N-Q 1 form.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company Investment Company Act File Number: 811-1435 AMCAP Fund, Inc. (Exact Name of Registrant as specified in charter) 333 South Hope Street Los Angeles, California 90071 (Address of principal executive offices) Registrant's telephone number, including area code: (213) 486-9200 Date of fiscal year end: February 28, 2005 Date of reporting period: November 30, 2004 Julie F. Williams Capital Research and Management Company 333 South Hope Street Los Angeles, California 90071 (name and address of agent for service) Copies to: Eric A.S. Richards, Esq. O'Melveny & Myers LLP 400 South Hope Street Los Angeles, California 90071 (Counsel for the Registrant) ITEM 1 - Schedule of Investments [logo - American Funds (r)] AMCAP FUND Investment portfolio November 30, 2004 unaudited Market value COMMON STOCKS -- 82.20% Shares (000) CONSUMER DISCRETIONARY -- 21.64% Target Corp. 5,425,000 $ 277,869 Lowe's Companies, Inc. 4,720,000 261,158 eBay Inc.(1) 1,972,000 221,751 Best Buy Co., Inc. 3,825,000 215,654 Carnival Corp., units 3,685,200 195,352 Time Warner Inc.(1) 10,747,500 190,338 Liberty Media Corp., Class A(1) 17,400,000 179,742 IAC/InterActiveCorp(1) 7,061,600 174,351 Kohl's Corp.(1) 3,625,000 167,330 Harley-Davidson Motor Co. 2,871,900 166,053 Johnson Controls, Inc. 2,690,000 165,166 Outback Steakhouse, Inc.(2) 3,710,000 160,643 Ross Stores, Inc. 5,175,000 139,208 Garmin Ltd. 1,998,600 116,358 Comcast Corp., Class A, special nonvoting stock(1) 2,500,000 74,125 Comcast Corp., Class A(1) 1,200,000 36,048 Michaels Stores, Inc. 4,010,000 109,593 Brinker International, Inc.(1) 2,725,000 93,004 Dollar General Corp. 4,500,000 88,875 Williams-Sonoma, Inc.(1) 2,425,000 88,779 Starbucks Corp.(1) 1,470,000 82,702 Gentex Corp. 2,500,000 80,800 Walt Disney Co. 3,000,000 80,640 Sonic Corp.(1) 2,625,000 76,571 Panera Bread Co., Class A(1) 1,480,000 59,111 CarMax, Inc.(1) 2,000,000 55,700 Clear Channel Communications, Inc. 1,550,000 52,204 Interpublic Group of Companies, Inc.(1) 4,134,000 51,303 Liberty Media International, Inc., Class A(1) 1,048,058 45,129 Cox Communications, Inc., Class A(1) 1,200,000 41,604 International Game Technology 850,000 30,048 Gap, Inc. 850,000 18,573 3,795,782 INFORMATION TECHNOLOGY -- 15.63% First Data Corp. 6,174,825 253,724 Applied Materials, Inc.(1) 12,450,000 207,168 Cisco Systems, Inc.(1) 9,829,300 183,906 Microsoft Corp. 6,670,000 178,823 Yahoo! Inc.(1) 4,011,200 150,901 Sanmina-SCI Corp.(1) 14,510,000 128,123 Texas Instruments Inc. 4,550,000 110,019 Analog Devices, Inc. 2,900,000 107,155 Google Inc., Class A(1) 550,000 100,650 Automatic Data Processing, Inc. 2,160,000 98,345 Intuit Inc.(1) 2,154,300 90,136 Oracle Corp.(1) 7,000,000 88,620 Sabre Holdings Corp., Class A 3,638,800 83,984 Solectron Corp.(1) 13,140,000 82,125 EMC Corp.(1) 5,950,000 79,849 Xilinx, Inc. 2,500,000 78,050 Microchip Technology Inc. 2,500,000 70,450 Symbol Technologies, Inc. 4,500,000 68,220 National Instruments Corp. 2,343,750 67,031 Linear Technology Corp. 1,700,000 64,872 Altera Corp.