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CAFBX Amcap Fund

Filed: 30 Oct 20, 1:19pm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

 

Investment Company Act File Number: 811-01435

 

AMCAP Fund

(Exact Name of Registrant as Specified in Charter)

 

333 South Hope Street

Los Angeles, California 90071

(Address of Principal Executive Offices)

 

Registrant's telephone number, including area code: (949) 975-5000

 

Date of fiscal year end: February 28 or 29

 

Date of reporting period: August 31, 2020

 

Brian D. Bullard

AMCAP Fund

6455 Irvine Center Drive

Irvine, California 92618

(Name and Address of Agent for Service)

 
 

 

ITEM 1 – Reports to Stockholders

 

 

AMCAP Fund® 
 
Semi-annual report
for the six months ended
August 31, 2020

 

 

 

We take a disciplined, long-term approach
to investing in growth companies

 

Beginning January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, we intend to no longer mail paper copies of the fund’s shareholder reports, unless specifically requested from American Funds or your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Capital Group website (capitalgroup.com); you will be notified by mail and provided with a website link to access the report each time a report is posted. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. If you prefer to receive shareholder reports and other communications electronically, you may update your mailing preferences with your financial intermediary, or enroll in e-delivery at capitalgroup.com (for accounts held directly with the fund).

 

You may elect to receive paper copies of all future reports free of charge. If you invest through a financial intermediary, you may contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the fund, you may inform American Funds that you wish to continue receiving paper copies of your shareholder reports by contacting us at (800) 421-4225. Your election to receive paper reports will apply to all funds held with American Funds or through your financial intermediary.

 

 

AMCAP Fund seeks to provide you with long-term growth of capital.

 

This fund is one of more than 40 offered by Capital Group, home of American Funds, one of the nation’s largest mutual fund families. For nearly 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

 

Fund results shown in this report, unless otherwise indicated, are for Class A shares at net asset value. If a sales charge (maximum 5.75%) had been deducted, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com.

 

Here are the average annual total returns on a $1,000 investment with all distributions reinvested for periods ended September 30, 2020 (the most recent calendar quarter-end):

 

Class A shares1 year5 years10 years
    
Reflecting 5.75% maximum sales charge13.28%12.14%12.87%

 

For other share class results, visit capitalgroup.com and americanfundsretirement.com.

 

The total annual fund operating expense ratio was 0.69% for Class A shares as of the prospectus dated May 1, 2020. The expense ratio is restated to reflect current fees.

 

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers, without which results would have been lower. Visit capitalgroup.com for more information.

 

Refer to the fund prospectus and the Risk Factors section of this report for more information on risks associated with investing in the fund.

 

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

 

Fellow investors:

 

Results for AMCAP Fund for the periods ended August 31, 2020, are shown in the table below, as well as results of the fund’s benchmark.

 

For additional information about the fund, its investment results, holdings and portfolio managers, visit capitalgroup.com/individual/investments/fund/AMCPX. You can also access information about Capital Group’s American Funds and read our insights about the markets, retirement, saving for college, investing fundamentals and more at capitalgroup.com.

 

Results at a glance

 

For periods ended August 31, 2020, with all distributions reinvested

 

  Cumulative
total returns
 Average annual
total returns
  6 months 1 year 5 years 10 years Lifetime
(since 5/1/67)
           
AMCAP Fund (Class A shares)  19.06%  23.67%  13.26%  14.99%  11.65%
Standard & Poor’s 500 Composite Index*  19.63   21.94   14.46   15.16   10.23 

 

*Source: S&P Dow Jones Indices LLC. The market index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

 

AMCAP Fund1
 
Summary investment portfolio August 31, 2020unaudited
  
Industry sector diversificationPercent of net assets

 

 

Common stocks 93.85% Shares  Value
(000)
 
Health care 21.95%      
Abbott Laboratories  22,196,549  $2,429,856 
UnitedHealth Group Inc.  6,213,767   1,942,113 
Thermo Fisher Scientific Inc.  3,468,491   1,487,913 
Amgen Inc.  4,822,064   1,221,525 
Gilead Sciences, Inc.  15,418,196   1,029,165 
BioMarin Pharmaceutical Inc.1,2  10,389,733   810,711 
PerkinElmer, Inc.1  6,661,453   784,186 
Humana Inc.  1,560,877   648,029 
Zimmer Biomet Holdings, Inc.  3,966,776   558,839 
Centene Corp.2  8,239,708   505,259 
Edwards Lifesciences Corp.2  5,863,251   503,301 
Stryker Corp.  2,237,391   443,361 
Zoetis Inc., Class A  2,690,866   430,808 
Insulet Corp.2  1,927,372   420,649 
Eli Lilly and Company  2,750,015   408,075 
Other securities      2,857,600 
       16,481,390 
         
Information technology 21.82%        
Microsoft Corp.  13,952,681   3,146,748 
Broadcom Inc.  4,918,697   1,707,526 
Mastercard Inc., Class A  3,522,761   1,261,818 
ASML Holding NV  2,951,801   1,107,132 
Autodesk, Inc.2  4,057,194   996,853 
PayPal Holdings, Inc.2  4,809,227   981,756 
FleetCor Technologies, Inc.2  2,919,098   734,007 
ServiceNow, Inc.2  1,221,959   589,009 
Accenture PLC, Class A  2,240,000   537,443 
Ceridian HCM Holding Inc.2  6,417,919   510,353 
Adobe Inc.2  827,530   424,846 
Other securities      4,391,561 
       16,389,052 
         
2AMCAP Fund
 
  Shares  Value
(000)
 
Communication services 16.19%      
Netflix, Inc.2  6,230,417  $3,299,380 
Facebook, Inc., Class A2  9,620,645   2,820,773 
Alphabet Inc., Class C2  731,313   1,195,097 
Alphabet Inc., Class A2  718,476   1,170,778 
Activision Blizzard, Inc.  10,904,721   910,762 
Comcast Corp., Class A  16,214,846   726,587 
Tencent Holdings Ltd.  9,782,318   669,598 
Charter Communications, Inc., Class A2  1,035,225   637,295 
Other securities      729,036 
       12,159,306 
         
Consumer discretionary 9.80%        
Amazon.com, Inc.2  653,682   2,255,830 
Alibaba Group Holding Ltd.2  19,261,248   702,831 
NIKE, Inc., Class B  5,805,102   649,533 
Hilton Worldwide Holdings Inc.  6,043,982   546,134 
Other securities      3,205,343 
       7,359,671 
         
Industrials 8.95%        
Old Dominion Freight Line, Inc.  5,305,177   1,072,601 
CSX Corp.  11,685,999   893,512 
TransDigm Group Inc.  1,287,969   643,559 
Northrop Grumman Corp.  1,485,732   509,027 
Other securities      3,603,018 
       6,721,717 
         
Consumer staples 4.43%        
Constellation Brands, Inc., Class A  4,007,145   739,238 
Costco Wholesale Corp.  1,896,525   659,346 
Lamb Weston Holdings, Inc.  6,643,700   417,557 
Philip Morris International Inc.  4,982,635   397,564 
Other securities      1,116,061 
       3,329,766 
         
Financials 4.39%        
S&P Global Inc.  1,691,623   619,845 
Aon PLC, Class A  2,454,269   490,829 
JPMorgan Chase & Co.  4,226,832   423,486 
Other securities      1,758,861 
       3,293,021 
         
Energy 3.05%        
EOG Resources, Inc.  26,175,251   1,186,786 
Concho Resources Inc.  8,725,322   453,542 
Other securities      649,041 
       2,289,369 
         
Real estate 1.69%        
Equinix, Inc. REIT  582,763   460,254 
Other securities      805,293 
       1,265,547 
         
AMCAP Fund3
 
Common stocks (continued) Shares  Value
(000)
 
Other 1.58%      
Other securities     $1,186,984 
         
Total common stocks (cost: $40,033,532,000)      70,475,823 
         
Short-term securities 6.24%        
Money market investments 6.24%        
Capital Group Central Cash Fund 0.14%1,3  46,889,956   4,689,464 
         
Total short-term securities (cost: $4,688,659,000)      4,689,464 
Total investment securities 100.09% (cost: $44,722,191,000)      75,165,287 
Other assets less liabilities (0.09)%      (70,375)
         
Net assets 100.00%     $75,094,912 

 

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

 

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

 

Investments in affiliates1

 

  Value of
affiliates at
3/1/2020
(000)
  Additions
(000)
  Reductions
(000)
  Net
realized
gain (loss)
(000)
 
Common stocks 2.94%                
Health care 2.48%                
BioMarin Pharmaceutical Inc.2 $960,131  $10,145  $35,472  $3,859 
PerkinElmer, Inc.  558,941   14,076   304   195 
Integra LifeSciences Holdings Corp.2  289,389      102   5 
Industrials 0.46%                
Woodward, Inc.  268,898   96,964   146   36 
Old Dominion Freight Line, Inc.4  950,728      268,789   51,734 
Energy 0.00%                
Concho Resources Inc.4  692,451      78,874   (67,612)
Short-term securities 6.24%                
Money market investments 6.24%                
Capital Group Central Cash Fund 0.14%3  5,191,122   4,576,533   5,082,215   10,061 
              $(1,722)
  
4AMCAP Fund
 
  Net
unrealized
(depreciation)
appreciation
(000)
  Value of
affiliates at
8/31/2020
(000)
  Dividend
income
(000)
 
Common stocks 2.94%            
Health care 2.48%            
BioMarin Pharmaceutical Inc.2 $(127,952) $810,711  $ 
PerkinElmer, Inc.  211,278   784,186   933 
Integra LifeSciences Holdings Corp.2  (23,945)  265,347    
       1,860,244     
Industrials 0.46%            
Woodward, Inc.  (19,350)  346,402   657 
Old Dominion Freight Line, Inc.4  338,928      1,972 
       346,402     
Energy 0.00%            
Concho Resources Inc.4  (92,423)     3,665 
Total common stocks      2,206,646     
Short-term securities 6.24%            
Money market investments 6.24%            
Capital Group Central Cash Fund 0.14%3  (6,037)  4,689,464   13,252 
Total 9.18% $280,499  $6,896,110  $20,479 
             
1Affiliate 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.
2Security did not produce income during the last 12 months.
3Rate represents the seven-day yield at 8/31/2020.
4Unaffiliated issuer at 8/31/2020.

