UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
Certified Shareholder Report of
Registered Management Investment Companies
Investment Company Act File Number: 811-02333
New Perspective Fund
(Exact Name of Registrant as Specified in Charter)
333 South Hope Street
Los Angeles, California 90071
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (213) 486-9200
Date of fiscal year end: September 30
Date of reporting period: March 31, 2013
Vincent P. Corti
New Perspective Fund
333 South Hope Street
Los Angeles, California 90071
(Name and Address of Agent for Service)
Copies to:
Mark D. Perlow
K&L Gates LLP
Four Embarcadero Center, Suite 1200
San Francisco, California 94111
(Counsel for the Registrant)
ITEM 1 – Reports to Stockholders
From Capital Group
New Perspective Fund®
Semi-annual report for the six months ended March 31, 2013
New Perspective Fund seeks to provide long-term growth of capital. Future income is a secondary objective.
This fund is one of more than 40 offered by one of the nation’s largest mutual fund families, American Funds, from Capital Group. For more than 80 years, Capital has invested with a long-term focus based on thorough research and attention to risk.
Fund results shown in this report, unless otherwise indicated, are for Class A shares at net asset value. If a sales charge (maximum 5.75%) had been deducted, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value. For current information and month-end results, visit americanfunds.com.
Here are the average annual total returns on a $1,000 investment with all distributions reinvested for periods ended March 31, 2013:
Class A shares | 1 year | 5 years | 10 years | |||
Reflecting 5.75% maximum sales charge | 6.32% | 3.03% | 10.98% |
The total annual fund operating expense ratio was 0.80% for Class A shares as of the prospectus dated December 1, 2012.
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers, without which results would have been lower. Visit americanfunds.com for more information.
Results for other share classes can be found on page 4.
Investing outside the United States may be subject to risks, such as currency fluctuations, periods of illiquidity and price volatility. These risks may be heightened in connection with investments in developing countries. Refer to the fund prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the fund.
Fellow investors:
For the six months ended March 31, 2013, New Perspective Fund gained 10.6% for shareholders who invested the 33.1 cents per share dividend paid in December 2012. This topped the 9.6% increase recorded by the unmanaged MSCI All Country World (ACWI) Index, which measures returns for stock markets in 45 countries and is the fund’s primary benchmark.
The fund also finished ahead of its peers, as measured by the Lipper Global Funds Average, which climbed 10.2%.
What’s more, the fund outpaced these benchmarks for all of the extended time periods shown in the table below.
Global markets climb
Markets abroad began the period on an upswing, as investors found room for optimism in progress on structural issues on debt in Europe, resurgent Chinese growth and policy shifts in Japan that could help ease the country out of its lengthy economic malaise. Investors in the United States were less sanguine as uncertainty over the presidential election, the specter of rising tax rates and the looming fiscal cliff dampened enthusiasm. But in the New Year, U.S. stocks shrugged off these worries as well as those related to the so-called sequester spending cuts and joined the global rally.
Results at a glance
For periods ended March 31, 2013, with all distributions reinvested
Total returns | Average annual total returns | |||||||||||||||||||
6 months | 1 year | 5 years | 10 years | Lifetime (since 3/13/73) | ||||||||||||||||
New Perspective Fund (Class A shares) | 10.6 | % | 12.8 | % | 4.3 | % | 11.6 | % | 12.4 | % | ||||||||||
MSCI AC World Index*† | 9.6 | 10.6 | 2.1 | 9.4 | — | |||||||||||||||
Standard & Poor’s 500 Composite Index* | 10.2 | 14.0 | 5.8 | 8.5 | 10.1 | |||||||||||||||
Lipper Global Funds Average | 10.2 | 9.9 | 2.5 | 9.3 | 11.0 |
* | The market indexes are unmanaged and, therefore, have no expenses. |
† | The MSCI All Country World Index did not exist prior to December 31, 1987. Results reflect dividends net of withholding taxes. |
New Perspective Fund | 1 |
In all, U.S.* stocks rose 10.0% for the six months, just slightly more than Europe, which notched a gain of 9.6%. Equities in the United Kingdom climbed 6.8%, while in Japan they recorded a sizable 18.1% increase.
Returns for U.S. investors in companies domiciled abroad were in most instances hindered by currency translation, as a strengthening U.S. dollar meant investments denominated in the euro, yen and British pound lost value when converted to greenbacks.
Following a pattern, partly
Market returns were varied and failed to fully follow a predictable pattern. Among economically sensitive sectors, financials, consumer discretionary and industrials stocks fared well, but those in the energy and materials areas did not. Less cyclical industry groups such as utilities and telecommunication services lagged the broader market, but consumer staples and health care did better.
Focusing on companies is rewarded
Our holdings among information technology companies proved wisely chosen as they helped the fund’s investments in this area outpace both the sector and the broader market. A number of our holdings benefited from the shifting competitive environment brought about by continued growth in the mobile device category, where the ever-more-powerful and complex components and processes involved in making smart phones and tablets have left a number of companies unable to compete. This has served to strengthen those firms with the financial and research wherewithal and business discipline needed to help bring these products to market. Among the fund’s investments with businesses tied to these trends, Texas Instruments (28.8%), ARM Holdings (50.7%), Infineon Technologies (24.4%), Samsung Electronics (13.3%) and Taiwan Semiconductor Manufacturing (9.5%) all had strong showings, though Avago Technologies and ASML Holding trailed at 3.0% and –2.9%, respectively.
Elsewhere in the portfolio, select industrial companies turned in exceptional results, particularly United Continental Holdings (64.2%) and Delta (80.2%). Both airlines were helped by a combination of improving demand, relatively steady fuel prices and increasing capacity discipline.
Health care companies contributed meaningfully, with Celgene (51.7%), Gilead Sciences (47.5%) and Roche Holding (24.5%) registering large gains. A key exception was the muted return for Novo Nordisk (2.8%) — the fund’s largest holding — which has been a significant positive contributor in recent years. The firm suffered a setback when it failed to receive FDA approval for a new drug.
* | Unless otherwise indicated, country and region returns are based on MSCI indexes and measured in U.S. dollars with net dividends reinvested. |
2 | New Perspective Fund |
Some longtime contributors experience a downturn
Among the investments detracting from results were Barrick Gold (–29.6%) and Newmont Mining (–25.2%), whose stock values continued to be negatively affected by the falling price of gold. Also weighing on results was Latin American telecom giant América Móvil (–17.5%), whose dominance in Mexico is being challenged by the government’s commitment to increasing competition in the country. Though all three companies are longtime fund holdings that have been meaningful contributors to return, we have chosen to reduce our stakes given the current environment. We also reduced our holdings in Apple — another long-term holding and solid contributor — which has seen slowing sales growth and pressure on margins that have led to a meaningful stock price decline.
An optimistic view
Looking ahead, we find reasons for optimism. In the coming months, we believe that U.S. companies have the potential to strengthen further. We also feel that the steps taken by European governments and central banks will continue to help the region mend, although the economic adjustments are going to be difficult and take time. Likewise, efforts aimed at re-energizing the Japanese economy could pay dividends. And if all these economic pistons are firing in synch, emerging markets economies — whose fortunes are closely tied to global growth — could benefit.
As always, we will be selective, believing that a rising tide has the potential to lift some boats higher than others and that not all will be equally affected should the waters recede.
We thank you for your continuing commitment to New Perspective Fund.
Sincerely,
Robert W. Lovelace
President
Michael Thawley
Executive Vice President
May 9, 2013
For current information about the fund, visit americanfunds.com.
New Perspective Fund | 3 |
Other share class results | unaudited |
Classes B, C, F and 529
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com.
Average annual total returns for periods ended March 31, 2013:
10 years/ | |||||||||
1 year | 5 years | Life of class1 | |||||||
Class B shares2 | |||||||||
Reflecting applicable contingent deferred sales charge (CDSC), maximum of 5%, payable only if shares are sold within six years of purchase | 6.95 | % | 3.13 | % | 10.96 | % | |||
Not reflecting CDSC | 11.95 | 3.48 | 10.96 | ||||||
Class C shares | |||||||||
Reflecting CDSC, maximum of 1%, payable only if shares are sold within one year of purchase | 10.91 | 3.44 | 10.74 | ||||||
Not reflecting CDSC | 11.91 | 3.44 | 10.74 | ||||||
Class F-1 shares3 | |||||||||
Not reflecting annual asset-based fee charged by sponsoring firm | 12.78 | 4.25 | 11.62 | ||||||
Class F-2 shares3 — first sold 8/1/08 | |||||||||
Not reflecting annual asset-based fee charged by sponsoring firm | 13.09 | — | 6.16 | ||||||
Class 529-A shares4 | |||||||||
Reflecting 5.75% maximum sales charge | 6.22 | 2.97 | 10.91 | ||||||
Not reflecting maximum sales charge | 12.69 | 4.20 | 11.57 | ||||||
Class 529-B shares2,4 | |||||||||
Reflecting applicable CDSC, maximum of 5%, payable only if shares are sold within six years of purchase | 6.82 | 3.01 | 10.83 | ||||||
Not reflecting CDSC | 11.82 | 3.36 | 10.83 | ||||||
Class 529-C shares4 | |||||||||
Reflecting CDSC, maximum of 1%, payable only if shares are sold within one year of purchase | 10.79 | 3.37 | 10.66 | ||||||
Not reflecting CDSC | 11.79 | 3.37 | 10.66 | ||||||
Class 529-E shares3,4 | 12.44 | 3.91 | 11.24 | ||||||
Class 529-F-1 shares3,4 | |||||||||
Not reflecting annual asset-based fee charged by sponsoring firm | 12.95 | 4.42 | 11.73 |
1 | Applicable to Class F-2 shares only. All other share classes reflect 10-year results. |
2 | These shares are not available for purchase. |
3 | These shares are sold without any initial or contingent deferred sales charge. |
4 | Results shown do not reflect the $10 account setup fee and an annual $10 account maintenance fee. |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers, without which results would have been lower.
Visit americanfunds.com for more information.
For information regarding the differences among the various share classes, refer to the fund prospectus.
4 | New Perspective Fund |
Summary investment portfolio March 31, 2013 | unaudited |
The following summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.
