ANNUAL SHAREHOLDER REPORT
®
What were the fund costs for the last year?
(based on a hypothetical $10,000 investment)Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $ | % |
Management's discussion of fund performance
The fund’s Class A shares gained 30.05% for the year ended August 31, 2024. That result compares with a 27.14% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to .
capitalgroup.com/mutual-fund-returns-A
What factors influenced results
The U.S. economy continued to see growth during the fund’s fiscal year, despite high interest rates. However, lower job creation numbers over the summer were seen as a sign of a possible interest rate cut by the U.S. Federal Reserve, thus giving investors hope that recession could be avoided. Overseas markets remained mixed during the period, though equity markets in the U.S. and elsewhere continued to see strong growth, albeit with bouts of volatility.
Holdings in most equity sectors produced positive returns for the fund, with shares of communication services, information technology, financials and utility companies particularly additive to results. While the bulk of the portfolio remains invested in U.S. equities, holdings of companies based in Taiwan, the Netherlands and Canada added to returns.
In terms of detractors, holdings in the energy sector saw negative returns during the period, while holdings in real estate and consumer staples companies saw positive returns that were below the portfolio’s overall results.
How a hypothetical $10,000 investment has grown
Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.
Average annual total returns
1 year | 5 years | 10 years | |
* | % | % | % |
* | % | % | % |
† | % | % | % |
*
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.†
Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.Key fund statistics
| Fund net assets (in millions) | $ |
| Total number of portfolio holdings | |
| Total advisory fees paid (in millions) | $ |
| Portfolio turnover rate | % |
Portfolio holdings by sector
(percent of net assets)
Availability of additional informati
on
Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.
Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at
(800) 421-4225
, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capi
tal Group or your financial intermediary.Lit. No. MFAAARX-005-1024 © 2024 Capital Group. All rights reserved.
