SEC. File Nos. 2- 26516
811-1435
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
Registration Statement
Under
the Securities Act of 1933
Post-Effective Amendment No. 61
and
Registration Statement
Under
The Investment Company Act of 1940
Amendment No. 30
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:
Robert E. Carlson, Esq.
PAUL, HASTINGS, JANOFSKY & WALKER LLP
555 S. Flower Street
Los Angeles, CA 90071-2371
(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 22, 1997, it filed its 24f-2 notice for fiscal 1997.
Approximate date of proposed public offering:
It is proposed that this filing become effective on May 1, 1997, pursuant
to paragraph (a) of rule 485.
<PAGE>
THE PROSPECTUS, STATEMENT OF ADDITIONAL INFORMATION, AND PART C (OTHER
INFORMATION) IS INCLUDED IN THE POST-EFFECTIVE AMENDMENT NO. 60,
UNDER THE SECURITIES ACT OF 1933, AND AMENDMENT NO. 29, UNDER THE
INVESTMENT COMPANY ACT OF 1940, FILED ELECTRONICALLY ON APRIL 23, 1997,
AND IS INCORPROATED BY REFERENCE WITH THIS FILING.
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AMCAP Fund Investment Portfolio
February 28, 1997
- -------------------------------------------------------------------------------------------------------
Largest Industry Holdings
Business & Public Services 13.22%
Broadcasting & Publishing 9.09
Financial Services 8.40
Health & Personal Care 6.64
Data Processing & Reproduction 6.00
Other Industries 40.49
Cash & Equivalents 16.16
- -------------------------------------------------------------------------------------------------------
Largest Equity-Type Holdings
Walt Disney 4.12%
Philip Morris 3.67
Medtronic 3.66
Federal National Mortgage 3.64
Time Warner 3.46
Comcast 2.22
PacifiCare Health Systems 2.20
Gillette 2.19
Intel 2.01
Student Loan Marketing 1.95
- -------------------------------------------------------------------------------------------------------
Shares or Market Value Percent of
Principal (000) Net Assets
EQUITY-TYPE SECURITIES Amount
- -------------------------------------------------------------------------------------------------------
Business & Public Services - 13.22%
PacifiCare Health Systems, Inc., Class B/1/ 855000 $71,606
PacifiCare Health Systems, Inc., Class A/1/ 150000 12000 2.20%
United HealthCare Corp. 1290000 64339 1.69
CUC International Inc./1/ 1800000 42975
CUC International Inc., 3.00% convertible debentures 2002/2/ $6,000,000 6060 1.29
Federal Express Corp./1/ 940000 48410 1.27
Electronic Data Systems Corp. 1012800 45703 1.20
Avery Dennison Corp. 1000000 40375 1.06
Manpower Inc. 870200 32850 .86
Ceridian Corp./1/ 830000 32474 .85
American Management Systems, Inc./1/ 1150000 20125 .53
Interpublic Group of Companies, Inc. 400000 20050 .53
First Data Corp. 500000 18312 .48
WMX Technologies, Inc. 405000 12808 .34
Vivra Inc./1/ 400000 11900 .31
Humana Inc./1/ 600000 11775 .31
BDM International, Inc./1/ 200000 8400 .22
