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CAFBX Amcap Fund

Filed: 29 Oct 21, 12:44pm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

 

Investment Company Act File Number: 811-01435

 

AMCAP Fund

(Exact Name of Registrant as Specified in Charter)

 

333 South Hope Street

Los Angeles, California 90071

(Address of Principal Executive Offices)

 

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

 

Date of fiscal year end: February 28 or 29

 

Date of reporting period: August 31, 2021

 

Hong T. Le

AMCAP Fund

6455 Irvine Center Drive

Irvine, California 92618

(Name and Address of Agent for Service)

 
 

 

ITEM 1 – Reports to Stockholders

 

AMCAP Fund®

 

Semi-annual report
for the six months ended
August 31, 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 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 capitalgroup.com.

 

Here are the average annual total returns on a $1,000 investment with all distributions reinvested for periods ended September 30, 2021 (the most recent calendar quarter-end):

 

  1 year 5 years 10 years
          
Class F-2 shares  29.25%  16.75%  16.55%
Class A shares (reflecting 5.75% maximum sales charge)   21.55   15.14   15.62 

 

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

 

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

 

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

 

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

 

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

  

Fellow investors:

 

Results for AMCAP Fund for the periods ended August 31, 2021, are shown in the table below, as well as results of the fund’s benchmark.

 

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

 

Contents

 

1Results at a glance
  
2Investment portfolio
  
9Financial statements
  
13Notes to financial statements
  
23Financial highlights

 

Results at a glance

 

For periods ended August 31, 2021, with all distributions reinvested

 

  Cumulative
total returns
 Average annual total returns
  6 months 1 year 5 years 10 years Lifetime
(since Class A
inception on
5/1/67)
           
AMCAP Fund (Class F-2 shares)1  16.07%  29.80%  17.70%  16.09%  12.18%
AMCAP Fund (Class A shares)  15.95   29.51   17.45   15.84   11.95 
Standard & Poor’s 500 Composite Index2  19.52   31.17   18.02   16.34   10.59 

 

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 capitalgroup.com 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.

 

AMCAP Fund1
  

Investment portfolio August 31, 2021unaudited
  
Industry sector diversificationPercent of net assets

 

 

Common stocks 96.39% Shares  Value
(000)
 
Information technology 27.46%        
Microsoft Corp.  14,984,125  $4,523,408 
Broadcom, Inc.  4,221,709   2,099,076 
ASML Holding NV  2,230,818   1,855,680 
Mastercard, Inc., Class A  4,251,145   1,471,874 
Micron Technology, Inc.  13,470,753   992,794 
Autodesk, Inc.1  3,124,611   968,911 
ServiceNow, Inc.1  1,401,750   902,222 
PayPal Holdings, Inc.1  2,596,081   749,385 
Ceridian HCM Holding, Inc.1  6,537,516   734,490 
Applied Materials, Inc.  5,063,647   684,251 
Adobe, Inc.1  991,999   658,390 
Advanced Micro Devices, Inc.1  5,761,763   637,942 
EPAM Systems, Inc.1  980,169   620,261 
Affirm Holdings, Inc., Class A1,2  5,052,572   486,765 
Atlassian Corp. PLC, Class A1  1,280,538   470,034 
Vontier Corp.3  10,915,404   396,993 
Accenture PLC, Class A  1,172,022   394,456 
Nice, Ltd. (ADR)2  1,344,933   390,972 
Snowflake, Inc., Class A1  1,240,151   377,440 
Taiwan Semiconductor Manufacturing Company, Ltd.  16,978,000   376,152 
Visa, Inc., Class A  1,473,796   337,647 
Shopify, Inc., Class A, subordinate voting shares1  220,846   336,741 
Bill.Com Holdings, Inc.1  977,167   268,125 
NetApp, Inc.  2,986,051   265,549 
Arista Networks, Inc.1  693,440   256,247 
Zscaler, Inc.1  906,976   252,448 
Amphenol Corp., Class A  3,075,324   235,662 
SS&C Technologies Holdings, Inc.  3,016,681   228,242 
Kingdee International Software Group Co., Ltd.1  59,067,000   214,928 
Intuit, Inc.  377,332   213,611 
DocuSign, Inc.1  671,670   198,975 
Qorvo, Inc.1  1,029,749   193,624 
Okta, Inc., Class A1  671,790   177,084 
Lam Research Corp.  290,127   175,475 
Zoom Video Communications, Inc., Class A1  599,685   173,609 
Trimble, Inc.1  1,833,177   172,722 
Apple, Inc.  1,082,591   164,370 
Datadog, Inc., Class A1  1,187,228   163,600 
NXP Semiconductors NV  715,000   153,818 
Square, Inc., Class A1  525,158   140,779 
MongoDB, Inc., Class A1  288,087   112,881 
StoneCo, Ltd., Class A1  1,996,785   92,930 
Intel Corp.  1,683,903   91,032 
Bentley Systems, Inc., Class B2  1,345,044   86,742 
CrowdStrike Holdings, Inc., Class A1  290,308   81,576 
RingCentral, Inc., Class A1  283,724   71,572 
Global Payments, Inc.  437,524   71,159 
  
2AMCAP Fund
 
Common stocks (continued) Shares  Value
(000)
 
Information technology (continued)        
Qualtrics International, Inc., Class A1  1,555,393  $70,428 
Procore Technologies, Inc.1,2  693,019   62,857 
Avalara, Inc.1  299,159   53,759 
Palo Alto Networks, Inc.1  109,597   50,529 
Paylocity Holding Corp.1  175,282   47,186 
Enphase Energy, Inc.1  234,457   40,732 
Paycom Software, Inc.1  77,137   37,712 
Coupa Software, Inc.1  137,399   33,637 
Vertex, Inc., Class A1  1,503,160   31,115 
FleetCor Technologies, Inc.1  82,297   21,667 
KLA Corp.  56,317   19,145 
GoDaddy, Inc., Class A1  254,301   18,643 
VeriSign, Inc.1  83,473   18,052 
CCC Intelligent Solutions Holdings, Inc.1,2  1,226,000   14,222 
Stripe, Inc., Class B1,4,5,6  201,217   9,202 
       25,251,530 
         
