SEC. File Nos. 2- 26516
811-1435
SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549
FORM N-1A
Registration Statement
Under
the Securities Act of 1933
Post-Effective Amendment No. 57
and
Registration Statement
Under
The Investment Company Act of 1940
Amendment No. 27
AMCAP FUND, INC.
(Exact Name of Registrant as specified in charter)
333 South Hope Street
Los Angeles, California 90071
(Address of principal executive offices)
Registrant's telephone number, including area code:
(213) 486-9200
JULIE F. WILLIAMS
333 South Hope Street
Los Angeles, California 90071
(name and address of agent for service)
Copies to:
Cary I. Klafter, Esq.
MORRISON & FOERSTER
345 California Street
San Francisco, California 94104
(Counsel for the Registrant)
The Registrant has filed a declaration pursuant to rule 24f-2
registering an indefinite number of shares under the Securities Act of 1933.
On April 12 , 1995 , it filed its 24f-2 notice for fiscal 1994.
Approximate date of proposed public offering:
It is proposed that this filing become effective on May 1, 1995 ,
pursuant to paragraph (b) of rule 485.
AMCAP FUND, INC.
CROSS REFERENCE SHEET
<TABLE>
<CAPTION>
Item Number of Captions in Prospectus (Part "A")
Part "A" of Form N-1A
<S> <C> <C>
1. Cover Page Cover Page
2. Synopsis Summary of Expenses
3. Financial Highlights Financial Highlights
4. General Description of Registrant Investment Objective and Policies
5. Management of the Fund Financial Highlights; Fund
Organization and Management
6. Capital Stock and Other Securities Investment Objective and Policies;
Investment Techniques; Fund Organization
and
Management; Dividends, Distributions and
Taxes
7. Purchase of Securities Being Offered Purchasing Shares
8. Redemption or Repurchase Redeeming Shares
9. Legal Proceedings N/A
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Item Number of Captions in Statement of
Part "B" of Form N-1A Additional Information (Part "B")
10. Cover Page Cover
11. Table of Contents Table of Contents
12. General Information and History Investment Philosophy; Description of
Certain Securities; Investment
Restrictions; General Information
13. Investment Objectives and Policies Investment Philosophy; Investment
Restrictions
14. Management of the Registrant Fund Officers and Directors; Management
15. Control Persons and Principal Holders of Securities Fund Officers and Directors
16. Investment Advisory and Other Services Management
17. Brokerage Allocation and Other Practices Execution of Portfolio Transactions
18. Capital Stock and Other Securities None
19. Purchase, Redemption and Pricing of Purchase of Shares; Shareholder
Account Services and Privileges
20. Tax Status Dividends, Distributions and Federal Taxes
21. Underwriter Management -- Principal Underwriter
22. Calculation of Performance Data Investment Results
23. Financial Statements Financial Statements
</TABLE>
<TABLE>
<CAPTION>
Item in Part "C"
<S> <C>
24. Financial Statements and Exhibits
25. Persons Controlled by or under Common Control with Registrant
26. Number of Holders of Securities
27. Indemnification
28. Business and Other Connections of Investment Adviser
29. Principal Underwriters
30. Location of Accounts and Records
31. Management Services
32. Undertakings
Signature Page
</TABLE>
<PAGE>
PROSPECTUS AMCAP FUND, INC.
333 South Hope Street
AMCAP Los Angeles, California 90071
FUND(R)
The fund's investment objective
is to provide shareholders with
long-term growth of capital.
Whatever current income is
generated by the fund is likely
to be incidental to the objective
of capital growth. Normally, the
fund will invest primarily in
common stocks.
This prospectus presents
information you should know
before investing in the fund. It
should be retained for future
reference.
You may obtain the statement of
additional information, dated May
1, 1995, which contains the
fund's financial statements,
without charge, by writing to the
Secretary of the fund at the
above address or telephoning
800/421-0180. These requests will
be honored within three business
days of receipt.
SHARES OF THE FUND ARE NOT
DEPOSITS OR OBLIGATIONS OF, OR
INSURED, OR GUARANTEED BY THE
U.S. GOVERNMENT, ANY FINANCIAL
INSTITUTION, THE FEDERAL DEPOSIT
INSURANCE CORPORATION, OR ANY
OTHER AGENCY, ENTITY OR PERSON.
THE PURCHASE OF FUND SHARES
INVOLVES INVESTMENT RISKS,
INCLUDING THE POSSIBLE LOSS OF
PRINCIPAL.
THESE SECURITIES HAVE NOT BEEN
APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE
COMMISSION OR ANY STATE
SECURITIES COMMISSION NOR HAS THE
SECURITIES AND EXCHANGE
COMMISSION OR ANY STATE
SECURITIES COMMISSION PASSED UPON
THE ACCURACY OR ADEQUACY OF THIS
An opportunity for long-term PROSPECTUS. ANY REPRESENTATION TO
growth of capital THE CONTRARY IS A CRIMINAL
OFFENSE.
02-010-0595
[LOGO OF THE AMERICAN FUNDS]
May 1, 1995
<PAGE>
TABLE OF CONTENTS
Summary of Expenses.............. 3
Financial Highlights............. 4
Investment Objective and
Policies........................ 4
Investment Techniques............ 5
Investment Results............... 6
Dividends, Distributions and
Taxes........................... 7
Fund Organization and
Management...................... 8
The American Funds Shareholder
Guide........................ 11-19
Purchasing Shares............... 11
Reducing Your Sales Charge...... 14
Shareholder Services............ 15
Redeeming Shares................ 17
Retirement Plans................ 19
IMPORTANT PHONE NUMBERS
Shareholder Services... 800/421-0180
ext. 1
Dealer Services........ 800/421-9900
ext. 11
American FundsLine(R)...800/325-3590
(24-hour information)
<PAGE>
- -------------------------------------------------------------------------------
SUMMARY OF This table is designed to help you understand costs of
EXPENSES investing in the fund. These are historical expenses;
your actual expenses may vary.
Average annual
expenses paid over
a 10-year period
would be
approximately $14
per year, assuming
a $1,000
investment and a
5% annual return.
<TABLE>
<S> <C>
SHAREHOLDER TRANSACTION EXPENSES
Maximum sales charge on purchases
(as a percentage of offering price).................... 5.75%/1/
</TABLE>
The fund has no sales charge on reinvested dividends,
deferred sales charge,/2/ redemption fees or exchange
fees.
<TABLE>
<S> <C>
ANNUAL FUND OPERATING EXPENSES (as a percentage of
average net assets)
Management fees......................................... 0.41%
12b-1 expenses.......................................... 0.18%/3/
Other expenses (including audit, legal, shareholder
services, transfer agent and custodian expenses)....... 0.12%
Total fund operating expenses........................... 0.71%
</TABLE>
<TABLE>
<CAPTION>
EXAMPLE 1 YEAR 3 YEARS 5 YEARS 10 YEARS
------- ------ ------- ------- --------
<S> <C> <C> <C> <C>
You would pay the following
cumulative expenses on a $1,000
investment, assuming a 5% annual
return./4/ $64 $79 $95 $141
</TABLE>
/1/ Sales charges are reduced for certain large
purchases. (See "The American Funds Shareholder
Guide: Purchasing Shares--Sales Charges.")
/2/ Any defined contribution plan qualified under Section
401(a) of the Internal Revenue Code including a
"401(k)" plan with 200 or more eligible employees or
any other purchaser investing at least $1 million in
shares of the fund (or in combination with shares of
other funds in The American Funds Group other than
the money market funds) may purchase shares at net
asset value; however, a contingent deferred sales
charge of 1% applies on certain redemptions within 12
months following such purchases. (See "The American
Funds Shareholder Guide: Redeeming Shares--Contingent
Deferred Sales Charge.")
/3/ These expenses may not exceed 0.25% of the fund's
average net assets annually. (See "Fund Organization
and Management--Plan of Distribution.") Due to these
distribution expenses, long-term shareholders may pay
more than the economic equivalent of the maximum
front-end sales charge permitted by the National
Association of Securities Dealers.
/4/ Use of this assumed 5% return is required by the
Securities and Exchange Commission; it is not an
illustration of past or future investment results.
THIS EXAMPLE SHOULD NOT BE CONSIDERED A
REPRESENTATION OF PAST OR FUTURE EXPENSES; ACTUAL
EXPENSES MAY BE GREATER OR LESSER THAN THOSE SHOWN.
3
<PAGE>
[
- -------------------------------------------------------------------------------
FINANCIAL The following information has been audited by Deloitte
HIGHLIGHTS & Touche LLP, independent accountants, whose unquali-
(For a share fied report covering each of the most recent five years
outstanding is included in the statement of additional information.
throughout the This information should be read in conjunction with the
fiscal year) financial statements and accompanying notes which are
also included in the statement of additional informa-
tion.
<TABLE>
<CAPTION>
YEAR ENDED FEBRUARY 28/29
------------------------------------------------------------------------------
1995 1994 1993 1992 1991 1990 1989 1988 1987 1986
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Year...... $12.98 $13.52 $13.23 $11.57 $10.87 $10.63 $10.37 $11.72 $10.35 $ 8.86
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
INCOME FROM INVESTMENT
OPERATIONS
Net investment income. .14 .12 .13 .17 .22 .27 .23 .21 .18 .19
Net realized and
unrealized gain
(loss) on
investments.......... .24 1.28 .63 2.10 1.44 1.22 .71 (.57) 2.63 1.73
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total from investment
Operations.......... .38 1.40 .76 2.27 1.66 1.49 .94 (.36) 2.81 1.92
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS
Dividends (from net
investment income)... (.13) (.12) (.15) (.15) (.25) (.27) (.29) (.30) (.19) (.19)
Distributions (from
capital gains)....... (.95) (1.82) (.32) (.46) (.71) (.98) (.39) (.69) (1.25) (.24)
Returns of capital.... -- -- -- -- -- -- -- -- -- --
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total Distributions.. (1.08) (1.94) (.47) (.61) (.96) (1.25) (.68) (.99) (1.44) (.43)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Net Asset Value, End of
Year................... $12.28 $12.98 $13.52 $13.23 $11.57 $10.87 $10.63 $10.37 $11.72 $10.35
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Total Return/1/......... 3.41% 11.31% 5.94% 20.41% 16.76% 14.00% 9.63% (3.14)% 30.34% 22.97%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of year
(in millions)......... $2,970 $3,063 $3,016 $2,796 $2,205 $1,928 $1,722 $1,691 $1,791 $1,419
Ratio of expenses to
average net assets.... .71% .72% .73% .75% .79% .72% .70% .63% .51% .54%
Ratio of net income to
average net assets.... 1.16% .89% 1.02% 1.37% 2.08% 2.33% 2.16% 1.90% 1.85% 2.18%
Portfolio turnover
rate.................. 17.92% 22.18% 14.72% 7.74% 16.32% 18.15% 14.46% 12.00% 16.62% 27.38%
</TABLE>
- ----------
/1/ This was calculated without deducting a sales charge. The maximum
sales charge is 5.75% of the fund's offering price.
INVESTMENT The fund's investment objective is to provide share-
OBJECTIVE AND holders with long-term growth of capital. Whatever cur-
POLICIES rent income is generated by the fund is likely to be
incidental to the objective of capital growth. Normal-
The fund's goal is ly, the fund will invest primarily in common stocks.
to provide you However, assets may also be held in securities convert-
with long-term ible into common stocks, straight debt securities (it
growth of capital. is the fund's current intention to restrict these in-
vestments to those rated in the top three quality cate-
gories by Moody's Investors Service, Inc. or Standard &
Poor's Corporation or determined to be of equivalent
quality by Capital Research and Management Company),
cash or cash equivalents, U.S. Government securities,
or nonconvertible preferred stocks. (See the statement
of additional information for a description of cash
equivalents.)
4
<PAGE>
- -------------------------------------------------------------------------------
The fund's investment restrictions (which are described
in the statement of additional information) and
objective cannot be changed without shareholder
approval. All other investment practices may be changed
by the fund's board.
ACHIEVEMENT OF THE FUND'S INVESTMENT OBJECTIVE CANNOT,
OF COURSE, BE ASSURED DUE TO THE RISK OF CAPITAL LOSS
FROM FLUCTUATING PRICES INHERENT IN ANY INVESTMENT IN
SECURITIES.
INVESTMENT RISKS OF INVESTING Because the fund invests in common
TECHNIQUES stocks, the fund's portfolio is subject to market
risks, including, for example, the possibility that
Investing in stock prices in general may decline over short or even
stocks and extended periods.
bonds involves
certain risks. The fund may also invest in fixed-income securities,
including bonds, which have market values which tend to
vary inversely with the level of interest rates--when
interest rates rise, their values will tend to decline
and vice versa. Although under normal market conditions
longer term securities yield more than shorter term
securities of similar quality, they are subject to
greater price fluctuations. These fluctuations in the
value of the fund's investments will be reflected in
its net asset value per share.
MULTIPLE PORTFOLIO COUNSELOR SYSTEM The basic
investment philosophy of Capital Research and
Management Company is to seek fundamental values at
reasonable prices, using a system of multiple portfolio
counselors in managing mutual fund assets. Under this
system the portfolio of the fund is divided into
segments which are managed by individual counselors.
Each counselor decides how the segment will be invested
(within the limits provided by the fund's objective and
policies and by Capital Research and Management
Company's investment committee). In addition, Capital
Research and Management Company's research
professionals make investment decisions with respect to
a portion of the fund's portfolio. The primary
individual portfolio counselors for the fund are listed
on the next page.
5
<PAGE>
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEARS OF EXPERIENCE
AS
INVESTMENT PROFESSIONAL
(APPROXIMATE)
YEARS OF EXPERIENCE AS
PORTFOLIO COUNSELOR WITH CAPITAL
(AND RESEARCH RESEARCH AND
PORTFOLIO PROFESSIONAL, MANAGEMENT
COUNSELORS IF APPLICABLE) FOR COMPANY OR
FOR AMCAP FUND, INC. ITS TOTAL
AMCAP FUND, INC. PRIMARY TITLE(S) (APPROXIMATE) AFFILIATES YEARS
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Gordon Crawford Senior Vice President 5 years, (plus 10 24 years 24 years
of the Fund. Senior years as a research
Vice President and professional prior to
Director, Capital becoming a portfolio
Research Company* counselor for the
fund)
- -------------------------------------------------------------------------------------------
James E. Drasdo Senior Vice President 10 years, (plus 7 18 years 23 years
and Director, Capital years as a research
Research and professional prior to
Management Company becoming a portfolio
counselor for the
fund)
- -------------------------------------------------------------------------------------------
James B. Lovelace Vice President, 1 year, (plus 6 years 13 years 13 years
Capital Research and as a research
Management Company professional prior to
becoming a portfolio
counselor for the
fund)
- -------------------------------------------------------------------------------------------
William C. Newton Senior Partner, The Since the fund began 36 years 42 years
Capital Group operations in 1967
Partners, L.P.*
- -------------------------------------------------------------------------------------------
James F. Rothenberg President and 1 year 25 years 25 years
Director, Capital
Research and
Management Company
- -------------------------------------------------------------------------------------------
R. Michael Shanahan President and 9 years 30 years 30 years
Director of the fund.
Chairman of the Board
and Principal
Executive Officer,
Capital Research and
Management Company
</TABLE>
- -------------------------------------------------------------------------------
The fund began operations on May 1, 1967.
* Company affiliated with Capital Research and Management Company.
INVESTMENT RESULTS The fund may from time to time compare its investment
results to various unmanaged indices or other mutual
The fund has funds in reports to shareholders, sales literature and
averaged a total advertisements. The results may be calculated on a to-
return of 12.11% a tal return and/or yield basis for various periods, with
year (assuming the or without sales charges. Results calculated without a
maximum sales sales charge will be higher. Total returnsassume the
charge was paid) reinvestment of all dividends and capital gain distri-
over its lifetime butions.
(May 1, 1967
through March 31, The fund's average annual total returns are calculated
1995) in accordance with Securities and Exchange Commission
requirements which provide that the maximum sales
charge be reflected. The fund's total return over the
past 12 months and average annual total returns over
the past five-year and ten-year periods as of March 31,
1995 were 3.01%, 9.73% and 12.54%, respectively. Of
course, past results are not an indication of future
results. Further information regarding the fund's in-
vestment results is contained in the fund's annual re-
port which may be obtained without charge by writing to
the Secretary of the fund at the address indicated on
the cover of this prospectus.
6
<PAGE>
- -------------------------------------------------------------------------------
DIVIDENDS, DIVIDENDS AND DISTRIBUTIONS Dividends are usually paid
DISTRIBUTIONS AND twice each year. All capital gains, if any, are dis-
TAXES tributed annually. When a dividend or capital gain is
distributed, the net asset value per share is reduced
by the amount of the payment.
Income distributions FEDERAL TAXES The fund intends to operate as a "regu-
are usually made lated investment company" under the Internal Revenue
twice each year. Code. In any fiscal year in which the fund so qualifies
and distributes to shareholders all of its net invest-
ment income and net capital gains, the fund itself is
relieved of federal income tax.
All dividends and capital gains are taxable whether
they are reinvested or received in cash--unless you are
exempt from taxation or entitled to tax deferral. Early
each year, you will be notified as to the amount and
federal tax status of all dividends and capital gains
paid during the prior year. Such dividends and capital
gains may also be subject to state or local taxes.
IF YOU HAVE NOT FURNISHED A CERTIFIED CORRECT TAXPAYER
IDENTIFICATION NUMBER (GENERALLY YOUR SOCIAL SECURITY
NUMBER) AND HAVE NOT CERTIFIED THAT WITHHOLDING DOES
NOT APPLY, OR IF THE INTERNAL REVENUE SERVICE HAS
NOTIFIED THE FUND THAT THE TAXPAYER IDENTIFICATION
NUMBER LISTED ON YOUR ACCOUNT IS INCORRECT ACCORDING TO
THEIR RECORDS OR THAT YOU ARE SUBJECT TO BACKUP
WITHHOLDING, FEDERAL LAW GENERALLY REQUIRES THE FUND TO
WITHHOLD 31% FROM ANY DIVIDENDS AND/OR REDEMPTIONS
(INCLUDING EXCHANGE REDEMPTIONS). Amounts withheld are
applied to your federal tax liability; a refund may be
obtained from the Service if withholding results in
overpayment of taxes. Federal law also requires the
fund to withhold 30% or the applicable tax treaty rate
from dividends paid to certain nonresident alien, non-
U.S. partnership and non-U.S. corporation shareholder
accounts.
THIS IS A BRIEF SUMMARY OF SOME OF THE TAX LAWS THAT
AFFECT YOUR INVESTMENT IN THE FUND. PLEASE SEE THE
STATEMENT OF ADDITIONAL INFORMATION AND YOUR TAX AD-
VISER FOR FURTHER INFORMATION.
7
<PAGE>
- -------------------------------------------------------------------------------
FUND ORGANIZATION FUND ORGANIZATION AND VOTING RIGHTS The fund, an open-
AND MANAGEMENT end diversified management investment company, was
organized as a Delaware corporation in 1966 and
The fund is a reorganized as a Maryland corporation in 1990. The
member of The fund's board supervises fund operations and performs
American Funds duties required by applicable state and federal law.
Group, which is Members of the board who are not employed by Capital
managed by one of Research and Management Company or its affiliates are
the largest and paid certain fees for services rendered to the fund as
most experienced described in the statement of additional information.
investment They may elect to defer all or a portion of these fees
advisers. through a deferred compensation plan in effect for the
fund. Shareholders have one vote per share owned and,
at the request of the holders of at least 10% of the
shares, the fund will hold a meeting at which any
member of the board could be removed by a majority
vote. There will not usually be a shareholder meeting
in any year except, for example, when the election of
the board is required to be acted upon by shareholders
under the Investment Company Act of 1940.
THE INVESTMENT ADVISER Capital Research and Management
Company, a large and experienced investment management
organization founded in 1931, is the investment adviser
to the fund and other funds, including those in The
American Funds Group. Capital Research and Management
Company is located at 333 South Hope Street, Los Ange-
les, CA 90071 and at 135 South State College Boulevard,
Brea, CA 92621. (See "The American Funds Shareholder
Guide: Purchasing Shares--Investment Minimums and Fund
Numbers" for a listing of funds in The American Funds
Group.) Capital Research and Management Company manages
the investment portfolio and business affairs of the
fund and receives a fee at the annual rate of 0.485%
per annum on the first $1 billion of the fund's average
net assets; plus 0.385% per annum on the portion of
such net assets in excess of $1 billion but less than
$2 billion; plus 0.355% per annum on the portion of
such net assets in excess of $2 billion but less than
$3 billion; plus 0.335% per annum on the portion of
such net assets in excess of $3 billion but less than
$5 billion; plus 0.32% per annum on the portion of such
net assets in excess of $5 billion but less than $8
billion; plus 0.31% per annum on the portion of such
net assets in excess of $8 billion.
Capital Research and Management Company is a wholly
owned subsidiary of The Capital Group Companies, Inc.
(formerly "The Capital Group, Inc.") , which is located
at 333 South Hope Street, Los Angeles, CA 90071. The
research activities of Capital Research and Management
Company are conducted by affiliated companies which
have offices in Los Angeles, San Francisco, New York,
Washington, D.C., London, Geneva, Singapore, Hong Kong
and Tokyo.
8
<PAGE>
[
- -------------------------------------------------------------------------------
Capital Research and Management Company and its
affiliated companies have adopted a personal investing
policy that is consistent with the recommendations
contained in the report dated May 9, 1994 issued by the
Investment Company Institute's Advisory Group on
Personal Investing. (See the statement of additional
information.)
PORTFOLIO TRANSACTIONS Orders for the fund's portfolio
securities transactions are placed by Capital Research
and Management Company, which strives to obtain the
best available prices, taking into account the costs
and quality of executions. In the over-the-counter mar-
ket, purchases and sales are transacted directly with
principal market-makers except in those circumstances
where it appears better prices and executions are
available elsewhere.
Subject to the above policy, when two or more brokers
are in a position to offer comparable prices and execu-
tions, preference may be given to brokers that have
sold shares of the fund or have provided investment re-
search, statistical, and other related services for the
benefit of the fund and/or of other funds served by
Capital Research and Management Company.
PRINCIPAL UNDERWRITER American Funds Distributors,
Inc., a wholly owned subsidiary of Capital Research and
Management Company, is the principal underwriter of the
fund's shares. American Funds Distributors is located
at 333 South Hope Street, Los Angeles, CA 90071, 135
South State College Boulevard, Brea, CA 92621, 8000 IH-
10 West, San Antonio, TX 78230, 8332 Woodfield Crossing
Boulevard, Indianapolis, IN 46240 and 5300 Robin Hood
Road, Norfolk, VA 23513. Telephone conversations with
American Funds Distributors may be recorded or
monitored for verification, recordkeeping and quality
assurance purposes.
PLAN OF DISTRIBUTION The fund has a plan of distribu-
tion or "12b-1 Plan" under which it may finance activi-
ties primarily intended to sell shares, provided the
categories of expenses are approved in advance by the
board and the expenses paid under the plan were in-
curred within the last 12 months and accrued while the
plan is in effect. Expenditures by the fund under the
plan may not exceed 0.25% of its average net assets an-
nually (all of which may be for service fees). See
"Purchasing Shares--Sales Charges" below.
TRANSFER AGENT American Funds Service Company, a wholly
owned subsidiary of Capital Research and Management
Company, is the transfer agent and performs shareholder
service functions. It was paid a fee of $2,430,000 for
the year ended February 28, 1995. Telephone conversa-
tions with American Funds Service Company may be re-
corded or monitored for verification, recordkeeping and
quality assurance purposes.
9
<PAGE>
- --------------------------------------------------------------------------------
AMERICAN FUNDS SERVICE COMPANY SERVICE AREAS
SERVICE
AREA ADDRESS AREAS SERVED
--------------------------------------------------------
WEST P.O. Box 2205 AK, AZ, CA, HI, ID,
Brea, CA 92622-2205 MT, NV, OR, UT, WA and
Fax: 714/671-7080 outside the U.S.
--------------------------------------------------------
CENTRAL- P.O. Box 659522 AR, CO, IA, KS, LA,
WEST San Antonio, TX 78265-9522 MN, MO, ND, NE, NM,
Fax: 210/530-4050 OK, SD, TX, and WY
--------------------------------------------------------
CENTRAL- P.O. Box 6007 AL, IL, IN, KY, MI,
EAST Indianapolis, IN 46206-6007 MS, OH, TNand WI
Fax: 317/735-6620
--------------------------------------------------------
EAST P.O. Box 2280 CT, DE, FL, GA, MA,
Norfolk, VA 23501-2280 MD, ME, NC, NH, NJ,
Fax: 804/670-4773 NY, PA, RI, SC, VA,
VT, WV and Washington,
D.C.
--------------------------------------------------------
ALL SHAREHOLDERS MAY CALL AMERICAN FUNDS SERVICE
COMPANY AT 800/421-0180 FOR SERVICE.
--------------------------------------------------------
[UNITED STATES MAP APPEARS HERE]
--------------------------------------------------------
West (light grey); Central-West (white); Central-East
(dark grey), East (red)
10
<PAGE>
[LOGO OF THE AMERICAN FUNDS SHAREHOLDER GUIDE]
PURCHASING SHARES METHOD INITIAL INVESTMENT ADDITIONAL INVESTMENTS
---------------------------------------------------------
Your investment See "Investment $50 minimum (except
dealer can help Minimums and Fund where a lower
you establish your Numbers" for minimum is noted
account--and help initial under "Investment
you add to it investment Minimums and Fund
whenever you like. minimums. Numbers").
---------------------------------------------------------
By Visit any Mail directly to
contacting investment dealer your investment
your who is registered dealer's address
investment in the state printed on your
dealer where the account statement.
purchase is made
and who has a
sales agreement
with American
Funds
Distributors.
---------------------------------------------------------
By mail Make your check Fill out the account
payable to the additions form at the
fund and mail to bottom of a recent
the address account statement,
indicated on the make your check
account payable to the fund,
application. write your account
Please indicate number on your check,
an investment and mail the check
dealer on the and form in the
account envelope provided
application. with your account
statement.
---------------------------------------------------------
By wire Call 800/421-0180 Your bank should wire
to obtain your your additional
account investments in the
number(s), if same manner as
necessary. Please described under
indicate an "Initial Investment."
investment dealer
on the account.
Instruct your
bank to wire
funds to:
Wells Fargo Bank
155 Fifth Street
Sixth Floor
San Francisco,
CA 94106
(ABA #121000248)
For credit to the
account of:
American Funds
Service Company
a/c #4600-076178
(fund name)
(your fund acct.
no.)
---------------------------------------------------------
THE FUNDS AND AMERICAN FUNDS DISTRIBUTORS RESERVE
THE RIGHT TO REJECT ANY PURCHASE ORDER.
SHARE PRICE Shares are purchased at the next offering
price after the order is received by the fund or
American Funds Service Company. In the case of orders
sent directly to the fund or American Funds Service
Company, an investment dealer MUST be indicated. This
price is the net asset value plus a sales charge, if
applicable. Dealers are responsible for promptly
transmitting orders. (See the statement of additional
information under "Purchase of Shares--Price of
Shares.")
The net asset value per share is determined as of the
close of trading (currently 4:00 p.m., New York time) on
each day the New York Stock Exchange is open. The
current value of the fund's total assets, less all
liabilities, is divided by the total number of shares
outstanding and the result, rounded to the nearer cent,
is the net asset value per share. The net asset value
per share of the money market funds normally will remain
constant at $1.00 based on the funds' current practice
of valuing their shares on the basis of the penny-
rounding method in accordance with rules of the
Securities and Exchange Commission.
SHARE CERTIFICATES Shares are credited to your account
and certificates are not issued unless specifically
requested. This eliminates the costly problem of lost or
destroyed certificates.
11
<PAGE>
- -------------------------------------------------------------------------------
If you would like certificates issued, please request
them by writing to American Funds Service Company.
There is usually no charge for issuing certificates in
reasonable denominations. CERTIFICATES ARE NOT
AVAILABLE FOR THE MONEY MARKET FUNDS.
INVESTMENT MINIMUMS AND FUND NUMBERS Here are the
minimum initial investments required by the funds in
The American Funds Group along with fund numbers for
use with our automated phone line, American
FundsLine(R) (see description below):
<TABLE>
<CAPTION>
MINIMUM
INITIAL FUND
FUND INVESTMENT NUMBER
---- ---------- ------
<S> <C> <C>
STOCK AND STOCK/BOND FUNDS
AMCAP Fund(R)......... $1,000 02
American Balanced
Fund(R).............. 500 11
American Mutual
Fund(R).............. 250 03
Capital Income
Builder(R)........... 1,000 12
Capital World Growth
and Income Fund(SM).. 1,000 33
EuroPacific Growth
Fund(R).............. 250 16
Fundamental
Investors(SM)........ 250 10
The Growth Fund of
America(R)........... 1,000 05
The Income Fund of
America(R)........... 1,000 06
The Investment Company
of America(R)........ 250 04
The New Economy
Fund(R).............. 1,000 14
New Perspective
Fund(R).............. 250 07
SMALLCAP World
Fund(SM)............. 1,000 35
Washington Mutual
Investors Fund(SM)... 250 01
<CAPTION>
MINIMUM
INITIAL FUND
FUND INVESTMENT NUMBER
---- ---------- ------
<S> <C> <C>
BOND FUNDS
American High-Income
Municipal Bond Fund(SM). $1,000 40
American High-Income
Trust(R)................. 1,000 21
The Bond Fund of
America(SM).............. 1,000 08
Capital World Bond
Fund(R).................. 1,000 31
Intermediate Bond Fund
of America(R)............ 1,000 23
Limited Term Tax-Exempt
Bond Fund of America(SM). 1,000 43
The Tax-Exempt Bond Fund
of America(SM)........... 1,000 19
The Tax-Exempt Fund of
California(R)*........... 1,000 20
The Tax-Exempt Fund of
Maryland(R)*............. 1,000 24
The Tax-Exempt Fund of
Virginia(R)*............. 1,000 25
U.S. Government
Securities Fund(SM)..... 1,000 22
MONEY MARKET FUNDS
The Cash Management
Trust of America(R)...... 2,500 09
The Tax-Exempt Money
Fund of America(SM)...... 2,500 39
The U.S. Treasury Money
Fund of America(SM)...... 2,500 49
</TABLE>
--------
*Available only in certain states.
For retirement plan investments, the minimum is $250,
except that the money market funds have a minimum of
$1,000 for individual retirement accounts (IRAs).
Minimums are reduced to $50 for purchases through
"Automatic Investment Plans" (except for the money
market funds) or to $25 for purchases by retirement
plans through payroll deductions and may be reduced or
waived for shareholders of other funds in The American
Funds Group. TAX-EXEMPT FUNDS SHOULD NOT SERVE AS
RETIREMENT PLAN INVESTMENTS. The minimum is $50 for
additional investments (except as noted above).
SALES CHARGES The sales charges you pay when purchasing
the stock, stock/bond, and bond funds of The American
Funds Group are set forth below. The money market funds
of The American Funds Group are offered at net asset
value. (See "Investment Minimums and Fund Numbers" for
a listing of the funds.)
12
<PAGE>
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DEALER
SALES CHARGE AS CONCESSION
PERCENTAGE OF THE: AS PERCENTAGE
------------------ OF THE
AMOUNT OF PURCHASE NET AMOUNT OFFERING OFFERING
AT THE OFFERING PRICE INVESTED PRICE PRICE
--------------------- ---------- -------- -------------
<S> <C> <C> <C>
STOCK AND STOCK/BOND FUNDS
Less than $50,000................. 6.10% 5.75% 5.00%
$50,000 but less than $100,000.... 4.71 4.50 3.75
BOND FUNDS
Less than $25,000................. 4.99 4.75 4.00
$25,000 but less than $50,000..... 4.71 4.50 3.75
$50,000 but less than $100,000.... 4.17 4.00 3.25
STOCK, STOCK/BOND, AND BOND FUNDS
$100,000 but less than $250,000... 3.63 3.50 2.75
$250,000 but less than $500,000... 2.56 2.50 2.00
$500,000 but less than $1,000,000. 2.04 2.00 1.60
$1,000,000 or more................ none none (see below)
</TABLE>
Commissions of up to 1% will be paid to dealers who
initiate and are responsible for purchases of $1
million or more, for purchases by any defined
contribution plan qualified under Section 401(a) of the
Internal Revenue Code including a "401(k)" plan with
200 or more eligible employees (paid pursuant to the
fund's plan of distribution), and for purchases made at
net asset value by certain retirement plans of
organizations with collective retirement plan assets of
$100 million or more as set forth in the statement of
additional information (paid by American Funds
Distributors).
American Funds Distributors, at its expense (from a
designated percentage of its income), will provide
additional promotional incentives to dealers. Currently
these incentives are limited to the top one hundred
dealers who have sold shares of the fund or other funds
in The American Funds Group. These incentive payments
will be based on a pro rata share of a qualifying
dealer's sales.
Any defined contribution plan qualified under Section
401(a) of the Internal Revenue Code including a
"401(k)" plan with 200 or more eligible employees or
any other purchaser investing at least $1 million in
shares of the fund (or in combination with shares of
other funds in The American Funds Group other than the
money market funds) may purchase shares at net asset
value; however, a contingent deferred sales charge of
1% is imposed on certain redemptions within one year of
the purchase. (See "Redeeming Shares--Contingent
Deferred Sales Charge.")
Qualified dealers currently are paid a continuing
service fee not to exceed 0.25% of average net assets
(0.15% in the case of the money market funds) annually
in order to promote selling efforts and to compensate
them for providing certain services. (See "Fund
Organization and Management--
13
<PAGE>
- -------------------------------------------------------------------------------
Plan of Distribution.") These services include
processing purchase and redemption transactions,
establishing shareholder accounts and providing certain
information and assistance with respect to the fund.
