|
Results at a glance
|
||||||||||||||||
For periods ended December 31, 2011, with all distributions reinvested
|
||||||||||||||||
Total returns
|
Average annual total returns
|
|||||||||||||||
1 year
|
5 years
|
10 years
|
Lifetime*
|
|||||||||||||
Fundamental Investors
|
–1.9 | % | 0.4 | % | 5.4 | % | 12.1 | % | ||||||||
(Class A shares)
|
||||||||||||||||
Standard & Poor’s
|
2.1 | –0.2 | 2.9 | 11.0 | ||||||||||||
500 Composite Index†
|
||||||||||||||||
Lipper Growth and
|
–1.8 | –1.2 | 3.1 | 10.3 | ||||||||||||
Income Funds Index
|
||||||||||||||||
MSCI World Index†
|
–5.0 | –1.8 | 4.2 | 10.0 | ||||||||||||
*Since Capital Research and Management Company began managing the fund on August 1, 1978.
|
||||||||||||||||
†The indexes are unmanaged and, therefore, have no expenses.
|
In this report
|
|
Special feature
|
|
6
|
Opportunity up close:
|
A look at some of Fundamental Investors’ holdings offers room for optimism.
|
|
Contents
|
|
1
|
Letter to investors
|
4
|
Results of a $10,000 investment in Fundamental Investors
|
12
|
Summary investment portfolio
|
16
|
Financial statements
|
35
|
Board of trustees and other officers
|
Fundamental Investors’ total return year by year (ending December 31)
|
||||||||||||
Capital return
|
Income return
|
Total return
|
||||||||||
2002
|
–19.1 | % | 1.8 | % | –17.3 | % | ||||||
2003
|
30.2 | 1.8 | 32.0 | |||||||||
2004
|
11.9 | 2.0 | 13.9 | |||||||||
2005
|
9.9 | 1.8 | 11.7 | |||||||||
2006
|
17.6 | 1.6 | 19.2 | |||||||||
2007
|
11.2 | 2.4 | 13.6 | |||||||||
2008
|
–41.1 | 1.4 | –39.7 | |||||||||
2009
|
31.5 | 1.9 | 33.4 | |||||||||
2010
|
12.2 | 1.8 | 14.0 | |||||||||
2011
|
–3.6 | 1.7 | –1.9 | |||||||||
10-year average annual total return
|
5.4 | % | ||||||||||
10-year cumulative total return
|
69.1 | |||||||||||
Lifetime cumulative total return (since 8/1/78)
|
4,400.6 | |||||||||||
Total return measures both capital results (changes in net asset value) and income return (from dividends).
|
||||||||||||
All returns assume reinvestment of all dividends and capital gain distributions.
|
Average annual total returns based on a $1,000 investment (for periods ended December 31, 2011)*
|
||||||||||||
1 year
|
5 years
|
10 years
|
||||||||||
Class A shares
|
–7.54 | % | –0.75 | % | 4.77 | % | ||||||
*Assumes reinvestment of all distributions and payment of the maximum 5.75% sales charge.
|
Fundamental Investors with dividends reinvested1,3
|
Fundamental Investors
not including dividends1,6
|
S&P 500 Index with dividends reinvested4 |
Lipper Growth and Income Funds Index with dividends reinvested5
|
Consumer Price Index (inflation)7
|
|||||||||||||
|
|||||||||||||||||
Initial Investment
|
7/31/1978
|
$9,425
|
$9,425
|
$10,000
|
$ 10,000
|
$10,000
|
|||||||||||
19784
|
High
|
11-Sep-78
|
10,000
|
9,919
|
High
|
12-Sep-78
|
10,670
|
High
|
31-Aug-78
|
10,369
|
High
|
29-Dec-78
|
10,304
|
||||
Low
|
14-Nov-78
|
8,667
|
8,596
|
Low
|
14-Nov-78
|
9,306
|
Low
|
31-Oct-78
|
9,237
|
Low
|
31-Jul-78
|
10,000
|
|||||
Close
|
29-Dec-78
|
9,155
|
8,947
|
Close
|
29-Dec-78
|
9,762
|
Close
|
29-Dec-78
|
9,684
|
Close
|
29-Dec-78
|
10,304
|
|||||
1979
|
High
|
5-Oct-79
|
10,823
|
10,310
|
High
|
5-Oct-79
|
11,769
|
High
|
31-Dec-79
|
11,995
|
High
|
31-Dec-79
|
11,674
|
||||
Low
|
27-Feb-79
|
9,086
|
8,880
|
Low
|
27-Feb-79
|
9,807
|
Low
|
28-Feb-79
|
9,822
|
Low
|
31-Jan-79
|
10,396
|
|||||
Close
|
31-Dec-79
|
10,556
|
9,892
|
Close
|
31-Dec-79
|
11,579
|
Close
|
31-Dec-79
|
11,995
|
Close
|
31-Dec-79
|
11,674
|
|||||
1980
|
High
|
20-Nov-80
|
13,131
|
11,876
|
High
|
28-Nov-80
|
15,813
|
High
|
30-Nov-80
|
15,695
|
High
|
31-Dec-80
|
13,135
|
||||
Low
|
21-Apr-80
|
9,625
|
8,907
|
Low
|
27-Mar-80
|
10,627
|
Low
|
31-Mar-80
|
11,317
|
Low
|
31-Jan-80
|
11,842
|
|||||
Close
|
31-Dec-80
|
12,807
|
11,390
|
Close
|
31-Dec-80
|
15,336
|
Close
|
31-Dec-80
|
15,386
|
Close
|
31-Dec-80
|
13,135
|
|||||
1981
|
High
|
27-Apr-81
|
13,986
|
12,308
|
High
|
6-Jan-81
|
15,603
|
High
|
31-May-81
|
15,965
|
High
|
31-Dec-81
|
14,307
|
||||
Low
|
25-Sep-81
|
11,906
|
10,243
|
Low
|
25-Sep-81
|
13,172
|
Low
|
30-Sep-81
|
14,172
|
Low
|
31-Jan-81
|
13,242
|
|||||
Close
|
31-Dec-81
|
12,654
|
10,688
|
Close
|
31-Dec-81
|
14,581
|
Close
|
31-Dec-81
|
15,172
|
Close
|
31-Dec-81
|
14,307
|
|||||
1982
|
High
|
7-Dec-82
|
17,346
|
13,833
|
High
|
9-Nov-82
|
17,877
|
High
|
31-Dec-82
|
18,839
|
High
|
31-Oct-82
|
14,947
|
||||
Low
|
22-Jan-82
|
10,593
|
8,947
|
Low
|
12-Aug-82
|
12,625
|
Low
|
31-Jul-82
|
14,274
|
Low
|
31-Jan-82
|
14,353
|
|||||
Close
|
31-Dec-82
|
16,957
|
13,522
|
Close
|
31-Dec-82
|
17,723
|
Close
|
31-Dec-82
|
18,839
|
Close
|
31-Dec-82
|
14,855
|
|||||
1983
|
High
|
10-Oct-83
|
21,599
|
16,721
|
High
|
10-Oct-83
|
22,491
|
High
|
30-Nov-83
|
23,277
|
High
|
30-Dec-83
|
15,419
|
||||
Low
|
3-Jan-83
|
16,636
|
13,266
|
Low
|
3-Jan-83
|
17,433
|
Low
|
31-Jan-83
|
19,378
|
Low
|
31-Jan-83
|
14,886
|
|||||
Close
|
30-Dec-83
|
21,389
|
16,424
|
Close
|
30-Dec-83
|
21,721
|
Close
|
30-Dec-83
|
23,127
|
Close
|
30-Dec-83
|
15,419
|
|||||
1984
|
High
|
9-Jan-84
|
22,004
|
16,896
|
High
|
6-Nov-84
|
23,337
|
High
|
31-Dec-84
|
24,119
|
High
|
31-Oct-84
|
16,027
|
||||
Low
|
24-Jul-84
|
18,549
|
13,980
|
Low
|
24-Jul-84
|
19,933
|
Low
|
31-May-84
|
21,038
|
Low
|
31-Jan-84
|
15,510
|
|||||
Close
|
31-Dec-84
|
22,621
|
16,759
|
Close
|
31-Dec-84
|
23,083
|
Close
|
31-Dec-84
|
24,119
|
Close
|
31-Dec-84
|
16,027
|
|||||
1985
|
High
|
16-Dec-85
|
29,736
|
21,355
|
High
|
16-Dec-85
|
30,417
|
High
|
31-Dec-85
|
31,006
|
High
|
31-Dec-85
|
16,636
|
||||
Low
|
1-May-85
|
22,882
|
16,819
|
Low
|
4-Jan-85
|
22,592
|
Low
|
31-Jan-85
|
25,851
|
Low
|
31-Jan-85
|
16,058
|
|||||
Close
|
31-Dec-85
|
29,448
|
21,148
|
Close
|
31-Dec-85
|
30,407
|
Close
|
31-Dec-85
|
31,006
|
Close
|
31-Dec-85
|
16,636
|
|||||
1986
|
High
|
4-Sep-86
|
36,571
|
25,757
|
High
|
2-Dec-86
|
37,737
|
High
|
31-Aug-86
|
37,352
|
High
|
31-Dec-86
|
16,819
|
||||
Low
|
14-Feb-86
|
31,766
|
22,665
|
Low
|
22-Jan-86
|
29,286
|
Low
|
31-Jan-86
|
31,537
|
Low
|
30-Apr-86
|
16,530
|
|||||
Close
|
31-Dec-86
|
35,941
|
25,151
|
Close
|
31-Dec-86
|
36,082
|
Close
|
31-Dec-86
|
36,472
|
Close
|
31-Dec-86
|
16,819
|
|||||
1987
|
High
|
25-Aug-87
|
50,132
|
34,478
|
High
|
25-Aug-87
|
51,060
|
High
|
31-Aug-87
|
47,533
|
High
|
30-Nov-87
|
17,565
|
||||
Low
|
4-Dec-87
|
33,691
|
23,002
|
Low
|
4-Dec-87
|
34,314
|
Low
|
30-Nov-87
|
35,112
|
Low
|
31-Jan-87
|
16,925
|
|||||
Close
|
31-Dec-87
|
37,295
|
25,463
|
Close
|
31-Dec-87
|
37,977
|
Close
|
31-Dec-87
|
37,434
|
Close
|
31-Dec-87
|
17,565
|
|||||
1988
|
High
|
5-Jul-88
|
43,076
|
28,988
|
High
|
21-Oct-88
|
44,800
|
High
|
30-Dec-88
|
44,304
|
High
|
30-Dec-88
|
18,341
|
||||
Low
|
20-Jan-88
|
36,464
|
24,895
|
Low
|
20-Jan-88
|
37,293
|
Low
|
31-Jan-88
|
39,236
|
Low
|
31-Jan-88
|
17,610
|
|||||
Close
|
30-Dec-88
|
43,246
|
28,561
|
Close
|
30-Dec-88
|
44,267
|
Close
|
30-Dec-88
|
44,304
|
Close
|
30-Dec-88
|
18,341
|
|||||
1989
|
High
|
9-Oct-89
|
58,786
|
38,138
|
High
|
9-Oct-89
|
58,837
|
High
|
31-Aug-89
|
55,358
|
High
|
29-Dec-89
|
19,193
|
||||
Low
|
3-Jan-89
|
43,068
|
28,443
|
Low
|
3-Jan-89
|
43,883
|
Low
|
28-Feb-89
|
46,392
|
Low
|
31-Jan-89
|
18,432
|
|||||
Close
|
29-Dec-89
|
55,597
|
35,438
|
Close
|
29-Dec-89
|
58,269
|
Close
|
29-Dec-89
|
54,819
|
Close
|
29-Dec-89
|
19,193
|
|||||
1990
|
High
|
4-Jun-90
|
60,265
|
37,947
|
High
|
16-Jul-90
|
61,897
|
High
|
31-May-90
|
55,785
|
High
|
30-Nov-90
|
20,365
|
||||
Low
|
11-Oct-90
|
46,988
|
29,390
|
Low
|
11-Oct-90
|
50,026
|
Low
|
31-Oct-90
|
47,212
|
Low
|
31-Jan-90
|
19,391
|
|||||
Close
|
31-Dec-90
|
52,130
|
32,180
|
Close
|
31-Dec-90
|
56,457
|
Close
|
31-Dec-90
|
51,534
|
Close
|
31-Dec-90
|
20,365
|
|||||
1991
|
High
|
31-Dec-91
|
67,947
|
40,940
|
High
|
31-Dec-91
|
73,620
|
High
|
31-Dec-91
|
65,836
|
High
|
31-Dec-91
|
20,989
|
||||
Low
|
9-Jan-91
|
50,201
|
30,989
|
Low
|
9-Jan-91
|
53,255
|
Low
|
31-Jan-91
|
54,196
|
Low
|
31-Jan-91
|
20,487
|
|||||
Close
|
31-Dec-91
|
67,947
|
40,940
|
Close
|
31-Dec-91
|
73,620
|
Close
|
31-Dec-91
|
65,836
|
Close
|
31-Dec-91
|
20,989
|
|||||
1992
|
High
|
12-Nov-92
|
72,487
|
42,938
|
High
|
18-Dec-92
|
80,063
|
High
|
31-Dec-92
|
72,177
|
High
|
30-Nov-92
|
21,613
|
||||
Low
|
8-Apr-92
|
66,472
|
39,828
|
Low
|
8-Apr-92
|
70,130
|
Low
|
31-Jan-92
|
65,763
|
Low
|
31-Jan-92
|
21,020
|
|||||
Close
|
31-Dec-92
|
74,871
|
44,059
|
Close
|
31-Dec-92
|
79,222
|
Close
|
31-Dec-92
|
72,177
|
Close
|
31-Dec-92
|
21,598
|
|||||
1993
|
High
|
2-Nov-93
|
88,379
|
51,169
|
High
|
28-Dec-93
|
87,854
|
High
|
31-Dec-93
|
82,730
|
High
|
30-Nov-93
|
22,192
|
||||
Low
|
8-Jan-93
|
74,615
|
43,908
|
Low
|
8-Jan-93
|
78,011
|
Low
|
31-Jan-93
|
73,298
|
Low
|
31-Jan-93
|
21,705
|
|||||
Close
|
31-Dec-93
|
88,466
|
50,884
|
Close
|
31-Dec-93
|
87,189
|
Close
|
31-Dec-93
|
82,730
|
Close
|
31-Dec-93
|
22,192
|
|||||
1994
|
High
|
2-Feb-94
|
91,634
|
52,706
|
High
|
2-Feb-94
|
90,223
|
High
|
31-Aug-94
|
85,813
|
High
|
30-Nov-94
|
22,785
|
||||
Low
|
8-Dec-94
|
86,773
|
48,708
|
Low
|
4-Apr-94
|
82,600
|
Low
|
20-Apr-94
|
79,545
|
Low
|
31-Jan-94
|
22,253
|
|||||
Close
|
30-Dec-94
|
89,641
|
50,319
|
Close
|
30-Dec-94
|
88,336
|
Close
|
30-Dec-94
|
82,387
|
Close
|
30-Dec-94
|
22,785
|
|||||
1995
|
High
|
29-Nov-95
|
119,498
|
66,056
|
High
|
13-Dec-95
|
122,408
|
High
|
6-Dec-95
|
108,087
|
High
|
31-Oct-95
|
23,394
|
||||
Low
|
3-Jan-95
|
89,539
|
50,261
|
Low
|
3-Jan-95
|
88,305
|
Low
|
3-Jan-95
|
82,387
|
Low
|
31-Jan-95
|
22,877
|
|||||
Close
|
29-Dec-95
|
120,306
|
66,210
|
Close
|
29-Dec-95
|
121,491
|
Close
|
29-Dec-95
|
108,042
|
Close
|
29-Dec-95
|
23,364
|
|||||
1996
|
High
|
26-Nov-96
|
145,602
|
79,119
|
High
|
25-Nov-96
|
152,084
|
High
|
27-Dec-96
|
131,831
|
High
|
30-Nov-96
|
24,140
|
||||
Low
|
10-Jan-96
|
117,715
|
64,784
|
Low
|
10-Jan-96
|
118,049
|
Low
|
10-Jan-96
|
105,553
|
Low
|
31-Jan-96
|
23,501
|
|||||
Close
|
31-Dec-96
|
144,352
|
78,143
|
Close
|
31-Dec-96
|
149,367
|
Close
|
31-Dec-96
|
130,379
|
Close
|
31-Dec-96
|
24,140
|
|||||
1997
|
High
|
7-Oct-97
|
189,427
|
101,423
|
High
|
5-Dec-97
|
201,641
|
High
|
8-Oct-97
|
167,437
|
High
|
31-Oct-97
|
24,597
|
||||
