AMCAP Fund®
Investment portfolio
November 30, 2021
unaudited
Common stocks 96.75% Information technology 27.82% | Shares | Value (000) | |
Microsoft Corp. | 14,931,325 | $4,936,147 | |
Broadcom, Inc. | 4,090,771 | 2,264,978 | |
ASML Holding NV1 | 2,230,818 | 1,748,064 | |
Micron Technology, Inc. | 14,059,753 | 1,181,019 | |
Mastercard, Inc., Class A | 3,480,717 | 1,096,147 | |
Advanced Micro Devices, Inc.2 | 5,565,159 | 881,354 | |
ServiceNow, Inc.2 | 1,246,395 | 807,290 | |
Autodesk, Inc.2 | 3,075,511 | 781,764 | |
Ceridian HCM Holding, Inc.2 | 6,715,916 | 734,721 | |
Applied Materials, Inc. | 4,962,161 | 730,381 | |
Adobe, Inc.2 | 991,999 | 664,491 | |
Affirm Holdings, Inc., Class A2 | 5,052,572 | 640,060 | |
EPAM Systems, Inc.2 | 972,369 | 591,735 | |
Shopify, Inc., Class A, subordinate voting shares2 | 362,879 | 552,226 | |
Atlassian Corp. PLC, Class A2 | 1,280,538 | 481,892 | |
Snowflake, Inc., Class A2 | 1,240,151 | 421,837 | |
Accenture PLC, Class A | 1,145,522 | 409,410 | |
Nice, Ltd. (ADR)3 | 1,344,933 | 392,694 | |
Taiwan Semiconductor Manufacturing Company, Ltd.1 | 16,978,000 | 361,206 | |
PayPal Holdings, Inc.2 | 1,880,064 | 347,605 | |
Vontier Corp.4 | 10,915,404 | 343,944 | |
Zscaler, Inc.2 | 906,976 | 314,694 | |
Arista Networks, Inc.2 | 2,414,308 | 299,519 | |
Bill.com Holdings, Inc.2 | 977,167 | 274,437 | |
Square, Inc., Class A2 | 1,312,458 | 273,424 | |
Paycom Software, Inc.2 | 614,667 | 268,905 | |
Visa, Inc., Class A | 1,299,911 | 251,884 | |
NetApp, Inc. | 2,781,551 | 247,224 | |
Intuit, Inc. | 377,332 | 246,134 | |
Datadog, Inc., Class A2 | 1,292,223 | 230,390 | |
Kingdee International Software Group Co., Ltd.1,2 | 69,919,000 | 212,052 | |
Apple, Inc. | 1,231,591 | 203,582 | |
Amphenol Corp., Class A | 2,198,124 | 177,125 | |
Toast, Inc., Class A2,3 | 4,272,003 | 170,837 | |
Qorvo, Inc.2 | 1,136,249 | 166,154 | |
DocuSign, Inc.2 | 671,670 | 165,473 | |
NXP Semiconductors NV | 715,000 | 159,702 | |
Paylocity Holding Corp.2 | 586,357 | 147,961 | |
Okta, Inc., Class A2 | 685,690 | 147,581 | |
MongoDB, Inc., Class A2,3 | 288,087 | 143,496 | |
Zoom Video Communications, Inc., Class A2 | 599,685 | 126,779 | |
Lam Research Corp. | 154,127 | 104,783 | |
Trimble, Inc.2 | 1,041,060 | 89,396 | |
SS&C Technologies Holdings, Inc. | 1,039,500 | 79,345 | |
Procore Technologies, Inc.2,3 | 723,518 | 61,325 | |
RingCentral, Inc., Class A2 | 283,724 | 61,279 |
AMCAP Fund — Page 1 of 10
unaudited
Common stocks (continued) Information technology (continued) | Shares | Value (000) | |
Palo Alto Networks, Inc.2 | 109,597 | $59,943 | |
Enphase Energy, Inc.2 | 218,944 | 54,736 | |
Qualtrics International, Inc., Class A2 | 1,360,186 | 44,016 | |
Intel Corp. | 889,318 | 43,754 | |
StoneCo, Ltd., Class A2 | 2,719,785 | 42,429 | |
CrowdStrike Holdings, Inc., Class A2 | 178,405 | 38,739 | |
NVIDIA Corp. | 103,583 | 33,847 | |
Bentley Systems, Inc., Class B3 | 496,900 | 23,846 | |
KLA Corp. | 56,317 | 22,985 | |
CCC Intelligent Solutions Holdings, Inc.2,3 | 1,727,600 | 22,200 | |
Avalara, Inc.2 | 149,451 | 20,875 | |
VeriSign, Inc.2 | 83,473 | 20,026 | |
GoDaddy, Inc., Class A2 | 254,301 | 17,844 | |
Stripe, Inc., Class B1,2,5,6 | 201,217 | 9,202 | |
Twilio, Inc.2 | 24,400 | 6,982 | |
Gitlab, Inc., Class A2,3 | 45,200 | 4,364 | |