Industry sector diversification | percent of net assets |
Country diversification | percent of net assets | |||
United States | 44.5 | % | ||
Euro zone* | 15.3 | |||
United Kingdom | 9.2 | |||
Japan | 4.8 | |||
Switzerland | 4.6 | |||
Denmark | 3.9 | |||
Canada | 2.4 | |||
Taiwan | 1.6 | |||
Australia | 1.5 | |||
Other countries | 6.6 | |||
Short-term securities & other assets less liabilities | 5.6 |
* | Countries using the euro as a common currency; those represented in the fund’s portfolio are Belgium, Finland, France, Germany, Greece, the Netherlands and Spain. |
New Perspective Fund | 5 |
Common stocks — 94.34% | Shares | Value (000) | Percent of net assets | |||||||||
Consumer discretionary — 16.78% | ||||||||||||
Amazon.com, Inc.1 | 3,812,500 | $ | 1,015,993 | 2.16 | % | |||||||
Home Depot, Inc. | 10,700,000 | 746,646 | 1.58 | |||||||||
Naspers Ltd., Class N | 9,285,100 | 577,584 | 1.23 | |||||||||
Burberry Group PLC | 21,612,991 | 436,413 | .93 | |||||||||
Time Warner Inc. | 7,100,000 | 409,102 | .87 | |||||||||
adidas AG | 3,485,478 | 361,586 | .77 | |||||||||
Toyota Motor Corp. | 6,749,900 | 348,428 | .74 | |||||||||
priceline.com Inc.1 | 501,000 | 344,653 | .73 | |||||||||
Honda Motor Co., Ltd. | 8,757,300 | 330,666 | .70 | |||||||||
Swatch Group Ltd, non-registered shares | 460,768 | 267,773 | ||||||||||
Swatch Group Ltd | 569,170 | 57,735 | .69 | |||||||||
Hyundai Mobis Co., Ltd. | 1,168,883 | 323,055 | .68 | |||||||||
Other securities | 2,684,002 | 5.70 | ||||||||||
7,903,636 | 16.78 | |||||||||||
Health care — 14.62% | ||||||||||||
Novo Nordisk A/S, Class B | 11,247,317 | 1,827,150 | 3.88 | |||||||||
Gilead Sciences, Inc.1 | 10,009,300 | 489,755 | 1.04 | |||||||||
Baxter International Inc. | 6,631,000 | 481,676 | 1.02 | |||||||||
Bayer AG | 4,610,860 | 475,557 | 1.01 | |||||||||
Celgene Corp.1 | 3,487,000 | 404,178 | .86 | |||||||||
Novartis AG | 5,058,000 | 359,175 | .76 | |||||||||
Merck & Co., Inc. | 7,532,573 | 333,166 | .71 | |||||||||
Other securities | 2,516,349 | 5.34 | ||||||||||
6,887,006 | 14.62 | |||||||||||
Financials — 12.76% | ||||||||||||
ACE Ltd. | 6,354,000 | 565,315 | 1.20 | |||||||||
Citigroup Inc. | 12,455,000 | 551,009 | 1.17 | |||||||||
American Express Co. | 7,500,000 | 505,950 | 1.07 | |||||||||
CME Group Inc., Class A | 8,041,600 | 493,674 | 1.05 | |||||||||
Goldman Sachs Group, Inc. | 2,802,000 | 412,314 | .88 | |||||||||
Prudential PLC | 24,986,141 | 404,303 | .86 | |||||||||
AIA Group Ltd. | 90,437,800 | 396,115 | .84 | |||||||||
HSBC Holdings PLC (United Kingdom) | 32,403,796 | 345,860 | .73 | |||||||||
JPMorgan Chase & Co. | 7,020,000 | 333,169 | .71 | |||||||||
Other securities | 2,002,543 | 4.25 | ||||||||||
6,010,252 | 12.76 |
6 | New Perspective Fund |
Common stocks | Shares | Value (000) | Percent of net assets | |||||||||
Consumer staples — 11.83% | ||||||||||||
Nestlé SA | 8,954,700 | $ | 647,197 | 1.38 | % | |||||||
Pernod Ricard SA | 4,623,991 | 576,122 | 1.22 | |||||||||
British American Tobacco PLC | 10,364,500 | 555,407 | 1.18 | |||||||||
Anheuser-Busch InBev NV | 4,989,050 | 493,973 | 1.05 | |||||||||
SABMiller PLC | 7,989,008 | 420,464 | .89 | |||||||||
Shoprite Holdings Ltd. | 19,757,926 | 392,198 | .83 | |||||||||
Unilever NV, depository receipts | 8,595,000 | 352,023 | .75 | |||||||||
PepsiCo, Inc. | 4,005,000 | 316,836 | .67 | |||||||||
Other securities | 1,818,980 | 3.86 | ||||||||||
5,573,200 | 11.83 | |||||||||||
Information technology — 10.83% | ||||||||||||
Google Inc., Class A1 | 947,200 | 752,105 | 1.60 | |||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 168,681,994 | 566,927 | ||||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 7,200,000 | 123,768 | 1.47 | |||||||||
Texas Instruments Inc. | 14,880,062 | 527,945 | 1.12 | |||||||||
ASML Holding NV | 4,798,981 | 322,735 | ||||||||||
ASML Holding NV (New York registered) | 2,564,870 | 174,437 | 1.05 | |||||||||
Oracle Corp. | 12,939,300 | 418,457 | .89 | |||||||||
Other securities | 2,211,454 | 4.70 | ||||||||||
5,097,828 | 10.83 | |||||||||||
Industrials — 10.82% | ||||||||||||
United Technologies Corp. | 5,070,000 | 473,690 | 1.01 | |||||||||
Delta Air Lines, Inc.1 | 25,000,000 | 412,750 | .88 | |||||||||
Schneider Electric SA | 5,064,298 | 369,982 | .78 | |||||||||
United Continental Holdings, Inc.1 | 10,500,000 | 336,105 | .71 | |||||||||
General Electric Co. | 14,300,000 | 330,616 | .70 | |||||||||
Boeing Co. | 3,730,000 | 320,221 | .68 | |||||||||
KONE Oyj, Class B | 3,932,500 | 309,222 | .66 | |||||||||
Other securities | 2,542,459 | 5.40 | ||||||||||
5,095,045 | 10.82 | |||||||||||
Materials — 4.91% | ||||||||||||
Linde AG | 1,899,100 | 353,063 | .75 | |||||||||
Other securities | 1,959,289 | 4.16 | ||||||||||
2,312,352 | 4.91 | |||||||||||
Other — 6.93% | ||||||||||||
Other securities | 3,261,390 | 6.93 |
New Perspective Fund | 7 |
Common stocks | Value (000) | Percent of net assets | ||||||||||
Miscellaneous — 4.86% | ||||||||||||
Other common stocks in initial period of acquisition | $ | 2,288,709 | 4.86 | % | ||||||||
Total common stocks (cost: $29,191,101,000) | 44,429,418 | 94.34 | ||||||||||
Convertible securities — 0.01% | ||||||||||||
Miscellaneous — 0.01% | ||||||||||||
Other convertible securities in initial period of acquisition | 5,838 | .01 | ||||||||||
Total convertible securities (cost: $5,605,000) | 5,838 | .01 | ||||||||||
Bonds & notes — 0.09% | ||||||||||||
U.S. Treasury bonds & notes — 0.09% | ||||||||||||
Other securities | 39,753 | .09 | ||||||||||
Total bonds & notes (cost: $39,753,000) | 39,753 | .09 | ||||||||||
Short-term securities — 5.52% | Principal amount (000) | |||||||||||
Fannie Mae 0.085%–0.16% due 5/1/2013–2/5/2014 | $ | 577,750 | 577,479 | 1.23 | ||||||||
Freddie Mac 0.10%–0.19% due 4/1/2013–3/4/2014 | 518,700 | 518,462 | 1.10 | |||||||||
Nestlé Capital Corp. 0.17% due 8/12/20132 | 38,000 | 37,987 | .08 | |||||||||
Other securities | 1,465,975 | 3.11 | ||||||||||
Total short-term securities (cost: $2,599,797,000) | 2,599,903 | 5.52 | ||||||||||
Total investment securities (cost: $31,836,256,000) | 47,074,912 | 99.96 | ||||||||||
Other assets less liabilities | 20,549 | .04 | ||||||||||
Net assets | $ | 47,095,461 | 100.00 | % |
As permitted by U.S. Securities and Exchange Commission regulations, “Miscellaneous” securities include holdings in their first year of acquisition that have not previously been publicly disclosed.
“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio, including securities which were valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $42,093,000, which represented .09% of the net assets of the fund.
8 | New Perspective Fund |
Forward currency contracts
The fund has entered into a forward currency contract to sell currency as shown in the following table. The open forward currency contract shown is generally indicative of the level of activity over the prior 12-month period.
Unrealized | ||||||||||||||||
Contract amount | appreciation at | |||||||||||||||
Settlement date | Counterparty | Receive (000) | Deliver (000) | 3/31/2013 (000) | ||||||||||||
Sales: | ||||||||||||||||
Japanese yen | 4/8/2013 | Bank of New York Mellon | $ | 190,000 | ¥ | 17,786,660 | $ | 1,070 |
Investments in affiliates
A company is considered to be an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings in that company represent 5% or more of the outstanding voting shares. The security listed below is included in the value of “Other securities” under the respective industry sector in the summary investment portfolio. Further details on such holdings and related transactions during the six months ended March 31, 2013, appear below.
Beginning shares | Additions | Reductions | Ending shares | Dividend income (000) | Value of affiliate at 3/31/2013 (000) | |||||||||||||||||||
Michael Page International PLC3 | 16,800,000 | — | 2,520,100 | 14,279,900 | $ | — | $ | — |
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
1 | Security did not produce income during the last 12 months. |
2 | Acquired in a transaction exempt from registration under section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $717,530,000, which represented 1.52% of the net assets of the fund. |
3 | Unaffiliated issuer at 3/31/2013. |
Key to abbreviation and symbol
ADR = American Depositary Receipts
¥ = Japanese yen
See Notes to Financial Statements
New Perspective Fund | 9 |
Financial statements
Statement of assets and liabilities | unaudited |
at March 31, 2013 | (dollars in thousands) |
Assets: | ||||||||
Investment securities, at value (cost: $31,836,256) | $ | 47,074,912 | ||||||
Cash denominated in currencies other than U.S. dollars (cost: $3,174) | 3,174 | |||||||
Cash | 6,798 | |||||||
Unrealized appreciation on open forward currency contracts | 1,070 | |||||||
Receivables for: | ||||||||
Sales of investments | $ | 109,932 | ||||||
Sales of fund’s shares | 50,726 | |||||||
Dividends and interest | 105,992 | 266,650 | ||||||
47,352,604 | ||||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Purchases of investments | 170,586 | |||||||
Repurchases of fund’s shares | 50,284 | |||||||
Investment advisory services | 15,443 | |||||||
Services provided by related parties | 16,547 | |||||||
Trustees’ deferred compensation | 3,626 | |||||||
Other | 657 | 257,143 | ||||||
Net assets at March 31, 2013 | $ | 47,095,461 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 30,421,887 | ||||||
Undistributed net investment income | 163,482 | |||||||
Undistributed net realized gain | 1,270,915 | |||||||
Net unrealized appreciation | 15,239,177 | |||||||
Net assets at March 31, 2013 | $ | 47,095,461 |
(dollars and shares in thousands, except per-share amounts)
Shares of beneficial interest issued and outstanding (no stated par value) —
unlimited shares authorized (1,422,433 total shares outstanding)
Net assets | Shares outstanding | Net asset value per share | ||||||||||
Class A | $ | 31,909,677 | 961,337 | $ | 33.19 | |||||||
Class B | 320,145 | 9,742 | 32.86 | |||||||||
Class C | 1,262,127 | 39,031 | 32.34 | |||||||||
Class F-1 | 1,174,143 | 35,541 | 33.04 | |||||||||
Class F-2 | 941,933 | 28,408 | 33.16 | |||||||||
Class 529-A | 1,258,946 | 38,249 | 32.91 | |||||||||
Class 529-B | 44,071 | 1,350 | 32.63 | |||||||||
Class 529-C | 291,935 | 9,025 | 32.35 | |||||||||
Class 529-E | 62,967 | 1,928 | 32.66 | |||||||||
Class 529-F-1 | 43,202 | 1,315 | 32.86 | |||||||||
Class R-1 | 83,448 | 2,597 | 32.13 | |||||||||
Class R-2 | 568,046 | 17,559 | 32.35 | |||||||||
Class R-3 | 1,473,881 | 45,177 | 32.62 | |||||||||
Class R-4 | 1,487,953 | 45,285 | 32.86 | |||||||||
Class R-5 | 1,404,178 | 42,323 | 33.18 | |||||||||
Class R-6 | 4,768,809 | 143,566 | 33.22 |
See Notes to Financial Statements
10 | New Perspective Fund |
Statement of operations | unaudited |
for the six months ended March 31, 2013 | (dollars in thousands) |
Investment income: | ||||||||
Income: | ||||||||
Dividends (net of non-U.S. taxes of $20,312) | $ | 400,584 | ||||||
Interest | 2,706 | $ | 403,290 | |||||
Fees and expenses*: | ||||||||
Investment advisory services | 86,582 | |||||||
Distribution services | 56,100 | |||||||
Transfer agent services | 28,568 | |||||||
Administrative services | 4,961 | |||||||
Reports to shareholders | 1,189 | |||||||
Registration statement and prospectus | 305 | |||||||
Trustees’ compensation | 518 | |||||||
Auditing and legal | 70 | |||||||
Custodian | 1,684 | |||||||
State and local taxes | 161 | |||||||
Other | 943 | 181,081 | ||||||
Net investment income | 222,209 | |||||||
Net realized gain and unrealized appreciation on investments, forward currency contracts and currency: | ||||||||
Net realized gain (loss) on: | ||||||||
Investments (includes $3,456 net loss from affiliate) | 1,845,711 | |||||||
Currency transactions | (938 | ) | 1,844,773 | |||||
Net unrealized appreciation on: | ||||||||
Investments | 2,424,777 | |||||||
Forward currency contracts | 1,070 | |||||||
Currency translations | 410 | 2,426,257 | ||||||
Net realized gain and unrealized appreciation on investments, forward currency contracts and currency | 4,271,030 | |||||||
Net increase in net assets resulting from operations | $ | 4,493,239 |
* | Additional information related to class-specific fees and expenses is included in the Notes to Financial Statements. |
See Notes to Financial Statements
New Perspective Fund | 11 |
Statements of changes in net assets | |
(dollars in thousands) |
Six months ended March 31, 2013* | Year ended September 30, 2012 | |||||||
Operations: | ||||||||
Net investment income | $ | 222,209 | $ | 450,759 | ||||
Net realized gain on investments and currency transactions | 1,844,773 | 951,989 | ||||||
Net unrealized appreciation on investments, forward currency contracts and currency translations | 2,426,257 | 7,105,563 | ||||||
Net increase in net assets resulting from operations | 4,493,239 | 8,508,311 | ||||||
Dividends paid to shareholders from net investment income | (460,154 | ) | (413,167 | ) | ||||
Net capital share transactions | (195,847 | ) | (2,754,044 | ) | ||||
Total increase in net assets | 3,837,238 | 5,341,100 | ||||||
Net assets: | ||||||||
Beginning of period | 43,258,223 | 37,917,123 | ||||||
End of period (including undistributed net investment income: $163,482 and $401,427, respectively) | $ | 47,095,461 | $ | 43,258,223 |
*Unaudited.
See Notes to Financial Statements
12 | New Perspective Fund |
Notes to financial statements | unaudited |
1. Organization
New Perspective Fund (the “fund”) is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The fund seeks to provide long-term growth of capital. Future income is a secondary objective. Effective December 1, 2012, the fund reorganized from a Maryland corporation to a Delaware statutory trust in accordance with a proposal approved by shareholders on November 24, 2009.
The fund has 16 share classes consisting of five retail share classes (Classes A, B and C, as well as two F share classes, F-1 and F-2), five 529 college savings plan share classes (Classes 529-A, 529-B, 529-C, 529-E and 529-F-1) and six retirement plan share classes (Classes R-1, R-2, R-3, R-4, R-5 and R-6). The 529 college savings plan share classes can be used to save for college education. The retirement plan share classes are generally offered only through eligible employer-sponsored retirement plans. The fund’s share classes are further described below:
Share class | Initial sales charge | Contingent deferred sales charge upon redemption | Conversion feature | ||||
Classes A and 529-A | Up to 5.75% | None (except 1% for certain redemptions within one year of purchase without an initial sales charge) | None | ||||
Classes B and 529-B* | None | Declines from 5% to 0% for redemptions within six years of purchase | Classes B and 529-B convert to Classes A and 529-A, respectively, after eight years | ||||
Class C | None | 1% for redemptions within one year of purchase | Class C converts to Class F-1 after 10 years | ||||
Class 529-C | None | 1% for redemptions within one year of purchase | None | ||||
Class 529-E | None | None | None | ||||
Classes F-1, F-2 and 529-F-1 | None | None | None | ||||
Classes R-1, R-2, R-3, R-4, R-5 and R-6 | None | None | None |
* | Class B and 529-B shares of the fund are not available for purchase. |
Holders of all share classes have equal pro rata rights to assets, dividends and liquidation proceeds. Each share class has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for distribution, administrative and shareholder services. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class.
