CAFBX Amcap Fund

Filed: 30 Apr 21, 11:28am




Washington, D.C. 20549



Certified Shareholder Report of

Registered Management Investment Companies


Investment Company Act File Number: 811-01435



(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: February 28, 2021


Hong T. Le


6455 Irvine Center Drive

Irvine, California 92618

(Name and Address of Agent for Service)



ITEM 1 – Reports to Stockholders


Annual report
for the year ended
February 28, 2021



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



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 F-2 shares. Class A share results are shown at net asset value unless otherwise indicated. If a sales charge (maximum 5.75%) had been deducted from Class A shares, 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


Here are the average annual total returns on a $1,000 investment with all distributions reinvested for periods ended March 31, 2021 (the most recent calendar quarter-end):


  1 year 5 years 10 years
Class F-2 shares  54.01%  16.09%  13.83%
Class A shares (reflecting 5.75% maximum sales charge)  44.88   14.49   12.91 


For other share class results, visit and


The total annual fund operating expense ratios are 0.45% for Class F-2 shares and 0.68% for Class A shares as of the prospectus dated May 1, 2021 (unaudited).


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 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.




1Letter to investors
4The value of a long-term perspective
6Investment portfolio
12Financial statements
34Board of trustees and other officers


Fellow investors:


U.S. equities finished higher for the fiscal year ended February 28, 2021, recovering from a selloff sparked by the coronavirus pandemic. The economy showed signs of recovering from recession, supported by massive stimulus measures. Activity picked up as businesses reopened and consumers adapted to new guidelines affecting work, commerce and recreation. Led by technology stocks, the market completed a full reversal of the bear market’s steep losses. However, volatility increased later in the period amid a resurgence of the coronavirus in parts of the U.S. and political uncertainty. The Federal Reserve cut interest rates to near zero in March and later revised its inflation stance to allow for longer periods of price increases before considering rate increases.


During the 12-month period, Class F-2 shares of AMCAP Fund had a total return of 33.31% versus a 31.29% total return for the unmanaged Standard & Poor’s 500 Composite Index, a market capitalization-weighted index based on the results of approximately 500 widely held common stocks. Over its 54-year lifetime, AMCAP has had an average annual total return of 11.99%, exceeding the 10.32% return for the S&P 500. For the past 10 years, the fund has had an average annual total return of 13.64%, slightly ahead of the 13.43% return for the S&P 500.


Investment results analysis

In a year marked by unprecedented volatility, stocks declined sharply from late February to March, followed by a remarkable rally that lifted the market to all-time highs. Information technology stocks led the way, gaining nearly 50%, followed closely by consumer discretionary stocks. The pandemic and related shutdowns accelerated efforts to digitize business processes, and also hastened the secular shift toward online


Results at a glance


For periods ended February 28, 2021, with all distributions reinvested


total returns
 Average annual total returns
  1 year 5 years 10 years Lifetime
(since 5/1/67)
AMCAP Fund (Class F-2 shares)1  33.31%  17.12%  13.64%  11.99%
AMCAP Fund (Class A shares)  32.98   16.87   13.39   11.76 
Standard & Poor’s 500 Composite Index2  31.29   16.82   13.43   10.32 


1Class 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. Please see for more information on specific expense adjustments and the actual dates of first sale.
2Source: S&P Dow Jones Indices LLC. The market index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.



consumption patterns. Companies leading the digital transition in the economy, such as Amazon and Netflix, prospered as millions of homebound customers switched to online services for food, entertainment and other basic needs, and businesses pulled forward their plans to build out internet and cloud capabilities. Conversely, stocks of energy and travel and leisure companies plummeted as government-imposed lockdowns brought the global economy to a virtual standstill.


AMCAP was impacted by both of these trends throughout the year, benefiting from holdings of digitally focused companies earlier in the pandemic while also feeling the negative impacts of the fund’s energy holdings. During the depths of the downdraft in stock prices, portfolio managers and analysts added to positions in companies they believed had long-term value, despite the near-term uncertainty. As the market has rebounded and the economy recovers, many companies that initially suffered are now bouncing back.


Looking more closely at the fund’s holdings, companies in the communication services sector had the largest positive impact on results over the year — in particular, positions in the entertainment and interactive media industries that benefited from the changes to consumer behavior accelerated by the global pandemic. Streaming video-on-demand provider Netflix added more than 35 million subscribers in 2020 (compared to nearly 28 million in 2019), surpassing 200 million total subscribers. Video game developer Activision Blizzard saw demand surge for its products as consumers spent more time at home, resulting in spending on video games reaching record levels.


Several information technology holdings also contributed to the fund’s returns, especially semiconductor companies amid strong demand for chips. Shares of Broadcom, a leader in wireless radio frequency solutions, rallied after the semiconductor company surpassed revenue and earnings forecasts for growth in its wireless business. We added to our position in Broadcom during the downturn based on our conviction in its strong networking switch business. The company should also benefit from the next generation 5G wireless network, as should ASML, another large semiconductor firm. We believe that ASML is on the leading edge of semiconductor equipment production, with unique technology that is driving market share gains.


Investments in the health care sector were mixed during the period. Shares of Abbott Laboratories gained after the company received emergency-use authorization for its 15-minute antigen test for COVID-19. The U.S. government purchased 150 million Abbott tests in a $750 million deal as part of a mass testing strategy in the fall. Likewise, Thermo Fisher Scientific — which provides analytical instruments for research, analysis and diagnostics — saw sales rise due to COVID-related tailwinds, particularly in its testing business. Meanwhile, shares of Gilead Sciences lost ground, giving up gains made over the first half of the year as fresh doubts emerged over the efficacy of its remdesivir drug as a treatment for COVID-19. Nevertheless, we remain encouraged by the company’s drug pipeline in other areas over the long term.


The fund’s investments in the industrials sector detracted from results overall, but transportation company Old Dominion Freight Line added value as it continued to improve its operating ratio during the year, despite the weak economic landscape. We added to our position in Old Dominion during the downturn on the belief that the small-freight trucking company will grow its industry market share. On the downside, aerospace companies such as TransDigm Group suffered amid the decline in air travel. However, we believe these concerns are likely temporary and that these companies should recover as the economy rebounds and air travel resumes. TransDigm continues to benefit from strong pricing power in the aerospace industry and the company is especially well-positioned to benefit from the long-term structural changes taking place in the industry, including rising global air travel and improving fuel efficiency.


Some of the fund’s energy holdings detracted from returns as oil prices remained volatile amid falling demand during the global pandemic and a price



war between Saudi Arabia and Russia earlier in the year. Exploration and production company EOG Resources detracted from returns, as did Concho Resources, which was recently acquired by oil giant ConocoPhillips. While we continue to believe that these companies are well placed in the oil-and-gas industry, the entire energy sector is being pressured by oversupply and macroeconomic concerns; however, demand has been gradually rebounding as the global economy continues to recover.


The fund’s cash position held back returns during the strong market rebound. Cash declined to 3.5% from 8.2% (including other short-term securities) at the beginning of the period as portfolio managers added to positions. While valuations are still high overall, we are finding pockets of investment opportunity. In this volatile market environment, we continue to invest in high-quality companies considered industry leaders with good long-term growth prospects.


Looking ahead

The U.S. economy continues to recover from the sharp drop in growth and spike in unemployment that occurred during the depths of the pandemic-induced lockdown. U.S. GDP growth rebounded in the fourth quarter and the unemployment rate fell to 6.2% in February — less than half of what it was in April when the jobless rate rose to its highest level since the Great Depression — but well above pre-recession lows. Low mortgage rates and a desire for more living space while working from home during the pandemic propelled buyers back to the real estate market, sending housing prices higher. Retail sales also increased as stores began to reopen, but consumer prices rose less than expected in February, easing fears of inflation.


In the near term, volatility is likely to remain elevated amid the ongoing spread of new coronavirus variants and the ensuing lockdowns. The approval of several vaccines is encouraging as it provides essential tools for combating the pandemic. We remain optimistic but vigilant regarding the evolution of the coronavirus and its impact on companies and the broader global economy.


We remain resolute in our long-term effort to find great companies at reasonable prices using our proven investment processes. As such, we continue with our consistent and diligent approach to growth investing, just as we have for the past 54 years. We believe our bottom-up approach of focusing on fundamentals and investing in quality companies with sustainable competitive advantages will serve our investors well in the long run.


AMCAP invests primarily in U.S. companies that have demonstrated solid historical growth and characteristics that we believe are likely to support above-average growth in the future. Our focus on the fundamental growth drivers and the inherent worth of companies is critical to helping us identify investments that we believe represent the best value over the long term. We thank you for your continued support of these efforts.






Barry Crosthwaite




James Terrile


April 9, 2021


For current information about the fund, visit



The value of a long-term perspective


Fund results shown are for Class F-2 shares and Class A shares. Class A share results reflect deduction of the maximum sales charge of 5.75% on the $10,000 investment1; thus, the net amount invested was $9,425.2 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


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. Please see for more information on specific expense adjustments and the actual dates of first sale.


The results shown are before taxes on fund distributions and sale of fund shares.


