New Perspective Fund
Semi-Annual Report
for the six months ended March 31, 1997
[cover: photo of world]
[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.
About our cover: The world ca. 1535 (Bibliotheque Nationale de France).
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, 1997,
assuming payment of the 5.75% maximum sales charge at the beginning of the
stated periods (sales charges are lower for accounts of $50,000 or more):
<TABLE>
<CAPTION>
Total Average Annual
Return Compound Return
<S> <C> <C>
10 years +199.26% +11.58%
5 years + 85.37% +13.14%
12 months + 8.40% -
</TABLE>
The figures in this report reflect past results and are not predictive of
future results. Share price and return will vary, so you may lose money by
investing in the fund. The shorter the time period of your investment, the
greater the possibility of loss. 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.
Fellow Shareholders:
New Perspective Fund posted a sizable gain during the first half of its 1997
fiscal year. For the six months ended March 31, the value of your investment
rose 10.6% if, like most shareholders, you reinvested the income dividend of 23
cents a share and the capital gain distribution of 68 cents a share, both of
which were paid in December.
The fund's +10.6% total return outpaced the broad unmanaged global stock market
indexes and most global stock funds for the six-month period. The Morgan
Stanley Capital International (MSCI) World Index, which measures 22 major
markets including the U.S., gained 5.1% with dividends reinvested. On the same
basis, the 179 global stock funds tracked by Lipper Analytical Services rose an
average of 5.3%.
During this six-month reporting period, all but two of the world's major
markets recorded positive results. The exceptions were Japan, where the fund
had relatively few investments, and Singapore, where the fund had none. A
breakdown of the portfolio by country is shown on page 2.
In the United States, where the fund had the largest concentration of assets,
stocks rose 11.4%* as measured by the unmanaged MSCI USA Index. The combined
forces of moderate economic growth, rising corporate profits and continued low
inflation once again created a favorable environment for stocks, although the
Federal Reserve Board's tightening of monetary policy toward the end of the
fiscal period introduced a new measure of uncertainty and volatility into the
equation. Elsewhere in North America, the Canadian stock market rose 12.2%
measured in Canadian dollars and 10.7% when those gains were translated into
U.S. dollars; Mexico's stock market rose 16.4% in local currency and 10.8% in
dollars.
In Europe, markets were buoyed by factors related, at least in part, to the
movement toward European economic and monetary union. Interest rates declined,
with yields in smaller countries moving closer to those of their larger
neighbors. Efforts continued toward reducing fiscal deficits, deregulating
industries and opening markets. There was also a broad focus on the part of
many companies on restructuring operations to enhance competitiveness in an
increasingly global economy.
A number of markets posted double-digit gains in local currency and in U.S.
dollars, despite a strengthening in the value of the dollar. The fund had
significant holdings in companies domiciled in France (where stock prices rose
25.7% in local currency or 15.3% in U.S. dollars), Sweden (+36.6% in local
currency, +20.1% in U.S. dollars) and the Netherlands (+29.6% in local
currency, +18.2% in U.S. dollars). The fund also had sizable investments in the
United Kingdom, where a stronger British pound enhanced returns for U.S.
investors (+10.3% in local currency, +15.9% in U.S. dollars). With more than a
third of the fund's assets invested in Europe, the fund was well positioned to
take advantage of broad market strength throughout the region.
In Asia and the Pacific Rim, where investments make up 9.6% of the fund's net
assets, returns were often disappointing amid uncertain political developments,
slower economic growth and ongoing concerns over the health of the Japanese
economy. Stock prices in Japan fell 13.2% in local currency. Prices were off
even more in U.S. dollars (-21.9%) due to the weakness of the yen. NPF's
investments in Japan, at 4% of net assets, were considerably less than a global
indexed portfolio would have held. A portfolio structured to reflect the size
of each country's stock market would have about 15% invested there. We continue
to search for attractive investment opportunities in Japan and, over the past
six months, made several purchases. The fund also had investments in Australia
(+7.6% in local currency, +6.6% in U.S. dollars) as well as Hong Kong and New
Zealand, which posted more modest gains.
All in all, the 232 equity-type securities that were held over the course of
the six-month period were diversified across 24 countries on six continents. Of
these, 162 rose in price, 69 declined and one was unchanged. In addition to the
fund's broad geographic diversification, holdings were well diversified by
industry. The portfolio listing that begins on page 4 shows investments in 34
industries, of which health & personal care, telecommunications and banking
remain the three largest.
Industry concentrations in New Perspective, like country concentrations, are a
result of judgments on the outlook for individual companies. While these
concentrations often worked to our advantage during the first half of fiscal
1997, a key factor behind NPF's strong advance was the fact that we tended to
have relatively large investments in individual companies whose stocks did well
and more modest investments in companies that did poorly.
Large holdings that significantly contributed to the fund's results include
U.S.-based companies such as Philip Morris, Advanced Micro Devices and Micron
Technology; German automakers Daimler-Benz and BMW; Royal Bank of Canada and
Bank of Nova Scotia; telecommunications firms and telecommunications equipment
suppliers Telefonica de Espana (Spain), Telefonos de Mexico, Nokia (Finland)
and Ericsson (Sweden); and oil services giant Schlumberger (Netherlands
Antilles). Several of these holdings - Nokia, Ericsson and Micron Technology -
had made very positive contributions to the fund's results before experiencing
setbacks in fiscal 1996. As you know, NPF takes a long-term view when investing
and often holds stocks that are out of favor if it believes attractive
fundamentals remain in place.
New Perspective Fund's latest six-month results bring its 12-month total return
through March 31, 1997 to +15.0% versus +9.8% for the MSCI World Index and
+11.1% for the Lipper average of global funds.
Over longer periods, NPF has also outpaced the unmanaged global index and the
Lipper average of global funds:
Average Annual Compound Returns
<TABLE>
<CAPTION>
<S> <C> <C> <C>
5 years 10 years Lifetime
4/1/92-3/31/97 4/1/87-3/31/97 3/13/73-3/31/97
New Perspective
Fund +14.5% +12.2% +14.7%
MSCI World Index +13.4% +9.0% +11.5%
Global funds
average +11.9% + 9.9% +14.0%
</TABLE>
Global funds average calculated by Lipper Analytical Services. Results assume
distributions were reinvested.