NET ASSET VALUE PURCHASES The stock, stock/bond and
bond funds may sell shares at net asset value to: (1)
current or retired directors, trustees, officers and
advisory board members of the funds managed by Capital
Research and Management Company, employees of
Washington Management Corporation, employees and
partners of The Capital Group Companies, Inc. and its
affiliated companies, certain family members of the
above persons, and trusts or plans primarily for such
persons; (2) current or retired registered
representatives or full-time employees and their
spouses and minor children of dealers having sales
agreements with American Funds Distributors and plans
for such persons; (3) companies exchanging securities
with the fund through a merger, acquisition or exchange
offer; (4) trustees or other fiduciaries purchasing
shares for certain retirement plans of organizations
with retirement plan assets of $100 million or more;
(5) insurance company separate accounts; (6) accounts
managed by subsidiaries of The Capital Group Companies,
Inc.; and (7) The Capital Group Companies, Inc., its
affiliated companies and Washington Management
Corporation. Shares are offered at net asset value to
these persons and organizations due to anticipated
economies in sales effort and expense.
REDUCING AGGREGATION Sales charge discounts are available for
YOUR SALES certain aggregated investments. Qualifying investments
CHARGE include those by you, your spouse and your children
under the age of 21, if all parties are purchasing
You and your shares for their own account(s), which may include
immediate family purchases through employee benefit plan(s) such as an
may combine IRA, individual-type 403(b) plan or single-participant
investments to Keogh-type plan or by a business solely controlled by
reduce your costs. these individuals (for example, the individuals own the
entire business) or by a trust (or other fiduciary
arrangement) solely for the benefit of these
individuals. Individual purchases by a trustee(s) or
other fiduciary(ies) may also be aggregated if the
investments are (1) for a single trust estate or
fiduciary account, including an employee benefit plan
other than those described above or (2) made for two or
more employee benefit plans of a single employer or of
affiliated employers as defined in the Investment
Company Act of 1940, again excluding employee benefit
plans described above, or (3) for a diversified common
trust fund or other diversified pooled account not
specifically formed for the purpose of accumulating
fund shares. Purchases made for nominee or street name
accounts (securities held in the name of an investment
dealer or another nominee such as a bank trust
department instead of the customer) may not be
aggregated with those made for other accounts and may
not be aggregated with other nominee or street name
accounts unless otherwise qualified as described above.
14
<PAGE>
- -------------------------------------------------------------------------------
CONCURRENT PURCHASES To qualify for a reduced sales
charge, you may combine concurrent purchases of two or
more funds in The American Funds Group, except direct
purchases of the money market funds. (Shares of the
money market funds purchased through an exchange,
reinvestment or cross-reinvestment from a fund having a
sales charge do qualify.) For example, if you
concurrently invest $25,000 in one fund and $25,000 in
another, the sales charge would be reduced to reflect a
$50,000 purchase.
RIGHT OF ACCUMULATION The sales charge for your invest-
ment may also be reduced by taking into account the
current value of your existing holdings in The American
Funds Group. Direct purchases of the money market funds
are excluded. (See account application.)
STATEMENT OF INTENTION You may reduce sales charges on
all investments by meeting the terms of a statement of
intention, a non-binding commitment to invest a certain
amount in fund shares subject to a commission within a
13-month period. Five percent of the statement amount
will be held in escrow to cover additional sales
charges which may be due if your total investments over
the statement period are insufficient to qualify for a
sales charge reduction. (See account application and
the statement of additional information under "Purchase
of Shares--Statement of Intention.")
YOU MUST LET YOUR INVESTMENT DEALER OR AMERICAN FUNDS
SERVICE COMPANY KNOW IF YOU QUALIFY FOR A REDUCTION IN
YOUR SALES CHARGE USING ONE OR ANY COMBINATION OF THE
METHODS DESCRIBED ABOVE.
SHAREHOLDER AUTOMATIC INVESTMENT PLAN You may make regular monthly
SERVICES or quarterly investments through automatic charges to
your bank account. Once a plan is established, your ac-
The fund offers count will normally be charged by the 10th day of the
you a valuable month during which an investment is made (or by the
array of services 15th day of the month in the case of any retirement
designed to plan for which Capital Guardian Trust Company--another
increase the affiliate of The Capital Group Companies, Inc.--acts as
convenience and trustee or custodian).
flexibility of
your investment-- AUTOMATIC REINVESTMENT Dividends and capital gain dis-
services you can tributions are reinvested in additional shares at no
use to alter your sales charge unless you indicate otherwise on the
investment program account application. You also may elect to have divi-
as your needs and dends and/or capital gain distributions paid in cash by
circumstances informing the fund, American Funds Service Company or
change. your investment dealer.
CROSS-REINVESTMENT You may cross-reinvest dividends or
dividends and capital gain distributions paid by one
fund into another fund in The American Funds Group,
subject to conditions outlined in the statement of ad-
ditional information. Generally, to use this service
the value of your account in the paying fund must equal
at least $5,000.
EXCHANGE PRIVILEGE You may exchange shares into other
funds in The American Funds Group. Exchange purchases
are subject to the minimum investment requirements of
the fund purchased and no sales
15
<PAGE>
- -------------------------------------------------------------------------------
charge generally applies. However, exchanges of shares
from the money market funds are subject to applicable
sales charges on the fund being purchased, unless the
money market fund shares were acquired by an exchange
from a fund having a sales charge, or by reinvestment
or cross-reinvestment of dividends or capital gain
distributions.
You may exchange shares by writing to American Funds
Service Company (see "Redeeming Shares"), by contacting
your investment dealer, by using American FundsLine(R)
(see "Shareholder Services--American FundsLine(R)" be-
low), or by telephoning 800/421-0180 toll-free, faxing
(see "Transfer Agent" above for the appropriate fax
numbers) or telegraphing American Funds Service Compa-
ny. (See "Telephone Redemptions and Exchanges" below.)
Shares held in corporate-type retirement plans for
which Capital Guardian Trust Company serves as trustee
may not be exchanged by telephone, fax or telegraph.
Exchange redemptions and purchases are processed simul-
taneously at the share prices next determined after the
exchange order is received. (See "Purchasing Shares--
Share Price.") THESE TRANSACTIONS HAVE THE SAME TAX
CONSEQUENCES AS ORDINARY SALES AND PURCHASES.
AUTOMATIC EXCHANGES You may automatically exchange
shares (in amounts of $50 or more) among any of the
funds in The American Funds Group on any day (or pre-
ceding business day if the day falls on a non-business
day) of each month you designate. You must either meet
the minimum initial investment requirement for the re-
ceiving fund OR the originating fund's balance must be
at least $5,000 and the receiving fund's minimum must
be met within one year.
AUTOMATIC WITHDRAWALS You may make automatic
withdrawals of $50 or more as follows: five or more
times per year if you have an account of $10,000 or
more, or four or fewer times per year if you have an
account of $5,000 or more. Withdrawals are made on or
about the 15th day of each month you designate, and
checks will be sent within seven days. (See "Other
Important Things to Remember.") Additional investments
in a withdrawal account must not be less than one
year's scheduled withdrawals or $1,200, whichever is
greater. However, additional investments in a
withdrawal account may be inadvisable due to sales
charges and tax liabilities.
THESE SERVICES ARE AVAILABLE ONLY IN STATES WHERE THE
FUND TO BE PURCHASED MAY BE LEGALLY OFFERED AND MAY BE
TERMINATED OR MODIFIED AT ANY TIME UPON 60 DAYS'
WRITTEN NOTICE.
ACCOUNT STATEMENTS Your account is opened in accordance
with your registration instructions. Transactions in
the account, such as additional investments and
dividend reinvestments, will be reflected on regular
confirmation statements from American Funds Service
Company.
16
<PAGE>
- -------------------------------------------------------------------------------
AMERICAN FUNDSLINE(R) You may check your share balance,
the price of your shares, or your most recent account
transaction, redeem shares (up to $10,000 per fund, per
account each day), or exchange shares around the clock
with American FundsLine(R). To use this service, call
800/325-3590 from a TouchTone(TM) telephone.
Redemptions and exchanges through American FundsLine(R)
are subject to the conditions noted above and in
"Redeeming Shares--Telephone Redemptions and Exchanges"
below. You will need your fund number (see the list of
funds in The American Funds Group under "Purchasing
Shares--Investment Minimums and Fund Numbers"),
personal identification number (the last four digits of
your Social Security number or other tax identification
number associated with your account) and account
number.
REDEEMING By writing to Send a letter of instruction
SHARES American specifying the name of the fund, the
Funds Service number of shares or dollar amount to
You may take money Company (at be sold, your name and account
out of your the number. You should also enclose any
account whenever appropriate share certificates you wish to
you please. address redeem. For redemptions over $50,000
indicated and for certain redemptions of
under "Fund $50,000 or less (see below), your
Organization signature must be guaranteed by a
and bank, savings association, credit
Management-- union, or member firm of a domestic
Transfer stock exchange or the National
Agent") Association of Securities Dealers,
Inc., that is an eligible guarantor
institution. You should verify with
the institution that it is an
eligible guarantor prior to signing.
Additional documentation may be
required for redemption of shares
held in corporate, partnership or
fiduciary accounts. Notarization by a
Notary Public is not an acceptable
signature guarantee.
--------------------------------------------------------
By contacting If you redeem shares through your
your investment dealer, you may be charged
investment for this service. SHARES HELD FOR YOU
dealer IN YOUR INVESTMENT DEALER'S STREET
NAME MUST BE REDEEMED THROUGH THE
DEALER.
--------------------------------------------------------
You may have You may use this option, provided the
a redemption account is registered in the name of
check sent to an individual(s), a UGMA/UTMA
you by using custodian, or a non-retirement plan
American trust. These redemptions may not
FundsLine(R) exceed $10,000 per day, per fund
or by account and the check must be made
telephoning, payable to the shareholder(s) of
faxing, or record and be sent to the address of
telegraphing record provided the address has been
American used with the account for at least 10
Funds Service days. See "Transfer Agent" and
Company "Exchange Privilege" above for the
(subject to appropriate telephone or fax number.
the
conditions
noted in this
section and
in "Telephone
Redemptions
and
Exchanges"
below)
--------------------------------------------------------
In the case Upon request (use the account
of the money application for the money market
market funds, funds) you may establish telephone
you may have redemption privileges (which will
redemptions enable you to have a redemption sent
wired to your to your bank account) and/or check
bank by writing privileges. If you request
telephoning check writing privileges, you will be
American provided with checks that you may use
Funds Service to draw against your account. These
Company checks may be made payable to anyone
($1,000 or you designate and must be signed by
more) or by the authorized number of registered
writing a shareholders exactly as indicated on
check ($250 your checking account signature card.
or more)
--------------------------------------------------------
A SIGNATURE GUARANTEE IS NOT CURRENTLY REQUIRED FOR ANY
REDEMPTION OF $50,000 OR LESS PROVIDED THE REDEMPTION
CHECK IS MADE PAYABLE TO THE REGISTERED SHAREHOLDER(S)
AND IS MAILED TO THE ADDRESS OF RECORD, PROVIDED THE
ADDRESS HAS BEEN USED WITH THE ACCOUNT FOR AT LEAST 10
DAYS.
17
<PAGE>
- -------------------------------------------------------------------------------
THE PRICE YOU RECEIVE FOR THE SHARES YOU REDEEM IS THE
NET ASSET VALUE NEXT DETERMINED AFTER YOUR ORDER AND
ALL REQUIRED DOCUMENTATION ARE RECEIVED BY THE FUND OR
AMERICAN FUNDS SERVICE COMPANY. (SEE "PURCHASING
SHARES--SHARE PRICE.")
TELEPHONE REDEMPTIONS AND EXCHANGES By using the
telephone (including American FundsLine(R)), fax or
telegraph redemption and/or exchange options, you agree
to hold the fund, American Funds Service Company, any
of its affiliates or mutual funds managed by such
affiliates, and each of their respective directors,
trustees, officers, employees and agents harmless from
any losses, expenses, costs or liability (including
attorney fees) which may be incurred in connection with
the exercise of these privileges. Generally, all
shareholders are automatically eligible to use these
options. However, you may elect to opt out of these
options by writing American Funds Service Company (you
may reinstate them at any time also by writing American
Funds Service Company). If American Funds Service
Company does not employ reasonable procedures to
confirm that the instructions received from any person
with appropriate account information are genuine, the
fund may be liable for losses due to unauthorized or
fraudulent instructions. In the event that shareholders
are unable to reach the fund by telephone because of
technical difficulties, market conditions, or a natural
disaster, redemption and exchange requests may be made
in writing only.
CONTINGENT DEFERRED SALES CHARGE A contingent deferred
sales charge of 1% applies to certain redemptions
within the first year on investments of $1 million or
more and on any investment made with no initial sales
charge by any defined contribution plan qualified under
Section 401(a) of the Internal Revenue Code including a
"401(k)" plan with 200 or more eligible employees. The
charge is 1% of the lesser of the value of the shares
redeemed (exclusive of reinvested dividends and capital
gain distributions) or the total cost of such shares.
Shares held for the longest period are assumed to be
redeemed first for purposes of calculating this charge.
The charge is waived for exchanges (except if shares
acquired by exchange were then redeemed within 12
months of the initial purchase); for distributions from
qualified retirement plans and other employee benefit
plans; for distributions from 403(b) plans or IRAs due
to death, disability or attainment of age 59 1/2; for
tax-free returns of excess contributions to IRAs; for
redemptions through certain automatic withdrawals not
exceeding 10% of the amount that would otherwise be
subject to the charge; and for redemptions in
connection with loans made by qualified retirement
plans.
REINSTATEMENT PRIVILEGE You may reinvest proceeds from
a redemption or a dividend or capital gain distribution
without sales charge (any contingent deferred sales
charge paid will be credited to your account) in any
fund in The American Funds Group. Send a written
18
<PAGE>
- -------------------------------------------------------------------------------
request and a check to American Funds Service Company
within 90 days after the date of the redemption or
distribution. Reinvestment will be at the next
calculated net asset value after receipt. The tax
status of a gain realized on a redemption will not be
affected by exercise of the reinstatement privilege,
but a loss may be nullified if you reinvest in the same
fund within 30 days. If you redeem your shares within
90 days after purchase and the sales charge on the
purchase of other shares is waived under the
reinstatement privilege, the sales charge you
previously paid for the shares may not be taken into
account when you calculate your gain or loss on that
redemption.
OTHER IMPORTANT THINGS TO REMEMBER The net asset value
for redemptions is determined as indicated under
"Purchasing Shares--Share Price." Because each stock,
stock/bond and bond fund's net asset value fluctuates,
reflecting the market value of the fund's portfolio,
the amount a shareholder receives for shares redeemed
may be more or less than the amount paid for them.
Redemption proceeds will not be mailed until sufficient
time has passed to provide reasonable assurance that
checks or drafts (including certified or cashier's
checks) for shares purchased have cleared (which may
take up to 15 calendar days from the purchase date).
Except for delays relating to clearance of checks for
share purchases or in extraordinary circumstances (and
as permissible under the Investment Company Act of
1940), redemption proceeds will be paid on or before
the seventh day following receipt of a proper
redemption request.
A fund may, with 60 days' written notice, close your
account if, due to a redemption, the account has a
value of less than the minimum required initial
investment. (For example, a fund may close an account
if a redemption is made shortly after a minimum initial
investment is made.)
RETIREMENT You may invest in the funds through various retirement
PLANS plans including the following plans for which Capital
Guardian Trust Company acts as trustee or custodian:
IRAs, Simplified Employee Pension plans, 403(b) plans
and Keogh- and corporate-type business retirement
plans. For further information about any of the plans,
agreements, applications and annual fees, contact
American Funds Distributors or your investment dealer.
To determine which retirement plan is appropriate for
you, please consult your tax adviser. TAX-EXEMPT FUNDS
SHOULD NOT SERVE AS INVESTMENTS FOR RETIREMENT PLANS.
FOR MORE INFORMATION, PLEASE REFER TO THE ACCOUNT
APPLICATION OR THE STATEMENT OF ADDITIONAL INFORMATION.
IF YOU HAVE ANY QUESTIONS ABOUT ANY OF THE SHAREHOLDER
SERVICES DESCRIBED HEREIN OR YOUR ACCOUNT, PLEASE
CONTACT YOUR INVESTMENT DEALER OR AMERICAN FUNDS
SERVICE COMPANY.
[LOGO OF This prospectus has been printed on
RECYLED PAPER] recycled paper that meets the
guidelines of the United States
Environmental Protection Agency
19
<PAGE>
Prospectus
for Retirement Plans AMCAP FUND, INC.
Amcap Fund(R) 333 South Hope Street
- -------------------------------------- Los Angeles, California 90071
The fund's investment objective
is to provide shareholders with
long-term growth of capital.
Whatever current income is
generated by the fund is likely
to be incidental to the objective
of capital growth. Normally, the
fund will invest primarily in
common stocks.
This prospectus relates only to
shares of the fund offered
without a sales charge to
eligible retirement plans. For a
prospectus regarding shares of
the fund to be acquired
otherwise, contact the Secretary
of the fund at the address
indicated above.
This prospectus presents
information you should know
before investing in the fund. It
should be retained for future
reference.
You may obtain the statement of
additional information, dated May
1, 1995, which contains the
fund's financial statements,
without charge, by writing to the
Secretary of the fund at the
above address or telephoning
800/421-0180. These requests will
be honored within three business
days of receipt.
SHARES OF THE FUND ARE NOT
DEPOSITS OR OBLIGATIONS OF, OR
INSURED OR GUARANTEED BY, THE
U.S. GOVERNMENT, ANY FINANCIAL
INSTITUTION, THE FEDERAL DEPOSIT
INSURANCE CORPORATION, OR ANY
OTHER AGENCY, ENTITY OR PERSON.
THE PURCHASE OF FUND SHARES
INVOLVES INVESTMENT RISKS,
INCLUDING THE POSSIBLE LOSS OF
PRINCIPAL.
THESE SECURITIES HAVE NOT BEEN
APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE
COMMISSION OR ANY STATE
SECURITIES COMMISSION NOR HAS THE
SECURITIES AND EXCHANGE
An opportunity for long-term COMMISSION OR ANY STATE
SECURITIES COMMISSION PASSED UPON
growth of capital THE ACCURACY OR ADEQUACY OF THIS
PROSPECTUS. ANY REPRESENTATION TO
THE CONTRARY IS A CRIMINAL
OFFENSE.
02-010-0595
[LOGO of THE AMERICAN FUNDS GROUP]
MAY 1, 1995
<PAGE>
TABLE OF CONTENTS
Summary of Expenses.............. 3
Financial Highlights............. 4
Investment Objective and
Policies........................ 4
Investment Techniques............ 5
Investment Results............... 6
Dividends, Distributions and
Taxes........................... 7
Fund Organization and
Management...................... 7
Purchasing Shares................. 9
Shareholder Services............. 10
Redeeming Shares................. 11
<PAGE>
[
- -------------------------------------------------------------------------------
SUMMARY OF This table is designed to help you understand costs of
EXPENSES investing in the fund. These are historical expenses;
your actual expenses may vary.
SHAREHOLDER TRANSACTION EXPENSES
Average annual Certain retirement plans may purchase shares of the
expenses paid over fund with no sales charge./1/ The fund also has no
a 10-year period sales charge on reinvested dividends, deferred sales
would be charge, redemption fees or exchange fees.
approximately $9
per year, assuming
a $1,000
investment and a
5% annual return.
<TABLE>
<S> <C>
ANNUAL FUND OPERATING EXPENSES (as a percentage of
average net assets)
Management fees......................................... 0.41%
12b-1 expenses.......................................... 0.18%/2/
Other expenses (including audit, legal, shareholder
services, transfer agent and custodian expenses)....... 0.12%
Total fund operating expenses........................... 0.71%
</TABLE>
<TABLE>
<CAPTION>
EXAMPLE 1 YEAR 3 YEARS 5 YEARS 10 YEARS
------- ------ ------- ------- --------
<S> <C> <C> <C> <C>
You would pay the following
cumulative expenses on a $1,000 $7 $23 $40 $88
investment, assuming a 5% annual
return./3/
</TABLE>
/1/ Retirement plans of organizations with $100 million
or more in collective retirement plan assets may
purchase shares of the fund with no sales charge. In
addition, any defined contribution plan qualified
under Section 401(a) of the Internal Revenue Code
including a "401(k)" plan with 200 or more eligible
employees or any other plan that invests at least $1
million in shares of the fund (or in combination with
shares of other funds in The American Funds Group
other than the money market funds) may purchase
shares at net asset value; however, a contingent
deferred sales charge of 1% applies on certain
redemptions within 12 months following such
purchases. (See "Redeeming Shares--Contingent
Deferred Sales Charge.")
/2/ These expenses may not exceed 0.25% of the fund's
average net assets annually. (See "Fund Organization
and Management--Plan of Distribution.") Due to these
distribution expenses, long-term shareholders may pay
more than the economic equivalent of the maximum
front-end sales charge permitted by the National
Association of Securities Dealers.
/3/ Use of this assumed 5% return is required by the
Securities and Exchange Commission; it is not an
illustration of past or future investment results.
THIS EXAMPLE SHOULD NOT BE CONSIDERED A
REPRESENTATION OF PAST OR FUTURE EXPENSES; ACTUAL
EXPENSES MAY BE GREATER OR LESSER THAN THOSE SHOWN.
3
<PAGE>
- -------------------------------------------------------------------------------
FINANCIAL The following information has been audited by Deloitte
HIGHLIGHTS & Touche LLP, independent accountants, whose unquali-
(For a share fied report covering each of the most recent five years
outstanding is included in the statement of additional information.
throughout the This information should be read in conjunction with the
fiscal year) financial statements and accompanying notes which are
also included in the statement of additional informa-
tion.
<TABLE>
<CAPTION>
YEAR ENDED FEBRUARY 28/29
-------------------------------------------------------------------------------
1995 1994 1993 1992 1991 1990 1989 1988 1987 1986
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Year...... $12.98 $13.52 $13.23 $11.57 $10.87 $10.63 $10.37 $11.72 $10.35 $ 8.86
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
INCOME FROM INVESTMENT
OPERATIONS
Net investment income. .14 .12 .13 .17 .22 .27 .23 .21 .18 .19
Net realized and
unrealized gain
(loss) on
investments.......... .24 1.28 .63 2.10 1.44 1.22 .71 (.57) 2.63 1.73
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total from Investment
Operations.......... .38 1.40 .76 2.27 1.66 1.49 .94 (.36) 2.81 1.92
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS
Dividends (from net
investment
income).............. (.13) (.12) (.15) (.15) (.25) (.27) (.29) (.30) (.19) (.19)
Distributions (from
capital gains)....... (.95) (1.82) (.32) (.46) (.71) (.98) (.39) (.69) (1.25) (.24)
Returns of capital.... -- -- -- -- -- -- -- -- -- --
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total Distributions.. (1.08) (1.94) (.47) (.61) (.96) (1.25) (.68) (.99) (1.44) (.43)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Net Asset Value, End of
Year................... $12.28 $12.98 $13.52 $13.23 $11.57 $10.87 $10.63 $10.37 $11.72 $10.35
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Total Return/1/......... 3.41% 11.31% 5.94% 20.41% 16.76% 14.00% 9.63% (3.14)% 30.34% 22.97%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of year
(in millions)......... $2,970 $3,063 $3,016 $2,796 $2,205 $1,928 $1,722 $1,691 $1,791 $1,419
Ratio of expenses to
average net assets.... .71% .72% .73% .75% .79% .72% .70% .63% .51% .54%
Ratio of net income to
average net assets.... 1.16% .89% 1.02% 1.37% 2.08% 2.33% 2.16% 1.90% 1.85% 2.18%
Portfolio turnover
rate.................. 17.92% 22.18% 14.72% 7.74% 16.32% 18.15% 14.46% 12.00% 16.62% 27.38%
</TABLE>
--------
/1/ Calculated with no sales charge.
INVESTMENT The fund's investment objective is to provide share-
OBJECTIVE AND holders with long-term growth of capital. Whatever cur-
POLICIES rent income is generated by the fund is likely to be
incidental to the objective of capital growth. Normal-
The fund's goal is ly, the fund will invest primarily in common stocks.
to provide you However, assets may also be held in securities convert-
with long-term ible into common stocks, straight debt securities (it
growth of capital. is the fund's current intention to restrict these in-
vestments to those rated in the top three quality cate-
gories by Moody's Investors Service, Inc. or Standard &
Poor's Corporation or determined to be of equivalent
quality by Capital Research and Management Company),
cash or cash equivalents, U.S. Government securities,
or nonconvertible preferred stocks. (See the statement
of additional information for a description of cash
equivalents.)
4
<PAGE>
- -------------------------------------------------------------------------------
The fund's investment restrictions (which are described
in the statement of additional information) and
objective cannot be changed without shareholder
approval. All other investment practices may be changed
by the fund's board.
ACHIEVEMENT OF THE FUND'S INVESTMENT OBJECTIVE CANNOT,
OF COURSE, BE ASSURED DUE TO THE RISK OF CAPITAL LOSS
FROM FLUCTUATING PRICES INHERENT IN ANY INVESTMENT IN
SECURITIES.
INVESTMENT RISKS OF INVESTING Because the fund invests in common
TECHNIQUES stocks, the fund's portfolio is subject to market
risks, including, for example, the possibility that
Investing in stock prices in general may decline over short or even
stocks and bonds extended periods.
involves certain
risks. The fund may also invest in fixed-income securities,
including bonds, which have market values which tend to
vary inversely with the level of interest rates--when
interest rates rise, their values will tend to decline
and vice versa. Although under normal market conditions
longer term securities yield more than shorter term
securities of similar quality, they are subject to
greater price fluctuations. These fluctuations in the
value of the fund's investments will be reflected in
its net asset value per share.
MULTIPLE PORTFOLIO COUNSELOR SYSTEM The basic
investment philosophy of Capital Research and
Management Company is to seek fundamental values at
reasonable prices, using a system of multiple portfolio
counselors in managing mutual fund assets. Under this
system the portfolio of the fund is divided into
segments which are managed by individual counselors.
Each counselor decides how the segment will be invested
(within the limits provided by the fund's objective and
policies and by Capital Research and Management
Company's investment committee). In addition, Capital
Research and Management Company's research
professionals make investment decisions with respect to
a portion of the fund's portfolio. The primary
individual portfolio counselors for the fund are listed
on the next page.
5
<PAGE>
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEARS OF EXPERIENCE
AS INVESTMENT PROFESSIONAL
(APPROXIMATE)
YEARS OF EXPERIENCE AS
(AND RESEARCH WITH CAPITAL
PROFESSIONAL IF RESEARCH AND
PORTFOLIO APPLICABLE) PORTFOLIO MANAGEMENT
COUNSELORS COUNSELOR COMPANY OR
FOR FOR AMCAP FUND, INC. ITS TOTAL
AMCAP FUND, INC. PRIMARY TITLE(S) (APPROXIMATE) AFFILIATES YEARS
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Gordon Crawford Senior Vice President 5 years, (plus 10 24 years 24 years
of the fund. Senior years as a research
Vice President and professional prior to
Director, Capital becoming a portfolio
Research Company* counselor for the
fund)
- ---------------------------------------------------------------------------------------------
James E. Drasdo Senior Vice President 10 years, (plus 7 18 years 23 years
and Director, Capital years as a research
Research and professional prior to
Management Company becoming a portfolio
counselor for the
fund)
- ---------------------------------------------------------------------------------------------
James B. Lovelace Vice President, 1 year, (plus 6 years 13 years 13 years
Capital Research and as a research
Management Company professional prior to
becoming a portfolio
counselor for the
fund)
- ---------------------------------------------------------------------------------------------
William C. Newton Senior Partner, The Since the fund began 36 years 42 years
Capital Group operations in 1967
Partners, L.P.*
- ---------------------------------------------------------------------------------------------
James F. Rothenberg President and 1 year 25 years 25 years
Director, Capital
Research and
Management Company
- ---------------------------------------------------------------------------------------------
R. Michael Shanahan President and 9 years 30 years 30 years
Director of the fund.
Chairman of the Board
and Principal
Executive Officer,
Capital Research and
Management Company
</TABLE>
- -------------------------------------------------------------------------------
The fund began operations on May 1, 1967.
* Company affiliated with Capital Research and Management Company.
INVESTMENT RESULTS The fund may from time to time compare its investment
results to various unmanaged indices or other mutual
The fund has funds in reports to shareholders, sales literature and
averaged a total advertisements. The results may be calculated on a to-
return (at no tal return and/or yield basis for various periods, with
sales charge) of or without sales charges. Results calculated without a
12.35% a year over sales charge will be higher. Total returns assume the
its lifetime (May reinvestment of all dividends and capital gain distri-
1, 1967 through butions.
March 31, 1995).
The fund's average annual total returns are calculated
in accordance with Securities and Exchange Commission
requirements which provide that the maximum sales
charge be reflected. The fund's total return over the
past 12 months and average annual total returns over
the past five-year and ten-year periods as of March 31,
1995 were 9.30%, 11.03% and 13.21%, respectively. Of
course, past results are not an indication of future
results. Further information regarding the fund's in-
vestment results is contained in the fund's annual re-
port which may be obtained without charge by writing to
the Secretary of the fund at the address indicated on
the cover of this prospectus.
6
<PAGE>
- -------------------------------------------------------------------------------
DIVIDENS, DIVIDENDS AND DISTRIBUTIONS Dividends are usually paid
DISTRIBUTIONS AND twice each year. All capital gains, if any, are dis-
TAXES tributed annually. When a dividend or capital gain is
distributed, the net asset value per share is reduced
by the amount of the payment.
Income distributions The terms of your plan will govern how your plan may
are usually made receive distributions from the fund. Generally, peri-
twice each year. odic distributions from the fund to your plan are rein-
vested in additional fund shares, although your plan
may permit fund distributions from net investment in-
come to be received by you in cash while reinvesting
capital gains distributions in additional shares or all
fund distributions to be received in cash. Unless you
select another option, all distributions will be rein-
vested in additional fund shares.
FEDERAL TAXES The fund intends to operate as a "regu-
lated investment company" under the Internal Revenue
Code. In any fiscal year in which the fund so qualifies
and distributes to shareholders all of its net invest-
ment income and net capital gains, the fund itself is
relieved of federal income tax. The tax treatment of
redemptions from a retirement plan may differ from re-
demptions from an ordinary shareholder account.
Please see the statement of additional information and
your tax adviser for further information.
FUND ORGANIZATION FUND ORGANIZATION AND VOTING RIGHTS The fund, an open-
AND MANAGEMENT end diversified management investment company, was
organized as a Delaware corporation in 1966 and
The fund is a reorganized as a Maryland corporation in 1990. The
member of The fund's board supervises fund operations and performs
American Funds duties required by applicable state and federal law.
Group, which is Members of the board who are not employed by Capital
managed by one of Research and Management Company or its affiliates are
the largest and paid certain fees for services rendered to the fund as
most experienced described in the statement of additional information.
investment They may elect to defer all or a portion of these fees
advisers. through a deferred compensation plan in effect for the
fund. Shareholders have one vote per share owned and,
at the request of the holders of at least 10% of the
shares, the fund will hold a meeting at which any
member of the board could be removed by a majority
vote. There will not usually be a shareholder meeting
in any year except, for example, when the election of
the board is required to be acted upon by shareholders
under the Investment Company Act of 1940.
THE INVESTMENT ADVISER Capital Research and Management
Company, a large and experienced investment management
organization founded in 1931, is the investment adviser
to the fund and other funds, including those in The
American Funds Group. Capital Research and Management
Company is located at 333 South Hope Street, Los Ange-
les, CA 90071 and at 135 South State College Boulevard,
Brea, CA 92621. Capital Research and Management Company
manages the investment portfolio and business affairs
of the fund and receives a fee at the annual
7
<PAGE>
- -------------------------------------------------------------------------------
rate of 0.485% per annum on the first $1 billion of the
fund's average net assets; plus 0.385% per annum on the
portion of such net assets in excess of $1 billion but
less than $2 billion; plus 0.355% per annum on the por-
tion of such net assets in excess of $2 billion but
less than $3 billion; plus 0.335% per annum on the por-
tion of such net assets in excess of $3 billion but
less than $5 billion; plus 0.32% per annum on the por-
tion of such net assets in excess of $5 billion but
less than $8 billion; plus 0.31% per annum on the por-
tion of such net assets in excess of $8 billion.
Capital Research and Management Company is a wholly
owned subsidiary of The Capital Group Companies, Inc.
(formerly "The Capital Group, Inc."), which is located
at 333 South Hope Street, Los Angeles, CA 90071. The
research activities of Capital Research and Management
Company are conducted by affiliated companies which
have offices in Los Angeles, San Francisco, New York,
Washington, D.C., London, Geneva, Singapore, Hong Kong
and Tokyo.
Capital Research and Management Company and its
affiliated companies have adopted a personal investing
policy that is consistent with the recommendation
contained in the report dated May 9, 1994 issued by the
Investment Company Institute's Advisory Group on
Personal Investing. (See the statement of additional
information.)
PORTFOLIO TRANSACTIONS Orders for the fund's portfolio
securities transactions are placed by Capital Research
and Management Company, which strives to obtain the
best available prices, taking into account the costs
and quality of executions. In the over-the-counter mar-
ket, purchases and sales are transacted directly with
principal market-makers except in those circumstances
where it appears better prices and executions are
available elsewhere.
Subject to the above policy, when two or more brokers
are in a position to offer comparable prices and
executions, preference may be given to brokers that
have sold shares of the fund or have provided
investment research, statistical, and other related
services for the benefit of the fund and/or of other
funds served by Capital Research and Management
Company.
PRINCIPAL UNDERWRITER American Funds Distributors,
Inc., a wholly owned subsidiary of Capital Research and
Management Company, is the principal underwriter of the
fund's shares. American Funds Distributors is located
at 333 South Hope Street, Los Angeles, CA 90071, 135
South State College Boulevard, Brea, CA 92621, 8000 IH-
10 West, San Antonio, TX 78230, 8332 Woodfield Crossing
Boulevard, Indianapolis, IN 46240 and 5300 Robin Hood
Road, Norfolk, VA 23513. Telephone conversations with
American Funds Distributors may be recorded or
monitored for verification, recordkeeping and quality
assurance purposes.
