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AMCAP Fund®
Investment portfolio
May 31, 2022
unaudited
Common stocks 93.41% Information technology 26.54% | Shares | Value (000) | |
Microsoft Corp. | 14,614,459 | $3,973,234 | |
Broadcom, Inc. | 3,374,560 | 1,957,683 | |
Mastercard, Inc., Class A | 5,151,238 | 1,843,474 | |
Micron Technology, Inc. | 15,529,853 | 1,146,724 | |
ASML Holding NV | 1,985,795 | 1,142,672 | |
ServiceNow, Inc.1 | 1,434,097 | 670,397 | |
Apple, Inc. | 3,960,422 | 589,469 | |
EPAM Systems, Inc.1 | 1,435,579 | 485,972 | |
Ceridian HCM Holding, Inc.1,2 | 8,388,440 | 472,269 | |
Applied Materials, Inc. | 3,686,301 | 432,366 | |
Autodesk, Inc.1 | 2,054,830 | 426,891 | |
Qorvo, Inc.1 | 3,444,401 | 384,912 | |
Adobe, Inc.1 | 860,249 | 358,276 | |
Shopify, Inc., Class A, subordinate voting shares1 | 907,295 | 340,344 | |
Affirm Holdings, Inc., Class A1,3 | 11,932,406 | 340,074 | |
Arista Networks, Inc.1 | 3,194,967 | 326,781 | |
Block, Inc., Class A1 | 3,456,591 | 302,486 | |
Snowflake, Inc., Class A1 | 2,341,380 | 298,877 | |
Advanced Micro Devices, Inc.1 | 2,897,267 | 295,116 | |
Nice, Ltd. (ADR)1,3 | 1,344,604 | 267,200 | |
Taiwan Semiconductor Manufacturing Company, Ltd. | 13,747,000 | 265,231 | |
Visa, Inc., Class A | 1,011,161 | 214,538 | |
CrowdStrike Holdings, Inc., Class A1 | 1,281,400 | 205,011 | |
Zscaler, Inc.1 | 1,304,099 | 199,645 | |
Paycom Software, Inc.1 | 590,733 | 167,969 | |
Accenture PLC, Class A | 554,390 | 165,463 | |
Kingdee International Software Group Co., Ltd.1 | 79,507,000 | 156,842 | |
NXP Semiconductors NV | 800,000 | 151,808 | |
Intuit, Inc. | 362,380 | 150,192 | |
Bill.com Holdings, Inc.1 | 1,265,429 | 149,624 | |
Datadog, Inc., Class A1 | 1,494,295 | 142,541 | |
Lam Research Corp. | 254,089 | 132,134 | |
Paylocity Holding Corp.1 | 586,214 | 102,505 | |
Atlassian Corp. PLC, Class A1 | 538,704 | 95,523 | |
Marqeta, Inc., Class A1 | 9,121,819 | 95,505 | |
NVIDIA Corp. | 403,152 | 75,277 | |
Toast, Inc., Class A1,3 | 4,596,830 | 74,653 | |
MongoDB, Inc., Class A1 | 288,017 | 68,303 | |
Trimble, Inc.1 | 836,538 | 56,926 | |
NetApp, Inc. | 749,829 | 53,950 | |
Fabrinet, non-registered shares1 | 456,500 | 39,656 | |
Zoom Video Communications, Inc., Class A1 | 365,685 | 39,293 | |
Okta, Inc., Class A1 | 472,184 | 39,215 | |
Enphase Energy, Inc.1 | 199,471 | 37,140 | |
Pegasystems, Inc. | 748,800 | 37,096 | |
Genpact, Ltd. | 558,200 | 24,767 |
AMCAP Fund — Page 1 of 9
unaudited
Common stocks (continued) Information technology (continued) | Shares | Value (000) | |
GoDaddy, Inc., Class A1 | 293,239 | $22,008 | |
HashiCorp, Inc., Class A1,3 | 583,970 | 20,451 | |
VeriSign, Inc.1 | 96,253 | 16,801 | |
CCC Intelligent Solutions Holdings, Inc.1,3 | 1,727,177 | 15,458 | |
Intel Corp. | 305,305 | 13,562 | |
RingCentral, Inc., Class A1 | 211,000 | 13,323 | |
Amphenol Corp., Class A | 186,632 | 13,225 | |
Stripe, Inc., Class B1,4,5,6 | 201,217 | 6,694 | |
19,117,546 | |||
Health care 19.90% | |||
UnitedHealth Group, Inc. | 5,508,598 | 2,736,561 | |
Abbott Laboratories | 16,159,981 | 1,898,151 | |
Thermo Fisher Scientific, Inc. | 2,824,421 | 1,603,057 | |
PerkinElmer, Inc. | 5,072,131 | 759,146 | |