Value Health, Inc./1/ 131200 3149 .08
Broadcasting & Publishing - 9.09%
Time Warner Inc. 3216000 131,856 3.46
Comcast Corp., Class A special stock 4475000 79990
Comcast Corp., Class A 260000 4534 2.22
Viacom Inc., Class B/1/ 1962200 69167 1.82
Tele-Communications, Inc., Series A,
TCI Group/1/ 2079900 24699 .65
Tele-Communications, Inc., Series A,
Liberty Media Group/1/ 1167750 24523 .64
A. H. Belo Corp., Class A 300000 11325 .30
Financial Services - 8.40%
Federal National Mortgage Assn. 3460000 138400 3.64
Student Loan Marketing Assn. 700000 74112 1.95
Capital One Financial Corp. 1245000 49489 1.30
Federal Home Loan Mortgage Corp. 1374400 40888 1.07
ADVANTA Corp., Class B 213300 8559 .22
Associates First Capital Corp., Class A 175000 8444 .22
Health & Personal Care - 6.64%
Medtronic, Inc. 2150000 139213 3.66
Gillette Co. 1052500 83279 2.19
Pfizer Inc 330000 30236 .79
Data Processing & Reproduction - 6.00%
Oracle Corp./1/ 1817700 71345 1.87
Silicon Graphics, Inc./1/ 1750000 42219 1.11
Solectron Corp./1/ 630200 33322 .88
Intuit Inc./1/ 1039700 23523 .62
Sybase, Inc./1/ 1184200 19391 .51
International Business Machines Corp. 100000 14375 .38
Cisco Systems, Inc./1/ 200000 11125 .29
Sequent Computer Systems, Inc./1/ 560000 9625 .25
3Com Corp./1/ 100000 3311 .09
Leisure & Tourism - 5.80%
Walt Disney Co. 2112644 156864 4.12
Brinker International, Inc./1/ 2700000 32062 .84
Marriott International, Inc. 500000 26500 .70
Harrah's Entertainment, Inc./1/ 295000 5458 .14
Electronic Components - 5.61%
Intel Corp. 540000 76612 2.01
Texas Instruments Inc. 600000 46275 1.22
ADC Telecommunications, Inc./1/ 920000 24840 .65
Bay Networks, Inc./1/ 1300000 24700 .65
Analog Devices, Inc./1/ 825000 19181 .50
Linear Technology Corp. 275000 12513 .33
Seagate Technology/1/ 200000 9450 .25
Merchandising - 5.58%
AutoZone, Inc./1/ 1800000 44550 1.17
Viking Office Products, Inc./1/ 1850000 43706 1.15
Circuit City Stores, Inc. 1000000 31250 .82
Wal-Mart Stores, Inc. 950000 25056 .66
Cardinal Health, Inc., Class A 396393 24378 .64
Walgreen Co. 350000 14963 .39
Staples, Inc./1/ 625000 13516 .36
Intimate Brands, Inc., Class A 400000 7800 .20
Albertson's, Inc. 200000 7050 .19
Banking - 5.23%
Norwest Corp. 1400000 69650 1.83
Golden West Financial Corp. 900000 60975 1.60
Northern Trust Corp. 800000 34000 .89
Banc One Corp. 550000 24269 .64
SunTrust Banks, Inc. 200000 10275 .27
Beverages & Tobacco - 5.11%
Philip Morris Companies Inc. 1035000 139854 3.67
PepsiCo, Inc. 1200000 39450 1.04
Robert Mondavi Corp., Class A/1/ 366700 15035 .40
Telecommunications - 3.11%
Telephone and Data Systems, Inc. 1200000 48000 1.26
AirTouch Communications/1/ 1250000 34062 .89
MCI Communications Corp. 850000 30388 .80
AT&T Corp. 150000 5981 .16
Insurance - 1.07%
American International Group, Inc. 337500 40837 1.07
Transportation: Rail - 1.03%
Wisconsin Central Transportation Corp./1/ 1091700 39165 1.03
Machinery & Engineering - 0.90%
