N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

Investment Company Act File Number: 811-00032

American Funds Fundamental Investors

(Exact Name of Registrant as Specified in Charter)

6455 Irvine Center Drive

Irvine, California 92618

(Address of Principal Executive Offices)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2021

Hong T. Le

American Funds Fundamental Investors

6455 Irvine Center Drive

Irvine, California 92618

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

Fundamental Investors^®   Annual report
for the year ended
December 31, 2021

Flexibility can help
uncover value in any
market environment

Fundamental Investors seeks long-term growth of capital and income.

This fund is one of more than 40 offered by Capital Group, home of American Funds, one of the nation’s largest mutual fund families. For over 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

Fund results shown in this report, unless otherwise indicated, are for Class F-2 shares. Class A share results are shown at net asset value unless otherwise indicated. If a sales charge (maximum 5.75%) had been deducted from Class A shares, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com.

See page 4 for Class F-2 and Class A share results with relevant sales charges deducted and fund expenses. For other share class results, visit capitalgroup.com and americanfundsretirement.com.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com for more information.

The fund’s 30-day yield as of January 31, 2022, was 1.09% for Class F-2 shares and 0.83% for Class A shares, calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula. The fund’s 12-month distribution rate as of that date was 1.40% for Class F-2 shares and 1.13% for Class A shares. Both Class A share values reflect the 5.75% maximum sales charge. The SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities while the distribution rate reflects the fund’s past dividends paid to shareholders. Accordingly, the fund’s SEC yield and distribution rate may differ.

Investing outside the United States may be subject to risks, such as currency fluctuations, periods of illiquidity and price volatility. These risks may be heightened in connection with investments in developing countries. Refer to the fund prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the fund.

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

Contents

1	Letter to investors
4	The value of a long-term perspective
6	Investment portfolio
13	Financial statements
38	Board of trustees and other officers

Fellow investors:

For the 12 months ended December 31, 2021, Fundamental Investors rose 22.73%. This return includes reinvested dividends and capital gain distributions totaling more than $8.49 a share. Distributions include regular quarterly dividends of approximately 21 cents a share, a more than 26 cents a share special dividend and long-term capital gain payments of about $7.39 a share.

The fund’s results trailed its primary benchmark, the unmanaged S&P 500 Composite Index, a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, which climbed 28.71%.

While the fund’s results trailed the return of the S&P 500 in 2021, Fundamental Investors has outpaced the S&P 500 over its lifetime. Although the annual advantages may seem small, when compounded over longer time frames, they have translated into added wealth for long-term investors.

Equity markets continued to set new highs despite uncertainty

At the outset of 2021, the rollout of COVID-19 vaccines gave hope that the pandemic would abate. However, as the year progressed, slow vaccination adoption and new variants of the virus forced many countries and businesses to ease or rethink reopening plans, creating an unsettled environment for global and U.S. markets throughout the year.

Despite this, the U.S. equity market, as measured by the S&P 500 Index, set record highs throughout the year as many companies continued to adapt. Some businesses were able to evolve and thrive from the “new normal” that took hold in 2020. For others, renewed demand as economies reopened – either fully or partially – provided some relief to depressed businesses. Meanwhile, some companies continued to struggle due to structural declines in industries, sustained weakness in demand due to the pandemic, or other external factors.

Equity markets were buoyed by the U.S. Federal Reserve’s accommodative monetary policy through the year. Massive stimulus measures also helped boost market confidence. A $1.9 trillion coronavirus relief package signed in March included direct payments of up to $1,400 to individuals, an extension of unemployment insurance supplements and an expansion of the child tax credit. In November, Congress also passed a $1 trillion infrastructure bill to help upgrade roads, bridges and transit systems.

Results at a glance

For periods ended December 31, 2021, with all distributions reinvested

	Cumulative total returns			Average annual total returns
	1 year			5 years			10 years			Lifetime (since Class A inception on 8/1/78)1
Fundamental Investors (Class F-2 shares)2		22.73	%		15.89	%		15.23	%		12.95	%
Fundamental Investors (Class A shares)		22.49			15.66			14.99			12.73
Standard & Poor’s 500 Composite Index3,4		28.71			18.47			16.55			12.29

1	Date Capital Research and Management Company began managing the fund.
2	Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.
3	Source: S&P Dow Jones Indices LLC.
4	The market index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

Fundamental Investors 1

Largest equity holdings
Rank	Company	Percent of net assets
1	Microsoft	5.6%
2	Broadcom	5.1
3	Meta Platforms	2.8
4	Alphabet	2.6
5	Amazon	2.0
6	Philip Morris International	1.8
7	UnitedHealth Group	1.8
8	Netflix	1.7
9	Comcast	1.6
10	Pfizer	1.6

Fund’s top/bottom industries relative to the index

Industry	Relative over or under representation (+/– percent)
Semiconductors & semiconductor equipment		5.3	%
Tobacco		3.9
Capital markets		1.7
Health care equipment & supplies		–1.8
Automobiles		–2.3
Technology hardware, storage & peripherals		–6.0

In contrast, issues such as raw materials shortages, semiconductor supply constraints and labor market imbalances created additional obstacles for companies and industries. These obstacles also contributed to a constrained global supply chain which caused price inflation across a variety of industries. In the latter stages of 2021, policymakers suggested some accommodation may be removed in the future as inflation reached new highs while employment remained quite healthy.

Market rotation early in the year gave way to growth surge

In the first quarter of the year, rising interest rates and pent-up demand for travel and leisure activities fueled more value-oriented stocks, resulting in the return of the Russell 1000 Value Index outpacing the Russell 1000 Growth Index by the widest quarterly margin in nearly 20 years. However, growth-oriented stocks reasserted themselves the rest of the year, with several of the mega-cap technology companies helping drive returns.

For the year, the Russell 1000 Growth Index returned 27.60%, modestly outpacing the Russell 1000 Value Index which returned 25.16%. The rotation early in the year and growth surge in subsequent quarters helped reinforce the value of a diversified investment portfolio that has flexibility across investment styles.

Highest convictions reflect the fund’s flexibility

The fund’s portfolio is carefully constructed using bottom-up, fundamental investment research that allows the fund to maintain high-conviction, diversified investments across a variety of industries. Nine of

2 Fundamental Investors

the fund’s 10 largest equity holdings contributed positively to the fund, although several lagged the broader market. Returns for Alphabet (+65.21%), Pfizer (+60.42%), Broadcom (+51.73%), Microsoft (+51.21%) and UnitedHealth Group (+43.19%) outpaced the S&P 500, while Meta Platforms, formerly known as Facebook (+23.13%), Philip Morris International (+14.75%), Netflix (+11.41%) and Amazon (+2.38%) saw positive returns but lagged the broader market. Shares of Comcast (–3.95%) produced negative returns.

The fund’s top 10 holdings include some of the most influential companies in the world, income-generators and businesses that managers feel have the potential for long-term growth. All of the 10 largest holdings are longstanding convictions. Pfizer was the only new entrant to the fund’s top 10 holdings in 2021 compared to the previous year.

Information technology investments contributed to returns, consumer discretionary lagged

Investments in the information technology sector helped the fund’s return relative to the S&P 500 Index. Technology companies were less represented in the fund than in the index, but managers’ selectivity at the industry level, particularly in the semiconductor industry, added to relative returns.

For the last few years, the semiconductor industry has been one the fund’s largest relative overrepresentations compared to the index, with Broadcom — a top-10 holding — and Applied Materials (+83.61%) among top industry holdings. Global technology demand and shortage-induced pricing power helped semiconductor companies produce strong financial results during 2021.

Capital markets is another large overrepresentation. Blackstone (+107.08%) has been additive to the fund as the company’s alternative asset management business has produced sizable gains.

Stock selection in the consumer discretionary and communication services sectors dragged on the fund’s relative results. The absence of several large automobile companies that produced outsized gains for the year hurt the fund’s results relative to the index. In the communication services sector, lower weightings in companies such as Alphabet and larger weightings in shares of stocks like Netflix weighed on relative returns.

Pursuing growth and income with a diversified portfolio

Fundamental Investors seeks a diversified portfolio composed of attractively valued companies with the opportunity for long-term growth of capital and/or income. While the fund’s results lagged the broader market, returns on an absolute basis were strong, coming from a variety of companies across a wide range of industries.

We continue to take a research-driven approach to investing that is mindful of volatility. Portfolio managers also remain sensitive to valuation and concentration risk when evaluating opportunities, especially as several of the stocks that provided notable contributions to the market’s return in 2021 experienced significant price gains without material changes to their underlying fundamentals.

While the equity market sets record highs, portfolio managers continue to find attractive opportunities that we believe will bring long-term value for shareholders. At the end of 2021, Fundamental Investors’ cash and cash equivalent holdings were approximately 1.8% of net assets, which was near decade-lows and well below the 10-year average of 4.5%.

We thank you for your investment in Fundamental Investors and look forward to helping you pursue your investment goals.

Sincerely,

Mark L. Casey
Co-President

Brady L. Enright
Co-President

February 8, 2022

For current information about the fund, visit capitalgroup.com.

Fundamental Investors 3

The value of a long-term perspective

Fund results shown are for Class F-2 shares and Class A shares. Class A share results reflect deduction of the maximum sales charge of 5.75% on the $10,000 investment¹; thus, the net amount invested was $9,425.² Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com.

Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

The results shown are before taxes on fund distributions and sale of fund shares.

1	As 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. There is no sales charge on dividends or capital gain distributions that are reinvested in additional shares.
2	The maximum initial sales charge was 8.50% prior to July 1, 1988.
3	Includes reinvested dividends and reinvested capital gain distributions.
4	Source: S&P Dow Jones Indices LLC. Standard & Poor’s 500 Composite Index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
5	For the period August 1, 1978 (when Capital Research and Management Company became investment adviser), through December 31, 1978.

4 Fundamental Investors

How a hypothetical $10,000 investment has grown

The chart illustrates how a hypothetical $10,000 investment in Fundamental Investors Class F-2 and Class A shares grew between August 1, 1978 — when Capital Research and Management Company became the fund’s investment adviser — and December 31, 2021. The chart also shows how the unmanaged Standard & Poor’s 500 Composite Index fared over this same period.

Fundamental Investors 5

Investment portfolio December 31, 2021
Industry sector diversification	Percent of net assets

 

Country diversification by domicile	Percent of net assets
United States		80.88	%
Eurozone*		4.07
United Kingdom		2.77
Canada		2.67
South Korea		1.24
Switzerland		1.21
Sweden		1.00
Taiwan		.92
India		.62
Other countries		2.80
Short-term securities & other assets less liabilities		1.82

* Countries using the euro as a common currency; those represented in the fund’s portfolio are Belgium, France, Germany, Ireland, Italy, the Netherlands and Spain.

