Washington Mutual Investors Fund
Investment portfolio
January 31, 2024unaudited
Common stocks 96.86% Energy 5.02% | Shares | Value (000) | |
Baker Hughes Co., Class A | 12,915,752 | $368,099 | |
Canadian Natural Resources, Ltd.1 | 19,413,048 | 1,242,241 | |
Chevron Corp. | 7,182,074 | 1,058,853 | |
ConocoPhillips | 6,670,598 | 746,240 | |
EOG Resources, Inc. | 8,910,494 | 1,013,925 | |
Exxon Mobil Corp. | 16,463,753 | 1,692,639 | |
Halliburton Co. | 33,196,784 | 1,183,465 | |
Pioneer Natural Resources Co. | 1,643,573 | 377,742 | |
Schlumberger NV | 8,644,975 | 421,010 | |
TC Energy Corp.1 | 9,518,549 | 375,317 | |
8,479,531 | |||
Materials 2.69% | |||
Albemarle Corp. | 762,660 | 87,508 | |
Celanese Corp.2 | 7,341,262 | 1,073,953 | |
Corteva, Inc. | 11,132,100 | 506,288 | |
H.B. Fuller Co. | 770,210 | 58,359 | |
Linde PLC | 4,051,501 | 1,640,169 | |
LyondellBasell Industries NV | 2,596,326 | 244,366 | |
Mosaic Co. | 8,328,210 | 255,759 | |
Nucor Corp. | 1,994,588 | 372,849 | |
Rio Tinto PLC (ADR)1 | 4,469,731 | 309,618 | |
4,548,869 | |||
Industrials 10.69% | |||
ABB, Ltd. (ADR) | 11,286,469 | 478,321 | |
AMETEK, Inc. | 346,500 | 56,150 | |
BAE Systems PLC (ADR)1 | 3,850,669 | 233,119 | |
Boeing Co.3 | 2,225,235 | 469,614 | |
Broadridge Financial Solutions, Inc. | 486,993 | 99,444 | |
Carrier Global Corp. | 10,600,700 | 579,964 | |
Caterpillar, Inc. | 6,582,744 | 1,976,864 | |
CSX Corp. | 33,725,278 | 1,203,992 | |
Deere & Co. | 698,421 | 274,884 | |
Delta Air Lines, Inc. | 4,560,396 | 178,494 | |
Equifax, Inc. | 2,638,952 | 644,801 | |
FedEx Corp. | 1,002,825 | 241,972 | |
General Electric Co. | 4,808,311 | 636,717 | |
HEICO Corp. | 772,410 | 138,717 | |
Honeywell International, Inc. | 464,687 | 93,988 | |
Huntington Ingalls Industries, Inc. | 740,192 | 191,650 | |
Ingersoll-Rand, Inc. | 5,048,009 | 403,134 | |
Johnson Controls International PLC | 2,780,068 | 146,482 | |
L3Harris Technologies, Inc. | 5,532,626 | 1,153,110 | |
Lockheed Martin Corp. | 903,208 | 387,847 | |
Northrop Grumman Corp. | 5,747,687 | 2,567,837 |
Washington Mutual Investors Fund — Page 1 of 7
unaudited
Common stocks (continued) Industrials (continued) | Shares | Value (000) | |
PACCAR, Inc. | 2,553,310 | $256,327 | |
Paychex, Inc. | 5,982,488 | 728,248 | |
RELX PLC (ADR)1 | 2,316,971 | 95,807 | |
Republic Services, Inc. | 1,182,753 | 202,393 | |
Robert Half, Inc. | 4,525,720 | 359,976 | |
RTX Corp. | 17,697,886 | 1,612,631 | |
Southwest Airlines Co. | 10,784,796 | 322,358 | |
TransUnion | 2,931,648 | 202,841 | |
Union Pacific Corp. | 5,117,248 | 1,248,250 | |
United Parcel Service, Inc., Class B | 895,855 | 127,122 | |
Veralto Corp. | 2,874,825 | 220,470 | |
Waste Connections, Inc. | 2,307,635 | 358,283 | |
Waste Management, Inc. | 961,904 | 178,558 | |
18,070,365 | |||
Consumer discretionary 6.55% | |||
Chipotle Mexican Grill, Inc.3 | 87,320 | 210,334 | |
D.R. Horton, Inc. | 2,000,000 | 285,820 | |
Darden Restaurants, Inc.2 | 8,221,640 | 1,336,674 | |
General Motors Co. | 17,885,983 | 693,976 | |
Home Depot, Inc. | 9,128,117 | 3,221,860 | |
Lennar Corp., Class A | 1,330,505 | 199,376 | |
Marriott International, Inc., Class A | 1,344,538 | 322,326 | |
McDonald’s Corp. | 975,691 | 285,604 | |
NIKE, Inc., Class B | 8,095,742 | 821,961 | |
Polaris, Inc. | 858,520 | 77,233 | |
Royal Caribbean Cruises, Ltd.3 | 3,671,762 | 468,150 | |
Starbucks Corp. | 1,718,041 | 159,829 | |
TJX Companies, Inc. | 7,187,602 | 682,175 | |
