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<PAGE>
NEW WORLD INVESTMENT FUND (SM)
ANNUAL REPORT
FOR THE YEAR ENDED JUNE 30, 1995
SEEKS A HIGH LEVEL OF TOTAL RETURN OVER THE LONG TERM BY
INVESTING PRIMARILY IN SECURITIES OF LATIN AMERICAN ISSUERS
<PAGE>
New World Investment Fund's
Total Return Year by Year
<TABLE>
<CAPTION>
<S> <C>
Results for fiscal Total Return
years ended June 30 ------------
-------------------
1990 +30.1%
1991 +58.8
1992 +26.6
1993 +31.3
1994 +36.0
1995 15.5
</TABLE>
Here are the total returns and average annual compound returns with all
distributions reinvested for periods ended June 30, 1995 Since inception on
5/26/89: +298.6%, or +25.46% a year; five years: +203.3%, or +24.85% a year; 12
months: 15.5%.
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 in securities 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.
<PAGE>
Fellow Shareholders:
We have customarily noted that the volatility inherent in Latin American
markets means there will be periods when the value of an investment in the fund
declines. Fiscal 1995 was such a period.
The decline over the 12 months ended June 30 was 15.5% assuming reinvestment of
the 4-cent dividend and $9.81 capital gain distribution paid in December.
This result comes on the heels of five consecutive fiscal years during which
the fund recorded double-digit gains. Since operations began in May 1989, the
fund has generated a total return of 298.6% and an average compound return of
25.5% a year.
While New World Investment Fund's fiscal 1995 results lag indexes for the U.S.
market and the world's developed and developing markets, the fund has outpaced
all of these markets by a comfortable margin over its lifetime. Results for the
fund and the indexes are shown in the box below.
The fund trailed the MSCI Emerging Markets Free Latin America Index in fiscal
1995 primarily because it had a larger exposure to investments in Mexico, where
stock prices declined 43.5% on average, measured in U.S. dollars.
The defining event behind that decline was the sudden devaluation of the
Mexican peso last December. The devaluation precipitated a crisis of confidence
not only in Mexico but in emerging markets around the world. Countries with
currencies closely linked to the U.S. dollar, such as Argentina, tended to be
hit particularly hard during the ensuing market selloff.
More recently, markets throughout Latin America have managed to recover lost
ground. The turning point came in mid-March after Argentine President Carlos
Menem and his economic team led by Finance Minister Cavallo dealt swiftly and
skillfully with their own peso crisis by putting together an international
financial aid package for the country. Investor confidence was reinforced a few
weeks later by the re-election of Menem, who had promised voters to maintain
his government's restrictive anti-inflationary policies. With the situation
stabilizing in Argentina, stock prices began to firm up there and, shortly
thereafter, throughout the region.
Following the devaluation of the Mexican peso, we re-examined all of the fund's
Mexican positions. Investments in Mexico were reduced; they are now
concentrated in companies that have demonstrated an ability to weather an
extended
<TABLE>
<CAPTION>
<S> <C> <C> <C>
RESULTS AT A GLANCE 12-Month Lifetime Lifetime
(assuming dividends reinvested) Total Return Total Return Average Annual
(7/1/94-6/30/95) (5/26/89-6/30/95) Compound Return
---------------- ----------------- (5/26/89-6/30/95)
-----------------
NEW WORLD INVESTMENT FUND -15.5% +298.6% +25.5%
Standard & Poor's 500 Composite Index +26.0 +105.2 +12.5
Morgan Stanley Capital +11.2 +54.5 +7.4
International (MSCI) World Index
MSCI Emerging Markets Free Index 0.0 +192.3 +19.3
MSCI Emerging Markets Free 8.8 +231.7 +21.8
Latin America Index
</TABLE>
All market indexes cited are unmanaged.
period of economic difficulty. Recent earnings reports from many of these
companies reflect an aggressive move by managements to reduce operating costs.
Given this response, as well as a strong pickup in exports, the outlook for
selected investments in Mexico appears considerably better than it did just a
short while ago.
In Argentina, we felt that investors had not properly recognized the
differences between the situation there and in Mexico. Our enthusiasm for the
market increased substantially following the indiscriminate market selloff as
the valuations of many strong, promising companies in the telecommunications,
oil and banking sectors reached historically low levels.
We also have invested in fixed-income securities in Argentina and elsewhere
within the region. During the dark days of early March, dollar-denominated
government bonds in Argentina offered yields to maturity of more than 30%.
Although prices have recovered 50% to 70%, we have been adding selectively to
our bond positions. Given the yields available, we view these bonds as equity
substitutes.
As you may know, New World Investment Fund has wide flexibility to invest not
only in stocks and bonds but also in convertible debentures, private equities,
options, puts, futures and certain other derivatives. As new investment
opportunities emerge, we are keeping that flexibility in mind.
Our holdings in Argentina, including both debt and equity, now account for
13.8% of the portfolio, up from 6.3% a year ago. The Menem victory and the
prospect of healthy economic growth prompt us to believe that many Argentine
companies have excellent potential.
In Brazil, we reduced positions in consumer-related and cyclical companies and
continued to add to the electrical sector following the government's
announcement to sell Electrobras, the country's huge electric generation and
distribution company. Part of the process of privatizing Electrobras will be
to correct the tariff structure to allow higher returns on investment which, by
itself, should increase the attractiveness of the sector. The Brazilian economy
continues to perform very well, although we expect it to slow significantly
from the 9% growth rate of the first calendar quarter of the year. As always,
inflation will bear close watching.
Domestic demand in Brazil finally pushed the country's traditional trade
surplus into a deficit beginning in November 1994. In response, President
Fernando Cardoso temporarily increased import duties, primarily on autos.
While Cardoso espouses a strategy of opening the economy and increasing
competitiveness, this move correctly concerned many investors.