Health care 18.46%        
Abbott Laboratories  19,253,043   2,433,007 
UnitedHealth Group, Inc.  5,429,511   2,260,143 
Thermo Fisher Scientific, Inc.  2,990,649   1,659,661 
PerkinElmer, Inc.  5,073,372   937,559 
Insulet Corp.1  2,991,228   890,818 
BioMarin Pharmaceutical, Inc.1,3  10,370,997   873,342 
Stryker Corp.  2,539,763   703,768 
Zoetis, Inc., Class A  2,988,254   611,277 
Edwards Lifesciences Corp.1  5,065,726   593,602 
Penumbra, Inc.1,3  1,952,023   536,709 
DexCom, Inc.1  992,511   525,455 
Centene Corp.1  7,836,711   493,556 
Integra LifeSciences Holdings Corp.1,3  5,526,256   415,740 
Humana, Inc.  931,671   377,718 
Danaher Corp.  1,106,013   358,525 
IQVIA Holdings, Inc.1  1,310,240   340,309 
Gilead Sciences, Inc.  4,605,444   335,184 
Seagen, Inc.1  1,940,585   325,242 
Amgen, Inc.  1,436,381   323,947 
Zimmer Biomet Holdings, Inc.  2,094,213   315,074 
West Pharmaceutical Services, Inc.  655,065   295,840 
Oak Street Health, Inc.1,2  3,825,712   178,775 
AstraZeneca PLC  1,214,789   142,197 
Eli Lilly and Company  495,576   128,002 
Anthem, Inc.  337,084   126,450 
Mettler-Toledo International, Inc.1  78,556   121,984 
Agilon Health, Inc.1  3,348,750   117,206 
ICON PLC1  394,834   100,987 
Sarepta Therapeutics, Inc.1  1,208,336   94,395 
Vertex Pharmaceuticals, Inc.1  457,065   91,546 
AmerisourceBergen Corp.  691,423   84,499 
Guardant Health, Inc.1  305,341   38,861 
Genmab A/S1  75,720   35,851 
NovoCure, Ltd.1  245,399   32,935 
BeiGene, Ltd. (ADR)1  105,702   32,588 
Haemonetics Corp.1  433,403   27,196 
Nevro Corp.1  89,670   10,940 
Privia Health Group, Inc.1,2  200,099   5,965 
       16,976,853 
         
Communication services 15.56%        
Alphabet, Inc., Class A1  814,326   2,356,619 
Alphabet, Inc., Class C1  715,533   2,081,657 
Netflix, Inc.1  6,911,956   3,934,216 
Facebook, Inc., Class A1  7,523,892   2,854,414 
Charter Communications, Inc., Class A1  1,059,673   865,392 
Comcast Corp., Class A  12,004,560   728,437 
Tencent Holdings, Ltd.  8,411,718   520,443 
Activision Blizzard, Inc.  2,542,838   209,453 
Electronic Arts, Inc.  1,348,646   195,837 
  
AMCAP Fund3
 
Common stocks (continued) Shares  Value
(000)
 
Communication services (continued)        
Cable One, Inc.  63,420  $133,156 
ZoomInfo Technologies, Inc., Class A1  1,862,538   121,419 
Playtika Holding Corp.1  4,325,056   114,138 
New York Times Co., Class A  1,989,305   101,017 
Bumble, Inc., Class A1,2  867,261   47,266 
Pinterest, Inc., Class A1  790,275   43,916 
       14,307,380 
         
Consumer discretionary 13.87%        
Amazon.com, Inc.1  797,275   2,767,174 
Hilton Worldwide Holdings, Inc.1  8,885,687   1,109,467 
NIKE, Inc., Class B  5,715,352   941,547 
Burlington Stores, Inc.1  2,761,722   827,108 
Caesars Entertainment, Inc.1  7,277,202   739,582 
Williams-Sonoma, Inc.  3,386,618   632,282 
NVR, Inc.1  119,984   621,510 
TopBuild Corp.1,3  2,004,169   438,492 
MercadoLibre, Inc.1  211,374   394,730 
LVMH Moët Hennessy-Louis Vuitton SE  516,160   382,007 
Airbnb, Inc., Class A1  2,256,308   349,705 
Aptiv PLC1  2,178,972   331,618 
Darden Restaurants, Inc.  2,093,694   315,415 
Thor Industries, Inc.  2,682,181   304,240 
EssilorLuxottica  1,416,963   278,166 
Helen of Troy, Ltd.1  988,486   236,436 
DoorDash, Inc., Class A1  1,160,680   222,154 
Galaxy Entertainment Group, Ltd.1  34,253,000   219,546 
Starbucks Corp.  1,834,360   215,519 
CarMax, Inc.1  1,691,713   211,819 
Five Below, Inc.1  896,695   190,826 
Chipotle Mexican Grill, Inc.1  84,992   161,768 
Wyndham Hotels & Resorts, Inc.  2,189,583   159,183 
Royal Caribbean Cruises, Ltd.1,2  1,817,410   150,354 
Marriott International, Inc., Class A1  994,652   134,417 
Dollar Tree Stores, Inc.1  1,377,762   124,743 
Flutter Entertainment PLC (EUR denominated)1  533,036   103,441 
Dollar General Corp.  360,213   80,295 
Peloton Interactive, Inc., Class A1  431,438   43,226 
Industria de Diseño Textil, SA  723,710   24,704 
Wynn Resorts, Ltd.1  168,097   17,094 
Las Vegas Sands Corp.1  335,695   14,975 
Meituan, Class B1  280,197   8,971 
       12,752,514 
         
Industrials 9.20%        
CSX Corp.  31,059,987   1,010,381 
Old Dominion Freight Line, Inc.  3,473,729   1,002,935 
TransDigm Group, Inc.1  1,454,718   883,698 
Stanley Black & Decker, Inc.  2,960,262   572,130 
Woodward, Inc.3  4,023,507   486,603 
Equifax, Inc.  1,634,519   445,014 
Copart, Inc.1  3,037,731   438,405 
Caterpillar, Inc.  1,863,533   392,963 
Carrier Global Corp.  6,670,332   384,211 
Waste Management, Inc.  1,740,641   269,991 
Air Lease Corp., Class A3  6,325,702   251,383 
United Rentals, Inc.1  707,437   249,478 
NIBE Industrier AB, Class B  17,232,103   240,226 
Raytheon Technologies Corp.  2,719,111   230,472 
Northrop Grumman Corp.  513,452   188,796 
ITT, Inc.  1,843,584   176,376 
Airbus SE, non-registered shares1  1,210,150   165,322 
Safran SA  1,309,005   164,236 
Fortive Corp.  2,008,926   148,399 
L3Harris Technologies, Inc.  545,564   127,122 
Armstrong World Industries, Inc.  1,208,333   125,582 
Saia, Inc.1  404,980   97,248 
AMETEK, Inc.  656,347   89,244 
  
