0000051931-12-000793.txt : 20121128 0000051931-12-000793.hdr.sgml : 20121128 20121128131855 ACCESSION NUMBER: 0000051931-12-000793 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121128 DATE AS OF CHANGE: 20121128 EFFECTIVENESS DATE: 20121128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN FUNDS FUNDAMENTAL INVESTORS CENTRAL INDEX KEY: 0000039473 IRS NUMBER: 221557722 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-00032 FILM NUMBER: 121228415 BUSINESS ADDRESS: STREET 1: ONE MARKET - STEUART TOWER STREET 2: SUITE 1800 CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: 415-421-9360 MAIL ADDRESS: STREET 1: P.O. BOX 7650 (MICG) CITY: SAN FRANCISCO STATE: CA ZIP: 94120 FORMER COMPANY: FORMER CONFORMED NAME: FUNDAMENTAL INVESTORS INC DATE OF NAME CHANGE: 19920703 0000039473 S000009227 FUNDAMENTAL INVESTORS C000025050 Class A ANCFX C000025051 Class R-1 RFNAX C000025052 Class R-2 RFNBX C000025053 Class R-3 RFNCX C000025054 Class R-4 RFNEX C000025055 Class R-5 RFNFX C000025056 Class B AFIBX C000025057 Class C AFICX C000025058 Class F-1 AFIFX C000025059 Class 529-A CFNAX C000025060 Class 529-B CFNBX C000025061 Class 529-C CFNCX C000025062 Class 529-E CFNEX C000025063 Class 529-F-1 CFNFX C000068558 Class F-2 FINFX C000077853 Class R-6 RFNGX N-Q 1 fi_nq.htm N-Q Unassociated Document
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549



FORM N-Q
Quarterly Schedule of Portfolio Holdings of
Registered Management Investment Company

Investment Company Act File Number: 811-00032



American Funds Fundamental Investors
(Exact Name of Registrant as Specified in Charter)

P.O. Box 7650, One Market, Steuart Tower,
San Francisco, California 94120
(Address of Principal Executive Offices)




Registrant's telephone number, including area code:  (415) 421-9360

Date of fiscal year end: December 31

Date of reporting period: September 30, 2012





Patrick F. Quan
American Funds Fundamental Investors
P.O. Box 7650, One Market, Steuart Tower
San Francisco, California 94120
(Name and Address of Agent for Service)


Copies to:
Mark D. Perlow
K&L Gates LLP
Four Embarcadero Center, Suite 1200
San Francisco, California  94111
(Counsel for the Registrant)

 
 
 

ITEM 1 – Schedule of Investments
 
 

Fundamental InvestorsSM 
Investment portfolio
 
September 30, 2012
unaudited
 
Common stocks — 93.78%
  
Shares
    
Value
(000)
  
             
INFORMATION TECHNOLOGY — 15.10%
            
Apple Inc.
     1,711,000     $ 1,141,682  
Microsoft Corp.
     28,680,000       854,090  
Google Inc., Class A1
    1,119,800       844,889  
Texas Instruments Inc.
     21,705,300       597,981  
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)
     25,665,171       406,023  
Taiwan Semiconductor Manufacturing Co. Ltd.
     55,955,000       171,415  
Oracle Corp.
     12,927,950       407,101  
Maxim Integrated Products, Inc.
     12,687,000       337,728  
Avago Technologies Ltd.
     9,555,000       333,135  
Samsung Electronics Co. Ltd.
     237,531       287,664  
EMC Corp.1
     10,500,000       286,335  
Rackspace Hosting, Inc.1
    3,660,000       241,889  
Amphenol Corp.
     4,100,000       241,408  
Analog Devices, Inc.
     6,000,000       235,140  
ASML Holding NV
     1,869,568       99,920  
ASML Holding NV (New York registered)
     1,240,000       66,563  
Corning Inc.
     11,020,000       144,913  
MasterCard Inc., Class A
     300,000       135,444  
TE Connectivity Ltd.
     3,845,000       130,769  
Intuit Inc.
     2,200,000       129,536  
ASM Pacific Technology Ltd.
     10,855,000       128,442  
Arm Holdings PLC
     9,600,000       89,137  
Visa Inc., Class A
     600,000       80,568  
Infineon Technologies AG
     11,600,000       73,609  
FLIR Systems, Inc.
     3,600,000       71,910  
Linear Technology Corp.
     1,860,000       59,241  
LinkedIn Corp., Class A1
     436,628       52,570  
Fidelity National Information Services, Inc.
     1,607,412       50,183  
Yahoo! Inc.1
    2,989,500       47,757  
Autodesk, Inc.1
     1,166,200       38,916  
              7,785,958  
                 
