American Mutual Fund®
Investment portfolio
January 31, 2024unaudited
Common stocks 94.16% Energy 5.54% | Shares | Value (000) | |
Baker Hughes Co., Class A | 3,964,768 | $112,996 | |
Canadian Natural Resources, Ltd. (CAD denominated) | 2,083,526 | 133,338 | |
Chevron Corp. | 4,910,108 | 723,897 | |
ConocoPhillips | 6,693,384 | 748,789 | |
EOG Resources, Inc. | 6,005,135 | 683,324 | |
Exxon Mobil Corp. | 9,898,982 | 1,017,714 | |
Imperial Oil, Ltd.1 | 434,223 | 25,047 | |
Schlumberger NV | 1,603,484 | 78,090 | |
Shell PLC (ADR) | 1,207,841 | 75,985 | |
Suncor Energy, Inc. | 947,194 | 31,365 | |
TC Energy Corp. | 14,636,306 | 577,110 | |
TC Energy Corp. (CAD denominated)1 | 22,621,101 | 892,427 | |
5,100,082 | |||
Materials 2.59% | |||
Air Products and Chemicals, Inc. | 361,792 | 92,514 | |
Albemarle Corp. | 670,889 | 76,978 | |
Eastman Chemical Co. | 658,591 | 55,025 | |
Ecolab, Inc. | 1,630,859 | 323,269 | |
International Flavors & Fragrances, Inc. | 1,469,845 | 118,587 | |
Linde PLC | 3,866,562 | 1,565,300 | |
Nutrien, Ltd. | 1,107,870 | 55,249 | |
Sherwin-Williams Co. | 309,040 | 94,066 | |
2,380,988 | |||
Industrials 16.15% | |||
Automatic Data Processing, Inc. | 1,749,556 | 430,006 | |
BAE Systems PLC (ADR)1 | 7,260,610 | 439,557 | |
Broadridge Financial Solutions, Inc. | 1,151,356 | 235,107 | |
Canadian National Railway Co. | 80,562 | 9,993 | |
Canadian National Railway Co. (CAD denominated) | 1,748,075 | 216,850 | |
Carrier Global Corp. | 14,353,247 | 785,266 | |
CSX Corp. | 10,880,649 | 388,439 | |
Emerson Electric Co. | 677,490 | 62,146 | |
Equifax, Inc. | 1,004,254 | 245,379 | |
FedEx Corp. | 1,373,779 | 331,479 | |
General Dynamics Corp. | 1,431,283 | 379,276 | |
General Electric Co. | 18,007,231 | 2,384,518 | |
HEICO Corp., Class A | 87,263 | 12,345 | |
Honeywell International, Inc. | 3,076,711 | 622,296 | |
Illinois Tool Works, Inc. | 1,043,284 | 272,193 | |
L3Harris Technologies, Inc. | 942,000 | 196,332 | |
Lockheed Martin Corp. | 451,969 | 194,080 | |
Northrop Grumman Corp. | 1,743,871 | 779,092 | |
Otis Worldwide Corp. | 1,521,417 | 134,554 | |
Paychex, Inc. | 5,802,227 | 706,305 |
American Mutual Fund — Page 1 of 8
unaudited
Common stocks (continued) Industrials (continued) | Shares | Value (000) | |
RELX PLC (ADR)1 | 1,977,276 | $81,760 | |
RTX Corp. | 30,446,121 | 2,774,251 | |
Stanley Black & Decker, Inc. | 2,391,030 | 223,083 | |
TFI International, Inc. | 1,136,905 | 149,469 | |
Union Pacific Corp. | 8,216,733 | 2,004,308 | |
United Parcel Service, Inc., Class B | 463,082 | 65,711 | |
Veralto Corp. | 437,457 | 33,549 | |
Waste Connections, Inc. | 1,700,807 | 264,067 | |
Waste Management, Inc. | 2,372,722 | 440,448 | |
14,861,859 | |||
Consumer discretionary 3.76% | |||
D.R. Horton, Inc. | 2,645,904 | 378,126 | |
Darden Restaurants, Inc. | 931,892 | 151,507 | |
General Motors Co. | 390,116 | 15,136 | |
Hasbro, Inc.2 | 9,015,011 | 441,285 | |
Home Depot, Inc. | 4,066,923 | 1,435,461 | |
McDonald’s Corp. | 945,096 | 276,648 | |
NIKE, Inc., Class B | 539,466 | 54,772 | |
Starbucks Corp. | 4,176,110 | 388,504 | |
TJX Companies, Inc. | 2,093,478 | 198,692 | |
Williams-Sonoma, Inc.1 | 620,749 | 120,047 | |
3,460,178 | |||
Consumer staples 7.66% | |||
Altria Group, Inc. | 454,755 | 18,245 | |
British American Tobacco PLC (ADR)1 | 16,161,754 | 478,388 | |
Church & Dwight Co., Inc. | 500,562 | 49,981 | |
Coca-Cola Co. | 2,980,817 | 177,329 | |
Colgate-Palmolive Co. | 987,841 | 83,176 | |
Constellation Brands, Inc., Class A | 2,580,038 | 632,316 | |
Danone SA | 3,490,889 | 232,800 | |