Common stocks 97.83%	Shares		Value (000)
Information technology 25.24%
Microsoft Corp.		22,721,324	$	7,641,636
Broadcom, Inc.		9,957,633		6,625,909
Applied Materials, Inc.		11,106,263		1,747,681
Micron Technology, Inc.		16,150,709		1,504,438
Apple, Inc.		7,188,754		1,276,507
Taiwan Semiconductor Manufacturing Company, Ltd.		43,138,400		958,908
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		2,350,278		282,762
Arista Networks, Inc.1		6,069,857		872,542
ASML Holding NV		965,479		776,803
ASML Holding NV (New York registered) (ADR)		58,589		46,645
TE Connectivity, Ltd.		5,072,417		818,384
Advanced Micro Devices, Inc.1		5,655,781		813,867
RingCentral, Inc., Class A1		4,316,206		808,641
Mastercard, Inc., Class A		1,814,217		651,884
KLA Corp.		1,483,203		637,940
SK hynix, Inc.		5,570,200		613,835
Motorola Solutions, Inc.		2,208,825		600,138
Intel Corp.		8,831,644		454,830
NortonLifeLock, Inc.		16,804,015		436,568
MongoDB, Inc., Class A1		799,189		423,051
Texas Instruments, Inc.		1,999,655		376,875
Cisco Systems, Inc.		5,799,000		367,483
Fidelity National Information Services, Inc.		3,355,357		366,237
FleetCor Technologies, Inc.1		1,581,159		353,927
STMicroelectronics NV		6,062,629		299,353
Ceridian HCM Holding, Inc.1		2,864,155		299,190
Paychex, Inc.		2,166,109		295,674
VeriSign, Inc.1		1,102,799		279,912
Samsung Electronics Co., Ltd.		3,789,000		249,572
Zendesk, Inc.1		2,278,607		237,636
HubSpot, Inc.1		345,940		228,026
MicroStrategy, Inc., Class A1,2		383,998		209,083
Visa, Inc., Class A		932,401		202,061
Wolfspeed, Inc.1		1,721,307		192,390
Block, Inc., Class A1		1,188,795		192,002
Automatic Data Processing, Inc.		719,578		177,433
Smartsheet, Inc., Class A1		2,238,614		173,381
SAP SE		1,144,614		162,763
Lam Research Corp.		212,822		153,051
Shopify, Inc., Class A, subordinate voting shares1		107,744		148,405
EPAM Systems, Inc.1		210,559		140,748
NetApp, Inc.		1,494,303		137,461
ServiceNow, Inc.1		204,053		132,453
Adobe, Inc.1		200,032		113,430

6 Fundamental Investors

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
LiveRamp Holdings, Inc.1		2,295,969	$	110,092
PayPal Holdings, Inc.1		574,381		108,317
Tokyo Electron, Ltd.		162,300		93,517
Concentrix Corp.		512,975		91,628
Edenred SA		1,904,812		87,981
Amadeus IT Group SA, Class A, non-registered shares1		1,188,950		80,730
Keyence Corp.		103,100		64,784
Snowflake, Inc., Class A1		162,043		54,892
Dolby Laboratories, Inc., Class A		409,068		38,951
Alteryx, Inc., Class A1		589,898		35,689
				34,248,096
Health care 11.54%
UnitedHealth Group, Inc.		4,799,313		2,409,927
Pfizer, Inc.		36,894,212		2,178,603
Centene Corp.1		22,464,019		1,851,035
Thermo Fisher Scientific, Inc.		2,080,013		1,387,868
Eli Lilly and Company		4,226,985		1,167,578
AstraZeneca PLC		7,740,002		909,149
AstraZeneca PLC (ADR)		716,245		41,721
Abbott Laboratories		4,860,208		684,026
Cigna Corp.		2,767,861		635,584
Molina Healthcare, Inc.1		1,401,123		445,669
Edwards Lifesciences Corp.1		3,042,862		394,203
Regeneron Pharmaceuticals, Inc.1		580,160		366,383
Merck & Co., Inc.		4,000,000		306,560
Novo Nordisk A/S, Class B		2,533,003		285,019
ResMed, Inc.		1,063,977		277,145
Danaher Corp.		672,307		221,196
Agilon Health, Inc.1		7,821,951		211,193
Anthem, Inc.		453,167		210,061
Vertex Pharmaceuticals, Inc.1		914,282		200,776
Humana, Inc.		390,933		181,338
Ultragenyx Pharmaceutical, Inc.1		1,508,289		126,832
Seagen, Inc.1		735,380		113,690
Twist Bioscience Corp.1		1,262,424		97,699
Zimmer Biomet Holdings, Inc.		716,555		91,031
GlaxoSmithKline PLC		3,876,837		84,306
BeiGene, Ltd. (ADR)1		292,068		79,130
Rede D’Or Sao Luiz SA		9,827,058		79,093
Mettler-Toledo International, Inc.1		44,754		75,957
NovoCure, Ltd.1		883,757		66,352
Gilead Sciences, Inc.		877,849		63,741
Insulet Corp.1		206,468		54,935
Teva Pharmaceutical Industries, Ltd. (ADR)1		6,731,576		53,920
Carl Zeiss Meditec AG, non-registered shares		249,297		52,465
Notre Dame Intermédica Participações SA		4,645,000		50,328
Incyte Corp.1		668,195		49,045
Kronos Bio, Inc.1,3		3,132,674		42,573
Tandem Diabetes Care, Inc.1		249,121		37,498
Applied Molecular Transport, Inc.1,3		2,313,601		32,344
Guardant Health, Inc.1		282,958		28,301
Cortexyme, Inc.1,2		1,083,613		13,675
				15,657,949
Communication services 11.35%
Meta Platforms, Inc., Class A1		11,310,072		3,804,143
Alphabet, Inc., Class C1		979,012		2,832,859
Alphabet, Inc., Class A1		241,294		699,039
Netflix, Inc.1		3,723,536		2,243,207
Comcast Corp., Class A		43,963,918		2,212,704
Charter Communications, Inc., Class A1		1,652,060		1,077,093
Sea, Ltd., Class A (ADR)1		2,450,418		548,183
Walt Disney Company1		3,490,166		540,592
ZoomInfo Technologies, Inc., Class A1		5,613,232		360,369
Activision Blizzard, Inc.		4,183,125		278,303
T-Mobile US, Inc.1		1,874,156		217,365
AT&T, Inc.		5,990,566		147,368

Fundamental Investors 7

Common stocks (continued)	Shares		Value (000)
Communication services (continued)
New York Times Co., Class A		2,115,040	$	102,156
Universal Music Group NV		2,572,141		72,565
Tencent Holdings, Ltd.		1,208,000		70,768
Pinterest, Inc., Class A1		1,709,481		62,140
JOYY Inc., Class A (ADR)		1,359,636		61,768
Electronic Arts, Inc.		330,576		43,603
CD Projekt SA		646,164		30,936
Vivendi SE		224,341		3,037
				15,408,198
Consumer discretionary 11.20%
Amazon.com, Inc.1		804,458		2,682,337
Home Depot, Inc.		2,568,980		1,066,152
Dollar General Corp.		4,206,873		992,107
Coupang, Inc., Class A1		27,837,058		817,853
Evolution AB		5,696,883		810,886
Restaurant Brands International, Inc.		11,686,255		709,122
Target Corp.		2,599,695		601,673
Prosus NV, Class N		6,369,616		533,225
Booking Holdings, Inc.1		212,811		510,583
Dollar Tree Stores, Inc.1		2,912,798		409,306
TJX Companies, Inc.		5,358,426		406,812
Caesars Entertainment, Inc.1		4,136,900		386,924
McDonald’s Corp.		1,373,763		368,265
Marriott International, Inc., Class A1		2,209,899		365,164
NIKE, Inc., Class B		2,122,209		353,709
Industria de Diseño Textil, SA		10,564,855		343,161
Flutter Entertainment PLC1		1,991,680		315,186
YUM! Brands, Inc.		2,069,637		287,390
LVMH Moët Hennessy-Louis Vuitton SE		327,581		271,135
B&M European Value Retail SA		29,746,458		255,269
Domino’s Pizza, Inc.		419,461		236,714
Hilton Worldwide Holdings, Inc.1		1,155,919		180,312
Daimler AG1		2,299,603		176,957
Darden Restaurants, Inc.		1,049,085		158,034
Entain PLC1		6,914,187		157,507
MercadoLibre, Inc.1		116,333		156,863
Galaxy Entertainment Group, Ltd.1		29,606,000		153,392
Burlington Stores, Inc.1		525,000		153,043
Compagnie Financière Richemont SA, Class A		978,432		147,055
Toll Brothers, Inc.		1,923,230		139,223
Peloton Interactive, Inc., Class A1		3,360,000		120,154
Five Below, Inc.1		518,411		107,254
Kering SA		129,490		104,214
Floor & Decor Holdings, Inc., Class A1		796,855		103,599
adidas AG		346,834		99,981
Trainline PLC1		22,556,443		85,182
Adient PLC1		1,739,234		83,275
Carvana Co., Class A1		335,100		77,673
Lowe’s Companies, Inc.		285,532		73,804
Kindred Group PLC (SDR)		4,278,262		50,991
Lear Corp.		274,981		50,308
Arrival Group1		6,384,047		47,370
Farfetch, Ltd., Class A1		1,337,769		44,722
				15,193,886
Financials 10.82%
Blackstone, Inc., nonvoting shares		11,734,702		1,518,353
JPMorgan Chase & Co.		8,602,531		1,362,211
KKR & Co., Inc.		10,679,321		795,609
CME Group, Inc., Class A		2,847,567		650,555
Apollo Asset Management, Inc.		8,958,561		648,869
Bank of America Corp.		14,020,688		623,780
Aon PLC, Class A		1,823,239		547,993
BlackRock, Inc.		588,747		539,033
Intercontinental Exchange, Inc.		3,810,172		521,117
HDFC Bank, Ltd.		22,825,000		454,255
Capital One Financial Corp.		2,917,185		423,254

8 Fundamental Investors

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Citizens Financial Group, Inc.		8,855,791	$	418,436
Marsh & McLennan Companies, Inc.		2,296,997		399,264
Sberbank of Russia PJSC (ADR)		23,506,797		377,284
S&P Global, Inc.		787,780		371,777
Chubb, Ltd.		1,917,712		370,713
Synchrony Financial		7,636,075		354,238
Moody’s Corp.		826,383		322,769
First Republic Bank		1,519,699		313,833
Wells Fargo & Company		6,443,104		309,140
Arthur J. Gallagher & Co.		1,751,180		297,123
Citigroup, Inc.		4,790,141		289,277
Blue Owl Capital, Inc., Class A		18,229,761		271,806
Discover Financial Services		2,085,758		241,030
Brookfield Asset Management, Inc., Class A		3,358,176		202,767
Arch Capital Group, Ltd.1		4,399,241		195,546
Société Générale		5,320,735		182,972
Kotak Mahindra Bank, Ltd.		7,571,000		182,931
EQT AB		2,855,934		155,815
Truist Financial Corp.		2,503,355		146,571
Ares Management Corp., Class A		1,715,153		139,390
BNP Paribas SA		1,799,690		124,514
OneMain Holdings, Inc.1		2,305,793		115,382
W. R. Berkley Corp.		1,399,759		115,326
London Stock Exchange Group PLC		1,110,776		104,192
AXA SA		3,320,000		98,975
AIA Group, Ltd.		9,487,200		95,632
Ping An Insurance (Group) Company of China, Ltd., Class H		11,877,500		85,530
Athene Holding, Ltd., Class A1		966,627		80,549
Toronto-Dominion Bank (CAD denominated)		807,601		61,916
Progressive Corp.		525,000		53,891
Bank of Nova Scotia (CAD denominated)		597,642		42,309
Focus Financial Partners, Inc., Class A1		700,000		41,804
Signature Bank1		124,083		40,137
				14,687,868
Industrials 9.10%
CSX Corp.		34,526,252		1,298,187
TransDigm Group, Inc.1		1,673,313		1,064,696
Deere & Company		2,150,102		737,249
Union Pacific Corp.		2,648,432		667,220
Honeywell International, Inc.		3,112,048		648,893
Carrier Global Corp.		11,637,415		631,213
ABB, Ltd.		15,115,700		578,949
ITT, Inc.3		5,134,682		524,713
Regal Rexnord Corp.		2,785,403		474,020
Norfolk Southern Corp.		1,520,395		452,637
L3Harris Technologies, Inc.		1,703,258		363,203
Airbus SE, non-registered shares1		2,692,040		344,371
Emerson Electric Co.		3,561,298		331,094
Northrop Grumman Corp.		728,801		282,097
Rockwell Automation		793,381		276,771
Caterpillar, Inc.		1,330,771		275,124
Waste Connections, Inc.		1,968,462		268,242
TFI International, Inc. (CAD denominated)		2,249,557		252,298
Lockheed Martin Corp.		644,905		229,206
Raytheon Technologies Corp.		2,593,433		223,191
Nidec Corp.		1,866,588		219,389
Siemens AG1		939,838		163,368
Boeing Company1		707,878		142,510
Safran SA		1,144,710		140,308
Lifco AB, Class B		4,358,648		130,573
Schneider Electric SE1		660,000		129,588
Storskogen Group AB, Class B1		19,103,844		128,857
LIXIL Corp.		4,574,300		121,883
United Parcel Service, Inc., Class B		530,598		113,728
Compagnie de Saint-Gobain SA, non-registered shares		1,599,724		112,683
Jacobs Engineering Group, Inc.		799,862		111,365
IMCD NV		498,035		110,397