8
<PAGE>
- -------------------------------------------------------------------------------
PLAN OF DISTRIBUTION The fund has a plan of distribu-
tion or "12b-1 Plan" under which it may finance activi-
ties primarily intended to sell shares, provided the
categories of expenses are approved in advance by the
board and the expenses paid under the plan were in-
curred within the last 12 months and accrued while the
plan is in effect. Expenditures by the fund under the
plan may not exceed 0.25% of its average net assets an-
nually (all of which may be for service fees).
TRANSFER AGENT American Funds Service Company, 800/421-
0180, a wholly owned subsidiary of Capital Research and
Management Company, is the transfer agent and performs
shareholder service functions. American Funds Service
Company is located at 333 South Hope Street, Los
Angeles, CA 90071, 135 South State College Boulevard,
Brea, CA 92621, 8000 IH-10 West, San Antonio, TX 78230,
5300 Robin Hood Road, Norfolk, VA 23513 and 8332
Woodfield Crossing Boulevard, Indianapolis, IN 46240.
It was paid a fee of $2,430,000 for the fiscal year
ended February 28, 1995. Telephone conversations with
American Funds Service Company may be recorded or
monitored for verification, recordkeeping and quality
assurance purposes.
PURCHASING SHARES ALL ORDERS TO PURCHASE SHARES MUST BE MADE THROUGH YOUR
RETIREMENT PLAN. FOR MORE INFORMATION ABOUT HOW TO
PURCHASE SHARES OF THE FUND THROUGH YOUR PLAN OR
LIMITATIONS ON THE AMOUNT THAT MAY BE PURCHASED, PLEASE
CONSULT WITH YOUR EMPLOYER. Shares are sold to eligible
retirement plans at the net asset value per share next
determined after receipt of an order by the fund or
American Funds Service Company. Orders must be received
before the close of regular trading on the New York
Stock Exchange in order to receive that day's net asset
value. Plans of organizations with collective
retirement plan assets of $100 million or more may
purchase shares at net asset value. In addition, any
defined contribution plan qualified under Section
401(a) of the Internal Revenue Code including a
"401(k)" plan with 200 or more eligible employees or
any other plan that invests at least $1 million in
shares of the fund (or in combination with shares of
other funds in The American Funds Group other than the
money market funds) may purchase shares at net asset
value; however, a contingent deferred sales charge of
1% is imposed on certain redemptions within one year of
such purchase. (See "Redeeming Shares--Contingent
Deferred Sales Charge.") Plans may also qualify to
purchase shares at net asset value by completing a
statement of intention to purchase $1 million in fund
shares subject to a commission over a maximum of 13
consecutive months. Certain redemptions of such shares
may also be subject to a contingent deferred sales
charge as described above. (See the statement of
additional information.)
9
<PAGE>
- -------------------------------------------------------------------------------
American Funds Distributors, at its expense (from a
designated percentage of its income), will provide ad-
ditional promotional incentives to dealers. Currently
these incentives are limited to the top one hundred
dealers who have sold shares of the fund or other funds
in The American Funds Group. Such incentive payments
will be based on a pro rata share of a qualifying deal-
er's sales.
Qualified dealers currently are paid a continuing serv-
ice fee not to exceed 0.25% of average net assets
(0.15% in the case of the money market funds) annually
in order to promote selling efforts and to compensate
them for providing certain services. (See "Fund Organi-
zation and Management--Plan of Distribution.") These
services include processing purchase and redemption
transactions, establishing shareholder accounts and
providing certain information and assistance with re-
spect to the fund.
Shares of the fund are offered to other shareholders
pursuant to another prospectus at public offering
prices that may include an initial sales charge.
SHARE PRICE Shares are offered to eligible retirement
plans at the net asset value after the order is re-
ceived by the fund or American Funds Service Company.
In the case of orders sent directly to the fund or
American Funds Service Company, an investment dealer
must be indicated. Dealers are responsible for promptly
transmitting orders. (See the statement of additional
information under "Purchase of Shares--Price of
Shares.")
The fund's net asset value per share is determined as
of the close of trading (currently 4:00 p.m., New York
time) on each day the New York Stock Exchange is open.
The current value of the fund's total assets, less all
liabilities, is divided by the total number of shares
outstanding and the result, rounded to the nearer cent,
is the net asset value per share.
SHAREHOLDER Subject to any restrictions contained in your plan, you
SERVICES can exchange your shares for shares of other funds in
The American Funds Group which are offered through the
plan at net asset value. In addition, again depending
on your plan, you may be able to exchange shares auto-
matically or cross-reinvest dividends in shares of
other funds. Contact your plan administrator/trustee
regarding how to use these services. Also, see the
fund's statement of additional information for a de-
scription of these and other services that may be
available through your plan. These services are avail-
able only in states where the fund to be purchased may
be legally offered and may be terminated or modified at
any time upon 60 days' written notice.
10
<PAGE>
- -------------------------------------------------------------------------------
REDEEMING Subject to any restrictions imposed by your plan, you
SHARES can sell your shares through the plan to the fund any
day the New York Stock Exchange is open. For more in-
formation about how to sell shares of the fund through
your retirement plan, including any charges that may be
imposed by the plan, please consult with your employer.
By contacting Your plan administrator/trustee must
your plan send a letter of instruction
administrator/ specifying the name of the fund, the
trustee number of shares or dollar amount to
be sold, and, if applicable, your
name and account number. You should
also enclose any certificates you
wish to redeem. For your protection,
if you redeem more than $50,000, the
signatures of the registered owners
or their legal representatives must
be guaranteed by a bank, savings
association, credit union, or member
firm of a domestic stock exchange or
the National Association of
Securities Dealers, Inc., that is an
eligible guarantor institution. Your
plan administrator/trustee should
verify with the institution that it
is an eligible guarantor prior to
signing. Additional documentation may
be required to redeem shares from
certain accounts. Notarization by a
Notary Public is not an acceptable
signature.
By contacting Shares may also be redeemed through
an investment an investment dealer; however, you or
dealer your plan may be charged for this
service. SHARES HELD FOR YOU IN AN
INVESTMENT DEALER'S STREET NAME MUST
BE REDEEMED THROUGH THE DEALER.
--------------------------------------------------------
THE PRICE YOU RECEIVE FOR THE SHARES YOU REDEEM IS THE
NET ASSET VALUE NEXT DETERMINED AFTER YOUR ORDER AND
ALL REQUIRED DOCUMENTATION ARE RECEIVED BY THE FUND OR
AMERICAN FUNDS SERVICE COMPANY. (SEE "PURCHASING
SHARES--SHARE PRICE.")
CONTINGENT DEFERRED SALES CHARGE A contingent deferred
sales charge of 1% applies to certain redemptions
within the first year on investments of $1 million or
more and on any investment made with no initial sales
charge by any defined contribution plan qualified under
Section 401(a) of the Internal Revenue Code including a
"401(k)" plan with 200 or more eligible employees. The
charge is 1% of the lesser of the value of the shares
redeemed (exclusive of reinvested dividends and capital
gain distributions) or the total cost of such shares.
Shares held for the longest period are assumed to be
redeemed first for purposes of calculating this charge.
The charge is waived for exchanges (except if shares
acquired by exchange were then redeemed within 12
months of the initial purchase); for distributions from
qualified retirement plans and other employee benefit
plans; and for redemptions in connection with loans
made by qualified retirement plans.
OTHER IMPORTANT THINGS TO REMEMBER The net asset value
for redemptions is determined as indicated under
"Purchasing Shares--Share Price." Because the fund's
net asset value fluctuates, reflecting the market value
of the portfolio, the amount you receive for shares
redeemed may be more or less than the amount paid for
them.
11
<PAGE>
- -------------------------------------------------------------------------------
Redemption proceeds will not be mailed until sufficient
time has passed to provide reasonable assurance that
checks or drafts (including certified or cashier's
checks) for shares purchased have cleared (which may
take up to 15 calendar days from the purchase date).
Except for delays relating to clearance of checks for
share purchases or in extraordinary circumstances (and
as permissible under the Investment Company Act of
1940), redemption proceeds will be paid on or before
the seventh day following receipt of a proper
redemption request.
[LOGO OF This prospectus has been printed on
RECYLED PAPER] recycled paper that meets the
guidelines of the United States
Environmental Protection Agency
THIS PROSPECTUS RELATES ONLY TO SHARES OF THE FUND
OFFERED WITHOUT A SALES CHARGE TO ELIGIBLE
RETIREMENT PLANS. FOR A PROSPECTUS REGARDING SHARES
OF THE FUND TO BE ACQUIRED OTHERWISE, CONTACT THE
SECRETARY OF THE FUND AT THE ADDRESS INDICATED ON
THE FRONT.
12
<PAGE>
AMCAP FUND, INC.
Part B
Statement of Additional Information
May 1, 1995
This document is not a prospectus but should be read in conjunction with
the current Prospectus of AMCAP Fund, Inc. (the "fund") dated May 1, 1995. The
prospectus may be obtained from your investment dealer or financial planner or
by writing to the fund at the following address:
AMCAP Fund, Inc.
Attention: Secretary
333 South Hope Street
Los Angeles, CA 90071
(213) 486-9200
The fund has two forms of prospectuses. Each reference to the prospectus
in this Statement of Additional Information includes both of the fund's
prospectuses. Shareholders who purchase shares at net asset value through
eligible retirement plans should note that not all of the services or features
described below may be available to them, and they should contact their
employer for details.
TABLE OF CONTENTS
<TABLE>
<CAPTION>
ITEM PAGE NO.
<S> <C>
INVESTMENT PHILOSOPHY 1
DESCRIPTION OF CERTAIN SECURITIES 2
DESCRIPTION OF BOND RATINGS 2
INVESTMENT RESTRICTIONS 3
FUND DIRECTORS AND OFFICERS 6
DIRECTOR COMPENSATION 6
MANAGEMENT 11
DIVIDENDS, DISTRIBUTIONS AND FEDERAL TAXES 13
PURCHASE OF SHARES 14
SHAREHOLDER ACCOUNT SERVICES AND PRIVILEGES 16
REDEMPTION OF SHARES 17
EXECUTION OF PORTFOLIO TRANSACTIONS 17
GENERAL INFORMATION. 18
INVESTMENT RESULTS 19
FINANCIAL STATEMENTS ATTACHED
</TABLE>
INVESTMENT PHILOSOPHY
The Investment Adviser strives for a broad and flexible approach to investing.
In managing the portfolio of the fund, which has the objective of long-term
growth of capital, investment consideration is given to companies whose
earnings are expected to show rapid or consistent growth or are cyclically
depressed, but have good potential for recovery.
Good companies are not always good investments. At times even the strongest,
best-managed companies can become overvalued in the marketplace; and the key to
investment problem-solving is in the correct appraisal of the relationship
between fundamental value and market price. When a stock appears to have
become overpriced relative to other available investments, it may be sold by
the fund -- no matter how highly the company itself is regarded -- and the
money is put to work elsewhere. Although it is not the fund's practice to
trade actively in securities for short-term profits, securities may be disposed
of without regard for the length of time held -- if such sales appear to the
Investment Adviser to further the investment objective of the fund.
DESCRIPTION OF CERTAIN SECURITIES
Subsequent to its purchase by the fund, an issue of straight debt
securities may cease to be rated or its rating may be reduced below the minimum
rating required for its purchase. Neither event requires the elimination of
such obligation from the fund's portfolio, but the Investment Adviser will
consider such an event in its determination of whether the fund should continue
to hold such obligation in its portfolio. If, as a result of a downgrade or
otherwise, the fund holds more than 5% of its net assets in securities rated Ba
or BB or below (also known as "high-yield, high-risk securities"), the fund
will dispose of the excess as expeditiously as possible.
U.S. GOVERNMENT SECURITIES - Securities guaranteed by the U.S. Government
include: (1) direct obligations of the U.S. Treasury (such as Treasury bills,
notes and bonds) and (2) federal agency obligations guaranteed as to principal
and interest by the U.S. Treasury. In these securities, the payment of
principal and interest is unconditionally guaranteed by the U.S. Government,
and thus they are of the highest possible credit quality. Such securities are
subject to variations in market value due to fluctuations in interest rates,
but, if held to maturity, will be paid in full.
Securities issued by U.S. Government instrumentalities and certain federal
agencies are neither direct obligations of, nor guaranteed by, the Treasury.
However, they generally involve federal sponsorship in one way or another; some
are backed by specific types of collateral; some are supported by the issuer's
right to borrow from the Treasury; some are supported by the discretionary
authority of the Treasury to purchase certain obligations of the issuer; others
are supported only by the credit of the issuing government agency or
instrumentality. These agencies and instrumentalities include, but are not
limited to, Federal Land Banks, Farmers Home Administration, Central Bank for
Cooperatives, and Federal Intermediate Credit Banks.
CASH EQUIVALENTS - These securities include (1) commercial paper (short-term
notes up to 9 months in maturity issued by corporations or governmental
bodies), (2) commercial bank obligations (certificates of deposit, bankers'
acceptances (time drafts on a commercial bank where the bank accepts an
irrevocable obligation to pay at maturity) and documented discount notes
(corporate promissory discount notes accompanied by a commercial bank guarantee
to pay at maturity)), (3) savings association and savings bank obligations
(e.g., certificates of deposit issued by savings banks or savings and loan
associations), (4) securities of the U.S. Government, its agencies or
instrumentalities that mature, or may be redeemed, in one year or less, and (5)
corporate bonds and notes that mature, or that may be redeemed, in one year or
less.
DESCRIPTION OF BOND RATINGS
Moody's Investors Service, Inc. rates the long-term debt securities issued by
various entities from "Aaa" to "C." Moody's applies the numerical modifiers 1,
2, and 3 in each generic rating classification from AA through B in its
corporate bond rating system. The modifier 1 indicates that the security ranks
in the higher end of its generic rating category; the modifier 2 indicates a
mid-range ranking; and the modifier 3 indicates that the issue ranks in the
lower end of its generic rating category. The top three rating categories are
described as follows:
"Bonds which are rated Aaa are judged to be of the best quality. They carry
the smallest degree of investment risk and are generally referred to as 'gilt
edge.' Interest payments are protected by a large or by an exceptionally
stable margin, and principal is secure. While the various protective elements
are likely to change, such changes as can be visualized are most unlikely to
impair the fundamentally strong position of such issues."
"Bonds which are rated Aa are judged to be of high quality by all standards.
Together with the Aaa group, they comprise what are generally known as
high-grade bonds. They are rated lower than the best bonds because margins of
protection may not be as large as in Aaa securities, or fluctuation of
protective elements may be of greater amplitude, or there may be other elements
present which make the long-term risks appear somewhat larger than the Aaa
securities."
"Bonds which are rated A possess many favorable investment attributes and are
to be considered as upper medium grade obligations. Factors giving security to
principal and interest are considered adequate, but elements may be present
which suggest a susceptibility to impairment sometime in the future."
Standard & Poor's Corporation rate the long-term securities debt of various
entities in categories ranging from "AAA" to "D" according to quality. The
ratings from "AA" to "CCC" may be modified by the addition of a plus (+) or
minus (-) sign to show relative standing within the major rating categories.
The top three rating categories are described as follows:
"Debt rated 'AAA' has the highest rating assigned by Standard & Poor's.
Capacity to pay interest and repay principal is extremely strong."
"Debt rated 'AA' has a very strong capacity to pay interest and repay
principal and differs from the higher rated issues only in small degree."
"Debt rated 'A' has a strong capacity to pay interest and repay principal
although it is somewhat more susceptible to the adverse effects of changes in
circumstances and economic conditions than debt in higher rated categories."
INVESTMENT RESTRICTIONS
The fund has adopted certain investment restrictions which may not be
changed without a majority vote of its outstanding shares. Such majority is
defined by the Investment Company Act of 1940 (the "1940 Act") as the vote of
the lesser of (i) 67% or more of the outstanding voting securities present at a
meeting, if the holders of more than 50% of the outstanding voting securities
are present in person or by proxy, or (ii) more than 50% of the outstanding
voting securities. These restrictions provide that:
1. The fund may not invest in:
(a) real estate (although it has not been the practice of the fund to make
such investments, the fund may invest in the securities of real estate
investment trusts);
(b) commodities or commodity contracts;
(c) companies for the purpose of exercising control or management;
(d) the securities of companies which, with their predecessors, have a record
of less than three years' continuing operation, if such purchase at the time
thereof would cause more than 5% of the value of the fund's total assets to be
invested in the securities of such companies;
(e) securities which would subject the fund to unlimited liability (such as
assessable shares or partnership interests);
(f) any securities of another issuer if immediately after and as a result of
such purchase (1) the market value of the securities of such other issuer shall
exceed 5% of the market value of the total assets of the fund or (2) the fund
shall own more than 10% of any class of securities or of the outstanding voting
securities of such issuer; or
(g) any securities if immediately after and as a result of such purchase more
than 25% of the market value of the total assets of the fund are invested in
securities of companies in any one industry.
2. The fund may not engage in short sales or margin purchases.
3. The fund may not lend money or securities. The making of deposits with
banks and the purchase of a portion of the issue of bonds, debentures, or other
debt securities which are publicly distributed or of a type generally purchased
by institutional investors, are not regarded as loans.
4. The fund may not invest more than 10% of the value of its total assets in
securities that are illiquid, nor may it engage in the business of underwriting
securities of other issuers.
5. The fund may not borrow in excess of 10% of its total assets taken at cost
or pledge its assets taken at market value to an extent greater than 15% of
total assets taken at cost. Asset coverage of at least 300% taken at market
value must be maintained. No borrowing may be undertaken except as a temporary
measure for extraordinary or emergency purposes. (The fund may borrow only
from banks. The fund, however, has never borrowed and does not currently
anticipate borrowing.)
Property acquired through merger, consolidation, or acquisition of
substantially all of the assets of any other corporation is not considered an
investment within the terms of the investment restrictions of the fund if
disposed of within a reasonable time and in no event more than six months after
acquisition. It is not the fund's current practice or present intent to
purchase securities that are not readily marketable although up to 10% of the
value of its total assets may be invested in illiquid securities. If, in the
future, the fund increases this 10% limit on investing in illiquid securities,
the fund has agreed that it will invest no more than 15% of its net assets in
securities which are not readily marketable in compliance with Texas Securities
Law.
Investment restriction #1 does not apply to deposits in banks or to the
purchase of securities issued or fully guaranteed by the U.S. Government (or
its agencies or instrumentalities). For purposes of investment restriction
#1(g), the fund will not invest 25% or more (rather than "more than 25%") of
its total assets in the securities of issuers in the same industry.
In addition to the foregoing policies, it is also the policy of the fund
not to invest in securities of open-end investment companies except in
connection with a merger, consolidation or acquisition of assets, but the fund
may invest in securities of closed-end investment companies within the
limitations imposed by the 1940 Act. (Notwithstanding this restriction, the
fund may invest in securities of other investment companies if deemed advisable
by its officers in connection with the administration of a deferred
compensation plan adopted by Directors pursuant to an exemptive order granted
by the Securities and Exchange Commission.) In general, this means (i) that
the fund will not own more than 3% of the outstanding voting stock of a
closed-end investment company, (ii) that the fund will not invest more than an
aggregate of 10% of its total assets in securities issued by closed-end
investment companies, and (iii) that the fund, together with all other
investment companies served by the Investment Adviser, will not own more than
10% of the outstanding voting stock of a closed-end investment company. Any
such purchases will be made only in the open market or as a part of a merger,
consolidation, or acquisition of assets, and will not involve commissions or
profits to a sponsor or dealer other than customary brokerage commissions.
The fund will not purchase or retain the securities of any issuer if those
officers and directors of the fund or the Investment Adviser who own
beneficially more than one-half of one percent of such issuer together own more
than five percent of the securities of such issuer. The fund will not make
investments in puts, calls, straddles, spreads, or any combination thereof, nor
will it purchase partnership interests in oil, gas, or mineral exploration,
drilling or mining ventures or leases. The fund will not invest more than 5%
of its net assets, valued at the lower of cost or market at the time of
purchase, in warrants including not more than 2% of such net assets in warrants
that are not listed on either the New York Stock Exchange or the American Stock
Exchange; however, warrants acquired in units or attached to securities may be
deemed to be without value for the purpose of this restriction. Changes in the
policies described in the foregoing two paragraphs do not require shareholder
approval.
FUND OFFICERS AND DIRECTORS
Directors and Director Compensation
(with their principal occupations during the past five years)#
<TABLE>
<CAPTION>
NAME, ADDRESS AND AGE POSITION WITH PRINCIPAL OCCUPATION(S) DURING AGGREGATE TOTAL COMPENSATION TOTAL NUMBER
REGISTRANT PAST 5 YEARS (POSITIONS WITHIN THE COMPENSATION FROM ALL FUNDS OF FUND
ORGANIZATIONS LISTED MAY HAVE (INCLUDING MANAGED BY CAPITAL BOARDS ON
CHANGED DURING THIS PERIOD) VOLUNTARILY DEFERRED RESEARCH AND WHICH
COMPENSATION/1/) FROM MANAGEMENT COMPANY/2/ DIRECTOR
FUND DURING FISCAL SERVES/2/
YEAR ENDED 2/28/95
<S> <C> <C> <C> <C> <C>
Guilford C. Babcock Director Associate Professor of Finance,
1575 Circle Drive School of Business Administration, $13,100/3/ $23,400 2
San Marino, CA 91108 University of Southern California
Age: 63
Charles H. Black Director Private investor and consultant;
525 Alma Real Drive former Executive Vice President $12,850 $100,150 4
Pacific Palisades, CA and Director, KaiserSteel
90272 Corporation
Age: 68
Martin Fenton, Jr. Director Chairman, Senior Resource Group
4350 Executive Drive (management of senior living $13,871/3/ $91,721 15
Suite 101 centers)
San Diego, CA 92123
Age: 59
James D. Fullerton Chairman Retired; former Vice Chairman of
595 E. Colorado Emeritus the Board, The Capital Group, Inc. $6,100 $6,100 1
Boulevard
Suite 323
Pasadena, CA 91101
Age: 78
Herbert Hoover III Director Private Investor
200 S. Los Robles $12,676 $59,426 14
Avenue
Suite 520
Pasadena, CA
91101-2431
Age: 57
Gail L. Neale Director Executive Vice President, Salzburg
Salzburg Seminar Seminar; former Director of $12,850/3/ $50,950 4
P.O. Box 886 Development and the Capital
The Marbleworks Campaign, Hampshire College;
Middlebury, VT 05753 Special Advisor, The
Age: 60 Commonwealth Fund and Mount
Holyoke College
Kirk P. Pendleton Director President, Cairnwood, Inc.
Box 546 $13,100/3/ $24,500 2
Bryn Athyn, PA 19009
Age: 55
+* James W. Ratzlaff Director Vice Chairman of the Board,
Age: 58 Capital Research and Management none/4/ none/4/ 8
Company; Chairman of the Board,
American Funds Service Company;
Senior Partner, The Capital Group
Partners, L.P.
Henry E. Riggs Director President and Professor of
Kingston Hall 201 Engineering, Harvey Mudd $12,800/3/ $65,200 5
Harvey Mudd College College;
Claremont, CA 91711 former Thomas W. and Joan B.
Age: 60 Ford Professor of Engineering and
Vice President of Development,
Stanford University
+* R. Michael Shanahan Director Chairman of the Board and
Age: 56 Principal Executive Officer, Capital none/4/ none/4/ 2
Research and Management
Company; Director, The Capital
Group Companies, Inc.; Director,
Capital Group Research, Inc.
Walter P. Stern Chairman of Chairman, Capital Group
630 Fifth Avenue the Board International, Inc.; Vice Chairman, none/4/ none/4/ 8
New York, NY 10111 Capital Research International;
Age: 66 Director, The Capital Group
Companies, Inc.; Chairman,
Capital
International, Inc.; Director,
Temple-Inland, Inc.
Charles Wolf, Jr. Director Dean, The RAND Graduate
1700 Main Street School; $12,050/3/ $49,850 4
Santa Monica, CA 90406 Director, International Economic
Age: 70 Studies, The RAND Corporation
</TABLE>
# Positions within the organizations listed may have changed during this
period.
+ Directors who are considered "interested persons as defined in the Investment
Company Act of 1940, as amended (the "1940 Act"), on the basis of their
affiliation with the fund's Investment Adviser, Capital Research and Management
Company.
* Address is 333 South Hope Street, Los Angeles, CA 90071
/1/ Amounts may be deferred by eligible directors under a non-qualified
deferred compensation plan adopted by the Fund in 1993. Deferred amounts
accumulate at an earnings rate determined by the total return of one or more
funds in The American Funds Group as designated by the Director.
/2/ Capital Research and Management Company manages The American Funds Group
consisting of 28 funds: American Balanced Fund, Inc., American High-Income
Municipal Bond Fund, Inc., American High-Income Trust, American Mutual Fund,
Inc., The Bond Fund of America, Inc., The Cash Management Trust of America,
Capital Income Builder, Inc., Capital World Growth and Income Fund, Inc.,
Capital World Bond Fund, Inc., EuroPacific Growth Fund, Fundamental Investors,
Inc., The Growth Fund of America, Inc., The Income Fund of America, Inc.,
Intermediate Bond Fund of America, The Investment Company of America, Limited
Term Tax-Exempt Bond Fund of America, The New Economy Fund, New Perspective
Fund, Inc., SMALLCAP World Fund, Inc., The Tax-Exempt Bond Fund of America,
Inc., The Tax-Exempt Fund of California, The Tax-Exempt Fund of Maryland, The
Tax-Exempt Fund of Virginia, The Tax-Exempt Money Fund of America, The U. S.
Treasury Money Fund of America, U.S. Government Securities Fund and Washington
Mutual Investors Fund, Inc. Capital Research and Management Company also
manages American Variable Insurance Series and Anchor Pathway Fund which serves
as the underlying investment vehicle for certain variable insurance contracts;
and Bond Portfolio for Endowments, Inc. and Endowments, Inc. whose shares may
be owned only by tax-exempt organizations. These amounts reflect the aggregate
compensation paid during the most recent fiscal year of the funds involved.
/3/ Since the plan's adoption, the total amount of deferred compensation
accrued by the fund (plus earnings thereon) for participating Directors is as
follows: Guilford C. Babcock ($15,617), Martin Fenton, Jr. ($14,992), Gail L.
Neale ($5,365), Kirk P. Pendleton ($14,476), Henry E. Riggs ($15,211) and
Charles Wolf, Jr. ($13,685). Amounts deferred and accumulated earnings thereon
are not funded and are general unsecured liabilities of the fund until paid to
the Director.
/4/ James W. Ratzlaff, R. Michael Shanahan and Walter P. Stern are affiliated
with the Investment Adviser and, accordingly, receive no compensation from the
Fund.
OFFICERS
* GORDON CRAWFORD, Senior Vice President. Capital Research Company, Senior
Vice President
* PAUL G. HAAGA, JR., Senior Vice President. Capital Research and
Management Company, Director and Senior Vice President
* JULIE F. WILLIAMS, Secretary. Capital Research and Management Company,
Vice President - Fund Business Management Group
** STEVEN N. KEARSLEY, Treasurer. Capital Research and Management Company,
Vice President and Treasurer
* DAVID E. CARTER, Assistant Secretary. Capital Research and Management
Company, Associate
** MARY C. CREMIN, Assistant Treasurer. Capital Research and Management
Company,
Senior Vice President - Fund Business Management Group
** ROBERT P. SIMMER, Assistant Treasurer. Capital Research and Management
Company, Vice President - Fund Business Management Group
# Positions within the organizations listed may have changed during this
period.
* Address is 333 South Hope Street, Los Angeles, CA 90071.
** Address is 135 South State College Boulevard, Brea, CA 92621.
No compensation is paid by the fund to any officer or director who is a
director or officer of the Investment Adviser. The fund pays annual fees of
$9,000 to directors who are not affiliated with the Investment Adviser, plus
$800 for each Board of Directors meeting attended, plus $400 for each meeting
attended as a member of a committee of the Board of Directors. No pension or
retirement benefits are accrued as part of fund expenses. The Directors may
elect, on a voluntary basis, to defer all or a portion of their fees through a
deferred compensation plan in effect for the fund. The fund also reimburses
certain expenses of the Directors who are not affiliated with the Investment
Adviser. The total compensation paid by the fund to directors who are not
affiliated with the Investment Adviser during the fiscal year ended February
28, 1995 was $109,000. As of April 1, 1995, the officers and directors of the
fund and their families as a group owned beneficially or of record less than 1%
of the outstanding shares of the fund.
MANAGEMENT
INVESTMENT ADVISER - The Investment Adviser, founded in 1931, maintains
research facilities in the U.S. and abroad, with a staff of professionals, many
of whom have a number of years of investment experience. The Investment
Adviser's research professionals travel several million miles a year, making
more than 5,000 research visits in more than 50 countries around the world.
The Investment Adviser believes that it is able to attract and retain quality
personnel.
An affiliate of the Investment Adviser compiles indices for major stock
markets around the world and compiles and edits the Morgan Stanley Capital
International Perspective, providing financial and market information about
more than 2,400 companies around the world.
The Investment Adviser is responsible for approximately $100 billion of
stocks, bonds and money market instruments and serves over five million
investors of all types throughout the world. These investors include privately
owned businesses and large corporations, as well as schools, colleges,
foundations and other non-profit and tax-exempt organizations.
INVESTMENT ADVISORY AND SERVICE AGREEMENT - The Investment Advisory and
Service Agreement (the "Agreement") between the fund and the Investment
Adviser, unless sooner terminated, will continue until March 31, 1996 and may
be renewed from year to year thereafter, provided that any such renewal has
been specifically approved at least annually by (i) the Board of Directors, or
by the vote of a majority (as defined in the 1940 Act) of the outstanding
voting securities, and (ii) the vote of a majority of directors who are not
parties to the Agreement or interested persons (as defined in the 1940 Act) of
any such party, cast in person at a meeting called for the purpose of voting on
such approval. The Agreement provides that the Investment Adviser has no
liability to the fund for its acts or omissions in the performance of its
obligations to the fund not involving willful misconduct, bad faith, gross
negligence or reckless disregard of its obligations under the Agreement. The
Agreement also provides that either party has the right to terminate it,
without penalty, upon 60 days' written notice to the other party and that the
Agreement automatically terminates in the event of its assignment (as defined
in the 1940 Act).
Under the current Agreement, the Investment Adviser receives from the fund a
monthly fee, at an annual rate of 0.485% per annum of the first $1 billion of
the fund's average net assets; plus 0.385% per annum on the portion of such net
assets in excess of $1 billion but less than $2 billion; plus 0.355% per annum
on the portion of such net assets in excess of $2 billion but less than $3
billion; plus 0.335% per annum on the portion of such net assets in excess of
$3 billion but less than $5 billion; plus 0.32% per annum on the portion of
such net assets in excess of $5 billion but less than $8 billion; plus 0.31%
per annum on the portion of such net assets in excess of $8 billion.
The Investment Adviser, in addition to providing investment advisory services,
furnishes the services and pays the compensation and travel expenses of
qualified persons to perform executive, administrative, clerical and
bookkeeping functions of the fund; provides suitable office space and
utilities; and furnishes necessary small office equipment and general purpose
accounting forms, supplies, and postage used at the offices of the fund
relating to the services furnished by the Investment Adviser.
The fund pays all expenses not specifically assumed by the Investment Adviser,
including, but not limited to, custodian, registrar, stock transfer and
dividend disbursing fees and expenses; expenses pursuant to the fund's Plan of
Distribution (see below); costs of designing, printing and mailing reports,
prospectuses, proxy statements and notices to shareholders; taxes; expenses of
the issuance, sale, redemption, or repurchase of shares of the fund (including
stock certificates, registration and qualification fees and expenses); legal
and auditing fees and expenses; compensation, fees, and expenses paid to
Directors not affiliated with the Investment Adviser; association dues; and
costs of stationery and forms prepared exclusively for the fund.
The Investment Adviser has agreed to pay to the fund annually, immediately
after the fiscal year end the amount by which the total expenses of the fund
for any particular fiscal year, except taxes and interest, exceed an amount
equal to 1% of the average of the total net assets of the fund for the year.
During the fiscal years ended February 28, 1995, 1994 and 1993 the Investment
Adviser's fees amounted to $11,954,000, $12,301,000, and $11,656,000,
respectively.
PRINCIPAL UNDERWRITER - American Funds Distributors, Inc. (the "Principal
Underwriter") is the principal underwriter of the fund's shares. The fund has
adopted a Plan of Distribution (the "Plan"), pursuant to rule 12b-1 under the
1940 Act (see "Principal Underwriter" in the Prospectus). The Principal
Underwriter receives amounts payable pursuant to the Plan (see below) and
commissions consisting of that portion of the sales charge remaining after the
discounts which it allows to investment dealers. Commissions retained by the
Principal Underwriter on sales of fund shares during the fiscal year ended
February 28, 1995 amounted to $639,000 after allowance of $3,249,000 to
dealers. During the fiscal years ended February 28, 1994 and 1993, the
Principal Underwriter retained $922,000 and $1,502,000, respect ively.
As required by rule 12b-1, the Plan (together with the Principal Underwriting
Agreement) has been approved by the full Board of Directors and separately by a
majority of the Directors who are not "interested persons" of the fund and who
have no direct or indirect financial interest in the operation of the Plan or
the Principal Underwriting Agreement, and the Plan has been approved by the
vote of a majority of the outstanding voting securities of the fund. The
officers and Directors who are "interested persons" of the fund may be
considered to have a direct or indirect financial interest in the operation of
the Plan due to present or past affiliations with the Investment Adviser and
related companies. Potential benefits of the Plan to the fund include improved
shareholder services, savings to the fund in transfer agency costs, savings to
the fund in advisory fees and other expenses, benefits to the investment
process from growth or stability of assets and maintenance of a financially
healthy management organization. The selection and nomination of Directors who
are not "interested persons" of the fund are committed to the discretion of the
Directors who are not "interested persons" during the existence of the Plan.
The Plan is reviewed quarterly and must be renewed annually by the Board of
Directors.
