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: 811-01435
AMCAP Fund, Inc.
(Exact Name of Registrant as Specified in Charter)
333 South Hope Street
Los Angeles, California 90071
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (213) 486-9200
Date of fiscal year end: February 28 or 29
Date of reporting period: August 31, 2008
Vincent P. Corti
Capital Research and Management Company
333 South Hope Street
Los Angeles, California 90071
(Name and Address of Agent for Service)
Copies to:
Eric A.S. Richards
O’Melveny & Myers LLP
400 South Hope Street, 10th Floor
Los Angeles, California 90071
(Counsel for the Registrant)
ITEM 1 – Reports to Stockholders
[logo - American Funds®]
The right choice for the long term®
AMCAP Fund
[photo of a man on a sailboat in the ocean]
Semi-annual report for the six months ended August 31, 2008
AMCAP Fund® seeks long-term growth of capital by investing primarily in U.S. companies with a record of above-average growth.
This fund is one of the 31 American Funds. For more than 75 years, Capital Research and Management Company,SM the American Funds adviser, has invested with a long-term focus based on thorough research and attention to risk.
Fund results shown in this report, unless otherwise indicated, are for Class A shares at net asset value. If a sales charge (maximum 5.75%) had been deducted, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity. For current information and month-end results, visit americanfunds.com.
Here are returns on a $1,000 investment with all distributions reinvested for periods ended September 30, 2008 (the most recent calendar quarter-end): | ||||||||||||
Class A shares | 1 year | 5 years | 10 years | |||||||||
Reflecting 5.75% maximum sales charge | ||||||||||||
Average annual total return | — | 2.74 | % | 5.22 | % | |||||||
Cumulative total return | –26.69 | % | 14.50 | % | 66.37 | % |
The total annual fund operating expense ratio for Class A shares as of the most recent fiscal year-end was 0.68%. This figure does not reflect a fee waiver currently in effect; therefore, the actual expense ratio is lower.
The fund’s investment adviser waived 5% of its management fees from September 1, 2004, through March 31, 2005, and increased the waiver to 10% on April 1, 2005. Fund results shown reflect actual expenses, with the waiver applied. Fund results would have been lower without the waiver. Please see the Financial Highlights table on pages 20 to 25 for details.
Results for other share classes can be found on page 28.
Fellow shareholders:
[photo of a person holding onto a sailboats' steering wheel]
U.S. stocks declined during the past six months ended August 31, 2008, as a housing industry downturn, a slowing economy and problems in financial markets triggered a full-blown credit crunch. These issues affected many other countries around the globe as well.
Following the end of our fiscal reporting period, financial markets were hit with a round of unprecedented developments. As a result, the U.S. government has stepped in to support, conserve or facilitate the takeover of assets from Fannie Mae, Freddie Mac, Lehman, Merrill Lynch, Washington Mutual Bank and American International Group, among others. On October 3, President Bush signed a $700 billion Wall Street rescue plan after it was passed by the Senate and the House. It would aid financial firms and give regulators broader tools to deal with the financial crisis. It is clear that, coming out of this period, the financial industry will be much changed both in terms of the number of participants and the regulatory environment in which they will operate.
During the six months ended August 31, AMCAP Fund posted a total return of –4.2%, compared with the –2.6% total return of the unmanaged Standard & Poor’s 500 Composite Index, a broad measure of mostly large U.S. stocks. AMCAP also trailed the –2.9% total return of the Lipper Multi-Cap Core Funds Index and the –2.9% total return of the Lipper Growth Funds Index.
Over the longer term, AMCAP continued to exceed the S&P 500 and the fund’s two Lipper peer-group indexes by a significant margin. For the 10 years ended August 31, 2008, AMCAP produced a cumulative total return of 105.1%, compared with 57.9% for the S&P 500, 76.9% for the Lipper Multi-Cap Core Funds Index and 45.1% for the Lipper Growth Funds Index.
[Begin Sidebar]
Cumulative total returns | ||||||||||||
For periods ended August 31, 2008 | 1 year | 5 years | 10 years | |||||||||
AMCAP (Class A shares) | –13.2 | % | 28.4 | % | 105.1 | % | ||||||
Standard & Poor’s 500 Composite Index* | –11.1 | 39.7 | 57.9 | |||||||||
Lipper Multi-Cap Core Funds Index† | –10.8 | 45.0 | 76.9 | |||||||||
Lipper Growth Funds Index† | –11.3 | 32.5 | 45.1 | |||||||||
*The S&P 500 is unmanaged, and its results do not reflect the effect of sales charges, commissions or expenses. | ||||||||||||
† Lipper indexes do not include the effect of sales charges. |
[End Sidebar]
Investment results analysis
Select information technology, energy, consumer staples and consumer discretionary stocks helped the fund in the six months ended August 31, 2008. Major contributors in the fund’s 10 largest companies were Oracle (+16.6%), Intel (+14.6%) and Schlumberger (+9.0%). Two of the fund’s other largest holdings, Wellpoint (–24.7%) and Yahoo! (–30.2%), hurt returns. AMCAP’s sizable cash position of 14.3% of the total portfolio helped support the fund.
Financial companies again detracted from results. While any exposure to this group was negative in the past 18 months, AMCAP held a relatively small position in financials (9.2% of net assets as of August 31, 2008, compared with 15.1% for the S&P 500). Among the fund’s financial holdings was American International Group (–54.1%). The events after the close of the quarter put additional pressure on our holdings in the financial sector.
Looking ahead
We are in the midst of a significant challenge to the health of the world’s financial markets. Central banks and federal governments are using tools to support the markets that have rarely, if ever, been used. As the leverage in the system unwinds, the road to recovery is, and will continue to be, rocky. Ultimately, global economies should find themselves in a healthier state.
We are fortunate to have a large and experienced team of analysts and portfolio counselors who continue to monitor economic conditions generally and industries and companies specifically. At some point, this credit crunch should right itself and the stage will be set for a much healthier economic environment. Periods of highest uncertainty are often the time of greatest value. While few companies will emerge unscathed from this economic slowdown and credit crunch, having a steady hand during turbulent times can help us invest in strong growth companies at attractive prices.
Our four veteran portfolio counselors have endured difficult markets in the past. Collectively, they bring 119 years of investment experience to managing your investments. We recommend that you continue to take a long-term perspective, especially in these challenging times.
Cordially,
/s/ R. Michael Shanahan
R. Michael Shanahan
Vice Chairman of the Board
/s/ Claudia P. Huntington
Claudia P. Huntington
President
President
October 10, 2008
For current information about the fund, visit americanfunds.com.
Summary investment portfolio, August 31, 2008
unaudited
The following summary investment portfolio is designed to streamline the report and help investors better focus on a fund’s principal holdings. For details on how to obtain a complete schedule of portfolio holdings, please see the inside back cover.
[begin pie chart]
Industry sector diversification (percent of net assets) | ||||
Information technology | 20.45 | % | ||
Consumer discretionary | 17.09 | |||
Health care | 12.19 | |||
Financials | 9.21 | |||
Consumer staples | 7.60 | |||
Other industries | 19.06 | |||
Short-term securities & other assets less liabilities | 14.40 |
Common stocks - 85.60% | Shares | Value (000) | Percent of net assets | |||||||||
Information technology - 20.45% | ||||||||||||
Cisco Systems, Inc. (1) | 24,704,300 | $ | 594,138 | 2.62 | % | |||||||
Microsoft Corp. | 19,695,000 | 537,477 | 2.37 | |||||||||
Intel Corp. | 18,267,000 | 417,766 | 1.84 | |||||||||
Oracle Corp. (1) | 16,921,659 | 371,092 | 1.63 | |||||||||
Yahoo! Inc. (1) | 18,625,000 | 360,953 | 1.59 | |||||||||
SAP AG (2) | 5,255,000 | 294,100 | 1.29 | |||||||||
Hewlett-Packard Co. | 3,900,000 | 182,988 | .81 | |||||||||
Google Inc., Class A (1) | 380,800 | 176,421 | .78 | |||||||||
Automatic Data Processing, Inc. | 3,500,000 | 155,330 | .68 | |||||||||
Texas Instruments Inc. | 5,750,000 | 140,933 | .62 | |||||||||
Other securities | 1,413,588 | 6.22 | ||||||||||
4,644,786 | 20.45 | |||||||||||
Consumer discretionary - 17.09% | ||||||||||||
Lowe's Companies, Inc. | 24,889,700 | 613,282 | 2.70 | |||||||||
Target Corp. | 8,316,000 | 440,914 | 1.94 | |||||||||
Best Buy Co., Inc. | 7,400,000 | 331,298 | 1.46 | |||||||||
Johnson Controls, Inc. | 8,570,000 | 264,984 | 1.17 | |||||||||
Time Warner Inc. | 14,714,000 | 240,868 | 1.06 | |||||||||
Kohl's Corp. (1) | 4,534,820 | 222,977 | .98 | |||||||||
YUM! Brands, Inc. | 5,976,000 | 213,224 | .94 | |||||||||
Carnival Corp., units | 5,725,200 | 212,176 | .93 | |||||||||
O'Reilly Automotive, Inc. (1) (3) | 7,253,900 | 211,234 | .93 | |||||||||
Omnicom Group Inc. | 4,100,000 | 173,799 | .76 | |||||||||
Other securities | 958,153 | 4.22 | ||||||||||
3,882,909 | 17.09 | |||||||||||
Health care - 12.19% | ||||||||||||
WellPoint, Inc. (1) | 6,950,000 | 366,891 | 1.62 | |||||||||
Medtronic, Inc. | 6,300,000 | 343,980 | 1.51 | |||||||||
UnitedHealth Group Inc. | 10,650,000 | 324,293 | 1.43 | |||||||||
Roche Holding AG (2) | 1,562,000 | 263,226 | 1.16 | |||||||||
Varian Medical Systems, Inc. (1) | 2,400,000 | 151,584 | .67 | |||||||||
Other securities | 1,318,132 | 5.80 | ||||||||||
2,768,106 | 12.19 | |||||||||||
Financials - 9.21% | ||||||||||||
Capital One Financial Corp. | 7,251,200 | 320,068 | 1.41 | |||||||||
Citigroup Inc. | 16,806,700 | 319,159 | 1.40 | |||||||||
American International Group, Inc. | 13,440,000 | 288,826 | 1.27 | |||||||||
American Express Co. | 6,150,000 | 244,032 | 1.07 | |||||||||
State Street Corp. | 3,325,000 | 225,003 | .99 | |||||||||
Wells Fargo & Co. | 6,440,000 | 194,939 | .86 | |||||||||
Fannie Mae | 7,159,000 | 48,968 | .22 | |||||||||
Freddie Mac | 6,050,000 | 27,285 | .12 | |||||||||
Other securities | 425,038 | 1.87 | ||||||||||
2,093,318 | 9.21 | |||||||||||
Consumer staples - 7.60% | ||||||||||||
Walgreen Co. | 13,375,800 | 487,281 | 2.14 | |||||||||
PepsiCo, Inc. | 5,000,000 | 342,400 | 1.51 | |||||||||
Avon Products, Inc. | 5,045,000 | 216,077 | .95 | |||||||||
L'Oréal SA (2) | 1,950,000 | 193,621 | .85 | |||||||||
Philip Morris International Inc. | 2,500,000 | 134,250 | .59 | |||||||||
Other securities | 353,569 | 1.56 | ||||||||||
1,727,198 | 7.60 | |||||||||||
Energy - 5.98% | ||||||||||||
Schlumberger Ltd. | 3,740,000 | 352,383 | 1.55 | |||||||||
Newfield Exploration Co. (1) | 3,275,000 | 148,096 | .65 | |||||||||
Murphy Oil Corp. | 1,850,000 | 145,280 | .64 | |||||||||
EOG Resources, Inc. | 1,262,900 | 131,872 | .58 | |||||||||
Other securities | 581,308 | 2.56 | ||||||||||
1,358,939 | 5.98 | |||||||||||
