American Funds American Balanced Fund NCSR Certified annual shareholder report (management investment company)

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, 2020

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, 2020

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

See page 4 for Class A share results with relevant sales charges deducted. 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, investment results reflect fee waivers, without which results would have been lower. Visit capitalgroup.com for more information.

The fund’s 30-day yield for Class A shares as of January 31, 2021, calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula, was 1.12%. The fund’s 12-month distribution rate for Class A shares as of that date was 1.22%. Both 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

43	Financial statements

71	Board of trustees and other officers

Fellow investors:

In a year unlike any other in recent memory, financial markets took wild turns throughout 2020. The fastest 30% market drop in history was followed by the quickest reversal from a bear to bull market in 30 years. Yet amid the ups and downs, coinciding with the progression of the COVID-19 pandemic and associated public and private sector responses, both the equity and fixed income markets generally delivered strong returns in 2020.

In the equity market, growth-oriented stocks — especially technology and e-commerce companies — led the market, while more defensive, dividend-paying stocks generally trailed. Meanwhile, falling interest rates supported the fixed income market, with the Bloomberg Barclays U.S. Aggregate Index (a broad measure of the U.S. fixed income market) showing strong growth.

Fund results

While navigating these uncharted waters, American Balanced Fund (AMBAL) gained 10.85% for the 12-month period ended December 31, 2020. By way of comparison, the 60%/40% S&P 500 Index/Bloomberg Barclays U.S. Aggregate Index, the fund’s primary benchmark, returned 14.73%. Although AMBAL trailed this index during the period, we encourage our shareholders to consider the bigger picture.

As a balanced fund, AMBAL was designed to be able to serve as the complete portfolio of a prudent investor. As such, it employs multiple asset classes, with shifting proportions of stocks versus bonds, to achieve three critical objectives for our shareholders: conservation of capital, current income and long-term growth of capital and income.

Balance is also achieved through strategic diversification of investments within the portfolio. We seek to add value by investing in what we believe are the most attractive and appropriate stocks and bonds using a fundamental, valuation-based approach. The fund seeks to protect against volatility and deliver steady gains over longer periods, ideally

Results at a glance

For periods ended December 31, 2020, with all distributions reinvested

	Cumulative total returns			Average annual total returns
	1 year			5 years			10 years			20 years			Lifetime (since 7/26/75)¹

AMBAL (Class A shares)		10.85	%		10.03	%		9.93	%		7.65	%		10.62	%
60%/40% S&P 500 Index/Bloomberg Barclays U.S. Aggregate Index^2,3,4		14.73			11.11			10.02			6.73			10.17
Standard & Poor’s 500 Composite Index³		18.40			15.22			13.88			7.47			11.73
Bloomberg Barclays U.S. Aggregate Index⁴		7.51			4.44			3.84			4.83			7.37

The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

¹	Date Capital Research and Management Company began managing the fund.
²	Blends the S&P 500 Composite Index with the Bloomberg Barclays U.S. Aggregate Index by weighting their total returns at 60% and 40%, respectively. Results assume the blend is rebalanced monthly.
³	Source: S&P Dow Jones Indices LLC.
⁴	Source: Bloomberg Index Services Ltd. For the period July 31, 1975, to December 31, 1975, Bloomberg Barclays Government/Credit Bond Index was used.

American Balanced Fund

without causing investors to become overly concerned and sell at inopportune times.

Because of its emphasis on conservation of capital and income, the fund focuses partly on high dividend-paying stocks, which tend to lie within the value style category. Yet this was a year where the most expensive stocks, according to traditional valuation metrics such as price to book and price to earnings, materially outperformed inexpensive stocks. As a result, we believe that AMBAL’s lean toward fundamental value and dividend-yielding stocks contributed to the fund trailing its benchmark over the fiscal year.

We continue to be guided by the investment objectives that were established when the fund was started in 1932 (Capital Research and Management Company, the fund’s investment adviser, began managing the fund in 1975). Balancing those objectives, which guide our investment strategy, has resulted in periods where AMBAL has trailed its benchmark and other periods where it has led. We encourage investors to focus on long-term results and evaluate them in the context of the fund’s investment objectives and their own personal financial goals.

The equity portfolio

Although 2020 included many worrying economic indicators, including high unemployment (still nearly twice the rate at the end of 2020 as from the start of the year) and lower corporate earnings, the stock market rallied sharply off its March lows. By the end of the year, the S&P 500 Index finished the year up 18.40%. Massive government stimulus packages and development of vaccines to curb the health crisis helped propel equity markets to record highs as we ended 2020.

The U.S. Federal Reserve also took major steps to support the economy, cutting short-term interest rates to near zero and providing trillions of dollars in liquidity. These moves contributed to the run up in equities, incentivizing those in search of returns to seek out riskier investments.

The information technology and consumer discretionary sectors soared, driven in part by shifts in purchasing behavior. Due to the pandemic, many technology companies benefited from large segments of the population connecting remotely for their work and personal lives. Meanwhile, changing spending patterns as consumers adapted to the pandemic helped demand for e-commerce, fast food and other sectors. Although the economy struggled overall, many consumers boosted their online shopping. They also used more of their discretionary income for home-related purchases and for food takeout/delivery.

Two of AMBAL’s top positive contributors were Microsoft and Home Depot, which were helped by these trends. Microsoft benefited from growth in its cloud businesses and demand in areas like facilitating remote work. Home Depot had strong revenue as consumers often used their time and income this year to tackle home improvement projects.

Activision Blizzard, a video game company, also exemplified how consumers spending more time at home can translate into increased sales. In the second quarter of 2020, the company added more than 100 million players for popular franchises like “Call of Duty” and “World of Warcraft,” all of which helped provide additive results to AMBAL’s portfolio.

Within the technology sector, the semiconductor industry was also a bright spot for the equity portfolio. Although the pandemic dampened smartphone sales, future growth is expected to be strong, especially with the rollout of 5G networks. Equity holdings in Taiwan Semiconductor Manufacturing Company and ASML Holdings, whose technology is used in smartphone manufacturing, were additive to results. Our stock selection within communication services was also additive, with companies like T-Mobile leading the way.

The fund’s emphasis on stocks with generally high dividends and low price-to-earnings ratios held back results. Traditional “value” stocks like Berkshire Hathaway struggled in 2020. In the case of Berkshire Hathaway, the Fed’s rapid action to stabilize markets reduced opportunities for the company to invest its enormous cash reserves via acquisitions. The pandemic also caused a significant decrease in energy usage, contributing to oil price declines. Royal Dutch Shell was one such company that experienced this fallout and therefore weighed against results.

Lastly, not all consumer discretionary sectors fared well through the pandemic. Travel and tourism companies like Carnival and mall operators like Simon Property Group saw their businesses halted or curtailed in 2020. The stocks of such companies declined materially in

2	American Balanced Fund

2020, detracting from fund results, although many began to recover later in the year as optimism around COVID-19 vaccines increased.

The fixed income portfolio

Like stocks, bonds also showed strength in 2020, as global central banks eased monetary policy to provide an economic lifeline. Yet the fixed income category was not spared from volatility in 2020.

Bond markets generally experienced a precipitous drop alongside equity markets in March. However, they quickly reversed course. By year-end, every major area of the U.S. bond market posted positive returns, according to Bloomberg Barclays index data.

In AMBAL, U.S. Treasuries are the foundation of a high-quality fixed income portfolio. We build upon this foundation with other assets we identify as offering attractive value. In 2020, some of those investments included corporate bonds, Treasury Inflation-Protected Securities (TIPS) and government-related credits such as municipal bonds. In general, investments in longer duration bonds provided the strongest results as rates fell. Additionally, derivatives were used throughout the fixed income portfolio as tools to more accurately implement our investment views and provide greater liquidity than could be accomplished using only cash securities.

Through careful sector allocation and security selection, the fixed income portfolio provided strong returns. Following the downturn in March, our decision to increase credit exposure buoyed 2020 returns. For the year, the fixed income portion of the portfolio was able to add to the fund’s results.

Thank you

We welcome our many new shareholders and thank you for the trust you have placed in us to bring balance to your investment portfolio. As 2020 showed, financial markets, the economy and the day-to-day lives of our shareholders can be upended in an instance. But we will continue to follow our prudent, research-driven approach to investing that seeks to provide stability, income and long-term growth for our investors.

We look forward to reporting to you again in six months’ time.

Sincerely,

Paul Benjamin
Co-President

Jeffrey T. Lager
Co-President

February 11, 2021

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

American Balanced Fund

The value of a long-term perspective

Fund results shown are for Class A shares and reflect deduction of the maximum sales charge of 5.75% on the $10,000 investment.¹ 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.

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 Composite Index with the Bloomberg Barclays 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 Barclays 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 grew from July 26, 1975 — when Capital Research and Management Company became the fund’s investment adviser — to December 31, 2020. As you can see, the investment grew to $925,627 with all distributions reinvested.

American Balanced Fund

Investment portfolio December 31, 2020

Investment mix by security type

Percent of net assets

Common stocks 59.87%	Shares		Value (000)
Information technology 13.09%
Microsoft Corp.		29,840,200	$	6,637,057
Broadcom Inc.		9,492,400		4,156,247
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		30,158,100		3,288,439
ASML Holding NV (New York registered) (ADR)		2,625,000		1,280,265
ASML Holding NV¹		1,002,000		484,228
Intel Corp.		21,073,200		1,049,867
Samsung Electronics Co., Ltd.¹		9,986,000		746,328
Mastercard Inc., Class A		1,767,485		630,886
Visa Inc., Class A		2,833,100		619,684
KLA Corp.		2,380,011		616,209
Fidelity National Information Services, Inc.		4,227,027		597,955
Apple Inc.		4,469,200		593,018
Advanced Micro Devices, Inc.²		4,730,000		433,788
TE Connectivity Ltd.		3,493,900		423,007
VeriSign, Inc.²		1,800,000		389,520
NortonLifeLock Inc.		18,361,000		381,542
Keyence Corp.¹		535,000		301,089
Applied Materials, Inc.		3,479,100		300,246
Analog Devices, Inc.		2,000,000		295,460
Adobe Inc.²		501,870		250,995
Paychex, Inc.		2,228,200		207,624
Automatic Data Processing, Inc.		899,000		158,404
FleetCor Technologies, Inc.²		400,000		109,132
Snowflake Inc., Class A^2,3		105,000		29,547
				23,980,537

Health care 8.58%
UnitedHealth Group Inc.		11,130,100		3,903,103
Pfizer Inc.		55,703,000		2,050,427
Johnson & Johnson		10,415,000		1,639,113
Cigna Corp.		6,500,439		1,353,261
Gilead Sciences, Inc.		20,718,500		1,207,060
Thermo Fisher Scientific Inc.		2,556,600		1,190,813
CVS Health Corp.		11,400,000		778,620
AstraZeneca PLC¹		5,703,947		569,875
Centene Corp.²		8,053,988		483,481
Merck & Co., Inc.		5,718,261		467,754
ResMed Inc.		1,635,000		347,536
Abbott Laboratories		2,609,900		285,758
Daiichi Sankyo Company, Ltd.¹		7,530,000		258,131
Novartis AG¹		2,200,000		207,792
Anthem, Inc.		571,900		183,631
Boston Scientific Corp.²		4,225,000		151,889
Regeneron Pharmaceuticals, Inc.²		300,000		144,933
Viatris Inc.²		7,693,654		144,179

6	American Balanced Fund

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Baxter International Inc.		1,739,600	$	139,586
Eli Lilly and Company		654,300		110,472
Vertex Pharmaceuticals Inc.²		450,000		106,353
				15,723,767

Financials 7.21%
JPMorgan Chase & Co.		15,307,749		1,945,156
BlackRock, Inc.		1,527,700		1,102,297
Chubb Ltd.		6,575,850		1,012,155
Berkshire Hathaway Inc., Class B²		3,605,200		835,937
Berkshire Hathaway Inc., Class A²		412		143,300
Synchrony Financial		22,015,000		764,141
PNC Financial Services Group, Inc.		5,050,000		752,450
Bank of America Corp.		24,050,000		728,955
Capital One Financial Corp.		6,500,000		642,525
Citigroup Inc.		8,400,000		517,944
Intercontinental Exchange, Inc.		4,385,600		505,616
The Blackstone Group Inc., Class A		6,798,732		440,626
Aon PLC, Class A		1,995,000		421,484
S&P Global Inc.		1,255,828		412,828
HDFC Bank Ltd.^1,2		20,121,000		396,342
Truist Financial Corp.		7,166,000		343,466
CME Group Inc., Class A		1,703,000		310,031
KeyCorp		15,848,242		260,070
East West Bancorp, Inc.		4,962,913		251,669
Willis Towers Watson PLC		1,108,000		233,433
RenaissanceRe Holdings Ltd.		1,367,000		226,676
Nasdaq, Inc.		1,494,400		198,367
AIA Group Ltd.¹		15,670,000		193,018
Travelers Companies, Inc.		1,225,841		172,071
Discover Financial Services		1,530,000		138,511
Progressive Corp.		1,200,000		118,656
Marsh & McLennan Companies, Inc.		865,000		101,205
Arch Capital Group Ltd.²		940,000		33,906
				13,202,835

Consumer staples 5.74%
Philip Morris International Inc.		39,745,449		3,290,526
Altria Group, Inc.		33,001,900		1,353,078
Nestlé SA¹		10,142,000		1,194,006
British American Tobacco PLC¹		18,621,225		692,615
British American Tobacco PLC (ADR)		2,973,000		111,458
Anheuser-Busch InBev SA/NV (ADR)³		7,942,600		555,267
Conagra Brands, Inc.		15,256,675		553,207
Mondelez International, Inc.		7,575,701		442,951
General Mills, Inc.		6,707,848		394,421
Colgate-Palmolive Company		4,000,000		342,040
Keurig Dr Pepper Inc.		7,930,984		253,792
Coca-Cola Company		3,700,000		202,908
Kellogg Co.		3,000,000		186,690
Procter & Gamble Company		1,325,000		184,361
Coca-Cola European Partners PLC		3,440,000		171,415
Church & Dwight Co., Inc.		1,910,000		166,609
Archer Daniels Midland Company		3,000,000		151,230
Estée Lauder Companies Inc., Class A		564,100		150,158
Costco Wholesale Corp.		285,000		107,382
				10,504,114

Communication services 5.71%
Comcast Corp., Class A		54,111,000		2,835,416
Facebook, Inc., Class A²		6,998,300		1,911,656
Charter Communications, Inc., Class A^2,3		2,263,100		1,497,154
Alphabet Inc., Class C²		592,500		1,037,989
Alphabet Inc., Class A²		226,300		396,622
Netflix, Inc.²		2,289,051		1,237,759

American Balanced Fund

Common stocks (continued)	Shares		Value (000)
Communication services (continued)
Activision Blizzard, Inc.		7,699,000	$	714,852
T-Mobile US, Inc.²		5,000,000		674,250
Verizon Communications Inc.		2,449,000		143,879
				10,449,577

Industrials 5.16%
CSX Corp.		14,864,600		1,348,962
Lockheed Martin Corp.		3,370,300		1,196,389
Honeywell International Inc.		4,427,915		941,818
Northrop Grumman Corp.		2,959,410		901,791
ABB Ltd.¹		20,933,001		585,524
Boeing Company		2,255,000		482,705
L3Harris Technologies, Inc.		2,314,054		437,403
Jacobs Engineering Group Inc.		4,000,000		435,840
PACCAR Inc.		4,671,100		403,023
Carrier Global Corp.		9,561,900		360,675
TransDigm Group Inc.²		568,424		351,769
Norfolk Southern Corp.		1,469,000		349,049
Raytheon Technologies Corp.		4,371,800		312,627
United Parcel Service, Inc., Class B		1,750,000		294,700
Union Pacific Corp.		1,378,665		287,066
Caterpillar Inc.		1,190,659		216,724
Cintas Corp.		567,500		200,589
Waste Management, Inc.		1,380,000		162,743
Airbus SE, non-registered shares^1,2		1,273,000		139,838
Otis Worldwide Corp.		583,800		39,436
				9,448,671

Consumer discretionary 4.62%
Amazon.com, Inc.²		656,700		2,138,826
Home Depot, Inc.		7,245,000		1,924,417
Dollar General Corp.		4,357,000		916,277
General Motors Company		20,500,000		853,620
LVMH Moët Hennessy-Louis Vuitton SE¹		813,000		507,987
Domino’s Pizza, Inc.		825,000		316,354
Toll Brothers, Inc.⁴		7,035,000		305,811
Industria de Diseño Textil, SA¹		7,843,952		249,767
Prosus NV¹		2,248,000		241,825
Restaurant Brands International Inc.		3,632,000		221,952
Target Corp.		1,200,000		211,836
Darden Restaurants, Inc.		1,600,000		190,592
VF Corp.		2,000,000		170,820
NIKE, Inc., Class B		903,000		127,747
Marriott International, Inc., Class A		615,000		81,131
				8,458,962

Materials 3.51%
LyondellBasell Industries NV		9,412,958		862,792
Dow Inc.		15,445,445		857,222
Vale SA, ordinary nominative (ADR)		39,777,900		666,678
Shin-Etsu Chemical Co., Ltd.¹		3,300,000		577,710
Eastman Chemical Company		4,841,000		485,455
Royal Gold, Inc.⁴		4,166,700		443,170
Rio Tinto PLC¹		5,000,000		374,119
Vulcan Materials Co.		2,500,000		370,775
Air Products and Chemicals, Inc.		1,264,329		345,440
Franco-Nevada Corp.		2,436,419		305,485
Wheaton Precious Metals Corp.		5,645,000		235,622
Linde PLC		800,000		210,808
Barrick Gold Corp.		9,028,000		205,658
Sherwin-Williams Company		238,000		174,909
CF Industries Holdings, Inc.		3,919,000		151,705
Nucor Corp.		2,500,000		132,975
Grupo México, SAB de CV, Series B		6,960,022		29,422
				6,429,945

8	American Balanced Fund

Common stocks (continued)	Shares		Value (000)
Real estate 2.62%
Crown Castle International Corp. REIT		8,504,513	$	1,353,834
Equinix, Inc. REIT		1,103,200		787,883
Sun Communities, Inc. REIT		4,875,178		740,783
Digital Realty Trust, Inc. REIT		4,130,911		576,304
Iron Mountain Inc. REIT⁴		16,346,200		481,886
Simon Property Group, Inc. REIT		4,569,000		389,644
American Tower Corp. REIT		1,354,000		303,919
Embassy Office Parks REIT¹		36,351,600		171,662
				4,805,915

Energy 2.13%
Chevron Corp.		7,908,131		667,842
Enbridge Inc.		13,850,700		443,084
Enbridge Inc. (CAD denominated)		3,360,898		107,488
Halliburton Co.		25,000,000		472,500
Canadian Natural Resources, Ltd. (CAD denominated)		19,341,500		464,810
Baker Hughes Co., Class A		13,761,000		286,917
ConocoPhillips		7,105,897		284,165
Valero Energy Corp.		4,210,000		238,160
Pioneer Natural Resources Company		2,000,000		227,780
EOG Resources, Inc.		4,291,000		213,992
Hess Corp.		4,000,000		211,160
Cabot Oil & Gas Corp.		7,256,000		118,128
Suncor Energy Inc.		5,500,000		92,250
Exxon Mobil Corp.		1,626,700		67,052
				3,895,328

Utilities 1.50%
Enel SpA¹		79,594,497		803,774
DTE Energy Company		3,669,000		445,453
Xcel Energy Inc.		5,962,700		397,533
American Electric Power Company, Inc.		3,970,000		330,582
AES Corp.		12,245,000		287,758
NextEra Energy, Inc.		2,955,600		228,025
Sempra Energy		1,242,400		158,294
CMS Energy Corp.		1,688,041		102,987
				2,754,406

Total common stocks (cost: $66,019,884,000)				109,654,057

Preferred securities 0.07%
Information technology 0.07%
Samsung Electronics Co., Ltd., nonvoting preferred shares¹		1,892,600		128,474

Financials 0.00%
CoBank, ACB, Class E, noncumulative preferred shares⁵		7,440		4,873

Total preferred securities (cost: $63,528,000)				133,347

Convertible stocks 0.18%
Utilities 0.08%
NextEra Energy, Inc., convertible preferred units, 5.279% 2023		1,490,000		75,752
American Electric Power Company, Inc., convertible preferred shares, 6.125% 2022		781,435		39,150
Sempra Energy, Series A, convertible preferred shares, 6.00% 2021		227,600		22,705
				137,607

Health care 0.05%
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 2023		51,300		66,746
Boston Scientific Corp., Series A, convertible preferred shares, 5.50% 2023		285,900		31,326
				98,072

Information technology 0.05%
Broadcom Inc., Series A, cumulative convertible preferred shares, 8.00% 2022		66,000		93,883

Total convertible stocks (cost: $278,264,000)				329,562

American Balanced Fund

Bonds, notes & other debt instruments 32.71%	Principal amount (000)			Value (000)
Corporate bonds, notes & loans 12.67%
Financials 2.58%
ACE INA Holdings Inc. 2.875% 2022		$	22,180	$	23,133
ACE INA Holdings Inc. 3.35% 2026			5,180		5,840
AerCap Holdings NV 6.50% 2025			7,190		8,600
Ally Financial Inc. 8.00% 2031			7,500		10,833
American International Group, Inc. 2.50% 2025			51,250		55,117
American International Group, Inc. 4.20% 2028			8,760		10,409
American International Group, Inc. 3.40% 2030			32,501		37,247
American International Group, Inc. 4.375% 2050			30,792		40,320
AXA SA, Series B, junior subordinated, 6.379% (3-month USD-LIBOR + 2.256% on 12/14/2036)^5,6			2,000		2,785
Banco Santander, SA 2.749% 2030			15,800		16,321
Bangkok Bank PCL 3.733% 2034 (UST Yield Curve Rate T Note Constant Maturity 5-year + 1.90% on 9/25/2029)⁶			10,222		10,663
Bank of America Corp. 0.81% 2024 (USD-SOFR + 0.74% on 10/24/2023)⁶			11,037		11,144
Bank of America Corp. 2.456% 2025 (3-month USD-LIBOR + 0.87% on 10/22/2024)⁶			8,500		9,065
Bank of America Corp. 1.197% 2026 (USD-SOFR + 1.01% on 10/24/2025)⁶			20,000		20,271
Bank of America Corp. 1.319% 2026 (USD-SOFR + 1.15% on 6/19/2025)⁶			20,475		20,925
Bank of America Corp. 3.419% 2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)⁶			42,900		48,535
Bank of America Corp. 3.194% 2030 (3-month USD-LIBOR + 1.18% on 7/23/2029)⁶			28,665		32,133
Bank of America Corp. 1.898% 2031 (USD-SOFR + 1.53% on 7/23/2030)⁶			80,750		81,609
Bank of America Corp. 1.922% 2031 (USD-SOFR + 1.37% on 10/24/2030)⁶			23,985		24,309
Bank of America Corp. 2.676% 2041 (USD-SOFR + 1.93% on 6/19/2040)⁶			52,400		54,678
Bank of America Corp. 4.083% 2051 (3-month USD-LIBOR + 3.15% on 3/20/2050)⁶			2,378		3,007
Bank of Nova Scotia 1.625% 2023			12,000		12,349
BB&T Corp. 2.625% 2022			22,500		23,009
Berkshire Hathaway Finance Corp. 4.20% 2048			31,575		41,712
Berkshire Hathaway Finance Corp. 4.25% 2049			10,000		13,285
Berkshire Hathaway Inc. 2.75% 2023			5,000		5,252
BNP Paribas 3.80% 2024⁵			60,275		65,781
BNP Paribas 2.819% 2025 (3-month USD-LIBOR + 1.111% on 11/19/2024)^5,6			10,084		10,777
BNP Paribas 3.375% 2025⁵			67,094		73,614
BNP Paribas 4.375% 2025⁵			5,700		6,536
BNP Paribas 2.219% 2026 (USD-SOFR + 2.074% on 6/9/2025)^5,6			43,100		45,129
BNP Paribas 4.375% 2026⁵			6,350		7,309
Charles Schwab Corp. 3.45% 2026			1,616		1,833
Citigroup Inc. 2.90% 2021			620		633
Citigroup Inc. 3.352% 2025 (3-month USD-LIBOR + 0.897% on 4/24/2024)⁶			4,500		4,894
Citigroup Inc. 4.60% 2026			7,017		8,230
Citigroup Inc. 3.668% 2028 (3-month USD-LIBOR + 1.39% on 7/24/2027)⁶			3,563		4,040
Citigroup Inc. 2.976% 2030 (USD-SOFR + 1.422% on 11/5/2029)⁶			30,739		33,862
Citigroup Inc. 2.572% 2031 (USD-SOFR + 2.107% on 6/3/2030)⁶			91,318		97,359
Citigroup Inc. 4.412% 2031 (USD-SOFR + 3.914% on 3/31/2030)⁶			2,330		2,826
CME Group Inc. 3.75% 2028			2,230		2,643
Commonwealth Bank of Australia 3.35% 2024			4,075		4,465
Commonwealth Bank of Australia 3.35% 2024⁵			3,325		3,643
Crédit Agricole SA 4.375% 2025⁵			16,575		18,628
Crédit Agricole SA 1.907% 2026 (USD-SOFR + 1.676% on 6/16/2025)^5,6			17,800		18,478
Credit Suisse Group AG 2.997% 2023 (3-month USD-LIBOR + 1.20% on 12/14/2022)^5,6			22,137		23,161
Credit Suisse Group AG 3.80% 2023			18,637		20,082
Credit Suisse Group AG 2.593% 2025 (USD-SOFR + 1.56% on 9/11/2024)^5,6			3,275		3,447
Credit Suisse Group AG 2.193% 2026 (USD-SOFR + 2.044% on 6/5/2025)^5,6			23,000		24,057
Credit Suisse Group AG 3.869% 2029 (3-month USD-LIBOR + 1.41% on 1/12/2028)^5,6			12,300		13,943
Credit Suisse Group AG 4.194% 2031 (USD-SOFR + 3.73% on 4/1/2030)^5,6			31,289		36,827
Danske Bank AS 2.70% 2022⁵			5,630		5,773
Deutsche Bank AG 3.15% 2021			17,035		17,054
Deutsche Bank AG 3.375% 2021			8,847		8,933
Deutsche Bank AG 4.25% 2021			24,132		24,197
Deutsche Bank AG 4.25% 2021			1,774		1,819
Deutsche Bank AG 3.30% 2022			13,691		14,286
Deutsche Bank AG 5.00% 2022			7,045		7,368
Deutsche Bank AG 3.95% 2023			64,253		68,309
Deutsche Bank AG 2.222% 2024 (USD-SOFR + 2.159% on 9/18/2023)⁶			56,375		58,029
Deutsche Bank AG 3.70% 2024			77,647		83,703
Deutsche Bank AG 3.961% 2025 (USD-SOFR + 2.581% on 11/26/2024)⁶			40,593		44,394
Deutsche Bank AG 2.129% 2026 (USD-SOFR + 1.87% on 11/24/2025)⁶			118,840		121,598
Deutsche Bank AG 4.10% 2026			26,876		29,963
Deutsche Bank AG 3.547% 2031 (USD-SOFR + 3.043% on 9/18/2030)⁶			24,500		26,624

