Form N-CSRS AMERICAN MUTUAL FUND For: Apr 30

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June 30, 2022 1:21 PM EDT

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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: 811-00572

American Mutual Fund

(Exact Name of Registrant as Specified in Charter)

333 South Hope Street, 55th Floor

Los Angeles, California 90071

(Address of Principal Executive Offices)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2022

Hong T. Le

American Mutual Fund

6455 Irvine Center Drive

Irvine, California 92618

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

American Mutual Fund^®

Semi-annual report
for the six months ended
April 30, 2022

We invest in
companies with
strong balance sheets
and a history of
paying dividends

American Mutual Fund strives for the balanced accomplishment of three objectives: current income, growth of capital and conservation of principal.

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

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

Here are the average annual total returns on a $1,000 investment for the periods ended March 31, 2022 (the most recent calendar quarter-end):

	1 year			5 years			10 years

Class F-2 shares		16.14	%		12.14	%		12.07	%
Class A shares (reflecting 5.75% maximum sales charge)		9.23			10.61			11.20

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

The total annual fund operating expense ratio was 0.37% for Class F-2 shares and 0.58% for Class A shares as of the prospectus dated January 1, 2022.

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

The fund’s 30-day yield for Class F-2 and Class A shares as of April 30, 2022, calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula, was 1.68% and 1.38%, respectively. The fund’s 12-month distribution rate for Class F-2 and Class A shares as of that date was 1.87% and 1.58%, respectively. Both Class A figures 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.

Refer to the fund prospectus and the Risk Factors section of this report for more information on risks associated with investing in the fund.

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

Fellow investors:

Results for American Mutual Fund for the periods ended April 30, 2022, are shown in the table below, as well as results of the fund’s benchmark.

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

Contents

1	Results at a glance

2	Investment portfolio

7	Financial statements

10	Notes to financial statements

20	Financial highlights

Results at a glance

For periods ended April 30, 2022, with all distributions reinvested

	Cumulative total returns						Average annual total returns
	6 months			1 year			5 years			10 years			Lifetime (since 2/21/50)

American Mutual Fund (Class F-2 shares)		–0.38	%		7.20	%		11.05	%		11.50	%		11.73	%
American Mutual Fund (Class A shares)		–0.47			6.98			10.83			11.29			11.56
S&P 500 Index*^,†		–9.65			0.21			13.66			13.67			11.43

*	Source: S&P Dow Jones Indices LLC. The market index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
^†	S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.

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. Please see capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

American Mutual Fund

Investment portfolio April 30, 2022

unaudited

Sector diversification

Percent of net assets

Common stocks 92.25%	Shares		Value (000)
Energy 7.29%
Baker Hughes Co., Class A		7,912,527	$	245,447
Canadian Natural Resources, Ltd. (CAD denominated)		5,657,338		350,146
Chevron Corp.		8,350,586		1,308,286
ConocoPhillips		13,746,383		1,313,055
Enbridge, Inc.¹		2,101,246		91,698
EOG Resources, Inc.		9,397,595		1,097,263
Schlumberger, Ltd.		1,607,360		62,703
Shell PLC (ADR)		3,981,027		212,706
Suncor Energy, Inc.		5,119,084		184,019
TC Energy Corp.		9,772,197		516,949
TC Energy Corp. (CAD denominated)		15,286,205		808,545
				6,190,817

Materials 3.92%
Air Products and Chemicals, Inc.		879,388		205,838
Barrick Gold Corp.		4,228,271		94,333
Ecolab Inc.		1,171,500		198,382
Linde PLC		6,115,496		1,907,790
LyondellBasell Industries NV		5,027,771		533,095
Newmont Corp.		302,887		22,065
Nutrien, Ltd.		3,109,537		305,512
Sherwin-Williams Company		223,295		61,397
				3,328,412

Industrials 11.99%
ABB, Ltd.²		4,362,568		130,682
Air Lease Corp., Class A		606,637		24,435
AMETEK, Inc.		343,896		43,420
Armstrong World Industries, Inc.		286,696		24,272
BAE Systems PLC (ADR)		4,897,978		181,666
Carrier Global Corp.		9,111,058		348,680
Caterpillar, Inc.		405,381		85,349
CSX Corp.		14,433,437		495,644
Cummins, Inc.		1,297,738		245,519
Emerson Electric Co.		679,128		61,244
General Dynamics Corp.		3,185,226		753,401
Honeywell International, Inc.		3,640,692		704,510
Illinois Tool Works, Inc.		1,944,145		383,210
L3Harris Technologies, Inc.		760,248		176,575
Lockheed Martin Corp.		1,252,256		541,125
Norfolk Southern Corp.		1,440,689		371,525
Northrop Grumman Corp.		1,565,602		687,926
Otis Worldwide Corp.		991,795		72,242
Raytheon Technologies Corp.		21,397,528		2,030,839
RELX PLC (ADR)		1,982,056		58,372

2	American Mutual Fund

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Stanley Black & Decker, Inc.		444,394	$	53,394
TFI International, Inc.		1,200,000		96,576
TFI International, Inc. (CAD denominated)		126,624		10,186
Union Pacific Corp.		2,964,903		694,647
United Parcel Service, Inc., Class B		4,941,265		889,329
Waste Connections, Inc.		1,704,919		235,228
Waste Management, Inc.		4,804,376		790,032
				10,190,028

Consumer discretionary 4.02%
Darden Restaurants, Inc.		934,146		123,055
Dollar General Corp.		1,018,790		241,993
Hasbro, Inc.		3,166,364		278,830
Home Depot, Inc.		5,458,479		1,639,727
Lowe’s Companies, Inc.		881,468		174,293
McDonald’s Corp.		1,351,933		336,848
Starbucks Corp.		485,668		36,250
VF Corp.		4,587,169		238,533
Whirlpool Corp.		722,188		131,091
Williams-Sonoma, Inc.¹		1,658,974		216,463
				3,417,083

Consumer staples 8.54%
Church & Dwight Co., Inc.		1,493,894		145,744
Coca-Cola Company		3,840,151		248,112
Colgate-Palmolive Company		990,230		76,297
Danone SA²		1,999,329		120,195
General Mills, Inc.		18,018,999		1,274,484
Hormel Foods Corp.		1,879,370		98,460
Keurig Dr Pepper, Inc.		28,247,542		1,056,458
Kimberly-Clark Corp.		3,233,425		448,897
Kroger Co.		1,158,507		62,513
McCormick & Co., Inc., nonvoting shares		2,695,771		271,114
Mondelez International, Inc.		20,000,362		1,289,623
PepsiCo, Inc.		5,247,110		900,981
Procter & Gamble Company		7,895,779		1,267,667
				7,260,545

Health care 17.80%
Abbott Laboratories		15,197,522		1,724,919
AbbVie, Inc.		12,746,514		1,872,208
AmerisourceBergen Corp.		809,065		122,404
Amgen, Inc.		6,209,912		1,448,089
AstraZeneca PLC (ADR)		8,404,389		558,051
Bristol-Myers Squibb Company		10,026,848		754,721
CVS Health Corp.		7,165,756		688,844
Danaher Corp.		1,343,310		337,345
Eli Lilly and Company		3,284,267		959,433
Gilead Sciences, Inc.		22,141,451		1,313,874
GlaxoSmithKline PLC (ADR)¹		14,104,592		638,656
Johnson & Johnson		1,426,592		257,443
Medtronic PLC		6,956,037		725,932
Merck & Co., Inc.		1,920,543		170,333
Novartis AG²		1,501,153		132,803
Novartis AG (ADR)		977,907		86,085
Pfizer, Inc.		8,289,693		406,775
Roche Holding AG (ADR)		1,832,953		84,646
Stryker Corp.		895,796		216,120
Thermo Fisher Scientific, Inc.		224,587		124,179
UnitedHealth Group, Inc.		3,910,208		1,988,536
Zimmer Biomet Holdings, Inc.		2,430,958		293,538
Zoetis, Inc., Class A		1,244,958		220,669
				15,125,603