HOW THE FUND'S INVESTED POSITION HAS CHANGED
<TABLE>
<CAPTION>
Percent of Net Assets Market Value Of
------------------------ Holdings
6/30/93 6/30/94 6/30/95 6/30/95
-------- -------- -------- (in thousands)
--------------
<S> <C> <C> <C> <C>
Argentina 4.90% 6.33% 13.82% $ 33,518
Brazil 42.34 32.62 30.76 74,557
Chile 11.35 11.58 10.66 25,836
Colombia .96 2.75 2.58 6,252
Ecuador - - .70 1,708
Mexico 37.41 32.07 24.14 58,538
Panama - - .35 847
Peru - .62 4.34 10,529
Philippines .71 .58 .91 2,202
Portugal .27 .31 .65 1,572
U.S. .23 .09 .12 298
Uruguay - - .75 1,811
Venezuela .35 .56 .49 1,187
Other .09 .54 - 3
---- ---- ---- ------
Cash &
Equivalents 1.39 11.95 9.73 23,586
------- ------ ------ --------
Total 100.00% 100.00% 100.00% $242,444
======= ======= ======= ========
</TABLE>
Elsewhere in Latin America, Peru led all Latin American markets with a 44.7%
gain (in U.S. dollars) over the 12 months ended June 30. The market rally there
was fueled by the re-election of President Alberto Fujimori in April and the
likelihood of the continuation of his economic liberalization policies. Our
holdings are up to 4.3% of the portfolio from less than one percent a year ago.
Over the course of the year, we invested in a bank, participated in the
privatization of a utility and bought bank loans that fared well under the
Brady bond negotiations.
Chile, meanwhile, turned in the second-best performance, with a 42.7% gain in
fiscal 1995. The economy there is accelerating while inflation continues to
fall. Stocks, meanwhile, sell at premium valuations, not just compared with
other Latin American markets but also with developing markets in Asia. The
profitability of Chilean companies and the economy's predictability and
resilience are strong points, but we believe they do not justify the high
prices at which many stocks are selling. At 10.7% of the portfolio, our
holdings are hardly insignificant but nonetheless we are underweighted relative
to the MSCI Emerging Markets Free Latin America Index because of the difficulty
we have had finding compelling investment values there.
All in all, fiscal 1995 was a challenging and trying year. The correction that
came to a halt in March was a painful experience, but also, in a sense, a
healthy one. It created numerous buying opportunities. And it moved us beyond
the stage where securities prices in developing countries seemed as though they
could travel in only one direction up and where almost anything associated
with the term emerging markets became a hot seller.
Much of the pressure on Latin American markets following the peso's devaluation
appears to have been due to sales by non-dedicated emerging markets managers
investors whose experience is in the developed world but who had added some
emerging market exposure over the last few years in an effort to enhance their
returns. Interestingly, institutional funds that invest exclusively in emerging
markets tended to experience net investment inflows over the period. This may
have caused a turnover of ownership from marginal participants in these markets
toward investors who, it is hoped, are more focused on fundamentals.
<TABLE>
<CAPTION>
<S> <C>
TEN HOLDINGS WITH LARGEST PRICE
INCREASE*
for the year ended June 30, 1995
---------------------------------
Sociedad Quimica y Minera de Chile +120.1%
(Chile)
Banmedica (Chile) +94.2
Companhia Vale do Rio Doce (Brazil) +59.0
Aracruz Celulose (Brazil) +53.7
Companhia Cervejaria Brahma (Brazil) +49.1
Companhia Metalurgica Barbara (Brazil) +48.6
Banco Bradesco (Brazil) +45.3
Ayala Land (Philippines) +41.0
Mecanica Pesada (Brazil) +35.8
Banco de Credito del Peru (Peru) +25.0
TEN HOLDINGS WITH LARGEST PRICE
DECREASE*
for the year ended June 30, 1995
--------------------------------------
CEMEX (Mexico) 45.5%
Apasco (Mexico) 46.7
Telefonos de Mexico (Mexico) 47.2
Gruma (Mexico) 51.9
Grupo Financiero Banamex Accival -55.1
(Mexico)
Grupo Televisa (Mexico) 59.7
Tolmex (Mexico) 61.4
Mesbla (Brazil) 68.3
Internacional de Ceramica (Mexico) 70.1
Embotelladores del Valle de 77.3
Anahuac(Mexico)
</TABLE>
* For stocks held over the fiscal year. Percentage gains and losses do not
reflect the impact of
intervening fund purchases or sales.
Looking ahead, we take encouragement from the fact that interest rates in most
nations including the United States have come down. Countries in Latin
America tend to be heavy users of borrowed capital, and the rise in rates last
year had a generally negative effect on their economies and financial markets.
It is also encouraging to note that every major country in Latin America held a
national election over the past 20 months and that in every case except
Venezuela, the candidate who espoused a commitment to democracy, capitalism and
open markets was elected. These administrations should be in place until the
end of the decade.
As always, we encourage our shareholders to maintain a long-term perspective on
their holdings. While periodic bouts of volatility in the markets are to be
expected, overall we feel that the case for investing in Latin America remains
strong.
We look forward to reporting to you again in six months.