1As outlined in the prospectus, the sales charge is reduced for accounts (and aggregated investments) of $25,000 or more and is eliminated for purchases of $1 million or more. There is no sales charge on dividends or capital gain distributions that are reinvested in additional shares.
2The maximum initial sales charge was 8.5% prior to July 1, 1988.
3Source: S&P Dow Jones Indices LLC. The S&P 500 is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.




How a hypothetical $10,000 investment has grown

This chart shows how a hypothetical $10,000 investment in AMCAP Fund Class F-2 or Class A shares grew over the past 50 years from February 28, 1971, to February 28, 2021. As you can see, the investment grew to $3,286,966 or $2,792,913, respectively, with all distributions reinvested.




Investment portfolio February 28, 2021


Industry sector diversificationPercent of net assets


Common stocks 96.47% Shares  Value
Information technology 25.26%        
Microsoft Corp.  15,198,101  $3,531,735 
Broadcom Inc.  4,806,357   2,258,363 
Mastercard Inc., Class A  4,375,754   1,548,361 
ASML Holding NV1  2,340,199   1,317,664 
Micron Technology, Inc.2  10,443,932   955,933 
Autodesk, Inc.2  3,134,774   865,198 
PayPal Holdings, Inc.2  2,838,811   737,665 
ServiceNow, Inc.2  1,333,195   711,206 
Ceridian HCM Holding Inc.2  6,536,179   586,034 
Applied Materials, Inc.  4,396,391   519,609 
Adobe Inc.2  948,089   435,808 
Advanced Micro Devices, Inc.2  4,770,436   403,150 
EPAM Systems, Inc.2  983,356   367,392 
Visa Inc., Class A  1,715,669   364,391 
FleetCor Technologies, Inc.2  1,310,015   363,280 
Taiwan Semiconductor Manufacturing Company, Ltd.1  16,526,000   361,118 
Vontier Corp.2,3  10,917,189   342,800 
Atlassian Corp. PLC, Class A2  1,284,703   305,374 
Accenture PLC, Class A  1,175,833   295,016 
SS&C Technologies Holdings, Inc.  3,955,547   262,174 
Lam Research Corp.  442,509   250,987 
Arista Networks, Inc.2  862,230   241,286 
Nice Ltd. (ADR)  972,081   223,131 
Amphenol Corp., Class A  1,720,663   216,253 
Trimble Inc.2  2,820,953   209,145 
Apple Inc.  1,574,047   190,869 
NetApp, Inc.  2,995,764   187,535 
Qorvo, Inc.2  1,033,098   180,513 
Intuit Inc.  435,312   169,833 
DocuSign, Inc.2  673,855   152,736 
Kingdee International Software Group Co. Ltd.1  39,741,000   143,899 
Zoom Video Communications, Inc., Class A2  374,415   139,885 
Global Payments Inc.  698,899   138,375 
Fair Isaac Corp.2  287,405   131,502 
MongoDB, Inc., Class A2  289,024   111,543 
Alteryx, Inc., Class A2  1,136,385   108,638 
Intel Corp.  1,689,380   102,680 
Bill.Com Holdings, Inc.2  620,511   102,390 
Aspen Technology, Inc.2  601,741   90,568 
Snowflake Inc., Class A2,4  313,383   81,335 
NXP Semiconductors NV  404,847   73,905 
Avalara, Inc.2  461,172   72,376 
Affirm Holdings, Inc., Class A2,4  677,808   63,077 
Bentley Systems, Inc., Class B4  1,349,418   59,860 
Coupa Software Inc.2  137,846   47,731 
Okta, Inc., Class A2  180,576   47,212 
Vertex, Inc., Class A2  1,509,161   46,407 


Common stocks (continued) Shares  Value
Information technology (continued)        
Qualtrics International Inc., Class A2  1,205,580  $45,812 
Enphase Energy, Inc.2  235,219   41,413 
Palo Alto Networks, Inc.2  109,953   39,397 
SVMK Inc.2  1,838,734   34,237 
Paylocity Holding Corp.2  169,752   32,455 
Paycom Software, Inc.2  77,387   28,961 
Square, Inc., Class A2  91,960   21,154 
GoDaddy Inc., Class A2  255,128   20,696 
VeriSign, Inc.2  83,745   16,249 
KLA Corp.  41,900   13,041 
Health care 19.37%        
Abbott Laboratories  20,620,103   2,469,876 
UnitedHealth Group Inc.  5,455,037   1,812,272 
Thermo Fisher Scientific Inc.  3,082,028   1,387,159 
BioMarin Pharmaceutical Inc.2,3  10,094,392   781,609 
Amgen Inc.  3,389,369   762,337 
PerkinElmer, Inc.  5,209,892   656,915 
Stryker Corp.  2,548,023   618,380 
Zimmer Biomet Holdings, Inc.  3,619,021   590,118 
Penumbra, Inc.2,3  2,041,340   580,618 
Gilead Sciences, Inc.  8,617,954   529,142 
Centene Corp.2  8,872,670   519,406 
Insulet Corp.2  1,924,554   498,652 
Edwards Lifesciences Corp.2  5,985,365   497,384 
Zoetis Inc., Class A  2,899,960   450,190 
Integra LifeSciences Holdings Corp.2,3  5,544,229   378,893 
Humana Inc.  959,701   364,351 
Haemonetics Corp.2,3  2,632,082   332,958 
Vertex Pharmaceuticals Inc.2  1,515,920   322,209 
Seagen Inc.2  1,946,897   294,196 
IQVIA Holdings Inc.2  1,350,501   260,363 
Danaher Corp.  1,044,794   229,510 
West Pharmaceutical Services, Inc.  693,195   194,545 
Sarepta Therapeutics, Inc.2  1,838,945   160,099 
DexCom, Inc.2  373,039   148,387 
PRA Health Sciences, Inc.2  961,287   141,703 
AstraZeneca PLC1  1,218,740   117,963 
Royalty Pharma PLC, Class A  2,332,950   108,646 
Eli Lilly and Company  497,189   101,869 
Anthem, Inc.  308,473   93,526 
Mettler-Toledo International Inc.2  69,309   77,352 
AmerisourceBergen Corp.  693,671   70,213 
Guardant Health, Inc.2  306,334   45,086 
Genmab A/S1,2  75,967   25,623 
Nevro Corp.2  89,961   14,860 
GoodRx Holdings, Inc., Class A2,4  266,085   11,846 
Consumer discretionary 15.11%, Inc.2  723,743   2,238,486 
Hilton Worldwide Holdings Inc.2  10,136,886   1,253,730 
Burlington Stores, Inc.2,3  3,329,885   861,841 
NIKE, Inc., Class B  5,733,940   772,820 
Caesars Entertainment, Inc.2  6,838,267   638,968 
NVR, Inc.2  109,755   493,990 
Williams-Sonoma, Inc.  3,538,634   464,587 
Alibaba Group Holding Ltd.1,2  15,425,948   461,386 
Airbnb, Inc., Class A2  1,854,391   382,654 
Darden Restaurants, Inc.  2,597,771   356,752 
Aptiv PLC2  2,186,058   327,559 
TopBuild Corp.2,3  1,711,903   325,963 
MercadoLibre, Inc.2  195,138   319,658 
Galaxy Entertainment Group Ltd.1  34,365,000   317,800 
Thor Industries, Inc.  2,690,905   314,997 
LVMH Moët Hennessy-Louis Vuitton SE1  436,185   276,202 
Marriott International, Inc., Class A2  1,597,629   236,561 


