# EDGAR Filing Document

**Accession Number:** 0000004568
**File Stem:** 0000051931-23-000223
**Filing Date:** 2023-2
**Character Count:** 378733
**Document Hash:** 897643a3d7855177c247baac3e92177f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000051931-23-000223.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0000051931-23-000223

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN BALANCED FUND
- **CENTRAL INDEX KEY:** 0000004568
- **IRS NUMBER:** 946050854
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00066
- **FILM NUMBER:** 23682212

**BUSINESS ADDRESS:**
- **STREET 1:** 6455 IRVINE CENTER DRIVE
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92618
- **BUSINESS PHONE:** 213-486-9501

**MAIL ADDRESS:**
- **STREET 1:** 333 S HOPE ST - 55TH FLOOR (GYR)
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN BALANCED FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN EXPRESS INVESTMENT FUND INC
- **DATE OF NAME CHANGE:** 19750729

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMMONWEALTH INVESTMENT CO
- **DATE OF NAME CHANGE:** 19710203

## Series and Classes Contracts Data

### AMERICAN BALANCED FUND (Series ID: S000008801)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000023937 | Class A       | ABALX           |
| C000023938 | Class R-1     | RLBAX           |
| C000023939 | Class R-2     | RLBBX           |
| C000023940 | Class R-3     | RLBCX           |
| C000023941 | Class R-4     | RLBEX           |
| C000023942 | Class R-5     | RLBFX           |
| C000023944 | Class C       | BALCX           |
| C000023945 | Class F-1     | BALFX           |
| C000023946 | Class 529-A   | CLBAX           |
| C000023948 | Class 529-C   | CLBCX           |
| C000023949 | Class 529-E   | CLBEX           |
| C000023950 | Class 529-F-1 | CLBFX           |
| C000068555 | Class F-2     | AMBFX           |
| C000077860 | Class R-6     | RLBGX           |
| C000148414 | Class R-2E    | RAMHX           |
| C000164818 | Class R-5E    | RLEFX           |
| C000180007 | Class F-3     | AFMBX           |
| C000189521 | Class 529-T   | TAFBX           |
| C000189522 | Class T       | TABFX           |
| C000224633 | Class 529-F-2 | FBAFX           |
| C000224634 | Class 529-F-3 | FBONX           |

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: 811-00066

**American Balanced Fund**

(Exact Name of Registrant as Specified in Charter)

6455 Irvine Center Drive

Irvine, California 92618

(Address of Principal Executive Offices)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

***Hong T. Le***

***American Balanced Fund***

*6455 Irvine Center Drive*

*Irvine, California 92618*

*(Name and Address of Agent for Service)*

 

ITEM 1 – Reports to Stockholders

---

| | |
|:---|:---|
| **American Balanced Fund**<sup>®</sup><br>Annual report<br> for the year ended<br> December 31, 2022 | ![](image_001.jpg) |

---

![](image_002.jpg)

**Invest in a balanced<br> fund that has stood<br> the test of time**

American Balanced Fund seeks conservation of capital, current income and long-term growth of capital and income.

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 over 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.**

Refer to page 4 for Class F-2 and Class A share results with relevant sales charges deducted and fund expenses. For other share class results, visit capitalgroup.com and americanfundsretirement.com.

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

*The fund's 30-day yield as of December 31, 2022, was 1.93% for Class F-2 shares and 1.62% for Class A shares, calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula. The fund's 12-month distribution rate as of that date was 1.89% for Class F-2 shares and 1.58% for Class A shares. Both Class A share values reflect the 5.75% maximum sales charge.* The SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities while the distribution rate reflects the fund's past dividends paid to shareholders. Accordingly, the fund's SEC yield and distribution rate may differ.

The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. Refer to the fund prospectus and the Risk Factors section of this report for more information on these and other 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.**

Contents

---

| | |
|:---|:---|
| 1 | Letter to investors |
| 4 | The value of a long-term perspective |
| 6 | Investment portfolio |
| 48 | Financial statements |
| 77 | Board of trustees and other officers |

---

Fellow investors:

Stock and bond markets had a particularly challenging year in 2022 as central banks across the globe swooped into action to battle soaring inflation. Amid rising interest rates, lingering disruptions from the COVID-19 pandemic and Russia's invasion of Ukraine, investors were left with few places to hide. The traditional relationship between equities and fixed income broke down, as both asset classes sold off together. In fact, 2022 was only the third year since 1926 that U.S. large-cap stocks, corporate bonds and intermediate government bonds simultaneously had negative annual returns.

In the U.S. equity market, energy had the best sector return for the second year in a row, followed by utilities and consumer staples. Rising rates hit growth-oriented technology and communications stocks particularly hard, as investors revised their forward-looking return assumptions on some highly valued companies. The S&P 500 entered its first bear market since 2020 in June 2022 and ended the year down 18.11%

U.S. fixed income markets suffered across the board. The Federal Reserve raised the federal funds rate by 425 basis points from near zero, pushing U.S. Treasury yields up across the curve. Short-dated bonds sold off more sharply than longer-dated bonds, causing the curve to invert. The 10-year Treasury yield soared 237 basis points to 3.88%, while corporate investment grade (BBB/Baa and above) and high-yield bonds

**Results at a glance**

For periods ended December 31, 2022, with all distributions reinvested

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Cumulative <br> total returns | Average annual total returns | Average annual total returns | Average annual total returns |
|  | 1 year | 5 years | 10 years | Lifetime<sup>1</sup> |
| American Balanced Fund (Class F-2 shares)<sup>2</sup> | -11.91% | 5.74% | 8.48% | 10.42% |
| American Balanced Fund (Class A shares) | -12.11 | 5.52 | 8.26 | 10.19 |
| 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index<sup>3,4,5,6</sup> | -15.79 | 5.96 | 8.08 | 9.66 |
| S&P 500 Index<sup>4,6</sup> | -18.11 | 9.42 | 12.56 | 11.33 |
| Bloomberg U.S. Aggregate Index<sup>5,6</sup> | -13.01 | 0.02 | 1.06 | 6.70 |

---

Past results are not predictive of results in future periods.

<sup>1</sup> Lifetime returns are from July 26, 1975, the inception date of Class A shares and the date Capital Research and Management Company began managing the fund.

<sup>2</sup> 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. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

<sup>3</sup> Blends the S&P 500 Index with the Bloomberg U.S. Aggregate Index by weighting their total returns at 60% and 40%, respectively. Results assume the blend is rebalanced monthly.

<sup>4</sup> Source: S&P Dow Jones Indices LLC. The S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.

<sup>5</sup> Source: Bloomberg Index Services Ltd. For the period July 31, 1975, to December 31, 1975, Bloomberg Government/Credit Bond Index was used. The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market.

<sup>6</sup> The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

American Balanced Fund 1

endured double-digit total return losses. The Bloomberg U.S. Aggregate Bond Index (a broad measure of the U.S. fixed income market) recorded the poorest annual investment return in its 46-year history, plummeting 13.01%.

**Fund results**

Amid a rare and unusually difficult environment for balanced portfolios, American Balanced Fund (AMBAL) produced negative absolute results but comfortably outpaced its benchmark. AMBAL Class F-2 shares lost 11.91% for the 12-month period that ended December 31, 2022. However, the 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Bond Index (the fund's primary benchmark) declined 15.79% during that same period.

Since 1975, this is only the fifth year in which AMBAL did not produce positive returns for shareholders. While we never want to celebrate negative absolute returns, the fund's strong relative results in 2022 are noteworthy. These results reinforce our conviction in our strategy of focusing on the three objectives that were established when the fund was started in 1932: conservation of capital, current income, and long-term growth of capital and income (Capital Research and Management Company, the fund's investment adviser, began managing the fund in 1975). Balancing those objectives, which guide our investment strategy, helped us be prepared for these challenging market conditions.

We feel confident that AMBAL is successfully helping shareholders pursue their long-term financial goals — which we believe to be the true measure of any fund. AMBAL Class F-2 shares' 10-year and lifetime annualized returns of 8.48% and 10.42% respectively, have both outpaced the fund's primary benchmark.

In 2022, the equity portion of the portfolio benefited from its significant exposure to the energy sector and solid security selection, for example in the consumer staples sector. Lower exposure to certain technology-oriented and consumer discretionary holdings also provided a large boost to relative results. Within fixed income, the fund benefited from a below-benchmark position to mortgages early in the year and shorter exposure to duration.

**The equity portfolio**

AMBAL invests primarily in blue chip equities and investment-grade fixed income securities using a balanced approach and an emphasis on U.S.-based holdings. Our managers build the fund's equity portfolio from the bottom up, with an eye toward eschewing volatility. We do not start with any benchmark or index and work backward. We construct our portfolio by answering the question: "What's the best collection of companies in which we can invest at this moment?"

This year, the fund benefited from exposure to more cyclical, inflation-sensitive sectors, like energy, materials and select industrials. One example of this is global food processor Archer Daniels Midland (ADM), which was a significant contributor to fund results. ADM, which converts agricultural crops into products used by food and livestock companies, saw its margins expand in 2022 as prices on commodity food items like corn, soy and wheat rose due to the high inflation environment, drought in certain agricultural regions and the war in Ukraine. Stress in the global supply chain also helped ADM's results, as demand rose for its processing capabilities. Energy companies like Canadian Natural Resources, Halliburton and Pioneer Natural Resources also did well in the high inflation environment and boosted the fund's results.

In health care, AMBAL saw strong contributions from service companies like United Healthcare and Cigna. As the U.S. came out of COVID lockdowns, pent-up demand for routine medical care helped lift revenue for these companies even as the economy was starting to slow. We remain optimistic about this sector on a long-term basis. By leveraging technology and promoting vertical integration between doctors, hospitals and pharmaceutical companies, we believe these companies are driving down costs and providing patients with better care.

Taiwan Semiconductor Manufacturing (TSMC) was among the portfolio's equity holdings that did poorly. It was a difficult year for the semiconductor industry for numerous reasons, including a slowdown in demand from areas like cloud computing and cryptocurrency mining, as well as insufficient supply for other sectors like auto manufacturing. Geopolitical risk also weighed on TSMC, as investors grew concerned about heightening tensions between Taiwan and China. However, we believe TSMC should be additive to results over the long term as the global supply

Past results are not predictive of results in future periods.

2 American Balanced Fund

chain rights itself. The company is also taking strategic steps to try to mitigate some of the geopolitical risks, with plans to build fabrication facilities in the U.S.

Comcast and Charter Communications weighed on results for the second year in a row, due to industry-wide worries about slowing growth in cable broadband subscriptions. But we believe the business model for cable companies is still very much intact. There's increasing concern among investors that cable companies are going to see rising competition from traditional telecommunications companies. But we haven't lost conviction in the long-term potential of Comcast and Charter to generate very strong and growing excess cash flows. We remain confident in their model of delivering premium internet service over an established infrastructure system that doesn't require a lot of additional investment.

**The fixed income portfolio**

In a year of significant volatility that led to negative absolute returns for bonds, AMBAL's fixed income portfolio delivered very strong results relative to its benchmark, outpacing the Bloomberg U.S. Aggregate Bond Index. The idea of balance is always at the forefront of our thinking. In the case of fixed income returns, we were trying to position for a likely rise in interest rates while balancing the traditional role of bonds and creating an allocation that could offset volatility in equities.

Interest rate positioning, both overall duration and positioning along the yield curve, provided significant positive excess returns. Sector and security selection detracted in aggregate. An off-benchmark allocation to Treasury Inflation-Protected Securities (TIPS) weighed on results.

Early in the year, the portfolio was short duration (meaning it was less sensitive to interest rate moves than the benchmark) and invested in a yield curve flattening position which benefits when the difference between long and short-term yields shrinks. This combination worked well amid the Federal Reserve's aggressive interest rate increases. A strategic below-benchmark allocation to mortgages at the beginning of 2022 also boosted returns.

Mortgages did very poorly during most of the year, as the Fed brought its quantitative easing program to an end. When the mortgages the Fed had been buying hit the open market, investors weren't willing to pay the same prices. As a result, we saw a significant change in the valuation of mortgages during the year. As the price came down, we started adding to our mortgage holdings later in the year, but during most of 2022, we held significantly less than the benchmark and that was a positive driver of results.

In a reversal from 2021, TIPS were one of the primary detractors of investment results in 2022. These assets are often thought of as a hedge against inflation, but we believe they are more accurately described as a hedge against inflation expectations. So, while inflation remained high, TIPS markets started pricing in an expectation of lower inflation as the Fed began raising rates. This led to lower results, despite TIPS providing a solid above market yield.

**Thank you**

We would like to thank our shareholders for the trust they have placed in our investment team and our balanced investment strategy.

We will continue to follow our prudent, research-driven approach to investing that has long characterized American Balanced Fund. We look forward to reporting to you again in six months' time.

Sincerely,

![](image_003.jpg)

Paul Benjamin<br> Co-President

![](image_004.jpg)

Jeffrey T. Lager<br> Co-President

February 9, 2023

*For current information about the fund, visit capitalgroup.com.*

Past results are not predictive of results in future periods.

American Balanced Fund 3

The value of a long-term perspective

![](image_005.jpg)

*Fund results shown are for Class F-2 shares and Class A shares. Class A share results reflect deduction of the maximum sales charge of 5.75% on the $10,000 investment*¹*; thus, the net amount invested was $9,425.*² *Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com.*

**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. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.**

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

<sup>1</sup> As outlined in the prospectus, the sales charge is reduced for accounts (and aggregated investments) of $25,000 or more and is eliminated for purchases of $1 million or more. There is no sales charge on dividends or capital gain distributions that are reinvested in additional shares.

<sup>2</sup> The maximum initial sales charge was 8.50% prior to July 1, 1988.

<sup>3</sup> The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

<sup>4</sup> Source: S&P Dow Jones Indices LLC.

<sup>5</sup> Includes reinvested dividends and reinvested capital gain distributions.

<sup>6</sup> Blends the S&P 500 Index with the Bloomberg U.S. Aggregate Index by weighting the total returns at 60% and 40%, respectively. Results assume the blend is rebalanced monthly.

<sup>7</sup> Source: Bloomberg Index Services Ltd. For the period July 31, 1975, to December 31, 1975, Bloomberg Government/Credit Bond Index was used.

<sup>8</sup> For the period July 26, 1975 (when Capital Research and Management Company became the fund's investment adviser) through December 31, 1975.

4 American Balanced Fund

**How a hypothetical $10,000 investment has grown**

This chart shows how a hypothetical $10,000 investment in American Balanced Fund's Class F-2 and Class A shares grew from July 26, 1975 — when Capital Research and Management Company became the fund's investment adviser — to December 31, 2022.

![](image_006.jpg)

American Balanced Fund 5

Investment portfolio December 31, 2022

---

| | |
|:---|:---|
| **Investment mix by security type** | Percent of net assets |

---

![](image_007.jpg)

---

| | | |
|:---|:---|:---|
| **Common stocks 61.97%** | Shares | Value<br> (000) |
| **Health care 11.56%** |  |  |
| UnitedHealth Group, Inc. | 9189031 | $4871840 |
| Pfizer, Inc. | 62687097 | 3212087 |
| CVS Health Corp. | 20848734 | 1942894 |
| Eli Lilly and Company | 4644996 | 1699325 |
| AbbVie, Inc. | 7591736 | 1226900 |
| Gilead Sciences, Inc. | 14005731 | 1202392 |
| AstraZeneca PLC | 8652260 | 1174245 |
| Thermo Fisher Scientific, Inc. | 2072784 | 1141461 |
| Johnson & Johnson | 6300000 | 1112895 |
| Cigna Corp. | 2441627 | 809009 |
| Humana, Inc. | 1100000 | 563409 |
| Centene Corp.<sup>1</sup> | 6557000 | 537740 |
| Vertex Pharmaceuticals, Inc.<sup>1</sup> | 1862000 | 537708 |
| Abbott Laboratories | 4413394 | 484547 |
| Elevance Health, Inc. | 796642 | 408653 |
| Bristol-Myers Squibb Company | 4208381 | 302793 |
| Zoetis, Inc., Class A | 1870434 | 274112 |
| Regeneron Pharmaceuticals, Inc.<sup>1</sup> | 350000 | 252521 |
| ResMed, Inc. | 707000 | 147148 |
| Merck & Co., Inc. | 1030839 | 114372 |
| Danaher Corp. | 288000 | 76441 |
| Catalent, Inc.<sup>1</sup> | 1393000 | 62699 |
| Seagen, Inc.<sup>1</sup> | 263404 | 33850 |
|  |  | **22189041** |
| **Information technology 10.88%** |  |  |
| Microsoft Corp. | 26731339 | 6410710 |
| Broadcom, Inc. | 9393333 | 5252094 |
| ASML Holding NV (New York registered) (ADR) | 2523702 | 1378951 |
| ASML Holding NV | 485000 | 262532 |
| Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 20790672 | 1548697 |
| Apple, Inc. | 6908611 | 897636 |
| Mastercard, Inc., Class A | 2126091 | 739306 |
| KLA Corp. | 1926747 | 726441 |
| Intel Corp. | 25100000 | 663393 |
| Applied Materials, Inc. | 6345647 | 617939 |
| Visa, Inc., Class A | 2232320 | 463787 |
| TE Connectivity, Ltd. | 3308205 | 379782 |
| Automatic Data Processing, Inc. | 1025000 | 244831 |
| Fidelity National Information Services, Inc. | 3499288 | 237427 |
| Shopify, Inc., Class A, subordinate voting shares<sup>1</sup> | 6283000 | 218083 |
| Micron Technology, Inc. | 3321000 | 165983 |
| Arista Networks, Inc.<sup>1</sup> | 1260000 | 152901 |
| Paychex, Inc. | 1266994 | 146414 |
| SK hynix, Inc. | 1890000 | 113763 |

---

6 American Balanced Fund

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Information technology (continued)** |  |  |
| Adobe, Inc.<sup>1</sup> | 313932 | $105647 |
| Ceridian HCM Holding, Inc.<sup>1</sup> | 1158000 | 74286 |
| Oracle Corp. | 837900 | 68490 |
|  |  | **20869093** |
| **Consumer discretionary 7.01%** |  |  |
| Home Depot, Inc. | 9094889 | 2872712 |
| Target Corp. | 9838429 | 1466320 |
| D.R. Horton, Inc. | 11795000 | 1051406 |
| General Motors Company | 27700000 | 931828 |
| Amazon.com, Inc.<sup>1</sup> | 10586980 | 889306 |
| Dollar General Corp. | 2702815 | 665568 |
| Darden Restaurants, Inc. | 4716442 | 652425 |
| Las Vegas Sands Corp.<sup>1</sup> | 13500000 | 648945 |
| Dollar Tree Stores, Inc.<sup>1</sup> | 4544600 | 642788 |
| Lennar Corp., Class A | 7053400 | 638333 |
| LVMH Moët Hennessy-Louis Vuitton SE | 679957 | 493952 |
| Booking Holdings, Inc.<sup>1</sup> | 230352 | 464224 |
| McDonald's Corp. | 1713000 | 451427 |
| Aramark | 8568024 | 354202 |
| TJX Companies, Inc. | 4207128 | 334887 |
| Industria de Diseño Textil, SA | 10211953 | 271926 |
| Restaurant Brands International, Inc. | 3793706 | 245339 |
| Chipotle Mexican Grill, Inc.<sup>1</sup> | 84909 | 117810 |
| Marriott International, Inc., Class A | 609583 | 90761 |
| NIKE, Inc., Class B | 757900 | 88682 |
| YUM! Brands, Inc. | 616000 | 78897 |
|  |  | **13451738** |
| **Financials 6.60%** |  |  |
| JPMorgan Chase & Co. | 18580931 | 2491703 |
| Chubb, Ltd. | 5988861 | 1321143 |
| Synchrony Financial | 22145238 | 727693 |
| Bank of America Corp. | 18894292 | 625779 |
| Aon PLC, Class A | 2068427 | 620818 |
| Blackstone, Inc., nonvoting shares | 7416745 | 550248 |
| Arthur J. Gallagher & Co. | 2443121 | 460626 |
| HDFC Bank, Ltd. | 19703000 | 387860 |
| Morgan Stanley | 4550447 | 386879 |
| Wells Fargo & Company | 9178000 | 378960 |
| Goldman Sachs Group, Inc. | 1047100 | 359553 |
| Capital One Financial Corp. | 3782000 | 351575 |
| East West Bancorp, Inc. | 4919195 | 324175 |
| Discover Financial Services | 3275000 | 320393 |
| Apollo Asset Management, Inc. | 4944116 | 315385 |
| Berkshire Hathaway, Inc., Class B<sup>1</sup> | 1011213 | 312364 |
| BlackRock, Inc. | 375700 | 266232 |
| KeyCorp | 14155873 | 246595 |
| S&P Global, Inc. | 702159 | 235181 |
| Blue Owl Capital, Inc., Class A<sup>2</sup> | 21385307 | 226684 |
| PNC Financial Services Group, Inc. | 1387668 | 219168 |
| Brookfield Corp., Class A | 5509000 | 173313 |
| Fifth Third Bancorp | 4737000 | 155421 |
| Progressive Corp. | 1189429 | 154281 |
| Toronto-Dominion Bank (CAD denominated) | 2334400 | 151150 |
| Intercontinental Exchange, Inc. | 1424363 | 146125 |
| Marsh & McLennan Companies, Inc. | 857380 | 141879 |
| CME Group, Inc., Class A | 822000 | 138228 |
| Nasdaq, Inc. | 2221860 | 136311 |
| KKR & Co., Inc. | 2754520 | 127865 |
| Arch Capital Group, Ltd.<sup>1</sup> | 1850944 | 116202 |
| AIA Group, Ltd. | 4970000 | 54754 |
| Brookfield Asset Management, Ltd., Class A | 1377250 | 39486 |
|  |  | **12664029** |

---

American Balanced Fund 7

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Consumer staples 5.85%** |  |  |
| Philip Morris International, Inc. | 40649628 | $4114149 |
| Archer Daniels Midland Company | 13988059 | 1298791 |
| Altria Group, Inc. | 27943233 | 1277285 |
| British American Tobacco PLC | 23479826 | 931555 |
| British American Tobacco PLC (ADR)<sup>2</sup> | 3794000 | 151684 |
| Nestlé SA | 8449093 | 975748 |
| General Mills, Inc. | 5908184 | 495401 |
| Keurig Dr Pepper, Inc. | 11499535 | 410074 |
| Procter & Gamble Company | 2685327 | 406988 |
| Anheuser-Busch InBev SA/NV (ADR)<sup>2</sup> | 4899061 | 294140 |
| Anheuser-Busch InBev SA/NV | 1085664 | 65268 |
| Constellation Brands, Inc., Class A | 1524416 | 353284 |
| Mondelez International, Inc. | 2451717 | 163407 |
| Estée Lauder Companies, Inc., Class A | 636444 | 157908 |
| Kellogg Co. | 1923573 | 137035 |
|  |  | **11232717** |
| **Industrials 5.54%** |  |  |
| Northrop Grumman Corp. | 2679885 | 1462172 |
| Caterpillar, Inc. | 4456908 | 1067697 |
| L3Harris Technologies, Inc. | 4605212 | 958851 |
| Lockheed Martin Corp. | 1691714 | 823002 |
| Carrier Global Corp. | 18015289 | 743131 |
| Boeing Company<sup>1</sup> | 2498715 | 475980 |
| Jacobs Solutions, Inc. | 3600000 | 432252 |
| TransDigm Group, Inc. | 655963 | 413027 |
| United Parcel Service, Inc., Class B | 2354000 | 409219 |
| Union Pacific Corp. | 1927404 | 399108 |
| CSX Corp. | 12339368 | 382274 |
| Raytheon Technologies Corp. | 3495216 | 352737 |
| Quanta Services, Inc. | 2289000 | 326183 |
| Norfolk Southern Corp. | 1297952 | 319841 |
| General Electric Co. | 3750513 | 314256 |
| Rockwell Automation | 1220035 | 314244 |
| Waste Management, Inc. | 1863000 | 292267 |
| Airbus SE, non-registered shares | 1691941 | 201176 |
| Robert Half International, Inc. | 2687700 | 198433 |
| PACCAR, Inc. | 1882742 | 186335 |
| Cintas Corp. | 351377 | 158689 |
| Huntington Ingalls Industries, Inc. | 555000 | 128027 |
| Honeywell International, Inc. | 569516 | 122047 |
| AMETEK, Inc. | 641003 | 89561 |
| ABB, Ltd. | 1779844 | 54210 |
|  |  | **10624719** |
| **Energy 5.31%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated)<sup>2</sup> | 33247013 | 1846265 |
| Pioneer Natural Resources Company | 7551000 | 1724573 |
| Chevron Corp. | 7512124 | 1348351 |
| Halliburton Company | 29136350 | 1146515 |
| ConocoPhillips | 9385563 | 1107496 |
| TC Energy Corp. (CAD denominated)<sup>2</sup> | 15513224 | 618467 |
| Baker Hughes Co., Class A | 13500506 | 398670 |
| EQT Corp. | 11450000 | 387354 |
| Schlumberger, Ltd. | 7100000 | 379566 |
| Hess Corp. | 2000000 | 283640 |
| Coterra Energy, Inc. | 9411441 | 231239 |
| Exxon Mobil Corp. | 1865000 | 205710 |
| Enbridge, Inc. (CAD denominated) | 3331292 | 130201 |
| Enbridge, Inc. | 1284384 | 50219 |
| Enviva, Inc.<sup>2</sup> | 3331927 | 176492 |
| HF Sinclair Corp. | 2979000 | 154580 |
|  |  | **10189338** |

---

8 American Balanced Fund

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Communication services 3.74%** |  |  |
| Alphabet, Inc., Class C<sup>1</sup> | 18518006 | $1643103 |
| Alphabet, Inc., Class A<sup>1</sup> | 5671580 | 500403 |
| Comcast Corp., Class A | 49343815 | 1725553 |
| Charter Communications, Inc., Class A<sup>1</sup> | 3185422 | 1080177 |
| Netflix, Inc.<sup>1</sup> | 3201048 | 943925 |
| Meta Platforms, Inc., Class A<sup>1</sup> | 6451882 | 776420 |
| ZoomInfo Technologies, Inc.<sup>1</sup> | 7670887 | 230970 |
| AT&T, Inc. | 7670000 | 141205 |
| Take-Two Interactive Software, Inc.<sup>1</sup> | 689920 | 71841 |
| Activision Blizzard, Inc. | 930300 | 71214 |
|  |  | **7184811** |
| **Materials 2.33%** |  |  |
| Linde PLC | 2765087 | 901916 |
| Wheaton Precious Metals Corp. | 13795000 | 539109 |
| Vale SA (ADR), ordinary nominative shares | 30946776 | 525167 |
| Royal Gold, Inc.<sup>3</sup> | 3610000 | 406919 |
| Shin-Etsu Chemical Co., Ltd. | 3000000 | 365506 |
| Corteva, Inc. | 5097000 | 299602 |
| CF Industries Holdings, Inc. | 2764000 | 235493 |
| Nucor Corp. | 1499000 | 197583 |
| Franco-Nevada Corp.<sup>2</sup> | 1276573 | 174016 |
| Agnico Eagle Mines, Ltd.<sup>2</sup> | 3208000 | 166784 |
| Rio Tinto PLC | 2158000 | 151419 |
| Grupo México, SAB de CV, Series B | 37571000 | 131898 |
| Dow, Inc. | 2591965 | 130609 |
| Anglo American PLC | 2132000 | 83388 |
| Lundin Mining Corp. | 8597000 | 52763 |
| LyondellBasell Industries NV | 542893 | 45076 |
| First Quantum Minerals, Ltd. | 2006000 | 41913 |
| Glencore PLC | 4131000 | 27623 |
|  |  | **4476784** |
| **Real estate 1.91%** |  |  |
| Crown Castle, Inc. REIT | 6702260 | 909094 |
| Iron Mountain, Inc. REIT | 11890977 | 592765 |
| VICI Properties, Inc. REIT | 17263967 | 559352 |
| Extra Space Storage, Inc. REIT | 3166209 | 466003 |
| Equinix, Inc. REIT | 612808 | 401408 |
| Sun Communities, Inc. REIT | 2715000 | 388245 |
| Gaming and Leisure Properties, Inc. REIT | 5295482 | 275842 |
| American Tower Corp. REIT | 294000 | 62287 |
|  |  | **3654996** |
| **Utilities 1.24%** |  |  |
| CenterPoint Energy, Inc. | 25469141 | 763820 |
| Sempra Energy | 4118752 | 636512 |
| PG&E Corp.<sup>1</sup> | 20303125 | 330129 |
| AES Corp. | 10665000 | 306725 |
| NextEra Energy, Inc. | 3092545 | 258537 |
| National Grid PLC | 7327000 | 88007 |
|  |  | **2383730** |
| **Total common stocks** (cost: $76,669,614,000) |  | **118920996** |
| **Preferred securities 0.01%** |  |  |
| **Financials 0.01%** |  |  |
| CoBank, ACB, Class E, 5.006% noncumulative preferred shares<sup>4,5</sup> | 7440 | **5952** |
| **Total preferred securities** (cost: $5,208,000) |  | **5952** |
| **Convertible stocks 0.11%** |  |  |
| **Health care 0.11%** |  |  |
| Boston Scientific Corp., Series A, convertible preferred shares, 5.50% 6/1/2023 | 996147 | 114378 |
| Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 4/15/2023<sup>2</sup> | 71365 | 96810 |
| **Total convertible stocks** (cost: $187,490,000) |  | **211188** |

---

American Balanced Fund 9

---

| | | | |
|:---|:---|:---|:---|
| **Investment funds 4.53%** | Shares | Shares | Value<br> (000) |
| Capital Group Central Corporate Bond Fund<sup>3</sup> |  | 1067062297 | $8696558 |
| **Total investment funds** (cost: $10,639,567,000) |  |  | **8696558** |
| **Bonds, notes & other debt instruments 28.89%** | Principal amount<br> (000) | Principal amount<br> (000) |  |
| **Mortgage-backed obligations 11.17%** |  |  |  |
| **Federal agency mortgage-backed obligations 10.30%** |  |  |  |
| Fannie Mae Pool #BE7150 3.50% 2/1/2032<sup>6</sup> | USD | 129 | 126 |
| Fannie Mae Pool #357399 5.50% 6/1/2033<sup>6</sup> |  | 68 | 70 |
| Fannie Mae Pool #AS0727 3.50% 10/1/2033<sup>6</sup> |  | 70 | 68 |
| Fannie Mae Pool #555880 5.50% 11/1/2033<sup>6</sup> |  | 739 | 755 |
| Fannie Mae Pool #555956 5.50% 12/1/2033<sup>6</sup> |  | 647 | 668 |
| Fannie Mae Pool #MA2138 3.50% 1/1/2035<sup>6</sup> |  | 152 | 146 |
| Fannie Mae Pool #AA0914 5.00% 7/1/2035<sup>6</sup> |  | 194 | 198 |
| Fannie Mae Pool #745092 6.50% 7/1/2035<sup>6</sup> |  | 705 | 731 |
| Fannie Mae Pool #887695 6.00% 6/1/2036<sup>6</sup> |  | 250 | 261 |
| Fannie Mae Pool #888292 6.00% 3/1/2037<sup>6</sup> |  | 1864 | 1948 |
| Fannie Mae Pool #256860 6.50% 8/1/2037<sup>6</sup> |  | 224 | 232 |
| Fannie Mae Pool #888746 6.50% 10/1/2037<sup>6</sup> |  | 456 | 475 |
| Fannie Mae Pool #MA3280 3.50% 2/1/2038<sup>6</sup> |  | 112 | 108 |
| Fannie Mae Pool #889658 6.50% 6/1/2038<sup>6</sup> |  | 691 | 725 |
| Fannie Mae Pool #MA3412 3.50% 7/1/2038<sup>6</sup> |  | 292 | 278 |
| Fannie Mae Pool #MA3539 4.50% 12/1/2038<sup>6</sup> |  | 104 | 103 |
| Fannie Mae Pool #FM1441 3.50% 8/1/2039<sup>6</sup> |  | 406 | 381 |
| Fannie Mae Pool #AD0679 5.50% 10/1/2039<sup>6</sup> |  | 19 | 20 |
| Fannie Mae Pool #932752 5.00% 4/1/2040<sup>6</sup> |  | 304 | 308 |
| Fannie Mae Pool #AD8536 5.00% 8/1/2040<sup>6</sup> |  | 1092 | 1104 |
| Fannie Mae Pool #AE3049 4.50% 9/1/2040<sup>6</sup> |  | 1926 | 1906 |
| Fannie Mae Pool #AE2513 5.00% 9/1/2040<sup>6</sup> |  | 695 | 704 |
| Fannie Mae Pool #AE4689 5.00% 9/1/2040<sup>6</sup> |  | 259 | 258 |
| Fannie Mae Pool #AE0395 4.50% 10/1/2040<sup>6</sup> |  | 2442 | 2423 |
| Fannie Mae Pool #AE5471 4.50% 10/1/2040<sup>6</sup> |  | 1523 | 1507 |
| Fannie Mae Pool #AH3575 4.50% 1/1/2041<sup>6</sup> |  | 2463 | 2444 |
| Fannie Mae Pool #AH9420 5.00% 4/1/2041<sup>6</sup> |  | 277 | 281 |
| Fannie Mae Pool #AH9370 5.00% 4/1/2041<sup>6</sup> |  | 267 | 268 |
| Fannie Mae Pool #AI2503 4.00% 5/1/2041<sup>6</sup> |  | 1995 | 1917 |
| Fannie Mae Pool #AI0582 5.00% 5/1/2041<sup>6</sup> |  | 505 | 512 |
| Fannie Mae Pool #AH9938 5.00% 5/1/2041<sup>6</sup> |  | 172 | 173 |
| Fannie Mae Pool #AI1865 5.00% 5/1/2041<sup>6</sup> |  | 23 | 23 |
| Fannie Mae Pool #AH5452 5.00% 6/1/2041<sup>6</sup> |  | 373 | 374 |
| Fannie Mae Pool #AI4289 5.00% 6/1/2041<sup>6</sup> |  | 218 | 221 |
| Fannie Mae Pool #AI4296 5.00% 6/1/2041<sup>6</sup> |  | 70 | 71 |
| Fannie Mae Pool #AI4563 5.00% 6/1/2041<sup>6</sup> |  | 5 | 5 |
| Fannie Mae Pool #MA4387 2.00% 7/1/2041<sup>6</sup> |  | 31462 | 26558 |
| Fannie Mae Pool #AI5589 4.50% 7/1/2041<sup>6</sup> |  | 37 | 36 |
| Fannie Mae Pool #AI8121 5.00% 7/1/2041<sup>6</sup> |  | 632 | 641 |
| Fannie Mae Pool #AI7218 5.00% 7/1/2041<sup>6</sup> |  | 299 | 299 |
| Fannie Mae Pool #MA0791 5.00% 7/1/2041<sup>6</sup> |  | 91 | 92 |
| Fannie Mae Pool #AI6576 5.00% 7/1/2041<sup>6</sup> |  | 87 | 89 |
| Fannie Mae Pool #AI7058 5.00% 7/1/2041<sup>6</sup> |  | 49 | 49 |
| Fannie Mae Pool #AI3894 5.00% 8/1/2041<sup>6</sup> |  | 248 | 248 |
| Fannie Mae Pool #AI7159 5.00% 9/1/2041<sup>6</sup> |  | 111 | 112 |
| Fannie Mae Pool #AJ1422 5.00% 9/1/2041<sup>6</sup> |  | 4 | 4 |
| Fannie Mae Pool #MA4501 2.00% 12/1/2041<sup>6</sup> |  | 46733 | 39449 |
| Fannie Mae Pool #FS0305 1.50% 1/1/2042<sup>6</sup> |  | 118271 | 96901 |
| Fannie Mae Pool #MA4520 2.00% 1/1/2042<sup>6</sup> |  | 76851 | 64872 |
| Fannie Mae Pool #AK2147 5.00% 2/1/2042<sup>6</sup> |  | 222 | 220 |
| Fannie Mae Pool #AQ9302 3.50% 1/1/2043<sup>6</sup> |  | 515 | 482 |
| Fannie Mae Pool #AT7696 3.50% 6/1/2043<sup>6</sup> |  | 4819 | 4504 |
| Fannie Mae Pool #AT7689 3.50% 6/1/2043<sup>6</sup> |  | 2114 | 1978 |
| Fannie Mae Pool #AT7680 3.50% 6/1/2043<sup>6</sup> |  | 832 | 778 |
| Fannie Mae Pool #AU8813 4.00% 11/1/2043<sup>6</sup> |  | 269 | 263 |
| Fannie Mae Pool #AU9348 4.00% 11/1/2043<sup>6</sup> |  | 184 | 179 |
| Fannie Mae Pool #AU9350 4.00% 11/1/2043<sup>6</sup> |  | 153 | 148 |
| Fannie Mae Pool #AV1538 4.50% 11/1/2043<sup>6</sup> |  | 3964 | 3898 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045<sup>6</sup> |  | 79604 | 73710 |
| Fannie Mae Pool #AL8354 3.50% 10/1/2045<sup>6</sup> |  | 5759 | 5370 |

---

10 American Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #BC0157 3.50% 1/1/2046<sup>6</sup> | USD | 6716 | $6251 |
| Fannie Mae Pool #AL9499 3.50% 1/1/2046<sup>6</sup> |  | 5253 | 4843 |
| Fannie Mae Pool #AS6789 3.50% 3/1/2046<sup>6</sup> |  | 5396 | 5020 |
| Fannie Mae Pool #MA2608 3.00% 5/1/2046<sup>6</sup> |  | 1260 | 1130 |
| Fannie Mae Pool #AL8522 3.50% 5/1/2046<sup>6</sup> |  | 9346 | 8696 |
| Fannie Mae Pool #AS7168 3.50% 5/1/2046<sup>6</sup> |  | 3703 | 3442 |
| Fannie Mae Pool #BC7611 4.00% 5/1/2046<sup>6</sup> |  | 454 | 435 |
| Fannie Mae Pool #MA2771 3.00% 10/1/2046<sup>6</sup> |  | 1144 | 1025 |
| Fannie Mae Pool #FM2795 3.00% 11/1/2046<sup>6</sup> |  | 3784 | 3394 |
| Fannie Mae Pool #AS8310 3.00% 11/1/2046<sup>6</sup> |  | 2980 | 2679 |
| Fannie Mae Pool #BD9665 4.00% 11/1/2046<sup>6</sup> |  | 909 | 872 |
| Fannie Mae Pool #BE3151 3.50% 1/1/2047<sup>6</sup> |  | 1207 | 1123 |
| Fannie Mae Pool #BE3162 3.50% 1/1/2047<sup>6</sup> |  | 996 | 924 |
| Fannie Mae Pool #BM3528 3.50% 2/1/2047<sup>6</sup> |  | 34645 | 32241 |
| Fannie Mae Pool #BE9242 4.50% 3/1/2047<sup>6</sup> |  | 21 | 21 |
| Fannie Mae Pool #BM1179 3.00% 4/1/2047<sup>6</sup> |  | 3522 | 3156 |
| Fannie Mae Pool #BH7779 3.50% 8/1/2047<sup>6</sup> |  | 28 | 26 |
| Fannie Mae Pool #256893 7.00% 8/1/2047<sup>6</sup> |  | 7 | 8 |
| Fannie Mae Pool #BH4022 3.50% 9/1/2047<sup>6</sup> |  | 16205 | 15038 |
| Fannie Mae Pool #CA0453 4.00% 9/1/2047<sup>6</sup> |  | 19584 | 18698 |
| Fannie Mae Pool #BH6387 3.50% 10/1/2047<sup>6</sup> |  | 365 | 339 |
| Fannie Mae Pool #MA3149 4.00% 10/1/2047<sup>6</sup> |  | 12948 | 12370 |
| Fannie Mae Pool #CA0623 4.50% 10/1/2047<sup>6</sup> |  | 2866 | 2822 |
| Fannie Mae Pool #947661 6.50% 10/1/2047<sup>6</sup> |  | 8 | 8 |
| Fannie Mae Pool #256975 7.00% 10/1/2047<sup>6</sup> |  | 38 | 40 |
| Fannie Mae Pool #920015 7.00% 10/1/2047<sup>6</sup> |  | 16 | 17 |
| Fannie Mae Pool #BF0364 3.00% 11/1/2047<sup>6</sup> |  | 21102 | 19607 |
| Fannie Mae Pool #CA0770 3.50% 11/1/2047<sup>6</sup> |  | 4521 | 4201 |
| Fannie Mae Pool #MA3183 4.00% 11/1/2047<sup>6</sup> |  | 3198 | 3060 |
| Fannie Mae Pool #257030 6.50% 11/1/2047<sup>6</sup> |  | 44 | 45 |
| Fannie Mae Pool #257036 7.00% 11/1/2047<sup>6</sup> |  | 12 | 13 |
| Fannie Mae Pool #CA0854 3.50% 12/1/2047<sup>6</sup> |  | 7443 | 6905 |
| Fannie Mae Pool #BM4413 4.50% 12/1/2047<sup>6</sup> |  | 7008 | 6904 |
| Fannie Mae Pool #BM3332 3.50% 1/1/2048<sup>6</sup> |  | 1482 | 1375 |
| Fannie Mae Pool #BJ4342 4.00% 1/1/2048<sup>6</sup> |  | 234 | 224 |
| Fannie Mae Pool #CA1015 4.00% 1/1/2048<sup>6</sup> |  | 61 | 58 |
| Fannie Mae Pool #BJ8318 4.50% 1/1/2048<sup>6</sup> |  | 86 | 85 |
| Fannie Mae Pool #BK1198 4.00% 2/1/2048<sup>6</sup> |  | 1786 | 1705 |
| Fannie Mae Pool #MA3277 4.00% 2/1/2048<sup>6</sup> |  | 48 | 46 |
| Fannie Mae Pool #BK1135 4.50% 2/1/2048<sup>6</sup> |  | 373 | 365 |
| Fannie Mae Pool #BM3714 3.50% 3/1/2048<sup>6</sup> |  | 5624 | 5217 |
| Fannie Mae Pool #BJ6760 3.50% 3/1/2048<sup>6</sup> |  | 3714 | 3447 |
| Fannie Mae Pool #CA1532 3.50% 4/1/2048<sup>6</sup> |  | 9214 | 8561 |
| Fannie Mae Pool #CA1542 4.00% 4/1/2048<sup>6</sup> |  | 149 | 142 |
| Fannie Mae Pool #BJ9260 4.00% 4/1/2048<sup>6</sup> |  | 17 | 16 |
| Fannie Mae Pool #BM4033 3.50% 5/1/2048<sup>6</sup> |  | 19758 | 18330 |
| Fannie Mae Pool #BJ2751 4.50% 5/1/2048<sup>6</sup> |  | 5716 | 5599 |
| Fannie Mae Pool #BJ5829 4.50% 6/1/2048<sup>6</sup> |  | 63 | 61 |
| Fannie Mae Pool #BF0293 3.00% 7/1/2048<sup>6</sup> |  | 66658 | 59269 |
| Fannie Mae Pool #BF0318 3.50% 8/1/2048<sup>6</sup> |  | 30343 | 27953 |
| Fannie Mae Pool #BM2007 4.00% 9/1/2048<sup>6</sup> |  | 497 | 475 |
| Fannie Mae Pool #FM1784 4.00% 9/1/2048<sup>6</sup> |  | 208 | 198 |
| Fannie Mae Pool #BF0323 3.00% 11/1/2048<sup>6</sup> |  | 31509 | 28017 |
| Fannie Mae Pool #BF0325 3.50% 11/1/2048<sup>6</sup> |  | 40239 | 37069 |
| Fannie Mae Pool #CA2642 4.50% 11/1/2048<sup>6</sup> |  | 166 | 162 |
| Fannie Mae Pool #CA3068 3.50% 2/1/2049<sup>6</sup> |  | 5599 | 5185 |
| Fannie Mae Pool #CA3184 4.00% 3/1/2049<sup>6</sup> |  | 280 | 268 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049<sup>6</sup> |  | 20827 | 19296 |
| Fannie Mae Pool #CA3807 3.00% 7/1/2049<sup>6</sup> |  | 4941 | 4423 |
| Fannie Mae Pool #CA3806 3.00% 7/1/2049<sup>6</sup> |  | 3188 | 2855 |
| Fannie Mae Pool #CA3814 3.50% 7/1/2049<sup>6</sup> |  | 919 | 859 |
| Fannie Mae Pool #CA4079 3.50% 8/1/2049<sup>6</sup> |  | 20931 | 19294 |
| Fannie Mae Pool #BO1345 3.50% 8/1/2049<sup>6</sup> |  | 33 | 30 |
| Fannie Mae Pool #CA3976 4.00% 8/1/2049<sup>6</sup> |  | 1564 | 1489 |
| Fannie Mae Pool #FM1668 4.00% 8/1/2049<sup>6</sup> |  | 156 | 148 |
| Fannie Mae Pool #FM2318 3.50% 9/1/2049<sup>6</sup> |  | 24324 | 22526 |
| Fannie Mae Pool #CA4112 3.50% 9/1/2049<sup>6</sup> |  | 1038 | 971 |