Under the Plan the fund may expend up to 0.25% of its average net assets
annually to finance any activity which is primarily intended to result in the
sale of fund shares, provided the fund's Board of Directors has approved the
category of expenses for which payment is being made. These include service
fees for qualified dealers and dealer commissions and wholesaler compensation
on sales of shares exceeding $1 million (including purchases by any defined
contribution plan qualified under Section 401(a) of the Internal Revenue Code
including a "401(k)" plan with 200 or more eligible employees). Only expenses
incurred during the preceding 12 months and accrued while the Plan is in effect
may be paid by the fund. During the fiscal year ended February 28, 1995 the
fund paid $5,181,000 under the Plan. As of February 28, 1995, accrued and
unpaid distribution expenses were $1,218,000.
The Glass-Steagall Act and other applicable laws, among other things,
generally prohibit commercial banks from engaging in the business of
underwriting, selling or distributing securities, but permit banks to make
shares of mutual funds available to their customers and to perform
administrative and shareholder servicing functions. However, judicial or
administrative decisions or interpretations of such laws, as well as changes in
either federal or state statutes or regulations relating to the permissible
activities of banks or their subsidiaries of affiliates, could prevent a bank
from continuing to perform all or a part of its servicing activities. If a
bank were prohibited from so acting, shareholder clients of such bank would be
permitted to remain shareholders of the fund and alternate means for continuing
the servicing of such shareholders would be sought. In such event, changes in
the operation of the fund might occur and shareholders serviced by such bank
might no longer be able to avail themselves of any automatic investment or
other services then being provided by such bank. It is not expected that
shareholders would suffer with adverse financial consequences as a result of
any of these occurrences.
In addition, state securities laws on this issue may differ from the
interpretations of federal law expressed herein and certain banks and financial
institutions may be required to be registered as dealers pursuant to state law.
DIVIDENDS, DISTRIBUTIONS AND FEDERAL TAXES
The fund intends to meet all the requirements and has elected the tax status
of a "regulated investment company" under the provisions of Subchapter M of the
Internal Revenue Code of 1986 (the "Code"). Under Subchapter M, if the fund
distributes within specified times at least 90% of its investment company
taxable investment income (net investment income and the excess of net
short-term capital gains over net long-term capital losses) and its tax-exempt
interest, if any, it will be taxed only on the portion of the investment
company taxable income that it retains.
To qualify, the fund must (a) derive at least 90% of its gross income from
dividends, interest, certain payments with respect to securities loans and
gains from the sale or other disposition of stock, securities, currencies or
other income derived with respect to its business of investing in such stock,
securities or currencies; (b) derive less than 30% of its gross income from the
sale or other disposition of stock or securities held for less than three
months; and (c) diversify its holdings so that at the end of each fiscal
quarter, (i) at least 50% of the market value of the fund's assets is
represented by cash, U.S. Government securities and other securities which must
be limited, in respect of any one issuer, to an amount not greater than 5% of
the fund's assets and 10% of the outstanding voting securities of such issuer,
and (ii) not more than 25% of the value of its assets is invested in the
securities of any one issuer (other than U.S. Government securities or the
securities of other regulated investment companies), or in two or more issuers
which the fund controls and which are engaged in the same or similar trades or
businesses or related trades or businesses.
Under the Code, a nondeductible excise tax of 4% is imposed on the excess of a
regulated investment company's "required distribution" for the calendar year
ending within the regulated investment company's taxable year over the
"distributed amount" for such calendar year. The term "required distribution"
means the sum of (i) 98% of ordinary income (generally net investment income)
for the calendar year, (ii) 98% of capital gain (both long-term and short-term)
for the one-year period ending on October 31 (as though the one-year period
ending on October 31 were the regulated investment company's taxable year), and
(iii) the sum of any untaxed, undistributed net investment income and net
capital gains of the regulated investment company for prior periods. The term
"distributed amount" generally means the sum of (i) amounts actually
distributed by the fund from its current year's ordinary income and capital
gain and (ii) any amount on which the fund pays income tax during the periods
described above. The fund intends to distribute net investment income and net
capital gains so as to minimize or avoid the excise tax liability.
The fund also intends to distribute to shareholders all of the excess of net
long-term capital gain over net short-term capital loss on sales of securities.
If the net asset value of shares of the fund should, by reason of a
distribution of realized capital gains, be reduced below a shareholder's cost,
such distribution would to that extent be a return of capital to that
shareholder even though taxable to the shareholder, and a sale of shares by a
shareholder at net asset value at that time would establish a capital loss for
federal tax purposes. In particular, investors should consider the tax
implications of purchasing shares just prior to a dividend or distribution
record date. Those investors purchasing shares just prior to such a date will
then receive a partial return of capital upon the dividend or distribution,
which will nevertheless be taxable to them as an ordinary or capital gains
dividend.
Dividends generally are taxable to shareholders at the time they are paid.
However, dividends declared in October, November and December and made payable
to shareholders of record in such a month are treated as paid and are thereby
taxable as of December 31, provided that the fund pays the dividend no later
than the end of January of the following year.
If a shareholder exchanges or otherwise disposes of shares of the fund within
90 days of having acquired such shares, and if, as a result of having acquired
those shares, the shareholder subsequently pays a reduced sales charge for
shares of the fund, or of a different fund, the sales charge previously
incurred in acquiring the fund's shares shall not be taken into account (to the
extent such previous sales charges do not exceed the reduction in sales
charges) for the purpose of determining the amount of gain or loss on the
exchange, but will be treated as having been incurred in the acquisition of
such other shares. Also, any loss realized on a redemption or exchange of
shares of a fund will be disallowed to the extent shares are reacquired within
the 61-day period beginning 30 days before and ending 30 days after the shares
are disposed of.
As of the date of this statement of additional information, the maximum
individual tax rate applicable to ordinary income is 39.6% (effective tax rates
may be higher for some individuals due to phase out of exemptions and
elimination of deductions); the maximum individual rate applicable to net
capital gain is 28%; and the maximum corporate tax rate applicable to ordinary
income and net capital gain is 35% (except that corporations with income in
excess of $100,000 for a taxable year will be required to pay an additional
income tax liability of up to $11,750 and corporations which have taxable
income in excess of $15,000,000 for a taxable year will be required to pay an
additional amount of tax of up to $100,000). Naturally, the amount of tax
payable by a taxpayer will be affected by a combination of tax law rules
covering, E.G., deductions, credits, deferrals, exemptions, sources of income
and other matters. Under the Code, an individual is entitled to establish an
IRA each year (prior to the tax return filing deadline for that year) whereby
earnings on investments are tax-deferred. In addition, in some cases, the IRA
contribution itself may be deductible.
The foregoing is limited to a summary discussion of federal taxation and
should not be viewed as a comprehensive discussion of all provisions of the
Code relevant to investors. Dividends and distributions may also be subject to
state or local taxes. Investors should consult their own tax advisers for
additional details as to their particular tax status.
PURCHASE OF SHARES
PRICE OF SHARES - Purchases of shares are made at the offering price next
determined after the purchase order is received by the fund or American Funds
Service Company; this offering price is effective for orders received prior to
the time of determination of the net asset value and, in the case of orders
placed with dealers, accepted by the Principal Underwriter prior to its close
of business. The dealer is responsible for promptly transmitting purchase
orders to the Principal Underwriter. Orders received by the investment dealer,
the Transfer Agent, or the fund after the time of the determination of the net
asset value will be entered at the next calculated offering price. Prices
which appear in the newspaper are not always indicative of prices at which you
will be purchasing and redeeming shares of the fund, since such prices
generally reflect the previous day's closing price whereas purchases and
redemptions are made at the next calculated price.
The price you pay for shares, the offering price, is based on the net asset
value per share which is calculated once daily at the close of trading
(currently 4:00 p.m., New York Time) each day the New York Stock Exchange is
open. The New York Stock Exchange is currently closed on weekends and on the
following holidays: New Year's Day, President's Day, Good Friday, Memorial
Day, Independence Day, Labor Day, Thanksgiving and Christmas Day. The net
asset value per share is determined as follows:
1. Stocks, and convertible bonds and debentures, traded on the New York Stock
Exchange are valued at the last sale price on such exchange on the day of
valuation, or if there is no sale on the day of valuation, at the last-reported
bid price. Non-convertible bonds and debentures, and other long-term debt
securities and U.S. Treasury notes normally are valued at prices obtained for
the day of valuation from a bond pricing service, when such prices are
available; however, in circumstances where the Investment Adviser deems it
appropriate to do so, an over-the-counter or exchange quotation may be used.
U.S. Treasury bills, and other short-term obligations issued or guaranteed by
the U.S. Government, its agencies or instrumentalities, certificates of deposit
issued by banks, corporate short-term notes and other short-term investments
with original or remaining maturities in excess of 60 days are valued at the
mean of representative quoted bid and asked prices for such securities or, if
such prices are not available, for securities of comparable maturity, quality
and type. Short-term securities with 60 days or less to maturity are amortized
to maturity based on their cost to the fund if acquired within 60 days of
maturity or, if already held by the fund on the 60th day, based on the value
determined on the 61st day. Other securities are valued on the basis of last
sale or bid prices in what is, in the opinion of the Investment Adviser, the
broadest and most representative market, which may be either a securities
exchange or the over-the-counter market. Where quotations are not readily
available, securities are valued at fair value as determined in good faith by
the Board of Directors. The fair value of all other assets is added to the
value of securities to arrive at the total assets;
2. There are deducted from the total assets, thus determined, the liabilities,
including accruals of taxes and other expense items; and
3. The net assets so obtained are then divided by the total number of shares
outstanding and the result, rounded to the nearer cent, is the net asset value
per share.
Any purchase order may be rejected by the Principal Underwriter or by the
fund. The fund will not knowingly sell shares (other than for the reinvestment
of dividends or capital gain distributions) directly or indirectly or through a
unit investment trust to any other investment company, person or entity, where,
after the sale, such investment company, person, or entity would own
beneficially directly, indirectly, or through a unit investment trust more than
3% of the outstanding shares of the fund without the consent of a majority of
the Board of Directors.
STATEMENT OF INTENTION - The reduced sales charges and offering prices set
forth in the Prospectus apply to purchases of $50,000 or more made within a
13-month period pursuant to the terms of a written statement of intention (the
"Statement") in the form provided by the Principal Underwriter and signed by
the purchaser. The Statement is not a binding obligation to purchase the
indicated amount. When a shareholder signs a Statement in order to qualify for
a reduced sales charge, shares equal to 5% of the dollar amount specified in
the Statement will be held in escrow in the shareholder's account out of the
initial purchase (or subsequent purchases, if necessary) by the Transfer Agent.
All dividends and capital gain distributions on shares held in escrow will be
credited to the shareholder's account in shares (or paid in cash, if
requested). If the intended investment is not completed within the specified
13-month period, the purchaser will remit to the Principal Underwriter the
difference between the sales charge actually paid and the sales charge which
would have been paid if the total of such purchases had been made at a single
time. If the difference is not paid within 20 days after written request by
the Principal Underwriter or the securities dealer, the appropriate number of
escrowed shares will be redeemed to pay such difference. If the proceeds from
this redemption are inadequate, the purchaser will be liable to the Principal
Underwriter for the balance still outstanding. The Statement may be revised
upward at any time during the 13-month period, and such a revision will be
treated as a new Statement, except that the 13-month period during which the
purchase must be made will remain unchanged and there will be no retroactive
reduction of the sales charges paid on prior purchases.
In the case of purchase orders by the trustees of certain retirement plans by
payroll deduction, the sales charge for the investments made during the
13-month period will be handled as follows: The investment made the first
month of the 13-month period will be multiplied by 13 and then multiplied by
1.5. On the first investment and all other investments made pursuant to the
statement of intention, a sales charge will be assessed according to the sales
charge breakpoint thus determined. There will be no retroactive adjustments in
sales charges on investments previously made during the 13-month period.
DEALER COMMISSIONS - The following commissions will be paid to dealers who
initiate and are responsible for purchases of $1 million or more, for purchases
by any defined contribution plan qualified under Section 401(a) of the Internal
Revenue Code including a "401(k)" plan with 200 or more eligible employees, and
for purchases made at net asset value by certain retirement plans of
organizations with collective retirement plan assets of $100 million or more:
1.00% on amounts of $1 million to $2 million, 0.80% on amounts over $2 million
to $3 million, 0.50% on amounts over $3 million to $50 million, 0.25% on
amounts over $50 million to $100 million, and 0.15% on amounts over $100
million. The level of dealer commissions will be determined based on sales
made over a 12-month period commencing from the date of the first sale at net
asset value. See "The American Funds Shareholder Guide" in the fund's
Prospectus for more information.
SHAREHOLDER ACCOUNT SERVICES AND PRIVILEGES
AUTOMATIC INVESTMENT PLAN - The automatic investment plan enables shareholders
to make regular monthly or quarterly investments in shares through automatic
charges to their bank accounts. With shareholder authorization and bank
approval, the Transfer Agent will automatically charge the bank account for the
amount specified ($50 minimum), which will be automatically invested in shares
at the offering price on or about the 10th day of the month (or on or about the
15th day of the month in the case of accounts for retirement plans where
Capital Guardian Trust Company serves as trustee or custodian.) Bank accounts
will be charged on the day or a few days before investments are credited,
depending on the bank's capabilities, and shareholders will receive a
confirmation statement showing the current transaction. Participation in the
plan will begin within 30 days after receipt of the account application. If
the shareholder's bank account cannot be charged due to insufficient funds, a
stop-payment order or closing of your account, the plan may be terminated and
the related investment reversed. The shareholder may change the amount of the
investment or discontinue the plan at any time by writing the Transfer Agent.
AUTOMATIC WITHDRAWALS - Withdrawal payments are not to be considered as
dividends, yield or income. Automatic investments may not be made into a
shareholder account from which there are automatic withdrawals. Withdrawals of
amounts exceeding reinvested dividends and distributions and increases in share
value would reduce the aggregate value of the shareholder's account. The
Transfer Agent arranges for the redemption by the fund of sufficient shares,
deposited by the shareholder with the Transfer Agent, to provide the withdrawal
payment specified.
CROSS-REINVESTMENT OF DIVIDENDS AND DISTRIBUTIONS - A shareholder in one fund
may elect to cross-reinvest dividends or dividends and capital gain
distributions paid by that fund (the "paying fund") into any other fund in The
American Funds Group (the "receiving fund") subject to the following
conditions: (i) the aggregate value of the shareholder's account(s) in the
paying fund(s) must equal or exceed $5,000 (this condition is waived if the
value of the account in the receiving fund equals or exceeds that fund's
minimum initial investment requirement), (ii) as long as the value of the
account in the receiving fund is below that fund's minimum initial investment
requirement, dividends and capital gain distributions paid by the receiving
fund must be automatically reinvested in the receiving fund, and (iii) if this
privilege is discontinued with respect to a particular receiving fund, the
value of the account in that fund must equal or exceed the fund's minimum
initial investment requirement or the fund shall have the right, if the
shareholder fails to increase the value of the account to such minimum within
90 days after being notified of the deficiency, automatically to redeem the
account and send the proceeds to the shareholder. These cross-reinvestments of
dividends and capital gain distributions will be at net asset value (without
sales charge).
REDEMPTION OF SHARES
The fund's Articles of Incorporation permit the fund to direct the Transfer
Agent to redeem the shares of any shareholder if the value of such shares in
the account of such holder is less than the minimum initial investment amount
applicable to that account as set forth in the fund's current registration
statement under the Investment Company Act of 1940, and subject to such further
terms and conditions as the Board of Directors of the Corporation may from time
to time adopt.
EXECUTION OF PORTFOLIO TRANSACTIONS
There are occasions on which portfolio transactions for the fund may be
executed as part of concurrent authorizations to purchase or sell the same
security for other funds served by the Investment Adviser, or for trusts or
other accounts served by affiliated companies of the Investment Adviser.
Although such concurrent authorizations potentially could be either
advantageous or disadvantageous to the fund, they are effected only when the
Investment Adviser believes that to do so is in the interest of the fund. When
such concurrent authorizations occur, the objective is to allocate the
executions in an equitable manner. The fund does not intend to pay a mark-up
in exchange for research in connection with principal transactions.
During the fiscal year ended February 28, 1995, the fund held certain
securities of four of its regular brokers or dealers or their parents,
consisting of notes of American Express Credit Corp., Ford Motor Credit Co.,
Commercial Credit Co. and The Associates Corp. of North America in the amounts
of $56,427, $53,336, $19,782 and $3,200, respectively.
Brokerage commissions paid on portfolio transactions, including dealer
concessions on underwritings, for the fiscal years ended February 28, 1995,
1994 and 1993, amounted to $1,092,000, $1,567,000 and $1,016,000,
respectively.
GENERAL INFORMATION
CUSTODIAN OF ASSETS - Securities and cash owned by the fund, including proceeds
from the sale of shares of the fund and of securities in the fund's portfolio,
are held by The Chase Manhattan Bank, N.A., One Chase Manhattan Plaza, New
York, NY 10081, as Custodian.
TRANSFER AGENT - American Funds Service Company, a wholly owned subsidiary
of the Investment Adviser, maintains the record of each shareholder's account,
processes purchases and redemptions of the fund's shares, acts as dividend and
capital gain distribution disbursing agent, and performs other related
shareholder service functions. When fund shares are purchased by an insurance
company separate account to serve as the underlying investment vehicle for
variable insurance contracts, the fund may pay a fee to the insurance company
or another party for performing certain transfer agent services with respect to
contract owners having interests in the fund.
INDEPENDENT ACCOUNTANTS - Deloitte & Touche LLP, 1000 Wilshire Boulevard,
15th Floor, Los Angeles, CA 90017, has served as the fund's independent
auditors since its inception, providing audit services, preparation of tax
returns and review of certain documents to be filed with the Securities and
Exchange Commission. The financial statements incorporated in this Statement
of Additional Information by reference from the attached Annual Report, have
been so included in reliance on the independent auditors' report given on the
authority of said firm as experts in accounting and auditing. The selection of
the fund's independent accountant is reviewed and determined annually by the
Board of Directors.
REMOVAL OF DIRECTORS BY SHAREHOLDERS - At any meeting of shareholders, duly
called and at which a quorum is present, the shareholders may, by the
affirmative vote of the holders of a majority of the votes entitled to be cast
thereon, remove any director or directors from office and may elect a successor
or successors to fill any resulting vacancies for the unexpired terms of
removed directors. The fund has made an undertaking, at the request of the
staff of the Securities and Exchange Commission, to apply the provisions of
section 16(c) of the 1940 Act with respect to the removal of directors, as
though the fund were a common-law trust. Accordingly, the directors of the
fund shall promptly call a meeting of shareholders for the purpose of voting
upon the question of removal of any director when requested in writing to do so
by the record holders of not less than 10% of the outstanding shares.
REPORTS TO SHAREHOLDERS - The fund's fiscal year ends on the last day of
February. Shareholders are provided at least semi-annually with reports
showing the investment portfolio, financial statements and other information.
The fund's annual financial statements are audited by the fund's independent
accountants, Deloitte & Touche LLP.
PERSONAL INVESTING POLICY - Capital Research and Management Company and its
affiliated companies have adopted a personal investing policy consistent with
Investment Company Institute guidelines. This policy includes: a ban on
acquisitions of securities pursuant to an initial public offering; restrictions
on acquisitions of private placement securities; pre-clearance and reporting
requirements; review of duplicate confirmation statements; annual
recertification of compliance with codes of ethics; disclosure of personal
holdings by certain investment personnel prior to recommendation for purchase
for the fund; blackout periods on personal investing for certain investment
personnel; ban on short-term trading profits for investment personnel;
limitations on service as a director of publicly traded companies; and
disclosure of personal securities transactions.
The financial statements including the investment portfolio and the report of
Independent Auditors contained in the Annual Report are included in this
Statement of Additional Information. The following information is not included
in the Annual Report:
DETERMINATION OF NET ASSET VALUE, REDEMPTION PRICE AND
MAXIMUM OFFERING PRICE PER SHARE -- FEBRUARY 28, 1995
<TABLE>
<CAPTION>
Net asset value and redemption price per share
<S> <C>
(Net assets divided by shares outstanding) $12.28
Maximum offering price per share $13.03
(100/94.25 of net asset value per share, which takes
into account the fund's current maximum sales charge)
</TABLE>
INVESTMENT RESULTS
The fund's yield is 1.25% based on a 30-day (or one month) period ended
February 28, 1995, computed by dividing the net investment income per share
earned during the period by the maximum offering price per share on the last
day of the period, according to the following formula:
YIELD = 2[( a-b/cd + 1)/6/ -1]
Where: a = dividends and interest earned during the period.
b = expenses accrued for the period (net of reimbursements).
c = the average daily number of shares outstanding during the period that were
entitled to receive dividends.
d = the maximum offering price per share on the last day of the period.
As of February 28, 1995, the fund's total return over the past twelve
months and average annual total returns over the past 5 and 10-year periods
were -2.52%, 10.08% and 12.11%, respectively. The average total return ("T")
is computed by equating the value at the end of the period ("ERV") with a
hypothetical initial investment of $1,000 ("P") over a period of years ("n")
according to the following formula as required by the Securities and Exchange
Commission: P(1+T)/n/ = ERV.
The following assumptions will be reflected in computations made in accordance
with the formulas stated above: (1) deduction of the maximum sales load of
5.75% from the $1,000 initial investment; (2) reinvestment of dividends and
distributions at net asset value on the reinvestment date determined by the
Board; and (3) a complete redemption at the end of any period illustrated. The
fund will calculate total return for one-, five- and ten-year periods. In
addition, the fund may provide lifetime average total return figures.
The fund may also, at times, calculate total return based on net asset value
per share (rather than the offering price), in which case the figure would not
reflect the effect of any sales charges which would have been paid if shares
were purchased during the period reflected in the computation. Consequently,
total return calculated in this manner will be higher. These total returns may
be calculated over periods in addition to those described above. Total return
for the unmanaged indices will be calculated assuming reinvestment of dividends
and interest, but will not reflect any deductions for advisory fees, brokerage
costs or administrative expenses.
The fund may include information on its investment results and/or comparisons
of its investment results to various unmanaged indices (such as The Dow Jones
Average of 30 Industrial Stocks and The Standard and Poor's 500 Composite Stock
Index) or results of other mutual funds or investment or savings vehicles in
advertisements or in reports furnished to present or prospective shareholders.
The fund may refer to results compiled by organizations such as CDA Investment
Technologies, Ibbottson Associates, Lipper Analytical Services, Morningstar,
Inc. and Wiesenberger Investment Companies Services. Additionally, the fund
may, from time to time, refer to results published in various periodicals,
including Barrons, Forbes, Fortune, Institutional Investor, Kiplinger's
Personal Finance Magazine, Money, U.S. News and World Report and The Wall
Street Journal.
The fund may from time to time illustrate the benefits of tax-deferral by
comparing taxable investments to investments made through tax-deferred
retirement plans.
The fund may also, from time to time, refer to statistics compiled by the U.S.
Department of Commerce.
The investment results set forth below were calculated as described in the
fund's prospectus. The fund's results will vary from time to time depending
upon market conditions, the composition of the fund's portfolio and operating
expenses of the fund, so that any investment results reported by the fund
should not be considered representative of what an investment in the fund may
earn in any future period. These factors and possible differences in
calculation methods should be considered when comparing the fund's investment
results with those published for other mutual funds, other investment vehicles
and unmanaged indices. The fund's results also should be considered relative
to the risks associated with the fund's investment objective and policies.
EXPERIENCE OF THE INVESTMENT ADVISER - Capital Research and Management Company
manages seven common stock funds that are at least 10 years old. In the
rolling 10-year periods during which those funds were managed by Capital
Research and Management Company since 1962 (104 in all), those funds have had
better total returns than the Standard and Poor's 500 Composite Stock Index in
90 of the 104 periods.
Note that past results are not an indication of future investment results.
Also, the fund has different investment policies than the funds mentioned
above. These results are included solely for the purpose of informing
investors about the experience and history of Capital Research and Management
Company.
IF YOU ARE CONSIDERING AMCAP FOR AN INDIVIDUAL RETIREMENT ACCOUNT . . .
<TABLE>
<CAPTION>
Here's how much you would have if you had invested $2,000 on March 1 of each year in
AMCAP over the past 5, 10, 15 and 20 years:
<S> <C> <C> <C>
5 Years 10 Years 15 years 20 Years
(3/1/90 - 2/28/95) (3/1/85 - 2/28/95) (3/1/80 - 2/28/95) (3/1/75 - 2/28/95)
$12,417 $35,421 $85,457 $243,544
</TABLE>
SEE THE DIFFERENCE TIME CAN MAKE IN AN INVESTMENT PROGRAM
<TABLE>
<CAPTION>
If you had invested Periods ...and taken all
$10,000 in AMCAP 3/1 - 2/28 or 29 distributions in shares,
this many years ago... your investment would
| have been worth this
Number of Years much at Feb. 28, 1995
|
Value
<S> <C> <C>
1 1994-1995 $ 9,748
2 1993-1995 10,852
3 1992-1995 11,491
4 1991-1995 13,834
5 1990-1995 16,162
6 1989-1995 18,417
7 1988-1995 20,199
8 1987-1995 19,553
9 1986-1995 25,499
10 1985-1995 31,353
11 1984-1995 36,405
12 1983-1995 36,834
13 1982-1995 53,050
14 1981-1995 55,805
15 1980-1995 67,477
16 1979-1995 99,465
17 1978-1995 136,145
18 1977-1995 159,578
19 1976-1995 162,866
20 1975-1995 228,440
21 1974-1995 204,779
22 1973-1995 161,912
23 1972-1995 151,798
24 1971-1995 178,911
25 1970-1995 191,206
26 1969-1995 185,342
27 1968-1995 224,806
28 *1967-1995 240,047
</TABLE>
* From May 1, 1967, the date the fund commenced operation.
AMCAP VS. VARIOUS UNMANAGED INDICES
<TABLE>
<CAPTION>
TOTAL RETURN
CAPITAL APPRECIATION
Period AMCAP DJIA/1/ S&P 500/2/ Average AMCAP NYSE/4/ ASE/5/ NASDAQ
3/1 - 2/28 Savings OTC/6/
Institution/3/
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1985 - 1995
+ 214% + 343% + 274% + 77% + 161% + 152% + 99% + 179%
1984 - 1994
+ 252 + 382 + 322 + 89 + 186 + 187 + 124 + 214
1983 - 1993
+ 220 + 348 + 331 + 99 + 156 + 186 + 118 + 156
1982 - 1992
+ 335 + 505 + 440 + 112 + 242 + 249 + 213 + 253
1981 - 1991
+ 280 + 364 + 322 + 122 + 184 + 167 + 104 + 129
1980 - 1990
+ 294 + 387 + 347 + 125 + 194 + 182 + 133 + 169
1979 - 1989
+ 409 + 356 + 369 + 125 + 282 + 201 + 301 + 226
1978 - 1988
+ 535 + 366 + 389 + 125 + 381 + 211 + 370 + 262
1977 - 1987
+ 669 + 304 + 360 + 125 + 487 + 199 + 484 + 349
1976 - 1986
+ 502 + 201 + 270 + 123 + 361 + 145 + 398 + 298
1975 - 1985
+ 587 + 198 + 261 + 119 + 422 + 144 + 489 + 289
1974 - 1984
+ 430 + 130 + 165 + 113 + 304 + 75 + 332 + 168
1973 - 1983
+ 315 + 98 + 113 + 106 + 219 + 42 + 235 + 118
1972 - 1982
+ 170 + 47 + 66 + 95 + 111 + 10 + 99 + 43
1971 - 1981
+ 202 + 79 + 108 + 85 + 147 + 41 + 204 + 95
1970 - 1980
+ 167 + 76 + 92 + 79 + 120 + 30 + 158 N/A
1969 - 1979
+ 76 + 38 + 45 + 75 + 45 - 2 + 8 N/A
1968 - 1978
+ 56 + 33 + 41 + 72 + 30 - 3 N/A N/A
1967*- 1977
+ 42 + 54 + 50 + 67 + 20 + 5 N/A N/A
</TABLE>
* From May 1, 1967, the date the fund commenced operation. N/A - Data for these
periods not available.
1. The Dow Jones Average of 30 Industrial stocks is comprised of 30 industrial
companies such as General Motors and General Electric.
2. The Standard and Poor's 500 Stock Index is comprised of industrial,
transportation, public utilities and financial stocks and represents a large
portion of the value of issues traded on the New York Stock Exchange. Selected
issues traded on the American Stock Exchange are also included.
3. Based on figures supplied by the U.S. League of Savings Institutions and the
Federal Reserve Board which reflect all kinds of savings deposits, including
longer-term certificates. Savings deposits offer a guaranteed return of
principal and fixed rate of interest, but no opportunity for capital growth.
Maximum allowable rates were imposed by law during a portion of the period.
4. The New York Stock Exchange Composite Index is a capitalization weighted
index of all common stocks listed on the exchange.
5. The American Stock Exchange Index is a capitalization weighted index of all
common stocks listed on the exchange.
6. The National Association of Securities Dealers Automated Quotation Composite
Index of Over-the-Counter Stocks represents all domestic over-the-counter
stocks except those traded on exchanges and those having only one market maker,
covers some 3,500 stocks and is market value weighted.
Illustration of a $10,000 investment in AMCAP with
DIVIDENDS REINVESTED AND CAPITAL GAIN DISTRIBUTIONS TAKEN IN SHARES
(For the lifetime of the Fund May 1, 1967 through February 28, 1995)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
COST OF SHARES VALUE OF SHARES
Fiscal Annual Dividends Total From From From Total
Year End Dividends (cumulative) Investment Initial Capital Gains Dividends Value
Feb. 28 Cost Investment Reinvested Reinvested
1968* -- -- $10,000 $10,056 -- -- $10,056
1969 $ 75 $ 75 10,075 12,128 -- $84 12,212
1970 190 265 10,265 11,149 $ 430 256 11,835
1971 200 465 10,465 11,695 451 497 12,643
1972 244 709 10,709 13,540 522 840 14,902
1973 228 937 10,937 12,109 913 956 13,978
1974 196 1,133 11,133 8,493 1,697 847 11,037
1975 294 1,427 11,427 7,401 1,479 1,023 9,903
1976 328 1,755 11,755 10,075 2,014 1,794 13,883
1977 208 1,963 11,963 10,132 2,025 2,016 14,173
1978 263 2,226 12,226 11,657 2,330 2,625 16,612
1979 335 2,561 12,561 15,650 3,128 3,960 22,738
1980 438 2,999 12,999 22,674 4,531 6,336 33,541
1981 724 3,723 13,723 25,066 7,476 8,006 40,548
1982 2,594 6,317 16,317 22,185 10,812 9,646 42,643
1983 1,231 7,548 17,548 30,546 15,837 15,073 61,456
1984 1,591 9,139 19,139 30,094 15,602 16,432 62,128
1985 1,944 11,083 21,083 33,371 18,301 20,493 72,165
1986 1,548 12,631 22,631 38,983 23,855 25,900 88,738
1987 1,629 14,260 24,260 44,143 40,258 31,263 115,664
1988 3,017 17,277 27,277 39,058 42,406 30,573 112,037
1989 3,167 20,444 30,444 40,038 48,069 34,720 122,827
1990 3,160 23,604 33,604 40,942 60,465 38,620 140,027
1991 3,293 26,897 36,897 43,578 74,977 44,937 163,492
1992 2,156 29,053 39,053 49,831 93,202 53,823 196,856
1993 2,252 31,305 41,305 50,923 100,277 57,356 208,557
1994 1,918 33,223 43,223 48,889 126,209 57,039 232,137
1995 2,399 35,622 45,622 46,252 137,347 56,448 240,047
</TABLE>
The dollar amount of capital gain distributions during the period was $112,647.
* From May 1, 1967, the date the fund commenced operations.
AMCAP Fund, Inc.
