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Common stocks 92.78% Energy 9.14% | Shares | Value (000) |
Baker Hughes, a GE Co., Class A | 27,032,808 | $627,161 |
BP PLC | 29,268,620 | 185,622 |
Canadian Natural Resources, Ltd. (CAD denominated) | 22,781,530 | 606,143 |
Chesapeake Energy Corp.1 | 20,000,000 | 28,200 |
Chevron Corp. | 4,670,000 | 553,862 |
Concho Resources Inc. | 10,049,582 | 682,367 |
ConocoPhillips | 1,095,000 | 62,393 |
Enbridge Inc. | 6,353,772 | 222,890 |
Enbridge Inc. (CAD denominated) | 2,500,000 | 87,746 |
EOG Resources, Inc. | 19,501,900 | 1,447,431 |
Exxon Mobil Corp. | 29,273,635 | 2,067,011 |
Halliburton Co. | 7,700,000 | 145,145 |
Noble Energy, Inc. | 22,139,006 | 497,242 |
ONEOK, Inc. | 1,511,000 | 111,346 |
Royal Dutch Shell PLC, Class B | 8,152,400 | 240,170 |
Royal Dutch Shell PLC, Class B (ADR) | 5,975,000 | 357,903 |
Schlumberger Ltd. | 8,572,000 | 292,905 |
Southwestern Energy Co.1 | 9,247,030 | 17,847 |
Suncor Energy Inc. | 2,258,682 | 71,246 |
TC Energy Corp. (CAD denominated) | 3,696,229 | 191,389 |
TOTAL SA | 2,051,117 | 107,052 |
Williams Companies, Inc. | 6,100,400 | 146,776 |
8,749,847 | ||
Materials 4.47% | ||
Alcoa Corp.1 | 7,319,610 | 146,905 |
BHP Group PLC | 18,669,000 | 397,663 |
Celanese Corp. | 1,435,000 | 175,486 |
Dow Inc. | 7,250,000 | 345,463 |
DuPont de Nemours Inc. | 2,700,000 | 192,537 |
Freeport-McMoRan Inc. | 41,010,250 | 392,468 |
International Flavors & Fragrances Inc. | 3,860,820 | 473,684 |
Linde PLC | 7,175,900 | 1,390,115 |
LyondellBasell Industries NV | 1,398,000 | 125,079 |
Rio Tinto PLC | 5,508,400 | 285,070 |
Sherwin-Williams Co. | 305,000 | 167,710 |
Vale SA, ordinary nominative (ADR) | 15,823,215 | 181,967 |
4,274,147 | ||
Industrials 8.73% | ||
3M Co. | 561,700 | 92,343 |
Airbus SE, non-registered shares | 4,373,225 | 568,178 |
AMETEK, Inc. | 350,000 | 32,137 |
Boeing Co. | 1,354,000 | 515,156 |
Caterpillar Inc. | 612,000 | 77,302 |
CSX Corp. | 18,559,500 | 1,285,616 |
Deere & Co. | 311,541 | 52,551 |
Common stocks (continued) Industrials (continued) | Shares | Value (000) |
Equifax Inc. | 288,300 | $40,555 |
Fortive Corp. | 475,000 | 32,566 |
General Dynamics Corp. | 6,930,000 | 1,266,319 |
Illinois Tool Works Inc. | 3,400,000 | 532,066 |
Komatsu Ltd. | 4,424,000 | 101,266 |
L3Harris Technologies, Inc. | 3,139,187 | 654,960 |
Lockheed Martin Corp. | 1,559,700 | 608,377 |
Masco Corp. | 5,122,000 | 213,485 |
Nielsen Holdings PLC | 542,532 | 11,529 |
Norfolk Southern Corp. | 360,000 | 64,678 |
Northrop Grumman Corp. | 2,012,700 | 754,340 |
Rolls-Royce Holdings PLC1 | 38,286,000 | 373,019 |
Safran SA | 1,653,429 | 260,321 |
Stanley Black & Decker, Inc. | 1,387,500 | 200,369 |
Union Pacific Corp. | 552,568 | 89,505 |
United Technologies Corp. | 3,609,852 | 492,817 |
Waste Connections, Inc. | 360,000 | 33,120 |
8,352,575 | ||
Consumer discretionary 9.08% | ||
Amazon.com, Inc.1 | 1,223,900 | 2,124,580 |
General Motors Co. | 11,457,400 | 429,423 |
Hasbro, Inc.2 | 7,736,390 | 918,232 |
Home Depot, Inc. | 6,972,000 | 1,617,643 |
Las Vegas Sands Corp. | 8,535,700 | 493,022 |
Lowe’s Companies, Inc. | 4,870,800 | 535,593 |
