N-CSR 1 npf_ncsr.htm N-CSR

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, 55th Floor

Los Angeles, California 90071

(Address of Principal Executive Offices)

 

Registrant's telephone number, including area code: (949) 975-5000

 

Date of fiscal year end: September 30

 

Date of reporting period: September 30, 2023

 

Brian C. Janssen

New Perspective Fund

6455 Irvine Center Drive

Irvine, California 92618

(Name and Address of Agent for Service)

 
 

   

ITEM 1 – Reports to Stockholders

 

 

New Perspective Fund®

 

Annual report
for the year ended
September 30, 2023

 

 

Tap into the
growth potential of
global equities

 

 

New Perspective Fund seeks to provide you with long-term growth of capital.

 

This fund is one of more than 40 offered by Capital Group, home of American Funds, one of the nation’s largest mutual fund families. For over 90 years, Capital Group 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 F-2 and Class A shares at net asset value. If a sales charge (maximum 5.75% for Class A shares) 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. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, refer to capitalgroup.com.

 

See page 4 for Class F-2 and Class A share results with relevant sales charges deducted and fund expenses. For other share class results, refer to capitalgroup.com and americanfundsretirement.com.

 

The total annual fund operating expense ratios are 0.52% for Class F-2 shares and 0.75% for Class A shares as of the prospectus dated December 1, 2023 (unaudited). The expense ratios are restated to reflect current fees.

 

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Refer to capitalgroup.com for more information.

 

Investing outside the United States may be subject to risks, such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the prospectus. 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.

 

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

 

Contents

 

1 Letter to investors
   
4 The value of a long-term perspective
   
6 Investment portfolio
   
14 Financial statements
   
42 Board of trustees and other officers

 

Fellow investors:

 

Global stocks rallied, rebounding from the lows of 2022. Falling inflation rates and better-than-expected economic growth helped to support equity prices in major developed markets, as well as some emerging markets. In this environment, shares of New Perspective Fund advanced and results exceeded the benchmark over the 12-month period.

 

The fund gained 21.57% for the fiscal year ended September 30, 2023, compared to a 20.80% increase recorded by its primary benchmark, the MSCI ACWI (All Country World Index). Fund results include a dividend of approximately 51 cents per share and a capital gain of approximately $1.57 per share paid in December 2022. Over longer periods, the fund has consistently outpaced its benchmark, as shown in the chart below.

 

Markets rise as inflation subsides

World equity markets rose as investors welcomed signs that inflation may have peaked in key economies around the world. Consumer price increases — while still high on a historical basis — moderated in the United States, Europe and many other places, lowering the pressure on central banks to continue raising interest rates as aggressively as they did in the prior 12-month period. In response, the U.S. Federal Reserve, European Central Bank and others slowed their rate-hiking campaigns.

 

Economic growth in the U.S. and Europe surpassed expectations amid healthy levels of consumer spending, rising wages and strong labor markets. A surge in travel and tourism activity boosted economic growth following the lifting of pandemic-related restrictions in most countries. In the first quarter of 2023, a banking sector crisis erupted as Silicon Valley Bank failed and was seized by U.S. regulators. The contagion spread to other regional banks and Europe for a time, until governments on both sides of the Atlantic stepped in to shore up the banking system.

 

Geopolitical tensions weighed on market sentiment at times. The war in Ukraine entered its second year as Russian

 

Results at a glance

 

For periods ended September 30, 2023, with all distributions reinvested

 

   Cumulative
total returns
  Average annual total returns
   1 year  5 years  10 years  Lifetime1
                     
New Perspective Fund (Class F-2 shares)2   21.57   8.25%   9.71%   12.12%   
New Perspective Fund (Class A shares)   21.28    8.02    9.47    11.89 
MSCI ACWI (All Country World Index)3,4   20.80    6.46    7.56    8.51 

 

Past results are not predictive of results in future periods.

 

1 Lifetime returns are as of March 13, 1973, the inception date of Class A shares.
2 Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Refer to capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.
3 MSCI ACWI is a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes. The index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes. Investors cannot invest directly in an index. There have been periods when the fund has lagged the index. Source: MSCI.
4 From March 13, 1973, through December 31, 1987, the MSCI World Index was used because the MSCI ACWI did not exist. MSCI World Index results reflect dividends net of withholding taxes, and MSCI ACWI results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter.

 

New Perspective Fund 1
 

troops escalated attacks on cities while occupying much of eastern Ukraine and the Crimean Peninsula. Tensions between the U.S. and China worsened as a U.S. fighter jet shot down a suspected Chinese spy balloon off the coast of South Carolina. On the trade front, the U.S. imposed restrictions on advanced computer chips and other sensitive high-tech exports to China. As a result of these and other trade policies, Mexico surpassed China as the U.S.’s top trading partner in 2023.

 

Most sectors advance

Nearly all sectors of the MSCI ACWI advanced, led by a rally among information technology stocks. Many of the same stocks that experienced sharp declines in 2022 staged an impressive rebound this year, driven by strong earnings growth for certain companies and expectations that interest rates wouldn’t rise as fast or far as they did in the prior period. Some tech stocks also benefited from a renewed focus on artificial intelligence (AI) applications, which made rapid advancements during the year. AI enthusiasm drove share prices higher for some computer chipmakers and AI software developers.

 

Communication services stocks also enjoyed robust gains, bouncing back from significant losses in 2022. In this sector, the advance was led by social media, video streaming and other companies engaged in the business of interactive entertainment. Telecommunications companies fared less well amid fierce competition among wireless providers and the ongoing decline of traditional cable television services. Stocks in the energy sector generated impressive gains as well, particularly as oil prices soared toward the end of the 12-month period. Brent crude jumped from $74 a barrel in the summer to more than $95 in late September.

 

Two sectors declined slightly in the MSCI ACWI. Real estate stocks fell about 1% as high interest rates hammered the housing market and commercial real estate dealt with higher vacancy rates amid a rising work-from-home trend. Utilities stocks were essentially flat, hurt by higher interest rates, which tend to impact dividend-paying stocks. For similar reasons, the consumer staples sector, along with some health care and financial stocks, came under pressure. All three sectors had gains but lagged the overall market return. The consumer discretionary sector also rose while trailing the index.

 

Inside the portfolio

The fund remains invested in leading companies with potentially long growth runways. This is expressed through large positions in technology and consumer-oriented companies. Those sectors account for a substantial share of the portfolio on an absolute basis, although they have been reduced as holdings in the health care sector have expanded. The fund’s top positions include companies in the pharmaceuticals, electric vehicles, semiconductors, social media and insurance industries.

 

Novo Nordisk and Eli Lilly were among the leading contributors to results. Both pharmaceutical giants were boosted by the rise of anti-obesity drugs that have become popular treatments for weight loss, even among people without diabetes. Investor enthusiasm for Novo’s Ozempic and Wegovy, along with Lilly’s Mounjaro, drove sharp increases in

 

2 New Perspective Fund
 

the companies’ share prices over the 12-month period.

 

Meta Platforms was another prominent contributor. Shares soared as the social media giant cut costs and refocused on its core advertising business. Users of Meta’s apps — which include Facebook, Instagram and WhatsApp — reached a record high in the fourth quarter of 2022. The stock also benefited from Meta’s roll out of AI systems to support its targeted-advertising and user-engagement efforts. Chipmaker Broadcom and online travel firm Bookings Holdings rounded out the list of top five contributors.

 

The largest detractor was Tesla. Shares of the electric vehicle (EV) trailblazer fell as the company faced increasing competition and reduced prices on some models. However, it should be noted that while Tesla was a net detractor for the 12-month period, the company’s shares rebounded strongly from the 2022 market downturn and have enjoyed substantial gains since January 2023. Tesla remains the most successful EV company in the world, and the fund’s portfolio managers are confident in its long-term prospects.

 

Shares of Wolfspeed also dampened returns. The specialized computer chipmaker is a key supplier to the EV industry. Wolfspeed shares came under pressure due to a combination of factors, including manufacturing plant disruptions and generally slower growth in EV sales. Novocure and AIA also detracted. Novocure shares fell after the Swiss oncology company reported disappointing clinical trial results for its ovarian cancer treatment. Hong Kong-based insurer AIA declined amid concerns about China’s slowing economy.

 

Looking ahead

Market sentiment has shifted in a positive direction since our shareholder letter a year ago when we were still in the grip of a bear market. The recovery has been strong, although it’s been driven by a small number of large-cap U.S. technology stocks. We expect to see a broadening of market returns, but not without some level of higher volatility, including the possibility of a pullback in the months ahead.

 

After stronger-than-expected growth in 2023, there are signs that the global economy may be weakening under the weight of higher interest rates, elevated inflation and wars now raging in both Ukraine and Israel. As we noted last year, geopolitical risks are on the rise. We are living through a pivotal time in history, marked by geopolitical realignment and the end of a 40-year period of declining interest rates. That simply cannot happen without some accompanying volatility in the financial markets, as we’ve seen over the past two years.

 

That said, we remain confident that New Perspective Fund is well positioned to navigate this environment. The fund remains flexible and the portfolio is built on a company-by-company basis, relying heavily on fundamental research.

 

This year we are proud to acknowledge and celebrate New Perspective Fund’s 50th anniversary. Founded in 1973, the fund helped pioneer the concept of global investing at a time when investing outside one’s home country was far from common. The fund has steered a course through change and volatility for 50 years, and we have every confidence it can do so for another 50.

 

We thank you for your continued support, your trust and your partnership.

 

Sincerely,

 

 

Joanna F. Jonsson
Co-President

 

 

Robert W. Lovelace
Co-President

 

November 9, 2023

 

For current information about the fund, refer to capitalgroup.com.

 

New Perspective Fund 3
 

The value of a long-term perspective

 

Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Refer to capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

 

The results shown are before taxes on fund distributions and sale of fund shares.

 

1 The maximum initial sales charge was 8.5% prior to July 1, 1988.
2 As outlined in the prospectus, the sales charge is reduced for accounts (and aggregated investments) of $25,000 or more and is eliminated for purchases of $1 million or more. There is no sales charge on dividends or capital gain distributions that are reinvested in additional shares.
3 The market index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. Source: MSCI.
4 From March 13, 1973, through December 31, 1987, the MSCI World Index was used because the MSCI ACWI did not exist. MSCI World Index results reflect dividends net of withholding taxes, and MSCI ACWI results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter.
5 For the period March 13, 1973, commencement of operations, through September 30, 1973.

 

 

4 New Perspective Fund
 

How a hypothetical $10,000 investment has grown (from March 13, 1973, to September 30, 2023, with all distributions reinvested)

Fund results shown are for Class F-2 and Class A shares. Class A share results reflect deduction of the maximum sales charge of 5.75% on the $10,000 investment.1 Thus, the net amount invested was $9,425.2 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. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, refer to capitalgroup.com.

 

 

New Perspective Fund 5
 

Investment portfolio September 30, 2023

 

Sector diversification Percent of net assets

 

 

Country diversification by domicile  Percent of
net assets
United States   51.43%
Eurozone*   14.48 
United Kingdom   4.82 
Denmark   4.63 
Canada   3.24 
Japan   2.63 
Switzerland   2.30 
Taiwan   2.22 
Hong Kong   1.39 
Other countries   5.64 
Short-term securities & other assets less liabilities   7.22 

 

* Countries using the euro as a common currency; those represented in the fund’s portfolio are Belgium, France, Germany, Ireland, Italy, the Netherlands and Spain.

