American Funds American Balanced Fund NCSRS Certified semi-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: June 30, 2021

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^®

Semi-annual report
for the six months ended
June 30, 2021

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 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.

Here are the average annual total returns on a $1,000 investment with all distributions reinvested for periods ended June 30, 2021:

Class A shares	1 year	5 years	10 years

Reflecting 5.75% maximum sales charge	15.55%	9.65%	9.70%

For other share class results, visit capitalgroup.com and americanfundsretirement.com.

The total annual fund operating expense ratio was 0.58% for Class A shares as of the prospectus dated March 1, 2021.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, 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 July 31, 2021, calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula, was 1.20%. The fund’s 12-month distribution rate for Class A shares as of that date was 1.11%. 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.

Fellow investors:

Results for American Balanced Fund for the periods ended June 30, 2021, are shown in the table below, as well as results of the fund’s benchmarks.

For additional information about the fund, its investment results, holdings and portfolio managers, visit capitalgroup.com/individual/investments/fund/ABALX. You can also access information about Capital Group’s American Funds and read our insights about the markets, retirement, saving for college, investing fundamentals and more at capitalgroup.com.

Contents

1	Results at a glance

2	Investment portfolio

36	Financial statements

40	Notes to financial statements

54	Financial highlights

Results at a glance

For periods ended June 30, 2021, with all distributions reinvested

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

AMBAL (Class A shares)		9.38	%		22.61	%		10.95	%		10.36	%		10.72	%
60%/40% S&P 500 Index/Bloomberg Barclays U.S. Aggregate Index^2,3,4		8.28			23.02			11.89			10.39			10.24
Standard & Poor’s 500 Composite Index³		15.25			40.79			17.65			14.84			11.94
Bloomberg Barclays U.S. Aggregate Index⁴		–1.60			–0.33			3.03			3.39			7.24

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

Investment portfolio June 30, 2021	unaudited

Investment mix by security type	Percent of net assets

Common stocks 64.67%	Shares		Value (000)
Information technology 14.01%
Microsoft Corp.		30,488,962	$	8,259,460
Broadcom, Inc.		10,828,752		5,163,582
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		29,285,386		3,518,932
ASML Holding NV (New York registered) (ADR)		2,751,150		1,900,604
ASML Holding NV		828,578		569,253
Intel Corp.		22,379,409		1,256,380
KLA Corp.		2,453,209		795,355
Fidelity National Information Services, Inc.		5,270,679		746,697
Applied Materials, Inc.		4,980,301		709,195
Mastercard, Inc., Class A		1,915,592		699,363
Apple, Inc.		4,509,126		617,570
NortonLifeLock, Inc.		21,877,585		595,508
VeriSign, Inc.¹		2,200,000		500,918
Advanced Micro Devices, Inc.¹		4,560,357		428,354
TE Connectivity, Ltd.		3,091,426		417,992
Shopify, Inc., Class A, subordinate voting shares¹		263,657		385,198
Analog Devices, Inc.		1,982,382		341,287
Adobe, Inc.¹		563,584		330,057
Samsung Electronics Co., Ltd.		4,529,000		324,549
Visa, Inc., Class A		1,270,111		296,977
PayPal Holdings, Inc.¹		792,953		231,130
Paychex, Inc.		2,088,043		224,047
Automatic Data Processing, Inc.		940,145		186,732
FleetCor Technologies, Inc.¹		551,500		141,217
Texas Instruments, Inc.		476,168		91,567
Micron Technology, Inc.¹		1,030,000		87,529
SK hynix, Inc.		745,000		84,347
Ceridian HCM Holding, Inc.¹		639,000		61,293
Arista Networks, Inc.¹		165,000		59,781
				29,024,874

Health care 8.60%
UnitedHealth Group, Inc.		10,294,237		4,122,224
Pfizer, Inc.		48,528,681		1,900,383
CVS Health Corp.		20,186,201		1,684,337
Cigna Corp.		6,365,199		1,508,998
Gilead Sciences, Inc.		20,687,645		1,424,551
Thermo Fisher Scientific, Inc.		2,614,366		1,318,869
Johnson & Johnson		6,382,383		1,051,434
Eli Lilly and Company		3,904,599		896,183
AstraZeneca PLC		7,009,651		841,943
Centene Corp.¹		8,053,436		587,337
Merck & Co., Inc.		7,027,803		546,552
Abbott Laboratories		3,139,482		363,960
Catalent, Inc.¹		2,250,995		243,378
Anthem, Inc.		595,607		227,403
Novartis AG		2,180,620		198,724
ResMed, Inc.		784,032		193,279
Regeneron Pharmaceuticals, Inc.¹		297,357		166,086

2	American Balanced Fund

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Daiichi Sankyo Company, Ltd.		7,463,700	$	160,870
Vertex Pharmaceuticals, Inc.¹		658,036		132,680
Baxter International, Inc.		1,289,011		103,765
Teladoc Health, Inc.^1,2		495,596		82,413
Viatris, Inc.		3,136,472		44,820
Organon & Co.¹		599,695		18,147
				17,818,336

Financials 8.20%
JPMorgan Chase & Co.		16,448,193		2,558,352
BlackRock, Inc.		1,526,158		1,335,343
Bank of America Corp.		28,379,376		1,170,082
Synchrony Financial		22,145,238		1,074,487
Chubb, Ltd.		6,459,326		1,026,645
Capital One Financial Corp.		6,046,266		935,297
Discover Financial Services		7,746,535		916,338
Citigroup, Inc.		10,088,337		713,750
PNC Financial Services Group, Inc.		3,487,668		665,308
The Blackstone Group, Inc.		6,738,843		654,611
Intercontinental Exchange, Inc.		4,194,324		497,866
S&P Global, Inc.		1,195,277		490,601
HDFC Bank, Ltd.		23,170,000		466,922
Truist Financial Corp.		7,733,174		429,191
Fifth Third Bancorp		9,440,934		360,927
Travelers Companies, Inc.		2,401,498		359,528
CME Group, Inc., Class A		1,687,998		359,003
East West Bancorp, Inc.		4,919,195		352,657
KeyCorp		15,708,636		324,383
Berkshire Hathaway, Inc., Class B¹		1,011,213		281,036
Nasdaq, Inc.		1,481,236		260,401
AIA Group, Ltd.		20,502,000		254,813
Willis Towers Watson PLC		1,098,240		252,617
Toronto-Dominion Bank (CAD denominated)		3,118,644		218,552
RenaissanceRe Holdings, Ltd.		1,354,958		201,645
Aon PLC, Class A		701,227		167,425
KKR & Co., Inc.		2,754,520		163,178
Brookfield Asset Management, Inc., Class A		2,755,000		140,450
Marsh & McLennan Companies, Inc.		857,380		120,616
Progressive Corp.		1,189,429		116,814
Arthur J. Gallagher & Co.		553,159		77,487
Arch Capital Group, Ltd.¹		931,720		36,281
Brookfield Asset Management Reinsurance Partners, Ltd., Class A¹		12,535		652
				16,983,258

Communication services 6.86%
Comcast Corp., Class A		61,823,493		3,525,175
Facebook, Inc., Class A¹		8,986,141		3,124,571
Alphabet, Inc., Class C¹		803,204		2,013,086
Alphabet, Inc., Class A¹		259,989		634,839
Charter Communications, Inc., Class A¹		2,592,558		1,870,401
Netflix, Inc.¹		3,101,606		1,638,299
Activision Blizzard, Inc.		7,290,200		695,777
AT&T, Inc.		13,876,675		399,371
Verizon Communications, Inc.		4,548,199		254,835
ZoomInfo Technologies, Inc., Class A¹		1,158,000		60,413
				14,216,767

Consumer staples 5.65%
Philip Morris International, Inc.		38,409,830		3,806,798
Altria Group, Inc.		39,185,649		1,868,372
Nestlé SA		8,174,236		1,017,925
British American Tobacco PLC		22,649,283		877,261
British American Tobacco PLC (ADR)		3,399,785		133,646
Anheuser-Busch InBev SA/NV (ADR)²		10,599,061		763,239
Anheuser-Busch InBev SA/NV		1,085,664		78,282
General Mills, Inc.		8,306,645		506,124
Archer Daniels Midland Company		7,305,078		442,688
Conagra Brands, Inc.		11,216,987		408,074

American Balanced Fund

Common stocks (continued)	Shares		Value (000)
Consumer staples (continued)
Keurig Dr Pepper, Inc.		11,499,535	$	405,243
Mondelez International, Inc.		5,104,383		318,718
Procter & Gamble Company		2,034,915		274,571
Estée Lauder Companies, Inc., Class A		636,444		202,440
Kellogg Co.		2,973,573		191,290
Church & Dwight Co., Inc.		2,202,936		187,734
Constellation Brands, Inc., Class A		495,596		115,915
Coca-Cola Europacific Partners PLC		1,918,000		113,776
				11,712,096

Industrials 5.31%
Lockheed Martin Corp.		2,828,325		1,070,097
L3Harris Technologies, Inc.		4,907,486		1,060,753
ABB, Ltd.		28,286,683		959,653
Northrop Grumman Corp.		2,536,093		921,692
CSX Corp.		24,894,036		798,601
Carrier Global Corp.		15,507,977		753,688
Caterpillar, Inc.		3,181,088		692,300
Honeywell International, Inc.		2,765,118		606,529
Jacobs Engineering Group, Inc.		3,900,000		520,338
Norfolk Southern Corp.		1,655,190		439,304
PACCAR, Inc.		4,629,953		413,223
TransDigm Group, Inc.¹		637,687		412,769
Rockwell Automation		1,220,035		348,954
Boeing Company¹		1,442,183		345,489
Raytheon Technologies Corp.		3,441,415		293,587
United Parcel Service, Inc., Class B		1,354,000		281,591
Cintas Corp.		562,501		214,875
Union Pacific Corp.		897,818		197,457
Waste Management, Inc.		1,367,844		191,649
FedEx Corp.		619,494		184,814
Airbus SE, non-registered shares¹		1,261,786		162,244
AMETEK, Inc.		641,003		85,574
Parker-Hannifin Corp.		153,635		47,183
				11,002,364

Consumer discretionary 5.17%
Home Depot, Inc.		8,364,662		2,667,407
Amazon.com, Inc.¹		580,628		1,997,453
General Motors Company¹		21,439,886		1,268,598
Dollar General Corp.		5,538,776		1,198,536
LVMH Moët Hennessy-Louis Vuitton SE		679,957		533,179
Darden Restaurants, Inc.		3,192,391		466,057
Toll Brothers, Inc.³		7,905,740		457,031
Industria de Diseño Textil, SA		8,550,453		301,221
Target Corp.		1,189,429		287,533
Prosus NV		2,464,691		241,019
Restaurant Brands International, Inc.		3,600,006		231,984
Booking Holdings, Inc.¹		101,002		221,001
Whirlpool Corp.		1,000,000		218,020
Domino’s Pizza, Inc.		370,500		172,835
VF Corp.		1,734,584		142,305
NIKE, Inc., Class B		895,046		138,276
Marriott International, Inc., Class A¹		609,583		83,220
Chipotle Mexican Grill, Inc.¹		49,560		76,835
				10,702,510

Materials 3.55%
Vale SA, ordinary nominative shares (ADR)		43,079,048		982,633
Dow Inc.		15,072,387		953,781
LyondellBasell Industries NV		8,442,905		868,522
Air Products and Chemicals, Inc.		2,739,054		787,971
Eastman Chemical Company		5,049,127		589,486
Royal Gold, Inc.³		4,134,555		471,753
Shin-Etsu Chemical Co., Ltd.		2,700,000		451,559
Rio Tinto PLC		4,388,180		361,114
Franco-Nevada Corp.		2,414,957		350,457
Wheaton Precious Metals Corp.		7,533,052		331,982

4	American Balanced Fund

Common stocks (continued)	Shares		Value (000)
Materials (continued)
Vulcan Materials Co.	1,435,148	$	249,816
Nucor Corp.	2,477,978		237,712
Barrick Gold Corp.²	11,223,257		232,097
Grupo México, SAB de CV, Series B	37,571,000		176,716
CF Industries Holdings, Inc.	3,273,000		168,396
Linde PLC	517,402		149,581
			7,363,576

Energy 3.02%
Chevron Corp.	12,231,428		1,281,120
Canadian Natural Resources, Ltd. (CAD denominated)	26,357,258		956,822
Enbridge, Inc.	15,620,888		625,461
Enbridge, Inc. (CAD denominated)	3,331,292		133,375
Halliburton Company	27,753,350		641,657
ConocoPhillips	8,540,991		520,146
Pioneer Natural Resources Company	2,869,498		466,351
Valero Energy Corp.	4,172,914		325,821
Baker Hughes Co., Class A	14,135,376		323,276
BP PLC	60,365,261		263,035
Exxon Mobil Corp.	3,600,700		227,132
Cabot Oil & Gas Corp.	10,763,146		187,925
Hess Corp.	2,000,000		174,640
Suncor Energy, Inc.	5,451,551		130,572
			6,257,333

Real estate 2.88%
Crown Castle International Corp. REIT	8,464,954		1,651,513
Equinix, Inc. REIT	1,167,370		936,931
Sun Communities, Inc. REIT	4,612,912		790,653
Iron Mountain, Inc. REIT³	18,125,569		767,074
Digital Realty Trust, Inc. REIT	3,847,141		578,841
Boston Properties, Inc. REIT	2,997,425		343,475
VICI Properties, Inc. REIT	10,277,542		318,809
Gaming and Leisure Properties, Inc. REIT	5,295,482		245,340
Embassy Office Parks REIT	36,351,600		171,356
American Tower Corp. REIT	597,688		161,459
			5,965,451

Utilities 1.42%
Enel SpA	103,029,746		956,816
NextEra Energy, Inc.	7,503,911		549,886
DTE Energy Company	2,201,596		285,327
Sempra Energy	2,068,418		274,024
American Electric Power Company, Inc.	3,135,137		265,201
AES Corp.	8,102,987		211,245
Xcel Energy, Inc.	3,105,763		204,608
CenterPoint Energy, Inc.	4,083,523		100,128
CMS Energy Corp.	1,673,171		98,851
			2,946,086

Total common stocks (cost: $77,841,497,000)			133,992,651

Preferred securities 0.06%
Information technology 0.06%
Samsung Electronics Co., Ltd., nonvoting preferred shares	1,892,600		123,860

Financials 0.00%
CoBank, ACB, Class E, noncumulative preferred shares⁴	7,440		5,208

Total preferred securities (cost: $63,528,000)			129,068

American Balanced Fund

Convertible stocks 0.19%		Shares		Value (000)
Health care 0.14%
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 2023		122,214	$	180,299
Boston Scientific Corp., Series A, convertible preferred shares, 5.50% 2023		996,147		115,613
				295,912

Information technology 0.05%
Broadcom, Inc., Series A, cumulative convertible preferred shares, 8.00% 2022		65,419		99,428

Total convertible stocks (cost: $323,748,000)				395,340

Investment funds 5.10%
Capital Group Central Corporate Bond Fund³		1,044,395,009		10,558,834

Total investment funds (cost: $10,444,130,000)				10,558,834

Bonds, notes & other debt instruments 24.50%	Principal amount (000)
U.S. Treasury bonds & notes 9.83%
U.S. Treasury 7.21%
U.S. Treasury 1.50% 2021	$	18,901		18,947
U.S. Treasury 1.50% 2021		5,399		5,419
U.S. Treasury 1.625% 2021		5,786		5,831
U.S. Treasury 1.375% 2022		49,558		49,939
U.S. Treasury 1.375% 2022		4,007		4,071
U.S. Treasury 1.50% 2022		44,305		45,043
U.S. Treasury 1.625% 2022		38,812		39,643
U.S. Treasury 1.875% 2022		74,535		76,161
U.S. Treasury 2.00% 2022		34,690		35,107
U.S. Treasury 0.125% 2023		10,120		10,105
U.S. Treasury 0.25% 2023		60,428		60,330
U.S. Treasury 1.375% 2023		36,605		37,433
U.S. Treasury 1.50% 2023		96,631		98,607
U.S. Treasury 1.625% 2023		35,680		36,594
U.S. Treasury 2.375% 2023		39,650		41,025
U.S. Treasury 2.50% 2023		30,776		32,007
U.S. Treasury 2.75% 2023		19,920		20,841
U.S. Treasury 0.25% 2024		99,120		98,726
U.S. Treasury 0.375% 2024		22,900		22,872
U.S. Treasury 2.125% 2024		59,470		62,264
U.S. Treasury 2.25% 2024		74,340		78,597
U.S. Treasury 2.25% 2024		49,560		51,961
U.S. Treasury 2.50% 2024		60,223		63,536
U.S. Treasury 0.25% 2025		118,087		116,116
U.S. Treasury 2.00% 2025		29,740		31,222
U.S. Treasury 2.125% 2025		24,780		26,167
U.S. Treasury 2.625% 2025		62,246		66,857
U.S. Treasury 2.75% 2025		113,990		123,472
U.S. Treasury 2.75% 2025		10,675		11,547
U.S. Treasury 2.875% 2025		114,981		125,477
U.S. Treasury 3.00% 2025		178,410		195,477
U.S. Treasury 0.50% 2026		653,527		643,695
U.S. Treasury 0.75% 2026		2,697,909		2,682,757
U.S. Treasury 0.75% 2026		1,495,858		1,488,344
U.S. Treasury 0.875% 2026		381,970		381,835
U.S. Treasury 2.00% 2026		47,200		49,812
U.S. Treasury 2.25% 2026		52,663		56,136
U.S. Treasury 6.50% 2026		39,650		51,217
U.S. Treasury 0.50% 2027		198,240		191,920
U.S. Treasury 0.625% 2027		117,280		113,386
U.S. Treasury 1.125% 2027		930		937
U.S. Treasury 2.25% 2027		156,610		167,487
U.S. Treasury 2.25% 2027		11,150		11,918
U.S. Treasury 2.375% 2027		4,310		4,640
U.S. Treasury 6.375% 2027		39,650		52,202
U.S. Treasury 6.625% 2027		59,470		77,887
U.S. Treasury 1.25% 2028		566,794		569,047
U.S. Treasury 1.25% 2028		491,730		492,983

6	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 1.25% 2028	$	304,323	$	305,315
U.S. Treasury 1.25% 2028		93,400		93,555
U.S. Treasury 2.75% 2028		10,841		11,947
U.S. Treasury 2.875% 2028		50,318		55,898
U.S. Treasury 3.125% 2028		44,485		50,324
U.S. Treasury 5.25% 2028		119,930		153,960
U.S. Treasury 1.625% 2029		24,780		25,343
U.S. Treasury 1.75% 2029⁵		287,905		297,135
U.S. Treasury 5.25% 2029		39,650		51,124
U.S. Treasury 0.625% 2030		114,675		106,832
U.S. Treasury 0.625% 2030		24,780		23,159
U.S. Treasury 0.875% 2030		179,909		171,067
U.S. Treasury 1.125% 2031		59,470		57,729
U.S. Treasury 1.625% 2031		808,313		820,891
U.S. Treasury 4.25% 2039		99,120		135,490
U.S. Treasury 1.125% 2040		172,420		148,184
U.S. Treasury 1.125% 2040		138,770		119,700
U.S. Treasury 1.375% 2040		113,098		101,487
U.S. Treasury 1.875% 2041⁵		941,140		920,574
U.S. Treasury 2.75% 2042		32,660		36,755
U.S. Treasury 2.875% 2043		36,090		41,449
U.S. Treasury 3.125% 2043		47,605		56,807
U.S. Treasury 3.125% 2044		39,447		47,282
U.S. Treasury 3.625% 2044		24,780		31,990
U.S. Treasury 2.50% 2045		51,860		56,041
U.S. Treasury 3.00% 2045		24,780		29,258
U.S. Treasury 3.00% 2045		24,780		29,184
U.S. Treasury 2.75% 2047		99,300		112,739
U.S. Treasury 3.00% 2047		59,532		70,655
U.S. Treasury 3.00% 2048		4,007		4,767
U.S. Treasury 2.00% 2050		172,288		168,925
U.S. Treasury 1.875% 2051⁵		1,328,288		1,265,076
U.S. Treasury 2.375% 2051		562,615		600,393
				14,928,632

U.S. Treasury inflation-protected securities 2.62%
U.S. Treasury Inflation-Protected Security 0.625% 2023⁶		372,883		394,480
U.S. Treasury Inflation-Protected Security 0.125% 2024⁶		48,482		52,293
U.S. Treasury Inflation-Protected Security 0.125% 2025⁶		126,972		138,289
U.S. Treasury Inflation-Protected Security 2.375% 2025⁶		70,195		81,608
U.S. Treasury Inflation-Protected Security 0.125% 2026⁶		1,221,990		1,330,617
U.S. Treasury Inflation-Protected Security 0.375% 2027⁶		54,776		60,691
U.S. Treasury Inflation-Protected Security 0.75% 2028⁶		158,136		181,490
U.S. Treasury Inflation-Protected Security 1.75% 2028⁶		33,976		41,076
U.S. Treasury Inflation-Protected Security 0.875% 2029⁶		235,808		272,938
U.S. Treasury Inflation-Protected Security 0.125% 2030⁶		133,665		146,836
U.S. Treasury Inflation-Protected Security 0.125% 2030⁶		103,214		113,930
U.S. Treasury Inflation-Protected Security 0.125% 2031⁶		1,542,864		1,698,819
U.S. Treasury Inflation-Protected Security 0.625% 2043⁶		26,244		31,257
U.S. Treasury Inflation-Protected Security 1.375% 2044⁶		43,153		59,384
U.S. Treasury Inflation-Protected Security 1.00% 2046⁶		39,088		50,917
U.S. Treasury Inflation-Protected Security 0.875% 2047⁶		38,367		49,166
U.S. Treasury Inflation-Protected Security 0.25% 2050⁶		20,985		23,688
U.S. Treasury Inflation-Protected Security 0.125% 2051⁶		641,033		702,692
				5,430,171

Total U.S. Treasury bonds & notes				20,358,803

Corporate bonds, notes & loans 6.29%
Financials 1.32%
AerCap Holdings NV 6.50% 2025		7,190		8,439
Ally Financial, Inc. 8.00% 2031		7,500		10,659
American International Group, Inc. 2.50% 2025		11,150		11,775
American International Group, Inc. 4.20% 2028		2,190		2,522
American International Group, Inc. 3.40% 2030		5,000		5,488
American International Group, Inc. 4.375% 2050		4,240		5,170
Arthur J. Gallagher & Co. 2.50% 2031		7,345		7,425
Arthur J. Gallagher & Co. 3.50% 2051		5,616		5,892