CONSUMER DISCRETIONARY — 13.59%
                
Walt Disney Co.
     7,000,000       365,960  
Starbucks Corp.
     7,000,000       355,250  
Macy’s, Inc.
     5,800,000       218,196  
Daimler AG
     4,325,000       209,336  
McGraw-Hill Companies, Inc.
     2,910,900       158,906  
Shaw Communications Inc., Class B, nonvoting
     6,000,000       123,000  
DIRECTV1
     2,250,000       118,035  
Johnson Controls, Inc.
     4,100,000       112,340  
BorgWarner Inc.1
    1,500,000       103,665  
General Motors Co.1
     4,000,000       91,000  
Discovery Communications, Inc., Class A1
     1,000,000       59,630  
Time Warner Cable Inc.
     500,000       47,530  
Lowe’s Companies, Inc.
     3,430,000       103,723  
Hyundai Mobis Co., Ltd.
     351,000       98,059  
Home Depot, Inc.
     28,428,000       1,716,198  
Time Warner Inc.
     14,110,000       639,606  
Virgin Media Inc.
     13,385,000       394,054  
Ctrip.com International, Ltd. (ADR)1
     2,730,000       46,082  
Toyota Motor Corp.
     930,000       36,228  
Comcast Corp., Class A
     14,900,800       533,002  
Marriott International, Inc., Class A
     3,193,545       124,868  
Penn National Gaming, Inc.1
     1,030,571       44,418  
Expedia, Inc.
     3,714,000       214,818  
SES SA, Class A (FDR)
     4,517,992       122,881  
Amazon.com, Inc.1
     3,242,800       824,709  
Chipotle Mexican Grill, Inc.1
    379,832       120,612  
Liberty Media Corp., Class A1
     65,785       6,853  
Industria de Diseño Textil, SA
     120,000       14,901  
              7,003,860  
                 
ENERGY — 12.97%
                
Royal Dutch Shell PLC, Class B (ADR)
     5,862,700       418,011  
Royal Dutch Shell PLC, Class A (ADR)
     3,690,000       256,123  
Suncor Energy Inc.
     19,735,832       649,229  
Chevron Corp.
     3,547,763       413,527  
FMC Technologies, Inc.1
     8,830,000       408,829  
Enbridge Inc.
     9,638,689       376,488  
Kinder Morgan, Inc.
     10,010,645       355,578  
ConocoPhillips
     6,000,000       343,080  
Crescent Point Energy Corp.
     7,554,200       334,487  
Occidental Petroleum Corp.
     3,400,000       292,604  
Transocean Ltd.
     5,665,000       254,302  
Denbury Resources Inc.1
     15,440,000       249,510  
Cimarex Energy Co.
     4,230,000       247,667  
Concho Resources Inc.1
    2,365,000       224,084  
Baker Hughes Inc.
     4,500,000       203,535  
TOTAL SA
     3,850,000       190,971  
Tenaris SA (ADR)
     4,130,000       168,380  
Imperial Oil Ltd.
     3,608,739       166,103  
Murphy Oil Corp.
     2,740,000       147,111  
Technip SA
     1,225,000       136,183  
Oceaneering International, Inc.
     2,449,764       135,349  
Phillips 66
     2,750,000       127,518  
Noble Energy, Inc.
     1,300,000       120,523  
EOG Resources, Inc.
     1,000,000       112,050  
CONSOL Energy Inc.
     3,700,000       111,185  
Talisman Energy Inc.
     7,500,000       99,900  
Baytex Energy Corp.
     2,025,000       96,234  
Petróleo Brasileiro SA – Petrobras, ordinary nominative (ADR)
     1,960,000       44,962  
INPEX CORP.
     858       5,118  
              6,688,641  
                 