Dollar General Corp. | 4,499,541 | 594,254 | |
General Mills, Inc. | 13,548,575 | 879,438 | |
Hormel Foods Corp. | 1,874,836 | 56,939 | |
Kenvue, Inc. | 12,949,125 | 268,824 | |
Keurig Dr Pepper, Inc. | 14,953,238 | 470,130 | |
Mondelez International, Inc., Class A | 19,952,513 | 1,501,826 | |
PepsiCo, Inc. | 2,215,998 | 373,462 | |
Philip Morris International, Inc. | 5,631,385 | 511,611 | |
Procter & Gamble Co. | 3,500,334 | 550,042 | |
Sysco Corp. | 2,086,699 | 168,877 | |
7,047,638 | |||
Health care 18.43% | |||
Abbott Laboratories | 21,286,753 | 2,408,596 | |
AbbVie, Inc. | 18,855,737 | 3,099,883 | |
Amgen, Inc. | 3,498,601 | 1,099,470 | |
AstraZeneca PLC (ADR) | 12,668,958 | 844,259 | |
Bristol-Myers Squibb Co. | 12,199,698 | 596,199 | |
Cencora, Inc. | 548,240 | 127,565 | |
CVS Health Corp. | 7,465,364 | 555,199 | |
Danaher Corp. | 2,432,627 | 583,612 | |
Elevance Health, Inc. | 75,019 | 37,017 | |
Eli Lilly and Co. | 1,227,342 | 792,384 |
American Mutual Fund — Page 2 of 8
unaudited
Common stocks (continued) Health care (continued) | Shares | Value (000) | |
GE HealthCare Technologies, Inc. | 3,947,439 | $289,584 | |
Gilead Sciences, Inc. | 14,944,673 | 1,169,570 | |
GSK PLC (ADR) | 1,734,295 | 68,401 | |
Johnson & Johnson | 3,454,591 | 548,935 | |
McKesson Corp. | 48,408 | 24,199 | |
Medtronic PLC | 7,123,863 | 623,623 | |
Merck & Co., Inc. | 2,520,950 | 304,480 | |
Novartis AG (ADR) | 894,245 | 92,528 | |
Novo Nordisk AS, Class B (ADR) | 2,029,335 | 232,846 | |
Pfizer, Inc. | 3,569,942 | 96,674 | |
Sanofi | 1,025,314 | 102,953 | |
Stryker Corp. | 1,469,802 | 493,089 | |
Takeda Pharmaceutical Co., Ltd. (ADR)1 | 12,977,537 | 189,472 | |
Thermo Fisher Scientific, Inc. | 788,999 | 425,255 | |
UnitedHealth Group, Inc. | 3,412,535 | 1,746,331 | |
Zimmer Biomet Holdings, Inc. | 596,747 | 74,951 | |
Zoetis, Inc., Class A | 1,811,877 | 340,289 | |
16,967,364 | |||
Financials 14.70% | |||
American International Group, Inc. | 1,767,528 | 122,861 | |
Aon PLC, Class A | 993,987 | 296,636 | |
Apollo Asset Management, Inc. | 161,217 | 16,186 | |
Arthur J. Gallagher & Co. | 607,273 | 140,984 | |
Berkshire Hathaway, Inc., Class B3 | 72,569 | 27,848 | |
BlackRock, Inc. | 534,414 | 413,802 | |
Blackstone, Inc. | 2,236,417 | 278,322 | |
Capital One Financial Corp. | 3,973,486 | 537,692 | |
Charles Schwab Corp. (The) | 635,049 | 39,957 | |
Chubb, Ltd. | 4,031,845 | 987,802 | |
CME Group, Inc., Class A | 2,441,451 | 502,548 | |
East West Bancorp, Inc. | 3,582,341 | 260,830 | |
Fidelity National Information Services, Inc. | 7,539,585 | 469,415 | |
Franklin Resources, Inc. | 17,037,428 | 453,707 | |
Great-West Lifeco, Inc. | 16,882,336 | 563,561 | |
JPMorgan Chase & Co. | 10,058,105 | 1,753,731 | |
KKR & Co., Inc. | 600,000 | 51,948 | |
Marsh & McLennan Companies, Inc. | 3,841,008 | 744,541 | |
Mastercard, Inc., Class A | 1,223,990 | 549,853 | |
Morgan Stanley | 7,881,694 | 687,599 | |
National Bank of Canada | 1,977,216 | 151,227 | |
PNC Financial Services Group, Inc. | 5,881,513 | 889,344 | |
Principal Financial Group, Inc. | 3,054,366 | 241,600 | |
Progressive Corp. | 1,987,213 | 354,221 | |
Royal Bank of Canada | 337,881 | 32,975 | |
S&P Global, Inc. | 852,437 | 382,190 | |
State Street Corp. | 3,743,620 | 276,541 | |
Toronto-Dominion Bank (The) | 358,508 | 21,772 | |
Toronto-Dominion Bank (The) (CAD denominated) | 2,297,539 | 139,566 | |
U.S. Bancorp | 1,987,212 | 82,549 | |
Visa, Inc., Class A | 3,385,156 | 925,028 | |
Wells Fargo & Co. | 17,599,846 | 883,160 |
American Mutual Fund — Page 3 of 8