---

American Balanced Fund 11

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #FM1913 4.00% 9/1/2049<sup>6</sup> | USD | 3557 | $3395 |
| Fannie Mae Pool #CA4432 4.00% 10/1/2049<sup>6</sup> |  | 175 | 166 |
| Fannie Mae Pool #CA4533 3.00% 11/1/2049<sup>6</sup> |  | 35802 | 32094 |
| Fannie Mae Pool #BO5349 3.50% 11/1/2049<sup>6</sup> |  | 47 | 44 |
| Fannie Mae Pool #CA4756 3.00% 12/1/2049<sup>6</sup> |  | 19148 | 17072 |
| Fannie Mae Pool #BO4808 3.00% 12/1/2049<sup>6</sup> |  | 14686 | 13051 |
| Fannie Mae Pool #CA4800 3.50% 12/1/2049<sup>6</sup> |  | 54281 | 50751 |
| Fannie Mae Pool #CA5659 2.50% 5/1/2050<sup>6</sup> |  | 1212 | 1030 |
| Fannie Mae Pool #CA5968 2.50% 6/1/2050<sup>6</sup> |  | 48222 | 41440 |
| Fannie Mae Pool #CA6579 2.00% 8/1/2050<sup>6</sup> |  | 50485 | 41542 |
| Fannie Mae Pool #CA6593 2.50% 8/1/2050<sup>6</sup> |  | 42332 | 36449 |
| Fannie Mae Pool #MA4096 2.50% 8/1/2050<sup>6</sup> |  | 13834 | 11816 |
| Fannie Mae Pool #BP6715 2.00% 9/1/2050<sup>6</sup> |  | 138 | 113 |
| Fannie Mae Pool #CA7028 2.50% 9/1/2050<sup>6</sup> |  | 2357 | 2035 |
| Fannie Mae Pool #CA7599 2.50% 11/1/2050<sup>6</sup> |  | 39140 | 33757 |
| Fannie Mae Pool #CA7606 3.00% 11/1/2050<sup>6</sup> |  | 109716 | 98313 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050<sup>6</sup> |  | 204622 | 167553 |
| Fannie Mae Pool #CA8285 3.00% 12/1/2050<sup>6</sup> |  | 51457 | 46158 |
| Fannie Mae Pool #CA8046 3.00% 12/1/2050<sup>6</sup> |  | 34910 | 31346 |
| Fannie Mae Pool #CA8828 2.50% 2/1/2051<sup>6</sup> |  | 26480 | 22762 |
| Fannie Mae Pool #CA9308 3.00% 2/1/2051<sup>6</sup> |  | 130561 | 114914 |
| Fannie Mae Pool #CA8870 3.00% 2/1/2051<sup>6</sup> |  | 118196 | 104816 |
| Fannie Mae Pool #CA8969 3.00% 2/1/2051<sup>6</sup> |  | 1389 | 1230 |
| Fannie Mae Pool #CB0290 2.00% 4/1/2051<sup>6</sup> |  | 349248 | 285699 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051<sup>6</sup> |  | 4459 | 3646 |
| Fannie Mae Pool #CB0496 2.00% 5/1/2051<sup>6</sup> |  | 233298 | 190686 |
| Fannie Mae Pool #MA4325 2.00% 5/1/2051<sup>6</sup> |  | 194176 | 158745 |
| Fannie Mae Pool #BR1035 2.00% 5/1/2051<sup>6</sup> |  | 2629 | 2148 |
| Fannie Mae Pool #CB0457 2.50% 5/1/2051<sup>6</sup> |  | 188571 | 160354 |
| Fannie Mae Pool #CB0738 3.00% 6/1/2051<sup>6</sup> |  | 1804 | 1588 |
| Fannie Mae Pool #CB1135 2.50% 7/1/2051<sup>6</sup> |  | 654 | 555 |
| Fannie Mae Pool #FM8453 3.00% 8/1/2051<sup>6</sup> |  | 53513 | 47712 |
| Fannie Mae Pool #BU3295 2.50% 10/1/2051<sup>6</sup> |  | 3896 | 3310 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051<sup>6</sup> |  | 21064 | 17268 |
| Fannie Mae Pool #CB2874 2.50% 11/1/2051<sup>6</sup> |  | 95 | 81 |
| Fannie Mae Pool #FM9632 3.00% 11/1/2051<sup>6</sup> |  | 44964 | 39804 |
| Fannie Mae Pool #CB2078 3.00% 11/1/2051<sup>6</sup> |  | 29730 | 26162 |
| Fannie Mae Pool #FM9631 3.00% 11/1/2051<sup>6</sup> |  | 19129 | 16969 |
| Fannie Mae Pool #CB2375 2.50% 12/1/2051<sup>6</sup> |  | 83798 | 71527 |
| Fannie Mae Pool #CB2319 2.50% 12/1/2051<sup>6</sup> |  | 82933 | 70906 |
| Fannie Mae Pool #CB2286 2.50% 12/1/2051<sup>6</sup> |  | 45910 | 39252 |
| Fannie Mae Pool #CB2372 2.50% 12/1/2051<sup>6</sup> |  | 39732 | 33970 |
| Fannie Mae Pool #BT9483 2.50% 12/1/2051<sup>6</sup> |  | 31685 | 27090 |
| Fannie Mae Pool #BT9510 2.50% 12/1/2051<sup>6</sup> |  | 31437 | 26919 |
| Fannie Mae Pool #CB2371 2.50% 12/1/2051<sup>6</sup> |  | 23119 | 19796 |
| Fannie Mae Pool #CB2373 2.50% 12/1/2051<sup>6</sup> |  | 14356 | 12274 |
| Fannie Mae Pool #BU3058 2.50% 12/1/2051<sup>6</sup> |  | 498 | 423 |
| Fannie Mae Pool #CB2432 3.00% 12/1/2051<sup>6</sup> |  | 2999 | 2636 |
| Fannie Mae Pool #BV1172 3.00% 12/1/2051<sup>6</sup> |  | 2679 | 2355 |
| Fannie Mae Pool #FM9850 3.00% 12/1/2051<sup>6</sup> |  | 384 | 338 |
| Fannie Mae Pool #BT5284 3.00% 12/1/2051<sup>6</sup> |  | 119 | 104 |
| Fannie Mae Pool #FS0381 2.50% 1/1/2052<sup>6</sup> |  | 997 | 846 |
| Fannie Mae Pool #FS0235 2.50% 1/1/2052<sup>6</sup> |  | 408 | 346 |
| Fannie Mae Pool #BU7552 2.50% 1/1/2052<sup>6</sup> |  | 82 | 69 |
| Fannie Mae Pool #CB2555 2.50% 1/1/2052<sup>6</sup> |  | 45 | 39 |
| Fannie Mae Pool #CB2523 2.50% 1/1/2052<sup>6</sup> |  | 23 | 20 |
| Fannie Mae Pool #FS0182 3.00% 1/1/2052<sup>6</sup> |  | 39151 | 34464 |
| Fannie Mae Pool #FS0124 3.00% 1/1/2052<sup>6</sup> |  | 2369 | 2089 |
| Fannie Mae Pool #CB2670 3.00% 1/1/2052<sup>6</sup> |  | 1213 | 1067 |
| Fannie Mae Pool #FS0303 3.00% 1/1/2052<sup>6</sup> |  | 742 | 652 |
| Fannie Mae Pool #FS0972 3.50% 1/1/2052<sup>6</sup> |  | 7225 | 6697 |
| Fannie Mae Pool #CB2765 2.00% 2/1/2052<sup>6</sup> |  | 65849 | 54143 |
| Fannie Mae Pool #CB3666 2.50% 2/1/2052<sup>6</sup> |  | 9352 | 7931 |
| Fannie Mae Pool #FS0546 2.50% 2/1/2052<sup>6</sup> |  | 998 | 846 |
| Fannie Mae Pool #CB2864 2.50% 2/1/2052<sup>6</sup> |  | 96 | 81 |
| Fannie Mae Pool #BV2217 2.50% 2/1/2052<sup>6</sup> |  | 65 | 56 |
| Fannie Mae Pool #CB2865 2.50% 2/1/2052<sup>6</sup> |  | 64 | 54 |

---

12 American Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #BV3674 2.50% 2/1/2052<sup>6</sup> | USD | 63 | $53 |
| Fannie Mae Pool #BV1105 2.50% 2/1/2052<sup>6</sup> |  | 44 | 38 |
| Fannie Mae Pool #CB2882 3.00% 2/1/2052<sup>6</sup> |  | 83652 | 74048 |
| Fannie Mae Pool #CB2800 3.00% 2/1/2052<sup>6</sup> |  | 45537 | 40037 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052<sup>6</sup> |  | 11460 | 10229 |
| Fannie Mae Pool #CB2896 3.00% 2/1/2052<sup>6</sup> |  | 457 | 402 |
| Fannie Mae Pool #CB2929 3.00% 2/1/2052<sup>6</sup> |  | 92 | 81 |
| Fannie Mae Pool #BV5800 2.50% 3/1/2052<sup>6</sup> |  | 1470 | 1246 |
| Fannie Mae Pool #CB3158 2.50% 3/1/2052<sup>6</sup> |  | 92 | 79 |
| Fannie Mae Pool #BU6885 2.50% 3/1/2052<sup>6</sup> |  | 64 | 54 |
| Fannie Mae Pool #BT8111 2.50% 3/1/2052<sup>6</sup> |  | 29 | 24 |
| Fannie Mae Pool #CB3236 3.00% 3/1/2052<sup>6</sup> |  | 119938 | 105373 |
| Fannie Mae Pool #FS1030 3.00% 3/1/2052<sup>6</sup> |  | 52000 | 45709 |
| Fannie Mae Pool #FS0831 3.00% 3/1/2052<sup>6</sup> |  | 1767 | 1553 |
| Fannie Mae Pool #BV5789 3.00% 3/1/2052<sup>6</sup> |  | 495 | 435 |
| Fannie Mae Pool #BV4631 3.00% 3/1/2052<sup>6</sup> |  | 458 | 404 |
| Fannie Mae Pool #MA4564 3.00% 3/1/2052<sup>6</sup> |  | 432 | 380 |
| Fannie Mae Pool #BV2954 3.00% 3/1/2052<sup>6</sup> |  | 203 | 179 |
| Fannie Mae Pool #FS0957 3.00% 3/1/2052<sup>6</sup> |  | 199 | 175 |
| Fannie Mae Pool #BV3353 3.00% 3/1/2052<sup>6</sup> |  | 180 | 158 |
| Fannie Mae Pool #CB3177 3.50% 3/1/2052<sup>6</sup> |  | 53879 | 49033 |
| Fannie Mae Pool #MA4578 2.50% 4/1/2052<sup>6</sup> |  | 100756 | 85466 |
| Fannie Mae Pool #FS1922 2.50% 4/1/2052<sup>6</sup> |  | 17966 | 15257 |
| Fannie Mae Pool #BV8126 2.50% 4/1/2052<sup>6</sup> |  | 918 | 780 |
| Fannie Mae Pool #BV7745 2.50% 4/1/2052<sup>6</sup> |  | 95 | 80 |
| Fannie Mae Pool #BV7096 2.50% 4/1/2052<sup>6</sup> |  | 68 | 58 |
| Fannie Mae Pool #FS3275 3.00% 4/1/2052<sup>6</sup> |  | 222621 | 195685 |
| Fannie Mae Pool #BV9613 3.00% 4/1/2052<sup>6</sup> |  | 24742 | 21750 |
| Fannie Mae Pool #BV8117 3.00% 4/1/2052<sup>6</sup> |  | 9467 | 8318 |
| Fannie Mae Pool #BU8945 3.00% 4/1/2052<sup>6</sup> |  | 6543 | 5749 |
| Fannie Mae Pool #BV5386 3.00% 4/1/2052<sup>6</sup> |  | 974 | 859 |
| Fannie Mae Pool #CB3364 3.00% 4/1/2052<sup>6</sup> |  | 319 | 281 |
| Fannie Mae Pool #BV4694 3.00% 4/1/2052<sup>6</sup> |  | 315 | 277 |
| Fannie Mae Pool #BV4660 3.00% 4/1/2052<sup>6</sup> |  | 259 | 227 |
| Fannie Mae Pool #BU8944 3.00% 4/1/2052<sup>6</sup> |  | 102 | 90 |
| Fannie Mae Pool #CB3417 3.50% 4/1/2052<sup>6</sup> |  | 25027 | 22773 |
| Fannie Mae Pool #BV9644 2.50% 5/1/2052<sup>6</sup> |  | 8772 | 7439 |
| Fannie Mae Pool #BV7521 2.50% 5/1/2052<sup>6</sup> |  | 1996 | 1692 |
| Fannie Mae Pool #CB3665 2.50% 5/1/2052<sup>6</sup> |  | 998 | 847 |
| Fannie Mae Pool #MA4598 2.50% 5/1/2052<sup>6</sup> |  | 26 | 22 |
| Fannie Mae Pool #CB3495 3.00% 5/1/2052<sup>6</sup> |  | 35841 | 31493 |
| Fannie Mae Pool #BV5578 3.00% 5/1/2052<sup>6</sup> |  | 26241 | 23056 |
| Fannie Mae Pool #BT8113 3.00% 5/1/2052<sup>6</sup> |  | 6604 | 5803 |
| Fannie Mae Pool #BU8850 3.00% 5/1/2052<sup>6</sup> |  | 5610 | 4932 |
| Fannie Mae Pool #BT8220 3.00% 5/1/2052<sup>6</sup> |  | 4906 | 4313 |
| Fannie Mae Pool #BW1734 3.00% 5/1/2052<sup>6</sup> |  | 2635 | 2317 |
| Fannie Mae Pool #BV9835 3.00% 5/1/2052<sup>6</sup> |  | 989 | 869 |
| Fannie Mae Pool #BV2443 3.00% 5/1/2052<sup>6</sup> |  | 606 | 533 |
| Fannie Mae Pool #BT7819 3.00% 5/1/2052<sup>6</sup> |  | 63 | 56 |
| Fannie Mae Pool #BV9819 3.00% 5/1/2052<sup>6</sup> |  | 52 | 46 |
| Fannie Mae Pool #CB3581 3.00% 5/1/2052<sup>6</sup> |  | 35 | 30 |
| Fannie Mae Pool #MA4600 3.50% 5/1/2052<sup>6</sup> |  | 137731 | 125261 |
| Fannie Mae Pool #CB3620 4.00% 5/1/2052<sup>6</sup> |  | 97988 | 92039 |
| Fannie Mae Pool #FS1834 4.00% 5/1/2052<sup>6</sup> |  | 45525 | 43006 |
| Fannie Mae Pool #CB3653 5.00% 5/1/2052<sup>6</sup> |  | 31 | 31 |
| Fannie Mae Pool #BV9700 2.50% 6/1/2052<sup>6</sup> |  | 980 | 832 |
| Fannie Mae Pool #BW2170 2.50% 6/1/2052<sup>6</sup> |  | 25 | 21 |
| Fannie Mae Pool #BW2909 3.00% 6/1/2052<sup>6</sup> |  | 4433 | 3897 |
| Fannie Mae Pool #BW1128 3.00% 6/1/2052<sup>6</sup> |  | 2000 | 1758 |
| Fannie Mae Pool #CB3890 3.00% 6/1/2052<sup>6</sup> |  | 1492 | 1311 |
| Fannie Mae Pool #MA4624 3.00% 6/1/2052<sup>6</sup> |  | 1040 | 914 |
| Fannie Mae Pool #BV2451 3.00% 6/1/2052<sup>6</sup> |  | 792 | 696 |
| Fannie Mae Pool #BV2452 3.00% 6/1/2052<sup>6</sup> |  | 761 | 669 |
| Fannie Mae Pool #BV5624 3.00% 6/1/2052<sup>6</sup> |  | 500 | 439 |
| Fannie Mae Pool #CB3896 3.00% 6/1/2052<sup>6</sup> |  | 197 | 173 |
| Fannie Mae Pool #BW1449 3.00% 6/1/2052<sup>6</sup> |  | 38 | 33 |
| Fannie Mae Pool #MA4684 4.50% 6/1/2052<sup>6</sup> |  | 145 | 139 |

---

American Balanced Fund 13

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #BV7868 2.50% 7/1/2052<sup>6</sup> | USD | 2015 | $1709 |
| Fannie Mae Pool #BV7830 2.50% 7/1/2052<sup>6</sup> |  | 60 | 51 |
| Fannie Mae Pool #BW8071 2.50% 7/1/2052<sup>6</sup> |  | 28 | 24 |
| Fannie Mae Pool #MA4653 3.00% 7/1/2052<sup>6</sup> |  | 1500 | 1318 |
| Fannie Mae Pool #BW3384 3.00% 7/1/2052<sup>6</sup> |  | 656 | 577 |
| Fannie Mae Pool #BV2586 3.00% 7/1/2052<sup>6</sup> |  | 26 | 23 |
| Fannie Mae Pool #MA4654 3.50% 7/1/2052<sup>6</sup> |  | 14988 | 13637 |
| Fannie Mae Pool #BW0015 4.00% 7/1/2052<sup>6</sup> |  | 61 | 58 |
| Fannie Mae Pool #MA4656 4.50% 7/1/2052<sup>6</sup> |  | 27120 | 26132 |
| Fannie Mae Pool #FS2555 4.50% 7/1/2052<sup>6</sup> |  | 105 | 101 |
| Fannie Mae Pool #MA4743 2.50% 8/1/2052<sup>6</sup> |  | 1996 | 1693 |
| Fannie Mae Pool #BW7756 3.00% 8/1/2052<sup>6</sup> |  | 717 | 631 |
| Fannie Mae Pool #MA4698 3.00% 8/1/2052<sup>6</sup> |  | 388 | 341 |
| Fannie Mae Pool #BW7293 3.50% 8/1/2052<sup>6</sup> |  | 4000 | 3639 |
| Fannie Mae Pool #MA4700 4.00% 8/1/2052<sup>6</sup> |  | 275956 | 259116 |
| Fannie Mae Pool #BW2284 4.50% 8/1/2052<sup>6</sup> |  | 3526 | 3397 |
| Fannie Mae Pool #FS2574 5.00% 8/1/2052<sup>6</sup> |  | 1000 | 987 |
| Fannie Mae Pool #BW9411 5.00% 8/1/2052<sup>6</sup> |  | 897 | 886 |
| Fannie Mae Pool #BW8210 5.00% 8/1/2052<sup>6</sup> |  | 500 | 494 |
| Fannie Mae Pool #BW9206 5.50% 8/1/2052<sup>6</sup> |  | 190 | 195 |
| Fannie Mae Pool #MA4730 3.00% 9/1/2052<sup>6</sup> |  | 944 | 830 |
| Fannie Mae Pool #BW1195 3.00% 9/1/2052<sup>6</sup> |  | 213 | 187 |
| Fannie Mae Pool #BW7349 3.00% 9/1/2052<sup>6</sup> |  | 68 | 60 |
| Fannie Mae Pool #MA4732 4.00% 9/1/2052<sup>6</sup> |  | 31328 | 29417 |
| Fannie Mae Pool #MA4733 4.50% 9/1/2052<sup>6</sup> |  | 203346 | 195928 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052<sup>6</sup> |  | 10253 | 9878 |
| Fannie Mae Pool #MA4761 5.00% 9/1/2052<sup>6</sup> |  | 1257445 | 1241234 |
| Fannie Mae Pool #CB5208 5.00% 9/1/2052<sup>6</sup> |  | 45 | 44 |
| Fannie Mae Pool #BV0958 5.00% 9/1/2052<sup>6</sup> |  | 44 | 43 |
| Fannie Mae Pool #MA4824 2.50% 10/1/2052<sup>6</sup> |  | 3145 | 2668 |
| Fannie Mae Pool #BW1258 3.00% 10/1/2052<sup>6</sup> |  | 1070 | 940 |
| Fannie Mae Pool #MA4781 3.00% 10/1/2052<sup>6</sup> |  | 817 | 718 |
| Fannie Mae Pool #BW1216 3.00% 10/1/2052<sup>6</sup> |  | 240 | 211 |
| Fannie Mae Pool #MA4782 3.50% 10/1/2052<sup>6</sup> |  | 6999 | 6367 |
| Fannie Mae Pool #MA4783 4.00% 10/1/2052<sup>6</sup> |  | 80708 | 75782 |
| Fannie Mae Pool #BW8980 4.00% 10/1/2052<sup>6</sup> |  | 2530 | 2375 |
| Fannie Mae Pool #BW8987 4.00% 10/1/2052<sup>6</sup> |  | 1000 | 939 |
| Fannie Mae Pool #MA4784 4.50% 10/1/2052<sup>6</sup> |  | 144215 | 138950 |
| Fannie Mae Pool #CB4800 4.50% 10/1/2052<sup>6</sup> |  | 42171 | 40631 |
| Fannie Mae Pool #BW8745 4.50% 10/1/2052<sup>6</sup> |  | 21449 | 20666 |
| Fannie Mae Pool #CB4959 4.50% 10/1/2052<sup>6</sup> |  | 20422 | 19676 |
| Fannie Mae Pool #BX2952 5.00% 10/1/2052<sup>6</sup> |  | 999 | 997 |
| Fannie Mae Pool #BW7235 5.00% 10/1/2052<sup>6</sup> |  | 987 | 974 |
| Fannie Mae Pool #BX0892 5.00% 10/1/2052<sup>6</sup> |  | 230 | 227 |
| Fannie Mae Pool #BW7796 5.00% 10/1/2052<sup>6</sup> |  | 45 | 44 |
| Fannie Mae Pool #MA4885 3.00% 11/1/2052<sup>6</sup> |  | 3498 | 3075 |
| Fannie Mae Pool #MA4802 3.00% 11/1/2052<sup>6</sup> |  | 42 | 37 |
| Fannie Mae Pool #BW1306 3.50% 11/1/2052<sup>6</sup> |  | 5258 | 4784 |
| Fannie Mae Pool #MA4804 4.00% 11/1/2052<sup>6</sup> |  | 115864 | 108793 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052<sup>6</sup> |  | 217304 | 209371 |
| Fannie Mae Pool #BX1042 4.50% 11/1/2052<sup>6</sup> |  | 200 | 193 |
| Fannie Mae Pool #MA4806 5.00% 11/1/2052<sup>6</sup> |  | 4204 | 4149 |
| Fannie Mae Pool #BW7491 5.00% 11/1/2052<sup>6</sup> |  | 49 | 48 |
| Fannie Mae Pool #BX2554 5.00% 11/1/2052<sup>6</sup> |  | 29 | 29 |
| Fannie Mae Pool #MA4911 3.00% 12/1/2052<sup>6</sup> |  | 2770 | 2435 |
| Fannie Mae Pool #MA4838 3.50% 12/1/2052<sup>6</sup> |  | 33965 | 30899 |
| Fannie Mae Pool #MA4839 4.00% 12/1/2052<sup>6</sup> |  | 3063 | 2876 |
| Fannie Mae Pool #BW1385 4.00% 12/1/2052<sup>6</sup> |  | 348 | 327 |
| Fannie Mae Pool #MA4840 4.50% 12/1/2052<sup>6</sup> |  | 201345 | 193995 |
| Fannie Mae Pool #MA4841 5.00% 12/1/2052<sup>6</sup> |  | 2500 | 2468 |
| Fannie Mae Pool #BX4397 5.00% 12/1/2052<sup>6</sup> |  | 1000 | 995 |
| Fannie Mae Pool #BX4020 5.00% 12/1/2052<sup>6</sup> |  | 790 | 780 |
| Fannie Mae Pool #BX4004 5.50% 12/1/2052<sup>6</sup> |  | 290 | 291 |
| Fannie Mae Pool #BX1071 6.50% 12/1/2052<sup>6</sup> |  | 3177 | 3259 |
| Fannie Mae Pool #MA4877 6.50% 12/1/2052<sup>6</sup> |  | 2054 | 2107 |
| Fannie Mae Pool #BX3730 6.50% 12/1/2052<sup>6</sup> |  | 1409 | 1446 |
| Fannie Mae Pool #BX2466 6.50% 12/1/2052<sup>6</sup> |  | 1220 | 1252 |

---

14 American Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #MA4902 3.50% 1/1/2053<sup>6</sup> | USD | 9314 | $8473 |
| Fannie Mae Pool #MA4866 4.00% 1/1/2053<sup>6</sup> |  | 327 | 307 |
| Fannie Mae Pool #MA4868 5.00% 1/1/2053<sup>6</sup> |  | 817 | 806 |
| Fannie Mae Pool #MA4895 6.50% 1/1/2053<sup>6</sup> |  | 572 | 586 |
| Fannie Mae Pool #BF0174 3.00% 2/1/2057<sup>6</sup> |  | 5620 | 4961 |
| Fannie Mae Pool #BF0177 3.00% 2/1/2057<sup>6</sup> |  | 5444 | 4799 |
| Fannie Mae Pool #BF0145 3.50% 3/1/2057<sup>6</sup> |  | 117841 | 107814 |
| Fannie Mae Pool #BF0189 3.00% 6/1/2057<sup>6</sup> |  | 8626 | 7605 |
| Fannie Mae Pool #BF0219 3.50% 9/1/2057<sup>6</sup> |  | 26325 | 24213 |
| Fannie Mae Pool #BF0226 3.50% 1/1/2058<sup>6</sup> |  | 36989 | 34040 |
| Fannie Mae Pool #BF0262 3.00% 5/1/2058<sup>6</sup> |  | 456 | 402 |
| Fannie Mae Pool #BF0332 3.00% 1/1/2059<sup>6</sup> |  | 67768 | 59743 |
| Fannie Mae Pool #BM6736 4.50% 11/1/2059<sup>6</sup> |  | 3507 | 3423 |
| Fannie Mae Pool #BF0481 3.50% 6/1/2060<sup>6</sup> |  | 93390 | 85801 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060<sup>6</sup> |  | 55216 | 48376 |
| Fannie Mae Pool #BF0548 3.00% 7/1/2061<sup>6</sup> |  | 59396 | 51849 |
| Fannie Mae Pool #BF0547 3.00% 7/1/2061<sup>6</sup> |  | 39449 | 34871 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061<sup>6</sup> |  | 60256 | 58783 |
| Fannie Mae, Series 2013-M12, Class APT, Multi Family, 2.491% 3/25/2023<sup>5,6</sup> |  | 111 | 110 |
| Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 1/25/2024<sup>5,6</sup> |  | 3410 | 3348 |
| Fannie Mae, Series 2017-M3, Class AV2, Multi Family, 2.538% 5/25/2024<sup>5,6</sup> |  | 377 | 367 |
| Fannie Mae, Series 2017-M10, Class AV2, Multi Family, 2.54% 7/25/2024<sup>5,6</sup> |  | 696 | 673 |
| Fannie Mae, Series 2014-M9, Class A2, Multi Family, 3.103% 7/25/2024<sup>5,6</sup> |  | 8802 | 8524 |
| Fannie Mae, Series 2017-M15, Class AV2, Multi Family, 2.564% 11/25/2024<sup>5,6</sup> |  | 444 | 428 |
| Fannie Mae, Series 2016-M5, Class A1, Multi Family, 2.073% 4/25/2026<sup>6</sup> |  | 332 | 324 |
| Fannie Mae, Series 2017-M3, Class A2, Multi Family, 2.471% 12/25/2026<sup>5,6</sup> |  | 29037 | 26797 |
| Fannie Mae, Series 2017-M7, Class A2, Multi Family, 2.961% 2/25/2027<sup>5,6</sup> |  | 19983 | 18791 |
| Fannie Mae, Series 2017-M12, Class A2, Multi Family, 3.062% 6/25/2027<sup>5,6</sup> |  | 22534 | 21148 |
| Fannie Mae, Series 2006-43, Class JO, principal only, 0% 6/25/2036<sup>6</sup> |  | 314 | 260 |
| Freddie Mac Pool #ZJ9097 5.00% 2/1/2024<sup>6</sup> |  | 26 | 26 |
| Freddie Mac Pool #ZS9118 5.00% 3/1/2024<sup>6</sup> |  | 6 | 6 |
| Freddie Mac Pool #ZA1894 5.00% 8/1/2025<sup>6</sup> |  | 4 | 4 |
| Freddie Mac Pool #ZA1914 5.00% 12/1/2025<sup>6</sup> |  | 7 | 7 |
| Freddie Mac Pool #ZA1927 5.00% 3/1/2026<sup>6</sup> |  | 17 | 17 |
| Freddie Mac Pool #ZA1950 6.50% 8/1/2026<sup>6</sup> |  | 89 | 90 |
| Freddie Mac Pool #ZS8832 5.00% 3/1/2027<sup>6</sup> |  | 2 | 2 |
| Freddie Mac Pool #ZA1997 5.00% 4/1/2027<sup>6</sup> |  | 38 | 38 |
| Freddie Mac Pool #D97504 6.50% 12/1/2027<sup>6</sup> |  | 88 | 89 |
| Freddie Mac Pool #C91130 6.50% 12/1/2027<sup>6</sup> |  | 50 | 51 |
| Freddie Mac Pool #C91150 6.50% 1/1/2028<sup>6</sup> |  | 68 | 70 |
| Freddie Mac Pool #G16210 3.50% 6/1/2032<sup>6</sup> |  | 33 | 32 |
| Freddie Mac Pool #ZA2384 3.50% 6/1/2035<sup>6</sup> |  | 205 | 196 |
| Freddie Mac Pool #A56076 5.50% 1/1/2037<sup>6</sup> |  | 12 | 12 |
| Freddie Mac Pool #C91912 3.00% 2/1/2037<sup>6</sup> |  | 16385 | 15244 |
| Freddie Mac Pool #C91917 3.00% 2/1/2037<sup>6</sup> |  | 7341 | 6825 |
| Freddie Mac Pool #G06028 5.50% 7/1/2037<sup>6</sup> |  | 140 | 141 |
| Freddie Mac Pool #G08248 5.50% 2/1/2038<sup>6</sup> |  | 42 | 44 |
| Freddie Mac Pool #ZA2505 3.50% 5/1/2038<sup>6</sup> |  | 77 | 72 |
| Freddie Mac Pool #ZT1449 3.00% 6/1/2038<sup>6</sup> |  | 7616 | 7073 |
| Freddie Mac Pool #G04552 6.00% 9/1/2038<sup>6</sup> |  | 362 | 376 |
| Freddie Mac Pool #G05979 5.50% 10/1/2038<sup>6</sup> |  | 20 | 21 |
| Freddie Mac Pool #G05546 5.50% 7/1/2039<sup>6</sup> |  | 83 | 87 |
| Freddie Mac Pool #A90351 4.50% 1/1/2040<sup>6</sup> |  | 107 | 105 |
| Freddie Mac Pool #G05937 4.50% 8/1/2040<sup>6</sup> |  | 2439 | 2423 |
| Freddie Mac Pool #A97543 4.50% 3/1/2041<sup>6</sup> |  | 374 | 372 |
| Freddie Mac Pool #A97669 4.50% 3/1/2041<sup>6</sup> |  | 153 | 152 |
| Freddie Mac Pool #Q01190 4.50% 6/1/2041<sup>6</sup> |  | 86 | 85 |
| Freddie Mac Pool #Q01160 5.00% 6/1/2041<sup>6</sup> |  | 134 | 136 |
| Freddie Mac Pool #Q03821 4.50% 10/1/2041<sup>6</sup> |  | 379 | 377 |
| Freddie Mac Pool #Q03795 4.50% 10/1/2041<sup>6</sup> |  | 29 | 28 |
| Freddie Mac Pool #Q11220 3.50% 9/1/2042<sup>6</sup> |  | 437 | 410 |
| Freddie Mac Pool #V80026 3.00% 4/1/2043<sup>6</sup> |  | 28 | 26 |
| Freddie Mac Pool #G07921 3.50% 4/1/2043<sup>6</sup> |  | 368 | 345 |
| Freddie Mac Pool #Q23190 4.00% 11/1/2043<sup>6</sup> |  | 220 | 212 |
| Freddie Mac Pool #Q23185 4.00% 11/1/2043<sup>6</sup> |  | 186 | 182 |
| Freddie Mac Pool #Q26734 4.00% 6/1/2044<sup>6</sup> |  | 1728 | 1669 |
| Freddie Mac Pool #SD0480 3.50% 6/1/2045<sup>6</sup> |  | 9711 | 9095 |

---

American Balanced Fund 15

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #760014 2.74% 8/1/2045<sup>5,6</sup> | USD | 715 | $691 |
| Freddie Mac Pool #Q37988 4.00% 12/1/2045<sup>6</sup> |  | 4258 | 4094 |
| Freddie Mac Pool #G60344 4.00% 12/1/2045<sup>6</sup> |  | 3665 | 3524 |
| Freddie Mac Pool #Z40130 3.00% 1/1/2046<sup>6</sup> |  | 14713 | 13314 |
| Freddie Mac Pool #Q40476 4.00% 4/1/2046<sup>6</sup> |  | 2642 | 2536 |
| Freddie Mac Pool #Q40458 4.00% 4/1/2046<sup>6</sup> |  | 550 | 529 |
| Freddie Mac Pool #G60744 3.50% 7/1/2046<sup>6</sup> |  | 1792 | 1668 |
| Freddie Mac Pool #Q41909 4.50% 7/1/2046<sup>6</sup> |  | 315 | 309 |
| Freddie Mac Pool #V82628 4.00% 9/1/2046<sup>6</sup> |  | 8475 | 8134 |
| Freddie Mac Pool #760015 2.561% 1/1/2047<sup>5,6</sup> |  | 5025 | 4754 |
| Freddie Mac Pool #G60928 4.50% 4/1/2047<sup>6</sup> |  | 2282 | 2238 |
| Freddie Mac Pool #ZS4726 3.50% 7/1/2047<sup>6</sup> |  | 24 | 23 |
| Freddie Mac Pool #G08775 4.00% 8/1/2047<sup>6</sup> |  | 11559 | 10973 |
| Freddie Mac Pool #G61295 3.50% 9/1/2047<sup>6</sup> |  | 5677 | 5294 |
| Freddie Mac Pool #ZS4735 3.50% 9/1/2047<sup>6</sup> |  | 151 | 138 |
| Freddie Mac Pool #V83507 4.00% 10/1/2047<sup>6</sup> |  | 1840 | 1760 |
| Freddie Mac Pool #G61733 3.00% 12/1/2047<sup>6</sup> |  | 17914 | 16059 |
| Freddie Mac Pool #ZS4747 3.50% 12/1/2047<sup>6</sup> |  | 17201 | 15957 |
| Freddie Mac Pool #G61662 3.50% 2/1/2048<sup>6</sup> |  | 5484 | 5094 |
| Freddie Mac Pool #Q54547 4.00% 3/1/2048<sup>6</sup> |  | 7926 | 7574 |
| Freddie Mac Pool #SI2002 4.00% 3/1/2048<sup>6</sup> |  | 32 | 30 |
| Freddie Mac Pool #G61628 3.50% 9/1/2048<sup>6</sup> |  | 6647 | 6174 |
| Freddie Mac Pool #ZA5889 4.00% 11/1/2048<sup>6</sup> |  | 3805 | 3631 |
| Freddie Mac Pool #V85664 3.50% 6/1/2049<sup>6</sup> |  | 30460 | 28240 |
| Freddie Mac Pool #SD7506 4.00% 9/1/2049<sup>6</sup> |  | 47359 | 45407 |
| Freddie Mac Pool #SD7508 3.50% 10/1/2049<sup>6</sup> |  | 9703 | 8995 |
| Freddie Mac Pool #RA1744 4.00% 11/1/2049<sup>6</sup> |  | 713 | 678 |
| Freddie Mac Pool #QA5118 3.50% 12/1/2049<sup>6</sup> |  | 35757 | 32953 |
| Freddie Mac Pool #SD8106 2.00% 11/1/2050<sup>6</sup> |  | 114084 | 93401 |
| Freddie Mac Pool #SD7528 2.00% 11/1/2050<sup>6</sup> |  | 105071 | 86892 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051<sup>6</sup> |  | 15496 | 12686 |
| Freddie Mac Pool #SD1729 2.50% 2/1/2051<sup>6</sup> |  | 55148 | 47085 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051<sup>6</sup> |  | 72004 | 58901 |
| Freddie Mac Pool #RA5287 2.00% 5/1/2051<sup>6</sup> |  | 63139 | 51691 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051<sup>6</sup> |  | 12085 | 9892 |
| Freddie Mac Pool #RA5259 2.50% 5/1/2051<sup>6</sup> |  | 225404 | 191640 |
| Freddie Mac Pool #RA5559 2.50% 7/1/2051<sup>6</sup> |  | 4377 | 3712 |
| Freddie Mac Pool #QC4071 3.00% 7/1/2051<sup>6</sup> |  | 816 | 723 |
| Freddie Mac Pool #QC5996 3.00% 8/1/2051<sup>6</sup> |  | 2184 | 1928 |
| Freddie Mac Pool #SD7545 2.50% 9/1/2051<sup>6</sup> |  | 74141 | 63830 |
| Freddie Mac Pool #RA5782 2.50% 9/1/2051<sup>6</sup> |  | 19111 | 16377 |
| Freddie Mac Pool #RA5759 2.50% 9/1/2051<sup>6</sup> |  | 6967 | 5906 |
| Freddie Mac Pool #RA5971 3.00% 9/1/2051<sup>6</sup> |  | 53236 | 47239 |
| Freddie Mac Pool #QC7504 3.00% 9/1/2051<sup>6</sup> |  | 200 | 176 |
| Freddie Mac Pool #RA6406 2.00% 11/1/2051<sup>6</sup> |  | 6080 | 4985 |
| Freddie Mac Pool #SD7548 2.50% 11/1/2051<sup>6</sup> |  | 479774 | 413091 |
| Freddie Mac Pool #QD1439 3.00% 11/1/2051<sup>6</sup> |  | 1160 | 1019 |
| Freddie Mac Pool #RA6483 2.50% 12/1/2051<sup>6</sup> |  | 72859 | 62190 |
| Freddie Mac Pool #RA6424 2.50% 12/1/2051<sup>6</sup> |  | 64 | 54 |
| Freddie Mac Pool #RA6428 3.00% 12/1/2051<sup>6</sup> |  | 2890 | 2541 |
| Freddie Mac Pool #QD3120 3.00% 12/1/2051<sup>6</sup> |  | 2790 | 2452 |
| Freddie Mac Pool #QD3298 3.00% 12/1/2051<sup>6</sup> |  | 2781 | 2445 |
| Freddie Mac Pool #QD2732 3.00% 12/1/2051<sup>6</sup> |  | 491 | 433 |
| Freddie Mac Pool #SD7552 2.50% 1/1/2052<sup>6</sup> |  | 28300 | 24198 |
| Freddie Mac Pool #QD5725 2.50% 1/1/2052<sup>6</sup> |  | 56 | 47 |
| Freddie Mac Pool #QD5189 3.00% 1/1/2052<sup>6</sup> |  | 1000 | 879 |
| Freddie Mac Pool #QD4944 3.00% 1/1/2052<sup>6</sup> |  | 495 | 435 |
| Freddie Mac Pool #QD7397 2.50% 2/1/2052<sup>6</sup> |  | 499 | 425 |
| Freddie Mac Pool #RA6528 2.50% 2/1/2052<sup>6</sup> |  | 95 | 80 |
| Freddie Mac Pool #QD6738 2.50% 2/1/2052<sup>6</sup> |  | 64 | 54 |
| Freddie Mac Pool #QD6684 2.50% 2/1/2052<sup>6</sup> |  | 60 | 51 |
| Freddie Mac Pool #RA6608 3.00% 2/1/2052<sup>6</sup> |  | 2180 | 1916 |
| Freddie Mac Pool #RA6702 3.00% 2/1/2052<sup>6</sup> |  | 695 | 613 |
| Freddie Mac Pool #QD6886 3.00% 2/1/2052<sup>6</sup> |  | 298 | 262 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052<sup>6</sup> |  | 9663 | 8803 |
| Freddie Mac Pool #QD9879 2.50% 3/1/2052<sup>6</sup> |  | 3094 | 2624 |
| Freddie Mac Pool #QD8381 2.50% 3/1/2052<sup>6</sup> |  | 974 | 827 |