 

See notes to financial statements.

 

AMCAP Fund5
 
Financial statements 
  
Statement of assets and liabilitiesunaudited
at August 31, 2020(dollars in thousands)

 

Assets:        
Investment securities, at value:        
Unaffiliated issuers (cost: $38,400,653) $68,269,177     
Affiliated issuers (cost: $6,321,538)  6,896,110  $75,165,287 
Cash      76 
Cash denominated in currencies other than U.S. dollars (cost: $1)      1 
Receivables for:        
Sales of fund’s shares  75,546     
Dividends  46,344     
Other  1,363   123,253 
       75,288,617 
Liabilities:        
Payables for:        
Purchases of investments  87,299     
Repurchases of fund’s shares  67,659     
Investment advisory services  18,422     
Services provided by related parties  13,192     
Trustees’ deferred compensation  1,961     
Other  5,172   193,705 
Net assets at August 31, 2020     $75,094,912 
         
Net assets consist of:        
Capital paid in on shares of beneficial interest     $44,141,585 
Total distributable earnings      30,953,327 
Net assets at August 31, 2020     $75,094,912 

 

See notes to financial statements.

 

6AMCAP Fund
 

(dollars and shares in thousands, except per-share amounts)

 

Shares of beneficial interest issued and outstanding (no stated par value) —
unlimited shares authorized (2,040,521 total shares outstanding)

 

  Net assets  Shares
outstanding
  Net asset value
per share
 
Class A $35,660,617   968,202  $36.83 
Class C  1,237,753   39,212   31.57 
Class T  13   *  36.91 
Class F-1  1,325,240   36,331   36.48 
Class F-2  8,791,653   236,579   37.16 
Class F-3  4,531,728   122,601   36.96 
Class 529-A  2,302,670   63,342   36.35 
Class 529-C  116,195   3,661   31.74 
Class 529-E  86,292   2,451   35.20 
Class 529-T  16   *  36.89 
Class 529-F-1  173,367   4,719   36.74 
Class R-1  73,086   2,243   32.58 
Class R-2  690,131   21,184   32.58 
Class R-2E  73,162   2,020   36.22 
Class R-3  1,100,929   31,066   35.44 
Class R-4  950,753   26,068   36.47 
Class R-5E  107,528   2,913   36.92 
Class R-5  591,044   15,765   37.49 
Class R-6  17,282,735   462,164   37.40 

 

*Amount less than one thousand.

 

See notes to financial statements.

 

AMCAP Fund7
 
Statement of operationsunaudited
for the six months ended August 31, 2020(dollars in thousands)

 

Investment income:        
Income:        
Dividends (net of non-U.S. taxes of $2,455; also includes $20,479 from affiliates) $335,902     
Interest  194  $336,096 
Fees and expenses*:        
Investment advisory services  99,513     
Distribution services  57,000     
Transfer agent services  25,236     
Administrative services  10,027     
Reports to shareholders  1,022     
Registration statement and prospectus  705     
Trustees’ compensation  280     
Auditing and legal  123     
Custodian  481     
Other  777   195,164 
Net investment income      140,932 
         
Net realized gain and unrealized appreciation:        
Net realized gain (loss) on:        
Investments (net of non-U.S. taxes of $370):        
Unaffiliated issuers  394,059     
Affiliated issuers  (1,722)    
In-kind redemptions  14,778     
Currency transactions  (303)  406,812 
Net unrealized appreciation on:        
Investments (net of non-U.S. taxes of $4,785):        
Unaffiliated issuers  11,290,082     
Affiliated issuers  280,499     
Currency translations  188   11,570,769 
Net realized gain and unrealized appreciation      11,977,581 
         
Net increase in net assets resulting from operations     $12,118,513 

 

*Additional information related to class-specific fees and expenses is included in the notes to financial statements.

 

See notes to financial statements.

 

8AMCAP Fund
 
Statements of changes in net assets 
 (dollars in thousands)

 

  Six months ended
August 31,
2020*
  Year ended
February 29,
2020
 
Operations:        
Net investment income $140,932  $523,924 
Net realized gain  406,812   3,891,967 
Net unrealized appreciation  11,570,769   310,422 
Net increase in net assets resulting from operations  12,118,513   4,726,313 
         
Distributions paid to shareholders  (1,187,592)  (3,402,053)
         
Net capital share transactions  (664,250)  (1,275,135)
         
Total increase in net assets  10,266,671   49,125 
         
Net assets:        
Beginning of period  64,828,241   64,779,116 
End of period $75,094,912  $64,828,241 

 

*Unaudited.

 

See notes to financial statements.

 

AMCAP Fund9
 
Notes to financial statementsunaudited

 

1. Organization

 

AMCAP Fund (the “fund”) is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The fund seeks to provide long-term growth of capital.

 

The fund has 19 share classes consisting of six retail share classes (Classes A, C, T, F-1, F-2 and F-3), five 529 college savings plan share classes (Classes 529-A, 529-C, 529-E, 529-T and 529-F-1) and eight retirement plan share classes (Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6). The 529 college savings plan share classes can be used to save for college education. The retirement plan share classes are generally offered only through eligible employer-sponsored retirement plans. The fund’s share classes are described further in the following table:

 

Share class Initial sales charge Contingent deferred sales
charge upon redemption
 Conversion feature 
Classes A and 529-A Up to 5.75%1 None (except 1% for certain redemptions within 18 months of purchase without an initial sales charge) None 
Class C None 1% for redemptions within one year of purchase Class C converts to Class F-1 after 10 years2 
Class 529-C None 1% for redemptions within one year of purchase Class 529-C converts to Class 529-A after 10 years3 
Class 529-E None None None 
Classes T and 529-T4 Up to 2.50% None None 
Classes F-1, F-2, F-3 and 529-F-1 None None None 
Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6 None None None 
1Up to 3.50% for Class 529-A shares purchased on or after June 30, 2020.
2Effective June 30, 2020, Class C converts to Class A after 8 years.
3Effective June 30, 2020, Class 529-C converts to Class 529-A after 5 years.
4Class T and 529-T shares are not available for purchase.

 

Holders of all share classes have equal pro rata rights to the assets, dividends and liquidation proceeds of the fund. Each share class has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for distribution, transfer agent and administrative services. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each share class.

 

10AMCAP Fund
 

2. Significant accounting policies

 

The fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the fund’s investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The fund follows the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

 

Security transactions and related investment income — Security transactions are recorded by the fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the fund will segregate liquid assets sufficient to meet its payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

 

Class allocations — Income, fees and expenses (other than class-specific fees and expenses), realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes based on their relative net assets. Class-specific fees and expenses, such as distribution, transfer agent and administrative services, are charged directly to the respective share class.

 

Distributions paid to shareholders — Income dividends and capital gain distributions are recorded on the ex-dividend date.

 

Currency translation — 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. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the fund’s statement of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

 

In-kind redemptions — The fund normally redeems shares in cash; however, under certain conditions and circumstances, payment of the redemption price wholly or partly with portfolio securities or other fund assets may be permitted. A redemption of shares in-kind is based upon the closing value of the shares being redeemed as of the trade date. Realized gains/losses resulting from redemptions of shares in-kind are reflected separately in the fund’s statement of operations.

 

AMCAP Fund11
 

3. Valuation

 

Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by U.S. GAAP. The net asset value of each share class of the fund is generally determined as of approximately 4:00 p.m.

New York time each day the New York Stock Exchange is open.

 

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

 

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.

 

12AMCAP Fund
 

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.

 

AMCAP Fund13
 

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 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. At August 31, 2020, all of the fund’s investments were classified as Level 1.

 

4. Risk factors

 

Investing in the fund may involve certain risks including, but not limited to, those described below.

 

Market conditions — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

 

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.

 

14AMCAP Fund
 

Issuer risks — The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation related to the issuer, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

 

Investing in growth-oriented stocks — Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks.

 

Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

 

Management — The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

 

5. Taxation and distributions

 

Federal income taxation — The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its net taxable income and net capital gains each year. The fund is not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

 

AMCAP Fund15
 

As of and during the period ended August 31, 2020, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any significant interest or penalties.

 

The fund’s tax returns are not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction’s statute of limitations, which is generally three years after the date of filing but can be extended in certain jurisdictions.

 

Non-U.S. taxation — Dividend and interest income are recorded net of non-U.S. taxes paid. The fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the fund filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. Gains realized by the fund on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. If applicable, the fund records an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

 

Distributions — Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; cost of investments sold and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes.

