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: 811-00066

American Balanced Fund

(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, 2022

Hong T. Le

American Balanced Fund

6455 Irvine Center Drive

Irvine, California 92618

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

American Balanced Fund^®   Annual report
for the year ended
December 31, 2022

 

Invest in a balanced
fund that has stood
the test of time

American Balanced Fund seeks conservation of capital, current income and 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.

Refer to 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 December 31, 2022, was 1.93% for Class F-2 shares and 1.62% 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 1.89% for Class F-2 shares and 1.58% 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.

The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. 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
48	Financial statements
77	Board of trustees and other officers

Fellow investors:

Stock and bond markets had a particularly challenging year in 2022 as central banks across the globe swooped into action to battle soaring inflation. Amid rising interest rates, lingering disruptions from the COVID-19 pandemic and Russia’s invasion of Ukraine, investors were left with few places to hide. The traditional relationship between equities and fixed income broke down, as both asset classes sold off together. In fact, 2022 was only the third year since 1926 that U.S. large-cap stocks, corporate bonds and intermediate government bonds simultaneously had negative annual returns.

In the U.S. equity market, energy had the best sector return for the second year in a row, followed by utilities and consumer staples. Rising rates hit growth-oriented technology and communications stocks particularly hard, as investors revised their forward-looking return assumptions on some highly valued companies. The S&P 500 entered its first bear market since 2020 in June 2022 and ended the year down 18.11%

U.S. fixed income markets suffered across the board. The Federal Reserve raised the federal funds rate by 425 basis points from near zero, pushing U.S. Treasury yields up across the curve. Short-dated bonds sold off more sharply than longer-dated bonds, causing the curve to invert. The 10-year Treasury yield soared 237 basis points to 3.88%, while corporate investment grade (BBB/Baa and above) and high-yield bonds

Results at a glance

For periods ended December 31, 2022, with all distributions reinvested

	Cumulative total returns			Average annual total returns
	1 year			5 years			10 years			Lifetime1
American Balanced Fund (Class F-2 shares)2		-11.91	%		5.74	%		8.48	%		10.42	%
American Balanced Fund (Class A shares)		-12.11			5.52			8.26			10.19
60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index3,4,5,6		-15.79			5.96			8.08			9.66
S&P 500 Index4,6		-18.11			9.42			12.56			11.33
Bloomberg U.S. Aggregate Index5,6		-13.01			0.02			1.06			6.70

Past results are not predictive of results in future periods.

1	Lifetime returns are from July 26, 1975, the inception date of Class A shares and the 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	Blends the S&P 500 Index with the Bloomberg U.S. Aggregate Index by weighting their total returns at 60% and 40%, respectively. Results assume the blend is rebalanced monthly.
4	Source: S&P Dow Jones Indices LLC. The S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.
5	Source: Bloomberg Index Services Ltd. For the period July 31, 1975, to December 31, 1975, Bloomberg Government/Credit Bond Index was used. The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market.
6	The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

American Balanced Fund 1

endured double-digit total return losses. The Bloomberg U.S. Aggregate Bond Index (a broad measure of the U.S. fixed income market) recorded the poorest annual investment return in its 46-year history, plummeting 13.01%.

Fund results

Amid a rare and unusually difficult environment for balanced portfolios, American Balanced Fund (AMBAL) produced negative absolute results but comfortably outpaced its benchmark. AMBAL Class F-2 shares lost 11.91% for the 12-month period that ended December 31, 2022. However, the 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Bond Index (the fund’s primary benchmark) declined 15.79% during that same period.

Since 1975, this is only the fifth year in which AMBAL did not produce positive returns for shareholders. While we never want to celebrate negative absolute returns, the fund’s strong relative results in 2022 are noteworthy. These results reinforce our conviction in our strategy of focusing on the three objectives that were established when the fund was started in 1932: conservation of capital, current income, and long-term growth of capital and income (Capital Research and Management Company, the fund’s investment adviser, began managing the fund in 1975). Balancing those objectives, which guide our investment strategy, helped us be prepared for these challenging market conditions.

We feel confident that AMBAL is successfully helping shareholders pursue their long-term financial goals — which we believe to be the true measure of any fund. AMBAL Class F-2 shares’ 10-year and lifetime annualized returns of 8.48% and 10.42% respectively, have both outpaced the fund’s primary benchmark.

In 2022, the equity portion of the portfolio benefited from its significant exposure to the energy sector and solid security selection, for example in the consumer staples sector. Lower exposure to certain technology-oriented and consumer discretionary holdings also provided a large boost to relative results. Within fixed income, the fund benefited from a below-benchmark position to mortgages early in the year and shorter exposure to duration.

The equity portfolio

AMBAL invests primarily in blue chip equities and investment-grade fixed income securities using a balanced approach and an emphasis on U.S.-based holdings. Our managers build the fund’s equity portfolio from the bottom up, with an eye toward eschewing volatility. We do not start with any benchmark or index and work backward. We construct our portfolio by answering the question: “What’s the best collection of companies in which we can invest at this moment?”

This year, the fund benefited from exposure to more cyclical, inflation-sensitive sectors, like energy, materials and select industrials. One example of this is global food processor Archer Daniels Midland (ADM), which was a significant contributor to fund results. ADM, which converts agricultural crops into products used by food and livestock companies, saw its margins expand in 2022 as prices on commodity food items like corn, soy and wheat rose due to the high inflation environment, drought in certain agricultural regions and the war in Ukraine. Stress in the global supply chain also helped ADM’s results, as demand rose for its processing capabilities. Energy companies like Canadian Natural Resources, Halliburton and Pioneer Natural Resources also did well in the high inflation environment and boosted the fund’s results.

In health care, AMBAL saw strong contributions from service companies like United Healthcare and Cigna. As the U.S. came out of COVID lockdowns, pent-up demand for routine medical care helped lift revenue for these companies even as the economy was starting to slow. We remain optimistic about this sector on a long-term basis. By leveraging technology and promoting vertical integration between doctors, hospitals and pharmaceutical companies, we believe these companies are driving down costs and providing patients with better care.

Taiwan Semiconductor Manufacturing (TSMC) was among the portfolio’s equity holdings that did poorly. It was a difficult year for the semiconductor industry for numerous reasons, including a slowdown in demand from areas like cloud computing and cryptocurrency mining, as well as insufficient supply for other sectors like auto manufacturing. Geopolitical risk also weighed on TSMC, as investors grew concerned about heightening tensions between Taiwan and China. However, we believe TSMC should be additive to results over the long term as the global supply

Past results are not predictive of results in future periods.

2 American Balanced Fund

chain rights itself. The company is also taking strategic steps to try to mitigate some of the geopolitical risks, with plans to build fabrication facilities in the U.S.

Comcast and Charter Communications weighed on results for the second year in a row, due to industry-wide worries about slowing growth in cable broadband subscriptions. But we believe the business model for cable companies is still very much intact. There’s increasing concern among investors that cable companies are going to see rising competition from traditional telecommunications companies. But we haven’t lost conviction in the long-term potential of Comcast and Charter to generate very strong and growing excess cash flows. We remain confident in their model of delivering premium internet service over an established infrastructure system that doesn’t require a lot of additional investment.

The fixed income portfolio

In a year of significant volatility that led to negative absolute returns for bonds, AMBAL’s fixed income portfolio delivered very strong results relative to its benchmark, outpacing the Bloomberg U.S. Aggregate Bond Index. The idea of balance is always at the forefront of our thinking. In the case of fixed income returns, we were trying to position for a likely rise in interest rates while balancing the traditional role of bonds and creating an allocation that could offset volatility in equities.

Interest rate positioning, both overall duration and positioning along the yield curve, provided significant positive excess returns. Sector and security selection detracted in aggregate. An off-benchmark allocation to Treasury Inflation-Protected Securities (TIPS) weighed on results.

Early in the year, the portfolio was short duration (meaning it was less sensitive to interest rate moves than the benchmark) and invested in a yield curve flattening position which benefits when the difference between long and short-term yields shrinks. This combination worked well amid the Federal Reserve’s aggressive interest rate increases. A strategic below-benchmark allocation to mortgages at the beginning of 2022 also boosted returns.

Mortgages did very poorly during most of the year, as the Fed brought its quantitative easing program to an end. When the mortgages the Fed had been buying hit the open market, investors weren’t willing to pay the same prices. As a result, we saw a significant change in the valuation of mortgages during the year. As the price came down, we started adding to our mortgage holdings later in the year, but during most of 2022, we held significantly less than the benchmark and that was a positive driver of results.

In a reversal from 2021, TIPS were one of the primary detractors of investment results in 2022. These assets are often thought of as a hedge against inflation, but we believe they are more accurately described as a hedge against inflation expectations. So, while inflation remained high, TIPS markets started pricing in an expectation of lower inflation as the Fed began raising rates. This led to lower results, despite TIPS providing a solid above market yield.

Thank you

We would like to thank our shareholders for the trust they have placed in our investment team and our balanced investment strategy.

We will continue to follow our prudent, research-driven approach to investing that has long characterized American Balanced Fund. We look forward to reporting to you again in six months’ time.

Sincerely,

Paul Benjamin
Co-President

Jeffrey T. Lager
Co-President

February 9, 2023

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

Past results are not predictive of results in future periods.

American Balanced Fund 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	The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.
4	Source: S&P Dow Jones Indices LLC.
5	Includes reinvested dividends and reinvested capital gain distributions.
6	Blends the S&P 500 Index with the Bloomberg U.S. Aggregate Index by weighting the total returns at 60% and 40%, respectively. Results assume the blend is rebalanced monthly.
7	Source: Bloomberg Index Services Ltd. For the period July 31, 1975, to December 31, 1975, Bloomberg Government/Credit Bond Index was used.
8	For the period July 26, 1975 (when Capital Research and Management Company became the fund’s investment adviser) through December 31, 1975.

4 American Balanced Fund

How a hypothetical $10,000 investment has grown

This chart shows how a hypothetical $10,000 investment in American Balanced Fund’s Class F-2 and Class A shares grew from July 26, 1975 — when Capital Research and Management Company became the fund’s investment adviser — to December 31, 2022.

American Balanced Fund 5

Investment portfolio December 31, 2022

Investment mix by security type Percent of net assets

Common stocks 61.97%	Shares		Value (000)
Health care 11.56%
UnitedHealth Group, Inc.		9,189,031	$	4,871,840
Pfizer, Inc.		62,687,097		3,212,087
CVS Health Corp.		20,848,734		1,942,894
Eli Lilly and Company		4,644,996		1,699,325
AbbVie, Inc.		7,591,736		1,226,900
Gilead Sciences, Inc.		14,005,731		1,202,392
AstraZeneca PLC		8,652,260		1,174,245
Thermo Fisher Scientific, Inc.		2,072,784		1,141,461
Johnson & Johnson		6,300,000		1,112,895
Cigna Corp.		2,441,627		809,009
Humana, Inc.		1,100,000		563,409
Centene Corp.1		6,557,000		537,740
Vertex Pharmaceuticals, Inc.1		1,862,000		537,708
Abbott Laboratories		4,413,394		484,547
Elevance Health, Inc.		796,642		408,653
Bristol-Myers Squibb Company		4,208,381		302,793
Zoetis, Inc., Class A		1,870,434		274,112
Regeneron Pharmaceuticals, Inc.1		350,000		252,521
ResMed, Inc.		707,000		147,148
Merck & Co., Inc.		1,030,839		114,372
Danaher Corp.		288,000		76,441
Catalent, Inc.1		1,393,000		62,699
Seagen, Inc.1		263,404		33,850
				22,189,041
Information technology 10.88%
Microsoft Corp.		26,731,339		6,410,710
Broadcom, Inc.		9,393,333		5,252,094
ASML Holding NV (New York registered) (ADR)		2,523,702		1,378,951
ASML Holding NV		485,000		262,532
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		20,790,672		1,548,697
Apple, Inc.		6,908,611		897,636
Mastercard, Inc., Class A		2,126,091		739,306
KLA Corp.		1,926,747		726,441
Intel Corp.		25,100,000		663,393
Applied Materials, Inc.		6,345,647		617,939
Visa, Inc., Class A		2,232,320		463,787
TE Connectivity, Ltd.		3,308,205		379,782
Automatic Data Processing, Inc.		1,025,000		244,831
Fidelity National Information Services, Inc.		3,499,288		237,427
Shopify, Inc., Class A, subordinate voting shares1		6,283,000		218,083
Micron Technology, Inc.		3,321,000		165,983
Arista Networks, Inc.1		1,260,000		152,901
Paychex, Inc.		1,266,994		146,414
SK hynix, Inc.		1,890,000		113,763

6 American Balanced Fund

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
Adobe, Inc.1		313,932	$	105,647
Ceridian HCM Holding, Inc.1		1,158,000		74,286
Oracle Corp.		837,900		68,490
				20,869,093
Consumer discretionary 7.01%
Home Depot, Inc.		9,094,889		2,872,712
Target Corp.		9,838,429		1,466,320
D.R. Horton, Inc.		11,795,000		1,051,406
General Motors Company		27,700,000		931,828
Amazon.com, Inc.1		10,586,980		889,306
Dollar General Corp.		2,702,815		665,568
Darden Restaurants, Inc.		4,716,442		652,425
Las Vegas Sands Corp.1		13,500,000		648,945
Dollar Tree Stores, Inc.1		4,544,600		642,788
Lennar Corp., Class A		7,053,400		638,333
LVMH Moët Hennessy-Louis Vuitton SE		679,957		493,952
Booking Holdings, Inc.1		230,352		464,224
McDonald’s Corp.		1,713,000		451,427
Aramark		8,568,024		354,202
TJX Companies, Inc.		4,207,128		334,887
Industria de Diseño Textil, SA		10,211,953		271,926
Restaurant Brands International, Inc.		3,793,706		245,339
Chipotle Mexican Grill, Inc.1		84,909		117,810
Marriott International, Inc., Class A		609,583		90,761
NIKE, Inc., Class B		757,900		88,682
YUM! Brands, Inc.		616,000		78,897
				13,451,738
Financials 6.60%
JPMorgan Chase & Co.		18,580,931		2,491,703
Chubb, Ltd.		5,988,861		1,321,143
Synchrony Financial		22,145,238		727,693
Bank of America Corp.		18,894,292		625,779
Aon PLC, Class A		2,068,427		620,818
Blackstone, Inc., nonvoting shares		7,416,745		550,248
Arthur J. Gallagher & Co.		2,443,121		460,626
HDFC Bank, Ltd.		19,703,000		387,860
Morgan Stanley		4,550,447		386,879
Wells Fargo & Company		9,178,000		378,960
Goldman Sachs Group, Inc.		1,047,100		359,553
Capital One Financial Corp.		3,782,000		351,575
East West Bancorp, Inc.		4,919,195		324,175
Discover Financial Services		3,275,000		320,393
Apollo Asset Management, Inc.		4,944,116		315,385
Berkshire Hathaway, Inc., Class B1		1,011,213		312,364
BlackRock, Inc.		375,700		266,232
KeyCorp		14,155,873		246,595
S&P Global, Inc.		702,159		235,181
Blue Owl Capital, Inc., Class A2		21,385,307		226,684
PNC Financial Services Group, Inc.		1,387,668		219,168
Brookfield Corp., Class A		5,509,000		173,313
Fifth Third Bancorp		4,737,000		155,421
Progressive Corp.		1,189,429		154,281
Toronto-Dominion Bank (CAD denominated)		2,334,400		151,150
Intercontinental Exchange, Inc.		1,424,363		146,125
Marsh & McLennan Companies, Inc.		857,380		141,879
CME Group, Inc., Class A		822,000		138,228
Nasdaq, Inc.		2,221,860		136,311
KKR & Co., Inc.		2,754,520		127,865
Arch Capital Group, Ltd.1		1,850,944		116,202
AIA Group, Ltd.		4,970,000		54,754
Brookfield Asset Management, Ltd., Class A		1,377,250		39,486
				12,664,029

American Balanced Fund 7

Common stocks (continued)	Shares		Value (000)
Consumer staples 5.85%
Philip Morris International, Inc.		40,649,628	$	4,114,149
Archer Daniels Midland Company		13,988,059		1,298,791
Altria Group, Inc.		27,943,233		1,277,285
British American Tobacco PLC		23,479,826		931,555
British American Tobacco PLC (ADR)2		3,794,000		151,684
Nestlé SA		8,449,093		975,748
General Mills, Inc.		5,908,184		495,401
Keurig Dr Pepper, Inc.		11,499,535		410,074
Procter & Gamble Company		2,685,327		406,988
Anheuser-Busch InBev SA/NV (ADR)2		4,899,061		294,140
Anheuser-Busch InBev SA/NV		1,085,664		65,268
Constellation Brands, Inc., Class A		1,524,416		353,284
Mondelez International, Inc.		2,451,717		163,407
Estée Lauder Companies, Inc., Class A		636,444		157,908
Kellogg Co.		1,923,573		137,035
				11,232,717
Industrials 5.54%
Northrop Grumman Corp.		2,679,885		1,462,172
Caterpillar, Inc.		4,456,908		1,067,697
L3Harris Technologies, Inc.		4,605,212		958,851
Lockheed Martin Corp.		1,691,714		823,002
Carrier Global Corp.		18,015,289		743,131
Boeing Company1		2,498,715		475,980
Jacobs Solutions, Inc.		3,600,000		432,252
TransDigm Group, Inc.		655,963		413,027
United Parcel Service, Inc., Class B		2,354,000		409,219
Union Pacific Corp.		1,927,404		399,108
CSX Corp.		12,339,368		382,274
Raytheon Technologies Corp.		3,495,216		352,737
Quanta Services, Inc.		2,289,000		326,183
Norfolk Southern Corp.		1,297,952		319,841
General Electric Co.		3,750,513		314,256
Rockwell Automation		1,220,035		314,244
Waste Management, Inc.		1,863,000		292,267
Airbus SE, non-registered shares		1,691,941		201,176
Robert Half International, Inc.		2,687,700		198,433
PACCAR, Inc.		1,882,742		186,335
Cintas Corp.		351,377		158,689
Huntington Ingalls Industries, Inc.		555,000		128,027
Honeywell International, Inc.		569,516		122,047
AMETEK, Inc.		641,003		89,561
ABB, Ltd.		1,779,844		54,210
				10,624,719
Energy 5.31%
Canadian Natural Resources, Ltd. (CAD denominated)2		33,247,013		1,846,265
Pioneer Natural Resources Company		7,551,000		1,724,573
Chevron Corp.		7,512,124		1,348,351
Halliburton Company		29,136,350		1,146,515
ConocoPhillips		9,385,563		1,107,496
TC Energy Corp. (CAD denominated)2		15,513,224		618,467
Baker Hughes Co., Class A		13,500,506		398,670
EQT Corp.		11,450,000		387,354
Schlumberger, Ltd.		7,100,000		379,566
Hess Corp.		2,000,000		283,640
Coterra Energy, Inc.		9,411,441		231,239
Exxon Mobil Corp.		1,865,000		205,710
Enbridge, Inc. (CAD denominated)		3,331,292		130,201
Enbridge, Inc.		1,284,384		50,219
Enviva, Inc.2		3,331,927		176,492
HF Sinclair Corp.		2,979,000		154,580
				10,189,338

8 American Balanced Fund

Common stocks (continued)	Shares		Value (000)
Communication services 3.74%
Alphabet, Inc., Class C1		18,518,006	$	1,643,103
Alphabet, Inc., Class A1		5,671,580		500,403
Comcast Corp., Class A		49,343,815		1,725,553
Charter Communications, Inc., Class A1		3,185,422		1,080,177
Netflix, Inc.1		3,201,048		943,925
Meta Platforms, Inc., Class A1		6,451,882		776,420
ZoomInfo Technologies, Inc.1		7,670,887		230,970
AT&T, Inc.		7,670,000		141,205
Take-Two Interactive Software, Inc.1		689,920		71,841
Activision Blizzard, Inc.		930,300		71,214
				7,184,811
Materials 2.33%
Linde PLC		2,765,087		901,916
Wheaton Precious Metals Corp.		13,795,000		539,109
Vale SA (ADR), ordinary nominative shares		30,946,776		525,167
Royal Gold, Inc.3		3,610,000		406,919
Shin-Etsu Chemical Co., Ltd.		3,000,000		365,506
Corteva, Inc.		5,097,000		299,602
CF Industries Holdings, Inc.		2,764,000		235,493
Nucor Corp.		1,499,000		197,583
Franco-Nevada Corp.2		1,276,573		174,016
Agnico Eagle Mines, Ltd.2		3,208,000		166,784
Rio Tinto PLC		2,158,000		151,419
Grupo México, SAB de CV, Series B		37,571,000		131,898
Dow, Inc.		2,591,965		130,609
Anglo American PLC		2,132,000		83,388
Lundin Mining Corp.		8,597,000		52,763
LyondellBasell Industries NV		542,893		45,076
First Quantum Minerals, Ltd.		2,006,000		41,913
Glencore PLC		4,131,000		27,623
				4,476,784
Real estate 1.91%
Crown Castle, Inc. REIT		6,702,260		909,094
Iron Mountain, Inc. REIT		11,890,977		592,765
VICI Properties, Inc. REIT		17,263,967		559,352
Extra Space Storage, Inc. REIT		3,166,209		466,003
Equinix, Inc. REIT		612,808		401,408
Sun Communities, Inc. REIT		2,715,000		388,245
Gaming and Leisure Properties, Inc. REIT		5,295,482		275,842
American Tower Corp. REIT		294,000		62,287
				3,654,996
Utilities 1.24%
CenterPoint Energy, Inc.		25,469,141		763,820
Sempra Energy		4,118,752		636,512
PG&E Corp.1		20,303,125		330,129
AES Corp.		10,665,000		306,725
NextEra Energy, Inc.		3,092,545		258,537
National Grid PLC		7,327,000		88,007
				2,383,730
Total common stocks (cost: $76,669,614,000)				118,920,996
Preferred securities 0.01%
Financials 0.01%
CoBank, ACB, Class E, 5.006% noncumulative preferred shares4,5		7,440		5,952
Total preferred securities (cost: $5,208,000)				5,952
Convertible stocks 0.11%
Health care 0.11%
Boston Scientific Corp., Series A, convertible preferred shares, 5.50% 6/1/2023		996,147		114,378
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 4/15/20232		71,365		96,810
Total convertible stocks (cost: $187,490,000)				211,188

American Balanced Fund 9

Investment funds 4.53%	Shares		Value (000)
Capital Group Central Corporate Bond Fund3		1,067,062,297	$	8,696,558
Total investment funds (cost: $10,639,567,000)				8,696,558
Bonds, notes & other debt instruments 28.89%	Principal amount (000)
Mortgage-backed obligations 11.17%
Federal agency mortgage-backed obligations 10.30%
Fannie Mae Pool #BE7150 3.50% 2/1/20326	USD	129		126
Fannie Mae Pool #357399 5.50% 6/1/20336		68		70
Fannie Mae Pool #AS0727 3.50% 10/1/20336		70		68
Fannie Mae Pool #555880 5.50% 11/1/20336		739		755
Fannie Mae Pool #555956 5.50% 12/1/20336		647		668
Fannie Mae Pool #MA2138 3.50% 1/1/20356		152		146
Fannie Mae Pool #AA0914 5.00% 7/1/20356		194		198
Fannie Mae Pool #745092 6.50% 7/1/20356		705		731
Fannie Mae Pool #887695 6.00% 6/1/20366		250		261
Fannie Mae Pool #888292 6.00% 3/1/20376		1,864		1,948
Fannie Mae Pool #256860 6.50% 8/1/20376		224		232
Fannie Mae Pool #888746 6.50% 10/1/20376		456		475
Fannie Mae Pool #MA3280 3.50% 2/1/20386		112		108
Fannie Mae Pool #889658 6.50% 6/1/20386		691		725
Fannie Mae Pool #MA3412 3.50% 7/1/20386		292		278
Fannie Mae Pool #MA3539 4.50% 12/1/20386		104		103
Fannie Mae Pool #FM1441 3.50% 8/1/20396		406		381
Fannie Mae Pool #AD0679 5.50% 10/1/20396		19		20
Fannie Mae Pool #932752 5.00% 4/1/20406		304		308
Fannie Mae Pool #AD8536 5.00% 8/1/20406		1,092		1,104
Fannie Mae Pool #AE3049 4.50% 9/1/20406		1,926		1,906
Fannie Mae Pool #AE2513 5.00% 9/1/20406		695		704
Fannie Mae Pool #AE4689 5.00% 9/1/20406		259		258
Fannie Mae Pool #AE0395 4.50% 10/1/20406		2,442		2,423
Fannie Mae Pool #AE5471 4.50% 10/1/20406		1,523		1,507
Fannie Mae Pool #AH3575 4.50% 1/1/20416		2,463		2,444
Fannie Mae Pool #AH9420 5.00% 4/1/20416		277		281
Fannie Mae Pool #AH9370 5.00% 4/1/20416		267		268
Fannie Mae Pool #AI2503 4.00% 5/1/20416		1,995		1,917
Fannie Mae Pool #AI0582 5.00% 5/1/20416		505		512
Fannie Mae Pool #AH9938 5.00% 5/1/20416		172		173
Fannie Mae Pool #AI1865 5.00% 5/1/20416		23		23
Fannie Mae Pool #AH5452 5.00% 6/1/20416		373		374
Fannie Mae Pool #AI4289 5.00% 6/1/20416		218		221
Fannie Mae Pool #AI4296 5.00% 6/1/20416		70		71
Fannie Mae Pool #AI4563 5.00% 6/1/20416		5		5
Fannie Mae Pool #MA4387 2.00% 7/1/20416		31,462		26,558
Fannie Mae Pool #AI5589 4.50% 7/1/20416		37		36
Fannie Mae Pool #AI8121 5.00% 7/1/20416		632		641
Fannie Mae Pool #AI7218 5.00% 7/1/20416		299		299
Fannie Mae Pool #MA0791 5.00% 7/1/20416		91		92
Fannie Mae Pool #AI6576 5.00% 7/1/20416		87		89
Fannie Mae Pool #AI7058 5.00% 7/1/20416		49		49
Fannie Mae Pool #AI3894 5.00% 8/1/20416		248		248
Fannie Mae Pool #AI7159 5.00% 9/1/20416		111		112
Fannie Mae Pool #AJ1422 5.00% 9/1/20416		4		4
Fannie Mae Pool #MA4501 2.00% 12/1/20416		46,733		39,449
Fannie Mae Pool #FS0305 1.50% 1/1/20426		118,271		96,901
Fannie Mae Pool #MA4520 2.00% 1/1/20426		76,851		64,872
Fannie Mae Pool #AK2147 5.00% 2/1/20426		222		220
Fannie Mae Pool #AQ9302 3.50% 1/1/20436		515		482
Fannie Mae Pool #AT7696 3.50% 6/1/20436		4,819		4,504
Fannie Mae Pool #AT7689 3.50% 6/1/20436		2,114		1,978
Fannie Mae Pool #AT7680 3.50% 6/1/20436		832		778
Fannie Mae Pool #AU8813 4.00% 11/1/20436		269		263
Fannie Mae Pool #AU9348 4.00% 11/1/20436		184		179
Fannie Mae Pool #AU9350 4.00% 11/1/20436		153		148
Fannie Mae Pool #AV1538 4.50% 11/1/20436		3,964		3,898
Fannie Mae Pool #FM9416 3.50% 7/1/20456		79,604		73,710
Fannie Mae Pool #AL8354 3.50% 10/1/20456		5,759		5,370

10 American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #BC0157 3.50% 1/1/20466	USD	6,716	$	6,251
Fannie Mae Pool #AL9499 3.50% 1/1/20466		5,253		4,843
Fannie Mae Pool #AS6789 3.50% 3/1/20466		5,396		5,020
Fannie Mae Pool #MA2608 3.00% 5/1/20466		1,260		1,130
Fannie Mae Pool #AL8522 3.50% 5/1/20466		9,346		8,696
Fannie Mae Pool #AS7168 3.50% 5/1/20466		3,703		3,442
Fannie Mae Pool #BC7611 4.00% 5/1/20466		454		435
Fannie Mae Pool #MA2771 3.00% 10/1/20466		1,144		1,025
Fannie Mae Pool #FM2795 3.00% 11/1/20466		3,784		3,394
Fannie Mae Pool #AS8310 3.00% 11/1/20466		2,980		2,679
Fannie Mae Pool #BD9665 4.00% 11/1/20466		909		872
Fannie Mae Pool #BE3151 3.50% 1/1/20476		1,207		1,123
Fannie Mae Pool #BE3162 3.50% 1/1/20476		996		924
Fannie Mae Pool #BM3528 3.50% 2/1/20476		34,645		32,241
Fannie Mae Pool #BE9242 4.50% 3/1/20476		21		21
Fannie Mae Pool #BM1179 3.00% 4/1/20476		3,522		3,156
Fannie Mae Pool #BH7779 3.50% 8/1/20476		28		26
Fannie Mae Pool #256893 7.00% 8/1/20476		7		8
Fannie Mae Pool #BH4022 3.50% 9/1/20476		16,205		15,038
Fannie Mae Pool #CA0453 4.00% 9/1/20476		19,584		18,698
Fannie Mae Pool #BH6387 3.50% 10/1/20476		365		339
Fannie Mae Pool #MA3149 4.00% 10/1/20476		12,948		12,370
Fannie Mae Pool #CA0623 4.50% 10/1/20476		2,866		2,822
Fannie Mae Pool #947661 6.50% 10/1/20476		8		8
Fannie Mae Pool #256975 7.00% 10/1/20476		38		40
Fannie Mae Pool #920015 7.00% 10/1/20476		16		17
Fannie Mae Pool #BF0364 3.00% 11/1/20476		21,102		19,607
Fannie Mae Pool #CA0770 3.50% 11/1/20476		4,521		4,201
Fannie Mae Pool #MA3183 4.00% 11/1/20476		3,198		3,060
Fannie Mae Pool #257030 6.50% 11/1/20476		44		45
Fannie Mae Pool #257036 7.00% 11/1/20476		12		13
Fannie Mae Pool #CA0854 3.50% 12/1/20476		7,443		6,905
Fannie Mae Pool #BM4413 4.50% 12/1/20476		7,008		6,904
Fannie Mae Pool #BM3332 3.50% 1/1/20486		1,482		1,375
Fannie Mae Pool #BJ4342 4.00% 1/1/20486		234		224
Fannie Mae Pool #CA1015 4.00% 1/1/20486		61		58
Fannie Mae Pool #BJ8318 4.50% 1/1/20486		86		85
Fannie Mae Pool #BK1198 4.00% 2/1/20486		1,786		1,705
Fannie Mae Pool #MA3277 4.00% 2/1/20486		48		46
Fannie Mae Pool #BK1135 4.50% 2/1/20486		373		365
Fannie Mae Pool #BM3714 3.50% 3/1/20486		5,624		5,217
Fannie Mae Pool #BJ6760 3.50% 3/1/20486		3,714		3,447
Fannie Mae Pool #CA1532 3.50% 4/1/20486		9,214		8,561
Fannie Mae Pool #CA1542 4.00% 4/1/20486		149		142
Fannie Mae Pool #BJ9260 4.00% 4/1/20486		17		16
Fannie Mae Pool #BM4033 3.50% 5/1/20486		19,758		18,330
Fannie Mae Pool #BJ2751 4.50% 5/1/20486		5,716		5,599
Fannie Mae Pool #BJ5829 4.50% 6/1/20486		63		61
Fannie Mae Pool #BF0293 3.00% 7/1/20486		66,658		59,269
Fannie Mae Pool #BF0318 3.50% 8/1/20486		30,343		27,953
Fannie Mae Pool #BM2007 4.00% 9/1/20486		497		475
Fannie Mae Pool #FM1784 4.00% 9/1/20486		208		198
Fannie Mae Pool #BF0323 3.00% 11/1/20486		31,509		28,017
Fannie Mae Pool #BF0325 3.50% 11/1/20486		40,239		37,069
Fannie Mae Pool #CA2642 4.50% 11/1/20486		166		162
Fannie Mae Pool #CA3068 3.50% 2/1/20496		5,599		5,185
Fannie Mae Pool #CA3184 4.00% 3/1/20496		280		268
Fannie Mae Pool #FM3280 3.50% 5/1/20496		20,827		19,296
Fannie Mae Pool #CA3807 3.00% 7/1/20496		4,941		4,423
Fannie Mae Pool #CA3806 3.00% 7/1/20496		3,188		2,855
Fannie Mae Pool #CA3814 3.50% 7/1/20496		919		859
Fannie Mae Pool #CA4079 3.50% 8/1/20496		20,931		19,294
Fannie Mae Pool #BO1345 3.50% 8/1/20496		33		30
Fannie Mae Pool #CA3976 4.00% 8/1/20496		1,564		1,489
Fannie Mae Pool #FM1668 4.00% 8/1/20496		156		148
Fannie Mae Pool #FM2318 3.50% 9/1/20496		24,324		22,526
Fannie Mae Pool #CA4112 3.50% 9/1/20496		1,038		971