 

Common stocks 92.78%  Shares   Value
(000)
 
Information technology 19.44%          
Microsoft Corp.   16,588,420   $5,237,794 
Broadcom, Inc.   2,960,455    2,458,895 
Taiwan Semiconductor Manufacturing Co., Ltd.   149,853,941    2,431,844 
ASML Holding NV   2,437,109    1,431,166 
ASML Holding NV (ADR)   1,220,865    718,674 
NVIDIA Corp.   2,523,656    1,097,765 
Applied Materials, Inc.   5,220,818    722,822 
Apple, Inc.   3,644,315    623,943 
Salesforce, Inc.1   3,038,462    616,139 
GoDaddy, Inc., Class A1,2   7,637,271    568,824 
TE Connectivity, Ltd.   4,602,778    568,581 
SAP SE   4,187,407    543,551 
Motorola Solutions, Inc.   1,967,398    535,604 
Synopsys, Inc.1   1,132,031    519,568 
ServiceNow, Inc.1   796,735    445,343 
STMicroelectronics NV   9,210,741    396,840 
Shopify, Inc., Class A, subordinate voting shares1   7,110,668    388,029 
Trimble, Inc.1   6,215,303    334,756 
Keyence Corp.   841,640    312,813 
ON Semiconductor Corp.1   3,300,425    306,774 
Capgemini SE   1,691,098    293,640 
Samsung Electronics Co., Ltd.   5,742,738    290,956 
Arista Networks, Inc.1   1,197,071    220,177 
Cloudflare, Inc., Class A1   3,050,000    192,272 
NICE, Ltd. (ADR)1,3   1,028,565    174,856 
Tokyo Electron, Ltd.   1,058,859    144,095 
MediaTek, Inc.   5,529,000    126,313 
Smartsheet, Inc., Class A1   2,855,795    115,545 
Wolfspeed, Inc.1   2,345,473    89,363 
Micron Technology, Inc.   1,194,277    81,247 
EPAM Systems, Inc.1   275,000    70,315 
Globant SA1   353,903    70,020 
Hexagon AB, Class B   7,772,246    66,149 
Workday, Inc., Class A1   293,205    62,995 
Adobe, Inc.1   115,013    58,645 
Endava PLC, Class A (ADR)1   589,976    33,835 
Sinch AB1,3   7,935,768    13,858 
Halma PLC   459,472    10,795 
         22,374,801 
   
6 New Perspective Fund
 
Common stocks (continued)  Shares   Value
(000)
 
Health care 16.53%          
Novo Nordisk AS, Class B   39,472,259   $3,590,627 
Novo Nordisk AS, Class B (ADR)   804,104    73,125 
Eli Lilly and Co.   3,877,060    2,082,485 
AstraZeneca PLC   11,833,813    1,592,557 
AstraZeneca PLC (ADR)   1,153,660    78,126 
Vertex Pharmaceuticals, Inc.1   3,048,545    1,060,101 
Thermo Fisher Scientific, Inc.   1,904,787    964,146 
Zoetis, Inc., Class A   5,386,453    937,135 
Regeneron Pharmaceuticals, Inc.1   879,571    723,852 
Danaher Corp.   2,879,760    714,468 
Intuitive Surgical, Inc.1   2,318,155    677,574 
EssilorLuxottica SA   3,859,218    670,838 
Alnylam Pharmaceuticals, Inc.1   3,486,932    617,536 
BeiGene, Ltd. (ADR)1   2,443,364    439,488 
BeiGene, Ltd.1   2,882,400    40,118 
Pfizer, Inc.   13,779,340    457,061 
Bristol-Myers Squibb Co.   7,638,114    443,316 
IDEXX Laboratories, Inc.1   869,643    380,269 
Edwards Lifesciences Corp.1   4,849,560    335,977 
Abbott Laboratories   3,429,010    332,100 
Seagen, Inc.1   1,483,684    314,764 
Sanofi   2,666,041    286,072 
Siemens Healthineers AG   4,122,185    209,386 
Mettler-Toledo International, Inc.1   186,108    206,221 
Insulet Corp.1   1,232,023    196,495 
Gilead Sciences, Inc.   2,200,000    164,868 
CRISPR Therapeutics AG1,3   3,550,544    161,159 
Lonza Group AG   332,759    153,950 
Bayer AG   2,901,146    139,342 
Grifols, SA, Class B (ADR)1   13,380,412    122,297 
Genmab A/S1   335,883    118,862 
Catalent, Inc.1   2,121,275    96,582 
Eurofins Scientific SE, non-registered shares   1,579,430    89,052 
BioNTech SE (ADR)1   800,000    86,912 
Amplifon SpA   2,652,315    78,548 
AbbVie, Inc.   481,252    71,735 
Asahi Intecc Co., Ltd.   3,552,600    63,837 
Karuna Therapeutics, Inc.1   375,455    63,486 
WuXi Biologics (Cayman), Inc.1   9,919,500    58,259 
Tandem Diabetes Care, Inc.1   1,991,752    41,369 
Straumann Holding AG   284,386    36,121 
Moderna, Inc.1   332,471    34,341 
Bio-Techne Corp.   116,414    7,924 
Viatris, Inc.   674,006    6,646 
NovoCure, Ltd.1   249,066    4,022 
         19,023,149 
           
Consumer discretionary 12.45%          
Tesla, Inc.1   10,528,115    2,634,345 
LVMH Moët Hennessy-Louis Vuitton SE   1,702,044    1,284,067 
Booking Holdings, Inc.1   363,790    1,121,910 
Home Depot, Inc.   2,378,393    718,655 
Hermès International   322,471    586,218 
Airbnb, Inc., Class A1   3,796,419    520,907 
Royal Caribbean Cruises, Ltd.1   5,246,708    483,432 
Prosus NV, Class N   15,972,559    470,704 
Trip.com Group, Ltd. (ADR)1   13,099,663    458,095 
Flutter Entertainment PLC1   1,822,741    297,513 
Flutter Entertainment PLC (CDI)1   753,770    122,815 
Hilton Worldwide Holdings, Inc.   2,693,468    404,505 
Kering SA   865,655    393,580 
Entain PLC2   34,487,841    392,544 
Evolution AB   3,878,558    390,834 
YUM! Brands, Inc.   2,906,944    363,194 
Restaurant Brands International, Inc.   5,411,750    360,531 
Renault SA   8,548,240    350,008 
lululemon athletica, Inc.1   904,142    348,646 
MercadoLibre, Inc.1   260,306    330,037 
   
New Perspective Fund 7
 
Common stocks (continued)  Shares   Value
(000)
 
Consumer discretionary (continued)          
Amadeus IT Group SA, Class A, non-registered shares   4,745,311   $285,970 
NIKE, Inc., Class B   2,540,759    242,947 
Industria de Diseño Textil, SA   5,417,046    201,619 
Galaxy Entertainment Group, Ltd.   31,994,000    191,376 
Amazon.com, Inc.1   1,286,969    163,600 
Naspers, Ltd., Class N   925,273    147,658 
Suzuki Motor Corp.   3,581,925    144,048 
Etsy, Inc.1   2,167,616    139,985 
Cie. Financière Richemont SA, Class A   986,000    120,137 
Wynn Macau, Ltd.1,3   106,140,000    101,299 
Sands China, Ltd.1   33,281,600    101,208 
General Motors Co.   3,009,655    99,228 
adidas AG   499,218    87,894 
McDonald’s Corp.   318,503    83,906 
Nitori Holdings Co., Ltd.   638,400    71,483 
Valeo SA, non-registered shares   4,141,100    70,940 
Ferrari NV (EUR denominated)   133,379    39,309 
         14,325,147 
           
Industrials 11.89%          
Caterpillar, Inc.   4,534,996    1,238,054 
Carrier Global Corp.   19,831,610    1,094,705 
DSV A/S   5,338,646    995,291 
Airbus SE, non-registered shares   6,810,393    911,111 
Safran SA   5,072,376    793,086 
Canadian Pacific Kansas City, Ltd.3   8,832,834    657,251 
Copart, Inc.1   13,750,344    592,502 
Schneider Electric SE   3,332,761    549,448 
Daikin Industries, Ltd.   3,175,200    498,142 
BAE Systems PLC   35,346,047    429,061 
TransDigm Group, Inc.1   453,250    382,149 
ABB, Ltd.   10,198,317    364,450 
Ryanair Holdings PLC (ADR)1   3,347,734    325,433 
Equifax, Inc.   1,601,243    293,316 
FedEx Corp.   1,048,883    277,870 
ASSA ABLOY AB, Class B   12,345,588    268,959 
Rentokil Initial PLC   33,297,895    246,845 
RELX PLC   6,850,740    231,039 
Komatsu, Ltd.   8,465,400    228,774 
Chart Industries, Inc.1,3   1,328,022    224,595 
Delta Air Lines, Inc.   5,141,393    190,232 
Mitsui & Co., Ltd.   5,117,000    185,461 
Boeing Co.1   945,050    181,147 
Uber Technologies, Inc.1   3,937,812    181,100 
General Electric Co.   1,591,791    175,972 
Thales SA   1,000,000    140,313 
Recruit Holdings Co., Ltd.   4,369,183    134,547 
HEICO Corp.   827,700    134,029 
Fortive Corp.   1,767,500    131,078 
Aalberts NV, non-registered shares   3,500,000    127,643 
Siemens AG   886,732    127,125 
SMC Corp.3   273,200    122,293 
ITOCHU Corp.3   3,268,200    118,081 
Ingersoll-Rand, Inc.   1,839,894    117,238 
Brenntag SE   1,497,662    116,301 
Regal Rexnord Corp.   700,905    100,145 
Howmet Aerospace, Inc.   2,147,300    99,313 
Northrop Grumman Corp.   222,970    98,149 
Techtronic Industries Co., Ltd.   9,290,016    90,197 
ITT, Inc.   918,134    89,894 
L3Harris Technologies, Inc.   514,602    89,602 
ATS Corp.1   1,871,832    79,793 
Canadian National Railway Co.   654,605    70,890 
Experian PLC   1,679,433    54,866 
Hitachi, Ltd.3   858,700    53,235 
Concentrix Corp.   539,409    43,212 
Spirax-Sarco Engineering PLC   285,493    33,013 
         13,686,950 
   
8 New Perspective Fund
 
Common stocks (continued)  Shares   Value
(000)
 
Financials 10.12%          
AIA Group, Ltd.   126,681,611   $1,024,736 
JPMorgan Chase & Co.   6,202,790    899,529 
London Stock Exchange Group PLC   7,798,724    782,890 
Chubb, Ltd.   3,193,136    664,747 
Aon PLC, Class A   1,770,131    573,912 
ICICI Bank, Ltd.   22,240,773    254,353 
ICICI Bank, Ltd. (ADR)   10,690,180    247,157 
Mastercard, Inc., Class A   1,234,057    488,576 
Visa, Inc., Class A   1,955,881    449,872 
Edenred SA   6,913,449    431,954 
DNB Bank ASA   21,175,094    426,495 
Arch Capital Group, Ltd.1   5,171,902    412,252 
CME Group, Inc., Class A   1,990,715    398,581 
Blackstone, Inc.   3,693,842    395,758 
DBS Group Holdings, Ltd.   14,708,400    361,157 
UniCredit SpA   14,403,731    344,671 
Moody’s Corp.   1,052,718    332,838 
Bank of America Corp.   10,571,708    289,453 
BlackRock, Inc.   388,947    251,450 
AXA SA   8,366,495    247,818 
Brookfield Asset Management, Ltd., Class A3   7,190,737    239,739 
Arthur J. Gallagher & Co.   1,044,929    238,171 
S&P Global, Inc.   563,927    206,065 
Prudential PLC   17,255,842    185,813 
Société Générale   7,576,200    183,270 
Hiscox, Ltd.   14,569,151    178,239 
Zurich Insurance Group AG   345,171    158,170 
Morgan Stanley   1,889,806    154,341 
TMX Group, Ltd.   6,000,940    128,966 
Goldman Sachs Group, Inc.   380,406    123,088 
Citigroup, Inc.   2,557,225    105,179 
Hong Kong Exchanges and Clearing, Ltd.   2,550,800    95,099 
United Overseas Bank, Ltd.   4,355,900    90,678 
Block, Inc., Class A1   1,722,500    76,238 
Worldline SA, non-registered shares1   2,389,946    66,828 
Skandinaviska Enskilda Banken AB, Class A   4,087,767    48,690 
MSCI, Inc.   63,000    32,324 
Jio Financial Services, Ltd.1   9,506,062    26,466 
FleetCor Technologies, Inc.1   90,311    23,060 
         11,638,623 
           