American Mutual Fund

Common stocks (continued)	Shares		Value (000)
Financials 11.79%
American International Group, Inc.		4,492,104	$	262,833
Aon PLC, Class A		996,390		286,950
Bank of America Corp.		3,831,571		136,711
Berkshire Hathaway, Inc., Class B³		248,952		80,369
BlackRock, Inc.		453,730		283,436
Charles Schwab Corp.		1,257,100		83,383
Chubb, Ltd.		1,980,609		408,897
Citizens Financial Group, Inc.		2,009,326		79,167
CME Group, Inc., Class A		4,630,932		1,015,749
East West Bancorp, Inc.		2,463,037		175,615
Great-West Lifeco, Inc.¹		10,230,567		282,234
Intercontinental Exchange, Inc.		1,965,136		227,582
JPMorgan Chase & Co.		7,787,575		929,525
KeyCorp		21,675,919		418,562
Marsh & McLennan Companies, Inc.		4,340,427		701,847
Moody’s Corp.		35,938		11,374
Morgan Stanley		6,528,601		526,140
Nasdaq, Inc.		231,177		36,380
National Bank of Canada		1,707,921		119,281
PNC Financial Services Group, Inc.		2,778,707		461,543
Principal Financial Group, Inc.		4,821,413		328,531
Progressive Corp.		1,992,017		213,863
S&P Global, Inc.		760,798		286,441
State Street Corp.		3,902,688		261,363
Toronto-Dominion Bank		1,545,917		111,677
Toronto-Dominion Bank (CAD denominated)¹		11,217,670		810,250
Travelers Companies, Inc.		2,595,550		443,995
Truist Financial Corp.		14,502,675		701,204
U.S. Bancorp		2,447,049		118,829
Wells Fargo & Company		2,934,266		128,022
Willis Towers Watson PLC		421,238		90,507
				10,022,260

Information technology 13.49%
Accenture PLC, Class A		1,856,580		557,643
Amphenol Corp., Class A		2,794,326		199,794
Analog Devices, Inc.		2,380,284		367,468
Apple, Inc.		9,320,769		1,469,419
Applied Materials, Inc.		1,034,937		114,205
Automatic Data Processing, Inc.		1,503,182		327,964
Cisco Systems, Inc.		4,192,688		205,358
Fidelity National Information Services, Inc.		1,400,148		138,825
Intel Corp.		12,387,143		539,956
Intuit, Inc.		376,617		157,709
KLA Corp.		866,523		276,646
Mastercard, Inc., Class A		977,896		355,348
Microsoft Corp.		12,716,004		3,528,946
NetApp, Inc.		3,158,731		231,377
Paychex, Inc.		5,463,182		692,349
QUALCOMM, Inc.		3,610,024		504,284
Samsung Electronics Co., Ltd. (GDR)²		16,931		22,143
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		4,492,090		417,450
Texas Instruments, Inc.		4,594,656		782,240
Visa, Inc., Class A		1,434,389		305,711
Western Union Company		15,985,438		267,916
				11,462,751

Communication services 3.63%
AT&T, Inc.		2,315,721		43,674
BCE, Inc.		7,148,026		380,034
Comcast Corp., Class A		44,985,395		1,788,619
Electronic Arts, Inc.		285,909		33,752
Omnicom Group, Inc.		2,993,372		227,885
TELUS Corp.		8,595,775		215,053
Verizon Communications, Inc.		8,479,606		392,606
				3,081,623

4	American Mutual Fund

Common stocks (continued)	Shares		Value (000)
Utilities 7.41%
American Electric Power Company, Inc.		4,013,967	$	397,824
CenterPoint Energy, Inc.⁴		38,478,602		1,177,830
CMS Energy Corp.		2,660,296		182,736
Constellation Energy Corp.		4,003,603		237,053
Dominion Energy, Inc.		2,994,777		244,494
DTE Energy Company		1,395,853		182,913
Edison International		4,639,015		319,118
Entergy Corp.		2,242,772		266,553
Exelon Corp.		18,245,337		853,517
NextEra Energy, Inc.		6,657,396		472,808
Public Service Enterprise Group, Inc.		14,823,886		1,032,632
Sempra Energy		4,261,713		687,670
Xcel Energy, Inc.		3,351,567		245,536
				6,300,684

Real estate 2.37%
Americold Realty Trust REIT		1,804,362		47,599
Crown Castle International Corp. REIT		2,151,378		398,457
Digital Realty Trust, Inc. REIT		6,454,156		943,082
Equinix, Inc. REIT		165,289		118,856
Kimco Realty Corp. REIT		14,006,323		354,780
Prologis, Inc. REIT		922,024		147,791
				2,010,565

Total common stocks (cost: $49,682,598,000)				78,390,371

Preferred securities 0.03%
Information technology 0.03%
Samsung Electronics Co., Ltd., preferred shares (GDR)²		20,933		24,297

Total preferred securities (cost: $17,827,000)				24,297

Convertible stocks 0.16%
Industrials 0.03%
Stanley Black & Decker, Inc., convertible preferred shares, 5.25% 2022		325,295		25,565

Health care 0.13%
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 2023¹		79,173		109,227

Total convertible stocks (cost: $115,433,000)				134,792

Bonds, notes & other debt instruments 0.02%	Principal amount (000)
Corporate bonds, notes & loans 0.02%
Financials 0.02%
JPMorgan Chase & Co., Series I, (3-month USD-LIBOR + 3.47%) 3.769% junior subordinated perpetual bonds⁵	USD	18,412		18,194

Total bonds, notes & other debt instruments (cost: $15,466,000)				18,194


Short-term securities 7.20%		Shares
Money market investments 7.04%
Capital Group Central Cash Fund 0.32%^4,6		59,764,295		5,976,429

Money market investments purchased with collateral from securities on loan 0.16%
Capital Group Central Cash Fund 0.32%^4,6,7		414,669		41,467
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.32%^6,7		26,200,000		26,200
BlackRock Liquidity Funds – FedFund, Institutional Shares 0.31%^6,7		22,100,000		22,100
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.35%^6,7		17,142,744		17,143

American Mutual Fund

Short-term securities (continued)	Shares		Value (000)
Money market investments purchased with collateral from securities on loan (continued)
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 0.30%^6,7		13,800,000	$	13,800
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.29%^6,7		13,800,000		13,800
RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 0.21%^6,7		2,400,000		2,400
Fidelity Investments Money Market Government Portfolio, Class I 0.15%^6,7		1,300,000		1,300
				138,210

Total short-term securities (cost: $6,114,392,000)				6,114,639
Total investment securities 99.66% (cost: $55,945,716,000)				84,682,293
Other assets less liabilities 0.34%				290,134

Net assets 100.00%			$	84,972,427

Investments in affiliates⁴

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)			Net realized gain (loss) (000)			Net unrealized appreciation (000)		Value of affiliates at 4/30/2022 (000)		Dividend income (000)
Common stocks 1.39%
Utilities 1.39%
CenterPoint Energy, Inc.	$	1,088,334	$	16,191	$	124,527		$	62,140		$	135,692	$	1,177,830	$	14,209
Short-term securities 7.09%
Money market investments 7.04%
Capital Group Central Cash Fund 0.32%⁶		3,642,746		4,429,684		2,096,003			(121	)		123		5,976,429		4,289
Money market investments purchased with collateral from securities on loan 0.05%
Capital Group Central Cash Fund 0.32%^6,7		110,242				68,775	⁸							41,467		—	⁹
Total short-term securities														6,017,896
Total 8.48%								$	62,019		$	135,815	$	7,195,726	$	18,498

¹	All or a portion of this security was on loan. The total value of all such securities was $196,897,000, which represented .23% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
²	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $430,120,000, which represented .51% of the net assets of the fund. This entire amount relates to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.
³	Security did not produce income during the last 12 months.
⁴	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.
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	Rate represents the seven-day yield at 4/30/2022.
⁷	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
⁸	Represents net activity. Refer to Note 5 for more information on securities lending.
⁹	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

GDR = Global Depositary Receipts

LIBOR = London Interbank Offered Rate

USD = U.S. dollars

See notes to financial statements.