 

The components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of February 29, 2020, the components of distributable earnings on a tax basis were as follows (dollars in thousands):

 

Undistributed long-term capital gains $1,187,555 

 

As of August 31, 2020, the tax basis unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

 

Gross unrealized appreciation on investments $32,336,472 
Gross unrealized depreciation on investments  (1,955,491)
Net unrealized appreciation on investments  30,380,981 
Cost of investments  44,784,306 

 

16AMCAP Fund
 

Distributions paid were characterized for tax purposes as follows (dollars in thousands):

 

  Six months ended August 31, 2020  Year ended February 29, 2020 
Share class Ordinary
income
  Long-term
capital gains
  Total
distributions
paid
  Ordinary
income
  Long-term
capital gains
  Total
distributions
paid
 
Class A $  $558,676  $558,676  $167,748  $1,394,275  $1,562,023 
Class C     26,540   26,540      70,449   70,449 
Class T     *  *  *  *  *
Class F-1     22,131   22,131   6,587   64,814   71,401 
Class F-2     135,771   135,771   55,745   345,782   401,527 
Class F-3     72,033   72,033   32,635   179,285   211,920 
Class 529-A     35,095   35,095   9,661   87,108   96,769 
Class 529-C     4,516   4,516      11,851   11,851 
Class 529-E     1,470   1,470   276   3,767   4,043 
Class 529-T     *  *  *  1   1 
Class 529-F-1     2,745   2,745   1,057   6,804   7,861 
Class R-1     1,334   1,334      3,837   3,837 
Class R-2     12,248   12,248      31,411   31,411 
Class R-2E     1,216   1,216   112   3,078   3,190 
Class R-3     18,262   18,262   2,661   48,758   51,419 
Class R-4     15,726   15,726   4,849   45,775   50,624 
Class R-5E     1,565   1,565   436   2,544   2,980 
Class R-5     9,559   9,559   5,516   34,247   39,763 
Class R-6     268,705   268,705   120,128   660,856   780,984 
Total $  $1,187,592  $1,187,592  $407,411  $2,994,642  $3,402,053 

 

*Amount less than one thousand.

 

6. Fees and transactions with related parties

 

CRMC, the fund’s investment adviser, is the parent company of American Funds Distributors®, Inc. (“AFD”), the principal underwriter of the fund’s shares, and American Funds Service Company® (“AFS”), the fund’s transfer agent. CRMC, AFD and AFS are considered related parties to the fund.

 

Investment advisory services — The fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on a series of decreasing annual rates beginning with 0.485% on the first $1 billion of daily net assets and decreasing to 0.277% on such assets in excess of $71 billion. For the six months ended August 31, 2020, the investment advisory services fee was $99,513,000, which was equivalent to an annualized rate of 0.298% of average daily net assets.

 

AMCAP Fund17
 

Class-specific fees and expenses — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

 

Distribution services — The fund has plans of distribution for all share classes, except Class F-2, F-3, R-5E, R-5 and R-6 shares. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.25% to 1.00% as noted in this section. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.

 

Share class Currently approved limits Plan limits
Class A  0.25%  0.25%
Class 529-A  0.25   0.50 
Classes C, 529-C and R-1  1.00   1.00 
Class R-2  0.75   1.00 
Class R-2E  0.60   0.85 
Classes 529-E and R-3  0.50   0.75 
Classes T, F-1, 529-T, 529-F-1 and R-4  0.25   0.50 

 

For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These share classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limits are not exceeded. As of August 31, 2020, there were no unreimbursed expenses subject to reimbursement for Class A or 529-A shares.

 

Transfer agent services — The fund has a shareholder services agreement with AFS under which the fund compensates AFS for providing transfer agent services to each of the fund’s share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the fund reimburses AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

 

18AMCAP Fund
 

Administrative services — The fund has an administrative services agreement with CRMC under which the fund compensates CRMC for providing administrative services to all share classes. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on the fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides the fund the ability to charge an administrative services fee at the annual rate of 0.05% of the daily net assets attributable to each share class of the fund. Currently the fund pays CRMC an administrative services fee at the annual rate of 0.03% of daily net assets attributable to each share class of the fund for CRMC’s provision of administrative services.

 

529 plan services — Each 529 share class is subject to service fees to compensate the Virginia College Savings Plan (“Virginia529”) for its oversight and administration of the CollegeAmerica 529 college savings plan. The fee is based on the combined net assets invested in Class 529 and ABLE shares of the American Funds. Class ABLE shares are offered on other American Funds by Virginia529 through ABLEAmerica®, a tax-advantaged savings program for individuals with disabilities. The quarterly fee is based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $100 billion. The fee for any given calendar quarter is accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. The fee is included in other expenses in the fund’s statement of operations. Virginia529 is not considered a related party to the fund.

 

AMCAP Fund19
 

For the six months ended August 31, 2020, class-specific expenses under the agreements were as follows (dollars in thousands):

 

Share class Distribution
services
 Transfer agent
services
 Administrative
services
 529 plan
services
 
Class A $39,424 $15,537 $4,731 Not applicable 
Class C 6,168 622 187 Not applicable 
Class T  **Not applicable 
Class F-1 1,574 840 191 Not applicable 
Class F-2 Not applicable 4,417 1,160 Not applicable 
Class F-3 Not applicable 128 610 Not applicable 
Class 529-A 2,291 887 298 $617 
Class 529-C 911 94 28 58 
Class 529-E 195 18 12 25 
Class 529-T  ***
Class 529-F-1  70 23 48 
Class R-1 336 36 10 Not applicable 
Class R-2 2,305 1,069 92 Not applicable 
Class R-2E 201 69 10 Not applicable 
Class R-3 2,491 761 149 Not applicable 
Class R-4 1,104 449 133 Not applicable 
Class R-5E Not applicable 66 13 Not applicable 
Class R-5 Not applicable 140 83 Not applicable 
Class R-6 Not applicable 33 2,297 Not applicable 
Total class-specific expenses $57,000 $25,236 $10,027 $748 

 

 

*Amount less than one thousand.

 

Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Trustees’ compensation of $280,000 in the fund’s statement of operations reflects $216,000 in current fees (either paid in cash or deferred) and a net increase of $64,000 in the value of the deferred amounts.

 

Affiliated officers and trustees — Officers and certain trustees of the fund are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from the fund.

 

Investment in CCF — The fund holds shares of CCF, an institutional prime money market fund managed by CRMC. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for the fund’s short-term investments. CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from CCF.

 

20AMCAP Fund
 

Security transactions with related funds — The fund purchased securities from, and sold securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. Each transaction was executed at the current market price of the security and no brokerage commissions or fees were paid in accordance with Rule 17a-7 of the 1940 Act. During the six months ended August 31, 2020, the fund engaged in such purchase and sale transactions with related funds in the amounts of $647,292,000 and $413,222,000, respectively, which generated $46,294,000 of net realized losses from such sales.

 

Interfund lending — Pursuant to an exemptive order issued by the SEC, the fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the six months ended August 31, 2020.

 

AMCAP Fund21
 

7. Capital share transactions

 

Capital share transactions in the fund were as follows (dollars and shares in thousands):

 

  Sales*  Reinvestments of
distributions
  Repurchases*  Net (decrease)
increase
 
Share class Amount  Shares  Amount  Shares  Amount  Shares  Amount  Shares 
  
Six months ended August 31, 2020 
  
Class A $1,703,985   54,076  $550,433   16,421  $(2,355,816)  (75,631) $(101,398)  (5,134)
Class C  81,647   3,038   26,357   916   (358,101)  (12,596)  (250,097)  (8,642)
Class T                        
Class F-1  65,899   2,126   21,579   650   (288,505)  (9,148)  (201,027)  (6,372)
Class F-2  1,319,940   41,012   131,792   3,899   (1,458,963)  (46,514)  (7,231)  (1,603)
Class F-3  506,217   15,945   71,348   2,123   (677,221)  (21,279)  (99,656)  (3,211)
Class 529-A  222,106   6,742   35,081   1,060   (171,425)  (5,322)  85,762   2,480 
Class 529-C  10,846   404   4,515   156   (146,373)  (4,949)  (131,012)  (4,389)
Class 529-E  4,255   142   1,469   46   (10,648)  (341)  (4,924)  (153)
Class 529-T                    
Class 529-F-1  11,785   371   2,745   82   (17,674)  (552)  (3,144)  (99)
Class R-1  5,071   181   1,332   45   (12,029)  (427)  (5,626)  (201)
Class R-2  75,345   2,691   12,237   412   (97,716)  (3,535)  (10,134)  (432)
Class R-2E  7,566   244   1,216   37   (12,976)  (421)  (4,194)  (140)
Class R-3  100,971   3,322   18,239   565   (165,061)  (5,448)  (45,851)  (1,561)
Class R-4  75,764   2,424   15,719   474   (184,512)  (5,908)  (93,029)  (3,010)
Class R-5E  23,647   769   1,561   47   (10,611)  (335)  14,597   481 
Class R-5  40,782   1,277   9,558   280   (117,665)  (3,667)  (67,325)  (2,110)
Class R-6  1,757,507   55,096   267,467   7,867   (1,764,935)  (52,807)  260,039   10,156 
Total net increase (decrease) $6,013,333   189,860  $1,172,648   35,080  $(7,850,231)  (248,880) $(664,250)  (23,940)