---

16 American Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #QD8748 2.50% 3/1/2052<sup>6</sup> | USD | 99 | $84 |
| Freddie Mac Pool #SD7553 3.00% 3/1/2052<sup>6</sup> |  | 234454 | 208456 |
| Freddie Mac Pool #SD1937 3.00% 3/1/2052<sup>6</sup> |  | 69005 | 60656 |
| Freddie Mac Pool #RA6992 3.00% 3/1/2052<sup>6</sup> |  | 11805 | 10377 |
| Freddie Mac Pool #SD8201 3.00% 3/1/2052<sup>6</sup> |  | 1517 | 1334 |
| Freddie Mac Pool #QD8673 3.00% 3/1/2052<sup>6</sup> |  | 467 | 411 |
| Freddie Mac Pool #QD9433 3.00% 3/1/2052<sup>6</sup> |  | 453 | 399 |
| Freddie Mac Pool #RA6955 3.00% 3/1/2052<sup>6</sup> |  | 191 | 168 |
| Freddie Mac Pool #QD8694 3.50% 3/1/2052<sup>6</sup> |  | 9000 | 8193 |
| Freddie Mac Pool #SD8205 2.50% 4/1/2052<sup>6</sup> |  | 106000 | 89914 |
| Freddie Mac Pool #SD7554 2.50% 4/1/2052<sup>6</sup> |  | 40018 | 34270 |
| Freddie Mac Pool #QE0374 2.50% 4/1/2052<sup>6</sup> |  | 1499 | 1273 |
| Freddie Mac Pool #QE0327 2.50% 4/1/2052<sup>6</sup> |  | 1496 | 1270 |
| Freddie Mac Pool #QE0800 2.50% 4/1/2052<sup>6</sup> |  | 1000 | 849 |
| Freddie Mac Pool #QE2310 2.50% 4/1/2052<sup>6</sup> |  | 926 | 786 |
| Freddie Mac Pool #QE0170 2.50% 4/1/2052<sup>6</sup> |  | 776 | 658 |
| Freddie Mac Pool #QE5290 2.50% 4/1/2052<sup>6</sup> |  | 25 | 21 |
| Freddie Mac Pool #QE0181 3.00% 4/1/2052<sup>6</sup> |  | 13499 | 11867 |
| Freddie Mac Pool #QE0992 3.00% 4/1/2052<sup>6</sup> |  | 5958 | 5234 |
| Freddie Mac Pool #QE0761 3.00% 4/1/2052<sup>6</sup> |  | 2289 | 2012 |
| Freddie Mac Pool #RA8251 3.00% 4/1/2052<sup>6</sup> |  | 1485 | 1305 |
| Freddie Mac Pool #QE1075 3.00% 4/1/2052<sup>6</sup> |  | 1444 | 1269 |
| Freddie Mac Pool #QE2315 3.00% 4/1/2052<sup>6</sup> |  | 1000 | 879 |
| Freddie Mac Pool #QD9717 3.00% 4/1/2052<sup>6</sup> |  | 500 | 441 |
| Freddie Mac Pool #QE0244 3.00% 4/1/2052<sup>6</sup> |  | 124 | 109 |
| Freddie Mac Pool #QE0397 3.00% 4/1/2052<sup>6</sup> |  | 120 | 106 |
| Freddie Mac Pool #QE0764 3.00% 4/1/2052<sup>6</sup> |  | 97 | 85 |
| Freddie Mac Pool #QD9278 3.50% 4/1/2052<sup>6</sup> |  | 4661 | 4245 |
| Freddie Mac Pool #QE0246 3.50% 4/1/2052<sup>6</sup> |  | 2000 | 1821 |
| Freddie Mac Pool #QE2352 2.50% 5/1/2052<sup>6</sup> |  | 1993 | 1690 |
| Freddie Mac Pool #QE1752 3.00% 5/1/2052<sup>6</sup> |  | 25248 | 22184 |
| Freddie Mac Pool #QE2551 3.00% 5/1/2052<sup>6</sup> |  | 19724 | 17330 |
| Freddie Mac Pool #QE1754 3.00% 5/1/2052<sup>6</sup> |  | 16052 | 14104 |
| Freddie Mac Pool #QE8223 3.00% 5/1/2052<sup>6</sup> |  | 3242 | 2852 |
| Freddie Mac Pool #QE5295 3.00% 5/1/2052<sup>6</sup> |  | 2211 | 1944 |
| Freddie Mac Pool #QE1864 3.00% 5/1/2052<sup>6</sup> |  | 1380 | 1214 |
| Freddie Mac Pool #QE3080 3.00% 5/1/2052<sup>6</sup> |  | 1281 | 1126 |
| Freddie Mac Pool #QE3984 3.00% 5/1/2052<sup>6</sup> |  | 1000 | 879 |
| Freddie Mac Pool #QE1775 3.00% 5/1/2052<sup>6</sup> |  | 726 | 639 |
| Freddie Mac Pool #RA7399 4.00% 5/1/2052<sup>6</sup> |  | 40243 | 37952 |
| Freddie Mac Pool #QE2335 4.00% 5/1/2052<sup>6</sup> |  | 35011 | 33015 |
| Freddie Mac Pool #SD8219 2.50% 6/1/2052<sup>6</sup> |  | 2502 | 2121 |
| Freddie Mac Pool #QE4044 2.50% 6/1/2052<sup>6</sup> |  | 1309 | 1111 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052<sup>6</sup> |  | 109541 | 96298 |
| Freddie Mac Pool #QE3248 3.00% 6/1/2052<sup>6</sup> |  | 1000 | 879 |
| Freddie Mac Pool #QE3449 3.00% 6/1/2052<sup>6</sup> |  | 327 | 287 |
| Freddie Mac Pool #QE6313 3.00% 6/1/2052<sup>6</sup> |  | 198 | 175 |
| Freddie Mac Pool #QE4033 3.00% 6/1/2052<sup>6</sup> |  | 174 | 153 |
| Freddie Mac Pool #QE4383 4.00% 6/1/2052<sup>6</sup> |  | 800 | 751 |
| Freddie Mac Pool #RA7502 5.00% 6/1/2052<sup>6</sup> |  | 994 | 982 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052<sup>6</sup> |  | 69 | 61 |
| Freddie Mac Pool #SD8226 3.50% 7/1/2052<sup>6</sup> |  | 28261 | 25705 |
| Freddie Mac Pool #SD1413 3.50% 7/1/2052<sup>6</sup> |  | 6000 | 5460 |
| Freddie Mac Pool #QE5714 3.50% 7/1/2052<sup>6</sup> |  | 5999 | 5458 |
| Freddie Mac Pool #RA7659 3.50% 7/1/2052<sup>6</sup> |  | 2000 | 1820 |
| Freddie Mac Pool #QE6274 3.50% 7/1/2052<sup>6</sup> |  | 2000 | 1819 |
| Freddie Mac Pool #QE5462 4.00% 7/1/2052<sup>6</sup> |  | 325 | 305 |
| Freddie Mac Pool #SD8237 4.00% 8/1/2052<sup>6</sup> |  | 213638 | 200601 |
| Freddie Mac Pool #SD1766 4.00% 8/1/2052<sup>6</sup> |  | 15970 | 15081 |
| Freddie Mac Pool #SD8238 4.50% 8/1/2052<sup>6</sup> |  | 5898 | 5683 |
| Freddie Mac Pool #QE8065 4.50% 8/1/2052<sup>6</sup> |  | 2909 | 2803 |
| Freddie Mac Pool #QE7950 5.00% 8/1/2052<sup>6</sup> |  | 931 | 919 |
| Freddie Mac Pool #QF0655 5.00% 8/1/2052<sup>6</sup> |  | 25 | 25 |
| Freddie Mac Pool #SD8242 3.00% 9/1/2052<sup>6</sup> |  | 12256 | 10774 |
| Freddie Mac Pool #QF0154 3.00% 9/1/2052<sup>6</sup> |  | 33 | 29 |
| Freddie Mac Pool #SD8243 3.50% 9/1/2052<sup>6</sup> |  | 5999 | 5458 |
| Freddie Mac Pool #SD8244 4.00% 9/1/2052<sup>6</sup> |  | 163023 | 153074 |

---

American Balanced Fund 17

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #QE9573 4.00% 9/1/2052<sup>6</sup> | USD | 44 | $41 |
| Freddie Mac Pool #QF0109 4.50% 9/1/2052<sup>6</sup> |  | 13242 | 12759 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052<sup>6</sup> |  | 63720 | 62899 |
| Freddie Mac Pool #SD8246 5.00% 9/1/2052<sup>6</sup> |  | 34700 | 34253 |
| Freddie Mac Pool #QF2029 3.00% 10/1/2052<sup>6</sup> |  | 458 | 402 |
| Freddie Mac Pool #QF0980 3.00% 10/1/2052<sup>6</sup> |  | 68 | 60 |
| Freddie Mac Pool #QF2687 3.50% 10/1/2052<sup>6</sup> |  | 457 | 415 |
| Freddie Mac Pool #QF1489 4.00% 10/1/2052<sup>6</sup> |  | 1000 | 939 |
| Freddie Mac Pool #SD8256 4.00% 10/1/2052<sup>6</sup> |  | 200 | 188 |
| Freddie Mac Pool #SD8257 4.50% 10/1/2052<sup>6</sup> |  | 553428 | 533224 |
| Freddie Mac Pool #QF1236 4.50% 10/1/2052<sup>6</sup> |  | 5497 | 5296 |
| Freddie Mac Pool #QF1731 4.50% 10/1/2052<sup>6</sup> |  | 297 | 286 |
| Freddie Mac Pool #SD8263 3.00% 11/1/2052<sup>6</sup> |  | 3405 | 2993 |
| Freddie Mac Pool #QF3340 3.00% 11/1/2052<sup>6</sup> |  | 1528 | 1343 |
| Freddie Mac Pool #QF3337 3.50% 11/1/2052<sup>6</sup> |  | 11144 | 10138 |
| Freddie Mac Pool #SD8264 3.50% 11/1/2052<sup>6</sup> |  | 7017 | 6383 |
| Freddie Mac Pool #SD8273 3.50% 11/1/2052<sup>6</sup> |  | 6499 | 5913 |
| Freddie Mac Pool #SD1897 4.50% 11/1/2052<sup>6</sup> |  | 168760 | 165574 |
| Freddie Mac Pool #SD1895 4.50% 11/1/2052<sup>6</sup> |  | 34169 | 33567 |
| Freddie Mac Pool #QF2445 4.50% 11/1/2052<sup>6</sup> |  | 1998 | 1925 |
| Freddie Mac Pool #QF2938 5.00% 11/1/2052<sup>6</sup> |  | 999 | 986 |
| Freddie Mac Pool #QF2497 5.00% 11/1/2052<sup>6</sup> |  | 910 | 899 |
| Freddie Mac Pool #QF3143 6.50% 11/1/2052<sup>6</sup> |  | 1293 | 1329 |
| Freddie Mac Pool #SD8272 3.00% 12/1/2052<sup>6</sup> |  | 16914 | 14867 |
| Freddie Mac Pool #QF4576 3.50% 12/1/2052<sup>6</sup> |  | 60 | 55 |
| Freddie Mac Pool #QF4579 4.00% 12/1/2052<sup>6</sup> |  | 81 | 76 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052<sup>6</sup> |  | 90412 | 89246 |
| Freddie Mac Pool #QF3978 5.00% 12/1/2052<sup>6</sup> |  | 915 | 904 |
| Freddie Mac Pool #SD8281 6.50% 12/1/2052<sup>6</sup> |  | 1508 | 1547 |
| Freddie Mac Pool #QF4663 6.50% 12/1/2052<sup>6</sup> |  | 419 | 430 |
| Freddie Mac Pool #SD8284 3.00% 1/1/2053<sup>6</sup> |  | 893 | 785 |
| Freddie Mac Pool #SD8285 3.50% 1/1/2053<sup>6</sup> |  | 13843 | 12593 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053<sup>6</sup> |  | 317139 | 313051 |
| Freddie Mac Pool #SD8289 5.50% 1/1/2053<sup>6</sup> |  | 870 | 873 |
| Freddie Mac Pool #SD8282 6.50% 1/1/2053<sup>6</sup> |  | 9457 | 9701 |
| Freddie Mac, Series T041, Class 3A, 4.402% 7/25/2032<sup>5,6</sup> |  | 806 | 772 |
| Freddie Mac, Series 3318, Class JT, 5.50% 5/15/2037<sup>6</sup> |  | 813 | 817 |
| Freddie Mac, Series K723, Class A2, Multi Family, 2.454% 8/25/2023<sup>6</sup> |  | 15595 | 15361 |
| Freddie Mac, Series K725, Class A2, Multi Family, 3.002% 1/25/2024<sup>6</sup> |  | 43001 | 42108 |
| Freddie Mac, Series K044, Class A2, Multi Family, 2.811% 1/25/2025<sup>6</sup> |  | 11096 | 10678 |
| Freddie Mac, Series K733, Class A2, Multi Family, 3.75% 8/25/2025<sup>5,6</sup> |  | 58789 | 57343 |
| Freddie Mac, Series K734, Class A2, Multi Family, 3.208% 2/25/2026<sup>6</sup> |  | 27390 | 26302 |
| Freddie Mac, Series K143, Class A2, Multi Family, 2.35% 6/25/2032<sup>6</sup> |  | 99804 | 83789 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056<sup>5,6</sup> |  | 15584 | 14583 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class MA, 3.00% 1/25/2056<sup>6</sup> |  | 5304 | 4915 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 7/25/2056<sup>5,6</sup> |  | 20742 | 19533 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056<sup>6</sup> |  | 35287 | 32783 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056<sup>5,6</sup> |  | 34984 | 32710 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057<sup>5,6</sup> |  | 7348 | 6706 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/2057<sup>6</sup> |  | 6091 | 5523 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057<sup>6</sup> |  | 23734 | 22532 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/2057<sup>6</sup> |  | 15021 | 13590 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058<sup>6</sup> |  | 67307 | 63512 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/2059<sup>6</sup> |  | 38137 | 35364 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028<sup>6</sup> |  | 7627 | 7282 |

---

18 American Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 5/25/2029<sup>6</sup> | USD | 28616 | $27276 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A2, 3.50% 5/25/2029<sup>6</sup> |  | 24325 | 22346 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/2029<sup>6</sup> |  | 10633 | 9771 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A1D, 2.00% 7/25/2030<sup>6</sup> |  | 5281 | 4720 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A2D, 2.00% 7/25/2030<sup>6</sup> |  | 1427 | 1167 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032<sup>6</sup> |  | 14007 | 13514 |
| Government National Mortgage Assn. 2.00% 1/1/2053<sup>6,7</sup> |  | 210334 | 176323 |
| Government National Mortgage Assn. 2.50% 1/1/2053<sup>6,7</sup> |  | 3058 | 2650 |
| Government National Mortgage Assn. 3.00% 1/1/2053<sup>6,7</sup> |  | 250000 | 222663 |
| Government National Mortgage Assn. 3.50% 1/1/2053<sup>6,7</sup> |  | 10000 | 9189 |
| Government National Mortgage Assn. 4.50% 1/1/2053<sup>6,7</sup> |  | 891829 | 865275 |
| Government National Mortgage Assn. 5.00% 1/1/2053<sup>6,7</sup> |  | 168943 | 167430 |
| Government National Mortgage Assn. 5.50% 1/1/2053<sup>6,7</sup> |  | 156769 | 157695 |
| Government National Mortgage Assn. Pool #004291 6.00% 11/20/2038<sup>6</sup> |  | 1274 | 1347 |
| Government National Mortgage Assn. Pool #783219 4.00% 1/15/2041<sup>6</sup> |  | 3377 | 3274 |
| Government National Mortgage Assn. Pool #MA1601 4.00% 1/20/2044<sup>6</sup> |  | 38 | 37 |
| Government National Mortgage Assn. Pool #MA3107 4.50% 9/20/2045<sup>6</sup> |  | 71 | 71 |
| Government National Mortgage Assn. Pool #MA3175 4.50% 10/20/2045<sup>6</sup> |  | 3009 | 2988 |
| Government National Mortgage Assn. Pool #MA3873 3.00% 8/20/2046<sup>6</sup> |  | 22648 | 20500 |
| Government National Mortgage Assn. Pool #MA4587 4.00% 7/20/2047<sup>6</sup> |  | 10996 | 10568 |
| Government National Mortgage Assn. Pool #MA4653 4.00% 8/20/2047<sup>6</sup> |  | 1915 | 1840 |
| Government National Mortgage Assn. Pool #MA4779 4.00% 10/20/2047<sup>6</sup> |  | 2255 | 2168 |
| Government National Mortgage Assn. Pool #MA4901 4.00% 12/20/2047<sup>6</sup> |  | 18327 | 17613 |
| Government National Mortgage Assn. Pool #MA5078 4.00% 3/20/2048<sup>6</sup> |  | 20478 | 19681 |
| Government National Mortgage Assn. Pool #MA5191 3.50% 5/20/2048<sup>6</sup> |  | 22171 | 20676 |
| Government National Mortgage Assn. Pool #MA5193 4.50% 5/20/2048<sup>6</sup> |  | 3766 | 3709 |
| Government National Mortgage Assn. Pool #MA5528 4.00% 10/20/2048<sup>6</sup> |  | 472 | 452 |
| Government National Mortgage Assn. Pool #MA5652 4.50% 12/20/2048<sup>6</sup> |  | 1334 | 1296 |
| Government National Mortgage Assn. Pool #MA5816 3.50% 3/20/2049<sup>6</sup> |  | 22923 | 21322 |
| Government National Mortgage Assn. Pool #MA5818 4.50% 3/20/2049<sup>6</sup> |  | 1003 | 985 |
| Government National Mortgage Assn. Pool #MA5987 4.50% 6/20/2049<sup>6</sup> |  | 395 | 386 |
| Government National Mortgage Assn. Pool #MA6041 4.50% 7/20/2049<sup>6</sup> |  | 545 | 535 |
| Government National Mortgage Assn. Pool #MA6156 4.50% 9/20/2049<sup>6</sup> |  | 4652 | 4558 |
| Government National Mortgage Assn. Pool #MA6341 4.50% 12/20/2049<sup>6</sup> |  | 391 | 382 |
| Government National Mortgage Assn. Pool #MA7140 4.50% 1/20/2051<sup>6</sup> |  | 398 | 390 |
| Government National Mortgage Assn. Pool #MA7259 4.50% 3/20/2051<sup>6</sup> |  | 8736 | 8596 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052<sup>6</sup> |  | 288547 | 273335 |
| Government National Mortgage Assn. Pool #MA8426 4.00% 11/20/2052<sup>6</sup> |  | 30026 | 28443 |
| Government National Mortgage Assn. Pool #MA8427 4.50% 11/20/2052<sup>6</sup> |  | 48263 | 46871 |
| Government National Mortgage Assn. Pool #MA8488 4.00% 12/20/2052<sup>6</sup> |  | 31400 | 29742 |
| Government National Mortgage Assn. Pool #MA8489 4.50% 12/20/2052<sup>6</sup> |  | 733 | 711 |
| Government National Mortgage Assn. Pool #710085 5.035% 9/20/2061<sup>6</sup> |  | 3 | 3 |
| Uniform Mortgage-Backed Security 2.50% 1/1/2038<sup>6,7</sup> |  | 121072 | 110804 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2038<sup>6,7</sup> |  | 50000 | 48748 |
| Uniform Mortgage-Backed Security 4.50% 12/1/2052<sup>6,7</sup> |  | 2263 | 2178 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2053<sup>6,7</sup> |  | 1010625 | 822577 |
| Uniform Mortgage-Backed Security 2.50% 1/1/2053<sup>6,7</sup> |  | 150000 | 127047 |
| Uniform Mortgage-Backed Security 3.00% 1/1/2053<sup>6,7</sup> |  | 4559 | 4002 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2053<sup>6,7</sup> |  | 192380 | 180447 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2053<sup>6,7</sup> |  | 256626 | 247020 |
| Uniform Mortgage-Backed Security 5.00% 1/1/2053<sup>6,7</sup> |  | 191490 | 188720 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2053<sup>6,7</sup> |  | 68710 | 68901 |
| Uniform Mortgage-Backed Security 6.00% 1/1/2053<sup>6,7</sup> |  | 85312 | 86598 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2053<sup>6,7</sup> |  | 250000 | 256072 |
| Uniform Mortgage-Backed Security 2.00% 2/1/2053<sup>6,7</sup> |  | 454498 | 370320 |
| Uniform Mortgage-Backed Security 2.50% 2/1/2053<sup>6,7</sup> |  | 530300 | 449632 |
| Uniform Mortgage-Backed Security 3.00% 2/1/2053<sup>6,7</sup> |  | 41441 | 36411 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2053<sup>6,7</sup> |  | 45000 | 40914 |
| Uniform Mortgage-Backed Security 4.00% 2/1/2053<sup>6,7</sup> |  | 555558 | 521228 |
| Uniform Mortgage-Backed Security 4.50% 2/1/2053<sup>6,7</sup> |  | 176230 | 169654 |
| Uniform Mortgage-Backed Security 5.00% 2/1/2053<sup>6,7</sup> |  | 944375 | 930567 |

---

American Balanced Fund 19

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Uniform Mortgage-Backed Security 5.50% 2/1/2053<sup>6,7</sup> | USD | 630411 | $631842 |
| Uniform Mortgage-Backed Security 6.00% 2/1/2053<sup>6,7</sup> |  | 305438 | 309778 |
| Uniform Mortgage-Backed Security 6.50% 2/1/2053<sup>6,7</sup> |  | 137800 | 140953 |
|  |  |  | **19755061** |
| **Commercial mortgage-backed securities 0.58%** |  |  |  |
| 3650R Commercial Mortgage Trust, Series 2022-PF2, Class A5, 5.289% 11/15/2055<sup>5,6</sup> |  | 19903 | 19973 |
| Bank Commercial Mortgage Trust, Series 2022-BNK44, Class ASB, 5.746% 3/15/2032<sup>5,6</sup> |  | 5000 | 5185 |
| Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 2/15/2052<sup>6</sup> |  | 3422 | 3210 |
| Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 4/15/2052<sup>6</sup> |  | 405 | 373 |
| Bank Commercial Mortgage Trust, Series 2018-BN10, Class A5, 3.688% 2/15/2061<sup>6</sup> |  | 795 | 742 |
| Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 2/17/2061<sup>6</sup> |  | 503 | 464 |
| Bank Commercial Mortgage Trust, Series 2018-BN12, Class A4, 4.255% 5/15/2061<sup>5,6</sup> |  | 9618 | 9190 |
| Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 8/15/2061<sup>6</sup> |  | 4013 | 3549 |
| Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063<sup>6</sup> |  | 17962 | 15038 |
| Bank Commercial Mortgage Trust, Series 2022-BNK40, Class A4, 3.394% 3/15/2064<sup>5,6</sup> |  | 12752 | 11232 |
| Barclays Commercial Mortgage Securities, LLC, Series 2017-DELC, Class A, 5.293% 8/15/2036<sup>4,5,6</sup> |  | 11890 | 11690 |
| Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 2/15/2051<sup>6</sup> |  | 11250 | 10424 |
| Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 1/15/2052<sup>6</sup> |  | 9988 | 9540 |
| Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 3/15/2053<sup>6</sup> |  | 17048 | 14203 |
| Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/2053<sup>5,6</sup> |  | 3073 | 2978 |
| Benchmark Mortgage Trust, Series 2022-B37, Class A5, 5.943% 11/15/2055<sup>5,6</sup> |  | 54265 | 57417 |
| Benchmark Mortgage Trust, Series 2019-B13, Class A4, 2.952% 8/15/2057<sup>6</sup> |  | 8000 | 7031 |
| BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.77%) 6.105% 5/15/2039<sup>4,5,6</sup> |  | 8311 | 8161 |
| BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class B, (1-month USD CME Term SOFR + 2.319%) 6.655% 5/15/2039<sup>4,5,6</sup> |  | 5710 | 5516 |
| BPR Trust, Series 2022-OANA, Class A, (1-month USD CME Term SOFR + 1.898%) 6.234% 4/15/2037<sup>4,5,6</sup> |  | 23495 | 22984 |
| BX Commercial Mortgage Trust 2019-XL, Class A, (1-month USD-LIBOR + 0.92%) 5.37% 10/15/2036<sup>4,5,6</sup> |  | 2107 | 2083 |
| BX Trust, Series 2021-SDMF, Class A, (1-month USD-LIBOR + 0.589%) 4.907% 9/15/2034<sup>4,5,6</sup> |  | 43539 | 41761 |
| BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 5.018% 9/15/2036<sup>4,5,6</sup> |  | 43661 | 42120 |
| BX Trust, Series 2021-VOLT, Class B, (1-month USD-LIBOR + 0.95%) 5.268% 9/15/2036<sup>4,5,6</sup> |  | 2020 | 1909 |
| BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 5.217% 10/15/2036<sup>4,5,6</sup> |  | 73046 | 69610 |
| BX Trust, Series 2021-ARIA, Class B, (1-month USD-LIBOR + 1.297%) 5.615% 10/15/2036<sup>4,5,6</sup> |  | 24867 | 23390 |
| BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.827% 4/15/2037<sup>4,5,6</sup> |  | 27993 | 27449 |
| BX Trust, Series 2022-IND, Class D, (1-month USD CME Term SOFR + 2.839%) 7.175% 4/15/2037<sup>4,5,6</sup> |  | 3972 | 3763 |
| BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 4.988% 6/15/2038<sup>4,5,6</sup> |  | 54183 | 52262 |
| BX Trust, Series 2021-ACNT, Class A, (1-month USD-LIBOR + 0.85%) 5.168% 11/15/2038<sup>4,5,6</sup> |  | 45534 | 43878 |
| BX Trust, Series 2022-PSB, Class A, (1-month USD CME Term SOFR + 2.451%) 6.787% 8/15/2039<sup>4,5,6</sup> |  | 1977 | 1976 |
| BXSC Commercial Mortgage Trust, Series 2022-WSS, Class D, (1-month USD CME Term SOFR + 3.188%) 7.524% 3/15/2035<sup>4,5,6</sup> |  | 11185 | 10693 |
| CD Commercial Mortgage Trust, Series 2017-CD6, Class A5, 3.456% 11/13/2050<sup>6</sup> |  | 12890 | 11915 |
| Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class AAB, 2.984% 4/10/2048<sup>6</sup> |  | 1338 | 1306 |
| Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 2/10/2049<sup>6</sup> |  | 2395 | 2253 |
| Citigroup Commercial Mortgage Trust, Series 2016-C1, Class AS, 3.514% 5/10/2049<sup>6</sup> |  | 800 | 734 |
| Commercial Mortgage Trust, Series 2014-LC15, Class AM, 4.198% 4/10/2047<sup>6</sup> |  | 1280 | 1239 |
| Commercial Mortgage Trust, Series 2015-PC1, Class A5, 3.902% 7/10/2050<sup>6</sup> |  | 15135 | 14511 |
| CSAIL Commercial Mortgage Trust, Series 2015-C4, Class ASB, 3.617% 11/15/2048<sup>6</sup> |  | 3120 | 3030 |
| CSAIL Commercial Mortgage Trust, Series 2015-C1, Class B, 4.044% 4/15/2050<sup>5,6</sup> |  | 1000 | 910 |
| Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 5/10/2049<sup>6</sup> |  | 550 | 502 |

---

20 American Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Commercial mortgage-backed securities (continued)** |  |  |  |
| Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 5.398% 7/15/2038<sup>4,5,6</sup> | USD | 18390 | $17888 |
| Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD-LIBOR + 1.38%) 5.698% 7/15/2038<sup>4,5,6</sup> |  | 14913 | 14362 |
| Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD-LIBOR + 1.70%) 6.018% 7/15/2038<sup>4,5,6</sup> |  | 10694 | 10288 |
| Extended Stay America Trust, Series 2021-ESH, Class D, (1-month USD-LIBOR + 2.25%) 6.568% 7/15/2038<sup>4,5,6</sup> |  | 4707 | 4519 |
| FREMF Mortgage Trust, Series K-142, Class A2, 2.40% 3/25/2032<sup>6</sup> |  | 49523 | 41778 |
| Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 12/10/2040<sup>4,6</sup> |  | 27847 | 21414 |
| Great Wolf Trust, Series 2019-WOLF, Class A, (1-month USD-LIBOR + 1.034%) 5.352% 12/15/2036<sup>4,5,6</sup> |  | 2434 | 2366 |
| GS Mortgage Securities Corp. II, Series 2015-GS1, Class AAB, 3.553% 11/10/2048<sup>6</sup> |  | 3200 | 3091 |
| GS Mortgage Securities Trust, Series 2022-SHIP, Class A, (1-month USD CME Term SOFR + 0.731%) 5.067% 8/15/2024<sup>4,5,6</sup> |  | 5925 | 5846 |
| GS Mortgage Securities Trust, Series 2022-SHIP, Class B, (1-month USD CME Term SOFR + 1.424%) 5.76% 8/15/2024<sup>4,5,6</sup> |  | 2196 | 2153 |
| GS Mortgage Securities Trust, Series 2022-SHIP, Class D, (1-month USD CME Term SOFR + 1.607%) 5.943% 8/15/2024<sup>4,5,6</sup> |  | 5081 | 4921 |
| GS Mortgage Securities Trust, Series 2022-SHIP, Class C, (1-month USD CME Term SOFR + 1.919%) 6.255% 8/15/2024<sup>4,5,6</sup> |  | 2272 | 2228 |
| GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 8/10/2050<sup>6</sup> |  | 1568 | 1447 |
| GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 2/10/2052<sup>6</sup> |  | 405 | 378 |
| GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053<sup>6</sup> |  | 19842 | 16417 |
| Intown 2022-Stay Mortgage Trust, Series 2022-STAY, Class A, (1-month USD CME Term SOFR + 2.489%) 6.283% 8/15/2039<sup>5,6</sup> |  | 4325 | 4308 |
| JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class A5, 4.079% 2/15/2047<sup>6</sup> |  | 12784 | 12495 |
| JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 3/15/2050<sup>6</sup> |  | 2520 | 2358 |
| JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 10/15/2050<sup>6</sup> |  | 930 | 856 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039<sup>4,6</sup> |  | 39275 | 33645 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.377% 1/5/2039<sup>4,6</sup> |  | 13012 | 10615 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.565% 1/5/2039<sup>4,5,6</sup> |  | 11149 | 8667 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2021-410T, Class A, 2.287% 3/5/2042<sup>4,6</sup> |  | 12316 | 10076 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% 12/15/2049<sup>5,6</sup> |  | 8015 | 7487 |
| LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 5.368% 10/15/2038<sup>4,5,6</sup> |  | 14958 | 14329 |
| LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class B, (1-month USD-LIBOR + 1.40%) 5.718% 10/15/2038<sup>4,5,6</sup> |  | 7617 | 7215 |
| Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 9/10/2039<sup>4,6</sup> |  | 72851 | 62316 |
| MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD-LIBOR + 0.801%) 5.119% 4/15/2026<sup>4,5,6</sup> |  | 16128 | 15665 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class A5, 3.741% 8/15/2047<sup>6</sup> |  | 8016 | 7767 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27, Class ASB, 3.557% 12/15/2047<sup>6</sup> |  | 2224 | 2163 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class ASB, 3.04% 4/15/2048<sup>6</sup> |  | 1337 | 1300 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A-4, 3.306% 4/15/2048<sup>6</sup> |  | 1600 | 1517 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A-4, 3.72% 12/15/2049<sup>6</sup> |  | 972 | 911 |
| Morgan Stanley Capital I Trust, Series 2015-UBS8, Class AS, 4.114% 12/15/2048<sup>6</sup> |  | 2490 | 2284 |
| SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041<sup>4,6</sup> |  | 25630 | 20510 |
| SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 5.049% 11/15/2038<sup>4,5,6</sup> |  | 25963 | 25010 |
| StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class A, (1-month USD CME Term SOFR + 1.00%) 5.336% 1/15/2039<sup>4,5,6</sup> |  | 54009 | 52206 |
| Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class A-4, 3.789% 9/15/2048<sup>6</sup> |  | 9337 | 8920 |

---

American Balanced Fund 21

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Commercial mortgage-backed securities (continued)** |  |  |  |
| Wells Fargo Commercial Mortgage Trust, Series 2016-C34, Class AS, 3.484% 6/15/2049<sup>6</sup> | USD | 455 | $414 |
| Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 12/15/2049<sup>6</sup> |  | 10015 | 9450 |
| Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 12/15/2052<sup>6</sup> |  | 4008 | 3510 |
| Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 1/15/2060<sup>6</sup> |  | 795 | 743 |
| WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + 2.789%) 7.125% 11/15/2027<sup>4,5,6</sup> |  | 65442 | 65384 |
|  |  |  | **1117411** |
| **Collateralized mortgage-backed obligations (privately originated) 0.29%** | **Collateralized mortgage-backed obligations (privately originated) 0.29%** |  |  |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048<sup>4,5,6</sup> |  | 6295 | 4974 |
| Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 3/25/2055<sup>4,6</sup> |  | 653 | 596 |
| Arroyo Mortgage Trust, Series 2022-1, Class A1A, 2.495% 12/25/2056 (3.495% on 2/25/2026)<sup>4,6,8</sup> |  | 18002 | 16565 |
| Bellemeade Re, Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 5.989% 7/25/2029<sup>4,5,6</sup> |  | 3639 | 3637 |
| BINOM Securitization Trust, Series 2022-RPL1, Class A1, 3.00% 2/25/2061<sup>4,5,6</sup> |  | 9454 | 8441 |
| BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 5/25/2059<sup>4,5,6</sup> |  | 3693 | 3321 |
| BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 5/26/2059<sup>4,5,6</sup> |  | 2343 | 2222 |
| BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/2061<sup>4,6</sup> |  | 12167 | 10551 |
| BRAVO Residential Funding Trust, Series 2022-R1, Class A, 3.125% 1/29/2070 (6.125% on 1/29/2025)<sup>4,6,8</sup> |  | 25036 | 22302 |
| Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 12/26/2030<sup>4,5,6</sup> |  | 1629 | 1584 |
| Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 10/27/2031<sup>4,5,6</sup> |  | 3670 | 3459 |
| Cascade Funding Mortgage Trust, Series 2021-HB7, Class M1, 2.125% 10/27/2031<sup>4,5,6</sup> |  | 6481 | 5977 |
| Cascade Funding Mortgage Trust, Series 2018-RM2, Class A, 4.00% 10/25/2068<sup>4,5,6</sup> |  | 5789 | 5592 |
| CHL Mortgage Pass-Through Trust, Series 2003-56, Class 6A1, 4.305% 12/25/2033<sup>5,6</sup> |  | 261 | 238 |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061<sup>4,5,6</sup> |  | 30154 | 28495 |
| Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060<sup>4,5,6</sup> |  | 858 | 782 |
| COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066<sup>4,5,6</sup> |  | 15683 | 13281 |
| Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M1, (30-day Average USD-SOFR + 0.75%) 4.678% 10/25/2041<sup>4,5,6</sup> |  | 764 | 758 |
| Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 8/15/2037<sup>4,6</sup> |  | 17486 | 15643 |
| Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 1/25/2060<sup>4,5,6</sup> |  | 14358 | 12334 |
| CS First Boston Mortgage Securities Corp., Series 2002-30, Class IA1, 7.50% 11/25/2032<sup>6</sup> |  | 81 | 79 |
| CS First Boston Mortgage Securities Corp., Series 2002-34, Class IA1, 7.50% 12/25/2032<sup>6</sup> |  | 215 | 218 |
| CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 9/25/2034<sup>6</sup> |  | 734 | 699 |
| Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 3/25/2069<sup>4,6</sup> |  | 13945 | 14929 |
| Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 6/25/2069<sup>4,6</sup> |  | 59891 | 61574 |
| Finance of America Structured Securities Trust, Series 2019-JR3, Class A, 2.00% 9/25/2069<sup>4,6</sup> |  | 1930 | 1984 |
| Finance of America Structured Securities Trust, Series 2019-JR4, Class A, 2.00% 11/25/2069<sup>4,6</sup> |  | 2176 | 2144 |
| Flagstar Mortgage Trust, Series 2021-5INV, Class A2, 2.50% 7/25/2051<sup>4,5,6</sup> |  | 18245 | 14733 |
| Flagstar Mortgage Trust, Series 2021-6INV, Class A4, 2.50% 8/25/2051<sup>4,5,6</sup> |  | 17051 | 13747 |
| Flagstar Mortgage Trust, Series 2021-8INV, Class A3, 2.50% 9/25/2051<sup>4,5,6</sup> |  | 17709 | 14301 |
| Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 10/25/2051<sup>4,5,6</sup> |  | 25434 | 20538 |
| Flagstar Mortgage Trust, Series 2021-11INV, Class A4, 2.50% 11/25/2051<sup>4,5,6</sup> |  | 19592 | 15821 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, (1-month USD-LIBOR + 3.30%) 7.689% 10/25/2027<sup>5,6</sup> |  | 3283 | 3318 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA2, Class M1A, (30-day Average USD-SOFR + 1.30%) 5.228% 2/25/2042<sup>4,5,6</sup> |  | 10191 | 10027 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A, (30-day Average USD-SOFR + 2.00%) 5.928% 4/25/2042<sup>4,5,6</sup> |  | 8388 | 8350 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 6.078% 9/25/2042<sup>4,5,6</sup> |  | 5133 | 5143 |
| GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/2066<sup>4,5,6</sup> |  | 37126 | 31186 |
| Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026<sup>4,6</sup> |  | 16138 | 13961 |
| Hundred Acre Wood Trust, Series 2021-INV1, Class A3, 2.50% 7/25/2051<sup>4,5,6</sup> |  | 3847 | 3106 |

---

22 American Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** | **Collateralized mortgage-backed obligations (privately originated) (continued)** | **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |
| Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 6.25% 11/25/2059<sup>4,5,6</sup> | USD | 13362 | $13352 |
| Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 4/25/2061<sup>4,5,6</sup> |  | 6720 | 6107 |
| Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 7/25/2067 (5.25% on 11/25/2024)<sup>4,6,8</sup> |  | 13222 | 11902 |
| Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 5.239% 11/25/2055<sup>4,5,6</sup> |  | 32320 | 31270 |
| Mill City Mortgage Trust, Series 15-1, Class M2, 3.616% 6/25/2056<sup>4,5,6</sup> |  | 3192 | 3161 |
| Mill City Mortgage Trust, Series 2019-1, Class A1, 3.25% 10/25/2069<sup>4,5,6</sup> |  | 5745 | 5429 |
| New Residential Mortgage Loan Trust, Series 2019-2A, Class A1, 4.25% 12/25/2057<sup>4,5,6</sup> |  | 723 | 686 |
| Onslow Bay Financial Mortgage Loan Trust, Series 2022-J1, Class A2, 2.50% 2/25/2052<sup>4,5,6</sup> |  | 22272 | 17985 |
| PRKCM Trust, Series 2021-AFC2, Class A1, 2.071% 11/25/2056<sup>4,5,6</sup> |  | 39134 | 32610 |
| Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039<sup>4,6</sup> |  | 7764 | 7049 |
| RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75% 10/25/2063<sup>4,5,6</sup> |  | 3887 | 3588 |
| Towd Point Mortgage Trust, Series 2015-3, Class M2, 4.00% 3/25/2054<sup>4,5,6</sup> |  | 2708 | 2655 |
| Towd Point Mortgage Trust, Series 2015-4, Class M2, 3.75% 4/25/2055<sup>4,5,6</sup> |  | 7292 | 7089 |
| Towd Point Mortgage Trust, Series 2015-4, Class M1, 3.75% 4/25/2055<sup>4,5,6</sup> |  | 605 | 604 |
| Towd Point Mortgage Trust, Series 2016-4, Class M2, 3.75% 7/25/2056<sup>4,5,6</sup> |  | 8460 | 7918 |
| Towd Point Mortgage Trust, Series 2017-2, Class M1, 3.75% 4/25/2057<sup>4,5,6</sup> |  | 9394 | 8909 |
| Towd Point Mortgage Trust, Series 2018-3, Class A1, 3.75% 5/25/2058<sup>4,5,6</sup> |  | 2743 | 2598 |
| Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060<sup>4,6</sup> |  | 601 | 534 |
| Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038<sup>4,6</sup> |  | 2170 | 1889 |
|  |  |  | **561945** |
| **Total mortgage-backed obligations** |  |  | **21434417** |
| **U.S. Treasury bonds & notes 7.59%** |  |  |  |
| **U.S. Treasury 4.77%** |  |  |  |
| U.S. Treasury 2.50% 3/31/2023 |  | 5993 | 5966 |
| U.S. Treasury 2.75% 4/30/2023 |  | 99 | 98 |
| U.S. Treasury 1.375% 6/30/2023 |  | 36605 | 36040 |
| U.S. Treasury 0.125% 8/31/2023 |  | 5735 | 5564 |
| U.S. Treasury 2.625% 12/31/2023 |  | 4079 | 3998 |
| U.S. Treasury 2.25% 1/31/2024 |  | 49560 | 48273 |
| U.S. Treasury 2.50% 1/31/2024 |  | 60223 | 58821 |
| U.S. Treasury 0.25% 3/15/2024 |  | 74120 | 70310 |
| U.S. Treasury 3.00% 6/30/2024 |  | 72001 | 70279 |
| U.S. Treasury 3.25% 8/31/2024 |  | 125945 | 123327 |
| U.S. Treasury 0.375% 9/15/2024 |  | 120000 | 111854 |
| U.S. Treasury 2.25% 11/15/2024 |  | 74340 | 71415 |
| U.S. Treasury 4.50% 11/30/2024 |  | 256 | 256 |
| U.S. Treasury 2.00% 2/15/2025 |  | 29740 | 28307 |
| U.S. Treasury 2.125% 5/15/2025 |  | 24780 | 23561 |
| U.S. Treasury 3.00% 7/15/2025 |  | 10462 | 10135 |
| U.S. Treasury 3.125% 8/15/2025 |  | 38400 | 37285 |
| U.S. Treasury 2.75% 8/31/2025 |  | 113990 | 109623 |
| U.S. Treasury 3.00% 10/31/2025 |  | 178410 | 172372 |
| U.S. Treasury 4.50% 11/15/2025 |  | 185000 | 186174 |
| U.S. Treasury 2.875% 11/30/2025 |  | 114981 | 110686 |
| U.S. Treasury 4.00% 12/15/2025 |  | 159097 | 158103 |
| U.S. Treasury 2.25% 3/31/2026 |  | 52663 | 49643 |
| U.S. Treasury 0.75% 8/31/2026 |  | 37 | 33 |
| U.S. Treasury 0.875% 9/30/2026 |  | 2380 | 2114 |
| U.S. Treasury 1.125% 10/31/2026 |  | 79610 | 71204 |
| U.S. Treasury 2.00% 11/15/2026 |  | 47200 | 43653 |
| U.S. Treasury 6.50% 11/15/2026 |  | 39650 | 42961 |
| U.S. Treasury 2.25% 2/15/2027 |  | 11150 | 10378 |
| U.S. Treasury 1.125% 2/28/2027 |  | 930 | 827 |
| U.S. Treasury 2.375% 5/15/2027 |  | 4310 | 4019 |
| U.S. Treasury 3.25% 6/30/2027 |  | 242903 | 234936 |
| U.S. Treasury 2.75% 7/31/2027 |  | 47800 | 45237 |
| U.S. Treasury 6.375% 8/15/2027 |  | 35690 | 39081 |
| U.S. Treasury 3.875% 11/30/2027 |  | 820063 | 815621 |
| U.S. Treasury 0.625% 12/31/2027 |  | 117280 | 99390 |
| U.S. Treasury 2.75% 2/15/2028 |  | 10841 | 10195 |
| U.S. Treasury 2.875% 5/15/2028 |  | 50318 | 47512 |
| U.S. Treasury 1.25% 6/30/2028 |  | 195000 | 168633 |

---

American Balanced Fund 23

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br> (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |  |
| **U.S. Treasury (continued)** |  |  |  |
| U.S. Treasury 1.00% 7/31/2028 | USD | 100000 | $85021 |
| U.S. Treasury 1.375% 10/31/2028 |  | 150000 | 129536 |
| U.S. Treasury 3.125% 11/15/2028 |  | 44485 | 42418 |
| U.S. Treasury 1.50% 11/30/2028 |  | 50000 | 43417 |
| U.S. Treasury 5.25% 2/15/2029 |  | 35690 | 37921 |
| U.S. Treasury 3.25% 6/30/2029 |  | 58480 | 55954 |
| U.S. Treasury 1.625% 8/15/2029 |  | 24780 | 21499 |
| U.S. Treasury 3.875% 11/30/2029 |  | 263159 | 261419 |
| U.S. Treasury 0.625% 5/15/2030 |  | 24780 | 19618 |
| U.S. Treasury 0.625% 8/15/2030 |  | 114675 | 90275 |
| U.S. Treasury 1.25% 8/15/2031 |  | 38263 | 31068 |
| U.S. Treasury 2.875% 5/15/2032 |  | 323416 | 298202 |
| U.S. Treasury 2.75% 8/15/2032 |  | 37500 | 34143 |
| U.S. Treasury 4.125% 11/15/2032 |  | 836775 | 853448 |
| U.S. Treasury 4.25% 5/15/2039 |  | 89230 | 92093 |
| U.S. Treasury 1.125% 5/15/2040<sup>9</sup> |  | 39649 | 24881 |
| U.S. Treasury 2.25% 5/15/2041 |  | 140792 | 105981 |
| U.S. Treasury 2.00% 11/15/2041 |  | 6986 | 5002 |
| U.S. Treasury 2.375% 2/15/2042 |  | 29288 | 22388 |
| U.S. Treasury 3.25% 5/15/2042 |  | 677197 | 594626 |
| U.S. Treasury 2.75% 8/15/2042 |  | 32660 | 26346 |
| U.S. Treasury 3.375% 8/15/2042<sup>9</sup> |  | 155000 | 138674 |
| U.S. Treasury 4.00% 11/15/2042<sup>9</sup> |  | 324238 | 317696 |
| U.S. Treasury 3.125% 2/15/2043 |  | 47605 | 40700 |
| U.S. Treasury 2.875% 5/15/2043 |  | 36090 | 29548 |
| U.S. Treasury 3.625% 2/15/2044 |  | 24780 | 22800 |
| U.S. Treasury 3.125% 8/15/2044 |  | 39447 | 33420 |
| U.S. Treasury 2.50% 2/15/2045 |  | 51860 | 39220 |
| U.S. Treasury 3.00% 5/15/2045 |  | 24780 | 20491 |
| U.S. Treasury 3.00% 11/15/2045 |  | 24780 | 20465 |
| U.S. Treasury 3.00% 5/15/2047 |  | 59532 | 48938 |
| U.S. Treasury 2.75% 8/15/2047 |  | 99300 | 77947 |
| U.S. Treasury 3.00% 2/15/2048 |  | 4007 | 3302 |
| U.S. Treasury 2.00% 2/15/2050 |  | 65583 | 43569 |
| U.S. Treasury 2.375% 5/15/2051 |  | 16475 | 11877 |
| U.S. Treasury 2.00% 8/15/2051 |  | 5468 | 3599 |
| U.S. Treasury 1.875% 11/15/2051 |  | 25500 | 16239 |
| U.S. Treasury 2.25% 2/15/2052<sup>9</sup> |  | 289680 | 202509 |
| U.S. Treasury 3.00% 8/15/2052<sup>9</sup> |  | 2493982 | 2067910 |
|  |  |  | **9142044** |
| **U.S. Treasury inflation-protected securities 2.82%** |  |  |  |
| U.S. Treasury Inflation-Protected Security 0.625% 4/15/2023<sup>10</sup> |  | 374638 | 371037 |
| U.S. Treasury Inflation-Protected Security 0.625% 1/15/2024<sup>10</sup> |  | 38695 | 37900 |
| U.S. Treasury Inflation-Protected Security 0.50% 4/15/2024<sup>10</sup> |  | 173691 | 169032 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2024<sup>10</sup> |  | 63044 | 61068 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2024<sup>10</sup> |  | 54109 | 52149 |
| U.S. Treasury Inflation-Protected Security 0.25% 1/15/2025<sup>10</sup> |  | 223909 | 214923 |
| U.S. Treasury Inflation-Protected Security 2.375% 1/15/2025<sup>10</sup> |  | 78344 | 78493 |
| U.S. Treasury Inflation-Protected Security 0.125% 4/15/2025<sup>10</sup> |  | 74176 | 70694 |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025<sup>10</sup> |  | 593101 | 569906 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2025<sup>10</sup> |  | 678764 | 645163 |
| U.S. Treasury Inflation-Protected Security 0.125% 4/15/2026<sup>10</sup> |  | 776069 | 729550 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026<sup>10</sup> |  | 683946 | 641481 |
| U.S. Treasury Inflation-Protected Security 0.375% 1/15/2027<sup>10</sup> |  | 302380 | 285099 |
| U.S. Treasury Inflation-Protected Security 0.125% 4/15/2027<sup>10</sup> |  | 229012 | 213396 |
| U.S. Treasury Inflation-Protected Security 1.625% 10/15/2027<sup>10</sup> |  | 295224 | 294850 |
| U.S. Treasury Inflation-Protected Security 1.75% 1/15/2028<sup>10</sup> |  | 37919 | 37931 |
| U.S. Treasury Inflation-Protected Security 0.75% 7/15/2028<sup>10</sup> |  | 176494 | 168137 |
| U.S. Treasury Inflation-Protected Security 0.875% 1/15/2029<sup>10</sup> |  | 145173 | 138295 |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2030<sup>10</sup> |  | 6457 | 5802 |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2031<sup>10</sup> |  | 212775 | 188783 |
| U.S. Treasury Inflation-Protected Security 0.625% 2/15/2043<sup>10</sup> |  | 26362 | 21261 |
| U.S. Treasury Inflation-Protected Security 1.375% 2/15/2044<sup>10</sup> |  | 48162 | 44679 |
| U.S. Treasury Inflation-Protected Security 1.00% 2/15/2046<sup>10</sup> |  | 22357 | 18995 |

