AMCAP Fund®
Investment portfolio
May 31, 2020
unaudited
Common stocks 90.68% Health care 22.33% | Shares | Value (000) |
Abbott Laboratories | 22,373,155 | $2,123,660 |
UnitedHealth Group Inc. | 6,216,154 | 1,894,995 |
Thermo Fisher Scientific Inc. | 3,542,852 | 1,237,128 |
Gilead Sciences, Inc. | 14,722,813 | 1,145,877 |
BioMarin Pharmaceutical Inc.1,2 | 10,517,692 | 1,120,660 |
Amgen Inc. | 4,524,837 | 1,039,355 |
PerkinElmer, Inc.1 | 6,664,012 | 669,533 |
Humana Inc. | 1,561,477 | 641,221 |
Eli Lilly and Co. | 3,412,545 | 521,949 |
Zimmer Biomet Holdings, Inc. | 3,826,300 | 483,415 |
Edwards Lifesciences Corp.2 | 1,955,168 | 439,365 |
Stryker Corp. | 2,238,251 | 438,093 |
Zoetis Inc., Class A | 2,691,900 | 375,224 |
Centene Corp.2 | 5,597,042 | 370,804 |
Illumina, Inc.2 | 904,100 | 328,233 |
Insulet Corp.2 | 1,709,195 | 322,303 |
Integra LifeSciences Holdings Corp.1,2 | 5,554,482 | 289,444 |
IQVIA Holdings Inc.2 | 1,821,869 | 272,406 |
Vertex Pharmaceuticals Inc.2 | 760,694 | 219,049 |
West Pharmaceutical Services, Inc. | 1,004,060 | 216,917 |
AbbVie Inc. | 2,000,000 | 185,340 |
Anthem, Inc. | 573,649 | 168,716 |
Danaher Corp. | 746,301 | 124,341 |
Cigna Corp. | 542,049 | 106,957 |
PRA Health Sciences, Inc.2 | 983,000 | 101,740 |
AstraZeneca PLC3 | 912,556 | 97,027 |
LivaNova PLC2 | 1,399,626 | 74,866 |
Boston Scientific Corp.2 | 1,499,198 | 56,955 |
Johnson & Johnson | 374,773 | 55,747 |
Merck & Co., Inc. | 600,839 | 48,500 |
15,169,820 | ||
Information technology 20.93% | ||
Microsoft Corp. | 14,233,114 | 2,608,218 |
Broadcom Inc. | 4,912,587 | 1,430,889 |
ASML Holding NV3 | 3,234,134 | 1,058,700 |
Mastercard Inc., Class A | 3,043,359 | 915,716 |
FleetCor Technologies, Inc.2 | 3,645,769 | 888,802 |
Autodesk, Inc.2 | 4,058,753 | 853,880 |
PayPal Holdings, Inc.2 | 4,589,806 | 711,466 |
Accenture PLC, Class A | 2,750,761 | 554,608 |
ServiceNow, Inc.2 | 1,222,428 | 474,217 |
Ceridian HCM Holding Inc.2 | 6,283,788 | 432,765 |
DocuSign, Inc.2 | 2,618,981 | 365,976 |
Adobe Inc.2 | 927,886 | 358,721 |
Visa Inc., Class A | 1,718,841 | 335,587 |
Micron Technology, Inc.2 | 6,689,627 | 320,500 |
AMCAP Fund — Page 1 of 8
unaudited
Common stocks (continued) Information technology (continued) | Shares | Value (000) |
Intel Corp. | 4,001,404 | $251,808 |
Kingdee International Software Group Co. Ltd.3 | 119,446,000 | 210,679 |
Amphenol Corp., Class A | 2,061,081 | 199,018 |
Applied Materials, Inc. | 3,509,235 | 197,149 |
Coupa Software Inc.2 | 776,200 | 176,593 |
Atlassian Corp. PLC, Class A2 | 835,777 | 154,870 |
Apple Inc. | 431,242 | 137,109 |
MongoDB, Inc., Class A2 | 578,559 | 134,289 |