Industrials - 5.67% | ||||||||||||
Precision Castparts Corp. | 2,579,015 | 266,309 | 1.17 | |||||||||
General Electric Co. | 8,100,000 | 227,610 | 1.00 | |||||||||
United Parcel Service, Inc., Class B | 3,200,000 | 205,184 | .91 | |||||||||
Robert Half International Inc. | 7,359,000 | 188,390 | .83 | |||||||||
Other securities | 399,687 | 1.76 | ||||||||||
1,287,180 | 5.67 | |||||||||||
Telecommunication services - 1.45% | ||||||||||||
Sprint Nextel Corp., Series 1 | 17,200,000 | 149,984 | .66 | |||||||||
Other securities | 179,858 | .79 | ||||||||||
329,842 | 1.45 | |||||||||||
Materials - 1.19% | ||||||||||||
Other securities | 269,378 | 1.19 | ||||||||||
Miscellaneous - 4.77% | ||||||||||||
Other common stocks in initial period of acquisition | 1,084,542 | 4.77 | ||||||||||
Total common stocks (cost: $18,065,688,000) | 19,446,198 | 85.60 | ||||||||||
Short-term securities - 14.28% | Principal amount (000) | |||||||||||
Federal Home Loan Bank 1.706%-2.54% due 9/10-11/24/2008 | $ | 741,170 | 739,776 | 3.26 | ||||||||
U.S. Treasury Bills 1.43%-2.135% due 9/25/2008-1/15/2009 | 393,300 | 391,837 | 1.72 | |||||||||
Freddie Mac 2.04%-2.50% due 9/2-12/3/2008 | 341,700 | 341,226 | 1.50 | |||||||||
Fannie Mae 1.68%-2.10% due 9/3-12/8/2008 | 201,100 | 200,421 | .88 | |||||||||
Wal-Mart Stores Inc. 2.05%-2.10% due 11/10-12/22/2008 (4) | 136,800 | 135,651 | .60 | |||||||||
Edison Asset Securitization LLC 2.28%-2.48% due 9/22-10/30/2008 (4) | 59,000 | 58,710 | ||||||||||
General Electric Co. 2.35% due 9/16/2008 | 42,900 | 42,855 | ||||||||||
General Electric Capital Services, Inc. 2.48% due 10/15/2008 | 17,600 | 17,547 | .52 | |||||||||
United Parcel Service Inc. 2.13%-2.14% due 9/10-11/5/2008 (4) | 100,000 | 99,776 | .44 | |||||||||
Hewlett-Packard Co. 2.22%-2.30% due 9/19-10/14/2008 (4) | 85,400 | 85,220 | .38 | |||||||||
CAFCO, LLC 2.42% due 9/11/2008 (4) | 30,000 | 29,978 | ||||||||||
Ciesco LLC 2.40% due 9/22/2008 (4) | 23,050 | 23,016 | .23 | |||||||||
Medtronic Inc. 2.06% due 9/17-9/23/2008 (4) | 36,700 | 36,659 | .16 | |||||||||
PepsiCo Inc. 2.02% due 9/3/2008 (4) | 20,200 | 20,197 | .09 | |||||||||
Other securities | 1,021,652 | 4.50 | ||||||||||
Total short-term securities (cost: $3,244,862,000) | 3,244,521 | 14.28 | ||||||||||
Total investment securities (cost: $21,310,550,000) | 22,690,719 | 99.88 | ||||||||||
Other assets less liabilities | 28,059 | .12 | ||||||||||
Net assets | $ | 22,718,778 | 100.00 | % | ||||||||
"Miscellaneous" securities include holdings in their initial period of acquisition that have not previously been publicly disclosed. | ||||||||||||
"Other securities" includes all issues that are not disclosed separately in the summary investment portfolio. |
Investments in affiliates |
A company is considered to be an affiliate of the fund under the Investment Company Act of 1940 if the |
fund's holdings in that company represent 5% or more of the outstanding voting shares of that company. |
The fund's affiliated holdings listed below are either shown in the preceding summary investment portfolio |
or included in the value of "Other securities" under their respective industry sectors. Further |
details on these holdings and related transactions during the six months ended August 31, 2008, appear below. |
Beginning shares | Additions | Reductions | Ending shares | Dividend income (000) | Value of affiliates at 8/31/08 (000) | |||||||||||||||||||
O'Reilly Automotive, Inc. (1) | 6,794,800 | 459,100 | - | 7,253,900 | $ | - | $ | 211,234 | ||||||||||||||||
Harman International Industries, Inc. | 1,728,901 | 1,591,099 | - | 3,320,000 | 63 | 112,980 | ||||||||||||||||||
Tractor Supply Co. (1) | 2,525,000 | - | - | 2,525,000 | - | 107,616 | ||||||||||||||||||
Williams-Sonoma, Inc. | 6,000,000 | - | 500,000 | 5,500,000 | 1,380 | 97,295 | ||||||||||||||||||
Haemonetics Corp. (1) | 1,190,000 | 200,000 | - | 1,390,000 | - | 87,181 | ||||||||||||||||||
Medicis Pharmaceutical Corp., Class A | 3,625,000 | - | - | 3,625,000 | 290 | 75,074 | ||||||||||||||||||
P.F. Chang's China Bistro, Inc. (1) (5) | 1,650,000 | - | 1,258,364 | 391,636 | - | - | ||||||||||||||||||
Talbots, Inc. (5) | 3,057,725 | - | 3,057,725 | - | 441 | - | ||||||||||||||||||
$ | 2,174 | $ | 691,380 |
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item. | ||||||||||||
(1) Security did not produce income during the last 12 months. | ||||||||||||
(2) Valued under fair value procedures adopted by authority of the board of directors. The total value of all such securities, including those in "Miscellaneous" and "Other securities," was $994,939,000, which represented 4.38% of the net assets of the fund. | ||||||||||||
(3) Represents an affiliated company as defined under the Investment Company Act of 1940. | ||||||||||||
(4) Purchased in a transaction exempt from registration under the Securities Act of 1933. May be resold in the United States in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in "Other securities," was $1,179,883,000, which represented 5.19% of the net assets of the fund. | ||||||||||||
(5) Unaffiliated issuer at 8/31/2008. | ||||||||||||
See Notes to Financial Statements |
Financial statements
unaudited
Statement of assets and liabilities | ||||||||
at August 31, 2008 | (dollars in thousands) | |||||||
Assets: | ||||||||
Investment securities, at value: | ||||||||
Unaffiliated issuers (cost: $20,409,295) | $ | 21,999,339 | ||||||
Affiliated issuers (cost: $901,255) | 691,380 | $ | 22,690,719 | |||||
Cash denominated in currencies other than U.S. dollars | ||||||||
(cost: $13,919) | 13,919 | |||||||
Cash | 153 | |||||||
Receivables for: | ||||||||
Sales of investments | 48,995 | |||||||
Sales of fund's shares | 24,116 | |||||||
Dividends and interest | 25,947 | 99,058 | ||||||
22,803,849 | ||||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Purchases of investments | 24,840 | |||||||
Repurchases of fund's shares | 35,207 | |||||||
Investment advisory services | 5,616 | |||||||
Services provided by affiliates | 17,056 | |||||||
Directors' deferred compensation | 2,202 | |||||||
Other | 150 | 85,071 | ||||||
Net assets at August 31, 2008 | $ | 22,718,778 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of capital stock | $ | 21,340,117 | ||||||
Undistributed net investment income | 102,207 | |||||||
Accumulated net realized loss | (103,735 | ) | ||||||
Net unrealized appreciation | 1,380,189 | |||||||
Net assets at August 31, 2008 | $ | 22,718,778 |
(dollars and shares in thousands, except per-share amounts) | ||||||||||||
Total authorized capital stock - 2,000,000 shares, $1.00 par value (1,349,109 total shares outstanding) | ||||||||||||
Net assets | Shares outstanding | Net asset value per share* | ||||||||||
Class A | $ | 15,238,860 | 899,080 | $ | 16.95 | |||||||
Class B | 913,497 | 56,186 | 16.26 | |||||||||
Class C | 1,339,744 | 83,033 | 16.14 | |||||||||
Class F-1 | 2,076,845 | 123,180 | 16.86 | |||||||||
Class F-2 | 8,154 | 481 | 16.95 | |||||||||
Class 529-A | 460,471 | 27,247 | 16.90 | |||||||||
Class 529-B | 79,984 | 4,907 | 16.30 | |||||||||
Class 529-C | 137,948 | 8,458 | 16.31 | |||||||||
Class 529-E | 26,114 | 1,562 | 16.72 | |||||||||
Class 529-F-1 | 18,897 | 1,117 | 16.92 | |||||||||
Class R-1 | 39,793 | 2,420 | 16.45 | |||||||||
Class R-2 | 393,284 | 23,942 | 16.43 | |||||||||
Class R-3 | 643,104 | 38,436 | 16.73 | |||||||||
Class R-4 | 402,931 | 23,874 | 16.88 | |||||||||
Class R-5 | 939,152 | 55,186 | 17.02 | |||||||||
(*) Maximum offering price and redemption price per share were equal to the net asset value per share for all share classes, except for Classes A and 529-A, for which the maximum offering prices per share were $17.98 and $17.93, respectively. | ||||||||||||
See Notes to Financial Statements |
Statement of operations | unaudited | |||||||
for the six months ended August 31, 2008 | (dollars in thousands) | |||||||
Investment income: | ||||||||
Income: | ||||||||
Dividends (net of non-U.S. | ||||||||
taxes of $3,197; also includes | ||||||||
$2,174 from affiliates) | $ | 156,701 | ||||||
Interest | 41,803 | $ | 198,504 | |||||
Fees and expenses*: | ||||||||
Investment advisory services | 38,695 | |||||||
Distribution services | 39,362 | |||||||
Transfer agent services | 11,329 | |||||||
Administrative services | 5,781 | |||||||
Reports to shareholders | 740 | |||||||
Registration statement and prospectus | 502 | |||||||
Postage, stationery and supplies | 1,152 | |||||||
Directors' compensation | 55 | |||||||
Auditing and legal | 83 | |||||||
Custodian | 185 | |||||||
State and local taxes | 1 | |||||||
Other | 15 | |||||||
Total fees and expenses before waiver | 97,900 | |||||||
Less investment advisory services waiver | 3,870 | |||||||
Total fees and expenses after waiver | 94,030 | |||||||
Net investment income | 104,474 | |||||||
Net realized loss and unrealized | ||||||||
depreciation on investments | ||||||||
and currency: | ||||||||
Net realized loss on: | ||||||||
Investments (including $82,084 net loss from affiliates) | (103,445 | ) | ||||||
Currency transactions | (51 | ) | (103,496 | ) | ||||
Net unrealized depreciation on: | ||||||||
Investments | (1,033,228 | ) | ||||||
Currency translations | (80 | ) | (1,033,308 | ) | ||||
Net realized loss and | ||||||||
unrealized depreciation | ||||||||
on investments and currency | (1,136,804 | ) | ||||||
Net decrease in net assets resulting | ||||||||
from operations | $ | (1,032,330 | ) | |||||
(*) Additional information related to class-specific fees and expenses is included in the Notes to Financial Statements. | ||||||||
See Notes to Financial Statements | ||||||||
Statements of changes in net assets | (dollars in thousands) | |||||||
Six months | ||||||||
ended August 31, | Year ended February 29, | |||||||
2008* | 2008 | |||||||
Operations: | ||||||||
Net investment income | $ | 104,474 | $ | 294,419 | ||||
Net realized (loss) gain on investments and | ||||||||
currency transactions | (103,496 | ) | 2,289,586 | |||||
Net unrealized depreciation | ||||||||
on investments and currency translations | (1,033,308 | ) | (3,427,418 | ) | ||||
Net decrease in net assets | ||||||||
resulting from operations | (1,032,330 | ) | (843,413 | ) | ||||
Dividends and distributions paid to shareholders: | ||||||||
Dividends from net investment income and currency gain | - | (272,105 | ) | |||||
Distributions from net realized gain | ||||||||
on investments | (938,080 | ) | (1,437,511 | ) | ||||
Total dividends and distributions paid | ||||||||
to shareholders | (938,080 | ) | (1,709,616 | ) | ||||
Net capital share transactions | 26,378 | 1,562,312 | ||||||
Total decrease in net assets | (1,944,032 | ) | (990,717 | ) | ||||
Net assets: | ||||||||
Beginning of period | 24,662,810 | 25,653,527 | ||||||
End of period (including | ||||||||
undistributed and distributions in excess of | ||||||||
net investment income: $102,207 and $(2,267), respectively) | $ | 22,718,778 | $ | 24,662,810 | ||||
*Unaudited. | ||||||||
See Notes to Financial Statements |
Notes to financial statements
unaudited
1. Organization and significant accounting policies
Organization – AMCAP Fund, Inc. (the "fund") is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The fund seeks long-term growth of capital by investing primarily in U.S. companies with a record of above-average growth.