Communication services 6.64%          
Meta Platforms, Inc., Class A1   8,925,534    2,679,535 
Alphabet, Inc., Class C1   7,704,346    1,015,818 
Alphabet, Inc., Class A1   7,591,194    993,384 
Netflix, Inc.1   2,484,835    938,274 
Tencent Holdings, Ltd.   10,457,800    405,293 
Publicis Groupe SA   4,892,167    369,440 
América Móvil, SAB de CV, Class B (ADR)   19,972,648    345,926 
MTN Group, Ltd.   28,347,341    168,509 
Singapore Telecommunications, Ltd.   90,361,500    159,395 
Electronic Arts, Inc.   1,094,924    131,829 
Bharti Airtel, Ltd.   9,114,000    101,694 
Adevinta ASA1   10,055,968    99,189 
Warner Music Group Corp., Class A   2,804,000    88,046 
Cellnex Telecom, SA, non-registered shares   2,406,560    83,679 
Take-Two Interactive Software, Inc.1   458,154    64,320 
         7,644,331 
           
Consumer staples 5.52%          
Nestlé SA   10,469,389    1,182,218 
Philip Morris International, Inc.   8,632,467    799,194 
Costco Wholesale Corp.   1,153,037    651,420 
Bunge, Ltd.   5,345,457    578,646 
Mondelez International, Inc.   8,224,250    570,763 
Carlsberg A/S, Class B   3,851,572    485,341 
Monster Beverage Corp.1   6,208,702    328,751 
L’Oréal SA, bonus shares   686,197    284,181 
   
New Perspective Fund 9
 
Common stocks (continued)  Shares   Value
(000)
 
Consumer staples (continued)          
L’Oréal SA, non-registered shares   103,478   $42,854 
British American Tobacco PLC   8,302,619    260,636 
Anheuser-Busch InBev SA/NV   3,411,233    187,850 
Pernod Ricard SA   1,117,898    186,086 
Reckitt Benckiser Group PLC   2,491,703    176,089 
Carrefour SA, non-registered shares   9,814,929    168,792 
Walgreens Boots Alliance, Inc.   6,265,868    139,353 
Danone SA   1,963,352    108,173 
KOSÉ Corp.   902,400    65,418 
Uni-Charm Corp.   1,782,600    62,894 
General Mills, Inc.   700,843    44,847 
Varun Beverages, Ltd.   2,003,018    22,798 
         6,346,304 
           
Materials 4.81%          
Sherwin-Williams Co.   2,862,020    729,958 
Sika AG   2,506,036    635,173 
Shin-Etsu Chemical Co., Ltd.   21,673,500    629,060 
Linde PLC   1,422,447    529,648 
Vale SA (ADR), ordinary nominative shares   29,265,595    392,159 
Vale SA, ordinary nominative shares   398,352    5,356 
First Quantum Minerals, Ltd.   15,165,714    358,305 
Air Liquide SA, non-registered shares   1,422,175    239,661 
Air Liquide SA, bonus shares   541,455    91,244 
Corteva, Inc.   5,645,665    288,832 
Rio Tinto PLC   3,859,539    242,445 
Albemarle Corp.   1,424,556    242,232 
Gerdau SA (ADR)   41,243,105    196,730 
Mosaic Co.   4,622,518    164,562 
Freeport-McMoRan, Inc.   3,993,765    148,928 
Celanese Corp.   1,134,267    142,373 
International Flavors & Fragrances, Inc.   2,025,192    138,057 
Asahi Kasei Corp.   19,942,073    125,352 
Grupo México, SAB de CV, Series B   18,140,000    85,862 
LANXESS AG   2,785,238    70,868 
DSM-Firmenich AG   622,231    52,563 
Glencore PLC   2,377,300    13,595 
Barrick Gold Corp.   725,989    10,563 
         5,533,526 
           
Energy 4.21%          
Cenovus Energy, Inc. (CAD denominated)   42,479,867    884,469 
TotalEnergies SE   12,686,944    834,894 
BP PLC   94,182,760    608,124 
Schlumberger NV   10,342,794    602,985 
Reliance Industries, Ltd.   16,854,062    473,093 
Baker Hughes Co., Class A   6,560,441    231,715 
TC Energy Corp. (CAD denominated)3   6,593,388    226,746 
Hess Corp.   1,464,587    224,082 
ConocoPhillips   1,794,196    214,945 
Canadian Natural Resources, Ltd. (CAD denominated)   2,716,889    175,705 
Tourmaline Oil Corp.   2,934,403    147,665 
Equinor ASA   3,193,514    104,704 
INPEX Corp.   4,743,600    71,189 
Antero Resources Corp.1   1,721,100    43,682 
Gazprom PJSC4   84,876,650    5 
LUKOIL Oil Co. PJSC4   580,410    5 
Rosneft Oil Co. PJSC4   40,028,340    5 
         4,843,998 
           
Utilities 0.80%          
Sempra   5,330,396    362,627 
Engie SA   20,848,581    319,680 
AES Corp.   11,645,500    177,011 
Ørsted AS   1,143,654    62,264 
         921,582 
   
10 New Perspective Fund
 
Common stocks (continued)  Shares   Value
(000)
 
Real estate 0.37%          
Equinix, Inc. REIT   448,239   $325,538 
Goodman Logistics (HK), Ltd. REIT   7,535,257    104,388 
         429,926 
           
Total common stocks (cost: $64,767,020,000)        106,768,337 
           
Rights & warrants 0.00%          
Consumer discretionary 0.00%          
Compagnie Financière Richemont SA, Class A, warrants, expire 11/22/20231   817,171    607 
           
Total rights & warrants (cost: $0)        607 
             
Short-term securities 7.32%  Weighted
average yield
at acquisition
   Principal amount
(000)
     
Commercial paper 2.92%               
Caisse des Dépôts et Consignations 10/3/2023   5.122%  USD345,000    344,796 
Caisse des Dépôts et Consignations 10/6/2023   5.064    150,000    149,845 
Caisse des Dépôts et Consignations 10/11/2023   4.663    200,000    199,645 
Caisse des Dépôts et Consignations 10/16/2023   4.941    50,000    49,874 
DNB Bank ASA 10/2/20236   5.144    300,000    299,869 
DNB Bank ASA 10/12/20236   5.085    200,000    199,620 
DNB Bank ASA 10/16/20236   5.100    150,000    149,627 
DNB Bank ASA 11/6/20236   5.228    200,000    198,884 
Mizuho Bank, Ltd. 10/18/20236   5.176    50,000    49,860 
Nestlé Finance International, Ltd. 10/2/20236   5.090    100,000    99,957 
Nestlé Finance International, Ltd. 10/19/20236   5.153    50,000    49,855 
Nestlé Finance International, Ltd. 10/30/20236   5.074    108,000    107,512 
Nordea Bank AB 12/12/20236   5.285    250,000    247,267 
NRW.Bank 10/10/20236   4.992    50,000    49,919 
NRW.Bank 10/18/20236   5.114    300,000    299,162 
Sanofi 11/6/20236   5.254    300,000    298,313 
Sumitomo Mitsui Banking Corp. 12/14/20236   5.351    200,000    197,703 
Swedbank AB 12/12/2023   5.359    300,000    296,713 
TotalEnergies Capital 10/3/20236   5.187    71,000    70,958 
              3,359,379 
                
Bonds & notes of governments & government agencies outside the U.S. 2.85%      
BNG Bank NV 10/2/20236   5.018    300,000    299,868 
BNG Bank NV 10/3/20236   5.026    250,000    249,853 
BNG Bank NV 10/5/20236   4.586    50,000    49,956 
BNG Bank NV 10/10/20236   5.044    100,000    99,838 
BNG Bank NV 10/12/20236   5.177    50,000    49,904 
Export Development Canada 10/17/2023   5.190    40,000    39,894 
FMS Wertmanagement 10/2/20236   4.978    300,000    299,869 
FMS Wertmanagement 10/4/20236   4.991    200,000    199,854 
Hydro-Québec 10/6/20236   5.089    125,000    124,872 
Nederlandse Waterschapsbank NV 10/3/20236   5.118    175,000    174,896 
Nederlandse Waterschapsbank NV 10/4/20236   5.025    100,000    99,926 
Nederlandse Waterschapsbank NV 10/6/20236   5.166    425,000    424,559 
Nederlandse Waterschapsbank NV 10/16/20236   5.154    120,000    119,697 
Oesterreich Kontrollbank 10/18/2023   5.093    120,600    120,261 
Oesterreich Kontrollbank 10/24/2023   4.870    225,000    224,166 
Québec (Province of) 10/3/20236   5.182    150,000    149,912 
Québec (Province of) 10/4/20236   5.172    250,000    249,817 
Québec (Province of) 10/6/20236   5.163    150,000    149,846 
Québec (Province of) 10/11/20236   5.123    150,000    149,736 
              3,276,724 
   
New Perspective Fund 11
 
Short-term securities (continued)  Shares   Value
(000)
 
Money market investments 1.24%          
Capital Group Central Cash Fund 5.44%2,7   14,263,781   $1,426,235 
           
Money market investments purchased with collateral from securities on loan 0.31%         
Capital Group Central Cash Fund 5.44%2,7,8   602,266    60,221 
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.26%7,8   52,298,191    52,298 
BlackRock Liquidity Funds – FedFund, Institutional Shares 5.24%7,8   43,400,000    43,400 
Dreyfus Treasury Obligations Cash Management, Institutional Shares 5.23%7,8   43,400,000    43,400 
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 5.27%7,8   43,400,000    43,400 
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.24%7,8   39,800,000    39,800 
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.29%7,8   36,100,000    36,100 
Fidelity Investments Money Market Government Portfolio, Class I 5.23%7,8   25,300,000    25,300 
RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 5.27%7,8   18,000,000    18,000 
         361,919 
           
Total short-term securities (cost: $8,426,158,000)        8,424,257 
Total investment securities 100.10% (cost: $73,193,178,000)        115,193,201 
Other assets less liabilities (0.10)%        (114,707)
           
Net assets 100.00%       $115,078,494 

 

Investments in affiliates2

 

   Value of
affiliates at
10/1/2022
(000)
   Additions
(000)
   Reductions
(000)
   Net
realized
(loss) gain
(000)
   Net
unrealized
appreciation
(depreciation)
(000)
   Value of
affiliates at
9/30/2023
(000)
   Dividend
income
(000)
 
Common stocks 0.84%                                   
Information technology 0.50%                                   
GoDaddy, Inc., Class A1  $558,982   $   $18,917   $(1,910)  $30,669   $568,824   $ 
Consumer discretionary 0.34%                                   
Entain PLC   181,810    338,101    23,686    (3,234)   (100,447)   392,544    6,406 
Total common stocks                            961,368      
Short-term securities 1.29%                                   
Money market investments 1.24%                             
Capital Group Central Cash Fund 5.44%7   7,524,722    9,887,395    15,986,773    1,255    (364)   1,426,235    299,670 
Money market investments purchased with collateral from securities on loan 0.05%                                   
Capital Group Central Cash Fund 5.44%7,8   158,028         97,8079              60,221    10 
Total short-term securities                            1,486,456      
Total 2.13%                 $(3,889)  $(70,142)  $2,447,824   $306,076 

 

1 Security did not produce income during the last 12 months.
2 Affiliate of the fund or part of the same “group of investment companies” as the fund, as defined under the Investment Company Act of 1940, as amended.
3 All or a portion of this security was on loan. The total value of all such securities was $528,865,000, which represented .46% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
4 Value determined using significant unobservable inputs.
5 Amount less than one thousand.
6 Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(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 $5,210,909,000, which represented 4.53% of the net assets of the fund.
7 Rate represents the seven-day yield at 9/30/2023.
8 Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
9 Represents net activity. Refer to Note 5 for more information on securities lending.
10 Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.
   