<TABLE>
<CAPTION>
Percent of
Net Assets
<S> <C>
- ---------------------------- ----------------
Largest Industry Holdings
Broadcasting & Publishing 12.71%
Business & Public Services 10.50
Electronic Components 8.43
Data Processing & Reproduction 8.07
Banking 7.59
Other Industries 34.54
Cash & Equivalents 18.16
Largest Individual Holdings
Time Warner 4.18%
Intel 3.62
Comcast 2.86
Federal National Mortgage 2.62
Capital Cities/ABC 2.55
Medtronic 2.42
Tele-Communications 2.08
Golden West Financial 2.06
Loctite 2.01
Motorola 1.86
</TABLE>
- ----------
AMCAP FUND INVESTMENT PORTFOLIO
FEBRUARY 28, 1995
<TABLE>
<CAPTION>
- - - - -
Number Market Value Percent of
COMMON STOCKS of Shares (000) Net Assets
- - - - -
<S> <C> <C> <C>
BROADCASTING & PUBLISHING - 8.53%
Time Warner Inc. 3,216,000 $124,218 4.18%
Comcast Corp., Class A 760,000 11,970
Comcast Corp., Class A special stock 4,685,625 73,213 2.86
Capital Cities/ABC, Inc. 855,000 75,667 2.55
Tele-Communications, Inc., Class A/1/ 2,714,000 61,744 2.08
LIN Television Corp./1/ 560,050 16,241 .55
Infinity Broadcasting Corp., Class A/1/ 415,000 14,629 .49
BUSINESS & PUBLIC SERVICES - 10.50%
Federal Express Corp./1/ 765,000 49,821 1.68
Pitney Bowes Inc. 1,375,000 48,813 1.64
WMX Technologies, Inc. 1,370,000 36,134 1.22
United HealthCare Corp. 795,000 34,185 1.15
U.S. Healthcare, Inc. 725,000 30,994 1.04
CUC International Inc./1/ 727,500 25,644 .86
Bay Networks Inc./1/ 625,625 19,551 .66
Dun & Bradstreet Corp. 325,000 16,778 .56
General Motors Corp., Class E 410,000 15,734 .53
Interpublic Group of Companies, Inc. 400,000 13,650 .46
Avery Dennison Corp. 300,000 11,250 .38
Humana Inc./1/ 400,000 9,500 .32
ELECTRONIC COMPONENTS - 8.43%
Intel Corp. 1,350,000 107,494 3.62
Motorola, Inc. 960,000 55,200 1.86
Analog Devices, Inc./1/ 1,425,000 35,803 1.21
Texas Instruments Inc. 300,000 23,625 .80
AMP Inc. 200,000 15,000 .51
ADC Telecommunications, Inc./1/ 230,000 12,822 .43
DATA PROCESSING & REPRODUCTION - 8.07%
Microsoft Corp./1/ 840,000 52,815 1.78
Oracle Systems Corp./1/ 1,312,500 41,016 1.38
Lotus Development Corp./1/ 850,000 35,275 1.19
International Business Machines Corp. 451,000 33,938 1.14
Tandem Computers Inc./1/ 1,278,900 21,741 .73
Apple Computer, Inc. 481,800 19,031 .64
Sequent Computer Systems, Inc./1/ 679,900 11,643 .39
Electronic Arts/1/ 495,000 10,642 .36
Compaq Computer Corp./1/ 300,000 10,350 .35
Novell, Inc./1/ 150,000 3,131 .11
BANKING - 7.59%
Golden West Financial Corp. 1,596,800 61,078 2.06
Banc One Corp. 1,676,188 49,238 1.66
Norwest Corp. 1,700,000 43,775 1.47
Northern Trust Corp. 850,000 28,900 .97
PNC Bank Corp. 775,000 19,762 .67
Signet Banking Corp. 470,000 17,096 .58
SunTrust Banks, Inc. 100,000 5,388 .18
TELECOMMUNICATIONS - 6.43%
Cellular Communications, Inc.,
preference shares/1/ 1,095,000 54,750 1.84
Telephone and Data Systems, Inc. 1,200,000 54,750 1.84
AirTouch Communications/1/ 1,100,000 29,975 1.01
LIN Broadcasting Corp./1/ 146,100 18,810 .63
MCI Communications Corp. 850,000 17,000 .57
Cellular Communications of Puerto
Rico, Inc./1/ 249,998 8,437 .28
AT&T Corp. 150,000 7,762 .26
FINANCIAL SERVICES - 4.42%
Federal National Mortgage Assn. 1,010,000 77,896 2.62
ADVANTA Corp., Class B 500,000 15,750
ADVANTA Corp., Class A 355,000 11,893 .93
Student Loan Marketing Assn. 700,000 25,813 .87
HEALTH & PERSONAL CARE - 4.11%
Medtronic, Inc. 1,200,000 72,000 2.42
Pyxis Corp./1/ 1,300,000 29,412 .99
Amgen Inc./1/ 200,000 13,775 .46
Upjohn Co. 200,000 7,050 .24
LEISURE & TOURISM - 3.62%
Walt Disney Co. 1,000,000 53,375 1.80
Promus Companies Inc./1/ 750,000 26,812 .90
Marriott International, Inc. 500,000 15,500 .52
Luby's Cafeterias, Inc. 525,000 11,944 .40
CHEMICALS - 2.62%
Loctite Corp. 1,295,000 59,570 2.01
Nalco Chemical Co. 525,000 18,047 .61
BEVERAGES & TOBACCO - 2.07%
PepsiCo, Inc. 600,000 23,475 .79
UST Inc. 700,000 20,825 .70
Philip Morris Companies Inc. 285,000 17,314 .58
INSURANCE - 1.58%
American International Group, Inc. 225,000 23,344 .79
Cincinnati Financial Corp. 300,000 16,725 .56
Arthur J. Gallagher & Co. 195,000 6,825 .23
MERCHANDISING - 1.39%
Toys "R" Us, Inc./1/ 950,000 26,481 .89
Lands' End, Inc./1/ 885,000 14,713 .50
TRANSPORTATION: AIRLINES - 1.34%
AMR Corp./1/ 350,000 21,394 .72
Delta Air Lines, Inc. 210,000 12,180 .41
Southwest Airlines Co. 350,250 6,173 .21
RECREATION & OTHER CONSUMER PRODUCTS - 1.33%
Duracell International Inc. 705,700 29,375 .99
Hasbro, Inc. 320,000 10,080 .34
METALS: STEEL - 0.67%
Worthington Industries, Inc. 1,000,000 19,875 .67
ENERGY SOURCES - 0.53%
Helmerich & Payne, Inc. 600,000 15,600 .53
FOOD & HOUSEHOLD PRODUCTS - 0.43%
Colgate-Palmolive Co. 200,000 12,900 .43
AEROSPACE & MILITARY TECHNOLOGY - 0.19%
General Motors Corp., Class H 150,000 5,644 .19
CONSTRUCTION & HOUSING - 0.10%
Jacobs Engineering Group Inc./1/ 150,000 2,963 .10
MISCELLANEOUS
Other common stocks in initial period of
acquisition 52,220 1.76
- -
TOTAL COMMON STOCKS (cost: $1,599,766,000) 2,372,926 79.89
- -
Principal
Amount
BONDS (000)
- - - - -
INDUSTRIALS - 1.95%
Time Warner Inc. 0% due 2002/2/ $59,812 57,943 1.95
- -
TOTAL BONDS (cost: $49,132,000) 57,943 1.95
- -
SHORT-TERM SECURITIES
- - - - -
CORPORATE SHORT-TERM NOTES - 15.77%
J.C. Penney Funding Corp. 5.80%-5.98% due
3/8-3/23/95 59,400 59,307 2.00
American Express Credit Corp. 5.98%-6.03% due
3/6-4/10/95 56,600 56,427 1.90
Ford Motor Credit Co. 5.92%-6.04% due
3/10-4/24/95 53,600 53,336 1.80
Xerox Corp. 5.90%-6.05% due 3/21-4/4/95 42,000 41,805 1.41
National Rural Utilities Cooperative Finance
Corp. 5.97%-6.02% due 3/17-4/17/95 37,200 36,939 1.24
Pfizer Inc. 5.90%-5.93% due 3/3-3/21/95 30,900 30,847 1.04
Kimberly-Clark Corp. 5.95% due 3/20/95 30,000 29,901 1.01
Beneficial Corp. 6.00%-6.08% due 3/2-4/13/95 27,000 26,877 .90
Commercial Credit Co. 6.00% due 5/4/95 20,000 19,782 .67
Chevron Transport Corp. 5.98% due 3/22/95 19,300 19,229 .65
John Deere Capital Corp. 5.99% due 4/19/95 19,200 19,041 .64
Central and South West Corp. 6.03% due 3/9/95 19,000 18,971 .64
Eli Lilly and Co. 6.00% due 3/9/95 18,000 17,973 .60
PepsiCo, Inc. 5.98% due 3/1-3/24/95 14,900 14,890 .50
Campbell Soup Co. 6.02% due 3/27/95 10,000 9,955 .34
U S WEST Communications, Inc. 6.00% due 4/12/95 9,500 9,431 .32
Associates Corp. of North America 6.10%
due 3/1/95 3,200 3,200 .11
FEDERAL AGENCY SHORT-TERM OBLIGATIONS - 2.15%
Federal Home Loan Mortgage Corp.
5.90% due 3/14-3/20/95 29,800 29,726 1.00
Student Loan Marketing Assn. 6.59% due
3/23/95/3/ 20,000 20,000 .67
Federal Farm Credit Bank 5.86% due 3/13/95 14,400 14,370 .48
- -
TOTAL SHORT-TERM SECURITIES (cost:
$532,012,000) 532,007 17.92
- -
TOTAL INVESTMENT SECURITIES (cost:
$2,180,910,000) 2,962,876 99.76
Excess of cash and receivables over payables 7,239 .24
- -
NET ASSETS $2,970,115 100.00%
= =
/1/ Non-income producing securities.
/2/ Represents a zero coupon bond which
will convert to an interest-bearing
security at a later date.
/3/ Coupon rate may change periodically.
The descirptions of the companies shown in the
portfolio, which were obtained from published
reports and other sources believed to be
reliable, are supplemental and are not covered
by the Independent Auditors' Report.
</TABLE>
See Notes to Financial Statements
Common stocks appearing in the portfolio
since August 31, 1994
ADC Telecommunications
ADVANTA
AT&T
Bay Networks
Electronic Arts
Humana
Infinity Broadcasting
Jacobs Engineering
LIN Television
Promus
Pyxis
Common stocks eliminated from the portfolio
since August 31, 1994
Alaska Air Group
Informix
McCaw Cellular Communications
QVC Network
Safety-Kleen
SynOptics Communications
TJX
Washington Post
AMCAP FUND Financial Statements
<TABLE>
<CAPTION>
- ------------------------------------------- ---------------- ----------------
Statement of Assets and Liabilities
at February 28, 1995 (dollars in thousands)
- ------------------------------------------- ---------------- ----------------
<S> <C> <C>
Assets:
Investment securities at market
(COST: $2,180,910) $2,962,876
Cash 126
Receivables for-
Sales of investments $14,134
Sales of fund's shares 5,969
Dividends and accrued interest 3,424 23,527
------------------ -----------------
2,986,529
Liabilities:
Payables for-
Purchases of investments 10,877
Repurchases of fund's shares 3,295
Management services 927
Accrued expenses 1,315 16,414
------------------ -----------------
Net Assets at February 28, 1995-
EQUIVALENT TO $12.28 PER SHARE ON
241,866,998 SHARES OF $1 PAR VALUE
CAPITAL STOCK OUTSTANDING (AUTHORIZED
CAPITAL STOCK--300,000,000 SHARES) $2,970,115
=================
Statement of Operations
FOR THE YEAR ENDED FEBRUARY 28, 1995
------------------ -----------------
Investment Income:
Income:
Dividends $ 28,733
Interest 25,837 $ 54,570
------------------
Expenses:
Management services fee 11,954
Distribution expenses 5,181
Transfer agent fee 2,430
Reports to shareholders 297
Registration statement and prospectus 128
Postage, stationery and supplies 461
Directors' fees 109
Auditing and legal fees 47
Custodian fee 88
Taxes other than federal income tax 48
Other expenses 43 20,786
------------------ -----------------
Net investment income 33,784
-----------------
REALIZED GAIN AND UNREALIZED
APPRECIATION ON INVESTMENTS:
NET REALIZED GAIN 131,656
Net change in unrealized
appreciation on investments:
Beginning of year 854,664
End of year 781,966
------------------
Net unrealized depreciation
on investments (72,698)
-----------------
NET REALIZED GAIN AND UNREALIZED
depreciation on investments 58,958
-----------------
NET INCREASE IN NET ASSETS RESULTING
from Operations $ 92,742
=================
Statement of Changes in Net
Assets
- --------------------------------------------- ------------------ -----------------
Year ended February 28
1995 1994
Operations: ------------------ -----------------
Net investment income $ 33,784 $ 26,934
NET REALIZED GAIN ON INVESTMENTS 131,656 368,911
NET UNREALIZED DEPRECIATION
on investments (72,698) (70,728)
------------------ -----------------
NET INCREASE IN NET ASSETS RESULTING
from operations 92,742 325,117
------------------ -----------------
Dividends and Distributions
Paid to Shareholders:
Dividends from net investment income (30,685) (26,587)
Distributions from net realized
gain on investments (222,989) (402,968)
------------------ -----------------
Total dividends and distributions (253,674) (429,555)
------------------ -----------------
Capital Share Transactions:
Proceeds from shares sold:
35,758,474 AND 47,420,145
shares, respectively 435,956 623,367
Proceeds from shares issued in
reinvestment of net investment income
dividends and distributions of net
realized gain on investments:
19,996,561 and 31,645,787 shares,
respectively 237,314 399,494
Cost of shares repurchased:
49,806,739 and 66,170,029
shares, respectively (605,581) (870,615)
------------------ -----------------
NET INCREASE IN NET ASSETS RESULTING
from capital share transactions 67,689 152,246
------------------ -----------------
TOTAL INCREASE (DECREASE) IN NET ASSETS (93,243) 47,808
Net Assets:
Beginning of year 3,063,358 3,015,550
------------------ -----------------
End of year (including undistributed
net investment income of $7,659 and
$4,560, RESPECTIVELY) $2,970,115 $3,063,358
================== =================
</TABLE>
See Notes to Financial Statements
NOTES TO FINANCIAL STATEMENTS
1. AMCAP Fund, Inc. (the "fund") is registered under the Investment Company Act
of 1940 as an open-end, diversified management investment company. The
following paragraphs summarize the significant accounting policies consistently
followed by the fund in the preparation of its financial statements:
Common stocks are stated at market value based upon closing sales prices
reported on recognized securities exchanges on the last business day of the
year or, for listed securities having no sales reported and for unlisted
securities, upon last-reported bid prices on that date. Bonds are valued at
prices obtained from a bond-pricing service provided by a major dealer in
bonds, when such prices are available; however, in circumstances where the
investment adviser deems it appropriate to do so, such securities will be
valued at the mean of their representative quoted bid and asked prices or, if
such prices are not available, at the mean of such prices for securities of
comparable maturity, quality, and type. Short-term securities with original or
remaining maturities in excess of 60 days are valued at the mean of their
quoted bid and asked prices. Short-term securities with 60 days or less to
maturity are valued at amortized cost, which approximates market value.
Securities for which market quotations are not readily available are valued at
fair value as determined in good faith by the Valuation Committee of the Board
of Directors.
As is customary in the mutual fund industry, securities transactions are
accounted for on the date the securities are purchased or sold. Realized gains
and losses from securities transactions are reported on an identified cost
basis. Dividend and interest income is reported on the accrual basis.
Discounts on securities purchased are amortized over the life of the respective
securities. The fund does not amortize premiums on securities purchased.
Dividends and distributions paid to shareholders are recorded on the
ex-dividend date.
Pursuant to the custodian agreement, the fund receives credits against its
custodian fee for imputed interest on certain balances with the custodian bank.
The custodian fee of $88,000 includes $10,000 that was paid by these credits
rather than in cash.
2. It is the fund's policy to continue to comply with the requirements of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its net taxable income, including any net realized gain on
investments, to its shareholders. Therefore, no federal income tax provision
is required.
As of February 28, 1995, net unrealized appreciation on investments for book
and federal income tax purposes aggregated $781,966,000, of which $857,338,000
related to appreciated securities and $75,372,000 related to depreciated
securities. There was no difference between book and tax realized gains on
securities transactions for the year ended February 28, 1995. The cost of
portfolio securities for book and federal income tax purposes was
$2,180,910,000 at February 28, 1995.
3. The fee of $11,954,000 for management services was paid pursuant to an
agreement with Capital Research and Management Company (CRMC), with which
certain officers and Directors of the fund are affiliated. The Investment
Advisory and Service Agreement provides for monthly fees, accrued daily, based
on an annual rate of 0.485% of the first $1 billion of average net assets;
0.385% of such assets in excess of $1 billion but not exceeding $2 billion;
0.355% of such assets in excess of $2 billion but not exceeding $3 billion;
0.335% of such assets in excess of $3 billion but not exceeding $5 billion;
0.32% of such assets in excess of $5 billion but not exceeding $8 billion; and
0.31% of such assets in excess of $8 billion.
Pursuant to a Plan of Distribution, the fund may expend up to 0.25% of its
average net assets annually for any activities primarily intended to result in
sales of fund shares, provided the categories of expenses for which
reimbursement is made are approved by the fund's Board of Directors. Fund
expenses under the Plan include payments to dealers to compensate them for
their selling and servicing efforts. During the year ended February 28, 1995,
distribution expenses under the Plan were $5,181,000. As of February 28, 1995,
accrued and unpaid distribution expenses were $1,218,000.
American Funds Service Company (AFS), the transfer agent for the fund, was
paid a fee of $2,430,000. American Funds Distributors, Inc. (AFD), the
principal underwriter of the fund's shares, received $639,000 (after allowances
to dealers) as its portion of the sales charges paid by purchasers of the
fund's shares. Such sales charges are not an expense of the fund and, hence,
are not reflected in the accompanying statement of operations.
Directors who are unaffiliated with CRMC may elect to defer part or all of
the fees earned for services as members of the Board. Amounts deferred are not
funded and are general unsecured liabilities of the fund. As of February 28,
1995, aggregate amounts deferred were $75,000.
CRMC is owned by The Capital Group Companies, Inc. AFS and AFD are both
wholly owned subsidiaries of CRMC. Certain Directors and officers of the fund
are or may be considered to be affiliated with CRMC, AFS, and AFD. No such
persons received any remuneration directly from the fund.
4. As of February 28, 1995, accumulated undistributed net realized gain on
investments was $40,263,000 and additional paid-in capital was $1,898,360,000.
The fund made purchases and sales of investment securities, excluding
short-term securities, of $431,864,000 and $655,025,000, respectively, during
the year ended February 28, 1995.
AMCAP FUND
PER-SHARE DATA AND RATIOS
<TABLE>
<CAPTION>
Year Ended February 28 or 29
------ -------- -------- -------- --------
1995 1994 1993 1992 1991
------ -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning
of Year $12.98 $13.52 $13.23 $11.57 $10.87
------ -------- -------- -------- --------
Income from Investment
Operations:
Net investment income .14 .12 .13 .17 .22
Net realized and unrealized
gain on investments .24 1.28 .63 2.10 1.44
------ -------- -------- -------- --------
Total income from investment
operations .38 1.40 .76 2.27 1.66
------ -------- -------- -------- --------
Less Distributions:
Dividends from net investment
income (.13) (.12) (.15) (.15) (.25)
Distributions from net realized
gains (.95) (1.82) (.32) (.46) (.71)
------- -------- -------- -------- --------
Total distributions (1.08) (1.94) (.47) (.61) (.96)
------- -------- -------- -------- --------
Net Asset Value, End of Year $12.28 $12.98 $13.52 $13.23 $11.57
======= ======== ======== ======== ==========
Total Return * 3.41% 11.31% 5.94% 20.41% 16.76%
Ratios/Supplemental Data:
Net assets, end of year (in
millions) $2,970 $3,063 $3,016 $2,796 $2,205
Ratio of expenses to average
net assets .71% .72% .73% .75% .79%
Ratio of net income to
average net assets 1.16% .89% 1.02% 1.37% 2.08%
Portfolio turnover rate 17.92% 22.18% 14.72% 7.74% 16.32%
</TABLE>
*This was calculated without
deducting a sales charge. The
maximum sales charge is 5.75% of
the fund's offering price.
INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Shareholders of
AMCAP Fund, Inc.:
We have audited the accompanying statement of assets and liabilities of
AMCAP Fund, Inc., including the investment portfolio, as of February 28, 1995
and the related statements of operations for the year then ended, the statement
of changes in net assets for each of the two years in the period then ended,
and the related per-share data and ratios for each of the five years in the
period then ended. These financial statements and the per-share data and ratios
are the responsibility of the fund's management. Our responsibility is to
express an opinion on these financial statements and the per-share data and
ratios based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
per-share data and ratios are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included confirmation of securities
owned as of February 28, 1995 by correspondence with the custodian and brokers.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and the per-share data and ratios
referred to above present fairly, in all material respects, the financial
position of AMCAP Fund, Inc., as of February 28, 1995, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and the per-share data and ratios for
each of the five years in the period then ended, in conformity with generally
accepted accounting principles.
/s/ Deloitte & Touche
Los Angeles, California
March 24, 1995
Approximately 85% of the distributions paid by the fund from investment income
earned in the year ended February 28,1995 qualifies for the corporate
dividends-received deduction. The fund derived no investment income during the
year from interest on direct U.S. treasury obligations during the year.
Text Box 1
PART C
OTHER INFORMATION
ITEM 24. FINANCIAL STATEMENTS AND EXHIBITS
(A) FINANCIAL STATEMENTS:
Included in Prospectus - Part A
Financial Highlights
Included in Statement of Additional Information - Part B
Investment Portfolio
Statement of Assets and Liabilities
Statement of Operations
Statement of Changes in Net Assets
Notes to Financial Statements
Per-Share Data and Ratios
Report of Independent Accountants
(B) EXHIBITS:
1. On file (see SEC file numbers 811-1435 and 2-26516)
2. On file (see SEC file numbers 811-1435 and 2-26516)
3. None.
4. On file (see SEC file numbers 811-1435 and 2-26516)
5. On file (see SEC file numbers 811-1435 and 2-26516)
6. On file (see SEC file numbers 811-1435 and 2-26516)
7. None.
8. On file (see SEC file numbers 811-1435 and 2-26516)
9. Form of Shareholder Services Agreement between Registrant and American
Funds Service Company, as amended 1/1/95.
10. Not applicable to this filing.
11. Consent of Independent Accountants
12. None.
13. On file (see SEC file numbers 811-1435 and 2-26516)
14. On file (see SEC file numbers 811-1435 and 2-26516)
15. On file (see SEC file numbers 811-1435 and 2-26516)
16. Updates to previously filed schedule for computation of each performance
quotation provided in the Registration Statement in response to Item 22 (see
SEC file numbers 811-1435 and 2-26516)
ITEM 25. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT.
None.
ITEM 26. NUMBER OF HOLDERS OF SECURITIES.
As of February 28, 1995.
<TABLE>
<CAPTION>
Title of Class Number of Record-Holders
<S> <C>
Capital Stock 212,980
($1.00 par value)
</TABLE>
ITEM 27. INDEMNIFICATION.
The registrant is a joint-insured under an Investment Adviser/Mutual Fund
Errors and Omissions Policy. The carrier of the primary policy in the amount
of $15 million is American International Surplus Lines Insurance Company and it
has a $250,000 deductible. The carrier of the secondary policy in the amount
of $10 million is Chubb Custom Insurance Company. The carrier of the excess
policy in the amount of $20 million is ICI Mutual Insurance Company.
ARTICLE VIII (H) AND (I) OF THE ARTICLES OF INCORPORATION OF THE FUND PROVIDES
THAT:
(h) "The Corporation shall indemnify (1) its directors and officers, whether
serving the Corporation or at its request any other entity, to the full extent
provided by the General Laws of the State of Maryland now or hereafter in
force, including the advance of expenses under the procedures and to the full
extent permitted by law; and (2) its other employees and agents to such extent
as shall be authorized by the Board of Directors or the Corporation's By-Laws
and be permitted by law. The foregoing rights of indemnification shall not be
exclusive of any other rights to which those seeking indemnification may be
entitled. The Board of Directors may take such action as is necessary to carry
out these indemnification provisions and is expressly empowered to adopt,
approve and amend from time to time such by-laws, resolutions or contracts
implementing such provisions or such further indemnification arrangements as
may be permitted by law. No amendment of this Charter of the Corporation shall
limit or eliminate the right to indemnification provided hereunder with respect
to acts or omissions occurring prior to such amendment or repeal. Nothing
contained herein shall be construed to authorize the Corporation to indemnify
any director or officer of the Corporation against any liability to the
Corporation or to any holders of securities of the Corporation to which he is
subject by reason of willful misfeasance, bad faith, gross negligence, or
reckless disregard of the duties involved in the conduct of his office. Any
indemnification by the Corporation shall be consistent with the requirements of
law, including the Investment Company Act of 1940."
(i) To the fullest extent permitted by Maryland statutory and decisional law
and the 1940 Act, as amended or interpreted, no director or officer of the
Corporation shall be personally liable to the Corporation or its stockholders
for money damages; provided, however, that nothing herein shall be construed to
protect any director or officer of the Corporation against any liability, to
which such director or officer would otherwise be subject by reason of willful
misfeasance, bad faith,
gross negligence, or reckless disregard of the duties involved in the conduct
of his office. No amendment, modification or repeal of this Article VIII shall
adversely affect any right or protection of a director or officer that exists
at the time of such amendment, modification or repeal."
Subsection (b) of Section 2-418 of the GENERAL CORPORATION LAW OF MARYLAND
empowers a corporation to indemnify any person who was or is party or is
threatened to be made a party to any threatened, pending or completed action,
suit or proceeding, whether civil, criminal, administrative or investigative
(other than an action by or in the right of the corporation) by reason of the
fact that he is or was a director, officer, employee or agent of the
corporation or is or was serving at the request of
ITEM 27. INDEMNIFICATION (CONT.)
the corporation as a director, officer, employee or agent of another
corporation or enterprise, against reasonable expenses (including attorneys'
fees), judgments, penalties, fines and amounts paid in settlement actually
incurred by him in connection with such action, suit or proceeding unless it is
proved that: (i) the act or omission of the person was material to the cause
of action adjudicated in the proceeding and was committed in bad faith or was
the result of active and deliberate dishonesty; (ii) the person actually
received an improper personal benefit of money, property or services; or (iii)
with respect to any criminal action or proceeding, the person had reasonable
cause to believe his act or omission was unlawful.
Indemnification under subsection (b) of Section 2-418 may not be made by a
corporation unless authorized for a specific proceeding after a determination
has been made that indemnification is permissible in the circumstances because
the party to be indemnified has met the standard of conduct set forth in
subsection (b). This determination shall be made (i) by the Board of Directors
by a majority vote of a quorum consisting of directors not, at the time,
parties to the proceeding, or, if such quorum cannot be obtained, then by a
majority vote of a committee of the Board consisting solely of two or more
directors not, at the time, parties to such proceeding and who were duly
designated to act in the matter by a majority vote of the full Board in which
the designated directors who are parties may participate; (ii) by special legal
counsel selected by the Board of Directors of a committee of the Board by vote
as set forth in subparagraph (i), or, if the requisite quorum of the full Board
cannot be obtained therefor and the committee cannot be established, by a
majority vote of the full Board in which any director who is a party may
participate; or (iii) by the stockholders (except that shares held by any party
to the specific proceeding may not be voted). A court of appropriate
jurisdiction may also order indemnification if the court determines that a
person seeking indemnification is entitled to reimbursement under subsection
(b).
Section 2-418 further provides that indemnification provided for by Section
2-418 shall not be deemed exclusive of any rights to which the indemnified
party may be entitled; that the scope of indemnification extends to directors,
officers, employees or agents of a constituent corporation absorbedin a
consolidation or merger and persons serving in that capacity at the request of
the constituent corporation for another; and empowers the corporation to
purchase and maintain insurance on behalf of a director, officer, employee or
agent of the corporation against any liability asserted against or incurred by
such person in any such capacity or arising out of such person's status as such
whether or not the corporation would have the power to indemnify such person
against such liabilities under Section 2-418.
ITEM 28. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER.
None.
ITEM 29. PRINCIPAL UNDERWRITERS.
(a) American Funds Distributors, Inc. is also the Principal Underwriter of
shares of: American Balanced Fund, Inc., The American Funds Income Series, The
American Funds Tax-Exempt Series I, The American Funds Tax-Exempt Series II,
American High-Income Municipal Bond Fund, Inc., American High-Income Trust,
American Mutual Fund, Inc., The Bond Fund of America, Inc., Capital Income
Builder, Inc., Capital World Bond Fund, Inc., Capital World Growth and Income
Fund, Inc., The Cash Management Trust of America, EuroPacific Growth Fund,
Fundamental Investors, Inc., The Growth Fund of America, Inc., The Income Fund
of America,Inc., Intermediate Bond Fund of America, The Investment Company of
America, Limited Term Tax-Exempt Bond Fund of America, The New Economy Fund,
New Perspective Fund, Inc., SMALLCAP World Fund, Inc., The Tax-Exempt Bond Fund
of America, Inc., The Tax-Exempt Money Fund of America, The U.S. Treasury Money
Fund of America and Washington Mutual Investors Fund, Inc.
ITEM 29. PRINCIPAL UNDERWRITERS. (cont.)
<TABLE>
<CAPTION>
(B) (1) (2) (3)
Name and Principal Positions and Offices Positions and Offices
Business Address with Underwriter with Registrant
<S> <C> <C> <C>
# David A. Abzug Assistant Vice President None
Robert B. Aprison Regional Vice President None
2983 Bryn Wood Drive
Madison, WI 53711
% Richard Armstrong Assistant Vice President None
* William W. Bagnard Vice President None
Steven L. Barnes Vice President None
8000 Town Line Avenue South
Suite 204
Minneapolis, MN 55438
Michelle A. Bergeron Regional Vice President None
1190 Rockmart Circle
Kennesaw, GA 30144
Joseph T. Blair Vice President None
27 Drumlin Road
West Simsbury, CT 06092
Ian B. Bodell Regional Vice President None
5900 Robert E. Lee Court
Nashville, TN 37215
Michael L. Brethower Vice President None
108 Hagen Court
Georgetown, TX 78628
C. Alan Brown Regional Vice President None
4619 McPherson Avenue
St. Louis, MO 63108
* Daniel C. Brown Director and Senior Vice President None
@ J. Peter Burns Vice President None
Brian C. Casey Regional Vice President None
9508 Cable Drive
Kensington, MD 20895
Victor C. Cassato Vice President None
999 Green Oaks Drive
Littleton, CO 80121
Christopher J. Cassin Regional Vice President None
231 Burlington
Clarendon Hills, IL 60514
* Larry P. Clemmensen Treasurer and Director None
* Kevin G. Clifford Senior Vice President None
Ruth M. Collier Vice President None
145 West 67th Street, 12K
New York, NY 10023
Thomas E. Cournoyer Vice President None
2333 Granada Boulevard
Coral Gables, FL 33134
Douglas A. Critchell Vice President None
1230 31st Street
Washington, DC 20007
% Carl D. Cutting Vice President None
Michael A. Dilella Vice President None
P.O. Box 661
Ramsey, NJ 07446
G. Michael Dill Vice President None
3622 E. 87th Street
Tulsa, OK 74137
Kirk D. Dodge Vice President None
2617 Salisbury Road
Ann Arbor, MI 48103
Peter J. Doran Senior Vice President None
1205 Franklin Avenue
Garden City, NY 11530
* Michael J. Downer Secretary Vice President
Robert W. Durbin Vice President None
74 Sunny Lane
Tiffin, OH 44883
& Lloyd G. Edwards Vice President None
@ Richard A. Eychner Vice President None
* Paul H. Fieberg Senior Vice President None
John Fodor Regional Vice President None
5 Marlborough Street
Suite 51
Boston, MA 02116
Steven S. Fogerty Regional Vice President None
535 Spring Club Drive
Altamonte Springs, FL
32714
* Mark P. Freeman, Jr. President and Director None
Clyde E. Gardner Vice President None
Route 2, Box 3162
Osage Beach, MO 65065
# Evelyn K. Glassford Vice President None
Jeffrey J. Greiner Regional Vice President None
5898 Heather Glen Court
Dublin, OH 43017
* Paul G. Haaga, Jr. Director None
David E. Harper Vice President None
R.D. 1, Box 210, Rte. 519
Frenchtown, NJ 08825
Ronald R. Hulsey Regional Vice President None
6744 Avalon
Dallas, TX 75214
* Robert L. Johansen Vice President and Controller None
* V. John Kriss Senior Vice President None
Arthur J. Levine Vice President None
12558 Highlands Place
Fishers, IN 46038
# Karl A. Lewis Assistant Vice President None
T. Blake Liberty Regional Vice President None
12585-E East Tennessee Circle
Aurora, CO 80012
Heather A. Maier Assistant Vice President - None
Institutional Investment Services
Division
Steve A. Malbasa Regional Vice President None
13405 Lake Shore Blvd.
Cleveland, OH 44110
Steven M. Markel Vice President None
575 S. Sycamore
Littleton, CO 80120
* John C. Massar Vice President None
E. Lee McClennahan Vice President None
4445 N. Highway AIA, Suite
232
Vero Beach, FL 32963
Laurie B. McCurdy Regional Vice President None
5335 E. Shea Blvd., Apt. 1033
Scottsdale, AZ 85254
Terry W. McNabb Vice President None
2002 Barrett Station Road
St. Louis, MO 63131
* R. William Melinat Vice President - Institutional None
Investment Services Division
David R. Murray Regional Vice President None
25701 S.E. 32nd Place
Issaquah, WA 98027
Stephen S. Nelson Vice President None
7215 Trevor Court
Charlotte, NC 28226
* Barbara G. Nicholich Assistant Vice President - None
Institutional Investment Services
Division
Fredric Phillips Regional Vice President None
32 Ridge Avenue
Newton Centre, MA 02159
# Candance D. Pilgrim Assistant Vice President None
Steven J. Reitman Vice President None
212 The Lane
Hinsdale, IL 60521
Brian A. Roberts Regional Vice President None
12025 Delmahoy
Charlotte, NC 28277
* George L. Romaine, Jr. Vice President - Institutional None
Investment Services Division
George S. Ross Vice President None
55 Madison Avenue
Morristown, NJ 07962
* Julie D. Roth Vice President None
* Christopher Rowey Regional Vice President None
Dean B. Rydquist Vice President None
155 Willow Brook Drive
Roswell, GA 30076
Richard R. Samson Vice President None
4604 Glencoe, Ave., No. 4
Marina del Rey, CA 90292
* R. Michael Shanahan Chairman of the Board President and Director
David W. Short Vice President None
1000 RIDC Plaza, Suite 212
Pittsburgh, PA 15238
* Victor S. Sidhu Vice President - Institutional None
Investment Services Division
William P. Simon, Jr. Vice President None
554 Canterbury Lane
Berwyn, PA 19312
* John C. Smith Assistant Vice President - None
Institutional Investment Services
Division
# Mark S. Smith Director and Senior Vice President None
Rodney G. Smith Regional Vice President None
2350 Lakeside Blvd., #850
Richardson, TX 75082
Daniel S. Spradling Senior Vice President None
#4 West Fourth Avenue, Suite
406
San Mateo, CA 94402
Craig R. Strauser Regional Vice President None
2590 Oregon City Blvd.
West Linn, OR 97068
% James P. Toomey Assistant Vice President None
& Christopher E. Trede Assistant Vice President None
George F. Truesdail Vice President None
400 Abbotsford Court
Charlotte, NC 28270
Scott W. Ursin-Smith Regional Vice President None
606 Glenwood Avenue
Mill Valley, CA 94941
@ Andrew J. Ward Vice President None
* David M. Ward Assistant Vice President None
-Institutional Investment Services
Division
Thomas E. Warren Regional Vice President None
1231 Starboard Lane
Sarasota, FL 34242
# J. Kelly Webb Senior Vice President None
Gregory J. Weimer Regional Vice President None
125 Surrey Drive
Canonsburg, PA 15317
# Timothy W. Weiss Director None
** N. Dexter Williams Vice President None
Timothy J. Wilson Regional Vice President None
113 Farmview Place
Venetia, PA 15367
* Marshall D. Wingo Senior Vice President None
* Robert L. Winston Director and Senior Vice President None
William R. Yost Regional Vice President None
9320 Overlook Trail
Eden Prairie, MN 55347
Janet M. Young Regional Vice President None
1616 Vermont
Houston, TX 77006
</TABLE>
* Business Address, 333 South Hope Street, Los Angeles, CA 90071
** Business Address, Four Embarcadero Center, Suite 1800, San Francisco, CA
94111
# Business Address, 135 South State College Blvd., Brea, CA 92621
% Business Address, 8000 IH-10 West, Suite 1400, San Antonio, TX 78230
@ Business Address, 5300 Robin Hood Road, Norfolk, VA 23513
& Business Address, 8332 Woodfield Crossing Blvd., Indianapolis, IN 46240
(c) None.