The fund offers 15 share classes consisting of five retail share classes, five 529 college savings plan share classes and five retirement plan share classes. The 529 college savings plan share classes (529-A, 529-B, 529-C, 529-E and 529-F-1) can be used to save for college education. The five retirement plan share classes (R-1, R-2, R-3, R-4 and R-5) are generally only offered through eligible employer-sponsored retirement plans. The fund’s share classes are described below:
Share class | Initial sales charge | Contingent deferred sales charge upon redemption | Conversion feature |
Classes A and 529-A | Up to 5.75% | None (except 1% for certain redemptions within one year of purchase without an initial sales charge) | None |
Classes B and 529-B | None | Declines from 5% to 0% for redemptions within six years of purchase | Classes B and 529-B convert to Classes A and 529-A, respectively, after eight years |
Class C | None | 1% for redemptions within one year of purchase | Class C converts to Class F-1 after 10 years |
Class 529-C | None | 1% for redemptions within one year of purchase | None |
Class 529-E | None | None | None |
Classes F-1, F-2 and 529-F-1 | None | None | None |
Classes R-1, R-2, R-3, R-4 and R-5 | None | None | None |
On August 1, 2008, the fund made an additional retail share class (Class F-2) available for sale pursuant to an amendment to its registration statement filed with the Securities and Exchange Commission (“SEC”). In addition, Class F shares were renamed Class F-1 and Class 529-F shares were renamed Class 529-F-1. Refer to the fund’s prospectus for more details.
Holders of all share classes have equal pro rata rights to assets, dividends and liquidation proceeds. Each share class has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for distribution, administrative and shareholder services. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class.
Significant accounting policies – The financial statements have been prepared to comply with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of the significant accounting policies followed by the fund:
Security valuation – Equity securities are 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 in which the security trades. Fixed-income securities, including short-term securities purchased with more than 60 days left to maturity, are valued at prices obtained from an independent pricing service when such prices are available. However, where the investment adviser deems it appropriate, such securities will be valued at the mean quoted bid and asked prices (or bid prices, if asked prices are not available) or at prices for securities of comparable maturity, quality and type. Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are valued in the manner described above for either equity or fixed-income securities, depending on which method is deemed most appropriate by the investment adviser. Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par when they reach 60 days or less remaining to maturity. The ability of the issuers of debt securities held by the fund to meet their obligations may be affected by economic developments in a specific industry, state or region.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the investment adviser are fair valued as determined in good faith under procedures adopted by authority of the fund's board of directors. Market quotations may be considered unreliable if events occur that materially affect the value of securities (particularly securities outside the U.S.) between the close of trading in those securities and the close of regular trading on the New York Stock Exchange. Various factors may be reviewed in order to make a good faith determination of a security’s fair value. These factors include, but are not limited to, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions.
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. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.
Class allocations – Income, fees and expenses (other than class-specific fees and expenses) and realized and unrealized gains and losses are allocated daily among the various share classes based on their relative net assets. Class-specific fees and expenses, such as distribution, administrative and shareholder services, are charged directly to the respective share class.
Dividends and distributions to shareholders – Dividends and distributions paid to shareholders are recorded on the ex-dividend date.
Currency translation – Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. On the accompanying financial statements, the effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.
2. Federal income taxation and distributions
The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its net taxable income and net capital gains each year. The fund is not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.
As of and during the period ended August 31, 2008, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any interest or penalties.
The fund is not subject to examination by U.S. federal tax authorities for tax years before 2004 and by state tax authorities for tax years before 2003.
Distributions – Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to differing treatment for items such as currency gains and losses; short-term capital gains and losses; deferred expenses; and cost of investments sold. 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 components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of February 29, 2008, the fund had undistributed long-term capital gains of $937,922,000.
As of August 31, 2008, the tax basis unrealized appreciation (depreciation) and cost of investment securities were as follows:
(dollars in thousands) | ||||
Gross unrealized appreciation on investment securities | $ | 3,726,244 | ||
Gross unrealized depreciation on investment securities | (2,346,156 | ) | ||
Net unrealized appreciation on investment securities | 1,380,088 | |||
Cost of investment securities | 21,310,631 |
The tax character of distributions paid to shareholders was as follows (dollars in thousands):
Six months ended August 31, 2008 | Year ended February 29, 2008 | |||||||||||||||||||||||
Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | |||||||||||||||||||
Share class | ||||||||||||||||||||||||
Class A | $ | - | $ | 621,110 | $ | 621,110 | $ | 202,493 | $ | 949,313 | $ | 1,151,806 | ||||||||||||
Class B | - | 39,384 | 39,384 | 3,095 | 63,326 | 66,421 | ||||||||||||||||||
Class C | - | 58,355 | 58,355 | 3,933 | 93,635 | 97,568 | ||||||||||||||||||
Class F-1 | - | 92,611 | 92,611 | 31,829 | 147,270 | 179,099 | ||||||||||||||||||
Class F-2* | - | - | - | - | - | - | ||||||||||||||||||
Class 529-A | - | 18,356 | 18,356 | 5,167 | 25,950 | 31,117 | ||||||||||||||||||
Class 529-B | - | 3,329 | 3,329 | 164 | 4,950 | 5,114 | ||||||||||||||||||
Class 529-C | - | 5,770 | 5,770 | 337 | 8,394 | 8,731 | ||||||||||||||||||
Class 529-E | - | 1,045 | 1,045 | 209 | 1,508 | 1,717 | ||||||||||||||||||
Class 529-F-1 | - | 749 | 749 | 237 | 968 | 1,205 | ||||||||||||||||||
Class R-1 | - | 1,616 | 1,616 | 118 | 2,486 | 2,604 | ||||||||||||||||||
Class R-2 | - | 16,317 | 16,317 | 1,108 | 24,659 | 25,767 | ||||||||||||||||||
Class R-3 | - | 27,709 | 27,709 | 5,891 | 42,508 | 48,399 | ||||||||||||||||||
Class R-4 | - | 16,070 | 16,070 | 6,712 | 32,121 | 38,833 | ||||||||||||||||||
Class R-5 | - | 35,659 | 35,659 | 10,812 | 40,423 | 51,235 | ||||||||||||||||||
Total | $ | - | $ | 938,080 | $ | 938,080 | $ | 272,105 | $ | 1,437,511 | $ | 1,709,616 | ||||||||||||
* Class F-2 was offered beginning August 1, 2008. |
3. Fees and transactions with related parties
Capital Research and Management Company ("CRMC"), the fund’s investment adviser, is the parent company of American Funds Service Company® ("AFS"), the fund’s transfer agent, and American Funds Distributors,® Inc. ("AFD"), the principal underwriter of the fund’s shares.
Investment advisory services - The Investment Advisory and Service Agreement with CRMC provides for monthly fees accrued daily. These fees are based on a declining series of annual rates beginning with 0.485% on the first $1 billion of daily net assets and decreasing to 0.290% on such assets in excess of $27 billion. CRMC is currently waiving 10% of investment advisory services fees. During the six months ended August 31, 2008, total investment advisory services fees waived by CRMC were $3,870,000. As a result, the fee shown on the accompanying financial statements of $38,695,000, which was equivalent to an annualized rate of 0.320%, was reduced to $34,825,000, or 0.288% of average daily net assets.
Class-specific fees and expenses – Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are described below:
Distribution services – The fund has adopted plans of distribution for all share classes, except Classes F-2 and R-5. Under the plans, the board of directors approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.25% to 1.00% as noted below. In some cases, the board of directors has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.
For Classes A and 529-A, the board of directors has also approved the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limit of 0.25% is not exceeded. As of August 31, 2008, there were no unreimbursed expenses subject to reimbursement for Classes A or 529-A.
Share class | Currently approved limits | Plan limits |
Class A | 0.25% | 0.25% |
Class 529-A | 0.25 | 0.50 |
Classes B and 529-B | 1.00 | 1.00 |
Classes C, 529-C and R-1 | 1.00 | 1.00 |
Class R-2 | 0.75 | 1.00 |
Classes 529-E and R-3 | 0.50 | 0.75 |
Classes F-1, 529-F-1 and R-4 | 0.25 | 0.50 |
Transfer agent services – The fund has a transfer agent agreement with AFS for Classes A and B. Under this agreement, these share classes compensate AFS for transfer agent services including shareholder recordkeeping, communications and transaction processing. AFS is also compensated for certain transfer agent services provided to all other share classes from the administrative services fees paid to CRMC described below.
Administrative services – The fund has an administrative services agreement with CRMC to provide transfer agent and other related shareholder services for all share classes other than Classes A and B. Each relevant share class pays CRMC annual fees up to 0.15% (0.10% for Class R-5) based on its respective average daily net assets. Each relevant share class also pays AFS additional amounts for certain transfer agent services. CRMC and AFS may use these fees to compensate third parties for performing these services. Each 529 share class is subject to an additional annual administrative services fee of 0.10% of its respective average daily net assets; this fee is payable to the Commonwealth of Virginia for the maintenance of the 529 college savings plan. Although these amounts are included with administrative services fees on the accompanying financial statements, the Commonwealth of Virginia is not considered a related party.
Expenses under the agreements described above for the six months ended August 31, 2008, were as follows (dollars in thousands):
Share class | Distribution services | Transfer agent services | Administrative services | ||
CRMC administrative services | Transfer agent services | Commonwealth of Virginia administrative services | |||
Class A | $18,546 | $10,678 | Not applicable | Not applicable | Not applicable |
Class B | 4,935 | 651 | Not applicable | Not applicable | Not applicable |
Class C | 7,255 | Included in administrative services | $1,078 | $160 | Not applicable |
Class F-1 | 2,937 | 1,173 | 104 | Not applicable | |
Class F-2 | Not applicable | 1 | - * | Not applicable | |
Class 529-A | 476 | 248 | 41 | $ 236 | |
Class 529-B | 415 | 44 | 14 | 42 | |
Class 529-C | 715 | 75 | 21 | 72 | |
Class 529-E | 67 | 14 | 2 | 13 | |
Class 529-F-1 | - | 10 | 2 | 9 | |
Class R-1 | 202 | 14 | 10 | Not applicable | |
Class R-2 | 1,537 | 301 | 678 | Not applicable | |
Class R-3 | 1,756 | 504 | 224 | Not applicable | |
Class R-4 | 521 | 277 | 10 | Not applicable | |
Class R-5 | Not applicable | 399 | 5 | Not applicable | |
Total | $39,362 | $11.329 | $4,138 | $1,271 | $372 |
* Amount less than one thousand.
Directors’ deferred compensation – Since the adoption of the deferred compensation plan in 1993, directors 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. Directors’ compensation of $55,000, shown on the accompanying financial statements, includes $242,000 in current fees (either paid in cash or deferred) and a net decrease of $187,000 in the value of the deferred amounts.
Affiliated officers and directors – Officers and certain directors of the fund are or may be considered to be affiliated with CRMC, AFS and AFD. No affiliated officers or directors received any compensation directly from the fund.