(1) 2,850,000 64,638 Jabil Circuit, Inc.(1) 2,287,000 57,312 Paychex, Inc. 1,600,000 53,056 Intersil Corp., Class A 3,084,100 49,654 NAVTEQ Corp.(1) 1,122,100 48,419 Ceridian Corp.(1) 2,400,000 45,384 Maxim Integrated Products, Inc. 1,000,000 40,960 Rogers Corp.(1) 750,000 35,587 KLA-Tencor Corp.(1) 700,000 31,542 Cadence Design Systems, Inc.(1) 1,685,800 23,163 2,741,866 HEALTH CARE -- 14.21% WellPoint Health Networks Inc., Class A(1) 2,400,000 300,240 HCA Inc. 5,305,000 209,123 Express Scripts, Inc.(1) 2,900,000 208,684 Medtronic, Inc. 3,820,000 183,551 Biogen Idec Inc.(1) 2,872,500 168,558 Forest Laboratories, Inc.(1) 4,025,000 156,854 Guidant Corp. 2,110,000 136,791 Eli Lilly and Co. 2,560,000 136,525 Lincare Holdings Inc.(1) 3,000,000 115,770 St. Jude Medical, Inc.(1) 2,860,200 109,088 Bristol-Myers Squibb Co. 4,225,000 99,288 Amgen Inc.(1) 1,615,000 96,965 Caremark Rx, Inc.(1) 2,700,000 96,552 Medicis Pharmaceutical Corp., Class A 2,570,100 94,554 AmerisourceBergen Corp. 1,600,000 94,304 Becton, Dickinson and Co. 1,650,000 90,387 IDEXX Laboratories, Inc.(1) 1,074,600 55,449 Genentech, Inc.(1) 600,000 28,950 Pfizer Inc 768,200 21,333 Applera Corp. - Applied Biosystems Group 1,000,000 20,500 Henry Schein, Inc.(1) 250,000 16,295 ResMed Inc(1) 300,000 15,018 Abbott Laboratories 300,000 12,588 Barr Pharmaceuticals, Inc.(1) 300,000 11,715 TECHNE Corp.(1) 289,900 10,770 Schering-Plough Corp. 139,100 2,483 2,492,335 FINANCIALS -- 8.84% Fannie Mae 5,515,000 $ 378,881 American International Group, Inc. 4,280,000 271,138 Capital One Financial Corp. 3,401,200 267,266 Wells Fargo & Co. 2,020,000 124,775 Freddie Mac 1,750,000 119,455 M&T Bank Corp. 959,230 101,113 MBNA Corp. 2,700,000 71,712 Independence Community Bank Corp. 1,656,000 70,347 Bank of New York Co., Inc. 1,740,000 57,263 City National Corp. 510,000 34,884 Southwest Bancorporation of Texas, Inc. 1,400,000 34,244 Arthur J. Gallagher & Co. 600,000 18,390 1,549,468 INDUSTRIALS -- 7.13% Precision Castparts Corp. 2,620,000 169,881 General Dynamics Corp. 1,540,000 166,874 Robert Half International Inc. 5,900,000 159,477 Southwest Airlines Co. 9,565,000 150,457 General Electric Co. 3,750,000 132,600 Avery Dennison Corp. 1,744,200 102,315 United Parcel Service, Inc., Class B 1,100,000 92,565 FedEx Corp. 790,000 75,074 Illinois Tool Works Inc. 475,000 44,759 ChoicePoint Inc.(1) 1,000,000 43,850 United Technologies Corp. 400,000 39,032 Education Management Corp.(1) 900,000 29,826 Jacobs Engineering Group Inc.(1) 500,000 22,985 ServiceMaster Co. 1,600,000 21,072 1,250,767 CONSUMER STAPLES -- 5.20% Avon Products, Inc. 4,080,000 153,163 Altria Group, Inc. 2,500,000 143,725 PepsiCo, Inc. 2,665,000 133,010 Walgreen Co. 2,850,000 108,813 Anheuser-Busch Companies, Inc. 1,545,000 77,389 Costco Wholesale Corp. 1,500,000 72,900 Dean Foods Co.(1) 2,300,000 72,841 Wal-Mart Stores, Inc. 1,000,000 52,060 Constellation Brands, Inc., Class A(1) 915,000 40,901 Gillette Co. 700,000 30,443 Performance Food Group Co.