Sincerely,
Nancy Englander
Chairman of the Board
David I. Fisher
President
August 15, 1995
<PAGE>
NEW WORLD INVESTMENT FUND
Investment Portfolio - June 30, 1995
<TABLE>
<CAPTION>
Equity Type Securities
----------- ---------- ------------
Common Preferred Convertible Percent of
INDUSTRY DIVERSIFICATION Stocks Stocks Stocks Bonds
Net Assets
<S> <C> <C> <C> <C> <C> <C>
Telecommunications 11.70% 6.85% -% -% 18.55%
Utilities: Electric & Gas 7.53 3.14 - 0.19 10.86
Building Materials & Components 6.44 1.11 1.12 8.67
-
Banking 5.62 0.10 1.48 7.20
-
Beverages & Tobacco 4.12 1.95 - 6.07
-
Merchandising 3.65 1.27 0.25 5.17
-
Forest Products & Paper 2.71 1.41 - - 4.12
Appliances and Household 0.29 3.15 - 3.44
Durables -
Metals: Steel 1.63 1.65 0.06 - 3.34
Financial Services 2.09 0.39 0.37 2.85
-
Equity Common Trusts 2.49 - - 2.49
-
Industrial Components 0.53 0.95 - 0.69 2.17
Business & Public Services 0.44 1.62 - 2.06
-
Multi-Industry 1.51 - 1.51
- -
Chemicals 1.40 - 1.40
- -
Broadcasting & Publishing 1.05 - 1.05
- -
Energy Sources 1.03 - - 1.03
-
Food & Household Products 0.39 0.45 - 0.84
-
Real Estate 0.80 0.80
- - -
Textiles & Apparel - 0.75 - - 0.75
Machinery & Engineering 0.21 0.34 - 0.55
-
Construction & Housing 0.50 - 0.50
- -
Electrical & Electronics - 0.25 - 0.25
-
Transportation - 0.24 0.24
- -
Health & Personal Care 0.15 - 0.15
- -
Miscellaneous - - - 4.21 4.21
------ ------ ----- ----- ------
56.28% 24.99% 3.30% 1.49% 90.27
Short-Term Securities ====== ====== ===== ===== 9.05
Excess of cash and receivables 0.68
-------
Net Assets 100.00%
</TABLE>
**********
**********
<TABLE>
<CAPTION>
Market Value
Acquisition of Holdings
Percent of Cost 6/30/95
TEN LARGEST EQUITY HOLDINGS Net Assets (in thousands) (in thousands)
---------- -------------- --------------
<S> <C> <C> <C>
Telecomunicacoes Brasileiras 6.06% $2,065 $14,702
Chilgener 4.33 9,091 10,489
Telefonica de Argentina 3.71 9,413 8,992
Telefonos de Mexico 3.61 5,828 8,761
Brasmoter 3.15 3,048 7,627
Panamerican Beverage 2.77 6,302 6,723
CEMEX 2.71 5,155 6,577
Cifra 2.64 869 6,395
Kimberly Clark de Mexico 2.27 1,943 5,503
Banco de Credito Del Peru 2.01 3,232 4,876
------ ------- -------
33.26% $46,946 $80,645
====== ======== ========
</TABLE>
**********
NEW WORLD INVESTMENT FUND
Investment Portfolio - June 30, 1995
------------------------------------------------------------------------------
-----------------
<TABLE>
<CAPTION>
Number
of Shares
or Market Percent
EQUITY-TYPE SECURITIES Principal Value of Net
(common and preferred stocks and convertible debentures) Amount (000) Assets
-------------------------------------------------------- --------- ------- --------
<S> <C> <C> <C>
ARGENTINA - 12.48%
Astra Compania Argentina de Petroleo SA 1,386,000 $ 2,080 .86
Banco de Galicia y Buenos Aires SA, Class B
(American Depositary Receipts) 4,200 66
Banco de Galicia y Buenos Aires SA, .66
7.00% convertible bond August 1, 2002 $2,200,000 1,540
Banco Frances del Rio de la Plata SA
(American Depositary Receipts) 228,000 4,104 1.69
BISA-Bemberg Industrial SA
(acquired 10/31/94, cost: $3,000,000) (1) 3,000,000 3,000 1.24
Hidroneuquen SA (acquired 11/12/93, cost: $2,437,000) (1) (2) 2,353,874 2,437 1.01
IRSA Inversiones y Representaciones SA
(Global Depositary Receipts) (2) 41,650 968 .40
Nortel Inversora SA, Class A, preferred (American Depositary
Receipts)
(acquired 11/24/92, cost: $1,503,000) (1) 211,560 2,097 .87
Sociedad Comercial del Plata SA 133,000 330
SOCIEDAD COMERCIAL DEL PLATA SA (AMERICAN DEPOSITARY .20
RECEIPTS) (ACQUIRED 4/28/95, COST: $147,000) (1)(2) 6,700 166
Telecom Argentina STET-France Telecom SA, Class B 741,000 3,373
Telecom Argentina STET-France Telecom SA, Class B 1.67
(American Depositary Shares) 15,000 683
Telefonica de Argentina SA, Class B 910,000 2,285
Telefonica de Argentina SA, Class B (American Depositary 271,000 6,707 3.71
Shares)
YPF SA, Class D (American Depositary Receipts) 22,400 423 .17
--------- -------
30,259 12.48
--------- -------
-
BRAZIL-29.73%
Aracruz Celulose SA, Class B, preferred nominative 8,799 21
Aracruz Celulose SA (American Depositary Receipts) 34,000 400 .17
Banco Bradesco SA, preferred nominative 29,856,111 253
Banco Bradesco SA, preferred nominative, rights, expire .11
July 13, 1995
539,142 1
Brasmotor SA, preferred nominative 41,276,787 7,627 3.15
Centrais Electricas Brasileiras SA, Class B, preferred 2,989,976 796
nominative
Centrais Electricas Brasileiras SA, ordinary nominative 2,910,967 759 .64
CESP-Companhia Energetica de Sao Paulo, preferred 71,903,400 2,845
nominative (2)
CESP-Companhia Energetica de Sao Paulo, ordinary nominative 3,000,000 98
(2)
CESP-Companhia Energetica de Sao Paulo, preferred nominative 1.41
(American Depositary Receipts) (acquired 8/30/94, 42,112 468
cost: $711,000) (1) (2)
COFAP-Companhia Fabricadora de Pecas, preferred nominative 133,020 1,139 .47
Companhia Cervejaria Brahma, preferred nominative 14,394,421 4,725 1.95
Companhia Cimento Portland Itau, preferred nominative 7,610,000 2,233 .92
Companhia Energetica de Minas Gerais-CEMIG, preferred 117,586,476 2,301
nominative
Companhia Energetica de Minas Gerais-CEMIG, preferred
nominative
(American Depositary Receipts) (acquired 9/22/94,
cost: $1,616,000) (1) (2) 63,583 1,224 1.45
