-average growth.

The fund has 16 share classes consisting of five retail share classes, five 529 college savings plan share classes and six retirement plan share classes. The 529 college savings plan share classes (529-A, 529-B, 529-C, 529-E and 529-F-1) can be used to save for college education. The six retirement plan share classes (R-1, R-2, R-3, R-4, R-5 and R-6) are generally offered only through eligible employer-sponsored retirement plans. The fund’s share classes are described below:

Share class	Initial sales charge	Contingent deferred sales charge upon redemption	Conversion feature
Classes A and 529-A	Up to 5.75%	None (except 1% for certain redemptions within one year of purchase without an initial sales charge)	None
Classes B and 529-B*	None	Declines from 5% to 0% for redemptions within six years of purchase	Classes B and 529-B convert to Classes A and 529-A, respectively, after eight years
Class C	None	1% for redemptions within one year of purchase	Class C converts to Class F-1 after 10 years
Class 529-C	None	1% for redemptions within one year of purchase	None
Class 529-E	None	None	None
Classes F-1, F-2 and 529-F-1	None	None	None
Classes R-1, R-2, R-3, R-4,  R-5 and R-6	None	None	None

*Effective April 21, 2009, Class B and 529-B shares of the fund are no longer available for purchase.

On May 1, 2009, the fund made an additional retirement plan share class (Class R-6) available for sale pursuant to an amendment to its registration statement filed with the Securities and Exchange Commission (“SEC”). Refer to the fund’s retirement plan prospectus for more details.

Holders of all share classes have equal pro rata rights to assets, dividends and liquidation proceeds.Each share class has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for distribution, administrative and shareholder services. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class.

Significant accounting policies – The financial statements have been prepared to comply with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of the significant accounting policies followed by the fund:

Net asset value – The fund generally determines its net asset value as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open.

Security valuation – Equity securities are 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 in which the security trades. Fixed-income securities, including short-term securities purchased with more than 60 days left to maturity, are valued at prices obtained from one or more independent pricing vendors when such prices are available. However, where the investment adviser deems it appropriate to do so, such securities will be valued in good faith at the mean quoted bid and asked prices that are reasonably and timely available (or bid prices, if asked prices are not available) or at prices for securities of comparable maturity, quality and type. Vendors base bond prices on, among other things, valuation matrices that incorporate dealer-supplied valuations, proprietary pricing models and evaluations of the yield curve as of approximately 3:00 p.m. New York time. Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are valued in the manner described above for either equity or fixed-income securities, depending on which method is deemed most appropriate by the investment adviser. Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par when they reach 60 days or less remaining to maturity.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the investment adviser are fair valued as determined in good faith under guidelines adopted by authority of the fund's board of directors. Market quotations may be considered unreliable if events occur that materially affect the value of securities (particularly securities outside the U.S.) between the close of trading in those securities and the close of regular trading on the New York Stock Exchange. Various factors may be reviewed in order to make a good faith determination of a security’s fair value. These factors include, but are not limited to, 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. 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.

Security transactions and related investment income – Security transactions are recorded by the fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. Dividend income is recognized on the ex-dividend date and interest income is recognizedon an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

Class allocations – Income, fees and expenses (other than class-specific fees and expenses) and realized and unrealized gains and losses are allocated daily among the various share classes based on their relative net assets. Class-specific fees and expenses, such as distribution, administrative and shareholder services, are charged directly to the respective share class.

Dividends and distributions to shareholders –Dividends and distributions paid to shareholders are recorded on the ex-dividend date.

Currency translation – Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. On the accompanying financial statements, the effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

2. Risk factors

Investing in the fund may involve certain risks including, but not limited to, those described below.

The value of the fund's portfolio holdings may fluctuate in response to events specific to the companies or markets in which the fund invests, as well as economic, political or social events in the U.S. or abroad.

The prices of securities held by the fund may decline in response to certain events taking place around the world, including those directly involving the companies whose securities are owned by the fund; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate and commodity price fluctuations.

The growth-oriented, equity-type securities generally purchased by the fund may involve large price swings and potential for loss.

3. Taxation and distributions                                                                

Federal income taxation – The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its net taxable income and net capital gains each year. The fund is not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the period ended August 31, 2009, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any interest or penalties.

The fund is not subject to examination by U.S. federal tax authorities for tax years before 2005 and by state tax authorities for tax years before 2004.

Non-U.S. taxation – Dividend income is recorded net of non-U.S. taxes paid.

Distributions – Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gainsfor financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; deferred expenses; cost of investments sold; and net capital losses.The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes.

The components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of February 28, 2009, the components of distributable earnings on a tax basis were as follows:

(dollars in thousands)
Undistributed ordinary income	$	180,952
Post-October currency loss deferrals (realized during the period November 1, 2008, through February 28, 2009)*		(181	)
Capital loss carryforward expiring 2017†		(860,717	)
Post-October capital loss deferrals (realized during the period November 1, 2008, through February 28, 2009)*		(1,442,045	)
* These deferrals are considered incurred in the subsequent year.
†The capital loss carryforward will be used to offset any capital gains realized by the fund in the current year or in subsequent years through the expiration date. The fund will not make distributions from capital gains while a capital loss carryforward remains.

As of August 31, 2009, the tax basis unrealized appreciation (depreciation) and cost of investment securities were as follows:

(dollars in thousands)
Gross unrealized appreciation on investment securities	$	3,073,026
Gross unrealized depreciation on investment securities		(1,320,019	)
Net unrealized appreciation on investment securities		1,753,007
Cost of investment securities		16,747,835

The tax character of distributions paid to shareholders was as follows (dollars in thousands):

	Six months August 31, 2009						Year ended February 28, 2009
Share class	Ordinary  income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class A	$	132,921	$	-	$	132,921	$	-	$	621,109	$	621,109
Class B		1,312		-		1,312		-		39,384		39,384
Class C		2,279		-		2,279		-		58,353		58,353
Class F-1		14,462		-		14,462		-		92,611		92,611
Class F-2*		2,791		-		2,791		-		-		-
Class 529-A		4,608		-		4,608		-		18,357		18,357
Class 529-B		204		-		204		-		3,329		3,329
Class 529-C		395		-		395		-		5,770		5,770
Class 529-E		205		-		205		-		1,043		1,043
Class 529-F-1		230		-		230		-		749		749
Class R-1		166		-		166		-		1,617		1,617
Class R-2		1,184		-		1,184		-		16,318		16,318
Class R-3		3,791		-		3,791		-		27,709		27,709
Class R-4		4,322		-		4,322		-		16,070		16,070
Class R-5		9,204		-		9,204		-		35,659		35,659
Class R-6†		2,979		-		2,979		-		-		-
Total	$	181,053	$	-	$	181,053	$	-	$	938,078	$	938,078
*Class F-2 was offered beginning August 1, 2008.
†Class R-6 was offered beginning May 1, 2009.

4. Fees and transactions with related parties

Capital Research and Management Company ("CRMC"), the fund’s investment adviser, is the parent company of American Funds Service Company® ("AFS"), the fund’s transfer agent, and American Funds Distributors,® Inc. ("AFD"), the principal underwriter of the fund’s shares.

Investment advisory services - The Investment Advisory and Service Agreement with CRMC providesfor monthly fees accrued daily. These fees are based on a declining series of annual rates beginning with 0.485% on the first $1 billion of daily net assets and decreasing to 0.290% on such assets in excess of $27 billion. For the six months ended August 31, 2009, the investment advisory services fee was $26,809,000, which was equivalent to an annualized rate of 0.331% of average daily net assets.