Your fund's investment analysts and portfolio counselors continue to identify
promising investment opportunities around the world. We look forward to
reporting to you again in six months.
Cordially,
/s/Walter P. Stern
Walter P. Stern
Chairman of the Board
/s/Gina H. Despres
Gina H. Despres
President
May 12, 1997
* Returns for individual markets are with dividends reinvested.
Where NPF's Assets Were Invested
(percent invested by country)
<TABLE>
<CAPTION>
<S> <C> <C>
3/31/97 9/30/96
Asia/Pacific Rim 9.6% 9.8%
Japan 4.0 3.1
Australia 3.0 3.6
Hong Kong 1.2 1.6
New Zealand 1.2 1.5
Taiwan .2 -
Europe 35.0% 37.8%
United Kingdom 6.4 7.2
France 6.4 7.3
Sweden 5.1 5.9
Netherlands 4.2 4.2
Switzerland 3.4 3.5
Germany 3.3 4.8
Spain 2.7 2.0
Finland 1.3 1.3
Italy 1.3 .7
Denmark .4 .4
Norway .4 .4
Luxembourg .1 .1
North America 39.5% 35.2%
United States 32.7 28.3
Canada 5.5 5.4
Mexico 1.3 1.5
Other countries 4.0% 3.0%
Cash & equivalents 11.9% 14.2%
100.0% 100.0%
</TABLE>
<TABLE>
<S> <C> <C> <C>
New Perspective Fund Unaudited
Investment Portfolio, March 31, 1997
- ---------------------------- ----------------------------
Percent of
Largest Industry Holdings Net Assets
- ---------------------------- ----------------------------
Health & Personal Care 9.08%
Telecommunications 8.19%
Banking 6.57%
Broadcasting & Publishing 5.62%
Electronic Components 4.78%
Other Industries 53.65%
Bonds, Cash & Equivalents 12.11%
- ---------------------------- ----------------------------
Percent of
Ten Largest Stocks Net Assets
- ---------------------------- ----------------------------
Philip Morris 2.08%
Time Warner 2.03
Novartis 1.99
Astra 1.83
Advanced Micro Devices 1.53
Caterpillar 1.51
Telefonica de Espana 1.47
Micron Technology 1.42
Mannesmann 1.42
ABB 1.34
- ----------------------------------------- ------------ ------------ ------------
Shares or Market Percent
Principal Value of Net
Equity-Type Securities Amount (Millions) Assets
- ----------------------------------------- ------------ ------------ ------------
Health & Personal Care - 9.08%
Novartis AG (Switzerland) 218,881 271.624 1.99
AB Astra, Class A (Sweden) 2,000,000 95.436
AB Astra, Class A (American Depositary
Receipts) 155,000 7.207
AB Astra, Class B 3,200,000 147.608 1.83
Pfizer Inc (USA) 2,119,000 178.261 1.30
Teva Pharmaceutical Industries Ltd.
(American Depositary Receipts) (Israel) 2,200,000 122.100 .89
SmithKline Beecham PLC (American
Depositary Receipts) (United Kingdom) 1,100,000 77.000 .56
Merck & Co., Inc. (USA) 880,000 74.140 .54
Johnson & Johnson (USA) 800,000 42.300 .31
Glaxo Wellcome PLC (United Kingdom) 563,264 10.337
Glaxo Wellcome PLC (American Depositary
Receipts) 854,000 30.210 .30
Genentech, Inc., Callable Putable Common Stock (US 600,000 34.275 .25
Kimberly-Clark Corp. (USA) 300,000 29.812 .22
Zeneca Group PLC (United Kingdom) 1,000,000 28.970 .21
Sankyo Co., Ltd. (Japan) 1,000,000 27.580 .20
Alza Corp. (USA)/1/ 1,000,000 27.500 .20
Abbott Laboratories (USA) 400,000 22.450 .17
Gillette Co. (USA) 203,400 14.772 .11
Telecommunications - 8.19%
Telefonica de Espana, SA (Spain) 7,906,000 195.829
Telefonica de Espana, SA (American
Depositary Receipts) 76,000 5.453 1.47
STET-Societa Finanziaria Telefonica p.a.,
ordinary shares (Italy) 23,690,000 106.078
STET-Societa Finanziaria Telefonica p.a.,
nonconvertible savings shares 16,500,000 59.828 1.21
Telefonos de Mexico, SA de CV, Class L
(American Depositary Receipts) (Mexico) 3,134,530 120.679 .88
Vodafone Group PLC (American Depositary
Receipts) (United Kingdom) 2,080,000 91.780 .67
Telecom Corp. of New Zealand Ltd.
(New Zealand) 13,678,100 62.266
Telecom Corp. of New Zealand Ltd./2/ 5,135,400 23.378 .63
AirTouch Communications (USA)/1/ 3,500,000 80.500 .59
MCI Communications Corp. (USA) 2,225,000 79.266 .58
Koninklijke PTT Nederland NV
(Netherlands) 1,629,500 60.365 .44
Tele Danmark AS, Class B (Denmark) 375,000 19.700
Tele Danmark AS, Class B (American
Depositary Receipts) 1,233,700 32.230 .38
AT&T Corp. (USA) 1,435,000 49.866 .37
British Telecommunications PLC (United Kingdom) 6,000,000 43.936 .32
Hong Kong Telecommunications Ltd. (Hong
Kong) 19,564,529 33.457
Hong Kong Telecommunications Ltd.