 

22AMCAP Fund
 
  Sales*  Reinvestments of
distributions
  Repurchases*  Net (decrease)
increase
 
Share class Amount  Shares  Amount  Shares  Amount  Shares  Amount  Shares 
   
Year ended February 29, 2020  
   
Class A $2,237,044   69,093  $1,537,266   46,377  $(3,944,952)  (121,405) $(170,642)  (5,935)
Class C  147,881   5,279   69,907   2,443   (389,037)  (13,892)  (171,249)  (6,170)
Class T                        
Class F-1  150,135   4,712   69,754   2,127   (557,741)  (17,422)  (337,852)   (10,583)
Class F-2  1,763,949   54,151   388,528   11,633   (2,172,332)  (66,291)  (19,855)  (507)
Class F-3  1,088,897   33,590   209,842   6,318   (911,177)  (27,889)  387,562   12,019 
Class 529-A  192,418   5,998   96,740   2,956   (308,256)  (9,600)  (19,098)  (646)
Class 529-C  25,203   891   11,848   411   (69,560)  (2,457)  (32,509)  (1,155)
Class 529-E  7,645   247   4,041   127   (14,774)  (475)  (3,088)  (101)
Class 529-T        1           1   
Class 529-F-1  25,023   770   7,861   238   (28,304)  (871)  4,580   137 
Class R-1  8,723   303   3,827   130   (35,382)  (1,220)  (22,832)  (787)
Class R-2  134,489   4,640   31,384   1,063   (191,650)  (6,611)  (25,777)  (908)
Class R-2E  19,847   620   3,190   98   (17,805)  (560)  5,232   158 
Class R-3  201,185   6,408   51,337   1,607   (443,318)  (14,173)  (190,796)  (6,158)
Class R-4  161,212   5,029   50,586   1,542   (470,201)  (14,450)  (258,403)  (7,879)
Class R-5E  60,248   1,850   2,979   90   (17,071)  (523)  46,156   1,417 
Class R-5  82,824   2,542   39,750   1,183   (622,676)  (18,796)  (500,102)   (15,071)
Class R-6  2,075,266   63,926   780,668   23,249   (2,822,397)  (85,014)  33,537   2,161 
Total net increase (decrease) $8,381,989   260,049  $3,359,509   101,592  $(13,016,633)  (401,649) $(1,275,135)  (40,008)

 

 

*Includes exchanges between share classes of the fund.
Amount less than one thousand.

 

8. Investment transactions

 

The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $9,759,693,000 and $10,770,168,000, respectively, during the six months ended August 31, 2020.

 

AMCAP Fund23
 

Financial highlights

 

     Income (loss) from investment operations1
Period ended Net asset
value,
beginning
of period
  Net
investment
income
(loss)
  Net gains
(losses) on
securities (both
realized and
unrealized)
  Total from
investment
operations
 
Class A:                
8/31/20205,6 $31.47  $.05  $5.89  $5.94 
2/29/2020  30.87   .22   2.03   2.25 
2/28/2019  33.07   .21   .63   .84 
2/28/2018  28.82   .18   5.76   5.94 
2/28/2017  24.47   .16   5.23   5.39 
2/29/2016  29.03   .10   (2.36)  (2.26)
Class C:                
8/31/20205,6  27.15   (.06)  5.06   5.00 
2/29/2020  26.88   (.02)  1.76   1.74 
2/28/2019  29.23   (.04)  .55   .51 
2/28/2018  25.74   (.06)  5.11   5.05 
2/28/2017  22.02   (.05)  4.69   4.64 
2/29/2016  26.57   (.11)  (2.14)  (2.25)
Class T:                
8/31/20205,6  31.50   .09   5.90   5.99 
2/29/2020  30.88   .30   2.03   2.33 
2/28/2019  33.07   .28   .63   .91 
2/28/20185,11  28.79   .23   5.80   6.03 
Class F-1:                
8/31/20205,6  31.18   .05   5.83   5.88 
2/29/2020  30.59   .21   2.00   2.21 
2/28/2019  32.78   .19   .62   .81 
2/28/2018  28.58   .16   5.71   5.87 
2/28/2017  24.27   .14   5.19   5.33 
2/29/2016  28.83   .09   (2.35)  (2.26)
Class F-2:                
8/31/20205,6  31.71   .09   5.94   6.03 
2/29/2020  31.08   .30   2.04   2.34 
2/28/2019  33.27   .28   .63   .91 
2/28/2018  28.98   .24   5.79   6.03 
2/28/2017  24.60   .22   5.26   5.48 
2/29/2016  29.11   .16   (2.37)  (2.21)
Class F-3:                
8/31/20205,6  31.53   .11   5.90   6.01 
2/29/2020  30.90   .33   2.04   2.37 
2/28/2019  33.09   .31   .62   .93 
2/28/2018  28.83   .27   5.76   6.03 
2/28/20175,12  28.36   .02   .45   .47 

 

24AMCAP Fund
 
Dividends and distributions                   
Dividends
(from net
investment
income)
  Distributions
(from capital
gains)
  Total
dividends
and
distributions
  Net asset
value, end
of period
  Total return2,3  Net assets,
end of
period
(in
millions)
  Ratio of
expenses to
average net
assets before
reimburse-
ments4
  Ratio of
expenses to
average net
assets after
reimburse-
ments3,4
  Ratio of net
income (loss)
to average
net assets3
 
                          
$  $(.58) $(.58) $36.83   19.06%7  $35,661   .68%8   .68%8   .32%8 
 (.18)  (1.47)  (1.65)  31.47   7.03   30,635   .68   .68   .69 
 (.18)  (2.86)  (3.04)  30.87   3.35   30,234   .66   .66   .65 
 (.13)  (1.56)  (1.69)  33.07   21.10   30,196   .67   .67   .58 
 (.12)  (.92)  (1.04)  28.82   22.38   27,269   .68   .68   .59 
    (2.30)  (2.30)  24.47   (8.34)  23,786   .67   .67   .38 
                                   
    (.58)  (.58)  31.57   18.637   1,238   1.428   1.428   (.41)8 
    (1.47)  (1.47)  27.15   6.21   1,299   1.43   1.43   (.07)
    (2.86)  (2.86)  26.88   2.56   1,452   1.45   1.45   (.14)
    (1.56)  (1.56)  29.23   20.13   1,526   1.47   1.47   (.22)
    (.92)  (.92)  25.74   21.42   1,503   1.49   1.49   (.22)
    (2.30)  (2.30)  22.02   (9.10)  1,386   1.48   1.48   (.44)
                                   
    (.58)  (.58)  36.91   19.207,9   10   .438,9   .438,9   .588,9 
 (.24)  (1.47)  (1.71)  31.50   7.299   10   .449   .449   .929 
 (.24)  (2.86)  (3.10)  30.88   3.599   10   .459   .459   .869 
 (.19)  (1.56)  (1.75)  33.07   21.467,9   10   .458,9   .458,9   .818,9 
                                   
    (.58)  (.58)  36.48   19.057   1,325   .728   .728   .308 
 (.15)  (1.47)  (1.62)  31.18   6.98   1,332   .72   .72   .65 
 (.14)  (2.86)  (3.00)  30.59   3.29   1,630   .73   .73   .58 
 (.11)  (1.56)  (1.67)  32.78   21.02   2,162   .74   .74   .52 
 (.10)  (.92)  (1.02)  28.58   22.31   2,303   .75   .75   .53 
    (2.30)  (2.30)  24.27   (8.40)  2,448   .73   .73   .31 
                                   
    (.58)  (.58)  37.16   19.217   8,792   .458   .458   .558 
 (.24)  (1.47)  (1.71)  31.71   7.26   7,554   .45   .45   .91 
 (.24)  (2.86)  (3.10)  31.08   3.56   7,419   .47   .47   .85 
 (.18)  (1.56)  (1.74)  33.27   21.31   6,107   .47   .47   .79 
 (.18)  (.92)  (1.10)  28.98   22.66   6,251   .48   .48   .79 
    (2.30)  (2.30)  24.60   (8.14)  3,593   .47   .47   .57 
                                   
    (.58)  (.58)  36.96   19.257   4,532   .348   .348   .668 
 (.27)  (1.47)  (1.74)  31.53   7.39   3,967   .35   .35   1.01 
 (.26)  (2.86)  (3.12)  30.90   3.68   3,517   .36   .36   .95 
 (.21)  (1.56)  (1.77)  33.09   21.44   3,121   .37   .37   .85 
          28.83   1.667   3   .037   .037   .097 

 

See end of table for footnotes.