Fundamental Investors 9

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Dun & Bradstreet Holdings, Inc.1		4,782,714	$	97,998
FTI Consulting, Inc.1		579,234		88,866
AMETEK, Inc.		601,953		88,511
Zurn Water Solutions Corp.		2,328,290		84,750
BWX Technologies, Inc.		1,769,181		84,708
United Rentals, Inc.1		249,957		83,058
MTU Aero Engines AG		356,525		72,819
Shoals Technologies Group, Inc., Class A1		2,369,591		57,581
ASSA ABLOY AB, Class B		1,743,962		53,306
DSV A/S		194,233		45,421
Daimler Truck Holding AG1		1,149,801		42,269
				12,347,310
Consumer staples 8.42%
Philip Morris International, Inc.		25,695,211		2,441,045
Altria Group, Inc.		42,679,181		2,022,566
British American Tobacco PLC		41,181,832		1,523,699
British American Tobacco PLC (ADR)		1,038,635		38,855
Nestlé SA		6,502,967		909,502
Keurig Dr Pepper, Inc.		17,228,635		635,047
Conagra Brands, Inc.		18,580,603		634,528
Mondelez International, Inc.		7,971,625		528,598
Constellation Brands, Inc., Class A		2,028,403		509,068
Archer Daniels Midland Company		5,932,977		401,010
Procter & Gamble Company		2,036,262		333,092
Bunge, Ltd.		3,299,431		308,035
Walgreens Boots Alliance, Inc.		3,799,345		198,174
Anheuser-Busch InBev SA/NV		3,070,315		185,859
Walmart, Inc.		1,080,000		156,265
Shop Apotheke Europe NV, non-registered shares1,3		1,175,886		151,680
ITC, Ltd.		38,035,066		111,569
Reckitt Benckiser Group PLC (ADR)		6,017,162		105,300
Church & Dwight Co., Inc.		877,783		89,973
Kraft Heinz Company		2,061,171		73,996
General Mills, Inc.		1,051,879		70,876
				11,428,737
Materials 3.66%
Vale SA, ordinary nominative shares (ADR)		28,261,178		396,222
Vale SA, ordinary nominative shares		18,291,000		256,008
Eastman Chemical Company		4,378,143		529,361
Dow, Inc.		8,853,336		502,161
Grupo México, SAB de CV, Series B		110,430,100		481,566
Corteva, Inc.		7,318,738		346,030
Barrick Gold Corp.		17,031,450		323,598
Wheaton Precious Metals Corp.		7,498,142		321,895
Air Products and Chemicals, Inc.		908,621		276,457
First Quantum Minerals, Ltd.		10,853,129		259,713
Royal Gold, Inc.		2,274,591		239,310
Linde PLC		599,897		207,822
Sherwin-Williams Company		524,073		184,557
Rio Tinto PLC		2,394,543		158,556
Franco-Nevada Corp.		1,023,823		141,593
LyondellBasell Industries NV		1,214,473		112,011
Asian Paints, Ltd.		2,142,500		97,503
PPG Industries, Inc.		369,210		63,667
CCL Industries, Inc., Class B, nonvoting shares		1,157,433		62,065
				4,960,095
Energy 3.04%
Canadian Natural Resources, Ltd. (CAD denominated)		18,483,129		780,998
ConocoPhillips		8,050,547		581,088
Exxon Mobil Corp.		8,878,555		543,279
EOG Resources, Inc.		4,688,988		416,523
Baker Hughes Co., Class A		14,504,723		348,984
Pioneer Natural Resources Company		1,807,792		328,801
TC Energy Corp. (CAD denominated)		6,871,815		319,593
Coterra Energy, Inc.		11,357,657		215,795

10 Fundamental Investors

Common stocks (continued)	Shares		Value (000)
Energy (continued)
Chevron Corp.		1,517,334	$	178,059
Chesapeake Energy Corp.		2,600,000		167,752
Equitrans Midstream Corp.		10,251,739		106,003
Valero Energy Corp.		1,345,909		101,091
DT Midstream, Inc.		621,232		29,807
Lundin Energy AB1		36,315		1,304
				4,119,077
Utilities 1.89%
AES Corp.		22,558,516		548,172
CenterPoint Energy, Inc.		11,077,922		309,185
Evergy, Inc.		3,680,444		252,515
Edison International		3,554,104		242,568
Enel SpA		29,835,597		239,337
CMS Energy Corp.		3,371,995		219,348
National Grid PLC		14,443,216		207,187
Exelon Corp.		3,544,721		204,743
Ørsted AS		866,846		110,837
Sempra Energy		770,583		101,933
NextEra Energy, Inc.		997,728		93,148
Brookfield Infrastructure Partners LP		573,384		34,898
				2,563,871
Real estate 1.57%
Crown Castle International Corp. REIT		3,888,505		811,687
VICI Properties, Inc. REIT		13,830,214		416,428
Gaming and Leisure Properties, Inc. REIT		7,420,155		361,065
Equinix, Inc. REIT		293,471		248,229
UDR, Inc. REIT		2,851,948		171,088
Digital Realty Trust, Inc. REIT		361,051		63,859
K-Fast Holding AB, Class B1		3,113,539		29,977
KE Holdings, Inc., Class A (ADR)1		658,500		13,249
Shimao Group Holdings, Ltd.		14,557,500		9,521
				2,125,103
Total common stocks (cost: $73,397,606,000)				132,740,190
Rights & warrants 0.00%
Consumer discretionary 0.00%
Compagnie Financière Richemont SA, Class A, warrants, expire 20231		179,683		197
Total rights & warrants (cost: $0)				197
Convertible stocks 0.35%
Information technology 0.22%
Broadcom, Inc., Series A, cumulative convertible preferred shares, 8.00% 2022		141,316		293,286
Financials 0.09%
KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 20232		1,268,873		118,196
Utilities 0.04%
AES Corp., convertible preferred units, 6.875% 2024		640,442		61,482
Total convertible stocks (cost: $273,715,000)				472,964
Short-term securities 1.74%
Money market investments 1.71%
Capital Group Central Cash Fund 0.09%3,4		23,250,796		2,325,312

Fundamental Investors 11

Short-term securities (continued)	Shares		Value (000)
Money market investments purchased with collateral from securities on loan 0.03%
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%4,5		18,067,115	$	18,067
Capital Group Central Cash Fund 0.09%3,4,5		170,361		17,038
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%4,5		1,216,983		1,217
				36,322
Total short-term securities (cost: $2,361,417,000)				2,361,634
Total investment securities 99.92% (cost: $76,032,738,000)				135,574,985
Other assets less liabilities 0.08%				114,880
Net assets 100.00%			$	135,689,865

Investments in affiliates³

	Value of affiliates at 1/1/2021 (000)		Additions (000)		Reductions (000)		Net realized (loss) gain (000)			Net unrealized (depreciation) appreciation (000)			Value of affiliates at 12/31/2021 (000)		Dividend income (000)
Common stocks 0.55%
Health care 0.05%
Kronos Bio, Inc.1	$	—	$	88,318	$	178	$	(14	)	$	(45,553	)	$	42,573	$	—
Applied Molecular Transport, Inc.1		65,542		7,410		309		123			(40,422	)		32,344		—
Allakos, Inc.1,6		481,945		13,234		53,781		(224,922	)		(216,476	)		—		—
Cortexyme, Inc.1,2,6		30,137		31,173		11,807		(19,448	)		(16,380	)		—		—
GW Pharmaceuticals PLC (ADR)1,6		230,820		—		430,382		195,041			4,521			—		—
														74,917
Industrials 0.39%
ITT, Inc.		—		472,966		863		74			52,536			524,713		3,112
Consumer staples 0.11%
Shop Apotheke Europe NV, non-registered shares1		64,638		212,025		629		62			(124,416	)		151,680		—
Total common stocks														751,310
Short-term securities 1.72%
Money market investments 1.71%
Capital Group Central Cash Fund 0.09%4		2,361,500		10,372,379		10,408,539		159			(187	)		2,325,312		1,651
Money market investments purchased with collateral from securities on loan 0.01%
Capital Group Central Cash Fund 0.09%4,5		—		17,0387										17,038		—	8
Total short-term securities														2,342,350
Total 2.27%							$	(48,925	)	$	(386,377	)	$	3,093,660	$	4,763

1	Security did not produce income during the last 12 months.
2	All or a portion of this security was on loan. The total value of all such securities was $39,518,000, which represented .03% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
3	Affiliate of the fund or part of the same “group of investment companies” as the fund, as defined under the Investment Company Act of 1940, as amended.
4	Rate represents the seven-day yield at 12/31/2021.
5	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
6	Unaffiliated issuer at 12/31/2021.
7	Represents net activity. Refer to Note 5 for more information on securities lending.
8	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

SDR = Swedish Depositary Receipts

See notes to financial statements.

12 Fundamental Investors

Financial statements
Statement of assets and liabilities at December 31, 2021	(dollars in thousands)

Assets:
Investment securities, at value (includes $39,518 of investment securities on loan):
Unaffiliated issuers (cost: $72,780,075)	$	132,481,325
Affiliated issuers (cost: $3,252,663)		3,093,660	$	135,574,985
Cash				3,559
Cash denominated in currencies other than U.S. dollars (cost: $419)				419
Cash collateral received for securities on loan				4,035
Receivables for:
Sales of investments		94,709
Sales of fund’s shares		85,035
Dividends		205,353
Securities lending income		1
Other		900		385,998
				135,968,996
Liabilities:
Collateral for securities on loan				40,357
Payables for:
Purchases of investments		6,246
Repurchases of fund’s shares		144,556
Investment advisory services		26,920
Services provided by related parties		24,666
Trustees’ deferred compensation		4,644
Non-U.S. taxes		29,912
Other		1,830		238,774
Net assets at December 31, 2021			$	135,689,865
Net assets consist of:
Capital paid in on shares of beneficial interest			$	73,894,479
Total distributable earnings				61,795,386
Net assets at December 31, 2021			$	135,689,865

See notes to financial statements.

Fundamental Investors 13

Financial statements (continued)

Statement of assets and liabilities
at December 31, 2021 (continued)

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

Shares of beneficial interest issued and outstanding (no stated par value) —
unlimited shares authorized (1,787,062 total shares outstanding)

		Net assets	Shares outstanding			Net asset value per share
Class A	$	70,645,822	930,066		$	75.96
Class C		1,722,652	22,815			75.51
Class T		13	—	*		75.93
Class F-1		2,316,329	30,514			75.91
Class F-2		14,148,596	186,380			75.91
Class F-3		10,052,003	132,414			75.91
Class 529-A		3,814,666	50,322			75.81
Class 529-C		133,240	1,756			75.90
Class 529-E		104,841	1,385			75.73
Class 529-T		20	—	*		75.93
Class 529-F-1		13	—	*		75.73
Class 529-F-2		303,113	3,991			75.95
Class 529-F-3		14	—	*		75.95
Class R-1		113,655	1,505			75.51
Class R-2		792,551	10,510			75.41
Class R-2E		103,564	1,372			75.47
Class R-3		1,898,443	25,069			75.73
Class R-4		1,821,240	24,042			75.75
Class R-5E		551,131	7,274			75.77
Class R-5		1,186,274	15,605			76.02
Class R-6		25,981,685	342,042			75.96

* Amount less than one thousand.

See notes to financial statements.