American Balanced Fund 11

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #FM1913 4.00% 9/1/20496	USD	3,557	$	3,395
Fannie Mae Pool #CA4432 4.00% 10/1/20496		175		166
Fannie Mae Pool #CA4533 3.00% 11/1/20496		35,802		32,094
Fannie Mae Pool #BO5349 3.50% 11/1/20496		47		44
Fannie Mae Pool #CA4756 3.00% 12/1/20496		19,148		17,072
Fannie Mae Pool #BO4808 3.00% 12/1/20496		14,686		13,051
Fannie Mae Pool #CA4800 3.50% 12/1/20496		54,281		50,751
Fannie Mae Pool #CA5659 2.50% 5/1/20506		1,212		1,030
Fannie Mae Pool #CA5968 2.50% 6/1/20506		48,222		41,440
Fannie Mae Pool #CA6579 2.00% 8/1/20506		50,485		41,542
Fannie Mae Pool #CA6593 2.50% 8/1/20506		42,332		36,449
Fannie Mae Pool #MA4096 2.50% 8/1/20506		13,834		11,816
Fannie Mae Pool #BP6715 2.00% 9/1/20506		138		113
Fannie Mae Pool #CA7028 2.50% 9/1/20506		2,357		2,035
Fannie Mae Pool #CA7599 2.50% 11/1/20506		39,140		33,757
Fannie Mae Pool #CA7606 3.00% 11/1/20506		109,716		98,313
Fannie Mae Pool #MA4208 2.00% 12/1/20506		204,622		167,553
Fannie Mae Pool #CA8285 3.00% 12/1/20506		51,457		46,158
Fannie Mae Pool #CA8046 3.00% 12/1/20506		34,910		31,346
Fannie Mae Pool #CA8828 2.50% 2/1/20516		26,480		22,762
Fannie Mae Pool #CA9308 3.00% 2/1/20516		130,561		114,914
Fannie Mae Pool #CA8870 3.00% 2/1/20516		118,196		104,816
Fannie Mae Pool #CA8969 3.00% 2/1/20516		1,389		1,230
Fannie Mae Pool #CB0290 2.00% 4/1/20516		349,248		285,699
Fannie Mae Pool #MA4305 2.00% 4/1/20516		4,459		3,646
Fannie Mae Pool #CB0496 2.00% 5/1/20516		233,298		190,686
Fannie Mae Pool #MA4325 2.00% 5/1/20516		194,176		158,745
Fannie Mae Pool #BR1035 2.00% 5/1/20516		2,629		2,148
Fannie Mae Pool #CB0457 2.50% 5/1/20516		188,571		160,354
Fannie Mae Pool #CB0738 3.00% 6/1/20516		1,804		1,588
Fannie Mae Pool #CB1135 2.50% 7/1/20516		654		555
Fannie Mae Pool #FM8453 3.00% 8/1/20516		53,513		47,712
Fannie Mae Pool #BU3295 2.50% 10/1/20516		3,896		3,310
Fannie Mae Pool #FS0965 2.00% 11/1/20516		21,064		17,268
Fannie Mae Pool #CB2874 2.50% 11/1/20516		95		81
Fannie Mae Pool #FM9632 3.00% 11/1/20516		44,964		39,804
Fannie Mae Pool #CB2078 3.00% 11/1/20516		29,730		26,162
Fannie Mae Pool #FM9631 3.00% 11/1/20516		19,129		16,969
Fannie Mae Pool #CB2375 2.50% 12/1/20516		83,798		71,527
Fannie Mae Pool #CB2319 2.50% 12/1/20516		82,933		70,906
Fannie Mae Pool #CB2286 2.50% 12/1/20516		45,910		39,252
Fannie Mae Pool #CB2372 2.50% 12/1/20516		39,732		33,970
Fannie Mae Pool #BT9483 2.50% 12/1/20516		31,685		27,090
Fannie Mae Pool #BT9510 2.50% 12/1/20516		31,437		26,919
Fannie Mae Pool #CB2371 2.50% 12/1/20516		23,119		19,796
Fannie Mae Pool #CB2373 2.50% 12/1/20516		14,356		12,274
Fannie Mae Pool #BU3058 2.50% 12/1/20516		498		423
Fannie Mae Pool #CB2432 3.00% 12/1/20516		2,999		2,636
Fannie Mae Pool #BV1172 3.00% 12/1/20516		2,679		2,355
Fannie Mae Pool #FM9850 3.00% 12/1/20516		384		338
Fannie Mae Pool #BT5284 3.00% 12/1/20516		119		104
Fannie Mae Pool #FS0381 2.50% 1/1/20526		997		846
Fannie Mae Pool #FS0235 2.50% 1/1/20526		408		346
Fannie Mae Pool #BU7552 2.50% 1/1/20526		82		69
Fannie Mae Pool #CB2555 2.50% 1/1/20526		45		39
Fannie Mae Pool #CB2523 2.50% 1/1/20526		23		20
Fannie Mae Pool #FS0182 3.00% 1/1/20526		39,151		34,464
Fannie Mae Pool #FS0124 3.00% 1/1/20526		2,369		2,089
Fannie Mae Pool #CB2670 3.00% 1/1/20526		1,213		1,067
Fannie Mae Pool #FS0303 3.00% 1/1/20526		742		652
Fannie Mae Pool #FS0972 3.50% 1/1/20526		7,225		6,697
Fannie Mae Pool #CB2765 2.00% 2/1/20526		65,849		54,143
Fannie Mae Pool #CB3666 2.50% 2/1/20526		9,352		7,931
Fannie Mae Pool #FS0546 2.50% 2/1/20526		998		846
Fannie Mae Pool #CB2864 2.50% 2/1/20526		96		81
Fannie Mae Pool #BV2217 2.50% 2/1/20526		65		56
Fannie Mae Pool #CB2865 2.50% 2/1/20526		64		54

12 American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #BV3674 2.50% 2/1/20526	USD	63	$	53
Fannie Mae Pool #BV1105 2.50% 2/1/20526		44		38
Fannie Mae Pool #CB2882 3.00% 2/1/20526		83,652		74,048
Fannie Mae Pool #CB2800 3.00% 2/1/20526		45,537		40,037
Fannie Mae Pool #FS0647 3.00% 2/1/20526		11,460		10,229
Fannie Mae Pool #CB2896 3.00% 2/1/20526		457		402
Fannie Mae Pool #CB2929 3.00% 2/1/20526		92		81
Fannie Mae Pool #BV5800 2.50% 3/1/20526		1,470		1,246
Fannie Mae Pool #CB3158 2.50% 3/1/20526		92		79
Fannie Mae Pool #BU6885 2.50% 3/1/20526		64		54
Fannie Mae Pool #BT8111 2.50% 3/1/20526		29		24
Fannie Mae Pool #CB3236 3.00% 3/1/20526		119,938		105,373
Fannie Mae Pool #FS1030 3.00% 3/1/20526		52,000		45,709
Fannie Mae Pool #FS0831 3.00% 3/1/20526		1,767		1,553
Fannie Mae Pool #BV5789 3.00% 3/1/20526		495		435
Fannie Mae Pool #BV4631 3.00% 3/1/20526		458		404
Fannie Mae Pool #MA4564 3.00% 3/1/20526		432		380
Fannie Mae Pool #BV2954 3.00% 3/1/20526		203		179
Fannie Mae Pool #FS0957 3.00% 3/1/20526		199		175
Fannie Mae Pool #BV3353 3.00% 3/1/20526		180		158
Fannie Mae Pool #CB3177 3.50% 3/1/20526		53,879		49,033
Fannie Mae Pool #MA4578 2.50% 4/1/20526		100,756		85,466
Fannie Mae Pool #FS1922 2.50% 4/1/20526		17,966		15,257
Fannie Mae Pool #BV8126 2.50% 4/1/20526		918		780
Fannie Mae Pool #BV7745 2.50% 4/1/20526		95		80
Fannie Mae Pool #BV7096 2.50% 4/1/20526		68		58
Fannie Mae Pool #FS3275 3.00% 4/1/20526		222,621		195,685
Fannie Mae Pool #BV9613 3.00% 4/1/20526		24,742		21,750
Fannie Mae Pool #BV8117 3.00% 4/1/20526		9,467		8,318
Fannie Mae Pool #BU8945 3.00% 4/1/20526		6,543		5,749
Fannie Mae Pool #BV5386 3.00% 4/1/20526		974		859
Fannie Mae Pool #CB3364 3.00% 4/1/20526		319		281
Fannie Mae Pool #BV4694 3.00% 4/1/20526		315		277
Fannie Mae Pool #BV4660 3.00% 4/1/20526		259		227
Fannie Mae Pool #BU8944 3.00% 4/1/20526		102		90
Fannie Mae Pool #CB3417 3.50% 4/1/20526		25,027		22,773
Fannie Mae Pool #BV9644 2.50% 5/1/20526		8,772		7,439
Fannie Mae Pool #BV7521 2.50% 5/1/20526		1,996		1,692
Fannie Mae Pool #CB3665 2.50% 5/1/20526		998		847
Fannie Mae Pool #MA4598 2.50% 5/1/20526		26		22
Fannie Mae Pool #CB3495 3.00% 5/1/20526		35,841		31,493
Fannie Mae Pool #BV5578 3.00% 5/1/20526		26,241		23,056
Fannie Mae Pool #BT8113 3.00% 5/1/20526		6,604		5,803
Fannie Mae Pool #BU8850 3.00% 5/1/20526		5,610		4,932
Fannie Mae Pool #BT8220 3.00% 5/1/20526		4,906		4,313
Fannie Mae Pool #BW1734 3.00% 5/1/20526		2,635		2,317
Fannie Mae Pool #BV9835 3.00% 5/1/20526		989		869
Fannie Mae Pool #BV2443 3.00% 5/1/20526		606		533
Fannie Mae Pool #BT7819 3.00% 5/1/20526		63		56
Fannie Mae Pool #BV9819 3.00% 5/1/20526		52		46
Fannie Mae Pool #CB3581 3.00% 5/1/20526		35		30
Fannie Mae Pool #MA4600 3.50% 5/1/20526		137,731		125,261
Fannie Mae Pool #CB3620 4.00% 5/1/20526		97,988		92,039
Fannie Mae Pool #FS1834 4.00% 5/1/20526		45,525		43,006
Fannie Mae Pool #CB3653 5.00% 5/1/20526		31		31
Fannie Mae Pool #BV9700 2.50% 6/1/20526		980		832
Fannie Mae Pool #BW2170 2.50% 6/1/20526		25		21
Fannie Mae Pool #BW2909 3.00% 6/1/20526		4,433		3,897
Fannie Mae Pool #BW1128 3.00% 6/1/20526		2,000		1,758
Fannie Mae Pool #CB3890 3.00% 6/1/20526		1,492		1,311
Fannie Mae Pool #MA4624 3.00% 6/1/20526		1,040		914
Fannie Mae Pool #BV2451 3.00% 6/1/20526		792		696
Fannie Mae Pool #BV2452 3.00% 6/1/20526		761		669
Fannie Mae Pool #BV5624 3.00% 6/1/20526		500		439
Fannie Mae Pool #CB3896 3.00% 6/1/20526		197		173
Fannie Mae Pool #BW1449 3.00% 6/1/20526		38		33
Fannie Mae Pool #MA4684 4.50% 6/1/20526		145		139

American Balanced Fund 13

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #BV7868 2.50% 7/1/20526	USD	2,015	$	1,709
Fannie Mae Pool #BV7830 2.50% 7/1/20526		60		51
Fannie Mae Pool #BW8071 2.50% 7/1/20526		28		24
Fannie Mae Pool #MA4653 3.00% 7/1/20526		1,500		1,318
Fannie Mae Pool #BW3384 3.00% 7/1/20526		656		577
Fannie Mae Pool #BV2586 3.00% 7/1/20526		26		23
Fannie Mae Pool #MA4654 3.50% 7/1/20526		14,988		13,637
Fannie Mae Pool #BW0015 4.00% 7/1/20526		61		58
Fannie Mae Pool #MA4656 4.50% 7/1/20526		27,120		26,132
Fannie Mae Pool #FS2555 4.50% 7/1/20526		105		101
Fannie Mae Pool #MA4743 2.50% 8/1/20526		1,996		1,693
Fannie Mae Pool #BW7756 3.00% 8/1/20526		717		631
Fannie Mae Pool #MA4698 3.00% 8/1/20526		388		341
Fannie Mae Pool #BW7293 3.50% 8/1/20526		4,000		3,639
Fannie Mae Pool #MA4700 4.00% 8/1/20526		275,956		259,116
Fannie Mae Pool #BW2284 4.50% 8/1/20526		3,526		3,397
Fannie Mae Pool #FS2574 5.00% 8/1/20526		1,000		987
Fannie Mae Pool #BW9411 5.00% 8/1/20526		897		886
Fannie Mae Pool #BW8210 5.00% 8/1/20526		500		494
Fannie Mae Pool #BW9206 5.50% 8/1/20526		190		195
Fannie Mae Pool #MA4730 3.00% 9/1/20526		944		830
Fannie Mae Pool #BW1195 3.00% 9/1/20526		213		187
Fannie Mae Pool #BW7349 3.00% 9/1/20526		68		60
Fannie Mae Pool #MA4732 4.00% 9/1/20526		31,328		29,417
Fannie Mae Pool #MA4733 4.50% 9/1/20526		203,346		195,928
Fannie Mae Pool #BW1192 4.50% 9/1/20526		10,253		9,878
Fannie Mae Pool #MA4761 5.00% 9/1/20526		1,257,445		1,241,234
Fannie Mae Pool #CB5208 5.00% 9/1/20526		45		44
Fannie Mae Pool #BV0958 5.00% 9/1/20526		44		43
Fannie Mae Pool #MA4824 2.50% 10/1/20526		3,145		2,668
Fannie Mae Pool #BW1258 3.00% 10/1/20526		1,070		940
Fannie Mae Pool #MA4781 3.00% 10/1/20526		817		718
Fannie Mae Pool #BW1216 3.00% 10/1/20526		240		211
Fannie Mae Pool #MA4782 3.50% 10/1/20526		6,999		6,367
Fannie Mae Pool #MA4783 4.00% 10/1/20526		80,708		75,782
Fannie Mae Pool #BW8980 4.00% 10/1/20526		2,530		2,375
Fannie Mae Pool #BW8987 4.00% 10/1/20526		1,000		939
Fannie Mae Pool #MA4784 4.50% 10/1/20526		144,215		138,950
Fannie Mae Pool #CB4800 4.50% 10/1/20526		42,171		40,631
Fannie Mae Pool #BW8745 4.50% 10/1/20526		21,449		20,666
Fannie Mae Pool #CB4959 4.50% 10/1/20526		20,422		19,676
Fannie Mae Pool #BX2952 5.00% 10/1/20526		999		997
Fannie Mae Pool #BW7235 5.00% 10/1/20526		987		974
Fannie Mae Pool #BX0892 5.00% 10/1/20526		230		227
Fannie Mae Pool #BW7796 5.00% 10/1/20526		45		44
Fannie Mae Pool #MA4885 3.00% 11/1/20526		3,498		3,075
Fannie Mae Pool #MA4802 3.00% 11/1/20526		42		37
Fannie Mae Pool #BW1306 3.50% 11/1/20526		5,258		4,784
Fannie Mae Pool #MA4804 4.00% 11/1/20526		115,864		108,793
Fannie Mae Pool #MA4805 4.50% 11/1/20526		217,304		209,371
Fannie Mae Pool #BX1042 4.50% 11/1/20526		200		193
Fannie Mae Pool #MA4806 5.00% 11/1/20526		4,204		4,149
Fannie Mae Pool #BW7491 5.00% 11/1/20526		49		48
Fannie Mae Pool #BX2554 5.00% 11/1/20526		29		29
Fannie Mae Pool #MA4911 3.00% 12/1/20526		2,770		2,435
Fannie Mae Pool #MA4838 3.50% 12/1/20526		33,965		30,899
Fannie Mae Pool #MA4839 4.00% 12/1/20526		3,063		2,876
Fannie Mae Pool #BW1385 4.00% 12/1/20526		348		327
Fannie Mae Pool #MA4840 4.50% 12/1/20526		201,345		193,995
Fannie Mae Pool #MA4841 5.00% 12/1/20526		2,500		2,468
Fannie Mae Pool #BX4397 5.00% 12/1/20526		1,000		995
Fannie Mae Pool #BX4020 5.00% 12/1/20526		790		780
Fannie Mae Pool #BX4004 5.50% 12/1/20526		290		291
Fannie Mae Pool #BX1071 6.50% 12/1/20526		3,177		3,259
Fannie Mae Pool #MA4877 6.50% 12/1/20526		2,054		2,107
Fannie Mae Pool #BX3730 6.50% 12/1/20526		1,409		1,446
Fannie Mae Pool #BX2466 6.50% 12/1/20526		1,220		1,252

14 American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #MA4902 3.50% 1/1/20536	USD	9,314	$	8,473
Fannie Mae Pool #MA4866 4.00% 1/1/20536		327		307
Fannie Mae Pool #MA4868 5.00% 1/1/20536		817		806
Fannie Mae Pool #MA4895 6.50% 1/1/20536		572		586
Fannie Mae Pool #BF0174 3.00% 2/1/20576		5,620		4,961
Fannie Mae Pool #BF0177 3.00% 2/1/20576		5,444		4,799
Fannie Mae Pool #BF0145 3.50% 3/1/20576		117,841		107,814
Fannie Mae Pool #BF0189 3.00% 6/1/20576		8,626		7,605
Fannie Mae Pool #BF0219 3.50% 9/1/20576		26,325		24,213
Fannie Mae Pool #BF0226 3.50% 1/1/20586		36,989		34,040
Fannie Mae Pool #BF0262 3.00% 5/1/20586		456		402
Fannie Mae Pool #BF0332 3.00% 1/1/20596		67,768		59,743
Fannie Mae Pool #BM6736 4.50% 11/1/20596		3,507		3,423
Fannie Mae Pool #BF0481 3.50% 6/1/20606		93,390		85,801
Fannie Mae Pool #BF0497 3.00% 7/1/20606		55,216		48,376
Fannie Mae Pool #BF0548 3.00% 7/1/20616		59,396		51,849
Fannie Mae Pool #BF0547 3.00% 7/1/20616		39,449		34,871
Fannie Mae Pool #BF0585 4.50% 12/1/20616		60,256		58,783
Fannie Mae, Series 2013-M12, Class APT, Multi Family, 2.491% 3/25/20235,6		111		110
Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 1/25/20245,6		3,410		3,348
Fannie Mae, Series 2017-M3, Class AV2, Multi Family, 2.538% 5/25/20245,6		377		367
Fannie Mae, Series 2017-M10, Class AV2, Multi Family, 2.54% 7/25/20245,6		696		673
Fannie Mae, Series 2014-M9, Class A2, Multi Family, 3.103% 7/25/20245,6		8,802		8,524
Fannie Mae, Series 2017-M15, Class AV2, Multi Family, 2.564% 11/25/20245,6		444		428
Fannie Mae, Series 2016-M5, Class A1, Multi Family, 2.073% 4/25/20266		332		324
Fannie Mae, Series 2017-M3, Class A2, Multi Family, 2.471% 12/25/20265,6		29,037		26,797
Fannie Mae, Series 2017-M7, Class A2, Multi Family, 2.961% 2/25/20275,6		19,983		18,791
Fannie Mae, Series 2017-M12, Class A2, Multi Family, 3.062% 6/25/20275,6		22,534		21,148
Fannie Mae, Series 2006-43, Class JO, principal only, 0% 6/25/20366		314		260
Freddie Mac Pool #ZJ9097 5.00% 2/1/20246		26		26
Freddie Mac Pool #ZS9118 5.00% 3/1/20246		6		6
Freddie Mac Pool #ZA1894 5.00% 8/1/20256		4		4
Freddie Mac Pool #ZA1914 5.00% 12/1/20256		7		7
Freddie Mac Pool #ZA1927 5.00% 3/1/20266		17		17
Freddie Mac Pool #ZA1950 6.50% 8/1/20266		89		90
Freddie Mac Pool #ZS8832 5.00% 3/1/20276		2		2
Freddie Mac Pool #ZA1997 5.00% 4/1/20276		38		38
Freddie Mac Pool #D97504 6.50% 12/1/20276		88		89
Freddie Mac Pool #C91130 6.50% 12/1/20276		50		51
Freddie Mac Pool #C91150 6.50% 1/1/20286		68		70
Freddie Mac Pool #G16210 3.50% 6/1/20326		33		32
Freddie Mac Pool #ZA2384 3.50% 6/1/20356		205		196
Freddie Mac Pool #A56076 5.50% 1/1/20376		12		12
Freddie Mac Pool #C91912 3.00% 2/1/20376		16,385		15,244
Freddie Mac Pool #C91917 3.00% 2/1/20376		7,341		6,825
Freddie Mac Pool #G06028 5.50% 7/1/20376		140		141
Freddie Mac Pool #G08248 5.50% 2/1/20386		42		44
Freddie Mac Pool #ZA2505 3.50% 5/1/20386		77		72
Freddie Mac Pool #ZT1449 3.00% 6/1/20386		7,616		7,073
Freddie Mac Pool #G04552 6.00% 9/1/20386		362		376
Freddie Mac Pool #G05979 5.50% 10/1/20386		20		21
Freddie Mac Pool #G05546 5.50% 7/1/20396		83		87
Freddie Mac Pool #A90351 4.50% 1/1/20406		107		105
Freddie Mac Pool #G05937 4.50% 8/1/20406		2,439		2,423
Freddie Mac Pool #A97543 4.50% 3/1/20416		374		372
Freddie Mac Pool #A97669 4.50% 3/1/20416		153		152
Freddie Mac Pool #Q01190 4.50% 6/1/20416		86		85
Freddie Mac Pool #Q01160 5.00% 6/1/20416		134		136
Freddie Mac Pool #Q03821 4.50% 10/1/20416		379		377
Freddie Mac Pool #Q03795 4.50% 10/1/20416		29		28
Freddie Mac Pool #Q11220 3.50% 9/1/20426		437		410
Freddie Mac Pool #V80026 3.00% 4/1/20436		28		26
Freddie Mac Pool #G07921 3.50% 4/1/20436		368		345
Freddie Mac Pool #Q23190 4.00% 11/1/20436		220		212
Freddie Mac Pool #Q23185 4.00% 11/1/20436		186		182
Freddie Mac Pool #Q26734 4.00% 6/1/20446		1,728		1,669
Freddie Mac Pool #SD0480 3.50% 6/1/20456		9,711		9,095

American Balanced Fund 15

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #760014 2.74% 8/1/20455,6	USD	715	$	691
Freddie Mac Pool #Q37988 4.00% 12/1/20456		4,258		4,094
Freddie Mac Pool #G60344 4.00% 12/1/20456		3,665		3,524
Freddie Mac Pool #Z40130 3.00% 1/1/20466		14,713		13,314
Freddie Mac Pool #Q40476 4.00% 4/1/20466		2,642		2,536
Freddie Mac Pool #Q40458 4.00% 4/1/20466		550		529
Freddie Mac Pool #G60744 3.50% 7/1/20466		1,792		1,668
Freddie Mac Pool #Q41909 4.50% 7/1/20466		315		309
Freddie Mac Pool #V82628 4.00% 9/1/20466		8,475		8,134
Freddie Mac Pool #760015 2.561% 1/1/20475,6		5,025		4,754
Freddie Mac Pool #G60928 4.50% 4/1/20476		2,282		2,238
Freddie Mac Pool #ZS4726 3.50% 7/1/20476		24		23
Freddie Mac Pool #G08775 4.00% 8/1/20476		11,559		10,973
Freddie Mac Pool #G61295 3.50% 9/1/20476		5,677		5,294
Freddie Mac Pool #ZS4735 3.50% 9/1/20476		151		138
Freddie Mac Pool #V83507 4.00% 10/1/20476		1,840		1,760
Freddie Mac Pool #G61733 3.00% 12/1/20476		17,914		16,059
Freddie Mac Pool #ZS4747 3.50% 12/1/20476		17,201		15,957
Freddie Mac Pool #G61662 3.50% 2/1/20486		5,484		5,094
Freddie Mac Pool #Q54547 4.00% 3/1/20486		7,926		7,574
Freddie Mac Pool #SI2002 4.00% 3/1/20486		32		30
Freddie Mac Pool #G61628 3.50% 9/1/20486		6,647		6,174
Freddie Mac Pool #ZA5889 4.00% 11/1/20486		3,805		3,631
Freddie Mac Pool #V85664 3.50% 6/1/20496		30,460		28,240
Freddie Mac Pool #SD7506 4.00% 9/1/20496		47,359		45,407
Freddie Mac Pool #SD7508 3.50% 10/1/20496		9,703		8,995
Freddie Mac Pool #RA1744 4.00% 11/1/20496		713		678
Freddie Mac Pool #QA5118 3.50% 12/1/20496		35,757		32,953
Freddie Mac Pool #SD8106 2.00% 11/1/20506		114,084		93,401
Freddie Mac Pool #SD7528 2.00% 11/1/20506		105,071		86,892
Freddie Mac Pool #SD8128 2.00% 2/1/20516		15,496		12,686
Freddie Mac Pool #SD1729 2.50% 2/1/20516		55,148		47,085
Freddie Mac Pool #SD8134 2.00% 3/1/20516		72,004		58,901
Freddie Mac Pool #RA5287 2.00% 5/1/20516		63,139		51,691
Freddie Mac Pool #RA5288 2.00% 5/1/20516		12,085		9,892
Freddie Mac Pool #RA5259 2.50% 5/1/20516		225,404		191,640
Freddie Mac Pool #RA5559 2.50% 7/1/20516		4,377		3,712
Freddie Mac Pool #QC4071 3.00% 7/1/20516		816		723
Freddie Mac Pool #QC5996 3.00% 8/1/20516		2,184		1,928
Freddie Mac Pool #SD7545 2.50% 9/1/20516		74,141		63,830
Freddie Mac Pool #RA5782 2.50% 9/1/20516		19,111		16,377
Freddie Mac Pool #RA5759 2.50% 9/1/20516		6,967		5,906
Freddie Mac Pool #RA5971 3.00% 9/1/20516		53,236		47,239
Freddie Mac Pool #QC7504 3.00% 9/1/20516		200		176
Freddie Mac Pool #RA6406 2.00% 11/1/20516		6,080		4,985
Freddie Mac Pool #SD7548 2.50% 11/1/20516		479,774		413,091
Freddie Mac Pool #QD1439 3.00% 11/1/20516		1,160		1,019
Freddie Mac Pool #RA6483 2.50% 12/1/20516		72,859		62,190
Freddie Mac Pool #RA6424 2.50% 12/1/20516		64		54
Freddie Mac Pool #RA6428 3.00% 12/1/20516		2,890		2,541
Freddie Mac Pool #QD3120 3.00% 12/1/20516		2,790		2,452
Freddie Mac Pool #QD3298 3.00% 12/1/20516		2,781		2,445
Freddie Mac Pool #QD2732 3.00% 12/1/20516		491		433
Freddie Mac Pool #SD7552 2.50% 1/1/20526		28,300		24,198
Freddie Mac Pool #QD5725 2.50% 1/1/20526		56		47
Freddie Mac Pool #QD5189 3.00% 1/1/20526		1,000		879
Freddie Mac Pool #QD4944 3.00% 1/1/20526		495		435
Freddie Mac Pool #QD7397 2.50% 2/1/20526		499		425
Freddie Mac Pool #RA6528 2.50% 2/1/20526		95		80
Freddie Mac Pool #QD6738 2.50% 2/1/20526		64		54
Freddie Mac Pool #QD6684 2.50% 2/1/20526		60		51
Freddie Mac Pool #RA6608 3.00% 2/1/20526		2,180		1,916
Freddie Mac Pool #RA6702 3.00% 2/1/20526		695		613
Freddie Mac Pool #QD6886 3.00% 2/1/20526		298		262
Freddie Mac Pool #QD7089 3.50% 2/1/20526		9,663		8,803
Freddie Mac Pool #QD9879 2.50% 3/1/20526		3,094		2,624
Freddie Mac Pool #QD8381 2.50% 3/1/20526		974		827