---

24 American Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |  |
| **U.S. Treasury inflation-protected securities (continued)** |  |  |  |
| U.S. Treasury Inflation-Protected Security 0.25% 2/15/2050<sup>10</sup> | USD | 2873 | $1940 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051<sup>9,10</sup> |  | 243765 | 157249 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2052<sup>9,10</sup> |  | 307266 | 198524 |
|  |  |  | 5416337 |
| **Total U.S. Treasury bonds & notes** |  |  | **14558381** |
| **Corporate bonds, notes & loans 6.77%** |  |  |  |
| **Financials 2.54%** |  |  |  |
| AerCap Ireland Capital DAC 1.65% 10/29/2024 |  | 65961 | 60887 |
| AerCap Ireland Capital DAC 6.50% 7/15/2025 |  | 7190 | 7292 |
| AerCap Ireland Capital DAC 1.75% 1/30/2026 |  | 10369 | 9134 |
| AerCap Ireland Capital DAC 2.45% 10/29/2026 |  | 48625 | 42583 |
| AerCap Ireland Capital DAC 3.00% 10/29/2028 |  | 58191 | 48856 |
| AerCap Ireland Capital DAC 3.30% 1/30/2032 |  | 26947 | 21132 |
| AerCap Ireland Capital DAC 3.40% 10/29/2033 |  | 12659 | 9632 |
| AerCap Ireland Capital DAC 3.85% 10/29/2041 |  | 14504 | 10306 |
| AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 1.15% 10/29/2023 |  | 23000 | 22138 |
| AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025)<sup>4,8</sup> |  | 41000 | 41789 |
| Ally Financial, Inc. 8.00% 11/1/2031 |  | 4250 | 4430 |
| Ally Financial, Inc. 8.00% 11/1/2031 |  | 3250 | 3364 |
| American Express Co. 2.25% 3/4/2025 |  | 20000 | 18894 |
| American Express Co. 2.55% 3/4/2027 |  | 13925 | 12688 |
| American Express Co. 5.85% 11/5/2027 |  | 3900 | 4067 |
| American Express Co. 4.42% 8/3/2033 (USD-SOFR + 1.76% on 8/3/2032)<sup>8</sup> |  | 15687 | 14866 |
| American International Group, Inc. 2.50% 6/30/2025 |  | 7432 | 7003 |
| American International Group, Inc. 4.375% 6/30/2050 |  | 4240 | 3609 |
| Arthur J. Gallagher & Co. 3.50% 5/20/2051 |  | 5791 | 4067 |
| Australia & New Zealand Banking Group, Ltd. 6.742% 12/8/2032<sup>4</sup> |  | 4134 | 4188 |
| Banco Santander, SA 2.746% 5/28/2025 |  | 5000 | 4684 |
| Banco Santander, SA 5.147% 8/18/2025 |  | 13000 | 12869 |
| Banco Santander, SA 1.722% 9/14/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.90% on 9/14/2026)<sup>8</sup> |  | 20600 | 17621 |
| Bangkok Bank PCL 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)<sup>8</sup> |  | 21127 | 17701 |
| Bank of America Corp. 1.843% 2/4/2025 (USD-SOFR + 0.67% on 2/4/2024)<sup>8</sup> |  | 10000 | 9592 |
| Bank of America Corp. 1.197% 10/24/2026 (USD-SOFR + 1.01% on 10/24/2025)<sup>8</sup> |  | 19820 | 17640 |
| Bank of America Corp. 1.658% 3/11/2027 (USD-SOFR + 0.91% on 3/11/2026)<sup>8</sup> |  | 12694 | 11245 |
| Bank of America Corp. 4.376% 4/27/2028 (USD-SOFR + 1.58% on 4/27/2027)<sup>8</sup> |  | 22000 | 21073 |
| Bank of America Corp. 4.948% 7/22/2028 (USD-SOFR + 2.04% on 7/22/2027)<sup>8</sup> |  | 86250 | 84378 |
| Bank of America Corp. 6.204% 11/10/2028 (USD-SOFR + 1.99% on 11/10/2027)<sup>8</sup> |  | 32569 | 33685 |
| Bank of America Corp. 3.419% 12/20/2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)<sup>8</sup> |  | 38490 | 34919 |
| Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028)<sup>8</sup> |  | 69705 | 58779 |
| Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031)<sup>8</sup> |  | 16073 | 12417 |
| Bank of America Corp. 2.572% 10/20/2032 (USD-SOFR + 1.21% on 10/20/2031)<sup>8</sup> |  | 2895 | 2275 |
| Bank of America Corp. 2.972% 2/4/2033 (USD-SOFR + 1.33% on 2/4/2032)<sup>8</sup> |  | 19105 | 15441 |
| Bank of America Corp. 4.571% 4/27/2033 (USD-SOFR + 1.83% on 4/27/2032)<sup>8</sup> |  | 22000 | 20186 |
| Bank of America Corp. 5.015% 7/22/2033 (USD-SOFR + 2.16% on 7/22/2032)<sup>8</sup> |  | 49824 | 47450 |
| Bank of Ireland Group PLC 6.253% 9/16/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.65% on 9/16/2025)<sup>4,8</sup> |  | 5000 | 4963 |
| Bank of New York Mellon Corp. 5.802% 10/25/2028 (USD-SOFR + 1.802% on 10/25/2027)<sup>8</sup> |  | 8829 | 9145 |
| Blackstone Holdings Finance Co., LLC 5.90% 11/3/2027<sup>4</sup> |  | 7000 | 7064 |
| BNP Paribas 4.375% 9/28/2025<sup>4</sup> |  | 5700 | 5541 |
| BNP Paribas 4.375% 5/12/2026<sup>4</sup> |  | 6350 | 6058 |
| BNP Paribas 1.675% 6/30/2027 (USD-SOFR + 0.912% on 6/30/2026)<sup>4,8</sup> |  | 1412 | 1230 |
| BNP Paribas SA 1.323% 1/13/2027 (USD-SOFR + 1.004% on 1/13/2026)<sup>4,8</sup> |  | 32442 | 28389 |
| BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027)<sup>4,8</sup> |  | 83056 | 73162 |
| BNP Paribas SA 1.904% 9/30/2028 (USD-SOFR + 1.609% on 9/30/2027)<sup>4,8</sup> |  | 5000 | 4171 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)<sup>4,8</sup> |  | 24859 | 20310 |
| BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031)<sup>4,8</sup> |  | 30232 | 23712 |
| Capital One Financial Corp. 1.343% 12/6/2024 (USD-SOFR + 0.69% on 12/6/2023)<sup>8</sup> |  | 34875 | 33400 |
| Capital One Financial Corp. 4.985% 7/24/2026 (USD-SOFR + 2.16% on 7/24/2025)<sup>8</sup> |  | 22000 | 21568 |
| Capital One Financial Corp. 4.927% 5/10/2028 (USD-SOFR + 2.057% on 5/10/2027)<sup>8</sup> |  | 21500 | 20848 |
| Charles Schwab Corp. 3.45% 2/13/2026 |  | 1616 | 1564 |
| Charles Schwab Corp. 2.45% 3/3/2027 |  | 14200 | 12966 |
| Charles Schwab Corp. 2.90% 3/3/2032 |  | 18000 | 15346 |

---

American Balanced Fund 25

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Financials (continued)** |  |  |  |
| China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 8/12/2031 | USD | 10606 | $8293 |
| Citigroup, Inc. 2.014% 1/25/2026 (USD-SOFR + 0.694% on 1/25/2025)<sup>8</sup> |  | 16783 | 15567 |
| Citigroup, Inc. 5.61% 9/29/2026 (USD-SOFR + 1.546% on 12/29/2025)<sup>8</sup> |  | 41750 | 41972 |
| Citigroup, Inc. 3.07% 2/24/2028 (USD-SOFR + 1.28% on 2/24/2027)<sup>8</sup> |  | 61105 | 55175 |
| Citigroup, Inc. 4.658% 5/24/2028 (USD-SOFR + 1.887% on 5/24/2027)<sup>8</sup> |  | 26121 | 25320 |
| Citigroup, Inc. 4.075% 4/23/2029 (3-month USD-LIBOR + 1.192% on 4/23/2028)<sup>8</sup> |  | 30000 | 27659 |
| Citigroup, Inc. 2.976% 11/5/2030 (USD-SOFR + 1.422% on 11/5/2029)<sup>8</sup> |  | 5370 | 4527 |
| Citigroup, Inc. 6.27% 11/17/2033 (USD-SOFR + 2.338% on 11/17/2032)<sup>8</sup> |  | 22693 | 23483 |
| CME Group, Inc. 3.75% 6/15/2028 |  | 2230 | 2147 |
| Corebridge Financial, Inc. 3.50% 4/4/2025<sup>4</sup> |  | 19009 | 18240 |
| Corebridge Financial, Inc. 3.65% 4/5/2027<sup>4</sup> |  | 43861 | 40953 |
| Corebridge Financial, Inc. 3.85% 4/5/2029<sup>4</sup> |  | 29794 | 27198 |
| Corebridge Financial, Inc. 3.90% 4/5/2032<sup>4</sup> |  | 16820 | 14736 |
| Corebridge Financial, Inc. 4.35% 4/5/2042<sup>4</sup> |  | 1622 | 1337 |
| Corebridge Financial, Inc. 4.40% 4/5/2052<sup>4</sup> |  | 3907 | 3116 |
| Crédit Agricole SA 4.375% 3/17/2025<sup>4</sup> |  | 5460 | 5279 |
| Crédit Agricole SA 1.907% 6/16/2026 (USD-SOFR + 1.676% on 6/16/2025)<sup>4,8</sup> |  | 17106 | 15608 |
| Crédit Agricole SA 1.247% 1/26/2027 (USD-SOFR + 0.892% on 1/26/2026)<sup>4,8</sup> |  | 13656 | 11957 |
| Credit Suisse Group AG 3.80% 6/9/2023 |  | 26053 | 25373 |
| Credit Suisse Group AG 4.207% 6/12/2024 (3-month USD-LIBOR + 1.24% on 6/12/2023)<sup>4,8</sup> |  | 23000 | 22429 |
| Credit Suisse Group AG 3.625% 9/9/2024 |  | 7250 | 6765 |
| Credit Suisse Group AG 2.593% 9/11/2025 (USD-SOFR + 1.56% on 9/11/2024)<sup>4,8</sup> |  | 12081 | 10687 |
| Credit Suisse Group AG 2.193% 6/5/2026 (USD-SOFR + 2.044% on 6/5/2025)<sup>4,8</sup> |  | 42692 | 36497 |
| Credit Suisse Group AG 1.305% 2/2/2027 (USD-SOFR + 0.98% on 2/2/2026)<sup>4,8</sup> |  | 53787 | 43093 |
| Credit Suisse Group AG 6.442% 8/11/2028 (USD-SOFR + 3.70% on 8/11/2027)<sup>4,8</sup> |  | 23405 | 21349 |
| Credit Suisse Group AG 3.869% 1/12/2029 (3-month USD-LIBOR + 1.41% on 1/12/2028)<sup>4,8</sup> |  | 10450 | 8391 |
| Credit Suisse Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030)<sup>4,8</sup> |  | 53999 | 42023 |
| Credit Suisse Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031)<sup>4,8</sup> |  | 44165 | 30604 |
| Credit Suisse Group AG 6.537% 8/12/2033 (USD-SOFR + 3.92% on 8/12/2032)<sup>4,8</sup> |  | 4250 | 3740 |
| Credit Suisse Group AG 9.016% 11/15/2033 (USD-SOFR + 5.02% on 11/15/2032)<sup>4,8</sup> |  | 34964 | 35896 |
| Danske Bank AS 3.773% 3/28/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.45% on 3/28/2024)<sup>4,8</sup> |  | 20000 | 19389 |
| Danske Bank AS 1.549% 9/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.73% on 9/10/2026)<sup>4,8</sup> |  | 45000 | 38598 |
| Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)<sup>4,8</sup> |  | 14225 | 13101 |
| Deutsche Bank AG 3.95% 2/27/2023 |  | 63683 | 63467 |
| Deutsche Bank AG 0.898% 5/28/2024 |  | 19230 | 17991 |
| Deutsche Bank AG 3.70% 5/30/2024 |  | 36145 | 35539 |
| Deutsche Bank AG 3.70% 5/30/2024 |  | 28800 | 28002 |
| Deutsche Bank AG 2.222% 9/18/2024 (USD-SOFR + 2.159% on 9/18/2023)<sup>8</sup> |  | 45250 | 43716 |
| Deutsche Bank AG 3.961% 11/26/2025 (USD-SOFR + 2.581% on 11/26/2024)<sup>8</sup> |  | 16750 | 16018 |
| Deutsche Bank AG 4.10% 1/13/2026 |  | 21547 | 20732 |
| Deutsche Bank AG 4.10% 1/13/2026 |  | 5139 | 4939 |
| Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025)<sup>8</sup> |  | 101621 | 89753 |
| Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)<sup>8</sup> |  | 57316 | 48670 |
| Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027)<sup>8</sup> |  | 93958 | 79992 |
| Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030)<sup>8</sup> |  | 27790 | 22339 |
| Discover Financial Services 6.70% 11/29/2032 |  | 5375 | 5480 |
| DNB Bank ASA 5.896% 10/9/2026 (USD-SOFR + 1.95% on 10/9/2025)<sup>4,5</sup> |  | 41250 | 41294 |
| Goldman Sachs Group, Inc. 1.431% 3/9/2027 (USD-SOFR + 0.795% on 3/9/2026)<sup>8</sup> |  | 15000 | 13170 |
| Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026)<sup>8</sup> |  | 44600 | 38529 |
| Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026)<sup>8</sup> |  | 121291 | 106213 |
| Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027)<sup>8</sup> |  | 44541 | 39722 |
| Goldman Sachs Group, Inc. 3.615% 3/15/2028 (USD-SOFR + 1.846% on 3/15/2027)<sup>8</sup> |  | 60638 | 56572 |
| Goldman Sachs Group, Inc. 4.482% 8/23/2028 (USD-SOFR + 1.725% on 8/23/2027)<sup>8</sup> |  | 34354 | 32982 |
| Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)<sup>8</sup> |  | 108358 | 88266 |
| Groupe BPCE SA 2.75% 1/11/2023<sup>4</sup> |  | 2510 | 2509 |
| Groupe BPCE SA 5.70% 10/22/2023<sup>4</sup> |  | 13830 | 13730 |
| Groupe BPCE SA 4.625% 7/11/2024<sup>4</sup> |  | 33950 | 33060 |
| Groupe BPCE SA 5.15% 7/21/2024<sup>4</sup> |  | 39440 | 38632 |
| Groupe BPCE SA 1.625% 1/14/2025<sup>4</sup> |  | 24000 | 22355 |
| Groupe BPCE SA 1.00% 1/20/2026<sup>4</sup> |  | 25000 | 21943 |
| Groupe BPCE SA 1.652% 10/6/2026 (USD-SOFR + 1.52% on 10/6/2025)<sup>4,8</sup> |  | 12975 | 11543 |
| Groupe BPCE SA 2.277% 1/20/2032 (USD-SOFR + 1.312% on 1/20/2031)<sup>4,8</sup> |  | 325 | 244 |

---

26 American Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Financials (continued)** |  |  |  |
| HSBC Holdings PLC 2.633% 11/7/2025 (3-month USD-LIBOR + 1.14% on 11/7/2024)<sup>8</sup> | USD | 2350 | $2209 |
| HSBC Holdings PLC 1.589% 5/24/2027 (3-month USD-LIBOR + 1.29% on 5/24/2026)<sup>8</sup> |  | 3250 | 2806 |
| HSBC Holdings PLC 4.755% 6/9/2028 (USD-SOFR + 2.11% on 6/9/2027)<sup>8</sup> |  | 2247 | 2127 |
| HSBC Holdings PLC 3.973% 5/22/2030 (3-month USD-LIBOR + 1.61% on 5/22/2029)<sup>8</sup> |  | 5940 | 5211 |
| Huarong Finance 2017 Co., Ltd. 4.25% 11/7/2027 |  | 47000 | 40223 |
| Huarong Finance II Co., Ltd. 5.50% 1/16/2025 |  | 44000 | 41748 |
| Intesa Sanpaolo SpA 3.375% 1/12/2023<sup>4</sup> |  | 68977 | 68944 |
| Intesa Sanpaolo SpA 5.017% 6/26/2024<sup>4</sup> |  | 78202 | 75220 |
| Intesa Sanpaolo SpA 3.25% 9/23/2024<sup>4</sup> |  | 5540 | 5258 |
| Intesa Sanpaolo SpA 7.00% 11/21/2025<sup>4</sup> |  | 2550 | 2603 |
| Intesa Sanpaolo SpA 3.875% 7/14/2027<sup>4</sup> |  | 70094 | 62593 |
| Intesa Sanpaolo SpA 3.875% 1/12/2028<sup>4</sup> |  | 43573 | 38468 |
| Intesa Sanpaolo SpA 8.248% 11/21/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 4.40% on 11/21/2032)<sup>4,8</sup> |  | 24225 | 24645 |
| JPMorgan Chase & Co. 1.561% 12/10/2025 (USD-SOFR + 0.605% on 12/10/2024)<sup>8</sup> |  | 61442 | 56929 |
| JPMorgan Chase & Co. 4.08% 4/26/2026 (USD-SOFR + 1.32% on 4/26/2025)<sup>8</sup> |  | 15000 | 14577 |
| JPMorgan Chase & Co. 1.47% 9/22/2027 (USD-SOFR + 0.765% on 9/22/2026)<sup>8</sup> |  | 92000 | 79768 |
| JPMorgan Chase & Co. 2.947% 2/24/2028 (USD-SOFR + 1.17% on 2/24/2027)<sup>8</sup> |  | 45000 | 40772 |
| JPMorgan Chase & Co. 4.323% 4/26/2028 (USD-SOFR + 1.56% on 4/26/2027)<sup>8</sup> |  | 53000 | 50696 |
| JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)<sup>8</sup> |  | 43348 | 42326 |
| JPMorgan Chase & Co. 3.509% 1/23/2029 (3-month USD-LIBOR + 0.945% on 1/23/2028)<sup>8</sup> |  | 35000 | 31824 |
| JPMorgan Chase & Co. 2.069% 6/1/2029 (USD-SOFR + 1.015% on 6/1/2028)<sup>8</sup> |  | 54174 | 45340 |
| JPMorgan Chase & Co. 4.586% 4/26/2033 (USD-SOFR + 1.80% on 4/26/2032)<sup>8</sup> |  | 1196 | 1111 |
| JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)<sup>8</sup> |  | 19912 | 19018 |
| Kasikornbank PCL HK 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)<sup>8</sup> |  | 21318 | 18787 |
| Lloyds Banking Group PLC 3.87% 7/9/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.50% on 7/9/2024)<sup>8</sup> |  | 5000 | 4842 |
| Lloyds Banking Group PLC 2.438% 2/5/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on 2/5/2025)<sup>8</sup> |  | 22400 | 20872 |
| Lloyds Banking Group PLC 1.627% 5/11/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 5/11/2026)<sup>8</sup> |  | 3100 | 2687 |
| Lloyds Banking Group PLC 3.75% 3/18/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.80% on 3/18/2027)<sup>8</sup> |  | 37368 | 34550 |
| Lloyds Banking Group PLC 4.976% 8/11/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/11/2032)<sup>8</sup> |  | 21560 | 19858 |
| Marsh & McLennan Companies, Inc. 3.875% 3/15/2024 |  | 2500 | 2466 |
| Marsh & McLennan Companies, Inc. 4.375% 3/15/2029 |  | 3750 | 3630 |
| Marsh & McLennan Companies, Inc. 2.25% 11/15/2030 |  | 7010 | 5756 |
| Metropolitan Life Global Funding I 2.95% 4/9/2030<sup>4</sup> |  | 10000 | 8698 |
| Mitsubishi UFJ Financial Group, Inc. 0.962% 10/11/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.45% on 10/11/2024)<sup>8</sup> |  | 46000 | 42325 |
| Mitsubishi UFJ Financial Group, Inc. 1.538% 7/20/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/20/2026)<sup>8</sup> |  | 65500 | 56864 |
| Mitsubishi UFJ Financial Group, Inc. 1.64% 10/13/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.67% on 10/13/2026)<sup>8</sup> |  | 34600 | 30011 |
| Mitsubishi UFJ Financial Group, Inc. 2.341% 1/19/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.83% on 1/19/2027)<sup>8</sup> |  | 24000 | 21158 |
| Mitsubishi UFJ Financial Group, Inc. 4.08% 4/19/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.30% on 4/19/2027)<sup>8</sup> |  | 23000 | 21720 |
| Mitsubishi UFJ Financial Group, Inc. 3.195% 7/18/2029 |  | 960 | 840 |
| Mizuho Financial Group, Inc. 1.554% 7/9/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/9/2026)<sup>8</sup> |  | 34000 | 29660 |
| Mizuho Financial Group, Inc. 5.669% 9/13/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.40% on 9/13/2032)<sup>8</sup> |  | 20740 | 20643 |
| Moody's Corp. 4.25% 8/8/2032 |  | 5465 | 5123 |
| Morgan Stanley 4.679% 7/17/2026 (USD-SOFR + 1.669% on 7/17/2025)<sup>8</sup> |  | 9785 | 9627 |
| Morgan Stanley 1.512% 7/20/2027 (USD-SOFR + 0.858% on 7/20/2026)<sup>8</sup> |  | 83064 | 72183 |
| Morgan Stanley 2.475% 1/21/2028 (USD-SOFR + 1.00% on 1/21/2027)<sup>8</sup> |  | 14536 | 12936 |
| Morgan Stanley 4.21% 4/20/2028 (USD-SOFR + 1.61% on 4/20/2027)<sup>8</sup> |  | 22000 | 20958 |
| Morgan Stanley 6.296% 10/18/2028 (USD-SOFR + 2.44% on 10/18/2027)<sup>8</sup> |  | 39474 | 40819 |
| Morgan Stanley 2.239% 7/21/2032 (USD-SOFR + 1.178% on 7/21/2031)<sup>8</sup> |  | 31624 | 24337 |
| Morgan Stanley 2.943% 1/21/2033 (USD-SOFR + 1.29% on 1/21/2032)<sup>8</sup> |  | 14421 | 11704 |
| Morgan Stanley 5.297% 4/20/2037 (USD-SOFR + 2.62% on 4/20/2032)<sup>8</sup> |  | 8669 | 7950 |

---

American Balanced Fund 27

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Financials (continued)** |  |  |  |
| Morgan Stanley 3.217% 4/22/2042 (USD-SOFR + 1.485% on 4/22/2041)<sup>8</sup> | USD | 2854 | $2123 |
| MSCI, Inc. 3.25% 8/15/2033<sup>4</sup> |  | 26400 | 20426 |
| National Australia Bank, Ltd. 1.887% 1/12/2027<sup>4</sup> |  | 15000 | 13349 |
| National Securities Clearing Corp. 5.10% 11/21/2027<sup>4</sup> |  | 6000 | 6045 |
| NatWest Group PLC 7.472% 11/10/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.85% on 11/10/2025)<sup>8</sup> |  | 5000 | 5209 |
| New York Life Global Funding 2.35% 7/14/2026<sup>4</sup> |  | 2970 | 2736 |
| Northern Trust Corp. 6.125% 11/2/2032 |  | 5000 | 5288 |
| PNC Financial Services Group, Inc. 5.671% 10/28/2025 (USD-SOFR + 1.09% on 10/28/2024)<sup>8</sup> |  | 10000 | 10114 |
| PNC Financial Services Group, Inc. 5.354% 12/2/2028 (USD-SOFR + 1.62% on 12/2/2027)<sup>8</sup> |  | 5000 | 5048 |
| PNC Financial Services Group, Inc. 6.037% 10/28/2033 (USD-SOFR + 2.14% on 10/28/2032)<sup>8</sup> |  | 29894 | 31219 |
| Power Financial Corp., Ltd. 5.25% 8/10/2028 |  | 3067 | 2984 |
| Power Financial Corp., Ltd. 6.15% 12/6/2028 |  | 2760 | 2808 |
| Power Financial Corp., Ltd. 4.50% 6/18/2029 |  | 4446 | 4115 |
| Power Financial Corp., Ltd. 3.95% 4/23/2030 |  | 9727 | 8557 |
| Prudential Financial, Inc. 4.35% 2/25/2050 |  | 7760 | 6612 |
| Prudential Financial, Inc. 3.70% 3/13/2051 |  | 945 | 726 |
| Royal Bank of Canada 1.15% 6/10/2025 |  | 4420 | 4050 |
| Santander Holdings USA, Inc. 3.50% 6/7/2024 |  | 41605 | 40443 |
| Santander Holdings USA, Inc. 2.49% 1/6/2028<sup>8</sup> |  | 28375 | 24383 |
| State Street Corp. 5.82% 11/4/2028 (USD-SOFR + 1.715% on 11/4/2027)<sup>8</sup> |  | 990 | 1024 |
| State Street Corp. 4.164% 8/4/2033 (USD-SOFR + 1.726% on 8/4/2032)<sup>8</sup> |  | 14240 | 13196 |
| Sumitomo Mitsui Banking Corp. 2.174% 1/14/2027 |  | 8800 | 7813 |
| Sumitomo Mitsui Financial Group, Inc. 1.402% 9/17/2026 |  | 10000 | 8721 |
| Synchrony Bank 5.40% 8/22/2025 |  | 21000 | 20631 |
| Synchrony Bank 5.625% 8/23/2027 |  | 21000 | 20497 |
| Synchrony Financial 4.375% 3/19/2024 |  | 11550 | 11348 |
| Synchrony Financial 4.25% 8/15/2024 |  | 12369 | 12093 |
| Toronto-Dominion Bank 2.65% 6/12/2024 |  | 7113 | 6885 |
| Toronto-Dominion Bank 1.25% 9/10/2026 |  | 19849 | 17382 |
| Toronto-Dominion Bank 1.95% 1/12/2027 |  | 10000 | 8924 |
| Toronto-Dominion Bank 2.45% 1/12/2032 |  | 7500 | 6094 |
| Travelers Companies, Inc. 4.00% 5/30/2047 |  | 3380 | 2749 |
| U.S. Bancorp 4.548% 7/22/2028 (USD-SOFR + 1.66% on 7/27/2027)<sup>8</sup> |  | 21000 | 20544 |
| UBS Group AG 4.49% 8/5/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.60% on 8/5/2024)<sup>4,8</sup> |  | 5000 | 4917 |
| UBS Group AG 4.125% 9/24/2025<sup>4</sup> |  | 4030 | 3923 |
| UBS Group AG 1.364% 1/30/2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.08% on 1/30/2026)<sup>4,8</sup> |  | 6350 | 5568 |
| UBS Group AG 1.494% 8/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 8/10/2026)<sup>4,8</sup> |  | 39750 | 34248 |
| UBS Group AG 4.751% 5/12/2028 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 5/12/2027)<sup>4,8</sup> |  | 22350 | 21423 |
| UniCredit SpA 4.625% 4/12/2027<sup>4</sup> |  | 5540 | 5192 |
| UniCredit SpA 5.861% 6/19/2032 (5-year USD-ICE Swap + 3.703% on 6/19/2027)<sup>4,8</sup> |  | 29627 | 26050 |
| Unum Group 3.875% 11/5/2025 |  | 5045 | 4823 |
| Vigorous Champion International, Ltd. 4.25% 5/28/2029 |  | 3162 | 2843 |
| Wells Fargo & Company 2.406% 10/30/2025 (3-month USD-LIBOR + 0.825% on 10/30/2024)<sup>8</sup> |  | 45118 | 42698 |
| Wells Fargo & Company 3.908% 4/25/2026 (USD-SOFR + 1.32% on 4/25/2025)<sup>8</sup> |  | 12889 | 12538 |
| Wells Fargo & Company 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)<sup>8</sup> |  | 148694 | 137959 |
| Wells Fargo & Company 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027)<sup>8</sup> |  | 46221 | 45220 |
| Wells Fargo & Company 2.879% 10/30/2030 (3-month USD-LIBOR + 1.17% on 10/30/2029)<sup>8</sup> |  | 17595 | 14983 |
| Wells Fargo & Company 5.013% 4/4/2051 (3-month USD-LIBOR + 4.24% on 4/4/2050)<sup>8</sup> |  | 2650 | 2348 |
| Westpac Banking Corp. 2.75% 1/11/2023 |  | 6880 | 6877 |
| Westpac Banking Corp. 2.894% 2/4/2030 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 2/4/2025)<sup>8</sup> |  | 3750 | 3441 |

---

28 American Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Financials (continued)** |  |  |  |
| Westpac Banking Corp. 4.11% 7/24/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 2.00% on 7/24/2029)<sup>8</sup> | USD | 3750 | $3223 |
| Westpac Banking Corp. 2.668% 11/15/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 11/15/2030)<sup>8</sup> |  | 28300 | 21093 |
| Westpac Banking Corp. 2.963% 11/16/2040 |  | 12915 | 8572 |
|  |  |  | **4867716** |
| **Consumer discretionary 0.87%** |  |  |  |
| Alibaba Group Holding, Ltd. 3.15% 2/9/2051 |  | 4100 | 2562 |
| Amazon.com, Inc. 1.20% 6/3/2027 |  | 6250 | 5422 |
| Amazon.com, Inc. 4.55% 12/1/2027 |  | 5000 | 4992 |
| Amazon.com, Inc. 2.70% 6/3/2060 |  | 2770 | 1682 |
| American Honda Finance Corp. 3.50% 2/15/2028 |  | 2500 | 2341 |
| Daimler Trucks Finance North America, LLC 1.125% 12/14/2023<sup>4</sup> |  | 24000 | 23065 |
| Daimler Trucks Finance North America, LLC 1.625% 12/13/2024<sup>4</sup> |  | 14750 | 13699 |
| Daimler Trucks Finance North America, LLC 3.50% 4/7/2025<sup>4</sup> |  | 8050 | 7729 |
| Daimler Trucks Finance North America, LLC 2.00% 12/14/2026<sup>4</sup> |  | 22985 | 20283 |
| Daimler Trucks Finance North America, LLC 3.65% 4/7/2027<sup>4</sup> |  | 15255 | 14279 |
| Daimler Trucks Finance North America, LLC 2.375% 12/14/2028<sup>4</sup> |  | 12025 | 10128 |
| Daimler Trucks Finance North America, LLC 2.50% 12/14/2031<sup>4</sup> |  | 18675 | 14525 |
| DaimlerChrysler North America Holding Corp. 1.75% 3/10/2023<sup>4</sup> |  | 31720 | 31533 |
| DaimlerChrysler North America Holding Corp. 3.65% 2/22/2024<sup>4</sup> |  | 16430 | 16155 |
| General Motors Company 6.125% 10/1/2025 |  | 32572 | 33182 |
| General Motors Company 6.80% 10/1/2027 |  | 24419 | 25388 |
| General Motors Company 5.40% 10/15/2029 |  | 20194 | 19316 |
| General Motors Company 5.60% 10/15/2032 |  | 21000 | 19569 |
| General Motors Financial Co. 3.25% 1/5/2023 |  | 8417 | 8416 |
| General Motors Financial Co. 3.70% 5/9/2023 |  | 11361 | 11306 |
| General Motors Financial Co. 3.80% 4/7/2025 |  | 32650 | 31545 |
| General Motors Financial Co. 2.75% 6/20/2025 |  | 36850 | 34529 |
| General Motors Financial Co. 1.25% 1/8/2026 |  | 8000 | 7053 |
| General Motors Financial Co. 1.50% 6/10/2026 |  | 69104 | 60095 |
| General Motors Financial Co. 4.00% 10/6/2026 |  | 4991 | 4705 |
| General Motors Financial Co. 2.35% 2/26/2027 |  | 56507 | 49428 |
| General Motors Financial Co. 2.70% 8/20/2027 |  | 55425 | 48536 |
| General Motors Financial Co. 2.40% 4/10/2028 |  | 22789 | 19206 |
| General Motors Financial Co. 2.40% 10/15/2028 |  | 51121 | 42483 |
| General Motors Financial Co. 4.30% 4/6/2029 |  | 18400 | 16518 |
| General Motors Financial Co. 3.60% 6/21/2030 |  | 5785 | 4881 |
| General Motors Financial Co. 2.35% 1/8/2031 |  | 43356 | 32787 |
| General Motors Financial Co. 2.70% 6/10/2031 |  | 36632 | 28151 |
| Home Depot, Inc. 1.50% 9/15/2028 |  | 15000 | 12781 |
| Home Depot, Inc. 2.95% 6/15/2029 |  | 2390 | 2167 |
| Home Depot, Inc. 1.875% 9/15/2031 |  | 10000 | 8017 |
| Hyundai Capital America 2.375% 2/10/2023<sup>4</sup> |  | 39473 | 39386 |
| Hyundai Capital America 5.75% 4/6/2023<sup>4</sup> |  | 9000 | 9007 |
| Hyundai Capital America 1.25% 9/18/2023<sup>4</sup> |  | 13111 | 12710 |
| Hyundai Capital America 0.875% 6/14/2024<sup>4</sup> |  | 21810 | 20354 |
| Hyundai Capital America 3.40% 6/20/2024<sup>4</sup> |  | 36500 | 35245 |
| Hyundai Capital America 1.00% 9/17/2024<sup>4</sup> |  | 93880 | 86796 |
| Hyundai Capital America 2.65% 2/10/2025<sup>4</sup> |  | 51765 | 48724 |
| Hyundai Capital America 5.875% 4/7/2025<sup>4</sup> |  | 9000 | 9043 |
| Hyundai Capital America 1.80% 10/15/2025<sup>4</sup> |  | 3275 | 2949 |
| Hyundai Capital America 1.30% 1/8/2026<sup>4</sup> |  | 23790 | 20831 |
| Hyundai Capital America 1.50% 6/15/2026<sup>4</sup> |  | 28381 | 24623 |
| Hyundai Capital America 1.65% 9/17/2026<sup>4</sup> |  | 64501 | 56772 |
| Hyundai Capital America 3.00% 2/10/2027<sup>4</sup> |  | 35725 | 32112 |
| Hyundai Capital America 2.375% 10/15/2027<sup>4</sup> |  | 27070 | 23202 |
| Hyundai Capital America 1.80% 1/10/2028<sup>4</sup> |  | 21000 | 17256 |
| Hyundai Capital America 2.00% 6/15/2028<sup>4</sup> |  | 20408 | 16658 |
| Hyundai Capital America 2.10% 9/15/2028<sup>4</sup> |  | 26350 | 21674 |
| Hyundai Capital Services, Inc. 2.125% 4/24/2025<sup>4</sup> |  | 6975 | 6384 |
| Hyundai Capital Services, Inc. 1.25% 2/8/2026<sup>4</sup> |  | 9245 | 8040 |
| KIA Corp. 2.375% 2/14/2025<sup>4</sup> |  | 13200 | 12258 |
| Marriott International, Inc. 5.75% 5/1/2025 |  | 1305 | 1317 |
| Marriott International, Inc. 3.125% 6/15/2026 |  | 1640 | 1537 |
| Marriott International, Inc. 2.85% 4/15/2031 |  | 710 | 577 |

---

American Balanced Fund 29

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Consumer discretionary (continued)** |  |  |  |
| Marriott International, Inc. 2.75% 10/15/2033 | USD | 21521 | $16480 |
| McDonald's Corp. 4.60% 9/9/2032 |  | 1275 | 1251 |
| Mercedes-Benz Finance North America, LLC 5.375% 11/26/2025<sup>4</sup> |  | 8625 | 8681 |
| Mercedes-Benz Finance North America, LLC 5.25% 11/29/2027<sup>4</sup> |  | 15150 | 15253 |
| Nissan Motor Acceptance Co., LLC 1.125% 9/16/2024<sup>4</sup> |  | 21300 | 19422 |
| Nissan Motor Acceptance Co., LLC 1.85% 9/16/2026<sup>4</sup> |  | 48361 | 40432 |
| Nissan Motor Acceptance Co., LLC 2.45% 9/15/2028<sup>4</sup> |  | 29875 | 23266 |
| Nissan Motor Co., Ltd. 3.043% 9/15/2023<sup>4</sup> |  | 800 | 784 |
| Nissan Motor Co., Ltd. 3.522% 9/17/2025<sup>4</sup> |  | 30055 | 27947 |
| Nissan Motor Co., Ltd. 2.00% 3/9/2026<sup>4</sup> |  | 42000 | 36164 |
| Nissan Motor Co., Ltd. 4.345% 9/17/2027<sup>4</sup> |  | 5400 | 4905 |
| Nissan Motor Co., Ltd. 2.75% 3/9/2028<sup>4</sup> |  | 53150 | 43133 |
| Nissan Motor Co., Ltd. 4.81% 9/17/2030<sup>4</sup> |  | 40500 | 34460 |
| Sands China, Ltd. 2.80% 3/8/2027<sup>8</sup> |  | 8630 | 7403 |
| Stellantis Finance US, Inc. 1.711% 1/29/2027<sup>4</sup> |  | 37275 | 32035 |
| Stellantis Finance US, Inc. 5.625% 1/12/2028<sup>4</sup> |  | 10000 | 9919 |
| Stellantis Finance US, Inc. 2.691% 9/15/2031<sup>4</sup> |  | 29155 | 22314 |
| Stellantis Finance US, Inc. 6.375% 9/12/2032<sup>4</sup> |  | 25740 | 25486 |
| The Board of Trustees of The Leland Stanford Junior University 1.289% 6/1/2027 |  | 4000 | 3479 |
| Toyota Motor Credit Corp. 5.40% 11/10/2025 |  | 5000 | 5082 |
| Toyota Motor Credit Corp. 0.80% 1/9/2026 |  | 15815 | 14108 |
| Toyota Motor Credit Corp. 1.90% 1/13/2027 |  | 10000 | 8938 |
| Volkswagen Group of America Finance, LLC 2.85% 9/26/2024<sup>4</sup> |  | 10113 | 9685 |
| Volkswagen Group of America Finance, LLC 3.35% 5/13/2025<sup>4</sup> |  | 10544 | 10079 |
| Volkswagen Group of America Finance, LLC 4.625% 11/13/2025<sup>4</sup> |  | 9250 | 9108 |
| Volkswagen Group of America Finance, LLC 1.25% 11/24/2025<sup>4</sup> |  | 20301 | 18118 |
| Volkswagen Group of America Finance, LLC 1.625% 11/24/2027<sup>4</sup> |  | 21650 | 18161 |
|  |  |  | **1662002** |
| **Utilities 0.64%** |  |  |  |
| AEP Transmission Co., LLC 3.65% 4/1/2050 |  | 2925 | 2245 |
| American Electric Power Company, Inc. 1.00% 11/1/2025 |  | 2200 | 1967 |
| Baltimore Gas & Electric 4.55% 6/1/2052 |  | 4325 | 3844 |
| Comisión Federal de Electricidad 4.688% 5/15/2029<sup>4</sup> |  | 40160 | 35696 |
| Consumers Energy Co. 3.10% 8/15/2050 |  | 7500 | 5245 |
| Duke Energy Carolinas, LLC 3.95% 11/15/2028 |  | 5340 | 5135 |
| Duke Energy Corp. 0.90% 9/15/2025 |  | 4575 | 4092 |
| Duke Energy Corp. 4.50% 8/15/2032 |  | 29650 | 27862 |
| Duke Energy Corp. 3.50% 6/15/2051 |  | 10000 | 6988 |
| Duke Energy Progress, LLC 3.70% 10/15/2046 |  | 2250 | 1714 |
| Duke Energy Progress, LLC 2.50% 8/15/2050 |  | 1026 | 620 |
| Duke Energy Progress, LLC 2.90% 8/15/2051 |  | 474 | 313 |
| Edison International 3.55% 11/15/2024 |  | 38511 | 37205 |
| Edison International 4.95% 4/15/2025 |  | 750 | 738 |
| Edison International 5.75% 6/15/2027 |  | 14328 | 14395 |
| Edison International 4.125% 3/15/2028 |  | 21895 | 20352 |
| Edison International 6.95% 11/15/2029 |  | 3650 | 3820 |
| Electricité de France SA 4.75% 10/13/2035<sup>4</sup> |  | 3150 | 2663 |
| Electricité de France SA 4.875% 9/21/2038<sup>4</sup> |  | 6325 | 5166 |
| Electricité de France SA 5.60% 1/27/2040 |  | 1325 | 1214 |
| Emera US Finance, LP 0.833% 6/15/2024 |  | 4800 | 4482 |
| Emera US Finance, LP 3.55% 6/15/2026 |  | 4430 | 4155 |
| Emera US Finance, LP 2.639% 6/15/2031 |  | 6400 | 5027 |
| Enersis Américas SA 4.00% 10/25/2026 |  | 4330 | 4127 |
| Entergy Corp. 3.75% 6/15/2050 |  | 5850 | 4334 |
| Eversource Energy 2.70% 6/1/2026 |  | 4085 | 3770 |
| FirstEnergy Corp. 3.50% 4/1/2028<sup>4</sup> |  | 4363 | 3983 |
| FirstEnergy Corp. 4.10% 5/15/2028<sup>4</sup> |  | 3900 | 3677 |
| FirstEnergy Transmission, LLC 2.866% 9/15/2028<sup>4</sup> |  | 21285 | 18612 |
| Georgia Power Co. 3.70% 1/30/2050 |  | 1000 | 749 |
| Jersey Central Power & Light Co. 4.30% 1/15/2026<sup>4</sup> |  | 1458 | 1410 |
| Jersey Central Power & Light Co. 2.75% 3/1/2032<sup>4</sup> |  | 3000 | 2430 |
| Monongahela Power Co. 3.55% 5/15/2027<sup>4</sup> |  | 6225 | 5860 |
| NextEra Energy Capital Holdings, Inc. 1.875% 1/15/2027 |  | 22200 | 19679 |
| NextEra Energy Capital Holdings, Inc. 2.75% 11/1/2029 |  | 3422 | 2967 |
| Northeast Utilities 3.15% 1/15/2025 |  | 4580 | 4405 |
| Northern States Power Co. 3.60% 5/15/2046 |  | 6750 | 5227 |