12 New Perspective Fund
 

Key to abbreviations

ADR = American Depositary Receipts
CAD = Canadian dollars
CDI = CREST Depository Interest
EUR = Euros
REIT = Real Estate Investment Trust
USD = U.S. dollars

 

Refer to the notes to financial statements.

   
New Perspective Fund 13
 

Financial statements

 

Statement of assets and liabilities  
at September 30, 2023 (dollars in thousands)

 

Assets:       
Investment securities, at value (includes $528,865 of investment securities on loan):         
Unaffiliated issuers (cost: $70,759,621)  $112,745,377     
Affiliated issuers (cost: $2,433,557)   2,447,824  $115,193,201 
Cash       2,051 
Cash denominated in currencies other than U.S. dollars (cost: $4,526)       4,526 
Receivables for:         
Sales of investments   239,687     
Sales of fund’s shares   94,432     
Dividends   173,181     
Securities lending income   48     
Other   22   507,370 
        115,707,148 
Liabilities:         
Collateral for securities on loan       361,919 
Payables for:         
Purchases of investments   82,162     
Repurchases of fund’s shares   75,186     
Investment advisory services   35,831     
Services provided by related parties   18,577     
Trustees’ deferred compensation   6,536     
U.S. and non-U.S. taxes   45,823     
Other   2,620   266,735 
Net assets at September 30, 2023      $115,078,494 
          
Net assets consist of:         
Capital paid in on shares of beneficial interest      $66,957,212 
Total distributable earnings       48,121,282 
Net assets at September 30, 2023      $115,078,494 

 

Refer to the notes to financial statements.

 

14 New Perspective Fund
 

Financial statements (continued)

 

Statement of assets and liabilities  
at September 30, 2023 (continued) (dollars and shares in thousands, except per-share amounts)

 

Shares of beneficial interest issued and outstanding (no stated par value) —
unlimited shares authorized (2,177,624 total shares outstanding)

 

   Net assets   Shares
outstanding
   Net asset
 value per share
 
Class A  $51,215,733    967,568   $52.93 
Class C   1,045,442    21,125    49.49 
Class T   14    *   52.97 
Class F-1   1,333,312    25,384    52.53 
Class F-2   14,788,270    280,208    52.78 
Class F-3   9,917,651    186,967    53.04 
Class 529-A   2,709,697    52,014    52.10 
Class 529-C   65,826    1,336    49.28 
Class 529-E   81,359    1,585    51.33 
Class 529-T   19    *   52.94 
Class 529-F-1   11    *   51.91 
Class 529-F-2   260,683    4,925    52.93 
Class 529-F-3   12    *   52.88 
Class R-1   54,393    1,111    48.96 
Class R-2   474,951    9,591    49.52 
Class R-2E   64,155    1,247    51.45 
Class R-3   1,236,278    24,120    51.26 
Class R-4   1,709,152    32,866    52.00 
Class R-5E   248,049    4,725    52.49 
Class R-5   1,225,969    23,143    52.97 
Class R-6   28,647,518    539,709    53.08 

 

* Amount less than one thousand.

 

Refer to the notes to financial statements.

 

New Perspective Fund 15
 

Financial statements (continued)

 

Statement of operations  
for the year ended September 30, 2023 (dollars in thousands)

 

Investment income:        
Income:          
Dividends (net of non-U.S. taxes of $69,898; also includes $306,076 from affiliates)  $1,940,382      
Interest from unaffiliated issuers   25,697      
Securities lending income (net of fees)   5,093   $1,971,172 
Fees and expenses*:          
Investment advisory services   416,355      
Distribution services   159,056      
Transfer agent services   73,310      
Administrative services   33,849      
529 plan services   1,868      
Reports to shareholders   2,509      
Registration statement and prospectus   1,634      
Trustees’ compensation   1,365      
Auditing and legal   224      
Custodian   12,701      
State and local taxes   10      
Other   231    703,112 
Net investment income        1,268,060 
           
Net realized gain and unrealized appreciation:          
Net realized gain (loss) on:          
Investments (net of non-U.S. taxes of $25,400):          
Unaffiliated issuers   5,320,615      
Affiliated issuers   (3,889)     
Currency transactions   (243)   5,316,483 
Net unrealized appreciation (depreciation) on:          
Investments (net of non-U.S. taxes of $38,177):          
Unaffiliated issuers   14,309,758      
Affiliated issuers   (70,142)     
Currency translations   2,932    14,242,548 
Net realized gain and unrealized appreciation        19,559,031 
           
Net increase in net assets resulting from operations       $20,827,091 

 

* Additional information related to class-specific fees and expenses is included in the notes to financial statements.

 

Statements of changes in net assets  
  (dollars in thousands)

 

   Year ended September 30, 
   2023   2022 
Operations:          
Net investment income  $1,268,060   $956,763 
Net realized gain   5,316,483    4,336,481 
Net unrealized appreciation (depreciation)   14,242,548    (42,277,002)
Net increase (decrease) in net assets resulting from operations   20,827,091    (36,983,758)
           
Distributions paid to shareholders   (4,357,036)   (9,964,566)
           
Net capital share transactions   (119,274)   4,708,538 
           
Total increase (decrease) in net assets   16,350,781    (42,239,786)
           
Net assets:          
Beginning of year   98,727,713    140,967,499 
End of year  $115,078,494   $98,727,713 

 

Refer to the notes to financial statements.

 

16 New Perspective Fund
 

Notes to financial statements

 

1. Organization

 

New Perspective Fund (the “fund”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, diversified management investment company. The fund seeks to provide long-term growth of capital.

 

The fund has 21 share classes consisting of six retail share classes (Classes A, C, T, F-1, F-2 and F-3), seven 529 college savings plan share classes (Classes 529-A, 529-C, 529-E, 529-T, 529-F-1, 529-F-2 and 529-F-3) and eight retirement plan share classes (Classes R-1, R-2, R-2E, R-3, R-4, R-5E, 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 described further in the following table:

 

Share class   Initial sales charge   Contingent deferred sales
charge upon redemption
  Conversion feature  
Classes A and 529-A   Up to 5.75% for Class A; up to 3.50% for Class 529-A   None (except 1.00% for certain redemptions within 18 months of purchase without an initial sales charge)   None  
Classes C and 529-C   None   1.00% for redemptions within one year of purchase   Class C converts to Class A after eight years and Class 529-C converts to Class 529-A after five years  
Class 529-E   None   None   None  
Classes T and 529-T*   Up to 2.50%   None   None  
Classes F-1, F-2, F-3, 529-F-1, 529-F-2 and 529-F-3   None   None   None  
Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6   None   None   None  
* Class T and 529-T shares are not available for purchase.

 

Holders of all share classes have equal pro rata rights to the assets, dividends and liquidation proceeds of the fund. 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, transfer agent and administrative 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 share class.

 

2. Significant accounting policies

 

The fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the fund’s investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The fund follows the significant accounting policies described in this section, 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), realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes based on their relative net assets. Class-specific fees and expenses, such as distribution, transfer agent and administrative services, are charged directly to the respective share class.

 

Distributions paid to shareholders — Income dividends and capital gain distributions are recorded on the ex-dividend date.

 

New Perspective Fund 17
 

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. 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 in the fund’s statement of operations. 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 U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

 

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, including depositary receipts, 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, are generally valued at evaluated prices obtained from third-party 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 & loans; convertible securities Standard inputs and underlying equity of the issuer
Bonds & notes of governments & government agencies Standard inputs and interest rate volatilities
Mortgage-backed; asset-backed obligations Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information

 

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund’s investment adviser. The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds”), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information.

 

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 valuation guidelines adopted by the fund’s investment adviser and approved by the board of trustees as further described. 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, dealer or broker quotes, 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

 

18 New Perspective Fund
 

value of each share class of the fund is determined. Fair 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 designated 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 “Committee”) to administer, implement and oversee the fair valuation process and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.

 

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 table presents the fund’s valuation levels as of September 30, 2023 (dollars in thousands):

 

   Investment securities 
   Level 1   Level 2   Level 3   Total 
Assets:                    
Common stocks:                    
Information technology  $16,312,781   $6,062,020   $   $22,374,801 
Health care   11,895,580    7,127,569        19,023,149 
Consumer discretionary   8,473,923    5,851,224        14,325,147 
Industrials   6,867,669    6,819,281        13,686,950 
Financials   6,731,296    4,907,327        11,638,623 
Communication services   6,257,132    1,387,199        7,644,331 
Consumer staples   3,112,974    3,233,330        6,346,304 
Materials   3,433,565    2,099,961        5,533,526 
Energy   2,751,994    2,092,004    *   4,843,998 
Utilities   539,638    381,944        921,582 
Real estate   325,538    104,388        429,926 
Rights & warrants   607            607 
Short-term securities   1,788,154    6,636,103        8,424,257 
Total  $68,490,851   $46,702,350   $  $115,193,201 

 

* Amount less than one thousand.

 

New Perspective Fund 19
 

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 sometimes rapidly or unpredictably due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; changes in inflation rates; and currency exchange rate, interest rate and commodity price fluctuations.

 

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease), bank failures and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.

 

Issuer risks — The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

 

Investing in growth-oriented stocks — Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) 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 or revenues outside the U.S., and securities tied economically to countries outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers are domiciled, operate or generate revenue or to which the securities are tied economically. 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. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. 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 regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund, which could impact the liquidity of the fund’s portfolio. 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, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and 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

 

Securities lending — The fund has entered into securities lending transactions in which the fund earns income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.

 

Securities lending transactions are entered into by the fund under a securities lending agent agreement with the lending agent. The lending agent facilitates the exchange of securities between the fund and approved borrowers, ensures that securities loans are properly coordinated and documented, marks-to-market the value of collateral daily, secures additional collateral from a borrower if it falls below

 

20 New Perspective Fund
 

preset terms, and may reinvest cash collateral on behalf of the fund according to agreed parameters. The lending agent provides indemnification to the fund against losses resulting from a borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if a borrower fails to return securities, collateral investments decline in value or the lending agent fails to perform.

 

The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund’s investment portfolio. The same amount is recorded as a liability in the fund’s statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote. A borrower is obligated to return loaned securities at the conclusion of a loan or, during the pendency of a loan, on demand from the fund.

 

As of September 30, 2023, the total value of securities on loan was $528,865,000, and the total value of collateral received was $550,964,000. Collateral received includes cash of $361,919,000 and U.S. government securities of $189,045,000. Investment securities purchased from cash collateral are disclosed in the fund’s investment portfolio as short-term securities. Securities received as collateral are not recognized as fund assets. The contractual maturity of cash collateral received under the securities lending agreement is classified as overnight and continuous.

 

6. Taxation and distributions

 

Federal income taxation — The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies 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 year ended September 30, 2023, 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 year, the fund did not incur any significant interest or penalties.

 

The fund’s tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction’s statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

 

Non-U.S. taxation — Dividend and interest income are recorded net of non-U.S. taxes paid. The fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the fund filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the year ended September 30, 2023, the fund recognized $272,000 in reclaims (net of the effect of realized gain or loss from currency translations) and $12,000 in interest related to European court rulings, which is included in dividend income and interest income, respectively, in the fund’s statement of operations. Gains realized by the fund on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. The fund generally records an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

 

Distributions — Distributions determined on a tax basis 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; unrealized appreciation of certain investments in securities outside the U.S.; cost of investments sold; non-U.S. taxes on capital gains and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes. The fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

 

During the year ended September 30, 2023, the fund reclassified $357,895,000 from total distributable earnings to capital paid in on shares of beneficial interest to align financial reporting with tax reporting.