4AMCAP Fund
 
Common stocks (continued) Shares  Value
(000)
 
Industrials (continued)        
Cummins, Inc.  303,315  $71,576 
Otis Worldwide Corp.  761,486   70,224 
MDA, Ltd.1,2  4,955,918   62,104 
Union Pacific Corp.  244,156   52,943 
Waste Connections, Inc.  330,362   42,686 
Sun Country Airlines Holdings, Inc.1  705,059   22,837 
       8,462,585 
         
Financials 5.44%        
S&P Global, Inc.  2,781,760   1,234,601 
First Republic Bank  3,101,291   616,971 
Aon PLC, Class A  1,700,472   487,797 
JPMorgan Chase & Co.  2,696,788   431,351 
Kotak Mahindra Bank, Ltd.1  16,150,000   387,936 
Stifel Financial Corp.  4,289,063   296,374 
SVB Financial Group1,2  483,531   270,536 
MSCI, Inc.  425,811   270,211 
Arch Capital Group, Ltd.1  4,963,789   204,012 
Cullen/Frost Bankers, Inc.  1,646,060   188,013 
AIA Group, Ltd.  10,081,000   120,480 
HDFC Bank, Ltd.  5,330,003   115,452 
Tradeweb Markets, Inc., Class A  983,377   85,564 
Blackstone, Inc.  647,419   81,400 
South State Corp.  1,038,700   71,234 
Bank of America Corp.  1,014,432   42,353 
Marsh & McLennan Companies, Inc.  222,961   35,049 
Everest Re Group, Ltd.  116,280   30,803 
Bright Health Group, Inc.1,2  2,359,546   21,849 
Goosehead Insurance, Inc., Class A  63,917   9,382 
       5,001,368 
         
Energy 2.23%      �� 
EOG Resources, Inc.  20,718,686   1,398,926 
Diamondback Energy, Inc.  4,549,805   350,972 
ConocoPhillips  2,970,029   164,926 
Pioneer Natural Resources Company  885,077   132,469 
       2,047,293 
         
Consumer staples 1.98%        
Herbalife Nutrition, Ltd.1,3  7,050,448   361,970 
Monster Beverage Corp.1  2,597,499   253,438 
Philip Morris International, Inc.  2,422,178   249,484 
Costco Wholesale Corp.  545,416   248,432 
Freshpet, Inc.1  1,471,155   188,514 
Chocoladefabriken Lindt & Sprüngli AG  1,120   136,858 
Constellation Brands, Inc., Class A  506,284   106,897 
Estée Lauder Companies, Inc., Class A  217,116   73,926 
Keurig Dr Pepper, Inc.  1,984,755   70,796 
Reckitt Benckiser Group PLC  827,751   63,036 
Grocery Outlet Holding Corp.1  1,496,407   38,951 
Church & Dwight Co., Inc.  364,057   30,457 
       1,822,759 
         
Real estate 1.12%        
Equinix, Inc. REIT  557,020   469,819 
SBA Communications Corp. REIT  1,016,984   365,067 
American Tower Corp. REIT  374,174   109,322 
Alexandria Real Estate Equities, Inc. REIT  425,925   87,898 
       1,032,106 
         
Materials 0.80%        
Linde PLC  932,242   293,274 
Sherwin-Williams Company  520,085   157,934 
Celanese Corp.  811,695   128,735 
Air Products and Chemicals, Inc.  171,554   46,236 
  
AMCAP Fund5
 
Common stocks (continued) Shares  Value
(000)
 
Materials (continued)        
PPG Industries, Inc.  277,970  $44,350 
Newmont Corp.  649,987   37,693 
Ball Corp.  280,100   26,878 
       735,100 
         
Utilities 0.27%        
NextEra Energy, Inc.  2,633,916   221,223 
Ørsted AS  198,270   31,512 
       252,735 
         
Total common stocks (cost: $43,710,677,000)      88,642,223 
         
Preferred securities 0.01%        
Information technology 0.01%        
Stripe, Inc., Series H, 6.00% noncumulative preferred shares1,4,5,6  86,605   3,960 
         
Total preferred securities (cost: $3,475,000)      3,960 
         
Convertible bonds & notes 0.04%Principal amount
(000)
     
Consumer discretionary 0.04%        
Rivian Automotive, Inc., convertible notes, 0% 20261,4,5,6  40,337   40,337 
         
Total convertible bonds & notes (cost: $40,337,000)      40,337 
         
Short-term securities 3.64%  Shares     
Money market investments 3.56%        
Capital Group Central Cash Fund 0.06%3,7  32,719,566   3,272,284 
         
Money market investments purchased with collateral from securities on loan 0.08%        
Capital Group Central Cash Fund 0.06%3,7,8  371,123   37,116 
BlackRock Liquidity Funds – FedFund, Institutional Shares 0.03%7,8  9,200,000   9,200 
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.03%7,8  9,200,000   9,200 
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%7,8  8,216,516   8,217 
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%7,8  2,800,000   2,800 
Fidelity Investments Money Market Government Portfolio, Class I 0.01%7,8  2,100,000   2,100 
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 0.03%7,8  2,100,000   2,100 
RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 0.03%7,8  700,000   700 
       71,433 
         
Total short-term securities (cost: $3,343,165,000)      3,343,717 
Total investment securities 100.08% (cost: $47,097,654,000)      92,030,237 
Other assets less liabilities (0.08)%      (70,633)
         
Net assets 100.00%     $91,959,604 
  
6AMCAP Fund
 

Investments in affiliates3

 

  Value of
affiliates at
3/1/2021
(000)
  Additions
(000)
  Reductions
(000)
  Net
realized
gain (loss)
(000)
  Net
unrealized
appreciation
(depreciation)
(000)
  Value of
affiliates at
8/31/2021
(000)
  Dividend
income
(000)
 
