# EDGAR Filing Document

**Accession Number:** 0000005506
**File Stem:** 0001193125-26-005751
**Filing Date:** 2026-1
**Character Count:** 244829
**Document Hash:** e9de5db14198b203b243180519f74273
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-005751.hdr.sgml**: 20260107

**ACCESSION NUMBER**: 0001193125-26-005751

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 62

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260107

**DATE AS OF CHANGE**: 20260107

**EFFECTIVENESS DATE**: 20260107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN MUTUAL FUND
- **CENTRAL INDEX KEY:** 0000005506

**ORGANIZATION NAME:**
- **EIN:** 956006886
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00572
- **FILM NUMBER:** 26514569

**BUSINESS ADDRESS:**
- **STREET 1:** 333 S HOPE ST - 55TH FL
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 213-486-9200

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

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

## Series and Classes Contracts Data

### AMERICAN MUTUAL FUND (Series ID: S000008999)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000024449 | Class A       | AMRMX           |
| C000024450 | Class R-1     | RMFAX           |
| C000024451 | Class R-2     | RMFBX           |
| C000024452 | Class R-3     | RMFCX           |
| C000024453 | Class R-4     | RMFEX           |
| C000024454 | Class R-5     | RMFFX           |
| C000024456 | Class C       | AMFCX           |
| C000024457 | Class F-1     | AMFFX           |
| C000024458 | Class 529-A   | CMLAX           |
| C000024460 | Class 529-C   | CMLCX           |
| C000024461 | Class 529-E   | CMLEX           |
| C000024462 | Class 529-F-1 | CMLFX           |
| C000068556 | Class F-2     | AMRFX           |
| C000077851 | Class R-6     | RMFGX           |
| C000148452 | Class R-2E    | RMEBX           |
| C000164809 | Class R-5E    | RMFHX           |
| C000176470 | Class F-3     | AFMFX           |
| C000186124 | Class 529-T   | TAFMX           |
| C000186125 | Class T       | TAMFX           |
| C000190067 | Class 529-F-2 | FFMMX           |
| C000190068 | Class 529-F-3 | FFFMX           |

?xml version='1.0' encoding='ASCII'? dced1b95-175f-40fd-a1eb-597cb74f4b60

#### 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

#### 811-00572

#### American Mutual Fund
(Exact name of registrant as specified in charter)

------

333 South Hope Street, 55th Floor

Los Angeles, California 90071

(Address of principal executive offices)

Gregory F. Niland

5300 Robin Hood Rd.

Norfolk, VA 23513

(Name and address of agent for service)

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

#### Date of fiscal year end:

#### October 31

#### Date of reporting period:

#### October 31, 2025
ITEM 1 - Reports to Stockholders

![TSR - American Funds Logo](images_2323.jpg)

ANNUAL SHAREHOLDER REPORT

## American Mutual Fund <sup>®</sup>
**Class A \| AMRMX** for the year ended October 31, 2025

This annual shareholder report contains important information about American Mutual Fund (the "fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-A. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$61 | 0.57% |

---

#### Management's discussion of fund performance
The fund's Class A shares gained 12.67% for the year ended October 31, 2025. That result compares with a 21.45% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-A.

#### What factors influenced results
U.S. equities extended gains over the fund's fiscal year, rebounding from volatility in early 2025. Strong gains in the information technology, communication services and consumer discretionary sectors pushed the S&P 500 Index to record all-time highs. The U.S. economy grew steadily in the third quarter, supported by resilient consumer spending. Inflation rose modestly, reflecting lingering tariff effects. The Federal Reserve (Fed) reduced interest rates in September and October 2025, responding to signs of a weakening labor market.

Most sectors delivered positive returns for the fund, with information technology and industrials contributing significantly. Financials and utilities sectors also contributed meaningfully to the overall portfolio's return.

In contrast, materials were a significant detractor from overall results. Health care and consumer discretionary sectors also posted negative returns during the fiscal year.

#### How a hypothetical $10,000 investment has grown
Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1476111.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American Mutual Fund — Class A (with sales charge)\* | 6.20% | 12.46% | 10.26% |
| American Mutual Fund — Class A (without sales charge)\* | 12.67% | 13.80% | 10.91% |
| S&P 500 Index† | 21.45% | 17.64% | 14.64% |

---

<sup>\*</sup> 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.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $110834 |
| Total number of portfolio holdings | 178 |
| Total advisory fees paid (in millions) | $241 |
| Portfolio turnover rate | 30% |

---

**Portfolio holdings by sector** (percent of net assets)

#### Changes in and disagreements with accountants
On September 11, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending October 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended October 31, 2024 and October 31, 2025 and the subsequent interim period through December 11, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-A.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFAAARX-003-1225© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2323.jpg)

ANNUAL SHAREHOLDER REPORT

## American Mutual Fund <sup>®</sup>
**Class C \| AMFCX** for the year ended October 31, 2025

This annual shareholder report contains important information about American Mutual Fund (the "fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-C. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$140 | 1.32% |

---

#### Management's discussion of fund performance
The fund's Class C shares gained 11.84% for the year ended October 31, 2025. That result compares with a 21.45% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-C.

#### What factors influenced results
U.S. equities extended gains over the fund's fiscal year, rebounding from volatility in early 2025. Strong gains in the information technology, communication services and consumer discretionary sectors pushed the S&P 500 Index to record all-time highs. The U.S. economy grew steadily in the third quarter, supported by resilient consumer spending. Inflation rose modestly, reflecting lingering tariff effects. The Federal Reserve (Fed) reduced interest rates in September and October 2025, responding to signs of a weakening labor market.

Most sectors delivered positive returns for the fund, with information technology and industrials contributing significantly. Financials and utilities sectors also contributed meaningfully to the overall portfolio's return.

In contrast, materials were a significant detractor from overall results. Health care and consumer discretionary sectors also posted negative returns during the fiscal year.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1476155.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American Mutual Fund — Class C (with sales charge)\* | 10.84% | 12.96% | 10.23% |
| American Mutual Fund — Class C (without sales charge)\* | 11.84% | 12.96% | 10.23% |
| S&P 500 Index† | 21.45% | 17.64% | 14.64% |

---

<sup>\*</sup> 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.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $110834 |
| Total number of portfolio holdings | 178 |
| Total advisory fees paid (in millions) | $241 |
| Portfolio turnover rate | 30% |

---

**Portfolio holdings by sector** (percent of net assets)

#### Changes in and disagreements with accountants
On September 11, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending October 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended October 31, 2024 and October 31, 2025 and the subsequent interim period through December 11, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-C.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFCCARX-003-1225© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2323.jpg)

ANNUAL SHAREHOLDER REPORT

## American Mutual Fund <sup>®</sup>
**Class T \| TAMFX** for the year ended October 31, 2025

This annual shareholder report contains important information about American Mutual Fund (the "fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class T | &nbsp;&nbsp;$34 | 0.32% |

---

#### Management's discussion of fund performance
The fund's Class T shares gained 12.96% for the year ended October 31, 2025. That result compares with a 21.45% gain for the S&P 500 Index.

#### What factors influenced results
U.S. equities extended gains over the fund's fiscal year, rebounding from volatility in early 2025. Strong gains in the information technology, communication services and consumer discretionary sectors pushed the S&P 500 Index to record all-time highs. The U.S. economy grew steadily in the third quarter, supported by resilient consumer spending. Inflation rose modestly, reflecting lingering tariff effects. The Federal Reserve (Fed) reduced interest rates in September and October 2025, responding to signs of a weakening labor market.

Most sectors delivered positive returns for the fund, with information technology and industrials contributing significantly. Financials and utilities sectors also contributed meaningfully to the overall portfolio's return.

In contrast, materials were a significant detractor from overall results. Health care and consumer discretionary sectors also posted negative returns during the fiscal year.

#### How a hypothetical $10,000 investment has grown
Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1476859.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Mutual Fund — Class T (with sales charge)2 | 10.14% | 13.51% | 10.72% |
| American Mutual Fund — Class T (without sales charge)2 | 12.96% | 14.09% | 11.05% |
| S&P 500 Index3 | 21.45% | 17.64% | 15.16% |

---

<sup>1</sup> Class T shares were first offered on April 7, 2017.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $110834 |
| Total number of portfolio holdings | 178 |
| Total advisory fees paid (in millions) | $241 |
| Portfolio turnover rate | 30% |

---

**Portfolio holdings by sector** (percent of net assets)

#### Changes in and disagreements with accountants
On September 11, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending October 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended October 31, 2024 and October 31, 2025 and the subsequent interim period through December 11, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFTTARX-003-1225© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2323.jpg)

ANNUAL SHAREHOLDER REPORT

## American Mutual Fund <sup>®</sup>
**Class F-1 \| AMFFX** for the year ended October 31, 2025

This annual shareholder report contains important information about American Mutual Fund (the "fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-F1. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class F-1 | &nbsp;&nbsp;$67 | 0.63% |

---

#### Management's discussion of fund performance
The fund's Class F-1 shares gained 12.61% for the year ended October 31, 2025. That result compares with a 21.45% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-F1.

#### What factors influenced results
U.S. equities extended gains over the fund's fiscal year, rebounding from volatility in early 2025. Strong gains in the information technology, communication services and consumer discretionary sectors pushed the S&P 500 Index to record all-time highs. The U.S. economy grew steadily in the third quarter, supported by resilient consumer spending. Inflation rose modestly, reflecting lingering tariff effects. The Federal Reserve (Fed) reduced interest rates in September and October 2025, responding to signs of a weakening labor market.

Most sectors delivered positive returns for the fund, with information technology and industrials contributing significantly. Financials and utilities sectors also contributed meaningfully to the overall portfolio's return.

In contrast, materials were a significant detractor from overall results. Health care and consumer discretionary sectors also posted negative returns during the fiscal year.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1476199.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American Mutual Fund — Class F-1\* | 12.61% | 13.74% | 10.84% |
| S&P 500 Index† | 21.45% | 17.64% | 14.64% |

---

<sup>\*</sup> 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.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $110834 |
| Total number of portfolio holdings | 178 |
| Total advisory fees paid (in millions) | $241 |
| Portfolio turnover rate | 30% |

---

**Portfolio holdings by sector** (percent of net assets)

#### Changes in and disagreements with accountants
On September 11, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending October 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended October 31, 2024 and October 31, 2025 and the subsequent interim period through December 11, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-F1.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF1ARX-003-1225© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2323.jpg)

ANNUAL SHAREHOLDER REPORT

## American Mutual Fund <sup>®</sup>
**Class F-2 \| AMRFX** for the year ended October 31, 2025

This annual shareholder report contains important information about American Mutual Fund (the "fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-F2. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class F-2 | &nbsp;&nbsp;$40 | 0.38% |

---

#### Management's discussion of fund performance
The fund's Class F-2 shares gained 12.90% for the year ended October 31, 2025. That result compares with a 21.45% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-F2.

#### What factors influenced results
U.S. equities extended gains over the fund's fiscal year, rebounding from volatility in early 2025. Strong gains in the information technology, communication services and consumer discretionary sectors pushed the S&P 500 Index to record all-time highs. The U.S. economy grew steadily in the third quarter, supported by resilient consumer spending. Inflation rose modestly, reflecting lingering tariff effects. The Federal Reserve (Fed) reduced interest rates in September and October 2025, responding to signs of a weakening labor market.

Most sectors delivered positive returns for the fund, with information technology and industrials contributing significantly. Financials and utilities sectors also contributed meaningfully to the overall portfolio's return.

In contrast, materials were a significant detractor from overall results. Health care and consumer discretionary sectors also posted negative returns during the fiscal year.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1476243.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American Mutual Fund — Class F-2\* | 12.90% | 14.04% | 11.13% |
| S&P 500 Index† | 21.45% | 17.64% | 14.64% |

---

<sup>\*</sup> 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.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $110834 |
| Total number of portfolio holdings | 178 |
| Total advisory fees paid (in millions) | $241 |
| Portfolio turnover rate | 30% |

---

**Portfolio holdings by sector** (percent of net assets)

#### Changes in and disagreements with accountants
On September 11, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending October 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended October 31, 2024 and October 31, 2025 and the subsequent interim period through December 11, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-F2.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF2ARX-003-1225© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2323.jpg)

ANNUAL SHAREHOLDER REPORT

## American Mutual Fund <sup>®</sup>
**Class F-3 \| AFMFX** for the year ended October 31, 2025

This annual shareholder report contains important information about American Mutual Fund (the "fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-F3. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class F-3 | &nbsp;&nbsp;$29 | 0.27% |

---

#### Management's discussion of fund performance
The fund's Class F-3 shares gained 13.03% for the year ended October 31, 2025. That result compares with a 21.45% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-F3.

#### What factors influenced results
U.S. equities extended gains over the fund's fiscal year, rebounding from volatility in early 2025. Strong gains in the information technology, communication services and consumer discretionary sectors pushed the S&P 500 Index to record all-time highs. The U.S. economy grew steadily in the third quarter, supported by resilient consumer spending. Inflation rose modestly, reflecting lingering tariff effects. The Federal Reserve (Fed) reduced interest rates in September and October 2025, responding to signs of a weakening labor market.

Most sectors delivered positive returns for the fund, with information technology and industrials contributing significantly. Financials and utilities sectors also contributed meaningfully to the overall portfolio's return.

In contrast, materials were a significant detractor from overall results. Health care and consumer discretionary sectors also posted negative returns during the fiscal year.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1476815.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Mutual Fund — Class F-32 | 13.03% | 14.16% | 11.18% |
| S&P 500 Index3 | 21.45% | 17.64% | 15.21% |

---

<sup>1</sup> Class F-3 shares were first offered on January 27, 2017.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $110834 |
| Total number of portfolio holdings | 178 |
| Total advisory fees paid (in millions) | $241 |
| Portfolio turnover rate | 30% |

---

**Portfolio holdings by sector** (percent of net assets)

#### Changes in and disagreements with accountants
On September 11, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending October 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended October 31, 2024 and October 31, 2025 and the subsequent interim period through December 11, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-F3.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF3ARX-003-1225© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2323.jpg)

ANNUAL SHAREHOLDER REPORT

## American Mutual Fund <sup>®</sup>
**Class 529-A \| CMLAX** for the year ended October 31, 2025

This annual shareholder report contains important information about American Mutual Fund (the "fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-529A. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-A | &nbsp;&nbsp;$64 | 0.60% |

---

#### Management's discussion of fund performance
The fund's Class 529-A shares gained 12.63% for the year ended October 31, 2025. That result compares with a 21.45% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-529A.

#### What factors influenced results
U.S. equities extended gains over the fund's fiscal year, rebounding from volatility in early 2025. Strong gains in the information technology, communication services and consumer discretionary sectors pushed the S&P 500 Index to record all-time highs. The U.S. economy grew steadily in the third quarter, supported by resilient consumer spending. Inflation rose modestly, reflecting lingering tariff effects. The Federal Reserve (Fed) reduced interest rates in September and October 2025, responding to signs of a weakening labor market.

Most sectors delivered positive returns for the fund, with information technology and industrials contributing significantly. Financials and utilities sectors also contributed meaningfully to the overall portfolio's return.

In contrast, materials were a significant detractor from overall results. Health care and consumer discretionary sectors also posted negative returns during the fiscal year.

#### How a hypothetical $10,000 investment has grown
Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1476287.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American Mutual Fund — Class 529-A (with sales charge)\* | 8.69% | 12.96% | 10.46% |
| American Mutual Fund — Class 529-A (without sales charge)\* | 12.63% | 13.76% | 10.85% |
| S&P 500 Index† | 21.45% | 17.64% | 14.64% |

---

<sup>\*</sup> 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.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $110834 |
| Total number of portfolio holdings | 178 |
| Total advisory fees paid (in millions) | $241 |
| Portfolio turnover rate | 30% |

---

**Portfolio holdings by sector** (percent of net assets)

#### Changes in and disagreements with accountants
On September 11, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending October 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended October 31, 2024 and October 31, 2025 and the subsequent interim period through December 11, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-529A.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5AARX-003-1225© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2323.jpg)

ANNUAL SHAREHOLDER REPORT

## American Mutual Fund <sup>®</sup>
**Class 529-C \| CMLCX** for the year ended October 31, 2025

This annual shareholder report contains important information about American Mutual Fund (the "fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-529C. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-C | &nbsp;&nbsp;$145 | 1.37% |

---

#### Management's discussion of fund performance
The fund's Class 529-C shares gained 11.79% for the year ended October 31, 2025. That result compares with a 21.45% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-529C.

