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Previous: NCC INDUSTRIES INC, SC 13D, 1995-06-09 |
Next: NUCOR CORP, 424B3, 1995-06-09 |
NEW PERSPECTIVE FUND
SEMI-ANNUAL REPORT
for the six months ended March 31, 1995
[The American Funds Group(R)]
New Perspective Fund(R) seeks long-term growth of capital through investments
all over the world, including the United States.
NEW PERSPECTIVE FUND'S RETURN VERSUS OTHER FUNDS
(with distributions reinvested for periods ended 3/31/95)
- - ten years: 2nd out of 12 global equity funds (top 17%); 37th out of all 502
U.S. equity funds (top 8%)
- - five years: 4th out of 28 global equity funds (top 15%); 337th out of all
1,057 U.S. equity funds (top 32%)
- - one year: 6th out of 103 global equity funds (top 6%); 899th out of all 2,531
U.S. equity funds (top 36%)
Lipper rankings do not reflect the effect of sales charges.
Fund results in this report were computed without a sales charge unless
otherwise indicated. Here are the total returns and average annual compound
returns with all distributions reinvested for periods ended March 31, 1995,
assuming payment of the 5.75% maximum sales charge at the beginning of the
stated periods: 10 years: +312.97%, or +15.24% a year; 5 years: +61.51%, or
+10.06% a year; 12 months: +2.95%. Sales charges are lower for accounts of
$50,000 or more. Fund results through August 1988 do not reflect service and
distribution expenses now paid under its Plan of Distribution. Such expenses
may not exceed 0.25% of the fund's average net assets per year and currently
amount to approximately 0.21%.
The figures in this report reflect past results. Share price and return will
vary, so you may have a gain or loss of principal when you sell your shares.
Fund shares 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. All investments are subject
to certain risks. For example, those which include common stocks are affected
by fluctuating stock prices. Investments outside the U.S. (especially those in
developing countries) are subject to additional risks, including currency
fluctuations, political and social instability, differing securities
regulations and accounting standards, limited public information, possible
changes in taxation, and periods of illiquidity. Accordingly, investors should
maintain a long-term perspective.
FELLOW SHAREHOLDERS:
New Perspective Fund continued to show positive results in the first half of
fiscal 1995. For the six months ended March 31, the value of your investment in
the fund rose 4.1% if you reinvested the income dividend of 16 cents a share
and the 84-cents-a-share capital gain distribution, both of which were paid in
December.
Meanwhile, the unmanaged Morgan Stanley Capital International (MSCI) World
Index - which measures the world's major stock markets, including the U.S. -
rose 4.2% with dividends reinvested. Over the past 12 months, New Perspective
was up 9.2% with dividends reinvested versus 9.9% for the MSCI World Index.
The fund's latest results bring NPF's return since operations began in March
1973 to 1,848.0% with dividends reinvested, compared with 942.9% for the MSCI
World Index. The fund's lifetime gain works out to an average compound return
of 14.4% a year. This placed it second among the five global equity funds in
existence over this 22-year span, according to Lipper Analytical Services.
Tracked against all U.S. equity funds, NPF's lifetime rank is 36th out of 282.
As you can see from the box at left, New Perspective Fund has finished high in
the Lipper rankings over other periods as well.
THE SIX MONTHS IN REVIEW
In an otherwise lackluster environment for global investing, New Perspective
Fund benefited to an unusual degree from the strength of a number of the
world's major currencies against the U.S. dollar. During the semi-annual
period, 17 of the world's 22 major stock markets recorded declines in local
currency. In nine of those markets, losses became gains when results were
translated into U.S. dollars. Three other markets with gains in local currency
found those gains augmented when converted into dollars.
The market with the best results, measured in its own currency, was the United
States. Although New Perspective makes its investments company by company - not
country by country - the U.S. also was the fund's largest area of
concentration. Over the past six months, we continued to find attractive
investments among U.S. companies that stand to benefit from changing world
trade patterns. As of the end of March, 28.1% of the portfolio was invested in
the stocks of U.S.-based companies, the highest percentage in more than three
years.
NEW PERSPECTIVE FUND
<TABLE>
<CAPTION>
CHANGE IN VALUE, EXCLUDING INCOME
NEW PERSPECTIVE VERSUS THE SIX MONTHS LIFETIME OF THE FUND
WORLD'S MAJOR STOCK MARKETS/1/ (10/1/94 - 3/31/95) (3/13/73 - 3/31/95)
listed in order of size of Local Adjusted to Local Adjusted to
market capitalization currency U.S. $/1/ currency U.S. $/1/
<S> <C> <C> <C> <C>
United States
NYSE Composite Index 6.1% 342.1%
MSCI U.S. Index 8.6 296.5
Japan -15.9% -3.7 259.0% 976.5
United Kingdom 2.7 6.1 718.7 440.0
Germany -5.6 7.0 201.2 517.0
France -0.1 10.2 420.6 386.0
Switzerland -1.6 12.5 189.7 734.1
Netherlands -1.3 12.2 346.9 729.6
Canada 2.5 -2.0 225.8 132.0
Hong Kong -12.0 -12.1 419.6 242.4
Australia -3.6 -4.4 444.1 182.2
Malaysia -12.8 -11.7 N/A N/A
Italy -11.0 -18.2 602.5 133.9
Sweden 3.5 5.0 1,671.1 959.6
Spain -9.0 -7.1 45.0 -34.1
Singapore -7.6 -3.0 149.4 341.7
Belgium -2.6 10.7 207.1 317.6
Denmark -7.7 3.5 318.1 376.2
Finland -11.5 0.1 N/A N/A
Norway -4.0 6.3 354.8 337.1
New Zealand -3.3 5.0 N/A N/A
Austria -12.7 -1.0 139.6 400.1
Ireland 0.7 5.5 N/A N/A
MSCIWorld Index/3/ 3.0 381.2
NEW PERSPECTIVE FUND/4/ 3.3% 929.0%
</TABLE>
/1/ United States markets represented by both the New York Stock Exchange
Composite Index and the U.S. component of MSCI World Index; all other markets
computed by Capital International Perspective S.A. and included in MSCI World
Index. All indexes are unmanaged.
