12. RESPONSIBLE CONSUMPTION AND PRODUCTION

Form N-CSRS AMERICAN MUTUAL FUND For: Apr 30 – StreetInsider.com

Written by Amanda

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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.

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 1
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 3
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 5
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 7

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 9
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 11

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 13

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 15

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 17

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 19

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 return2,3      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-
ments3,4 
    Ratio of
net income
to average
net assets3 
 
Class A:                                                                                                        
4/30/20225,6    $ 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:                                                                                                        
4/30/20225,6      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:                                                                                                        
4/30/20225,6      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 
10/31/20175,11      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:                                                                                                        
4/30/20225,6      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:                                                                                                        
4/30/20225,6      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:                                                                                                        
4/30/20225,6      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  
10/31/20175,12      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:                                                                                                        
4/30/20225,6      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 return2,3      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-
ments3,4 
    Ratio of
net income
to average
net assets3 
 
Class 529-C:                                                                                                        
4/30/20225,6    $ 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:                                                                                                        
4/30/20225,6      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:                                                                                                        
4/30/20225,6      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 
10/31/20175,11      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:                                                                                                        
4/30/20225,6      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:                                                                                                        
4/30/20225,6      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  
10/31/20205,13      40.16                                           40.16             93                    
Class 529-F-3:                                                                                                        
4/30/20225,6      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  
10/31/20205,13      40.16                                           40.16             10                   
Class R-1:                                                                                                        
4/30/20225,6      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 21

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 return2,3      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-
ments3,4 
    Ratio of
net income
to average
net assets3 
 
Class R-2:                                                                                                        
4/30/20225,6    $ 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:                                                                                                        
4/30/20225,6      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:                                                                                                        
4/30/20225,6      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:                                                                                                        
4/30/20225,6      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:                                                                                                        
4/30/20225,6      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:                                                                                                        
4/30/20225,6      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:                                                                                                        
4/30/20225,6      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,
    20225,6,7   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 23
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 25

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 27
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 SystemSM
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.2 Fixed income funds have helped investors achieve diversification through attention to correlation
between bonds and equities.3 Fund 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.

Source: streetinsider.com

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