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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

Investment Company Act File Number: 811-00066

American Balanced Fund

(Exact Name of Registrant as Specified in Charter)

6455 Irvine Center Drive

Irvine, California 92618

(Address of Principal Executive Offices)

Registrant's telephone number, including area code: (949) 975-5000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2023

Hong T. Le

American Balanced Fund

6455 Irvine Center Drive

Irvine, California 92618

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

American Balanced Fund^®

Annual report
for the year ended
December 31, 2023

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

The Securities and Exchange Commission has adopted new regulations that will change the content and design of annual and semi-annual shareholder reports beginning in July 2024. Certain types of information, including investment portfolio and financial statements, will not be included in the shareholder reports but will be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications from the fund electronically, you may update your mailing preferences with your financial intermediary or enroll in e-delivery at capitalgroup.com (for accounts held directly with the fund).

American Balanced Fund seeks conservation of capital, current income and long-term growth of capital and income.

This fund is one of more than 40 offered by Capital Group, home of American Funds, one of the nation’s largest mutual fund families. For over 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

Fund results shown in this report, unless otherwise indicated, are for Class F-2 shares. Class A share results are shown at net asset value unless otherwise indicated. If a sales charge (maximum 5.75%) had been deducted from Class A shares, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, refer to capitalgroup.com.

Refer to page 4 for Class F-2 and Class A share results with relevant sales charges deducted and fund expenses. For other share class results, refer to capitalgroup.com and americanfundsretirement.com.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Refer to capitalgroup.com for more information.

The fund’s 30-day yield as of December 31, 2023, was 2.60% for Class F-2 shares and 2.26% for Class A shares, calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula. The fund’s 12-month distribution rate as of that date was 2.57% for Class F-2 shares and 2.22% for Class A shares. Both Class A share values reflect the 5.75% maximum sales charge. The SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities while the distribution rate reflects the fund’s past dividends paid to shareholders. Accordingly, the fund’s SEC yield and distribution rate may differ.

The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. Refer to the fund prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the fund.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Contents

1	Letter to investors

4	The value of a long-term perspective

6	Investment portfolio

56	Financial statements

90	Board of trustees and other officers

Fellow investors:

Following an unusually challenging year in 2022 for both stocks and bonds, markets bounced back in 2023. U.S. equities surged forward as economic growth accelerated and investors embraced optimism around artificial intelligence (AI) while largely shrugging off concerns about high interest rates, commercial real estate, a banking crisis and lingering supply chain disruptions. Bond markets also performed well, particularly toward the end of the year, as inflation fell, and the U.S. Federal Reserve (Fed) indicated its series of interest rate increases had likely drawn to a close.

In U.S. equities, megacap technology companies led the way, as growth stocks far outpaced value stocks. Within the S&P 500 Index, information technology and communications services were the two strongest sectors, appreciating 57.8% and 55.8%, respectively. The S&P 500 Index grew by 26.3% overall in 2023.

Fixed income markets also saw a strong rebound after a disappointing start to the year. U.S. Treasury yields climbed through October, peaking above 5%, but rallied sharply in the fourth quarter, after the Fed signaled rate cuts may be coming sooner than markets expected. All major U.S. fixed income sectors posted strong returns for the year. The Bloomberg U.S. Aggregate Index (a broad measure of the U.S. fixed income market) returned 5.53%, with investment-grade corporate bonds and mortgage-backed securities representing particular areas of strength. The Bloomberg U.S. Corporate Investment Grade Index rose 8.52% on the year.

Results at a glance

For periods ended December 31, 2023, with all distributions reinvested

	Cumulative total returns			Average annual total returns
	1 year			5 years			10 years			Lifetime¹

American Balanced Fund (Class F-2 shares)²		14.23	%		9.15	%		7.77	%		10.49	%
American Balanced Fund (Class A shares)		14.01			8.92			7.55			10.27
60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index^3,4,5		17.67			9.98			8.09			9.82
S&P 500 Index⁴		26.29			15.69			12.03			11.62
Bloomberg U.S. Aggregate Index⁵		5.53			1.10			1.81			6.67

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

¹	Lifetime returns are from July 26, 1975, the inception date of Class A shares and the date Capital Research and Management Company began managing the fund.
²	Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Refer to capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.
³	Blends the S&P 500 Index with the Bloomberg U.S. Aggregate Index by weighting their total returns at 60% and 40%, respectively. Results assume the blend is rebalanced monthly.
⁴	Source: S&P Dow Jones Indices LLC. The S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.
⁵	Source: Bloomberg Index Services Ltd. For the period July 31, 1975, to December 31, 1975, Bloomberg Government/Credit Bond Index was used. The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market.

Past results are not predictive of results in future periods.

American Balanced Fund

Fund results

Against this backdrop, American Balanced Fund (AMBAL) Class F-2 shares produced solid results for shareholders, gaining 14.23% for the 12-month period ended December 31, 2023.

A market in which growth-oriented stocks vastly outperform value investments is not typically a supportive environment for a fund like AMBAL, which aims to minimize volatility by prioritizing ownership of stable, defensive, dividend-paying companies. In 2023, growth (as measured by the Russell 3000 Growth Index) outgained value (as measured by the Russell 3000 Value Index) by nearly 31%. Since 1995, only one year (2020, during the COVID-19 pandemic) was a better year for growth relative to value. As such, AMBAL lagged its primary benchmark, the 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Bond Index, which gained 17.67% for the year.

Still, we feel confident that AMBAL is successfully helping shareholders pursue their long-term financial goals — which we believe to be the true measure of any fund. AMBAL Class F-2 shares’ lifetime annualized returns of 10.49% have comfortably outpaced the fund’s primary benchmark.

As we entered 2023, following one of the worst years on record for balanced investing, some critics suggested balanced strategies like AMBAL had grown outdated. But we did not feel that was the case then and we do not feel that is the case today. After the experience of 2023, AMBAL, and balanced investing more broadly, remain very relevant tools to help shareholders meet their goals.

These results reinforce our conviction in our strategy of focusing on the three objectives that were established when the fund was started in 1932: conservation of capital, current income, and long-term growth of capital and income (Capital Research and Management Company, the fund’s investment adviser, began managing the fund in 1975). We believe balancing those objectives, which guide our investment strategy, will continue to serve shareholders well, across all market conditions.

The equity portfolio

Our portfolio managers build the fund’s equity portfolio from the bottom up. Our goal is to minimize volatility and promote conservation of capital, current income and the long-term growth of capital and income. We do not start with a benchmark or index and work backward. We construct our portfolio by answering one driving question: “What’s the best portfolio of companies in which we can invest at this moment?”

With this in mind, AMBAL invests primarily in blue chip, stalwart companies. In technology, we tend to hold fewer of the expensive megacap tech companies that dominated the market in 2023 in favor of high-quality, dividend-paying stocks. This approach is designed to protect the portfolio against downside risks when growth stocks waver; however, it was a drag on relative results in 2023.

Semiconductor company Broadcom was one of the top contributors to the fund. Broadcom, which has historically been known as a standout in the mobile phone market, has positioned itself as a leading player in designing specialized chips for cloud computing and AI. Chipmakers and equipment providers like Taiwan Semiconductor Manufacturing, Intel and ASML were also top holdings in AMBAL and benefited from the strong growth in cloud computing and AI.

Homebuilder D.R. Horton, which is seen as a more traditional value stock, was also one of the top contributors in AMBAL. D.R. Horton benefitted from an increase in demand for new housing supply as rising interest rates discouraged many existing homeowners from putting their properties on the market. General Electric (GE), another value-oriented company, was a strong contributor to results. After many years of corporate restructuring, investors in 2023 recognized GE as having established itself as a leading provider in the aerospace industry, which we see as a very attractive market.

Retailers like Home Depot and Dollar General were among the portfolio’s equity

Past results are not predictive of results in future periods.

2	American Balanced Fund

holdings that did poorly. There were challenges on both the cost and demand side in 2023 that challenged this sector. Low-income consumers were disproportionately affected by inflation and the end of the COVID-related stimulus programs, which weighed on Dollar General’s performance. Home Depot suffered as the slowdown in housing markets led to shrinking demand for home renovations. However, we remain confident in the strength of the U.S. consumer over the long term and the strength of these businesses.

UnitedHealth Group was another detractor from AMBAL’s results in 2023. This stock traded lower as health care services companies were broadly impacted by a reduction in government payments to Medicare Advantage providers. Despite this year’s disappointing results, our conviction in UnitedHealth remains strong. By leveraging technology and promoting vertical integration between doctors, hospitals and pharmaceutical companies, UnitedHealth has been able to drive costs down and may provide long-term positive returns for shareholders.

The fixed income portfolio

On the fixed income side, AMBAL puts an emphasis on protecting shareholders from downside risk rather than being overly aggressive in pursuing excess gains. The fixed income portion of the fund provided strong absolute results in 2023 but trailed its benchmark, the Bloomberg U.S. Aggregate Index,” on a relative basis as our portfolio managers maintained a cautious stance amid a broad rally.

An overweight position to corporate credit, relative to the Bloomberg U.S. Aggregate Index, was a positive contributor to results, as spreads to Treasuries narrowed meaningfully over the year. Fundamental analysis-led security selection within asset-backed securities and corporate bonds was also additive to results. We also changed our weightings within mortgages during the year, which broadly supported the fund’s results.

The main detractor to relative results came from interest rate positioning. The portfolio had a bias toward a steepening yield curve over the year by holding a higher weighting in shorter maturities against and reduced holdings of longer maturities. This position detracted as the yield curve flattened through the first half of the year with markets pricing in a reduced likelihood of rate cuts in 2023. The curve began steepening later in 2023, which helped partially offset some of the losses from earlier in the year. A yield curve is a measure of the difference between the yields of similar bonds with different maturities. A yield curve is said to steepen when the difference in yields between longer term bonds and shorter term bonds increases. A yield curve is said to flatten when the difference in yields between longer term bonds and shorter term bonds decreases.

Thank you

We would like to thank our shareholders for the trust they have placed in our investment team and our balanced investment strategy. We will continue to follow our prudent, research-driven approach to investing that has long characterized American Balanced Fund. We look forward to reporting to you again in six months’ time.

Sincerely,

Paul Benjamin
Co-President

Jeffrey T. Lager
Co-President

John R. Queen
Co-President

February 9, 2024

For current information about the fund, refer to capitalgroup.com.

Past results are not predictive of results in future periods.

American Balanced Fund

The value of a long-term perspective

Fund results shown are for Class F-2 shares and Class A shares. Class A share results reflect deduction of the maximum sales charge of 5.75% on the $10,000 investment¹; thus, the net amount invested was $9,425.² Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, refer to capitalgroup.com.

Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Refer to capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

The results shown are before taxes on fund distributions and sale of fund shares.

¹	As outlined in the prospectus, the sales charge is reduced for accounts (and aggregated investments) of $25,000 or more and is eliminated for purchases of $1 million or more. There is no sales charge on dividends or capital gain distributions that are reinvested in additional shares.
²	The maximum initial sales charge was 8.50% prior to July 1, 1988.
³	The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.
⁴	Source: S&P Dow Jones Indices LLC.
⁵	Includes reinvested dividends and reinvested capital gain distributions.
⁶	Blends the S&P 500 Index with the Bloomberg U.S. Aggregate Index by weighting the total returns at 60% and 40%, respectively. Results assume the blend is rebalanced monthly.
⁷	Source: Bloomberg Index Services Ltd. For the period July 31, 1975, to December 31, 1975, Bloomberg Government/Credit Bond Index was used.
⁸	For the period July 26, 1975 (when Capital Research and Management Company became the fund’s investment adviser) through December 31, 1975.

4	American Balanced Fund

How a hypothetical $10,000 investment has grown

This chart shows how a hypothetical $10,000 investment in American Balanced Fund’s Class F-2 and Class A shares grew from July 26, 1975 — when Capital Research and Management Company became the fund’s investment adviser — to December 31, 2023.

American Balanced Fund

Investment portfolio December 31, 2023

Investment mix by security type	Percent of net assets

Common stocks 62.76%	Shares		Value (000)
Information technology 14.14%
Microsoft Corp.		25,841,899	$	9,717,589
Broadcom, Inc.		8,320,421		9,287,670
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		22,152,471		2,303,857
ASML Holding NV (ADR)		1,685,332		1,275,662
ASML Holding NV		430,634		325,134
Intel Corp.		25,925,000		1,302,731
Apple, Inc.		5,208,046		1,002,705
Oracle Corp.		6,074,555		640,440
Applied Materials, Inc.		3,851,261		624,174
KLA Corp.		1,065,464		619,354
TE Connectivity, Ltd.		4,178,097		587,023
Shopify, Inc., Class A, subordinate voting shares¹		7,420,656		578,069
Salesforce, Inc.¹		1,647,690		433,573
Micron Technology, Inc.		4,578,600		390,738
SK hynix, Inc.		3,261,179		356,072
Arista Networks, Inc.¹		1,384,000		325,946
Adobe, Inc.¹		180,334		107,587
				29,878,324

Health care 9.20%
UnitedHealth Group, Inc.		8,247,799		4,342,219
Eli Lilly and Co.		4,701,055		2,740,339
Vertex Pharmaceuticals, Inc.¹		3,488,862		1,419,583
Gilead Sciences, Inc.		16,283,231		1,319,105
AstraZeneca PLC		9,122,498		1,228,649
CVS Health Corp.		15,514,132		1,224,996
AbbVie, Inc.		7,266,740		1,126,127
Thermo Fisher Scientific, Inc.		2,000,561		1,061,878
Johnson & Johnson		6,450,645		1,011,074
Pfizer, Inc.		33,101,822		953,001
Abbott Laboratories		8,110,586		892,732
Bristol-Myers Squibb Co.		7,098,361		364,217
Regeneron Pharmaceuticals, Inc.¹		350,000		307,401
Cigna Group (The)		941,627		281,970
Zoetis, Inc., Class A		1,314,860		259,514
Elevance Health, Inc.		361,591		170,512
Cooper Companies, Inc.		430,000		162,729
Novo Nordisk AS, Class B		1,258,882		130,212
Catalent, Inc.¹		2,711,592		121,832
Merck & Co., Inc.		1,030,839		112,382
Molina Healthcare, Inc.¹		295,289		106,691
Danaher Corp.		361,500		83,629
Centene Corp.¹		218,700		16,230
				19,437,022


6	American Balanced Fund

Common stocks (continued)	Shares		Value (000)
Financials 7.29%
JPMorgan Chase & Co.		14,401,718	$	2,449,732
Visa, Inc., Class A		5,710,653		1,486,768
Mastercard, Inc., Class A		3,408,847		1,453,907
Blackstone, Inc.		7,416,745		971,000
Synchrony Financial²		22,145,238		845,727
HDFC Bank, Ltd.		33,601,399		689,315
Aon PLC, Class A		2,068,427		601,954
Arthur J. Gallagher & Co.		2,671,729		600,818
Fiserv, Inc.¹		4,136,305		549,467
Chubb, Ltd.		2,417,936		546,454
Capital One Financial Corp.		3,782,000		495,896
Apollo Asset Management, Inc.		4,944,116		460,742
Discover Financial Services		3,878,000		435,887
PNC Financial Services Group, Inc.		2,684,017		415,620
BlackRock, Inc.		489,894		397,696
Fifth Third Bancorp		11,424,000		394,014
East West Bancorp, Inc.		4,535,769		326,349
Blue Owl Capital, Inc., Class A³		21,385,307		318,641
Brookfield Corp., Class A		7,822,205		313,827
S&P Global, Inc.		702,159		309,315
KKR & Co., Inc.		3,026,520		250,747
Progressive Corp.		1,189,429		189,452
CME Group, Inc., Class A		822,000		173,113
Morgan Stanley		1,843,572		171,913
Marsh & McLennan Companies, Inc.		857,380		162,448
Wells Fargo & Co.		3,003,100		147,813
Goldman Sachs Group, Inc.		275,000		106,087
Intercontinental Exchange, Inc.		663,500		85,213
Brookfield Asset Management, Ltd., Class A		1,495,836		60,088
				15,410,003

Industrials 6.87%
General Electric Co.		12,355,900		1,576,984
Carrier Global Corp.		25,480,372		1,463,847
TransDigm Group, Inc.		1,156,863		1,170,283
Northrop Grumman Corp.		2,343,618		1,097,141
Caterpillar, Inc.		3,195,461		944,802
L3Harris Technologies, Inc.		4,096,395		862,783
Boeing Co.¹		3,187,189		830,773
Southwest Airlines Co.		24,609,018		710,708
RTX Corp.		7,936,637		667,789
Union Pacific Corp.		2,250,918		552,870
CSX Corp.		14,551,916		504,515
Quanta Services, Inc.		2,084,500		449,835
Equifax, Inc.		1,590,974		393,432
Waste Management, Inc.		1,863,000		333,663
Airbus SE, non-registered shares		1,691,941		261,165
Lockheed Martin Corp.		550,000		249,282
Robert Half, Inc.		2,687,700		236,303
United Parcel Service, Inc., Class B		1,354,000		212,889
Republic Services, Inc.		1,290,572		212,828
Cintas Corp.		351,377		211,761
Norfolk Southern Corp.		792,952		187,438
Deere & Co.		400,000		159,948
Paychex, Inc.		1,266,994		150,912
PACCAR, Inc.		1,497,750		146,255
AMETEK, Inc.		847,674		139,773
FedEx Corp.		525,335		132,894
United Airlines Holdings, Inc.¹		3,211,880		132,522
Huntington Ingalls Industries, Inc.		497,000		129,041
Ceridian HCM Holding, Inc.¹		1,739,676		116,767
HEICO Corp.		639,443		114,377
Vestis Corp.		4,184,229		88,455
ABB, Ltd.		1,545,944		68,700
				14,510,735


American Balanced Fund	7

Common stocks (continued)	Shares		Value (000)
Communication services 5.79%
Alphabet, Inc., Class C¹		20,411,882	$	2,876,646
Alphabet, Inc., Class A¹		9,671,020		1,350,945
Meta Platforms, Inc., Class A¹		8,220,769		2,909,824
Comcast Corp., Class A		38,420,342		1,684,732
Charter Communications, Inc., Class A¹		3,837,605		1,491,600
Netflix, Inc.¹		2,852,519		1,388,835
Take-Two Interactive Software, Inc.¹		1,880,350		302,642
Verizon Communications, Inc.		5,700,000		214,890
Deutsche Telekom AG		789,440		18,958
				12,239,072

Consumer staples 5.62%
Philip Morris International, Inc.		39,911,174		3,754,843
Target Corp.		7,637,129		1,087,680
Dollar General Corp.		7,180,830		976,234
Altria Group, Inc.		23,385,640		943,377
Keurig Dr Pepper, Inc.		27,853,186		928,068
Constellation Brands, Inc., Class A		3,771,772		911,826
Nestlé SA		7,305,093		845,472
Dollar Tree Stores, Inc.¹		4,813,800		683,800
British American Tobacco PLC		15,192,283		443,345
British American Tobacco PLC (ADR)		2,847,000		83,389
Procter & Gamble Co.		1,898,327		278,181
General Mills, Inc.		3,664,228		238,688
Archer Daniels Midland Co.		3,000,000		216,660
Mondelez International, Inc., Class A		2,721,513		197,119
Estée Lauder Companies, Inc. (The), Class A		820,509		119,999
Church & Dwight Co., Inc.		1,067,008		100,896
Anheuser-Busch InBev SA/NV		1,085,664		70,141
				11,879,718

Consumer discretionary 4.83%
Home Depot, Inc.		8,748,189		3,031,685
Amazon.com, Inc.¹		8,137,143		1,236,357
Booking Holdings, Inc.¹		237,108		841,074
Darden Restaurants, Inc.		4,991,899		820,169
D.R. Horton, Inc.		4,162,512		632,619
LVMH Moët Hennessy-Louis Vuitton SE		679,957		551,530
McDonald’s Corp.		1,713,000		507,922
TJX Companies, Inc.		5,170,326		485,028
Aramark²		16,912,972		475,255
General Motors Co.		9,000,000		323,280
Restaurant Brands International, Inc.³		3,999,506		312,481
Tractor Supply Co.		1,000,000		215,030
Chipotle Mexican Grill, Inc.¹		72,241		165,212
Lennar Corp., Class A		1,000,000		149,040
Marriott International, Inc., Class A		609,583		137,467
Compagnie Financière Richemont SA, Class A		886,941		122,339
NIKE, Inc., Class B		932,488		101,240
YUM! Brands, Inc.		616,000		80,487
Hilton Worldwide Holdings, Inc.		106,000		19,302
				10,207,517

Energy 4.02%
Canadian Natural Resources, Ltd. (CAD denominated)³		32,969,613		2,159,988
Halliburton Co.		39,413,267		1,424,790
Chevron Corp.		7,160,107		1,068,002
Schlumberger NV		12,074,000		628,331
TC Energy Corp. (CAD denominated)³		12,988,518		507,366
Exxon Mobil Corp.		5,021,066		502,006
Baker Hughes Co., Class A		13,500,506		461,447
EOG Resources, Inc.		3,665,328		443,321
EQT Corp.		9,174,000		354,667
Hess Corp.		1,800,000		259,488
HF Sinclair Corp.		4,321,900		240,168
Pioneer Natural Resources Co.		1,000,000		224,880
Cenovus Energy, Inc. (CAD denominated)		13,143,928		219,024
				8,493,478


8	American Balanced Fund

Common stocks (continued)	Shares		Value (000)
Materials 2.39%
Linde PLC		2,602,349	$	1,068,811
Wheaton Precious Metals Corp.³		14,177,000		699,493
Royal Gold, Inc.²		4,269,700		516,463
Shin-Etsu Chemical Co., Ltd.		9,000,000		376,076
Corteva, Inc.		7,441,326		356,588
Franco-Nevada Corp.		2,462,500		272,760
CF Industries Holdings, Inc.		3,336,000		265,212
Grupo México, SAB de CV, Series B		37,571,000		208,376
Celanese Corp.		1,259,500		195,689
Nucor Corp.		1,100,000		191,444
Albemarle Corp.		1,309,478		189,194
Vale SA (ADR), ordinary nominative shares		10,000,000		158,600
Rio Tinto PLC		2,000,000		148,536
Dow, Inc.		2,591,965		142,143
Mosaic Co.		3,000,000		107,190
Lundin Mining Corp.		10,682,952		87,395
Glencore PLC		10,164,871		60,982
				5,044,952

Utilities 1.51%
Sempra		10,573,265		790,140
CenterPoint Energy, Inc.		25,985,618		742,409
Constellation Energy Corp.		6,157,567		719,758
PG&E Corp.		29,320,382		528,647
FirstEnergy Corp.		6,885,500		252,422
AES Corp.		5,929,451		114,142
NextEra Energy, Inc.		847,000		51,447
				3,198,965

Real estate 1.10%
Extra Space Storage, Inc. REIT		5,557,362		891,012
Equinix, Inc. REIT		649,010		522,706
Crown Castle, Inc. REIT		2,879,918		331,738
Welltower, Inc. REIT		3,350,190		302,087
VICI Properties, Inc. REIT		8,984,675		286,431
				2,333,974

Total common stocks (cost: $74,112,299,000)				132,633,760

Bonds, notes & other debt instruments 29.14%	Principal amount (000)
Mortgage-backed obligations 12.18%
Federal agency mortgage-backed obligations 11.05%
Fannie Mae Pool #BE7150 3.50% 2/1/2032⁴	USD	105		102
Fannie Mae Pool #357399 5.50% 6/1/2033⁴		58		60
Fannie Mae Pool #AS0727 3.50% 10/1/2033⁴		64		61
Fannie Mae Pool #555880 5.50% 11/1/2033⁴		621		640
Fannie Mae Pool #555956 5.50% 12/1/2033⁴		551		567
Fannie Mae Pool #MA2138 3.50% 1/1/2035⁴		132		126
Fannie Mae Pool #AA0914 5.00% 7/1/2035⁴		148		151
Fannie Mae Pool #745092 6.50% 7/1/2035⁴		586		607
Fannie Mae Pool #887695 6.00% 6/1/2036⁴		234		244
Fannie Mae Pool #888292 6.00% 3/1/2037⁴		1,626		1,699
Fannie Mae Pool #256860 6.50% 8/1/2037⁴		215		223
Fannie Mae Pool #888746 6.50% 10/1/2037⁴		418		433
Fannie Mae Pool #MA3280 3.50% 2/1/2038⁴		100		95
Fannie Mae Pool #889658 6.50% 6/1/2038⁴		586		612
Fannie Mae Pool #MA3412 3.50% 7/1/2038⁴		256		243
Fannie Mae Pool #MA3539 4.50% 12/1/2038⁴		89		89
Fannie Mae Pool #FM1441 3.50% 8/1/2039⁴		364		345
Fannie Mae Pool #AD0679 5.50% 10/1/2039⁴		16		16
Fannie Mae Pool #932752 5.00% 4/1/2040⁴		272		276
Fannie Mae Pool #AD8536 5.00% 8/1/2040⁴		983		1,000
Fannie Mae Pool #AE3049 4.50% 9/1/2040⁴		1,696		1,694
Fannie Mae Pool #AE2513 5.00% 9/1/2040⁴		654		665
Fannie Mae Pool #AE4689 5.00% 9/1/2040⁴		250		251
Fannie Mae Pool #AE0395 4.50% 10/1/2040⁴		2,185		2,183
Fannie Mae Pool #AE5471 4.50% 10/1/2040⁴		1,324		1,323


American Balanced Fund	9

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #AH3575 4.50% 1/1/2041⁴	USD	2,290	$	2,288
Fannie Mae Pool #AH9420 5.00% 4/1/2041⁴		264		271
Fannie Mae Pool #AH9370 5.00% 4/1/2041⁴		256		260
Fannie Mae Pool #AI2503 4.00% 5/1/2041⁴		1,878		1,829
Fannie Mae Pool #AI0582 5.00% 5/1/2041⁴		344		350
Fannie Mae Pool #AH9938 5.00% 5/1/2041⁴		152		153
Fannie Mae Pool #AI1865 5.00% 5/1/2041⁴		17		18
Fannie Mae Pool #AI4289 5.00% 6/1/2041⁴		207		210
Fannie Mae Pool #AH5452 5.00% 6/1/2041⁴		126		128
Fannie Mae Pool #AI4296 5.00% 6/1/2041⁴		64		65
Fannie Mae Pool #AI4563 5.00% 6/1/2041⁴		5		5
Fannie Mae Pool #MA4387 2.00% 7/1/2041⁴		28,927		24,792
Fannie Mae Pool #AI5589 4.50% 7/1/2041⁴		33		33
Fannie Mae Pool #AI8121 5.00% 7/1/2041⁴		601		611
Fannie Mae Pool #AI7218 5.00% 7/1/2041⁴		289		293
Fannie Mae Pool #MA0791 5.00% 7/1/2041⁴		81		82
Fannie Mae Pool #AI6576 5.00% 7/1/2041⁴		81		82
Fannie Mae Pool #AI7058 5.00% 7/1/2041⁴		47		47
Fannie Mae Pool #AI3894 5.00% 8/1/2041⁴		238		242
Fannie Mae Pool #AI7159 5.00% 9/1/2041⁴		107		109
Fannie Mae Pool #AJ1422 5.00% 9/1/2041⁴		3		3
Fannie Mae Pool #MA4501 2.00% 12/1/2041⁴		48,129		41,159
Fannie Mae Pool #FS0305 1.50% 1/1/2042⁴		109,892		91,138
Fannie Mae Pool #MA4520 2.00% 1/1/2042⁴		70,934		60,662
Fannie Mae Pool #AK2147 5.00% 2/1/2042⁴		215		216
Fannie Mae Pool #AQ9302 3.50% 1/1/2043⁴		462		436
Fannie Mae Pool #AT7696 3.50% 6/1/2043⁴		4,646		4,357
Fannie Mae Pool #AT7689 3.50% 6/1/2043⁴		1,993		1,877
Fannie Mae Pool #AT7680 3.50% 6/1/2043⁴		707		663
Fannie Mae Pool #AU8813 4.00% 11/1/2043⁴		236		230
Fannie Mae Pool #AU9348 4.00% 11/1/2043⁴		160		155
Fannie Mae Pool #AU9350 4.00% 11/1/2043⁴		134		131
Fannie Mae Pool #AV1538 4.50% 11/1/2043⁴		3,822		3,795
Fannie Mae Pool #FM9416 3.50% 7/1/2045⁴		72,219		67,433
Fannie Mae Pool #AL8354 3.50% 10/1/2045⁴		5,226		4,896
Fannie Mae Pool #BC0157 3.50% 1/1/2046⁴		6,276		5,860
Fannie Mae Pool #AL9499 3.50% 1/1/2046⁴		4,725		4,412
Fannie Mae Pool #AS6789 3.50% 3/1/2046⁴		4,999		4,667
Fannie Mae Pool #MA2608 3.00% 5/1/2046⁴		1,144		1,043
Fannie Mae Pool #AL8522 3.50% 5/1/2046⁴		8,416		7,902
Fannie Mae Pool #AS7168 3.50% 5/1/2046⁴		3,283		3,065
Fannie Mae Pool #BC7611 4.00% 5/1/2046⁴		443		426
Fannie Mae Pool #MA2771 3.00% 10/1/2046⁴		1,047		952
Fannie Mae Pool #BM5148 4.00% 10/1/2046⁴		50,787		48,858
Fannie Mae Pool #FM2795 3.00% 11/1/2046⁴		3,424		3,120
Fannie Mae Pool #AS8310 3.00% 11/1/2046⁴		2,707		2,478
Fannie Mae Pool #BD9665 4.00% 11/1/2046⁴		809		780
Fannie Mae Pool #BE3151 3.50% 1/1/2047⁴		1,132		1,057
Fannie Mae Pool #BE3162 3.50% 1/1/2047⁴		967		903
Fannie Mae Pool #BM3528 3.50% 2/1/2047⁴		31,594		29,499
Fannie Mae Pool #BE9242 4.50% 3/1/2047⁴		21		20
Fannie Mae Pool #FS3767 2.00% 4/1/2047⁴		2,820		2,328
Fannie Mae Pool #BM1179 3.00% 4/1/2047⁴		3,210		2,923
Fannie Mae Pool #BD7156 4.00% 4/1/2047⁴		43,250		41,727
Fannie Mae Pool #BM1653 4.00% 6/1/2047⁴		88,095		84,994
Fannie Mae Pool #CB4156 4.00% 7/1/2047⁴		11,133		10,587
Fannie Mae Pool #BH7779 3.50% 8/1/2047⁴		26		24
Fannie Mae Pool #256893 7.00% 8/1/2047⁴		7		8
Fannie Mae Pool #BH4022 3.50% 9/1/2047⁴		14,809		13,788
Fannie Mae Pool #CA0453 4.00% 9/1/2047⁴		17,779		17,130
Fannie Mae Pool #BH6387 3.50% 10/1/2047⁴		357		333
Fannie Mae Pool #MA3149 4.00% 10/1/2047⁴		11,722		11,249
Fannie Mae Pool #CA0623 4.50% 10/1/2047⁴		2,454		2,430
Fannie Mae Pool #947661 6.50% 10/1/2047⁴		8		8
Fannie Mae Pool #256975 7.00% 10/1/2047⁴		37		38
Fannie Mae Pool #920015 7.00% 10/1/2047⁴		16		16
Fannie Mae Pool #BF0364 3.00% 11/1/2047⁴		18,929		17,028


10	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #CA0770 3.50% 11/1/2047⁴	USD	4,141	$	3,866
Fannie Mae Pool #BJ1515 4.00% 11/1/2047⁴		3,116		3,006
Fannie Mae Pool #MA3183 4.00% 11/1/2047⁴		2,883		2,774
Fannie Mae Pool #257030 6.50% 11/1/2047⁴		43		44
Fannie Mae Pool #257036 7.00% 11/1/2047⁴		12		12
Fannie Mae Pool #CA0854 3.50% 12/1/2047⁴		6,829		6,402
Fannie Mae Pool #BM4413 4.50% 12/1/2047⁴		6,031		5,955
Fannie Mae Pool #BM3332 3.50% 1/1/2048⁴		1,297		1,211
Fannie Mae Pool #BJ4342 4.00% 1/1/2048⁴		229		220
Fannie Mae Pool #CA1015 4.00% 1/1/2048⁴		56		54
Fannie Mae Pool #BJ8318 4.50% 1/1/2048⁴		85		83
Fannie Mae Pool #BK1198 4.00% 2/1/2048⁴		1,551		1,493
Fannie Mae Pool #MA3277 4.00% 2/1/2048⁴		43		42
Fannie Mae Pool #BK1135 4.50% 2/1/2048⁴		364		360
Fannie Mae Pool #BM3714 3.50% 3/1/2048⁴		5,080		4,743
Fannie Mae Pool #BJ6760 3.50% 3/1/2048⁴		3,412		3,186
Fannie Mae Pool #CA1532 3.50% 4/1/2048⁴		8,638		8,091
Fannie Mae Pool #CA1542 4.00% 4/1/2048⁴		136		131
Fannie Mae Pool #BJ9260 4.00% 4/1/2048⁴		15		15
Fannie Mae Pool #BM4033 3.50% 5/1/2048⁴		18,396		17,175
Fannie Mae Pool #BJ2751 4.50% 5/1/2048⁴		5,027		4,958
Fannie Mae Pool #BJ5829 4.50% 6/1/2048⁴		51		50
Fannie Mae Pool #BF0293 3.00% 7/1/2048⁴		60,718		54,975
Fannie Mae Pool #BF0318 3.50% 8/1/2048⁴		27,134		25,222
Fannie Mae Pool #BM2007 4.00% 9/1/2048⁴		446		430
Fannie Mae Pool #FM1784 4.00% 9/1/2048⁴		187		180
Fannie Mae Pool #BF0323 3.00% 11/1/2048⁴		27,911		25,271
Fannie Mae Pool #BF0325 3.50% 11/1/2048⁴		35,228		32,746
Fannie Mae Pool #CA2642 4.50% 11/1/2048⁴		162		160
Fannie Mae Pool #CA3068 3.50% 2/1/2049⁴		5,372		5,021
Fannie Mae Pool #CA3184 4.00% 3/1/2049⁴		258		249
Fannie Mae Pool #FM3280 3.50% 5/1/2049⁴		18,810		17,490
Fannie Mae Pool #CA3807 3.00% 7/1/2049⁴		4,517		4,074
Fannie Mae Pool #CA3806 3.00% 7/1/2049⁴		2,926		2,653
Fannie Mae Pool #CA3814 3.50% 7/1/2049⁴		842		790
Fannie Mae Pool #CA4079 3.50% 8/1/2049⁴		18,780		17,487
Fannie Mae Pool #BO1345 3.50% 8/1/2049⁴		29		27
Fannie Mae Pool #CA3976 4.00% 8/1/2049⁴		1,375		1,320
Fannie Mae Pool #FM1668 4.00% 8/1/2049⁴		148		142
Fannie Mae Pool #FM2318 3.50% 9/1/2049⁴		22,238		20,774
Fannie Mae Pool #CA4112 3.50% 9/1/2049⁴		936		878
Fannie Mae Pool #FM1913 4.00% 9/1/2049⁴		3,421		3,296
Fannie Mae Pool #CA4432 4.00% 10/1/2049⁴		159		153
Fannie Mae Pool #CA4533 3.00% 11/1/2049⁴		32,775		29,560
Fannie Mae Pool #BO5349 3.50% 11/1/2049⁴		22		21
Fannie Mae Pool #CA4756 3.00% 12/1/2049⁴		17,595		15,851
Fannie Mae Pool #BO4808 3.00% 12/1/2049⁴		13,258		11,886
Fannie Mae Pool #CA4800 3.50% 12/1/2049⁴		49,566		46,444
Fannie Mae Pool #CA5968 2.50% 6/1/2050⁴		44,056		38,107
Fannie Mae Pool #CA6087 3.00% 6/1/2050⁴		43,877		38,966
Fannie Mae Pool #CA6349 3.00% 7/1/2050⁴		6,031		5,387
Fannie Mae Pool #CA6579 2.00% 8/1/2050⁴		46,142		38,419
Fannie Mae Pool #FS3745 2.00% 8/1/2050⁴		18,603		15,302
Fannie Mae Pool #CA6593 2.50% 8/1/2050⁴		38,771		33,556
Fannie Mae Pool #MA4096 2.50% 8/1/2050⁴		12,868		11,028
Fannie Mae Pool #CA6740 3.00% 8/1/2050⁴		3,516		3,141
Fannie Mae Pool #MA4119 2.00% 9/1/2050⁴		113,540		93,440
Fannie Mae Pool #BQ1226 2.00% 9/1/2050⁴		34,302		28,208
Fannie Mae Pool #BP6715 2.00% 9/1/2050⁴		131		108
Fannie Mae Pool #CA7028 2.50% 9/1/2050⁴		2,176		1,886
Fannie Mae Pool #CA7048 3.00% 9/1/2050⁴		40,791		36,575
Fannie Mae Pool #CA7052 3.00% 9/1/2050⁴		1,988		1,773
Fannie Mae Pool #CA7325 2.00% 10/1/2050⁴		81,656		68,154
Fannie Mae Pool #FP0053 2.00% 10/1/2050⁴		53,704		44,232
Fannie Mae Pool #FP0051 2.00% 10/1/2050⁴		50,133		41,278
Fannie Mae Pool #MA4158 2.00% 10/1/2050⁴		48,679		40,068
Fannie Mae Pool #CA7381 3.00% 10/1/2050⁴		5,517		4,928