Low
|
11-Apr-97
|
144,443
|
77,891
|
Low
|
2-Jan-97
|
148,615
|
Low
|
2-Jan-97
|
129,511
|
Low
|
31-Jan-97
|
24,216
|
|||||
Close
|
31-Dec-97
|
182,855
|
97,513
|
Close
|
31-Dec-97
|
199,183
|
Close
|
31-Dec-97
|
165,420
|
Close
|
31-Dec-97
|
24,551
|
|||||
1998
|
High
|
17-Jul-98
|
212,584
|
112,606
|
High
|
29-Dec-98
|
258,425
|
High
|
17-Jul-98
|
190,194
|
High
|
31-Oct-98
|
24,962
|
||||
Low
|
8-Oct-98
|
173,534
|
91,600
|
Low
|
9-Jan-98
|
190,410
|
Low
|
8-Oct-98
|
152,689
|
Low
|
31-Jan-98
|
24,597
|
|||||
Close
|
31-Dec-98
|
213,421
|
112,292
|
Close
|
31-Dec-98
|
256,100
|
Close
|
31-Dec-98
|
187,884
|
Close
|
31-Dec-98
|
24,947
|
|||||
1999
|
High
|
10-Dec-99
|
258,554
|
134,742
|
High
|
31-Dec-99
|
309,980
|
High
|
16-Jul-99
|
214,455
|
High
|
30-Nov-99
|
25,616
|
||||
Low
|
14-Jan-99
|
211,060
|
111,050
|
Low
|
14-Jan-99
|
252,550
|
Low
|
17-Feb-99
|
183,318
|
Low
|
31-Jan-99
|
25,008
|
|||||
Close
|
31-Dec-99
|
265,882
|
138,151
|
Close
|
31-Dec-99
|
309,980
|
Close
|
31-Dec-99
|
210,168
|
Close
|
31-Dec-99
|
25,616
|
|||||
2000
|
High
|
1-Sep-00
|
293,957
|
151,363
|
High
|
24-Mar-00
|
322,882
|
High
|
1-Sep-00
|
221,351
|
High
|
30-Nov-00
|
26,499
|
||||
Low
|
21-Dec-00
|
266,380
|
136,743
|
Low
|
20-Dec-00
|
269,684
|
Low
|
25-Feb-00
|
191,317
|
Low
|
31-Jan-00
|
25,693
|
|||||
Close
|
29-Dec-00
|
277,235
|
142,315
|
Close
|
29-Dec-00
|
281,766
|
Close
|
29-Dec-00
|
210,997
|
Close
|
29-Dec-00
|
26,484
|
|||||
2001
|
High
|
1-Feb-01
|
287,822
|
147,750
|
High
|
30-Jan-01
|
293,173
|
High
|
21-May-01
|
216,930
|
High
|
30-Sep-01
|
27,139
|
||||
Low
|
21-Sep-01
|
211,970
|
107,718
|
Low
|
21-Sep-01
|
207,919
|
Low
|
21-Sep-01
|
166,373
|
Low
|
31-Jan-01
|
26,651
|
|||||
Close
|
31-Dec-01
|
250,761
|
126,959
|
Close
|
31-Dec-01
|
248,303
|
Close
|
31-Dec-01
|
195,336
|
Close
|
31-Dec-01
|
26,895
|
|||||
2002
|
High
|
19-Mar-02
|
260,698
|
131,491
|
High
|
4-Jan-02
|
253,587
|
High
|
19-Mar-02
|
201,690
|
High
|
31-Oct-02
|
27,595
|
||||
Low
|
9-Oct-02
|
182,355
|
91,253
|
Low
|
9-Oct-02
|
169,983
|
Low
|
9-Oct-02
|
140,313
|
Low
|
31-Jan-02
|
26,956
|
|||||
Close
|
31-Dec-02
|
207,271
|
102,816
|
Close
|
31-Dec-02
|
193,447
|
Close
|
31-Dec-02
|
160,381
|
Close
|
31-Dec-02
|
27,534
|
|||||
2003
|
High
|
31-Dec-03
|
273,523
|
133,434
|
High
|
31-Dec-03
|
248,903
|
High
|
31-Dec-03
|
204,175
|
High
|
30-Sep-03
|
28,189
|
||||
Low
|
12-Mar-03
|
186,058
|
91,854
|
Low
|
11-Mar-03
|
176,642
|
Low
|
11-Mar-03
|
145,989
|
Low
|
31-Jan-03
|
27,656
|
|||||
Close
|
31-Dec-03
|
273,523
|
133,434
|
Close
|
31-Dec-03
|
248,903
|
Close
|
31-Dec-03
|
204,175
|
Close
|
31-Dec-03
|
28,052
|
|||||
2004
|
High
|
30-Dec-04
|
311,756
|
149,252
|
High
|
30-Dec-04
|
275,924
|
High
|
30-Dec-04
|
228,446
|
High
|
30-Nov-04
|
29,072
|
||||
Low
|
17-May-04
|
264,555
|
128,624
|
Low
|
12-Aug-04
|
240,252
|
Low
|
12-Aug-04
|
199,152
|
Low
|
31-Jan-04
|
28,189
|
|||||
Close
|
31-Dec-04
|
311,563
|
149,159
|
Close
|
31-Dec-04
|
275,970
|
Close
|
31-Dec-04
|
228,113
|
Close
|
31-Dec-04
|
28,965
|
|||||
2005
|
High
|
14-Dec-05
|
352,458
|
167,197
|
High
|
14-Dec-05
|
294,796
|
High
|
14-Dec-05
|
246,907
|
High
|
31-Oct-05
|
30,320
|
||||
Low
|
28-Apr-05
|
297,315
|
141,898
|
Low
|
20-Apr-05
|
260,187
|
Low
|
20-Apr-05
|
218,372
|
Low
|
31-Jan-05
|
29,026
|
|||||
Close
|
30-Dec-05
|
347,960
|
163,728
|
Close
|
30-Dec-05
|
289,511
|
Close
|
30-Dec-05
|
243,681
|
Close
|
30-Dec-05
|
29,954
|
|||||
2006
|
High
|
14-Dec-06
|
416,828
|
194,392
|
High
|
15-Dec-06
|
336,807
|
High
|
15-Dec-06
|
283,196
|
High
|
31-Aug-06
|
31,035
|
||||
Low
|
13-Jun-06
|
354,244
|
165,717
|
Low
|
13-Jun-06
|
286,100
|
Low
|
13-Jun-06
|
242,646
|
Low
|
31-Jan-06
|
30,183
|
|||||
Close
|
29-Dec-06
|
414,904
|
192,480
|
Close
|
29-Dec-06
|
335,199
|
Close
|
29-Dec-06
|
281,615
|
Close
|
29-Dec-06
|
30,715
|
|||||
2007
|
High
|
31-Oct-07
|
490,222
|
225,499
|
High
|
9-Oct-07
|
374,990
|
High
|
13-Jul-07
|
312,492
|
High
|
30-Nov-07
|
31,990
|
||||
Low
|
5-Mar-07
|
406,016
|
187,812
|
Low
|
5-Mar-07
|
325,873
|
Low
|
5-Mar-07
|
275,075
|
Low
|
31-Jan-07
|
30,809
|
|||||
Close
|
31-Dec-07
|
471,134
|
213,905
|
Close
|
31-Dec-07
|
353,601
|
Close
|
31-Dec-07
|
293,656
|
Close
|
31-Dec-07
|
31,969
|
|||||
High
|
19-May-08
|
477,753
|
216,251
|
High
|
2-Jan-08
|
348,496
|
High
|
3-Jan-08
|
289,857
|
High
|
31-Jul-08
|
33,480
|
|||||
2008
|
Low
|
20-Nov-08
|
236,224
|
106,274
|
Low
|
20-Nov-08
|
184,490
|
Low
|
20-Nov-08
|
151,582
|
Low
|
31-Dec-08
|
31,998
|
||||
Close
|
31-Dec-08
|
284,112
|
126,717
|
Close
|
31-Dec-08
|
222,801
|
Close
|
31-Dec-08
|
183,429
|
Close
|
31-Dec-08
|
31,998
|
|||||
2009
|
High
|
28-Dec-09
|
382,823
|
167,756
|
High
|
28-Dec-09
|
284,556
|
High
|
28-Dec-09
|
238,932
|
High
|
30-Nov-09
|
32,927
|
||||
Low
|
9-Mar-09
|
228,825
|
101,506
|
Low
|
9-Mar-09
|
167,859
|
Low
|
9-Mar-09
|
139,956
|
Low
|
31-Jan-09
|
32,137
|
|||||
Close
|
31-Dec-09
|
378,888
|
166,031
|
Close
|
31-Dec-09
|
281,781
|
Close
|
31-Dec-09
|
236,804
|
Close
|
31-Dec-09
|
32,869
|
|||||
2010
|
High
|
29-Dec-10
|
432,713
|
186,423
|
High
|
29-Dec-10
|
324,377
|
High
|
29-Dec-10
|
270,610
|
High
|
31-Dec-10
|
33,361
|
||||
Low
|
2-Jul-10
|
348,630
|
151,624
|
Low
|
2-Jul-10
|
260,998
|
Low
|
2-Jul-10
|
219,504
|
Low
|
31-Jan-10
|
32,981
|
|||||
Close
|
31-Dec-10
|
432,124
|
186,170
|
Close
|
31-Dec-10
|
324,287
|
Close
|
31-Dec-10
|
270,484
|
Close
|
31-Dec-10
|
33,361
|
|||||
2011
|
High
|
29-Apr-11
|
474,328
|
203,721
|
High
|
29-Apr-11
|
353,633
|
High
|
29-Apr-11
|
293,997
|
High
|
30-Sep-11
|
34,534
|
||||
Low
|
3-Oct-11
|
369,485
|
157,610
|
Low
|
3-Oct-11
|
287,688
|
Low
|
3-Oct-11
|
234,480
|
Low
|
31-Jan-11
|
33,519
|
|||||
Close
|
31-Dec-11
|
423,946
|
179,524
|
Close
|
31-Dec-11
|
331,054
|
Close
|
31-Dec-11
|
265,561
|
Close
|
31-Dec-11
|
34,349
|
Year ended
|
||||||||||||||||||||||||||||||||
December 31
|
1978 | 8 | 1979 | 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | |||||||||||||||||||||||
Capital value
|
||||||||||||||||||||||||||||||||
Dividends in cash
|
$ | 216 | 405 | 553 | 580 | 634 | 594 | 556 | 582 | |||||||||||||||||||||||
Value at year-end1
|
$ | 8,947 | 9,892 | 11,390 | 10,688 | 13,522 | 16,424 | 16,759 | 21,148 | |||||||||||||||||||||||
Total value
|
||||||||||||||||||||||||||||||||
Dividends reinvested
|
$ | 217 | 421 | 603 | 665 | 768 | 755 | 734 | 795 | |||||||||||||||||||||||
Value at year-end1
|
$ | 9,155 | 10,556 | 12,807 | 12,654 | 16,957 | 21,389 | 22,621 | 29,448 | |||||||||||||||||||||||
Total return
|
(8.4 | )% | 15.3 | 21.3 | (1.2 | ) | 34.0 | 26.1 | 5.8 | 30.2 | ||||||||||||||||||||||
Year ended
|
||||||||||||||||||||||||||||||||
December 31
|
1986 | 1987 | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | ||||||||||||||||||||||||
Capital value
|
||||||||||||||||||||||||||||||||
Dividends in cash
|
636 | 717 | 895 | 1,225 | 1,058 | 904 | 988 | 1,084 | ||||||||||||||||||||||||
Value at year-end1
|
25,151 | 25,463 | 28,561 | 35,438 | 32,180 | 40,940 | 44,059 | 50,884 | ||||||||||||||||||||||||
Total value
|
||||||||||||||||||||||||||||||||
Dividends reinvested
|
894 | 1,034 | 1,328 | 1,877 | 1,679 | 1,478 | 1,655 | 1,858 | ||||||||||||||||||||||||
Value at year-end1
|
35,941 | 37,295 | 43,246 | 55,597 | 52,130 | 67,947 | 74,871 | 88,466 | ||||||||||||||||||||||||
Total return
|
22.0 | 3.8 | 16.0 | 28.6 | (6.2 | ) | 30.3 | 10.2 | 18.2 | |||||||||||||||||||||||
Year ended
|
||||||||||||||||||||||||||||||||
December 31
|
1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | ||||||||||||||||||||||||
Capital value
|
||||||||||||||||||||||||||||||||
Dividends in cash
|
1,238 | 1,160 | 1,196 | 1,351 | 1,428 | 1,578 | 1,716 | 1,844 | ||||||||||||||||||||||||
Value at year-end1
|
50,319 | 66,210 | 78,143 | 97,513 | 112,292 | 138,151 | 142,315 | 126,959 | ||||||||||||||||||||||||
Total value
|
||||||||||||||||||||||||||||||||
Dividends reinvested
|
2,171 | 2,082 | 2,187 | 2,511 | 2,691 | 3,013 | 3,319 | 3,611 | ||||||||||||||||||||||||
Value at year-end1
|
89,641 | 120,306 | 144,352 | 182,855 | 213,421 | 265,882 | 277,235 | 250,761 | ||||||||||||||||||||||||
Total return
|
1.3 | 34.2 | 20.0 | 26.7 | 16.7 | 24.6 | 4.3 | (9.6 | ) | |||||||||||||||||||||||
Year ended
|
||||||||||||||||||||||||||||||||
December 31
|
2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | ||||||||||||||||||||||||
Capital value
|
||||||||||||||||||||||||||||||||
Dividends in cash
|
2,289 | 1,850 | 2,590 | 2,729 | 2,590 | 4,572 | 2,938 | 2,435 | ||||||||||||||||||||||||
Value at year-end1
|
102,816 | 133,434 | 149,159 | 163,728 | 192,480 | 213,905 | 126,717 | 166,031 | ||||||||||||||||||||||||
Total value
|
||||||||||||||||||||||||||||||||
Dividends reinvested
|
4,553 | 3,755 | 5,345 | 5,735 | 5,534 | 9,917 | 6,506 | 5,500 | ||||||||||||||||||||||||
Value at year-end1
|
207,271 | 273,523 | 311,563 | 347,960 | 414,904 | 471,134 | 284,112 | 378,888 | ||||||||||||||||||||||||
Total return
|
(17.3 | ) | 32.0 | 13.9 | 11.7 | 19.2 | 13.6 | (39.7 | ) | 33.4 | ||||||||||||||||||||||
Year ended
|
||||||||||||||||||||||||||||||||
December 31
|
2010 | 2011 | ||||||||||||||||||||||||||||||
Capital value
|
||||||||||||||||||||||||||||||||
Dividends in cash
|
2,891 | 3,120 | ||||||||||||||||||||||||||||||
Value at year-end1
|
186,170 | 179,524 | 6 | |||||||||||||||||||||||||||||
Total value
|
||||||||||||||||||||||||||||||||
Dividends reinvested
|
6,641 | 7,284 |
Average annual
|
|||||||||||||||||||||||||||||
Value at year-end1
|
432,124 | 423,946 | 3 |
total return
|
||||||||||||||||||||||||||||
Total return
|
14.0 | (1.9 | ) | 11.9 | % |
|
1As outlined in the prospectus, the sales charge is reduced for accounts (and aggregated investments) of $25,000 or more and is eliminated for purchases of $1 million or more.
|
|
2The maximum initial sales charge was 8.50% prior to July 1, 1988.
|
|
3Includes reinvested dividends of $99,118 and reinvested capital gains of $170,881.
|
|
4The S&P 500 Index is unmanaged and, therefore, has no expenses.
|
|
5Results of the Lipper Growth and Income Funds Index do not reflect any sales charges.
|
|
6Includes reinvested capital gain distributions of $91,556 but does not reflect income dividends of $51,143 taken in cash.