New Perspective Fund | 13 |
2. Significant accounting policies
The financial statements have been prepared to comply with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. The fund follows the significant accounting policies described below, as well as the valuation policies described in the next section on valuation.
Security transactions and related investment income — Security transactions are recorded by the fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the fund will segregate liquid assets sufficient to meet its payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.
Class allocations — Income, fees and expenses (other than class-specific fees and expenses) and realized and unrealized gains and losses are allocated daily among the various share classes based on their relative net assets. Class-specific fees and expenses, such as distribution, administrative and shareholder services, are charged directly to the respective share class.
Dividends and distributions to shareholders — Dividends and distributions to shareholders are recorded on the ex-dividend date.
Currency translation — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. On the accompanying financial statements, the effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.
3. Valuation
Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value of each share class of the fund is generally determined as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open.
14 | New Perspective Fund |
Methods and inputs — The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Equity securities are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.
Fixed-income securities, including short-term securities purchased with more than 60 days left to maturity, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security.
Fixed-income class | Examples of standard inputs |
All | Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”) |
Corporate bonds & notes; convertible securities | Standard inputs and underlying equity of the issuer |
Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
When the fund’s investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to be representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.
Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described above for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund’s investment adviser. Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates fair value. The value
New Perspective Fund | 15 |
of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par when they reach 60 days. Forward currency contracts are valued at the mean of representative quoted bid and ask prices, generally based on prices supplied by one or more pricing vendors.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair value guidelines adopted by authority of the fund’s board of trustees as further described below. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
Processes and structure — The fund’s board of trustees has delegated authority to the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees with supplemental information to support the changes. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.
The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to
16 | New Perspective Fund |
additional internal reviews, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.
Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following tables present the fund’s valuation levels as of March 31, 2013 (dollars in thousands):
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Consumer discretionary | $ | 7,903,636 | $ | — | $ | — | $ | 7,903,636 | ||||||||
Health care | 6,887,006 | — | — | 6,887,006 | ||||||||||||
Financials | 6,010,252 | — | — | 6,010,252 | ||||||||||||
Consumer staples | 5,573,200 | — | — | 5,573,200 | ||||||||||||
Information technology | 5,097,828 | — | — | 5,097,828 | ||||||||||||
Industrials | 5,095,045 | — | — | 5,095,045 | ||||||||||||
Materials | 2,270,259 | 42,093 | — | 2,312,352 | ||||||||||||
Other | 3,261,390 | — | — | 3,261,390 | ||||||||||||
Miscellaneous | 2,288,709 | — | — | 2,288,709 | ||||||||||||
Convertible securities | — | 5,838 | — | 5,838 | ||||||||||||
Bonds & notes | — | 39,753 | — | 39,753 | ||||||||||||
Short-term securities | — | 2,599,903 | — | 2,599,903 | ||||||||||||
Total | $ | 44,387,325 | $ | 2,687,587 | $ | — | $ | 47,074,912 |
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on open forward currency contracts | $ | — | $ | 1,070 | $ | — | $ | 1,070 |
* | Forward currency contracts are not included in the investment portfolio. |
New Perspective Fund | 17 |
4. Risk factors
Investing in the fund may involve certain risks including, but not limited to, those described below.
Market conditions — The prices of, and the income generated by, the securities held by the fund may decline due to market conditions and other factors, including those directly involving the issuers of securities held by the fund.
Investing in growth-oriented stocks — Growth-oriented stocks may involve larger price swings and greater potential for loss than other types of investments.
Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations outside the U.S., may lose value because of adverse political, social, economic or market developments in the countries or regions in which the issuer operates. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different settlement and accounting practices and different regulatory, legal and reporting standards, and may be more difficult to value, than those in the U.S. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.
Management — The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.
5. Certain investment techniques
Forward currency contracts — The fund has entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The fund’s investment adviser uses forward currency contracts to manage the fund’s exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates.
On a daily basis, the fund’s investment adviser values forward currency contracts based on the applicable exchange rates and records unrealized appreciation or depreciation for open forward currency contracts in the fund’s statement of assets and liabilities. Realized gains or losses are recorded at the time the forward currency contract is closed or offset
18 | New Perspective Fund |
by another contract with the same broker for the same settlement date and currency. Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in the fund’s statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in the fund’s statement of operations.
Collateral — To reduce the risk to counterparties of forward currency contracts, the fund has entered into a collateral program with certain counterparties. The program calls for the fund to either receive or pledge collateral based on the net gain or loss on unsettled forward currency contracts by counterparty. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligations.
6. Taxation and distributions
Federal income taxation — The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its net taxable income and net capital gains each year. The fund is not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.
As of and during the period ended March 31, 2013, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any interest or penalties.
The fund is not subject to examination by U.S. federal tax authorities for tax years before 2008, by state tax authorities for tax years before 2007 and by tax authorities outside the U.S. for tax years before 2005.
Non-U.S. taxation — Dividend and interest income are recorded net of non-U.S. taxes paid. Gains realized by the fund on the sale of securities in certain countries are subject to non-U.S. taxes. The fund records a liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.
Distributions — Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase and net capital losses. The fiscal year in which amounts are distributed may
New Perspective Fund | 19 |
differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes.
The components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of September 30, 2012, the components of distributable earnings on a tax basis were as follows (dollars in thousands):
Undistributed ordinary income | $ | 444,873 | ||
Capital loss carryforward expiring 2018* | (528,898 | ) | ||
Post-October capital loss deferral† | (65,075 | ) |
* | The capital loss carryforward will be used to offset any capital gains realized by the fund in the current year or in subsequent years through the expiration date. The fund will not make distributions from capital gains while a capital loss carryforward remains. |
† | This deferral is considered incurred in the subsequent year. |
Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after September 30, 2011, may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.
As of March 31, 2013, the tax basis unrealized appreciation (depreciation) and cost of investment securities were as follows (dollars in thousands):
Gross unrealized appreciation on investment securities | $ | 16,303,540 | ||
Gross unrealized depreciation on investment securities | (1,088,370 | ) | ||
Net unrealized appreciation on investment securities | 15,215,170 | |||
Cost of investment securities | 31,859,742 |
20 | New Perspective Fund |
Tax-basis distributions paid to shareholders from ordinary income were as follows (dollars in thousands):
Share class | Six months ended March 31, 2013 | Year ended September 30, 2012 | ||||||
Class A | $ | 317,923 | $ | 299,680 | ||||
Class B | 323 | 126 | ||||||
Class C | 3,414 | 2,117 | ||||||
Class F-1 | 10,847 | 10,596 | ||||||
Class F-2 | 11,587 | 7,118 | ||||||
Class 529-A | 11,820 | 10,161 | ||||||
Class 529-B | — | — | ||||||
Class 529-C | 777 | 525 | ||||||
Class 529-E | 461 | 397 | ||||||
Class 529-F-1 | 470 | 377 | ||||||
Class R-1 | 273 | 231 | ||||||
Class R-2 | 1,870 | 1,204 | ||||||
Class R-3 | 10,925 | 8,484 | ||||||
Class R-4 | 14,941 | 12,022 | ||||||
Class R-5 | 16,866 | 15,622 | ||||||
Class R-6 | 57,657 | 44,507 | ||||||
Total | $ | 460,154 | $ | 413,167 |
7. Fees and transactions with related parties
CRMC, the fund’s investment adviser, is the parent company of American Funds Distributors,® Inc. (“AFD”), the principal underwriter of the fund’s shares, and American Funds Service Company® (“AFS”), the fund’s transfer agent. CRMC, AFD and AFS are considered related parties to the fund.
Investment advisory services — The fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on a series of decreasing annual rates beginning with 0.600% on the first $500 million of daily net assets and decreasing to 0.360% on such assets in excess of $55 billion. For the six months ended March 31, 2013, the investment advisory services fee was $86,582,000, which was equivalent to an annualized rate of 0.388% of average daily net assets.
Class-specific fees and expenses — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are described on the following page:
New Perspective Fund | 21 |
Distribution services — The fund has plans of distribution for all share classes, except Class F-2, R-5 and R-6 shares. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.25% to 1.00% as noted below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.
For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These share classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limit of 0.25% is not exceeded. As of March 31, 2013, there were no unreimbursed expenses subject to reimbursement for Class A or 529-A shares.
Share class | Currently approved limits | Plan limits | |||||||
Class A | 0.25 | % | 0.25 | % | |||||
Class 529-A | 0.25 | 0.50 | |||||||
Classes B and 529-B | 1.00 | 1.00 | |||||||
Classes C, 529-C and R-1 | 1.00 | 1.00 | |||||||
Class R-2 | 0.75 | 1.00 | |||||||
Classes 529-E and R-3 | 0.50 | 0.75 | |||||||
Classes F-1, 529-F-1 and R-4 | 0.25 | 0.50 |
Transfer agent services — The fund has a shareholder services agreement with AFS under which the fund compensates AFS for providing transfer agent services to each of the fund’s share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the fund reimburses AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.
Administrative services — The fund has an administrative services agreement with CRMC under which the fund compensates CRMC for providing administrative services to Class A, C, F, 529 and R shares. These services include, but are not limited to, coordinating, monitoring, assisting and overseeing third parties that provide services to fund shareholders. Under the agreement, Class A shares pay an annual fee of 0.01% and Class C, F, 529 and R shares pay an annual fee of 0.05% of their respective average daily net assets.
22 | New Perspective Fund |
529 plan services — Each 529 share class is subject to service fees to compensate the Commonwealth of Virginia for the maintenance of the 529 college savings plan. The quarterly fee is based on a series of decreasing annual rates beginning with 0.10% on the first $30 billion of the net assets invested in Class 529 shares of the American Funds and decreasing to 0.06% on such assets between $120 billion and $150 billion. The fee for any given calendar quarter is accrued and calculated on the basis of the average net assets of Class 529 shares of the American Funds for the last month of the prior calendar quarter. The fee is included in other expenses on the accompanying financial statements. The Commonwealth of Virginia is not considered a related party.
Class-specific expenses under the agreements described above for the six months ended March 31, 2013, were as follows (dollars in thousands):
Share class | Distribution services | Transfer agent services | Administrative services | 529 plan services | |||||||||||
Class A | $36,280 | $22,589 | $1,529 | Not applicable | |||||||||||
Class B | 1,701 | 255 | Not applicable | Not applicable | |||||||||||
Class C | 6,069 | 849 | 305 | Not applicable | |||||||||||
Class F-1 | 1,389 | 625 | 278 | Not applicable | |||||||||||
Class F-2 | Not applicable | 364 | 210 | Not applicable | |||||||||||
Class 529-A | 1,294 | 629 | 297 | $586 | |||||||||||
Class 529-B | 231 | 29 | 12 | 23 | |||||||||||
Class 529-C | 1,378 | 161 | 69 | 137 | |||||||||||
Class 529-E | 151 | 23 | 15 | 30 | |||||||||||
Class 529-F-1 | — | 21 | 10 | 19 | |||||||||||
Class R-1 | 408 | 45 | 20 | Not applicable | |||||||||||
Class R-2 | 2,027 | 923 | 137 | Not applicable | |||||||||||
Class R-3 | 3,435 | 1,063 | 345 | Not applicable | |||||||||||
Class R-4 | 1,737 | 682 | 349 | Not applicable | |||||||||||
Class R-5 | Not applicable | 304 | 324 | Not applicable | |||||||||||
Class R-6 | Not applicable | 6 | 1,061 | Not applicable | |||||||||||
Total class-specific expenses | $56,100 | $28,568 | $4,961 | $795 |
Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Trustees’ compensation of $518,000, shown on the accompanying financial statements, includes $209,000 in current fees (either paid in cash or deferred) and a net increase of $309,000 in the value of the deferred amounts.
Affiliated officers and trustees — Officers and certain trustees of the fund are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from the fund.
