AMCAP Fund®
Investment portfolio
November 30, 2022
unaudited
Common stocks 89.26% Information technology 24.80% | Shares | Value (000) | |
Microsoft Corp. | 14,006,335 | $3,573,577 | |
Broadcom, Inc. | 3,316,647 | 1,827,572 | |
Mastercard, Inc., Class A | 5,110,916 | 1,821,530 | |
ASML Holding NV | 2,130,726 | 1,296,059 | |
Micron Technology, Inc. | 14,570,532 | 839,991 | |
Apple, Inc. | 4,559,185 | 674,896 | |
Ceridian HCM Holding, Inc.1,2 | 8,388,440 | 574,105 | |
ServiceNow, Inc.2 | 1,318,071 | 548,713 | |
Snowflake, Inc., Class A2 | 3,467,123 | 495,452 | |
EPAM Systems, Inc.2 | 1,297,579 | 478,262 | |
Applied Materials, Inc. | 4,288,774 | 470,050 | |
Qorvo, Inc.2 | 4,043,401 | 401,308 | |
Autodesk, Inc.2 | 1,954,830 | 394,778 | |
Arista Networks, Inc.2 | 2,088,067 | 290,868 | |
Nice, Ltd. (ADR)2,3 | 1,344,604 | 261,082 | |
Salesforce, Inc.2 | 1,479,708 | 237,123 | |
Visa, Inc., Class A | 1,011,161 | 219,422 | |
Shopify, Inc., Class A, subordinate voting shares2 | 5,159,711 | 210,929 | |
Advanced Micro Devices, Inc.2 | 2,691,267 | 208,923 | |
Taiwan Semiconductor Manufacturing Company, Ltd. | 12,390,000 | 197,945 | |
CrowdStrike Holdings, Inc., Class A2 | 1,381,400 | 162,522 | |
Zscaler, Inc.2 | 1,194,599 | 159,419 | |
Toast, Inc., Class A2 | 8,640,082 | 158,632 | |
Intuit, Inc. | 362,380 | 147,702 | |
Adobe, Inc.2 | 422,732 | 145,813 | |
Paycom Software, Inc.2 | 405,233 | 137,414 | |
Datadog, Inc., Class A2 | 1,764,695 | 133,729 | |
Affirm Holdings, Inc., Class A2,3 | 9,434,304 | 131,325 | |
Accenture PLC, Class A | 411,390 | 123,800 | |
Bill.com Holdings, Inc.2 | 732,917 | 88,258 | |
Atlassian Corp., Class A2 | 546,669 | 71,914 | |
Marqeta, Inc., Class A2 | 9,418,819 | 63,012 | |
Fabrinet, non-registered shares2 | 456,500 | 60,902 | |
Enphase Energy, Inc.2 | 185,774 | 59,557 | |
Kingdee International Software Group Co., Ltd.2 | 32,027,000 | 54,653 | |
NetApp, Inc. | 749,829 | 50,696 | |
Trimble, Inc.2 | 836,538 | 49,983 | |
Lam Research Corp. | 89,089 | 42,084 | |
Cognex Corp. | 822,643 | 40,951 | |
First Solar, Inc.2 | 204,500 | 35,282 | |
Genpact, Ltd. | 558,200 | 25,739 | |
GoDaddy, Inc., Class A2 | 293,239 | 23,204 | |
Block, Inc., Class A2 | 317,000 | 21,483 | |
VeriSign, Inc.2 | 96,253 | 19,232 | |
CCC Intelligent Solutions Holdings, Inc.2,3 | 1,727,177 | 15,890 | |
Constellation Software, Inc. | 6,015 | 9,697 |
AMCAP Fund — Page 1 of 9
unaudited
Common stocks (continued) Information technology (continued) | Shares | Value (000) | |
RingCentral, Inc., Class A2 | 211,000 | $7,820 | |
HashiCorp, Inc., Class A2,3 | 269,500 | 7,357 | |
Stripe, Inc., Class B2,4,5 | 201,217 | 5,614 | |
17,076,269 | |||
Health care 20.08% | |||
UnitedHealth Group, Inc. | 4,483,720 | 2,456,002 | |
Abbott Laboratories | 16,435,981 | 1,768,183 | |
Thermo Fisher Scientific, Inc. | 2,383,005 | 1,335,007 | |
Stryker Corp. | 3,763,192 | 880,173 | |
Insulet Corp.2 | 2,377,884 | 711,867 | |
PerkinElmer, Inc. | 5,072,131 | 708,729 | |
Zoetis, Inc., Class A | 3,311,773 | 510,477 | |