 

New Perspective Fund 21
 

As of September 30, 2023, the tax basis components of distributable earnings, unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

 

Undistributed ordinary income  $1,088,934 
Undistributed long-term capital gains   5,334,920 
Gross unrealized appreciation on investments   45,511,245 
Gross unrealized depreciation on investments   (3,768,247)
Net unrealized appreciation on investments   41,742,998 
Cost of investments   73,450,203 

 

Distributions paid were characterized for tax purposes as follows (dollars in thousands):

 

   Year ended September 30, 2023   Year ended September 30, 2022 
Share class  Ordinary
income
   Long-term
capital gains
   Total
distributions
paid
   Ordinary
income
   Long-term
capital gains
   Total
distributions
paid
 
Class A  $383,939   $1,525,250   $1,909,189   $212,420   $4,260,431   $4,472,851 
Class C       36,500    36,500        113,317    113,317 
Class T   *   *   *   *   1    1 
Class F-1   9,649    41,956    51,605    4,611    123,163    127,774 
Class F-2   142,815    441,703    584,518    104,361    1,280,310    1,384,671 
Class F-3   104,143    286,540    390,683    72,932    753,086    826,018 
Class 529-A   20,038    82,753    102,791    10,151    227,774    237,925 
Class 529-C       2,423    2,423        8,087    8,087 
Class 529-E   419    2,594    3,013    61    7,447    7,508 
Class 529-T   *   1    1    *   1    1 
Class 529-F-1   *   *   *   *   1    1 
Class 529-F-2   2,388    7,200    9,588    1,401    17,623    19,024 
Class 529-F-3   *   *   *   *   1    1 
Class R-1   33    1,844    1,877        5,258    5,258 
Class R-2       15,442    15,442        45,072    45,072 
Class R-2E   180    1,940    2,120        5,132    5,132 
Class R-3   5,162    39,350    44,512        118,689    118,689 
Class R-4   12,684    54,137    66,821    7,215    167,504    174,719 
Class R-5E   2,140    7,081    9,221    1,755    23,331    25,086 
Class R-5   15,766    45,874    61,640    12,060    135,522    147,582 
Class R-6   283,991    781,101    1,065,092    197,997    2,047,852    2,245,849 
Total  $983,347   $3,373,689   $4,357,036   $624,964   $9,339,602   $9,964,566 

 

* Amount less than one thousand.

 

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 0.348% on such assets in excess of $144 billion. For the year ended September 30, 2023, the investment advisory services fees were $416,355,000, which were equivalent to an annualized rate of 0.369% 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 further described below:

 

Distribution services — The fund has plans of distribution for all share classes, except Class F-2, F-3, 529-F-2, 529-F-3, R-5E, 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 in this section. In some cases, the board of trustees has limited the

 

22 New Perspective Fund
 

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.

 

Share class  Currently approved limits  Plan limits
Class A   0.25%   0.25%
Class 529-A   0.25    0.50 
Classes C, 529-C and R-1   1.00    1.00 
Class R-2   0.75    1.00 
Class R-2E   0.60    0.85 
Classes 529-E and R-3   0.50    0.75 
Classes T, F-1, 529-T, 529-F-1 and R-4   0.25    0.50 

 

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 limits are not exceeded. As of September 30, 2023, there were no unreimbursed expenses subject to reimbursement for Class A or 529-A shares.

 

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 all share classes. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on the fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides the fund the ability to charge an administrative services fee at the annual rate of 0.05% of the average daily net assets attributable to each share class of the fund. Currently the fund pays CRMC an administrative services fee at the annual rate of 0.03% of the average daily net assets attributable to each share class of the fund for CRMC’s provision of administrative services.

 

529 plan services — Each 529 share class is subject to service fees to compensate the Virginia College Savings Plan (“Virginia529”) for its oversight and administration of the CollegeAmerica 529 college savings plan. The fees are based on the combined net assets invested in Class 529 and ABLE shares of the American Funds. Class ABLE shares are offered on other American Funds by Virginia529 through ABLEAmerica®, a tax-advantaged savings program for individuals with disabilities. Virginia529 is not considered a related party to the fund.

 

The quarterly fees are based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $75 billion. The fees for any given calendar quarter are accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. For the year ended September 30, 2023, the 529 plan services fees were $1,868,000, which were equivalent to 0.060% of the average daily net assets of each 529 share class.

 

New Perspective Fund 23
 

For the year ended September 30, 2023, class-specific expenses under the agreements were as follows (dollars in thousands):

 

Share class  Distribution
services
   Transfer agent
services
   Administrative
services
   529 plan
services
 
Class A   $122,256    $45,428    $15,256   Not applicable  
Class C   10,965    984    330   Not applicable  
Class T       *   *  Not applicable  
Class F-1   3,377    1,820    412   Not applicable  
Class F-2  Not applicable    15,679    4,387   Not applicable  
Class F-3  Not applicable    128    2,896   Not applicable  
Class 529-A   6,197    2,223    815   $1,626  
Class 529-C   719    60    21   43  
Class 529-E   414    38    25   50  
Class 529-T       *   *  *
Class 529-F-1       *   *  *
Class 529-F-2  Not applicable    75    75   149  
Class 529-F-3  Not applicable    *   *  *
Class R-1   551    51    17   Not applicable  
Class R-2   3,577    1,641    143   Not applicable  
Class R-2E   385    129    19   Not applicable  
Class R-3   6,276    1,893    376   Not applicable  
Class R-4   4,339    1,757    521   Not applicable  
Class R-5E  Not applicable    366    72   Not applicable  
Class R-5  Not applicable    683    391   Not applicable  
Class R-6  Not applicable    355    8,093   Not applicable  
Total class-specific expenses   $159,056    $73,310    $33,849   $1,868  

 

* Amount less than one thousand.

 

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 $1,365,000 in the fund’s statement of operations reflects $532,000 in current fees (either paid in cash or deferred) and a net increase of $833,000 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.

 

Investment in CCF — The fund holds shares of CCF, an institutional prime money market fund managed by CRMC. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for the fund’s short-term instruments. CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from CCF.

 

Security transactions with related funds — The fund purchased investment securities from, and sold investment securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. Each transaction was executed at the current market price of the security and no brokerage commissions or fees were paid in accordance with Rule 17a-7 of the 1940 Act. During the year ended September 30, 2023, the fund engaged in such purchase and sale transactions with related funds in the amounts of $700,468,000 and $505,275,000, respectively, which generated $38,353,000 of net realized gains from such sales.

 

Interfund lending — Pursuant to an exemptive order issued by the SEC, the fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the year ended September 30, 2023.

 

24 New Perspective Fund
 

8. Indemnifications

 

The fund’s organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund’s maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote. Insurance policies are also available to the fund’s board members and officers.

 

9. Capital share transactions

 

Capital share transactions in the fund were as follows (dollars and shares in thousands):

 

   Sales*   Reinvestments of
distributions
   Repurchases*   Net (decrease)
increase
 
Share class  Amount   Shares   Amount   Shares   Amount   Shares   Amount   Shares 
 
Year ended September 30, 2023
 
Class A  $2,254,217    43,576   $1,863,282    38,730   $(5,182,967)   (101,172)  $(1,065,468)   (18,866)
Class C   107,439    2,218    36,249    801    (290,680)   (6,021)   (146,992)   (3,002)
Class T                                
Class F-1   115,058    2,225    51,111    1,070    (278,474)   (5,408)   (112,305)   (2,113)
Class F-2   2,622,514    50,837    555,496    11,599    (3,790,176)   (74,483)   (612,166)   (12,047)
Class F-3   1,796,939    35,230    387,145    8,050    (2,018,401)   (39,664)   165,683    3,616 
Class 529-A   203,036    3,975    102,769    2,171    (367,865)   (7,170)   (62,060)   (1,024)
Class 529-C   12,631    262    2,423    54    (30,005)   (622)   (14,951)   (306)
Class 529-E   6,400    126    3,013    64    (14,187)   (281)   (4,774)   (91)
Class 529-T           1                1     
Class 529-F-1                                
Class 529-F-2   47,361    916    9,587    200    (36,754)   (706)   20,194    410 
Class 529-F-3                                
Class R-1   6,388    133    1,856    41    (12,049)   (250)   (3,805)   (76)
Class R-2   69,849    1,441    15,434    341    (106,623)   (2,213)   (21,340)   (431)
Class R-2E   14,331    285    2,120    45    (16,705)   (330)   (254)    
Class R-3   185,488    3,707    44,460    952    (334,474)   (6,732)   (104,526)   (2,073)
Class R-4   182,351    3,571    66,492    1,406    (384,379)   (7,656)   (135,536)   (2,679)
Class R-5E   59,488    1,156    9,222    193    (60,874)   (1,175)   7,836    174 
Class R-5   119,164    2,293    61,558    1,281    (527,706)   (10,779)   (346,984)   (7,205)
Class R-6   3,778,982    73,343    1,060,341    22,035    (2,521,150)   (49,173)   2,318,173    46,205 
Total net increase (decrease)  $11,581,636    225,294   $4,272,559    89,033   $(15,973,469)   (313,835)  $(119,274)   492 

 

Refer to the end of the table for footnotes.

 

New Perspective Fund 25
 
   Sales*   Reinvestments of
distributions
   Repurchases*   Net increase
(decrease)
 
Share class  Amount   Shares   Amount   Shares   Amount   Shares   Amount   Shares 
 
Year ended September 30, 2022
 
Class A  $3,095,317    52,679   $4,369,044    67,979   $(5,944,839)   (102,528)  $1,519,522    18,130 
Class C   155,349    2,800    112,508    1,858    (364,174)   (6,709)   (96,317)   (2,051)
Class T                                
Class F-1   161,053    2,764    126,426    1,982    (296,575)   (5,215)   (9,096)   (469)
Class F-2   3,661,017    63,378    1,318,970    20,612    (4,429,575)   (78,610)   550,412    5,380 
Class F-3   2,240,510    38,735    818,463    12,737    (2,110,526)   (36,968)   948,447    14,504 
Class 529-A   261,941    4,516    237,893    3,757    (389,605)   (6,849)   110,229    1,424 
Class 529-C   16,246    297    8,087    134    (39,760)   (722)   (15,427)   (291)
Class 529-E   7,650    133    7,507    120    (15,468)   (271)   (311)   (18)
Class 529-T           2                2     
Class 529-F-1           1                1     
Class 529-F-2   50,274    857    19,021    296    (31,463)   (540)   37,832    613 
Class 529-F-3           1                1     
Class R-1   8,666    163    5,200    87    (16,125)   (289)   (2,259)   (39)
Class R-2   85,104    1,551    45,011    742    (156,847)   (2,784)   (26,732)   (491)
Class R-2E   16,066    281    5,132    82    (18,738)   (323)   2,460    40 
Class R-3   226,377    3,949    118,563    1,899    (396,613)   (6,953)   (51,673)   (1,105)
Class R-4   231,797    4,009    174,708    2,765    (560,810)   (9,949)   (154,305)   (3,175)
Class R-5E   104,801    1,803    25,086    394    (180,238)   (3,081)   (50,351)   (884)
Class R-5   219,563    3,683    147,451    2,297    (374,646)   (6,497)   (7,632)   (517)
Class R-6   4,135,453    73,292    2,237,982    34,800    (4,419,700)   (76,696)   1,953,735    31,396 
Total net increase (decrease)  $14,677,184    254,890   $9,777,056    152,541   $(19,745,702)   (344,984)  $4,708,538    62,447 

 

* Includes exchanges between share classes of the fund.
Amount less than one thousand.

 

10. Investment transactions

 

The fund engaged in purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $18,133,743,000 and $22,160,738,000, respectively, during the year ended September 30, 2023.