10	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
GE Capital Funding, LLC 4.05% 2027⁵		$	21,039	$	24,079
GE Capital Funding, LLC 4.40% 2030⁵			85,370		100,662
Goldman Sachs Group, Inc. 5.75% 2022			20,000		21,143
Goldman Sachs Group, Inc. 3.50% 2025			18,947		21,086
Goldman Sachs Group, Inc. 1.093% 2026 (USD-SOFR + 0.789% on 12/9/2025)⁶			55,098		55,718
Goldman Sachs Group, Inc. 3.691% 2028 (3-month USD-LIBOR + 1.51% on 6/5/2027)⁶			10,000		11,534
Goldman Sachs Group, Inc. 3.814% 2029 (3-month USD-LIBOR + 1.158% on 4/23/2028)⁶			5,102		5,913
Goldman Sachs Group, Inc. 2.60% 2030			5,000		5,384
Groupe BPCE SA 2.75% 2023⁵			2,510		2,626
Groupe BPCE SA 5.70% 2023⁵			13,830		15,663
Groupe BPCE SA 4.625% 2024⁵			34,250		38,319
Groupe BPCE SA 5.15% 2024⁵			49,790		56,746
Groupe BPCE SA 1.652% 2026 (USD-SOFR + 1.52% on 10/6/2025)^5,6			30,550		31,292
Hartford Financial Services Group, Inc. 2.80% 2029			13,970		15,197
Hartford Financial Services Group, Inc. 3.60% 2049			7,053		8,285
HSBC Holdings PLC 3.262% 2023 (3-month USD-LIBOR + 1.055% on 3/13/2022)⁶			5,630		5,820
HSBC Holdings PLC 4.25% 2024			8,000		8,831
HSBC Holdings PLC 2.633% 2025 (3-month USD-LIBOR + 1.14% on 11/7/2024)⁶			9,400		10,009
HSBC Holdings PLC 1.645% 2026 (USD-SOFR + 1.538% on 4/18/2025)⁶			30,545		31,253
HSBC Holdings PLC 2.099% 2026 (USD-SOFR + 1.929% on 6/4/2025)⁶			20,000		20,801
HSBC Holdings PLC 4.583% 2029 (3-month USD-LIBOR + 1.535% on 6/19/2028)⁶			13,446		15,911
HSBC Holdings PLC 3.973% 2030 (3-month USD-LIBOR + 1.61% on 5/22/2029)⁶			23,750		27,471
HSBC Holdings PLC 2.357% 2031 (USD-SOFR + 1.947% on 8/18/2030)⁶			29,669		30,691
Intercontinental Exchange, Inc. 2.65% 2040			26,275		27,048
Intercontinental Exchange, Inc. 3.00% 2060			12,400		13,022
Intesa Sanpaolo SpA 6.50% 2021⁵			14,380		14,495
Intesa Sanpaolo SpA 3.125% 2022⁵			61,835		64,055
Intesa Sanpaolo SpA 3.375% 2023⁵			69,587		72,908
Intesa Sanpaolo SpA 3.25% 2024⁵			5,540		5,922
Intesa Sanpaolo SpA 5.017% 2024⁵			87,982		96,290
Intesa Sanpaolo SpA 5.71% 2026⁵			12,388		14,185
Intesa Sanpaolo SpA 3.875% 2027⁵			70,714		77,689
Intesa Sanpaolo SpA 3.875% 2028⁵			43,963		48,573
Jefferies Financial Group Inc. 5.50% 2023			830		914
JPMorgan Chase & Co. 3.25% 2022			10,000		10,520
JPMorgan Chase & Co. 3.559% 2024 (3-month USD-LIBOR + 0.73% on 4/23/2023)⁶			21,226		22,756
JPMorgan Chase & Co. 3.875% 2024			10,000		11,201
JPMorgan Chase & Co. 2.301% 2025 (USD-SOFR + 1.16% on 10/15/2024)⁶			31,946		33,924
JPMorgan Chase & Co. 1.045% 2026 (USD-SOFR + 0.80% on 11/19/2025)⁶			40,000		40,462
JPMorgan Chase & Co. 2.005% 2026 (USD-SOFR + 1.585% on 3/13/2025)⁶			4,789		5,036
JPMorgan Chase & Co. 2.182% 2028 (USD-SOFR + 1.89% on 6/1/2027)⁶			35,350		37,553
JPMorgan Chase & Co. 1.764% 2031 (USD-SOFR + 1.05% on 11/19/2030)⁶			25,488		25,756
JPMorgan Chase & Co. 2.522% 2031 (USD-SOFR + 2.04% on 4/22/2030)⁶			14,332		15,416
JPMorgan Chase & Co. 2.525% 2041 (USD-SOFR + 1.51% on 11/19/2040)⁶			5,689		5,857
JPMorgan Chase & Co. 3.109% 2051 (USD-SOFR + 3.109% on 4/22/2050)⁶			10,000		11,135
JPMorgan Chase & Co., Series Z, junior subordinated, 4.014% (3-month USD-LIBOR + 3.80% on 2/1/2021)⁶			10,000		9,969
Kasikornbank PC HK 3.343% 2031 (UST Yield Curve Rate T Note Constant Maturity 5-year + 1.70% on 10/2/2026)⁶			10,208		10,502
Lloyds Banking Group PLC 2.907% 2023 (3-month USD-LIBOR + 0.81% on 11/7/2022)⁶			3,200		3,345
Lloyds Banking Group PLC 4.05% 2023			15,000		16,402
Lloyds Banking Group PLC 4.45% 2025			3,100		3,556
Lloyds Banking Group PLC 2.438% 2026 (UST Yield Curve Rate T Note Constant Maturity 1-year + 1.00% on 2/5/2025)⁶			22,600		23,885
Lloyds Banking Group PLC 4.375% 2028			10,025		11,934
Marsh & McLennan Companies, Inc. 3.875% 2024			10,000		11,039
Marsh & McLennan Companies, Inc. 4.375% 2029			9,508		11,579
Marsh & McLennan Companies, Inc. 2.25% 2030			7,010		7,430
Marsh & McLennan Companies, Inc. 4.90% 2049			1,008		1,463
Metropolitan Life Global Funding I 1.95% 2021⁵			3,880		3,926
Mitsubishi UFJ Financial Group, Inc. 2.623% 2022			12,500		12,929
Mitsubishi UFJ Financial Group, Inc. 2.801% 2024			50,000		53,643
Mitsubishi UFJ Financial Group, Inc. 2.193% 2025			51,520		54,474
Mizuho Financial Group, Inc. 0.849% 2024 (3-month USD-LIBOR + 0.61% on 9/8/2023)⁶			16,165		16,263
Morgan Stanley 0.985% 2026 (USD-SOFR + 0.72% on 12/10/2025)⁶			79,327		79,949
Morgan Stanley 2.188% 2026 (USD-SOFR + 1.99% on 4/28/2025)⁶			25,000		26,423

American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Morgan Stanley 3.875% 2026		$	7,796	$	8,945
Morgan Stanley 2.699% 2031 (USD-SOFR + 1.143% on 1/22/2030)⁶			15,439		16,771
Morgan Stanley 1.794% 2032 (USD-SOFR + 1.034% on 2/13/2031)⁶			49,971		50,296
Morgan Stanley 5.597% 2051 (USD-SOFR + 4.84% on 3/24/2050)⁶			7,533		12,128
Nationwide Mutual Insurance Co. (3-month USD-LIBOR + 2.29%) 2.507% 2024^5,7			8,150		8,149
New York Life Global Funding 1.70% 2021⁵			9,375		9,470
New York Life Global Funding 2.25% 2022⁵			7,273		7,499
New York Life Global Funding 2.35% 2026⁵			11,890		12,709
New York Life Global Funding 1.20% 2030⁵			23,357		22,669
Nordea Bank AB 2.25% 2021⁵			2,200		2,217
PNC Bank 2.55% 2021			17,000		17,335
PNC Financial Services Group, Inc. 3.90% 2024			20,000		22,167
Power Financial Corp Ltd. 5.25% 2028			3,067		3,538
Power Financial Corp Ltd. 6.15% 2028			2,760		3,369
Power Financial Corp Ltd. 4.50% 2029			4,446		4,900
Power Financial Corp Ltd. 3.95% 2030			9,727		10,411
Prudential Financial, Inc. 3.50% 2024			8,300		9,139
Prudential Financial, Inc. 4.35% 2050			48,195		63,315
Rabobank Nederland 2.75% 2022			2,780		2,850
Rabobank Nederland 4.375% 2025			13,000		14,843
Royal Bank of Canada 3.20% 2021			22,825		23,044
Royal Bank of Canada 1.15% 2025			35,394		36,184
Royal Bank of Scotland PLC 4.445% 2030 (3-month USD-LIBOR + 1.871% on 5/5/2029)⁶			5,838		6,951
Santander Holdings USA, Inc. 4.45% 2021			6,387		6,596
Santander Holdings USA, Inc. 3.70% 2022			21,062		21,753
Santander Holdings USA, Inc. 3.40% 2023			31,500		33,095
Santander Holdings USA, Inc. 3.50% 2024			41,975		45,361
Skandinaviska Enskilda Banken AB 1.875% 2021			5,950		6,019
Skandinaviska Enskilda Banken AB 2.80% 2022			2,490		2,564
Swiss Re Finance (Luxembourg) SA 5.00% 2049 (UST Yield Curve Rate T Note Constant Maturity 5-year + 3.582% on 4/2/2029)^5,6			10,400		12,150
Synchrony Financial 2.85% 2022			18,725		19,341
Synchrony Financial 4.25% 2024			12,479		13,793
Synchrony Financial 4.375% 2024			11,650		12,831
Toronto-Dominion Bank 2.65% 2024			7,113		7,624
Toronto-Dominion Bank 0.75% 2025			23,875		23,976
Toronto-Dominion Bank 1.15% 2025			39,000		39,841
Travelers Companies, Inc. 4.00% 2047			13,520		17,545
U.S. Bancorp 2.625% 2022			16,225		16,599
U.S. Bank NA 2.85% 2023			25,000		26,312
U.S. Bank NA 3.40% 2023			32,945		35,408
UBS Group AG 4.125% 2025⁵			16,180		18,543
UBS Group AG 1.364% 2027 (UST Yield Curve Rate T Note Constant Maturity 5-year + 1.08% on 1/30/2026)^5,6			17,050		17,249
UniCredit SpA 3.75% 2022⁵			72,836		75,493
UniCredit SpA 6.572% 2022⁵			104,290		109,917
UniCredit SpA 4.625% 2027⁵			5,540		6,308
UniCredit SpA 5.861% 2032 (5-year USD-ICE Swap + 3.703% on 6/19/2027)^5,6			35,287		39,797
UniCredit SpA 7.296% 2034 (5-year USD-ICE Swap + 4.914% on 4/2/2029)^5,6			33,549		40,578
UniCredit SpA 5.459% 2035 (5-year USD-ICE Swap + 4.75% on 6/30/2030)^5,6			2,019		2,225
Unum Group 3.875% 2025			5,045		5,595
Wells Fargo & Company 2.406% 2025 (3-month USD-LIBOR + 0.825% on 10/30/2024)⁶			130,151		137,644
Wells Fargo & Company 2.164% 2026 (3-month USD-LIBOR + 0.75% on 2/11/2025)⁶			26,000		27,351
Wells Fargo & Company 2.188% 2026 (USD-SOFR + 2.00% on 4/30/2025)⁶			57,550		60,644
Wells Fargo & Company 3.00% 2026			3,983		4,418
Wells Fargo & Company 2.393% 2028 (USD-SOFR + 2.10% on 6/2/2027)⁶			4,000		4,261
Wells Fargo & Company 2.879% 2030 (3-month USD-LIBOR + 1.17% on 10/30/2029)⁶			13,607		14,849
Wells Fargo & Company 2.572% 2031 (3-month USD-LIBOR + 1.00% on 2/11/2030)⁶			77,121		81,674
Wells Fargo & Company 5.013% 2051 (3-month USD-LIBOR + 4.24% on 4/4/2050)⁶			5,600		7,969
Westpac Banking Corp. 2.75% 2023			27,500		28,915
Westpac Banking Corp. 2.894% 2030 (UST Yield Curve Rate T Note Constant Maturity 5-year + 1.35% on 2/4/2025)⁶			28,750		30,151
Westpac Banking Corp. 4.11% 2034 (UST Yield Curve Rate T Note Constant Maturity 5-year + 2.00% on 7/24/2029)⁶			3,750		4,296

12	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Westpac Banking Corp. 2.668% 2035 (UST Yield Curve Rate T Note Constant Maturity 5-year + 1.75% on 11/15/2030)⁶		$	30,375	$	31,329
Westpac Banking Corp. 2.963% 2040			13,025		13,871
Willis North America Inc. 2.95% 2029			2,435		2,668
					4,720,112

Energy 1.78%
Apache Corp. 4.75% 2043			12,400		12,880
Apache Corp. 4.25% 2044			22,500		22,255
Apache Corp. 5.35% 2049			5,100		5,245
Baker Hughes, a GE Co. 4.486% 2030			10,664		12,823
Baker Hughes, a GE Co. 4.08% 2047			4,735		5,350
BP Capital Markets America Inc. 1.749% 2030			9,652		9,692
BP Capital Markets America Inc. 2.772% 2050			52,577		52,022
BP Capital Markets America Inc. 2.939% 2051			11,209		11,446
Canadian Natural Resources Ltd. 2.95% 2023			17,677		18,492
Canadian Natural Resources Ltd. 3.80% 2024			24		26
Canadian Natural Resources Ltd. 2.05% 2025			57,595		60,468
Canadian Natural Resources Ltd. 3.85% 2027			14,221		15,973
Canadian Natural Resources Ltd. 2.95% 2030			47,413		50,771
Canadian Natural Resources Ltd. 4.95% 2047			22,026		27,976
Cenovus Energy Inc. 3.00% 2022			1,734		1,772
Cenovus Energy Inc. 3.80% 2023			22,647		23,534
Cenovus Energy Inc. 5.375% 2025			12,415		14,005
Cenovus Energy Inc. 4.25% 2027			72,885		79,628
Cenovus Energy Inc. 5.40% 2047			51,399		60,340
Cheniere Energy, Inc. 5.125% 2027			17,000		20,130
Cheniere Energy, Inc. 3.70% 2029			79,355		88,461
Chevron Corp. 1.554% 2025			3,900		4,053
Chevron Corp. 1.995% 2027			5,757		6,108
Chevron Corp. 3.078% 2050			4,389		4,880
Chevron USA Inc. 0.687% 2025			24,426		24,571
Chevron USA Inc. 1.018% 2027			23,037		23,032
Chevron USA Inc. 2.343% 2050			6,814		6,639
Concho Resources Inc. 4.30% 2028			16,000		18,920
Concho Resources Inc. 2.40% 2031			7,256		7,607
Enbridge Energy Partners, LP 5.875% 2025			21,005		25,698
Enbridge Energy Partners, LP 5.50% 2040			7,500		9,272
Enbridge Energy Partners, LP 7.375% 2045			45,188		69,006
Enbridge Energy Partners, LP, Series B, 7.50% 2038			9,250		13,138
Enbridge Inc. 4.00% 2023			9,535		10,381
Enbridge Inc. 2.50% 2025			3,500		3,751
Enbridge Inc. 3.70% 2027			2,373		2,707
Enbridge Inc. 4.00% 2049			25,000		28,520
Energy Transfer Operating, LP 5.875% 2024			1,133		1,274
Energy Transfer Operating, LP 2.90% 2025			34,405		36,429
Energy Transfer Operating, LP 5.50% 2027			24,500		28,900
Energy Transfer Operating, LP 3.75% 2030			37,027		39,965
Energy Transfer Operating, LP 5.00% 2050			147,408		159,759
Energy Transfer Partners, LP 4.20% 2023			11,190		12,072
Energy Transfer Partners, LP 4.50% 2024			18,395		20,136
Energy Transfer Partners, LP 4.75% 2026			19,000		21,507
Energy Transfer Partners, LP 4.20% 2027			958		1,057
Energy Transfer Partners, LP 4.95% 2028			12,225		14,094
Energy Transfer Partners, LP 5.25% 2029			25,000		29,195
Energy Transfer Partners, LP 6.125% 2045			10,000		11,879
Energy Transfer Partners, LP 5.30% 2047			13,961		15,592
Energy Transfer Partners, LP 6.00% 2048			13,082		15,571
Energy Transfer Partners, LP 6.25% 2049			63,157		76,395
Enterprise Products Operating LLC 3.90% 2024			4,140		4,530
Enterprise Products Operating LLC 2.80% 2030			3,767		4,087
Enterprise Products Operating LLC 3.20% 2052			12,691		12,942
EOG Resources, Inc. 4.375% 2030			2,710		3,297
Equinor ASA 1.75% 2026			9,289		9,760
Equinor ASA 3.625% 2028			14,745		17,186
Equinor ASA 3.25% 2049			14,630		16,259
Exxon Mobil Corp. 2.222% 2021			18,000		18,026

American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Exxon Mobil Corp. 2.019% 2024		$	7,090	$	7,468
Exxon Mobil Corp. 2.992% 2025			3,400		3,724
Exxon Mobil Corp. 2.44% 2029			11,371		12,356
Exxon Mobil Corp. 2.61% 2030			6,466		7,065
Exxon Mobil Corp. 3.452% 2051			17,408		19,897
Halliburton Company 3.80% 2025			273		306
Kinder Morgan, Inc. 4.30% 2028			15,000		17,606
Kinder Morgan, Inc. 2.00% 2031			10,000		10,113
Kinder Morgan, Inc. 5.30% 2034			8,205		10,115
Kinder Morgan, Inc. 3.25% 2050			12,440		12,519
MPLX LP 3.50% 2022			5,345		5,616
MPLX LP 4.875% 2025			20,000		23,119
MPLX LP 1.75% 2026			24,454		25,320
MPLX LP 4.125% 2027			5,880		6,785
MPLX LP 4.80% 2029			3,448		4,168
MPLX LP 2.65% 2030			37,609		39,458
MPLX LP 4.50% 2038			12,500		14,298
MPLX LP 4.70% 2048			15,000		17,818
MPLX LP 5.50% 2049			32,588		42,914
Noble Energy, Inc. 3.85% 2028			8,323		9,683
Noble Energy, Inc. 3.25% 2029			46,792		53,744
Noble Energy, Inc. 5.05% 2044			1,856		2,611
Noble Energy, Inc. 4.95% 2047			25,613		36,418
Noble Energy, Inc. 4.20% 2049			30,889		40,110
Occidental Petroleum Corp. 4.85% 2021			17,186		17,261
ONEOK, Inc. 2.20% 2025			745		777
ONEOK, Inc. 5.85% 2026			53,884		64,598
ONEOK, Inc. 3.10% 2030			2,079		2,217
ONEOK, Inc. 6.35% 2031			36,827		47,283
ONEOK, Inc. 4.95% 2047			1,005		1,123
ONEOK, Inc. 5.20% 2048			38,331		44,742
ONEOK, Inc. 4.50% 2050			12,904		13,565
ONEOK, Inc. 7.15% 2051			17,392		24,101
Petróleos Mexicanos 6.875% 2025⁵			39,600		43,457
Petróleos Mexicanos 6.875% 2026			162,463		177,735
Petróleos Mexicanos 6.50% 2027			147,755		155,873
Petróleos Mexicanos 5.35% 2028			30,000		29,640
Phillips 66 2.15% 2030			11,536		11,730
Phillips 66 Partners LP 3.605% 2025			1,950		2,109
Phillips 66 Partners LP 3.55% 2026			3,350		3,674
Phillips 66 Partners LP 4.68% 2045			6,580		7,147
Phillips 66 Partners LP 4.90% 2046			5,510		6,174
Pioneer Natural Resources Company 1.90% 2030			17,282		17,132
Plains All American Pipeline, LP 3.80% 2030			6,137		6,602
Sabine Pass Liquefaction, LLC 5.625% 2023⁶			50,000		54,961
Sabine Pass Liquefaction, LLC 5.75% 2024			50,000		57,181
Sabine Pass Liquefaction, LLC 5.875% 2026			10,265		12,417
Sabine Pass Liquefaction, LLC 4.20% 2028			13,155		15,102
Sabine Pass Liquefaction, LLC 4.50% 2030⁵			56,380		66,868
Saudi Arabian Oil Co. 1.25% 2023⁵			1,080		1,094
Saudi Arabian Oil Co. 2.875% 2024⁵			52,881		56,168
Saudi Arabian Oil Co. 1.625% 2025⁵			14,210		14,568
Saudi Arabian Oil Co. 3.50% 2029⁵			29,750		33,100
Saudi Arabian Oil Co. 2.25% 2030⁵			15,680		15,979
Schlumberger BV 4.00% 2025⁵			2,500		2,844
Shell International Finance BV 2.75% 2030			20,000		22,081
Shell International Finance BV 3.25% 2050			17,037		19,333
Statoil ASA 2.75% 2021			5,395		5,504
Statoil ASA 3.25% 2024			1,690		1,864
Statoil ASA 4.25% 2041			6,000		7,544
Suncor Energy Inc. 3.10% 2025			9,835		10,781
Sunoco Logistics Operating Partners, LP 4.00% 2027			3,300		3,612
Sunoco Logistics Operating Partners, LP 5.40% 2047			2,500		2,820
Total Capital International 3.127% 2050			65,599		71,166
Total SE 2.986% 2041			36,595		40,057
Total SE 3.386% 2060			20,925		23,808
TransCanada PipeLines Ltd. 4.25% 2028			13,173		15,563

14	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
TransCanada PipeLines Ltd. 4.10% 2030		$	26,135	$	30,898
TransCanada PipeLines Ltd. 5.00% 2043			10,000		12,500
TransCanada PipeLines Ltd. 4.875% 2048			10,000		12,932
TransCanada PipeLines Ltd., junior subordinated, 5.625% 2075 (3-month USD-LIBOR + 3.528% on 5/20/2025)⁶			6,410		7,041
Transcontinental Gas Pipe Line Company, LLC 3.95% 2050			5,487		6,223
Valero Energy Corp. 4.00% 2029			20,000		22,505
Williams Companies, Inc. 3.50% 2030			32,942		37,336
Williams Partners LP 4.50% 2023			6,400		7,061
Williams Partners LP 4.30% 2024			7,870		8,689
Williams Partners LP 3.90% 2025			516		573
Williams Partners LP 6.30% 2040			11,474		15,260
Williams Partners LP 5.10% 2045			4,434		5,485
Woodside Finance Ltd. 4.60% 2021⁵			7,600		7,630
Woodside Petroleum Ltd. 3.65% 2025⁵			3,100		3,345
					3,253,548

Utilities 1.65%
Abu Dhabi National Energy Co. PJSC (TAQA) 4.375% 2025⁵			28,000		31,723
Abu Dhabi National Energy Co. PJSC (TAQA) 4.375% 2026⁵			1,500		1,739
AEP Transmission Co. LLC 3.75% 2047			7,370		8,990
AEP Transmission Co. LLC 4.25% 2048			12,600		16,656
AEP Transmission Co. LLC 3.15% 2049			3,796		4,230
AEP Transmission Co. LLC 3.65% 2050			4,320		5,253
Ameren Corp. 2.50% 2024			9,020		9,621
Ameren Corp. 3.65% 2026			1,410		1,592
Ameren Corp. 3.50% 2031			1,325		1,525
Ameren Corp. 4.50% 2049			4,475		6,092
American Electric Power Company, Inc. 2.95% 2022			13,694		14,305
American Electric Power Company, Inc. 1.00% 2025			7,400		7,493
American Electric Power Company, Inc. 2.30% 2030			18,773		19,634
Berkshire Hathaway Energy Company 2.85% 2051⁵			4,202		4,327
CenterPoint Energy, Inc. 3.85% 2024			10,915		11,949
CenterPoint Energy, Inc. 3.70% 2049			14,450		16,675
CMS Energy Corp. 3.00% 2026			6,920		7,637
Comisión Federal de Electricidad 4.75% 2027⁵			10,725		12,211
Commonwealth Edison Co. 4.35% 2045			8,345		10,898
Connecticut Light and Power Co. 0.75% 2025			14,475		14,646
Consolidated Edison Co. of New York, Inc. 3.875% 2047			4,530		5,363
Consolidated Edison Co. of New York, Inc. 4.50% 2058			19,825		26,208
Consumers Energy Co. 0.35% 2023			2,350		2,354
Consumers Energy Co. 3.80% 2028			7,756		9,165
Consumers Energy Co. 3.25% 2046			10,665		12,201
Consumers Energy Co. 4.05% 2048			15,457		20,259
Consumers Energy Co. 3.10% 2050			37,462		43,393
Dominion Resources, Inc. 2.00% 2021			6,765		6,823
Dominion Resources, Inc. 2.75% 2022			36,516		37,317
Dominion Resources, Inc. 3.30% 2025			5,063		5,579
Dominion Resources, Inc., junior subordinated, 3.071% 2024⁶			8,425		9,098
Duke Energy Carolinas, LLC 2.95% 2026			10,000		11,219
Duke Energy Carolinas, LLC 3.95% 2028			21,375		25,500
Duke Energy Carolinas, LLC 2.45% 2030			6,888		7,419
Duke Energy Carolinas, LLC 3.70% 2047			777		938
Duke Energy Corp. 3.75% 2024			3,487		3,840
Duke Energy Corp. 0.90% 2025			7,175		7,196
Duke Energy Florida, LLC 3.20% 2027			23,075		25,786
Duke Energy Florida, LLC 2.50% 2029			13,000		14,206
Duke Energy Ohio, Inc. 3.70% 2046			5,938		7,050
Duke Energy Progress Inc. 3.70% 2046			3,750		4,537
Duke Energy Progress, LLC 2.50% 2050			5,975		6,023
Edison International 3.125% 2022			15,388		15,986
Edison International 3.55% 2024			49,491		53,335
Edison International 4.95% 2025			4,584		5,242
Edison International 5.75% 2027			39,269		47,039
Edison International 4.125% 2028			51,265		57,174
Electricité de France SA 4.75% 2035⁵			3,500		4,363
Electricité de France SA 4.875% 2038⁵			7,025		8,772