New Perspective Fund | 23 |
8. Capital share transactions
Capital share transactions in the fund were as follows (dollars and shares in thousands):
Sales* | Reinvestments of dividends | Repurchases* | Net (decrease) increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended March 31, 2013 | ||||||||||||||||||||||||||||||||
Class A | $ | 1,143,607 | 35,920 | $ | 307,827 | 9,911 | $ | (2,207,058 | ) | (70,225 | ) | $ | (755,624 | ) | (24,394 | ) | ||||||||||||||||
Class B | 2,881 | 91 | 320 | 11 | (85,928 | ) | (2,763 | ) | (82,727 | ) | (2,661 | ) | ||||||||||||||||||||
Class C | 78,439 | 2,524 | 3,329 | 110 | (139,719 | ) | (4,555 | ) | (57,951 | ) | (1,921 | ) | ||||||||||||||||||||
Class F-1 | 167,810 | 5,321 | 10,614 | 343 | (232,401 | ) | (7,589 | ) | (53,977 | ) | (1,925 | ) | ||||||||||||||||||||
Class F-2 | 322,664 | 10,348 | 10,449 | 337 | (143,518 | ) | (4,424 | ) | 189,595 | 6,261 | ||||||||||||||||||||||
Class 529-A | 81,441 | 2,595 | 11,816 | 384 | (78,970 | ) | (2,527 | ) | 14,287 | 452 | ||||||||||||||||||||||
Class 529-B | 465 | 15 | — | — | (11,378 | ) | (369 | ) | (10,913 | ) | (354 | ) | ||||||||||||||||||||
Class 529-C | 18,769 | 608 | 777 | 26 | (22,003 | ) | (716 | ) | (2,457 | ) | (82 | ) | ||||||||||||||||||||
Class 529-E | 3,587 | 116 | 461 | 15 | (5,590 | ) | (181 | ) | (1,542 | ) | (50 | ) | ||||||||||||||||||||
Class 529-F-1 | 6,498 | 208 | 470 | 15 | (3,488 | ) | (110 | ) | 3,480 | 113 | ||||||||||||||||||||||
Class R-1 | 8,376 | 273 | 273 | 9 | (16,005 | ) | (526 | ) | (7,356 | ) | (244 | ) | ||||||||||||||||||||
Class R-2 | 69,401 | 2,240 | 1,867 | 62 | (94,104 | ) | (3,062 | ) | (22,836 | ) | (760 | ) | ||||||||||||||||||||
Class R-3 | 215,824 | 6,925 | 10,920 | 357 | (195,735 | ) | (6,331 | ) | 31,009 | 951 | ||||||||||||||||||||||
Class R-4 | 227,174 | 7,255 | 14,938 | 486 | (207,244 | ) | (6,622 | ) | 34,868 | 1,119 | ||||||||||||||||||||||
Class R-5 | 182,756 | 5,753 | 16,834 | 542 | (163,152 | ) | (5,232 | ) | 36,438 | 1,063 | ||||||||||||||||||||||
Class R-6 | 672,212 | 21,011 | 57,475 | 1,850 | (239,828 | ) | (7,598 | ) | 489,859 | 15,263 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 3,201,904 | 101,203 | $ | 448,370 | 14,458 | $ | (3,846,121 | ) | (122,830 | ) | $ | (195,847 | ) | (7,169 | ) | ||||||||||||||||
Year ended September 30, 2012 | ||||||||||||||||||||||||||||||||
Class A | $ | 1,614,870 | 57,455 | $ | 289,683 | 11,057 | $ | (4,586,419 | ) | (163,696 | ) | $ | (2,681,866 | ) | (95,184 | ) | ||||||||||||||||
Class B | 6,265 | 227 | 124 | 5 | (236,908 | ) | (8,609 | ) | (230,519 | ) | (8,377 | ) | ||||||||||||||||||||
Class C | 111,479 | 4,065 | 2,057 | 80 | (342,247 | ) | (12,571 | ) | (228,711 | ) | (8,426 | ) | ||||||||||||||||||||
Class F-1 | 354,326 | 12,630 | 10,414 | 400 | (379,690 | ) | (13,773 | ) | (14,950 | ) | (743 | ) | ||||||||||||||||||||
Class F-2 | 186,187 | 6,533 | 6,147 | 235 | (140,282 | ) | (5,018 | ) | 52,052 | 1,750 | ||||||||||||||||||||||
Class 529-A | 141,979 | 5,114 | 10,157 | 391 | (128,778 | ) | (4,612 | ) | 23,358 | 893 | ||||||||||||||||||||||
Class 529-B | 1,282 | 47 | — | — | (26,417 | ) | (968 | ) | (25,135 | ) | (921 | ) | ||||||||||||||||||||
Class 529-C | 38,377 | 1,405 | 525 | 20 | (38,724 | ) | (1,415 | ) | 178 | 10 | ||||||||||||||||||||||
Class 529-E | 6,349 | 231 | 396 | 15 | (7,353 | ) | (266 | ) | (608 | ) | (20 | ) | ||||||||||||||||||||
Class 529-F-1 | 10,251 | 371 | 376 | 14 | (6,435 | ) | (230 | ) | 4,192 | 155 | ||||||||||||||||||||||
Class R-1 | 21,807 | 805 | 230 | 9 | (20,727 | ) | (765 | ) | 1,310 | 49 | ||||||||||||||||||||||
Class R-2 | 118,038 | 4,309 | 1,203 | 47 | (174,723 | ) | (6,403 | ) | (55,482 | ) | (2,047 | ) | ||||||||||||||||||||
Class R-3 | 306,926 | 11,043 | 8,477 | 329 | (299,974 | ) | (10,880 | ) | 15,429 | 492 | ||||||||||||||||||||||
Class R-4 | 311,964 | 11,183 | 12,018 | 463 | (268,747 | ) | (9,635 | ) | 55,235 | 2,011 | ||||||||||||||||||||||
Class R-5 | 272,233 | 9,779 | 15,592 | 596 | (304,716 | ) | (10,752 | ) | (16,891 | ) | (377 | ) | ||||||||||||||||||||
Class R-6 | 711,188 | 25,153 | 44,506 | 1,699 | (407,330 | ) | (14,617 | ) | 348,364 | 12,235 | ||||||||||||||||||||||
Total net increase(decrease) | $ | 4,213,521 | 150,350 | $ | 401,905 | 15,360 | $ | (7,369,470 | ) | (264,210 | ) | $ | (2,754,044 | ) | (98,500 | ) |
* | Includes exchanges between share classes of the fund. |
24 | New Perspective Fund |
9. Investment transactions
The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $7,231,829,000 and $6,368,072,000, respectively, during the six months ended March 31, 2013.
New Perspective Fund | 25 |
Financial highlights
Income (loss) from investment operations1 | ||||||||||||||||
Net asset value, beginning of period | Net investment income2 | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | |||||||||||||
Class A: | Six months ended 3/31/20135,6 | $ | 30.34 | $ | .16 | $ | 3.02 | $ | 3.18 | |||||||
Year ended 9/30/2012 | 24.88 | .31 | 5.44 | 5.75 | ||||||||||||
Year ended 9/30/2011 | 26.54 | .29 | (1.66 | ) | (1.37 | ) | ||||||||||
Year ended 9/30/2010 | 24.63 | .29 | 1.93 | 2.22 | ||||||||||||
Year ended 9/30/2009 | 26.30 | .31 | .15 | .46 | ||||||||||||
Year ended 9/30/2008 | 36.83 | .69 | (8.27 | ) | (7.58 | ) | ||||||||||
Class B: | Six months ended 3/31/20135,6 | 29.86 | .03 | 3.00 | 3.03 | |||||||||||
Year ended 9/30/2012 | 24.42 | .08 | 5.37 | 5.45 | ||||||||||||
Year ended 9/30/2011 | 26.02 | .07 | (1.63 | ) | (1.56 | ) | ||||||||||
Year ended 9/30/2010 | 24.15 | .08 | 1.91 | 1.99 | ||||||||||||
Year ended 9/30/2009 | 25.70 | .15 | .18 | .33 | ||||||||||||
Year ended 9/30/2008 | 36.06 | .44 | (8.12 | ) | (7.68 | ) | ||||||||||
Class C: | Six months ended 3/31/20135,6 | 29.44 | .03 | 2.96 | 2.99 | |||||||||||
Year ended 9/30/2012 | 24.12 | .08 | 5.29 | 5.37 | ||||||||||||
Year ended 9/30/2011 | 25.76 | .06 | (1.62 | ) | (1.56 | ) | ||||||||||
Year ended 9/30/2010 | 23.95 | .08 | 1.88 | 1.96 | ||||||||||||
Year ended 9/30/2009 | 25.52 | .15 | .17 | .32 | ||||||||||||
Year ended 9/30/2008 | 35.84 | .42 | (8.06 | ) | (7.64 | ) | ||||||||||
Class F-1: | Six months ended 3/31/20135,6 | 30.19 | .15 | 3.02 | 3.17 | |||||||||||
Year ended 9/30/2012 | 24.76 | .31 | 5.40 | 5.71 | ||||||||||||
Year ended 9/30/2011 | 26.42 | .28 | (1.65 | ) | (1.37 | ) | ||||||||||
Year ended 9/30/2010 | 24.53 | .28 | 1.92 | 2.20 | ||||||||||||
Year ended 9/30/2009 | 26.20 | .31 | .15 | .46 | ||||||||||||
Year ended 9/30/2008 | 36.71 | .68 | (8.24 | ) | (7.56 | ) | ||||||||||
Class F-2: | Six months ended 3/31/20135,6 | 30.35 | .21 | 3.02 | 3.23 | |||||||||||
Year ended 9/30/2012 | 24.90 | .39 | 5.42 | 5.81 | ||||||||||||
Year ended 9/30/2011 | 26.57 | .36 | (1.67 | ) | (1.31 | ) | ||||||||||
Year ended 9/30/2010 | 24.67 | .36 | 1.92 | 2.28 | ||||||||||||
Year ended 9/30/2009 | 26.31 | .28 | .25 | .53 | ||||||||||||
Period from 8/1/2008 to 9/30/20085 | 29.67 | .08 | (3.44 | ) | (3.36 | ) |
See pages 30 and 31 for footnotes.
26 | New Perspective Fund |
Dividends and distributions | ||||||||||||||||||||||||||||||||||
Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of period | Total return3,4 | Net assets, end of period (in millions) | Ratio of expenses to average net assets before reimbursements/ waivers | Ratio of expenses to average net assets after reimbursements/ waivers4 | Ratio of net income to average net assets2,4 | ||||||||||||||||||||||||||
$ | (.33 | ) | $ | — | $ | (.33 | ) | $ | 33.19 | 10.59 | % | $ | 31,910 | .80 | %7 | .80 | %7 | 1.00 | %7 | |||||||||||||||
(.29 | ) | — | (.29 | ) | 30.34 | 23.27 | 29,906 | .80 | .80 | 1.11 | ||||||||||||||||||||||||
(.29 | ) | — | (.29 | ) | 24.88 | (5.30 | ) | 26,896 | .77 | .77 | 1.02 | |||||||||||||||||||||||
(.31 | ) | — | (.31 | ) | 26.54 | 9.05 | 31,425 | .79 | .79 | 1.14 | ||||||||||||||||||||||||
(.55 | ) | (1.58 | ) | (2.13 | ) | 24.63 | 4.66 | 31,925 | .85 | .84 | 1.54 | |||||||||||||||||||||||
(.68 | ) | (2.27 | ) | (2.95 | ) | 26.30 | (22.51 | ) | 36,398 | .75 | .71 | 2.14 | ||||||||||||||||||||||
(.03 | ) | — | (.03 | ) | 32.86 | 10.19 | 320 | 1.55 | 7 | 1.55 | 7 | .21 | 7 | |||||||||||||||||||||
(.01 | ) | — | (.01 | ) | 29.86 | 22.31 | 370 | 1.56 | 1.56 | .31 | ||||||||||||||||||||||||
(.04 | ) | — | (.04 | ) | 24.42 | (6.00 | ) | 507 | 1.54 | 1.54 | .24 | |||||||||||||||||||||||
(.12 | ) | — | (.12 | ) | 26.02 | 8.25 | 769 | 1.55 | 1.55 | .34 | ||||||||||||||||||||||||
(.30 | ) | (1.58 | ) | (1.88 | ) | 24.15 | 3.85 | 1,031 | 1.60 | 1.59 | .78 | |||||||||||||||||||||||
(.41 | ) | (2.27 | ) | (2.68 | ) | 25.70 | (23.11 | ) | 1,361 | 1.51 | 1.47 | 1.38 | ||||||||||||||||||||||
(.09 | ) | — | (.09 | ) | 32.34 | 10.16 | 1,262 | 1.59 | 7 | 1.59 | 7 | .21 | 7 | |||||||||||||||||||||
(.05 | ) | — | (.05 | ) | 29.44 | 22.27 | 1,206 | 1.60 | 1.60 | .30 | ||||||||||||||||||||||||
(.08 | ) | — | (.08 | ) | 24.12 | (6.08 | ) | 1,191 | 1.58 | 1.58 | .22 | |||||||||||||||||||||||
(.15 | ) | — | (.15 | ) | 25.76 | 8.19 | 1,404 | 1.59 | 1.59 | .34 | ||||||||||||||||||||||||
(.31 | ) | (1.58 | ) | (1.89 | ) | 23.95 | 3.85 | 1,365 | 1.62 | 1.61 | .77 | |||||||||||||||||||||||
(.41 | ) | (2.27 | ) | (2.68 | ) | 25.52 | (23.14 | ) | 1,554 | 1.55 | 1.51 | 1.33 | ||||||||||||||||||||||
(.32 | ) | — | (.32 | ) | 33.04 | 10.58 | 1,174 | .82 | 7 | .82 | 7 | .97 | 7 | |||||||||||||||||||||
(.28 | ) | — | (.28 | ) | 30.19 | 23.24 | 1,131 | .82 | .82 | 1.11 | ||||||||||||||||||||||||
(.29 | ) | — | (.29 | ) | 24.76 | (5.34 | ) | 946 | .81 | .81 | 1.00 | |||||||||||||||||||||||
(.31 | ) | — | (.31 | ) | 26.42 | 9.04 | 1,002 | .81 | .81 | 1.13 | ||||||||||||||||||||||||
(.55 | ) | (1.58 | ) | (2.13 | ) | 24.53 | 4.67 | 924 | .83 | .82 | 1.55 | |||||||||||||||||||||||