(American Depositary Receipts) 440,759 7.217 .30
Sprint Corp. (USA) 800,000 36.400 .27
Telecomunicacoes Brasileiras SA, preferred
nominative (American Depositary Receipts) (Brazil 76,439 7.825 .06
DDI Corp. (Japan) 500 3.158 .02
Banking - 6.57%
Royal Bank of Canada (Canada) 3,717,000 144.253 1.06
Westpac Banking Corp. (Australia) 18,326,389 106.336
Westpac Banking Corp., warrants,
expire 20001 3,000,000 13.761 .88
Bank of Nova Scotia (Canada) 3,129,500 115.120 .84
Citicorp (USA) 850,000 92.012 .67
BankAmerica Corp. (USA) 675,000 68.006 .50
Banco de Santander, SA (Spain) 700,000 49.015
Banco de Santander, SA (American
Depositary Receipts) 240,000 16.320 .48
Cie. Financiere de Paribas,
Class A (France) 750,000 52.282 .38
Barclays PLC (United Kingdom) 3,100,000 52.025 .38
Banque Nationale de Paris (France) 1,000,000 44.510 .33
Cie. de Suez (France) 800,000 41.417 .30
Australia and New Zealand Banking Group
Ltd. (Australia) 6,496,411 41.158 .30
Republic New York Corp. (USA) 370,000 32.606 .24
ABN AMRO Holding NV (Netherlands) 418,240 28.758 .21
Broadcasting & Publishing - 5.62%
Time Warner Inc. (USA) 6,406,225 277.069 2.03
News Corp. Ltd. (Australia) 3,937,290 18.369
News Corp. Ltd. (American Depositary
Receipts) 3,991,600 71.849
News Corp. Ltd., preferred shares 2,003,607 7.855
News Corp. Ltd., preferred shares
(American Depositary Receipts) 1,995,800 29.688 .94
Viacom Inc., Class B (USA)/1/ 3,790,000 125.544 .92
CANAL + (France) 262,236 51.616 .38
Carlton Communications PLC (United
Kingdom) 4,890,000 41.957 .31
U S WEST Media Group (USA)/1/ 1,900,000 35.388 .26
Elsevier NV (Netherlands) 1,700,000 27.637 .20
Grupo Televisa, SA, Ordinary Participation Certificates
(American Depositary Receipts) (Mexico)/1/ 825,000 20.522 .15
Pearson PLC (United Kingdom) 1,700,000 20.370 .15
Wolters Kluwer NV (Netherlands) 162,516 19.568 .14
AUDIOFINA (Luxembourg) 415,300 18.518 .14
.
Electronic Components - 4.78%
Advanced Micro Devices, Inc. (USA)/1/ 5,036,900 209.031 1.53
Micron Technology, Inc. (USA) 4,800,000 194.400 1.42
Seagate Technology (USA)/1/ 1,300,000 58.338 .43
Intel Corp. (USA) 400,000 55.650 .41
Arrow Electronics, Inc. (USA)/1/ 880,000 49.610 .36
Analog Devices, Inc. (USA)/1/ 1,710,000 38.475 .28
Electrocomponents PLC (United Kingdom) 3,000,000 19.749 .14
Murata Manufacturing Co., Ltd. (Japan) 536,000 19.248 .14
Kyocera Corp. (Japan) 176,000 9.993 .07
.
Automobiles - 4.61%
Honda Motor Co., Ltd. (Japan) 4,485,000 133.854 .98
Regie Nationale des Usines Renault, SA (France) 4,847,783 122.683 .90
Volvo AB, Class B (Sweden) 3,770,000 102.691 .75
Daimler-Benz AG (Germany)/1/ 270,000 21.587
Daimler-Benz AG, 4.125% convertible
debentures 2003 /2/ DM76,101,000 64.767 .63
Bayerische Motoren Werke AG (Germany) 69,500 56.233
Bayerische Motoren Werke AG, preferred
shares 20,318 11.386 .49
Ford Motor Co., Class A (USA) 1,500,000 47.062 .34
Toyota Motor Corp. (Japan) 1,855,000 46.960 .34
General Motors Corp. (USA) 300,000 16.612 .12
Suzuki Motor Corp. (Japan) 800,000 7.764 .06
Electrical & Electronics - 4.30%
ABB AB, Class A (Sweden) 115,000 12.911
ABB AB, Class B 760,000 85.023
ABB AB, Class B (American Depositary Receipts) 250,000 27.063
ABB AG, Class A (Switzerland) 47,957 57.647 1.34
Nokia Corp., Class A (Finland) 480,000 29.088
Nokia Corp., Class A (American Depositary
Receipts) 1,450,000 84.463
Nokia Corp., Class K 460,000 27.598 1.03
Telefonaktiebolaget LM Ericsson, Class B
(Sweden) 2,376,000 82.987
Telefonaktiebolaget LM Ericsson, Class B
(American Depositary Receipts) 800,000 27.050 .81
Siemens AG (Germany) 565,000 30.443 .22
Northern Telecom Ltd. (Canada) 457,300 29.896 .22
York International Corp. (USA) 604,500 25.313 .19
General Instrument Corp. (USA)/1/ 1,055,200 24.138 .18
Alcatel Alsthom (France) 200,000 24.132 .18
Lucent Technologies Inc. (USA) 168,523 8.890 .07
Hitachi, Ltd. (Japan) 900,000 8.007 .06
Beverages & Tobacco - 3.89%
Philip Morris Companies Inc. (USA) 2,485,000 283.601 2.08
Seagram Co. Ltd. (Canada) 2,600,000 99.450 .73
LVMH Moet Hennessy Louis Vuitton (France) 280,000 68.069 .50
PepsiCo, Inc. (USA) 1,000,000 32.625 .24
Lion Nathan Ltd. (New Zealand) 12,950,000 30.781 .23
American Brands, Inc. (USA) 300,000 15.188 .11
Chemicals - 3.87%
Praxair, Inc. (USA) 2,579,300 115.746 .85
E.I. du Pont de Nemours and Co. (USA) 675,000 71.550 .52
AGA AB, Class A (Sweden) 2,120,000 31.754
AGA AB, Class B 1,800,000 26.603 .43
Sherwin-Williams Co. (USA) 1,962,000 52.974 .39
Methanex Corp. (Canada) 6,250,000 52.396 .38
Georgia Gulf Corp. (USA) /3/ 1,975,000 49.869 .37
Valspar Corp. (USA) 1,160,000 33.350 .24
Bayer AG (Germany) 600,000 24.957 .18
Hoechst AG (Germany) 500,000 20.243 .15
L'Air Liquide (France) 110,097 17.419 .13
Engelhard Corp. (USA) 813,100 17.075 .13
Ciba Specialty Chemicals Holdings (Switzerland) 165,781 13.708 .10
Energy Sources - 3.71%
TOTAL, Class B (France) 131,077 11.358
TOTAL, Class B (American Depositary
Receipts) 3,109,814 131.778 1.05
Royal Dutch Petroleum Co. (New York
Registered Shares) (Netherlands) 463,000 81.025