|
|
7Computed from data supplied by the U.S. Department of Labor, Bureau of Labor Statistics.
|
|
8For the period August 1, 1978 (when Capital Research and Management Company became investment adviser) through December 31, 1978.
|
Industry sector diversification
|
(percent of net assets)
|
|||
Information technology
|
15.16 | % | ||
Energy
|
12.73 | % | ||
Industrials
|
12.44 | % | ||
Consumer discretionary
|
12.07 | % | ||
Health care
|
10.60 | % | ||
Other industries
|
31.41 | % | ||
Convertible securities and bonds & notes
|
0.04 | % | ||
Short-term securities & other assets less liabilities
|
5.55 | % |
Country diversification
|
(percent of net assets)
|
|||
United States
|
74.5 | % | ||
Euro zone
|
5.3 | |||
Canada
|
4.0 | |||
United States
|
3.7 | |||
Switzerland
|
2.6 | |||
Other countries
|
4.4 | |||
Short-term securities & other assets less liabilities
|
5.5 | |||
*Countries using the euro as a common currency; those represented in the fund’s portfolio are France, Germany, Ireland, Italy, the Netherlands, Portugual and Spain.
|
Percent
|
||||||||||||
Value
|
of net
|
|||||||||||
Common stocks - 94.41%
|
Shares
|
(000 | ) |
assets
|
||||||||
Information technology - 15.16%
|
||||||||||||
Apple Inc. (1)
|
2,013,800 | $ | 815,589 | 1.74 | % | |||||||
Microsoft Corp.
|
25,920,000 | 672,883 | 1.43 | |||||||||
Google Inc., Class A (1)
|
912,000 | 589,061 | 1.26 | |||||||||
Texas Instruments Inc.
|
19,370,300 | 563,869 | 1.20 | |||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)
|
25,234,400 | 325,776 | ||||||||||
Taiwan Semiconductor Manufacturing Co. Ltd.
|
71,285,000 | 178,454 | 1.07 | |||||||||
Samsung Electronics Co. Ltd. (2)
|
486,500 | 447,730 | .95 | |||||||||
Oracle Corp.
|
14,242,950 | 365,332 | .78 | |||||||||
Maxim Integrated Products, Inc.
|
12,687,000 | 330,369 | .70 | |||||||||
EMC Corp. (1)
|
15,100,000 | 325,254 | .69 | |||||||||
Intuit Inc.
|
5,330,000 | 280,305 | .60 | |||||||||
Other securities
|
2,218,759 | 4.74 | ||||||||||
7,113,381 | 15.16 | |||||||||||
Energy - 12.73%
|
||||||||||||
Royal Dutch Shell PLC, Class B (ADR)
|
5,962,700 | 453,225 | ||||||||||
Royal Dutch Shell PLC, Class A (ADR)
|
3,630,000 | 265,317 | 1.53 | |||||||||
Suncor Energy Inc.
|
19,678,616 | 567,517 | 1.21 | |||||||||
FMC Technologies, Inc. (1)
|
8,200,000 | 428,286 | .91 | |||||||||
Occidental Petroleum Corp.
|
4,374,244 | 409,867 | .87 | |||||||||
ConocoPhillips
|
5,500,000 | 400,785 | .85 | |||||||||
Chevron Corp.
|
3,547,763 | 377,482 | .80 | |||||||||
Crescent Point Energy Corp.
|
8,054,200 | 354,978 | .76 | |||||||||
Other securities
|
2,716,194 | 5.80 | ||||||||||
5,973,651 | 12.73 | |||||||||||
Industrials - 12.44%
|
||||||||||||
Union Pacific Corp.
|
7,005,000 | 742,110 | 1.58 | |||||||||
Lockheed Martin Corp.
|
6,558,200 | 530,558 | 1.13 | |||||||||
Parker Hannifin Corp.
|
5,850,000 | 446,062 | .95 | |||||||||
General Electric Co.
|
24,000,000 | 429,840 | .92 | |||||||||
Schneider Electric SA
|
6,688,764 | 352,164 | .75 | |||||||||
Deere & Co.
|
4,315,000 | 333,765 | .71 | |||||||||
CSX Corp.
|
13,225,000 | 278,518 | .59 | |||||||||
Other securities
|
2,722,168 | 5.81 | ||||||||||
5,835,185 | 12.44 | |||||||||||
Consumer discretionary - 12.07%
|
||||||||||||
Home Depot, Inc.
|
33,878,000 | 1,424,231 | 3.04 | |||||||||
Starbucks Corp.
|
10,500,000 | 483,105 | 1.03 | |||||||||
Amazon.com, Inc. (1)
|
2,688,800 | 465,431 | .99 | |||||||||
Time Warner Inc.
|
10,775,000 | 389,408 | .83 | |||||||||
Comcast Corp., Class A
|
13,465,000 | 319,255 | .68 | |||||||||
Walt Disney Co.
|
8,000,000 | 300,000 | .64 | |||||||||
Virgin Media Inc.
|
13,385,000 | 286,171 | .61 | |||||||||
Other securities
|
1,993,228 | 4.25 | ||||||||||
5,660,829 | 12.07 | |||||||||||
Health care - 10.60%
|
||||||||||||
Merck & Co., Inc.
|
38,251,664 | 1,442,088 | 3.07 | |||||||||
Bristol-Myers Squibb Co.
|
27,525,000 | 969,981 | 2.07 | |||||||||
Baxter International Inc.
|
11,175,000 | 552,939 | 1.18 | |||||||||
Roche Holding AG
|
3,000,000 | 508,464 | 1.08 | |||||||||
Pfizer Inc
|
15,468,936 | 334,748 | .71 | |||||||||
Other securities
|
1,166,244 | 2.49 | ||||||||||
4,974,464 | 10.60 | |||||||||||
Financials - 9.10%
|
||||||||||||
Wells Fargo & Co.
|
21,195,200 | 584,140 | 1.24 | |||||||||
American Express Co.
|
9,770,000 | 460,851 | .98 | |||||||||
ACE Ltd.
|
5,300,000 | 371,636 | .79 | |||||||||
Citigroup Inc.
|
12,621,000 | 332,058 | .71 | |||||||||
Other securities
|
2,523,206 | 5.38 | ||||||||||
4,271,891 | 9.10 | |||||||||||
Materials - 7.70%
|
||||||||||||
Dow Chemical Co.
|
24,107,900 | 693,343 | 1.48 | |||||||||
Syngenta AG
|
1,710,000 | 500,639 | 1.07 | |||||||||
Potash Corp. of Saskatchewan Inc.
|
8,450,000 | 348,816 | .74 | |||||||||
Other securities
|
2,070,655 | 4.41 | ||||||||||
3,613,453 | 7.70 | |||||||||||
Consumer staples - 6.71%
|
||||||||||||
Philip Morris International Inc.
|
8,250,000 | 647,460 | 1.38 | |||||||||
Altria Group, Inc.
|
13,967,320 | 414,131 | .88 | |||||||||
Costco Wholesale Corp.
|
3,930,000 | 327,448 | .70 | |||||||||
CVS/Caremark Corp.
|
7,705,000 | 314,210 | .67 | |||||||||
Other securities
|
1,444,481 | 3.08 | ||||||||||
3,147,730 | 6.71 | |||||||||||
Telecommunication services - 3.60%
|
||||||||||||
Verizon Communications Inc.
|
19,600,000 | 786,352 | 1.68 | |||||||||
Other securities
|
901,896 | 1.92 | ||||||||||
1,688,248 | 3.60 | |||||||||||
Utilities - 2.73%
|
||||||||||||
Other securities
|
1,281,908 | 2.73 | ||||||||||
Miscellaneous - 1.57%
|
||||||||||||
Other common stocks in initial period of acquisition
|
737,372 | 1.57 | ||||||||||
Total common stocks (cost: $36,877,335,000)
|
44,298,112 | 94.41 | ||||||||||
Percent
|
||||||||||||
Value
|
of net
|
|||||||||||
Convertible securities - 0.03%
|
(000 | ) |
assets
|
|||||||||
Industrials - 0.03%
|
||||||||||||
Other securities
|
14,960 | .03 | ||||||||||
Total convertible securities (cost: $12,275,000)
|
14,960 | .03 | ||||||||||
Percent
|
||||||||||||
Value
|
of net
|
|||||||||||
Bonds & notes - 0.01%
|
(000 | ) |
assets
|
|||||||||
Mortgage-backed obligations - 0.01%
|
||||||||||||
Other securities
|
4,898 | .01 | ||||||||||
Total bonds & notes (cost: $5,753,000)
|
4,898 | .01 | ||||||||||
Principal
|
Percent
|
|||||||||||
amount
|
Value
|
of net
|
||||||||||
Short-term securities - 5.51%
|
(000 | ) | (000 | ) |
assets
|
|||||||
Freddie Mac 0.055%-0.16% due 2/6-8/20/2012
|
$ | 843,580 | 843,358 | 1.80 | ||||||||
Fannie Mae 0.06%-0.21% due 1/26-9/5/2012
|
460,856 | 460,729 | .98 | |||||||||
Google Inc. 0.04%-0.05% due 1/20-1/27/2012 (3)
|
54,200 | 54,198 | .12 | |||||||||
Variable Funding Capital Company LLC 0.21% due 2/24/2012 (3)
|
30,000 | 29,988 | .06 | |||||||||
Other securities
|
1,196,778 | 2.55 | ||||||||||
Total short-term securities (cost: $2,584,635,000)
|
2,585,051 | 5.51 | ||||||||||
Total investment securities (cost: $39,479,998,000)
|
46,903,021 | 99.96 | ||||||||||
Other assets less liabilities
|
17,454 | .04 | ||||||||||
Net assets
|
$ | 46,920,475 | 100.00 | % |
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.
|
"Other securities" includes all issues that are not disclosed separately in the summary investment portfolio.
|
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. The value of the fund's holdings in affiliated companies is included in "Other securities" under the respective industry sectors in the summary investment portfolio. Further details on these holdings and related transactions during the year ended December 31, 2011, appear below.
|
Beginning
shares
|
Additions
|
Reductions
|
Ending
shares
|
Dividend
income
(000)
|
Value of affiliate
at 12/31/2011
(000)
|
|||||||||||||||||||
Grafton Group PLC, units
|
15,037,000 | - | - | 15,037,000 | $ | 1,520 | $ | 46,455 | ||||||||||||||||
Strayer Education, Inc. (4)
|
760,000 | - | 760,000 | - | 760 | - | ||||||||||||||||||
$ | 2,280 | $ | 46,455 |
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
|
(1) Security did not produce income during the last 12 months.
|
(2) Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $527,481,000, which represented 1.12% 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.
|
(3) Acquired 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, including those in "Other securities," was $707,735,000, which represented 1.51% of the net assets of the fund.
|
(4) Unaffiliated issuer at 12/31/2011.
|
Key to abbreviation
|
ADR = American Depositary Receipts
|
See Notes to Financial Statements
|
Statement of assets and liabilities
|
||||||||
at December 31, 2011
|
(dollars in thousands) | |||||||
Assets:
|
||||||||
Investment securities, at value:
|
||||||||
Unaffiliated issuers (cost: $39,317,215)
|
$ | 46,856,566 | ||||||
Affiliated issuer (cost: $162,783)
|
46,455 | $ | 46,903,021 | |||||
Cash denominated in currencies other than U.S. dollars
|
||||||||
(cost: $11,597)
|
11,598 | |||||||
Cash
|
98 | |||||||
Receivables for:
|
||||||||
Sales of investments
|
$ | 10,516 | ||||||
Sales of fund's shares
|
61,255 | |||||||
Dividends and interest
|
92,782 | 164,553 | ||||||
47,079,270 | ||||||||
Liabilities:
|
||||||||
Payables for:
|
||||||||
Purchases of investments
|
14,116 | |||||||
Repurchases of fund's shares
|
112,290 | |||||||
Investment advisory services
|
10,046 | |||||||
Services provided by related parties
|
18,972 | |||||||
Trustees' deferred compensation
|
2,855 | |||||||
Other
|
516 | 158,795 | ||||||
Net assets at December 31, 2011
|
$ | 46,920,475 | ||||||
Net assets consist of:
|
||||||||
Capital paid in on shares of beneficial interest
|
$ | 43,214,953 | ||||||
Undistributed net investment income
|
164,471 | |||||||
Accumulated net realized loss
|
(3,881,947 | ) | ||||||
Net unrealized appreciation
|
7,422,998 | |||||||
Net assets at December 31, 2011
|
$ | 46,920,475 |
(dollars and shares in thousands, except per-share amounts)
|
||||||||||||
Shares of beneficial interest issued and outstanding (no stated par value) -
|
||||||||||||
unlimited shares authorized (1,326,429 total shares outstanding)
|
||||||||||||
Net assets
|
Shares
outstanding
|
Net asset value
per share
|
||||||||||
Class A
|
$ | 30,175,933 | 852,670 | $ | 35.39 | |||||||
Class B
|
545,207 | 15,444 | 35.30 | |||||||||
Class C
|
1,803,946 | 51,156 | 35.26 | |||||||||
Class F-1
|
4,284,743 | 121,144 | 35.37 | |||||||||
Class F-2
|
915,003 | 25,857 | 35.39 | |||||||||
Class 529-A
|
977,132 | 27,635 | 35.36 | |||||||||
Class 529-B
|
47,891 | 1,355 | 35.36 | |||||||||
Class 529-C
|
272,791 | 7,720 | 35.34 | |||||||||
Class 529-E
|
42,137 | 1,192 | 35.34 | |||||||||
Class 529-F-1
|
40,217 | 1,138 | 35.33 | |||||||||
Class R-1
|
142,051 | 4,029 | 35.26 | |||||||||
Class R-2
|
589,224 | 16,713 | 35.26 | |||||||||
Class R-3
|
2,146,185 | 60,761 | 35.32 | |||||||||
Class R-4
|
2,123,310 | 60,096 | 35.33 | |||||||||
Class R-5
|
1,393,585 | 39,365 | 35.40 | |||||||||
Class R-6
|
1,421,120 | 40,154 | 35.39 | |||||||||
See Notes to Financial Statements
|
Statement of operations
|
||||||||
for the year ended December 31, 2011
|
(dollars in thousands) | |||||||
Investment income:
|
||||||||
Income:
|
||||||||
Dividends (net of non-U.S. taxes of $39,237;
|
||||||||
also includes $2,280 from affiliates)
|
$ | 1,120,081 | ||||||
Interest
|
5,838 | $ | 1,125,919 | |||||
Fees and expenses*:
|
||||||||
Investment advisory services
|
125,668 | |||||||
Distribution services
|
142,288 | |||||||
Transfer agent services
|
43,836 | |||||||
Administrative services
|
27,589 | |||||||
Reports to shareholders
|
2,644 | |||||||
Registration statement and prospectus
|
708 | |||||||
Trustees' compensation
|
516 | |||||||
Auditing and legal
|
123 | |||||||
Custodian
|
1,344 | |||||||
Other
|
1,944 | 346,660 | ||||||
Net investment income
|
779,259 | |||||||
Net realized gain and unrealized depreciation
|
||||||||
on investments and currency:
|
||||||||
Net realized gain (loss) on:
|
||||||||
Investments (including $53,809 net loss from affiliates)
|
780,872 | |||||||
Currency transactions
|
(323 | ) | 780,549 | |||||
Net unrealized depreciation on:
|
||||||||
Investments
|
(2,561,957 | ) | ||||||
Currency translations
|
(1,193 | ) | (2,563,150 | ) | ||||
Net realized gain and unrealized depreciation
|
||||||||
on investments and currency
|
(1,782,601 | ) | ||||||
Net decrease in net assets resulting
|
||||||||
from operations
|
$ | (1,003,342 | ) | |||||
(*) Additional information related to class-specific fees and expenses is included
|
||||||||
in the Notes to Financial Statements.