American Balanced Fund	11

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #CA7599 2.50% 11/1/2050⁴	USD	36,054	$	31,226
Fannie Mae Pool #CA7737 2.50% 11/1/2050⁴		9,499		8,114
Fannie Mae Pool #CA7606 3.00% 11/1/2050⁴		100,895		90,827
Fannie Mae Pool #MA4208 2.00% 12/1/2050⁴		192,023		158,111
Fannie Mae Pool #CA8108 2.00% 12/1/2050⁴		17,791		14,705
Fannie Mae Pool #CA8130 2.50% 12/1/2050⁴		27,081		23,199
Fannie Mae Pool #FM5173 2.50% 12/1/2050⁴		17,671		15,225
Fannie Mae Pool #CA8044 2.50% 12/1/2050⁴		16,647		14,260
Fannie Mae Pool #CA8285 3.00% 12/1/2050⁴		46,583		42,136
Fannie Mae Pool #CA8046 3.00% 12/1/2050⁴		31,129		28,195
Fannie Mae Pool #FM5166 3.00% 12/1/2050⁴		3,681		3,288
Fannie Mae Pool #MA4237 2.00% 1/1/2051⁴		66,025		54,312
Fannie Mae Pool #CA8601 2.50% 1/1/2051⁴		48,130		41,148
Fannie Mae Pool #CA8862 2.50% 1/1/2051⁴		34,619		29,849
Fannie Mae Pool #FM5509 3.00% 1/1/2051⁴		120,327		107,335
Fannie Mae Pool #FM6293 3.00% 1/1/2051⁴		31,286		27,746
Fannie Mae Pool #CA8820 2.00% 2/1/2051⁴		35,868		29,645
Fannie Mae Pool #BR2666 2.00% 2/1/2051⁴		28,202		23,469
Fannie Mae Pool #FM5940 2.00% 2/1/2051⁴		25,475		20,936
Fannie Mae Pool #CA8828 2.50% 2/1/2051⁴		24,719		21,318
Fannie Mae Pool #FM5778 2.50% 2/1/2051⁴		19,088		16,450
Fannie Mae Pool #CA9308 3.00% 2/1/2051⁴		121,170		107,671
Fannie Mae Pool #CA8870 3.00% 2/1/2051⁴		108,783		97,317
Fannie Mae Pool #CA8969 3.00% 2/1/2051⁴		1,190		1,061
Fannie Mae Pool #MA4282 2.50% 3/1/2051⁴		8,809		7,538
Fannie Mae Pool #CB0090 2.00% 4/1/2051⁴		199,978		164,295
Fannie Mae Pool #CB0290 2.00% 4/1/2051⁴		71,354		58,608
Fannie Mae Pool #MA4305 2.00% 4/1/2051⁴		4,197		3,448
Fannie Mae Pool #MA4306 2.50% 4/1/2051⁴		25,012		21,419
Fannie Mae Pool #CB0191 3.00% 4/1/2051⁴		39,616		35,387
Fannie Mae Pool #CB0193 3.00% 4/1/2051⁴		4,765		4,253
Fannie Mae Pool #CB0496 2.00% 5/1/2051⁴		219,266		181,227
Fannie Mae Pool #MA4325 2.00% 5/1/2051⁴		38,694		31,758
Fannie Mae Pool #BR1035 2.00% 5/1/2051⁴		2,478		2,033
Fannie Mae Pool #CB0457 2.50% 5/1/2051⁴		176,975		151,605
Fannie Mae Pool #BR9540 4.00% 5/1/2051⁴		2,217		2,175
Fannie Mae Pool #FM7803 2.00% 6/1/2051⁴		36,603		30,461
Fannie Mae Pool #FM7909 3.00% 6/1/2051⁴		3,724		3,324
Fannie Mae Pool #CB0738 3.00% 6/1/2051⁴		1,736		1,536
Fannie Mae Pool #FS3744 2.00% 7/1/2051⁴		54,819		45,065
Fannie Mae Pool #BR2095 2.50% 7/1/2051⁴		29,769		25,445
Fannie Mae Pool #FM7957 2.50% 7/1/2051⁴		1,697		1,461
Fannie Mae Pool #FM8247 2.50% 8/1/2051⁴		2,424		2,085
Fannie Mae Pool #FS1057 2.50% 8/1/2051⁴		1,282		1,095
Fannie Mae Pool #FM8477 3.00% 8/1/2051⁴		99,633		88,804
Fannie Mae Pool #FM8453 3.00% 8/1/2051⁴		49,504		44,497
Fannie Mae Pool #FS5081 3.00% 8/1/2051⁴		16,520		14,811
Fannie Mae Pool #CB1304 3.00% 8/1/2051⁴		3,812		3,420
Fannie Mae Pool #FS4783 4.00% 8/1/2051⁴		76,529		73,355
Fannie Mae Pool #MA4415 3.00% 9/1/2051⁴		24,182		21,433
Fannie Mae Pool #FS4628 3.00% 10/1/2051⁴		27,526		24,570
Fannie Mae Pool #FS0965 2.00% 11/1/2051⁴		19,510		16,102
Fannie Mae Pool #MA4465 2.00% 11/1/2051⁴		9,707		7,950
Fannie Mae Pool #FM9632 3.00% 11/1/2051⁴		41,349		36,949
Fannie Mae Pool #CB2078 3.00% 11/1/2051⁴		27,316		24,374
Fannie Mae Pool #FM9631 3.00% 11/1/2051⁴		17,790		15,935
Fannie Mae Pool #BU3349 3.50% 11/1/2051⁴		44		41
Fannie Mae Pool #CB2375 2.50% 12/1/2051⁴		78,362		67,350
Fannie Mae Pool #CB2319 2.50% 12/1/2051⁴		77,266		66,539
Fannie Mae Pool #CB2286 2.50% 12/1/2051⁴		42,785		36,772
Fannie Mae Pool #CB2372 2.50% 12/1/2051⁴		37,361		32,133
Fannie Mae Pool #BT9483 2.50% 12/1/2051⁴		29,571		25,466
Fannie Mae Pool #BT9510 2.50% 12/1/2051⁴		29,079		25,070
Fannie Mae Pool #CB2371 2.50% 12/1/2051⁴		21,395		18,450
Fannie Mae Pool #CB2373 2.50% 12/1/2051⁴		13,331		11,468
Fannie Mae Pool #MA4493 2.50% 12/1/2051⁴		3,201		2,726
Fannie Mae Pool #FS0182 3.00% 1/1/2052⁴		35,507		31,693


12	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #FS0972 3.50% 1/1/2052⁴	USD	6,490	$	6,059
Fannie Mae Pool #BV3001 3.50% 1/1/2052⁴		2,914		2,675
Fannie Mae Pool #BU7427 3.50% 1/1/2052⁴		829		771
Fannie Mae Pool #BV3080 2.00% 2/1/2052⁴		80,026		65,528
Fannie Mae Pool #BV3076 2.00% 2/1/2052⁴		69,079		56,559
Fannie Mae Pool #CB2765 2.00% 2/1/2052⁴		61,926		50,950
Fannie Mae Pool #CB2870 2.50% 2/1/2052⁴		394		335
Fannie Mae Pool #CB2882 3.00% 2/1/2052⁴		77,802		69,684
Fannie Mae Pool #FS0647 3.00% 2/1/2052⁴		10,449		9,429
Fannie Mae Pool #FS0752 3.00% 3/1/2052⁴		27,681		24,508
Fannie Mae Pool #CB3177 3.50% 3/1/2052⁴		50,921		46,754
Fannie Mae Pool #CB3126 3.50% 3/1/2052⁴		8,386		7,795
Fannie Mae Pool #BV3316 3.50% 3/1/2052⁴		443		407
Fannie Mae Pool #BV4158 3.50% 3/1/2052⁴		185		170
Fannie Mae Pool #FS1180 3.50% 4/1/2052⁴		84,877		78,922
Fannie Mae Pool #CB3417 3.50% 4/1/2052⁴		23,295		21,373
Fannie Mae Pool #BV0242 3.50% 4/1/2052⁴		177		163
Fannie Mae Pool #FS1206 3.50% 4/1/2052⁴		163		151
Fannie Mae Pool #FS1429 3.50% 4/1/2052⁴		48		44
Fannie Mae Pool #BV9644 2.50% 5/1/2052⁴		288		245
Fannie Mae Pool #BT2347 3.50% 5/1/2052⁴		3,466		3,181
Fannie Mae Pool #FS2425 3.50% 5/1/2052⁴		216		198
Fannie Mae Pool #CB3620 4.00% 5/1/2052⁴		82,040		77,631
Fannie Mae Pool #FS1834 4.00% 5/1/2052⁴		42,784		40,652
Fannie Mae Pool #CB3653 5.00% 5/1/2052⁴		26		26
Fannie Mae Pool #MA4623 2.50% 6/1/2052⁴		670		571
Fannie Mae Pool #BV7809 3.50% 6/1/2052⁴		162		148
Fannie Mae Pool #FS3539 3.50% 7/1/2052⁴		12,773		11,725
Fannie Mae Pool #CB4119 4.00% 7/1/2052⁴		144,421		136,655
Fannie Mae Pool #FS5851 4.00% 7/1/2052⁴		18,940		17,923
Fannie Mae Pool #FS4747 3.50% 8/1/2052⁴		11,522		10,628
Fannie Mae Pool #FS2654 4.00% 8/1/2052⁴		3,453		3,267
Fannie Mae Pool #BT8308 4.50% 8/1/2052⁴		146		141
Fannie Mae Pool #BW9206 5.50% 8/1/2052⁴		187		193
Fannie Mae Pool #MA4732 4.00% 9/1/2052⁴		14,950		14,147
Fannie Mae Pool #CB4548 4.00% 9/1/2052⁴		4,834		4,574
Fannie Mae Pool #BW1192 4.50% 9/1/2052⁴		31,152		30,219
Fannie Mae Pool #FS4611 5.00% 9/1/2052⁴		21,868		21,671
Fannie Mae Pool #CB4821 4.50% 10/1/2052⁴		278,598		270,254
Fannie Mae Pool #MA4785 5.00% 10/1/2052⁴		22,799		22,594
Fannie Mae Pool #BW1289 5.50% 10/1/2052⁴		8,048		8,106
Fannie Mae Pool #BW1243 5.50% 10/1/2052⁴		7,163		7,215
Fannie Mae Pool #MA4803 3.50% 11/1/2052⁴		10,143		9,310
Fannie Mae Pool #CB5266 4.50% 11/1/2052⁴		192,317		186,557
Fannie Mae Pool #FS5554 4.50% 11/1/2052⁴		49,420		47,940
Fannie Mae Pool #MA4806 5.00% 11/1/2052⁴		27,216		26,945
Fannie Mae Pool #BX2812 5.00% 11/1/2052⁴		18,346		18,178
Fannie Mae Pool #BX5583 5.00% 12/1/2052⁴		1,955		1,937
Fannie Mae Pool #MA4842 5.50% 12/1/2052⁴		49,987		50,308
Fannie Mae Pool #BX4004 5.50% 12/1/2052⁴		1,534		1,543
Fannie Mae Pool #BX3726 5.50% 12/1/2052⁴		847		853
Fannie Mae Pool #BX3716 5.50% 12/1/2052⁴		739		744
Fannie Mae Pool #FS4947 4.00% 1/1/2053⁴		125,259		118,527
Fannie Mae Pool #BT8033 5.00% 1/1/2053⁴		18,808		18,639
Fannie Mae Pool #BX0856 5.50% 1/1/2053⁴		827		832
Fannie Mae Pool #BX5592 5.50% 1/1/2053⁴		597		601
Fannie Mae Pool #BX6108 5.50% 1/1/2053⁴		65		65
Fannie Mae Pool #MA4917 4.50% 2/1/2053⁴		182		177
Fannie Mae Pool #MA4919 5.50% 2/1/2053⁴		15,927		16,003
Fannie Mae Pool #BX7384 5.50% 2/1/2053⁴		1,276		1,283
Fannie Mae Pool #FS4024 5.50% 2/1/2053⁴		574		577
Fannie Mae Pool #BW5124 5.50% 2/1/2053⁴		99		100
Fannie Mae Pool #FS3759 6.00% 2/1/2053⁴		37,042		38,408
Fannie Mae Pool #BX7703 6.50% 2/1/2053⁴		357		366
Fannie Mae Pool #BX7774 5.50% 3/1/2053⁴		11,413		11,477
Fannie Mae Pool #BX9431 5.50% 3/1/2053⁴		3,727		3,754
Fannie Mae Pool #BX7782 5.50% 3/1/2053⁴		1,931		1,941


American Balanced Fund	13

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #BX8514 5.50% 3/1/2053⁴	USD	191	$	192
Fannie Mae Pool #MA4993 4.00% 4/1/2053⁴		5,589		5,287
Fannie Mae Pool #MA4977 4.50% 4/1/2053⁴		36,792		35,690
Fannie Mae Pool #BW5269 4.50% 4/1/2053⁴		14,347		13,915
Fannie Mae Pool #MA4979 5.50% 4/1/2053⁴		5,182		5,213
Fannie Mae Pool #BX9116 5.50% 4/1/2053⁴		3,335		3,353
Fannie Mae Pool #BX8556 5.50% 4/1/2053⁴		2,978		2,993
Fannie Mae Pool #BY0667 5.50% 4/1/2053⁴		991		997
Fannie Mae Pool #BY0007 5.50% 4/1/2053⁴		854		859
Fannie Mae Pool #BY3206 5.50% 4/1/2053⁴		436		438
Fannie Mae Pool #BX8883 5.50% 4/1/2053⁴		145		145
Fannie Mae Pool #MA5008 4.50% 5/1/2053⁴		35,707		34,638
Fannie Mae Pool #FS4563 5.00% 5/1/2053⁴		7,480		7,409
Fannie Mae Pool #BY0091 5.50% 5/1/2053⁴		9,247		9,295
Fannie Mae Pool #MA5010 5.50% 5/1/2053⁴		7,190		7,222
Fannie Mae Pool #BY2505 5.50% 5/1/2053⁴		4,097		4,116
Fannie Mae Pool #BY0204 5.50% 5/1/2053⁴		3,770		3,788
Fannie Mae Pool #BY4413 5.50% 5/1/2053⁴		302		304
Fannie Mae Pool #MA5054 4.00% 6/1/2053⁴		6,115		5,785
Fannie Mae Pool #FS5192 5.50% 6/1/2053⁴		77,001		77,502
Fannie Mae Pool #BY3521 5.50% 6/1/2053⁴		17,363		17,444
Fannie Mae Pool #MA5039 5.50% 6/1/2053⁴		4,428		4,448
Fannie Mae Pool #BY3337 5.50% 6/1/2053⁴		367		369
Fannie Mae Pool #CB6491 6.50% 6/1/2053⁴		7,734		7,966
Fannie Mae Pool #CB6490 6.50% 6/1/2053⁴		2,697		2,764
Fannie Mae Pool #CB6468 6.50% 6/1/2053⁴		1,945		2,000
Fannie Mae Pool #MA5089 4.00% 7/1/2053⁴		242,841		229,675
Fannie Mae Pool #CB6719 4.50% 7/1/2053⁴		3,855		3,739
Fannie Mae Pool #MA5071 5.00% 7/1/2053⁴		48,677		48,168
Fannie Mae Pool #MA5072 5.50% 7/1/2053⁴		35,143		35,306
Fannie Mae Pool #MA5127 4.00% 8/1/2053⁴		258,300		244,296
Fannie Mae Pool #CB6853 4.50% 8/1/2053⁴		6,005		5,825
Fannie Mae Pool #MA5135 4.00% 9/1/2053⁴		2,913		2,755
Fannie Mae Pool #MA5136 4.50% 9/1/2053⁴		26,922		26,112
Fannie Mae Pool #MA5139 6.00% 9/1/2053⁴		36,179		36,743
Fannie Mae Pool #MA5163 4.50% 10/1/2053⁴		57,426		55,697
Fannie Mae Pool #MA5165 5.50% 10/1/2053⁴		6,044		6,070
Fannie Mae Pool #CB7344 6.00% 10/1/2053⁴		91,857		93,375
Fannie Mae Pool #MA5190 5.50% 11/1/2053⁴		82,732		83,086
Fannie Mae Pool #MA5191 6.00% 11/1/2053⁴		106,569		108,232
Fannie Mae Pool #MA5218 7.00% 12/1/2053⁴		11,522		11,892
Fannie Mae Pool #BF0174 3.00% 2/1/2057⁴		5,230		4,610
Fannie Mae Pool #BF0177 3.00% 2/1/2057⁴		4,946		4,379
Fannie Mae Pool #BF0145 3.50% 3/1/2057⁴		106,831		97,045
Fannie Mae Pool #BF0189 3.00% 6/1/2057⁴		7,892		6,957
Fannie Mae Pool #BF0219 3.50% 9/1/2057⁴		24,217		21,998
Fannie Mae Pool #BF0226 3.50% 1/1/2058⁴		33,599		31,076
Fannie Mae Pool #BF0262 3.00% 5/1/2058⁴		409		360
Fannie Mae Pool #BF0332 3.00% 1/1/2059⁴		61,375		54,098
Fannie Mae Pool #BM6736 4.50% 11/1/2059⁴		3,220		3,140
Fannie Mae Pool #BF0481 3.50% 6/1/2060⁴		80,391		73,037
Fannie Mae Pool #BF0497 3.00% 7/1/2060⁴		50,859		43,653
Fannie Mae Pool #BF0548 3.00% 7/1/2061⁴		53,826		47,127
Fannie Mae Pool #BF0547 3.00% 7/1/2061⁴		34,425		30,546
Fannie Mae Pool #BF0585 4.50% 12/1/2061⁴		55,392		53,881
Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 1/25/2024^4,5		572		570
Fannie Mae, Series 2017-M10, Class AV2, Multi Family, 2.584% 7/25/2024^4,5		439		432
Fannie Mae, Series 2014-M9, Class A2, Multi Family, 3.103% 7/25/2024^4,5		7,687		7,577
Fannie Mae, Series 2017-M15, Class AV2, Multi Family, 2.526% 11/25/2024^4,5		347		341
Fannie Mae, Series 2017-M3, Class A2, Multi Family, 2.465% 12/25/2026^4,5		28,434		26,941
Fannie Mae, Series 2017-M7, Class A2, Multi Family, 2.961% 2/25/2027^4,5		2,135		2,047
Fannie Mae, Series 2017-M12, Class A2, Multi Family, 3.06% 6/25/2027^4,5		2,421		2,325
Fannie Mae, Series 2006-43, Class JO, principal only, 0% 6/25/2036⁴		265		226
Freddie Mac Pool #ZJ9097 5.00% 2/1/2024⁴		1		1
Freddie Mac Pool #ZA1894 5.00% 8/1/2025⁴		2		2
Freddie Mac Pool #ZA1914 5.00% 12/1/2025⁴		4		4
Freddie Mac Pool #ZA1927 5.00% 3/1/2026⁴		10		10


14	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #ZA1950 6.50% 8/1/2026⁴	USD	56	$	56
Freddie Mac Pool #ZS8832 5.00% 3/1/2027⁴		2		2
Freddie Mac Pool #ZA1997 5.00% 4/1/2027⁴		20		20
Freddie Mac Pool #D97504 6.50% 12/1/2027⁴		48		49
Freddie Mac Pool #C91130 6.50% 12/1/2027⁴		40		41
Freddie Mac Pool #C91150 6.50% 1/1/2028⁴		46		47
Freddie Mac Pool #G16210 3.50% 6/1/2032⁴		28		28
Freddie Mac Pool #ZA2384 3.50% 6/1/2035⁴		179		172
Freddie Mac Pool #A56076 5.50% 1/1/2037⁴		9		9
Freddie Mac Pool #C91912 3.00% 2/1/2037⁴		14,624		13,641
Freddie Mac Pool #C91917 3.00% 2/1/2037⁴		6,528		6,089
Freddie Mac Pool #G06028 5.50% 7/1/2037⁴		133		137
Freddie Mac Pool #G08248 5.50% 2/1/2038⁴		38		40
Freddie Mac Pool #ZA2505 3.50% 5/1/2038⁴		69		65
Freddie Mac Pool #ZT1449 3.00% 6/1/2038⁴		6,743		6,283
Freddie Mac Pool #G04552 6.00% 9/1/2038⁴		318		333
Freddie Mac Pool #G05979 5.50% 10/1/2038⁴		18		19
Freddie Mac Pool #G05546 5.50% 7/1/2039⁴		76		78
Freddie Mac Pool #A90351 4.50% 1/1/2040⁴		103		102
Freddie Mac Pool #G05937 4.50% 8/1/2040⁴		2,128		2,129
Freddie Mac Pool #RB5071 2.00% 9/1/2040⁴		97,038		83,575
Freddie Mac Pool #A97543 4.50% 3/1/2041⁴		169		173
Freddie Mac Pool #A97669 4.50% 3/1/2041⁴		140		140
Freddie Mac Pool #Q01190 4.50% 6/1/2041⁴		79		79
Freddie Mac Pool #Q01160 5.00% 6/1/2041⁴		121		123
Freddie Mac Pool #SC0148 2.00% 7/1/2041⁴		2,385		2,046
Freddie Mac Pool #Q03821 4.50% 10/1/2041⁴		293		293
Freddie Mac Pool #Q03795 4.50% 10/1/2041⁴		23		23
Freddie Mac Pool #Q11220 3.50% 9/1/2042⁴		402		381
Freddie Mac Pool #V80026 3.00% 4/1/2043⁴		26		24
Freddie Mac Pool #G07921 3.50% 4/1/2043⁴		332		314
Freddie Mac Pool #Q23190 4.00% 11/1/2043⁴		210		204
Freddie Mac Pool #Q23185 4.00% 11/1/2043⁴		156		152
Freddie Mac Pool #Q26734 4.00% 6/1/2044⁴		1,635		1,586
Freddie Mac Pool #SD0480 3.50% 6/1/2045⁴		8,639		8,151
Freddie Mac Pool #760014 2.71% 8/1/2045^4,5		647		626
Freddie Mac Pool #Q37988 4.00% 12/1/2045⁴		3,739		3,612
Freddie Mac Pool #G60344 4.00% 12/1/2045⁴		3,291		3,179
Freddie Mac Pool #Z40130 3.00% 1/1/2046⁴		13,121		12,083
Freddie Mac Pool #Q40476 4.00% 4/1/2046⁴		2,428		2,345
Freddie Mac Pool #Q40458 4.00% 4/1/2046⁴		536		518
Freddie Mac Pool #G60744 3.50% 7/1/2046⁴		1,606		1,502
Freddie Mac Pool #Q41909 4.50% 7/1/2046⁴		264		263
Freddie Mac Pool #V82628 4.00% 9/1/2046⁴		8,112		7,835
Freddie Mac Pool #760015 2.597% 1/1/2047^4,5		4,556		4,333
Freddie Mac Pool #G60928 4.50% 4/1/2047⁴		2,021		2,007
Freddie Mac Pool #ZS4726 3.50% 7/1/2047⁴		22		21
Freddie Mac Pool #G08775 4.00% 8/1/2047⁴		10,279		9,847
Freddie Mac Pool #G61295 3.50% 9/1/2047⁴		5,290		4,945
Freddie Mac Pool #ZS4735 3.50% 9/1/2047⁴		137		127
Freddie Mac Pool #V83507 4.00% 10/1/2047⁴		1,627		1,570
Freddie Mac Pool #G61733 3.00% 12/1/2047⁴		16,311		14,831
Freddie Mac Pool #ZS4747 3.50% 12/1/2047⁴		15,611		14,541
Freddie Mac Pool #G61662 3.50% 2/1/2048⁴		5,001		4,676
Freddie Mac Pool #Q54547 4.00% 3/1/2048⁴		7,085		6,827
Freddie Mac Pool #SI2002 4.00% 3/1/2048⁴		29		28
Freddie Mac Pool #G61628 3.50% 9/1/2048⁴		5,828		5,472
Freddie Mac Pool #ZA5889 4.00% 11/1/2048⁴		3,423		3,294
Freddie Mac Pool #V85664 3.50% 6/1/2049⁴		26,229		24,541
Freddie Mac Pool #SD7506 4.00% 9/1/2049⁴		42,392		40,915
Freddie Mac Pool #SD7508 3.50% 10/1/2049⁴		8,730		8,144
Freddie Mac Pool #RA1744 4.00% 11/1/2049⁴		628		603
Freddie Mac Pool #QA5118 3.50% 12/1/2049⁴		32,661		30,411
Freddie Mac Pool #RA3384 3.00% 8/1/2050⁴		2,148		1,919
Freddie Mac Pool #SI2074 2.00% 9/1/2050⁴		51,837		42,670
Freddie Mac Pool #SI2076 2.00% 9/1/2050⁴		33,844		27,859
Freddie Mac Pool #SI2077 2.00% 9/1/2050⁴		20,328		16,749


American Balanced Fund	15

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #SI2062 2.00% 9/1/2050⁴	USD	19,005	$	15,614
Freddie Mac Pool #RA3506 3.00% 9/1/2050⁴		6,137		5,481
Freddie Mac Pool #SI2080 2.00% 10/1/2050⁴		19,816		16,307
Freddie Mac Pool #SD8106 2.00% 11/1/2050⁴		107,234		88,255
Freddie Mac Pool #SD7528 2.00% 11/1/2050⁴		96,900		80,703
Freddie Mac Pool #RA4070 2.50% 11/1/2050⁴		19,101		16,360
Freddie Mac Pool #RA3987 2.50% 11/1/2050⁴		18,381		15,744
Freddie Mac Pool #RA4352 2.00% 1/1/2051⁴		32,324		26,690
Freddie Mac Pool #QB8605 2.00% 2/1/2051⁴		30,187		25,111
Freddie Mac Pool #SD8128 2.00% 2/1/2051⁴		14,545		11,950
Freddie Mac Pool #SD1729 2.50% 2/1/2051⁴		47,940		41,063
Freddie Mac Pool #SD8134 2.00% 3/1/2051⁴		45,129		37,068
Freddie Mac Pool #RA5287 2.00% 5/1/2051⁴		58,964		48,434
Freddie Mac Pool #RA5288 2.00% 5/1/2051⁴		11,283		9,268
Freddie Mac Pool #RA5259 2.50% 5/1/2051⁴		210,394		180,212
Freddie Mac Pool #RA5219 2.50% 5/1/2051⁴		11,379		9,700
Freddie Mac Pool #RA5267 3.00% 5/1/2051⁴		3,938		3,504
Freddie Mac Pool #SD7544 3.00% 7/1/2051⁴		15,470		13,904
Freddie Mac Pool #QC4071 3.00% 7/1/2051⁴		793		703
Freddie Mac Pool #SD0665 3.00% 8/1/2051⁴		20,971		18,731
Freddie Mac Pool #QC5996 3.00% 8/1/2051⁴		2,132		1,888
Freddie Mac Pool #SD1129 4.00% 8/1/2051⁴		19,790		18,953
Freddie Mac Pool #SD7545 2.50% 9/1/2051⁴		68,228		58,909
Freddie Mac Pool #RA5836 2.50% 9/1/2051⁴		66,161		56,848
Freddie Mac Pool #RA5782 2.50% 9/1/2051⁴		17,698		15,246
Freddie Mac Pool #RA5971 3.00% 9/1/2051⁴		48,838		43,808
Freddie Mac Pool #RA5901 3.00% 9/1/2051⁴		3,942		3,518
Freddie Mac Pool #QC7504 3.00% 9/1/2051⁴		177		157
Freddie Mac Pool #SD8172 2.00% 10/1/2051⁴		9,617		7,877
Freddie Mac Pool #QC8489 2.50% 10/1/2051⁴		57,641		49,551
Freddie Mac Pool #SD2880 3.00% 10/1/2051⁴		55,142		49,198
Freddie Mac Pool #SD0734 3.00% 10/1/2051⁴		4,819		4,323
Freddie Mac Pool #RA6406 2.00% 11/1/2051⁴		5,767		4,731
Freddie Mac Pool #SD7548 2.50% 11/1/2051⁴		442,336		381,741
Freddie Mac Pool #RA6347 3.00% 11/1/2051⁴		4,584		4,091
Freddie Mac Pool #RA6483 2.50% 12/1/2051⁴		67,484		58,006
Freddie Mac Pool #RA6535 2.50% 12/1/2051⁴		33,611		28,621
Freddie Mac Pool #QD3310 3.00% 12/1/2051⁴		8,588		7,604
Freddie Mac Pool #SD0855 2.50% 1/1/2052⁴		32,675		27,825
Freddie Mac Pool #SD7552 2.50% 1/1/2052⁴		26,202		22,571
Freddie Mac Pool #SD0813 3.00% 1/1/2052⁴		10,266		9,207
Freddie Mac Pool #QD7397 2.50% 2/1/2052⁴		487		417
Freddie Mac Pool #RA6664 3.00% 2/1/2052⁴		104,617		93,141
Freddie Mac Pool #QD7089 3.50% 2/1/2052⁴		5,184		4,782
Freddie Mac Pool #QD8873 3.50% 2/1/2052⁴		12		11
Freddie Mac Pool #SD7553 3.00% 3/1/2052⁴		216,689		194,317
Freddie Mac Pool #SD7554 2.50% 4/1/2052⁴		37,032		31,935
Freddie Mac Pool #SD8205 2.50% 4/1/2052⁴		612		521
Freddie Mac Pool #QD9576 3.00% 4/1/2052⁴		9,673		8,562
Freddie Mac Pool #QD9278 3.50% 4/1/2052⁴		4,444		4,083
Freddie Mac Pool #SD8214 3.50% 5/1/2052⁴		12,014		11,028
Freddie Mac Pool #RA7326 3.50% 5/1/2052⁴		10		9
Freddie Mac Pool #RA7399 4.00% 5/1/2052⁴		37,367		35,504
Freddie Mac Pool #QE2335 4.00% 5/1/2052⁴		32,761		31,128
Freddie Mac Pool #QE3580 3.50% 6/1/2052⁴		14,672		13,467
Freddie Mac Pool #SD2088 3.50% 6/1/2052⁴		753		691
Freddie Mac Pool #SD3245 4.00% 6/1/2052⁴		43,851		42,027
Freddie Mac Pool #RA7468 4.00% 6/1/2052⁴		7,142		6,758
Freddie Mac Pool #QE4383 4.00% 6/1/2052⁴		852		806
Freddie Mac Pool #RA7502 5.00% 6/1/2052⁴		969		960
Freddie Mac Pool #RA7668 4.00% 7/1/2052⁴		13,905		13,158
Freddie Mac Pool #SD1502 4.00% 7/1/2052⁴		5,553		5,255
Freddie Mac Pool #SD7556 3.00% 8/1/2052⁴		24,523		21,955
Freddie Mac Pool #SD1766 4.00% 8/1/2052⁴		15,664		14,889
Freddie Mac Pool #QE7976 4.50% 8/1/2052⁴		42,605		41,329
Freddie Mac Pool #QE8579 4.50% 8/1/2052⁴		8,386		8,135
Freddie Mac Pool #SD8244 4.00% 9/1/2052⁴		100,031		94,652


16	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #QF0323 4.00% 9/1/2052⁴	USD	989	$	935
Freddie Mac Pool #QF0212 4.50% 9/1/2052⁴		38,335		37,186
Freddie Mac Pool #QE9497 4.50% 9/1/2052⁴		9,567		9,281
Freddie Mac Pool #SD1608 4.50% 9/1/2052⁴		5,686		5,516
Freddie Mac Pool #RA7938 5.00% 9/1/2052⁴		59,661		59,183
Freddie Mac Pool #QF2221 4.00% 10/1/2052⁴		975		922
Freddie Mac Pool #QF1489 4.00% 10/1/2052⁴		145		137
Freddie Mac Pool #SD8257 4.50% 10/1/2052⁴		69,764		67,674
Freddie Mac Pool #QF1236 4.50% 10/1/2052⁴		55,854		54,181
Freddie Mac Pool #SD2465 4.50% 10/1/2052⁴		3,779		3,666
Freddie Mac Pool #SD8264 3.50% 11/1/2052⁴		68,237		62,627
Freddie Mac Pool #SD8265 4.00% 11/1/2052⁴		403		381
Freddie Mac Pool #SD1897 4.50% 11/1/2052⁴		154,318		152,224
Freddie Mac Pool #SD1895 4.50% 11/1/2052⁴		31,537		31,182
Freddie Mac Pool #SD8276 5.00% 12/1/2052⁴		58,440		57,860
Freddie Mac Pool #QF5340 5.00% 12/1/2052⁴		27,038		26,794
Freddie Mac Pool #QF5830 5.00% 12/1/2052⁴		1,175		1,164
Freddie Mac Pool #SD1961 5.50% 12/1/2052⁴		5,666		5,696
Freddie Mac Pool #QF4136 5.50% 12/1/2052⁴		1,491		1,500
Freddie Mac Pool #QF5672 5.00% 1/1/2053⁴		138,637		137,334
Freddie Mac Pool #SD2571 5.00% 1/1/2053⁴		13,558		13,434
Freddie Mac Pool #QF5717 5.00% 1/1/2053⁴		1,237		1,225
Freddie Mac Pool #SD8288 5.00% 1/1/2053⁴		387		383
Freddie Mac Pool #QF5394 5.50% 1/1/2053⁴		1,530		1,540
Freddie Mac Pool #QF5680 5.50% 1/1/2053⁴		1,387		1,397
Freddie Mac Pool #QF5251 5.50% 1/1/2053⁴		697		702
Freddie Mac Pool #QF6796 5.50% 1/1/2053⁴		362		365
Freddie Mac Pool #RA8534 5.00% 2/1/2053⁴		171,971		170,376
Freddie Mac Pool #QF7774 5.50% 2/1/2053⁴		4,189		4,213
Freddie Mac Pool #QF8331 5.50% 2/1/2053⁴		3,110		3,131
Freddie Mac Pool #QF7048 5.50% 2/1/2053⁴		90		91
Freddie Mac Pool #QF8056 6.00% 2/1/2053⁴		26,683		27,153
Freddie Mac Pool #QF8050 6.00% 2/1/2053⁴		9,813		9,993
Freddie Mac Pool #SD2608 3.50% 3/1/2053⁴		16,023		14,705
Freddie Mac Pool #SD8305 4.00% 3/1/2053⁴		41,724		39,473
Freddie Mac Pool #SD8306 4.50% 3/1/2053⁴		63,450		61,549
Freddie Mac Pool #QF8926 4.50% 3/1/2053⁴		3,765		3,652
Freddie Mac Pool #QF8936 4.50% 3/1/2053⁴		169		164
Freddie Mac Pool #QF8462 5.50% 3/1/2053⁴		18,404		18,516
Freddie Mac Pool #QF8552 5.50% 3/1/2053⁴		537		540
Freddie Mac Pool #QF8554 5.50% 3/1/2053⁴		86		87
Freddie Mac Pool #QF9076 5.50% 3/1/2053⁴		77		78
Freddie Mac Pool #SD8313 4.00% 4/1/2053⁴		38,305		36,237
Freddie Mac Pool #SD8314 4.50% 4/1/2053⁴		193,812		188,007
Freddie Mac Pool #SD2716 5.00% 4/1/2053⁴		12,118		12,007
Freddie Mac Pool #SD8315 5.00% 4/1/2053⁴		1,083		1,072
Freddie Mac Pool #SD3314 5.50% 4/1/2053⁴		59,751		60,168
Freddie Mac Pool #QG1023 5.50% 4/1/2053⁴		8,431		8,483
Freddie Mac Pool #QG0979 5.50% 4/1/2053⁴		252		253
Freddie Mac Pool #QG1387 5.50% 4/1/2053⁴		56		56
Freddie Mac Pool #SD8322 4.50% 5/1/2053⁴		124,626		120,894
Freddie Mac Pool #RA8647 4.50% 5/1/2053⁴		3,876		3,760
Freddie Mac Pool #SD8323 5.00% 5/1/2053⁴		325,990		322,632
Freddie Mac Pool #SD8324 5.50% 5/1/2053⁴		227,155		228,162
Freddie Mac Pool #SD3369 5.50% 5/1/2053⁴		32,710		32,908
Freddie Mac Pool #SD8329 5.00% 6/1/2053⁴		5,558		5,500
Freddie Mac Pool #SD8331 5.50% 6/1/2053⁴		18,676		18,759
Freddie Mac Pool #QG4632 5.50% 6/1/2053⁴		15,948		16,024
Freddie Mac Pool #QG4732 5.50% 6/1/2053⁴		2,539		2,550
Freddie Mac Pool #RA9279 6.00% 6/1/2053⁴		16,002		16,319
Freddie Mac Pool #RA9283 6.00% 6/1/2053⁴		15,013		15,303
Freddie Mac Pool #RA9281 6.00% 6/1/2053⁴		9,856		10,016
Freddie Mac Pool #RA9284 6.00% 6/1/2053⁴		6,923		7,162
Freddie Mac Pool #RA9294 6.50% 6/1/2053⁴		3,605		3,708
Freddie Mac Pool #RA9292 6.50% 6/1/2053⁴		3,113		3,201
Freddie Mac Pool #RA9289 6.50% 6/1/2053⁴		2,925		3,030
Freddie Mac Pool #RA9288 6.50% 6/1/2053⁴		2,847		2,960


American Balanced Fund	17

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #RA9287 6.50% 6/1/2053⁴	USD	1,972	$	2,055
Freddie Mac Pool #RA9290 6.50% 6/1/2053⁴		1,502		1,551
Freddie Mac Pool #RA9291 6.50% 6/1/2053⁴		1,100		1,128
Freddie Mac Pool #RA9295 6.50% 6/1/2053⁴		810		847
Freddie Mac Pool #SD8341 5.00% 7/1/2053⁴		70,343		69,608
Freddie Mac Pool #SD8342 5.50% 7/1/2053⁴		78,620		78,957
Freddie Mac Pool #SD3356 6.00% 7/1/2053⁴		559		568
Freddie Mac Pool #QG8374 5.50% 8/1/2053⁴		31,879		32,031
Freddie Mac Pool #SD8360 4.50% 9/1/2053⁴		44,721		43,375
Freddie Mac Pool #SD8362 5.50% 9/1/2053⁴		17,609		17,684
Freddie Mac Pool #SD3825 6.50% 9/1/2053⁴		234,889		240,787
Freddie Mac Pool #SD8365 4.50% 10/1/2053⁴		53,461		51,851
Freddie Mac Pool #SD8367 5.50% 10/1/2053⁴		167,925		168,673
Freddie Mac Pool #SD8370 4.50% 11/1/2053⁴		4,037		3,916
Freddie Mac Pool #SD8372 5.50% 11/1/2053⁴		77,834		78,167
Freddie Mac Pool #SD8381 4.50% 12/1/2053⁴		20,183		19,575
Freddie Mac Pool #SD8384 6.00% 12/1/2053⁴		114,140		115,921
Freddie Mac Pool #SD8386 7.00% 12/1/2053⁴		31,827		32,849
Freddie Mac Pool #SD8393 4.50% 1/1/2054⁴		23,896		23,177
Freddie Mac, Series T041, Class 3A, 4.357% 7/25/2032^4,5		733		701
Freddie Mac, Series 3318, Class JT, 5.50% 5/15/2037⁴		36		36
Freddie Mac, Series K725, Class A2, Multi Family, 3.002% 1/25/2024⁴		20,363		20,284
Freddie Mac, Series K044, Class A2, Multi Family, 2.811% 1/25/2025⁴		10,852		10,602
Freddie Mac, Series K045, Class A2, Multi Family, 3.023% 1/25/2025⁴		1,025		1,002
Freddie Mac, Series K730, Class A2, Multi Family, 3.59% 1/25/2025^4,5		2,356		2,318
Freddie Mac, Series K046, Class A2, Multi Family, 3.205% 3/25/2025⁴		1,089		1,065
Freddie Mac, Series KPLB, Class A, Multi Family, 2.77% 5/25/2025⁴		2,787		2,705
Freddie Mac, Series K732, Class A2, Multi Family, 3.70% 5/25/2025⁴		1,499		1,473
Freddie Mac, Series K049, Class A2, Multi Family, 3.01% 7/25/2025⁴		1,036		1,008
Freddie Mac, Series K733, Class A2, Multi Family, 3.75% 8/25/2025^4,5		19,655		19,314
Freddie Mac, Series K734, Class A2, Multi Family, 3.208% 2/25/2026⁴		27,390		26,642
Freddie Mac, Series K144, Class A2, Multi Family, 2.45% 4/25/2032⁴		26,791		23,156
Freddie Mac, Series K143, Class A2, Multi Family, 2.35% 6/25/2032⁴		11,551		9,918
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056^4,5		14,240		13,023
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class MA, 3.00% 1/25/2056⁴		4,841		4,441
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 7/25/2056^4,5		8,723		8,016
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056⁴		32,468		29,869
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056^4,5		31,912		29,202
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057^4,5		6,835		6,025
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/2057⁴		5,664		5,098
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057⁴		20,578		19,445
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/2057⁴		13,982		12,490
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058⁴		53,766		50,698
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/2059⁴		34,151		31,268
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028⁴		6,803		6,488
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 5/25/2029⁴		25,505		24,229
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A2, 3.50% 5/25/2029⁴		24,325		22,567
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/2029⁴		9,490		8,749
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A1D, 2.00% 7/25/2030⁴		4,599		4,089
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A2D, 2.00% 7/25/2030⁴		1,427		1,176