25,458,234 | |||
Health care 18.18% | |||
Abbott Laboratories | 19,058,793 | 2,397,024 | |
UnitedHealth Group, Inc. | 5,298,611 | 2,353,749 | |
Thermo Fisher Scientific, Inc. | 3,042,305 | 1,925,262 | |
PerkinElmer, Inc. | 5,073,372 | 924,165 | |
Insulet Corp.2 | 3,077,260 | 887,605 | |
BioMarin Pharmaceutical, Inc.2 | 8,414,493 | 726,087 | |
Zoetis, Inc., Class A | 2,988,254 | 663,512 | |
Stryker Corp. | 2,539,763 | 600,984 | |
DexCom, Inc.2 | 992,511 | 558,377 | |
Humana, Inc. | 1,262,995 | 530,092 | |
Centene Corp.2 | 6,982,286 | 498,605 | |
Penumbra, Inc.2,4 | 1,952,023 | 479,514 | |
Edwards Lifesciences Corp.2 | 3,961,911 | 425,153 | |
Danaher Corp. | 1,106,013 | 355,738 | |
Integra LifeSciences Holdings Corp.2,4 | 5,526,256 | 353,404 | |
IQVIA Holdings, Inc.2 | 1,261,040 | 326,773 | |
Gilead Sciences, Inc. | 4,605,444 | 317,453 | |
Seagen, Inc.2 | 1,940,585 | 310,494 | |
Amgen, Inc. | 1,436,381 | 285,667 | |
West Pharmaceutical Services, Inc. | 598,865 | 265,094 | |
Zimmer Biomet Holdings, Inc. | 1,993,513 | 238,424 | |
Oak Street Health, Inc.2,3 | 6,142,471 | 190,109 | |
Anthem, Inc. | 374,084 | 151,964 | |
AstraZeneca PLC1 | 1,214,789 | 133,279 | |
Agilon Health, Inc.2 | 5,777,390 | 127,103 | |
Mettler-Toledo International, Inc.2 | 78,556 | 118,944 | |
ICON PLC2 | 394,834 | 106,791 | |
Eli Lilly and Company | 383,932 | 95,231 | |
Vertex Pharmaceuticals, Inc.2 | 457,065 | 85,444 | |
NovoCure, Ltd.2 | 597,653 | 55,964 | |
Guardant Health, Inc.2,3 | 363,141 | 38,173 | |
BeiGene, Ltd. (ADR)2 | 105,702 | 36,735 | |
Genmab A/S1,2 | 75,720 | 29,416 | |
Haemonetics Corp.2 | 433,403 | 22,212 | |
Nevro Corp.2 | 89,670 | 7,808 |
AMCAP Fund — Page 2 of 10
unaudited
Common stocks (continued) Health care (continued) | Shares | Value (000) | |
Amedisys, Inc.2 | 55,500 | $7,751 | |
Privia Health Group, Inc.2 | 200,099 | 4,622 | |
16,634,722 | |||
Consumer discretionary 15.80% | |||
Amazon.com, Inc.2 | 881,534 | 3,091,602 | |
Hilton Worldwide Holdings, Inc.2 | 8,713,273 | 1,176,902 | |
NIKE, Inc., Class B | 5,546,952 | 938,766 | |
NVR, Inc.2 | 127,772 | 667,652 | |
Burlington Stores, Inc.2 | 2,246,165 | 658,418 | |
Caesars Entertainment, Inc.2 | 7,277,202 | 655,458 | |
Williams-Sonoma, Inc. | 3,314,918 | 645,879 | |
MercadoLibre, Inc.2 | 479,390 | 569,712 | |
TopBuild Corp.2,4 | 2,004,169 | 540,705 | |
Rivian Automotive, Inc., Class A2 | 3,063,200 | 366,849 | |
Rivian Automotive, Inc., Class A1,2,7 | 608,401 | 66,304 | |
Airbnb, Inc., Class A2 | 2,468,530 | 425,920 | |
LVMH Moët Hennessy-Louis Vuitton SE1 | 516,160 | 400,671 | |
Aptiv PLC2 | 2,480,972 | 397,824 | |
Tesla, Inc.2 | 305,245 | 349,432 | |
CarMax, Inc.2 | 2,467,013 | 348,466 | |
DoorDash, Inc., Class A2 | 1,667,657 | 298,127 | |
Darden Restaurants, Inc. | 2,093,694 | 288,825 | |
EssilorLuxottica1 | 1,416,963 | 283,910 | |
Thor Industries, Inc. | 2,334,303 | 246,759 | |
Helen of Troy, Ltd.2 | 988,486 | 237,731 | |
Starbucks Corp. | 1,817,760 | 199,299 | |
Dollar Tree Stores, Inc.2 | 1,447,047 | 193,658 | |
Galaxy Entertainment Group, Ltd.1,2 | 34,253,000 | 186,491 | |
Five Below, Inc.2 | 896,695 | 182,424 | |
Kering SA1 | 235,000 | 181,218 | |
Wyndham Hotels & Resorts, Inc. | 2,189,583 | 174,028 | |