Class-specific fees and expenses – Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are described below:

Distribution services – The fund has adopted plans of distribution for all share classes, except Classes F-2, R-5 and R-6. Under the plans, the board of directors approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.25% to 1.00% as noted on the following page In some cases, the board of directors has limited the amounts that may be paid to less than the maximum allowed by the plans.All share classes with a plan may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.

For Classes A and 529-A, the board of directors has also approved the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limit of 0.25% is not exceeded. As of August 31, 2009, there were no unreimbursed expenses subject to reimbursement for Classes A or 529-A.

Share class	Currently approved limits	Plan limits
Class A	0.25%	0.25%
Class 529-A	0.25	0.50
Classes B and 529-B	1.00	1.00
Classes C, 529-C and R-1	1.00	1.00
Class R-2	0.75	1.00
Classes 529-E and R-3	0.50	0.75
Classes F-1, 529-F-1 and R-4	0.25	0.50

Transfer agent services –The fund hasa transfer agent agreement with AFS for Classes A and B. Under this agreement, these share classes compensate AFS for transfer agent services including shareholder recordkeeping, communications and transaction processing. AFS is also compensated for certain transfer agent services provided to all other share classes from the administrative services fees paid to CRMC as described below.

Administrative services – The fund has an administrative services agreement with CRMC to provide transfer agent and other related shareholder services for all share classes other than Classes A and B. Each relevant share class pays CRMC annual fees up to 0.15% (0.10% for Class R-5 and 0.05% for Class R-6) based on its respective average daily net assets. Each relevant share class also pays AFS additional amounts for certain transfer agent services. CRMC and AFS may use these fees to compensate third parties for performing these services. Each 529 share class is subject to an additional administrative services fee payable to the Commonwealth of Virginia for the maintenance of the 529 college savings plan.The quarterly fee is based on a declining series of annual rates beginning with 0.10% on the first $30 billion of the net assets invested in Class 529 shares of the American Funds and decreasing to 0.06% on such assets between $120 billion and $150 billion. The fee for any given calendar quarter is accrued and calculated on the basis of the average net assets of Class 529 shares of the American Funds for the last month of the prior calendar quarter. Although these amounts are included with administrative services fees on the accompanying financial statements, the Commonwealth of Virginia is not considered a related party.

Expenses under the agreements described on the previous page for the six months ended August 31, 2009, were as follows (dollars in thousands):

Share class	Distribution services	Transfer agent services	Administrative services
			CRMC administrative services	Transfer agent services	Commonwealth of Virginia administrative services
Class A	$12,465	$11,052	Not applicable	Not applicable	Not applicable
Class B	2,985	600	Not applicable	Not applicable	Not applicable
Class C	4,490	Included in administrative services	$675	$157	Not applicable
Class F-1	1,482		797	83	Not applicable
Class F-2	Not applicable		113	6	Not applicable
Class 529-A	386		267	49	$184
Class 529-B	302		44	14	30
Class 529-C	527		77	22	53
Class 529-E	53		16	3	11
Class 529-F-1	-		11	2	8
Class R-1	153		19	9	Not applicable
Class R-2	1,153		231	579	Not applicable
Class R-3	1,105		330	171	Not applicable
Class R-4	411		236	9	Not applicable
Class R-5	Not applicable		320	3	Not applicable
Class R-6*	Not applicable		43	-†	Not applicable
Total	$25,512	$11,652	$3,179	$1,107	$286

*Class R-6 was offered beginning May 1, 2009.

† Amount less than one thousand.

Directors’ deferred compensation – Since the adoption of the deferred compensation plan in 1993, directors who are unaffiliated with CRMCmay elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Directors’ compensation of $660,000, shown on the accompanying financial statements, includes $218,000 in current fees (either paid in cash or deferred) and a net increase of $442,000 in the value of the deferred amounts.

Affiliated officers and directors – Officers and certain directors of the fund are or may be considered to be affiliated with CRMC, AFS and AFD. No affiliated officers or directors received any compensation directly from the fund.

5. Disclosure of fair value measurements

The fund classifies its assets and liabilities into three levels based on the method 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. Level 3 values are based on significant unobservable inputs that reflect the fund’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 generally high-quality and liquid; however, they 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 August 31, 2009 (dollars in thousands):

Investment securities:	Level 1		Level 2			Level 3		Total
Common stocks:
Information technology	$	4,757,568	$	317,493	*	$	-	$	5,075,061
Consumer discretionary		2,976,669		23,982	*		-		3,000,651
Health care		2,030,840		166,219	*		-		2,197,059
Industrials		2,102,469		68,779	*		-		2,171,248
Financials		1,364,078		-			-		1,364,078
Energy		1,222,647		-			-		1,222,647
Consumer staples		904,540		143,079	*		-		1,047,619
Materials		372,986		-			-		372,986
Other		102,402		-			-		102,402
Miscellaneous		519,583		60,248	*		-		579,831
Convertible securities		583		-			-		583
Short-term securities		-		1,366,677			-		1,366,677
Total	$	16,354,365	$	2,146,477		$	-	$	18,500,842
(*) Includes certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading; therefore, $779,800,000 of investment securities were classified as Level 2 instead of Level 1.

6. Capital share transactions

Capital share transactions in the fund were as follows (dollars and shares in thousands):

Share class	Sales(1)				Reinvestments of dividends and distributions				Repurchases(1)						Net (decrease) increase
	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months August 31, 2009
Class A	$	793,170		60,669	$	126,496		9,398	$	(1,128,382	)		(89,607	)	$	(208,716	)		(19,540	)
Class B		15,294		1,255		1,266		98		(74,424	)		(6,128	)		(57,864	)		(4,775	)
Class C		61,482		4,901		2,165		169		(101,023	)		(8,532	)		(37,376	)		(3,462	)
Class F-1		151,368		11,457		12,582		939		(301,146	)		(24,342	)		(137,196	)		(11,946	)
Class F-2		139,930		10,304		1,996		148		(21,785	)		(1,748	)		120,141			8,704
Class 529-A		26,296		2,019		4,608		343		(20,308	)		(1,588	)		10,596			774
Class 529-B		1,408		119		204		16		(3,116	)		(256	)		(1,504	)		(121	)
Class 529-C		8,601		686		393		30		(7,606	)		(617	)		1,388			99
Class 529-E		1,957		152		205		16		(1,436	)		(115	)		726			53
Class 529-F-1		1,930		149		230		17		(1,744	)		(133	)		416			33
Class R-1		5,387		424		165		13		(4,397	)		(347	)		1,155			90
Class R-2		48,563		3,908		1,183		90		(39,355	)		(3,194	)		10,391			804
Class R-3		58,262		4,571		3,784		284		(59,975	)		(4,668	)		2,071			187
Class R-4		54,073		4,210		4,319		322		(38,201	)		(3,025	)		20,191			1,507
Class R-5		105,455		8,042		9,194		681		(323,099	)		(24,501	)		(208,450	)		(15,778	)
Class R-62		263,078		19,978		2,979		221		(235	)		(16	)		265,822			20,183
Total net increase
(decrease)	$	1,736,254		132,844	$	171,769		12,785	$	(2,126,232	)		(168,817	)	$	(218,209	)		(23,188	)
Year ended February 28, 2009
Class A	$	2,031,710		140,956	$	596,800		34,698	$	(3,325,626	)		(233,947	)	$	(697,116	)		(58,293	)
Class B		56,893		4,006		38,002		2,299		(203,079	)		(14,362	)		(108,184	)		(8,057	)
Class C		184,522		13,664		55,790		3,401		(400,253	)		(28,945	)		(159,941	)		(11,880	)
Class F-1		503,663		35,048		83,010		4,851		(1,051,411	)		(72,303	)		(464,738	)		(32,404	)
Class F-23		117,839		9,582		-		-		(14,721	)		(1,245	)		103,118			8,337
Class 529-A		60,850		4,067		18,352		1,070		(43,463	)		(3,017	)		35,739			2,120
Class 529-B		6,477		450		3,329		201		(7,032	)		(509	)		2,774			142
Class 529-C		18,181		1,259		5,766		348		(18,794	)		(1,352	)		5,153			255
Class 529-E		4,038		281		1,043		61		(2,761	)		(192	)		2,320			150
Class 529-F-1		4,736		311		749		44		(3,407	)		(237	)		2,078			118
Class R-1		10,855		723		1,609		96		(10,141	)		(705	)		2,323			114
Class R-2		100,826		6,952		16,308		977		(107,330	)		(7,410	)		9,804			519
Class R-3		144,480		9,603		27,641		1,627		(255,728	)		(17,046	)		(83,607	)		(5,816	)
Class R-4		130,418		8,744		16,066		938		(232,374	)		(14,267	)		(85,890	)		(4,585	)
Class R-5		415,141		26,109		35,408		2,051		(174,905	)		(11,887	)		275,644			16,273
Total net increase
(decrease)	$	3,790,629		261,755	$	899,873		52,662	$	(5,851,025	)		(407,424	)	$	(1,160,523	)		(93,007	)
1Includes exchanges between share classes of the fund.
2Class R-6 was offered beginning May 1, 2009.
3Class F-2 was offered beginning August 1, 2008.