(.68 | ) | (2.27 | ) | (2.95 | ) | 26.20 | (22.53 | ) | 1,034 | .76 | .72 | 2.12 | ||||||||||||||||||||||
(.42 | ) | — | (.42 | ) | 33.16 | 10.74 | 942 | .54 | 7 | .54 | 7 | 1.31 | 7 | |||||||||||||||||||||
(.36 | ) | — | (.36 | ) | 30.35 | 23.56 | 672 | .54 | .54 | 1.37 | ||||||||||||||||||||||||
(.36 | ) | — | (.36 | ) | 24.90 | (5.10 | ) | 508 | .55 | .55 | 1.28 | |||||||||||||||||||||||
(.38 | ) | — | (.38 | ) | 26.57 | 9.32 | 390 | .55 | .55 | 1.42 | ||||||||||||||||||||||||
(.59 | ) | (1.58 | ) | (2.17 | ) | 24.67 | 4.97 | 282 | .58 | .57 | 1.29 | |||||||||||||||||||||||
— | — | — | 26.31 | (11.32 | ) | 22 | .09 | .08 | .32 |
New Perspective Fund | 27 |
Financial highlights (continued)
Income (loss) from investment operations1 | ||||||||||||||||
Net asset value, beginning of period | Net investment income2 | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | |||||||||||||
Class 529-A: | Six months ended 3/31/20135,6 | $ | 30.08 | $ | .15 | $ | 2.99 | $ | 3.14 | |||||||
Year ended 9/30/2012 | 24.68 | .29 | 5.38 | 5.67 | ||||||||||||
Year ended 9/30/2011 | 26.35 | .27 | (1.66 | ) | (1.39 | ) | ||||||||||
Year ended 9/30/2010 | 24.46 | .27 | 1.92 | 2.19 | ||||||||||||
Year ended 9/30/2009 | 26.14 | .30 | .15 | .45 | ||||||||||||
Year ended 9/30/2008 | 36.63 | .66 | (8.22 | ) | (7.56 | ) | ||||||||||
Class 529-B: | Six months ended 3/31/20135,6 | 29.64 | .01 | 2.98 | 2.99 | |||||||||||
Year ended 9/30/2012 | 24.26 | .05 | 5.33 | 5.38 | ||||||||||||
Year ended 9/30/2011 | 25.87 | .04 | (1.63 | ) | (1.59 | ) | ||||||||||
Year ended 9/30/2010 | 24.04 | .06 | 1.89 | 1.95 | ||||||||||||
Year ended 9/30/2009 | 25.64 | .14 | .16 | .30 | ||||||||||||
Year ended 9/30/2008 | 36.00 | .40 | (8.10 | ) | (7.70 | ) | ||||||||||
Class 529-C: | Six months ended 3/31/20135,6 | 29.46 | .02 | 2.96 | 2.98 | |||||||||||
Year ended 9/30/2012 | 24.17 | .07 | 5.28 | 5.35 | ||||||||||||
Year ended 9/30/2011 | 25.82 | .05 | (1.62 | ) | (1.57 | ) | ||||||||||
Year ended 9/30/2010 | 24.01 | .07 | 1.88 | 1.95 | ||||||||||||
Year ended 9/30/2009 | 25.62 | .14 | .16 | .30 | ||||||||||||
Year ended 9/30/2008 | 35.98 | .40 | (8.09 | ) | (7.69 | ) | ||||||||||
Class 529-E: | Six months ended 3/31/20135,6 | 29.81 | .10 | 2.99 | 3.09 | |||||||||||
Year ended 9/30/2012 | 24.46 | .22 | 5.33 | 5.55 | ||||||||||||
Year ended 9/30/2011 | 26.11 | .19 | (1.63 | ) | (1.44 | ) | ||||||||||
Year ended 9/30/2010 | 24.26 | .20 | 1.89 | 2.09 | ||||||||||||
Year ended 9/30/2009 | 25.91 | .24 | .16 | .40 | ||||||||||||
Year ended 9/30/2008 | 36.34 | .57 | (8.17 | ) | (7.60 | ) | ||||||||||
Class 529-F-1: | Six months ended 3/31/20135,6 | 30.07 | .18 | 2.99 | 3.17 | |||||||||||
Year ended 9/30/2012 | 24.68 | .36 | 5.37 | 5.73 | ||||||||||||
Year ended 9/30/2011 | 26.34 | .35 | (1.67 | ) | (1.32 | ) | ||||||||||
Year ended 9/30/2010 | 24.44 | .33 | 1.92 | 2.25 | ||||||||||||
Year ended 9/30/2009 | 26.15 | .34 | .14 | .48 | ||||||||||||
Year ended 9/30/2008 | 36.64 | .73 | (8.23 | ) | (7.50 | ) |
See pages 30 and 31 for footnotes.
28 | New Perspective Fund |
Dividends and distributions | ||||||||||||||||||||||||||||||||||
Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of period | Total return3,4 | Net assets, end of period (in millions) | Ratio of expenses to average net assets before reimbursements/ waivers | Ratio of expenses to average net assets after reimbursements/ waivers4 | Ratio of net income to average net assets2,4 | ||||||||||||||||||||||||||
$ | (.31 | ) | $ | — | $ | (.31 | ) | $ | 32.91 | 10.56 | % | $ | 1,259 | .88 | %7 | .88 | %7 | .93 | %7 | |||||||||||||||
(.27 | ) | — | (.27 | ) | 30.08 | 23.16 | 1,137 | .88 | .88 | 1.05 | ||||||||||||||||||||||||
(.28 | ) | — | (.28 | ) | 24.68 | (5.40 | ) | 911 | .85 | .85 | .96 | |||||||||||||||||||||||
(.30 | ) | — | (.30 | ) | 26.35 | 9.01 | 911 | .85 | .85 | 1.10 | ||||||||||||||||||||||||
(.55 | ) | (1.58 | ) | (2.13 | ) | 24.46 | 4.62 | 788 | .89 | .88 | 1.50 | |||||||||||||||||||||||
(.66 | ) | (2.27 | ) | (2.93 | ) | 26.14 | (22.57 | ) | 737 | .82 | .78 | 2.07 | ||||||||||||||||||||||
— | — | — | 32.63 | 10.12 | 44 | 1.67 | 7 | 1.67 | 7 | .09 | 7 | |||||||||||||||||||||||
— | — | — | 29.64 | 22.18 | 51 | 1.68 | 1.68 | .20 | ||||||||||||||||||||||||||
(.02 | ) | — | (.02 | ) | 24.26 | (6.15 | ) | 64 | 1.65 | 1.65 | .13 | |||||||||||||||||||||||
(.12 | ) | — | (.12 | ) | 25.87 | 8.14 | 92 | 1.65 | 1.65 | .26 | ||||||||||||||||||||||||
(.32 | ) | (1.58 | ) | (1.90 | ) | 24.04 | 3.77 | 109 | 1.71 | 1.70 | .69 | |||||||||||||||||||||||
(.39 | ) | (2.27 | ) | (2.66 | ) | 25.64 | (23.20 | ) | 110 | 1.62 | 1.58 | 1.26 | ||||||||||||||||||||||
(.09 | ) | — | (.09 | ) | 32.35 | 10.12 | 292 | 1.66 | 7 | 1.66 | 7 | .14 | 7 | |||||||||||||||||||||
(.06 | ) | — | (.06 | ) | 29.46 | 22.16 | 268 | 1.67 | 1.67 | .25 | ||||||||||||||||||||||||
(.08 | ) | — | (.08 | ) | 24.17 | (6.11 | ) | 220 | 1.64 | 1.64 | .17 | |||||||||||||||||||||||
(.14 | ) | — | (.14 | ) | 25.82 | 8.13 | 227 | 1.65 | 1.65 | .30 | ||||||||||||||||||||||||
(.33 | ) | (1.58 | ) | (1.91 | ) | 24.01 | 3.77 | 205 | 1.70 | 1.69 | .70 | |||||||||||||||||||||||
(.40 | ) | (2.27 | ) | (2.67 | ) | 25.62 | (23.19 | ) | 192 | 1.62 | 1.58 | 1.27 | ||||||||||||||||||||||
(.24 | ) | — | (.24 | ) | 32.66 | 10.45 | 63 | 1.13 | 7 | 1.13 | 7 | .67 | 7 | |||||||||||||||||||||
(.20 | ) | — | (.20 | ) | 29.81 | 22.81 | 59 | 1.14 | 1.14 | .78 | ||||||||||||||||||||||||
(.21 | ) | — | (.21 | ) | 24.46 | (5.62 | ) | 49 | 1.13 | 1.13 | .68 | |||||||||||||||||||||||
(.24 | ) | — | (.24 | ) | 26.11 | 8.66 | 51 | 1.14 | 1.14 | .81 | ||||||||||||||||||||||||
(.47 | ) | (1.58 | ) | (2.05 | ) | 24.26 | 4.34 | 45 | 1.19 | 1.18 | 1.21 | |||||||||||||||||||||||
(.56 | ) | (2.27 | ) | (2.83 | ) | 25.91 | (22.80 | ) | 41 | 1.11 | 1.07 | 1.78 | ||||||||||||||||||||||
(.38 | ) | — | (.38 | ) | 32.86 | 10.66 | 43 | .66 | 7 | .66 | 7 | 1.16 | 7 | |||||||||||||||||||||
(.34 | ) | — | (.34 | ) | 30.07 | 23.43 | 36 | .67 | .67 | 1.27 | ||||||||||||||||||||||||
(.34 | ) | — | (.34 | ) | 24.68 | (5.18 | ) | 26 | .64 | .64 | 1.22 | |||||||||||||||||||||||
(.35 | ) | — | (.35 | ) | 26.34 | 9.25 | 20 | .64 | .64 | 1.32 | ||||||||||||||||||||||||
(.61 | ) | (1.58 | ) | (2.19 | ) | 24.44 | 4.83 | 15 | .69 | .68 | 1.70 | |||||||||||||||||||||||
(.72 | ) | (2.27 | ) | (2.99 | ) | 26.15 | (22.41 | ) | 13 | .61 | .57 | 2.27 |
New Perspective Fund | 29 |
Financial highlights (continued)
Income (loss) from investment operations1 | ||||||||||||||||||
Net asset value, beginning of period | Net investment income2 | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | |||||||||||||||
Class R-1: | Six months ended 3/31/20135,6 | $ | 29.27 | $ | .03 | $ | 2.93 | $ | 2.96 | |||||||||
Year ended 9/30/2012 | 24.01 | .10 | 5.24 | 5.34 | ||||||||||||||
Year ended 9/30/2011 | 25.66 | .07 | (1.61 | ) | (1.54 | ) | ||||||||||||
Year ended 9/30/2010 | 23.87 | .09 | 1.87 | 1.96 | ||||||||||||||
Year ended 9/30/2009 | 25.51 | .15 | .15 | .30 | ||||||||||||||
Year ended 9/30/2008 | 35.83 | .42 | (8.04 | ) | (7.62 | ) | ||||||||||||
Class R-2: | Six months ended 3/31/20135,6 | 29.47 | .04 | 2.95 | 2.99 | |||||||||||||
Year ended 9/30/2012 | 24.15 | .09 | 5.29 | 5.38 | ||||||||||||||
Year ended 9/30/2011 | 25.79 | .07 | (1.62 | ) | (1.55 | ) | ||||||||||||
Year ended 9/30/2010 | 23.97 | .08 | 1.88 | 1.96 | ||||||||||||||
Year ended 9/30/2009 | 25.58 | .13 | .17 | .30 | ||||||||||||||
Year ended 9/30/2008 | 35.93 | .41 | (8.09 | ) | (7.68 | ) | ||||||||||||
Class R-3: | Six months ended 3/31/20135,6 | 29.79 | .11 | 2.97 | 3.08 | |||||||||||||
Year ended 9/30/2012 | 24.43 | .22 | 5.34 | 5.56 | ||||||||||||||
Year ended 9/30/2011 | 26.08 | .20 | (1.64 | ) | (1.44 | ) | ||||||||||||
Year ended 9/30/2010 | 24.23 | .20 | 1.90 | 2.10 | ||||||||||||||
Year ended 9/30/2009 | 25.88 | .25 | .15 | .40 | ||||||||||||||
Year ended 9/30/2008 | 36.30 | .57 | (8.16 | ) | (7.59 | ) | ||||||||||||
Class R-4: | Six months ended 3/31/20135,6 | 30.04 | .16 | 3.00 | 3.16 | |||||||||||||
Year ended 9/30/2012 | 24.64 | .31 | 5.37 | 5.68 | ||||||||||||||
Year ended 9/30/2011 | 26.30 | .29 | (1.66 | ) | (1.37 | ) | ||||||||||||
Year ended 9/30/2010 | 24.43 | .28 | 1.91 | 2.19 | ||||||||||||||
Year ended 9/30/2009 | 26.12 | .31 | .14 | .45 | ||||||||||||||
Year ended 9/30/2008 | 36.59 | .67 | (8.21 | ) | (7.54 | ) | ||||||||||||
Class R-5: | Six months ended 3/31/20135,6 | 30.37 | .21 | 3.02 | 3.23 | |||||||||||||
Year ended 9/30/2012 | 24.91 | .40 | 5.43 | 5.83 | ||||||||||||||
Year ended 9/30/2011 | 26.57 | .37 | (1.66 | ) | (1.29 | ) | ||||||||||||
Year ended 9/30/2010 | 24.66 | .32 | 1.97 | 2.29 | ||||||||||||||
Year ended 9/30/2009 | 26.36 | .38 | .14 | .52 | ||||||||||||||
Year ended 9/30/2008 | 36.90 | .77 | (8.28 | ) | (7.51 | ) | ||||||||||||
Class R-6: | Six months ended 3/31/20135,6 | 30.41 | .22 | 3.03 | 3.25 | |||||||||||||
Year ended 9/30/2012 | 24.95 | .41 | 5.43 | 5.84 | ||||||||||||||
Year ended 9/30/2011 | 26.61 | .40 | (1.68 | ) | (1.28 | ) | ||||||||||||
Year ended 9/30/2010 | 24.67 | .41 | 1.89 | 2.30 | ||||||||||||||
Period from 5/1/2009 to 9/30/20095 | 19.28 | .17 | 5.22 | 5.39 |
Six months ended | Year ended September 30 | |||||||||||
March 31, 20135,6 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||
Portfolio turnover rate for all share classes | 15% | 16% | 24% | 24% | 32% | 42% |
1 | Based on average shares outstanding. |
2 | For the year ended September 30, 2008, this column reflects the impact of a corporate action event that resulted in a one-time increase to net investment income. If the corporate action event had not occurred, the Class A net investment income per share and ratio of net income to average net assets would have been lower by $.13 and .41 percentage points, respectively. The impact to the other share classes would have been similar. |