Marriott International, Inc., Class A2 | 994,652 | 146,771 | |
Chipotle Mexican Grill, Inc.2 | 84,992 | 139,677 | |
Royal Caribbean Cruises, Ltd.2 | 1,817,410 | 126,892 | |
Dollar General Corp. | 360,213 | 79,715 | |
Flutter Entertainment PLC1,2 | 533,036 | 72,155 | |
Evolution AB1 | 545,843 | 57,207 | |
Industria de Diseño Textil, SA1 | 723,710 | 22,801 | |
Chegg, Inc.2 | 682,478 | 19,007 | |
Peloton Interactive, Inc., Class A2 | 400,338 | 17,615 | |
Warby Parker, Inc., Class A2,3 | 93,058 | 4,723 | |
14,459,593 | |||
Communication services 14.64% | |||
Netflix, Inc.2 | 6,721,963 | 4,314,828 | |
Alphabet, Inc., Class A2 | 784,026 | 2,225,027 | |
Alphabet, Inc., Class C2 | 700,027 | 1,994,405 | |
Meta Platforms, Inc., Class A2 | 7,377,192 | 2,393,604 | |
Charter Communications, Inc., Class A2 | 1,059,673 | 684,845 | |
Comcast Corp., Class A | 11,905,572 | 595,040 | |
Tencent Holdings, Ltd.1 | 6,215,443 | 366,168 | |
Electronic Arts, Inc. | 1,348,646 | 167,529 | |
Activision Blizzard, Inc. | 2,542,838 | 149,010 | |
ZoomInfo Technologies, Inc., Class A2 | 2,166,838 | 133,694 |
AMCAP Fund — Page 3 of 10
unaudited
Common stocks (continued) Communication services (continued) | Shares | Value (000) | |
Cable One, Inc. | 63,420 | $112,384 | |
New York Times Co., Class A | 1,989,305 | 94,492 | |
Playtika Holding Corp.2 | 4,238,656 | 72,905 | |
Pinterest, Inc., Class A2 | 913,333 | 36,588 | |
Snap, Inc., Class A, nonvoting shares2 | 634,371 | 30,202 | |
Bumble, Inc., Class A2 | 590,937 | 20,246 | |
Universal Music Group NV1 | 315,402 | 9,024 | |
13,399,991 | |||
Industrials 8.77% | |||
Old Dominion Freight Line, Inc. | 3,147,814 | 1,118,009 | |
CSX Corp. | 27,581,493 | 955,975 | |
TransDigm Group, Inc.2 | 1,454,718 | 840,900 | |
Copart, Inc.2 | 3,137,731 | 455,473 | |
Equifax, Inc. | 1,582,919 | 441,080 | |
Woodward, Inc.4 | 4,023,507 | 425,687 | |
Stanley Black & Decker, Inc. | 2,368,284 | 413,881 | |
Carrier Global Corp. | 6,478,732 | 350,629 | |
Waste Management, Inc. | 1,740,641 | 279,669 | |
Caterpillar, Inc. | 1,400,000 | 270,690 | |
Air Lease Corp., Class A4 | 6,325,702 | 256,760 | |
ITT, Inc. | 2,661,698 | 251,743 | |
NIBE Industrier AB, Class B1 | 17,232,103 | 246,108 | |
Raytheon Technologies Corp. | 2,719,111 | 220,030 | |
United Rentals, Inc.2 | 603,637 | 204,476 | |
Northrop Grumman Corp. | 513,452 | 179,092 | |
Saia, Inc.2 | 524,482 | 173,698 | |
Fortive Corp. | 2,008,926 | 148,399 | |
Airbus SE, non-registered shares1,2 | 1,210,150 | 134,808 | |
Armstrong World Industries, Inc. | 1,208,333 | 128,047 | |
Safran SA1 | 1,036,398 | 115,331 | |
AMETEK, Inc. | 656,347 | 89,591 | |
L3Harris Technologies, Inc. | 377,564 | 78,941 | |
Otis Worldwide Corp. | 761,486 | 61,224 | |
Waste Connections, Inc. | 330,362 | 43,958 | |
Cummins, Inc. | 198,000 | 41,531 | |
MDA, Ltd.2 | 4,955,918 | 39,921 | |
Union Pacific Corp. | 160,356 | 37,786 | |
Sun Country Airlines Holdings, Inc.2 | 705,059 | 19,340 | |
8,022,777 | |||
Financials 5.64% | |||
S&P Global, Inc. | 2,781,760 | 1,267,732 | |
First Republic Bank | 3,032,610 | 635,817 | |
Kotak Mahindra Bank, Ltd.1 | 19,426,500 | 508,832 | |
Aon PLC, Class A | 1,505,592 | 445,309 | |
JPMorgan Chase & Co. | 2,305,788 | 366,228 | |
SVB Financial Group2 | 467,214 | 323,466 | |
Stifel Financial Corp. | 4,289,063 | 304,566 | |