 

AMCAP Fund25
 

Financial highlights (continued)

 

     Income (loss) from investment operations1
Period ended Net asset
value,
beginning
of period
  Net
investment
income
(loss)
  Net gains
(losses) on
securities (both
realized and
unrealized)
  Total from
investment
operations
 
Class 529-A:                
8/31/20205,6 $31.08  $.05  $5.80  $5.85 
2/29/2020  30.51   .20   2.00   2.20 
2/28/2019  32.71   .18   .64   .82 
2/28/2018  28.54   .15   5.70   5.85 
2/28/2017  24.24   .13   5.19   5.32 
2/29/2016  28.81   .08   (2.35)  (2.27)
Class 529-C:                
8/31/20205,6  27.31   (.06)  5.07   5.01 
2/29/2020  27.03   (.03)  1.78   1.75 
2/28/2019  29.39   (.05)  .55   .50 
2/28/2018  25.89   (.07)  5.13   5.06 
2/28/2017  22.15   (.07)  4.73   4.66 
2/29/2016  26.73   (.13)  (2.15)  (2.28)
Class 529-E:                
8/31/20205,6  30.14   .01   5.63   5.64 
2/29/2020  29.65   .13   1.94   2.07 
2/28/2019  31.89   .11   .61   .72 
2/28/2018  27.87   .08   5.56   5.64 
2/28/2017  23.70   .07   5.06   5.13 
2/29/2016  28.28   .01   (2.29)  (2.28)
Class 529-T:                
8/31/20205,6  31.49   .09   5.89   5.98 
2/29/2020  30.88   .29   2.02   2.31 
2/28/2019  33.06   .26   .64   .90 
2/28/20185,11  28.79   .21   5.80   6.01 
Class 529-F-1:                
8/31/20205,6  31.37   .08   5.87   5.95 
2/29/2020  30.76   .28   2.03   2.31 
2/28/2019  32.96   .26   .63   .89 
2/28/2018  28.74   .22   5.73   5.95 
2/28/2017  24.40   .19   5.23   5.42 
2/29/2016  28.92   .13   (2.35)  (2.22)
Class R-1:                
8/31/20205,6  28.01   (.06)  5.21   5.15 
2/29/2020  27.69   (.02)  1.81   1.79 
2/28/2019  30.03   (.04)  .56   .52 
2/28/2018  26.41   (.06)  5.24   5.18 
2/28/2017  22.56   (.05)  4.82   4.77 
2/29/2016  27.16   (.11)  (2.19)  (2.30)

 

26AMCAP Fund
 
Dividends and distributions                   
Dividends
(from net
investment
income)
  Distributions
(from capital
gains)
  Total
dividends
and
distributions
  Net asset
value, end
of period
  Total return2,3  Net assets,
end of
period
(in
millions)
  Ratio of
expenses to
average net
assets before
reimburse-
ments4
  Ratio of
expenses to
average net
assets after
reimburse-
ments3,4
  Ratio of net
income (loss)
to average
net assets3
 
                          
$  $(.58) $(.58) $36.35   19.01%7  $2,303   .72%8   .72%8   .29%8 
 (.16)  (1.47)  (1.63)  31.08   6.97   1,891   .72   .72   .64 
 (.16)  (2.86)  (3.02)  30.51   3.31   1,876   .74   .74   .57 
 (.12)  (1.56)  (1.68)  32.71   20.99   1,863   .74   .74   .51 
 (.10)  (.92)  (1.02)  28.54   22.31   1,528   .77   .77   .50 
    (2.30)  (2.30)  24.24   (8.44)  1,264   .77   .77   .28 
                                   
    (.58)  (.58)  31.74   18.567   116   1.478   1.478   (.43)8 
    (1.47)  (1.47)  27.31   6.21   220   1.47   1.47   (.10)
    (2.86)  (2.86)  27.03   2.51   249   1.49   1.49   (.17)
    (1.56)  (1.56)  29.39   20.05   277   1.52   1.52   (.26)
    (.92)  (.92)  25.89   21.39   345   1.54   1.54   (.27)
    (2.30)  (2.30)  22.15   (9.16)  301   1.55   1.55   (.50)
                                   
    (.58)  (.58)  35.20   18.917   86   .938   .938   .088 
 (.11)  (1.47)  (1.58)  30.14   6.72   79   .95   .95   .42 
 (.10)  (2.86)  (2.96)  29.65   3.06   80   .97   .97   .35 
 (.06)  (1.56)  (1.62)  31.89   20.73   83   .97   .97   .28 
 (.04)  (.92)  (.96)  27.87   22.01   73   .99   .99   .28 
    (2.30)  (2.30)  23.70   (8.64)  62   1.00   1.00   .04 
                                   
    (.58)  (.58)  36.89   19.187,9   10   .488,9   .488,9   .528,9 
 (.23)  (1.47)  (1.70)  31.49   7.229   10   .489   .489   .889 
 (.22)  (2.86)  (3.08)  30.88   3.579   10   .509   .509   .819 
 (.18)  (1.56)  (1.74)  33.06   21.367,9   10   .528,9   .528,9   .748,9 
                                   
    (.58)  (.58)  36.74   19.167   173   .498   .498   .528 
 (.23)  (1.47)  (1.70)  31.37   7.24   151   .49   .49   .87 
 (.23)  (2.86)  (3.09)  30.76   3.53   144   .51   .51   .80 
 (.17)  (1.56)  (1.73)  32.96   21.25   116   .52   .52   .73 
 (.16)  (.92)  (1.08)  28.74   22.54   94   .55   .55   .72 
    (2.30)  (2.30)  24.40   (8.23)  76   .56   .56   .49 
                                   
    (.58)  (.58)  32.58   18.597   73   1.448   1.448   (.43)8 
    (1.47)  (1.47)  28.01   6.21   68   1.45   1.45   (.08)
    (2.86)  (2.86)  27.69   2.52   90   1.46   1.46   (.14)
    (1.56)  (1.56)  30.03   20.11   108   1.46   1.46   (.21)
    (.92)  (.92)  26.41   21.49   103   1.47   1.47   (.20)
    (2.30)  (2.30)  22.56   (9.08)  102   1.47   1.47   (.42)

 

See end of table for footnotes.

 

AMCAP Fund27
 

Financial highlights (continued)

 

     Income (loss) from investment operations1
Period ended Net asset
value,
beginning
of period
  Net
investment
income
(loss)
  Net gains
(losses) on
securities (both
realized and
unrealized)
  Total from
investment
operations
 
Class R-2:                
8/31/20205,6 $28.01  $(.06) $5.21  $5.15 
2/29/2020  27.69   (.02)  1.81   1.79 
2/28/2019  30.02   (.04)  .57   .53 
2/28/2018  26.40   (.06)  5.24   5.18 
2/28/2017  22.56   (.05)  4.81   4.76 
2/29/2016  27.14   (.10)  (2.18)  (2.28)
Class R-2E:                
8/31/20205,6  31.04   (.02)  5.78   5.76 
2/29/2020  30.50   .07   1.99   2.06 
2/28/2019  32.73   .05   .65   .70 
2/28/2018  28.61   .03   5.69   5.72 
2/28/2017  24.38   .03   5.21   5.24 
2/29/2016  29.04   .06   (2.42)  (2.36)
Class R-3:                
8/31/20205,6  30.35   13  5.67   5.67 
2/29/2020  29.83   .12   1.95   2.07 
2/28/2019  32.06   .10   .61   .71 
2/28/2018  28.01   .07   5.59   5.66 
2/28/2017  23.81   .07   5.08   5.15 
2/29/2016  28.40   .01   (2.30)  (2.29)
Class R-4:                
8/31/20205,6  31.17   .05   5.83   5.88 
2/29/2020  30.58   .22   2.00   2.22 
2/28/2019  32.77   .20   .62   .82 
2/28/2018  28.58   .16   5.71   5.87 
2/28/2017  24.28   .15   5.18   5.33 
2/29/2016  28.83   .09   (2.34)  (2.25)
Class R-5E:                
8/31/20205,6  31.52   .08   5.90   5.98 
2/29/2020  30.91   .27   2.05   2.32 
2/28/2019  33.11   .27   .63   .90 
2/28/2018  28.85   .25   5.74   5.99 
2/28/2017  24.48   .20   5.24   5.44 
2/29/20165,14  27.89   .04   (2.11)  (2.07)
Class R-5:                
8/31/20205,6  31.98   .10   5.99   6.09 
2/29/2020  31.32   .32   2.06   2.38 
2/28/2019  33.49   .30   .64   .94 
2/28/2018  29.16   .26   5.83   6.09 
2/28/2017  24.74   .23   5.30   5.53 
2/29/2016  29.25   .18   (2.39)  (2.21)

 

28AMCAP Fund
 
Dividends and distributions                   
Dividends
(from net
investment
income)
  Distributions
(from capital
gains)
  Total
dividends
and
distributions
  Net asset
value, end
of period
  Total return2,3  Net assets,
end of
period
(in
millions)
  Ratio of
expenses to
average net
assets before
reimburse-
ments4
  Ratio of
expenses to
average net
assets after
reimburse-
ments3,4
  Ratio of net
income (loss)
to average
net assets3
 
                          
$  $(.58) $(.58) $32.58   18.59%7  $690   1.43%8   1.43%8   (.43)%8 
    (1.47)  (1.47)  28.01   6.21   605   1.44   1.44   (.08)
    (2.86)  (2.86)  27.69   2.56   624   1.45   1.45   (.14)
    (1.56)  (1.56)  30.02   20.12   636   1.46   1.46   (.21)
    (.92)  (.92)  26.40   21.45   590   1.46   1.46   (.19)
    (2.30)  (2.30)  22.56   (9.02)  517   1.44   1.44   (.39)
                                   
    (.58)  (.58)  36.22   18.747   73   1.148   1.148   (.13)8 
 (.05)  (1.47)  (1.52)  31.04   6.53   67   1.15   1.15   .22 
 (.07)  (2.86)  (2.93)  30.50   2.89   61   1.16   1.16   .16 
 (.04)  (1.56)  (1.60)  32.73   20.47   46   1.16   1.16   .08 
 (.09)  (.92)  (1.01)  28.61   21.86   22   1.16   1.16   .11 
    (2.30)  (2.30)  24.38   (8.69)  3   1.04   1.04   .24 
                                   