Common stocks 4.09%                            
Information technology 0.43%                            
Vontier Corp. $342,800  $1,064  $1,165  $863  $53,431  $396,993  $274 
Health care 1.99%                            
BioMarin Pharmaceutical, Inc.1  781,609   23,957   2,808   2,001   68,583   873,342    
Penumbra, Inc.1  580,618      23,540   4,071   (24,440)  536,709    
Integra LifeSciences Holdings Corp.1  378,893      1,252   433   37,666   415,740    
Haemonetics Corp.1,9  332,958      138,516   (103,392)  (63,854)      
                       1,825,791     
Consumer discretionary 0.48%                            
TopBuild Corp.1  325,963   57,625   1,233   848   55,289   438,492    
Burlington Stores, Inc.1,9  861,841      191,290   74,508   82,049       
                       438,492     
Industrials 0.80%                            
Woodward, Inc.  461,060      1,621   922   26,242   486,603   1,310 
Air Lease Corp., Class A  156,313   139,479   19,055   4,572   (29,926)  251,383   1,029 
                       737,986     
Consumer staples 0.39%                            
Herbalife Nutrition, Ltd.1  318,161      1,213   714   44,308   361,970    
Total common stocks                      3,761,232     
                             
Short-term securities 3.60%                            
Money market investments 3.56%                            
Capital Group Central Cash Fund 0.06%7  2,941,038   4,834,461   4,503,198   (32)  15   3,272,284   1,014 
                             
Money market investments purchased with collateral from securities on loan 0.04%                            
Capital Group Central Cash Fund 0.06%7,8     37,11610               37,116   11
                             
Total short-term securities                      3,309,400     
Total 7.69%             $(14,492) $249,363  $7,070,632  $3,627 
  
AMCAP Fund7
 
1Security did not produce income during the last 12 months.
2All or a portion of this security was on loan. The total value of all such securities was $217,840,000, which represented .24% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
3Affiliate of the fund or part of the same “group of investment companies” as the fund, as defined under the Investment Company Act of 1940, as amended.
4Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $53,499,000, which represented .06% of the net assets of the fund.
5Value determined using significant unobservable inputs.
6Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below.
7Rate represents the seven-day yield at 8/31/2021.
8Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
9Unaffiliated issuer at 8/31/2021.
10Represents net activity. Refer to Note 5 for more information on securities lending.
11Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.
  
Private placement securities Acquisition
date
 Cost
(000)
  Value
(000)
  Percent
of net
assets
 
Rivian Automotive, Inc., convertible notes, 0% 2026 7/23/2021 $40,337  $40,337   .04%
Stripe, Inc., Class B 5/6/2021  8,075   9,202   .01 
Stripe, Inc., Series H, 6.00% noncumulative preferred shares 3/15/2021  3,475   3,960   .00 
Total private placement securities   $51,887  $53,499   .05%

 

Key to abbreviations

ADR = American Depositary Receipts

EUR = Euros

 

See notes to financial statements.

 

8AMCAP Fund
 

Financial statements

 

Statement of assets and liabilitiesunaudited
at August 31, 2021(dollars in thousands)

 

Assets:        
Investment securities, at value (includes $217,840 of investment securities on loan):        
Unaffiliated issuers (cost: $41,087,312) $84,959,605     
Affiliated issuers (cost: $6,010,342)  7,070,632  $92,030,237 
Cash      234 
Cash denominated in currencies other than U.S. dollars (cost: $159)      159 
Receivables for:        
Sales of investments  213,176     
Sales of fund’s shares  43,638     
Dividends  36,286     
Securities lending income  2     
Other  1,024   294,126 
       92,324,756 
Liabilities:        
Collateral for securities on loan      71,433 
Payables for:        
Purchases of investments  157,355     
Repurchases of fund’s shares  88,400     
Investment advisory services  22,385     
Services provided by related parties  16,455     
Trustees’ deferred compensation  2,543     
Other  6,581   293,719 
Net assets at August 31, 2021     $91,959,604 
         
Net assets consist of:        
Capital paid in on shares of beneficial interest     $44,764,150 
Total distributable earnings      47,195,454 
Net assets at August 31, 2021     $91,959,604 

 

See notes to financial statements.

 

AMCAP Fund9
 

Financial statements (continued)

 

Statement of assets and liabilities 
at August 31, 2021 (continued)unaudited
  
 (dollars and shares in thousands, except per-share amounts)

 

Shares of beneficial interest issued and outstanding (no stated par value) —
unlimited shares authorized (2,047,273 total shares outstanding)

 

  Net assets  Shares
outstanding
  Net asset value
per share
 
Class A $43,849,944   976,206  $44.92 
Class C  1,327,534   35,034   37.89 
Class T  16   *  45.03 
Class F-1  1,207,182   27,154   44.46 
Class F-2  10,918,983   240,685   45.37 
Class F-3  5,766,664   127,804   45.12 
Class 529-A  2,828,497   63,864   44.29 
Class 529-C  114,405   3,002   38.11 
Class 529-E  100,665   2,353   42.78 
Class 529-T  21   *  45.01 
Class 529-F-1  13   *  44.75 
Class 529-F-2  236,584   5,267   44.92 
Class 529-F-3  14   *  44.90 
Class R-1  79,448   2,027   39.20 
Class R-2  781,220   19,936   39.19 
Class R-2E  85,593   1,945   44.01 
Class R-3  1,147,175   26,641   43.06 
Class R-4  955,722   21,499   44.46 
Class R-5E  117,855   2,617   45.04 
Class R-5  554,370   12,103   45.80 
Class R-6  21,887,699   479,136   45.68 
             

 

*Amount less than one thousand.

 

See notes to financial statements.

 

10AMCAP Fund
 

Financial statements (continued)

 

Statement of operationsunaudited
for the six months ended August 31, 2021(dollars in thousands)

 

Investment income:      
Income:        
Dividends (net of non-U.S. taxes of $2,630; also includes $3,627 from affiliates) $307,578     
Securities lending income (net of fees)  1,472     
Interest  59  $309,109 
Fees and expenses*:        
Investment advisory services  127,793     
Distribution services  69,215     
Transfer agent services  27,588     
Administrative services  13,081     
Reports to shareholders  718     
Registration statement and prospectus  625     
Trustees’ compensation  538     
Auditing and legal  123     
Custodian  422     
Other  1,055     
Total fees and expenses before waiver  241,158     
Less waiver of fees and expenses:        
Investment advisory services waiver  4     
Total fees and expenses after waiver      241,154 
Net investment income      67,955 
         
Net realized gain and unrealized appreciation:        
Net realized gain (loss) on:        
Investments (net of non-U.S. taxes of $2,371):        
Unaffiliated issuers  2,099,973     
Affiliated issuers  (14,492)    
In-kind redemptions  170,631     
Currency transactions  (945)  2,255,167 
Net unrealized appreciation (depreciation) on:        
Investments (net of non-U.S. taxes of $6,106):        
Unaffiliated issuers  10,263,729     
Affiliated issuers  249,363     
Currency translations  (84)  10,513,008 
Net realized gain and unrealized appreciation      12,768,175 
         
Net increase in net assets resulting from operations     $12,836,130 

 

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

 

See notes to financial statements.