NetApp, Inc. | 3,001,304 | 133,678 |
SS&C Technologies Holdings, Inc. | 2,228,653 | 129,028 |
Qorvo, Inc.2 | 1,211,814 | 126,925 |
Trimble Inc.2 | 3,113,281 | 121,792 |
SVMK Inc.2 | 5,788,753 | 116,643 |
Fair Isaac Corp.2 | 287,937 | 115,938 |
Global Payments Inc. | 606,138 | 108,796 |
Taiwan Semiconductor Manufacturing Co., Ltd.3 | 9,718,000 | 94,646 |
Lam Research Corp. | 236,045 | 64,598 |
Fiserv, Inc.2 | 594,015 | 63,423 |
Alteryx, Inc., Class A2 | 400,000 | 57,576 |
Texas Instruments Inc. | 449,825 | 53,412 |
Zoom Video Communications, Inc., Class A2 | 252,420 | 45,304 |
RealPage, Inc.2 | 564,165 | 38,262 |
salesforce.com, inc.2 | 205,700 | 35,954 |
Avalara, Inc.2 | 311,813 | 33,383 |
TE Connectivity Ltd. | 399,893 | 32,491 |
Intuit Inc. | 109,971 | 31,927 |
GoDaddy Inc., Class A2 | 255,600 | 19,745 |
VeriSign, Inc.2 | 83,900 | 18,375 |
14,213,456 | ||
Communication services 14.11% | ||
Netflix, Inc.2 | 6,112,189 | 2,565,469 |
Facebook, Inc., Class A2 | 9,808,238 | 2,207,736 |
Alphabet Inc., Class C2 | 717,394 | 1,025,099 |
Alphabet Inc., Class A2 | 620,414 | 889,376 |
Activision Blizzard, Inc. | 14,374,528 | 1,034,679 |
Charter Communications, Inc., Class A2 | 1,035,623 | 563,379 |
Tencent Holdings Ltd.3 | 9,639,318 | 513,790 |
Electronic Arts Inc.2 | 1,515,897 | 186,273 |
Comcast Corp., Class A | 4,504,210 | 178,367 |
IAC/InterActiveCorp2 | 650,000 | 175,740 |
Cable One, Inc. | 87,778 | 165,627 |
New York Times Co., Class A | 1,999,466 | 78,439 |
9,583,974 | ||
Industrials 9.03% | ||
Old Dominion Freight Line, Inc. | 5,628,125 | 962,916 |
CSX Corp. | 10,754,273 | 769,791 |
TransDigm Group Inc. | 1,368,464 | 581,351 |
Northrop Grumman Corp. | 1,486,303 | 498,209 |
L3Harris Technologies, Inc. | 1,816,012 | 362,204 |
Equifax Inc. | 2,040,905 | 313,401 |
General Dynamics Corp. | 1,946,989 | 285,876 |
Woodward, Inc.1 | 4,044,057 | 277,341 |
Stanley Black & Decker, Inc. | 2,143,639 | 268,920 |
AMCAP Fund — Page 2 of 8
unaudited
Common stocks (continued) Industrials (continued) | Shares | Value (000) |
Caterpillar Inc. | 2,052,824 | $246,606 |
Fortive Corp. | 3,554,767 | 216,770 |
Waste Management, Inc. | 1,749,532 | 186,763 |
Raytheon Technologies Corp. | 2,733,000 | 176,333 |
Air Lease Corp., Class A | 3,936,948 | 118,541 |
NIBE Industrier AB, Class B2,3 | 4,240,000 | 94,445 |
Union Pacific Corp. | 529,549 | 89,949 |
Airbus SE, non-registered shares2,3 | 1,216,331 | 77,283 |
Waste Connections, Inc. | 792,388 | 74,516 |
Armstrong World Industries, Inc. | 968,462 | 73,012 |
Cummins Inc. | 400,000 | 67,840 |
Masco Corp. | 1,300,000 | 60,645 |