18	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032⁴	USD	12,530	$	11,853
FREMF Mortgage Trust, Series K-142, Class A2, 2.40% 3/25/2032⁴		49,523		42,741
Government National Mortgage Assn. 2.50% 1/1/2054^4,6		36,900		32,285
Government National Mortgage Assn. 3.00% 1/1/2054^4,6		110,762		100,300
Government National Mortgage Assn. 4.00% 1/1/2054^4,6		363,130		346,733
Government National Mortgage Assn. 5.00% 1/1/2054^4,6		39,474		39,203
Government National Mortgage Assn. 5.50% 1/1/2054^4,6		172,918		174,189
Government National Mortgage Assn. 2.50% 2/1/2054^4,6		73,800		64,732
Government National Mortgage Assn. 3.00% 2/1/2054^4,6		42,500		38,555
Government National Mortgage Assn. 4.00% 2/1/2054^4,6		100,900		96,633
Government National Mortgage Assn. Pool #004291 6.00% 11/20/2038⁴		1,130		1,194
Government National Mortgage Assn. Pool #783219 4.00% 1/15/2041⁴		3,026		2,954
Government National Mortgage Assn. Pool #MA1601 4.00% 1/20/2044⁴		35		34
Government National Mortgage Assn. Pool #MA3107 4.50% 9/20/2045⁴		62		62
Government National Mortgage Assn. Pool #MA3175 4.50% 10/20/2045⁴		2,675		2,668
Government National Mortgage Assn. Pool #MA3873 3.00% 8/20/2046⁴		20,399		18,752
Government National Mortgage Assn. Pool #MA4587 4.00% 7/20/2047⁴		9,693		9,347
Government National Mortgage Assn. Pool #MA4653 4.00% 8/20/2047⁴		1,720		1,663
Government National Mortgage Assn. Pool #MA4779 4.00% 10/20/2047⁴		2,019		1,947
Government National Mortgage Assn. Pool #MA4901 4.00% 12/20/2047⁴		16,509		15,915
Government National Mortgage Assn. Pool #MA5078 4.00% 3/20/2048⁴		18,092		17,485
Government National Mortgage Assn. Pool #MA5191 3.50% 5/20/2048⁴		19,659		18,517
Government National Mortgage Assn. Pool #MA5193 4.50% 5/20/2048⁴		3,266		3,229
Government National Mortgage Assn. Pool #MA5528 4.00% 10/20/2048⁴		420		404
Government National Mortgage Assn. Pool #MA5652 4.50% 12/20/2048⁴		1,165		1,151
Government National Mortgage Assn. Pool #MA5816 3.50% 3/20/2049⁴		20,299		19,105
Government National Mortgage Assn. Pool #MA5818 4.50% 3/20/2049⁴		864		854
Government National Mortgage Assn. Pool #MA5987 4.50% 6/20/2049⁴		349		344
Government National Mortgage Assn. Pool #MA6041 4.50% 7/20/2049⁴		485		479
Government National Mortgage Assn. Pool #MA6156 4.50% 9/20/2049⁴		4,064		4,000
Government National Mortgage Assn. Pool #MA6341 4.50% 12/20/2049⁴		339		335
Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050⁴		119,868		101,564
Government National Mortgage Assn. Pool #BZ3978 2.50% 11/20/2050⁴		225		196
Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050⁴		105,095		89,046
Government National Mortgage Assn. Pool #MA7140 4.50% 1/20/2051⁴		343		339
Government National Mortgage Assn. Pool #MA7259 4.50% 3/20/2051⁴		7,547		7,461
Government National Mortgage Assn. Pool #MA7534 2.50% 8/20/2051⁴		85,913		75,170
Government National Mortgage Assn. Pool #785607 2.50% 8/20/2051⁴		20,856		17,980
Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051⁴		7,501		6,430
Government National Mortgage Assn. Pool #786706 2.50% 12/20/2051⁴		2,344		2,061
Government National Mortgage Assn. Pool #MA7827 2.50% 1/20/2052⁴		14,000		12,245
Government National Mortgage Assn. Pool #786502 2.50% 2/20/2052⁴		1,985		1,730
Government National Mortgage Assn. Pool #786701 2.50% 3/20/2052⁴		692		603
Government National Mortgage Assn. Pool #785998 2.50% 3/20/2052⁴		457		393
Government National Mortgage Assn. Pool #MA8147 2.50% 7/20/2052⁴		391		342
Government National Mortgage Assn. Pool #MA8148 3.00% 7/20/2052⁴		41,277		37,378
Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052⁴		501		467
Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052⁴		105,994		101,177
Government National Mortgage Assn. Pool #MA8425 3.50% 11/20/2052⁴		19,000		17,690
Government National Mortgage Assn. Pool #MA8426 4.00% 11/20/2052⁴		2,121		2,025
Government National Mortgage Assn. Pool #MA8488 4.00% 12/20/2052⁴		22,002		21,002
Government National Mortgage Assn. Pool #MA8800 5.00% 4/20/2053⁴		827		822
Government National Mortgage Assn. Pool #MA8943 3.00% 6/20/2053⁴		764		693
Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053⁴		19,427		18,956
Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/2053⁴		43,000		42,694
Government National Mortgage Assn. Pool #MA9105 5.00% 8/20/2053⁴		31,000		30,779
Government National Mortgage Assn. Pool #MA9169 4.50% 9/20/2053⁴		49,367		48,171
Government National Mortgage Assn. Pool #MA9170 5.00% 9/20/2053⁴		150,657		149,585
Government National Mortgage Assn. Pool #710085 5.024% 9/20/2061⁴		3		3
Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063⁴		31,851		24,294
Uniform Mortgage-Backed Security 2.00% 1/1/2039^4,6		77,228		69,252
Uniform Mortgage-Backed Security 2.50% 1/1/2039^4,6		55,836		51,452
Uniform Mortgage-Backed Security 3.50% 1/1/2039^4,6		40,000		38,511
Uniform Mortgage-Backed Security 2.00% 2/1/2039^4,6		51,772		46,138
Uniform Mortgage-Backed Security 2.50% 2/1/2039^4,6		45,523		41,970
Uniform Mortgage-Backed Security 4.00% 2/1/2039^4,6		41,500		40,735


American Balanced Fund	19

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Uniform Mortgage-Backed Security 2.00% 1/1/2054^4,6	USD	691,222	$	565,074
Uniform Mortgage-Backed Security 2.50% 1/1/2054^4,6		519,288		441,841
Uniform Mortgage-Backed Security 3.00% 1/1/2054^4,6		372,193		329,289
Uniform Mortgage-Backed Security 3.50% 1/1/2054^4,6		984,583		903,355
Uniform Mortgage-Backed Security 4.00% 1/1/2054^4,6		164,597		155,692
Uniform Mortgage-Backed Security 4.50% 1/1/2054^4,6		484,521		469,720
Uniform Mortgage-Backed Security 5.00% 1/1/2054^4,6		183,054		181,124
Uniform Mortgage-Backed Security 5.50% 1/1/2054^4,6		36,772		36,933
Uniform Mortgage-Backed Security 6.00% 1/1/2054^4,6		182,242		185,061
Uniform Mortgage-Backed Security 6.50% 1/1/2054^4,6		38,188		39,138
Uniform Mortgage-Backed Security 7.00% 1/1/2054^4,6		134,530		138,781
Uniform Mortgage-Backed Security 2.50% 2/1/2054^4,6		198,000		168,687
Uniform Mortgage-Backed Security 3.50% 2/1/2054^4,6		1,014,028		931,322
Uniform Mortgage-Backed Security 4.00% 2/1/2054^4,6		638,000		604,032
Uniform Mortgage-Backed Security 4.50% 2/1/2054^4,6		956,974		928,302
Uniform Mortgage-Backed Security 5.00% 2/1/2054^4,6		875,585		866,692
Uniform Mortgage-Backed Security 5.50% 2/1/2054^4,6		70,873		71,195
Uniform Mortgage-Backed Security 6.00% 2/1/2054^4,6		67,200		68,237
Uniform Mortgage-Backed Security 6.50% 2/1/2054^4,6		360,066		368,969
Uniform Mortgage-Backed Security 6.00% 3/1/2054^4,6		44,300		44,907
				23,354,823

Commercial mortgage-backed securities 0.70%
3650R Commercial Mortgage Trust, Series 2022-PF2, Class A5, 5.29% 11/15/2055^4,5		19,903		20,177
AMSR Trust, Series 2023-SFR2, Class A, 3.95% 6/17/2040^4,7		21,941		20,684
Bank Commercial Mortgage Trust, Series 2022-BNK44, Class ASB, 5.745% 3/15/2032^4,5		5,000		5,260
Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 2/15/2052⁴		3,422		3,251
Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 4/15/2052⁴		405		380
Bank Commercial Mortgage Trust, Series 2023-5YR4, Class A3, 6.50% 12/15/2056⁴		24,803		26,263
Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/2056^4,5		6,605		7,033
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A5, 3.688% 2/15/2061⁴		795		754
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 2/17/2061⁴		501		471
Bank Commercial Mortgage Trust, Series 2018-BN12, Class A4, 4.255% 5/15/2061^4,5		9,618		9,294
Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 8/15/2061⁴		5,772		5,058
Bank Commercial Mortgage Trust, Series 2019-BN18, Class A4, 3.584% 5/15/2062⁴		8,720		7,825
Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063⁴		17,962		15,315
Bank Commercial Mortgage Trust, Series 2022-BNK40, Class A4, 3.393% 3/15/2064^4,5		842		752
Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 2/15/2051⁴		11,250		10,557
Benchmark Mortgage Trust, Series 2018-B2, Class A5, 3.882% 2/15/2051^4,5		3,812		3,582
Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 1/15/2052⁴		9,988		9,440
Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 3/15/2053⁴		17,048		14,229
Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/2053^4,5		3,073		2,956
Benchmark Mortgage Trust, Series 2020-B19, Class A5, 1.85% 9/15/2053⁴		9,262		7,409
Benchmark Mortgage Trust, Series 2020-B20, Class A5, 2.034% 10/15/2053⁴		3,950		3,132
Benchmark Mortgage Trust, Series 2020-B22, Class AM, 2.163% 1/15/2054⁴		6,710		5,192
Benchmark Mortgage Trust, Series 2021-B25, Class A5, 2.577% 4/15/2054⁴		2,138		1,728
Benchmark Mortgage Trust, Series 2021-B28, Class A5, 2.224% 8/15/2054⁴		4,870		3,994
Benchmark Mortgage Trust, Series 2022-B32, Class A5, 3.002% 1/15/2055⁴		9,970		8,166
Benchmark Mortgage Trust, Series 2022-B35, Class A5, 4.444% 5/15/2055^4,5		16,900		15,648
Benchmark Mortgage Trust, Series 2022-B37, Class A5, 5.751% 11/15/2055^4,5		54,265		57,199
Benchmark Mortgage Trust, Series 2023-V3, Class A3, 6.363% 7/15/2056⁴		25,731		26,989
Benchmark Mortgage Trust, Series 2019-B13, Class A4, 2.952% 8/15/2057⁴		8,000		7,162
BMO Mortgage Trust, Series 2023-5C1, Class A3, 6.534% 8/15/2056^4,5		41,374		43,638
BMO Mortgage Trust, Series 2023-5C1, Class AS, 7.118% 8/15/2056^4,5		25,283		26,600
BMO Mortgage Trust, Series 2023-C6, Class AS, 6.55% 9/15/2056^4,5		26,680		28,277
BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.77%) 7.131% 5/15/2039^4,5,7		8,311		8,276
BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class B, (1-month USD CME Term SOFR + 2.319%) 7.681% 5/15/2039^4,5,7		5,710		5,678
BPR Trust, Series 2022-OANA, Class A, (1-month USD CME Term SOFR + 1.898%) 7.26% 4/15/2037^4,5,7		23,495		23,196
BX Commercial Mortgage Trust, Series 2019-XL, Class A, (1-month USD CME Term SOFR + 1.034%) 6.396% 10/15/2036^4,5,7		941		939
BX Trust, Series 2021-SDMF, Class A, (1-month USD CME Term SOFR + 0.703%) 6.065% 9/15/2034^4,5,7		41,763		40,861
BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 6.176% 9/15/2036^4,5,7		43,661		42,586


20	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
BX Trust, Series 2021-VOLT, Class B, (1-month USD CME Term SOFR + 1.064%) 6.426% 9/15/2036^4,5,7	USD	1,123	$	1,095
BX Trust, Series 2021-ARIA, Class A, (1-month USD CME Term SOFR + 1.014%) 6.375% 10/15/2036^4,5,7		73,046		71,482
BX Trust, Series 2021-ARIA, Class B, (1-month USD CME Term SOFR + 1.411%) 6.773% 10/15/2036^4,5,7		23,226		22,506
BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 6.853% 4/15/2037^4,5,7		23,179		23,034
BX Trust, Series 2022-IND, Class D, (1-month USD CME Term SOFR + 2.839%) 8.201% 4/15/2037^4,5,7		3,289		3,256
BX Trust, Series 2021-SOAR, Class A, (1-month USD CME Term SOFR + 0.784%) 6.146% 6/15/2038^4,5,7		50,684		49,916
BX Trust, Series 2021-ACNT, Class A, (1-month USD CME Term SOFR + 0.964%) 6.326% 11/15/2038^4,5,7		45,534		44,936
BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 6.352% 2/15/2039^4,5,7		14,501		14,245
BX Trust, Series 2022-PSB, Class A, (1-month USD CME Term SOFR + 2.451%) 7.813% 8/15/2039^4,5,7		1,771		1,778
BXSC Commercial Mortgage Trust, Series 2022-WSS, Class D, (1-month USD CME Term SOFR + 3.188%) 8.55% 3/15/2035^4,5,7		11,185		11,003
CD Commercial Mortgage Trust, Series 2017-CD6, Class A5, 3.456% 11/13/2050⁴		12,890		12,066
Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 5.82% 6/10/2028^4,5,7		55,899		56,679
Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class B, 5.852% 6/10/2028^4,5,7		9,877		9,887
Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class C, 5.852% 6/10/2028^4,5,7		4,900		4,827
Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/2028^4,5,7		20,000		20,584
Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class AAB, 2.984% 4/10/2048⁴		533		527
Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 2/10/2049⁴		2,395		2,285
Citigroup Commercial Mortgage Trust, Series 2016-C1, Class AS, 3.514% 5/10/2049⁴		800		748
Commercial Mortgage Trust, Series 2014-LC15, Class AM, 4.198% 4/10/2047⁴		1,280		1,264
Commercial Mortgage Trust, Series 2015-PC1, Class A5, 3.902% 7/10/2050⁴		15,135		14,718
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class ASB, 3.617% 11/15/2048⁴		1,925		1,888
CSAIL Commercial Mortgage Trust, Series 2015-C1, Class B, 4.044% 4/15/2050^4,5		1,000		899
DC Commercial Mortgage Trust, Series 2023-DC, Class A, 6.314% 9/10/2040^4,7		36,773		37,995
DC Commercial Mortgage Trust, Series 2023-DC, Class B, 6.804% 9/10/2040^4,7		7,074		7,281
DC Commercial Mortgage Trust, Series 2023-DC, Class D, 7.14% 9/10/2040^4,5,7		12,887		12,476
DC Commercial Mortgage Trust, Series 2023-DC, Class C, 7.14% 9/10/2040^4,5,7		5,439		5,589
Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 5/10/2049⁴		550		512
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD CME Term SOFR + 1.194%) 6.556% 7/15/2038^4,5,7		17,585		17,436
Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD CME Term SOFR + 1.494%) 6.856% 7/15/2038^4,5,7		13,438		13,243
Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD CME Term SOFR + 1.814%) 7.176% 7/15/2038^4,5,7		10,226		10,073
Extended Stay America Trust, Series 2021-ESH, Class D, (1-month USD CME Term SOFR + 2.364%) 7.726% 7/15/2038^4,5,7		4,501		4,430
FS Commercial Trust, Series 2023-4SZN, Class A, 7.066% 11/10/2039^4,7		12,117		12,606
Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 12/10/2040^4,7		27,847		22,550
Great Wolf Trust, Series 2019-WOLF, Class A, (1-month USD CME Term SOFR + 1.348%) 6.252% 12/15/2036^4,5,7		2,434		2,426
GS Mortgage Securities Corp. II, Series 2015-GS1, Class AAB, 3.553% 11/10/2048⁴		2,215		2,164
GS Mortgage Securities Trust, Series 2023-SHIP, Class B, 4.936% 9/15/2038^4,5,7		5,265		5,128
GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 8/10/2050⁴		11,268		10,401
GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 2/10/2052⁴		405		382
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053⁴		19,842		16,747
GS Mortgage Securities Trust, Series 2020-GSA2, Class A5, 2.012% 12/12/2053⁴		9,914		7,885
Intown 2022-Stay Mortgage Trust, Series 2022-STAY, Class A, (1-month USD CME Term SOFR + 2.489%) 7.812% 8/15/2039^4,5		4,325		4,347
JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class A5, 4.079% 2/15/2047⁴		8,211		8,165


American Balanced Fund	21

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 3/15/2050⁴	USD	2,520	$	2,364
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 10/15/2050⁴		930		863
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039^4,7		39,275		33,097
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.377% 1/5/2039^4,7		13,012		10,329
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.45% 1/5/2039^4,5,7		2,318		1,556
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2021-410T, Class A, 2.287% 3/5/2042^4,7		12,316		9,925
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% 12/15/2049^4,5		8,015		7,544
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class B, (1-month USD CME Term SOFR + 1.514%) 6.88% 10/15/2038^4,5,7		5,303		5,274
Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 9/10/2039^4,7		72,851		64,450
MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD CME Term SOFR + 0.915%) 6.277% 4/15/2038^4,5,7		14,878		14,733
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class A5, 3.741% 8/15/2047⁴		7,603		7,503
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27, Class ASB, 3.557% 12/15/2047⁴		1,230		1,208
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class ASB, 3.04% 4/15/2048⁴		670		661
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A-4, 3.306% 4/15/2048⁴		1,600		1,543
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A-4, 3.72% 12/15/2049⁴		972		924
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class AS, 4.114% 12/15/2048⁴		2,490		2,331
Multifamily Connecticut Avenue Securities, Series 2023-01, Class M7, (30-day Average USD-SOFR + 4.00%) 9.337% 11/25/2053^4,5,7		16,556		16,804
SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041^4,7		21,946		18,177
SREIT Trust, Series 2021-MFP, Class A, (1-month USD CME Term SOFR + 0.845%) 6.207% 11/15/2038^4,5,7		24,843		24,454
StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class A, (1-month USD CME Term SOFR + 1.00%) 6.362% 1/15/2039^4,5,7		54,009		52,921
Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class A4, 3.789% 9/15/2048⁴		9,337		9,051
Wells Fargo Commercial Mortgage Trust, Series 2016-C34, Class AS, 3.484% 6/15/2049⁴		455		423
Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 12/15/2049⁴		10,015		9,598
Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class A5, 3.817% 8/15/2050⁴		5,000		4,932
Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 12/15/2052⁴		4,008		3,602
Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 1/15/2060⁴		795		757
WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + 2.789%) 8.151% 11/15/2027^4,5,7		65,442		65,595
WSTN Trust, Series 2023-MAUI, Class B, 7.018% 7/5/2037^4,5,7		8,656		8,607
WSTN Trust, Series 2023-MAUI, Class C, 7.69% 7/5/2037^4,5,7		3,712		3,674
WSTN Trust, Series 2023-MAUI, Class D, 8.455% 7/5/2037^4,5,7		5,353		5,314
				1,479,624

Collateralized mortgage-backed obligations (privately originated) 0.43%
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048^4,5,7		5,289		4,343
Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 3/25/2055^4,7		561		522
Arroyo Mortgage Trust, Series 2022-1, Class A1A, 2.495% 12/25/2056 (3.495% on 2/25/2026)^4,7,8		16,067		14,896
BINOM Securitization Trust, Series 2022-RPL1, Class A1, 3.00% 2/25/2061^4,5,7		8,094		7,401
BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 5/25/2059^4,5,7		3,163		2,866
BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 5/26/2059^4,5,7		3,616		3,453
BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/2061^4,7		11,175		10,135
BRAVO Residential Funding Trust, Series 2022-R1, Class A, 3.125% 1/29/2070 (6.125% on 1/29/2025)^4,7,8		24,467		22,967


22	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued)
Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 10/27/2031^4,5,7	USD	2,601	$	2,519
Cascade Funding Mortgage Trust, Series 2021-HB7, Class M1, 2.125% 10/27/2031^4,5,7		6,481		6,138
Cascade Funding Mortgage Trust, Series 2023-HB12, Class A, 4.25% 4/25/2033^4,5,7		2,377		2,311
Cascade Funding Mortgage Trust, Series 2018-RM2, Class A, 4.00% 10/25/2068^4,5,7		4,240		4,245
CHL Mortgage Pass-Through Trust, Series 2003-56, Class 6A1, 6.305% 12/25/2033^4,5		242		223
CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061^4,5,7		27,047		25,425
Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060^4,5,7		763		696
COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066^4,5,7		13,334		11,357
Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M1, (30-day Average USD-SOFR + 0.75%) 6.087% 10/25/2041^4,5,7		162		162
Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) 7.737% 12/25/2042^4,5,7		32,256		32,899
Connecticut Avenue Securities Trust, Series 2023-R02, Class 1M1, (30-day Average USD-SOFR + 2.30%) 7.637% 1/25/2043^4,5,7		22,939		23,499
Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M2, (30-day Average USD-SOFR + 3.55%) 8.887% 5/25/2043^4,5,7		75,090		80,066
Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) 7.237% 6/25/2043^4,5,7		16,265		16,390
Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M2, (30-day Average USD-SOFR + 3.10%) 8.437% 6/25/2043^4,5,7		46,402		48,562
Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) 7.037% 7/25/2043^4,5,7		18,439		18,527
Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M2, (30-day Average USD-SOFR + 2.70%) 8.037% 7/25/2043^4,5,7		34,732		35,477
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 8/15/2037^4,7		17,143		15,874
CS First Boston Mortgage Securities Corp., Series 2002-30, Class IA1, 7.50% 11/25/2032⁴		67		67
CS First Boston Mortgage Securities Corp., Series 2002-34, Class IA1, 7.50% 12/25/2032⁴		200		208
CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 9/25/2034⁴		677		659
Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 3/25/2069^4,7		13,425		14,932
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 6/25/2069^4,7		57,448		64,030
Finance of America Structured Securities Trust, Series 2019-JR3, Class A 2.00% 9/25/2069^4,7		1,847		1,995
Finance of America Structured Securities Trust, Series 2019-JR4, Class A, 2.00% 11/25/2069^4,7		2,090		2,110
Flagstar Mortgage Trust, Series 2021-5INV, Class A2, 2.50% 7/25/2051^4,5,7		17,164		14,138
Flagstar Mortgage Trust, Series 2021-6INV, Class A4, 2.50% 8/25/2051^4,5,7		15,996		13,155
Flagstar Mortgage Trust, Series 2021-8INV, Class A3, 2.50% 9/25/2051^4,5,7		16,603		13,696
Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 10/25/2051^4,5,7		23,684		19,508
Flagstar Mortgage Trust, Series 2021-11INV, Class A4, 2.50% 11/25/2051^4,5,7		18,382		15,118
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, (30-day Average USD-SOFR + 3.414%) 8.752% 10/25/2027^4,5		1,537		1,551
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA2, Class M1A, (30-day Average USD-SOFR + 1.30%) 6.637% 2/25/2042^4,5,7		6,690		6,693
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A, (30-day Average USD-SOFR + 2.00%) 7.337% 4/25/2042^4,5,7		6,543		6,606
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1B, (30-day Average USD-SOFR + 2.90%) 8.237% 4/25/2042^4,5,7		4,587		4,719
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA4, Class M1B, (30-day Average USD-SOFR + 3.35%) 8.687% 5/25/2042^4,5,7		13,523		14,090
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1B, (30-day Average USD-SOFR + 4.50%) 9.837% 6/25/2042^4,5,7		7,690		8,296
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 7.487% 9/25/2042^4,5,7		3,802		3,838
GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/2066^4,5,7		32,409		28,183
Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026^4,7		15,061		13,626
Hundred Acre Wood Trust, Series 2021-INV1, Class A3, 2.50% 7/25/2051^4,5,7		3,636		2,995
Imperial Fund Mortgage Trust, Series 2022-NQM7, Class A1, 7.369% 11/25/2067 (8.369% on 11/1/2026)^4,7,8		5,729		5,838
Imperial Fund Mortgage Trust, Series 2023-NQM1, Class A1, 5.941% 2/25/2068 (6.941% on 1/1/2027)^4,7,8		9,351		9,337
Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 3.25% 11/25/2059^4,5,7		12,195		12,204
Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 4/25/2061^4,5,7		5,942		5,755


American Balanced Fund	23

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued)
Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 7/25/2067 (5.25% on 11/25/2024)^4,7,8	USD	11,635	$	11,269
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (3-month USD CME Term SOFR + 0.965%) 6.32% 11/25/2055^4,5,7		32,320		32,205
Mill City Mortgage Trust, Series 15-1, Class M2, 3.72% 6/25/2056^4,5,7		755		752
Mill City Mortgage Trust, Series 2019-1, Class A1, 3.25% 10/25/2069^4,5,7		4,697		4,516
New Residential Mortgage Loan Trust, Series 2019-2A, Class A1, 4.25% 12/25/2057^4,5,7		606		585
Onslow Bay Financial Mortgage Loan Trust, Series 2022-J1, Class A2, 2.50% 2/25/2052^4,5,7		21,291		17,510
Onslow Bay Financial Mortgage Loan Trust, Series 2023-NQM4, Class A1, 6.113% 3/25/2063 (7.113% on 5/1/2027)^4,7,8		6,613		6,655
PRKCM Trust, Series 2021-AFC2, Class A1, 2.071% 11/25/2056^4,5,7		36,079		30,246
Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039^4,7		7,678		7,182
Towd Point Mortgage Trust, Series 2015-3, Class M2, 4.00% 3/25/2054^4,5,7		5,513		5,452
Towd Point Mortgage Trust, Series 2015-4, Class M2, 3.75% 4/25/2055^4,5,7		4,274		4,207
Towd Point Mortgage Trust, Series 2016-4, Class M2, 3.75% 7/25/2056^4,5,7		8,460		8,098
Towd Point Mortgage Trust, Series 2017-2, Class M1, 3.75% 4/25/2057^4,5,7		9,394		9,028
Towd Point Mortgage Trust, Series 2018-3, Class A1, 3.75% 5/25/2058^4,5,7		2,224		2,152
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060^4,7		521		461
Towd Point Mortgage Trust, Series 2023-1, Class A1, 3.75% 1/25/2063^4,7		18,412		17,488
Tricon Residential Trust, Series 2023-SFR2, Class A, 5.00% 12/17/2028^4,7		9,045		8,930
Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038^4,7		2,170		1,981
Tricon Residential Trust, Series 2023-SFR1, Class A, 5.10% 7/17/2040^4,7		11,691		11,560
Tricon Residential Trust, Series 2023-SFR1, Class B, 5.10% 7/17/2040^4,7		7,964		7,763
Tricon Residential Trust, Series 2023-SFR1, Class C, 5.10% 7/17/2040^4,7		1,718		1,665
Verus Securitization Trust, Series 2023-1, Class A1, 5.85% 12/25/2067 (6.85% on 1/1/2027)^4,7,8		9,851		9,850
Verus Securitization Trust, Series 2023-3, Class A1, 5.93% 3/25/2068 (6.93% on 4/1/2027)^4,7,8		2,805		2,806
Verus Securitization Trust, Series 2023-5, Class A5, 6.476% 6/25/2068 (7.476% on 6/1/2027)^4,7,8		28,650		28,947
				905,608

Total mortgage-backed obligations				25,740,055

Corporate bonds, notes & loans 7.77%
Financials 3.73%
AerCap Ireland Capital DAC 1.65% 10/29/2024		27,556		26,610
AerCap Ireland Capital DAC 6.50% 7/15/2025		7,190		7,284
AerCap Ireland Capital DAC 1.75% 1/30/2026		10,369		9,635
AerCap Ireland Capital DAC 2.45% 10/29/2026		43,519		40,314
AerCap Ireland Capital DAC 6.45% 4/15/2027⁷		34,647		35,897
AerCap Ireland Capital DAC 5.75% 6/6/2028		23,037		23,599
AerCap Ireland Capital DAC 3.00% 10/29/2028		44,776		40,902
AerCap Ireland Capital DAC 3.30% 1/30/2032		19,414		16,903
AerCap Ireland Capital DAC 3.40% 10/29/2033		6,179		5,310
AerCap Ireland Capital DAC 3.85% 10/29/2041		4,661		3,759
AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025)^7,8		41,000		42,326
AIB Group PLC 6.608% 9/13/2029 (USD-SOFR + 2.33% on 9/13/2028)^7,8		23,775		25,073
Ally Financial, Inc. 8.00% 11/1/2031		3,187		3,480
Ally Financial, Inc. 8.00% 11/1/2031		2,250		2,467
American Express Co. 2.25% 3/4/2025		20,000		19,362
American Express Co. 6.338% 10/30/2026 (USD-SOFR + 1.33% on 10/30/2025)⁸		18,805		19,183
American Express Co. 2.55% 3/4/2027		13,925		13,051
American Express Co. 5.85% 11/5/2027		3,900		4,069
American Express Co. 6.489% 10/30/2031 (USD-SOFR + 1.94% on 10/30/2030)⁸		10,421		11,307
American Express Co. 4.42% 8/3/2033 (USD-SOFR + 1.76% on 8/3/2032)⁸		15,687		15,109
American International Group, Inc. 5.125% 3/27/2033		14,135		14,354
American International Group, Inc. 4.375% 6/30/2050		3,180		2,845
Arthur J. Gallagher & Co. 3.50% 5/20/2051		280		208
Australia and New Zealand Banking Group, Ltd. 6.742% 12/8/2032⁷		4,676		5,004
Banco Santander, SA 2.746% 5/28/2025		9,400		9,078
Banco Santander, SA 5.147% 8/18/2025		9,200		9,150
Banco Santander, SA 1.722% 9/14/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.90% on 9/14/2026)⁸		20,600		18,643
Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)⁸		15,845		14,096


24	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Bank of America Corp. 1.843% 2/4/2025 (USD-SOFR + 0.67% on 2/4/2024)⁸	USD	10,000	$	9,962
Bank of America Corp. 1.197% 10/24/2026 (USD-SOFR + 1.01% on 10/24/2025)⁸		2,713		2,521
Bank of America Corp. 5.08% 1/20/2027 (USD-SOFR + 1.29% on 1/20/2026)⁸		47,185		47,101
Bank of America Corp. 4.376% 4/27/2028 (USD-SOFR + 1.58% on 4/27/2027)⁸		22,625		22,125
Bank of America Corp. 4.948% 7/22/2028 (USD-SOFR + 2.04% on 7/22/2027)⁸		69,306		69,328
Bank of America Corp. 6.204% 11/10/2028 (USD-SOFR + 1.99% on 11/10/2027)⁸		30,998		32,355
Bank of America Corp. 3.419% 12/20/2028 (3-month USD CME Term SOFR + 1.302% on 12/20/2027)⁸		36,133		34,060
Bank of America Corp. 5.202% 4/25/2029 (USD-SOFR + 1.63% on 4/25/2028)⁸		50,405		50,749
Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028)⁸		69,705		61,470
Bank of America Corp. 5.819% 9/15/2029 (USD-SOFR + 1.57% on 9/15/2028)⁸		34,621		35,760
Bank of America Corp. 2.592% 4/29/2031 (USD-SOFR + 2.15% on 4/29/2030)⁸		15,100		13,021
Bank of America Corp. 1.898% 7/23/2031 (USD-SOFR + 1.53% on 7/23/2030)⁸		8,285		6,782
Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030)⁸		33,831		27,483
Bank of America Corp. 2.687% 4/22/2032 (USD-SOFR + 1.32% on 4/22/2031)⁸		5,600		4,731
Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031)⁸		20,878		17,056
Bank of America Corp. 5.015% 7/22/2033 (USD-SOFR + 2.16% on 7/22/2032)⁸		27,269		26,988
Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033)⁸		117,608		117,942
Bank of America Corp. 5.872% 9/15/2034 (USD-SOFR + 1.84% on 9/15/2033)⁸		29,710		31,118
Bank of Ireland Group PLC 6.253% 9/16/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.65% on 9/16/2025)^7,8		5,000		5,059
Bank of Montreal 5.203% 2/1/2028		5,000		5,097
Bank of New York Mellon Corp. 4.947% 4/26/2027 (USD-SOFR + 1.026% on 4/26/2026)⁸		15,000		15,011
Bank of New York Mellon Corp. 5.802% 10/25/2028 (USD-SOFR + 1.802% on 10/25/2027)⁸		18,829		19,533
Bank of New York Mellon Corp. 4.534% 2/1/2029 (USD-SOFR + 1.169% on 2/1/2029)⁸		21,000		20,857
Bank of New York Mellon Corp. 4.705% 2/1/2034 (USD-SOFR + 1.512% on 2/1/2033)⁸		26,526		25,958
Bank of Nova Scotia (The) 5.25% 6/12/2028		20,000		20,317
Barclays PLC 5.829% 5/9/2027 (USD-SOFR + 2.21% on 5/9/2026)⁸		25,000		25,232
Barclays PLC 6.49% 9/13/2029 (USD-SOFR + 2.22% on 9/13/2028)⁸		40,000		41,684
Blackstone Holdings Finance Co., LLC 5.90% 11/3/2027⁷		7,000		7,267
BNP Paribas SA 4.375% 9/28/2025⁷		5,700		5,579
BNP Paribas SA 4.375% 5/12/2026⁷		6,350		6,189
BNP Paribas SA 1.323% 1/13/2027 (USD-SOFR + 1.004% on 1/13/2026)^7,8		13,580		12,531
BNP Paribas SA 1.675% 6/30/2027 (USD-SOFR + 0.912% on 6/30/2026)^7,8		2,000		1,833
BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027)^7,8		115,017		106,472
BNP Paribas SA 1.904% 9/30/2028 (USD-SOFR + 1.609% on 9/30/2027)^7,8		5,200		4,624
BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)^7,8		32,660		28,438
BNP Paribas SA 3.052% 1/13/2031 (USD-SOFR + 1.507% on 1/13/2030)^7,8		487		428
BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031)^7,8		27,750		23,494
BPCE SA 4.625% 7/11/2024⁷		33,950		33,592
BPCE SA 5.15% 7/21/2024⁷		39,440		39,110
BPCE SA 1.625% 1/14/2025⁷		17,828		17,183
BPCE SA 1.00% 1/20/2026⁷		25,000		23,021
BPCE SA 1.652% 10/6/2026 (USD-SOFR + 1.52% on 10/6/2025)^7,8		12,975		12,085
BPCE SA 5.975% 1/18/2027 (USD-SOFR + 2.10% on 1/18/2026)^7,8		42,500		42,857
BPCE SA 6.714% 10/19/2029 (USD-SOFR + 2.27% on 10/19/2028)^7,8		15,000		15,810
BPCE SA 2.277% 1/20/2032 (USD-SOFR + 1.312% on 1/20/2031)^7,8		661		530
BPCE SA 5.748% 7/19/2033 (USD-SOFR + 2.865% on 7/19/2032)^7,8		1,750		1,759
CaixaBank, SA 6.684% 9/13/2027 (USD-SOFR + 2.08% on 9/13/2026)^7,8		35,000		35,903
CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028)^7,8		11,675		11,919
Canadian Imperial Bank of Commerce 5.144% 4/28/2025		10,000		10,008
Canadian Imperial Bank of Commerce 5.986% 10/3/2028		15,000		15,703
Capital One Financial Corp. 4.985% 7/24/2026 (USD-SOFR + 2.16% on 7/24/2025)⁸		22,000		21,757
Capital One Financial Corp. 4.927% 5/10/2028 (USD-SOFR + 2.057% on 5/10/2027)⁸		21,500		21,143
Charles Schwab Corp. (The) 3.45% 2/13/2026		1,616		1,566
Charles Schwab Corp. (The) 2.45% 3/3/2027		1,420		1,323
Charles Schwab Corp. (The) 5.643% 5/19/2029 (USD-SOFR + 2.21% on 5/19/2028)⁸		12,000		12,316
Charles Schwab Corp. (The) 6.196% 11/17/2029 (USD-SOFR + 1.878% on 11/17/2028)⁸		20,000		20,985
Charles Schwab Corp. (The) 6.136% 8/24/2034 (USD-SOFR + 2.01% on 8/24/2033)⁸		15,000		15,817
China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 8/12/2031		10,606		8,605
Citigroup, Inc. 2.014% 1/25/2026 (USD-SOFR + 0.694% on 1/25/2025)⁸		813		782
Citigroup, Inc. 3.106% 4/8/2026 (USD-SOFR + 2.842% on 3/8/2026)⁸		3,456		3,361
Citigroup, Inc. 5.61% 9/29/2026 (USD-SOFR + 1.546% on 12/29/2025)⁸		48,294		48,682
Citigroup, Inc. 1.462% 6/9/2027 (USD-SOFR + 0.67% on 6/9/2026)⁸		19,351		17,716