 

AMCAP Fund11
 

Financial statements (continued)

 

Statements of changes in net assets 
 (dollars in thousands)

 

  Six months ended
August 31, 2021*
  Year ended
February 28, 2021
 
Operations:        
Net investment income $67,955  $254,179 
Net realized gain  2,255,167   4,928,531 
Net unrealized appreciation  10,513,008   15,545,588 
Net increase in net assets resulting from operations  12,836,130   20,728,298 
         
Distributions paid to shareholders  (3,068,124)  (3,118,561)
         
Net capital share transactions  1,411,308   (1,657,688)
         
Total increase in net assets  11,179,314   15,952,049 
         
Net assets:        
Beginning of period  80,780,290   64,828,241 
End of period $91,959,604       $80,780,290 

 

*Unaudited.

 

See notes to financial statements.

 

12AMCAP Fund
 
Notes to financial statements unaudited

 

1. Organization

 

AMCAP Fund (the “fund”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), 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-A None (except 1.00% for certain redemptions within 18 months of purchase without an initial sales charge) None
Classes C and 529-C None 1.00% 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 years
Class 529-E None None None
Classes T and 529-T* 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

 

*Class 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 Fund13
 

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
Mortgage-backed; asset-backed obligations Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information

 

When the fund’s investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or deemed to be not representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.

 

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund’s investment adviser. The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds”), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information.

 

14AMCAP 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 facilitated by the investment adviser’s global risk management 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 August 31, 2021 (dollars in thousands):

 

  Investment securities 
  Level 1  Level 2  Level 3  Total 
Assets:            
Common stocks:            
Information technology $25,242,328  $  $9,202  $25,251,530 
Health care  16,976,853         16,976,853 
Communication services  14,307,380         14,307,380 
Consumer discretionary  12,752,514         12,752,514 
Industrials  8,462,585         8,462,585 
Financials  5,001,368         5,001,368 
Energy  2,047,293         2,047,293 
Consumer staples  1,822,759         1,822,759 
Real estate  1,032,106         1,032,106 
Materials  735,100         735,100 
Utilities  252,735         252,735 
Preferred securities        3,960   3,960 
Convertible bonds & notes        40,337   40,337 
Short-term securities  3,343,717         3,343,717 
Total $91,976,738  $  $53,499  $92,030,237 

 

AMCAP Fund15
 

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 and auditing practices and standards and different regulatory, legal and reporting requirements, 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.

 

16AMCAP 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 August 31, 2021, the total value of securities on loan was $217,840,000, and the total value of collateral received was $223,981,000. Collateral received includes cash of $71,433,000 and U.S. government securities of $152,548,000. Investment securities purchased from cash collateral are disclosed in the fund’s investment portfolio as short-term securities. Securities received as collateral 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 period ended August 31, 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 non-U.S. taxes on capital gains. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes.

 

The components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of February 28, 2021, the components of distributable earnings on a tax basis were as follows (dollars in thousands):

 

Undistributed long-term capital gains $3,067,188 

 

AMCAP Fund17
 

As of August 31, 2021, the tax basis unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

 

Gross unrealized appreciation on investments $45,351,878 
Gross unrealized depreciation on investments  (454,854)
Net unrealized appreciation on investments  44,897,024 
Cost of investments  47,133,213 

 

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

 

  Six months ended August 31, 2021  Year ended February 28, 2021 
Share class Ordinary
income
  Long-term
capital gains
  Total
distributions
paid
  Ordinary
income
  Long-term
capital gains
  Total
distributions
paid
 
Class A $  $1,453,292  $1,453,292  $71,251  $1,374,441  $1,445,692 
Class C     52,855   52,855      58,392   58,392 
Class T     1   1   *  1   1 
Class F-1     43,888   43,888   2,031   51,947   53,978 
Class F-2     358,402   358,402   33,527   337,484   371,011 
Class F-3     190,022   190,022   21,123   176,552   197,675 
Class 529-A     95,740   95,740   4,309   88,756   93,065 
Class 529-C     4,629   4,629      7,426   7,426 
Class 529-E     3,581   3,581   11   3,520   3,531 
Class 529-T     1   1   *  1   1 
Class 529-F-1     *  *  *  2,746   2,746 
Class 529-F-2     7,828   7,828   649   4,141   4,790 
Class 529-F-3     *  *  *  *  *
Class R-1     3,027   3,027      3,118   3,118 
Class R-2     29,846   29,846      29,909   29,909 
Class R-2E     2,908   2,908      2,872   2,872 
Class R-3     40,363   40,363      43,526   43,526 
Class R-4     32,187   32,187   1,527   36,063   37,590 
Class R-5E     3,816   3,816   432   4,248   4,680 
Class R-5     19,393   19,393   2,253   21,779   24,032 
Class R-6     726,345   726,345   78,838   655,688   734,526 
Total $  $3,068,124  $3,068,124  $215,951  $2,902,610  $3,118,561 

 

*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. During the six months ended August 31, 2021, CRMC waived investment advisory services fees of $4,000. CRMC does not intend to recoup this waiver. As a result, the fees shown on the fund’s statement of operations of $127,793,000 were reduced to $127,789,000, both of which were equivalent to an annualized rate of 0.293% of average daily net assets.

 

18AMCAP 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 August 31, 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.