#### What factors influenced results
U.S. equities extended gains over the fund's fiscal year, rebounding from volatility in early 2025. Strong gains in the information technology, communication services and consumer discretionary sectors pushed the S&P 500 Index to record all-time highs. The U.S. economy grew steadily in the third quarter, supported by resilient consumer spending. Inflation rose modestly, reflecting lingering tariff effects. The Federal Reserve (Fed) reduced interest rates in September and October 2025, responding to signs of a weakening labor market.

Most sectors delivered positive returns for the fund, with information technology and industrials contributing significantly. Financials and utilities sectors also contributed meaningfully to the overall portfolio's return.

In contrast, materials were a significant detractor from overall results. Health care and consumer discretionary sectors also posted negative returns during the fiscal year.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1476331.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American Mutual Fund — Class 529-C (with sales charge)\* | 10.79% | 12.91% | 10.43% |
| American Mutual Fund — Class 529-C (without sales charge)\* | 11.79% | 12.91% | 10.43% |
| S&P 500 Index† | 21.45% | 17.64% | 14.64% |

---

<sup>\*</sup> 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.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $110834 |
| Total number of portfolio holdings | 178 |
| Total advisory fees paid (in millions) | $241 |
| Portfolio turnover rate | 30% |

---

**Portfolio holdings by sector** (percent of net assets)

#### Changes in and disagreements with accountants
On September 11, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending October 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended October 31, 2024 and October 31, 2025 and the subsequent interim period through December 11, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-529C.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5CARX-003-1225© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2323.jpg)

ANNUAL SHAREHOLDER REPORT

## American Mutual Fund <sup>®</sup>
**Class 529-E \| CMLEX** for the year ended October 31, 2025

This annual shareholder report contains important information about American Mutual Fund (the "fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-529E. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-E | &nbsp;&nbsp;$90 | 0.85% |

---

#### Management's discussion of fund performance
The fund's Class 529-E shares gained 12.37% for the year ended October 31, 2025. That result compares with a 21.45% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-529E.

#### What factors influenced results
U.S. equities extended gains over the fund's fiscal year, rebounding from volatility in early 2025. Strong gains in the information technology, communication services and consumer discretionary sectors pushed the S&P 500 Index to record all-time highs. The U.S. economy grew steadily in the third quarter, supported by resilient consumer spending. Inflation rose modestly, reflecting lingering tariff effects. The Federal Reserve (Fed) reduced interest rates in September and October 2025, responding to signs of a weakening labor market.

Most sectors delivered positive returns for the fund, with information technology and industrials contributing significantly. Financials and utilities sectors also contributed meaningfully to the overall portfolio's return.

In contrast, materials were a significant detractor from overall results. Health care and consumer discretionary sectors also posted negative returns during the fiscal year.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1476419.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American Mutual Fund — Class 529-E\* | 12.37% | 13.49% | 10.59% |
| S&P 500 Index† | 21.45% | 17.64% | 14.64% |

---

<sup>\*</sup> 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.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $110834 |
| Total number of portfolio holdings | 178 |
| Total advisory fees paid (in millions) | $241 |
| Portfolio turnover rate | 30% |

---

**Portfolio holdings by sector** (percent of net assets)

#### Changes in and disagreements with accountants
On September 11, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending October 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended October 31, 2024 and October 31, 2025 and the subsequent interim period through December 11, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-529E.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5EARX-003-1225© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2323.jpg)

ANNUAL SHAREHOLDER REPORT

## American Mutual Fund <sup>®</sup>
**Class 529-T \| TAFMX** for the year ended October 31, 2025

This annual shareholder report contains important information about American Mutual Fund (the "fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-T | &nbsp;&nbsp;$39 | 0.37% |

---

#### Management's discussion of fund performance
The fund's Class 529-T shares gained 12.91% for the year ended October 31, 2025. That result compares with a 21.45% gain for the S&P 500 Index.

#### What factors influenced results
U.S. equities extended gains over the fund's fiscal year, rebounding from volatility in early 2025. Strong gains in the information technology, communication services and consumer discretionary sectors pushed the S&P 500 Index to record all-time highs. The U.S. economy grew steadily in the third quarter, supported by resilient consumer spending. Inflation rose modestly, reflecting lingering tariff effects. The Federal Reserve (Fed) reduced interest rates in September and October 2025, responding to signs of a weakening labor market.

Most sectors delivered positive returns for the fund, with information technology and industrials contributing significantly. Financials and utilities sectors also contributed meaningfully to the overall portfolio's return.

In contrast, materials were a significant detractor from overall results. Health care and consumer discretionary sectors also posted negative returns during the fiscal year.

#### How a hypothetical $10,000 investment has grown
Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1476903.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Mutual Fund — Class 529-T (with sales charge)2 | 10.08% | 13.45% | 10.66% |
| American Mutual Fund — Class 529-T (without sales charge)2 | 12.91% | 14.03% | 10.99% |
| S&P 500 Index3 | 21.45% | 17.64% | 15.16% |

---

<sup>1</sup> Class 529-T shares were first offered on April 7, 2017.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $110834 |
| Total number of portfolio holdings | 178 |
| Total advisory fees paid (in millions) | $241 |
| Portfolio turnover rate | 30% |

---

**Portfolio holdings by sector** (percent of net assets)

#### Changes in and disagreements with accountants
On September 11, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending October 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended October 31, 2024 and October 31, 2025 and the subsequent interim period through December 11, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5TARX-003-1225© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2323.jpg)

ANNUAL SHAREHOLDER REPORT

## American Mutual Fund <sup>®</sup>
**Class 529-F-1 \| CMLFX** for the year ended October 31, 2025

This annual shareholder report contains important information about American Mutual Fund (the "fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-529F1. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-1 | &nbsp;&nbsp;$46 | 0.43% |

---

#### Management's discussion of fund performance
The fund's Class 529-F-1 shares gained 12.83% for the year ended October 31, 2025. That result compares with a 21.45% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-529F1.

#### What factors influenced results
U.S. equities extended gains over the fund's fiscal year, rebounding from volatility in early 2025. Strong gains in the information technology, communication services and consumer discretionary sectors pushed the S&P 500 Index to record all-time highs. The U.S. economy grew steadily in the third quarter, supported by resilient consumer spending. Inflation rose modestly, reflecting lingering tariff effects. The Federal Reserve (Fed) reduced interest rates in September and October 2025, responding to signs of a weakening labor market.

Most sectors delivered positive returns for the fund, with information technology and industrials contributing significantly. Financials and utilities sectors also contributed meaningfully to the overall portfolio's return.

In contrast, materials were a significant detractor from overall results. Health care and consumer discretionary sectors also posted negative returns during the fiscal year.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1476375.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American Mutual Fund — Class 529-F-1\* | 12.83% | 13.96% | 11.08% |
| S&P 500 Index† | 21.45% | 17.64% | 14.64% |

---

<sup>\*</sup> 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.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $110834 |
| Total number of portfolio holdings | 178 |
| Total advisory fees paid (in millions) | $241 |
| Portfolio turnover rate | 30% |

---

**Portfolio holdings by sector** (percent of net assets)

#### Changes in and disagreements with accountants
On September 11, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending October 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended October 31, 2024 and October 31, 2025 and the subsequent interim period through December 11, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-529F1.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5FARX-003-1225© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2323.jpg)

ANNUAL SHAREHOLDER REPORT

## American Mutual Fund <sup>®</sup>
**Class 529-F-2 \| FFMMX** for the year ended October 31, 2025

This annual shareholder report contains important information about American Mutual Fund (the "fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-529F2. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-2 | &nbsp;&nbsp;$38 | 0.36% |

---

#### Management's discussion of fund performance
The fund's Class 529-F-2 shares gained 12.90% for the year ended October 31, 2025. That result compares with a 21.45% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-529F2.

#### What factors influenced results
U.S. equities extended gains over the fund's fiscal year, rebounding from volatility in early 2025. Strong gains in the information technology, communication services and consumer discretionary sectors pushed the S&P 500 Index to record all-time highs. The U.S. economy grew steadily in the third quarter, supported by resilient consumer spending. Inflation rose modestly, reflecting lingering tariff effects. The Federal Reserve (Fed) reduced interest rates in September and October 2025, responding to signs of a weakening labor market.

Most sectors delivered positive returns for the fund, with information technology and industrials contributing significantly. Financials and utilities sectors also contributed meaningfully to the overall portfolio's return.

In contrast, materials were a significant detractor from overall results. Health care and consumer discretionary sectors also posted negative returns during the fiscal year.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1476947.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Mutual Fund — Class 529-F-22 | 12.90% | 14.04% | 14.03% |
| S&P 500 Index3 | 21.45% | 17.64% | 17.63% |

---

<sup>1</sup> Class 529-F-2 shares were first offered on October 30, 2020.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $110834 |
| Total number of portfolio holdings | 178 |
| Total advisory fees paid (in millions) | $241 |
| Portfolio turnover rate | 30% |

---

**Portfolio holdings by sector** (percent of net assets)

#### Changes in and disagreements with accountants
On September 11, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending October 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended October 31, 2024 and October 31, 2025 and the subsequent interim period through December 11, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-529F2.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5XARX-003-1225© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2323.jpg)

ANNUAL SHAREHOLDER REPORT

## American Mutual Fund <sup>®</sup>
**Class 529-F-3 \| FFFMX** for the year ended October 31, 2025

This annual shareholder report contains important information about American Mutual Fund (the "fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-529F3. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-3 | &nbsp;&nbsp;$34 | 0.32% |

---

#### Management's discussion of fund performance
The fund's Class 529-F-3 shares gained 12.95% for the year ended October 31, 2025. That result compares with a 21.45% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-529F3.

#### What factors influenced results
U.S. equities extended gains over the fund's fiscal year, rebounding from volatility in early 2025. Strong gains in the information technology, communication services and consumer discretionary sectors pushed the S&P 500 Index to record all-time highs. The U.S. economy grew steadily in the third quarter, supported by resilient consumer spending. Inflation rose modestly, reflecting lingering tariff effects. The Federal Reserve (Fed) reduced interest rates in September and October 2025, responding to signs of a weakening labor market.

Most sectors delivered positive returns for the fund, with information technology and industrials contributing significantly. Financials and utilities sectors also contributed meaningfully to the overall portfolio's return.

In contrast, materials were a significant detractor from overall results. Health care and consumer discretionary sectors also posted negative returns during the fiscal year.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1476991.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Mutual Fund — Class 529-F-32 | 12.95% | 14.09% | 14.08% |
| S&P 500 Index3 | 21.45% | 17.64% | 17.63% |

---

<sup>1</sup> Class 529-F-3 shares were first offered on October 30, 2020.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $110834 |
| Total number of portfolio holdings | 178 |
| Total advisory fees paid (in millions) | $241 |
| Portfolio turnover rate | 30% |

---

**Portfolio holdings by sector** (percent of net assets)

#### Changes in and disagreements with accountants
On September 11, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending October 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended October 31, 2024 and October 31, 2025 and the subsequent interim period through December 11, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-529F3.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5YARX-003-1225© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2323.jpg)

ANNUAL SHAREHOLDER REPORT

## American Mutual Fund <sup>®</sup>
**Class R-1 \| RMFAX** for the year ended October 31, 2025

This annual shareholder report contains important information about American Mutual Fund (the "fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R1. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-1 | &nbsp;&nbsp;$143 | 1.35% |

---

#### Management's discussion of fund performance
The fund's Class R-1 shares gained 11.80% for the year ended October 31, 2025. That result compares with a 21.45% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R1.

#### What factors influenced results
U.S. equities extended gains over the fund's fiscal year, rebounding from volatility in early 2025. Strong gains in the information technology, communication services and consumer discretionary sectors pushed the S&P 500 Index to record all-time highs. The U.S. economy grew steadily in the third quarter, supported by resilient consumer spending. Inflation rose modestly, reflecting lingering tariff effects. The Federal Reserve (Fed) reduced interest rates in September and October 2025, responding to signs of a weakening labor market.

Most sectors delivered positive returns for the fund, with information technology and industrials contributing significantly. Financials and utilities sectors also contributed meaningfully to the overall portfolio's return.

In contrast, materials were a significant detractor from overall results. Health care and consumer discretionary sectors also posted negative returns during the fiscal year.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1476463.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American Mutual Fund — Class R-1\* | 11.80% | 12.92% | 10.03% |
| S&P 500 Index† | 21.45% | 17.64% | 14.64% |

---

<sup>\*</sup> 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.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $110834 |
| Total number of portfolio holdings | 178 |
| Total advisory fees paid (in millions) | $241 |
| Portfolio turnover rate | 30% |

---

**Portfolio holdings by sector** (percent of net assets)

#### Changes in and disagreements with accountants
On September 11, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending October 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended October 31, 2024 and October 31, 2025 and the subsequent interim period through December 11, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R1.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR1ARX-003-1225© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2323.jpg)

ANNUAL SHAREHOLDER REPORT

## American Mutual Fund <sup>®</sup>
**Class R-2 \| RMFBX** for the year ended October 31, 2025

This annual shareholder report contains important information about American Mutual Fund (the "fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R2. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-2 | &nbsp;&nbsp;$143 | 1.35% |

---

#### Management's discussion of fund performance
The fund's Class R-2 shares gained 11.80% for the year ended October 31, 2025. That result compares with a 21.45% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R2.

#### What factors influenced results
U.S. equities extended gains over the fund's fiscal year, rebounding from volatility in early 2025. Strong gains in the information technology, communication services and consumer discretionary sectors pushed the S&P 500 Index to record all-time highs. The U.S. economy grew steadily in the third quarter, supported by resilient consumer spending. Inflation rose modestly, reflecting lingering tariff effects. The Federal Reserve (Fed) reduced interest rates in September and October 2025, responding to signs of a weakening labor market.

Most sectors delivered positive returns for the fund, with information technology and industrials contributing significantly. Financials and utilities sectors also contributed meaningfully to the overall portfolio's return.

In contrast, materials were a significant detractor from overall results. Health care and consumer discretionary sectors also posted negative returns during the fiscal year.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1476507.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American Mutual Fund — Class R-2\* | 11.80% | 12.93% | 10.04% |
| S&P 500 Index† | 21.45% | 17.64% | 14.64% |

---

<sup>\*</sup> 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.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $110834 |
| Total number of portfolio holdings | 178 |
| Total advisory fees paid (in millions) | $241 |
| Portfolio turnover rate | 30% |

---

**Portfolio holdings by sector** (percent of net assets)

#### Changes in and disagreements with accountants
On September 11, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending October 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended October 31, 2024 and October 31, 2025 and the subsequent interim period through December 11, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R2.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR2ARX-003-1225© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2323.jpg)

ANNUAL SHAREHOLDER REPORT

## American Mutual Fund <sup>®</sup>
**Class R-2E \| RMEBX** for the year ended October 31, 2025

This annual shareholder report contains important information about American Mutual Fund (the "fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R2E. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-2E | &nbsp;&nbsp;$112 | 1.06% |

---

#### Management's discussion of fund performance
The fund's Class R-2E shares gained 12.13% for the year ended October 31, 2025. That result compares with a 21.45% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R2E.

#### What factors influenced results
U.S. equities extended gains over the fund's fiscal year, rebounding from volatility in early 2025. Strong gains in the information technology, communication services and consumer discretionary sectors pushed the S&P 500 Index to record all-time highs. The U.S. economy grew steadily in the third quarter, supported by resilient consumer spending. Inflation rose modestly, reflecting lingering tariff effects. The Federal Reserve (Fed) reduced interest rates in September and October 2025, responding to signs of a weakening labor market.