/2/ Figures adjusted to reflect foreign exchange fluctuations relative to the
U.S. dollar.
/3/ Includes the major stock markets throughout the world, weighted by size and
adjusted to reflect foreign exchange fluctuation relative to the U.S. dollar.
U.S. companies currently represent approximately 38% of the total index.
/4/ Change in net asset value per share after deducting undistributed net
income at the beginning and end of periods.
All figures exclude dividends.
Seven of the ten stocks in NPF's portfolio with the greatest price appreciation
over the six-month period were those of U.S.-based companies - many of them
technology-related issues such as Micron Technology (+120.3%), Adobe Systems
(+52.3%) and Intel (+37.8%). Overall, the fund's U.S. holdings were a factor in
helping it outpace most other global equity funds, many of which had large
investments in smaller, developing markets that fared poorly. During the fiscal
half, New Perspective's +4.1% return with dividends reinvested stands in marked
contrast to the 4.5% decline recorded by the Lipper Global Fund Index, which
tracks 30 global equity funds.
NEW PERSPECTIVE FUND
<TABLE>
<CAPTION>
WHERE NPF'S ASSETS
WERE INVESTED
(AS OF 3/31/95)
<S> <C>
ASIA/PACIFIC RIM 10.1%
Australia 4.0
Japan 2.2
Hong Kong 1.8
New Zealand 1.6
Singapore .5
EUROPE 32.9%
United Kingdom 7.4
Netherlands 5.5
France 4.4
Sweden 4.4
Germany 4.3
Switzerland 2.8
Spain 1.3
Finland 1.1
Denmark .7
Belgium .5
Italy .5
NORTH AMERICA 32.7%
United States 28.1
Canada 3.4
Mexico 1.2
OTHER STOCKS 3.0%
CASH AND EQUIVALENTS 21.3%
100.0%
</TABLE>
New Perspective was also helped by sizable investments in a number of other
markets that did relatively well when adjusted to the U.S. dollar. The fund's
second-largest area of concentration - the United Kingdom - was up 2.7% in
local currency and 6.1% measured in U.S. dollars. The fund's third- and
fourth-largest areas of concentration - the Netherlands and France - had
respective losses of 1.3% and 0.1% in their local currencies, but rose 12.2%
and 10.2% in U.S. dollars. The fund also benefited from its relatively small
position in Japan, which declined 15.9% in local currency and 3.7% in dollars
after accounting for the yen's sharp appreciation. (Results for individual
markets are with dividends in cash.) The fund's relatively low exposure to
Japan reflects our judgment that many stocks there remain overpriced, both on
an absolute basis and in relation to opportunities available elsewhere.
Mexico was one of the world's stock markets that declined sharply in both local
currency and U.S. dollars. Faced with social and political unrest, trade
imbalances and diminishing capital inflows, Mexico made the decision last
December to let the peso float freely, which precipitated a crisis of
confidence in its financial markets. New Perspective entered fiscal 1995 with
2.8% of its net assets invested in Mexican securities. By March 31, that was
down to 1.2%. The reduction stemmed partly from the sale of some of our Mexican
holdings, but it also reflected a drop in the market price of the stocks
remaining in the portfolio. Our largest Mexican investment is Tel<UNDEF>fonos
de M<UNDEF>xico, which fell 54.4% during the six-month period after rising
41.3% over the two previous fiscal years.
NEW PERSPECTIVE FUND
The devaluation and subsequent selloff in the Mexican market reverberated
through other Latin American nations as well as in developing countries
elsewhere. It served as a useful reminder that such investments entail
considerable risk. And it underscored the importance of maintaining both a
diversified portfolio and a long-term perspective.
We continue to believe that carefully researched and selected investments in
the common stocks of companies domiciled in developing countries can - within
reason and with moderation - contribute to NPF's long-term investment results.
As for Mexico, its government remains oriented toward free enterprise and free
trade and, despite some formidable challenges, we expect the situation to
stabilize over time.
THE EFFECTS OF CURRENCY FLUCTUATIONS
The latest six-month period illustrates that while the world's stock markets
can go in one direction, currencies can go in another. Over the short term, at
least, a strengthening in the value of foreign currencies works in New
Perspective's favor since it means that non-dollar-denominated assets are worth
more when converted to U.S. dollars. The longer term effects, however, can vary
dramatically depending on the nature of each company's business. For instance,
while the strength of the Japanese yen and German mark tends to make exporters
in those countries less competitive in world markets, it also makes it less
expensive for them to buy or build plants in countries with relatively weak
currencies. As we noted in our annual report, the multifaceted effects of
currency fluctuations make it particularly important for investors in the fund
to maintain a long-term perspective.
We look forward to reporting to you six months from now in our annual report.
Cordially,
Walter P. Stern
Chairman of the Board
Gina H. Despres
President
May 18, 1995
INVESTMENT PORTFOLIO
March 31, 1995
Unaudited
<TABLE>
<CAPTION>
Percent of
Ten Largest Stocks Net Assets
<S> <C>
- -------------------- ------------
ASEA/BBC Brown Boveri 2.09%
News Corp. 1.93
Caterpillar 1.45
Astra 1.33
Telecom Corp. of New Zealand 1.25
Mannesmann 1.18
Philip Morris 1.18
Intel 1.11
Anadarko Petroleum 1.05
Royal Dutch Petroleum 1.03
- ---------------------- --------------
Industry Diversification Percent of
Net Assets
- ---------------------- --------------
Telecommunications 7.35%
Broadcasting & Publishing 5.16%
Energy Sources 4.98%
Health & Personal Care 4.62%
Electronic Components 3.96%
Other Industries 52.25%
Bonds and Cash Equivalents 21.68%
</TABLE>
--------------------------------------------------
New Perspective Fund
Investment Portfolio,
March 31, 1995
Unaudited
<TABLE>
<CAPTION>
NUMBER OF
SHARES OR MARKET PERCENT
PRINCIPAL VALUE OF NET
EQUITY-TYPE SECURITIES AMOUNT (MILLIONS) ASSETS
- ----------------------------------------- ------------ ------------ ------------
<S> <C> <C> <C>
TELECOMMUNICATIONS- 7.35%
Telecom Corp. of New Zealand Ltd.