Marriott International, Inc., Class A | 4,134,600 | 514,220 |
McDonald’s Corp. | 5,129,000 | 1,101,248 |
NIKE, Inc., Class B | 8,663,900 | 813,714 |
Ross Stores, Inc. | 501,800 | 55,123 |
Royal Caribbean Cruises Ltd. | 503,000 | 54,490 |
Sony Corp. | 562,000 | 32,990 |
8,690,278 | ||
Consumer staples 9.11% | ||
Altria Group, Inc. | 13,333,400 | 545,336 |
British American Tobacco PLC | 41,957,800 | 1,551,546 |
British American Tobacco PLC (ADR) | 3,597,865 | 132,761 |
Coca-Cola Co. | 18,513,600 | 1,007,880 |
Constellation Brands, Inc., Class A | 1,795,000 | 372,068 |
Costco Wholesale Corp. | 1,128,500 | 325,132 |
Diageo PLC | 918,800 | 37,653 |
Hormel Foods Corp. | 3,823,263 | 167,191 |
Imperial Brands PLC | 8,319,000 | 187,000 |
Keurig Dr Pepper Inc. | 21,481,652 | 586,879 |
Lamb Weston Holdings, Inc.2 | 8,539,550 | 620,996 |
Mondelez International, Inc. | 1,000,000 | 55,320 |
Nestlé SA | 8,260,098 | 896,151 |
PepsiCo, Inc. | 3,600,000 | 493,560 |
Pernod Ricard SA | 1,963,379 | 349,674 |
Philip Morris International Inc. | 15,443,700 | 1,172,640 |
Procter & Gamble Co. | 540,000 | 67,165 |
Reckitt Benckiser Group PLC | 2,000,000 | 156,005 |
8,724,957 |
Common stocks (continued) Health care 16.29% | Shares | Value (000) |
Abbott Laboratories | 35,988,300 | $3,011,141 |
AbbVie Inc. | 27,223,228 | 2,061,343 |
Alcon Inc.1 | 2,141,400 | 124,873 |
Amgen Inc. | 7,628,900 | 1,476,269 |
Anthem, Inc. | 308,200 | 73,999 |
AstraZeneca PLC | 2,996,100 | 267,485 |
Cigna Corp. | 4,279,213 | 649,542 |
Daiichi Sankyo Co., Ltd. | 11,295,000 | 710,762 |
Danaher Corp. | 754,000 | 108,900 |
Edwards Lifesciences Corp.1 | 594,640 | 130,767 |
Eli Lilly and Co. | 5,417,700 | 605,861 |
Gilead Sciences, Inc. | 18,032,045 | 1,142,871 |
GlaxoSmithKline PLC | 12,538,400 | 268,958 |
Humana Inc. | 1,297,000 | 331,604 |
Illumina, Inc.1 | 462,000 | 140,550 |
Incyte Corp.1 | 114,418 | 8,493 |
Johnson & Johnson | 600,000 | 77,628 |
Medtronic PLC | 843,000 | 91,567 |
Merck & Co., Inc. | 7,786,700 | 655,484 |
Novartis AG | 3,698,000 | 320,650 |
Stryker Corp. | 3,661,517 | 791,986 |
Teva Pharmaceutical Industries Ltd. (ADR)1 | 22,884,300 | 157,444 |
Thermo Fisher Scientific Inc. | 2,665,000 | 776,235 |
UnitedHealth Group Inc. | 7,421,297 | 1,612,796 |
15,597,208 | ||
Financials 5.77% | ||
AIA Group Ltd. | 5,619,200 | 53,090 |
American International Group, Inc. | 6,500,000 | 362,050 |
Aon PLC, Class A | 1,129,400 | 218,618 |
Bank of Montreal | 1,792,478 | 132,022 |
Bank of New York Mellon Corp. | 3,750,000 | 169,537 |
Barclays PLC | 104,846,411 | 193,887 |
Berkshire Hathaway Inc., Class B1 | 1,800,000 | 374,436 |
BlackRock, Inc. | 213,800 | 95,278 |
BNP Paribas SA | 5,600,000 | 272,653 |
Chubb Ltd. | 2,532,300 | 408,815 |
CME Group Inc., Class A | 1,221,400 | 258,131 |
First Republic Bank | 1,037,000 | 100,278 |
JPMorgan Chase & Co. | 7,957,000 | 936,459 |
Marsh & McLennan Companies, Inc. | 3,000,000 | 300,150 |
Nasdaq, Inc. | 1,510,000 | 150,018 |
PNC Financial Services Group, Inc. | 1,470,000 | 206,035 |
S&P Global Inc. | 268,400 | 65,753 |
Société Générale | 4,301,060 | 117,855 |
SunTrust Banks, Inc. | 1,905,900 | 131,126 |