Thermo Electron Corp./1/ 1000000 34125 .90
Transportation: Airlines - 0.77%
Southwest Airlines Co. 750250 17631 .46
AMR Corp./1/ 150000 11794 .31
Recreation & Other Consumer Products - 0.59%
Broderbund Software, Inc./1/ 500000 14687 .39
Electronic Arts/1/ 250000 7813 .20
Electronic Instruments - 0.53%
Applied Materials, Inc./1/ 400000 20250 .53
Aerospace & Military Technology - 0.46%
General Motors Corp., Class H 300000 17700 .46
Food & Household Products - 0.41%
Colgate-Palmolive Co. 150000 15525 .41
Industrial Components - 0.29%
Danaher Corp. 252000 10899 .29
Chemicals - 0.23%
RPM, Inc. 500000 8812 .23
Construction & Housing - 0.10%
Jacobs Engineering Group Inc./1/ 150000 3862 .10
Electrical & Electronics - 0.07%
Lucent Technologies Inc. 48612 2619 .07
Miscellaneous
Other equity-type securites in initial period of
acquisition 136959 3.60
-------------------------
TOTAL EQUITY-TYPE SECURITIES (cost: $2,054,610,000) 3191602 83.84
Principal
Amount
SHORT-TERM SECURITIES (000)
- -------------------------------------------------------------------------------------------------------
Corporate Short-Term Notes - 13.59%
Lucent Technologies Inc. 5.27%-5.32% due 3/10-5/27/97 $69,000 68541 1.80
Sara Lee Corp. 5.30% due 3/26/97 60000 59769 1.57
Coca-Cola Co. 5.23%-5.28% due 4/2-4/7/97 56,900 56617 1.49
H.J. Heinz Co. 5.24%-5.33 due 3/4-4/3/97 49900 49746 1.31
Weyerhaeuser Co. 5.28%-5.30% due 3/3-4/10/97 45500 45437 1.19
Hershey Foods Corp. 5.28% due 3/13-3/21/97 44000 43911 1.15
National Rural Utilities Cooperative Finance Corp. 5.25%-
5.29% due 3/24-5/14/97 44100 43801 1.15
Warner-Lambert Co. 5.24%-5.30% due 3/5-6/13/97 40600 40263 1.06
Motorola Credit Corp. 5.23%-5.28% due 4/3-4/8/97 30925 30768 .81
IBM Credit Corp. 5.31% due 3/19-4/15/97 28900 28739 .75
BellSouth Telecommunications, Inc. 5.31% due 3/7/97 23,500 23476 .62
Ameritech Corp. 5.25%-5.30% due 3/4-4/18/97 17400 17368 .46
General Electric Capital Corp. 5.30% due 4/1/97 9000 8957 .23
Federal Agency Discount Notes - 2.64%
Federal Home Loan Bank 5.20% due 5/15/97 49000 48456 1.27
Federal National Mortgage Assn. 5.22%-5.34% due
3/13-5/13/97 33200 32918 .87
Federal Home Loan Mortgage Corp. 5.25%-5.26% due
3/12-3/27/97 19134 19065 .50
Certificates of Deposit - 0.42%
Morgan Guaranty Trust Co. of New York 5.40% due 4/28/97 16000 16001 .42
-------------------------
TOTAL SHORT-TERM SECURITIES (cost:
$633,874,000) 633833 16.65
-------------------------
TOTAL INVESTMENT SECURITIES (cost:
$2,688,484,000) 3825435 100.49
Excess of payables over cash and receivables 18617 .49
-------------------------
NET ASSETS $3,806,818 100.00%
======== ========
/1/ Non-income-producing securities.
/2/ Purchased in a private placement transaction; resale to the
public may require registration or sale only to qualified
institutional buyers.
See Notes to Financial Statements
The descriptions 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.