Shell Transport and Trading Co., PLC (United Kingd 1,000,000 17.456 .72
Repsol SA (Spain) 2,000,000 85.471
Repsol SA (American Depositary Receipts) 305,000 12.429 .72
Societe Nationale Elf Aquitaine (France) 400,000 41.075 .30
Phillips Petroleum Co. (USA) 950,000 38.831 .28
Anadarko Petroleum Corp. (USA) 650,000 36.481 .27
YPF SA, Class D (American Depositary
Receipts) (Argentina) 1,200,000 31.800 .23
Broken Hill Proprietary Co. Ltd. (Australia) 1,480,441 19.734 .14
Food & Household Products - 3.36%
Nestle SA (Switzerland) 89,782 105.116 .77
Cadbury Schweppes PLC (United Kingdom) 10,865,090 96.438 .71
Unilever NV (Netherlands) 335,000 65.425
Unilever PLC (United Kingdom) 660,000 17.520 .61
Reckitt & Colman PLC (United Kingdom) 6,056,250 81.429 .60
Groupe Danone (France) 443,586 70.418 .52
Colgate-Palmolive Co. (USA) 200,000 19.925 .15
Machinery & Engineering - 3.30%
Caterpillar Inc. (USA) 2,575,000 206.644 1.51
Mannesmann AG (Germany) 507,500 194.058 1.42
Deere & Co. (USA) 780,000 33.930 .25
Kawasaki Heavy Industries, Ltd. (Japan) 4,200,000 16.339 .12
Multi-Industry - 3.04%
Hutchison Whampoa Ltd. (Hong Kong) 13,281,000 99.845 .73
Lend Lease Corp. Ltd. (Australia) 4,058,860 69.571 .51
Williams Holdings PLC (United Kingdom) 10,000,000 55.064 .40
LTV Corp. (USA) 4,225,000 53.341 .39
FMC Corp. (USA)/1/ 650,000 39.813 .29
B.A.T Industries PLC (United Kingdom) 3,466,250 29.484 .22
Canadian Pacific Ltd. (Canada) 800,000 19.200 .14
Siebe PLC (United Kingdom) 900,000 15.178 .11
AlliedSignal Inc. (USA) 200,000 14.250 .10
Lagardere Groupe SCA (France) 420,000 13.604 .10
Incentive AB, Class B (Sweden) 97,900 6.644 .05
Forest Products & Paper - 1.95%
Champion International Corp. (USA) 2,200,000 100.100 .73
Louisiana-Pacific Corp. (USA) 2,399,500 49.790 .36
UPM-Kymmene Corp. (Finland)/1/ 1,953,000 43.055 .32
International Paper Co. (USA) 400,000 15.550 .11
Jefferson Smurfit Corp. (USA)/1/ 1,255,700 14.911 .11
Rayonier Inc. (USA) 400,000 14.900 .11
Carter Holt Harvey Ltd. (New Zealand) 6,900,000 14.626 .11
Weyerhaeuser Co. (USA) 300,000 13.388 .10
Insurance - 1.81%
ING Groep NV (Netherlands) 4,311,018 169.812 1.24
American International Group, Inc. (USA) 516,562 60.631 .44
Societe Centrale des Assurances
Generales de France (France) 485,000 17.763 .13
Gold Mines - 1.77%
Placer Dome Inc. (Canada) 4,600,000 83.375 .61
Newmont Mining Corp. (USA) 2,000,000 77.500 .57
Barrick Gold Corp. (Canada) 2,200,000 52.250 .38
Gold Fields of South Africa Ltd. (South Africa) 1,200,000 29.056 .21
Metals: Nonferrous - 1.74%
Aluminum Co. of America (USA) 950,000 64.600 .47
Alumax Inc. (USA)/1/ 1,200,000 41.550 .30
WMC Ltd. (Australia) 6,125,343 38.711 .28
Alcan Aluminium Ltd. (Canada) 1,100,000 37.263 .27
Pechiney, Class A (France) 563,499 22.915 .17
Inco Ltd. (Canada) 600,000 19.575 .14
Teck Corp., Class B (Canada) 700,000 15.303 .11
Energy Equipment - 1.72%
Schlumberger Ltd. (Netherlands Antilles) 1,273,300 136.561 1.00
Halliburton Co. (USA) 635,000 43.021 .31
Baker Hughes Inc. (USA) 954,267 36.620 .27
Western Atlas Inc. (USA)/1/ 324,200 19.655 .14
Leisure & Tourism - 1.33%
Carnival Corp., Class A (USA) 3,400,000 125.800 .92
Walt Disney Co. (USA) 670,000 48.910 .36
Euro Disney SCA (France)/1/ 3,870,000 6.887
Euro Disney SCA, warrants, expire 2004/1/ 760,000 .164 .05
Recreation & Other Consumer Products - 1.20%
Mattel, Inc. (USA) 1,900,000 45.600 .33
Fuji Photo Film Co., Ltd. (Japan) 1,000,000 32.918 .24
Nintendo Co., Ltd. (Japan) 350,000 25.137 .18
PolyGram NV (New York Registered Shares)
(Netherlands) 427,400 21.049 .15
Eastman Kodak Co. (USA) 200,000 15.175 .11
EMI Group PLC (United Kingdom) 764,205 14.006 .10
Hasbro, Inc. (USA) 452,700 12.393 .09
Merchandising - 1.18%
Wal-Mart Stores, Inc. (USA) 4,150,000 115.681 .85
Home Depot, Inc. (USA) 315,000 16.853 .12
Cifra, SA de CV, Class A (Mexico)/1/ 3,770,139 5.210
Cifra, SA de CV, Class B/1/ 4,500,000 6.252
Cifra, SA de CV, Class C/1/ 3,384,800 4.703 .12
Ito-Yokado Co., Ltd. (Japan) 185,000 8.230 .06
WHSmith Group PLC, Class A (United
Kingdom) 500,000 3.707 .03
Appliances & Household Durables - 1.16%
Philips Electronics NV (Netherlands) 1,400,000 65.295
Philips Electronics NV (New York
Registered Shares) 400,000 17.800
Philips Electronics NV, warrants, expire 1998/1/ 500,000 14.125 .71
AB Electrolux, Class B (Sweden) 633,000 39.435 .29
Sony Corp. (Japan) 321,700 22.507 .16
SANYO Electric Co. Ltd. (Japan) 28,000 .106 .00
Business & Public Services - 0.93%
Electronic Data Systems Holding Corp. (USA) 800,000 32.300 .24
United Utilities PLC (United Kingdom) 3,000,000 30.967 .23
Cie. Generale des Eaux (France) 203,808 27.747 .20
WMX Technologies, Inc. (USA) 600,000 18.375 .13
Reuters Holdings PLC (American Depositary
Receipts) (United Kingdom) 200,000 11.638 .09
Thorn PLC (United Kingdom) 1,518,940 4.182 .03
NCR Corp. (USA)/1/ 45,000 1.586 .01
Eurotunnel SA, units, comprised of one
share of Eurotunnel SA ordinary and one
share of Eurotunnel PLC ordinary
(France)/1/ 99,900 .117 .00
Utilities: Electric & Gas - 0.91%
National Power PLC (United Kingdom) 9,300,000 74.368 .54