American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Electricité de France SA 5.60% 2040		$	1,475	$	1,980
Emera Inc. 6.75% 2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)⁶			7,250		8,486
Emera US Finance LP 3.55% 2026			17,715		19,919
Enersis Américas SA 4.00% 2026			4,330		4,869
Entergy Corp. 2.40% 2026			6,279		6,796
Entergy Corp. 2.95% 2026			14,040		15,483
Entergy Corp. 1.60% 2030			6,000		6,066
Entergy Corp. 2.80% 2030			8,162		8,824
Entergy Corp. 3.75% 2050			5,850		6,795
Entergy Texas, Inc. 1.75% 2031			19,300		19,377
Eversource Energy 3.80% 2023			10,245		11,225
Eversource Energy 0.80% 2025			6,025		6,019
Eversource Energy 2.70% 2026			4,085		4,440
Exelon Corp. 3.40% 2026			2,840		3,200
Exelon Corp. 4.05% 2030			6,775		8,025
Exelon Corp. 4.70% 2050			1,125		1,499
Exelon Corp., junior subordinated, 3.497% 2022⁶			65,038		67,663
FirstEnergy Corp. 2.85% 2022 (3.10% on 1/15/2021)⁶			39,710		40,378
FirstEnergy Corp. 2.05% 2025			13,750		13,719
FirstEnergy Corp. 1.60% 2026			18,477		18,076
FirstEnergy Corp. 3.90% 2027 (4.40% on 1/16/2021)⁶			59,144		65,243
FirstEnergy Corp. 2.25% 2030			42,423		41,065
FirstEnergy Corp. 2.65% 2030			26,472		26,584
FirstEnergy Corp. 7.375% 2031			14,468		20,645
FirstEnergy Corp. 3.40% 2050			51,094		49,120
FirstEnergy Corp., Series B, 4.25% 2023 (4.75% on 3/15/2021)⁶			11,022		11,644
Florida Power & Light Co. 2.85% 2025			731		797
Florida Power & Light Co. 3.15% 2049			9,433		10,872
Georgia Power Co. 3.70% 2050			6,754		8,143
Interstate Power and Light Co. 2.30% 2030			525		556
MidAmerican Energy Holdings Co. 3.75% 2023			10,000		10,898
MidAmerican Energy Holdings Co. 3.10% 2027			21,335		23,941
Mississippi Power Co. 4.25% 2042			2,675		3,238
NextEra Energy Capital Holdings, Inc. 2.75% 2025			1,800		1,949
NextEra Energy Capital Holdings, Inc. 2.75% 2029			4,511		4,922
NextEra Energy Capital Holdings, Inc. 2.25% 2030			15,750		16,524
Northeast Utilities 3.15% 2025			8,845		9,650
Northern States Power Co. 4.125% 2044			18,000		23,344
Northern States Power Co. 3.60% 2046			6,750		8,208
Northern States Power Co. 2.60% 2051			5,635		5,976
Oncor Electric Delivery Company LLC 2.75% 2024			8,430		9,046
Oncor Electric Delivery Company LLC 0.55% 2025⁵			13,500		13,494
Pacific Gas and Electric Co. 1.75% 2022			48,291		48,431
Pacific Gas and Electric Co. 3.25% 2023			2,838		2,963
Pacific Gas and Electric Co. 3.85% 2023			6,838		7,273
Pacific Gas and Electric Co. 4.25% 2023			11,175		12,005
Pacific Gas and Electric Co. 3.40% 2024			5,240		5,583
Pacific Gas and Electric Co. 3.75% 2024			10,184		10,868
Pacific Gas and Electric Co. 2.95% 2026			75,762		80,192
Pacific Gas and Electric Co. 3.15% 2026			61,724		65,822
Pacific Gas and Electric Co. 2.10% 2027			6,416		6,520
Pacific Gas and Electric Co. 3.30% 2027			43,689		46,701
Pacific Gas and Electric Co. 3.30% 2027			3,776		4,046
Pacific Gas and Electric Co. 3.75% 2028			22,407		24,497
Pacific Gas and Electric Co. 4.65% 2028			23,958		27,386
Pacific Gas and Electric Co. 4.55% 2030			52,223		59,546
Pacific Gas and Electric Co. 2.50% 2031			138,271		138,620
Pacific Gas and Electric Co. 3.30% 2040			20,632		20,617
Pacific Gas and Electric Co. 3.75% 2042			31,650		31,894
Pacific Gas and Electric Co. 3.95% 2047			11,850		12,294
Pacific Gas and Electric Co. 3.50% 2050			39,309		39,157
PacifiCorp., First Mortgage Bonds, 3.60% 2024			18,405		20,069
PacifiCorp., First Mortgage Bonds, 4.125% 2049			18,825		24,205
Public Service Company of Colorado 2.25% 2022			6,000		6,144
Public Service Company of Colorado 1.90% 2031			4,342		4,537
Public Service Company of Colorado 2.70% 2051			987		1,058
Public Service Electric and Gas Co. 3.05% 2024			13,425		14,539

16	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Public Service Electric and Gas Co. 3.65% 2028		$	8,821	$	10,247
Public Service Electric and Gas Co. 3.20% 2029			15,409		17,589
Public Service Electric and Gas Co. 2.45% 2030			5,495		5,972
Public Service Electric and Gas Co. 3.60% 2047			6,175		7,448
Public Service Electric and Gas Co. 3.85% 2049			15,400		19,426
Public Service Electric and Gas Co. 2.05% 2050			20,905		19,672
Public Service Enterprise Group Inc. 1.90% 2021			6,810		6,822
Public Service Enterprise Group Inc. 2.65% 2022			13,175		13,740
Public Service Enterprise Group Inc. 2.25% 2026			3,875		4,190
Public Service Enterprise Group Inc. 1.60% 2030			11,750		11,604
Puget Energy, Inc. 6.00% 2021			4,310		4,461
Puget Energy, Inc. 5.625% 2022			15,427		16,338
Puget Energy, Inc. 3.65% 2025			9,400		10,377
Puget Sound Energy, Inc. 3.25% 2049			20,250		22,539
San Diego Gas & Electric Co. 2.50% 2026			3,000		3,258
San Diego Gas & Electric Co. 1.70% 2030			33,164		33,568
San Diego Gas & Electric Co. 3.75% 2047			1,167		1,369
San Diego Gas & Electric Co. 3.32% 2050			2,025		2,309
Southern California Edison Co. (3-month USD-LIBOR + 0.27%) 0.502% 2021⁷			1,850		1,851
Southern California Edison Co. 1.845% 2022			2,072		2,077
Southern California Edison Co. 3.50% 2023			3,750		4,027
Southern California Edison Co. 3.70% 2025			36,714		41,207
Southern California Edison Co. 3.65% 2028			6,343		7,125
Southern California Edison Co. 2.85% 2029			53,931		58,867
Southern California Edison Co. 4.20% 2029			34,458		40,799
Southern California Edison Co. 5.35% 2035			26,534		36,043
Southern California Edison Co. 5.75% 2035			18,942		26,191
Southern California Edison Co. 5.625% 2036			22,865		29,212
Southern California Edison Co. 5.55% 2037			11,249		14,402
Southern California Edison Co. 5.95% 2038			20,254		27,550
Southern California Edison Co. 6.05% 2039			3,336		4,530
Southern California Edison Co. 4.50% 2040			53,242		64,237
Southern California Edison Co. 4.00% 2047			48,709		57,216
Southern California Edison Co. 4.125% 2048			23,709		28,335
Southern California Edison Co. 4.875% 2049			30,939		40,865
Southern California Edison Co. 3.65% 2050			40,069		45,555
Southern California Edison Co., Series C, 3.60% 2045			12,010		13,327
Southern California Gas Company 2.60% 2026			1,431		1,556
Southern California Gas Company 2.55% 2030			21,354		23,176
Southern Co. 3.70% 2030			30,430		35,274
Southern Co. 4.25% 2036			6,530		8,019
Southern Co. 4.40% 2046			3,091		3,892
Union Electric Co. 2.625% 2051			13,075		13,706
Virginia Electric and Power Co. 3.80% 2028			8,247		9,660
Virginia Electric and Power Co. 2.875% 2029			10,100		11,370
Virginia Electric and Power Co. 4.60% 2048			10,125		14,225
Virginia Electric and Power Co. 2.45% 2050			15,550		15,636
Wisconsin Power and Light Co. 3.65% 2050			1,820		2,163
Xcel Energy Inc. 3.35% 2026			22,625		25,548
Xcel Energy Inc. 2.60% 2029			44,994		48,745
Xcel Energy Inc. 3.40% 2030			6,500		7,479
Xcel Energy Inc. 3.50% 2049			2,668		3,128
					3,022,168

Consumer discretionary 1.39%
Amazon.com, Inc. 3.80% 2024			10,000		11,251
Amazon.com, Inc. 1.20% 2027			25,000		25,533
Amazon.com, Inc. 1.50% 2030			27,060		27,504
Amazon.com, Inc. 2.50% 2050			24,275		25,188
Amazon.com, Inc. 2.70% 2060			22,135		23,700
American Honda Finance Corp. 1.00% 2025			22,420		22,772
American Honda Finance Corp. 3.50% 2028			10,000		11,534
Bayerische Motoren Werke AG 3.45% 2023⁵			43,425		46,303
Carnival Corp. 11.50% 2023⁵			112,500		130,250
DaimlerChrysler North America Holding Corp. 2.00% 2021⁵			22,525		22,708
DaimlerChrysler North America Holding Corp. 1.75% 2023⁵			32,000		32,862
DaimlerChrysler North America Holding Corp. 3.65% 2024⁵			15,930		17,369

American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Ford Motor Credit Co. 3.20% 2021		$	8,300	$	8,320
Ford Motor Credit Co. 3.47% 2021			993		996
Ford Motor Credit Co. 3.813% 2021			23,321		23,627
Ford Motor Credit Co. 5.085% 2021			18,335		18,381
Ford Motor Credit Co. 2.979% 2022			13,734		13,981
Ford Motor Credit Co. 3.219% 2022			590		597
Ford Motor Credit Co. 3.339% 2022			29,703		30,037
Ford Motor Credit Co. 3.35% 2022			18,000		18,339
Ford Motor Credit Co. 5.596% 2022			17,641		18,279
Ford Motor Credit Co. 3.087% 2023			26,042		26,545
Ford Motor Credit Co. 3.096% 2023			42,618		43,111
Ford Motor Credit Co. 4.14% 2023			20,000		20,650
Ford Motor Credit Co. 4.375% 2023			5,714		5,943
Ford Motor Credit Co. 3.664% 2024			10,350		10,640
Ford Motor Credit Co. 3.81% 2024			66,242		67,981
Ford Motor Credit Co. 4.063% 2024			19,000		19,985
Ford Motor Credit Co. 5.584% 2024			16,000		17,280
Ford Motor Credit Co. 4.687% 2025			7,472		7,981
Ford Motor Credit Co. 4.542% 2026			44,479		47,537
Ford Motor Credit Co. 3.815% 2027			3,000		3,088
Ford Motor Credit Co. 4.271% 2027			75,251		79,014
General Motors Company 5.40% 2023			2,222		2,489
General Motors Company 6.125% 2025			36,038		43,740
General Motors Company 6.80% 2027			29,457		37,883
General Motors Company 5.00% 2035			17,245		20,783
General Motors Company 6.60% 2036			155		212
General Motors Company 6.75% 2046			3,295		4,760
General Motors Company 5.40% 2048			4,057		5,109
General Motors Company 5.95% 2049			23,600		31,943
General Motors Financial Co. 3.15% 2022			161		167
General Motors Financial Co. 3.45% 2022			30,852		31,681
General Motors Financial Co. 3.55% 2022			30,384		31,698
General Motors Financial Co. 1.70% 2023			43,000		44,133
General Motors Financial Co. 3.25% 2023			50,308		52,766
General Motors Financial Co. 3.70% 2023			21,247		22,533
General Motors Financial Co. 5.20% 2023			33,199		36,416
General Motors Financial Co. 3.50% 2024			55,533		60,065
General Motors Financial Co. 3.95% 2024			45,284		49,339
General Motors Financial Co. 5.10% 2024			6,257		7,005
General Motors Financial Co. 2.75% 2025			23,254		24,881
General Motors Financial Co. 2.90% 2025			12,893		13,779
General Motors Financial Co. 4.00% 2025			2,934		3,232
General Motors Financial Co. 4.30% 2025			8,175		9,176
General Motors Financial Co. 4.35% 2025			6,240		6,973
General Motors Financial Co. 5.25% 2026			3,660		4,318
General Motors Financial Co. 2.70% 2027			27,228		28,908
General Motors Financial Co. 4.35% 2027			24,345		27,740
General Motors Financial Co. 3.60% 2030			5,785		6,462
Home Depot, Inc. 3.25% 2022			5,030		5,203
Home Depot, Inc. 2.50% 2027			3,400		3,735
Home Depot, Inc. 2.95% 2029			48,280		54,893
Home Depot, Inc. 5.95% 2041			7,500		11,604
Hyundai Capital America 3.45% 2021⁵			42,460		42,672
Hyundai Capital America 3.75% 2021⁵			20,000		20,296
Hyundai Capital America 2.85% 2022⁵			15,487		16,058
Hyundai Capital America 3.00% 2022⁵			40,500		41,782
Hyundai Capital America 3.25% 2022⁵			17,700		18,438
Hyundai Capital America 3.95% 2022⁵			20,000		20,669
Hyundai Capital America 1.25% 2023⁵			22,978		23,264
Hyundai Capital America 2.375% 2023⁵			39,823		41,082
Hyundai Capital America 5.75% 2023⁵			9,000		9,973
Hyundai Capital America 3.40% 2024⁵			36,820		39,296
Hyundai Capital America 1.80% 2025⁵			16,775		17,214
Hyundai Capital America 2.65% 2025⁵			52,225		55,425
Hyundai Capital America 5.875% 2025⁵			9,000		10,656
Hyundai Capital America 2.375% 2027⁵			26,923		28,259
Hyundai Capital America 3.00% 2027⁵			41,613		45,280

18	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Lowe’s Companies, Inc. 3.65% 2029	$	22,148	$	25,852
Magna International Inc. 2.45% 2030		21,975		23,654
Nissan Motor Co., Ltd. 3.043% 2023⁵		6,591		6,895
Nissan Motor Co., Ltd. 3.522% 2025⁵		33,813		36,280
Nissan Motor Co., Ltd. 4.345% 2027⁵		64,290		71,063
Nissan Motor Co., Ltd. 4.81% 2030⁵		16,000		18,057
Toyota Motor Credit Corp. 0.50% 2023		56,523		56,823
Toyota Motor Credit Corp. 2.25% 2023		10,000		10,532
Toyota Motor Credit Corp. 0.80% 2025		19,960		20,108
Toyota Motor Credit Corp. 3.00% 2025		53,500		58,856
Toyota Motor Credit Corp. 1.15% 2027		19,951		20,042
Toyota Motor Credit Corp. 3.05% 2028		10,800		12,142
Volkswagen Group of America Finance, LLC 4.00% 2021⁵		32,120		33,110
Volkswagen Group of America Finance, LLC 2.70% 2022⁵		8,917		9,249
Volkswagen Group of America Finance, LLC 3.125% 2023⁵		13,164		13,911
Volkswagen Group of America Finance, LLC 4.25% 2023⁵		16,705		18,389
Volkswagen Group of America Finance, LLC 2.85% 2024⁵		10,113		10,810
Volkswagen Group of America Finance, LLC 1.25% 2025⁵		28,365		28,615
Volkswagen Group of America Finance, LLC 3.35% 2025⁵		10,544		11,599
Volkswagen Group of America Finance, LLC 4.625% 2025⁵		28,891		33,700
Volkswagen Group of America Finance, LLC 3.20% 2026⁵		20,806		23,004
Volkswagen Group of America Finance, LLC 1.625% 2027⁵		10,510		10,608
				2,546,575

Consumer staples 1.05%
Altria Group, Inc. 2.35% 2025		11,337		12,055
Altria Group, Inc. 4.40% 2026		7,595		8,820
Altria Group, Inc. 4.80% 2029		7,088		8,505
Altria Group, Inc. 3.40% 2030		3,494		3,924
Altria Group, Inc. 9.95% 2038		13,500		22,293
Altria Group, Inc. 5.80% 2039		30,100		39,660
Altria Group, Inc. 4.50% 2043		5,466		6,277
Altria Group, Inc. 3.875% 2046		6,139		6,485
Altria Group, Inc. 5.95% 2049		49,308		69,081
Altria Group, Inc. 4.45% 2050		2,211		2,619
Anheuser-Busch Co. / InBev Worldwide 4.70% 2036		6,725		8,539
Anheuser-Busch Co. / InBev Worldwide 4.90% 2046		11,880		15,510
Anheuser-Busch InBev NV 4.15% 2025		29,398		33,486
Anheuser-Busch InBev NV 4.00% 2028		69,467		81,916
Anheuser-Busch InBev NV 3.50% 2030		20,000		23,183
Anheuser-Busch InBev NV 5.45% 2039		28,024		37,882
Anheuser-Busch InBev NV 4.35% 2040		20,000		24,573
Anheuser-Busch InBev NV 4.60% 2048		5,000		6,327
Anheuser-Busch InBev NV 5.55% 2049		21,181		30,111
Anheuser-Busch InBev NV 4.50% 2050		20,000		25,210
British American Tobacco International Finance PLC 3.95% 2025⁵		16,500		18,570
British American Tobacco International Finance PLC 1.668% 2026		20,385		20,877
British American Tobacco PLC 3.222% 2024		22,000		23,829
British American Tobacco PLC 3.215% 2026		21,600		23,814
British American Tobacco PLC 3.557% 2027		21,724		24,194
British American Tobacco PLC 4.70% 2027		11,661		13,725
British American Tobacco PLC 2.259% 2028		35,466		36,847
British American Tobacco PLC 4.906% 2030		15,000		18,127
British American Tobacco PLC 2.726% 2031		29,625		30,720
British American Tobacco PLC 4.39% 2037		54,145		60,615
British American Tobacco PLC 4.54% 2047		103,073		114,462
British American Tobacco PLC 4.758% 2049		65,861		76,485
Coca-Cola Co. 1.00% 2028		24,115		24,221
Coca-Cola Co. 1.375% 2031		16,960		16,942
Coca-Cola Co. 2.50% 2051		8,140		8,412
Conagra Brands, Inc. 4.30% 2024		12,355		13,831
Conagra Brands, Inc. 1.375% 2027		20,185		20,380
Conagra Brands, Inc. 5.30% 2038		12,865		17,221
Conagra Brands, Inc. 5.40% 2048		5,211		7,443
Constellation Brands, Inc. 2.65% 2022		27,175		28,249
Constellation Brands, Inc. 2.70% 2022		2,905		2,989
Constellation Brands, Inc. 3.60% 2028		10,000		11,426

American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Consumer staples (continued)
Constellation Brands, Inc. 2.875% 2030		$	5,640	$	6,189
Constellation Brands, Inc. 4.50% 2047			3,465		4,381
Constellation Brands, Inc. 3.75% 2050			10,585		12,499
Costco Wholesale Corp. 2.75% 2024			40,000		43,052
Costco Wholesale Corp. 1.375% 2027			28,694		29,586
Imperial Tobacco Finance PLC 3.50% 2023⁵			17,000		17,807
Keurig Dr Pepper Inc. 4.417% 2025			20,000		23,068
Keurig Dr Pepper Inc. 4.597% 2028			13,096		15,957
Keurig Dr Pepper Inc. 3.20% 2030			10,333		11,712
Keurig Dr Pepper Inc. 4.985% 2038			29,955		40,184
Keurig Dr Pepper Inc. 5.085% 2048			2,076		2,937
Kimberly-Clark Corp. 1.05% 2027			6,395		6,483
Kimberly-Clark Corp. 3.10% 2030			4,115		4,740
Molson Coors Brewing Co. 4.20% 2046			33,113		37,997
Nestlé Holdings, Inc. 0.625% 2026⁵			20,790		20,698
Nestlé Holdings, Inc. 1.00% 2027⁵			54,306		54,453
Nestlé Holdings, Inc. 1.25% 2030⁵			30,000		29,871
PepsiCo, Inc. 1.40% 2031			15,177		15,296
PepsiCo, Inc. 3.50% 2040			5,425		6,512
Philip Morris International Inc. 1.875% 2021			6,340		6,339
Philip Morris International Inc. 2.375% 2022			15,390		15,884
Philip Morris International Inc. 2.625% 2022			13,750		14,092
Philip Morris International Inc. 1.125% 2023			18,750		19,126
Philip Morris International Inc. 2.875% 2024			21,097		22,732
Philip Morris International Inc. 3.25% 2024			10,000		11,017
Philip Morris International Inc. 1.50% 2025			7,438		7,706
Philip Morris International Inc. 3.375% 2025			27,395		30,492
Philip Morris International Inc. 0.875% 2026			25,116		25,233
Philip Morris International Inc. 3.375% 2029			15,827		18,141
Philip Morris International Inc. 1.75% 2030			39,192		39,708
Procter & Gamble Company 1.70% 2021			8,270		8,378
Procter & Gamble Company 0.55% 2025			60,865		61,419
Procter & Gamble Company 1.20% 2030			41,770		41,839
Procter & Gamble Company 3.00% 2030			10,101		11,651
Reckitt Benckiser Group PLC 2.375% 2022⁵			4,750		4,886
Reynolds American Inc. 4.45% 2025			10,795		12,298
Reynolds American Inc. 5.70% 2035			1,555		1,968
Reynolds American Inc. 5.85% 2045			31,296		40,050
Wal-Mart Stores, Inc. 2.55% 2023			5,605		5,873
Wal-Mart Stores, Inc. 2.85% 2024			36,165		39,138
Wal-Mart Stores, Inc. 3.05% 2026			21,505		24,217
					1,925,444

Industrials 1.04%
3M Co. 2.65% 2025			3,000		3,260
Air Lease Corp. 2.875% 2026			42,935		45,463
Avolon Holdings Funding Ltd. 3.625% 2022⁵			16,445		16,806
Avolon Holdings Funding Ltd. 3.95% 2024⁵			44,320		46,840
Avolon Holdings Funding Ltd. 4.25% 2026⁵			23,000		24,797
Avolon Holdings Funding Ltd. 4.375% 2026⁵			10,390		11,265
Avolon Holdings Funding Ltd. 3.25% 2027⁵			27,000		27,612
Boeing Company 4.508% 2023			31,225		33,762
Boeing Company 1.95% 2024			76,286		78,598
Boeing Company 2.80% 2024			6,994		7,346
Boeing Company 4.875% 2025			117,652		134,191
Boeing Company 2.75% 2026			150,471		158,303
Boeing Company 3.10% 2026			13,275		14,221
Boeing Company 2.70% 2027			31,174		32,431
Boeing Company 5.04% 2027			51,047		59,736
Boeing Company 3.25% 2028			104,711		112,093
Boeing Company 3.45% 2028			4,975		5,343
Boeing Company 3.20% 2029			2,650		2,798
Boeing Company 5.15% 2030			57,620		69,834
Boeing Company 3.625% 2031			18,232		20,007
Boeing Company 3.60% 2034			41,955		44,379
Boeing Company 3.90% 2049			7,056		7,488
Boeing Company 5.805% 2050			24,835		34,309

20	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
Bohai Financial Investment Holding Co., Ltd. 5.25% 2022⁵		$	8,800	$	9,239
Burlington Northern Santa Fe LLC 3.55% 2050			15,000		18,506
Canadian National Railway Company 3.20% 2046			4,100		4,864
Carrier Global Corp. 2.242% 2025			19,961		21,150
Carrier Global Corp. 2.493% 2027			10,000		10,798
Carrier Global Corp. 2.722% 2030			17,086		18,270
Carrier Global Corp. 3.377% 2040			10,000		10,933
Carrier Global Corp. 3.577% 2050			7,500		8,339
Continental Airlines, Inc., Series 2001-1, Class A1, 6.703% 2022			855		849
Continental Airlines, Inc., Series 2000-2, Class A1, 7.707% 2022			109		108
CSX Corp. 3.80% 2028			31,025		36,197
CSX Corp. 4.25% 2029			14,593		17,695
CSX Corp. 4.30% 2048			19,000		24,448
CSX Corp. 2.50% 2051			23,375		23,219
Delta Air Lines, Inc., Series 2002-1, Class G1, MBIA insured, 6.718% 2024			1,849		1,902
Emerson Electric Co. 1.80% 2027			17,707		18,727
Emerson Electric Co. 1.95% 2030			22,067		23,309
Emerson Electric Co. 2.75% 2050			11,156		11,786
GE Capital International Funding Co. 4.418% 2035			69,065		82,449
General Dynamics Corp. 3.375% 2023			6,120		6,546
General Dynamics Corp. 3.50% 2025			5,321		5,953
General Electric Capital Corp. 6.15% 2037			5,660		7,812
General Electric Co. 3.45% 2027			32,862		37,113
General Electric Co. 3.625% 2030			7,686		8,790
General Electric Co. 4.25% 2040			2,650		3,133
General Electric Co. 4.125% 2042			870		1,021
General Electric Co. 4.35% 2050			22,579		27,461
Honeywell International Inc. 1.85% 2021			4,480		4,533
Honeywell International Inc. 2.15% 2022			4,490		4,612
Honeywell International Inc. 2.30% 2024			19,430		20,723
Honeywell International Inc. 1.35% 2025			20,815		21,549
Honeywell International Inc. 2.70% 2029			27,555		30,857
L3Harris Technologies, Inc. 1.80% 2031			22,925		23,360
Mexico City Airport Trust 5.50% 2046			1,290		1,376
Mexico City Airport Trust 5.50% 2047			18,070		19,077
Mexico City Airport Trust 5.50% 2047⁵			5,640		5,954
Norfolk Southern Corp. 3.05% 2050			12,596		13,812
Northrop Grumman Corp. 2.93% 2025			7,120		7,747
Northrop Grumman Corp. 3.25% 2028			15,000		16,966
Otis Worldwide Corp. 2.293% 2027			7,623		8,152
Otis Worldwide Corp. 3.112% 2040			5,000		5,448
Raytheon Technologies Corp. 2.80% 2022			22,725		23,377
Raytheon Technologies Corp. 3.125% 2050			6,669		7,354
Siemens AG 2.70% 2022⁵			51,020		52,413
Union Pacific Corp. 3.15% 2024			22,072		23,901
Union Pacific Corp. 3.75% 2025			24,640		27,982
Union Pacific Corp. 2.15% 2027			8,807		9,366
Union Pacific Corp. 3.95% 2028			20,000		23,765
Union Pacific Corp. 3.70% 2029			31,310		36,353
Union Pacific Corp. 2.40% 2030			10,000		10,781
Union Pacific Corp. 3.75% 2070			28,080		34,051
United Technologies Corp. 3.65% 2023			799		862
United Technologies Corp. 3.95% 2025			13,225		15,171
United Technologies Corp. 4.125% 2028			16,815		20,051
Vinci SA 3.75% 2029⁵			5,340		6,268
					1,907,360

Health care 0.98%
Abbott Laboratories 3.40% 2023			8,578		9,301
Abbott Laboratories 3.75% 2026			11,937		13,991
Abbott Laboratories 4.75% 2036			4,800		6,615
Abbott Laboratories 4.90% 2046			3,500		5,183
AbbVie Inc. 5.00% 2021			12,000		12,391
AbbVie Inc. 2.30% 2022			23,946		24,834
AbbVie Inc. 2.60% 2024			16,000		17,161
AbbVie Inc. 2.95% 2026			23,479		25,992
AbbVie Inc. 3.20% 2029			11,250		12,621