Equity-type securities appearing in the portfolio
since August 31,1996
- -----------------------------------------------------------------
Applied Materials
AutoZone
Intimate Brands
Lucent Technologies
Viking Office Products
Equity-type securities eliminated from the portfolio
since August 31, 1996
- -----------------------------------------------------------------
Amgen
AMP
AVX
Delta Air Lines
Digital Equipment
Duracell International
Informix
LIN Television
Loctite
Loewen Group
LSI Logic
Maxim Integrated Products
Motorola
Pitney Bowes
Promus Hotel
Tandem Computers
UST
</TABLE>
<TABLE>
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AMCAP FUND Financial Statements
- ------------------------------------------- -------- --------
Statement of Assets and Liabilities
at February 28, 1997 (dollars in thousands)
- ------------------------------------------- -------- --------
Assets:
Investment securities at market
(cost: $2,688,484) $3,825,435
Cash 246
Receivables for--
Sales of fund's shares $ 1,916
Dividends and accrued interest 2,059 3,975
-------- --------
3,829,656
Liabilities:
Payables for--
Purchases of investments 16,204
Repurchases of fund's shares 3,321
Management services 1,169
Accrued expenses 2,144 22,838
-------- --------
Net Assets at February 28, 1997--
Equivalent to $14.60 per share on
260,734,893 shares of $1 par value
capital stock outstanding (authorized
capital stock--300,000,000 shares) $3,806,818
==========
Statement of Operations for the year
ended February 28, 1997
-------- --------
Investment Income:
Income:
Dividends $ 29,858
Interest 25,351 $ 55,209
--------
Expenses:
Management services fee 14,491
Distribution expenses 6,849
Transfer agent fee 2,685
Reports to shareholders 179
Registration statement and prospectus 143
Postage, stationery and supplies 561
Directors' fees 111
Auditing and legal fees 58
Custodian fee 104
Taxes other than federal income tax 52
Other expenses 117 25,350
-------- --------
Net investment income 29,859
--------
Realized Gain and Unrealized
Depreciation on Investments:
Net realized gain 476,706
Net change in unrealized
appreciation on investments:
Beginning of year 1,230,693
End of year 1,136,951
--------
Net unrealized depreciation
on investments (93,742)
--------
Net realized gain and unrealized
depreciation on investments 382,964
--------
Net Increase in Net Assets Resulting
from Operations $412,823
==========
See Notes to Financial Statements
Statement of Changes in Net
Assets
- --------------------------------------------- -------- --------
Year ended February 28 or 29
1997 1996
Operations: -------- --------
Net investment income $ 29,859 $ 38,834
Net realized gain on investments 476,706 366,352
Net unrealized appreciation (depreciation)
on investments (93,742) 448,727
-------- --------
Net increase in net assets
resulting from operations 412,823 853,913
-------- --------
Dividends and Distributions
Paid to Shareholders:
Dividends from net investment income (30,602) (40,721)
Distributions from net realized
gain on investments (334,007) (284,911)
-------- --------
Total dividends and distributions (364,609) (325,632)
-------- --------
Capital Share Transactions:
Proceeds from shares sold:
31,306,396 and 36,019,892
shares, respectively 439,313 492,283
Proceeds from shares issued in
reinvestment of net investment income
dividends and distributions of net
realized gain on investments:
23,920,709 and 22,741,455 shares,
respectively 342,841 305,933
Cost of shares repurchased:
50,858,558 and 44,261,999
shares, respectively (716,380) (603,782)
-------- --------
Net increase in net assets
resulting from capital share transactions 65,774 194,434
-------- --------
Total Increase in Net Assets 113,988 722,715
Net Assets:
Beginning of year 3,692,830 2,970,115
-------- --------
End of year (including undistributed
net investment income of $5,029 and
$5,772, respectively) $3,806,818 $3,692,830
========== ==========
See Notes to Financial Statements
</TABLE>
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 fund
seeks long-term growth of capital by investing in growing, profitable
companies. The following paragraphs summarize the significant accounting
policies consistently followed by the fund in the preparation of its financial
statements:
Equity-type securities traded on a national securities exchange (or
reported on the NASDAQ national market) and securities traded in the
over-the-counter market are stated at the last reported sales price on the day
of valuation; other securities, and securities for which no sale was reported
on that date, are stated at the last quoted bid price. 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 by the Board of Directors or a committee thereof.
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. 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 $104,000 includes $24,000 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, 1997, net unrealized appreciation on investments for
book and federal income tax purposes aggregated $1,136,951,000, of which
$1,265,096,000 related to appreciated securities and $128,145,000 related to
depreciated securities. There was no difference between book and tax realized
gains on securities transactions for the year ended February 28, 1997. The cost
of portfolio securities for book and federal income tax purposes was
$2,688,484,000 at February 28, 1997.
3. The fee of $14,491,000 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, 1997,
distribution expenses under the Plan were $6,849,000. As of February 28, 1997,
accrued and unpaid distribution expenses were $1,858,000.