16 American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #QD8748 2.50% 3/1/20526	USD	99	$	84
Freddie Mac Pool #SD7553 3.00% 3/1/20526		234,454		208,456
Freddie Mac Pool #SD1937 3.00% 3/1/20526		69,005		60,656
Freddie Mac Pool #RA6992 3.00% 3/1/20526		11,805		10,377
Freddie Mac Pool #SD8201 3.00% 3/1/20526		1,517		1,334
Freddie Mac Pool #QD8673 3.00% 3/1/20526		467		411
Freddie Mac Pool #QD9433 3.00% 3/1/20526		453		399
Freddie Mac Pool #RA6955 3.00% 3/1/20526		191		168
Freddie Mac Pool #QD8694 3.50% 3/1/20526		9,000		8,193
Freddie Mac Pool #SD8205 2.50% 4/1/20526		106,000		89,914
Freddie Mac Pool #SD7554 2.50% 4/1/20526		40,018		34,270
Freddie Mac Pool #QE0374 2.50% 4/1/20526		1,499		1,273
Freddie Mac Pool #QE0327 2.50% 4/1/20526		1,496		1,270
Freddie Mac Pool #QE0800 2.50% 4/1/20526		1,000		849
Freddie Mac Pool #QE2310 2.50% 4/1/20526		926		786
Freddie Mac Pool #QE0170 2.50% 4/1/20526		776		658
Freddie Mac Pool #QE5290 2.50% 4/1/20526		25		21
Freddie Mac Pool #QE0181 3.00% 4/1/20526		13,499		11,867
Freddie Mac Pool #QE0992 3.00% 4/1/20526		5,958		5,234
Freddie Mac Pool #QE0761 3.00% 4/1/20526		2,289		2,012
Freddie Mac Pool #RA8251 3.00% 4/1/20526		1,485		1,305
Freddie Mac Pool #QE1075 3.00% 4/1/20526		1,444		1,269
Freddie Mac Pool #QE2315 3.00% 4/1/20526		1,000		879
Freddie Mac Pool #QD9717 3.00% 4/1/20526		500		441
Freddie Mac Pool #QE0244 3.00% 4/1/20526		124		109
Freddie Mac Pool #QE0397 3.00% 4/1/20526		120		106
Freddie Mac Pool #QE0764 3.00% 4/1/20526		97		85
Freddie Mac Pool #QD9278 3.50% 4/1/20526		4,661		4,245
Freddie Mac Pool #QE0246 3.50% 4/1/20526		2,000		1,821
Freddie Mac Pool #QE2352 2.50% 5/1/20526		1,993		1,690
Freddie Mac Pool #QE1752 3.00% 5/1/20526		25,248		22,184
Freddie Mac Pool #QE2551 3.00% 5/1/20526		19,724		17,330
Freddie Mac Pool #QE1754 3.00% 5/1/20526		16,052		14,104
Freddie Mac Pool #QE8223 3.00% 5/1/20526		3,242		2,852
Freddie Mac Pool #QE5295 3.00% 5/1/20526		2,211		1,944
Freddie Mac Pool #QE1864 3.00% 5/1/20526		1,380		1,214
Freddie Mac Pool #QE3080 3.00% 5/1/20526		1,281		1,126
Freddie Mac Pool #QE3984 3.00% 5/1/20526		1,000		879
Freddie Mac Pool #QE1775 3.00% 5/1/20526		726		639
Freddie Mac Pool #RA7399 4.00% 5/1/20526		40,243		37,952
Freddie Mac Pool #QE2335 4.00% 5/1/20526		35,011		33,015
Freddie Mac Pool #SD8219 2.50% 6/1/20526		2,502		2,121
Freddie Mac Pool #QE4044 2.50% 6/1/20526		1,309		1,111
Freddie Mac Pool #SD8220 3.00% 6/1/20526		109,541		96,298
Freddie Mac Pool #QE3248 3.00% 6/1/20526		1,000		879
Freddie Mac Pool #QE3449 3.00% 6/1/20526		327		287
Freddie Mac Pool #QE6313 3.00% 6/1/20526		198		175
Freddie Mac Pool #QE4033 3.00% 6/1/20526		174		153
Freddie Mac Pool #QE4383 4.00% 6/1/20526		800		751
Freddie Mac Pool #RA7502 5.00% 6/1/20526		994		982
Freddie Mac Pool #SD8225 3.00% 7/1/20526		69		61
Freddie Mac Pool #SD8226 3.50% 7/1/20526		28,261		25,705
Freddie Mac Pool #SD1413 3.50% 7/1/20526		6,000		5,460
Freddie Mac Pool #QE5714 3.50% 7/1/20526		5,999		5,458
Freddie Mac Pool #RA7659 3.50% 7/1/20526		2,000		1,820
Freddie Mac Pool #QE6274 3.50% 7/1/20526		2,000		1,819
Freddie Mac Pool #QE5462 4.00% 7/1/20526		325		305
Freddie Mac Pool #SD8237 4.00% 8/1/20526		213,638		200,601
Freddie Mac Pool #SD1766 4.00% 8/1/20526		15,970		15,081
Freddie Mac Pool #SD8238 4.50% 8/1/20526		5,898		5,683
Freddie Mac Pool #QE8065 4.50% 8/1/20526		2,909		2,803
Freddie Mac Pool #QE7950 5.00% 8/1/20526		931		919
Freddie Mac Pool #QF0655 5.00% 8/1/20526		25		25
Freddie Mac Pool #SD8242 3.00% 9/1/20526		12,256		10,774
Freddie Mac Pool #QF0154 3.00% 9/1/20526		33		29
Freddie Mac Pool #SD8243 3.50% 9/1/20526		5,999		5,458
Freddie Mac Pool #SD8244 4.00% 9/1/20526		163,023		153,074

American Balanced Fund 17

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #QE9573 4.00% 9/1/20526	USD	44	$	41
Freddie Mac Pool #QF0109 4.50% 9/1/20526		13,242		12,759
Freddie Mac Pool #RA7938 5.00% 9/1/20526		63,720		62,899
Freddie Mac Pool #SD8246 5.00% 9/1/20526		34,700		34,253
Freddie Mac Pool #QF2029 3.00% 10/1/20526		458		402
Freddie Mac Pool #QF0980 3.00% 10/1/20526		68		60
Freddie Mac Pool #QF2687 3.50% 10/1/20526		457		415
Freddie Mac Pool #QF1489 4.00% 10/1/20526		1,000		939
Freddie Mac Pool #SD8256 4.00% 10/1/20526		200		188
Freddie Mac Pool #SD8257 4.50% 10/1/20526		553,428		533,224
Freddie Mac Pool #QF1236 4.50% 10/1/20526		5,497		5,296
Freddie Mac Pool #QF1731 4.50% 10/1/20526		297		286
Freddie Mac Pool #SD8263 3.00% 11/1/20526		3,405		2,993
Freddie Mac Pool #QF3340 3.00% 11/1/20526		1,528		1,343
Freddie Mac Pool #QF3337 3.50% 11/1/20526		11,144		10,138
Freddie Mac Pool #SD8264 3.50% 11/1/20526		7,017		6,383
Freddie Mac Pool #SD8273 3.50% 11/1/20526		6,499		5,913
Freddie Mac Pool #SD1897 4.50% 11/1/20526		168,760		165,574
Freddie Mac Pool #SD1895 4.50% 11/1/20526		34,169		33,567
Freddie Mac Pool #QF2445 4.50% 11/1/20526		1,998		1,925
Freddie Mac Pool #QF2938 5.00% 11/1/20526		999		986
Freddie Mac Pool #QF2497 5.00% 11/1/20526		910		899
Freddie Mac Pool #QF3143 6.50% 11/1/20526		1,293		1,329
Freddie Mac Pool #SD8272 3.00% 12/1/20526		16,914		14,867
Freddie Mac Pool #QF4576 3.50% 12/1/20526		60		55
Freddie Mac Pool #QF4579 4.00% 12/1/20526		81		76
Freddie Mac Pool #SD8276 5.00% 12/1/20526		90,412		89,246
Freddie Mac Pool #QF3978 5.00% 12/1/20526		915		904
Freddie Mac Pool #SD8281 6.50% 12/1/20526		1,508		1,547
Freddie Mac Pool #QF4663 6.50% 12/1/20526		419		430
Freddie Mac Pool #SD8284 3.00% 1/1/20536		893		785
Freddie Mac Pool #SD8285 3.50% 1/1/20536		13,843		12,593
Freddie Mac Pool #SD8288 5.00% 1/1/20536		317,139		313,051
Freddie Mac Pool #SD8289 5.50% 1/1/20536		870		873
Freddie Mac Pool #SD8282 6.50% 1/1/20536		9,457		9,701
Freddie Mac, Series T041, Class 3A, 4.402% 7/25/20325,6		806		772
Freddie Mac, Series 3318, Class JT, 5.50% 5/15/20376		813		817
Freddie Mac, Series K723, Class A2, Multi Family, 2.454% 8/25/20236		15,595		15,361
Freddie Mac, Series K725, Class A2, Multi Family, 3.002% 1/25/20246		43,001		42,108
Freddie Mac, Series K044, Class A2, Multi Family, 2.811% 1/25/20256		11,096		10,678
Freddie Mac, Series K733, Class A2, Multi Family, 3.75% 8/25/20255,6		58,789		57,343
Freddie Mac, Series K734, Class A2, Multi Family, 3.208% 2/25/20266		27,390		26,302
Freddie Mac, Series K143, Class A2, Multi Family, 2.35% 6/25/20326		99,804		83,789
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/20565,6		15,584		14,583
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class MA, 3.00% 1/25/20566		5,304		4,915
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 7/25/20565,6		20,742		19,533
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/20566		35,287		32,783
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/20565,6		34,984		32,710
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/20575,6		7,348		6,706
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/20576		6,091		5,523
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/20576		23,734		22,532
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/20576		15,021		13,590
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/20586		67,307		63,512
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/20596		38,137		35,364
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/20286		7,627		7,282

18 American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 5/25/20296	USD	28,616	$	27,276
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A2, 3.50% 5/25/20296		24,325		22,346
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/20296		10,633		9,771
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A1D, 2.00% 7/25/20306		5,281		4,720
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A2D, 2.00% 7/25/20306		1,427		1,167
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/20326		14,007		13,514
Government National Mortgage Assn. 2.00% 1/1/20536,7		210,334		176,323
Government National Mortgage Assn. 2.50% 1/1/20536,7		3,058		2,650
Government National Mortgage Assn. 3.00% 1/1/20536,7		250,000		222,663
Government National Mortgage Assn. 3.50% 1/1/20536,7		10,000		9,189
Government National Mortgage Assn. 4.50% 1/1/20536,7		891,829		865,275
Government National Mortgage Assn. 5.00% 1/1/20536,7		168,943		167,430
Government National Mortgage Assn. 5.50% 1/1/20536,7		156,769		157,695
Government National Mortgage Assn. Pool #004291 6.00% 11/20/20386		1,274		1,347
Government National Mortgage Assn. Pool #783219 4.00% 1/15/20416		3,377		3,274
Government National Mortgage Assn. Pool #MA1601 4.00% 1/20/20446		38		37
Government National Mortgage Assn. Pool #MA3107 4.50% 9/20/20456		71		71
Government National Mortgage Assn. Pool #MA3175 4.50% 10/20/20456		3,009		2,988
Government National Mortgage Assn. Pool #MA3873 3.00% 8/20/20466		22,648		20,500
Government National Mortgage Assn. Pool #MA4587 4.00% 7/20/20476		10,996		10,568
Government National Mortgage Assn. Pool #MA4653 4.00% 8/20/20476		1,915		1,840
Government National Mortgage Assn. Pool #MA4779 4.00% 10/20/20476		2,255		2,168
Government National Mortgage Assn. Pool #MA4901 4.00% 12/20/20476		18,327		17,613
Government National Mortgage Assn. Pool #MA5078 4.00% 3/20/20486		20,478		19,681
Government National Mortgage Assn. Pool #MA5191 3.50% 5/20/20486		22,171		20,676
Government National Mortgage Assn. Pool #MA5193 4.50% 5/20/20486		3,766		3,709
Government National Mortgage Assn. Pool #MA5528 4.00% 10/20/20486		472		452
Government National Mortgage Assn. Pool #MA5652 4.50% 12/20/20486		1,334		1,296
Government National Mortgage Assn. Pool #MA5816 3.50% 3/20/20496		22,923		21,322
Government National Mortgage Assn. Pool #MA5818 4.50% 3/20/20496		1,003		985
Government National Mortgage Assn. Pool #MA5987 4.50% 6/20/20496		395		386
Government National Mortgage Assn. Pool #MA6041 4.50% 7/20/20496		545		535
Government National Mortgage Assn. Pool #MA6156 4.50% 9/20/20496		4,652		4,558
Government National Mortgage Assn. Pool #MA6341 4.50% 12/20/20496		391		382
Government National Mortgage Assn. Pool #MA7140 4.50% 1/20/20516		398		390
Government National Mortgage Assn. Pool #MA7259 4.50% 3/20/20516		8,736		8,596
Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/20526		288,547		273,335
Government National Mortgage Assn. Pool #MA8426 4.00% 11/20/20526		30,026		28,443
Government National Mortgage Assn. Pool #MA8427 4.50% 11/20/20526		48,263		46,871
Government National Mortgage Assn. Pool #MA8488 4.00% 12/20/20526		31,400		29,742
Government National Mortgage Assn. Pool #MA8489 4.50% 12/20/20526		733		711
Government National Mortgage Assn. Pool #710085 5.035% 9/20/20616		3		3
Uniform Mortgage-Backed Security 2.50% 1/1/20386,7		121,072		110,804
Uniform Mortgage-Backed Security 4.00% 1/1/20386,7		50,000		48,748
Uniform Mortgage-Backed Security 4.50% 12/1/20526,7		2,263		2,178
Uniform Mortgage-Backed Security 2.00% 1/1/20536,7		1,010,625		822,577
Uniform Mortgage-Backed Security 2.50% 1/1/20536,7		150,000		127,047
Uniform Mortgage-Backed Security 3.00% 1/1/20536,7		4,559		4,002
Uniform Mortgage-Backed Security 4.00% 1/1/20536,7		192,380		180,447
Uniform Mortgage-Backed Security 4.50% 1/1/20536,7		256,626		247,020
Uniform Mortgage-Backed Security 5.00% 1/1/20536,7		191,490		188,720
Uniform Mortgage-Backed Security 5.50% 1/1/20536,7		68,710		68,901
Uniform Mortgage-Backed Security 6.00% 1/1/20536,7		85,312		86,598
Uniform Mortgage-Backed Security 6.50% 1/1/20536,7		250,000		256,072
Uniform Mortgage-Backed Security 2.00% 2/1/20536,7		454,498		370,320
Uniform Mortgage-Backed Security 2.50% 2/1/20536,7		530,300		449,632
Uniform Mortgage-Backed Security 3.00% 2/1/20536,7		41,441		36,411
Uniform Mortgage-Backed Security 3.50% 2/1/20536,7		45,000		40,914
Uniform Mortgage-Backed Security 4.00% 2/1/20536,7		555,558		521,228
Uniform Mortgage-Backed Security 4.50% 2/1/20536,7		176,230		169,654
Uniform Mortgage-Backed Security 5.00% 2/1/20536,7		944,375		930,567

American Balanced Fund 19

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Uniform Mortgage-Backed Security 5.50% 2/1/20536,7	USD	630,411	$	631,842
Uniform Mortgage-Backed Security 6.00% 2/1/20536,7		305,438		309,778
Uniform Mortgage-Backed Security 6.50% 2/1/20536,7		137,800		140,953
				19,755,061
Commercial mortgage-backed securities 0.58%
3650R Commercial Mortgage Trust, Series 2022-PF2, Class A5, 5.289% 11/15/20555,6		19,903		19,973
Bank Commercial Mortgage Trust, Series 2022-BNK44, Class ASB, 5.746% 3/15/20325,6		5,000		5,185
Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 2/15/20526		3,422		3,210
Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 4/15/20526		405		373
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A5, 3.688% 2/15/20616		795		742
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 2/17/20616		503		464
Bank Commercial Mortgage Trust, Series 2018-BN12, Class A4, 4.255% 5/15/20615,6		9,618		9,190
Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 8/15/20616		4,013		3,549
Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/20636		17,962		15,038
Bank Commercial Mortgage Trust, Series 2022-BNK40, Class A4, 3.394% 3/15/20645,6		12,752		11,232
Barclays Commercial Mortgage Securities, LLC, Series 2017-DELC, Class A, 5.293% 8/15/20364,5,6		11,890		11,690
Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 2/15/20516		11,250		10,424
Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 1/15/20526		9,988		9,540
Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 3/15/20536		17,048		14,203
Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/20535,6		3,073		2,978
Benchmark Mortgage Trust, Series 2022-B37, Class A5, 5.943% 11/15/20555,6		54,265		57,417
Benchmark Mortgage Trust, Series 2019-B13, Class A4, 2.952% 8/15/20576		8,000		7,031
BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.77%) 6.105% 5/15/20394,5,6		8,311		8,161
BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class B, (1-month USD CME Term SOFR + 2.319%) 6.655% 5/15/20394,5,6		5,710		5,516
BPR Trust, Series 2022-OANA, Class A, (1-month USD CME Term SOFR + 1.898%) 6.234% 4/15/20374,5,6		23,495		22,984
BX Commercial Mortgage Trust 2019-XL, Class A, (1-month USD-LIBOR + 0.92%) 5.37% 10/15/20364,5,6		2,107		2,083
BX Trust, Series 2021-SDMF, Class A, (1-month USD-LIBOR + 0.589%) 4.907% 9/15/20344,5,6		43,539		41,761
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 5.018% 9/15/20364,5,6		43,661		42,120
BX Trust, Series 2021-VOLT, Class B, (1-month USD-LIBOR + 0.95%) 5.268% 9/15/20364,5,6		2,020		1,909
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 5.217% 10/15/20364,5,6		73,046		69,610
BX Trust, Series 2021-ARIA, Class B, (1-month USD-LIBOR + 1.297%) 5.615% 10/15/20364,5,6		24,867		23,390
BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.827% 4/15/20374,5,6		27,993		27,449
BX Trust, Series 2022-IND, Class D, (1-month USD CME Term SOFR + 2.839%) 7.175% 4/15/20374,5,6		3,972		3,763
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 4.988% 6/15/20384,5,6		54,183		52,262
BX Trust, Series 2021-ACNT, Class A, (1-month USD-LIBOR + 0.85%) 5.168% 11/15/20384,5,6		45,534		43,878
BX Trust, Series 2022-PSB, Class A, (1-month USD CME Term SOFR + 2.451%) 6.787% 8/15/20394,5,6		1,977		1,976
BXSC Commercial Mortgage Trust, Series 2022-WSS, Class D, (1-month USD CME Term SOFR + 3.188%) 7.524% 3/15/20354,5,6		11,185		10,693
CD Commercial Mortgage Trust, Series 2017-CD6, Class A5, 3.456% 11/13/20506		12,890		11,915
Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class AAB, 2.984% 4/10/20486		1,338		1,306
Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 2/10/20496		2,395		2,253
Citigroup Commercial Mortgage Trust, Series 2016-C1, Class AS, 3.514% 5/10/20496		800		734
Commercial Mortgage Trust, Series 2014-LC15, Class AM, 4.198% 4/10/20476		1,280		1,239
Commercial Mortgage Trust, Series 2015-PC1, Class A5, 3.902% 7/10/20506		15,135		14,511
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class ASB, 3.617% 11/15/20486		3,120		3,030
CSAIL Commercial Mortgage Trust, Series 2015-C1, Class B, 4.044% 4/15/20505,6		1,000		910
Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 5/10/20496		550		502

20 American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 5.398% 7/15/20384,5,6	USD	18,390	$	17,888
Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD-LIBOR + 1.38%) 5.698% 7/15/20384,5,6		14,913		14,362
Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD-LIBOR + 1.70%) 6.018% 7/15/20384,5,6		10,694		10,288
Extended Stay America Trust, Series 2021-ESH, Class D, (1-month USD-LIBOR + 2.25%) 6.568% 7/15/20384,5,6		4,707		4,519
FREMF Mortgage Trust, Series K-142, Class A2, 2.40% 3/25/20326		49,523		41,778
Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 12/10/20404,6		27,847		21,414
Great Wolf Trust, Series 2019-WOLF, Class A, (1-month USD-LIBOR + 1.034%) 5.352% 12/15/20364,5,6		2,434		2,366
GS Mortgage Securities Corp. II, Series 2015-GS1, Class AAB, 3.553% 11/10/20486		3,200		3,091
GS Mortgage Securities Trust, Series 2022-SHIP, Class A, (1-month USD CME Term SOFR + 0.731%) 5.067% 8/15/20244,5,6		5,925		5,846
GS Mortgage Securities Trust, Series 2022-SHIP, Class B, (1-month USD CME Term SOFR + 1.424%) 5.76% 8/15/20244,5,6		2,196		2,153
GS Mortgage Securities Trust, Series 2022-SHIP, Class D, (1-month USD CME Term SOFR + 1.607%) 5.943% 8/15/20244,5,6		5,081		4,921
GS Mortgage Securities Trust, Series 2022-SHIP, Class C, (1-month USD CME Term SOFR + 1.919%) 6.255% 8/15/20244,5,6		2,272		2,228
GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 8/10/20506		1,568		1,447
GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 2/10/20526		405		378
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/20536		19,842		16,417
Intown 2022-Stay Mortgage Trust, Series 2022-STAY, Class A, (1-month USD CME Term SOFR + 2.489%) 6.283% 8/15/20395,6		4,325		4,308
JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class A5, 4.079% 2/15/20476		12,784		12,495
JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 3/15/20506		2,520		2,358
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 10/15/20506		930		856
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/20394,6		39,275		33,645
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.377% 1/5/20394,6		13,012		10,615
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.565% 1/5/20394,5,6		11,149		8,667
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2021-410T, Class A, 2.287% 3/5/20424,6		12,316		10,076
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% 12/15/20495,6		8,015		7,487
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 5.368% 10/15/20384,5,6		14,958		14,329
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class B, (1-month USD-LIBOR + 1.40%) 5.718% 10/15/20384,5,6		7,617		7,215
Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 9/10/20394,6		72,851		62,316
MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD-LIBOR + 0.801%) 5.119% 4/15/20264,5,6		16,128		15,665
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class A5, 3.741% 8/15/20476		8,016		7,767
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27, Class ASB, 3.557% 12/15/20476		2,224		2,163
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class ASB, 3.04% 4/15/20486		1,337		1,300
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A-4, 3.306% 4/15/20486		1,600		1,517
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A-4, 3.72% 12/15/20496		972		911
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class AS, 4.114% 12/15/20486		2,490		2,284
SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/20414,6		25,630		20,510
SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 5.049% 11/15/20384,5,6		25,963		25,010
StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class A, (1-month USD CME Term SOFR + 1.00%) 5.336% 1/15/20394,5,6		54,009		52,206
Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class A-4, 3.789% 9/15/20486		9,337		8,920

American Balanced Fund 21

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
Wells Fargo Commercial Mortgage Trust, Series 2016-C34, Class AS, 3.484% 6/15/20496	USD	455	$	414
Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 12/15/20496		10,015		9,450
Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 12/15/20526		4,008		3,510
Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 1/15/20606		795		743
WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + 2.789%) 7.125% 11/15/20274,5,6		65,442		65,384
				1,117,411
Collateralized mortgage-backed obligations (privately originated) 0.29%
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/20484,5,6		6,295		4,974
Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 3/25/20554,6		653		596
Arroyo Mortgage Trust, Series 2022-1, Class A1A, 2.495% 12/25/2056 (3.495% on 2/25/2026)4,6,8		18,002		16,565
Bellemeade Re, Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 5.989% 7/25/20294,5,6		3,639		3,637
BINOM Securitization Trust, Series 2022-RPL1, Class A1, 3.00% 2/25/20614,5,6		9,454		8,441
BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 5/25/20594,5,6		3,693		3,321
BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 5/26/20594,5,6		2,343		2,222
BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/20614,6		12,167		10,551
BRAVO Residential Funding Trust, Series 2022-R1, Class A, 3.125% 1/29/2070 (6.125% on 1/29/2025)4,6,8		25,036		22,302
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 12/26/20304,5,6		1,629		1,584
Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 10/27/20314,5,6		3,670		3,459
Cascade Funding Mortgage Trust, Series 2021-HB7, Class M1, 2.125% 10/27/20314,5,6		6,481		5,977
Cascade Funding Mortgage Trust, Series 2018-RM2, Class A, 4.00% 10/25/20684,5,6		5,789		5,592
CHL Mortgage Pass-Through Trust, Series 2003-56, Class 6A1, 4.305% 12/25/20335,6		261		238
CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/20614,5,6		30,154		28,495
Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/20604,5,6		858		782
COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/20664,5,6		15,683		13,281
Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M1, (30-day Average USD-SOFR + 0.75%) 4.678% 10/25/20414,5,6		764		758
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 8/15/20374,6		17,486		15,643
Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 1/25/20604,5,6		14,358		12,334
CS First Boston Mortgage Securities Corp., Series 2002-30, Class IA1, 7.50% 11/25/20326		81		79
CS First Boston Mortgage Securities Corp., Series 2002-34, Class IA1, 7.50% 12/25/20326		215		218
CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 9/25/20346		734		699
Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 3/25/20694,6		13,945		14,929
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 6/25/20694,6		59,891		61,574
Finance of America Structured Securities Trust, Series 2019-JR3, Class A, 2.00% 9/25/20694,6		1,930		1,984
Finance of America Structured Securities Trust, Series 2019-JR4, Class A, 2.00% 11/25/20694,6		2,176		2,144
Flagstar Mortgage Trust, Series 2021-5INV, Class A2, 2.50% 7/25/20514,5,6		18,245		14,733
Flagstar Mortgage Trust, Series 2021-6INV, Class A4, 2.50% 8/25/20514,5,6		17,051		13,747
Flagstar Mortgage Trust, Series 2021-8INV, Class A3, 2.50% 9/25/20514,5,6		17,709		14,301
Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 10/25/20514,5,6		25,434		20,538
Flagstar Mortgage Trust, Series 2021-11INV, Class A4, 2.50% 11/25/20514,5,6		19,592		15,821
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, (1-month USD-LIBOR + 3.30%) 7.689% 10/25/20275,6		3,283		3,318
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA2, Class M1A, (30-day Average USD-SOFR + 1.30%) 5.228% 2/25/20424,5,6		10,191		10,027
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A, (30-day Average USD-SOFR + 2.00%) 5.928% 4/25/20424,5,6		8,388		8,350
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 6.078% 9/25/20424,5,6		5,133		5,143
GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/20664,5,6		37,126		31,186
Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/20264,6		16,138		13,961
Hundred Acre Wood Trust, Series 2021-INV1, Class A3, 2.50% 7/25/20514,5,6		3,847		3,106

22 American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued)
Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 6.25% 11/25/20594,5,6	USD	13,362	$	13,352
Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 4/25/20614,5,6		6,720		6,107
Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 7/25/2067 (5.25% on 11/25/2024)4,6,8		13,222		11,902
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 5.239% 11/25/20554,5,6		32,320		31,270
Mill City Mortgage Trust, Series 15-1, Class M2, 3.616% 6/25/20564,5,6		3,192		3,161
Mill City Mortgage Trust, Series 2019-1, Class A1, 3.25% 10/25/20694,5,6		5,745		5,429
New Residential Mortgage Loan Trust, Series 2019-2A, Class A1, 4.25% 12/25/20574,5,6		723		686
Onslow Bay Financial Mortgage Loan Trust, Series 2022-J1, Class A2, 2.50% 2/25/20524,5,6		22,272		17,985
PRKCM Trust, Series 2021-AFC2, Class A1, 2.071% 11/25/20564,5,6		39,134		32,610
Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/20394,6		7,764		7,049
RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75% 10/25/20634,5,6		3,887		3,588
Towd Point Mortgage Trust, Series 2015-3, Class M2, 4.00% 3/25/20544,5,6		2,708		2,655
Towd Point Mortgage Trust, Series 2015-4, Class M2, 3.75% 4/25/20554,5,6		7,292		7,089
Towd Point Mortgage Trust, Series 2015-4, Class M1, 3.75% 4/25/20554,5,6		605		604
Towd Point Mortgage Trust, Series 2016-4, Class M2, 3.75% 7/25/20564,5,6		8,460		7,918
Towd Point Mortgage Trust, Series 2017-2, Class M1, 3.75% 4/25/20574,5,6		9,394		8,909
Towd Point Mortgage Trust, Series 2018-3, Class A1, 3.75% 5/25/20584,5,6		2,743		2,598
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/20604,6		601		534
Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/20384,6		2,170		1,889
				561,945
Total mortgage-backed obligations				21,434,417
U.S. Treasury bonds & notes 7.59%
U.S. Treasury 4.77%
U.S. Treasury 2.50% 3/31/2023		5,993		5,966
U.S. Treasury 2.75% 4/30/2023		99		98
U.S. Treasury 1.375% 6/30/2023		36,605		36,040
U.S. Treasury 0.125% 8/31/2023		5,735		5,564
U.S. Treasury 2.625% 12/31/2023		4,079		3,998
U.S. Treasury 2.25% 1/31/2024		49,560		48,273
U.S. Treasury 2.50% 1/31/2024		60,223		58,821
U.S. Treasury 0.25% 3/15/2024		74,120		70,310
U.S. Treasury 3.00% 6/30/2024		72,001		70,279
U.S. Treasury 3.25% 8/31/2024		125,945		123,327
U.S. Treasury 0.375% 9/15/2024		120,000		111,854
U.S. Treasury 2.25% 11/15/2024		74,340		71,415
U.S. Treasury 4.50% 11/30/2024		256		256
U.S. Treasury 2.00% 2/15/2025		29,740		28,307
U.S. Treasury 2.125% 5/15/2025		24,780		23,561
U.S. Treasury 3.00% 7/15/2025		10,462		10,135
U.S. Treasury 3.125% 8/15/2025		38,400		37,285
U.S. Treasury 2.75% 8/31/2025		113,990		109,623
U.S. Treasury 3.00% 10/31/2025		178,410		172,372
U.S. Treasury 4.50% 11/15/2025		185,000		186,174
U.S. Treasury 2.875% 11/30/2025		114,981		110,686
U.S. Treasury 4.00% 12/15/2025		159,097		158,103
U.S. Treasury 2.25% 3/31/2026		52,663		49,643
U.S. Treasury 0.75% 8/31/2026		37		33
U.S. Treasury 0.875% 9/30/2026		2,380		2,114
U.S. Treasury 1.125% 10/31/2026		79,610		71,204
U.S. Treasury 2.00% 11/15/2026		47,200		43,653
U.S. Treasury 6.50% 11/15/2026		39,650		42,961
U.S. Treasury 2.25% 2/15/2027		11,150		10,378
U.S. Treasury 1.125% 2/28/2027		930		827
U.S. Treasury 2.375% 5/15/2027		4,310		4,019
U.S. Treasury 3.25% 6/30/2027		242,903		234,936
U.S. Treasury 2.75% 7/31/2027		47,800		45,237
U.S. Treasury 6.375% 8/15/2027		35,690		39,081
U.S. Treasury 3.875% 11/30/2027		820,063		815,621
U.S. Treasury 0.625% 12/31/2027		117,280		99,390
U.S. Treasury 2.75% 2/15/2028		10,841		10,195
U.S. Treasury 2.875% 5/15/2028		50,318		47,512
U.S. Treasury 1.25% 6/30/2028		195,000		168,633

American Balanced Fund 23

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued)
U.S. Treasury 1.00% 7/31/2028	USD	100,000	$	85,021
U.S. Treasury 1.375% 10/31/2028		150,000		129,536
U.S. Treasury 3.125% 11/15/2028		44,485		42,418
U.S. Treasury 1.50% 11/30/2028		50,000		43,417
U.S. Treasury 5.25% 2/15/2029		35,690		37,921
U.S. Treasury 3.25% 6/30/2029		58,480		55,954
U.S. Treasury 1.625% 8/15/2029		24,780		21,499
U.S. Treasury 3.875% 11/30/2029		263,159		261,419
U.S. Treasury 0.625% 5/15/2030		24,780		19,618
U.S. Treasury 0.625% 8/15/2030		114,675		90,275
U.S. Treasury 1.25% 8/15/2031		38,263		31,068
U.S. Treasury 2.875% 5/15/2032		323,416		298,202
U.S. Treasury 2.75% 8/15/2032		37,500		34,143
U.S. Treasury 4.125% 11/15/2032		836,775		853,448
U.S. Treasury 4.25% 5/15/2039		89,230		92,093
U.S. Treasury 1.125% 5/15/20409		39,649		24,881
U.S. Treasury 2.25% 5/15/2041		140,792		105,981
U.S. Treasury 2.00% 11/15/2041		6,986		5,002
U.S. Treasury 2.375% 2/15/2042		29,288		22,388
U.S. Treasury 3.25% 5/15/2042		677,197		594,626
U.S. Treasury 2.75% 8/15/2042		32,660		26,346
U.S. Treasury 3.375% 8/15/20429		155,000		138,674
U.S. Treasury 4.00% 11/15/20429		324,238		317,696
U.S. Treasury 3.125% 2/15/2043		47,605		40,700
U.S. Treasury 2.875% 5/15/2043		36,090		29,548
U.S. Treasury 3.625% 2/15/2044		24,780		22,800
U.S. Treasury 3.125% 8/15/2044		39,447		33,420
U.S. Treasury 2.50% 2/15/2045		51,860		39,220
U.S. Treasury 3.00% 5/15/2045		24,780		20,491
U.S. Treasury 3.00% 11/15/2045		24,780		20,465
U.S. Treasury 3.00% 5/15/2047		59,532		48,938
U.S. Treasury 2.75% 8/15/2047		99,300		77,947
U.S. Treasury 3.00% 2/15/2048		4,007		3,302
U.S. Treasury 2.00% 2/15/2050		65,583		43,569
U.S. Treasury 2.375% 5/15/2051		16,475		11,877
U.S. Treasury 2.00% 8/15/2051		5,468		3,599
U.S. Treasury 1.875% 11/15/2051		25,500		16,239
U.S. Treasury 2.25% 2/15/20529		289,680		202,509
U.S. Treasury 3.00% 8/15/20529		2,493,982		2,067,910
				9,142,044
U.S. Treasury inflation-protected securities 2.82%
U.S. Treasury Inflation-Protected Security 0.625% 4/15/202310		374,638		371,037
U.S. Treasury Inflation-Protected Security 0.625% 1/15/202410		38,695		37,900
U.S. Treasury Inflation-Protected Security 0.50% 4/15/202410		173,691		169,032
U.S. Treasury Inflation-Protected Security 0.125% 7/15/202410		63,044		61,068
U.S. Treasury Inflation-Protected Security 0.125% 10/15/202410		54,109		52,149
U.S. Treasury Inflation-Protected Security 0.25% 1/15/202510		223,909		214,923
U.S. Treasury Inflation-Protected Security 2.375% 1/15/202510		78,344		78,493
U.S. Treasury Inflation-Protected Security 0.125% 4/15/202510		74,176		70,694
U.S. Treasury Inflation-Protected Security 0.375% 7/15/202510		593,101		569,906
U.S. Treasury Inflation-Protected Security 0.125% 10/15/202510		678,764		645,163
U.S. Treasury Inflation-Protected Security 0.125% 4/15/202610		776,069		729,550
U.S. Treasury Inflation-Protected Security 0.125% 10/15/202610		683,946		641,481
U.S. Treasury Inflation-Protected Security 0.375% 1/15/202710		302,380		285,099
U.S. Treasury Inflation-Protected Security 0.125% 4/15/202710		229,012		213,396
U.S. Treasury Inflation-Protected Security 1.625% 10/15/202710		295,224		294,850
U.S. Treasury Inflation-Protected Security 1.75% 1/15/202810		37,919		37,931
U.S. Treasury Inflation-Protected Security 0.75% 7/15/202810		176,494		168,137
U.S. Treasury Inflation-Protected Security 0.875% 1/15/202910		145,173		138,295
U.S. Treasury Inflation-Protected Security 0.125% 1/15/203010		6,457		5,802
U.S. Treasury Inflation-Protected Security 0.125% 1/15/203110		212,775		188,783
U.S. Treasury Inflation-Protected Security 0.625% 2/15/204310		26,362		21,261
U.S. Treasury Inflation-Protected Security 1.375% 2/15/204410		48,162		44,679
U.S. Treasury Inflation-Protected Security 1.00% 2/15/204610		22,357		18,995

