Investment Fund

Share Class
Purchase Restrictions: Class R-1 shares are available in certain employer-sponsored retirement plans. See the prospectus for details.

Summary

Internal Prompt
A flexible approach to growth-and-income investing. With an emphasis on growth over income, the strategy seeks undervalued and overlooked opportunities, investing in companies with high-quality products and leading market shares with the underappreciated potential for growth in sales, earnings and dividends.
Price at NAV $95.17 as of 10/24/2025 (updated daily)
Fund Assets (millions) $159,488.3
Portfolio Managers
8
Expense Ratio
(Gross/Net %)
1.36 / 1.36%
Quarterly Fund Fact Sheet (PDF)
Prospectus
Internal Prompt

Returns at NAV

Returns at MOP

Asset Mix

U.S. Equities80.8%
Non-U.S. Equities17.7%
U.S. Bonds0.0%
Non-U.S. Bonds0.0%
Cash & Equivalents
1.6%
As of 9/30/2025 (updated monthly)
Internal Prompt

Volatility & Return

Read important investment disclosures

Equities

For Class R-1 Shares, this chart tracks the 10-year standard deviation
and 10-year annualized return of the equity funds
RFNAX
S&P 500 Index
Other AF Funds
Standard Deviation as of 09/30/2025 (updated monthly) . Annualized return as of 09/30/2025 (updated monthly) .
VIEW LARGER CHART

Market Capitalization

77.5%
Large
19.6%
Medium
2.9%
Small
$855,867.00 Million
Weighted Average


As of 9/30/2025 (updated quarterly). FactSet data as of 9/30/2025 (updated quarterly).

Morningstar Ownership ZoneTM

Large Blend
Weighted average of holdings
75% of fund's stock holdings
Morningstar data as of 9/30/25 (updated quarterly)
INSIGHTS ON THE MORNINGSTAR OWNERSHIP ZONE

Description

Objective
The fund's investment objective is to achieve long-term growth of capital and income.
Distinguishing Characteristics
With an emphasis on growth over income, the strategy seeks undervalued and overlooked opportunities. It invests in companies with high-quality products and leading market shares with the underappreciated potential for growth in sales, earnings and dividends. It has the flexibility to invest a sizeable portion of its assets outside of the U.S.
Types of Investments
The fund primarily invests in common stocks or securities convertible into common stocks, bonds, U.S. government securities and cash.
Holdings Outside the U.S.
May invest up to 35% of its assets in securities of issuers that are domiciled outside the United States.
Portfolio Restrictions
The fund may invest up to 5% of assets in debt securities rated Ba and BB or below (or unrated, but determined by the fund’s investment adviser to be of equivalent quality).

Fund Facts

Fund Inception 8/01/1978
Fund Assets (millions)
As of 9/30/2025
 $159,488.3
Companies/Issuers
Holdings are as of 9/30/2025 (updated monthly).
 215+
Shareholder Accounts
Shareholder accounts are as of 9/30/2025
 646
Regular Dividends Paid
Mar, Jun, Sep, Dec
Minimum Initial Investment $0
Capital Gains Paid
Jun, Dec
Portfolio Turnover (2024) 28%
Fiscal Year-End Dec
Prospectus Date 03/01/2025
CUSIP 360802 87 0
Fund Number 2110

Returns

Internal Prompt

Month-End Returns as of 9/30/25

Returns at NAV
| at MOP
Read important investment disclosures
RFNAX
S&P 500 Index
ANNUAL RETURNS CHART

Quarter-End Returns as of 9/30/25

Growth of 10K

Read important investment disclosures

High & Low Prices

Internal Prompt

Yield

12-month
Distribution Rates
30-day SEC Yield
Fund at NAV 0.26% 0.00%
Fund at MOP N/A N/A
As of 9/30/2025 (updated monthly)

Valuation

Price/ Price/ Price/
Book
Cash Flow
Earnings
Fund 3.70 13.93 19.76
S&P 500 Index
4.60 15.30 22.90
Fund as of 9/30/25. Index as of 9/30/25.
Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
Julian Abdey 7 22 29
Paul Benjamin 8 19
Mark Casey 14 24
Mathews Cherian 9 21 28
Brady Enright 19 28 34
Irfan Furniturewala 6 24
Dimitrije Mitrinovic 5 17 23
Diana Wagner 7 24 30
A boldface number indicates that years of experience with Capital Group is equal to years of experience with investment industry.