American Funds Service Company (AFS), the transfer agent for the fund, was
paid a fee of $2,685,000. American Funds Distributors, Inc. (AFD), the
principal underwriter of the fund's shares, received $638,000 (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,
1997, aggregate amounts deferred and earnings thereon were $275,000.
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, 1997, accumulated undistributed net realized gain on
investments was $264,403,000 and additional paid-in capital was $2,139,700,000.
The fund made purchases and sales of investment securities, excluding
short-term securities, of $772,063,000 and $1,220,237,000, respectively, during
the year ended February 28, 1997.
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AMCAP FUND
Per-Share Data and Ratios
- ----------------------------------------- ----- ----- ----- ----- -----
Year ended February 28 or 29
----- ----- ----- ----- -----
1997 1996 1995 1994 1993
----- ----- ----- ----- -----
Net Asset Value, Beginning
of Year $ 14.40 $ 12.28 $ 12.98 $ 13.52 $ 13.23
----- ----- ----- ----- -----
Income from Investment
Operations:
Net investment income .12 .16 .14 .12 .13
Net realized and unrealized
gain on investments 1.51 3.32 .24 1.28 .63
----- ----- ----- ----- -----
Total income from investment
operations 1.63 3.48 .38 1.40 .76
----- ----- ----- ----- -----
Less Distributions:
Dividends from net investment
income (.12) (.17) (.13) (.12) (.15)
Distributions from net realized
gains (1.31) (1.19) (.95) (1.82) (.32)
----- ----- ----- ----- -----
Total distributions (1.43) (1.36) (1.08) (1.94) (.47)
----- ----- ----- ----- -----
Net Asset Value, End of Year $ 14.60 $ 14.40 $ 12.28 $ 12.98 $ 13.52
======= ======= ======= ======= =======
Total Return/1/ 11.74% 29.29% 3.41% 11.31% 5.94%
Ratios/Supplemental Data:
Net assets, end of year (in
millions) $3,807 $3,693 $2,970 $3,063 $3,016
Ratio of expenses to average `
net assets .69% .71% .71% .72% .73%
Ratio of net income to
average net assets .81% 1.16% 1.16% .89% 1.02%
Average commissions paid
per share/2/ 5.05 cents 5.95 cents 5.95 cents 6.54 cents 7.28 cents
Portfolio turnover rate 24.14% 35.16% 17.92% 22.18% 14.72%
/1/Calculated without deducting a sales charge. The maximum sales charge is 5.75% of
the fund's offering price.
/2/ Brokerage commissions paid on portfolio transactions increase
the cost of securities purchased or reduce the proceeds of
securities sold, and are not separately reflected in the fund's
statement of operations. Shares traded on a principal basis
(without commission), such as fixed-income transactions, are excluded.
</TABLE>
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.(the "fund"), including the schedule of portfolio investments,
as of February 28, 1997, and the related statement 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 per-share data and ratios for each of the five
years in the period then ended. These financial statements and 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 the 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 include confirmation of securities owned
as of February 28, 1997 by correspondence with the custodian and brokers; where
replies were not received from brokers, we performed other procedures. 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 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, 1997, 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.
DELOITTE & TOUCHE LLP
Los Angeles, California
March 26, 1997
Tax Information (unaudited)
We are required to advise you within 60 days of the fund's fiscal year-end
regarding the federal tax status of distributions received by shareholders
during such fiscal year.
Corporate shareholders may exclude up to 70% of qualifying dividends received
during the year. For purposes of computing this exclusion, 33% of the dividends
paid by the fund from net investment income represent qualifying dividends.
Dividends and distributions received by retirement plans such as IRAs,
Keogh-type plans, and 403(b) plans need not be reported as taxable income.
However, many plan retirement trusts may need this information for their annual
information reporting.
CONSENT OF INDEPENDENT AUDITORS
AMCAP FUND, INC.
WE CONSENT TO (A) THE USE IN THIS POST-EFFECTIVE AMENDMENT NO. 61 TO
REGISTRATION STATEMENT NO. 2-26516 ON FORM N-1A OF OUR REPORT DATED MARCH 26,
1997 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 30, 1997
LOS ANGELES, CALIFORNIA