---

30 American Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Utilities (continued)** |  |  |  |
| Pacific Gas and Electric Co. 3.85% 11/15/2023 | USD | 6838 | $6743 |
| Pacific Gas and Electric Co. 3.40% 8/15/2024 |  | 4125 | 3961 |
| Pacific Gas and Electric Co. 3.50% 6/15/2025 |  | 846 | 799 |
| Pacific Gas and Electric Co. 3.15% 1/1/2026 |  | 154125 | 143381 |
| Pacific Gas and Electric Co. 2.95% 3/1/2026 |  | 41014 | 37636 |
| Pacific Gas and Electric Co. 3.30% 3/15/2027 |  | 5041 | 4492 |
| Pacific Gas and Electric Co. 2.10% 8/1/2027 |  | 4717 | 4036 |
| Pacific Gas and Electric Co. 3.30% 12/1/2027 |  | 74306 | 65698 |
| Pacific Gas and Electric Co. 3.00% 6/15/2028 |  | 21447 | 18582 |
| Pacific Gas and Electric Co. 3.75% 7/1/2028 |  | 36497 | 32438 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028 |  | 10305 | 9494 |
| Pacific Gas and Electric Co. 4.55% 7/1/2030 |  | 128392 | 116675 |
| Pacific Gas and Electric Co. 2.50% 2/1/2031 |  | 80655 | 62763 |
| Pacific Gas and Electric Co. 3.25% 6/1/2031 |  | 16602 | 13535 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040 |  | 13756 | 9361 |
| Pacific Gas and Electric Co. 3.75% 8/15/2042 |  | 37848 | 25523 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050 |  | 15312 | 9569 |
| Pennsylvania Electric Co. 3.25% 3/15/2028<sup>4</sup> |  | 3000 | 2700 |
| Public Service Electric and Gas Co. 3.05% 11/15/2024 |  | 3360 | 3250 |
| Public Service Electric and Gas Co. 3.60% 12/1/2047 |  | 6175 | 4723 |
| Public Service Electric and Gas Co. 3.85% 5/1/2049 |  | 4290 | 3419 |
| Public Service Electric and Gas Co. 2.05% 8/1/2050 |  | 5365 | 3016 |
| Public Service Enterprise Group, Inc. 5.85% 11/15/2027 |  | 3000 | 3092 |
| San Diego Gas & Electric Co. 1.70% 10/1/2030 |  | 9175 | 7276 |
| Southern California Edison Co. 0.975% 8/1/2024 |  | 659 | 617 |
| Southern California Edison Co. 4.70% 6/1/2027 |  | 3230 | 3168 |
| Southern California Edison Co. 5.85% 11/1/2027 |  | 5000 | 5155 |
| Southern California Edison Co. 4.20% 3/1/2029 |  | 34158 | 32560 |
| Southern California Edison Co. 2.85% 8/1/2029 |  | 9970 | 8686 |
| Southern California Edison Co. 2.25% 6/1/2030 |  | 3033 | 2505 |
| Southern California Edison Co. 2.75% 2/1/2032 |  | 29525 | 24806 |
| Southern California Edison Co. 6.00% 1/15/2034 |  | 1726 | 1809 |
| Southern California Edison Co. 5.75% 4/1/2035 |  | 10554 | 10548 |
| Southern California Edison Co. 5.35% 7/15/2035 |  | 26304 | 25557 |
| Southern California Edison Co. 5.625% 2/1/2036 |  | 22665 | 22140 |
| Southern California Edison Co. 5.55% 1/15/2037 |  | 11694 | 11481 |
| Southern California Edison Co. 5.95% 2/1/2038 |  | 11219 | 11366 |
| Southern California Edison Co. 4.50% 9/1/2040 |  | 48859 | 41933 |
| Southern California Edison Co. 4.00% 4/1/2047 |  | 35710 | 28072 |
| Southern California Edison Co. 4.125% 3/1/2048 |  | 26451 | 21234 |
| Southern California Edison Co. 4.875% 3/1/2049 |  | 9800 | 8668 |
| Southern California Edison Co. 3.65% 2/1/2050 |  | 19475 | 14314 |
| Southern California Edison Co., Series C, 3.60% 2/1/2045 |  | 11900 | 8585 |
| Southwestern Electric Power Co. 1.65% 3/15/2026 |  | 13055 | 11691 |
| Southwestern Electric Power Co. 3.25% 11/1/2051 |  | 390 | 258 |
| Virginia Electric and Power Co. 2.875% 7/15/2029 |  | 2530 | 2233 |
| Virginia Electric and Power Co. 2.40% 3/30/2032 |  | 11850 | 9607 |
| Virginia Electric and Power Co. 2.45% 12/15/2050 |  | 4500 | 2687 |
| WEC Energy Group, Inc. 2.20% 12/15/2028 |  | 12625 | 10712 |
| Xcel Energy, Inc. 3.35% 12/1/2026 |  | 2560 | 2408 |
| Xcel Energy, Inc. 1.75% 3/15/2027 |  | 25132 | 22051 |
| Xcel Energy, Inc. 2.35% 11/15/2031 |  | 19400 | 15555 |
|  |  |  | **1228736** |
| **Industrials 0.62%** |  |  |  |
| Air Lease Corp. 0.80% 8/18/2024 |  | 38325 | 35314 |
| Air Lease Corp. 2.875% 1/15/2026 |  | 37797 | 35013 |
| Air Lease Corp. 2.20% 1/15/2027 |  | 28758 | 25101 |
| Air Lease Corp. 2.10% 9/1/2028 |  | 27525 | 22468 |
| Avolon Holdings Funding, Ltd. 3.95% 7/1/2024<sup>4</sup> |  | 43930 | 42079 |
| Avolon Holdings Funding, Ltd. 2.125% 2/21/2026<sup>4</sup> |  | 38712 | 33359 |
| Avolon Holdings Funding, Ltd. 4.25% 4/15/2026<sup>4</sup> |  | 22800 | 20695 |
| Avolon Holdings Funding, Ltd. 4.375% 5/1/2026<sup>4</sup> |  | 10390 | 9479 |
| Avolon Holdings Funding, Ltd. 3.25% 2/15/2027<sup>4</sup> |  | 26760 | 22936 |
| Avolon Holdings Funding, Ltd. 2.528% 11/18/2027<sup>4</sup> |  | 7587 | 6075 |
| Avolon Holdings Funding, Ltd. 2.75% 2/21/2028<sup>4</sup> |  | 19820 | 15941 |
| Boeing Company 1.95% 2/1/2024 |  | 9325 | 8987 |

---

American Balanced Fund 31

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Industrials (continued)** |  |  |  |
| Boeing Company 4.875% 5/1/2025 | USD | 177833 | $176631 |
| Boeing Company 2.75% 2/1/2026 |  | 105258 | 97663 |
| Boeing Company 2.196% 2/4/2026 |  | 93775 | 85304 |
| Boeing Company 3.10% 5/1/2026 |  | 7224 | 6806 |
| Boeing Company 5.04% 5/1/2027 |  | 58867 | 58312 |
| Boeing Company 3.25% 2/1/2028 |  | 87395 | 79518 |
| Boeing Company 3.25% 3/1/2028 |  | 22113 | 19807 |
| Boeing Company 5.15% 5/1/2030 |  | 91052 | 89057 |
| Boeing Company 3.625% 2/1/2031 |  | 5866 | 5154 |
| Boeing Company 3.60% 5/1/2034 |  | 4240 | 3403 |
| Boeing Company 3.25% 2/1/2035 |  | 2744 | 2095 |
| Boeing Company 3.50% 3/1/2039 |  | 821 | 595 |
| Boeing Company 5.705% 5/1/2040 |  | 3774 | 3615 |
| Boeing Company 3.90% 5/1/2049 |  | 7056 | 4984 |
| Boeing Company 3.75% 2/1/2050 |  | 4725 | 3264 |
| Boeing Company 5.805% 5/1/2050 |  | 72319 | 67421 |
| Canadian Pacific Railway, Ltd. 1.75% 12/2/2026 |  | 4071 | 3633 |
| Canadian Pacific Railway, Ltd. 2.45% 12/2/2031 |  | 8414 | 6991 |
| Canadian Pacific Railway, Ltd. 3.10% 12/2/2051 |  | 8853 | 5993 |
| Carrier Global Corp. 2.242% 2/15/2025 |  | 694 | 654 |
| Carrier Global Corp. 2.493% 2/15/2027 |  | 555 | 501 |
| Carrier Global Corp. 3.377% 4/5/2040 |  | 2500 | 1907 |
| CSX Corp. 3.80% 3/1/2028 |  | 3590 | 3431 |
| CSX Corp. 4.25% 3/15/2029 |  | 3650 | 3519 |
| CSX Corp. 4.50% 11/15/2052 |  | 21000 | 18347 |
| Emerson Electric Co. 1.80% 10/15/2027 |  | 1480 | 1294 |
| Honeywell International, Inc. 2.30% 8/15/2024 |  | 6660 | 6398 |
| L3Harris Technologies, Inc. 1.80% 1/15/2031 |  | 22725 | 17493 |
| Masco Corp. 1.50% 2/15/2028 |  | 6884 | 5711 |
| Masco Corp. 2.00% 2/15/2031 |  | 6626 | 5113 |
| Masco Corp. 3.125% 2/15/2051 |  | 3059 | 1910 |
| Mexico City Airport Trust 3.875% 4/30/2028<sup>4</sup> |  | 920 | 843 |
| Mexico City Airport Trust 5.50% 10/31/2046 |  | 1290 | 996 |
| Mexico City Airport Trust 5.50% 7/31/2047 |  | 18070 | 13956 |
| Mexico City Airport Trust 5.50% 7/31/2047<sup>4</sup> |  | 5640 | 4356 |
| Norfolk Southern Corp. 3.05% 5/15/2050 |  | 6319 | 4261 |
| Norfolk Southern Corp. 4.55% 6/1/2053 |  | 5030 | 4400 |
| Northrop Grumman Corp. 2.93% 1/15/2025 |  | 7120 | 6834 |
| Raytheon Technologies Corp. 1.90% 9/1/2031 |  | 2015 | 1587 |
| Siemens AG 1.20% 3/11/2026<sup>4</sup> |  | 30453 | 27171 |
| Siemens AG 1.70% 3/11/2028<sup>4</sup> |  | 27140 | 23230 |
| Triton Container International, Ltd. 1.15% 6/7/2024<sup>4</sup> |  | 10482 | 9700 |
| Triton Container International, Ltd. 3.15% 6/15/2031<sup>4</sup> |  | 19690 | 15347 |
| Union Pacific Corp. 3.75% 7/15/2025 |  | 3080 | 2996 |
| Union Pacific Corp. 2.891% 4/6/2036 |  | 10390 | 8294 |
| Union Pacific Corp. 3.839% 3/20/2060 |  | 3510 | 2731 |
| Union Pacific Corp. 3.799% 4/6/2071 |  | 3510 | 2606 |
| United Technologies Corp. 3.65% 8/16/2023 |  | 108 | 107 |
| United Technologies Corp. 4.125% 11/16/2028 |  | 570 | 547 |
|  |  |  | **1193933** |
| **Communication services 0.58%** |  |  |  |
| Alphabet, Inc. 1.90% 8/15/2040 |  | 11445 | 7640 |
| Alphabet, Inc. 2.25% 8/15/2060 |  | 10640 | 6046 |
| AT&T, Inc. 2.30% 6/1/2027 |  | 3530 | 3145 |
| AT&T, Inc. 4.35% 3/1/2029 |  | 5000 | 4765 |
| AT&T, Inc. 2.25% 2/1/2032 |  | 4055 | 3189 |
| AT&T, Inc. 3.50% 9/15/2053 |  | 13571 | 9221 |
| CCO Holdings, LLC and CCO Holdings Capital Corp. 2.25% 1/15/2029 |  | 15468 | 12478 |
| CCO Holdings, LLC and CCO Holdings Capital Corp. 4.40% 4/1/2033 |  | 12445 | 10684 |
| Charter Communications Operating, LLC 4.908% 7/23/2025 |  | 2500 | 2453 |
| Charter Communications Operating, LLC 3.90% 6/1/2052 |  | 15000 | 9473 |
| Comcast Corp. 2.80% 1/15/2051 |  | 6250 | 3972 |
| Comcast Corp. 2.937% 11/1/2056 |  | 3395 | 2115 |
| Meta Platforms, Inc. 3.85% 8/15/2032 |  | 21560 | 19033 |
| Netflix, Inc. 3.625% 6/15/2025<sup>4</sup> |  | 32150 | 30833 |
| Netflix, Inc. 4.875% 4/15/2028 |  | 84836 | 82107 |

---

32 American Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value <br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Communication services (continued)** |  |  |  |
| Netflix, Inc. 5.875% 11/15/2028 | USD | 198127 | $201303 |
| Netflix, Inc. 6.375% 5/15/2029 |  | 20804 | 21448 |
| Netflix, Inc. 5.375% 11/15/2029<sup>4</sup> |  | 94688 | 92015 |
| Netflix, Inc. 4.875% 6/15/2030<sup>4</sup> |  | 70795 | 66142 |
| SBA Tower Trust 1.631% 11/15/2026<sup>4</sup> |  | 99657 | 84786 |
| Take-Two Interactive Software, Inc. 3.30% 3/28/2024 |  | 21232 | 20746 |
| Take-Two Interactive Software, Inc. 4.00% 4/14/2032 |  | 12570 | 11162 |
| T-Mobile US, Inc. 3.50% 4/15/2025 |  | 4090 | 3937 |
| T-Mobile US, Inc. 1.50% 2/15/2026 |  | 3750 | 3362 |
| T-Mobile US, Inc. 2.25% 2/15/2026 |  | 17459 | 15914 |
| T-Mobile US, Inc. 2.625% 4/15/2026 |  | 49883 | 45807 |
| T-Mobile US, Inc. 3.75% 4/15/2027 |  | 5000 | 4717 |
| T-Mobile US, Inc. 2.05% 2/15/2028 |  | 2390 | 2057 |
| T-Mobile US, Inc. 2.625% 2/15/2029 |  | 22847 | 19372 |
| T-Mobile US, Inc. 2.40% 3/15/2029 |  | 8271 | 6996 |
| T-Mobile US, Inc. 2.55% 2/15/2031 |  | 5044 | 4133 |
| T-Mobile US, Inc. 2.875% 2/15/2031 |  | 30841 | 25526 |
| T-Mobile US, Inc. 2.70% 3/15/2032 |  | 19138 | 15513 |
| T-Mobile US, Inc. 3.40% 10/15/2052 |  | 2653 | 1795 |
| Verizon Communications, Inc. 2.875% 11/20/2050 |  | 11150 | 7038 |
| Vodafone Group PLC 5.25% 5/30/2048 |  | 2500 | 2214 |
| WarnerMedia Holdings, Inc. 3.428% 3/15/2024<sup>4</sup> |  | 55525 | 53928 |
| WarnerMedia Holdings, Inc. 3.638% 3/15/2025<sup>4</sup> |  | 37313 | 35514 |
| WarnerMedia Holdings, Inc. 3.755% 3/15/2027<sup>4</sup> |  | 79726 | 71909 |
| WarnerMedia Holdings, Inc. 4.054% 3/15/2029<sup>4</sup> |  | 18888 | 16377 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032<sup>4</sup> |  | 30249 | 24994 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042<sup>4</sup> |  | 18496 | 14216 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052<sup>4</sup> |  | 42632 | 31157 |
| WarnerMedia Holdings, Inc. 5.391% 3/15/2062<sup>4</sup> |  | 16550 | 12148 |
|  |  |  | **1123380** |
| **Energy 0.43%** |  |  |  |
| Baker Hughes Co. 4.486% 5/1/2030 |  | 6120 | 5848 |
| Canadian Natural Resources, Ltd. 3.80% 4/15/2024 |  | 24 | 24 |
| Canadian Natural Resources, Ltd. 2.05% 7/15/2025 |  | 4810 | 4479 |
| Canadian Natural Resources, Ltd. 3.85% 6/1/2027 |  | 35021 | 33036 |
| Canadian Natural Resources, Ltd. 4.95% 6/1/2047 |  | 971 | 847 |
| Cenovus Energy, Inc. 5.375% 7/15/2025 |  | 18304 | 18256 |
| Cenovus Energy, Inc. 4.25% 4/15/2027 |  | 55736 | 53357 |
| Diamondback Energy, Inc. 4.25% 3/15/2052 |  | 7894 | 5811 |
| Enbridge Energy Partners, LP 7.375% 10/15/2045 |  | 15638 | 17551 |
| Enbridge Energy Partners, LP, Series B, 7.50% 4/15/2038 |  | 9250 | 10203 |
| Energy Transfer Operating, LP 5.00% 5/15/2050 |  | 1895 | 1522 |
| Energy Transfer Partners, LP 4.50% 4/15/2024 |  | 4198 | 4140 |
| Enterprise Products Operating, LLC 3.90% 2/15/2024 |  | 4140 | 4078 |
| Equinor ASA 1.75% 1/22/2026 |  | 9289 | 8500 |
| Equinor ASA 3.625% 9/10/2028 |  | 13155 | 12474 |
| Exxon Mobil Corp. 2.019% 8/16/2024 |  | 7090 | 6787 |
| Exxon Mobil Corp. 3.452% 4/15/2051 |  | 7500 | 5685 |
| Halliburton Company 3.80% 11/15/2025 |  | 107 | 104 |
| Kinder Morgan, Inc. 5.45% 8/1/2052 |  | 6191 | 5589 |
| MPLX, LP 4.875% 6/1/2025 |  | 5000 | 4928 |
| MPLX, LP 4.125% 3/1/2027 |  | 5880 | 5562 |
| MPLX, LP 4.50% 4/15/2038 |  | 3130 | 2648 |
| MPLX, LP 4.70% 4/15/2048 |  | 8622 | 6842 |
| ONEOK, Inc. 5.85% 1/15/2026 |  | 4766 | 4829 |
| Petróleos Mexicanos 3.50% 1/30/2023 |  | 16000 | 15956 |
| Petróleos Mexicanos 6.875% 10/16/2025 |  | 31230 | 30623 |
| Petróleos Mexicanos 6.875% 8/4/2026 |  | 145248 | 137506 |
| Petróleos Mexicanos 6.49% 1/23/2027 |  | 16714 | 15268 |
| Petróleos Mexicanos 6.50% 3/13/2027 |  | 149955 | 137106 |
| Petróleos Mexicanos 5.35% 2/12/2028 |  | 29740 | 25094 |
| Petróleos Mexicanos 6.50% 1/23/2029 |  | 2738 | 2350 |
| Petróleos Mexicanos 8.75% 6/2/2029 |  | 19791 | 18585 |
| Petróleos Mexicanos 5.95% 1/28/2031 |  | 16804 | 12756 |
| Petróleos Mexicanos 6.70% 2/16/2032 |  | 113113 | 89043 |
| Petróleos Mexicanos 6.75% 9/21/2047 |  | 5324 | 3409 |

---

American Balanced Fund 33

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br>(000) | Principal amount<br>(000) | Value<br>(000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Energy (continued)** |  |  |  |
| Pioneer Natural Resources Company 2.15% 1/15/2031 | USD | 14392 | $11409 |
| Plains All American Pipeline, LP 3.80% 9/15/2030 |  | 3403 | 2966 |
| Qatar Petroleum 2.25% 7/12/2031<sup>4</sup> |  | 18700 | 15524 |
| Qatar Petroleum 3.125% 7/12/2041<sup>4</sup> |  | 14570 | 11250 |
| Qatar Petroleum 3.30% 7/12/2051<sup>4</sup> |  | 13185 | 9767 |
| Sabine Pass Liquefaction, LLC 5.75% 5/15/2024 |  | 31892 | 31917 |
| Statoil ASA 3.25% 11/10/2024 |  | 1690 | 1648 |
| Statoil ASA 4.25% 11/23/2041 |  | 5400 | 4775 |
| Total Capital International 3.127% 5/29/2050 |  | 10000 | 7110 |
| TransCanada PipeLines, Ltd. 4.875% 5/15/2048 |  | 2500 | 2196 |
| TransCanada PipeLines, Ltd., junior subordinated, 5.625% 5/20/2075 (3-month USD-LIBOR + 3.528% on 5/20/2025)<sup>8</sup> |  | 6410 | 6074 |
| Williams Partners, LP 6.30% 4/15/2040 |  | 2669 | 2738 |
| Woodside Petroleum, Ltd. 3.65% 3/5/2025<sup>4</sup> |  | 3100 | 2978 |
|  |  |  | **821148** |
| **Consumer staples 0.39%** |  |  |  |
| 7-Eleven, Inc. 1.30% 2/10/2028<sup>4</sup> |  | 10295 | 8550 |
| 7-Eleven, Inc. 1.80% 2/10/2031<sup>4</sup> |  | 11763 | 9011 |
| Altria Group, Inc. 2.35% 5/6/2025 |  | 7671 | 7232 |
| Altria Group, Inc. 3.40% 2/4/2041 |  | 22085 | 14722 |
| Altria Group, Inc. 3.875% 9/16/2046 |  | 7364 | 4951 |
| Altria Group, Inc. 5.95% 2/14/2049 |  | 49352 | 44114 |
| Altria Group, Inc. 3.70% 2/4/2051 |  | 35542 | 22394 |
| Anheuser-Busch InBev NV 4.35% 6/1/2040 |  | 20000 | 17661 |
| Anheuser-Busch InBev NV 4.60% 4/15/2048 |  | 10000 | 8741 |
| British American Tobacco International Finance PLC 3.95% 6/15/2025<sup>4</sup> |  | 2125 | 2043 |
| British American Tobacco International Finance PLC 1.668% 3/25/2026 |  | 20205 | 17926 |
| British American Tobacco PLC 4.70% 4/2/2027 |  | 5241 | 5032 |
| British American Tobacco PLC 3.557% 8/15/2027 |  | 9120 | 8346 |
| British American Tobacco PLC 4.448% 3/16/2028 |  | 43000 | 39900 |
| British American Tobacco PLC 2.259% 3/25/2028 |  | 17837 | 14833 |
| British American Tobacco PLC 3.462% 9/6/2029 |  | 2500 | 2154 |
| British American Tobacco PLC 4.906% 4/2/2030 |  | 130 | 119 |
| British American Tobacco PLC 2.726% 3/25/2031 |  | 4625 | 3619 |
| British American Tobacco PLC 4.742% 3/16/2032 |  | 23000 | 20470 |
| British American Tobacco PLC 4.39% 8/15/2037 |  | 53665 | 41900 |
| British American Tobacco PLC 4.54% 8/15/2047 |  | 90757 | 64468 |
| British American Tobacco PLC 4.758% 9/6/2049 |  | 52869 | 38498 |
| British American Tobacco PLC 3.984% 9/25/2050 |  | 16609 | 10931 |
| British American Tobacco PLC 5.65% 3/16/2052 |  | 8550 | 7086 |
| Coca-Cola Company 1.00% 3/15/2028 |  | 6090 | 5101 |
| Conagra Brands, Inc. 1.375% 11/1/2027 |  | 6375 | 5321 |
| Conagra Brands, Inc. 5.30% 11/1/2038 |  | 1050 | 993 |
| Constellation Brands, Inc. 3.60% 2/15/2028 |  | 2500 | 2321 |
| Constellation Brands, Inc. 2.25% 8/1/2031 |  | 4462 | 3556 |
| Costco Wholesale Corp. 1.375% 6/20/2027 |  | 6670 | 5852 |
| Imperial Tobacco Finance PLC 6.125% 7/27/2027<sup>4</sup> |  | 11065 | 11030 |
| JBS USA Lux SA 2.50% 1/15/2027<sup>4</sup> |  | 34174 | 29940 |
| JBS USA Lux SA 3.00% 2/2/2029<sup>4</sup> |  | 25462 | 21129 |
| JBS USA Lux SA 5.50% 1/15/2030<sup>4</sup> |  | 3220 | 3071 |
| JBS USA Lux SA 3.625% 1/15/2032<sup>4</sup> |  | 13471 | 10931 |
| JBS USA Lux SA 3.00% 5/15/2032<sup>4</sup> |  | 23750 | 18247 |
| JBS USA Lux SA 5.75% 4/1/2033<sup>4</sup> |  | 63699 | 60914 |
| Keurig Dr Pepper, Inc. 4.417% 5/25/2025 |  | 1194 | 1182 |
| Keurig Dr Pepper, Inc. 3.20% 5/1/2030 |  | 2510 | 2193 |
| PepsiCo, Inc. 2.625% 10/21/2041 |  | 20000 | 14885 |
| PepsiCo, Inc. 3.625% 3/19/2050 |  | 3109 | 2556 |
| PepsiCo, Inc. 2.75% 10/21/2051 |  | 6891 | 4801 |
| Philip Morris International, Inc. 2.875% 5/1/2024 |  | 5270 | 5116 |
| Philip Morris International, Inc. 1.50% 5/1/2025 |  | 6434 | 5961 |
| Philip Morris International, Inc. 0.875% 5/1/2026 |  | 24896 | 21901 |
| Philip Morris International, Inc. 5.125% 11/17/2027 |  | 26447 | 26687 |
| Philip Morris International, Inc. 5.625% 11/17/2029 |  | 16943 | 17228 |
| Philip Morris International, Inc. 1.75% 11/1/2030 |  | 24609 | 19328 |

---

34 American Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br>(000) | Principal amount<br>(000) | Value<br>(000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Consumer staples (continued)** |  |  |  |
| Philip Morris International, Inc. 5.75% 11/17/2032 | USD | 13885 | $14198 |
| Reynolds American, Inc. 5.85% 8/15/2045 |  | 12364 | 10583 |
| Sysco Corp. 3.15% 12/14/2051 |  | 11055 | 7316 |
|  |  |  | **747042** |
| **Health care 0.37%** |  |  |  |
| AbbVie, Inc. 2.95% 11/21/2026 |  | 2310 | 2151 |
| AmerisourceBergen Corp. 0.737% 3/15/2023 |  | 11107 | 11014 |
| Amgen, Inc. 3.00% 2/22/2029 |  | 400 | 355 |
| Amgen, Inc. 4.05% 8/18/2029 |  | 25975 | 24332 |
| Amgen, Inc. 4.20% 3/1/2033 |  | 10415 | 9668 |
| Amgen, Inc. 4.875% 3/1/2053 |  | 8255 | 7367 |
| Amgen, Inc. 4.40% 2/22/2062 |  | 6059 | 4826 |
| AstraZeneca Finance, LLC 1.20% 5/28/2026 |  | 12512 | 11155 |
| AstraZeneca Finance, LLC 1.75% 5/28/2028 |  | 7483 | 6437 |
| AstraZeneca Finance, LLC 2.25% 5/28/2031 |  | 3337 | 2784 |
| AstraZeneca PLC 3.375% 11/16/2025 |  | 5000 | 4830 |
| Banner Health 1.897% 1/1/2031 |  | 5000 | 3961 |
| Banner Health 2.913% 1/1/2051 |  | 6005 | 3984 |
| Baxter International, Inc. 1.322% 11/29/2024 |  | 34825 | 32446 |
| Baxter International, Inc. 1.915% 2/1/2027 |  | 23217 | 20617 |
| Baxter International, Inc. 2.272% 12/1/2028 |  | 13836 | 11826 |
| Bayer US Finance II, LLC 3.875% 12/15/2023<sup>4</sup> |  | 6490 | 6398 |
| Bayer US Finance II, LLC 4.25% 12/15/2025<sup>4</sup> |  | 52921 | 51335 |
| Bayer US Finance II, LLC 4.375% 12/15/2028<sup>4</sup> |  | 475 | 447 |
| Baylor Scott & White Holdings 0.827% 11/15/2025 |  | 5462 | 4832 |
| Baylor Scott & White Holdings 1.777% 11/15/2030 |  | 21418 | 16596 |
| Becton, Dickinson and Company 3.363% 6/6/2024 |  | 3047 | 2979 |
| Boston Scientific Corp. 3.45% 3/1/2024 |  | 1304 | 1280 |
| Centene Corp. 4.25% 12/15/2027 |  | 59715 | 56136 |
| Centene Corp. 2.45% 7/15/2028 |  | 48640 | 41148 |
| Centene Corp. 4.625% 12/15/2029 |  | 74430 | 68185 |
| Centene Corp. 3.375% 2/15/2030 |  | 49862 | 42264 |
| Centene Corp. 3.00% 10/15/2030 |  | 455 | 374 |
| Centene Corp. 2.50% 3/1/2031 |  | 32080 | 25163 |
| Centene Corp. 2.625% 8/1/2031 |  | 11180 | 8807 |
| Cigna Corp. 1.25% 3/15/2026 |  | 22607 | 20167 |
| Eli Lilly and Company 3.375% 3/15/2029 |  | 1450 | 1360 |
| GE Healthcare Holding, LLC 5.65% 11/15/2027<sup>4</sup> |  | 5000 | 5067 |
| Gilead Sciences, Inc. 1.65% 10/1/2030 |  | 5826 | 4633 |
| HCA, Inc. 3.125% 3/15/2027<sup>4</sup> |  | 7905 | 7199 |
| HCA, Inc. 3.375% 3/15/2029<sup>4</sup> |  | 18541 | 16326 |
| HCA, Inc. 2.375% 7/15/2031 |  | 997 | 778 |
| HCA, Inc. 3.625% 3/15/2032<sup>4</sup> |  | 29000 | 24616 |
| HCA, Inc. 4.375% 3/15/2042<sup>4</sup> |  | 10000 | 8006 |
| HCA, Inc. 4.625% 3/15/2052<sup>4</sup> |  | 9495 | 7434 |
| Humana, Inc. 3.70% 3/23/2029 |  | 5412 | 4966 |
| Merck & Co., Inc. 2.90% 3/7/2024 |  | 6040 | 5904 |
| Merck & Co., Inc. 1.90% 12/10/2028 |  | 3400 | 2926 |
| Merck & Co., Inc. 2.75% 12/10/2051 |  | 5514 | 3711 |
| Novant Health, Inc. 3.168% 11/1/2051 |  | 32950 | 22914 |
| Novartis Capital Corp. 1.75% 2/14/2025 |  | 5160 | 4867 |
| Novartis Capital Corp. 2.00% 2/14/2027 |  | 5544 | 5050 |
| Pfizer, Inc. 2.95% 3/15/2024 |  | 975 | 954 |
| Pfizer, Inc. 3.45% 3/15/2029 |  | 1325 | 1252 |
| Sharp HealthCare 2.68% 8/1/2050 |  | 15620 | 9617 |
| Summa Health 3.511% 11/15/2051 |  | 18980 | 12880 |
| Sutter Health 1.321% 8/15/2025 |  | 6000 | 5453 |
| Trinity Health Corp. 2.632% 12/1/2040 |  | 4500 | 3140 |
| UnitedHealth Group, Inc. 1.15% 5/15/2026 |  | 6757 | 6043 |
| UnitedHealth Group, Inc. 5.30% 2/15/2030 |  | 10000 | 10329 |
| UnitedHealth Group, Inc. 2.00% 5/15/2030 |  | 2520 | 2085 |
| UnitedHealth Group, Inc. 4.20% 5/15/2032 |  | 3066 | 2920 |
| UnitedHealth Group, Inc. 3.05% 5/15/2041 |  | 10000 | 7555 |
| UnitedHealth Group, Inc. 3.25% 5/15/2051 |  | 6461 | 4655 |
| UnitedHealth Group, Inc. 4.75% 5/15/2052 |  | 3002 | 2788 |

---

<br> American Balanced Fund 35

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br>(000) | Principal amount<br>(000) | Value<br>(000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Health care (continued)** |  |  |  |
| Viatris, Inc. 1.65% 6/22/2025 | USD | 4735 | $4293 |
| West Virginia United Health System Obligated Group 3.129% 6/1/2050 |  | 4165 | 2688 |
| Zoetis, Inc. 5.40% 11/14/2025 |  | 2975 | 3038 |
|  |  |  | **709311** |
| **Information technology 0.16%** |  |  |  |
| Analog Devices, Inc. 1.70% 10/1/2028 |  | 8576 | 7283 |
| Analog Devices, Inc. 2.10% 10/1/2031 |  | 7571 | 6133 |
| Analog Devices, Inc. 2.80% 10/1/2041 |  | 22698 | 16706 |
| Analog Devices, Inc. 2.95% 10/1/2051 |  | 6514 | 4421 |
| Apple, Inc. 3.00% 2/9/2024 |  | 2500 | 2451 |
| Apple, Inc. 1.125% 5/11/2025 |  | 3800 | 3502 |
| Apple, Inc. 2.40% 8/20/2050 |  | 17840 | 11178 |
| Apple, Inc. 3.95% 8/8/2052 |  | 20000 | 17110 |
| Broadcom Corp. 3.875% 1/15/2027 |  | 240 | 227 |
| Broadcom, Inc. 4.00% 4/15/2029<sup>4</sup> |  | 4527 | 4122 |
| Broadcom, Inc. 4.15% 4/15/2032<sup>4</sup> |  | 15815 | 13927 |
| Broadcom, Inc. 2.60% 2/15/2033<sup>4</sup> |  | 21763 | 16393 |
| Broadcom, Inc. 3.469% 4/15/2034<sup>4</sup> |  | 62578 | 50107 |
| Broadcom, Inc. 3.137% 11/15/2035<sup>4</sup> |  | 64171 | 47379 |
| Broadcom, Inc. 3.187% 11/15/2036<sup>4</sup> |  | 24991 | 18029 |
| Broadcom, Inc. 4.926% 5/15/2037<sup>4</sup> |  | 35247 | 30875 |
| Fidelity National Information Services, Inc. 3.10% 3/1/2041 |  | 2590 | 1793 |
| Fiserv, Inc. 3.50% 7/1/2029 |  | 2440 | 2203 |
| Intuit, Inc. 0.95% 7/15/2025 |  | 3170 | 2888 |
| Intuit, Inc. 1.35% 7/15/2027 |  | 2890 | 2504 |
| Intuit, Inc. 1.65% 7/15/2030 |  | 3830 | 3082 |
| Mastercard, Inc. 2.00% 11/18/2031 |  | 14273 | 11496 |
| Microsoft Corp. 2.921% 3/17/2052 |  | 6749 | 4810 |
| TSMC Global, Ltd. 4.375% 7/22/2027<sup>4</sup> |  | 6848 | 6720 |
| TSMC Global, Ltd. 4.625% 7/22/2032<sup>4</sup> |  | 7761 | 7652 |
| VeriSign, Inc. 2.70% 6/15/2031 |  | 3958 | 3233 |
| Visa, Inc. 3.15% 12/14/2025 |  | 6000 | 5791 |
| Visa, Inc. 2.05% 4/15/2030 |  | 7390 | 6262 |
|  |  |  | **308277** |
| **Materials 0.09%** |  |  |  |
| Air Products and Chemicals, Inc. 1.50% 10/15/2025 |  | 2610 | 2405 |
| Air Products and Chemicals, Inc. 1.85% 5/15/2027 |  | 7229 | 6434 |
| Air Products and Chemicals, Inc. 2.05% 5/15/2030 |  | 3140 | 2636 |
| Anglo American Capital PLC 5.375% 4/1/2025<sup>4</sup> |  | 5000 | 4949 |
| Anglo American Capital PLC 2.25% 3/17/2028<sup>4</sup> |  | 4194 | 3534 |
| Anglo American Capital PLC 3.95% 9/10/2050<sup>4</sup> |  | 5000 | 3676 |
| Celanese US Holdings, LLC 6.165% 7/15/2027 |  | 31000 | 30626 |
| Celanese US Holdings, LLC 6.379% 7/15/2032 |  | 13406 | 12786 |
| Chevron Phillips Chemical Co., LLC 3.30% 5/1/2023<sup>4</sup> |  | 2440 | 2424 |
| Dow Chemical Co. 4.80% 5/15/2049 |  | 3200 | 2716 |
| Dow Chemical Co. 3.60% 11/15/2050 |  | 11345 | 8158 |
| Eastman Chemical Co. 3.80% 3/15/2025 |  | 7405 | 7191 |
| Glencore Funding, LLC 4.125% 3/12/2024<sup>4</sup> |  | 4130 | 4066 |
| LYB International Finance III, LLC 1.25% 10/1/2025 |  | 14881 | 13290 |
| LYB International Finance III, LLC 2.25% 10/1/2030 |  | 9848 | 7831 |
| LYB International Finance III, LLC 3.625% 4/1/2051 |  | 38345 | 25817 |
| LYB International Finance III, LLC 3.80% 10/1/2060 |  | 9869 | 6441 |
| Mosaic Co. 4.05% 11/15/2027 |  | 4490 | 4235 |
| Newcrest Finance Pty, Ltd. 4.20% 5/13/2050<sup>4</sup> |  | 2580 | 1835 |
| Nutrien, Ltd. 5.95% 11/7/2025 |  | 2985 | 3049 |
| Sherwin-Williams Company 3.125% 6/1/2024 |  | 4260 | 4141 |
| Sherwin-Williams Company 2.30% 5/15/2030 |  | 3631 | 2993 |
| Sherwin-Williams Company 3.80% 8/15/2049 |  | 2500 | 1868 |
| Sherwin-Williams Company 3.30% 5/15/2050 |  | 2500 | 1720 |
| South32 Treasury, Ltd. 4.35% 4/14/2032<sup>4</sup> |  | 7767 | 6666 |
| Westlake Chemical Corp. 4.375% 11/15/2047 |  | 2500 | 1892 |
|  |  |  | **173379** |

---

<br> 36 American Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br>(000) | Principal amount<br>(000) | Value<br>(000) |
| **Corporate bonds, notes & loans (continued)** |  |  |  |
| **Real estate 0.08%** |  |  |  |
| Alexandria Real Estate Equities, Inc. 3.95% 1/15/2028 | USD | 2720 | $2558 |
| Alexandria Real Estate Equities, Inc. 3.375% 8/15/2031 |  | 3540 | 3099 |
| Alexandria Real Estate Equities, Inc. 4.85% 4/15/2049 |  | 2040 | 1738 |
| Alexandria Real Estate Equities, Inc. 4.00% 2/1/2050 |  | 5210 | 3973 |
| American Tower Corp. 1.45% 9/15/2026 |  | 10457 | 9137 |
| American Tower Corp. 3.60% 1/15/2028 |  | 3750 | 3453 |
| American Tower Corp. 2.30% 9/15/2031 |  | 732 | 571 |
| American Tower Corp. 2.95% 1/15/2051 |  | 5000 | 3116 |
| Corporacion Inmobiliaria Vesta, SAB de CV, 3.625% 5/13/2031<sup>4</sup> |  | 8150 | 6555 |
| Corporate Office Properties, LP 2.00% 1/15/2029 |  | 6210 | 4774 |
| Corporate Office Properties, LP 2.75% 4/15/2031 |  | 6187 | 4644 |
| Corporate Office Properties, LP 2.90% 12/1/2033 |  | 28399 | 20224 |
| Digital Realty Trust, LP 5.55% 1/15/2028 |  | 5000 | 5042 |
| Equinix, Inc. 3.20% 11/18/2029 |  | 505 | 441 |
| Equinix, Inc. 2.15% 7/15/2030 |  | 340 | 271 |
| Equinix, Inc. 2.50% 5/15/2031 |  | 7896 | 6364 |
| Essex Portfolio, LP 3.875% 5/1/2024 |  | 7220 | 7073 |
| Essex Portfolio, LP 3.50% 4/1/2025 |  | 7445 | 7186 |
| Essex Portfolio, LP 3.375% 4/15/2026 |  | 2395 | 2255 |
| Extra Space Storage, Inc. 2.35% 3/15/2032 |  | 10538 | 8001 |
| GLP Capital, LP 3.35% 9/1/2024 |  | 2400 | 2304 |
| GLP Capital, LP 4.00% 1/15/2030 |  | 5000 | 4388 |
| Invitation Homes Operating Partnership, LP 2.00% 8/15/2031 |  | 10194 | 7557 |
| Public Storage 1.85% 5/1/2028 |  | 10252 | 8813 |
| Public Storage 1.95% 11/9/2028 |  | 6081 | 5199 |
| Public Storage 2.30% 5/1/2031 |  | 2959 | 2409 |
| Scentre Group 3.25% 10/28/2025<sup>4</sup> |  | 1780 | 1672 |
| Scentre Group 3.75% 3/23/2027<sup>4</sup> |  | 7630 | 7036 |
| Sun Communities Operating, LP 2.30% 11/1/2028 |  | 6430 | 5365 |
| Sun Communities Operating, LP 2.70% 7/15/2031 |  | 1753 | 1388 |
|  |  |  | **146606** |
| **Miscellaneous 0.00%** |  |  |  |
| The Rockefeller Foundation 2.492% 10/1/2050 |  | 15170 | **9682** |
| **Total corporate bonds, notes & loans** |  |  | **12991212** |
| **Asset-backed obligations 2.54%** |  |  |  |
| Affirm Asset Securitization Trust, Series 2021-B, Class A, 1.03% 8/17/2026<sup>4,6</sup> |  | 32460 | 30796 |
| Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 11/16/2026<sup>4,6</sup> |  | 21731 | 20796 |
| AGL CLO, Ltd., Series 2022-18A, Class A1, (3-month USD CME Term SOFR + 1.32%) 5.308% 4/21/2031<sup>4,5,6</sup> |  | 17335 | 17153 |
| Allegro CLO, Ltd., Series 2016-1A, Class AR2, (3-month USD-LIBOR + 0.95%) 5.029% 1/15/2030<sup>4,5,6</sup> |  | 30025 | 29712 |
| Allegro CLO, Ltd., Series 2017-1A, Class AR, (3-month USD-LIBOR + 0.95%) 5.029% 10/16/2030<sup>4,5,6</sup> |  | 22285 | 21912 |
| American Credit Acceptance Receivables Trust, Series 2022-4, Class A, 6.20% 5/13/2026<sup>4,6</sup> |  | 10242 | 10257 |
| American Credit Acceptance Receivables Trust, Series 2020-3, Class C, 1.85% 6/15/2026<sup>4,6</sup> |  | 5843 | 5799 |
| American Credit Acceptance Receivables Trust, Series 2021-1, Class C, 0.83% 3/15/2027<sup>4,6</sup> |  | 4072 | 4007 |
| American Credit Acceptance Receivables Trust, Series 2021-1, Class D, 1.14% 3/15/2027<sup>4,6</sup> |  | 3117 | 2940 |
| American Credit Acceptance Receivables Trust, Series 2021-3, Class C, 0.98% 11/15/2027<sup>4,6</sup> |  | 18726 | 18232 |
| American Credit Acceptance Receivables Trust, Series 2021-3, Class D, 1.34% 11/15/2027<sup>4,6</sup> |  | 7031 | 6530 |
| American Express Credit Account Master Trust, Series 2018-9, Class A, (1-month USD-LIBOR + 0.38%) 4.698% 4/15/2026<sup>5,6</sup> |  | 47350 | 47324 |
| AmeriCredit Automobile Receivables Trust, Series 2021-2, Class B, 0.69% 1/19/2027<sup>6</sup> |  | 7776 | 7295 |
| AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01% 1/19/2027<sup>6</sup> |  | 8644 | 7864 |
| AmeriCredit Automobile Receivables Trust, Series 2021-2, Class D, 1.29% 6/18/2027<sup>6</sup> |  | 20192 | 17923 |
| Ares CLO, Ltd., Series 2017-42A, Class AR, (3-month USD-LIBOR + 0.92%) 5.245% 1/22/2028<sup>4,5,6</sup> |  | 34926 | 34546 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2017-2A, Class A, 2.97% 3/20/2024<sup>4,6</sup> |  | 7148 | 7124 |