24 American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury inflation-protected securities (continued)
U.S. Treasury Inflation-Protected Security 0.25% 2/15/205010	USD	2,873	$	1,940
U.S. Treasury Inflation-Protected Security 0.125% 2/15/20519,10		243,765		157,249
U.S. Treasury Inflation-Protected Security 0.125% 2/15/20529,10		307,266		198,524
				5,416,337
Total U.S. Treasury bonds & notes				14,558,381
Corporate bonds, notes & loans 6.77%
Financials 2.54%
AerCap Ireland Capital DAC 1.65% 10/29/2024		65,961		60,887
AerCap Ireland Capital DAC 6.50% 7/15/2025		7,190		7,292
AerCap Ireland Capital DAC 1.75% 1/30/2026		10,369		9,134
AerCap Ireland Capital DAC 2.45% 10/29/2026		48,625		42,583
AerCap Ireland Capital DAC 3.00% 10/29/2028		58,191		48,856
AerCap Ireland Capital DAC 3.30% 1/30/2032		26,947		21,132
AerCap Ireland Capital DAC 3.40% 10/29/2033		12,659		9,632
AerCap Ireland Capital DAC 3.85% 10/29/2041		14,504		10,306
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 1.15% 10/29/2023		23,000		22,138
AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025)4,8		41,000		41,789
Ally Financial, Inc. 8.00% 11/1/2031		4,250		4,430
Ally Financial, Inc. 8.00% 11/1/2031		3,250		3,364
American Express Co. 2.25% 3/4/2025		20,000		18,894
American Express Co. 2.55% 3/4/2027		13,925		12,688
American Express Co. 5.85% 11/5/2027		3,900		4,067
American Express Co. 4.42% 8/3/2033 (USD-SOFR + 1.76% on 8/3/2032)8		15,687		14,866
American International Group, Inc. 2.50% 6/30/2025		7,432		7,003
American International Group, Inc. 4.375% 6/30/2050		4,240		3,609
Arthur J. Gallagher & Co. 3.50% 5/20/2051		5,791		4,067
Australia & New Zealand Banking Group, Ltd. 6.742% 12/8/20324		4,134		4,188
Banco Santander, SA 2.746% 5/28/2025		5,000		4,684
Banco Santander, SA 5.147% 8/18/2025		13,000		12,869
Banco Santander, SA 1.722% 9/14/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.90% on 9/14/2026)8		20,600		17,621
Bangkok Bank PCL 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)8		21,127		17,701
Bank of America Corp. 1.843% 2/4/2025 (USD-SOFR + 0.67% on 2/4/2024)8		10,000		9,592
Bank of America Corp. 1.197% 10/24/2026 (USD-SOFR + 1.01% on 10/24/2025)8		19,820		17,640
Bank of America Corp. 1.658% 3/11/2027 (USD-SOFR + 0.91% on 3/11/2026)8		12,694		11,245
Bank of America Corp. 4.376% 4/27/2028 (USD-SOFR + 1.58% on 4/27/2027)8		22,000		21,073
Bank of America Corp. 4.948% 7/22/2028 (USD-SOFR + 2.04% on 7/22/2027)8		86,250		84,378
Bank of America Corp. 6.204% 11/10/2028 (USD-SOFR + 1.99% on 11/10/2027)8		32,569		33,685
Bank of America Corp. 3.419% 12/20/2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)8		38,490		34,919
Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028)8		69,705		58,779
Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031)8		16,073		12,417
Bank of America Corp. 2.572% 10/20/2032 (USD-SOFR + 1.21% on 10/20/2031)8		2,895		2,275
Bank of America Corp. 2.972% 2/4/2033 (USD-SOFR + 1.33% on 2/4/2032)8		19,105		15,441
Bank of America Corp. 4.571% 4/27/2033 (USD-SOFR + 1.83% on 4/27/2032)8		22,000		20,186
Bank of America Corp. 5.015% 7/22/2033 (USD-SOFR + 2.16% on 7/22/2032)8		49,824		47,450
Bank of Ireland Group PLC 6.253% 9/16/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.65% on 9/16/2025)4,8		5,000		4,963
Bank of New York Mellon Corp. 5.802% 10/25/2028 (USD-SOFR + 1.802% on 10/25/2027)8		8,829		9,145
Blackstone Holdings Finance Co., LLC 5.90% 11/3/20274		7,000		7,064
BNP Paribas 4.375% 9/28/20254		5,700		5,541
BNP Paribas 4.375% 5/12/20264		6,350		6,058
BNP Paribas 1.675% 6/30/2027 (USD-SOFR + 0.912% on 6/30/2026)4,8		1,412		1,230
BNP Paribas SA 1.323% 1/13/2027 (USD-SOFR + 1.004% on 1/13/2026)4,8		32,442		28,389
BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027)4,8		83,056		73,162
BNP Paribas SA 1.904% 9/30/2028 (USD-SOFR + 1.609% on 9/30/2027)4,8		5,000		4,171
BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)4,8		24,859		20,310
BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031)4,8		30,232		23,712
Capital One Financial Corp. 1.343% 12/6/2024 (USD-SOFR + 0.69% on 12/6/2023)8		34,875		33,400
Capital One Financial Corp. 4.985% 7/24/2026 (USD-SOFR + 2.16% on 7/24/2025)8		22,000		21,568
Capital One Financial Corp. 4.927% 5/10/2028 (USD-SOFR + 2.057% on 5/10/2027)8		21,500		20,848
Charles Schwab Corp. 3.45% 2/13/2026		1,616		1,564
Charles Schwab Corp. 2.45% 3/3/2027		14,200		12,966
Charles Schwab Corp. 2.90% 3/3/2032		18,000		15,346

American Balanced Fund 25

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 8/12/2031	USD	10,606	$	8,293
Citigroup, Inc. 2.014% 1/25/2026 (USD-SOFR + 0.694% on 1/25/2025)8		16,783		15,567
Citigroup, Inc. 5.61% 9/29/2026 (USD-SOFR + 1.546% on 12/29/2025)8		41,750		41,972
Citigroup, Inc. 3.07% 2/24/2028 (USD-SOFR + 1.28% on 2/24/2027)8		61,105		55,175
Citigroup, Inc. 4.658% 5/24/2028 (USD-SOFR + 1.887% on 5/24/2027)8		26,121		25,320
Citigroup, Inc. 4.075% 4/23/2029 (3-month USD-LIBOR + 1.192% on 4/23/2028)8		30,000		27,659
Citigroup, Inc. 2.976% 11/5/2030 (USD-SOFR + 1.422% on 11/5/2029)8		5,370		4,527
Citigroup, Inc. 6.27% 11/17/2033 (USD-SOFR + 2.338% on 11/17/2032)8		22,693		23,483
CME Group, Inc. 3.75% 6/15/2028		2,230		2,147
Corebridge Financial, Inc. 3.50% 4/4/20254		19,009		18,240
Corebridge Financial, Inc. 3.65% 4/5/20274		43,861		40,953
Corebridge Financial, Inc. 3.85% 4/5/20294		29,794		27,198
Corebridge Financial, Inc. 3.90% 4/5/20324		16,820		14,736
Corebridge Financial, Inc. 4.35% 4/5/20424		1,622		1,337
Corebridge Financial, Inc. 4.40% 4/5/20524		3,907		3,116
Crédit Agricole SA 4.375% 3/17/20254		5,460		5,279
Crédit Agricole SA 1.907% 6/16/2026 (USD-SOFR + 1.676% on 6/16/2025)4,8		17,106		15,608
Crédit Agricole SA 1.247% 1/26/2027 (USD-SOFR + 0.892% on 1/26/2026)4,8		13,656		11,957
Credit Suisse Group AG 3.80% 6/9/2023		26,053		25,373
Credit Suisse Group AG 4.207% 6/12/2024 (3-month USD-LIBOR + 1.24% on 6/12/2023)4,8		23,000		22,429
Credit Suisse Group AG 3.625% 9/9/2024		7,250		6,765
Credit Suisse Group AG 2.593% 9/11/2025 (USD-SOFR + 1.56% on 9/11/2024)4,8		12,081		10,687
Credit Suisse Group AG 2.193% 6/5/2026 (USD-SOFR + 2.044% on 6/5/2025)4,8		42,692		36,497
Credit Suisse Group AG 1.305% 2/2/2027 (USD-SOFR + 0.98% on 2/2/2026)4,8		53,787		43,093
Credit Suisse Group AG 6.442% 8/11/2028 (USD-SOFR + 3.70% on 8/11/2027)4,8		23,405		21,349
Credit Suisse Group AG 3.869% 1/12/2029 (3-month USD-LIBOR + 1.41% on 1/12/2028)4,8		10,450		8,391
Credit Suisse Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030)4,8		53,999		42,023
Credit Suisse Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031)4,8		44,165		30,604
Credit Suisse Group AG 6.537% 8/12/2033 (USD-SOFR + 3.92% on 8/12/2032)4,8		4,250		3,740
Credit Suisse Group AG 9.016% 11/15/2033 (USD-SOFR + 5.02% on 11/15/2032)4,8		34,964		35,896
Danske Bank AS 3.773% 3/28/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.45% on 3/28/2024)4,8		20,000		19,389
Danske Bank AS 1.549% 9/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.73% on 9/10/2026)4,8		45,000		38,598
Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)4,8		14,225		13,101
Deutsche Bank AG 3.95% 2/27/2023		63,683		63,467
Deutsche Bank AG 0.898% 5/28/2024		19,230		17,991
Deutsche Bank AG 3.70% 5/30/2024		36,145		35,539
Deutsche Bank AG 3.70% 5/30/2024		28,800		28,002
Deutsche Bank AG 2.222% 9/18/2024 (USD-SOFR + 2.159% on 9/18/2023)8		45,250		43,716
Deutsche Bank AG 3.961% 11/26/2025 (USD-SOFR + 2.581% on 11/26/2024)8		16,750		16,018
Deutsche Bank AG 4.10% 1/13/2026		21,547		20,732
Deutsche Bank AG 4.10% 1/13/2026		5,139		4,939
Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025)8		101,621		89,753
Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)8		57,316		48,670
Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027)8		93,958		79,992
Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030)8		27,790		22,339
Discover Financial Services 6.70% 11/29/2032		5,375		5,480
DNB Bank ASA 5.896% 10/9/2026 (USD-SOFR + 1.95% on 10/9/2025)4,5		41,250		41,294
Goldman Sachs Group, Inc. 1.431% 3/9/2027 (USD-SOFR + 0.795% on 3/9/2026)8		15,000		13,170
Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026)8		44,600		38,529
Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026)8		121,291		106,213
Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027)8		44,541		39,722
Goldman Sachs Group, Inc. 3.615% 3/15/2028 (USD-SOFR + 1.846% on 3/15/2027)8		60,638		56,572
Goldman Sachs Group, Inc. 4.482% 8/23/2028 (USD-SOFR + 1.725% on 8/23/2027)8		34,354		32,982
Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)8		108,358		88,266
Groupe BPCE SA 2.75% 1/11/20234		2,510		2,509
Groupe BPCE SA 5.70% 10/22/20234		13,830		13,730
Groupe BPCE SA 4.625% 7/11/20244		33,950		33,060
Groupe BPCE SA 5.15% 7/21/20244		39,440		38,632
Groupe BPCE SA 1.625% 1/14/20254		24,000		22,355
Groupe BPCE SA 1.00% 1/20/20264		25,000		21,943
Groupe BPCE SA 1.652% 10/6/2026 (USD-SOFR + 1.52% on 10/6/2025)4,8		12,975		11,543
Groupe BPCE SA 2.277% 1/20/2032 (USD-SOFR + 1.312% on 1/20/2031)4,8		325		244

26 American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
HSBC Holdings PLC 2.633% 11/7/2025 (3-month USD-LIBOR + 1.14% on 11/7/2024)8	USD	2,350	$	2,209
HSBC Holdings PLC 1.589% 5/24/2027 (3-month USD-LIBOR + 1.29% on 5/24/2026)8		3,250		2,806
HSBC Holdings PLC 4.755% 6/9/2028 (USD-SOFR + 2.11% on 6/9/2027)8		2,247		2,127
HSBC Holdings PLC 3.973% 5/22/2030 (3-month USD-LIBOR + 1.61% on 5/22/2029)8		5,940		5,211
Huarong Finance 2017 Co., Ltd. 4.25% 11/7/2027		47,000		40,223
Huarong Finance II Co., Ltd. 5.50% 1/16/2025		44,000		41,748
Intesa Sanpaolo SpA 3.375% 1/12/20234		68,977		68,944
Intesa Sanpaolo SpA 5.017% 6/26/20244		78,202		75,220
Intesa Sanpaolo SpA 3.25% 9/23/20244		5,540		5,258
Intesa Sanpaolo SpA 7.00% 11/21/20254		2,550		2,603
Intesa Sanpaolo SpA 3.875% 7/14/20274		70,094		62,593
Intesa Sanpaolo SpA 3.875% 1/12/20284		43,573		38,468
Intesa Sanpaolo SpA 8.248% 11/21/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 4.40% on 11/21/2032)4,8		24,225		24,645
JPMorgan Chase & Co. 1.561% 12/10/2025 (USD-SOFR + 0.605% on 12/10/2024)8		61,442		56,929
JPMorgan Chase & Co. 4.08% 4/26/2026 (USD-SOFR + 1.32% on 4/26/2025)8		15,000		14,577
JPMorgan Chase & Co. 1.47% 9/22/2027 (USD-SOFR + 0.765% on 9/22/2026)8		92,000		79,768
JPMorgan Chase & Co. 2.947% 2/24/2028 (USD-SOFR + 1.17% on 2/24/2027)8		45,000		40,772
JPMorgan Chase & Co. 4.323% 4/26/2028 (USD-SOFR + 1.56% on 4/26/2027)8		53,000		50,696
JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)8		43,348		42,326
JPMorgan Chase & Co. 3.509% 1/23/2029 (3-month USD-LIBOR + 0.945% on 1/23/2028)8		35,000		31,824
JPMorgan Chase & Co. 2.069% 6/1/2029 (USD-SOFR + 1.015% on 6/1/2028)8		54,174		45,340
JPMorgan Chase & Co. 4.586% 4/26/2033 (USD-SOFR + 1.80% on 4/26/2032)8		1,196		1,111
JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)8		19,912		19,018
Kasikornbank PCL HK 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)8		21,318		18,787
Lloyds Banking Group PLC 3.87% 7/9/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.50% on 7/9/2024)8		5,000		4,842
Lloyds Banking Group PLC 2.438% 2/5/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on 2/5/2025)8		22,400		20,872
Lloyds Banking Group PLC 1.627% 5/11/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 5/11/2026)8		3,100		2,687
Lloyds Banking Group PLC 3.75% 3/18/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.80% on 3/18/2027)8		37,368		34,550
Lloyds Banking Group PLC 4.976% 8/11/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/11/2032)8		21,560		19,858
Marsh & McLennan Companies, Inc. 3.875% 3/15/2024		2,500		2,466
Marsh & McLennan Companies, Inc. 4.375% 3/15/2029		3,750		3,630
Marsh & McLennan Companies, Inc. 2.25% 11/15/2030		7,010		5,756
Metropolitan Life Global Funding I 2.95% 4/9/20304		10,000		8,698
Mitsubishi UFJ Financial Group, Inc. 0.962% 10/11/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.45% on 10/11/2024)8		46,000		42,325
Mitsubishi UFJ Financial Group, Inc. 1.538% 7/20/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/20/2026)8		65,500		56,864
Mitsubishi UFJ Financial Group, Inc. 1.64% 10/13/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.67% on 10/13/2026)8		34,600		30,011
Mitsubishi UFJ Financial Group, Inc. 2.341% 1/19/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.83% on 1/19/2027)8		24,000		21,158
Mitsubishi UFJ Financial Group, Inc. 4.08% 4/19/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.30% on 4/19/2027)8		23,000		21,720
Mitsubishi UFJ Financial Group, Inc. 3.195% 7/18/2029		960		840
Mizuho Financial Group, Inc. 1.554% 7/9/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/9/2026)8		34,000		29,660
Mizuho Financial Group, Inc. 5.669% 9/13/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.40% on 9/13/2032)8		20,740		20,643
Moody’s Corp. 4.25% 8/8/2032		5,465		5,123
Morgan Stanley 4.679% 7/17/2026 (USD-SOFR + 1.669% on 7/17/2025)8		9,785		9,627
Morgan Stanley 1.512% 7/20/2027 (USD-SOFR + 0.858% on 7/20/2026)8		83,064		72,183
Morgan Stanley 2.475% 1/21/2028 (USD-SOFR + 1.00% on 1/21/2027)8		14,536		12,936
Morgan Stanley 4.21% 4/20/2028 (USD-SOFR + 1.61% on 4/20/2027)8		22,000		20,958
Morgan Stanley 6.296% 10/18/2028 (USD-SOFR + 2.44% on 10/18/2027)8		39,474		40,819
Morgan Stanley 2.239% 7/21/2032 (USD-SOFR + 1.178% on 7/21/2031)8		31,624		24,337
Morgan Stanley 2.943% 1/21/2033 (USD-SOFR + 1.29% on 1/21/2032)8		14,421		11,704
Morgan Stanley 5.297% 4/20/2037 (USD-SOFR + 2.62% on 4/20/2032)8		8,669		7,950

American Balanced Fund 27

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Morgan Stanley 3.217% 4/22/2042 (USD-SOFR + 1.485% on 4/22/2041)8	USD	2,854	$	2,123
MSCI, Inc. 3.25% 8/15/20334		26,400		20,426
National Australia Bank, Ltd. 1.887% 1/12/20274		15,000		13,349
National Securities Clearing Corp. 5.10% 11/21/20274		6,000		6,045
NatWest Group PLC 7.472% 11/10/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.85% on 11/10/2025)8		5,000		5,209
New York Life Global Funding 2.35% 7/14/20264		2,970		2,736
Northern Trust Corp. 6.125% 11/2/2032		5,000		5,288
PNC Financial Services Group, Inc. 5.671% 10/28/2025 (USD-SOFR + 1.09% on 10/28/2024)8		10,000		10,114
PNC Financial Services Group, Inc. 5.354% 12/2/2028 (USD-SOFR + 1.62% on 12/2/2027)8		5,000		5,048
PNC Financial Services Group, Inc. 6.037% 10/28/2033 (USD-SOFR + 2.14% on 10/28/2032)8		29,894		31,219
Power Financial Corp., Ltd. 5.25% 8/10/2028		3,067		2,984
Power Financial Corp., Ltd. 6.15% 12/6/2028		2,760		2,808
Power Financial Corp., Ltd. 4.50% 6/18/2029		4,446		4,115
Power Financial Corp., Ltd. 3.95% 4/23/2030		9,727		8,557
Prudential Financial, Inc. 4.35% 2/25/2050		7,760		6,612
Prudential Financial, Inc. 3.70% 3/13/2051		945		726
Royal Bank of Canada 1.15% 6/10/2025		4,420		4,050
Santander Holdings USA, Inc. 3.50% 6/7/2024		41,605		40,443
Santander Holdings USA, Inc. 2.49% 1/6/20288		28,375		24,383
State Street Corp. 5.82% 11/4/2028 (USD-SOFR + 1.715% on 11/4/2027)8		990		1,024
State Street Corp. 4.164% 8/4/2033 (USD-SOFR + 1.726% on 8/4/2032)8		14,240		13,196
Sumitomo Mitsui Banking Corp. 2.174% 1/14/2027		8,800		7,813
Sumitomo Mitsui Financial Group, Inc. 1.402% 9/17/2026		10,000		8,721
Synchrony Bank 5.40% 8/22/2025		21,000		20,631
Synchrony Bank 5.625% 8/23/2027		21,000		20,497
Synchrony Financial 4.375% 3/19/2024		11,550		11,348
Synchrony Financial 4.25% 8/15/2024		12,369		12,093
Toronto-Dominion Bank 2.65% 6/12/2024		7,113		6,885
Toronto-Dominion Bank 1.25% 9/10/2026		19,849		17,382
Toronto-Dominion Bank 1.95% 1/12/2027		10,000		8,924
Toronto-Dominion Bank 2.45% 1/12/2032		7,500		6,094
Travelers Companies, Inc. 4.00% 5/30/2047		3,380		2,749
U.S. Bancorp 4.548% 7/22/2028 (USD-SOFR + 1.66% on 7/27/2027)8		21,000		20,544
UBS Group AG 4.49% 8/5/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.60% on 8/5/2024)4,8		5,000		4,917
UBS Group AG 4.125% 9/24/20254		4,030		3,923
UBS Group AG 1.364% 1/30/2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.08% on 1/30/2026)4,8		6,350		5,568
UBS Group AG 1.494% 8/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 8/10/2026)4,8		39,750		34,248
UBS Group AG 4.751% 5/12/2028 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 5/12/2027)4,8		22,350		21,423
UniCredit SpA 4.625% 4/12/20274		5,540		5,192
UniCredit SpA 5.861% 6/19/2032 (5-year USD-ICE Swap + 3.703% on 6/19/2027)4,8		29,627		26,050
Unum Group 3.875% 11/5/2025		5,045		4,823
Vigorous Champion International, Ltd. 4.25% 5/28/2029		3,162		2,843
Wells Fargo & Company 2.406% 10/30/2025 (3-month USD-LIBOR + 0.825% on 10/30/2024)8		45,118		42,698
Wells Fargo & Company 3.908% 4/25/2026 (USD-SOFR + 1.32% on 4/25/2025)8		12,889		12,538
Wells Fargo & Company 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)8		148,694		137,959
Wells Fargo & Company 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027)8		46,221		45,220
Wells Fargo & Company 2.879% 10/30/2030 (3-month USD-LIBOR + 1.17% on 10/30/2029)8		17,595		14,983
Wells Fargo & Company 5.013% 4/4/2051 (3-month USD-LIBOR + 4.24% on 4/4/2050)8		2,650		2,348
Westpac Banking Corp. 2.75% 1/11/2023		6,880		6,877
Westpac Banking Corp. 2.894% 2/4/2030 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 2/4/2025)8		3,750		3,441

28 American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Westpac Banking Corp. 4.11% 7/24/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 2.00% on 7/24/2029)8	USD	3,750	$	3,223
Westpac Banking Corp. 2.668% 11/15/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 11/15/2030)8		28,300		21,093
Westpac Banking Corp. 2.963% 11/16/2040		12,915		8,572
				4,867,716
Consumer discretionary 0.87%
Alibaba Group Holding, Ltd. 3.15% 2/9/2051		4,100		2,562
Amazon.com, Inc. 1.20% 6/3/2027		6,250		5,422
Amazon.com, Inc. 4.55% 12/1/2027		5,000		4,992
Amazon.com, Inc. 2.70% 6/3/2060		2,770		1,682
American Honda Finance Corp. 3.50% 2/15/2028		2,500		2,341
Daimler Trucks Finance North America, LLC 1.125% 12/14/20234		24,000		23,065
Daimler Trucks Finance North America, LLC 1.625% 12/13/20244		14,750		13,699
Daimler Trucks Finance North America, LLC 3.50% 4/7/20254		8,050		7,729
Daimler Trucks Finance North America, LLC 2.00% 12/14/20264		22,985		20,283
Daimler Trucks Finance North America, LLC 3.65% 4/7/20274		15,255		14,279
Daimler Trucks Finance North America, LLC 2.375% 12/14/20284		12,025		10,128
Daimler Trucks Finance North America, LLC 2.50% 12/14/20314		18,675		14,525
DaimlerChrysler North America Holding Corp. 1.75% 3/10/20234		31,720		31,533
DaimlerChrysler North America Holding Corp. 3.65% 2/22/20244		16,430		16,155
General Motors Company 6.125% 10/1/2025		32,572		33,182
General Motors Company 6.80% 10/1/2027		24,419		25,388
General Motors Company 5.40% 10/15/2029		20,194		19,316
General Motors Company 5.60% 10/15/2032		21,000		19,569
General Motors Financial Co. 3.25% 1/5/2023		8,417		8,416
General Motors Financial Co. 3.70% 5/9/2023		11,361		11,306
General Motors Financial Co. 3.80% 4/7/2025		32,650		31,545
General Motors Financial Co. 2.75% 6/20/2025		36,850		34,529
General Motors Financial Co. 1.25% 1/8/2026		8,000		7,053
General Motors Financial Co. 1.50% 6/10/2026		69,104		60,095
General Motors Financial Co. 4.00% 10/6/2026		4,991		4,705
General Motors Financial Co. 2.35% 2/26/2027		56,507		49,428
General Motors Financial Co. 2.70% 8/20/2027		55,425		48,536
General Motors Financial Co. 2.40% 4/10/2028		22,789		19,206
General Motors Financial Co. 2.40% 10/15/2028		51,121		42,483
General Motors Financial Co. 4.30% 4/6/2029		18,400		16,518
General Motors Financial Co. 3.60% 6/21/2030		5,785		4,881
General Motors Financial Co. 2.35% 1/8/2031		43,356		32,787
General Motors Financial Co. 2.70% 6/10/2031		36,632		28,151
Home Depot, Inc. 1.50% 9/15/2028		15,000		12,781
Home Depot, Inc. 2.95% 6/15/2029		2,390		2,167
Home Depot, Inc. 1.875% 9/15/2031		10,000		8,017
Hyundai Capital America 2.375% 2/10/20234		39,473		39,386
Hyundai Capital America 5.75% 4/6/20234		9,000		9,007
Hyundai Capital America 1.25% 9/18/20234		13,111		12,710
Hyundai Capital America 0.875% 6/14/20244		21,810		20,354
Hyundai Capital America 3.40% 6/20/20244		36,500		35,245
Hyundai Capital America 1.00% 9/17/20244		93,880		86,796
Hyundai Capital America 2.65% 2/10/20254		51,765		48,724
Hyundai Capital America 5.875% 4/7/20254		9,000		9,043
Hyundai Capital America 1.80% 10/15/20254		3,275		2,949
Hyundai Capital America 1.30% 1/8/20264		23,790		20,831
Hyundai Capital America 1.50% 6/15/20264		28,381		24,623
Hyundai Capital America 1.65% 9/17/20264		64,501		56,772
Hyundai Capital America 3.00% 2/10/20274		35,725		32,112
Hyundai Capital America 2.375% 10/15/20274		27,070		23,202
Hyundai Capital America 1.80% 1/10/20284		21,000		17,256
Hyundai Capital America 2.00% 6/15/20284		20,408		16,658
Hyundai Capital America 2.10% 9/15/20284		26,350		21,674
Hyundai Capital Services, Inc. 2.125% 4/24/20254		6,975		6,384
Hyundai Capital Services, Inc. 1.25% 2/8/20264		9,245		8,040
KIA Corp. 2.375% 2/14/20254		13,200		12,258
Marriott International, Inc. 5.75% 5/1/2025		1,305		1,317
Marriott International, Inc. 3.125% 6/15/2026		1,640		1,537
Marriott International, Inc. 2.85% 4/15/2031		710		577

American Balanced Fund 29

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Marriott International, Inc. 2.75% 10/15/2033	USD	21,521	$	16,480
McDonald’s Corp. 4.60% 9/9/2032		1,275		1,251
Mercedes-Benz Finance North America, LLC 5.375% 11/26/20254		8,625		8,681
Mercedes-Benz Finance North America, LLC 5.25% 11/29/20274		15,150		15,253
Nissan Motor Acceptance Co., LLC 1.125% 9/16/20244		21,300		19,422
Nissan Motor Acceptance Co., LLC 1.85% 9/16/20264		48,361		40,432
Nissan Motor Acceptance Co., LLC 2.45% 9/15/20284		29,875		23,266
Nissan Motor Co., Ltd. 3.043% 9/15/20234		800		784
Nissan Motor Co., Ltd. 3.522% 9/17/20254		30,055		27,947
Nissan Motor Co., Ltd. 2.00% 3/9/20264		42,000		36,164
Nissan Motor Co., Ltd. 4.345% 9/17/20274		5,400		4,905
Nissan Motor Co., Ltd. 2.75% 3/9/20284		53,150		43,133
Nissan Motor Co., Ltd. 4.81% 9/17/20304		40,500		34,460
Sands China, Ltd. 2.80% 3/8/20278		8,630		7,403
Stellantis Finance US, Inc. 1.711% 1/29/20274		37,275		32,035
Stellantis Finance US, Inc. 5.625% 1/12/20284		10,000		9,919
Stellantis Finance US, Inc. 2.691% 9/15/20314		29,155		22,314
Stellantis Finance US, Inc. 6.375% 9/12/20324		25,740		25,486
The Board of Trustees of The Leland Stanford Junior University 1.289% 6/1/2027		4,000		3,479
Toyota Motor Credit Corp. 5.40% 11/10/2025		5,000		5,082
Toyota Motor Credit Corp. 0.80% 1/9/2026		15,815		14,108
Toyota Motor Credit Corp. 1.90% 1/13/2027		10,000		8,938
Volkswagen Group of America Finance, LLC 2.85% 9/26/20244		10,113		9,685
Volkswagen Group of America Finance, LLC 3.35% 5/13/20254		10,544		10,079
Volkswagen Group of America Finance, LLC 4.625% 11/13/20254		9,250		9,108
Volkswagen Group of America Finance, LLC 1.25% 11/24/20254		20,301		18,118
Volkswagen Group of America Finance, LLC 1.625% 11/24/20274		21,650		18,161
				1,662,002
Utilities 0.64%
AEP Transmission Co., LLC 3.65% 4/1/2050		2,925		2,245
American Electric Power Company, Inc. 1.00% 11/1/2025		2,200		1,967
Baltimore Gas & Electric 4.55% 6/1/2052		4,325		3,844
Comisión Federal de Electricidad 4.688% 5/15/20294		40,160		35,696
Consumers Energy Co. 3.10% 8/15/2050		7,500		5,245
Duke Energy Carolinas, LLC 3.95% 11/15/2028		5,340		5,135
Duke Energy Corp. 0.90% 9/15/2025		4,575		4,092
Duke Energy Corp. 4.50% 8/15/2032		29,650		27,862
Duke Energy Corp. 3.50% 6/15/2051		10,000		6,988
Duke Energy Progress, LLC 3.70% 10/15/2046		2,250		1,714
Duke Energy Progress, LLC 2.50% 8/15/2050		1,026		620
Duke Energy Progress, LLC 2.90% 8/15/2051		474		313
Edison International 3.55% 11/15/2024		38,511		37,205
Edison International 4.95% 4/15/2025		750		738
Edison International 5.75% 6/15/2027		14,328		14,395
Edison International 4.125% 3/15/2028		21,895		20,352
Edison International 6.95% 11/15/2029		3,650		3,820
Electricité de France SA 4.75% 10/13/20354		3,150		2,663
Electricité de France SA 4.875% 9/21/20384		6,325		5,166
Electricité de France SA 5.60% 1/27/2040		1,325		1,214
Emera US Finance, LP 0.833% 6/15/2024		4,800		4,482
Emera US Finance, LP 3.55% 6/15/2026		4,430		4,155
Emera US Finance, LP 2.639% 6/15/2031		6,400		5,027
Enersis Américas SA 4.00% 10/25/2026		4,330		4,127
Entergy Corp. 3.75% 6/15/2050		5,850		4,334
Eversource Energy 2.70% 6/1/2026		4,085		3,770
FirstEnergy Corp. 3.50% 4/1/20284		4,363		3,983
FirstEnergy Corp. 4.10% 5/15/20284		3,900		3,677
FirstEnergy Transmission, LLC 2.866% 9/15/20284		21,285		18,612
Georgia Power Co. 3.70% 1/30/2050		1,000		749
Jersey Central Power & Light Co. 4.30% 1/15/20264		1,458		1,410
Jersey Central Power & Light Co. 2.75% 3/1/20324		3,000		2,430
Monongahela Power Co. 3.55% 5/15/20274		6,225		5,860
NextEra Energy Capital Holdings, Inc. 1.875% 1/15/2027		22,200		19,679
NextEra Energy Capital Holdings, Inc. 2.75% 11/1/2029		3,422		2,967
Northeast Utilities 3.15% 1/15/2025		4,580		4,405
Northern States Power Co. 3.60% 5/15/2046		6,750		5,227