American Balanced Fund	25

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Citigroup, Inc. 3.887% 1/10/2028 (3-month USD CME Term SOFR + 1.825% on 1/10/2027)⁸	USD	10,649	$	10,303
Citigroup, Inc. 3.07% 2/24/2028 (USD-SOFR + 1.28% on 2/24/2027)⁸		41,075		38,722
Citigroup, Inc. 4.075% 4/23/2029 (3-month USD CME Term SOFR + 1.454% on 4/23/2028)⁸		37,756		36,371
Citigroup, Inc. 3.98% 3/20/2030 (3-month USD CME Term SOFR + 1.597% on 3/20/2029)⁸		19,741		18,751
Citigroup, Inc. 2.976% 11/5/2030 (USD-SOFR + 1.422% on 11/5/2029)⁸		37,862		33,741
Citigroup, Inc. 2.666% 1/29/2031 (USD-SOFR + 1.146% on 1/29/2030)⁸		21,069		18,286
Citigroup, Inc. 2.572% 6/3/2031 (USD-SOFR + 2.107% on 6/3/2030)⁸		89,736		76,700
Citigroup, Inc. 2.52% 11/3/2032 (USD-SOFR + 1.177% on 11/3/2031)⁸		4,382		3,614
Citigroup, Inc. 6.27% 11/17/2033 (USD-SOFR + 2.338% on 11/17/2032)⁸		58,282		62,390
Citigroup, Inc. 6.174% 5/25/2034 (USD-SOFR + 2.661% on 5/25/2033)⁸		6,900		7,143
CME Group, Inc. 3.75% 6/15/2028		2,230		2,183
Corebridge Financial, Inc. 3.50% 4/4/2025		7,305		7,127
Corebridge Financial, Inc. 3.65% 4/5/2027		43,861		42,218
Corebridge Financial, Inc. 3.85% 4/5/2029		29,794		28,104
Corebridge Financial, Inc. 3.90% 4/5/2032		1,707		1,544
Corebridge Financial, Inc. 4.35% 4/5/2042		1,622		1,378
Corebridge Financial, Inc. 4.40% 4/5/2052		2,907		2,443
Corebridge Global Funding 5.75% 7/2/2026⁷		49,150		49,824
Crédit Agricole SA 4.375% 3/17/2025⁷		5,460		5,375
Crédit Agricole SA 1.907% 6/16/2026 (USD-SOFR + 1.676% on 6/16/2025)^7,8		17,106		16,238
Crédit Agricole SA 1.247% 1/26/2027 (USD-SOFR + 0.892% on 1/26/2026)^7,8		13,656		12,580
Credit Suisse AG 3.625% 9/9/2024		7,250		7,151
Credit Suisse AG 7.95% 1/9/2025		41,500		42,445
Credit Suisse AG 7.50% 2/15/2028		20,000		21,916
Danske Bank AS 3.773% 3/28/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.45% on 3/28/2024)^7,8		20,000		19,899
Danske Bank AS 6.466% 1/9/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.10% on 1/9/2025)^7,8		7,000		7,053
Danske Bank AS 6.259% 9/22/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.18% on 9/22/2025)^7,8		30,000		30,536
Danske Bank AS 1.549% 9/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.73% on 9/10/2026)^7,8		37,800		34,126
Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)^7,8		14,225		13,796
Deutsche Bank AG 0.898% 5/28/2024		19,230		18,891
Deutsche Bank AG 3.70% 5/30/2024		36,145		35,754
Deutsche Bank AG 3.70% 5/30/2024		28,800		28,509
Deutsche Bank AG 3.961% 11/26/2025 (USD-SOFR + 2.581% on 11/26/2024)⁸		16,750		16,479
Deutsche Bank AG 4.10% 1/13/2026		21,547		20,961
Deutsche Bank AG 4.10% 1/13/2026		5,139		5,043
Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025)⁸		52,502		49,244
Deutsche Bank AG 7.146% 7/13/2027 (USD-SOFR + 2.52% on 7/13/2026)⁸		17,696		18,378
Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)⁸		87,343		79,913
Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027)⁸		110,369		101,373
Deutsche Bank AG 6.72% 1/18/2029 (USD-SOFR + 3.18% on 1/18/2028)⁸		81,530		85,427
Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028)⁸		16,500		17,382
Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030)⁸		38,037		33,403
Deutsche Bank AG 3.035% 5/28/2032 (USD-SOFR + 1.718% on 5/28/2031)⁸		6,100		5,099
Deutsche Bank AG 7.079% 2/10/2034 (USD-SOFR + 3.65% on 2/10/2033)⁸		7,267		7,477
Discover Financial Services 6.70% 11/29/2032		2,747		2,880
DNB Bank ASA 5.896% 10/9/2026 (USD-SOFR + 1.95% on 10/9/2025)^7,8		41,250		41,668
Fidelity National Information Services, Inc. 3.10% 3/1/2041		2,590		1,923
Fifth Third Bancorp 6.339% 7/27/2029 (USD-SOFR + 2.34% on 7/27/2028)⁸		4,290		4,468
Fiserv, Inc. 3.50% 7/1/2029		2,440		2,297
Five Corners Funding Trust III 5.791% 2/15/2033⁷		7,000		7,440
Five Corners Funding Trust IV 5.997% 2/15/2053⁷		384		416
Goldman Sachs Group, Inc. 1.431% 3/9/2027 (USD-SOFR + 0.795% on 3/9/2026)⁸		15,000		13,835
Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026)⁸		44,600		40,471
Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026)⁸		121,291		110,997
Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027)⁸		69,541		64,494
Goldman Sachs Group, Inc. 3.615% 3/15/2028 (USD-SOFR + 1.846% on 3/15/2027)⁸		65,638		62,977
Goldman Sachs Group, Inc. 4.482% 8/23/2028 (USD-SOFR + 1.725% on 8/23/2027)⁸		42,542		41,810
Goldman Sachs Group, Inc. 6.484% 10/24/2029 (USD-SOFR + 1.77% on 10/24/2028)⁸		7,250		7,698
Goldman Sachs Group, Inc. 1.992% 1/27/2032 (USD-SOFR + 1.09% on 1/27/2031)⁸		14,541		11,755


26	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Goldman Sachs Group, Inc. 2.65% 10/21/2032 (USD-SOFR + 1.264% on 10/21/2031)⁸	USD	7,555	$	6,298
Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)⁸		155,950		133,916
HSBC Holdings PLC 2.633% 11/7/2025 (USD-SOFR + 1.402% on 11/7/2024)⁸		2,350		2,292
HSBC Holdings PLC 5.887% 8/14/2027 (USD-SOFR + 1.57% on 8/14/2026)⁸		3,250		3,296
HSBC Holdings PLC 4.755% 6/9/2028 (USD-SOFR + 2.11% on 6/9/2027)⁸		5,850		5,768
HSBC Holdings PLC 7.39% 11/03/2028 (USD-SOFR + 7.39% on 11/3/2027)⁸		13,250		14,206
HSBC Holdings PLC 6.161% 3/9/2029 (USD-SOFR + 1.97% on 3/9/2028)⁸		2,689		2,778
HSBC Holdings PLC 2.206% 8/17/2029 (USD-SOFR + 1.285% on 8/17/2028)⁸		23,355		20,403
HSBC Holdings PLC 3.973% 5/22/2030 (3-month USD CME Term SOFR + 1.872% on 5/22/2029)⁸		5,940		5,553
HSBC Holdings PLC 2.804% 5/24/2032 (USD-SOFR + 1.187% on 5/24/2031)⁸		6,224		5,199
HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031)⁸		2,200		1,829
HSBC Holdings PLC 6.254% 3/9/2034 (USD-SOFR + 2.39% on 3/9/2033)⁸		34,992		37,210
Huarong Finance 2017 Co., Ltd. 4.75% 4/27/2027		4,410		4,140
Huarong Finance 2017 Co., Ltd. 4.25% 11/7/2027		48,946		44,747
Huarong Finance 2019 Co., Ltd. 4.50% 5/29/2029		10,965		9,725
Huarong Finance II Co., Ltd. 5.50% 1/16/2025		44,000		43,615
ING Groep NV 6.083% 9/11/2027 (USD-SOFR + 1.56% on 9/11/2026)⁸		45,000		45,953
Intesa Sanpaolo SpA 3.25% 9/23/2024⁷		4,040		3,968
Intesa Sanpaolo SpA 7.00% 11/21/2025⁷		2,550		2,614
Intesa Sanpaolo SpA 3.875% 7/14/2027⁷		70,094		65,316
Intesa Sanpaolo SpA 3.875% 1/12/2028⁷		43,573		40,473
Intesa Sanpaolo SpA 8.248% 11/21/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 4.40% on 11/21/2032)^7,8		24,225		26,308
Intesa Sanpaolo SpA 7.20% 11/28/2033⁷		11,600		12,374
Intesa Sanpaolo SpA 7.778% 6/20/2054 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.90% on 6/20/2053)^7,8		31,555		32,575
JPMorgan Chase & Co. 3.22% 3/1/2025 (3-month USD CME Term SOFR + 1.417% on 3/1/2024)⁸		1,451		1,445
JPMorgan Chase & Co. 1.561% 12/10/2025 (USD-SOFR + 0.605% on 12/10/2024)⁸		51,447		49,548
JPMorgan Chase & Co. 5.546% 12/15/2025 (USD-SOFR + 1.07% on 12/15/2024)⁸		10,067		10,077
JPMorgan Chase & Co. 4.08% 4/26/2026 (USD-SOFR + 1.32% on 4/26/2025)⁸		4,349		4,280
JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026)⁸		14,417		13,256
JPMorgan Chase & Co. 1.578% 4/22/2027 (USD-SOFR + 0.885% on 4/22/2026)⁸		11,637		10,743
JPMorgan Chase & Co. 1.47% 9/22/2027 (USD-SOFR + 0.765% on 9/22/2026)⁸		57,885		52,468
JPMorgan Chase & Co. 6.07% 10/22/2027 (USD-SOFR + 1.33% on 10/22/2026)⁸		20,000		20,582
JPMorgan Chase & Co. 2.947% 2/24/2028 (USD-SOFR + 1.17% on 2/24/2027)⁸		47,568		44,775
JPMorgan Chase & Co. 4.323% 4/26/2028 (USD-SOFR + 1.56% on 4/26/2027)⁸		18,068		17,808
JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)⁸		49,881		49,920
JPMorgan Chase & Co. 3.509% 1/23/2029 (3-month USD CME Term SOFR + 1.207% on 1/23/2028)⁸		47,211		44,769
JPMorgan Chase & Co. 2.069% 6/1/2029 (USD-SOFR + 1.015% on 6/1/2028)⁸		26,893		23,858
JPMorgan Chase & Co. 6.087% 10/23/2029 (USD-SOFR + 1.57% on 10/23/2028)⁸		30,714		32,309
JPMorgan Chase & Co. 2.522% 4/22/2031 (USD-SOFR + 2.04% on 4/22/2030)⁸		102		88
JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031)⁸		26,232		21,331
JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)⁸		4,284		4,237
JPMorgan Chase & Co. 5.35% 6/1/2034 (USD-SOFR + 1.845% on 6/1/2033)⁸		55,970		56,800
JPMorgan Chase & Co. 6.254% 10/23/2034 (USD-SOFR + 1.81% on 10/23/2033)⁸		20,682		22,431
KBC Groep NV 5.796% 1/19/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.10% on 1/19/2028)^7,8		7,675		7,811
KBC Groep NV 6.324% 9/21/2034 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.05% on 9/21/2033)^7,8		20,000		21,151
Lloyds Banking Group PLC 3.87% 7/9/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.50% on 7/9/2024)⁸		5,000		4,954
Lloyds Banking Group PLC 2.438% 2/5/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on 2/5/2025)⁸		22,400		21,623
Lloyds Banking Group PLC 1.627% 5/11/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 5/11/2026)⁸		3,100		2,843
Lloyds Banking Group PLC 5.985% 8/7/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.48% on 8/7/2026)⁸		35,000		35,637
Lloyds Banking Group PLC 3.75% 3/18/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.80% on 3/18/2027)⁸		37,368		35,788
Lloyds Banking Group PLC 5.871% 3/6/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 3/6/2028)⁸		7,500		7,689
Lloyds Banking Group PLC 4.976% 8/11/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/11/2032)⁸		21,560		21,014
Macquarie Bank, Ltd. 5.208% 6/15/2026⁷		10,000		10,057


American Balanced Fund	27

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Macquarie Bank, Ltd. 5.391% 12/7/2026⁷	USD	20,000	$	20,276
Marsh & McLennan Companies, Inc. 3.875% 3/15/2024		2,500		2,490
Marsh & McLennan Companies, Inc. 4.375% 3/15/2029		3,750		3,735
Marsh & McLennan Companies, Inc. 2.25% 11/15/2030		7,010		6,039
Mastercard, Inc. 4.875% 3/9/2028		15,808		16,306
Mastercard, Inc. 4.85% 3/9/2033		32,688		33,780
Metropolitan Life Global Funding I 5.05% 1/6/2028⁷		7,000		7,078
Metropolitan Life Global Funding I 5.40% 9/12/2028⁷		35,000		35,963
Metropolitan Life Global Funding I 2.95% 4/9/2030⁷		10,000		8,890
Metropolitan Life Global Funding I 5.15% 3/28/2033⁷		7,668		7,808
Mitsubishi UFJ Financial Group, Inc. 0.962% 10/11/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.45% on 10/11/2024)⁸		46,000		44,360
Mitsubishi UFJ Financial Group, Inc. 1.538% 7/20/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/20/2026)⁸		65,500		59,877
Mitsubishi UFJ Financial Group, Inc. 1.64% 10/13/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.67% on 10/13/2026)⁸		34,600		31,518
Mitsubishi UFJ Financial Group, Inc. 2.341% 1/19/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.83% on 1/19/2027)⁸		24,000		22,220
Mitsubishi UFJ Financial Group, Inc. 4.08% 4/19/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.30% on 4/19/2027)⁸		23,000		22,377
Mitsubishi UFJ Financial Group, Inc. 3.195% 7/18/2029		960		883
Mizuho Financial Group, Inc. 1.554% 7/9/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/9/2026)⁸		34,000		31,084
Mizuho Financial Group, Inc. 5.669% 9/13/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.40% on 9/13/2032)⁸		20,740		21,427
Moody’s Corp. 4.25% 8/8/2032		265		258
Morgan Stanley 4.679% 7/17/2026 (USD-SOFR + 1.669% on 7/17/2025)⁸		9,785		9,697
Morgan Stanley 5.05% 1/28/2027 (USD-SOFR + 1.295% on 1/28/2026)⁸		2,053		2,056
Morgan Stanley 1.593% 5/4/2027 (USD-SOFR + 0.879% on 5/4/2026)⁸		10,000		9,218
Morgan Stanley 1.512% 7/20/2027 (USD-SOFR + 0.858% on 7/20/2026)⁸		79,887		73,005
Morgan Stanley 2.475% 1/21/2028 (USD-SOFR + 1.00% on 1/21/2027)⁸		553		514
Morgan Stanley 4.21% 4/20/2028 (USD-SOFR + 1.61% on 4/20/2027)⁸		4,653		4,550
Morgan Stanley 6.296% 10/18/2028 (USD-SOFR + 2.44% on 10/18/2027)⁸		30,880		32,365
Morgan Stanley 5.123% 2/1/2029 (USD-SOFR + 1.73% on 2/1/2028)⁸		73,344		73,719
Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028)⁸		61,464		61,852
Morgan Stanley 5.449% 7/20/2029 (USD-SOFR + 1.63% on 7/20/2028)⁸		30,579		31,177
Morgan Stanley 6.407% 11/1/2029 (USD-SOFR + 1.83% on 11/1/2028)⁸		41,458		43,965
Morgan Stanley 2.699% 1/22/2031 (USD-SOFR + 1.143% on 1/22/2030)⁸		2,608		2,281
Morgan Stanley 3.622% 4/1/2031 (USD-SOFR + 3.12% on 4/1/2030)⁸		3,574		3,294
Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031)⁸		33,434		26,713
Morgan Stanley 2.239% 7/21/2032 (USD-SOFR + 1.178% on 7/21/2031)⁸		51,540		42,089
Morgan Stanley 2.511% 10/20/2032 (USD-SOFR + 1.20% on 10/20/2031)⁸		5,080		4,208
Morgan Stanley 2.943% 1/21/2033 (USD-SOFR + 1.29% on 1/21/2032)⁸		277		236
Morgan Stanley 4.889% 7/20/2033 (USD-SOFR + 2.077% on 7/20/2032)⁸		11,200		10,926
Morgan Stanley 5.25% 4/21/2034 (USD-SOFR + 1.87% on 4/21/2033)⁸		46,700		46,717
Morgan Stanley 5.424% 7/21/2034 (USD-SOFR + 1.88% on 7/21/2033)⁸		2,782		2,825
Morgan Stanley 6.627% 11/1/2034 (USD-SOFR + 2.05% on 11/1/2033)⁸		42,399		46,965
Morgan Stanley 5.297% 4/20/2037 (USD-SOFR + 2.62% on 4/20/2032)⁸		420		409
Morgan Stanley 3.217% 4/22/2042 (USD-SOFR + 1.485% on 4/22/2041)⁸		1,854		1,427
Morgan Stanley Bank, N.A. 5.479% 7/16/2025		14,900		15,043
MSCI, Inc. 3.25% 8/15/2033⁷		26,400		22,097
Nasdaq, Inc. 5.35% 6/28/2028		13,015		13,414
Nasdaq, Inc. 5.55% 2/15/2034		23,601		24,533
Nasdaq, Inc. 5.95% 8/15/2053		29,189		31,408
Nasdaq, Inc. 6.10% 6/28/2063		2,113		2,287
National Australia Bank, Ltd. 1.887% 1/12/2027⁷		3,750		3,460
National Australia Bank, Ltd. 4.90% 6/13/2028		12,000		12,150
National Australia Bank, Ltd. 6.429% 1/12/2033⁷		650		689
National Securities Clearing Corp. 5.10% 11/21/2027⁷		6,000		6,128
NatWest Group PLC 7.472% 11/10/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.85% on 11/10/2025)⁸		5,000		5,179
NatWest Group PLC 5.808% 9/13/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.95% on 9/13/2028)⁸		25,000		25,657
New York Life Global Funding 2.35% 7/14/2026⁷		2,970		2,801
New York Life Global Funding 4.90% 6/13/2028⁷		20,000		20,205
New York Life Global Funding 4.55% 1/28/2033⁷		5,893		5,813
Northwestern Mutual Life Insurance Co. (The) 4.90% 6/12/2028⁷		20,000		20,101


28	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
PNC Financial Services Group, Inc. 5.354% 12/2/2028 (USD-SOFR + 1.62% on 12/2/2027)⁸	USD	15,000	$	15,184
PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028)⁸		54,411		55,609
PNC Financial Services Group, Inc. 6.037% 10/28/2033 (USD-SOFR + 2.14% on 10/28/2032)⁸		24,882		26,010
Power Finance Corp., Ltd. 5.25% 8/10/2028		1,957		1,964
Power Finance Corp., Ltd. 6.15% 12/6/2028		1,760		1,838
Power Finance Corp., Ltd. 4.50% 6/18/2029		3,334		3,233
Power Finance Corp., Ltd. 3.95% 4/23/2030		6,907		6,395
Prudential Financial, Inc. 4.35% 2/25/2050		7,760		6,891
Prudential Financial, Inc. 3.70% 3/13/2051		945		748
Royal Bank of Canada 4.95% 4/25/2025		10,000		10,010
Royal Bank of Canada 1.15% 6/10/2025		4,420		4,192
Royal Bank of Canada 4.90% 1/12/2028		5,000		5,058
Royal Bank of Canada 5.20% 8/1/2028		30,000		30,602
Santander Holdings USA, Inc. 3.50% 6/7/2024		41,605		41,174
Santander Holdings USA, Inc. 2.49% 1/6/2028 (USD-SOFR + 1.249% on 1/6/2027)⁸		13,975		12,805
Santander Holdings USA, Inc. 6.499% 3/9/2029 (USD-SOFR + 2.356% on 3/9/2028)⁸		30,754		31,802
Santander Holdings USA, Inc. 6.565% 6/12/2029 (USD-SOFR + 2.70% on 6/12/2028)⁸		3,523		3,638
SMBC Aviation Capital Finance DAC 5.70% 7/25/2033⁷		26,118		26,422
State Street Corp. 5.82% 11/4/2028 (USD-SOFR + 1.715% on 11/4/2027)⁸		990		1,028
State Street Corp. 4.164% 8/4/2033 (USD-SOFR + 1.726% on 8/4/2032)⁸		14,240		13,430
State Street Corp. 4.821% 1/26/2034 (USD-SOFR + 1.567% on 1/26/2033)⁸		18,277		17,993
State Street Corp. 5.159% 5/18/2034 (USD-SOFR + 1.89% on 5/18/2033)⁸		47,307		47,676
Sumitomo Mitsui Financial Group, Inc. 1.402% 9/17/2026		10,000		9,112
Sumitomo Mitsui Financial Group, Inc. 2.174% 1/14/2027		8,800		8,139
Sumitomo Mitsui Financial Group, Inc. 5.80% 7/13/2028		52,000		53,865
Sumitomo Mitsui Financial Group, Inc. 5.852% 7/13/2030		30,200		31,615
Sumitomo Mitsui Trust Bank, Ltd. 5.55% 9/14/2028⁷		35,000		36,026
Svenska Handelsbanken AB 5.50% 6/15/2028⁷		10,000		10,189
Swedbank AB 6.136% 9/12/2026⁷		51,564		52,621
Synchrony Bank 5.40% 8/22/2025		21,000		20,697
Synchrony Bank 5.625% 8/23/2027		21,000		20,658
Synchrony Financial 4.375% 3/19/2024²		11,550		11,510
Synchrony Financial 4.25% 8/15/2024²		12,369		12,238
Toronto-Dominion Bank (The) 2.65% 6/12/2024		7,113		7,026
Toronto-Dominion Bank (The) 1.25% 9/10/2026		19,849		18,142
Toronto-Dominion Bank (The) 1.95% 1/12/2027		10,000		9,243
Toronto-Dominion Bank (The) 5.156% 1/10/2028		4,872		4,949
Toronto-Dominion Bank (The) 5.523% 7/17/2028		15,000		15,454
Toronto-Dominion Bank (The) 2.45% 1/12/2032		2,032		1,704
Travelers Companies, Inc. 4.00% 5/30/2047		2,253		1,946
Truist Financial Corp. 4.873% 1/26/2029 (USD-SOFR + 1.435% on 1/26/2028)⁸		21,000		20,703
Truist Financial Corp. 7.161% 10/30/2029 (USD-SOFR + 2.446% on 10/30/2028)⁸		13,112		14,171
Truist Financial Corp. 5.122% 1/26/2034 (USD-SOFR + 1.60% on 1/26/2033)⁸		22,775		22,070
Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033)⁸		18,994		19,389
U.S. Bancorp 4.548% 7/22/2028 (USD-SOFR + 1.66% on 7/27/2027)⁸		21,000		20,700
U.S. Bancorp 4.653% 2/1/2029 (USD-SOFR + 1.23% on 2/1/2028)⁸		7,500		7,386
U.S. Bancorp 5.775% 6/12/2029 (USD-SOFR + 2.02% on 6/12/2028)⁸		54,500		56,029
U.S. Bancorp 4.839% 2/1/2034 (USD-SOFR + 1.60% on 2/1/2033)⁸		25,094		24,048
U.S. Bancorp 5.836% 6/12/2034 (USD-SOFR + 2.26% on 6/10/2033)⁸		13,493		13,924
UBS Group AG 4.49% 8/5/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.60% on 8/5/2024)^7,8		5,000		4,964
UBS Group AG 2.593% 9/11/2025 (USD-SOFR + 1.56% on 9/11/2024)^7,8		12,081		11,822
UBS Group AG 4.125% 9/24/2025⁷		4,030		3,945
UBS Group AG 2.193% 6/5/2026 (USD-SOFR + 2.044% on 6/5/2025)^7,8		42,692		40,624
UBS Group AG 5.711% 1/12/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.55% on 1/12/2026)^7,8		5,000		5,030
UBS Group AG 1.364% 1/30/2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.08% on 1/30/2026)^7,8		26,350		24,173
UBS Group AG 1.305% 2/2/2027 (USD-SOFR + 0.98% on 2/2/2026)^7,8		53,787		49,362
UBS Group AG 1.494% 8/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 8/10/2026)^7,8		39,750		35,935
UBS Group AG 4.751% 5/12/2028 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 5/12/2027)^7,8		30,872		30,419
UBS Group AG 6.442% 8/11/2028 (USD-SOFR + 3.70% on 8/11/2027)^7,8		20,202		20,993


American Balanced Fund	29

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
UBS Group AG 3.869% 1/12/2029 (3-month USD-LIBOR + 1.41% on 1/12/2028)^7,8,9	USD	11,299	$	10,662
UBS Group AG 6.246% 9/22/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.80% on 9/22/2028)^7,8		16,000		16,703
UBS Group AG 3.126% 8/13/2030 (3-month USD-LIBOR + 1.468% on 8/13/2029)^7,8,9		10,200		9,110
UBS Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030)^7,8		66,282		61,774
UBS Group AG 2.095% 2/11/2032 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on 2/11/2031)^7,8		11,792		9,412
UBS Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031)^7,8		159,099		135,578
UBS Group AG 2.746% 2/11/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.10% on 2/11/2032)^7,8		27,844		22,856
UBS Group AG 6.537% 8/12/2033 (USD-SOFR + 3.92% on 8/12/2032)^7,8		6,000		6,407
UBS Group AG 9.016% 11/15/2033 (USD-SOFR + 5.02% on 11/15/2032)^7,8		38,636		47,523
UniCredit SpA 4.625% 4/12/2027⁷		5,540		5,417
UniCredit SpA 5.861% 6/19/2032 (5-year USD-ICE Swap + 3.703% on 6/19/2027)^7,8		29,627		29,018
Unum Group 3.875% 11/5/2025		5,045		4,901
Vigorous Champion International, Ltd. 4.25% 5/28/2029		3,162		2,913
Visa, Inc. 3.15% 12/14/2025		6,000		5,857
Visa, Inc. 2.05% 4/15/2030		7,390		6,499
Wells Fargo & Co. 2.406% 10/30/2025 (3-month USD CME Term SOFR + 1.087% on 10/30/2024)⁸		5,001		4,866
Wells Fargo & Co. 3.908% 4/25/2026 (USD-SOFR + 1.32% on 4/25/2025)⁸		624		612
Wells Fargo & Co. 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)⁸		111,670		106,588
Wells Fargo & Co. 3.584% 5/22/2028 (3-month USD CME Term SOFR + 1.31% on 5/22/2027)⁸		3,828		3,649
Wells Fargo & Co. 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027)⁸		20,345		18,643
Wells Fargo & Co. 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027)⁸		19,467		19,334
Wells Fargo & Co. 5.574% 7/25/2029 (USD-SOFR + 1.74% on 7/25/2028)⁸		60,679		61,993
Wells Fargo & Co. 6.303% 10/23/2029 (USD-SOFR + 1.79% on 10/23/2028)⁸		95,192		100,384
Wells Fargo & Co. 5.389% 4/24/2034 (USD-SOFR + 2.02% on 4/24/2033)⁸		191,027		191,968
Wells Fargo & Co. 5.557% 7/25/2034 (USD-SOFR + 1.99% on 7/25/2033)⁸		10,000		10,186
Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033)⁸		39,525		43,022
Wells Fargo & Co. 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)⁸		11,704		10,536
Westpac Banking Corp. 2.894% 2/4/2030 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 2/4/2025)⁸		3,750		3,614
Westpac Banking Corp. 4.11% 7/24/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 2.00% on 7/24/2029)⁸		3,750		3,434
Westpac Banking Corp. 2.668% 11/15/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 11/15/2030)⁸		28,300		23,047
Westpac Banking Corp. 2.963% 11/16/2040		9,686		6,723
				7,884,267

Consumer discretionary 0.82%
Alibaba Group Holding, Ltd. 2.125% 2/9/2031		6,132		5,085
Alibaba Group Holding, Ltd. 4.50% 11/28/2034		9,049		8,513
Alibaba Group Holding, Ltd. 4.00% 12/6/2037		8,521		7,329
Alibaba Group Holding, Ltd. 2.70% 2/9/2041		14,036		9,614
Alibaba Group Holding, Ltd. 3.15% 2/9/2051		11,021		7,236
Amazon.com, Inc. 1.20% 6/3/2027		4,437		4,005
Amazon.com, Inc. 2.70% 6/3/2060		1,676		1,110
American Honda Finance Corp. 3.50% 2/15/2028		2,500		2,403
Board of Trustees of The Leland Stanford Junior University 1.289% 6/1/2027		4,000		3,620
Daimler Trucks Finance North America, LLC 1.625% 12/13/2024⁷		714		688
Daimler Trucks Finance North America, LLC 5.20% 1/17/2025⁷		12,792		12,794
Daimler Trucks Finance North America, LLC 3.50% 4/7/2025⁷		8,050		7,879
Daimler Trucks Finance North America, LLC 5.15% 1/16/2026⁷		9,360		9,390
Daimler Trucks Finance North America, LLC 2.00% 12/14/2026⁷		22,985		21,156
Daimler Trucks Finance North America, LLC 3.65% 4/7/2027⁷		15,255		14,710
Daimler Trucks Finance North America, LLC 5.125% 1/19/2028⁷		2,169		2,183
Daimler Trucks Finance North America, LLC 2.375% 12/14/2028⁷		10,881		9,700
Daimler Trucks Finance North America, LLC 2.50% 12/14/2031⁷		15,758		13,084
Ford Motor Co. 4.75% 1/15/2043		29,113		24,067
Ford Motor Co. 5.291% 12/8/2046		19,812		17,478
Ford Motor Credit Co., LLC 3.375% 11/13/2025		5,023		4,809
Ford Motor Credit Co., LLC 6.95% 3/6/2026		25,894		26,537
Ford Motor Credit Co., LLC 6.95% 6/10/2026		18,065		18,543
Ford Motor Credit Co., LLC 2.70% 8/10/2026		3,120		2,891
Ford Motor Credit Co., LLC 4.271% 1/9/2027		3,095		2,970


30	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Ford Motor Credit Co., LLC 4.95% 5/28/2027	USD	42,525	$	41,519
Ford Motor Credit Co., LLC 4.125% 8/17/2027		13,715		12,996
Ford Motor Credit Co., LLC 3.815% 11/2/2027		6,334		5,918
Ford Motor Credit Co., LLC 7.35% 11/4/2027		25,901		27,332
Ford Motor Credit Co., LLC 2.90% 2/16/2028		4,470		4,017
Ford Motor Credit Co., LLC 6.80% 5/12/2028		39,860		41,661
Ford Motor Credit Co., LLC 6.798% 11/7/2028		37,714		39,486
Ford Motor Credit Co., LLC 2.90% 2/10/2029		12,290		10,773
Ford Motor Credit Co., LLC 5.113% 5/3/2029		127,908		124,499
Ford Motor Credit Co., LLC 7.35% 3/6/2030		17,485		18,798
Ford Motor Credit Co., LLC 7.20% 6/10/2030		67,429		71,889
Ford Motor Credit Co., LLC 4.00% 11/13/2030		71,923		64,589
Ford Motor Credit Co., LLC 3.625% 6/17/2031		10,260		8,853
Ford Motor Credit Co., LLC 7.122% 11/7/2033		5,665		6,107
General Motors Co. 6.125% 10/1/2025		4,830		4,896
General Motors Co. 6.80% 10/1/2027		24,419		25,902
General Motors Co. 5.40% 10/15/2029		17,039		17,355
General Motors Financial Co., Inc. 3.80% 4/7/2025		6,908		6,767
General Motors Financial Co., Inc. 2.75% 6/20/2025		7,796		7,500
General Motors Financial Co., Inc. 1.25% 1/8/2026		387		358
General Motors Financial Co., Inc. 5.40% 4/6/2026		4,275		4,304
General Motors Financial Co., Inc. 4.00% 10/6/2026		242		236
General Motors Financial Co., Inc. 2.70% 8/20/2027		46,765		43,168
General Motors Financial Co., Inc. 2.40% 4/10/2028		22,789		20,462
General Motors Financial Co., Inc. 5.80% 6/23/2028		19,000		19,538
General Motors Financial Co., Inc. 2.40% 10/15/2028		48,645		43,224
General Motors Financial Co., Inc. 5.80% 1/7/2029		55,653		56,990
General Motors Financial Co., Inc. 4.30% 4/6/2029		15,525		14,966
General Motors Financial Co., Inc. 3.60% 6/21/2030		5,785		5,253
General Motors Financial Co., Inc. 2.35% 1/8/2031		26,205		21,676
General Motors Financial Co., Inc. 2.70% 6/10/2031		22,390		18,785
General Motors Financial Co., Inc. 6.40% 1/9/2033		75,643		80,551
Home Depot, Inc. 1.50% 9/15/2028		8,750		7,764
Home Depot, Inc. 2.95% 6/15/2029		2,390		2,248
Home Depot, Inc. 1.875% 9/15/2031		10,000		8,372
Hyundai Capital America 0.875% 6/14/2024⁷		4,614		4,510
Hyundai Capital America 3.40% 6/20/2024⁷		7,723		7,632
Hyundai Capital America 1.00% 9/17/2024⁷		57,990		56,157
Hyundai Capital America 2.65% 2/10/2025⁷		33,718		32,735
Hyundai Capital America 5.875% 4/7/2025⁷		9,000		9,050
Hyundai Capital America 1.80% 10/15/2025⁷		3,275		3,079
Hyundai Capital America 1.30% 1/8/2026⁷		23,790		21,973
Hyundai Capital America 1.50% 6/15/2026⁷		28,381		25,929
Hyundai Capital America 1.65% 9/17/2026⁷		55,945		50,869
Hyundai Capital America 3.00% 2/10/2027⁷		33,995		31,786
Hyundai Capital America 2.375% 10/15/2027⁷		21,667		19,528
Hyundai Capital America 1.80% 1/10/2028⁷		16,556		14,527
Hyundai Capital America 2.00% 6/15/2028⁷		16,090		14,065
Hyundai Capital America 5.68% 6/26/2028⁷		16,847		17,184
Hyundai Capital America 2.10% 9/15/2028⁷		20,485		17,922
Hyundai Capital America 6.10% 9/21/2028⁷		16,000		16,636
Hyundai Capital America 6.50% 1/16/2029⁷		18,193		19,221
Hyundai Capital America 5.80% 4/1/2030⁷		16,319		16,824
Hyundai Capital America 5.70% 6/26/2030⁷		10,104		10,353
Hyundai Capital America 6.20% 9/21/2030⁷		16,000		16,861
Hyundai Capital Services, Inc. 2.125% 4/24/2025⁷		6,975		6,693
Hyundai Capital Services, Inc. 1.25% 2/8/2026⁷		9,245		8,499
Marriott International, Inc. 4.90% 4/15/2029		5,784		5,825
Marriott International, Inc. 2.75% 10/15/2033		8,028		6,629
McDonald’s Corp. 4.60% 9/9/2032		716		723
McDonald’s Corp. 4.95% 8/14/2033		559		575
Mercedes-Benz Finance North America, LLC 3.65% 2/22/2024⁷		796		794
Mercedes-Benz Finance North America, LLC 5.375% 11/26/2025⁷		5,887		5,949
Nissan Motor Acceptance Co., LLC 6.95% 9/15/2026⁷		3,880		4,010
Nissan Motor Acceptance Co., LLC 7.05% 9/15/2028⁷		19,400		20,488
Sands China, Ltd. 2.55% 3/8/2027		8,630		7,851
Stellantis Finance US, Inc. 1.711% 1/29/2027⁷		37,275		33,869


American Balanced Fund	31

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Stellantis Finance US, Inc. 5.625% 1/12/2028⁷	USD	7,500	$	7,769
Stellantis Finance US, Inc. 2.691% 9/15/2031⁷		23,849		19,967
Stellantis Finance US, Inc. 6.375% 9/12/2032⁷		23,486		25,327
Toyota Motor Credit Corp. 0.80% 1/9/2026		11,861		11,008
Toyota Motor Credit Corp. 1.90% 1/13/2027		7,500		6,980
Volkswagen Group of America Finance, LLC 2.85% 9/26/2024⁷		490		481
Volkswagen Group of America Finance, LLC 3.35% 5/13/2025⁷		1,648		1,606
Volkswagen Group of America Finance, LLC 4.625% 11/13/2025⁷		2,830		2,799
Volkswagen Group of America Finance, LLC 1.25% 11/24/2025⁷		6,265		5,821
Volkswagen Group of America Finance, LLC 6.45% 11/16/2030⁷		11,640		12,401
				1,729,451

Utilities 0.64%
AEP Transmission Co., LLC 3.65% 4/1/2050		2,925		2,308
American Electric Power Co., Inc. 1.00% 11/1/2025		2,200		2,043
Baltimore Gas and Electric Co. 4.55% 6/1/2052		4,325		3,970
Cleveland Electric Illuminating Co. (The) 3.50% 4/1/2028⁷		4,363		4,090
Comision Federal de Electricidad 4.688% 5/15/2029⁷		38,215		36,005
Consumers Energy Co. 3.10% 8/15/2050		5,325		3,925
Duke Energy Corp. 0.90% 9/15/2025		4,575		4,271
Duke Energy Corp. 2.55% 6/15/2031		375		320
Duke Energy Corp. 5.75% 9/15/2033		4,645		4,918
Duke Energy Corp. 3.50% 6/15/2051		399		294
Duke Energy Progress, LLC 3.70% 10/15/2046		2,250		1,757
Duke Energy Progress, LLC 2.50% 8/15/2050		1,026		646
Duke Energy Progress, LLC 2.90% 8/15/2051		449		304
Edison International 3.55% 11/15/2024		34,501		33,885
Edison International 4.95% 4/15/2025		750		745
Edison International 5.75% 6/15/2027		14,328		14,641
Edison International 4.125% 3/15/2028		21,895		21,167
Edison International 5.25% 11/15/2028		15,800		15,912
Edison International 6.95% 11/15/2029		3,650		3,965
Electricité de France SA 5.70% 5/23/2028⁷		2,350		2,433
Electricité de France SA 6.25% 5/23/2033⁷		6,800		7,365
Electricité de France SA 4.75% 10/13/2035⁷		2,979		2,830
Electricité de France SA 4.875% 9/21/2038⁷		6,325		5,860
Electricité de France SA 5.60% 1/27/2040		1,325		1,325
Electricité de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033)^7,8		8,950		10,014
Emera US Finance, LP 0.833% 6/15/2024		4,800		4,680
Emera US Finance, LP 3.55% 6/15/2026		4,430		4,271
Emera US Finance, LP 2.639% 6/15/2031		6,400		5,259
Enel Américas SA 4.00% 10/25/2026		4,330		4,217
Entergy Corp. 3.75% 6/15/2050		4,387		3,318
Eversource Energy 3.15% 1/15/2025		4,580		4,464
FirstEnergy Transmission, LLC 2.866% 9/15/2028⁷		21,285		19,320
Florida Power & Light Co. 5.05% 4/1/2028		14,277		14,605
Florida Power & Light Co. 5.10% 4/1/2033		4,202		4,340
Georgia Power Co. 4.65% 5/16/2028		32,500		32,773
Georgia Power Co. 4.95% 5/17/2033		22,981		23,183
Georgia Power Co. 3.70% 1/30/2050		48		38
Jersey Central Power & Light Co. 4.30% 1/15/2026⁷		1,458		1,427
Jersey Central Power & Light Co. 2.75% 3/1/2032⁷		3,000		2,535
MidAmerican Energy Co. 5.35% 1/15/2034		3,075		3,243
MidAmerican Energy Co. 5.85% 9/15/2054		3,325		3,688
Mid-Atlantic Interstate Transmission, LLC 4.10% 5/15/2028⁷		3,900		3,769
Monongahela Power Co. 3.55% 5/15/2027⁷		6,225		5,965
NextEra Energy Capital Holdings, Inc. 6.051% 3/1/2025		4,150		4,190
NextEra Energy Capital Holdings, Inc. 1.875% 1/15/2027		2,563		2,359
NSTAR Electric Co. 2.70% 6/1/2026		4,085		3,888
Oncor Electric Delivery Co., LLC 5.65% 11/15/2033⁷		19,400		20,680
Pacific Gas and Electric Co. 3.15% 1/1/2026		154,125		147,895
Pacific Gas and Electric Co. 2.95% 3/1/2026		41,014		38,875
Pacific Gas and Electric Co. 3.30% 3/15/2027		5,041		4,717
Pacific Gas and Electric Co. 2.10% 8/1/2027		4,717		4,255
Pacific Gas and Electric Co. 3.30% 12/1/2027		67,641		63,192
Pacific Gas and Electric Co. 3.00% 6/15/2028		25,047		22,846