    (.58)  (.58)  35.44   18.887   1,101   .998   .998   .028 
 (.08)  (1.47)  (1.55)  30.35   6.69   990   1.00   1.00   .37 
 (.08)  (2.86)  (2.94)  29.83   2.99   1,157   1.01   1.01   .30 
 (.05)  (1.56)  (1.61)  32.06   20.67   1,321   1.01   1.01   .24 
 (.03)  (.92)  (.95)  28.01   21.99   1,232   1.02   1.02   .25 
    (2.30)  (2.30)  23.81   (8.64)  1,093   1.02   1.02   .03 
                                   
    (.58)  (.58)  36.47   19.057   951   .698   .698   .328 
 (.16)  (1.47)  (1.63)  31.17   7.00   906   .69   .69   .67 
 (.15)  (2.86)  (3.01)  30.58   3.33   1,130   .71   .71   .61 
 (.12)  (1.56)  (1.68)  32.77   21.03   1,409   .71   .71   .54 
 (.11)  (.92)  (1.03)  28.58   22.33   1,238   .72   .72   .55 
    (2.30)  (2.30)  24.28   (8.36)  1,049   .71   .71   .33 
                                   
    (.58)  (.58)  36.92   19.167   107   .488   .488   .518 
 (.24)  (1.47)  (1.71)  31.52   7.25   77   .48   .48   .84 
 (.24)  (2.86)  (3.10)  30.91   3.56   31   .50   .50   .83 
 (.17)  (1.56)  (1.73)  33.11   21.31   7   .47   .47   .78 
 (.15)  (.92)  (1.07)  28.85   22.54   10   .60   .51   .76 
    (1.34)  (1.34)  24.48   (7.62)7   10   .157   .157   .177 
                                   
    (.58)  (.58)  37.49   19.237   591   .398   .398   .628 
 (.25)  (1.47)  (1.72)  31.98   7.33   572   .39   .39   .98 
 (.25)  (2.86)  (3.11)  31.32   3.64   1,032   .41   .41   .91 
 (.20)  (1.56)  (1.76)  33.49   21.38   1,353   .41   .41   .84 
 (.19)  (.92)  (1.11)  29.16   22.74   1,339   .41   .41   .86 
    (2.30)  (2.30)  24.74   (8.10)  1,214   .42   .42   .63 

 

See end of table for footnotes.

 

AMCAP Fund29
 

Financial highlights (continued)

 

     Income (loss) from investment operations1
Period ended Net asset
value,
beginning
of period
  Net
investment
income
(loss)
  Net gains
(losses) on
securities (both
realized and
unrealized)
  Total from
investment
operations
 
Class R-6:                
8/31/20205,6 $31.89  $.11  $5.98  $6.09 
2/29/2020  31.24   .34   2.05   2.39 
2/28/2019  33.41   .32   .63   .95 
2/28/2018  29.09   .28   5.81   6.09 
2/28/2017  24.69   .25   5.28   5.53 
2/29/2016  29.18   .19   (2.38)  (2.19)

 

  Six months   
  ended   
  August 31, Year ended February 28 or 29,
  20205,6,7 2020 2019 2018 2017 2016
Portfolio turnover rate for all share classes15  16%  27%  32%  27%  25%  31%

 

See notes to financial statements.

 

30AMCAP Fund
 
Dividends and distributions                   
Dividends
(from net
investment
income)
  Distributions
(from capital
gains)
  Total
dividends
and
distributions
  Net asset
value, end
of period
  Total return2,3  Net assets,
end of
period
(in
millions)
  Ratio of
expenses to
average net
assets before
reimburse-
ments4
  Ratio of
expenses to
average net
assets after
reimburse-
ments3,4
  Ratio of net
income (loss)
to average
net assets3
 
                          
$  $(.58) $(.58) $37.40   19.28%7 $17,283   .34%8  .34%8  .67%8
 (.27)  (1.47)  (1.74)  31.89   7.38   14,415   .34   .34   1.02 
 (.26)  (2.86)  (3.12)  31.24   3.70   14,053   .36   .36   .96 
 (.21)  (1.56)  (1.77)  33.41   21.45   13,199   .36   .36   .89 
 (.21)  (.92)  (1.13)  29.09   22.76   9,633   .36   .36   .90 
    (2.30)  (2.30)  24.69   (8.05)  7,033   .37   .37   .68 

 

1Based on average shares outstanding.
2Total returns exclude any applicable sales charges, including contingent deferred sales charges.
3This column reflects the impact, if any, of certain reimbursements from CRMC. During one of the periods shown, CRMC reimbursed a portion of transfer agent services fees for certain share classes.
4Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.
5Based on operations for a period that is less than a full year.
6Unaudited.
7Not annualized.
8Annualized.
9All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
10Amount less than $1 million.
11Class T and 529-T shares began investment operations on April 7, 2017.
12Class F-3 shares began investment operations on January 27, 2017.
13Amount less than $.01.
14Class R-5E shares began investment operations on November 20, 2015.
15Rates do not include the fund’s portfolio activity with respect to any Central Funds.

 

AMCAP Fund31
 
Expense exampleunaudited

 

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (March 1, 2020, through August 31, 2020).

 

Actual expenses:

The first line of each share class in the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

 

Hypothetical example for comparison purposes:

The second line of each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

 

Notes:

Retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F-1, F-2, F-3 and 529-F-1 shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

 

Note that the expenses shown in the table on the following page are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

32AMCAP Fund
 
  Beginning
account value
3/1/2020
  Ending
account value
8/31/2020
  Expenses paid
during period*
  Annualized
expense ratio
 
Class A – actual return $1,000.00  $1,190.60  $3.75   .68%
Class A – assumed 5% return  1,000.00   1,021.78   3.47   .68 
Class C – actual return  1,000.00   1,186.31   7.83   1.42 
Class C – assumed 5% return  1,000.00   1,018.05   7.22   1.42 
Class T – actual return  1,000.00   1,192.05   2.38   .43 
Class T – assumed 5% return  1,000.00   1,023.04   2.19   .43 
Class F-1 – actual return  1,000.00   1,190.49   3.98   .72 
Class F-1 – assumed 5% return  1,000.00   1,021.58   3.67   .72 
Class F-2 – actual return  1,000.00   1,192.06   2.49   .45 
Class F-2 – assumed 5% return  1,000.00   1,022.94   2.29   .45 
Class F-3 – actual return  1,000.00   1,192.51   1.88   .34 
Class F-3 – assumed 5% return  1,000.00   1,023.49   1.73   .34 
Class 529-A – actual return  1,000.00   1,190.14   3.97   .72 
Class 529-A – assumed 5% return  1,000.00   1,021.58   3.67   .72 
Class 529-C – actual return  1,000.00   1,185.58   8.10   1.47 
Class 529-C – assumed 5% return  1,000.00   1,017.80   7.48   1.47 
Class 529-E – actual return  1,000.00   1,189.09   5.13   .93 
Class 529-E – assumed 5% return  1,000.00   1,020.52   4.74   .93 
Class 529-T – actual return  1,000.00   1,191.81   2.65   .48 
Class 529-T – assumed 5% return  1,000.00   1,022.79   2.45   .48 
Class 529-F-1 – actual return  1,000.00   1,191.59   2.71   .49 
Class 529-F-1 – assumed 5% return  1,000.00   1,022.74   2.50   .49 
Class R-1 – actual return  1,000.00   1,185.94   7.93   1.44 
Class R-1 – assumed 5% return  1,000.00   1,017.95   7.32   1.44 
Class R-2 – actual return  1,000.00   1,185.94   7.88   1.43 
Class R-2 – assumed 5% return  1,000.00   1,018.00   7.27   1.43 
Class R-2E – actual return  1,000.00   1,187.44   6.29   1.14 
Class R-2E – assumed 5% return  1,000.00   1,019.46   5.80   1.14 
Class R-3 – actual return  1,000.00   1,188.76   5.46   .99 
Class R-3 – assumed 5% return  1,000.00   1,020.21   5.04   .99 
Class R-4 – actual return  1,000.00   1,190.53   3.81   .69 
Class R-4 – assumed 5% return  1,000.00   1,021.73   3.52   .69 
Class R-5E – actual return  1,000.00   1,191.63   2.65   .48 
Class R-5E – assumed 5% return  1,000.00   1,022.79   2.45   .48 
Class R-5 – actual return  1,000.00   1,192.29   2.16   .39 
Class R-5 – assumed 5% return  1,000.00   1,023.24   1.99   .39 
Class R-6 – actual return  1,000.00   1,192.84   1.88   .34 
Class R-6 – assumed 5% return  1,000.00   1,023.49   1.73   .34 
  
*The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).
  
AMCAP Fund33
 

Approval of Investment Advisory and Service Agreement

 

The fund’s board has approved the continuation of the fund’s Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through April 30, 2021. The board approved the agreement following the recommendation of the fund’s Contracts Committee (the “committee”), which is composed of all the fund’s independent board members. The board and the committee determined in the exercise of their business judgment that the fund’s advisory fee structure was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of the fund and its shareholders.