14 Fundamental Investors

Financial statements (continued)
Statement of operations for the year ended December 31, 2021	(dollars in thousands)

Investment income:
Income:
Dividends (net of non-U.S. taxes of $51,556; also includes $4,763 from affiliates)	$	2,360,005
Securities lending income (net of fees)		4,182
Interest		3,875		$	2,368,062
Fees and expenses*:
Investment advisory services		305,112
Distribution services		219,515
Transfer agent services		73,748
Administrative services		38,334
Reports to shareholders		2,225
Registration statement and prospectus		1,423
Trustees’ compensation		1,252
Auditing and legal		204
Custodian		4,813
Other		2,673
Total fees and expenses before waiver/reimbursement		649,299
Less waiver/reimbursement of fees and expenses:
Investment advisory services waiver		113
Transfer agent services reimbursement		—	†
Total fees and expenses after waiver/reimbursement					649,186
Net investment income					1,718,876
Net realized gain and unrealized appreciation:
Net realized gain (loss) on:
Investments (net of non-U.S. taxes of $2,255):
Unaffiliated issuers		11,550,341
Affiliated issuers		(48,925	)
In-kind redemptions		201,062
Currency transactions		1,005			11,703,483
Net unrealized appreciation (depreciation) on:
Investments (net of non-U.S. taxes of $23,100):
Unaffiliated issuers		12,651,731
Affiliated issuers		(386,377	)
Currency translations		(1,001	)		12,264,353
Net realized gain and unrealized appreciation					23,967,836
Net increase in net assets resulting from operations				$	25,686,712

*	Additional information related to class-specific fees and expenses is included in the notes to financial statements.
†	Amount less than one thousand.

See notes to financial statements.

Fundamental Investors 15

Financial statements (continued)

Statements of changes in net assets

(dollars in thousands)

	Year ended December 31,
	2021			2020
Operations:
Net investment income	$	1,718,876		$	1,595,075
Net realized gain		11,703,483			3,782,868
Net unrealized appreciation		12,264,353			9,474,995
Net increase in net assets resulting from operations		25,686,712			14,852,938
Distributions paid to shareholders		(13,995,644	)		(3,132,095	)
Net capital share transactions		8,178,328			(4,417,779	)
Total increase in net assets		19,869,396			7,303,064
Net assets:
Beginning of year		115,820,469			108,517,405
End of year	$	135,689,865		$	115,820,469
See notes to financial statements.

16 Fundamental Investors

Notes to financial statements

1. Organization

American Funds Fundamental Investors (the “trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, diversified management investment company and has initially issued one series of shares, Fundamental Investors (the “fund”). The fund seeks long-term growth of capital and income.

The fund has 21 share classes consisting of six retail share classes (Classes A, C, T, F-1, F-2 and F-3), seven 529 college savings plan share classes (Classes 529-A, 529-C, 529-E, 529-T, 529-F-1, 529-F-2 and 529-F-3) and eight retirement plan share classes (Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6). The 529 college savings plan share classes can be used to save for college education. The retirement plan share classes are generally offered only through eligible employer-sponsored retirement plans. The fund’s share classes are described further in the following table:

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

* Class T and 529-T shares are not available for purchase.

Holders of all share classes have equal pro rata rights to the assets, dividends and liquidation proceeds of the fund. Each share class has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for distribution, transfer agent and administrative services. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each share class.

2. Significant accounting policies

The fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the fund’s investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The fund follows the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

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

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

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

Fundamental Investors 17

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

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

3. Valuation

Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

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

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

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

Fixed-income class	Examples of standard inputs
All	Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)
Corporate bonds, notes & loans; convertible securities	Standard inputs and underlying equity of the issuer
Bonds & notes of governments & government agencies	Standard inputs and interest rate volatilities
Mortgage-backed; asset-backed obligations	Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information

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

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

18 Fundamental Investors

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

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

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

Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. At December 31, 2021, all of the fund’s investments were classified as Level 1.

4. Risk factors

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

Market conditions — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.

Fundamental Investors 19

Issuer risks — The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

Investing in growth-oriented stocks — Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments.

Investing in income-oriented stocks — The value of the fund’s securities and income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.

Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different accounting and auditing practices and standards and different regulatory, legal and reporting requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

Management — The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

5. Certain investment techniques

Securities lending — The fund has entered into securities lending transactions in which the fund earns income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.

Securities lending transactions are entered into by the fund under a securities lending agent agreement with the lending agent. The lending agent facilitates the exchange of securities between the fund and approved borrowers, ensures that securities loans are properly coordinated and documented, marks-to-market the value of collateral daily, secures additional collateral from a borrower if it falls below preset terms, and may reinvest cash collateral on behalf of the fund according to agreed parameters. The lending agent provides indemnification to the fund against losses resulting from a borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if a borrower fails to return securities, collateral investments decline in value or the lending agent fails to perform.

The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund’s investment portfolio. The same amount is recorded as a liability in the fund’s statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote. A borrower is obligated to return loaned securities at the conclusion of a loan or, during the pendency of a loan, on demand from the fund.

20 Fundamental Investors

As of December 31, 2021, the total value of securities on loan was $39,518,000, and the total value of collateral received includes cash of $40,357,000 and U.S. government securities of less than $1,000. Investment securities purchased from cash collateral are disclosed in the fund’s investment portfolio as short-term securities. Securities received as collateral, if any, are not recognized as fund assets. The contractual maturity of cash collateral received under the securities lending agreement is classified as overnight and continuous.

Collateral — The fund receives highly liquid assets, such as cash or U.S. government securities, as collateral in exchange for lending investment securities. The purpose of the collateral is to cover potential losses that could occur in the event the borrower cannot meet its contractual obligation. The lending agent may reinvest cash collateral from securities lending transactions according to agreed parameters. Cash collateral reinvested by the lending agent, if any, is disclosed in the fund’s investment portfolio.

6. Taxation and distributions

Federal income taxation — The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The fund is not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the year ended December 31, 2021, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the year, the fund did not incur any significant interest or penalties.

The fund’s tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction’s statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

Non-U.S. taxation — Dividend and interest income are recorded net of non-U.S. taxes paid. The fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the fund filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the year ended December 31, 2021, the fund recognized $20,759,000 in reclaims (net of $680,000 in fees and the effect of realized gain or loss from currency translations) and $3,795,000 in interest related to European court rulings, which is included in dividend income and interest income, respectively, in the fund’s statement of operations. Gains realized by the fund on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. If applicable, the fund records an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

Distributions — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; cost of investments sold and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes. The fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

During the year ended December 31, 2021, the fund reclassified $691,848,000 from total distributable earnings to capital paid in on shares of beneficial interest to align financial reporting with tax reporting.

As of December 31, 2021, the tax basis components of distributable earnings, unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

Undistributed ordinary income	$	307,744
Undistributed long-term capital gains		2,092,598
Post-October capital loss deferral1		(28,501	)
Gross unrealized appreciation on investments		60,862,582
Gross unrealized depreciation on investments		(1,412,193	)
Net unrealized appreciation on investments		59,450,389
Cost of investments		76,124,596

¹ This deferral is considered incurred in the subsequent year.

Fundamental Investors 21

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

		Year ended December 31, 2021							Year ended December 31, 2020
Share class		Ordinary income			Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	819,778		$	6,419,669	$	7,239,447	$	902,306		$	690,446		$	1,592,752
Class C		7,838			159,570		167,408		14,955			23,616			38,571
Class T		—	2		1		1		—	2		—	2		—	2
Class F-1		26,727			216,918		243,645		38,141			30,455			68,596
Class F-2		190,478			1,282,648		1,473,126		193,513			129,288			322,801
Class F-3		144,351			906,530		1,050,881		145,972			93,395			239,367
Class 529-A		42,500			344,904		387,404		45,940			34,880			80,820
Class 529-C		539			12,560		13,099		1,485			3,945			5,430
Class 529-E		970			9,732		10,702		1,235			1,140			2,375
Class 529-T		—	2		2		2		—	2		—	2		—	2
Class 529-F-1		—	2		1		1		1,930			2,506			4,436
Class 529-F-23		3,908			26,823		30,731		1,814			—			1,814
Class 529-F-33		—	2		1		1		—	2		—			—	2
Class R-1		486			10,709		11,195		950			1,557			2,507
Class R-2		3,459			73,079		76,538		6,137			8,709			14,846
Class R-2E		752			9,660		10,412		1,097			1,167			2,264
Class R-3		16,555			177,220		193,775		23,128			22,756			45,884
Class R-4		21,220			169,158		190,378		28,378			22,602			50,980
Class R-5E		8,276			56,936		65,212		6,904			4,744			11,648
Class R-5		17,802			112,079		129,881		22,874			15,677			38,551
Class R-6		370,731			2,331,074		2,701,805		371,495			236,958			608,453
Total	$	1,676,370		$	12,319,274	$	13,995,644	$	1,808,254		$	1,323,841		$	3,132,095

2	Amount less than one thousand.
3	Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.

7. Fees and transactions with related parties

CRMC, the fund’s investment adviser, is the parent company of American Funds Distributors^®, Inc. (“AFD”), the principal underwriter of the fund’s shares, and American Funds Service Company^® (“AFS”), the fund’s transfer agent. CRMC, AFD and AFS are considered related parties to the fund.

Investment advisory services — The fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. At the beginning of the year, these fees were based on a series of decreasing annual rates beginning with 0.390% on the first $1 billion of daily net assets and decreasing to 0.229% on such assets in excess of $89 billion. On September 14, 2021, the fund’s board of trustees approved an amended investment advisory and service agreement effective December 1, 2021, decreasing the annual rate to 0.228% and 0.227% on daily net assets in excess of $115 billion and $144 billion, respectively. CRMC waived investment advisory services fees of $113,000 in advance of the amended investment advisory agreement. CRMC does not intend to recoup this waiver. As a result, the fees shown on the fund’s statement of operations of $305,112,000 were reduced to $304,999,000, both of which were equivalent to an annualized rate of 0.239% of average daily net assets.

22 Fundamental Investors

Class-specific fees and expenses — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

Distribution services — The fund has plans of distribution for all share classes, except Class F-2, F-3, 529-F-2, 529-F-3, R-5E, R-5 and R-6 shares. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.25% to 1.00% as noted in this section. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.

Share class	Currently approved limits			Plan limits
Class A		0.25	%		0.25	%
Class 529-A		0.25			0.50
Classes C, 529-C and R-1		1.00			1.00
Class R-2		0.75			1.00
Class R-2E		0.60			0.85
Classes 529-E and R-3		0.50			0.75
Classes T, F-1, 529-T, 529-F-1 and R-4		0.25			0.50

For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These share classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limits are not exceeded. As of December 31, 2021, there were no unreimbursed expenses subject to reimbursement for Class A or 529-A shares.

Transfer agent services — The fund has a shareholder services agreement with AFS under which the fund compensates AFS for providing transfer agent services to each of the fund’s share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the fund reimburses AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders. For the year ended December 31, 2021, CRMC reimbursed transfer agent services fees of less than $1,000 for Class 529-F-3 shares. CRMC does not intend to recoup this reimbursement.

Administrative services — The fund has an administrative services agreement with CRMC under which the fund compensates CRMC for providing administrative services to all share classes. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on the fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides the fund the ability to charge an administrative services fee at the annual rate of 0.05% of the average daily net assets attributable to each share class of the fund. Currently the fund pays CRMC an administrative services fee at the annual rate of 0.03% of the average daily net assets attributable to each share class of the fund for CRMC’s provision of administrative services.

529 plan services — Each 529 share class is subject to service fees to compensate the Virginia College Savings Plan (“Virginia529”) for its oversight and administration of the CollegeAmerica 529 college savings plan. The fee is based on the combined net assets invested in Class 529 and ABLE shares of the American Funds. Class ABLE shares are offered on other American Funds by Virginia529 through ABLEAmerica^®, a tax-advantaged savings program for individuals with disabilities. The quarterly fee is based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $100 billion. Effective January 1, 2022, the quarterly fee will be amended to a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $75 billion. The fee for any given calendar quarter is accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. The fee is included in other expenses in the fund’s statement of operations. Virginia529 is not considered a related party to the fund.