|
||||||||
See Notes to Financial Statements
|
||||||||
Statements of changes in net assets
|
||||||||
(dollars in thousands) | ||||||||
Year ended December 31
|
||||||||
2011 | 2010 | |||||||
Operations:
|
||||||||
Net investment income
|
$ | 779,259 | $ | 785,321 | ||||
Net realized gain on investments and currency transactions
|
780,549 | 367,901 | ||||||
Net unrealized (depreciation) appreciation on investments and currency translations
|
(2,563,150 | ) | 4,934,637 | |||||
Net (decrease) increase in net assets resulting from operations
|
(1,003,342 | ) | 6,087,859 | |||||
Dividends paid to shareholders from net investment income
|
(797,863 | ) | (750,387 | ) | ||||
Net capital share transactions
|
(1,098,878 | ) | (634,803 | ) | ||||
Total (decrease) increase in net assets
|
(2,900,083 | ) | 4,702,669 | |||||
Net assets:
|
||||||||
Beginning of year
|
49,820,558 | 45,117,889 | ||||||
End of year (including undistributed
|
||||||||
net investment income: $164,471 and $183,983, respectively)
|
$ | 46,920,475 | $ | 49,820,558 | ||||
See Notes to Financial Statements
|
1.
|
Organization
|
Share class
|
Initial sales charge
|
Contingent deferred sales charge upon redemption
|
Conversion feature
|
Classes A and 529-A
|
Up to 5.75%
|
None (except 1% for certain redemptions within one year of purchase without an initial sales charge)
|
None
|
Classes B and 529-B*
|
None
|
Declines from 5% to 0% for redemptions within six years of purchase
|
Classes B and 529-B convert to Classes A and 529-A, respectively, after eight years
|
Class C
|
None
|
1% for redemptions within one year of purchase
|
Class C converts to Class F-1 after 10 years
|
Class 529-C
|
None
|
1% for redemptions within one year of purchase
|
None
|
Class 529-E
|
None
|
None
|
None
|
Classes F-1, F-2 and 529-F-1
|
None
|
None
|
None
|
Classes R-1, R-2, R-3, R-4, R-5 and R-6
|
None
|
None
|
None
|
2.
|
Significant accounting policies
|
3.
|
Valuation
|
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
|
||||||||||||
Common stocks:
|
||||||||||||||||
Information technology
|
$ | 6,665,651 | $ | 447,730 | * | $ | - | $ | 7,113,381 | |||||||
Energy
|
5,973,651 | - | - | 5,973,651 | ||||||||||||
Industrials
|
5,835,185 | - | - | 5,835,185 | ||||||||||||
Consumer discretionary
|
5,581,078 | 79,751 | * | - | 5,660,829 | |||||||||||
Health care
|
4,974,464 | - | - | 4,974,464 | ||||||||||||
Financials
|
4,271,891 | - | - | 4,271,891 | ||||||||||||
Materials
|
3,613,453 | - | - | 3,613,453 | ||||||||||||
Consumer staples
|
3,147,730 | - | - | 3,147,730 | ||||||||||||
Telecommunication services
|
1,688,248 | - | - | 1,688,248 | ||||||||||||
Utilities
|
1,281,908 | - | - | 1,281,908 | ||||||||||||
Miscellaneous
|
737,372 | - | - | 737,372 | ||||||||||||
Convertible securities
|
- | 14,960 | - | 14,960 | ||||||||||||
Bonds & notes
|
4,898 | - | 4,898 | |||||||||||||
Short-term securities
|
- | 2,585,051 | - | 2,585,051 | ||||||||||||
Total
|
$ | 43,770,631 | $ | 3,132,390 | $ | - | $ | 46,903,021 | ||||||||
(*) 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, $527,481,000 of investment securities were classified as Level 2 instead of Level 1.
|
4.
|
Risk factors
|
5.
|
Taxation and distributions
|
(dollars in thousands) | ||||||||
Undistributed ordinary income
|
$ | 213,030 | ||||||
Capital loss carryforward*:
|
||||||||
Expiring 2016
|
$ | (689,800 | ) | |||||
Expiring 2017
|
(3,190,744 | ) | (3,880,544 | ) | ||||
Post-October capital loss deferral†
|
(37,363 | ) | ||||||
Gross unrealized appreciation on investment securities
|
10,185,560 | |||||||
Gross unrealized depreciation on investment securities
|
(2,772,282 | ) | ||||||
Net unrealized appreciation on investment securities
|
7,413,278 | |||||||
Cost of investment securities
|
39,489,743 | |||||||
*Reflects the utilization of capital loss carryforward of $823,129,000. The capital loss carryforward will be used to offset any capital gains realized by the fund in future years through the expiration dates. The fund will not make distributions from capital gains while a capital loss carryforward remains.
|
||||||||
†This deferral is considered incurred in the subsequent year.
|
Year ended December 31
|
||||||||
Share class
|
2011
|
2010
|
||||||
Class A
|
$ | 536,252 | $ | 522,129 | ||||
Class B
|
5,513 | 6,978 | ||||||
Class C
|
16,898 | 17,623 | ||||||
Class F-1
|
74,047 | 66,841 | ||||||
Class F-2
|
17,995 | 14,478 | ||||||
Class 529-A
|
15,775 | 13,222 | ||||||
Class 529-B
|
420 | 531 | ||||||
Class 529-C
|
2,269 | 2,047 | ||||||
Class 529-E
|
577 | 485 | ||||||
Class 529-F-1
|
733 | 595 | ||||||
Class R-1
|
1,316 | 1,147 | ||||||
Class R-2
|
5,655 | 5,371 | ||||||
Class R-3
|
30,098 | 26,995 | ||||||
Class R-4
|
36,531 | 29,941 | ||||||
Class R-5
|
27,595 | 26,478 | ||||||
Class R-6
|
26,189 | 15,526 | ||||||
Total
|
$ | 797,863 | $ | 750,387 |
6.
|
Fees and transactions with related parties
|
Share class
|
Currently approved limits
|
Plan limits
|
Class A
|
0.25%
|
0.25%
|
Class 529-A
|
0.25
|
0.50
|
Classes B and 529-B
|
1.00
|
1.00
|
Classes C, 529-C and R-1
|
1.00
|
1.00
|
Class R-2
|
0.75
|
1.00
|
Classes 529-E and R-3
|
0.50
|
0.75
|
Classes F-1, 529-F-1 and R-4
|
0.25
|
0.50
|
Administrative services
|
||||||||||||||||||||
Share class
|
Distribution services
|
Transfer agent services
|
CRMC administrative services
|
Transfer agent services
|
Commonwealth of Virginia administrative services
|
|||||||||||||||
Class A
|
$ | 76,050 | $ | 42,977 |
Not applicable
|
Not applicable
|
Not applicable
|
|||||||||||||
Class B
|
6,539 | 859 |
Not applicable
|
Not applicable
|
Not applicable
|
|||||||||||||||
Class C
|
20,087 |
Included
in
administrative services
|
$ | 3,015 | $ | 444 |
Not applicable
|
|||||||||||||
Class F-1
|
11,170 | 6,609 | 276 |
Not applicable
|
||||||||||||||||
Class F-2
|
Not applicable
|
1,397 | 38 |
Not applicable
|
||||||||||||||||
Class 529-A
|
2,041 | 1,125 | 166 | $ | 969 | |||||||||||||||
Class 529-B
|
568 | 65 | 19 | 57 | ||||||||||||||||
Class 529-C
|
2,760 | 320 | 75 | 276 | ||||||||||||||||
Class 529-E
|
214 | 41 | 7 | 43 | ||||||||||||||||
Class 529-F-1
|
- | 46 | 7 | 40 | ||||||||||||||||
Class R-1
|
1,460 | 209 | 29 |
Not applicable
|
||||||||||||||||
Class R-2
|
4,725 | 932 | 1,567 |
Not applicable
|
||||||||||||||||
Class R-3
|
11,149 | 3,311 | 1,096 |
Not applicable
|
||||||||||||||||
Class R-4
|
5,525 | 3,300 | 49 |
Not applicable
|
||||||||||||||||
Class R-5
|
Not applicable
|
1,418 | 16 |
Not applicable
|
||||||||||||||||
Class R-6
|
Not applicable
|
619 | 8 |
Not applicable
|
||||||||||||||||
Total
|
$ | 142,288 | $ | 43,836 | $ | 22,407 | $ | 3,797 | $ | 1,385 |
7.
|
Capital share transactions
|
Sales(*)
|
Reinvestments of dividends
|
Repurchases(*)
|
Net (decrease) increase
|
|||||||||||||||||||||||||||||
Share class |
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
||||||||||||||||||||||||
Year ended December 31, 2011
|
||||||||||||||||||||||||||||||||
Class A
|
$ | 3,392,073 | 91,758 | $ | 520,075 | 14,599 | $ | (5,677,711 | ) | (155,320 | ) | $ | (1,765,563 | ) | (48,963 | ) | ||||||||||||||||
Class B
|
32,613 | 874 | 5,458 | 155 | (217,857 | ) | (5,953 | ) | (179,786 | ) | (4,924 | ) | ||||||||||||||||||||
Class C
|
281,376 | 7,592 | 16,389 | 467 | (503,457 | ) | (13,829 | ) | (205,692 | ) | (5,770 | ) | ||||||||||||||||||||
Class F-1
|
1,330,230 | 36,472 | 71,899 | 2,024 | (1,281,303 | ) | (35,390 | ) | 120,826 | 3,106 | ||||||||||||||||||||||
Class F-2
|
334,821 | 9,069 | 15,306 | 430 | (284,649 | ) | (7,845 | ) | 65,478 | 1,654 | ||||||||||||||||||||||
Class 529-A
|
181,896 | 4,948 | 15,772 | 444 | (99,997 | ) | (2,745 | ) | 97,671 | 2,647 | ||||||||||||||||||||||
Class 529-B
|
2,972 | 80 | 420 | 12 | (17,040 | ) | (467 | ) | (13,648 | ) | (375 | ) | ||||||||||||||||||||
Class 529-C
|
51,372 | 1,398 | 2,269 | 65 | (35,520 | ) | (977 | ) | 18,121 | 486 | ||||||||||||||||||||||
Class 529-E
|
7,960 | 217 | 577 | 16 | (5,556 | ) | (153 | ) | 2,981 | 80 | ||||||||||||||||||||||
Class 529-F-1
|
11,461 | 309 | 733 | 21 | (7,219 | ) | (198 | ) | 4,975 | 132 | ||||||||||||||||||||||
Class R-1
|
40,549 | 1,102 | 1,313 | 38 | (32,388 | ) | (890 | ) | 9,474 | 250 | ||||||||||||||||||||||
Class R-2
|
178,515 | 4,861 | 5,649 | 161 | (203,444 | ) | (5,569 | ) | (19,280 | ) | (547 | ) | ||||||||||||||||||||
Class R-3
|
602,532 | 16,398 | 30,079 | 850 | (582,412 | ) | (15,920 | ) | 50,199 | 1,328 | ||||||||||||||||||||||
Class R-4
|
799,484 | 21,675 | 36,518 | 1,028 | (672,841 | ) | (18,555 | ) | 163,161 | 4,148 | ||||||||||||||||||||||
Class R-5
|
436,104 | 12,043 | 27,512 | 772 | (435,283 | ) | (12,089 | ) | 28,333 | 726 | ||||||||||||||||||||||
Class R-6
|
646,485 | 17,551 | 26,179 | 738 | (148,792 | ) | (4,016 | ) | 523,872 | 14,273 | ||||||||||||||||||||||
Total net increase
|
||||||||||||||||||||||||||||||||
(decrease)
|
$ | 8,330,443 | 226,347 | $ | 776,148 | 21,820 | $ | (10,205,469 | ) | (279,916 | ) | $ | (1,098,878 | ) | (31,749 | ) | ||||||||||||||||
Year ended December 31, 2010
|
||||||||||||||||||||||||||||||||
Class A
|
$ | 3,363,931 | 100,692 | $ | 502,448 | 15,020 | $ | (5,287,374 | ) | (159,761 | ) | $ | (1,420,995 | ) | (44,049 | ) | ||||||||||||||||
Class B
|
33,827 | 1,016 | 6,834 | 203 | (276,082 | ) | (8,334 | ) | (235,421 | ) | (7,115 | ) | ||||||||||||||||||||
Class C
|
298,138 | 8,974 | 16,968 | 504 | (381,354 | ) | (11,579 | ) | (66,248 | ) | (2,101 | ) | ||||||||||||||||||||
Class F-1
|
1,239,671 | 37,371 | 63,906 | 1,912 | (1,301,972 | ) | (39,467 | ) | 1,605 | (184 | ) | |||||||||||||||||||||
Class F-2
|
366,241 | 10,977 | 11,752 | 351 | (222,407 | ) | (6,699 | ) | 155,586 | 4,629 | ||||||||||||||||||||||
Class 529-A
|
157,006 | 4,699 | 13,220 | 395 | (73,466 | ) | (2,219 | ) | 96,760 | 2,875 | ||||||||||||||||||||||
Class 529-B
|
2,618 | 78 | 530 | 16 | (17,463 | ) | (523 | ) | (14,315 | ) | (429 | ) | ||||||||||||||||||||
Class 529-C
|
45,797 | 1,371 | 2,047 | 61 | (25,887 | ) | (781 | ) | 21,957 | 651 | ||||||||||||||||||||||
Class 529-E
|
7,077 | 211 | 485 | 14 | (3,288 | ) | (99 | ) | 4,274 | 126 | ||||||||||||||||||||||
Class 529-F-1
|
9,722 | 292 | 595 | 18 | (4,787 | ) | (142 | ) | 5,530 | 168 | ||||||||||||||||||||||
Class R-1
|
50,584 | 1,528 | 1,142 | 34 | (25,889 | ) | (784 | ) | 25,837 | 778 | ||||||||||||||||||||||
Class R-2
|
176,158 | 5,322 | 5,364 | 159 | (168,070 | ) | (5,082 | ) | 13,452 | 399 | ||||||||||||||||||||||
Class R-3
|
708,464 | 21,359 | 26,982 | 804 | (495,947 | ) | (14,982 | ) | 239,499 | 7,181 | ||||||||||||||||||||||
Class R-4
|
683,852 | 20,549 | 29,929 | 894 | (418,514 | ) | (12,755 | ) | 295,267 | 8,688 | ||||||||||||||||||||||
Class R-5
|
365,246 | 11,013 | 26,411 | 789 | (400,796 | ) | (11,927 | ) | (9,139 | ) | (125 | ) | ||||||||||||||||||||
Class R-6
|
330,441 | 10,094 | 15,526 | 464 | (94,419 | ) | (2,889 | ) | 251,548 | 7,669 | ||||||||||||||||||||||
Total net increase
|
||||||||||||||||||||||||||||||||
(decrease)
|
$ | 7,838,773 | 235,546 | $ | 724,139 | 21,638 | $ | (9,197,715 | ) | (278,023 | ) | $ | (634,803 | ) | (20,839 | ) | ||||||||||||||||
* Includes exchanges between share classes of the fund.
|
8.