7. Investment transactions

The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $2,594,423,000 and $2,480,117,000, respectively, during the six months ended August 31, 2009.

8. Subsequent events

As of October 13, 2009, the date the financial statements were available to be issued, no subsequent events or transactions had occurred that would have materially impacted the financial statements as presented.

Financial highlights(1)

				Income (loss) from investment operations(2)									Dividends and distributions
		Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return(3)(4)			Net assets, end of period (in millions)		Ratio of expenses to average net assets before reimbursements/ waivers			Ratio of expenses to average net assets after reimbursements/ waivers(4)			Ratio of net income (loss) to average net assets(4)
Class A:	Six months ended 8/31/2009(5)	$	10.44	$	.05		$	4.73		$	4.78		$	(.16	)	$	-		$	(.16	)	$	15.06		46.01	%	$	12,238		.83	%(6)		.83	%(6)		.69	%(6)
	Year ended 2/28/2009		18.41		.16			(7.43	)		(7.27	)		-			(.70	)		(.70	)		10.44		(40.97	)		8,687		.74			.71			1.03
	Year ended 2/29/2008		20.29		.25			(.77	)		(.52	)		(.24	)		(1.12	)		(1.36	)		18.41		(3.14	)		16,387		.68			.65			1.21
	Year ended 2/28/2007		19.48		.18			1.37			1.55			(.16	)		(.58	)		(.74	)		20.29		8.07			17,341		.68			.65			.91
	Year ended 2/28/2006		18.02		.12			1.82			1.94			(.09	)		(.39	)		(.48	)		19.48		10.87			16,091		.68			.65			.66
	Year ended 2/28/2005		17.50		.06			.63			.69			(.04	)		(.13	)		(.17	)		18.02		3.94			13,350		.69			.68			.36
Class B:	Six months ended 8/31/2009(5)		9.98		-	(7)		4.53			4.53			(.03	)		-			(.03	)		14.48		45.40			655		1.60	(6)		1.60	(6)		(.08	)(6)
	Year ended 2/28/2009		17.75		.04			(7.11	)		(7.07	)		-			(.70	)		(.70	)		9.98		(41.38	)		499		1.50			1.48			.26
	Year ended 2/29/2008		19.59		.09			(.76	)		(.67	)		(.05	)		(1.12	)		(1.17	)		17.75		(3.92	)		1,031		1.45			1.42			.44
	Year ended 2/28/2007		18.83		.02			1.32			1.34			-			(.58	)		(.58	)		19.59		7.23			1,163		1.46			1.42			.13
	Year ended 2/28/2006		17.48		(.02	)		1.76			1.74			-			(.39	)		(.39	)		18.83		10.04			1,139		1.47			1.44			(.13	)
	Year ended 2/28/2005		17.07		(.07	)		.61			.54			-			(.13	)		(.13	)		17.48		3.13			984		1.48			1.47			(.41	)
Class C:	Six months ended 8/31/2009(5)		9.90		-	(7)		4.50			4.50			(.03	)		-			(.03	)		14.37		45.51			1,018		1.58	(6)		1.58	(6)		(.06	)(6)
	Year ended 2/28/2009		17.63		.03			(7.06	)		(7.03	)		-			(.70	)		(.70	)		9.90		(41.44	)		736		1.52			1.49			.24
	Year ended 2/29/2008		19.46		.08			(.74	)		(.66	)		(.05	)		(1.12	)		(1.17	)		17.63		(3.93	)		1,519		1.50			1.47			.39
	Year ended 2/28/2007		18.72		.01			1.31			1.32			-			(.58	)		(.58	)		19.46		7.16			1,667		1.51			1.48			.07
	Year ended 2/28/2006		17.39		(.03	)		1.75			1.72			-			(.39	)		(.39	)		18.72		9.98			1,607		1.52			1.49			(.18	)
	Year ended 2/28/2005		16.99		(.08	)		.61			.53			-			(.13	)		(.13	)		17.39		3.09			1,262		1.54			1.53			(.47	)
Class F-1:	Six months ended 8/31/2009(5)		10.39		.05			4.72			4.77			(.16	)		-			(.16	)		15.00		46.05			1,376		.77	(6)		.77	(6)		.75	(6)
	Year ended 2/28/2009		18.31		.16			(7.38	)		(7.22	)		-			(.70	)		(.70	)		10.39		(40.92	)		1,077		.70			.67			1.06
	Year ended 2/29/2008		20.20		.25			(.78	)		(.53	)		(.24	)		(1.12	)		(1.36	)		18.31		(3.19	)		2,492		.68			.65			1.20
	Year ended 2/28/2007		19.40		.18			1.36			1.54			(.16	)		(.58	)		(.74	)		20.20		8.06			2,506		.68			.65			.90
	Year ended 2/28/2006		17.94		.12			1.82			1.94			(.09	)		(.39	)		(.48	)		19.40		10.90			2,132		.71			.68			.63
	Year ended 2/28/2005		17.41		.06			.62			.68			(.02	)		(.13	)		(.15	)		17.94		3.88			1,513		.76			.75			.31
Class F-2:	Six months ended 8/31/2009(5)		10.46		.06			4.75			4.81			(.18	)		-			(.18	)		15.09		46.19			257		.55	(6)		.55	(6)		.92	(6)
	Period from 8/1/2008 to 2/28/2009		16.52		.10			(6.16	)		(6.06	)		-			-			-			10.46		(36.68	)		87		.50	(6)		.48	(6)		1.50	(6)
Class 529-A:	Six months ended 8/31/2009(5)		10.41		.04			4.73			4.77			(.17	)		-			(.17	)		15.01		45.96			425		.88	(6)		.88	(6)		.64	(6)
	Year ended 2/28/2009		18.36		.15			(7.40	)		(7.25	)		-			(.70	)		(.70	)		10.41		(40.97	)		287		.79			.76			.98
	Year ended 2/29/2008		20.25		.23			(.78	)		(.55	)		(.22	)		(1.12	)		(1.34	)		18.36		(3.26	)		467		.76			.73			1.12
	Year ended 2/28/2007		19.45		.17			1.36			1.53			(.15	)		(.58	)		(.73	)		20.25		7.99			432		.74			.71			.84
	Year ended 2/28/2006		17.99		.11			1.82			1.93			(.08	)		(.39	)		(.47	)		19.45		10.85			339		.75			.72			.60
	Year ended 2/28/2005		17.46		.06			.62			.68			(.02	)		(.13	)		(.15	)		17.99		3.86			224		.77			.76			.31
Class 529-B:	Six months ended 8/31/2009(5)		10.00		(.01	)		4.54			4.53			(.04	)		-			(.04	)		14.49		45.38			68		1.69	(6)		1.69	(6)		(.17	)(6)
	Year ended 2/28/2009		17.81		.02			(7.13	)		(7.11	)		-			(.70	)		(.70	)		10.00		(41.47	)		48		1.60			1.57			.17
	Year ended 2/29/2008		19.65		.06			(.74	)		(.68	)		(.04	)		(1.12	)		(1.16	)		17.81		(3.99	)		84		1.57			1.54			.31
	Year ended 2/28/2007		18.91		-	(7)		1.32			1.32			-			(.58	)		(.58	)		19.65		7.09			84		1.57			1.54			.01
	Year ended 2/28/2006		17.58		(.05	)		1.77			1.72			-			(.39	)		(.39	)		18.91		9.87			73		1.61			1.58			(.27	)
	Year ended 2/28/2005		17.20		(.10	)		.61			.51			-			(.13	)		(.13	)		17.58		2.94			56		1.66			1.65			(.59	)
Class 529-C:	Six months ended 8/31/2009(5)		10.00		(.01	)		4.56			4.55			(.05	)		-			(.05	)		14.50		45.38			122		1.68	(6)		1.68	(6)		(.16	)(6)