Humana, Inc. | 1,364,086 | 619,609 | |
Stryker Corp. | 2,539,142 | 595,429 | |
Insulet Corp.1 | 2,630,692 | 561,600 | |
Anthem, Inc. | 920,392 | 469,041 | |
BioMarin Pharmaceutical, Inc.1 | 5,484,888 | 412,080 | |
Zoetis, Inc., Class A | 2,194,975 | 375,187 | |
Seagen, Inc.1 | 2,755,942 | 373,926 | |
Danaher Corp. | 1,397,142 | 368,594 | |
Edwards Lifesciences Corp.1 | 3,336,309 | 336,467 | |
DexCom, Inc.1 | 992,268 | 295,636 | |
Penumbra, Inc.1,2 | 1,999,303 | 293,738 | |
IQVIA Holdings, Inc.1 | 1,177,131 | 253,377 | |
AstraZeneca PLC | 1,519,692 | 200,190 | |
Mettler-Toledo International, Inc.1 | 149,237 | 191,937 | |
Zimmer Biomet Holdings, Inc. | 1,499,000 | 180,195 | |
Oak Street Health, Inc.1,3 | 8,819,168 | 166,506 | |
Amgen, Inc. | 625,371 | 160,558 | |
Integra LifeSciences Holdings Corp.1 | 2,457,150 | 153,916 | |
West Pharmaceutical Services, Inc. | 489,080 | 151,801 | |
Agilon Health, Inc.1,3 | 7,207,890 | 137,671 | |
Regeneron Pharmaceuticals, Inc.1 | 197,454 | 131,255 | |
ICON PLC1 | 558,857 | 125,067 | |
Horizon Therapeutics PLC1 | 1,359,239 | 121,910 | |
Eli Lilly and Company | 383,838 | 120,310 | |
AbbVie, Inc. | 789,681 | 116,375 | |
Centene Corp.1 | 1,255,848 | 102,276 | |
Gilead Sciences, Inc. | 1,375,522 | 89,203 | |
Guardant Health, Inc.1 | 1,691,603 | 69,322 | |
Haemonetics Corp.1 | 1,017,900 | 64,392 | |
BeiGene, Ltd. (ADR)1 | 355,476 | 48,778 | |
NovoCure, Ltd.1 | 597,507 | 48,028 | |
14,331,289 | |||
Consumer discretionary 16.64% | |||
Amazon.com, Inc.1 | 1,159,430 | 2,787,490 | |
Hilton Worldwide Holdings, Inc. | 8,691,865 | 1,224,336 | |
Airbnb, Inc., Class A1 | 4,147,973 | 501,365 | |
TopBuild Corp.1,2 | 2,524,079 | 497,900 | |
MercadoLibre, Inc.1 | 631,057 | 495,935 | |
Tesla, Inc.1 | 629,570 | 477,378 |
AMCAP Fund — Page 2 of 9
unaudited
Common stocks (continued) Consumer discretionary (continued) | Shares | Value (000) | |
Burlington Stores, Inc.1 | 2,492,770 | $419,533 | |
Williams-Sonoma, Inc. | 3,257,621 | 416,715 | |
Caesars Entertainment, Inc.1 | 8,122,143 | 407,488 | |
NVR, Inc.1 | 81,926 | 364,621 | |
Dollar Tree Stores, Inc.1 | 2,134,754 | 342,265 | |
CarMax, Inc.1 | 3,342,309 | 331,791 | |
Galaxy Entertainment Group, Ltd. | 60,610,000 | 323,240 | |
Dollar General Corp. | 1,463,225 | 322,407 | |
Aptiv PLC1 | 2,839,865 | 301,707 | |
Starbucks Corp. | 3,317,315 | 260,409 | |
Chipotle Mexican Grill, Inc.1 | 181,371 | 254,382 | |
NIKE, Inc., Class B | 2,052,338 | 243,920 | |
Rivian Automotive, Inc., Class A1,3 | 7,557,568 | 237,308 | |
Royal Caribbean Cruises, Ltd.1 | 3,282,565 | 190,619 | |
Helen of Troy, Ltd.1 | 988,244 | 183,013 | |
Wyndham Hotels & Resorts, Inc. | 2,189,047 | 175,408 | |
LVMH Moët Hennessy-Louis Vuitton SE | 272,641 | 174,797 | |
Marriott International, Inc., Class A | 994,409 | 170,621 | |
Darden Restaurants, Inc. | 1,096,448 | 137,056 | |
DoorDash, Inc., Class A1 | 1,727,296 | 132,846 | |
Kering SA | 234,943 | 128,558 | |
Five Below, Inc.1 | 896,476 | 117,071 | |
Chegg, Inc.1 | 4,759,205 | 92,614 | |
Etsy, Inc.1 | 942,566 | 76,461 | |
EssilorLuxottica | 415,552 | 66,940 | |
Flutter Entertainment PLC1 | 532,906 | 65,134 | |