 

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 Fund19
 

For the six months ended August 31, 2021, class-specific expenses under the agreements were as follows (dollars in thousands):

 

Share class Distribution
services
  Transfer agent
services
  Administrative
services
  529 plan
services
 
Class A $49,901  $16,452  $6,212   Not applicable 
Class C  6,457   513   194   Not applicable 
Class T     *  *  Not applicable 
Class F-1  1,568   800   188   Not applicable 
Class F-2  Not applicable   5,706   1,552   Not applicable 
Class F-3  Not applicable   20   816   Not applicable 
Class 529-A  3,065   975   403  $799 
Class 529-C  562   42   17   34 
Class 529-E  241   18   15   29 
Class 529-T     *  *  *
Class 529-F-1     *  *  *
Class 529-F-2  Not applicable   79   33   65 
Class 529-F-3  Not applicable   *  *  *
Class R-1  382   35   12   Not applicable 
Class R-2  2,821   1,276   113   Not applicable 
Class R-2E  245   81   12   Not applicable 
Class R-3  2,807   825   168   Not applicable 
Class R-4  1,166   454   140   Not applicable 
Class R-5E  Not applicable   94   18   Not applicable 
Class R-5  Not applicable   141   86   Not applicable 
Class R-6  Not applicable   77   3,102   Not applicable 
Total class-specific expenses $69,215  $27,588  $13,081  $927 

 

*Amount less than one thousand.

 

Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Trustees’ compensation of $538,000 in the fund’s statement of operations reflects $238,000 in current fees (either paid in cash or deferred) and a net increase of $300,000 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 instruments. 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 six months ended August 31, 2021, the fund engaged in such purchase and sale transactions with related funds in the amounts of $286,380,000 and $332,577,000, respectively, which generated $56,195,000 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 six months ended August 31, 2021.

 

20AMCAP Fund
 

8. Indemnifications

 

The fund’s organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund’s maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote. Insurance policies are also available to the fund’s board members and officers.

 

9. Capital share transactions

 

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

 

  Sales1  Reinvestments of
distributions
  Repurchases1  Net increase
(decrease)
 
Share class Amount  Shares  Amount  Shares  Amount  Shares  Amount  Shares 
                         
Six months ended August 31, 2021                
                 
Class A $1,522,014   35,835  $1,430,017   34,309  $(2,198,784)  (51,793) $753,247   18,351 
Class C  62,477   1,734   52,656   1,496   (171,917)  (4,769)  (56,784)  (1,539)
Class T                        
Class F-1  24,006   570   43,500   1,054   (320,346)  (7,605)  (252,840)  (5,981)
Class F-2  998,619   23,321   348,367   8,281   (1,289,459)  (30,020)  57,527   1,582 
Class F-3  491,373   11,532   187,994   4,493   (585,335)  (13,711)  94,032   2,314 
Class 529-A  120,151   2,863   95,722   2,329   (182,088)  (4,318)  33,785   874 
Class 529-C  7,994   220   4,625   131   (22,526)  (620)  (9,907)  (269)
Class 529-E  3,805   94   3,578   90   (7,874)  (193)  (491)  (9)
Class 529-T        1   2         1   2 
Class 529-F-1        2   2         2   2 
Class 529-F-2  24,375   574   7,826   188   (19,108)  (447)  13,093   315 
Class 529-F-3        2   2         2   2 
Class R-1  4,193   113   3,021   83   (8,783)  (236)  (1,569)  (40)
Class R-2  64,842   1,744   29,836   819   (117,167)  (3,146)  (22,489)  (583)
Class R-2E  10,916   263   2,908   71   (13,605)  (328)  219   6 
Class R-3  93,695   2,301   40,329   1,009   (214,948)  (5,260)  (80,924)  (1,950)
Class R-4  69,289   1,649   32,180   780   (157,306)  (3,742)  (55,837)  (1,313)
Class R-5E  20,345   480   3,813   91   (61,122)  (1,421)  (36,964)  (850)
Class R-5  22,902   532   19,382   456   (124,027)  (2,850)  (81,743)  (1,862)
Class R-6  2,837,648   65,879   721,120   17,024   (2,499,816)  (57,767)  1,058,952   25,136 
Total net increase (decrease) $6,378,644   149,704   $3,026,875   72,704  $(7,994,211)  (188,226) $1,411,308   34,182 

 

See end of table for footnotes.

 

AMCAP Fund21
 

  Sales1  Reinvestments of
distributions
  Repurchases1  Net (decrease)
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)

 

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.

 

10. Investment transactions

 

The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $7,936,925,000 and $9,947,318,000, respectively, during the six months ended August 31, 2021.

 

22AMCAP Fund
 

Financial highlights

 

     Income from investment operations1  Dividends and distributions                   
Period ended Net asset
value,
beginning
of period
  Net
investment
income
(loss)
  Net gains on
securities (both
realized and
unrealized)
  Total from
investment
operations
  Dividends
(from net
investment
income)
  Distributions
(from capital
gains)
  Total
dividends
and
distributions
  Net asset
value,
end
of period
  Total return2,3  Net assets,
end of
period
(in millions)
  Ratio of
expenses to
average net
assets before
reimburse-
ments4
  Ratio of
expenses to
average net
assets after
reimburse-
ments3,4
  Ratio of
net income
(loss)
to average
net assets3
 
Class A:                                             
8/31/20215,6  $40.16  $.01  $6.28  $6.29  $  $(1.53) $(1.53) $44.92   15.95%7  $43,850   .65%8   .65%8   .06%8 
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:                                             
8/31/20215,6   34.23   (.13)  5.32   5.19      (1.53)  (1.53)  37.89   15.507   1,328   1.418   1.418   (.70)8 
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:                                             
8/31/20215,6   40.22   .06   6.28   6.34      (1.53)  (1.53)  45.03   16.067,9   10   .438,9   .438,9   .288,9 
2/28/2021  31.50   .18   10.13   10.31   (.15)  (1.44)  (1.59)  40.22   33.309   10   .429   .429   .509 
2/29/2020  30.88   .30   2.03   2.33   (.24)  (1.47)  (1.71)  31.50   7.299   10   .449   .449   .929 
2/28/2019  33.07   .28   .63   .91   (.24)  (2.86)  (3.10)  30.88   3.599   10   .459   .459   .869 
2/28/20185,11   28.79   .23   5.80   6.03   (.19)  (1.56)  (1.75)  33.07   21.467,9   10   .458,9   .458,9   .818,9 
Class F-1:                                             
8/31/20215,6   39.78   12   6.21   6.21      (1.53)  (1.53)  44.46   15.917   1,207   .718   .718   8,13 
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:                                             
8/31/20215,6   40.51   .06   6.33   6.39      (1.53)  (1.53)  45.37   16.077   10,919   .448   .448   .278 
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:                                             
8/31/20215,6   40.27   .08   6.30   6.38      (1.53)  (1.53)  45.12   16.137   5,767   .338   .338   .388 
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 
2/28/20175,14   28.36   .02   .45   .47            28.83   1.667   3   .037   .037   .097 
Class 529-A:                                             
8/31/20215,6   39.63   12   6.19   6.19      (1.53)  (1.53)  44.29   15.927   2,828   .698   .698   .028 
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.