	Year ended 2/28/2009		17.82		.03			(7.15	)		(7.12	)		-			(.70	)		(.70	)		10.00		(41.44	)		83		1.59			1.57			.17
	Year ended 2/29/2008		19.67		.06			(.74	)		(.68	)		(.05	)		(1.12	)		(1.17	)		17.82		(4.00	)		144		1.57			1.54			.31
	Year ended 2/28/2007		18.93		-	(7)		1.32			1.32			-			(.58	)		(.58	)		19.67		7.08			136		1.56			1.53			.02
	Year ended 2/28/2006		17.59		(.05	)		1.78			1.73			-			(.39	)		(.39	)		18.93		9.92			110		1.59			1.56			(.25	)
	Year ended 2/28/2005		17.21		(.10	)		.61			.51			-			(.13	)		(.13	)		17.59		2.93			76		1.65			1.64			(.58	)
Class 529-E:	Six months ended 8/31/2009(5)	$	10.28	$	.02		$	4.68		$	4.70		$	(.13	)	$	-		$	(.13	)	$	14.85		45.82	%	$	25		1.17	%(6)		1.17	%(6)		.35	%(6)
	Year ended 2/28/2009		18.20		.10			(7.32	)		(7.22	)		-			(.70	)		(.70	)		10.28		(41.17	)		17		1.09			1.06			.69
	Year ended 2/29/2008		20.07		.17			(.76	)		(.59	)		(.16	)		(1.12	)		(1.28	)		18.20		(3.50	)		27		1.06			1.03			.82
	Year ended 2/28/2007		19.28		.10			1.35			1.45			(.08	)		(.58	)		(.66	)		20.07		7.66			25		1.05			1.02			.54
	Year ended 2/28/2006		17.85		.05			1.80			1.85			(.03	)		(.39	)		(.42	)		19.28		10.46			20		1.08			1.05			.27
	Year ended 2/28/2005		17.37		(.01	)		.62			.61			-			(.13	)		(.13	)		17.85		3.48			14		1.13			1.12			(.05	)
Class 529-F-1:	Six months ended 8/31/2009(5)		10.43		.06			4.73			4.79			(.20	)		-			(.20	)		15.02		46.11			17		.67	(6)		.67	(6)		.85	(6)
	Year ended 2/28/2009		18.36		.18			(7.41	)		(7.23	)		-			(.70	)		(.70	)		10.43		(40.86	)		12		.59			.56			1.18
	Year ended 2/29/2008		20.26		.27			(.77	)		(.50	)		(.28	)		(1.12	)		(1.40	)		18.36		(3.07	)		18		.56			.53			1.30
	Year ended 2/28/2007		19.46		.20			1.37			1.57			(.19	)		(.58	)		(.77	)		20.26		8.20			14		.55			.52			1.04
	Year ended 2/28/2006		17.99		.14			1.82			1.96			(.10	)		(.39	)		(.49	)		19.46		10.99			10		.62			.59			.73
	Year ended 2/28/2005		17.46		.04			.62			.66			-			(.13	)		(.13	)		17.99		3.75			6		.88			.87			.20
Class R-1:	Six months ended 8/31/2009(5)		10.09		-	(7)		4.59			4.59			(.07	)		-			(.07	)		14.61		45.40			36	��	1.56	(6)		1.56	(6)		(.04	)(6)
	Year ended 2/28/2009		17.95		.04			(7.20	)		(7.16	)		-			(.70	)		(.70	)		10.09		(41.36	)		24		1.48			1.45			.29
	Year ended 2/29/2008		19.80		.08			(.76	)		(.68	)		(.05	)		(1.12	)		(1.17	)		17.95		(3.93	)		40		1.50			1.47			.39
	Year ended 2/28/2007		19.04		.02			1.32			1.34			-			(.58	)		(.58	)		19.80		7.14			43		1.50			1.47			.09
	Year ended 2/28/2006		17.69		(.03	)		1.77			1.74			-			(.39	)		(.39	)		19.04		9.92			35		1.55			1.51			(.19	)
	Year ended 2/28/2005		17.28		(.08	)		.62			.54			-			(.13	)		(.13	)		17.69		3.09			23		1.57			1.54			(.47	)
Class R-2:	Six months ended 8/31/2009(5)		10.08		(.01	)		4.58			4.57			(.05	)		-			(.05	)		14.60		45.38			357		1.66	(6)		1.66	(6)		(.15	)(6)
	Year ended 2/28/2009		17.94		.03			(7.19	)		(7.16	)		-			(.70	)		(.70	)		10.08		(41.44	)		238		1.59			1.57			.17
	Year ended 2/29/2008		19.79		.08			(.76	)		(.68	)		(.05	)		(1.12	)		(1.17	)		17.94		(3.95	)		415		1.53			1.47			.38
	Year ended 2/28/2007		19.03		.02			1.32			1.34			-			(.58	)		(.58	)		19.79		7.15			427		1.59			1.46			.09
	Year ended 2/28/2006		17.66		(.03	)		1.79			1.76			-			(.39	)		(.39	)		19.03		10.05			358		1.66			1.48			(.17	)
	Year ended 2/28/2005		17.26		(.07	)		.60			.53			-			(.13	)		(.13	)		17.66		3.04			245		1.73			1.51			(.43	)
Class R-3:	Six months ended 8/31/2009(5)		10.29		.03			4.67			4.70			(.11	)		-			(.11	)		14.88		45.81			508		1.11	(6)		1.11	(6)		.41	(6)
	Year ended 2/28/2009		18.21		.11			(7.33	)		(7.22	)		-			(.70	)		(.70	)		10.29		(41.15	)		349		1.05			1.02			.70
	Year ended 2/29/2008		20.08		.18			(.78	)		(.60	)		(.15	)		(1.12	)		(1.27	)		18.21		(3.51	)		724		1.04			1.01			.85
	Year ended 2/28/2007		19.28		.11			1.35			1.46			(.08	)		(.58	)		(.66	)		20.08		7.68			747		1.04			1.01			.55
	Year ended 2/28/2006		17.86		.05			1.80			1.85			(.04	)		(.39	)		(.43	)		19.28		10.45			662		1.06			1.02			.29
	Year ended 2/28/2005		17.37		-	(7)		.62			.62			-			(.13	)		(.13	)		17.86		3.54			421		1.08			1.07			.01
Class R-4:	Six months ended 8/31/2009(5)		10.40		.05			4.71			4.76			(.17	)		-			(.17	)		14.99		46.00			386		.79	(6)		.79	(6)		.73	(6)
	Year ended 2/28/2009		18.33		.16			(7.39	)		(7.23	)		-			(.70	)		(.70	)		10.40		(40.93	)		252		.73			.70			1.04
	Year ended 2/29/2008		20.22		.24			(.78	)		(.54	)		(.23	)		(1.12	)		(1.35	)		18.33		(3.22	)		528		.73			.70			1.16
	Year ended 2/28/2007		19.42		.17			1.35			1.52			(.14	)		(.58	)		(.72	)		20.22		7.97			555		.73			.70			.85
	Year ended 2/28/2006		17.99		.11			1.81			1.92			(.10	)		(.39	)		(.49	)		19.42		10.79			405		.75			.71			.61
	Year ended 2/28/2005		17.45		.06			.62			.68			(.01	)		(.13	)		(.14	)		17.99		3.85			168		.76			.75			.35
Class R-5:	Six months ended 8/31/2009(5)		10.50		.07			4.76			4.83			(.21	)		-			(.21	)		15.12		46.27			652		.48	(6)		.48	(6)		1.03	(6)
	Year ended 2/28/2009		18.45		.20			(7.45	)		(7.25	)		-			(.70	)		(.70	)		10.50		(40.77	)		619		.43			.40			1.35
	Year ended 2/29/2008		20.35		.30			(.77	)		(.47	)		(.31	)		(1.12	)		(1.43	)		18.45		(2.93	)		787		.43			.40			1.43
	Year ended 2/28/2007		19.55		.23			1.36			1.59			(.21	)		(.58	)		(.79	)		20.35		8.29			514		.43			.40			1.15
	Year ended 2/28/2006		18.07		.17			1.83			2.00			(.13	)		(.39	)		(.52	)		19.55		11.19			359		.44			.41			.90
	Year ended 2/28/2005		17.54		.11			.63			.74			(.08	)		(.13	)		(.21	)		18.07		4.20			274		.45			.44			.62
Class R-6:	Period from 5/1/2009 to 8/31/2009(5)		13.04		.05			2.16			2.21			(.16	)		-			(.16	)		15.09		17.13			305		.15			.15			.37

