American Mutual Fund®
Investment portfolio
January 31, 2021
unaudited
Common stocks 93.01% Energy 5.55% | Shares | Value (000) |
Baker Hughes Co., Class A | 3,246,645 | $65,225 |
Canadian Natural Resources, Ltd. (CAD denominated) | 9,217,504 | 208,245 |
Chevron Corp. | 8,923,829 | 760,310 |
ConocoPhillips | 19,166,443 | 767,233 |
Enbridge Inc. | 6,942,839 | 233,279 |
Enbridge Inc. (CAD denominated) | 5,379,974 | 180,742 |
EOG Resources, Inc. | 8,366,166 | 426,340 |
Exxon Mobil Corp. | 1,291,534 | 57,912 |
Royal Dutch Shell PLC, Class A (ADR)1 | 4,469,823 | 164,892 |
Schlumberger Ltd. | 5,100,074 | 113,273 |
Suncor Energy Inc. | 5,128,011 | 85,778 |
TC Energy Corp. | 5,253,389 | 225,528 |
TC Energy Corp. (CAD denominated) | 12,682,201 | 543,587 |
3,832,344 | ||
Materials 3.83% | ||
Air Products and Chemicals, Inc. | 1,876,046 | 500,454 |
Barrick Gold Corp. | 5,432,937 | 121,535 |
Dow Inc. | 3,000,000 | 155,700 |
DuPont de Nemours Inc. | 596,988 | 47,431 |
Linde PLC | 4,279,040 | 1,050,076 |
LyondellBasell Industries NV | 5,439,240 | 466,469 |
Nutrien Ltd. | 3,114,960 | 153,163 |
PPG Industries, Inc. | 1,088,032 | 146,569 |
2,641,397 | ||
Industrials 10.71% | ||
AMETEK, Inc. | 131,963 | 14,946 |
Carrier Global Corp. | 1,871,944 | 72,070 |
Caterpillar Inc. | 2,025,662 | 370,372 |
CSX Corp. | 6,404,426 | 549,212 |
Cummins Inc. | 1,097,886 | 257,366 |
Deere & Company | 247,800 | 71,565 |
Emerson Electric Co. | 680,313 | 53,983 |
General Dynamics Corp. | 3,691,461 | 541,464 |
Honeywell International Inc. | 1,113,100 | 217,466 |
Illinois Tool Works Inc. | 1,945,902 | 377,914 |
Johnson Controls International PLC | 6,588,852 | 328,257 |
L3Harris Technologies, Inc. | 847,394 | 145,337 |
Lockheed Martin Corp. | 1,423,310 | 458,050 |
ManpowerGroup Inc. | 753,549 | 66,644 |
Norfolk Southern Corp. | 2,282,680 | 540,128 |
Northrop Grumman Corp. | 1,128,273 | 323,374 |
Otis Worldwide Corp. | 1,351,165 | 87,353 |
Raytheon Technologies Corp. | 14,998,239 | 1,000,832 |
RELX PLC (ADR) | 1,985,513 | 49,280 |
Stanley Black & Decker, Inc. | 1,172,981 | 203,500 |
American Mutual Fund — Page 1 of 8
unaudited
Common stocks (continued) Industrials (continued) | Shares | Value (000) |
Union Pacific Corp. | 3,690,803 | $728,823 |
United Parcel Service, Inc., Class B | 2,901,517 | 449,735 |
Waste Connections, Inc. | 1,707,892 | 168,244 |
Waste Management, Inc. | 2,824,061 | 314,374 |
7,390,289 | ||
Consumer discretionary 3.91% | ||
Carnival Corp., units | 3,106,805 | 58,004 |
Hasbro, Inc. | 3,171,885 | 297,586 |
Home Depot, Inc. | 4,427,446 | 1,199,041 |
Lowe’s Companies, Inc. | 883,005 | 147,329 |
McDonald’s Corp. | 997,746 | 207,372 |
NIKE, Inc., Class B | 303,416 | 40,533 |
TJX Companies, Inc. | 4,323,845 | 276,899 |
VF Corp. | 1,092,400 | 83,973 |
Williams-Sonoma, Inc. | 2,993,236 | 385,888 |
2,696,625 | ||
Consumer staples 6.79% | ||
Church & Dwight Co., Inc. | 2,734,115 | 230,841 |
Coca-Cola Company | 3,846,847 | 185,226 |
Colgate-Palmolive Company | 991,958 | 77,373 |
Costco Wholesale Corp. | 655,791 | 231,120 |
General Mills, Inc. | 14,015,959 | 814,327 |
Keurig Dr Pepper Inc. | 25,178,871 | 800,688 |
Kroger Co. | 3,312,781 | 114,291 |
McCormick & Co., Inc., nonvoting shares | 2,963,894 | 265,387 |
Mondelez International, Inc. | 8,704,851 | 482,597 |
Nestlé SA (ADR) | 999,741 | 112,271 |
PepsiCo, Inc. | 3,030,869 | 413,926 |
Procter & Gamble Company | 7,468,489 | 957,535 |
4,685,582 | ||
Health care 17.96% | ||
Abbott Laboratories | 12,416,853 | 1,534,599 |