---

<br> American Balanced Fund 37

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Asset-backed obligations (continued)** |  |  |  |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2018-1A, Class A, 3.70% 9/20/2024<sup>4,6</sup> | USD | 8454 | $8373 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2018-2A, Class A, 4.00% 3/20/2025<sup>4,6</sup> |  | 22900 | 22526 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2019-2A, Class A, 3.35% 9/22/2025<sup>4,6</sup> |  | 24440 | 23633 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2019-3A, Class A, 2.36% 3/20/2026<sup>4,6</sup> |  | 28830 | 26862 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-1A, Class A, 2.33% 8/20/2026<sup>4,6</sup> |  | 14375 | 13320 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027<sup>4,6</sup> |  | 19921 | 18082 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027<sup>4,6</sup> |  | 3873 | 3481 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/2027<sup>4,6</sup> |  | 75784 | 66105 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class B, 1.63% 8/20/2027<sup>4,6</sup> |  | 4460 | 3774 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class C, 2.13% 8/20/2027<sup>4,6</sup> |  | 1542 | 1285 |
| BA Credit Card Trust, Series 2022-A2, Class A2, 5.00% 4/17/2028<sup>6</sup> |  | 39628 | 40066 |
| Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 5.675% 11/20/2030<sup>4,5,6</sup> |  | 50730 | 50096 |
| Bankers Healthcare Group Securitization Trust, Series 2020-A, Class A, 2.56% 9/17/2031<sup>4,6</sup> |  | 898 | 877 |
| Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 11/17/2033<sup>4,6</sup> |  | 4518 | 4200 |
| Bankers Healthcare Group Securitization Trust, Series 2021-A, Class B, 2.79% 11/17/2033<sup>4,6</sup> |  | 1715 | 1440 |
| Bankers Healthcare Group Securitization Trust, Series 2021-B, Class A, 0.90% 10/17/2034<sup>4,6</sup> |  | 3362 | 3167 |
| Benefit Street Partners CLO, Ltd., Series 2015-8, Class A1AR, (3-month USD-LIBOR + 1.10%) 5.343% 1/20/2031<sup>4,5,6</sup> |  | 800 | 790 |
| Benefit Street Partners CLO, Ltd., Series 2018-14, Class A1, (3-month USD-LIBOR + 1.00%) 5.243% 4/20/2031<sup>4,5,6</sup> |  | 250 | 246 |
| Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class A, 2.443% 7/15/2046<sup>4,6</sup> |  | 20894 | 17184 |
| Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class B, 3.446% 7/15/2046<sup>4,6</sup> |  | 3460 | 2614 |
| Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A, 4.95% 10/15/2027<sup>6</sup> 4,513 4,551 Carlyle Global Market Strategies, CLO, Series 2017-C, Class A1AR, (3-month USD-LIBOR + 1.03%) 5.445% 4/30/2031<sup>4,5,6</sup> |  | 500 | 494 |
| CarMax Auto Owner Trust, Series 2019-2, Class C, 3.16% 2/18/2025<sup>6</sup> |  | 8000 | 7922 |
| CarMax Auto Owner Trust, Series 2021-1, Class C, 0.94% 12/15/2026<sup>6</sup> |  | 811 | 734 |
| CarMax Auto Owner Trust, Series 2021-1, Class D, 1.28% 7/15/2027<sup>6</sup> |  | 794 | 707 |
| Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.72% 9/11/2028<sup>6</sup> |  | 3636 | 3472 |
| Carvana Auto Receivables Trust, Series 2021-N4, Class A2, 1.80% 9/11/2028<sup>6</sup> |  | 5195 | 4728 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037<sup>4,6</sup> |  | 46945 | 39956 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 3.464% 5/11/2037<sup>4,6</sup> |  | 18967 | 16064 |
| Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041<sup>4,6</sup> |  | 10139 | 8872 |
| Cent CLO, Ltd., Series 2014-21A, Class AR, (3-month USD-LIBOR + 0.97%) 5.328% 7/27/2030<sup>4,5,6</sup> |  | 70274 | 69255 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060<sup>4,6</sup> |  | 97619 | 87241 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060<sup>4,6</sup> |  | 20259 | 16753 |
| CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060<sup>4,6</sup> |  | 14467 | 12653 |
| CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060<sup>4,6</sup> |  | 1594 | 1262 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061<sup>4,6</sup> |  | 60397 | 52306 |
| CF Hippolyta, LLC, Series 2021-1, Class B1, 1.98% 3/15/2061<sup>4,6</sup> |  | 7602 | 6356 |
| CF Hippolyta, LLC, Series 2022-1, Class A1, 5.97% 8/15/2062<sup>4,6</sup> |  | 53721 | 52616 |
| CF Hippolyta, LLC, Series 2022-1, Class A2, 6.11% 8/15/2062<sup>4,6</sup> |  | 43924 | 41412 |
| Citibank Credit Card Issuance Trust, Series 2017-A5, Class A5, (1-month USD-LIBOR + 0.62%) 4.981% 4/22/2026<sup>5,6</sup> |  | 29758 | 29779 |
| CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045<sup>4,6</sup> |  | 24885 | 21422 |
| CLI Funding VI, LLC, Series 2020-1A, Class A, 2.08% 9/18/2045<sup>4,6</sup> |  | 23312 | 20222 |
| CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045<sup>4,6</sup> |  | 33331 | 28984 |
| CLI Funding VIII, LLC, Series 2021-1A, Class A, 1.64% 2/18/2046<sup>4,6</sup> |  | 28860 | 24656 |
| CLI Funding VIII, LLC, Series 2021-1A, Class A, 2.38% 2/18/2046<sup>4,6</sup> |  | 2066 | 1721 |

---

<br> 38 American Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br>(000) | Principal amount<br>(000) | Value<br>(000) |
| **Asset-backed obligations (continued)** |  |  |  |
| CPS Auto Receivables Trust, Series 2019-B, Class D, 3.69% 3/17/2025<sup>4,6</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | $869 |
| CPS Auto Receivables Trust, Series 2019-C, Class D, 3.17% 6/16/2025<sup>4,6</sup> |  | 1538 | 1534 |
| CPS Auto Receivables Trust, Series 2022-B, Class A, 2.88% 6/15/2026<sup>4,6</sup> |  | 8091 | 7945 |
| CPS Auto Receivables Trust, Series 2020-C, Class C, 1.71% 8/17/2026<sup>4,6</sup> |  | 813 | 807 |
| CPS Auto Receivables Trust, Series 2021-A, Class C, 0.83% 9/15/2026<sup>4,6</sup> |  | 1983 | 1958 |
| CPS Auto Receivables Trust, Series 2021-A, Class D, 1.16% 12/15/2026<sup>4,6</sup> |  | 2429 | 2302 |
| CPS Auto Receivables Trust, Series 2022-B, Class B, 3.88% 8/15/2028<sup>4,6</sup> |  | 9072 | 8739 |
| CPS Auto Receivables Trust, Series 2022-B, Class C, 4.33% 8/15/2028<sup>4,6</sup> |  | 12021 | 11422 |
| Discover Card Execution Note Trust, Series 2018-A6, Class A6, (1-month USD-LIBOR + 0.39%) 4.708% 3/15/2026<sup>5,6</sup> |  | 60740 | 60726 |
| Drive Auto Receivables Trust, Series 2021-1, Class B, 0.65% 7/15/2025<sup>6</sup> |  | 314 | 314 |
| Drive Auto Receivables Trust, Series 2020-1, Class C, 2.36% 3/16/2026<sup>6</sup> |  | 2796 | 2793 |
| Drive Auto Receivables Trust, Series 2021-3, Class B, 1.11% 5/15/2026<sup>6</sup> |  | 14370 | 13975 |
| Drive Auto Receivables Trust, Series 2019-3, Class D, 3.18% 10/15/2026<sup>6</sup> |  | 32120 | 31743 |
| Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02% 6/15/2027<sup>6</sup> |  | 19517 | 19082 |
| Drive Auto Receivables Trust, Series 2021-1, Class D, 1.45% 1/16/2029<sup>6</sup> |  | 14729 | 13810 |
| DriveTime Auto Owner Trust, Series 2019-3, Class D, 2.96% 4/15/2025<sup>4,6</sup> |  | 7359 | 7264 |
| DriveTime Auto Owner Trust, Series 2020-2A, Class D, 4.73% 3/16/2026<sup>4,6</sup> |  | 1250 | 1229 |
| DriveTime Auto Owner Trust, Series 2020-3A, Class C, 1.47% 6/15/2026<sup>4,6</sup> |  | 3433 | 3322 |
| DriveTime Auto Owner Trust, Series 2020-3A, Class D, 1.84% 6/15/2026<sup>4,6</sup> |  | 1100 | 1028 |
| DriveTime Auto Owner Trust, Series 2021-1A, Class C, 0.84% 10/15/2026<sup>4,6</sup> |  | 3189 | 3062 |
| DriveTime Auto Owner Trust, Series 2022-3, Class A, 6.05% 10/15/2026<sup>4,6</sup> |  | 46335 | 46454 |
| DriveTime Auto Owner Trust, Series 2021-1A, Class D, 1.16% 11/16/2026<sup>4,6</sup> |  | 1738 | 1602 |
| DriveTime Auto Owner Trust, Series 2021-2A, Class B, 0.81% 1/15/2027<sup>4,6</sup> |  | 4324 | 4240 |
| DriveTime Auto Owner Trust, Series 2021-2A, Class C, 1.10% 2/16/2027<sup>4,6</sup> |  | 4513 | 4289 |
| DriveTime Auto Owner Trust, Series 2021-2A, Class D, 1.50% 2/16/2027<sup>4,6</sup> |  | 3049 | 2800 |
| Dryden Senior Loan Fund, CLO, Series 2017-47A, Class A1R, (3-month USD-LIBOR + 0.98%) 5.059% 4/15/2028<sup>4,5,6</sup> |  | 70514 | 69835 |
| EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045<sup>4,6</sup> |  | 7414 | 6266 |
| Enterprise Fleet Financing, LLC, Series 2022-1, Class A2, 3.03% 1/20/2028<sup>4,6</sup> |  | 33302 | 32425 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A3, 4.29% 7/20/2029<sup>4,6</sup> |  | 7766 | 7366 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029<sup>4,6</sup> |  | 24169 | 23643 |
| Enterprise Fleet Financing, LLC, Series 2022-4, Class A2, 5.76% 10/22/2029<sup>4,6</sup> |  | 33506 | 33618 |
| Exeter Automobile Receivables Trust, Series 2019-2A, Class D, 3.71% 3/17/2025<sup>4,6</sup> |  | 15570 | 15413 |
| Exeter Automobile Receivables Trust, Series 2020-3A, Class C, 1.32% 7/15/2025<sup>6</sup> |  | 1686 | 1667 |
| Exeter Automobile Receivables Trust, Series 2019-3A, Class D, 3.11% 8/15/2025<sup>4,6</sup> |  | 22950 | 22591 |
| Exeter Automobile Receivables Trust, Series 2021-2, Class B, 0.57% 9/15/2025<sup>6</sup> |  | 5637 | 5599 |
| Exeter Automobile Receivables Trust, Series 2022-2A, Class A3, 2.80% 11/17/2025<sup>6</sup> |  | 4996 | 4944 |
| Exeter Automobile Receivables Trust, Series 2022-6, Class A2, 5.73% 11/17/2025<sup>6</sup> |  | 2933 | 2937 |
| Exeter Automobile Receivables Trust, Series 2020-1A, Class D, 2.73% 12/15/2025<sup>4,6</sup> |  | 3670 | 3599 |
| Exeter Automobile Receivables Trust, Series 2021-2, Class C, 0.98% 6/15/2026<sup>6</sup> |  | 14127 | 13579 |
| Exeter Automobile Receivables Trust, Series 2020-3A, Class D, 1.73% 7/15/2026<sup>6</sup> |  | 3125 | 3012 |
| Exeter Automobile Receivables Trust, Series 2022-6, Class A3, 5.70% 8/17/2026<sup>6</sup> |  | 5000 | 5012 |
| Exeter Automobile Receivables Trust, Series 2022-2A, Class B, 3.65% 10/15/2026<sup>6</sup> |  | 13091 | 12785 |
| Exeter Automobile Receivables Trust, Series 2021-2, Class D, 1.40% 4/15/2027<sup>6</sup> |  | 20431 | 18679 |
| Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56% 7/17/2028<sup>6</sup> |  | 5159 | 4840 |
| Exeter Automobile Receivables Trust, Series 2022-4A, Class C, 4.92% 12/15/2028<sup>6</sup> |  | 8517 | 8227 |
| FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 10/19/2037<sup>4,6</sup> |  | 52552 | 46608 |
| FirstKey Homes Trust, Series 2021-SFR3, Class A, 2.135% 12/17/2038<sup>4,6</sup> |  | 17255 | 14944 |
| FirstKey Homes Trust, Series 2022-SFR2, Class A, 4.145% 5/17/2039<sup>4,6</sup> |  | 24299 | 22826 |
| Flagship Credit Auto Trust, Series 2022-4, Class A2, 6.15% 9/15/2026<sup>4,6</sup> |  | 26177 | 26334 |
| Flatiron CLO, Ltd., Series 2018-1, Class A, (3-month USD CME Term SOFR + 1.212%) 5.075% 4/17/2031<sup>4,5,6</sup> |  | 2500 | 2463 |
| Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 1/15/2030<sup>4,6</sup> |  | 36420 | 35932 |
| Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.52% 7/15/2030<sup>4,6</sup> |  | 54515 | 53468 |
| Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 7/15/2031<sup>4,6</sup> |  | 80360 | 76816 |
| Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 8/15/2031<sup>4,6</sup> |  | 82365 | 77317 |
| Ford Credit Auto Owner Trust, Series 2020-1, Class B, 2.29% 8/15/2031<sup>4,6</sup> |  | 2574 | 2386 |
| Freedom Financial, Series 2022-1FP, Class A, 0.94% 3/19/2029<sup>4,6</sup> |  | 410 | 409 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045<sup>4,6</sup> |  | 18659 | 16476 |
| GCI Funding I, LLC, Series 2020-1, Class B, 3.81% 10/18/2045<sup>4,6</sup> |  | 2570 | 2283 |
| GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046<sup>4,6</sup> |  | 3814 | 3247 |
| Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 9/17/2039<sup>4,6</sup> |  | 12310 | 11556 |
| Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/2040<sup>4,6</sup> |  | 59968 | 53216 |
| Global SC Finance V SRL, Series 2020-1A, Class B, 3.55% 10/17/2040<sup>4,6</sup> |  | 1566 | 1403 |
| Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040<sup>4,6</sup> |  | 84677 | 75296 |
| Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041<sup>4,6</sup> |  | 71112 | 61336 |

---

<br> American Balanced Fund 39

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br>(000) | Principal amount<br>(000) | Value<br>(000) |
| **Asset-backed obligations (continued)** |  |  |  |
| Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041<sup>4,6</sup> | USD | 74475 | $64638 |
| Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041<sup>4,6</sup> |  | 6101 | 5168 |
| GM Financial Automobile Leasing Trust, Series 2020-2, Class C, 2.56% 7/22/2024<sup>6</sup> |  | 1165 | 1163 |
| GM Financial Automobile Leasing Trust, Series 2020-2, Class D, 3.21% 12/20/2024<sup>6</sup> |  | 1646 | 1642 |
| GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035<sup>4,6</sup> |  | 22705 | 23151 |
| Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 3.65% 6/30/2023<sup>4,6,11</sup> |  | 65170 | 62524 |
| Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/2025<sup>4,6</sup> |  | 82376 | 76181 |
| Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/2025<sup>4,6</sup> |  | 30267 | 27756 |
| Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 12/26/2025<sup>4,6</sup> |  | 7331 | 6612 |
| Hertz Vehicle Financing III, LLC, Series 2022-1A, Class A, 1.99% 6/25/2026<sup>4,6</sup> |  | 24573 | 22584 |
| Hertz Vehicle Financing III, LLC, Series 2022-1A, Class B, 2.19% 6/25/2026<sup>4,6</sup> |  | 5327 | 4788 |
| Hertz Vehicle Financing III, LLC, Series 2022-1A, Class C, 2.63% 6/25/2026<sup>4,6</sup> |  | 3260 | 2897 |
| Hertz Vehicle Financing III, LLC, Series 2022-4A, Class A, 3.73% 9/25/2026<sup>4,6</sup> |  | 42910 | 41048 |
| Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027<sup>4,6</sup> |  | 74445 | 64926 |
| Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027<sup>4,6</sup> |  | 15155 | 13015 |
| Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027<sup>4,6</sup> |  | 7776 | 6428 |
| Hertz Vehicle Financing III, LLC, Series 2022-2A, Class A, 2.33% 6/26/2028<sup>4,6</sup> |  | 49550 | 43531 |
| Hertz Vehicle Financing III, LLC, Series 2022-2A, Class B, 2.65% 6/26/2028<sup>4,6</sup> |  | 8792 | 7553 |
| Hertz Vehicle Financing III, LLC, Series 2022-2A, Class C, 2.95% 6/26/2028<sup>4,6</sup> |  | 5075 | 4193 |
| Hertz Vehicle Financing III, LLC, Series 2022-5A, Class A, 3.89% 9/25/2028<sup>4,6</sup> |  | 45050 | 41683 |
| KKR Static CLO I, Ltd., Series 2022-1A, Class B, (3-month USD CME Term SOFR + 2.60%) 5.077% 7/20/2031<sup>4,5,6</sup> |  | 10300 | 10243 |
| LAD Auto Receivables Trust, Series 2022-1, Class A, 5.21% 6/15/2027<sup>4,6</sup> 4,296 4,229 Longfellow Place CLO, Ltd., Series 2013-1A, Class AR3, (3-month USD-LIBOR + 1.00%) 5.079% 4/15/2029<sup>4,5,6</sup> |  | 14847 | 14796 |
| Madison Park Funding, Ltd., CLO, Series 2018-30, Class A, (3-month USD-LIBOR + 0.75%) 4.829% 4/15/2029<sup>4,5,6</sup> |  | 478 | 473 |
| Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD-LIBOR + 1.00%) 5.278% 7/21/2030<sup>4,5,6</sup> |  | 74696 | 73534 |
| Madison Park Funding, Ltd., CLO, Series 2017-23A, Class AR, (3-month USD-LIBOR + 0.97%) 5.328% 7/27/2031<sup>4,5,6</sup> |  | 1500 | 1483 |
| Magnetite CLO, Ltd., Series 2014-8, Class AR2, (3-month USD-LIBOR + 0.98%) 5.059% 4/15/2031<sup>4,5,6</sup> |  | 1980 | 1951 |
| Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD-LIBOR + 1.15%) 5.229% 4/15/2029<sup>4,5,6</sup> |  | 24316 | 24068 |
| Mercury Financial Credit Card Master Trust, Series 2021-1A, Class A, 1.54% 3/20/2026<sup>4,6</sup> |  | 40740 | 38881 |
| Milos CLO, Ltd., Series 2017-1, Class AR, (3-month USD-LIBOR + 1.07%) 5.313% 10/20/2030<sup>4,5,6</sup> |  | 1000 | 987 |
| Mission Lane Credit Card Master Trust, Series 2021-A, Class A, 1.59% 9/15/2026<sup>4,6</sup> |  | 26594 | 25761 |
| Mission Lane Credit Card Master Trust, Series 2022-A, Class A, 6.92% 9/15/2027<sup>4,6</sup> |  | 36163 | 35338 |
| Mission Lane Credit Card Master Trust, Series 2022-B, Class A1, 8.25% 1/15/2028<sup>6,11,12</sup> |  | 24983 | 24980 |
| Mission Lane Credit Card Master Trust, Series 2022-B, Class A2, 8.73% 1/15/2028<sup>6,11,12</sup> |  | 4065 | 4064 |
| Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/2069<sup>4,6</sup> |  | 30608 | 26050 |
| Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070<sup>4,6</sup> |  | 29247 | 24802 |
| Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046<sup>4,6</sup> |  | 67866 | 57150 |
| Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 4/20/2062<sup>4,6</sup> |  | 69786 | 62020 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062<sup>4,6</sup> |  | 39208 | 34730 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062<sup>4,6</sup> |  | 66732 | 59339 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061<sup>4,6</sup> |  | 225061 | 190581 |
| Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD-LIBOR + 0.97%) 5.328% 7/25/2030<sup>4,5,6</sup> |  | 23832 | 23576 |
| Octagon Investment Partners, Ltd., CLO, Series 2018-18X, Class A1A, (3-month USD-LIBOR + 0.96%) 5.039% 4/16/2031<sup>5,6,12</sup> |  | 3500 | 3454 |
| Palmer Square Loan Funding, CLO, Series 2020-4, Class A1, (3-month USD-LIBOR + 1.00%) 5.757% 11/25/2028<sup>4,5,6</sup> |  | 22099 | 21948 |
| Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD-LIBOR + 0.90%) 5.143% 4/20/2029<sup>4,5,6</sup> |  | 4369 | 4323 |
| Palmer Square Loan Funding, CLO, Series 2021-4A, Class A1, (3-month USD-LIBOR + 0.80%) 4.879% 10/15/2029<sup>4,5,6</sup> |  | 90299 | 89147 |
| Palmer Square Loan Funding, CLO, Series 2021-4A, Class A2, (3-month USD-LIBOR + 1.40%) 5.479% 10/15/2029<sup>4,5,6</sup> |  | 48245 | 46713 |

---

<br> 40 American Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br>(000) | Principal amount<br>(000) | Value<br>(000) |
| **Asset-backed obligations (continued)** |  |  |  |
| Palmer Square Loan Funding, CLO, Series 2022-5, Class A1, (3-month USD CME Term SOFR + 1.56%) 4.084% 1/15/2031<sup>4,5,6</sup> | USD | 45902 | $45643 |
| PFS Financing Corp., Series 2022-D, Class A, 4.27% 8/16/2027<sup>4,6</sup> |  | 10002 | 9767 |
| PFS Financing Corp., Series 2022-D, Class B, 4.90% 8/16/2027<sup>4,6</sup> |  | 1294 | 1256 |
| PG&E Wildfire Recovery Funding, LLC, Series 2022-A, Class A2, 4.263% 6/1/2036<sup>6</sup> |  | 13836 | 12864 |
| PPM CLO, Ltd., Series 2022-6, Class A, (3-month USD CME Term SOFR + 2.45%) 2.45% 1/20/2031<sup>4,5,6</sup> |  | 49737 | 49737 |
| PPM CLO, Ltd., Series 2022-6, Class B, (3-month USD CME Term SOFR + 3.60%) 3.60% 1/20/2031<sup>4,5,6</sup> |  | 18667 | 18595 |
| Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70% 10/15/2024<sup>4,6</sup> |  | 3051 | 3044 |
| Prestige Auto Receivables Trust, Series 2019-1A, Class D, 3.01% 8/15/2025<sup>4,6</sup> |  | 5145 | 5092 |
| Race Point CLO, Ltd., Series 2015-9A, Class A1A2, (3-month USD-LIBOR + 0.94%) 5.019% 10/15/2030<sup>4,5,6</sup> |  | 63046 | 62188 |
| Research-Driven Pagaya Motor Asset Trust I, Series 2022-3, Class A, 5.38% 11/25/2030<sup>4,6</sup> |  | 14913 | 14540 |
| Research-Driven Pagaya Motor Asset Trust I, Series 2022-3, Class B, 6.58% 11/25/2030<sup>4,6</sup> |  | 7594 | 7094 |
| Santander Drive Auto Receivables Trust, Series 2022-5, Class A2, 3.98% 1/15/2025<sup>6</sup> |  | 22836 | 22723 |
| Santander Drive Auto Receivables Trust, Series 2019-2, Class D, 3.22% 7/15/2025<sup>6</sup> |  | 5382 | 5349 |
| Santander Drive Auto Receivables Trust, Series 2021-2, Class B, 0.59% 9/15/2025<sup>6</sup> |  | 4084 | 4072 |
| Santander Drive Auto Receivables Trust, Series 2020-1, Class C, 4.11% 12/15/2025<sup>6</sup> |  | 12805 | 12746 |
| Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.12% 1/15/2026<sup>6</sup> |  | 5733 | 5682 |
| Santander Drive Auto Receivables Trust, Series 2022-7, Class A2, 5.81% 1/15/2026<sup>6</sup> |  | 29798 | 29860 |
| Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.90% 6/15/2026<sup>6</sup> |  | 21945 | 21352 |
| Santander Drive Auto Receivables Trust, Series 2022-5, Class A3, 4.11% 8/17/2026<sup>6</sup> |  | 21483 | 21094 |
| Santander Drive Auto Receivables Trust, Series 2020-3, Class D, 1.64% 11/16/2026<sup>6</sup> |  | 8108 | 7776 |
| Santander Drive Auto Receivables Trust, Series 2022-5, Class B, 4.43% 3/15/2027<sup>6</sup> |  | 5894 | 5735 |
| Santander Drive Auto Receivables Trust, Series 2022-7, Class A3, 5.75% 4/15/2027<sup>6</sup> |  | 6686 | 6727 |
| Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35% 7/15/2027<sup>6</sup> |  | 14067 | 13159 |
| Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.95% 9/15/2027<sup>6</sup> |  | 12711 | 12230 |
| Santander Drive Auto Receivables Trust, Series 2021-3, Class D, 1.33% 9/15/2027<sup>6</sup> |  | 9476 | 8785 |
| Santander Drive Auto Receivables Trust, Series 2022-7, Class B, 5.95% 1/17/2028<sup>6</sup> |  | 2751 | 2780 |
| Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.74% 10/15/2028<sup>6</sup> |  | 5506 | 5327 |
| SLAM, Ltd., Series 2021-1, Class A, 2.434% 6/15/2046<sup>4,6</sup> |  | 20838 | 17285 |
| SLAM, Ltd., Series 2021-1, Class B, 3.422% 6/15/2046<sup>4,6</sup> |  | 3836 | 3128 |
| SMB Private Education Loan Trust, Series 2021-A, Class A2A2, (1-month USD-LIBOR + 0.73%) 5.048% 1/15/2053<sup>4,5,6</sup> |  | 19421 | 18603 |
| SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046<sup>4,6</sup> |  | 36907 | 29669 |
| Sound Point CLO, Ltd., Series 2015-1RA, Class AR, (3-month USD-LIBOR + 1.08%) 5.159% 4/15/2030<sup>4,5,6</sup> |  | 5645 | 5584 |
| South Carolina Student Loan Corp., Series 2014-1, Class A1, (1-month USD-LIBOR + 0.75%) 4.518% 5/1/2030<sup>5,6</sup> |  | 64 | 64 |
| South Carolina Student Loan Corp., Series 2014-1, Class A2, (1-month USD-LIBOR + 1.00%) 4.768% 1/3/2033<sup>5,6</sup> |  | 12130 | 12048 |
| SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046<sup>4,6</sup> |  | 44595 | 38688 |
| Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041<sup>4,6</sup> |  | 49322 | 41653 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033<sup>4,6</sup> |  | 26211 | 23351 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033<sup>4,6</sup> |  | 18089 | 15638 |
| Stratus Static CLO, Ltd., Series 2021-2, Class A, (3-month USD-LIBOR + 0.90%) 5.143% 12/28/2029<sup>4,5,6</sup> |  | 9700 | 9566 |
| Stratus Static CLO, Ltd., Series 2022-3, Class A, (3-month USD CME Term SOFR + 2.15%) 6.678% 10/20/2031<sup>4,5,6</sup> |  | 84030 | 84032 |
| Stratus Static CLO, Ltd., Series 2022-3, Class B, (3-month USD CME Term SOFR + 3.05%) 7.127% 10/20/2031<sup>4,5,6</sup> |  | 12681 | 12648 |
| SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075<sup>4,6</sup> |  | 27935 | 25407 |
| TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045<sup>4,6</sup> |  | 33924 | 29806 |
| Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 8/21/2045<sup>4,6</sup> |  | 17124 | 15528 |
| Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045<sup>4,6</sup> |  | 20147 | 17577 |
| Textainer Marine Containers, Ltd., Series 2020-2A, Class B, 3.34% 9/20/2045<sup>4,6</sup> |  | 2908 | 2532 |
| Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 2/20/2046<sup>4,6</sup> |  | 32177 | 27086 |
| Textainer Marine Containers, Ltd., Series 2021-1A, Class B, 2.52% 2/20/2046<sup>4,6</sup> |  | 1385 | 1154 |
| Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046<sup>4,6</sup> |  | 42619 | 36313 |
| TIF Funding II, LLC, Series 2020-1A, Class A, 2.09% 8/20/2045<sup>4,6</sup> |  | 17263 | 14844 |
| TIF Funding II, LLC, Series 2021-1A, Class A, 1.65% 2/20/2046<sup>4,6</sup> |  | 14236 | 11834 |
| TIF Funding II, LLC, Series 2021-1A, Class B, 2.54% 2/20/2046<sup>4,6</sup> |  | 517 | 423 |
| Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 11/25/2031<sup>4,6</sup> |  | 34690 | 33448 |
| Toyota Auto Loan Extended Note Trust, Series 2020-1, Class A, 1.35% 5/25/2033<sup>4,6</sup> |  | 13218 | 12102 |

---

<br> American Balanced Fund 41

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br>(000) | Principal amount<br>(000) | Value<br>(000) |
| **Asset-backed obligations (continued)** |  |  |  |
| Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045<sup>4,6</sup> | USD | 104858 | $89906 |
| Triton Container Finance VIII, LLC, Series 2020-1, Class B, 3.74% 9/20/2045<sup>4,6</sup> |  | 3346 | 2899 |
| Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046<sup>4,6</sup> |  | 32467 | 27133 |
| Triton Container Finance VIII, LLC, Series 2021-1A, Class B, 2.58% 3/20/2046<sup>4,6</sup> |  | 1386 | 1140 |
| Westlake Automobile Receivables Trust, Series 2022-3, Class A2, 5.24% 7/15/2025<sup>4,6</sup> |  | 20865 | 20818 |
| Westlake Automobile Receivables Trust, Series 2020-3A, Class C, 1.24% 11/17/2025<sup>4,6</sup> |  | 5971 | 5822 |
| Westlake Automobile Receivables Trust, Series 2020-3A, Class D, 1.65% 2/17/2026<sup>4,6</sup> |  | 11486 | 10889 |
| Westlake Automobile Receivables Trust, Series 2021-2, Class B, 0.62% 7/15/2026<sup>4,6</sup> |  | 13060 | 12610 |
| Westlake Automobile Receivables Trust, Series 2021-2, Class C, 0.89% 7/15/2026<sup>4,6</sup> |  | 16856 | 15841 |
| Westlake Automobile Receivables Trust, Series 2021-2, Class D, 1.23% 12/15/2026<sup>4,6</sup> |  | 11177 | 10186 |
| Westlake Automobile Receivables Trust, Series 2022-1A, Class D, 3.49% 3/15/2027<sup>4,6</sup> |  | 7472 | 6885 |
|  |  |  | **4871590** |
| **Bonds & notes of governments & government agencies outside the U.S. 0.42%** | **Bonds & notes of governments & government agencies outside the U.S. 0.42%** | **Bonds & notes of governments & government agencies outside the U.S. 0.42%** |  |
| Caisse d'Amortissement de la Dette Sociale 3.375% 3/20/2024<sup>4</sup> |  | 44610 | 43867 |
| Caisse d'Amortissement de la Dette Sociale 0.375% 9/23/2025<sup>4</sup> |  | 18000 | 16139 |
| Chile (Republic of) 3.10% 1/22/2061 |  | 15816 | 9906 |
| CPPIB Capital, Inc. 0.50% 9/16/2024<sup>4</sup> |  | 22500 | 20934 |
| CPPIB Capital, Inc. 0.875% 9/9/2026<sup>4</sup> |  | 17827 | 15617 |
| CPPIB Capital, Inc. 2.75% 11/2/2027<sup>4</sup> |  | 23770 | 21954 |
| Development Bank of Japan, Inc. 1.25% 10/20/2026<sup>4</sup> |  | 18000 | 15875 |
| Development Bank of Japan, Inc. 1.75% 10/20/2031<sup>4</sup> |  | 12582 | 10090 |
| European Investment Bank 2.75% 8/15/2025 |  | 16187 | 15556 |
| European Investment Bank 0.75% 10/26/2026 |  | 37160 | 32596 |
| European Investment Bank 0.625% 10/21/2027 |  | 7655 | 6501 |
| European Stability Mechanism 0.375% 9/10/2025<sup>4</sup> |  | 23570 | 21188 |
| Hungary (Republic of) 2.125% 9/22/2031<sup>4</sup> |  | 14975 | 11158 |
| Hungary (Republic of) 3.125% 9/21/2051<sup>4</sup> |  | 18690 | 11350 |
| Hydro-Quebec 9.50% 11/15/2030 |  | 22230 | 29297 |
| International Bank for Reconstruction and Development 0.75% 11/24/2027 |  | 9000 | 7653 |
| International Development Assn. 0.375% 9/23/2025<sup>4</sup> |  | 19410 | 17404 |
| Japan Bank for International Cooperation 1.25% 1/21/2031 |  | 32068 | 25042 |
| KfW 0.375% 7/18/2025 |  | 7671 | 6941 |
| Landwirtschaftliche Rentenbank 0.875% 9/3/2030 |  | 13390 | 10574 |
| Manitoba (Province of) 3.05% 5/14/2024 |  | 12040 | 11782 |
| OMERS Finance Trust 1.10% 3/26/2026<sup>4</sup> |  | 26770 | 23933 |
| OMERS Finance Trust 3.50% 4/19/2032<sup>4</sup> |  | 40128 | 36317 |
| OMERS Finance Trust 4.00% 4/19/2052<sup>4</sup> |  | 40128 | 32167 |
| Ontario Teachers' Finance Trust 3.00% 4/13/2027<sup>4</sup> |  | 18000 | 16880 |
| Panama (Republic of) 3.298% 1/19/2033 |  | 23825 | 19348 |
| Panama (Republic of) 4.50% 1/19/2063 |  | 5165 | 3659 |
| Peru (Republic of) 2.392% 1/23/2026 |  | 2730 | 2518 |
| Peru (Republic of) 1.862% 12/1/2032 |  | 42915 | 31408 |
| Peru (Republic of) 2.78% 12/1/2060 |  | 50070 | 29372 |
| Philippines (Republic of) 1.648% 6/10/2031 |  | 12449 | 9980 |
| Philippines (Republic of) 6.375% 10/23/2034 |  | 22310 | 24776 |
| Philippines (Republic of) 2.65% 12/10/2045 |  | 7151 | 4838 |
| PT Indonesia Asahan Aluminium Tbk 4.75% 5/15/2025 |  | 20000 | 19705 |
| PT Indonesia Asahan Aluminium Tbk 4.75% 5/15/2025<sup>4</sup> |  | 4910 | 4838 |
| PT Indonesia Asahan Aluminium Tbk 6.53% 11/15/2028 |  | 17050 | 17276 |
| PT Indonesia Asahan Aluminium Tbk 6.53% 11/15/2028<sup>4</sup> |  | 2950 | 2989 |
| PT Indonesia Asahan Aluminium Tbk 5.45% 5/15/2030<sup>4</sup> |  | 1360 | 1298 |
| PT Indonesia Asahan Aluminium Tbk 5.80% 5/15/2050<sup>4</sup> |  | 3850 | 3234 |
| Qatar (State of) 3.375% 3/14/2024<sup>4</sup> |  | 24780 | 24309 |
| Qatar (State of) 4.00% 3/14/2029<sup>4</sup> |  | 10000 | 9846 |
| Qatar (State of) 4.817% 3/14/2049<sup>4</sup> |  | 10000 | 9754 |
| Quebec (Province of) 2.75% 4/12/2027 |  | 23200 | 21758 |
| Saskatchewan (Province of) 3.25% 6/8/2027 |  | 19319 | 18419 |
| Swedish Export Credit Corp. 3.625% 9/3/2024 |  | 36618 | 35925 |
| United Mexican States 2.659% 5/24/2031 |  | 23299 | 18850 |
| United Mexican States 4.875% 5/19/2033 |  | 22655 | 20841 |
| United Mexican States 3.771% 5/24/2061 |  | 13292 | 8444 |
|  |  |  | **814106** |

---

<br> 42 American Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br>(000) | Principal amount<br>(000) | Value<br>(000) |
| **Municipals 0.36%** |  |  |  |
| **California 0.06%** |  |  |  |
| Trustees of the California State University, Systemwide Rev. Bonds, Series 2021-B, 2.719% 11/1/2052 | USD | 7980 | $5394 |
| Trustees of the California State University, Systemwide Rev. Bonds, Series 2021-B, 2.939% 11/1/2052 |  | 11515 | 7814 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 2.158% 6/1/2026 |  | 5955 | 5353 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 2.332% 6/1/2027 |  | 8260 | 7234 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B-1, 1.85% 6/1/2031 |  | 1700 | 1676 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034 |  | 4705 | 3785 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 3.487% 6/1/2036 |  | 5365 | 4289 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A, 3.115% 6/1/2038 |  | 26640 | 20702 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 3.714% 6/1/2041 |  | 8945 | 6722 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 3.293% 6/1/2042 |  | 9180 | 6818 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 3.00% 6/1/2046 |  | 10885 | 10085 |
| Regents of the University of California, General Rev. Bonds, Series 2020-BG, 0.883% 5/15/2025 |  | 5000 | 4588 |
| Regents of the University of California, General Rev. Bonds, Series 2020-BG, 1.316% 5/15/2027 |  | 5400 | 4661 |
| Regents of the University of California, General Rev. Bonds, Series 2020-BG, 1.614% 5/15/2030 |  | 6450 | 5143 |
| Regents of the University of California, General Rev. Bonds, Series 2021-BI, 2.847% 5/15/2041 |  | 2690 | 1869 |
| Regents of the University of California, General Rev. Bonds, Series 2021-BI, 3.146% 5/15/2051 |  | 11320 | 7765 |
| Dept. of Veterans Affairs, Veterans G.O. Rev. Ref. Bonds, Series 2015-CM, AMT, 2.45% 12/1/2031 |  | 80 | 80 |
|  |  |  | **103978** |
| **Connecticut 0.00%** |  |  |  |
| Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-A-1, 4.00% 11/15/2044 |  | **70** | **70** |
| **Florida 0.05%** |  |  |  |
| Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.258% 7/1/2025 |  | 11950 | 10977 |
| Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 7/1/2027 |  | 44105 | 38433 |
| Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 7/1/2030 |  | 56145 | 46034 |
|  |  |  | **95444** |
| **Guam 0.00%** |  |  |  |
| A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 3.839% 10/1/2036 |  | 960 | 783 |
| A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 4.46% 10/1/2043 |  | 1260 | 985 |
|  |  |  | **1768** |
| **Illinois 0.16%** |  |  |  |
| G.O. Bonds, Series 2019-A, 4.20% 4/1/2024 |  | 11890 | 11763 |
| G.O. Bonds, Series 2019-A, 4.50% 4/1/2025 |  | 6750 | 6654 |
| G.O. Bonds, Pension Funding, Series 2003, 4.95% 6/1/2023 |  | 9730 | 9736 |
| G.O. Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033 |  | 231670 | 222591 |
| G.O. Bonds, Pension Funding, Series 2003, Assured Guaranty Municipal insured, 5.10% 6/1/2033 |  | 48850 | 46805 |
| G.O. Bonds, Taxable Build America Bonds, Series 2010-1, 6.63% 2/1/2035 |  | 6210 | 6301 |
|  |  |  | **303850** |

---

<br> American Balanced Fund 43

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br>(000) | Principal amount<br>(000) | Value<br>(000) |
| **Municipals (continued)** |  |  |  |
| **Michigan 0.01%** |  |  |  |
| Building Auth., Rev. Ref. Bonds (Facs. Program), Series 2020-II, 2.705% 10/15/2040 | USD | 6555 | $4789 |
| Board of Trustees of Michigan State University, Rev. Bonds, Series 2022-A, 4.165% 8/15/2122 |  | 10670 | 7891 |
| Regents of the University of Michigan, General Rev. Bonds, Series 2022-A, 3.504% 4/1/2052 |  | 6660 | 5212 |
|  |  |  | **17892** |
| **New Jersey 0.00%** |  |  |  |
| Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2013-I, (SIFMA Municipal Swap Index + 1.60%) 5.26% 3/1/2028<sup>5</sup> |  | **5000** | **5000** |
| **New York 0.02%** |  |  |  |
| Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.187% 3/15/2026 (escrowed to maturity) |  | 17250 | 15388 |
| Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.748% 3/15/2028 |  | 19440 | 16536 |
| Utility Debt Securitization Auth., Restructuring Bonds, Series 2013-T-4, 3.435% 12/15/2025 |  | 1032 | 1024 |
|  |  |  | **32948** |
| **Ohio 0.02%** |  |  |  |
| Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), Series 2021, 4.425% 5/1/2031 |  | **51840** | **43765** |
| **South Dakota 0.00%** |  |  |  |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2014-F, 4.00% 5/1/2034 |  | 110 | 109 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2013-E, AMT, 4.00% 11/1/2044 |  | 60 | 60 |
| Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2015-D, 4.00% 11/1/2045 |  | 800 | 799 |
|  |  |  | **968** |
| **Texas 0.00%** |  |  |  |
| Municipal Power Agcy., Transmission System Rev. Ref. Bonds, Series 2021, Assured Guaranty Municipal insured, 3.00% 9/1/2046 |  | **6695** | **5009** |
| **Wisconsin 0.04%** |  |  |  |
| Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034 |  | **95285** | **84689** |
| **Total municipals** |  |  | **695381** |
| **Federal agency bonds & notes 0.04%** |  |  |  |
| Fannie Mae 0.375% 8/25/2025 |  | 16060 | 14467 |
| Fannie Mae 0.75% 10/8/2027 |  | 11330 | 9757 |
| Fannie Mae 0.875% 8/5/2030 |  | 17097 | 13615 |
| Federal Farm Credit Banks 1.75% 2/14/2025 |  | 13983 | 13263 |
| Federal Home Loan Bank 5.50% 7/15/2036 |  | 600 | 657 |
| Private Export Funding Corp. 3.55% 1/15/2024 |  | 25667 | 25291 |
|  |  |  | **77050** |
| **Total bonds, notes & other debt instruments (cost: $59,572,629,000)** |  |  | **55442137** |
| **Short-term securities 7.89%** |  | Shares |  |
| **Money market investments 7.80%** |  |  |  |
| Capital Group Central Cash Fund 4.31%<sup>3,13</sup> |  | **149707383** | **14969241** |

---

44 American Balanced Fund

---

| | | |
|:---|:---|:---|
| **Short-term securities** (continued) | Shares | Value<br> (000) |
| **Money market investments purchased with collateral from securities on loan 0.09%** | **Money market investments purchased with collateral from securities on loan 0.09%** |  |
| Capital Group Central Cash Fund 4.31%<sup>3,13,14</sup> | 607067 | $60701 |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%<sup>13,14</sup> | 26100000 | 26100 |
| Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>13,14</sup> | 22600000 | 22600 |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%<sup>13,14</sup> | 16409265 | 16409 |
| BlackRock Liquidity Funds – FedFund, Institutional Shares 4.03%<sup>13,14</sup> | 15600000 | 15600 |
| Dreyfus Treasury Obligations Cash Management, Institutional Shares 4.17%<sup>13,14</sup> | 13900000 | 13900 |
| Fidelity Investments Money Market Government Portfolio, Class I 4.06%<sup>13,14</sup> | 10400000 | 10400 |
| Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 4.11%<sup>13,14</sup> | 8600000 | 8600 |
|  |  | **174310** |
| **Total short-term securities** (cost: $15,141,240,000) |  | **15143551** |
| **Total investment securities 103.40%** (cost: $162,215,748,000) |  | **198420382** |
| Other assets less liabilities (3.40)% |  | (6516170) |
| **Net assets 100.00%** |  | $**191904212** |

---

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2022<br> (000)** |
| 30 Day Federal Funds Futures | Short | 10368 | February 2023 | USD | (4133275) | $128924 |
| 3 Month SOFR Futures | Long | 13 | March 2023 |  | 3104 | (39) |
| 90 Day Eurodollar Futures | Long | 44488 | September 2023 |  | 10557558 | (468167) |
| 90 Day Eurodollar Futures | Short | 37493 | December 2023 |  | (8924271) | 356756 |
| 90 Day Eurodollar Futures | Short | 9943 | December 2024 |  | (2396263) | 60164 |
| 2 Year U.S. Treasury Note Futures | Short | 17640 | March 2023 |  | (3617578) | 12832 |
| 5 Year U.S. Treasury Note Futures | Long | 87818 | March 2023 |  | 9478170 | (12165) |
| 10 Year U.S. Treasury Note Futures | Long | 31504 | March 2023 |  | 3537801 | (20353) |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 35889 | March 2023 |  | (4244996) | 68194 |
| 20 Year U.S. Treasury Bond Futures | Long | 6133 | March 2023 |  | 768733 | (9793) |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 511 | March 2023 |  | (68634) | 2127 |
|  |  |  |  |  |  | $118480 |

---

**Swap contracts**

**Interest rate swaps**

**Centrally cleared interest rate swaps**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Receive** | **Receive** | **Pay** | **Pay** | | | | | |
| <br>**Rate** | **Payment**<br>**frequency** | <br>**Rate** | **Payment**<br>**frequency** | <br>**Expiration**<br>**date** | <br>**Notional**<br>**amount**<br>**(000)** |<br>**Value at**<br>**12/31/2022**<br>**(000)** |<br>**Upfront**<br>**premium**<br>**paid**<br>**(000)** | **Unrealized**<br>**(depreciation)**<br>**appreciation**<br>**at 12/31/2022**<br>**(000)** |
| 0.207% | Annual | U.S. EFFR | Annual | 2/26/2024 | USD1,341,000 | $(69778) | $— | $(69778) |
| 0.3325% | Annual | U.S. EFFR | Annual | 4/2/2024 | 735000 | (39990) |  | (39990) |
| 4.345% | Annual | U.S. EFFR | Annual | 9/29/2024 | 1049800 | (4676) |  | (4676) |
| 4.197% | Annual | U.S. EFFR | Annual | 9/30/2024 | 1049800 | (7251) |  | (7251) |
| 4.1735% | Annual | U.S. EFFR | Annual | 9/30/2024 | 1074700 | (7842) |  | (7842) |
| 4.15% | Annual | U.S. EFFR | Annual | 10/6/2024 | 1071000 | (8131) |  | (8131) |
| U.S. EFFR | Annual | 0.10625% | Annual | 7/8/2025 | 301000 | 29465 |  | 29465 |
| 3.16% | Annual | SOFR | Annual | 6/20/2028 | 161300 | (3176) |  | (3176) |
| U.S. EFFR | Annual | 0.666% | Annual | 11/19/2030 | 78700 | 15614 |  | 15614 |
| SOFR | Annual | 3.10% | Annual | 6/20/2033 | 86900 | 2753 |  | 2753 |
|  |  |  |  |  |  | $(93012) | $— | $(93012) |

---

<br> American Balanced Fund 45

**Swap contracts** (continued)

**Credit default swaps**

**Centrally cleared credit default swaps on credit indices — buy protection**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br> index** | **Financing<br> rate paid** | **Payment<br> frequency** | **Expiration<br> date** | **Notional<br> amount<br> (000)** | **Value at<br> 12/31/2022<br> (000)** | **Upfront<br> premium<br> received<br> (000)** | **Unrealized<br> depreciation<br> at 12/31/2022<br> (000)** |
| CDX.NA.IG.39 | 1.00% | Quarterly | 12/20/2027 | USD4,478,124 | $(35807) | $(20270) | $(15537) |

---

**Investments in affiliates<sup>3</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliates at<br> 1/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> gain (loss)<br> (000)** | **Net<br> unrealized<br> (depreciation)<br> appreciation<br> (000)** | **Value of<br> affiliates at<br> 12/31/2022<br> (000)** | **Dividend<br> income<br> (000)** |
| **Common stocks 0.22%** |  |  |  |  |  |  |  |
| **Consumer discretionary 0.00%** |  |  |  |  |  |  |  |
| Toll Brothers, Inc.<sup>15</sup> | $572297 | $— | $464830 | $208944 | $(316411) | $— | $1344 |
| **Materials 0.22%** |  |  |  |  |  |  |  |
| Royal Gold, Inc. | 434997 | 76708 | 144700 | 17709 | 22205 | 406919 | 5246 |
| **Real estate 0.00%** |  |  |  |  |  |  |  |
| Embassy Office Parks REIT<sup>15</sup> | 209044 | 15864 | 220091 | (7447) | 2630 |  | 10985 |
| Iron Mountain, Inc. REIT<sup>16</sup> | 948511 |  | 289079 | 75102 | (141769) |  | 19878 |
| **Total common stocks** |  |  |  |  |  | 406919 |  |
| **Investment funds 4.53%** |  |  |  |  |  |  |  |
| Capital Group Central Corporate Bond Fund | 11633296 | 698611 | 1556798 | (235931) | (1842620) | 8696558 | 300936 |
| **Short-term securities 7.83%** |  |  |  |  |  |  |  |
| **Money market investments 7.80%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.31%<sup>13</sup> | 14510086 | 34359405 | 33899112 | (1457) | 319 | 14969241 | 328718 |
| **Money market investments purchased with collateral from securities on loan 0.03%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.31%<sup>13,14</sup> | 114102 |  | 5340117 |  |  | 60701 | —<sup>18</sup> |
| **Total short-term securities** |  |  |  |  |  | 15029942 |  |
| **Total 12.58%** |  |  |  | $56920 | $(2275646) | $24133419 | $667107 |

---

**Restricted securities<sup>12</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Acquisition<br> date** | **Cost<br> (000)** | **Value<br> (000)** | **Percent<br> of net<br> assets** |
| Mission Lane Credit Card Master Trust, Series 2022-B, Class A1, 8.25% 1/15/2028<sup>6,11</sup> | 12/6/2022 | $24980 | $24980 | .02% |
| Mission Lane Credit Card Master Trust, Series 2022-B, Class A2, 8.73% 1/15/2028<sup>6,11</sup> | 12/6/2022 | 4064 | 4064 | .00 |
| Octagon Investment Partners, Ltd., CLO, Series 2018-18X, Class A1A, (3-month USD-LIBOR + 0.96%) 5.039% 4/16/2031<sup>5,6</sup> | 10/28/2022 | 3411 | 3454 | .00 |
| **Total** |  | $32455 | $32498 | .02% |

---

<br> 46 American Balanced Fund

<sup>1</sup> Security did not produce income during the last 12 months.