Most sectors delivered positive returns for the fund, with information technology and industrials contributing significantly. Financials and utilities sectors also contributed meaningfully to the overall portfolio's return.

In contrast, materials were a significant detractor from overall results. Health care and consumer discretionary sectors also posted negative returns during the fiscal year.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1476727.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American Mutual Fund — Class R-2E\* | 12.13% | 13.25% | 10.37% |
| S&P 500 Index† | 21.45% | 17.64% | 14.64% |

---

<sup>\*</sup> 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.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $110834 |
| Total number of portfolio holdings | 178 |
| Total advisory fees paid (in millions) | $241 |
| Portfolio turnover rate | 30% |

---

**Portfolio holdings by sector** (percent of net assets)

#### Changes in and disagreements with accountants
On September 11, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending October 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended October 31, 2024 and October 31, 2025 and the subsequent interim period through December 11, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R2E.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF2EARX-003-1225© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2323.jpg)

ANNUAL SHAREHOLDER REPORT

## American Mutual Fund <sup>®</sup>
**Class R-3 \| RMFCX** for the year ended October 31, 2025

This annual shareholder report contains important information about American Mutual Fund (the "fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R3. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-3 | &nbsp;&nbsp;$97 | 0.91% |

---

#### Management's discussion of fund performance
The fund's Class R-3 shares gained 12.29% for the year ended October 31, 2025. That result compares with a 21.45% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R3.

#### What factors influenced results
U.S. equities extended gains over the fund's fiscal year, rebounding from volatility in early 2025. Strong gains in the information technology, communication services and consumer discretionary sectors pushed the S&P 500 Index to record all-time highs. The U.S. economy grew steadily in the third quarter, supported by resilient consumer spending. Inflation rose modestly, reflecting lingering tariff effects. The Federal Reserve (Fed) reduced interest rates in September and October 2025, responding to signs of a weakening labor market.

Most sectors delivered positive returns for the fund, with information technology and industrials contributing significantly. Financials and utilities sectors also contributed meaningfully to the overall portfolio's return.

In contrast, materials were a significant detractor from overall results. Health care and consumer discretionary sectors also posted negative returns during the fiscal year.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1476551.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American Mutual Fund — Class R-3\* | 12.29% | 13.42% | 10.53% |
| S&P 500 Index† | 21.45% | 17.64% | 14.64% |

---

<sup>\*</sup> 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.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $110834 |
| Total number of portfolio holdings | 178 |
| Total advisory fees paid (in millions) | $241 |
| Portfolio turnover rate | 30% |

---

**Portfolio holdings by sector** (percent of net assets)

#### Changes in and disagreements with accountants
On September 11, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending October 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended October 31, 2024 and October 31, 2025 and the subsequent interim period through December 11, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R3.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR3ARX-003-1225© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2323.jpg)

ANNUAL SHAREHOLDER REPORT

## American Mutual Fund <sup>®</sup>
**Class R-4 \| RMFEX** for the year ended October 31, 2025

This annual shareholder report contains important information about American Mutual Fund (the "fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R4. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-4 | &nbsp;&nbsp;$65 | 0.61% |

---

#### Management's discussion of fund performance
The fund's Class R-4 shares gained 12.62% for the year ended October 31, 2025. That result compares with a 21.45% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R4.

#### What factors influenced results
U.S. equities extended gains over the fund's fiscal year, rebounding from volatility in early 2025. Strong gains in the information technology, communication services and consumer discretionary sectors pushed the S&P 500 Index to record all-time highs. The U.S. economy grew steadily in the third quarter, supported by resilient consumer spending. Inflation rose modestly, reflecting lingering tariff effects. The Federal Reserve (Fed) reduced interest rates in September and October 2025, responding to signs of a weakening labor market.

Most sectors delivered positive returns for the fund, with information technology and industrials contributing significantly. Financials and utilities sectors also contributed meaningfully to the overall portfolio's return.

In contrast, materials were a significant detractor from overall results. Health care and consumer discretionary sectors also posted negative returns during the fiscal year.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1476595.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American Mutual Fund — Class R-4\* | 12.62% | 13.76% | 10.86% |
| S&P 500 Index† | 21.45% | 17.64% | 14.64% |

---

<sup>\*</sup> 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.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $110834 |
| Total number of portfolio holdings | 178 |
| Total advisory fees paid (in millions) | $241 |
| Portfolio turnover rate | 30% |

---

**Portfolio holdings by sector** (percent of net assets)

#### Changes in and disagreements with accountants
On September 11, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending October 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended October 31, 2024 and October 31, 2025 and the subsequent interim period through December 11, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R4.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR4ARX-003-1225© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2323.jpg)

ANNUAL SHAREHOLDER REPORT

## American Mutual Fund <sup>®</sup>
**Class R-5E \| RMFHX** for the year ended October 31, 2025

This annual shareholder report contains important information about American Mutual Fund (the "fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R5E. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-5E | &nbsp;&nbsp;$45 | 0.42% |

---

#### Management's discussion of fund performance
The fund's Class R-5E shares gained 12.86% for the year ended October 31, 2025. That result compares with a 21.45% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R5E.

#### What factors influenced results
U.S. equities extended gains over the fund's fiscal year, rebounding from volatility in early 2025. Strong gains in the information technology, communication services and consumer discretionary sectors pushed the S&P 500 Index to record all-time highs. The U.S. economy grew steadily in the third quarter, supported by resilient consumer spending. Inflation rose modestly, reflecting lingering tariff effects. The Federal Reserve (Fed) reduced interest rates in September and October 2025, responding to signs of a weakening labor market.

Most sectors delivered positive returns for the fund, with information technology and industrials contributing significantly. Financials and utilities sectors also contributed meaningfully to the overall portfolio's return.

In contrast, materials were a significant detractor from overall results. Health care and consumer discretionary sectors also posted negative returns during the fiscal year.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1476771.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Mutual Fund — Class R-5E2 | 12.86% | 14.00% | 11.08% |
| S&P 500 Index3 | 21.45% | 17.64% | 14.64% |

---

<sup>1</sup> Class R-5E shares were first offered on November 20, 2015.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $110834 |
| Total number of portfolio holdings | 178 |
| Total advisory fees paid (in millions) | $241 |
| Portfolio turnover rate | 30% |

---

**Portfolio holdings by sector** (percent of net assets)

#### Changes in and disagreements with accountants
On September 11, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending October 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended October 31, 2024 and October 31, 2025 and the subsequent interim period through December 11, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R5E.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFE5ARX-003-1225© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2323.jpg)

ANNUAL SHAREHOLDER REPORT

## American Mutual Fund <sup>®</sup>
**Class R-5 \| RMFFX** for the year ended October 31, 2025

This annual shareholder report contains important information about American Mutual Fund (the "fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R5. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-5 | &nbsp;&nbsp;$34 | 0.32% |

---

#### Management's discussion of fund performance
The fund's Class R-5 shares gained 12.96% for the year ended October 31, 2025. That result compares with a 21.45% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R5.

#### What factors influenced results
U.S. equities extended gains over the fund's fiscal year, rebounding from volatility in early 2025. Strong gains in the information technology, communication services and consumer discretionary sectors pushed the S&P 500 Index to record all-time highs. The U.S. economy grew steadily in the third quarter, supported by resilient consumer spending. Inflation rose modestly, reflecting lingering tariff effects. The Federal Reserve (Fed) reduced interest rates in September and October 2025, responding to signs of a weakening labor market.

Most sectors delivered positive returns for the fund, with information technology and industrials contributing significantly. Financials and utilities sectors also contributed meaningfully to the overall portfolio's return.

In contrast, materials were a significant detractor from overall results. Health care and consumer discretionary sectors also posted negative returns during the fiscal year.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1476639.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American Mutual Fund — Class R-5\* | 12.96% | 14.10% | 11.19% |
| S&P 500 Index† | 21.45% | 17.64% | 14.64% |

---

<sup>\*</sup> 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.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $110834 |
| Total number of portfolio holdings | 178 |
| Total advisory fees paid (in millions) | $241 |
| Portfolio turnover rate | 30% |

---

**Portfolio holdings by sector** (percent of net assets)

#### Changes in and disagreeme nts with accountants
On September 11, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending October 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended October 31, 2024 and October 31, 2025 and the subsequent interim period through December 11, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R5.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR5ARX-003-1225© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2323.jpg)

ANNUAL SHAREHOLDER REPORT

## American Mutual Fund <sup>®</sup>
**Class R-6 \| RMFGX** for the year ended October 31, 2025

This annual shareholder report contains important information about American Mutual Fund (the "fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R6. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-6 | &nbsp;&nbsp;$29 | 0.27% |

---

#### Management's discussion of fund performance
The fund's Class R-6 shares gained 13.02% for the year ended October 31, 2025. That result compares with a 21.45% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R6.

#### What factors influenced results
U.S. equities extended gains over the fund's fiscal year, rebounding from volatility in early 2025. Strong gains in the information technology, communication services and consumer discretionary sectors pushed the S&P 500 Index to record all-time highs. The U.S. economy grew steadily in the third quarter, supported by resilient consumer spending. Inflation rose modestly, reflecting lingering tariff effects. The Federal Reserve (Fed) reduced interest rates in September and October 2025, responding to signs of a weakening labor market.

Most sectors delivered positive returns for the fund, with information technology and industrials contributing significantly. Financials and utilities sectors also contributed meaningfully to the overall portfolio's return.

In contrast, materials were a significant detractor from overall results. Health care and consumer discretionary sectors also posted negative returns during the fiscal year.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1476683.jpg)

#### Average annual total retur ns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| American Mutual Fund — Class R-6\* | 13.02% | 14.15% | 11.25% |
| S&P 500 Index† | 21.45% | 17.64% | 14.64% |

---

<sup>\*</sup> 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.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $110834 |
| Total number of portfolio holdings | 178 |
| Total advisory fees paid (in millions) | $241 |
| Portfolio turnover rate | 30% |

---

**Portfolio holdings by sector** (percent of net assets)

#### Changes in and disagreements with accountants
On September 11, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending October 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended October 31, 2024 and October 31, 2025 and the subsequent interim period through December 11, 2025, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R6.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR6ARX-003-1225© 2025 Capital Group. All rights reserved.

------

#### ITEM 2 - Code of Ethics
The Registrant has adopted a Code of Ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer and principal accounting officer, or persons performing similar functions. A copy of the code of ethics is available without charge at https://www.capitalgroup.com/individual/pdf/shareholder/cg_code_of_ethics.pdf.

------

#### ITEM 3 - Audit Committee Financial Expert
The Registrant's board has determined that John G. Freund, 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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Registrant<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;&nbsp;&nbsp;(b) Audit-Related Fees | (c) Tax Fees | &nbsp;&nbsp;&nbsp;&nbsp;(d) All Other Fees |
| **October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116000 | &nbsp;&nbsp;15000 | &nbsp;&nbsp;10000 |  |
| **October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109000 | &nbsp;&nbsp;16000 | &nbsp;&nbsp;9000 |  |
| **Adviser and Affiliates<sup>2</sup>** |  |  |  |  |
| **October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable | &nbsp;&nbsp;1867000 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;72000 |
| **October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable | &nbsp;&nbsp;2131000 |  | &nbsp;&nbsp;&nbsp;&nbsp;11000 |

---

---

| | |
|:---|:---|
| **Registrant, Adviser and Affiliates<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Aggregate |
| **Registrant, Adviser and Affiliates<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**non-audit fees** |
| **October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968000 |
| **October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167000 |

---

<sup>1</sup>The audit fees represents fees billed for professional services rendered for the audit and review of the Registrant's annual financial statements. The audit-related fees represents fees billed for assurance and related services that are reasonably related to the performance of the audit or review of the Registrant's financial statements, but not reported under "audit fees". The tax fees consist of professional services relating to the preparation of the Registrant's tax returns. The other fees represents fees, if any, billed for other products and services rendered by the principal accountant to the Registrant other than those reported under the "audit fees", "audit-related fees", and "tax fees".

<sup>2</sup>This 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. 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. The tax fees consist of consulting services relating to the Registrant's investments. The other fees consist of subscription services related to an accounting research tool.

<sup>3</sup>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. 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.

**(e1)(e2)(h)** 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.

**(f)**Not applicable.

**(i)**Not applicable.

**(j)**Not applicable.

------

#### 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 - Investments
The schedule of investments is included as part of the material filed under Item 7 of this Form.

------

#### ITEM 7 - Financial Statements and Financial Highlights for Open-End Management Investment Companies

------

![](img9a5439241.jpg)

**American Mutual Fund**<sup>®</sup>

Financial Statements and Other Information

N-CSR Items 7-11

for the year ended October 31, 2025

Lit. No. MFGEFP4-003-1225© 2025 Capital Group. All rights reserved.

------

Investment portfolio October 31, 2025

------

---

| | | |
|:---|:---|:---|
| Common stocks 96.02% | Shares | Value<br> (000)<br>|
| **Energy 3.89%** | **Energy 3.89%** | **Energy 3.89%** |
| Baker Hughes Co., Class A  | 9477282 | $458795 |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 4138318 | 132392 |
| Cenovus Energy, Inc.  | 7065164 | 119543 |
| ConocoPhillips  | 8903551 | 791170 |
| EOG Resources, Inc.  | 3721952 | 393931 |
| Exxon Mobil Corp.  | 12424589 | 1420876 |
| TC Energy Corp.  | 8829589 | 442892 |
| TC Energy Corp. (CAD denominated)  | 11021503 | 553059 |
|  |  | 4312658 |
| **Materials 3.39%** | **Materials 3.39%** | **Materials 3.39%** |
| Air Products and Chemicals, Inc.  | 3460888 | 839577 |
| Corteva, Inc.  | 799420 | 49116 |
| Eastman Chemical Co.  | 872306 | 51920 |
| Ecolab, Inc.  | 728001 | 186660 |
| International Paper Co. <sup>(a)</sup>  | 42223727 | 1631525 |
| Linde PLC  | 2127168 | 889794 |
| Nutrien, Ltd.  | 1100230 | 59908 |
| Sherwin-Williams Co.  | 125223 | 43194 |
| Solstice Advanced Materials, Inc. <sup>(b)</sup>  | 218841 | 9863 |
|  |  | 3761557 |
| **Industrials 14.22%** | **Industrials 14.22%** | **Industrials 14.22%** |
| Airbus SE, non-registered shares  | 2177219 | 536919 |
| Automatic Data Processing, Inc.  | 2671335 | 695349 |
| BAE Systems PLC (ADR)  | 1020530 | 100941 |
| Canadian National Railway Co.  | 80007 | 7673 |
| Canadian National Railway Co. (CAD denominated)  | 2503162 | 240027 |
| Carrier Global Corp.  | 12007412 | 714321 |
| Caterpillar, Inc.  | 317974 | 183554 |
| Deutsche Post AG  | 1469486 | 67452 |
| Emerson Electric Co.  | 672817 | 93905 |
| Equifax, Inc.  | 376803 | 79543 |
| FedEx Corp.  | 623049 | 158142 |
| General Electric Co.  | 12249389 | 3784449 |
| HEICO Corp., Class A  | 175566 | 43493 |
| Honeywell International, Inc.  | 875364 | 176237 |
| Illinois Tool Works, Inc.  | 1036089 | 252723 |
| Ingersoll-Rand, Inc.  | 1065078 | 81297 |
| L3Harris Technologies, Inc.  | 980846 | 283563 |
| Northrop Grumman Corp.  | 1467793 | 856384 |
| Otis Worldwide Corp.  | 1510925 | 140153 |
| PACCAR, Inc.  | 849100 | 83551 |
| Paychex, Inc.  | 2205867 | 258153 |
| RELX PLC (ADR)  | 1963641 | 86871 |
| Rolls-Royce Holdings PLC (ADR) <sup>(c)</sup>  | 18109765 | 281607 |
| RTX Corp.  | 28143711 | 5023652 |
| Stanley Black & Decker, Inc.  | 6362058 | 430839 |
| Union Pacific Corp.  | 2941422 | 648201 |
| Waste Management, Inc.  | 809722 | 161758 |
| Watsco, Inc.  | 788874 | 290314 |
|  |  | 15761071 |
| **Consumer discretionary 3.92%** | **Consumer discretionary 3.92%** | **Consumer discretionary 3.92%** |
| Hasbro, Inc.  | 872474 | 66578 |
| Home Depot, Inc.  | 4180288 | 1586796 |
| McDonald's Corp.  | 1259256 | 375800 |