6	American Mutual Fund

Financial statements

Statement of assets and liabilities		unaudited
at April 30, 2022		(dollars in thousands)

Assets:
Investment securities, at value (includes $196,897 of investment securities on loan):
Unaffiliated issuers (cost: $49,147,090)	$	77,486,567
Affiliated issuers (cost: $6,798,626)		7,195,726	$	84,682,293
Cash				124,394
Cash denominated in currencies other than U.S. dollars (cost: $14,922)				14,922
Receivables for:
Sales of investments		416,306
Sales of fund’s shares		98,349
Dividends and interest		121,326
Securities lending income		126		636,107
				85,457,716
Liabilities:
Collateral for securities on loan				138,210
Payables for:
Purchases of investments		265,116
Repurchases of fund’s shares		48,194
Investment advisory services		16,748
Services provided by related parties		12,195
Trustees’ deferred compensation		2,613
Other		2,213		347,079
Net assets at April 30, 2022			$	84,972,427

Net assets consist of:
Capital paid in on shares of beneficial interest			$	54,440,440
Total distributable earnings				30,531,987
Net assets at April 30, 2022			$	84,972,427

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

Shares of beneficial interest issued and outstanding (no stated par value) —
unlimited shares authorized (1,681,990 total shares outstanding)

	Net assets		Shares outstanding			Net asset value per share
Class A	$	35,804,970		708,398		$	50.54
Class C		1,045,393		21,043			49.68
Class T		13		—	*		50.55
Class F-1		1,397,065		27,787			50.28
Class F-2		14,131,313		279,706			50.52
Class F-3		5,230,524		103,529			50.52
Class 529-A		1,355,313		26,892			50.40
Class 529-C		45,381		905			50.14
Class 529-E		47,371		944			50.15
Class 529-T		17		—	*		50.56
Class 529-F-1		13		—	*		50.48
Class 529-F-2		165,771		3,280			50.54
Class 529-F-3		13		—	*		50.54
Class R-1		58,003		1,162			49.91
Class R-2		254,928		5,117			49.82
Class R-2E		29,401		584			50.31
Class R-3		536,465		10,715			50.07
Class R-4		807,706		16,046			50.34
Class R-5E		116,964		2,317			50.48
Class R-5		378,318		7,484			50.55
Class R-6		23,567,485		466,081			50.57

*	Amount less than one thousand.

See notes to financial statements.

American Mutual Fund

Financial statements (continued)

Statement of operations	unaudited
for the six months ended April 30, 2022	(dollars in thousands)

Investment income:
Income:
Dividends (net of non-U.S. taxes of $5,948; also includes $18,498 from affiliates)	$	1,003,313
Securities lending income (net of fees)		1,426
Interest		392		$	1,005,131
*Fees and expenses:**
Investment advisory services		98,917
Distribution services		57,967
Transfer agent services		21,363
Administrative services		12,870
529 plan services		453
Reports to shareholders		702
Registration statement and prospectus		1,189
Trustees’ compensation		289
Auditing and legal		25
Custodian		690
Other		77
Total fees and expenses before waiver		194,542
Less waiver of fees and expenses:
Investment advisory services waiver		—	^†
Total fees and expenses after waiver					194,542
Net investment income					810,589

Net realized gain and unrealized depreciation:
Net realized gain on:
Investments:
Unaffiliated issuers		1,604,916
Affiliated issuers		62,019
In-kind redemptions		16,021
Currency transactions		1,206			1,684,162
Net unrealized (depreciation) appreciation on:
Investments:
Unaffiliated issuers		(2,994,007	)
Affiliated issuers		135,815
Currency translations		(501	)		(2,858,693	)
Net realized gain and unrealized depreciation					(1,174,531	)

Net decrease in net assets resulting from operations				$	(363,942	)

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

See notes to financial statements.

8	American Mutual Fund

Financial statements (continued)

Statements of changes in net assets

(dollars in thousands)

	Six months ended			Year ended
	April 30, 2022*			October 31, 2021
Operations:
Net investment income	$	810,589		$	1,482,275
Net realized gain		1,684,162			2,960,722
Net unrealized (depreciation) appreciation		(2,858,693	)		16,786,040
Net (decrease) increase in net assets resulting from operations		(363,942	)		21,229,037

Distributions paid to shareholders		(3,385,309	)		(1,443,291	)

Net capital share transactions		3,928,348			4,028,567

Total increase in net assets		179,097			23,814,313

Net assets:
Beginning of period		84,793,330			60,979,017
End of period	$	84,972,427		$	84,793,330

*	Unaudited.

See notes to financial statements.

American Mutual Fund

Notes to financial statements

unaudited

1. Organization

American Mutual 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 strives for the balanced accomplishment of three objectives: current income, growth of capital and conservation of principal.

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.

10	American Mutual Fund

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

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

3. Valuation

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

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

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

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

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

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

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund’s investment adviser. The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds”), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information.

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

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

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

Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following table presents the fund’s valuation levels as of April 30, 2022 (dollars in thousands):

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Energy	$	6,190,817	$	—	$	—	$	6,190,817
Materials		3,328,412		—		—		3,328,412
Industrials		10,059,346		130,682		—		10,190,028
Consumer discretionary		3,417,083		—		—		3,417,083
Consumer staples		7,140,350		120,195		—		7,260,545
Health care		14,992,800		132,803		—		15,125,603
Financials		10,022,260		—		—		10,022,260
Information technology		11,440,608		22,143		—		11,462,751
Communication services		3,081,623		—		—		3,081,623
Utilities		6,300,684		—		—		6,300,684
Real estate		2,010,565		—		—		2,010,565
Preferred securities		—		24,297		—		24,297
Convertible stocks		134,792		—		—		134,792
Bonds, notes & other debt instruments		—		18,194		—		18,194
Short-term securities		6,114,639		—		—		6,114,639
Total	$	84,233,979	$	448,314	$	—	$	84,682,293

12	American Mutual Fund

4. Risk factors

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

Market conditions — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations. These risks may be heightened in the case of smaller capitalization stocks.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.

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

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

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

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

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

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

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.

American Mutual 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 April 30, 2022, the total value of securities on loan was $196,897,000, and the total value of collateral received was $201,739,000. Collateral received includes cash of $138,210,000 and U.S. government securities of $63,529,000. 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.

Collateral — The fund receives highly liquid assets, such as cash or U.S. government securities, as collateral in exchange for lending investment securities. The purpose of the collateral is to cover potential losses that could occur in the event the borrower cannot meet its contractual obligation. The lending agent may reinvest cash collateral from securities lending transactions according to agreed parameters. Cash collateral reinvested by the lending agent, if any, is disclosed in the fund’s investment portfolio.

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 period ended April 30, 2022, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any significant interest or penalties.

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

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

14	American Mutual Fund

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 and cost of investments sold. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes.

The components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of October 31, 2021, the components of distributable earnings on a tax basis were as follows (dollars in thousands):

Undistributed ordinary income		$	171,766
Undistributed long-term capital gains			2,581,978

As of April 30, 2022, the tax basis unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

Gross unrealized appreciation on investments	$	29,608,434
Gross unrealized depreciation on investments		(923,640	)
Net unrealized appreciation on investments		28,684,794
Cost of investments		55,997,499

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

	Six months ended April 30, 2022									Year ended October 31, 2021
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains		Total distributions paid
Class A	$	315,458		$	1,086,167		$	1,401,625		$	574,044		$	—	$	574,044
Class C		5,535			33,257			38,792			11,020			—		11,020
Class T		—	*		—	*		—	*		—	*		—		—	*
Class F-1		12,295			44,176			56,471			24,912			—		24,912
Class F-2		136,882			418,958			555,840			234,373			—		234,373
Class F-3		53,172			154,632			207,804			89,207			—		89,207
Class 529-A		11,657			40,636			52,293			21,090			—		21,090
Class 529-C		222			1,428			1,650			508			—		508
Class 529-E		356			1,456			1,812			672			—		672
Class 529-T		—	*		—	*		—	*		—	*		—		—	*
Class 529-F-1		—	*		—	*		—	*		—	*		—		—	*
Class 529-F-2		1,452			4,365			5,817			2,401			—		2,401
Class 529-F-3		—	*		—	*		—	*		—	*		—		—	*
Class R-1		292			1,826			2,118			579			—		579
Class R-2		1,303			8,105			9,408			2,581			—		2,581
Class R-2E		191			932			1,123			377			—		377
Class R-3		4,010			17,422			21,432			7,890			—		7,890
Class R-4		7,138			25,512			32,650			14,154			—		14,154
Class R-5E		1,055			3,164			4,219			1,599			—		1,599
Class R-5		3,858			11,784			15,642			7,311			—		7,311
Class R-6		247,806			728,807			976,613			450,573			—		450,573
Total	$	802,682		$	2,582,627		$	3,385,309		$	1,443,291		$	—	$	1,443,291

*	Amount less than one thousand.