4. Disclosure of fair value measurements
The fund adopted the Statement of Financial Accounting Standards No. 157 (“FAS 157”), Fair Value Measurements, on March 1, 2008. FAS 157 requires the fund to classify its assets and liabilities based on valuation method using three levels. 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. Level 3 values are based on significant unobservable inputs that reflect the fund’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 generally high quality and liquid; however, they 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 August 31, 2008 (dollars in thousands):
Investment securities | ||||
Level 1 – Quoted prices | $ | 18,451,259 | ||
Level 2 – Other significant observable inputs | 4,239,460 | (*) | ||
Level 3 – Significant unobservable inputs | - | |||
Total | $ | 22,690,719 |
(*) Includes certain securities trading primarily outside the U.S. whose value was adjusted as a result of significant market movements following the close of local trading.
5. Capital share transactions
Capital share transactions in the fund were as follows (dollars and shares in thousands):
Share class | Sales(*) | Reinvestments of dividends and distributions | Repurchases(*) | Net increase (decrease) | ||||||||||||||||||||||||||||
Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | |||||||||||||||||||||||||
Six months ended August 31, 2008 | ||||||||||||||||||||||||||||||||
Class A | $ | 917,565 | 51,305 | $ | 596,801 | 34,698 | $ | (1,363,024 | ) | (77,213 | ) | $ | 151,342 | 8,790 | ||||||||||||||||||
Class B | 29,919 | 1,737 | 38,002 | 2,299 | (100,503 | ) | (5,906 | ) | (32,582 | ) | (1,870 | ) | ||||||||||||||||||||
Class C | 80,841 | 4,750 | 55,792 | 3,402 | (190,409 | ) | (11,284 | ) | (53,776 | ) | (3,132 | ) | ||||||||||||||||||||
Class F-1 | 237,867 | 13,324 | 83,010 | 4,852 | (542,450 | ) | (31,103 | ) | (221,573 | ) | (12,927 | ) | ||||||||||||||||||||
Class F-2† | 8,202 | 482 | - | - | (22 | ) | (1 | ) | 8,180 | 481 | ||||||||||||||||||||||
Class 529-A | 33,532 | 1,882 | 18,350 | 1,069 | (19,868 | ) | (1,132 | ) | 32,014 | 1,819 | ||||||||||||||||||||||
Class 529-B | 3,535 | 206 | 3,329 | 201 | (3,278 | ) | (194 | ) | 3,586 | 213 | ||||||||||||||||||||||
Class 529-C | 10,156 | 590 | 5,767 | 348 | (9,121 | ) | (542 | ) | 6,802 | 396 | ||||||||||||||||||||||
Class 529-E | 1,945 | 111 | 1,045 | 61 | (1,252 | ) | (72 | ) | 1,738 | 100 | ||||||||||||||||||||||
Class 529-F-1 | 2,693 | 150 | 749 | 43 | (1,477 | ) | (84 | ) | 1,965 | 109 | ||||||||||||||||||||||
Class R-1 | 6,639 | 380 | 1,609 | 97 | (5,282 | ) | (305 | ) | 2,966 | 172 | ||||||||||||||||||||||
Class R-2 | 54,504 | 3,139 | 16,308 | 976 | (57,184 | ) | (3,307 | ) | 13,628 | 808 | ||||||||||||||||||||||
Class R-3 | 81,676 | 4,616 | 27,641 | 1,627 | (131,032 | ) | (7,556 | ) | (21,715 | ) | (1,313 | ) | ||||||||||||||||||||
Class R-4 | 57,843 | 3,287 | 16,066 | 938 | (165,638 | ) | (9,156 | ) | (91,729 | ) | (4,931 | ) | ||||||||||||||||||||
Class R-5 | 272,610 | 15,122 | 35,407 | 2,052 | (82,485 | ) | (4,621 | ) | 225,532 | 12,553 | ||||||||||||||||||||||
Total net increase | ||||||||||||||||||||||||||||||||
(decrease) | $ | 1,799,527 | 101,081 | $ | 899,876 | 52,663 | $ | (2,673,025 | ) | (152,476 | ) | $ | 26,378 | 1,268 | ||||||||||||||||||
Year ended February 29, 2008 | ||||||||||||||||||||||||||||||||
Class A | $ | 2,271,915 | 108,920 | $ | 1,097,298 | 54,393 | $ | (2,652,045 | ) | (127,586 | ) | $ | 717,168 | 35,727 | ||||||||||||||||||
Class B | 76,097 | 3,786 | 63,681 | 3,269 | (167,642 | ) | (8,385 | ) | (27,864 | ) | (1,330 | ) | ||||||||||||||||||||
Class C | 233,670 | 11,684 | 92,706 | 4,794 | (316,185 | ) | (15,938 | ) | 10,191 | 540 | ||||||||||||||||||||||
Class F-1 | 746,451 | 35,893 | 159,739 | 7,959 | (653,098 | ) | (31,831 | ) | 253,092 | 12,021 | ||||||||||||||||||||||
Class 529-A | 93,127 | 4,490 | 31,113 | 1,547 | (39,989 | ) | (1,929 | ) | 84,251 | 4,108 | ||||||||||||||||||||||
Class 529-B | 9,313 | 463 | 5,114 | 262 | (6,528 | ) | (326 | ) | 7,899 | 399 | ||||||||||||||||||||||
Class 529-C | 30,758 | 1,525 | 8,731 | 447 | (16,784 | ) | (836 | ) | 22,705 | 1,136 | ||||||||||||||||||||||
Class 529-E | 5,191 | 252 | 1,717 | 87 | (2,552 | ) | (124 | ) | 4,356 | 215 | ||||||||||||||||||||||
Class 529-F-1 | 7,865 | 377 | 1,205 | 60 | (1,936 | ) | (93 | ) | 7,134 | 344 | ||||||||||||||||||||||
Class R-1 | 16,032 | 781 | 2,590 | 131 | (17,338 | ) | (853 | ) | 1,284 | 59 | ||||||||||||||||||||||
Class R-2 | 138,404 | 6,820 | 25,729 | 1,307 | (133,315 | ) | (6,573 | ) | 30,818 | 1,554 | ||||||||||||||||||||||
Class R-3 | 252,587 | 12,248 | 48,224 | 2,415 | (249,306 | ) | (12,102 | ) | 51,505 | 2,561 | ||||||||||||||||||||||
Class R-4 | 167,376 | 8,027 | 38,823 | 1,932 | (175,334 | ) | (8,573 | ) | 30,865 | 1,386 | ||||||||||||||||||||||
Class R-5 | 459,146 | 21,732 | 50,913 | 2,523 | (141,151 | ) | (6,860 | ) | 368,908 | 17,395 | ||||||||||||||||||||||
Total net increase | ||||||||||||||||||||||||||||||||
(decrease) | $ | 4,507,932 | 216,998 | $ | 1,627,583 | 81,126 | $ | (4,573,203 | ) | (222,009 | ) | $ | 1,562,312 | 76,115 | ||||||||||||||||||
(*) Includes exchanges between share classes of the fund. | ||||||||||||||||||||||||||||||||
† Class F-2 was offered beginning August 1, 2008 |
6. Investment transactions
The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $2,969,464,000 and $3,495,026,000, respectively, during the six months ended August 31, 2008.
Financial highlights (1)
(Loss) income from investment operations(2) | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) | Net (losses) gains 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 period | Total return (3) (4) | Net assets, end of period (in millions) | Ratio of expenses to average net assets before reimbursements /waivers | Ratio of expenses to average net assets after reimbursements /waivers (4) | Ratio of net income (loss) to average net assets (4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 8/31/2008 | (5 | ) | $ | 18.41 | $ | .09 | $ | (.85 | ) | $ | (.76 | ) | $ | - | $ | (.70 | ) | $ | (.70 | ) | $ | 16.95 | (4.16 | )% | $ | 15,239 | .71 | % | (6 | ) | .68 | % | (6 | ) | .97 | % | (6 | ) | ||||||||||||||||||||||||||||||||||||||||||
Year ended 2/29/2008 | 20.29 | .25 | (.77 | ) | (.52 | ) | (.24 | ) | (1.12 | ) | (1.36 | ) | 18.41 | (3.14 | ) | 16,387 | .68 | .65 | 1.21 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2007 | 19.48 | .18 | 1.37 | 1.55 | (.16 | ) | (.58 | ) | (.74 | ) | 20.29 | 8.07 | 17,341 | .68 | .65 | .91 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2006 | 18.02 | .12 | 1.82 | 1.94 | (.09 | ) | (.39 | ) | (.48 | ) | 19.48 | 10.87 | 16,091 | .68 | .65 | .66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2005 | 17.50 | .06 | .63 | .69 | (.04 | ) | (.13 | ) | (.17 | ) | 18.02 | 3.94 | 13,350 | .69 | .68 | .36 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/29/2004 | 12.78 | .02 | 4.70 | 4.72 | - | (7 | ) | - | - | (7 | ) | 17.50 | 36.96 | 11,086 | .73 | .73 | .11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 8/31/2008 | (5 | ) | 17.75 | .02 | (.81 | ) | (.79 | ) | - | (.70 | ) | (.70 | ) | 16.26 | (4.49 | ) | 914 | 1.47 | (6 | ) | 1.44 | (6 | ) | .20 | (6 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/29/2008 | 19.59 | .09 | (.76 | ) | (.67 | ) | (.05 | ) | (1.12 | ) | (1.17 | ) | 17.75 | (3.92 | ) | 1,031 | 1.45 | 1.42 | .44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2007 | 18.83 | .02 | 1.32 | 1.34 | - | (.58 | ) | (.58 | ) | 19.59 | 7.23 | 1,163 | 1.46 | 1.42 | .13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2006 | 17.48 | (.02 | ) | 1.76 | 1.74 | - | (.39 | ) | (.39 | ) | 18.83 | 10.04 | 1,139 | 1.47 | 1.44 | (.13 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2005 | 17.07 | (.07 | ) | .61 | .54 | - | (.13 | ) | (.13 | ) | 17.48 | 3.13 | 984 | 1.48 | 1.47 | (.41 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/29/2004 | 12.56 | (.10 | ) | 4.61 | 4.51 | - | - | - | 17.07 | 35.91 | 740 | 1.50 | 1.50 | (.66 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 8/31/2008 | (5 | ) | 17.63 | .01 | (.80 | ) | (.79 | ) | - | (.70 | ) | (.70 | ) | 16.14 | (4.58 | ) | 1,340 | 1.51 | (6 | ) | 1.48 | (6 | ) | .16 | (6 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/29/2008 | 19.46 | .08 | (.74 | ) | (.66 | ) | (.05 | ) | (1.12 | ) | (1.17 | ) | 17.63 | (3.93 | ) | 1,519 | 1.50 | 1.47 | .39 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2007 | 18.72 | .01 | 1.31 | 1.32 | - | (.58 | ) | (.58 | ) | 19.46 | 7.16 | 1,667 | 1.51 | 1.48 | .07 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2006 | 17.39 | (.03 | ) | 1.75 | 1.72 | - | (.39 | ) | (.39 | ) | 18.72 | 9.98 | 1,607 | 1.52 | 1.49 | (.18 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2005 | 16.99 | (.08 | ) | .61 | .53 | - | (.13 | ) | (.13 | ) | 17.39 | 3.09 | 1,262 | 1.54 | 1.53 | (.47 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/29/2004 | 12.51 | (.11 | ) | 4.59 | 4.48 | - | - | - | 16.99 | 35.81 | 849 | 1.56 | 1.56 | (.73 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class F-1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 8/31/2008 | (5 | ) | 18.31 | .09 | (.84 | ) | (.75 | ) | - | (.70 | ) | (.70 | ) | 16.86 | (4.13 | ) | 2,077 | .69 | (6 | ) | .66 | (6 | ) | .98 | (6 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/29/2008 | 20.20 | .25 | (.78 | ) | (.53 | ) | (.24 | ) | (1.12 | ) | (1.36 | ) | 18.31 | (3.19 | ) | 2,492 | .68 | .65 | 1.20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2007 | 19.40 | .18 | 1.36 | 1.54 | (.16 | ) | (.58 | ) | (.74 | ) | 20.20 | 8.06 | 2,506 | .68 | .65 | .90 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2006 | 17.94 | .12 | 1.82 | 1.94 | (.09 | ) | (.39 | ) | (.48 | ) | 19.40 | 10.90 | 2,132 | .71 | .68 | .63 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2005 | 17.41 | .06 | .62 | .68 | (.02 | ) | (.13 | ) | (.15 | ) | 17.94 | 3.88 | 1,513 | .76 | .75 | .31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/29/2004 | 12.73 | .01 | 4.67 | 4.68 | - | (7 | ) | - | - | (7 | ) | 17.41 | 36.81 | 978 | .78 | .78 | .05 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class F-2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period from 8/1/2008 to 8/31/2008 | (5 | ) | 16.52 | .02 | .41 | .43 | - | - | - | 16.95 | 2.60 | 8 | .04 | .04 | .10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 529-A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 8/31/2008 | (5 | ) | 18.36 | .08 | (.84 | ) | (.76 | ) | - | (.70 | ) | (.70 | ) | 16.90 | (4.18 | ) | 460 | .77 | (6 | ) | .74 | (6 | ) | .91 | (6 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/29/2008 | 20.25 | .23 | (.78 | ) | (.55 | ) | (.22 | ) | (1.12 | ) | (1.34 | ) | 18.36 | (3.26 | ) | 467 | .76 | .73 | 1.12 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2007 | 19.45 | .17 | 1.36 | 1.53 | (.15 | ) | (.58 | ) | (.73 | ) | 20.25 | 7.99 | 432 | .74 | .71 | .84 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2006 | 17.99 | .11 | 1.82 | 1.93 | (.08 | ) | (.39 | ) | (.47 | ) | 19.45 | 10.85 | 339 | .75 | .72 | .60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2005 | 17.46 | .06 | .62 | .68 | (.02 | ) | (.13 | ) | (.15 | ) | 17.99 | 3.86 | 224 | .77 | .76 | .31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/29/2004 | 12.76 | .01 | 4.70 | 4.71 | (.01 | ) | - | (.01 | ) | 17.46 | 36.90 | 128 | .77 | .77 | .06 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 529-B: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 8/31/2008 | (5 | ) | 17.81 | .01 | (.82 | ) | (.81 | ) | - | (.70 | ) | (.70 | ) | 16.30 | (4.59 | ) | 80 | 1.58 | (6 | ) | 1.55 | (6 | ) | .10 | (6 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/29/2008 | 19.65 | .06 | (.74 | ) | (.68 | ) | (.04 | ) | (1.12 | ) | (1.16 | ) | 17.81 | (3.99 | ) | 84 | 1.57 | 1.54 | .31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2007 | 18.91 | - | (7 | ) | 1.32 | 1.32 | - | (.58 | ) | (.58 | ) | 19.65 | 7.09 | 84 | 1.57 | 1.54 | .01 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2006 | 17.58 | (.05 | ) | 1.77 | 1.72 | - | (.39 | ) | (.39 | ) | 18.91 | 9.87 | 73 | 1.61 | 1.58 | (.27 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2005 | 17.20 | (.10 | ) | .61 | .51 | - | (.13 | ) | (.13 | ) | 17.58 | 2.94 | 56 | 1.66 | 1.65 | (.59 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/29/2004 | 12.68 | (.13 | ) | 4.65 | 4.52 | - | - | - | 17.20 | 35.65 | 37 | 1.68 | 1.68 | (.85 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 529-C: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 8/31/2008 | (5 | ) | 17.82 | .01 | (.82 | ) | (.81 | ) | - | (.70 | ) | (.70 | ) | 16.31 | (4.59 | ) | 138 | 1.57 | (6 | ) | 1.54 | (6 | ) | .10 | (6 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/29/2008 | 19.67 | .06 | (.74 | ) | (.68 | ) | (.05 | ) | (1.12 | ) | (1.17 | ) | 17.82 | (4.00 | ) | 144 | 1.57 | 1.54 | .31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2007 | 18.93 | - | (7 | ) | 1.32 | 1.32 | - | (.58 | ) | (.58 | ) | 19.67 | 7.08 | 136 | 1.56 | 1.53 | .02 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2006 | 17.59 | (.05 | ) | 1.78 | 1.73 | - | (.39 | ) | (.39 | ) | 18.93 | 9.92 | 110 | 1.59 | 1.56 | (.25 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2005 | 17.21 | (.10 | ) | .61 | .51 | - | (.13 | ) | (.13 | ) | 17.59 | 2.93 | 76 | 1.65 | 1.64 | (.58 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/29/2004 | 12.68 | (.13 | ) | 4.66 | 4.53 | - | - | - | 17.21 | 35.72 | 46 | 1.67 | 1.67 | (.84 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 529-E: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 8/31/2008 | (5 | ) | 18.20 | .05 | (.83 | ) | (.78 | ) | - | (.70 | ) | (.70 | ) | 16.72 | (4.32 | ) | 26 | 1.07 | (6 | ) | 1.04 | (6 | ) | .61 | (6 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/29/2008 | 20.07 | .17 | (.76 | ) | (.59 | ) | (.16 | ) | (1.12 | ) | (1.28 | ) | 18.20 | (3.50 | ) | 27 | 1.06 | 1.03 | .82 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2007 | 19.28 | .10 | 1.35 | 1.45 | (.08 | ) | (.58 | ) | (.66 | ) | 20.07 | 7.66 | 25 | 1.05 | 1.02 | .54 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2006 | 17.85 | .05 | 1.80 | 1.85 | (.03 | ) | (.39 | ) | (.42 | ) | 19.28 | 10.46 | 20 | 1.08 | 1.05 | .27 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2005 | 17.37 | (.01 | ) | .62 | .61 | - | (.13 | ) | (.13 | ) | 17.85 | 3.48 | 14 | 1.13 | 1.12 | (.05 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/29/2004 | 12.73 | (.05 | ) | 4.69 | 4.64 | - | - | - | 17.37 | 36.45 | 8 | 1.14 | 1.14 | (.31 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 529-F-1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 8/31/2008 | (5 | ) | $ | 18.36 | $ | .10 | $ | (.84 | ) | $ | (.74 | ) | $ | - | $ | (.70 | ) | $ | (.70 | ) | $ | 16.92 | (4.07 | )% | $ | 19 | .57 | % | (6 | ) | .54 | % | (6 | ) | 1.11 | % | (6 | ) | ||||||||||||||||||||||||||||||||||||||||||
Year ended 2/29/2008 | 20.26 | .27 | (.77 | ) | (.50 | ) | (.28 | ) | (1.12 | ) | (1.40 | ) | 18.36 | (3.07 | ) | 18 | .56 | .53 | 1.30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2007 | 19.46 | .20 | 1.37 | 1.57 | (.19 | ) | (.58 | ) | (.77 | ) | 20.26 | 8.20 | 14 | .55 | .52 | 1.04 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2006 | 17.99 | .14 | 1.82 | 1.96 | (.10 | ) | (.39 | ) | (.49 | ) | 19.46 | 10.99 | 10 | .62 | .59 | .73 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2005 | 17.46 | .04 | .62 | .66 | - | (.13 | ) | (.13 | ) | 17.99 | 3.75 | 6 | .88 | .87 | .20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/29/2004 | 12.78 | (.01 | ) | 4.69 | 4.68 | - | (7 | ) | - | - | (7 | ) | 17.46 | 36.66 | 3 | .89 | .89 | (.07 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R-1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 8/31/2008 | (5 | ) | 17.95 | .02 | (.82 | ) | (.80 | ) | - | (.70 | ) | (.70 | ) | 16.45 | (4.50 | ) | 40 | 1.45 | (6 | ) | 1.42 | (6 | ) | .22 | (6 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/29/2008 | 19.80 | .08 | (.76 | ) | (.68 | ) | (.05 | ) | (1.12 | ) | (1.17 | ) | 17.95 | (3.93 | ) | 40 | 1.50 | 1.47 | .39 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2007 | 19.04 | .02 | 1.32 | 1.34 | - | (.58 | ) | (.58 | ) | 19.80 | 7.14 | 43 | 1.50 | 1.47 | .09 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2006 | 17.69 | (.03 | ) | 1.77 | 1.74 | - | (.39 | ) | (.39 | ) | 19.04 | 9.92 | 35 | 1.55 | 1.51 | (.19 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2005 | 17.28 | (.08 | ) | .62 | .54 | - | (.13 | ) | (.13 | ) | 17.69 | 3.09 | 23 | 1.57 | 1.54 | (.47 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/29/2004 | 12.73 | (.12 | ) | 4.68 | 4.56 | (.01 | ) | - | (.01 | ) | 17.28 | 35.81 | 12 | 1.60 | 1.57 | (.75 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R-2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 8/31/2008 | (5 | ) | 17.94 | .01 | (.82 | ) | (.81 | ) | - | (.70 | ) | (.70 | ) | 16.43 | (4.56 | ) | 393 | 1.56 | (6 | ) | 1.53 | (6 | ) | .11 | (6 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/29/2008 | 19.79 | .08 | (.76 | ) | (.68 | ) | (.05 | ) | (1.12 | ) | (1.17 | ) | 17.94 | (3.95 | ) | 415 | 1.53 | 1.47 | .38 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2007 | 19.03 | .02 | 1.32 | 1.34 | - | (.58 | ) | (.58 | ) | 19.79 | 7.15 | 427 | 1.59 | 1.46 | .09 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2006 | 17.66 | (.03 | ) | 1.79 | 1.76 | - | (.39 | ) | (.39 | ) | 19.03 | 10.05 | 358 | 1.66 | 1.48 | (.17 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2005 | 17.26 | (.07 | ) | .60 | .53 | - | (.13 | ) | (.13 | ) | 17.66 | 3.04 | 245 | 1.73 | 1.51 | (.43 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/29/2004 | 12.71 | (.11 | ) | 4.66 | 4.55 | - | (7 | ) | - | - | (7 | ) | 17.26 | 35.80 | 130 | 1.91 | 1.53 | (.70 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R-3: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 8/31/2008 | (5 | ) | 18.21 | .06 | (.84 | ) | (.78 | ) | - | (.70 | ) | (.70 | ) | 16.73 | (4.32 | ) | 643 | 1.04 | (6 | ) | 1.01 | (6 | ) | .63 | (6 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/29/2008 | 20.08 | .18 | (.78 | ) | (.60 | ) | (.15 | ) | (1.12 | ) | (1.27 | ) | 18.21 | (3.51 | ) | 724 | 1.04 | 1.01 | .85 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2007 | 19.28 | .11 | 1.35 | 1.46 | (.08 | ) | (.58 | ) | (.66 | ) | 20.08 | 7.68 | 747 | 1.04 | 1.01 | .55 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2006 | 17.86 | .05 | 1.80 | 1.85 | (.04 | ) | (.39 | ) | (.43 | ) | 19.28 | 10.45 | 662 | 1.06 | 1.02 | .29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2005 | 17.37 | - | (7 | ) | .62 | .62 | - | (.13 | ) | (.13 | ) | 17.86 | 3.54 | 421 | 1.08 | 1.07 | .01 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/29/2004 | 12.75 | (.05 | ) | 4.67 | 4.62 | - | (7 | ) | - | - | (7 | ) | 17.37 | 36.27 | 189 | 1.16 | 1.15 | (.32 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R-4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 8/31/2008 | (5 | ) | 18.33 | .09 | (.84 | ) | (.75 | ) | - | (.70 | ) | (.70 | ) | 16.88 | (4.13 | ) | 403 | .72 | (6 | ) | .69 | (6 | ) | .95 | (6 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/29/2008 | 20.22 | .24 | (.78 | ) | (.54 | ) | (.23 | ) | (1.12 | ) | (1.35 | ) | 18.33 | (3.22 | ) | 528 | .73 | .70 | 1.16 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2007 | 19.42 | .17 | 1.35 | 1.52 | (.14 | ) | (.58 | ) | (.72 | ) | 20.22 | 7.97 | 555 | .73 | .70 | .85 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2006 | 17.99 | .11 | 1.81 | 1.92 | (.10 | ) | (.39 | ) | (.49 | ) | 19.42 | 10.79 | 405 | .75 | .71 | .61 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2005 | 17.45 | .06 | .62 | .68 | (.01 | ) | (.13 | ) | (.14 | ) | 17.99 | 3.85 | 168 | .76 | .75 | .35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/29/2004 | 12.76 | .01 | 4.69 | 4.70 | (.01 | ) | - | (.01 | ) | 17.45 | 36.84 | 60 | .78 | .78 | .05 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R-5: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 8/31/2008 | (5 | ) | 18.45 | .11 | (.84 | ) | (.73 | ) | - | (.70 | ) | (.70 | ) | 17.02 | (3.99 | ) | 939 | .42 | (6 | ) | .39 | (6 | ) | 1.26 | (6 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/29/2008 | 20.35 | .30 | (.77 | ) | (.47 | ) | (.31 | ) | (1.12 | ) | (1.43 | ) | 18.45 | (2.93 | ) | 787 | .43 | .40 | 1.43 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2007 | 19.55 | .23 | 1.36 | 1.59 | (.21 | ) | (.58 | ) | (.79 | ) | 20.35 | 8.29 | 514 | .43 | .40 | 1.15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2006 | 18.07 | .17 | 1.83 | 2.00 | (.13 | ) | (.39 | ) | (.52 | ) | 19.55 | 11.19 | 359 | .44 | .41 | .90 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/28/2005 | 17.54 | .11 | .63 | .74 | (.08 | ) | (.13 | ) | (.21 | ) | 18.07 | 4.20 | 274 | .45 | .44 | .62 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 2/29/2004 | 12.78 | .06 | 4.71 | 4.77 | (.01 | ) | - | (.01 | ) | 17.54 | 37.32 | 127 | .47 | .47 | .37 |
Six months ended August 31, | Year ended February 28 or 29 | |||||||||||||||||||||||
2008(5) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Portfolio turnover rate for all classes of shares | 15 | % | 29 | % | 20 | % | 20 | % | 16 | % | 17 | % |
(1) Based on operations for the periods shown (unless otherwise noted) and, accordingly, may not be representative of a full year. | |||||||||||||||
(2) Based on average shares outstanding. | |||||||||||||||
(3) Total returns exclude any applicable sales charges, including contingent deferred sales charges. | |||||||||||||||
(4) This column reflects the impact, if any, of certain reimbursements/waivers from CRMC. During some of the periods shown, CRMC reduced fees for investment advisory services. | |||||||||||||||
In addition, during some of the periods shown, CRMC paid a portion of the fund's transfer agent fees for certain retirement plan share classes. | |||||||||||||||
(5) Unaudited. | |||||||||||||||
(6) Annualized. | |||||||||||||||
(7) Amount less than $.01. | |||||||||||||||
See Notes to Financial Statements |
Expense example
unaudited
As a shareholder of the fund, you incur two types of costs: (1) transaction costs such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2008, through August 31, 2008).
