Unassociated Document

Fundamental InvestorsSM

Investment portfolio

September 30, 2011

unaudited

Common stocks — 95.08%	Shares			Value (000)

INFORMATION TECHNOLOGY — 15.51%
Apple Inc.1		2,013,800		$	767,620
Microsoft Corp.		25,920,000			645,149
Google Inc., Class A1		1,032,000			530,840
Texas Instruments Inc.		19,270,300			513,554
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)		25,234,400			288,429
Taiwan Semiconductor Manufacturing Co. Ltd.2		55,025,000			124,673
Oracle Corp.		13,657,950			392,529
Samsung Electronics Co. Ltd.2		556,500			389,836
Maxim Integrated Products, Inc.		12,687,000			295,988
EMC Corp.1		13,788,400			289,419
Avago Technologies Ltd.		8,280,000			271,336
Intuit Inc.1		5,330,000			252,855
Corning Inc.		12,790,000			158,084
Amphenol Corp.		3,750,000			152,888
FLIR Systems, Inc.		6,050,000			151,553
Yahoo! Inc.1		10,656,200			140,236
Fidelity National Information Services, Inc.		5,583,600			135,793
First Solar, Inc.1		2,109,800			133,360
Visa Inc., Class A		1,520,269			130,317
Analog Devices, Inc.		4,000,000			125,000
Microchip Technology Inc.		4,000,000			124,440
Xilinx, Inc.		4,500,000			123,480
TE Connectivity Ltd.		3,845,000			108,198
ASML Holding NV (New York registered)		1,240,000			42,830
ASML Holding NV2		1,219,568			42,378
Rackspace Hosting, Inc.1		2,200,000			75,108
Infineon Technologies AG2		9,425,000			69,410
Automatic Data Processing, Inc.		1,460,000			68,839
Lender Processing Services, Inc.		3,807,500			52,125
Linear Technology Corp.		1,860,000			51,429
Arm Holdings PLC2		3,135,000			26,832
Mail.ru Group Ltd. (GDR)1,2		140,000			4,055
					6,678,583

CONSUMER DISCRETIONARY — 12.56%
Home Depot, Inc.		33,878,000			1,113,570
Amazon.com, Inc.1		2,620,000			566,523
Starbucks Corp.		11,000,000			410,190
Walt Disney Co.		11,000,000			331,760
Virgin Media Inc.		13,385,000			325,925
Time Warner Inc.		10,775,000			322,927
Comcast Corp., Class A		13,465,000			281,419
Industria de Diseño Textil, SA2		2,320,000			198,680
McDonald’s Corp.		2,220,000			194,960
Macy’s, Inc.		5,700,000			150,024
Intercontinental Hotels Group PLC2		9,110,000			147,888
Expedia, Inc.		4,735,000			121,926
Shaw Communications Inc., Class B, nonvoting		6,000,000			121,200
Chipotle Mexican Grill, Inc.1		379,832			115,070
Johnson Controls, Inc.		4,100,000			108,117
SES SA, Class A (FDR)2		4,000,000			97,127
DIRECTV, Class A1		2,250,000			95,062
Marriott International, Inc., Class A		3,352,545			91,323
Hyundai Mobis Co., Ltd.2		313,000			88,893
BorgWarner Inc.1		1,400,000			84,742
General Motors Co.1		4,000,000			80,720
Daimler AG2		1,650,000			73,086
Lowe’s Companies, Inc.		3,430,000			66,336
Ctrip.com International, Ltd. (ADR)1		2,030,000			65,285
Penn National Gaming, Inc.1		1,763,000			58,690
Focus Media Holding Ltd. (ADR)1		3,400,000			57,086
CarMax, Inc.1		875,000			20,869
McGraw-Hill Companies, Inc.		400,000			16,400
Liberty Media Corp., Class A1		65,000			4,131
					5,409,929