(New Zealand) 17,400,000 $65.774
Telecom Corp. of New Zealand Ltd. /1/ 6,220,000 23.512 1.25%
Telefonos de Mexico, SA de CV, Class L
(American Depositary Receipts) (Mexico) 2,434,530 69.384 .98
Vodafone Group PLC (American Depositary
Receipts)(United Kingdom) 1,980,000 65.588 .92
Tele Danmark AS, Class B (Denmark) 375,000 19.786
Tele Danmark AS, Class B (American
Depositary Receipts) /2/ 1,086,700 28.798 .68
Cable and Wireless PLC (United Kingdom) 6,302,730 39.694
Cable and Wireless PLC (American .61
Depositary Receipts) 200,000 3.775
AirTouch Communications (USA) /2/ 1,550,000 42.237 .59
AT&T Corp.(USA) 735,000 38.036 .53
Koninklijke PTT Nederlanden NV
(Netherlands) 869,500 30.744 .43
STET-Societa Finanziaria Telefonica p.a.,
ordinary shares (Italy) 5,890,000 15.116
STET-Societa Finanziaria Telefonica p.a., .41
nonconvertible savings shares 7,000,000 14.152
MCI Communications Corp. (USA) 1,225,000 25.113 .35
Telefonica de Espana, SA (Spain) 1,500,000 18.972
Telefonica de Espana, SA (American .31
Depositary Receipts) 76,000 2.850
Hong Kong Telecommunications Ltd. (Hong
Kong) 4,000,000 7.787
Hong Kong Telecommunications Ltd. .22
(American Depositary Receipts) 420,000 8.190
BCE INC. (CANADA) 150,000 4.641 .07
BROADCASTING & PUBLISHING- 5.16%
News Corp. Ltd. (Australia) 3,900,001 18.680
News Corp. Ltd. (American Depositary
Receipts) 3,991,600 76.339
NEWS CORP. LTD., PREFERRED SHARES 1,950,000 8.468 1.93
NEWS CORP. LTD., PREFERRED SHARES
(AMERICAN DEPOSITARY RECEIPTS) 1,995,800 34.428
Time Warner Inc. (USA) 1,772,000 66.893 .94
Turner Broadcasting System, Inc., Class
B (USA) 3,112,300 54.465 .76
Elsevier NV (Netherlands) 3,050,000 31.997 .45
Carlton Communications PLC (United
Kingdom) 1,956,000 29.039 .41
CANAL+ (France) 181,792 22.097 .31
Grupo Televisa, SA, Class L (American
Depositary Receipts) (Mexico) 825,000 13.716 .19
Wolters Kluwer NV (Netherlands) 160,161 12.311 .17
ENERGY SOURCES- 4.98%
Anadarko Petroleum Corp. (USA) 1,705,000 74.594 1.05
Royal Dutch Petroleum Co. (New York
Registered Shares) (Netherlands) 613,000 73.560 1.03
NOVA Corp. of Alberta (Canada) 4,500,000 39.839 .56
Repsol SA (Spain) 1,400,000 39.606 .56
TOTAL, Class B (France) 125,125 7.444
TOTAL, Class B (American Depositary .46
Receipts) 843,244 25.297
Phillips Petroleum Co. (USA) 750,000 27.469 .39
British Petroleum Co. PLC (American
Depositary Receipts) (United Kingdom) 306,395 25.699 .36
Amoco Corp. (USA) 275,000 17.497 .25
Broken Hill Proprietary Co. Ltd.
(Australia) 1,041,473 13.644 .19
Imperial Oil Ltd. (Canada) 250,000 8.906 .13
HEALTH & PERSONAL CARE- 4.62%
AB Astra, Class A (Sweden) 1,465,000 38.780
AB Astra, Class A (American Depositary
Receipts) /2/ 155,000 4.103 1.33
AB Astra, Class B 2,000,000 51.727
Teva Pharmaceutical Industries Ltd.
(American Depositary Receipts)(Israel) 1,600,000 48.200 .68
Glaxo Holdings PLC (United Kingdom) 563,264 6.438
Glaxo Holdings PLC (American Depositary .49
Receipts) 1,254,000 28.685
Sandoz Ltd. (Switzerland) 49,515 31.889 .45
Pfizer Inc (USA) 350,000 30.013 .42
Merck & Co., Inc. (USA) 630,000 26.854 .38
Genentech, Inc. (USA) /2/ 500,000 23.437 .33
ROBERTS PHARMACEUTICAL CORP. (USA) /2/ 450,000 12.263 .17
Bristol-Myers Squibb Co. (USA) 140,000 8.820 .12
Bausch & Lomb Inc. (USA) 225,000 8.044 .11
Abbott Laboratories (USA) 200,000 7.125 .10
Chiron Corp. (USA) /2/ 37,049 1.982 .03
BIOCHEM PHARMA INC. (CANADA) /2/ 50,000 .787 .01
MULTI-INDUSTRY- 4.47%
Nokia Corp. (Finland) 115,000 16.873
Nokia Corp., preferred shares 120,000 17.468
Nokia Corp., preferred shares (American .99
Depositary Receipts) 484,000 35.574
Lend Lease Corp. Ltd. (Australia) 3,864,553 47.112 .66
Hutchison Whampoa Ltd. (Hong Kong) 9,880,000 43.578 .61
Hanson PLC (United Kingdom) 3,544,585 13.371
Hanson PLC (American Depositary .58
Receipts) 1,480,000 27.935
B.A.T Industries PLC (United Kingdom) 5,193,666 37.418 .53
Groupe Bruxelles Lambert SA (Belgium) 182,000 22.291 .31
Pearson PLC (United Kingdom) 1,700,000 15.396 .22
Swire Pacific Ltd., Class A (Hong Kong) 1,930,000 13.168 .18
CITIC Pacific Ltd. (Hong Kong) 3,600,000 8.894 .12
Canadian Pacific Ltd. (Canada) 585,000 8.775 .12
Incentive AB, Class A (Sweden) 20,000 .729
Incentive AB, Class B 165,000 5.972 .09