	Six months ended August 31,			Year ended February 28 or 29
	2009(5)			2009			2008			2007			2006			2005
Portfolio turnover rate for all classes of shares		17	%		37	%		29	%		20	%		20	%		16	%

(1)Based on operations for the periods shown (unless otherwise noted) and, accordingly, may not be representative of a full year.

(2)Based on average shares outstanding.

(3)Total returns exclude any applicable sales charges, including contingent deferred sales charges.

(4)This column reflects the impact, if any, of certain reimbursements/waivers from CRMC. During some of the periods shown, CRMC reduced fees for investment advisory services. In addition, during some of the periods shown, CRMC paid a portion of the fund's transfer agent fees for certain retirement plan share classes.

(5)Unaudited.

(6)Annualized.

(7)Amount less than $.01.

See Notes to Financial Statements

Expense example

unaudited

As a shareholder of the fund, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2009, through August 31, 2009).

Actual expenses:

The first line of each share class in the table on the next page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses paid during period" to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of each share class in the table on the next page provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:

There are some account fees that are charged to certain types of accounts, such as individual retirement accounts and 529 college savings plan accounts (generally, a $10 fee is charged to set up the account and an additional $10 fee is charged to the account annually), that would increase the amount of expenses paid on your account. In addition, retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F-1, F-2 and 529-F-1shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 3/1/2009		Ending account value 8/31/2009		Expenses paid during period*		Annualized expense ratio
Class A -- actual return	$	1,000.00	$	1,460.10	$	5.15		.83	%
Class A -- assumed 5% return		1,000.00		1,021.02		4.23		.83
Class B -- actual return		1,000.00		1,454.02		9.90		1.60
Class B -- assumed 5% return		1,000.00		1,017.14		8.13		1.60
Class C -- actual return		1,000.00		1,455.12		9.78		1.58
Class C -- assumed 5% return		1,000.00		1,017.24		8.03		1.58
Class F-1 -- actual return		1,000.00		1,460.54		4.78		.77
Class F-1 -- assumed 5% return		1,000.00		1,021.32		3.92		.77
Class F-2 -- actual return		1,000.00		1,461.89		3.41		.55
Class F-2 -- assumed 5% return		1,000.00		1,022.43		2.80		.55
Class 529-A -- actual return		1,000.00		1,459.60		5.46		.88
Class 529-A -- assumed 5% return		1,000.00		1,020.77		4.48		.88
Class 529-B -- actual return		1,000.00		1,453.77		10.45		1.69
Class 529-B -- assumed 5% return		1,000.00		1,016.69		8.59		1.69
Class 529-C -- actual return		1,000.00		1,453.80		10.39		1.68
Class 529-C -- assumed 5% return		1,000.00		1,016.74		8.54		1.68
Class 529-E -- actual return		1,000.00		1,458.17		7.25		1.17
Class 529-E -- assumed 5% return		1,000.00		1,019.31		5.96		1.17
Class 529-F-1 -- actual return		1,000.00		1,461.09		4.16		.67
Class 529-F-1 -- assumed 5% return		1,000.00		1,021.83		3.41		.67
Class R-1 -- actual return		1,000.00		1,454.05		9.65		1.56
Class R-1 -- assumed 5% return		1,000.00		1,017.34		7.93		1.56
Class R-2 -- actual return		1,000.00		1,453.82		10.27		1.66
Class R-2 -- assumed 5% return		1,000.00		1,016.84		8.44		1.66
Class R-3 -- actual return		1,000.00		1,458.09		6.88		1.11
Class R-3 -- assumed 5% return		1,000.00		1,019.61		5.65		1.11
Class R-4 -- actual return		1,000.00		1,460.03		4.90		.79
Class R-4 -- assumed 5% return		1,000.00		1,021.22		4.02		.79
Class R-5 -- actual return		1,000.00		1,462.69		2.98		.48
Class R-5 -- assumed 5% return		1,000.00		1,022.79		2.45		.48
Class R-6 -- actual return †		1,000.00		1,171.30		1.67		.46
Class R-6 -- assumed 5% return †		1,000.00		1,022.89		2.35		.46

*The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365  (to reflect the one-half year period).