Safran SA2,3 | 608,690 | 58,399 |
AMETEK, Inc. | 595,300 | 54,595 |
Boeing Co. | 347,000 | 50,610 |
Westinghouse Air Brake Technologies Corp. | 754,698 | 46,089 |
Otis Worldwide Corp. | 853,500 | 44,937 |
Deere & Co. | 133,464 | 20,303 |
Middleby Corp.2 | 287,391 | 19,571 |
Carrier Global Corp.2 | 859,000 | 17,584 |
Textron Inc. | 499,386 | 15,466 |
6,130,266 | ||
Consumer discretionary 8.56% | ||
Amazon.com, Inc.2 | 694,902 | 1,697,208 |
NIKE, Inc., Class B | 6,054,266 | 596,830 |
Hilton Worldwide Holdings Inc. | 7,413,453 | 587,961 |
Alibaba Group Holding Ltd.2,3 | 12,414,200 | 320,029 |
Alibaba Group Holding Ltd. (ADR)2 | 769,231 | 159,531 |
Williams-Sonoma, Inc. | 3,545,177 | 294,994 |
Marriott International, Inc., Class A | 3,173,656 | 280,869 |
Booking Holdings Inc.2 | 146,007 | 239,367 |
TJX Cos., Inc. | 3,934,519 | 207,585 |
Galaxy Entertainment Group Ltd.3 | 29,682,000 | 202,481 |
Thor Industries, Inc. | 1,751,755 | 151,001 |
NVR, Inc.2 | 45,791 | 147,521 |
TopBuild Corp.2 | 1,220,769 | 140,010 |
Helen of Troy Ltd.2 | 713,393 | 129,780 |
Home Depot, Inc. | 519,861 | 129,175 |
Darden Restaurants, Inc. | 1,410,600 | 108,419 |
CarMax, Inc.2 | 1,049,773 | 92,432 |
Wynn Resorts, Ltd. | 1,068,955 | 89,023 |
LVMH Moët Hennessy-Louis Vuitton SE3 | 144,477 | 60,501 |
EssilorLuxottica2,3 | 417,775 | 53,948 |
Chipotle Mexican Grill, Inc.2 | 49,787 | 49,982 |
Ross Stores, Inc. | 235,537 | 22,838 |
Industria de Diseño Textil, SA3 | 727,406 | 20,334 |
Las Vegas Sands Corp. | 337,410 | 16,175 |
Royal Caribbean Cruises Ltd. | 302,400 | 15,685 |
5,813,679 | ||
Consumer staples 4.62% | ||
Constellation Brands, Inc., Class A | 4,008,684 | 692,300 |
Costco Wholesale Corp. | 1,926,865 | 594,380 |
Philip Morris International Inc. | 5,388,641 | 395,311 |
AMCAP Fund — Page 3 of 8
unaudited
Common stocks (continued) Consumer staples (continued) | Shares | Value (000) |
Lamb Weston Holdings, Inc. | 6,182,066 | $371,295 |
Estée Lauder Cos. Inc., Class A | 1,708,094 | 337,297 |
Herbalife Nutrition Ltd.2 | 7,086,458 | 310,670 |
Chocoladefabriken Lindt & Sprüngli AG3 | 1,000 | 86,938 |
Keurig Dr Pepper Inc. | 3,000,000 | 83,760 |
Walgreens Boots Alliance, Inc. | 1,759,530 | 75,554 |
Reckitt Benckiser Group PLC3 | 831,978 | 74,422 |
L’Oréal SA, non-registered shares2,3 | 149,906 | 43,771 |
Altria Group, Inc. | 866,368 | 33,832 |
Church & Dwight Co., Inc. | 424,886 | 31,896 |
Grocery Outlet Holding Corp.2 | 125,900 | 4,634 |
3,136,060 | ||
Financials 4.15% | ||
S&P Global Inc. | 1,692,273 | 550,023 |
Aon PLC, Class A | 2,455,212 | 483,554 |
First Republic Bank | 3,441,108 | 372,225 |