Pacific Dunlop Ltd. (Australia) 2,000,000 4.372 .06
ELECTRONIC COMPONENTS- 3.96%
Intel Corp. (USA) 935,000 79.241 1.11
Micron Technology, Inc. (USA) 917,500 69.730 .98
Advanced Micro Devices, Inc. (USA) /2/ 1,450,000 49.119 .69
Motorola, Inc. (USA) 700,000 38.238 .54
Seagate Technology (USA) /2/ 844,500 23.540 .33
Analog Devices, Inc. (USA) /2/ 855,000 21.803 .31
BANKING- 3.88%
Westpac Banking Corp. (Australia) 14,326,389 51.386 .72
BankAmerica Corp. (USA) 800,000 38.600 .54
Citicorp (USA) 850,000 36.125 .51
Deutsche Bank AG (Germany) 75,141 35.391 .50
Republic New York Corp. (USA) 370,000 18.176 .26
Svenska Handelsbanken Group (Sweden) 1,400,000 16.450 .23
Banco de Santander, SA (American
Depositary Receipts)(Spain) 440,000 15.620 .22
ABN AMRO Holding NV (Netherlands) 418,240 15.330 .22
Sumitomo Bank, Ltd. (Japan) 315,000 6.710
Sumitomo Bank, Ltd., 3.125% convertible .14
debentures 2004 $4,700,000 3.784
J.P. Morgan & Co. Inc. (USA) 142,100 8.668 .12
ASAHI BANK LTD. (JAPAN) 550,000 6.459 .09
Swiss Bank Corp. (Switzerland) 19,268 6.340 .09
Banco Bilbao Vizcaya, SA (American
Depositary Receipts) (Spain) 250,000 6.313 .09
Istituto Mobiliare Italiano SpA
(American Depositary Receipts) (Italy) 400,000 6.300 .09
Bank of Montreal (Canada) 210,000 4.019 .06
MACHINERY & ENGINEERING- 3.72%
Caterpillar Inc. (USA) 1,860,000 103.463 1.45
Mannesmann AG (Germany) 327,375 84.158 1.18
Bombardier Inc., Class B (Canada) 2,700,000 52.153 .73
Deere & Co. (USA) 260,000 21.125 .30
Parker Hannifin Corp. (USA) 100,000 4.425 .06
AUTOMOBILES- 3.72%
Ford Motor Co., Class A (USA) 2,538,700 68.545 .96
Renault V.I. SA (France) 1,446,200 50.366 .71
Toyota Motor Corp. (Japan) 2,255,000 45.957 .65
Bayerische Motoren Werke AG (Germany) 70,909 35.377
Bayerische Motoren Werke AG, preferred .60
shares 20,318 7.441
Daimler-Benz AG (Germany) 64,031 28.905
Daimler-Benz AG (American Depositary .48
Receipts) 110,000 4.936
General Motors Corp. (USA) 230,000 10.178 .14
Suzuki Motor Corp. (Japan) 800,000 8.557 .12
Volkswagen AG, preferred shares (Germany) 22,600 4.482 .06
ELECTRICAL & ELECTRONICS- 3.34%
ASEA AB, Class A (Sweden) 115,000 8.993
ASEA AB, Class B 760,000 59.225
ASEA AB, Class B (American Depositary
Receipts) 450,000 34.819 2.09
BBC Brown Boveri Ltd, Class A
(Switzerland) 47,957 45.524
Telefonaktiebolaget LM Ericsson, Class B
(Sweden) 629,900 39.006 .81
Telefonaktiebolaget LM Ericsson, Class B
(American Depositary Receipts) 300,000 18.525
General Electric Co. (USA) 350,000 18.944 .27
Makita Corp. (Japan) 800,000 11.790 .17
BEVERAGES & TOBACCO- 3.09%
Philip Morris Companies Inc. (USA) 1,285,000 83.846 1.18
Heineken NV (Netherlands) 291,406 49.348 .69
Guinness PLC (United Kingdom) 3,700,000 27.937 .39
Lion Nathan Ltd. (New Zealand) 10,450,000 20.776 .29
PepsiCo, Inc. (USA) 500,000 19.500 .27
American Brands, Inc. (USA) 300,000 11.775 .17
Seagram Co. Ltd. (Canada) 220,000 6.985 .10
CHEMICALS- 3.01%
Praxair, Inc. (USA) 2,005,300 46.623 .66
Ciba-Geigy Ltd. (Switzerland) 69,000 45.838 .64
SHERWIN-WILLIAMS CO. (USA) 616,000 20.867 .29
Valspar Corp. (USA) 530,000 19.676 .28
Bayer AG (Germany) 65,000 15.922 .22
E.I. du Pont de Nemours and Co. (USA) 240,000 14.520 .20
L'Air Liquide (France) 88,000 14.420 .20
BASF AG (GERMANY) 50,000 10.073 .14
ENGELHARD CORP. (USA) 275,400 8.159 .12
Solvay SA (Belgium) 16,600 8.130 .11
Sumitomo Chemical Co., Ltd. (Japan) 1,365,000 7.230 .10
Rhone-Poulenc SA (American Depositary
Receipts) (France) 150,000 3.525 .05
INSURANCE- 2.44%
Internationale Nederlanden Groep NV
(Netherlands) 1,211,766 59.717 .84
American International Group, Inc. (USA) 404,375 42.156 .59
Munchener Ruckversicherungs-Gesellschaft
(Germany) 3,000 4.873
Munchener Ruckversicherungs-Gesellschaft, .48
registered shares 15,967 28.889
CK AG Colonia Konzern AG (Germany) 22,170 15.756
CK AG Colonia Konzern AG, preferred shares 1,694 .792 .23
Yasuda Fire and Marine Insurance Co.,
Ltd. (Japan) 1,800,000 11.606 .16
Tokio Marine and Fire Insurance Co.,
Ltd. (Japan) 900,000 10.207 .14
FOOD & HOUSEHOLD PRODUCTS- 2.24%
Reckitt & Colman PLC (United Kingdom) 6,975,000 69.675 .98
Nestle SA (Switzerland) 68,782 67.052 .94
Unilever NV (Netherlands) 175,000 22.847 .32
DATA PROCESSING & REPRODUCTION- 2.04%
International Business Machines Corp.