MSCI, Inc. | 425,811 | 268,027 | |
Arch Capital Group, Ltd.2 | 5,580,000 | 225,320 | |
Cullen/Frost Bankers, Inc. | 1,551,160 | 195,276 | |
Tradeweb Markets, Inc., Class A | 1,416,167 | 135,952 | |
AIA Group, Ltd.1 | 10,081,000 | 106,072 | |
HDFC Bank, Ltd.1 | 5,330,003 | 105,690 |
AMCAP Fund — Page 4 of 10
unaudited
Common stocks (continued) Financials (continued) | Shares | Value (000) | |
Blackstone, Inc., nonvoting shares | 647,419 | $91,577 | |
SouthState Corp. | 1,038,700 | 81,164 | |
Bank of America Corp. | 1,014,432 | 45,112 | |
Marsh & McLennan Companies, Inc. | 222,961 | 36,570 | |
Goosehead Insurance, Inc., Class A | 106,587 | 13,997 | |
Bright Health Group, Inc.2,3 | 2,359,546 | 7,857 | |
5,164,564 | |||
Energy 2.24% | |||
EOG Resources, Inc. | 16,922,401 | 1,472,249 | |
Diamondback Energy, Inc. | 3,036,112 | 324,044 | |
Pioneer Natural Resources Company | 885,077 | 157,827 | |
ConocoPhillips | 1,336,679 | 93,741 | |
2,047,861 | |||
Consumer staples 1.60% | |||
Costco Wholesale Corp. | 545,416 | 294,187 | |
Monster Beverage Corp.2 | 2,865,999 | 240,113 | |
Philip Morris International, Inc. | 2,422,178 | 208,162 | |
Herbalife Nutrition, Ltd.2 | 4,730,764 | 176,741 | |
Freshpet, Inc.2 | 1,471,155 | 158,914 | |
Chocoladefabriken Lindt & Sprüngli AG1 | 1,120 | 138,256 | |
Estée Lauder Companies, Inc., Class A | 217,116 | 72,098 | |
Reckitt Benckiser Group PLC1 | 827,751 | 67,109 | |
Grocery Outlet Holding Corp.2 | 2,042,607 | 59,154 | |
Church & Dwight Co., Inc. | 364,057 | 32,539 | |
Constellation Brands, Inc., Class A | 75,475 | 17,007 | |
1,464,280 | |||
Real estate 1.02% | |||
Equinix, Inc. REIT | 532,320 | 432,350 | |
SBA Communications Corp. REIT | 1,016,984 | 349,639 | |
Alexandria Real Estate Equities, Inc. REIT | 396,125 | 79,253 | |
American Tower Corp. REIT | 259,274 | 68,054 | |
929,296 | |||
Materials 0.76% | |||
Linde PLC | 1,178,099 | 374,801 | |
Sherwin-Williams Company | 473,535 | 156,854 | |
Celanese Corp. | 601,822 | 91,092 | |
Newmont Corp. | 649,987 | 35,697 | |
Ball Corp. | 280,100 | 26,175 | |
Air Products and Chemicals, Inc. | 46,609 | 13,397 | |
698,016 | |||
Utilities 0.28% | |||
NextEra Energy, Inc. | 2,633,916 | 228,571 | |
Ørsted AS1 | 198,270 | 25,373 | |
253,944 | |||
Total common stocks (cost: $43,990,608,000) | 88,533,278 |
AMCAP Fund — Page 5 of 10
unaudited
Preferred securities 0.01% Information technology 0.01% | Shares | Value (000) | |
Stripe, Inc., Series H, 6.00% noncumulative preferred shares1,2,5,6 | 86,605 | $3,960 | |
Total preferred securities (cost: $3,475,000) | 3,960 | ||
Convertible stocks 0.09% Financials 0.09% | |||
Greeneden Topco S.C.A., Class P, convertible preferred shares1,5,6 | 52,280,000 | 42,151 | |
Greeneden Topco S.C.A., Class P2, convertible preferred shares1,5,6 | 13,070,000 | 10,538 | |
Greeneden Topco S.C.A., Class P3, convertible preferred shares1,5,6 | 13,070,000 | 10,538 | |
Greeneden Topco S.C.A., Class P4, convertible preferred shares1,5,6 | 13,070,000 | 10,538 | |
Greeneden Topco S.C.A., Class P1, convertible preferred shares1,5,6 | 13,070,000 | 10,537 | |
Total convertible stocks (cost: $84,302,000) | 84,302 | ||
Short-term securities 1.99% Money market investments 1.84% | |||