Common stocks (continued) Shares  Value
Consumer discretionary (continued)        
EssilorLuxottica1  1,421,571  $231,489 
Helen of Troy Ltd.2  991,701   215,001 
Starbucks Corp.  1,753,244   189,403 
CarMax, Inc.2  1,497,166   178,926 
Royal Caribbean Cruises Ltd.  1,811,656   168,973 
Five Below, Inc.2  899,612   167,436 
Booking Holdings Inc.2  69,907   162,779 
Wyndham Hotels & Resorts, Inc.  2,196,704   143,401 
Wynn Resorts, Ltd.2  1,066,981   140,553 
Home Depot, Inc.  518,901   134,053 
DoorDash, Inc., Class A2,4  699,477   118,554 
Chipotle Mexican Grill, Inc.2  77,966   112,427 
Flutter Entertainment PLC (GBP denominated)1,2  534,770   102,960 
Industria de Diseño Textil, SA1  726,064   23,916 
Dollar Tree Stores, Inc.2  232,317   22,814 
Las Vegas Sands Corp.  336,787   21,083 
Dollar General Corp.  94,156   17,795 
Peloton Interactive, Inc., Class A2  96,958   11,681 
Communication services 14.49%        
Netflix, Inc.2  6,632,751   3,574,058 
Alphabet Inc., Class A2  805,488   1,628,624 
Alphabet Inc., Class C2  717,860   1,462,181 
Facebook, Inc., Class A2  7,784,011   2,005,317 
Charter Communications, Inc., Class A2  1,040,915   638,518 
Comcast Corp., Class A  12,043,604   634,939 
Tencent Holdings Ltd.1  5,552,418   473,492 
Activision Blizzard, Inc.  2,514,399   240,402 
Match Group, Inc.2  1,400,370   214,046 
Electronic Arts Inc.  1,237,883   165,839 
IAC/InterActiveCorp.2  648,799   158,845 
Playtika Holding Corp.2  4,339,123   129,089 
Cable One, Inc.  63,626   121,834 
New York Times Co., Class A  1,995,775   102,124 
ZoomInfo Technologies Inc., Class A2  1,712,089   89,748 
Bumble Inc., Class A2,4  932,998   62,800 
Industrials 8.35%        
CSX Corp.  10,499,603   961,239 
TransDigm Group Inc.2  1,412,331   814,449 
Old Dominion Freight Line, Inc.  3,607,717   774,829 
Caterpillar Inc.  2,153,882   464,980 
Woodward, Inc.3  4,036,592   461,060 
Stanley Black & Decker, Inc.  2,139,683   374,102 
Copart, Inc.2  2,981,804   325,494 
Equifax Inc.  1,639,835   265,457 
Northrop Grumman Corp.  758,422   221,201 
Carrier Global Corp.  5,709,433   208,566 
Raytheon Technologies Corp.  2,727,955   196,385 
Waste Management, Inc.  1,746,302   193,647 
Safran SA1,2  1,313,262   179,378 
Air Lease Corp., Class A  3,408,483   156,313 
Airbus SE, non-registered shares1,2  1,214,086   140,420 
United Rentals, Inc.2  464,141   138,026 
NIBE Industrier AB, Class B1  4,322,037   135,499 
L3Harris Technologies, Inc.  741,338   134,857 
Fortive Corp.  2,015,460   132,658 
Armstrong World Industries, Inc.  1,212,262   103,745 
Union Pacific Corp.  404,951   83,404 
AMETEK, Inc.  658,482   77,681 
Waste Connections, Inc.  790,926   77,266 
Cummins Inc.  304,302   77,049 
Otis Worldwide Corp.  763,963   48,672 


Common stocks (continued) Shares  Value
Financials 5.66%        
S&P Global Inc.  2,699,285  $889,036 
JPMorgan Chase & Co.  4,458,096   656,098 
Aon PLC, Class A  2,450,680   558,044 
First Republic Bank  3,321,206   547,169 
Kotak Mahindra Bank Ltd.1,2  16,150,000   390,075 
Stifel Financial Corp.  4,202,988   256,718 
SVB Financial Group2,4  430,578   217,597 
Arch Capital Group Ltd.2 ��5,259,934   188,411 
HDFC Bank Ltd.1,2  8,405,503   175,154 
AIA Group Ltd.1  10,114,000   126,601 
Berkshire Hathaway Inc., Class B2  460,222   110,688 
MSCI Inc.  259,396   107,525 
Tradeweb Markets Inc., Class A  986,575   71,813 
London Stock Exchange Group PLC1  532,311   71,307 
The Blackstone Group Inc., Class A  649,525   44,967 
Bank of America Corp.  1,131,807   39,285 
Intercontinental Exchange, Inc.  307,649   33,937 
Everest Re Group, Ltd.  116,658   28,209 
Marsh & McLennan Companies, Inc.  223,687   25,773 
Cullen/Frost Bankers, Inc.  175,331   18,305 
CME Group Inc., Class A  71,729   14,324 
Energy 3.35%        
EOG Resources, Inc.  23,959,759   1,546,842 
ConocoPhillips  11,715,707   609,334 
Diamondback Energy, Inc.  5,994,731   415,315 
Pioneer Natural Resources Company  887,956   131,924 
Consumer staples 2.63%        
Constellation Brands, Inc., Class A  2,396,615   513,211 
Lamb Weston Holdings, Inc.  4,595,990   366,622 
Herbalife Nutrition Ltd.2,3  7,073,378   318,161 
Costco Wholesale Corp.  814,941   269,746 
Philip Morris International Inc.  2,430,056   204,173 
Estée Lauder Companies Inc., Class A  561,086   160,392 
Chocoladefabriken Lindt & Sprüngli AG1  1,123   99,401 
Keurig Dr Pepper Inc.  2,994,462   91,391 
Reckitt Benckiser Group PLC1  830,442   69,448 
Church & Dwight Co., Inc.  424,102   33,398 
Real estate 1.09%        
Equinix, Inc. REIT  538,126   348,889 
SBA Communications Corp. REIT  1,166,293   297,556 
American Tower Corp. REIT  768,843   166,170 
Alexandria Real Estate Equities, Inc. REIT  427,310   68,237 
Materials 0.75%        
Linde PLC  935,273   228,459 
Celanese Corp.  964,047   133,916 
Sherwin-Williams Company  186,724   127,036 
Air Products and Chemicals, Inc.  172,112   43,995 
PPG Industries, Inc.  278,874   37,598 
Newmont Corp.  652,101   35,461 
Utilities 0.41%        
NextEra Energy, Inc.  4,021,699   295,514 
Ørsted AS1  198,914   32,106 
Total common stocks (cost: $43,508,537,000)      77,928,375 


Short-term securities 3.85% Shares  Value
Money market investments 3.85%        
Capital Group Central Cash Fund 0.09%3,5  29,407,433  $2,941,038 
BlackRock Liquidity Funds – FedFund, Institutional Shares 0.01%5,6  51,300,000   51,300 
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.03%5,6  50,400,000   50,400 
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%5,6  33,499,262   33,499 
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%5,6  23,500,000   23,500 
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 0.03%5,6  4,700,000   4,700 
RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 0.02%5,6  3,300,000   3,300 
Fidelity Investments Money Market Government Portfolio, Class I 0.01%5,6  1,600,000   1,600 
Total short-term securities (cost: $3,108,800,000)      3,109,337 
Total investment securities 100.32% (cost: $46,617,337,000)      81,037,712 
Other assets less liabilities (0.32)%      (257,422)
Net assets 100.00%     $80,780,290 


Investments in affiliates3


  Value of
affiliates at
gain (loss)
  Value of
affiliates at
Common stocks 5.43%                            
Information technology 0.43%                            
Vontier Corp.2 $  $355,002  $148  $109  $(12,163) $342,800  $ 
Health care 2.57%                            
BioMarin Pharmaceutical Inc.2  960,131   10,146   58,078   2,495   (133,085)  781,609    
Penumbra, Inc.2     457,864   62,093   12,407   172,440   580,618    
Integra LifeSciences Holdings Corp.2  289,389      514   47   89,971   378,893    
Haemonetics Corp.2     279,827   276   59   53,348   332,958    
PerkinElmer, Inc.7  558,941   14,076   192,962   77,444   199,416      1,786 
Consumer discretionary 1.47%                            
Burlington Stores, Inc.2     684,262   795   146   178,228   861,841    
TopBuild Corp.2  66,768   167,399   57,697   13,328   136,165   325,963    
Industrials 0.57%                            
Woodward, Inc.  268,898   96,965   691   273   95,615   461,060   1,641 
Old Dominion Freight Line, Inc.7  950,728      603,098   282,303   144,896      3,453 
Energy 0.00%                            
Concho Resources Inc.7  692,451      1,005,521   (127,960)  441,030      5,365 
Consumer staples 0.39%                            
Herbalife Nutrition Ltd.2  231,334      2,560   (1,096)  90,483   318,161    
Total common stocks                      4,383,903     
Short-term securities 3.64%                            
Money market investments 3.64%                            
Capital Group Central Cash Fund 0.09%5  5,191,122   9,490,533   11,744,641   10,330   (6,306)  2,941,038   15,834 
Total 9.07%             $269,885  $1,450,038  $7,324,941  $28,079 


10AMCAP Fund
1Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $5,272,901,000, which represented 6.53% of the net assets of the fund. This entire amount relates to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.
2Security did not produce income during the last 12 months.
3Affiliate 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.
4All or a portion of this security was on loan. The total value of all such securities was $242,305,000, which represented .30% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
5Rate represents the seven-day yield at 2/28/2021.
6Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
7Unaffiliated issuer at 2/28/2021.


Key to abbreviations

ADR = American Depositary Receipts

GBP = British pounds


See notes to financial statements.


AMCAP Fund11

Financial statements


Statement of assets and liabilities
at February 28, 2021
(dollars in thousands)


Investment securities, at value (includes $242,305 of investment securities on loan):        
Unaffiliated issuers (cost: $40,310,964) $73,712,771     
Affiliated issuers (cost: $6,306,373)  7,324,941  $81,037,712 
Cash      64 
Receivables for:        
Sales of investments  31,449     
Sales of fund’s shares  65,420     
Dividends  45,283     
Securities lending income  59     
Other  1,122   143,333 
Collateral for securities on loan      168,299 
Payables for:        
Purchases of investments  132,744     
Repurchases of fund’s shares  57,148     
Investment advisory services  18,550     
Services provided by related parties  14,484     
Trustees’ deferred compensation  2,180     
Other  7,414   232,520 
Net assets at February 28, 2021     $80,780,290 
Net assets consist of:        
Capital paid in on shares of beneficial interest     $43,352,842 
Total distributable earnings      37,427,448 
Net assets at February 28, 2021     $80,780,290 


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


Shares of beneficial interest issued and outstanding (no stated par value) —

unlimited shares authorized (2,013,091 total shares outstanding)


     Shares  Net asset value 
  Net assets  outstanding  per share 
Class A $38,471,588   957,855  $40.16 
Class C  1,252,010   36,573   34.23 
Class T  14   *  40.22 
Class F-1  1,317,999   33,135   39.78 
Class F-2  9,685,579   239,103   40.51 
Class F-3  5,054,074   125,490   40.27 
Class 529-A  2,496,261   62,990   39.63 
Class 529-C  112,602   3,271   34.43 
Class 529-E  90,634   2,362   38.37 
Class 529-T  18   *  40.21 
Class 529-F-1  11   *  39.99 
Class 529-F-2  198,727   4,952   40.13 
Class 529-F-3  12   *  40.09 
Class R-1  73,096   2,067   35.36 
Class R-2  725,416   20,519   35.35 
Class R-2E  76,525   1,939   39.47 
Class R-3  1,104,302   28,591   38.62 
Class R-4  907,237   22,812   39.77 
Class R-5E  139,485   3,467   40.23 
Class R-5  570,761   13,965   40.87 
Class R-6  18,503,939   454,000   40.76 


*Amount less than one thousand.