Fundamental Investors 23

For the year ended December 31, 2021, class-specific expenses under the agreements were as follows (dollars in thousands):

Share class	Distribution services		Transfer agent services			Administrative services			529 plan services
Class A		$164,520		$44,299			$20,001			Not applicable
Class C		17,099		1,136			514			Not applicable
Class T		—		—	*		—	*		Not applicable
Class F-1		5,952		2,905			714			Not applicable
Class F-2		Not applicable		13,544			3,935			Not applicable
Class F-3		Not applicable		127			2,794			Not applicable
Class 529-A		8,336		2,177			1,068			$2,111
Class 529-C		1,384		88			42			84
Class 529-E		511		31			31			61
Class 529-T		—		—	*		—	*		—	*
Class 529-F-1		—		—	*		—	*		—	*
Class 529-F-2		Not applicable		152			81			159
Class 529-F-3		Not applicable		—	*		—	*		—	*
Class R-1		1,156		111			35			Not applicable
Class R-2		5,767		2,631			231			Not applicable
Class R-2E		621		209			31			Not applicable
Class R-3		9,542		2,835			572			Not applicable
Class R-4		4,627		1,841			555			Not applicable
Class R-5E		Not applicable		825			173			Not applicable
Class R-5		Not applicable		616			370			Not applicable
Class R-6		Not applicable		221			7,187			Not applicable
Total class-specific expenses		$219,515		$73,748			$38,334			$2,415

* Amount less than one thousand.

Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Trustees’ compensation of $1,252,000 in the fund’s statement of operations reflects $473,000 in current fees (either paid in cash or deferred) and a net increase of $779,000 in the value of the deferred amounts.

Affiliated officers and trustees — Officers and certain trustees of the fund are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from the fund.

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

Security transactions with related funds — The fund purchased securities from, and sold securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. Each transaction was executed at the current market price of the security and no brokerage commissions or fees were paid in accordance with Rule 17a-7 of the 1940 Act. During the year ended December 31, 2021, the fund engaged in such purchase and sale transactions with related funds in the amounts of $1,044,347,000 and $1,165,506,000, respectively, which generated $479,610,000 of net realized gains from such sales.

Interfund lending — Pursuant to an exemptive order issued by the SEC, the fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the year ended December 31, 2021.

24 Fundamental Investors

8. Indemnifications

The fund’s organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund’s maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote. Insurance policies are also available to the fund’s board members and officers.

9. Capital share transactions

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

	Sales1				Reinvestments of distributions					Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2021
Class A	$	4,037,931		53,384	$	7,118,564		95,848		$	(7,194,644	)		(95,174	)	$	3,961,851			54,058
Class C		182,055		2,419		166,833		2,261			(463,707	)		(6,164	)		(114,819	)		(1,484	)
Class T		—		—		—		—			—			—			—			—
Class F-1		111,653		1,484		241,805		3,256			(801,609	)		(10,717	)		(448,151	)		(5,977	)
Class F-2		2,639,525		34,849		1,433,099		19,306			(2,657,058	)		(35,157	)		1,415,566			18,998
Class F-3		1,634,182		21,634		1,045,606		14,084			(1,753,290	)		(23,235	)		926,498			12,483
Class 529-A		312,260		4,127		387,334		5,226			(428,658	)		(5,667	)		270,936			3,686
Class 529-C		21,270		281		13,092		177			(59,912	)		(790	)		(25,550	)		(332	)
Class 529-E		7,520		100		10,705		144			(19,013	)		(252	)		(788	)		(8	)
Class 529-T		—		—		2		—	2		—			—			2			—	2
Class 529-F-1		—		—		1		—	2		—			—			1			—	2
Class 529-F-2		59,331		780		30,715		414			(41,635	)		(549	)		48,411			645
Class 529-F-3		—		—		1		—	2		—			—			1			—	2
Class R-1		10,449		139		11,144		151			(31,985	)		(424	)		(10,392	)		(134	)
Class R-2		110,630		1,474		76,493		1,038			(195,652	)		(2,619	)		(8,529	)		(107	)
Class R-2E		16,303		221		10,411		141			(32,121	)		(431	)		(5,407	)		(69	)
Class R-3		229,697		3,059		193,470		2,613			(562,144	)		(7,453	)		(138,977	)		(1,781	)
Class R-4		206,232		2,735		190,341		2,569			(606,511	)		(8,047	)		(209,938	)		(2,743	)
Class R-5E		258,904		3,527		65,210		881			(241,663	)		(3,191	)		82,451			1,217
Class R-5		109,737		1,461		129,798		1,745			(429,209	)		(5,705	)		(189,674	)		(2,499	)
Class R-6		3,694,739		48,766		2,686,657		36,167			(3,756,560	)		(49,487	)		2,624,836			35,446
Total net increase (decrease)	$	13,642,418		180,440	$	13,811,281		186,021		$	(19,275,371	)		(255,062	)	$	8,178,328			111,399

See end of table for footnotes.

Fundamental Investors 25

	Sales1					Reinvestments of distributions						Repurchases1						Net (decrease) increase
Share class	Amount		Shares			Amount			Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2020
Class A	$	3,693,583		63,532		$	1,564,823			26,638		$	(7,476,986	)		(128,585	)	$	(2,218,580	)		(38,415	)
Class C		194,230		3,386			38,353			652			(768,266	)		(13,162	)		(535,683	)		(9,124	)
Class T		—		—			—			—			—			—			—			—
Class F-1		219,773		3,791			67,464			1,155			(761,519	)		(13,157	)		(474,282	)		(8,211	)
Class F-2		2,368,919		40,342			312,251			5,335			(3,041,000	)		(52,827	)		(359,830	)		(7,150	)
Class F-3		1,408,140		24,069			237,677			4,065			(1,777,869	)		(30,698	)		(132,052	)		(2,564	)
Class 529-A		416,367		7,016			80,801			1,373			(426,980	)		(7,143	)		70,188			1,246
Class 529-C		24,042		409			5,427			94			(240,423	)		(4,071	)		(210,954	)		(3,568	)
Class 529-E		7,485		126			2,374			41			(17,205	)		(289	)		(7,346	)		(122	)
Class 529-T		—		—			—	2		—	2		—			—			—	2		—	2
Class 529-F-1		31,453		542			4,436			80			(224,413	)		(3,785	)		(188,524	)		(3,163	)
Class 529-F-23		204,994		3,419			1,814			26			(6,653	)		(99	)		200,155			3,346
Class 529-F-33		10		—	2		—	2		—	2		—			—			10			—	2
Class R-1		13,558		240			2,513			43			(48,037	)		(794	)		(31,966	)		(511	)
Class R-2		118,650		2,032			14,841			251			(210,277	)		(3,587	)		(76,786	)		(1,304	)
Class R-2E		19,697		341			2,263			39			(24,268	)		(409	)		(2,308	)		(29	)
Class R-3		234,556		4,009			45,820			780			(595,894	)		(10,053	)		(315,518	)		(5,264	)
Class R-4		221,075		3,797			50,965			872			(573,960	)		(9,727	)		(301,920	)		(5,058	)
Class R-5E		82,456		1,390			11,646			199			(97,877	)		(1,659	)		(3,775	)		(70	)
Class R-5		128,184		2,165			38,534			661			(390,008	)		(6,533	)		(223,290	)		(3,707	)
Class R-6		2,683,376		47,347			606,137			10,355			(2,894,831	)		(48,648	)		394,682			9,054
Total net increase (decrease)	$	12,070,548		207,953		$	3,088,139			52,659		$	(19,576,466	)		(335,226	)	$	(4,417,779	)		(74,614	)

1	Includes exchanges between share classes of the fund.
2	Amount less than one thousand.
3	Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.

10. Investment transactions

The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $31,412,397,000 and $35,491,999,000, respectively, during the year ended December 31, 2021.

26 Fundamental Investors

Financial highlights

			Income (loss) from investment operations1								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) 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 return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Ratio of net income to average net assets3
Class A:
12/31/2021	$	69.15	$	.96	$	14.18		$	15.14		$	(.94	)	$	(7.39	)	$	(8.33	)	$	75.96		22.49	%	$	70,646			.59	%		.59	%		1.26	%
12/31/2020		62.02		.89		8.05			8.94			(1.03	)		(.78	)		(1.81	)		69.15		14.95			60,572			.61			.61			1.48
12/31/2019		52.29		.98		13.30			14.28			(.94	)		(3.61	)		(4.55	)		62.02		27.61			56,715			.61			.61			1.65
12/31/2018		62.21		1.01		(5.19	)		(4.18	)		(.99	)		(4.75	)		(5.74	)		52.29		(6.60	)		47,045			.59			.59			1.61
12/31/2017		54.44		.93		11.65			12.58			(.91	)		(3.90	)		(4.81	)		62.21		23.37			53,885			.60			.60			1.55
Class C:
12/31/2021		68.77		.38		14.11			14.49			(.36	)		(7.39	)		(7.75	)		75.51		21.59			1,723			1.34			1.34			.51
12/31/2020		61.66		.45		8.01			8.46			(.57	)		(.78	)		(1.35	)		68.77		14.08			1,671			1.35			1.35			.76
12/31/2019		52.00		.52		13.23			13.75			(.48	)		(3.61	)		(4.09	)		61.66		26.66			2,061			1.37			1.37			.89
12/31/2018		61.88		.50		(5.15	)		(4.65	)		(.48	)		(4.75	)		(5.23	)		52.00		(7.35	)		1,996			1.39			1.39			.81
12/31/2017		54.18		.45		11.58			12.03			(.43	)		(3.90	)		(4.33	)		61.88		22.37			2,535			1.40			1.40			.75
Class T:
12/31/2021		69.12		1.13		14.19			15.32			(1.12	)		(7.39	)		(8.51	)		75.93		22.78	5		—	6		.36	5		.36	5		1.49	5
12/31/2020		62.02		1.04		8.02			9.06			(1.18	)		(.78	)		(1.96	)		69.12		15.22	5		—	6		.36	5		.36	5		1.74	5
12/31/2019		52.28		1.12		13.32			14.44			(1.09	)		(3.61	)		(4.70	)		62.02		27.95	5		—	6		.37	5		.37	5		1.90	5
12/31/2018		62.20		1.14		(5.19	)		(4.05	)		(1.12	)		(4.75	)		(5.87	)		52.28		(6.41	)5		—	6		.38	5		.38	5		1.82	5
12/31/20177,8		57.85		.81		8.30			9.11			(.86	)		(3.90	)		(4.76	)		62.20		15.96	5,9		—	6		.39	5,10		.39	5,10		1.80	5,10
Class F-1:
12/31/2021		69.10		.91		14.18			15.09			(.89	)		(7.39	)		(8.28	)		75.91		22.42			2,316			.65			.65			1.20
12/31/2020		61.98		.87		8.03			8.90			(1.00	)		(.78	)		(1.78	)		69.10		14.89			2,522			.65			.65			1.45
12/31/2019		52.26		.94		13.29			14.23			(.90	)		(3.61	)		(4.51	)		61.98		27.53			2,771			.66			.66			1.60
12/31/2018		62.17		.96		(5.18	)		(4.22	)		(.94	)		(4.75	)		(5.69	)		52.26		(6.67	)		2,352			.67			.67			1.52
12/31/2017		54.41		.88		11.65			12.53			(.87	)		(3.90	)		(4.77	)		62.17		23.27			2,970			.67			.67			1.47
Class F-2:
12/31/2021		69.11		1.12		14.17			15.29			(1.10	)		(7.39	)		(8.49	)		75.91		22.73			14,149			.38			.38			1.47
12/31/2020		62.00		1.02		8.03			9.05			(1.16	)		(.78	)		(1.94	)		69.11		15.20			11,567			.39			.39			1.71
12/31/2019		52.27		1.10		13.30			14.40			(1.06	)		(3.61	)		(4.67	)		62.00		27.87			10,821			.40			.40			1.86
12/31/2018		62.19		1.13		(5.19	)		(4.06	)		(1.11	)		(4.75	)		(5.86	)		52.27		(6.43	)		8,654			.41			.41			1.80
12/31/2017		54.43		1.00		11.68			12.68			(1.02	)		(3.90	)		(4.92	)		62.19		23.57			7,688			.42			.42			1.68
Class F-3:
12/31/2021		69.11		1.20		14.17			15.37			(1.18	)		(7.39	)		(8.57	)		75.91		22.86			10,052			.28			.28			1.58
12/31/2020		62.00		1.08		8.03			9.11			(1.22	)		(.78	)		(2.00	)		69.11		15.32			8,288			.29			.29			1.81
12/31/2019		52.27		1.17		13.29			14.46			(1.12	)		(3.61	)		(4.73	)		62.00		28.01			7,595			.30			.30			1.97
12/31/2018		62.19		1.19		(5.19	)		(4.00	)		(1.17	)		(4.75	)		(5.92	)		52.27		(6.34	)		5,448			.31			.31			1.89
12/31/20177,11		56.55		1.11		9.52			10.63			(1.09	)		(3.90	)		(4.99	)		62.19		19.08	9		5,541			.31	10		.31	10		1.96	10
Class 529-A:
12/31/2021		69.02		.93		14.16			15.09			(.91	)		(7.39	)		(8.30	)		75.81		22.46			3,815			.63			.63			1.22
12/31/2020		61.92		.86		8.02			8.88			(1.00	)		(.78	)		(1.78	)		69.02		14.88			3,219			.65			.65			1.43
12/31/2019		52.21		.94		13.28			14.22			(.90	)		(3.61	)		(4.51	)		61.92		27.53			2,810			.67			.67			1.60
12/31/2018		62.12		.96		(5.18	)		(4.22	)		(.94	)		(4.75	)		(5.69	)		52.21		(6.68	)		2,304			.67			.67			1.53
12/31/2017		54.37		.88		11.64			12.52			(.87	)		(3.90	)		(4.77	)		62.12		23.28			2,533			.67			.67			1.47