(USA) 579,000 47.406 .67
Microsoft Corp. (USA) /2/ 415,000 29.465 .42
Lotus Development Corp. (USA) /2/ 455,000 17.176 .24
ORACLE SYSTEMS CORP. (USA) /2/ 540,000 16.807 .24
Apple Computer, Inc. (USA) 421,200 14.795 .21
Adobe Systems Inc. (USA) 175,000 8.663 .12
Tandem Computers Inc. (USA) /2/ 340,000 5.270 .07
Novell, Inc. (USA) /2/ 260,000 4.907 .07
LEISURE & TOURISM- 1.89%
PolyGram NV (New York Registered Shares)
(Netherlands) 1,109,800 60.900 .85
Walt Disney Co. (USA) 670,000 35.761 .50
Euro Disney SCA (France) 5,715,000 15.292
Euro Disney SCA, warrants, expire 2004 1,170,000 .364 .22
Forte PLC (United Kingdom) 3,465,700 12.765 .18
MCDONALD'S CORP. (USA) 300,000 10.238 .14
INDUSTRIAL COMPONENTS- 1.65%
Compagnie Generale des Etablissements
Michelin, Class B (France) 1,100,000 47.208 .66
Goodyear Tire & Rubber Co. (USA) 1,020,000 37.485 .53
AB SKF, Class B (Sweden) 925,000 15.366 .22
Timken Co. (USA) 200,000 7.100 .10
Rockwell International Corp. (USA) 170,000 6.630 .09
Orbital Engine Corp. Ltd. (American
Depositary Receipts) (Australia) /2/ 466,133 3.671 .05
BUSINESS & PUBLIC SERVICES- 1.45%
Eurotunnel SA, units, comprised of one
share of Eurotunnel SA ordinary and one
share of Eurotunnel PLC ordinary
(France) /2/ 10,430,000 41.430 .58
Havas SA (France) 398,048 29.930 .42
WMX Technologies, Inc. (USA) 600,000 16.500 .23
Reuters Holdings PLC (American Depositary
Receipts) (United Kingdom) 200,000 9.150 .13
Federal Express Corp. (USA) /2/ 100,000 6.763 .09
RECREATION & OTHER CONSUMER PRODUCTS-
1.23%
THORN EMI PLC (UNITED KINGDOM) 3,000,000 53.099 .75
Hasbro, Inc. (USA) 730,300 24.647 .35
EASTMAN KODAK CO. (USA) 175,000 9.297 .13
TRANSPORTATION: AIRLINES- 1.10%
Singapore Airlines Ltd. (Singapore) 3,841,000 38.369 .54
British Airways PLC (United Kingdom) 1,545,000 10.196
British Airways PLC (American Depositary .42
Receipts) 305,500 20.087
AMR Corp. (USA) /2/ 150,000 9.712 .14
METALS: STEEL- 1.01%
Armco Inc. (USA) /2/ 3,000,000 20.625
Armco Inc., convertible preferred 20,000 1.085 .31
Companhia Vale do Rio Doce, ordinary
nominative (Brazil) 4,800,000 1.064
Companhia Vale do Rio Doce, preferred .25
nominative 123,780,000 16.748
Ugine SA (France) 198,700 13.395 .19
Thyssen AG (Germany) 60,000 10.921 .15
Koninklijke Nederlandsche Hoogovens en
Staalfabrieken NV (Netherlands) /2/ 200,000 7.939 .11
ENERGY EQUIPMENT- 0.91%
Schlumberger Ltd. (Netherlands Antilles) 1,000,000 59.625 .84
Western Atlas Inc. (USA) /2/ 120,000 5.175 .07
MERCHANDISING- 0.78%
Ito-Yokado Co., Ltd. (Japan) 610,000 30.201 .42
WHSmith Group PLC, Class A (United
Kingdom) 1,827,500 12.153 .17
Coles Myer Ltd. (Australia) 3,037,500 10.115 .14
Cifra, SA de CV, Class C (Mexico) 2,854,800 3.470 .05
MISCELLANEOUS MATERIALS & COMMODITIES-
0.76%
English China Clays PLC (United Kingdom) 3,200,000 18.612 .26
Compagnie de Saint-Gobain (France) 116,701 14.476 .20
Potash Corp. of Saskatchewan Inc.
(Canada) 200,000 8.900 .13
CLEVELAND-CLIFFS INC. (USA) 180,000 6.930 .10
Pilkington PLC (United Kingdom) 2,000,000 5.245 .07
TRANSPORTATION: RAIL & ROAD-0.66%
CSX Corp. (USA) 600,000 47.250 .66
METALS: NONFERROUS- 0.62%
Alcan Aluminium Ltd. (Canada) 700,000 18.637 .26
Western Mining Corp. Holdings Ltd.
(Australia) 3,537,151 17.798 .25
Teck Corp., Class B (Canada) 479,000 8.096 .11
APPLIANCES & HOUSEHOLD DURABLES- 0.59%
Electrolux AB, Class B (Sweden) 441,600 19.950 .28
Philips Electronics NV (Netherlands) 300,000 10.180 .14
Whirlpool Corp. (USA) 130,000 7.117 .10
Sony Corp. (Japan) 100,000 5.009 .07
FOREST PRODUCTS & PAPER- 0.55%
JEFFERSON SMURFIT CORP. (USA) /2/ 1,255,700 19.934 .28
ITT Rayonier Inc. (USA) 275,000 8.559 .12
International Paper Co. (USA) 100,000 7.513 .11
Fletcher Challenge Ltd. (New Zealand) 1,270,300 3.007 .04
GOLD MINES- 0.55%
Placer Dome Inc. (Canada) 1,600,000 39.000 .55
UTILITIES: ELECTRIC & GAS- 0.55%
Hongkong Electric Holdings Ltd.