<sup>2</sup> All or a portion of this security was on loan. The total value of all such securities was $251,532,000, which represented .13% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

<sup>3</sup> 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.

<sup>4</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) 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 $9,736,622,000, which represented 5.07% of the net assets of the fund.

<sup>5</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>6</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>7</sup> Purchased on a TBA basis.

<sup>8</sup> Step bond; coupon rate may change at a later date.

<sup>9</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $323,440,000, which represented .17% of the net assets of the fund.

<sup>10</sup> Index-linked bond whose principal amount moves with a government price index.

<sup>11</sup> Value determined using significant unobservable inputs.

<sup>12</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $32,498,000, which represented .02% of the net assets of the fund.

<sup>13</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>14</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>15</sup> Affiliated issuer during the reporting period but no longer held at 12/31/2022.

<sup>16</sup> Affiliated issuer during the reporting period but no longer an affiliate at 12/31/2022. Refer to the investment portfolio for the security value at 12/31/2022.

<sup>17</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>18</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations**

ADR = American Depositary Receipts

Agcy. = Agency

AMT = Alternative Minimum Tax

Assn. = Association

Auth. = Authority

CAD = Canadian dollars

CLO = Collateralized Loan Obligations

CME = CME Group

CMO = Collateralized Mortgage Obligations

DAC = Designated Activity Company

Dept. = Department

Dev. = Development

Econ. = Economic

EFFR = Effective Federal Funds Rate

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

ICE = Intercontinental Exchange, Inc.

LIBOR = London Interbank Offered Rate

Ref. = Refunding

REIT = Real Estate Investment Trust

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

American Balanced Fund 47

Financial statements

---

| | |
|:---|:---|
| **Statement of assets and liabilities** <br> at December 31, 2022 |  |
|  | **(dollars in thousands)** |

---

---

| | | |
|:---|:---|:---|
| **Assets:** | | |
| Investment securities, at value (includes $251,532 of investment securities on loan): |  |  |
| Unaffiliated issuers (cost: $136,292,581) | $174286963 |  |
| Affiliated issuers (cost: $25,923,167) | 24133419 | $198420382 |
| Cash |  | 1215 |
| Receivables for: |  |  |
| Sales of investments | 8446983 |  |
| Sales of fund's shares | 182930 |  |
| Dividends and interest | 627791 |  |
| Securities lending income | 70 |  |
| Variation margin on futures contracts | 10719 |  |
| Variation margin on centrally cleared swap contracts | 1962 |  |
| Other | 742 | 9271197 |
|  |  | 207692794 |
| **Liabilities:** |  |  |
| Collateral for securities on loan |  | 174310 |
| Payables for: |  |  |
| Purchases of investments | 15231568 |  |
| Repurchases of fund's shares | 254551 |  |
| Investment advisory services | 35562 |  |
| Services provided by related parties | 42585 |  |
| Trustees' deferred compensation | 4490 |  |
| Variation margin on futures contracts | 16231 |  |
| Variation margin on centrally cleared swap contracts | 6895 |  |
| Other | 22390 | 15614272 |
| **Net assets at December 31, 2022** |  | $191904212 |
| **Net assets consist of:** |  |  |
| Capital paid in on shares of beneficial interest |  | $156252698 |
| Total distributable earnings |  | 35651514 |
| **Net assets at December 31, 2022** |  | $191904212 |

---

Refer to the notes to financial statements.

48 American Balanced Fund

Financial statements (continued)

---

| |
|:---|
| **Statement of assets and liabilities** <br> **at December 31, 2022 (continued)** |
| (dollars and shares in thousands, except per-share amounts) |

---

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

**unlimited shares authorized (6,676,448 total shares outstanding)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | **Shares<br> outstanding** | **Net asset value<br> per share** |
| **Class A** | $90861292 | 3159034 | $28.76 |
| **Class C** | 8825396 | 309161 | 28.55 |
| **Class T** | 11 | — \* | 28.76 |
| **Class F-1** | 4007797 | 139474 | 28.73 |
| **Class F-2** | 22375653 | 778645 | 28.74 |
| **Class F-3** | 9501037 | 330517 | 28.75 |
| **Class 529-A** | 4977258 | 173406 | 28.70 |
| **Class 529-C** | 285589 | 9936 | 28.74 |
| **Class 529-E** | 167104 | 5825 | 28.69 |
| **Class 529-T** | 15 | — \* | 28.76 |
| **Class 529-F-1** | 11 | — \* | 28.67 |
| **Class 529-F-2** | 400447 | 13924 | 28.76 |
| **Class 529-F-3** | 888 | 31 | 28.75 |
| **Class R-1** | 168309 | 5902 | 28.52 |
| **Class R-2** | 1069724 | 37474 | 28.55 |
| **Class R-2E** | 126087 | 4405 | 28.63 |
| **Class R-3** | 2359039 | 82509 | 28.59 |
| **Class R-4** | 4143900 | 144340 | 28.71 |
| **Class R-5E** | 671815 | 23381 | 28.73 |
| **Class R-5** | 996752 | 34611 | 28.80 |
| **Class R-6** | 40966088 | 1423873 | 28.77 |

---

\*Amount less than one thousand.

Refer to the notes to financial statements.

American Balanced Fund 49

Financial statements (continued)

---

| | |
|:---|:---|
| **Statement of operations** <br> **for the year ended December 31, 2022** |  |
|  | **(dollars in thousands)** |

---

---

| | | |
|:---|:---|:---|
| **Investment income:** | | |
| Income: |  |  |
| Dividends (net of non-U.S. taxes of $59,598; also includes $667,107 from affiliates) | $3628786 |  |
| Interest from unaffiliated issuers | 1799461 |  |
| Securities lending income (net of fees) | 1692 | $5429939 |
| **Fees and expenses\*:** |  |  |
| Investment advisory services | 432553 |  |
| Distribution services | 398011 |  |
| Transfer agent services | 116791 |  |
| Administrative services | 60472 |  |
| 529 plan services | 3598 |  |
| Reports to shareholders | 3151 |  |
| Registration statement and prospectus | 4452 |  |
| Trustees' compensation | 538 |  |
| Auditing and legal | 448 |  |
| Custodian | 1524 |  |
| Other | 267 | 1021805 |
| Net investment income |  | 4408134 |
| **Net realized loss and unrealized depreciation:** |  |  |
| Net realized (loss) gain on: |  |  |
| Investments (net of non-U.S. taxes of $3,466): |  |  |
| Unaffiliated issuers | (3115253) |  |
| Affiliated issuers | 56920 |  |
| Futures contracts | 316941 |  |
| Swap contracts | 98784 |  |
| Currency transactions | (3379) | (2645987) |
| Net unrealized (depreciation) appreciation on: |  |  |
| Investments (net of non-U.S. taxes of $14,155): |  |  |
| Unaffiliated issuers | (26830346) |  |
| Affiliated issuers | (2275646) |  |
| Futures contracts | 189963 |  |
| Swap contracts | (71646) |  |
| Currency translations | (549) | (28988224) |
| Net realized loss and unrealized depreciation |  | (31634211) |
| **Net decrease in net assets resulting from operations** |  | $(27226077) |

---

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

Refer to the notes to financial statements.

50 American Balanced Fund

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of changes in net assets** |  |
|  | **(dollars in thousands)** |

---

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2022** | **2021** |
| **Operations:** |  |  |
| Net investment income | $4408134 | $3173745 |
| Net realized (loss) gain | (2645987) | 8257211 |
| Net unrealized (depreciation) appreciation | (28988224) | 18456427 |
| Net (decrease) increase in net assets resulting from operations | (27226077) | 29887383 |
| **Distributions paid to shareholders** | (4557897) | (9362239) |
| **Net capital share transactions** | (979233) | 20967236 |
| **Total (decrease) increase in net assets** | (32763207) | 41492380 |
| **Net assets:** |  |  |
| Beginning of year | 224667419 | 183175039 |
| End of year | $191904212 | $224667419 |

---

Refer to the notes to financial statements.

American Balanced Fund 51

Notes to financial statements

**1. Organization**

American Balanced 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 conservation of capital, current income and long-term growth of capital and income.

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**<br> **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) |  |
| **Classes C and 529-C** |  | 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** |  |  |  |
| **Classes T and 529-T\*** | Up to 2.50% |  |  |
| **Classes F-1, F-2, F-3, 529-F-1, 529-F-2 and 529-F-3** |  |  |  |
| **Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6** |  |  |  |

---

\* 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.

52 American Balanced Fund

**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.

**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, including depositary receipts, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.

Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more of the 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 |
| Municipal securities | Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts |

---

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 Corporate Bond Fund ("CCBF"), a fund within the Capital Group Central Fund Series II, and Capital Group Central Cash Fund ("CCF"), a fund within the Capital Group Central Fund Series (collectively the "Central Funds"), are each valued based upon a floating net asset value, which fluctuates with changes in the value of each fund's portfolio securities. The underlying securities are valued based on the policies and procedures in the Central Funds' statements of additional information. Exchange-traded futures are generally valued at the official settlement price of the exchange or market on which such instruments are traded, as of the close of business on the day the futures are being valued. Swaps are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, other reference data, and terms of the contract.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund's investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by the fund's investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with

American Balanced Fund 53

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, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

**Processes and structure** — The fund's board of trustees has designated the fund's investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the "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 team. 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 tables on the following page present the fund's valuation levels as of December 31, 2022 (dollars in thousands):

54 American Balanced Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| **Common stocks:** |  |  |  |  |
| Health care | $21014796 | $1174245 | $— | $22189041 |
| Information technology | 20492798 | 376295 |  | 20869093 |
| Consumer discretionary | 12685860 | 765878 |  | 13451738 |
| Financials | 12221415 | 442614 |  | 12664029 |
| Consumer staples | 9260146 | 1972571 |  | 11232717 |
| Industrials | 10369333 | 255386 |  | 10624719 |
| Energy | 10189338 |  |  | 10189338 |
| Communication services | 7184811 |  |  | 7184811 |
| Materials | 3848848 | 627936 |  | 4476784 |
| Real estate | 3654996 |  |  | 3654996 |
| Utilities | 2295723 | 88007 |  | 2383730 |
| **Preferred securities** |  | 5952 |  | 5952 |
| **Convertible stocks** | 211188 |  |  | 211188 |
| **Investment funds** | 8696558 |  |  | 8696558 |
| **Bonds, notes & other debt instruments:** |  |  |  |  |
| Mortgage-backed obligations |  | 21434417 |  | 21434417 |
| U.S. Treasury bonds & notes |  | 14558381 |  | 14558381 |
| Corporate bonds, notes & loans |  | 12991212 |  | 12991212 |
| Asset-backed obligations |  | 4780022 | 91568 | 4871590 |
| Bonds & notes of governments & government agencies outside the U.S. |  | 814106 |  | 814106 |
| Municipals |  | 695381 |  | 695381 |
| Federal agency bonds & notes |  | 77050 |  | 77050 |
| **Short-term securities** | 15143551 |  |  | 15143551 |
| **Total** | $**137269361** | $**61059453** | $**91568** | $**198420382** |
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| Unrealized appreciation on futures contracts | $628997 | $— | $— | $628997 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 47832 |  | 47832 |
| **Liabilities:** |  |  |  |  |
| Unrealized depreciation on futures contracts | (510517) |  |  | (510517) |
| Unrealized depreciation on centrally cleared interest rate swaps |  | (140844) |  | (140844) |
| Unrealized depreciation on centrally cleared credit default swaps |  | (15537) |  | (15537) |
| **Total** | $**118480** | $**(108549)** | $**—** | $**9931** |

---

\* Futures contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

American Balanced Fund 55

**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, bonds 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 or companies; 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 the issuer's financial condition or credit rating, 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.

**Investing in income-oriented stocks** — The value of the fund's securities and income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.

**Investing in debt instruments** — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund's securities could cause the value of the fund's shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which the fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund's investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

**Investing in securities backed by the U.S. government** — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.

56 American Balanced Fund

**Investing in mortgage-related and other asset-backed securities** — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and the fund's net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund's income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund's cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

**Liquidity risk** — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.

**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, sanctions, 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 regulatory, legal, accounting, auditing, financial reporting and recordkeeping 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, which could impact the liquidity of the fund's portfolio. 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.

American Balanced Fund 57

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 December 31, 2022, the total value of securities on loan was $251,532,000, and the total value of collateral received was $262,872,000. Collateral received includes cash of $174,310,000 and U.S. government securities of $88,562,000. 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.

**Index-linked bonds** — The fund has invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund's statement of operations.

**Mortgage dollar rolls** — The fund has entered into mortgage dollar roll transactions in which the fund sells a mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions. Portfolio turnover rates excluding and including mortgage dollar rolls are presented at the end of the fund's financial highlights table.

**Futures contracts** — The fund has entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund's interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund's portfolio.

Upon entering into futures contracts, and to maintain the fund's open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant ("FCM"), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

On a daily basis, the fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in the statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on the fund's statement of assets and liabilities. The fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in the fund's statement of operations. The average month-end notional amount of futures contracts while held was $78,477,855,000.

**Swap contracts** — The fund has entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant's swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the fund enters into bilaterally negotiated swap transactions, the fund will enter into swap agreements only with counterparties that meet certain credit standards and subject to agreed collateralized procedures. The term of a swap can be days, months or years and certain swaps may be less liquid than others.

Upon entering into a centrally cleared swap contract, the fund is required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

58 American Balanced Fund

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the fund's statement of assets and liabilities for centrally cleared swaps and as unrealized appreciation or depreciation in the fund's statement of assets and liabilities for bilateral swaps. For centrally cleared swaps, the fund also pays or receives a variation margin based on the increase or decrease in the value of the swaps, including accrued interest as applicable, and records variation margin in the statement of assets and liabilities. The fund records realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from swaps are recorded in the fund's statement of operations.

Swap agreements can take different forms. The fund has entered into the following types of swap agreements:

**Interest rate swaps** — The fund has entered into interest rate swaps, which seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the fund or a portion of the fund's portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark, or on an inflation index such as the U.S. Consumer Price Index (which is a measure that examines the weighted average of prices of a basket of consumer goods and services and measures changes in the purchasing power of the U.S. dollar and the rate of inflation). In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the fund's current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party. The average month-end notional amount of interest rate swaps while held was $29,758,860,000.

**Credit default swap indices** — The fund has entered into centrally cleared credit default swap indices, including CDX and iTraxx indices (collectively referred to as "CDSIs"), in order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks. A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party (the protection buyer) is obligated to pay the other party (the protection seller) a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits.

The fund may enter into a CDSI transaction as either protection buyer or protection seller. If the fund is a protection buyer, it would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the fund, as a protection buyer, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As a protection seller, the fund would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the fund, coupled with the periodic payments previously received by the fund, may be less than the full notional value that the fund, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to the fund. Furthermore, as a protection seller, the fund would effectively add leverage to its portfolio because it would have investment exposure to the notional amount of the swap transaction. The average month-end notional amount of credit default swaps while held was $3,857,454,000.

American Balanced Fund 59

The following tables identify the location and fair value amounts on the fund's statement of assets and liabilities and the effect on the fund's statement of operations resulting from the fund's use of futures contracts, interest rate swaps and credit default swaps as of, or for the year ended, December 31, 2022 (dollars in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of <br> assets and liabilities** | **Value** | **Location on statement of <br> assets and liabilities** | **Value** |
| Futures | Interest | Unrealized appreciation\* | $628997 | Unrealized depreciation\* | $510517 |
| Swap (centrally cleared) | Interest | Unrealized appreciation\* | 47832 | Unrealized depreciation\* | 140844 |
| Swap (centrally cleared) | Credit | Unrealized appreciation\* |  | Unrealized depreciation\* | 15537 |
|  |  |  | $676829 |  | $666898 |
|  |  | **Net realized gain** | **Net realized gain** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of operations** | **Value** | **Location on statement of operations** | **Value** |
| Futures | Interest | Net realized gain on futures contracts | $316941 | Net unrealized appreciation on futures contracts | $189963 |
| Swap | Interest | Net realized gain on swap contracts | 51681 | Net unrealized depreciation on swap contracts | (59995) |
| Swap | Credit | Net realized gain on swap contracts | 47103 | Net unrealized depreciation on swap contracts | (11651) |
|  |  |  | $415725 |  | $118317 |

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\* Includes cumulative appreciation/depreciation on futures contracts, centrally cleared interest rate swaps and centrally cleared credit default swaps as reported in the applicable tables following the fund's investment portfolio. Only current day's variation margin is reported within the fund's statement of assets and liabilities.

**Collateral** — The fund receives or pledges highly liquid assets, such as cash or U.S. government securities, as collateral due to securities lending and its use of futures contracts, interest rate swaps, credit default swaps and future delivery contracts. For securities lending, the fund receives collateral in exchange for lending investment securities. 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. For futures contracts, centrally cleared interest rate swaps and centrally cleared credit default swaps, the fund pledges collateral for initial and variation margin by contract. For future delivery contracts, the fund either receives or pledges collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by the fund, if any, is disclosed in the fund's investment portfolio, and cash collateral pledged by the fund, if any, is held in a segregated account with the fund's custodian, which is reflected as pledged cash collateral in the fund's statement of assets and liabilities.

**6. Taxation and distributions**

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

As of and during the year ended December 31, 2022, 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 year, 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. During the year ended December 31, 2022, the fund recognized $3,030,000 in reclaims (net of $718,000 in

60 American Balanced Fund

fees and the effect of realized gain or loss from currency translations) and $263,000 in interest related to European court rulings, which is included in dividend income and interest income, respectively, in the fund's statement of operations. 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; cost of investments sold; net capital losses and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes.

During the year ended December 31, 2022, the fund reclassified $292,000 from total distributable earnings to capital paid in on shares of beneficial interest to align financial reporting with tax reporting.

As of December 31, 2022, the tax basis components of distributable earnings, unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

---

| | |
|:---|:---|
| Undistributed ordinary income | $2241051 |
| Capital loss carryforward\* | (2740502) |
| Gross unrealized appreciation on investments | 45365438 |
| Gross unrealized depreciation on investments | (9161373) |
| Net unrealized appreciation on investments | 36204065 |
| Cost of investments | 162246518 |

---

\* The capital loss carryforward will be used to offset any capital gains realized by the fund in future years. The fund will not make distributions from capital gains while a capital loss carryforward remains.

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  |
| <br>**Share class** | **Ordinary**<br> **income** | | **Long-term**<br> **capital gains** | | **Total**<br> **distributions**<br> **paid** | | **Ordinary**<br> **income** | | **Long-term**<br> **capital gains** | | **Total**<br> **distributions**<br> **paid** |  |
| Class A | $1534834 |  | $563404 |  | $2098238 |  | $1204975 |  | $3173847 |  | $4378822 |  |
| Class C | 82906 |  | 58334 |  | 141240 |  | 53473 |  | 347645 |  | 401118 |  |
| Class T |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |
| Class F-1 | 67186 |  | 25958 |  | 93144 |  | 58438 |  | 154429 |  | 212867 |  |
| Class F-2 | 427534 |  | 140382 |  | 567916 |  | 332670 |  | 769370 |  | 1102040 |  |
| Class F-3 | 189276 |  | 57986 |  | 247262 |  | 144892 |  | 314375 |  | 459267 |  |
| Class 529-A | 83139 |  | 31487 |  | 114626 |  | 66644 |  | 179581 |  | 246225 |  |
| Class 529-C | 2488 |  | 1936 |  | 4424 |  | 1672 |  | 11975 |  | 13647 |  |
| Class 529-E | 2405 |  | 1082 |  | 3487 |  | 1945 |  | 6386 |  | 8331 |  |
| Class 529-T |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> | 1 |  | 1 |  |
| Class 529-F-1 |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |  | <sup>†</sup> |
| Class 529-F-2 | 7556 |  | 2425 |  | 9981 |  | 5576 |  | 13096 |  | 18672 |  |
| Class 529-F-3 | 17 |  | 5 |  | 22 |  | 14 |  | 30 |  | 44 |  |
| Class R-1 | 1516 |  | 1020 |  | 2536 |  | 816 |  | 5487 |  | 6303 |  |
| Class R-2 | 9503 |  | 6829 |  | 16332 |  | 5993 |  | 40414 |  | 46407 |  |
| Class R-2E | 1497 |  | 811 |  | 2308 |  | 1093 |  | 4731 |  | 5824 |  |
| Class R-3 | 32264 |  | 15193 |  | 47457 |  | 26323 |  | 91137 |  | 117460 |  |
| Class R-4 | 70832 |  | 27438 |  | 98270 |  | 66339 |  | 166328 |  | 232667 |  |
| Class R-5E | 11965 |  | 4012 |  | 15977 |  | 9263 |  | 21602 |  | 30865 |  |
| Class R-5 | 20691 |  | 6749 |  | 27440 |  | 22683 |  | 45964 |  | 68647 |  |
| Class R-6 | 817370 |  | 249867 |  | 1067237 |  | 624740 |  | 1388292 |  | 2013032 |  |
| **Total** | $**3362979** |  | $**1194918** |  | $**4557897** |  | $**2627549** |  | $**6734690** |  | $**9362239** |  |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Amount less than one thousand. |

---

American Balanced Fund 61

**7. Fees and transactions with related parties**

CRMC, the fund's investment adviser, is the parent company of American Funds Distributors<sup>®</sup>, Inc. ("AFD"), the principal underwriter of the fund's shares, and American Funds Service Company<sup>®</sup> ("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. At the beginning of the year, these fees were based on a series of decreasing annual rates beginning with 0.420% on the first $500 million of daily net assets and decreasing to 0.200% on such assets in excess of $186 billion. On December 6, 2021, the fund's board of trustees approved an amended investment advisory and service agreement effective February 1, 2022, decreasing the annual rate to 0.199% on daily net assets in excess of $233 billion. For the year ended December 31, 2022, the investment advisory services fees were $432,553,000, which were equivalent to an annualized rate of 0.215% of average daily net assets.

**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 December 31, 2022, unreimbursed expenses subject to reimbursement totaled $25,333,000 for Class A shares. There were no unreimbursed expenses subject to reimbursement for Class 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 fees are 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

62 American Balanced Fund

Virginia529 through ABLEAmerica<sup>®</sup>, a tax-advantaged savings program for individuals with disabilities. Virginia529 is not considered a related party to the fund.

The quarterly fees are 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 $75 billion. The fees for any given calendar quarter are 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. For the year ended December 31, 2022, the 529 plan services fees were $3,598,000, which were equivalent to 0.058% of the average daily net assets of each 529 share class.

For the year ended December 31, 2022, class-specific expenses under the agreements were as follows (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share class** | **Distribution <br> services** | **Transfer agent <br> services** | **Administrative <br> services** | **529 plan <br> services** |
| Class A | $237972 | $60540 | $28557 | Not applicable |
| Class C | 97562 | 6209 | 2927 | Not applicable |
| Class T |  | — \* | — \* | Not applicable |
| Class F-1 | 10748 | 5455 | 1313 | Not applicable |
| Class F-2 | Not applicable | 26023 | 7068 | Not applicable |
| Class F-3 | Not applicable | 96 | 2931 | Not applicable |
| Class 529-A | 12325 | 2996 | 1581 | $3065 |
| Class 529-C | 3237 | 187 | 97 | 188 |
| Class 529-E | 904 | 51 | 54 | 105 |
| Class 529-T |  | — \* | — \* | — \* |
| Class 529-F-1 |  | — \* | — \* | — \* |
| Class 529-F-2 | Not applicable | 156 | 123 | 239 |
| Class 529-F-3 | Not applicable | — \* | — \* | 1 |
| Class R-1 | 1696 | 137 | 51 | Not applicable |
| Class R-2 | 8560 | 3931 | 342 | Not applicable |
| Class R-2E | 819 | 284 | 41 | Not applicable |
| Class R-3 | 12741 | 3900 | 765 | Not applicable |
| Class R-4 | 11447 | 4774 | 1374 | Not applicable |
| Class R-5E | Not applicable | 1040 | 200 | Not applicable |
| Class R-5 | Not applicable | 593 | 338 | Not applicable |
| Class R-6 | Not applicable | 419 | 12710 | Not applicable |
| **Total class-specific expenses** | **$398011** | **$116791** | **$60472** | **$3598** |

---

\* 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 $1,037,000 in current fees (either paid in cash or deferred) and a net decrease of $499,000 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.

**Investments in CCBF and CCF** — The fund holds shares of CCBF, a corporate bond fund, and CCF, an institutional prime money market fund, which are both managed by CRMC. CCBF seeks to provide maximum total return consistent with capital preservation and prudent risk management by investing primarily in corporate debt instruments. CCBF is used as an investment vehicle for the fund's corporate bond investments. 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. Both CCBF and 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 either CCBF or CCF.

American Balanced Fund 63

**Security transactions with related funds** — The fund purchased investment securities from, and sold investment securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund's board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. Each transaction was executed at the current market price of the security and no brokerage commissions or fees were paid in accordance with Rule 17a-7 of the 1940 Act. During the year ended December 31, 2022, the fund engaged in such purchase and sale transactions with related funds in the amounts of $1,026,348,000 and $978,163,000, respectively, which generated $177,148,000 of net realized losses from such sales.

**Interfund lending** — Pursuant to an exemptive order issued by the SEC, the fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the year ended December 31, 2022.

**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):

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales\*** | **Sales\*** | **Reinvestments of <br> distributions** | **Reinvestments of <br> distributions** | **Reinvestments of <br> distributions** |  | **Repurchases\*** | **Repurchases\*** | **Net increase <br> (decrease)** | **Net increase <br> (decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | | **Shares** | | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | |  | |  | | | | |
| Class A | $8801744 | 290903 | $2068339 |  | 70750 |  | $(10816395) | (363078) | $53688 | (1425) |
| Class C | 1087840 | 36123 | 140196 |  | 4855 |  | (2228175) | (74994) | (1000139) | (34016) |
| Class T |  |  |  |  |  |  |  |  |  |  |
| Class F-1 | 372743 | 12282 | 92402 |  | 3164 |  | (804668) | (26931) | (339523) | (11485) |
| Class F-2 | 5303604 | 176224 | 548685 |  | 18774 |  | (5630806) | (190034) | 221483 | 4964 |
| Class F-3 | 2286077 | 76013 | 245307 |  | 8387 |  | (2104017) | (70615) | 427367 | 13785 |
| Class 529-A | 562369 | 18654 | 114588 |  | 3929 |  | (798311) | (26666) | (121354) | (4083) |
| Class 529-C | 67239 | 2234 | 4421 |  | 152 |  | (123649) | (4109) | (51989) | (1723) |
| Class 529-E | 21087 | 696 | 3483 |  | 120 |  | (35887) | (1197) | (11317) | (381) |
| Class 529-T |  |  |  | <sup>†</sup> |  | <sup>†</sup> |  |  |  |  |
| Class 529-F-1 |  |  |  | <sup>†</sup> |  | <sup>†</sup> |  |  |  |  |
| Class 529-F-2 | 80060 | 2672 | 9980 |  | 340 |  | (69906) | (2349) | 20134 | 663 |
| Class 529-F-3 |  |  | 22 |  | 1 |  |  |  | 22 | 1 |
| Class R-1 | 39343 | 1316 | 2532 |  | 88 |  | (26202) | (898) | 15673 | 506 |
| Class R-2 | 193579 | 6476 | 16317 |  | 565 |  | (285917) | (9527) | (76021) | (2486) |
| Class R-2E | 33706 | 1100 | 2308 |  | 80 |  | (44409) | (1468) | (8395) | (288) |
| Class R-3 | 410524 | 13670 | 47406 |  | 1634 |  | (638677) | (21350) | (180747) | (6046) |
| Class R-4 | 506443 | 16740 | 98247 |  | 3368 |  | (1134538) | (37935) | (529848) | (17827) |
| Class R-5E | 204646 | 6746 | 15971 |  | 547 |  | (128127) | (4300) | 92490 | 2993 |
| Class R-5 | 147226 | 4876 | 27324 |  | 933 |  | (328306) | (10997) | (153756) | (5188) |
| Class R-6 | 4330032 | 144195 | 1066576 |  | 36431 |  | (4733609) | (158855) | 662999 | 21771 |
| **Total net increase (decrease)** | $**24448262** | **810920** | $**4504104** |  | **154118** |  | $**(29931599)** | **(1005303)** | $**(979233** | **(40265** |

---

Refer to the end of the table for footnotes.

64 American Balanced Fund

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales\*** | **Sales\*** | **Sales\*** |  | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** |  | **Repurchases\*** | **Repurchases\*** | **Net increase<br> (decrease)** | **Net increase<br> (decrease)** |
| <br>**Share class** | **Amount** | | **Shares** | | **Amount** | **Shares** | | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |  | | |  | | | | |
| Class A | $13336111 |  | 413108 |  | $4324949 | 132460 |  | $(9734844) | (301387) | $7926216 | 244181 |
| Class C | 1937165 |  | 60473 |  | 398332 | 12275 |  | (2293519) | (71532) | 41978 | 1216 |
| Class T |  |  |  |  |  |  |  |  |  |  |  |
| Class F-1 | 539558 |  | 16796 |  | 211176 | 6476 |  | (1706162) | (53566) | (955428) | (30294) |
| Class F-2 | 6348295 |  | 196693 |  | 1066509 | 32695 |  | (3727975) | (115774) | 3686829 | 113614 |
| Class F-3 | 2977343 |  | 92647 |  | 455479 | 13960 |  | (1350313) | (41739) | 2082509 | 64868 |
| Class 529-A | 777468 |  | 24114 |  | 246161 | 7554 |  | (823247) | (25482) | 200382 | 6186 |
| Class 529-C | 90482 |  | 2806 |  | 13641 | 418 |  | (161575) | (4997) | (57452) | (1773) |
| Class 529-E | 26122 |  | 810 |  | 8327 | 256 |  | (43191) | (1336) | (8742) | (270) |
| Class 529-T |  |  |  |  | 1 |  | <sup>†</sup> |  |  | 1 |  |
| Class 529-F-1 |  |  |  |  | 1 |  | <sup>†</sup> |  |  | 1 |  |
| Class 529-F-2 | 115130 |  | 3543 |  | 18666 | 572 |  | (63628) | (1965) | 70168 | 2150 |
| Class 529-F-3 |  | <sup>†</sup> |  | <sup>†</sup> | 44 | 1 |  | (70) | (2) | (26) | (1) |
| Class R-1 | 28996 |  | 908 |  | 6286 | 194 |  | (29716) | (934) | 5566 | 168 |
| Class R-2 | 262250 |  | 8206 |  | 46378 | 1429 |  | (310562) | (9735) | (1934) | (100) |
| Class R-2E | 36328 |  | 1135 |  | 5825 | 179 |  | (36732) | (1153) | 5421 | 161 |
| Class R-3 | 481979 |  | 15088 |  | 117329 | 3613 |  | (865711) | (27039) | (266403) | (8338) |
| Class R-4 | 786390 |  | 24582 |  | 232631 | 7146 |  | (2958394) | (90738) | (1939373) | (59010) |
| Class R-5E | 173861 |  | 5401 |  | 30863 | 946 |  | (171746) | (5267) | 32978 | 1080 |
| Class R-5 | 234427 |  | 7290 |  | 68433 | 2095 |  | (756604) | (23257) | (453744) | (13872) |
| Class R-6 | 12572100 |  | 388500 |  | 2011851 | 61589 |  | (3985662) | (123451) | 10598289 | 326638 |
| **Total net increase (decrease)** | $**40724005** |  | **1262100** |  | $**9262882** | **283858** |  | $**(29019651)** | **(899354)** | $**20967236** | **646604** |

---

---

| | |
|:---|:---|
| \* | Includes exchanges between share classes of the fund. |
| <sup>†</sup> | Amount less than one thousand. |

---

**10. Investment transactions**

The fund engaged in purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $255,231,704,000 and $247,220,598,000, respectively, during the year ended December 31, 2022.

American Balanced Fund 65

Financial highlights

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from** <br> **investment operations<sup>1</sup>** | **(Loss) income from** <br> **investment operations<sup>1</sup>** | **(Loss) income from** <br> **investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value, end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of**<br> **expenses to**<br> **average**<br> **net assets<sup>3</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets** |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| 12/31/2022 | $33.47 | $.64 | $(4.68) | $(4.04) | $(.49) | $(.18) | $(.67) | $28.76 | (12.11)% | $90861 | .56% | 2.13% |
| 12/31/2021 | 30.20 | .49 | 4.22 | 4.71 | (.40) | (1.04) | (1.44) | 33.47 | 15.77 | 105787 | .56 | 1.50 |
| 12/31/2020 | 28.50 | .48 | 2.53 | 3.01 | (.40) | (.91) | (1.31) | 30.20 | 10.85 | 88070 | .58 | 1.68 |
| 12/31/2019 | 24.90 | .54 | 4.21 | 4.75 | (.55) | (.60) | (1.15) | 28.50 | 19.20 | 77537 | .58 | 1.98 |
| 12/31/2018 | 27.15 | .53 | (1.24) | (.71) | (.52) | (1.02) | (1.54) | 24.90 | (2.71) | 62648 | .57 | 1.94 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| 12/31/2022 | 33.22 | .41 | (4.64) | (4.23) | (.26) | (.18) | (.44) | 28.55 | (12.75) | 8825 | 1.31 | 1.37 |
| 12/31/2021 | 29.99 | .24 | 4.19 | 4.43 | (.16) | (1.04) | (1.20) | 33.22 | 14.88 | 11401 | 1.31 | .75 |
| 12/31/2020 | 28.30 | .27 | 2.52 | 2.79 | (.19) | (.91) | (1.10) | 29.99 | 10.05 | 10254 | 1.32 | .95 |
| 12/31/2019 | 24.74 | .33 | 4.17 | 4.50 | (.34) | (.60) | (.94) | 28.30 | 18.27 | 10372 | 1.34 | 1.22 |
| 12/31/2018 | 26.98 | .31 | (1.22) | (.91) | (.31) | (1.02) | (1.33) | 24.74 | (3.45) | 8611 | 1.36 | 1.15 |
| **Class T:** | **Class T:** | **Class T:** | **Class T:** | **Class T:** | **Class T:** | **Class T:** | **Class T:** | **Class T:** | **Class T:** | **Class T:** | **Class T:** | **Class T:** |
| 12/31/2022 | 33.48 | .71 | (4.69) | (3.98) | (.56) | (.18) | (.74) | 28.76 | (11.91)<sup>4</sup> | —<sup>5</sup> | .31<sup>4</sup> | 2.38<sup>4</sup> |
| 12/31/2021 | 30.20 | .56 | 4.24 | 4.80 | (.48) | (1.04) | (1.52) | 33.48 | 16.08<sup>4</sup> | —<sup>5</sup> | .32<sup>4</sup> | 1.74<sup>4</sup> |
| 12/31/2020 | 28.50 | .55 | 2.53 | 3.08 | (.47) | (.91) | (1.38) | 30.20 | 11.15<sup>4</sup> | —<sup>5</sup> | .33<sup>4</sup> | 1.94<sup>4</sup> |
| 12/31/2019 | 24.90 | .60 | 4.21 | 4.81 | (.61) | (.60) | (1.21) | 28.50 | 19.48<sup>4</sup> | —<sup>5</sup> | .33<sup>4</sup> | 2.22<sup>4</sup> |
| 12/31/2018 | 27.15 | .59 | (1.24) | (.65) | (.58) | (1.02) | (1.60) | 24.90 | (2.49)<sup>4</sup> | —<sup>5</sup> | .35<sup>4</sup> | 2.16<sup>4</sup> |
| **Class F-1:** | **Class F-1:** | **Class F-1:** | **Class F-1:** | **Class F-1:** | **Class F-1:** | **Class F-1:** | **Class F-1:** | **Class F-1:** | **Class F-1:** | **Class F-1:** | **Class F-1:** | **Class F-1:** |
| 12/31/2022 | 33.44 | .62 | (4.68) | (4.06) | (.47) | (.18) | (.65) | 28.73 | (12.18) | 4008 | .62 | 2.07 |
| 12/31/2021 | 30.17 | .46 | 4.23 | 4.69 | (.38) | (1.04) | (1.42) | 33.44 | 15.71 | 5048 | .62 | 1.43 |
| 12/31/2020 | 28.47 | .47 | 2.53 | 3.00 | (.39) | (.91) | (1.30) | 30.17 | 10.82 | 5468 | .62 | 1.65 |
| 12/31/2019 | 24.88 | .52 | 4.20 | 4.72 | (.53) | (.60) | (1.13) | 28.47 | 19.10 | 5496 | .64 | 1.92 |
| 12/31/2018 | 27.13 | .51 | (1.24) | (.73) | (.50) | (1.02) | (1.52) | 24.88 | (2.78) | 4599 | .64 | 1.86 |
| **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** |
| 12/31/2022 | 33.44 | .70 | (4.67) | (3.97) | (.55) | (.18) | (.73) | 28.74 | (11.91) | 22376 | .36 | 2.33 |
| 12/31/2021 | 30.17 | .55 | 4.23 | 4.78 | (.47) | (1.04) | (1.51) | 33.44 | 16.01 | 25875 | .36 | 1.71 |
| 12/31/2020 | 28.48 | .54 | 2.52 | 3.06 | (.46) | (.91) | (1.37) | 30.17 | 11.07 | 19917 | .36 | 1.89 |
| 12/31/2019 | 24.88 | .59 | 4.21 | 4.80 | (.60) | (.60) | (1.20) | 28.48 | 19.45 | 16065 | .38 | 2.18 |
| 12/31/2018 | 27.13 | .58 | (1.24) | (.66) | (.57) | (1.02) | (1.59) | 24.88 | (2.52) | 11332 | .38 | 2.14 |
| **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** |
| 12/31/2022 | 33.45 | .73 | (4.67) | (3.94) | (.58) | (.18) | (.76) | 28.75 | (11.81) | 9501 | .25 | 2.45 |
| 12/31/2021 | 30.18 | .59 | 4.22 | 4.81 | (.50) | (1.04) | (1.54) | 33.45 | 16.13 | 10596 | .25 | 1.82 |
| 12/31/2020 | 28.49 | .57 | 2.52 | 3.09 | (.49) | (.91) | (1.40) | 30.18 | 11.19 | 7602 | .26 | 1.99 |
| 12/31/2019 | 24.89 | .62 | 4.21 | 4.83 | (.63) | (.60) | (1.23) | 28.49 | 19.56 | 5606 | .27 | 2.29 |
| 12/31/2018 | 27.14 | .61 | (1.24) | (.63) | (.60) | (1.02) | (1.62) | 24.89 | (2.43) | 3401 | .29 | 2.24 |
| **Class 529-A:** | **Class 529-A:** | **Class 529-A:** | **Class 529-A:** | **Class 529-A:** | **Class 529-A:** | **Class 529-A:** | **Class 529-A:** | **Class 529-A:** | **Class 529-A:** | **Class 529-A:** | **Class 529-A:** | **Class 529-A:** |
| 12/31/2022 | 33.40 | .63 | (4.68) | (4.05) | (.47) | (.18) | (.65) | 28.70 | (12.13) | 4977 | .60 | 2.09 |
| 12/31/2021 | 30.14 | .47 | 4.22 | 4.69 | (.39) | (1.04) | (1.43) | 33.40 | 15.72 | 5929 | .60 | 1.46 |
| 12/31/2020 | 28.45 | .46 | 2.53 | 2.99 | (.39) | (.91) | (1.30) | 30.14 | 10.79 | 5163 | .62 | 1.64 |
| 12/31/2019 | 24.86 | .52 | 4.20 | 4.72 | (.53) | (.60) | (1.13) | 28.45 | 19.11 | 4444 | .64 | 1.92 |
| 12/31/2018 | 27.11 | .50 | (1.23) | (.73) | (.50) | (1.02) | (1.52) | 24.86 | (2.78) | 3733 | .65 | 1.86 |

---

Refer to the end of the table for footnotes.