† The period for the “annualized expense ratio” and “actual return” line is based on the number of days from May 1, 2009 (the initial sale of the share class), through August 31, 2009, and accordingly, is not representative of a full period. The “assumed 5% return” line is based on 184 days.

Other share class results

unaudited

Classes B, C, F and 529

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com.

Average annual total returns for periods ended							Life
September 30, 2009 (the most recent calendar quarter-end):	1 year			5 years			of class
Class B shares1 — first sold 3/15/00
Reflecting applicable contingent deferred sales charge
(CDSC), maximum of 5%, payable only if shares are
sold within six years of purchase		–4.31	%		0.88	%		1.15	%
Not reflecting CDSC		0.69			1.23			1.15
Class C shares — first sold 3/15/01
Reflecting CDSC, maximum of 1%, payable only
if shares are sold within one year of purchase		–0.35			1.18			1.31
Not reflecting CDSC		0.65			1.18			1.31
Class F-1 shares2 — first sold 3/16/01
Not reflecting annual asset-based fee charged
by sponsoring firm		1.49			2.00			2.31
Class F-2 shares2 — first sold 8/1/08
Not reflecting annual asset-based fee charged
by sponsoring firm		1.73			—			–3.50
Class 529-A shares3 — first sold 2/15/02
Reflecting 5.75% maximum sales charge		–4.48			0.73			1.89
Not reflecting maximum sales charge		1.36			1.93			2.68
Class 529-B shares1,3 — first sold 2/19/02
Reflecting applicable CDSC, maximum of 5%, payable
only if shares are sold within six years of purchase		–4.47			0.74			2.04
Not reflecting CDSC		0.53			1.09			2.04
Class 529-C shares3 — first sold 2/19/02
Reflecting CDSC, maximum of 1%, payable only
if shares are sold within one year of purchase		–0.44			1.10			2.06
Not reflecting CDSC		0.56			1.10			2.06
Class 529-E shares2,3 — first sold 3/7/02		1.07			1.63			1.85
Class 529-F-1 shares2,3 — first sold 9/17/02
Not reflecting annual asset-based fee charged
by sponsoring firm		1.59			2.10			5.72

1These shares are no longer available for purchase.

2These shares are sold without any initial or contingent deferred sales charge.

3Results shown do not reflect the $10 account setup fee and an annual $10 account maintenance fee.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Fund results shown reflect the waiver, without which they would have been lower. See the Financial Highlights table on pages 22 to 28 for details.

For information regarding the differences among the various share classes, refer to the fund’s prospectus.

Approval of Investment Advisory and Service Agreement

The fund’s board has approved the fund’s Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through March 31, 2010. The board approved the agreement following the recommendation of the fund’s Contracts Committee (the “committee”), which is composed of all of the fund’s independent board members. The board and the committee determined that the fund’s advisory fee structure was fair and reasonable in relation to the services provided and that approving the agreement was in the best interests of the fund and its shareholders.

In reaching this decision, the board and the committee took into account information furnished to them throughout the year, as well as information prepared specifically in connection with their review of the agreement and were advised by their independent counsel. They considered the factors discussed below, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor.

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of its organization; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee considered, among other things, the impact of current market conditions on the fund and CRMC. The board and the committee also considered the nature, extent and quality of administrative, compliance and shareholder services provided by CRMC to the fund under the agreement and other agreements as well as the benefits to fund shareholders from investing in a fund that is part of a large family of funds. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit the fund and its shareholders.

2. Investment results

The board and the committee considered the investment results of the fund in light of its objective of providing long-term growth of capital. They compared the fund’s total returns with those of other relevant funds (including the other funds that are the basis of the Lipper index for the category in which the fund is included) and market data such as relevant market indices, in each case as available at the time of the related meetings. In addition to the information reviewed by the board and the committee, this report, including the letter to shareholders and related disclosures, contains certain information about the fund’s investment results. The board and the committee concluded that the fund’s results have been satisfactory and that CRMC’s record in managing the fund indicated that its continued management should benefit the fund and its shareholders.

3. Advisory fees and total expenses

The board and the committee compared the advisory fees and total expense levels of the fund to those of other relevant funds. They observed that the fund’s advisory fees and expenses remain significantly below those of most other relevant funds. The board and the committee also noted the breakpoint discounts in the fund’s advisory fee structure that reduce the level of fees charged by CRMC to the fund as fund assets increase. In addition, they reviewed information regarding the advisory fees paid by institutional clients of an affiliate of CRMC with investment mandates similar to those of the fund. They noted that, although the fees paid by those clients generally were lower than those paid by the fund, the differences appropriately reflected the significant investment, operational and regulatory differences between advising mutual funds and institutional clients. The board and the committee concluded that the fund’s cost structure was fair and reasonable in relation to the services provided, and that the shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by the fund.

4. Ancillary benefits

The board and the committee considered a variety of other benefits received by CRMC and its affiliates as a result of CRMC’s relationship with the fund and the other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the fund’s principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC’s institutional management affiliates. The board and the committee reviewed CRMC’s portfolio trading practices, noting that while CRMC receives the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the fund, it does not obtain third-party research or other services in return for allocating brokerage to such broker-dealers. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC by the fund.

5. Adviser financial information

The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and willingness to invest in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments and attract and retain qualified personnel. They noted information previously received regarding the compensation structure for CRMC’s investment professionals. The board and the committee also compared CRMC’s profitability to the reported results of several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the fund’s advisory fee structure and the impact of the termination of CRMC’s 10% advisory fee waiver effective December 31, 2008. The board and the committee concluded that the fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and the fund’s shareholders.

Offices of the fund and of the

investment adviser

Capital Research and Management Company

333 South Hope Street

Los Angeles, CA 90071-1406

6455 Irvine Center Drive

Irvine, CA 92618

Transfer agent for shareholder accounts

American Funds Service Company

(Write to the address near you.)

P.O. Box 6007

Indianapolis, IN 46206-6007

P.O. Box 2280

Norfolk, VA 23501-2280

Custodian of assets

JPMorgan Chase Bank

270 Park Avenue

New York, NY 10017-2070

Counsel

O’Melveny & Myers LLP

400 South Hope Street

Los Angeles, CA 90071-2899

Independent registered public

accounting firm

Deloitte & Touche LLP

695 Town Center Drive

Suite 1200

Costa Mesa, CA 92626-7188

Principal underwriter

American Funds Distributors, Inc.

333 South Hope Street

Los Angeles, CA 90071-1406

Investors should carefully consider the investment objectives, risks, charges and expenses of the American Funds. This and other important information is contained in the fund’s 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 800/421-0180 or visit the American Funds website at americanfunds.com.

“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on the American Funds website or upon request by calling AFS. The fund files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on the American Funds website.

A complete August 31, 2009, portfolio of AMCAP Fund’s investments is available free of charge by calling AFS or visiting the SEC website (where it is part of Form N-CSR).

AMCAP Fund files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. This filing is available free of charge on the SEC website. You may also review or, for a fee, copy this filing at the SEC’s Public Reference Room in Washington, D.C. Additional information regarding the operation of the Public Reference Room may be obtained by calling the SEC’s Office of Investor Education and Advocacy at 800/SEC-0330. Additionally, the list of portfolio holdings is available by calling AFS.

This report is for the information of shareholders of AMCAP Fund, but it also may be used as sales literature when preceded or accompanied by the current prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after December 31, 2009, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

[logo - American Funds®]

The right choice for the long term®

What makes American Funds different?