(Hong Kong) 4,663,500 14.929 .21
VEBA AG (Germany) 34,045 12.282 .17
TRANSCANADA PIPELINES LTD. (CANADA) 375,000 4.796 .07
Hong Kong and China Gas Co. Ltd. (Hong
Kong) 2,664,000 4.755 .07
Hong Kong and China Gas Co. Ltd.,
warrants, expire 12/31/95 222,000 .035
China Light & Power Co., Ltd. (Hong Kong) 420,000 2.037 .03
AEROSPACE & MILITARY TECHNOLOGY- 0.37%
Boeing Co. (USA) 250,000 13.469 .19
United Technologies Corp. (USA) 160,000 11.060 .16
Litton Industries, Inc. (USA) /2/ 40,000 1.435 .02
REAL ESTATE- 0.35%
Cheung Kong (Holdings) Ltd. (Hong Kong) 3,500,000 15.256 .21
Sun Hung Kai Properties Ltd. (Hong Kong) 840,000 5.731 .08
Hysan Development Co. Ltd. (Hong Kong) 1,960,000 4.361 .06
ELECTRONIC INSTRUMENTS- 0.21%
Scitex Corp. Ltd. (Israel) 835,000 14.926 .21
TRANSPORTATION: SHIPPING- 0.09%
Overseas Shipholding Group, Inc. (USA) 300,000 6.150 .09
BUILDING MATERIALS & COMPONENTS- 0.00%
CEMEX, SA, Class A (Mexico) 400,125 .826 .00
MISCELLANEOUS- 4.98%
Other equity-type securities in initial
period of acquisition 354.653 4.98
------------ ------------
TOTAL EQUITY-TYPE SECURITIES
(cost:$4,168.392 million) 5,579.045 78.32
------------ ------------
Principal
Amount
BONDS (Millions)
- --------------------------------------- ---------
NETHERLANDS GOVERNMENT- 0.22%
Netherlands 6.50% April 1996 NLG23.000 15.058 .22
GERMAN GOVERNMENT- 0.10%
Bundesrepublik 6.50% December 1996 DM10.000 7.378 .10
FRENCH GOVERNMENT- 0.05%
France O.A.T. 9.50% June 1998 FF17.000 3.733 .05
----------- -----------
TOTAL BONDS (COST: $18.769 MILLION) 26.169 .37
----------- -----------
TOTAL INVESTMENT SECURITIES (COST:
$4,187.161 million) 5,605.214 78.69
----------- -----------
SHORT-TERM SECURITIES
- ------------------------------------------
CORPORATE SHORT-TERM NOTES- 15.67%
Ford Credit Europe PLC 6.01%-6.03%
due 5/8-5/25/95 $86.300 85.615 1.20
SmithKline Beecham Corp. 5.98%-6.00%
due 4/28-5/8/95 79.200 78.820 1.11
Canadian Imperial Holdings Inc.
5.97%-6.05% due 4/20-6/2/95 71.200 70.733 .99
Toronto-Dominion Holdings USA Inc.
6.02% due 5/9-6/1/95 70.000 69.480 .97
Canada Bills 5.95%-6.00% due 4/19-5/16/95 64.700 64.365 .90
Commerzbank U.S. Finance Inc. 5.97%-6.02%
due 4/24-5/30/95 54.500 54.109 .76
Daimler-Benz North America Corp.
5.96%-6.01% due 4/6-4/21/95 52.800 52.643 .74
MILES, INC. 5.97%-6.02% DUE 4/18-5/12/95 50.000 49.747 .70
PepsiCo. Inc. 6.00% due 5/8/95 50.000 49.682 .70
Halifax Building Society 6.02% due 5/10/95 50.000 49.663 .70
Nestle Capital Corp. 6.01% due 4/4/95 46.025 45.994 .64
Arco Coal Australia Inc. 5.96%-
6.01% due 4/7-4/13/95 43.461 43.383 .61
National Australia Funding (Delaware)
Inc. 5.98%-6.00% due 4/7-5/30/95 39.200 38.983 .55
Mobil Australia Finance Co., Inc. 5.96%-
5.98% due 4/4/95-4/11/95 38.300 38.264 .54
Siemens Corp. 5.96%-6.10% due 4/25-5/11/95 38.110 37.891 .53
General Electric Co. 6.00% due 5/1/95 37.900 37.703 .53
ABN-AMRO North America Finance Inc.
5.95%-6.00% due 4/21-4/24/95 35.800 35.665 .50
Deutsche Bank Financial Inc. 5.98%
due 4/21/95 35.000 34.891 .49
Coca-Cola Financial Corp. 5.97%-6.00%
due 5/3-5/30/95 33.100 32.870 .46
U.S. Borax & Chemical Corp. 6.08%
due 5/9/95 27.000 26.822 .38
Canadian Wheat Board 5.94%-5.95%
due 4/3-4/26/95 25.000 24.931 .35
Commonwealth Bank of Australia 6.00%
due 5/15/95 25.000 24.813 .35
Barclays Bank of Canada 6.03%
due 5/31/95 20.000 19.793 .28
Kimberly-Clark Corp. 6.00% due 4/5/95 16.300 16.286 .23
Bayerische Vereinsbank AG 5.99%
due 4/18/95 12.900 12.861 .18
Caisse Nationale Des Telecommunications
5.99% due 5/2/95 10.000 9.947 .14
Toyota Motor Credit Corp. 6.03% due 5/31/95 10.000 9.897 .14
CERTIFICATES OF DEPOSIT-4.36%
Societe Generale 6.05%-6.10% due
4/3-5/4/95 79.000 79.000 1.11
Banque Nationale de Paris 6.08%-6.17%
due 4/6-5/8/95 62.000 62.001 .87
Abbey National Treasury Services PLC
6.18% DUE 5/15/95 50.000 50.005 .70
Bayerische Hypotheken-Und Wechsel-Bank AG
6.10%-6.11% due 4/3-5/9/95 50.000 50.000 .70
National Westminister Bank PLC 6.07%
due 4/28/95 40.000 40.001 .56
Commerzbank AG 6.11% due 4/13/95 30.000 30.000 .42
FEDERAL AGENCY DISCOUNT NOTES- 1.28%
Federal Home Loan Mortgage Corp.