FINANCIALS — 11.95%
                
Citigroup Inc.
     23,326,000       763,227  
Wells Fargo & Co.
     21,928,500       757,191  
American Express Co.
     9,770,000       555,522  
ACE Ltd.
     5,300,000       400,680  
BlackRock, Inc.
     2,100,000       374,430  
CME Group Inc., Class A
     5,225,500       299,421  
Legal & General Group PLC
     121,784,921       259,392  
Weyerhaeuser Co.1
     9,254,731       241,919  
Charles Schwab Corp.
     18,400,000       235,336  
SunTrust Banks, Inc.
     8,250,000       233,228  
Digital Realty Trust, Inc.
     3,295,000       230,156  
Marsh & McLennan Companies, Inc.
     6,620,000       224,617  
Aon PLC, Class A
     3,360,000       175,694  
Goldman Sachs Group, Inc.
     1,530,000       173,930  
PNC Financial Services Group, Inc.
     2,600,000       164,060  
Moody’s Corp.
     3,360,000       148,411  
XL Group PLC
     6,000,000       144,180  
Jefferies Group, Inc.
     9,885,000       135,326  
AMP Ltd.
     26,993,082       121,240  
CNO Financial Group, Inc.2
     11,900,000       114,835  
U.S. Bancorp
     2,672,000       91,650  
American Tower Corp.
     1,000,000       71,390  
CapitalSource Inc.
     6,860,954       52,006  
Canadian Western Bank
     1,500,000       45,713  
Industrial and Commercial Bank of China Ltd., Class H
     70,000,000       41,346  
Synovus Financial Corp.
     17,400,000       41,238  
New York Community Bancorp, Inc.
     2,590,000       36,674  
ICICI Bank Ltd.
     600,000       12,044  
AXA SA
     600,000       8,936  
Hospitality Properties Trust
     223,018       5,303  
              6,159,095  
                 
INDUSTRIALS — 11.07%
                
General Electric Co.
     29,500,000       669,945  
Parker-Hannifin Corp.
     7,350,000       614,313  
Lockheed Martin Corp.
     6,558,200       612,405  
Union Pacific Corp.
     4,285,000       508,629  
Deere & Co.
     4,815,000       397,189  
Schneider Electric SA
     5,883,764       348,219  
Boeing Co.
     4,900,000       341,138  
Aggreko PLC
     6,589,717       246,128  
Fastenal Co.
     5,000,000       214,950  
Rockwell Automation
     3,000,000       208,650  
Honeywell International Inc.
     2,800,000       167,300  
MTU Aero Engines Holding AG
     1,835,346       146,581  
Precision Castparts Corp.
     800,000       130,672  
Cummins Inc.
     1,410,000       130,016  
Siemens AG
     1,220,000       121,674  
Caterpillar Inc.
     1,370,000       117,875  
United Technologies Corp.
     1,500,000       117,435  
Waste Management, Inc.
     3,400,000       109,072  
CSX Corp.
     4,675,000       97,006  
Stericycle, Inc.1
     1,000,000       90,520  
Meggitt PLC
     12,134,211       77,378  
Northrop Grumman Corp.
     1,032,723       68,604  
Grafton Group PLC, units2
     15,037,000       65,506  
Ryanair Holdings PLC (ADR)1
     1,850,000       59,663  
PACCAR Inc
     762,619       30,524  
Experian PLC
     870,000       14,456  
              5,705,848  
                 