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.

American Mutual 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 0.384% on the first $1 billion of daily net assets and decreasing to 0.222% on such assets in excess of $55 billion. On March 8, 2022, the fund’s board of trustees approved an amended investment advisory and service agreement effective May 1, 2022, decreasing the annual rate to 0.221% on daily net assets in excess of $89 billion. CRMC waived investment advisory services fees of less than $1,000 in advance of the amended investment advisory agreement. CRMC does not intend to recoup this waiver. The investment advisory services fees were $98,917,000, which were equivalent to an annualized rate of 0.231% 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 April 30, 2022, unreimbursed expenses subject to reimbursement totaled $6,611,000 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.

16	American Mutual Fund

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.

Prior to January 1, 2022, the quarterly fees were based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $100 billion. Effective January 1, 2022, the quarterly fees were amended to 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 six months ended April 30, 2022, the 529 plan services fees were $453,000, which were equivalent to 0.057% of the average daily net assets of each 529 share class.

For the six months ended April 30, 2022, class-specific expenses under the agreements were as follows (dollars in thousands):

Share class	Distribution services		Transfer agent services			Administrative services			529 plan services
Class A		$45,091		$10,757			$5,411		Not applicable
Class C		5,380		320			161		Not applicable
Class T		—		—	*		—	*	Not applicable
Class F-1		1,803		845			216		Not applicable
Class F-2		Not applicable		7,447			2,104		Not applicable
Class F-3		Not applicable		19			776		Not applicable
Class 529-A		1,535		364			203		$384
Class 529-C		230		13			7		13
Class 529-E		119		6			7		13
Class 529-T		—		—	*		—	*	—	*
Class 529-F-1		—		—	*		—	*	—	*
Class 529-F-2		Not applicable		29			23		43
Class 529-F-3		Not applicable		—	*		—	*	—	*
Class R-1		294		29			9		Not applicable
Class R-2		982		444			39		Not applicable
Class R-2E		89		31			5		Not applicable
Class R-3		1,403		396			84		Not applicable
Class R-4		1,041		412			125		Not applicable
Class R-5E		Not applicable		70			17		Not applicable
Class R-5		Not applicable		93			58		Not applicable
Class R-6		Not applicable		88			3,625		Not applicable
Total class-specific expenses		$57,967		$21,363			$12,870		$453

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 $289,000 in the fund’s statement of operations reflects $246,000 in current fees (either paid in cash or deferred) and a net increase of $43,000 in the value of the deferred amounts.

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

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

American Mutual Fund

Security transactions with related funds — The fund purchased securities from, and sold securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. Each transaction was executed at the current market price of the security and no brokerage commissions or fees were paid in accordance with Rule 17a-7 of the 1940 Act. During the six months ended April 30, 2022, the fund engaged in such purchase and sale transactions with related funds in the amounts of $228,655,000 and $394,781,000, respectively, which generated $43,612,000 of net realized gains from such sales.

Interfund lending — Pursuant to an exemptive order issued by the SEC, the fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the six months ended April 30, 2022.

8. Indemnifications

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

9. Capital share transactions

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

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

Six months ended April 30, 2022

Class A	$	2,099,777		40,160	$	1,372,280		26,372		$	(1,782,083	)		(34,051	)	$	1,689,974			32,481
Class C		108,726		2,114		38,601		754			(144,901	)		(2,811	)		2,426			57
Class T		—		—		—		—			—			—			—			—
Class F-1		106,175		2,045		55,943		1,080			(157,054	)		(3,015	)		5,064			110
Class F-2		2,078,361		39,747		543,258		10,449			(1,521,366	)		(29,084	)		1,100,253			21,112
Class F-3		736,848		14,100		204,454		3,934			(538,983	)		(10,300	)		402,319			7,734
Class 529-A		110,920		2,125		52,280		1,008			(79,470	)		(1,518	)		83,730			1,615
Class 529-C		7,510		144		1,645		32			(10,732	)		(205	)		(1,577	)		(29	)
Class 529-E		3,930		75		1,812		35			(3,854	)		(74	)		1,888			36
Class 529-T		—		—		1		—	^†		—			—			1			—	^†
Class 529-F-1		—		—		1		—	^†		—			—			1			—	^†
Class 529-F-2		37,741		718		5,816		112			(14,905	)		(284	)		28,652			546
Class 529-F-3		—		—		1		—	^†		—			—			1			—	^†
Class R-1		6,155		119		2,114		41			(7,008	)		(136	)		1,261			24
Class R-2		29,164		567		9,406		183			(36,941	)		(714	)		1,629			36
Class R-2E		4,888		94		1,124		21			(5,565	)		(106	)		447			9
Class R-3		61,832		1,193		21,421		415			(98,098	)		(1,898	)		(14,845	)		(290	)
Class R-4		99,365		1,908		32,645		630			(135,008	)		(2,586	)		(2,998	)		(48	)
Class R-5E		26,043		497		4,219		81			(11,314	)		(216	)		18,948			362
Class R-5		45,851		877		15,620		300			(61,971	)		(1,179	)		(500	)		(2	)
Class R-6		880,505		16,767		975,614		18,752			(1,244,445	)		(23,694	)		611,674			11,825
Total net increase (decrease)	$	6,443,791		123,250	$	3,338,255		64,199		$	(5,853,698	)		(111,871	)	$	3,928,348			75,578

See end of table for footnotes.

18	American Mutual Fund

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

Year ended October 31, 2021

Class A	$	3,067,132		63,746		$	559,752			11,686		$	(3,216,905	)		(67,254	)	$	409,979			8,178
Class C		192,783		4,080			10,970			235			(277,949	)		(5,877	)		(74,196	)		(1,562	)
Class T		—		—			—			—			—			—			—			—
Class F-1		241,051		5,140			24,581			518			(461,006	)		(9,664	)		(195,374	)		(4,006	)
Class F-2		3,668,263		76,790			229,125			4,774			(2,313,525	)		(47,880	)		1,583,863			33,684
Class F-3		1,469,871		30,760			87,621			1,823			(735,349	)		(15,176	)		822,143			17,407
Class 529-A		160,279		3,347			21,085			442			(168,402	)		(3,522	)		12,962			267
Class 529-C		10,411		219			507			11			(21,779	)		(457	)		(10,861	)		(227	)
Class 529-E		5,056		106			672			14			(6,940	)		(146	)		(1,212	)		(26	)
Class 529-T		—		—			—	^†		—	^†		—			—			—	^†		—	^†
Class 529-F-1		11		—	^†		—	^†		—	^†		(11	)		—	^†		—	^†		—	^†
Class 529-F-2		36,394		753			2,401			50			(18,811	)		(390	)		19,984			413
Class 529-F-3		—		—			—	^†		—	^†		—			—			—	^†		—	^†
Class R-1		7,999		168			578			12			(14,848	)		(316	)		(6,271	)		(136	)
Class R-2		55,542		1,169			2,580			55			(64,684	)		(1,367	)		(6,562	)		(143	)
Class R-2E		8,812		186			377			8			(9,897	)		(207	)		(708	)		(13	)
Class R-3		118,561		2,500			7,874			166			(136,774	)		(2,857	)		(10,339	)		(191	)
Class R-4		275,600		5,918			14,132			296			(251,108	)		(5,218	)		38,624			996
Class R-5E		54,756		1,175			1,599			33			(15,125	)		(311	)		41,230			897
Class R-5		94,946		2,004			7,301			152			(81,701	)		(1,706	)		20,546			450
Class R-6		4,382,334		92,242			450,042			9,378			(3,447,617	)		(70,378	)		1,384,759			31,242
Total net increase (decrease)	$	13,849,801		290,303		$	1,421,197			29,653		$	(11,242,431	)		(232,726	)	$	4,028,567			87,230

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

10. Investment transactions

The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $6,439,106,000 and $7,676,916,000, respectively, during the six months ended April 30, 2022.