YETI Holdings, Inc.1 | 722,430 | 33,051 | |
Gentherm, Inc.1 | 265,521 | 18,305 | |
Evolution AB | 85,889 | 8,983 | |
11,981,667 | |||
Communication services 9.67% | |||
Alphabet, Inc., Class A1 | 745,057 | 1,695,183 | |
Alphabet, Inc., Class C1 | 695,587 | 1,586,481 | |
Netflix, Inc.1 | 6,025,971 | 1,189,768 | |
Meta Platforms, Inc., Class A1 | 5,486,835 | 1,062,471 | |
Charter Communications, Inc., Class A1 | 933,848 | 473,396 | |
Comcast Corp., Class A | 4,881,862 | 216,169 | |
Electronic Arts, Inc. | 1,421,963 | 197,155 | |
Cable One, Inc. | 149,004 | 194,167 | |
Tencent Holdings, Ltd. | 4,020,418 | 185,671 | |
Playtika Holding Corp.1 | 4,218,293 | 62,473 | |
ZoomInfo Technologies, Inc.1 | 1,543,088 | 62,325 | |
Pinterest, Inc., Class A1 | 727,426 | 14,294 | |
Snap, Inc., Class A, nonvoting shares1 | 731,516 | 10,322 | |
New York Times Co., Class A | 246,138 | 8,489 | |
Universal Music Group NV | 315,325 | 7,072 | |
6,965,436 | |||
Financials 8.12% | |||
Charles Schwab Corp. | 8,992,507 | 630,375 | |
S&P Global, Inc. | 1,753,199 | 612,708 | |
First Republic Bank | 3,866,198 | 599,377 | |
MSCI, Inc. | 1,118,491 | 494,764 | |
Kotak Mahindra Bank, Ltd. | 19,426,500 | 462,127 |
AMCAP Fund — Page 3 of 9
unaudited
Common stocks (continued) Financials (continued) | Shares | Value (000) | |
LPL Financial Holdings, Inc. | 1,741,170 | $341,600 | |
Morgan Stanley | 3,909,641 | 336,776 | |
SVB Financial Group1 | 673,496 | 329,050 | |
Stifel Financial Corp. | 4,288,014 | 275,162 | |
Arch Capital Group, Ltd.1 | 5,578,635 | 264,762 | |
AIA Group, Ltd. | 24,018,000 | 247,611 | |
Marsh & McLennan Companies, Inc. | 1,393,364 | 222,869 | |
Cullen/Frost Bankers, Inc. | 1,666,989 | 208,340 | |
SouthState Corp. | 1,982,846 | 160,254 | |
Aon PLC, Class A | 555,628 | 153,170 | |
Signature Bank | 621,089 | 134,323 | |
TPG, Inc., Class A3 | 3,749,000 | 109,358 | |
Blackstone, Inc., nonvoting shares | 813,261 | 95,794 | |
Tradeweb Markets, Inc., Class A | 1,263,170 | 85,403 | |
JPMorgan Chase & Co. | 600,000 | 79,338 | |
Goosehead Insurance, Inc., Class A | 106,561 | 5,518 | |
5,848,679 | |||
Industrials 6.94% | |||
TransDigm Group, Inc.1 | 1,810,911 | 1,096,271 | |
Old Dominion Freight Line, Inc. | 2,647,044 | 683,573 | |
Raytheon Technologies Corp. | 6,299,681 | 599,226 | |
Copart, Inc.1 | 3,940,210 | 451,272 | |
Woodward, Inc.2 | 4,022,523 | 408,729 | |
CSX Corp. | 9,738,300 | 309,580 | |
Carrier Global Corp. | 6,700,847 | 263,410 | |
Caterpillar, Inc. | 1,049,657 | 226,568 | |
Saia, Inc.1 | 668,954 | 132,179 | |
NIBE Industrier AB, Class B | 11,227,887 | 97,839 | |
Airbus SE, non-registered shares | 817,500 | 95,468 | |
Armstrong World Industries, Inc. | 1,090,387 | 91,047 | |
Safran SA | 848,199 | 87,644 | |
AMETEK, Inc. | 656,186 | 79,707 | |
Axon Enterprise, Inc.1 | 631,059 | 63,964 | |
Equifax, Inc. | 283,100 | 57,350 | |
Otis Worldwide Corp. | 761,300 | 56,641 | |
MDA, Ltd.1,2 | 7,590,553 | 56,111 | |
ITT, Inc. | 738,257 | 54,498 | |
Waste Connections, Inc. | 256,607 | 32,728 | |
Sun Country Airlines Holdings, Inc.1 | 1,275,902 | 30,175 | |
Advanced Drainage Systems, Inc. | 235,984 | 25,843 | |
4,999,823 | |||
Consumer staples 2.62% | |||