INDUSTRIALS — 12.54%
Union Pacific Corp.		8,735,000			713,387
Lockheed Martin Corp.		6,558,200			476,388
Parker Hannifin Corp.		5,850,000			369,310
Schneider Electric SA2		6,628,764			356,883
General Electric Co.		22,500,000			342,900
Deere & Co.		4,315,000			278,619
CSX Corp.		12,825,000			239,443
European Aeronautic Defence and Space Co. EADS NV2		8,000,000			224,444
Boeing Co.		3,200,000			193,632
Siemens AG2		2,120,000			191,525
Fastenal Co.		5,000,000			166,400
Aggreko PLC2		6,456,717			163,065
Northrop Grumman Corp.		2,846,243			148,460
Joy Global Inc.		2,238,638			139,646
Precision Castparts Corp.		800,000			124,368
Honeywell International Inc.		2,800,000			122,948
Dun & Bradstreet Corp.		2,000,000			122,520
Vallourec SA2		2,027,010			116,181
Cummins Inc.		1,310,000			106,975
Waste Management, Inc.		3,248,300			105,765
Rockwell Automation		1,800,000			100,800
MTU Aero Engines Holding AG2		1,475,220			92,488
Ingersoll-Rand PLC		3,160,800			88,787
Stericycle, Inc.1		1,000,000			80,720
Caterpillar Inc.		1,000,000			73,840
Navistar International Corp.1		2,000,000			64,240
General Dynamics Corp.		1,000,000			56,890
Grafton Group PLC, units2,3		15,037,000			53,527
United Technologies Corp.		750,000			52,770
PACCAR Inc		1,000,000			33,820
Bombardier Inc., Class B		745,000			2,609
					5,403,350

ENERGY — 11.96%
Suncor Energy Inc.		28,723,361			733,502
Royal Dutch Shell PLC, Class B (ADR)		5,562,700			345,166
Royal Dutch Shell PLC, Class A (ADR)		3,630,000			223,318
ConocoPhillips		5,500,000			348,260
Occidental Petroleum Corp.		4,784,244			342,073
Chevron Corp.		3,547,763			328,239
FMC Technologies, Inc.1		8,200,000			308,320
Baker Hughes Inc.		5,165,000			238,416
Crescent Point Energy Corp.		5,454,200			205,333
Subsea 7 SA1,2		10,340,000			196,581
Concho Resources Inc.1		2,365,000			168,246
Schlumberger Ltd.		2,800,000			167,244
Denbury Resources Inc.1		14,000,000			161,000
Hess Corp.		3,000,000			157,380
Tenaris SA (ADR)		6,020,360			153,218
Cenovus Energy Inc.		4,400,000			135,498
Imperial Oil Ltd.		3,608,739			129,624
CONSOL Energy Inc.		3,700,000			125,541
Murphy Oil Corp.		2,740,000			120,998
Talisman Energy Inc.		9,750,000			119,632
Technip SA2		1,225,000			98,034
Oceaneering International, Inc.		2,449,764			86,575
TOTAL SA2		1,850,000			81,568
Noble Energy, Inc.		1,100,000			77,880
Petróleo Brasileiro SA – Petrobras, ordinary nominative (ADR)		1,960,000			44,002
Apache Corp.		460,300			36,934
INPEX CORP.2		1,500			9,244
Kinder Morgan, Inc.		350,000			9,062
					5,150,888

HEALTH CARE — 10.73%
Merck & Co., Inc.		38,926,664			1,273,291
Bristol-Myers Squibb Co.		28,300,000			888,054
Baxter International Inc.		10,275,000			576,839
Roche Holding AG2		3,000,000			482,645
Pfizer Inc		15,468,936			273,491
Cardinal Health, Inc.		5,425,000			227,199
Quest Diagnostics Inc.		3,500,000			172,760
AstraZeneca PLC (United Kingdom)2		2,500,000			110,692
Gilead Sciences, Inc.1		2,800,000			108,640
Vertex Pharmaceuticals Inc.1		2,045,000			91,084
Hospira, Inc.1		2,404,143			88,954
Laboratory Corporation of America Holdings1		1,100,000			86,955
Regeneron Pharmaceuticals, Inc.1		1,490,000			86,718
Aetna Inc.		1,935,000			70,337
Johnson & Johnson		1,065,000			67,851
UnitedHealth Group Inc.		210,000			9,685
Intuitive Surgical, Inc.1		15,000			5,464
Dendreon Corp.1		230,000			2,070
					4,622,729