American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
AbbVie Inc. 4.75% 2045		$	1,404	$	1,839
Amgen Inc. 2.70% 2022			10,620		10,929
Amgen Inc. 2.20% 2027			10,699		11,472
Amgen Inc. 3.375% 2050			2,700		3,020
Anthem, Inc. 2.375% 2025			5,318		5,690
AstraZeneca PLC 2.375% 2022			7,360		7,566
AstraZeneca PLC 3.375% 2025			22,445		25,253
AstraZeneca PLC 0.70% 2026			64,476		64,170
AstraZeneca PLC 1.375% 2030			10,000		9,907
AstraZeneca PLC 4.375% 2045			6,268		8,415
Banner Health 1.897% 2031			5,000		5,098
Banner Health 2.913% 2051			6,675		7,105
Bayer US Finance II LLC 3.875% 2023⁵			16,490		17,979
Bayer US Finance II LLC 4.25% 2025⁵			53,391		61,098
Becton, Dickinson and Company 2.894% 2022			7,854		8,120
Becton, Dickinson and Company 3.363% 2024			9,725		10,575
Becton, Dickinson and Company 3.70% 2027			48,166		55,286
Becton, Dickinson and Company 2.823% 2030			9,655		10,619
Boston Scientific Corp. 3.375% 2022			10,000		10,418
Boston Scientific Corp. 3.45% 2024			11,915		12,918
Boston Scientific Corp. 1.90% 2025			12,361		12,989
Boston Scientific Corp. 3.85% 2025			23,140		26,122
Boston Scientific Corp. 3.75% 2026			11,685		13,267
Boston Scientific Corp. 4.00% 2029			31,345		36,949
Bristol-Myers Squibb Co. 3.875% 2025			5,740		6,556
Bristol-Myers Squibb Co. 3.20% 2026			8,451		9,513
Centene Corp. 4.25% 2027			69,435		73,762
Centene Corp. 4.625% 2029			90,490		100,580
Centene Corp. 3.00% 2030			19,120		20,289
Centene Corp. 3.375% 2030			49,853		52,528
Cigna Corp. 3.40% 2021			13,920		14,221
Cigna Corp. 3.75% 2023			10,045		10,861
Cigna Corp. 4.375% 2028			4,200		5,078
Cigna Corp. 4.80% 2038			11,610		15,136
CVS Health Corp. 3.35% 2021			3,035		3,052
CVS Health Corp. 3.70% 2023			1,059		1,134
CVS Health Corp. 1.30% 2027			40,000		40,193
CVS Health Corp. 1.75% 2030			10,000		10,062
CVS Health Corp. 1.875% 2031			10,000		10,125
Eli Lilly and Co. 3.375% 2029			24,265		28,175
Gilead Sciences, Inc. 1.65% 2030			5,826		5,854
Gilead Sciences, Inc. 2.80% 2050			472		469
GlaxoSmithKline PLC 3.625% 2025			12,165		13,676
GlaxoSmithKline PLC 3.875% 2028			1,838		2,191
GlaxoSmithKline PLC 3.375% 2029			28,162		32,488
Medtronic, Inc. 3.50% 2025			7,006		7,864
Merck & Co., Inc. 2.90% 2024			24,172		26,072
New York University Hospital Center 3.38% 2055			11,083		11,645
Novartis Capital Corp. 1.75% 2025			20,638		21,659
Novartis Capital Corp. 2.00% 2027			15,842		16,916
Partners HealthCare System, Inc. 3.192% 2049			20,800		23,013
Pfizer Inc. 2.95% 2024			14,095		15,211
Pfizer Inc. 3.45% 2029			24,000		28,057
Quest Diagnostics, Inc. 2.80% 2031			6,250		6,857
Regeneron Pharmaceuticals, Inc. 1.75% 2030			22,591		22,273
Regeneron Pharmaceuticals, Inc. 2.80% 2050			17,407		16,934
Roche Holdings, Inc. 1.75% 2022⁵			18,330		18,601
Shire PLC 2.40% 2021			4,136		4,190
Shire PLC 3.20% 2026			30,903		34,588
Sutter Health 1.321% 2025			6,000		6,104
Takeda Pharmaceutical Company, Ltd. 4.40% 2023			18,750		20,790
Takeda Pharmaceutical Company, Ltd. 5.00% 2028			4,864		6,049
Takeda Pharmaceutical Company, Ltd. 2.05% 2030			12,527		12,826
Takeda Pharmaceutical Company, Ltd. 3.175% 2050			3,856		4,110
Teva Pharmaceutical Finance Co. BV 2.20% 2021			61,543		61,505
Teva Pharmaceutical Finance Co. BV 2.80% 2023			158,775		157,479
Teva Pharmaceutical Finance Co. BV 3.15% 2026			107,999		104,018

22	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Thermo Fisher Scientific Inc. 4.15% 2024		$	5,840	$	6,445
Thermo Fisher Scientific Inc. 4.497% 2030			3,075		3,845
UnitedHealth Group Inc. 1.25% 2026			16,694		17,213
UnitedHealth Group Inc. 2.00% 2030			20,000		21,222
UnitedHealth Group Inc. 4.45% 2048			11,500		15,874
Upjohn Inc. 1.65% 2025⁵			7,357		7,611
Upjohn Inc. 2.30% 2027⁵			6,185		6,592
Upjohn Inc. 2.70% 2030⁵			31,213		33,130
Upjohn Inc. 3.85% 2040⁵			3,889		4,390
Upjohn Inc. 4.00% 2050⁵			8,851		10,141
West Virginia United Health System Obligated Group 3.129% 2050			4,625		4,786
Zimmer Holdings, Inc. 3.15% 2022			18,910		19,453
					1,798,299

Information technology 0.79%
Adobe Inc. 1.90% 2025			18,950		20,047
Adobe Inc. 2.15% 2027			28,264		30,343
Apple Inc. 3.00% 2024			10,000		10,769
Apple Inc. 0.55% 2025			53,013		53,286
Apple Inc. 1.125% 2025			17,154		17,652
Apple Inc. 1.25% 2030			31,810		31,841
Apple Inc. 1.65% 2030			15,000		15,453
Apple Inc. 2.40% 2050			52,679		54,029
Broadcom Inc. 3.625% 2024			21,000		23,080
Broadcom Inc. 3.15% 2025			20,000		21,847
Broadcom Inc. 4.70% 2025			25,760		29,526
Broadcom Inc. 4.25% 2026			191,671		219,711
Broadcom Inc. 4.75% 2029			11,510		13,767
Broadcom Inc. 5.00% 2030			7,500		9,123
Broadcom Ltd. 2.65% 2023			5,000		5,203
Broadcom Ltd. 3.625% 2024			12,250		13,246
Broadcom Ltd. 3.875% 2027			141,985		159,622
Broadcom Ltd. 3.50% 2028			15,000		16,541
Fiserv, Inc. 3.20% 2026			57,425		64,359
Fiserv, Inc. 2.25% 2027			49,797		53,127
Fiserv, Inc. 3.50% 2029			16,602		18,982
Fiserv, Inc. 2.65% 2030			12,789		13,846
Fiserv, Inc. 4.40% 2049			17,710		23,723
Global Payments Inc. 2.90% 2030			1,813		1,973
Intuit Inc. 0.95% 2025			3,170		3,213
Intuit Inc. 1.35% 2027			7,890		8,082
Intuit Inc. 1.65% 2030			15,305		15,733
Mastercard Inc. 3.30% 2027			18,000		20,545
Microsoft Corp. 1.55% 2021			11,600		11,681
Microsoft Corp. 3.125% 2025			3,055		3,416
Microsoft Corp. 2.40% 2026			15,000		16,369
Microsoft Corp. 3.30% 2027			31,655		36,125
Microsoft Corp. 4.20% 2035			8,000		10,520
Microsoft Corp. 4.10% 2037			6,749		8,869
Microsoft Corp. 2.525% 2050			35,598		37,542
Oracle Corp. 2.80% 2021			11,276		11,426
Oracle Corp. 3.60% 2050			22,007		25,701
PayPal Holdings, Inc. 1.65% 2025			20,453		21,387
PayPal Holdings, Inc. 2.65% 2026			15,368		16,897
PayPal Holdings, Inc. 2.85% 2029			28,419		31,612
PayPal Holdings, Inc. 2.30% 2030			8,250		8,844
ServiceNow, Inc. 1.40% 2030			50,670		49,468
Simon Property Group, LP 3.50% 2025			19,500		21,664
Simon Property Group, LP 2.65% 2030			21,275		22,676
Visa Inc. 2.80% 2022			23,000		24,069
Visa Inc. 3.15% 2025			34,000		38,160
Visa Inc. 0.75% 2027			10,750		10,728
Visa Inc. 2.05% 2030			29,557		31,647
Visa Inc. 1.10% 2031			34,071		33,635
Visa Inc. 2.00% 2050			14,664		14,006
					1,455,111

American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Communication services 0.71%
Alphabet Inc. 0.45% 2025		$	4,155	$	4,166
Alphabet Inc. 1.998% 2026			7,000		7,509
Alphabet Inc. 1.10% 2030			41,500		40,922
Alphabet Inc. 1.90% 2040			15,610		15,321
Alphabet Inc. 2.05% 2050			5,625		5,375
Alphabet Inc. 2.25% 2060			20,890		20,228
AT&T Inc. 2.30% 2027			15,500		16,540
AT&T Inc. 1.65% 2028			25,140		25,672
AT&T Inc. 2.75% 2031			30,000		32,078
AT&T Inc. 2.25% 2032			40,575		41,216
AT&T Inc. 3.30% 2052			19,704		19,537
AT&T Inc. 3.50% 2053⁵			31,302		31,304
British Telecommunications PLC 9.625% 2030⁶			7,758		12,873
CCO Holdings LLC and CCO Holdings Capital Corp. 4.908% 2025			10,000		11,625
CCO Holdings LLC and CCO Holdings Capital Corp. 2.80% 2031			25,701		27,185
CCO Holdings LLC and CCO Holdings Capital Corp. 2.30% 2032			41,800		41,863
CCO Holdings LLC and CCO Holdings Capital Corp. 3.70% 2051			30,236		31,457
CenturyLink, Inc. 4.00% 2027⁵			79,017		81,693
Comcast Corp. 3.10% 2025			18,000		19,819
Comcast Corp. 3.15% 2026			11,215		12,529
Comcast Corp. 3.30% 2027			20,000		22,771
Comcast Corp. 3.40% 2030			10,825		12,488
Comcast Corp. 1.50% 2031			10,000		9,939
Comcast Corp. 1.95% 2031			30,752		31,650
Comcast Corp. 3.20% 2036			7,250		8,248
Comcast Corp. 3.90% 2038			3,190		3,904
Comcast Corp. 4.60% 2038			20,000		26,355
Comcast Corp. 3.75% 2040			11,163		13,450
Comcast Corp. 4.70% 2048			10,000		13,934
Comcast Corp. 2.80% 2051			20,000		20,832
Comcast Corp. 2.45% 2052			5,909		5,756
Deutsche Telekom International Finance BV 9.25% 2032			6,194		10,437
Discovery Communications, Inc. 3.625% 2030			24,748		28,368
Discovery Communications, Inc. 4.65% 2050			10,460		13,095
Fox Corp. 4.03% 2024			4,480		4,936
NBCUniversal Enterprise, Inc., junior subordinated, 5.25% 2049⁵			5,730		5,852
T-Mobile US, Inc. 3.50% 2025⁵			16,375		18,110
T-Mobile US, Inc. 1.50% 2026⁵			19,000		19,489
T-Mobile US, Inc. 3.75% 2027⁵			26,300		29,977
T-Mobile US, Inc. 2.05% 2028⁵			30,450		31,711
T-Mobile US, Inc. 3.875% 2030⁵			29,375		34,053
T-Mobile US, Inc. 2.25% 2031⁵			11,920		12,256
T-Mobile US, Inc. 2.55% 2031⁵			15,000		15,770
T-Mobile US, Inc. 3.00% 2041⁵			7,932		8,238
T-Mobile US, Inc. 4.50% 2050⁵			12,825		15,842
T-Mobile US, Inc. 3.30% 2051⁵			21,948		22,622
Verizon Communications Inc. 0.85% 2025			30,000		30,243
Verizon Communications Inc. 3.00% 2027			21,136		23,437
Verizon Communications Inc. 4.125% 2027			6,980		8,234
Verizon Communications Inc. 3.875% 2029			4,464		5,259
Verizon Communications Inc. 4.016% 2029			21,676		25,748
Verizon Communications Inc. 1.75% 2031			30,000		29,887
Verizon Communications Inc. 4.50% 2033			23,000		29,006
Verizon Communications Inc. 2.65% 2040			47,000		47,535
Verizon Communications Inc. 4.522% 2048			3,750		4,891
Verizon Communications Inc. 2.875% 2050			38,012		38,336
Verizon Communications Inc. 3.00% 2060			15,000		15,104
Vodafone Group PLC 3.75% 2024			39,450		43,128
Vodafone Group PLC 4.375% 2028			5,000		5,990
Vodafone Group PLC 5.25% 2048			10,000		13,913
Vodafone Group PLC 4.25% 2050			21,020		26,085
Walt Disney Company 1.75% 2026			1,950		2,045
Walt Disney Company 2.65% 2031			5,000		5,483
Walt Disney Company 4.70% 2050			2,500		3,531
Walt Disney Company 3.60% 2051			4,369		5,303
					1,302,153

24	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Materials 0.40%
Air Products and Chemicals, Inc. 1.50% 2025		$	2,610	$	2,722
Air Products and Chemicals, Inc. 1.85% 2027			7,229		7,661
Air Products and Chemicals, Inc. 2.05% 2030			10,416		11,114
Anglo American Capital PLC 5.375% 2025⁵			22,804		26,712
Anglo American Capital PLC 2.625% 2030⁵			28,994		30,365
Anglo American Capital PLC 3.95% 2050⁵			15,935		17,928
Chevron Phillips Chemical Co. LLC 3.30% 2023⁵			2,440		2,584
Dow Chemical Co. 4.55% 2025			23,705		27,749
Dow Chemical Co. 3.625% 2026			7,265		8,190
Dow Chemical Co. 2.10% 2030			8,000		8,211
Dow Chemical Co. 4.80% 2049			12,810		17,261
Dow Chemical Co. 3.60% 2050			60,000		67,416
Eastman Chemical Co. 3.80% 2025			7,405		8,236
Ecolab Inc. 5.50% 2041			204		294
Glencore Funding LLC 4.125% 2024⁵			16,500		18,173
International Paper Co. 7.30% 2039			7,835		12,573
LYB International Finance III, LLC 1.25% 2025			46,822		47,675
LYB International Finance III, LLC 2.875% 2025			3,600		3,927
LYB International Finance III, LLC 2.25% 2030			37,977		39,302
LYB International Finance III, LLC 3.375% 2040			53,216		56,988
LYB International Finance III, LLC 4.20% 2050			7,500		8,756
LYB International Finance III, LLC 3.625% 2051			74,970		82,079
LYB International Finance III, LLC 3.80% 2060			20,936		22,617
Mosaic Co. 3.25% 2022			4,750		4,965
Mosaic Co. 4.05% 2027			4,490		5,090
Newcrest Finance Pty Ltd. 3.25% 2030⁵			2,410		2,666
Newcrest Finance Pty Ltd. 4.20% 2050⁵			10,318		12,646
Nutrien Ltd. 1.90% 2023			1,152		1,190
Nutrition & Biosciences, Inc. 1.832% 2027⁵			21,614		22,281
Nutrition & Biosciences, Inc. 2.30% 2030⁵			27,410		28,241
Praxair, Inc. 1.10% 2030			28,709		28,430
Praxair, Inc. 2.00% 2050			4,424		4,148
Sherwin-Williams Co. 2.75% 2022			425		439
Sherwin-Williams Co. 3.125% 2024			4,260		4,624
Sherwin-Williams Co. 2.30% 2030			3,631		3,796
Sherwin-Williams Co. 3.80% 2049			37,768		45,652
Sherwin-Williams Co. 3.30% 2050			10,000		11,077
Vale Overseas Ltd. 3.75% 2030			22,321		24,855
Westlake Chemical Corp. 4.375% 2047			2,500		2,977
					731,610

Real estate 0.28%
Alexandria Real Estate Equities, Inc. 3.95% 2028			3,970		4,615
Alexandria Real Estate Equities, Inc. 3.375% 2031			21,020		24,091
Alexandria Real Estate Equities, Inc. 1.875% 2033			11,167		11,171
Alexandria Real Estate Equities, Inc. 4.85% 2049			4,046		5,682
Alexandria Real Estate Equities, Inc. 4.00% 2050			5,210		6,480
American Campus Communities, Inc. 3.75% 2023			11,715		12,387
American Campus Communities, Inc. 4.125% 2024			12,580		13,741
American Campus Communities, Inc. 3.30% 2026			1,770		1,934
American Campus Communities, Inc. 3.625% 2027			16,532		18,235
American Campus Communities, Inc. 2.85% 2030			9,075		9,507
American Campus Communities, Inc. 3.875% 2031			2,066		2,343
American Tower Corp. 3.55% 2027			6,815		7,716
American Tower Corp. 1.50% 2028			30,000		30,203
American Tower Corp. 3.60% 2028			3,750		4,264
Brandywine Operating Partnership, LP 3.95% 2023			1,639		1,708
Corporate Office Properties LP 3.60% 2023			6,000		6,356
Corporate Office Properties LP 5.25% 2024			20,030		22,153
Corporate Office Properties LP 5.00% 2025			1,235		1,425
Corporate Office Properties LP 2.25% 2026			10,339		10,789
Equinix, Inc. 2.625% 2024			10,601		11,341
Equinix, Inc. 1.25% 2025			7,722		7,884
Equinix, Inc. 2.90% 2026			13,636		14,929
Equinix, Inc. 1.80% 2027			11,891		12,254
Equinix, Inc. 1.55% 2028			17,275		17,576
Equinix, Inc. 3.20% 2029			15,036		16,596

American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Real estate (continued)
Equinix, Inc. 2.15% 2030		$	18,655	$	19,004
Equinix, Inc. 3.00% 2050			19,120		19,420
Equinix, Inc. 2.95% 2051			6,454		6,537
Essex Portfolio LP 3.875% 2024			27,215		29,919
Essex Portfolio LP 3.50% 2025			28,995		32,142
Essex Portfolio LP 3.375% 2026			2,395		2,691
Federal Realty Investment Trust 3.50% 2030			6,700		7,488
Gaming and Leisure Properties, Inc. 3.35% 2024			9,135		9,618
Gaming and Leisure Properties, Inc. 4.00% 2030			5,000		5,441
Hospitality Properties Trust 5.00% 2022			4,350		4,437
Hospitality Properties Trust 4.50% 2023			15,630		15,737
Hospitality Properties Trust 4.95% 2027			2,750		2,771
Hospitality Properties Trust 3.95% 2028			12,610		12,208
Public Storage 2.37% 2022			2,160		2,234
Scentre Group 3.25% 2025⁵			6,535		6,965
Scentre Group 3.50% 2025⁵			10,415		11,144
Scentre Group 3.75% 2027⁵			13,620		14,683
Westfield Corp. Ltd. 3.15% 2022⁵			42,160		42,892
					520,711

Municipals 0.02%
Sharp HealthCare 2.68% 2050			17,500		17,717
The Rockefeller Foundation 2.492% 2050			17,000		17,727
					35,444

Total corporate bonds, notes & loans					23,218,535

Mortgage-backed obligations 10.18%
Federal agency mortgage-backed obligations 9.64%
Fannie Mae Pool #AJ9156 3.00% 2026⁸			422		444
Fannie Mae Pool #AJ0049 3.00% 2026⁸			361		380
Fannie Mae Pool #AJ6086 3.00% 2026⁸			212		222
Fannie Mae Pool #AJ9155 3.00% 2026⁸			208		219
Fannie Mae Pool #AJ6999 3.00% 2026⁸			40		42
Fannie Mae Pool #AJ4087 3.00% 2026⁸			8		8
Fannie Mae Pool #AJ1756 3.00% 2026⁸			7		7
Fannie Mae Pool #AI8140 3.50% 2026⁸			17		18
Fannie Mae Pool #AL5603 3.00% 2027⁸			751		789
Fannie Mae Pool #AB4281 3.00% 2027⁸			678		713
Fannie Mae Pool #AL1381 3.00% 2027⁸			411		432
Fannie Mae Pool #AP7539 3.00% 2027⁸			386		406
Fannie Mae Pool #AK3264 3.00% 2027⁸			269		283
Fannie Mae Pool #AB4483 3.00% 2027⁸			239		252
Fannie Mae Pool #AB4485 3.00% 2027⁸			236		249
Fannie Mae Pool #AP7788 3.00% 2027⁸			178		187
Fannie Mae Pool #AO8678 3.00% 2027⁸			148		156
Fannie Mae Pool #AK4347 3.00% 2027⁸			89		93
Fannie Mae Pool #AP0457 3.00% 2027⁸			37		39
Fannie Mae Pool #AJ9193 3.00% 2027⁸			21		23
Fannie Mae Pool #AQ4458 3.00% 2027⁸			14		15
Fannie Mae Pool #MA1062 3.00% 2027⁸			5		5
Fannie Mae Pool #AL2740 3.00% 2027⁸			4		4
Fannie Mae Pool #AK6769 3.50% 2027⁸			17		18
Fannie Mae Pool #AL4693 3.00% 2028⁸			65		68
Fannie Mae Pool #AL3802 3.00% 2028⁸			43		45
Fannie Mae Pool #AL5878 3.50% 2029⁸			242		264
Fannie Mae Pool #BM4299 3.00% 2030⁸			823		864
Fannie Mae Pool #FM1465 3.00% 2030⁸			350		374
Fannie Mae Pool #BA0496 3.50% 2030⁸			116		126
Fannie Mae Pool #AL7688 3.50% 2030⁸			108		117
Fannie Mae Pool #AZ5722 3.50% 2030⁸			16		18
Fannie Mae Pool #AL7972 3.50% 2031⁸			155		168
Fannie Mae Pool #BE7150 3.50% 2032⁸			294		314
Fannie Mae Pool #CA0960 3.50% 2032⁸			19		20
Fannie Mae Pool #BJ7443 3.00% 2033⁸			22		23
Fannie Mae Pool #AS0727 3.50% 2033⁸			104		114
Fannie Mae Pool #BJ9002 3.50% 2033⁸			66		71
Fannie Mae Pool #CA1270 3.50% 2033⁸			15		16

26	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 #555880 5.50% 2033⁸		$	1,225	$	1,428
Fannie Mae Pool #555956 5.50% 2033⁸			1,084		1,264
Fannie Mae Pool #357399 5.50% 2033⁸			114		133
Fannie Mae Pool #FM1394 3.00% 2034⁸			60		65
Fannie Mae Pool #MA4124 2.50% 2035⁸			46,067		48,216
Fannie Mae Pool #MA2138 3.50% 2035⁸			288		310
Fannie Mae Pool #AA0914 5.00% 2035⁸			369		416
Fannie Mae Pool #745092 6.50% 2035⁸			1,180		1,378
Fannie Mae Pool #MA4228 1.50% 2036⁸			198,915		204,778
Fannie Mae Pool #MA4229 2.00% 2036⁸			275,236		287,936
Fannie Mae Pool #887695 6.00% 2036⁸			403		483
Fannie Mae Pool #888292 6.00% 2037⁸			3,334		3,968
Fannie Mae Pool #888746 6.50% 2037⁸			692		786
Fannie Mae Pool #256860 6.50% 2037⁸			423		492
Fannie Mae Pool #MA3412 3.50% 2038⁸			697		738
Fannie Mae Pool #MA3280 3.50% 2038⁸			263		279
Fannie Mae Pool #MA3539 4.50% 2038⁸			280		305
Fannie Mae Pool #889658 6.50% 2038⁸			1,070		1,231
Fannie Mae Pool #MA3742 3.50% 2039⁸			2,124		2,244
Fannie Mae Pool #FM1441 3.50% 2039⁸			798		844
Fannie Mae Pool #MA3832 3.50% 2039⁸			685		725
Fannie Mae Pool #FM3075 3.50% 2039⁸			287		303
Fannie Mae Pool #MA3772 3.50% 2039⁸			193		204
Fannie Mae Pool #AD0679 5.50% 2039⁸			33		39
Fannie Mae Pool #AE0395 4.50% 2040⁸			5,010		5,597
Fannie Mae Pool #AE3049 4.50% 2040⁸			3,895		4,358
Fannie Mae Pool #AE5471 4.50% 2040⁸			2,809		3,152
Fannie Mae Pool #AD8536 5.00% 2040⁸			2,147		2,498
Fannie Mae Pool #AE2513 5.00% 2040⁸			1,447		1,651
Fannie Mae Pool #932752 5.00% 2040⁸			601		699
Fannie Mae Pool #AE4689 5.00% 2040⁸			453		504
Fannie Mae Pool #AI2503 4.00% 2041⁸			3,387		3,717
Fannie Mae Pool #AH3575 4.50% 2041⁸			4,155		4,666
Fannie Mae Pool #AI5589 4.50% 2041⁸			58		66
Fannie Mae Pool #AI8121 5.00% 2041⁸			919		1,069
Fannie Mae Pool #AH5452 5.00% 2041⁸			787		911
Fannie Mae Pool #AI0582 5.00% 2041⁸			673		782
Fannie Mae Pool #AI4289 5.00% 2041⁸			651		748
Fannie Mae Pool #AH9420 5.00% 2041⁸			456		513
Fannie Mae Pool #AH9938 5.00% 2041⁸			340		395
Fannie Mae Pool #AI3894 5.00% 2041⁸			326		364
Fannie Mae Pool #AI7218 5.00% 2041⁸			317		351
Fannie Mae Pool #AH9370 5.00% 2041⁸			286		318
Fannie Mae Pool #AI6576 5.00% 2041⁸			181		208
Fannie Mae Pool #MA0791 5.00% 2041⁸			178		207
Fannie Mae Pool #AI4296 5.00% 2041⁸			126		145
Fannie Mae Pool #AI7159 5.00% 2041⁸			120		134
Fannie Mae Pool #AI7058 5.00% 2041⁸			84		97
Fannie Mae Pool #AI1865 5.00% 2041⁸			43		50
Fannie Mae Pool #AI6599 5.00% 2041⁸			17		18
Fannie Mae Pool #AI4563 5.00% 2041⁸			6		7
Fannie Mae Pool #AJ1422 5.00% 2041⁸			6		6
Fannie Mae Pool #AK2147 5.00% 2042⁸			234		258
Fannie Mae Pool #AT7696 3.50% 2043⁸			6,845		7,429
Fannie Mae Pool #AT7689 3.50% 2043⁸			3,036		3,287
Fannie Mae Pool #AT7680 3.50% 2043⁸			1,322		1,435
Fannie Mae Pool #AQ9302 3.50% 2043⁸			918		998
Fannie Mae Pool #AU8813 4.00% 2043⁸			360		408
Fannie Mae Pool #AU9348 4.00% 2043⁸			257		291
Fannie Mae Pool #AU9350 4.00% 2043⁸			205		228
Fannie Mae Pool #AV1538 4.50% 2043⁸			7,504		8,434
Fannie Mae Pool #AL8354 3.50% 2045⁸			10,528		11,502
Fannie Mae Pool #MA2608 3.00% 2046⁸			2,773		2,919
Fannie Mae Pool #MA2771 3.00% 2046⁸			2,385		2,511
Fannie Mae Pool #AL8522 3.50% 2046⁸			15,955		17,436
Fannie Mae Pool #AS6789 3.50% 2046⁸			12,092		13,085
Fannie Mae Pool #BC0157 3.50% 2046⁸			11,628		12,773