ITEM 30. LOCATION OF ACCOUNTS AND RECORDS.
Accounts, books and other records required by Rules 31a-1 and 31a-2 under the
Investment Company Act of 1940, as amended, are maintained and kept in the
offices of the Fund and its investment adviser, Capital Research and Management
Company, 333 South Hope Street, Los Angeles, CA 90071. Certain accounting
records are maintained and kept in the offices of the Fund's accounting
department, 135 South State College Blvd., Brea, CA 92621.
Records covering shareholder accounts are maintained and kept by the transfer
agent, American Funds Service Company, 135 South State College Blvd., Brea, CA
92621, 8000 IH-10 West, Suite 1400, San Antonio, TX 78230, 5300 Robin Hood
Road, Norfolk, VA 23514, and 8332 Woodfield Crossing Boulevard, Indianapolis,
Indiana 46240.
Records covering portfolio transactions are also maintained and kept by the
custodian, The Chase Manhattan Bank, N.A., One Chase Manhattan Plaza, New York,
New York, 10081.
ITEM 31. MANAGEMENT SERVICES.
None.
ITEM 32. UNDERTAKINGS.
(c) As reflected in the prospectus, the fund undertakes to provide each person
to whom a prospectus is delivered with a copy of the fund's latest annual
report to shareholders, upon request and without charge.
SIGNATURE OF REGISTRANT
Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, the Registrant certifies that it meets all of the
requirements for effectiveness of this Registration Statement pursuant to Rule
485(b) under the Securities Act of 1933 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Los Angeles, and State of California, on the 26th
day of April, 1995.
AMCAP FUND, INC.
By: /s/ Walter P. Stern
Walter P. Stern, Chairman of the Board
Pursuant to the requirements of the Securities Act of 1933, this amendment to
Registration Statement has been signed below on April 26, 1995, by the
following persons in the capacities indicated.
<TABLE>
<CAPTION>
SIGNATURE TITLE
<S> <C> <C>
(1) Principal Executive Officer:
/s/ R. Michael Shanahan President
R. Michael Shanahan
(2) Principal Financial Officer and
Principal Accounting Officer:
/s/ Steven N. Kearsley Treasurer
Steven N. Kearsley
(3) Directors:
Guilford C. Babcock* Director
Charles H. Black* Director
Martin Fenton, Jr.* Director
Gail L. Neale* Director
Kirk P. Pendleton* Director
Henry E. Riggs* Director
/s/ R. Michael Shanahan
R. Michael Shanahan President and Director
/s/ Walter P. Stern
Walter P. Stern Chairman of the Board
Charles Wolf, Jr.* Director
</TABLE>
*By /s/ Julie F. Williams
Julie F. Williams, Attorney-in-Fact
Counsel reports that the amendment does not contain disclosures that would
make the amendment ineligible for effectiveness under the provisions of rule
485(b).
/s/ Michele Y. Yang
Michele Y. Yang
C-11
CONFORMED
SHAREHOLDER SERVICES AGREEMENT
1. The parties to this Agreement, which is effective as of January 1, 1995,
are AMCAP Fund, Inc. (hereinafter called "the Fund") and American Funds Service
Company, a California corporation (hereinafter called "AFS"). AFS is a wholly
owned subsidiary of Capital Research and Management Company (hereinafter called
"CRMC"). This Agreement will continue in effect until amended or terminated in
accordance with its terms.
2. The Fund hereby employs AFS, and AFS hereby accepts such employment by the
Fund, as its transfer agent. In such capacity AFS will provide the services of
stock transfer agent, dividend disbursing agent, redemption agent, and such
additional related services as the Fund may from time to time require, all of
which services are sometimes referred to herein as "shareholder services."
3. AFS has entered into substantially identical agreements with other
investment companies for which CRMC serves as investment adviser. (For the
purposes of this Agreement, such investment companies, including the Fund, are
called "participating investment companies.")
4. AFS has entered into an agreement with DST Systems, Inc. (hereinafter
called "DST"), to provide AFS with electronic data processing services
sufficient for the performance of the shareholder services referred to in
paragraph 2.
5. The Fund, together with the other participating companies, will maintain a
Review and Advisory Committee, which Committee will review and may make
recommendations to the boards of the participating investment companies
regarding all fees and charges provided for in this Agreement, as well as
review the level and quality of the shareholder services rendered to the
participating investment companies and their shareholders. Each participating
investment company may select one director or trustee who is not affiliated
with CRMC, or any of its affiliated companies, or with Washington Management
Corporation or any of its affiliated companies, to serve on the Review and
Advisory Committee.
6. AFS will provide to the participating investment companies the shareholder
services referred to herein in return for the following fees:
ANNUAL ACCOUNT MAINTENANCE FEE (PAID MONTHLY):
$.67 per month for each open account on AFS books or in Level 2 or 4
Networking ($8.04 per year)
$.09 per month for each open account maintained in Street Name or Level 1 or
3 Networking ($1.08 per year)
No annual fee will be charged for a participant account underlying a 401(k)
or other defined contribution plan where the plan maintains a single account
on AFS books and responds to all participant inquiries
EXHIBIT 9 TRANSACTION FEES:
$2.00 per non-automated transaction
$0.50 per automated transaction
For this purpose, "transactions" shall include all types of transactions
included in an "activity index" as reported to the Review and Advisory
Committee at least annually. AFS will bill the Fund monthly, on or shortly
after the first of each calendar month, and the Fund will pay to AFS within
five business days of such billing.
Any revision of the schedule of charges set forth herein shall require the
affirmative vote of a majority of the members of the board of
directors/trustees of the Fund.
7. All fund-specific charges from third parties -- including DST charges,
payments described in the next sentence, postage, NSCC transaction charges and
similar out-of-pocket expenses -- will be passed through directly to the Fund
or other participating investment companies, as applicable. AFS, subject to
approval of its board of directors, is authorized in its discretion to
negotiate payments to third parties for account maintenance and/or transaction
processing services provided such payments do not exceed the anticipated
savings to the Fund, either in fees payable to AFS hereunder or in other direct
Fund expenses, that AFS reasonably anticipates would be realized by the Fund
from using the services of such third party rather than maintaining the
accounts directly on AFS' books and/or processing non-automated transactions.
8. It is understood that AFS may have income in excess of its expenses and may
accumulate capital and surplus. AFS is not, however, permitted to distribute
any net income or accumulated surplus to its parent, CRMC, in the form of a
dividend without the affirmative vote of a majority of the members of the
boards of directors/trustees of the Fund and all participating investment
companies.
9. This Agreement may be amended at any time by mutual agreement of the
parties, with agreement of the Fund to be evidenced by affirmative vote of a
majority of the members of the board of directors/trustees of the Fund.
10. This Agreement may be terminated on 180 days' written notice by either
party. In the event of a termination of this Agreement, AFS and the Fund will
each extend full cooperation in effecting a conversion to whatever successor
shareholder service provider(s) the Fund may select, it being understood that
all records relating to the Fund and its shareholders are property of the Fund.
11. In the event of a termination of this Agreement by the Fund, the Fund will
pay to AFS as a termination fee the Fund's proportionate share of any costs of
conversion of the Fund's shareholder service from AFS to a successor. In the
event of termination of this Agreement and all corresponding agreements with
all the participating investment companies, all assets of AFS will be sold or
otherwise converted to cash, with a view to the liquidation of AFS when it
ceases to provide shareholder services for the participating investment
companies. To the extent any such assets are sold by AFS to CRMC and/or any of
its affiliates, such sales shall be at fair market value at the time of sale as
agreed upon by AFS, the purchasing company or companies, and the Review and
Advisory Committee. After all assets of AFS have been converted to cash and
all liabilities of AFS have been paid or discharged, an amount equal to any
capital or paid-in surplus of AFS that shall have been contributed by CRMC or
its affiliates shall be set aside in cash for distribution to CRMC upon
liquidation of AFS. Any other capital or surplus and any assets of AFS
remaining after the foregoing provisions for liabilities and return of capital
or paid-in surplus to CRMC shall be distributed to the participating investment
companies in such proportions as may be determined by the Review and Advisory
Committee.
12. In the event of disagreement between the Fund and AFS, or between the Fund
and other participating investment companies as to any matter arising under
this Agreement, which the parties to the disagreement are unable to resolve,
the question shall be referred to the Review and Advisory Committee for
resolution. If the Review and Advisory Committee is unable to resolve the
question to the satisfaction of both parties, either party may elect to submit
the question to arbitration; one arbitrator to be named by each party to the
disagreement and a third arbitrator to be selected by the two arbitrators named
by the original parties. The decision of a majority of the arbitrators shall
be final and binding on all parties to the arbitration. The expenses of such
arbitration shall be paid by the party electing to submit the question to
arbitration.
13. The obligations of the Fund under this Agreement are not binding upon any
of the directors, trustees, officers, employees, agents or shareholders of the
Fund individually, but bind only the Fund itself. AFS agrees to look solely to
the assets of the Fund for the satisfaction of any liability of the Fund in
respect to this Agreement and will not seek recourse against such directors,
trustees, officers, employees, agents or shareholders, or any of them or their
personal assets for such satisfaction.
AMERICAN FUNDS SERVICE COMPANY AMCAP Fund, Inc.
By /s/ Don R. Conlan By /s/ Walter P. Stern
Don R. Conlan, Chairman Walter P. Stern, Chairman
By /s/ Kenneth R. Gorvetzian By /s/ Julie F. Williams
Kenneth R. Gorvetzian, Secretary Julie F. Williams, Secretary
CONSENT OF INDEPENDENT AUDITORS
AMCAP Fund, Inc.
We consent to (a) the use in this Post-Effective Amendment No. 57 to
Registration Statement No. 2-26516 on Form N-1A of our report dated March 24,
1995 appearing in the Financial Statements which are included in Part B, the
Statement of Additional Information of such Registration Statement, (b) the
reference to us under the heading "General Information" in such Statement of
Additional Information, and (c) the reference to us under the heading
"Financial Highlights" in the Prospectus, which is a part of such Registration
Statement.
DELOITTE & TOUCHE LLP
April 24, 1995
Los Angeles, California
SCHEDULE FOR COMPUTATION OF EACH PERFORMANCE QUOTATION
PROVIDED IN THE REGISTRATION STATEMENT
(1) ENDING REDEMPTION VALUE AND TOTAL RETURN
Value of an initial investment at the end of a period and total return for the
period are computed as set forth below.
(A) Initial investment DIVIDED BY
Public offering price for one share at
beginning of period EQUALS
Number of shares initially purchased
(B) Number of shares initially purchased PLUS
Number of shares acquired at net asset
value through reinvestment of dividends
and capital gain distributions during period EQUALS
Number of shares purchased during period
(C) Number of shares purchased during period MULTIPLIED BY
Net asset value of one share as of the last day
of the period EQUALS
Value of investment at end of period
(D) Value of investment at end of period DIVIDED BY
Initial investment
minus one and then multiplied by 100 EQUALS
Total return for the period expressed as a
percentage
EXHIBIT 16
(2) AVERAGE ANNUAL TOTAL RETURN
Average annual total return quotations for the 1-, 5- and 10-year periods ended
February 28, 1994 are computed according to the formula set forth below.
P(1+T)/n/ = ERV
WHERE: P = a hypothetical initial investment of $1,000
T = average annual total return
n = number of years
ERV = ending redeemable value of a hypothetical $1,000 investment as of the
end of 1 year and lifetime periods (computed in accordance with the formula
shown in (1), above)
THUS:
AVG. ANNUAL TOTAL RETURN AT PUBLIC OFFERING PRICE:
1 Year Total Return 1,000(1+T)/1/ = 974.75
T = -2.52%
5 Year Average Annual Total Return 1,000(1+T)/5/ = 1,616.16
T = +10.08%
10 Year Average Annual Total Return 1,000(1+T)/10/ = 3,135.28
T = +12.11%
Hypothetical illustrations which are based on $1,000 and $10,000 initial
investments used to obtain ending values over various time periods are
attached. Illustrations of $2,000 per year which show the benefits of
systematic investing are also included.
(2) AVERAGE ANNUAL TOTAL RETURN
Average annual total return quotations for the 1-, 5- and 10-year periods ended
March 31, 1993 are computed according to the formula set forth below.
P(1+T)/n/ = ERV
WHERE: P = a hypothetical initial investment of $1,000
T = average annual total return
n = number of years
ERV = ending redeemable value of a hypothetical $1,000 investment as of the
end of 1 year and lifetime periods (computed in accordance with the formula
shown in (1), above)
THUS:
AVG. ANNUAL TOTAL RETURN AT PUBLIC OFFERING PRICE:
1 Year Total Return 1,000(1+T)/1/ = 1,049
T = +4.94%
5 Year Average Annual Total Return 1,000(1+T)/5/ = 1,781
T = +12.24%
10 Year Average Annual Total Return 1,000(1+T)/10/ = 3,521
T = +13.41%
Hypothetical illustrations which are based on $1,000 and $10,000 initial
investments used to obtain ending values over various time periods are
attached. Illustrations of $2,000 per year which show the benefits of
systematic investing are also included.
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
4/01/94 1000.00 13.20 5.75 % 75.758 12.440 942
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
3/31/95 1000 10 10 1010 73 942 77 1019 11 1030.11 82.806
TOTAL $ 73
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
4/01/90 1000.00 11.54 5.75 % 86.655 10.880 943
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
3/31/91 1000 20 20 1020 59 1010 67 1077 23 1100.37 94.452
3/31/92 1000 11 31 1031 23 1100 98 1198 37 1235.35 97.348
3/31/93 1000 15 46 1046 31 1189 139 1328 56 1384.65 100.922
3/31/94 1000 13 59 1059 190 1078 314 1392 63 1455.54 117.005
3/31/95 1000 16 75 1075 113 1078 433 1511 79 1590.94 127.889
TOTAL $ 416
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
4/01/85 1000.00 8.70 5.75 % 114.943 8.200 943
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
3/31/86 1000 22 22 1022 75 1137 75 1212 21 1233.53 124.725
3/31/87 1000 24 46 1046 124 1286 217 1503 48 1551.21 138.625
3/31/88 1000 31 77 1077 55 1146 248 1394 73 1467.89 147.231
3/31/89 1000 33 110 1110 66 1223 335 1558 113 1671.72 157.117
3/31/90 1000 47 157 1157 180 1251 520 1771 160 1931.94 177.568
3/31/91 1000 42 199 1199 122 1339 694 2033 221 2254.81 193.546
3/31/92 1000 23 222 1222 46 1459 806 2265 266 2531.43 199.482
3/31/93 1000 30 252 1252 64 1577 940 2517 320 2837.38 206.806
3/31/94 1000 25 277 1277 390 1430 1237 2667 315 2982.66 239.764
3/31/95 1000 32 309 1309 233 1430 1481 2911 349 3260.11 262.067
TOTAL $ 1355
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/67 1000.00 5.31 5.75 % 188.324 5.000 942
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
3/31/68 1000 0 0 1000 0 998 0 998 0 998.12 188.324
3/31/69 1000 8 8 1008 0 1241 0 1241 8 1249.64 189.627
3/31/70 1000 19 27 1027 46 1115 43 1158 25 1183.46 199.909
3/31/71 1000 20 47 1047 0 1234 48 1282 51 1333.56 203.597
3/31/72 1000 24 71 1071 0 1377 53 1430 85 1515.03 207.254
3/31/73 1000 23 94 1094 50 1164 88 1252 91 1343.44 217.385
3/31/74 1000 20 114 1114 117 827 165 992 82 1074.32 244.720
3/31/75 1000 29 143 1143 0 819 164 983 113 1096.16 251.990
3/31/76 1000 33 176 1176 0 1024 205 1229 182 1411.61 259.487
3/31/77 1000 21 197 1197 0 1021 204 1225 202 1427.85 263.441
3/31/78 1000 60 257 1257 0 1218 244 1462 308 1770.34 273.623
3/31/79 1000 44 301 1301 0 1667 333 2000 465 2465.39 278.575
3/31/80 1000 72 373 1373 178 1836 548 2384 586 2970.21 304.637
3/31/81 1000 143 516 1516 430 2290 1116 3406 875 4281.85 352.126
3/31/82 1000 239 755 1755 65 2102 1090 3192 1036 4228.38 757.775
3/31/83 1000 159 914 1914 0 3021 1566 4587 1649 6236.09 777.567
3/31/84 1000 194 1108 2108 86 2889 1584 4473 1774 6247.18 814.496
3/31/85 1000 155 1263 2263 195 3089 1890 4979 2051 7030.38 857.364
3/31/86 1000 163 1426 2426 557 3725 2838 6563 2637 9200.98 930.332
3/31/87 1000 178 1604 2604 923 4215 4198 8413 3157 11570.50 1034.004
3/31/88 1000 232 1836 2836 407 3755 4150 7905 3044 10949.01 1098.196
3/31/89 1000 244 2080 3080 490 4008 4952 8960 3509 12469.44 1171.940
3/31/90 1000 345 2425 3425 1343 4098 6383 10481 3929 14410.41 1324.486
3/31/91 1000 307 2732 3732 907 4388 7863 12251 4567 16818.74 1443.669
3/31/92 1000 173 2905 3905 346 4780 8940 13720 5161 18881.93 1487.938
3/31/93 1000 226 3131 4131 480 5168 10176 15344 5820 21164.01 1542.566
3/31/94 1000 192 3323 4323 2910 4685 12096 16781 5466 22247.70 1788.400
3/31/95 1000 240 3563 4563 1734 4685 13914 18599 5718 24317.23 1954.761
TOTAL $ 11264
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
4/01/94 1000.00 12.44 0.00 % 80.386 12.440 1000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
3/31/95 1000 11 11 1011 78 1000 82 1082 11 1093.04 87.865
TOTAL $ 78
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
4/01/90 1000.00 10.88 0.00 % 91.912 10.880 1000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
3/31/91 1000 21 21 1021 63 1071 71 1142 25 1167.12 100.182
3/31/92 1000 12 33 1033 24 1166 104 1270 40 1310.29 103.254
3/31/93 1000 16 49 1049 33 1261 148 1409 59 1468.64 107.044
3/31/94 1000 13 62 1062 202 1143 333 1476 67 1543.83 124.102
3/31/95 1000 16 78 1078 120 1143 459 1602 85 1687.46 135.648
TOTAL $ 442
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
4/01/85 1000.00 8.20 0.00 % 121.951 8.200 1000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
3/31/86 1000 23 23 1023 79 1206 79 1285 23 1308.74 132.330
3/31/87 1000 25 48 1048 131 1365 230 1595 50 1645.80 147.078
3/31/88 1000 33 81 1081 58 1216 263 1479 78 1557.40 156.209
3/31/89 1000 35 116 1116 70 1298 356 1654 119 1773.68 166.699
3/31/90 1000 49 165 1165 191 1327 551 1878 171 2049.77 188.398
3/31/91 1000 44 209 1209 129 1421 737 2158 234 2392.35 205.352
3/31/92 1000 25 234 1234 49 1548 856 2404 281 2685.83 211.649
3/31/93 1000 32 266 1266 68 1673 998 2671 339 3010.44 219.420
3/31/94 1000 27 293 1293 414 1517 1313 2830 334 3164.61 254.390
3/31/95 1000 34 327 1327 247 1517 1571 3088 370 3458.98 278.053
TOTAL $ 1436
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/67 1000.00 5.00 0.00 % 200.000 5.000 1000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
3/31/68 1000 0 0 1000 0 1060 0 1060 0 1060.00 200.000
3/31/69 1000 8 8 1008 0 1318 0 1318 9 1327.12 201.384
3/31/70 1000 20 28 1028 48 1184 46 1230 26 1256.84 212.304
3/31/71 1000 21 49 1049 0 1310 50 1360 56 1416.25 216.221
3/31/72 1000 26 75 1075 0 1462 56 1518 90 1608.97 220.106
3/31/73 1000 24 99 1099 53 1236 93 1329 97 1426.75 230.865
3/31/74 1000 21 120 1120 125 878 175 1053 87 1140.95 259.897
3/31/75 1000 31 151 1151 0 870 174 1044 120 1164.13 267.617
3/31/76 1000 35 186 1186 0 1088 217 1305 194 1499.14 275.578
3/31/77 1000 22 208 1208 0 1084 217 1301 215 1516.40 279.778
3/31/78 1000 64 272 1272 0 1294 259 1553 327 1880.14 290.593
3/31/79 1000 46 318 1318 0 1770 354 2124 494 2618.29 295.852
3/31/80 1000 77 395 1395 189 1950 582 2532 622 3154.43 323.531
3/31/81 1000 152 547 1547 456 2432 1185 3617 930 4547.43 373.966
3/31/82 1000 254 801 1801 69 2232 1157 3389 1101 4490.64 804.775
3/31/83 1000 169 970 1970 0 3208 1663 4871 1751 6622.88 825.795
3/31/84 1000 206 1176 2176 91 3068 1683 4751 1883 6634.67 865.015
3/31/85 1000 164 1340 2340 208 3280 2007 5287 2179 7466.44 910.541
3/31/86 1000 173 1513 2513 592 3956 3014 6970 2801 9771.66 988.034
3/31/87 1000 189 1702 2702 981 4476 4459 8935 3353 12288.15 1098.137
3/31/88 1000 247 1949 2949 432 3988 4408 8396 3232 11628.11 1166.310
3/31/89 1000 259 2208 3208 520 4256 5259 9515 3727 13242.83 1244.627
3/31/90 1000 367 2575 3575 1426 4352 6779 11131 4173 15304.18 1406.634
3/31/91 1000 326 2901 3901 963 4660 8351 13011 4850 17861.88 1533.209
3/31/92 1000 184 3085 4085 368 5076 9494 14570 5483 20053.04 1580.224
3/31/93 1000 239 3324 4324 510 5488 10807 16295 6181 22476.65 1638.240
3/31/94 1000 204 3528 4528 3091 4976 12846 17822 5805 23627.57 1899.322
3/31/95 1000 255 3783 4783 1842 4976 14776 19752 6073 25825.45 2076.001
TOTAL $ 11964
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/94 1000.00 13.77 5.75 % 72.622 12.980 943
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/95 1000 10 10 1010 70 892 73 965 9 974.75 79.377
TOTAL $ 70
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/90 1000.00 11.53 5.75 % 86.730 10.870 943
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/91 1000 22 22 1022 63 1003 71 1074 26 1100.76 95.139
2/29/92 1000 15 37 1037 44 1147 132 1279 46 1325.38 100.180
2/28/93 1000 15 52 1052 32 1173 169 1342 62 1404.16 103.858
2/28/94 1000 13 65 1065 196 1126 364 1490 72 1562.91 120.409
2/28/95 1000 16 81 1081 117 1065 465 1530 86 1616.16 131.609
TOTAL $ 452
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/85 1000.00 9.40 5.75 % 106.383 8.860 943
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/86 1000 20 20 1020 26 1101 32 1133 26 1159.01 111.982
2/28/87 1000 21 41 1041 146 1247 210 1457 53 1510.71 128.900
2/29/88 1000 39 80 1080 91 1103 274 1377 86 1463.33 141.112
2/28/89 1000 41 121 1121 56 1131 341 1472 132 1604.26 150.918
2/28/90 1000 42 163 1163 150 1156 496 1652 176 1828.91 168.253
2/28/91 1000 43 206 1206 122 1231 667 1898 237 2135.41 184.564
2/29/92 1000 29 235 1235 86 1407 860 2267 304 2571.17 194.344
2/28/93 1000 30 265 1265 63 1438 945 2383 341 2724.00 201.479
2/28/94 1000 25 290 1290 380 1381 1298 2679 352 3031.97 233.588
2/28/95 1000 32 322 1322 227 1306 1463 2769 366 3135.28 255.316
TOTAL $ 1347
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/90 2000.00 11.53 5.75 % 173.461 10.870 1886
ANNUAL INVESTMENTS OF $ 2000.00 -- SAME DAY AS INITIAL INVESTMENT
DIVIDENDS AND CAPITAL GAINS REINVESTED
RIGHT OF ACCUMULATION DISCOUNT REFLECTED WHERE APPLICABLE IN THIS ILLUSTRATION
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/91 2000 45 45 2045 125 2007 143 2150 51 2201.49 190.276
2/29/92 4000 54 99 4099 164 4450 350 4800 119 4919.65 371.856
2/28/93 6000 78 177 6177 166 6473 532 7005 203 7208.70 533.188
2/28/94 8000 84 261 8261 1269 8025 1816 9841 281 10122.54 779.857
2/28/95 10000 124 385 10385 897 9376 2646 12022 395 12417.00 1011.156
TOTAL $ 2621
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/85 2000.00 9.40 5.75 % 212.766 8.860 1885
ANNUAL INVESTMENTS OF $ 2000.00 -- SAME DAY AS INITIAL INVESTMENT
DIVIDENDS AND CAPITAL GAINS REINVESTED
RIGHT OF ACCUMULATION DISCOUNT REFLECTED WHERE APPLICABLE IN THIS ILLUSTRATION
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/86 2000 40 40 2040 51 2202 65 2267 51 2318.04 223.965
2/28/87 4000 77 117 4117 528 4628 701 5329 149 5478.70 467.466
2/29/88 6000 192 309 6309 443 5762 1052 6814 318 7132.02 687.755
2/28/89 8000 255 564 8564 344 7840 1448 9288 597 9885.95 930.005
2/28/90 10000 303 867 10867 1099 9944 2565 12509 909 13418.99 1234.498
2/28/91 12000 360 1227 13227 1018 12591 3891 16482 1387 17869.24 1544.446
2/29/92 14000 260 1487 15487 794 16553 5351 21904 1880 23784.72 1797.787
2/28/93 16000 294 1781 17781 626 18841 6125 24966 2229 27195.09 2011.471
2/28/94 18000 268 2049 20049 4058 19899 10055 29954 2414 32368.65 2493.733
2/28/95 20000 354 2403 22403 2559 20610 12160 32770 2651 35421.16 2884.459
TOTAL $ 11520
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/80 2000.00 12.77 5.75 % 156.617 12.040 1886
ANNUAL INVESTMENTS OF $ 2000.00 -- SAME DAY AS INITIAL INVESTMENT
DIVIDENDS AND CAPITAL GAINS REINVESTED
RIGHT OF ACCUMULATION DISCOUNT REFLECTED WHERE APPLICABLE IN THIS ILLUSTRATION
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/81 2000 41 41 2041 100 2085 139 2224 55 2279.59 171.269
2/28/82 4000 266 307 4307 441 3514 554 4068 312 4380.09 743.649
2/28/83 6000 181 488 6488 96 7433 902 8335 693 9028.85 1113.299
2/29/84 8000 283 771 8771 0 9181 888 10069 965 11034.27 1381.010
2/28/85 10000 404 1175 11175 178 12270 1193 13463 1542 15005.72 1693.648
2/28/86 12000 362 1537 13537 458 16536 1973 18509 2260 20769.87 2006.751
2/28/87 14000 416 1953 15953 2848 20860 5616 26476 3053 29529.45 2519.578
2/29/88 16000 819 2772 18772 1890 20124 6812 26936 3492 30428.46 2934.278
2/28/89 18000 914 3686 21686 1232 22561 8309 30870 4556 35426.09 3332.652
2/28/90 20000 959 4645 24645 3483 24998 11933 36931 5604 42535.56 3913.115
2/28/91 22000 1044 5689 27689 2953 28615 16070 44685 7180 51865.12 4482.724
2/29/92 24000 709 6398 30398 2162 34904 20832 55736 9012 64748.10 4894.036
2/28/93 26000 763 7161 33161 1625 37621 22992 60613 10007 70620.64 5223.420
2/28/94 28000 667 7828 35828 10121 37952 32485 70437 10293 80730.64 6219.618
2/28/95 30000 854 8682 38682 6175 37712 37122 74834 10622 85456.96 6959.036
TOTAL $ 33762
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/75 2000.00 4.17 5.75 % 479.616 3.930 1885
ANNUAL INVESTMENTS OF $ 2000.00 -- SAME DAY AS INITIAL INVESTMENT
DIVIDENDS AND CAPITAL GAINS REINVESTED
RIGHT OF ACCUMULATION DISCOUNT REFLECTED WHERE APPLICABLE IN THIS ILLUSTRATION
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/29/76 2000 62 62 2062 0 2566 0 2566 76 2642.28 493.884
2/28/77 4000 68 130 4130 0 4475 0 4475 145 4620.82 858.888
2/28/78 6000 121 251 6251 0 7317 0 7317 307 7624.55 1231.753
2/28/79 8000 192 443 8443 0 12352 0 12352 663 13015.65 1566.264
2/29/80 10000 287 730 10730 0 20626 0 20626 1352 21978.69 1825.473
2/28/81 12000 515 1245 13245 1269 24887 1755 26642 2207 28849.76 2167.525
2/28/82 14000 1966 3211 17211 3256 23695 4734 28429 3894 32323.28 5487.823
2/28/83 16000 987 4198 20198 523 35220 7279 42499 6801 49300.07 6078.924
2/29/84 18000 1326 5524 23524 0 36582 7171 43753 8017 51770.61 6479.425
2/28/85 20000 1680 7204 27204 739 42682 8816 51498 10853 62351.82 7037.452
2/28/86 22000 1378 8582 30582 1741 52090 12504 64594 14425 79019.18 7634.703
2/28/87 24000 1486 10068 34068 10173 61148 26239 87387 18098 105485.32 9000.454
2/29/88 26000 2802 12870 38870 6464 55811 29517 85328 18717 104045.63 10033.330
2/28/89 28000 2996 15866 43866 4039 59188 34608 93796 22385 116181.47 10929.583
2/28/90 30000 3038 18904 48904 11025 62497 46267 108764 25885 134649.98 12387.303
2/28/91 32000 3212 22116 54116 9080 68577 59602 128179 31289 159468.77 13782.953
2/29/92 34000 2128 24244 58244 6489 80623 75527 156150 38185 194335.35 14688.991
2/28/93 36000 2245 26489 62489 4785 84363 82199 166562 41369 207931.00 15379.512
2/28/94 38000 1930 28419 66419 29285 82846 109040 191886 41702 233588.27 17996.015
2/28/95 40000 2434 30853 70853 17597 80204 121365 201569 41974 243543.97 19832.571
TOTAL $ 106465
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/67 10000.00 5.31 5.75 % 1883.239 5.000 9416
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/29/68 10000 0 0 10000 0 10056 0 10056 0 10056.50 1883.239
2/28/69 10000 75 75 10075 0 12128 0 12128 83 12211.99 1896.272
2/28/70 10000 190 265 10265 455 11149 430 11579 255 11834.68 1999.101
2/28/71 10000 200 465 10465 0 11695 451 12146 497 12643.47 2035.985
2/29/72 10000 244 709 10709 0 13540 522 14062 839 14901.71 2072.560
2/28/73 10000 228 937 10937 497 12109 913 13022 956 13978.00 2173.872
2/28/74 10000 196 1133 11133 1174 8493 1697 10190 847 11037.02 2447.233
2/28/75 10000 294 1427 11427 0 7401 1479 8880 1023 9903.30 2519.924
2/29/76 10000 328 1755 11755 0 10075 2014 12089 1793 13882.65 2594.887