Philip Morris International, Inc. | 7,401,085 | 786,365 | |
Monster Beverage Corp.1 | 3,585,058 | 319,500 | |
Costco Wholesale Corp. | 444,183 | 207,087 | |
Chocoladefabriken Lindt & Sprüngli AG | 1,120 | 116,064 | |
Freshpet, Inc.1 | 1,577,016 | 113,498 | |
Grocery Outlet Holding Corp.1 | 2,542,107 | 97,236 | |
Estée Lauder Companies, Inc., Class A | 361,046 | 91,940 | |
Constellation Brands, Inc., Class A | 294,957 | 72,403 |
AMCAP Fund — Page 4 of 9
unaudited
Common stocks (continued) Consumer staples (continued) | Shares | Value (000) | |
Reckitt Benckiser Group PLC | 827,548 | $64,007 | |
Church & Dwight Co., Inc. | 202,669 | 18,252 | |
1,886,352 | |||
Materials 1.20% | |||
Linde PLC | 1,417,411 | 460,205 | |
Sherwin-Williams Company | 852,119 | 228,402 | |
Celanese Corp. | 601,675 | 94,174 | |
Albemarle Corp. | 315,724 | 82,221 | |
865,002 | |||
Energy 0.98% | |||
EOG Resources, Inc. | 3,344,352 | 458,042 | |
Diamondback Energy, Inc. | 1,629,000 | 247,641 | |
705,683 | |||
Real estate 0.80% | |||
Equinix, Inc. REIT | 436,509 | 299,921 | |
SBA Communications Corp. REIT | 437,937 | 147,414 | |
American Tower Corp. REIT | 259,211 | 66,391 | |
Alexandria Real Estate Equities, Inc. REIT | 396,028 | 65,721 | |
579,447 | |||
Total common stocks (cost: $46,621,926,000) | 67,280,924 | ||
Preferred securities 0.00% Information technology 0.00% | |||
Stripe, Inc., Series H, 6.00% noncumulative preferred shares1,4,5,6 | 86,605 | 2,881 | |
Total preferred securities (cost: $3,475,000) | 2,881 | ||
Convertible stocks 0.09% Financials 0.09% | |||
Greeneden Topco S.C.A., Class P, convertible preferred shares4,5,6 | 52,280,000 | 31,007 | |
Greeneden Topco S.C.A., Class P1, convertible preferred shares4,5,6 | 13,070,000 | 7,752 | |
Greeneden Topco S.C.A., Class P2, convertible preferred shares4,5,6 | 13,070,000 | 7,752 | |
Greeneden Topco S.C.A., Class P3, convertible preferred shares4,5,6 | 13,070,000 | 7,752 | |
Greeneden Topco S.C.A., Class P4, convertible preferred shares4,5,6 | 13,070,000 | 7,752 | |
Total convertible stocks (cost: $84,302,000) | 62,015 | ||
Short-term securities 6.72% Money market investments 6.42% | |||
Capital Group Central Cash Fund 0.85%2,7 | 46,218,000 | 4,621,800 | |
Money market investments purchased with collateral from securities on loan 0.30% | |||
Capital Group Central Cash Fund 0.85%2,7,8 | 1,125,522 | 112,552 | |
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.71%7,8 | 30,500,000 | 30,500 | |
BlackRock Liquidity Funds – FedFund, Institutional Shares 0.71%7,8 | 28,300,000 | 28,300 | |
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.74%7,8 | 26,100,000 | 26,100 |
AMCAP Fund — Page 5 of 9
unaudited
Short-term securities (continued) Money market investments purchased with collateral from securities on loan (continued) | Shares | Value (000) | |
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 0.71%7,8 | 15,200,000 | $15,200 | |
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.67%7,8 | 3,277,176 | 3,277 | |
Fidelity Investments Money Market Government Portfolio, Class I 0.60%7,8 | 1,000,000 | 1,000 | |
RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 0.59%7,8 | 1,000,000 | 1,000 | |