See notes to financial statements.


12AMCAP Fund

Financial statements (continued)


Statement of operations
for the year ended February 28, 2021
 (dollars in thousands)


Investment income:      
Dividends (net of non-U.S. taxes of $4,686; also includes $28,079 from affiliates) $664,840     
Interest  263     
Securities lending income (net of fees)  229  $665,332 
Fees and expenses*:        
Investment advisory services  212,105     
Distribution services  120,428     
Transfer agent services  50,809     
Administrative services  21,474     
Reports to shareholders  1,729     
Registration statement and prospectus  1,161     
Trustees’ compensation  762     
Auditing and legal  166     
Custodian  890     
Other  1,629     
Total fees and expenses before reimbursement  411,153     
Less reimbursement of fees and expenses:        
Transfer agent services reimbursement      
Total fees and expenses after reimbursement      411,153 
Net investment income      254,179 
Net realized gain and unrealized appreciation:        
Net realized gain (loss) on:        
Investments (net of non-U.S. taxes of $862):        
Unaffiliated issuers  4,583,977     
Affiliated issuers  269,885     
In-kind redemptions  74,978     
Currency transactions  (309)  4,928,531 
Net unrealized appreciation (depreciation) on:        
Investments (net of non-U.S. taxes of $6,990):        
Unaffiliated issuers  14,095,617     
Affiliated issuers  1,450,038     
Currency translations  (67)  15,545,588 
Net realized gain and unrealized appreciation      20,474,119 
Net increase in net assets resulting from operations     $20,728,298 


*Additional information related to class-specific fees and expenses is included in the notes to financial statements.
Amount less than one thousand.


See notes to financial statements.


AMCAP Fund13

Financial statements (continued)


Statements of changes in net assets

(dollars in thousands)


  Year ended  Year ended 
  February 28, 2021  February 29, 2020 
Net investment income $254,179  $523,924 
Net realized gain  4,928,531   3,891,967 
Net unrealized appreciation  15,545,588   310,422 
Net increase in net assets resulting from operations  20,728,298   4,726,313 
Distributions paid to shareholders  (3,118,561)  (3,402,053)
Net capital share transactions  (1,657,688)  (1,275,135)
Total increase in net assets  15,952,049   49,125 
Net assets:        
Beginning of year  64,828,241   64,779,116 
End of year $80,780,290  $64,828,241 


See notes to financial statements.


14AMCAP Fund

Notes to financial statements


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 21 share classes consisting of six retail share classes (Classes A, C, T, F-1, F-2 and F-3), seven 529 college savings plan share classes (Classes 529-A, 529-C, 529-E, 529-T, 529-F-1, 529-F-2 and 529-F-3) 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% for Class A; up to 3.50% for Class 529-A1 None (except 1% for certain redemptions within 18 months of purchase without an initial sales charge) None 
Classes C and 529-C None 1% for redemptions within one year of purchase Class C converts to Class A after eight years and Class 529-C converts to Class 529-A after five years2 
Class 529-E None None None 
Classes T and 529-T3 Up to 2.50% None None 
Classes F-1, F-2, F-3, 529-F-1, 529-F-2 and 529-F-3 None None None 
Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6 None None None 
1Prior to June 30, 2020, the initial sales charge was up to 5.75% for Class 529-A purchases.
2Prior to June 30, 2020, Class C converted to Class F-1 and Class 529-C converted to Class 529-A after ten years.
3Class 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.


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.


AMCAP Fund15

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.


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 per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.


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.


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.


16AMCAP Fund

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by authority of the fund’s board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.


Processes and structure — The fund’s board of trustees has delegated authority to the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.


The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.


Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following table presents the fund’s valuation levels as of February 28, 2021 (dollars in thousands):


  Investment securities 
  Level 1  Level 2  Level 3  Total 
Common stocks:                
Information technology $18,586,676  $1,822,681  $  $20,409,357 
Health care  15,504,670   143,586      15,648,256 
Consumer discretionary  10,793,445   1,413,753      12,207,198 
Communication services  11,228,364   473,492      11,701,856 
Industrials  6,291,080   455,297      6,746,377 
Financials  3,807,899   763,137      4,571,036 
Energy  2,703,415         2,703,415 
Consumer staples  1,957,094   168,849      2,125,943 
Real estate  880,852         880,852 
Materials  606,465         606,465 
Utilities  295,514   32,106      327,620 
Short-term securities  3,109,337         3,109,337 
Total $75,764,811  $5,272,901  $  $81,037,712 


AMCAP Fund17

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, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, 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.


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, investigations or other controversies 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. Certain investment techniques


Securities lending — The fund has entered into securities lending transactions in which the fund earns income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.


Securities lending transactions are entered into by the fund under a securities lending agent agreement with the lending agent. The lending agent facilitates the exchange of securities between the fund and approved borrowers, ensures that securities loans are properly coordinated and documented, marks-to-market the value of collateral daily, secures additional collateral from a borrower if it falls below preset terms, and may reinvest cash collateral on behalf of the fund according to agreed parameters. The lending agent provides indemnification to the fund against losses resulting from a borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if a borrower fails to return securities, collateral investments decline in value or the lending agent fails to perform.


18AMCAP Fund

The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund’s investment portfolio. The same amount is recorded as a liability in the fund’s statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote. A borrower is obligated to return loaned securities at the conclusion of a loan or, during the pendency of a loan, on demand from the fund.


As of February 28, 2021, the total value of securities on loan was $242,305,000, and the total value of collateral received was $256,507,000. Collateral received includes cash of $168,299,000 and U.S. government securities of $88,208,000. Investment securities purchased from cash collateral are disclosed in the investment portfolio as short-term securities. Securities received as collateral, if any, are not recognized as fund assets. The contractual maturity of cash collateral received under the securities lending agreement is classified as overnight and continuous.


Collateral — The fund receives highly liquid assets, such as cash or U.S. government securities, as collateral in exchange for lending investment securities. The purpose of the collateral is to cover potential losses that could occur in the event the borrower cannot meet its contractual obligation. The lending agent may reinvest cash collateral from securities lending transactions according to agreed parameters. Cash collateral reinvested by the lending agent, if any, is disclosed in the fund’s investment portfolio.


6. 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.


As of and during the year ended February 28, 2021, 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 generally 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 typically 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 determined on a tax basis 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; unrealized appreciation of certain investments in securities outside the U.S.; 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 fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.


During the year ended February 28, 2021, the fund reclassified $204,695,000 from total distributable earnings to capital paid in on shares of beneficial interest to align financial reporting with tax reporting.


AMCAP Fund19

As of February 28, 2021, the tax basis components of distributable earnings, unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):


Undistributed long-term capital gains $3,067,188 
Gross unrealized appreciation on investments  35,206,288 
Gross unrealized depreciation on investments  (837,966)
Net unrealized appreciation on investments  34,368,322 
Cost of investments  46,669,390 


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


  Year ended February 28, 2021  Year ended February 29, 2020 
Share class Ordinary
capital gains
capital gains
Class A $71,251  $1,374,441  $1,445,692  $167,748  $1,394,275  $1,562,023 
Class C     58,392   58,392      70,449   70,449 
Class T  *  1   1   *  *  *
Class F-1  2,031   51,947   53,978   6,587   64,814   71,401 
Class F-2  33,527   337,484   371,011   55,745   345,782   401,527 
Class F-3  21,123   176,552   197,675   32,635   179,285   211,920 
Class 529-A  4,309   88,756   93,065   9,661   87,108   96,769 
Class 529-C     7,426   7,426      11,851   11,851 
Class 529-E  11   3,520   3,531   276   3,767   4,043 
Class 529-T  *  1   1   *  1   1 
Class 529-F-1  *  2,746   2,746   1,057   6,804   7,861 
Class 529-F-2  649   4,141   4,790             
Class 529-F-3  *  *  *            
Class R-1     3,118   3,118      3,837   3,837 
Class R-2     29,909   29,909      31,411   31,411 
Class R-2E     2,872   2,872   112   3,078   3,190 
Class R-3     43,526   43,526   2,661   48,758   51,419 
Class R-4  1,527   36,063   37,590   4,849   45,775   50,624 
Class R-5E  432   4,248   4,680   436   2,544   2,980 
Class R-5  2,253   21,779   24,032   5,516   34,247   39,763 
Class R-6  78,838   655,688   734,526   120,128   660,856   780,984 
Total $215,951  $2,902,610  $3,118,561  $407,411  $2,994,642  $3,402,053 


*Amount less than one thousand.
Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.