American Mutual Fund

Financial highlights

			(Loss) income from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			Ratio of expenses to average net assets before reimburse- ments⁴			Ratio of expenses to average net assets after reimburse- ments^3,4			Ratio of net income to average net assets³
Class A:
4/30/2022^5,6	$	52.81	$	.46	$	(.66	)	$	(.20	)	$	(.46	)	$	(1.61	)	$	(2.07	)	$	50.54		(.47	)%⁷	$	35,805			.58	%⁸		.58	%⁸		1.77	%⁸
10/31/2021		40.16		.88		12.63			13.51			(.86	)		—			(.86	)		52.81		33.86			35,695			.58			.58			1.82
10/31/2020		42.78		.84		(1.38	)		(.54	)		(.89	)		(1.19	)		(2.08	)		40.16		(1.35	)		26,817			.60			.60			2.04
10/31/2019		40.95		.88		3.46			4.34			(.87	)		(1.64	)		(2.51	)		42.78		11.39			28,162			.59			.59			2.16
10/31/2018		40.97		.84		1.64			2.48			(.83	)		(1.67	)		(2.50	)		40.95		6.11			25,509			.58			.58			2.03
10/31/2017		36.08		.82		5.87			6.69			(.79	)		(1.01	)		(1.80	)		40.97		19.02			25,571			.58			.58			2.12
Class C:
4/30/2022^5,6		51.94		.26		(.64	)		(.38	)		(.27	)		(1.61	)		(1.88	)		49.68		(.84	)⁷		1,045			1.33	⁸		1.33	⁸		1.02	⁸
10/31/2021		39.51		.51		12.43			12.94			(.51	)		—			(.51	)		51.94		32.89			1,090			1.33			1.33			1.08
10/31/2020		42.11		.53		(1.36	)		(.83	)		(.58	)		(1.19	)		(1.77	)		39.51		(2.10	)		891			1.34			1.34			1.31
10/31/2019		40.34		.56		3.41			3.97			(.56	)		(1.64	)		(2.20	)		42.11		10.54			1,187			1.36			1.36			1.39
10/31/2018		40.40		.51		1.60			2.11			(.50	)		(1.67	)		(2.17	)		40.34		5.26			1,137			1.37			1.37			1.24
10/31/2017		35.60		.51		5.78			6.29			(.48	)		(1.01	)		(1.49	)		40.40		18.09			1,201			1.38			1.38			1.33
Class T:
4/30/2022^5,6		52.81		.53		(.65	)		(.12	)		(.53	)		(1.61	)		(2.14	)		50.55		(.33	)^7,9		—	¹⁰		.32	^8,9		.32	^8,9		2.02	^8,9
10/31/2021		40.17		1.00		12.62			13.62			(.98	)		—			(.98	)		52.81		34.17	⁹		—	¹⁰		.33	⁹		.33	⁹		2.07	⁹
10/31/2020		42.79		.94		(1.37	)		(.43	)		(1.00	)		(1.19	)		(2.19	)		40.17		(1.09	)⁹		—	¹⁰		.34	⁹		.34	⁹		2.30	⁹
10/31/2019		40.96		.98		3.45			4.43			(.96	)		(1.64	)		(2.60	)		42.79		11.63	⁹		—	¹⁰		.36	⁹		.36	⁹		2.40	⁹
10/31/2018		40.98		.93		1.63			2.56			(.91	)		(1.67	)		(2.58	)		40.96		6.34	⁹		—	¹⁰		.36	⁹		.36	⁹		2.25	⁹
10/31/2017^5,11		38.30		.48		2.62			3.10			(.42	)		—			(.42	)		40.98		8.13	^7,9		—	¹⁰		.38	^8,9		.38	^8,9		2.15	^8,9
Class F-1:
4/30/2022^5,6		52.54		.44		(.65	)		(.21	)		(.44	)		(1.61	)		(2.05	)		50.28		(.49	)⁷		1,397			.63	⁸		.63	⁸		1.71	⁸
10/31/2021		39.96		.85		12.56			13.41			(.83	)		—			(.83	)		52.54		33.79			1,454			.64			.64			1.78
10/31/2020		42.58		.82		(1.38	)		(.56	)		(.87	)		(1.19	)		(2.06	)		39.96		(1.41	)		1,266			.64			.64			2.00
10/31/2019		40.77		.85		3.44			4.29			(.84	)		(1.64	)		(2.48	)		42.58		11.31			1,347			.66			.66			2.09
10/31/2018		40.80		.80		1.63			2.43			(.79	)		(1.67	)		(2.46	)		40.77		6.02			1,199			.66			.66			1.95
10/31/2017		35.93		.78		5.85			6.63			(.75	)		(1.01	)		(1.76	)		40.80		18.93			1,385			.67			.67			2.04
Class F-2:
4/30/2022^5,6		52.79		.51		(.66	)		(.15	)		(.51	)		(1.61	)		(2.12	)		50.52		(.38	)⁷		14,131			.37	⁸		.37	⁸		1.97	⁸
10/31/2021		40.14		.98		12.63			13.61			(.96	)		—			(.96	)		52.79		34.17			13,651			.38			.38			2.02
10/31/2020		42.77		.92		(1.38	)		(.46	)		(.98	)		(1.19	)		(2.17	)		40.14		(1.15	)		9,029			.38			.38			2.25
10/31/2019		40.94		.96		3.46			4.42			(.95	)		(1.64	)		(2.59	)		42.77		11.60			8,034			.40			.40			2.34
10/31/2018		40.97		.91		1.63			2.54			(.90	)		(1.67	)		(2.57	)		40.94		6.28			5,778			.40			.40			2.20
10/31/2017		36.07		.88		5.88			6.76			(.85	)		(1.01	)		(1.86	)		40.97		19.26			4,297			.41			.41			2.27
Class F-3:
4/30/2022^5,6		52.79		.54		(.66	)		(.12	)		(.54	)		(1.61	)		(2.15	)		50.52		(.32	)⁷		5,231			.27	⁸		.27	⁸		2.07	⁸
10/31/2021		40.14		1.03		12.63			13.66			(1.01	)		—			(1.01	)		52.79		34.30			5,057			.27			.27			2.12
10/31/2020		42.77		.96		(1.38	)		(.42	)		(1.02	)		(1.19	)		(2.21	)		40.14		(1.04	)		3,147			.28			.28			2.35
10/31/2019		40.94		1.00		3.46			4.46			(.99	)		(1.64	)		(2.63	)		42.77		11.72			2,433			.30			.29			2.44
10/31/2018		40.97		.95		1.63			2.58			(.94	)		(1.67	)		(2.61	)		40.94		6.38			1,577			.31			.31			2.29
10/31/2017^5,12		37.54		.69		3.40			4.09			(.66	)		—			(.66	)		40.97		10.96	⁷		1,042			.30	⁸		.30	⁸		2.29	⁸
Class 529-A:
4/30/2022^5,6		52.66		.45		(.65	)		(.20	)		(.45	)		(1.61	)		(2.06	)		50.40		(.48	)⁷		1,355			.61	⁸		.61	⁸		1.74	⁸
10/31/2021		40.05		.86		12.59			13.45			(.84	)		—			(.84	)		52.66		33.81			1,331			.62			.62			1.78
10/31/2020		42.67		.82		(1.38	)		(.56	)		(.87	)		(1.19	)		(2.06	)		40.05		(1.39	)		1,002			.64			.64			2.00
10/31/2019		40.85		.85		3.45			4.30			(.84	)		(1.64	)		(2.48	)		42.67		11.30			1,012			.66			.66			2.09
10/31/2018		40.88		.80		1.63			2.43			(.79	)		(1.67	)		(2.46	)		40.85		6.01			928			.66			.66			1.95
10/31/2017		36.00		.79		5.86			6.65			(.76	)		(1.01	)		(1.77	)		40.88		18.94			871			.66			.66			2.04

See end of table for footnotes.