|
Investment transactions
|
(Loss) income from investment operations(1)
|
Dividends and distributions
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period
|
Net investment income(2)(3)
|
Net (losses) gains on securities (both realized and unrealized)
|
Total from investment operations
|
Dividends (from net investment income)
|
Distributions (from capital gains)
|
Total dividends and distributions
|
Net asset value, end of period
|
Total
return(4) (5)
|
Net assets, end of period (in millions)
|
Ratio of expenses to average net assets before reimbursements/
waivers
|
Ratio of expenses to average net assets after reimbursements/
waivers(5)
|
Ratio of net income to average net assets(2)(3)(5)
|
||||||||||||||||||||||||||||||||||||||||
Class A:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2011
|
$ | 36.70 | $ | .60 | $ | (1.29 | ) | $ | (.69 | ) | $ | (.62 | ) | $ | - | $ | (.62 | ) | $ | 35.39 | (1.89 | )% | $ | 30,176 | .63 | % | .63 | % | 1.62 | % | ||||||||||||||||||||||
Year ended 12/31/2010
|
32.73 | .59 | 3.95 | 4.54 | (.57 | ) | - | (.57 | ) | 36.70 | 14.05 | 33,089 | .64 | .64 | 1.78 | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2009
|
24.98 | .44 | 7.79 | 8.23 | (.48 | ) | - | (.48 | ) | 32.73 | 33.36 | 30,954 | .69 | .69 | 1.60 | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2008
|
42.45 | .60 | (17.23 | ) | (16.63 | ) | (.58 | ) | (.26 | ) | (.84 | ) | 24.98 | (39.70 | ) | 24,443 | .63 | .61 | 1.70 | |||||||||||||||||||||||||||||||||
Year ended 12/31/2007
|
40.05 | 1.03 | 4.39 | 5.42 | (.95 | ) | (2.07 | ) | (3.02 | ) | 42.45 | 13.55 | 38,877 | .60 | .57 | 2.40 | ||||||||||||||||||||||||||||||||||||
Class B:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2011
|
36.60 | .31 | (1.28 | ) | (.97 | ) | (.33 | ) | - | (.33 | ) | 35.30 | (2.64 | ) | 545 | 1.40 | 1.40 | .85 | ||||||||||||||||||||||||||||||||||
Year ended 12/31/2010
|
32.64 | .33 | 3.94 | 4.27 | (.31 | ) | - | (.31 | ) | 36.60 | 13.18 | 746 | 1.41 | 1.41 | 1.01 | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2009
|
24.92 | .23 | 7.76 | 7.99 | (.27 | ) | - | (.27 | ) | 32.64 | 32.30 | 897 | 1.46 | 1.46 | .85 | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2008
|
42.35 | .34 | (17.20 | ) | (16.86 | ) | (.31 | ) | (.26 | ) | (.57 | ) | 24.92 | (40.14 | ) | 924 | 1.39 | 1.37 | .94 | |||||||||||||||||||||||||||||||||
Year ended 12/31/2007
|
39.96 | .70 | 4.38 | 5.08 | (.62 | ) | (2.07 | ) | (2.69 | ) | 42.35 | 12.70 | 1,667 | 1.36 | 1.33 | 1.63 | ||||||||||||||||||||||||||||||||||||
Class C:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2011
|
36.56 | .30 | (1.28 | ) | (.98 | ) | (.32 | ) | - | (.32 | ) | 35.26 | (2.67 | ) | 1,804 | 1.44 | 1.44 | .82 | ||||||||||||||||||||||||||||||||||
Year ended 12/31/2010
|
32.61 | .32 | 3.94 | 4.26 | (.31 | ) | - | (.31 | ) | 36.56 | 13.13 | 2,081 | 1.44 | 1.44 | .98 | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2009
|
24.90 | .22 | 7.75 | 7.97 | (.26 | ) | - | (.26 | ) | 32.61 | 32.26 | 1,925 | 1.48 | 1.48 | .81 | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2008
|
42.31 | .32 | (17.17 | ) | (16.85 | ) | (.30 | ) | (.26 | ) | (.56 | ) | 24.90 | (40.16 | ) | 1,468 | 1.43 | 1.41 | .90 | |||||||||||||||||||||||||||||||||
Year ended 12/31/2007
|
39.92 | .70 | 4.36 | 5.06 | (.60 | ) | (2.07 | ) | (2.67 | ) | 42.31 | 12.65 | 2,053 | 1.41 | 1.38 | 1.62 | ||||||||||||||||||||||||||||||||||||
Class F-1:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2011
|
36.68 | .59 | (1.29 | ) | (.70 | ) | (.61 | ) | - | (.61 | ) | 35.37 | (1.92 | ) | 4,285 | .67 | .67 | 1.60 | ||||||||||||||||||||||||||||||||||
Year ended 12/31/2010
|
32.72 | .59 | 3.93 | 4.52 | (.56 | ) | - | (.56 | ) | 36.68 | 14.01 | 4,330 | .66 | .66 | 1.77 | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2009
|
24.97 | .45 | 7.79 | 8.24 | (.49 | ) | - | (.49 | ) | 32.72 | 33.40 | 3,868 | .67 | .67 | 1.61 | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2008
|
42.43 | .60 | (17.22 | ) | (16.62 | ) | (.58 | ) | (.26 | ) | (.84 | ) | 24.97 | (39.69 | ) | 2,932 | .62 | .60 | 1.72 | |||||||||||||||||||||||||||||||||
Year ended 12/31/2007
|
40.03 | 1.06 | 4.36 | 5.42 | (.95 | ) | (2.07 | ) | (3.02 | ) | 42.43 | 13.55 | 3,235 | .61 | .58 | 2.45 | ||||||||||||||||||||||||||||||||||||
Class F-2:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2011
|
36.70 | .68 | (1.29 | ) | (.61 | ) | (.70 | ) | - | (.70 | ) | 35.39 | (1.67 | ) | 915 | .42 | .42 | 1.85 | ||||||||||||||||||||||||||||||||||
Year ended 12/31/2010
|
32.73 | .67 | 3.95 | 4.62 | (.65 | ) | - | (.65 | ) | 36.70 | 14.32 | 888 | .40 | .40 | 2.03 | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2009
|
24.98 | .49 | 7.81 | 8.30 | (.55 | ) | - | (.55 | ) | 32.73 | 33.72 | 641 | .43 | .43 | 1.69 | |||||||||||||||||||||||||||||||||||||
Period from 8/1/2008 to 12/31/2008(6)
|
37.09 | .23 | (11.97 | ) | (11.74 | ) | (.37 | ) | - | (.37 | ) | 24.98 | (31.78 | ) | 92 | .17 | .16 | .88 | ||||||||||||||||||||||||||||||||||
Class 529-A:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2011
|
36.67 | .57 | (1.29 | ) | (.72 | ) | (.59 | ) | - | (.59 | ) | 35.36 | (1.97 | ) | 977 | .71 | .71 | 1.55 | ||||||||||||||||||||||||||||||||||
Year ended 12/31/2010
|
32.71 | .58 | 3.93 | 4.51 | (.55 | ) | - | (.55 | ) | 36.67 | 13.98 | 916 | .69 | .69 | 1.74 | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2009
|
24.97 | .43 | 7.78 | 8.21 | (.47 | ) | - | (.47 | ) | 32.71 | 33.30 | 723 | .73 | .73 | 1.55 | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2008
|
42.42 | .58 | (17.21 | ) | (16.63 | ) | (.56 | ) | (.26 | ) | (.82 | ) | 24.97 | (39.71 | ) | 485 | .68 | .65 | 1.66 | |||||||||||||||||||||||||||||||||
Year ended 12/31/2007
|
40.02 | 1.03 | 4.36 | 5.39 | (.92 | ) | (2.07 | ) | (2.99 | ) | 42.42 | 13.49 | 643 | .66 | .64 | 2.37 | ||||||||||||||||||||||||||||||||||||
Class 529-B:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2011
|
36.66 | .27 | (1.28 | ) | (1.01 | ) | (.29 | ) | - | (.29 | ) | 35.36 | (2.74 | ) | 48 | 1.51 | 1.51 | .74 | ||||||||||||||||||||||||||||||||||
Year ended 12/31/2010
|
32.69 | .30 | 3.95 | 4.25 | (.28 | ) | - | (.28 | ) | 36.66 | 13.09 | 63 | 1.50 | 1.50 | .92 | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2009
|
24.96 | .20 | 7.77 | 7.97 | (.24 | ) | - | (.24 | ) | 32.69 | 32.16 | 71 | 1.55 | 1.55 | .74 | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2008
|
42.41 | .30 | (17.22 | ) | (16.92 | ) | (.27 | ) | (.26 | ) | (.53 | ) | 24.96 | (40.20 | ) | 54 | 1.50 | 1.47 | .84 | |||||||||||||||||||||||||||||||||
Year ended 12/31/2007
|
40.01 | .66 | 4.38 | 5.04 | (.57 | ) | (2.07 | ) | (2.64 | ) | 42.41 | 12.57 | 80 | 1.48 | 1.46 | 1.53 | ||||||||||||||||||||||||||||||||||||
Class 529-C:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2011
|
36.64 | .28 | (1.28 | ) | (1.00 | ) | (.30 | ) | - | (.30 | ) | 35.34 | (2.72 | ) | 273 | 1.51 | 1.51 | .76 | ||||||||||||||||||||||||||||||||||
Year ended 12/31/2010
|
32.69 | .31 | 3.93 | 4.24 | (.29 | ) | - | (.29 | ) | 36.64 | 13.05 | 265 | 1.49 | 1.49 | .94 | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2009
|
24.95 | .20 | 7.78 | 7.98 | (.24 | ) | - | (.24 | ) | 32.69 | 32.22 | 215 | 1.55 | 1.55 | .74 | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2008
|
42.40 | .30 | (17.22 | ) | (16.92 | ) | (.27 | ) | (.26 | ) | (.53 | ) | 24.95 | (40.21 | ) | 147 | 1.49 | 1.47 | .85 | |||||||||||||||||||||||||||||||||
Year ended 12/31/2007
|
40.00 | .67 | 4.37 | 5.04 | (.57 | ) | (2.07 | ) | (2.64 | ) | 42.40 | 12.58 | 195 | 1.48 | 1.45 | 1.56 | ||||||||||||||||||||||||||||||||||||
Class 529-E:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2011
|
36.65 | .47 | (1.29 | ) | (.82 | ) | (.49 | ) | - | (.49 | ) | 35.34 | (2.23 | ) | 42 | .98 | .98 | 1.29 | ||||||||||||||||||||||||||||||||||
Year ended 12/31/2010
|
32.69 | .48 | 3.94 | 4.42 | (.46 | ) | - | (.46 | ) | 36.65 | 13.66 | 41 | .98 | .98 | 1.45 | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2009
|
24.95 | .34 | 7.78 | 8.12 | (.38 | ) | - | (.38 | ) | 32.69 | 32.89 | 32 | 1.04 | 1.04 | 1.24 | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2008
|
42.40 | .48 | (17.21 | ) | (16.73 | ) | (.46 | ) | (.26 | ) | (.72 | ) | 24.95 | (39.90 | ) | 21 | .98 | .96 | 1.36 | |||||||||||||||||||||||||||||||||
Year ended 12/31/2007
|
40.00 | .88 | 4.38 | 5.26 | (.79 | ) | (2.07 | ) | (2.86 | ) | 42.40 | 13.14 | 29 | .97 | .95 | 2.05 | ||||||||||||||||||||||||||||||||||||
Class 529-F-1:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2011
|
$ | 36.65 | $ | .65 | $ | (1.30 | ) | $ | (.65 | ) | $ | (.67 | ) | $ | - | $ | (.67 | ) | $ | 35.33 | (1.75 | )% | $ | 40 | .50 | % | .50 | % | 1.77 | % | ||||||||||||||||||||||
Year ended 12/31/2010
|
32.69 | .65 | 3.93 | 4.58 | (.62 | ) | - | (.62 | ) | 36.65 | 14.22 | 37 | .48 | .48 | 1.95 | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2009
|
24.95 | .48 | 7.78 | 8.26 | (.52 | ) | - | (.52 | ) | 32.69 | 33.56 | 27 | .54 | .54 | 1.74 | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2008
|
42.39 | .64 | 17.19 | ) | (16.55 | ) | (.63 | ) | (.26 | ) | (.89 | ) | 24.95 | (39.59 | ) | 20 | .48 | .46 | 1.84 | |||||||||||||||||||||||||||||||||
Year ended 12/31/2007
|
40.00 | 1.13 | 4.33 | 5.46 | 1.00 | ) | (2.07 | ) | (3.07 | ) | 42.39 | 13.69 | 20 | .47 | .45 | 2.62 | ||||||||||||||||||||||||||||||||||||
Class R-1:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2011
|
36.56 | .31 | (1.28 | ) | (.97 | ) | (.33 | ) | - | (.33 | ) | 35.26 | (2.65 | ) | 142 | 1.43 | 1.43 | .84 | ||||||||||||||||||||||||||||||||||
Year ended 12/31/2010
|
32.62 | .33 | 3.93 | 4.26 | (.32 | ) | - | (.32 | ) | 36.56 | 13.13 | 138 | 1.43 | 1.43 | 1.01 | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2009
|
24.90 | .22 | 7.76 | 7.98 | (.26 | ) | - | (.26 | ) | 32.62 | 32.30 | 98 | 1.47 | 1.47 | .80 | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2008
|
42.31 | .32 | (17.18 | ) | (16.86 | ) | (.29 | ) | (.26 | ) | (.55 | ) | 24.90 | (40.16 | ) | 61 | 1.43 | 1.41 | .91 | |||||||||||||||||||||||||||||||||
Year ended 12/31/2007
|
39.93 | .72 | 4.33 | 5.05 | (.60 | ) | (2.07 | ) | (2.67 | ) | 42.31 | 12.62 | 57 | 1.44 | 1.42 | 1.67 | ||||||||||||||||||||||||||||||||||||
Class R-2:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2011
|
36.56 | .31 | (1.28 | ) | (.97 | ) | (.33 | ) | - | (.33 | ) | 35.26 | (2.64 | ) | 589 | 1.41 | 1.41 | .85 | ||||||||||||||||||||||||||||||||||
Year ended 12/31/2010
|
32.61 | .33 | 3.93 | 4.26 | (.31 | ) | - | (.31 | ) | 36.56 | 13.15 | 631 | 1.42 | 1.42 | 1.00 | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2009
|
24.89 | .21 | 7.76 | 7.97 | (.25 | ) | - | (.25 | ) | 32.61 | 32.22 | 550 | 1.52 | 1.52 | .77 | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2008
|
42.30 | .30 | (17.17 | ) | (16.87 | ) | (.28 | ) | (.26 | ) | (.54 | ) | 24.89 | (40.19 | ) | 366 | 1.49 | 1.47 | .85 | |||||||||||||||||||||||||||||||||
Year ended 12/31/2007
|
39.92 | .70 | 4.34 | 5.04 | (.59 | ) | (2.07 | ) | (2.66 | ) | 42.30 | 12.61 | 471 | 1.46 | 1.40 | 1.62 | ||||||||||||||||||||||||||||||||||||
Class R-3:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2011
|
36.63 | .48 | (1.29 | ) | (.81 | ) | (.50 | ) | - | (.50 | ) | 35.32 | (2.22 | ) | 2,146 | .96 | .96 | 1.30 | ||||||||||||||||||||||||||||||||||
Year ended 12/31/2010
|
32.67 | .49 | 3.94 | 4.43 | (.47 | ) | - | (.47 | ) | 36.63 | 13.69 | 2,177 | .96 | .96 | 1.47 | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2009
|
24.94 | .36 | 7.77 | 8.13 | (.40 | ) | - | (.40 | ) | 32.67 | 32.93 | 1,707 | .99 | .99 | 1.29 | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2008
|
42.38 | .48 | (17.20 | ) | (16.72 | ) | (.46 | ) | (.26 | ) | (.72 | ) | 24.94 | (39.89 | ) | 1,058 | .98 | .95 | 1.37 | |||||||||||||||||||||||||||||||||
Year ended 12/31/2007
|
39.98 | .92 | 4.34 | 5.26 | (.79 | ) | (2.07 | ) | (2.86 | ) | 42.38 | 13.17 | 1,157 | .97 | .94 | 2.12 | ||||||||||||||||||||||||||||||||||||
Class R-4:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2011
|
36.64 | .59 | (1.30 | ) | (.71 | ) | (.60 | ) | - | (.60 | ) | 35.33 | (1.92 | ) | 2,123 | .66 | .66 | 1.60 | ||||||||||||||||||||||||||||||||||
Year ended 12/31/2010
|
32.68 | .59 | 3.93 | 4.52 | (.56 | ) | - | (.56 | ) | 36.64 | 14.02 | 2,050 | .66 | .66 | 1.77 | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2009
|
24.95 | .44 | 7.77 | 8.21 | (.48 | ) | - | (.48 | ) | 32.68 | 33.31 | 1,545 | .69 | .69 | 1.58 | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2008
|
42.39 | .58 | (17.19 | ) | (16.61 | ) | (.57 | ) | (.26 | ) | (.83 | ) | 24.95 | (39.70 | ) | 942 | .67 | .65 | 1.68 | |||||||||||||||||||||||||||||||||
Year ended 12/31/2007
|
39.99 | 1.05 | 4.34 | 5.39 | (.92 | ) | (2.07 | ) | (2.99 | ) | 42.39 | 13.51 | 879 | .66 | .64 | 2.42 | ||||||||||||||||||||||||||||||||||||
Class R-5:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2011
|
36.71 | .70 | (1.30 | ) | (.60 | ) | (.71 | ) | - | (.71 | ) | 35.40 | (1.62 | ) | 1,394 | .36 | .36 | 1.89 | ||||||||||||||||||||||||||||||||||
Year ended 12/31/2010
|
32.74 | .69 | 3.94 | 4.63 | (.66 | ) | - | (.66 | ) | 36.71 | 14.37 | 1,419 | .36 | .36 | 2.06 | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2009
|
24.99 | .52 | 7.79 | 8.31 | (.56 | ) | - | (.56 | ) | 32.74 | 33.75 | 1,269 | .39 | .39 | 1.92 | |||||||||||||||||||||||||||||||||||||
Year ended 12/31/2008
|
42.46 | .69 | (17.23 | ) | (16.54 | ) | (.67 | ) | (.26 | ) | (.93 | ) | 24.99 | (39.53 | ) | 1,077 | .37 | .35 | 1.98 | |||||||||||||||||||||||||||||||||
Year ended 12/31/2007
|
40.06 | 1.18 | 4.34 | 5.52 | (1.05 | ) | (2.07 | ) | (3.12 | ) | 42.46 | 13.81 | 1,014 | .37 | .34 | 2.73 | ||||||||||||||||||||||||||||||||||||
Class R-6:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2011
|
36.70 | .72 | (1.30 | ) | (.58 | ) | (.73 | ) | - | (.73 | ) | 35.39 | (1.57 | ) | 1,421 | .31 | .31 | 1.97 | ||||||||||||||||||||||||||||||||||
Year ended 12/31/2010
|
32.74 | .71 | 3.93 | 4.64 | (.68 | ) | - | (.68 | ) | 36.70 | 14.39 | 950 | .32 | .32 | 2.13 | |||||||||||||||||||||||||||||||||||||
Period from 5/1/2009 to 12/31/2009(6)
|
25.63 | .37 | 7.17 | 7.54 | (.43 | ) | - | (.43 | ) | 32.74 | 29.60 | 596 | .35 | (7) | .35 | (7) | 1.87 | (7) |
Year ended December 31
|
||||||||||||||||||||
2011
|
2010
|
2009
|
2008
|
2007
|
||||||||||||||||
Portfolio turnover rate for all share classes
|
28 | % | 32 | % | 30 | % | 29 | % | 27 | % |
(1)Based on average shares outstanding.