American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
AXA SA, Series B, 6.379% junior subordinated perpetual bonds (3-month USD-LIBOR + 2.256% on 12/14/2036)^4,7	$	2,000	$	2,783
Bangkok Bank PCL 3.733% 2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)⁷		21,127		21,961
Bank of America Corp. 1.197% 2026 (USD-SOFR + 1.01% on 10/24/2025)⁷		19,820		19,653
Bank of America Corp. 1.658% 2027 (USD-SOFR + 0.91% on 3/11/2026)⁷		15,922		16,056
Bank of America Corp. 1.734% 2027 (USD-SOFR + 0.96% on 7/22/2026)⁷		18,144		18,293
Bank of America Corp. 3.419% 2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)⁷		3,490		3,804
Bank of America Corp. 2.087% 2029 (USD-SOFR + 1.06% on 6/14/2028)⁷		5,277		5,325
Bank of America Corp. 1.922% 2031 (USD-SOFR + 1.37% on 10/24/2030)⁷		11,362		11,084
Bank of China, Ltd. (Hong Kong Branch) 3.875% 2025		969		1,061
Bank of China, Ltd. (Hong Kong Branch) 4.00% 2028		356		396
Berkshire Hathaway Finance Corp. 4.20% 2048		2,260		2,797
Berkshire Hathaway Finance Corp. 4.25% 2049		2,500		3,112
BNP Paribas 3.80% 2024⁴		59,745		64,122
BNP Paribas 2.819% 2025 (3-month USD-LIBOR + 1.111% on 11/19/2024)^4,7		10,084		10,613
BNP Paribas 3.375% 2025⁴		56,594		60,747
BNP Paribas 4.375% 2025⁴		5,700		6,310
BNP Paribas 2.219% 2026 (USD-SOFR + 2.074% on 6/9/2025)^4,7		42,720		44,058
BNP Paribas 4.375% 2026⁴		6,350		7,074
BNP Paribas 1.323% 2027 (USD-SOFR + 1.004% on 1/13/2026)^4,7		31,320		30,963
BNP Paribas 2.871% 2032 (USD-SOFR + 1.387% on 4/19/2032)^4,7		12,900		13,257
Charles Schwab Corp. 3.45% 2026		1,616		1,781
Citigroup, Inc. 4.60% 2026		7,017		7,993
Citigroup, Inc. 2.976% 2030 (USD-SOFR + 1.422% on 11/5/2029)⁷		5,370		5,696
Citigroup, Inc. 4.412% 2031 (USD-SOFR + 3.914% on 3/31/2030)⁷		2,330		2,723
CME Group, Inc. 3.75% 2028		2,230		2,544
Crédit Agricole SA 4.375% 2025⁴		5,460		6,016
Crédit Agricole SA 1.907% 2026 (USD-SOFR + 1.676% on 6/16/2025)^4,7		17,800		18,157
Crédit Agricole SA 1.247% 2027 (USD-SOFR + 0.892% on 1/26/2026)^4,7		12,425		12,239
Credit Suisse Group AG 2.997% 2023 (3-month USD-LIBOR + 1.20% on 12/14/2022)^4,7		22,137		22,867
Credit Suisse Group AG 3.80% 2023		6,537		6,930
Credit Suisse Group AG 2.593% 2025 (USD-SOFR + 1.56% on 9/11/2024)^4,7		3,275		3,409
Credit Suisse Group AG 2.193% 2026 (USD-SOFR + 2.044% on 6/5/2025)^4,7		23,000		23,562
Credit Suisse Group AG 1.305% 2027 (USD-SOFR + 0.98% on 2/2/2026)^4,7		41,805		40,988
Credit Suisse Group AG 3.869% 2029 (3-month USD-LIBOR + 1.41% on 1/12/2028)^4,7		6,200		6,833
Credit Suisse Group AG 4.194% 2031 (USD-SOFR + 3.73% on 4/1/2030)^4,7		13,346		15,012
Credit Suisse Group AG 3.091% 2032 (USD-SOFR + 1.73% on 5/14/2031)^4,7		32,057		33,097
Danske Bank AS 2.70% 2022⁴		5,630		5,720
Deutsche Bank AG 4.25% 2021		1,774		1,793
Deutsche Bank AG 3.30% 2022		13,571		14,064
Deutsche Bank AG 5.00% 2022		7,045		7,238
Deutsche Bank AG 3.95% 2023		63,683		66,897
Deutsche Bank AG 0.898% 2024		19,230		19,151
Deutsche Bank AG 2.222% 2024 (USD-SOFR + 2.159% on 9/18/2023)⁷		45,250		46,490
Deutsche Bank AG 3.70% 2024		76,967		82,644
Deutsche Bank AG 3.961% 2025 (USD-SOFR + 2.581% on 11/26/2024)⁷		39,100		42,297
Deutsche Bank AG 2.129% 2026 (USD-SOFR + 1.87% on 11/24/2025)⁷		107,453		109,109
Deutsche Bank AG 4.10% 2026		26,686		29,285
Deutsche Bank AG 3.547% 2031 (USD-SOFR + 3.043% on 9/18/2030)⁷		23,065		24,578
Deutsche Bank AG 3.035% 2032 (USD-SOFR + 1.718% on 5/28/2031)⁷		8,900		9,069
GE Capital Funding, LLC 4.05% 2027		20,050		22,706
GE Capital Funding, LLC 4.40% 2030		49,400		57,608
Goldman Sachs Group, Inc. 1.093% 2026 (USD-SOFR + 0.789% on 12/9/2025)⁷		29,515		29,071
Goldman Sachs Group, Inc. 1.542% 2027 (USD-SOFR + 0.818% on 9/10/2026)⁷		44,600		44,530
Goldman Sachs Group, Inc. 3.814% 2029 (3-month USD-LIBOR + 1.158% on 4/23/2028)⁷		5,102		5,712
Goldman Sachs Group, Inc. 2.615% 2032 (USD-SOFR + 1.281% on 4/22/2031)⁷		6,510		6,655
Groupe BPCE SA 2.75% 2023⁴		2,510		2,602
Groupe BPCE SA 5.70% 2023⁴		13,830		15,319
Groupe BPCE SA 4.625% 2024⁴		33,950		37,350
Groupe BPCE SA 5.15% 2024⁴		39,440		43,962
Groupe BPCE SA 1.00% 2026⁴		50,905		50,237
Groupe BPCE SA 1.652% 2026 (USD-SOFR + 1.52% on 10/6/2025)^4,7		6,350		6,382
Groupe BPCE SA 2.277% 2032 (USD-SOFR + 1.312% on 1/20/2031)^4,7		19,650		19,301

8	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
HSBC Holdings PLC 3.262% 2023 (3-month USD-LIBOR + 1.055% on 3/13/2022)⁷	$	5,630	$	5,744
HSBC Holdings PLC 2.633% 2025 (3-month USD-LIBOR + 1.14% on 11/7/2024)⁷		2,350		2,468
HSBC Holdings PLC 1.589% 2027 (3-month USD-LIBOR + 1.29% on 5/24/2026)⁷		3,250		3,259
HSBC Holdings PLC 3.973% 2030 (3-month USD-LIBOR + 1.61% on 5/22/2029)⁷		5,940		6,654
Intesa Sanpaolo SpA 3.125% 2022⁴		61,295		62,903
Intesa Sanpaolo SpA 3.375% 2023⁴		68,977		71,843
Intesa Sanpaolo SpA 3.25% 2024⁴		5,540		5,896
Intesa Sanpaolo SpA 5.017% 2024⁴		78,202		85,131
Intesa Sanpaolo SpA 3.875% 2027⁴		70,094		76,261
Intesa Sanpaolo SpA 3.875% 2028⁴		43,573		47,170
Jefferies Financial Group, Inc. 5.50% 2023		830		893
JPMorgan Chase & Co. 0.969% 2025 (USD-SOFR + 0.58% on 6/23/2024)⁷		46,000		46,075
JPMorgan Chase & Co. 1.578% 2027 (USD-SOFR + 0.885% on 4/22/2026)⁷		20,947		21,065
JPMorgan Chase & Co. 2.069% 2029 (USD-SOFR + 1.015% on 6/1/2028)⁷		19,235		19,405
JPMorgan Chase & Co. 2.58% 2032 (USD-SOFR + 1.25% on 4/22/2031)⁷		1,235		1,268
JPMorgan Chase & Co. 3.157% 2042 (USD-SOFR + 1.46% on 4/22/2041)⁷		19,820		20,654
JPMorgan Chase & Co. 3.328% 2052 (USD-SOFR + 1.58% on 4/22/2051)⁷		10,494		11,221
Kasikornbank PC HK 3.343% 2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)⁷		21,318		21,852
Lloyds Banking Group PLC 2.907% 2023 (3-month USD-LIBOR + 0.81% on 11/7/2022)⁷		3,200		3,300
Lloyds Banking Group PLC 2.438% 2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on 2/5/2025)⁷		22,400		23,371
Lloyds Banking Group PLC 1.627% 2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 5/11/2026)⁷		3,100		3,104
Marsh & McLennan Companies, Inc. 3.875% 2024		2,500		2,712
Marsh & McLennan Companies, Inc. 4.375% 2029		3,750		4,399
Marsh & McLennan Companies, Inc. 2.25% 2030		7,010		7,109
Metropolitan Life Global Funding I 1.95% 2021⁴		3,880		3,895
Mitsubishi UFJ Financial Group, Inc. 2.801% 2024		12,500		13,245	��
Mitsubishi UFJ Financial Group, Inc. 2.193% 2025		16,520		17,199
Morgan Stanley 0.985% 2026 (USD-SOFR + 0.72% on 12/10/2025)⁷		9,990		9,838
Morgan Stanley 2.188% 2026 (USD-SOFR + 1.99% on 4/28/2025)⁷		5,000		5,194
Morgan Stanley 1.593% 2027 (USD-SOFR + 0.879% on 5/4/2026)⁷		6,579		6,628
Morgan Stanley 1.928% 2032 (USD-SOFR + 1.02% on 4/28/2031)⁷		9,995		9,725
Morgan Stanley 3.217% 2042 (USD-SOFR + 1.485% on 4/22/2041)⁷		2,854		3,029
Morgan Stanley 5.597% 2051 (USD-SOFR + 4.84% on 3/24/2050)⁷		3,130		4,670
Nationwide Mutual Insurance Co. (3-month USD-LIBOR + 2.29%) 2.409% 2024^4,8		8,150		8,157
New York Life Global Funding 1.70% 2021⁴		3,750		3,762
New York Life Global Funding 2.25% 2022⁴		2,910		2,971
New York Life Global Funding 2.35% 2026⁴		2,970		3,115
OMERS Finance Trust 1.10% 2026⁴		29,740		29,860
Power Financial Corp., Ltd. 5.25% 2028		3,067		3,445
Power Financial Corp., Ltd. 6.15% 2028		2,760		3,271
Power Financial Corp., Ltd. 4.50% 2029		4,446		4,773
Power Financial Corp., Ltd. 3.95% 2030		9,727		10,044
Prudential Financial, Inc. 3.50% 2024		2,080		2,253
Prudential Financial, Inc. 4.35% 2050		8,750		10,998
Rabobank Nederland 2.75% 2022		2,780		2,818
Royal Bank of Canada 1.15% 2025		4,420		4,446
Santander Holdings USA, Inc. 4.45% 2021		6,387		6,474
Santander Holdings USA, Inc. 3.70% 2022		20,872		21,305
Santander Holdings USA, Inc. 3.40% 2023		31,220		32,514
Santander Holdings USA, Inc. 3.50% 2024		41,605		44,530
Skandinaviska Enskilda Banken AB 1.875% 2021		5,950		5,971
Skandinaviska Enskilda Banken AB 2.80% 2022		2,490		2,534
Synchrony Financial 2.85% 2022		18,565		19,007
Synchrony Financial 4.25% 2024		12,369		13,523
Synchrony Financial 4.375% 2024		11,550		12,578
Toronto-Dominion Bank 2.65% 2024		7,113		7,532
Travelers Companies, Inc. 4.00% 2047		3,380		4,119
UBS Group AG 4.125% 2025⁴		4,030		4,499
UniCredit SpA 3.75% 2022⁴		72,196		73,944
UniCredit SpA 6.572% 2022⁴		103,370		106,573
UniCredit SpA 4.625% 2027⁴		5,540		6,224
UniCredit SpA 5.861% 2032 (5-year USD-ICE Swap + 3.703% on 6/19/2027)^4,7		29,627		32,751
UniCredit SpA 7.296% 2034 (5-year USD-ICE Swap + 4.914% on 4/2/2029)^4,7		33,249		40,017

American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
UniCredit SpA 5.459% 2035 (5-year USD-ICE Swap + 4.75% on 6/30/2030)^4,7	$	2,019	$	2,204
Unum Group 3.875% 2025		5,045		5,531
Wells Fargo & Company 2.406% 2025 (3-month USD-LIBOR + 0.825% on 10/30/2024)⁷		90,233		94,451
Wells Fargo & Company 2.879% 2030 (3-month USD-LIBOR + 1.17% on 10/30/2029)⁷		4,040		4,282
Wells Fargo & Company 5.013% 2051 (3-month USD-LIBOR + 4.24% on 4/4/2050)⁷		2,650		3,637
Westpac Banking Corp. 2.75% 2023		6,880		7,139
Westpac Banking Corp. 2.894% 2030 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 2/4/2025)⁷		3,750		3,894
Westpac Banking Corp. 4.11% 2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 2.00% on 7/24/2029)⁷		3,750		4,126
Westpac Banking Corp. 2.668% 2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 11/15/2030)⁷		28,300		27,872
Westpac Banking Corp. 2.963% 2040		12,915		12,721
				2,727,501

Energy 1.03%
Apache Corp. 4.75% 2043		12,290		12,805
Apache Corp. 4.25% 2044		22,300		21,878
Apache Corp. 5.35% 2049		5,100		5,375
Baker Hughes, a GE Co. 4.486% 2030		6,120		7,225
Canadian Natural Resources, Ltd. 3.80% 2024		24		26
Canadian Natural Resources, Ltd. 2.05% 2025		4,810		4,946
Canadian Natural Resources, Ltd. 3.85% 2027		9,656		10,640
Canadian Natural Resources, Ltd. 2.95% 2030		14,723		15,279
Canadian Natural Resources, Ltd. 4.95% 2047		971		1,210
Cenovus Energy, Inc. 3.00% 2022		1,734		1,770
Cenovus Energy, Inc. 3.80% 2023		22,447		23,696
Cenovus Energy, Inc. 5.375% 2025		33,125		37,919
Cenovus Energy, Inc. 4.25% 2027		76,447		85,499
Cenovus Energy, Inc. 5.40% 2047		50,949		63,182
Cheniere Energy, Inc. 5.125% 2027		16,850		19,611
ConocoPhillips 4.30% 2028⁴		10,000		11,618
Diamondback Energy, Inc. 4.40% 2051		41,294		46,618
Enbridge Energy Partners LP 5.875% 2025		2,500		2,952
Enbridge Energy Partners LP 7.375% 2045		44,788		70,540
Enbridge Energy Partners LP, Series B, 7.50% 2038		9,250		13,742
Enbridge, Inc. 3.70% 2027		2,373		2,619
Enbridge, Inc. 4.00% 2049		24,780		27,579
Energy Transfer Operating LP 5.875% 2024		1,133		1,256
Energy Transfer Operating LP 2.90% 2025		34,105		35,910
Energy Transfer Operating LP 3.75% 2030		25,002		27,183
Energy Transfer Operating LP 5.00% 2050		80,401		93,108
Energy Transfer Partners LP 4.20% 2023		11,090		11,871
Energy Transfer Partners LP 4.50% 2024		18,235		19,863
Energy Transfer Partners LP 4.20% 2027		958		1,060
Energy Transfer Partners LP 4.95% 2028		12,115		14,025
Energy Transfer Partners LP 5.25% 2029		24,780		29,293
Energy Transfer Partners LP 6.125% 2045		10,000		12,767
Energy Transfer Partners LP 5.30% 2047		13,841		16,220
Energy Transfer Partners LP 6.00% 2048		3,270		4,140
Energy Transfer Partners LP 6.25% 2049		52,820		69,430
Enterprise Products Operating LLC 3.90% 2024		4,140		4,455
Enterprise Products Operating LLC 3.20% 2052		2,425		2,411
Equinor ASA 1.75% 2026		9,289		9,571
Equinor ASA 3.625% 2028		14,615		16,441
Exxon Mobil Corp. 2.019% 2024		7,090		7,379
Halliburton Company 3.80% 2025		273		302
Kinder Morgan, Inc. 5.30% 2034		2,050		2,537
Kinder Morgan, Inc. 3.60% 2051		19,820		20,236
MPLX LP 3.50% 2022		5,345		5,554
MPLX LP 4.875% 2025		5,000		5,648
MPLX LP 1.75% 2026		11,259		11,387
MPLX LP 4.125% 2027		5,880		6,575
MPLX LP 2.65% 2030		9,351		9,446
MPLX LP 4.50% 2038		3,130		3,596

10	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
MPLX LP 4.70% 2048	$	14,870	$	17,320
MPLX LP 5.50% 2049		22,424		29,090
ONEOK, Inc. 2.20% 2025		745		767
ONEOK, Inc. 5.85% 2026		25,312		29,953
ONEOK, Inc. 3.10% 2030		2,079		2,176
ONEOK, Inc. 6.35% 2031		19,736		25,546
ONEOK, Inc. 4.95% 2047		1,005		1,182
ONEOK, Inc. 5.20% 2048		38,202		46,890
ONEOK, Inc. 4.45% 2049		2,525		2,796
ONEOK, Inc. 4.50% 2050		7,590		8,472
ONEOK, Inc. 7.15% 2051		7,330		10,801
Petróleos Mexicanos 6.875% 2025⁴		31,230		34,611
Petróleos Mexicanos 6.875% 2026		161,033		176,194
Petróleos Mexicanos 6.50% 2027		146,455		154,766
Petróleos Mexicanos 5.35% 2028		29,740		29,285
Phillips 66 2.15% 2030		10,261		10,103
Phillips 66 Partners LP 3.605% 2025		1,950		2,102
Phillips 66 Partners LP 3.55% 2026		3,350		3,645
Phillips 66 Partners LP 4.68% 2045		6,580		7,553
Phillips 66 Partners LP 4.90% 2046		5,510		6,586
Pioneer Natural Resources Company 1.125% 2026		9,162		9,076
Pioneer Natural Resources Company 2.15% 2031		24,672		24,210
Plains All American Pipeline LP 3.80% 2030		5,683		6,089
Qatar Petroleum 1.375% 2026⁴		16,310		16,295
Qatar Petroleum 2.25% 2031⁴		51,230		50,685
Qatar Petroleum 3.125% 2041⁴		16,190		16,130
Qatar Petroleum 3.30% 2051⁴		14,645		14,645
SA Global Sukuk, Ltd. 0.946% 2024⁴		41,655		41,647
SA Global Sukuk, Ltd. 1.602% 2026⁴		113,185		113,226
SA Global Sukuk, Ltd. 2.694% 2031⁴		52,960		53,683
Sabine Pass Liquefaction, LLC 5.625% 2023⁷		49,560		53,261
Sabine Pass Liquefaction, LLC 5.75% 2024		49,560		55,644
Sabine Pass Liquefaction, LLC 5.875% 2026		2,570		3,044
Sabine Pass Liquefaction, LLC 4.20% 2028		3,290		3,718
Saudi Arabian Oil Co. 2.875% 2024⁴		52,411		55,237
Schlumberger BV 4.00% 2025⁴		2,500		2,776
Statoil ASA 2.75% 2021		5,395		5,444
Statoil ASA 3.25% 2024		1,690		1,831
Statoil ASA 4.25% 2041		6,000		7,340
Suncor Energy, Inc. 3.10% 2025		2,460		2,631
Suncor Energy, Inc. 3.75% 2051		7,040		7,629
Sunoco Logistics Operating Partners LP 4.00% 2027		3,300		3,633
Sunoco Logistics Operating Partners LP 5.40% 2047		2,500		2,969
Total Capital International 3.127% 2050		10,000		10,159
TransCanada PipeLines, Ltd. 4.25% 2028		4,270		4,910
TransCanada PipeLines, Ltd. 4.875% 2048		2,500		3,168
TransCanada PipeLines, Ltd., junior subordinated, 5.625% 2075 (3-month USD-LIBOR + 3.528% on 5/20/2025)⁷		6,410		6,955
Williams Partners LP 4.50% 2023		6,400		6,932
Williams Partners LP 4.30% 2024		7,870		8,553
Williams Partners LP 3.90% 2025		516		565
Williams Partners LP 6.30% 2040		3,305		4,536
Williams Partners LP 5.10% 2045		2,203		2,752
Woodside Petroleum, Ltd. 3.65% 2025⁴		3,100		3,313
				2,130,917

Consumer discretionary 1.02%
Alibaba Group Holding, Ltd. 2.125% 2031		10,130		9,968
Amazon.com, Inc. 1.20% 2027		6,250		6,235
Amazon.com, Inc. 1.50% 2030		8,750		8,561
Amazon.com, Inc. 2.50% 2050		3,070		2,908
Amazon.com, Inc. 3.10% 2051		32,710		34,405
Amazon.com, Inc. 2.70% 2060		2,770		2,661
Amazon.com, Inc. 3.25% 2061		32,710		34,530
American Honda Finance Corp. 3.50% 2028		2,500		2,807
Bayerische Motoren Werke AG 3.45% 2023⁴		10,760		11,307
Bayerische Motoren Werke AG 0.80% 2024⁴		12,857		12,920