(1) 1,010,000 26,502 911,747 ENERGY -- 4.29% Devon Energy Corp. 5,970,000 247,277 Apache Corp. 2,150,000 116,229 Smith International, Inc.(1) 1,910,000 115,689 Schlumberger Ltd. 1,590,000 104,352 Noble Corp.(1) 1,823,400 88,344 Pogo Producing Co. 900,000 45,450 ENSCO International Inc. 1,100,000 34,441 751,782 TELECOMMUNICATION SERVICES -- 1.18% Telephone and Data Systems, Inc. 1,525,000 $ 118,187 CenturyTel, Inc. 2,690,000 88,555 206,742 MATERIALS -- 1.00% Sealed Air Corp.(1) 1,200,000 61,692 International Flavors & Fragrances Inc. 1,500,000 60,750 Cambrex Corp. 1,300,000 32,240 Vulcan Materials Co. 400,000 20,740 175,422 UTILITIES -- 0.36% Duke Energy Corp. 2,499,000 63,175 MISCELLANEOUS -- 2.72% Other common stocks in initial period of acquisition 476,044 TOTAL COMMON STOCKS (cost: $11,275,969,000) 14,415,130 Principal amount SHORT-TERM SECURITIES -- 17.65% (000) Federal Home Loan Bank 1.745%-2.12% due 12/8/2004-1/28/2005 $224,300 223,967 J.P. Morgan Chase & Co. 1.90%-2.12% due 12/2/2004-1/24/2005 100,000 99,824 Park Avenue Receivables Co., LLC 2.02% due 12/13-12/14/2004(3) 49,700 49,663 Wal-Mart Stores Inc. 1.81%-2.09% due 12/1/2004-1/11/2005(3) 147,300 147,208 CAFCO, LLC 1.84%-2.19% due 12/3/2004-1/27/2005(3) 145,900 145,613 DuPont (E.I.) de Nemours & Co. 1.79%-2.10% due 12/2/2004-1/19/2005 141,700 141,525 Pfizer Inc 1.84%-2.12% due 12/13/2004-2/4/2005(3) 141,348 140,959 Bank of America Corp. 1.85%-2.11% due 12/3/2004-2/2/2005 107,100 106,931 Ranger Funding Co. LLC 2.02% due 12/13/04(3) 30,000 29,978 Procter & Gamble Co. 1.76%-2.14% due 12/9/2004-1/21/2005(3) 130,200 130,008 Variable Funding Capital Corp. 1.91%-2.18% due 12/17/2004-1/18/2005(3) 129,100 128,876 Freddie Mac 2.04%-2.22% due 1/11-2/7/2005 127,000 126,591 Wells Fargo & Co. 2.00%-2.18% due 1/10-1/28/2005 125,000 124,987 FCAR Owner Trust I 2.03%-2.21% due 1/5-1/24/2005 125,000 124,645 Clipper Receivables Co., LLC 1.97%-2.04% due 12/15-12/21/2004(3) 123,400 123,269 Coca-Cola Co. 1.85%-2.17% due 12/17/2004-1/26/2005 108,100 107,837 BellSouth Corp. 1.95%-2.16% due 12/16/2004-1/25/2005(3) 99,200 98,983 General Electric Capital Services, Inc. 2.11% due 1/12/2005 50,000 49,870 Edison Asset Securitization LLC 1.85%-2.13% due 12/3/2004-1/12/2005(3) 46,600 46,495 SBC Communications Inc. 1.94%-2.23% due 12/14/2004-1/10/2005(3) 92,300 92,180 Exxon Project Investment Corp. 2.01% due 12/30/2004(3) 50,000 49,916 Exxon Asset Management Co. 1.99% due 12/15/2004(3) 33,200 33,172 U.S. Treasury Bills 1.57%-2.085% due 12/9/2004-2/17/2005 81,000 80,754 Three Pillars Funding, LLC 2.10%-2.24% due 12/20/2004-1/7/2005(3) 75,396 75,242 Abbott Laboratories Inc. 1.97%-2.11% due 12/28/2004-1/11/2005(3) 73,300 73,146 Triple-A One Funding Corp. 2.00%-2.03% due 12/9/2004-1/24/2005(3) 62,600 62,519 Eli Lilly and Co. 1.83%-2.03% due 12/14/2004-1/21/2005(3) 61,700 61,551 unaudited Principal amount Market value SHORT-TERM SECURITIES (000) (000) New Center Asset Trust Plus 2.01%-2.25% due 1/4-1/31/2005 $52,300 $ 52,141 Federal Farm Credit Banks 1.72%-1.81% due 12/8-12/23/2004 