JPMorgan Chase & Co. | 2,550,244 | 248,164 |
SVB Financial Group2 | 718,579 | 154,315 |
Arch Capital Group Ltd.2 | 5,269,661 | 148,710 |
CME Group Inc., Class A | 804,724 | 146,943 |
Berkshire Hathaway Inc., Class B2 | 679,418 | 126,086 |
London Stock Exchange Group PLC3 | 1,158,180 | 115,312 |
HDFC Bank Ltd.3 | 8,405,503 | 105,978 |
AIA Group Ltd.3 | 12,151,600 | 99,069 |
Kotak Mahindra Bank Ltd.3 | 5,500,000 | 89,466 |
MSCI Inc. | 201,258 | 66,184 |
The Blackstone Group Inc., Class A | 650,726 | 36,961 |
Intercontinental Exchange, Inc. | 308,218 | 29,974 |
Marsh & McLennan Cos., Inc. | 224,100 | 23,737 |
Everest Re Group, Ltd. | 80,670 | 16,006 |
Bank of America Corp. | 302,500 | 7,296 |
2,820,003 | ||
Energy 3.68% | ||
EOG Resources, Inc. | 26,185,307 | 1,334,665 |
Concho Resources Inc. | 9,086,974 | 495,422 |
Diamondback Energy, Inc. | 6,333,781 | 269,693 |
Canadian Natural Resources, Ltd. (CAD denominated) | 11,019,796 | 201,291 |
Pioneer Natural Resources Co. | 889,599 | 81,487 |
Noble Energy, Inc. | 7,270,461 | 63,471 |
Schlumberger Ltd. | 2,945,213 | 54,398 |
2,500,427 | ||
Real estate 1.79% | ||
Equinix, Inc. REIT | 582,987 | 406,709 |
American Tower Corp. REIT | 1,379,125 | 356,049 |
SBA Communications Corp. REIT | 1,116,550 | 350,742 |
Alexandria Real Estate Equities, Inc. REIT | 428,100 | 65,807 |
Crown Castle International Corp. REIT | 197,747 | 34,044 |
1,213,351 |
AMCAP Fund — Page 4 of 8
unaudited
Common stocks (continued) Materials 0.84% | Shares | Value (000) |
Linde PLC | 1,150,071 | $232,705 |
Celanese Corp. | 1,169,090 | 105,113 |
Valvoline Inc. | 4,398,722 | 80,717 |
Air Products and Chemicals, Inc. | 275,926 | 66,678 |
Sherwin-Williams Co. | 93,984 | 55,812 |
PPG Industries, Inc. | 279,389 | 28,405 |
569,430 | ||
Utilities 0.64% | ||
NextEra Energy, Inc. | 1,073,377 | 274,312 |
DTE Energy Co. | 1,509,321 | 162,358 |
436,670 | ||
Total common stocks (cost: $38,759,890,000) | 61,587,136 | |
Short-term securities 9.25% Money market investments 9.25% | ||
Capital Group Central Cash Fund 0.28%4 | 62,845,232 | 6,285,152 |
Total short-term securities (cost: $6,284,745,000) | 6,285,152 | |
Total investment securities 99.93% (cost: $45,044,635,000) | 67,872,288 | |
Other assets less liabilities 0.07% | 46,433 | |
Net assets 100.00% | $67,918,721 |
AMCAP Fund — Page 5 of 8
unaudited
Investments in affiliates
A company is an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings represent 5% or more of the outstanding voting shares of that company. Further details on these holdings and related transactions during the three months ended May 31, 2020, appear below.