American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Carnival Corp. 11.50% 2023⁴	$	111,510	$	125,635
DaimlerChrysler North America Holding Corp. 2.00% 2021⁴		5,630		5,631
DaimlerChrysler North America Holding Corp. 1.75% 2023⁴		31,720		32,384
DaimlerChrysler North America Holding Corp. 3.65% 2024⁴		15,930		17,100
Ford Motor Credit Co. 2.979% 2022		13,734		13,959
Ford Motor Credit Co. 3.35% 2022		18,000		18,471
Ford Motor Credit Co. 5.596% 2022		17,641		18,025
Ford Motor Credit Co. 4.687% 2025		7,472		8,111
Ford Motor Credit Company LLC 3.813% 2021		23,111		23,313
Ford Motor Credit Company LLC 3.219% 2022		590		597
Ford Motor Credit Company LLC 3.339% 2022		29,443		29,961
Ford Motor Credit Company LLC 3.087% 2023		25,812		26,360
Ford Motor Credit Company LLC 3.096% 2023		42,238		43,136
Ford Motor Credit Company LLC 4.14% 2023		20,000		20,750
Ford Motor Credit Company LLC 4.375% 2023		5,714		6,041
Ford Motor Credit Company LLC 3.664% 2024		10,350		10,878
Ford Motor Credit Company LLC 3.81% 2024		65,662		68,795
Ford Motor Credit Company LLC 4.063% 2024		19,000		20,233
Ford Motor Credit Company LLC 5.584% 2024		16,000		17,543
Ford Motor Credit Company LLC 4.542% 2026		44,089		48,072
Ford Motor Credit Company LLC 3.815% 2027		3,000		3,129
Ford Motor Credit Company LLC 4.271% 2027		74,591		80,020
General Motors Company 5.40% 2023		2,222		2,448
General Motors Company 4.35% 2025		6,240		6,900
General Motors Company 6.125% 2025		35,718		42,308
General Motors Company 4.20% 2027		1,719		1,919
General Motors Company 6.80% 2027		29,197		36,799
General Motors Financial Co. 3.15% 2022		161		165
General Motors Financial Co. 3.45% 2022		852		864
General Motors Financial Co. 3.55% 2022		30,114		31,087
General Motors Financial Co. 1.70% 2023		42,620		43,513
General Motors Financial Co. 3.25% 2023		49,868		51,766
General Motors Financial Co. 3.70% 2023		11,147		11,707
General Motors Financial Co. 5.20% 2023		30,398		32,740
General Motors Financial Co. 1.05% 2024		11,250		11,318
General Motors Financial Co. 3.50% 2024		12,498		13,420
General Motors Financial Co. 3.95% 2024		44,884		48,314
General Motors Financial Co. 5.10% 2024		6,257		6,891
General Motors Financial Co. 2.75% 2025		23,054		24,285
General Motors Financial Co. 2.90% 2025		12,783		13,539
General Motors Financial Co. 4.00% 2025		2,934		3,198
General Motors Financial Co. 4.30% 2025		2,040		2,256
General Motors Financial Co. 1.25% 2026		21,310		21,179
General Motors Financial Co. 1.50% 2026		44,600		44,362
General Motors Financial Co. 5.25% 2026		3,660		4,229
General Motors Financial Co. 2.70% 2027		26,988		28,075
General Motors Financial Co. 4.35% 2027		18,558		20,882
General Motors Financial Co. 2.40% 2028		14,120		14,344
General Motors Financial Co. 3.60% 2030		5,785		6,270
General Motors Financial Co. 2.35% 2031		40,455		39,956
General Motors Financial Co. 2.70% 2031		13,855		13,934
Home Depot, Inc. 2.95% 2029		2,390		2,613
Home Depot, Inc. 1.375% 2031		19,694		18,877
Home Depot, Inc. 2.375% 2051		10,000		9,269
Hyundai Capital America 3.75% 2021⁴		19,820		19,831
Hyundai Capital America 2.85% 2022⁴		15,347		15,786
Hyundai Capital America 3.00% 2022⁴		40,140		41,074
Hyundai Capital America 3.25% 2022⁴		4,430		4,566
Hyundai Capital America 3.95% 2022⁴		19,820		20,216
Hyundai Capital America 1.25% 2023⁴		13,111		13,239
Hyundai Capital America 2.375% 2023⁴		39,473		40,533
Hyundai Capital America 5.75% 2023⁴		9,000		9,784
Hyundai Capital America 0.875% 2024⁴		21,810		21,720
Hyundai Capital America 3.40% 2024⁴		36,500		38,945
Hyundai Capital America 1.80% 2025⁴		3,275		3,327
Hyundai Capital America 2.65% 2025⁴		51,765		54,236
Hyundai Capital America 5.875% 2025⁴		9,000		10,404

12	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Hyundai Capital America 1.30% 2026⁴	$	23,790	$	23,539
Hyundai Capital America 1.50% 2026⁴		16,950		16,837
Hyundai Capital America 2.375% 2027⁴		23,641		24,206
Hyundai Capital America 3.00% 2027⁴		41,243		43,737
Hyundai Capital America 1.80% 2028⁴		23,790		23,618
Hyundai Capital America 2.00% 2028⁴		10,925		10,850
Hyundai Capital Services, Inc. 1.25% 2026⁴		9,245		9,109
Lowe’s Companies, Inc. 1.70% 2030		5,113		4,906
Marriott International, Inc. 5.75% 2025		12,392		14,312
Marriott International, Inc. 3.125% 2026		1,640		1,743
Nissan Motor Co., Ltd. 3.043% 2023⁴		800		835
Nissan Motor Co., Ltd. 3.522% 2025⁴		27,055		28,909
Nissan Motor Co., Ltd. 2.00% 2026⁴		44,600		44,921
Nissan Motor Co., Ltd. 4.345% 2027⁴		36,000		39,604
Nissan Motor Co., Ltd. 2.75% 2028⁴		41,605		42,025
Nissan Motor Co., Ltd. 4.81% 2030⁴		32,810		37,076
The Board of Trustees of The Leland Stanford Junior University 1.289% 2027		4,000		4,010
Toyota Motor Credit Corp. 3.00% 2025		12,390		13,311
Toyota Motor Credit Corp. 0.80% 2026		19,470		19,251
Volkswagen Group of America Finance, LLC 2.85% 2024⁴		10,113		10,690
Volkswagen Group of America Finance, LLC 1.25% 2025⁴		5,200		5,172
Volkswagen Group of America Finance, LLC 3.35% 2025⁴		10,544		11,383
Volkswagen Group of America Finance, LLC 4.625% 2025⁴		23,511		26,818
				2,124,396

Utilities 0.69%
Abu Dhabi National Energy Company PJSC (TAQA) 4.375% 2025⁴		27,750		31,189
AEP Transmission Co. LLC 3.65% 2050		2,925		3,328
American Electric Power Company, Inc. 1.00% 2025		2,200		2,180
Comisión Federal de Electricidad 4.75% 2027⁴		10,725		12,010
Comisión Federal de Electricidad 3.348% 2031⁴		22,000		21,886
Comisión Federal de Electricidad 4.677% 2051⁴		22,206		21,531
Consumers Energy Co. 3.10% 2050		7,500		7,962
Dominion Resources, Inc. 2.00% 2021		2,690		2,692
Duke Energy Carolinas, LLC 3.95% 2028		5,340		6,128
Duke Energy Corp. 0.90% 2025		4,575		4,525
Duke Energy Florida, LLC 3.20% 2027		2,310		2,526
Duke Energy Ohio, Inc. 3.70% 2046		5,938		6,661
Duke Energy Progress, Inc. 3.70% 2046		3,750		4,254
Edison International 3.125% 2022		7,625		7,857
Edison International 3.55% 2024		38,511		40,979
Edison International 4.95% 2025		675		748
Edison International 5.75% 2027		13,845		15,771
Edison International 4.125% 2028		21,405		22,799
Electricité de France SA 4.75% 2035⁴		3,500		4,278
Electricité de France SA 4.875% 2038⁴		7,025		8,652
Electricité de France SA 5.60% 2040		1,475		1,975
Emera US Finance LP 0.833% 2024⁴		4,800		4,776
Emera US Finance LP 3.55% 2026		4,430		4,844
Emera US Finance LP 2.639% 2031⁴		5,800		5,847
Emera, Inc. 6.75% 2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)⁷		2,900		3,402
Enersis Américas SA 4.00% 2026		4,330		4,721
Entergy Corp. 3.75% 2050		5,850		6,432
Eversource Energy 2.70% 2026		4,085		4,325
Exelon Corp. 3.40% 2026		1,495		1,629
Exelon Corp., junior subordinated, 3.497% 2022⁷		4,010		4,112
FirstEnergy Corp. 3.35% 2022⁷		33,850		34,419
FirstEnergy Corp. 4.40% 2027⁷		24,607		26,787
FirstEnergy Corp. 3.50% 2028⁴		4,363		4,671
FirstEnergy Corp. 4.10% 2028⁴		3,350		3,774
FirstEnergy Corp., Series B, 4.75% 2023⁷		9,529		10,062
FirstEnergy Transmission LLC 2.866% 2028⁴		21,285		22,075
Georgia Power Co. 3.70% 2050		1,000		1,088
Jersey Central Power & Light Co. 4.30% 2026⁴		968		1,072
Jersey Central Power & Light Co. 2.75% 2032⁴		2,625		2,671
Monongahela Power Co. 3.55% 2027⁴		6,225		6,871
Northeast Utilities 3.15% 2025		4,580		4,893

American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Northern States Power Co. 3.60% 2046	$	6,750	$	7,672
Oncor Electric Delivery Company LLC 2.75% 2024		5,775		6,126
Pacific Gas and Electric Co. 1.75% 2022		47,861		47,844
Pacific Gas and Electric Co. 1.367% 2023		41,955		41,958
Pacific Gas and Electric Co. 3.85% 2023		6,838		7,172
Pacific Gas and Electric Co. 3.40% 2024		4,125		4,332
Pacific Gas and Electric Co. 2.95% 2026		33,900		34,721
Pacific Gas and Electric Co. 3.15% 2026		106,190		109,603
Pacific Gas and Electric Co. 2.10% 2027		3,225		3,136
Pacific Gas and Electric Co. 3.30% 2027		37,143		38,220
Pacific Gas and Electric Co. 3.30% 2027		4,525		4,689
Pacific Gas and Electric Co. 3.00% 2028		13,905		13,989
Pacific Gas and Electric Co. 3.75% 2028		36,005		37,767
Pacific Gas and Electric Co. 4.65% 2028		9,355		10,308
Pacific Gas and Electric Co. 4.55% 2030		95,675		102,421
Pacific Gas and Electric Co. 2.50% 2031		66,560		62,479
Pacific Gas and Electric Co. 3.25% 2031		4,525		4,456
Pacific Gas and Electric Co. 3.30% 2040		13,606		12,316
Pacific Gas and Electric Co. 3.75% 2042		37,848		34,599
Pacific Gas and Electric Co. 3.95% 2047		3,025		2,819
Pacific Gas and Electric Co. 3.50% 2050		18,128		16,181
Pennsylvania Electric Co. 3.25% 2028⁴		3,000		3,154
Public Service Electric and Gas Co. 3.05% 2024		3,360		3,605
Public Service Electric and Gas Co. 3.65% 2028		3,091		3,480
Public Service Electric and Gas Co. 3.60% 2047		6,175		7,041
Public Service Electric and Gas Co. 3.85% 2049		4,290		5,125
Public Service Electric and Gas Co. 2.05% 2050		5,365		4,639
Puget Energy, Inc. 5.625% 2022		10,707		11,139
San Diego Gas & Electric Co. 1.70% 2030		9,175		8,867
Southern California Edison Co. 2.85% 2029		9,170		9,533
Southern California Edison Co. 4.20% 2029		34,158		38,576
Southern California Edison Co. 5.35% 2035		26,304		33,355
Southern California Edison Co. 5.75% 2035		18,772		24,649
Southern California Edison Co. 5.625% 2036		22,665		28,843
Southern California Edison Co. 5.55% 2037		11,614		14,470
Southern California Edison Co. 5.95% 2038		20,074		26,080
Southern California Edison Co. 6.05% 2039		1,961		2,641
Southern California Edison Co. 4.50% 2040		52,853		60,791
Southern California Edison Co. 4.00% 2047		34,738		36,606
Southern California Edison Co. 4.125% 2048		25,862		27,644
Southern California Edison Co. 4.875% 2049		19,014		22,571
Southern California Edison Co. 3.65% 2050		22,111		22,154
Southern California Edison Co., Series C, 3.60% 2045		11,900		11,885
Southwestern Electric Power Co. 1.65% 2026		13,055		13,225
Virginia Electric and Power Co. 2.875% 2029		2,530		2,725
Virginia Electric and Power Co. 2.45% 2050		5,000		4,617
Xcel Energy, Inc. 3.35% 2026		2,560		2,789
				1,421,414

Industrials 0.64%
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 1.75% 2026		10,369		10,253
Air Lease Corp. 2.875% 2026		42,555		44,746
Avolon Holdings Funding, Ltd. 3.625% 2022⁴		16,305		16,684
Avolon Holdings Funding, Ltd. 3.95% 2024⁴		43,930		46,875
Avolon Holdings Funding, Ltd. 2.125% 2026⁴		38,712		38,585
Avolon Holdings Funding, Ltd. 4.25% 2026⁴		22,800		24,727
Avolon Holdings Funding, Ltd. 4.375% 2026⁴		10,390		11,305
Avolon Holdings Funding, Ltd. 3.25% 2027⁴		26,760		27,628
Avolon Holdings Funding, Ltd. 2.75% 2028⁴		19,820		19,623
Boeing Company 4.508% 2023		41,637		44,402
Boeing Company 1.95% 2024		49,015		50,218
Boeing Company 2.80% 2024		1,489		1,554
Boeing Company 4.875% 2025		116,612		130,720
Boeing Company 2.196% 2026		71,641		72,337
Boeing Company 2.75% 2026		103,881		108,584
Boeing Company 3.10% 2026		7,224		7,644
Boeing Company 5.04% 2027		62,893		72,603

14	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
Boeing Company 3.25% 2028	$	71,506	$	75,886
Boeing Company 3.25% 2028		22,113		23,243
Boeing Company 5.15% 2030		53,884		63,858
Boeing Company 3.625% 2031		8,895		9,576
Boeing Company 3.60% 2034		4,240		4,478
Boeing Company 3.90% 2049		7,056		7,457
Boeing Company 5.805% 2050		22,660		30,565
Bohai Financial Investment Holding Co., Ltd. 5.25% 2022⁴		8,800		9,210
Carrier Global Corp. 2.242% 2025		4,990		5,192
Carrier Global Corp. 2.493% 2027		2,500		2,619
Carrier Global Corp. 3.377% 2040		2,500		2,627
CSX Corp. 3.80% 2028		3,590		4,050
CSX Corp. 4.25% 2029		3,650		4,246
CSX Corp. 4.30% 2048		4,750		5,783
Emerson Electric Co. 1.80% 2027		1,480		1,519
General Dynamics Corp. 3.375% 2023		6,120		6,456
General Dynamics Corp. 3.50% 2025		5,321		5,837
General Dynamics Corp. 2.25% 2031		6,433		6,607
General Electric Capital Corp. 4.418% 2035		3,730		4,477
General Electric Co. 3.45% 2027		35,630		39,189
General Electric Co. 3.625% 2030		43,579		48,639
Honeywell International, Inc. 1.85% 2021		4,480		4,499
Honeywell International, Inc. 2.15% 2022		4,490		4,577
Honeywell International, Inc. 2.30% 2024		6,660		6,995
L3Harris Technologies, Inc. 1.80% 2031		22,725		22,090
Masco Corp. 1.50% 2028		6,884		6,726
Masco Corp. 2.00% 2031		6,626		6,477
Masco Corp. 3.125% 2051		3,059		3,048
Mexico City Airport Trust 3.875% 2028⁴		920		963
Mexico City Airport Trust 5.50% 2046		1,290		1,306
Mexico City Airport Trust 5.50% 2047		18,070		18,342
Mexico City Airport Trust 5.50% 2047⁴		5,640		5,725
Norfolk Southern Corp. 3.05% 2050		6,319		6,329
Northrop Grumman Corp. 2.93% 2025		7,120		7,594
Raytheon Technologies Corp. 2.80% 2022		5,680		5,771
Siemens AG 1.20% 2026⁴		33,341		33,380
Siemens AG 1.70% 2028⁴		29,740		29,942
Triton Container International, Ltd. 1.15% 2024⁴		10,313		10,296
Triton Container International, Ltd. 3.15% 2031⁴		19,690		19,822
Union Pacific Corp. 3.15% 2024		5,520		5,892
Union Pacific Corp. 3.75% 2025		3,080		3,416
Union Pacific Corp. 2.891% 2036⁴		10,390		10,811
Union Pacific Corp. 3.75% 2070		3,510		3,879
Union Pacific Corp. 3.799% 2071⁴		3,510		3,908
United Technologies Corp. 3.65% 2023		799		848
United Technologies Corp. 4.125% 2028		4,200		4,836
Vinci SA 3.75% 2029⁴		5,340		6,035
				1,323,509

Health care 0.42%
AbbVie, Inc. 2.30% 2022		5,990		6,150
AbbVie, Inc. 2.95% 2026		2,310		2,485
AmerisourceBergen Corp. 0.737% 2023		25,131		25,180
Amgen, Inc. 2.20% 2027		2,670		2,774
AstraZeneca Finance LLC 1.20% 2026		12,512		12,484
AstraZeneca Finance LLC 1.75% 2028		7,483		7,488
AstraZeneca Finance LLC 2.25% 2031		437		444
AstraZeneca PLC 3.375% 2025		5,000		5,476
AstraZeneca PLC 3.00% 2051		1,432		1,484
Banner Health 1.897% 2031		5,000		4,918
Banner Health 2.913% 2051		6,675		6,820
Bayer US Finance II LLC 3.875% 2023⁴		6,490		6,953
Bayer US Finance II LLC 4.25% 2025⁴		52,921		59,022
Baylor Scott & White Holdings 0.827% 2025		5,462		5,361
Baylor Scott & White Holdings 1.777% 2030		18,918		18,534
Becton, Dickinson and Company 2.894% 2022		1,962		2,005
Becton, Dickinson and Company 3.363% 2024		6,725		7,208

American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Becton, Dickinson and Company 3.70% 2027	$	5,000	$	5,559
Boston Scientific Corp. 3.45% 2024		2,980		3,183
Boston Scientific Corp. 3.85% 2025		6,357		7,027
Boston Scientific Corp. 3.75% 2026		2,920		3,241
Boston Scientific Corp. 4.00% 2029		7,840		8,926
Centene Corp. 4.25% 2027		59,715		62,999
Centene Corp. 2.45% 2028		30,375		30,823
Centene Corp. 4.625% 2029		73,360		80,771
Centene Corp. 3.375% 2030		49,413		51,719
Centene Corp. 2.50% 2031		31,780		31,383
Cigna Corp. 3.75% 2023		1,353		1,441
Cigna Corp. 1.25% 2026		34,690		34,809
Eli Lilly and Company 3.375% 2029		3,570		4,014
Gilead Sciences, Inc. 1.65% 2030		5,826		5,637
Medtronic, Inc. 3.50% 2025		1,749		1,921
Merck & Co., Inc. 2.90% 2024		6,040		6,420
Novant Health, Inc. 3.168% 2051		34,790		36,603
Novartis Capital Corp. 1.75% 2025		5,160		5,319
Novartis Capital Corp. 2.00% 2027		5,544		5,767
Pfizer, Inc. 2.95% 2024		3,520		3,746
Pfizer, Inc. 3.45% 2029		2,500		2,815
Roche Holdings, Inc. 1.75% 2022⁴		4,580		4,615
Sharp HealthCare 2.68% 2050		17,350		16,723
Summa Health 3.511% 2051		20,290		21,478
Sutter Health 1.321% 2025		6,000		6,044
Teva Pharmaceutical Finance Co. BV 2.20% 2021		61,003		60,994
Teva Pharmaceutical Finance Co. BV 2.80% 2023		104,780		104,543
Teva Pharmaceutical Finance Co. BV 3.15% 2026		40,960		39,014
Thermo Fisher Scientific, Inc. 4.497% 2030		3,075		3,665
Trinity Health Corp. 2.632% 2040		5,000		4,938
UnitedHealth Group, Inc. 1.15% 2026		6,757		6,762
UnitedHealth Group, Inc. 2.30% 2031		5,918		6,065
UnitedHealth Group, Inc. 3.05% 2041		10,000		10,484
UnitedHealth Group, Inc. 3.25% 2051		6,461		6,906
Upjohn, Inc. 1.65% 2025⁴		7,357		7,450
West Virginia United Health System Obligated Group 3.129% 2050		4,625		4,675
				873,265

Information technology 0.32%
Apple, Inc. 3.00% 2024		2,500		2,654
Apple, Inc. 1.125% 2025		3,800		3,846
Apple, Inc. 0.70% 2026		19,820		19,600
Apple, Inc. 1.20% 2028		29,740		29,338
Apple, Inc. 1.65% 2031		19,820		19,531
Apple, Inc. 2.40% 2050		19,820		18,623
Broadcom Corp. / Broadcom Cayman Finance Ltd. 3.875% 2027		56,476		62,437
Broadcom Corp. / Broadcom Cayman Finance Ltd. 3.50% 2028		23,506		25,803
Broadcom, Inc. 3.15% 2025		4,653		4,990
Broadcom, Inc. 2.45% 2031⁴		21,139		20,789
Broadcom, Inc. 2.60% 2033⁴		21,763		21,306
Broadcom, Inc. 3.469% 2034⁴		187,575		198,601
Broadcom, Inc. 3.50% 2041⁴		34,033		34,860
Broadcom, Inc. 3.75% 2051⁴		29,012		30,334
Fidelity National Information Services, Inc. 3.10% 2041		2,590		2,659
Fiserv, Inc. 3.20% 2026		6,230		6,748
Fiserv, Inc. 2.25% 2027		12,340		12,808
Fiserv, Inc. 3.50% 2029		6,640		7,313
Fiserv, Inc. 4.40% 2049		4,430		5,354
Intuit, Inc. 0.95% 2025		3,170		3,180
Intuit, Inc. 1.35% 2027		2,890		2,887
Intuit, Inc. 1.65% 2030		3,830		3,769
Microsoft Corp. 2.525% 2050		20,909		20,590
Microsoft Corp. 2.921% 2052		6,749		7,175
Oracle Corp. 2.30% 2028		3,338		3,427
Oracle Corp. 2.875% 2031		1,458		1,518
Oracle Corp. 3.65% 2041		14,870		15,792
Oracle Corp. 3.95% 2051		21,457		23,448

16	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Information technology (continued)
PayPal Holdings, Inc. 1.65% 2025	$	4,660	$	4,786
PayPal Holdings, Inc. 2.85% 2029		7,100		7,667
PayPal Holdings, Inc. 2.30% 2030		4,583		4,747
salesforce.com, inc. 1.50% 2028		7,650		7,640
salesforce.com, inc. 1.95% 2031		4,100		4,110
salesforce.com, inc. 2.70% 2041		4,700		4,737
VeriSign, Inc. 2.70% 2031		3,958		4,026
Visa, Inc. 3.15% 2025		6,000		6,568
Visa, Inc. 2.05% 2030		7,390		7,603
				661,264