Ratings & Risk

Morningstar Rating TM


Overall Morningstar RatingTM
Funds rated(1226)
3-yr. Morningstar RatingTM
(1226 funds rated)
5-yr. Morningstar RatingTM
(1134 funds rated)
10-yr. Morningstar RatingTM
(876 funds rated)
Overall Morningstar Risk Average
HIGH
LOW
Category
Large Blend
ADVANTAGES AND DISADVANTAGES OF MORNINGSTAR RATINGS
Ratings are based on risk-adjusted returns as of 9/30/2025 (updated monthly).

Lipper Leader Scorecard

Over-all 3 yr. 5 yr. 10 yr.
Consistent Return Within Category
Funds Rated
(642)
(642)
(587)
(451)
Expense Within Category
Funds Rated
(306)
(306)
(287)
(218)
Preservation Within Category
Funds Rated
(12058)
(12058)
(11101)
(8486)
Tax Efficiency Within Category
Funds Rated
(642)
(642)
(587)
(451)
Total Return Within Category
Funds Rated
(642)
(642)
(587)
(451)
Category Large-Cap Core Funds
KEY
HIGHEST LOWEST
As of 9/30/2025 (updated monthly)

Risk Measures

Fund
Standard Deviation
15.13
Sharpe Ratio
0.78
For the 10 Years ending 9/30/25 (updated monthly).
American Funds/
Morningstar Benchmark
S&P 500 TR USD
R-squared
96
Beta
0.97
Capture Ratio (Downside/Upside)
100/95
American Funds and Morningstar Benchmark for the 10 Years ending 9/30/25 (updated monthly).

Holdings

Equities Breakdown

Sectors | Top Industries
Equity Fund Holdings
 Information technology 31.3%
Industrials 14.1%
Financials 10.8%
Consumer discretionary 9.5%
Communication services 8.5%
Consumer staples 8.0%
Health care 6.9%
Materials 2.9%
Utilities 2.6%
Energy 2.4%
Real estate 1.4%

% of net assets as of 9/30/2025 (updated monthly)

Top Equities

Broadcom
7.5%
Microsoft
6.0%
NVIDIA
4.0%
Alphabet
3.9%
Philip Morris International
3.6%
TSMC
2.8%
Amazon.com
2.4%
Micron Technology
2.3%
TransDigm Group
2.3%
Meta Platforms
2.2%

% of net assets as of 9/30/2025 (updated monthly)

Geographic Breakdown

Regions | Top Countries
United States
80.8%
Europe
7.7%
Asia & Pacific Basin
5.0%
Other (Including Canada & Latin America)
4.9%
Cash & equivalents
1.6%
% of net assets as of 9/30/2025 (updated monthly)

The New Geography of Investing ®

Equity Portion Breakdown by Domicile | Equity Portion Breakdown by Revenue
Regions Fund
S&P 500 Index
United States 82.1% 100.0%
Canada 4.2% 0.0%
Europe & Middle East 7.9% 0.0%
Japan 0.0% 0.0%
Emerging markets ex. China 5.9% 0.0%

% of net assets as of 9/30/2025 (updated monthly)

Fund Breakdown by Domicile

Regions Fund
S&P 500 Index
United States 80.8% 100.0%
Canada 4.1% 0.0%
Europe & Middle East 7.7% 0.0%
Japan 0.0% 0.0%
Emerging markets ex. China 5.8% 0.0%
Cash & equivalents
1.6% --

% of net assets as of 9/30/2025 (updated monthly)

Prices & Distributions

Internal Prompt

Historical Prices Month-End

2025

Historical Prices Year-End

Internal Prompt

Historical Distributions as of 10/24/25

FIND HISTORICAL DISTRIBUTIONS
2025
Record
Date		 Calculated
Date		 Pay Date
Income Dividend Regular
Income Dividend Special
Cap. Gains Long-Term
Cap. Gains Short-Term
Reinvest NAV
03/12/25 03/12/25 03/13/25 $0.014 $0.00 $0.00 $0.00 $77.91
06/11/25 06/11/25 06/12/25 $0.0137 $0.00 $1.8915 $0.00 $84.45
2025 Year-to-Date: Dividends Subtotal: $0.0277 Cap Gains Subtotal: $1.8915
Total Distributions: $1.9192

Fees & Expenses

Internal Prompt

Fees

Annual Management Fees 0.24%
Other Expenses 0.13%
Service 12b-1 0.99%
As of each fund's most recent prospectus.
Internal Prompt

Expense Ratio

RFNAX 1.36%
Lipper Growth & Income Funds Average
--%
Fund as of most recent prospectus. Lipper Category as of -- (updated quarterly).