BioMarin Pharmaceutical, Inc.2 | 4,200,144 | 424,130 | |
Danaher Corp. | 1,397,142 | 381,993 | |
DexCom, Inc.2 | 3,073,228 | 357,355 | |
Humana, Inc. | 624,378 | 343,345 | |
Seagen, Inc.2 | 2,755,942 | 334,544 | |
Eli Lilly and Company | 855,538 | 317,473 | |
Horizon Therapeutics PLC2 | 3,076,394 | 308,532 | |
AbbVie, Inc. | 1,765,381 | 284,544 | |
Elevance Health, Inc. | 511,558 | 272,619 | |
Edwards Lifesciences Corp.2 | 3,336,309 | 257,730 | |
IQVIA Holdings, Inc.2 | 1,177,131 | 256,638 | |
Oak Street Health, Inc.2 | 10,820,010 | 233,929 | |
Mettler-Toledo International, Inc.2 | 149,237 | 219,313 | |
AstraZeneca PLC | 1,519,692 | 205,636 | |
Agilon Health, Inc.2 | 11,207,890 | 196,811 | |
Centene Corp.2 | 2,241,479 | 195,121 | |
Regeneron Pharmaceuticals, Inc.2 | 197,454 | 148,426 | |
ICON PLC2 | 595,655 | 128,328 | |
Haemonetics Corp.2 | 1,489,976 | 127,110 | |
Penumbra, Inc.2 | 575,259 | 120,522 | |
Guardant Health, Inc.2 | 1,959,529 | 102,562 | |
Molina Healthcare, Inc.2 | 271,700 | 91,500 | |
Alnylam Pharmaceuticals, Inc.2 | 274,732 | 60,603 | |
NovoCure, Ltd.2 | 597,507 | 45,912 | |
Masimo Corp.2 | 257,600 | 37,337 | |
R1 RCM, Inc.2 | 409,088 | 3,702 | |
13,826,153 | |||
Consumer discretionary 17.20% | |||
Amazon.com, Inc.2 | 22,816,000 | 2,202,657 | |
Hilton Worldwide Holdings, Inc. | 7,137,590 | 1,017,963 | |
Burlington Stores, Inc.2 | 2,813,138 | 550,475 | |
Airbnb, Inc., Class A2 | 5,339,996 | 545,427 | |
MercadoLibre, Inc.2 | 475,887 | 443,044 | |
Tesla, Inc.2 | 2,166,927 | 421,901 | |
Caesars Entertainment, Inc.2 | 8,122,143 | 412,686 | |
NVR, Inc.2 | 88,766 | 411,786 | |
Galaxy Entertainment Group, Ltd. | 65,054,000 | 394,146 | |
TopBuild Corp.1,2 | 2,524,079 | 388,910 | |
Starbucks Corp. | 3,778,139 | 386,126 | |
Dollar Tree Stores, Inc.2 | 2,484,406 | 373,381 | |
Flutter Entertainment PLC2,3 | 2,094,932 | 315,592 |
AMCAP Fund — Page 2 of 9
unaudited
Common stocks (continued) Consumer discretionary (continued) | Shares | Value (000) | |
Dollar General Corp. | 1,133,277 | $289,756 | |
DoorDash, Inc., Class A2 | 4,447,745 | 259,081 | |
CarMax, Inc.2 | 3,692,309 | 256,098 | |
Aptiv PLC2 | 2,242,212 | 239,177 | |
D.R. Horton, Inc. | 2,649,721 | 227,876 | |
Williams-Sonoma, Inc.3 | 1,895,223 | 221,552 | |
Rivian Automotive, Inc., Class A2,3 | 6,753,015 | 216,367 | |
LVMH Moët Hennessy-Louis Vuitton SE | 272,641 | 211,095 | |
Chipotle Mexican Grill, Inc.2 | 129,454 | 210,616 | |
YETI Holdings, Inc.1,2 | 4,570,499 | 205,170 | |
NIKE, Inc., Class B | 1,644,699 | 180,407 | |
Marriott International, Inc., Class A | 994,409 | 164,425 | |
Wyndham Hotels & Resorts, Inc. | 2,189,047 | 160,501 | |
Etsy, Inc.2 | 1,170,036 | 154,550 | |
Five Below, Inc.2 | 896,476 | 144,207 | |
Kering SA | 234,943 | 142,491 | |
Royal Caribbean Cruises, Ltd.2 | 2,369,948 | 142,031 | |
Chegg, Inc.2 | 4,759,205 | 142,015 | |
Restaurant Brands International, Inc. | 2,000,000 | 132,700 | |
Helen of Troy, Ltd.1,2 | 1,288,244 | 126,943 | |