Communication services 0.31%
Alphabet, Inc. 1.90% 2040		11,445		10,430
Alphabet, Inc. 2.25% 2060		10,640		9,417
AT&T, Inc. 0.90% 2024		46,590		46,696
AT&T, Inc. 1.70% 2026		69,380		70,126
AT&T, Inc. 2.30% 2027		3,530		3,654
AT&T, Inc. 2.75% 2031		2,891		3,008
AT&T, Inc. 2.25% 2032		19,055		18,722
CCO Holdings LLC and CCO Holdings Capital Corp. 4.908% 2025		2,500		2,834
CCO Holdings LLC and CCO Holdings Capital Corp. 2.80% 2031		4,230		4,329
CCO Holdings LLC and CCO Holdings Capital Corp. 2.30% 2032		21,610		20,803
CCO Holdings LLC and CCO Holdings Capital Corp. 3.70% 2051		5,000		4,957
CenturyLink, Inc. 4.00% 2027⁴		78,317		79,981
Comcast Corp. 3.30% 2027		5,000		5,514
Comcast Corp. 3.40% 2030		2,710		2,994
Comcast Corp. 3.20% 2036		7,250		7,799
Comcast Corp. 3.90% 2038		3,190		3,676
Comcast Corp. 3.75% 2040		2,790		3,150
Comcast Corp. 4.70% 2048		2,500		3,229
Comcast Corp. 2.80% 2051		6,250		6,024
SBA Tower Trust 1.631% 2026⁴		99,657		99,787
Tencent Holdings, Ltd. 3.595% 2028		54,520		59,772
Tencent Holdings, Ltd. 3.975% 2029		47,771		53,344
Tencent Holdings, Ltd. 2.39% 2030		44,419		44,307
Tencent Holdings, Ltd. 3.68% 2041⁴		5,680		6,101
Tencent Holdings, Ltd. 3.84% 2051⁴		7,110		7,675
T-Mobile US, Inc. 3.50% 2025		4,090		4,444
T-Mobile US, Inc. 1.50% 2026		3,750		3,789
T-Mobile US, Inc. 3.75% 2027		5,000		5,537
T-Mobile US, Inc. 2.05% 2028		2,390		2,433
T-Mobile US, Inc. 3.875% 2030		3,750		4,205
T-Mobile US, Inc. 4.50% 2050		2,500		2,980
Verizon Communications, Inc. 2.10% 2028		15,685		16,024
Verizon Communications, Inc. 2.875% 2050		10,000		9,523
Verizon Communications, Inc. 3.55% 2051		3,750		4,012
Vodafone Group PLC 4.375% 2028		5,000		5,821
Vodafone Group PLC 5.25% 2048		2,500		3,300
Walt Disney Company 4.70% 2050		2,500		3,340
				643,737

Consumer staples 0.28%
7-Eleven, Inc. 1.30% 2028⁴		10,295		9,952
7-Eleven, Inc. 1.80% 2031⁴		17,613		16,859
Altria Group, Inc. 2.35% 2025		7,671		8,027
Altria Group, Inc. 4.40% 2026		3,939		4,459
Altria Group, Inc. 3.40% 2030		3,494		3,689
Altria Group, Inc. 3.40% 2041		21,585		20,621
Altria Group, Inc. 5.95% 2049		48,878		62,654
Altria Group, Inc. 3.70% 2051		21,585		20,511
British American Tobacco International Finance PLC 1.668% 2026		20,205		20,209
British American Tobacco PLC 3.557% 2027		9,104		9,754
British American Tobacco PLC 4.70% 2027		5,241		5,926
British American Tobacco PLC 2.259% 2028		16,695		16,588
British American Tobacco PLC 3.462% 2029		2,500		2,644
British American Tobacco PLC 2.726% 2031		4,625		4,571
British American Tobacco PLC 4.39% 2037		53,665		57,950

American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer staples (continued)
British American Tobacco PLC 4.54% 2047	$	81,614	$	86,951
British American Tobacco PLC 4.758% 2049		56,741		61,620
Coca-Cola Company 1.00% 2028		6,090		5,908
Conagra Brands, Inc. 1.375% 2027		6,375		6,225
Conagra Brands, Inc. 5.30% 2038		1,050		1,338
Constellation Brands, Inc. 2.65% 2022		2,480		2,551
Constellation Brands, Inc. 2.70% 2022		2,905		2,959
Constellation Brands, Inc. 3.60% 2028		2,500		2,772
Costco Wholesale Corp. 1.375% 2027		6,670		6,718
Imperial Tobacco Finance PLC 3.50% 2023⁴		10,000		10,345
JBS Luxembourg SARL 3.625% 2032⁴		9,570		9,577
Keurig Dr Pepper, Inc. 4.417% 2025		5,000		5,612
Keurig Dr Pepper, Inc. 4.597% 2028		3,270		3,843
Keurig Dr Pepper, Inc. 3.20% 2030		2,510		2,717
Keurig Dr Pepper, Inc. 4.985% 2038		7,945		10,147
Kimberly-Clark Corp. 3.10% 2030		3,885		4,300
Philip Morris International, Inc. 2.625% 2022		7,740		7,841
Philip Morris International, Inc. 2.875% 2024		5,270		5,601
Philip Morris International, Inc. 1.50% 2025		6,434		6,566
Philip Morris International, Inc. 0.875% 2026		24,896		24,594
Philip Morris International, Inc. 1.75% 2030		24,609		23,803
Reckitt Benckiser Group PLC 2.375% 2022⁴		4,750		4,842
Reynolds American, Inc. 5.85% 2045		12,364		15,163
				576,407

Materials 0.15%
Air Products and Chemicals, Inc. 1.50% 2025		2,610		2,674
Air Products and Chemicals, Inc. 1.85% 2027		7,229		7,430
Air Products and Chemicals, Inc. 2.05% 2030		3,140		3,206
Anglo American Capital PLC 5.375% 2025⁴		5,000		5,711
Anglo American Capital PLC 2.25% 2028⁴		4,194		4,246
Anglo American Capital PLC 3.95% 2050⁴		15,935		17,338
Chevron Phillips Chemical Co. LLC 3.30% 2023⁴		2,440		2,563
Dow Chemical Co. 4.80% 2049		3,200		4,121
Dow Chemical Co. 3.60% 2050		16,909		18,304
Eastman Chemical Co. 3.80% 2025		7,405		8,100
Glencore Funding LLC 4.125% 2024⁴		4,130		4,455
Huntsman International LLC 2.95% 2031		3,499		3,553
International Flavors & Fragrances, Inc. 3.468% 2050⁴		19,820		20,640
International Paper Co. 7.30% 2039		7,835		12,156
LYB International Finance III, LLC 1.25% 2025		15,171		15,149
LYB International Finance III, LLC 2.25% 2030		27,861		27,862
LYB International Finance III, LLC 3.375% 2040		21,156		21,963
LYB International Finance III, LLC 3.625% 2051		70,595		74,712
LYB International Finance III, LLC 3.80% 2060		14,135		14,984
Mosaic Co. 3.25% 2022		4,750		4,919
Mosaic Co. 4.05% 2027		4,490		5,038
Newcrest Finance Pty, Ltd. 4.20% 2050⁴		2,580		2,963
Sherwin-Williams Company 2.75% 2022		425		433
Sherwin-Williams Company 3.125% 2024		4,260		4,552
Sherwin-Williams Company 2.30% 2030		3,631		3,678
Sherwin-Williams Company 3.80% 2049		2,500		2,892
Sherwin-Williams Company 3.30% 2050		2,500		2,663
Vale Overseas, Ltd. 3.75% 2030		22,121		23,580
Westlake Chemical Corp. 4.375% 2047		2,500		2,946
				322,831

Real estate 0.10%
Alexandria Real Estate Equities, Inc. 3.95% 2028		2,720		3,075
Alexandria Real Estate Equities, Inc. 3.375% 2031		3,540		3,895
Alexandria Real Estate Equities, Inc. 4.85% 2049		2,040		2,635
Alexandria Real Estate Equities, Inc. 4.00% 2050		5,210		5,990
American Campus Communities, Inc. 2.85% 2030		2,270		2,339
American Campus Communities, Inc. 3.875% 2031		2,066		2,296
American Tower Corp. 1.60% 2026		19,844		20,067
American Tower Corp. 3.60% 2028		3,750		4,129
Corporacion Inmobiliaria Vesta, SAB de CV 3.625% 2031⁴		8,150		8,306

18	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Real estate (continued)
Corporate Office Properties LP 5.00% 2025	$	1,235	$	1,392
Corporate Office Properties LP 2.75% 2031		6,187		6,242
Equinix, Inc. 2.625% 2024		2,650		2,789
Equinix, Inc. 1.25% 2025		7,722		7,746
Equinix, Inc. 1.45% 2026		7,422		7,464
Equinix, Inc. 2.90% 2026		7,885		8,448
Equinix, Inc. 1.80% 2027		6,342		6,426
Equinix, Inc. 2.00% 2028		745		749
Equinix, Inc. 3.20% 2029		2,320		2,491
Equinix, Inc. 2.15% 2030		4,660		4,634
Equinix, Inc. 2.50% 2031		13,389		13,629
Equinix, Inc. 3.00% 2050		2,960		2,848
Equinix, Inc. 3.40% 2052		8,194		8,444
Essex Portfolio LP 3.875% 2024		7,220		7,775
Essex Portfolio LP 3.50% 2025		7,445		8,064
Essex Portfolio LP 3.375% 2026		2,395		2,599
Gaming and Leisure Properties, Inc. 3.35% 2024		2,400		2,549
Gaming and Leisure Properties, Inc. 4.00% 2030		5,000		5,373
Hospitality Properties Trust 5.00% 2022		4,350		4,404
Hospitality Properties Trust 4.50% 2023		2,070		2,126
Hospitality Properties Trust 4.95% 2027		2,750		2,745
Hospitality Properties Trust 3.95% 2028		5,611		5,305
Public Storage 2.37% 2022		2,160		2,209
Public Storage 0.875% 2026		5,150		5,110
Public Storage 1.85% 2028		10,252		10,338
Public Storage 2.30% 2031		10,262		10,477
Scentre Group 3.25% 2025⁴		1,780		1,912
Scentre Group 3.75% 2027⁴		7,630		8,426
Westfield Corp., Ltd. 3.15% 2022⁴		4,970		5,045
				210,491

Municipals 0.01%
The Rockefeller Foundation 2.492% 2050		16,850		16,480

Total corporate bonds, notes & loans				13,032,212

Mortgage-backed obligations 5.61%
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 2048^4,8,9		11,568		11,655
Arroyo Mortgage Trust, Series 2018-1, Class A1, 3.763% 2048^4,8,9		3,794		3,797
Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 2055^4,9		1,475		1,489
Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 2052⁹		405		457
Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 2052⁹		3,422		3,928
Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 2061⁹		4,013		4,390
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 2061⁹		515		562
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A5, 3.688% 2061⁹		795		891
Bank Commercial Mortgage Trust, Series 2018-BN12, Class A4, 4.255% 2061^8,9		9,618		11,121
Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 2063⁹		17,962		18,601
Barclays Commercial Mortgage Securities LLC, Series 2017-DELC, Class A, 0.923% 2036^4,8,9		11,890		11,914
Bellemeade Re, Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 1.692% 2029^4,8,9		27,930		28,024
Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 2051⁹		11,250		12,426
Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 2052⁹		9,988		11,617
Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 2053⁹		17,048		17,501
Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 2053^8,9		3,073		3,619
Benchmark Mortgage Trust, Series 2019-B13, Class A4, 2.952% 2057⁹		8,000		8,602
BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 2059^4,8,9		5,005		5,100
BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 2059^4,8,9		3,937		4,026
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 0.77% 2038^4,8,9		54,593		54,695
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 2030^4,8,9		3,747		3,756
Cascade Funding Mortgage Trust, Series 2018-RM2, Class A, 4.00% 2068^4,8,9		9,191		9,601
CD Commercial Mortgage Trust, Series 2017-CD6, Class A5, 3.456% 2050⁹		12,890		14,177
CHL Mortgage Pass-Through Trust, Series 2003-56, Class 6A1, 2.541% 2033^8,9		450		448
Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class AAB, 2.984% 2048⁹		2,570		2,662
Citigroup Commercial Mortgage Trust, Series 2016-C1, Class AS, 3.514% 2049⁹		800		859
Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 2049⁹		2,395		2,628
Citigroup Mortgage Loan Trust, Inc., Series 2020-EXP1, Class A1A, 1.804% 2060^4,8,9		3,534		3,570

American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Commercial Mortgage Trust, Series 2012-CR3, Class B, 3.922% 2045^4,9	$	1,480	$	1,480
Commercial Mortgage Trust, Series 2013-LC13, Class B, 5.009% 2046^4,8,9		1,070		1,142
Commercial Mortgage Trust, Series 2014-LC15, Class AM, 4.198% 2047⁹		1,279		1,379
Commercial Mortgage Trust, Series 2015-PC1, Class A5, 3.902% 2050⁹		15,135		16,636
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 2037^4,9		17,892		18,493
Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 2060^4,8,9		20,321		20,631
CS First Boston Mortgage Securities Corp., Series 2002-34, Class IA1, 7.50% 2032⁹		264		278
CS First Boston Mortgage Securities Corp., Series 2002-30, Class IA1, 7.50% 2032⁹		112		118
CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 2034⁹		907		955
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class ASB, 3.617% 2048⁹		4,803		5,081
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class C, 4.714% 2048^8,9		701		753
CSAIL Commercial Mortgage Trust, Series 2015-C1, Class B, 4.044% 2050^8,9		1,000		1,047
Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 2049⁹		550		593
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 1.155% 2038^4,8,9		18,839		18,900
Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD-LIBOR + 1.38%) 1.455% 2038^4,8,9		15,277		15,345
Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD-LIBOR + 1.70%) 1.775% 2038^4,8,9		10,955		11,014
Extended Stay America Trust, Series 2021-ESH, Class D, (1-month USD-LIBOR + 2.25%) 2.325% 2038^4,8,9		4,822		4,855
Fannie Mae Pool #AJ9156 3.00% 2026⁹		356		375
Fannie Mae Pool #AJ0049 3.00% 2026⁹		308		324
Fannie Mae Pool #AI8140 3.50% 2026⁹		14		15
Fannie Mae Pool #AL5603 3.00% 2027⁹		619		651
Fannie Mae Pool #AB4281 3.00% 2027⁹		564		594
Fannie Mae Pool #AL1381 3.00% 2027⁹		331		348
Fannie Mae Pool #AP7539 3.00% 2027⁹		311		330
Fannie Mae Pool #AK3264 3.00% 2027⁹		219		232
Fannie Mae Pool #AB4483 3.00% 2027⁹		191		203
Fannie Mae Pool #AB4485 3.00% 2027⁹		186		197
Fannie Mae Pool #AP7788 3.00% 2027⁹		151		159
Fannie Mae Pool #AO8678 3.00% 2027⁹		123		130
Fannie Mae Pool #AK4347 3.00% 2027⁹		66		70
Fannie Mae Pool #AP0457 3.00% 2027⁹		30		32
Fannie Mae Pool #AQ4458 3.00% 2027⁹		12		13
Fannie Mae Pool #MA1062 3.00% 2027⁹		4		4
Fannie Mae Pool #AK6769 3.50% 2027⁹		13		14
Fannie Mae Pool #AL4693 3.00% 2028⁹		52		55
Fannie Mae Pool #AL3802 3.00% 2028⁹		36		38
Fannie Mae Pool #AL5878 3.50% 2029⁹		209		227
Fannie Mae Pool #BM4299 3.00% 2030⁹		663		697
Fannie Mae Pool #FM1465 3.00% 2030⁹		296		313
Fannie Mae Pool #BA0496 3.50% 2030⁹		111		119
Fannie Mae Pool #AL7688 3.50% 2030⁹		93		101
Fannie Mae Pool #AZ5722 3.50% 2030⁹		14		15
Fannie Mae Pool #AL7972 3.50% 2031⁹		136		147
Fannie Mae Pool #BE7150 3.50% 2032⁹		217		233
Fannie Mae Pool #CA0960 3.50% 2032⁹		14		15
Fannie Mae Pool #BJ7443 3.00% 2033⁹		17		18
Fannie Mae Pool #AS0727 3.50% 2033⁹		91		98
Fannie Mae Pool #BJ9002 3.50% 2033⁹		25		27
Fannie Mae Pool #CA1270 3.50% 2033⁹		12		13
Fannie Mae Pool #555880 5.50% 2033⁹		1,060		1,213
Fannie Mae Pool #555956 5.50% 2033⁹		927		1,070
Fannie Mae Pool #357399 5.50% 2033⁹		105		122
Fannie Mae Pool #FM1394 3.00% 2034⁹		53		57
Fannie Mae Pool #FM5285 3.00% 2035⁹		66,474		70,520
Fannie Mae Pool #MA2138 3.50% 2035⁹		234		250
Fannie Mae Pool #AA0914 5.00% 2035⁹		305		342
Fannie Mae Pool #745092 6.50% 2035⁹		1,031		1,188
Fannie Mae Pool #887695 6.00% 2036⁹		330		391
Fannie Mae Pool #FM3124 3.00% 2037⁹		74,649		78,541
Fannie Mae Pool #888292 6.00% 2037⁹		2,831		3,363
Fannie Mae Pool #888746 6.50% 2037⁹		602		694
Fannie Mae Pool #256860 6.50% 2037⁹		352		409
Fannie Mae Pool #MA3412 3.50% 2038⁹		487		514

20	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Fannie Mae Pool #MA3280 3.50% 2038⁹	$	192	$	204
Fannie Mae Pool #MA3539 4.50% 2038⁹		198		214
Fannie Mae Pool #889658 6.50% 2038⁹		898		1,046
Fannie Mae Pool #MA3742 3.50% 2039⁹		1,393		1,466
Fannie Mae Pool #FM1441 3.50% 2039⁹		607		640
Fannie Mae Pool #MA3832 3.50% 2039⁹		455		479
Fannie Mae Pool #FM3075 3.50% 2039⁹		188		198
Fannie Mae Pool #MA3772 3.50% 2039⁹		133		140
Fannie Mae Pool #AD0679 5.50% 2039⁹		27		32
Fannie Mae Pool #AE0395 4.50% 2040⁹		3,798		4,190
Fannie Mae Pool #AE3049 4.50% 2040⁹		2,975		3,284
Fannie Mae Pool #AE5471 4.50% 2040⁹		2,278		2,538
Fannie Mae Pool #AD8536 5.00% 2040⁹		1,768		1,994
Fannie Mae Pool #AE2513 5.00% 2040⁹		1,053		1,192
Fannie Mae Pool #932752 5.00% 2040⁹		480		546
Fannie Mae Pool #AE4689 5.00% 2040⁹		443		490
Fannie Mae Pool #MA4333 2.00% 2041⁹		39,849		40,543
Fannie Mae Pool #MA4387 2.00% 2041⁹		36,339		37,126
Fannie Mae Pool #MA4364 2.00% 2041⁹		11,514		11,690
Fannie Mae Pool #AI2503 4.00% 2041⁹		2,590		2,831
Fannie Mae Pool #AH3575 4.50% 2041⁹		3,362		3,740
Fannie Mae Pool #AI5589 4.50% 2041⁹		51		57
Fannie Mae Pool #AI8121 5.00% 2041⁹		904		1,035
Fannie Mae Pool #AH5452 5.00% 2041⁹		772		882
Fannie Mae Pool #AI0582 5.00% 2041⁹		631		723
Fannie Mae Pool #AH9420 5.00% 2041⁹		444		497
Fannie Mae Pool #AI4289 5.00% 2041⁹		439		494
Fannie Mae Pool #AI3894 5.00% 2041⁹		320		354
Fannie Mae Pool #AI7218 5.00% 2041⁹		312		343
Fannie Mae Pool #AH9370 5.00% 2041⁹		281		310
Fannie Mae Pool #AH9938 5.00% 2041⁹		247		280
Fannie Mae Pool #MA0791 5.00% 2041⁹		146		168
Fannie Mae Pool #AI6576 5.00% 2041⁹		145		163
Fannie Mae Pool #AI4296 5.00% 2041⁹		115		131
Fannie Mae Pool #AI7159 5.00% 2041⁹		118		130
Fannie Mae Pool #AI7058 5.00% 2041⁹		82		94
Fannie Mae Pool #AI1865 5.00% 2041⁹		42		49
Fannie Mae Pool #AI4563 5.00% 2041⁹		6		7
Fannie Mae Pool #AJ1422 5.00% 2041⁹		4		4
Fannie Mae Pool #AK2147 5.00% 2042⁹		231		253
Fannie Mae Pool #AT7696 3.50% 2043⁹		6,216		6,724
Fannie Mae Pool #AT7689 3.50% 2043⁹		2,577		2,789
Fannie Mae Pool #AT7680 3.50% 2043⁹		1,066		1,151
Fannie Mae Pool #AQ9302 3.50% 2043⁹		756		819
Fannie Mae Pool #AU8813 4.00% 2043⁹		328		366
Fannie Mae Pool #AU9348 4.00% 2043⁹		227		253
Fannie Mae Pool #AU9350 4.00% 2043⁹		191		211
Fannie Mae Pool #AV1538 4.50% 2043⁹		6,666		7,443
Fannie Mae Pool #AL8354 3.50% 2045⁹		8,507		9,227
Fannie Mae Pool #FM2795 3.00% 2046⁹		5,353		5,642
Fannie Mae Pool #MA2608 3.00% 2046⁹		1,992		2,100
Fannie Mae Pool #MA2771 3.00% 2046⁹		1,752		1,846
Fannie Mae Pool #AL8522 3.50% 2046⁹		13,054		14,162
Fannie Mae Pool #AS6789 3.50% 2046⁹		9,132		9,779
Fannie Mae Pool #BC0157 3.50% 2046⁹		9,063		9,750
Fannie Mae Pool #AL9499 3.50% 2046⁹		8,005		8,617
Fannie Mae Pool #AS7168 3.50% 2046⁹		5,902		6,349
Fannie Mae Pool #BC7611 4.00% 2046⁹		1,605		1,751
Fannie Mae Pool #BD9665 4.00% 2046⁹		1,484		1,615
Fannie Mae Pool #FM2265 3.00% 2047⁹		69,571		73,153
Fannie Mae Pool #MA2863 3.00% 2047⁹		32,726		34,321
Fannie Mae Pool #BF0364 3.00% 2047⁹		30,351		32,353
Fannie Mae Pool #BM3528 3.50% 2047⁹		47,148		50,822
Fannie Mae Pool #CA0854 3.50% 2047⁹		10,781		11,618
Fannie Mae Pool #CA0770 3.50% 2047⁹		7,772		8,242
Fannie Mae Pool #BE3162 3.50% 2047⁹		1,526		1,645
Fannie Mae Pool #BE3151 3.50% 2047⁹		1,489		1,604