7. 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 year ended February 28, 2021, the investment advisory services fee was $212,105,000, which was equivalent to an annualized rate of 0.296% of average daily net assets.


20AMCAP Fund

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, 529-F-2, 529-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 February 28, 2021, 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. For the year ended February 28, 2021, CRMC reimbursed transfer agent services fees of less than $1,000 for Class 529-F-3 shares. CRMC does not intend to recoup this reimbursement.


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 average 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 the average 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 Fund21

For the year ended February 28, 2021, class-specific expenses under the agreements were as follows (dollars in thousands):


  Distribution Transfer agent Administrative 529 plan 
Share class services services services services 
Class A $84,756 $30,875 $10,178 Not applicable 
Class C 12,193 1,144 370 Not applicable 
Class T  **Not applicable 
Class F-1 3,190 1,649 387 Not applicable 
Class F-2 Not applicable 9,276 2,515 Not applicable 
Class F-3 Not applicable 238 1,311 Not applicable 
Class 529-A 4,986 1,798 651 $1,330 
Class 529-C 1,450 139 45 92 
Class 529-E 408 35 25 51 
Class 529-T  ***
Class 529-F-1 *91 32 66 
Class 529-F-2 Not applicable 45 19 38 
Class 529-F-3 Not applicable ***
Class R-1 690 72 21 Not applicable 
Class R-2 4,897 2,282 196 Not applicable 
Class R-2E 419 145 21 Not applicable 
Class R-3 5,203 1,596 312 Not applicable 
Class R-4 2,236 912 268 Not applicable 
Class R-5E Not applicable 156 32 Not applicable 
Class R-5 Not applicable 283 167 Not applicable 
Class R-6 Not applicable 73 4,924 Not applicable 
Total class-specific expenses $120,428 $50,809 $21,474 $1,577 


*Amount less than one thousand.
Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.


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 $762,000 in the fund’s statement of operations reflects $446,000 in current fees (either paid in cash or deferred) and a net increase of $316,000 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.


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 year ended February 28, 2021, the fund engaged in such purchase and sale transactions with related funds in the amounts of $1,014,789,000 and $1,451,756,000, respectively, which generated $123,328,000 of net realized gains 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 year ended February 28, 2021.


22AMCAP Fund

8. Capital share transactions


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


        Reinvestments of        Net (decrease) 
  Sales1  distributions  Repurchases1  increase 
Share class Amount  Shares  Amount  Shares  Amount  Shares  Amount  Shares 
Year ended February 28, 2021               
Class A $2,926,316   86,088  $1,423,627   39,143  $(4,836,053)  (140,712) $(486,110)  (15,481)
Class C  145,022   4,981   58,089   1,883   (539,398)  (18,145)  (336,287)  (11,281)
Class T                        
Class F-1  91,903   2,817   52,576   1,465   (467,598)  (13,850)  (323,119)  (9,568)
Class F-2  2,306,363   66,582   360,099   9,792   (2,572,708)  (75,453)  93,754   921 
Class F-3  987,819   28,479   195,548   5,348   (1,169,087)  (34,149)  14,280   (322)
Class 529-A  341,641   9,904   93,033   2,589   (361,584)  (10,365)  73,090   2,128 
Class 529-C  20,575   700   7,425   245   (171,943)  (5,724)  (143,943)  (4,779)
Class 529-E  8,071   246   3,529   102   (19,746)  (590)  (8,146)  (242)
Class 529-T        1   2        1   2
Class 529-F-1  18,635   562   2,745   82   (188,633)  (5,462)  (167,253)  (4,818)
Class 529-F-23  181,992   5,174   4,772   124   (13,502)  (346)  173,262   4,952 
Class 529-F-33  10   2  2  2        10   2
Class R-1  9,056   300   3,113   97   (23,636)  (774)  (11,467)  (377)
Class R-2  149,336   4,882   29,886   933   (210,725)  (6,912)  (31,503)  (1,097)
Class R-2E  16,634   485   2,872   81   (26,555)  (787)  (7,049)  (221)
Class R-3  201,675   6,067   43,482   1,248   (381,977)  (11,351)  (136,820)  (4,036)
Class R-4  140,718   4,142   37,551   1,047   (392,362)  (11,455)  (214,093)  (6,266)
Class R-5E  61,157   1,755   4,674   127   (30,122)  (847)  35,709   1,035 
Class R-5  72,262   2,088   24,024   651   (232,638)  (6,649)  (136,352)  (3,910)
Class R-6  2,865,853   83,665   729,588   19,725   (3,641,093)  (101,398)  (45,652)  1,992 
Total net increase (decrease) $10,545,038   308,917  $3,076,634   84,682  $(15,279,360)  (444,969) $(1,657,688)  (51,370)
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   2        1   2
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)


1Includes exchanges between share classes of the fund.
2Amount less than one thousand.
3Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.


9. Investment transactions


The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $23,034,309,000 and $25,090,334,000, respectively, during the year ended February 28, 2021.


AMCAP Fund23

Financial highlights


     Income from
investment operations1
  Dividends and distributions                   
Period ended Net asset
of period
  Net gains on
securities (both
realized and
  Total from
(from net
(from capital
  Net asset
of period
  Total return2,3  Net assets,
end of
(in millions)
  Ratio of
expenses to
average net
assets before
  Ratio of
expenses to
average net
assets after
  Ratio of
net income
to average
net assets3
Class A:                                                    
2/28/2021 $31.47  $.09  $10.12  $10.21  $(.08) $(1.44) $(1.52) $40.16   32.98% $38,472   .67%  .67%  .26%
2/29/2020  30.87   .22   2.03   2.25   (.18)  (1.47)  (1.65)  31.47   7.03   30,635   .68   .68   .69 
2/28/2019  33.07   .21   .63   .84   (.18)  (2.86)  (3.04)  30.87   3.35   30,234   .66   .66   .65 
2/28/2018  28.82   .18   5.76   5.94   (.13)  (1.56)  (1.69)  33.07   21.10   30,196   .67   .67   .58 
2/28/2017  24.47   .16   5.23   5.39   (.12)  (.92)  (1.04)  28.82   22.38   27,269   .68   .68   .59 
Class C:                                                    
2/28/2021  27.15   (.14)  8.66   8.52      (1.44)  (1.44)  34.23   31.99   1,252   1.41   1.41   (.47)
2/29/2020  26.88   (.02)  1.76   1.74      (1.47)  (1.47)  27.15   6.21   1,299   1.43   1.43   (.07)
2/28/2019  29.23   (.04)  .55   .51      (2.86)  (2.86)  26.88   2.56   1,452   1.45   1.45   (.14)
2/28/2018  25.74   (.06)  5.11   5.05      (1.56)  (1.56)  29.23   20.13   1,526   1.47   1.47   (.22)
2/28/2017  22.02   (.05)  4.69   4.64      (.92)  (.92)  25.74   21.42   1,503   1.49   1.49   (.22)
Class T:                                                    
2/28/2021  31.50   .18   10.13   10.31   (.15)  (1.44)  (1.59)  40.22   33.305  6  .425  .425  .505
2/29/2020  30.88   .30   2.03   2.33   (.24)  (1.47)  (1.71)  31.50   7.295  6  .445  .445  .925
2/28/2019  33.07   .28   .63   .91   (.24)  (2.86)  (3.10)  30.88   3.595  6  .455  .455  .865
2/28/20187,8  28.79   .23   5.80   6.03   (.19)  (1.56)  (1.75)  33.07   21.465,9  6  .455,10  .455,10  .815,10
Class F-1:                                                    
2/28/2021  31.18   .08   10.02   10.10   (.06)  (1.44)  (1.50)  39.78   32.95   1,318   .71   .71   .23 
2/29/2020  30.59   .21   2.00   2.21   (.15)  (1.47)  (1.62)  31.18   6.98   1,332   .72   .72   .65 
2/28/2019  32.78   .19   .62   .81   (.14)  (2.86)  (3.00)  30.59   3.29   1,630   .73   .73   .58 
2/28/2018  28.58   .16   5.71   5.87   (.11)  (1.56)  (1.67)  32.78   21.02   2,162   .74   .74   .52 
2/28/2017  24.27   .14   5.19   5.33   (.10)  (.92)  (1.02)  28.58   22.31   2,303   .75   .75   .53 
Class F-2:                                                    
2/28/2021  31.71   .17   10.21   10.38   (.14)  (1.44)  (1.58)  40.51   33.31   9,686   .44   .44   .48 
2/29/2020  31.08   .30   2.04   2.34   (.24)  (1.47)  (1.71)  31.71   7.26   7,554   .45   .45   .91 
2/28/2019  33.27   .28   .63   .91   (.24)  (2.86)  (3.10)  31.08   3.56   7,419   .47   .47   .85 
2/28/2018  28.98   .24   5.79   6.03   (.18)  (1.56)  (1.74)  33.27   21.31   6,107   .47   .47   .79 
2/28/2017  24.60   .22   5.26   5.48   (.18)  (.92)  (1.10)  28.98   22.66   6,251   .48   .48   .79 
Class F-3:                                                    
2/28/2021  31.53   .21   10.14   10.35   (.17)  (1.44)  (1.61)  40.27   33.41   5,054   .34   .34   .59 
2/29/2020  30.90   .33   2.04   2.37   (.27)  (1.47)  (1.74)  31.53   7.39   3,967   .35   .35   1.01 
2/28/2019  33.09   .31   .62   .93   (.26)  (2.86)  (3.12)  30.90   3.68   3,517   .36   .36   .95 
2/28/2018  28.83   .27   5.76   6.03   (.21)  (1.56)  (1.77)  33.09   21.44   3,121   .37   .37   .85 
2/28/20177,11  28.36   .02   .45   .47            28.83   1.669  3   .039  .039  .099
Class 529-A:                                                    
2/28/2021  31.08   .08   9.98   10.06   (.07)  (1.44)  (1.51)  39.63   32.93   2,496   .71   .71   .22 
2/29/2020  30.51   .20   2.00   2.20   (.16)  (1.47)  (1.63)  31.08   6.97   1,891   .72   .72   .64 
2/28/2019  32.71   .18   .64   .82   (.16)  (2.86)  (3.02)  30.51   3.31   1,876   .74   .74   .57 
2/28/2018  28.54   .15   5.70   5.85   (.12)  (1.56)  (1.68)  32.71   20.99   1,863   .74   .74   .51 
2/28/2017  24.24   .13   5.19   5.32   (.10)  (.92)  (1.02)  28.54   22.31   1,528   .77   .77   .50 