32	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Pacific Gas and Electric Co. 3.75% 7/1/2028	USD	31,447	$	29,481
Pacific Gas and Electric Co. 4.65% 8/1/2028		10,474		10,066
Pacific Gas and Electric Co. 6.10% 1/15/2029		20,771		21,513
Pacific Gas and Electric Co. 4.55% 7/1/2030		128,392		122,398
Pacific Gas and Electric Co. 2.50% 2/1/2031		79,943		66,022
Pacific Gas and Electric Co. 3.25% 6/1/2031		15,858		13,748
Pacific Gas and Electric Co. 5.90% 6/15/2032		750		764
Pacific Gas and Electric Co. 6.15% 1/15/2033		15,243		15,817
Pacific Gas and Electric Co. 6.40% 6/15/2033		27,026		28,464
Pacific Gas and Electric Co. 6.95% 3/15/2034		10,835		11,915
Pacific Gas and Electric Co. 3.30% 8/1/2040		13,756		10,090
Pacific Gas and Electric Co. 3.75% 8/15/2042		37,848		28,037
Pacific Gas and Electric Co. 3.50% 8/1/2050		15,312		10,604
Pacific Gas and Electric Co. 6.75% 1/15/2053		5,325		5,807
PacifiCorp 2.90% 6/15/2052		3,048		1,964
PacifiCorp 5.35% 12/1/2053		1,075		1,036
PacifiCorp 5.50% 5/15/2054		6,830		6,717
Pennsylvania Electric Co. 3.25% 3/15/2028⁷		3,000		2,799
Public Service Company of Colorado 5.25% 4/1/2053		3,434		3,427
Public Service Electric and Gas Co. 3.05% 11/15/2024		3,360		3,289
Public Service Electric and Gas Co. 3.60% 12/1/2047		6,175		4,980
Public Service Electric and Gas Co. 3.85% 5/1/2049		4,290		3,576
Public Service Electric and Gas Co. 2.05% 8/1/2050		5,049		2,936
Public Service Enterprise Group, Inc. 5.85% 11/15/2027		3,000		3,125
San Diego Gas & Electric Co. 1.70% 10/1/2030		9,175		7,584
Southern California Edison Co. 0.975% 8/1/2024		139		135
Southern California Edison Co. 4.70% 6/1/2027		5,177		5,211
Southern California Edison Co. 5.85% 11/1/2027		5,106		5,335
Southern California Edison Co. 3.65% 3/1/2028		535		513
Southern California Edison Co. 5.30% 3/1/2028		2,874		2,952
Southern California Edison Co. 4.20% 3/1/2029		34,158		33,521
Southern California Edison Co. 2.85% 8/1/2029		9,209		8,401
Southern California Edison Co. 2.25% 6/1/2030		600		515
Southern California Edison Co. 2.75% 2/1/2032		29,525		25,425
Southern California Edison Co. 6.00% 1/15/2034		1,726		1,895
Southern California Edison Co. 5.75% 4/1/2035		10,554		11,012
Southern California Edison Co. 5.35% 7/15/2035		26,304		27,292
Southern California Edison Co. 5.625% 2/1/2036		22,665		23,139
Southern California Edison Co. 5.55% 1/15/2037		11,694		11,736
Southern California Edison Co. 5.95% 2/1/2038		11,219		11,783
Southern California Edison Co. 4.50% 9/1/2040		47,813		43,054
Southern California Edison Co. 3.60% 2/1/2045		7,297		5,682
Southern California Edison Co. 4.00% 4/1/2047		12,011		9,817
Southern California Edison Co. 4.125% 3/1/2048		1,752		1,475
Southern California Edison Co. 3.65% 2/1/2050		753		584
Southern California Edison Co. 3.65% 6/1/2051		459		347
Southern California Edison Co. 3.45% 2/1/2052		187		137
Southwestern Electric Power Co. 1.65% 3/15/2026		13,055		12,162
Southwestern Electric Power Co. 3.25% 11/1/2051		390		264
Virginia Electric & Power 2.40% 3/30/2032		5,700		4,801
Virginia Electric & Power 2.45% 12/15/2050		4,256		2,618
WEC Energy Group, Inc. 5.60% 9/12/2026		11,125		11,327
WEC Energy Group, Inc. 4.75% 1/15/2028		5,000		5,003
WEC Energy Group, Inc. 2.20% 12/15/2028		7,200		6,411
Xcel Energy, Inc. 3.35% 12/1/2026		2,560		2,465
Xcel Energy, Inc. 1.75% 3/15/2027		1,355		1,237
Xcel Energy, Inc. 2.35% 11/15/2031		19,400		16,046
				1,347,439

Industrials 0.55%
Air Lease Corp. 0.80% 8/18/2024		38,325		37,163
Air Lease Corp. 2.875% 1/15/2026		37,797		36,026
Air Lease Corp. 2.20% 1/15/2027		28,758		26,352
Air Lease Corp. 5.30% 2/1/2028		24,441		24,730
Air Lease Corp. 2.10% 9/1/2028		27,525		24,115
Avolon Holdings Funding, Ltd. 3.95% 7/1/2024⁷		43,930		43,355
Avolon Holdings Funding, Ltd. 2.125% 2/21/2026⁷		24,203		22,442


American Balanced Fund	33

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
Avolon Holdings Funding, Ltd. 4.25% 4/15/2026⁷	USD	6,892	$	6,661
Avolon Holdings Funding, Ltd. 4.375% 5/1/2026⁷		7,377		7,144
Avolon Holdings Funding, Ltd. 3.25% 2/15/2027⁷		14,622		13,535
Avolon Holdings Funding, Ltd. 2.75% 2/21/2028⁷		16,723		14,874
Boeing Co. 1.95% 2/1/2024		1,457		1,452
Boeing Co. 4.875% 5/1/2025		86,987		86,624
Boeing Co. 2.75% 2/1/2026		94,938		90,903
Boeing Co. 2.196% 2/4/2026		92,859		87,757
Boeing Co. 3.10% 5/1/2026		4,822		4,636
Boeing Co. 5.04% 5/1/2027		58,867		59,412
Boeing Co. 3.25% 2/1/2028		76,378		72,511
Boeing Co. 3.25% 3/1/2028		22,113		20,783
Boeing Co. 5.15% 5/1/2030		40,263		41,011
Boeing Co. 3.625% 2/1/2031		21,222		19,721
Boeing Co. 3.60% 5/1/2034		3,180		2,812
Boeing Co. 3.25% 2/1/2035		133		112
Boeing Co. 3.50% 3/1/2039		116		92
Boeing Co. 5.705% 5/1/2040		22,660		23,452
Boeing Co. 3.90% 5/1/2049		7,056		5,597
Boeing Co. 3.75% 2/1/2050		229		178
Boeing Co. 5.805% 5/1/2050		26,283		27,236
Canadian Pacific Railway Co. 1.75% 12/2/2026		4,071		3,757
Canadian Pacific Railway Co. 3.10% 12/2/2051		4,483		3,243
Carrier Global Corp. 2.242% 2/15/2025		694		673
Carrier Global Corp. 2.493% 2/15/2027		555		522
Carrier Global Corp. 3.377% 4/5/2040		2,500		2,013
Carrier Global Corp. 6.20% 3/15/2054⁷		1,259		1,457
CSX Corp. 3.80% 3/1/2028		3,590		3,530
CSX Corp. 4.25% 3/15/2029		3,650		3,650
Emerson Electric Co. 1.80% 10/15/2027		1,480		1,352
Honeywell International, Inc. 2.30% 8/15/2024		6,660		6,543
L3Harris Technologies, Inc. 5.40% 7/31/2033		17,732		18,445
L3Harris Technologies, Inc. 5.60% 7/31/2053		15,438		16,453
Lockheed Martin Corp. 4.45% 5/15/2028		14,154		14,239
Lockheed Martin Corp. 5.25% 1/15/2033		22,000		23,347
Lockheed Martin Corp. 4.75% 2/15/2034		37,750		38,441
Masco Corp. 1.50% 2/15/2028		6,884		6,029
Masco Corp. 2.00% 2/15/2031		6,626		5,450
Masco Corp. 3.125% 2/15/2051		2,059		1,442
Mexico City Airport Trust 3.875% 4/30/2028⁷		920		865
Mexico City Airport Trust 5.50% 10/31/2046		1,290		1,114
Mexico City Airport Trust 5.50% 7/31/2047		17,195		14,862
Mexico City Airport Trust 5.50% 7/31/2047⁷		5,367		4,639
Norfolk Southern Corp. 4.45% 3/1/2033		3,271		3,231
Norfolk Southern Corp. 3.05% 5/15/2050		4,487		3,196
Norfolk Southern Corp. 4.55% 6/1/2053		1,966		1,798
Norfolk Southern Corp. 5.35% 8/1/2054		16,224		16,885
Northrop Grumman Corp. 2.93% 1/15/2025		7,120		6,961
RTX Corp. 5.00% 2/27/2026		207		208
RTX Corp. 4.125% 11/16/2028		30		29
RTX Corp. 1.90% 9/1/2031		2,015		1,639
RTX Corp. 5.15% 2/27/2033		13,347		13,609
RTX Corp. 5.375% 2/27/2053		5,079		5,165
RTX Corp. 6.40% 3/15/2054		33,896		39,269
Siemens Financieringsmaatschappij NV 1.20% 3/11/2026⁷		10,165		9,453
Siemens Financieringsmaatschappij NV 1.70% 3/11/2028⁷		9,060		8,140
Triton Container International, Ltd. 1.15% 6/7/2024⁷		10,482		10,230
Triton Container International, Ltd. 3.15% 6/15/2031⁷		19,690		15,686
Union Pacific Corp. 3.75% 7/15/2025		3,080		3,035
Union Pacific Corp. 2.891% 4/6/2036		7,377		6,231
Union Pacific Corp. 3.839% 3/20/2060		2,376		1,942
Union Pacific Corp. 3.799% 4/6/2071		2,376		1,879
Veralto Corp. 5.35% 9/18/2028⁷		35,000		35,845
				1,157,183


34	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy 0.52%
Baker Hughes Holdings, LLC 4.486% 5/1/2030	USD	6,120	$	6,123
Canadian Natural Resources, Ltd. 3.80% 4/15/2024		24		24
Canadian Natural Resources, Ltd. 2.05% 7/15/2025		4,810		4,585
Canadian Natural Resources, Ltd. 3.85% 6/1/2027		35,021		34,028
Canadian Natural Resources, Ltd. 4.95% 6/1/2047		971		879
Cenovus Energy, Inc. 5.375% 7/15/2025		18,304		18,343
Cenovus Energy, Inc. 4.25% 4/15/2027		55,736		54,517
Columbia Pipelines Holding Co., LLC 6.544% 11/15/2053⁷		16,970		18,714
Columbia Pipelines Operating Co., LLC 5.927% 8/15/2030⁷		27,000		27,939
Columbia Pipelines Operating Co., LLC 6.036% 11/15/2033⁷		14,130		14,805
ConocoPhillips Co. 3.80% 3/15/2052		10,000		8,089
ConocoPhillips Co. 5.30% 5/15/2053		5,072		5,217
ConocoPhillips Co. 5.55% 3/15/2054		7,658		8,138
Diamondback Energy, Inc. 4.25% 3/15/2052		7,466		6,040
Diamondback Energy, Inc. 6.25% 3/15/2053		11,570		12,358
Enbridge Energy Partners, LP 7.375% 10/15/2045		6,203		7,309
Enbridge, Inc. 6.20% 11/15/2030		20,000		21,410
Enbridge, Inc. 6.70% 11/15/2053		23,733		27,634
Energy Transfer, LP 4.50% 4/15/2024		4,198		4,183
Energy Transfer, LP 6.40% 12/1/2030		11,468		12,275
Energy Transfer, LP 6.55% 12/1/2033		6,097		6,625
Energy Transfer, LP 5.00% 5/15/2050		1,895		1,692
Enterprise Products Operating, LLC 3.90% 2/15/2024		4,140		4,131
Enterprise Products Operating, LLC 5.05% 1/10/2026		14,075		14,210
Enterprise Products Operating, LLC 5.35% 1/31/2033		11,332		11,866
Equinor ASA 3.25% 11/10/2024		1,690		1,663
Equinor ASA 1.75% 1/22/2026		9,289		8,787
Equinor ASA 3.625% 9/10/2028		13,155		12,831
Equinor ASA 4.25% 11/23/2041		5,400		4,989
Exxon Mobil Corp. 2.019% 8/16/2024		7,090		6,955
Exxon Mobil Corp. 3.452% 4/15/2051		5,325		4,183
Halliburton Co. 3.80% 11/15/2025		107		105
Kinder Morgan, Inc. 5.20% 6/1/2033		54,369		54,071
Kinder Morgan, Inc. 5.45% 8/1/2052		6,191		5,933
MPLX, LP 4.875% 6/1/2025		5,000		4,972
MPLX, LP 4.125% 3/1/2027		4,175		4,090
MPLX, LP 4.50% 4/15/2038		2,017		1,798
MPLX, LP 4.70% 4/15/2048		6,122		5,290
Occidental Petroleum Corp. 6.60% 3/15/2046		20,811		22,561
ONEOK, Inc. 5.85% 1/15/2026		1,262		1,281
ONEOK, Inc. 5.55% 11/1/2026		8,443		8,594
ONEOK, Inc. 5.65% 11/1/2028		30,454		31,549
ONEOK, Inc. 5.80% 11/1/2030		3,868		4,024
ONEOK, Inc. 6.05% 9/1/2033		32,556		34,509
ONEOK, Inc. 6.625% 9/1/2053		22,863		25,616
Petroleos Mexicanos 4.875% 1/18/2024		815		814
Petroleos Mexicanos 6.875% 10/16/2025		31,230		30,747
Petroleos Mexicanos 6.875% 8/4/2026		154,248		149,887
Petroleos Mexicanos 6.49% 1/23/2027		23,253		21,835
Petroleos Mexicanos 6.50% 3/13/2027		135,034		125,965
Petroleos Mexicanos 5.35% 2/12/2028		22,305		19,365
Petroleos Mexicanos 6.50% 1/23/2029		2,738		2,417
Petroleos Mexicanos 8.75% 6/2/2029		61,921		60,240
Petroleos Mexicanos 5.95% 1/28/2031		8,460		6,766
Petroleos Mexicanos 6.70% 2/16/2032		64,852		53,889
Petroleos Mexicanos 6.75% 9/21/2047		213		140
Pioneer Natural Resources Co. 2.15% 1/15/2031		14,392		12,234
Plains All American Pipeline, LP 3.80% 9/15/2030		3,403		3,133
Qatar Energy 2.25% 7/12/2031⁷		8,700		7,417
Qatar Energy 3.125% 7/12/2041⁷		13,781		10,623
Qatar Energy 3.30% 7/12/2051⁷		6,796		4,979
Sabine Pass Liquefaction, LLC 5.75% 5/15/2024		5,896		5,894
TotalEnergies Capital International SA 3.127% 5/29/2050		7,101		5,212
TransCanada Pipelines, Ltd. 4.875% 5/15/2048		1,500		1,378


American Balanced Fund	35

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
TransCanada Trust, junior subordinated, 5.625% 5/20/2075 (3-month USD-LIBOR + 3.528% on 5/20/2025)^8,9	USD	6,410	$	6,060
Williams Companies, Inc. 6.30% 4/15/2040		2,669		2,853
Woodside Finance, Ltd. 3.65% 3/5/2025⁷		3,100		3,035
				1,109,818

Health care 0.45%
AbbVie, Inc. 2.95% 11/21/2026		2,310		2,216
Amgen, Inc. 5.507% 3/2/2026		418		418
Amgen, Inc. 5.15% 3/2/2028		3,249		3,328
Amgen, Inc. 3.00% 2/22/2029		400		376
Amgen, Inc. 4.05% 8/18/2029		10,450		10,237
Amgen, Inc. 5.25% 3/2/2030		4,985		5,127
Amgen, Inc. 4.20% 3/1/2033		10,415		9,913
Amgen, Inc. 5.25% 3/2/2033		15,632		16,032
Amgen, Inc. 5.60% 3/2/2043		7,101		7,342
Amgen, Inc. 4.875% 3/1/2053		7,808		7,304
Amgen, Inc. 5.65% 3/2/2053		4,153		4,373
Amgen, Inc. 4.40% 2/22/2062		4,544		3,841
Amgen, Inc. 5.75% 3/2/2063		2,631		2,764
AstraZeneca Finance, LLC 1.20% 5/28/2026		3,628		3,358
AstraZeneca Finance, LLC 4.875% 3/3/2028		40,000		40,801
AstraZeneca Finance, LLC 1.75% 5/28/2028		7,483		6,699
AstraZeneca Finance, LLC 2.25% 5/28/2031		3,337		2,879
AstraZeneca PLC 3.375% 11/16/2025		5,000		4,892
Banner Health 1.897% 1/1/2031		5,000		4,147
Banner Health 2.913% 1/1/2051		6,005		4,117
Baxter International, Inc. 1.322% 11/29/2024		34,825		33,553
Baxter International, Inc. 1.915% 2/1/2027		23,217		21,282
Baxter International, Inc. 2.272% 12/1/2028		10,377		9,295
Bayer US Finance II, LLC 4.25% 12/15/2025⁷		3,251		3,169
Bayer US Finance, LLC 6.125% 11/21/2026⁷		23,901		24,309
Bayer US Finance, LLC 6.25% 1/21/2029⁷		41,350		42,301
Bayer US Finance, LLC 6.375% 11/21/2030⁷		32,000		32,947
Baylor Scott & White Holdings 0.827% 11/15/2025		5,462		5,027
Baylor Scott & White Holdings 1.777% 11/15/2030		21,418		17,849
Becton, Dickinson and Co. 3.363% 6/6/2024		3,047		3,018
Boston Scientific Corp. 3.45% 3/1/2024		1,304		1,299
Centene Corp. 4.25% 12/15/2027		59,715		57,584
Centene Corp. 2.45% 7/15/2028		46,285		41,256
Centene Corp. 4.625% 12/15/2029		58,254		55,923
Centene Corp. 3.375% 2/15/2030		39,311		35,320
Centene Corp. 3.00% 10/15/2030		455		395
Centene Corp. 2.50% 3/1/2031		25,292		21,107
Centene Corp. 2.625% 8/1/2031		11,180		9,289
Cigna Group (The) 1.25% 3/15/2026		22,607		20,957
CVS Health Corp. 5.00% 1/30/2029		18,658		19,011
CVS Health Corp. 5.25% 1/30/2031		10,000		10,262
CVS Health Corp. 5.30% 6/1/2033		19,565		20,086
CVS Health Corp. 5.875% 6/1/2053		6,252		6,584
Elevance Health, Inc. 4.90% 2/8/2026		6,375		6,364
Elevance Health, Inc. 4.75% 2/15/2033		3,648		3,651
Elevance Health, Inc. 5.125% 2/15/2053		1,718		1,722
Eli Lilly and Co. 3.375% 3/15/2029		1,450		1,395
Eli Lilly and Co. 4.70% 2/27/2033		15,582		15,985
Eli Lilly and Co. 4.875% 2/27/2053		6,426		6,652
Eli Lilly and Co. 4.95% 2/27/2063		330		342
GE HealthCare Technologies, Inc. 5.65% 11/15/2027		5,000		5,178
Gilead Sciences, Inc. 1.65% 10/1/2030		5,826		4,884
Gilead Sciences, Inc. 5.25% 10/15/2033		23,622		24,632
Gilead Sciences, Inc. 5.55% 10/15/2053		20,337		22,054
HCA, Inc. 3.375% 3/15/2029		3,216		2,969
HCA, Inc. 3.625% 3/15/2032		5,000		4,473
HCA, Inc. 4.375% 3/15/2042		7,500		6,345
HCA, Inc. 4.625% 3/15/2052		7,121		6,066
Humana, Inc. 3.70% 3/23/2029		5,412		5,202
Medtronic Global Holdings S.C.A. 4.25% 3/30/2028		10,604		10,564


36	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Medtronic Global Holdings S.C.A. 4.50% 3/30/2033	USD	19,250	$	19,265
Merck & Co., Inc. 2.90% 3/7/2024		6,040		6,012
Merck & Co., Inc. 1.90% 12/10/2028		3,400		3,062
Merck & Co., Inc. 2.75% 12/10/2051		3,915		2,693
Novant Health, Inc. 3.168% 11/1/2051		25,939		18,177
Novartis Capital Corp. 1.75% 2/14/2025		5,160		4,999
Novartis Capital Corp. 2.00% 2/14/2027		5,544		5,195
Pfizer Investment Enterprises Pte., Ltd. 4.45% 5/19/2028		24,321		24,318
Pfizer Investment Enterprises Pte., Ltd. 4.65% 5/19/2030		9,250		9,319
Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033		26,131		26,199
Pfizer Investment Enterprises Pte., Ltd. 5.11% 5/19/2043		6,750		6,730
Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053		8,935		9,128
Pfizer, Inc. 2.95% 3/15/2024		52		52
Sharp HealthCare 2.68% 8/1/2050		15,620		10,400
Summa Health 3.511% 11/15/2051		17,193		12,351
Sutter Health 1.321% 8/15/2025		6,000		5,625
Sutter Health 5.164% 8/15/2033		9,905		10,042
Trinity Health Corp. 2.632% 12/1/2040		4,500		3,260
UnitedHealth Group, Inc. 1.15% 5/15/2026		1,959		1,814
UnitedHealth Group, Inc. 5.30% 2/15/2030		2,899		3,035
UnitedHealth Group, Inc. 2.00% 5/15/2030		1,081		935
UnitedHealth Group, Inc. 4.20% 5/15/2032		1,110		1,087
Viatris, Inc. 1.65% 6/22/2025		4,735		4,486
West Virginia United Health System Obligated Group 3.129% 6/1/2050		4,165		2,761
				951,410

Communication services 0.40%
AT&T, Inc. 2.30% 6/1/2027		3,530		3,278
AT&T, Inc. 4.35% 3/1/2029		5,000		4,937
AT&T, Inc. 2.25% 2/1/2032		4,055		3,355
AT&T, Inc. 5.40% 2/15/2034		3,954		4,079
AT&T, Inc. 3.50% 9/15/2053		10,178		7,395
Charter Communications Operating, LLC 4.908% 7/23/2025		2,500		2,478
Charter Communications Operating, LLC 2.25% 1/15/2029		2,417		2,099
Charter Communications Operating, LLC 4.40% 4/1/2033		1,945		1,797
Charter Communications Operating, LLC 3.90% 6/1/2052		3,750		2,526
Charter Communications Operating, LLC 5.25% 4/1/2053		18,500		15,519
Comcast Corp. 1.95% 1/15/2031		10,000		8,444
Comcast Corp. 4.80% 5/15/2033		10,000		10,129
Comcast Corp. 2.887% 11/1/2051		7,101		4,808
Comcast Corp. 5.35% 5/15/2053		6,821		7,062
Comcast Corp. 2.937% 11/1/2056		2,267		1,492
Meta Platforms, Inc. 3.85% 8/15/2032		4,562		4,341
Netflix, Inc. 3.625% 6/15/2025⁷		3,564		3,501
Netflix, Inc. 4.875% 4/15/2028		50,989		51,703
Netflix, Inc. 5.875% 11/15/2028		66,681		70,367
Netflix, Inc. 6.375% 5/15/2029		17,502		19,047
Netflix, Inc. 5.375% 11/15/2029⁷		87,145		90,122
Netflix, Inc. 4.875% 6/15/2030⁷		62,714		63,565
SBA Tower Trust 1.631% 11/15/2026⁷		99,657		89,082
Take-Two Interactive Software, Inc. 3.30% 3/28/2024		822		817
Take-Two Interactive Software, Inc. 4.00% 4/14/2032		8,925		8,480
Tencent Holdings, Ltd. 2.39% 6/3/2030		29,420		25,086
Tencent Holdings, Ltd. 3.68% 4/22/2041		7,143		5,623
Tencent Holdings, Ltd. 3.84% 4/22/2051		26,193		19,596
T-Mobile USA, Inc. 3.50% 4/15/2025		4,090		4,006
T-Mobile USA, Inc. 1.50% 2/15/2026		3,750		3,493
T-Mobile USA, Inc. 2.25% 2/15/2026		17,459		16,556
T-Mobile USA, Inc. 2.625% 4/15/2026		25,503		24,273
T-Mobile USA, Inc. 3.75% 4/15/2027		5,000		4,851
T-Mobile USA, Inc. 2.05% 2/15/2028		2,390		2,158
T-Mobile USA, Inc. 4.95% 3/15/2028		9,232		9,361
T-Mobile USA, Inc. 4.80% 7/15/2028		19,250		19,423
T-Mobile USA, Inc. 2.625% 2/15/2029		14,761		13,304
T-Mobile USA, Inc. 2.40% 3/15/2029		7,206		6,471
T-Mobile USA, Inc. 2.55% 2/15/2031		244		210
T-Mobile USA, Inc. 2.875% 2/15/2031		14,655		12,929


American Balanced Fund	37

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
T-Mobile USA, Inc. 2.70% 3/15/2032	USD	2,990	$	2,550
T-Mobile USA, Inc. 5.05% 7/15/2033		2,124		2,141
T-Mobile USA, Inc. 3.40% 10/15/2052		1,653		1,205
T-Mobile USA, Inc. 5.75% 1/15/2054		9,500		10,061
T-Mobile USA, Inc. 6.00% 6/15/2054		18,288		20,076
Verizon Communications, Inc. 2.55% 3/21/2031		1,933		1,667
Verizon Communications, Inc. 2.355% 3/15/2032		13,908		11,572
Verizon Communications, Inc. 5.05% 5/9/2033		17,462		17,823
Verizon Communications, Inc. 2.875% 11/20/2050		7,917		5,389
WarnerMedia Holdings, Inc. 3.428% 3/15/2024		11,749		11,688
WarnerMedia Holdings, Inc. 3.638% 3/15/2025		16,901		16,543
WarnerMedia Holdings, Inc. 3.755% 3/15/2027		49,351		47,305
WarnerMedia Holdings, Inc. 4.054% 3/15/2029		26,864		25,502
WarnerMedia Holdings, Inc. 4.279% 3/15/2032		4,384		4,014
WarnerMedia Holdings, Inc. 5.141% 3/15/2052		23,715		20,370
				845,669

Consumer staples 0.33%
7-Eleven, Inc. 1.30% 2/10/2028⁷		10,295		9,014
Altria Group, Inc. 2.35% 5/6/2025		7,671		7,405
Altria Group, Inc. 3.70% 2/4/2051		11,468		8,085
Anheuser-Busch InBev Worldwide, Inc. 4.35% 6/1/2040		15,000		14,028
Anheuser-Busch InBev Worldwide, Inc. 4.60% 4/15/2048		1,450		1,374
BAT Capital Corp. 4.70% 4/2/2027		5,241		5,191
BAT Capital Corp. 3.557% 8/15/2027		7,291		6,963
BAT Capital Corp. 2.259% 3/25/2028		17,837		15,973
BAT Capital Corp. 3.462% 9/6/2029		2,500		2,305
BAT Capital Corp. 4.906% 4/2/2030		130		128
BAT Capital Corp. 6.343% 8/2/2030		31,185		32,768
BAT Capital Corp. 2.726% 3/25/2031		4,625		3,882
BAT Capital Corp. 4.742% 3/16/2032		21,886		21,014
BAT Capital Corp. 6.421% 8/2/2033		17,316		18,133
BAT Capital Corp. 4.39% 8/15/2037		27,670		23,208
BAT Capital Corp. 7.079% 8/2/2043		42,300		44,964
BAT Capital Corp. 4.54% 8/15/2047		31,475		24,218
BAT Capital Corp. 4.758% 9/6/2049		1,263		1,003
BAT Capital Corp. 3.984% 9/25/2050		10,460		7,376
BAT Capital Corp. 5.65% 3/16/2052		8,087		7,312
BAT Capital Corp. 7.081% 8/2/2053		46,236		49,476
BAT International Finance PLC 3.95% 6/15/2025⁷		103		101
BAT International Finance PLC 1.668% 3/25/2026		20,205		18,775
BAT International Finance PLC 4.448% 3/16/2028		38,911		38,298
BAT International Finance PLC 5.931% 2/2/2029		21,090		21,927
Coca-Cola Co. 1.00% 3/15/2028		6,090		5,373
Conagra Brands, Inc. 1.375% 11/1/2027		6,375		5,599
Conagra Brands, Inc. 5.30% 11/1/2038		1,050		1,030
Constellation Brands, Inc. 3.60% 2/15/2028		2,500		2,401
Constellation Brands, Inc. 2.25% 8/1/2031		4,462		3,752
Costco Wholesale Corp. 1.375% 6/20/2027		6,670		6,057
J. M. Smucker Co. (The) 5.90% 11/15/2028		8,870		9,334
J. M. Smucker Co. (The) 6.20% 11/15/2033		6,195		6,760
J. M. Smucker Co. (The) 6.50% 11/15/2043		958		1,068
J. M. Smucker Co. (The) 6.50% 11/15/2053		3,599		4,156
JBS USA Lux SA 2.50% 1/15/2027		34,174		31,470
JBS USA Lux SA 3.00% 2/2/2029		25,462		22,419
JBS USA Lux SA 5.50% 1/15/2030		3,220		3,168
JBS USA Lux SA 3.625% 1/15/2032		12,323		10,576
JBS USA Lux SA 3.00% 5/15/2032		15,681		12,781
JBS USA Lux SA 5.75% 4/1/2033		3,513		3,484
Keurig Dr Pepper, Inc. 4.417% 5/25/2025		1,194		1,182
Keurig Dr Pepper, Inc. 3.20% 5/1/2030		2,510		2,309
Nestlé Holdings, Inc. 4.85% 3/14/2033⁷		3,129		3,214
PepsiCo, Inc. 2.625% 10/21/2041		15,000		11,312
PepsiCo, Inc. 3.625% 3/19/2050		2,109		1,771
PepsiCo, Inc. 2.75% 10/21/2051		5,168		3,676
Philip Morris International, Inc. 2.875% 5/1/2024		5,270		5,222
Philip Morris International, Inc. 1.50% 5/1/2025		6,434		6,152


38	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer staples (continued)
Philip Morris International, Inc. 4.875% 2/13/2026	USD	3,717	$	3,731
Philip Morris International, Inc. 0.875% 5/1/2026		8,311		7,618
Philip Morris International, Inc. 5.125% 11/17/2027		26,447		26,936
Philip Morris International, Inc. 4.875% 2/15/2028		28,500		28,821
Philip Morris International, Inc. 5.625% 11/17/2029		16,943		17,778
Philip Morris International, Inc. 5.125% 2/15/2030		19,786		20,122
Philip Morris International, Inc. 5.50% 9/7/2030		6,000		6,223
Philip Morris International, Inc. 1.75% 11/1/2030		7,178		5,921
Philip Morris International, Inc. 5.75% 11/17/2032		8,756		9,193
Reynolds American, Inc. 5.85% 8/15/2045		7,860		7,372
Sysco Corp. 3.15% 12/14/2051		535		384
Target Corp. 4.50% 9/15/2032		11,053		11,170
				692,456

Real estate 0.15%
Alexandria Real Estate Equities, Inc. 3.95% 1/15/2028		2,720		2,613
Alexandria Real Estate Equities, Inc. 3.375% 8/15/2031		3,540		3,192
Alexandria Real Estate Equities, Inc. 4.85% 4/15/2049		2,040		1,800
Alexandria Real Estate Equities, Inc. 4.00% 2/1/2050		3,907		3,095
American Tower Corp. 1.45% 9/15/2026		10,457		9,533
American Tower Corp. 3.60% 1/15/2028		3,750		3,576
American Tower Corp. 2.30% 9/15/2031		732		606
American Tower Corp. 2.95% 1/15/2051		3,750		2,504
Boston Properties, LP 2.90% 3/15/2030		5,006		4,290
Boston Properties, LP 3.25% 1/30/2031		2,429		2,086
Boston Properties, LP 2.55% 4/1/2032		9,767		7,785
Boston Properties, LP 2.45% 10/1/2033		3,929		2,994
Boston Properties, LP 6.50% 1/15/2034		86,724		91,580
Corp. Inmobiliaria Vesta, SAB de CV 3.625% 5/13/2031⁷		7,150		6,148
Corporate Office Properties, LP 2.00% 1/15/2029		6,210		5,179
Corporate Office Properties, LP 2.75% 4/15/2031		10,184		8,245
Corporate Office Properties, LP 2.90% 12/1/2033		31,245		24,426
Crown Castle, Inc. 5.00% 1/11/2028		1,652		1,647
Digital Realty Trust, LP 5.55% 1/15/2028		5,000		5,098
Essex Portfolio, LP 3.875% 5/1/2024		7,220		7,179
Essex Portfolio, LP 3.50% 4/1/2025		7,445		7,277
Essex Portfolio, LP 3.375% 4/15/2026		2,395		2,313
Extra Space Storage, LP 2.35% 3/15/2032		8,596		7,013
GLP Capital, LP 3.35% 9/1/2024		2,400		2,370
GLP Capital, LP 4.00% 1/15/2030		5,000		4,568
Invitation Homes Operating Partnership, LP 2.00% 8/15/2031		10,194		8,119
Prologis, LP 4.875% 6/15/2028		11,469		11,626
Prologis, LP 4.75% 6/15/2033		19,679		19,958
Prologis, LP 5.125% 1/15/2034		9,000		9,296
Prologis, LP 5.25% 6/15/2053		5,119		5,352
Public Storage Operating Co. 1.85% 5/1/2028		8,830		7,937
Public Storage Operating Co. 1.95% 11/9/2028		6,081		5,426
Public Storage Operating Co. 5.125% 1/15/2029		13,000		13,428
Public Storage Operating Co. 2.30% 5/1/2031		2,959		2,545
Scentre Group Trust 1 3.25% 10/28/2025⁷		1,780		1,717
Scentre Group Trust 1 3.75% 3/23/2027⁷		7,630		7,323
Sun Communities Operating, LP 2.30% 11/1/2028		6,430		5,631
Sun Communities Operating, LP 2.70% 7/15/2031		1,753		1,462
				316,937

Materials 0.10%
Air Products and Chemicals, Inc. 1.50% 10/15/2025		2,610		2,470
Air Products and Chemicals, Inc. 1.85% 5/15/2027		7,229		6,667
Air Products and Chemicals, Inc. 2.05% 5/15/2030		3,140		2,746
Anglo American Capital PLC 5.375% 4/1/2025⁷		5,000		4,978
Anglo American Capital PLC 2.25% 3/17/2028⁷		4,194		3,742
Anglo American Capital PLC 3.95% 9/10/2050⁷		3,750		2,857
BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2026		7,000		7,160
BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2030		8,500		8,811
BHP Billiton Finance (USA), Ltd. 4.90% 2/28/2033		5,538		5,666
BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033		11,011		11,424
BHP Billiton Finance (USA), Ltd. 5.50% 9/8/2053		8,500		9,283


American Balanced Fund	39

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Materials (continued)
Celanese US Holdings, LLC 6.165% 7/15/2027	USD	31,000	$	31,804
Celanese US Holdings, LLC 6.55% 11/15/2030		16,835		17,818
Celanese US Holdings, LLC 6.379% 7/15/2032		2,094		2,215
Celanese US Holdings, LLC 6.70% 11/15/2033		9,224		10,010
Corporacion Nacional del Cobre de Chile 5.125% 2/2/2033⁷		299		290
Dow Chemical Co. (The) 4.80% 5/15/2049		2,200		2,020
Dow Chemical Co. (The) 3.60% 11/15/2050		8,509		6,586
Eastman Chemical Co. 3.80% 3/15/2025		7,405		7,281
EIDP, Inc. 4.80% 5/15/2033		1,086		1,098
Glencore Funding, LLC 4.125% 3/12/2024⁷		4,130		4,116
LYB International Finance III, LLC 1.25% 10/1/2025		14,881		13,906
LYB International Finance III, LLC 2.25% 10/1/2030		9,848		8,441
LYB International Finance III, LLC 4.20% 5/1/2050		7,402		5,913
LYB International Finance III, LLC 3.625% 4/1/2051		7,054		5,144
Mosaic Co. 4.05% 11/15/2027		4,490		4,383
Nutrien, Ltd. 5.95% 11/7/2025		2,985		3,039
OCI NV 6.70% 3/16/2033⁷		2,531		2,587
Sherwin-Williams Co. 3.125% 6/1/2024		4,260		4,216
Sherwin-Williams Co. 2.20% 3/15/2032		3,123		2,599
Sherwin-Williams Co. 3.80% 8/15/2049		1,500		1,206
Sherwin-Williams Co. 3.30% 5/15/2050		1,500		1,103
South32 Treasury, Ltd. 4.35% 4/14/2032⁷		7,161		6,460
Westlake Corp. 4.375% 11/15/2047		1,500		1,253
				209,292