---

---

| | |
|:---|:---|
| **1** | American Mutual Fund |

---

------

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary (continued)** | **Consumer discretionary (continued)** | **Consumer discretionary (continued)** |
| Starbucks Corp.  | 18545398 | $1499766 |
| TJX Cos., Inc. (The)  | 2376225 | 333004 |
| Tractor Supply Co.  | 8950375 | 484305 |
|  |  | 4346249 |
| **Consumer staples 6.66%** | **Consumer staples 6.66%** | **Consumer staples 6.66%** |
| British American Tobacco PLC (ADR)  | 26557273 | 1359467 |
| Coca-Cola Co.  | 10027394 | 690887 |
| Constellation Brands, Inc., Class A  | 584234 | 76757 |
| Dollar General Corp.  | 445060 | 43909 |
| Estee Lauder Cos., Inc. (The), Class A  | 1032786 | 99860 |
| General Mills, Inc.  | 416013 | 19390 |
| Hershey Co.  | 1610748 | 273231 |
| Kenvue, Inc.  | 1518767 | 21825 |
| Mondelez International, Inc., Class A  | 27695055 | 1591358 |
| PepsiCo, Inc.  | 1741317 | 254389 |
| Philip Morris International, Inc.  | 14075436 | 2031508 |
| Procter & Gamble Co.  | 4529997 | 681176 |
| Sysco Corp.  | 3264316 | 242473 |
|  |  | 7386230 |
| **Health care 12.64%** | **Health care 12.64%** | **Health care 12.64%** |
| Abbott Laboratories  | 11642822 | 1439286 |
| AbbVie, Inc.  | 9065435 | 1976627 |
| Amgen, Inc.  | 5267121 | 1571867 |
| AstraZeneca PLC (ADR)  | 2753724 | 226907 |
| Bristol-Myers Squibb Co.  | 7945722 | 366059 |
| Cencora, Inc.  | 544460 | 183924 |
| Cigna Group (The)  | 549395 | 134278 |
| CVS Health Corp.  | 10320016 | 806509 |
| Danaher Corp.  | 1473873 | 317443 |
| Elevance Health, Inc.  | 165815 | 52597 |
| Eli Lilly and Co.  | 2665062 | 2299575 |
| GE HealthCare Technologies, Inc.  | 4195054 | 314419 |
| Gilead Sciences, Inc.  | 6519082 | 780921 |
| Humana, Inc.  | 1087305 | 302477 |
| Johnson & Johnson  | 3303365 | 623907 |
| McKesson Corp.  | 97310 | 78952 |
| Medtronic PLC  | 7651492 | 693990 |
| Novo Nordisk AS, Class B (ADR) <sup>(c)</sup>  | 853326 | 42206 |
| Sanofi  | 1018244 | 103017 |
| Sanofi (ADR)  | 1577744 | 79802 |
| Stryker Corp.  | 459721 | 163771 |
| Takeda Pharmaceutical Co., Ltd. (ADR) <sup>(c)</sup>  | 12888047 | 173215 |
| Thermo Fisher Scientific, Inc.  | 717288 | 406982 |
| UnitedHealth Group, Inc.  | 2546212 | 869684 |
|  |  | 14008415 |
| **Financials 13.95%** | **Financials 13.95%** | **Financials 13.95%** |
| American International Group, Inc.  | 3937454 | 310901 |
| Apollo Asset Management, Inc.  | 209132 | 25997 |
| Arthur J. Gallagher & Co.  | 495308 | 123574 |
| Bank of America Corp.  | 2536268 | 135564 |
| Berkshire Hathaway, Inc., Class A <sup>(b)</sup>  | 82 | 58691 |
| Berkshire Hathaway, Inc., Class B <sup>(b)</sup>  | 106000 | 50619 |
| BlackRock, Inc.  | 662433 | 717289 |
| Blackstone, Inc.  | 1896743 | 278138 |
| Canadian Imperial Bank of Commerce  | 828826 | 68674 |
| Capital One Financial Corp.  | 1249837 | 274952 |
| Carlyle Group, Inc. (The)  | 1639650 | 87426 |
| Charles Schwab Corp. (The)  | 1071512 | 101279 |
| Chubb, Ltd.  | 2434127 | 674107 |
| CME Group, Inc., Class A  | 2298599 | 610255 |
| East West Bancorp, Inc.  | 2481538 | 252124 |

---

American Mutual Fund<sub>2</sub>

------

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| Equitable Holdings, Inc.  | 5638083 | $278521 |
| Fidelity National Information Services, Inc.  | 15288866 | 955860 |
| Fifth Third Bancorp  | 6166945 | 256668 |
| Great-West Lifeco, Inc.  | 7339018 | 311132 |
| JPMorgan Chase & Co.  | 7720538 | 2402014 |
| KKR & Co., Inc.  | 595862 | 70508 |
| Marsh & McLennan Cos., Inc.  | 4402743 | 784349 |
| Mastercard, Inc., Class A  | 848943 | 468608 |
| Morgan Stanley  | 5996104 | 983361 |
| National Bank of Canada  | 2362198 | 263917 |
| PNC Financial Services Group, Inc.  | 4678631 | 854084 |
| Progressive Corp.  | 4361960 | 898564 |
| Royal Bank of Canada <sup>(c)</sup>  | 169504 | 24832 |
| Toronto-Dominion Bank (The)  | 356035 | 29241 |
| Toronto-Dominion Bank (The) (CAD denominated)  | 2281696 | 187345 |
| TPG, Inc., Class A  | 3262598 | 179573 |
| Truist Financial Corp.  | 20523830 | 915979 |
| Visa, Inc., Class A  | 1680021 | 572450 |
| Wells Fargo & Co.  | 14372724 | 1249996 |
|  |  | 15456592 |
| **Information technology 23.24%** | **Information technology 23.24%** | **Information technology 23.24%** |
| Accenture PLC, Class A  | 5589745 | 1397995 |
| Amphenol Corp., Class A  | 3216599 | 448201 |
| Analog Devices, Inc.  | 419309 | 98173 |
| Apple, Inc.  | 12819080 | 3465895 |
| Applied Materials, Inc.  | 5520899 | 1286921 |
| Broadcom, Inc.  | 15781549 | 5833334 |
| Cognizant Technology Solutions Corp., Class A  | 2000000 | 145760 |
| Corning, Inc.  | 3189393 | 284111 |
| International Business Machines Corp.  | 105738 | 32505 |
| KLA Corp.  | 733678 | 886826 |
| Microsoft Corp.  | 14951018 | 7741788 |
| Oracle Corp.  | 4040066 | 1060962 |
| Salesforce, Inc.  | 2989876 | 778594 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)  | 5375120 | 1614847 |
| Texas Instruments, Inc.  | 4206301 | 679149 |
|  |  | 25755061 |
| **Communication services 4.05%** | **Communication services 4.05%** | **Communication services 4.05%** |
| Alphabet, Inc., Class A  | 4352446 | 1223864 |
| AT&T, Inc.  | 12275500 | 303819 |
| Comcast Corp., Class A  | 11560038 | 321774 |
| Meta Platforms, Inc., Class A  | 2834836 | 1837966 |
| T-Mobile US, Inc.  | 3106447 | 652509 |
| Verizon Communications, Inc.  | 3651533 | 145112 |
|  |  | 4485044 |
| **Utilities 7.29%** | **Utilities 7.29%** | **Utilities 7.29%** |
| American Electric Power Co., Inc.  | 1415991 | 170287 |
| Atmos Energy Corp.  | 5327714 | 914875 |
| CenterPoint Energy, Inc.  | 27541322 | 1053180 |
| Constellation Energy Corp.  | 4046680 | 1525598 |
| Dominion Energy, Inc.  | 13414359 | 787289 |
| DTE Energy Co.  | 3477725 | 471371 |
| Exelon Corp.  | 3141817 | 144901 |
| NextEra Energy, Inc.  | 13383666 | 1089430 |
| Pinnacle West Capital Corp.  | 584492 | 51739 |
| Public Service Enterprise Group, Inc.  | 4133795 | 333019 |
| Sempra  | 9052195 | 832259 |
| Southern Co. (The)  | 4592635 | 431891 |
| Xcel Energy, Inc.  | 3320427 | 269519 |
|  |  | 8075358 |

---

---

| | |
|:---|:---|
| **3** | American Mutual Fund |

---

------

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Real estate 2.77%** | **Real estate 2.77%** | **Real estate 2.77%** |
| American Tower Corp. REIT  | 353847 | $63331 |
| Crown Castle, Inc. REIT  | 750133 | 67677 |
| Digital Realty Trust, Inc. REIT  | 1207786 | 205819 |
| Equinix, Inc. REIT  | 141912 | 120059 |
| Extra Space Storage, Inc. REIT  | 2087088 | 278710 |
| Prologis, Inc. REIT  | 3102967 | 385047 |
| Public Storage REIT  | 1146494 | 319367 |
| Rexford Industrial Realty, Inc. REIT  | 5619260 | 232188 |
| Sun Communities, Inc. REIT  | 417825 | 52897 |
| UDR, Inc. REIT  | 4290735 | 144555 |
| Welltower, Inc. REIT  | 6660624 | 1205839 |
|  |  | 3075489 |
| **Total common stocks** (cost: $62,807,140,000) | **Total common stocks** (cost: $62,807,140,000) | 106423724 |
| Convertible stocks 0.29% |  |  |
| **Information technology 0.29%** | **Information technology 0.29%** | **Information technology 0.29%** |
| Microchip Technology, Inc., Series A, cumulative convertible preferred depositary shares, 7.50% 3/15/2028 <sup>(c)</sup>  | 5500577 | 318483 |
| **Total convertible stocks** (cost: $291,335,000) | **Total convertible stocks** (cost: $291,335,000) | 318483 |
| Short-term securities 3.57% |  |  |
| **Money market investments 3.44%** | **Money market investments 3.44%** | **Money market investments 3.44%** |
| Capital Group Central Cash Fund 4.08% <sup>(a)(d)</sup>  | 38132512 | 3814014 |
| **Money market investments purchased with collateral from securities on loan 0.13%** | **Money market investments purchased with collateral from securities on loan 0.13%** | **Money market investments purchased with collateral from securities on loan 0.13%** |
| Capital Group Central Cash Fund 4.08% <sup>(a)(d)(e)</sup>  | 628011 | 62814 |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.06% <sup>(d)(e)</sup>  | 11074964 | 11074 |
| BlackRock Liquidity Funds – FedFund, Institutional Shares 3.98% <sup>(d)(e)</sup>  | 10100000 | 10100 |
| Dreyfus Treasury Obligations Cash Management, Institutional Shares 3.95% <sup>(d)(e)</sup>  | 10100000 | 10100 |
| Fidelity Investments Money Market Government Portfolio, Class I 4.01% <sup>(d)(e)</sup>  | 10100000 | 10100 |
| Goldman Sachs Financial Square Government Fund, Institutional Shares 4.01% <sup>(d)(e)</sup>  | 10100000 | 10100 |
| Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 4.00% <sup>(d)(e)</sup>  | 10100000 | 10100 |
| RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 4.07% <sup>(d)(e)</sup>  | 10100000 | 10100 |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 4.01% <sup>(d)(e)</sup>  | 10100000 | 10100 |
|  |  | 144588 |
| **Total short-term securities** (cost: $3,957,619,000) | **Total short-term securities** (cost: $3,957,619,000) | 3958602 |
| **Total investment securities 99.88**% (cost: $67,056,094,000) | **Total investment securities 99.88**% (cost: $67,056,094,000) | 110700809 |
| Other assets less liabilities 0.12% |  | 132696 |
| **Net assets 100.00%** |  | $110833505 |

---

**Investments in affiliates** <sup>(a)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>11/1/2024 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>10/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Common stocks 1.47%** |  |  |  |  |  |  |  |
| **Materials 1.47%** |  |  |  |  |  |  |  |
| International Paper Co.  | $785315 | &nbsp;&nbsp; $1536801 | &nbsp;&nbsp; $6250 | &nbsp;&nbsp; $1436 | &nbsp;&nbsp; $(685777)<br>| &nbsp;&nbsp; $1631525 | &nbsp;&nbsp; $59407 |
| **Consumer discretionary 0.00%** |  |  |  |  |  |  |  |
| Hasbro, Inc. <sup>(f)</sup>  | 490975 | &nbsp;&nbsp; — | &nbsp;&nbsp; 435865 | &nbsp;&nbsp; 79495 | &nbsp;&nbsp; (68027)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 14835 |

---

American Mutual Fund<sub>4</sub>

------

**Investments in affiliates** <sup>(a)</sup> (continued)

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> 11/1/2024<br> (000)<br>| Additions<br> (000)<br>| Reductions<br> (000)<br>| Net<br> realized<br> gain (loss)<br> (000)<br>| Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000)<br>| Value at<br> 10/31/2025<br> (000)<br>| Dividend<br> or interest<br> income<br> (000)<br>|
| **Utilities 0.00%** |  |  |  |  |  |  |  |
| CenterPoint Energy, Inc. <sup>(f)</sup>  | $1167978 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $429646 | &nbsp;&nbsp; $194400 | &nbsp;&nbsp; $120448 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31726 |
| **Total common stocks** |  |  |  |  |  | &nbsp;&nbsp; 1631525 |  |
| **Short-term securities 3.50%** |  |  |  |  |  |  |  |
| **Money market investments 3.44%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.08% <sup>(d)</sup>  | 4767162 | &nbsp;&nbsp; 12504548 | &nbsp;&nbsp; 13458124 | &nbsp;&nbsp; (707)<br>| &nbsp;&nbsp; 1135 | &nbsp;&nbsp; 3814014 | &nbsp;&nbsp; 209719 |
| **Money market investments purchased with collateral** <br>**from securities on loan 0.06%**<br>|  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.08% <sup>(d)(e)</sup>  | 19476 | &nbsp;&nbsp; 43338 <br><sup>(g)</sup><br>|  |  |  | &nbsp;&nbsp; 62814 | &nbsp;&nbsp; — <br><sup>(h)</sup><br>|
| **Total short-term securities** |  |  |  |  |  | &nbsp;&nbsp; 3876828 |  |
| **Total 4.97%** |  |  |  | &nbsp;&nbsp; $274624 | &nbsp;&nbsp; $(632221)<br>| &nbsp;&nbsp; $5508353 | &nbsp;&nbsp; $315687 |

---

<sup>(a)</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>(b)</sup> Security did not produce income during the last 12 months.

<sup>(c)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(d)</sup> Rate represents the seven-day yield at 10/31/2025.

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

<sup>(f)</sup> Affiliated issuer during the reporting period but no longer an affiliate at 10/31/2025. Refer to the investment portfolio for the security value at 10/31/2025.