 

In reaching this decision, the board and the committee took into account their interaction with CRMC as well as information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

 

1. Nature, extent and quality of services

 

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which the fund’s assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative and shareholder services provided by CRMC to the fund under the agreement and other agreements, as well as the benefits to fund shareholders from investing in a fund that is part of a large family of funds. The board considered the risks assumed by CRMC in providing services to the fund, including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit the fund and its shareholders.

 

34AMCAP Fund
 

2. Investment results

 

The board and the committee considered the investment results of the fund in light of its objective. They compared the fund’s investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which the fund is included), and data such as relevant market and fund indexes over various periods (including the fund’s lifetime) through September 30, 2019. They generally placed greater emphasis on longer term periods. On the basis of this evaluation and the board’s ongoing review of investment results, and considering the relative market conditions during certain of the reporting periods, the board and the committee concluded that the fund’s investment results have been satisfactory for renewal of the agreement, and that CRMC’s record in managing the fund indicated that its continued management should benefit the fund and its shareholders.

 

3. Advisory fees and total expenses

 

The board and the committee compared the advisory fees and total expense levels of the fund to those of other relevant funds. They observed that the fund’s advisory fees and expenses are competitive with those of other similar funds included in the comparable Lipper category. The board and the committee also considered the breakpoint discounts in the fund’s advisory fee structure that reduce the level of fees charged by CRMC to the fund as fund assets increase. In addition, they reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by the fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the fund and the other clients. The board and the committee concluded that the fund’s cost structure was fair and reasonable in relation to the services provided, as well as the risks assumed by the adviser, and that the fund’s shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by the fund.

 

AMCAP Fund35
 

4. Ancillary benefits

 

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with the fund and other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the fund’s principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that through December 31, 2018, CRMC benefited from research obtained with commissions from portfolio transactions made on behalf of the fund, and since that time has undertaken to bear the cost of obtaining such research. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC by the fund.

 

5. Adviser financial information

 

The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and related cost allocation methodology as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the fund’s advisory fee structure and CRMC’s sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that the fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and the fund’s shareholders.

 

36AMCAP Fund
 

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AMCAP Fund37
 

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38AMCAP Fund
 

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AMCAP Fund39
 

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40AMCAP Fund
 

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AMCAP Fund43
 

Office of the fund

333 South Hope Street
Los Angeles, CA 90071-1406

 

Investment adviser

Capital Research and Management Company
333 South Hope Street

Los Angeles, CA 90071-1406

 

Transfer agent for shareholder accounts

American Funds Service Company
(Write to the address near you.)

 

P.O. Box 6007
Indianapolis, IN 46206-6007

 

P.O. Box 2280
Norfolk, VA 23501-2280

 

Custodian of assets

JPMorgan Chase Bank
270 Park Avenue
New York, NY 10017-2070

 

Counsel

O’Melveny & Myers LLP
400 South Hope Street
Los Angeles, CA 90071-2899

 

Independent registered public accounting firm

Deloitte & Touche LLP
695 Town Center Drive
Suite 1000
Costa Mesa, CA 92626-7188

 

Principal underwriter

American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, CA 90071-1406

 

44AMCAP Fund
 

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.

 

“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on the Capital Group website or upon request by calling AFS. The fund files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on the Capital Group website.

 

A complete August 31, 2020, portfolio of AMCAP Fund’s investments is available free of charge by calling AFS or visiting the SEC website (where it is part of Form N-CSR).

 

AMCAP Fund files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. This filing is available free of charge on the SEC website. Additionally, the list of portfolio holdings is available by calling AFS.

 

This report is for the information of shareholders of AMCAP Fund, but it also may be used as sales literature when preceded or accompanied by the current prospectus or summary prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after December 31, 2020, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

 

The Standard & Poor’s 500 Composite Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2020 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

 

American Funds Distributors, Inc., member of FINRA.

 

The Capital Advantage®

 

Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital SystemSM — has resulted in superior outcomes.

 

Aligned with investor success

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. Our portfolio managers average 28 years of investment industry experience, including 22 years at our company, reflecting a career commitment to our long-term approach.1

 

The Capital System

The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.

 

American Funds’ superior outcomes

Equity funds have beaten their Lipper peer indexes in 92% of 10-year periods and 99% of 20-year periods.2 Fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.3 Fund management fees have been among the lowest in the industry.4

 

1Investment industry experience as of December 31, 2019.
2Based on Class F-2 share results for rolling periods through December 31, 2019. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date (except Capital Income Builder and SMALLCAP World Fund, for which the Lipper average was used). Expenses differ for each share class, so results will vary.
3Based on Class F-2 share results as of December 31, 2019. Fifteen of the 17 fixed income American Funds that have been in existence for the three-year period showed a three-year correlation below 0.2. Standard & Poor’s 500 Composite Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.
4On average, our management fees were in the lowest quintile 65% of the time, based on the 20-year period ended December 31, 2019, versus comparable Lipper categories, excluding funds of funds.

 

Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Results for certain funds with an inception date after August 1, 2008, also include hypothetical returns because those funds’ Class F-2 shares sold after the funds’ date of first offering. Please see capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

 

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.

 

 

 

ITEM 2 – Code of Ethics

 

Not applicable for filing of semi-annual reports to shareholders.

 

ITEM 3 – Audit Committee Financial Expert

 

Not applicable for filing of semi-annual reports to shareholders.

 

ITEM 4 – Principal Accountant Fees and Services

 

Not applicable for filing of semi-annual reports to shareholders.

 

ITEM 5 – Audit Committee of Listed Registrants

 

Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.

 

ITEM 6 – Schedule of Investments

 

 

 

AMCAP Fund®

Investment portfolio

August 31, 2020

 

 

unaudited

 

 

Common stocks 93.85%
Health care 21.95%
SharesValue
(000)
Abbott Laboratories22,196,549$2,429,856
UnitedHealth Group Inc.6,213,7671,942,113
Thermo Fisher Scientific Inc.3,468,4911,487,913
Amgen Inc.4,822,0641,221,525
Gilead Sciences, Inc.15,418,1961,029,165
BioMarin Pharmaceutical Inc.1,210,389,733810,711
PerkinElmer, Inc.16,661,453784,186
Humana Inc.1,560,877648,029
Zimmer Biomet Holdings, Inc.3,966,776558,839
Centene Corp.28,239,708505,259
Edwards Lifesciences Corp.25,863,251503,301
Stryker Corp.2,237,391443,361
Zoetis Inc., Class A2,690,866430,808
Insulet Corp.21,927,372420,649
Eli Lilly and Company2,750,015408,075
Illumina, Inc.2852,373304,485
IQVIA Holdings Inc.21,821,169298,216
Integra LifeSciences Holdings Corp.1,25,552,349265,347
West Pharmaceutical Services, Inc.903,674256,607
Vertex Pharmaceuticals Inc.2860,531240,191
AbbVie Inc.1,799,309172,320
Baxter International Inc.1,965,490171,135
Danaher Corp.746,014154,030
Penumbra, Inc.2524,444109,687
PRA Health Sciences, Inc.2982,622105,052
AstraZeneca PLC912,206101,697
Cigna Corp.541,84196,106
Anthem, Inc.308,92586,969
Sarepta Therapeutics, Inc.2540,00079,067
Haemonetics Corp.2840,44475,354
AmerisourceBergen Corp.694,68767,406
LivaNova PLC21,399,08965,617
Boston Scientific Corp.21,498,62261,474
Johnson & Johnson374,62957,472
Merck & Co., Inc.600,60851,214
Mettler-Toledo International Inc.239,30238,154
  16,481,390
Information technology 21.82%  
Microsoft Corp.13,952,6813,146,748
Broadcom Inc.4,918,6971,707,526
Mastercard Inc., Class A3,522,7611,261,818
ASML Holding NV2,951,8011,107,132
Autodesk, Inc.24,057,194996,853
PayPal Holdings, Inc.24,809,227981,756
FleetCor Technologies, Inc.22,919,098734,007
ServiceNow, Inc.21,221,959589,009

 

AMCAP Fund — Page 1 of 6

 


 

 

unaudited

 

 

Common stocks (continued)
Information technology (continued)
SharesValue
(000)
Accenture PLC, Class A2,240,000$537,443
Ceridian HCM Holding Inc.26,417,919510,353
Adobe Inc.2827,530424,846
Visa Inc., Class A1,718,181364,237
DocuSign, Inc.21,485,053331,167
Micron Technology, Inc.26,687,058304,328
EPAM Systems, Inc.2770,733252,107
Atlassian Corp. PLC, Class A21,192,119228,601
Amphenol Corp., Class A2,060,289226,220
Apple Inc.1,724,304222,504
Applied Materials, Inc.3,507,887216,086
SS&C Technologies Holdings, Inc.3,283,641209,234
Intel Corp.3,799,867193,603
Coupa Software Inc.2537,855176,277
Trimble Inc.23,112,085163,104
Kingdee International Software Group Co. Ltd.59,700,000152,212
SVMK Inc.25,786,530144,027
NetApp, Inc.3,000,151142,177
Taiwan Semiconductor Manufacturing Company, Ltd.9,718,000141,258
Qorvo, Inc.21,024,606131,426
Fair Isaac Corp.2287,826121,114
Alteryx, Inc., Class A2877,623106,043
Zoom Video Communications, Inc., Class A2252,32382,030
MongoDB, Inc., Class A2289,44867,673
Texas Instruments Inc.449,65263,918
salesforce.com, inc.2205,62156,062
Avalara, Inc.2397,16252,588
Global Payments Inc.217,35938,390
Intuit Inc.109,92937,968
RealPage, Inc.2563,94835,314
Vertex, Inc., Class A21,247,62131,952
Paylocity Holding Corp.2170,00025,032
Paycom Software, Inc.277,50023,208
GoDaddy Inc., Class A2255,50221,380
VeriSign, Inc.283,86818,015
Okta, Inc., Class A257,14112,306
  16,389,052
Communication services 16.19%  
Netflix, Inc.26,230,4173,299,380
Facebook, Inc., Class A29,620,6452,820,773
Alphabet Inc., Class C2731,3131,195,097
Alphabet Inc., Class A2718,4761,170,778
Activision Blizzard, Inc.10,904,721910,762
Comcast Corp., Class A16,214,846726,587
Tencent Holdings Ltd.9,782,318669,598
Charter Communications, Inc., Class A21,035,225637,295
Electronic Arts Inc.21,515,315211,341
Cable One, Inc.87,744161,478
Match Group, Inc.21,402,421156,623
New York Times Co., Class A1,998,69886,604
IAC/Interactivecorp.2649,75086,410
ZoomInfo Technologies Inc., Class A2684,70526,580
  12,159,306