Tractor Supply Co. | 2,165,227 | 486,310 | |
VF Corp. | 6,944,225 | 114,302 | |
YUM! Brands, Inc. | 13,106,172 | 1,697,118 | |
11,063,048 | |||
Consumer staples 7.16% | |||
Altria Group, Inc. | 22,606,397 | 906,969 | |
Archer Daniels Midland Co. | 4,500,000 | 250,110 | |
British American Tobacco PLC (ADR)1 | 9,587,415 | 283,787 | |
Church & Dwight Co., Inc. | 3,115,573 | 311,090 | |
Constellation Brands, Inc., Class A | 3,920,912 | 960,937 | |
Costco Wholesale Corp. | 495,156 | 344,074 | |
Danone (ADR)1 | 14,664,730 | 194,601 | |
Dollar General Corp. | 3,136,948 | 414,297 | |
General Mills, Inc. | 5,073,258 | 329,305 | |
Kenvue, Inc. | 4,376,784 | 90,862 | |
Keurig Dr Pepper, Inc. | 44,839,840 | 1,409,765 | |
Kimberly-Clark Corp. | 906,771 | 109,692 | |
Kraft Heinz Co. (The) | 18,207,763 | 676,054 | |
Molson Coors Beverage Co., Class B, restricted voting shares | 1,289,354 | 79,669 | |
Mondelez International, Inc., Class A | 5,870,850 | 441,899 | |
Nestlé SA (ADR) | 3,015,119 | 343,422 | |
Philip Morris International, Inc. | 31,723,071 | 2,882,041 | |
Procter & Gamble Co. | 4,232,912 | 665,160 | |
Reckitt Benckiser Group PLC (ADR)1 | 11,163,787 | 162,042 |
Washington Mutual Investors Fund — Page 2 of 7
unaudited
Common stocks (continued) Consumer staples (continued) | Shares | Value (000) | |
Sysco Corp. | 4,749,967 | $384,415 | |
Target Corp. | 6,141,983 | 854,227 | |
12,094,418 | |||
Health care 16.70% | |||
Abbott Laboratories | 11,090,467 | 1,254,886 | |
AbbVie, Inc. | 14,853,619 | 2,441,935 | |
Amgen, Inc. | 339,620 | 106,729 | |
AstraZeneca PLC (ADR) | 21,731,344 | 1,448,177 | |
Bristol-Myers Squibb Co. | 10,788,842 | 527,251 | |
CVS Health Corp. | 32,299,608 | 2,402,122 | |
Danaher Corp. | 4,627,966 | 1,110,295 | |
Edwards Lifesciences Corp.3 | 2,778,147 | 218,001 | |
Elevance Health, Inc. | 1,580,435 | 779,850 | |
Eli Lilly and Co. | 6,689,547 | 4,318,839 | |
Gilead Sciences, Inc. | 20,854,116 | 1,632,043 | |
Humana, Inc. | 1,394,308 | 527,132 | |
Johnson & Johnson | 12,035,081 | 1,912,374 | |
Merck & Co., Inc. | 5,591,864 | 675,385 | |
Molina Healthcare, Inc.3 | 517,681 | 184,522 | |
Novo Nordisk AS, Class B (ADR) | 3,444,654 | 395,240 | |
Pfizer, Inc. | 46,128,389 | 1,249,157 | |
Regeneron Pharmaceuticals, Inc.3 | 110,000 | 103,706 | |
Thermo Fisher Scientific, Inc. | 608,307 | 327,865 | |
UnitedHealth Group, Inc. | 10,498,206 | 5,372,352 | |
Vertex Pharmaceuticals, Inc.3 | 2,390,000 | 1,035,778 | |
Zoetis, Inc., Class A | 1,109,174 | 208,314 | |
28,231,953 | |||
Financials 15.63% | |||
Aon PLC, Class A | 1,195,156 | 356,670 | |
Apollo Asset Management, Inc. | 7,100,226 | 712,863 | |
Arthur J. Gallagher & Co. | 2,765,482 | 642,034 | |
Bank of America Corp. | 4,992,454 | 169,793 | |
BlackRock, Inc. | 2,955,015 | 2,288,098 | |
Blackstone, Inc. | 7,178,350 | 893,346 | |
Brookfield Asset Management, Ltd., Class A1 | 6,752,214 | 271,371 | |
Canadian Imperial Bank of Commerce1 | 4,940,595 | 223,216 | |
Capital One Financial Corp. | 5,490,516 | 742,977 | |
Carlyle Group, Inc. (The) | 4,764,995 | 190,695 | |
Chubb, Ltd. | 5,507,301 | 1,349,289 | |
Citizens Financial Group, Inc. | 15,851,612 | 518,348 | |
CME Group, Inc., Class A | 11,445,769 | 2,355,997 | |
Discover Financial Services | 6,584,915 | 694,840 | |
Fidelity National Information Services, Inc. | 2,922,144 | 181,933 | |
Fifth Third Bancorp | 5,719,066 | 195,821 | |
Goldman Sachs Group, Inc. | 487,378 | 187,158 | |