AbbVie Inc. | 8,222,410 | 842,633 |
Amgen Inc. | 6,891,978 | 1,663,930 |
AstraZeneca PLC (ADR)1 | 5,682,960 | 287,558 |
Baxter International Inc. | 877,015 | 67,381 |
CVS Health Corp. | 2,674,090 | 191,598 |
Danaher Corp. | 582,576 | 138,560 |
Eli Lilly and Company | 2,986,521 | 621,107 |
Gilead Sciences, Inc. | 31,909,080 | 2,093,236 |
GlaxoSmithKline PLC (ADR) | 17,660,876 | 657,868 |
Johnson & Johnson | 1,429,080 | 233,126 |
Medtronic PLC | 2,994,687 | 333,398 |
Merck & Co., Inc. | 10,907,524 | 840,643 |
Novartis AG2 | 769,817 | 69,634 |
Novartis AG (ADR) | 2,339,927 | 211,693 |
Pfizer Inc. | 7,077,428 | 254,080 |
Roche Holding AG (ADR) | 1,324,449 | 57,494 |
Stryker Corp. | 832,245 | 183,934 |
Thermo Fisher Scientific Inc. | 285,450 | 145,494 |
UnitedHealth Group Inc. | 4,715,360 | 1,572,950 |
American Mutual Fund — Page 2 of 8
unaudited
Common stocks (continued) Health care (continued) | Shares | Value (000) |
Viatris Inc.3 | 692,460 | $11,765 |
Zimmer Biomet Holdings, Inc. | 2,534,831 | 389,527 |
12,402,208 | ||
Financials 13.40% | ||
American International Group, Inc. | 3,064,491 | 114,735 |
Aon PLC, Class A | 1,921,183 | 390,192 |
Bank of America Corp. | 3,481,495 | 103,226 |
Bank of New York Mellon Corp. | 6,063,474 | 241,508 |
Berkshire Hathaway Inc., Class B3 | 683,406 | 155,728 |
BlackRock, Inc. | 431,873 | 302,855 |
Chubb Ltd. | 1,984,062 | 289,018 |
Citigroup Inc. | 2,650,000 | 153,674 |
CME Group Inc., Class A | 3,291,229 | 598,148 |
Great-West Lifeco Inc. (CAD denominated) | 9,775,242 | 223,216 |
Intercontinental Exchange, Inc. | 3,342,739 | 368,871 |
JPMorgan Chase & Co. | 10,582,577 | 1,361,660 |
KeyCorp | 15,062,202 | 253,949 |
Marsh & McLennan Companies, Inc. | 4,535,843 | 498,535 |
Moody’s Corp. | 36,000 | 9,585 |
Nasdaq, Inc. | 231,581 | 31,326 |
National Bank of Canada | 1,710,900 | 96,158 |
PNC Financial Services Group, Inc. | 4,822,987 | 692,195 |
Principal Financial Group, Inc. | 3,292,559 | 162,224 |
Progressive Corp. | 1,995,490 | 173,987 |
S&P Global Inc. | 727,685 | 230,676 |
State Street Corp. | 8,384,756 | 586,933 |
Toronto-Dominion Bank | 1,548,613 | 87,636 |
Toronto-Dominion Bank (CAD denominated) | 12,118,345 | 686,683 |
Travelers Companies, Inc. | 2,600,076 | 354,390 |
Truist Financial Corp. | 13,613,958 | 653,198 |
U.S. Bancorp | 4,675,490 | 200,345 |
Wells Fargo & Company | 4,942,754 | 147,689 |
Willis Towers Watson PLC | 421,972 | 85,635 |
9,253,975 | ||
Information technology 13.85% | ||
Accenture PLC, Class A | 2,777,162 | 671,851 |
Amphenol Corp., Class A | 1,457,472 | 182,009 |
Analog Devices, Inc. | 2,592,838 | 382,003 |
Apple Inc. | 8,407,458 | 1,109,448 |
Applied Materials, Inc. | 629,015 | 60,813 |
Automatic Data Processing, Inc. | 1,063,951 | 175,680 |
Cisco Systems, Inc. | 6,395,040 | 285,091 |
Fidelity National Information Services, Inc. | 798,251 | 98,552 |
Intel Corp. | 8,561,565 | 475,253 |
International Business Machines Corp. | 1,696,732 | 202,098 |
Intuit Inc. | 377,273 | 136,282 |
KLA Corp. | 566,867 | 158,762 |
Mastercard Inc., Class A | 446,508 | 141,226 |
Maxim Integrated Products, Inc. | 2,359,955 | 206,992 |
Microsoft Corp. | 12,351,390 | 2,865,027 |
NetApp, Inc. | 4,945,567 | 328,583 |
Paychex, Inc. | 4,412,871 | 385,332 |
QUALCOMM Inc. | 2,458,090 | 384,150 |
American Mutual Fund — Page 3 of 8
unaudited
Common stocks (continued) Information technology (continued) | Shares | Value (000) |
Samsung Electronics Co., Ltd. (GDR)2 | 16,961 | $31,179 |