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

<sup>(h)</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 abbreviation(s)** |
| ADR = American Depositary Receipts |
| CAD = Canadian dollars |
| REIT = Real Estate Investment Trust |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **5** | American Mutual Fund |

---

------

Financial statements

**Statement of assets and liabilities** at October 31, 2025

------

(dollars in thousands)

---

| | | |
|:---|:---|:---|
| **Assets:** |  |  |
| Investment securities, at value (includes $230,714 of <br>investment securities on loan):<br>|  |  |
| Unaffiliated issuers (cost: $61,002,086) | $105192456 |  |
| Affiliated issuers (cost: $6,054,008) | 5508353 | $110700809 |
| Cash |  | 17223 |
| Cash denominated in currencies other than U.S. dollars (cost: $7,130) |  | 7130 |
| Receivables for: |  |  |
| Sales of investments | 177794 |  |
| Sales of fund's shares | 68588 |  |
| Dividends and interest | 139245 |  |
| Securities lending income | 311 |  |
| Other | 287 | 386225<br>|
|  |  | 111111387 |
| **Liabilities:** |  |  |
| Collateral for securities on loan |  | 144588 |
| Payables for: |  |  |
| Purchases of investments | 30994 |  |
| Repurchases of fund's shares | 61066 |  |
| Investment advisory services | 21697 |  |
| Services provided by related parties | 14808 |  |
| Trustees' deferred compensation | 3823 |  |
| Other | 906 | 133294<br>|
| **Net assets at October 31, 2025** |  | $110833505 |
| **Net assets consist of:** |  |  |
| Capital paid in on shares of beneficial interest |  | $60682476 |
| Total distributable earnings (accumulated loss) |  | 50151029<br>|
| **Net assets at October 31, 2025** |  | $110833505 |

---

Refer to the notes to financial statements.

American Mutual Fund<sub>6</sub>

------

Financial statements (continued)

**Statement of assets and liabilities** at October 31, 2025 (continued)

------

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

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

**unlimited shares authorized (1,784,662 total shares outstanding)** 

---

| | | | |
|:---|:---|:---|:---|
|  | Net assets | Shares <br>outstanding<br>| Net asset value <br>per share<br>|
| Class A | $43687443 | 703177 | $62.13 |
| Class C | 902297 | 14815 | 60.90 |
| Class T | 16 | —<br> \*<br>| 62.13 |
| Class F-1 | 1183951 | 19174 | 61.75 |
| Class F-2 | 17556867 | 282733 | 62.10 |
| Class F-3 | 8476452 | 136505 | 62.10 |
| Class 529-A | 1670029 | 26971 | 61.92 |
| Class 529-C | 37831 | 614 | 61.59 |
| Class 529-E | 51043 | 829 | 61.57 |
| Class 529-T | 25 | —<br> \*<br>| 62.15 |
| Class 529-F-1 | 18 | —<br> \*<br>| 62.04 |
| Class 529-F-2 | 293904 | 4731 | 62.12 |
| Class 529-F-3 | 19 | —<br> \*<br>| 62.11 |
| Class R-1 | 53412 | 872 | 61.22 |
| Class R-2 | 264736 | 4334 | 61.09 |
| Class R-2E | 38772 | 628 | 61.78 |
| Class R-3 | 644580 | 10491 | 61.44 |
| Class R-4 | 727689 | 11768 | 61.83 |
| Class R-5E | 265473 | 4280 | 62.03 |
| Class R-5 | 394164 | 6344 | 62.14 |
| Class R-6 | 34584784 | 556396 | 62.16 |

---

\*

Amount less than one thousand.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **7** | American Mutual Fund |

---

------

Financial statements (continued)

**Statement of operations** for the year ended October 31, 2025

------

(dollars in thousands)

---

| | | |
|:---|:---|:---|
| **Investment income:** |  |  |
| Income: |  |  |
| Dividends (net of non-U.S. taxes of $11,961; <br>also includes $315,687 from affiliates)<br>| $2344209 |  |
| Securities lending income (net of fees) | 3446 |  |
| Interest from unaffiliated issuers | 1474 | $2349129 |
| Fees and expenses\*: |  |  |
| Investment advisory services | 241482 |  |
| Distribution services | 128613 |  |
| Transfer agent services | 49543 |  |
| Administrative services | 31652 |  |
| 529 plan services | 1052 |  |
| Reports to shareholders | 1593 |  |
| Registration statement and prospectus | 1352 |  |
| Trustees' compensation | 865 |  |
| Auditing and legal | 210 |  |
| Custodian | 2028 |  |
| Other | 178 | 458568<br>|
| Net investment income |  | 1890561<br>|
| **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |
| Net realized gain (loss) on: |  |  |
| Investments: |  |  |
| Unaffiliated issuers | 6241694 |  |
| Affiliated issuers | 274624 |  |
| In-kind redemptions | 252346 |  |
| Currency transactions | (117)<br>| 6768547 |
| Net unrealized appreciation (depreciation) on: |  |  |
| Investments: |  |  |
| Unaffiliated issuers | 4881932 |  |
| Affiliated issuers | (632221)<br>|  |
| Currency translations | 248 | 4249959<br>|
| Net realized gain (loss) and unrealized appreciation (depreciation) |  | 11018506<br>|
| **Net increase (decrease) in net assets resulting from operations** |  | $12909067 |

---

\*

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

**Statements of changes in net assets**

------

(dollars in thousands)

---

| | | |
|:---|:---|:---|
|  | **Year ended October 31,** | **Year ended October 31,** |
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | $1890561 | $1935230 |
| Net realized gain (loss) | 6768547 | 4850360 |
| Net unrealized appreciation (depreciation) | 4249959 | 17250521 |
| Net increase (decrease) in net assets resulting from operations | 12909067 | 24036111 |
| **Distributions paid to shareholders** | (6266910)<br>| (3538459)<br>|
| **Net capital share transactions** | 729082 | (473721)<br>|
| **Total increase (decrease) in net assets**  | 7371239 | 20023931 |
| **Net assets:** |  |  |
| Beginning of year | 103462266 | 83438335 |
| End of year | $110833505 | $103462266 |

---

Refer to the notes to financial statements.

American Mutual Fund<sub>8</sub>

------

Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

------

American Mutual 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 strives for the balanced accomplishment of three objectives: current income, growth of capital and conservation of principal.

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** | &nbsp;&nbsp; **Contingent deferred sales** <br>**charge upon redemption**<br>| **Conversion feature** |
| Classes A and 529-A | &nbsp;&nbsp; Up to 5.75% for <br> Class A; up to 3.50% for <br> Class 529-A<br>| &nbsp;&nbsp; None (except 1.00% for certain <br> redemptions within 18 months of purchase <br> without an initial sales charge)<br>|  |
| Classes C and 529-C |  | &nbsp;&nbsp; 1.00% for redemptions within one year of <br> purchase<br>| &nbsp;&nbsp; Class C converts to Class A <br> after eight years and Class 529-C <br> converts to Class 529-A after five years<br>|
| Class 529-E |  |  |  |
| Classes T and 529-T\* | Up to 2.50% |  |  |
| Classes F-1, F-2, F-3, 529-F-1, <br> 529-F-2 and 529-F-3<br>|  |  |  |
| Classes R-1, R-2, R-2E, R-3, R-4, <br> R-5E, R-5 and R-6<br>|  |  |  |

---

\*

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 ("FASB"). 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.

**Operating segments** — The fund represents a single operating segment as the operating results of the fund are monitored as a whole and its long-term asset allocation is determined in accordance with the terms of its prospectus, based on defined investment objectives that are executed by the fund's portfolio management team. A senior executive team comprised of the fund's Principal Executive Officer and Principal Financial Officer, serves as the fund's chief operating decision maker ("CODM"), who act in accordance with Board of Trustees reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess the fund's profits and losses and to make resource allocation decisions. Segment assets are reflected in the statement of assets and liabilities as net assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying statement of operations.

---

| | |
|:---|:---|
| **9** | American Mutual Fund |

---

------

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

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

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

**Currency translation** — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the fund's statement of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

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

**New accounting pronouncements** — In December 2023, the FASB issued Accounting Standards Update 2023-09 ("the ASU"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the ASU and its impact to the financial statements.

**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.

American Mutual Fund<sub>10</sub>

------

---

| | |
|:---|:---|
| **Fixed-income class** | **Examples of standard inputs** |
| All | &nbsp;&nbsp; Benchmark yields, transactions, bids, offers, quotations from dealers and <br> trading systems, new issues, spreads and other relationships observed in <br> the markets among comparable securities; and proprietary pricing models <br> such as yield measures calculated using factors such as cash flows, financial <br> or collateral performance and other reference data (collectively referred to <br> as "standard inputs")<br>|
| 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 | &nbsp;&nbsp; Standard inputs and cash flows, prepayment information, default rates, <br> delinquency and loss assumptions, collateral characteristics, credit <br> enhancements and specific deal information <br>|

---

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

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund's investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by the fund's investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, 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 "Committee") to administer, implement and oversee the fair valuation process and to make fair value decisions. The 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 Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. 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. The Committee reports 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.

**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 fund's valuation levels as of October 31, 2025, were as follows (dollars in thousands):

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| | |
|:---|:---|
| **11** | American Mutual Fund |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Energy | $4312658 | $— | $— | $4312658 |
| Materials | 3761557 |  |  | 3761557 |
| Industrials | 15156700 | 604371 |  | 15761071 |
| Consumer discretionary | 4346249 |  |  | 4346249 |
| Consumer staples | 7386230 |  |  | 7386230 |
| Health care | 13905398 | 103017 |  | 14008415 |
| Financials | 15456592 |  |  | 15456592 |
| Information technology | 25755061 |  |  | 25755061 |
| Communication services | 4485044 |  |  | 4485044 |
| Utilities | 8075358 |  |  | 8075358 |
| Real estate | 3075489 |  |  | 3075489 |
| Convertible stocks  | 318483 |  |  | 318483 |
| Short-term securities  | 3958602 |  |  | 3958602 |
| Total | $109993421 | $707388 | $— | $110700809 |

---

**4. Risk factors**

------

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

**Market conditions** — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; levels of public debt and deficits; changes in inflation rates; and currency exchange rate, interest rate and commodity price fluctuations. These risks may be heightened in the case of smaller capitalization stocks.

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), bank failures 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. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

**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.

American Mutual Fund<sub>12</sub>

------

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage-or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change 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 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.

**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.

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 October 31, 2025, the total value of securities on loan was $230,714,000, and the total value of collateral received was $237,228,000. Collateral received includes cash of $144,588,000 and U.S. government securities of $92,640,000. 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.

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| | |
|:---|:---|
| **13** | American Mutual Fund |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 October 31, 2025, 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 ("EU reclaims"). These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the year ended October 31, 2025, the fund recognized $1,135,000 in EU reclaims (net of $1,000 in fees and the effect of realized gain or loss from currency translations) and $26,000 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. The fund generally 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 and cost of investments sold. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes. The fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

During the year ended October 31, 2025, the fund reclassified $567,305,000 from total distributable earnings to capital paid in on shares of beneficial interest to align financial reporting with tax reporting.

As of October 31, 2025, the tax basis components of distributable earnings, unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

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| | |
|:---|:---|
| Undistributed ordinary income | $339236 |
| Undistributed long-term capital gains | 6217649 |
| Gross unrealized appreciation on investments | 45234649 |
| Gross unrealized depreciation on investments | (1636969)<br>|
| Net unrealized appreciation (depreciation) on investments | 43597680 |
| Cost of investments | 67103129 |

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American Mutual Fund<sub>14</sub>

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended October 31, 2025** | **Year ended October 31, 2025** | **Year ended October 31, 2025** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** |
| <br>**Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>|
| Class A | &nbsp;&nbsp; $687221 | $1758473 | $2445694 | &nbsp;&nbsp;&nbsp;&nbsp; $789105 | $600054 | $1389159 |
| Class C | &nbsp;&nbsp; 8365 | 40201 | 48566 | &nbsp;&nbsp;&nbsp;&nbsp; 12583 | 15362 | 27945 |
| Class T | &nbsp;&nbsp; —<br> \*<br>| 1 | 1 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Class F-1 | &nbsp;&nbsp; 18632 | 50544 | 69176 | &nbsp;&nbsp;&nbsp;&nbsp; 23027 | 18566 | 41593 |
| Class F-2 | &nbsp;&nbsp; 300665 | 673760 | 974425 | &nbsp;&nbsp;&nbsp;&nbsp; 321309 | 219529 | 540838 |
| Class F-3 | &nbsp;&nbsp; 155725 | 333979 | 489704 | &nbsp;&nbsp;&nbsp;&nbsp; 170987 | 112361 | 283348 |
| Class 529-A | &nbsp;&nbsp; 26006 | 67535 | 93541 | &nbsp;&nbsp;&nbsp;&nbsp; 29898 | 23147 | 53045 |
| Class 529-C | &nbsp;&nbsp; 324 | 1701 | 2025 | &nbsp;&nbsp;&nbsp;&nbsp; 508 | 645 | 1153 |
| Class 529-E | &nbsp;&nbsp; 703 | 2172 | 2875 | &nbsp;&nbsp;&nbsp;&nbsp; 886 | 786 | 1672 |
| Class 529-T | &nbsp;&nbsp; —<br> \*<br>| 1 | 1 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | —<br> \*<br>| 1 |
| Class 529-F-1 | &nbsp;&nbsp; —<br> \*<br>| 1 | 1 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Class 529-F-2 | &nbsp;&nbsp; 5007 | 10764 | 15771 | &nbsp;&nbsp;&nbsp;&nbsp; 4987 | 3332 | 8319 |
| Class 529-F-3 | &nbsp;&nbsp; —<br> \*<br>| 1 | 1 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Class R-1 | &nbsp;&nbsp; 463 | 2262 | 2725 | &nbsp;&nbsp;&nbsp;&nbsp; 696 | 847 | 1543 |
| Class R-2 | &nbsp;&nbsp; 2385 | 11537 | 13922 | &nbsp;&nbsp;&nbsp;&nbsp; 3439 | 4157 | 7596 |
| Class R-2E | &nbsp;&nbsp; 444 | 1592 | 2036 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | 514 | 1039 |
| Class R-3 | &nbsp;&nbsp; 7993 | 25602 | 33595 | &nbsp;&nbsp;&nbsp;&nbsp; 9786 | 8824 | 18610 |
| Class R-4 | &nbsp;&nbsp; 11993 | 32484 | 44477 | &nbsp;&nbsp;&nbsp;&nbsp; 14903 | 11797 | 26700 |
| Class R-5E | &nbsp;&nbsp; 4524 | 10718 | 15242 | &nbsp;&nbsp;&nbsp;&nbsp; 4924 | 3347 | 8271 |
| Class R-5 | &nbsp;&nbsp; 7087 | 15101 | 22188 | &nbsp;&nbsp;&nbsp;&nbsp; 8701 | 6053 | 14754 |
| Class R-6 | &nbsp;&nbsp; 636063 | 1354881 | 1990944 | &nbsp;&nbsp;&nbsp;&nbsp; 678413 | 434460 | 1112873 |
| Total | &nbsp;&nbsp; $1873600 | $4393310 | $6266910 | &nbsp;&nbsp;&nbsp;&nbsp; $2074678 | $1463781 | $3538459 |

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\*

Amount less than one thousand.

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

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CRMC, the fund's investment adviser, is the parent company of Capital Client Group, Inc. ("CCG"), the principal underwriter of the fund's shares, and American Funds Service Company® ("AFS"), the fund's transfer agent. CRMC, CCG and AFS are considered related parties to the fund.

**Investment advisory services** — The fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on a series of decreasing annual rates beginning with 0.384% on the first $1 billion of daily net assets and decreasing to 0.221% on such assets in excess of $89 billion. For the year ended October 31, 2025, the investment advisory services fees were $241,482,000, which were equivalent to an annualized rate of 0.229% 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:

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| | |
|:---|:---|
| **15** | American Mutual Fund |

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**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 CCG for paying service fees, to firms that have entered into agreements with CCG 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.

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| | | |
|:---|:---|:---|
| **Share class** | **Currently approved limits** | **Plan limits** |
| Class A | 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Class 529-A | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Classes C, 529-C and R-1 | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Class R-2 | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Class R-2E | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Classes 529-E and R-3 | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Classes T, F-1, 529-T, 529-F-1 and R-4 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |

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For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by CCG for certain shares sold without a sales charge. These share classes reimburse CCG for amounts billed within the prior 15 months but only to the extent that the overall annual expense limits are not exceeded. As of October 31, 2025, unreimbursed expenses subject to reimbursement totaled $4,839,000 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. Under this agreement, the fund also pays sub-transfer agency fees to AFS. These fees are paid by AFS 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 Commonwealth Savers Plan (formerly, 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 Commonwealth Savers Plan through ABLEAmerica®, a tax-advantaged savings program for individuals with disabilities. Commonwealth Savers Plan 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 October 31, 2025, the 529 plan services fees were $1,052,000, which were equivalent to 0.053% of the average daily net assets of each 529 share class.