Capital Group Central Cash Fund 0.07%4,8 | 16,863,002 | 1,686,300 | |
Money market investments purchased with collateral from securities on loan 0.15% | |||
Capital Group Central Cash Fund 0.07%4,8,9 | 550,353 | 55,035 | |
BlackRock Liquidity Funds – FedFund, Institutional Shares 0.03%8,9 | 20,000,000 | 20,000 | |
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.03%8,9 | 20,000,000 | 20,000 | |
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%8,9 | 19,848,669 | 19,849 | |
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%8,9 | 6,600,000 | 6,600 | |
Fidelity Investments Money Market Government Portfolio, Class I 0.01%8,9 | 3,900,000 | 3,900 | |
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 0.03%8,9 | 3,900,000 | 3,900 | |
RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 0.03%8,9 | 3,900,000 | 3,900 | |
133,184 | |||
Total short-term securities (cost: $1,819,314,000) | 1,819,484 | ||
Total investment securities 98.84% (cost: $45,897,699,000) | 90,441,024 | ||
Other assets less liabilities 1.16% | 1,065,891 | ||
Net assets 100.00% | $91,506,915 |
AMCAP Fund — Page 6 of 10
unaudited
Investments in affiliates4
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 11/30/2021 (000) | Dividend income (000) | |
Common stocks 2.62% | |||||||
Information technology 0.38% | |||||||
Vontier Corp. | $342,800 | $1,064 | $1,165 | $863 | $382 | $343,944 | $547 |
Health care 0.91% | |||||||
Penumbra, Inc.2 | 580,618 | — | 23,540 | 4,071 | (81,635) | 479,514 | — |
Integra LifeSciences Holdings Corp.2 | 378,893 | — | 1,252 | 433 | (24,670) | 353,404 | — |
BioMarin Pharmaceutical, Inc.2,10 | 781,609 | 23,957 | 154,254 | (11,805) | 86,580 | — | — |
Haemonetics Corp.2,10 | 332,958 | — | 138,516 | (103,392) | (68,838) | — | — |
832,918 | |||||||
Consumer discretionary 0.59% | |||||||
TopBuild Corp.2 | 325,963 | 57,626 | 1,233 | 848 | 157,501 | 540,705 | — |
Burlington Stores, Inc.2,10 | 861,841 | — | 335,192 | 108,547 | 23,222 | — | — |
540,705 | |||||||
Industrials 0.74% | |||||||
Woodward, Inc. | 461,060 | — | 1,621 | 921 | (34,673) | 425,687 | 1,963 |
Air Lease Corp., Class A | 156,313 | 139,479 | 19,055 | 4,572 | (24,549) | 256,760 | 2,041 |
682,447 | |||||||
Consumer staples 0.00% | |||||||
Herbalife Nutrition, Ltd.2,10 | 318,161 | — | 98,140 | (13,367) | (29,913) | — | — |
Total common stocks | 2,400,014 | ||||||
Short-term securities 1.91% | |||||||
Money market investments 1.85% | |||||||
Capital Group Central Cash Fund 0.07%8 | 2,941,038 | 5,782,992 | 7,037,481 | 118 | (367) | 1,686,300 | 1,431 |
Money market investments purchased with collateral from securities on loan 0.06% | |||||||
Capital Group Central Cash Fund 0.07%8,9 | — | 55,03511 | 55,035 | —12 | |||
Total short-term securities | 1,741,335 | ||||||
Total 4.53% | $(8,191) | $3,040 | $4,141,349 | $5,982 |
AMCAP Fund — Page 7 of 10
unaudited
1 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $5,675,009,000, which represented 6.20% of the net assets of the fund. This amount includes $5,511,241,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. |
2 | Security did not produce income during the last 12 months. |
3 | All or a portion of this security was on loan. The total value of all such securities was $187,614,000, which represented .21% of the net assets of the fund. |