HEALTH CARE — 11.05%
                
Merck & Co., Inc.
     39,451,664       1,779,270  
Baxter International Inc.
     10,236,755       616,867  
Roche Holding AG
     3,180,000       594,073  
Bristol-Myers Squibb Co.
     16,550,000       558,563  
Gilead Sciences, Inc.1
     6,092,468       404,113  
Pfizer Inc
     14,720,000       365,792  
Cardinal Health, Inc.
     7,005,000       272,985  
Regeneron Pharmaceuticals, Inc.1
     1,490,000       227,463  
Quest Diagnostics Inc.
     3,500,000       222,005  
AstraZeneca PLC (United Kingdom)
     3,000,000       143,152  
AstraZeneca PLC (ADR)
     700,000       33,502  
Vertex Pharmaceuticals Inc.1
     1,965,100       109,947  
Intuitive Surgical, Inc.1
     215,000       106,561  
Hospira, Inc.1
     2,975,000       97,640  
UnitedHealth Group Inc.
     1,725,000       95,582  
Johnson & Johnson
     1,000,000       68,910  
              5,696,425  
                 
MATERIALS — 6.64%
                
LyondellBasell Industries NV, Class A
     9,665,000       499,294  
Dow Chemical Co.
     17,039,900       493,476  
Potash Corp. of Saskatchewan Inc.
     8,785,100       381,449  
Syngenta AG
     1,000,000       373,737  
FMC Corp.
     6,178,000       342,138  
E.I. du Pont de Nemours and Co.
     6,000,000       301,620  
Praxair, Inc.
     2,305,000       239,443  
Alcoa Inc.
     16,000,000       141,600  
Cliffs Natural Resources Inc.
     3,340,000       130,694  
MeadWestvaco Corp.
     3,350,000       102,510  
Celanese Corp., Series A
     2,000,000       75,820  
Sigma-Aldrich Corp.
     980,000       70,531  
Mosaic Co.
     1,000,000       57,610  
Nucor Corp.
     1,500,000       57,390  
HudBay Minerals Inc.
     5,000,000       49,232  
Steel Dynamics, Inc.
     4,248,000       47,705  
Newmont Mining Corp.
     709,581       39,744  
CRH PLC
     549,818       10,598  
Holcim Ltd
     160,000       10,190  
              3,424,781  
                 
CONSUMER STAPLES — 4.64%
                
Costco Wholesale Corp.
     3,930,000       393,491  
Philip Morris International Inc.
     4,250,000       382,245  
CVS/Caremark Corp.
     6,705,000       324,656  
PepsiCo, Inc.
     4,550,000       322,003  
Procter & Gamble Co.
     3,600,000       249,696  
Diageo PLC
     6,500,000       182,581  
Unilever NV, depository receipts
     4,290,000       151,769  
Coca-Cola Amatil Ltd.
     10,725,000       150,856  
British American Tobacco PLC
     2,530,000       129,897  
Altria Group, Inc.
     1,610,000       53,758  
Avon Products, Inc.
     1,500,000       23,925  
Pernod Ricard SA
     130,000       14,586  
Nestlé SA
     230,000       14,502  
              2,393,965  
                 
UTILITIES — 2.45%
                
PG&E Corp.
     7,301,000       311,534  
Edison International
     5,250,000       239,872  
National Grid PLC
     21,417,626       236,217  
American Water Works Co., Inc.
     4,500,000       166,770  
FirstEnergy Corp.
     2,000,000       88,200  
PPL Corp.
     2,912,201       84,599  
Exelon Corp.
     2,370,200       84,332  
Calpine Corp.1
     1,725,000       29,842  
GDF SUEZ
     1,040,779       23,272  
              1,264,638  
                 