Companhia Metalurgica Barbara, preferred nominative (2) 689,195,763 472 .20
Companhia Siderurgica Belgo-Mineira, preferred nominative 15,391,518 1,363 .56
Companhia Vale do Rio Doce, preferred nominative 17,516,720 2,647
Companhia Vale do Rio Doce, ordinary nominative 885,000 250 1.20
COTEMINAS-Companhia de Tecidos Norte de Minas, preferred 5,835,000 1,839 .76
nominative
Ericsson do Brazil Comercio e Industria SA,
preferred nominative 143,182,500 607 .25
GP Capital Partners, LP (aquired 1/28/94, cost: $3,000,000) 3,000 3,000 1.24
(1) (2) (3)
Industrias Klabin de Papel e Celulose SA, preferred 2,383,084 3,367 1.39
nominative
Lojas Americanas SA, preferred nominative 51,798,049 1,154
Lojas Americanas SA, ordinary nominative 95,125,600 2,166
Lojas Americanas SA, preferred nominative, 1.49
warrants, expire May 3, 1996 (2) 531,552 284
Mecanica Pesada, preferred nominative 190,000 826 .55
Mecanica Pesada, ordinary nominative 70,000 517
Mesbla SA, preferred nominative (2) 32,349,795 1,934 1.05
Mesbla SA, Series 2, 13.25% covertible bond, November 1, 1996 CR$10,270,0 608
00
OSA, PREFERRED NOMINATIVE 90,000,000 1,174 .48
PETROBRAS DISTRIBUIDORA SA-BR, PREFERRED NOMINATIVE 113,693,000 3,930 1.62
RHODIA-STER SA (GLOBAL DEPOSITARY RECEIPTS) 113,100 1,555 .64
SADIA CONCORDIA SA INDUSTRIA E COMERCIO, PREFERRED NOMINATIVE 1,163,000 1,087 .45
TELECOMUNICACOES BRASILEIRAS SA, PREFERRED NOMINATIVE 446,389,313 14,702 6.06
TELECOMUNICACOES DE MINAS GERAIS,ORDINARY NOMINATIVE 4,478,000 181 .07
TELECOMUNICACOES DE SAO PAULO SA-TELESP, PREFERRED NOMINATIVE 15,447,114 1,914
TELECOMUNICACOES DE SAO PAULO SA-TELESP, ORDINARY NOMINATIVE 2,554,000 325 .92
VIDRARARIA SANTA MARINA, ORDINARY NOMINATIVE 308,700 1,275 .53
--------- -------
72,067 29.73
--------- -------
CHILE - 10.66%
BANMEDICA SA 2,362,500 1,076 .44
CAP SA 360,599 2,270 .93
CHILGENER SA (AMERICAN DEPOSITARY RECEIPTS) 331,678 10,489 4.33
COMPANIA CERVECERIAS UNIDAS SA (AMERICAN DEPOSITARY SHARES) 110,000 2,929 1.21
COMPANIA DE TELECOMUNICACIONES DE CHILE SA
(AMERICAN DEPOSITARY RECEIPTS) 18,000 1,465 .60
COMPANIA TECNO INDUSTRIAL SA 9,720,000 703 .29
EMPRESA NACIONAL DE ELECTRICIDAD SA (AMERICAN DEPOSITARY 135,409 3,588 1.48
RECEIPTS)
FORESTAL TERRANOVA 360,599 691 .29
INVERCAP SA 360,599 792 .33
SOCIEDAD QUIMICA Y MINERA DE CHILE SA, CLASS A 386,600 1,833 .76
------- --------
25,836 10.66
------- --------
COLOMBIA - 2.58%
BANCO DE COLOMBIA SA (GLOBAL DEPOSITARY RECEIPTS)
(ACQUIRED 5/26/94, COST: $825,000) (1) 65,000 488
BANCO DE COLOMBIA SA 5.20% CONVERTIBLE BOND FEBRUARY 1, 1999 .73
(ACQUIRED 1/27/94, COST: $1,975,000) (1) $1,700,000 1,275
CEMENTOS DIAMANTE, SA 141,731 978 .40
CEMENTOS PAZ DEL RIO (AMERICAN DEPOSITARY RECEIPTS)
(ACQUIRED 9/21/94, COST: $941,000) (1) (2) 42,000 693 .28
CORPORACION FINANCIERA DEL VALLE SA, CLASS B
(AMERICAN DEPOSITARY RECEIPTS) (ACQUIRED 2/4/93,
COST: $2,010,000) (1) 168,209 2,818 1.17
------- --------
6,252 2.58
------- --------
ECUADOR - 0.70%
LA CEMENTO NACIONAL CA (GLOBAL DEPOSITARY RECEIPTS)
(ACQUIRED 6/21/94, COST: $1,151,000) (1) 7,424 1,708 .70
------- --------
MEXICO - 22.92%
APASCO, SA DE CV, CLASS A 1,025,976 4,078 1.68
BCA QUADRUM, SA, ORDINARY PARTICIPATION CERTIFICATES
(AMERICAN DEPOSITARY RECEIPTS) (2) 180,000 1,170 .48
Bufete Industrial, SA, ordinary participation certificates
(American Depositary Receipts) 74,000 1,203 .50
CEMEX, SA, Class A 67,500 234
CEMEX, SA, Class B 1,003,100 3,625
CEMEX, SA, Class B, 4.25% convertible bond, November 1, 1997 $3,600,000 2,718 2.71
(aquired 9/28/94, cost: $3,626,000) (1)
Cifra, SA de CV, Class B 3,028,930 4,174
Cifra, SA de CV, Class C 1,682,142 2,221 2.64
Embotelladores del Valle de Anahuac, SA de CV, Class B 349,100 330 .14
Gruma, SA de CV, Class B 69,360 198 .08
Grupo Carso, SA de CV, Class A1 467,300 2,561 1.06
Grupo Casa Autrey, SA de CV (American Depositary Receipts) 24,500 364 .15
Grupo Financiero Banamex Accival, SA de CV, Class B 1,355,500 2,085
Grupo Financiero Banamex Accival, SA de CV, Class L 111,560 170
Grupo Financiero Banamex Accival, SA de CV,
7.00% convertible debentures December 15, 1999 $1,030,000 742 1.24
Grupo Financerio Bancomer, SA de CV, Class L
51.00% convertible debentures May 16, 2002 MXP5750000 935 .38
Grupo Financiero Banorte, SA de CV, Classs C 219,500 285 .12
Grupo Televisa, SA, ordinary participation certificates 106,000 1,087
Grupo Televisa, SA, ordinary participation certificates 1.04
(American Depositary Receipts) 71,000 1,447
Internacional de Ceramica, SA de CV, Class B (2) 55,200 91
Internacional de Ceramica, SA de CV .59
(American Depositary Receipts) (2) 170,400 1,342
Kimberly-Clark de Mexico, SA de CV, Class A 410,000 4,718
Kimberly-Clark de Mexico, SA de CV, Class B 70,000 785 2.27
Panamerican Beverages, Inc., Class A 224,100 6,723 2.77
Sigma Alimentos, SA de CV, Class B 110,000 749 .31
Telefonos de Mexico, SA de CV, Class A 1,650,000 2,438
Telefonos de Mexico, SA de CV, Class L 2,475,000 3,657
Telefonos de Mexico, SA de CV, Class L 3.61
(American Depositary Receipts) 90,000 2,666
Tolmex, SA de CV, Class B2 295,700 1,156 .48
Tubos de Acero de Mexico, SA (2) 151,000 738
Tubos de Acero de Mexico, SA
(American Depositary Receipts) (2) 141,200 697
Tubos de Acero de Mexico, SA