See end of table for footnotes.

Fundamental Investors 27

Financial highlights (continued)

			Income (loss) from investment operations1								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) 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 return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Ratio of net income to average net assets3
Class 529-C:
12/31/2021	$	69.09	$	.35	$	14.17		$	14.52		$	(.32	)	$	(7.39	)	$	(7.71	)	$	75.90		21.52	%	$	133			1.38	%		1.38	%		.46	%
12/31/2020		61.90		.46		8.03			8.49			(.52	)		(.78	)		(1.30	)		69.09		14.05			144			1.40			1.40			.78
12/31/2019		52.19		.50		13.27			13.77			(.45	)		(3.61	)		(4.06	)		61.90		26.59			350			1.41			1.41			.84
12/31/2018		62.08		.48		(5.18	)		(4.70	)		(.44	)		(4.75	)		(5.19	)		52.19		(7.39	)		340			1.43			1.43			.76
12/31/2017		54.31		.41		11.62			12.03			(.36	)		(3.90	)		(4.26	)		62.08		22.32			430			1.45			1.45			.69
Class 529-E:
12/31/2021		68.96		.75		14.14			14.89			(.73	)		(7.39	)		(8.12	)		75.73		22.16			105			.86			.86			.99
12/31/2020		61.85		.73		8.03			8.76			(.87	)		(.78	)		(1.65	)		68.96		14.65			96			.87			.87			1.23
12/31/2019		52.16		.81		13.26			14.07			(.77	)		(3.61	)		(4.38	)		61.85		27.24			94			.89			.89			1.37
12/31/2018		62.06		.81		(5.17	)		(4.36	)		(.79	)		(4.75	)		(5.54	)		52.16		(6.88	)		82			.90			.90			1.29
12/31/2017		54.33		.74		11.62			12.36			(.73	)		(3.90	)		(4.63	)		62.06		22.97			93			.91			.91			1.24
Class 529-T:
12/31/2021		69.13		1.10		14.17			15.27			(1.08	)		(7.39	)		(8.47	)		75.93		22.69	5		—	6		.41	5		.41	5		1.44	5
12/31/2020		62.02		1.00		8.04			9.04			(1.15	)		(.78	)		(1.93	)		69.13		15.17	5		—	6		.41	5		.41	5		1.68	5
12/31/2019		52.28		1.09		13.31			14.40			(1.05	)		(3.61	)		(4.66	)		62.02		27.86	5		—	6		.42	5		.42	5		1.85	5
12/31/2018		62.20		1.10		(5.18	)		(4.08	)		(1.09	)		(4.75	)		(5.84	)		52.28		(6.46	)5		—	6		.44	5		.44	5		1.76	5
12/31/20177,8		57.85		.78		8.30			9.08			(.83	)		(3.90	)		(4.73	)		62.20		15.90	5,9		—	6		.45	5,10		.45	5,10		1.75	5,10
Class 529-F-1:
12/31/2021		68.95		1.06		14.16			15.22			(1.05	)		(7.39	)		(8.44	)		75.73		22.68	5		—	6		.45	5		.45	5		1.40	5
12/31/2020		61.85		.97		8.05			9.02			(1.14	)		(.78	)		(1.92	)		68.95		15.19	5		—	6		.42	5		.42	5		1.66	5
12/31/2019		52.15		1.08		13.27			14.35			(1.04	)		(3.61	)		(4.65	)		61.85		27.84			196			.43			.43			1.83
12/31/2018		62.07		1.10		(5.19	)		(4.09	)		(1.08	)		(4.75	)		(5.83	)		52.15		(6.48	)		149			.44			.44			1.76
12/31/2017		54.34		1.01		11.62			12.63			(1.00	)		(3.90	)		(4.90	)		62.07		23.53			137			.45			.45			1.69
Class 529-F-2:
12/31/2021		69.14		1.12		14.17			15.29			(1.09	)		(7.39	)		(8.48	)		75.95		22.73			303			.39			.39			1.47
12/31/20207,12		59.63		.19		9.87			10.06			(.55	)		—			(.55	)		69.14		16.87	9		231			.07	9		.07	9		.29	9
Class 529-F-3:
12/31/2021		69.13		1.16		14.19			15.35			(1.14	)		(7.39	)		(8.53	)		75.95		22.81			—	6		.35			.33			1.52
12/31/20207,12		59.63		.20		9.86			10.06			(.56	)		—			(.56	)		69.13		16.88	9		—	6		.09	9		.06	9		.30	9
Class R-1:
12/31/2021		68.77		.36		14.11			14.47			(.34	)		(7.39	)		(7.73	)		75.51		21.55			114			1.37			1.37			.48
12/31/2020		61.65		.42		8.02			8.44			(.54	)		(.78	)		(1.32	)		68.77		14.05			113			1.39			1.39			.71
12/31/2019		52.00		.50		13.23			13.73			(.47	)		(3.61	)		(4.08	)		61.65		26.60			132			1.40			1.40			.86
12/31/2018		61.88		.49		(5.16	)		(4.67	)		(.46	)		(4.75	)		(5.21	)		52.00		(7.38	)		128			1.41			1.41			.78
12/31/2017		54.18		.44		11.59			12.03			(.43	)		(3.90	)		(4.33	)		61.88		22.37			160			1.41			1.41			.74

See end of table for footnotes.

28 Fundamental Investors

Financial highlights (continued)

			Income (loss) from investment operations1								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) 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 return2,3			Net assets, end of period (in millions)		Ratio of expenses to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Ratio of net income to average net assets3
Class R-2:
12/31/2021	$	68.70	$	.37	$	14.08		$	14.45		$	(.35	)	$	(7.39	)	$	(7.74	)	$	75.41		21.54	%	$	792		1.37	%		1.37	%		.48	%
12/31/2020		61.61		.43		8.01			8.44			(.57	)		(.78	)		(1.35	)		68.70		14.06			729		1.38			1.38			.72
12/31/2019		51.97		.51		13.22			13.73			(.48	)		(3.61	)		(4.09	)		61.61		26.62			734		1.40			1.40			.87
12/31/2018		61.86		.49		(5.15	)		(4.66	)		(.48	)		(4.75	)		(5.23	)		51.97		(7.37	)		658		1.41			1.41			.79
12/31/2017		54.16		.44		11.59			12.03			(.43	)		(3.90	)		(4.33	)		61.86		22.39			797		1.40			1.40			.74
Class R-2E:
12/31/2021		68.75		.58		14.10			14.68			(.57	)		(7.39	)		(7.96	)		75.47		21.89			104		1.08			1.08			.77
12/31/2020		61.67		.60		8.01			8.61			(.75	)		(.78	)		(1.53	)		68.75		14.39			99		1.08			1.08			1.01
12/31/2019		52.02		.69		13.23			13.92			(.66	)		(3.61	)		(4.27	)		61.67		26.99			91		1.09			1.09			1.17
12/31/2018		61.92		.69		(5.16	)		(4.47	)		(.68	)		(4.75	)		(5.43	)		52.02		(7.08	)		65		1.11			1.11			1.10
12/31/2017		54.24		.64		11.58			12.22			(.64	)		(3.90	)		(4.54	)		61.92		22.74			56		1.10			1.10			1.06
Class R-3:
12/31/2021		68.96		.70		14.14			14.84			(.68	)		(7.39	)		(8.07	)		75.73		22.08			1,898		.93			.93			.92
12/31/2020		61.84		.70		8.03			8.73			(.83	)		(.78	)		(1.61	)		68.96		14.58			1,851		.93			.93			1.17
12/31/2019		52.15		.77		13.27			14.04			(.74	)		(3.61	)		(4.35	)		61.84		27.17			1,986		.94			.94			1.31
12/31/2018		62.05		.78		(5.18	)		(4.40	)		(.75	)		(4.75	)		(5.50	)		52.15		(6.95	)		1,880		.96			.96			1.24
12/31/2017		54.31		.71		11.63			12.34			(.70	)		(3.90	)		(4.60	)		62.05		22.93			2,360		.95			.95			1.19
Class R-4:
12/31/2021		68.97		.92		14.16			15.08			(.91	)		(7.39	)		(8.30	)		75.75		22.45			1,821		.63			.63			1.22
12/31/2020		61.87		.88		8.01			8.89			(1.01	)		(.78	)		(1.79	)		68.97		14.92			1,847		.63			.63			1.47
12/31/2019		52.17		.95		13.28			14.23			(.92	)		(3.61	)		(4.53	)		61.87		27.57			1,970		.64			.64			1.62
12/31/2018		62.07		.96		(5.17	)		(4.21	)		(.94	)		(4.75	)		(5.69	)		52.17		(6.65	)		1,879		.65			.65			1.54
12/31/2017		54.33		.89		11.63			12.52			(.88	)		(3.90	)		(4.78	)		62.07		23.30			2,523		.65			.65			1.49
Class R-5E:
12/31/2021		68.99		1.10		14.14			15.24			(1.07	)		(7.39	)		(8.46	)		75.77		22.71			551		.42			.42			1.45
12/31/2020		61.90		.99		8.02			9.01			(1.14	)		(.78	)		(1.92	)		68.99		15.14			418		.43			.43			1.67
12/31/2019		52.19		1.09		13.28			14.37			(1.05	)		(3.61	)		(4.66	)		61.90		27.85			379		.43			.43			1.84
12/31/2018		62.12		1.14		(5.22	)		(4.08	)		(1.10	)		(4.75	)		(5.85	)		52.19		(6.45	)		255		.45			.45			1.86
12/31/2017		54.38		1.02		11.64			12.66			(1.02	)		(3.90	)		(4.92	)		62.12		23.54			16		.44			.44			1.70
Class R-5:
12/31/2021		69.19		1.15		14.21			15.36			(1.14	)		(7.39	)		(8.53	)		76.02		22.81			1,186		.33			.33			1.52
12/31/2020		62.08		1.06		8.03			9.09			(1.20	)		(.78	)		(1.98	)		69.19		15.25			1,253		.33			.33			1.77
12/31/2019		52.33		1.13		13.33			14.46			(1.10	)		(3.61	)		(4.71	)		62.08		27.95			1,354		.34			.34			1.91
12/31/2018		62.25		1.16		(5.19	)		(4.03	)		(1.14	)		(4.75	)		(5.89	)		52.33		(6.37	)		1,326		.35			.35			1.84
12/31/2017		54.47		1.07		11.67			12.74			(1.06	)		(3.90	)		(4.96	)		62.25		23.68			2,041		.35			.35			1.79
Class R-6:
12/31/2021		69.14		1.20		14.19			15.39			(1.18	)		(7.39	)		(8.57	)		75.96		22.87			25,982		.28			.28			1.58
12/31/2020		62.04		1.08		8.03			9.11			(1.23	)		(.78	)		(2.01	)		69.14		15.30			21,200		.28			.28			1.80
12/31/2019		52.30		1.17		13.31			14.48			(1.13	)		(3.61	)		(4.74	)		62.04		28.01			18,458		.29			.29			1.98
12/31/2018		62.22		1.19		(5.19	)		(4.00	)		(1.17	)		(4.75	)		(5.92	)		52.30		(6.33	)		13,670		.30			.30			1.90
12/31/2017		54.45		1.10		11.66			12.76			(1.09	)		(3.90	)		(4.99	)		62.22		23.72			12,701		.30			.30			1.84

See end of table for footnotes.