30 American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Pacific Gas and Electric Co. 3.85% 11/15/2023	USD	6,838	$	6,743
Pacific Gas and Electric Co. 3.40% 8/15/2024		4,125		3,961
Pacific Gas and Electric Co. 3.50% 6/15/2025		846		799
Pacific Gas and Electric Co. 3.15% 1/1/2026		154,125		143,381
Pacific Gas and Electric Co. 2.95% 3/1/2026		41,014		37,636
Pacific Gas and Electric Co. 3.30% 3/15/2027		5,041		4,492
Pacific Gas and Electric Co. 2.10% 8/1/2027		4,717		4,036
Pacific Gas and Electric Co. 3.30% 12/1/2027		74,306		65,698
Pacific Gas and Electric Co. 3.00% 6/15/2028		21,447		18,582
Pacific Gas and Electric Co. 3.75% 7/1/2028		36,497		32,438
Pacific Gas and Electric Co. 4.65% 8/1/2028		10,305		9,494
Pacific Gas and Electric Co. 4.55% 7/1/2030		128,392		116,675
Pacific Gas and Electric Co. 2.50% 2/1/2031		80,655		62,763
Pacific Gas and Electric Co. 3.25% 6/1/2031		16,602		13,535
Pacific Gas and Electric Co. 3.30% 8/1/2040		13,756		9,361
Pacific Gas and Electric Co. 3.75% 8/15/2042		37,848		25,523
Pacific Gas and Electric Co. 3.50% 8/1/2050		15,312		9,569
Pennsylvania Electric Co. 3.25% 3/15/20284		3,000		2,700
Public Service Electric and Gas Co. 3.05% 11/15/2024		3,360		3,250
Public Service Electric and Gas Co. 3.60% 12/1/2047		6,175		4,723
Public Service Electric and Gas Co. 3.85% 5/1/2049		4,290		3,419
Public Service Electric and Gas Co. 2.05% 8/1/2050		5,365		3,016
Public Service Enterprise Group, Inc. 5.85% 11/15/2027		3,000		3,092
San Diego Gas & Electric Co. 1.70% 10/1/2030		9,175		7,276
Southern California Edison Co. 0.975% 8/1/2024		659		617
Southern California Edison Co. 4.70% 6/1/2027		3,230		3,168
Southern California Edison Co. 5.85% 11/1/2027		5,000		5,155
Southern California Edison Co. 4.20% 3/1/2029		34,158		32,560
Southern California Edison Co. 2.85% 8/1/2029		9,970		8,686
Southern California Edison Co. 2.25% 6/1/2030		3,033		2,505
Southern California Edison Co. 2.75% 2/1/2032		29,525		24,806
Southern California Edison Co. 6.00% 1/15/2034		1,726		1,809
Southern California Edison Co. 5.75% 4/1/2035		10,554		10,548
Southern California Edison Co. 5.35% 7/15/2035		26,304		25,557
Southern California Edison Co. 5.625% 2/1/2036		22,665		22,140
Southern California Edison Co. 5.55% 1/15/2037		11,694		11,481
Southern California Edison Co. 5.95% 2/1/2038		11,219		11,366
Southern California Edison Co. 4.50% 9/1/2040		48,859		41,933
Southern California Edison Co. 4.00% 4/1/2047		35,710		28,072
Southern California Edison Co. 4.125% 3/1/2048		26,451		21,234
Southern California Edison Co. 4.875% 3/1/2049		9,800		8,668
Southern California Edison Co. 3.65% 2/1/2050		19,475		14,314
Southern California Edison Co., Series C, 3.60% 2/1/2045		11,900		8,585
Southwestern Electric Power Co. 1.65% 3/15/2026		13,055		11,691
Southwestern Electric Power Co. 3.25% 11/1/2051		390		258
Virginia Electric and Power Co. 2.875% 7/15/2029		2,530		2,233
Virginia Electric and Power Co. 2.40% 3/30/2032		11,850		9,607
Virginia Electric and Power Co. 2.45% 12/15/2050		4,500		2,687
WEC Energy Group, Inc. 2.20% 12/15/2028		12,625		10,712
Xcel Energy, Inc. 3.35% 12/1/2026		2,560		2,408
Xcel Energy, Inc. 1.75% 3/15/2027		25,132		22,051
Xcel Energy, Inc. 2.35% 11/15/2031		19,400		15,555
				1,228,736
Industrials 0.62%
Air Lease Corp. 0.80% 8/18/2024		38,325		35,314
Air Lease Corp. 2.875% 1/15/2026		37,797		35,013
Air Lease Corp. 2.20% 1/15/2027		28,758		25,101
Air Lease Corp. 2.10% 9/1/2028		27,525		22,468
Avolon Holdings Funding, Ltd. 3.95% 7/1/20244		43,930		42,079
Avolon Holdings Funding, Ltd. 2.125% 2/21/20264		38,712		33,359
Avolon Holdings Funding, Ltd. 4.25% 4/15/20264		22,800		20,695
Avolon Holdings Funding, Ltd. 4.375% 5/1/20264		10,390		9,479
Avolon Holdings Funding, Ltd. 3.25% 2/15/20274		26,760		22,936
Avolon Holdings Funding, Ltd. 2.528% 11/18/20274		7,587		6,075
Avolon Holdings Funding, Ltd. 2.75% 2/21/20284		19,820		15,941
Boeing Company 1.95% 2/1/2024		9,325		8,987

American Balanced Fund 31

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
Boeing Company 4.875% 5/1/2025	USD	177,833	$	176,631
Boeing Company 2.75% 2/1/2026		105,258		97,663
Boeing Company 2.196% 2/4/2026		93,775		85,304
Boeing Company 3.10% 5/1/2026		7,224		6,806
Boeing Company 5.04% 5/1/2027		58,867		58,312
Boeing Company 3.25% 2/1/2028		87,395		79,518
Boeing Company 3.25% 3/1/2028		22,113		19,807
Boeing Company 5.15% 5/1/2030		91,052		89,057
Boeing Company 3.625% 2/1/2031		5,866		5,154
Boeing Company 3.60% 5/1/2034		4,240		3,403
Boeing Company 3.25% 2/1/2035		2,744		2,095
Boeing Company 3.50% 3/1/2039		821		595
Boeing Company 5.705% 5/1/2040		3,774		3,615
Boeing Company 3.90% 5/1/2049		7,056		4,984
Boeing Company 3.75% 2/1/2050		4,725		3,264
Boeing Company 5.805% 5/1/2050		72,319		67,421
Canadian Pacific Railway, Ltd. 1.75% 12/2/2026		4,071		3,633
Canadian Pacific Railway, Ltd. 2.45% 12/2/2031		8,414		6,991
Canadian Pacific Railway, Ltd. 3.10% 12/2/2051		8,853		5,993
Carrier Global Corp. 2.242% 2/15/2025		694		654
Carrier Global Corp. 2.493% 2/15/2027		555		501
Carrier Global Corp. 3.377% 4/5/2040		2,500		1,907
CSX Corp. 3.80% 3/1/2028		3,590		3,431
CSX Corp. 4.25% 3/15/2029		3,650		3,519
CSX Corp. 4.50% 11/15/2052		21,000		18,347
Emerson Electric Co. 1.80% 10/15/2027		1,480		1,294
Honeywell International, Inc. 2.30% 8/15/2024		6,660		6,398
L3Harris Technologies, Inc. 1.80% 1/15/2031		22,725		17,493
Masco Corp. 1.50% 2/15/2028		6,884		5,711
Masco Corp. 2.00% 2/15/2031		6,626		5,113
Masco Corp. 3.125% 2/15/2051		3,059		1,910
Mexico City Airport Trust 3.875% 4/30/20284		920		843
Mexico City Airport Trust 5.50% 10/31/2046		1,290		996
Mexico City Airport Trust 5.50% 7/31/2047		18,070		13,956
Mexico City Airport Trust 5.50% 7/31/20474		5,640		4,356
Norfolk Southern Corp. 3.05% 5/15/2050		6,319		4,261
Norfolk Southern Corp. 4.55% 6/1/2053		5,030		4,400
Northrop Grumman Corp. 2.93% 1/15/2025		7,120		6,834
Raytheon Technologies Corp. 1.90% 9/1/2031		2,015		1,587
Siemens AG 1.20% 3/11/20264		30,453		27,171
Siemens AG 1.70% 3/11/20284		27,140		23,230
Triton Container International, Ltd. 1.15% 6/7/20244		10,482		9,700
Triton Container International, Ltd. 3.15% 6/15/20314		19,690		15,347
Union Pacific Corp. 3.75% 7/15/2025		3,080		2,996
Union Pacific Corp. 2.891% 4/6/2036		10,390		8,294
Union Pacific Corp. 3.839% 3/20/2060		3,510		2,731
Union Pacific Corp. 3.799% 4/6/2071		3,510		2,606
United Technologies Corp. 3.65% 8/16/2023		108		107
United Technologies Corp. 4.125% 11/16/2028		570		547
				1,193,933
Communication services 0.58%
Alphabet, Inc. 1.90% 8/15/2040		11,445		7,640
Alphabet, Inc. 2.25% 8/15/2060		10,640		6,046
AT&T, Inc. 2.30% 6/1/2027		3,530		3,145
AT&T, Inc. 4.35% 3/1/2029		5,000		4,765
AT&T, Inc. 2.25% 2/1/2032		4,055		3,189
AT&T, Inc. 3.50% 9/15/2053		13,571		9,221
CCO Holdings, LLC and CCO Holdings Capital Corp. 2.25% 1/15/2029		15,468		12,478
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.40% 4/1/2033		12,445		10,684
Charter Communications Operating, LLC 4.908% 7/23/2025		2,500		2,453
Charter Communications Operating, LLC 3.90% 6/1/2052		15,000		9,473
Comcast Corp. 2.80% 1/15/2051		6,250		3,972
Comcast Corp. 2.937% 11/1/2056		3,395		2,115
Meta Platforms, Inc. 3.85% 8/15/2032		21,560		19,033
Netflix, Inc. 3.625% 6/15/20254		32,150		30,833
Netflix, Inc. 4.875% 4/15/2028		84,836		82,107

32 American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
Netflix, Inc. 5.875% 11/15/2028	USD	198,127	$	201,303
Netflix, Inc. 6.375% 5/15/2029		20,804		21,448
Netflix, Inc. 5.375% 11/15/20294		94,688		92,015
Netflix, Inc. 4.875% 6/15/20304		70,795		66,142
SBA Tower Trust 1.631% 11/15/20264		99,657		84,786
Take-Two Interactive Software, Inc. 3.30% 3/28/2024		21,232		20,746
Take-Two Interactive Software, Inc. 4.00% 4/14/2032		12,570		11,162
T-Mobile US, Inc. 3.50% 4/15/2025		4,090		3,937
T-Mobile US, Inc. 1.50% 2/15/2026		3,750		3,362
T-Mobile US, Inc. 2.25% 2/15/2026		17,459		15,914
T-Mobile US, Inc. 2.625% 4/15/2026		49,883		45,807
T-Mobile US, Inc. 3.75% 4/15/2027		5,000		4,717
T-Mobile US, Inc. 2.05% 2/15/2028		2,390		2,057
T-Mobile US, Inc. 2.625% 2/15/2029		22,847		19,372
T-Mobile US, Inc. 2.40% 3/15/2029		8,271		6,996
T-Mobile US, Inc. 2.55% 2/15/2031		5,044		4,133
T-Mobile US, Inc. 2.875% 2/15/2031		30,841		25,526
T-Mobile US, Inc. 2.70% 3/15/2032		19,138		15,513
T-Mobile US, Inc. 3.40% 10/15/2052		2,653		1,795
Verizon Communications, Inc. 2.875% 11/20/2050		11,150		7,038
Vodafone Group PLC 5.25% 5/30/2048		2,500		2,214
WarnerMedia Holdings, Inc. 3.428% 3/15/20244		55,525		53,928
WarnerMedia Holdings, Inc. 3.638% 3/15/20254		37,313		35,514
WarnerMedia Holdings, Inc. 3.755% 3/15/20274		79,726		71,909
WarnerMedia Holdings, Inc. 4.054% 3/15/20294		18,888		16,377
WarnerMedia Holdings, Inc. 4.279% 3/15/20324		30,249		24,994
WarnerMedia Holdings, Inc. 5.05% 3/15/20424		18,496		14,216
WarnerMedia Holdings, Inc. 5.141% 3/15/20524		42,632		31,157
WarnerMedia Holdings, Inc. 5.391% 3/15/20624		16,550		12,148
				1,123,380
Energy 0.43%
Baker Hughes Co. 4.486% 5/1/2030		6,120		5,848
Canadian Natural Resources, Ltd. 3.80% 4/15/2024		24		24
Canadian Natural Resources, Ltd. 2.05% 7/15/2025		4,810		4,479
Canadian Natural Resources, Ltd. 3.85% 6/1/2027		35,021		33,036
Canadian Natural Resources, Ltd. 4.95% 6/1/2047		971		847
Cenovus Energy, Inc. 5.375% 7/15/2025		18,304		18,256
Cenovus Energy, Inc. 4.25% 4/15/2027		55,736		53,357
Diamondback Energy, Inc. 4.25% 3/15/2052		7,894		5,811
Enbridge Energy Partners, LP 7.375% 10/15/2045		15,638		17,551
Enbridge Energy Partners, LP, Series B, 7.50% 4/15/2038		9,250		10,203
Energy Transfer Operating, LP 5.00% 5/15/2050		1,895		1,522
Energy Transfer Partners, LP 4.50% 4/15/2024		4,198		4,140
Enterprise Products Operating, LLC 3.90% 2/15/2024		4,140		4,078
Equinor ASA 1.75% 1/22/2026		9,289		8,500
Equinor ASA 3.625% 9/10/2028		13,155		12,474
Exxon Mobil Corp. 2.019% 8/16/2024		7,090		6,787
Exxon Mobil Corp. 3.452% 4/15/2051		7,500		5,685
Halliburton Company 3.80% 11/15/2025		107		104
Kinder Morgan, Inc. 5.45% 8/1/2052		6,191		5,589
MPLX, LP 4.875% 6/1/2025		5,000		4,928
MPLX, LP 4.125% 3/1/2027		5,880		5,562
MPLX, LP 4.50% 4/15/2038		3,130		2,648
MPLX, LP 4.70% 4/15/2048		8,622		6,842
ONEOK, Inc. 5.85% 1/15/2026		4,766		4,829
Petróleos Mexicanos 3.50% 1/30/2023		16,000		15,956
Petróleos Mexicanos 6.875% 10/16/2025		31,230		30,623
Petróleos Mexicanos 6.875% 8/4/2026		145,248		137,506
Petróleos Mexicanos 6.49% 1/23/2027		16,714		15,268
Petróleos Mexicanos 6.50% 3/13/2027		149,955		137,106
Petróleos Mexicanos 5.35% 2/12/2028		29,740		25,094
Petróleos Mexicanos 6.50% 1/23/2029		2,738		2,350
Petróleos Mexicanos 8.75% 6/2/2029		19,791		18,585
Petróleos Mexicanos 5.95% 1/28/2031		16,804		12,756
Petróleos Mexicanos 6.70% 2/16/2032		113,113		89,043
Petróleos Mexicanos 6.75% 9/21/2047		5,324		3,409

American Balanced Fund 33

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Pioneer Natural Resources Company 2.15% 1/15/2031	USD	14,392	$	11,409
Plains All American Pipeline, LP 3.80% 9/15/2030		3,403		2,966
Qatar Petroleum 2.25% 7/12/20314		18,700		15,524
Qatar Petroleum 3.125% 7/12/20414		14,570		11,250
Qatar Petroleum 3.30% 7/12/20514		13,185		9,767
Sabine Pass Liquefaction, LLC 5.75% 5/15/2024		31,892		31,917
Statoil ASA 3.25% 11/10/2024		1,690		1,648
Statoil ASA 4.25% 11/23/2041		5,400		4,775
Total Capital International 3.127% 5/29/2050		10,000		7,110
TransCanada PipeLines, Ltd. 4.875% 5/15/2048		2,500		2,196
TransCanada PipeLines, Ltd., junior subordinated, 5.625% 5/20/2075 (3-month USD-LIBOR + 3.528% on 5/20/2025)8		6,410		6,074
Williams Partners, LP 6.30% 4/15/2040		2,669		2,738
Woodside Petroleum, Ltd. 3.65% 3/5/20254		3,100		2,978
				821,148
Consumer staples 0.39%
7-Eleven, Inc. 1.30% 2/10/20284		10,295		8,550
7-Eleven, Inc. 1.80% 2/10/20314		11,763		9,011
Altria Group, Inc. 2.35% 5/6/2025		7,671		7,232
Altria Group, Inc. 3.40% 2/4/2041		22,085		14,722
Altria Group, Inc. 3.875% 9/16/2046		7,364		4,951
Altria Group, Inc. 5.95% 2/14/2049		49,352		44,114
Altria Group, Inc. 3.70% 2/4/2051		35,542		22,394
Anheuser-Busch InBev NV 4.35% 6/1/2040		20,000		17,661
Anheuser-Busch InBev NV 4.60% 4/15/2048		10,000		8,741
British American Tobacco International Finance PLC 3.95% 6/15/20254		2,125		2,043
British American Tobacco International Finance PLC 1.668% 3/25/2026		20,205		17,926
British American Tobacco PLC 4.70% 4/2/2027		5,241		5,032
British American Tobacco PLC 3.557% 8/15/2027		9,120		8,346
British American Tobacco PLC 4.448% 3/16/2028		43,000		39,900
British American Tobacco PLC 2.259% 3/25/2028		17,837		14,833
British American Tobacco PLC 3.462% 9/6/2029		2,500		2,154
British American Tobacco PLC 4.906% 4/2/2030		130		119
British American Tobacco PLC 2.726% 3/25/2031		4,625		3,619
British American Tobacco PLC 4.742% 3/16/2032		23,000		20,470
British American Tobacco PLC 4.39% 8/15/2037		53,665		41,900
British American Tobacco PLC 4.54% 8/15/2047		90,757		64,468
British American Tobacco PLC 4.758% 9/6/2049		52,869		38,498
British American Tobacco PLC 3.984% 9/25/2050		16,609		10,931
British American Tobacco PLC 5.65% 3/16/2052		8,550		7,086
Coca-Cola Company 1.00% 3/15/2028		6,090		5,101
Conagra Brands, Inc. 1.375% 11/1/2027		6,375		5,321
Conagra Brands, Inc. 5.30% 11/1/2038		1,050		993
Constellation Brands, Inc. 3.60% 2/15/2028		2,500		2,321
Constellation Brands, Inc. 2.25% 8/1/2031		4,462		3,556
Costco Wholesale Corp. 1.375% 6/20/2027		6,670		5,852
Imperial Tobacco Finance PLC 6.125% 7/27/20274		11,065		11,030
JBS USA Lux SA 2.50% 1/15/20274		34,174		29,940
JBS USA Lux SA 3.00% 2/2/20294		25,462		21,129
JBS USA Lux SA 5.50% 1/15/20304		3,220		3,071
JBS USA Lux SA 3.625% 1/15/20324		13,471		10,931
JBS USA Lux SA 3.00% 5/15/20324		23,750		18,247
JBS USA Lux SA 5.75% 4/1/20334		63,699		60,914
Keurig Dr Pepper, Inc. 4.417% 5/25/2025		1,194		1,182
Keurig Dr Pepper, Inc. 3.20% 5/1/2030		2,510		2,193
PepsiCo, Inc. 2.625% 10/21/2041		20,000		14,885
PepsiCo, Inc. 3.625% 3/19/2050		3,109		2,556
PepsiCo, Inc. 2.75% 10/21/2051		6,891		4,801
Philip Morris International, Inc. 2.875% 5/1/2024		5,270		5,116
Philip Morris International, Inc. 1.50% 5/1/2025		6,434		5,961
Philip Morris International, Inc. 0.875% 5/1/2026		24,896		21,901
Philip Morris International, Inc. 5.125% 11/17/2027		26,447		26,687
Philip Morris International, Inc. 5.625% 11/17/2029		16,943		17,228
Philip Morris International, Inc. 1.75% 11/1/2030		24,609		19,328

34 American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer staples (continued)
Philip Morris International, Inc. 5.75% 11/17/2032	USD	13,885	$	14,198
Reynolds American, Inc. 5.85% 8/15/2045		12,364		10,583
Sysco Corp. 3.15% 12/14/2051		11,055		7,316
				747,042
Health care 0.37%
AbbVie, Inc. 2.95% 11/21/2026		2,310		2,151
AmerisourceBergen Corp. 0.737% 3/15/2023		11,107		11,014
Amgen, Inc. 3.00% 2/22/2029		400		355
Amgen, Inc. 4.05% 8/18/2029		25,975		24,332
Amgen, Inc. 4.20% 3/1/2033		10,415		9,668
Amgen, Inc. 4.875% 3/1/2053		8,255		7,367
Amgen, Inc. 4.40% 2/22/2062		6,059		4,826
AstraZeneca Finance, LLC 1.20% 5/28/2026		12,512		11,155
AstraZeneca Finance, LLC 1.75% 5/28/2028		7,483		6,437
AstraZeneca Finance, LLC 2.25% 5/28/2031		3,337		2,784
AstraZeneca PLC 3.375% 11/16/2025		5,000		4,830
Banner Health 1.897% 1/1/2031		5,000		3,961
Banner Health 2.913% 1/1/2051		6,005		3,984
Baxter International, Inc. 1.322% 11/29/2024		34,825		32,446
Baxter International, Inc. 1.915% 2/1/2027		23,217		20,617
Baxter International, Inc. 2.272% 12/1/2028		13,836		11,826
Bayer US Finance II, LLC 3.875% 12/15/20234		6,490		6,398
Bayer US Finance II, LLC 4.25% 12/15/20254		52,921		51,335
Bayer US Finance II, LLC 4.375% 12/15/20284		475		447
Baylor Scott & White Holdings 0.827% 11/15/2025		5,462		4,832
Baylor Scott & White Holdings 1.777% 11/15/2030		21,418		16,596
Becton, Dickinson and Company 3.363% 6/6/2024		3,047		2,979
Boston Scientific Corp. 3.45% 3/1/2024		1,304		1,280
Centene Corp. 4.25% 12/15/2027		59,715		56,136
Centene Corp. 2.45% 7/15/2028		48,640		41,148
Centene Corp. 4.625% 12/15/2029		74,430		68,185
Centene Corp. 3.375% 2/15/2030		49,862		42,264
Centene Corp. 3.00% 10/15/2030		455		374
Centene Corp. 2.50% 3/1/2031		32,080		25,163
Centene Corp. 2.625% 8/1/2031		11,180		8,807
Cigna Corp. 1.25% 3/15/2026		22,607		20,167
Eli Lilly and Company 3.375% 3/15/2029		1,450		1,360
GE Healthcare Holding, LLC 5.65% 11/15/20274		5,000		5,067
Gilead Sciences, Inc. 1.65% 10/1/2030		5,826		4,633
HCA, Inc. 3.125% 3/15/20274		7,905		7,199
HCA, Inc. 3.375% 3/15/20294		18,541		16,326
HCA, Inc. 2.375% 7/15/2031		997		778
HCA, Inc. 3.625% 3/15/20324		29,000		24,616
HCA, Inc. 4.375% 3/15/20424		10,000		8,006
HCA, Inc. 4.625% 3/15/20524		9,495		7,434
Humana, Inc. 3.70% 3/23/2029		5,412		4,966
Merck & Co., Inc. 2.90% 3/7/2024		6,040		5,904
Merck & Co., Inc. 1.90% 12/10/2028		3,400		2,926
Merck & Co., Inc. 2.75% 12/10/2051		5,514		3,711
Novant Health, Inc. 3.168% 11/1/2051		32,950		22,914
Novartis Capital Corp. 1.75% 2/14/2025		5,160		4,867
Novartis Capital Corp. 2.00% 2/14/2027		5,544		5,050
Pfizer, Inc. 2.95% 3/15/2024		975		954
Pfizer, Inc. 3.45% 3/15/2029		1,325		1,252
Sharp HealthCare 2.68% 8/1/2050		15,620		9,617
Summa Health 3.511% 11/15/2051		18,980		12,880
Sutter Health 1.321% 8/15/2025		6,000		5,453
Trinity Health Corp. 2.632% 12/1/2040		4,500		3,140
UnitedHealth Group, Inc. 1.15% 5/15/2026		6,757		6,043
UnitedHealth Group, Inc. 5.30% 2/15/2030		10,000		10,329
UnitedHealth Group, Inc. 2.00% 5/15/2030		2,520		2,085
UnitedHealth Group, Inc. 4.20% 5/15/2032		3,066		2,920
UnitedHealth Group, Inc. 3.05% 5/15/2041		10,000		7,555
UnitedHealth Group, Inc. 3.25% 5/15/2051		6,461		4,655
UnitedHealth Group, Inc. 4.75% 5/15/2052		3,002		2,788

American Balanced Fund 35

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Viatris, Inc. 1.65% 6/22/2025	USD	4,735	$	4,293
West Virginia United Health System Obligated Group 3.129% 6/1/2050		4,165		2,688
Zoetis, Inc. 5.40% 11/14/2025		2,975		3,038
				709,311
Information technology 0.16%
Analog Devices, Inc. 1.70% 10/1/2028		8,576		7,283
Analog Devices, Inc. 2.10% 10/1/2031		7,571		6,133
Analog Devices, Inc. 2.80% 10/1/2041		22,698		16,706
Analog Devices, Inc. 2.95% 10/1/2051		6,514		4,421
Apple, Inc. 3.00% 2/9/2024		2,500		2,451
Apple, Inc. 1.125% 5/11/2025		3,800		3,502
Apple, Inc. 2.40% 8/20/2050		17,840		11,178
Apple, Inc. 3.95% 8/8/2052		20,000		17,110
Broadcom Corp. 3.875% 1/15/2027		240		227
Broadcom, Inc. 4.00% 4/15/20294		4,527		4,122
Broadcom, Inc. 4.15% 4/15/20324		15,815		13,927
Broadcom, Inc. 2.60% 2/15/20334		21,763		16,393
Broadcom, Inc. 3.469% 4/15/20344		62,578		50,107
Broadcom, Inc. 3.137% 11/15/20354		64,171		47,379
Broadcom, Inc. 3.187% 11/15/20364		24,991		18,029
Broadcom, Inc. 4.926% 5/15/20374		35,247		30,875
Fidelity National Information Services, Inc. 3.10% 3/1/2041		2,590		1,793
Fiserv, Inc. 3.50% 7/1/2029		2,440		2,203
Intuit, Inc. 0.95% 7/15/2025		3,170		2,888
Intuit, Inc. 1.35% 7/15/2027		2,890		2,504
Intuit, Inc. 1.65% 7/15/2030		3,830		3,082
Mastercard, Inc. 2.00% 11/18/2031		14,273		11,496
Microsoft Corp. 2.921% 3/17/2052		6,749		4,810
TSMC Global, Ltd. 4.375% 7/22/20274		6,848		6,720
TSMC Global, Ltd. 4.625% 7/22/20324		7,761		7,652
VeriSign, Inc. 2.70% 6/15/2031		3,958		3,233
Visa, Inc. 3.15% 12/14/2025		6,000		5,791
Visa, Inc. 2.05% 4/15/2030		7,390		6,262
				308,277
Materials 0.09%
Air Products and Chemicals, Inc. 1.50% 10/15/2025		2,610		2,405
Air Products and Chemicals, Inc. 1.85% 5/15/2027		7,229		6,434
Air Products and Chemicals, Inc. 2.05% 5/15/2030		3,140		2,636
Anglo American Capital PLC 5.375% 4/1/20254		5,000		4,949
Anglo American Capital PLC 2.25% 3/17/20284		4,194		3,534
Anglo American Capital PLC 3.95% 9/10/20504		5,000		3,676
Celanese US Holdings, LLC 6.165% 7/15/2027		31,000		30,626
Celanese US Holdings, LLC 6.379% 7/15/2032		13,406		12,786
Chevron Phillips Chemical Co., LLC 3.30% 5/1/20234		2,440		2,424
Dow Chemical Co. 4.80% 5/15/2049		3,200		2,716
Dow Chemical Co. 3.60% 11/15/2050		11,345		8,158
Eastman Chemical Co. 3.80% 3/15/2025		7,405		7,191
Glencore Funding, LLC 4.125% 3/12/20244		4,130		4,066
LYB International Finance III, LLC 1.25% 10/1/2025		14,881		13,290
LYB International Finance III, LLC 2.25% 10/1/2030		9,848		7,831
LYB International Finance III, LLC 3.625% 4/1/2051		38,345		25,817
LYB International Finance III, LLC 3.80% 10/1/2060		9,869		6,441
Mosaic Co. 4.05% 11/15/2027		4,490		4,235
Newcrest Finance Pty, Ltd. 4.20% 5/13/20504		2,580		1,835
Nutrien, Ltd. 5.95% 11/7/2025		2,985		3,049
Sherwin-Williams Company 3.125% 6/1/2024		4,260		4,141
Sherwin-Williams Company 2.30% 5/15/2030		3,631		2,993
Sherwin-Williams Company 3.80% 8/15/2049		2,500		1,868
Sherwin-Williams Company 3.30% 5/15/2050		2,500		1,720
South32 Treasury, Ltd. 4.35% 4/14/20324		7,767		6,666
Westlake Chemical Corp. 4.375% 11/15/2047		2,500		1,892
				173,379