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 #AL9499 3.50% 2046⁸		$	10,208	$	11,055
Fannie Mae Pool #AS7168 3.50% 2046⁸			7,600		8,245
Fannie Mae Pool #BC7611 4.00% 2046⁸			2,003		2,196
Fannie Mae Pool #BD9665 4.00% 2046⁸			1,499		1,642
Fannie Mae Pool #BF0364 3.00% 2047⁸			34,388		36,292
Fannie Mae Pool #BF0302 3.00% 2047⁸			28,393		30,077
Fannie Mae Pool #BM3528 3.50% 2047⁸			58,262		63,945
Fannie Mae Pool #CA0770 3.50% 2047⁸			10,530		11,192
Fannie Mae Pool #MA3182 3.50% 2047⁸			8,625		9,158
Fannie Mae Pool #BE3151 3.50% 2047⁸			1,861		2,002
Fannie Mae Pool #BE3162 3.50% 2047⁸			1,727		1,873
Fannie Mae Pool #BH6387 3.50% 2047⁸			1,071		1,139
Fannie Mae Pool #BH7058 3.50% 2047⁸			252		267
Fannie Mae Pool #BH7779 3.50% 2047⁸			78		83
Fannie Mae Pool #CA0453 4.00% 2047⁸			44,352		47,560
Fannie Mae Pool #MA3149 4.00% 2047⁸			33,094		35,511
Fannie Mae Pool #MA3183 4.00% 2047⁸			8,317		8,934
Fannie Mae Pool #BM4413 4.50% 2047⁸			17,556		19,136
Fannie Mae Pool #CA0623 4.50% 2047⁸			7,420		8,099
Fannie Mae Pool #BE9242 4.50% 2047⁸			46		51
Fannie Mae Pool #257030 6.50% 2047⁸			72		79
Fannie Mae Pool #947661 6.50% 2047⁸			55		59
Fannie Mae Pool #256975 7.00% 2047⁸			40		47
Fannie Mae Pool #920015 7.00% 2047⁸			37		44
Fannie Mae Pool #257036 7.00% 2047⁸			21		24
Fannie Mae Pool #256893 7.00% 2047⁸			9		10
Fannie Mae Pool #BF0293 3.00% 2048⁸			127,879		136,483
Fannie Mae Pool #BF0323 3.00% 2048⁸			61,847		66,009
Fannie Mae Pool #BF0325 3.50% 2048⁸			80,262		86,767
Fannie Mae Pool #BF0318 3.50% 2048⁸			66,642		72,043
Fannie Mae Pool #FM3164 3.50% 2048⁸			43,388		45,782
Fannie Mae Pool #BM4033 3.50% 2048⁸			39,512		42,780
Fannie Mae Pool #CA1532 3.50% 2048⁸			21,635		22,997
Fannie Mae Pool #CA1073 3.50% 2048⁸			12,515		13,263
Fannie Mae Pool #BM3714 3.50% 2048⁸			11,784		12,743
Fannie Mae Pool #MA3332 3.50% 2048⁸			10,991		11,649
Fannie Mae Pool #CA2451 3.50% 2048⁸			10,350		10,993
Fannie Mae Pool #BJ6760 3.50% 2048⁸			8,183		8,803
Fannie Mae Pool #BH9277 3.50% 2048⁸			7,944		8,417
Fannie Mae Pool #BJ3790 3.50% 2048⁸			4,196		4,447
Fannie Mae Pool #BM3332 3.50% 2048⁸			2,886		3,105
Fannie Mae Pool #BK7655 3.899% 2048^7,8			6,018		6,335
Fannie Mae Pool #CA2374 4.00% 2048⁸			34,899		37,295
Fannie Mae Pool #BK0199 4.00% 2048⁸			7,255		7,762
Fannie Mae Pool #BJ0639 4.00% 2048⁸			3,972		4,239
Fannie Mae Pool #BK1198 4.00% 2048⁸			3,929		4,204
Fannie Mae Pool #CA2377 4.00% 2048⁸			2,832		3,026
Fannie Mae Pool #BK0920 4.00% 2048⁸			2,337		2,496
Fannie Mae Pool #BM2007 4.00% 2048⁸			1,416		1,510
Fannie Mae Pool #BJ9252 4.00% 2048⁸			693		741
Fannie Mae Pool #FM1784 4.00% 2048⁸			479		519
Fannie Mae Pool #MA3384 4.00% 2048⁸			476		511
Fannie Mae Pool #CA1542 4.00% 2048⁸			309		335
Fannie Mae Pool #BJ4342 4.00% 2048⁸			253		271
Fannie Mae Pool #BK0915 4.00% 2048⁸			206		220
Fannie Mae Pool #BJ9256 4.00% 2048⁸			162		173
Fannie Mae Pool #CA1015 4.00% 2048⁸			151		162
Fannie Mae Pool #MA3277 4.00% 2048⁸			126		135
Fannie Mae Pool #BJ9260 4.00% 2048⁸			44		48
Fannie Mae Pool #BJ2751 4.50% 2048⁸			34,341		37,318
Fannie Mae Pool #CA2204 4.50% 2048⁸			9,409		10,204
Fannie Mae Pool #CA2642 4.50% 2048⁸			602		655
Fannie Mae Pool #CA2493 4.50% 2048⁸			510		554
Fannie Mae Pool #BK1135 4.50% 2048⁸			390		423
Fannie Mae Pool #BK9902 4.50% 2048⁸			289		315
Fannie Mae Pool #BJ8318 4.50% 2048⁸			165		178
Fannie Mae Pool #BJ5829 4.50% 2048⁸			136		149

28	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 #BK9366 4.50% 2048⁸		$	40	$	43
Fannie Mae Pool #BK0253 4.50% 2048⁸			38		42
Fannie Mae Pool #BK9598 4.50% 2048⁸			35		38
Fannie Mae Pool #CA4756 3.00% 2049⁸			198,763		215,218
Fannie Mae Pool #CA4788 3.00% 2049⁸			177,310		192,118
Fannie Mae Pool #BN7755 3.00% 2049⁸			144,194		156,026
Fannie Mae Pool #CA4533 3.00% 2049⁸			51,530		56,034
Fannie Mae Pool #BO4808 3.00% 2049⁸			28,299		30,419
Fannie Mae Pool #BO4758 3.00% 2049⁸			16,352		17,485
Fannie Mae Pool #CA3807 3.00% 2049⁸			7,940		8,614
Fannie Mae Pool #CA3806 3.00% 2049⁸			4,292		4,670
Fannie Mae Pool #CA4800 3.50% 2049⁸			86,537		95,649
Fannie Mae Pool #CA3068 3.50% 2049⁸			9,548		10,381
Fannie Mae Pool #CA4156 3.50% 2049⁸			4,638		4,984
Fannie Mae Pool #CA4112 3.50% 2049⁸			1,846		2,035
Fannie Mae Pool #CA3814 3.50% 2049⁸			1,627		1,792
Fannie Mae Pool #BO5349 3.50% 2049⁸			130		138
Fannie Mae Pool #BO1345 3.50% 2049⁸			78		83
Fannie Mae Pool #FM1913 4.00% 2049⁸			8,800		9,502
Fannie Mae Pool #CA3976 4.00% 2049⁸			3,537		3,856
Fannie Mae Pool #CA3184 4.00% 2049⁸			647		705
Fannie Mae Pool #CA4432 4.00% 2049⁸			348		381
Fannie Mae Pool #FM1668 4.00% 2049⁸			254		279
Fannie Mae Pool #CA5689 3.00% 2050⁸			187,634		204,085
Fannie Mae Pool #CA4935 3.00% 2050⁸			130,494		140,200
Fannie Mae Pool #CA6495 3.50% 2050⁸			2,428		2,567
Fannie Mae Pool #MA4256 2.50% 2051⁸			21,440		22,612
Fannie Mae Pool #BF0189 3.00% 2057⁸			12,614		13,716
Fannie Mae Pool #BF0174 3.00% 2057⁸			8,272		8,997
Fannie Mae Pool #BF0177 3.00% 2057⁸			7,570		8,233
Fannie Mae Pool #BF0219 3.50% 2057⁸			40,756		45,070
Fannie Mae Pool #BF0262 3.00% 2058⁸			744		809
Fannie Mae Pool #BF0226 3.50% 2058⁸			49,383		55,057
Fannie Mae Pool #BF0332 3.00% 2059⁸			107,398		116,786
Fannie Mae, Series 2016-M1, Class ASQ2, Multi Family, 2.132% 2021^7,8			51		51
Fannie Mae, Series 2011-M9, Class A2, Multi Family, 2.821% 2021⁸			4		4
Fannie Mae, Series 2018-M5, Class A2, Multi Family, 3.56% 2021^7,8			733		737
Fannie Mae, Series 2012-M13, Class A2, Multi Family, 2.377% 2022⁸			335		342
Fannie Mae, Series 2012-M9, Class A2, Multi Family, 2.482% 2022⁸			9,366		9,533
Fannie Mae, Series 2015-M4, Class AV2, Multi Family, 2.509% 2022^7,8			715		726
Fannie Mae, Series 2012-M5, Class A2, Multi Family, 2.715% 2022⁸			5,611		5,696
Fannie Mae, Series 2012-M2, Class A2, Multi Family, 2.717% 2022⁸			173		176
Fannie Mae, Series 2016-M2, Class AV2, Multi Family, 2.152% 2023⁸			1,058		1,085
Fannie Mae, Series 2016-M3, Class ASQ2, Multi Family, 2.263% 2023⁸			223		226
Fannie Mae, Series 2013-M12, Class APT, Multi Family, 2.411% 2023^7,8			782		808
Fannie Mae, Series 2014-M1, Class A2, Multi Family, 3.128% 2023^7,8			9,760		10,310
Fannie Mae, Series 2013-M14, Class A2, Multi Family, 3.329% 2023^7,8			13,449		14,283
Fannie Mae, Series 2014-M2, Class A2, Multi Family, 3.513% 2023^7,8			11,683		12,521
Fannie Mae, Series 2017-M3, Class AV2, Multi Family, 2.52% 2024^7,8			672		707
Fannie Mae, Series 2017-M3, Class AV1, Multi Family, 2.52% 2024^7,8			12		12
Fannie Mae, Series 2017-M10, Class AV2, Multi Family, 2.555% 2024^7,8			858		915
Fannie Mae, Series 2017-M10, Class AV1, Multi Family, 2.555% 2024^7,8			155		158
Fannie Mae, Series 2017-M15, Class AV2, Multi Family, 2.624% 2024^7,8			740		794
Fannie Mae, Series 2014-M9, Class A2, Multi Family, 3.103% 2024^7,8			15,959		17,290
Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 2024^7,8			12,078		13,062
Fannie Mae, Series 2015-M12, Class A1, Multi Family, 2.331% 2025⁸			89		90
Fannie Mae, Series 2015-M8, Class A1, Multi Family, 2.344% 2025⁸			390		404
Fannie Mae, Series 2015-M13, Class A1, Multi Family, 2.353% 2025⁸			47		47
Fannie Mae, Series 2015-M15, Class A1, Multi Family, 2.623% 2025⁸			716		752
Fannie Mae, Series 2016-M9, Class A1, Multi Family, 2.003% 2026⁸			138		142
Fannie Mae, Series 2016-M7, Class A1, Multi Family, 2.037% 2026⁸			217		223
Fannie Mae, Series 2016-M5, Class A1, Multi Family, 2.073% 2026⁸			778		807
Fannie Mae, Series 2016-M11, Class A1, Multi Family, 2.08% 2026⁸			1,143		1,190
Fannie Mae, Series 2016-M12, Class A1, Multi Family, 2.132% 2026⁸			554		580
Fannie Mae, Series 2016-M6, Class A1, Multi Family, 2.137% 2026⁸			552		578
Fannie Mae, Series 2016-M4, Class A1, Multi Family, 2.187% 2026⁸			530		552
Fannie Mae, Series 2017-M1, Class A1, Multi Family, 2.417% 2026^7,8			359		368

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, Series 2016-M1, Class A1, Multi Family, 2.428% 2026⁸		$	82		$	83
Fannie Mae, Series 2017-M3, Class A2, Multi Family, 2.477% 2026^7,8			38,665			42,304
Fannie Mae, Series 2017-M3, Class A1, Multi Family, 2.477% 2026^7,8			423			436
Fannie Mae, Series 2016-M13, Class A1, Multi Family, 2.483% 2026^7,8			41			41
Fannie Mae, Series 2017-M4, Class A1, Multi Family, 2.584% 2026^7,8			556			583
Fannie Mae, Series 2017-M7, Class A1, Multi Family, 2.595% 2026⁸			805			852
Fannie Mae, Series 2017-M8, Class A1, Multi Family, 2.654% 2027⁸			740			772
Fannie Mae, Series 2017-M12, Class A1, Multi Family, 2.747% 2027⁸			273			287
Fannie Mae, Series 2017-M13, Class A1, Multi Family, 2.746% 2027⁸			75			77
Fannie Mae, Series 2017-M2, Class A1, Multi Family, 2.801% 2027^7,8			323			334
Fannie Mae, Series 2017-M7, Class A2, Multi Family, 2.961% 2027^7,8			22,406			25,117
Fannie Mae, Series 2017-M15, Class ATS1, Multi Family, 2.987% 2027^5,8			714			765
Fannie Mae, Series 2017-M12, Class A2, Multi Family, 3.079% 2027^7,8			32,890			37,178
Fannie Mae, Series 2006-43, Class JO, principal only, 0% 2036⁸			544			510
Freddie Mac Pool #ZK3775 3.00% 2026⁸			628			660
Freddie Mac Pool #ZK3584 3.00% 2026⁸			155			163
Freddie Mac Pool #ZK3747 3.00% 2026⁸			6			6
Freddie Mac Pool #ZK3727 3.00% 2026⁸			3			3
Freddie Mac Pool #ZK7598 3.00% 2027⁸			6,535			6,871
Freddie Mac Pool #ZS8455 3.00% 2027⁸			537			564
Freddie Mac Pool #ZK3970 3.00% 2027⁸			385			404
Freddie Mac Pool #ZK4375 3.00% 2027⁸			262			276
Freddie Mac Pool #ZA2702 3.00% 2027⁸			120			126
Freddie Mac Pool #ZK4018 3.00% 2027⁸			8			9
Freddie Mac Pool #D97504 6.50% 2027⁸			245			267
Freddie Mac Pool #C91130 6.50% 2027⁸			130			146
Freddie Mac Pool #D97509 6.50% 2027⁸			33			37
Freddie Mac Pool #ZK5302 3.00% 2028⁸			1,064			1,133
Freddie Mac Pool #ZS6976 3.00% 2028⁸			211			221
Freddie Mac Pool #ZK5749 3.00% 2028⁸			130			138
Freddie Mac Pool #ZK6181 3.00% 2028⁸			128			137
Freddie Mac Pool #C91150 6.50% 2028⁸			136			152
Freddie Mac Pool #ZK7590 3.00% 2029⁸			3,892			4,123
Freddie Mac Pool #ZK7593 3.00% 2029⁸			339			360
Freddie Mac Pool #G16210 3.50% 2032⁸			59			63
Freddie Mac Pool #G16663 3.00% 2033⁸			12,716			13,630
Freddie Mac Pool #G16426 3.00% 2033⁸			6,013			6,527
Freddie Mac Pool #V62089 3.50% 2033⁸			4,513			4,799
Freddie Mac Pool #SB8073 1.50% 2035⁸			—	⁹		—	⁹
Freddie Mac Pool #ZA2384 3.50% 2035⁸			373			404
Freddie Mac Pool #SB8083 1.50% 2036⁸			39,338			40,497
Freddie Mac Pool #SB8084 2.00% 2036⁸			906,063			947,869
Freddie Mac Pool #C91912 3.00% 2037⁸			29,723			31,323
Freddie Mac Pool #C91917 3.00% 2037⁸			14,075			14,827
Freddie Mac Pool #G06028 5.50% 2037⁸			165			185
Freddie Mac Pool #A56076 5.50% 2037⁸			23			27
Freddie Mac Pool #ZA2505 3.50% 2038⁸			186			196
Freddie Mac Pool #G08248 5.50% 2038⁸			84			98
Freddie Mac Pool #G05979 5.50% 2038⁸			35			41
Freddie Mac Pool #G04552 6.00% 2038⁸			629			740
Freddie Mac Pool #ZA7078 3.50% 2039⁸			11,578			12,236
Freddie Mac Pool #RB5012 3.50% 2039⁸			536			568
Freddie Mac Pool #RB5003 3.50% 2039⁸			357			378
Freddie Mac Pool #RB5007 3.50% 2039⁸			101			107
Freddie Mac Pool #RB5001 3.50% 2039⁸			40			42
Freddie Mac Pool #G05546 5.50% 2039⁸			143			168
Freddie Mac Pool #1B7749 2.38% 2040^7,8			17			17
Freddie Mac Pool #G05937 4.50% 2040⁸			4,541			5,083
Freddie Mac Pool #A90351 4.50% 2040⁸			344			375
Freddie Mac Pool #Q03821 4.50% 2041⁸			860			953
Freddie Mac Pool #Q01190 4.50% 2041⁸			439			488
Freddie Mac Pool #A97543 4.50% 2041⁸			422			465
Freddie Mac Pool #A97669 4.50% 2041⁸			324			364
Freddie Mac Pool #A96552 4.50% 2041⁸			103			112
Freddie Mac Pool #Q03795 4.50% 2041⁸			43			47
Freddie Mac Pool #Q01160 5.00% 2041⁸			216			250
Freddie Mac Pool #Q11220 3.50% 2042⁸			839			910

30	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 #Q05807 4.00% 2042⁸		$	7,235		$	7,979
Freddie Mac Pool #V80026 3.00% 2043⁸			44			47
Freddie Mac Pool #G07921 3.50% 2043⁸			692			750
Freddie Mac Pool #Q23190 4.00% 2043⁸			419			466
Freddie Mac Pool #Q23185 4.00% 2043⁸			269			305
Freddie Mac Pool #Q26734 4.00% 2044⁸			3,051			3,392
Freddie Mac Pool #760014 3.116% 2045^7,8			1,681			1,755
Freddie Mac Pool #Q37988 4.00% 2045⁸			7,513			8,306
Freddie Mac Pool #G60344 4.00% 2045⁸			6,553			7,261
Freddie Mac Pool #Z40130 3.00% 2046⁸			21,385			23,346
Freddie Mac Pool #G60744 3.50% 2046⁸			3,133			3,399
Freddie Mac Pool #V82628 4.00% 2046⁸			15,828			17,331
Freddie Mac Pool #Q40476 4.00% 2046⁸			4,248			4,618
Freddie Mac Pool #Q40458 4.00% 2046⁸			1,293			1,422
Freddie Mac Pool #Q41909 4.50% 2046⁸			1,150			1,263
Freddie Mac Pool #Q41090 4.50% 2046⁸			683			749
Freddie Mac Pool #760015 2.849% 2047^7,8			11,198			11,583
Freddie Mac Pool #G61733 3.00% 2047⁸			26,763			29,030
Freddie Mac Pool #Q52813 3.50% 2047⁸			12,921			13,711
Freddie Mac Pool #G61295 3.50% 2047⁸			9,629			10,571
Freddie Mac Pool #ZS4739 3.50% 2047⁸			264			281
Freddie Mac Pool #ZS4726 3.50% 2047⁸			63			67
Freddie Mac Pool #G08775 4.00% 2047⁸			29,280			31,434
Freddie Mac Pool #Q50901 4.00% 2047⁸			8,236			8,926
Freddie Mac Pool #V83507 4.00% 2047⁸			4,688			5,023
Freddie Mac Pool #G08789 4.00% 2047⁸			3,303			3,549
Freddie Mac Pool #G60928 4.50% 2047⁸			5,477			6,022
Freddie Mac Pool #G61628 3.50% 2048⁸			13,321			14,440
Freddie Mac Pool #G61662 3.50% 2048⁸			12,555			13,340
Freddie Mac Pool #G67710 3.50% 2048⁸			7,669			8,253
Freddie Mac Pool #ZM5397 3.50% 2048⁸			20			21
Freddie Mac Pool #ZS4751 3.50% 2048⁸			18			19
Freddie Mac Pool #Q54547 4.00% 2048⁸			16,859			18,055
Freddie Mac Pool #ZA5889 4.00% 2048⁸			10,017			10,798
Freddie Mac Pool #Q54367 4.00% 2048⁸			1,280			1,371
Freddie Mac Pool #Q54328 4.00% 2048⁸			978			1,046
Freddie Mac Pool #SI2002 4.00% 2048⁸			97			104
Freddie Mac Pool #SD7507 3.00% 2049⁸			225,918			244,331
Freddie Mac Pool #SD7509 3.00% 2049⁸			87,871			94,396
Freddie Mac Pool #ZT1955 3.00% 2049⁸			—	⁹		—	⁹
Freddie Mac Pool #QA5118 3.50% 2049⁸			72,557			79,016
Freddie Mac Pool #V85664 3.50% 2049⁸			63,602			69,129
Freddie Mac Pool #SD7508 3.50% 2049⁸			17,685			19,398
Freddie Mac Pool #SD7506 4.00% 2049⁸			92,544			101,775
Freddie Mac Pool #RA1744 4.00% 2049⁸			1,817			1,992
Freddie Mac Pool #RA2334 3.00% 2050⁸			90,878			97,767
Freddie Mac, Series T041, Class 3A, 5.222% 2032^7,8			1,042			1,182
Freddie Mac, Series 3318, Class JT, 5.50% 2037⁸			1,545			1,779
Freddie Mac, Series K723, Class A2, Multi Family, 2.454% 2023⁸			17,125			17,978
Freddie Mac, Series KS01, Class A2, Multi Family, 2.522% 2023⁸			957			985
Freddie Mac, Series K725, Class A2, Multi Family, 3.002% 2024⁸			44,445			47,853
Freddie Mac, Series K044, Class A2, Multi Family, 2.811% 2025⁸			13,505			14,718
Freddie Mac, Series K733, Class A2, Multi Family, 3.75% 2025^7,8			59,309			66,706
Freddie Mac, Series K734, Class A2, Multi Family, 3.208% 2026⁸			27,630			30,838
Freddie Mac, Series K061, Class A2, Multi Family, 3.347% 2026⁸			14,800			16,947
Freddie Mac, Series K066, Class A2, Multi Family, 3.117% 2027⁸			28,540			32,531
Freddie Mac, Series K067, Class A2, Multi Family, 3.194% 2027⁸			29,815			34,220
Freddie Mac, Series K069, Class A2, Multi Family, 3.187% 2027^7,8			20,520			23,585
Freddie Mac, Series K065, Class A2, Multi Family, 3.243% 2027⁸			3,800			4,354
Freddie Mac, Series K063, Class A2, Multi Family, 3.43% 2027⁸			17,500			20,140
Freddie Mac, Series K076, Class A2, Multi Family, 3.90% 2028⁸			11,103			13,320
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 2056⁸			58,912			63,189
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 2056^7,8			59,089			62,095
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 2056^7,8			26,439			27,792
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class MA, 3.00% 2056⁸			7,891			8,472
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 2056^7,8			34,192			36,252
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 2057^7,8			11,406			12,438

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 Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 2057⁸		$	43,434	$	47,057
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 2057⁸			22,056		24,086
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 2057⁸			9,242		10,090
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 2058⁸			113,907		124,155
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2059⁸			61,707		65,836
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 2028⁸			12,012		12,708
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 2029⁸			17,574		18,600
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 2029⁸			47,315		50,192
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A2, 3.50% 2029⁸			24,545		27,134
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A1D, 2.00% 2030⁸			8,295		8,558
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A2D, 2.00% 2030⁸			1,427		1,481
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, 3.448% 2027^7,8			18,211		18,738
Government National Mortgage Assn. 2.00% 2051^8,10			1,539,162		1,604,333
Government National Mortgage Assn. 2.00% 2051^8,10			232,086		242,294
Government National Mortgage Assn. 4.00% 2051^8,10			24,603		26,245
Government National Mortgage Assn. 4.50% 2051^8,10			35,057		37,575
Government National Mortgage Assn. 4.50% 2051^8,10			14,647		15,685
Government National Mortgage Assn. Pool #004291 6.00% 2038⁸			2,144		2,488
Government National Mortgage Assn. Pool #783219 4.00% 2041⁸			5,192		5,668
Government National Mortgage Assn. Pool #MA1601 4.00% 2044⁸			73		81
Government National Mortgage Assn. Pool #MA3175 4.50% 2045⁸			6,157		6,861
Government National Mortgage Assn. Pool #MA3107 4.50% 2045⁸			141		157
Government National Mortgage Assn. Pool #MA3873 3.00% 2046⁸			52,404		55,855
Government National Mortgage Assn. Pool #MA4901 4.00% 2047⁸			49,542		53,451
Government National Mortgage Assn. Pool #MA4587 4.00% 2047⁸			29,807		32,109
Government National Mortgage Assn. Pool #MA4779 4.00% 2047⁸			6,087		6,595
Government National Mortgage Assn. Pool #MA4653 4.00% 2047⁸			4,948		5,340
Government National Mortgage Assn. Pool #MA5191 3.50% 2048⁸			56,987		60,992
Government National Mortgage Assn. Pool #MA5078 4.00% 2048⁸			61,287		66,044
Government National Mortgage Assn. Pool #MA5528 4.00% 2048⁸			1,370		1,474
Government National Mortgage Assn. Pool #MA5193 4.50% 2048⁸			11,621		12,579
Government National Mortgage Assn. Pool #MA5816 3.50% 2049⁸			69,885		74,230
Government National Mortgage Assn. Pool #MA5876 4.00% 2049⁸			21,827		23,351
Government National Mortgage Assn. Pool #MA5986 4.00% 2049⁸			1,709		1,835
Government National Mortgage Assn. Pool #MA5764 4.50% 2049⁸			92,180		99,772
Government National Mortgage Assn. Pool #MA6092 4.50% 2049⁸			7,300		7,874
Government National Mortgage Assn. Pool #MA6041 4.50% 2049⁸			546		590
Government National Mortgage Assn. Pool #MA7052 2.50% 2050⁸			15,655		16,589
Government National Mortgage Assn. Pool #710085 4.999% 2061⁸			6		6
Uniform Mortgage-Backed Security 1.50% 2036^8,10			1,442,000		1,480,932
Uniform Mortgage-Backed Security 1.50% 2036^8,10			704,553		723,933
Uniform Mortgage-Backed Security 2.00% 2036^8,10			395,563		413,119
Uniform Mortgage-Backed Security 2.00% 2036^8,10			193,829		202,629
Uniform Mortgage-Backed Security 3.00% 2036^8,10			387		406
Uniform Mortgage-Backed Security 2.00% 2051^8,10			2,140,963		2,216,312
Uniform Mortgage-Backed Security 2.00% 2051^8,10			1,130,388		1,172,070
Uniform Mortgage-Backed Security 2.50% 2051^8,10			864,803		908,650
Uniform Mortgage-Backed Security 2.50% 2051^8,10			649,195		683,099
Uniform Mortgage-Backed Security 3.00% 2051^8,10			238,000		249,564
Uniform Mortgage-Backed Security 3.50% 2051^8,10			321,381		340,166
Uniform Mortgage-Backed Security 4.00% 2051^8,10			439,813		470,358
Uniform Mortgage-Backed Security 4.50% 2051^8,10			30,238		32,814
					17,657,863