Darden Restaurants, Inc. | 797,555 | 117,233 | |
Aramark | 370,000 | 15,392 | |
Moncler SpA | 207,600 | 10,907 | |
Evolution AB | 85,889 | 8,800 | |
11,843,484 | |||
Industrials 8.04% | |||
TransDigm Group, Inc. | 1,900,911 | 1,194,722 | |
Raytheon Technologies Corp. | 11,030,102 | 1,088,892 | |
Old Dominion Freight Line, Inc. | 2,647,044 | 801,022 | |
Copart, Inc.2 | 9,489,058 | 631,592 | |
Carrier Global Corp. | 8,852,984 | 392,364 | |
Woodward, Inc.1 | 4,022,523 | 385,358 | |
Saia, Inc.2 | 717,530 | 174,783 | |
Axon Enterprise, Inc.2 | 631,059 | 116,134 | |
NIBE Industrier AB, Class B | 11,227,887 | 107,165 | |
Safran SA | 848,199 | 104,365 | |
Airbus SE, non-registered shares | 817,500 | 94,386 | |
AMETEK, Inc. | 656,186 | 93,454 | |
Trane Technologies PLC | 444,955 | 79,389 | |
Armstrong World Industries, Inc. | 940,617 | 71,872 | |
ITT, Inc. | 738,257 | 62,397 | |
Waste Connections, Inc. | 256,607 | 37,080 | |
MDA, Ltd.1,2 | 6,334,900 | 30,611 | |
Sun Country Airlines Holdings, Inc.2 | 1,445,448 | 29,198 | |
Advanced Drainage Systems, Inc. | 235,984 | 22,952 | |
TriNet Group, Inc.2 | 120,000 | 8,696 | |
The AZEK Co., Inc., Class A2 | 350,000 | 6,769 | |
5,533,201 | |||
Communication services 7.60% | |||
Alphabet, Inc., Class A2 | 12,617,552 | 1,274,247 | |
Alphabet, Inc., Class C2 | 10,947,325 | 1,110,606 | |
Netflix, Inc.2 | 5,384,172 | 1,645,026 | |
Meta Platforms, Inc., Class A2 | 4,255,918 | 502,624 |
AMCAP Fund — Page 3 of 9
unaudited
Common stocks (continued) Communication services (continued) | Shares | Value (000) | |
Charter Communications, Inc., Class A2 | 933,848 | $365,405 | |
Electronic Arts, Inc. | 1,421,963 | 185,964 | |
Activision Blizzard, Inc. | 1,000,000 | 73,950 | |
Tencent Holdings, Ltd. | 1,430,900 | 53,769 | |
Cable One, Inc. | 16,232 | 11,757 | |
Universal Music Group NV | 315,325 | 7,554 | |
5,230,902 | |||
Financials 6.46% | |||
MSCI, Inc. | 1,118,491 | 568,003 | |
Kotak Mahindra Bank, Ltd. | 19,426,500 | 468,263 | |
First Republic Bank | 3,197,227 | 407,998 | |
Morgan Stanley | 3,909,641 | 363,870 | |
Aon PLC, Class A | 954,685 | 294,310 | |
AIA Group, Ltd. | 27,776,200 | 283,289 | |
Stifel Financial Corp. | 4,288,014 | 275,505 | |
Arch Capital Group, Ltd.2 | 4,243,100 | 254,204 | |
S&P Global, Inc. | 719,284 | 253,763 | |
Marsh & McLennan Companies, Inc. | 1,400,339 | 242,511 | |
LPL Financial Holdings, Inc. | 973,600 | 230,461 | |
Cullen/Frost Bankers, Inc. | 1,398,914 | 202,941 | |
Nasdaq, Inc. | 2,520,000 | 172,519 | |
Charles Schwab Corp. | 1,195,200 | 98,652 | |
TPG, Inc., Class A3 | 2,650,857 | 88,274 | |
Signature Bank | 621,089 | 86,642 | |
Blackstone, Inc., nonvoting shares | 813,261 | 74,438 | |
BlackRock, Inc. | 69,189 | 49,539 | |
Progressive Corp. | 245,664 | 32,465 | |
4,447,647 | |||
Consumer staples 3.10% | |||
Philip Morris International, Inc. | 8,151,085 | 812,419 | |
Monster Beverage Corp.2 | 4,288,558 | 441,121 | |
Constellation Brands, Inc., Class A | 1,304,946 | 335,828 | |
Costco Wholesale Corp. | 444,183 | 239,526 | |