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| | |
|:---|:---|
| American Mutual Fund | **16** |

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For the year ended October 31, 2025, class-specific expenses under the agreements were as follows (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Transfer agent** <br>**services**<br>| **Administrative** <br>**services**<br>| **529 plan** <br>**services**<br>|
| Class A | $104764 | $24697 | $12572 | Not applicable |
| Class C | 9047 | 535 | 272 | Not applicable |
| Class T |  | —<br> \*<br>| —<br> \*<br>| Not applicable |
| Class F-1 | 2903 | 1424 | 351 | Not applicable |
| Class F-2 | Not applicable | 18316 | 4916 | Not applicable |
| Class F-3 | Not applicable | 70 | 2401 | Not applicable |
| Class 529-A | 3676 | 877 | 482 | $859 |
| Class 529-C | 381 | 21 | 11 | 21 |
| Class 529-E | 252 | 16 | 15 | 27 |
| Class 529-T |  | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Class 529-F-1 |  | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Class 529-F-2 | Not applicable | 108 | 82 | 145 |
| Class 529-F-3 | Not applicable | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Class R-1 | 518 | 50 | 16 | Not applicable |
| Class R-2 | 1972 | 883 | 79 | Not applicable |
| Class R-2E | 231 | 77 | 12 | Not applicable |
| Class R-3 | 3021 | 869 | 181 | Not applicable |
| Class R-4 | 1848 | 738 | 222 | Not applicable |
| Class R-5E | Not applicable | 378 | 75 | Not applicable |
| Class R-5 | Not applicable | 198 | 112 | Not applicable |
| Class R-6 | Not applicable | 286 | 9853 | Not applicable |
| Total class-specific expenses | $128613 | $49543 | $31652 | $1052 |

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\*

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 $865,000 in the fund's statement of operations reflects $344,000 in current fees (either paid in cash or deferred) and a net increase of $521,000 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, CCG and AFS. No affiliated officers or trustees received any compensation directly from the fund.

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

**Security transactions with related funds** — The fund purchased 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

October 31, 2025, the fund engaged in such purchase and sale transactions with related funds in the amounts of $1,734,850,000 and $856,136,000, respectively, which generated $214,358,000 of net realized gains from such sales.

**Interfund lending** — Pursuant to an exemptive order issued by the SEC, the fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the year ended October 31, 2025.

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| | |
|:---|:---|
| **17** | American Mutual Fund |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Indemnifications**

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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**

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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 October 31, 2025** | **Year ended October 31, 2025** | **Year ended October 31, 2025** | **Year ended October 31, 2025** | **Year ended October 31, 2025** | **Year ended October 31, 2025** | **Year ended October 31, 2025** | **Year ended October 31, 2025** | **Year ended October 31, 2025** |
| Class A | $2161969 | 37308 | &nbsp;&nbsp;&nbsp; $2396816 | 42324 | &nbsp;&nbsp;&nbsp; $(4907288)<br>| (84265)<br>| &nbsp;&nbsp;&nbsp; $(348503)<br>| (4633)<br>|
| Class C | 98556 | 1731 | &nbsp;&nbsp;&nbsp; 48428 | 874 | &nbsp;&nbsp;&nbsp; (242203)<br>| (4257)<br>| &nbsp;&nbsp;&nbsp; (95219)<br>| (1652)<br>|
| Class T |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  |
| Class F-1 | 85443 | 1474 | &nbsp;&nbsp;&nbsp; 68442 | 1217 | &nbsp;&nbsp;&nbsp; (232268)<br>| (4004)<br>| &nbsp;&nbsp;&nbsp; (78383)<br>| (1313)<br>|
| Class F-2 | 3350057 | 57602 | &nbsp;&nbsp;&nbsp; 946521 | 16710 | &nbsp;&nbsp;&nbsp; (3518498)<br>| (60343)<br>| &nbsp;&nbsp;&nbsp; 778080 | 13969 |
| Class F-3 | 1183192 | 20293 | &nbsp;&nbsp;&nbsp; 485891 | 8578 | &nbsp;&nbsp;&nbsp; (1598299)<br>| (27440)<br>| &nbsp;&nbsp;&nbsp; 70784 | 1431 |
| Class 529-A | 147490 | 2551 | &nbsp;&nbsp;&nbsp; 93502 | 1657 | &nbsp;&nbsp;&nbsp; (257136)<br>| (4424)<br>| &nbsp;&nbsp;&nbsp; (16144)<br>| (216)<br>|
| Class 529-C | 8334 | 145 | &nbsp;&nbsp;&nbsp; 2025 | 36 | &nbsp;&nbsp;&nbsp; (15510)<br>| (270)<br>| &nbsp;&nbsp;&nbsp; (5151)<br>| (89)<br>|
| Class 529-E | 5314 | 92 | &nbsp;&nbsp;&nbsp; 2866 | 51 | &nbsp;&nbsp;&nbsp; (11869)<br>| (204)<br>| &nbsp;&nbsp;&nbsp; (3689)<br>| (61)<br>|
| Class 529-T |  |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class 529-F-1 |  |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class 529-F-2 | 58840 | 1017 | &nbsp;&nbsp;&nbsp; 15768 | 278 | &nbsp;&nbsp;&nbsp; (47643)<br>| (815)<br>| &nbsp;&nbsp;&nbsp; 26965 | 480 |
| Class 529-F-3 |  |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class R-1 | 6548 | 114 | &nbsp;&nbsp;&nbsp; 2724 | 48 | &nbsp;&nbsp;&nbsp; (13108)<br>| (227)<br>| &nbsp;&nbsp;&nbsp; (3836)<br>| (65)<br>|
| Class R-2 | 38747 | 680 | &nbsp;&nbsp;&nbsp; 13879 | 250 | &nbsp;&nbsp;&nbsp; (71978)<br>| (1259)<br>| &nbsp;&nbsp;&nbsp; (19352)<br>| (329)<br>|
| Class R-2E | 7175 | 125 | &nbsp;&nbsp;&nbsp; 2036 | 37 | &nbsp;&nbsp;&nbsp; (10146)<br>| (173)<br>| &nbsp;&nbsp;&nbsp; (935)<br>| (11)<br>|
| Class R-3 | 119247 | 2045 | &nbsp;&nbsp;&nbsp; 33554 | 600 | &nbsp;&nbsp;&nbsp; (140616)<br>| (2435)<br>| &nbsp;&nbsp;&nbsp; 12185 | 210 |
| Class R-4 | 117547 | 2021 | &nbsp;&nbsp;&nbsp; 44477 | 789 | &nbsp;&nbsp;&nbsp; (218228)<br>| (3789)<br>| &nbsp;&nbsp;&nbsp; (56204)<br>| (979)<br>|
| Class R-5E | 64062 | 1132 | &nbsp;&nbsp;&nbsp; 15241 | 269 | &nbsp;&nbsp;&nbsp; (77906)<br>| (1358)<br>| &nbsp;&nbsp;&nbsp; 1397 | 43 |
| Class R-5 | 81070 | 1395 | &nbsp;&nbsp;&nbsp; 22170 | 391 | &nbsp;&nbsp;&nbsp; (84692)<br>| (1454)<br>| &nbsp;&nbsp;&nbsp; 18548 | 332 |
| Class R-6 | 2666242 | 45828 | &nbsp;&nbsp;&nbsp; 1989467 | 35086 | &nbsp;&nbsp;&nbsp; (4207173)<br>| (71127)<br>| &nbsp;&nbsp;&nbsp; 448536 | 9787 |
| Total net increase <br> (decrease)<br>| $10199833 | 175553 | &nbsp;&nbsp;&nbsp; $6183810 | 109195 | &nbsp;&nbsp;&nbsp; $(15654561)<br>| (267844)<br>| &nbsp;&nbsp;&nbsp; $729082 | 16904 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Mutual Fund | **18** |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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 October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** |
| Class A | $1978730 | 36800 | &nbsp;&nbsp;&nbsp; $1359896 | 26158 | &nbsp;&nbsp;&nbsp; $(4525631)<br>| (84160)<br>| &nbsp;&nbsp;&nbsp; $(1187005)<br>| (21202)<br>|
| Class C | 102635 | 1943 | &nbsp;&nbsp;&nbsp; 27856 | 551 | &nbsp;&nbsp;&nbsp; (264714)<br>| (5035)<br>| &nbsp;&nbsp;&nbsp; (134223)<br>| (2541)<br>|
| Class T |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  |
| Class F-1 | 98221 | 1838 | &nbsp;&nbsp;&nbsp; 41189 | 798 | &nbsp;&nbsp;&nbsp; (268914)<br>| (5092)<br>| &nbsp;&nbsp;&nbsp; (129504)<br>| (2456)<br>|
| Class F-2 | 2915159 | 54053 | &nbsp;&nbsp;&nbsp; 525780 | 10095 | &nbsp;&nbsp;&nbsp; (3503390)<br>| (65521)<br>| &nbsp;&nbsp;&nbsp; (62451)<br>| (1373)<br>|
| Class F-3 | 1321808 | 24777 | &nbsp;&nbsp;&nbsp; 280503 | 5382 | &nbsp;&nbsp;&nbsp; (1612139)<br>| (30160)<br>| &nbsp;&nbsp;&nbsp; (9828)<br>| (1)<br>|
| Class 529-A | 146196 | 2725 | &nbsp;&nbsp;&nbsp; 53028 | 1023 | &nbsp;&nbsp;&nbsp; (249763)<br>| (4662)<br>| &nbsp;&nbsp;&nbsp; (50539)<br>| (914)<br>|
| Class 529-C | 8865 | 166 | &nbsp;&nbsp;&nbsp; 1151 | 23 | &nbsp;&nbsp;&nbsp; (15815)<br>| (298)<br>| &nbsp;&nbsp;&nbsp; (5799)<br>| (109)<br>|
| Class 529-E | 4157 | 77 | &nbsp;&nbsp;&nbsp; 1673 | 33 | &nbsp;&nbsp;&nbsp; (9580)<br>| (180)<br>| &nbsp;&nbsp;&nbsp; (3750)<br>| (70)<br>|
| Class 529-T |  |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class 529-F-1 |  |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class 529-F-2 | 45322 | 838 | &nbsp;&nbsp;&nbsp; 8314 | 159 | &nbsp;&nbsp;&nbsp; (41654)<br>| (770)<br>| &nbsp;&nbsp;&nbsp; 11982 | 227 |
| Class 529-F-3 |  |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class R-1 | 7940 | 150 | &nbsp;&nbsp;&nbsp; 1527 | 30 | &nbsp;&nbsp;&nbsp; (14659)<br>| (275)<br>| &nbsp;&nbsp;&nbsp; (5192)<br>| (95)<br>|
| Class R-2 | 39310 | 741 | &nbsp;&nbsp;&nbsp; 7593 | 150 | &nbsp;&nbsp;&nbsp; (67857)<br>| (1278)<br>| &nbsp;&nbsp;&nbsp; (20954)<br>| (387)<br>|
| Class R-2E | 7578 | 141 | &nbsp;&nbsp;&nbsp; 1038 | 20 | &nbsp;&nbsp;&nbsp; (7786)<br>| (145)<br>| &nbsp;&nbsp;&nbsp; 830 | 16 |
| Class R-3 | 96701 | 1818 | &nbsp;&nbsp;&nbsp; 18591 | 363 | &nbsp;&nbsp;&nbsp; (140793)<br>| (2646)<br>| &nbsp;&nbsp;&nbsp; (25501)<br>| (465)<br>|
| Class R-4 | 97096 | 1805 | &nbsp;&nbsp;&nbsp; 26699 | 517 | &nbsp;&nbsp;&nbsp; (211467)<br>| (3916)<br>| &nbsp;&nbsp;&nbsp; (87672)<br>| (1594)<br>|
| Class R-5E | 47107 | 877 | &nbsp;&nbsp;&nbsp; 8270 | 159 | &nbsp;&nbsp;&nbsp; (46253)<br>| (853)<br>| &nbsp;&nbsp;&nbsp; 9124 | 183 |
| Class R-5 | 53708 | 994 | &nbsp;&nbsp;&nbsp; 14738 | 283 | &nbsp;&nbsp;&nbsp; (148765)<br>| (2715)<br>| &nbsp;&nbsp;&nbsp; (80319)<br>| (1438)<br>|
| Class R-6 | 2935182 | 55200 | &nbsp;&nbsp;&nbsp; 1111978 | 21297 | &nbsp;&nbsp;&nbsp; (2740083)<br>| (50391)<br>| &nbsp;&nbsp;&nbsp; 1307077 | 26106 |
| Total net increase <br> (decrease)<br>| $9905715 | 184943 | &nbsp;&nbsp;&nbsp; $3489827 | 67041 | &nbsp;&nbsp;&nbsp; $(13869263)<br>| (258097)<br>| &nbsp;&nbsp;&nbsp; $(473721)<br>| (6113)<br>|

---

\*

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 $30,713,547,000 and $33,524,570,000, respectively, during the year ended October 31, 2025.