3 | Total returns exclude any applicable sales charges, including contingent deferred sales charges. |
30 | New Perspective Fund |
Dividends and distributions | ||||||||||||||||||||||||||||||||||
Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of period | Total return4 | Net assets, end of period (in millions) | Ratio of expenses to average net assets before reimbursements/ waivers | Ratio of expenses to average net assets after reimbursements/ waivers4 | Ratio of net income to average net assets2,4 | ||||||||||||||||||||||||||
$ | (.10 | ) | $ | — | $ | (.10 | ) | $ | 32.13 | 10.18 | % | $ | 83 | 1.56 | %7 | 1.56 | %7 | .23 | %7 | |||||||||||||||
(.08 | ) | — | (.08 | ) | 29.27 | 22.30 | 83 | 1.57 | 1.57 | .36 | ||||||||||||||||||||||||
(.11 | ) | — | (.11 | ) | 24.01 | (6.06 | ) | 67 | 1.57 | 1.57 | .25 | |||||||||||||||||||||||
(.17 | ) | — | (.17 | ) | 25.66 | 8.24 | 69 | 1.58 | 1.58 | .39 | ||||||||||||||||||||||||
(.36 | ) | (1.58 | ) | (1.94 | ) | 23.87 | 3.84 | 53 | 1.61 | 1.60 | .78 | |||||||||||||||||||||||
(.43 | ) | (2.27 | ) | (2.70 | ) | 25.51 | (23.12 | ) | 44 | 1.54 | 1.50 | 1.35 | ||||||||||||||||||||||
(.11 | ) | — | (.11 | ) | 32.35 | 10.19 | 568 | 1.53 | 7 | 1.53 | 7 | .27 | 7 | |||||||||||||||||||||
(.06 | ) | — | (.06 | ) | 29.47 | 22.32 | 540 | 1.58 | 1.58 | .33 | ||||||||||||||||||||||||
(.09 | ) | — | (.09 | ) | 24.15 | (6.07 | ) | 492 | 1.57 | 1.57 | .24 | |||||||||||||||||||||||
(.14 | ) | — | (.14 | ) | 25.79 | 8.20 | 563 | 1.61 | 1.61 | .33 | ||||||||||||||||||||||||
(.33 | ) | (1.58 | ) | (1.91 | ) | 23.97 | 3.77 | 544 | 1.71 | 1.70 | .68 | |||||||||||||||||||||||
(.40 | ) | (2.27 | ) | (2.67 | ) | 25.58 | (23.19 | ) | 507 | 1.59 | 1.55 | 1.30 | ||||||||||||||||||||||
(.25 | ) | — | (.25 | ) | 32.62 | 10.42 | 1,474 | 1.11 | 7 | 1.11 | 7 | .70 | 7 | |||||||||||||||||||||
(.20 | ) | — | (.20 | ) | 29.79 | 22.87 | 1,317 | 1.12 | 1.12 | .80 | ||||||||||||||||||||||||
(.21 | ) | — | (.21 | ) | 24.43 | (5.62 | ) | 1,068 | 1.11 | 1.11 | .70 | |||||||||||||||||||||||
(.25 | ) | — | (.25 | ) | 26.08 | 8.71 | 1,159 | 1.12 | 1.12 | .82 | ||||||||||||||||||||||||
(.47 | ) | (1.58 | ) | (2.05 | ) | 24.23 | 4.36 | 1,095 | 1.15 | 1.14 | 1.25 | |||||||||||||||||||||||
(.56 | ) | (2.27 | ) | (2.83 | ) | 25.88 | (22.79 | ) | 1,005 | 1.09 | 1.05 | 1.79 | ||||||||||||||||||||||
(.34 | ) | — | (.34 | ) | 32.86 | 10.59 | 1,488 | .80 | 7 | .80 | 7 | 1.01 | 7 | |||||||||||||||||||||
(.28 | ) | — | (.28 | ) | 30.04 | 23.25 | 1,327 | .81 | .81 | 1.12 | ||||||||||||||||||||||||
(.29 | ) | — | (.29 | ) | 24.64 | (5.34 | ) | 1,039 | .81 | .81 | 1.01 | |||||||||||||||||||||||
(.32 | ) | — | (.32 | ) | 26.30 | 9.01 | 1,039 | .81 | .81 | 1.12 | ||||||||||||||||||||||||
(.56 | ) | (1.58 | ) | (2.14 | ) | 24.43 | 4.68 | 905 | .83 | .82 | 1.54 | |||||||||||||||||||||||
(.66 | ) | (2.27 | ) | (2.93 | ) | 26.12 | (22.53 | ) | 699 | .79 | .75 | 2.09 | ||||||||||||||||||||||
(.42 | ) | — | (.42 | ) | 33.18 | 10.74 | 1,404 | .50 | 7 | .50 | 7 | 1.31 | 7 | |||||||||||||||||||||
(.37 | ) | — | (.37 | ) | 30.37 | 23.64 | 1,253 | .50 | .50 | 1.41 | ||||||||||||||||||||||||
(.37 | ) | — | (.37 | ) | 24.91 | (5.04 | ) | 1,037 | .51 | .51 | 1.29 | |||||||||||||||||||||||
(.38 | ) | — | (.38 | ) | 26.57 | 9.34 | 1,241 | .51 | .51 | 1.29 | ||||||||||||||||||||||||
(.64 | ) | (1.58 | ) | (2.22 | ) | 24.66 | 5.00 | 2,386 | .53 | .52 | 1.87 | |||||||||||||||||||||||
(.76 | ) | (2.27 | ) | (3.03 | ) | 26.36 | (22.30 | ) | 2,462 | .49 | .46 | 2.38 | ||||||||||||||||||||||
(.44 | ) | — | (.44 | ) | 33.22 | 10.78 | 4,769 | .46 | 7 | .46 | 7 | 1.37 | 7 | |||||||||||||||||||||
(.38 | ) | — | (.38 | ) | 30.41 | 23.67 | 3,902 | .46 | .46 | 1.47 | ||||||||||||||||||||||||
(.38 | ) | — | (.38 | ) | 24.95 | (4.99 | ) | 2,896 | .46 | .46 | 1.38 | |||||||||||||||||||||||
(.36 | ) | — | (.36 | ) | 26.61 | 9.40 | 2,437 | .46 | .46 | 1.63 | ||||||||||||||||||||||||
— | — | — | 24.67 | 27.96 | 450 | .21 | .21 | .76 |
4 | This column reflects the impact, if any, of certain reimbursements/waivers from CRMC. During some of the periods shown, CRMC reduced fees for investment advisory services. In addition, during some of the periods shown, CRMC paid a portion of the fund’s transfer agent fees for certain retirement plan share classes. |
5 | Based on operations for the period shown and, accordingly, is not representative of a full year. |
6 | Unaudited. |
7 | Annualized. |
See Notes to Financial Statements
New Perspective Fund | 31 |
Expense example | unaudited |
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (October 1, 2012, through March 31, 2013).
Actual expenses:
The first line of each share class in the table on the next page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses paid during period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes:
The second line of each share class in the table on the next page provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.
Notes:
There are some account fees that are charged to certain types of accounts, such as individual retirement accounts and 529 college savings plan accounts (generally, a $10 fee is charged to set up the account and an additional $10 fee is charged to the account annually), that would increase the amount of expenses paid on your account. In addition, retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F-1, F-2 and 529-F-1 shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.
32 | New Perspective Fund |
Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning account value 10/1/2012 | Ending account value 3/31/2013 | Expenses paid during period* | Annualized expense ratio | ||||||||||
Class A — actual return | $ | 1,000.00 | $ | 1,105.93 | $ | 4.20 | .80 | % | |||||
Class A — assumed 5% return | 1,000.00 | 1,020.94 | 4.03 | .80 | |||||||||
Class B — actual return | 1,000.00 | 1,101.87 | 8.12 | 1.55 | |||||||||
Class B — assumed 5% return | 1,000.00 | 1,017.20 | 7.80 | 1.55 | |||||||||
Class C — actual return | 1,000.00 | 1,101.63 | 8.33 | 1.59 | |||||||||
Class C — assumed 5% return | 1,000.00 | 1,017.00 | 8.00 | 1.59 | |||||||||
Class F-1 — actual return | 1,000.00 | 1,105.78 | 4.31 | .82 | |||||||||
Class F-1 — assumed 5% return | 1,000.00 | 1,020.84 | 4.13 | .82 | |||||||||
Class F-2 — actual return | 1,000.00 | 1,107.44 | 2.84 | .54 | |||||||||
Class F-2 — assumed 5% return | 1,000.00 | 1,022.24 | 2.72 | .54 | |||||||||
Class 529-A — actual return | 1,000.00 | 1,105.59 | 4.62 | .88 | |||||||||
Class 529-A — assumed 5% return | 1,000.00 | 1,020.54 | 4.43 | .88 | |||||||||
Class 529-B — actual return | 1,000.00 | 1,101.21 | 8.75 | 1.67 | |||||||||
Class 529-B — assumed 5% return | 1,000.00 | 1,016.60 | 8.40 | 1.67 | |||||||||
Class 529-C — actual return | 1,000.00 | 1,101.23 | 8.70 | 1.66 | |||||||||
Class 529-C — assumed 5% return | 1,000.00 | 1,016.65 | 8.35 | 1.66 | |||||||||
Class 529-E — actual return | 1,000.00 | 1,104.47 | 5.93 | 1.13 | |||||||||
Class 529-E — assumed 5% return | 1,000.00 | 1,019.30 | 5.69 | 1.13 | |||||||||
Class 529-F-1 — actual return | 1,000.00 | 1,106.60 | 3.47 | .66 | |||||||||
Class 529-F-1 — assumed 5% return | 1,000.00 | 1,021.64 | 3.33 | .66 | |||||||||
Class R-1 — actual return | 1,000.00 | 1,101.79 | 8.17 | 1.56 | |||||||||
Class R-1 — assumed 5% return | 1,000.00 | 1,017.15 | 7.85 | 1.56 | |||||||||
Class R-2 — actual return | 1,000.00 | 1,101.89 | 8.02 | 1.53 | |||||||||
Class R-2 — assumed 5% return | 1,000.00 | 1,017.30 | 7.70 | 1.53 | |||||||||
Class R-3 — actual return | 1,000.00 | 1,104.23 | 5.82 | 1.11 | |||||||||
Class R-3 — assumed 5% return | 1,000.00 | 1,019.40 | 5.59 | 1.11 | |||||||||
Class R-4 — actual return | 1,000.00 | 1,105.90 | 4.20 | .80 | |||||||||
Class R-4 — assumed 5% return | 1,000.00 | 1,020.94 | 4.03 | .80 | |||||||||
Class R-5 — actual return | 1,000.00 | 1,107.38 | 2.63 | .50 | |||||||||
Class R-5 — assumed 5% return | 1,000.00 | 1,022.44 | 2.52 | .50 | |||||||||
Class R-6 — actual return | 1,000.00 | 1,107.82 | 2.42 | .46 | |||||||||
Class R-6 — assumed 5% return | 1,000.00 | 1,022.64 | 2.32 | .46 |
* | The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period). |
New Perspective Fund | 33 |
Approval of Investment Advisory and Service Agreement
The fund’s board has approved the fund’s Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through December 31, 2013. The board approved the agreement following the recommendation of the fund’s Contracts Committee (the “committee”), which is composed of all of the fund’s independent board members. The board and the committee determined that the fund’s advisory fee structure was fair and reasonable in relation to the services provided and that approving the agreement was in the best interests of the fund and its shareholders.
In reaching this decision, the board and the committee took into account information furnished to them throughout the year, as well as information prepared specifically in connection with their review of the agreement, and were advised by their independent counsel. They considered the factors discussed below, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor.
1. Nature, extent and quality of services
The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of its organization; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative, compliance and shareholder services provided by CRMC to the fund under the agreement and other agreements, as well as the benefits to fund shareholders from investing in a fund that is part of a large family of funds. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit the fund and its shareholders.