unaudited
Common stocks (continued) Financials (continued) | Shares | Value (000) | |
Western Union Co. | 11,345,829 | $142,617 | |
Willis Towers Watson PLC | 420,222 | 103,501 | |
13,526,114 | |||
Information technology 15.18% | |||
Accenture PLC, Class A | 2,488,702 | 905,589 | |
Amphenol Corp., Class A | 2,787,586 | 281,825 | |
Analog Devices, Inc. | 2,567,819 | 493,946 | |
Apple, Inc. | 12,839,580 | 2,367,619 | |
Applied Materials, Inc. | 867,112 | 142,466 | |
Broadcom, Inc. | 728,684 | 859,847 | |
Intel Corp. | 23,320,321 | 1,004,639 | |
Intuit, Inc. | 582,043 | 367,461 | |
KLA Corp. | 738,773 | 438,861 | |
Microsoft Corp. | 14,395,252 | 5,723,264 | |
Samsung Electronics Co., Ltd. (GDR) | 38,378 | 52,347 | |
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 2,598,502 | 293,527 | |
Texas Instruments, Inc. | 6,486,302 | 1,038,587 | |
13,969,978 | |||
Communication services 2.11% | |||
AT&T, Inc. | 2,310,136 | 40,866 | |
Comcast Corp., Class A | 30,182,121 | 1,404,676 | |
Electronic Arts, Inc. | 980,562 | 134,906 | |
T-Mobile US, Inc. | 1,304,845 | 210,380 | |
Verizon Communications, Inc. | 3,676,887 | 155,716 | |
1,946,544 | |||
Utilities 5.25% | |||
American Electric Power Co., Inc. | 1,425,823 | 111,414 | |
CenterPoint Energy, Inc.2 | 35,796,551 | 1,000,156 | |
Constellation Energy Corp. | 4,193,090 | 511,557 | |
Dominion Energy, Inc. | 2,757,702 | 126,082 | |
DTE Energy Co. | 5,805,184 | 611,982 | |
Duke Energy Corp. | 1,242,628 | 119,081 | |
Edison International | 3,992,834 | 269,436 | |
Exelon Corp. | 3,163,633 | 110,126 | |
NextEra Energy, Inc. | 6,974,326 | 408,905 | |
Public Service Enterprise Group, Inc. | 3,155,553 | 182,991 | |
Sempra | 11,647,573 | 833,500 | |
Southern Co. (The) | 5,015,933 | 348,708 | |
Xcel Energy, Inc. | 3,343,483 | 200,174 | |
4,834,112 | |||
Real estate 2.79% | |||
Americold Realty Trust, Inc. REIT | 2,784,244 | 76,567 | |
CubeSmart REIT | 2,185,809 | 94,471 | |
Digital Realty Trust, Inc. REIT | 1,646,528 | 231,271 | |
Equinix, Inc. REIT | 573,943 | 476,241 | |
Extra Space Storage, Inc. REIT | 2,101,580 | 303,552 | |
Federal Realty Investment Trust REIT | 2,296,865 | 233,660 | |
Kimco Realty Corp. REIT | 5,890,877 | 118,996 | |
Prologis, Inc. REIT | 1,695,741 | 214,833 |
American Mutual Fund — Page 4 of 8
unaudited
Common stocks (continued) Real estate (continued) | Shares | Value (000) | |
Public Storage REIT | 1,549,806 | $438,889 | |
Welltower, Inc. REIT | 4,399,407 | 380,593 | |
2,569,073 | |||
Total common stocks (cost: $56,541,766,000) | 86,663,930 | ||
Short-term securities 5.84% Money market investments 5.81% | |||
Capital Group Central Cash Fund 5.44%2,4 | 53,458,580 | 5,345,858 | |
Money market investments purchased with collateral from securities on loan 0.03% | |||
Capital Group Central Cash Fund 5.44%2,4,5 | 132,116 | 13,212 | |
BlackRock Liquidity Funds – FedFund, Institutional Shares 5.22%4,5 | 2,900,000 | 2,900 | |
Dreyfus Treasury Obligations Cash Management, Institutional Shares 5.22%4,5 | 2,900,000 | 2,900 | |
Fidelity Investments Money Market Government Portfolio, Class I 5.22%4,5 | 2,900,000 | 2,900 | |
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.19%4,5 | 2,900,000 | 2,900 | |
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 5.21%4,5 | 2,900,000 | 2,900 | |
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.30%4,5 | 2,900,000 | 2,900 | |
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.24%4,5 | 1,303,178 | 1,303 | |
RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 5.28%4,5 | 900,000 | 900 | |