Wells Fargo & Co. | 9,069,000 | 457,440 |
Willis Towers Watson PLC | 2,717,502 | 524,396 |
5,528,027 | ||
Information technology 16.51% | ||
Accenture PLC, Class A | 3,346,000 | 643,603 |
Adobe Inc.1 | 928,000 | 256,360 |
Amphenol Corp., Class A | 3,672,408 | 354,387 |
Apple Inc. | 3,103,200 | 695,024 |
Common stocks (continued) Information technology (continued) | Shares | Value (000) |
ASML Holding NV | 2,129,323 | $527,414 |
Broadcom Inc. | 9,325,300 | 2,574,436 |
Fidelity National Information Services, Inc. | 1,013,420 | 134,542 |
Global Payments Inc. | 374,500 | 59,545 |
Intel Corp. | 20,072,000 | 1,034,310 |
Intuit Inc. | 274,500 | 73,001 |
Mastercard Inc., Class A | 3,075,000 | 835,078 |
Microsoft Corp. | 33,530,073 | 4,661,686 |
NetApp, Inc. | 3,187,849 | 167,394 |
QUALCOMM Inc. | 8,310,900 | 633,955 |
Samsung Electronics Co., Ltd. | 12,900,000 | 528,985 |
ServiceNow, Inc.1 | 1,021,000 | 259,181 |
Skyworks Solutions, Inc. | 3,550,000 | 281,337 |
Taiwan Semiconductor Manufacturing Co., Ltd.3 | 8,350,000 | 73,126 |
TE Connectivity Ltd. | 1,770,000 | 164,929 |
Texas Instruments Inc. | 9,608,210 | 1,241,765 |
Visa Inc., Class A | 708,800 | 121,921 |
Western Union Co. | 20,932,000 | 484,994 |
15,806,973 | ||
Communication services 9.46% | ||
Activision Blizzard, Inc. | 2,494,800 | 132,025 |
Alphabet Inc., Class A1 | 1,205,700 | 1,472,329 |
Alphabet Inc., Class C1 | 847,730 | 1,033,383 |
CBS Corp., Class B | 5,605,000 | 226,274 |
Charter Communications, Inc., Class A1 | 209,000 | 86,133 |
Comcast Corp., Class A | 6,205,000 | 279,721 |
Facebook, Inc., Class A1 | 25,169,300 | 4,482,149 |
Fox Corp., Class A | 3,000,000 | 94,605 |
Netflix, Inc.1 | 2,940,800 | 787,017 |
Verizon Communications Inc. | 5,724,990 | 345,560 |
Vodafone Group PLC | 60,000,000 | 119,512 |
9,058,708 | ||
Utilities 2.80% | ||
American Electric Power Co., Inc. | 4,496,088 | 421,238 |
Dominion Energy, Inc. | 8,223,824 | 666,459 |
E.ON SE | 7,529,178 | 73,193 |
Edison International | 6,244,000 | 470,922 |
Exelon Corp. | 5,803,000 | 280,343 |
NextEra Energy, Inc. | 1,114,300 | 259,621 |
Public Service Enterprise Group Inc. | 2,128,311 | 132,126 |
Sempra Energy | 2,566,300 | 378,811 |
2,682,713 | ||
Real estate 1.42% | ||
Alexandria Real Estate Equities, Inc. REIT | 1,242,000 | 191,318 |
American Tower Corp. REIT | 2,796,598 | 618,412 |
Crown Castle International Corp. REIT | 819,500 | 113,919 |
Digital Realty Trust, Inc. REIT | 423,000 | 54,909 |
Equinix, Inc. REIT | 217,500 | 125,454 |
Common stocks (continued) Real estate (continued) | Shares | Value (000) |
SBA Communications Corp. REIT | 638,737 | $154,031 |
Simon Property Group, Inc. REIT | 635,000 | 98,838 |
1,356,881 | ||
Total common stocks (cost: $64,305,244,000) | 88,822,314 | |
Convertible stocks 0.14% Industrials 0.06% | ||
Stanley Black & Decker, Inc. 5.375% 2020, convertible preferred | 600,000 | 60,288 |
Utilities 0.08% | ||
NextEra Energy, Inc., units, 4.872% convertible preferred 2022 | 463,100 | 23,220 |
Sempra Energy, Series A, 6.00% convertible preferred 2021 | 470,500 | 55,613 |
78,833 | ||
Total convertible stocks (cost: $129,354,000) | 139,121 | |