VEBA AG (Germany) 340,450 19.272 .14
Hongkong Electric Holdings Ltd.
(Hong Kong) 5,213,500 18.403 .13
Enersis SA (American Depositary Receipts)
(Chile) 420,000 13.335 .10
Data Processing & Reproduction - 0.86%
Oracle Corp. (USA)/1/ 1,100,000 42.419 .31
Silicon Graphics, Inc. (USA)/1/ 2,000,000 39.000 .29
Sybase, Inc. (USA)/1/ 1,850,000 25.900 .19
Cisco Systems, Inc. (USA)/1/ 200,000 9.625 .07
Miscellaneous Materials & Commodities - 0.63%
De Beers/Centenary linked units (South Africa) 1,000,000 36.434 .27
Potash Corp. of Saskatchewan Inc.
(Canada) 400,000 30.400 .22
Cie. de Saint-Gobain (France) 122,395 18.559 .14
Transportation: Shipping - 0.60%
Bergesen d.y. AS, Class A (Norway) 1,500,000 33.207
Bergesen d.y. AS, Class B 795,000 17.479 .37
Nippon Yusen KK (Japan) 6,700,000 23.735 .17
Overseas Shipholding Group, Inc. (USA) 450,000 7.706 .06
Metals: Steel - 0.51%
Usinor Sacilor (France) 2,800,000 45.844 .34
Cia. Vale do Rio Doce, ordinary
nominative (Brazil) 38,400 1.106
Cia. Vale do Rio Doce, preferred
nominative (American Depositary Receipts) 990,240 22.280 .17
Industrial Components - 0.46%
Bridgestone Corp. (Japan) 1,540,000 28.897 .21
Cie. Generale des Etablissements
Michelin, Class B (France) 350,000 20.836 .15
Rockwell International Corp. (USA) 200,000 12.975 .10
Transportation: Rail & Road - 0.32%
CSX Corp. (USA) 950,000 44.175 .32
Building Materials & Components - 0.25%
Holderbank Financiere Glaris Ltd. (Switzerland) 23,000 17.643 .13
CEMEX, SA de CV, Class A (Mexico) 2,362,225 8.638
CEMEX, SA de CV CPO 2,040,000 7.473 .12
Construction & Housing - 0.19%
Schneider SA (France) 450,000 25.788 .19
Aerospace & Military Technology - 0.17%
McDonnell Douglas Corp. (USA) 250,000 15.250 .11
Boeing Co. (USA) 50,000 4.931 .04
Bombardier Inc., Class B (Canada) 121,100 2.192 .02
Litton Industries, Inc. (USA)/1/ 6,200 .250 .00
Transportation: Airlines - 0.01%
British Airways PLC (American Depositary
Receipts) (United Kingdom) 10,000 1.051 .01
Miscellaneous - 3.87%
Other equity-type securities in initial
period of acquisition 109,807,500 528.241 3.87
------------ ------------
TOTAL EQUITY-TYPE SECURITIES
(cost: $8,705.897 million) 12,007.844 87.89
------------ ------------
Principal
Amount
Bonds (Millions)
- --------------------------------------- ------------
New Zealand Government - 0.23%
New Zealand 8.00% November 2006 NZ$44.500 30.965 .23
----------- -----------
TOTAL BONDS (cost: $29.749 million) 30.965 .23
----------- -----------
TOTAL INVESTMENT SECURITIES (cost:
$8,735.646 million) 12,038.809 88.12
----------- -----------
Short-Term Securities
- ------------------------------------------
Corporate Short-Term Notes - 9.52%
General Electric Capital Corp. 5.31%-6.75%
due 4/1-5/13/97 94.400 94.182 .69
National Australia Funding (Delaware) Inc. 5.29%-5.37%
due 4/16-5/12/97 91.400 91.046 .67
Abbey National North America 5.27%-5.35%
due 4/23-6/11/97 90.000 89.270 .65
Barclays U.S. Funding Corp. 5.29%-5.53%
due 4/4-6/17/97 87.700 87.161 .64
International Lease Finance Corp. 5.28%-5.30%
due 4/8-5/16/97 82.500 82.215 .60
Deutsche Bank Financial Inc. 5.31%-5.35%
due 4/14-6/10/97 70.800 70.401 .52
Halifax Building Society 5.29%-5.57%
due 4/1-5/29/97 69.300 69.176 .51
Corporate Asset Funding Co. Inc. 5.32%
due 4/7-4/22/97 65.000 64.856 .47
ABN-AMRO North America Finance Inc. 5.32%
due 4/30/97 53.200 52.964 .39
American Express Credit Corp. 5.30%-5.32%
due 4/1-4/8/97 51.900 51.881 .38
Ford Credit Europe PLC 5.33%-5.51%
due 4/8-5/2/97 52.000 51.781 .38
Daimler-Benz North America Corp. 5.26%-5.40%
due 4/21-6/5/97 50.000 49.628 .36
ANZ (Delaware) Inc. 5.31%-5.375% due 4/7-6/17/97 46.600 46.204 .34
Bank of Montreal 5.29%-5.32% due 4/3-4/9/97 45.800 45.753 .33
Societe Generale NA Inc. 5.35%-5.41%
due 4/14-6/18/97 44.000 43.658 .32
Canada Bills 5.29%-5.34% due 6/4-6/9/97 44.000 43.540 .32
Canadian Wheat Board 5.30%-5.54%
due 4/28-5/13/97 42.300 42.073 .31
Siemens Capital Corp. 5.27%-5.33%
due 4/11-5/15/97 41.700 41.505 .30
Ford Motor Credit Co. 5.32% due 4/3-5/7/97 38.300 38.183 .28
IBM Credit Corp. 5.27%-5.50% due 4/3-5/8/97 36.200 36.101 .26
Commerzbank U.S. Finance Inc. 5.33%-5.52%
due 4/22-4/24/97 35.000 34.881 .26
Svenska Handelsbanken 5.32%-5.35%
due 4/17-4/30/97 25.600 25.532 .19
Toyota Motor Credit Corp. 5.28% due 5/12/97 25.000 24.845 .18
Canadian Imperial Holdings Inc. 5.32%-5.33%
due 4/15-5/16/97 23.600 23.456 .17
Certificates of Deposit - 0.95%
National Westminster Bank PLC 5.46%
due 4/14/97 45.000 45.007 .33
Societe Generale 5.40% due 4/3-4/21/97 45.000 45.001 .33
Canadian Imperial Bank of Commerce 5.40%
due 4/28/97 20.000 20.000 .15
Deutsche Bank AG 5.36%-5.43% due 5/12-6/16/97 19.500 19.495 .14
Federal Agency Discount Notes - 1.69%
Federal National Mortgage Assn.
5.22%-5.30% due 4/15-6/16/97 99.000 98.072 .72
Federal Home Loan Mortgage Corp.
5.26%-5.55% due 5/1-6/23/97 91.300 90.604 .66
Federal Home Loan Banks 5.25%-5.32%
due 4/10-4/17/97 42.900 42.819 .31
----------- -----------
Non-U.S. Currency - 0.07%
New Taiwanese Dollar NT$275.100 9.996 .07