20	American Mutual Fund

Financial highlights (continued)

			(Loss) income from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			Ratio of expenses to average net assets before reimburse- ments⁴			Ratio of expenses to average net assets after reimburse- ments^3,4			Ratio of net income to average net assets³
Class 529-C:
4/30/2022^5,6	$	52.40	$	.25	$	(.65	)	$	(.40	)	$	(.25	)	$	(1.61	)	$	(1.86	)	$	50.14		(.86	)%⁷	$	45			1.37	%⁸		1.37	%⁸		.98	%⁸
10/31/2021		39.85		.51		12.53			13.04			(.49	)		—			(.49	)		52.40		32.85			49			1.36			1.36			1.06
10/31/2020		42.43		.54		(1.39	)		(.85	)		(.54	)		(1.19	)		(1.73	)		39.85		(2.13	)		46			1.38			1.38			1.33
10/31/2019		40.63		.55		3.42			3.97			(.53	)		(1.64	)		(2.17	)		42.43		10.47			130			1.40			1.40			1.36
10/31/2018		40.64		.49		1.61			2.10			(.44	)		(1.67	)		(2.11	)		40.63		5.22			140			1.42			1.42			1.20
10/31/2017		35.80		.49		5.82			6.31			(.46	)		(1.01	)		(1.47	)		40.64		18.04			197			1.43			1.43			1.27
Class 529-E:
4/30/2022^5,6		52.42		.39		(.66	)		(.27	)		(.39	)		(1.61	)		(2.00	)		50.15		(.61	)⁷		47			.85	⁸		.85	⁸		1.49	⁸
10/31/2021		39.87		.74		12.54			13.28			(.73	)		—			(.73	)		52.42		33.52			48			.85			.85			1.55
10/31/2020		42.48		.73		(1.37	)		(.64	)		(.78	)		(1.19	)		(1.97	)		39.87		(1.62	)		37			.86			.86			1.78
10/31/2019		40.68		.76		3.43			4.19			(.75	)		(1.64	)		(2.39	)		42.48		11.05			43			.88			.88			1.87
10/31/2018		40.72		.70		1.62			2.32			(.69	)		(1.67	)		(2.36	)		40.68		5.77			41			.89			.89			1.71
10/31/2017		35.87		.69		5.83			6.52			(.66	)		(1.01	)		(1.67	)		40.72		18.65			42			.90			.90			1.80
Class 529-T:
4/30/2022^5,6		52.82		.51		(.65	)		(.14	)		(.51	)		(1.61	)		(2.12	)		50.56		(.37	)^7,9		—	¹⁰		.39	^8,9		.39	^8,9		1.95	^8,9
10/31/2021		40.17		.97		12.63			13.60			(.95	)		—			(.95	)		52.82		34.11	⁹		—	¹⁰		.40	⁹		.40	⁹		2.01	⁹
10/31/2020		42.79		.93		(1.38	)		(.45	)		(.98	)		(1.19	)		(2.17	)		40.17		(1.13	)⁹		—	¹⁰		.39	⁹		.39	⁹		2.25	⁹
10/31/2019		40.95		.96		3.46			4.42			(.94	)		(1.64	)		(2.58	)		42.79		11.60	⁹		—	¹⁰		.41	⁹		.41	⁹		2.34	⁹
10/31/2018		40.98		.91		1.62			2.53			(.89	)		(1.67	)		(2.56	)		40.95		6.25	⁹		—	¹⁰		.42	⁹		.42	⁹		2.19	⁹
10/31/2017^5,11		38.30		.47		2.62			3.09			(.41	)		—			(.41	)		40.98		8.11	^7,9		—	¹⁰		.43	^8,9		.43	^8,9		2.10	^8,9
Class 529-F-1:
4/30/2022^5,6		52.74		.49		(.65	)		(.16	)		(.49	)		(1.61	)		(2.10	)		50.48		(.40	)^7,9		—	¹⁰		.44	^8,9		.44	^8,9		1.90	^8,9
10/31/2021		40.12		.95		12.61			13.56			(.94	)		—			(.94	)		52.74		34.04	⁹		—	¹⁰		.44	⁹		.44	⁹		1.95	⁹
10/31/2020		42.75		.92		(1.39	)		(.47	)		(.97	)		(1.19	)		(2.16	)		40.12		(1.15	)⁹		—	¹⁰		.40	⁹		.40	⁹		2.23	⁹
10/31/2019		40.92		.95		3.46			4.41			(.94	)		(1.64	)		(2.58	)		42.75		11.56			90			.42			.42			2.33
10/31/2018		40.94		.90		1.64			2.54			(.89	)		(1.67	)		(2.56	)		40.92		6.27			78			.43			.43			2.17
10/31/2017		36.05		.87		5.87			6.74			(.84	)		(1.01	)		(1.85	)		40.94		19.20			70			.44			.44			2.26
Class 529-F-2:
4/30/2022^5,6		52.81		.51		(.66	)		(.15	)		(.51	)		(1.61	)		(2.12	)		50.54		(.37	)⁷		166			.36	⁸		.36	⁸		1.97	⁸
10/31/2021		40.16		.98		12.62			13.60			(.95	)		—			(.95	)		52.81		34.13			144			.38			.38			2.01
10/31/2020^5,13		40.16		—		—			—			—			—			—			40.16		—			93			—			—			—
Class 529-F-3:
4/30/2022^5,6		52.80		.52		(.64	)		(.12	)		(.53	)		(1.61	)		(2.14	)		50.54		(.34	)⁷		—	¹⁰		.32	⁸		.32	⁸		2.02	⁸
10/31/2021		40.16		1.00		12.62			13.62			(.98	)		—			(.98	)		52.80		34.19			—	¹⁰		.38			.33			2.07
10/31/2020^5,13		40.16		—		—			—			—			—			—			40.16		—			—	¹⁰		—			—			—
Class R-1:
4/30/2022^5,6		52.17		.25		(.64	)		(.39	)		(.26	)		(1.61	)		(1.87	)		49.91		(.85	)⁷		58			1.35	⁸		1.35	⁸		.99	⁸
10/31/2021		39.68		.49		12.48			12.97			(.48	)		—			(.48	)		52.17		32.84			59			1.37			1.37			1.04
10/31/2020		42.28		.50		(1.35	)		(.85	)		(.56	)		(1.19	)		(1.75	)		39.68		(2.16	)		51			1.40			1.40			1.24
10/31/2019		40.50		.54		3.42			3.96			(.54	)		(1.64	)		(2.18	)		42.28		10.48			62			1.41			1.41			1.34
10/31/2018		40.54		.49		1.61			2.10			(.47	)		(1.67	)		(2.14	)		40.50		5.23			58			1.42			1.42			1.20
10/31/2017		35.71		.49		5.81			6.30			(.46	)		(1.01	)		(1.47	)		40.54		18.06			69			1.41			1.41			1.29

See end of table for footnotes.

American Mutual Fund

Financial highlights (continued)