|
|||||||||||||
(2) For the year ended December 31, 2007, this column reflects the impact of a corporate action event that resulted in a one-time increase to net investment income. If the corporate action event had not occurred, the Class A net investment income per share and ratio of net income to average net assets would have been lower by $.39 and .90 percentage points, respectively. The impact to the other share classes would have been similar.
|
|||||||||||||
(3)For the year ended December 31, 2010, this column reflects the impact of a corporate action event that resulted in a one-time increase to net investment income. If the corporate action event had not occurred, the Class A net investment income per share and ratio of net income to average net assets would have been lower by $.07 and .21 percentage points, respectively. The impact to the other share classes would have been similar.
|
|||||||||||||
(4)Total returns exclude any applicable sales charges, including contingent deferred sales charges.
|
|||||||||||||
(5)This column reflects the impact, if any, of certain reimbursements/waivers from CRMC. During some of the periods shown, CRMC reduced fees for investment advisory services. In addition, during some of the periods shown, CRMC paid a portion of the fund's transfer agent fees for certain retirement plan share classes.
|
|||||||||||||
(6)Based on operations for the periods shown and, accordingly, is not representative of a full year.
|
|||||||||||||
(7)Annualized.
|
|||||||||||||
See Notes to Financial Statements
|
Beginning account value 7/1/2011
|
Ending account value 12/31/2011
|
Expenses paid during period*
|
Annualized expense ratio
|
|||||||||||||
Class A -- actual return
|
$ | 1,000.00 | $ | 924.32 | $ | 3.10 | .64 | % | ||||||||
Class A -- assumed 5% return
|
1,000.00 | 1,021.98 | 3.26 | .64 | ||||||||||||
Class B -- actual return
|
1,000.00 | 920.45 | 6.83 | 1.41 | ||||||||||||
Class B -- assumed 5% return
|
1,000.00 | 1,018.10 | 7.17 | 1.41 | ||||||||||||
Class C -- actual return
|
1,000.00 | 920.46 | 6.97 | 1.44 | ||||||||||||
Class C -- assumed 5% return
|
1,000.00 | 1,017.95 | 7.32 | 1.44 | ||||||||||||
Class F-1 -- actual return
|
1,000.00 | 924.15 | 3.30 | .68 | ||||||||||||
Class F-1 -- assumed 5% return
|
1,000.00 | 1,021.78 | 3.47 | .68 | ||||||||||||
Class F-2 -- actual return
|
1,000.00 | 925.41 | 2.04 | .42 | ||||||||||||
Class F-2 -- assumed 5% return
|
1,000.00 | 1,023.09 | 2.14 | .42 | ||||||||||||
Class 529-A -- actual return
|
1,000.00 | 923.85 | 3.54 | .73 | ||||||||||||
Class 529-A -- assumed 5% return
|
1,000.00 | 1,021.53 | 3.72 | .73 | ||||||||||||
Class 529-B -- actual return
|
1,000.00 | 920.24 | 7.41 | 1.53 | ||||||||||||
Class 529-B -- assumed 5% return
|
1,000.00 | 1,017.49 | 7.78 | 1.53 | ||||||||||||
Class 529-C -- actual return
|
1,000.00 | 920.25 | 7.41 | 1.53 | ||||||||||||
Class 529-C -- assumed 5% return
|
1,000.00 | 1,017.49 | 7.78 | 1.53 | ||||||||||||
Class 529-E -- actual return
|
1,000.00 | 922.66 | 4.75 | .98 | ||||||||||||
Class 529-E -- assumed 5% return
|
1,000.00 | 1,020.27 | 4.99 | .98 | ||||||||||||
Class 529-F-1 -- actual return
|
1,000.00 | 924.85 | 2.52 | .52 | ||||||||||||
Class 529-F-1 -- assumed 5% return
|
1,000.00 | 1,022.58 | 2.65 | .52 | ||||||||||||
Class R-1 -- actual return
|
1,000.00 | 920.57 | 6.92 | 1.43 | ||||||||||||
Class R-1 -- assumed 5% return
|
1,000.00 | 1,018.00 | 7.27 | 1.43 | ||||||||||||
Class R-2 -- actual return
|
1,000.00 | 920.57 | 6.92 | 1.43 | ||||||||||||
Class R-2 -- assumed 5% return
|
1,000.00 | 1,018.00 | 7.27 | 1.43 | ||||||||||||
Class R-3 -- actual return
|
1,000.00 | 922.63 | 4.65 | .96 | ||||||||||||
Class R-3 -- assumed 5% return
|
1,000.00 | 1,020.37 | 4.89 | .96 | ||||||||||||
Class R-4 -- actual return
|
1,000.00 | 924.09 | 3.25 | .67 | ||||||||||||
Class R-4 -- assumed 5% return
|
1,000.00 | 1,021.83 | 3.41 | .67 | ||||||||||||
Class R-5 -- actual return
|
1,000.00 | 925.43 | 1.80 | .37 | ||||||||||||
Class R-5 -- assumed 5% return
|
1,000.00 | 1,023.34 | 1.89 | .37 | ||||||||||||
Class R-6 -- actual return
|
1,000.00 | 925.66 | 1.55 | .32 | ||||||||||||
Class R-6 -- assumed 5% return
|
1,000.00 | 1,023.59 | 1.63 | .32 | ||||||||||||
*The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).
|
Qualified dividend income
|
100 | % | ||
Corporate dividends received deduction
|
$ | 743,629,000 | ||
U.S. government income that may be exempt from state taxation
|
$ | 731,000 |
Average annual total returns for periods ended December 31, 2011:
|
||||||||||||
10 years1/
|
||||||||||||
1 year
|
5 years
|
Life of class
|
||||||||||
Class B shares2
|
||||||||||||
Reflecting applicable contingent deferred sales charge
|
||||||||||||
(CDSC), maximum of 5%, payable only if shares are
|
||||||||||||
sold within six years of purchase
|
–7.46 | % | –0.69 | % | 4.75 | % | ||||||
Not reflecting CDSC
|
–2.64 | –0.33 | 4.75 | |||||||||
Class C shares
|
||||||||||||
Reflecting CDSC, maximum of 1%, payable only
|
||||||||||||
if shares are sold within one year of purchase
|
–3.64 | –0.37 | 4.53 | |||||||||
Not reflecting CDSC
|
–2.67 | –0.37 | 4.53 | |||||||||
Class F-1 shares3
|
||||||||||||
Not reflecting annual asset-based fee charged
|
||||||||||||
by sponsoring firm
|
–1.92 | 0.43 | 5.37 | |||||||||
Class F-2 shares3 — first sold 8/1/08
|
||||||||||||
Not reflecting annual asset-based fee charged
|
||||||||||||
by sponsoring firm
|
–1.67 | — | 0.74 | |||||||||
Class 529-A shares4 — first sold 2/15/02
|
||||||||||||
Reflecting 5.75% maximum sales charge
|
–7.61 | –0.80 | 5.05 | |||||||||
Not reflecting maximum sales charge
|
–1.97 | 0.38 | 5.69 | |||||||||
Class 529-B shares2,4 — first sold 2/19/02
|
||||||||||||
Reflecting applicable CDSC, maximum of 5%, payable
|
||||||||||||
only if shares are sold within six years of purchase
|
–7.57 | –0.79 | 5.15 | |||||||||
Not reflecting CDSC
|
–2.74 | –0.43 | 5.15 | |||||||||
Class 529-C shares4 — first sold 2/15/02
|
||||||||||||
Reflecting CDSC, maximum of 1%, payable only
|
||||||||||||
if shares are sold within one year of purchase
|
–3.69 | –0.43 | 4.82 | |||||||||
Not reflecting CDSC
|
–2.72 | –0.43 | 4.82 | |||||||||
Class 529-E shares3,4 — first sold 3/7/02
|
–2.23 | 0.08 | 4.79 | |||||||||
Class 529-F-1 shares3,4 — first sold 9/23/02
|
||||||||||||
Not reflecting annual asset-based fee charged
|
||||||||||||
by sponsoring firm
|
–1.75 | 0.58 | 8.73 |
|
1Applicable to Classes B, C and F-1 shares only. All other share classes reflect results for the life of the class.
|
|
2These shares are not available for purchase.
|
|
3These shares are sold without any initial or contingent deferred sales charge.
|
|
4Results shown do not reflect the $10 account setup fee and an annual $10 account maintenance fee.
|
“Independent” trustees1
|
||
Year first
|
||
elected a
|
||
trustee of
|
||
Name and age
|
the fund2
|
Principal occupation(s) during past five years
|
Ronald P. Badie, 69
|
2008
|
Retired; former Vice Chairman, Deutsche Bank
|
Alex. Brown
|
||
Joseph C. Berenato, 65
|
2003
|
Chairman, Ducommun Incorporated
|
Chairman of the Board
|
(aerospace components manufacturer);
|
|
(Independent and
|
former CEO, Ducommun Incorporated
|
|
Non-Executive)
|
||
Louise H. Bryson, 67
|
2008
|
Chair Emerita of the Board of Trustees, J. Paul Getty
|
Trust; former President, Distribution, Lifetime
|
||
Entertainment Network; former Executive Vice
|
||
President and General Manager, Lifetime Movie
|
||
Network
|
||
Robert J. Denison, 70
|
2005
|
Chair, First Security Management (private investment)
|
Mary Anne Dolan, 64
|
2010
|
Founder and President, MAD Ink (communications
|
company)
|
||
Robert A. Fox, 74
|
1998
|
Managing General Partner, Fox Investments LP;
|
corporate director
|
||
John G. Freund, 58
|
2010
|
Founder and Managing Director, Skyline Ventures
|
(venture capital investor in health care companies)
|
||
Leonade D. Jones, 64
|
1998
|
Retired; former Treasurer, The Washington
|
Post Company
|
||
William H. Kling, 69
|
2010
|
President Emeritus, American Public Media
|
John G. McDonald, 74
|
1998
|
Stanford Investors Professor, Graduate School
|
of Business, Stanford University
|
||
Christopher E. Stone, 55
|
2010
|
Daniel and Florence Guggenheim Professor of the
|
Practice of Criminal Justice, John F. Kennedy School
|
||
of Government, Harvard University
|
||
“Independent” trustees1
|
||
Number of
|
||
portfolios
|
||
in fund
|
||
complex3
|
||
overseen by
|
||
Name and age
|
trustee
|
Other directorships4 held by trustee
|
Ronald P. Badie, 69
|
3
|
Amphenol Corporation; Nautilus, Inc.;
|
Obagi Medical Products, Inc.
|
||
Joseph C. Berenato, 65
|
6
|
None
|
Chairman of the Board
|
||
(Independent and
|
||
Non-Executive)
|
||
Louise H. Bryson, 67
|
7
|
None
|
Robert J. Denison, 70
|
6
|
None
|
Mary Anne Dolan, 64
|
10
|
None
|
Robert A. Fox, 74
|
9
|
None
|
John G. Freund, 58
|
3
|
Mako Surgical Corporation; XenoPort, Inc.
|
Leonade D. Jones, 64
|
9
|
None
|
William H. Kling, 69
|
10
|
None
|
John G. McDonald, 74
|
13
|
iStar Financial, Inc.; Plum Creek Timber Co.;
|
QuinStreet, Inc.; Scholastic Corporation
|
||
Christopher E. Stone, 55
|
6
|
None
|
“Interested” trustees5
|
||
Year first
|
||
elected a
|
||
trustee or
|
Principal occupation(s) during past five years and
|
|
Name, age and
|
officer of
|
positions held with affiliated entities or the
|
position with fund
|
the fund2
|
principal underwriter of the fund
|
James F. Rothenberg, 65
|
1998
|
Vice Chairman of the Board, Capital Research and
|
Vice Chairman
|
Management Company; Director and
|
|
of the Board
|
Non-Executive Chair, American Funds Distributors,
|
|
Inc.;6 Director and Non-Executive Chair, The Capital
|
||
Group Companies, Inc.6
|
||
Dina N. Perry, 66
|
1994
|
Senior Vice President — Capital World Investors,
|
President
|
Capital Research and Management Company;
|
|
Director, Capital Research and Management
|
||
Company
|
||
“Interested” trustees5
|
||
Number of
|
||
portfolios
|
||
in fund
|
||
complex3
|
||
Name, age and
|
overseen by
|
|
position with fund
|
trustee
|
Other directorships4 held by trustee
|
James F. Rothenberg, 65
|
2
|
None
|
Vice Chairman
|
||
of the Board
|
||
Dina N. Perry, 66
|
1
|
None
|
President
|
Other officers7
|
||
Year first
|
||
elected
|
Principal occupation(s) during past five years
|
|
Name, age and
|
an officer
|
and positions held with affiliated entities or the
|
position with fund
|
of the fund2
|
principal underwriter of the fund
|
Paul G. Haaga, Jr., 63
|
1994
|
Chairman of the Board, Capital Research and
|
Executive Vice President
|
Management Company; Senior Vice President —
|
|
Fixed Income, Capital Research and Management
|
||
Company
|
||
Michael T. Kerr, 52
|
1995
|
Senior Vice President — Capital World Investors,
|
Senior Vice President
|
Capital Research and Management Company;
|
|
Director, Capital Research and Management
|
||
Company
|
||
Martin Romo, 44
|
1999
|
Director, Capital Research and Management
|
Senior Vice President
|
Company; Senior Vice President — Capital World
|
|
Investors, Capital Research Company;6 Director and
|
||
Co-President, Capital Research Company6
|
||
Walter R. Burkley, 45
|
2010
|
Senior Vice President and Senior Counsel — Fund
|
Vice President
|
Business Management Group, Capital Research and
|
|
Management Company
|
||
Mark L. Casey, 41
|
2008
|
Senior Vice President — Capital World Investors,
|
Vice President
|
Capital Research Company;6 Director, Capital
|
|
Research Company6
|
||
Ronald B. Morrow, 66
|
2004
|
Senior Vice President — Capital World Investors,
|
Vice President
|
Capital Research and Management Company
|
|
Patrick F. Quan, 53
|
1989–1998
|
Vice President — Fund Business Management
|
Secretary
|
2000
|
Group, Capital Research and Management Company
|
Jeffrey P. Regal, 40
|
2006
|
Vice President — Fund Business Management
|
Treasurer
|
Group, Capital Research and Management Company
|
|
Julie E. Lawton, 38
|
2010
|
Assistant Vice President — Fund Business
|
Assistant Secretary
|
Management Group, Capital Research and
|
|
Management Company
|
||
Dori Laskin, 60
|
2011
|
Vice President — Fund Business Management
|
Assistant Treasurer
|
Group, Capital Research and Management Company
|
|
Neal F. Wellons, 40
|
2010
|
Vice President — Fund Business Management
|
Assistant Treasurer
|
Group, Capital Research and Management Company
|
|
1The term “independent” trustee refers to a trustee who is not an “interested person” of the fund within the meaning of the Investment Company Act of 1940.