TELECOMMUNICATION SERVICES — 2.23%
                
Verizon Communications Inc.
     16,100,000       733,677  
SOFTBANK CORP.
     4,450,000       180,190  
América Móvil, SAB de CV, Series L (ADR)
     5,150,000       131,016  
Koninklijke KPN NV
     9,016,289       68,892  
AT&T Inc.
     1,000,000       37,700  
              1,151,475  
                 
MISCELLANEOUS — 2.09%
                
Other common stocks in initial period of acquisition
             1,079,460  
                 
                 
Total common stocks (cost: $36,274,113,000)
             48,354,146  
                 
                 
                 
Warrants — 0.04%
                
                 
ENERGY — 0.04%
                
Kinder Morgan, Inc., warrants, expire 20171
     5,088,000       17,757  
                 
                 
Total warrants (cost: $9,820,000)
             17,757  
                 
                 
   
Principal amount
          
Short-term securities — 6.50%
     (000 )        
                 
U.S. Treasury Bills 0.111%–0.155% due 10/18/2012–8/22/2013
   $ 813,500       813,220  
Fannie Mae 0.13%–0.16% due 12/5/2012–3/13/2013
     482,100       481,832  
Freddie Mac 0.117%–0.18% due 10/4/2012–3/18/2013
     415,643       415,492  
Federal Farm Credit Banks 0.10%–0.22% due 10/2/2012–8/16/2013
     379,000       378,800  
Federal Home Loan Bank 0.11%–0.17% due 10/10/2012–1/18/2013
     321,650       321,597  
Procter & Gamble Co. 0.14% due 10/31–11/13/20123
     239,700       239,666  
Straight-A Funding LLC 0.18% due 10/22–12/18/20123
    115,000       114,976  
Wells Fargo & Co. 0.16% due 11/16/2012
     49,000       48,982  
Variable Funding Capital Corp. 0.16% due 10/9/20123
    42,700       42,697  
Regents of the University of California 0.14%–0.17% due 10/9–10/22/2012
     75,555       75,550  
United Technologies Corp. 0.12%–0.14% due 10/23–10/24/20123
     75,000       74,993  
E.I. duPont de Nemours and Co. 0.15%–0.16% due 11/1–11/13/20123
    63,800       63,789  
Private Export Funding Corp. 0.25%–0.28% due 11/26/2012–2/8/20133
     60,000       59,944  
Wal-Mart Stores, Inc. 0.11%–0.12% due 10/9–10/15/20123
     51,800       51,799  
Jupiter Securitization Co., LLC 0.17% due 10/10/20123
     50,000       49,998  
John Deere Credit Ltd. 0.15%–0.16% due 10/9–11/6/20123
    45,100       45,095  
Paccar Financial Corp. 0.13%–0.14% due 10/9–10/15/2012
     35,900       35,898  
Google Inc. 0.14% due 11/1/20123
     29,300       29,295  
Coca-Cola Co. 0.18% due 12/21/20123
     8,400       8,397  
                 
Total short-term securities (cost: $3,351,819,000)
             3,352,020  
                 
                 
Total investment securities (cost: $39,635,752,000)
           $ 51,723,923  
Other assets less liabilities
             (164,937 )
                 
Net assets
           $ 51,558,986  


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.
2The fund owns 5% or more of the outstanding voting shares of this company. See the table below for additional information.
3Acquired in a transaction exempt from registration under section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $780,649,000, which represented 1.51% 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, 2012, appear below.

   
Beginning shares
    
Additions
    
Reductions
    
Ending shares
      
Dividend income
(000
 )    
Value of affiliate at 9/30/2012
(000
 )
                                         
CNO Financial Group, Inc.
     11,900,000       —       —       11,900,000     $ 476     $ 114,835  
Grafton Group PLC, units
     15,037,000       —       —       15,037,000       1,500       65,506  
                                    $ 1,976     $ 180,341  


Valuation disclosures

Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value of each share class of the fund is generally determined 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 supplied by one or more pricing vendors on the valuation date.