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 2,917,800 | 354,571 |
Texas Instruments Inc. | 1,995,526 | 330,639 |
Visa Inc., Class A | 1,436,890 | 277,679 |
Western Union Company | 14,158,188 | 315,303 |
9,558,523 | ||
Communication services 6.50% | ||
Activision Blizzard, Inc. | 1,652,912 | 150,415 |
AT&T Inc. | 2,319,759 | 66,415 |
BCE Inc. | 7,459,815 | 316,419 |
Comcast Corp., Class A | 45,250,220 | 2,243,053 |
Omnicom Group Inc. | 4,000,000 | 249,520 |
TELUS Corp. | 21,730,765 | 448,465 |
Verizon Communications Inc. | 18,511,475 | 1,013,503 |
4,487,790 | ||
Utilities 7.43% | ||
American Electric Power Company, Inc. | 6,525,918 | 528,012 |
CenterPoint Energy, Inc.4 | 28,266,327 | 596,137 |
CMS Energy Corp. | 4,945,767 | 281,315 |
Consolidated Edison, Inc. | 1,497,117 | 105,966 |
Dominion Energy, Inc. | 4,675,740 | 340,815 |
DTE Energy Company | 2,904,705 | 344,847 |
Edison International | 4,417,409 | 256,916 |
Entergy Corp. | 1,371,028 | 130,700 |
Exelon Corp. | 13,770,793 | 572,314 |
NextEra Energy, Inc. | 7,343,089 | 593,836 |
Public Service Enterprise Group Inc. | 7,773,489 | 438,658 |
Sempra Energy | 3,559,672 | 440,545 |
Xcel Energy Inc. | 7,855,850 | 502,696 |
5,132,757 | ||
Real estate 3.08% | ||
Americold Realty Trust REIT | 1,446,000 | 50,480 |
Crown Castle International Corp. REIT | 2,155,130 | 343,226 |
Digital Realty Trust, Inc. REIT | 7,304,495 | 1,051,482 |
Extra Space Storage Inc. REIT | 859,045 | 97,751 |
Kimco Realty Corp. REIT | 18,850,431 | 311,220 |
Prologis, Inc. REIT | 923,632 | 95,319 |
Public Storage REIT | 402,126 | 91,532 |
Ventas, Inc. REIT | 1,835,014 | 84,539 |
2,125,549 | ||
Total common stocks (cost: $43,726,469,000) | 64,207,039 | |
Preferred securities 0.06% Financials 0.01% | ||
U.S. Bancorp, Series F, 6.50% noncumulative, preferred depositary shares | 386,127 | 10,109 |
American Mutual Fund — Page 4 of 8
unaudited
Preferred securities (continued) Information technology 0.05% | Shares | Value (000) |
Samsung Electronics Co., Ltd., preferred shares (GDR)2 | 20,970 | $34,409 |
Total preferred securities (cost: $27,839,000) | 44,518 | |
Convertible stocks 0.36% Industrials 0.05% | ||
Stanley Black & Decker, Inc., convertible preferred shares, 5.25% 2022 | 325,863 | 35,509 |
Health care 0.31% | ||
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 2023 | 154,886 | 212,442 |
Total convertible stocks (cost: $199,724,000) | 247,951 | |
Bonds, notes & other debt instruments 0.89% U.S. Treasury bonds & notes 0.82% U.S. Treasury 0.82% | Principal amount (000) | |
U.S. Treasury 1.375% 2021 | $561,963 | 564,356 |
Corporate bonds, notes & loans 0.07% Consumer discretionary 0.05% | ||
Booking Holdings Inc. 4.10% 2025 | 30,000 | 33,880 |
Financials 0.02% | ||
JPMorgan Chase & Co., Series I, junior subordinated, 3.682% (3-month USD-LIBOR + 3.47%)5 | 18,412 | 18,324 |
Total corporate bonds, notes & loans | 52,204 | |
Total bonds, notes & other debt instruments (cost: $607,876,000) | 616,560 | |
Short-term securities 5.93% Money market investments 5.93% | Shares | |
Capital Group Central Cash Fund 0.11%4,6 | 38,660,135 | 3,866,400 |
BlackRock Liquidity Funds – FedFund, Institutional Shares 0.01%6,7 | 69,500,000 | 69,500 |
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%6,7 | 69,500,000 | 69,500 |
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%6,7 | 37,000,000 | 37,000 |
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%6,7 | 35,545,031 | 35,545 |
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 0.03%6,7 | 7,600,000 | 7,600 |
RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 0.01%6,7 | 5,100,000 | 5,100 |
Fidelity Investments Money Market Government Portfolio, Class I 0.01%6,7 | 2,700,000 | 2,700 |
Total short-term securities (cost: $4,092,701,000) | 4,093,345 | |
Total investment securities 100.25% (cost: $48,654,609,000) | 69,209,413 | |
Other assets less liabilities (0.25%) | (174,622) | |
Net assets 100.00% | $69,034,791 |
American Mutual Fund — Page 5 of 8
unaudited
Investments in affiliates4
Value of affiliates at 11/1/2020 (000) | Additions (000) | Reductions (000) | Net realized gain (000) | Net unrealized depreciation (000) | Value of affiliates at 1/31/2021 (000) | Dividend income (000) | |
Common stocks 0.86% | |||||||
Utilities 0.86% | |||||||
CenterPoint Energy, Inc. | $633,969 | $115,908 | $150,429 | $15,985 | $(19,296) | $596,137 | $5,204 |
Short-term securities 5.60% | |||||||
Money market investments 5.60% | |||||||
Capital Group Central Cash Fund 0.11%6 | 3,825,493 | 2,321,418 | 2,280,511 | 55 | (55) | 3,866,400 | 1,093 |
Total 6.46% | $16,040 | $(19,351) | $4,462,537 | $6,297 |
1 | All or a portion of this security was on loan. The total value of all such securities was $285,498,000, which represented .41% of the net assets of the fund. |
2 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $135,222,000, which represented .20% 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 | Security did not produce income during the last 12 months. |
4 | Affiliate of the fund or part of the same group of investment companies as the fund, in each case as defined under the Investment Company Act of 1940. |
5 | Step bond; coupon rate may change at a later date. |
6 | Rate represents the seven-day yield at 1/31/2021. |
7 | Security purchased with cash collateral from securities on loan. |
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.
American Mutual 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 & 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 |
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
American Mutual Fund — Page 7 of 8
unaudited
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 January 31, 2021 (dollars in thousands):
Investment securities | ||||
Level 1 | Level 2 | Level 3 | Total | |
Assets: | ||||
Common stocks: | ||||
Energy | $3,832,344 | $— | $— | $3,832,344 |
Materials | 2,641,397 | — | — | 2,641,397 |
Industrials | 7,390,289 | — | — | 7,390,289 |
Consumer discretionary | 2,696,625 | — | — | 2,696,625 |
Consumer staples | 4,685,582 | — | — | 4,685,582 |
Health care | 12,332,574 | 69,634 | — | 12,402,208 |
Financials | 9,253,975 | — | — | 9,253,975 |
Information technology | 9,527,344 | 31,179 | — | 9,558,523 |
Communication services | 4,487,790 | — | — | 4,487,790 |
Utilities | 5,132,757 | — | — | 5,132,757 |
Real estate | 2,125,549 | — | — | 2,125,549 |
Preferred securities | 10,109 | 34,409 | — | 44,518 |
Convertible stocks | 247,951 | — | — | 247,951 |
Bonds, notes & other debt instruments | — | 616,560 | — | 616,560 |
Short-term securities | 4,093,345 | — | — | 4,093,345 |
Total | $68,457,631 | $751,782 | $— | $69,209,413 |
Key to abbreviations and symbol |
ADR = American Depositary Receipts |
CAD = Canadian dollars |
GDR = Global Depositary Receipts |
LIBOR = London Interbank Offered Rate |
USD/$ = U.S. 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.
© 2021 Capital Group. All rights reserved.
MFGEFP1-003-0321O-S78063 | American Mutual Fund — Page 8 of 8 |