American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Fannie Mae Pool #BH6387 3.50% 2047⁹	$	613	$	647
Fannie Mae Pool #BH7779 3.50% 2047⁹		52		55
Fannie Mae Pool #CA0453 4.00% 2047⁹		32,950		35,243
Fannie Mae Pool #MA3149 4.00% 2047⁹		23,005		24,648
Fannie Mae Pool #MA3183 4.00% 2047⁹		5,771		6,190
Fannie Mae Pool #BM4413 4.50% 2047⁹		13,174		14,309
Fannie Mae Pool #CA0623 4.50% 2047⁹		5,646		6,137
Fannie Mae Pool #BE9242 4.50% 2047⁹		46		50
Fannie Mae Pool #257030 6.50% 2047⁹		72		78
Fannie Mae Pool #947661 6.50% 2047⁹		38		41
Fannie Mae Pool #256975 7.00% 2047⁹		40		46
Fannie Mae Pool #920015 7.00% 2047⁹		37		43
Fannie Mae Pool #257036 7.00% 2047⁹		16		19
Fannie Mae Pool #256893 7.00% 2047⁹		9		10
Fannie Mae Pool #BF0293 3.00% 2048⁹		103,611		110,109
Fannie Mae Pool #BF0323 3.00% 2048⁹		51,580		54,972
Fannie Mae Pool #BM5822 3.00% 2048⁹		24,621		25,889
Fannie Mae Pool #BF0325 3.50% 2048⁹		67,644		72,893
Fannie Mae Pool #BF0318 3.50% 2048⁹		52,151		56,198
Fannie Mae Pool #BM4033 3.50% 2048⁹		29,247		31,279
Fannie Mae Pool #CA1532 3.50% 2048⁹		16,034		16,992
Fannie Mae Pool #BM3714 3.50% 2048⁹		8,902		9,520
Fannie Mae Pool #BJ6760 3.50% 2048⁹		6,460		6,947
Fannie Mae Pool #BM3332 3.50% 2048⁹		2,249		2,417
Fannie Mae Pool #BK7655 3.891% 2048^8,9		4,982		5,207
Fannie Mae Pool #BK0199 4.00% 2048⁹		5,282		5,641
Fannie Mae Pool #BK1198 4.00% 2048⁹		2,766		2,954
Fannie Mae Pool #CA2377 4.00% 2048⁹		1,907		2,035
Fannie Mae Pool #BM2007 4.00% 2048⁹		933		994
Fannie Mae Pool #FM1784 4.00% 2048⁹		352		379
Fannie Mae Pool #MA3384 4.00% 2048⁹		308		329
Fannie Mae Pool #CA1542 4.00% 2048⁹		246		268
Fannie Mae Pool #BJ4342 4.00% 2048⁹		242		258
Fannie Mae Pool #CA1015 4.00% 2048⁹		110		118
Fannie Mae Pool #MA3277 4.00% 2048⁹		88		94
Fannie Mae Pool #BJ9260 4.00% 2048⁹		29		30
Fannie Mae Pool #BJ2751 4.50% 2048⁹		12,218		13,191
Fannie Mae Pool #CA2204 4.50% 2048⁹		6,012		6,455
Fannie Mae Pool #CA2642 4.50% 2048⁹		461		500
Fannie Mae Pool #BK1135 4.50% 2048⁹		386		417
Fannie Mae Pool #CA2493 4.50% 2048⁹		349		377
Fannie Mae Pool #BJ8318 4.50% 2048⁹		163		176
Fannie Mae Pool #BK9902 4.50% 2048⁹		136		148
Fannie Mae Pool #BJ5829 4.50% 2048⁹		103		111
Fannie Mae Pool #BK9366 4.50% 2048⁹		33		36
Fannie Mae Pool #BK9598 4.50% 2048⁹		30		32
Fannie Mae Pool #CA4756 3.00% 2049⁹		92,940		98,362
Fannie Mae Pool #CA4533 3.00% 2049⁹		45,696		48,650
Fannie Mae Pool #BO4808 3.00% 2049⁹		22,360		23,651
Fannie Mae Pool #CA3807 3.00% 2049⁹		6,700		7,120
Fannie Mae Pool #CA3806 3.00% 2049⁹		3,864		4,116
Fannie Mae Pool #CA4800 3.50% 2049⁹		74,722		81,289
Fannie Mae Pool #CA4079 3.50% 2049⁹		42,249		44,803
Fannie Mae Pool #FM2318 3.50% 2049⁹		38,170		41,103
Fannie Mae Pool #CA3068 3.50% 2049⁹		7,666		8,269
Fannie Mae Pool #CA4112 3.50% 2049⁹		1,560		1,698
Fannie Mae Pool #CA3814 3.50% 2049⁹		1,359		1,479
Fannie Mae Pool #BO5349 3.50% 2049⁹		128		136
Fannie Mae Pool #BO1345 3.50% 2049⁹		58		62
Fannie Mae Pool #FM1913 4.00% 2049⁹		6,496		7,004
Fannie Mae Pool #CA3976 4.00% 2049⁹		2,727		2,954
Fannie Mae Pool #CA3184 4.00% 2049⁹		474		514
Fannie Mae Pool #CA4432 4.00% 2049⁹		288		313
Fannie Mae Pool #FM1668 4.00% 2049⁹		219		239
Fannie Mae Pool #CA6579 2.00% 2050⁹		61,214		62,056
Fannie Mae Pool #CA8285 3.00% 2050⁹		62,627		67,327
Fannie Mae Pool #CA6495 3.50% 2050⁹		1,732		1,824

22	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Fannie Mae Pool #CA9308 3.00% 2051⁹	$	148,411	$	158,547
Fannie Mae Pool #CA8870 3.00% 2051⁹		147,123		156,900
Fannie Mae Pool #CA8969 3.00% 2051⁹		1,964		2,078
Fannie Mae Pool #MA4358 3.50% 2051⁹		1,076		1,141
Fannie Mae Pool #BF0189 3.00% 2057⁹		11,617		12,580
Fannie Mae Pool #BF0174 3.00% 2057⁹		7,472		8,095
Fannie Mae Pool #BF0177 3.00% 2057⁹		7,040		7,627
Fannie Mae Pool #BF0145 3.50% 2057⁹		160,399		174,537
Fannie Mae Pool #BF0219 3.50% 2057⁹		36,507		39,710
Fannie Mae Pool #BF0262 3.00% 2058⁹		673		729
Fannie Mae Pool #BF0226 3.50% 2058⁹		46,292		50,614
Fannie Mae Pool #BF0332 3.00% 2059⁹		96,391		104,388
Fannie Mae Pool #BF0497 3.00% 2060⁹		46,816		49,732
Fannie Mae Pool #BF0481 3.50% 2060⁹		129,634		141,024
Fannie Mae, Series 2018-M5, Class A2, Multi Family, 3.56% 2021^8,9		39		39
Fannie Mae, Series 2012-M13, Class A2, Multi Family, 2.377% 2022⁹		273		277
Fannie Mae, Series 2012-M9, Class A2, Multi Family, 2.482% 2022⁹		4,582		4,629
Fannie Mae, Series 2015-M4, Class AV2, Multi Family, 2.509% 2022^8,9		482		486
Fannie Mae, Series 2012-M5, Class A2, Multi Family, 2.715% 2022⁹		2,648		2,663
Fannie Mae, Series 2012-M2, Class A2, Multi Family, 2.717% 2022⁹		140		141
Fannie Mae, Series 2016-M2, Class AV2, Multi Family, 2.152% 2023⁹		922		938
Fannie Mae, Series 2016-M3, Class ASQ2, Multi Family, 2.263% 2023⁹		95		96
Fannie Mae, Series 2013-M12, Class APT, Multi Family, 2.488% 2023^8,9		698		716
Fannie Mae, Series 2017-M3, Class AV2, Multi Family, 2.606% 2024^8,9		658		683
Fannie Mae, Series 2017-M10, Class AV2, Multi Family, 2.639% 2024^8,9		849		890
Fannie Mae, Series 2017-M15, Class AV2, Multi Family, 2.709% 2024^8,9		731		770
Fannie Mae, Series 2014-M9, Class A2, Multi Family, 3.103% 2024^8,9		14,841		15,804
Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 2024^8,9		10,122		10,762
Fannie Mae, Series 2015-M8, Class A1, Multi Family, 2.344% 2025⁹		164		166
Fannie Mae, Series 2015-M15, Class A1, Multi Family, 2.623% 2025⁹		197		200
Fannie Mae, Series 2016-M9, Class A1, Multi Family, 2.003% 2026⁹		128		132
Fannie Mae, Series 2016-M5, Class A1, Multi Family, 2.073% 2026⁹		714		739
Fannie Mae, Series 2016-M11, Class A1, Multi Family, 2.08% 2026⁹		1,064		1,098
Fannie Mae, Series 2016-M12, Class A1, Multi Family, 2.132% 2026⁹		449		464
Fannie Mae, Series 2016-M6, Class A1, Multi Family, 2.137% 2026⁹		494		509
Fannie Mae, Series 2016-M4, Class A1, Multi Family, 2.187% 2026⁹		486		504
Fannie Mae, Series 2017-M3, Class A2, Multi Family, 2.559% 2026^8,9		38,325		40,960
Fannie Mae, Series 2017-M3, Class A1, Multi Family, 2.559% 2026^8,9		205		208
Fannie Mae, Series 2017-M7, Class A1, Multi Family, 2.595% 2026⁹		706		740
Fannie Mae, Series 2017-M8, Class A1, Multi Family, 2.654% 2027⁹		661		687
Fannie Mae, Series 2017-M7, Class A2, Multi Family, 2.961% 2027^8,9		22,206		24,136
Fannie Mae, Series 2017-M15, Class ATS1, Multi Family, 2.987% 2027^4,9		699		736
Fannie Mae, Series 2017-M12, Class A2, Multi Family, 3.181% 2027^8,9		31,457		34,743
Fannie Mae, Series 2006-43, Class JO, principal only, 0% 2036⁹		501		465
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 2069^4,9		93,545		101,700
Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 2069^4,9		23,560		25,768
Flagstar Mortgage Trust, Series 2018-3INV, Class A3, 4.00% 2048^4,8,9		8,018		8,179
Flagstar Mortgage Trust, Series 2021-5INV, Class A2, 2.50% 2051^4,8,9		21,828		22,229
Freddie Mac Pool #ZK3775 3.00% 2026⁹		507		534
Freddie Mac Pool #ZK3727 3.00% 2026⁹		2		2
Freddie Mac Pool #ZK7598 3.00% 2027⁹		5,217		5,519
Freddie Mac Pool #ZS8455 3.00% 2027⁹		431		456
Freddie Mac Pool #ZK3970 3.00% 2027⁹		306		324
Freddie Mac Pool #ZK4375 3.00% 2027⁹		209		221
Freddie Mac Pool #ZA2702 3.00% 2027⁹		96		101
Freddie Mac Pool #ZK4018 3.00% 2027⁹		7		7
Freddie Mac Pool #D97504 6.50% 2027⁹		219		237
Freddie Mac Pool #C91130 6.50% 2027⁹		108		121
Freddie Mac Pool #D97509 6.50% 2027⁹		31		34
Freddie Mac Pool #ZK5302 3.00% 2028⁹		908		963
Freddie Mac Pool #ZS6976 3.00% 2028⁹		170		179
Freddie Mac Pool #ZK5749 3.00% 2028⁹		111		118
Freddie Mac Pool #ZK6181 3.00% 2028⁹		110		116
Freddie Mac Pool #C91150 6.50% 2028⁹		120		135
Freddie Mac Pool #ZK7590 3.00% 2029⁹		3,267		3,453

American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Freddie Mac Pool #ZK7593 3.00% 2029⁹	$	287	$	304
Freddie Mac Pool #G16210 3.50% 2032⁹		50		54
Freddie Mac Pool #G16663 3.00% 2033⁹		10,220		10,855
Freddie Mac Pool #G16426 3.00% 2033⁹		5,396		5,767
Freddie Mac Pool #ZA2384 3.50% 2035⁹		308		331
Freddie Mac Pool #C91912 3.00% 2037⁹		23,663		24,918
Freddie Mac Pool #C91917 3.00% 2037⁹		10,865		11,441
Freddie Mac Pool #G06028 5.50% 2037⁹		156		175
Freddie Mac Pool #A56076 5.50% 2037⁹		20		23
Freddie Mac Pool #ZT1449 3.00% 2038⁹		11,003		11,715
Freddie Mac Pool #ZA2505 3.50% 2038⁹		128		134
Freddie Mac Pool #G08248 5.50% 2038⁹		67		77
Freddie Mac Pool #G05979 5.50% 2038⁹		30		35
Freddie Mac Pool #G04552 6.00% 2038⁹		566		667
Freddie Mac Pool #RB5012 3.50% 2039⁹		354		374
Freddie Mac Pool #RB5003 3.50% 2039⁹		241		254
Freddie Mac Pool #RB5007 3.50% 2039⁹		72		76
Freddie Mac Pool #RB5001 3.50% 2039⁹		27		28
Freddie Mac Pool #G05546 5.50% 2039⁹		127		148
Freddie Mac Pool #1B7749 2.38% 2040^8,9		7		8
Freddie Mac Pool #G05937 4.50% 2040⁹		3,663		4,073
Freddie Mac Pool #A90351 4.50% 2040⁹		339		367
Freddie Mac Pool #RB5118 2.00% 2041⁹		123,531		126,208
Freddie Mac Pool #Q03821 4.50% 2041⁹		619		684
Freddie Mac Pool #A97543 4.50% 2041⁹		411		449
Freddie Mac Pool #A97669 4.50% 2041⁹		263		292
Freddie Mac Pool #Q01190 4.50% 2041⁹		262		284
Freddie Mac Pool #A96552 4.50% 2041⁹		102		109
Freddie Mac Pool #Q03795 4.50% 2041⁹		41		45
Freddie Mac Pool #Q01160 5.00% 2041⁹		169		192
Freddie Mac Pool #Q11220 3.50% 2042⁹		636		686
Freddie Mac Pool #V80026 3.00% 2043⁹		37		39
Freddie Mac Pool #G07921 3.50% 2043⁹		544		587
Freddie Mac Pool #Q23190 4.00% 2043⁹		337		371
Freddie Mac Pool #Q23185 4.00% 2043⁹		244		273
Freddie Mac Pool #Q26734 4.00% 2044⁹		2,402		2,636
Freddie Mac Pool #760014 2.977% 2045^8,9		1,238		1,292
Freddie Mac Pool #SD0480 3.50% 2045⁹		13,217		14,470
Freddie Mac Pool #Q37988 4.00% 2045⁹		6,385		7,010
Freddie Mac Pool #G60344 4.00% 2045⁹		5,398		5,949
Freddie Mac Pool #Z40130 3.00% 2046⁹		19,022		20,450
Freddie Mac Pool #G60744 3.50% 2046⁹		2,561		2,763
Freddie Mac Pool #V82628 4.00% 2046⁹		12,698		13,811
Freddie Mac Pool #Q40476 4.00% 2046⁹		3,455		3,782
Freddie Mac Pool #Q40458 4.00% 2046⁹		971		1,056
Freddie Mac Pool #Q41909 4.50% 2046⁹		813		887
Freddie Mac Pool #760015 2.679% 2047^8,9		8,259		8,611
Freddie Mac Pool #G61733 3.00% 2047⁹		23,178		24,641
Freddie Mac Pool #ZS4743 3.50% 2047⁹		94,937		100,160
Freddie Mac Pool #ZS4735 3.50% 2047⁹		68,309		72,060
Freddie Mac Pool #ZS4747 3.50% 2047⁹		52,770		55,809
Freddie Mac Pool #G61295 3.50% 2047⁹		7,922		8,567
Freddie Mac Pool #ZS4726 3.50% 2047⁹		41		44
Freddie Mac Pool #G08775 4.00% 2047⁹		20,516		22,004
Freddie Mac Pool #V83507 4.00% 2047⁹		3,324		3,557
Freddie Mac Pool #G60928 4.50% 2047⁹		4,585		5,011
Freddie Mac Pool #ZM5257 3.00% 2048⁹		20,316		21,256
Freddie Mac Pool #G61628 3.50% 2048⁹		9,987		10,709
Freddie Mac Pool #G61662 3.50% 2048⁹		8,873		9,398
Freddie Mac Pool #Q54547 4.00% 2048⁹		12,775		13,662
Freddie Mac Pool #ZA5889 4.00% 2048⁹		6,171		6,636
Freddie Mac Pool #SI2002 4.00% 2048⁹		66		71
Freddie Mac Pool #SD7507 3.00% 2049⁹		193,876		206,043
Freddie Mac Pool #SD7509 3.00% 2049⁹		73,329		77,848
Freddie Mac Pool #QA5118 3.50% 2049⁹		57,056		61,361
Freddie Mac Pool #V85664 3.50% 2049⁹		49,239		53,072
Freddie Mac Pool #SD7508 3.50% 2049⁹		14,469		15,677

24	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Freddie Mac Pool #SD7506 4.00% 2049⁹	$	73,815	$	80,257
Freddie Mac Pool #RA1744 4.00% 2049⁹		1,268		1,366
Freddie Mac Pool #SD7528 2.00% 2050⁹		124,859		126,663
Freddie Mac Pool #RA2334 3.00% 2050⁹		72,719		77,137
Freddie Mac Pool #SD8158 3.50% 2051⁹		5,983		6,325
Freddie Mac Pool #SD8164 3.50% 2051⁹		4,706		4,985
Freddie Mac, Series T041, Class 3A, 5.051% 2032^8,9		960		1,075
Freddie Mac, Series 3318, Class JT, 5.50% 2037⁹		1,298		1,497
Freddie Mac, Series K723, Class A2, Multi Family, 2.454% 2023⁹		16,975		17,561
Freddie Mac, Series KS01, Class A2, Multi Family, 2.522% 2023⁹		869		887
Freddie Mac, Series K725, Class A2, Multi Family, 3.002% 2024⁹		44,055		46,602
Freddie Mac, Series K044, Class A2, Multi Family, 2.811% 2025⁹		13,385		14,291
Freddie Mac, Series K733, Class A2, Multi Family, 3.75% 2025^8,9		58,789		64,743
Freddie Mac, Series K734, Class A2, Multi Family, 3.208% 2026⁹		27,390		29,934
Freddie Mac, Series K061, Class A2, Multi Family, 3.347% 2026⁹		14,670		16,306
Freddie Mac, Series K066, Class A2, Multi Family, 3.117% 2027⁹		28,290		31,244
Freddie Mac, Series K067, Class A2, Multi Family, 3.194% 2027⁹		29,555		32,818
Freddie Mac, Series K069, Class A2, Multi Family, 3.187% 2027^8,9		20,340		22,620
Freddie Mac, Series K065, Class A2, Multi Family, 3.243% 2027⁹		3,800		4,219
Freddie Mac, Series K063, Class A2, Multi Family, 3.43% 2027⁹		17,350		19,371
Freddie Mac, Series K076, Class A2, Multi Family, 3.90% 2028⁹		11,003		12,762
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 2056^8,9		50,496		52,826
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 2056⁹		50,496		52,805
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 2056^8,9		21,965		22,972
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class MA, 3.00% 2056⁹		7,152		7,481
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 2056^8,9		29,274		30,876
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 2057^8,9		9,885		10,647
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 2057⁹		36,513		38,379
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 2057⁹		19,746		21,544
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 2057⁹		8,089		8,827
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 2058⁹		100,080		105,481
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2059⁹		53,840		56,571
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 2028⁹		10,669		11,283
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 2029⁹		15,732		16,538
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 2029⁹		41,459		44,209
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A2, 3.50% 2029⁹		24,325		26,875
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A1D, 2.00% 2030⁹		7,572		7,734
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A2D, 2.00% 2030⁹		1,427		1,403
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, 3.392% 2027^8,9		10,881		11,038
Government National Mortgage Assn. 2.00% 2051^9,10		271,547		276,077
Government National Mortgage Assn. 2.50% 2051^9,10		15,417		15,927
Government National Mortgage Assn. 4.00% 2051^9,10		24,603		25,982
Government National Mortgage Assn. 4.50% 2051^9,10		39,041		41,609
Government National Mortgage Assn. Pool #004291 6.00% 2038⁹		1,813		2,122
Government National Mortgage Assn. Pool #783219 4.00% 2041⁹		4,449		4,935
Government National Mortgage Assn. Pool #MA1601 4.00% 2044⁹		59		65
Government National Mortgage Assn. Pool #MA3175 4.50% 2045⁹		4,892		5,386
Government National Mortgage Assn. Pool #MA3107 4.50% 2045⁹		113		125
Government National Mortgage Assn. Pool #MA3873 3.00% 2046⁹		38,137		40,234

American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Government National Mortgage Assn. Pool #MA4901 4.00% 2047⁹	$	34,891	$	37,266
Government National Mortgage Assn. Pool #MA4587 4.00% 2047⁹		21,264		22,702
Government National Mortgage Assn. Pool #MA4779 4.00% 2047⁹		4,392		4,709
Government National Mortgage Assn. Pool #MA4653 4.00% 2047⁹		3,561		3,813
Government National Mortgage Assn. Pool #MA5191 3.50% 2048⁹		40,389		42,812
Government National Mortgage Assn. Pool #MA5078 4.00% 2048⁹		41,077		43,775
Government National Mortgage Assn. Pool #MA5528 4.00% 2048⁹		932		993
Government National Mortgage Assn. Pool #MA5193 4.50% 2048⁹		7,775		8,294
Government National Mortgage Assn. Pool #MA5816 3.50% 2049⁹		46,320		48,749
Government National Mortgage Assn. Pool #MA5876 4.00% 2049⁹		14,060		14,908
Government National Mortgage Assn. Pool #MA5986 4.00% 2049⁹		1,107		1,174
Government National Mortgage Assn. Pool #MA5764 4.50% 2049⁹		60,811		64,901
Government National Mortgage Assn. Pool #MA6092 4.50% 2049⁹		4,963		5,293
Government National Mortgage Assn. Pool #MA6041 4.50% 2049⁹		373		398
Government National Mortgage Assn. Pool #710085 5.018% 2061⁹		4		5
Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 2040^4,9		38,150		39,020
GS Mortgage Securities Corp. II, Series 2015-GS1, Class AAB, 3.553% 2048⁹		4,437		4,707
GS Mortgage Securities Trust, Series 2011-GC5, Class B, 5.428% 2044^4,8,9		1,817		1,815
GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 2050⁹		1,568		1,728
GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 2052⁹		405		463
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 2053⁹		26,485		27,394
Hundred Acre Wood Trust, Series 2021-INV1, Class A3, 2.50% 2051^4,8,9		4,564		4,653
JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class A5, 4.079% 2047⁹		12,784		13,763
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 2050⁹		930		1,027
JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 2050⁹		2,520		2,787
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-BCON, Class A, 3.735% 2031^4,9		3,075		3,191
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2021-410T, Class A, 2.287% 2042^4,9		12,316		12,648
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% 2049^8,9		8,015		8,866
JPMorgan Mortgage Trust, Series 2020-INV1, Class A3, 3.50% 2050^4,8,9		3,232		3,309
JPMorgan Mortgage Trust, Series 2019-INV3, Class A13, 3.50% 2050^4,8,9		2,347		2,396
JPMorgan Mortgage Trust, Series 2019-INV3, Class A3, 3.50% 2050^4,8,9		2,239		2,285
Legacy Mortgage Asset Trust, Series 2019-GS5, Class A1, 3.20% 2059^4,8,9		29,768		29,912
Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 3.25% 2059^4,8,9		16,948		17,064
Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, 3.75% 2059^4,8,9		10,079		10,106
Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 2061^4,8,9		8,507		8,524
Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 2039^4,9		72,851		74,639
Mello Warehouse Securitization Trust, Series 2019-2, Class A, (1-month USD-LIBOR + 0.75%) 0.842% 2052^4,8,9		10,904		10,924
Mello Warehouse Securitization Trust, Series 2020-2, Class A, (1-month USD-LIBOR + 0.80%) 0.892% 2053^4,8,9		15,402		15,435
MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD-LIBOR + 0.801%) 0.951% 2026^4,8,9		16,128		16,170
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27, Class ASB, 3.557% 2047⁹		3,518		3,709
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class A5, 3.741% 2047⁹		8,016		8,619
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class ASB, 3.04% 2048⁹		2,656		2,770
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A-4, 3.306% 2048⁹		1,600		1,717
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A-4, 3.72% 2049⁹		972		1,082
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class AS, 4.114% 2048⁹		2,490		2,724
Morgan Stanley Capital I Trust, Series 2016-UBS9, Class C, 4.761% 2049^8,9		704		750
Mortgage Repurchase Agreement Financing Trust, Series 2020-5, (1-month USD-LIBOR + 1.00%) 1.077% 2023^4,8,9		42,938		43,008
MRA Issuance Trust, Series 2020-10, Class A2, (1-month USD-LIBOR + 1.70%) 1.70% 2022^4,8,9,11		42,646		42,646
MRA Issuance Trust, Series 2020-10, Class A, (1-month USD-LIBOR + 1.70%) 1.786% 2022^4,8,9		71,766		71,817
New Residential Mortgage Loan Trust, Series 2019-2A, Class A1, 4.25% 2057^4,8,9		1,104		1,165