 

26 New Perspective Fund
 

Financial highlights

 

       Income (loss) from
investment operations1 
   Dividends and distributions                         
Year ended  Net asset
value,
beginning
of year
   Net
investment
income
(loss)
   Net gains
(losses) on
securities
(both
realized and
unrealized)
   Total from
investment
operations
   Dividends
(from net
investment
income)
   Distributions
(from capital
gains)
   Total
dividends
and
distributions
   Net asset
value,
end
of year
   Total return2,3    Net assets,
end of
year
(in millions)
   Ratio of
expenses to
average net
assets before
reimburse-
ments4 
   Ratio of
expenses to
average net
assets after
reimburse-
ments3,4 
   Ratio of
net income
(loss)
to average
net assets3 
 
Class A:                                                                 
9/30/2023  $45.43   $.52   $8.95   $9.47   $(.40)  $(1.57)  $(1.97)  $52.93    21.28%  $51,216    .75%   .75%   1.00%
9/30/2022   66.78    .38    (17.08)   (16.70)   (.22)   (4.43)   (4.65)   45.43    (27.04)   44,810    .72    .72    .65 
9/30/2021   53.81    .32    15.15    15.47    (.08)   (2.42)   (2.50)   66.78    29.31    64,660    .72    .72    .50 
9/30/2020   44.52    .27    10.76    11.03    (.48)   (1.26)   (1.74)   53.81    25.33    50,986    .75    .75    .57 
9/30/2019   46.89    .37    .12    .49    (.45)   (2.41)   (2.86)   44.52    2.55    42,567    .75    .75    .85 
Class C:                                                                 
9/30/2023   42.54    .11    8.41    8.52        (1.57)   (1.57)   49.49    20.38    1,045    1.50    1.50    .23 
9/30/2022   63.06    (.07)   (16.02)   (16.09)       (4.43)   (4.43)   42.54    (27.60)   1,026    1.47    1.47    (.12)
9/30/2021   51.23    (.15)   14.40    14.25        (2.42)   (2.42)   63.06    28.36    1,651    1.47    1.47    (.25)
9/30/2020   42.46    (.08)   10.25    10.17    (.14)   (1.26)   (1.40)   51.23    24.39    1,395    1.49    1.49    (.18)
9/30/2019   44.80    .03    .14    .17    (.10)   (2.41)   (2.51)   42.46    1.76    1,442    1.52    1.52    .07 
Class T:                                                                 
9/30/2023   45.46    .66    8.95    9.61    (.53)   (1.57)   (2.10)   52.97    21.625    6    .475    .475    1.285 
9/30/2022   66.82    .51    (17.07)   (16.56)   (.37)   (4.43)   (4.80)   45.46    (26.87)5    6    .485    .485    .885 
9/30/2021   53.83    .46    15.15    15.61    (.20)   (2.42)   (2.62)   66.82    29.605    6    .505    .505    .735 
9/30/2020   44.53    .38    10.76    11.14    (.58)   (1.26)   (1.84)   53.83    25.625    6    .505    .505    .825 
9/30/2019   46.91    .46    .11    .57    (.54)   (2.41)   (2.95)   44.53    2.805    6    .535    .535    1.075 
Class F-1:                                                                 
9/30/2023   45.08    .49    8.89    9.38    (.36)   (1.57)   (1.93)   52.53    21.22    1,333    .79    .79    .95 
9/30/2022   66.29    .34    (16.95)   (16.61)   (.17)   (4.43)   (4.60)   45.08    (27.10)   1,239    .77    .77    .58 
9/30/2021   53.43    .27    15.06    15.33    (.05)   (2.42)   (2.47)   66.29    29.24    1,854    .78    .78    .43 
9/30/2020   44.21    .24    10.69    10.93    (.45)   (1.26)   (1.71)   53.43    25.27    1,804    .79    .79    .52 
9/30/2019   46.57    .33    .12    .45    (.40)   (2.41)   (2.81)   44.21    2.47    1,677    .82    .82    .78 
Class F-2:                                                                 
9/30/2023   45.30    .63    8.93    9.56    (.51)   (1.57)   (2.08)   52.78    21.57    14,788    .52    .52    1.22 
9/30/2022   66.61    .49    (17.01)   (16.52)   (.36)   (4.43)   (4.79)   45.30    (26.90)   13,240    .51    .51    .85 
9/30/2021   53.67    .45    15.10    15.55    (.19)   (2.42)   (2.61)   66.61    29.60    19,110    .51    .51    .72 
9/30/2020   44.40    .38    10.73    11.11    (.58)   (1.26)   (1.84)   53.67    25.61    14,016    .53    .53    .80 
9/30/2019   46.81    .46    .09    .55    (.55)   (2.41)   (2.96)   44.40    2.74    10,234    .54    .54    1.07 
Class F-3:                                                                 
9/30/2023   45.53    .69    8.96    9.65    (.57)   (1.57)   (2.14)   53.04    21.69    9,918    .42    .42    1.33 
9/30/2022   66.93    .56    (17.10)   (16.54)   (.43)   (4.43)   (4.86)   45.53    (26.83)   8,349    .41    .41    .96 
9/30/2021   53.90    .53    15.16    15.69    (.24)   (2.42)   (2.66)   66.93    29.72    11,301    .41    .41    .83 
9/30/2020   44.58    .43    10.77    11.20    (.62)   (1.26)   (1.88)   53.90    25.74    7,784    .42    .42    .91 
9/30/2019   46.98    .51    .08    .59    (.58)   (2.41)   (2.99)   44.58    2.85    5,324    .44    .44    1.18 
Class 529-A:                                                                 
9/30/2023   44.74    .49    8.82    9.31    (.38)   (1.57)   (1.95)   52.10    21.25    2,710    .79    .79    .96 
9/30/2022   65.84    .35    (16.82)   (16.47)   (.20)   (4.43)   (4.63)   44.74    (27.08)   2,373    .75    .75    .61 
9/30/2021   53.09    .29    14.94    15.23    (.06)   (2.42)   (2.48)   65.84    29.26    3,398    .76    .76    .46 
9/30/2020   43.94    .25    10.61    10.86    (.45)   (1.26)   (1.71)   53.09    25.27    2,696    .79    .79    .53 
9/30/2019   46.31    .33    .12    .45    (.41)   (2.41)   (2.82)   43.94    2.47    2,163    .82    .82    .78 

 

Refer to the end of the table for footnotes.

 

New Perspective Fund 27
 

Financial highlights (continued)

 

       Income (loss) from
investment operations1 
   Dividends and distributions                         
Year ended  Net asset
value,
beginning
of year
   Net
investment
income
(loss)
   Net gains
(losses) on
securities
(both
realized and
unrealized)
   Total from
investment
operations
   Dividends
(from net
investment
income)
   Distributions
(from capital
gains)
   Total
dividends
and
distributions
   Net asset
value,
end
of year
   Total return2,3    Net assets,
end of
year
(in millions)
   Ratio of
expenses to
average net
assets before
reimburse-
ments4 
   Ratio of
expenses to
average net
assets after
reimburse-
ments3,4 
   Ratio of
net income
(loss)
to average
net assets3 
 
Class 529-C:                                                                 
9/30/2023  $42.39   $.08   $8.38   $8.46   $   $(1.57)  $(1.57)  $49.28    20.31%  $66    1.56%   1.56%   .17%
9/30/2022   62.88    (.10)   (15.96)   (16.06)       (4.43)   (4.43)   42.39    (27.65)   70    1.52    1.52    (.19)
9/30/2021   51.12    (.18)   14.36    14.18        (2.42)   (2.42)   62.88    28.30    121    1.52    1.52    (.30)
9/30/2020   42.35    (.11)   10.24    10.13    (.10)   (1.26)   (1.36)   51.12    24.35    119    1.54    1.54    (.24)
9/30/2019   44.66    .01    .15    .16    (.06)   (2.41)   (2.47)   42.35    1.71    240    1.57    1.57    .02 
Class 529-E:                                                                 
9/30/2023   44.09    .36    8.70    9.06    (.25)   (1.57)   (1.82)   51.33    20.97    81    1.02    1.02    .72 
9/30/2022   64.94    .20    (16.58)   (16.38)   (.04)   (4.43)   (4.47)   44.09    (27.25)   74    .99    .99    .36 
9/30/2021   52.46    .14    14.76    14.90        (2.42)   (2.42)   64.94    28.94    110    1.00    1.00    .23 
9/30/2020   43.44    .14    10.49    10.63    (.35)   (1.26)   (1.61)   52.46    24.99    91    1.01    1.01    .30 
9/30/2019   45.79    .23    .14    .37    (.31)   (2.41)   (2.72)   43.44    2.24    82    1.04    1.04    .55 
Class 529-T:                                                                 
9/30/2023   45.43    .64    8.95    9.59    (.51)   (1.57)   (2.08)   52.94    21.585    6    .525    .525    1.235 
9/30/2022   66.78    .49    (17.07)   (16.58)   (.34)   (4.43)   (4.77)   45.43    (26.91)5    6    .535    .535    .845 
9/30/2021   53.80    .43    15.14    15.57    (.17)   (2.42)   (2.59)   66.78    29.535    6    .555    .555    .685 
9/30/2020   44.51    .36    10.75    11.11    (.56)   (1.26)   (1.82)   53.80    25.555    6    .565    .565    .775 
9/30/2019   46.89    .44    .11    .55    (.52)   (2.41)   (2.93)   44.51    2.735    6    .575    .575    1.035 
Class 529-F-1:                                                                 
9/30/2023   44.59    .58    8.78    9.36    (.47)   (1.57)   (2.04)   51.91    21.465    6    .615    .615    1.145 
9/30/2022   65.65    .44    (16.75)   (16.31)   (.32)   (4.43)   (4.75)   44.59    (26.96)5    6    .605    .605    .775 
9/30/2021   52.99    (.02)   15.34    15.32    (.24)   (2.42)   (2.66)   65.65    29.515    6    .515    .515    (.04)5 
9/30/2020   43.86    .35    10.60    10.95    (.56)   (1.26)   (1.82)   52.99    25.55    180    .56    .56    .76 
9/30/2019   46.28    .43    .09    .52    (.53)   (2.41)   (2.94)   43.86    2.72    142    .59    .59    1.03 
Class 529-F-2:                                                                 
9/30/2023   45.44    .65    8.93    9.58    (.52)   (1.57)   (2.09)   52.93    21.59    261    .51    .51    1.25 
9/30/2022   66.78    .50    (17.06)   (16.56)   (.35)   (4.43)   (4.78)   45.44    (26.91)   205    .51    .51    .87 
9/30/20217,8    52.26    .44    16.68    17.12    (.18)   (2.42)   (2.60)   66.78    33.399    260    .5410    .5410    .7510 
Class 529-F-3:                                                                 
9/30/2023   45.40    .66    8.93    9.59    (.54)   (1.57)   (2.11)   52.88    21.60    6    .48    .48    1.27 
9/30/2022   66.74    .52    (17.04)   (16.52)   (.39)   (4.43)   (4.82)   45.40    (26.85)   6    .46    .46    .90 
9/30/20217,8    52.26    .48    16.67    17.15    (.25)   (2.42)   (2.67)   66.74    33.449    6    .5210    .4710    .8210 
Class R-1:                                                                 
9/30/2023   42.12    .12    8.32    8.44    (.03)   (1.57)   (1.60)   48.96    20.40    54    1.50    1.50    .25 
9/30/2022   62.49    (.07)   (15.87)   (15.94)       (4.43)   (4.43)   42.12    (27.61)   50    1.49    1.49    (.13)
9/30/2021   50.81    (.17)   14.27    14.10        (2.42)   (2.42)   62.49    28.29    77    1.50    1.50    (.28)
9/30/2020   42.09    (.09)   10.17    10.08    (.10)   (1.26)   (1.36)   50.81    24.38    69    1.52    1.52    (.21)
9/30/2019   44.41    .02    .15    .17    (.08)   (2.41)   (2.49)   42.09    1.73    71    1.54    1.54    .05 

 

Refer to the end of the table for footnotes.