|
|
2Trustees and officers of the fund serve until their resignation, removal or retirement.
|
|
3Capital Research and Management Company manages the American Funds, consisting of 33 funds. Capital Research and Management Company also manages American Funds Insurance Series,® which is composed of 18 funds and serves as the underlying investment vehicle for certain variable insurance contracts; and American Funds Target Date Retirement Series,® which is composed of 10 funds and is available through tax-deferred retirement plans and IRAs.
|
|
4This includes all directorships (other than those in the American Funds or other funds managed by Capital Research and Management Company) that are held by each trustee as a trustee or director of a public company or a registered investment company.
|
|
5“Interested persons” within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the fund’s investment adviser, Capital Research and Management Company, or affiliated entities (including the fund’s principal underwriter).
|
|
6Company affiliated with Capital Research and Management Company.
|
|
7All of the officers listed, except Mark L. Casey, are officers and/or directors/trustees of one or more of the other funds for which Capital Research and Management Company serves as investment adviser.
|
|
|
1 As of 12/31/11.
|
|
2 Based on Class A share results for periods through 12/31/11. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date.
|
|
3 Based on management fees for the 20-year period ended 12/31/11 versus comparable Lipper categories, excluding funds of funds.
|
|
•Growth funds
|
|
Emphasis on long-term growth through stocks
|
|
AMCAP Fund®
|
|
EuroPacific Growth Fund®
|
|
The Growth Fund of America®
|
|
The New Economy Fund®
|
|
New Perspective Fund®
|
|
New World Fund®
|
|
SMALLCAP World Fund®
|
|
•Growth-and-income funds
|
|
Emphasis on long-term growth and dividends through stocks
|
|
American Mutual Fund®
|
|
Capital World Growth and Income Fund®
|
|
Fundamental InvestorsSM
|
|
International Growth and Income FundSM
|
|
The Investment Company of America®
|
|
Washington Mutual Investors FundSM
|
|
•Equity-income funds
|
|
Emphasis on above-average income and growth through stocks and/or bonds
|
|
Capital Income Builder®
|
|
The Income Fund of America®
|
|
•Balanced funds
|
|
Emphasis on long-term growth and current income through stocks and bonds
|
|
American Balanced Fund®
|
|
American Funds Global Balanced FundSM
|
|
•Bond funds
|
|
Emphasis on current income through bonds
|
|
American Funds Mortgage Fund®
|
|
American High-Income TrustSM
|
|
The Bond Fund of AmericaSM
|
|
Capital World Bond Fund®
|
|
Intermediate Bond Fund of America®
|
|
Short-Term Bond Fund of AmericaSM
|
|
U.S. Government Securities FundSM
|
|
•Tax-exempt bond funds
|
|
Emphasis on tax-exempt current income through municipal bonds
|
|
American Funds Short-Term Tax-Exempt Bond FundSM
|
|
American High-Income Municipal Bond Fund®
|
|
Limited Term Tax-Exempt Bond Fund of AmericaSM
|
|
The Tax-Exempt Bond Fund of America®
|
|
State-specific tax-exempt funds
|
|
American Funds Tax-Exempt Fund of New YorkSM
|
|
The Tax-Exempt Fund of California®
|
|
The Tax-Exempt Fund of Maryland®
|
|
The Tax-Exempt Fund of Virginia®
|
|
•Money market fund
|
|
American Funds Money Market Fund®
|
|
•American Funds Target Date Retirement Series®
|
Registrant:
|
||||
a) Audit Fees:
|
||||
2010
|
$77,000
|
|||
2011
|
$77,000
|
|||
|
||||
b) Audit-Related Fees:
|
||||
2010
|
$14,000
|
|||
2011
|
$15,000
|
|||
The audit-related fees consist of assurance and related services relating to the examination of the Registrant’s investment adviser conducted in accordance with Statement on Auditing Standards Number 70 issued by the American Institute of Certified Public Accountants.
|
||||
c) Tax Fees:
|
||||
2010
|
$16,000
|
|||
2011
|
$3,000
|
|||
The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns including returns relating to the Registrant’s investments in non-U.S. jurisdictions.
|
||||
d) All Other Fees:
|
||||
2010
|
None
|
|||
2011
|
None
|
|||
Adviser and affiliates (includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below):
|
||||
a) Audit Fees:
|
||||
Not Applicable
|
||||
b) Audit-Related Fees:
|
||||
2010
|
$1,092,000
|
|||
2011
|
$911,000
|
|||
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 Auditing Standards Number 70 issued by the American Institute of Certified Public Accountants.
|
||||
c) Tax Fees:
|
||||
2010
|
$15,000
|
|||
2011
|
$43,000
|
|||
The tax fees consist of consulting services relating to the Registrant’s investments.
|
||||
d) All Other Fees:
|
||||
2010
|
$2,000
|
|||
2011
|
$4,000
|
|||
The other fees consist of subscription services related to an accounting research tool.
|
Common stocks — 94.41%
|
Shares
|
Value
(000)
|
||||||
INFORMATION TECHNOLOGY — 15.16%
|
||||||||
Apple Inc.1
|
2,013,800 | $ | 815,589 | |||||
Microsoft Corp.
|
25,920,000 | 672,883 | ||||||
Google Inc., Class A1
|
912,000 | 589,061 | ||||||
Texas Instruments Inc.
|
19,370,300 | 563,869 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)
|
25,234,400 | 325,776 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd.
|
71,285,000 | 178,454 | ||||||
Samsung Electronics Co. Ltd.2
|
486,500 | 447,730 | ||||||
Oracle Corp.
|
14,242,950 | 365,332 | ||||||
Maxim Integrated Products, Inc.
|
12,687,000 | 330,369 | ||||||
EMC Corp.1
|
15,100,000 | 325,254 | ||||||
Intuit Inc.
|
5,330,000 | 280,305 | ||||||
Avago Technologies Ltd.
|
8,745,000 | 252,381 | ||||||
Amphenol Corp.
|
4,100,000 | 186,099 | ||||||
FLIR Systems, Inc.
|
6,450,000 | 161,701 | ||||||
Visa Inc., Class A
|
1,520,269 | 154,353 | ||||||
Fidelity National Information Services, Inc.
|
5,583,600 | 148,468 | ||||||
Analog Devices, Inc.
|
4,000,000 | 143,120 | ||||||
Corning Inc.
|
11,020,000 | 143,040 | ||||||
Yahoo! Inc.1
|
8,795,000 | 141,863 | ||||||
ASML Holding NV
|
1,595,847 | 67,075 | ||||||
ASML Holding NV (New York registered)
|
1,240,000 | 51,820 | ||||||
TE Connectivity Ltd.
|
3,845,000 | 118,464 | ||||||
MasterCard Inc., Class A
|
300,000 | 111,846 | ||||||
Rackspace Hosting, Inc.1
|
2,400,000 | 103,224 | ||||||
Microchip Technology Inc.
|
2,500,000 | 91,575 | ||||||
Automatic Data Processing, Inc.
|
1,460,000 | 78,855 | ||||||
Infineon Technologies AG
|
10,100,000 | 76,026 | ||||||
First Solar, Inc.1
|
2,109,800 | 71,227 | ||||||
Linear Technology Corp.
|
1,860,000 | 55,856 | ||||||
Arm Holdings PLC
|
5,175,000 | 47,578 | ||||||
Lender Processing Services, Inc.
|
699,953 | 10,548 | ||||||
Mail.ru Group Ltd. (GDR)1
|
140,000 | 3,640 | ||||||
7,113,381 | ||||||||
ENERGY — 12.73%
|
||||||||
Royal Dutch Shell PLC, Class B (ADR)
|
5,962,700 | 453,225 | ||||||
Royal Dutch Shell PLC, Class A (ADR)
|
3,630,000 | 265,317 | ||||||
Suncor Energy Inc.
|
19,678,616 | 567,517 | ||||||
FMC Technologies, Inc.1
|
8,200,000 | 428,286 | ||||||
Occidental Petroleum Corp.
|
4,374,244 | 409,867 | ||||||
ConocoPhillips
|
5,500,000 | 400,785 | ||||||
Chevron Corp.
|
3,547,763 | 377,482 | ||||||
Crescent Point Energy Corp.
|
8,054,200 | 354,978 | ||||||
Cimarex Energy Co.
|
4,283,000 | 265,118 | ||||||
Baker Hughes Inc.
|
5,165,000 | 251,226 | ||||||
Concho Resources Inc.1
|
2,365,000 | 221,719 | ||||||
Denbury Resources Inc.1
|
14,590,000 | 220,309 | ||||||
Tenaris SA (ADR)
|
5,380,000 | 200,028 | ||||||
Hess Corp.
|
3,000,000 | 170,400 | ||||||
Imperial Oil Ltd.
|
3,608,739 | 160,786 | ||||||
Murphy Oil Corp.
|
2,740,000 | 152,728 | ||||||
CONSOL Energy Inc.
|
3,700,000 | 135,790 | ||||||
Talisman Energy Inc.
|
9,750,000 | 124,311 | ||||||
Schlumberger Ltd.
|
1,800,000 | 122,958 | ||||||
Noble Energy, Inc.
|
1,300,000 | 122,707 | ||||||
Technip SA
|
1,225,000 | 115,136 | ||||||
Oceaneering International, Inc.
|
2,449,764 | 113,008 | ||||||
Newfield Exploration Co.1
|
2,873,219 | 108,406 | ||||||
TOTAL SA
|
1,850,000 | 94,577 | ||||||
Petróleo Brasileiro SA – Petrobras, ordinary nominative (ADR)
|
1,960,000 | 48,706 | ||||||
Cenovus Energy Inc.
|
1,382,700 | 45,916 | ||||||
Subsea 7 SA1
|
1,166,759 | 21,654 | ||||||
Kinder Morgan, Inc.
|
350,000 | 11,259 | ||||||
INPEX CORP.
|
1,500 | 9,452 | ||||||
5,973,651 | ||||||||
INDUSTRIALS — 12.44%
|
||||||||
Union Pacific Corp.
|
7,005,000 | 742,110 | ||||||
Lockheed Martin Corp.
|
6,558,200 | 530,558 | ||||||
Parker Hannifin Corp.
|
5,850,000 | 446,062 | ||||||
General Electric Co.
|
24,000,000 | 429,840 | ||||||
Schneider Electric SA
|
6,688,764 | 352,164 | ||||||
Deere & Co.
|
4,315,000 | 333,765 | ||||||
CSX Corp.
|
13,225,000 | 278,518 | ||||||
European Aeronautic Defence and Space Co. EADS NV
|
7,000,000 | 218,793 | ||||||
Fastenal Co.
|
5,000,000 | 218,050 | ||||||
Aggreko PLC
|
6,589,717 | 206,417 | ||||||
Siemens AG
|
2,120,000 | 202,877 | ||||||
Boeing Co.
|
2,700,000 | 198,045 | ||||||
Joy Global Inc.
|
2,238,638 | 167,831 | ||||||
Honeywell International Inc.
|
2,800,000 | 152,180 | ||||||
Dun & Bradstreet Corp.
|
2,000,000 | 149,660 | ||||||
Rockwell Automation
|
2,000,000 | 146,740 | ||||||
Precision Castparts Corp.
|
800,000 | 131,832 | ||||||
Cummins Inc.
|
1,410,000 | 124,108 | ||||||
Waste Management, Inc.
|
3,400,000 | 111,214 | ||||||
MTU Aero Engines Holding AG
|
1,475,220 | 94,396 | ||||||
Caterpillar Inc.
|
1,000,000 | 90,600 | ||||||
Stericycle, Inc.1
|
1,000,000 | 77,920 | ||||||
General Dynamics Corp.
|
1,000,000 | 66,410 | ||||||
Ingersoll-Rand PLC1
|
2,110,000 | 64,292 | ||||||
Northrop Grumman Corp.
|
1,032,723 | 60,394 | ||||||
Meggitt PLC
|
10,904,547 | 59,746 | ||||||
United Technologies Corp.
|
750,000 | 54,817 | ||||||
Grafton Group PLC, units3
|
15,037,000 | 46,455 | ||||||
Vallourec SA
|
600,000 | 38,952 | ||||||
PACCAR Inc
|
1,000,000 | 37,470 | ||||||
Bombardier Inc., Class B
|
745,000 | 2,969 | ||||||
5,835,185 | ||||||||
CONSUMER DISCRETIONARY — 12.07%
|
||||||||
Home Depot, Inc.
|
33,878,000 | 1,424,231 | ||||||
Starbucks Corp.
|
10,500,000 | 483,105 | ||||||
Amazon.com, Inc.1
|
2,688,800 | 465,431 | ||||||
Time Warner Inc.
|
10,775,000 | 389,408 | ||||||
Comcast Corp., Class A
|
13,465,000 | 319,255 | ||||||
Walt Disney Co.
|
8,000,000 | 300,000 | ||||||
Virgin Media Inc.
|
13,385,000 | 286,171 | ||||||
McDonald’s Corp.
|
2,220,000 | 222,733 | ||||||
Macy’s, Inc.
|
5,700,000 | 183,426 | ||||||
Chipotle Mexican Grill, Inc.1
|
379,832 | 128,285 | ||||||
Johnson Controls, Inc.
|
4,100,000 | 128,166 | ||||||
Shaw Communications Inc., Class B, nonvoting
|
6,000,000 | 119,220 | ||||||
Marriott International, Inc., Class A
|
3,352,545 | 97,794 | ||||||
DIRECTV, Class A1
|
2,250,000 | 96,210 | ||||||
SES SA, Class A (FDR)
|
4,000,000 | 96,008 | ||||||
Intercontinental Hotels Group PLC
|
5,110,000 | 91,818 | ||||||
BorgWarner Inc.1
|
1,400,000 | 89,236 | ||||||
Lowe’s Companies, Inc.
|
3,430,000 | 87,053 | ||||||
General Motors Co.1
|
4,000,000 | 81,080 | ||||||
Hyundai Mobis Co., Ltd.2
|
313,000 | 79,751 | ||||||
Focus Media Holding Ltd. (ADR)1
|
4,000,000 | 77,960 | ||||||
Expedia, Inc.
|
2,507,500 | 72,768 | ||||||
Daimler AG
|
1,650,000 | 72,437 | ||||||
Penn National Gaming, Inc.1
|
1,763,000 | 67,117 | ||||||
TripAdvisor, Inc.1
|
2,348,600 | 59,208 | ||||||
Ctrip.com International, Ltd. (ADR)1
|
2,030,000 | 47,502 | ||||||
Discovery Communications, Inc., Class A1
|
1,000,000 | 40,970 | ||||||
CarMax, Inc.1
|
875,000 | 26,670 | ||||||
McGraw-Hill Companies, Inc.
|
400,000 | 17,988 | ||||||
Industria de Diseño Textil, SA
|
120,000 | 9,828 | ||||||
5,660,829 | ||||||||
HEALTH CARE — 10.60%
|
||||||||
Merck & Co., Inc.
|
38,251,664 | 1,442,088 | ||||||
Bristol-Myers Squibb Co.
|
27,525,000 | 969,981 | ||||||
Baxter International Inc.
|
11,175,000 | 552,939 | ||||||
Roche Holding AG
|
3,000,000 | 508,464 | ||||||
Pfizer Inc
|
15,468,936 | 334,748 | ||||||
Cardinal Health, Inc.
|
6,105,000 | 247,924 | ||||||
Quest Diagnostics Inc.