2/28/77 10000 208 1963 11963 0 10132 2025 12157 2016 14173.22 2634.428
2/28/78 10000 263 2226 12226 0 11657 2330 13987 2624 16611.91 2683.669
2/28/79 10000 335 2561 12561 0 15650 3128 18778 3960 22738.23 2736.249
2/29/80 10000 438 2999 12999 0 22674 4531 27205 6335 33540.72 2785.774
2/28/81 10000 724 3723 13723 1783 25066 7476 32542 8005 40547.56 3046.398
2/28/82 10000 2594 6317 16317 4295 22185 10812 32997 9645 42642.86 7239.875
2/28/83 10000 1231 7548 17548 652 30546 15837 46383 15073 61456.14 7577.823
2/29/84 10000 1591 9139 19139 0 30094 15602 45696 16432 62128.25 7775.751
2/28/85 10000 1944 11083 21083 855 33371 18301 51672 20493 72165.12 8145.047
2/28/86 10000 1548 12631 22631 1955 38983 23855 62838 25900 88738.15 8573.734
2/28/87 10000 1629 14260 24260 11155 44143 40258 84401 31263 115664.34 9868.971
2/29/88 10000 3017 17277 27277 6960 39058 42406 81464 30572 112036.69 10803.924
2/28/89 10000 3167 20444 30444 4271 40038 48069 88107 34720 122827.00 11554.751
2/28/90 10000 3160 23604 33604 11465 40942 60465 101407 38619 140026.73 12881.944
2/28/91 10000 3293 26897 36897 9310 43578 74977 118555 44937 163492.27 14130.706
2/29/92 10000 2156 29053 39053 6574 49831 93202 143033 53823 196856.16 14879.528
2/28/93 10000 2252 31305 41305 4799 50923 100277 151200 57356 208556.96 15425.811
2/28/94 10000 1918 33223 43223 29103 48889 126209 175098 57038 232136.75 17884.187
2/28/95 10000 2399 35622 45622 17344 46252 137347 183599 56448 240047.08 19547.808
TOTAL $ 112647
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/68 10000.00 5.67 5.75 % 1763.668 5.340 9418
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/69 10000 71 71 10071 0 11358 0 11358 78 11436.63 1775.874
2/28/70 10000 178 249 10249 426 10441 402 10843 240 11083.27 1872.174
2/28/71 10000 187 436 10436 0 10952 422 11374 466 11840.71 1906.716
2/29/72 10000 229 665 10665 0 12681 489 13170 785 13955.57 1940.969
2/28/73 10000 214 879 10879 466 11340 855 12195 895 13090.51 2035.849
2/28/74 10000 183 1062 11062 1099 7954 1590 9544 792 10336.27 2291.855
2/28/75 10000 275 1337 11337 0 6931 1385 8316 958 9274.52 2359.929
2/29/76 10000 307 1644 11644 0 9436 1886 11322 1679 13001.21 2430.133
2/28/77 10000 194 1838 11838 0 9489 1896 11385 1888 13273.34 2467.163
2/28/78 10000 247 2085 12085 0 10917 2182 13099 2458 15557.20 2513.279
2/28/79 10000 314 2399 12399 0 14656 2929 17585 3709 21294.54 2562.520
2/29/80 10000 410 2809 12809 0 21235 4244 25479 5932 31411.16 2608.900
2/28/81 10000 678 3487 13487 1670 23474 7002 30476 7497 37973.10 2852.975
2/28/82 10000 2429 5916 15916 4023 20776 10126 30902 9033 39935.35 6780.196
2/28/83 10000 1153 7069 17069 610 28607 14831 43438 14116 57554.12 7096.686
2/29/84 10000 1490 8559 18559 0 28183 14612 42795 15388 58183.56 7282.047
2/28/85 10000 1821 10380 20380 801 31252 17139 48391 19192 67583.17 7627.897
2/28/86 10000 1449 11829 21829 1831 36508 22340 58848 24255 83103.94 8029.366
2/28/87 10000 1526 13355 23355 10447 41340 37702 79042 29278 108320.51 9242.364
2/29/88 10000 2826 16181 26181 6518 36578 39713 76291 28632 104923.18 10117.954
2/28/89 10000 2966 19147 29147 3999 37496 45017 82513 32515 115028.41 10821.111
2/28/90 10000 2959 22106 32106 10737 38342 56626 94968 36168 131136.08 12064.037
2/28/91 10000 3084 25190 35190 8718 40811 70216 111027 42084 153111.70 13233.509
2/29/92 10000 2019 27209 37209 6156 46667 87285 133952 50405 184357.22 13934.786
2/28/93 10000 2109 29318 39318 4494 47690 93911 141601 53714 195315.11 14446.384
2/28/94 10000 1796 31114 41114 27255 45785 118196 163981 53416 217397.75 16748.671
2/28/95 10000 2247 33361 43361 16243 43316 128627 171943 52862 224805.83 18306.664
TOTAL $ 105493
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/69 10000.00 6.83 5.75 % 1464.129 6.440 9429
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/70 10000 146 146 10146 351 8668 332 9000 137 9137.66 1543.523
2/28/71 10000 154 300 10300 0 9092 348 9440 322 9762.13 1572.001
2/29/72 10000 189 489 10489 0 10527 403 10930 575 11505.73 1600.241
2/28/73 10000 176 665 10665 384 9414 705 10119 673 10792.54 1678.466
2/28/74 10000 151 816 10816 906 6603 1311 7914 607 8521.78 1889.530
2/28/75 10000 227 1043 11043 0 5754 1142 6896 750 7646.42 1945.654
2/29/76 10000 253 1296 11296 0 7833 1555 9388 1330 10718.91 2003.535
2/28/77 10000 160 1456 11456 0 7877 1563 9440 1503 10943.27 2034.065
2/28/78 10000 203 1659 11659 0 9063 1799 10862 1964 12826.21 2072.086
2/28/79 10000 259 1918 11918 0 12167 2415 14582 2974 17556.40 2112.683
2/29/80 10000 338 2256 12256 0 17628 3499 21127 4770 25897.10 2150.922
2/28/81 10000 559 2815 12815 1377 19488 5772 25260 6047 31307.14 2352.152
2/28/82 10000 2003 4818 14818 3317 17247 8348 25595 7329 32924.92 5589.970
2/28/83 10000 950 5768 15768 503 23748 12228 35976 11474 47450.82 5850.902
2/29/84 10000 1229 6997 16997 0 23397 12047 35444 12525 47969.75 6003.724
2/28/85 10000 1501 8498 18498 660 25944 14130 40074 15645 55719.31 6288.861
2/28/86 10000 1195 9693 19693 1509 30307 18419 48726 19789 68515.49 6619.854
2/28/87 10000 1258 10951 20951 8613 34319 31084 65403 23902 89305.44 7619.918
2/29/88 10000 2330 13281 23281 5374 30366 32742 63108 23396 86504.52 8341.805
2/28/89 10000 2445 15726 25726 3297 31127 37114 68241 26594 94835.83 8921.527
2/28/90 10000 2440 18166 28166 8852 31830 46686 78516 29599 108115.90 9946.265
2/28/91 10000 2542 20708 30708 7188 33880 57890 91770 34463 126233.85 10910.445
2/29/92 10000 1665 22373 32373 5076 38741 71962 110703 41291 151994.39 11488.616
2/28/93 10000 1740 24113 34113 3705 39590 77425 117015 44013 161028.68 11910.405
2/28/94 10000 1482 25595 35595 22470 38009 97447 135456 43778 179234.84 13808.539
2/28/95 10000 1852 27447 37447 13392 35959 106047 142006 43336 185342.48 15093.036
TOTAL $ 86974
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/70 10000.00 6.28 5.75 % 1592.357 5.920 9427
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/71 10000 159 159 10159 0 9889 0 9889 181 10070.99 1621.737
2/29/72 10000 195 354 10354 0 11449 0 11449 420 11869.76 1650.870
2/28/73 10000 182 536 10536 396 10239 356 10595 539 11134.00 1731.570
2/28/74 10000 156 692 10692 935 7182 1091 8273 518 8791.40 1949.313
2/28/75 10000 234 926 10926 0 6258 951 7209 679 7888.35 2007.214
2/29/76 10000 261 1187 11187 0 8519 1295 9814 1244 11058.05 2066.926
2/28/77 10000 165 1352 11352 0 8567 1302 9869 1420 11289.50 2098.421
2/28/78 10000 210 1562 11562 0 9857 1498 11355 1877 13232.01 2137.643
2/28/79 10000 267 1829 11829 0 13232 2011 15243 2868 18111.85 2179.525
2/29/80 10000 349 2178 12178 0 19172 2913 22085 4631 26716.43 2218.973
2/28/81 10000 577 2755 12755 1420 21194 5186 26380 5917 32297.63 2426.569
2/28/82 10000 2066 4821 14821 3421 18758 7931 26689 7277 33966.62 5766.828
2/28/83 10000 980 5801 15801 519 25828 11677 37505 11447 48952.08 6036.015
2/29/84 10000 1268 7069 17069 0 25446 11504 36950 12537 49487.44 6193.672
2/28/85 10000 1548 8617 18617 681 28217 13553 41770 15712 57482.17 6487.830
2/28/86 10000 1233 9850 19850 1557 32962 17805 50767 19916 70683.20 6829.295
2/28/87 10000 1298 11148 21148 8885 37325 30712 68037 24093 92130.91 7860.999
2/29/88 10000 2403 13551 23551 5544 33025 32579 65604 23637 89241.36 8605.724
2/28/89 10000 2523 16074 26074 3402 33854 37059 70913 26923 97836.26 9203.787
2/28/90 10000 2516 18590 28590 9133 34618 46906 81524 30012 111536.47 10260.945
2/28/91 10000 2623 21213 31213 7415 36847 58384 95231 34996 130227.63 11255.629
2/29/92 10000 1718 22931 32931 5236 42134 72709 114843 41960 156803.20 11852.094
2/28/93 10000 1794 24725 34725 3823 43057 78311 121368 44755 166123.31 12287.227
2/28/94 10000 1528 26253 36253 23181 41338 99029 140367 44538 184905.46 14245.413
2/28/95 10000 1911 28164 38164 13815 39108 107982 147090 44116 191206.34 15570.549
TOTAL $ 89363
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/71 10000.00 6.59 5.75 % 1517.451 6.210 9423
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/29/72 10000 182 182 10182 0 10910 0 10910 196 11106.46 1544.710
2/28/73 10000 170 352 10352 371 9757 333 10090 328 10418.01 1620.220
2/28/74 10000 146 498 10498 875 6844 1021 7865 361 8226.06 1823.961
2/28/75 10000 219 717 10717 0 5964 890 6854 527 7381.09 1878.139
2/29/76 10000 244 961 10961 0 8118 1211 9329 1017 10346.96 1934.011
2/28/77 10000 155 1116 11116 0 8164 1218 9382 1181 10563.53 1963.481
2/28/78 10000 196 1312 11312 0 9393 1401 10794 1587 12381.13 2000.182
2/28/79 10000 250 1562 11562 0 12610 1881 14491 2456 16947.16 2039.370
2/29/80 10000 326 1888 11888 0 18270 2726 20996 4002 24998.44 2076.282
2/28/81 10000 540 2428 12428 1329 20197 4852 25049 5171 30220.73 2270.528
2/28/82 10000 1933 4361 14361 3201 17876 7421 25297 6485 31782.38 5395.990
2/28/83 10000 917 5278 15278 486 24613 10926 35539 10265 45804.21 5647.868
2/29/84 10000 1186 6464 16464 0 24249 10764 35013 11292 46305.14 5795.387
2/28/85 10000 1449 7913 17913 637 26889 12681 39570 14215 53785.78 6070.630
2/28/86 10000 1153 9066 19066 1457 31411 16660 48071 18066 66137.91 6390.136
2/28/87 10000 1214 10280 20280 8314 35569 28737 64306 21900 86206.42 7355.497
2/29/88 10000 2249 12529 22529 5188 31472 30484 61956 21546 83502.67 8052.331
2/28/89 10000 2360 14889 24889 3183 32261 34676 66937 24607 91544.86 8611.934
2/28/90 10000 2354 17243 27243 8545 32989 43890 76879 27485 104364.09 9601.112
2/28/91 10000 2454 19697 29697 6939 35114 54629 89743 32110 121853.31 10531.833
2/29/92 10000 1607 21304 31304 4899 40152 68034 108186 38533 146719.92 11089.941
2/28/93 10000 1679 22983 32983 3577 41032 73275 114307 41133 155440.71 11497.094
2/28/94 10000 1430 24413 34413 21691 39393 92661 132054 40961 173015.09 13329.360
2/28/95 10000 1788 26201 36201 12927 37269 101038 138307 40603 178910.80 14569.283
TOTAL $ 83619
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/72 10000.00 7.63 5.75 % 1310.616 7.190 9423
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/73 10000 144 144 10144 315 8427 282 8709 130 8839.21 1374.683
2/28/74 10000 124 268 10268 742 5911 866 6777 202 6979.44 1547.548
2/28/75 10000 186 454 10454 0 5151 755 5906 356 6262.52 1593.516
2/29/76 10000 207 661 10661 0 7012 1028 8040 738 8778.93 1640.921
2/28/77 10000 131 792 10792 0 7051 1034 8085 877 8962.68 1665.925
2/28/78 10000 167 959 10959 0 8113 1189 9302 1202 10504.82 1697.063
2/28/79 10000 212 1171 11171 0 10891 1596 12487 1891 14378.89 1730.312
2/29/80 10000 277 1448 11448 0 15780 2313 18093 3117 21210.03 1761.630
2/28/81 10000 458 1906 11906 1127 17444 4117 21561 4079 25640.90 1926.439
2/28/82 10000 1640 3546 13546 2716 15439 6297 21736 5229 26965.91 4578.253
2/28/83 10000 778 4324 14324 412 21258 9270 30528 8334 38862.79 4791.959
2/29/84 10000 1006 5330 15330 0 20944 9133 30077 9210 39287.80 4917.122
2/28/85 10000 1229 6559 16559 541 23224 10760 33984 11650 45634.78 5150.652
2/28/86 10000 979 7538 17538 1236 27130 14135 41265 14850 56115.00 5421.739
2/28/87 10000 1030 8568 18568 7054 30721 24382 55103 18039 73142.21 6240.803
2/29/88 10000 1908 10476 20476 4402 27182 25864 53046 17802 70848.21 6832.036
2/28/89 10000 2002 12478 22478 2701 27864 29421 57285 20386 77671.65 7306.834
2/28/90 10000 1998 14476 24476 7250 28493 37238 65731 22817 88548.17 8146.106
2/28/91 10000 2082 16558 26558 5887 30328 46351 76679 26708 103387.00 8935.782
2/29/92 10000 1364 17922 27922 4157 34679 57724 92403 32082 124485.18 9409.311
2/28/93 10000 1424 19346 29346 3035 35439 62171 97610 34274 131884.37 9754.761
2/28/94 10000 1213 20559 30559 18403 34024 78619 112643 34152 146795.43 11309.355
2/28/95 10000 1517 22076 32076 10968 32189 85726 117915 33882 151797.65 12361.372
TOTAL $ 70946
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/73 10000.00 6.82 5.75 % 1466.276 6.430 9428
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/74 10000 132 132 10132 792 6613 713 7326 118 7444.46 1650.657
2/28/75 10000 198 330 10330 0 5762 621 6383 296 6679.77 1699.687
2/29/76 10000 221 551 10551 0 7845 846 8691 672 9363.84 1750.250
2/28/77 10000 140 691 10691 0 7889 850 8739 820 9559.83 1776.920
2/28/78 10000 178 869 10869 0 9076 978 10054 1150 11204.72 1810.133
2/28/79 10000 226 1095 11095 0 12185 1313 13498 1838 15336.93 1845.599
2/29/80 10000 295 1390 11390 0 17654 1903 19557 3066 22623.21 1879.004
2/28/81 10000 489 1879 11879 1203 19516 3767 23283 4066 27349.31 2054.794
2/28/82 10000 1750 3629 13629 2897 17273 6164 23437 5325 28762.58 4883.291
2/28/83 10000 830 4459 14459 440 23783 9128 32911 8541 41452.13 5111.237
2/29/84 10000 1073 5532 15532 0 23431 8993 32424 9481 41905.46 5244.739
2/28/85 10000 1311 6843 16843 577 25982 10646 36628 12047 48675.32 5493.829
2/28/86 10000 1044 7887 17887 1319 30352 14107 44459 15394 59853.83 5782.979
2/28/87 10000 1099 8986 18986 7524 34370 24908 59278 18737 78015.54 6656.616
2/29/88 10000 2035 11021 21021 4695 30411 26616 57027 18541 75568.71 7287.243
2/28/89 10000 2136 13157 23157 2880 31173 30385 61558 21288 82846.79 7793.677
2/28/90 10000 2131 15288 25288 7733 31877 38701 70578 23870 94448.00 8688.868
2/28/91 10000 2221 17509 27509 6279 33930 48355 82285 27990 110275.50 9531.158
2/29/92 10000 1455 18964 28964 4434 38798 60330 99128 33651 132779.42 10036.237
2/28/93 10000 1519 20483 30483 3237 39648 65046 104694 35977 140671.60 10404.704
2/28/94 10000 1294 21777 31777 19630 38065 82641 120706 35870 156576.17 12062.879
2/28/95 10000 1618 23395 33395 11699 36012 90287 126299 35612 161911.69 13184.991
TOTAL $ 75339
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/74 10000.00 4.79 5.75 % 2087.683 4.510 9415
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/75 10000 251 251 10251 0 8205 0 8205 243 8448.29 2149.693
2/29/76 10000 279 530 10530 0 11169 0 11169 673 11842.99 2213.643
2/28/77 10000 177 707 10707 0 11232 0 11232 858 12090.87 2247.374
2/28/78 10000 225 932 10932 0 12923 0 12923 1248 14171.27 2289.381
2/28/79 10000 286 1218 11218 0 17349 0 17349 2048 19397.49 2334.235
2/29/80 10000 373 1591 11591 0 25136 0 25136 3476 28612.87 2376.484
2/28/81 10000 618 2209 12209 1521 27787 2104 29891 4699 34590.25 2598.817
2/28/82 10000 2212 4421 14421 3664 24593 5442 30035 6342 36377.70 6176.180
2/28/83 10000 1050 5471 15471 556 33862 8302 42164 10262 52426.90 6464.476
2/29/84 10000 1358 6829 16829 0 33361 8179 41540 11460 53000.26 6633.324
2/28/85 10000 1658 8487 18487 730 36994 9923 46917 14645 61562.51 6948.364
2/28/86 10000 1320 9807 19807 1668 43215 13704 56919 18781 75700.60 7314.068
2/28/87 10000 1390 11197 21197 9516 48935 26818 75753 22917 98670.74 8419.005
2/29/88 10000 2574 13771 23771 5938 43299 29517 72816 22760 95576.07 9216.593
2/28/89 10000 2702 16473 26473 3643 44384 34180 78564 26217 104781.07 9857.109
2/28/90 10000 2695 19168 29168 9781 45386 44602 89988 29465 119453.78 10989.308
2/28/91 10000 2809 21977 31977 7942 48309 56531 104840 34631 139471.71 12054.599
2/29/92 10000 1840 23817 33817 5608 55240 71014 126254 41679 167933.71 12693.402
2/28/93 10000 1922 25739 35739 4094 56451 76863 133314 44601 177915.43 13159.425
2/28/94 10000 1637 27376 37376 24827 54196 99331 153527 44503 198030.84 15256.613
2/28/95 10000 2047 29423 39423 14796 51273 109282 160555 44223 204778.97 16675.812
TOTAL $ 94284
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/75 10000.00 4.17 5.75 % 2398.082 3.930 9424
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/29/76 10000 312 312 10312 0 12830 0 12830 381 13211.40 2469.421
2/28/77 10000 198 510 10510 0 12902 0 12902 585 13487.93 2507.050
2/28/78 10000 251 761 10761 0 14844 0 14844 964 15808.72 2553.912
2/28/79 10000 319 1080 11080 0 19928 0 19928 1710 21638.82 2603.950
2/29/80 10000 417 1497 11497 0 28873 0 28873 3046 31919.00 2651.080
2/28/81 10000 689 2186 12186 1697 31918 2347 34265 4322 38587.05 2899.102
2/28/82 10000 2469 4655 14655 4088 28249 6070 34319 6262 40581.02 6889.817
2/28/83 10000 1171 5826 15826 620 38897 9261 48158 10326 58484.65 7211.424
2/29/84 10000 1514 7340 17340 0 38321 9124 47445 11679 59124.26 7399.782
2/28/85 10000 1850 9190 19190 814 42494 11069 53563 15112 68675.84 7751.224
2/28/86 10000 1473 10663 20663 1860 49640 15287 64927 19520 84447.54 8159.183
2/28/87 10000 1550 12213 22213 10616 56211 29916 86127 23944 110071.81 9391.793
2/29/88 10000 2872 15085 25085 6624 49736 32927 82663 23956 106619.57 10281.540
2/28/89 10000 3014 18099 28099 4064 50983 38130 89113 27775 116888.17 10996.065
2/28/90 10000 3007 21106 31106 10911 52134 49755 101889 31367 133256.28 12259.087
2/28/91 10000 3134 24240 34240 8859 55492 63063 118555 37032 155587.20 13447.468
2/29/92 10000 2052 26292 36292 6256 63453 79219 142672 44665 187337.87 14160.081
2/28/93 10000 2143 28435 38435 4567 64844 85744 150588 47884 198472.91 14679.949
2/28/94 10000 1826 30261 40261 27695 62254 110809 173063 47849 220912.58 17019.459
2/28/95 10000 2284 32545 42545 16506 58897 121909 180806 47634 228440.41 18602.639
TOTAL $ 105177
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/76 10000.00 5.68 5.75 % 1760.563 5.350 9419
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/77 10000 141 141 10141 0 9472 0 9472 144 9616.17 1787.392
2/28/78 10000 179 320 10320 0 10898 0 10898 372 11270.76 1820.801
2/28/79 10000 228 548 10548 0 14630 0 14630 797 15427.31 1856.475
2/29/80 10000 297 845 10845 0 21197 0 21197 1559 22756.53 1890.077
2/28/81 10000 491 1336 11336 1210 23433 1674 25107 2403 27510.48 2066.903
2/28/82 10000 1759 3095 13095 2914 20739 4328 25067 3865 28932.09 4912.070
2/28/83 10000 835 3930 13930 442 28556 6603 35159 6537 41696.42 5141.359
2/29/84 10000 1080 5010 15010 0 28134 6505 34639 7513 42152.44 5275.649
2/28/85 10000 1319 6329 16329 580 31197 7892 39089 9873 48962.19 5526.207
2/28/86 10000 1050 7379 17379 1326 36444 10899 47343 12863 60206.58 5817.061
2/28/87 10000 1105 8484 18484 7568 41268 21329 62597 15878 78475.32 6695.846
2/29/88 10000 2047 10531 20531 4722 36514 23475 59989 16025 76014.04 7330.187
2/28/89 10000 2149 12680 22680 2897 37430 27184 64614 18721 83335.01 7839.606
2/28/90 10000 2143 14823 24823 7779 38275 35473 73748 21256 95004.59 8740.073
2/28/91 10000 2234 17057 27057 6316 40739 44961 85700 25225 110925.35 9587.325
2/29/92 10000 1463 18520 28520 4460 46585 56479 103064 30497 133561.89 10095.381
2/28/93 10000 1529 20049 30049 3256 47606 61131 108737 32763 141500.60 10466.021
2/28/94 10000 1301 21350 31350 19745 45704 79001 124705 32793 157498.90 12133.968
2/28/95 10000 1628 22978 32978 11768 43239 86915 130154 32711 162865.88 13262.694
TOTAL $ 74983
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/77 10000.00 5.71 5.75 % 1751.313 5.380 9422
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/78 10000 175 175 10175 0 10841 0 10841 202 11043.26 1784.048
2/28/79 10000 223 398 10398 0 14553 0 14553 562 15115.91 1819.003
2/29/80 10000 291 689 10689 0 21086 0 21086 1211 22297.19 1851.926
2/28/81 10000 482 1171 11171 1185 23310 1640 24950 2005 26955.19 2025.183
2/28/82 10000 1724 2895 12895 2856 20630 4241 24871 3477 28348.09 4812.919
2/28/83 10000 818 3713 13713 433 28406 6470 34876 5978 40854.77 5037.580
2/29/84 10000 1058 4771 14771 0 27986 6374 34360 6941 41301.57 5169.158
2/28/85 10000 1292 6063 16063 569 31033 7732 38765 9208 47973.89 5414.660
2/28/86 10000 1029 7092 17092 1300 36252 10679 46931 12060 58991.31 5699.643
2/28/87 10000 1083 8175 18175 7416 41051 20898 61949 14942 76891.29 6560.690
2/29/88 10000 2006 10181 20181 4627 36322 23001 59323 15156 74479.69 7182.227
2/28/89 10000 2105 12286 22286 2839 37233 26636 63869 17783 81652.87 7681.361
2/28/90 10000 2100 14386 24386 7622 38074 34757 72831 20255 93086.89 8563.651
2/28/91 10000 2189 16575 26575 6189 40525 44053 84578 24108 108686.29 9393.802
2/29/92 10000 1434 18009 28009 4370 46340 55339 101679 29186 130865.91 9891.603
2/28/93 10000 1498 19507 29507 3190 47356 59897 107253 31391 138644.34 10254.759
2/28/94 10000 1276 20783 30783 19347 45464 77406 122870 31449 154319.69 11889.036
2/28/95 10000 1595 22378 32378 11530 43012 85161 128173 31405 159578.31 12994.976
TOTAL $ 73473
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/78 10000.00 6.57 5.75 % 1522.070 6.190 9422
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/79 10000 190 190 10190 0 12648 0 12648 248 12896.21 1551.891
2/29/80 10000 248 438 10438 0 18326 0 18326 696 19022.95 1579.979
2/28/81 10000 411 849 10849 1011 20259 1399 21658 1338 22996.94 1727.794
2/28/82 10000 1471 2320 12320 2436 17930 3618 21548 2637 24185.30 4106.163
2/28/83 10000 698 3018 13018 370 24688 5520 30208 4647 34855.42 4297.832
2/29/84 10000 903 3921 13921 0 24323 5438 29761 5475 35236.60 4410.088
2/28/85 10000 1103 5024 15024 485 26971 6597 33568 7361 40929.11 4619.538
2/28/86 10000 878 5902 15902 1109 31507 9111 40618 9710 50328.66 4862.672
2/28/87 10000 924 6826 16826 6327 35677 17829 53506 12094 65600.10 5597.278
2/29/88 10000 1712 8538 18538 3948 31568 19624 51192 12350 63542.63 6127.544
2/28/89 10000 1796 10334 20334 2422 32359 22724 55083 14579 69662.47 6553.384
2/28/90 10000 1792 12126 22126 6503 33090 29653 62743 16674 79417.47 7306.115
2/28/91 10000 1867 13993 23993 5280 35221 37584 72805 19921 92726.17 8014.362
2/29/92 10000 1223 15216 25216 3728 40274 47213 87487 24161 111648.80 8439.063
2/28/93 10000 1278 16494 26494 2722 41157 51101 92258 26027 118285.03 8748.893
2/28/94 10000 1088 17582 27582 16506 39513 66039 105552 26106 131658.52 10143.183
2/28/95 10000 1361 18943 28943 9837 37382 72655 110037 26107 136144.93 11086.721
TOTAL $ 62684
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/79 10000.00 8.82 5.75 % 1133.787 8.310 9422
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/29/80 10000 181 181 10181 0 13651 0 13651 246 13897.87 1154.308
2/28/81 10000 300 481 10481 739 15091 1022 16113 688 16801.21 1262.300
2/28/82 10000 1075 1556 11556 1780 13356 2643 15999 1670 17669.42 2999.901
2/28/83 10000 510 2066 12066 270 18390 4032 22422 3042 25464.84 3139.931
2/29/84 10000 659 2725 12725 0 18118 3973 22091 3652 25743.34 3221.945
2/28/85 10000 805 3530 13530 354 20091 4820 24911 4991 29902.20 3374.966
2/28/86 10000 641 4171 14171 810 23469 6656 30125 6644 36769.36 3552.595
2/28/87 10000 675 4846 14846 4622 26576 13026 39602 8324 47926.43 4089.286
2/29/88 10000 1250 6096 16096 2884 23515 14337 37852 8571 46423.29 4476.691
2/28/89 10000 1313 7409 17409 1770 24104 16602 40706 10188 50894.36 4787.804
2/28/90 10000 1309 8718 18718 4751 24649 21664 46313 11708 58021.20 5337.737
2/28/91 10000 1365 10083 20083 3857 26236 27458 53694 14050 67744.33 5855.171
2/29/92 10000 894 10977 20977 2724 30000 34493 64493 17075 81568.93 6165.452
2/28/93 10000 934 11911 21911 1989 30658 37334 67992 18425 86417.24 6391.808
2/28/94 10000 795 12706 22706 12059 29433 48247 77680 18507 96187.72 7410.456
2/28/95 10000 995 13701 23701 7187 27846 53081 80927 18538 99465.42 8099.790
TOTAL $ 45796
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/80 10000.00 12.77 5.75 % 783.085 12.040 9428
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/81 10000 204 204 10204 501 10423 693 11116 281 11397.97 856.346
2/28/82 10000 729 933 10933 1207 9225 1793 11018 968 11986.95 2035.136
2/28/83 10000 346 1279 11279 183 12702 2736 15438 1837 17275.37 2130.132
2/29/84 10000 447 1726 11726 0 12514 2695 15209 2255 17464.30 2185.770
2/28/85 10000 546 2272 12272 240 13876 3270 17146 3139 20285.67 2289.579
2/28/86 10000 435 2707 12707 550 16210 4516 20726 4218 24944.36 2410.083
2/28/87 10000 458 3165 13165 3136 18356 8837 27193 5320 32513.33 2774.175
2/29/88 10000 848 4013 14013 1957 16241 9726 25967 5526 31493.59 3036.990
2/28/89 10000 891 4904 14904 1200 16648 11263 27911 6615 34526.75 3248.048
2/28/90 10000 888 5792 15792 3223 17024 14697 31721 7640 39361.61 3621.123
2/28/91 10000 926 6718 16718 2617 18121 18628 36749 9208 45957.78 3972.150
2/29/92 10000 606 7324 17324 1848 20720 23400 44120 11216 55336.37 4182.643
2/28/93 10000 633 7957 17957 1349 21175 25327 46502 12123 58625.48 4336.204
2/28/94 10000 539 8496 18496 8181 20329 32731 53060 12193 65253.76 5027.254
2/28/95 10000 674 9170 19170 4876 19233 36010 55243 12234 67477.34 5494.897
TOTAL $ 31068
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/81 10000.00 14.12 5.75 % 708.215 13.310 9426
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/82 10000 603 603 10603 999 8343 975 9318 595 9913.44 1683.096
2/28/83 10000 286 889 10889 151 11487 1564 13051 1236 14287.08 1761.662
2/29/84 10000 370 1259 11259 0 11317 1540 12857 1586 14443.33 1807.676
2/28/85 10000 452 1711 11711 199 12550 1941 14491 2285 16776.66 1893.528
2/28/86 10000 360 2071 12071 454 14660 2843 17503 3126 20629.49 1993.187
2/28/87 10000 379 2450 12450 2593 16601 6298 22899 3990 26889.17 2294.298
2/29/88 10000 701 3151 13151 1618 14688 7150 21838 4207 26045.83 2511.652
2/28/89 10000 736 3887 13887 993 15057 8399 23456 5098 28554.33 2686.202
2/28/90 10000 735 4622 14622 2665 15397 11218 26615 5937 32552.86 2994.743
2/28/91 10000 766 5388 15388 2164 16388 14409 30797 7211 38008.03 3285.050
2/29/92 10000 502 5890 15890 1528 18739 18212 36951 8813 45764.34 3459.134
2/28/93 10000 523 6413 16413 1116 19150 19781 38931 9553 48484.49 3586.131
2/28/94 10000 446 6859 16859 6766 18385 25951 44336 9630 53966.22 4157.644
2/28/95 10000 558 7417 17417 4032 17394 28723 46117 9688 55805.18 4544.396
TOTAL $ 25278
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/82 10000.00 6.25 5.75 % 1600.000 5.890 9424
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/83 10000 272 272 10272 144 12976 210 13186 395 13581.70 1674.686
2/29/84 10000 352 624 10624 0 12784 207 12991 739 13730.23 1718.427
2/28/85 10000 430 1054 11054 189 14176 450 14626 1322 15948.37 1800.042
2/28/86 10000 342 1396 11396 432 16560 1073 17633 1977 19610.99 1894.782
2/28/87 10000 360 1756 11756 2465 18752 4142 22894 2667 25561.64 2181.027
2/29/88 10000 667 2423 12423 1538 16592 5165 21757 3002 24759.92 2387.649
2/28/89 10000 700 3123 13123 944 17008 6311 23319 3825 27144.56 2553.580
2/28/90 10000 699 3822 13822 2534 17392 8953 26345 4600 30945.66 2846.887
2/28/91 10000 727 4549 14549 2057 18512 11876 30388 5743 36131.48 3122.859
2/29/92 10000 477 5026 15026 1453 21168 15230 36398 7106 43504.84 3288.348
2/28/93 10000 498 5524 15524 1061 21632 16676 38308 7782 46090.69 3409.075
2/28/94 10000 423 5947 15947 6432 20768 22626 43394 7907 51301.80 3952.373
2/28/95 10000 531 6478 16478 3833 19648 25372 45020 8029 53049.98 4320.031
TOTAL $ 23082
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/83 10000.00 8.60 5.75 % 1162.791 8.110 9430
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/29/84 10000 244 244 10244 0 9291 0 9291 242 9533.37 1193.163
2/28/85 10000 298 542 10542 131 10302 153 10455 618 11073.49 1249.830
2/28/86 10000 237 779 10779 300 12035 559 12594 1022 13616.57 1315.611
2/28/87 10000 250 1029 11029 1712 13628 2666 16294 1454 17748.31 1514.361
2/29/88 10000 463 1492 11492 1068 12058 3400 15458 1733 17191.65 1657.825
2/28/89 10000 486 1978 11978 655 12360 4191 16551 2296 18847.38 1773.037
2/28/90 10000 485 2463 12463 1759 12640 6021 18661 2825 21486.61 1976.689
2/28/91 10000 505 2968 12968 1429 13453 8038 21491 3596 25087.32 2168.308
2/29/92 10000 331 3299 13299 1009 15384 10337 25721 4485 30206.89 2283.212
2/28/93 10000 345 3644 13644 736 15721 11336 27057 4945 32002.33 2367.036
2/28/94 10000 294 3938 13938 4466 15093 15477 30570 5050 35620.57 2744.266
2/28/95 10000 368 4306 14306 2661 14279 17396 31675 5159 36834.38 2999.542
TOTAL $ 15926
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/84 10000.00 8.48 5.75 % 1179.245 7.990 9422
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/85 10000 295 295 10295 130 10448 152 10600 344 10944.32 1235.251
2/28/86 10000 235 530 10530 296 12205 553 12758 699 13457.73 1300.264
2/28/87 10000 247 777 10777 1692 13821 2635 16456 1085 17541.25 1496.694
2/29/88 10000 457 1234 11234 1056 12229 3360 15589 1402 16991.09 1638.485
2/28/89 10000 480 1714 11714 648 12535 4142 16677 1950 18627.51 1752.353
2/28/90 10000 480 2194 12194 1739 12818 5951 18769 2466 21235.96 1953.630
2/28/91 10000 500 2694 12694 1412 13644 7944 21588 3206 24794.65 2143.012
2/29/92 10000 327 3021 13021 997 15601 10217 25818 4036 29854.47 2256.574
2/28/93 10000 341 3362 13362 728 15943 11204 27147 4481 31628.97 2339.421
2/28/94 10000 291 3653 13653 4414 15307 15296 30603 4601 35204.98 2712.248
2/28/95 10000 364 4017 14017 2630 14481 17193 31674 4730 36404.62 2964.546
TOTAL $ 15742
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/85 10000.00 9.40 5.75 % 1063.830 8.860 9426
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/86 10000 202 202 10202 255 11011 323 11334 256 11590.16 1119.822