Fundamental Investors 29

Financial highlights (continued)

	Year ended December 31,
	2021	2020	2019	2018	2017
Portfolio turnover rate for all share classes13	25%	48%	40%	34%	29%

1	Based on average shares outstanding.
2	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
3	This column reflects the impact, if any, of certain reimbursements from CRMC. During the periods shown, CRMC reimbursed a portion of transfer agent services fees for Class 529-F-3 shares.
4	Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.
5	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
6	Amount less than $1 million.
7	Based on operations for a period that is less than a full year.
8	Class T and 529-T shares began investment operations on April 7, 2017.
9	Not annualized.
10	Annualized.
11	Class F-3 shares began investment operations on January 27, 2017.
12	Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.
13	Rates do not include the fund’s portfolio activity with respect to any Central Funds.

See end of table for footnotes.

30 Fundamental Investors

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of American Funds Fundamental Investors:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the investment portfolio, of Fundamental Investors, the portfolio constituting the American Funds Fundamental Investors (the “Fund”), as of December 31, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

The financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Costa Mesa, California

February 8, 2022

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

Fundamental Investors 31

Expense example unaudited

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (July 1, 2021, through December 31, 2021).

Actual expenses:

The first line of each share class in the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:

Retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F-1, F-2, F-3, 529-F-1, 529-F-2 and 529-F-3 shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the table on the following page are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

32 Fundamental Investors

Expense example (continued)
	Beginning account value 7/1/2021		Ending account value 12/31/2021		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	1,074.00	$	3.08		.59	%
Class A – assumed 5% return		1,000.00		1,022.23		3.01		.59
Class C – actual return		1,000.00		1,070.05		6.94		1.33
Class C – assumed 5% return		1,000.00		1,018.50		6.77		1.33
Class T – actual return		1,000.00		1,075.24		1.83		.35
Class T – assumed 5% return		1,000.00		1,023.44		1.79		.35
Class F-1 – actual return		1,000.00		1,073.75		3.35		.64
Class F-1 – assumed 5% return		1,000.00		1,021.98		3.26		.64
Class F-2 – actual return		1,000.00		1,075.04		1.99		.38
Class F-2 – assumed 5% return		1,000.00		1,023.29		1.94		.38
Class F-3 – actual return		1,000.00		1,075.64		1.46		.28
Class F-3 – assumed 5% return		1,000.00		1,023.79		1.43		.28
Class 529-A – actual return		1,000.00		1,073.85		3.29		.63
Class 529-A – assumed 5% return		1,000.00		1,022.03		3.21		.63
Class 529-C – actual return		1,000.00		1,069.66		7.20		1.38
Class 529-C – assumed 5% return		1,000.00		1,018.25		7.02		1.38
Class 529-E – actual return		1,000.00		1,072.41		4.49		.86
Class 529-E – assumed 5% return		1,000.00		1,020.87		4.38		.86
Class 529-T – actual return		1,000.00		1,074.94		2.09		.40
Class 529-T – assumed 5% return		1,000.00		1,023.19		2.04		.40
Class 529-F-1 – actual return		1,000.00		1,074.76		2.35		.45
Class 529-F-1 – assumed 5% return		1,000.00		1,022.94		2.29		.45
Class 529-F-2 – actual return		1,000.00		1,075.15		2.04		.39
Class 529-F-2 – assumed 5% return		1,000.00		1,023.24		1.99		.39
Class 529-F-3 – actual return		1,000.00		1,075.45		1.73		.33
Class 529-F-3 – assumed 5% return		1,000.00		1,023.54		1.68		.33
Class R-1 – actual return		1,000.00		1,069.83		7.10		1.36
Class R-1 – assumed 5% return		1,000.00		1,018.35		6.92		1.36
Class R-2 – actual return		1,000.00		1,069.84		7.10		1.36
Class R-2 – assumed 5% return		1,000.00		1,018.35		6.92		1.36
Class R-2E – actual return		1,000.00		1,071.22		5.59		1.07
Class R-2E – assumed 5% return		1,000.00		1,019.81		5.45		1.07
Class R-3 – actual return		1,000.00		1,072.26		4.81		.92
Class R-3 – assumed 5% return		1,000.00		1,020.57		4.69		.92
Class R-4 – actual return		1,000.00		1,073.91		3.24		.62
Class R-4 – assumed 5% return		1,000.00		1,022.08		3.16		.62
Class R-5E – actual return		1,000.00		1,074.95		2.20		.42
Class R-5E – assumed 5% return		1,000.00		1,023.09		2.14		.42
Class R-5 – actual return		1,000.00		1,075.53		1.67		.32
Class R-5 – assumed 5% return		1,000.00		1,023.59		1.63		.32
Class R-6 – actual return		1,000.00		1,075.75		1.46		.28
Class R-6 – assumed 5% return		1,000.00		1,023.79		1.43		.28

* 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).

Fundamental Investors 33

Tax information unaudited

We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The fund hereby designates the following amounts for the fund’s fiscal year ended December 31, 2021:

Long-term capital gains	$12,397,740,000
Qualified dividend income	100%
Section 163(j) interest dividends	$4,652,000
Corporate dividends received deduction	$1,547,242,000
U.S. government income that may be exempt from state taxation	$527,000

Individual shareholders should refer to their Form 1099 or other tax information, which was mailed in January 2022, to determine the calendar year amounts to be included on their 2021 tax returns. Shareholders should consult their tax advisors.

34 Fundamental Investors

Approval of Investment Advisory and Service Agreement

The fund’s board has approved the continuation of the fund’s Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through November 30, 2022. The agreement was amended to add additional advisory fee breakpoints for when the fund’s net assets exceed $115 billion and $144 billion. The board approved the agreement following the recommendation of the fund’s Contracts Committee (the “committee”), which is composed of all the fund’s independent board members. The board and the committee determined in the exercise of their business judgment that the fund’s advisory fee structure was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of the fund and its shareholders.

In reaching this decision, the board and the committee took into account their interaction with CRMC as well as information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which the fund’s assets are managed, including liquidity management), financial investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative and shareholder services provided by CRMC to the fund under the agreement and other agreements, as well as the benefits to fund shareholders from investing in a fund that is part of a large family of funds. The board and the committee considered the risks assumed by CRMC in providing services to the fund, including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit the fund and its shareholders.

2. Investment results

The board and the committee considered the investment results of the fund in light of its objective. They compared the fund’s investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which the fund is included), and data such as relevant market and fund indexes over various periods (including the fund’s lifetime) through March 31, 2021. They generally placed greater emphasis on longer term periods. On the basis of this evaluation and the board’s and the committee’s ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that the fund’s investment results have been satisfactory for renewal of the agreement, and that CRMC’s record in managing the fund indicated that its continued management should benefit the fund and its shareholders.

3. Advisory fees and total expenses

The board and the committee compared the advisory fees and total expense levels of the fund to those of other relevant funds. They observed that the fund’s advisory fees and expenses were generally competitive with those of other similar funds included in the comparable Lipper category. The board and the committee also considered the breakpoint discounts in the fund’s advisory fee structure that reduce the level of fees charged by CRMC to the fund as fund assets increase. In addition, they reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by the fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the fund and the other clients. The board and the committee concluded that the fund’s cost structure was fair and reasonable in relation to the services provided, as well as in relation to the risks assumed by the adviser in sponsoring and managing the fund, and that the fund’s shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by the fund.

Fundamental Investors 35

4. Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with the fund and other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the fund’s principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that, since 2019, CRMC has borne the cost of third-party research. The board and committee also noted that CRMC benefited from the use of commissions from portfolio transactions made on behalf of the fund to facilitate payment to certain broker-dealers for research to comply with regulatory requirements applicable to these firms, with all such amounts reimbursed to the fund by CRMC. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC by the fund.

5. Adviser financial information

The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and related cost allocation methodology as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the fund’s advisory fee structure and CRMC’s sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that the fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and the fund’s shareholders.

36 Fundamental Investors

Liquidity Risk Management Program

The fund has adopted a liquidity risk management program (the “program”). The fund’s board has designated Capital Research and Management Company (“CRMC”) as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk Management Committee.

Under the program, CRMC manages the fund’s liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the fund. This risk is managed by monitoring the degree of liquidity of the fund’s investments, limiting the amount of the fund’s illiquid investments, and utilizing various risk management tools and facilities available to the fund for meeting shareholder redemptions, among other means. CRMC’s process of determining the degree of liquidity of the fund’s investments is supported by one or more third-party liquidity assessment vendors.

The fund’s board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2020, through September 30, 2021. No significant liquidity events impacting the fund were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing the fund’s liquidity risk.

Fundamental Investors 37

Board of trustees and other officers

Independent trustees1
Name and year of birth	Year first elected a trustee of the fund2	Principal occupation(s) during past five years	Number of portfolios in fund complex overseen by trustee3	Other directorships4 held by trustee
Joseph C. Berenato, 1946	2003	Former Chairman and CEO, Ducommun Incorporated (aerospace components manufacturer)	15	None
Joseph J. Bonner, 1955	2019	President and CEO, Solana Beach Capital LLC (real estate advisory); Global Head of Real Estate, Board Member, The Interlink Group (private merchant bank)	3	Extra Space Storage
Mary Anne Dolan, 1947 Chair of the Board (Independent and Non-Executive)	2010	Founder and President, MAD Ink (communications company); former Editor-in-Chief, The Los Angeles Herald Examiner (retired 1989)	10	None
John G. Freund, MD, 1953	2010	Founder and Managing Director, Skyline Ventures (a venture capital investor in health care companies)	6	Collegium Pharmaceutical, Inc.; SI - Bone, Inc.; Sutro Biopharma, Inc.
Yvonne L. Greenstreet, 1962	2019	President and Chief Operating Officer, Alnylam Pharmaceuticals, Inc.; Founder and former Managing Director, Highgate LLC (consulting)	3	Argenx (a global immunology company); Pacira, Inc. (pharmaceuticals)
Linda Griego, 1947	2015	Former President and CEO, Griego Enterprises, Inc. (business management company)	7	ViacomCBS Inc.
Leonade D. Jones, 1947	1998	Retired; former Treasurer, The Washington Post Company (retired 1996)	10	None
Martin E. Koehler, 1957	2021	Independent management consultant	6	None
Sharon I. Meers, 1965	2017	Co-Founder, Plenish Health (a women’s telehealth company); former Senior Director, Head of Strategic Partnerships, eBay Enterprise	7	None
Kenneth M. Simril, 1965	2016	President and CEO, SCI Ingredients Holdings, Inc. (food manufacturing)	7	Bunge Limited (agricultural business and food company)
Christopher E. Stone, 1956	2010	Professor of Practice of Public Integrity, University of Oxford, Blavatnik School of Government; former President, Open Society Foundations	9	None
Interested trustees5,6
Name, year of birth and position with fund	Year first elected a trustee or officer of the fund2	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund	Number of portfolios in fund complex overseen by trustee3	Other directorships4 held by trustee
Brady L. Enright, 1967 Co-President and Trustee	2015	Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company7	3	None
Anne-Marie Peterson, 1972 Trustee	2019	Partner — Capital World Investors, Capital Research and Management Company	3	None

The fund’s statement of additional information includes further details about fund trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by visiting the Capital Group website at capitalgroup.com. The address for all trustees and officers of the fund is 333 South Hope Street, Los Angeles, CA 90071, Attention: Secretary.