5.92%-5.98% due 4/7-5/9/95 66.000 65.831 .92
Federal National Mortgage Assn.
5.93%-5.97% due 4/17-4/24/95 25.500 25.421 .36
----------- -----------
TOTAL SHORT-TERM SECURITIES
(cost: $1,518.134 million) 1,518.110 21.31
Excess of cash and receivables over
payables .267 .00
------------ ------------
TOTAL SHORT-TERM SECURITIES AND NET CASH 1,518.377 21.31
NET ASSETS $7,123.591 100.00%
=========== ===========
</TABLE>
/1/ Purchased in a private placement
transaction; resale to the public may
require registration or may extend only
to qualified institutional buyers.
/2/ Non-income-producing securities
See Notes to Financial Statements
- ---------------------------- ------------------------------
<TABLE>
<CAPTION>
Equity-type securities Equity-type securities
appearing in the portfolio eliminated from the portfolio
since September 30, 1994 since September 30, 1994
- ---------------------------- ------------------------------
<S> <C>
Anadarko Petroleum Akzo
Asahi Bank Alcatel Alsthom
BCE Caesars World
BioChem Pharma Compaq Computer
Cleveland-Cliffs ITT
Eastman Kodak Jardine Strategic Holdings
Engelhard Kyocera
Goodyear Tire & Rubber Nissan
Jefferson Smurfit Peugeot
McDonald's Preussag
Oracle Systems Sharp
Renault V.I. Siemens
Rockwell International Societe Nationale Elf Aquitaine
Solvay Sumitomo Electric
Sumitomo Bank Texas Instruments
Sumitomo Chemical Willis Corroon Group
United Technologies
Whirlpool
</TABLE>
- ---------------------------
NEW PERSPECTIVE FUND
FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
Unaudited
- ------------------------------------------- ----------- ------------
STATEMENT OF ASSETS AND LIABILITIES (dollars in
at March 31, 1995 millions)
- ------------------------------------------- ----------- ------------
<S> <C> <C>
ASSETS:
Investment securities at market
(cost: $4,187.161) $5,605.214
Short-term securities
(cost: $1,518.134) 1,518.110
Cash 1.528
Receivables for-
Sales of investments $ 9.089
Sales of fund's shares 36.832
Dividends and accrued interest 17.170 63.091
----------- ------------
7,187.943
LIABILITIES:
Payables for-
Purchases of investments 50.932
Repurchases of fund's shares 9.270
Management services 2.559
Accrued expenses 1.591 64.352
----------- ------------
NET ASSETS AT MARCH 31, 1995-
Equivalent to $14.98 per share on
475,416,563 shares of $1 par value
capital stock outstanding (authorized
capital stock--600,000,000 shares) $7,123.591
============
STATEMENT OF OPERATIONS (dollars in
for the six months ended March 31, 1995 millions)
- ------------------------------------------- ----------- ------------
INVESTMENT INCOME:
Income:
Dividends $ 36.359
Interest 41.477 $ 77.836
-----------
Expenses:
Management services fee 14.475
Distribution expenses 6.878
Transfer agent fee 3.263
Reports to shareholders .562
Registration statement and prospectus .653
Postage, stationery and supplies .664
Directors' and Advisory Board fees .140
Auditing and legal fees .063
Custodian fee 1.123
Taxes other than federal
income tax .103
Other expenses .036 27.960
----------- ------------
Net investment income 49.876
------------
REALIZED GAIN AND UNREALIZED
APPRECIATION ON INVESTMENTS:
Net realized gain
Net unrealized appreciation:
Beginning of period 1,272.825
End of period 1,418.646 145.821
----------- ------------
Net realized gain and unrealized
appreciation
on investments
------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS
============
- ------------------------------------------- ----------- ------------
STATEMENT OF CHANGES IN NET ASSETS (dollars in
millions)
Six months ended Year ended
March 31, September 30,
1995* 1994
- ------------------------------------------- ----------- ------------
OPERATIONS:
Net investment income $ 49.876 $ 80.563
Net realized gain on investments 85.049 329.640
Net unrealized appreciation
on investments 145.821 178.640
----------- ------------
Net increase in net assets
resulting from operations 280.746 588.843
----------- ------------
DIVIDENDS AND DISTRIBUTIONS PAID TO
SHAREHOLDERS:
Dividends from net investment income (66.294) (59.900)
Distributions from net realized gain on
investments (355.971) (128.427)
----------- ------------
Total dividends and distributions (422.265) (188.327)
----------- ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold: 66,244,127
and 119,000,193 shares, respectively 982.752 1,798.198
Proceeds from shares issued in reinvestment
of net investment income dividends and
distributions of net realized gain on
investments: 27,935,160 and 11,574,470 shares,
respectively 396.049 169.717
Cost of shares repurchased: 26,501,414
and 33,593,016 shares, respectively (392.191) (506.668)
----------- ------------
Net increase in net assets resulting from
capital share transactions 986.610 1,461.247
----------- ------------
TOTAL INCREASE IN NET ASSETS 845.091 1,861.763
Net Assets:
Beginning of period 6,278.500 4,416.737
----------- ------------
End of period (including undistributed
net investment income: $38.238
and $54.656, respectively) $7,123.591 $6,278.500
=========== ============
</TABLE>
*Unaudited
See Notes to Financial Statements
NOTES TO FINANCIAL STATEMENTS
Unaudited
1. New Perspective 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:
Equity-type securities are stated at market value based upon closing sales
prices reported on recognized securities exchanges on the last business day of
the period or, for listed securities having no sales reported and for unlisted
securities, upon last-reported bid prices on that date.
Long-term and 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.
Investment securities and other assets and liabilities denominated in non-U.S.
currencies are recorded in the financial statements after translation into U.S.
dollars utilizing rates of exchange on the last business day of the period.
Purchases and sales of investment securities, income, and expenses are
calculated using the prevailing exchange rate as accrued. The fund does not
identify the portion of each amount shown in the fund's statement of operations
under the caption "Realized Gain and Unrealized Appreciation on Investments"
that arises from changes in non-U.S. currency exchange rates.