FINANCIALS — 9.55%
American Express Co.		9,770,000			438,673
Wells Fargo & Co.		15,195,200			366,508
Citigroup Inc.		12,621,000			323,350
ACE Ltd.		5,300,000			321,180
Moody’s Corp.		7,660,000			233,247
Marsh & McLennan Companies, Inc.		8,620,000			228,775
Digital Realty Trust, Inc.		3,435,000			189,475
Goldman Sachs Group, Inc.		1,930,000			182,481
SunTrust Banks, Inc.		8,250,000			148,087
Weyerhaeuser Co.		9,254,731			143,911
Aon Corp.		3,360,000			141,053
PNC Financial Services Group, Inc.		2,600,000			125,294
Bank of America Corp.		20,000,000			122,400
XL Group PLC		6,000,000			112,800
AMP Ltd.2		26,993,082			101,327
New York Community Bancorp, Inc.		8,190,000			97,461
U.S. Bancorp		3,957,000			93,148
United Overseas Bank Ltd.2		6,889,135			88,674
Industrial and Commercial Bank of China Ltd., Class H2		175,769,000			84,962
Travelers Companies, Inc.		1,500,000			73,095
CNO Financial Group, Inc.1		11,900,000			64,379
JPMorgan Chase & Co.		2,104,000			63,372
Jefferies Group, Inc.		5,000,000			62,050
ICICI Bank Ltd.2		3,260,000			57,329
ICICI Bank Ltd. (ADR)		105,000			3,646
Cincinnati Financial Corp.		1,704,255			44,873
HCP, Inc.		1,249,600			43,811
CapitalSource Inc.		6,860,954			42,126
Canadian Western Bank		1,500,000			36,759
Berkshire Hathaway Inc., Class A1		250			26,700
QBE Insurance Group Ltd.2		2,185,000			26,809
Synovus Financial Corp.		17,400,000			18,618
Hospitality Properties Trust		223,018			4,735
HDFC Bank Ltd. (ADR)		150,000			4,373
					4,115,481

MATERIALS — 7.58%
Dow Chemical Co.		24,107,900			541,464
Syngenta AG2		1,710,000			442,991
Potash Corp. of Saskatchewan Inc.		8,000,000			345,760
Praxair, Inc.		2,305,000			215,471
E.I. du Pont de Nemours and Co.		5,000,000			199,850
FMC Corp.		2,699,000			186,663
Rio Tinto PLC2		3,850,000			170,035
Cliffs Natural Resources Inc.		3,260,000			166,814
Newmont Mining Corp.		2,500,000			157,250
LyondellBasell Industries NV, Class A		5,920,000			144,626
Alcoa Inc.		14,000,000			133,980
Ecolab Inc.		2,500,000			122,225
CRH PLC2		6,454,299			99,549
MeadWestvaco Corp.		3,350,000			82,276
Sigma-Aldrich Corp.		980,000			60,554
Mosaic Co.		1,000,000			48,970
Nucor Corp.		1,500,000			47,460
HudBay Minerals Inc.		5,000,000			46,617
Steel Dynamics, Inc.		4,248,000			42,140
Holcim Ltd2		160,000			8,459
					3,263,154

CONSUMER STAPLES — 6.65%
Philip Morris International Inc.		8,250,000			514,635
Altria Group, Inc.		16,035,100			429,901
Costco Wholesale Corp.		3,930,000			322,732
CVS/Caremark Corp.		7,705,000			258,734
Kellogg Co.		3,500,000			186,165
H.J. Heinz Co.		3,500,000			176,680
British American Tobacco PLC2		3,640,000			154,281
Unilever NV, depository receipts2		4,290,000			135,881
Kraft Foods Inc., Class A		3,790,000			127,268
Diageo PLC2		6,500,000			123,667
Coca-Cola Amatil Ltd.2		10,725,000			122,713
Tingyi (Cayman Islands) Holding Corp.2		39,105,000			95,846
Procter & Gamble Co.		1,255,100			79,297
PepsiCo, Inc.		1,050,000			64,995
C&C Group PLC2		8,948,312			33,737
Avon Products, Inc.		1,600,000			31,360
Pernod Ricard SA2		100,000			7,841
					2,865,733

TELECOMMUNICATION SERVICES — 4.03%
Verizon Communications Inc.		22,130,000			814,384
AT&T Inc.		11,000,000			313,720
Koninklijke KPN NV2		16,220,000			213,529
Vivendi SA2		7,000,000			142,923
SOFTBANK CORP.2		4,800,000			140,510
American Tower Corp., Class A1		1,000,000			53,800
Portugal Telecom, SGPS, SA2		5,145,144			37,517
América Móvil, SAB de CV, Series L (ADR)		450,000			9,936
France Télécom SA2		450,000			7,379
					1,733,698