4 | Affiliate of the fund or part of the same “group of investment companies“ as the fund, as defined under the Investment Company Act of 1940, as amended. |
5 | Value determined using significant unobservable inputs. |
6 | Acquired 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. |
7 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $66,304,000, which represented .07% of the net assets of the fund. |
8 | Rate represents the seven-day yield at 11/30/2021. |
9 | Security purchased with cash collateral from securities on loan. |
10 | Unaffiliated issuer at 11/30/2021. |
11 | Represents net activity. |
12 | Dividend income is included with securities lending income and is not shown in this table. |
Private placement securities | Acquisition date | Cost (000) | Value (000) | Percent of net assets |
Greeneden Topco S.C.A., Class P, convertible preferred shares | 11/26/2021 | $42,151 | $42,151 | .05% |
Greeneden Topco S.C.A., Class P2, convertible preferred shares | 11/26/2021 | 10,538 | 10,538 | .01 |
Greeneden Topco S.C.A., Class P3, convertible preferred shares | 11/26/2021 | 10,538 | 10,538 | .01 |
Greeneden Topco S.C.A., Class P4, convertible preferred shares | 11/26/2021 | 10,538 | 10,538 | .01 |
Greeneden Topco S.C.A., Class P1, convertible preferred shares | 11/26/2021 | 10,538 | 10,537 | .01 |
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 | 95,853 | 97,464 | .10% |
Valuation disclosures
Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open. Security transactions are recorded by the fund as of the date the trades are executed with brokers. Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date.
Methods and inputs — The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Equity securities 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.
AMCAP Fund — Page 8 of 10
unaudited
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.
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.
AMCAP Fund — Page 9 of 10
unaudited
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 November 30, 2021 (dollars in thousands):
Investment securities | ||||
Level 1 | Level 2 | Level 3 | Total | |
Assets: | ||||
Common stocks: | ||||
Information technology | $23,127,710 | $2,321,322 | $9,202 | $25,458,234 |
Health care | 16,472,027 | 162,695 | — | 16,634,722 |
Consumer discretionary | 13,188,836 | 1,270,757 | — | 14,459,593 |
Communication services | 13,024,799 | 375,192 | — | 13,399,991 |
Industrials | 7,526,530 | 496,247 | — | 8,022,777 |
Financials | 4,443,970 | 720,594 | — | 5,164,564 |
Energy | 2,047,861 | — | — | 2,047,861 |
Consumer staples | 1,258,915 | 205,365 | — | 1,464,280 |
Real estate | 929,296 | — | — | 929,296 |
Materials | 698,016 | — | — | 698,016 |
Utilities | 228,571 | 25,373 | — | 253,944 |
Preferred securities | — | — | 3,960 | 3,960 |
Convertible stocks | — | — | 84,302 | 84,302 |
Short-term securities | 1,819,484 | — | — | 1,819,484 |
Total | $84,766,015 | $5,577,545 | $97,464 | $90,441,024 |
Key to abbreviation |
ADR = American Depositary Receipts |
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
American Funds Distributors, Inc., member FINRA.
© 2022 Capital Group. All rights reserved.
MFGEFP3-002-0122O-S85368 | AMCAP Fund — Page 10 of 10 |