For nearly 80 years, we have followed a consistent philosophy to benefit our investors. Our carefully conceived, broadly diversified funds, in addition to the target date retirement series, offer opportunities that have attracted over 50 million shareholder accounts.

Our unique combination of strengths includes these five factors:

•A long-term, value-oriented approach

We seek to buy securities at reasonable prices relative to their prospects and hold them for the long term.

•An extensive global research effort

Our investment professionals travel the world to find the best investment opportunities and gain a comprehensive understanding of companies and markets.

•The multiple portfolio counselor system

Our unique approach to portfolio management, developed 50 years ago, blends teamwork with individual accountability and has provided American Funds with a sustainable method of achieving fund objectives.

•Experienced investment professionals

American Funds portfolio counselors have an average of 25 years of investment experience, providing a depth of knowledge and broad perspective that few organizations have.

•A commitment to low management fees

The American Funds provide exceptional value for shareholders, with management fees that are among the lowest in the mutual fund industry.

American Funds span a range of investment objectives

•  Growth funds

> AMCAP Fund®

EuroPacific Growth Fund®

The Growth Fund of America®

The New Economy Fund®

New Perspective Fund®

New World Fund®

SMALLCAP World Fund®

•  Growth-and-income funds

American Mutual Fund®

Capital World Growth and Income FundSM

Fundamental InvestorsSM

International Growth and Income FundSM

The Investment Company of America®

Washington Mutual Investors FundSM

•  Equity-income funds

Capital Income Builder®

The Income Fund of America®

•Balanced fund

American Balanced Fund®

•  Bond funds

American High-Income TrustSM

The Bond Fund of AmericaSM

Capital World Bond Fund®

Intermediate Bond Fund of America®

Short-Term Bond Fund of AmericaSM

U.S. Government Securities FundSM

•  Tax-exempt bond funds

American Funds Short-Term Tax-Exempt Bond FundSM

American High-Income Municipal Bond Fund®

Limited Term Tax-Exempt Bond Fund of AmericaSM

The Tax-Exempt Bond Fund of America®

State-specific tax-exempt funds

The Tax-Exempt Fund of California®

The Tax-Exempt Fund of Maryland®

The Tax-Exempt Fund of Virginia®

•  Money market fund

American Funds Money Market Fund SM

•  American Funds Target Date Retirement Series®

The Capital Group Companies

American FundsCapital Research and ManagementCapital InternationalCapital GuardianCapital Bank and Trust

Lit. No. MFGESR-902-1009P

Litho in USA AGD/B/8078-S20691

Printed on paper containing 10% post-consumer waste

Printed with inks containing soy and/or vegetable oil

ITEM 2 – Code of Ethics

Not applicable for filing of semi-annual reports to shareholders.

ITEM 3 – Audit Committee Financial Expert

Not applicable for filing of semi-annual reports to shareholders.

ITEM 4 – Principal Accountant Fees and Services

Not applicable for filing of semi-annual reports to shareholders.

ITEM 5 – Audit Committee of Listed Registrants

Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.

ITEM 6 – Schedule of Investments

[logo – American Funds®]