32,815 | |||
Total short-term securities (cost: $5,378,553,000) | 5,378,673 | ||
Total investment securities 100.00% (cost: $61,920,319,000) | 92,042,603 | ||
Other assets less liabilities (0.00%) | (630 ) | ||
Net assets 100.00% | $92,041,973 |
American Mutual Fund — Page 5 of 8
unaudited
Investments in affiliates2
Value at 11/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 1/31/2024 (000) | Dividend or interest income (000) | |
Common stocks 1.57% | |||||||
Consumer discretionary 0.48% | |||||||
Hasbro, Inc. | $406,016 | $1,025 | $— | $— | $34,244 | $441,285 | $6,311 |
Utilities 1.09% | |||||||
CenterPoint Energy, Inc. | 1,163,559 | — | 205,365 | (3,583 ) | 45,545 | 1,000,156 | 8,658 |
Total common stocks | 1,441,441 | ||||||
Short-term securities 5.82% | |||||||
Money market investments 5.81% | |||||||
Capital Group Central Cash Fund 5.44%4 | 5,988,695 | 4,762,177 | 5,405,132 | 1,338 | (1,220 ) | 5,345,858 | 86,990 |
Money market investments purchased with collateral from securities on loan 0.01% | |||||||
Capital Group Central Cash Fund 5.44%4,5 | 16,657 | 3,445 6 | 13,212 | — 7 | |||
Total short-term securities | 5,359,070 | ||||||
Total 7.39% | $(2,245 ) | $78,569 | $6,800,511 | $101,959 |
1 | All or a portion of this security was on loan. The total value of all such securities was $79,671,000, which represented .09% of the net assets of the fund. |
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 | Security did not produce income during the last 12 months. |
4 | Rate represents the seven-day yield at 1/31/2024. |
5 | Security purchased with cash collateral from securities on loan. |
6 | Represents net activity. |
7 | 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.
American Mutual Fund — Page 6 of 8
unaudited
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.
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, 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 “Committee”) to administer, implement and oversee the fair valuation process and to make fair value decisions. The 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 Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. 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. The Committee reports 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.
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 present the fund’s valuation levels as of January 31, 2024 (dollars in thousands):
American Mutual Fund — Page 7 of 8
unaudited
Investment securities | ||||
Level 1 | Level 2 | Level 3 | Total | |
Assets: | ||||
Common stocks: | ||||
Energy | $5,100,082 | $— | $— | $5,100,082 |
Materials | 2,380,988 | — | — | 2,380,988 |
Industrials | 14,861,859 | — | — | 14,861,859 |
Consumer discretionary | 3,460,178 | — | — | 3,460,178 |
Consumer staples | 6,814,838 | 232,800 | — | 7,047,638 |
Health care | 16,864,411 | 102,953 | — | 16,967,364 |
Financials | 13,526,114 | — | — | 13,526,114 |
Information technology | 13,917,631 | 52,347 | — | 13,969,978 |
Communication services | 1,946,544 | — | — | 1,946,544 |
Utilities | 4,834,112 | — | — | 4,834,112 |
Real estate | 2,569,073 | — | — | 2,569,073 |
Short-term securities | 5,378,673 | — | — | 5,378,673 |
Total | $91,654,503 | $388,100 | $— | $92,042,603 |
Key to abbreviation(s) |
ADR = American Depositary Receipts |
CAD = Canadian dollars |
GDR = Global Depositary Receipts |
REIT = Real Estate Investment Trust |
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.
© 2024 Capital Group. All rights reserved.
MFGEFP1-003-0324O-S96462
American Mutual Fund — Page 8 of 8