Beginning shares | Additions | Reductions | Ending shares | Net realized (loss) gain (000) | Net unrealized appreciation (depreciation) (000) | Dividend income (000) | Value of affiliates at 5/31/2020 (000) | |
Common stocks 3.47% | ||||||||
Health care 3.06% | ||||||||
BioMarin Pharmaceutical Inc.2 | 10,624,447 | 131,645 | 238,400 | 10,517,692 | $(1,278) | $171,214 | $— | $1,120,660 |
PerkinElmer, Inc. | 6,466,234 | 197,778 | — | 6,664,012 | — | 96,517 | 466 | 669,533 |
Integra LifeSciences Holdings Corp.2 | 5,554,482 | — | — | 5,554,482 | — | 56 | — | 289,444 |
2,079,637 | ||||||||
Industrials 0.41% | ||||||||
Woodward, Inc. | 2,605,600 | 1,438,457 | — | 4,044,057 | — | (88,491) | 329 | 277,341 |
Old Dominion Freight Line, Inc.5 | 4,905,717 | 2,009,508 | 1,287,100 | 5,628,125 | 26,212 | 194,963 | 1,128 | — |
277,341 | ||||||||
Energy 0.00% | ||||||||
Concho Resources Inc.5 | 10,180,111 | — | 1,093,137 | 9,086,974 | (54,415) | (85,872) | 1,920 | — |
Short-term securities 0.00% | ||||||||
Money market investments 0.00% | ||||||||
Capital Group Central Cash Fund 0.28%4,5 | 51,911,222 | 35,719,923 | 24,785,913 | 62,845,232 | 10,458 | (6,435) | 10,827 | — |
Total 3.47% | $(19,023) | $281,952 | $14,670 | $2,356,978 |
1 | Represents an affiliated company as defined under the Investment Company Act of 1940. |
2 | Security did not produce income during the last 12 months. |
3 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $3,477,218,000, which represented 5.12% 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. |
4 | Rate represents the seven-day yield at 5/31/2020. |
5 | Unaffiliated issuer at 5/31/2020. |
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 of each share class of the fund is generally determined as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open. Security transactions are recorded by the fund as of the date the trades are executed with brokers. Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date.
Methods and inputs — The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Equity securities are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.
AMCAP Fund — Page 6 of 8
unaudited
Fixed-income securities, including short-term securities, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security.
Fixed-income class | Examples of standard inputs |
All | Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”) |
Corporate bonds & notes; convertible securities | Standard inputs and underlying equity of the issuer |
Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
When the fund’s investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or deemed to be not representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.
Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund’s investment adviser. The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds“), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by authority of the fund’s board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
Processes and structure — The fund’s board of trustees has delegated authority to the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.
The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.
Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market
AMCAP Fund — Page 7 of 8
unaudited
participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following table presents the fund’s valuation levels as of May 31, 2020 (dollars in thousands):
Investment securities | ||||
Level 1 | Level 2 | Level 3 | Total | |
Assets: | ||||
Common stocks: | ||||
Health care | $15,072,793 | $97,027 | $— | $15,169,820 |
Information technology | 12,849,431 | 1,364,025 | — | 14,213,456 |
Communication services | 9,070,184 | 513,790 | — | 9,583,974 |
Industrials | 5,900,139 | 230,127 | — | 6,130,266 |
Consumer discretionary | 5,156,386 | 657,293 | — | 5,813,679 |
Consumer staples | 2,930,929 | 205,131 | — | 3,136,060 |
Financials | 2,410,178 | 409,825 | — | 2,820,003 |
Energy | 2,500,427 | — | — | 2,500,427 |
Real estate | 1,213,351 | — | — | 1,213,351 |
Materials | 569,430 | — | — | 569,430 |
Utilities | 436,670 | — | — | 436,670 |
Short-term securities | 6,285,152 | — | — | 6,285,152 |
Total | $64,395,070 | $3,477,218 | $— | $67,872,288 |
Key to abbreviations |
ADR = American Depositary Receipts |
CAD = Canadian dollars |
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.
© 2020 Capital Group. All rights reserved.
MFGEFPX-002-0720O-S78101 | AMCAP Fund — Page 8 of 8 |