See end of table for footnotes.


24AMCAP Fund

Financial highlights (continued)


     Income from
investment operations1
  Dividends and distributions                   
Period ended Net asset
of period
  Net gains on
securities (both
realized and
  Total from
(from net
(from capital
  Net asset
of period
  Total return2,3  Net assets,
end of
(in millions)
  Ratio of
expenses to
average net
assets before
  Ratio of
expenses to
average net
assets after
  Ratio of
net income
to average
net assets3
Class 529-C:                                                    
2/28/2021 $27.31  $(.14) $8.70  $8.56  $  $(1.44) $(1.44) $34.43   31.96% $113   1.45%  1.45%  (.48)%
2/29/2020  27.03   (.03)  1.78   1.75      (1.47)  (1.47)  27.31   6.21   220   1.47   1.47   (.10)
2/28/2019  29.39   (.05)  .55   .50      (2.86)  (2.86)  27.03   2.51   249   1.49   1.49   (.17)
2/28/2018  25.89   (.07)  5.13   5.06      (1.56)  (1.56)  29.39   20.05   277   1.52   1.52   (.26)
2/28/2017  22.15   (.07)  4.73   4.66      (.92)  (.92)  25.89   21.39   345   1.54   1.54   (.27)
Class 529-E:                                                    
2/28/2021  30.14   12  9.67   9.67   12  (1.44)  (1.44)  38.37   32.66   91   .93   .93   .01 
2/29/2020  29.65   .13   1.94   2.07   (.11)  (1.47)  (1.58)  30.14   6.72   79   .95   .95   .42 
2/28/2019  31.89   .11   .61   .72   (.10)  (2.86)  (2.96)  29.65   3.06   80   .97   .97   .35 
2/28/2018  27.87   .08   5.56   5.64   (.06)  (1.56)  (1.62)  31.89   20.73   83   .97   .97   .28 
2/28/2017  23.70   .07   5.06   5.13   (.04)  (.92)  (.96)  27.87   22.01   73   .99   .99   .28 
Class 529-T:                                                    
2/28/2021  31.49   .16   10.13   10.29   (.13)  (1.44)  (1.57)  40.21   33.225  6  .485  .485  .445
2/29/2020  30.88   .29   2.02   2.31   (.23)  (1.47)  (1.70)  31.49   7.225  6  .485  .485  .885
2/28/2019  33.06   .26   .64   .90   (.22)  (2.86)  (3.08)  30.88   3.575  6  .505  .505  .815
2/28/20187,8  28.79   .21   5.80   6.01   (.18)  (1.56)  (1.74)  33.06   21.365,9  6  .525,10  .525,10  .745,10
Class 529-F-1:                                                    
2/28/2021  31.37   .16   10.07   10.23   (.17)  (1.44)  (1.61)  39.99   33.195  6  .485  .485  .495
2/29/2020  30.76   .28   2.03   2.31   (.23)  (1.47)  (1.70)  31.37   7.24   151   .49   .49   .87 
2/28/2019  32.96   .26   .63   .89   (.23)  (2.86)  (3.09)  30.76   3.53   144   .51   .51   .80 
2/28/2018  28.74   .22   5.73   5.95   (.17)  (1.56)  (1.73)  32.96   21.25   116   .52   .52   .73 
2/28/2017  24.40   .19   5.23   5.42   (.16)  (.92)  (1.08)  28.74   22.54   94   .55   .55   .72 
Class 529-F-2:                                              
2/28/20217,13  34.86   .05   6.21   6.26   (.13)  (.86)  (.99)  40.13   18.109  199   .159  .159  .139
Class 529-F-3:                                              
2/28/20217,13  34.86   .06   6.21   6.27   (.18)  (.86)  (1.04)  40.09   18.119  6  .189  .139  .159
Class R-1:                                                    
2/28/2021  28.01   (.16)  8.95   8.79      (1.44)  (1.44)  35.36   31.98   73   1.44   1.44   (.50)
2/29/2020  27.69   (.02)  1.81   1.79      (1.47)  (1.47)  28.01   6.21   68   1.45   1.45   (.08)
2/28/2019  30.03   (.04)  .56   .52      (2.86)  (2.86)  27.69   2.52   90   1.46   1.46   (.14)
2/28/2018  26.41   (.06)  5.24   5.18      (1.56)  (1.56)  30.03   20.11   108   1.46   1.46   (.21)
2/28/2017  22.56   (.05)  4.82   4.77      (.92)  (.92)  26.41   21.49   103   1.47   1.47   (.20)


See end of table for footnotes.


AMCAP Fund25

Financial highlights (continued)