 

28 New Perspective Fund
 

Financial highlights (continued)

 

       Income (loss) from
investment operations1
   Dividends and distributions                         
Year ended  Net asset
value,
beginning
of year
   Net
investment
income
(loss)
   Net gains
(losses) on
securities
(both
realized and
unrealized)
   Total from
investment
operations
   Dividends
(from net
investment
income)
   Distributions
(from capital
gains)
   Total
dividends
and
distributions
   Net asset
value,
end
of year
   Total return2,3    Net assets,
end of
year
(in millions)
   Ratio of
expenses to
average net
assets before
reimburse-
ments4 
   Ratio of
expenses to
average net
assets after
reimburse-
ments3,4 
   Ratio of
net income
(loss)
to average
net assets3 
 
Class R-2:                                                              
9/30/2023  $42.57   $.11   $8.41   $8.52   $   $(1.57)  $(1.57)  $49.52    20.37%  $475    1.51%   1.51%   .24%
9/30/2022   63.12    (.08)   (16.04)   (16.12)       (4.43)   (4.43)   42.57    (27.63)   427    1.51    1.51    (.15)
9/30/2021   51.30    (.17)   14.41    14.24        (2.42)   (2.42)   63.12    28.30    663    1.50    1.50    (.28)
9/30/2020   42.52    (.09)   10.27    10.18    (.14)   (1.26)   (1.40)   51.30    24.38    571    1.52    1.52    (.20)
9/30/2019   44.85    .02    .15    .17    (.09)   (2.41)   (2.50)   42.52    1.73    518    1.54    1.54    .06 
Class R-2E:                                                             
9/30/2023   44.18    .27    8.72    8.99    (.15)   (1.57)   (1.72)   51.45    20.72    64    1.22    1.22    .53 
9/30/2022   65.16    .09    (16.64)   (16.55)       (4.43)   (4.43)   44.18    (27.42)   55    1.21    1.21    .15 
9/30/2021   52.74    .01    14.83    14.84        (2.42)   (2.42)   65.16    28.69    79    1.21    1.21    .02 
9/30/2020   43.68    .04    10.55    10.59    (.27)   (1.26)   (1.53)   52.74    24.73    68    1.23    1.23    .09 
9/30/2019   46.02    .16    .13    .29    (.22)   (2.41)   (2.63)   43.68    2.05    65    1.24    1.24    .38 
Class R-3:                                                             
9/30/2023   44.01    .34    8.69    9.03    (.21)   (1.57)   (1.78)   51.26    20.91    1,236    1.07    1.07    .68 
9/30/2022   64.83    .17    (16.56)   (16.39)       (4.43)   (4.43)   44.01    (27.30)   1,153    1.06    1.06    .30 
9/30/2021   52.40    .10    14.75    14.85        (2.42)   (2.42)   64.83    28.88    1,770    1.06    1.06    .16 
9/30/2020   43.39    .11    10.48    10.59    (.32)   (1.26)   (1.58)   52.40    24.91    1,557    1.07    1.07    .25 
9/30/2019   45.73    .21    .13    .34    (.27)   (2.41)   (2.68)   43.39    2.21    1,488    1.09    1.09    .50 
Class R-4:                                                             
9/30/2023   44.65    .49    8.80    9.29    (.37)   (1.57)   (1.94)   52.00    21.27    1,709    .77    .77    .97 
9/30/2022   65.70    .34    (16.77)   (16.43)   (.19)   (4.43)   (4.62)   44.65    (27.08)   1,587    .76    .76    .59 
9/30/2021   52.98    .29    14.92    15.21    (.07)   (2.42)   (2.49)   65.70    29.26    2,544    .76    .76    .47 
9/30/2020   43.85    .25    10.60    10.85    (.46)   (1.26)   (1.72)   52.98    25.30    2,166    .77    .77    .55 
9/30/2019   46.23    .34    .11    .45    (.42)   (2.41)   (2.83)   43.85    2.49    1,977    .79    .79    .81 
Class R-5E:                                                             
9/30/2023   45.06    .61    8.87    9.48    (.48)   (1.57)   (2.05)   52.49    21.49    248    .57    .57    1.18 
9/30/2022   66.28    .46    (16.92)   (16.46)   (.33)   (4.43)   (4.76)   45.06    (26.94)   205    .56    .56    .78 
9/30/2021   53.43    .43    15.03    15.46    (.19)   (2.42)   (2.61)   66.28    29.54    360    .55    .55    .69 
9/30/2020   44.22    .36    10.68    11.04    (.57)   (1.26)   (1.83)   53.43    25.56    220    .56    .56    .76 
9/30/2019   46.69    .48    .05    .53    (.59)   (2.41)   (3.00)   44.22    2.72    123    .57    .57    1.13 
Class R-5:                                                             
9/30/2023   45.47    .64    8.97    9.61    (.54)   (1.57)   (2.11)   52.97    21.62    1,226    .47    .47    1.25 
9/30/2022   66.84    .53    (17.08)   (16.55)   (.39)   (4.43)   (4.82)   45.47    (26.86)   1,380    .46    .46    .90 
9/30/2021   53.84    .48    15.16    15.64    (.22)   (2.42)   (2.64)   66.84    29.65    2,063    .46    .46    .77 
9/30/2020   44.53    .40    10.77    11.17    (.60)   (1.26)   (1.86)   53.84    25.68    1,742    .46    .46    .85 
9/30/2019   46.92    .48    .10    .58    (.56)   (2.41)   (2.97)   44.53    2.82    1,606    .49    .49    1.11 
Class R-6:                                                             
9/30/2023   45.56    .69    8.97    9.66    (.57)   (1.57)   (2.14)   53.08    21.70    28,648    .42    .42    1.34 
9/30/2022   66.97    .56    (17.11)   (16.55)   (.43)   (4.43)   (4.86)   45.56    (26.83)   22,485    .41    .41    .96 
9/30/2021   53.94    .52    15.17    15.69    (.24)   (2.42)   (2.66)   66.97    29.71    30,946    .41    .41    .81 
9/30/2020   44.61    .43    10.78    11.21    (.62)   (1.26)   (1.88)   53.94    25.74    26,119    .42    .42    .91 
9/30/2019   47.00    .51    .09    .60    (.58)   (2.41)   (2.99)   44.61    2.88    19,586    .44    .44    1.18 

 

Refer to the end of the table for footnotes.

 

New Perspective Fund 29
 

Financial highlights (continued)

 

   Year ended September 30,
   2023  2022  2021  2020  2019
Portfolio turnover rate for all share classes11   17%   21%   22%   26%12    20%

 

1   Based on average shares outstanding.
2   Total returns exclude any applicable sales charges, including contingent deferred sales charges.
3   This column reflects the impact, if any, of certain reimbursements from CRMC. During one of the years shown, CRMC reimbursed a portion of transfer agent services fees for Class 529-F-3 shares.
4   Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.
5   All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
6   Amount less than $1 million.
7   Based on operations for a period that is less than a full year.
8   Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.
9   Not annualized.
10   Annualized.
11   Rates do not include the fund’s portfolio activity with respect to any Central Funds.
12   Includes the value of securities sold due to redemptions of shares in-kind. The rates would have been 25% for the year ended September 30, 2020, if the value of securities sold due to in-kind redemptions were excluded.

 

Refer to the notes to financial statements.

 

30 New Perspective Fund
 

Report of Independent Registered Public Accounting Firm

 

To the Shareholders and Board of Trustees of New Perspective Fund:

 

Opinion on the Financial Statements and Financial Highlights

 

We have audited the accompanying statement of assets and liabilities of New Perspective Fund (the “Fund”), including the investment portfolio, as of September 30, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinion

 

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

 

/s/ Deloitte & Touche LLP

 

Costa Mesa, California
November 9, 2023

 

We have served as the auditor of one or more American Funds investment companies since 1956.

 

New Perspective Fund 31
 
Expense example unaudited

 

As a fund shareholder, 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 (April 1, 2023, through September 30, 2023).

 

Actual expenses:

The first line of each share class in the table on the following 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 titled “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 following 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:

Retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F-1, F-2, F-3, 529-F-1, 529-F-2 and 529-F-3 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.

 

Note that the expenses shown in the table on the following page 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.

 

32 New Perspective Fund
 

Expense example (continued)

 

   Beginning
account value
4/1/2023
  Ending
account value
9/30/2023
  Expenses paid
during period*
  Annualized
expense ratio
Class A – actual return  $1,000.00   $1,014.93   $3.69    .73%
Class A – assumed 5% return   1,000.00    1,021.41    3.70    .73 
Class C – actual return   1,000.00    1,011.03    7.51    1.49 
Class C – assumed 5% return   1,000.00    1,017.60    7.54    1.49 
Class T – actual return   1,000.00    1,016.28    2.27    .45 
Class T – assumed 5% return   1,000.00    1,022.81    2.28    .45 
Class F-1 – actual return   1,000.00    1,014.48    3.99    .79 
Class F-1 – assumed 5% return   1,000.00    1,021.11    4.00    .79 
Class F-2 – actual return   1,000.00    1,016.17    2.63    .52 
Class F-2 – assumed 5% return   1,000.00    1,022.46    2.64    .52 
Class F-3 – actual return   1,000.00    1,016.46    2.07    .41 
Class F-3 – assumed 5% return   1,000.00    1,023.01    2.08    .41 
Class 529-A – actual return   1,000.00    1,014.80    3.89    .77 
Class 529-A – assumed 5% return   1,000.00    1,021.21    3.90    .77 
Class 529-C – actual return   1,000.00    1,010.68    7.81    1.55 
Class 529-C – assumed 5% return   1,000.00    1,017.30    7.84    1.55 
Class 529-E – actual return   1,000.00    1,013.61    5.10    1.01 
Class 529-E – assumed 5% return   1,000.00    1,020.00    5.11    1.01 
Class 529-T – actual return   1,000.00    1,016.13    2.53    .50 
Class 529-T – assumed 5% return   1,000.00    1,022.56    2.54    .50 
Class 529-F-1 – actual return   1,000.00    1,015.67    3.08    .61 
Class 529-F-1 – assumed 5% return   1,000.00    1,022.01    3.09    .61 
Class 529-F-2 – actual return   1,000.00    1,016.15    2.53    .50 
Class 529-F-2 – assumed 5% return   1,000.00    1,022.56    2.54    .50 
Class 529-F-3 – actual return   1,000.00    1,016.35    2.38    .47 
Class 529-F-3 – assumed 5% return   1,000.00    1,022.71    2.38    .47 
Class R-1 – actual return   1,000.00    1,011.17    7.51    1.49 
Class R-1 – assumed 5% return   1,000.00    1,017.60    7.54    1.49 
Class R-2 – actual return   1,000.00    1,011.00    7.51    1.49 
Class R-2 – assumed 5% return   1,000.00    1,017.60    7.54    1.49 
Class R-2E – actual return   1,000.00    1,012.38    6.05    1.20 
Class R-2E – assumed 5% return   1,000.00    1,019.05    6.07    1.20 
Class R-3 – actual return   1,000.00    1,013.46    5.35    1.06 
Class R-3 – assumed 5% return   1,000.00    1,019.75    5.37    1.06 
Class R-4 – actual return   1,000.00    1,014.83    3.84    .76 
Class R-4 – assumed 5% return   1,000.00    1,021.26    3.85    .76 
Class R-5E – actual return   1,000.00    1,015.89    2.83    .56 
Class R-5E – assumed 5% return   1,000.00    1,022.26    2.84    .56 
Class R-5 – actual return   1,000.00    1,016.28    2.33    .46 
Class R-5 – assumed 5% return   1,000.00    1,022.76    2.33    .46 
Class R-6 – actual return   1,000.00    1,016.64    2.07    .41 
Class R-6 – assumed 5% return   1,000.00    1,023.01    2.08    .41 

 

* 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
 
Tax information unaudited

 

We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The fund hereby designates the following amounts for the fund’s fiscal year ended September 30, 2023:

 

Long-term capital gains $3,373,790,000
Foreign taxes $0.04 per share
Foreign source income $0.54 per share
Qualified dividend income 100%
Section 163(j) interest dividends $251,973,000
Corporate dividends received deduction $801,356,000
U.S. government income that may be exempt from state taxation $73,248,000

 

Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in January 2024, to determine the calendar year amounts to be included on their 2023 tax returns. Shareholders should consult their tax advisors.