---

| | |
|:---|:---|
| **19** | American Mutual Fund |

---

------

Financial highlights

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from 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**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| <br>**Net asset** <br>**value,** <br>**end** <br>**of year**<br>| <br>**Total return**<sup>2,3</sup> <br>| <br>**Net assets,** <br>**end of** <br>**year** <br>**(in millions)** <br>| <br>**Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>4</sup> <br>| <br>**Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3,4</sup> <br>| <br>**Ratio of** <br>**net income** <br>**(loss) to** <br>**average** <br>**net assets**<sup>3</sup> <br>|
| **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:**  | **Class A:**  |
| 10/31/2025 | $58.55 | $.97 | $6.08 | $7.05 | $(.97)<br>| $(2.50)<br>| $(3.47)<br>| $62.13 | 12.67<br> %<br>| $43687 | .57<br> %<br>| .57<br> %<br>| 1.65<br> %<br>|
| 10/31/2024 | 47.06 | 1.01 | 12.41 | 13.42 | (1.10)<br>| (.83)<br>| (1.93)<br>| 58.55 | 29.06 | 41443 | .58 | .58 | 1.87 |
| 10/31/2023 | 48.97 | 1.06 | (.59)<br>| .47 | (.99)<br>| (1.39)<br>| (2.38)<br>| 47.06 | .80 | 34307 | .59 | .59 | 2.17 |
| 10/31/2022 | 52.81 | .95 | (2.30)<br>| (1.35)<br>| (.88)<br>| (1.61)<br>| (2.49)<br>| 48.97 | (2.73)<br>| 35575 | .58 | .58 | 1.88 |
| 10/31/2021 | 40.16 | .88 | 12.63 | 13.51 | (.86)<br>|  | (.86)<br>| 52.81 | 33.86 | 35695 | .58 | .58 | 1.82 |
| **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:**  | **Class C:**  |
| 10/31/2025 | 57.46 | .52 | 5.95 | 6.47 | (.53)<br>| (2.50)<br>| (3.03)<br>| 60.90 | 11.84 | 902 | 1.32 | 1.32 | .91 |
| 10/31/2024 | 46.22 | .60 | 12.17 | 12.77 | (.70)<br>| (.83)<br>| (1.53)<br>| 57.46 | 28.11 | 946 | 1.33 | 1.33 | 1.13 |
| 10/31/2023 | 48.13 | .69 | (.58)<br>| .11 | (.63)<br>| (1.39)<br>| (2.02)<br>| 46.22 | .06 | 878 | 1.34 | 1.34 | 1.42 |
| 10/31/2022 | 51.94 | .56 | (2.26)<br>| (1.70)<br>| (.50)<br>| (1.61)<br>| (2.11)<br>| 48.13 | (3.47)<br>| 1019 | 1.33 | 1.33 | 1.13 |
| 10/31/2021 | 39.51 | .51 | 12.43 | 12.94 | (.51)<br>|  | (.51)<br>| 51.94 | 32.89 | 1090 | 1.33 | 1.33 | 1.08 |
| **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:**  | **Class T:**  |
| 10/31/2025 | 58.55 | 1.12 | 6.08 | 7.20 | (1.12)<br>| (2.50)<br>| (3.62)<br>| 62.13 | 12.96 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .32 <br><sup>5</sup><br>| .32 <br><sup>5</sup><br>| 1.91 <br><sup>5</sup><br>|
| 10/31/2024 | 47.06 | 1.15 | 12.40 | 13.55 | (1.23)<br>| (.83)<br>| (2.06)<br>| 58.55 | 29.39 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .33 <br><sup>5</sup><br>| .33 <br><sup>5</sup><br>| 2.12 <br><sup>5</sup><br>|
| 10/31/2023 | 48.98 | 1.19 | (.60)<br>| .59 | (1.12)<br>| (1.39)<br>| (2.51)<br>| 47.06 | 1.05 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .33 <br><sup>5</sup><br>| .33 <br><sup>5</sup><br>| 2.43 <br><sup>5</sup><br>|
| 10/31/2022 | 52.81 | 1.08 | (2.30)<br>| (1.22)<br>| (1.00)<br>| (1.61)<br>| (2.61)<br>| 48.98 | (2.47 )<sup>5</sup><br>| — <br><sup>6</sup><br>| .32 <br><sup>5</sup><br>| .32 <br><sup>5</sup><br>| 2.13 <br><sup>5</sup><br>|
| 10/31/2021 | 40.17 | 1.00 | 12.62 | 13.62 | (.98)<br>|  | (.98)<br>| 52.81 | 34.17 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .33 <br><sup>5</sup><br>| .33 <br><sup>5</sup><br>| 2.07 <br><sup>5</sup><br>|
| **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:**  | **Class F-1:**  |
| 10/31/2025 | 58.21 | .93 | 6.04 | 6.97 | (.93)<br>| (2.50)<br>| (3.43)<br>| 61.75 | 12.61 | 1184 | .63 | .63 | 1.59 |
| 10/31/2024 | 46.80 | .98 | 12.32 | 13.30 | (1.06)<br>| (.83)<br>| (1.89)<br>| 58.21 | 28.99 | 1192 | .64 | .64 | 1.82 |
| 10/31/2023 | 48.71 | 1.04 | (.59)<br>| .45 | (.97)<br>| (1.39)<br>| (2.36)<br>| 46.80 | .76 | 1074 | .64 | .64 | 2.12 |
| 10/31/2022 | 52.54 | .92 | (2.29)<br>| (1.37)<br>| (.85)<br>| (1.61)<br>| (2.46)<br>| 48.71 | (2.79)<br>| 1200 | .63 | .63 | 1.82 |
| 10/31/2021 | 39.96 | .85 | 12.56 | 13.41 | (.83)<br>|  | (.83)<br>| 52.54 | 33.79 | 1454 | .64 | .64 | 1.78 |
| **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:**  | **Class F-2:**  |
| 10/31/2025 | 58.52 | 1.08 | 6.08 | 7.16 | (1.08)<br>| (2.50)<br>| (3.58)<br>| 62.10 | 12.90 | 17557 | .38 | .38 | 1.85 |
| 10/31/2024 | 47.04 | 1.12 | 12.39 | 13.51 | (1.20)<br>| (.83)<br>| (2.03)<br>| 58.52 | 29.32 | 15729 | .38 | .38 | 2.08 |
| 10/31/2023 | 48.95 | 1.17 | (.60)<br>| .57 | (1.09)<br>| (1.39)<br>| (2.48)<br>| 47.04 | 1.01 | 12706 | .38 | .38 | 2.38 |
| 10/31/2022 | 52.79 | 1.06 | (2.31)<br>| (1.25)<br>| (.98)<br>| (1.61)<br>| (2.59)<br>| 48.95 | (2.54)<br>| 14334 | .38 | .38 | 2.09 |
| 10/31/2021 | 40.14 | .98 | 12.63 | 13.61 | (.96)<br>|  | (.96)<br>| 52.79 | 34.17 | 13651 | .38 | .38 | 2.02 |
| **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:**  | **Class F-3:**  |
| 10/31/2025 | 58.52 | 1.14 | 6.09 | 7.23 | (1.15)<br>| (2.50)<br>| (3.65)<br>| 62.10 | 13.03 | 8476 | .27 | .27 | 1.96 |
| 10/31/2024 | 47.04 | 1.18 | 12.39 | 13.57 | (1.26)<br>| (.83)<br>| (2.09)<br>| 58.52 | 29.46 | 7905 | .27 | .27 | 2.18 |
| 10/31/2023 | 48.95 | 1.22 | (.59)<br>| .63 | (1.15)<br>| (1.39)<br>| (2.54)<br>| 47.04 | 1.13 | 6353 | .27 | .27 | 2.49 |
| 10/31/2022 | 52.79 | 1.11 | (2.31)<br>| (1.20)<br>| (1.03)<br>| (1.61)<br>| (2.64)<br>| 48.95 | (2.43)<br>| 5716 | .27 | .27 | 2.20 |
| 10/31/2021 | 40.14 | 1.03 | 12.63 | 13.66 | (1.01)<br>|  | (1.01)<br>| 52.79 | 34.30 | 5057 | .27 | .27 | 2.12 |
| **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:**  | **Class 529-A:**  |
| 10/31/2025 | 58.37 | .95 | 6.05 | 7.00 | (.95)<br>| (2.50)<br>| (3.45)<br>| 61.92 | 12.63 | 1670 | .60 | .60 | 1.63 |
| 10/31/2024 | 46.92 | .99 | 12.37 | 13.36 | (1.08)<br>| (.83)<br>| (1.91)<br>| 58.37 | 29.03 | 1587 | .61 | .61 | 1.84 |
| 10/31/2023 | 48.83 | 1.04 | (.59)<br>| .45 | (.97)<br>| (1.39)<br>| (2.36)<br>| 46.92 | .77 | 1318 | .62 | .62 | 2.14 |
| 10/31/2022 | 52.66 | .93 | (2.29)<br>| (1.36)<br>| (.86)<br>| (1.61)<br>| (2.47)<br>| 48.83 | (2.76)<br>| 1353 | .61 | .61 | 1.85 |
| 10/31/2021 | 40.05 | .86 | 12.59 | 13.45 | (.84)<br>|  | (.84)<br>| 52.66 | 33.81 | 1331 | .62 | .62 | 1.78 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Mutual Fund | **20** |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from 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**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| <br>**Net asset**<br> **value,**<br> **end**<br> **of year**<br>| <br>**Total return**<sup>2,3</sup> | <br>**Net assets,**<br> **end of**<br> **year**<br> **(in millions)** <br>| <br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup><br>| <br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup><br>| <br>**Ratio of**<br> **net income**<br> **(loss) to**<br> **average**<br> **net assets**<sup>3</sup><br>|
| **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:**  | **Class 529-C:**  |
| 10/31/2025 | $58.06 | $.50 | $6.02 | $6.52 | $(.49)<br>| $(2.50)<br>| $(2.99)<br>| $61.59 | 11.79<br> %<br>| $38 | 1.37<br> %<br>| 1.37<br> %<br>| .86<br> %<br>|
| 10/31/2024 | 46.68 | .58 | 12.30 | 12.88 | (.67)<br>| (.83)<br>| (1.50)<br>| 58.06 | 28.05 | 41 | 1.37 | 1.37 | 1.09 |
| 10/31/2023 | 48.59 | .67 | (.60)<br>| .07 | (.59)<br>| (1.39)<br>| (1.98)<br>| 46.68 | (.03)<br>| 38 | 1.39 | 1.39 | 1.37 |
| 10/31/2022 | 52.40 | .54 | (2.28)<br>| (1.74)<br>| (.46)<br>| (1.61)<br>| (2.07)<br>| 48.59 | (3.50)<br>| 44 | 1.37 | 1.37 | 1.08 |
| 10/31/2021 | 39.85 | .51 | 12.53 | 13.04 | (.49)<br>|  | (.49)<br>| 52.40 | 32.85 | 49 | 1.36 | 1.36 | 1.06 |
| **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:**  | **Class 529-E:**  |
| 10/31/2025 | 58.05 | .80 | 6.03 | 6.83 | (.81)<br>| (2.50)<br>| (3.31)<br>| 61.57 | 12.37 | 51 | .85 | .85 | 1.38 |
| 10/31/2024 | 46.68 | .86 | 12.29 | 13.15 | (.95)<br>| (.83)<br>| (1.78)<br>| 58.05 | 28.71 | 52 | .85 | .85 | 1.61 |
| 10/31/2023 | 48.59 | .92 | (.58)<br>| .34 | (.86)<br>| (1.39)<br>| (2.25)<br>| 46.68 | .53 | 45 | .86 | .86 | 1.90 |
| 10/31/2022 | 52.42 | .81 | (2.29)<br>| (1.48)<br>| (.74)<br>| (1.61)<br>| (2.35)<br>| 48.59 | (3.00)<br>| 48 | .85 | .85 | 1.61 |
| 10/31/2021 | 39.87 | .74 | 12.54 | 13.28 | (.73)<br>|  | (.73)<br>| 52.42 | 33.52 | 48 | .85 | .85 | 1.55 |
| **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:**  | **Class 529-T:**  |
| 10/31/2025 | 58.57 | 1.09 | 6.08 | 7.17 | (1.09)<br>| (2.50)<br>| (3.59)<br>| 62.15 | 12.91 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .37 <br><sup>5</sup><br>| .37 <br><sup>5</sup><br>| 1.86 <br><sup>5</sup><br>|
| 10/31/2024 | 47.07 | 1.12 | 12.41 | 13.53 | (1.20)<br>| (.83)<br>| (2.03)<br>| 58.57 | 29.33 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .38 <br><sup>5</sup><br>| .38 <br><sup>5</sup><br>| 2.07 <br><sup>5</sup><br>|
| 10/31/2023 | 48.99 | 1.16 | (.60)<br>| .56 | (1.09)<br>| (1.39)<br>| (2.48)<br>| 47.07 | .98 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .39 <br><sup>5</sup><br>| .39 <br><sup>5</sup><br>| 2.37 <br><sup>5</sup><br>|
| 10/31/2022 | 52.82 | 1.05 | (2.30)<br>| (1.25)<br>| (.97)<br>| (1.61)<br>| (2.58)<br>| 48.99 | (2.53 )<sup>5</sup><br>| — <br><sup>6</sup><br>| .38 <br><sup>5</sup><br>| .38 <br><sup>5</sup><br>| 2.07 <br><sup>5</sup><br>|
| 10/31/2021 | 40.17 | .97 | 12.63 | 13.60 | (.95)<br>|  | (.95)<br>| 52.82 | 34.11 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .40 <br><sup>5</sup><br>| .40 <br><sup>5</sup><br>| 2.01 <br><sup>5</sup><br>|
| **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:**  | **Class 529-F-1:**  |
| 10/31/2025 | 58.47 | 1.04 | 6.08 | 7.12 | (1.05)<br>| (2.50)<br>| (3.55)<br>| 62.04 | 12.83 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .43 <br><sup>5</sup><br>| .43 <br><sup>5</sup><br>| 1.79 <br><sup>5</sup><br>|
| 10/31/2024 | 47.00 | 1.08 | 12.39 | 13.47 | (1.17)<br>| (.83)<br>| (2.00)<br>| 58.47 | 29.24 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .44 <br><sup>5</sup><br>| .44 <br><sup>5</sup><br>| 2.01 <br><sup>5</sup><br>|
| 10/31/2023 | 48.91 | 1.14 | (.60)<br>| .54 | (1.06)<br>| (1.39)<br>| (2.45)<br>| 47.00 | .95 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .44 <br><sup>5</sup><br>| .44 <br><sup>5</sup><br>| 2.32 <br><sup>5</sup><br>|
| 10/31/2022 | 52.74 | 1.02 | (2.30)<br>| (1.28)<br>| (.94)<br>| (1.61)<br>| (2.55)<br>| 48.91 | (2.60 )<sup>5</sup><br>| — <br><sup>6</sup><br>| .44 <br><sup>5</sup><br>| .44 <br><sup>5</sup><br>| 2.01 <br><sup>5</sup><br>|
| 10/31/2021 | 40.12 | .95 | 12.61 | 13.56 | (.94)<br>|  | (.94)<br>| 52.74 | 34.04 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .44 <br><sup>5</sup><br>| .44 <br><sup>5</sup><br>| 1.95 <br><sup>5</sup><br>|
| **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:**  | **Class 529-F-2:**  |
| 10/31/2025 | 58.55 | 1.09 | 6.07 | 7.16 | (1.09)<br>| (2.50)<br>| (3.59)<br>| 62.12 | 12.90 | 294 | .36 | .36 | 1.87 |
| 10/31/2024 | 47.06 | 1.13 | 12.40 | 13.53 | (1.21)<br>| (.83)<br>| (2.04)<br>| 58.55 | 29.34 | 249 | .36 | .36 | 2.08 |
| 10/31/2023 | 48.97 | 1.18 | (.60)<br>| .58 | (1.10)<br>| (1.39)<br>| (2.49)<br>| 47.06 | 1.04 | 189 | .36 | .36 | 2.40 |
| 10/31/2022 | 52.81 | 1.06 | (2.31)<br>| (1.25)<br>| (.98)<br>| (1.61)<br>| (2.59)<br>| 48.97 | (2.53)<br>| 180 | .36 | .36 | 2.10 |
| 10/31/2021 | 40.16 | .98 | 12.62 | 13.60 | (.95)<br>|  | (.95)<br>| 52.81 | 34.13 | 144 | .38 | .38 | 2.01 |
| **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:**  | **Class 529-F-3:**  |
| 10/31/2025 | 58.54 | 1.11 | 6.07 | 7.18 | (1.11)<br>| (2.50)<br>| (3.61)<br>| 62.11 | 12.95 | — <br><sup>6</sup><br>| .32 | .32 | 1.90 |
| 10/31/2024 | 47.05 | 1.15 | 12.41 | 13.56 | (1.24)<br>| (.83)<br>| (2.07)<br>| 58.54 | 29.40 | — <br><sup>6</sup><br>| .32 | .32 | 2.13 |
| 10/31/2023 | 48.96 | 1.19 | (.59)<br>| .60 | (1.12)<br>| (1.39)<br>| (2.51)<br>| 47.05 | 1.08 | — <br><sup>6</sup><br>| .32 | .32 | 2.43 |
| 10/31/2022 | 52.80 | 1.08 | (2.31)<br>| (1.23)<br>| (1.00)<br>| (1.61)<br>| (2.61)<br>| 48.96 | (2.49)<br>| — <br><sup>6</sup><br>| .32 | .32 | 2.13 |
| 10/31/2021 | 40.16 | 1.00 | 12.62 | 13.62 | (.98)<br>|  | (.98)<br>| 52.80 | 34.19 | — <br><sup>6</sup><br>| .38 | .33 | 2.07 |
| **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:**  | **Class R-1:**  |
| 10/31/2025 | 57.74 | .50 | 5.99 | 6.49 | (.51)<br>| (2.50)<br>| (3.01)<br>| 61.22 | 11.80 | 53 | 1.35 | 1.35 | .87 |
| 10/31/2024 | 46.44 | .59 | 12.23 | 12.82 | (.69)<br>| (.83)<br>| (1.52)<br>| 57.74 | 28.08 | 54 | 1.35 | 1.35 | 1.10 |
| 10/31/2023 | 48.36 | .68 | (.59)<br>| .09 | (.62)<br>| (1.39)<br>| (2.01)<br>| 46.44 | .01 | 48 | 1.36 | 1.36 | 1.40 |
| 10/31/2022 | 52.17 | .55 | (2.27)<br>| (1.72)<br>| (.48)<br>| (1.61)<br>| (2.09)<br>| 48.36 | (3.48)<br>| 52 | 1.35 | 1.35 | 1.11 |
| 10/31/2021 | 39.68 | .49 | 12.48 | 12.97 | (.48)<br>|  | (.48)<br>| 52.17 | 32.84 | 59 | 1.37 | 1.37 | 1.04 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **21** | American Mutual Fund |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from 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**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| <br>**Net asset**<br> **value,**<br> **end**<br> **of year**<br>| <br>**Total return**<sup>2,3</sup> | <br>**Net assets,**<br> **end of**<br> **year**<br> **(in millions)** <br>| <br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup><br>| <br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup><br>| <br>**Ratio of**<br> **net income**<br> **(loss) to**<br> **average**<br> **net assets**<sup>3</sup><br>|
| **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:**  | **Class R-2:**  |
| 10/31/2025 | $57.63 | $.51 | $5.97 | $6.48 | $(.52)<br>| $(2.50)<br>| $(3.02)<br>| $61.09 | 11.80<br> %<br>| $265 | 1.35<br> %<br>| 1.35<br> %<br>| .88<br> %<br>|
| 10/31/2024 | 46.35 | .59 | 12.22 | 12.81 | (.70)<br>| (.83)<br>| (1.53)<br>| 57.63 | 28.10 | 269 | 1.35 | 1.35 | 1.11 |
| 10/31/2023 | 48.28 | .68 | (.60)<br>| .08 | (.62)<br>| (1.39)<br>| (2.01)<br>| 46.35 | .01 | 234 | 1.35 | 1.35 | 1.41 |
| 10/31/2022 | 52.08 | .55 | (2.26)<br>| (1.71)<br>| (.48)<br>| (1.61)<br>| (2.09)<br>| 48.28 | (3.46)<br>| 245 | 1.35 | 1.35 | 1.11 |
| 10/31/2021 | 39.63 | .50 | 12.45 | 12.95 | (.50)<br>|  | (.50)<br>| 52.08 | 32.81 | 265 | 1.36 | 1.36 | 1.05 |
| **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:**  | **Class R-2E:**  |
| 10/31/2025 | 58.24 | .68 | 6.04 | 6.72 | (.68)<br>| (2.50)<br>| (3.18)<br>| 61.78 | 12.13 | 39 | 1.06 | 1.06 | 1.16 |
| 10/31/2024 | 46.83 | .74 | 12.34 | 13.08 | (.84)<br>| (.83)<br>| (1.67)<br>| 58.24 | 28.44 | 37 | 1.07 | 1.07 | 1.38 |
| 10/31/2023 | 48.75 | .82 | (.59)<br>| .23 | (.76)<br>| (1.39)<br>| (2.15)<br>| 46.83 | .31 | 29 | 1.07 | 1.07 | 1.69 |
| 10/31/2022 | 52.58 | .70 | (2.29)<br>| (1.59)<br>| (.63)<br>| (1.61)<br>| (2.24)<br>| 48.75 | (3.21)<br>| 29 | 1.07 | 1.07 | 1.40 |
| 10/31/2021 | 39.99 | .64 | 12.58 | 13.22 | (.63)<br>|  | (.63)<br>| 52.58 | 33.23 | 30 | 1.07 | 1.07 | 1.33 |
| **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:**  | **Class R-3:**  |
| 10/31/2025 | 57.94 | .76 | 6.01 | 6.77 | (.77)<br>| (2.50)<br>| (3.27)<br>| 61.44 | 12.29 | 645 | .91 | .91 | 1.32 |
| 10/31/2024 | 46.59 | .82 | 12.29 | 13.11 | (.93)<br>| (.83)<br>| (1.76)<br>| 57.94 | 28.66 | 596 | .91 | .91 | 1.54 |
| 10/31/2023 | 48.51 | .90 | (.60)<br>| .30 | (.83)<br>| (1.39)<br>| (2.22)<br>| 46.59 | .46 | 501 | .91 | .91 | 1.85 |
| 10/31/2022 | 52.33 | .78 | (2.28)<br>| (1.50)<br>| (.71)<br>| (1.61)<br>| (2.32)<br>| 48.51 | (3.06)<br>| 536 | .91 | .91 | 1.55 |
| 10/31/2021 | 39.81 | .71 | 12.51 | 13.22 | (.70)<br>|  | (.70)<br>| 52.33 | 33.41 | 576 | .92 | .92 | 1.49 |
| **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:**  | **Class R-4:**  |
| 10/31/2025 | 58.29 | .94 | 6.04 | 6.98 | (.94)<br>| (2.50)<br>| (3.44)<br>| 61.83 | 12.62 | 728 | .61 | .61 | 1.62 |
| 10/31/2024 | 46.86 | .99 | 12.35 | 13.34 | (1.08)<br>| (.83)<br>| (1.91)<br>| 58.29 | 29.02 | 743 | .61 | .61 | 1.84 |
| 10/31/2023 | 48.77 | 1.05 | (.60)<br>| .45 | (.97)<br>| (1.39)<br>| (2.36)<br>| 46.86 | .77 | 672 | .62 | .62 | 2.14 |
| 10/31/2022 | 52.60 | .93 | (2.30)<br>| (1.37)<br>| (.85)<br>| (1.61)<br>| (2.46)<br>| 48.77 | (2.77)<br>| 772 | .61 | .61 | 1.85 |
| 10/31/2021 | 40.01 | .86 | 12.58 | 13.44 | (.85)<br>|  | (.85)<br>| 52.60 | 33.81 | 847 | .62 | .62 | 1.79 |
| **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:**  | **Class R-5E:**  |
| 10/31/2025 | 58.46 | 1.06 | 6.07 | 7.13 | (1.06)<br>| (2.50)<br>| (3.56)<br>| 62.03 | 12.86 | 266 | .42 | .42 | 1.81 |
| 10/31/2024 | 46.99 | 1.10 | 12.38 | 13.48 | (1.18)<br>| (.83)<br>| (2.01)<br>| 58.46 | 29.28 | 248 | .42 | .42 | 2.03 |
| 10/31/2023 | 48.91 | 1.14 | (.59)<br>| .55 | (1.08)<br>| (1.39)<br>| (2.47)<br>| 46.99 | .98 | 191 | .41 | .41 | 2.34 |
| 10/31/2022 | 52.74 | 1.05 | (2.30)<br>| (1.25)<br>| (.97)<br>| (1.61)<br>| (2.58)<br>| 48.91 | (2.54)<br>| 124 | .39 | .39 | 2.07 |
| 10/31/2021 | 40.12 | .96 | 12.61 | 13.57 | (.95)<br>|  | (.95)<br>| 52.74 | 34.09 | 103 | .40 | .40 | 1.97 |
| **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:**  | **Class R-5:**  |
| 10/31/2025 | 58.56 | 1.12 | 6.08 | 7.20 | (1.12)<br>| (2.50)<br>| (3.62)<br>| 62.14 | 12.96 | 394 | .32 | .32 | 1.91 |
| 10/31/2024 | 47.06 | 1.16 | 12.41 | 13.57 | (1.24)<br>| (.83)<br>| (2.07)<br>| 58.56 | 29.42 | 352 | .32 | .32 | 2.14 |
| 10/31/2023 | 48.98 | 1.20 | (.61)<br>| .59 | (1.12)<br>| (1.39)<br>| (2.51)<br>| 47.06 | 1.05 | 351 | .32 | .32 | 2.45 |
| 10/31/2022 | 52.82 | 1.09 | (2.31)<br>| (1.22)<br>| (1.01)<br>| (1.61)<br>| (2.62)<br>| 48.98 | (2.49)<br>| 372 | .31 | .31 | 2.15 |
| 10/31/2021 | 40.16 | 1.01 | 12.63 | 13.64 | (.98)<br>|  | (.98)<br>| 52.82 | 34.24 | 395 | .32 | .32 | 2.09 |
| **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:**  | **Class R-6:**  |
| 10/31/2025 | 58.58 | 1.15 | 6.08 | 7.23 | (1.15)<br>| (2.50)<br>| (3.65)<br>| 62.16 | 13.02 | 34585 | .27 | .27 | 1.96 |
| 10/31/2024 | 47.08 | 1.18 | 12.41 | 13.59 | (1.26)<br>| (.83)<br>| (2.09)<br>| 58.58 | 29.47 | 32019 | .27 | .27 | 2.18 |
| 10/31/2023 | 48.99 | 1.22 | (.59)<br>| .63 | (1.15)<br>| (1.39)<br>| (2.54)<br>| 47.08 | 1.12 | 24504 | .27 | .27 | 2.49 |
| 10/31/2022 | 52.83 | 1.11 | (2.31)<br>| (1.20)<br>| (1.03)<br>| (1.61)<br>| (2.64)<br>| 48.99 | (2.43)<br>| 22898 | .27 | .27 | 2.19 |
| 10/31/2021 | 40.18 | 1.03 | 12.63 | 13.66 | (1.01)<br>|  | (1.01)<br>| 52.83 | 34.27 | 23999 | .27 | .27 | 2.14 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Mutual Fund | **22** |