     Income from
investment operations1
  Dividends and distributions                   
Period ended Net asset
of period
  Net gains on
securities (both
realized and
  Total from
(from net
(from capital
  Net asset
of period
  Total return2,3  Net assets,
end of
(in millions)
  Ratio of
expenses to
average net
assets before
  Ratio of
expenses to
average net
assets after
  Ratio of
net income
to average
net assets3
Class R-2:                                                    
2/28/2021 $28.01  $(.16) $8.94  $8.78  $  $(1.44) $(1.44) $35.35   31.94% $725   1.43%  1.43%  (.50)%
2/29/2020  27.69   (.02)  1.81   1.79      (1.47)  (1.47)  28.01   6.21   605   1.44   1.44   (.08)
2/28/2019  30.02   (.04)  .57   .53      (2.86)  (2.86)  27.69   2.56   624   1.45   1.45   (.14)
2/28/2018  26.40   (.06)  5.24   5.18      (1.56)  (1.56)  30.02   20.12   636   1.46   1.46   (.21)
2/28/2017  22.56   (.05)  4.81   4.76      (.92)  (.92)  26.40   21.45   590   1.46   1.46   (.19)
Class R-2E:                                                    
2/28/2021  31.04   (.07)  9.94   9.87      (1.44)  (1.44)  39.47   32.34   76   1.14   1.14   (.21)
2/29/2020  30.50   .07   1.99   2.06   (.05)  (1.47)  (1.52)  31.04   6.53   67   1.15   1.15   .22 
2/28/2019  32.73   .05   .65   .70   (.07)  (2.86)  (2.93)  30.50   2.89   61   1.16   1.16   .16 
2/28/2018  28.61   .03   5.69   5.72   (.04)  (1.56)  (1.60)  32.73   20.47   46   1.16   1.16   .08 
2/28/2017  24.38   .03   5.21   5.24   (.09)  (.92)  (1.01)  28.61   21.86   22   1.16   1.16   .11 
Class R-3:                                                    
2/28/2021  30.35   (.02)  9.73   9.71      (1.44)  (1.44)  38.62   32.55   1,104   .99   .99   (.05)
2/29/2020  29.83   .12   1.95   2.07   (.08)  (1.47)  (1.55)  30.35   6.69   990   1.00   1.00   .37 
2/28/2019  32.06   .10   .61   .71   (.08)  (2.86)  (2.94)  29.83   2.99   1,157   1.01   1.01   .30 
2/28/2018  28.01   .07   5.59   5.66   (.05)  (1.56)  (1.61)  32.06   20.67   1,321   1.01   1.01   .24 
2/28/2017  23.81   .07   5.08   5.15   (.03)  (.92)  (.95)  28.01   21.99   1,232   1.02   1.02   .25 
Class R-4:                                                    
2/28/2021  31.17   .09   10.01   10.10   (.06)  (1.44)  (1.50)  39.77   32.97   907   .68   .68   .25 
2/29/2020  30.58   .22   2.00   2.22   (.16)  (1.47)  (1.63)  31.17   7.00   906   .69   .69   .67 
2/28/2019  32.77   .20   .62   .82   (.15)  (2.86)  (3.01)  30.58   3.33   1,130   .71   .71   .61 
2/28/2018  28.58   .16   5.71   5.87   (.12)  (1.56)  (1.68)  32.77   21.03   1,409   .71   .71   .54 
2/28/2017  24.28   .15   5.18   5.33   (.11)  (.92)  (1.03)  28.58   22.33   1,238   .72   .72   .55 
Class R-5E:                                                    
2/28/2021  31.52   .15   10.14   10.29   (.14)  (1.44)  (1.58)  40.23   33.21   139   .48   .48   .44 
2/29/2020  30.91   .27   2.05   2.32   (.24)  (1.47)  (1.71)  31.52   7.25   77   .48   .48   .84 
2/28/2019  33.11   .27   .63   .90   (.24)  (2.86)  (3.10)  30.91   3.56   31   .50   .50   .83 
2/28/2018  28.85   .25   5.74   5.99   (.17)  (1.56)  (1.73)  33.11   21.31   7   .47   .47   .78 
2/28/2017  24.48   .20   5.24   5.44   (.15)  (.92)  (1.07)  28.85   22.54   6  .60   .51   .76 
Class R-5:                                                    
2/28/2021  31.98   .20   10.29   10.49   (.16)  (1.44)  (1.60)  40.87   33.36   571   .38   .38   .55 
2/29/2020  31.32   .32   2.06   2.38   (.25)  (1.47)  (1.72)  31.98   7.33   572   .39   .39   .98 
2/28/2019  33.49   .30   .64   .94   (.25)  (2.86)  (3.11)  31.32   3.64   1,032   .41   .41   .91 
2/28/2018  29.16   .26   5.83   6.09   (.20)  (1.56)  (1.76)  33.49   21.38   1,353   .41   .41   .84 
2/28/2017  24.74   .23   5.30   5.53   (.19)  (.92)  (1.11)  29.16   22.74   1,339   .41   .41   .86 
Class R-6:                                                    
2/28/2021  31.89   .21   10.28   10.49   (.18)  (1.44)  (1.62)  40.76   33.45   18,504   .33   .33   .60 
2/29/2020  31.24   .34   2.05   2.39   (.27)  (1.47)  (1.74)  31.89   7.38   14,415   .34   .34   1.02 
2/28/2019  33.41   .32   .63   .95   (.26)  (2.86)  (3.12)  31.24   3.70   14,053   .36   .36   .96 
2/28/2018  29.09   .28   5.81   6.09   (.21)  (1.56)  (1.77)  33.41   21.45   13,199   .36   .36   .89 
2/28/2017  24.69   .25   5.28   5.53   (.21)  (.92)  (1.13)  29.09   22.76   9,633   .36   .36   .90 


  Year ended February 28 or 29,
  2021 2020 2019 2018 2017
Portfolio turnover rate for all share classes14  35%  27%  32%  27%  25%


26AMCAP Fund

Financial highlights (continued)


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 some 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.
5All 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.
6Amount less than $1 million.
7Based on operations for a period that is less than a full year.
8Class T and 529-T shares began investment operations on April 7, 2017.
9Not annualized.
11Class F-3 shares began investment operations on January 27, 2017.
12Amount less than $.01.
13Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.
14 Rates do not include the fund’s portfolio activity with respect to any Central Funds.


See notes to financial statements.


AMCAP Fund27

Report of Independent Registered Public Accounting Firm


To the Shareholders and Board of Trustees of AMCAP Fund:


Opinion on the Financial Statements and Financial Highlights


We have audited the accompanying statement of assets and liabilities of AMCAP Fund (the “Fund”), including the investment portfolio, as of February 28, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of February 28, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.


Basis for Opinion


These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.


We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.


Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of February 28, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.


Deloitte & Touche LLP


Costa Mesa,

California April 9, 2021


We have served as the auditor of one or more American Funds investment companies since 1956.


28AMCAP Fund
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 (September 1, 2020, through February 28, 2021).


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.



Retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F-1, F-2, F-3, 529-F-1, 529-F-2 and 529-F-3 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.


AMCAP Fund29

Expense example (continued)


account value
account value
  Expenses paid
during period*
expense ratio
Class A – actual return $1,000.00  $1,116.93  $3.46   .66%
Class A – assumed 5% return  1,000.00   1,021.52   3.31   .66 
Class C – actual return  1,000.00   1,112.68   7.33   1.40 
Class C – assumed 5% return  1,000.00   1,017.85   7.00   1.40 
Class T – actual return  1,000.00   1,118.24   2.21   .42 
Class T – assumed 5% return  1,000.00   1,022.71   2.11   .42 
Class F-1 – actual return  1,000.00   1,116.74   3.67   .70 
Class F-1 – assumed 5% return  1,000.00   1,021.32   3.51   .70 
Class F-2 – actual return  1,000.00   1,118.36   2.31   .44 
Class F-2 – assumed 5% return  1,000.00   1,022.61   2.21   .44 
Class F-3 – actual return  1,000.00   1,118.78   1.79   .34 
Class F-3 – assumed 5% return  1,000.00   1,023.11   1.71   .34 
Class 529-A – actual return  1,000.00   1,116.89   3.67   .70 
Class 529-A – assumed 5% return  1,000.00   1,021.32   3.51   .70 
Class 529-C – actual return  1,000.00   1,112.98   7.49   1.43 
Class 529-C – assumed 5% return  1,000.00   1,017.70   7.15   1.43 
Class 529-E – actual return  1,000.00   1,115.68   4.83   .92 
Class 529-E – assumed 5% return  1,000.00   1,020.23   4.61   .92 
Class 529-T – actual return  1,000.00   1,117.80   2.52   .48 
Class 529-T – assumed 5% return  1,000.00   1,022.41   2.41   .48 
Class 529-F-1 – actual return  1,000.00   1,117.72   2.47   .47 
Class 529-F-1 – assumed 5% return  1,000.00   1,022.46   2.36   .47 
Class 529-F-2 – actual return  1,000.00   1,118.22   1.60   .46 
Class 529-F-2 – assumed 5% return  1,000.00   1,022.51   2.31   .46 
Class 529-F-3 – actual return  1,000.00   1,118.51   1.39   .40 
Class 529-F-3 – assumed 5% return  1,000.00   1,022.81   2.01   .40 
Class R-1 – actual return  1,000.00   1,112.85   7.49   1.43 
Class R-1 – assumed 5% return  1,000.00   1,017.70   7.15   1.43 
Class R-2 – actual return  1,000.00   1,112.54   7.49   1.43 
Class R-2 – assumed 5% return  1,000.00   1,017.70   7.15   1.43 
Class R-2E – actual return  1,000.00   1,114.47   5.98   1.14 
Class R-2E – assumed 5% return  1,000.00   1,019.14   5.71   1.14 
Class R-3 – actual return  1,000.00   1,115.04   5.14   .98 
Class R-3 – assumed 5% return  1,000.00   1,019.93   4.91   .98 
Class R-4 – actual return  1,000.00   1,116.94   3.57   .68 
Class R-4 – assumed 5% return  1,000.00   1,021.42   3.41   .68 
Class R-5E – actual return  1,000.00   1,117.91   2.52   .48 
Class R-5E – assumed 5% return  1,000.00   1,022.41   2.41   .48 
Class R-5 – actual return  1,000.00   1,118.53   2.00   .38 
Class R-5 – assumed 5% return  1,000.00   1,022.91   1.91   .38 
Class R-6 – actual return  1,000.00   1,118.74   1.73   .33 
Class R-6 – assumed 5% return  1,000.00   1,023.16   1.66   .33 


*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).
The period for the “annualized expense ratio” and “actual return” line is based on the number of days since the share class began investment operations on October 30, 2020. The “assumed 5% return” line is based on 181 days.


30AMCAP Fund
Tax informationunaudited


We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The fund hereby designates the following amounts for the fund’s fiscal year ended February 28, 2021:


Long-term capital gains$2,983,860,785
Qualified dividend income100%
Corporate dividends received deduction100%
U.S. government income that may be exempt from state taxation$2,734,000


Individual shareholders should refer to their Form 1099 or other tax information, which was mailed in January 2021, to determine the calendar year amounts to be included on their 2021 tax returns. Shareholders should consult their tax advisors.


AMCAP Fund31

Liquidity Risk Management Program


The fund has adopted a liquidity risk management program (the “program”). The fund’s board has designated Capital Research and Management Company (“CRMC”) as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk Management Committee.


Under the program, CRMC manages the fund’s liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the fund. This risk is managed by monitoring the degree of liquidity of the fund’s investments, limiting the amount of the fund’s illiquid investments, and utilizing various risk management tools and facilities available to the fund for meeting shareholder redemptions, among other means. CRMC’s process of determining the degree of liquidity of the fund’s investments is supported by one or more third-party liquidity assessment vendors.


The fund’s board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2019, through September 30, 2020. No significant liquidity events impacting the fund were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing the fund’s liquidity risk.