AMCAP Fund

Investment portfolio

August 31, 2009

unaudited

Common stocks — 92.89%	Shares			Value (000)
INFORMATION TECHNOLOGY �� 27.51%
Microsoft Corp.		20,295,000		$	500,272
Oracle Corp.		17,920,000			391,910
Accenture Ltd, Class A		10,060,000			331,980
Yahoo! Inc.1		21,395,000			312,581
SAP AG2		5,163,300			252,375
Cisco Systems, Inc.1		11,669,300			252,057
Google Inc., Class A1		527,300			243,439
Hewlett-Packard Co.		5,400,000			242,406
Corning Inc.		15,260,000			230,121
Apple Inc.1		1,250,000			210,262
Automatic Data Processing, Inc.		4,100,000			157,235
MasterCard Inc., Class A		725,000			146,907
Intel Corp.		7,000,000			142,240
Logitech International SA1		7,581,556			138,591
Global Payments Inc.		3,105,400			131,793
NVIDIA Corp.1		7,400,000			107,448
McAfee, Inc.1		2,600,000			103,428
eBay Inc.1		4,550,000			100,737
Intuit Inc.1		3,600,000			99,972
Trimble Navigation Ltd.1		3,800,000			96,748
QUALCOMM Inc.		1,900,000			88,198
Maxim Integrated Products, Inc.		4,645,000			87,233
Texas Instruments Inc.		3,460,000			85,081
Autodesk, Inc.1		3,460,000			81,068
KLA-Tencor Corp.		2,185,000			68,172
Xilinx, Inc.		2,800,000			62,272
EMC Corp.1		3,700,000			58,830
Visa Inc., Class A		800,000			56,880
Paychex, Inc.		1,975,000			55,873
Intersil Corp., Class A		3,191,908			47,240
Verifone Holdings, Inc.1		4,000,000			46,160
Linear Technology Corp.		1,500,000			39,855
Applied Materials, Inc.		2,700,000			35,586
Delta Electronics, Inc.2		12,562,830			33,526
HTC Corp.2		3,150,000			31,592
Cadence Design Systems, Inc.1		796,400			4,993
					5,075,061
CONSUMER DISCRETIONARY — 16.27%
Omnicom Group Inc.		7,951,000			288,780
Target Corp.		5,795,600			272,393
Johnson Controls, Inc.		10,621,700			263,099
Lowe’s Companies, Inc.		10,999,700			236,494
YUM! Brands, Inc.		5,976,000			204,678
Best Buy Co., Inc.		5,400,000			195,912
Time Warner Inc.		6,300,000			175,833
O’Reilly Automotive, Inc.1		3,819,800			146,222
Staples, Inc.		6,565,000			141,870
Carnival Corp., units		4,725,200			138,212
Harman International Industries, Inc.3		4,075,900			122,236
Harley-Davidson, Inc.		4,181,900			100,282
Bed Bath & Beyond Inc.1		2,700,000			98,496
Tractor Supply Co.1,3		2,025,000			95,296
Expedia, Inc.1		3,600,000			82,980
Scripps Networks Interactive, Inc., Class A		2,429,145			78,875
Time Warner Cable Inc.1		2,095,613			77,370
Comcast Corp., Class A, special nonvoting shares		5,280,000			77,035
News Corp., Class A		5,000,000			53,600
Texas Roadhouse, Inc., Class A1		4,195,000			42,747
Williams-Sonoma, Inc.		1,900,000			36,347
Rightmove PLC2		2,750,000			23,982
Life Time Fitness, Inc.1		650,000			20,228
P.F. Chang’s China Bistro, Inc.1		500,000			15,955
Timberland Co., Class A1		905,000			11,729
					3,000,651
HEALTH CARE — 11.91%
Medtronic, Inc.		10,030,000			384,149
McKesson Corp.		4,600,000			261,556
WellPoint, Inc.1		4,000,000			211,400
Aetna Inc.		6,313,700			179,940
Hologic, Inc.1		9,370,000			154,137
Roche Holding AG2		865,000			137,798
UnitedHealth Group Inc.		4,495,284			125,868
Medco Health Solutions, Inc.1		2,000,000			110,440
Schering-Plough Corp.		3,350,000			94,403
Abbott Laboratories		1,850,000			83,675
Becton, Dickinson and Co.		1,200,000			83,544
Beckman Coulter, Inc.		901,500			61,050
ResMed Inc1		1,240,000			56,928
Myriad Genetics, Inc.1		1,500,000			45,855
Allergan, Inc.		780,000			43,618
Johnson & Johnson		500,000			30,220
Boston Scientific Corp.1		2,547,890			29,938
Cochlear Ltd.2		600,000			28,421
Amgen Inc.1		377,700			22,564
Inverness Medical Innovations, Inc.1		462,000			16,447
Integra LifeSciences Holdings Corp.1		442,000			14,935
Millipore Corp.1		196,500			13,014
Haemonetics Corp.1		136,000			7,159
					2,197,059
INDUSTRIALS — 11.77%
Precision Castparts Corp.		3,921,621			357,966
General Dynamics Corp.		4,365,000			258,364
Robert Half International Inc.		7,359,000			193,468
Manpower Inc.		3,506,000			181,260
United Technologies Corp.		2,850,000			169,176
United Parcel Service, Inc., Class B		2,820,000			150,757
CSX Corp.		3,242,115			137,790
Union Pacific Corp.		2,303,300			137,760
General Electric Co.		9,104,300			126,550
Burlington Northern Santa Fe Corp.		830,200			68,923
MITIE Group PLC2		16,331,000			68,779
MSC Industrial Direct Co., Inc., Class A		1,660,000			65,587
Southwest Airlines Co.		7,385,000			60,409
Rockwell Collins, Inc.		1,200,000			55,248
FedEx Corp.		790,000			54,281
Cintas Corp.		1,180,000			32,379
Avery Dennison Corp.		1,000,000			30,900
Mine Safety Appliances Co.		810,000			21,651
					2,171,248
FINANCIALS — 7.40%
Capital One Financial Corp.		7,251,200			270,397
American Express Co.		7,500,000			253,650
Bank of New York Mellon Corp.		7,136,000			211,297
JPMorgan Chase & Co.		3,700,000			160,802
State Street Corp.		2,352,200			123,444
Wells Fargo & Co.		4,135,000			113,795
Arthur J. Gallagher & Co.		3,525,000			83,789
M&T Bank Corp.		1,124,230			69,432
Portfolio Recovery Associates, Inc.1,3		993,000			43,613
PNC Financial Services Group, Inc.		795,000			33,859
					1,364,078
ENERGY — 6.63%
Schlumberger Ltd.		5,740,000			322,588
FMC Technologies, Inc.1		3,420,000			163,134
EOG Resources, Inc.		1,472,900			106,049
Smith International, Inc.		3,750,000			103,387
Apache Corp.		1,100,000			93,445
Baker Hughes Inc.		2,275,000			78,374
Chevron Corp.		1,100,000			76,934
Hess Corp.		1,413,000			71,483
Marathon Oil Corp.		2,240,000			69,149
ConocoPhillips		1,363,000			61,376
Murphy Oil Corp.		700,000			39,900
Devon Energy Corp.		600,000			36,828
					1,222,647
CONSUMER STAPLES — 5.68%
PepsiCo, Inc.		3,042,481			172,418
Walgreen Co.		4,700,000			159,236
L’Oréal SA2		1,450,000			143,079
Avon Products, Inc.		4,262,883			135,858
CVS/Caremark Corp.		3,541,521			132,878
Philip Morris International Inc.		2,500,000			114,275
Wal-Mart Stores, Inc.		1,200,000			61,044
Bare Escentuals, Inc.1,3		5,735,000			53,221
Whole Foods Market, Inc.1		1,500,000			43,620
Altria Group, Inc.		1,750,000			31,990
					1,047,619
MATERIALS — 2.02%
Barrick Gold Corp.		2,800,000			97,160
Monsanto Co.		1,056,003			88,578
Vulcan Materials Co.		1,450,000			72,558
AptarGroup, Inc.		2,100,000			72,198
Potash Corp. of Saskatchewan Inc.		300,000			26,553
AK Steel Holding Corp.		784,400			15,939
					372,986
TELECOMMUNICATION SERVICES — 0.56%
Telephone and Data Systems, Inc., special common shares		1,883,600			47,712
Telephone and Data Systems, Inc.		1,057,300			27,881
United States Cellular Corp.1		734,300			26,809
					102,402
MISCELLANEOUS — 3.14%
Other common stocks in initial period of acquisition					579,831
Total common stocks (cost: $15,380,861,000)					17,133,582
Convertible securities — 0.00%
MISCELLANEOUS — 0.00%
Other convertible securities in initial period of acquisition					583
Total convertible securities (cost: $230,000)					583
	Principal amount
Short-term securities — 7.41%		(000	)
Freddie Mac 0.20%–0.70% due 9/14/2009–5/17/2010	$	433,000			432,815
U.S. Treasury Bills 0.161%–0.39% due 9/15/2009–2/4/2010		321,100			321,027
Federal Home Loan Bank 0.145%–0.56% due 9/2–11/25/2009		243,553			243,506
Pfizer Inc 0.26%–0.35% due 9/10–12/8/20094		66,300			66,267
Fannie Mae 0.22% due 10/26/2009		49,100			49,088
Merck & Co. Inc. 0.17% due 9/18/2009		35,000			34,997
Eli Lilly and Co. 0.17% due 9/1/20094		32,700			32,700
General Electric Capital Corp. 0.20% due 10/9/2009		31,800			31,793
Federal Farm Credit Banks 0.21% due 1/27/2010		25,000			24,973
Abbott Laboratories 0.20% due 11/9/20094		23,500			23,488
NetJets Inc. 0.21% due 10/1/20094		20,255			20,249
Bank of America Corp. 0.20% due 9/1/2009		20,000			20,000
Yale University 0.28% due 12/1/2009		20,000			19,983
Coca-Cola Co. 0.25% due 9/2/20094		18,500			18,500
Procter & Gamble International Funding S.C.A. 0.22% due 11/3/20094		16,100			16,092
E.I. duPont de Nemours and Co. 0.15% due 9/29/20094		11,200			11,199
Total short-term securities (cost: $1,366,560,000)					1,366,677
Total investment securities (cost: $16,747,651,000)					18,500,842
Other assets less liabilities					(56,068	)
Net assets				$	18,444,774

“Miscellaneous” securities include holdings in their initial period of acquisition that have not previously been publicly disclosed.

1Security did not produce income during the last 12 months.

2Valued under fair value procedures adopted by authority of the board of directors. The total value of all such securities, including those in "Miscellaneous," was $779,800,000, which represented 4.23% 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.

3Represents an affiliated company as defined under the Investment Company Act of 1940.

4Purchased in a transaction exempt from registration under the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $188,495,000, which represented 1.02% of the net assets of the fund.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so you may lose money.

Investors should carefully consider the investment objectives, risks, charges and expenses of the American Funds. This and other important information is contained in each fund’s prospectus, which can be obtained from your financial professional and should be read carefully before investing.

MFGEFP-902-1009O-S21455

ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 10 – Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of directors since the Registrant last submitted a proxy statement to its shareholders.  The procedures are as follows.  The Registrant has a nominating committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of directors. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating committee.

ITEM 11 – Controls and Procedures

(a)	The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.
(b)	There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12 – Exhibits

(a)(1)	Not applicable for filing of semi-annual reports to shareholders.
(a)(2)	The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AMCAP FUND, INC.

By /s/ Claudia P. Huntington

Claudia P. Huntington, Vice Chairman and

Principal Executive Officer

Date: October 30, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By /s/ Claudia P. Huntington

Claudia P. Huntington, Vice Chairman and

Principal Executive Officer

Date: October 30, 2009

By /s/ Karl C. Grauman

Karl C. Grauman, Treasurer and

Principal Financial Officer

Date: October 30, 2009