Actual expenses:
The first line of each share class in the table on the next page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses paid during period" to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes:
The second line of each share class in the table on the next page provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.
Notes:
There are some account fees that are charged to certain types of accounts, such as individual retirement accounts and 529 college savings plan accounts (generally, a $10 fee is charged to set up the account and an additional $10 fee is charged to the account annually) that would increase the amount of expenses paid on your account. In addition, retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F-1, F-2 and 529-F-1 shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would also be lower by the amount of these fees.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning account value 3/1/2008 | Ending account value 8/31/2008 | Expenses paid during period* | Annualized expense ratio | |||||||||||||
Class A -- actual return | $ | 1,000.00 | $ | 958.37 | $ | 3.35 | .68 | % | ||||||||
Class A -- assumed 5% return | 1,000.00 | 1,021.72 | 3.46 | .68 | ||||||||||||
Class B -- actual return | 1,000.00 | 955.06 | 7.08 | 1.44 | ||||||||||||
Class B -- assumed 5% return | 1,000.00 | 1,017.90 | 7.30 | 1.44 | ||||||||||||
Class C -- actual return | 1,000.00 | 954.19 | 7.27 | 1.48 | ||||||||||||
Class C -- assumed 5% return | 1,000.00 | 1,017.70 | 7.51 | 1.48 | ||||||||||||
Class F-1 -- actual return | 1,000.00 | 958.69 | 3.25 | .66 | ||||||||||||
Class F-1 -- assumed 5% return | 1,000.00 | 1,021.82 | 3.35 | .66 | ||||||||||||
Class F-2 -- actual return † | 1,000.00 | 1,026.03 | .39 | .47 | ||||||||||||
Class F-2 -- assumed 5% return † | 1,000.00 | 1,022.77 | 2.39 | .47 | ||||||||||||
Class 529-A -- actual return | 1,000.00 | 958.25 | 3.64 | .74 | ||||||||||||
Class 529-A -- assumed 5% return | 1,000.00 | 1,021.42 | 3.76 | .74 | ||||||||||||
Class 529-B -- actual return | 1,000.00 | 954.10 | 7.61 | 1.55 | ||||||||||||
Class 529-B -- assumed 5% return | 1,000.00 | 1,017.34 | 7.86 | 1.55 | ||||||||||||
Class 529-C -- actual return | 1,000.00 | 954.14 | 7.56 | 1.54 | ||||||||||||
Class 529-C -- assumed 5% return | 1,000.00 | 1,017.39 | 7.81 | 1.54 | ||||||||||||
Class 529-E -- actual return | 1,000.00 | 956.77 | 5.12 | 1.04 | ||||||||||||
Class 529-E -- assumed 5% return | 1,000.00 | 1,019.91 | 5.28 | 1.04 | ||||||||||||
Class 529-F-1 -- actual return | 1,000.00 | 959.35 | 2.66 | .54 | ||||||||||||
Class 529-F-1 -- assumed 5% return | 1,000.00 | 1,022.42 | 2.75 | .54 | ||||||||||||
Class R-1 -- actual return | 1,000.00 | 955.02 | 6.98 | 1.42 | ||||||||||||
Class R-1 -- assumed 5% return | 1,000.00 | 1,018.00 | 7.20 | 1.42 | ||||||||||||
Class R-2 -- actual return | 1,000.00 | 954.44 | 7.52 | 1.53 | ||||||||||||
Class R-2 -- assumed 5% return | 1,000.00 | 1,017.44 | 7.76 | 1.53 | ||||||||||||
Class R-3 -- actual return | 1,000.00 | 956.79 | 4.97 | 1.01 | ||||||||||||
Class R-3 -- assumed 5% return | 1,000.00 | 1,020.06 | 5.13 | 1.01 | ||||||||||||
Class R-4 -- actual return | 1,000.00 | 958.73 | 3.40 | .69 | ||||||||||||
Class R-4 -- assumed 5% return | 1,000.00 | 1,021.67 | 3.51 | .69 | ||||||||||||
Class R-5 -- actual return | 1,000.00 | 960.13 | 1.92 | .39 | ||||||||||||
Class R-5 -- assumed 5% return | 1,000.00 | 1,023.18 | 1.98 | .39 |
*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).
† The period for the “annualized expense ratio” and “actual return” line is based on the number of days from August 1, 2008 (the initial sale of the share class), through August 31, 2008, and accordingly, is not representative of a full period. The “assumed 5% return” line is based on 184 days.
Other share class results
unaudited
Classes B, C, F and 529 | ||||||||||||
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com. | ||||||||||||
Average annual total returns for periods ended | Life | |||||||||||
September 30, 2008 (the most recent calendar quarter-end): | 1 year | 5 years | of class | |||||||||
Class B shares — first sold 3/15/00 | ||||||||||||
Reflecting applicable contingent deferred sales | ||||||||||||
charge (CDSC), maximum of 5%, payable only | ||||||||||||
if shares are sold within six years of purchase | –26.36 | % | 2.79 | % | 1.12 | % | ||||||
Not reflecting CDSC | –22.85 | 3.15 | 1.12 | |||||||||
Class C shares — first sold 3/15/01 | ||||||||||||
Reflecting CDSC, maximum of 1%, payable only | ||||||||||||
if shares are sold within one year of purchase | –23.54 | 3.11 | 1.39 | |||||||||
Not reflecting CDSC | –22.84 | 3.11 | 1.39 | |||||||||
Class F-1 shares1 — first sold 3/16/01 | ||||||||||||
Not reflecting annual asset-based fee charged | ||||||||||||
by sponsoring firm | –22.23 | 3.93 | 2.42 | |||||||||
Class F-2 shares1 — first sold 8/1/08 | ||||||||||||
Not reflecting annual asset-based fee charged | ||||||||||||
by sponsoring firm | — | — | –5.69 | 2 | ||||||||
Class 529-A shares3 — first sold 2/15/02 | ||||||||||||
Reflecting 5.75% maximum sales charge | –26.77 | 2.67 | 1.97 | |||||||||
Not reflecting maximum sales charge | –22.29 | 3.89 | 2.88 | |||||||||
Class 529-B shares3 — first sold 2/19/02 | ||||||||||||
Reflecting applicable CDSC, maximum of 5%, | ||||||||||||
payable only if shares are sold within six years | ||||||||||||
of purchase | –26.41 | 2.66 | 2.27 | |||||||||
Not reflecting CDSC | –22.90 | 3.01 | 2.27 | |||||||||
Class 529-C shares3 — first sold 2/19/02 | ||||||||||||
Reflecting CDSC, maximum of 1%, payable only | ||||||||||||
if shares are sold within one year of purchase | –23.60 | 3.02 | 2.29 | |||||||||
Not reflecting CDSC | –22.90 | 3.02 | 2.29 | |||||||||
Class 529-E shares1,3 — first sold 3/7/02 | –22.51 | 3.56 | 1.97 | |||||||||
Class 529-F-1 shares1,3 — first sold 9/17/02 | ||||||||||||
Not reflecting annual asset-based fee charged | ||||||||||||
by sponsoring firm | –22.12 | 3.99 | 6.42 | |||||||||
1These shares are sold without any initial or contingent deferred sales charge. | ||||||||||||
2Results are cumulative total returns; they are not annualized. | ||||||||||||
3Results shown do not reflect the $10 initial account setup fee and an annual $10 account maintenance fee. |
The fund’s investment adviser waived 5% of its management fees from September 1, 2004, through March 31, 2005, and increased the waiver to 10% on April 1, 2005. Fund results shown reflect the waiver, without which they would have been lower. Please see the Financial Highlights table on pages 20 to 25 for details.
For information regarding the differences among the various share classes, please refer to the fund’s prospectus.
Approval of Investment Advisory and Service Agreement
The fund’s board has approved the fund’s Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through March 31, 2009. The board approved the agreement following the recommendation of the fund’s Contracts Committee (the “committee”), which is composed of all of the fund’s independent board members. The board and the committee determined that the fund’s advisory fee structure was fair and reasonable in relation to the services provided and that approving the agreement was in the best interests of the fund and its shareholders.
In reaching this decision, the board and the committee took into account information furnished to them throughout the year, as well as information prepared specifically in connection with their review of the agreement and were advised by their independent counsel. They considered the factors discussed below, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor.
1. Nature, extent and quality of services
The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of its organization; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative, compliance and shareholder services provided by CRMC to the fund under the agreement and other agreements as well as the benefits to fund shareholders from investing in a fund that is part of a large family of funds. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit the fund and its shareholders.