26	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Onslow Bay Financial LLC, Series 2020-INV1, Class A5, 3.50% 2049^4,8,9	$	4,707		$	4,781
Progress Residential Trust, Series 2018-SFR2, Class A, 3.712% 2035^4,9		4,915			4,923
Progress Residential Trust, Series 2018-SFR3, Class A, 3.88% 2035^4,9		6,493			6,566
Provident Funding Mortgage Warehouse Securitization Trust, Series 2021-1, Class A, (1-month USD-LIBOR + 0.70%) 0.792% 2055^4,8,9		16,925			16,889
RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75% 2063^4,8,9		8,249			8,228
Sequoia Mortgage Trust, Series 2018-CH1, Class A1, 4.00% 2048^4,8,9		6,916			7,020
SLG Office Trust, Series 2021-OVA, Class A, 2.585% 2041^4,9		64,587			67,470
Station Place Securitization Trust, Series 2021-WL1, Class A, (1-month USD-LIBOR + 0.65%) 0.742% 2054^4,8,9		32,287			32,337
Station Place Securitization Trust, Series 2021-WL2, Class A, (1-month USD-LIBOR + 0.70%) 0.792% 2054^4,8,9		12,790			12,803
TIF Funding II LLC, Series 2020-1A, Class A, 2.09% 2045^4,9		19,777			19,942
TIF Funding II LLC, Series 2021-1A, Class A, 1.65% 2046^4,9		24,554			24,241
TIF Funding II LLC, Series 2021-1A, Class B, 2.54% 2046^4,9		587			582
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 2060^4,9		869			879
Uniform Mortgage-Backed Security 1.50% 2036^9,10		218,553			220,508
Uniform Mortgage-Backed Security 1.50% 2036^9,10		—	¹²		—	¹²
Uniform Mortgage-Backed Security 2.00% 2036^9,10		790,085			813,820
Uniform Mortgage-Backed Security 2.00% 2036^9,10		300,000			308,590
Uniform Mortgage-Backed Security 2.00% 2036^9,10		3,352			3,458
Uniform Mortgage-Backed Security 2.50% 2036^9,10		256,729			267,730
Uniform Mortgage-Backed Security 2.00% 2051^9,10		611,964			615,478
Uniform Mortgage-Backed Security 2.50% 2051^9,10		1,002,612			1,032,886
Uniform Mortgage-Backed Security 2.50% 2051^9,10		63,919			65,991
Uniform Mortgage-Backed Security 3.00% 2051^9,10		24,400			25,397
Uniform Mortgage-Backed Security 3.50% 2051^9,10		628,724			662,235
Uniform Mortgage-Backed Security 3.50% 2051^9,10		348,773			367,145
Uniform Mortgage-Backed Security 4.00% 2051^9,10		249,562			265,979
Uniform Mortgage-Backed Security 4.00% 2051^9,10		100,000			106,492
Uniform Mortgage-Backed Security 4.50% 2051^9,10		20,675			22,245
Uniform Mortgage-Backed Security 4.50% 2051^9,10		6,250			6,730
Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class A-4, 3.789% 2048⁹		9,587			10,375
Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class C, 4.23% 2048^8,9		750			794
Wells Fargo Commercial Mortgage Trust, Series 2016-BNK1, Class B, 2.967% 2049⁹		1,212			1,234
Wells Fargo Commercial Mortgage Trust, Series 2016-C34, Class AS, 3.484% 2049⁹		455			491
Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 2049⁹		10,015			11,186
Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 2052⁹		4,008			4,371
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class AS, 3.988% 2059⁹		800			875
Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 2060⁹		795			880
					11,620,272

Asset-backed obligations 1.87%
Aesop Funding LLC, Series 2017-2A, Class A, 2.97% 2024^4,9		14,295			14,844
Aesop Funding LLC, Series 2018-1A, Class A, 3.70% 2024^4,9		8,454			8,988
Aesop Funding LLC, Series 2019-2A, Class A, 3.35% 2025^4,9		24,440			26,243
Aesop Funding LLC, Series 2018-2A, Class A, 4.00% 2025^4,9		22,900			24,759
Aesop Funding LLC, Series 2020-1A, Class A, 2.33% 2026^4,9		3,375			3,524
Aesop Funding LLC, Series 2019-3A, Class A, 2.36% 2026^4,9		28,830			30,207
Aesop Funding LLC, Series 2021-1A, Class A, 1.38% 2027^4,9		83,013			83,086
Aesop Funding LLC, Series 2021-1A, Class B, 1.63% 2027^4,9		4,460			4,464
Aesop Funding LLC, Series 2020-2, Class A, 2.02% 2027^4,9		19,921			20,558
Aesop Funding LLC, Series 2021-1A, Class C, 2.13% 2027^4,9		1,542			1,543
Aesop Funding LLC, Series 2020-2A, Class B, 2.96% 2027^4,9		3,873			4,110
Allegro CLO, Ltd., Series 2016-1A, Class AR2, (3-month USD-LIBOR + 0.95%) 1.12% 2030^4,8,9		39,154			39,154
Allegro CLO, Ltd., Series 2017-1A, Class AR, (3-month USD-LIBOR + 0.95%) 1.134% 2030^4,8,9		22,285			22,285
American Credit Acceptance Receivables Trust, Series 2020-3, Class B, 1.15% 2024^4,9		1,800			1,810
American Credit Acceptance Receivables Trust, Series 2020-3, Class C, 1.85% 2026^4,9		12,902			13,136
American Credit Acceptance Receivables Trust, Series 2021-1, Class C, 0.83% 2027^4,9		5,654			5,661
American Credit Acceptance Receivables Trust, Series 2021-1, Class D, 1.14% 2027^4,9		3,117			3,111
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class B, 0.69% 2027⁹		7,776			7,810
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01% 2027⁹		8,644			8,706
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class D, 1.29% 2027⁹		20,192			20,422

American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
ARES CLO, Ltd., Series 2017-42A, Class AR, (3-month USD-LIBOR + 0.92%) 1.114% 2028^4,8,9	$	47,777	$	47,777
Ballyrock, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 1.155% 2030^4,8,9		50,730		50,730
Bankers Healthcare Group Securitization Trust, Series 2020-A, Class A, 2.56% 2031^4,9		2,221		2,257
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 2033^4,9		8,349		8,354
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class B, 2.79% 2033^4,9		1,905		1,921
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class C, 3.69% 2033^4,9		980		993
Blackbird Capital Aircraft, Series 2021-1A, Class A, 2.443% 2046^4,9		24,530		24,734
Blackbird Capital Aircraft, Series 2021-1A, Class B, 3.446% 2046^4,9		3,686		3,723
CarMaxAuto Owner Trust, Series 2020-1, Class A2, 1.87% 2023⁹		4,465		4,480
CarMaxAuto Owner Trust, Series 2019-2, Class C, 3.16% 2025⁹		8,000		8,337
CarMaxAuto Owner Trust, Series 2021-1, Class C, 0.94% 2026⁹		811		808
CarMaxAuto Owner Trust, Series 2021-1, Class D, 1.28% 2027⁹		794		790
Cent CLO LP, Series 2014-21A, Class AR, (3-month USD-LIBOR + 0.97%) 1.151% 2030^4,8,9		70,560		70,560
CF Hippolyta LLC, Series 2020-1, Class A1, 1.69% 2060^4,9		97,799		99,470
CF Hippolyta LLC, Series 2020-1, Class A2, 1.99% 2060^4,9		19,517		19,844
CF Hippolyta LLC, Series 2020-1, Class B1, 2.28% 2060^4,9		25,601		26,058
CF Hippolyta LLC, Series 2020-1, Class B2, 2.60% 2060^4,9		3,617		3,671
CF Hippolyta LLC, Series 2021-1, Class A1, 1.53% 2061^4,9		63,461		63,955
CF Hippolyta LLC, Series 2021-1, Class B1, 1.98% 2061^4,9		15,077		15,228
CLI Funding V LLC, Series 2020-2A, Class A, 2.03% 2045^4,9		30,164		30,377
CLI Funding V LLC, Series 2020-3A, Class A, 2.07% 2045^4,9		41,096		41,516
CLI Funding V LLC, Series 2020-1A, Class A, 2.08% 2045^4,9		28,484		28,770
CLI Funding V LLC, Series 2020-3A, Class B, 3.30% 2045^4,9		8,369		8,542
CLI Funding V LLC, Series 2021-1A, Class A, 1.64% 2046^4,9		34,327		34,111
CLI Funding V LLC, Series 2021-1A, Class B, 2.38% 2046^4,9		2,071		2,055
Cloud Pass-Through Trust, Series 2019-1A, Class CLOU, 3.554% 2022^4,8,9		1,480		1,490
CPS Auto Receivables Trust, Series 2019-C, Class C, 2.84% 2025^4,9		2,821		2,854
CPS Auto Receivables Trust, Series 2019-C, Class D, 3.17% 2025^4,9		4,275		4,401
CPS Auto Receivables Trust, Series 2019-B, Class D, 3.69% 2025^4,9		10,655		10,888
CPS Auto Receivables Trust, Series 2021-A, Class C, 0.83% 2026^4,9		2,679		2,679
CPS Auto Receivables Trust, Series 2021-A, Class D, 1.16% 2026^4,9		2,429		2,418
CPS Auto Receivables Trust, Series 2020-C, Class C, 1.71% 2026^4,9		2,971		3,020
Credit Acceptance Auto Loan Trust, Series 2020-1A, Class A, 2.01% 2029^4,9		9,634		9,804
Drive Auto Receivables Trust, Series 2019-3, Class B, 2.65% 2024⁹		3,416		3,428
Drive Auto Receivables Trust, Series 2021-1, Class B, 0.65% 2025⁹		9,256		9,276
Drive Auto Receivables Trust, Series 2019-3, Class C, 2.90% 2025⁹		48,690		49,613
Drive Auto Receivables Trust, Series 2019-2, Class C, 3.42% 2025⁹		15,652		15,877
Drive Auto Receivables Trust, Series 2020-1, Class C, 2.36% 2026⁹		24,689		25,146
Drive Auto Receivables Trust, Series 2019-3, Class D, 3.18% 2026⁹		33,195		34,544
Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02% 2027⁹		19,517		19,616
Drive Auto Receivables Trust, Series 2021-1, Class D, 1.45% 2029⁹		14,729		14,832
Drivetime Auto Owner Trust, Series 2019-3, Class B, 2.60% 2023^4,9		937		939
Drivetime Auto Owner Trust, Series 2019-3, Class C, 2.74% 2025^4,9		5,510		5,582
Drivetime Auto Owner Trust, Series 2019-3, Class D, 2.96% 2025^4,9		9,570		9,898
Drivetime Auto Owner Trust, Series 2021-1A, Class C, 0.84% 2026^4,9		3,189		3,189
Drivetime Auto Owner Trust, Series 2021-1A, Class D, 1.16% 2026^4,9		1,738		1,733
Drivetime Auto Owner Trust, Series 2020-3A, Class C, 1.47% 2026^4,9		3,433		3,465
Drivetime Auto Owner Trust, Series 2020-3A, Class D, 1.84% 2026^4,9		1,100		1,115
Drivetime Auto Owner Trust, Series 2020-2A, Class D, 4.73% 2026^4,9		1,250		1,356
Drivetime Auto Owner Trust, Series 2021-2A, Class B, 0.81% 2027^4,9		4,324		4,338
Drivetime Auto Owner Trust, Series 2021-2A, Class C, 1.10% 2027^4,9		4,513		4,531
Drivetime Auto Owner Trust, Series 2021-2A, Class D, 1.50% 2027^4,9		3,049		3,068
Dryden Senior Loan Fund, Series 2017-47A, Class A1R, CLO, (3-month USD-LIBOR + 0.98%) 1.17% 2028^4,8,9		74,562		74,562
Dryden Senior Loan Fund, Series 2014-33A, Class AR3, CLO, (3-month USD-LIBOR + 1.00%) 1.184% 2029^4,8,9		11,329		11,329
EDvestinU Private Education Loan LLC, Series 2021-A, Class A, 1.80% 2045^4,9		10,240		10,279
Exeter Automobile Receivables Trust, Series 2019-3A, Class C, 2.79% 2024^4,9		20,910		21,178
Exeter Automobile Receivables Trust, Series 2021-2, Class B, 0.57% 2025⁹		12,998		13,011
Exeter Automobile Receivables Trust, Series 2020-3A, Class C, 1.32% 2025⁹		3,276		3,311
Exeter Automobile Receivables Trust, Series 2020-1A, Class D, 2.73% 2025^4,9		3,700		3,805
Exeter Automobile Receivables Trust, Series 2019-3A, Class D, 3.11% 2025^4,9		33,700		34,787
Exeter Automobile Receivables Trust, Series 2019-2A, Class D, 3.71% 2025^4,9		28,740		29,758
Exeter Automobile Receivables Trust, Series 2021-2, Class C, 0.98% 2026⁹		14,127		14,167

28	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Asset-backed obligations (continued)
Exeter Automobile Receivables Trust, Series 2020-3A, Class D, 1.73% 2026⁹		$	3,125	$	3,181
Exeter Automobile Receivables Trust, Series 2021-2, Class D, 1.40% 2027⁹			20,431		20,434
Fin. Auth., Student Loan Rev. Ref. Bonds, Series 2015-B-1, (1-month USD-LIBOR + 0.75%) 0.845% 2030^8,9			3,765		3,768
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 2037^4,9			88,074		88,026
Ford Credit Auto Owner Trust, Series 2017-1, Class A, 2.62% 2028^4,9			50,885		51,652
Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 2030^4,9			36,420		38,678
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.52% 2030^4,9			54,515		58,589
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 2031^4,9			82,365		85,580
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 2031^4,9			80,360		86,779
GCI Funding I LLC, Series 2020-1, Class A, 2.82% 2045^4,9			21,566		21,969
GCI Funding I LLC, Series 2020-1, Class B, 3.81% 2045^4,9			3,257		3,256
GCI Funding I LLC, Series 2021-1, Class A, 2.38% 2046^4,9			4,488		4,514
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 2039^4,9			15,049		15,838
Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 2040^4,9			73,651		74,656
Global SC Finance V SRL, Series 2020-1A, Class B, 3.55% 2040^4,9			1,924		1,973
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 2040^4,9			104,390		105,521
Global SC Finance VII SRL, Series 2020-2A, Class B, 3.32% 2040^4,9			6,059		6,172
Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 2041^4,9			85,084		84,828
GM Financial Automobile Leasing Trust, Series 2020-2, Class C, 2.56% 2024⁹			1,165		1,203
GM Financial Automobile Leasing Trust, Series 2020-2, Class D, 3.21% 2024⁹			1,646		1,715
Hertz Vehicle Financing LLC, Series 2021-1A, Class A, 1.21% 2025^4,9			82,376		82,699
Hertz Vehicle Financing LLC, Series 2021-1A, Class B, 1.56% 2025^4,9			15,107		15,176
Hertz Vehicle Financing LLC, Series 2021-1A, Class C, 2.05% 2025^4,9			7,331		7,370
Hertz Vehicle Financing LLC, Series 2021-2A, Class A, 1.68% 2027^4,9			89,308		89,614
Hertz Vehicle Financing LLC, Series 2021-2A, Class B, 2.12% 2027^4,9			13,715		13,791
Hertz Vehicle Financing LLC, Series 2021-2A, Class C, 2.52% 2027^4,9			7,776		7,832
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2015-3A, Class A, 2.67% 2021^4,9			435		437
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2017-2A, Class A, 3.29% 2023^4,9			603		604
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2018-1A, Class A, 3.29% 2024^4,9			2,472		2,480
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2018-3A, Class A, 4.03% 2024^4,9			294		296
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2019-3A, Class A, 2.67% 2025^4,9			162		163
Honda Auto Receivables Owner Trust, Series 2019-2, Class A3, 2.52% 2023⁹			23,607		23,912
Honda Auto Receivables Owner Trust, Series 2018-4, Class A3, 3.16% 2023⁹			3,582		3,619
Longfellow Place CLO, Ltd., Series 2013-1A, Class AR3, (3-month USD-LIBOR + 1.00%) 1.184% 2029^4,8,9			55,114		55,114
Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD-LIBOR + 1.00%) 1.186% 2030^4,8,9			75,355		75,353
Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD-LIBOR + 1.15%) 1.334% 2029^4,8,9			44,505		44,505
Mercury Financial, Series 2021-1A, Class A, 1.54% 2026^4,9			40,740		40,889
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 2069^4,9			47,304		47,447
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 2062^4,9			60,236		60,317
Nelnet Student Loan Trust, Series 2021-BA, Class AFX, 1.42% 2062^4,9			99,661		100,015
Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD-LIBOR + 0.97%) 1.146% 2030^4,8,9			24,008		24,008
Palmer Square Loan Funding, CLO, Series 2020-4, Class A1, (3-month USD-LIBOR + 1.00%) 1.147% 2028^4,8,9			41,908		41,940
Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD-LIBOR + 0.90%) 1.055% 2029^4,8,9			7,686		7,686
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70% 2024^4,9			8,310		8,455
Prestige Auto Receivables Trust, Series 2019-1A, Class D, 3.01% 2025^4,9			5,145		5,277
Race Point CLO, Ltd., Series 2015-9A, Class A1A2, (3-month USD-LIBOR + 0.94%) 1.181% 2030^4,8,9			63,046		63,046
Santander Drive Auto Receivables Trust, Series 2020-1, Class A3, 2.03% 2024⁹			6,113		6,143
Santander Drive Auto Receivables Trust, Series 2019-2, Class C, 2.90% 2024⁹			49,560		50,247
Santander Drive Auto Receivables Trust, Series 2020-1, Class B, 3.03% 2024⁹			6,896		7,031
Santander Drive Auto Receivables Trust, Series 2021-2, Class B, 0.59% 2025⁹			11,794		11,819
Santander Drive Auto Receivables Trust, Series 2019-2, Class D, 3.22% 2025⁹			10,565		10,918
Santander Drive Auto Receivables Trust, Series 2020-1, Class C, 4.11% 2025⁹			19,820		20,809
Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.90% 2026⁹			21,945		21,998
Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.12% 2026⁹			12,951		13,073

American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Asset-backed obligations (continued)
Santander Drive Auto Receivables Trust, Series 2020-3, Class D, 1.64% 2026⁹		$	8,108	$	8,219
Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35% 2027⁹			14,067		14,097
Slam, Ltd., Series 2021-1, Class A, 2.434% 2046^4,9			22,995		23,049
Slam, Ltd., Series 2021-1, Class B, 3.422% 2046^4,9			4,233		4,294
SMB Private Education Loan Trust, Series 2015-A, Class A2A, 2.49% 2027^4,9			285		287
SMB Private Education Loan Trust, Series 2021-A, Class A2A2, (1-month USD-LIBOR + 0.73%) 0.823% 2053^4,8,9			22,442		22,650
Social Professional Loan Program LLC, Series 2015-D, Class A2, 2.72% 2036^4,9			1,070		1,082
Sound Point CLO, Ltd., Series 2017-2A, Class AR, (3-month USD-LIBOR + 0.98%) 1.156% 2030^4,8,9			44,039		44,039
Sound Point CLO, Ltd., Series 2017-3A, Class A1R, (3-month USD-LIBOR + 0.98%) 1.182% 2030^4,8,9			75,470		75,509
Sound Point CLO, Ltd., Series 2015-1RA, Class AR, (3-month USD-LIBOR + 1.08%) 1.264% 2030^4,8,9			41,370		41,370
South Carolina Student Loan Corp., Series 2014-1, Class A1, (1-month USD-LIBOR + 0.75%) 0.86% 2030^8,9			1,489		1,490
South Carolina Student Loan Corp., Series 2014-1, Class A2, (1-month USD-LIBOR + 1.00%) 1.11% 2033^8,9			12,130		12,223
TAL Advantage V LLC, Series 2020-1A, Class A, 2.05% 2045^4,9			40,920		41,329
TAL Advantage V LLC, Series 2020-1A, Class B, 3.29% 2045^4,9			2,275		2,322
Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 2045^4,9			23,945		24,167
Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 2045^4,9			21,006		21,385
Textainer Marine Containers, Ltd., Series 2020-2A, Class B, 3.34% 2045^4,9			3,450		3,538
Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 2046^4,9			36,702		36,401
Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 2046^4,9			66,166		67,183
Textainer Marine Containers, Ltd., Series 2021-1A, Class B, 2.52% 2046^4,9			1,699		1,689
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 2031^4,9			34,690		36,600
Toyota Auto Loan Extended Note Trust, Series 2020-1, Class A, 1.35% 2033^4,9			13,218		13,450
Triton Container Finance LLC, Series 2020-1A, Class A, 2.11% 2045^4,9			120,423		121,379
Triton Container Finance LLC, Series 2020-1, Class B, 3.74% 2045^4,9			3,873		3,984
Triton Container Finance LLC, Series 2021-1A, Class A, 1.86% 2046^4,9			47,088		46,921
Triton Container Finance LLC, Series 2021-1A, Class B, 2.58% 2046^4,9			1,593		1,585
Westlake Automobile Receivables Trust, Series 2019-2A, Class B, 2.62% 2024^4,9			7,148		7,177
Westlake Automobile Receivables Trust, Series 2019-2A, Class C, 2.84% 2024^4,9			13,785		13,980
Westlake Automobile Receivables Trust, Series 2020-3A, Class C, 1.24% 2025^4,9			5,971		6,030
Westlake Automobile Receivables Trust, Series 2021-2, Class B, 0.62% 2026^4,9			13,060		13,065
Westlake Automobile Receivables Trust, Series 2021-2, Class C, 0.89% 2026^4,9			16,856		16,870
Westlake Automobile Receivables Trust, Series 2021-2, Class D, 1.23% 2026^4,9			11,177		11,187
Westlake Automobile Receivables Trust, Series 2020-3A, Class D, 1.65% 2026^4,9			11,486		11,639
					3,881,374