32	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) 0.29%
Arroyo Mortgage Trust, Series 2018-1, Class A1, 3.763% 2048^5,7,8		$	5,103	$	5,188
Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 2055^5,8			1,950		1,971
Bellemeade Re Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 1.748% 2029^5,7,8			27,930		27,982
BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 2059^5,8			5,526		5,707
BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 2059^5,7,8			4,508		4,665
Bunker Hill Loan Depositary Trust, Series 2019-1, Class A3, 3.919% 2048^5,7,8			5,233		5,318
Cascade Funding Mortgage Trust, Series 2019-HB1, Class M1, 2.572% 2029^5,7,8			6,909		6,946
Cascade Funding Mortgage Trust, Series 2019-HB1, Class M2, 2.863% 2029^5,7,8			1,681		1,693
Cascade Funding Mortgage Trust, Series 2019-HB1, Class M3, 3.257% 2029^5,7,8			861		853
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 2030^5,7,8			4,454		4,460
Cascade Funding Mortgage Trust, Series 2018-RM2, Class A, 4.00% 2068^5,7,8			10,701		11,079
CHL Mortgage Pass-Through Trust, Series 2003-56, Class 6A1, 2.543% 2033^7,8			464		453
Citigroup Mortgage Loan Trust Inc., Series 2020-EXP1, Class A1A, 1.804% 2060^5,7,8			6,211		6,259
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 2037^5,8			18,052		18,750
CS First Boston Mortgage Securities Corp., Series 2002-34, Class IA1, 7.50% 2032⁸			274		291
CS First Boston Mortgage Securities Corp., Series 2002-30, Class IA1, 7.50% 2032⁸			120		128
CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 2034⁸			1,080		1,139
Finance of America HECM Buyout, Series 2019-HB1, Class M1, 2.105% 2030^5,7,8			4,900		4,924
Finance of America HECM Buyout, Series 2020-HB1, Class M2, 2.389% 2030^5,7,8			1,600		1,568
Finance of America HECM Buyout, Series 2020-HB1, Class M3, 2.723% 2030^5,7,8			760		730
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 2069^5,8			103,149		111,914
Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 2069^5,8			25,818		28,358
Flagstar Mortgage Trust, Series 2018-3INV, Class A3, 4.00% 2048^5,7,8			13,140		13,589
JPMorgan Mortgage Trust, Series 2020-INV1, Class A3, 3.50% 2050^5,7,8			5,002		5,213
JPMorgan Mortgage Trust, Series 2019-INV3, Class A13, 3.50% 2050^5,7,8			3,584		3,737
JPMorgan Mortgage Trust, Series 2019-INV3, Class A3, 3.50% 2050^5,7,8			3,419		3,565
Legacy Mortgage Asset Trust, Series 2019-GS5, Class A1, 3.20% 2059^5,7,8			33,889		34,266
Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 3.25% 2059^5,7,8			18,204		18,262
Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, 3.75% 2059^5,7,8			11,844		11,893
Mello Warehouse Securitization Trust, Series 2019-2, Class A, (1-month USD-LIBOR + 0.75%) 0.898% 2052^5,7,8			11,004		11,020
Mello Warehouse Securitization Trust, Series 2020-2, Class A, (1-month USD-LIBOR + 0.80%) 0.996% 2053^5,7,8			15,542		15,581
Mortgage Repurchase Agreement Financing Trust, Series 2020-1, Class A1, (1-month USD-LIBOR + 2.00%) 2.149% 2022^5,7,8			24,374		24,431
Mortgage Repurchase Agreement Financing Trust, Series 2020-5, Class A1, (1-month USD-LIBOR + 1.00%) 1.149% 2023^5,7,8			42,938		43,268
New Residential Mortgage Loan Trust, Series 2019-2A, Class A1, 4.25% 2057^5,7,8			1,341		1,451
Onslow Bay Financial LLC, Series 2020-INV1, Class A5, 3.50% 2049^5,7,8			7,769		8,019
Progress Residential Trust, Series 2018-SFR1, Class A, 3.255% 2035^5,8			7,296		7,320
Progress Residential Trust, Series 2018-SFR2, Class A, 3.712% 2035^5,8			4,915		5,007
Progress Residential Trust, Series 2018-SFR3, Class A, 3.88% 2035^5,8			6,493		6,650
RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75% 2063^5,7,8			10,828		10,897
Sequoia Mortgage Trust, Series 2018-CH1, Class A1, 4.00% 2048^5,7,8			12,342		12,690
Starwood Mortgage Residential Trust, Series 2019-IMC1, Class A1, 3.468% 2049^5,7,8			5,774		5,819
Station Place Securitization Trust, Series 2020-WL1, Class A, (1-month USD-LIBOR + 1.15%) 1.298% 2051^5,7,8			25,000		25,042
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 2060^5,8			1,001		1,026
					519,122

Commercial mortgage-backed securities 0.25%
Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 2052⁸			405		474
Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 2052⁸			3,422		4,066
Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 2061⁸			4,013		4,558
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 2061⁸			515		584
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A5, 3.688% 2061⁸			795		921
Bank Commercial Mortgage Trust, Series 2018-BN12, Class A4, 4.255% 2061^7,8			9,618		11,476
Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 2063⁸			18,122		19,497
Barclays Commercial Mortgage Securities LLC, Series 2017-DELC, Class A, 1.009% 2036^5,7,8			12,000		11,893
Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 2051⁸			11,350		13,003
Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 2052⁸			9,988		12,015
Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 2053⁸			17,198		18,409
Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 2053^7,8			3,073		3,759
Benchmark Mortgage Trust, Series 2019-B13, Class A4, 2.952% 2057⁸			8,000		8,961

American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
CD Commercial Mortgage Trust, Series 2017-CD6, Class A5, 3.456% 2050⁸		$	13,000	$	14,820
Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class AAB, 2.984% 2048⁸			2,885		3,009
Citigroup Commercial Mortgage Trust, Series 2016-C1, Class AS, 3.514% 2049⁸			800		886
Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 2049⁸			2,395		2,699
Commercial Mortgage Trust, Series 2012-CR3, Class B, 3.922% 2045^5,8			1,480		1,465
Commercial Mortgage Trust, Series 2013-LC13, Class B, 5.009% 2046^5,7,8			1,070		1,131
Commercial Mortgage Trust, Series 2014-LC15, Class AM, 4.198% 2047⁸			1,280		1,407
Commercial Mortgage Trust, Series 2015-PC1, Class A5, 3.902% 2050⁸			15,265		17,114
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class ASB, 3.617% 2048⁸			5,340		5,706
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class C, 4.563% 2048^7,8			701		723
CSAIL Commercial Mortgage Trust, Series 2015-C1, Class B, 4.044% 2050^7,8			1,000		1,059
DBUBS Mortgage Trust, Series 2011-LC1A, Class A3, 5.002% 2046^5,8			1,293		1,293
Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 2049⁸			550		603
Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 2040^5,8			38,490		40,827
GS Mortgage Securities Corp. II, Series 2015-GS1, Class AAB, 3.553% 2048⁸			4,919		5,256
GS Mortgage Securities Trust, Series 2011-GC5, Class B, 5.555% 2044^5,7,8			1,817		1,813
GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 2050⁸			1,568		1,792
GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 2052⁸			405		482
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 2053⁸			26,725		28,815
Hawaii Hotel Trust, Series 2019-MAUI, Class A, (1-month USD-LIBOR + 1.15%) 1.309% 2038^5,7,8			7,000		6,965
JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class A5, 4.079% 2047⁸			12,894		14,139
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 2050⁸			930		1,055
JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 2050⁸			2,520		2,883
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-BCON, Class A, 3.735% 2031^5,8			3,075		3,203
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% 2049^7,8			8,015		9,142
Manhattan West, Series 2020-OMW, Class A, 2.13% 2039^5,8			73,501		77,469
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27, Class ASB, 3.557% 2047⁸			3,925		4,174
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class A5, 3.741% 2047⁸			8,016		8,748
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class ASB, 3.04% 2048⁸			2,972		3,110
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A4, 3.306% 2048⁸			1,600		1,743
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4, 3.72% 2049⁸			972		1,116
Morgan Stanley Capital I Trust, Series 2014-CPT, Class A, 3.35% 2029^5,8			6,355		6,401
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class AS, 4.114% 2048⁸			2,490		2,776
Morgan Stanley Capital I Trust, Series 2016-UBS9, Class C, 4.608% 2049^7,8			704		692
MRA Issuance Trust, Series 2020-10, Class A, (1-month USD-LIBOR + 1.75%) 2.25% 2021^1,5,7,8			47,844		47,844
Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class A4, 3.789% 2048⁸			9,587		10,679
Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class C, 4.094% 2048^7,8			750		766
Wells Fargo Commercial Mortgage Trust, Series 2016-BNK1, Class B, 2.967% 2049⁸			1,212		1,246
Wells Fargo Commercial Mortgage Trust, Series 2016-C34, Class AS, 3.484% 2049⁸			455		499
Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 2049⁸			10,015		11,514
Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 2052⁸			4,008		4,539
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class AS, 3.988% 2059⁸			800		897
Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 2060⁸			795		909
					463,025

Total mortgage-backed obligations					18,640,010

U.S. Treasury bonds & notes 7.76%
U.S. Treasury 6.77%
U.S. Treasury 1.50% 2021			19,071		19,245
U.S. Treasury 1.50% 2021			5,449		5,505
U.S. Treasury 1.625% 2021			5,836		5,924
U.S. Treasury 2.75% 2021			30,000		30,552
U.S. Treasury 0.125% 2022			245,000		245,024
U.S. Treasury 0.125% 2022			152,300		152,332
U.S. Treasury 0.125% 2022			80,000		80,005
U.S. Treasury 0.125% 2022			26,476		26,481

34	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued)
U.S. Treasury 1.375% 2022		$	110,000	$	111,497
U.S. Treasury 1.375% 2022			4,047		4,137
U.S. Treasury 1.50% 2022			44,695		45,738
U.S. Treasury 1.625% 2022			39,152		40,301
U.S. Treasury 1.875% 2022			75,195		77,483
U.S. Treasury 2.00% 2022			130,000		134,647
U.S. Treasury 2.00% 2022			35,000		35,740
U.S. Treasury 0.125% 2023			13,013		12,997
U.S. Treasury 0.125% 2023			12,922		12,912
U.S. Treasury 0.125% 2023			3,192		3,190
U.S. Treasury 0.25% 2023			121,500		121,811
U.S. Treasury 0.25% 2023			96,968		97,229
U.S. Treasury 1.375% 2023			36,935		38,063
U.S. Treasury 1.50% 2023			97,491		100,214
U.S. Treasury 1.625% 2023			36,000		37,240
U.S. Treasury 2.375% 2023			40,000		41,861
U.S. Treasury 2.50% 2023			31,046		32,688
U.S. Treasury 2.625% 2023			142,200		150,962
U.S. Treasury 2.75% 2023			110,200		117,575
U.S. Treasury 2.75% 2023			20,100		21,317
U.S. Treasury 1.50% 2024			50,516		52,900
U.S. Treasury 2.125% 2024			60,000		63,751
U.S. Treasury 2.25% 2024			75,000		80,801
U.S. Treasury 2.25% 2024			50,000		53,191
U.S. Treasury 2.50% 2024			60,763		65,099
U.S. Treasury 0.25% 2025¹¹			825,909		823,374
U.S. Treasury 0.25% 2025			525,300		522,964
U.S. Treasury 0.25% 2025			395,000		394,207
U.S. Treasury 0.25% 2025			42,000		41,835
U.S. Treasury 0.375% 2025			602,475		604,632
U.S. Treasury 0.375% 2025			265,042		265,384
U.S. Treasury 1.125% 2025			67,590		69,968
U.S. Treasury 1.375% 2025			188,436		196,922
U.S. Treasury 2.00% 2025			30,000		32,124
U.S. Treasury 2.125% 2025			25,000		26,986
U.S. Treasury 2.625% 2025			62,796		68,989
U.S. Treasury 2.75% 2025			115,000		127,875
U.S. Treasury 2.75% 2025			10,765		11,938
U.S. Treasury 2.875% 2025			116,001		130,242
U.S. Treasury 3.00% 2025			180,000		202,886
U.S. Treasury 2.00% 2026			47,620		51,813
U.S. Treasury 2.25% 2026			53,133		58,258
U.S. Treasury 6.50% 2026			40,000		53,947
U.S. Treasury 0.375% 2027			12,222		12,031
U.S. Treasury 0.50% 2027			200,000		199,233
U.S. Treasury 0.50% 2027			100,000		99,173
U.S. Treasury 1.125% 2027			940		974
U.S. Treasury 1.50% 2027			40,654		43,079
U.S. Treasury 2.25% 2027			11,250		12,432
U.S. Treasury 2.375% 2027			4,350		4,851
U.S. Treasury 6.375% 2027			40,000		55,142
U.S. Treasury 6.625% 2027			60,000		82,209
U.S. Treasury 2.75% 2028			10,941		12,541
U.S. Treasury 2.875% 2028			50,768		58,795
U.S. Treasury 3.125% 2028			44,885		53,125
U.S. Treasury 5.25% 2028			121,000		163,123
U.S. Treasury 1.625% 2029			25,000		26,735
U.S. Treasury 1.75% 2029¹¹			764,465		825,942
U.S. Treasury 5.25% 2029			40,000		54,242
U.S. Treasury 0.625% 2030			95,370		92,954
U.S. Treasury 0.625% 2030			27,436		26,817
U.S. Treasury 0.875% 2030			907,802		904,327
U.S. Treasury 4.25% 2039			100,000		148,336
U.S. Treasury 1.125% 2040			173,950		164,658
U.S. Treasury 1.125% 2040			140,000		132,887
U.S. Treasury 2.75% 2042			32,950		40,843
U.S. Treasury 2.875% 2043			36,410		46,036

American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued)
U.S. Treasury 3.125% 2043		$	48,025	$	62,995
U.S. Treasury 3.125% 2044			39,797		52,486
U.S. Treasury 3.625% 2044			25,000		35,392
U.S. Treasury 2.50% 2045			115,000		137,153
U.S. Treasury 3.00% 2045			25,000		32,535
U.S. Treasury 3.00% 2045			25,000		32,436
U.S. Treasury 2.50% 2046			52,120		62,281
U.S. Treasury 2.75% 2047¹¹			151,180		189,596
U.S. Treasury 3.00% 2047			60,062		78,664
U.S. Treasury 3.00% 2048			4,047		5,312
U.S. Treasury 2.25% 2049¹¹			830,364		950,426
U.S. Treasury 2.375% 2049			63,555		74,657
U.S. Treasury 2.875% 2049			4,950		6,390
U.S. Treasury 1.25% 2050			94,000		85,253
U.S. Treasury 1.375% 2050			926,454		866,928
U.S. Treasury 1.625% 2050			279,000		277,670
U.S. Treasury 2.00% 2050			352,578		382,864
					12,396,279

U.S. Treasury inflation-protected securities 0.99%
U.S. Treasury Inflation-Protected Security 0.125% 2021¹²			89,979		90,314
U.S. Treasury Inflation-Protected Security 0.125% 2024¹²			47,700		51,146
U.S. Treasury Inflation-Protected Security 0.625% 2024¹²			239,929		257,580
U.S. Treasury Inflation-Protected Security 0.125% 2025¹²			28,099		30,551
U.S. Treasury Inflation-Protected Security 2.375% 2025¹²			69,068		80,724
U.S. Treasury Inflation-Protected Security 0.375% 2027¹²			53,896		60,180
U.S. Treasury Inflation-Protected Security 0.75% 2028¹²			155,598		181,139
U.S. Treasury Inflation-Protected Security 1.75% 2028¹²			33,434		41,059
U.S. Treasury Inflation-Protected Security 0.875% 2029¹²			232,024		272,877
U.S. Treasury Inflation-Protected Security 0.125% 2030¹²			131,516		146,696
U.S. Treasury Inflation-Protected Security 0.125% 2030¹²			101,557		113,930
U.S. Treasury Inflation-Protected Security 1.375% 2044¹²			42,456		61,227
U.S. Treasury Inflation-Protected Security 1.00% 2046¹²			38,463		52,525
U.S. Treasury Inflation-Protected Security 0.875% 2047¹²			37,754		50,813
U.S. Treasury Inflation-Protected Security 1.00% 2049^11,12			48,272		68,077
U.S. Treasury Inflation-Protected Security 0.25% 2050¹²			214,514		255,530
					1,814,368

Total U.S. Treasury bonds & notes					14,210,647

Asset-backed obligations 1.18%
Aesop Funding LLC, Series 2017-2A, Class A, 2.97% 2024^5,8			14,425		15,008
Aesop Funding LLC, Series 2018-1A, Class A, 3.70% 2024^5,8			8,454		8,924
Aesop Funding LLC, Series 2019-2A, Class A, 3.35% 2025^5,8			9,880		10,573
Aesop Funding LLC, Series 2020-1A, Class A, 2.33% 2026^5,8			3,375		3,493
Aesop Funding LLC, Series 2019-3A, Class A, 2.36% 2026^5,8			7,920		8,279
Aesop Funding LLC, Series 2020-2, Class A, 2.02% 2027^5,8			20,101		20,542
Aesop Funding LLC, Series 2020-2A, Class B, 2.96% 2027^5,8			3,873		3,960
American Credit Acceptance Receivables Trust, Series 2020-3, Class B, 1.15% 2024^5,8			5,040		5,068
American Credit Acceptance Receivables Trust, Series 2020-3, Class C, 1.85% 2026^5,8			13,012		13,241
Bankers Healthcare Group Securitization Trust, Series 2020-A, Class A, 2.56% 2031^5,8			2,731		2,738
CarMaxAuto Owner Trust, Series 2020-1, Class A2, 1.87% 2023⁸			10,946		11,022
CarMaxAuto Owner Trust, Series 2019-2, Class C, 3.16% 2025⁸			8,000		8,394
CF Hippolyta LLC, Series 2020-1, Class A1, 1.69% 2060^5,8			98,667		100,773
CF Hippolyta LLC, Series 2020-1, Class A2, 1.99% 2060^5,8			19,786		20,121
CF Hippolyta LLC, Series 2020-1, Class B1, 2.28% 2060^5,8			25,830		26,311
CF Hippolyta LLC, Series 2020-1, Class B2, 2.60% 2060^5,8			3,617		3,670
CLI Funding V LLC, Series 2020-2A, Class A, 2.03% 2045^5,8			32,895		33,217
CLI Funding V LLC, Series 2020-3A, Class A, 2.07% 2045^5,8			19,856		20,084
CLI Funding V LLC, Series 2020-1A, Class A, 2.08% 2045^5,8			41,989		42,562
CLI Funding V LLC, Series 2020-3A, Class B, 3.30% 2045^5,8			8,903		8,998
Cloud Pass-Through Trust, Series 2019-1A, Class CLOU, 3.554% 2022^5,7,8			3,444		3,487
CPS Auto Receivables Trust, Series 2019-C, Class C, 2.84% 2025^5,8			2,821		2,883
CPS Auto Receivables Trust, Series 2019-C, Class D, 3.17% 2025^5,8			4,275		4,430
CPS Auto Receivables Trust, Series 2019-B, Class D, 3.69% 2025^5,8			10,655		10,986
CPS Auto Receivables Trust, Series 2020-C, Class C, 1.71% 2026^5,8			2,971		3,015
Credit Acceptance Auto Loan Trust, Series 2020-1A, Class A, 2.01% 2029^5,8			9,634		9,855

36	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Asset-backed obligations (continued)
Drive Auto Receivables Trust, Series 2020-1, Class A2, 1.99% 2022⁸		$	1,685	$	1,689
Drive Auto Receivables Trust, Series 2019-3, Class A3, 2.49% 2023⁸			15,768		15,809
Drive Auto Receivables Trust, Series 2019-3, Class B, 2.65% 2024⁸			6,615		6,685
Drive Auto Receivables Trust, Series 2019-3, Class C, 2.90% 2025⁸			49,120		50,616
Drive Auto Receivables Trust, Series 2019-2, Class C, 3.42% 2025⁸			15,980		16,422
Drive Auto Receivables Trust, Series 2020-1, Class C, 2.36% 2026⁸			24,909		25,504
Drive Auto Receivables Trust, Series 2019-3, Class D, 3.18% 2026⁸			33,495		34,909
Drivetime Auto Owner Trust, Series 2019-3, Class A, 2.55% 2022^5,8			400		401
Drivetime Auto Owner Trust, Series 2019-2A, Class A, 2.85% 2022^5,8			364		364
Drivetime Auto Owner Trust, Series 2019-3, Class B, 2.60% 2023^5,8			2,850		2,872
Drivetime Auto Owner Trust, Series 2019-3, Class C, 2.74% 2025^5,8			5,510		5,621
Drivetime Auto Owner Trust, Series 2019-3, Class D, 2.96% 2025^5,8			9,570		9,901
Drivetime Auto Owner Trust, Series 2020-3A, Class C, 1.47% 2026^5,8			3,433		3,467
Drivetime Auto Owner Trust, Series 2020-3A, Class D, 1.84% 2026^5,8			1,100		1,117
Drivetime Auto Owner Trust, Series 2020-2A, Class D, 4.73% 2026^5,8			1,250		1,364
Dryden Senior Loan Fund, Series 2014-33A, Class AR3, CLO, (3-month USD-LIBOR + 1.00%) 1.237% 2029^5,7,8			11,329		11,329
Exeter Automobile Receivables Trust, Series 2019-2A, Class B, 3.06% 2023^5,8			6,400		6,432
Exeter Automobile Receivables Trust, Series 2019-3A, Class C, 2.79% 2024^5,8			21,100		21,555
Exeter Automobile Receivables Trust, Series 2020-3A, Class C, 1.32% 2025⁸			3,276		3,304
Exeter Automobile Receivables Trust, Series 2019-3A, Class D, 3.11% 2025^5,8			34,000		35,162
Exeter Automobile Receivables Trust, Series 2019-2A, Class D, 3.71% 2025^5,8			29,000		30,311
Exeter Automobile Receivables Trust, Series 2020-3A, Class D, 1.73% 2026⁸			3,125		3,171
Fin. Auth., Student Loan Rev. Ref. Bonds, Series 2015-B-1, (1-month USD-LIBOR + 0.75%) 0.898% 2030^7,8			4,125		4,131
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 2037^5,8			89,049		89,694
Ford Credit Auto Owner Trust, Series 2016-2, Class A, 2.03% 2027^5,8			34,745		35,027
Ford Credit Auto Owner Trust, Series 2016-1, Class A, 2.31% 2027^5,8			35,370		35,454
Ford Credit Auto Owner Trust, Series 2017-1, Class A, 2.62% 2028^5,8			51,335		52,649
Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 2030^5,8			64,300		69,004
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.52% 2030^5,8			67,516		73,703
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 2031^5,8			115,833		122,278
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 2031^5,8			101,235		111,389
Ford Credit Auto Owner Trust, Series 2020-2, Class A, 1.06% 2033^5,8			35,225		35,623
Ford Credit Floorplan Master Owner Trust, Series 2020-2, Class A, 1.06% 2027⁸			30,000		30,516
GCI Funding I LLC, Series 2020-1, Class A, 2.82% 2045^5,8			11,912		11,984
GCI Funding I LLC, Series 2020-1, Class B, 3.81% 2045^5,8			3,442		3,356
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 2039^5,8			15,880		15,965
Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 2040^5,8			78,547		79,527
Global SC Finance V SRL, Series 2020-1A, Class B, 3.55% 2040^5,8			2,034		2,060
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 2040^5,8			95,294		96,579
Global SC Finance VII SRL, Series 2020-2A, Class B, 3.32% 2040^5,8			6,397		6,483
GM Financial Automobile Leasing Trust, Series 2020-2, Class B, 1.56% 2024⁸			1,395		1,422
GM Financial Automobile Leasing Trust, Series 2020-2, Class C, 2.56% 2024⁸			1,165		1,206
GM Financial Automobile Leasing Trust, Series 2020-2, Class D, 3.21% 2024⁸			1,646		1,718
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2015-3A, Class A, 2.67% 2021^5,8			1,190		1,192
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2017-2A, Class A, 3.29% 2023^5,8			1,208		1,211
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2018-1A, Class A, 3.29% 2024^5,8			5,976		5,988
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2018-3A, Class A, 4.03% 2024^5,8			701		703
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2019-3A, Class A, 2.67% 2025^5,8			404		405
Honda Auto Receivables Owner Trust, Series 2019-2, Class A3, 2.52% 2023⁸			34,260		34,907
Honda Auto Receivables Owner Trust, Series 2018-4, Class A3, 3.16% 2023⁸			7,110		7,222
Palmer Square Loan Funding, CLO, Series 2020-4, Class A1, (3-month USD-LIBOR + 1.00%) 1.134% 2028^5,7,8			53,117		53,178
Palmer Square Ltd., Series 2015-1A, Class A1R3, (3-month USD-LIBOR + 1.00%) 1.245% 2029^5,7,8			15,003		15,003
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70% 2024^5,8			8,310		8,530
Prestige Auto Receivables Trust, Series 2019-1A, Class D, 3.01% 2025^5,8			5,145		5,325
Santander Drive Auto Receivables Trust, Series 2020-1, Class A2A, 2.07% 2023⁸			5,329		5,355
Santander Drive Auto Receivables Trust, Series 2020-1, Class A3, 2.03% 2024⁸			6,223		6,310
Santander Drive Auto Receivables Trust, Series 2019-2, Class C, 2.90% 2024⁸			50,000		51,199
Santander Drive Auto Receivables Trust, Series 2020-1, Class B, 3.03% 2024⁸			6,896		7,143