7.50% convertible Eurobond, June 12, 1997 $250,000 193 .67
------- --------
55,580 22.92
-------- --------
PERU - 2.80%
Banco de Credito del Peru 2,778,213 4,876 2.01
Cemento Norte Pacasmayo, Class C 400,000 1,044 .43
Ontario-Quinta A.V.V. (acquired 8/15/94, cost: $900,000) (1) 877,083 877 .36
(2)
--------- --------
6,797 2.80
------- --------
PHILIPPINES - 0.91%
Ayala Land, Inc., Class B 843,750 976 .40
Philippine Long Distance Telephone Co.
(Global Depositary Receipts) 30,000 1,223 .51
Philippine National Bank 281 3 -
------- --------
2,202 .91
------- --------
PORTUGAL - 0.65%
Corticeira Amorim-Sociedade Gestora de Participacoes
Socais, SA 40,700 612 .25
Portugal Telecom (American Depository Receipts) (2) 50,500 960 .40
------- --------
1,572 .65
UNITED STATES - 0.12%
Atlantic Tele-Network, Inc. (2) 36,700 298 .12
------- --------
URUGUAY - 0.75%
Banco Comercial Portugues, SA
(Global Depositary Receipts) 115,000 1,811 .75
------- --------
VENEZUELA - 0.27%
Compania de Inmuebles y Valores Caracas (2) 20,494,000 - -
Fabrica Nacional de Cementos SACA 4,098,800 398 .16
Venezolana de Cementos, SACA, Class A 163,800 231
Venezolana de Cementos, SACA, Class B 23,094 30 .11
-------- --------
659 .27
-------- --------
MISCELLANEOUS - 0.00%
Stocks in initial period of acquisition 1,700,000 3 -
-------- --------
TOTAL EQUITY-TYPE SECURITIES (cost: $164,248,000) 205,044 84.57
-------- --------
Principal
Amount
BONDS AND NOTES (000)
ARGENTINA - 1.34%
Republic of Argentina Bocon PIK 7.268% April 1,2001 (4) $3,750 2,054
Republic of Argentina Bocon PIK 5.861% April 1, 2001 (4) ARP2,250 735 1.15
Bridas Corporation SR 12.50% November 15, 1999 250 230 .09
Central Puerto SA 10.75% convertible Eurobond,
November 2, 1997 250 240 .10
-------- --------
3,259 1.34
-------- --------
BRAZIL - 1.03%
Aracruz Celulose SA Eurobond 9.00% July 22, 1998 150 147 .06
Federal Republic of Brazil Capitalization Bond PIK
8.00% April 15, 2014 780 383 .16
Federal Republic of Brazil Debt Conversion Bond 7.3125%
April 15, 2012 (4) 2,250 1,170 .48
Republic of Minas Gerias Series A 7.875%
Feburary 10, 1999 1,000 790 .33
------- --------
2,490 1.03
------- --------
MEXICO - 1.22%
Banco Nacional de Comercio Exterior S.N.C. Trust convertible 500 362 .15
Eurobond 8.00% August 5, 2003
Ispat Mexicana, SA de CV 10.375%
Senior Notes due March 15, 2001 (1) 500 430 .18
Mc-Cuernavaca Toll Road Trust 9.25% July 25, 2001 799 575 .24
Tubos de Acero de Mexico 13.75% December 8, 1999
(acquired 11/23/94, cost: $1,233,000) (1) 1,250 1,105 .45
United Mexican States MYRA (multi-year restructuring
agreement)/Agent-Citibank, N.A./Loan Participation
Agreements (Participation-Salomon Brothers Inc.)(2,4,5,6) 300 208
United Mexican States MYRA (multi-year restructuring
agreement)/Agent-International Mexican Bank Ltd./ Loan .20
Participation Agreements (Participation-Morgan Guaranty
Trust) (2,4,5,6) 400 278
-------- --------
2,958 1.22
------- --------
PANAMA - 0.35%
Republic of Panama 7.125% May 10, 2002 (4) 400 306
Republic of Panama/Agent-Citibank, N.A./Loan Participation
Agreements (Participation- Citibank, N.A.) (2,4,5,6) 1,784 541 .35
-------- --------
847 .35
-------- --------
PERU - 1.54%
Republic of Peru/Agent-Bankers Trust Company/
Loan Participation Agreements
(Participation-Citibank, N.A.) (2,4,5,6) 975 273 .11
Republic of Peru/Agent-Citibank, N.A./Loan Participation
Agreements (Participation-Citibank, N.A.) (2,4,5,6) 2,583 769 .32
Republic of Peru/Agent-Citibank, N.A./Loan Participation
Agreements (Participation-Morgan Guaranty Trust) (2,4,5,6) 2,661 800 .33
Republic of Peru/Agent-Citibank, N.A./Loan Participation
Agreements (Participation-Salomon Brothers Inc.) (2,4,5,6) 1,851 553 .23
Republic of Peru/Agent-Wells Fargo Bank/Loan Participation
Agreements (Participation-Citibank, N.A.) (2,4,5,6) 820 230 .09
Republic of Peru/Agent-Wells Fargo Bank/Loan Participation
Agreements (Participation-Morgan Guaranty Trust) (2,4,5,6) 3,407 963 .40
Republic of Peru/Agent-Wells Fargo Bank, N.A./Loan
Participation Agreements (Participation-J.P. Morgan) (2,4
5,6) 506 144 .06
-------- --------
3,732 1.54
-------- --------
VENEZUELA - 0.22%
Venezolana de Cementos, SACA
Eurobond 9.25% November 22, 1996 600 528 0.22
TOTAL BONDS AND NOTES (cost: $13,806,000) -------- --------
13,814 5.70
------- --------
SHORT-TERM SECURITIES
Corporate Short-Term Notes - 4.20%
ABN Amro North America Finance, Inc. 5.92% due 7/11/95 6,100 6,089 2.51
Deutsche Bank Financial Inc. 5.88% due 7/6/95 2,000 1,998 .82
UBS Finance (Delaware), Inc. 6.20% due 7/3/95 2,100 2,099 .87
------- --------
10,186 4.20
NON-U.S. CURRENCY - 4.85%
Chilean peso CHP4,386,70 11,751 4.85
3
-------- --------
TOTAL SHORT-TERM SECURITIES (cost: $21,201,000) 21,937 9.05
-------- --------
TOTAL INVESTMENT SECURITIES (cost: $199,255,000) 240,795 99.32
Excess of cash and receivables over liabilities 1,649 .68
-------- --------
NET ASSETS 242,444 100.00
======== ========
</TABLE>
(1) Purchased in a private placement transaction; resale to the
public may require registration and no right to demand
registration under U.S. law exsists. As of June 30, 1995,
the total market value and cost of such securities was
$24,074,000 and $25,439,000 respectively, and the market