 

AMCAP Fund23
 
 

Financial highlights (continued)

 

     Income from investment operations1  Dividends and distributions                   
Period ended Net asset
value,
beginning
of period
  Net
investment
income
(loss)
  Net gains on
securities (both
realized and
unrealized)
  Total from
investment
operations
  Dividends
(from net
investment
income)
  Distributions
(from capital
gains)
  Total
dividends
and
distributions
  Net asset
value,
end
of period
  Total return2,3  Net assets,
end of
period
(in millions)
  Ratio of
expenses to
average net
assets before
reimburse-
ments4
  Ratio of
expenses to
average net
assets after
reimburse-
ments3,4
  Ratio of
net income
(loss)
to average
net assets3
 
Class 529-C:                                             
8/31/20215,6  $34.43  $(.13) $5.34  $5.21  $  $(1.53) $(1.53) $38.11   15.47%7  $114   1.44%8   1.44%8   (.74)%8 
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:                                             
8/31/20215,6   38.37   (.04)  5.98   5.94      (1.53)  (1.53)  42.78   15.787   101   .928   .928   (.21)8 
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:                                             
8/31/20215,6   40.21   .05   6.28   6.33      (1.53)  (1.53)  45.01   16.077,9   10   .478,9   .478,9   .238,9 
2/28/2021  31.49   .16   10.13   10.29   (.13)  (1.44)  (1.57)  40.21   33.229   10   .489   .489   .449 
2/29/2020  30.88   .29   2.02   2.31   (.23)  (1.47)  (1.70)  31.49   7.229   10   .489   .489   .889 
2/28/2019  33.06   .26   .64   .90   (.22)  (2.86)  (3.08)  30.88   3.579   10   .509   .509   .819 
2/28/20185,11   28.79   .21   5.80   6.01   (.18)  (1.56)  (1.74)  33.06   21.367,9   10   .528,9   .528,9   .748,9 
Class 529-F-1:                                             
8/31/20215,6   39.99   .04   6.25   6.29      (1.53)  (1.53)  44.75   16.027,9   10   .518,9   .518,9   .208,9 
2/28/2021  31.37   .16   10.07   10.23   (.17)  (1.44)  (1.61)  39.99   33.199   10   .489   .489   .499 
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:                                             
8/31/20215,6   40.13   .05   6.27   6.32      (1.53)  (1.53)  44.92   16.057   237   .468   .468   .258 
2/28/20215,15   34.86   .05   6.21   6.26   (.13)  (.86)  (.99)  40.13   18.107   199   .157   .157   .137 
Class 529-F-3:                                             
8/31/20215,6   40.09   .07   6.27   6.34      (1.53)  (1.53)  44.90   16.117   10   .398   .398   .328 
2/28/20215,15   34.86   .06   6.21   6.27   (.18)  (.86)  (1.04)  40.09   18.117   10   .187   .137   .157 
Class R-1:                                             
8/31/20215,6   35.36   (.13)  5.50   5.37      (1.53)  (1.53)  39.20   15.497   79   1.428   1.428   (.71)8 
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.

 

24AMCAP Fund
 
 

Financial highlights (continued)

 

     Income from investment operations1  Dividends and distributions                   
Period ended Net asset
value,
beginning
of period
  Net
investment
income
(loss)
  Net gains on
securities (both
realized and
unrealized)
  Total from
investment
operations
  Dividends
(from net
investment
income)
  Distributions
(from capital
gains)
  Total
dividends
and
distributions
  Net asset
value,
end
of period
  Total return2,3  Net assets,
end of
period
(in millions)
  Ratio of
expenses to
average net
assets before
reimburse-
ments4
  Ratio of
expenses to
average net
assets after
reimburse-
ments3,4
  Ratio of
net income
(loss)
to average
net assets3
 
Class R-2:                                               
8/31/20215,6 $35.35  $(.13) $5.50  $5.37  $  $(1.53) $(1.53) $39.19   15.52%7 $781   1.42%8  1.42%8  (.71)%8
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:                                               
8/31/20215,6  39.47   (.09)  6.16   6.07      (1.53)  (1.53)  44.01   15.657  86   1.138  1.138  (.42)8
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:                                               
8/31/20215,6  38.62   (.05)  6.02   5.97      (1.53)  (1.53)  43.06   15.767  1,147   .988  .988  (.27)8
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:                                               
8/31/20215,6  39.77   .01   6.21   6.22      (1.53)  (1.53)  44.46   15.917  956   .688  .688  .038
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:                                               
8/31/20215,6  40.23   .05   6.29   6.34      (1.53)  (1.53)  45.04   16.057  118   .488  .488  .238
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   10  .60   .51   .76 
Class R-5:                                               
8/31/20215,6  40.87   .07   6.39   6.46      (1.53)  (1.53)  45.80   16.107  554   .388  .388  .338
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:                                               
8/31/20215,6  40.76   .08   6.37   6.45      (1.53)  (1.53)  45.68   16.127  21,888   .338  .338  .388
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 

 

  Six months
ended
                
  August 31,  Year ended February 28 or 29, 
  20215,6,7   2021   2020   2019   2018   2017 
Portfolio turnover rate for all share classes16  10%  35%  27%  32%  27%  25%

 

AMCAP Fund25
 
 

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.
5Based on operations for a period that is less than a full year.
6Unaudited.
7Not annualized.
8Annualized.
9All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
10Amount less than $1 million.
11Class T and 529-T shares began investment operations on April 7, 2017.
12Amount less than $.01.
13Amount less than .01%.
14Class F-3 shares began investment operations on January 27, 2017.
15Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.
16Rates do not include the fund’s portfolio activity with respect to any Central Funds.

 

See notes to financial statements.

 

26AMCAP 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 (March 1, 2021, through August 31, 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.