Information technology 0.08%
Analog Devices, Inc. 1.70% 10/1/2028		8,576		7,611
Analog Devices, Inc. 2.10% 10/1/2031		7,571		6,447
Analog Devices, Inc. 2.80% 10/1/2041		7,596		5,673
Analog Devices, Inc. 2.95% 10/1/2051		4,625		3,311
Apple, Inc. 3.00% 2/9/2024		1,000		997
Booz Allen Hamilton, Inc. 5.95% 8/4/2033		6,135		6,489
Broadcom Corp. 3.875% 1/15/2027		12		12
Broadcom, Inc. 4.00% 4/15/2029⁷		219		211
Broadcom, Inc. 4.15% 4/15/2032⁷		2,471		2,331
Broadcom, Inc. 3.469% 4/15/2034⁷		1,838		1,600
Broadcom, Inc. 3.187% 11/15/2036⁷		588		477
Broadcom, Inc. 4.926% 5/15/2037⁷		18,074		17,503
Hewlett Packard Enterprise Co. 5.90% 10/1/2024		10,000		10,028
Intel Corp. 5.20% 2/10/2033		21,813		22,798
Intel Corp. 5.70% 2/10/2053		15,250		16,503
Intuit, Inc. 0.95% 7/15/2025		3,170		2,988
Intuit, Inc. 1.35% 7/15/2027		2,890		2,607
Microsoft Corp. 2.921% 3/17/2052		4,792		3,541
Oracle Corp. 3.60% 4/1/2050		8,311		6,163
Oracle Corp. 5.55% 2/6/2053		52,474		52,550
TSMC Global, Ltd. 4.375% 7/22/2027⁷		332		330
				170,170

Other 0.00%
Rockefeller Foundation (The) 2.492% 10/1/2050		15,170		10,000

Total corporate bonds, notes & loans				16,424,092

U.S. Treasury bonds & notes 5.71%
U.S. Treasury 4.65%
U.S. Treasury 2.25% 1/31/2024		43,824		43,723
U.S. Treasury 2.50% 1/31/2024		56,248		56,125
U.S. Treasury 0.25% 3/15/2024		69,228		68,559
U.S. Treasury 3.00% 6/30/2024		72,001		71,256
U.S. Treasury 3.25% 8/31/2024		13,147		12,993
U.S. Treasury 0.375% 9/15/2024		62,080		60,129
U.S. Treasury 2.25% 11/15/2024		74,340		72,683
U.S. Treasury 4.25% 12/31/2024		49,100		48,854
U.S. Treasury 2.00% 2/15/2025		29,740		28,871
U.S. Treasury 2.125% 5/15/2025		24,780		23,995
U.S. Treasury 3.00% 7/15/2025		9,772		9,562
U.S. Treasury 4.75% 7/31/2025		134,671		135,303


40	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 5.00% 8/31/2025	USD	24,960	$	25,195
U.S. Treasury 3.00% 10/31/2025		148,012		144,630
U.S. Treasury 5.00% 10/31/2025		111,764		113,055
U.S. Treasury 0.375% 11/30/2025		20,000		18,578
U.S. Treasury 3.875% 1/15/2026		5,143		5,105
U.S. Treasury 4.00% 2/15/2026		70,932		70,630
U.S. Treasury 2.25% 3/31/2026		52,663		50,540
U.S. Treasury 3.625% 5/15/2026		7,018		6,939
U.S. Treasury 4.375% 8/15/2026		76,272		76,811
U.S. Treasury 0.75% 8/31/2026		37		34
U.S. Treasury 4.625% 9/15/2026		13,790		13,983
U.S. Treasury 0.875% 9/30/2026		2,380		2,187
U.S. Treasury 1.125% 10/31/2026		79,610		73,481
U.S. Treasury 2.00% 11/15/2026		47,200		44,643
U.S. Treasury 4.625% 11/15/2026		19,809		20,126
U.S. Treasury 6.50% 11/15/2026		39,650		42,286
U.S. Treasury 2.25% 2/15/2027		11,150		10,589
U.S. Treasury 1.125% 2/28/2027		930		852
U.S. Treasury 2.375% 5/15/2027		4,310		4,095
U.S. Treasury 3.25% 6/30/2027		242,903		237,447
U.S. Treasury 6.375% 8/15/2027		35,690		38,561
U.S. Treasury 0.625% 12/31/2027		84,540		74,362
U.S. Treasury 2.75% 2/15/2028		10,125		9,680
U.S. Treasury 4.00% 2/29/2028		171,747		172,364
U.S. Treasury 3.625% 3/31/2028		52,103		51,548
U.S. Treasury 2.875% 5/15/2028		46,997		45,084
U.S. Treasury 3.625% 5/31/2028		160,636		158,986
U.S. Treasury 1.25% 6/30/2028		142,130		126,795
U.S. Treasury 4.00% 6/30/2028		339,556		341,227
U.S. Treasury 1.00% 7/31/2028		58,400		51,378
U.S. Treasury 4.125% 7/31/2028		445,000		449,659
U.S. Treasury 1.375% 10/31/2028		60,100		53,508
U.S. Treasury 3.125% 11/15/2028		41,549		40,155
U.S. Treasury 1.50% 11/30/2028		46,700		41,762
U.S. Treasury 4.375% 11/30/2028		497,425		509,141
U.S. Treasury 5.25% 2/15/2029		35,690		37,919
U.S. Treasury 3.25% 6/30/2029		58,480		56,646
U.S. Treasury 1.625% 8/15/2029		24,780		22,064
U.S. Treasury 3.50% 1/31/2030		67,000		65,571
U.S. Treasury 4.00% 2/28/2030		236,283		237,575
U.S. Treasury 3.625% 3/31/2030		23,000		22,657
U.S. Treasury 0.625% 5/15/2030		22,310		18,241
U.S. Treasury 3.75% 6/30/2030		4,675		4,636
U.S. Treasury 0.625% 8/15/2030		114,675		93,076
U.S. Treasury 4.625% 9/30/2030		105,199		109,711
U.S. Treasury 4.875% 10/31/2030		62,722		66,382
U.S. Treasury 1.25% 8/15/2031		38,263		31,690
U.S. Treasury 2.875% 5/15/2032		241,866		224,274
U.S. Treasury 4.125% 11/15/2032		20,061		20,404
U.S. Treasury 3.50% 2/15/2033		538,533		522,546
U.S. Treasury 3.375% 5/15/2033		48,871		46,935
U.S. Treasury 3.875% 8/15/2033		421,127		420,864
U.S. Treasury 4.50% 11/15/2033		113,612		119,337
U.S. Treasury 4.25% 5/15/2039		84,397		87,069
U.S. Treasury 1.125% 5/15/2040		39,649		25,622
U.S. Treasury 1.875% 2/15/2041¹⁰		150,000		108,070
U.S. Treasury 2.25% 5/15/2041		140,792		107,497
U.S. Treasury 2.00% 11/15/2041		6,986		5,067
U.S. Treasury 2.375% 2/15/2042		29,288		22,524
U.S. Treasury 3.00% 5/15/2042		259,311		219,827
U.S. Treasury 3.25% 5/15/2042¹⁰		424,061		372,809
U.S. Treasury 2.75% 8/15/2042		32,660		26,541
U.S. Treasury 3.375% 8/15/2042¹⁰		152,000		135,853
U.S. Treasury 3.125% 2/15/2043		47,605		40,793
U.S. Treasury 2.875% 5/15/2043		36,090		29,701
U.S. Treasury 3.875% 5/15/2043		34,310		32,786
U.S. Treasury 4.75% 11/15/2043¹⁰		251,169		269,909


American Balanced Fund	41

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued)
U.S. Treasury 3.625% 2/15/2044	USD	24,780	$	22,749
U.S. Treasury 3.125% 8/15/2044		39,447		33,464
U.S. Treasury 2.50% 2/15/2045		51,860		39,345
U.S. Treasury 3.00% 5/15/2045		24,780		20,482
U.S. Treasury 3.00% 11/15/2045		23,145		19,085
U.S. Treasury 3.00% 5/15/2047		55,603		45,534
U.S. Treasury 2.75% 8/15/2047		92,746		72,414
U.S. Treasury 3.00% 2/15/2048		3,743		3,057
U.S. Treasury 2.00% 2/15/2050¹⁰		65,583		43,272
U.S. Treasury 2.375% 5/15/2051		84,719		60,647
U.S. Treasury 2.00% 8/15/2051		571		374
U.S. Treasury 1.875% 11/15/2051		25,500		16,170
U.S. Treasury 2.25% 2/15/2052		166,265		115,565
U.S. Treasury 3.00% 8/15/2052¹⁰		1,380,642		1,131,922
U.S. Treasury 4.00% 11/15/2052		114,075		112,836
U.S. Treasury 3.625% 2/15/2053		147,618		136,673
U.S. Treasury 3.625% 5/15/2053		138,815		128,697
U.S. Treasury 4.125% 8/15/2053		237,748		240,968
U.S. Treasury 4.75% 11/15/2053		190,000		213,661
				9,818,980

U.S. Treasury inflation-protected securities 1.06%
U.S. Treasury Inflation-Protected Security 0.625% 1/15/2024¹¹		39,955		39,849
U.S. Treasury Inflation-Protected Security 0.50% 4/15/2024¹¹		62,517		61,753
U.S. Treasury Inflation-Protected Security 0.125% 7/15/2024¹¹		268,274		263,785
U.S. Treasury Inflation-Protected Security 0.125% 10/15/2024¹¹		55,871		54,666
U.S. Treasury Inflation-Protected Security 0.25% 1/15/2025¹¹		106,966		103,856
U.S. Treasury Inflation-Protected Security 2.375% 1/15/2025¹¹		80,895		80,300
U.S. Treasury Inflation-Protected Security 0.125% 4/15/2025¹¹		76,591		73,890
U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025¹¹		16,940		16,418
U.S. Treasury Inflation-Protected Security 0.125% 10/15/2025¹¹		109,944		105,745
U.S. Treasury Inflation-Protected Security 0.125% 4/15/2026¹¹		473,518		450,788
U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026¹¹		202,377		192,243
U.S. Treasury Inflation-Protected Security 0.375% 1/15/2027¹¹		278,164		264,498
U.S. Treasury Inflation-Protected Security 0.125% 4/15/2027¹¹		155,809		146,472
U.S. Treasury Inflation-Protected Security 0.125% 1/15/2030¹¹		5,756		5,222
U.S. Treasury Inflation-Protected Security 0.125% 1/15/2031¹¹		90,931		81,245
U.S. Treasury Inflation-Protected Security 0.625% 2/15/2043¹¹		23,498		18,425
U.S. Treasury Inflation-Protected Security 1.375% 2/15/2044¹¹		49,730		44,574
U.S. Treasury Inflation-Protected Security 1.00% 2/15/2046¹¹		19,928		16,358
U.S. Treasury Inflation-Protected Security 0.125% 2/15/2050¹¹		2,560		1,679
U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051^10,11		217,288		135,379
U.S. Treasury Inflation-Protected Security 1.50% 2/15/2053¹¹		102,757		93,566
				2,250,711

Total U.S. Treasury bonds & notes				12,069,691

Asset-backed obligations 2.76%
ACHV ABS Trust, Series 2023-3PL, Class A, 6.60% 8/19/2030^4,7		562		562
Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 11/16/2026^4,7		7,457		7,259
Affirm, Inc., Series 2023-X1, Class A, 7.11% 11/15/2028^4,7		3,998		4,011
AGL CLO, Ltd., Series 2022-18A, Class A1, (3-month USD CME Term SOFR + 1.32%) 6.732% 4/21/2031^4,5,7		19,432		19,428
AGL CLO, Ltd., Series 2023-24, Class A1, (3-month USD CME Term SOFR + 2.00%) 7.378% 7/25/2036^4,5,7		58,804		59,210
Allegro CLO, Ltd., Series 2016-1A, Class AR2, (3-month USD CME Term SOFR + 1.212%) 6.605% 1/15/2030^4,5,7		17,192		17,181
Allegro CLO, Ltd., Series 2017-1A, Class AR, (3-month USD CME Term SOFR + 1.212%) 6.605% 10/16/2030^4,5,7		20,525		20,512
American Credit Acceptance Receivables Trust, Series 2022-4, Class A, 6.20% 5/13/2026^4,7		790		790
American Credit Acceptance Receivables Trust, Series 2023-2, Class A, 5.89% 10/13/2026^4,7		6,116		6,117
American Credit Acceptance Receivables Trust, Series 2023-3, Class A, 6.00% 3/12/2027^4,7		5,375		5,380
American Credit Acceptance Receivables Trust, Series 2021-1, Class C, 0.83% 3/15/2027^4,7		153		153


42	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
American Credit Acceptance Receivables Trust, Series 2021-1, Class D, 1.14% 3/15/2027^4,7	USD	3,117	$	3,063
American Credit Acceptance Receivables Trust, Series 2021-3, Class C, 0.98% 11/15/2027^4,7		3,959		3,935
American Credit Acceptance Receivables Trust, Series 2021-3, Class D, 1.34% 11/15/2027^4,7		7,031		6,801
American Express Credit Account Master Trust, Series 2022-3, Class A, 3.75% 8/16/2027⁴		59,641		58,655
American Money Management Corp., CLO, Series 2016-18, Class AR, (3-month USD CME Term SOFR + 1.362%) 6.741% 5/26/2031^4,5,7		4,363		4,363
AmeriCredit Automobile Receivables Trust, Series 2023-1, Class A2A, 5.84% 10/19/2026⁴		12,184		12,187
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class B, 0.69% 1/19/2027⁴		1,645		1,589
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01% 1/19/2027⁴		1,830		1,715
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class D, 1.29% 6/18/2027⁴		20,192		18,659
AmeriCredit Automobile Receivables Trust, Series 2023-2, Class A3, 5.81% 5/18/2028⁴		34,592		35,025
Ares CLO, Ltd., Series 2017-42A, Class AR, (3-month USD CME Term SOFR + 1.182%) 6.597% 1/22/2028^4,5,7		16,370		16,360
Avis Budget Rental Car Funding (AESOP), LLC, Series 2018-2A, Class A, 4.00% 3/20/2025^4,7		7,230		7,212
Avis Budget Rental Car Funding (AESOP), LLC, Series 2019-2A, Class A, 3.35% 9/22/2025^4,7		49,440		48,852
Avis Budget Rental Car Funding (AESOP), LLC, Series 2019-3A, Class A, 2.36% 3/20/2026^4,7		28,830		27,952
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-1A, Class A, 2.33% 8/20/2026^4,7		50,171		47,997
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027^4,7		54,855		51,225
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027^4,7		3,873		3,668
Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/2027^4,7		75,784		69,017
Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class B, 1.63% 8/20/2027^4,7		4,460		4,031
Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class C, 2.13% 8/20/2027^4,7		1,542		1,381
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class A, 5.20% 10/20/2027^4,7		8,650		8,671
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class B, 6.03% 10/20/2027^4,7		3,228		3,251
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-3A, Class A, 5.44% 2/22/2028^4,7		2,750		2,777
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/2028^4,7		15,110		15,316
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-1, Class A, 5.25% 4/20/2029^4,7		19,885		19,815
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-1, Class B, 6.08% 4/20/2029^4,7		9,510		9,618
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-4, Class A, 5.49% 6/20/2029^4,7		12,400		12,515
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029^4,7		28,032		28,685
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-8, Class A, 6.02% 2/20/2030^4,7		7,175		7,405
BA Credit Card Trust, Series 2022-A2, Class A2, 5.00% 4/17/2028⁴		39,628		39,887
Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD CME Term SOFR + 1.262%) 6.629% 11/20/2030^4,5,7		35,872		35,862
Bankers Healthcare Group Securitization Trust, Series 2020-A, Class A, 2.56% 9/17/2031^4,7		257		255
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 11/17/2033^4,7		3,066		2,892
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class B, 2.79% 11/17/2033^4,7		1,715		1,541
Bankers Healthcare Group Securitization Trust, Series 2021-B, Class A, 0.90% 10/17/2034^4,7		1,671		1,619
Benefit Street Partners CLO, Ltd., Series 2015-8, Class A1AR, (3-month USD CME Term SOFR + 1.362%) 6.777% 1/20/2031^4,5,7		676		676


American Balanced Fund	43

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Benefit Street Partners CLO, Ltd., Series 2018-14, Class A1, (3-month USD CME Term SOFR + 1.262%) 6.677% 4/20/2031^4,5,7	USD	224	$	224
Birch Grove CLO, Ltd., Series 2023-6, Class A1, (3-month USD CME Term SOFR + 2.20%) 7.489% 7/20/2035^4,5,7		39,490		39,649
Black Diamond CLO, Ltd., Series 2017-1, Class A1AR, (3-month USD CME Term SOFR + 1.312%) 6.71% 4/24/2029^4,5,7		1,483		1,483
Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class A, 2.443% 7/15/2046^4,7		18,788		16,234
Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class B, 3.446% 7/15/2046^4,7		2,868		2,387
Bridgecrest Lending Auto Securitization Trust, Series 2023-1, Class A3, 6.51% 11/15/2027⁴		12,565		12,718
Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A, 4.95% 10/15/2027⁴		4,513		4,528
Carlyle Global Market Strategies, CLO, Series 2017-C, Class A1AR, (3-month USD CME Term SOFR + 1.292%) 6.682% 4/30/2031^4,5,7		487		487
CarMax Auto Owner Trust, Series 2023-1, Class A2A, 5.23% 1/15/2026⁴		824		823
CarMax Auto Owner Trust, Series 2023-2, Class A2A, 5.50% 6/15/2026⁴		8,536		8,528
CarMax Auto Owner Trust, Series 2021-1, Class C, 0.94% 12/15/2026⁴		811		764
CarMax Auto Owner Trust, Series 2021-1, Class D, 1.28% 7/15/2027⁴		794		748
Carvana Auto Receivables Trust, Series 2023-N3, Class A, 6.41% 9/10/2027^4,7		6,867		6,901
Carvana Auto Receivables Trust, Series 2023-P3, Class A3, 5.82% 8/10/2028^4,7		4,797		4,860
Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.72% 9/11/2028⁴		876		826
Carvana Auto Receivables Trust, Series 2021-N4, Class A2, 1.80% 9/11/2028⁴		5,195		4,906
Carvana Auto Receivables Trust, Series 2023-P5, Class A3, 5.62% 1/10/2029^4,7		5,408		5,458
Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037^4,7		44,386		38,530
Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 3.464% 5/11/2037^4,7		17,978		15,059
Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041^4,7		6,341		5,762
Cent CLO, Ltd., Series 2014-21A, Class AR, (3-month USD CME Term SOFR + 1.231%) 6.619% 7/27/2030^4,5,7		37,770		37,746
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060^4,7		96,667		89,418
CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060^4,7		19,961		17,048
CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060^4,7		15,185		13,915
CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060^4,7		1,579		1,293
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061^4,7		43,915		39,305
CF Hippolyta, LLC, Series 2021-1, Class B1, 1.98% 3/15/2061^4,7		7,528		6,403
CF Hippolyta, LLC, Series 2022-1, Class A1, 5.97% 8/15/2062^4,7		53,198		52,412
CF Hippolyta, LLC, Series 2022-1, Class A2, 6.11% 8/15/2062^4,7		43,496		42,595
Chesapeake Funding II, LLC, Series 2023-2, Class A1, 6.16% 10/15/2035^4,7		6,631		6,703
Citibank Credit Card Issuance Trust, Series 2017-A5, Class A5, (1-month USD CME Term SOFR + 0.734%) 6.091% 4/22/2026^4,5		29,758		29,794
Citibank Credit Card Issuance Trust, Series 2023-A1, Class A1, 5.23% 12/8/2027⁴		18,209		18,357
Citizens Auto Receivables Trust, Series 2023-2, Class A2A, 6.09% 10/15/2026^4,7		5,604		5,621
Citizens Auto Receivables Trust, Series 2023-2, Class A3, 5.83% 2/15/2028^4,7		22,863		23,201
CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045^4,7		21,593		19,344
CLI Funding VI, LLC, Series 2020-1A, Class A, 2.08% 9/18/2045^4,7		20,300		18,162
CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045^4,7		28,633		25,724
CLI Funding VIII, LLC, Series 2021-1A, Class A, 1.64% 2/18/2046^4,7		25,066		22,144
CLI Funding VIII, LLC, Series 2021-1A, Class A, 2.38% 2/18/2046^4,7		1,795		1,569
CPS Auto Receivables Trust, Series 2023-A, Class A, 5.54% 3/16/2026^4,7		1,078		1,076
CPS Auto Receivables Trust, Series 2022-B, Class A, 2.88% 6/15/2026^4,7		1,801		1,792
CPS Auto Receivables Trust, Series 2023-C, Class A, 6.13% 9/15/2026^4,7		13,690		13,715
CPS Auto Receivables Trust, Series 2021-A, Class D, 1.16% 12/15/2026^4,7		1,857		1,815
CPS Auto Receivables Trust, Series 2023-B, Class A, 5.91% 8/16/2027^4,7		8,317		8,323
CPS Auto Receivables Trust, Series 2022-B, Class B, 3.88% 8/15/2028^4,7		9,072		8,954
CPS Auto Receivables Trust, Series 2022-B, Class C, 4.33% 8/15/2028^4,7		12,021		11,776
CPS Auto Trust, Series 2023-D, Class A, 6.40% 6/15/2027^4,7		9,580		9,614
Credit Acceptance Auto Loan Trust, Series 2023-3, Class A, 6.39% 8/15/2033^4,7		7,777		7,892
Drive Auto Receivables Trust, Series 2021-3, Class B, 1.11% 5/15/2026⁴		720		718
Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02% 6/15/2027⁴		751		747
Drive Auto Receivables Trust, Series 2021-1, Class D, 1.45% 1/16/2029⁴		10,060		9,653
DriveTime Auto Owner Trust, Series 2020-2A, Class D, 4.73% 3/16/2026^4,7		1,250		1,243
DriveTime Auto Owner Trust, Series 2020-3A, Class C, 1.47% 6/15/2026^4,7		1,041		1,030
DriveTime Auto Owner Trust, Series 2020-3A, Class D, 1.84% 6/15/2026^4,7		1,100		1,061
DriveTime Auto Owner Trust, Series 2021-1A, Class C, 0.84% 10/15/2026^4,7		1,366		1,349
DriveTime Auto Owner Trust, Series 2022-3, Class A, 6.05% 10/15/2026^4,7		17,451		17,459
DriveTime Auto Owner Trust, Series 2021-1A, Class D, 1.16% 11/16/2026^4,7		1,738		1,663
DriveTime Auto Owner Trust, Series 2021-2A, Class C, 1.10% 2/16/2027^4,7		3,253		3,207


44	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
DriveTime Auto Owner Trust, Series 2021-2A, Class D, 1.50% 2/16/2027^4,7	USD	3,049	$	2,908
DriveTime Auto Owner Trust, Series 2023-1, Class A, 5.48% 4/15/2027^4,7		2,229		2,225
DriveTime Auto Owner Trust, Series 2023-2, Class A, 5.88% 4/15/2027^4,7		16,427		16,436
DriveTime Auto Owner Trust, Series 2023-3, Class A, 6.29% 8/16/2027^4,7		7,009		7,040
Dryden Senior Loan Fund, CLO, Series 2017-47A, Class A1R, (3-month USD CME Term SOFR + 1.242%) 6.635% 4/15/2028^4,5,7		44,752		44,747
Dryden Senior Loan Fund, CLO, Series 2015-37, Class AR, (3-month USD CME Term SOFR + 1.362%) 6.755% 1/15/2031^4,5,7		6,292		6,292
Dryden Senior Loan Fund, CLO, Series 2015-41, Class AR, (3-month USD CME Term SOFR + 1.232%) 6.625% 4/15/2031^4,5,7		4,698		4,690
EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045^4,7		6,376		5,641
Elmwood CLO 18, Ltd., Series 2022-5, Class AR, (3-month USD CME Term SOFR + 1.65%) 7.053% 7/17/2033^4,5,7		40,000		40,045
Enterprise Fleet Financing, LLC, Series 2022-1, Class A2, 3.03% 1/20/2028^4,7		17,294		17,012
Enterprise Fleet Financing, LLC, Series 2022-3, Class A3, 4.29% 7/20/2029^4,7		7,766		7,621
Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029^4,7		18,516		18,318
Enterprise Fleet Financing, LLC, Series 2022-4, Class A2, 5.76% 10/22/2029^4,7		29,178		29,277
Exeter Automobile Receivables Trust, Series 2019-2A, Class D, 3.71% 3/17/2025^4,7		2,277		2,275
Exeter Automobile Receivables Trust, Series 2019-3A, Class D, 3.11% 8/15/2025^4,7		5,681		5,645
Exeter Automobile Receivables Trust, Series 2022-6, Class A2, 5.73% 11/17/2025⁴		132		132
Exeter Automobile Receivables Trust, Series 2020-1A, Class D, 2.73% 12/15/2025^4,7		1,447		1,428
Exeter Automobile Receivables Trust, Series 2021-2, Class C, 0.98% 6/15/2026⁴		1,153		1,138
Exeter Automobile Receivables Trust, Series 2020-3A, Class D, 1.73% 7/15/2026⁴		1,781		1,760
Exeter Automobile Receivables Trust, Series 2023-3, Class A3, 6.04% 7/15/2026⁴		3,315		3,319
Exeter Automobile Receivables Trust, Series 2022-6, Class A3, 5.70% 8/17/2026⁴		5,000		4,997
Exeter Automobile Receivables Trust, Series 2022-2A, Class B, 3.65% 10/15/2026⁴		10,612		10,559
Exeter Automobile Receivables Trust, Series 2023-5, Class A3, 6.32% 3/15/2027⁴		4,970		5,015
Exeter Automobile Receivables Trust, Series 2021-2, Class D, 1.40% 4/15/2027⁴		20,431		19,298
Exeter Automobile Receivables Trust, Series 2023-3, Class C, 6.21% 6/15/2028⁴		2,138		2,158
Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56% 7/17/2028⁴		5,159		5,007
Exeter Automobile Receivables Trust, Series 2022-4A, Class C, 4.92% 12/15/2028⁴		8,517		8,414
Exeter Automobile Receivables Trust, Series 2023-3, Class D, 6.68% 4/16/2029⁴		3,884		3,925
First Investors Auto Owner Trust, Series 2023-1A, Class A, 6.44% 10/16/2028^4,7		23,528		23,777
FirstKey Homes Trust, Series 2020-SFR1, Class A, 1.339% 9/17/2025^4,7		21,115		19,689
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 10/19/2037^4,7		42,260		39,190
FirstKey Homes Trust, Series 2021-SFR3, Class A, 2.135% 12/17/2038^4,7		17,235		15,675
FirstKey Homes Trust, Series 2022-SFR2, Class A, 4.145% 5/17/2039^4,7		24,273		23,324
Flagship Credit Auto Trust, Series 2022-4, Class A2, 6.15% 9/15/2026^4,7		13,943		13,957
Flagship Credit Auto Trust, Series 2023-3, Class A3, 5.44% 4/17/2028^4,7		5,639		5,656
Flagship Credit Auto Trust, Series 2023-3, Class C, 6.01% 7/16/2029^4,7		1,955		1,964
Flagship Credit Auto Trust, Series 2023-3, Class D, 6.58% 8/15/2029^4,7		990		987
Flatiron CLO, Ltd., Series 2018-1, Class A, (3-month USD CME Term SOFR + 1.212%) 6.614% 4/17/2031^4,5,7		2,133		2,134
Ford Credit Auto Lease Trust, Series 2023-A, Class A3, 4.94% 3/15/2026⁴		2,488		2,481
Ford Credit Auto Owner Trust, Series 2019-2, Class A, 3.06% 4/15/2026⁴		15,000		14,885
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.52% 7/15/2030^4,7		61,698		61,644
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 7/15/2031^4,7		80,360		78,727
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 8/15/2031^4,7		86,525		83,639
Ford Credit Auto Owner Trust, Series 2020-1, Class B, 2.29% 8/15/2031^4,7		2,574		2,476
Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036^4,7		26,615		27,223
GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045^4,7		15,877		14,388
GCI Funding I, LLC, Series 2020-1, Class B, 3.81% 10/18/2045^4,7		2,187		1,982
GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046^4,7		3,457		3,043
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 9/17/2039^4,7		10,464		9,921
Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/2040^4,7		50,940		46,927
Global SC Finance V SRL, Series 2020-1A, Class B, 3.55% 10/17/2040^4,7		1,331		1,233
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040^4,7		72,210		66,308
Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041^4,7		72,176		64,433
Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041^4,7		65,212		58,560
Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041^4,7		5,343		4,720
GLS Auto Receivables Trust, Series 2023-4, Class A2, 6.40% 12/15/2026^4,7		9,899		9,935
GLS Auto Receivables Trust, Series 2023-2, Class A2, 5.70% 1/15/2027^4,7		6,068		6,059
GLS Auto Receivables Trust, Series 2023-3, Class C, 6.01% 5/15/2029^4,7		2,414		2,438
GLS Auto Receivables Trust, Series 2023-3, Class D, 6.44% 5/15/2029^4,7		2,182		2,192
GLS Auto Select Receivables Trust, Series 2023-2A, Class A2, 6.37% 6/15/2028^4,7		14,460		14,591
GM Financial Automobile Leasing Trust, Series 2023-3, Class A3, 5.38% 11/20/2026⁴		15,007		15,116


American Balanced Fund	45

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035^4,7	USD	22,705	$	23,649
GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77% 8/11/2036^4,7		38,047		39,709
GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1, 5.34% 6/15/2028^4,7		17,626		17,861
GoldenTree Loan Opportunities X, Ltd., Series 2015-10, Class AR, (3-month USD CME Term SOFR + 1.382%) 6.797% 7/20/2031^4,5,7		30,635		30,658
GoldenTree Loan Opportunities XI, Ltd., CLO, Series 2015-11A, Class AR2, (3-month USD CME Term SOFR + 1.332%) 6.727% 1/18/2031^4,5,7		17,237		17,239
GT Loan Financing, Ltd., Series 2013-1, Class AR, (3-month USD CME Term SOFR + 1.362%) 6.752% 7/28/2031^4,5,7		9,024		9,026
HalseyPoint CLO II, Ltd., Series 2020-2A, Class A1, (3-month USD CME Term SOFR + 2.122%) 7.537% 7/20/2031^4,5,7		28,135		28,141
Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 9.44% 6/25/2025^4,7,12		60,174		60,174
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/2025^4,7		69,743		67,351
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/2025^4,7		29,667		28,590
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 12/26/2025^4,7		7,331		7,059
Hertz Vehicle Financing III, LLC, Series 2022-1A, Class A, 1.99% 6/25/2026^4,7		32,246		30,832
Hertz Vehicle Financing III, LLC, Series 2022-1A, Class B, 2.19% 6/25/2026^4,7		5,327		5,060
Hertz Vehicle Financing III, LLC, Series 2022-1A, Class C, 2.63% 6/25/2026^4,7		3,260		3,092
Hertz Vehicle Financing III, LLC, Series 2022-4A, Class A, 3.73% 9/25/2026^4,7		42,910		41,816
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027^4,7		74,445		67,521
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027^4,7		14,511		13,127
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027^4,7		7,776		6,979
Hertz Vehicle Financing III, LLC, Series 2022-2A, Class A, 2.33% 6/26/2028^4,7		49,550		45,130
Hertz Vehicle Financing III, LLC, Series 2022-2A, Class B, 2.65% 6/26/2028^4,7		8,792		7,964
Hertz Vehicle Financing III, LLC, Series 2022-2A, Class C, 2.95% 6/26/2028^4,7		5,075		4,541
Hertz Vehicle Financing III, LLC, Series 2022-5A, Class A, 3.89% 9/25/2028^4,7		22,138		21,130
Hertz Vehicle Financing III, LLC, Series 2023-2, Class A, 5.57% 9/25/2029^4,7		12,400		12,554
Hertz Vehicle Financing III, LLC, Series 2023-4, Class A, 6.15% 3/25/2030^4,7		25,791		26,792
Honda Auto Receivables Owner Trust, Series 2023-1, Class A2, 5.22% 10/21/2025⁴		4,486		4,479
Honda Auto Receivables Owner Trust, Series 2023-3, Class A2, 5.71% 3/18/2026⁴		25,832		25,914
Honda Auto Receivables Owner Trust, Series 2023-1, Class A3, 5.04% 4/21/2027⁴		5,418		5,427
Jamestown CLO, Ltd., Series 2018-6RA, Class A1, (3-month USD CME Term SOFR + 1.412%) 6.79% 4/25/2030^4,5,7		3,808		3,808
Juniper Valley Park CLO, Ltd., Series 2023-1, Class A1, (3-month USD CME Term SOFR + 1.85%) 7.266% 7/20/2035^4,5,7		14,946		14,993
KKR Financial CLO, Ltd., Series 11, Class AR, (3-month USD CME Term SOFR + 1.442%) 6.835% 1/15/2031^4,5,7		2,673		2,676
KKR Financial CLO, Ltd., Series 38, Class A1, (3-month USD CME Term SOFR + 1.32%) 6.714% 4/15/2033^4,5,7		16,000		15,912
KKR Static CLO I, Ltd., Series 2022-1A, Class B, (3-month USD CME Term SOFR + 2.60%) 8.016% 7/20/2031^4,5,7		9,270		9,270
LAD Auto Receivables Trust, Series 2023-3, Class A2, 6.09% 6/15/2026^4,7		6,605		6,613
LAD Auto Receivables Trust, Series 2023-1, Class A2, 5.68% 10/15/2026^4,7		873		872
LAD Auto Receivables Trust, Series 2022-1, Class A, 5.21% 6/15/2027^4,7		2,326		2,315
LAD Auto Receivables Trust, Series 2023-2, Class A2, 5.93% 6/15/2027^4,7		23,622		23,643
LAD Auto Receivables Trust, Series 2023-4, Class A3, 6.10% 12/15/2027^4,7		16,590		16,771
LAD Auto Receivables Trust, Series 2023-2, Class A3, 5.42% 2/15/2028^4,7		14,930		14,939
LCM, LP, Series 2027, Class A1, (3-month USD CME Term SOFR + 1.342%) 6.735% 7/16/2031^4,5,7		31,804		31,803
Madison Park Funding, Ltd., Series 2016-22, Class A1R, (3-month USD CME Term SOFR + 1.522%) 6.915% 1/15/2033^4,5,7		6,400		6,400
Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD CME Term SOFR + 1.262%) 6.674% 7/21/2030^4,5,7		72,143		72,160
Madison Park Funding, Ltd., CLO, Series 2017-23A, Class AR, (3-month USD CME Term SOFR + 1.232%) 6.619% 7/27/2031^4,5,7		1,456		1,455
Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD CME Term SOFR + 1.412%) 6.805% 4/15/2029^4,5,7		10,215		10,215
Merchants Fleet Funding, LLC, Series 2023-1, Class A, 7.21% 5/20/2036^4,7		19,972		20,190
MidOcean Credit CLO, Series 2017-7, Class A2R, (3-month USD CME Term SOFR + 1.712%) 7.105% 7/15/2029^4,5,7		13,608		13,577
Mission Lane Credit Card Master Trust, Series 2022-A, Class A, 6.92% 9/15/2027^4,7		36,163		35,969
Mission Lane Credit Card Master Trust, Series 2023-A, Class A, 7.23% 7/17/2028^4,7		15,637		15,661
Mission Lane Credit Card Master Trust, Series 2022-B, Class A1, 8.25% 1/15/2028^4,12,13		24,983		25,053
Mission Lane Credit Card Master Trust, Series 2022-B, Class A2, 8.73% 1/15/2028^4,12,13		4,065		4,076
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/2069^4,7		25,607		22,220
Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070^4,7		25,259		21,927


46	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046^4,7	USD	62,629	$	54,780
Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 4/20/2062^4,7		54,063		48,558
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062^4,7		30,887		27,986
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062^4,7		52,390		47,616
Neuberger Berman CLO, Ltd., Series 2017-26, Class AR, (3-month USD CME Term SOFR + 1.182%) 6.577% 10/18/2030^4,5,7		6,011		5,999
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061^4,7		225,061		197,311
Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD CME Term SOFR + 1.232%) 6.61% 7/25/2030^4,5,7		21,395		21,370
Nissan Auto Lease Trust, Series 2023-B, Class A2A, 5.74% 8/15/2025⁴		7,194		7,201
Nissan Auto Lease Trust, Series 2023-A, Class A3, 4.91% 1/15/2026⁴		2,148		2,141
Nissan Auto Receivables Owner Trust, Series 2023-B, Class A3, 5.93% 3/15/2028⁴		8,539		8,751
OCP CLO, Ltd., Series 2018-15A, Class A1, (3-month USD CME Term SOFR + 1.362%) 6.777% 7/20/2031^4,5,7		15,889		15,886
Octagon Investment Partners, Ltd., CLO, Series 2018-18X, Class A1A, (3-month USD CME Term SOFR + 1.222%) 6.615% 4/16/2031^4,5,13		3,300		3,302
OnDeck Asset Securitization Trust, LLC, Series 2023-1A, Class B, 8.25% 8/19/2030^4,7		6,822		6,887
Palmer Square Loan Funding, CLO, Series 2020-4, Class A1, (3-month USD CME Term SOFR + 1.262%) 6.641% 11/25/2028^4,5,7		7,437		7,447
Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD CME Term SOFR + 1.162%) 6.577% 4/20/2029^4,5,7		2,587		2,586
Palmer Square Loan Funding, CLO, Series 2021-3, Class A1, (3-month USD CME Term SOFR + 1.062%) 6.477% 7/20/2029^4,5,7		3,057		3,050
Palmer Square Loan Funding, CLO, Series 2021-4A, Class A1, (3-month USD CME Term SOFR + 1.062%) 6.455% 10/15/2029^4,5,7		70,708		70,542
Palmer Square Loan Funding, CLO, Series 2021-4A, Class A2, (3-month USD CME Term SOFR + 1.662%) 7.055% 10/15/2029^4,5,7		44,195		43,943
Palmer Square Loan Funding, CLO, Series 2018-2, Class A1A, (3-month USD CME Term SOFR + 1.362%) 6.755% 7/16/2031^4,5,7		29,397		29,420
Palmer Square Loan Funding, CLO, Series 2023-1, Class A1, (3-month USD CME Term SOFR + 1.70%) 6.812% 7/20/2031^4,5,7		15,000		15,020
Palmer Square Loan Funding, CLO, Series 2022-4, Class A1, (3-month USD-CME Term SOFR + 1.75%) 7.148% 7/24/2031^4,5,7		11,763		11,784
PFS Financing Corp., Series 2022-D, Class A, 4.27% 8/16/2027^4,7		2,116		2,080
PFS Financing Corp., Series 2022-D, Class B, 4.90% 8/16/2027^4,7		1,294		1,269
PFS Financing Corp., Series 2023-D, Class A, (30-day Average USD-SOFR + 1.15%) 6.488% 8/16/2027^4,5,7		11,885		11,895
PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028^4,7		36,810		37,014
PFS Financing Corp., Series 2023-C, Class A, 5.52% 10/16/2028^4,7		16,371		16,575
PG&E Wildfire Recovery Funding, LLC, Series 2022-A, Class A2, 4.263% 6/1/2036⁴		13,836		13,132
Prestige Auto Receivables Trust, Series 2019-1A, Class D, 3.01% 8/15/2025^4,7		734		732
Prestige Auto Receivables Trust, Series 2023-1, Class A2, 5.88% 3/16/2026^4,7		2,863		2,862
Race Point CLO, Ltd., Series 2015-9A, Class A1A2, (3-month USD CME Term SOFR + 1.202%) 6.595% 10/15/2030^4,5,7		55,255		55,152
Research-Driven Pagaya Motor Asset Trust I, Series 2022-3, Class A, 5.38% 11/25/2030^4,7		8,652		8,567
Research-Driven Pagaya Motor Asset Trust I, Series 2022-3, Class B, 6.58% 11/25/2030^4,7		7,592		7,490
Santander Drive Auto Receivables Trust, Series 2020-1, Class C, 4.11% 12/15/2025⁴		437		437
Santander Drive Auto Receivables Trust, Series 2022-7, Class A2, 5.81% 1/15/2026⁴		6,923		6,923
Santander Drive Auto Receivables Trust, Series 2023-2, Class A2, 5.87% 3/16/2026⁴		11,148		11,150
Santander Drive Auto Receivables Trust, Series 2023-1, Class A2, 5.36% 5/15/2026⁴		1,056		1,055
Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.90% 6/15/2026⁴		622		620
Santander Drive Auto Receivables Trust, Series 2022-5, Class A3, 4.11% 8/17/2026⁴		12,145		12,089
Santander Drive Auto Receivables Trust, Series 2020-3, Class D, 1.64% 11/16/2026⁴		989		972
Santander Drive Auto Receivables Trust, Series 2023-4, Class A2, 6.18% 2/16/2027⁴		12,712		12,749
Santander Drive Auto Receivables Trust, Series 2022-5, Class B, 4.43% 3/15/2027⁴		5,894		5,826
Santander Drive Auto Receivables Trust, Series 2022-7, Class A3, 5.75% 4/15/2027⁴		6,686		6,689
Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35% 7/15/2027⁴		9,980		9,614
Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.95% 9/15/2027⁴		5,092		5,047
Santander Drive Auto Receivables Trust, Series 2021-3, Class D, 1.33% 9/15/2027⁴		9,476		9,056
Santander Drive Auto Receivables Trust, Series 2023-3, Class A3, 5.61% 10/15/2027⁴		14,893		14,962
Santander Drive Auto Receivables Trust, Series 2022-7, Class B, 5.95% 1/17/2028⁴		2,751		2,765
Santander Drive Auto Receivables Trust, Series 2023-4, Class A3, 5.73% 4/17/2028⁴		13,726		13,873
Santander Drive Auto Receivables Trust, Series 2023-6, Class A3, 5.93% 7/17/2028⁴		7,026		7,149
Santander Drive Auto Receivables Trust, Series 2023-5, Class A3, 6.02% 9/15/2028⁴		14,146		14,361