value represented 9.93% of net assets.
(2) Non-income-producing securities.
(3) Unfunded capital commitments represent binding
commitments made by the fund which may be paid in the
future. Payment is made when a capital call is requested.
Capital calls can only be made when certain requirements
have been fulfilled; such as the timing of such capital
calls can not be readily determined.
(4) Coupon rate may change periodically.
(5) Security is currently in default.
(6) Participation interests were acquired through the financial
institution indicated parenthetically.
Non-U.S. currency symbols:
ARP - Argentine peso
R$ - Brazilian real
CHP - Chilean peso
MXP - Mexican peso
See Notes to Financial Statements
The description of companies shown in the portfolio, which are obtained from
published reports and other sources believed to be reliable, are supplemental
and are not covered by the Independent Auditor's Report.
Equity-type securities added to the
portfolio since December 31, 1994
----------------------------------------------
Bufete Industrial
CEMENTO NORTE PACASMAYO
COMPANIA DE INMUEBLAS Y VALORES CARACAS
COTEMINAS-COMPANHIA DE TECIDOS NORTE DE MINES
GRUPO FINANCERIO BANORTE
OSA
PORTUGAL TELECOM
SADIA CONCORDIA
SIGMA ALIMENTOS
SOCIEDAD COMERCIAL DEL PLATA
TELECOMUNICACOES DE MINAS GERAIS
EQUITY - TYPE SECURITIES ELIMINATED FROM THE
PORTFOLIO SINCE DECEMBER 31, 1994
----------------------------------------------
BANCO O'HIGGINS
COCA-COLA FEMSA
FOMENTO ECONOMICO MEXICANO
GRUPO EMBOTELLADOR DE MEXICO
GRUPO FINANCIERO SERFIN
GRUPO INDUSTRIAL DURANGO
HYLSAMEX
MANNESMANN
RIPASA SA CELULOSE E PAPEL
NEW WORLD INVESTMENT FUND
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
AT JUNE 30, 1995 (dollars in thousands)
<TABLE>
<CAPTION>
<S> <C> <C>
Assets:
Investment securities at market
(cost: $199,255) 240,795
Cash 582
Receivables for--
Sales of investments 2,732
Dividends and accrued interest 2,209 4,941
-------- --------
246,318
--------
Liabilities:
Non-U.S. taxes payable 261
Payables for--
Purchases of investments 1,432
Unfunded Capital commitments 1,924
Management services 197
Accrued expenses 60 3,613
-------- --------
3,874
--------
Net Assets at June 30, 1995 --
Equivalent to $19.26 per share on
12,588,493 shares of beneficial
interest issued and outstanding,
par value $0.001 per share;
unlimited shares authorized 242,444
========
Statement of Operations for the Year Ended
June 30, 1995 (dollars in thousands)
Investment Income:
Income:
Dividends 4,402
Interest 4,209 8,611
---------
Expenses:
Management services fee 2,896
Custodian fee 569
Auditing and legal fees 88
Reports to shareholders 6
Registration statement and prospectus 3
Taxes other than federal
income tax 13
Other expenses 105 3,680
--------- ---------
Income before non-U.S. taxes 4,931
Non-U.S. taxes (365)
---------
Net investment income 4,566
---------
Realized Gain and Unrealized
Depreciation on Investments:
Realized gain before non-U.S. taxes 53,957
Non-U.S. taxes (5,368)
---------
Net realized gain 48,589
Net change in unrealized
appreciation (depreciation):
Beginning of year 139,418
End of year 41,534
---------
Net unrealized depreciation (97,884)
Non-U.S. taxes.. 3,649 (94,235)
--------- ---------
Net realized gain and unrealized
depreciation on investments.. (45,646)
---------
Net Decrease in Net Assets Resulting
from Operations (41,080)
========
Statement of Changes in Net Assets
(dollars in thousands)
1995 1994
--------- ---------
Operations:
Net investment income 4,566 4,056
Net realized gain on investments 48,589 45,168
Net unrealized appreciation (depreciation)
on investments (94,235) 26,003
--------- ---------
Net increase (decrease) in net assets
resulting from operations (41,080) 75,227
--------- ---------
Dividends and Distributions Paid
to Shareholders:
Dividends from net
investment income (366) (1,837)
Distributions from net realized
gain on investments (89,986) (19,590)
--------- ---------
Total dividends and
distributions (90,352) (21,427)
--------- ---------
Capital Share Transactions:
Proceeds from shares sold:
738,845 shares - 23,572
Proceeds from shares issued in
reinvestment of net investment
income dividends and
distributions of net realized
gain on investments:
3,415,584 and 671,062 shares,
respectively 90,342 19,991
Cost of shares repurchased:
595,821 and 144,495
shares, respectively (21,892) (3,613)
--------- ---------
Net increase in net assets
resulting from capital share
transactions 68,450 39,950
--------- ---------
Total Increase (Decrease) in Net Assets (62,982) 93,750
Net Assets:
Beginning of year 305,426 211,676
--------- ---------
End of year (including
excess of distributions over net investment
income: $3,784 and $2,448,
respectively) 242,444 305,426
========= =========
</TABLE>
See Notes to Financial Statements
NOTES TO FINANCIAL STATEMENTS
1. New World Investment Fund (the "fund") is registered under the Investment
Company Act of 1940 as a closed-end, non-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 year or, in the absence of any sales, upon last-reported bid prices
on that date. In cases where securities are traded on more than one exchange,
the securities are valued on the exchange designated by or under the authority