Bonds & notes of governments & government agencies outside the U.S. 0.38%
Asian Development Bank 1.00% 2026			40,383		40,521
Caisse d’Amortissement de la Dette Sociale 3.375% 2024⁴			49,560		53,395
Caisse d’Amortissement de la Dette Sociale 0.375% 2025⁴			20,000		19,651
Chile (Republic of) 3.10% 2061			17,566		16,871
CPPIB Capital, Inc. 2.25% 2022⁴			25,714		26,015
CPPIB Capital, Inc. 2.75% 2027⁴			26,400		28,754
European Investment Bank 0.625% 2027			7,655		7,356
European Stability Mechanism 0.375% 2025⁴			26,180		25,749
International Bank for Reconstruction and Development 0.75% 2027			9,000		8,769
International Development Association 0.375% 2025⁴			21,560		21,158
Japan Bank for International Cooperation 1.25% 2031			35,628		34,383
KfW 0.375% 2025			7,671		7,575
Landwirtschaftliche Rentenbank 0.875% 2030			14,870		14,089
Manitoba (Province of) 3.05% 2024			13,380		14,304
Morocco (Kingdom of) 3.00% 2032⁴			5,000		4,842
Morocco (Kingdom of) 4.00% 2050⁴			16,000		14,880
Oesterreichische Kontrollbank AG 0.375% 2025			9,375		9,218
Oesterreichische Kontrollbank AG 0.50% 2026			22,300		21,941
Peru (Republic of) 2.392% 2026			2,730		2,823
Peru (Republic of) 2.783% 2031			14,400		14,706
Peru (Republic of) 1.862% 2032			45,265		42,112
Peru (Republic of) 2.78% 2060			50,070		44,790
Philippines (Republic of) 1.648% 2031			13,829		13,376
Philippines (Republic of) 6.375% 2034			24,780		35,020

30	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)
Philippines (Republic of) 2.65% 2045		$	7,941	$	7,358
PT Indonesia Asahan Aluminium Tbk 5.23% 2021⁴			2,492		2,536
PT Indonesia Asahan Aluminium Tbk 4.75% 2025			20,000		22,102
PT Indonesia Asahan Aluminium Tbk 4.75% 2025⁴			4,910		5,426
PT Indonesia Asahan Aluminium Tbk 6.53% 2028			17,050		20,940
PT Indonesia Asahan Aluminium Tbk 6.53% 2028⁴			2,950		3,623
PT Indonesia Asahan Aluminium Tbk 5.45% 2030⁴			1,360		1,583
PT Indonesia Asahan Aluminium Tbk 5.80% 2050⁴			3,850		4,559
Qatar (State of) 3.375% 2024⁴			24,780		26,614
Qatar (State of) 4.00% 2029⁴			10,000		11,529
Qatar (State of) 4.817% 2049⁴			10,000		12,901
Quebec (Province of) 2.375% 2022			51,407		52,051
Quebec (Province of) 2.75% 2027			25,770		27,969
Saudi Arabia (Kingdom of) 3.25% 2030⁴			23,050		24,864
Saudi Arabia (Kingdom of) 5.25% 2050⁴			10,000		13,123
United Mexican States 2.659% 2031			23,299		22,819
United Mexican States 3.771% 2061			13,292		12,396
					794,691

Municipals 0.36%
California 0.04%
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset- Backed Bonds, Series 2021-A, 3.115% 2038			29,590		30,719
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			11,540		11,732
Regents of the University of California, General Rev. Bonds, Series 2020-BG, 0.883% 2025			5,000		5,018
Regents of the University of California, General Rev. Bonds, Series 2020-BG, 1.316% 2027			5,400		5,419
Regents of the University of California, General Rev. Bonds, Series 2020-BG, 1.614% 2030			6,450		6,395
Regents of the University of California, General Rev. Bonds, Series 2021-BI, 2.847% 2041			2,990		3,046
Regents of the University of California, General Rev. Bonds, Series 2021-BI, 3.146% 2051			12,570		12,886
Dept. of Veterans Affairs, Veterans G.O. Rev. Ref. Bonds, Series 2015-CM, AMT, 2.45% 2031			560		570
					75,785

Connecticut 0.00%
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-A-1, 4.00% 2044			340		352

Florida 0.06%
Board of Administration Fin. Corp., Rev. Bonds, Series 2016-A, 2.638% 2021			16,350		16,350
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.258% 2025			11,950		12,070
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 2027			44,105		44,844
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 2030			56,145		57,288
					130,552

Illinois 0.21%
G.O. Bonds, Series 2019-A, 5.00% 2021			24,780		25,174
G.O. Bonds, Series 2019-A, 3.75% 2022			11,890		12,087
G.O. Bonds, Series 2019-A, 4.20% 2024			11,890		12,601
G.O. Bonds, Series 2019-A, 4.50% 2025			6,750		7,306
G.O. Bonds, Series 2021-A, 5.00% 2026			1,275		1,515
G.O. Bonds, Series 2021-B, 5.00% 2026			1,000		1,188
G.O. Bonds, Pension Funding, Series 2003, 4.95% 2023			25,294		27,038
G.O. Bonds, Pension Funding, Series 2003, 5.10% 2033			231,670		272,594
G.O. Bonds, Pension Funding, Series 2003, Assured Guaranty Municipal insured, 5.10% 2033			48,850		57,955
G.O. Bonds, Taxable Build America Bonds, Series 2010-1, 6.63% 2035			6,210		7,761
					425,219

American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Municipals (continued)
Iowa 0.00%
Fin. Auth., Single Family Mortgage Bonds (Mortgage-Backed Securities Program), Series 2013-1, 2.15% 2043		$	211	$	213

Maine 0.00%
Housing Auth., Mortgage Purchase Rev. Ref. Bonds, Series 2014-A-1, AMT, 3.25% 2043			140		145

Michigan 0.00%
Building Auth., Rev. Ref. Bonds (Facs. Program), Series 2020-II, 2.705% 2040			7,285		7,249

New Jersey 0.00%
Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2013-I, (SIFMA Municipal Swap Index + 1.60%) 1.63% 2028⁸			5,000		5,080

New York 0.02%
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.187% 2026			17,250		17,281
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.748% 2028			19,440		19,552
Utility Debt Securitization Auth., Restructuring Bonds, Series 2013-T-4, 3.435% 2025			2,126		2,204
					39,037

Ohio 0.03%
Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), Series 2021, 4.425% 2031			50,200		52,692

South Dakota 0.00%
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2014-F, 4.00% 2034			325		336
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2013-E, AMT, 4.00% 2044			170		177
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2015-D, 4.00% 2045			1,400		1,490
					2,003
					738,327

Federal agency bonds & notes 0.16%
Fannie Mae 0.375% 2025			17,840		17,579
Fannie Mae 0.75% 2027			12,590		12,284
Fannie Mae 6.25% 2029			4,000		5,460
Fannie Mae 0.875% 2030⁵			208,969		198,195
Federal Home Loan Bank 0.125% 2022			79,300		79,268
Federal Home Loan Bank 5.50% 2036			600		885
Private Export Funding Corp. 3.55% 2024			25,667		27,642
					341,313

Total bonds, notes & other debt instruments (cost: $49,430,166,000)					50,766,992

Short-term securities 8.02%			Shares
Money market investments 8.01%
Capital Group Central Cash Fund 0.04%^3,13			166,038,262		16,603,826

Money market investments purchased with collateral from securities on loan 0.01%
BlackRock Liquidity Funds – FedFund, Institutional Shares 0.03%^13,14			2,600,000		2,600
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%^13,14			2,600,000		2,600
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%^13,14			1,818,429		1,818
Capital Group Central Cash Fund 0.04%^3,13,14			17,587		1,759

32	American Balanced Fund

Short-term securities (continued)	Shares		Value (000)
Money market investments purchased with collateral from securities on loan (continued)
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 0.03%^13,14		600,000	$	600
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%^13,14		600,000		600
Fidelity Investments Money Market Government Portfolio, Class I 0.01%^13,14		400,000		400
RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 0.03%^13,14		300,000		300
				10,677

Total short-term securities (cost: $16,614,502,000)				16,614,503
Total investment securities 102.54% (cost: $154,717,571,000)				212,457,388
Other assets less liabilities (2.54)%				(5,271,556	)

Net assets 100.00%			$	207,185,832

Futures contracts

										Unrealized
										appreciation
				Notional			Value at			(depreciation)
		Number of		amount		¹⁵	6/30/2021		¹⁶	at 6/30/2021
Contracts	Type	contracts	Expiration	(000)			(000)			(000)
90 Day Euro Dollar Futures	Long	24,642	December 2022	$	6,160,500		$	6,128,465			$	1,290
90 Day Euro Dollar Futures	Long	33,713	June 2023		8,428,250			8,362,510				(14,522	)
90 Day Euro Dollar Futures	Long	12,196	September 2023		3,049,000			3,018,510				(5,401	)
90 Day Euro Dollar Futures	Short	45,909	December 2024		(11,477,250	)		(11,299,926	)			(8,132	)
2 Year U.S. Treasury Note Futures	Long	6,157	October 2021		1,231,400			1,356,512				(2,353	)
5 Year U.S. Treasury Note Futures	Long	49,947	October 2021		4,994,700			6,164,943				(13,399	)
10 Year U.S. Treasury Note Futures	Short	21,983	September 2021		(2,198,300	)		(2,912,748	)			(7,309	)
10 Year Ultra U.S. Treasury Note Futures	Short	38,903	September 2021		(3,890,300	)		(5,726,643	)			(77,634	)
20 Year U.S. Treasury Bond Futures	Long	5,766	September 2021		576,600			926,884				21,478
30 Year Ultra U.S. Treasury Bond Futures	Long	107	September 2021		10,700			20,618				291
											$	(105,691	)

Swap contracts

Interest rate swaps

										Unrealized
								Upfront		(depreciation)
					Value at			premium		appreciation
		Expiration	Notional		6/30/2021			paid		at 6/30/2021
Receive	Pay	date	(000)		(000)			(000)		(000)
0.207%	U.S. EFFR	2/26/2024	$	1,341,000		$(5,264	)	$	—		$ (5,264	)
0.3325%	U.S. EFFR	4/2/2024		735,000		(834	)		—		(834	)
U.S. EFFR	0.10625%	7/8/2025		301,000		6,183			—		6,183
U.S. EFFR	0.0795%	7/13/2025		59,676		1,302			—		1,302
U.S. EFFR	0.287%	11/12/2025		205,100		3,453			—		3,453
U.S. EFFR	0.666%	11/19/2030		78,700		3,630			—		3,630
3-month USD-LIBOR	1.972%	4/26/2051		83,500		(4,441	)		—		(4,441	)
3-month USD-LIBOR	1.9855%	4/26/2051		124,400		(7,025	)		—		(7,025	)
3-month USD-LIBOR	1.953%	4/27/2051		83,600		(4,060	)		—		(4,060	)
3-month USD-LIBOR	1.9895%	4/27/2051		128,720		(7,395	)		—		(7,395	)
3-month USD-LIBOR	1.9778%	4/28/2051		48,800		(2,665	)		—		(2,665	)
								$	—		$(17,116	)

American Balanced Fund

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Receive		Pay/ Payment frequency		Expiration date		Notional (000)				Value at 6/30/2021 (000)				Upfront premium received (000)				Unrealized depreciation at 6/30/2021 (000)
CDX.NA.IG.36		1.00%/Quarterly		6/20/2026			$886,500				$(22,513	)			$(18,982	)			$(3,531	)

Investments in affiliates³

	Value of affiliates at 1/1/2021 (000)		Additions (000)			Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 6/30/2021 (000)		Dividend income (000)
Common stocks 0.82%
Consumer discretionary 0.22%
Toll Brothers, Inc.	$	305,811	$	41,125		$	4,155	$	3,078		$	111,172		$	457,031	$	2,156
Materials 0.23%
Royal Gold, Inc.		443,170		501			4,514		3,536			29,060			471,753		2,501
Real estate 0.37%
Iron Mountain, Inc. REIT		481,886		81,815			29,054		24,441			207,986			767,074		2,190
Total common stocks															1,695,858
Investment funds 5.10%
Capital Group Central Corporate Bond Fund		—		10,549,413			106,088		805			114,704			10,558,834		16,481
Short-term securities 8.01%
Money market investments 8.01%
Capital Group Central Cash Fund 0.04%¹³		22,861,262		14,194,605			20,450,271		(238	)		(1,532	)		16,603,826		8,241
Money market investments purchased with collateral from securities on loan 0.00%
Capital Group Central Cash Fund 0.04%^13,14		—		1,759	¹⁷										1,759		—	¹⁸
Total short-term securities															16,605,585
Total 13.93%								$	31,622		$	461,390		$	28,860,277	$	31,569

34	American Balanced Fund

¹	Security did not produce income during the last 12 months.
²	All or a portion of this security was on loan. The total value of all such securities was $55,581,000, which represented .03% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
³	Affiliate of the fund or part of the same “group of investment companies” as the fund, as defined under the Investment Company Act of 1940, as amended.
⁴	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 $8,465,817,000, which represented 4.09% of the net assets of the fund.
⁵	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $176,627,000, which represented .09% of the net assets of the fund.
⁶	Index-linked bond whose principal amount moves with a government price index.
⁷	Step bond; coupon rate may change at a later date.
⁸	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.
⁹	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
¹⁰	Purchased on a TBA basis.
¹¹	Valued under fair value procedures adopted by authority of the board of trustees. The total value of the security was $42,646,000, which represented .02% of the net assets of the fund.
¹²	Amount less than one thousand.
¹³	Rate represents the seven-day yield at 6/30/2021.
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	Represents net activity. Refer to Note 5 for more information on securities lending.
¹⁸	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations 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.

American Balanced Fund

Financial statements

Statement of assets and liabilities	unaudited
at June 30, 2021	(dollars in thousands)

Assets:
Investment securities, at value (includes $55,581 of investment securities on loan):
Unaffiliated issuers (cost: $126,524,573)	$	183,597,111
Affiliated issuers (cost: $28,192,998)		28,860,277		$	212,457,388
Cash					2,248
Cash denominated in currencies other than U.S. dollars (cost: $4,451)					4,274
Receivables for:
Sales of investments		22,523,671
Sales of fund’s shares		222,440
Dividends and interest		439,192
Securities lending income		—	*
Variation margin on futures contracts		8,887
Variation margin on swap contracts		293
Other		918			23,195,401
					235,659,311
Liabilities:
Collateral for securities on loan					10,677
Payables for:
Purchases of investments		28,171,850
Repurchases of fund’s shares		150,996
Investment advisory services		36,429
Services provided by related parties		47,514
Trustees’ deferred compensation		6,274
Variation margin on futures contracts		27,439
Variation margin on swap contracts		4,901
Other		17,399			28,462,802
Net assets at June 30, 2021				$	207,185,832

Net assets consist of:
Capital paid in on shares of beneficial interest				$	144,050,609
Total distributable earnings					63,135,223
Net assets at June 30, 2021				$	207,185,832

*	Amount less than one thousand.

See notes to financial statements.

36	American Balanced Fund

Financial statements (continued)

Statement of assets and liabilities
at June 30, 2021 (continued)

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

Shares of beneficial interest issued and outstanding (no stated par value) —
unlimited shares authorized (6,350,353 total shares outstanding)

			Shares			Net asset value
	Net assets		outstanding			per share
Class A	$	98,621,247		3,020,685		$	32.65
Class C		11,021,585		340,042			32.41
Class T		13		—	*		32.65
Class F-1		5,105,053		156,511			32.62
Class F-2		23,163,739		710,065			32.62
Class F-3		9,403,425		288,163			32.63
Class 529-A		5,696,788		174,829			32.58
Class 529-C		410,349		12,581			32.62
Class 529-E		209,521		6,434			32.57
Class 529-T		16		—	*		32.65
Class 529-F-1		11		—	*		32.55
Class 529-F-2		387,029		11,855			32.65
Class 529-F-3		951		29			32.64
Class R-1		169,048		5,220			32.39
Class R-2		1,295,042		39,956			32.41
Class R-2E		145,515		4,478			32.50
Class R-3		2,996,585		92,310			32.46
Class R-4		5,315,430		163,088			32.59
Class R-5E		664,386		20,369			32.62
Class R-5		1,565,817		47,902			32.69
Class R-6		41,014,282		1,255,836			32.66

*	Amount less than one thousand.

See notes to financial statements.

American Balanced Fund

Financial statements (continued)

Statement of operations	unaudited
for the six months ended June 30, 2021	(dollars in thousands)

Investment income:
Income:
Dividends (net of non-U.S. taxes of $29,685; also includes $31,569 from affiliates)	$	1,341,594
Interest		598,042
Securities lending income (net of fees)		563		$	1,940,199
*Fees and expenses:**
Investment advisory services		208,396
Distribution services		204,991
Transfer agent services		59,580
Administrative services		29,072
Reports to shareholders		1,630
Registration statement and prospectus		3,386
Trustees’ compensation		1,154
Auditing and legal		61
Custodian		827
Other		2,015
Total fees and expenses before waiver		511,112
Less waiver of fees and expenses:
Investment advisory services waiver		—	^†
Total fees and expenses after waiver					511,112
Net investment income					1,429,087

Net realized gain and unrealized appreciation:
Net realized gain (loss) on:
Investments:
Unaffiliated issuers		3,891,262
Affiliated issuers		31,622
Futures contracts		328,458
Swap contracts		(25,694	)
In-kind redemptions		1,020,262
Currency transactions		(3,041	)		5,242,869
Net unrealized appreciation (depreciation) on:
Investments (net of non-U.S. taxes of $10,831):
Unaffiliated issuers		10,535,342
Affiliated issuers		461,390
Futures contracts		(126,384	)
Swap contracts		768
Currency translations		(756	)		10,870,360
Net realized gain and unrealized appreciation					16,113,229

Net increase in net assets resulting from operations				$	17,542,316

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

See notes to financial statements.

38	American Balanced Fund

Financial statements (continued)

Statements of changes in net assets

(dollars in thousands)

	Six months ended			Year ended
	June 30, 2021*			December 31, 2020
Operations:
Net investment income	$	1,429,087		$	2,799,762
Net realized gain		5,242,869			5,574,591
Net unrealized appreciation		10,870,360			9,254,580
Net increase in net assets resulting from operations		17,542,316			17,628,933

Distributions paid to shareholders		(2,398,661	)		(7,723,649	)

Net capital share transactions		8,867,138			12,541,775

Total increase in net assets		24,010,793			22,447,059

Net assets:
Beginning of period		183,175,039			160,727,980
End of period	$	207,185,832		$	183,175,039

*	Unaudited.

See notes to financial statements.

American Balanced Fund

Notes to financial statements

unaudited

1. Organization

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

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

Share class	Initial sales charge	Contingent deferred sales charge upon redemption	Conversion feature
Classes A and 529-A	Up to 5.75% for Class A; up to 3.50% for Class 529-A	None (except 1% 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 years
Class 529-E	None	None	None
Classes T and 529-T*	Up to 2.50%	None	None
Classes F-1, F-2, F-3, 529-F-1, 529-F-2 and 529-F-3	None	None	None
Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6	None	None	None

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

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

2. Significant accounting policies

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

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

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

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

40	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.

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

3. Valuation

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

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

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

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

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

American Balanced Fund

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund’s investment adviser. The Capital Group Central Corporate Bond Fund (“CCBF”), a fund within the Capital Group Central Fund Series II, and Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (collectively the “Central Funds”), are each valued based upon a floating net asset value, which fluctuates with changes in the value of each fund’s portfolio securities. The underlying securities are valued based on the policies and procedures in the Central Funds’ statements of additional information. Exchange-traded futures are generally valued at the official settlement price of the exchange or market on which such instruments are traded, as of the close of business on the day the futures are being valued. 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 trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

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

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

42	American Balanced Fund

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 June 30, 2021 (dollars in thousands):

	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Common stocks:
Information technology	$	29,024,874		$	—		$	—	$	29,024,874
Health care		17,818,336			—			—		17,818,336
Financials		16,983,258			—			—		16,983,258
Communication services		14,216,767			—			—		14,216,767
Consumer staples		11,712,096			—			—		11,712,096
Industrials		11,002,364			—			—		11,002,364
Consumer discretionary		10,702,510			—			—		10,702,510
Materials		7,363,576			—			—		7,363,576
Energy		6,257,333			—			—		6,257,333
Real estate		5,965,451			—			—		5,965,451
Utilities		2,946,086			—			—		2,946,086
Preferred securities		123,860			5,208			—		129,068
Convertible stocks		395,340			—			—		395,340
Investment funds		10,558,834			—			—		10,558,834
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes		—			20,358,803			—		20,358,803
Corporate bonds, notes & loans		—			13,032,212			—		13,032,212
Mortgage-backed obligations		—			11,620,272			—		11,620,272
Asset-backed obligations		—			3,881,374			—		3,881,374
Bonds & notes of governments & government agencies outside the U.S.		—			794,691			—		794,691
Municipals		—			738,327			—		738,327
Federal agency bonds & notes		—			341,313			—		341,313
Short-term securities		16,614,503			—			—		16,614,503
Total	$	161,685,188		$	50,772,200		$	—	$	212,457,388

	Other investments*
		Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	23,059		$	—		$	—	$	23,059
Unrealized appreciation on interest rate swaps		—			14,568			—		14,568
Liabilities:
Unrealized depreciation on futures contracts		(128,750	)		—			—		(128,750	)
Unrealized depreciation on interest rate swaps		—			(31,684	)		—		(31,684	)
Unrealized depreciation on credit default swaps		—			(3,531	)		—		(3,531	)
Total	$	(105,691	)	$	(20,647	)	$	—	$	(126,338	)

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

American Balanced Fund

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.

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.

44	American Balanced Fund

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

Liquidity risk — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile, 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.