TOTAL SHORT-TERM SECURITIES
(cost: $1,671.472 million) 1,671.286 12.23
Excess of payables over cash
and receivables 48.040 .35
------------ ------------
TOTAL SHORT-TERM SECURITIES AND NET CASH 1,623.246 11.88
------------ ------------
NET ASSETS $13,662.055 100.00%
=========== ===========
/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.
/3/ The fund owns 5.72% of the outstanding voting securities
of Georgia Gulf Corp., which represents investment in
an affiliate as defined in the Investment
Company Act of 1940.
See Notes to Financial Statements
</TABLE>
<TABLE>
<S> <C> <C>
New Perspective Fund
Financial Statements Unaudited
- ---------------------------------- ---------- ----------
Statement of Assets and Liabilities (dollars in
at March 31, 1997 millions)
- ---------------------------------- ---------- ----------
Assets:
Investment securities at market
(cost: $8,735.646) $12,038.809
Short-term securities
(cost: $1,671.472) 1,671.286
Cash .341
Receivables for-
Sales of investments $70.601
Sales of fund's shares 30.873
Dividends and accrued interest 32.392 133.866
---------- ----------
13,844.302
Liabilities:
Payables for-
Purchases of investments 77.752
Repurchases of fund's shares 96.271
Management services 4.704
Accrued expenses 3.520 182.247
---------- ----------
Net Assets at March 31, 1997-
Equivalent to $18.69 per share on
730,822,586 shares of $1 par value
capital stock outstanding (authorized
capital stock--1,000,000,000 shares) $13,662.055
===========
Statement of Operations Unaudited
for the six months ended March 31, 1997 (dollars in
millions)
- ---------------------------------- ---------- ----------
Investment Income:
Income:
Dividends $ 89.879
Interest 49.518 $ 139.397
----------
Expenses:
Management services fee 27.109
Distribution expenses 14.441
Transfer agent fee 6.194
Reports to shareholders .761
Registration statement and prospectus 1.031
Postage, stationery and supplies .810
Directors' and Advisory Board fees .148
Auditing and legal fees .074
Custodian fee 1.903
Taxes other than federal
income tax .170
Other expenses .078 52.719
---------- ----------
Net investment income 86.678
----------
Realized Gain and Unrealized
Appreciation on Investments:
Net realized gain 372.445
Net unrealized appreciation on investments:
Beginning of period 2,505.462
End of period 3,302.590 797.128
---------- ----------
Net realized gain and unrealized appreciation
on investments 1,169.573
----------
Net Increase in Net Assets Resulting
from Operations $1,256.251
===========
See Notes to Financial Statements
- ---------------------------------- ---------- ----------
Statement of Changes in Net Assets (dollars in
millions)
Six months Year ended
ended March 31, September 30,
1997* 1996
- ---------------------------------- ---------- ----------
Operations:
Net investment income $ 86.678 $ 204.748
Net realized gain on investments 372.445 439.315
Net unrealized appreciation
on investments 797.128 389.111
---------- ----------
Net increase in net assets
resulting from operations 1,256.251 1,033.174
---------- ----------
Dividends and Distributions Paid to
Shareholders:
Dividends from net investment income (149.976) (181.254)
Distributions from net realized gain on
investments (462.037) (326.785)
---------- ----------
Total dividends and distributions (612.013) (508.039)
---------- ----------
Capital Share Transactions:
Proceeds from shares sold: 82,861,238
and 168,317,771 shares, respectively 1,540.421 2,872.559
Proceeds from shares issued in reinvestment
of net investment income dividends and
distributions of net realized gain on
investments: 32,699,129 and 29,221,609 shares,
respectively 580.367 477.859
Cost of shares repurchased: 42,519,208
and 58,868,182 shares, respectively (790.631) (1,004.893)
---------- ----------
Net increase in net assets resulting from
capital share transactions 1,330.157 2,345.525
---------- ----------
Total Increase in Net Assets 1,974.395 2,870.660
Net Assets:
Beginning of period 11,687.660 8,817.000
---------- ----------
End of period (including undistributed
net investment income: $54.946
and $119.565, respectively) $13,662.055 $11,687.660
=========== ===========
*Unaudited
See Notes to Financial Statements
</TABLE>
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 fund seeks long-term growth of capital through investments all over the
world, including the United States. 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. Long-term and short-term securities
with original or remaining maturities in excess of 60 days are valued at the
mean of their representative quoted bid and asked prices or, if such prices are
not available, at prices for securities of comparable maturity, quality and
type. Securities denominated in non-U.S. currencies are generally valued on
the basis of bid quotations. 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. In the event the fund purchases
securities on a delayed delivery or "when-issued basis", it will segregate with
its custodian liquid assets in an amount sufficient to meet its payment