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 $1,123,000 includes $75,000 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 March 31, 1995, net unrealized appreciation on investments for federal
income tax purposes aggregated $1,419,018,000, of which $1,561,896,000 related
to appreciated securities and $142,878,000 related to depreciated securities.
During the six months ended March 31, 1995, the fund realized, on a tax basis,
a net capital gain of $84,934,000 on securities transactions. Net gains
related to non-U.S. currency transactions of $549,000 were treated as ordinary
income for federal income tax purposes. The capital gain distribution paid in
December 1994 includes $1,267,000 of realized non-U.S. currency gains. The cost
of portfolio securities for federal income tax purposes was $5,704,306,000 at
March 31, 1995.
3. The fee of $14,475,000 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 0.60% of the first $500 million of net assets; 0.50% of
such assets in excess of $500 million but not exceeding $1 billion; 0.46% of
such assets in excess of $1 billion but not exceeding $1.5 billion; 0.43% of
such assets in excess of $1.5 billion but not exceeding $2.5 billion; 0.41% of
such assets in excess of $2.5 billion but not exceeding $4 billion; 0.40% of
such assets in excess of $4 billion but not exceeding $6.5 billion; and 0.395%
of such assets in excess of $6.5 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 six months ended March 31,
1995, distribution expenses under the Plan were $6,878,000. As of March 31,
1995, accrued and unpaid distribution expenses were $1,144,000.
American Funds Service Company (AFS), the transfer agent for the fund, was
paid a fee of $3,263,000. American Funds Distributors, Inc. (AFD), the
principal underwriter of the fund's shares, received $3,681,000 (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 and advisory board members of the fund 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 March 31, 1995, aggregate amounts deferred were
$114,000.
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/or AFD. No such
persons received any remuneration directly from the fund.
4. As of March 31, 1995, accumulated undistributed net realized gain on
investments was $41,223,000 and paid-in capital was $5,150,067,000.
The fund made purchases and sales of investment securities, excluding
short-term securities, of $1,035,591,000 and $685,869,000, respectively, during
the six months ended March 31, 1995.
Dividend and interest income is recorded net of non-U.S. taxes paid. For the
six months ended March 31, 1995, such non-U.S. taxes were $2,980,000. Net
realized currency gains on dividends, interest, withholding taxes reclaimable,
and sales of non-U.S. bonds and notes were $664,000 for the six months ended
March 31, 1995.
Per-Share Data and Ratios
<TABLE>
<CAPTION>
Year ended September 30
Six
months ended
3/31/95/1/ 1994 1993 1992 1991 1990
----------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $15.40 $14.21 $12.25 $11.77 $10.16 $11.96
----------- ------- ------- ------- ------- -------
Income from Investment Operations:
Net investment income .16 .22 .17 .21 .29 .27
Net realized and unrealized gain
(loss) on investments .42 1.54 2.04 .71 2.05 (.77)
------------- ------- ------- ------- ------- -------
Total income (loss) from
investment operations .58 1.76 2.21 .92 2.34 (.50)
------------- ------- ------- ------- ------- -------
Less Distributions:
Dividends from net
investment income (.16) (.17) (.18) (.24) (.30) (.29)
Distributions from net
realized gains (.84)/2/ (.40)/2/ (.07)/2/ (.20) (.43) (1.01)
------------- ------- ------- ------- ------- -------
Total distributions (1.00) (.57) (.25) (.44) (.73) (1.30)
------------ ------- ------- ------- ------- -------
Net Asset Value, End of Period $14.98 $15.40 $14.21 $12.25 $11.77 $10.16
============ ======= ======= ======= ======= =======
Total Return/3/ 4.13%/4/ 12.61% 18.34% 8.04% 23.86% (4.88)%
Ratios/Supplemental Data:
Net assets, end of
period (in millions) $7,124 $6,279 $4,417 $3,082 $2,213 $1,421
Ratio of expenses to average
net assets .42%/4/ .84% .87% .85% .86% .82%
Ratio of net income to
average net assets .75%/4/ 1.48% 1.40% 1.82% 2.80% 2.55%
Portfolio turnover rate 13.18%/4/ 25.33% 15.02% 6.43% 8.16% 14.04%
</TABLE>
/1/ Unaudited
/2/ Amount includes 0.3 cents, 2.7 cents and 2.2 cents realized non-U.S.
currency gains treated as ordinary income in 1995, 1994 and 1993,
respectively, for federal income tax purposes.
/3/This was calculated without deducting a sales charge. The maximum sales
charge is 5.75% of the fund's offering price.
/4/Based on operations for six months and, accordingly, not representative of a
full year's operations.
OFFICES OF THE FUND AND OF THE INVESTMENT ADVISER,
CAPITAL RESEARCH AND MANAGEMENT COMPANY
333 South Hope Street
Los Angeles, California 90071-1443
135 South State College Boulevard
Brea, California 92621-5804
TRANSFER AGENT FOR SHAREHOLDER ACCOUNTS
American Funds Service Company
P.O. Box 2205
Brea, California 92622-2205
P.O. Box 659522
San Antonio, Texas 78265-9522
P.O. Box 6007
Indianapolis, Indiana 46206-6007
P.O. Box 2280
Norfolk, Virginia 23501-2280
For information about your account
or any of the fund's services, please
contact your securities dealer or financial
planner, or call the fund's transfer agent,
toll-free, at 800/421-0180.
CUSTODIAN OF ASSETS
The Chase Manhattan Bank, N.A.
One Chase Manhattan Plaza
New York, New York 10081-0001
COUNSEL
O'Melveny & Myers
400 South Hope Street
Los Angeles, California 90071-2899
PRINCIPAL UNDERWRITER
American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, California 90071-1462
This report is for the information of shareholders of New Perspective Fund, but
it may also be used as sales literature when preceded or accompanied by the
current prospectus, which gives details about charges, expenses, investment
objectives and operating policies of the fund. If used as sales material after
June 30, 1995, this report must be accompanied by an American Funds Group
Statistical Update for the most recently completed calendar quarter.
Litho in USA MDA/GRS/2625
Lit. No. NPF-013-0595
Printed on recycled paper
[The American Funds Group(R)]
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