|
3,500,000 | 203,210 | ||||||
Gilead Sciences, Inc.1
|
3,100,000 | 126,883 | ||||||
AstraZeneca PLC (United Kingdom)
|
2,500,000 | 115,504 | ||||||
Laboratory Corporation of America Holdings1
|
1,300,000 | 111,761 | ||||||
Regeneron Pharmaceuticals, Inc.1
|
1,490,000 | 82,591 | ||||||
Vertex Pharmaceuticals Inc.1
|
2,045,000 | 67,914 | ||||||
Johnson & Johnson
|
1,000,000 | 65,580 | ||||||
Hospira, Inc.1
|
2,091,600 | 63,522 | ||||||
Aetna Inc.
|
1,470,000 | 62,019 | ||||||
UnitedHealth Group Inc.
|
210,000 | 10,643 | ||||||
Intuitive Surgical, Inc.1
|
15,000 | 6,945 | ||||||
Dendreon Corp.1
|
230,000 | 1,748 | ||||||
4,974,464 | ||||||||
FINANCIALS — 9.10%
|
||||||||
Wells Fargo & Co.
|
21,195,200 | 584,140 | ||||||
American Express Co.
|
9,770,000 | 460,851 | ||||||
ACE Ltd.
|
5,300,000 | 371,636 | ||||||
Citigroup Inc.
|
12,621,000 | 332,058 | ||||||
Marsh & McLennan Companies, Inc.
|
8,620,000 | 272,564 | ||||||
Digital Realty Trust, Inc.
|
3,435,000 | 229,011 | ||||||
Goldman Sachs Group, Inc.
|
1,930,000 | 174,530 | ||||||
Weyerhaeuser Co.
|
9,254,731 | 172,786 | ||||||
Aon Corp.
|
3,360,000 | 157,248 | ||||||
PNC Financial Services Group, Inc.
|
2,600,000 | 149,942 | ||||||
SunTrust Banks, Inc.
|
8,250,000 | 146,025 | ||||||
Jefferies Group, Inc.
|
9,885,000 | 135,919 | ||||||
XL Group PLC
|
6,000,000 | 118,620 | ||||||
Moody’s Corp.
|
3,360,000 | 113,165 | ||||||
AMP Ltd.
|
26,993,082 | 112,367 | ||||||
U.S. Bancorp
|
3,957,000 | 107,037 | ||||||
Industrial and Commercial Bank of China Ltd., Class H
|
175,769,000 | 104,331 | ||||||
New York Community Bancorp, Inc.
|
8,190,000 | 101,310 | ||||||
Travelers Companies, Inc.
|
1,500,000 | 88,755 | ||||||
CNO Financial Group, Inc.1
|
11,900,000 | 75,089 | ||||||
CapitalSource Inc.
|
6,860,954 | 45,968 | ||||||
Canadian Western Bank
|
1,500,000 | 37,988 | ||||||
Berkshire Hathaway Inc., Class A1
|
250 | 28,689 | ||||||
Berkshire Hathaway Inc., Class B1
|
87,000 | 6,638 | ||||||
HCP, Inc.
|
830,000 | 34,387 | ||||||
JPMorgan Chase & Co.
|
901,800 | 29,985 | ||||||
QBE Insurance Group Ltd.
|
2,185,000 | 28,941 | ||||||
Synovus Financial Corp.
|
17,400,000 | 24,534 | ||||||
ICICI Bank Ltd.
|
600,000 | 7,735 | ||||||
ICICI Bank Ltd. (ADR)
|
105,000 | 2,775 | ||||||
AXA SA
|
600,000 | 7,800 | ||||||
Hospitality Properties Trust
|
223,018 | 5,125 | ||||||
HDFC Bank Ltd. (ADR)
|
150,000 | 3,942 | ||||||
4,271,891 | ||||||||
MATERIALS — 7.70%
|
||||||||
Dow Chemical Co.
|
24,107,900 | 693,343 | ||||||
Syngenta AG
|
1,710,000 | 500,639 | ||||||
Potash Corp. of Saskatchewan Inc.
|
8,450,000 | 348,816 | ||||||
E.I. du Pont de Nemours and Co.
|
5,500,000 | 251,790 | ||||||
Praxair, Inc.
|
2,305,000 | 246,404 | ||||||
FMC Corp.
|
2,699,000 | 232,222 | ||||||
LyondellBasell Industries NV, Class A
|
6,155,000 | 199,976 | ||||||
Cliffs Natural Resources Inc.
|
2,940,989 | 183,371 | ||||||
Newmont Mining Corp.
|
2,500,000 | 150,025 | ||||||
Ecolab Inc.
|
2,500,000 | 144,525 | ||||||
Alcoa Inc.
|
16,000,000 | 138,400 | ||||||
CRH PLC
|
5,254,299 | 104,454 | ||||||
MeadWestvaco Corp.
|
3,350,000 | 100,332 | ||||||
Sigma-Aldrich Corp.
|
980,000 | 61,211 | ||||||
Nucor Corp.
|
1,500,000 | 59,355 | ||||||
Steel Dynamics, Inc.
|
4,248,000 | 55,861 | ||||||
Mosaic Co.
|
1,000,000 | 50,430 | ||||||
HudBay Minerals Inc.
|
5,000,000 | 49,767 | ||||||
Rio Tinto PLC
|
700,000 | 33,972 | ||||||
Holcim Ltd
|
160,000 | 8,560 | ||||||
3,613,453 | ||||||||
CONSUMER STAPLES — 6.71%
|
||||||||
Philip Morris International Inc.
|
8,250,000 | 647,460 | ||||||
Altria Group, Inc.
|
13,967,320 | 414,131 | ||||||
Costco Wholesale Corp.
|
3,930,000 | 327,448 | ||||||
CVS/Caremark Corp.
|
7,705,000 | 314,210 | ||||||
PepsiCo, Inc.
|
3,550,000 | 235,542 | ||||||
Kellogg Co.
|
3,500,000 | 176,995 | ||||||
British American Tobacco PLC
|
3,640,000 | 172,725 | ||||||
Unilever NV, depository receipts
|
4,290,000 | 147,525 | ||||||
Diageo PLC
|
6,500,000 | 141,979 | ||||||
Coca-Cola Amatil Ltd.
|
10,725,000 | 126,259 | ||||||
Tingyi (Cayman Islands) Holding Corp.
|
39,105,000 | 118,827 | ||||||
Kraft Foods Inc., Class A
|
2,790,000 | 104,234 | ||||||
H.J. Heinz Co.
|
1,700,000 | 91,868 | ||||||
Procter & Gamble Co.
|
1,255,100 | 83,728 | ||||||
C&C Group PLC
|
8,948,312 | 33,239 | ||||||
Pernod Ricard SA
|
100,000 | 9,275 | ||||||
China Yurun Food Group Ltd.
|
1,740,000 | 2,285 | ||||||
3,147,730 | ||||||||
TELECOMMUNICATION SERVICES — 3.60%
|
||||||||
Verizon Communications Inc.
|
19,600,000 | 786,352 | ||||||
AT&T Inc.
|
7,500,000 | 226,800 | ||||||
Koninklijke KPN NV
|
16,220,000 | 194,078 | ||||||
Vivendi SA
|
7,000,000 | 153,291 | ||||||
SOFTBANK CORP.
|
4,800,000 | 141,374 | ||||||
América Móvil, SAB de CV, Series L (ADR)
|
4,150,000 | 93,790 | ||||||
American Tower Corp.
|
1,000,000 | 60,010 | ||||||
Portugal Telecom, SGPS, SA
|
4,425,000 | 25,485 | ||||||
France Télécom SA
|
450,000 | 7,068 | ||||||
1,688,248 | ||||||||
UTILITIES — 2.73%
|
||||||||
PG&E Corp.
|
5,380,000 | 221,764 | ||||||
Edison International
|
5,250,000 | 217,350 | ||||||
American Water Works Co., Inc.
|
5,700,000 | 181,602 | ||||||
National Grid PLC
|
13,615,000 | 132,151 | ||||||
NV Energy, Inc.
|
7,000,000 | 114,450 | ||||||
Exelon Corp.
|
2,370,200 | 102,795 | ||||||
PPL Corp.
|
2,912,201 | 85,677 | ||||||
Duke Energy Corp.
|
3,500,000 | 77,000 | ||||||
NextEra Energy, Inc.
|
1,050,000 | 63,924 | ||||||
GDF SUEZ
|
1,600,000 | 43,735 | ||||||
Xcel Energy Inc.
|
1,500,000 | 41,460 | ||||||
1,281,908 | ||||||||
MISCELLANEOUS — 1.57%
|
||||||||
Other common stocks in initial period of acquisition
|
737,372 | |||||||
Total common stocks (cost: $36,877,335,000)
|
44,298,112 | |||||||
Principal amount
|
||||||||
Convertible securities — 0.03%
|
(000 | ) | ||||||
INDUSTRIALS — 0.03%
|
||||||||
United Continental Holdings, Inc. 4.50% convertible debentures 2015
|
$ | 12,275 | 14,960 | |||||
Total convertible securities (cost: $12,275,000)
|
14,960 | |||||||
Bonds & notes — 0.01%
|
||||||||
MORTGAGE-BACKED OBLIGATIONS4 — 0.01%
|
||||||||
ChaseFlex Trust, Series 2007-2, Class A-1, 0.574% 20375
|
7,679 | 4,898 | ||||||
Total bonds & notes (cost: $5,753,000)
|
4,898 | |||||||
Principal amount
|
Value
|
|||||||
Short-term securities — 5.51%
|
(000 | ) | (000 | ) | ||||
Freddie Mac 0.055%–0.16% due 2/6–8/20/2012
|
$ | 843,580 | $ | 843,358 | ||||
Fannie Mae 0.06%–0.21% due 1/26–9/5/2012
|
460,856 | 460,729 | ||||||
Federal Farm Credit Banks 0.10%–0.19% due 2/6–12/17/2012
|
275,600 | 275,459 | ||||||
Straight-A Funding LLC 0.15%–0.19% due 1/3–3/2/20126
|
246,953 | 246,930 | ||||||
Federal Home Loan Bank 0.035%–0.16% due 1/20–12/20/2012
|
223,540 | 223,493 | ||||||
Jupiter Securitization Co., LLC 0.18%–0.20% due 1/9–2/10/20126
|
98,200 | 98,186 | ||||||
Chariot Funding, LLC 0.18% due 2/16/20126
|
50,000 | 49,994 | ||||||
Coca-Cola Co. 0.10%–0.15% due 1/11–4/16/20126
|
135,000 | 134,963 | ||||||
Google Inc. 0.04%–0.05% due 1/20–1/27/20126
|
54,200 | 54,198 | ||||||
U.S. Treasury Bills 0.147%–0.258% due 1/12–5/3/2012
|
51,280 | 51,278 | ||||||
Procter & Gamble Co. 0.17% due 1/6/20126
|
33,700 | 33,700 | ||||||
Variable Funding Capital Company LLC 0.21% due 2/24/20126
|
30,000 | 29,988 | ||||||
McDonald’s Corp. 0.09% due 2/27/20126
|
25,000 | 24,981 | ||||||
National Rural Utilities Cooperative Finance Corp. 0.09% due 1/23/2012
|
23,000 | 22,999 | ||||||
Johnson & Johnson 0.07% due 1/23/20126
|
19,800 | 19,799 | ||||||
Private Export Funding Corp. 0.12% due 4/3/20126
|
12,100 | 12,096 | ||||||
Cisco Systems, Inc. 0.07% due 1/9/20126
|
2,900 | 2,900 | ||||||
Total short-term securities (cost: $2,584,635,000)
|
2,585,051 | |||||||
Total investment securities (cost: $39,479,998,000)
|
46,903,021 | |||||||
Other assets less liabilities
|
17,454 | |||||||
Net assets
|
$ | 46,920,475 |
(a)
|
The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.
|
(b)
|
There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s second fiscal quarter of 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.
|
(a)(1)
|
The Code of Ethics that is the subject of the disclosure required by Item 2 is attached as an exhibit hereto.
|
(a)(2)
|
The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.
|
AMERICAN FUNDS FUNDAMENTAL INVESTORS
|
|
By /s/ Paul G. Haaga, Jr.
|
|
Paul G. Haaga, Jr., Executive Vice President and
Principal Executive Officer
|
|
Date: February 29, 2012
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By /s/ Paul G. Haaga, Jr.
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Paul G. Haaga, Jr., Executive Vice President and
Principal Executive Officer
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Date: February 29, 2012
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By /s/ Jeffrey P. Regal
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Jeffrey P. Regal, Treasurer and
Principal Financial Officer
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Date: February 29, 2012
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The Fund has adopted the following standards in accordance with the requirements of Form N-CSR adopted by the Securities and Exchange Commission pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for the purpose of deterring wrongdoing and promoting: 1) honest and ethical conduct, including handling of actual or apparent conflicts of interest between personal and professional relationships; 2) full, fair, accurate, timely and understandable disclosure in reports and documents that a fund files with or submits to the Commission and in other public communications made by the fund; 3) compliance with applicable governmental laws, rules and regulations; 4) the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and 5) accountability for adherence to the Code. These provisions shall apply to the principal executive officer or chief executive officer and treasurer (“Covered Officers”) of the Fund.
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(1)
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It is the responsibility of Covered Officers to foster, by their words and actions, a corporate culture that encourages honest and ethical conduct, including the ethical resolution of, and appropriate disclosure of conflicts of interest. Covered Officers should work to assure a working environment that is characterized by respect for law and compliance with applicable rules and regulations.
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(2)
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Each Covered Officer must act in an honest and ethical manner while conducting the affairs of the Fund, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships. Duties of Covered Officers include:
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Acting with integrity;
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Adhering to a high standard of business ethics;
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Not using personal influence or personal relationships to improperly influence investment decisions or financial reporting whereby the Covered Officer would benefit personally to the detriment of the Fund;
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(3)
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Each Covered Officer should act to promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with or submits to, the Securities and Exchange Commission and in other public communications made by the Fund.
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Covered Officers should familiarize themselves with disclosure requirements applicable to the Fund and disclosure controls and procedures in place to meet these requirements.
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Covered Officers must not knowingly misrepresent, or cause others to misrepresent facts about the Fund to others, including the Fund’s auditors, independent trustees, governmental regulators and self-regulatory organizations.
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(4)
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Any existing or potential violations of this Code should be reported to The Capital Group Companies’ Personal Investing Committee. The Personal Investing Committee is authorized to investigate any such violations and report their findings to the Chairman of the Audit Committee of the Fund. The Chairman of the Audit Committee may report violations of the Code to the Fund’s Board or other appropriate entity including the Audit Committee, if he or she believes such a reporting is appropriate. The Personal Investing Committee may also determine the appropriate sanction for any violations of this Code, including removal from office, provided that removal from office shall only be carried out with the approval of the Fund’s Board.
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(5)
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Application of this Code is the responsibility of the Personal Investing Committee, which shall report periodically to the Chairman of the Audit Committee of the Fund.
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(6)
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Material amendments to these provisions must be ratified by a majority vote of the Fund’s Board. As required by applicable rules, substantive amendments to the Code must be filed or appropriately disclosed.
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American Funds Fundamental Investors
One Market, Steuart Tower
Suite 2000
San Francisco, California 94105
Phone (415) 421-9360
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1.
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I have reviewed this report on Form N-CSR of American Funds Fundamental Investors;
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2.
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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;
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3.
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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;
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4.
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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:
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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;
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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;
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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
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d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of 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
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5.
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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):
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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
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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.
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American Funds Fundamental Investors
One Market, Steuart Tower
Suite 2000
San Francisco, California 94105
Phone (415) 421-9360
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1.
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I have reviewed this report on Form N-CSR of American Funds Fundamental Investors;
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2.
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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;
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3.
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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;
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4.
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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:
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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;
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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;
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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
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d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of 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
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5.
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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):
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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
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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.
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American Funds Fundamental Investors
One Market, Steuart Tower
Suite 2000
San Francisco, California 94105
Phone (415) 421-9360
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1)
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The Registrant's periodic report on Form N-CSR for the period ended December 31, 2011 (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
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2)
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The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
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Principal Executive Officer
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Principal Financial Officer
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AMERICAN FUNDS FUNDAMENTAL INVESTORS
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AMERICAN FUNDS FUNDAMENTAL INVESTORS
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/s/ Paul G. Haaga, Jr.
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/s/ Jeffrey P. Regal
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Paul G. Haaga, Jr., Executive Vice President
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Jeffrey P. Regal, Treasurer
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Date: February 29, 2012
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Date: February 29, 2012
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