American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Asset-backed obligations (continued)
Santander Drive Auto Receivables Trust, Series 2019-2, Class D, 3.22% 2025⁸		$	10,565	$	10,994
Santander Drive Auto Receivables Trust, Series 2020-1, Class C, 4.11% 2025⁸			20,000		21,370
Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.12% 2026⁸			13,071		13,186
Santander Drive Auto Receivables Trust, Series 2020-3, Class D, 1.64% 2026⁸			8,108		8,237
SMB Private Education Loan Trust, Series 2015-A, Class A2A, 2.49% 2027^5,8			521		527
Social Professional Loan Program LLC, Series 2015-C, Class A1, (1-month USD-LIBOR + 1.05%) 1.198% 2035^5,7,8			785		786
Social Professional Loan Program LLC, Series 2015-D, Class A2, 2.72% 2036^5,8			1,363		1,382
South Carolina Student Loan Corp., Series 2014-1, Class A1, (1-month USD-LIBOR + 0.75%) 0.905% 2030^7,8			1,887		1,886
South Carolina Student Loan Corp., Series 2014-1, Class A2, (1-month USD-LIBOR + 1.00%) 1.155% 2033^7,8			12,240		12,332
Symphony Ltd., CLO, Series 2013-12A, Class AR, (3-month USD-LIBOR + 1.03%) 1.267% 2025^5,7,8			16,391		16,392
TAL Advantage V LLC, Series 2020-1A, Class A, 2.05% 2045^5,8			30,166		30,524
TAL Advantage V LLC, Series 2020-1A, Class B, 3.29% 2045^5,8			2,404		2,434
Textainer Marine Containers Ltd., Series 2020-2A, Class A, 2.10% 2045^5,8			20,054		20,393
Textainer Marine Containers Ltd., Series 2020-2A, Class B, 3.34% 2045^5,8			3,623		3,675
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 2031^5,8			35,000		37,417
Toyota Auto Loan Extended Note Trust, Series 2020-1, Class A, 1.35% 2033^5,8			13,338		13,753
Triton Container Finance LLC, Series 2020-1A, Class A, 2.11% 2045^5,8			98,854		100,333
Triton Container Finance LLC, Series 2020-1, Class B, 3.74% 2045^5,8			4,049		4,138
Westlake Automobile Receivables Trust, Series 2019-2A, Class A2, 2.57% 2023^5,8			9,626		9,669
Westlake Automobile Receivables Trust, Series 2019-2A, Class B, 2.62% 2024^5,8			8,685		8,795
Westlake Automobile Receivables Trust, Series 2019-2A, Class C, 2.84% 2024^5,8			13,905		14,194
Westlake Automobile Receivables Trust, Series 2020-3A, Class C, 1.24% 2025^5,8			5,971		6,009
Westlake Automobile Receivables Trust, Series 2020-3A, Class D, 1.65% 2026^5,8			11,586		11,736
World Financial Network Credit Card Master Note Trust, Series 2018-A, Class A, 3.07% 2024⁸			33,000		33,108
					2,156,348

Municipals 0.37%
California 0.02%
City of Industry, Public Facs. Auth., Tax Allocation Rev. Ref. Bonds (Civic - Recreational-Industrial Redev. Project No. 1), Series 2015-A, Assured Guaranty Municipal insured, 3.821% 2022			11,640		11,962
Dept. of Veterans Affairs, Veterans G.O. Rev. Ref. Bonds, Series 2015-CM, AMT, 2.45% 2031			730		743
Regents of the University of California, General Rev. Bonds, Series 2020-BG, 0.883% 2025			5,000		5,074
Regents of the University of California, General Rev. Bonds, Series 2020-BG, 1.316% 2027			5,400		5,490
Regents of the University of California, General Rev. Bonds, Series 2020-BG, 1.614% 2030			6,450		6,523
					29,792

Connecticut 0.00%
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-A-1, 4.00% 2044			475		493

Florida 0.07%
Board of Administration Fin. Corp., Rev. Bonds, Series 2016-A, 2.638% 2021			16,500		16,683
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.258% 2025			12,060		12,342
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 2027			44,495		46,214
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 2030			56,645		59,654
					134,893

Illinois 0.27%
G.O. Bonds, Pension Funding Series 2003, 4.95% 2023			35,543		36,425
G.O. Bonds, Pension Funding Series 2003, 5.10% 2033			284,825		306,748
G.O. Bonds, Pension Funding Series 2003, Assured Guaranty Municipal insured, 5.10% 2033			54,365		62,689
G.O. Bonds, Series 2019-A, 3.75% 2021			12,000		12,037
G.O. Bonds, Series 2019-A, 3.75% 2022			12,000		12,119
G.O. Bonds, Series 2019-A, 4.20% 2024			12,000		12,305
G.O. Bonds, Series 2019-A, 4.50% 2025			6,750		7,019

38	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Municipals (continued)
Illinois (continued)
G.O. Bonds, Series 2019-A, 5.00% 2021		$	25,000	$	25,810
G.O. Bonds, Taxable Build America Bonds, Series 2010-1, 6.63% 2035			8,405		9,635
G.O. Bonds, Taxable Build America Bonds, Series 2010-5, 7.35% 2035			4,935		5,888
					490,675

Iowa 0.00%
Fin. Auth., Single Family Mortgage Bonds (Mortgage-Backed Securities Program), Series 2013-1, 2.15% 2043			258		263

Maine 0.00%
Housing Auth., Mortgage Purchase Rev. Ref. Bonds, Series 2014-A-1, AMT, 3.25% 2043			185		191

Michigan 0.01%
Building Auth., Rev. Ref. Bonds (Facs. Program), Series 2020-II, 2.705% 2040			7,285		7,464

New Jersey 0.00%
Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2013-I, (SIFMA Municipal Swap Index + 1.60%) 1.69% 2028⁷			5,000		4,999

New York 0.00%
Utility Debt Securitization Auth., Restructuring Bonds, Series 2013-T-4, 3.435% 2025			2,625		2,752

South Dakota 0.00%
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2013-E, AMT, 4.00% 2044			210		219
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2014-F, 4.00% 2034			405		414
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2015-D, 4.00% 2045			1,620		1,728
					2,361

Total municipals					673,883

Bonds & notes of governments & government agencies outside the U.S. 0.36%
Caisse d’Amortissement de la Dette Sociale 0.375% 2025⁵			20,000		19,907
CPPIB Capital Inc. 2.375% 2021⁵			26,000		26,038
CPPIB Capital Inc. 2.25% 2022⁵			25,714		26,262
CPPIB Capital Inc. 2.75% 2027⁵			26,400		29,745
European Investment Bank 0.625% 2027			7,655		7,599
European Stability Mechanism 0.375% 2025⁵			26,410		26,269
International Bank for Reconstruction and Development 0.75% 2027			9,000		9,008
International Development Association 0.375% 2025⁵			21,750		21,648
KfW 0.375% 2025			7,671		7,657
Landwirtschaftliche Rentenbank 0.875% 2030			15,000		14,766
Manitoba (Province of) 3.05% 2024			13,500		14,665
Morocco (Kingdom of) 3.00% 2032⁵			5,000		5,090
Morocco (Kingdom of) 4.00% 2050⁵			16,000		16,547
Oesterreichische Kontrollbank AG 0.375% 2025			9,375		9,334
Peru (Republic of) 2.392% 2026			2,730		2,917
Peru (Republic of) 1.862% 2032			45,665		46,116
Peru (Republic of) 2.78% 2060			50,520		51,076
Philippines (Republic of) 1.648% 2031			13,829		14,036
Philippines (Republic of) 6.375% 2034			25,000		36,768
Philippines (Republic of) 2.65% 2045			7,941		8,061
PT Indonesia Asahan Aluminium Tbk 5.23% 2021⁵			2,492		2,589
PT Indonesia Asahan Aluminium Tbk 4.75% 2025			20,000		22,120
PT Indonesia Asahan Aluminium Tbk 4.75% 2025⁵			4,910		5,430
PT Indonesia Asahan Aluminium Tbk 6.53% 2028			17,050		21,402
PT Indonesia Asahan Aluminium Tbk 6.53% 2028⁵			2,950		3,703
PT Indonesia Asahan Aluminium Tbk 5.45% 2030⁵			1,360		1,638
PT Indonesia Asahan Aluminium Tbk 5.80% 2050⁵			3,850		4,791
Qatar (State of) 3.375% 2024⁵			25,000		27,113

American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Qatar (State of) 4.00% 2029⁵		$	10,000	$	11,875
Qatar (State of) 4.817% 2049⁵			10,000		13,672
Quebec (Province of) 2.375% 2022			51,867		53,058
Quebec (Province of) 2.75% 2027			26,000		29,112
Saudi Arabia (Kingdom of) 3.25% 2030⁵			23,250		25,688
Saudi Arabia (Kingdom of) 5.25% 2050⁵			10,000		13,662
United Mexican States 2.659% 2031			23,509		24,121
United Mexican States 3.771% 2061			13,292		13,877
					667,360

Federal agency bonds & notes 0.19%
Fannie Mae 0.375% 2025			18,000		17,984
Fannie Mae 0.75% 2027			12,700		12,769
Fannie Mae 6.25% 2029			4,000		5,701
Fannie Mae 0.875% 2030			210,829		206,854
Federal Home Loan Bank 0.125% 2022			80,000		80,030
Federal Home Loan Bank 5.50% 2036			600		928
Private Export Funding Corp. 3.55% 2024			25,897		28,417
					352,683

Total bonds, notes & other debt instruments (cost: $56,934,208,000)					59,919,466

Short-term securities 12.48%			Shares
Money market investments 12.48%
Capital Group Central Cash Fund 0.12%^4,13			228,589,763		22,861,262
BlackRock Liquidity Funds – FedFund, Institutional Shares 0%^13,14			3,000,000		3,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%^13,14			2,900,000		2,900
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%^13,14			1,679,350		1,679
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%^13,14			1,000,000		1,000
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 0.03%^13,14			400,000		400
RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 0.02%^13,14			200,000		200
Fidelity Investments Money Market Government Portfolio, Class I 0.01%^13,14			100,000		100

Total short-term securities (cost: $22,869,007,000)					22,870,541
Total investment securities 105.31% (cost: $146,164,891,000)					192,906,973
Other assets less liabilities (5.31)%					(9,731,934	)

Net assets 100.00%				$	183,175,039

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount¹⁵ (000)			Value at 12/31/2020¹⁶ (000)			Unrealized (depreciation) appreciation at 12/31/2020 (000)
90 Day Euro Dollar Futures	Short	3,959	March 2021	$	(989,750	)	$	(988,067	)	$	(401	)
2 Year U.S. Treasury Note Futures	Long	11,239	April 2021		2,247,800			2,483,555			2,022
5 Year U.S. Treasury Note Futures	Long	67,858	April 2021		6,785,800			8,561,241			18,461
10 Year U.S. Treasury Note Futures	Short	682	March 2021		(68,200	)		(94,169	)		(129	)
10 Year Ultra U.S. Treasury Note Futures	Short	46,322	March 2021		(4,632,200	)		(7,242,879	)		15,064
20 Year U.S. Treasury Bond Futures	Long	9,204	March 2021		920,400			1,594,018			(14,504	)
30 Year Ultra U.S. Treasury Bond Futures	Short	1,258	March 2021		(125,800	)		(268,662	)		180
										$	20,693

40	American Balanced Fund

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date	Notional (000)		Value at 12/31/2020 (000)			Upfront premium paid (000)		Unrealized appreciation (depreciation) at 12/31/2020 (000)
U.S. EFFR	0.10625%	7/8/2025	$	301,000	$	1,515		$	—	$	1,515
U.S. EFFR	0.0795%	7/13/2025		1,052,100		6,680			—		6,680
U.S. EFFR	0.287%	11/12/2025		437,500		(767	)		—		(767	)
U.S. EFFR	0.666%	11/19/2030		78,700		542			—		542
								$	—	$	7,970

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Receive		Pay/ Payment frequency		Expiration date		Notional (000)				Value at 12/31/2020 (000)				Upfront premium paid (000)				Unrealized depreciation at 12/31/2020 (000)
CDX.NA.IG.34		1.00%/Quarterly		6/20/2025		$	1,200,000			$	(19,541	)		$	9,844			$	(29,385	)

Investments in affiliates⁴

	Value of affiliates at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized (loss) gain (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 12/31/2020 (000)		Dividend or interest income (000)
Common stocks 0.67%
Consumer discretionary 0.17%
Toll Brothers, Inc.	$	231,924	$	52,141	$	31,390	$	(20,247	)	$	73,383		$	305,811	$	3,085
Materials 0.24%
Royal Gold, Inc.		520,113		63,544		68,942		15,099			(86,644	)		443,170		4,424
Real estate 0.26%
Iron Mountain Inc. REIT		323,997		196,228		6,490		—			(31,849	)		481,886		30,340
Energy 0.00%
Murphy Oil Corp.¹⁷		216,735		—		92,247		(93,504	)		(30,984	)		—		4,044
Noble Energy, Inc.¹⁷		558,900		92,812		314,160		(555,047	)		217,495			—		3,280
														—
Total common stocks														1,230,867
Corporate bonds, notes & loans 0.00%
Energy 0.00%
Noble Energy, Inc. 3.25% 2029¹⁷		24,713		23,000		—		—			6,031			—		1,113
Noble Energy, Inc. 3.85% 2028¹⁷		—		8,835		—		—			848			—		121
Noble Energy, Inc. 4.95% 2047¹⁷		6,642		24,545		—		—			5,231			—		678
Noble Energy, Inc. 5.05% 2044¹⁷		—		1,573		—		—			1,038			—		59
														—
Short-term securities 12.48%
Money market investments 12.48%
Capital Group Central Cash Fund 0.12%¹³		7,530,894		42,750,182		27,415,354		(600	)		(3,860	)		22,861,262		65,596
Total 13.15%							$	(654,299	)	$	150,689		$	24,092,129	$	112,740

American Balanced Fund

¹	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $8,871,948,000, which represented 4.84% of the net assets of the fund. This amount includes $8,824,104,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.
²	Security did not produce income during the last 12 months.
³	All or a portion of this security was on loan. The total value of all such securities was $37,634,000, which represented .02% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
⁴	Affiliate of the fund or part of the same group of investment companies as the fund, in each case as defined under the Investment Company Act of 1940.
⁵	Acquired in a transaction exempt from registration under Rule 144A 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 $6,541,637,000, which represented 3.57% of the net assets of the fund.
⁶	Step bond; coupon rate may change at a later date.
⁷	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.
⁸	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
⁹	Amount less than one thousand.
¹⁰	Purchased on a TBA basis.
¹¹	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $139,390,000, which represented .08% of the net assets of the fund.
¹²	Index-linked bond whose principal amount moves with a government price index.
¹³	Rate represents the seven-day yield at 12/31/2020.
¹⁴	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
¹⁵	Notional amount is calculated based on the number of contracts and notional contract size.
¹⁶	Value is calculated based on the notional amount and current market price.
¹⁷	Unaffiliated issuer at 12/31/2020.

Key to abbreviations and symbol

ADR = American Depositary Receipts

AMT = Alternative Minimum Tax

Auth. = Authority

CAD = Canadian dollars

CLO = Collateralized Loan Obligations

Dept. = Department

Dev. = Development

Econ. = Economic

EFFR = Effective Federal Funds Rate

Facs. = Facilities

Fin. = Finance

G.O. = General Obligation

ICE = Intercontinental Exchange, Inc.

LIBOR = London Interbank Offered Rate

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

SOFR = Secured Overnight Financing Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements.

42	American Balanced Fund

Financial statements

Statement of assets and liabilities
at December 31, 2020	(dollars in thousands)

Assets:
Investment securities, at value (includes $37,634 of investment securities on loan):
Unaffiliated issuers (cost: $122,260,515)	$	168,814,844
Affiliated issuers (cost: $23,904,376)		24,092,129	$	192,906,973
Cash				54,652
Cash denominated in currencies other than U.S. dollars (cost: $2,028)				2,042
Receivables for:
Sales of investments		20,016,183
Sales of fund’s shares		263,720
Dividends and interest		479,412
Securities lending income		69
Variation margin on futures contracts		6,608
Variation margin on swap contracts		5
Other		1,484		20,767,481
				213,731,148
Liabilities:
Collateral for securities on loan				9,279
Payables for:
Purchases of investments		30,204,975
Repurchases of fund’s shares		232,163
Investment advisory services		33,156
Services provided by related parties		42,671
Trustees’ deferred compensation		5,440
Variation margin on futures contracts		11,151
Variation margin on swap contracts		1,694
Other		15,580		30,546,830
Net assets at December 31, 2020			$	183,175,039

Net assets consist of:
Capital paid in on shares of beneficial interest			$	135,183,471
Total distributable earnings				47,991,568
Net assets at December 31, 2020			$	183,175,039

See notes to financial statements.

American Balanced Fund

Financial statements (continued)

Statement of assets and liabilities
at December 31, 2020 (continued)	(dollars and shares in thousands, except per-share amounts)

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

unlimited shares authorized (6,070,109 total shares outstanding)

	Net assets		Shares outstanding			Net asset value per share
Class A	$	88,070,506		2,916,278		$	30.20
Class C		10,253,889		341,961			29.99
Class T		12		—	*		30.20
Class F-1		5,468,384		181,253			30.17
Class F-2		19,917,359		660,067			30.17
Class F-3		7,602,206		251,864			30.18
Class 529-A		5,163,298		171,303			30.14
Class 529-C		405,239		13,432			30.17
Class 529-E		195,111		6,476			30.13
Class 529-T		14		—	*		30.20
Class 529-F-1		11		—	*		30.11
Class 529-F-2		335,532		11,111			30.20
Class 529-F-3		936		31			30.19
Class R-1		156,650		5,228			29.96
Class R-2		1,201,206		40,060			29.99
Class R-2E		136,253		4,532			30.06
Class R-3		2,909,606		96,893			30.03
Class R-4		6,665,893		221,177			30.14
Class R-5E		582,541		19,308			30.17
Class R-5		1,622,696		53,671			30.23
Class R-6		32,487,697		1,075,464			30.21

*	Amount less than one thousand.

See notes to financial statements.

44	American Balanced Fund

Financial statements (continued)

Statement of operations
for the year ended December 31, 2020	(dollars in thousands)

Investment income:
Income:
Dividends (net of non-U.S. taxes of $43,111; also includes $110,769 from affiliates)	$	2,408,424
Interest (net of non-U.S. taxes of $2; also includes $1,971 from affiliates)		1,286,391
Securities lending income (net of fees)		131		$	3,694,946
*Fees and expenses:**
Investment advisory services		356,133
Distribution services		366,010
Transfer agent services		107,793
Administrative services		49,077
Reports to shareholders		3,698
Registration statement and prospectus		5,205
Trustees’ compensation		1,557
Auditing and legal		389
Custodian		1,678
Other		3,644			895,184
Net investment income					2,799,762

Net realized gain and unrealized appreciation:
Net realized gain (loss) on:
Investments:
Unaffiliated issuers		6,043,065
Affiliated issuers		(654,299	)
Futures contracts		277,335
Swap contracts		(87,062	)
Currency transactions		(4,448	)		5,574,591
Net unrealized appreciation (depreciation) on:
Investments (net of non-U.S. taxes of $9,828):
Unaffiliated issuers		9,069,877
Affiliated issuers		150,689
Futures contracts		34,044
Swap contracts		(1,235	)
Currency translations		1,205			9,254,580
Net realized gain and unrealized appreciation					14,829,171

Net increase in net assets resulting from operations				$	17,628,933

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

See notes to financial statements.

American Balanced Fund

Financial statements (continued)

Statements of changes in net assets

(dollars in thousands)

	Year ended December 31,
	2020			2019
Operations:
Net investment income	$	2,799,762		$	2,893,312
Net realized gain		5,574,591			3,588,157
Net unrealized appreciation		9,254,580			18,735,804
Net increase in net assets resulting from operations		17,628,933			25,217,273

Distributions paid to shareholders		(7,723,649	)		(6,209,984	)

Net capital share transactions		12,541,775			14,404,545

Total increase in net assets		22,447,059			33,411,834

Net assets:
Beginning of year		160,727,980			127,316,146
End of year	$	183,175,039		$	160,727,980

See notes to financial statements.

46	American Balanced Fund

Notes to financial statements

1. Organization

American Balanced Fund (the “fund”) is registered under the Investment Company Act of 1940 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-A¹	None (except 1% for certain redemptions within 18 months of purchase without an initial sales charge)	None
Classes C and 529-C	None	1% 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 years²
Class 529-E	None	None	None
Classes T and 529-T³	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


¹	Prior to June 30, 2020, the initial sales charge was up to 5.75% for Class 529-A purchases.
²	Prior to June 30, 2020, Class C converted to Class F-1 and Class 529-C converted to Class 529-A after ten years.
³	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.

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

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

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

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

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund’s investment adviser. The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds”), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information. 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. Interest rate swaps and credit default swaps are generally valued by pricing vendors based on market inputs that include the index and term of index, reset frequency, payer/receiver, currency and pay frequency.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by authority of the fund’s board of

48	American Balanced Fund

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

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

The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program facilitated by the investment adviser’s compliance 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 following tables present the fund’s valuation levels as of December 31, 2020 (dollars in thousands):

American Balanced Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	22,448,892	$	1,531,645	$	—	$	23,980,537
Health care		14,687,969		1,035,798		—		15,723,767
Financials		12,613,475		589,360		—		13,202,835
Consumer staples		8,617,493		1,886,621		—		10,504,114
Communication services		10,449,577		—		—		10,449,577
Industrials		8,723,309		725,362		—		9,448,671
Consumer discretionary		7,459,383		999,579		—		8,458,962
Materials		5,478,116		951,829		—		6,429,945
Real estate		4,634,253		171,662		—		4,805,915
Energy		3,895,328		—		—		3,895,328
Utilities		1,950,632		803,774		—		2,754,406
Preferred securities		—		133,347		—		133,347
Convertible stocks		329,562		—		—		329,562
Bonds, notes & other debt instruments:
Corporate bonds, notes & loans		—		23,218,535		—		23,218,535
Mortgage-backed obligations		—		18,640,010		—		18,640,010
U.S. Treasury bonds & notes		—		14,210,647		—		14,210,647
Asset-backed obligations		—		2,156,348		—		2,156,348
Municipals		—		673,883		—		673,883
Bonds & notes of governments & government agencies outside the U.S.		—		667,360		—		667,360
Federal agency bonds & notes		—		352,683		—		352,683
Short-term securities		22,870,541		—		—		22,870,541
Total	$	124,158,530	$	68,748,443	$	—	$	192,906,973

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	35,727		$	—		$	—	$	35,727
Unrealized appreciation on interest rate swaps		—			8,737			—		8,737
Liabilities:
Unrealized depreciation on futures contracts		(15,034	)		—			—		(15,034	)
Unrealized depreciation on interest rate swaps		—			(767	)		—		(767	)
Unrealized depreciation on credit default swaps		—			(29,385	)		—		(29,385	)
Total	$	20,693		$	(21,415	)	$	—	$	(722	)

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

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; 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.

50	American Balanced Fund

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

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

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

Investing 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 ratings of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. 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. 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 seeking to assess 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 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.

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, 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 may be forced to sell at a loss.

American Balanced Fund

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

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

5. Certain investment techniques

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

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

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

As of December 31, 2020, the total value of securities on loan was $37,634,000, and the total value of collateral received was $38,474,000. Collateral received includes cash of $9,279,000 and U.S. government securities of $29,195,000. Investment securities purchased from cash collateral are disclosed in the investment portfolio as short-term securities. Securities received as collateral, if any, are not recognized as fund assets. The contractual maturity of cash collateral received under the securities lending agreement is classified as overnight and continuous.

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

52	American Balanced Fund

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. In addition, the fund segregates liquid assets equivalent to the fund’s outstanding obligations under the contract in excess of the initial margin and variation margin, if any. 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 $15,230,233,000.

Interest rate swaps — The fund has entered into interest rate swap contracts, which are agreements to exchange one stream of future interest payments for another based on a specified notional amount. Typically, interest rate swaps exchange a fixed interest rate for a payment that floats relative to a benchmark or vice versa. The fund’s investment adviser uses interest rate swaps to 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. Risks may arise as a result of the fund’s investment adviser incorrectly anticipating changes in interest rates, increased volatility, reduced liquidity and the potential inability of counterparties to meet the terms of their agreements.

Upon entering into an interest rate 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 interest rate 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.

On a daily basis, the fund’s investment adviser records daily interest accruals related to the exchange of future payments as a receivable and payable in the fund’s statement of assets and liabilities. The fund also pays or receives a variation margin based on the increase or decrease in the value of the interest rate swaps, including accrued interest, and records variation margin on interest rate swaps 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 interest rate swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from interest rate swaps are recorded in the fund’s statement of operations. The average month-end notional amount of interest rate swaps while held was $3,271,734,000.

Credit default swap indices — The fund has entered into centrally cleared credit default swap agreements on credit indices (“CDSI”) that involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified return upon the occurrence of a credit event, such as a default or restructuring, with respect to any of the underlying issuers (reference obligations) in the referenced index. The fund’s investment adviser uses credit default swaps to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks.

CDSI are portfolios of credit instruments or exposures designed to be representative of some part of the credit market, such as the high-yield or investment-grade credit market. CDSI are generally traded using standardized terms, including a fixed spread and standard maturity dates, and reference all the names in the index. If there is a credit event, it is settled based on that name’s weight in the index. The composition of the underlying issuers or obligations within a particular index may change periodically, usually every six months. A specified credit event may affect all or individual underlying reference obligations included in the index, and will be settled based upon the relative weighting of the affected obligation(s) within the index. The value of each CDSI can be used as a measure of the current payment/performance risk of the CDSI and represents the likelihood of an expected liability or profit should the notional amount of the CDSI be closed or sold as of the period end. An increasing value, as compared to the notional amount of the CDSI, represents a deterioration of the referenced indices’ credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. When the fund provides sell protection, its maximum exposure is the notional amount of the credit default swap agreement.

Upon entering into a centrally cleared CDSI contract, the fund is required to deposit with a derivatives clearing member (“DCM”) in a segregated account in the name of the DCM an amount of cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular credit default swap is set and held as collateral by the clearinghouse on

American Balanced Fund

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.

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. The fund also pays or receives a variation margin based on the increase or decrease in the value of the CDSI, 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 credit default swaps are recorded in the fund’s statement of operations. The average month-end notional amount of credit default swaps while held was $1,387,455,000.

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, 2020 (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*

35,727

Unrealized depreciation*

15,034

Swap

Interest

Unrealized appreciation*

8,737

Unrealized depreciation*

767

Swap

Credit

Unrealized appreciation*

—

Unrealized depreciation*

29,385

44,464

45,186

Net realized gain (loss)

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

277,335

Net unrealized appreciation on futures contracts

34,044

Swap

Interest

Net realized loss on swap contracts

(108,122

)

Net unrealized appreciation on swap contracts

28,150

Swap

Credit

Net realized gain on swap contracts

21,060

Net unrealized depreciation on swap contracts

(29,385

)

190,273

32,809

*	Includes cumulative appreciation/depreciation on futures contracts, interest rate swaps and 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 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 purpose of the collateral is to cover potential losses that could occur in the event the borrower cannot meet its contractual obligation. The lending agent may reinvest cash collateral from securities lending transactions according to agreed parameters. Cash collateral reinvested by the lending agent, if any, is disclosed in the fund’s investment portfolio. For futures contracts, interest rate swaps and 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 mutual funds 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, 2020, 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 period, the fund did not incur any significant interest or penalties.