Intercontinental Exchange, Inc. | 2,983,984 | 379,951 | |
JPMorgan Chase & Co. | 15,173,178 | 2,645,595 | |
KKR & Co., Inc. | 11,554,397 | 1,000,380 | |
Marsh & McLennan Companies, Inc. | 21,131,663 | 4,096,161 | |
Mastercard, Inc., Class A | 3,006,727 | 1,350,712 | |
Morgan Stanley | 7,437,939 | 648,886 | |
MSCI, Inc. | 100,392 | 60,097 | |
Nasdaq, Inc. | 3,486,680 | 201,425 |
Washington Mutual Investors Fund — Page 3 of 7
unaudited
Common stocks (continued) Financials (continued) | Shares | Value (000) | |
PNC Financial Services Group, Inc. | 706,506 | $106,831 | |
S&P Global, Inc. | 1,830,709 | 820,798 | |
Visa, Inc., Class A | 6,528,222 | 1,783,902 | |
Wells Fargo & Co. | 26,787,020 | 1,344,173 | |
26,413,360 | |||
Information technology 22.50% | |||
Analog Devices, Inc. | 437,925 | 84,239 | |
Apple, Inc. | 10,633,613 | 1,960,838 | |
Applied Materials, Inc. | 6,243,962 | 1,025,883 | |
ASM International NV (ADR) | 467,371 | 261,027 | |
ASML Holding NV (ADR) | 2,315,809 | 2,014,337 | |
Broadcom, Inc. | 10,272,645 | 12,121,721 | |
Cadence Design Systems, Inc.3 | 620,317 | 178,937 | |
Ciena Corp.3 | 274,256 | 14,535 | |
Intel Corp. | 56,051,112 | 2,414,682 | |
KLA Corp. | 1,157,870 | 687,821 | |
Micron Technology, Inc. | 1,232,322 | 105,672 | |
Microsoft Corp. | 29,131,518 | 11,582,109 | |
Motorola Solutions, Inc. | 2,482,563 | 793,179 | |
NetApp, Inc. | 2,886,102 | 251,668 | |
NVIDIA Corp. | 565,000 | 347,627 | |
Oracle Corp. | 7,636,470 | 852,994 | |
QUALCOMM, Inc. | 1,867,606 | 277,358 | |
Salesforce, Inc.3 | 2,111,153 | 593,424 | |
SAP SE (ADR)1 | 7,307,636 | 1,264,952 | |
Synopsys, Inc.3 | 737,699 | 393,452 | |
TE Connectivity, Ltd. | 2,808,757 | 399,377 | |
Texas Instruments, Inc. | 2,444,929 | 391,482 | |
38,017,314 | |||
Communication services 5.39% | |||
Alphabet, Inc., Class A3 | 6,957,876 | 974,798 | |
Alphabet, Inc., Class C3 | 14,586,038 | 2,068,300 | |
Comcast Corp., Class A | 92,458,230 | 4,303,006 | |
Deutsche Telekom AG (ADR) | 2,233,240 | 54,871 | |
Electronic Arts, Inc. | 843,784 | 116,088 | |
Meta Platforms, Inc., Class A | 3,048,873 | 1,189,487 | |
Netflix, Inc.3 | 58,840 | 33,192 | |
Verizon Communications, Inc. | 6,000,000 | 254,100 | |
Walt Disney Co. (The) | 1,306,400 | 125,480 | |
9,119,322 | |||
Utilities 3.07% | |||
CenterPoint Energy, Inc. | 9,157,256 | 255,854 | |
CMS Energy Corp. | 2,049,013 | 117,121 | |
Constellation Energy Corp. | 12,430,506 | 1,516,522 | |
Entergy Corp. | 1,726,039 | 172,190 | |
FirstEnergy Corp. | 23,351,197 | 856,522 | |
NextEra Energy, Inc. | 2,139,495 | 125,438 | |
Public Service Enterprise Group, Inc. | 3,731,405 | 216,384 | |
Sempra | 16,293,315 | 1,165,950 | |
Southern Co. (The) | 10,902,872 | 757,968 | |
5,183,949 |
Washington Mutual Investors Fund — Page 4 of 7
unaudited
Common stocks (continued) Real estate 1.46% | Shares | Value (000) | |
American Tower Corp. REIT | 185,653 | $36,323 | |
Equinix, Inc. REIT | 448,114 | 371,832 | |
Extra Space Storage, Inc. REIT | 5,729,734 | 827,603 | |
Prologis, Inc. REIT | 3,684,603 | 466,802 | |
Welltower, Inc. REIT | 8,774,644 | 759,094 | |
2,461,654 | |||
Total common stocks (cost: $95,491,491,000) | 163,683,783 | ||
Convertible stocks 0.03% Financials 0.03% | |||
Apollo Global Management, Inc., Class A, cumulative convertible preferred shares, 6.75% 7/31/2026 | 907,448 | 53,013 | |
Total convertible stocks (cost: $45,372,000) | 53,013 | ||