American Balanced Fund	47

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.74% 10/15/2028⁴	USD	5,506	$	5,425
Santander Drive Auto Receivables Trust, Series 2023-4, Class B, 5.77% 12/15/2028⁴		20,096		20,389
Santander Drive Auto Receivables Trust, Series 2023-3, Class C, 5.77% 11/15/2030⁴		10,034		10,172
SFS Auto Receivables Securitization Trust, Series 2023-1, Class A2A, 5.89% 3/22/2027^4,7		6,998		7,012
SFS Auto Receivables Securitization Trust, Series 2023-1, Class A3, 5.47% 10/20/2028^4,7		19,239		19,448
SFS Auto Receivables Securitization Trust, Series 2023-1, Class B, 5.71% 1/22/2030^4,7		2,222		2,241
SFS Auto Receivables Securitization Trust, Series 2023-1, Class C, 5.97% 2/20/2031^4,7		3,535		3,554
SLAM, Ltd., Series 2021-1, Class A, 2.434% 6/15/2046^4,7		19,401		16,805
SLAM, Ltd., Series 2021-1, Class B, 3.422% 6/15/2046^4,7		3,571		3,008
SMB Private Education Loan Trust, Series 2023-C, Class A1A, 5.67% 11/15/2052^4,7		7,658		7,705
SMB Private Education Loan Trust, Series 2021-A, Class A2A2, (1-month USD CME Term SOFR + 0.844%) 6.206% 1/15/2053^4,5,7		15,335		15,063
SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046^4,7		34,207		29,563
Sound Point CLO, Ltd., Series 2015-1RA, Class AR, (3-month USD CME Term SOFR + 1.342%) 6.735% 4/15/2030^4,5,7		2,761		2,761
Sound Point CLO, Ltd., Series 2017-3A, Class A1R, (3-month USD CME Term SOFR + 1.242%) 6.657% 10/20/2030^4,5,7		10,499		10,488
South Carolina Student Loan Corp., Series 2014-1, Class A2, (30-day Average USD-SOFR + 1.114%) 6.445% 1/3/2033^4,5		5,671		5,672
SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046^4,7		37,406		34,336
Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041^4,7		39,923		34,007
Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033^4,7		17,303		15,916
Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033^4,7		11,615		10,599
Stratus Static CLO, Ltd., Series 2021-2, Class A, (3-month USD CME Term SOFR + 1.162%) 6.577% 12/28/2029^4,5,7		7,665		7,648
Stratus Static CLO, Ltd., Series 2021-1, Class A, (3-month USD CME Term SOFR + 1.062%) 6.477% 12/29/2029^4,5,7		402		401
Stratus Static CLO, Ltd., Series 2022-3, Class A, (3-month USD CME Term SOFR + 2.15%) 7.566% 10/20/2031^4,5,7		69,103		69,114
Stratus Static CLO, Ltd., Series 2022-3, Class B, (3-month USD CME Term SOFR + 3.05%) 8.466% 10/20/2031^4,5,7		12,681		12,707
SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075^4,7		20,365		18,966
Sycamore Tree CLO, Ltd., Series 2023-3, Class A1, (3-month USD CME Term SOFR + 2.20%) 7.616% 4/20/2035^4,5,7		10,000		10,009
Symphony Static CLO, Ltd., Series 2021-1, Class A, (3-month USD CME Term SOFR + 1.092%) 6.47% 10/25/2029^4,5,7		2,828		2,816
Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/2029⁴		33,163		33,804
TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045^4,7		38,196		34,715
Teachers Insurance and Annuity Association of AME, CLO, Series 2016-1, Class AR, (3-month USD CME Term SOFR + 1.462%) 6.877% 7/20/2031^4,5,7		2,866		2,870
Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 8/21/2045^4,7		14,451		13,502
Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045^4,7		24,831		22,503
Textainer Marine Containers, Ltd., Series 2020-2A, Class B, 3.34% 9/20/2045^4,7		2,543		2,315
Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 2/20/2046^4,7		29,161		25,606
Textainer Marine Containers, Ltd., Series 2021-1A, Class B, 2.52% 2/20/2046^4,7		1,255		1,093
Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046^4,7		59,664		53,339
TIF Funding II, LLC, Series 2020-1A, Class A, 2.09% 8/20/2045^4,7		15,575		14,001
TIF Funding II, LLC, Series 2021-1A, Class A, 1.65% 2/20/2046^4,7		12,863		11,066
TIF Funding II, LLC, Series 2021-1A, Class B, 2.54% 2/20/2046^4,7		467		399
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 11/25/2031^4,7		34,690		34,258
Toyota Auto Loan Extended Note Trust, Series 2020-1, Class A, 1.35% 5/25/2033^4,7		38,148		36,226
Toyota Auto Receivables Owner Trust, Series 2023-C, Class A3, 5.16% 4/17/2028⁴		20,414		20,572
Toyota Auto Receivables Owner Trust, Series 2023-C, Class A4, 5.01% 2/15/2029⁴		7,901		7,973
Toyota Lease Owner Trust, Series 2023-A, Class A2, 5.30% 8/20/2025^4,7		17,817		17,793
Trestles CLO, Ltd., Series 2023-6, Class A, (3-month USD CME Term SOFR + 1.70%) 7.08% 1/25/2036^4,5,7		16,000		15,997
Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045^4,7		114,704		102,103
Triton Container Finance VIII, LLC, Series 2020-1, Class B, 3.74% 9/20/2045^4,7		2,994		2,716
Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046^4,7		33,324		29,084
Triton Container Finance VIII, LLC, Series 2021-1A, Class B, 2.58% 3/20/2046^4,7		1,247		1,074
Valley Stream Park CLO, Ltd., Series 2022-1, Class AR, (3-month USD CME Term SOFR + 1.63%) 7.046% 10/20/2034^4,5,7		80,000		80,027
Venture CDO, Ltd., CLO, Series 2017-29, Class AR, (3-month USD CME Term SOFR + 1.252%) 6.631% 9/7/2030^4,5,7		4,908		4,898


48	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Venture CDO, Ltd., CLO, Series 2018-32, Class A2A, (3-month USD CME Term SOFR + 1.332%) 6.727% 7/18/2031^4,5,7	USD	20,599	$	20,582
Verizon Master Trust, Series 2023-2, Class A, 4.89% 4/13/2028⁴		41,651		41,542
Verizon Master Trust, Series 2023-1, Class A, 4.49% 1/22/2029 (5.24% on 1/20/2026)^4,8		77,422		77,083
Verizon Master Trust, Series 2023-3, Class A, 4.73% 4/21/2031^4,7		44,216		44,588
Wellfleet CLO, Ltd., Series 2017-3A, Class A1, (3-month USD CME Term SOFR + 1.412%) 6.814% 1/17/2031^4,5,7		4,410		4,409
Westlake Automobile Receivables Trust, Series 2022-3, Class A2, 5.24% 7/15/2025^4,7		5,255		5,251
Westlake Automobile Receivables Trust, Series 2020-3A, Class C, 1.24% 11/17/2025^4,7		153		153
Westlake Automobile Receivables Trust, Series 2020-3A, Class D, 1.65% 2/17/2026^4,7		11,486		11,305
Westlake Automobile Receivables Trust, Series 2023-1, Class A2A, 5.51% 6/15/2026^4,7		6,686		6,678
Westlake Automobile Receivables Trust, Series 2021-2, Class B, 0.62% 7/15/2026^4,7		29		29
Westlake Automobile Receivables Trust, Series 2021-2, Class C, 0.89% 7/15/2026^4,7		16,856		16,560
Westlake Automobile Receivables Trust, Series 2023-2, Class A2A, 5.87% 7/15/2026^4,7		17,574		17,579
Westlake Automobile Receivables Trust, Series 2021-2, Class D, 1.23% 12/15/2026^4,7		11,177		10,635
Westlake Automobile Receivables Trust, Series 2023-4, Class A2, 6.23% 1/15/2027^4,7		8,284		8,331
Westlake Automobile Receivables Trust, Series 2023-2, Class A3, 5.80% 2/16/2027^4,7		17,287		17,346
Westlake Automobile Receivables Trust, Series 2022-1A, Class D, 3.49% 3/15/2027^4,7		7,472		7,208
Westlake Automobile Receivables Trust, Series 2023-3, Class A3, 5.82% 5/17/2027^4,7		42,000		42,229
Westlake Automobile Receivables Trust, Series 2023-1, Class A3, 5.21% 1/18/2028^4,7		4,136		4,126
Westlake Automobile Receivables Trust, Series 2023-1, Class B, 5.41% 1/18/2028^4,7		2,834		2,822
Westlake Automobile Receivables Trust, Series 2023-1, Class C, 5.74% 8/15/2028^4,7		5,491		5,474
Westlake Automobile Receivables Trust, Series 2023-3, Class B, 5.92% 9/15/2028^4,7		10,243		10,298
Westlake Automobile Receivables Trust, Series 2023-3, Class C, 6.02% 9/15/2028^4,7		9,545		9,584
Westlake Automobile Receivables Trust, Series 2023-3, Class D, 6.47% 3/15/2029^4,7		5,314		5,321
World Financial Network Credit Card Master Trust, Series 2023-A, Class A, 5.02% 3/15/2030⁴		39,226		39,292
				5,836,589

Bonds & notes of governments & government agencies outside the U.S. 0.38%
British Columbia (Province of) 4.20% 7/6/2033		2,030		2,005
Caisse d’Amortissement de la Dette Sociale 3.375% 3/20/2024⁷		44,610		44,401
Caisse d’Amortissement de la Dette Sociale 0.375% 9/23/2025⁷		18,000		16,776
Chile (Republic of) 3.10% 1/22/2061		15,816		10,663
CPPIB Capital, Inc. 0.50% 9/16/2024⁷		22,500		21,791
CPPIB Capital, Inc. 0.875% 9/9/2026⁷		17,827		16,300
CPPIB Capital, Inc. 2.75% 11/2/2027⁷		23,770		22,531
Development Bank of Japan, Inc. 1.25% 10/20/2026⁷		18,000		16,500
Development Bank of Japan, Inc. 1.75% 10/20/2031⁷		12,582		10,450
European Investment Bank 0.75% 10/26/2026		37,160		33,886
European Investment Bank 0.625% 10/21/2027		7,655		6,749
European Stability Mechanism 0.375% 9/10/2025⁷		23,570		22,013
Hungary (Republic of) 2.125% 9/22/2031⁷		14,164		11,454
Hungary (Republic of) 3.125% 9/21/2051⁷		17,678		12,039
Hydro-Quebec 9.50% 11/15/2030		22,230		28,464
Indonesia Asahan Aluminium (Persero) PT 6.53% 11/15/2028		17,050		17,900
Indonesia Asahan Aluminium (Persero) PT 6.53% 11/15/2028⁷		2,950		3,097
Indonesia Asahan Aluminium (Persero) PT 5.80% 5/15/2050⁷		3,850		3,745
International Bank for Reconstruction and Development 0.75% 11/24/2027		9,000		7,942
International Development Assn. 0.375% 9/23/2025⁷		19,410		18,105
Japan Bank for International Cooperation 1.25% 1/21/2031		32,068		26,064
KfW 0.375% 7/18/2025		7,671		7,202
KfW 5.125% 9/29/2025		40,003		40,453
Landwirtschaftliche Rentenbank 0.875% 9/3/2030		13,390		10,912
Manitoba (Province of) 3.05% 5/14/2024		12,040		11,942
OMERS Finance Trust 1.10% 3/26/2026⁷		26,770		24,794
OMERS Finance Trust 3.50% 4/19/2032⁷		33,621		31,016
OMERS Finance Trust 4.00% 4/19/2052⁷		33,621		27,674
Ontario Teachers’ Finance Trust 3.00% 4/13/2027⁷		18,000		17,255
Panama (Republic of) 3.298% 1/19/2033		17,869		14,159
Panama (Republic of) 4.50% 1/19/2063		3,874		2,544
Peru (Republic of) 2.392% 1/23/2026		2,730		2,602
Peru (Republic of) 1.862% 12/1/2032		40,334		31,685
Peru (Republic of) 2.78% 12/1/2060		40,618		25,418
Philippines (Republic of) 1.648% 6/10/2031		12,449		10,263


American Balanced Fund	49

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) 6.375% 10/23/2034	USD	22,310	$	25,335
Philippines (Republic of) 2.65% 12/10/2045		7,151		5,102
Qatar (State of) 3.375% 3/14/2024⁷		24,780		24,673
Qatar (State of) 4.00% 3/14/2029⁷		7,500		7,451
Qatar (State of) 4.817% 3/14/2049⁷		7,500		7,318
Quebec Canada (Province of) 2.75% 4/12/2027		23,200		22,292
Saskatchewan (Province of) 3.25% 6/8/2027		19,319		18,716
Saudi Arabia (Kingdom of) 4.75% 1/18/2028⁷		4,883		4,939
Saudi Arabia (Kingdom of) 4.875% 7/18/2033⁷		310		317
Swedish Export Credit Corp. 3.625% 9/3/2024		36,618		36,213
United Mexican States 2.659% 5/24/2031		23,299		19,754
United Mexican States 4.875% 5/19/2033		9,165		8,851
United Mexican States 6.338% 5/4/2053		8,605		8,782
United Mexican States 3.771% 5/24/2061		13,292		9,053
				809,590

Municipals 0.29%
California 0.06%
Trustees of the California State University, Systemwide Rev. Bonds, Series 2021-B, 2.719% 11/1/2052		7,980		5,551
Trustees of the California State University, Systemwide Rev. Bonds, Series 2021-B, 2.939% 11/1/2052		11,515		8,209
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset- Backed Bonds, Series 2021-A-1, 2.158% 6/1/2026		5,955		5,558
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset- Backed Bonds, Series 2021-A-1, 2.332% 6/1/2027		8,260		7,576
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset- Backed Bonds, Series 2021-B, 2.746% 6/1/2034		4,330		3,653
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset- Backed Bonds, Series 2021-A-1, 3.487% 6/1/2036		5,365		4,376
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset- Backed Bonds, Series 2021-A, 3.115% 6/1/2038		25,195		20,507
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset- Backed Bonds, Series 2021-A-1, 3.714% 6/1/2041		8,055		6,157
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset- Backed Bonds, Series 2021-B, 3.293% 6/1/2042		7,670		6,003
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset- Backed Bonds, Series 2021-B, 3.00% 6/1/2046		7,280		6,630
Regents of the University of California, General Rev. Bonds, Series 2020-BG, 0.883% 5/15/2025		5,000		4,745
Regents of the University of California, General Rev. Bonds, Series 2020-BG, 1.316% 5/15/2027		5,400		4,893
Regents of the University of California, General Rev. Bonds, Series 2020-BG, 1.614% 5/15/2030		6,450		5,459
Regents of the University of California, General Rev. Bonds, Series 2023-BR, 5.10% 5/15/2033		13,795		14,312
Regents of the University of California, General Rev. Bonds, Series 2021-BI, 2.847% 5/15/2041		2,690		2,004
Regents of the University of California, General Rev. Bonds, Series 2021-BI, 3.146% 5/15/2051		11,320		8,577
				114,210

Florida 0.04%
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.258% 7/1/2025		10,760		10,212
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 7/1/2027		44,105		39,960
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 7/1/2030		43,308		36,985
				87,157

Guam 0.00%
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 3.839% 10/1/2036		960		780
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 4.46% 10/1/2043		1,260		974
				1,754


50	American Balanced Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Municipals (continued)
Illinois 0.10%
G.O. Bonds, Series 2019-A, 4.20% 4/1/2024	USD	1,855	$	1,848
G.O. Bonds, Series 2019-A, 4.50% 4/1/2025		325		322
G.O. Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033		182,650		180,898
G.O. Bonds, Pension Funding, Series 2003, Assured Guaranty Municipal insured, 5.10% 6/1/2033		30,532		30,210
G.O. Bonds, Taxable Build America Bonds, Series 2010-1, 6.63% 2/1/2035		5,732		6,010
				219,288

Michigan 0.01%
Building Auth., Rev. Ref. Bonds (Facs. Program), Series 2020-II, 2.705% 10/15/2040		6,555		5,002
Board of Trustees of Michigan State University, Rev. Bonds, Series 2022-A, 4.165% 8/15/2122		10,670		8,670
Regents of the University of Michigan, General Rev. Bonds, Series 2022-A, 3.504% 4/1/2052		6,660		5,506
				19,178

New York 0.02%
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.187% 3/15/2026 (escrowed to maturity)		17,250		16,102
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.748% 3/15/2028		19,440		17,547
				33,649

Ohio 0.02%
Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), Series 2021, 4.425% 5/1/2031		51,280		44,953

South Dakota 0.00%
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2015-D, 4.00% 11/1/2045		445		444

Wisconsin 0.04%
Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034		94,755		89,774

Total municipals				610,407

Federal agency bonds & notes 0.05%
Fannie Mae 0.375% 8/25/2025		16,060		15,020
Fannie Mae 0.75% 10/8/2027		11,330		10,069
Fannie Mae 0.875% 8/5/2030		17,097		13,948
Federal Farm Credit Banks 1.75% 2/14/2025		13,983		13,543
Federal Home Loan Bank 5.50% 7/15/2036		600		674
Korea Housing Finance Corp. 4.625% 2/24/2028⁷		19,870		19,846
Private Export Funding Corp. 3.55% 1/15/2024		25,667		25,645
				98,745

Total bonds, notes & other debt instruments (cost: $63,029,129,000)				61,589,169

Investment funds 3.19%	Shares
Capital Group Central Corporate Bond Fund²		794,173,577		6,734,592

Total Investment funds (cost: $7,771,843,000)				6,734,592

Short-term securities 8.70%
Money market investments 8.33%
Capital Group Central Cash Fund 5.44%^2,14		176,083,441		17,606,583


American Balanced Fund	51

Short-term securities (continued)				Shares		Value (000)
Money market investments purchased with collateral from securities on loan 0.29%
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.32%^14,15					96,600,000	$	96,600
Dreyfus Treasury Obligations Cash Management, Institutional Shares 5.25%^14,15					84,500,000		84,500
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.27%^14,15					78,680,664		78,680
Fidelity Investments Money Market Government Portfolio, Class I 5.25%^14,15					78,500,000		78,500
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 5.27%^14,15					78,500,000		78,500
BlackRock Liquidity Funds – FedFund, Institutional Shares 5.26%^14,15					66,400,000		66,400
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.23%^14,15					60,400,000		60,400
Capital Group Central Cash Fund 5.44%^2,14,15					423,600		42,356
RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 5.23%^14,15					18,100,000		18,100
							604,036

	Weighted average yield at acquisition			Principal amount (000)
U.S. Treasury bills 0.08%
U.S. Treasury 2/22/2024		4.415	%	USD	159,150		157,968
U.S. Treasury 4/18/2024		4.565			18,000		17,723
							175,691

Total short-term securities (cost: $18,385,199,000)							18,386,310
Total investment securities 103.79% (cost: $163,298,470,000)							219,343,831
Other assets less liabilities (3.79)%							(8,017,487	)

Net assets 100.00%						$	211,326,344

Futures contracts

Contracts	Type	Number of contracts	Expiration date	Notional amount (000)				Value and unrealized appreciation (depreciation) at 12/31/2023 (000)
30 Day Federal Funds Futures	Short	26,231	2/1/2024		USD	(10,348,138	)		$	(7,567	)
3 Month SOFR Futures	Short	55,783	3/20/2024			(13,198,606	)			386,366
3 Month SOFR Futures	Short	9,943	3/19/2025			(2,393,032	)			69,898
2 Year U.S. Treasury Note Futures	Long	88,828	4/3/2024			18,290,934				174,203
5 Year U.S. Treasury Note Futures	Long	96,974	4/3/2024			10,548,196				162,470
10 Year French Government Bond Futures	Long	2,882	3/11/2024			418,410				14,607
10 Year Euro-Bund Futures	Short	2,743	3/11/2024			(415,521	)			(12,294	)
10 Year Japanese Government Bond Futures	Short	571	3/20/2024			(594,124	)			(2,073	)
10 Year U.S. Treasury Note Futures	Long	6,248	3/28/2024			705,341				2,550
10 Year Ultra U.S. Treasury Note Futures	Short	42,888	3/28/2024			(5,061,454	)			(121,633	)
20 Year U.S. Treasury Bond Futures	Long	2,647	3/28/2024			330,710				25,145
30 Year Ultra U.S. Treasury Bond Futures	Long	11,747	3/28/2024			1,569,326				103,323
									$	794,995


52	American Balanced Fund

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

									Upfront		Unrealized
									premium		appreciation
Receive		Pay			Notional	Value at			paid		(depreciation)
	Payment		Payment	Expiration	amount	12/31/2023			(received)		at 12/31/2023
Rate	frequency	Rate	frequency	date	(000)	(000)			(000)		(000)
0.207%	Annual	U.S. EFFR	Annual	2/26/2024	USD1,341,000	$	(10,946	)	$	—	$	(10,946	)
0.3325%	Annual	U.S. EFFR	Annual	4/2/2024	735,000		(9,410	)		—		(9,410	)
U.S. EFFR	Annual	0.10625%	Annual	7/8/2025	301,000		18,526			—		18,526
4.27%	Annual	SOFR	Annual	2/16/2026	479,019		2,344			—		2,344
4.265%	Annual	SOFR	Annual	2/16/2026	237,726		1,139			—		1,139
4.3035%	Annual	SOFR	Annual	2/17/2026	142,700		794			—		794
4.2675%	Annual	SOFR	Annual	2/17/2026	137,752		666			—		666
4.2515%	Annual	SOFR	Annual	2/17/2026	141,314		637			—		637
4.3005%	Annual	SOFR	Annual	2/17/2026	98,960		544			—		544
4.288%	Annual	SOFR	Annual	2/17/2026	100,530		528			—		528
3.16%	Annual	SOFR	Annual	6/20/2028	161,300		(2,750	)		—		(2,750	)
3.18%	Annual	SOFR	Annual	4/17/2030	124,700		(2,247	)		—		(2,247	)
3.275%	Annual	SOFR	Annual	4/18/2030	124,700		(1,583	)		—		(1,583	)
3.353%	Annual	SOFR	Annual	4/19/2030	124,700		(1,039	)		—		(1,039	)
3.342%	Annual	SOFR	Annual	4/19/2030	124,700		(1,116	)		—		(1,116	)
3.344%	Annual	SOFR	Annual	4/20/2030	124,600		(1,102	)		—		(1,102	)
3.128%	Annual	SOFR	Annual	4/28/2030	124,700		(2,618	)		—		(2,618	)
3.285%	Annual	SOFR	Annual	5/1/2030	124,700		(1,518	)		—		(1,518	)
3.259%	Annual	SOFR	Annual	5/1/2030	124,700		(1,700	)		—		(1,700	)
3.186%	Annual	SOFR	Annual	5/9/2030	124,700		(2,216	)		—		(2,216	)
3.215%	Annual	SOFR	Annual	5/10/2030	124,600		(2,011	)		—		(2,011	)
3.29%	Annual	SOFR	Annual	5/19/2030	149,400		(1,782	)		—		(1,782	)
U.S. EFFR	Annual	0.666%	Annual	11/19/2030	78,700		13,223			—		13,223
SOFR	Annual	3.2015%	Annual	1/19/2033	112,387		2,401			—		2,401
SOFR	Annual	3.1205%	Annual	1/20/2033	247,490		6,838			—		6,838
SOFR	Annual	3.16653%	Annual	1/24/2033	255,784		6,167			—		6,167
SOFR	Annual	3.18606%	Annual	1/24/2033	236,491		5,345			—		5,345
SOFR	Annual	3.10%	Annual	6/20/2033	86,900		2,659			—		2,659
SOFR	Annual	3.01413%	Annual	1/12/2053	70,055		4,151			—		4,151
SOFR	Annual	3.02%	Annual	1/12/2053	70,100		4,078			—		4,078
SOFR	Annual	2.974%	Annual	4/17/2053	39,200		2,598			—		2,598
SOFR	Annual	3.044%	Annual	4/18/2053	39,500		2,109			—		2,109
SOFR	Annual	3.0875%	Annual	4/19/2053	39,600		1,797			—		1,797
SOFR	Annual	3.1035%	Annual	4/19/2053	39,500		1,676			—		1,676
SOFR	Annual	3.0895%	Annual	4/20/2053	39,600		1,783			—		1,783
SOFR	Annual	2.9405%	Annual	4/28/2053	39,400		2,853			—		2,853
SOFR	Annual	3.0535%	Annual	5/1/2053	79,000		4,075			—		4,075
SOFR	Annual	3.085%	Annual	5/9/2053	39,700		1,816			—		1,816
SOFR	Annual	3.1135%	Annual	5/10/2053	39,800		1,611			—		1,611
SOFR	Annual	3.1605%	Annual	5/19/2053	47,600		1,512			—		1,512
						$	49,832		$	—	$	49,832

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Reference
index

Financing
rate paid

Payment
frequency

Expiration
date

Notional
amount
(000)

Value at
12/31/2023
(000)

Upfront
premium
paid
(received)
(000)

Unrealized
appreciation
(depreciation)
at 12/31/2023
(000)

CDX.NA.IG.41

1.00%

Quarterly

12/20/2028

USD4,639,370

$(90,157

)

$(69,263

)

$(20,894

)


American Balanced Fund	53

Investments in affiliates²

	Value at 1/1/2023 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 12/31/2023 (000)		Dividend or interest income (000)
Common stocks 0.87%
Financials 0.40%
Synchrony Financial	$	727,693	$	—	$	—	$	—		$	118,034		$	845,727	$	21,259
Consumer discretionary 0.23%
Aramark		354,202		172,389		—		—			(51,336	)		475,255		6,909
Materials 0.24%
Royal Gold, Inc.		406,919		73,819		—		—			35,725			516,463		5,693
Total common stocks														1,837,445
Bonds, notes & other debt instruments 0.01%
Financials 0.01%
Synchrony Financial 4.375% 3/19/2024		11,348		—		—		—			162			11,510		511
Synchrony Financial 4.25% 8/15/2024		12,093		—		—		—			145			12,238		507
														23,748
Investment funds 3.19%
Capital Group Central Corporate Bond Fund		8,696,558		1,187,395		3,434,696		(620,423	)		905,758			6,734,592		294,111
Short-term securities 8.35%
Money market investments 8.33%
Capital Group Central Cash Fund 5.44%¹⁴		14,969,241		31,484,814		28,847,289		821			(1,004	)		17,606,583		969,971

Money market investments purchased with collateral from securities on loan 0.02%
Capital Group Central Cash Fund 5.44%^14,15		60,701				18,34516								42,356		—	¹⁷
Total short-term securities														17,648,939
Total 12.42%							$	(619,602	)	$	1,007,484		$	26,244,724	$	1,298,961

Restricted securities¹³

	Acquisition date(s)	Cost (000)		Value (000)		Percent of net assets
Mission Lane Credit Card Master Trust, Series 2022-B, Class A1, 8.25% 1/15/2028^4,12	12/6/2022	$	24,981	$	25,053		.01	%
Mission Lane Credit Card Master Trust, Series 2022-B, Class A2, 8.73% 1/15/2028^4,12	12/6/2022		4,065		4,076		.01
Octagon Investment Partners, Ltd., CLO, Series 2018-18X, Class A1A, (3-month USD CME Term SOFR + 1.222%) 6.615% 4/16/2031^4,5	10/28/2022		3,236		3,302		.00	¹⁸
Total		$	32,282	$	32,431		.02	%


54	American Balanced Fund

¹	Security did not produce income during the last 12 months.
²	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.
³	All or a portion of this security was on loan. The total value of all such securities was $656,009,000, which represented .31% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
⁴	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
⁵	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
⁶	Purchased on a TBA basis.
⁷	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $10,591,495,000, which represented 5.01% of the net assets of the fund.
⁸	Step bond; coupon rate may change at a later date.
⁹	Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
¹⁰	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $362,511,000, which represented .17% of the net assets of the fund.
¹¹	Index-linked bond whose principal amount moves with a government price index.
¹²	Value determined using significant unobservable inputs.
¹³	Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $32,431,000, which represented .02% of the net assets of the fund.
¹⁴	Rate represents the seven-day yield at 12/31/2023.
¹⁵	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
¹⁶	Represents net activity. Refer to Note 5 for more information on securities lending.
¹⁷	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.
¹⁸	Amount less than .01%.

Key to abbreviation(s)
ADR = American Depositary Receipts
Assn. = Association
Auth. = Authority
CAD = Canadian dollars
CLO = Collateralized Loan Obligations
CME = CME Group
CMO = Collateralized Mortgage Obligations
DAC = Designated Activity Company
Dev. = Development
EFFR = Effective Federal Funds Rate
Facs. = Facilities
Fin. = Finance
Fncg. = Financing
G.O. = General Obligation
ICE = Intercontinental Exchange, Inc.
LIBOR = London Interbank Offered Rate
Ref. = Refunding
REIT = Real Estate Investment Trust
Rev. = Revenue
SOFR = Secured Overnight Financing Rate
TBA = To be announced
USD = U.S. dollars

Refer to the notes to financial statements.


American Balanced Fund	55

Financial statements

Statement of assets and liabilities
at December 31, 2023		(dollars in thousands)

Assets:
Investment securities, at value (includes $656,009 of investment securities on loan):
Unaffiliated issuers (cost: $136,466,953)	$	193,099,107
Affiliated issuers (cost: $26,831,517)		26,244,724	$	219,343,831
Cash				3,266
Cash denominated in currencies other than U.S. dollars (cost: $1,103)				1,103
Receivables for:
Sales of investments		7,686,479
Sales of fund’s shares		199,424
Dividends and interest		712,574
Securities lending income		304
Variation margin on futures contracts		29,410
Variation margin on centrally cleared swap contracts		9,122
Other		2,030		8,639,343
				227,987,543
Liabilities:
Collateral for securities on loan				604,036
Payables for:
Purchases of investments		15,692,347
Repurchases of fund’s shares		232,598
Investment advisory services		37,740
Services provided by related parties		43,337
Trustees’ deferred compensation		5,040
Variation margin on futures contracts		14,223
Variation margin on centrally cleared swap contracts		3,764
Other		28,114		16,057,163
Net assets at December 31, 2023			$	211,326,344

Net assets consist of:
Capital paid in on shares of beneficial interest			$	154,357,787
Total distributable earnings (accumulated loss)				56,968,557
Net assets at December 31, 2023			$	211,326,344

Refer to the notes to financial statements.

56	American Balanced Fund

Financial statements (continued)

Statement of assets and liabilities
at December 31, 2023 (continued)
	(dollars and shares in thousands, except per-share amounts)

Shares of beneficial interest issued and outstanding (no stated par value) —
unlimited shares authorized (6,610,015 total shares outstanding)

	Net assets		Shares outstanding			Net asset value per share
Class A	$	98,984,780		3,094,240		$	31.99
Class C		8,391,350		264,344			31.74
Class T		12		—	*		31.99
Class F-1		3,967,145		124,132			31.96
Class F-2		25,297,738		791,534			31.96
Class F-3		10,713,382		335,092			31.97
Class 529-A		5,322,685		166,739			31.92
Class 529-C		265,186		8,295			31.97
Class 529-E		171,283		5,368			31.91
Class 529-T		17		—	*		31.99
Class 529-F-1		12		—	*		31.88
Class 529-F-2		466,956		14,599			31.99
Class 529-F-3		921		29			31.98
Class R-1		189,890		5,989			31.71
Class R-2		1,105,647		34,833			31.74
Class R-2E		143,648		4,513			31.83
Class R-3		2,351,531		73,960			31.79
Class R-4		4,094,641		128,238			31.93
Class R-5E		647,755		20,270			31.96
Class R-5		988,864		30,871			32.03
Class R-6		48,222,901		1,506,969			32.00

*	Amount less than one thousand.

Refer to the notes to financial statements.

American Balanced Fund

Financial statements (continued)

Statement of operations
for the year ended December 31, 2023
		(dollars in thousands)

Investment income:
Income:
Dividends (net of non-U.S. taxes of $30,817; also includes $1,297,943 from affiliates)	$	3,825,535
Interest (includes $1,018 from affiliates)		2,046,386
Securities lending income (net of fees)		3,093		$	5,875,014
*Fees and expenses:**
Investment advisory services		426,579
Distribution services		375,622
Transfer agent services		119,557
Administrative services		59,575
529 plan services		3,529
Reports to shareholders		3,375
Registration statement and prospectus		1,926
Trustees’ compensation		1,290
Auditing and legal		319
Custodian		1,675
Other		270			993,717
Net investment income					4,881,297

Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss) on:
Investments:
Unaffiliated issuers		3,369,888
Affiliated issuers		(619,602	)
Futures contracts		(1,642,631	)
Swap contracts		(226,363	)
Currency transactions		2,010			883,302
Net unrealized appreciation (depreciation) on:
Investments (net of non-U.S. taxes of $19,304):
Unaffiliated issuers		18,828,094
Affiliated issuers		1,007,484
Futures contracts		676,515
Swap contracts		137,487
Currency translations		1,208			20,650,788
Net realized gain (loss) and unrealized appreciation (depreciation)					21,534,090

Net increase (decrease) in net assets resulting from operations				$	26,415,387

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

Refer to the notes to financial statements.

58	American Balanced Fund

Financial statements (continued)

Statements of changes in net assets

(dollars in thousands)

	Year ended December 31,
	2023			2022
Operations:
Net investment income	$	4,881,297		$	4,408,134
Net realized gain (loss)		883,302			(2,645,987	)
Net unrealized appreciation (depreciation)		20,650,788			(28,988,224	)
Net increase (decrease) in net assets resulting from operations		26,415,387			(27,226,077	)

Distributions paid to shareholders		(5,098,208	)		(4,557,897	)

Net capital share transactions		(1,895,047	)		(979,233	)

Total increase (decrease) in net assets		19,422,132			(32,763,207	)

Net assets:
Beginning of year		191,904,212			224,667,419
End of year	$	211,326,344		$	191,904,212

Refer to the notes to financial statements.

American Balanced Fund

Notes to financial statements

1. Organization

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

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

Share class	Initial sales charge	Contingent deferred sales charge upon redemption	Conversion feature
Classes A and 529-A	Up to 5.75% for Class A; up to 3.50% for Class 529-A	None (except 1.00% for certain redemptions within 18 months of purchase without an initial sales charge)	None
Classes C and 529-C	None	1.00% for redemptions within one year of purchase	Class C converts to Class A after eight years and Class 529-C converts to Class 529-A after five years
Class 529-E	None	None	None
Classes T and 529-T*	Up to 2.50%	None	None
Classes F-1, F-2, F-3, 529-F-1, 529-F-2 and 529-F-3	None	None	None
Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6	None	None	None

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

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

2. Significant accounting policies

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

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

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

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

60	American Balanced Fund

Currency translation — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the fund’s statement of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

3. Valuation

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

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

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

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

Fixed-income class		Examples of standard inputs
All		Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)
Corporate bonds, notes & loans; convertible securities		Standard inputs and underlying equity of the issuer
Bonds & notes of governments & government agencies		Standard inputs and interest rate volatilities
Mortgage-backed; asset-backed obligations		Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information
Municipal securities		Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts

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

American Balanced Fund

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by the fund’s investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with 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, restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Processes and structure — The fund’s board of trustees has designated the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Committee”) to administer, implement and oversee the fair valuation process and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. 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. The Committee reports 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.

Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The tables on the following page present the fund’s valuation levels as of December 31, 2023 (dollars in thousands):

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	29,197,118	$	681,206	$	—	$	29,878,324
Health care		18,078,161		1,358,861		—		19,437,022
Financials		14,720,688		689,315		—		15,410,003
Industrials		14,180,870		329,865		—		14,510,735
Communication services		12,220,114		18,958		—		12,239,072
Consumer staples		10,520,760		1,358,958		—		11,879,718
Consumer discretionary		9,533,648		673,869		—		10,207,517
Energy		8,493,478		—		—		8,493,478
Materials		4,459,358		585,594		—		5,044,952
Utilities		3,198,965		—		—		3,198,965
Real estate		2,333,974		—		—		2,333,974
Bonds, notes & other debt instruments:
Mortgage-backed obligations		—		25,740,055		—		25,740,055
Corporate bonds, notes & loans		—		16,424,092		—		16,424,092
U.S. Treasury bonds & notes		—		12,069,691		—		12,069,691
Asset-backed obligations		—		5,747,286		89,303		5,836,589
Bonds & notes of governments & government agencies outside the U.S.		—		809,590		—		809,590
Municipals		—		610,407		—		610,407
Federal agency bonds & notes		—		98,745		—		98,745
Investment funds		6,734,592		—		—		6,734,592
Short-term securities		18,210,619		175,691		—		18,386,310
Total	$	151,882,345	$	67,372,183	$	89,303	$	219,343,831

62	American Balanced Fund

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	938,562		$	—		$	—	$	938,562
Unrealized appreciation on centrally cleared interest rate swaps		—			91,870			—		91,870
Liabilities:
Unrealized depreciation on futures contracts		(143,567	)		—			—		(143,567	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(42,038	)		—		(42,038	)
Unrealized depreciation on centrally cleared credit default swaps		—			(20,894	)		—		(20,894	)
Total	$	794,995		$	28,938		$	—	$	823,933


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

4. Risk factors

Investing in the fund may involve certain risks including, but not limited to, those described below.

Market conditions — The prices of, and the income generated by, the common stocks, bonds and other securities held by the fund may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; changes in inflation rates; 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), bank failures and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.

Issuer risks — The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

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

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

Investing in debt instruments — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage- or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change 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 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.

American Balanced Fund

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

Investing in securities backed by the U.S. government — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent or delay the payment of interest or principal on these securities, which could adversely affect their value and cause the fund to suffer losses. Such an event could lead to significant disruptions in U.S. and global markets. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.

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

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

Investing outside the U.S. — Securities of issuers domiciled outside the U.S. or with significant operations or revenues outside the U.S., and securities tied economically to countries 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 are domiciled, operate or generate revenue or to which the securities are tied economically. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

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

64	American Balanced Fund

5. Certain investment techniques

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

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

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

As of December 31, 2023, the total value of securities on loan was $656,009,000, and the total value of collateral received was $686,063,000. Collateral received includes cash of $604,036,000 and U.S. government securities of $82,027,000. 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 of TBA securities in which the fund sells a TBA mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar TBA security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions and may result in an increase to the fund’s portfolio turnover rate. Portfolio turnover rates excluding and including mortgage dollar rolls are presented at the end of the fund’s financial highlights table.

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

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

On a daily basis, the fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in the statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on the fund’s statement of assets and liabilities. The fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in the fund’s statement of operations. The average month-end notional amount of futures contracts while held was $75,935,371,000.

American Balanced Fund

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

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

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

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

Interest rate swaps — The fund has entered into interest rate swaps, which seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark, or on an inflation index such as the U.S. Consumer Price Index (which is a measure that examines the weighted average of prices of a basket of consumer goods and services and measures changes in the purchasing power of the U.S. dollar and the rate of inflation). In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the fund’s current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party. The average month-end notional amount of interest rate swaps while held was $9,102,371,000.

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

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

66	American Balanced Fund

investment exposure to the notional amount of the swap transaction. The average month-end notional amount of credit default swaps while held was $3,372,602,000.

The following tables identify the location and fair value amounts on the fund’s statement of assets and liabilities and the effect on the fund’s statement of operations resulting from the fund’s use of futures contracts, interest rate swaps and credit default swaps as of, or for the year ended, December 31, 2023 (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*	$	938,562		Unrealized depreciation*	$	143,567
Swap (centrally cleared)	Interest	Unrealized appreciation*		91,870		Unrealized depreciation*		42,038
Swap (centrally cleared)	Credit	Unrealized appreciation*		—		Unrealized depreciation*		20,894
			$	1,030,432			$	206,499

		Net realized gain (loss)				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(1,642,631	)	Net unrealized appreciation on futures contracts	$	676,515
Swap	Interest	Net realized loss on swap contracts		(155,751	)	Net unrealized appreciation on swap contracts		142,844
Swap	Credit	Net realized loss on swap contracts		(70,612	)	Net unrealized depreciation on swap contracts		(5,357	)
			$	(1,868,994	)		$	814,002


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

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

6. Taxation and distributions

Federal income taxation — The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The fund is not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the year ended December 31, 2023, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the year, the fund did not incur any significant interest or penalties.

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

American Balanced Fund

Non-U.S. taxation — Dividend and interest income are recorded net of non-U.S. taxes paid. The fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the fund filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the year ended December 31, 2023, the fund recognized $833,000 in reclaims (net of $16,000 in fees and the effect of realized gain or loss from currency translations) and $43,000 in interest related to European court rulings, which is included in dividend income and interest income, respectively, in the fund’s statement of operations. Gains realized by the fund on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. The fund generally records an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

Distributions — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; cost of investments sold; net capital losses and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes.

During the year ended December 31, 2023, the fund reclassified $136,000 from total distributable earnings to capital paid in on shares of beneficial interest to align financial reporting with tax reporting.

As of December 31, 2023, the tax basis components of distributable earnings, unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

Undistributed ordinary income	$	1,780,374
Capital loss carryforward*		(818,978	)
Gross unrealized appreciation on investments		61,151,140
Gross unrealized depreciation on investments		(5,090,513	)
Net unrealized appreciation (depreciation) on investments		56,060,627
Cost of investments		164,176,400


*	Reflects the utilization of capital loss carryforward of $1,934,672,000. The capital loss carryforward will be used to offset any capital gains realized by the fund in future years. The fund will not make distributions from capital gains while a capital loss carryforward remains.

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

	Year ended December 31, 2023								Year ended December 31, 2022
Share class	Ordinary income			Long-term capital gains		Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	2,326,432		$	—	$	2,326,432		$	1,534,834		$	563,404		$	2,098,238
Class C		142,546			—		142,546			82,906			58,334			141,240
Class T		—	^†		—		—	^†		—	^†		—	^†		—	^†
Class F-1		93,914			—		93,914			67,186			25,958			93,144
Class F-2		640,170			—		640,170			427,534			140,382			567,916
Class F-3		281,147			—		281,147			189,276			57,986			247,262
Class 529-A		124,256			—		124,256			83,139			31,487			114,626
Class 529-C		4,290			—		4,290			2,488			1,936			4,424
Class 529-E		3,661			—		3,661			2,405			1,082			3,487
Class 529-T		—	^†		—		—	^†		—	^†		—	^†		—	^†
Class 529-F-1		—	^†		—		—	^†		—	^†		—	^†		—	^†
Class 529-F-2		11,807			—		11,807			7,556			2,425			9,981
Class 529-F-3		24			—		24			17			5			22
Class R-1		3,168			—		3,168			1,516			1,020			2,536
Class R-2		18,455			—		18,455			9,503			6,829			16,332
Class R-2E		2,714			—		2,714			1,497			811			2,308
Class R-3		49,189			—		49,189			32,264			15,193			47,457
Class R-4		97,213			—		97,213			70,832			27,438			98,270
Class R-5E		17,226			—		17,226			11,965			4,012			15,977
Class R-5		26,282			—		26,282			20,691			6,749			27,440
Class R-6		1,255,714			—		1,255,714			817,370			249,867			1,067,237
Total	$	5,098,208		$	—	$	5,098,208		$	3,362,979		$	1,194,918		$	4,557,897


^†	Amount less than one thousand.

68	American Balanced Fund

7. Fees and transactions with related parties

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

Investment advisory services — The fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on a series of decreasing annual rates beginning with 0.420% on the first $500 million of daily net assets and decreasing to 0.199% on such assets in excess of $233 billion. For the year ended December 31, 2023, the investment advisory services fees were $426,579,000, which were equivalent to an annualized rate of 0.215% of average daily net assets.

Class-specific fees and expenses — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

Distribution services — The fund has plans of distribution for all share classes, except Class F-2, F-3, 529-F-2, 529-F-3, R-5E, R-5 and R-6 shares. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.25% to 1.00% as noted in this section. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.

Share class	Currently approved limits			Plan limits
Class A		0.25	%		0.25	%
Class 529-A		0.25			0.50
Classes C, 529-C and R-1		1.00			1.00
Class R-2		0.75			1.00
Class R-2E		0.60			0.85
Classes 529-E and R-3		0.50			0.75
Classes T, F-1, 529-T, 529-F-1 and R-4		0.25			0.50

For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These share classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limits are not exceeded. As of December 31, 2023, unreimbursed expenses subject to reimbursement totaled $14,160,000 for Class A shares. There were no unreimbursed expenses subject to reimbursement for Class 529-A shares.

Transfer agent services — The fund has a shareholder services agreement with AFS under which the fund compensates AFS for providing transfer agent services to each of the fund’s share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the fund reimburses AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

Administrative services — The fund has an administrative services agreement with CRMC under which the fund compensates CRMC for providing administrative services to all share classes. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on the fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides the fund the ability to charge an administrative services fee at the annual rate of 0.05% of the average daily net assets attributable to each share class of the fund. Currently the fund pays CRMC an administrative services fee at the annual rate of 0.03% of the average daily net assets attributable to each share class of the fund for CRMC’s provision of administrative services.

529 plan services — Each 529 share class is subject to service fees to compensate the Virginia College Savings Plan (“Virginia529”) for its oversight and administration of the CollegeAmerica 529 college savings plan. The fees are based on the combined net assets invested in Class 529 and ABLE shares of the American Funds. Class ABLE shares are offered on other American Funds by Virginia529 through ABLEAmerica^®, a tax-advantaged savings program for individuals with disabilities. Virginia529 is not considered a related party to the fund.

American Balanced Fund

The quarterly fees are based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $75 billion. The fees for any given calendar quarter are accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. For the year ended December 31, 2023, the 529 plan services fees were $3,529,000, which were equivalent to 0.059% of the average daily net assets of each 529 share class.

For the year ended December 31, 2023, class-specific expenses under the agreements were as follows (dollars in thousands):

Share class	Distribution services		Transfer agent services			Administrative services			529 plan services
Class A		$233,467		$66,504			$28,016			Not applicable
Class C		84,899		6,075			2,547			Not applicable
Class T		—		—	*		—	*		Not applicable
Class F-1		9,699		4,950			1,185			Not applicable
Class F-2		Not applicable		24,802			7,032			Not applicable
Class F-3		Not applicable		119			2,972			Not applicable
Class 529-A		11,876		3,260			1,523			$3,015
Class 529-C		2,703		176			81			161
Class 529-E		832		58			50			100
Class 529-T		—		—	*		—	*		—	*
Class 529-F-1		—		—	*		—	*		—	*
Class 529-F-2		Not applicable		122			128			253
Class 529-F-3		Not applicable		—	*		—	*		—	*
Class R-1		1,761		147			53			Not applicable
Class R-2		8,006		3,542			320			Not applicable
Class R-2E		792		262			40			Not applicable
Class R-3		11,527		3,416			692			Not applicable
Class R-4		10,060		4,069			1,208			Not applicable
Class R-5E		Not applicable		1,030			203			Not applicable
Class R-5		Not applicable		494			293			Not applicable
Class R-6		Not applicable		531			13,232			Not applicable
Total class-specific expenses		$375,622		$119,557			$59,575			$3,529


*	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 $1,290,000 in the fund’s statement of operations reflects $899,000 in current fees (either paid in cash or deferred) and a net increase of $391,000 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.

70	American Balanced Fund

Security transactions with related funds — The fund purchased investment securities from, and sold investment securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. Each transaction was executed at the current market price of the security and no brokerage commissions or fees were paid in accordance with Rule 17a-7 of the 1940 Act. During the year ended December 31, 2023, the fund engaged in such purchase and sale transactions with related funds in the amounts of $1,070,182,000 and $671,315,000, respectively, which generated $18,563,000 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 year ended December 31, 2023.

8. Indemnifications

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

9. Capital share transactions

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

	Sales*						Reinvestments of distributions						Repurchases*						Net (decrease) increase
Share class	Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares

Year ended December 31, 2023

Class A	$	6,591,076			219,438		$	2,289,688			75,128		$	(10,785,868	)		(359,360	)	$	(1,905,104	)		(64,794	)
Class C		788,275			26,467			141,525			4,652			(2,257,374	)		(75,936	)		(1,327,574	)		(44,817	)
Class T		—			—			—			—			—			—			—			—
Class F-1		227,612			7,566			93,152			3,062			(779,899	)		(25,970	)		(459,135	)		(15,342	)
Class F-2		4,572,860			152,375			616,757			20,275			(4,787,081	)		(159,761	)		402,536			12,889
Class F-3		1,808,309			60,361			278,907			9,170			(1,946,407	)		(64,956	)		140,809			4,575
Class 529-A		553,605			18,450			124,206			4,083			(879,561	)		(29,200	)		(201,750	)		(6,667	)
Class 529-C		60,577			2,017			4,284			140			(114,131	)		(3,798	)		(49,270	)		(1,641	)
Class 529-E		16,426			546			3,660			120			(33,850	)		(1,123	)		(13,764	)		(457	)
Class 529-T		—			—			—	^†		—	^†		—			—			—	^†		—	^†
Class 529-F-1		—			—			—	^†		—	^†		—			—			—	^†		—	^†
Class 529-F-2		91,388			3,036			11,801			388			(83,253	)		(2,749	)		19,936			675
Class 529-F-3		—	^†		—	^†		24			1			(86	)		(3	)		(62	)		(2	)
Class R-1		38,167			1,277			3,164			104			(38,722	)		(1,294	)		2,609			87
Class R-2		166,244			5,585			18,439			606			(262,649	)		(8,832	)		(77,966	)		(2,641	)
Class R-2E		33,308			1,110			2,714			89			(32,584	)		(1,091	)		3,438			108
Class R-3		329,990			11,083			49,141			1,619			(631,937	)		(21,251	)		(252,806	)		(8,549	)
Class R-4		368,650			12,321			97,183			3,196			(943,134	)		(31,619	)		(477,301	)		(16,102	)
Class R-5E		123,238			4,113			17,224			568			(231,945	)		(7,792	)		(91,483	)		(3,111	)
Class R-5		111,171			3,709			26,153			859			(249,976	)		(8,308	)		(112,652	)		(3,740	)
Class R-6		5,871,855			195,996			1,254,780			41,212			(4,622,143	)		(154,112	)		2,504,492			83,096
Total net increase (decrease)	$	21,752,751			725,450		$	5,032,802			165,272		$	(28,680,600	)		(957,155	)	$	(1,895,047	)		(66,433	)

Refer to the end of the table for footnotes.

American Balanced Fund

	Sales*				Reinvestments of distributions						Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares

Year ended December 31, 2022

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


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

10. Investment transactions

The fund engaged in purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $299,959,561,000 and $302,367,403,000, respectively, during the year ended December 31, 2023.

72	American Balanced Fund

Financial highlights

			Income (loss) from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		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 year		Total return²			Net assets, end of year (in millions)			Ratio of expenses to average net assets³			Ratio of net income to average net assets
Class A:
12/31/2023	$	28.76	$	.72	$	3.27		$	3.99		$	(.76	)	$	—		$	(.76	)	$	31.99		14.01	%	$	98,985			.57	%		2.39	%
12/31/2022		33.47		.64		(4.68	)		(4.04	)		(.49	)		(.18	)		(.67	)		28.76		(12.11	)		90,861			.56			2.13
12/31/2021		30.20		.49		4.22			4.71			(.40	)		(1.04	)		(1.44	)		33.47		15.77			105,787			.56			1.50
12/31/2020		28.50		.48		2.53			3.01			(.40	)		(.91	)		(1.31	)		30.20		10.85			88,070			.58			1.68
12/31/2019		24.90		.54		4.21			4.75			(.55	)		(.60	)		(1.15	)		28.50		19.20			77,537			.58			1.98
Class C:
12/31/2023		28.55		.48		3.24			3.72			(.53	)		—			(.53	)		31.74		13.12			8,391			1.32			1.63
12/31/2022		33.22		.41		(4.64	)		(4.23	)		(.26	)		(.18	)		(.44	)		28.55		(12.75	)		8,825			1.31			1.37
12/31/2021		29.99		.24		4.19			4.43			(.16	)		(1.04	)		(1.20	)		33.22		14.88			11,401			1.31			.75
12/31/2020		28.30		.27		2.52			2.79			(.19	)		(.91	)		(1.10	)		29.99		10.05			10,254			1.32			.95
12/31/2019		24.74		.33		4.17			4.50			(.34	)		(.60	)		(.94	)		28.30		18.27			10,372			1.34			1.22
Class T:
12/31/2023		28.76		.80		3.27			4.07			(.84	)		—			(.84	)		31.99		14.33	⁴		—	⁵		.29	⁴		2.66	⁴
12/31/2022		33.48		.71		(4.69	)		(3.98	)		(.56	)		(.18	)		(.74	)		28.76		(11.91	)⁴		—	⁵		.31	⁴		2.38	⁴
12/31/2021		30.20		.56		4.24			4.80			(.48	)		(1.04	)		(1.52	)		33.48		16.08	⁴		—	⁵		.32	⁴		1.74	⁴
12/31/2020		28.50		.55		2.53			3.08			(.47	)		(.91	)		(1.38	)		30.20		11.15	⁴		—	⁵		.33	⁴		1.94	⁴
12/31/2019		24.90		.60		4.21			4.81			(.61	)		(.60	)		(1.21	)		28.50		19.48	⁴		—	⁵		.33	⁴		2.22	⁴
Class F-1:
12/31/2023		28.73		.70		3.27			3.97			(.74	)		—			(.74	)		31.96		13.97			3,967			.62			2.33
12/31/2022		33.44		.62		(4.68	)		(4.06	)		(.47	)		(.18	)		(.65	)		28.73		(12.18	)		4,008			.62			2.07
12/31/2021		30.17		.46		4.23			4.69			(.38	)		(1.04	)		(1.42	)		33.44		15.71			5,048			.62			1.43
12/31/2020		28.47		.47		2.53			3.00			(.39	)		(.91	)		(1.30	)		30.17		10.82			5,468			.62			1.65
12/31/2019		24.88		.52		4.20			4.72			(.53	)		(.60	)		(1.13	)		28.47		19.10			5,496			.64			1.92
Class F-2:
12/31/2023		28.74		.78		3.26			4.04			(.82	)		—			(.82	)		31.96		14.23			25,298			.36			2.60
12/31/2022		33.44		.70		(4.67	)		(3.97	)		(.55	)		(.18	)		(.73	)		28.74		(11.91	)		22,376			.36			2.33
12/31/2021		30.17		.55		4.23			4.78			(.47	)		(1.04	)		(1.51	)		33.44		16.01			25,875			.36			1.71
12/31/2020		28.48		.54		2.52			3.06			(.46	)		(.91	)		(1.37	)		30.17		11.07			19,917			.36			1.89
12/31/2019		24.88		.59		4.21			4.80			(.60	)		(.60	)		(1.20	)		28.48		19.45			16,065			.38			2.18
Class F-3:
12/31/2023		28.75		.81		3.26			4.07			(.85	)		—			(.85	)		31.97		14.34			10,713			.25			2.71
12/31/2022		33.45		.73		(4.67	)		(3.94	)		(.58	)		(.18	)		(.76	)		28.75		(11.81	)		9,501			.25			2.45
12/31/2021		30.18		.59		4.22			4.81			(.50	)		(1.04	)		(1.54	)		33.45		16.13			10,596			.25			1.82
12/31/2020		28.49		.57		2.52			3.09			(.49	)		(.91	)		(1.40	)		30.18		11.19			7,602			.26			1.99
12/31/2019		24.89		.62		4.21			4.83			(.63	)		(.60	)		(1.23	)		28.49		19.56			5,606			.27			2.29
Class 529-A:
12/31/2023		28.70		.70		3.26			3.96			(.74	)		—			(.74	)		31.92		13.95			5,323			.61			2.35
12/31/2022		33.40		.63		(4.68	)		(4.05	)		(.47	)		(.18	)		(.65	)		28.70		(12.13	)		4,977			.60			2.09
12/31/2021		30.14		.47		4.22			4.69			(.39	)		(1.04	)		(1.43	)		33.40		15.72			5,929			.60			1.46
12/31/2020		28.45		.46		2.53			2.99			(.39	)		(.91	)		(1.30	)		30.14		10.79			5,163			.62			1.64
12/31/2019		24.86		.52		4.20			4.72			(.53	)		(.60	)		(1.13	)		28.45		19.11			4,444			.64			1.92

Refer to the end of the table for footnotes.

American Balanced Fund

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		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 year		Total return²			Net assets, end of year (in millions)			Ratio of expenses to average net assets³			Ratio of net income to average net assets
Class 529-C:
12/31/2023	$	28.74	$	.47	$	3.27		$	3.74		$	(.51	)	$	—		$	(.51	)	$	31.97		13.10	%	$	265			1.37	%		1.58	%
12/31/2022		33.44		.39		(4.67	)		(4.28	)		(.24	)		(.18	)		(.42	)		28.74		(12.82	)		286			1.36			1.31
12/31/2021		30.17		.23		4.22			4.45			(.14	)		(1.04	)		(1.18	)		33.44		14.86			390			1.35			.70
12/31/2020		28.46		.27		2.52			2.79			(.17	)		(.91	)		(1.08	)		30.17		9.98			405			1.36			.97
12/31/2019		24.86		.32		4.20			4.52			(.32	)		(.60	)		(.92	)		28.46		18.27			755			1.38			1.17
Class 529-E:
12/31/2023		28.69		.63		3.26			3.89			(.67	)		—			(.67	)		31.91		13.70			171			.84			2.12
12/31/2022		33.39		.55		(4.67	)		(4.12	)		(.40	)		(.18	)		(.58	)		28.69		(12.35	)		167			.84			1.85
12/31/2021		30.13		.39		4.22			4.61			(.31	)		(1.04	)		(1.35	)		33.39		15.46			207			.83			1.22
12/31/2020		28.43		.40		2.53			2.93			(.32	)		(.91	)		(1.23	)		30.13		10.58			195			.84			1.42
12/31/2019		24.84		.46		4.20			4.66			(.47	)		(.60	)		(1.07	)		28.43		18.86			186			.86			1.69
Class 529-T:
12/31/2023		28.76		.78		3.27			4.05			(.82	)		—			(.82	)		31.99		14.25	⁴		—	⁵		.36	⁴		2.60	⁴
12/31/2022		33.47		.70		(4.68	)		(3.98	)		(.55	)		(.18	)		(.73	)		28.76		(11.91	)⁴		—	⁵		.35	⁴		2.35	⁴
12/31/2021		30.20		.55		4.22			4.77			(.46	)		(1.04	)		(1.50	)		33.47		15.97	⁴		—	⁵		.38	⁴		1.69	⁴
12/31/2020		28.50		.54		2.53			3.07			(.46	)		(.91	)		(1.37	)		30.20		11.10	⁴		—	⁵		.37	⁴		1.89	⁴
12/31/2019		24.90		.59		4.20			4.79			(.59	)		(.60	)		(1.19	)		28.50		19.41	⁴		—	⁵		.39	⁴		2.16	⁴
Class 529-F-1:
12/31/2023		28.67		.75		3.26			4.01			(.80	)		—			(.80	)		31.88		14.15	⁴		—	⁵		.44	⁴		2.51	⁴
12/31/2022		33.37		.68		(4.68	)		(4.00	)		(.52	)		(.18	)		(.70	)		28.67		(12.01	)⁴		—	⁵		.43	⁴		2.27	⁴
12/31/2021		30.11		.53		4.21			4.74			(.44	)		(1.04	)		(1.48	)		33.37		15.93	⁴		—	⁵		.43	⁴		1.63	⁴
12/31/2020		28.42		.52		2.53			3.05			(.45	)		(.91	)		(1.36	)		30.11		11.07	⁴		—	⁵		.38	⁴		1.88	⁴
12/31/2019		24.84		.59		4.18			4.77			(.59	)		(.60	)		(1.19	)		28.42		19.38			286			.40			2.16
Class 529-F-2:
12/31/2023		28.76		.79		3.27			4.06			(.83	)		—			(.83	)		31.99		14.24			467			.34			2.62
12/31/2022		33.47		.71		(4.69	)		(3.98	)		(.55	)		(.18	)		(.73	)		28.76		(11.91	)		400			.35			2.35
12/31/2021		30.20		.55		4.22			4.77			(.46	)		(1.04	)		(1.50	)		33.47		15.99			444			.36			1.70
12/31/2020^6,7		28.35		.09		2.65			2.74			(.12	)		(.77	)		(.89	)		30.20		9.67	⁸		336			.06	⁸		.32	⁸
Class 529-F-3:
12/31/2023		28.75		.79		3.27			4.06			(.83	)		—			(.83	)		31.98		14.31			1			.31			2.65
12/31/2022		33.46		.72		(4.69	)		(3.97	)		(.56	)		(.18	)		(.74	)		28.75		(11.89	)		1			.31			2.39
12/31/2021		30.19		.57		4.22			4.79			(.48	)		(1.04	)		(1.52	)		33.46		16.06			1			.31			1.75
12/31/2020^6,7		28.35		.10		2.63			2.73			(.12	)		(.77	)		(.89	)		30.19		9.66	⁸		1			.05	⁸		.35	⁸
Class R-1:
12/31/2023		28.52		.48		3.24			3.72			(.53	)		—			(.53	)		31.71		13.13			190			1.33			1.63
12/31/2022		33.19		.41		(4.64	)		(4.23	)		(.26	)		(.18	)		(.44	)		28.52		(12.76	)		168			1.33			1.38
12/31/2021		29.96		.24		4.19			4.43			(.16	)		(1.04	)		(1.20	)		33.19		14.89			179			1.32			.74
12/31/2020		28.28		.26		2.52			2.78			(.19	)		(.91	)		(1.10	)		29.96		10.03			157			1.33			.93
12/31/2019		24.72		.32		4.17			4.49			(.33	)		(.60	)		(.93	)		28.28		18.26			126			1.36			1.20

Refer to the end of the table for footnotes.

74	American Balanced Fund

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		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 year		Total return²			Net assets, end of year (in millions)		Ratio of expenses to average net assets³			Ratio of net income to average net assets
Class R-2:
12/31/2023	$	28.55	$	.48	$	3.24		$	3.72		$	(.53	)	$	—		$	(.53	)	$	31.74		13.11	%	$	1,106		1.33	%		1.63	%
12/31/2022		33.22		.40		(4.64	)		(4.24	)		(.25	)		(.18	)		(.43	)		28.55		(12.78	)		1,070		1.34			1.34
12/31/2021		29.99		.23		4.19			4.42			(.15	)		(1.04	)		(1.19	)		33.22		14.86			1,327		1.33			.73
12/31/2020		28.30		.26		2.53			2.79			(.19	)		(.91	)		(1.10	)		29.99		10.03			1,201		1.34			.93
12/31/2019		24.73		.32		4.18			4.50			(.33	)		(.60	)		(.93	)		28.30		18.25			1,220		1.36			1.20
Class R-2E:
12/31/2023		28.63		.57		3.24			3.81			(.61	)		—			(.61	)		31.83		13.43			144		1.05			1.91
12/31/2022		33.31		.49		(4.66	)		(4.17	)		(.33	)		(.18	)		(.51	)		28.63		(12.53	)		126		1.06			1.63
12/31/2021		30.06		.33		4.20			4.53			(.24	)		(1.04	)		(1.28	)		33.31		15.21			156		1.05			1.01
12/31/2020		28.37		.34		2.53			2.87			(.27	)		(.91	)		(1.18	)		30.06		10.34			136		1.05			1.21
12/31/2019		24.80		.40		4.19			4.59			(.42	)		(.60	)		(1.02	)		28.37		18.60			119		1.07			1.49
Class R-3:
12/31/2023		28.59		.61		3.25			3.86			(.66	)		—			(.66	)		31.79		13.61			2,351		.90			2.06
12/31/2022		33.28		.53		(4.66	)		(4.13	)		(.38	)		(.18	)		(.56	)		28.59		(12.40	)		2,359		.90			1.78
12/31/2021		30.03		.37		4.21			4.58			(.29	)		(1.04	)		(1.33	)		33.28		15.36			2,947		.90			1.16
12/31/2020		28.34		.38		2.53			2.91			(.31	)		(.91	)		(1.22	)		30.03		10.51			2,910		.90			1.36
12/31/2019		24.77		.44		4.18			4.62			(.45	)		(.60	)		(1.05	)		28.34		18.77			3,021		.92			1.64
Class R-4:
12/31/2023		28.71		.70		3.27			3.97			(.75	)		—			(.75	)		31.93		13.96			4,094		.60			2.35
12/31/2022		33.41		.62		(4.67	)		(4.05	)		(.47	)		(.18	)		(.65	)		28.71		(12.14	)		4,144		.60			2.08
12/31/2021		30.14		.46		4.23			4.69			(.38	)		(1.04	)		(1.42	)		33.41		15.72			5,418		.60			1.43
12/31/2020		28.44		.47		2.53			3.00			(.39	)		(.91	)		(1.30	)		30.14		10.85			6,666		.60			1.66
12/31/2019		24.85		.53		4.19			4.72			(.53	)		(.60	)		(1.13	)		28.44		19.15			6,398		.62			1.94
Class R-5E:
12/31/2023		28.73		.77		3.27			4.04			(.81	)		—			(.81	)		31.96		14.21			648		.40			2.55
12/31/2022		33.44		.69		(4.69	)		(4.00	)		(.53	)		(.18	)		(.71	)		28.73		(11.98	)		672		.41			2.30
12/31/2021		30.17		.54		4.22			4.76			(.45	)		(1.04	)		(1.49	)		33.44		15.97			682		.40			1.67
12/31/2020		28.47		.53		2.53			3.06			(.45	)		(.91	)		(1.36	)		30.17		11.08			583		.40			1.86
12/31/2019		24.88		.58		4.20			4.78			(.59	)		(.60	)		(1.19	)		28.47		19.36			460		.42			2.13
Class R-5:
12/31/2023		28.80		.80		3.27			4.07			(.84	)		—			(.84	)		32.03		14.29			989		.30			2.65
12/31/2022		33.51		.72		(4.69	)		(3.97	)		(.56	)		(.18	)		(.74	)		28.80		(11.86	)		997		.30			2.38
12/31/2021		30.23		.57		4.23			4.80			(.48	)		(1.04	)		(1.52	)		33.51		16.08			1,334		.30			1.75
12/31/2020		28.53		.56		2.53			3.09			(.48	)		(.91	)		(1.39	)		30.23		11.15			1,623		.30			1.96
12/31/2019		24.93		.61		4.20			4.81			(.61	)		(.60	)		(1.21	)		28.53		19.48			1,646		.32			2.24
Class R-6:
12/31/2023		28.77		.81		3.27			4.08			(.85	)		—			(.85	)		32.00		14.36			48,223		.25			2.71
12/31/2022		33.48		.73		(4.68	)		(3.95	)		(.58	)		(.18	)		(.76	)		28.77		(11.83	)		40,966		.25			2.44
12/31/2021		30.21		.59		4.22			4.81			(.50	)		(1.04	)		(1.54	)		33.48		16.12			46,946		.25			1.82
12/31/2020		28.51		.57		2.53			3.10			(.49	)		(.91	)		(1.40	)		30.21		11.22			32,488		.26			2.00
12/31/2019		24.91		.62		4.21			4.83			(.63	)		(.60	)		(1.23	)		28.51		19.55			26,991		.27			2.29

Refer to the end of the table for footnotes.

American Balanced Fund

Financial highlights (continued)

	Year ended December 31,
Portfolio turnover rate for all share classes^9,10	2023			2022			2021			2020			2019
Excluding mortgage dollar roll transactions		42	%		52	%		53	%¹¹		65	%		67	%
Including mortgage dollar roll transactions		171	%		157	%		158	%¹¹		176	%		104	%

¹	Based on average shares outstanding.
²	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
³	Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.
⁴	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
⁵	Amount less than $1 million.
⁶	Based on operations for a period that is less than a full year.
⁷	Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.
⁸	Not annualized.
⁹	Rates do not include the fund’s portfolio activity with respect to any Central Funds.
¹⁰	Refer to Note 5 for more information on mortgage dollar rolls.
¹¹	Includes the value of securities sold due to redemptions of shares in-kind. If the value of securities sold due to in-kind redemptions were excluded, the portfolio turnover rates excluding and including mortgage dollar roll transactions would have been 46% and 152%, respectively, for the year ended December 31, 2021.

Refer to the notes to financial statements.

76	American Balanced Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of American Balanced Fund (the “Fund”), including the investment portfolio, as of December 31, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Costa Mesa, California
February 9, 2024

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

American Balanced Fund

Expense example

unaudited

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (July 1, 2023, through December 31, 2023).

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.

78	American Balanced Fund

Expense example (continued)

	Beginning account value 7/1/2023		Ending account value 12/31/2023		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	1,067.03	$	2.97		.57	%
Class A – assumed 5% return		1,000.00		1,022.33		2.91		.57
Class C – actual return		1,000.00		1,062.88		6.86		1.32
Class C – assumed 5% return		1,000.00		1,018.55		6.72		1.32
Class T – actual return		1,000.00		1,068.79		1.62		.31
Class T – assumed 5% return		1,000.00		1,023.64		1.58		.31
Class F-1 – actual return		1,000.00		1,066.79		3.28		.63
Class F-1 – assumed 5% return		1,000.00		1,022.03		3.21		.63
Class F-2 – actual return		1,000.00		1,068.26		1.88		.36
Class F-2 – assumed 5% return		1,000.00		1,023.39		1.84		.36
Class F-3 – actual return		1,000.00		1,068.79		1.30		.25
Class F-3 – assumed 5% return		1,000.00		1,023.95		1.28		.25
Class 529-A – actual return		1,000.00		1,066.99		3.18		.61
Class 529-A – assumed 5% return		1,000.00		1,022.13		3.11		.61
Class 529-C – actual return		1,000.00		1,063.07		7.12		1.37
Class 529-C – assumed 5% return		1,000.00		1,018.30		6.97		1.37
Class 529-E – actual return		1,000.00		1,065.76		4.37		.84
Class 529-E – assumed 5% return		1,000.00		1,020.97		4.28		.84
Class 529-T – actual return		1,000.00		1,068.43		1.93		.37
Class 529-T – assumed 5% return		1,000.00		1,023.34		1.89		.37
Class 529-F-1 – actual return		1,000.00		1,067.63		2.29		.44
Class 529-F-1 – assumed 5% return		1,000.00		1,022.99		2.24		.44
Class 529-F-2 – actual return		1,000.00		1,068.20		1.82		.35
Class 529-F-2 – assumed 5% return		1,000.00		1,023.44		1.79		.35
Class 529-F-3 – actual return		1,000.00		1,068.45		1.62		.31
Class 529-F-3 – assumed 5% return		1,000.00		1,023.64		1.58		.31
Class R-1 – actual return		1,000.00		1,063.30		6.92		1.33
Class R-1 – assumed 5% return		1,000.00		1,018.50		6.77		1.33
Class R-2 – actual return		1,000.00		1,063.19		6.92		1.33
Class R-2 – assumed 5% return		1,000.00		1,018.50		6.77		1.33
Class R-2E – actual return		1,000.00		1,064.49		5.46		1.05
Class R-2E – assumed 5% return		1,000.00		1,019.91		5.35		1.05
Class R-3 – actual return		1,000.00		1,065.38		4.69		.90
Class R-3 – assumed 5% return		1,000.00		1,020.67		4.58		.90
Class R-4 – actual return		1,000.00		1,067.00		3.13		.60
Class R-4 – assumed 5% return		1,000.00		1,022.18		3.06		.60
Class R-5E – actual return		1,000.00		1,068.33		2.09		.40
Class R-5E – assumed 5% return		1,000.00		1,023.19		2.04		.40
Class R-5 – actual return		1,000.00		1,068.71		1.56		.30
Class R-5 – assumed 5% return		1,000.00		1,023.69		1.53		.30
Class R-6 – actual return		1,000.00		1,069.06		1.30		.25
Class R-6 – assumed 5% return		1,000.00		1,023.95		1.28		.25

*	The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).

American Balanced Fund

Tax information

unaudited

We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The fund hereby designates the following amounts for the fund’s fiscal year ended December 31, 2023:

Qualified dividend income	$3,147,605,000
Section 199A dividends	$114,682,000
Section 163(j) interest dividends	$2,697,996,000
Corporate dividends received deduction	$2,113,884,000
U.S. government income that may be exempt from state taxation	$707,920,000

Individual shareholders should refer to their Form 1099 or other tax information, which was mailed in January 2024, to determine the calendar year amounts to be included on their 2023 tax returns. Shareholders should consult their tax advisors.

80	American Balanced Fund

Approval of Investment Advisory and Service Agreement

The fund’s board has approved the continuation of the fund’s Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through January 31, 2025. The board approved the agreement following the recommendation of the fund’s Contracts Committee (the “committee”), which is composed of all the fund’s independent board members. The board and the committee determined in the exercise of their business judgment that the fund’s advisory fee structure was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of the fund and its shareholders.

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

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which the fund’s assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative and shareholder services provided by CRMC to the fund under the agreement and other agreements, as well as the benefits to fund shareholders from investing in a fund that is part of a large family of funds. The board and the committee considered the risks assumed by CRMC in providing services to the fund, including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit the fund and its shareholders.

2. Investment results

The board and the committee considered the investment results of the fund in light of its objective. They compared the fund’s investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which the fund is included) and data such as relevant market and fund indexes over various periods (including the fund’s lifetime) through June 30, 2023. On the basis of this evaluation and the board’s and the committee’s ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that the fund’s investment results have been satisfactory for renewal of the agreement, and that CRMC’s record in managing the fund indicated that its continued management should benefit the fund and its shareholders.

3. Advisory fees and total expenses

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

American Balanced Fund

Approval of Investment Advisory and Service Agreement (continued)

4. Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with the fund and other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the fund’s principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that CRMC bears the cost of third-party research. The board and committee also noted that CRMC benefited from the use of commissions from portfolio transactions made on behalf of the fund to facilitate payment to certain broker-dealers for research to comply with regulatory requirements applicable to these firms, with all such amounts reimbursed by CRMC. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC by the fund.

5. Adviser financial information

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

82	American Balanced Fund

Liquidity Risk Management Program

unaudited

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

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

The fund’s board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2022, through September 30, 2023. No significant liquidity events impacting the fund were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing the fund’s liquidity risk.

American Balanced Fund