2. Investment results
The board and the committee considered the investment results of the fund in light of its objective of providing long-term growth of capital and secondary objective of future income. They compared the fund’s total returns with those of other relevant funds (including the other funds that are the basis of the Lipper index for the category in which the fund is included) and market data such as relevant market indices, in each case as available at the time of the related board and committee meetings. This report, including the letter to shareholders and related disclosures, contains certain information about the fund’s investment results. The board and the committee concluded that the fund’s long-term results have been satisfactory and that CRMC’s record in managing the fund indicated that its continued management should benefit the fund and its shareholders.
34 | New Perspective Fund |
3. Advisory fees and total expenses
The board and the committee compared the advisory fees and total expense levels of the fund to those of other relevant funds. They observed that the fund’s advisory fees and expenses remain significantly below those of most other relevant funds. The board and the committee also noted the breakpoint discounts in the fund’s advisory fee structure that reduce the level of fees charged by CRMC to the fund as fund assets increase. In addition, they reviewed information regarding the advisory fees paid by clients of an affiliate of CRMC. They noted that, to the extent there were differences between the advisory fees paid by the fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational and regulatory differences between advising the fund and the other clients. The board and the committee concluded that the fund’s cost structure was fair and reasonable in relation to the services provided, and that the shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by the fund.
4. Ancillary benefits
The board and the committee considered a variety of other benefits received by CRMC and its affiliates as a result of CRMC’s relationship with the fund and the other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the fund’s principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC’s institutional management affiliates. The board and the committee reviewed CRMC’s portfolio trading practices, noting that while CRMC receives the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the fund, it does not obtain third-party research or other services in return for allocating brokerage to such broker-dealers. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC by the fund.
5. Adviser financial information
The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and willingness to invest in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. The board and the committee also compared CRMC’s profitability to the reported results of several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the fund’s advisory fee structure. The board and the committee concluded that the fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and the fund’s shareholders.
New Perspective Fund | 35 |
Offices of the fund and of the investment adviser
Capital Research and
Management Company
333 South Hope Street
Los Angeles, CA 90071-1406
6455 Irvine Center Drive
Irvine, CA 92618
Transfer agent for shareholder accounts
American Funds Service Company
(Write to the address near you.)
P.O. Box 6007
Indianapolis, IN 46206-6007
P.O. Box 2280
Norfolk, VA 23501-2280
Custodian of assets
JPMorgan Chase Bank
270 Park Avenue
New York, NY 10017-2070
Counsel
K&L Gates LLP
Four Embarcadero Center, Suite 1200
San Francisco, CA 94111-5994
Independent registered public accounting firm
PricewaterhouseCoopers LLP
350 South Grand Avenue
Los Angeles, CA 90071-2889
Principal underwriter
American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, CA 90071-1406
36 | New Perspective Fund |
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the American Funds website at americanfunds.com.
“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on the American Funds website or upon request by calling AFS. The fund files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on the American Funds website.
A complete March 31, 2013, portfolio of New Perspective Fund’s investments is available free of charge by calling AFS or visiting the SEC website (where it is part of Form N-CSR).
New Perspective Fund files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. This filing is available free of charge on the SEC website. You may also review or, for a fee, copy this filing at the SEC’s Public Reference Room in Washington, D.C. Additional information regarding the operation of the Public Reference Room may be obtained by calling the SEC’s Office of Investor Education and Advocacy at (800) SEC-0330. Additionally, the list of portfolio holdings is available by calling AFS.
This report is for the information of shareholders of New Perspective Fund, but it also may be used as sales literature when preceded or accompanied by the current prospectus or summary prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after June 30, 2013, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.
The American Funds Advantage
Since 1931, American Funds, part of Capital Group, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital SystemSM — has resulted in a superior long-term track record.
Aligned with investor success |
We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. Our portfolio managers average 25 years of investment experience, including 20 years at our company, reflecting a career commitment to our long-term approach.1 |
The Capital SystemSM |
Our investment process, The Capital System, combines individual accountability with teamwork. Each fund is divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system. |
Superior long-term track record |
Our equity funds have beaten their Lipper peer indexes in 90% of 10-year periods and 96% of 20-year periods. Our fixed-income funds have beaten their Lipper indexes in 58% of 10-year periods and 63% of 20-year periods.2 Our fund management fees have been among the lowest in the industry.3 |
1 | Portfolio manager experience as of December 31, 2012. |
2 | Based on Class A share results for rolling periods through December 31, 2012. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date. |
3 | Based on management fees for the 20-year period ended December 31, 2012, versus comparable Lipper categories, excluding funds of funds. |
American Funds span a range of investment objectives | |
¢ | Growth funds |
AMCAP Fund® | |
EuroPacific Growth Fund® | |
The Growth Fund of America® | |
The New Economy Fund® | |
New Perspective Fund® | |
New World Fund® | |
SMALLCAP World Fund® | |
¢ | Growth-and-income funds |
American Mutual Fund® | |
Capital World Growth and Income Fund® | |
Fundamental InvestorsSM | |
International Growth and Income FundSM | |
The Investment Company of America® | |
Washington Mutual Investors FundSM | |
¢ | Equity-income funds |
Capital Income Builder® | |
The Income Fund of America® | |
¢ | Balanced funds |
American Balanced Fund® | |
American Funds Global Balanced FundSM | |
¢ | Bond funds |
American Funds Mortgage Fund® | |
American High-Income Trust® | |
The Bond Fund of America® | |
Capital World Bond Fund® | |
Intermediate Bond Fund of America® | |
Short-Term Bond Fund of America® | |
U.S. Government Securities Fund® | |
¢ | Tax-exempt bond funds |
American Funds Short-Term Tax-Exempt Bond Fund® | |
American High-Income Municipal Bond Fund® | |
Limited Term Tax-Exempt Bond Fund of America® | |
The Tax-Exempt Bond Fund of America® | |
State-specific tax-exempt funds | |
American Funds Tax-Exempt Fund of New York® | |
The Tax-Exempt Fund of California® | |
The Tax-Exempt Fund of Maryland® | |
The Tax-Exempt Fund of Virginia® | |
¢ | Money market fund |
American Funds Money Market Fund® | |
¢ | American Funds Portfolio SeriesSM |
American Funds Global Growth PortfolioSM | |
American Funds Growth PortfolioSM | |
American Funds Growth and Income PortfolioSM | |
American Funds Balanced PortfolioSM | |
American Funds Income PortfolioSM | |
American Funds Tax-Advantaged Income PortfolioSM | |
American Funds Preservation PortfolioSM | |
American Funds Tax-Exempt Preservation PortfolioSM | |
¢ | American Funds Target Date Retirement Series® |
¢ | American Funds College Target Date SeriesSM |
ITEM 2 – Code of Ethics
Not applicable for filing of semi-annual reports to shareholders.
ITEM 3 – Audit Committee Financial Expert
Not applicable for filing of semi-annual reports to shareholders.
ITEM 4 – Principal Accountant Fees and Services
Not applicable for filing of semi-annual reports to shareholders.
ITEM 5 – Audit Committee of Listed Registrants
Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.
ITEM 6 – Schedule of Investments
New Perspective Fund® Investment portfolio March 31, 2013
|
unaudited
Common stocks 94.34% | ||
Value | ||
Consumer Discretionary 16.78% | Shares | (000) |
Amazon.com, Inc.1 | 3,812,500 | $ 1,015,993 |
Home Depot, Inc. | 10,700,000 | 746,646 |
Naspers Ltd., Class N | 9,285,100 | 577,584 |
Burberry Group PLC | 21,612,991 | 436,413 |
Time Warner Inc. | 7,100,000 | 409,102 |
adidas AG | 3,485,478 | 361,586 |
Toyota Motor Corp. | 6,749,900 | 348,428 |
priceline.com Inc.1 | 501,000 | 344,653 |
Honda Motor Co., Ltd. | 8,757,300 | 330,666 |
Swatch Group Ltd, non-registered shares | 460,768 | 267,773 |
Swatch Group Ltd | 569,170 | 57,735 |
Hyundai Mobis Co., Ltd. | 1,168,883 | 323,055 |
Las Vegas Sands Corp. | 4,916,600 | 277,050 |
Starbucks Corp. | 4,550,000 | 259,168 |
Industria de Diseño Textil, SA | 1,925,457 | 255,177 |
Nikon Corp. | 9,248,700 | 219,159 |
Tiffany & Co. | 2,330,900 | 162,091 |
CBS Corp., Class B | 3,380,000 | 157,812 |
Ford Motor Co. | 10,000,000 | 131,500 |
MGM Resorts International1 | 10,000,000 | 131,500 |
Publicis Groupe SA | 1,680,603 | 112,677 |
Liberty Global, Inc., Class A1 | 1,500,000 | 110,100 |
Walt Disney Co. | 1,700,000 | 96,560 |
LVMH Moët Hennessey-Louis Vuitton SA | 548,000 | 94,048 |
Expedia, Inc. | 1,500,000 | 90,015 |
Arcos Dorados Holdings Inc., Class A | 6,136,000 | 80,995 |
Kia Motors Corp. | 1,568,200 | 78,368 |
Suzuki Motor Corp. | 3,360,000 | 75,337 |
General Motors Co.1 | 2,500,000 | 69,550 |
Harman International Industries, Inc. | 1,510,000 | 67,391 |
Bayerische Motoren Werke AG | 687,300 | 59,294 |
DIRECTV1 | 971,700 | 55,008 |
Christian Dior SA | 305,000 | 50,585 |
Wynn Macau, Ltd.1 | 15,044,800 | 39,925 |
Sands China Ltd. | 2,062,000 | 10,692 |
7,903,636 | ||
Health care 14.62% | ||
Novo Nordisk A/S, Class B | 11,247,317 | 1,827,150 |
Gilead Sciences, Inc.1 | 10,009,300 | 489,755 |
Baxter International Inc. | 6,631,000 | 481,676 |
Bayer AG | 4,610,860 | 475,557 |
Celgene Corp.1 | 3,487,000 | 404,178 |
Novartis AG | 5,058,000 | 359,175 |
Merck & Co., Inc. | 7,532,573 | 333,166 |
Regeneron Pharmaceuticals, Inc.1 | 1,572,000 | 277,301 |
UCB SA | 4,269,872 | 272,540 |
Bristol-Myers Squibb Co. | 6,258,400 | 257,783 |
Roche Holding AG | 990,000 | 230,342 |
Intuitive Surgical, Inc.1 | 402,000 | 197,458 |
Edwards Lifesciences Corp.1 | 2,282,000 | 187,489 |
Sonic Healthcare Ltd. | 11,432,400 | 165,838 |
Grifols, SA, Class B (ADR)1 | 3,712,278 | 107,693 |
Grifols, SA, Class B1 | 1,576,222 | 45,213 |
AstraZeneca PLC (United Kingdom) | 2,965,000 | 148,638 |
Mindray Medical International Ltd., Class A (ADR) | 3,415,000 | 136,395 |
Pfizer Inc | 4,000,000 | 115,440 |
Sonova Holding AG | 916,723 | 109,928 |
Hospira, Inc.1 | 3,240,000 | 106,369 |
Allergan, Inc. | 800,000 | 89,304 |
Cochlear Ltd. | 635,000 | 44,999 |