 

AMCAP Fund — Page 2 of 6

 


 

 

unaudited

 

 

Common stocks (continued)
Consumer discretionary 9.80%
SharesValue
(000)
Amazon.com, Inc.2653,682$2,255,830
Alibaba Group Holding Ltd.219,261,248702,831
NIKE, Inc., Class B5,805,102649,533
Hilton Worldwide Holdings Inc.6,043,982546,134
Williams-Sonoma, Inc.3,543,816311,005
Marriott International, Inc., Class A2,757,707283,796
Booking Holdings Inc.2145,951278,832
Galaxy Entertainment Group Ltd.29,671,000233,725
TJX Companies, Inc.3,933,008215,490
Thor Industries, Inc.2,250,890212,552
NVR, Inc.245,773190,797
TopBuild Corp.21,220,300187,682
Helen of Troy Ltd.2893,050184,701
Burlington Stores, Inc.2933,540183,842
Darden Restaurants, Inc.1,854,964160,770
Home Depot, Inc.519,661148,124
CarMax, Inc.21,349,255144,276
Wyndham Hotels & Resorts, Inc.2,057,701107,741
Wynn Resorts, Ltd.1,068,54493,444
LVMH Moët Hennessy-Louis Vuitton SE144,42267,698
Chipotle Mexican Grill, Inc.249,76865,210
EssilorLuxottica2417,61555,866
Ross Stores, Inc.235,44721,445
Royal Caribbean Cruises Ltd.302,28420,809
Industria de Diseño Textil, SA727,12720,435
Las Vegas Sands Corp.337,28017,103
  7,359,671
Industrials 8.95%  
Old Dominion Freight Line, Inc.5,305,1771,072,601
CSX Corp.11,685,999893,512
TransDigm Group Inc.1,287,969643,559
Northrop Grumman Corp.1,485,732509,027
Woodward, Inc.14,042,504346,402
Stanley Black & Decker, Inc.2,142,816345,636
Caterpillar Inc.2,157,036306,968
Equifax Inc.1,640,515276,049
General Dynamics Corp.1,846,466275,770
Fortive Corp.3,553,402256,236
Waste Management, Inc.1,748,860199,370
L3Harris Technologies, Inc.1,020,806184,501
Raytheon Technologies Corp.2,731,950166,649
Copart, Inc.21,192,141123,172
Air Lease Corp., Class A3,935,436122,313
NIBE Industrier AB, Class B24,328,367121,597
Union Pacific Corp.529,346101,867
Airbus SE, non-registered shares21,215,86499,884
Armstrong World Industries, Inc.1,214,03789,523
Cummins Inc.399,84682,868
United Rentals, Inc.2464,82182,297
Waste Connections, Inc.792,08479,232
Masco Corp.1,299,50175,761
Safran SA2608,45670,446
AMETEK, Inc.659,44766,406
Otis Worldwide Corp.853,17253,665

 

AMCAP Fund — Page 3 of 6

 


 

 

unaudited

 

 

Common stocks (continued)
Industrials (continued)
SharesValue
(000)
Westinghouse Air Brake Technologies Corp.467,196$31,092
Carrier Global Corp.858,67025,631
Textron Inc.499,19419,683
  6,721,717
Consumer staples 4.43%  
Constellation Brands, Inc., Class A4,007,145739,238
Costco Wholesale Corp.1,896,525659,346
Lamb Weston Holdings, Inc.6,643,700417,557
Philip Morris International Inc.4,982,635397,564
Estée Lauder Companies Inc., Class A1,707,438378,573
Herbalife Nutrition Ltd.27,083,737348,166
Keurig Dr Pepper Inc.2,998,84889,456
Chocoladefabriken Lindt & Sprüngli AG1,00088,279
Reckitt Benckiser Group PLC831,65883,490
L’Oréal SA, non-registered shares149,84849,516
Church & Dwight Co., Inc.424,72340,701
Altria Group, Inc.866,03537,880
  3,329,766
Financials 4.39%  
S&P Global Inc.1,691,623619,845
Aon PLC, Class A2,454,269490,829
JPMorgan Chase & Co.4,226,832423,486
First Republic Bank3,439,787388,386
CME Group Inc., Class A994,342174,875
Arch Capital Group Ltd.25,267,637166,141
SVB Financial Group2646,431165,086
Berkshire Hathaway Inc., Class B2679,157148,083
London Stock Exchange Group PLC1,157,735136,189
HDFC Bank Ltd.28,405,503127,423
AIA Group Ltd.12,147,000125,072
Kotak Mahindra Bank Ltd.25,500,000104,710
MSCI Inc.201,18175,095
The Blackstone Group Inc., Class A650,47634,443
Intercontinental Exchange, Inc.308,10032,730
Bank of America Corp.1,133,46529,175
Marsh & McLennan Companies, Inc.224,01425,741
Everest Re Group, Ltd.116,82925,712
  3,293,021
Energy 3.05%  
EOG Resources, Inc.26,175,2511,186,786
Concho Resources Inc.8,725,322453,542
Diamondback Energy, Inc.6,331,349246,669
Canadian Natural Resources, Ltd. (CAD denominated)11,623,331229,196
Pioneer Natural Resources Company889,25792,421
Schlumberger Ltd.2,944,08255,967
Noble Energy, Inc.2,491,20024,788
  2,289,369
Real estate 1.69%  
Equinix, Inc. REIT582,763460,254
SBA Communications Corp. REIT1,168,001357,490
American Tower Corp. REIT1,378,595343,477

 

AMCAP Fund — Page 4 of 6

 


 

 

unaudited

 

 

Common stocks (continued)
Real estate (continued)
SharesValue
(000)
Alexandria Real Estate Equities, Inc. REIT427,936$72,056
Crown Castle International Corp. REIT197,67132,270
  1,265,547
Materials 0.94%  
Linde PLC1,020,629254,892
Valvoline Inc.7,197,057146,820
Celanese Corp.1,168,641118,208
Air Products and Chemicals, Inc.275,82080,611
Sherwin-Williams Company110,64174,246
PPG Industries, Inc.279,28233,625
  708,402
Utilities 0.64%  
NextEra Energy, Inc.1,072,965299,540
DTE Energy Company1,508,741179,042
  478,582
Total common stocks (cost: $40,033,532,000) 70,475,823
Short-term securities 6.24%
Money market investments 6.24%
  
Capital Group Central Cash Fund 0.14%1,346,889,9564,689,464
Total short-term securities (cost: $4,688,659,000) 4,689,464
Total investment securities 100.09% (cost: $44,722,191,000) 75,165,287
Other assets less liabilities (0.09)% (70,375)
Net assets 100.00% $75,094,912

 

1Affiliate 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.
2Security did not produce income during the last 12 months.
3Rate represents the seven-day yield at 8/31/2020.

 

Key to abbreviation
CAD = Canadian dollars

 

AMCAP Fund — Page 5 of 6

 


 

 

unaudited

 

Additional financial disclosures are included in the fund’s current shareholder report and should be read in conjunction with this report.

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.

© 2020 Capital Group. All rights reserved.

 

 

MFGEFP2-002-1020O-S78129AMCAP Fund — Page 6 of 6

 

ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

 

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

 

ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies

 

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

 

ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

 

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

 

ITEM 10 – Submission of Matters to a Vote of Security Holders

 

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.

 

ITEM 11 – Controls and Procedures

 

(a)The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.
  
(b)

There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

 

ITEM 12 – Exhibits

 

(a)(1)Not applicable for filing of semi-annual reports to shareholders.
  
(a)(2)The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

 

 
 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 AMCAP FUND
  
 By __/s/ Herbert Y. Poon____________________
 

Herbert Y. Poon, Executive Vice President and

Principal Executive Officer

  
 Date: October 30, 2020

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

 

 

By __/s/ Herbert Y. Poon_________________

Herbert Y. Poon, Executive Vice President and

Principal Executive Officer

 
Date: October 30, 2020

 

 

 

By ___/s/ Brian D. Bullard    __________

Brian D. Bullard, Treasurer and

Principal Financial Officer

 
Date: October 30, 2020