UTILITIES — 3.14%
PG&E Corp.		5,380,000			227,628
Edison International		5,250,000			200,813
American Water Works Co., Inc.		5,700,000			172,026
National Grid PLC2		13,615,000			134,994
NV Energy, Inc.		7,000,000			102,970
Dominion Resources, Inc.		2,000,000			101,540
Exelon Corp.		2,370,200			100,994
PPL Corp.		2,912,201			83,114
Duke Energy Corp.		3,500,000			69,965
NextEra Energy, Inc.		1,050,000			56,721
GDF SUEZ2		1,600,000			47,797
Xcel Energy Inc.		1,500,000			37,035
SUEZ Environnement Co.2		1,354,459			18,878
					1,354,475

MISCELLANEOUS — 0.83%
Other common stocks in initial period of acquisition					356,514


Total common stocks (cost: $38,116,880,000)					40,954,534


	Principal amount
Convertible securities — 0.04%		(000	)

INDUSTRIALS — 0.04%
United Continental Holdings, Inc. 4.50% convertible debentures 2015	$	12,275			15,405


Total convertible securities (cost: $12,275,000)					15,405


	Principal amount			Value
Bonds & notes — 0.01%		(000	)		(000	)

MORTGAGE-BACKED OBLIGATIONS4 — 0.01%
ChaseFlex Trust, Series 2007-2, Class A-1, 0.53% 20375	$	7,957		$	5,216


Total bonds & notes (cost: $5,820,000)					5,216



Short-term securities — 4.67%

Freddie Mac 0.08%–0.199% due 10/4/2011–6/1/2012		548,175			548,027
Fannie Mae 0.12%–0.21% due 10/3/2011–5/14/2012		440,471			440,399
Federal Home Loan Bank 0.09%–0.16% due 11/18/2011–5/15/2012		190,790			190,731
Jupiter Securitization Co., LLC 0.14%–0.18% due 10/3–11/7/20116		152,000			151,983
Falcon Asset Securitization Co., LLC 0.12%–0.15% due 10/13–10/17/20116		36,100			36,098
Hewlett-Packard Co. 0.14%–0.15% due 10/12–10/21/20116		125,500			125,492
U.S. Treasury Bills 0.147%–0.258% due 11/17/2011–5/3/2012		91,800			91,785
Abbott Laboratories 0.09%–0.10% due 10/11–11/8/20116		76,900			76,895
General Electric Capital Services, Inc. 0.17% due 10/17/2011		75,000			74,994
Federal Farm Credit Banks 0.14%–0.19% due 2/6–3/8/2012		75,000			74,984
Coca-Cola Co. 0.09%–0.12% due 10/28–11/16/20116		43,600			43,596
Procter & Gamble Co. 0.04%–0.17% due 10/31/2011–1/6/20126		40,800			40,790
eBay Inc. 0.09% due 12/1/20116		28,100			28,086
Straight-A Funding LLC 0.16% due 10/7/20116		25,000			24,998
John Deere Credit Ltd. 0.05%–0.09% due 10/13–10/21/20116		21,300			21,300
Becton, Dickinson and Co. 0.08% due 10/31/2011		20,000			19,999
Private Export Funding Corp. 0.11% due 10/31/20116		9,600			9,599
Wal-Mart Stores, Inc. 0.07% due 11/28/20116		6,600			6,599
Merck & Co. Inc. 0.08% due 11/1/20116		5,900			5,900

Total short-term securities (cost: $2,011,805,000)					2,012,255


Total investment securities (cost: $40,146,780,000)					42,987,410
Other assets less liabilities					85,327


Net assets				$	43,072,737

As permitted by U.S. Securities and Exchange Commission regulations, “Miscellaneous” securities include holdings in their first year of acquisition that have not previously been publicly disclosed.

1Security did not produce income during the last 12 months.

2Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Miscellaneous,” was $6,002,296,000, which represented 13.94% of the net assets of the fund. This entire amount relates to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.

3The fund owns 5% or more of the outstanding voting shares of this company. See the table on the following page for additional information.

4Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

5Coupon rate may change periodically.

6Acquired in a transaction exempt from registration under the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $571,336,000, which represented 1.33% of the net assets of the fund.