			(Loss) income from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			Ratio of expenses to average net assets before reimburse- ments⁴			Ratio of expenses to average net assets after reimburse- ments^3,4			Ratio of net income to average net assets³
Class R-2:
4/30/2022^5,6	$	52.08	$	.25	$	(.64	)	$	(.39	)	$	(.26	)	$	(1.61	)	$	(1.87	)	$	49.82		(.85	)%⁷	$	255			1.36	%⁸		1.36	%⁸		.99	%⁸
10/31/2021		39.63		.50		12.45			12.95			(.50	)		—			(.50	)		52.08		32.81			265			1.36			1.36			1.05
10/31/2020		42.22		.51		(1.34	)		(.83	)		(.57	)		(1.19	)		(1.76	)		39.63		(2.11	)		207			1.38			1.38			1.26
10/31/2019		40.45		.55		3.41			3.96			(.55	)		(1.64	)		(2.19	)		42.22		10.49			245			1.39			1.39			1.36
10/31/2018		40.50		.50		1.61			2.11			(.49	)		(1.67	)		(2.16	)		40.45		5.26			237			1.39			1.39			1.22
10/31/2017		35.68		.50		5.81			6.31			(.48	)		(1.01	)		(1.49	)		40.50		18.09			251			1.39			1.39			1.32
Class R-2E:
4/30/2022^5,6		52.58		.33		(.66	)		(.33	)		(.33	)		(1.61	)		(1.94	)		50.31		(.72	)⁷		29			1.07	⁸		1.07	⁸		1.28	⁸
10/31/2021		39.99		.64		12.58			13.22			(.63	)		—			(.63	)		52.58		33.23			30			1.07			1.07			1.33
10/31/2020		42.60		.63		(1.36	)		(.73	)		(.69	)		(1.19	)		(1.88	)		39.99		(1.84	)		23			1.09			1.09			1.55
10/31/2019		40.79		.67		3.45			4.12			(.67	)		(1.64	)		(2.31	)		42.60		10.83			22			1.10			1.10			1.64
10/31/2018		40.83		.62		1.62			2.24			(.61	)		(1.67	)		(2.28	)		40.79		5.53			15			1.11			1.11			1.50
10/31/2017		35.97		.61		5.86			6.47			(.60	)		(1.01	)		(1.61	)		40.83		18.42			12			1.10			1.10			1.58
Class R-3:
4/30/2022^5,6		52.33		.37		(.65	)		(.28	)		(.37	)		(1.61	)		(1.98	)		50.07		(.64	)⁷		537			.91	⁸		.91	⁸		1.43	⁸
10/31/2021		39.81		.71		12.51			13.22			(.70	)		—			(.70	)		52.33		33.41			576			.92			.92			1.49
10/31/2020		42.41		.70		(1.36	)		(.66	)		(.75	)		(1.19	)		(1.94	)		39.81		(1.67	)		446			.93			.93			1.71
10/31/2019		40.62		.73		3.42			4.15			(.72	)		(1.64	)		(2.36	)		42.41		10.97			545			.94			.94			1.81
10/31/2018		40.66		.68		1.62			2.30			(.67	)		(1.67	)		(2.34	)		40.62		5.71			535			.95			.95			1.66
10/31/2017		35.81		.67		5.84			6.51			(.65	)		(1.01	)		(1.66	)		40.66		18.62			647			.95			.95			1.76
Class R-4:
4/30/2022^5,6		52.60		.45		(.65	)		(.20	)		(.45	)		(1.61	)		(2.06	)		50.34		(.48	)⁷		808			.62	⁸		.62	⁸		1.73	⁸
10/31/2021		40.01		.86		12.58			13.44			(.85	)		—			(.85	)		52.60		33.81			847			.62			.62			1.79
10/31/2020		42.63		.82		(1.37	)		(.55	)		(.88	)		(1.19	)		(2.07	)		40.01		(1.38	)		604			.63			.63			2.01
10/31/2019		40.81		.86		3.45			4.31			(.85	)		(1.64	)		(2.49	)		42.63		11.34			631			.64			.64			2.11
10/31/2018		40.84		.81		1.62			2.43			(.79	)		(1.67	)		(2.46	)		40.81		6.03			616			.65			.65			1.96
10/31/2017		35.96		.80		5.85			6.65			(.76	)		(1.01	)		(1.77	)		40.84		18.98			674			.64			.64			2.07
Class R-5E:
4/30/2022^5,6		52.74		.50		(.64	)		(.14	)		(.51	)		(1.61	)		(2.12	)		50.48		(.37	)⁷		117			.39	⁸		.39	⁸		1.94	⁸
10/31/2021		40.12		.96		12.61			13.57			(.95	)		—			(.95	)		52.74		34.09			103			.40			.40			1.97
10/31/2020		42.74		.91		(1.36	)		(.45	)		(.98	)		(1.19	)		(2.17	)		40.12		(1.14	)		42			.40			.40			2.22
10/31/2019		40.92		.93		3.48			4.41			(.95	)		(1.64	)		(2.59	)		42.74		11.59			33			.42			.42			2.28
10/31/2018		40.96		.89		1.64			2.53			(.90	)		(1.67	)		(2.57	)		40.92		6.26			5			.44			.44			2.15
10/31/2017		36.07		.86		5.87			6.73			(.83	)		(1.01	)		(1.84	)		40.96		19.15			—	¹⁰		.55			.48			2.22
Class R-5:
4/30/2022^5,6		52.82		.53		(.66	)		(.13	)		(.53	)		(1.61	)		(2.14	)		50.55		(.35	)⁷		378			.32	⁸		.32	⁸		2.03	⁸
10/31/2021		40.16		1.01		12.63			13.64			(.98	)		—			(.98	)		52.82		34.24			395			.32			.32			2.09
10/31/2020		42.79		.95		(1.39	)		(.44	)		(1.00	)		(1.19	)		(2.19	)		40.16		(1.09	)		283			.32			.32			2.32
10/31/2019		40.96		.99		3.45			4.44			(.97	)		(1.64	)		(2.61	)		42.79		11.66			337			.34			.34			2.41
10/31/2018		40.98		.94		1.63			2.57			(.92	)		(1.67	)		(2.59	)		40.96		6.36			324			.35			.35			2.26
10/31/2017		36.08		.91		5.88			6.79			(.88	)		(1.01	)		(1.89	)		40.98		19.33			354			.35			.35			2.35
Class R-6:
4/30/2022^5,6		52.83		.54		(.65	)		(.11	)		(.54	)		(1.61	)		(2.15	)		50.57		(.32	)⁷		23,568			.27	⁸		.27	⁸		2.07	⁸
10/31/2021		40.18		1.03		12.63			13.66			(1.01	)		—			(1.01	)		52.83		34.27			23,999			.27			.27			2.14
10/31/2020		42.80		.97		(1.37	)		(.40	)		(1.03	)		(1.19	)		(2.22	)		40.18		(1.02	)		16,995			.27			.27			2.36
10/31/2019		40.97		1.01		3.45			4.46			(.99	)		(1.64	)		(2.63	)		42.80		11.71			15,579			.29			.29			2.45
10/31/2018		40.99		.96		1.63			2.59			(.94	)		(1.67	)		(2.61	)		40.97		6.41			12,190			.30			.30			2.31
10/31/2017		36.09		.93		5.87			6.80			(.89	)		(1.01	)		(1.90	)		40.99		19.38			10,309			.30			.30			2.39

See end of table for footnotes.

22	American Mutual Fund

Financial highlights (continued)

	Six months ended April 30,			Year ended October 31,
	2022^5,6,7			2021			2020			2019			2018			2017
Portfolio turnover rate for all share classes¹⁴		8	%		23	%		24	%¹⁵		21	%		16	%		20	%

¹	Based on average shares outstanding.
²	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
³	This column reflects the impact, if any, of certain reimbursements from CRMC. During some of the years shown, CRMC reimbursed a portion of transfer agent services fees for certain share classes.
⁴	Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.
⁵	Based on operations for a period that is less than a full year.
⁶	Unaudited.
⁷	Not annualized.
⁸	Annualized.
⁹	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.
¹⁰	Amount less than $1 million.
¹¹	Class T and 529-T shares began investment operations on April 7, 2017.
¹²	Class F-3 shares began investment operations on January 27, 2017.
¹³	Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.
¹⁴	Rates do not include the fund’s portfolio activity with respect to any Central Funds.
¹⁵	Includes the value of securities sold due to redemptions of shares in-kind. The rate would have been 23% for the year ended October 31, 2020, if the value of securities sold due to in-kind redemptions were excluded.

See notes to financial statements.

American Mutual 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 (November 1, 2021, through April 30, 2022).

Actual expenses:

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

Hypothetical example for comparison purposes:

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

Notes:

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

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

24	American Mutual Fund

Expense example (continued)