217,929 | |||
Total short-term securities (cost: $4,839,579,000) | 4,839,729 | ||
Total investment securities 100.22% (cost: $51,549,282,000) | 72,185,549 | ||
Other assets less liabilities (0.22)% | (157,296) | ||
Net assets 100.00% | $72,028,253 |
Investments in affiliates2
Value of affiliates at 3/1/2022 (000) | Additions (000) | Reductions (000) | Net realized gain (000) | Net unrealized (depreciation) appreciation (000) | Value of affiliates at 5/31/2022 (000) | Dividend income (000) | ||||
Common stocks 2.40% | ||||||||||
Information technology 0.66% | ||||||||||
Ceridian HCM Holding, Inc.1 | $611,601 | $— | $— | $— | $(139,332) | $472,269 | $— | |||
Health care 0.41% | ||||||||||
Penumbra, Inc.1 | 436,230 | 6,497 | — | — | (148,989) | 293,738 | — | |||
Consumer discretionary 0.69% | ||||||||||
TopBuild Corp.1 | 541,869 | — | — | — | (43,969) | 497,900 | — | |||
Industrials 0.64% | ||||||||||
Woodward, Inc. | 501,327 | — | — | — | (92,598) | 408,729 | 764 | |||
MDA, Ltd.1 | 55,574 | — | — | — | 537 | 56,111 | — | |||
464,840 | ||||||||||
Total common stocks | 1,728,747 | |||||||||
Short-term securities 6.57% | ||||||||||
Money market investments 6.42% | ||||||||||
Capital Group Central Cash Fund 0.85%7 | 4,500,578 | 2,410,934 | 2,289,709 | 17 | (20) | 4,621,800 | 5,084 | |||
Money market investments purchased with collateral from securities on loan 0.15% | ||||||||||
Capital Group Central Cash Fund 0.85%7,8 | 93,499 | 19,0539 | 112,552 | —10 | ||||||
Total short-term securities | 4,734,352 | |||||||||
Total 8.97% | $17 | $(424,371) | $6,463,099 | $5,848 |
Private placement securities6
Acquisition date | Cost (000) | Value (000) | Percent of net assets | |
Greeneden Topco S.C.A., Class P, convertible preferred shares | 11/26/2021 | $42,151 | $31,007 | .04% |
Greeneden Topco S.C.A., Class P1, convertible preferred shares | 11/26/2021 | 10,538 | 7,752 | .01 |
Greeneden Topco S.C.A., Class P2, convertible preferred shares | 11/26/2021 | 10,538 | 7,752 | .01 |
Greeneden Topco S.C.A., Class P3, convertible preferred shares | 11/26/2021 | 10,538 | 7,752 | .01 |
AMCAP Fund — Page 6 of 9
unaudited
Private placement securities6 (continued)
Acquisition date | Cost (000) | Value (000) | Percent of net assets | ||||
Greeneden Topco S.C.A., Class P4, convertible preferred shares | 11/26/2021 | $10,538 | $7,752 | .01% | |||
Stripe, Inc., Class B | 5/6/2021 | 8,075 | 6,694 | .01 | |||
Stripe, Inc., Series H, 6.00% noncumulative preferred shares | 3/15/2021 | 3,475 | 2,881 | .01 | |||
Total | $ 95,853 | $ 71,590 | .10% |
1 | Security did not produce income during the last 12 months. |
2 | Affiliate of the fund or part of the same “group of investment companies“ as the fund, as defined under the Investment Company Act of 1940, as amended. |
3 | All or a portion of this security was on loan. The total value of all such securities was $281,623,000, which represented .39% of the net assets of the fund. |
4 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $71,590,000, which represented .10% of the net assets of the fund. |
5 | Value determined using significant unobservable inputs. |
6 | Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. |