36 American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Real estate 0.08%
Alexandria Real Estate Equities, Inc. 3.95% 1/15/2028	USD	2,720	$	2,558
Alexandria Real Estate Equities, Inc. 3.375% 8/15/2031		3,540		3,099
Alexandria Real Estate Equities, Inc. 4.85% 4/15/2049		2,040		1,738
Alexandria Real Estate Equities, Inc. 4.00% 2/1/2050		5,210		3,973
American Tower Corp. 1.45% 9/15/2026		10,457		9,137
American Tower Corp. 3.60% 1/15/2028		3,750		3,453
American Tower Corp. 2.30% 9/15/2031		732		571
American Tower Corp. 2.95% 1/15/2051		5,000		3,116
Corporacion Inmobiliaria Vesta, SAB de CV, 3.625% 5/13/20314		8,150		6,555
Corporate Office Properties, LP 2.00% 1/15/2029		6,210		4,774
Corporate Office Properties, LP 2.75% 4/15/2031		6,187		4,644
Corporate Office Properties, LP 2.90% 12/1/2033		28,399		20,224
Digital Realty Trust, LP 5.55% 1/15/2028		5,000		5,042
Equinix, Inc. 3.20% 11/18/2029		505		441
Equinix, Inc. 2.15% 7/15/2030		340		271
Equinix, Inc. 2.50% 5/15/2031		7,896		6,364
Essex Portfolio, LP 3.875% 5/1/2024		7,220		7,073
Essex Portfolio, LP 3.50% 4/1/2025		7,445		7,186
Essex Portfolio, LP 3.375% 4/15/2026		2,395		2,255
Extra Space Storage, Inc. 2.35% 3/15/2032		10,538		8,001
GLP Capital, LP 3.35% 9/1/2024		2,400		2,304
GLP Capital, LP 4.00% 1/15/2030		5,000		4,388
Invitation Homes Operating Partnership, LP 2.00% 8/15/2031		10,194		7,557
Public Storage 1.85% 5/1/2028		10,252		8,813
Public Storage 1.95% 11/9/2028		6,081		5,199
Public Storage 2.30% 5/1/2031		2,959		2,409
Scentre Group 3.25% 10/28/20254		1,780		1,672
Scentre Group 3.75% 3/23/20274		7,630		7,036
Sun Communities Operating, LP 2.30% 11/1/2028		6,430		5,365
Sun Communities Operating, LP 2.70% 7/15/2031		1,753		1,388
				146,606
Miscellaneous 0.00%
The Rockefeller Foundation 2.492% 10/1/2050		15,170		9,682
Total corporate bonds, notes & loans				12,991,212
Asset-backed obligations 2.54%
Affirm Asset Securitization Trust, Series 2021-B, Class A, 1.03% 8/17/20264,6		32,460		30,796
Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 11/16/20264,6		21,731		20,796
AGL CLO, Ltd., Series 2022-18A, Class A1, (3-month USD CME Term SOFR + 1.32%) 5.308% 4/21/20314,5,6		17,335		17,153
Allegro CLO, Ltd., Series 2016-1A, Class AR2, (3-month USD-LIBOR + 0.95%) 5.029% 1/15/20304,5,6		30,025		29,712
Allegro CLO, Ltd., Series 2017-1A, Class AR, (3-month USD-LIBOR + 0.95%) 5.029% 10/16/20304,5,6		22,285		21,912
American Credit Acceptance Receivables Trust, Series 2022-4, Class A, 6.20% 5/13/20264,6		10,242		10,257
American Credit Acceptance Receivables Trust, Series 2020-3, Class C, 1.85% 6/15/20264,6		5,843		5,799
American Credit Acceptance Receivables Trust, Series 2021-1, Class C, 0.83% 3/15/20274,6		4,072		4,007
American Credit Acceptance Receivables Trust, Series 2021-1, Class D, 1.14% 3/15/20274,6		3,117		2,940
American Credit Acceptance Receivables Trust, Series 2021-3, Class C, 0.98% 11/15/20274,6		18,726		18,232
American Credit Acceptance Receivables Trust, Series 2021-3, Class D, 1.34% 11/15/20274,6		7,031		6,530
American Express Credit Account Master Trust, Series 2018-9, Class A, (1-month USD-LIBOR + 0.38%) 4.698% 4/15/20265,6		47,350		47,324
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class B, 0.69% 1/19/20276		7,776		7,295
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01% 1/19/20276		8,644		7,864
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class D, 1.29% 6/18/20276		20,192		17,923
Ares CLO, Ltd., Series 2017-42A, Class AR, (3-month USD-LIBOR + 0.92%) 5.245% 1/22/20284,5,6		34,926		34,546
Avis Budget Rental Car Funding (AESOP), LLC, Series 2017-2A, Class A, 2.97% 3/20/20244,6		7,148		7,124

American Balanced Fund 37

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Avis Budget Rental Car Funding (AESOP), LLC, Series 2018-1A, Class A, 3.70% 9/20/20244,6	USD	8,454	$	8,373
Avis Budget Rental Car Funding (AESOP), LLC, Series 2018-2A, Class A, 4.00% 3/20/20254,6		22,900		22,526
Avis Budget Rental Car Funding (AESOP), LLC, Series 2019-2A, Class A, 3.35% 9/22/20254,6		24,440		23,633
Avis Budget Rental Car Funding (AESOP), LLC, Series 2019-3A, Class A, 2.36% 3/20/20264,6		28,830		26,862
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-1A, Class A, 2.33% 8/20/20264,6		14,375		13,320
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/20274,6		19,921		18,082
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/20274,6		3,873		3,481
Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/20274,6		75,784		66,105
Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class B, 1.63% 8/20/20274,6		4,460		3,774
Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class C, 2.13% 8/20/20274,6		1,542		1,285
BA Credit Card Trust, Series 2022-A2, Class A2, 5.00% 4/17/20286		39,628		40,066
Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 5.675% 11/20/20304,5,6		50,730		50,096
Bankers Healthcare Group Securitization Trust, Series 2020-A, Class A, 2.56% 9/17/20314,6		898		877
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 11/17/20334,6		4,518		4,200
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class B, 2.79% 11/17/20334,6		1,715		1,440
Bankers Healthcare Group Securitization Trust, Series 2021-B, Class A, 0.90% 10/17/20344,6		3,362		3,167
Benefit Street Partners CLO, Ltd., Series 2015-8, Class A1AR, (3-month USD-LIBOR + 1.10%) 5.343% 1/20/20314,5,6		800		790
Benefit Street Partners CLO, Ltd., Series 2018-14, Class A1, (3-month USD-LIBOR + 1.00%) 5.243% 4/20/20314,5,6		250		246
Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class A, 2.443% 7/15/20464,6		20,894		17,184
Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class B, 3.446% 7/15/20464,6		3,460		2,614
Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A, 4.95% 10/15/20276 4,513 4,551 Carlyle Global Market Strategies, CLO, Series 2017-C, Class A1AR, (3-month USD-LIBOR + 1.03%) 5.445% 4/30/20314,5,6		500		494
CarMax Auto Owner Trust, Series 2019-2, Class C, 3.16% 2/18/20256		8,000		7,922
CarMax Auto Owner Trust, Series 2021-1, Class C, 0.94% 12/15/20266		811		734
CarMax Auto Owner Trust, Series 2021-1, Class D, 1.28% 7/15/20276		794		707
Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.72% 9/11/20286		3,636		3,472
Carvana Auto Receivables Trust, Series 2021-N4, Class A2, 1.80% 9/11/20286		5,195		4,728
Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/20374,6		46,945		39,956
Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 3.464% 5/11/20374,6		18,967		16,064
Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/20414,6		10,139		8,872
Cent CLO, Ltd., Series 2014-21A, Class AR, (3-month USD-LIBOR + 0.97%) 5.328% 7/27/20304,5,6		70,274		69,255
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/20604,6		97,619		87,241
CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/20604,6		20,259		16,753
CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/20604,6		14,467		12,653
CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/20604,6		1,594		1,262
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/20614,6		60,397		52,306
CF Hippolyta, LLC, Series 2021-1, Class B1, 1.98% 3/15/20614,6		7,602		6,356
CF Hippolyta, LLC, Series 2022-1, Class A1, 5.97% 8/15/20624,6		53,721		52,616
CF Hippolyta, LLC, Series 2022-1, Class A2, 6.11% 8/15/20624,6		43,924		41,412
Citibank Credit Card Issuance Trust, Series 2017-A5, Class A5, (1-month USD-LIBOR + 0.62%) 4.981% 4/22/20265,6		29,758		29,779
CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/20454,6		24,885		21,422
CLI Funding VI, LLC, Series 2020-1A, Class A, 2.08% 9/18/20454,6		23,312		20,222
CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/20454,6		33,331		28,984
CLI Funding VIII, LLC, Series 2021-1A, Class A, 1.64% 2/18/20464,6		28,860		24,656
CLI Funding VIII, LLC, Series 2021-1A, Class A, 2.38% 2/18/20464,6		2,066		1,721

38 American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
CPS Auto Receivables Trust, Series 2019-B, Class D, 3.69% 3/17/20254,6	USD	870	$	869
CPS Auto Receivables Trust, Series 2019-C, Class D, 3.17% 6/16/20254,6		1,538		1,534
CPS Auto Receivables Trust, Series 2022-B, Class A, 2.88% 6/15/20264,6		8,091		7,945
CPS Auto Receivables Trust, Series 2020-C, Class C, 1.71% 8/17/20264,6		813		807
CPS Auto Receivables Trust, Series 2021-A, Class C, 0.83% 9/15/20264,6		1,983		1,958
CPS Auto Receivables Trust, Series 2021-A, Class D, 1.16% 12/15/20264,6		2,429		2,302
CPS Auto Receivables Trust, Series 2022-B, Class B, 3.88% 8/15/20284,6		9,072		8,739
CPS Auto Receivables Trust, Series 2022-B, Class C, 4.33% 8/15/20284,6		12,021		11,422
Discover Card Execution Note Trust, Series 2018-A6, Class A6, (1-month USD-LIBOR + 0.39%) 4.708% 3/15/20265,6		60,740		60,726
Drive Auto Receivables Trust, Series 2021-1, Class B, 0.65% 7/15/20256		314		314
Drive Auto Receivables Trust, Series 2020-1, Class C, 2.36% 3/16/20266		2,796		2,793
Drive Auto Receivables Trust, Series 2021-3, Class B, 1.11% 5/15/20266		14,370		13,975
Drive Auto Receivables Trust, Series 2019-3, Class D, 3.18% 10/15/20266		32,120		31,743
Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02% 6/15/20276		19,517		19,082
Drive Auto Receivables Trust, Series 2021-1, Class D, 1.45% 1/16/20296		14,729		13,810
DriveTime Auto Owner Trust, Series 2019-3, Class D, 2.96% 4/15/20254,6		7,359		7,264
DriveTime Auto Owner Trust, Series 2020-2A, Class D, 4.73% 3/16/20264,6		1,250		1,229
DriveTime Auto Owner Trust, Series 2020-3A, Class C, 1.47% 6/15/20264,6		3,433		3,322
DriveTime Auto Owner Trust, Series 2020-3A, Class D, 1.84% 6/15/20264,6		1,100		1,028
DriveTime Auto Owner Trust, Series 2021-1A, Class C, 0.84% 10/15/20264,6		3,189		3,062
DriveTime Auto Owner Trust, Series 2022-3, Class A, 6.05% 10/15/20264,6		46,335		46,454
DriveTime Auto Owner Trust, Series 2021-1A, Class D, 1.16% 11/16/20264,6		1,738		1,602
DriveTime Auto Owner Trust, Series 2021-2A, Class B, 0.81% 1/15/20274,6		4,324		4,240
DriveTime Auto Owner Trust, Series 2021-2A, Class C, 1.10% 2/16/20274,6		4,513		4,289
DriveTime Auto Owner Trust, Series 2021-2A, Class D, 1.50% 2/16/20274,6		3,049		2,800
Dryden Senior Loan Fund, CLO, Series 2017-47A, Class A1R, (3-month USD-LIBOR + 0.98%) 5.059% 4/15/20284,5,6		70,514		69,835
EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/20454,6		7,414		6,266
Enterprise Fleet Financing, LLC, Series 2022-1, Class A2, 3.03% 1/20/20284,6		33,302		32,425
Enterprise Fleet Financing, LLC, Series 2022-3, Class A3, 4.29% 7/20/20294,6		7,766		7,366
Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/20294,6		24,169		23,643
Enterprise Fleet Financing, LLC, Series 2022-4, Class A2, 5.76% 10/22/20294,6		33,506		33,618
Exeter Automobile Receivables Trust, Series 2019-2A, Class D, 3.71% 3/17/20254,6		15,570		15,413
Exeter Automobile Receivables Trust, Series 2020-3A, Class C, 1.32% 7/15/20256		1,686		1,667
Exeter Automobile Receivables Trust, Series 2019-3A, Class D, 3.11% 8/15/20254,6		22,950		22,591
Exeter Automobile Receivables Trust, Series 2021-2, Class B, 0.57% 9/15/20256		5,637		5,599
Exeter Automobile Receivables Trust, Series 2022-2A, Class A3, 2.80% 11/17/20256		4,996		4,944
Exeter Automobile Receivables Trust, Series 2022-6, Class A2, 5.73% 11/17/20256		2,933		2,937
Exeter Automobile Receivables Trust, Series 2020-1A, Class D, 2.73% 12/15/20254,6		3,670		3,599
Exeter Automobile Receivables Trust, Series 2021-2, Class C, 0.98% 6/15/20266		14,127		13,579
Exeter Automobile Receivables Trust, Series 2020-3A, Class D, 1.73% 7/15/20266		3,125		3,012
Exeter Automobile Receivables Trust, Series 2022-6, Class A3, 5.70% 8/17/20266		5,000		5,012
Exeter Automobile Receivables Trust, Series 2022-2A, Class B, 3.65% 10/15/20266		13,091		12,785
Exeter Automobile Receivables Trust, Series 2021-2, Class D, 1.40% 4/15/20276		20,431		18,679
Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56% 7/17/20286		5,159		4,840
Exeter Automobile Receivables Trust, Series 2022-4A, Class C, 4.92% 12/15/20286		8,517		8,227
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 10/19/20374,6		52,552		46,608
FirstKey Homes Trust, Series 2021-SFR3, Class A, 2.135% 12/17/20384,6		17,255		14,944
FirstKey Homes Trust, Series 2022-SFR2, Class A, 4.145% 5/17/20394,6		24,299		22,826
Flagship Credit Auto Trust, Series 2022-4, Class A2, 6.15% 9/15/20264,6		26,177		26,334
Flatiron CLO, Ltd., Series 2018-1, Class A, (3-month USD CME Term SOFR + 1.212%) 5.075% 4/17/20314,5,6		2,500		2,463
Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 1/15/20304,6		36,420		35,932
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.52% 7/15/20304,6		54,515		53,468
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 7/15/20314,6		80,360		76,816
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 8/15/20314,6		82,365		77,317
Ford Credit Auto Owner Trust, Series 2020-1, Class B, 2.29% 8/15/20314,6		2,574		2,386
Freedom Financial, Series 2022-1FP, Class A, 0.94% 3/19/20294,6		410		409
GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/20454,6		18,659		16,476
GCI Funding I, LLC, Series 2020-1, Class B, 3.81% 10/18/20454,6		2,570		2,283
GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/20464,6		3,814		3,247
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 9/17/20394,6		12,310		11,556
Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/20404,6		59,968		53,216
Global SC Finance V SRL, Series 2020-1A, Class B, 3.55% 10/17/20404,6		1,566		1,403
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/20404,6		84,677		75,296
Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/20414,6		71,112		61,336

American Balanced Fund 39

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/20414,6	USD	74,475	$	64,638
Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/20414,6		6,101		5,168
GM Financial Automobile Leasing Trust, Series 2020-2, Class C, 2.56% 7/22/20246		1,165		1,163
GM Financial Automobile Leasing Trust, Series 2020-2, Class D, 3.21% 12/20/20246		1,646		1,642
GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/20354,6		22,705		23,151
Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 3.65% 6/30/20234,6,11		65,170		62,524
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/20254,6		82,376		76,181
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/20254,6		30,267		27,756
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 12/26/20254,6		7,331		6,612
Hertz Vehicle Financing III, LLC, Series 2022-1A, Class A, 1.99% 6/25/20264,6		24,573		22,584
Hertz Vehicle Financing III, LLC, Series 2022-1A, Class B, 2.19% 6/25/20264,6		5,327		4,788
Hertz Vehicle Financing III, LLC, Series 2022-1A, Class C, 2.63% 6/25/20264,6		3,260		2,897
Hertz Vehicle Financing III, LLC, Series 2022-4A, Class A, 3.73% 9/25/20264,6		42,910		41,048
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/20274,6		74,445		64,926
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/20274,6		15,155		13,015
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 12/27/20274,6		7,776		6,428
Hertz Vehicle Financing III, LLC, Series 2022-2A, Class A, 2.33% 6/26/20284,6		49,550		43,531
Hertz Vehicle Financing III, LLC, Series 2022-2A, Class B, 2.65% 6/26/20284,6		8,792		7,553
Hertz Vehicle Financing III, LLC, Series 2022-2A, Class C, 2.95% 6/26/20284,6		5,075		4,193
Hertz Vehicle Financing III, LLC, Series 2022-5A, Class A, 3.89% 9/25/20284,6		45,050		41,683
KKR Static CLO I, Ltd., Series 2022-1A, Class B, (3-month USD CME Term SOFR + 2.60%) 5.077% 7/20/20314,5,6		10,300		10,243
LAD Auto Receivables Trust, Series 2022-1, Class A, 5.21% 6/15/20274,6 4,296 4,229 Longfellow Place CLO, Ltd., Series 2013-1A, Class AR3, (3-month USD-LIBOR + 1.00%) 5.079% 4/15/20294,5,6		14,847		14,796
Madison Park Funding, Ltd., CLO, Series 2018-30, Class A, (3-month USD-LIBOR + 0.75%) 4.829% 4/15/20294,5,6		478		473
Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD-LIBOR + 1.00%) 5.278% 7/21/20304,5,6		74,696		73,534
Madison Park Funding, Ltd., CLO, Series 2017-23A, Class AR, (3-month USD-LIBOR + 0.97%) 5.328% 7/27/20314,5,6		1,500		1,483
Magnetite CLO, Ltd., Series 2014-8, Class AR2, (3-month USD-LIBOR + 0.98%) 5.059% 4/15/20314,5,6		1,980		1,951
Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD-LIBOR + 1.15%) 5.229% 4/15/20294,5,6		24,316		24,068
Mercury Financial Credit Card Master Trust, Series 2021-1A, Class A, 1.54% 3/20/20264,6		40,740		38,881
Milos CLO, Ltd., Series 2017-1, Class AR, (3-month USD-LIBOR + 1.07%) 5.313% 10/20/20304,5,6		1,000		987
Mission Lane Credit Card Master Trust, Series 2021-A, Class A, 1.59% 9/15/20264,6		26,594		25,761
Mission Lane Credit Card Master Trust, Series 2022-A, Class A, 6.92% 9/15/20274,6		36,163		35,338
Mission Lane Credit Card Master Trust, Series 2022-B, Class A1, 8.25% 1/15/20286,11,12		24,983		24,980
Mission Lane Credit Card Master Trust, Series 2022-B, Class A2, 8.73% 1/15/20286,11,12		4,065		4,064
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/20694,6		30,608		26,050
Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/20704,6		29,247		24,802
Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/20464,6		67,866		57,150
Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 4/20/20624,6		69,786		62,020
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/20624,6		39,208		34,730
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/20624,6		66,732		59,339
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/20614,6		225,061		190,581
Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD-LIBOR + 0.97%) 5.328% 7/25/20304,5,6		23,832		23,576
Octagon Investment Partners, Ltd., CLO, Series 2018-18X, Class A1A, (3-month USD-LIBOR + 0.96%) 5.039% 4/16/20315,6,12		3,500		3,454
Palmer Square Loan Funding, CLO, Series 2020-4, Class A1, (3-month USD-LIBOR + 1.00%) 5.757% 11/25/20284,5,6		22,099		21,948
Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD-LIBOR + 0.90%) 5.143% 4/20/20294,5,6		4,369		4,323
Palmer Square Loan Funding, CLO, Series 2021-4A, Class A1, (3-month USD-LIBOR + 0.80%) 4.879% 10/15/20294,5,6		90,299		89,147
Palmer Square Loan Funding, CLO, Series 2021-4A, Class A2, (3-month USD-LIBOR + 1.40%) 5.479% 10/15/20294,5,6		48,245		46,713

40 American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Palmer Square Loan Funding, CLO, Series 2022-5, Class A1, (3-month USD CME Term SOFR + 1.56%) 4.084% 1/15/20314,5,6	USD	45,902	$	45,643
PFS Financing Corp., Series 2022-D, Class A, 4.27% 8/16/20274,6		10,002		9,767
PFS Financing Corp., Series 2022-D, Class B, 4.90% 8/16/20274,6		1,294		1,256
PG&E Wildfire Recovery Funding, LLC, Series 2022-A, Class A2, 4.263% 6/1/20366		13,836		12,864
PPM CLO, Ltd., Series 2022-6, Class A, (3-month USD CME Term SOFR + 2.45%) 2.45% 1/20/20314,5,6		49,737		49,737
PPM CLO, Ltd., Series 2022-6, Class B, (3-month USD CME Term SOFR + 3.60%) 3.60% 1/20/20314,5,6		18,667		18,595
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70% 10/15/20244,6		3,051		3,044
Prestige Auto Receivables Trust, Series 2019-1A, Class D, 3.01% 8/15/20254,6		5,145		5,092
Race Point CLO, Ltd., Series 2015-9A, Class A1A2, (3-month USD-LIBOR + 0.94%) 5.019% 10/15/20304,5,6		63,046		62,188
Research-Driven Pagaya Motor Asset Trust I, Series 2022-3, Class A, 5.38% 11/25/20304,6		14,913		14,540
Research-Driven Pagaya Motor Asset Trust I, Series 2022-3, Class B, 6.58% 11/25/20304,6		7,594		7,094
Santander Drive Auto Receivables Trust, Series 2022-5, Class A2, 3.98% 1/15/20256		22,836		22,723
Santander Drive Auto Receivables Trust, Series 2019-2, Class D, 3.22% 7/15/20256		5,382		5,349
Santander Drive Auto Receivables Trust, Series 2021-2, Class B, 0.59% 9/15/20256		4,084		4,072
Santander Drive Auto Receivables Trust, Series 2020-1, Class C, 4.11% 12/15/20256		12,805		12,746
Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.12% 1/15/20266		5,733		5,682
Santander Drive Auto Receivables Trust, Series 2022-7, Class A2, 5.81% 1/15/20266		29,798		29,860
Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.90% 6/15/20266		21,945		21,352
Santander Drive Auto Receivables Trust, Series 2022-5, Class A3, 4.11% 8/17/20266		21,483		21,094
Santander Drive Auto Receivables Trust, Series 2020-3, Class D, 1.64% 11/16/20266		8,108		7,776
Santander Drive Auto Receivables Trust, Series 2022-5, Class B, 4.43% 3/15/20276		5,894		5,735
Santander Drive Auto Receivables Trust, Series 2022-7, Class A3, 5.75% 4/15/20276		6,686		6,727
Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35% 7/15/20276		14,067		13,159
Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.95% 9/15/20276		12,711		12,230
Santander Drive Auto Receivables Trust, Series 2021-3, Class D, 1.33% 9/15/20276		9,476		8,785
Santander Drive Auto Receivables Trust, Series 2022-7, Class B, 5.95% 1/17/20286		2,751		2,780
Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.74% 10/15/20286		5,506		5,327
SLAM, Ltd., Series 2021-1, Class A, 2.434% 6/15/20464,6		20,838		17,285
SLAM, Ltd., Series 2021-1, Class B, 3.422% 6/15/20464,6		3,836		3,128
SMB Private Education Loan Trust, Series 2021-A, Class A2A2, (1-month USD-LIBOR + 0.73%) 5.048% 1/15/20534,5,6		19,421		18,603
SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/20464,6		36,907		29,669
Sound Point CLO, Ltd., Series 2015-1RA, Class AR, (3-month USD-LIBOR + 1.08%) 5.159% 4/15/20304,5,6		5,645		5,584
South Carolina Student Loan Corp., Series 2014-1, Class A1, (1-month USD-LIBOR + 0.75%) 4.518% 5/1/20305,6		64		64
South Carolina Student Loan Corp., Series 2014-1, Class A2, (1-month USD-LIBOR + 1.00%) 4.768% 1/3/20335,6		12,130		12,048
SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/20464,6		44,595		38,688
Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/20414,6		49,322		41,653
Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/20334,6		26,211		23,351
Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/20334,6		18,089		15,638
Stratus Static CLO, Ltd., Series 2021-2, Class A, (3-month USD-LIBOR + 0.90%) 5.143% 12/28/20294,5,6		9,700		9,566
Stratus Static CLO, Ltd., Series 2022-3, Class A, (3-month USD CME Term SOFR + 2.15%) 6.678% 10/20/20314,5,6		84,030		84,032
Stratus Static CLO, Ltd., Series 2022-3, Class B, (3-month USD CME Term SOFR + 3.05%) 7.127% 10/20/20314,5,6		12,681		12,648
SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/20754,6		27,935		25,407
TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/20454,6		33,924		29,806
Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 8/21/20454,6		17,124		15,528
Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/20454,6		20,147		17,577
Textainer Marine Containers, Ltd., Series 2020-2A, Class B, 3.34% 9/20/20454,6		2,908		2,532
Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 2/20/20464,6		32,177		27,086
Textainer Marine Containers, Ltd., Series 2021-1A, Class B, 2.52% 2/20/20464,6		1,385		1,154
Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/20464,6		42,619		36,313
TIF Funding II, LLC, Series 2020-1A, Class A, 2.09% 8/20/20454,6		17,263		14,844
TIF Funding II, LLC, Series 2021-1A, Class A, 1.65% 2/20/20464,6		14,236		11,834
TIF Funding II, LLC, Series 2021-1A, Class B, 2.54% 2/20/20464,6		517		423
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 11/25/20314,6		34,690		33,448
Toyota Auto Loan Extended Note Trust, Series 2020-1, Class A, 1.35% 5/25/20334,6		13,218		12,102

American Balanced Fund 41

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/20454,6	USD	104,858	$	89,906
Triton Container Finance VIII, LLC, Series 2020-1, Class B, 3.74% 9/20/20454,6		3,346		2,899
Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/20464,6		32,467		27,133
Triton Container Finance VIII, LLC, Series 2021-1A, Class B, 2.58% 3/20/20464,6		1,386		1,140
Westlake Automobile Receivables Trust, Series 2022-3, Class A2, 5.24% 7/15/20254,6		20,865		20,818
Westlake Automobile Receivables Trust, Series 2020-3A, Class C, 1.24% 11/17/20254,6		5,971		5,822
Westlake Automobile Receivables Trust, Series 2020-3A, Class D, 1.65% 2/17/20264,6		11,486		10,889
Westlake Automobile Receivables Trust, Series 2021-2, Class B, 0.62% 7/15/20264,6		13,060		12,610
Westlake Automobile Receivables Trust, Series 2021-2, Class C, 0.89% 7/15/20264,6		16,856		15,841
Westlake Automobile Receivables Trust, Series 2021-2, Class D, 1.23% 12/15/20264,6		11,177		10,186
Westlake Automobile Receivables Trust, Series 2022-1A, Class D, 3.49% 3/15/20274,6		7,472		6,885
				4,871,590
Bonds & notes of governments & government agencies outside the U.S. 0.42%
Caisse d’Amortissement de la Dette Sociale 3.375% 3/20/20244		44,610		43,867
Caisse d’Amortissement de la Dette Sociale 0.375% 9/23/20254		18,000		16,139
Chile (Republic of) 3.10% 1/22/2061		15,816		9,906
CPPIB Capital, Inc. 0.50% 9/16/20244		22,500		20,934
CPPIB Capital, Inc. 0.875% 9/9/20264		17,827		15,617
CPPIB Capital, Inc. 2.75% 11/2/20274		23,770		21,954
Development Bank of Japan, Inc. 1.25% 10/20/20264		18,000		15,875
Development Bank of Japan, Inc. 1.75% 10/20/20314		12,582		10,090
European Investment Bank 2.75% 8/15/2025		16,187		15,556
European Investment Bank 0.75% 10/26/2026		37,160		32,596
European Investment Bank 0.625% 10/21/2027		7,655		6,501
European Stability Mechanism 0.375% 9/10/20254		23,570		21,188
Hungary (Republic of) 2.125% 9/22/20314		14,975		11,158
Hungary (Republic of) 3.125% 9/21/20514		18,690		11,350
Hydro-Quebec 9.50% 11/15/2030		22,230		29,297
International Bank for Reconstruction and Development 0.75% 11/24/2027		9,000		7,653
International Development Assn. 0.375% 9/23/20254		19,410		17,404
Japan Bank for International Cooperation 1.25% 1/21/2031		32,068		25,042
KfW 0.375% 7/18/2025		7,671		6,941
Landwirtschaftliche Rentenbank 0.875% 9/3/2030		13,390		10,574
Manitoba (Province of) 3.05% 5/14/2024		12,040		11,782
OMERS Finance Trust 1.10% 3/26/20264		26,770		23,933
OMERS Finance Trust 3.50% 4/19/20324		40,128		36,317
OMERS Finance Trust 4.00% 4/19/20524		40,128		32,167
Ontario Teachers’ Finance Trust 3.00% 4/13/20274		18,000		16,880
Panama (Republic of) 3.298% 1/19/2033		23,825		19,348
Panama (Republic of) 4.50% 1/19/2063		5,165		3,659
Peru (Republic of) 2.392% 1/23/2026		2,730		2,518
Peru (Republic of) 1.862% 12/1/2032		42,915		31,408
Peru (Republic of) 2.78% 12/1/2060		50,070		29,372
Philippines (Republic of) 1.648% 6/10/2031		12,449		9,980
Philippines (Republic of) 6.375% 10/23/2034		22,310		24,776
Philippines (Republic of) 2.65% 12/10/2045		7,151		4,838
PT Indonesia Asahan Aluminium Tbk 4.75% 5/15/2025		20,000		19,705
PT Indonesia Asahan Aluminium Tbk 4.75% 5/15/20254		4,910		4,838
PT Indonesia Asahan Aluminium Tbk 6.53% 11/15/2028		17,050		17,276
PT Indonesia Asahan Aluminium Tbk 6.53% 11/15/20284		2,950		2,989
PT Indonesia Asahan Aluminium Tbk 5.45% 5/15/20304		1,360		1,298
PT Indonesia Asahan Aluminium Tbk 5.80% 5/15/20504		3,850		3,234
Qatar (State of) 3.375% 3/14/20244		24,780		24,309
Qatar (State of) 4.00% 3/14/20294		10,000		9,846
Qatar (State of) 4.817% 3/14/20494		10,000		9,754
Quebec (Province of) 2.75% 4/12/2027		23,200		21,758
Saskatchewan (Province of) 3.25% 6/8/2027		19,319		18,419
Swedish Export Credit Corp. 3.625% 9/3/2024		36,618		35,925
United Mexican States 2.659% 5/24/2031		23,299		18,850
United Mexican States 4.875% 5/19/2033		22,655		20,841
United Mexican States 3.771% 5/24/2061		13,292		8,444
				814,106