 

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New Perspective Fund 41
 

Board of trustees and other officers

 

Independent trustees1

 

Name and year of birth   Year first
elected
a trustee
of the fund
2
  Principal occupation(s) during past five years   Number of
portfolios in
fund complex
overseen by
trustee
3
  Other directorships4
held by trustee
Vanessa C. L. Chang, 1952   2000   Former Director, EL & EL Investments (real estate)   21   Edison International/Southern California Edison; Transocean Ltd. (offshore drilling contractor)
Pablo R. González Guajardo, 1967   2014   CEO, Kimberly-Clark de México, SAB de CV   23   América Móvil, SAB de CV (telecommunications company); Grupo Sanborns, SAB de CV (retail stores and restaurants); Kimberly-Clark de México, SAB de CV (consumer staples)
Martin E. Koehler, 1957   2015   Independent management consultant   6   None
Pascal Millaire, 1983   2019   CEO and Director, CyberCube Analytics, Inc. (cyber risk software for insurers)   3   None
William I. Miller, 1956
Chair of the Board
(Independent and Non-Executive)
  1992   President, The Wallace Foundation   3   Cummins, Inc.
Josette Sheeran, 1954   2015   President and Director, Canoo Inc., Trustee and former Executive Chair, The McCain Institute; former Professor of Practice, Arizona State University; President Emeritus and former CEO, Asia Society; former United Nations Special Envoy for Haiti   8   None
Christopher E. Stone, 1956   2020   Professor of Practice of Public Integrity, University of Oxford, Blavatnik School of Government   11   None
Amy Zegart, PhD, 1967   2019   Senior Fellow, Hoover Institution, Stanford University; Senior Fellow, Freeman Spogli Institute, Stanford University   8   Kratos Defense & Security Solutions

 

Interested trustees5,6

 

Name, year of birth and
position with fund
  Year first
elected
a trustee or
officer
of the fund
2
  Principal occupation(s) during past five years and
positions held with affiliated entities or the principal
underwriter of the fund
  Number of
portfolios in
fund complex
overseen by
trustee
3
  Other directorships4
held by trustee
Joanna F. Jonsson, 1963
Co-President and Trustee
  2008   Partner — Capital World Investors, Capital Research and Management Company; Vice Chair, President and Director, Capital Research and Management Company; Director, The Capital Group Companies, Inc.7   3   None
Carl M. Kawaja, 1964
Trustee
  2019   Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company7; Chairman and Director, Capital Research and Management Company   3   None

 

The fund’s statement of additional information includes further details about fund trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by referring to the Capital Group website at capitalgroup.com. The address for all trustees and officers of the fund is 333 South Hope Street, Los Angeles, CA 90071, Attention: Secretary.

 

42 New Perspective Fund
 

Other officers6

 

Name, year of birth and
position with fund
  Year first
elected
an officer
of the fund
2
  Principal occupation(s) during past five years and positions held with affiliated entities or the
principal underwriter of the fund
Robert W. Lovelace, 1962
Co-President
  2001   Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company7; Vice Chairman of the Board, President and Director, The Capital Group Companies, Inc.7; Chief Executive Officer and Director, Capital Research and Management Company
Walt Burkley, 1966
Principal Executive Officer
  2012   Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Director, Capital Research Company7; Director, Capital Research and Management Company
Michael W. Stockton, 1967
Executive Vice President
  2013   Senior Vice President — Fund Business Management Group, Capital Research and Management Company
Barbara Burtin, 1977
Senior Vice President
  2021   Partner — Capital World Investors, Capital Research and Management Company; Director, Capital Strategy Research, Inc.7
Noriko Honda Chen, 1967
Senior Vice President
  2015   Partner — Capital International Investors, Capital Research and Management Company; President and Director, Capital Research Company7; Director, The Capital Group Companies, Inc.7; Director, Capital International K.K.7
Patrice Collette, 1967
Senior Vice President
  2021   Partner — Capital World Investors, Capital International, Inc.7
Brady L. Enright, 1967
Senior Vice President
  2008   Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company7
Jonathan Knowles, PhD, 1961
Senior Vice President
  1998   Partner — Capital World Investors, Capital Group Investment Management Pte. Ltd.7
Andraz Razen, 1975
Senior Vice President
  2019   Partner — Capital World Investors, Capital Research Company7
Steven T. Watson, 1955
Senior Vice President
  2019   Partner — Capital International Investors, Capital International, Inc.7; Director, Capital International, Inc.7
Jennifer L. Butler, 1966
Secretary
  2013   Assistant Vice President — Fund Business Management Group, Capital Research and Management Company
Brian C. Janssen, 1972
Treasurer
  2010   Senior Vice President — Investment Operations, Capital Research and Management Company
Michael R. Tom, 1988
Assistant Secretary
  2021   Associate — Fund Business Management Group, Capital Research and Management Company
Sandra Chuon, 1972
Assistant Treasurer
  2019   Vice President — Investment Operations, Capital Research and Management Company
Gregory F. Niland, 1971
Assistant Treasurer
  2016   Vice President — Investment Operations, Capital Research and Management Company

 

1 The term independent trustee refers to a trustee who is not an “interested person” of the fund within the meaning of the Investment Company Act of 1940.
2 Trustees and officers of the fund serve until their resignation, removal or retirement.
3 Funds managed by Capital Research and Management Company or its affiliates.
4 This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company.
5 The term interested trustee refers to a trustee who is an “interested person” within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the fund’s investment adviser, Capital Research and Management Company, or affiliated entities (including the fund’s principal underwriter).
6 All of the trustees and/or officers listed, with the exception of Barbara Burtin, are officers and/or directors/trustees of one or more of the other funds for which Capital Research and Management Company serves as investment adviser.
7 Company affiliated with Capital Research and Management Company.

 

New Perspective Fund 43
 

Office of the fund
333 South Hope Street
Los Angeles, CA 90071-1406

 

Investment adviser
Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406

 

Transfer agent for shareholder accounts
American Funds Service Company
(Write to the address nearest 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
Dechert LLP
One Bush Street, Suite 1600
San Francisco, CA 94104-4446

 

Independent registered public accounting firm
Deloitte & Touche LLP
695 Town Center Drive
Suite 1000
Costa Mesa, CA 92626-7188

 

Principal underwriter
American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, CA 90071-1406

 

44 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 refer to the Capital Group website at capitalgroup.com.

 

“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on our 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 our website.

 

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 NPORT-P. The list of portfolio holdings is available free of charge on the SEC website and on our website.

 

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 December 31, 2023, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

 

MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

 

American Funds Distributors, Inc.

 

The Capital Advantage®

 

Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital SystemTM — has resulted in superior outcomes.

 

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 28 years of investment industry experience, including 22 years at our company, reflecting a career commitment to our long-term approach.1

 

The Capital System
The Capital System combines individual accountability with teamwork. Funds using The Capital System are 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.

 

American Funds’ superior outcomes
Equity-focused funds have beaten their Lipper peer indexes in 90% of 10-year periods and 99% of 20-year periods.2 Relative to their peers, our fixed income funds have helped investors achieve better diversification through attention to correlation between bonds and equities.3 Fund management fees have been among the lowest in the industry.4

 

  1 Investment industry experience as of December 31, 2022.
  2 Based on Class F-2 share results for rolling monthly 10- and 20-year periods starting with the first 10- or 20-year period after each mutual fund’s inception through December 31, 2022. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date (except Capital Income Builder and SMALLCAP World Fund, for which the Lipper average was used). Expenses differ for each share class, so results will vary. Past results are not predictive of results in future periods.
  3 Based on Class F-2 share results as of December 31, 2022. Sixteen of the 18 fixed income American Funds that have been in existence for the three-year period showed a three-year correlation lower than their respective Morningstar peer group averages. S&P 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.
  4 On average, our mutual fund management fees were in the lowest quintile 62% of the time, based on the 20-year period ended December 31, 2022, versus comparable Lipper categories, excluding funds of funds.

 

Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Results for certain funds with an inception date after August 1, 2008, also include hypothetical returns because those funds’ Class F-2 shares sold after the funds’ date of first offering. Refer to capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

 

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

 

 

 

ITEM 2 – Code of Ethics

 

The Registrant has adopted a Code of Ethics that applies to its Principal Executive Officer and Principal Financial Officer. The Registrant undertakes to provide to any person without charge, upon request, a copy of the Code of Ethics. Such request can be made by calling 800/421-4225 or to the Secretary of the Registrant, 333 South Hope Street, 55th Floor, Los Angeles, California 90071.

 

ITEM 3 – Audit Committee Financial Expert

 

The Registrant’s board has determined that Pablo R. González Guajardo, a member of the Registrant’s audit committee, is an “audit committee financial expert” and "independent," as such terms are defined in this Item. This designation will not increase the designee’s duties, obligations or liability as compared to his or her duties, obligations and liability as a member of the audit committee and of the board, nor will it reduce the responsibility of the other audit committee members. There may be other individuals who, through education or experience, would qualify as "audit committee financial experts" if the board had designated them as such. Most importantly, the board believes each member of the audit committee contributes significantly to the effective oversight of the Registrant’s financial statements and condition.

 

ITEM 4 – Principal Accountant Fees and Services

 

  NPF
     
     

Registrant:    
a)  Audit Fees:    
Audit 2022           109,000
  2023                2,000
     
b)  Audit-Related Fees:    
  2022             22,000
  2023             19,000
     
c)  Tax Fees:    
  2022             12,000
  2023             19,000
  The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns.  
     
d)  All Other Fees:    
  2022  None
  2023  None
     
  Adviser and affiliates (includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below):  
a)  Audit Fees:    
  Not Applicable  
     
b)  Audit-Related Fees:    
  2022       2,114,000
  2023       1,912,000
  The audit-related fees consist of assurance and related services relating to the examination of the Registrant’s transfer agent, principal underwriter and investment adviser conducted in accordance with Statement on Standards for Attestation Engagements Number 18 issued by the American Institute of Certified Public Accountants.  
     

c)  Tax Fees:    
  2022           394,000
  2023  None
  The tax fees consist of consulting services relating to the Registrant’s investments.  
     
     
d)  All Other Fees:    
  2022  None
  2023  None
  The other fees consist of subscription services related to an accounting research tool.  
     
     
  All audit and permissible non-audit services that the Registrant’s audit committee considers compatible with maintaining the independent registered public accounting firm’s independence are required to be pre-approved by the committee.  The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services.  Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre-approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates.  
     
  Aggregate non-audit fees paid to the Registrant’s auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant, were $2,543,000 for fiscal year 2022 and $1,951,000 for fiscal year 2023. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors’ independence.  

 

 

 

 

 

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

 

Not applicable, insofar as the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

 

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 semi-annual 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/ Walter R. Burkley________________
 

Walter R. Burkley,

Principal Executive Officer

   
  Date: November 30, 2023

 

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/ Walter R. Burkley_____________

Walter R. Burkley,

Principal Executive Officer

 
Date: November 30, 2023

 

 

 

By ___/s/ Brian C. Janssen__________________

Brian C. Janssen, Treasurer and

Principal Financial Officer

 
Date: November 30, 2023