50,000 49,962 International Bank for Reconstruction and Development 1.94% due 12/28/2004 50,000 49,926 NetJets Inc. 1.85%-2.15% due 12/20/2004-1/27/2005(3) 50,000 49,921 Caterpillar Financial Services Corp. 2.01%-2.06% due 12/16/2004-1/10/2005 45,000 44,923 Private Export Funding Corp. 1.94%-2.02% due 12/21/2004-1/25/2005(3) 45,000 44,900 Gannett Co. 2.06% due 1/12/2005(3) 37,100 37,009 Anheuser-Busch Cos. Inc. 1.85% due 12/28/2004(3) 29,700 29,657 American Express Credit Corp. 2.04% due 12/27/2004 26,600 26,559 Harvard University 2.05% due 2/7/2005 20,000 19,915 Colgate-Palmolive Co. 2.00% due 12/15/2004(3) 15,000 14,987 TOTAL SHORT-TERM SECURITIES (cost: $3,095,777,000) 3,095,609 TOTAL INVESTMENT SECURITIES (cost: $14,371,746,000) 17,510,739 Other assets less liabilities 25,673 NET ASSETS $17,536,412
Miscellaneous securities include holdings in their initial period of acquisition that have not previously been publicly disclosed. (1) Security did not produce income during the last 12 months. (2) The fund owns 5% or more of the outstanding voting shares of this company. See table below for additional information. (3) Restricted security that can be resold only to institutional investors. In practice, these securities are typically as liquid as unrestricted securities in the portfolio. The total value of all restricted securities was $1,665,252,000 which represented 9.50% of the net assets of the fund. INVESTMENTS IN AFFILIATES A company is considered to be an affiliate of the fund under the Investment Company Act of 1940 if the fund's holdings in that company represent 5% or more of the outstanding voting shares of that company. Further details on these holdings and related transactions during the three months ended November 30, 2004 appear below. Dividend income Market value Company Beginning shares Purchases Sales Ending shares (000) (000) Outback Steakhouse 3,710,000 -- -- 3,710,000 $482 $160,643
Federal income tax information (dollars in thousands) Gross unrealized appreciation on investment securities $ 3,534,552 Gross unrealized depreciation on investment securities (397,230) Net unrealized appreciation on investment securities 3,137,322 Cost of investment securities for federal income tax purposes 14,373,417
ITEM 2 - Controls and Procedures The Registrant's Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule. There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting. ITEM 3 - Exhibits The certifications required by Rule 301-2 of the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. AMCAP FUND, Inc. By /s/ Claudia P. Huntington ------------------------------------------------------- Claudia P. Huntington, President and PEO Date: January 28, 2005 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/ Claudia P. Huntington ----------------------------------------------------- Claudia P. Huntington, President and PEO Date: January 28, 2005 By /s/ Jeffrey P. Regal ----------------------------------------------------- Jeffrey P. Regal, Treasurer and PFO Date: January 28, 2005