Short-term securities 3.50% Money market investments 3.12% | |||
Capital Group Central Cash Fund 5.44%2,4 | 52,594,104 | 5,259,411 | |
Money market investments purchased with collateral from securities on loan 0.38% | |||
Capital Group Central Cash Fund 5.44%2,4,5 | 2,586,467 | 258,646 | |
BlackRock Liquidity Funds – FedFund, Institutional Shares 5.22%4,5 | 57,800,000 | 57,800 | |
Dreyfus Treasury Obligations Cash Management, Institutional Shares 5.22%4,5 | 57,800,000 | 57,800 | |
Fidelity Investments Money Market Government Portfolio, Class I 5.22%4,5 | 57,800,000 | 57,800 | |
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.19%4,5 | 57,800,000 | 57,800 | |
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 5.21%4,5 | 57,800,000 | 57,800 | |
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.30%4,5 | 57,800,000 | 57,800 | |
RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 5.28%4,5 | 19,200,000 | 19,200 | |
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.24%4,5 | 17,777,733 | 17,778 | |
642,424 | |||
Total short-term securities (cost: $5,901,220,000) | 5,901,835 | ||
Total investment securities 100.39% (cost: $101,438,083,000) | 169,638,631 | ||
Other assets less liabilities (0.39%) | (651,233 ) | ||
Net assets 100.00% | $168,987,398 |
Washington Mutual Investors Fund — Page 5 of 7
unaudited
Investments in affiliates2
Value at 5/1/2023 (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 1.43% | |||||||
Materials 0.64% | |||||||
Celanese Corp. | $177,361 | $713,315 | $2,105 | $372 | $185,010 | $1,073,953 | $6,605 |
Consumer discretionary 0.79% | |||||||
Darden Restaurants, Inc. | 1,005,442 | 311,104 | 67,232 | 3,100 | 84,260 | 1,336,674 | 32,466 |
Utilities 0.00% | |||||||
Constellation Energy Corp.6 | 1,157,210 | 190,777 | 551,849 | 323,368 | 397,016 | — | 13,604 |
Total common stocks | 2,410,627 | ||||||
Short-term securities 3.27% | |||||||
Money market investments 3.12% | |||||||
Capital Group Central Cash Fund 5.44%4 | 5,677,264 | 10,698,754 | 11,117,084 | 727 | (250 ) | 5,259,411 | 226,397 |
Money market investments purchased with collateral from securities on loan 0.15% | |||||||
Capital Group Central Cash Fund 5.44%4,5 | 120,900 | 137,746 7 | 258,646 | — 8 | |||
Total short-term securities | 5,518,057 | ||||||
Total 4.70% | $327,567 | $666,036 | $7,928,684 | $279,072 |
1 | All or a portion of this security was on loan. The total value of all such securities was $645,516,000, which represented .38% 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 | Affiliated issuer during the reporting period but no longer an affiliate at 1/31/2024. Refer to the investment portfolio for the security value at 1/31/2024. |
7 | Represents net activity. |
8 | 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.
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 following inputs: benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads, interest rate volatilities, 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.
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.
Washington Mutual Investors Fund — Page 6 of 7
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, 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. As of January 31, 2024, all of the fund’s investments were classifed as Level 1.
Key to abbreviation(s) |
ADR = American 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.
MFGEFP3-001-0324O-S96419
Washington Mutual Investors Fund — Page 7 of 7