of the Board of Trustees as the primary market. Equity-type securities traded
primarily in the over-the-counter market are valued at the last available sale
prior to the time of valuation, or lacking any sales, at the last reported bid
price. Bonds and notes are valued at prices obtained from a bond-pricing
service provided by a major dealer in bonds, when such prices are available;
however, in circumstances where the investment adviser deems it appropriate to
do so, such securities will be valued at the mean of their representative
quoted bid and asked prices or, if such prices are not available, at the mean
of such prices for securities of comparable maturity, quality, and type.
Short-term securities with original or remaining maturities in excess of 60
days are valued at the mean of their quoted bid and asked prices. Short-term
securities with 60 days or less to maturity are amortized to maturity based on
their cost to the fund if acquired within 60 days of maturity or, if already
held by the fund on the 60th day, based on the value determined on the 61st
day. Securities for which market quotations are not readily available
(including restricted securities which are subject to limitations as to their
sale), or which are not deemed to represent market value, are valued at fair
value as determined in good faith by the Valuation Committee of the Board of
Trustees.
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 on 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 year. Purchases and sales of investment securities,
dividend and interest income, and certain expenses are calculated at the rates
of exchange prevailing on the respective dates of such transactions.
Gains and losses that arise from changes in exchange rates are not segregated
from gains and losses that arise from changes in market prices of investments.
The effects on net investment income arising from changes in exchange rates are
also not segregated.
Unfunded capital commitments represent agreements which obligate the fund
to meet capital calls in the future. Payment would be made when a capital call
is requested. Capital calls can only be made if and when certain requirements
have been fulfilled; thus, the timing of such capital calls cannot be readily
determined. Unfunded capital commitments are recorded at the amount that would
be paid when and if capital calls are made.
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 $569,000 includes $46,000 that was paid by these credits
rather than in cash.
2. Investing in securities of issuers in a variety of developing countries
involves certain special investment risks, which may include investment and
repatriation restrictions, currency volatility, government involvement in the
private sector, limited investor information, shallow securities markets,
certain local tax law considerations, and limited regulation of the securities
markets.
Dividend income, and interest income, net realized gains, and net
unrealized gains of the fund derived in Chile are subject to certain non-U.S.
taxes at rates of 20% and 35%, respectively. The fund provides for such
non-U.S. taxes on investment income, net realized gains, and net unrealized
gains.
3. 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 June 30, 1995, net unrealized appreciation on investments for book
and federal income tax purposes aggregated $40,195,000, net of accumulated
deferred taxes totaling $1,345,000 on net unrealized appreciation of Chilean
securities, of which $71,143,000 related to appreciated securities and
$29,603,000 related to depreciated securities. There was no difference between
book and tax realized gains on securities transactions for year ended June 30,
1995. The cost of portfolio securities for book and federal income tax
purposes was $199,255,000 at June 30, 1995.
4. The fee of $2,896,000 for management services was paid pursuant to an
agreement with Capital International, Inc. (CII), with which certain officers
and Trustees of the fund are affiliated. The Investment Advisory and Service
Agreement provides for monthly fees, accrued weekly, based on an annual rate of
1.00% on the first $400 million of the fund's net assets, plus 0.80% of such
assets in excess of $400 million. CII is owned by Capital Group International,
Inc., which is a wholly owned subsidiary of The Capital Group Companies, Inc.
5. As of June 30, 1995, accumulated undistributed net realized gain on
investments was $5,137,000 and additional paid-in capital was $200,889,000.
The fund made purchases and sales of investment securities, excluding
short-term securities, of $117,574,000 and $124,542,000, respectively, during
the year ended June 30, 1995.
Dividend and interest income is recorded net of non-U.S. taxes paid.
For the year ended June 30, 1995, such non-U.S. taxes were $417,000. Net
realized currency losses on dividends, interest, withholding taxes reclaimable,
and sales of non-U.S. bonds and notes were $75,000 for the year ended June
30,1995.
In accordance with SOP 93-2, the fund reclassified $5,461,000 from
undistributed net investment income to additional paid-in capital, and from
additional paid-in capital to undistributed net realized gains, respectively,
for the year ended June 30, 1995.