2. Investment results
The board and the committee considered the investment results of the fund in light of its objective of providing long-term growth of capital. They compared the fund’s total returns with those of other relevant funds (including the other funds that are the basis of the Lipper index for the category in which the fund is included) and market data such as relevant market indices. This report, including the letter to shareholders and related disclosures, contains certain information about the fund’s investment results. The board and the committee concluded that the fund’s short- and long-term results have been satisfactory and that CRMC’s record in managing the fund indicated that its continued management should benefit the fund and its shareholders.
3. Advisory fees and total expenses
The board and the committee compared the advisory fees and total expense levels of the fund to those of other relevant funds. They observed that the fund’s advisory fees and expenses remain significantly below those of most other relevant funds. The board and the committee also noted the breakpoint discounts in the fund’s advisory fee structure that reduce the level of fees charged by CRMC to the fund as fund assets increase as well as the 10% advisory fee waiver in effect since April 2005. In addition, they reviewed information regarding the advisory fees paid by institutional clients of an affiliate of CRMC with investment mandates similar to those of the fund. They noted that, although the fees paid by those clients generally were lower than those paid by the fund, the differences appropriately reflected the significant investment, operational and regulatory differences between advising mutual funds and institutional clients. The board and the committee concluded that the fund’s cost structure was fair and reasonable in relation to the services provided, and that the shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by the fund.
4. Ancillary benefits
The board and the committee considered a variety of other benefits received by CRMC and its affiliates as a result of CRMC’s relationship with the fund and the other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the fund’s principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC’s institutional management affiliates. The board and the committee reviewed CRMC’s portfolio trading practices, noting that while CRMC receives the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the fund, it does not obtain third-party research or other services in return for allocating brokerage to such broker-dealers. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC by the fund.
5. Adviser financial information
The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and willingness to invest in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments and attract and retain qualified personnel. They noted information previously received regarding the compensation structure for CRMC’s investment professionals. The board and the committee also compared CRMC’s profitability to the reported results of several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the fund’s advisory fee structure and the impact of CRMC’s current 10% advisory fee waiver, reflecting benefits that may accrue from growth in assets. The board and the committee concluded that the fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and the fund’s shareholders.
Offices of the fund and of the
investment adviser
Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406
6455 Irvine Center Drive
Irvine, CA 92618
Transfer agent for shareholder accounts
American Funds Service Company
(Please 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
O’Melveny & Myers LLP
400 South Hope Street
Los Angeles, CA 90071-2899
Independent registered public
accounting firm
Deloitte & Touche LLP
695 Town Center Drive
Suite 1200
Costa Mesa, CA 92626-7188
Principal underwriter
American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, CA 90071-1406
Investors should carefully consider the investment objectives, risks, charges and expenses of the American Funds. This and other important information is contained in the fund’s 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 800/421-0180 or visit the American Funds website at americanfunds.com.
“American Funds Proxy Voting Guidelines” — which describes how we vote proxies relating to portfolio securities — is available free of charge on the U.S. Securities and Exchange Commission (SEC) website at sec.gov, on the American Funds website or upon request by calling AFS. The fund files its proxy voting record with the SEC for the 12 months ended June 30 by August 31. The report also is available on the SEC and American Funds websites.
A complete August 31, 2008, portfolio of AMCAP Fund’s investments is available free of charge by calling AFS or visiting the SEC website (where it is part of Form N-CSR).
AMCAP Fund files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. This filing is available free of charge on the SEC website. You may also review or, for a fee, copy this filing at the SEC’s Public Reference Room in Washington, D.C. (800/SEC-0330). Additionally, the list of portfolio holdings also is available by calling AFS.
This report is for the information of shareholders of AMCAP Fund, but it also may be used as sales literature when preceded or accompanied by the current prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after December 31, 2008, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.
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The right choice for the long term®
What makes American Funds different?
For more than 75 years, we have followed a consistent philosophy to benefit our investors. Our 31 carefully conceived, broadly diversified funds, in addition to the target date retirement series, offer opportunities that have attracted over 50 million shareholder accounts.
Our unique combination of strengths includes these five factors:
•A long-term, value-oriented approach |
We seek to buy securities at reasonable prices relative to their prospects and hold them for the long term. |
•An extensive global research effort |
Our investment professionals travel the world to find the best investment opportunities and gain a comprehensive understanding of companies and markets. |
•The multiple portfolio counselor system |
Our unique method of portfolio management, developed 50 years ago, blends teamwork with individual accountability and has provided American Funds with a sustainable method of achieving fund objectives. |
•Experienced investment professionals |
American Funds portfolio counselors have an average of 26 years of investment experience, providing a wealth of knowledge and experience that few organizations have. |
•A commitment to low operating expenses |
The American Funds provide exceptional value for shareholders, with operating expenses that are among the lowest in the mutual fund industry. |
American Funds span a range of investment objectives
•Growth funds |
> | AMCAP Fund® |
EuroPacific Growth Fund® |
The Growth Fund of America® |
The New Economy Fund® |
New Perspective Fund® |
New World FundSM |
SMALLCAP World Fund® |
•Growth-and-income funds |
American Mutual Fund® |
Capital World Growth and Income FundSM |
Fundamental InvestorsSM |
International Growth and Income FundSM |
The Investment Company of America® |
Washington Mutual Investors FundSM |
•Equity-income funds |
Capital Income Builder® |
The Income Fund of America® |
•Balanced fund |
American Balanced Fund® |
•Bond funds |
American High-Income TrustSM |
The Bond Fund of AmericaSM |
Capital World Bond Fund® |
Intermediate Bond Fund of America® |
Short-Term Bond Fund of AmericaSM |
U.S. Government Securities FundSM |
•Tax-exempt bond funds |
American High-Income Municipal Bond Fund® |
Limited Term Tax-Exempt Bond Fund of AmericaSM |
The Tax-Exempt Bond Fund of America® |
State-specific tax-exempt funds |
The Tax-Exempt Fund of California® |
The Tax-Exempt Fund of Maryland® |
The Tax-Exempt Fund of Virginia® |
•Money market funds |
The Cash Management Trust of America® |
The Tax-Exempt Money Fund of AmericaSM |
The U.S. Treasury Money Fund of AmericaSM |
•American Funds Target Date Retirement Series® |
The Capital Group Companies
American Funds Capital Research and Management Capital International Capital Guardian Capital Bank and Trust
Lit. No. MFGESR-902-1008P
Litho in USA AGD/CG/8078-S16783
Printed on paper containing 10% post-consumer waste
Printed with inks containing soy and/or vegetable oil
ITEM 2 – Code of Ethics
Not applicable for filing of semi-annual reports to shareholders.
ITEM 3 – Audit Committee Financial Expert
Not applicable for filing of semi-annual reports to shareholders.
ITEM 4 – Principal Accountant Fees and Services
Not applicable for filing of semi-annual reports to shareholders.
ITEM 5 – Audit Committee of Listed Registrants
Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.
ITEM 6 – Schedule of Investments
[logo – American Funds®]
AMCAP Fund
Investment portfolio
August 31, 2008
unaudited
Common stocks — 85.60% | Shares | Value (000) | ||||||
INFORMATION TECHNOLOGY — 20.45% | ||||||||
Cisco Systems, Inc.1 | 24,704,300 | $ | 594,138 | |||||
Microsoft Corp. | 19,695,000 | 537,477 | ||||||
Intel Corp. | 18,267,000 | 417,766 | ||||||
Oracle Corp.1 | 16,921,659 | 371,092 | ||||||
Yahoo! Inc.1 | 18,625,000 | 360,953 | ||||||
SAP AG2 | 5,255,000 | 294,100 | ||||||
Hewlett-Packard Co. | 3,900,000 | 182,988 | ||||||
Google Inc., Class A1 | 380,800 | 176,421 | ||||||
Automatic Data Processing, Inc. | 3,500,000 | 155,330 | ||||||
Texas Instruments Inc. | 5,750,000 | 140,933 | ||||||
Apple Inc.1 | 750,000 | 127,147 | ||||||
Logitech International SA1 | 4,550,000 | 121,439 | ||||||
eBay Inc.1 | 4,550,000 | 113,432 | ||||||
KLA-Tencor Corp. | 2,985,000 | 110,624 | ||||||
Global Payments Inc. | 2,250,000 | 108,472 | ||||||
Hon Hai Precision Industry Co., Ltd.2 | 19,410,000 | 97,515 | ||||||
Maxim Integrated Products, Inc. | 4,645,000 | 95,455 | ||||||
EMC Corp.1 | 6,100,000 | 93,208 | ||||||
Linear Technology Corp. | 2,500,000 | 81,600 | ||||||
Verifone Holdings, Inc.1 | 4,000,000 | 80,640 | ||||||
Xilinx, Inc. | 2,500,000 | 64,950 | ||||||
Paychex, Inc. | 1,600,000 | 54,528 | ||||||
QUALCOMM Inc. | 1,000,000 | 52,650 | ||||||
Analog Devices, Inc. | 1,750,000 | 48,930 | ||||||
Applied Materials, Inc. | 2,700,000 | 48,384 | ||||||
Microchip Technology Inc. | 1,500,000 | 48,015 | ||||||
Delta Electronics, Inc.2 | 12,316,500 | 33,074 | ||||||
Dell Inc.1 | 1,250,000 | 27,162 | ||||||
Cadence Design Systems, Inc.1 | 796,400 | 6,363 | ||||||
4,644,786 | ||||||||
CONSUMER DISCRETIONARY — 17.09% | ||||||||
Lowe’s Companies, Inc. | 24,889,700 | 613,282 | ||||||
Target Corp. | 8,316,000 | 440,914 | ||||||
Best Buy Co., Inc. | 7,400,000 | 331,298 | ||||||