32AMCAP Fund


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AMCAP Fund33

Board of trustees and other officers


Independent trustees1  
Name and year of birth Year first
a trustee
of the fund2
 Principal occupation(s) during past five years Number of
portfolios in fund
complex overseen
by trustee
 Other directorships 3
held by trustee
Mary Anne Dolan, 1947 1998 Founder and President, MAD Ink (communications company); former Editor-in-Chief, The Los Angeles Herald Examiner (retired 1989) 10 None
James G. Ellis, 1947 2010 Professor of Marketing and former Dean, Marshall School of Business, University of Southern California 99 Mercury General Corporation
Pablo R. González Guajardo, 1967 2015 CEO, Kimberly-Clark de México, SAB de CV 16 América Móvil, SAB de CV; Grupo Lala, SAB de CV; Grupo Sanborns, SAB de CV; Kimberly- Clark de México, SAB de CV
Merit E. Janow, 1958 2021 Dean and Professor, Columbia University, School of International and Public Affairs 93 Mastercard Incorporated; Trimble Inc.
William D. Jones, 1955
Chairman of the Board
(Independent and Non-Executive)
 2006 Real estate developer/owner, President and CEO, CityLink Investment Corporation (acquires, develops and manages real estate ventures in urban communities) and for the former City Scene Management Company (provided commercial asset management services) 17 Sempra Energy
John C. Mazziotta, MD, PhD, 1949 2011 Physician; Professor of Neurology, University of California at Los Angeles; Vice Chancellor, UCLA Health Sciences; CEO, UCLA Health System; former Dean, David Geffen School of Medicine at UCLA 4 None
William R. McLaughlin, 1956 2015 Advisor and former President and CEO, The Orvis Company (outdoor equipment retailer) 4 None
Kenneth M. Simril, 1965 2019 President and CEO, SCI Ingredients Holdings, Inc. (food manufacturing) 7 At Home Group Inc.
Kathy J. Williams, 1955 2019 Commissioner, Juvenile Justice Delinquency Prevention Commission; Board Member, Aspen Public Radio; former Commissioner, Marin County Human Rights Commission 4 None


Interested trustees4,5
Name, year of birth and
position with fund
 Year first
a trustee
or officer
of the fund2
 Principal occupation(s) during past five years
and positions held with affiliated entities or
the principal underwriter of the fund
 Number of
portfolios in fund
complex overseen
by trustee
 Other directorships 3
held by trustee
James Terrile, 1965
 2006 Partner — Capital Research Global Investors,
Capital Research and Management Company
 4 None
William L. Robbins, 1968 2019 Partner — Capital International Investors,
Capital Research and Management Company;
Partner — Capital International Investors,
Capital Bank and Trust Company; Chair and
Director, Capital Group International, Inc.
 4 None


The fund’s statement of additional information includes further details about fund trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by visiting the Capital Group website at The address for all trustees and officers of the fund is 333 South Hope Street, Los Angeles, CA 90071, Attention: Secretary.


34AMCAP Fund
Other officers5    
Name, year of birth and
position with fund
 Year first
elected an
officer of the
 Principal occupation(s) during past five years and positions held with affiliated entities
or the principal underwriter of the fund
Barry S. Crosthwaite, 1958
 2006 Partner — Capital International Investors, Capital Research and Management Company
Herbert Y. Poon, 1973
Principal Executive Officer
 2012 Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Chief Compliance Officer, Capital Research and Management Company; Chief Compliance Officer, Capital Research Company6
Michael W. Stockton, 1967
Executive Vice President
 2013-2016; 2019 Senior Vice President — Fund Business Management Group, Capital Research and Management Company
Cheryl E. Frank, 1975
Senior Vice President
 2020 Partner — Capital International Investors, Capital Research and Management Company; Director, The Capital Group Companies, Inc.
Aidan O’Connell, 1968
Senior Vice President
 2017 Partner — Capital Research Global Investors, Capital Research and Management Company
Lawrence R. Solomon, 1962
Senior Vice President
 2019 Partner — Capital Research Global Investors, Capital Research and Management Company; Chairman of the Board, President and Director, Capital Management Services, Inc.
Jessica C. Spaly, 1977
Senior Vice President
 2015 Partner — Capital Research Global Investors, Capital Research and Management Company
Eric H. Stern, 1964
Senior Vice President
 2019 Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company
Gregory W. Wendt, 1961
Senior Vice President
 2020 Partner – Capital Research Global Investors, Capital Research and Management Company
Julie E. Lawton, 1973
 2021 Assistant Vice President – Fund Business Management Group, Capital Research and Management Company; Secretary, Capital Research Company
Brian Bullard, 1969
 2015 Senior Vice President — Investment Operations, Capital Research and Management Company
Marilyn Paramo, 1982
Assistant Secretary
 2021 Associate — Fund Business Management Group, Capital Research and Management Company
Sandra Chuon, 1972
Assistant Treasurer
 2019 Assistant Vice President — Investment Operations, Capital Research and Management Company
Hong T. Le, 1978
Assistant Treasurer
 2016 Vice President — Investment Operations, Capital Research and Management Company


1The term independent trustee refers to a trustee who is not an “interested person” of the fund within the meaning of the Investment Company Act of 1940.
2Trustees and officers of the fund serve until their resignation, removal or retirement.
3This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company.
4The term interested trustee refers to a trustee who is an “interested person” within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the fund’s investment adviser, Capital Research and Management Company, or affiliated entities (including the fund’s principal underwriter).
5All of the trustees and/or officers listed are officers and/or directors/trustees of one or more of the other funds for which Capital Research and Management Company serves as investment adviser.
6Company affiliated with Capital Research and Management Company.


AMCAP Fund35

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



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


36AMCAP 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


“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on our 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 and on our website.


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. The list of portfolio holdings is available free of charge on the SEC website and on our website.


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 June 30, 2021, 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 © 2021 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 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 27 years of investment industry experience, including 21 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 91% of 10-year periods and 98% 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, 2020.
 2Based on Class F-2 share results for rolling periods through December 31, 2020. 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, 2020. Thirteen of the 17 fixed income American Funds that have been in existence for the three-year period showed a three-year correlation below 0.3. Standard & Poor’s 500 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 66% of the time, based on the 20-year period ended December 31, 2020, 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. Visit 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


The Registrant has adopted a Code of Ethics that applies to its Principal Executive Officer and Principal Financial Officer. The Registrant undertakes to provide to any person without charge, upon request, a copy of the Code of Ethics. Such request can be made by calling 800/421-4225 or to the Secretary of the Registrant, 333 South Hope Street, Los Angeles, California 90071.


ITEM 3 – Audit Committee Financial Expert


The Registrant’s board has determined that James G. Ellis, a member of the Registrant’s audit committee, is an “audit committee financial expert” and "independent," as such terms are defined in this Item. This designation will not increase the designee’s duties, obligations or liability as compared to his or her duties, obligations and liability as a member of the audit committee and of the board, nor will it reduce the responsibility of the other audit committee members. There may be other individuals who, through education or experience, would qualify as "audit committee financial experts" if the board had designated them as such. Most importantly, the board believes each member of the audit committee contributes significantly to the effective oversight of the Registrant’s financial statements and condition.


ITEM 4 – Principal Accountant Fees and Services


a)  Audit Fees:  
Audit2020            94,000
 2021            92,000
b)  Audit-Related Fees:  
 2020            14,000
 2021            13,000
c)  Tax Fees:  
 2020            12,000
 2021            12,000
 The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns. 
d)  All Other Fees:  
 2020 None
 2021 None
 Adviser and affiliates (includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below): 
a)  Audit Fees:  
 Not Applicable 
b)  Audit-Related Fees:  
 2020      2,068,000
 2021      1,381,000
 The audit-related fees consist of assurance and related services relating to the examination of the Registrant’s transfer agent, principal underwriter and investment adviser conducted in accordance with Statement on Standards for Attestation Engagements Number 18 issued by the American Institute of Certified Public Accountants. 
c)  Tax Fees:  

 2020            46,000
 2021            40,000
 The tax fees consist of consulting services relating to the Registrant’s investments. 
d)  All Other Fees:  
 2020               2,000
 2021               2,000
 The other fees consist of subscription services related to an accounting research tool. 
 All audit and permissible non-audit services that the Registrant’s audit committee considers compatible with maintaining the independent registered public accounting firm’s independence are required to be pre-approved by the committee.  The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services.  Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre-approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates. 

 Aggregate non-audit fees paid to the Registrant’s auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant, were $2,142,000 for fiscal year 2020 and $1,448,000 for fiscal year 2021. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors’ independence. 





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


Not applicable, insofar as the schedule is included as part of the report to shareholders filed under Item 1 of this Form.


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.

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)The Code of Ethics that is the subject of the disclosure required by Item 2 is attached as an exhibit hereto.
(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.



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.


 By __/s/ Herbert Y. Poon________________

Herbert Y. Poon,

Principal Executive Officer

 Date: April 30, 2021


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,

Principal Executive Officer

Date: April 30, 2021




By ___/s/ Hong T. Le__________________

Hong T. Le, Treasurer and

Principal Financial Officer

Date: April 30, 2021