	Beginning account value 11/1/2021		Ending account value 4/30/2022		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	995.28	$	2.87		.58	%
Class A – assumed 5% return		1,000.00		1,021.92		2.91		.58
Class C – actual return		1,000.00		991.61		6.57		1.33
Class C – assumed 5% return		1,000.00		1,018.20		6.66		1.33
Class T – actual return		1,000.00		996.69		1.58		.32
Class T – assumed 5% return		1,000.00		1,023.21		1.61		.32
Class F-1 – actual return		1,000.00		995.14		3.12		.63
Class F-1 – assumed 5% return		1,000.00		1,021.67		3.16		.63
Class F-2 – actual return		1,000.00		996.20		1.83		.37
Class F-2 – assumed 5% return		1,000.00		1,022.96		1.86		.37
Class F-3 – actual return		1,000.00		996.81		1.34		.27
Class F-3 – assumed 5% return		1,000.00		1,023.46		1.35		.27
Class 529-A – actual return		1,000.00		995.25		3.02		.61
Class 529-A – assumed 5% return		1,000.00		1,021.77		3.06		.61
Class 529-C – actual return		1,000.00		991.42		6.76		1.37
Class 529-C – assumed 5% return		1,000.00		1,018.00		6.85		1.37
Class 529-E – actual return		1,000.00		993.92		4.20		.85
Class 529-E – assumed 5% return		1,000.00		1,020.58		4.26		.85
Class 529-T – actual return		1,000.00		996.34		1.93		.39
Class 529-T – assumed 5% return		1,000.00		1,022.86		1.96		.39
Class 529-F-1 – actual return		1,000.00		996.02		2.18		.44
Class 529-F-1 – assumed 5% return		1,000.00		1,022.61		2.21		.44
Class 529-F-2 – actual return		1,000.00		996.30		1.78		.36
Class 529-F-2 – assumed 5% return		1,000.00		1,023.01		1.81		.36
Class 529-F-3 – actual return		1,000.00		996.65		1.58		.32
Class 529-F-3 – assumed 5% return		1,000.00		1,023.21		1.61		.32
Class R-1 – actual return		1,000.00		991.46		6.67		1.35
Class R-1 – assumed 5% return		1,000.00		1,018.10		6.76		1.35
Class R-2 – actual return		1,000.00		991.47		6.72		1.36
Class R-2 – assumed 5% return		1,000.00		1,018.05		6.80		1.36
Class R-2E – actual return		1,000.00		992.82		5.29		1.07
Class R-2E – assumed 5% return		1,000.00		1,019.49		5.36		1.07
Class R-3 – actual return		1,000.00		993.64		4.50		.91
Class R-3 – assumed 5% return		1,000.00		1,020.28		4.56		.91
Class R-4 – actual return		1,000.00		995.17		3.07		.62
Class R-4 – assumed 5% return		1,000.00		1,021.72		3.11		.62
Class R-5E – actual return		1,000.00		996.27		1.93		.39
Class R-5E – assumed 5% return		1,000.00		1,022.86		1.96		.39
Class R-5 – actual return		1,000.00		996.49		1.58		.32
Class R-5 – assumed 5% return		1,000.00		1,023.21		1.61		.32
Class R-6 – actual return		1,000.00		996.79		1.34		.27
Class R-6 – assumed 5% return		1,000.00		1,023.46		1.35		.27

*	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 Mutual 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 April 30, 2023. The agreement was amended to add an additional advisory fee breakpoint for when the fund’s net assets exceed $89 billion. The board approved the agreement following the recommendation of the fund’s Contracts Committee (the “committee”), which is composed of all the fund’s independent board members. The board and the committee determined in the exercise of their business judgment that the fund’s advisory fee structure was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of the fund and its shareholders.

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

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which the fund’s assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative and shareholder services provided by CRMC to the fund under the agreement and other agreements, as well as the benefits to fund shareholders from investing in a fund that is part of a large family of funds. The board 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 objectives. 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 September 30, 2021. They generally placed greater emphasis on longer term periods. On the basis of this evaluation and the board’s and the committee’s ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that the fund’s investment results have been satisfactory for renewal of the agreement, and that CRMC’s record in managing the fund indicated that its continued management should benefit the fund and its shareholders.

3. Advisory fees and total expenses

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

26	American Mutual Fund

4. Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with the fund and other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the fund’s principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that, since 2019, CRMC has borne 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 to the fund 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 several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the fund’s advisory fee structure and CRMC’s sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that the fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and the fund’s shareholders.

American Mutual 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, 2020, through September 30, 2021. 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.

28	American Mutual Fund

Office of the fund

333 South Hope Street

Los Angeles, CA 90071-1406

Investment adviser

Capital Research and Management Company

333 South Hope Street

Los Angeles, CA 90071-1406

Transfer agent for shareholder accounts

American Funds Service Company

(Write to the address near you.)

P.O. Box 6007

Indianapolis, IN 46206-6007

P.O. Box 2280

Norfolk, VA 23501-2280

Custodian of assets

JPMorgan Chase Bank

270 Park Avenue

New York, NY 10017-2070

Counsel

O’Melveny & Myers LLP

400 South Hope Street

Los Angeles, CA 90071-2899

Independent registered public accounting firm

Deloitte & Touche LLP

695 Town Center Drive

Suite 1000

Costa Mesa, CA 92626-7188

Principal underwriter

American Funds Distributors, Inc.

333 South Hope Street

Los Angeles, CA 90071-1406

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.

“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on our website or upon request by calling AFS. The fund files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on our website.

American Mutual Fund files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The list of portfolio holdings is available free of charge on the SEC website and on our website.

This report is for the information of shareholders of American Mutual Fund, but it also may be used as sales literature when preceded or accompanied by the current prospectus or summary prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after June 30, 2022, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2022 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC.

American Funds Distributors, Inc., member FINRA.

The Capital Advantage^®

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

	Aligned with investor success
	We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. Our portfolio managers average 27 years of investment industry experience, including 21 years at our company, reflecting a career commitment to our long-term approach.¹

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

	American Funds’ superior outcomes
	Equity funds have beaten their Lipper peer indexes in 90% of 10-year periods and 99% of 20-year periods.²Fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.³Fund management fees have been among the lowest in the industry.⁴

	¹	Investment industry experience as of December 31, 2021.
	²	Based on Class F-2 share results for rolling calendar-year periods starting the first full calendar year after each fund’s inception through December 31, 2021. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date (except Capital Income Builder and SMALLCAP World Fund, for which the Lipper average was used). Expenses differ for each share class, so results will vary.
	³	Based on Class F-2 share results as of December 31, 2021. Thirteen of the 17 fixed income American Funds that have been in existence for the three-year period showed a three-year correlation below 0.3. S&P 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.
	⁴	On average, our management fees were in the lowest quintile 63% of the time, based on the 20-year period ended December 31, 2021, versus comparable Lipper categories, excluding funds of funds.

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

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

ITEM 2 – Code of Ethics

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

ITEM 3 – Audit Committee Financial Expert

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

ITEM 4 – Principal Accountant Fees and Services

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

ITEM 5 – Audit Committee of Listed Registrants

Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.

ITEM 6 – Schedule of Investments

Not applicable, insofar as the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 10 – Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.

ITEM 11 – Controls and Procedures

(a)

The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.

(b)

There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12 – Exhibits

(a)(1)	Not applicable for filing of semi-annual reports to shareholders.

(a)(2)	The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	AMERICAN MUTUAL FUND

	By __/s/ Herbert Y. Poon____________________
	Herbert Y. Poon, Principal Executive Officer

	Date: June 30, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By __/s/ Herbert Y. Poon_________________

Herbert Y. Poon,

Principal Executive Officer

Date: June 30, 2022

By ___/s/ Hong T. Le __________

Hong T. Le, Treasurer and

Principal Financial Officer

Date: June 30, 2022

American Mutual Fund

333 South Hope Street, 55th Floor

Los Angeles, California 90071

(949) 975-5000

CERTIFICATION

I, Herbert Y. Poon, certify that:

1.	I have reviewed this report on Form N-CSR of American Mutual Fund;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

	a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 180 days prior to the filing date of this report based on such evaluation; and

	d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

	a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

	b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 30, 2022

___/s/ Herbert Y. Poon_____________________

Herbert Y. Poon,

Principal Executive Officer

American Mutual Fund

American Mutual Fund

333 South Hope Street, 55th Floor

Los Angeles, California 90071

(949) 975-5000

CERTIFICATION

I, Hong T. Le, certify that:

1.	I have reviewed this report on Form N-CSR of American Mutual Fund;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

	a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 180 days prior to the filing date of this report based on such evaluation; and

	d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

	a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

	b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 30, 2022

__/s/ Hong T. Le____________

Hong T. Le, Treasurer and

Principal Financial Officer

American Mutual Fund

American Mutual Fund

333 South Hope Street, 55th Floor

Los Angeles, California 90071

(949) 975-5000

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

HERBERT Y. POON, Principal Executive Officer, and HONG T. LE, Treasurer and Principal Financial Officer of American Mutual Fund (the "Registrant"), each certify to the best of her or his knowledge that:

1)	The Registrant's periodic report on Form N-CSR for the period ended April 30, 2022 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2)	The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Principal Executive Officer	Principal Financial Officer

AMERICAN MUTUAL FUND	AMERICAN MUTUAL FUND


___/s/ Herbert Y. Poon____________	_/s/ Hong T. Le____________
Herbert Y. Poon, Principal Executive Officer	Hong T. Le, Treasurer

Date: June 30, 2022	Date: June 30, 2022

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to AMERICAN MUTUAL FUND and will be retained by AMERICAN MUTUAL FUND and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

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