2/28/87 10000 213 415 10415 1457 12468 2096 14564 543 15107.01 1288.994
2/29/88 10000 394 809 10809 909 11032 2741 13773 860 14633.20 1411.109
2/28/89 10000 414 1223 11223 558 11309 3410 14719 1323 16042.54 1509.176
2/28/90 10000 412 1635 11635 1498 11564 4965 16529 1760 18289.03 1682.523
2/28/91 10000 430 2065 12065 1216 12309 6671 18980 2373 21353.89 1845.626
2/29/92 10000 281 2346 12346 859 14074 8604 22678 3033 25711.58 1943.430
2/28/93 10000 294 2640 12640 627 14383 9450 23833 3406 27239.84 2014.781
2/28/94 10000 251 2891 12891 3801 13809 12983 26792 3527 30319.63 2335.873
2/28/95 10000 314 3205 13205 2265 13064 14626 27690 3662 31352.82 2553.161
TOTAL $ 13445
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/86 10000.00 10.98 5.75 % 910.747 10.350 9426
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/87 10000 173 173 10173 1185 10674 1407 12081 205 12286.47 1048.334
2/29/88 10000 321 494 10494 739 9444 1966 11410 491 11901.12 1147.649
2/28/89 10000 337 831 10831 454 9681 2504 12185 862 13047.33 1227.406
2/28/90 10000 336 1167 11167 1218 9900 3762 13662 1212 14874.37 1368.387
2/28/91 10000 349 1516 11516 989 10537 5132 15669 1698 17367.01 1501.038
2/29/92 10000 229 1745 11745 698 12049 6661 18710 2201 20911.09 1580.581
2/28/93 10000 239 1984 11984 510 12313 7342 19655 2499 22154.01 1638.610
2/28/94 10000 204 2188 12188 3091 11821 10229 22050 2608 24658.78 1899.752
2/28/95 10000 255 2443 12443 1842 11184 11583 22767 2732 25499.06 2076.471
TOTAL $ 10726
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/87 10000.00 12.44 5.75 % 803.859 11.720 9421
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/29/88 10000 246 246 10246 567 8336 553 8889 236 9125.76 880.015
2/28/89 10000 258 504 10504 348 8545 941 9486 518 10004.66 941.172
2/28/90 10000 257 761 10761 934 8738 1884 10622 783 11405.63 1049.276
2/28/91 10000 268 1029 11029 758 9301 2870 12171 1145 13316.98 1150.992
2/29/92 10000 176 1205 11205 535 10635 3890 14525 1509 16034.57 1211.986
2/28/93 10000 183 1388 11388 391 10868 4385 15253 1734 16987.65 1256.483
2/28/94 10000 156 1544 11544 2371 10434 6648 17082 1826 18908.29 1456.725
2/28/95 10000 196 1740 11740 1413 9871 7752 17623 1929 19552.61 1592.232
TOTAL $ 7317
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/88 10000.00 11.00 5.75 % 909.091 10.370 9427
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/89 10000 267 267 10267 359 9664 387 10051 284 10335.24 972.271
2/28/90 10000 266 533 10533 965 9882 1348 11230 552 11782.50 1083.947
2/28/91 10000 277 810 10810 783 10518 2328 12846 911 13757.01 1189.024
2/29/92 10000 182 992 10992 553 12027 3290 15317 1247 16564.41 1252.034
2/28/93 10000 189 1181 11181 404 12291 3786 16077 1471 17548.96 1298.000
2/28/94 10000 162 1343 11343 2449 11800 6154 17954 1579 19533.08 1504.860
2/28/95 10000 202 1545 11545 1459 11164 7332 18496 1702 20198.70 1644.845
TOTAL $ 6972
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/89 10000.00 11.28 5.75 % 886.525 10.630 9424
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/90 10000 243 243 10243 880 9637 868 10505 238 10743.40 988.353
2/28/91 10000 252 495 10495 714 10257 1738 11995 548 12543.75 1084.162
2/29/92 10000 166 661 10661 504 11729 2561 14290 813 15103.57 1141.615
2/28/93 10000 173 834 10834 368 11986 3003 14989 1012 16001.29 1183.527
2/28/94 10000 147 981 10981 2233 11507 5180 16687 1123 17810.42 1372.143
2/28/95 10000 185 1166 11166 1331 10887 6277 17164 1253 18417.32 1499.782
TOTAL $ 6030
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/90 10000.00 11.53 5.75 % 867.303 10.870 9428
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/91 10000 221 221 10221 627 10035 715 10750 257 11007.47 951.380
2/29/92 10000 146 367 10367 443 11474 1320 12794 459 13253.76 1001.796
2/28/93 10000 152 519 10519 323 11726 1688 13414 627 14041.55 1038.576
2/28/94 10000 129 648 10648 1959 11258 3636 14894 735 15629.10 1204.091
2/28/95 10000 161 809 10809 1168 10650 4648 15298 863 16161.67 1316.097
TOTAL $ 4520
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/91 10000.00 12.28 5.75 % 814.332 11.570 9422
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/29/92 10000 124 124 10124 379 10774 430 11204 140 11344.53 857.485
2/28/93 10000 130 254 10254 277 11010 730 11740 278 12018.85 888.968
2/28/94 10000 110 364 10364 1677 10570 2426 12996 381 13377.72 1030.641
2/28/95 10000 139 503 10503 1000 10000 3329 13329 504 13833.59 1126.514
TOTAL $ 3333
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/92 10000.00 14.04 5.75 % 712.251 13.230 9423
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/93 10000 107 107 10107 230 9630 241 9871 112 9983.18 738.401
2/28/94 10000 92 199 10199 1393 9245 1664 10909 202 11111.89 856.078
2/28/95 10000 115 314 10314 830 8746 2433 11179 311 11490.54 935.712
TOTAL $ 2453
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/93 10000.00 14.34 5.75 % 697.350 13.520 9428
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/94 10000 87 87 10087 1316 9052 1353 10405 89 10494.14 808.485
2/28/95 10000 108 195 10195 784 8563 2092 10655 196 10851.73 883.691
TOTAL $ 2100
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/94 10000.00 13.77 5.75 % 726.216 12.980 9426
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/95 10000 97 97 10097 704 8918 729 9647 100 9747.50 793.770
TOTAL $ 704
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/95 10000.00 13.03 5.75 % 767.460 12.280 9424
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/95 10000 0 0 10000 0 9424 0 9424 0 9424.41 767.460
TOTAL $ 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/85 10000.00 9.40 5.75 % 1063.830 8.860 9426
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/86 10000 202 202 10202 255 11011 323 11334 256 11590.16 1119.822
2/28/87 10000 213 415 10415 1457 12468 2096 14564 543 15107.01 1288.994
2/29/88 10000 394 809 10809 909 11032 2741 13773 860 14633.20 1411.109
2/28/89 10000 414 1223 11223 558 11309 3410 14719 1323 16042.54 1509.176
2/28/90 10000 412 1635 11635 1498 11564 4965 16529 1760 18289.03 1682.523
2/28/91 10000 430 2065 12065 1216 12309 6671 18980 2373 21353.89 1845.626
2/29/92 10000 281 2346 12346 859 14074 8604 22678 3033 25711.58 1943.430
2/28/93 10000 294 2640 12640 627 14383 9450 23833 3406 27239.84 2014.781
2/28/94 10000 251 2891 12891 3801 13809 12983 26792 3527 30319.63 2335.873
2/28/95 10000 314 3205 13205 2265 13064 14626 27690 3662 31352.82 2553.161
TOTAL $ 13445
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DOW JONES INDUSTRIAL AVERAGE
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/85 10000.00 1284.01 0.00 % 7.788 1284.010 10000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/86 10000 493 493 10493 0 13310 0 13310 622 13932.26 8.152
2/28/87 10000 553 1046 11046 0 17321 0 17321 1473 18794.94 8.451
2/29/88 10000 609 1655 11655 0 16134 0 16134 1940 18074.88 8.725
2/28/89 10000 705 2360 12360 0 17589 0 17589 2885 20474.56 9.066
2/28/90 10000 949 3309 13309 0 20461 0 20461 4337 24798.61 9.439
2/28/91 10000 994 4303 14303 0 22447 0 22447 5832 28279.95 9.812
2/29/92 10000 945 5248 15248 0 25449 0 25449 7655 33104.76 10.131
2/28/93 10000 1033 6281 16281 0 26252 0 26252 8949 35201.37 10.443
2/28/94 10000 1053 7334 17334 0 29844 0 29844 11308 41152.06 10.739
2/28/95 10000 1169 8503 18503 0 31238 0 31238 13068 44306.06 11.046
TOTAL $ 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STANDARD & POOR'S 500 COMPOSITE INDEX
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/85 10000.00 181.18 0.00 % 55.194 181.180 10000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/86 10000 443 443 10443 0 12525 0 12525 528 13053.12 57.523
2/28/87 10000 483 926 10926 0 15686 0 15686 1224 16910.75 59.503
2/29/88 10000 530 1456 11456 0 14782 0 14782 1663 16445.22 61.404
2/28/89 10000 606 2062 12062 0 15943 0 15943 2451 18394.60 63.680
2/28/90 10000 713 2775 12775 0 18318 0 18318 3542 21860.27 65.866
2/28/91 10000 807 3582 13582 0 20260 0 20260 4805 25065.01 68.284
2/29/92 10000 844 4426 14426 0 22778 0 22778 6313 29091.64 70.491
2/28/93 10000 882 5308 15308 0 24472 0 24472 7717 32189.83 72.601
2/28/94 10000 924 6232 16232 0 25783 0 25783 9080 34863.13 74.631
2/28/95 10000 994 7226 17226 0 26901 0 26901 10520 37421.32 76.779
TOTAL $ 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMCAP FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/85 10000.00 9.40 5.75 % 1063.830 8.860 9426
DIVIDENDS TAKEN IN CASH -- CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/86 10000 202 202 10000 255 11011 323 11334 0 11334.09 1095.081
2/28/87 10000 208 410 10000 1412 12468 2043 14511 0 14511.15 1238.153
2/29/88 10000 376 786 10000 867 11032 2652 13684 0 13684.30 1319.605
2/28/89 10000 384 1170 10000 518 11309 3275 14584 0 14584.72 1372.034
2/28/90 10000 374 1544 10000 1358 11564 4689 16253 0 16253.86 1495.295
2/28/91 10000 381 1925 10000 1078 12309 6220 18529 0 18529.38 1601.502
2/29/92 10000 244 2169 10000 744 14074 7959 22033 0 22033.20 1665.397
2/28/93 10000 252 2421 10000 536 14383 8695 23078 0 23078.29 1706.974
2/28/94 10000 211 2632 10000 3213 13809 11652 25461 0 25461.84 1961.621
2/28/95 10000 262 2894 10000 1899 13064 12989 26053 0 26053.69 2121.636
TOTAL $ 11880
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AVERAGE FIXED INCOME ACCOUNT
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/85 10000.00 10.00 0.00 % 1000.000 10.000 10000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/86 10000 812 812 10812 0 10000 0 10000 810 10810.53 1081.053
2/28/87 10000 747 1559 11559 0 10000 0 10000 1557 11557.79 1155.779
2/29/88 10000 715 2274 12274 0 10000 0 10000 2271 12271.85 1227.185
2/28/89 10000 803 3077 13077 0 10000 0 10000 3075 13075.01 1307.501
2/28/90 10000 981 4058 14058 0 10000 0 10000 4055 14055.93 1405.593
2/28/91 10000 1012 5070 15070 0 10000 0 10000 5067 15067.46 1506.746
2/29/92 10000 919 5989 15989 0 10000 0 10000 5985 15985.76 1598.576
2/28/93 10000 661 6650 16650 0 10000 0 10000 6646 16646.38 1664.638
2/28/94 10000 530 7180 17180 0 10000 0 10000 7175 17175.26 1717.526
2/28/95 10000 546 7726 17726 0 10000 0 10000 7720 17720.95 1772.095
TOTAL $ 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AVERAGE FIXED INCOME ACCOUNT
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/84 10000.00 10.00 0.00 % 1000.000 10.000 10000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/85 10000 956 956 10956 0 10000 0 10000 956 10956.52 1095.652
2/28/86 10000 889 1845 11845 0 10000 0 10000 1844 11844.59 1184.459
2/28/87 10000 819 2664 12664 0 10000 0 10000 2663 12663.31 1266.331
2/29/88 10000 782 3446 13446 0 10000 0 10000 3445 13445.67 1344.567
2/28/89 10000 880 4326 14326 0 10000 0 10000 4325 14325.65 1432.565
2/28/90 10000 1074 5400 15400 0 10000 0 10000 5400 15400.39 1540.039
2/28/91 10000 1108 6508 16508 0 10000 0 10000 6508 16508.66 1650.866
2/29/92 10000 1006 7514 17514 0 10000 0 10000 7514 17514.78 1751.478
2/28/93 10000 724 8238 18238 0 10000 0 10000 8238 18238.59 1823.859
2/28/94 10000 579 8817 18817 0 10000 0 10000 8818 18818.06 1881.806
TOTAL $ 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AVERAGE FIXED INCOME ACCOUNT
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/83 10000.00 10.00 0.00 % 1000.000 10.000 10000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/29/84 10000 918 918 10918 0 10000 0 10000 918 10918.02 1091.802
2/28/85 10000 1044 1962 11962 0 10000 0 10000 1962 11962.34 1196.234
2/28/86 10000 970 2932 12932 0 10000 0 10000 2931 12931.93 1293.193
2/28/87 10000 894 3826 13826 0 10000 0 10000 3825 13825.81 1382.581
2/29/88 10000 854 4680 14680 0 10000 0 10000 4679 14679.99 1467.999
2/28/89 10000 961 5641 15641 0 10000 0 10000 5640 15640.76 1564.076
2/28/90 10000 1173 6814 16814 0 10000 0 10000 6814 16814.17 1681.417
2/28/91 10000 1210 8024 18024 0 10000 0 10000 8024 18024.19 1802.419
2/29/92 10000 1100 9124 19124 0 10000 0 10000 9122 19122.67 1912.267
2/28/93 10000 792 9916 19916 0 10000 0 10000 9912 19912.91 1991.291
TOTAL $ 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AVERAGE FIXED INCOME ACCOUNT
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/82 10000.00 10.00 0.00 % 1000.000 10.000 10000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/83 10000 1086 1086 11086 0 10000 0 10000 1085 11085.58 1108.558
2/29/84 10000 1018 2104 12104 0 10000 0 10000 2103 12103.25 1210.325
2/28/85 10000 1158 3262 13262 0 10000 0 10000 3260 13260.94 1326.094
2/28/86 10000 1075 4337 14337 0 10000 0 10000 4335 14335.78 1433.578
2/28/87 10000 992 5329 15329 0 10000 0 10000 5326 15326.72 1532.672
2/29/88 10000 946 6275 16275 0 10000 0 10000 6273 16273.64 1627.364
2/28/89 10000 1065 7340 17340 0 10000 0 10000 7338 17338.70 1733.870
2/28/90 10000 1300 8640 18640 0 10000 0 10000 8639 18639.50 1863.950
2/28/91 10000 1341 9981 19981 0 10000 0 10000 9980 19980.88 1998.088
2/28/92 10000 1218 11199 21199 0 10000 0 10000 11198 21198.62 2119.862
TOTAL $ 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AVERAGE FIXED INCOME ACCOUNT
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/81 10000.00 10.00 0.00 % 1000.000 10.000 10000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/82 10000 1098 1098 11098 0 10000 0 10000 1098 11098.56 1109.856
2/28/83 10000 1205 2303 12303 0 10000 0 10000 2303 12303.40 1230.340
2/29/84 10000 1129 3432 13432 0 10000 0 10000 3432 13432.87 1343.287
2/28/85 10000 1284 4716 14716 0 10000 0 10000 4717 14717.74 1471.774
2/28/86 10000 1193 5909 15909 0 10000 0 10000 5910 15910.66 1591.066
2/28/87 10000 1100 7009 17009 0 10000 0 10000 7010 17010.45 1701.045
2/29/88 10000 1052 8061 18061 0 10000 0 10000 8061 18061.39 1806.139
2/28/89 10000 1183 9244 19244 0 10000 0 10000 9243 19243.46 1924.346
2/28/90 10000 1444 10688 20688 0 10000 0 10000 10687 20687.15 2068.715
2/28/91 10000 1489 12177 22177 0 10000 0 10000 12175 22175.89 2217.589
TOTAL $ 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AVERAGE FIXED INCOME ACCOUNT
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/80 10000.00 10.00 0.00 % 1000.000 10.000 10000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/81 10000 891 891 10891 0 10000 0 10000 891 10891.33 1089.133
2/28/82 10000 1197 2088 12088 0 10000 0 10000 2087 12087.80 1208.780
2/28/83 10000 1312 3400 13400 0 10000 0 10000 3400 13400.05 1340.005
2/29/84 10000 1230 4630 14630 0 10000 0 10000 4630 14630.20 1463.020
2/28/85 10000 1400 6030 16030 0 10000 0 10000 6029 16029.59 1602.959
2/28/86 10000 1299 7329 17329 0 10000 0 10000 7328 17328.84 1732.884
2/28/87 10000 1198 8527 18527 0 10000 0 10000 8526 18526.65 1852.665
2/29/88 10000 1145 9672 19672 0 10000 0 10000 9671 19671.26 1967.126
2/28/89 10000 1287 10959 20959 0 10000 0 10000 10958 20958.70 2095.870
2/28/90 10000 1573 12532 22532 0 10000 0 10000 12531 22531.08 2253.108
TOTAL $ 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AVERAGE FIXED INCOME ACCOUNT
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/79 10000.00 10.00 0.00 % 1000.000 10.000 10000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/29/80 10000 743 743 10743 0 10000 0 10000 742 10742.84 1074.284
2/28/81 10000 958 1701 11701 0 10000 0 10000 1700 11700.39 1170.039
2/28/82 10000 1285 2986 12986 0 10000 0 10000 2985 12985.74 1298.574
2/28/83 10000 1410 4396 14396 0 10000 0 10000 4395 14395.45 1439.545
2/29/84 10000 1322 5718 15718 0 10000 0 10000 5716 15716.97 1571.697
2/28/85 10000 1503 7221 17221 0 10000 0 10000 7220 17220.32 1722.032
2/28/86 10000 1395 8616 18616 0 10000 0 10000 8616 18616.08 1861.608
2/28/87 10000 1287 9903 19903 0 10000 0 10000 9902 19902.88 1990.288
2/29/88 10000 1230 11133 21133 0 10000 0 10000 11132 21132.51 2113.251
2/28/89 10000 1383 12516 22516 0 10000 0 10000 12515 22515.57 2251.557
TOTAL $ 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AVERAGE FIXED INCOME ACCOUNT
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/78 10000.00 10.00 0.00 % 1000.000 10.000 10000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/79 10000 642 642 10642 0 10000 0 10000 641 10641.90 1064.190
2/29/80 10000 790 1432 11432 0 10000 0 10000 1432 11432.42 1143.242
2/28/81 10000 1019 2451 12451 0 10000 0 10000 2451 12451.43 1245.143
2/28/82 10000 1367 3818 13818 0 10000 0 10000 3819 13819.30 1381.930
2/28/83 10000 1501 5319 15319 0 10000 0 10000 5319 15319.51 1531.951
2/29/84 10000 1406 6725 16725 0 10000 0 10000 6725 16725.85 1672.585
2/28/85 10000 1599 8324 18324 0 10000 0 10000 8325 18325.70 1832.570
2/28/86 10000 1486 9810 19810 0 10000 0 10000 9811 19811.06 1981.106
2/28/87 10000 1369 11179 21179 0 10000 0 10000 11180 21180.46 2118.046
2/28/88 10000 1310 12489 22489 0 10000 0 10000 12489 22489.02 2248.902
TOTAL $ 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AVERAGE FIXED INCOME ACCOUNT
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/77 10000.00 10.00 0.00 % 1000.000 10.000 10000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/78 10000 613 613 10613 0 10000 0 10000 612 10612.59 1061.259
2/28/79 10000 681 1294 11294 0 10000 0 10000 1293 11293.81 1129.381
2/29/80 10000 839 2133 12133 0 10000 0 10000 2132 12132.77 1213.277
2/28/81 10000 1081 3214 13214 0 10000 0 10000 3214 13214.20 1321.420
2/28/82 10000 1452 4666 14666 0 10000 0 10000 4665 14665.85 1466.585
2/28/83 10000 1593 6259 16259 0 10000 0 10000 6257 16257.96 1625.796
2/29/84 10000 1493 7752 17752 0 10000 0 10000 7750 17750.46 1775.046
2/28/85 10000 1698 9450 19450 0 10000 0 10000 9448 19448.32 1944.832
2/28/86 10000 1577 11027 21027 0 10000 0 10000 11024 21024.67 2102.467
2/28/87 10000 1452 12479 22479 0 10000 0 10000 12477 22477.97 2247.797
TOTAL $ 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AVERAGE FIXED INCOME ACCOUNT
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/76 10000.00 10.00 0.00 % 1000.000 10.000 10000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/77 10000 610 610 10610 0 10000 0 10000 610 10610.50 1061.050
2/28/78 10000 650 1260 11260 0 10000 0 10000 1260 11260.49 1126.049
2/28/79 10000 723 1983 11983 0 10000 0 10000 1983 11983.30 1198.330
2/29/80 10000 892 2875 12875 0 10000 0 10000 2873 12873.47 1287.347
2/28/81 10000 1148 4023 14023 0 10000 0 10000 4020 14020.93 1402.093
2/28/82 10000 1540 5563 15563 0 10000 0 10000 5561 15561.20 1556.120
2/28/83 10000 1690 7253 17253 0 10000 0 10000 7250 17250.52 1725.052
2/29/84 10000 1583 8836 18836 0 10000 0 10000 8834 18834.13 1883.413
2/28/85 10000 1801 10637 20637 0 10000 0 10000 10635 20635.64 2063.564
2/28/86 10000 1672 12309 22309 0 10000 0 10000 12308 22308.23 2230.823
TOTAL $ 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AVERAGE FIXED INCOME ACCOUNT
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/75 10000.00 10.00 0.00 % 1000.000 10.000 10000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/29/76 10000 617 617 10617 0 10000 0 10000 616 10616.77 1061.677
2/28/77 10000 648 1265 11265 0 10000 0 10000 1264 11264.93 1126.493
2/28/78 10000 690 1955 11955 0 10000 0 10000 1955 11955.00 1195.500
2/28/79 10000 766 2721 12721 0 10000 0 10000 2722 12722.39 1272.239
2/29/80 10000 945 3666 13666 0 10000 0 10000 3667 13667.46 1366.746
2/28/81 10000 1218 4884 14884 0 10000 0 10000 4885 14885.70 1488.570
2/28/82 10000 1635 6519 16519 0 10000 0 10000 6520 16520.99 1652.099
2/28/83 10000 1793 8312 18312 0 10000 0 10000 8314 18314.49 1831.449
2/29/84 10000 1682 9994 19994 0 10000 0 10000 9995 19995.78 1999.578
2/28/85 10000 1913 11907 21907 0 10000 0 10000 11908 21908.40 2190.840
TOTAL $ 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AVERAGE FIXED INCOME ACCOUNT
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/74 10000.00 10.00 0.00 % 1000.000 10.000 10000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/75 10000 637 637 10637 0 10000 0 10000 636 10636.66 1063.666
2/29/76 10000 656 1293 11293 0 10000 0 10000 1292 11292.70 1129.270
2/28/77 10000 690 1983 11983 0 10000 0 10000 1982 11982.11 1198.211
2/28/78 10000 734 2717 12717 0 10000 0 10000 2716 12716.12 1271.612
2/28/79 10000 816 3533 13533 0 10000 0 10000 3532 13532.37 1353.237
2/29/80 10000 1006 4539 14539 0 10000 0 10000 4537 14537.61 1453.761
2/28/81 10000 1295 5834 15834 0 10000 0 10000 5833 15833.40 1583.340
2/28/82 10000 1739 7573 17573 0 10000 0 10000 7572 17572.79 1757.279
2/28/83 10000 1909 9482 19482 0 10000 0 10000 9480 19480.47 1948.047
2/28/84 10000 1788 11270 21270 0 10000 0 10000 11268 21268.80 2126.880
TOTAL $ 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AVERAGE FIXED INCOME ACCOUNT
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/73 10000.00 10.00 0.00 % 1000.000 10.000 10000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/74 10000 568 568 10568 0 10000 0 10000 566 10566.67 1056.667
2/28/75 10000 672 1240 11240 0 10000 0 10000 1239 11239.41 1123.941
2/29/76 10000 693 1933 11933 0 10000 0 10000 1932 11932.62 1193.262
2/28/77 10000 728 2661 12661 0 10000 0 10000 2661 12661.10 1266.110
2/28/78 10000 775 3436 13436 0 10000 0 10000 3436 13436.71 1343.671
2/28/79 10000 863 4299 14299 0 10000 0 10000 4299 14299.21 1429.921
2/29/80 10000 1062 5361 15361 0 10000 0 10000 5361 15361.42 1536.142
2/28/81 10000 1369 6730 16730 0 10000 0 10000 6730 16730.63 1673.063
2/28/82 10000 1838 8568 18568 0 10000 0 10000 8568 18568.59 1856.859
2/28/83 10000 2016 10584 20584 0 10000 0 10000 10584 20584.38 2058.438
TOTAL $ 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AVERAGE FIXED INCOME ACCOUNT
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/72 10000.00 10.00 0.00 % 1000.000 10.000 10000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/73 10000 518 518 10518 0 10000 0 10000 517 10517.76 1051.776
2/28/74 10000 596 1114 11114 0 10000 0 10000 1113 11113.75 1111.375
2/28/75 10000 708 1822 11822 0 10000 0 10000 1821 11821.33 1182.133
2/29/76 10000 729 2551 12551 0 10000 0 10000 2550 12550.44 1255.044
2/28/77 10000 766 3317 13317 0 10000 0 10000 3316 13316.65 1331.665
2/28/78 10000 815 4132 14132 0 10000 0 10000 4132 14132.41 1413.241
2/28/79 10000 908 5040 15040 0 10000 0 10000 5039 15039.57 1503.957
2/29/80 10000 1118 6158 16158 0 10000 0 10000 6156 16156.77 1615.677
2/28/81 10000 1441 7599 17599 0 10000 0 10000 7596 17596.87 1759.687
2/28/82 10000 1933 9532 19532 0 10000 0 10000 9529 19529.99 1952.999
TOTAL $ 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AVERAGE FIXED INCOME ACCOUNT
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/71 10000.00 10.00 0.00 % 1000.000 10.000 10000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/29/72 10000 517 517 10517 0 10000 0 10000 516 10516.72 1051.672
2/28/73 10000 545 1062 11062 0 10000 0 10000 1061 11061.24 1106.124
2/28/74 10000 627 1689 11689 0 10000 0 10000 1688 11688.02 1168.802
2/28/75 10000 744 2433 12433 0 10000 0 10000 2432 12432.14 1243.214
2/29/76 10000 766 3199 13199 0 10000 0 10000 3198 13198.92 1319.892
2/28/77 10000 806 4005 14005 0 10000 0 10000 4004 14004.71 1400.471
2/28/78 10000 858 4863 14863 0 10000 0 10000 4862 14862.62 1486.262
2/28/79 10000 954 5817 15817 0 10000 0 10000 5816 15816.64 1581.664
2/29/80 10000 1175 6992 16992 0 10000 0 10000 6991 16991.56 1699.156
2/28/81 10000 1516 8508 18508 0 10000 0 10000 8506 18506.07 1850.607
TOTAL $ 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AVERAGE FIXED INCOME ACCOUNT
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/70 10000.00 10.00 0.00 % 1000.000 10.000 10000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/71 10000 514 514 10514 0 10000 0 10000 513 10513.61 1051.361
2/29/72 10000 543 1057 11057 0 10000 0 10000 1056 11056.87 1105.687
2/28/73 10000 572 1629 11629 0 10000 0 10000 1629 11629.35 1162.935
2/28/74 10000 659 2288 12288 0 10000 0 10000 2288 12288.35 1228.835
2/28/75 10000 782 3070 13070 0 10000 0 10000 3070 13070.70 1307.070
2/29/76 10000 806 3876 13876 0 10000 0 10000 3876 13876.87 1387.687
2/28/77 10000 847 4723 14723 0 10000 0 10000 4724 14724.04 1472.404
2/28/78 10000 902 5625 15625 0 10000 0 10000 5626 15626.02 1562.602
2/28/79 10000 1004 6629 16629 0 10000 0 10000 6629 16629.06 1662.906
2/28/80 10000 1236 7865 17865 0 10000 0 10000 7864 17864.32 1786.432
TOTAL $ 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AVERAGE FIXED INCOME ACCOUNT
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/69 10000.00 10.00 0.00 % 1000.000 10.000 10000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/70 10000 495 495 10495 0 10000 0 10000 494 10494.93 1049.493
2/28/71 10000 539 1034 11034 0 10000 0 10000 1033 11033.96 1103.396
2/29/72 10000 570 1604 11604 0 10000 0 10000 1604 11604.11 1160.411
2/28/73 10000 600 2204 12204 0 10000 0 10000 2204 12204.92 1220.492
2/28/74 10000 691 2895 12895 0 10000 0 10000 2896 12896.52 1289.652
2/28/75 10000 822 3717 13717 0 10000 0 10000 3717 13717.59 1371.759
2/29/76 10000 846 4563 14563 0 10000 0 10000 4563 14563.65 1456.365
2/28/77 10000 889 5452 15452 0 10000 0 10000 5452 15452.76 1545.276
2/28/78 10000 946 6398 16398 0 10000 0 10000 6399 16399.39 1639.939
2/28/79 10000 1052 7450 17450 0 10000 0 10000 7452 17452.06 1745.206
TOTAL $ 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AVERAGE FIXED INCOME ACCOUNT
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
3/01/68 10000.00 10.00 0.00 % 1000.000 10.000 10000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28/69 10000 473 473 10473 0 10000 0 10000 473 10473.17 1047.317
2/28/70 10000 518 991 10991 0 10000 0 10000 991 10991.52 1099.152
2/28/71 10000 564 1555 11555 0 10000 0 10000 1556 11556.05 1155.605
2/29/72 10000 596 2151 12151 0 10000 0 10000 2153 12153.17 1215.317
2/28/73 10000 628 2779 12779 0 10000 0 10000 2782 12782.42 1278.242
2/28/74 10000 724 3503 13503 0 10000 0 10000 3506 13506.75 1350.675
2/28/75 10000 860 4363 14363 0 10000 0 10000 4366 14366.67 1436.667
2/29/76 10000 887 5250 15250 0 10000 0 10000 5252 15252.77 1525.277
2/28/77 10000 931 6181 16181 0 10000 0 10000 6183 16183.95 1618.395
2/28/78 10000 991 7172 17172 0 10000 0 10000 7175 17175.36 1717.536
TOTAL $ 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AVERAGE FIXED INCOME ACCOUNT
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/67 10000.00 10.00 0.00 % 1000.000 10.000 10000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/29/68 10000 345 345 10345 0 10000 0 10000 345 10345.14 1034.514
2/28/69 10000 490 835 10835 0 10000 0 10000 834 10834.64 1083.464
2/28/70 10000 537 1372 11372 0 10000 0 10000 1370 11370.88 1137.088
2/28/71 10000 584 1956 11956 0 10000 0 10000 1954 11954.90 1195.490
2/29/72 10000 617 2573 12573 0 10000 0 10000 2572 12572.63 1257.263
2/28/73 10000 652 3225 13225 0 10000 0 10000 3223 13223.58 1322.358
2/28/74 10000 749 3974 13974 0 10000 0 10000 3972 13972.90 1397.290
2/28/75 10000 890 4864 14864 0 10000 0 10000 4862 14862.50 1486.250
2/29/76 10000 916 5780 15780 0 10000 0 10000 5779 15779.18 1577.918
2/28/77 10000 964 6744 16744 0 10000 0 10000 6742 16742.50 1674.250
TOTAL $ 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1995
<PERIOD-START> MAR-1-1994
<PERIOD-END> FEB-28-1995
<INVESTMENTS-AT-COST> 2,180,910
<INVESTMENTS-AT-VALUE> 2,962,876
<RECEIVABLES> 23,527
<ASSETS-OTHER> 126
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,986,529
<PAYABLE-FOR-SECURITIES> 10,877
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,537
<TOTAL-LIABILITIES> 16,414
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,898,360
<SHARES-COMMON-STOCK> 241,866,998
<SHARES-COMMON-PRIOR> 235,918,702
<ACCUMULATED-NII-CURRENT> 7,659
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 40,263
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 781,966
<NET-ASSETS> 2,970,115
<DIVIDEND-INCOME> 28,733
<INTEREST-INCOME> 25,837
<OTHER-INCOME> 0
<EXPENSES-NET> 20,786
<NET-INVESTMENT-INCOME> 33,784
<REALIZED-GAINS-CURRENT> 131,656
<APPREC-INCREASE-CURRENT> (72,698)
<NET-CHANGE-FROM-OPS> 92,742
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 30,685
<DISTRIBUTIONS-OF-GAINS> 222,989
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 35,758,474
<NUMBER-OF-SHARES-REDEEMED> 49,806,739
<SHARES-REINVESTED> 19,996,561
<NET-CHANGE-IN-ASSETS> (93,243)
<ACCUMULATED-NII-PRIOR> 4,560
<ACCUMULATED-GAINS-PRIOR> 131,596
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,954
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 20,786
<AVERAGE-NET-ASSETS> 2,922,955
<PER-SHARE-NAV-BEGIN> 12.98
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> .24
<PER-SHARE-DIVIDEND> .13
<PER-SHARE-DISTRIBUTIONS> .95
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.28
<EXPENSE-RATIO> .007
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