Bonds, notes & other debt instruments 0.08% U.S. Treasury bonds & notes 0.08% U.S. Treasury 0.08% | Principal amount (000) | |
U.S. Treasury 2.75% 2023 | $70,360 | 73,228 |
Total bonds, notes & other debt instruments (cost: $70,139,000) | 73,228 | |
Short-term securities 7.18% Money market investments 7.18% | Shares | |
Capital Group Central Cash Fund 2.07%2,4 | 68,750,063 | 6,874,319 |
Total short-term securities (cost: $6,874,369,000) | 6,874,319 | |
Total investment securities 100.18% (cost: $71,379,106,000) | 95,908,982 | |
Other assets less liabilities (0.18%) | (170,307) | |
Net assets 100.00% | $95,738,675 |
Beginning shares | Additions | Reductions | Ending shares | Net realized (loss) gain (000) | Net unrealized appreciation (depreciation) (000) | Dividend income (000) | Value of affiliates at 9/30/2019 (000) | |
Common stocks 1.61% | ||||||||
Energy 0.00% | ||||||||
Noble Energy, Inc.5 | 29,272,023 | 1,240,000 | 8,373,017 | 22,139,006 | $(104,554) | $201,120 | $9,429 | $— |
Consumer discretionary 0.96% | ||||||||
Hasbro, Inc. | 7,618,390 | 485,800 | 367,800 | 7,736,390 | 6,041 | 292,885 | 15,821 | 918,232 |
Consumer staples 0.65% | ||||||||
Lamb Weston Holdings, Inc. | 10,333,473 | — | 1,793,923 | 8,539,550 | 34,234 | (45,154) | 5,738 | 620,996 |
Information technology 0.00% | ||||||||
Western Union Co.5 | 24,634,600 | — | 3,702,600 | 20,932,000 | 28,567 | 120,600 | 14,675 | — |
Short-term securities 7.18% | ||||||||
Money market investments 7.18% | ||||||||
Capital Group Central Cash Fund 2.07%4 | — | 114,118,459 | 45,368,396 | 68,750,063 | 121 | (51) | 91,156 | 6,874,319 |
Total 8.79% | $(35,591) | $569,400 | $136,819 | $8,413,547 |
1 | Security did not produce income during the last 12 months. |
2 | Represents an affiliated company as defined under the Investment Company Act of 1940. |
3 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of the security was $73,126,000, which represented .08% of the net assets of the fund. |
4 | Rate represents the seven-day yield at 9/30/2019. |
5 | Unaffiliated issuer at 9/30/2019. |
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 |
Investment securities | ||||
Level 1 | Level 2 | Level 3 | Total | |
Assets: | ||||
Common stocks: | ||||
Energy | $8,749,847 | $— | $— | $8,749,847 |
Materials | 4,274,147 | — | — | 4,274,147 |
Industrials | 8,352,575 | — | — | 8,352,575 |
Consumer discretionary | 8,690,278 | — | — | 8,690,278 |
Consumer staples | 8,724,957 | — | — | 8,724,957 |
Health care | 15,597,208 | — | — | 15,597,208 |
Financials | 5,528,027 | — | — | 5,528,027 |
Information technology | 15,733,847 | 73,126 | — | 15,806,973 |
Communication services | 9,058,708 | — | — | 9,058,708 |
Utilities | 2,682,713 | — | — | 2,682,713 |
Real estate | 1,356,881 | — | — | 1,356,881 |
Convertible stocks | 139,121 | — | — | 139,121 |
Bonds, notes & other debt instruments | — | 73,228 | — | 73,228 |
Short-term securities | 6,874,319 | — | — | 6,874,319 |
Total | $95,762,628 | $146,354 | $— | $95,908,982 |
Key to abbreviations |
ADR = American Depositary Receipts |
CAD = Canadian dollars |
MFGEFPX-004-1119O-S73114 | The Investment Company of America — Page 8 of 8 |