54	American Balanced Fund

The fund’s tax returns are 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 generally 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. 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 paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which 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; paydowns on fixed-income securities and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes. The fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

During the year ended December 31, 2020, the fund reclassified $470,169,000 from total distributable earnings to capital paid in on shares of beneficial interest to align financial reporting with tax reporting.

As of December 31, 2020, the tax basis components of distributable earnings, unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

Undistributed ordinary income	$	601,024
Undistributed long-term capital gains		1,114,632
Gross unrealized appreciation on investments		48,142,491
Gross unrealized depreciation on investments		(1,420,765	)
Net unrealized appreciation on investments		46,721,726
Cost of investments		146,174,681

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

	Year ended December 31, 2020									Year ended December 31, 2019
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	1,139,675		$	2,552,918		$	3,692,593		$	1,421,590		$	1,570,339		$	2,991,929
Class C		69,703			305,356			375,059			120,312			211,991			332,303
Class T		—	*		—	*		—	*		—	*		—	*		—	*
Class F-1		72,296			160,538			232,834			100,019			112,406			212,425
Class F-2		284,619			571,555			856,174			311,241			322,170			633,411
Class F-3		111,836			216,207			328,043			110,841			111,345			222,186
Class 529-A		64,172			149,430			213,602			80,134			90,751			170,885
Class 529-C		3,582			13,509			17,091			8,558			15,558			24,116
Class 529-E		2,150			5,749			7,899			2,987			3,808			6,795
Class 529-T		—	*		—	*		—	*		—	*		—	*		—	*
Class 529-F-1		3,657			1,427			5,084			5,418			5,725			11,143
Class 529-F-2^†		1,239			8,250			9,489
Class 529-F-3^†		4			23			27
Class R-1		945			4,535			5,480			1,457			2,596			4,053
Class R-2		7,835			35,499			43,334			14,328			25,322			39,650
Class R-2E		1,223			3,990			5,213			1,601			2,387			3,988
Class R-3		31,175			86,391			117,566			49,279			63,288			112,567
Class R-4		88,584			196,518			285,102			119,827			133,072			252,899
Class R-5E		8,090			16,101			24,191			7,653			8,861			16,514
Class R-5		26,069			48,037			74,106			39,845			37,083			76,928
Class R-6		499,952			930,810			1,430,762			557,417			540,775			1,098,192
Total	$	2,416,806		$	5,306,843		$	7,723,649		$	2,952,507		$	3,257,477		$	6,209,984

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

American Balanced Fund

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. These fees are based on a series of decreasing annual rates beginning with 0.420% on the first $500 million of daily net assets and decreasing to 0.202% on such assets in excess of $144 billion. On December 9, 2020, the fund’s board of trustees approved an amended investment advisory and service agreement effective February 1, 2021, decreasing the annual rate to 0.200% on daily net assets in excess of $186 billion. For the year ended December 31, 2020, the investment advisory services fee was $356,133,000, which was equivalent to an annualized rate of 0.218% 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, 2020, unreimbursed expenses subject to reimbursement totaled $21,228,000 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 fee is based on the combined net assets invested in Class 529 and ABLE shares of the American Funds. Class ABLE shares are offered on other American Funds by Virginia529 through ABLEAmerica^®, a tax-advantaged savings program for individuals with disabilities. The quarterly fee is based

56	American Balanced Fund

on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $100 billion. The fee for any given calendar quarter is accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. The fee is included in other expenses in the fund’s statement of operations. Virginia529 is not considered a related party to the fund.

For the year ended December 31, 2020, 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		$197,153			$56,410			$23,658		Not applicable
Class C		98,374			7,076			2,966		Not applicable
Class T		—			—	*		—	*	Not applicable
Class F-1		12,992			6,236			1,569		Not applicable
Class F-2		Not applicable			18,201			5,102		Not applicable
Class F-3		Not applicable			344			1,878		Not applicable
Class 529-A		10,847			2,916			1,372		$2,817
Class 529-C		5,468			382			168		346
Class 529-E		894			60			55		112
Class 529-T		—			—	*		—	*	—	*
Class 529-F-1		—	*		153			73		150
Class 529-F-2^†		Not applicable			31			16		33
Class 529-F-3^†		Not applicable			—	*		—	*	—	*
Class R-1		1,306			110			39		Not applicable
Class R-2		8,548			3,790			342		Not applicable
Class R-2E		741			244			37		Not applicable
Class R-3		14,024			4,110			841		Not applicable
Class R-4		15,663			6,089			1,880		Not applicable
Class R-5E		Not applicable			718			149		Not applicable
Class R-5		Not applicable			745			459		Not applicable
Class R-6		Not applicable			178			8,473		Not applicable
Total class-specific expenses		$366,010			$107,793			$49,077		$3,458

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

Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Trustees’ compensation of $1,557,000 in the fund’s statement of operations reflects $906,000 in current fees (either paid in cash or deferred) and a net increase of $651,000 in the value of the deferred amounts.

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

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

Security transactions with related funds — The fund purchased securities from, and sold securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. Each transaction was executed at the current market price of the security and no brokerage commissions or fees were paid in accordance with Rule 17a-7 of the 1940 Act. During the year ended December 31, 2020, the fund engaged in such purchase and sale transactions with related funds in the amounts of $2,224,985,000 and $2,140,239,000, respectively, which generated $117,253,000 of net realized gains from such sales.

Interfund lending — Pursuant to an exemptive order issued by the SEC, the fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the

American Balanced Fund

exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the year ended December 31, 2020.

8. Capital share transactions

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

	Sales¹					Reinvestments of distributions					Repurchases¹						Net increase (decrease)
Share class	Amount		Shares			Amount		Shares			Amount			Shares			Amount			Shares

Year ended December 31, 2020

Class A	$	12,366,555		438,587		$	3,648,666		126,492		$	(10,274,097	)		(369,517	)	$	5,741,124			195,562
Class C		1,841,285		65,664			371,557		12,876			(2,870,051	)		(103,085	)		(657,209	)		(24,545	)
Class T		—		—			—		—			—			—			—			—
Class F-1		859,889		30,729			228,389		7,940			(1,400,361	)		(50,431	)		(312,083	)		(11,762	)
Class F-2		6,171,368		219,357	��		826,409		28,690			(4,211,995	)		(152,082	)		2,785,782			95,965
Class F-3		2,417,075		85,509			325,022		11,281			(1,158,483	)		(41,731	)		1,583,614			55,059
Class 529-A		993,136		35,054			213,514		7,408			(774,466	)		(27,365	)		432,184			15,097
Class 529-C		106,381		3,777			17,080		595			(493,398	)		(17,476	)		(369,937	)		(13,104	)
Class 529-E		28,959		1,026			7,892		273			(38,709	)		(1,371	)		(1,858	)		(72	)
Class 529-T		—		—			1		—	²		—			—			1			—	²
Class 529-F-1		58,916		2,097			5,081		189			(348,748	)		(12,364	)		(284,751	)		(10,078	)
Class 529-F-2³		319,020		11,219			9,487		318			(12,826	)		(426	)		315,681			11,111
Class 529-F-3³		916		30			27		1			(11	)		—	²		932			31
Class R-1		55,517		1,972			5,470		189			(39,069	)		(1,401	)		21,918			760
Class R-2		259,224		9,263			43,269		1,497			(383,176	)		(13,807	)		(80,683	)		(3,047	)
Class R-2E		41,100		1,467			5,213		181			(36,661	)		(1,316	)		9,652			332
Class R-3		574,497		20,480			117,412		4,086			(955,160	)		(34,253	)		(263,251	)		(9,687	)
Class R-4		973,358		34,320			285,048		9,913			(1,346,254	)		(47,990	)		(87,848	)		(3,757	)
Class R-5E		177,086		6,215			24,190		841			(109,827	)		(3,910	)		91,449			3,146
Class R-5		305,820		10,792			73,915		2,571			(490,035	)		(17,391	)		(110,300	)		(4,028	)
Class R-6		6,222,715		218,981			1,429,923		49,691			(3,925,280	)		(139,953	)		3,727,358			128,719
Total net increase (decrease)	$	33,772,817		1,196,539		$	7,637,565		265,032		$	(28,868,607	)		(1,035,869	)	$	12,541,775			425,702

Year ended December 31, 2019

Class A	$	10,133,745		372,643		$	2,954,719		106,208		$	(7,457,616	)		(274,059	)	$	5,630,848			204,792
Class C		2,016,915		74,788			328,299		11,836			(1,839,708	)		(68,223	)		505,506			18,401
Class T		—		—			—		—			—			—			—			—
Class F-1		1,038,230		38,518			208,419		7,498			(1,028,821	)		(37,867	)		217,828			8,149
Class F-2		5,119,171		188,756			607,935		21,864			(2,763,178	)		(101,924	)		2,963,928			108,696
Class F-3		2,124,796		78,419			220,317		7,921			(713,679	)		(26,176	)		1,631,434			60,164
Class 529-A		681,657		25,100			170,816		6,151			(685,806	)		(25,220	)		166,667			6,031
Class 529-C		133,148		4,913			24,111		865			(225,472	)		(8,314	)		(68,213	)		(2,536	)
Class 529-E		26,839		989			6,791		245			(36,569	)		(1,352	)		(2,939	)		(118	)
Class 529-T		—		—			1		—	²		—			—			1			—	²
Class 529-F-1		82,638		3,029			11,134		401			(39,592	)		(1,453	)		54,180			1,977
Class R-1		31,507		1,168			4,045		146			(34,984	)		(1,305	)		568			9
Class R-2		260,911		9,691			39,625		1,429			(348,551	)		(12,937	)		(48,015	)		(1,817	)
Class R-2E		55,186		2,050			3,988		143			(27,831	)		(1,027	)		31,343			1,166
Class R-3		572,695		21,260			112,484		4,063			(1,065,993	)		(39,540	)		(380,814	)		(14,217	)
Class R-4		921,403		34,211			252,846		9,107			(1,257,717	)		(46,397	)		(83,468	)		(3,079	)
Class R-5E		327,920		12,072			16,513		592			(88,631	)		(3,243	)		255,802			9,421
Class R-5		342,581		12,619			76,809		2,765			(829,778	)		(30,267	)		(410,388	)		(14,883	)
Class R-6		5,675,495		209,243			1,098,151		39,492			(2,833,369	)		(103,797	)		3,940,277			144,938
Total net increase (decrease)	$	29,544,837		1,089,469		$	6,137,003		220,726		$	(21,277,295	)		(783,101	)	$	14,404,545			527,094

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

58	American Balanced Fund

9. Investment transactions

The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $241,910,403,000 and $238,790,417,000, respectively, during the year ended December 31, 2020.

American Balanced Fund

Financial highlights

			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return²			Net assets, end of period (in millions)			Ratio of expenses to average net assets³			Ratio of net income to average net assets
Class A:
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
12/31/2017		24.81		.48		3.33			3.81			(.49	)		(.98	)		(1.47	)		27.15		15.47			63,563			.57			1.80
12/31/2016		23.83		.41		1.62			2.03			(.44	)		(.61	)		(1.05	)		24.81		8.62			55,379			.59			1.67
Class C:
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
12/31/2017		24.66		.26		3.32			3.58			(.28	)		(.98	)		(1.26	)		26.98		14.58			8,816			1.37			1.01
12/31/2016		23.71		.21		1.60			1.81			(.25	)		(.61	)		(.86	)		24.66		7.70			7,767			1.38			.88
Class T:
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
12/31/2017^6,7		25.77		.41		2.38			2.79			(.43	)		(.98	)		(1.41	)		27.15		10.91	^4,8		—	⁵		.36	^4,9		2.08	^4,9
Class F-1:
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
12/31/2017		24.79		.45		3.33			3.78			(.46	)		(.98	)		(1.44	)		27.13		15.40			4,957			.65			1.72
12/31/2016		23.82		.39		1.61			2.00			(.42	)		(.61	)		(1.03	)		24.79		8.50			4,091			.66			1.60
Class F-2:
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
12/31/2017		24.79		.53		3.32			3.85			(.53	)		(.98	)		(1.51	)		27.13		15.69			8,714			.39			1.99
12/31/2016		23.82		.46		1.61			2.07			(.49	)		(.61	)		(1.10	)		24.79		8.80			5,703			.39			1.88
Class F-3:
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
12/31/2017^6,10		25.38		.53		2.77			3.30			(.56	)		(.98	)		(1.54	)		27.14		13.17	⁸		2,361			.29	⁹		2.11	⁹
Class 529-A:
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
12/31/2017		24.77		.46		3.33			3.79			(.47	)		(.98	)		(1.45	)		27.11		15.42			3,857			.65			1.73
12/31/2016		23.80		.39		1.61			2.00			(.42	)		(.61	)		(1.03	)		24.77		8.50			3,115			.67			1.59

See end of table for footnotes.

60	American Balanced Fund

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return²			Net assets, end of period (in millions)			Ratio of expenses to average net assets³			Ratio of net income to average net assets
Class 529-C:
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
12/31/2017		24.75		.25		3.33			3.58			(.24	)		(.98	)		(1.22	)		27.11		14.55			822			1.42			.96
12/31/2016		23.79		.20		1.60			1.80			(.23	)		(.61	)		(.84	)		24.75		7.63			975			1.44			.82
Class 529-E:
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
12/31/2017		24.76		.39		3.32			3.71			(.40	)		(.98	)		(1.38	)		27.09		15.11			175			.89			1.49
12/31/2016		23.79		.33		1.61			1.94			(.36	)		(.61	)		(.97	)		24.76		8.24			153			.91			1.35
Class 529-T:
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
12/31/2017^6,7		25.77		.40		2.38			2.78			(.42	)		(.98	)		(1.40	)		27.15		10.88	^4,8		—	⁵		.41	^4,9		2.03	^4,9
Class 529-F-1:
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
12/31/2017		24.75		.52		3.33			3.85			(.53	)		(.98	)		(1.51	)		27.09		15.68			178			.42			1.95
12/31/2016		23.78		.44		1.62			2.06			(.48	)		(.61	)		(1.09	)		24.75		8.75			135			.44			1.82
Class 529-F-2:
12/31/2020^6,11		28.35		.09		2.65			2.74			(.12	)		(.77	)		(.89	)		30.20		9.67	⁸		336			.06	⁸		.32	⁸
Class 529-F-3:
12/31/2020^6,11		28.35		.10		2.63			2.73			(.12	)		(.77	)		(.89	)		30.19		9.66	⁸		1			.05	⁸		.35	⁸
Class R-1:
12/31/2020		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
12/31/2017		24.64		.26		3.32			3.58			(.27	)		(.98	)		(1.25	)		26.97		14.56			134			1.37			.99
12/31/2016		23.68		.22		1.60			1.82			(.25	)		(.61	)		(.86	)		24.64		7.75			154			1.38			.89

See end of table for footnotes.

American Balanced Fund

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return²			Net assets, end of period (in millions)		Ratio of expenses to average net assets³			Ratio of net income to average net assets
Class R-2:
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
12/31/2017		24.66		.26		3.31			3.57			(.27	)		(.98	)		(1.25	)		26.98		14.58			1,255		1.37			1.00
12/31/2016		23.70		.22		1.60			1.82			(.25	)		(.61	)		(.86	)		24.66		7.74			1,241		1.37			.89
Class R-2E:
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
12/31/2017		24.74		.35		3.31			3.66			(.37	)		(.98	)		(1.35	)		27.05		14.89			57		1.08			1.32
12/31/2016		23.77		.29		1.62			1.91			(.33	)		(.61	)		(.94	)		24.74		8.10			17		1.08			1.18
Class R-3:
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
12/31/2017		24.69		.38		3.31			3.69			(.39	)		(.98	)		(1.37	)		27.01		15.05			3,460		.93			1.44
12/31/2016		23.72		.32		1.62			1.94			(.36	)		(.61	)		(.97	)		24.69		8.24			3,349		.93			1.33
Class R-4:
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
12/31/2017		24.76		.46		3.33			3.79			(.47	)		(.98	)		(1.45	)		27.10		15.44			6,353		.63			1.74
12/31/2016		23.80		.40		1.60			2.00			(.43	)		(.61	)		(1.04	)		24.76		8.50			5,930		.64			1.63
Class R-5E:
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
12/31/2017		24.78		.52		3.33			3.85			(.53	)		(.98	)		(1.51	)		27.12		15.70			32		.41			1.93
12/31/2016		23.82		.48		1.56			2.04			(.47	)		(.61	)		(1.08	)		24.78		8.65			2		.42			1.94
Class R-5:
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
12/31/2017		24.83		.54		3.34			3.88			(.55	)		(.98	)		(1.53	)		27.18		15.78			2,090		.33			2.04
12/31/2016		23.85		.47		1.62			2.09			(.50	)		(.61	)		(1.11	)		24.83		8.88			1,986		.34			1.91
Class R-6:
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
12/31/2017		24.81		.56		3.33			3.89			(.56	)		(.98	)		(1.54	)		27.16		15.84			18,238		.28			2.10
12/31/2016		23.84		.48		1.61			2.09			(.51	)		(.61	)		(1.12	)		24.81		8.90			11,058		.29			1.98

	Year ended December 31,
Portfolio turnover rate for all share classes^12,13	2020	2019	2018	2017	2016
Excluding mortgage dollar roll transactions	65%	67%	72%	58%	48%
Including mortgage dollar roll transactions	176%	104%	105%	95%	79%

62	American Balanced Fund

Financial highlights (continued)

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 T and 529-T shares began investment operations on April 7, 2017.
⁸	Not annualized.
⁹	Annualized.
¹⁰	Class F-3 shares began investment operations on January 27, 2017.
¹¹	Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.
¹²	Rates do not include the fund’s portfolio activity with respect to any Central Funds.
¹³	Refer to Note 5 for more information on mortgage dollar rolls.

See notes to financial statements.

American Balanced Fund

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, 2020, 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, 2020, 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, 2020, 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 11, 2021

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

64	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, 2020, through December 31, 2020).

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

Expense example (continued)	Beginning account value 7/1/2020		Ending account value 12/31/2020		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	1,120.90	$	3.05		.57	%
Class A – assumed 5% return		1,000.00		1,022.33		2.91		.57
Class C – actual return		1,000.00		1,116.86		7.04		1.32
Class C – assumed 5% return		1,000.00		1,018.55		6.72		1.32
Class T – actual return		1,000.00		1,122.29		1.71		.32
Class T – assumed 5% return		1,000.00		1,023.59		1.63		.32
Class F-1 – actual return		1,000.00		1,120.76		3.31		.62
Class F-1 – assumed 5% return		1,000.00		1,022.08		3.16		.62
Class F-2 – actual return		1,000.00		1,121.81		1.93		.36
Class F-2 – assumed 5% return		1,000.00		1,023.39		1.84		.36
Class F-3 – actual return		1,000.00		1,122.30		1.39		.26
Class F-3 – assumed 5% return		1,000.00		1,023.89		1.33		.26
Class 529-A – actual return		1,000.00		1,120.51		3.26		.61
Class 529-A – assumed 5% return		1,000.00		1,022.13		3.11		.61
Class 529-C – actual return		1,000.00		1,116.29		7.20		1.35
Class 529-C – assumed 5% return		1,000.00		1,018.40		6.87		1.35
Class 529-E – actual return		1,000.00		1,119.72		4.43		.83
Class 529-E – assumed 5% return		1,000.00		1,021.02		4.23		.83
Class 529-T – actual return		1,000.00		1,122.05		1.93		.36
Class 529-T – assumed 5% return		1,000.00		1,023.39		1.84		.36
Class 529-F-1 – actual return		1,000.00		1,121.90		1.98		.37
Class 529-F-1 – assumed 5% return		1,000.00		1,023.34		1.89		.37
Class 529-F-2 – actual return^†		1,000.00		1,122.26		.66		.37
Class 529-F-2 – assumed 5% return^†		1,000.00		1,023.34		1.89		.37
Class 529-F-3 – actual return^†		1,000.00		1,122.40		.57		.32
Class 529-F-3 – assumed 5% return^†		1,000.00		1,023.59		1.63		.32
Class R-1 – actual return		1,000.00		1,116.70		7.04		1.32
Class R-1 – assumed 5% return		1,000.00		1,018.55		6.72		1.32
Class R-2 – actual return		1,000.00		1,116.86		7.04		1.32
Class R-2 – assumed 5% return		1,000.00		1,018.55		6.72		1.32
Class R-2E – actual return		1,000.00		1,118.08		5.55		1.04
Class R-2E – assumed 5% return		1,000.00		1,019.96		5.30		1.04
Class R-3 – actual return		1,000.00		1,119.01		4.75		.89
Class R-3 – assumed 5% return		1,000.00		1,020.72		4.53		.89
Class R-4 – actual return		1,000.00		1,120.61		3.21		.60
Class R-4 – assumed 5% return		1,000.00		1,022.18		3.06		.60
Class R-5E – actual return		1,000.00		1,121.99		2.09		.39
Class R-5E – assumed 5% return		1,000.00		1,023.24		1.99		.39
Class R-5 – actual return		1,000.00		1,122.29		1.60		.30
Class R-5 – assumed 5% return		1,000.00		1,023.69		1.53		.30
Class R-6 – actual return		1,000.00		1,122.57		1.34		.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).
^†	The period for the “annualized expense ratio” and “actual return” line is based on the number of days since the share class began investment operations on October 30, 2020. The “assumed 5% return” line is based on 184 days.

66	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, 2020:

Long-term capital gains	$5,776,489,000
Qualified dividend income	$2,189,017,000
Section 199A dividends	$116,382,000
Section 163(j) interest dividends	$675,015,000
Corporate dividends received deduction	$1,741,735,000
U.S. government income that may be exempt from state taxation	$191,986,000

Individual shareholders should refer to their Form 1099 or other tax information, which was mailed in January 2021, to determine the calendar year amounts to be included on their 2020 tax returns. Shareholders should consult their tax advisors.

American Balanced Fund

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, 2022. The agreement was amended to add additional advisory fee breakpoints for when the fund’s net assets exceed $186 billion. The board approved the agreement following the recommendation of the fund’s Contracts Committee (the “committee”), which is composed of all the fund’s independent board members. The board and the committee determined in the exercise of their business judgment that the fund’s advisory fee structure was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of the fund and its shareholders.

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

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which the fund’s assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative and shareholder services provided by CRMC to the fund under the agreement and other agreements, as well as the benefits to fund shareholders from investing in a fund that is part of a large family of funds. The board 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, 2020. They generally placed greater emphasis on longer term periods. On the basis of this evaluation and the board’s and the committee’s ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that the fund’s investment results have been satisfactory for renewal of the agreement, and that CRMC’s record in managing the fund indicated that its continued management should benefit the fund and its shareholders.

3. Advisory fees and total expenses

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

68	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 through December 31, 2018, CRMC benefited from research obtained with commissions from portfolio transactions made on behalf of the fund, and since that time has undertaken to bear the cost of obtaining such research. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC by the fund.

5. Adviser financial information

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

American Balanced Fund

Liquidity Risk Management Program

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

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

The fund’s board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2019, through September 30, 2020. 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.

70	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
Michael C. Camuñez, 1969	2019	President and CEO, Monarch Global Strategies LLC, previously ManattJones Global Strategies (international consulting); former Assistant Secretary of Commerce, U.S. Department of Commerce	4	Edison International/Southern California Edison
Vanessa C. L. Chang, 1952	2012	Former Director, EL & EL Investments (real estate)	16	Edison International/Southern California Edison; Sykes Enterprises; Transocean Ltd.
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	2008	Real estate developer/owner, President and CEO, CityLink Investment Corporation (acquires, develops and manages real estate ventures in urban communities) and for the former City Scene Management Company (provided commercial asset management services)	17	Sempra Energy
Sharon I. Meers, 1965	2021	Former Senior Director, Head of Strategic Partnerships, eBay Enterprise	7	None
James J. Postl, 1946 Chairman of the Board (Independent and Non-Executive)	2007	Retired; former President and CEO, Pennzoil-Quaker State Company (automotive products and services) (retired 2002)	4	None
Josette Sheeran, 1954	2019	President Emeritus and former CEO, Asia Society; former United Nations Special Envoy for Haiti	7	Canoo Inc.
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 Foundation	91	None
Isaac Stein, 1946	2004	Private investor; former President, Waverley Associates (private investment fund); Chairman Emeritus of the Board of Trustees, Stanford University	4	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 333 South Hope Street, Los Angeles, CA 90071, Attention: Secretary.

American Balanced Fund

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 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
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; Director, The Capital Group Companies, Inc.⁷
John R. Queen, 1965 Senior Vice President	2018	Partner — Capital Fixed Income Investors, Capital Research and Management Company; Senior Vice President — Private Client Services Division, Capital Bank and Trust Company⁷
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	Assistant 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, except Paul Benjamin, 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.

72	American Balanced Fund

This page was intentionally left blank.

American Balanced Fund

This page was intentionally left blank.

74	American Balanced Fund

This page was intentionally left blank.

American Balanced Fund

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 near 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

76	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, 2021, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

Bloomberg^® is a trademark of Bloomberg Finance L.P. (collectively with its affiliates, “Bloomberg”). Barclays^® is a trademark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Neither Bloomberg nor Barclays approves or endorses this material, guarantees the accuracy or completeness of any information herein and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

The Standard & Poor’s 500 Composite Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2021 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

American Funds Distributors, Inc., member FINRA.

The Capital Advantage^®

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

Aligned with investor success

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. Our portfolio managers average 28 years of investment industry experience, including 22 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 92% of 10-year periods and 99% of 20-year periods.²Fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.³Fund management fees have been among the lowest in the industry.⁴

	¹	Investment industry experience as of December 31, 2019.
	²	Based on Class F-2 share results for rolling periods through December 31, 2019. 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, 2019. Fifteen of the 17 fixed income American Funds that have been in existence for the three-year period showed a three-year correlation below 0.2. Standard & Poor’s 500 Composite 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 65% of the time, based on the 20-year period ended December 31, 2019, 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. Please see 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 Vanessa C. L. Chang, 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	2019	113,000
	2020	230,000

b) Audit-Related Fees:
	2019	30,000
	2020	30,000

c) Tax Fees:
	2019	14,000
	2020	13,000
	The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns.

d) All Other Fees:
	2019	None
	2020	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:
	2019	1,812,000
	2020	1,477,000
	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:

	2019	46,000
	2020	40,000
	The tax fees consist of consulting services relating to the Registrant’s investments.


d) All Other Fees:
	2019	2,000
	2020	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 $1,904,000 for fiscal year 2019 and $1,560,000 for fiscal year 2020. 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 26, 2021

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 26, 2021

By ___/s/ Hong T. Le__________________

Hong T. Le, Treasurer and

Principal Financial Officer

Date: February 26, 2021

American Funds American Balanced Fund (ABALX) N-CSRCertified annual shareholder report (management investment company)