obligations in these transactions. 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 and premiums 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.
Investment securities, cash balances, 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 effects of changes in foreign currency exchange rates on
investment securities are included with the net realized and unrealized gain or
loss on investment securities.
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 $1,903,000 includes $31,000 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, 1997, net unrealized appreciation on investments for federal
income tax purposes aggregated $3,303,965,000 of which $3,632,875,000 related
to appreciated securities and $328,910,000 related to depreciated securities.
During the six months ended March 31, 1997, the fund realized, on a tax basis,
a net capital gain of $371,533,000 on securities transactions. Net losses
related to non-U.S. currency transactions of $5,970,000 were treated as a
reduction to ordinary income for federal income tax purposes. The capital gain
distribution paid in December, 1996, includes $4,708,000 of realized non-U.S.
currency gains. The cost of portfolio securities for federal income tax
purposes was $10,406,130,000 at March 31, 1997.
3. The fee of $27,109,000 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; 0.395% of
such assets in excess of $6.5 billion but not exceeding $10.5 billion; and
0.392% of such assets in excess of $10.5 billion. The Board of Directors has
approved a new agreement containing a reduced fee schedule. Effective April 1,
1997, fees are 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; 0.395% of such assets in excess of $6.5 billion but not exceeding
$10.5 billion; 0.39% of such assets in excess of $10.5 billion but not
exceeding $17 billion; and 0.385% of such assets in excess of $17 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,
1997, distribution expenses under the Plan were $14,441,000. As of March 31,
1997, accrued and unpaid distribution expenses were $2,537,000.
American Funds Service Company (AFS), the transfer agent for the fund, was
paid a fee of $6,194,000. American Funds Distributors, Inc. (AFD), the
principal underwriter of the fund's shares, received $5,879,000 (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 who are unaffiliated with CRMC may elect
to defer part or all of the fees earned for services as members of the Boards.
Amounts deferred are not funded and are general unsecured liabilities of the
fund. As of March 31, 1997, aggregate amounts deferred and earnings thereon
were $331,000.
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 March 31, 1997, accumulated undistributed net realized gain on
investments was $293,158,000 and paid-in capital was $9,275,675,000.
The fund made purchases and sales of investment securities, excluding
short-term securities, of $2,426,975,000 and $1,585,762,000, respectively,
during the six months ended March 31, 1997.
Dividend and interest income is recorded net of non-U.S. taxes paid. For the
six months ended March 31, 1997, such non-U.S. taxes were $5,521,000. Net
realized currency gains on dividends, interest, withholding taxes reclaimable,
and sales of non-U.S. bonds and notes were $253,000 for the six months ended
March 31, 1997.
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Per-Share Data and Ratios
Six months Year ended September 30
ended
3/31/97(1) 1996 1995 1994 1993 1992
------ ------ ------ ------ ------ ------
Net Asset Value, Beginning of Period $17.77 $16.98 $15.40 $14.21 $12.25 $11.77
------ ------ ------ ------ ------ ------
Income from Investment Operations:
Net investment income .12 .32 .31 .22 .17 .21
Net realized and unrealized gain
on investments 1.71 1.40 2.35 1.54 2.04 .71
------ ------ ------ ------ ------ ------
Total income from
investment operations 1.83 1.72 2.66 1.76 2.21 .92
------ ------ ------ ------ ------ ------
Less Distributions:
Dividends from net
investment income (.223) (.321) (.237) (.173) (.178) (.24)
Dividends from net realized
non-U.S. currency gains(2) (.007) (.009) (.003) (.027) (.022) -
Distributions from net
realized gains (.680) (.600) (.840) (.370) (.050) (.20)
------ ------ ------ ------ ------ ------
Total distributions (.91) (.93) (1.08) (.57) (.25) (.44)
------ ------ ------ ------ ------ ------
Net Asset Value, End of Period $18.69 $17.77 $16.98 $15.40 $14.21 $12.25
====== ====== ====== ====== ====== ======
Total Return(3) 10.57%(4) 10.64% 18.63% 12.61% 18.34% 8.04%
Ratios/Supplemental Data:
Net assets, end of
period (in millions) $13,662 $11,688 $8,817 $6,279 $4,417 $3,082
Ratio of expenses to average
net assets .41%(4) .82% .83% .84% .87% .85%
Ratio of net income to
average net assets .67%(4) 2.00% 2.12% 1.48% 1.40% 1.82%
Average commissions paid(5) 2.76c 4.30c .72c 1.05c 1.74c 3.02c
Portfolio turnover rate 14.06%(4) 18.12% 22.40% 25.33% 15.02% 6.43%
(1) Unaudited
(2) Realized non-U.S. currency gains
are treated as ordinary income for
federal income tax purposes.