Fresenius Medical Care AG & Co. KGaA | 350,000 | 23,619 |
6,887,006 | ||
Financials 12.76% | ||
ACE Ltd. | 6,354,000 | 565,315 |
Citigroup Inc. | 12,455,000 | 551,009 |
American Express Co. | 7,500,000 | 505,950 |
CME Group Inc., Class A | 8,041,600 | 493,674 |
Goldman Sachs Group, Inc. | 2,802,000 | 412,314 |
Prudential PLC | 24,986,141 | 404,303 |
AIA Group Ltd. | 90,437,800 | 396,115 |
HSBC Holdings PLC (United Kingdom) | 32,403,796 | 345,860 |
JPMorgan Chase & Co. | 7,020,000 | 333,169 |
Moody’s Corp. | 5,107,100 | 272,311 |
ICICI Bank Ltd. (ADR) | 4,634,824 | 198,834 |
ICICI Bank Ltd. | 2,800,000 | 53,847 |
AXA SA | 10,851,207 | 186,506 |
Morgan Stanley | 7,500,000 | 164,850 |
Allianz SE | 1,193,000 | 162,005 |
Weyerhaeuser Co.1 | 3,500,000 | 109,830 |
Barclays PLC | 23,180,000 | 102,539 |
BNP Paribas SA | 1,922,000 | 98,636 |
Bank of Nova Scotia | 1,690,000 | 98,308 |
Rayonier Inc.1 | 1,494,800 | 89,195 |
Sampo Oyj, Class A | 2,299,900 | 88,433 |
Tokio Marine Holdings, Inc. | 3,000,000 | 84,440 |
DNB ASA | 5,094,318 | 74,688 |
Deutsche Bank AG | 1,500,000 | 58,474 |
Investor AB, Class B | 2,000,000 | 57,764 |
ING Groep NV, depository receipts1 | 8,060,000 | 57,200 |
Bank of China Ltd., Class H | 96,350,000 | 44,683 |
6,010,252 | ||
Consumer staples 11.83% | ||
Nestlé SA | 8,954,700 | 647,197 |
Pernod Ricard SA | 4,623,991 | 576,122 |
British American Tobacco PLC | 10,364,500 | 555,407 |
Anheuser-Busch InBev NV | 4,989,050 | 493,973 |
SABMiller PLC | 7,989,008 | 420,464 |
Shoprite Holdings Ltd. | 19,757,926 | 392,198 |
Unilever NV, depository receipts | 8,595,000 | 352,023 |
PepsiCo, Inc. | 4,005,000 | 316,836 |
Philip Morris International Inc. | 3,152,500 | 292,268 |
Costco Wholesale Corp. | 2,700,000 | 286,497 |
Coca-Cola Co. | 5,800,000 | 234,552 |
Associated British Foods PLC | 5,675,000 | 163,910 |
Mead Johnson Nutrition Co. | 1,485,000 | 115,013 |
Wal-Mart de México, SAB de CV, Series V | 29,667,984 | 97,008 |
Wesfarmers Ltd. | 2,100,000 | 87,911 |
Colgate-Palmolive Co. | 715,000 | 84,391 |
Japan Tobacco Inc. | 2,618,000 | 83,420 |
Avon Products, Inc. | 4,000,000 | 82,920 |
Procter & Gamble Co. | 1,000,000 | 77,060 |
Coca-Cola Amatil Ltd. | 4,704,261 | 71,424 |
Danone SA | 940,000 | 65,396 |
Coca-Cola Hellenic Bottling Co. SA | 1,800,000 | 48,218 |
Imperial Tobacco Group PLC | 830,000 | 28,992 |
5,573,200 | ||
Information technology 10.83% | ||
Google Inc., Class A1 | 947,200 | 752,105 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 168,681,994 | 566,927 |
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 7,200,000 | 123,768 |
Texas Instruments Inc. | 14,880,062 | 527,945 |
ASML Holding NV | 4,798,981 | 322,735 |
ASML Holding NV (New York registered) | 2,564,870 | 174,437 |
Oracle Corp. | 12,939,300 | 418,457 |
ARM Holdings PLC | 21,141,044 | 295,831 |
Avago Technologies Ltd. | 5,560,000 | 199,715 |
International Business Machines Corp. | 850,000 | 181,305 |
Infineon Technologies AG | 20,367,300 | 160,805 |
Samsung Electronics Co. Ltd. | 107,300 | 147,265 |
Amphenol Corp., Class A | 1,820,000 | 135,863 |
MasterCard Inc., Class A | 225,000 | 121,754 |
salesforce.com, inc.1 | 678,000 | 121,247 |
Microsoft Corp. | 4,000,000 | 114,440 |
Nintendo Co., Ltd. | 987,000 | 105,986 |
Apple Inc. | 225,000 | 99,592 |
OMRON Corp. | 3,875,000 | 95,486 |
Broadcom Corp., Class A | 2,500,000 | 86,675 |
TDK Corp. | 2,474,000 | 85,926 |
Jabil Circuit, Inc. | 4,598,500 | 84,980 |
KLA-Tencor Corp. | 1,377,697 | 72,660 |
TE Connectivity Ltd. | 1,153,125 | 48,351 |
SAP AG | 599,000 | 47,984 |
FLIR Systems, Inc. | 214,870 | 5,589 |
5,097,828 | ||
Industrials 10.82% | ||
United Technologies Corp. | 5,070,000 | 473,690 |
Delta Air Lines, Inc.1 | 25,000,000 | 412,750 |
Schneider Electric SA | 5,064,298 | 369,982 |
United Continental Holdings, Inc.1 | 10,500,000 | 336,105 |
General Electric Co. | 14,300,000 | 330,616 |
Boeing Co. | 3,730,000 | 320,221 |
KONE Oyj, Class B | 3,932,500 | 309,222 |
Intertek Group PLC | 4,259,428 | 219,580 |
Ryanair Holdings PLC (ADR) | 4,264,499 | 178,171 |
Rolls-Royce Holdings PLC1 | 10,000,000 | 171,687 |
European Aeronautic Defence and Space Co. EADS NV | 3,270,000 | 166,389 |
Deere & Co. | 1,900,000 | 163,362 |
Union Pacific Corp. | 995,000 | 141,698 |
Vallourec SA | 2,813,000 | 135,203 |
Experian PLC | 7,350,000 | 127,306 |
Honeywell International Inc. | 1,500,000 | 113,025 |
Geberit AG | 423,000 | 104,074 |
Siemens AG | 947,100 | 102,004 |
Mitsubishi Heavy Industries, Ltd. | 17,790,000 | 101,090 |
Parker-Hannifin Corp. | 1,000,000 | 91,580 |
Michael Page International PLC | 14,279,900 | 91,514 |
W.W. Grainger, Inc. | 400,500 | 90,104 |
Aggreko PLC | 3,123,813 | 84,577 |
Canadian Pacific Railway Ltd. | 600,000 | 78,260 |
Atlas Copco AB, Class B | 2,981,500 | 75,313 |
Eaton Corp. PLC | 1,158,100 | 70,934 |
Precision Castparts Corp. | 300,000 | 56,886 |
FANUC CORP. | 308,500 | 47,479 |
Marubeni Corp. | 6,000,000 | 44,801 |
Komatsu Ltd. | 1,516,700 | 36,230 |
Lockheed Martin Corp. | 300,000 | 28,956 |
Cummins Inc. | 192,000 | 22,236 |
5,095,045 | ||
Energy 5.59% | ||
Oil Search Ltd. | 38,441,554 | 297,431 |
Canadian Natural Resources, Ltd. | 7,145,000 | 229,014 |
TOTAL SA | 4,410,000 | 211,141 |
Enbridge Inc. | 4,510,000 | 209,933 |
Noble Energy, Inc. | 1,660,000 | 191,996 |
Royal Dutch Shell PLC, Class B | 2,585,998 | 85,849 |
Royal Dutch Shell PLC, Class A (ADR) | 1,000,000 | 65,160 |
Royal Dutch Shell PLC, Class B (ADR) | 200,000 | 13,364 |
FMC Technologies, Inc.1 | 2,853,000 | 155,175 |
Halliburton Co. | 3,455,000 | 139,616 |
EOG Resources, Inc. | 1,000,000 | 128,070 |
Occidental Petroleum Corp. | 1,470,000 | 115,204 |
Petróleo Brasileiro SA – Petrobras, ordinary nominative (ADR) | 5,780,000 | 95,775 |
Petróleo Brasileiro SA – Petrobras, preferred nominative (ADR) | 983,150 | 17,844 |
ConocoPhillips | 1,800,000 | 108,180 |
Technip SA | 950,000 | 97,385 |
Schlumberger Ltd. | 1,237,000 | 92,639 |
INPEX CORP. | 16,503 | 87,642 |
Cenovus Energy Inc. (CAD denominated) | 1,772,600 | 54,880 |
Cenovus Energy Inc. | 1,025,000 | 31,765 |
Chevron Corp. | 643,100 | 76,413 |
Transocean Ltd. | 1,420,000 | 73,783 |
Baker Hughes Inc. | 1,150,000 | 53,371 |
2,631,630 | ||
Materials 4.91% | ||
Linde AG | 1,899,100 | 353,063 |
FMC Corp. | 3,180,000 | 181,355 |
Holcim Ltd | 2,082,111 | 165,828 |
Glencore International PLC | 29,230,000 | 158,146 |
Syngenta AG | 370,000 | 154,256 |
Alcoa Inc. | 16,100,000 | 137,172 |
First Quantum Minerals Ltd. | 6,693,000 | 127,254 |
Dow Chemical Co. | 3,580,000 | 113,987 |
Rio Tinto PLC | 2,410,000 | 112,961 |
Potash Corp. of Saskatchewan Inc. | 2,745,000 | 107,741 |
Newmont Mining Corp. | 2,500,000 | 104,725 |
Monsanto Co. | 850,000 | 89,786 |
BASF SE | 1,000,000 | 87,566 |
Akzo Nobel NV | 1,325,000 | 84,097 |
Praxair, Inc. | 700,000 | 78,078 |
Barrick Gold Corp. | 2,500,000 | 73,500 |
Impala Platinum Holdings Ltd. | 3,865,000 | 56,911 |
BHP Billiton Ltd. | 1,600,000 | 54,583 |
L’Air Liquide SA, bonus shares2 | 346,499 | 42,093 |
United States Steel Corp. | 1,500,000 | 29,250 |
2,312,352 | ||
Telecommunication services 1.05% | ||
SOFTBANK CORP. | 5,151,700 | 237,476 |
MTN Group Ltd. | 5,050,000 | 88,552 |
Vodafone Group PLC | 31,000,000 | 87,888 |
América Móvil, SAB de CV, Series L (ADR) | 2,525,800 | 52,941 |
América Móvil, SAB de CV, Series L | 6,870,000 | 7,278 |
Koninklijke KPN NV | 6,500,000 | 21,861 |
495,996 | ||
Utilities 0.29% | ||
GDF SUEZ | 6,948,347 | 133,764 |
Miscellaneous 4.86% | ||
Other common stocks in initial period of acquisition | 2,288,709 | |
Total common stocks (cost: $29,191,101,000) | 44,429,418 | |
Convertible securities 0.01% | ||
Miscellaneous 0.01% | ||
Other convertible securities in initial period of acquisition | 5,838 | |
Total convertible securities (cost: $5,605,000) | 5,838 | |
Bonds & notes 0.09% | ||
Principal amount | ||
U.S. Treasury bonds & notes 0.09% | (000) | |
U.S. Treasury 4.00% 2015 | $ 37,150 | 39,753 |
Total bonds & notes (cost: $39,753,000) | 39,753 | |
Principal amount | Value | |
Short-term securities 5.52% | (000) | (000) |
Fannie Mae 0.085%–0.16% due 5/1/2013–2/5/2014 | $577,750 | $ 577,479 |
Freddie Mac 0.10%–0.19% due 4/1/2013–3/4/2014 | 518,700 | 518,462 |
Federal Farm Credit Banks 0.17%–0.20% due 5/3–8/8/2013 | 197,400 | 197,352 |
Federal Home Loan Bank 0.125%–0.22% due 4/3–7/26/2013 | 178,150 | 178,128 |
U.S. Treasury Bills 0.125%–0.157% due 4/11–5/2/2013 | 155,000 | 154,991 |
Thunder Bay Funding, LLC 0.18% due 5/9/20133 | 55,864 | 55,852 |
Old Line Funding, LLC 0.19% due 4/23/20133 | 34,529 | 34,527 |
Svenska Handelsbanken Inc. 0.21%–0.22% due 4/26–6/7/20133 | 89,000 | 88,973 |
Coca-Cola Co. 0.15% due 5/21–7/11/20133 | 79,600 | 79,579 |
Gotham Funding Corp. 0.17% due 4/26/20133 | 40,000 | 39,995 |
Victory Receivables Corp. 0.20% due 4/3/20133 | 35,900 | 35,899 |
Nordea North America, Inc. 0.165% due 5/15/2013 | 75,000 | 74,984 |
Toyota Motor Credit Corp. 0.17% due 6/14/2013 | 43,900 | 43,886 |
Toyota Credit Canada Inc. 0.18% due 4/8/2013 | 30,000 | 30,000 |
Sumitomo Mitsui Banking Corp. 0.17% due 4/9–4/17/20133 | 73,000 | 72,994 |
Chariot Funding, LLC 0.19% due 5/3/20133 | 40,000 | 39,996 |
Jupiter Securitization Co., LLC 0.18% due 5/6/20133 | 18,700 | 18,697 |
Bank of Nova Scotia 0.08% due 4/1/2013 | 57,102 | 57,102 |
Commonwealth Bank of Australia 0.18%–0.20% due 4/4–4/23/20133 | 54,950 | 54,947 |
AstraZeneca PLC 0.10% due 4/10/20133 | 50,000 | 49,997 |
General Electric Capital Corp. 0.19% due 5/30/2013 | 50,000 | 49,989 |
Toronto-Dominion Holdings USA Inc. 0.18% due 5/13/20133 | 41,600 | 41,591 |
Nestlé Capital Corp. 0.17% due 8/12/20133 | 38,000 | 37,987 |
Hydro-Québec 0.14% due 4/2/20133 | 26,500 | 26,500 |
Procter & Gamble Co. 0.10% due 5/3/20133 | 25,000 | 24,998 |
ANZ National (International) Ltd. 0.20% due 4/26/20133 | 15,000 | 14,998 |
Total short-term securities (cost $2,599,797,000) | 2,599,903 | |
Total investment securities (cost: $31,836,256,000) | 47,074,912 | |
Other assets less liabilities | 20,549 | |
Net assets | $47,095,461 |
As permitted by U.S. Securities and Exchange Commission regulations, “Miscellaneous” securities include holdings in their first year of acquisition that have not previously been publicly disclosed.
1Security did not produce income during the last 12 months.
2Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, was $42,093,000, which represented .09% of the net assets of the fund.
3Acquired in a transaction exempt from registration under section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $717,530,000, which represented 1.52% of the net assets of the fund.
Key to abbreviations
ADR = American Depositary Receipts
CAD = Canadian dollars
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the American Funds website at americanfunds.com.
MFGEFPX-007-0513O-S32803
ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 10 – Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.
ITEM 11 – Controls and Procedures
(a) | The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule. |
(b) | There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
ITEM 12 – Exhibits
(a)(1) | The Code of Ethics that is the subject of the disclosure required by Item 2 is attached as an exhibit hereto. |
(a)(2) | The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
NEW PERSPECTIVE FUND | |
By /s/ Michael J. Thawley | |
Michael J. Thawley, Vice Chairman and Principal Executive Officer | |
Date: May 31, 2013 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By /s/ Michael J. Thawley |
Michael J. Thawley, Vice Chairman and Principal Executive Officer |
Date: May 31, 2013 |
By /s/ Brian C. Janssen |
Brian C. Janssen, Treasurer and Principal Financial Officer |
Date: May 31, 2013 |