Investments in affiliates

A company is considered to be an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings in that company represent 5% or more of the outstanding voting shares. Further details on these holdings and related transactions during the nine months ended September 30, 2011, appear below.

	Beginning shares		Additions		Reductions		Ending shares			Dividend income (000	)		Value of affiliates at 9/30/2011 (000	)

Grafton Group PLC, units		15,037,000		—		—		15,037,000	$	1,520		$	53,527
Strayer Education, Inc.*		760,000		—		760,000		—		760			—
									$	2,280		$	53,527
*Unaffiliated issuer at 9/30/2011.

Valuation disclosures

The fund’s investments are reported at fair value as defined by accounting principles generally accepted in the United States of America. The fund generally determines the net asset value of each share class as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open. Security transactions are recorded by the fund as of the date the trades are executed with brokers. Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date.

Methods and inputs — The fund uses the following methods and inputs to establish the fair value of its assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

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

Fixed-income securities, including short-term securities purchased with more than 60 days left to maturity, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security.

Fixed-income class	Examples of standard inputs
All	Benchmark yields, transactions, bids, offers, quotations from dealers and
	trading systems, new issues, spreads and other relationships observed in
	the markets among comparable securities; and proprietary pricing models
	such as yield measures calculated using factors such as cash flows,
	financial or collateral performance and other reference data (collectively
	referred to as “standard inputs”)

Corporate bonds & notes; convertible securities	Standard inputs and underlying equity of the issuer

Bonds & notes of governments & government agencies	Standard inputs and interest rate volatilities

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

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

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described above for either equity or fixed-income securities, depending on which method is deemed most appropriate by the investment adviser. Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates fair value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par when they reach 60 days.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the investment adviser are fair valued as determined in good faith under guidelines adopted by authority of the fund’s board of trustees. Market quotations may be considered unreliable if events occur that materially affect the value of securities (particularly equity securities trading outside the U.S.) between the close of trading in those securities and the close of regular trading on the New York Stock Exchange. Various inputs may be reviewed in order to make a good faith determination of a security’s fair value. These inputs include, but are not limited to, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Classifications — The fund classifies its 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 fund’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following table presents the fund’s valuation levels as of September 30, 2011 (dollars in thousands):

Investment securities:	Level 1		Level 2			Level 3		Total

Common stocks:
Information technology	$	6,021,399	$	657,184	*	$	—	$	6,678,583
Consumer discretionary		4,804,255		605,674	*		—		5,409,929
Industrials		4,205,237		1,198,113	*		—		5,403,350
Energy		4,765,461		385,427	*		—		5,150,888
Health care		4,029,392		593,337	*		—		4,622,729
Financials		3,756,380		359,101	*		—		4,115,481
Materials		2,542,120		721,034	*		—		3,263,154
Consumer staples		2,191,767		673,966	*		—		2,865,733
Telecommunication services		1,191,840		541,858	*		—		1,733,698
Utilities		1,152,806		201,669	*		—		1,354,475
Miscellaneous		291,581		64,933	*		—		356,514
Convertible securities		—		15,405			—		15,405
Bonds & notes		—		5,216			—		5,216
Short-term securities		—		2,012,255			—		2,012,255
Total	$	34,952,238	$	8,035,172		$	—	$	42,987,410

*Includes certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading; therefore, $6,002,296,000 of investment securities were classified as Level 2 instead of Level 1.

Federal income tax information	(dollars in thousands)

Gross unrealized appreciation on investment securities	$	7,110,621
Gross unrealized depreciation on investment securities		(4,281,211	)
Net unrealized appreciation on investment securities		2,829,410
Cost of investment securities for federal income tax purposes		40,158,000

Key to abbreviations

ADR = American Depositary Receipts

FDR = Fiduciary Depositary Receipts

GDR = Global Depositary Receipts

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

Investors should carefully consider the investment objectives, risks, charges and expenses of the American Funds. This and other important information is contained in the fund’s prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at 800/421-0180 or visit the American Funds website at americanfunds.com.

MFGEFP-910-1111O-S29411

ITEM 2 – Controls and Procedures

	AMERICAN FUNDS FUNDAMENTAL INVESTORS

	By /s/ Paul G. Haaga, Jr.
	Paul G. Haaga, Jr., Executive Vice President and Principal Executive Officer

	Date: November 28, 2011