See page 39 for footnotes.

38 Fundamental Investors

Other officers6
Name, year of birth and position with fund	Year first elected an officer of the fund2	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund
Mark L. Casey, 1970 Co-President	2008	Partner — Capital International Investors, Capital Research and Management Company
Walt Burkley, 1966 Principal Executive Officer	2010	Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Director, Capital Research Company7; Director, Capital Research and Management Company
Michael W. Stockton, 1967 Executive Vice President	2014	Senior Vice President — Fund Business Management Group, Capital Research and Management Company
Julian N. Abdey, 1972 Senior Vice President	2019	Partner — Capital International Investors, Capital Research and Management Company
Paul Benjamin, 1979 Senior Vice President	2020	Partner — Capital World Investors, Capital Research and Management Company; Director, Capital Strategy Research, Inc.7
Mathews Cherian, 1967 Senior Vice President	2018	Partner — Capital World Investors, Capital Research and Management Company
Irfan M. Furniturewala, 1971 Senior Vice President	2020	Partner — Capital International Investors, Capital Research and Management Company
Dina N. Perry, 1945 Senior Vice President	1994	Partner — Capital World Investors, Capital Research and Management Company
Julie E. Lawton, 1973 Secretary	2010	Assistant Vice President — Fund Business Management Group, Capital Research and Management Company; Secretary, Capital Research Company7
Hong T. Le, 1978 Treasurer	2018	Vice President — Investment Operations, Capital Research and Management Company
Zarouhi M. Chavdarian, 1993 Assistant Secretary	2021	Associate — Fund Business Management Group, Capital Research and Management Company
Sandra Chuon, 1972 Assistant Treasurer	2019	Assistant Vice President — Investment Operations, Capital Research and Management Company
Brian C. Janssen, 1972 Assistant Treasurer	2016-2018, 2020	Senior Vice President — Investment Operations, Capital Research and Management Company

1	The 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.
2	Trustees and officers of the fund serve until their resignation, removal or retirement.
3	Funds managed by Capital Research and Management Company or its affiliates.
4	This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company.
5	The term interested trustee refers to a trustee who is an “interested person” 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).
6	All of the trustees and/or officers listed 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.
7	Company affiliated with Capital Research and Management Company.

Fundamental Investors 39

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40 Fundamental Investors

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Fundamental Investors 41

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42 Fundamental Investors

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Fundamental Investors 43

Office of the fund

6455 Irvine Center Drive
Irvine, CA 92618-4518

Investment adviser

Capital Research and Management Company

333 South Hope Street

Los Angeles, CA 90071-1406

Transfer agent for shareholder accounts

American Funds Service Company

(Write to the address nearest you.)

P.O. Box 6007

Indianapolis, IN 46206-6007

P.O. Box 2280

Norfolk, VA 23501-2280

Custodian of assets

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

Counsel

Dechert LLP

One Bush Street, Suite 1600

San Francisco, CA 94104-4446

Independent registered public accounting firm

Deloitte & Touche LLP

695 Town Center Drive

Suite 1000

Costa Mesa, CA 92626-7188

Principal underwriter

American Funds Distributors, Inc.

333 South Hope Street

Los Angeles, CA 90071-1406

44 Fundamental Investors

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.

“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on our website or upon request by calling AFS. The fund files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on our website.

Fundamental Investors files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The list of portfolio holdings is available free of charge on the SEC website and on our website.

This report is for the information of shareholders of Fundamental Investors, but it also may be used as sales literature when preceded or accompanied by the current prospectus or summary prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after March 31, 2022, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

The Standard & Poor’s 500 Composite Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2022 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

American Funds Distributors, Inc., member FINRA.

The Capital Advantage^®

Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital System^SM — has resulted in superior outcomes.

Aligned with investor success

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. Our portfolio managers average 27 years of investment industry experience, including 21 years at our company, reflecting a career commitment to our long-term approach.¹

The Capital System

The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.

American Funds’ superior outcomes

Equity funds have beaten their Lipper peer indexes in 91% of 10-year periods and 98% of 20-year periods.² Fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.³ Fund management fees have been among the lowest in the industry.⁴

1	Investment industry experience as of December 31, 2020.
2	Based on Class F-2 share results for rolling calendar-year periods starting the first full calendar year after each fund’s inception through December 31, 2020. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date (except Capital Income Builder and SMALLCAP World Fund, for which the Lipper average was used). Expenses differ for each share class, so results will vary.
3	Based on Class F-2 share results as of December 31, 2020. Thirteen of the 17 fixed income American Funds that have been in existence for the three-year period showed a three-year correlation below 0.3. Standard & Poor’s 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.
4	On average, our management fees were in the lowest quintile 66% of the time, based on the 20-year period ended December 31, 2020, versus comparable Lipper categories, excluding funds of funds.

Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Results for certain funds with an inception date after August 1, 2008, also include hypothetical returns because those funds’ Class F-2 shares sold after the funds’ date of first offering. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

ITEM 2 – Code of Ethics

The Registrant has adopted a Code of Ethics that applies to its Principal Executive Officer and Principal Financial Officer. The Registrant undertakes to provide to any person without charge, upon request, a copy of the Code of Ethics. Such request can be made by calling 800/421-4225 or to the Secretary of the Registrant, 6455 Irvine Center Drive, Irvine, California 92618.

ITEM 3 – Audit Committee Financial Expert

The Registrant’s board has determined that Linda Griego, a member of the Registrant’s audit committee, is an “audit committee financial expert” and "independent," as such terms are defined in this Item. This designation will not increase the designee’s duties, obligations or liability as compared to his or her duties, obligations and liability as a member of the audit committee and of the board, nor will it reduce the responsibility of the other audit committee members. There may be other individuals who, through education or experience, would qualify as "audit committee financial experts" if the board had designated them as such. Most importantly, the board believes each member of the audit committee contributes significantly to the effective oversight of the Registrant’s financial statements and condition.

ITEM 4 – Principal Accountant Fees and Services

	FI
Registrant:

a)  Audit Fees:
Audit	2020	206,000
	2021	100,000
b)  Audit-Related Fees:
	2020	19,000
	2021	19,000
c)  Tax Fees:
	2020	18,000
	2021	12,000
	The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns.
d)  All Other Fees:
	2020	None
	2021	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:
	2020	1,477,000
	2021	1,427,000
	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 Standards for Attestation Engagements Number 18 issued by the American Institute of Certified Public Accountants.
c)  Tax Fees:

	2020	40,000
	2021	1,000
	The tax fees consist of consulting services relating to the Registrant’s investments.
d)  All Other Fees:
	2020	None
	2021	2,000
	The other fees consist of subscription services related to an accounting research tool.
	All audit and permissible non-audit services that the Registrant’s audit committee considers compatible with maintaining the independent registered public accounting firm’s independence are required to be pre-approved by the committee.  The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services.  Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre-approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates.
	Aggregate non-audit fees paid to the Registrant’s auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant, were, $1,554,000 for fiscal year 2020 and $1,460,000 for fiscal year 2021. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors’ independence.

ITEM 5 – Audit Committee of Listed Registrants

Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.

ITEM 6 – Schedule of Investments

Not applicable, insofar as the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 10 – Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.

ITEM 11 – Controls and Procedures

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), 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 semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.  

ITEM 12 – Exhibits

(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.

SIGNATURES

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

AMERICAN FUNDS FUNDAMENTAL INVESTORS

By __/s/ Walter R. Burkley________________

Walter R. Burkley,

Principal Executive Officer

Date: February 28, 2022

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

By _ /s/ Walter R. Burkley_____________

Walter R. Burkley,

Principal Executive Officer

Date: February 28, 2022

By ___/s/ Hong T. Le__________________

Hong T. Le, Treasurer and

Principal Financial Officer

Date: February 28, 2022

EX-99.CODE ETH

Code of Ethics

The following Code of Ethics is in effect for the Registrant:

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.
(1)	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.
(2)	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:
	•	Acting with integrity;
	•	Adhering to a high standard of business ethics; and
	•	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;
(3)	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.
	•	Covered Officers should familiarize themselves with disclosure requirements applicable to the Fund and disclosure controls and procedures in place to meet these requirements; and
	•	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.
(4)	Any existing or potential violations of this Code of Ethics 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 of Ethics to the 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 of Ethics, including removal from office, provided that removal from office shall only be carried out with the approval of the Board.
(5)	Application of this Code of Ethics is the responsibility of the Personal Investing Committee, which shall report periodically to the Chairman of the Audit Committee of the Fund.
(6)	Material amendments to these provisions must be ratified by a majority vote of the Board.  As required by applicable rules, substantive amendments to the Code of Ethics must be filed or appropriately disclosed.

EX-99.CERT

American Funds Fundamental Investors

6455 Irvine Center Drive

Irvine, California 92618

(949) 975-5000

CERTIFICATION

I, Walter R. Burkley, certify that:

1.	I have reviewed this report on Form N-CSR of American Funds Fundamental Investors;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
	a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 180 days prior to the filing date of this report based on such evaluation; and
	d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):
	a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
	b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 28, 2022

_/s/ Walter R. Burkley___________________

Walter R. Burkley,

Principal Executive Officer

American Funds Fundamental Investors

American Funds Fundamental Investors

6455 Irvine Center Drive

Irvine, California 92618

(949) 975-5000

CERTIFICATION

I, Hong T. Le, certify that:

1.	I have reviewed this report on Form N-CSR of American Funds Fundamental Investors;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
	a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 180 days prior to the filing date of this report based on such evaluation; and
	d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):
	a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
	b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 28, 2022

___/s/ Hong T. Le_______

Hong T. Le, Treasurer and

Principal Financial Officer

American Funds Fundamental Investors

EX-99.906 CERT

American Funds Fundamental Investors

6455 Irvine Center Drive

Irvine, California 92618

(949) 975-5000

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

WALTER R. BURKLEY, Principal Executive Officer, and HONG T. LE, Treasurer and Principal Financial Officer of American Funds Fundamental Investors (the "Registrant"), each certify to the best of her or his knowledge that:

1)	The Registrant's periodic report on Form N-CSR for the period ended December 31, 2021 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2)	The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Principal Executive Officer	Principal Financial Officer
AMERICAN FUNDS FUNDAMENTAL INVESTORS	AMERICAN FUNDS FUNDAMENTAL INVESTORS
_/s/ Walter R. Burkley_____________________	__/s/ Hong T. Le_________________
Walter R. Burkley, Principal Executive Officer	Hong T. Le, Treasurer
Date: February 28, 2022	Date: February 28, 2022

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to AMERICAN FUNDS FUNDAMENTAL INVESTORS and will be retained by AMERICAN FUNDS FUNDAMENTAL INVESTORS and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR filed with the Commission.