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Financial highlights (continued)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Portfolio turnover rate for all share classes<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23<br> %<br>|

---

<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> This column reflects the impact of certain waivers and/or reimbursements from CRMC and/or AFS, if any.

<sup>4</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>5</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>6</sup> Amount less than $1 million.

<sup>7</sup> Rates do not include the fund's portfolio activity with respect to any Central Funds.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **23** | American Mutual Fund |

---

------

Report of Independent Registered Public Accounting Firm

------

To the shareholders and the Board of Trustees of American Mutual Fund:

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

We have audited the accompanying statement of assets and liabilities of American Mutual Fund (the "Fund"), including the investment portfolio, as of October 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, 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 October 31, 2025, 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.

/s/ Deloitte & Touche LLP

Costa Mesa, California

December 11, 2025

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

---

| | |
|:---|:---|
| American Mutual Fund | **24** |

---

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Tax informationunaudited

------

We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The fund hereby designates the following amounts for the fund's fiscal year ended October 31, 2025:

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| | |
|:---|:---|
| Long-term capital gains | $4708212000 |
| Qualified dividend income | 100% |
| Section 163(j) interest dividends | $186901000 |
| Corporate dividends received deduction | $1783796000 |
| U.S. government income that may be exempt from state taxation | $136059000 |

---

**Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in January 2026, to determine the *calendar year* amounts to be included on their 2025 tax returns. Shareholders should consult their tax advisors.**

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| | |
|:---|:---|
| **25** | American Mutual Fund |

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Changes in and disagreements with accountants

------

On September 11, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP ("PwC") was appointed as the fund's independent registered public accounting firm for the fiscal year ending October 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. The dismissal does not affect D&T's previous engagement to audit the fund's financial statements for the fiscal year ended October 31, 2025.

D&T's reports on the fund's financial statements as of and for the fiscal years ended October 31, 2024 and October 31, 2025 did not contain an adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. At no point during the fund's fiscal years ended October 31, 2024 and October 31, 2025 and the subsequent interim period through December 11, 2025, (i) were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of D&T, would have caused them to make reference to the subject matter of the disagreements in connection with their reports on the fund's financial statements for such periods, and (ii) there were no "reportable events" of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended. The fund requested that D&T furnish it with a letter addressed to the U.S. Securities and Exchange Commission stating whether or not it agrees with the above statements. A copy of such letter is filed as an exhibit to the fund's Form N-CSR.

During the fund's fiscal years ended October 31, 2024 and October 31, 2025 and the subsequent interim period through December 11, 2025, neither the fund, nor anyone on its behalf, consulted with PwC on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the fund's financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

Matters submitted for shareholder vote

------

None

Remuneration paid to directors, officers and others

------

Refer to the trustees' deferred compensation disclosure in the notes to financial statements.

Approval of Investment Advisory and Service Agreement

------

Not applicable for the current reporting period due to the timing of the board's approval of this agreement.

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| | |
|:---|:---|
| American Mutual Fund | **26** |

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#### ITEM 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies
On September 11, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP ("PwC") was appointed as the fund's independent registered public accounting firm for the fiscal year ending October 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. The dismissal does not affect D&T's previous engagement to audit the fund's financial statements for the fiscal year ended October 31, 2025.

D&T's reports on the fund's financial statements as of and for the fiscal years ended October 31, 2024 and October 31, 2025 did not contain an adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. At no point during the fund's fiscal years ended October 31, 2024 and October 31, 2025 and the subsequent interim period through December 11, 2025, (i) were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of D&T, would have caused them to make reference to the subject matter of the disagreements in connection with their reports on the fund's financial statements for such periods, and (ii) there were no "reportable events" of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended. The fund requested that D&T furnish it with a letter addressed to the U.S. Securities and Exchange Commission stating whether or not it agrees with the above statements. A copy of such letter is filed as an exhibit to this Form N-CSR.

During the fund's fiscal years ended October 31, 2024 and October 31, 2025 and the subsequent interim period through December 11, 2025, neither the fund, nor anyone on its behalf, consulted with PwC on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the fund's financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

------

#### ITEM 9 - Proxy Disclosures for Open-End Management Investment Companies
None

------

#### ITEM 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The information is included as part of the material filed under Item 7 of this Form within the trustees' deferred compensation disclosure in the notes to financial statements.

------

#### ITEM 11 - Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable for the current reporting period due to the timing of the board's approval of this agreement.

------

#### ITEM 12 - 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 13 - 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 14 - 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 15 - 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. The committee also coordinates annual self-assessments of the board and evaluates, selects and nominates independent trustee candidates to the full board of trustees. While the committee normally is able to identify from its own and other 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.

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#### ITEM 16 - 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) as of a date within 90 days of the filing date of this report, 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 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 17 - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

------

#### ITEM 18 - Recovery of Erroneously Awarded Compensation
None

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#### ITEM 19 - Exhibits
(a)(1) Code of Ethics - See Item 2

(a)(2) The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections [302](cert302.htm) and [906](cert906.htm) of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

(a)(3) [Change in registrant's independent registered public accounting firm – Auditor's response letter to SEC is attached as an exhibit hereto.](AUDITORLETTERTOSEC.htm)

#### 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 Mutual Fund**

By /s/ Donald H. Rolfe

Donald H. Rolfe,

Principal Executive Officer

Date: January 07, 2026

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

By /s/ Donald H. Rolfe

Donald H. Rolfe,

Principal Executive Officer

Date: January 07, 2026

By /s/ Gregory F. Niland

Gregory F. Niland, Treasurer and

Principal Financial Officer

Date: January 07, 2026

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## Exhibit 99.906

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 GREGORY F. NILAND, Treasurer and Principal Financial Officer of American Mutual 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 October 31, 2025 (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.

Principal Executive Officer

**American Mutual Fund**

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

Donald H. Rolfe, Principal Executive Officer

Date: January 07, 2026

Principal Financial Officer

**American Mutual Fund**

<u>/s/ Gregory F. Niland</u>

Gregory F. Niland, Treasurer and Principal Financial Officer

Date: January 07, 2026

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to **American Mutual Fund** and will be retained by **American Mutual 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.

------

## Ex-99.Cert

**CERTIFICATION**

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

1. I have reviewed this report on Form N-CSR of **American Mutual 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:

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the 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):

&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;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: January 07, 2026

<u>/s/ Donald H. Rolfe</u> Donald H. Rolfe, Principal Executive Officer American Mutual Fund

**CERTIFICATION**

I, **Gregory F. Niland**, certify that:

1. I have reviewed this report on Form N-CSR of **American Mutual 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:

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the 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):

&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;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: January 07, 2026

<u>/s/ Gregory F. Niland</u> Gregory F. Niland,

Treasurer and Principal Financial Officer

American Mutual Fund

------

## Ex-99

![Image is missing](gj1p4xdv1wuflz7khvdoo.jpg)

**Deloitte & Touche LLP**

695 Town Center Drive,

Suite 1000

Costa Mesa, CA 92626

USA

Tel: +1 714 436 7100

Fax: +1 714 436 7200

www.deloitte.com

January 7, 2026

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549-7561

Dear Sirs/Madams:

We have read Item 8 of American Mutual Fund's Form N-CSR dated January 7, 2026, and have the following comments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.We agree with the statements concerning our Firm made in the first two paragraphs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.We have no basis on which to agree or disagree with the statements made in the third paragraph. Yours truly,

------