Johnson Controls, Inc. | 8,570,000 | 264,984 | ||||||
Time Warner Inc. | 14,714,000 | 240,868 | ||||||
Kohl’s Corp.1 | 4,534,820 | 222,977 | ||||||
YUM! Brands, Inc. | 5,976,000 | 213,224 | ||||||
Carnival Corp., units | 5,725,200 | 212,176 | ||||||
O’Reilly Automotive, Inc.1,3 | 7,253,900 | 211,234 | ||||||
Omnicom Group Inc. | 4,100,000 | 173,799 | ||||||
Harley-Davidson, Inc. | 2,896,900 | 115,239 | ||||||
Harman International Industries, Inc.3 | 3,320,000 | 112,980 | ||||||
Scripps Networks Interactive, Inc., Class A | 2,600,000 | 108,004 | ||||||
Tractor Supply Co.1,3 | 2,525,000 | 107,616 | ||||||
Williams-Sonoma, Inc.3 | 5,500,000 | 97,295 | ||||||
Walt Disney Co. | 3,000,000 | 97,050 | ||||||
Gentex Corp. | 5,079,900 | 80,923 | ||||||
Comcast Corp., Class A, special nonvoting stock | 3,750,000 | 79,275 | ||||||
Brinker International, Inc. | 2,587,500 | 48,955 | ||||||
Life Time Fitness, Inc.1 | 900,000 | 31,815 | ||||||
MGM Mirage, Inc.1 | 678,942 | 23,892 | ||||||
Liberty Media Corp., Liberty Interactive, Series A1 | 1,750,000 | 23,782 | ||||||
Timberland Co., Class A1 | 905,000 | 15,258 | ||||||
P.F. Chang’s China Bistro, Inc.1 | 391,636 | 10,175 | ||||||
Fossil, Inc.1 | 197,000 | 5,894 | ||||||
3,882,909 | ||||||||
HEALTH CARE — 12.19% | ||||||||
WellPoint, Inc.1 | 6,950,000 | 366,891 | ||||||
Medtronic, Inc. | 6,300,000 | 343,980 | ||||||
UnitedHealth Group Inc. | 10,650,000 | 324,293 | ||||||
Roche Holding AG2 | 1,562,000 | 263,226 | ||||||
Varian Medical Systems, Inc.1 | 2,400,000 | 151,584 | ||||||
Express Scripts, Inc.1 | 1,600,000 | 117,456 | ||||||
Becton, Dickinson and Co. | 1,200,000 | 104,856 | ||||||
Cardinal Health, Inc. | 1,900,000 | 104,462 | ||||||
Medco Health Solutions, Inc.1 | 2,200,000 | 103,070 | ||||||
Amgen Inc.1 | 1,565,000 | 98,360 | ||||||
Schering-Plough Corp. | 5,000,000 | 97,000 | ||||||
Haemonetics Corp.1,3 | 1,390,000 | 87,181 | ||||||
ResMed Inc1 | 1,828,000 | 85,550 | ||||||
Abbott Laboratories | 1,400,000 | 80,402 | ||||||
Medicis Pharmaceutical Corp., Class A3 | 3,625,000 | 75,074 | ||||||
Beckman Coulter, Inc. | 936,400 | 69,125 | ||||||
McKesson Corp. | 1,100,000 | 63,558 | ||||||
Forest Laboratories, Inc.1 | 1,349,232 | 48,154 | ||||||
Johnson & Johnson | 500,000 | 35,215 | ||||||
Boston Scientific Corp.1 | 2,547,890 | 32,001 | ||||||
Allergan, Inc. | 560,000 | 31,287 | ||||||
Henry Schein, Inc.1 | 500,000 | 29,240 | ||||||
Mentor Corp. | 1,138,000 | 28,086 | ||||||
Cochlear Ltd.2 | 600,000 | 28,055 | ||||||
2,768,106 | ||||||||
FINANCIALS — 9.21% | ||||||||
Capital One Financial Corp. | 7,251,200 | 320,068 | ||||||
Citigroup Inc. | 16,806,700 | 319,159 | ||||||
American International Group, Inc. | 13,440,000 | 288,826 | ||||||
American Express Co. | 6,150,000 | 244,032 | ||||||
State Street Corp. | 3,325,000 | 225,003 | ||||||
Wells Fargo & Co. | 6,440,000 | 194,939 | ||||||
PNC Financial Services Group, Inc. | 1,545,000 | 111,163 | ||||||
M&T Bank Corp. | 1,124,230 | 80,203 | ||||||
Arthur J. Gallagher & Co. | 2,860,896 | 75,756 | ||||||
JPMorgan Chase & Co. | 1,700,000 | 65,433 | ||||||
Fannie Mae | 7,159,000 | 48,968 | ||||||
Bank of New York Mellon Corp. | 940,000 | 32,533 | ||||||
Hudson City Bancorp, Inc. | 1,700,000 | 31,348 | ||||||
Wachovia Corp. | 1,800,000 | 28,602 | ||||||
Freddie Mac | 6,050,000 | 27,285 | ||||||
2,093,318 | ||||||||
CONSUMER STAPLES — 7.60% | ||||||||
Walgreen Co. | 13,375,800 | 487,281 | ||||||
PepsiCo, Inc. | 5,000,000 | 342,400 | ||||||
Avon Products, Inc. | 5,045,000 | 216,077 | ||||||
L’Oréal SA2 | 1,950,000 | 193,621 | ||||||
Philip Morris International Inc. | 2,500,000 | 134,250 | ||||||
McCormick & Co., nonvoting | 2,996,100 | 121,192 | ||||||
Costco Wholesale Corp. | 1,600,000 | 107,296 | ||||||
Kraft Foods Inc., Class A | 1,211,042 | 38,160 | ||||||
Altria Group, Inc. | 1,750,000 | 36,803 | ||||||
Whole Foods Market, Inc. | 1,500,000 | 27,465 | ||||||
Dean Foods Co.1 | 900,000 | 22,653 | ||||||
1,727,198 | ||||||||
ENERGY — 5.98% | ||||||||
Schlumberger Ltd. | 3,740,000 | 352,383 | ||||||
Newfield Exploration Co.1 | 3,275,000 | 148,096 | ||||||
Murphy Oil Corp. | 1,850,000 | 145,280 | ||||||
EOG Resources, Inc. | 1,262,900 | 131,872 | ||||||
Apache Corp. | 1,100,000 | 125,818 | ||||||
FMC Technologies, Inc.1 | 2,345,000 | 125,598 | ||||||
Smith International, Inc. | 1,500,000 | 104,550 | ||||||
Marathon Oil Corp. | 2,090,000 | 94,196 | ||||||
Devon Energy Corp. | 800,000 | 81,640 | ||||||
ConocoPhillips | 600,000 | 49,506 | ||||||
1,358,939 | ||||||||
INDUSTRIALS — 5.67% | ||||||||
Precision Castparts Corp. | 2,579,015 | 266,309 | ||||||
General Electric Co. | 8,100,000 | 227,610 | ||||||
United Parcel Service, Inc., Class B | 3,200,000 | 205,184 | ||||||
Robert Half International Inc. | 7,359,000 | 188,390 | ||||||
United Technologies Corp. | 1,850,000 | 121,342 | ||||||
Southwest Airlines Co. | 6,353,800 | 96,768 | ||||||
Avery Dennison Corp. | 1,744,200 | 84,140 | ||||||
FedEx Corp. | 790,000 | 65,428 | ||||||
Mine Safety Appliances Co. | 881,050 | 32,009 | ||||||
1,287,180 | ||||||||
TELECOMMUNICATION SERVICES — 1.45% | ||||||||
Sprint Nextel Corp., Series 1 | 17,200,000 | 149,984 | ||||||
Telephone and Data Systems, Inc., Special Common Shares | 2,000,900 | 74,734 | ||||||
Telephone and Data Systems, Inc. | 1,737,500 | 66,720 | ||||||
United States Cellular Corp.1 | 734,300 | 38,404 | ||||||
329,842 | ||||||||
MATERIALS — 1.19% | ||||||||
Barrick Gold Corp. | 2,500,000 | 86,825 | ||||||
Monsanto Co. | 633,003 | 72,321 | ||||||
Sealed Air Corp. | 2,400,000 | 58,152 | ||||||
Potash Corp. of Saskatchewan Inc. | 300,000 | 52,080 | ||||||
269,378 | ||||||||
MISCELLANEOUS — 4.77% | ||||||||
Other common stocks in initial period of acquisition | 1,084,542 | |||||||
Total common stocks (cost: $18,065,688,000) | 19,446,198 | |||||||
Principal amount | ||||||||
Short-term securities — 14.28% | (000 | ) | ||||||
Federal Home Loan Bank 1.706%–2.54% due 9/10–11/24/2008 | $ | 741,170 | 739,776 | |||||
U.S. Treasury Bills 1.43%–2.135% due 9/25/2008–1/15/2009 | 393,300 | 391,837 | ||||||
Freddie Mac 2.04%–2.50% due 9/2–12/3/2008 | 341,700 | 341,226 | ||||||
Fannie Mae 1.68%–2.10% due 9/3–12/8/2008 | 201,100 | 200,421 | ||||||
Wal-Mart Stores Inc. 2.05%–2.10% due 11/10–12/22/20084 | 136,800 | 135,651 | ||||||
AT&T Inc. 2.20%–2.34% due 9/9–11/13/20084 | 124,200 | 123,798 | ||||||
Edison Asset Securitization LLC 2.28%–2.48% due 9/22–10/30/20084 | 59,000 | 58,710 | ||||||
General Electric Co. 2.35% due 9/16/2008 | 42,900 | 42,855 | ||||||
General Electric Capital Services, Inc. 2.48% due 10/15/2008 | 17,600 | 17,547 | ||||||
Coca-Cola Co. 2.08%–2.33% due 9/9–10/17/20084 | 114,600 | 114,353 | ||||||
Procter & Gamble Co. 2.08% due 9/23/20084 | 42,200 | 42,144 | ||||||
Procter & Gamble International Funding S.C.A. 2.10%–2.15% due 9/12–11/19/20084 | 67,800 | 67,676 | ||||||
IBM Capital Inc. 2.15–2.20% due 9/10/20084 | 100,000 | 99,925 | ||||||
United Parcel Service Inc. 2.13%–2.14% due 9/10–11/5/20084 | 100,000 | 99,776 | ||||||
Pfizer Inc 1.95%–2.28% due 9/8–9/26/20084 | 95,400 | 95,283 | ||||||
JPMorgan Chase & Co. 2.51%–2.62% due 10/6–10/15/2008 | 91,500 | 91,206 | ||||||
Hewlett-Packard Co. 2.22%–2.30% due 9/19–10/14/20084 | 85,400 | 85,220 | ||||||
CAFCO, LLC 2.42% due 9/11/20084 | 30,000 | 29,978 | ||||||
Ciesco LLC 2.40% due 9/22/20084 | 23,050 | 23,016 | ||||||
Chevron Funding Corp. 2.13% due 9/4/2008 | 50,000 | 49,988 | ||||||
3M Co. 2.01%–2.02% due 9/5/2008 | 39,900 | 39,889 | ||||||
Merck & Co. Inc. 2.08%–2.20% due 10/6–10/14/2008 | 38,800 | 38,685 | ||||||
Medtronic Inc. 2.06% due 9/17–9/23/20084 | 36,700 | 36,659 | ||||||
John Deere Capital Corp. 2.14% due 9/17/20084 | 36,500 | 36,454 | ||||||
E.I. duPont de Nemours and Co. 2.08% due 9/11/20084 | 30,600 | 30,581 | ||||||
Caterpillar Financial Services Corp. 2.02% due 9/22/2008 | 30,000 | 29,963 | ||||||
Johnson & Johnson 2.09% due 10/29/20084 | 30,000 | 29,866 | ||||||
Paccar Financial Corp. 2.20% due 11/13/2008 | 30,000 | 29,827 | ||||||
Honeywell International Inc. 2.09%–2.10% due 9/25–10/15/20084 | 27,700 | 27,606 | ||||||
Bank of America Corp. 2.68% due 10/7/2008 | 26,600 | 26,527 | ||||||
Walt Disney Co. 2.00% due 10/28/2008 | 25,000 | 24,891 | ||||||
PepsiCo Inc. 2.02% due 9/3/20084 | 20,200 | 20,197 | ||||||
NetJets Inc. 2.10% due 9/9/20084 | 17,000 | 16,991 | ||||||
Private Export Funding Corp. 2.13% due 9/2/20084 | 6,000 | 5,999 | ||||||
Total short-term securities (cost: $3,244,862,000) | 3,244,521 | |||||||
Total investment securities (cost: $21,310,550,000) | $ | 22,690,719 | ||||||
Other assets less liabilities | 28,059 | |||||||
Net assets | $ | 22,718,778 |
“Miscellaneous” securities include holdings in their initial period of acquisition that have not previously been publicly disclosed.
1Security did not produce income during the last 12 months.
2Valued under fair value procedures adopted by authority of the board of directors. The total value of all such securities, including those in "Miscellaneous,"
was $994,939,000, which represented 4.38% of the net assets of the fund.
3Represents an affiliated company as defined under the Investment Company Act of 1940.
4Purchased in a transaction exempt from registration under the Securities Act of 1933. May be resold in the United States in transactions exempt from
registration, normally to qualified institutional buyers. The total value of all such securities was $1,179,883,000, which represented 5.19% of the net
assets of the fund.
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so you may lose money.
Investors should carefully consider the investment objectives, risks, charges and expenses of the American Funds. This and other important information is contained in each fund’s prospectus, which can be obtained from your financial professional and should be read carefully before investing.
MFGEFP-902-1008O-S15884
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 directors since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating 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 directors. 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 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 committee.
ITEM 11 – Controls and Procedures
(a) | The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule. |
(b) | There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
ITEM 12 – Exhibits
(a)(1) | Not applicable for filing of semi-annual reports to shareholders. |
(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.
AMCAP FUND, INC. | |
By /s/ Claudia P. Huntington | |
Claudia P. Huntington, President and Principal Executive Officer | |
Date: November 7, 2008 |
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/ Claudia P. Huntington |
Claudia P. Huntington, President and Principal Executive Officer |
Date: November 7, 2008 |
By /s/ Karl C. Grauman |
Karl C. Grauman, Treasurer and Principal Financial Officer |
Date: November 7, 2008 |