Chocoladefabriken Lindt & Sprüngli AG | 1,120 | 116,063 | |
Grocery Outlet Holding Corp.2 | 3,542,107 | 107,219 | |
Estée Lauder Companies, Inc., Class A | 361,046 | 85,131 | |
2,137,307 | |||
Materials 1.22% | |||
Linde PLC | 1,295,884 | 436,039 | |
Sherwin-Williams Company | 795,652 | 198,261 | |
Albemarle Corp. | 615,257 | 171,035 | |
ATI, Inc.2 | 1,044,143 | 31,857 | |
837,192 | |||
Real estate 0.76% | |||
Equinix, Inc. REIT | 421,009 | 290,770 | |
SBA Communications Corp. REIT, Class A | 322,937 | 96,655 | |
American Tower Corp. REIT | 338,211 | 74,829 | |
Alexandria Real Estate Equities, Inc. REIT | 396,028 | 61,626 | |
523,880 | |||
Total common stocks (cost: $41,104,887,000) | 61,456,035 |
AMCAP Fund — Page 4 of 9
unaudited
Preferred securities 0.10% Consumer discretionary 0.10% | Shares | Value (000) | |
Dr. Ing. h.c. F. Porsche AG., nonvoting non-registered preferred shares2 | 591,845 | $67,251 | |
Information technology 0.00% | |||
Stripe, Inc., Series H, 6.00% noncumulative preferred shares2,4,5 | 86,605 | 2,416 | |
Total preferred securities (cost: $51,001,000) | 69,667 | ||
Convertible stocks 0.07% Financials 0.07% | |||
Greeneden Topco S.C.A., Class P, convertible preferred shares4,5 | 52,280,000 | 24,352 | |
Greeneden Topco S.C.A., Class P1, convertible preferred shares4,5 | 13,070,000 | 6,088 | |
Greeneden Topco S.C.A., Class P2, convertible preferred shares4,5 | 13,070,000 | 6,088 | |
Greeneden Topco S.C.A., Class P3, convertible preferred shares4,5 | 13,070,000 | 6,088 | |
Greeneden Topco S.C.A., Class P4, convertible preferred shares4,5 | 13,070,000 | 6,088 | |
Total convertible stocks (cost: $84,302,000) | 48,704 | ||
Short-term securities 10.66% Money market investments 10.44% | |||
Capital Group Central Cash Fund 3.94%1,6 | 71,836,951 | 7,182,976 | |
Money market investments purchased with collateral from securities on loan 0.22% | |||
Capital Group Central Cash Fund 3.94%1,6,7 | 698,467 | 69,840 | |
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.73%6,7 | 24,149,233 | 24,149 | |
Goldman Sachs Financial Square Government Fund, Institutional Shares 3.74%6,7 | 22,900,000 | 22,900 | |
Dreyfus Treasury Obligations Cash Management, Institutional Shares 3.69%6,7 | 10,700,000 | 10,700 | |
BlackRock Liquidity Funds – FedFund, Institutional Shares 3.55%6,7 | 9,100,000 | 9,100 | |
State Street Institutional U.S. Government Money Market Fund, Premier Class 3.66%6,7 | 9,100,000 | 9,100 | |
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 3.62%6,7 | 4,500,000 | 4,500 | |
Fidelity Investments Money Market Government Portfolio, Class I 3.56%6,7 | 3,000,000 | 3,000 | |
153,289 | |||
Total short-term securities (cost: $7,335,841,000) | 7,336,265 | ||
Total investment securities 100.09% (cost: $48,576,031,000) | 68,910,671 | ||
Other assets less liabilities (0.09)% | (63,223) | ||
Net assets 100.00% | $68,847,448 |
AMCAP Fund — Page 5 of 9
unaudited
Investments in affiliates1