42 American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Municipals 0.36%
California 0.06%
Trustees of the California State University, Systemwide Rev. Bonds, Series 2021-B, 2.719% 11/1/2052	USD	7,980	$	5,394
Trustees of the California State University, Systemwide Rev. Bonds, Series 2021-B, 2.939% 11/1/2052		11,515		7,814
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 2.158% 6/1/2026		5,955		5,353
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 2.332% 6/1/2027		8,260		7,234
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B-1, 1.85% 6/1/2031		1,700		1,676
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034		4,705		3,785
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 3.487% 6/1/2036		5,365		4,289
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A, 3.115% 6/1/2038		26,640		20,702
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 3.714% 6/1/2041		8,945		6,722
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 3.293% 6/1/2042		9,180		6,818
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 3.00% 6/1/2046		10,885		10,085
Regents of the University of California, General Rev. Bonds, Series 2020-BG, 0.883% 5/15/2025		5,000		4,588
Regents of the University of California, General Rev. Bonds, Series 2020-BG, 1.316% 5/15/2027		5,400		4,661
Regents of the University of California, General Rev. Bonds, Series 2020-BG, 1.614% 5/15/2030		6,450		5,143
Regents of the University of California, General Rev. Bonds, Series 2021-BI, 2.847% 5/15/2041		2,690		1,869
Regents of the University of California, General Rev. Bonds, Series 2021-BI, 3.146% 5/15/2051		11,320		7,765
Dept. of Veterans Affairs, Veterans G.O. Rev. Ref. Bonds, Series 2015-CM, AMT, 2.45% 12/1/2031		80		80
				103,978
Connecticut 0.00%
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-A-1, 4.00% 11/15/2044		70		70
Florida 0.05%
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.258% 7/1/2025		11,950		10,977
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 7/1/2027		44,105		38,433
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 7/1/2030		56,145		46,034
				95,444
Guam 0.00%
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 3.839% 10/1/2036		960		783
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 4.46% 10/1/2043		1,260		985
				1,768
Illinois 0.16%
G.O. Bonds, Series 2019-A, 4.20% 4/1/2024		11,890		11,763
G.O. Bonds, Series 2019-A, 4.50% 4/1/2025		6,750		6,654
G.O. Bonds, Pension Funding, Series 2003, 4.95% 6/1/2023		9,730		9,736
G.O. Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033		231,670		222,591
G.O. Bonds, Pension Funding, Series 2003, Assured Guaranty Municipal insured, 5.10% 6/1/2033		48,850		46,805
G.O. Bonds, Taxable Build America Bonds, Series 2010-1, 6.63% 2/1/2035		6,210		6,301
				303,850

American Balanced Fund 43

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Municipals (continued)
Michigan 0.01%
Building Auth., Rev. Ref. Bonds (Facs. Program), Series 2020-II, 2.705% 10/15/2040	USD	6,555	$	4,789
Board of Trustees of Michigan State University, Rev. Bonds, Series 2022-A, 4.165% 8/15/2122		10,670		7,891
Regents of the University of Michigan, General Rev. Bonds, Series 2022-A, 3.504% 4/1/2052		6,660		5,212
				17,892
New Jersey 0.00%
Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2013-I, (SIFMA Municipal Swap Index + 1.60%) 5.26% 3/1/20285		5,000		5,000
New York 0.02%
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.187% 3/15/2026 (escrowed to maturity)		17,250		15,388
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.748% 3/15/2028		19,440		16,536
Utility Debt Securitization Auth., Restructuring Bonds, Series 2013-T-4, 3.435% 12/15/2025		1,032		1,024
				32,948
Ohio 0.02%
Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), Series 2021, 4.425% 5/1/2031		51,840		43,765
South Dakota 0.00%
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2014-F, 4.00% 5/1/2034		110		109
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2013-E, AMT, 4.00% 11/1/2044		60		60
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2015-D, 4.00% 11/1/2045		800		799
				968
Texas 0.00%
Municipal Power Agcy., Transmission System Rev. Ref. Bonds, Series 2021, Assured Guaranty Municipal insured, 3.00% 9/1/2046		6,695		5,009
Wisconsin 0.04%
Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034		95,285		84,689
Total municipals				695,381
Federal agency bonds & notes 0.04%
Fannie Mae 0.375% 8/25/2025		16,060		14,467
Fannie Mae 0.75% 10/8/2027		11,330		9,757
Fannie Mae 0.875% 8/5/2030		17,097		13,615
Federal Farm Credit Banks 1.75% 2/14/2025		13,983		13,263
Federal Home Loan Bank 5.50% 7/15/2036		600		657
Private Export Funding Corp. 3.55% 1/15/2024		25,667		25,291
				77,050
Total bonds, notes & other debt instruments (cost: $59,572,629,000)				55,442,137
Short-term securities 7.89%		Shares
Money market investments 7.80%
Capital Group Central Cash Fund 4.31%3,13		149,707,383		14,969,241

44 American Balanced Fund

Short-term securities (continued)	Shares		Value (000)
Money market investments purchased with collateral from securities on loan 0.09%
Capital Group Central Cash Fund 4.31%3,13,14	607,067	$	60,701
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%13,14	26,100,000		26,100
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%13,14	22,600,000		22,600
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%13,14	16,409,265		16,409
BlackRock Liquidity Funds – FedFund, Institutional Shares 4.03%13,14	15,600,000		15,600
Dreyfus Treasury Obligations Cash Management, Institutional Shares 4.17%13,14	13,900,000		13,900
Fidelity Investments Money Market Government Portfolio, Class I 4.06%13,14	10,400,000		10,400
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 4.11%13,14	8,600,000		8,600
			174,310
Total short-term securities (cost: $15,141,240,000)			15,143,551
Total investment securities 103.40% (cost: $162,215,748,000)			198,420,382
Other assets less liabilities (3.40)%			(6,516,170	)
Net assets 100.00%		$	191,904,212

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)				Value and unrealized appreciation (depreciation) at 12/31/2022 (000)
30 Day Federal Funds Futures	Short	10,368	February 2023		USD	(4,133,275	)		$	128,924
3 Month SOFR Futures	Long	13	March 2023			3,104				(39	)
90 Day Eurodollar Futures	Long	44,488	September 2023			10,557,558				(468,167	)
90 Day Eurodollar Futures	Short	37,493	December 2023			(8,924,271	)			356,756
90 Day Eurodollar Futures	Short	9,943	December 2024			(2,396,263	)			60,164
2 Year U.S. Treasury Note Futures	Short	17,640	March 2023			(3,617,578	)			12,832
5 Year U.S. Treasury Note Futures	Long	87,818	March 2023			9,478,170				(12,165	)
10 Year U.S. Treasury Note Futures	Long	31,504	March 2023			3,537,801				(20,353	)
10 Year Ultra U.S. Treasury Note Futures	Short	35,889	March 2023			(4,244,996	)			68,194
20 Year U.S. Treasury Bond Futures	Long	6,133	March 2023			768,733				(9,793	)
30 Year Ultra U.S. Treasury Bond Futures	Short	511	March 2023			(68,634	)			2,127
									$	118,480

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

											Unrealized
									Upfront		(depreciation)
Receive		Pay			Notional	Value at			premium		appreciation
	Payment		Payment	Expiration	amount	12/31/2022			paid		at 12/31/2022
Rate	frequency	Rate	frequency	date	(000)	(000)			(000)		(000)
0.207%	Annual	U.S. EFFR	Annual	2/26/2024	USD1,341,000	$	(69,778	)	$	—	$	(69,778	)
0.3325%	Annual	U.S. EFFR	Annual	4/2/2024	735,000		(39,990	)		—		(39,990	)
4.345%	Annual	U.S. EFFR	Annual	9/29/2024	1,049,800		(4,676	)		—		(4,676	)
4.197%	Annual	U.S. EFFR	Annual	9/30/2024	1,049,800		(7,251	)		—		(7,251	)
4.1735%	Annual	U.S. EFFR	Annual	9/30/2024	1,074,700		(7,842	)		—		(7,842	)
4.15%	Annual	U.S. EFFR	Annual	10/6/2024	1,071,000		(8,131	)		—		(8,131	)
U.S. EFFR	Annual	0.10625%	Annual	7/8/2025	301,000		29,465			—		29,465
3.16%	Annual	SOFR	Annual	6/20/2028	161,300		(3,176	)		—		(3,176	)
U.S. EFFR	Annual	0.666%	Annual	11/19/2030	78,700		15,614			—		15,614
SOFR	Annual	3.10%	Annual	6/20/2033	86,900		2,753			—		2,753
						$	(93,012	)	$	—	$	(93,012	)

American Balanced Fund 45

Swap contracts (continued)

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Reference index

Financing rate paid

Payment frequency

Expiration date

Notional amount (000)

Value at 12/31/2022 (000)

Upfront premium received (000)

Unrealized depreciation at 12/31/2022 (000)

CDX.NA.IG.39

1.00%

Quarterly

12/20/2027

USD4,478,124

$(35,807

)

$(20,270

)

$(15,537

)

Investments in affiliates³

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized (depreciation) appreciation (000)			Value of affiliates at 12/31/2022 (000)		Dividend income (000)
Common stocks 0.22%
Consumer discretionary 0.00%
Toll Brothers, Inc.15	$	572,297	$	—	$	464,830	$	208,944		$	(316,411	)	$	—	$	1,344
Materials 0.22%
Royal Gold, Inc.		434,997		76,708		144,700		17,709			22,205			406,919		5,246
Real estate 0.00%
Embassy Office Parks REIT15		209,044		15,864		220,091		(7,447	)		2,630			—		10,985
Iron Mountain, Inc. REIT16		948,511		—		289,079		75,102			(141,769	)		—		19,878
														—
Total common stocks														406,919
Investment funds 4.53%
Capital Group Central Corporate Bond Fund		11,633,296		698,611		1,556,798		(235,931	)		(1,842,620	)		8,696,558		300,936
Short-term securities 7.83%
Money market investments 7.80%
Capital Group Central Cash Fund 4.31%13		14,510,086		34,359,405		33,899,112		(1,457	)		319			14,969,241		328,718
Money market investments purchased with collateral from securities on loan 0.03%
Capital Group Central Cash Fund 4.31%13,14		114,102				53,40117								60,701		—	18
Total short-term securities														15,029,942
Total 12.58%							$	56,920		$	(2,275,646	)	$	24,133,419	$	667,107

Restricted securities¹²

	Acquisition date	Cost (000)		Value (000)		Percent of net assets
Mission Lane Credit Card Master Trust, Series 2022-B, Class A1, 8.25% 1/15/20286,11	12/6/2022	$	24,980	$	24,980		.02	%
Mission Lane Credit Card Master Trust, Series 2022-B, Class A2, 8.73% 1/15/20286,11	12/6/2022		4,064		4,064		.00
Octagon Investment Partners, Ltd., CLO, Series 2018-18X, Class A1A, (3-month USD-LIBOR + 0.96%) 5.039% 4/16/20315,6	10/28/2022		3,411		3,454		.00
Total		$	32,455	$	32,498		.02	%

46 American Balanced Fund

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 $251,532,000, which represented .13% 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	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $9,736,622,000, which represented 5.07% of the net assets of the fund.
5	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
6	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
7	Purchased on a TBA basis.
8	Step bond; coupon rate may change at a later date.
9	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $323,440,000, which represented .17% of the net assets of the fund.
10	Index-linked bond whose principal amount moves with a government price index.
11	Value determined using significant unobservable inputs.
12	Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $32,498,000, which represented .02% of the net assets of the fund.
13	Rate represents the seven-day yield at 12/31/2022.
14	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
15	Affiliated issuer during the reporting period but no longer held at 12/31/2022.
16	Affiliated issuer during the reporting period but no longer an affiliate at 12/31/2022. Refer to the investment portfolio for the security value at 12/31/2022.
17	Represents net activity. Refer to Note 5 for more information on securities lending.
18	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

Agcy. = Agency

AMT = Alternative Minimum Tax

Assn. = Association

Auth. = Authority

CAD = Canadian dollars

CLO = Collateralized Loan Obligations

CME = CME Group

CMO = Collateralized Mortgage Obligations

DAC = Designated Activity Company

Dept. = Department

Dev. = Development

Econ. = Economic

EFFR = Effective Federal Funds Rate

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

ICE = Intercontinental Exchange, Inc.

LIBOR = London Interbank Offered Rate

Ref. = Refunding

REIT = Real Estate Investment Trust

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

American Balanced Fund 47

Financial statements

Statement of assets and liabilities at December 31, 2022
	(dollars in thousands)

Assets:
Investment securities, at value (includes $251,532 of investment securities on loan):
Unaffiliated issuers (cost: $136,292,581)	$	174,286,963
Affiliated issuers (cost: $25,923,167)		24,133,419	$	198,420,382
Cash				1,215
Receivables for:
Sales of investments		8,446,983
Sales of fund’s shares		182,930
Dividends and interest		627,791
Securities lending income		70
Variation margin on futures contracts		10,719
Variation margin on centrally cleared swap contracts		1,962
Other		742		9,271,197
				207,692,794
Liabilities:
Collateral for securities on loan				174,310
Payables for:
Purchases of investments		15,231,568
Repurchases of fund’s shares		254,551
Investment advisory services		35,562
Services provided by related parties		42,585
Trustees’ deferred compensation		4,490
Variation margin on futures contracts		16,231
Variation margin on centrally cleared swap contracts		6,895
Other		22,390		15,614,272
Net assets at December 31, 2022			$	191,904,212
Net assets consist of:
Capital paid in on shares of beneficial interest			$	156,252,698
Total distributable earnings				35,651,514
Net assets at December 31, 2022			$	191,904,212

Refer to the notes to financial statements. 

48 American Balanced Fund

Financial statements (continued)

Statement of assets and liabilities
at December 31, 2022 (continued)

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

Shares of beneficial interest issued and outstanding (no stated par value) —

unlimited shares authorized (6,676,448 total shares outstanding)

	Net assets		Shares outstanding			Net asset value per share
Class A	$	90,861,292		3,159,034		$	28.76
Class C		8,825,396		309,161			28.55
Class T		11		—	*		28.76
Class F-1		4,007,797		139,474			28.73
Class F-2		22,375,653		778,645			28.74
Class F-3		9,501,037		330,517			28.75
Class 529-A		4,977,258		173,406			28.70
Class 529-C		285,589		9,936			28.74
Class 529-E		167,104		5,825			28.69
Class 529-T		15		—	*		28.76
Class 529-F-1		11		—	*		28.67
Class 529-F-2		400,447		13,924			28.76
Class 529-F-3		888		31			28.75
Class R-1		168,309		5,902			28.52
Class R-2		1,069,724		37,474			28.55
Class R-2E		126,087		4,405			28.63
Class R-3		2,359,039		82,509			28.59
Class R-4		4,143,900		144,340			28.71
Class R-5E		671,815		23,381			28.73
Class R-5		996,752		34,611			28.80
Class R-6		40,966,088		1,423,873			28.77

*Amount less than one thousand.

Refer to the notes to financial statements.

American Balanced Fund 49

Financial statements (continued)

Statement of operations for the year ended December 31, 2022
	(dollars in thousands)

Investment income:
Income:
Dividends (net of non-U.S. taxes of $59,598; also includes $667,107 from affiliates)	$	3,628,786
Interest from unaffiliated issuers		1,799,461
Securities lending income (net of fees)		1,692		$	5,429,939
Fees and expenses*:
Investment advisory services		432,553
Distribution services		398,011
Transfer agent services		116,791
Administrative services		60,472
529 plan services		3,598
Reports to shareholders		3,151
Registration statement and prospectus		4,452
Trustees’ compensation		538
Auditing and legal		448
Custodian		1,524
Other		267			1,021,805
Net investment income					4,408,134
Net realized loss and unrealized depreciation:
Net realized (loss) gain on:
Investments (net of non-U.S. taxes of $3,466):
Unaffiliated issuers		(3,115,253	)
Affiliated issuers		56,920
Futures contracts		316,941
Swap contracts		98,784
Currency transactions		(3,379	)		(2,645,987	)
Net unrealized (depreciation) appreciation on:
Investments (net of non-U.S. taxes of $14,155):
Unaffiliated issuers		(26,830,346	)
Affiliated issuers		(2,275,646	)
Futures contracts		189,963
Swap contracts		(71,646	)
Currency translations		(549	)		(28,988,224	)
Net realized loss and unrealized depreciation					(31,634,211	)
Net decrease in net assets resulting from operations				$	(27,226,077	)

*Additional information related to class-specific fees and expenses is included in the notes to financial statements.

Refer to the notes to financial statements.

50 American Balanced Fund

Financial statements (continued)

Statements of changes in net assets
	(dollars in thousands)

	Year ended December 31,
	2022			2021
Operations:
Net investment income	$	4,408,134		$	3,173,745
Net realized (loss) gain		(2,645,987	)		8,257,211
Net unrealized (depreciation) appreciation		(28,988,224	)		18,456,427
Net (decrease) increase in net assets resulting from operations		(27,226,077	)		29,887,383
Distributions paid to shareholders		(4,557,897	)		(9,362,239	)
Net capital share transactions		(979,233	)		20,967,236
Total (decrease) increase in net assets		(32,763,207	)		41,492,380
Net assets:
Beginning of year		224,667,419			183,175,039
End of year	$	191,904,212		$	224,667,419

Refer to the notes to financial statements.

American Balanced Fund 51

Notes to financial statements

1. Organization

American Balanced Fund (the “fund”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, diversified management investment company. The fund seeks conservation of capital, current income and 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.

52 American Balanced Fund

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.

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, including depositary receipts, 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 evaluated prices obtained from third-party 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
Municipal securities	Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts

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 Corporate Bond Fund (“CCBF”), a fund within the Capital Group Central Fund Series II, and Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (collectively the “Central Funds”), are each valued based upon a floating net asset value, which fluctuates with changes in the value of each fund’s portfolio securities. The underlying securities are valued based on the policies and procedures in the Central Funds’ statements of additional information. Exchange-traded futures are generally valued at the official settlement price of the exchange or market on which such instruments are traded, as of the close of business on the day the futures are being valued. Swaps are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, other reference data, and terms of the contract.

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 the fund’s investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with

American Balanced Fund 53

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, dealer or broker quotes, 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 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 designated 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 team. 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.

The tables on the following page present the fund’s valuation levels as of December 31, 2022 (dollars in thousands):

54 American Balanced Fund

	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Common stocks:
Health care	$	21,014,796		$	1,174,245		$	—	$	22,189,041
Information technology		20,492,798			376,295			—		20,869,093
Consumer discretionary		12,685,860			765,878			—		13,451,738
Financials		12,221,415			442,614			—		12,664,029
Consumer staples		9,260,146			1,972,571			—		11,232,717
Industrials		10,369,333			255,386			—		10,624,719
Energy		10,189,338			—			—		10,189,338
Communication services		7,184,811			—			—		7,184,811
Materials		3,848,848			627,936			—		4,476,784
Real estate		3,654,996			—			—		3,654,996
Utilities		2,295,723			88,007			—		2,383,730
Preferred securities		—			5,952			—		5,952
Convertible stocks		211,188			—			—		211,188
Investment funds		8,696,558			—			—		8,696,558
Bonds, notes & other debt instruments:
Mortgage-backed obligations		—			21,434,417			—		21,434,417
U.S. Treasury bonds & notes		—			14,558,381			—		14,558,381
Corporate bonds, notes & loans		—			12,991,212			—		12,991,212
Asset-backed obligations		—			4,780,022			91,568		4,871,590
Bonds & notes of governments & government agencies outside the U.S.		—			814,106			—		814,106
Municipals		—			695,381			—		695,381
Federal agency bonds & notes		—			77,050			—		77,050
Short-term securities		15,143,551			—			—		15,143,551
Total	$	137,269,361		$	61,059,453		$	91,568	$	198,420,382
	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	628,997		$	—		$	—	$	628,997
Unrealized appreciation on centrally cleared interest rate swaps		—			47,832			—		47,832
Liabilities:
Unrealized depreciation on futures contracts		(510,517	)		—			—		(510,517	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(140,844	)		—		(140,844	)
Unrealized depreciation on centrally cleared credit default swaps		—			(15,537	)		—		(15,537	)
Total	$	118,480		$	(108,549	)	$	—	$	9,931

* Futures contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio.

American Balanced Fund 55

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, bonds 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 or companies; 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.

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 the issuer’s financial condition or credit rating, 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 in debt instruments — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which the fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

Investing in securities backed by the U.S. government — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.

56 American Balanced Fund

Investing in mortgage-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and the fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

Liquidity risk — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.

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, sanctions, 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 regulatory, legal, accounting, auditing, financial reporting and recordkeeping 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, which could impact the liquidity of the fund’s portfolio. 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.

American Balanced Fund 57

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.

As of December 31, 2022, the total value of securities on loan was $251,532,000, and the total value of collateral received was $262,872,000. Collateral received includes cash of $174,310,000 and U.S. government securities of $88,562,000. Investment securities purchased from cash collateral are disclosed in the fund’s investment portfolio as short-term securities. Securities received as collateral are not recognized as fund assets. The contractual maturity of cash collateral received under the securities lending agreement is classified as overnight and continuous.

Index-linked bonds — The fund has invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund’s statement of operations.

Mortgage dollar rolls — The fund has entered into mortgage dollar roll transactions in which the fund sells a mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions. Portfolio turnover rates excluding and including mortgage dollar rolls are presented at the end of the fund’s financial highlights table.

Futures contracts — The fund has entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund’s interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio.

Upon entering into futures contracts, and to maintain the fund’s open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant (“FCM”), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

On a daily basis, the fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in the statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on the fund’s statement of assets and liabilities. The fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in the fund’s statement of operations. The average month-end notional amount of futures contracts while held was $78,477,855,000.

Swap contracts — The fund has entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant’s swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the fund enters into bilaterally negotiated swap transactions, the fund will enter into swap agreements only with counterparties that meet certain credit standards and subject to agreed collateralized procedures. The term of a swap can be days, months or years and certain swaps may be less liquid than others.

Upon entering into a centrally cleared swap contract, the fund is required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

58 American Balanced Fund

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the fund’s statement of assets and liabilities for centrally cleared swaps and as unrealized appreciation or depreciation in the fund’s statement of assets and liabilities for bilateral swaps. For centrally cleared swaps, the fund also pays or receives a variation margin based on the increase or decrease in the value of the swaps, including accrued interest as applicable, and records variation margin in the statement of assets and liabilities. The fund records realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from swaps are recorded in the fund’s statement of operations.

Swap agreements can take different forms. The fund has entered into the following types of swap agreements:

Interest rate swaps — The fund has entered into interest rate swaps, which seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark, or on an inflation index such as the U.S. Consumer Price Index (which is a measure that examines the weighted average of prices of a basket of consumer goods and services and measures changes in the purchasing power of the U.S. dollar and the rate of inflation). In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the fund’s current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party. The average month-end notional amount of interest rate swaps while held was $29,758,860,000.

Credit default swap indices — The fund has entered into centrally cleared credit default swap indices, including CDX and iTraxx indices (collectively referred to as “CDSIs”), in order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks. A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party (the protection buyer) is obligated to pay the other party (the protection seller) a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits.

The fund may enter into a CDSI transaction as either protection buyer or protection seller. If the fund is a protection buyer, it would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the fund, as a protection buyer, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As a protection seller, the fund would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the fund, coupled with the periodic payments previously received by the fund, may be less than the full notional value that the fund, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to the fund. Furthermore, as a protection seller, the fund would effectively add leverage to its portfolio because it would have investment exposure to the notional amount of the swap transaction. The average month-end notional amount of credit default swaps while held was $3,857,454,000.

American Balanced Fund 59

The following tables identify the location and fair value amounts on the fund’s statement of assets and liabilities and the effect on the fund’s statement of operations resulting from the fund’s use of futures contracts, interest rate swaps and credit default swaps as of, or for the year ended, December 31, 2022 (dollars in thousands):

		Assets			Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value		Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation*	$	628,997	Unrealized depreciation*	$	510,517
Swap (centrally cleared)	Interest	Unrealized appreciation*		47,832	Unrealized depreciation*		140,844
Swap (centrally cleared)	Credit	Unrealized appreciation*		—	Unrealized depreciation*		15,537
			$	676,829		$	666,898
		Net realized gain			Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations		Value	Location on statement of operations		Value
Futures	Interest	Net realized gain on futures contracts	$	316,941	Net unrealized appreciation on futures contracts	$	189,963
Swap	Interest	Net realized gain on swap contracts		51,681	Net unrealized depreciation on swap contracts		(59,995	)
Swap	Credit	Net realized gain on swap contracts		47,103	Net unrealized depreciation on swap contracts		(11,651	)
			$	415,725		$	118,317

* Includes cumulative appreciation/depreciation on futures contracts, centrally cleared interest rate swaps and centrally cleared credit default swaps as reported in the applicable tables following the fund’s investment portfolio. Only current day’s variation margin is reported within the fund’s statement of assets and liabilities.

Collateral — The fund receives or pledges highly liquid assets, such as cash or U.S. government securities, as collateral due to securities lending and its use of futures contracts, interest rate swaps, credit default swaps and future delivery contracts. For securities lending, the fund receives collateral in exchange for lending investment securities. 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. For futures contracts, centrally cleared interest rate swaps and centrally cleared credit default swaps, the fund pledges collateral for initial and variation margin by contract. For future delivery contracts, the fund either receives or pledges collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by the fund, if any, is disclosed in the fund’s investment portfolio, and cash collateral pledged by the fund, if any, is held in a segregated account with the fund’s custodian, which is reflected as pledged cash collateral in the fund’s statement of assets and liabilities.

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, 2022, 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, 2022, the fund recognized $3,030,000 in reclaims (net of $718,000 in

60 American Balanced Fund

fees and the effect of realized gain or loss from currency translations) and $263,000 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; cost of investments sold; net capital losses 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.

During the year ended December 31, 2022, the fund reclassified $292,000 from total distributable earnings to capital paid in on shares of beneficial interest to align financial reporting with tax reporting.

As of December 31, 2022, the tax basis components of distributable earnings, unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

Undistributed ordinary income	$	2,241,051
Capital loss carryforward*		(2,740,502	)
Gross unrealized appreciation on investments		45,365,438
Gross unrealized depreciation on investments		(9,161,373	)
Net unrealized appreciation on investments		36,204,065
Cost of investments		162,246,518

* The capital loss carryforward will be used to offset any capital gains realized by the fund in future years. The fund will not make distributions from capital gains while a capital loss carryforward remains.

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

	Year ended December 31, 2022									Year ended December 31, 2021
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	1,534,834		$	563,404		$	2,098,238		$	1,204,975		$	3,173,847		$	4,378,822
Class C		82,906			58,334			141,240			53,473			347,645			401,118
Class T		—	†		—	†		—	†		—	†		—	†		—	†
Class F-1		67,186			25,958			93,144			58,438			154,429			212,867
Class F-2		427,534			140,382			567,916			332,670			769,370			1,102,040
Class F-3		189,276			57,986			247,262			144,892			314,375			459,267
Class 529-A		83,139			31,487			114,626			66,644			179,581			246,225
Class 529-C		2,488			1,936			4,424			1,672			11,975			13,647
Class 529-E		2,405			1,082			3,487			1,945			6,386			8,331
Class 529-T		—	†		—	†		—	†		—	†		1			1
Class 529-F-1		—	†		—	†		—	†		—	†		—	†		—	†
Class 529-F-2		7,556			2,425			9,981			5,576			13,096			18,672
Class 529-F-3		17			5			22			14			30			44
Class R-1		1,516			1,020			2,536			816			5,487			6,303
Class R-2		9,503			6,829			16,332			5,993			40,414			46,407
Class R-2E		1,497			811			2,308			1,093			4,731			5,824
Class R-3		32,264			15,193			47,457			26,323			91,137			117,460
Class R-4		70,832			27,438			98,270			66,339			166,328			232,667
Class R-5E		11,965			4,012			15,977			9,263			21,602			30,865
Class R-5		20,691			6,749			27,440			22,683			45,964			68,647
Class R-6		817,370			249,867			1,067,237			624,740			1,388,292			2,013,032
Total	$	3,362,979		$	1,194,918		$	4,557,897		$	2,627,549		$	6,734,690		$	9,362,239

^†  Amount less than one thousand.

American Balanced Fund 61

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 0.420% on the first $500 million of daily net assets and decreasing to 0.200% on such assets in excess of $186 billion. On December 6, 2021, the fund’s board of trustees approved an amended investment advisory and service agreement effective February 1, 2022, decreasing the annual rate to 0.199% on daily net assets in excess of $233 billion. For the year ended December 31, 2022, the investment advisory services fees were $432,553,000, which were equivalent to an annualized rate of 0.215% of average daily net assets.

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, 2022, unreimbursed expenses subject to reimbursement totaled $25,333,000 for Class A shares. There were no unreimbursed expenses subject to reimbursement for Class 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.

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 fees are 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

62 American Balanced Fund

Virginia529 through ABLEAmerica^®, a tax-advantaged savings program for individuals with disabilities. Virginia529 is not considered a related party to the fund.

The quarterly fees are 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 $75 billion. The fees for any given calendar quarter are 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. For the year ended December 31, 2022, the 529 plan services fees were $3,598,000, which were equivalent to 0.058% of the average daily net assets of each 529 share class.

For the year ended December 31, 2022, 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	$	237,972	$	60,540		$	28,557			Not applicable
Class C		97,562		6,209			2,927			Not applicable
Class T		—		—	*		—	*		Not applicable
Class F-1		10,748		5,455			1,313			Not applicable
Class F-2		Not applicable		26,023			7,068			Not applicable
Class F-3		Not applicable		96			2,931			Not applicable
Class 529-A		12,325		2,996			1,581			$3,065
Class 529-C		3,237		187			97			188
Class 529-E		904		51			54			105
Class 529-T		—		—	*		—	*		—	*
Class 529-F-1		—		—	*		—	*		—	*
Class 529-F-2		Not applicable		156			123			239
Class 529-F-3		Not applicable		—	*		—	*		1
Class R-1		1,696		137			51			Not applicable
Class R-2		8,560		3,931			342			Not applicable
Class R-2E		819		284			41			Not applicable
Class R-3		12,741		3,900			765			Not applicable
Class R-4		11,447		4,774			1,374			Not applicable
Class R-5E		Not applicable		1,040			200			Not applicable
Class R-5		Not applicable		593			338			Not applicable
Class R-6		Not applicable		419			12,710			Not applicable
Total class-specific expenses		$398,011		$116,791			$60,472			$3,598

* 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 $538,000 in the fund’s statement of operations reflects $1,037,000 in current fees (either paid in cash or deferred) and a net decrease of $499,000 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.

Investments in CCBF and CCF — The fund holds shares of CCBF, a corporate bond fund, and CCF, an institutional prime money market fund, which are both managed by CRMC. CCBF seeks to provide maximum total return consistent with capital preservation and prudent risk management by investing primarily in corporate debt instruments. CCBF is used as an investment vehicle for the fund’s corporate bond investments. 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. Both CCBF and 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 either CCBF or CCF.

American Balanced Fund 63

Security transactions with related funds — The fund purchased investment securities from, and sold investment 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, 2022, the fund engaged in such purchase and sale transactions with related funds in the amounts of $1,026,348,000 and $978,163,000, respectively, which generated $177,148,000 of net realized losses 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, 2022.

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):

	Sales*				Reinvestments of distributions						Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class A	$	8,801,744		290,903	$	2,068,339			70,750		$	(10,816,395	)		(363,078	)	$	53,688			(1,425	)
Class C		1,087,840		36,123		140,196			4,855			(2,228,175	)		(74,994	)		(1,000,139	)		(34,016	)
Class T		—		—		—			—			—			—			—			—
Class F-1		372,743		12,282		92,402			3,164			(804,668	)		(26,931	)		(339,523	)		(11,485	)
Class F-2		5,303,604		176,224		548,685			18,774			(5,630,806	)		(190,034	)		221,483			4,964
Class F-3		2,286,077		76,013		245,307			8,387			(2,104,017	)		(70,615	)		427,367			13,785
Class 529-A		562,369		18,654		114,588			3,929			(798,311	)		(26,666	)		(121,354	)		(4,083	)
Class 529-C		67,239		2,234		4,421			152			(123,649	)		(4,109	)		(51,989	)		(1,723	)
Class 529-E		21,087		696		3,483			120			(35,887	)		(1,197	)		(11,317	)		(381	)
Class 529-T		—		—		—	†		—	†		—			—			—	†		—	†
Class 529-F-1		—		—		—	†		—	†		—			—			—	†		—	†
Class 529-F-2		80,060		2,672		9,980			340			(69,906	)		(2,349	)		20,134			663
Class 529-F-3		—		—		22			1			—			—			22			1
Class R-1		39,343		1,316		2,532			88			(26,202	)		(898	)		15,673			506
Class R-2		193,579		6,476		16,317			565			(285,917	)		(9,527	)		(76,021	)		(2,486	)
Class R-2E		33,706		1,100		2,308			80			(44,409	)		(1,468	)		(8,395	)		(288	)
Class R-3		410,524		13,670		47,406			1,634			(638,677	)		(21,350	)		(180,747	)		(6,046	)
Class R-4		506,443		16,740		98,247			3,368			(1,134,538	)		(37,935	)		(529,848	)		(17,827	)
Class R-5E		204,646		6,746		15,971			547			(128,127	)		(4,300	)		92,490			2,993
Class R-5		147,226		4,876		27,324			933			(328,306	)		(10,997	)		(153,756	)		(5,188	)
Class R-6		4,330,032		144,195		1,066,576			36,431			(4,733,609	)		(158,855	)		662,999			21,771
Total net increase (decrease)	$	24,448,262		810,920	$	4,504,104			154,118		$	(29,931,599	)		(1,005,303	)	$	(979,233	)		(40,265	)

Refer to the end of the table for footnotes.