7 | Rate represents the seven-day yield at 5/31/2022. |
8 | Security purchased with cash collateral from securities on loan. |
9 | Represents net activity. |
10 | Dividend income is included with securities lending income and is not shown in this table. |
Valuation disclosures
Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open. Security transactions are recorded by the fund as of the date the trades are executed with brokers. Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date.
Methods and inputs — The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Equity securities are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.
Fixed-income securities, including short-term securities, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security.
Fixed-income class | Examples of standard inputs |
All | Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”) |
Corporate bonds, notes & loans; convertible securities | Standard inputs and underlying equity of the issuer |
Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
Mortgage-backed; asset-backed obligations | Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information |
AMCAP Fund — Page 7 of 9
unaudited
When the fund’s investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or deemed to be not representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.
Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund’s investment adviser. The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds“), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by authority of the fund’s board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
Processes and structure — The fund’s board of trustees has delegated authority to the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.
The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group.
Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The table on the following page presents the fund’s valuation levels as of May 31, 2022 (dollars in thousands):
AMCAP Fund — Page 8 of 9
unaudited
Investment securities | |||||||
Level 1 | Level 2 | Level 3 | Total | ||||
Assets: | |||||||
Common stocks: | |||||||
Information technology | $19,110,852 | $— | $6,694 | $19,117,546 | |||
Health care | 14,331,289 | — | — | 14,331,289 | |||
Consumer discretionary | 11,981,667 | — | — | 11,981,667 | |||
Communication services | 6,965,436 | — | — | 6,965,436 | |||
Financials | 5,848,679 | — | — | 5,848,679 | |||
Industrials | 4,999,823 | — | — | 4,999,823 | |||
Consumer staples | 1,886,352 | — | — | 1,886,352 | |||
Materials | 865,002 | — | — | 865,002 | |||
Energy | 705,683 | — | — | 705,683 | |||
Real estate | 579,447 | — | — | 579,447 | |||
Preferred securities | — | — | 2,881 | 2,881 | |||
Convertible stocks | — | — | 62,015 | 62,015 | |||
Short-term securities | 4,839,729 | — | — | 4,839,729 | |||
Total | $72,113,959 | $— | $71,590 | $72,185,549 |
Key to abbreviation |
ADR = American Depositary Receipts |
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
American Funds Distributors, Inc., member FINRA.
© 2022 Capital Group. All rights reserved.
MFGEFP1-002-0722O-S89792 | AMCAP Fund — Page 9 of 9 |