(3)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.
(5)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 commissions), such as most
over-the-counter and fixed-income
transactions, are excluded.
Generally, non-U.S. commissions are
lower than U.S. commissions when
expressed as cents per share but
higher when expressed as
a percentage of transactions
because of the lower per-share prices
of many non-U.S. securities.
</TABLE>
THE AMERICAN FUNDS GROUP(R) SHAREHOLDER SERVICES
ARE YOU AWARE OF YOUR RIGHTS?
Did you know you may be eligible for a sales charge discount when you buy
shares of most American Funds? The discounts begin when your investments total
$25,000 for bond funds or $50,000 for stock and stock/bond funds - and the good
news is you don't have to invest the whole amount at one time.
Through your right of accumulation, when you purchase additional shares you can
add the purchase amount to the value of shares you already own - in any of our
eligible funds* - in order to qualify for a sales charge discount on the new
investment.
Sales charges are reduced on a sliding scale as your investments increase.
You'll find a detailed breakdown of all discounts in your fund's prospectus,
which you can obtain from your financial adviser or by calling a Shareholder
Services Representative.
OTHER WAYS TO REDUCE SALES CHARGES
You can establish a statement of intention that allows you to invest at a
reduced sales charge immediately, based on purchases you intend to make over a
13-month period.* Or you can aggregate accounts by adding your purchase amount
to the total value of accounts you, your spouse and your minor children have
with The American Funds Group. Call a Shareholder Services Representative for
details and restrictions.
Whether you accumulate, aggregate or establish a statement of intention, it all
adds up - to more purchasing power for you.
INVESTING WITH STYLE
AMERICAN FUNDSLINE(R) AND FUNDSLINE ONLINE/SM/ - Handle transactions using your
computer or phone 24 hours a day. Obtain current prices and investment returns,
exchange shares between funds, redeem shares, check your share balances and
confirm your most recent transaction. Request duplicate statements and order
checks (phone only). All on your timetable. Just call 800/325-3590 or reach us
on the World Wide Web at www.americanfunds.com.
AMERICAN FUNDSLINK/SM/ - Link your American Funds accounts with your bank
account. You can have fund dividends or automatic fund withdrawals deposited
directly into your bank account. Or you can invest money directly from your
bank account into your fund account on either a systematic or on-demand basis.
OTHER AUTOMATIC TRANSACTIONS - You can reinvest dividends into the same fund or
another fund, make withdrawals, and exchange shares between funds - quarterly,
monthly or during the months you specify.
DIVIDEND AND CAPITAL GAIN OPTIONS - Use your dividend and capital gain
distributions to meet your changing needs. You may:
- - Automatically reinvest distributions back into the fund at no sales charge.
- - Cross-reinvest dividends into another fund at no sales charge. (Certain
restrictions apply.)
- - Have dividends mailed or sent electronically to you or to someone else.
EXCHANGE PRIVILEGES - When you and your investment adviser feel it's time to
adjust your portfolio to meet your changing investment goals, you can easily
exchange shares from one American Fund to another - usually without paying a
sales charge.* To open an account in a different fund, you must meet that
fund's minimum investment requirement. An exchange generally constitutes a sale
and purchase for tax purposes.
*Investments in our money market funds - The Cash Management Trust of America,
The Tax-Exempt Money Fund of America and The U.S. Treasury Money Fund of
America - which are purchased without a sales charge, generally do not apply
when determining your sales charges unless the shares were originally purchased
in another American Fund that required a sales charge, then later exchanged
into our money market funds.
FOR MORE COMPLETE INFORMATION ABOUT THESE SERVICES OR ABOUT ANY OF THE AMERICAN
FUNDS, INCLUDING CHARGES AND EXPENSES, PLEASE OBTAIN A PROSPECTUS FROM YOUR
FINANCIAL ADVISER OR AMERICAN FUNDS SERVICE COMPANY AND READ IT CAREFULLY
BEFORE YOU INVEST OR SEND MONEY. THESE SERVICES ARE SUBJECT TO CHANGE OR
TERMINATION.
TO TALK TO A SHAREHOLDER SERVICES REPRESENTATIVE, CALL TOLL-FREE (8 A.M. TO 8
P.M. ET) FROM ANYWHERE IN THE U.S.: 800/421-0180.
VISIT US AT WWW.AMERICANFUNDS.COM ON THE WORLD WIDE WEB.
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 92821-5804
TRANSFER AGENT FOR SHAREHOLDER ACCOUNTS
(Please write to the address nearest you.)
American Funds Service Company
P.O. Box 2205
Brea, California 92822-2205
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
CUSTODIAN OF ASSETS
The Chase Manhattan Bank
One Chase Manhattan Plaza
New York, New York 10081-0001
COUNSEL
O'Melveny & Myers LLP
400 South Hope Street
Los Angeles, California 90071-2899
PRINCIPAL UNDERWRITER
American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, California 90071-1462
FOR INFORMATION ABOUT YOUR ACCOUNT OR ANY OF THE FUND'S SERVICES, PLEASE
CONTACT YOUR FINANCIAL ADVISER. YOU MAY ALSO CALL AMERICAN FUNDS SERVICE
COMPANY, TOLL-FREE, AT 800/421-0180 OR VISIT WWW.AMERICANFUNDS.COM ON THE WORLD
WIDE WEB.
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, 1997, this report must be accompanied by an American Funds Group
Statistical Update for the most recently completed calendar quarter.
Litho in USA AGD/GRS/3400
Lit. No. NPF-013-0597
Printed on recycled paper
[The American Funds Group(r)]