64 American Balanced Fund

	Sales*						Reinvestments of distributions					Repurchases*						Net increase (decrease)
Share class	Amount			Shares			Amount		Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2021
Class A	$	13,336,111			413,108		$	4,324,949		132,460		$	(9,734,844	)		(301,387	)	$	7,926,216			244,181
Class C		1,937,165			60,473			398,332		12,275			(2,293,519	)		(71,532	)		41,978			1,216
Class T		—			—			—		—			—			—			—			—
Class F-1		539,558			16,796			211,176		6,476			(1,706,162	)		(53,566	)		(955,428	)		(30,294	)
Class F-2		6,348,295			196,693			1,066,509		32,695			(3,727,975	)		(115,774	)		3,686,829			113,614
Class F-3		2,977,343			92,647			455,479		13,960			(1,350,313	)		(41,739	)		2,082,509			64,868
Class 529-A		777,468			24,114			246,161		7,554			(823,247	)		(25,482	)		200,382			6,186
Class 529-C		90,482			2,806			13,641		418			(161,575	)		(4,997	)		(57,452	)		(1,773	)
Class 529-E		26,122			810			8,327		256			(43,191	)		(1,336	)		(8,742	)		(270	)
Class 529-T		—			—			1		—	†		—			—			1			—	†
Class 529-F-1		—			—			1		—	†		—			—			1			—	†
Class 529-F-2		115,130			3,543			18,666		572			(63,628	)		(1,965	)		70,168			2,150
Class 529-F-3		—	†		—	†		44		1			(70	)		(2	)		(26	)		(1	)
Class R-1		28,996			908			6,286		194			(29,716	)		(934	)		5,566			168
Class R-2		262,250			8,206			46,378		1,429			(310,562	)		(9,735	)		(1,934	)		(100	)
Class R-2E		36,328			1,135			5,825		179			(36,732	)		(1,153	)		5,421			161
Class R-3		481,979			15,088			117,329		3,613			(865,711	)		(27,039	)		(266,403	)		(8,338	)
Class R-4		786,390			24,582			232,631		7,146			(2,958,394	)		(90,738	)		(1,939,373	)		(59,010	)
Class R-5E		173,861			5,401			30,863		946			(171,746	)		(5,267	)		32,978			1,080
Class R-5		234,427			7,290			68,433		2,095			(756,604	)		(23,257	)		(453,744	)		(13,872	)
Class R-6		12,572,100			388,500			2,011,851		61,589			(3,985,662	)		(123,451	)		10,598,289			326,638
Total net increase (decrease)	$	40,724,005			1,262,100		$	9,262,882		283,858		$	(29,019,651	)		(899,354	)	$	20,967,236			646,604

*	Includes exchanges between share classes of the fund.
†	Amount less than one thousand.

10. Investment transactions

The fund engaged in purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $255,231,704,000 and $247,220,598,000, respectively, during the year ended December 31, 2022.

American Balanced Fund 65

Financial highlights

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)			Ratio of expenses to average net assets3			Ratio of net income to average net assets
Class A:
12/31/2022	$	33.47	$	.64	$	(4.68	)	$	(4.04	)	$	(.49	)	$	(.18	)	$	(.67	)	$	28.76		(12.11)	%	$	90,861			.56	%		2.13	%
12/31/2021		30.20		.49		4.22			4.71			(.40	)		(1.04	)		(1.44	)		33.47		15.77			105,787			.56			1.50
12/31/2020		28.50		.48		2.53			3.01			(.40	)		(.91	)		(1.31	)		30.20		10.85			88,070			.58			1.68
12/31/2019		24.90		.54		4.21			4.75			(.55	)		(.60	)		(1.15	)		28.50		19.20			77,537			.58			1.98
12/31/2018		27.15		.53		(1.24	)		(.71	)		(.52	)		(1.02	)		(1.54	)		24.90		(2.71	)		62,648			.57			1.94
Class C:
12/31/2022		33.22		.41		(4.64	)		(4.23	)		(.26	)		(.18	)		(.44	)		28.55		(12.75	)		8,825			1.31			1.37
12/31/2021		29.99		.24		4.19			4.43			(.16	)		(1.04	)		(1.20	)		33.22		14.88			11,401			1.31			.75
12/31/2020		28.30		.27		2.52			2.79			(.19	)		(.91	)		(1.10	)		29.99		10.05			10,254			1.32			.95
12/31/2019		24.74		.33		4.17			4.50			(.34	)		(.60	)		(.94	)		28.30		18.27			10,372			1.34			1.22
12/31/2018		26.98		.31		(1.22	)		(.91	)		(.31	)		(1.02	)		(1.33	)		24.74		(3.45	)		8,611			1.36			1.15
Class T:
12/31/2022		33.48		.71		(4.69	)		(3.98	)		(.56	)		(.18	)		(.74	)		28.76		(11.91	)4		—	5		.31	4		2.38	4
12/31/2021		30.20		.56		4.24			4.80			(.48	)		(1.04	)		(1.52	)		33.48		16.08	4		—	5		.32	4		1.74	4
12/31/2020		28.50		.55		2.53			3.08			(.47	)		(.91	)		(1.38	)		30.20		11.15	4		—	5		.33	4		1.94	4
12/31/2019		24.90		.60		4.21			4.81			(.61	)		(.60	)		(1.21	)		28.50		19.48	4		—	5		.33	4		2.22	4
12/31/2018		27.15		.59		(1.24	)		(.65	)		(.58	)		(1.02	)		(1.60	)		24.90		(2.49	)4		—	5		.35	4		2.16	4
Class F-1:
12/31/2022		33.44		.62		(4.68	)		(4.06	)		(.47	)		(.18	)		(.65	)		28.73		(12.18	)		4,008			.62			2.07
12/31/2021		30.17		.46		4.23			4.69			(.38	)		(1.04	)		(1.42	)		33.44		15.71			5,048			.62			1.43
12/31/2020		28.47		.47		2.53			3.00			(.39	)		(.91	)		(1.30	)		30.17		10.82			5,468			.62			1.65
12/31/2019		24.88		.52		4.20			4.72			(.53	)		(.60	)		(1.13	)		28.47		19.10			5,496			.64			1.92
12/31/2018		27.13		.51		(1.24	)		(.73	)		(.50	)		(1.02	)		(1.52	)		24.88		(2.78	)		4,599			.64			1.86
Class F-2:
12/31/2022		33.44		.70		(4.67	)		(3.97	)		(.55	)		(.18	)		(.73	)		28.74		(11.91	)		22,376			.36			2.33
12/31/2021		30.17		.55		4.23			4.78			(.47	)		(1.04	)		(1.51	)		33.44		16.01			25,875			.36			1.71
12/31/2020		28.48		.54		2.52			3.06			(.46	)		(.91	)		(1.37	)		30.17		11.07			19,917			.36			1.89
12/31/2019		24.88		.59		4.21			4.80			(.60	)		(.60	)		(1.20	)		28.48		19.45			16,065			.38			2.18
12/31/2018		27.13		.58		(1.24	)		(.66	)		(.57	)		(1.02	)		(1.59	)		24.88		(2.52	)		11,332			.38			2.14
Class F-3:
12/31/2022		33.45		.73		(4.67	)		(3.94	)		(.58	)		(.18	)		(.76	)		28.75		(11.81	)		9,501			.25			2.45
12/31/2021		30.18		.59		4.22			4.81			(.50	)		(1.04	)		(1.54	)		33.45		16.13			10,596			.25			1.82
12/31/2020		28.49		.57		2.52			3.09			(.49	)		(.91	)		(1.40	)		30.18		11.19			7,602			.26			1.99
12/31/2019		24.89		.62		4.21			4.83			(.63	)		(.60	)		(1.23	)		28.49		19.56			5,606			.27			2.29
12/31/2018		27.14		.61		(1.24	)		(.63	)		(.60	)		(1.02	)		(1.62	)		24.89		(2.43	)		3,401			.29			2.24
Class 529-A:
12/31/2022		33.40		.63		(4.68	)		(4.05	)		(.47	)		(.18	)		(.65	)		28.70		(12.13	)		4,977			.60			2.09
12/31/2021		30.14		.47		4.22			4.69			(.39	)		(1.04	)		(1.43	)		33.40		15.72			5,929			.60			1.46
12/31/2020		28.45		.46		2.53			2.99			(.39	)		(.91	)		(1.30	)		30.14		10.79			5,163			.62			1.64
12/31/2019		24.86		.52		4.20			4.72			(.53	)		(.60	)		(1.13	)		28.45		19.11			4,444			.64			1.92
12/31/2018		27.11		.50		(1.23	)		(.73	)		(.50	)		(1.02	)		(1.52	)		24.86		(2.78	)		3,733			.65			1.86

Refer to the end of the table for footnotes.

66 American Balanced Fund

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)			Ratio of expenses to average net assets3			Ratio of net income to average net assets
Class 529-C:
12/31/2022	$	33.44	$	.39	$	(4.67	)	$	(4.28	)	$	(.24	)	$	(.18	)	$	(.42	)	$	28.74		(12.82	)%	$	286			1.36	%		1.31	%
12/31/2021		30.17		.23		4.22			4.45			(.14	)		(1.04	)		(1.18	)		33.44		14.86			390			1.35			.70
12/31/2020		28.46		.27		2.52			2.79			(.17	)		(.91	)		(1.08	)		30.17		9.98			405			1.36			.97
12/31/2019		24.86		.32		4.20			4.52			(.32	)		(.60	)		(.92	)		28.46		18.27			755			1.38			1.17
12/31/2018		27.11		.30		(1.24	)		(.94	)		(.29	)		(1.02	)		(1.31	)		24.86		(3.53	)		723			1.40			1.10
Class 529-E:
12/31/2022		33.39		.55		(4.67	)		(4.12	)		(.40	)		(.18	)		(.58	)		28.69		(12.35	)		167			.84			1.85
12/31/2021		30.13		.39		4.22			4.61			(.31	)		(1.04	)		(1.35	)		33.39		15.46			207			.83			1.22
12/31/2020		28.43		.40		2.53			2.93			(.32	)		(.91	)		(1.23	)		30.13		10.58			195			.84			1.42
12/31/2019		24.84		.46		4.20			4.66			(.47	)		(.60	)		(1.07	)		28.43		18.86			186			.86			1.69
12/31/2018		27.09		.44		(1.23	)		(.79	)		(.44	)		(1.02	)		(1.46	)		24.84		(3.02	)		165			.88			1.63
Class 529-T:
12/31/2022		33.47		.70		(4.68	)		(3.98	)		(.55	)		(.18	)		(.73	)		28.76		(11.91	)4		—	5		.35	4		2.35	4
12/31/2021		30.20		.55		4.22			4.77			(.46	)		(1.04	)		(1.50	)		33.47		15.97	4		—	5		.38	4		1.69	4
12/31/2020		28.50		.54		2.53			3.07			(.46	)		(.91	)		(1.37	)		30.20		11.10	4		—	5		.37	4		1.89	4
12/31/2019		24.90		.59		4.20			4.79			(.59	)		(.60	)		(1.19	)		28.50		19.41	4		—	5		.39	4		2.16	4
12/31/2018		27.15		.57		(1.23	)		(.66	)		(.57	)		(1.02	)		(1.59	)		24.90		(2.55	)4		—	5		.41	4		2.09	4
Class 529-F-1:
12/31/2022		33.37		.68		(4.68	)		(4.00	)		(.52	)		(.18	)		(.70	)		28.67		(12.01	)4		—	5		.43	4		2.27	4
12/31/2021		30.11		.53		4.21			4.74			(.44	)		(1.04	)		(1.48	)		33.37		15.93	4		—	5		.43	4		1.63	4
12/31/2020		28.42		.52		2.53			3.05			(.45	)		(.91	)		(1.36	)		30.11		11.07	4		—	5		.38	4		1.88	4
12/31/2019		24.84		.59		4.18			4.77			(.59	)		(.60	)		(1.19	)		28.42		19.38			286			.40			2.16
12/31/2018		27.09		.57		(1.23	)		(.66	)		(.57	)		(1.02	)		(1.59	)		24.84		(2.56	)		201			.41			2.10
Class 529-F-2:
12/31/2022		33.47		.71		(4.69	)		(3.98	)		(.55	)		(.18	)		(.73	)		28.76		(11.91	)		400			.35			2.35
12/31/2021		30.20		.55		4.22			4.77			(.46	)		(1.04	)		(1.50	)		33.47		15.99			444			.36			1.70
12/31/20206,7		28.35		.09		2.65			2.74			(.12	)		(.77	)		(.89	)		30.20		9.67	8		336			.06	8		.32	8
Class 529-F-3:
12/31/2022		33.46		.72		(4.69	)		(3.97	)		(.56	)		(.18	)		(.74	)		28.75		(11.89	)		1			.31			2.39
12/31/2021		30.19		.57		4.22			4.79			(.48	)		(1.04	)		(1.52	)		33.46		16.06			1			.31			1.75
12/31/20206,7		28.35		.10		2.63			2.73			(.12	)		(.77	)		(.89	)		30.19		9.66	8		1			.05	8		.35	8
Class R-1:
12/31/2022		33.19		.41		(4.64	)		(4.23	)		(.26	)		(.18	)		(.44	)		28.52		(12.76	)		168			1.33			1.38
12/31/2021		29.96		.24		4.19			4.43			(.16	)		(1.04	)		(1.20	)		33.19		14.89			179			1.32			.74
12/31/2020		28.28		.26		2.52			2.78			(.19	)		(.91	)		(1.10	)		29.96		10.03			157			1.33			.93
12/31/2019		24.72		.32		4.17			4.49			(.33	)		(.60	)		(.93	)		28.28		18.26			126			1.36			1.20
12/31/2018		26.97		.30		(1.23	)		(.93	)		(.30	)		(1.02	)		(1.32	)		24.72		(3.48	)		110			1.37			1.13

Refer to the end of the table for footnotes.

American Balanced Fund 67

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets3			Ratio of net income to average net assets
Class R-2:
12/31/2022	$	33.22	$	.40	$	(4.64	)	$	(4.24	)	$	(.25	)	$	(.18	)	$	(.43	)	$	28.55		(12.78	)%	$	1,070		1.34	%		1.34	%
12/31/2021		29.99		.23		4.19			4.42			(.15	)		(1.04	)		(1.19	)		33.22		14.86			1,327		1.33			.73
12/31/2020		28.30		.26		2.53			2.79			(.19	)		(.91	)		(1.10	)		29.99		10.03			1,201		1.34			.93
12/31/2019		24.73		.32		4.18			4.50			(.33	)		(.60	)		(.93	)		28.30		18.25			1,220		1.36			1.20
12/31/2018		26.98		.31		(1.24	)		(.93	)		(.30	)		(1.02	)		(1.32	)		24.73		(3.46	)		1,111		1.37			1.13
Class R-2E:
12/31/2022		33.31		.49		(4.66	)		(4.17	)		(.33	)		(.18	)		(.51	)		28.63		(12.53	)		126		1.06			1.63
12/31/2021		30.06		.33		4.20			4.53			(.24	)		(1.04	)		(1.28	)		33.31		15.21			156		1.05			1.01
12/31/2020		28.37		.34		2.53			2.87			(.27	)		(.91	)		(1.18	)		30.06		10.34			136		1.05			1.21
12/31/2019		24.80		.40		4.19			4.59			(.42	)		(.60	)		(1.02	)		28.37		18.60			119		1.07			1.49
12/31/2018		27.05		.39		(1.23	)		(.84	)		(.39	)		(1.02	)		(1.41	)		24.80		(3.20	)		75		1.08			1.44
Class R-3:
12/31/2022		33.28		.53		(4.66	)		(4.13	)		(.38	)		(.18	)		(.56	)		28.59		(12.40	)		2,359		.90			1.78
12/31/2021		30.03		.37		4.21			4.58			(.29	)		(1.04	)		(1.33	)		33.28		15.36			2,947		.90			1.16
12/31/2020		28.34		.38		2.53			2.91			(.31	)		(.91	)		(1.22	)		30.03		10.51			2,910		.90			1.36
12/31/2019		24.77		.44		4.18			4.62			(.45	)		(.60	)		(1.05	)		28.34		18.77			3,021		.92			1.64
12/31/2018		27.01		.43		(1.23	)		(.80	)		(.42	)		(1.02	)		(1.44	)		24.77		(3.04	)		2,992		.93			1.57
Class R-4:
12/31/2022		33.41		.62		(4.67	)		(4.05	)		(.47	)		(.18	)		(.65	)		28.71		(12.14	)		4,144		.60			2.08
12/31/2021		30.14		.46		4.23			4.69			(.38	)		(1.04	)		(1.42	)		33.41		15.72			5,418		.60			1.43
12/31/2020		28.44		.47		2.53			3.00			(.39	)		(.91	)		(1.30	)		30.14		10.85			6,666		.60			1.66
12/31/2019		24.85		.53		4.19			4.72			(.53	)		(.60	)		(1.13	)		28.44		19.15			6,398		.62			1.94
12/31/2018		27.10		.51		(1.24	)		(.73	)		(.50	)		(1.02	)		(1.52	)		24.85		(2.77	)		5,667		.63			1.87
Class R-5E:
12/31/2022		33.44		.69		(4.69	)		(4.00	)		(.53	)		(.18	)		(.71	)		28.73		(11.98	)		672		.41			2.30
12/31/2021		30.17		.54		4.22			4.76			(.45	)		(1.04	)		(1.49	)		33.44		15.97			682		.40			1.67
12/31/2020		28.47		.53		2.53			3.06			(.45	)		(.91	)		(1.36	)		30.17		11.08			583		.40			1.86
12/31/2019		24.88		.58		4.20			4.78			(.59	)		(.60	)		(1.19	)		28.47		19.36			460		.42			2.13
12/31/2018		27.12		.60		(1.27	)		(.67	)		(.55	)		(1.02	)		(1.57	)		24.88		(2.58	)		168		.40			2.19
Class R-5:
12/31/2022		33.51		.72		(4.69	)		(3.97	)		(.56	)		(.18	)		(.74	)		28.80		(11.86	)		997		.30			2.38
12/31/2021		30.23		.57		4.23			4.80			(.48	)		(1.04	)		(1.52	)		33.51		16.08			1,334		.30			1.75
12/31/2020		28.53		.56		2.53			3.09			(.48	)		(.91	)		(1.39	)		30.23		11.15			1,623		.30			1.96
12/31/2019		24.93		.61		4.20			4.81			(.61	)		(.60	)		(1.21	)		28.53		19.48			1,646		.32			2.24
12/31/2018		27.18		.59		(1.23	)		(.64	)		(.59	)		(1.02	)		(1.61	)		24.93		(2.47	)		1,809		.33			2.17
Class R-6:
12/31/2022		33.48		.73		(4.68	)		(3.95	)		(.58	)		(.18	)		(.76	)		28.77		(11.83	)		40,966		.25			2.44
12/31/2021		30.21		.59		4.22			4.81			(.50	)		(1.04	)		(1.54	)		33.48		16.12			46,946		.25			1.82
12/31/2020		28.51		.57		2.53			3.10			(.49	)		(.91	)		(1.40	)		30.21		11.22			32,488		.26			2.00
12/31/2019		24.91		.62		4.21			4.83			(.63	)		(.60	)		(1.23	)		28.51		19.55			26,991		.27			2.29
12/31/2018		27.16		.61		(1.24	)		(.63	)		(.60	)		(1.02	)		(1.62	)		24.91		(2.42	)		19,971		.28			2.23

Refer to the end of the table for footnotes.

68 American Balanced Fund

Financial highlights (continued)

	Year ended December 31,
Portfolio turnover rate for all share classes9,10	2022			2021			2020			2019			2018
Excluding mortgage dollar roll transactions		52	%		53	%11		65	%		67	%		72	%
Including mortgage dollar roll transactions		157	%		158	%11		176	%		104	%		105	%

1	Based on average shares outstanding.
2	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
3	Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.
4	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.
5	Amount less than $1 million.
6	Based on operations for a period that is less than a full year.
7	Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.
8	Not annualized.
9	Rates do not include the fund’s portfolio activity with respect to any Central Funds.
10	Refer to Note 5 for more information on mortgage dollar rolls.
11	Includes the value of securities sold due to redemptions of shares in-kind. If the value of securities sold due to in-kind redemptions were excluded, the portfolio turnover rates excluding and including mortgage dollar roll transactions would have been 46% and 152%, respectively, for the year ended December 31, 2021.

Refer to the notes to financial statements.

American Balanced Fund 69

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of American Balanced Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of American Balanced Fund (the “Fund”), including the investment portfolio, as of December 31, 2022, 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, 2022, 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

These 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, 2022, 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 9, 2023

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

70 American Balanced Fund

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, 2022, through December 31, 2022).

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.

American Balanced Fund 71

Expense example (continued)

	Beginning account value 7/1/2022		Ending account value 12/31/2022		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	1,016.41	$	2.90		.57	%
Class A – assumed 5% return		1,000.00		1,022.33		2.91		.57
Class C – actual return		1,000.00		1,012.81		6.70		1.32
Class C – assumed 5% return		1,000.00		1,018.55		6.72		1.32
Class T – actual return		1,000.00		1,017.67		1.63		.32
Class T – assumed 5% return		1,000.00		1,023.59		1.63		.32
Class F-1 – actual return		1,000.00		1,015.78		3.15		.62
Class F-1 – assumed 5% return		1,000.00		1,022.08		3.16		.62
Class F-2 – actual return		1,000.00		1,017.40		1.88		.37
Class F-2 – assumed 5% return		1,000.00		1,023.34		1.89		.37
Class F-3 – actual return		1,000.00		1,017.98		1.27		.25
Class F-3 – assumed 5% return		1,000.00		1,023.95		1.28		.25
Class 529-A – actual return		1,000.00		1,016.24		3.05		.60
Class 529-A – assumed 5% return		1,000.00		1,022.18		3.06		.60
Class 529-C – actual return		1,000.00		1,012.34		6.95		1.37
Class 529-C – assumed 5% return		1,000.00		1,018.30		6.97		1.37
Class 529-E – actual return		1,000.00		1,015.08		4.27		.84
Class 529-E – assumed 5% return		1,000.00		1,020.97		4.28		.84
Class 529-T – actual return		1,000.00		1,017.50		1.78		.35
Class 529-T – assumed 5% return		1,000.00		1,023.44		1.79		.35
Class 529-F-1 – actual return		1,000.00		1,017.04		2.19		.43
Class 529-F-1 – assumed 5% return		1,000.00		1,023.04		2.19		.43
Class 529-F-2 – actual return		1,000.00		1,017.50		1.78		.35
Class 529-F-2 – assumed 5% return		1,000.00		1,023.44		1.79		.35
Class 529-F-3 – actual return		1,000.00		1,017.66		1.58		.31
Class 529-F-3 – assumed 5% return		1,000.00		1,023.64		1.58		.31
Class R-1 – actual return		1,000.00		1,012.46		6.75		1.33
Class R-1 – assumed 5% return		1,000.00		1,018.50		6.77		1.33
Class R-2 – actual return		1,000.00		1,012.70		6.80		1.34
Class R-2 – assumed 5% return		1,000.00		1,018.45		6.82		1.34
Class R-2E – actual return		1,000.00		1,014.05		5.38		1.06
Class R-2E – assumed 5% return		1,000.00		1,019.86		5.40		1.06
Class R-3 – actual return		1,000.00		1,014.49		4.57		.90
Class R-3 – assumed 5% return		1,000.00		1,020.67		4.58		.90
Class R-4 – actual return		1,000.00		1,016.25		3.05		.60
Class R-4 – assumed 5% return		1,000.00		1,022.18		3.06		.60
Class R-5E – actual return		1,000.00		1,017.27		2.03		.40
Class R-5E – assumed 5% return		1,000.00		1,023.19		2.04		.40
Class R-5 – actual return		1,000.00		1,017.71		1.53		.30
Class R-5 – assumed 5% return		1,000.00		1,023.69		1.53		.30
Class R-6 – actual return		1,000.00		1,017.97		1.27		.25
Class R-6 – assumed 5% return		1,000.00		1,023.95		1.28		.25

* 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).

72 American Balanced Fund

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, 2022:

Long-term capital gains	$1,193,539,000
Qualified dividend income	$2,777,743,000
Section 199A dividends	$84,260,000
Section 163(j) interest dividends	$1,194,867,000
Corporate dividends received deduction	$2,168,180,000
U.S. government income that may be exempt from state taxation	$891,267,000

Individual shareholders should refer to their Form 1099 or other tax information, which was mailed in January 2023, to determine the calendar year amounts to be included on their 2022 tax returns. Shareholders should consult their tax advisors.

American Balanced Fund 73

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 January 31, 2024. 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 interactions 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 June 30, 2022 . They generally placed greater emphasis on investment results over 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 generally compared favorably to 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.

74 American Balanced Fund

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 CRMC bears 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 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 a number of 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.

American Balanced Fund 75

Liquidity Risk Management Program unaudited

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, 2021, through September 30, 2022. 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.

76 American Balanced Fund

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
Gina F. Adams, 1958	2022	Senior Vice President, Government and Regulatory Affairs, FedEx Corporation (transportation/logistics company)	5	None
Michael C. Camuñez, 1969	2019	President and CEO, Monarch Global Strategies LLC; former Assistant Secretary of Commerce, U.S. Department of Commerce	5	Edison International/Southern California Edison
Vanessa C. L. Chang, 1952	2012	Former Director, EL & EL Investments (real estate)	22	Edison International/Southern California Edison; Transocean Ltd. (offshore drilling contractor)
Nariman Farvardin, 1956	2022	President, Stevens Institute of Technology	91	None
Linda Griego, 1947	2012	Former President and CEO, Griego Enterprises, Inc. (business management company)	7	ViacomCBS Inc.
Leonade D. Jones, 1947	1993	Retired; former Treasurer, The Washington Post Company (retired 1996)	10	None
William D. Jones, 1955 Chair of the Board (Independent and Non-Executive)	2008	Managing Member, CityLink LLC (investing and consulting); former President and CEO, CityLink Investment Corporation (acquires, develops and manages real estate ventures in urban communities)	23	Biogen Inc.
Sharon I. Meers, 1965	2021	Co-Founder and COO, Midi Health, Inc. (a women’s telehealth company); former Senior Director, Head of Strategic Partnerships, eBay Enterprise	7	None
Josette Sheeran, 1954	2019	President and Director, Canoo Inc.; Trustee and former Executive Chair, The McCain Institute; former Professor of Practice, Arizona State University; President Emeritus and former CEO, Asia Society; former United Nations Special Envoy for Haiti	8	None
Margaret Spellings, 1957	2012	President and CEO, Texas 2036; former President, Margaret Spellings & Company (public policy and strategic consulting); former President, The University of North Carolina; former President, George W. Bush Presidential Center	91	None

Interested trustee^5,6

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
Hilda L. Applbaum, 1961 Senior Vice President	1999	Partner — Capital World Investors, Capital Research and Management Company; Director, The Capital Group Companies, Inc.7	4	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 6455 Irvine Center Drive, Irvine, CA 92618, Attention: Secretary.

Refer to page 78 for footnotes.

American Balanced Fund 77

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
Paul Benjamin, 1979 Co-President	2014	Partner — Capital World Investors, Capital Research and Management Company; Director, Capital Strategy Research, Inc.7
Jeffrey T. Lager, 1968 Co-President	2002	Partner — Capital International Investors, Capital Research and Management Company
Donald H. Rolfe, 1972 Principal Executive Officer	2012	Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Secretary, 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
Pramod Atluri, 1976 Senior Vice President	2019	Partner — Capital Fixed Income Investors, Capital Research and Management Company; Vice President — Capital Fixed Income Investors, Capital Bank and Trust Company7; Director, Capital Research and Management Company
Alan N. Berro, 1960 Senior Vice President	2010	Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company7; Director, The Capital Group Companies, Inc.7
Mark L. Casey, 1970 Senior Vice President	2020	Partner — Capital International Investors, Capital Research and Management Company
Anne-Marie Peterson, 1972 Senior Vice President	2020	Partner — Capital World Investors, Capital Research and Management Company
John R. Queen, 1965 Senior Vice President	2018	Partner — Capital Fixed Income Investors, Capital Research and Management Company; Senior Vice President, Capital Group Private Client Services, Inc.7
Ritchie Tuazon, 1978 Senior Vice President	2020	Partner — Capital Fixed Income Investors, Capital Research and Management Company
Alan J. Wilson, 1961 Senior Vice President	2019	Partner — Capital World Investors, Capital Research and Management Company; Director, Capital Research and Management Company
Richmond Wolf, 1970 Senior Vice President	2014	Partner — Capital World Investors, Capital Research and Management Company
Courtney R. Taylor, 1975 Secretary	2018	Assistant Vice President — Fund Business Management Group, Capital Research and Management Company
Hong T. Le, 1978 Treasurer	2016	Vice President — Investment Operations, Capital Research and Management Company
Lovelyn Sims, 1989 Assistant Secretary	2021	Associate — Fund Business Management Group, Capital Research and Management Company
Sandra Chuon, 1972 Assistant Treasurer	2019	Vice President — Investment Operations, Capital Research and Management Company
Brian C. Janssen, 1972 Assistant Treasurer	2016	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.

78 American Balanced Fund

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80 American Balanced Fund

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American Balanced Fund 83

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
JPMorgan Chase Bank
270 Park Avenue
New York, NY 10017-2070

Counsel
Morgan, Lewis & Bockius LLP
One Federal Street
Boston, MA 02110-1726

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

84 American Balanced Fund

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.

American Balanced Fund 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 American Balanced Fund, 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, 2023, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

BLOOMBERG^® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

The S&P 500 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 © 2023 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^TM — 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 90% of 10-year periods and 99% 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, 2021.
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, 2021. 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, 2021. 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. S&P 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 63% of the time, based on the 20-year period ended December 31, 2021, 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 Sharon I. Meers, 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

	AMBAL
Registrant:

a)  Audit Fees:
Audit	2021	118,000
	2022	119,000
b)  Audit-Related Fees:
	2021	31,000
	2022	36,000
c)  Tax Fees:
	2021	13,000
	2022	12,000
	The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns.
d)  All Other Fees:
	2021	None
	2022	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:
	2021	1,427,000
	2022	2,394,000
	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:

	2021	1,000
	2022	394,000
	The tax fees consist of consulting services relating to the Registrant’s investments.
d)  All Other Fees:
	2021	2,000
	2022	None
	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 $1,472,000 for fiscal year 2021 and $2,836,000 for fiscal year 2022. 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 BALANCED FUND

By __/s/ Donald H. Rolfe________________

Donald H. Rolfe,

Principal Executive Officer

Date: February 28, 2023

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/ Donald H. Rolfe_____________

Donald H. Rolfe,

Principal Executive Officer

Date: February 28, 2023

By ___/s/ Hong T. Le__________________

Hong T. Le, Treasurer and

Principal Financial Officer

Date: February 28, 2023