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.

American Balanced Fund

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 June 30, 2021, the total value of securities on loan was $55,581,000, and the total value of collateral received was $57,036,000. Collateral received includes cash of $10,677,000 and U.S. government securities of $46,359,000. Investment securities purchased from cash collateral are disclosed in the fund’s investment portfolio as short-term securities. Securities received as collateral are not recognized as fund assets. The contractual maturity of cash collateral received under the securities lending agreement is classified as overnight and continuous.

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

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

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

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

On a daily basis, the fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in the statement of assets and liabilities. 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 $28,095,196,000.

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.

46	American Balanced Fund

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 $2,138,170,000.

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 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 $1,219,375,000.

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 six months ended, June 30, 2021 (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*

23,059

Unrealized depreciation*

128,750

Swap

Interest

Unrealized appreciation*

14,568

Unrealized depreciation*

31,684

Swap

Credit

Unrealized appreciation*

—

Unrealized depreciation*

3,531

37,627

163,965

American Balanced Fund

		Net realized gain (loss)				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	328,458		Net unrealized depreciation on futures contracts	$	(126,384	)
Swap	Interest	Net realized gain on swap contracts		12,231		Net unrealized depreciation on swap contracts		(25,086	)
Swap	Credit	Net realized loss on swap contracts		(37,925	)	Net unrealized appreciation on swap contracts		25,854
			$	302,764			$	(125,616	)

*	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 fund’s statement of assets and liabilities.

Collateral — The fund receives or pledges highly liquid assets, such as cash or U.S. government securities, as collateral due to securities lending and its use of futures contracts, interest rate swaps, credit default swaps and future delivery contracts. For securities lending, the fund receives collateral in exchange for lending investment securities. The lending agent may reinvest cash collateral from securities lending transactions according to agreed parameters. Cash collateral reinvested by the lending agent, if any, is disclosed in the fund’s investment portfolio. For futures contracts, 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 period ended June 30, 2021, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any significant interest or penalties.

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

Non-U.S. taxation — Dividend and interest income are recorded net of non-U.S. taxes paid. The fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the fund filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. Gains realized by the fund on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. If applicable, the fund records an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

Distributions — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; cost of investments sold; 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 components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of December 31, 2020, the components of distributable earnings on a tax basis were as follows (dollars in thousands):

Undistributed ordinary income		$	601,024
Undistributed long-term capital gains			1,114,632

48	American Balanced Fund

As of June 30, 2021, the tax basis unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

Gross unrealized appreciation on investments	$	58,661,312
Gross unrealized depreciation on investments		(772,606	)
Net unrealized appreciation on investments		57,888,706
Cost of investments		154,461,326

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

	Six months ended June 30, 2021									Year ended December 31, 2020
							Total									Total
	Ordinary			Long-term			distributions			Ordinary			Long-term			distributions
Share class	income			capital gains			paid			income			capital gains			paid
Class A	$	593,336		$	532,650		$	1,125,986		$	1,139,675		$	2,552,918		$	3,692,593
Class C		28,257			60,140			88,397			69,703			305,356			375,059
Class T		—	*		—	*		—	*		—	*		—	*		—	*
Class F-1		30,412			27,670			58,082			72,296			160,538			232,834
Class F-2		159,748			124,632			284,380			284,619			571,555			856,174
Class F-3		69,128			50,533			119,661			111,836			216,207			328,043
Class 529-A		33,434			30,846			64,280			64,172			149,430			213,602
Class 529-C		959			2,216			3,175			3,582			13,509			17,091
Class 529-E		1,011			1,138			2,149			2,150			5,749			7,899
Class 529-T		—	*		—	*		—	*		—	*		—	*		—	*
Class 529-F-1		—	*		—	*		—	*		3,657			1,427			5,084
Class 529-F-2^†		2,658			2,083			4,741			1,239			8,250			9,489
Class 529-F-3^†		7			5			12			4			23			27
Class R-1		428			926			1,354			945			4,535			5,480
Class R-2		3,147			7,059			10,206			7,835			35,499			43,334
Class R-2E		550			792			1,342			1,223			3,990			5,213
Class R-3		13,650			16,407			30,057			31,175			86,391			117,566
Class R-4		35,132			28,909			64,041			88,584			196,518			285,102
Class R-5E		4,545			3,601			8,146			8,090			16,101			24,191
Class R-5		11,926			8,548			20,474			26,069			48,037			74,106
Class R-6		290,982			221,196			512,178			499,952			930,810			1,430,762
Total	$	1,279,310		$	1,119,351		$	2,398,661		$	2,416,806		$	5,306,843		$	7,723,649

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

7. Fees and transactions with related parties

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

Investment advisory services — The fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. At the beginning of the year, these fees were based on a series of decreasing annual rates beginning with 0.420% 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. CRMC waived investment advisory services fees of less than $1,000 in advance of the amended investment advisory agreement. CRMC does not intend to recoup this waiver. For the six months ended June 30, 2021, the investment advisory services fees were $208,396,000, which were equivalent to an annualized rate of 0.215% of average daily net assets.

American Balanced Fund

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 June 30, 2021, unreimbursed expenses subject to reimbursement totaled $27,130,000 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 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.

50	American Balanced Fund

For the six months ended June 30, 2021, class-specific expenses under the agreements were as follows (dollars in thousands):

	Distribution		Transfer agent			Administrative			529 plan
Share class	services		services			services			services
Class A		$115,624		$30,694			$13,875			Not applicable
Class C		52,673		3,478			1,580			Not applicable
Class T		—		—	*		—	*		Not applicable
Class F-1		6,459		3,154			775			Not applicable
Class F-2		Not applicable		11,302			3,192			Not applicable
Class F-3		Not applicable		69			1,281			Not applicable
Class 529-A		6,309		1,593			805			$1,602
Class 529-C		1,979		121			60			120
Class 529-E		494		31			30			60
Class 529-T		—		—	*		—	*		—	*
Class 529-F-1		—		—	*		—	*		—	*
Class 529-F-2		Not applicable		104			54			107
Class 529-F-3		Not applicable		—	*		—	*		—	*
Class R-1		798		65			24			Not applicable
Class R-2		4,606		2,112			184			Not applicable
Class R-2E		420		144			21			Not applicable
Class R-3		7,303		2,233			438			Not applicable
Class R-4		8,326		3,423			999			Not applicable
Class R-5E		Not applicable		474			94			Not applicable
Class R-5		Not applicable		411			237			Not applicable
Class R-6		Not applicable		172			5,423			Not applicable
Total class-specific expenses		$204,991		$59,580			$29,072			$1,889

*	Amount less than one thousand.

Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Trustees’ compensation of $1,154,000 in the fund’s statement of operations reflects $549,000 in current fees (either paid in cash or deferred) and a net increase of $605,000 in the value of the deferred amounts.

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

Investments in CCBF and CCF — The fund holds shares of CCBF, a corporate bond fund, and CCF, an institutional prime money market fund, which are both managed by CRMC. CCBF seeks to provide maximum total return consistent with capital preservation and prudent risk management by investing primarily in corporate debt instruments. CCBF is used as an investment vehicle for the fund’s corporate bond investments. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for the fund’s short-term instruments. Both CCBF and CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from either CCBF or CCF.

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 six months ended June 30, 2021, the fund engaged in such purchase and sale transactions with related funds in the amounts of $1,127,978,000 and $667,492,000, respectively, which generated $108,803,000 of net realized gains from such sales.

Interfund lending — Pursuant to an exemptive order issued by the SEC, the fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the six months ended June 30, 2021.

American Balanced Fund

8. Indemnifications

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

9. Capital share transactions

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

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

Six months ended June 30, 2021

Class A	$	7,073,104			224,585		$	1,111,500			34,433		$	(4,860,226	)		(154,611	)	$	3,324,378			104,407
Class C		1,041,000			33,287			87,711			2,724			(1,185,284	)		(37,930	)		(56,573	)		(1,919	)
Class T		—			—			—			—			—			—			—			—
Class F-1		313,255			9,979			57,466			1,782			(1,141,934	)		(36,503	)		(771,213	)		(24,742	)
Class F-2		3,289,952			104,561			274,630			8,521			(1,977,535	)		(63,084	)		1,587,047			49,998
Class F-3		1,670,167			53,330			118,586			3,679			(651,534	)		(20,710	)		1,137,219			36,299
Class 529-A		393,158			12,528			64,257			1,994			(343,244	)		(10,996	)		114,171			3,526
Class 529-C		45,840			1,460			3,174			98			(75,691	)		(2,409	)		(26,677	)		(851	)
Class 529-E		12,823			409			2,148			67			(16,167	)		(518	)		(1,196	)		(42	)
Class 529-T		—			—			—	²		—	²		—			—			—	²		—	²
Class 529-F-1		—			—			—	²		—	²		—			—			—	²		—	²
Class 529-F-2		47,787			1,516			4,737			147			(28,883	)		(919	)		23,641			744
Class 529-F-3		—	²		—	²		12			—	²		(70	)		(2	)		(58	)		(2	)
Class R-1		15,802			507			1,352			42			(17,261	)		(557	)		(107	)		(8	)
Class R-2		147,262			4,715			10,196			316			(159,404	)		(5,135	)		(1,946	)		(104	)
Class R-2E		18,496			594			1,343			42			(21,535	)		(690	)		(1,696	)		(54	)
Class R-3		262,639			8,436			30,017			934			(434,650	)		(13,953	)		(141,994	)		(4,583	)
Class R-4		446,727			14,324			64,022			1,994			(2,417,586	)		(74,407	)		(1,906,837	)		(58,089	)
Class R-5E		87,491			2,803			8,144			253			(62,589	)		(1,995	)		33,046			1,061
Class R-5		127,368			4,067			20,419			633			(328,731	)		(10,469	)		(180,944	)		(5,769	)
Class R-6		7,354,344			232,182			511,842			15,857			(2,129,309	)		(67,667	)		5,736,877			180,372
Total net increase (decrease)	$	22,347,215			709,283		$	2,371,556			73,516		$	(15,851,633	)		(502,555	)	$	8,867,138			280,244

See end of table for footnotes.

52	American Balanced Fund

	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

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

10. Investment transactions

The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $167,026,426,000 and $163,737,754,000, respectively, during the six months ended June 30, 2021.

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:
6/30/2021^4,5	$	30.20	$	.22	$	2.61		$	2.83		$	(.20	)	$	(.18	)	$	(.38	)	$	32.65		9.38	%⁶	$	98,621			.57	%⁷		1.43	%⁷
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:
6/30/2021^4,5		29.99		.11		2.57			2.68			(.08	)		(.18	)		(.26	)		32.41		8.95	⁶		11,022			1.32	⁷		.68	⁷
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:
6/30/2021^4,5		30.20		.26		2.61			2.87			(.24	)		(.18	)		(.42	)		32.65		9.52	^6,8		—	⁹		.31	^7,8		1.69	^7,8
12/31/2020		28.50		.55		2.53			3.08			(.47	)		(.91	)		(1.38	)		30.20		11.15	⁸		—	⁹		.33	⁸		1.94	⁸
12/31/2019		24.90		.60		4.21			4.81			(.61	)		(.60	)		(1.21	)		28.50		19.48	⁸		—	⁹		.33	⁸		2.22	⁸
12/31/2018		27.15		.59		(1.24	)		(.65	)		(.58	)		(1.02	)		(1.60	)		24.90		(2.49	)⁸		—	⁹		.35	⁸		2.16	⁸
12/31/2017^4,10		25.77		.41		2.38			2.79			(.43	)		(.98	)		(1.41	)		27.15		10.91	^6,8		—	⁹		.36	^7,8		2.08	^7,8
Class F-1:
6/30/2021^4,5		30.17		.21		2.61			2.82			(.19	)		(.18	)		(.37	)		32.62		9.36	⁶		5,105			.62	⁷		1.37	⁷
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:
6/30/2021^4,5		30.17		.26		2.60			2.86			(.23	)		(.18	)		(.41	)		32.62		9.50	⁶		23,164			.36	⁷		1.65	⁷
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:
6/30/2021^4,5		30.18		.27		2.61			2.88			(.25	)		(.18	)		(.43	)		32.63		9.56	⁶		9,403			.25	⁷		1.76	⁷
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
12/31/2017^4,11		25.38		.53		2.77			3.30			(.56	)		(.98	)		(1.54	)		27.14		13.17	⁶		2,361			.29	⁷		2.11	⁷
Class 529-A:
6/30/2021^4,5		30.14		.22		2.59			2.81			(.19	)		(.18	)		(.37	)		32.58		9.35	⁶		5,697			.61	⁷		1.40	⁷
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.

54	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:
6/30/2021^4,5	$	30.17	$	.10	$	2.61		$	2.71		$	(.08	)	$	(.18	)	$	(.26	)	$	32.62		8.97	%⁶	$	410			1.36	%⁷		.64	%⁷
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:
6/30/2021^4,5		30.13		.18		2.60			2.78			(.16	)		(.18	)		(.34	)		32.57		9.23	⁶		210			.84	⁷		1.16	⁷
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:
6/30/2021^4,5		30.20		.25		2.61			2.86			(.23	)		(.18	)		(.41	)		32.65		9.49	^6,8		—	⁹		.38	^7,8		1.63	^7,8
12/31/2020		28.50		.54		2.53			3.07			(.46	)		(.91	)		(1.37	)		30.20		11.10	⁸		—	⁹		.37	⁸		1.89	⁸
12/31/2019		24.90		.59		4.20			4.79			(.59	)		(.60	)		(1.19	)		28.50		19.41	⁸		—	⁹		.39	⁸		2.16	⁸
12/31/2018		27.15		.57		(1.23	)		(.66	)		(.57	)		(1.02	)		(1.59	)		24.90		(2.55	)⁸		—	⁹		.41	⁸		2.09	⁸
12/31/2017^4,10		25.77		.40		2.38			2.78			(.42	)		(.98	)		(1.40	)		27.15		10.88	^6,8		—	⁹		.41	^7,8		2.03	^7,8
Class 529-F-1:
6/30/2021^4,5		30.11		.25		2.59			2.84			(.22	)		(.18	)		(.40	)		32.55		9.46	^6,8		—	⁹		.42	^7,8		1.58	^7,8
12/31/2020		28.42		.52		2.53			3.05			(.45	)		(.91	)		(1.36	)		30.11		11.07	⁸		—	⁹		.38	⁸		1.88	⁸
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:
6/30/2021^4,5		30.20		.26		2.60			2.86			(.23	)		(.18	)		(.41	)		32.65		9.49	⁶		387			.37	⁷		1.64	⁷
12/31/2020^4,12		28.35		.09		2.65			2.74			(.12	)		(.77	)		(.89	)		30.20		9.67	⁶		336			.06	⁶		.32	⁶
Class 529-F-3:
6/30/2021^4,5		30.19		.26		2.61			2.87			(.24	)		(.18	)		(.42	)		32.64		9.52	⁶		1			.31	⁷		1.68	⁷
12/31/2020^4,12		28.35		.10		2.63			2.73			(.12	)		(.77	)		(.89	)		30.19		9.66	⁶		1			.05	⁶		.35	⁶
Class R-1:
6/30/2021^4,5		29.96		.10		2.59			2.69			(.08	)		(.18	)		(.26	)		32.39		8.99	⁶		169			1.33	⁷		.67	⁷
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:
6/30/2021^4,5	$	29.99	$	.10	$	2.58		$	2.68		$	(.08	)	$	(.18	)	$	(.26	)	$	32.41		8.93	%⁶	$	1,295		1.35	%⁷		.66	%⁷
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:
6/30/2021^4,5		30.06		.15		2.59			2.74			(.12	)		(.18	)		(.30	)		32.50		9.13	⁶		146		1.06	⁷		.94	⁷
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:
6/30/2021^4,5		30.03		.17		2.59			2.76			(.15	)		(.18	)		(.33	)		32.46		9.19	⁶		2,997		.91	⁷		1.09	⁷
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:
6/30/2021^4,5		30.14		.21		2.60			2.81			(.18	)		(.18	)		(.36	)		32.59		9.34	⁶		5,315		.60	⁷		1.37	⁷
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:
6/30/2021^4,5		30.17		.25		2.61			2.86			(.23	)		(.18	)		(.41	)		32.62		9.48	⁶		664		.40	⁷		1.60	⁷
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:
6/30/2021^4,5		30.23		.27		2.61			2.88			(.24	)		(.18	)		(.42	)		32.69		9.55	⁶		1,566		.30	⁷		1.69	⁷
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:
6/30/2021^4,5		30.21		.27		2.61			2.88			(.25	)		(.18	)		(.43	)		32.66		9.55	⁶		41,014		.25	⁷		1.75	⁷
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

See end of table for footnotes.

56	American Balanced Fund

Financial highlights (continued)

	Six months ended June 30,			Year ended December 31,
Portfolio turnover rate for all share classes^13,14	2021^4,5,6			2020			2019			2018			2017			2016
Excluding mortgage dollar roll transactions		32	%¹⁵		65	%		67	%		72	%		58	%		48	%
Including mortgage dollar roll transactions		101	%¹⁵		176	%		104	%		105	%		95	%		79	%


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	Based on operations for a period that is less than a full year.
⁵	Unaudited.
⁶	Not annualized.
⁷	Annualized.
⁸	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.
⁹	Amount less than $1 million.
¹⁰	Class T and 529-T shares began investment operations on April 7, 2017.
¹¹	Class F-3 shares began investment operations on January 27, 2017.
¹²	Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.
¹³	Rates do not include the fund’s portfolio activity with respect to any Central Funds.
¹⁴	Refer to Note 5 for more information on mortgage dollar rolls.
¹⁵	Includes the value of securities sold due to in-kind redemptions. The rate shown would have been reduced by seven percentage points if the value of securities sold due to in-kind transactions were excluded.

See notes to financial statements.

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 (January 1, 2021, through June 30, 2021).

Actual expenses:

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

Hypothetical example for comparison purposes:

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

Notes:

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

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

58	American Balanced Fund

Expense example (continued)

	Beginning account value 1/1/2021		Ending account value 6/30/2021		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	1,093.84	$	2.96		.57	%
Class A – assumed 5% return		1,000.00		1,021.97		2.86		.57
Class C – actual return		1,000.00		1,089.46		6.84		1.32
Class C – assumed 5% return		1,000.00		1,018.25		6.61		1.32
Class T – actual return		1,000.00		1,095.21		1.61		.31
Class T – assumed 5% return		1,000.00		1,023.26		1.56		.31
Class F-1 – actual return		1,000.00		1,093.55		3.22		.62
Class F-1 – assumed 5% return		1,000.00		1,021.72		3.11		.62
Class F-2 – actual return		1,000.00		1,095.02		1.87		.36
Class F-2 – assumed 5% return		1,000.00		1,023.01		1.81		.36
Class F-3 – actual return		1,000.00		1,095.55		1.30		.25
Class F-3 – assumed 5% return		1,000.00		1,023.55		1.25		.25
Class 529-A – actual return		1,000.00		1,093.52		3.17		.61
Class 529-A – assumed 5% return		1,000.00		1,021.77		3.06		.61
Class 529-C – actual return		1,000.00		1,089.70		7.05		1.36
Class 529-C – assumed 5% return		1,000.00		1,018.05		6.80		1.36
Class 529-E – actual return		1,000.00		1,092.33		4.36		.84
Class 529-E – assumed 5% return		1,000.00		1,020.63		4.21		.84
Class 529-T – actual return		1,000.00		1,094.85		1.97		.38
Class 529-T – assumed 5% return		1,000.00		1,022.91		1.91		.38
Class 529-F-1 – actual return		1,000.00		1,094.62		2.18		.42
Class 529-F-1 – assumed 5% return		1,000.00		1,022.71		2.11		.42
Class 529-F-2 – actual return		1,000.00		1,094.89		1.92		.37
Class 529-F-2 – assumed 5% return		1,000.00		1,022.96		1.86		.37
Class 529-F-3 – actual return		1,000.00		1,095.20		1.61		.31
Class 529-F-3 – assumed 5% return		1,000.00		1,023.26		1.56		.31
Class R-1 – actual return		1,000.00		1,089.89		6.89		1.33
Class R-1 – assumed 5% return		1,000.00		1,018.20		6.66		1.33
Class R-2 – actual return		1,000.00		1,089.33		6.99		1.35
Class R-2 – assumed 5% return		1,000.00		1,018.10		6.76		1.35
Class R-2E – actual return		1,000.00		1,091.25		5.50		1.06
Class R-2E – assumed 5% return		1,000.00		1,019.54		5.31		1.06
Class R-3 – actual return		1,000.00		1,091.86		4.72		.91
Class R-3 – assumed 5% return		1,000.00		1,020.28		4.56		.91
Class R-4 – actual return		1,000.00		1,093.43		3.11		.60
Class R-4 – assumed 5% return		1,000.00		1,021.82		3.01		.60
Class R-5E – actual return		1,000.00		1,094.79		2.08		.40
Class R-5E – assumed 5% return		1,000.00		1,022.81		2.01		.40
Class R-5 – actual return		1,000.00		1,095.47		1.56		.30
Class R-5 – assumed 5% return		1,000.00		1,023.31		1.51		.30
Class R-6 – actual return		1,000.00		1,095.48		1.30		.25
Class R-6 – assumed 5% return		1,000.00		1,023.55		1.25		.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).

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

60	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 September 30, 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 27 years of investment industry experience, including 21 years at our company, reflecting a career commitment to our long-term approach.¹

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

	American Funds’ superior outcomes
	Equity funds have beaten their Lipper peer indexes in 91% of 10-year periods and 98% of 20-year periods.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, 2020.
	²	Based on Class F-2 share results for rolling calendar-year periods starting the first full calendar year after each fund’s inception through December 31, 2020. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date (except Capital Income Builder and SMALLCAP World Fund, for which the Lipper average was used). Expenses differ for each share class, so results will vary.
	³	Based on Class F-2 share results as of December 31, 2020. Thirteen of the 17 fixed income American Funds that have been in existence for the three-year period showed a three-year correlation below 0.3. Standard & Poor’s 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1.
		A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.
	⁴	On average, our management fees were in the lowest quintile 66% of the time, based on the 20-year period ended December 31, 2020, versus comparable Lipper categories, excluding funds of funds.

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

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

ITEM 2 – Code of Ethics

Not applicable for filing of semi-annual reports to shareholders.

ITEM 3 – Audit Committee Financial Expert

Not applicable for filing of semi-annual reports to shareholders.

ITEM 4 – Principal Accountant Fees and Services

Not applicable for filing of semi-annual reports to shareholders.

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)	Not applicable for filing of semi-annual reports to shareholders.

(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: August 31, 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: August 31, 2021

By ___/s/ Hong T. Le __________

Hong T. Le, Treasurer and

Principal Financial Officer

Date: August 31, 2021

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