 

Notes:

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 Fund27
 

Expense example (continued)

 

  Beginning
account value
3/1/2021
  Ending
account value
8/31/2021
  Expenses paid
during period*
  Annualized
expense ratio
 
Class A – actual return $1,000.00  $1,159.52  $3.54   .65%
Class A – assumed 5% return  1,000.00   1,021.93   3.31   .65 
Class C – actual return  1,000.00   1,155.00   7.66   1.41 
Class C – assumed 5% return  1,000.00   1,018.10   7.17   1.41 
Class T – actual return  1,000.00   1,160.56   2.34   .43 
Class T – assumed 5% return  1,000.00   1,023.04   2.19   .43 
Class F-1 – actual return  1,000.00   1,159.07   3.86   .71 
Class F-1 – assumed 5% return  1,000.00   1,021.63   3.62   .71 
Class F-2 – actual return  1,000.00   1,160.66   2.40   .44 
Class F-2 – assumed 5% return  1,000.00   1,022.99   2.24   .44 
Class F-3 – actual return  1,000.00   1,161.34   1.80   .33 
Class F-3 – assumed 5% return  1,000.00   1,023.54   1.68   .33 
Class 529-A – actual return  1,000.00   1,159.16   3.76   .69 
Class 529-A – assumed 5% return  1,000.00   1,021.73   3.52   .69 
Class 529-C – actual return  1,000.00   1,154.66   7.82   1.44 
Class 529-C – assumed 5% return  1,000.00   1,017.95   7.32   1.44 
Class 529-E – actual return  1,000.00   1,157.84   5.00   .92 
Class 529-E – assumed 5% return  1,000.00   1,020.57   4.69   .92 
Class 529-T – actual return  1,000.00   1,160.67   2.56   .47 
Class 529-T – assumed 5% return  1,000.00   1,022.84   2.40   .47 
Class 529-F-1 – actual return  1,000.00   1,160.23   2.78   .51 
Class 529-F-1 – assumed 5% return  1,000.00   1,022.63   2.60   .51 
Class 529-F-2 – actual return  1,000.00   1,160.46   2.50   .46 
Class 529-F-2 – assumed 5% return  1,000.00   1,022.89   2.35   .46 
Class 529-F-3 – actual return  1,000.00   1,161.11   2.12   .39 
Class 529-F-3 – assumed 5% return  1,000.00   1,023.24   1.99   .39 
Class R-1 – actual return  1,000.00   1,154.85   7.71   1.42 
Class R-1 – assumed 5% return  1,000.00   1,018.05   7.22   1.42 
Class R-2 – actual return  1,000.00   1,155.20   7.71   1.42 
Class R-2 – assumed 5% return  1,000.00   1,018.05   7.22   1.42 
Class R-2E – actual return  1,000.00   1,156.50   6.14   1.13 
Class R-2E – assumed 5% return  1,000.00   1,019.51   5.75   1.13 
Class R-3 – actual return  1,000.00   1,157.58   5.33   .98 
Class R-3 – assumed 5% return  1,000.00   1,020.27   4.99   .98 
Class R-4 – actual return  1,000.00   1,159.12   3.70   .68 
Class R-4 – assumed 5% return  1,000.00   1,021.78   3.47   .68 
Class R-5E – actual return  1,000.00   1,160.55   2.61   .48 
Class R-5E – assumed 5% return  1,000.00   1,022.79   2.45   .48 
Class R-5 – actual return  1,000.00   1,160.98   2.07   .38 
Class R-5 – assumed 5% return  1,000.00   1,023.29   1.94   .38 
Class R-6 – actual return  1,000.00   1,161.19   1.80   .33 
Class R-6 – assumed 5% return  1,000.00   1,023.54   1.68   .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).

 

28AMCAP Fund
 

Approval of Investment Advisory and Service Agreement

 

The fund’s board has approved the continuation of the fund’s Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through April 30, 2022. The board approved the agreement following the recommendation of the fund’s Contracts Committee (the “committee”), which is composed of all the fund’s independent board members. The board and the committee determined in the exercise of their business judgment that the fund’s advisory fee structure was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of the fund and its shareholders.

 

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

 

1. Nature, extent and quality of services

 

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

 

2. Investment results

 

The board and the committee considered the investment results of the fund in light of its objective. They compared the fund’s investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which the fund is included), and data such as relevant market and fund indexes over various periods (including the fund’s lifetime) through September 30, 2020. They generally placed greater emphasis on longer term periods. On the basis of this evaluation and the board’s and the committee’s ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that the fund’s investment results have been satisfactory for renewal of the agreement, and that CRMC’s record in managing the fund indicated that its continued management should benefit the fund and its shareholders.

 

3. Advisory fees and total expenses

 

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

 

AMCAP Fund29
 

4. Ancillary benefits

 

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

 

5. Adviser financial information

 

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

 

30AMCAP Fund
 

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AMCAP Fund31
 

Office of the fund

333 South Hope Street

Los Angeles, CA 90071-1406

 

Investment adviser

Capital Research and Management Company

333 South Hope Street

Los Angeles, CA 90071-1406

 

Transfer agent for shareholder accounts

American Funds Service Company

(Write to the address near you.)

 

P.O. Box 6007

Indianapolis, IN 46206-6007

 

P.O. Box 2280

Norfolk, VA 23501-2280

 

Custodian of assets

JPMorgan Chase Bank

270 Park Avenue

New York, NY 10017-2070

 

Counsel

O’Melveny & Myers LLP

400 South Hope Street

Los Angeles, CA 90071-2899

 

Independent registered public accounting firm

Deloitte & Touche LLP

695 Town Center Drive

Suite 1000

Costa Mesa, CA 92626-7188

 

Principal underwriter

American Funds Distributors, Inc.

333 South Hope Street

Los Angeles, CA 90071-1406

 

32AMCAP Fund
 

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.

 

“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on 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 sec.gov 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 December 31, 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 calendar-year periods starting the first full calendar year after each fund’s inception 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 capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

 

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

 

 

 

ITEM 2 – Code of Ethics

 

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

 

ITEM 3 – Audit Committee Financial Expert

 

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

 

ITEM 4 – Principal Accountant Fees and Services

 

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

 

ITEM 5 – Audit Committee of Listed Registrants

 

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

 

ITEM 6 – Schedule of Investments

 

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.
  
(b)

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

 

 

ITEM 12 – Exhibits

 

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

 

 
 

SIGNATURES

 

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

 

 AMCAP FUND
  
 By __/s/ Herbert Y. Poon____________________
 

Herbert Y. Poon,

Principal Executive Officer

  
 Date: October 29, 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: October 29, 2021

 

 

 

By ___/s/ Hong T. Le    __________

Hong T. Le, Treasurer and

Principal Financial Officer

 
Date: October 29, 2021