66 American Balanced Fund

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from** <br> **investment operations<sup>1</sup>** | **(Loss) income from** <br> **investment operations<sup>1</sup>** | **(Loss) income from** <br> **investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value, end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of**<br> **expenses to**<br> **average**<br> **net assets<sup>3</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets** |
| **Class 529-C:** | **Class 529-C:** | **Class 529-C:** | **Class 529-C:** | **Class 529-C:** | **Class 529-C:** | **Class 529-C:** | **Class 529-C:** | **Class 529-C:** | **Class 529-C:** | **Class 529-C:** | **Class 529-C:** | **Class 529-C:** |
| 12/31/2022 | $33.44 | $.39 | $(4.67) | $(4.28) | $(.24) | $(.18) | $(.42) | $28.74 | (12.82)% | $286 | 1.36% | 1.31% |
| 12/31/2021 | 30.17 | .23 | 4.22 | 4.45 | (.14) | (1.04) | (1.18) | 33.44 | 14.86 | 390 | 1.35 | .70 |
| 12/31/2020 | 28.46 | .27 | 2.52 | 2.79 | (.17) | (.91) | (1.08) | 30.17 | 9.98 | 405 | 1.36 | .97 |
| 12/31/2019 | 24.86 | .32 | 4.20 | 4.52 | (.32) | (.60) | (.92) | 28.46 | 18.27 | 755 | 1.38 | 1.17 |
| 12/31/2018 | 27.11 | .30 | (1.24) | (.94) | (.29) | (1.02) | (1.31) | 24.86 | (3.53) | 723 | 1.40 | 1.10 |
| **Class 529-E:** | **Class 529-E:** | **Class 529-E:** | **Class 529-E:** | **Class 529-E:** | **Class 529-E:** | **Class 529-E:** | **Class 529-E:** | **Class 529-E:** | **Class 529-E:** | **Class 529-E:** | **Class 529-E:** | **Class 529-E:** |
| 12/31/2022 | 33.39 | .55 | (4.67) | (4.12) | (.40) | (.18) | (.58) | 28.69 | (12.35) | 167 | .84 | 1.85 |
| 12/31/2021 | 30.13 | .39 | 4.22 | 4.61 | (.31) | (1.04) | (1.35) | 33.39 | 15.46 | 207 | .83 | 1.22 |
| 12/31/2020 | 28.43 | .40 | 2.53 | 2.93 | (.32) | (.91) | (1.23) | 30.13 | 10.58 | 195 | .84 | 1.42 |
| 12/31/2019 | 24.84 | .46 | 4.20 | 4.66 | (.47) | (.60) | (1.07) | 28.43 | 18.86 | 186 | .86 | 1.69 |
| 12/31/2018 | 27.09 | .44 | (1.23) | (.79) | (.44) | (1.02) | (1.46) | 24.84 | (3.02) | 165 | .88 | 1.63 |
| **Class 529-T:** | **Class 529-T:** | **Class 529-T:** | **Class 529-T:** | **Class 529-T:** | **Class 529-T:** | **Class 529-T:** | **Class 529-T:** | **Class 529-T:** | **Class 529-T:** | **Class 529-T:** | **Class 529-T:** | **Class 529-T:** |
| 12/31/2022 | 33.47 | .70 | (4.68) | (3.98) | (.55) | (.18) | (.73) | 28.76 | (11.91)<sup>4</sup> | —<sup>5</sup> | .35<sup>4</sup> | 2.35<sup>4</sup> |
| 12/31/2021 | 30.20 | .55 | 4.22 | 4.77 | (.46) | (1.04) | (1.50) | 33.47 | 15.97<sup>4</sup> | —<sup>5</sup> | .38<sup>4</sup> | 1.69<sup>4</sup> |
| 12/31/2020 | 28.50 | .54 | 2.53 | 3.07 | (.46) | (.91) | (1.37) | 30.20 | 11.10<sup>4</sup> | —<sup>5</sup> | .37<sup>4</sup> | 1.89<sup>4</sup> |
| 12/31/2019 | 24.90 | .59 | 4.20 | 4.79 | (.59) | (.60) | (1.19) | 28.50 | 19.41<sup>4</sup> | —<sup>5</sup> | .39<sup>4</sup> | 2.16<sup>4</sup> |
| 12/31/2018 | 27.15 | .57 | (1.23) | (.66) | (.57) | (1.02) | (1.59) | 24.90 | (2.55)<sup>4</sup> | —<sup>5</sup> | .41<sup>4</sup> | 2.09<sup>4</sup> |
| **Class 529-F-1:** | **Class 529-F-1:** | **Class 529-F-1:** | **Class 529-F-1:** | **Class 529-F-1:** | **Class 529-F-1:** | **Class 529-F-1:** | **Class 529-F-1:** | **Class 529-F-1:** | **Class 529-F-1:** | **Class 529-F-1:** | **Class 529-F-1:** | **Class 529-F-1:** |
| 12/31/2022 | 33.37 | .68 | (4.68) | (4.00) | (.52) | (.18) | (.70) | 28.67 | (12.01)<sup>4</sup> | —<sup>5</sup> | .43<sup>4</sup> | 2.27<sup>4</sup> |
| 12/31/2021 | 30.11 | .53 | 4.21 | 4.74 | (.44) | (1.04) | (1.48) | 33.37 | 15.93<sup>4</sup> | —<sup>5</sup> | .43<sup>4</sup> | 1.63<sup>4</sup> |
| 12/31/2020 | 28.42 | .52 | 2.53 | 3.05 | (.45) | (.91) | (1.36) | 30.11 | 11.07<sup>4</sup> | —<sup>5</sup> | .38<sup>4</sup> | 1.88<sup>4</sup> |
| 12/31/2019 | 24.84 | .59 | 4.18 | 4.77 | (.59) | (.60) | (1.19) | 28.42 | 19.38 | 286 | .40 | 2.16 |
| 12/31/2018 | 27.09 | .57 | (1.23) | (.66) | (.57) | (1.02) | (1.59) | 24.84 | (2.56) | 201 | .41 | 2.10 |
| **Class 529-F-2:** | **Class 529-F-2:** | **Class 529-F-2:** | **Class 529-F-2:** | **Class 529-F-2:** | **Class 529-F-2:** | **Class 529-F-2:** | **Class 529-F-2:** | **Class 529-F-2:** | **Class 529-F-2:** | **Class 529-F-2:** | **Class 529-F-2:** | **Class 529-F-2:** |
| 12/31/2022 | 33.47 | .71 | (4.69) | (3.98) | (.55) | (.18) | (.73) | 28.76 | (11.91) | 400 | .35 | 2.35 |
| 12/31/2021 | 30.20 | .55 | 4.22 | 4.77 | (.46) | (1.04) | (1.50) | 33.47 | 15.99 | 444 | .36 | 1.70 |
| 12/31/2020<sup>6,7</sup> | 28.35 | .09 | 2.65 | 2.74 | (.12) | (.77) | (.89) | 30.20 | 9.67<sup>8</sup> | 336 | .06<sup>8</sup> | .32<sup>8</sup> |
| **Class 529-F-3:** | **Class 529-F-3:** | **Class 529-F-3:** | **Class 529-F-3:** | **Class 529-F-3:** | **Class 529-F-3:** | **Class 529-F-3:** | **Class 529-F-3:** | **Class 529-F-3:** | **Class 529-F-3:** | **Class 529-F-3:** | **Class 529-F-3:** | **Class 529-F-3:** |
| 12/31/2022 | 33.46 | .72 | (4.69) | (3.97) | (.56) | (.18) | (.74) | 28.75 | (11.89) | 1 | .31 | 2.39 |
| 12/31/2021 | 30.19 | .57 | 4.22 | 4.79 | (.48) | (1.04) | (1.52) | 33.46 | 16.06 | 1 | .31 | 1.75 |
| 12/31/2020<sup>6,7</sup> | 28.35 | .10 | 2.63 | 2.73 | (.12) | (.77) | (.89) | 30.19 | 9.66<sup>8</sup> | 1 | .05<sup>8</sup> | .35<sup>8</sup> |
| **Class R-1:** | **Class R-1:** | **Class R-1:** | **Class R-1:** | **Class R-1:** | **Class R-1:** | **Class R-1:** | **Class R-1:** | **Class R-1:** | **Class R-1:** | **Class R-1:** | **Class R-1:** | **Class R-1:** |
| 12/31/2022 | 33.19 | .41 | (4.64) | (4.23) | (.26) | (.18) | (.44) | 28.52 | (12.76) | 168 | 1.33 | 1.38 |
| 12/31/2021 | 29.96 | .24 | 4.19 | 4.43 | (.16) | (1.04) | (1.20) | 33.19 | 14.89 | 179 | 1.32 | .74 |
| 12/31/2020 | 28.28 | .26 | 2.52 | 2.78 | (.19) | (.91) | (1.10) | 29.96 | 10.03 | 157 | 1.33 | .93 |
| 12/31/2019 | 24.72 | .32 | 4.17 | 4.49 | (.33) | (.60) | (.93) | 28.28 | 18.26 | 126 | 1.36 | 1.20 |
| 12/31/2018 | 26.97 | .30 | (1.23) | (.93) | (.30) | (1.02) | (1.32) | 24.72 | (3.48) | 110 | 1.37 | 1.13 |

---

Refer to the end of the table for footnotes.

American Balanced Fund 67

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from <br> investment operations<sup>1</sup>** | **(Loss) income from <br> investment operations<sup>1</sup>** | **(Loss) income from <br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning<br> of year** | **Net<br> investment<br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and<br> unrealized)** | **Total from<br> investment<br> operations** | **Dividends<br> (from net<br> investment<br> income)** | **Distributions<br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value, end<br> of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br> end of year<br> (in millions)** |<br>**Ratio of<br> expenses to<br> average<br> net assets<sup>3</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets** |
| **Class R-2:** | **Class R-2:** | **Class R-2:** | **Class R-2:** | **Class R-2:** | **Class R-2:** | **Class R-2:** | **Class R-2:** | **Class R-2:** | **Class R-2:** | **Class R-2:** | **Class R-2:** | **Class R-2:** |
| 12/31/2022 | $33.22 | $.40 | $(4.64) | $(4.24) | $(.25) | $(.18) | $(.43) | $28.55 | (12.78)% | $1070 | 1.34% | 1.34% |
| 12/31/2021 | 29.99 | .23 | 4.19 | 4.42 | (.15) | (1.04) | (1.19) | 33.22 | 14.86 | 1327 | 1.33 | .73 |
| 12/31/2020 | 28.30 | .26 | 2.53 | 2.79 | (.19) | (.91) | (1.10) | 29.99 | 10.03 | 1201 | 1.34 | .93 |
| 12/31/2019 | 24.73 | .32 | 4.18 | 4.50 | (.33) | (.60) | (.93) | 28.30 | 18.25 | 1220 | 1.36 | 1.20 |
| 12/31/2018 | 26.98 | .31 | (1.24) | (.93) | (.30) | (1.02) | (1.32) | 24.73 | (3.46) | 1111 | 1.37 | 1.13 |
| **Class R-2E:** | **Class R-2E:** | **Class R-2E:** | **Class R-2E:** | **Class R-2E:** | **Class R-2E:** | **Class R-2E:** | **Class R-2E:** | **Class R-2E:** | **Class R-2E:** | **Class R-2E:** | **Class R-2E:** | **Class R-2E:** |
| 12/31/2022 | 33.31 | .49 | (4.66) | (4.17) | (.33) | (.18) | (.51) | 28.63 | (12.53) | 126 | 1.06 | 1.63 |
| 12/31/2021 | 30.06 | .33 | 4.20 | 4.53 | (.24) | (1.04) | (1.28) | 33.31 | 15.21 | 156 | 1.05 | 1.01 |
| 12/31/2020 | 28.37 | .34 | 2.53 | 2.87 | (.27) | (.91) | (1.18) | 30.06 | 10.34 | 136 | 1.05 | 1.21 |
| 12/31/2019 | 24.80 | .40 | 4.19 | 4.59 | (.42) | (.60) | (1.02) | 28.37 | 18.60 | 119 | 1.07 | 1.49 |
| 12/31/2018 | 27.05 | .39 | (1.23) | (.84) | (.39) | (1.02) | (1.41) | 24.80 | (3.20) | 75 | 1.08 | 1.44 |
| **Class R-3:** | **Class R-3:** | **Class R-3:** | **Class R-3:** | **Class R-3:** | **Class R-3:** | **Class R-3:** | **Class R-3:** | **Class R-3:** | **Class R-3:** | **Class R-3:** | **Class R-3:** | **Class R-3:** |
| 12/31/2022 | 33.28 | .53 | (4.66) | (4.13) | (.38) | (.18) | (.56) | 28.59 | (12.40) | 2359 | .90 | 1.78 |
| 12/31/2021 | 30.03 | .37 | 4.21 | 4.58 | (.29) | (1.04) | (1.33) | 33.28 | 15.36 | 2947 | .90 | 1.16 |
| 12/31/2020 | 28.34 | .38 | 2.53 | 2.91 | (.31) | (.91) | (1.22) | 30.03 | 10.51 | 2910 | .90 | 1.36 |
| 12/31/2019 | 24.77 | .44 | 4.18 | 4.62 | (.45) | (.60) | (1.05) | 28.34 | 18.77 | 3021 | .92 | 1.64 |
| 12/31/2018 | 27.01 | .43 | (1.23) | (.80) | (.42) | (1.02) | (1.44) | 24.77 | (3.04) | 2992 | .93 | 1.57 |
| **Class R-4:** | **Class R-4:** | **Class R-4:** | **Class R-4:** | **Class R-4:** | **Class R-4:** | **Class R-4:** | **Class R-4:** | **Class R-4:** | **Class R-4:** | **Class R-4:** | **Class R-4:** | **Class R-4:** |
| 12/31/2022 | 33.41 | .62 | (4.67) | (4.05) | (.47) | (.18) | (.65) | 28.71 | (12.14) | 4144 | .60 | 2.08 |
| 12/31/2021 | 30.14 | .46 | 4.23 | 4.69 | (.38) | (1.04) | (1.42) | 33.41 | 15.72 | 5418 | .60 | 1.43 |
| 12/31/2020 | 28.44 | .47 | 2.53 | 3.00 | (.39) | (.91) | (1.30) | 30.14 | 10.85 | 6666 | .60 | 1.66 |
| 12/31/2019 | 24.85 | .53 | 4.19 | 4.72 | (.53) | (.60) | (1.13) | 28.44 | 19.15 | 6398 | .62 | 1.94 |
| 12/31/2018 | 27.10 | .51 | (1.24) | (.73) | (.50) | (1.02) | (1.52) | 24.85 | (2.77) | 5667 | .63 | 1.87 |
| **Class R-5E:** | **Class R-5E:** | **Class R-5E:** | **Class R-5E:** | **Class R-5E:** | **Class R-5E:** | **Class R-5E:** | **Class R-5E:** | **Class R-5E:** | **Class R-5E:** | **Class R-5E:** | **Class R-5E:** | **Class R-5E:** |
| 12/31/2022 | 33.44 | .69 | (4.69) | (4.00) | (.53) | (.18) | (.71) | 28.73 | (11.98) | 672 | .41 | 2.30 |
| 12/31/2021 | 30.17 | .54 | 4.22 | 4.76 | (.45) | (1.04) | (1.49) | 33.44 | 15.97 | 682 | .40 | 1.67 |
| 12/31/2020 | 28.47 | .53 | 2.53 | 3.06 | (.45) | (.91) | (1.36) | 30.17 | 11.08 | 583 | .40 | 1.86 |
| 12/31/2019 | 24.88 | .58 | 4.20 | 4.78 | (.59) | (.60) | (1.19) | 28.47 | 19.36 | 460 | .42 | 2.13 |
| 12/31/2018 | 27.12 | .60 | (1.27) | (.67) | (.55) | (1.02) | (1.57) | 24.88 | (2.58) | 168 | .40 | 2.19 |
| **Class R-5:** | **Class R-5:** | **Class R-5:** | **Class R-5:** | **Class R-5:** | **Class R-5:** | **Class R-5:** | **Class R-5:** | **Class R-5:** | **Class R-5:** | **Class R-5:** | **Class R-5:** | **Class R-5:** |
| 12/31/2022 | 33.51 | .72 | (4.69) | (3.97) | (.56) | (.18) | (.74) | 28.80 | (11.86) | 997 | .30 | 2.38 |
| 12/31/2021 | 30.23 | .57 | 4.23 | 4.80 | (.48) | (1.04) | (1.52) | 33.51 | 16.08 | 1334 | .30 | 1.75 |
| 12/31/2020 | 28.53 | .56 | 2.53 | 3.09 | (.48) | (.91) | (1.39) | 30.23 | 11.15 | 1623 | .30 | 1.96 |
| 12/31/2019 | 24.93 | .61 | 4.20 | 4.81 | (.61) | (.60) | (1.21) | 28.53 | 19.48 | 1646 | .32 | 2.24 |
| 12/31/2018 | 27.18 | .59 | (1.23) | (.64) | (.59) | (1.02) | (1.61) | 24.93 | (2.47) | 1809 | .33 | 2.17 |
| **Class R-6:** | **Class R-6:** | **Class R-6:** | **Class R-6:** | **Class R-6:** | **Class R-6:** | **Class R-6:** | **Class R-6:** | **Class R-6:** | **Class R-6:** | **Class R-6:** | **Class R-6:** | **Class R-6:** |
| 12/31/2022 | 33.48 | .73 | (4.68) | (3.95) | (.58) | (.18) | (.76) | 28.77 | (11.83) | 40966 | .25 | 2.44 |
| 12/31/2021 | 30.21 | .59 | 4.22 | 4.81 | (.50) | (1.04) | (1.54) | 33.48 | 16.12 | 46946 | .25 | 1.82 |
| 12/31/2020 | 28.51 | .57 | 2.53 | 3.10 | (.49) | (.91) | (1.40) | 30.21 | 11.22 | 32488 | .26 | 2.00 |
| 12/31/2019 | 24.91 | .62 | 4.21 | 4.83 | (.63) | (.60) | (1.23) | 28.51 | 19.55 | 26991 | .27 | 2.29 |
| 12/31/2018 | 27.16 | .61 | (1.24) | (.63) | (.60) | (1.02) | (1.62) | 24.91 | (2.42) | 19971 | .28 | 2.23 |

---

Refer to the end of the table for footnotes.

68 American Balanced Fund

Financial highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| <br>**Portfolio turnover rate for all share classes<sup>9,10</sup>** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Excluding mortgage dollar roll transactions | 52% | 53%<sup>11</sup> | 65% | 67% | 72% |
| Including mortgage dollar roll transactions | 157% | 158%<sup>11</sup> | 176% | 104% | 105% |

---

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total returns exclude any applicable sales charges, including contingent deferred sales charges.

<sup>3</sup> Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.

<sup>4</sup> All 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.

<sup>5</sup> Amount less than $1 million.

<sup>6</sup> Based on operations for a period that is less than a full year.

<sup>7</sup> Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.

<sup>8</sup> Not annualized.

<sup>9</sup> Rates do not include the fund's portfolio activity with respect to any Central Funds.

<sup>10</sup> Refer to Note 5 for more information on mortgage dollar rolls.

<sup>11</sup> Includes the value of securities sold due to redemptions of shares in-kind. If the value of securities sold due to in-kind redemptions were excluded, the portfolio turnover rates excluding and including mortgage dollar roll transactions would have been 46% and 152%, respectively, for the year ended December 31, 2021.

Refer to the notes to financial statements.

American Balanced Fund 69

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of American Balanced Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of American Balanced Fund (the "Fund"), including the investment portfolio, as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Costa Mesa, California

February 9, 2023

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

70 American Balanced Fund

---

| | |
|:---|:---|
| Expense example | **unaudited** |

---

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 (July 1, 2022, through December 31, 2022).

**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.

American Balanced Fund 71

Expense example (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br> account value<br> 7/1/2022** | **Ending<br> account value<br> 12/31/2022** | **Expenses paid<br> during period\*** | **Annualized<br> expense ratio** |
| Class A – actual return | $1000.00 | $1016.41 | $2.90 | .57% |
| Class A – assumed 5% return | 1000.00 | 1022.33 | 2.91 | .57 |
| Class C – actual return | 1000.00 | 1012.81 | 6.70 | 1.32 |
| Class C – assumed 5% return | 1000.00 | 1018.55 | 6.72 | 1.32 |
| Class T – actual return | 1000.00 | 1017.67 | 1.63 | .32 |
| Class T – assumed 5% return | 1000.00 | 1023.59 | 1.63 | .32 |
| Class F-1 – actual return | 1000.00 | 1015.78 | 3.15 | .62 |
| Class F-1 – assumed 5% return | 1000.00 | 1022.08 | 3.16 | .62 |
| Class F-2 – actual return | 1000.00 | 1017.40 | 1.88 | .37 |
| Class F-2 – assumed 5% return | 1000.00 | 1023.34 | 1.89 | .37 |
| Class F-3 – actual return | 1000.00 | 1017.98 | 1.27 | .25 |
| Class F-3 – assumed 5% return | 1000.00 | 1023.95 | 1.28 | .25 |
| Class 529-A – actual return | 1000.00 | 1016.24 | 3.05 | .60 |
| Class 529-A – assumed 5% return | 1000.00 | 1022.18 | 3.06 | .60 |
| Class 529-C – actual return | 1000.00 | 1012.34 | 6.95 | 1.37 |
| Class 529-C – assumed 5% return | 1000.00 | 1018.30 | 6.97 | 1.37 |
| Class 529-E – actual return | 1000.00 | 1015.08 | 4.27 | .84 |
| Class 529-E – assumed 5% return | 1000.00 | 1020.97 | 4.28 | .84 |
| Class 529-T – actual return | 1000.00 | 1017.50 | 1.78 | .35 |
| Class 529-T – assumed 5% return | 1000.00 | 1023.44 | 1.79 | .35 |
| Class 529-F-1 – actual return | 1000.00 | 1017.04 | 2.19 | .43 |
| Class 529-F-1 – assumed 5% return | 1000.00 | 1023.04 | 2.19 | .43 |
| Class 529-F-2 – actual return | 1000.00 | 1017.50 | 1.78 | .35 |
| Class 529-F-2 – assumed 5% return | 1000.00 | 1023.44 | 1.79 | .35 |
| Class 529-F-3 – actual return | 1000.00 | 1017.66 | 1.58 | .31 |
| Class 529-F-3 – assumed 5% return | 1000.00 | 1023.64 | 1.58 | .31 |
| Class R-1 – actual return | 1000.00 | 1012.46 | 6.75 | 1.33 |
| Class R-1 – assumed 5% return | 1000.00 | 1018.50 | 6.77 | 1.33 |
| Class R-2 – actual return | 1000.00 | 1012.70 | 6.80 | 1.34 |
| Class R-2 – assumed 5% return | 1000.00 | 1018.45 | 6.82 | 1.34 |
| Class R-2E – actual return | 1000.00 | 1014.05 | 5.38 | 1.06 |
| Class R-2E – assumed 5% return | 1000.00 | 1019.86 | 5.40 | 1.06 |
| Class R-3 – actual return | 1000.00 | 1014.49 | 4.57 | .90 |
| Class R-3 – assumed 5% return | 1000.00 | 1020.67 | 4.58 | .90 |
| Class R-4 – actual return | 1000.00 | 1016.25 | 3.05 | .60 |
| Class R-4 – assumed 5% return | 1000.00 | 1022.18 | 3.06 | .60 |
| Class R-5E – actual return | 1000.00 | 1017.27 | 2.03 | .40 |
| Class R-5E – assumed 5% return | 1000.00 | 1023.19 | 2.04 | .40 |
| Class R-5 – actual return | 1000.00 | 1017.71 | 1.53 | .30 |
| Class R-5 – assumed 5% return | 1000.00 | 1023.69 | 1.53 | .30 |
| Class R-6 – actual return | 1000.00 | 1017.97 | 1.27 | .25 |
| Class R-6 – assumed 5% return | 1000.00 | 1023.95 | 1.28 | .25 |

---

\* 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).

72 American Balanced Fund

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| | |
|:---|:---|
| Tax information | **unaudited** |

---

We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The fund hereby designates the following amounts for the fund's fiscal year ended December 31, 2022:

---

| | |
|:---|:---|
| Long-term capital gains | $1193539000 |
| Qualified dividend income | $2777743000 |
| Section 199A dividends | $84260000 |
| Section 163(j) interest dividends | $1194867000 |
| Corporate dividends received deduction | $2168180000 |
| U.S. government income that may be exempt from state taxation | $891267000 |

---

**Individual shareholders should refer to their Form 1099 or other tax information, which was mailed in January 2023, to determine the *calendar year* amounts to be included on their 2022 tax returns. Shareholders should consult their tax advisors.**

American Balanced Fund 73

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 January 31, 2024. 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 interactions 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 and the committee 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 June 30, 2022 . They generally placed greater emphasis on investment results over 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 generally compared favorably to 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.

74 American Balanced Fund

**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 CRMC bears the cost of third-party research. The board and committee also noted that CRMC benefited from the use of commissions from portfolio transactions made on behalf of the fund to facilitate payment to certain broker-dealers for research to comply with regulatory requirements applicable to these firms, with all such amounts reimbursed by CRMC. 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 a number of 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.

American Balanced Fund 75

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| | |
|:---|:---|
| Liquidity Risk Management Program | **unaudited** |

---

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

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

The fund's board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2021, through September 30, 2022. No significant liquidity events impacting the fund were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing the fund's liquidity risk.

76 American Balanced Fund

Board of trustees and other officers

Independent trustees<sup>1</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and year of birth** | **Year first**<br> **elected**<br> **a trustee**<br> **of the fund<sup>2</sup>** | **Principal occupation(s) during past five years** | **Number of**<br> **portfolios in fund**<br> **complex overseen**<br> **by trustee<sup>3</sup>** | **Other directorships<sup>4</sup>**<br> **held by trustee** |
| **Gina F. Adams,** 1958 | 2022 | Senior Vice President, Government and Regulatory Affairs, FedEx Corporation (transportation/logistics company) | 5 |  |
| **Michael C. Camuñez,** 1969 | 2019 | President and CEO, Monarch Global Strategies LLC; former Assistant Secretary of Commerce, U.S. Department of Commerce | 5 | Edison International/Southern California Edison |
| **Vanessa C. L. Chang,** 1952 | 2012 | Former Director, EL & EL Investments (real estate) | 22 | Edison International/Southern California Edison; Transocean Ltd. (offshore drilling contractor) |
| **Nariman Farvardin,** 1956 | 2022 | President, Stevens Institute of Technology | 91 |  |
| **Linda Griego,** 1947 | 2012 | Former President and CEO, Griego Enterprises, Inc. (business management company) | 7 | ViacomCBS Inc. |
| **Leonade D. Jones,** 1947 | 1993 | Retired; former Treasurer, The Washington Post Company (retired 1996) | 10 |  |
| **William D. Jones,** 1955 <br> Chair of the Board (Independent and Non-Executive) | 2008 | Managing Member, CityLink LLC (investing and consulting); former President and CEO, CityLink Investment Corporation (acquires, develops and manages real estate ventures in urban communities) | 23 | Biogen Inc. |
| **Sharon I. Meers,** 1965 | 2021 | Co-Founder and COO, Midi Health, Inc. (a women's telehealth company); former Senior Director, Head of Strategic Partnerships, eBay Enterprise | 7 |  |
| **Josette Sheeran,** 1954 | 2019 | President and Director, Canoo Inc.; Trustee and former Executive Chair, The McCain Institute; former Professor of Practice, Arizona State University; President Emeritus and former CEO, Asia Society; former United Nations Special Envoy for Haiti | 8 |  |
| **Margaret Spellings,** 1957 | 2012 | President and CEO, Texas 2036; former President, Margaret Spellings & Company (public policy and strategic consulting); former President, The University of North Carolina; former President, George W. Bush Presidential Center | 91 |  |

---

Interested trustee<sup>5,6</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Name, year of birth and**<br> **position with fund** | **Year first**<br> **elected**<br> **a trustee**<br> **or officer**<br> **of the fund<sup>2</sup>** | **Number of**<br> **portfolios in fund**<br> **complex overseen**<br> **by trustee<sup>3</sup>** | **Other directorships<sup>4</sup>**<br> **held by trustee** |
| **Hilda L. Applbaum,** 1961 <br> Senior Vice President | 1999 Partner — Capital World Investors, Capital Research and Management Company; Director, The Capital Group Companies, Inc.<sup>7</sup> | 4 |  |

---

**The fund's statement of additional information includes further details about fund trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by visiting the Capital Group website at capitalgroup.com. The address for all trustees and officers of the fund is 6455 Irvine Center Drive, Irvine, CA 92618, Attention: Secretary.**

Refer to page 78 for footnotes.

American Balanced Fund 77

Other officers<sup>6</sup>

---

| | | |
|:---|:---|:---|
| **Name, year of birth and**<br> **position with fund** | **Year first**<br> **elected**<br> **an officer**<br> **of the fund<sup>2</sup>** | **Principal occupation(s) during past five years and positions held with affiliated entities**<br> **or the principal underwriter of the fund** |
| **Paul Benjamin,** 1979<br> Co-President | 2014 | Partner — Capital World Investors, Capital Research and Management Company; Director, Capital Strategy Research, Inc.<sup>7</sup> |
| **Jeffrey T. Lager,** 1968<br> Co-President | 2002 | Partner — Capital International Investors, Capital Research and Management Company |
| **Donald H. Rolfe,** 1972<br> Principal Executive Officer | 2012 | Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Secretary, Capital Research and Management Company |
| **Michael W. Stockton,** 1967 <br> Executive Vice President | 2014 | Senior Vice President — Fund Business Management Group, Capital Research and Management Company |
| **Pramod Atluri,** 1976 <br> Senior Vice President | 2019 | Partner — Capital Fixed Income Investors, Capital Research and Management Company; Vice President — Capital Fixed Income Investors, Capital Bank and Trust Company<sup>7</sup>; Director, Capital Research and Management Company |
| **Alan N. Berro,** 1960 <br> Senior Vice President | 2010 | Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company<sup>7</sup>; Director, The Capital Group Companies, Inc.<sup>7</sup> |
| **Mark L. Casey,** 1970 <br> Senior Vice President | 2020 | Partner — Capital International Investors, Capital Research and Management Company |
| **Anne-Marie Peterson,** 1972 <br> Senior Vice President | 2020 | Partner — Capital World Investors, Capital Research and Management Company |
| **John R. Queen,** 1965 <br> Senior Vice President | 2018 | Partner — Capital Fixed Income Investors, Capital Research and Management Company; Senior Vice President, Capital Group Private Client Services, Inc.<sup>7</sup> |
| **Ritchie Tuazon,** 1978 <br> Senior Vice President | 2020 | Partner — Capital Fixed Income Investors, Capital Research and Management Company |
| **Alan J. Wilson,** 1961 <br> Senior Vice President | 2019 | Partner — Capital World Investors, Capital Research and Management Company; Director, Capital Research and Management Company |
| **Richmond Wolf,** 1970 <br> Senior Vice President | 2014 | Partner — Capital World Investors, Capital Research and Management Company |
| **Courtney R. Taylor,** 1975<br> Secretary | 2018 | Assistant Vice President — Fund Business Management Group, Capital Research and Management Company |
| **Hong T. Le,** 1978 <br> Treasurer | 2016 | Vice President — Investment Operations, Capital Research and Management Company |
| **Lovelyn Sims,** 1989 <br> Assistant Secretary | 2021 | Associate — Fund Business Management Group, Capital Research and Management Company |
| **Sandra Chuon,** 1972 <br> Assistant Treasurer | 2019 | Vice President — Investment Operations, Capital Research and Management Company |
| **Brian C. Janssen,** 1972 <br> Assistant Treasurer | 2016 | Senior Vice President — Investment Operations, Capital Research and Management Company |

---

<sup>1</sup> The term independent trustee refers to a trustee who is not an "interested person" of the fund within the meaning of the Investment Company Act of 1940.

<sup>2</sup> Trustees and officers of the fund serve until their resignation, removal or retirement.

<sup>3</sup> Funds managed by Capital Research and Management Company or its affiliates.

<sup>4</sup> This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company.

<sup>5</sup> The term interested trustee refers to a trustee who is an "interested person" within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the fund's investment adviser, Capital Research and Management Company, or affiliated entities (including the fund's principal underwriter).

<sup>6</sup> All of the trustees and/or officers listed are officers and/or directors/trustees of one or more of the other funds for which Capital Research and Management Company serves as investment adviser.

<sup>7</sup> Company affiliated with Capital Research and Management Company.

78 American Balanced Fund

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American Balanced Fund 79

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80 American Balanced Fund

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American Balanced Fund 81

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82 American Balanced Fund

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American Balanced Fund 83

**Office of the fund**<br> 6455 Irvine Center Drive<br> Irvine, CA 92618-4518

**Investment adviser**<br> Capital Research and Management Company<br> 333 South Hope Street<br> Los Angeles, CA 90071-1406

**Transfer agent for shareholder accounts**<br> American Funds Service Company<br> (Write to the address nearest you.)

P.O. Box 6007<br> Indianapolis, IN 46206-6007

P.O. Box 2280<br> Norfolk, VA 23501-2280

**Custodian of assets**<br> JPMorgan Chase Bank<br> 270 Park Avenue<br> New York, NY 10017-2070

**Counsel**<br> Morgan, Lewis & Bockius LLP<br> One Federal Street<br> Boston, MA 02110-1726

**Independent registered public accounting firm**<br> Deloitte & Touche LLP<br> 695 Town Center Drive<br> Suite 1000<br> Costa Mesa, CA 92626-7188

**Principal underwriter**<br> American Funds Distributors, Inc.<br> 333 South Hope Street<br> Los Angeles, CA 90071-1406

84 American Balanced 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.

American Balanced 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 American Balanced 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 March 31, 2023, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

The S&P 500 Index ("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© 2023 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<sup>®</sup>

Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital System<sup>TM</sup> — 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.<sup>1</sup>

**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 90% of 10-year periods and 99% of 20-year periods.<sup>2</sup> Fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.<sup>3</sup> Fund management fees have been among the lowest in the industry.<sup>4</sup>

<sup>1</sup> Investment industry experience as of December 31, 2021.

<sup>2</sup> Based 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, 2021. 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.

<sup>3</sup> Based on Class F-2 share results as of December 31, 2021. 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. S&P 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.

<sup>4</sup> On average, our management fees were in the lowest quintile 63% of the time, based on the 20-year period ended December 31, 2021, 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.

![](image_008.jpg)

ITEM 2 – Code of Ethics

The Registrant has adopted a Code of Ethics that applies to its Principal Executive Officer and Principal Financial Officer. The Registrant undertakes to provide to any person without charge, upon request, a copy of the Code of Ethics. Such request can be made by calling 800/421-4225 or to the Secretary of the Registrant, 6455 Irvine Center Drive, Irvine, California 92618.

ITEM 3 – Audit Committee Financial Expert

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

ITEM 4 – Principal Accountant Fees and Services

---

| | |
|:---|:---|
| | **AMBAL** |
| Registrant: |  |

---

---

| | | |
|:---|:---|:---|
| a) Audit Fees: |  |  |
| Audit | 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118000 |
|  | 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119000 |
| b) Audit-Related Fees: |  |  |
|  | 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000 |
|  | 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36000 |
| c) Tax Fees: |  |  |
|  | 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 |
|  | 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 |
|  | The tax fees consist of professional services relating to the preparation of the Registrant's tax returns. |  |
| d) All Other Fees: |  |  |
|  | 2021 |  |
|  | 2022 |  |
|  | Adviser and affiliates (includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below): |  |
| a) Audit Fees: |  |  |
|  | Not Applicable |  |
| b) Audit-Related Fees: |  |  |
|  | 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427000 |
|  | 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2394000 |
|  | The audit-related fees consist of assurance and related services relating to the examination of the Registrant's transfer agent, principal underwriter and investment adviser conducted in accordance with Statement on Standards for Attestation Engagements Number 18 issued by the American Institute of Certified Public Accountants. |  |
| c) Tax Fees: |  |  |

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---

| | | |
|:---|:---|:---|
|  | 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 |
|  | 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394000 |
|  | The tax fees consist of consulting services relating to the Registrant's investments. |  |
| d) All Other Fees: |  |  |
|  | 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 |
|  | 2022 |  |
|  | The other fees consist of subscription services related to an accounting research tool. |  |
|  | All audit and permissible non-audit services that the Registrant's audit committee considers compatible with maintaining the independent registered public accounting firm's independence are required to be pre-approved by the committee. The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services. Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre-approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates. |  |
|  | Aggregate non-audit fees paid to the Registrant's auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant, were $1,472,000 for fiscal year 2021 and $2,836,000 for fiscal year 2022. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors' independence. |  |

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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) | The [Code of Ethics](ambal_coe.htm) that is the subject of the disclosure required by Item 2 is attached as an exhibit hereto. |
| (a)(2) | The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections [302](ambal_cert302.htm) and [906](ambal_cert906.htm) 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.

---

| |
|:---|
| AMERICAN BALANCED FUND |
| By __<u>/s/ Donald H. Rolfe</u>________________ |
| &nbsp;&nbsp;&nbsp;&nbsp; Donald H. Rolfe,<br> Principal Executive Officer |
| Date: February 28, 2023 |

---

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 _<u>/s/ Donald H. Rolfe</u>_____________ |
| &nbsp;&nbsp;&nbsp;&nbsp; Donald H. Rolfe,<br> Principal Executive Officer |
| Date: February 28, 2023 |

---

---

| |
|:---|
| By <u>___/s/ Hong T. Le__________________</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong T. Le, Treasurer and<br> Principal Financial Officer |
| Date: February 28, 2023 |

---

## Ex-99.Code

**Code of Ethics**

The following Code of Ethics is in effect for the Registrant:

---

| | | |
|:---|:---|:---|
| The Fund has adopted the following standards in accordance with the requirements of Form N-CSR adopted by the Securities and Exchange Commission pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for the purpose of deterring wrongdoing and promoting: 1) honest and ethical conduct, including handling of actual or apparent conflicts of interest between personal and professional relationships; 2) full, fair, accurate, timely and understandable disclosure in reports and documents that a fund files with or submits to the Commission and in other public communications made by the fund; 3) compliance with applicable governmental laws, rules and regulations; 4) the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and 5) accountability for adherence to the Code. These provisions shall apply to the principal executive officer or chief executive officer and treasurer ("Covered Officers") of the Fund. | The Fund has adopted the following standards in accordance with the requirements of Form N-CSR adopted by the Securities and Exchange Commission pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for the purpose of deterring wrongdoing and promoting: 1) honest and ethical conduct, including handling of actual or apparent conflicts of interest between personal and professional relationships; 2) full, fair, accurate, timely and understandable disclosure in reports and documents that a fund files with or submits to the Commission and in other public communications made by the fund; 3) compliance with applicable governmental laws, rules and regulations; 4) the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and 5) accountability for adherence to the Code. These provisions shall apply to the principal executive officer or chief executive officer and treasurer ("Covered Officers") of the Fund. | The Fund has adopted the following standards in accordance with the requirements of Form N-CSR adopted by the Securities and Exchange Commission pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for the purpose of deterring wrongdoing and promoting: 1) honest and ethical conduct, including handling of actual or apparent conflicts of interest between personal and professional relationships; 2) full, fair, accurate, timely and understandable disclosure in reports and documents that a fund files with or submits to the Commission and in other public communications made by the fund; 3) compliance with applicable governmental laws, rules and regulations; 4) the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and 5) accountability for adherence to the Code. These provisions shall apply to the principal executive officer or chief executive officer and treasurer ("Covered Officers") of the Fund. |
| (1) | It is the responsibility of Covered Officers to foster, by their words and actions, a corporate culture that encourages honest and ethical conduct, including the ethical resolution of, and appropriate disclosure of conflicts of interest. Covered Officers should work to assure a working environment that is characterized by respect for law and compliance with applicable rules and regulations. | It is the responsibility of Covered Officers to foster, by their words and actions, a corporate culture that encourages honest and ethical conduct, including the ethical resolution of, and appropriate disclosure of conflicts of interest. Covered Officers should work to assure a working environment that is characterized by respect for law and compliance with applicable rules and regulations. |
| (2) | Each Covered Officer must act in an honest and ethical manner while conducting the affairs of the Fund, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships. Duties of Covered Officers include: | Each Covered Officer must act in an honest and ethical manner while conducting the affairs of the Fund, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships. Duties of Covered Officers include: |
|  | • | Acting with integrity; |
|  | • | Adhering to a high standard of business ethics; and |
|  | • | Not using personal influence or personal relationships to improperly influence investment decisions or financial reporting whereby the Covered Officer would benefit personally to the detriment of the Fund; |
| (3) | Each Covered Officer should act to promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with or submits to, the Securities and Exchange Commission and in other public communications made by the Fund. | Each Covered Officer should act to promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with or submits to, the Securities and Exchange Commission and in other public communications made by the Fund. |
|  | • | Covered Officers should familiarize themselves with disclosure requirements applicable to the Fund and disclosure controls and procedures in place to meet these requirements; and |
|  | • | Covered Officers must not knowingly misrepresent, or cause others to misrepresent facts about the Fund to others, including the Fund's auditors, independent trustees, governmental regulators and self-regulatory organizations. |
| (4) | Any existing or potential violations of this Code of Ethics should be reported to The Capital Group Companies' Personal Investing Committee. The Personal Investing Committee is authorized to investigate any such violations and report their findings to the Chairman of the Audit Committee of the Fund. The Chairman of the Audit Committee may report violations of the Code of Ethics to the Board or other appropriate entity including the Audit Committee, if he or she believes such a reporting is appropriate. The Personal Investing Committee may also determine the appropriate sanction for any violations of this Code of Ethics, including removal from office, provided that removal from office shall only be carried out with the approval of the Board. | Any existing or potential violations of this Code of Ethics should be reported to The Capital Group Companies' Personal Investing Committee. The Personal Investing Committee is authorized to investigate any such violations and report their findings to the Chairman of the Audit Committee of the Fund. The Chairman of the Audit Committee may report violations of the Code of Ethics to the Board or other appropriate entity including the Audit Committee, if he or she believes such a reporting is appropriate. The Personal Investing Committee may also determine the appropriate sanction for any violations of this Code of Ethics, including removal from office, provided that removal from office shall only be carried out with the approval of the Board. |
| (5) | Application of this Code of Ethics is the responsibility of the Personal Investing Committee, which shall report periodically to the Chairman of the Audit Committee of the Fund. | Application of this Code of Ethics is the responsibility of the Personal Investing Committee, which shall report periodically to the Chairman of the Audit Committee of the Fund. |
| (6) | Material amendments to these provisions must be ratified by a majority vote of the Board. As required by applicable rules, substantive amendments to the Code of Ethics must be filed or appropriately disclosed. | Material amendments to these provisions must be ratified by a majority vote of the Board. As required by applicable rules, substantive amendments to the Code of Ethics must be filed or appropriately disclosed. |

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## Ex-99.Cert

<br>**American Balanced Fund**<br> 6455 Irvine Center Drive<br> Irvine, California 92618<br> (949) 975-5000<br>

**CERTIFICATION**

I, **Donald H. Rolfe,** certify that:

---

| | |
|:---|:---|
| 1. | I have reviewed this report on Form N-CSR of **American Balanced Fund;** |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
|  | a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|  | b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|  | c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 180 days prior to the filing date of this report based on such evaluation; and |
|  | d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and |
| 5. | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions): |
|  | a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and |
|  | b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |

---

Date: February 28, 2023

_<u>/s/ Donald H. Rolfe</u>___________________

Donald H. Rolfe,

Principal Executive Officer

American Balanced Fund

<br>**American Balanced Fund**<br> 6455 Irvine Center Drive<br> Irvine, California 92618<br> (949) 975-5000<br>

**CERTIFICATION**

I, **Hong T. Le**, certify that:

---

| | |
|:---|:---|
| 1. | I have reviewed this report on Form N-CSR of **American Balanced Fund;** |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
|  | a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|  | b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|  | c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 180 days prior to the filing date of this report based on such evaluation; and |
|  | d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and |
| 5. | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions): |
|  | a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and |
|  | b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |

---

Date: February 28, 2023

_<u>__/s/ Hong T. Le___</u>____

Hong T. Le, Treasurer and

Principal Financial Officer

American Balanced Fund

## Exhibit 99.906

<br>**American Balanced Fund**<br> 6455 Irvine Center Drive<br> Irvine, California 92618<br> (949) 975-5000<br>

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

DONALD H. ROLFE, Principal Executive Officer, and HONG T. LE, Treasurer and Principal Financial Officer of American Balanced Fund (the "Registrant"), each certify to the best of her or his knowledge that:

1) The Registrant's periodic report on Form N-CSR for the period ended December 31, 2022 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2) The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| Principal Executive Officer | Principal Financial Officer |
| AMERICAN BALANCED FUND | AMERICAN BALANCED FUND |
| _<u>/s/ Donald H. Rolfe</u>_____________________ | <u>__/s/ Hong T. Le_________________</u> |
| Donald H. Rolfe, Principal Executive Officer | Hong T. Le, Treasurer |
| Date: February 28, 2023 | Date: February 28, 2023 |

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A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to AMERICAN BALANCED FUND and will be retained by AMERICAN BALANCED FUND and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR filed with the Commission.