Per-Share Data and Ratios
<TABLE>
<CAPTION>
Year ended June 30
1995 1994 1993 1992 1991
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year 31.27 24.89 20.98 17.79 12.02
------- ------- ------- ------- -------
Income from Investment Operations:
Net investment income .43 .50 .37 .41 .61
Net realized and unrealized
gains (losses) on investments
before non-U.S. taxes (2.49) 8.83 5.59 4.38 6.45
Non-U.S. taxes (.10) (.50) (.01) (.20) (.40)
------- ------- ------- ------- -------
Total income (loss) from investment
operations (2.16) 8.83 5.95 4.59 6.66
------- ------- ------- ------- -------
Less Distributions:
Dividends from net investment
income (.04) (.21) - (.46) (.52)
Distributions from net
realized gains (9.81) (2.24) (2.04) (.94) (.37)
------- ------- ------- ------- -------
Total distributions (9.85) (2.45) (2.04) (1.40) (.89)
------- ------- ------- ------- -------
Net Asset Value, End of Year 19.26 31.27 24.89 20.98 17.79
======= ======= ======= ======= =======
Total Return (15.47%) 35.97% 31.28% 26.57% 58.82%
Ratios/Supplemental Data:
Net assets, end of year
(in millions) $242 $305 $212 $180 $129
Ratio of expenses to average
net assets 1.27% 1.36% 1.40% 1.53% 1.67%
Ratio of expenses and non-U.S.
taxes to average net assets 1.40% 1.50% 1.62% 1.71% 1.87%
Ratio of net income to average
net assets 1.58% 1.43% 1.70% 1.92% 4.59%
Portfolio turnover rate 44.19% 21.47% 17.23% 21.66% 23.25%
</TABLE>
**********
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees and Shareholders of New World Investment Fund
In our opinion, the accompanying statement of assets and liabilities, including
the investment portfolio, and the related statements of operations and of
changes in net assets and the per-share data and ratios present fairly, in all
material respects, the financial position of New World Investment Fund (the
"Fund") at June 30, 1995, the results of its operations, the changes in its net
assets, and the per-share data and ratios for the periods indicated, in
conformity with generally accepted accounting principles. These financial
statements and per-share data and ratios (hereafter referred to as "financial
statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based
upon our audits. We conducted our audits of these financial statements in
accordance with generally accepted auditing standards which require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits, which included
confirmation of securities at June 30, 1995 by correspondence with the
custodian and brokers and application of alternative auditing procedures where
confirmations from brokers were not received, provide a reasonable basis for
the opinion expressed above.
/s/ Price Waterhouse LLP
Los Angeles, California
August 10, 1995
TAX INFORMATION (UNAUDITED)
The fund makes an election under Internal Revenue Code Section 853 to pass
through foreign taxes paid by the fund to its shareholders. The total amount
of foreign taxes passed through to shareholders for the year ended June 30,
1995 totals $0.80528 per share.
None of the distributions paid by the fund from investment income earned in
the year ended June 30, 1995, qualified for the corporate dividends-received
deduction nor were derived from interest on direct U.S. Treasury obligations.
This information is given to meet certain requirements of the Internal Revenue
Code and should not be used by shareholders for preparing their income tax
returns. For tax return preparation purposes, please refer to the annual
information on the taxability of distributions supplied by the fund.
NEW WORLD INVESTMENT FUND
BOARD OF TRUSTEES
NANCY ENGLANDER, Los Angeles, California
Chairman of the Board of the fund
Senior Vice President,
Capital International, Inc.
DAVID I. FISHER, Los Angeles, California
President of the fund
Chairman of the Board,
The Capital Group Companies, Inc.
MARINUS W. KEIJZER, Zeist, Netherlands
Chief Economist & Strategist, Pensioenfonds PGGM
FARIDA KHAMBATA, Washington, D.C.
Director, Central Capital Markets Department,
International Finance Corporation
HUGH G. LYNCH, New York, New York
Managing Director, International Investments,
General Motors Investment Management Corporation
TERESA E. MARTINI, Berkeley Heights, New Jersey
Vice President, International Equity,
AT&T Corporation
JAMES K. PETERSON, Stamford, Connecticut
Director of Investment Management,
IBM Retirement Fund
OTHER OFFICERS
MIDORI AOKI, New York, New York
Vice President of the fund
Vice President, Capital International, Inc.
ROBERTA A. CONROY, Los Angeles, California
Vice President and Secretary of the fund
Assistant General Counsel,
The Capital Group Companies, Inc.
STEVEN N. KEARSLEY, Los Angeles, California
Vice President and Treasurer of the fund
Vice President and Treasurer,
Capital Research and Management Company
VICTOR D. KOHN, Los Angeles, California
Vice President of the fund
Executive Vice President,
Capital Research International
ROBERT W. LOVELACE, Los Angeles, California
Vice President of the fund
Executive Vice President, Capital International, Inc.
SHAW B. WAGENER, Los Angeles, California
Vice President of the fund
Executive Vice President and Director,
Capital International, Inc.
VINCENT P. CORTI, Los Angeles, California
Assistant Secretary of the fund
Vice President-Fund Business Management Group,
Capital Research and Management Company
MICHAEL A. FELIX, Los Angeles, California
Assistant Treasurer of the fund
Vice President, Capital International, Inc.
OFFICES OF THE FUND AND OF THE INVESTMENT ADVISER,
CAPITAL INTERNATIONAL, INC.
11100 Santa Monica Boulevard, 15th Floor
Los Angeles, California 90025-3302
135 South State College Boulevard
Brea, California 92621-5804
CUSTODIAN OF ASSETS
The Chase Manhattan Bank, N.A.
One Chase Manhattan Plaza
New York, New York 10081-0001
COUNSEL
Dechert Price & Rhoads
1500 K Street N.W.
Washington, D.C. 20005-1208
INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
400 South Hope Street
Los Angeles, California 90071-2889
[Side Bar]
Audrey A. Curtis resigned from the Board of Trustees March 31, 1995. She had
been a member of the board since 1991. The trustees wish to thank her for her
service to the fund.
James K. Peterson was elected to the Board of Trustees June 1, 1995.
[End Side Bar]
This report is for the information of shareholders of New World Investment
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.
Printed in USA DT/SOS/2688
(C) 1995 New World Investment Fund
Lit. No. NWIF-011-0895(NLS)
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