Value of affiliates at 3/1/2022 (000) | Additions (000) | Reductions (000) | Net realized loss (000) | Net unrealized (depreciation) appreciation (000) | Value of affiliates at 11/30/2022 (000) | Dividend income (000) | ||||
Common stocks 2.49% | ||||||||||
Information technology 0.83% | ||||||||||
Ceridian HCM Holding, Inc.2 | $611,601 | $— | $— | $— | $(37,496) | $574,105 | $— | |||
Health care 0.00% | ||||||||||
Penumbra, Inc.2,8 | 436,230 | 62,390 | 218,260 | (133,993) | (25,845) | — | — | |||
Consumer discretionary 1.05% | ||||||||||
TopBuild Corp.2 | 541,869 | — | — | — | (152,959) | 388,910 | — | |||
YETI Holdings, Inc.2 | — | 192,531 | — | — | 12,639 | 205,170 | — | |||
Helen of Troy, Ltd.2 | 203,252 | 26,797 | — | — | (103,106) | 126,943 | — | |||
Burlington Stores, Inc.2,8 | 427,558 | 564,812 | 319,701 | (209,211) | 87,017 | — | — | |||
721,023 | ||||||||||
Industrials 0.61% | ||||||||||
Woodward, Inc. | 501,327 | — | — | — | (115,969) | 385,358 | 2,293 | |||
MDA, Ltd.2 | 55,574 | — | 6,290 | (9,170) | (9,503) | 30,611 | — | |||
415,969 | ||||||||||
Total common stocks | 1,711,097 | |||||||||
Short-term securities 10.54% | ||||||||||
Money market investments 10.44% | ||||||||||
Capital Group Central Cash Fund 3.94%6 | 4,500,578 | 8,038,236 | 5,355,365 | (728) | 255 | 7,182,976 | 71,656 | |||
Money market investments purchased with collateral from securities on loan 0.10% | ||||||||||
Capital Group Central Cash Fund 3.94%6,7 | 93,499 | 23,6599 | 69,840 | —10 | ||||||
Total short-term securities | 7,252,816 | |||||||||
Total 13.03% | $(353,102) | $(344,967) | $8,963,913 | $73,949 |
Restricted securities5
Acquisition date | Cost (000) | Value (000) | Percent of net assets | |||
Greeneden Topco S.C.A., Class P, convertible preferred shares4 | 11/26/2021 | $42,151 | $24,352 | .03% | ||
Greeneden Topco S.C.A., Class P1, convertible preferred shares4 | 11/26/2021 | 10,537 | 6,088 | .01 | ||
Greeneden Topco S.C.A., Class P2, convertible preferred shares4 | 11/26/2021 | 10,538 | 6,088 | .01 | ||
Greeneden Topco S.C.A., Class P3, convertible preferred shares4 | 11/26/2021 | 10,538 | 6,088 | .01 | ||
Greeneden Topco S.C.A., Class P4, convertible preferred shares4 | 11/26/2021 | 10,538 | 6,088 | .01 | ||
Stripe, Inc., Class B2,4 | 5/6/2021 | 8,075 | 5,614 | .01 | ||
Stripe, Inc., Series H, 6.00% noncumulative preferred shares2,4 | 3/15/2021 | 3,475 | 2,416 | .00 | ||
Total | $95,852 | $56,734 | .08% |
AMCAP Fund — Page 6 of 9
unaudited
1 | 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. |
2 | Security did not produce income during the last 12 months. |
3 | All or a portion of this security was on loan. The total value of all such securities was $257,597,000, which represented .37% of the net assets of the fund. |
4 | Value determined using significant unobservable inputs. |
5 | Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $56,734,000, which represented .08% of the net assets of the fund. |
6 | Rate represents the seven-day yield at 11/30/2022. |
7 | Security purchased with cash collateral from securities on loan. |