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

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

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

When the fund’s 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 ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described above for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund’s 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 fund’s investment adviser are fair valued as determined in good faith under fair value guidelines adopted by authority of the fund’s board of trustees as further described below. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Processes and structure — The fund’s board of trustees has delegated authority to the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees with supplemental information to support the changes. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.  

The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.

Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The table on the following page presents the fund’s valuation levels as of September 30, 2012 (dollars in thousands):
 
      Investment securities  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
    Common stocks:
                        
       Information technology
   $ 7,785,958     $ —     $ —     $ 7,785,958  
       Consumer discretionary
     7,003,860       —       —       7,003,860  
       Energy
     6,688,641       —       —       6,688,641  
       Financials
     6,159,095       —       —       6,159,095  
       Industrials
     5,705,848       —       —       5,705,848  
       Health care
     5,696,425       —       —       5,696,425  
       Materials
     3,424,781       —       —       3,424,781  
       Consumer staples
     2,393,965       —       —       2,393,965  
       Utilities
     1,264,638       —       —       1,264,638  
       Telecommunication services
     1,151,475       —       —       1,151,475  
       Miscellaneous
     1,079,460       —       —       1,079,460  
    Warrants
     17,757       —       —       17,757  
    Short-term securities
     —       3,352,020       —       3,352,020  
Total
   $ 48,371,903     $ 3,352,020     $ —     $ 51,723,923  




Federal income tax information
  
(dollars in thousands)
  
       
Gross unrealized appreciation on investment securities
   $ 13,586,195  
Gross unrealized depreciation on investment securities
     (1,507,645 )
Net unrealized appreciation on investment securities
     12,078,550  
Cost of investment securities for federal income tax purposes
     39,645,373  
  

Key to abbreviations

ADR = American Depositary Receipts
FDR = Fiduciary Depositary Receipts




Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
 
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at 800/421-4225 or visit the American Funds website at americanfunds.com.
 
 
 
 
MFGEFPX-010-1112O-S32849
 
 
ITEM 2 – Controls and Procedures

The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.

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


ITEM 3 – Exhibits

The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.
 
 
 
 

SIGNATURES

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

 
AMERICAN FUNDS FUNDAMENTAL INVESTORS
   
 
By /s/ Paul F. Roye
 
Paul F. Roye, Executive Vice President and
Principal Executive Officer
   
 
Date: November 28, 2012



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/ Paul F. Roye
Paul F. Roye, Executive Vice President and
Principal Executive Officer
 
Date: November 28, 2012



By /s/ Jeffrey P. Regal
Jeffrey P. Regal, Treasurer and
Principal Financial Officer
 
Date: November 28, 2012
 
 EX-99.CERT 2 fi_cert302.htm CERT302 fi_cert302.htm

American Funds Fundamental Investors
One Market, Steuart Tower
Suite 2000
San Francisco, California 94105
Phone (415) 421-9360


CERTIFICATION

I, Paul F. Roye, certify that:

1.
I have reviewed this report on Form N-Q of American Funds Fundamental Investors;
   
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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which this report is filed;
   
4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
   
 
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
   
 
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
   
 
c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
   
 
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
   
5.
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):
   
 
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
   
 
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
   


Date: November 28, 2012

/s/ Paul F. Roye
Paul F. Roye, Executive Vice President and
Principal Executive Officer
American Funds Fundamental Investors

 
 
 

American Funds Fundamental Investors
One Market, Steuart Tower
Suite 2000
San Francisco, California 94105
Phone (415) 421-9360


CERTIFICATION

I, Jeffrey P. Regal, certify that:

1.
I have reviewed this report on Form N-Q of American Funds Fundamental Investors;
   
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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which this report is filed;
   
4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
   
 
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
   
 
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
   
 
c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
   
 
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
   
5.
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):
   
 
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
   
 
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
   


Date: November 28, 2012

/s/ Jeffrey P. Regal
Jeffrey P. Regal, Treasurer and
Principal Financial Officer
American Funds Fundamental Investors
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