8 | Affiliated issuer during the reporting period but no longer an affiliate at 11/30/2022. Refer to the investment portfolio for the security value at 11/30/2022. |
9 | Represents net activity. |
10 | Dividend income is included with securities lending income and is not shown in this table. |
Valuation disclosures
Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open. Security transactions are recorded by the fund as of the date the trades are executed with brokers. Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date.
Methods and inputs — The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Equity securities, including depositary receipts, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.
Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security.
Fixed-income class | Examples of standard inputs |
All | Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”) |
Corporate bonds, notes & loans; convertible securities | Standard inputs and underlying equity of the issuer |
Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
Mortgage-backed; asset-backed obligations | Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information |
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.
AMCAP Fund — Page 7 of 9
unaudited
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by the fund’s investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, contractual or legal restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
Processes and structure — The fund’s board of trustees has designated the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.
The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group.
Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following table presents the fund’s valuation levels as of November 30, 2022 (dollars in thousands):
Investment securities | |||||||
Level 1 | Level 2 | Level 3 | Total | ||||
Assets: | |||||||
Common stocks: | |||||||
Information technology | $15,521,998 | $1,548,657 | $5,614 | $17,076,269 | |||
Health care | 13,620,517 | 205,636 | — | 13,826,153 | |||
Consumer discretionary | 10,760,453 | 1,083,031 | — | 11,843,484 | |||
Industrials | 5,227,285 | 305,916 | — | 5,533,201 | |||
Communication services | 5,169,579 | 61,323 | — | 5,230,902 | |||
Financials | 3,696,095 | 751,552 | — | 4,447,647 | |||
Consumer staples | 2,021,244 | 116,063 | — | 2,137,307 | |||
Materials | 837,192 | — | — | 837,192 | |||
Real estate | 523,880 | — | — | 523,880 | |||
Preferred securities | — | 67,251 | 2,416 | 69,667 | |||
Convertible stocks | — | — | 48,704 | 48,704 | |||
Short-term securities | 7,336,265 | — | — | 7,336,265 | |||
Total | $64,714,508 | $4,139,429 | $56,734 | $68,910,671 |
Key to abbreviations |
ADR = American Depositary Receipts |
REIT = Real Estate Investment Trust |
AMCAP Fund — Page 8 of 9
unaudited
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.
© 2023 Capital Group. All rights reserved.
MFGEFP3-002-0123O-S89770 | AMCAP Fund — Page 9 of 9 |