Contents |
|
Letter to
shareholders |
1 |
The value of
a long-term perspective |
4 |
Feature
article: |
|
Navigating a
long-term investment course |
6 |
Summary
investment portfolio |
12 |
Financial
statements |
16 |
Board of
directors and other officers |
28 |
What makes
American Funds different? |
back
cover |
Here are
returns on a $1,000 investment with all distributions reinvested for
periods ended March 31, 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 |
— | 8.74 | % | 5.79 | % | |||||||
Cumulative
total return |
–10.68 | % | 52.07 | % | 75.63 | % |
Cumulative
total returns (for periods ended 2/29/08) |
||||||||||||
1
year |
5
years |
10
years |
||||||||||
AMCAP
(Class A shares) |
–3.1 | % | 65.2 | % | 97.4 | % | ||||||
Standard
& Poor’s 500 Composite Index1
|
–3.6 | 73.3 | 49.0 | |||||||||
Lipper
Multi-Cap Core Funds Index2 |
–3.4 | 83.8 | 59.4 | |||||||||
Lipper Growth
Funds Index2 |
–3.0 | 66.6 | 33.1 |
AMCAP’s
lifetime results (5/1/67–2/29/08) |
||||||||
Cumulative |
Average
annual |
|||||||
total
return |
total
return |
|||||||
AMCAP |
9,858.2 | % | 11.9 | % | ||||
Standard
& Poor’s 500 Composite Index1 |
5,149.1 | 10.2 | ||||||
Consumer
Price Index (inflation)3 |
539.6 | 4.6 | ||||||
Lipper
Multi-Cap Core Funds Index2 |
4,616.4 | 9.9 | ||||||
Lipper Growth
Funds Index2 |
3,462.9 | 9.1 |
1 |
The S&P
500 is unmanaged and its results include reinvested dividends, but do not
reflect the effect of sales charges, commissions or
expenses. |
AMCAP’s
last 10 years |
||||
One-year
total returns for the past 10 fiscal years (ended 2/28 or
2/29) |
||||
1999 |
21.1 | % | ||
2000 |
22.3 | |||
2001 |
3.0 | |||
2002 |
–7.1 | |||
2003 |
–15.7 | |||
2004 |
37.0 | |||
2005 |
3.9 | |||
2006 |
10.9 | |||
2007 |
8.1 | |||
2008 |
–3.1 | |||
Cumulative total return for the 10-year
period ended 2/29/2008 |
97.4 | % | ||
Average annual total return for the
10-year period ended 2/29/2008 |
7.0 | % |
Average
annual total returns for periods ended March 31, 2008 (the most recent
calendar quarter-end): |
||||||||||||
1
year |
5
years |
Life
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 |
–10.34 | % | 8.93 | % | 2.61 | % | ||||||
Not
reflecting CDSC |
–5.91 | 9.21 | 2.61 | |||||||||
Class C shares — first sold
3/15/01 |
||||||||||||
Reflecting
CDSC, maximum of 1%, payable only |
||||||||||||
if
shares are sold within one year of purchase |
–6.87 | 9.14 | 3.18 | |||||||||
Not
reflecting CDSC |
–5.98 | 9.14 | 3.18 | |||||||||
Class F shares* — first sold
3/16/01 |
||||||||||||
Not
reflecting annual asset-based fee charged by |
||||||||||||
sponsoring
firm |
–5.22 | 10.01 | 4.25 | |||||||||
Class 529-A shares†
— first sold 2/15/02 |
||||||||||||
Reflecting
5.75% maximum sales charge |
–10.68 | 8.68 | 4.03 | |||||||||
Not
reflecting maximum sales charge |
–5.24 | 9.98 | 5.04 | |||||||||
Class 529-B shares†
— first sold 2/19/02 |
||||||||||||
Reflecting applicable CDSC, maximum of
5%, |
||||||||||||
payable
only if shares are sold within six |
||||||||||||
years
of purchase |
–10.45 | 8.75 | 4.44 | |||||||||
Not
reflecting CDSC |
–6.02 | 9.04 | 4.44 | |||||||||
Class 529-C shares†
— first sold 2/19/02 |
||||||||||||
Reflecting
CDSC, maximum of 1%, payable only |
||||||||||||
if
shares are sold within one year of purchase |
–6.91 | 9.06 | 4.45 | |||||||||
Not
reflecting CDSC |
–6.02 | 9.06 | 4.45 | |||||||||
Class 529-E shares*†
— first sold 3/7/02 |
–5.55 | 9.62 | 4.08 | |||||||||
Class 529-F shares*†
— first sold 9/17/02 |
||||||||||||
Not
reflecting annual asset-based fee charged |
||||||||||||
by
sponsoring firm |
–5.09 | 10.04 | 9.20 | |||||||||
*These shares
are sold without any initial or contingent deferred sales
charge. |
||||||||||||
†
Results 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 23 and 24
for details that include expense ratios for all share
classes. |
|
For
information regarding the differences among the various share classes,
please refer to the fund’s
prospectus. |
Average
annual total returns based on a $1,000 investment |
||||||||||||
(for periods
ended February 29, 2008)* |
||||||||||||
1
year |
5
years |
10
years |
||||||||||
Class A
shares |
–8.72 | % | 9.26 | % | 6.41 | % | ||||||
*Assumes
reinvestment of all distributions and payment of the maximum 5.75% sales
charge. |
||||||||||||
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 23 and 24
for details. |
|
S&P 500 with dividends reinvested5 |
AMCAP with dividends reinvested4 |
Consumer Price Index (inflation)6 |
|||||||||
|
||||||||||||
|
||||||||||||
5/1/1967 |
$ | 10,000 | $ | 9,425 | $ | 10,000 | ||||||
2/29/1968 |
$ | 9,778 | $ | 10,056 | $ | 10,332 | ||||||
2/28/1969 |
$ | 11,074 | $ | 12,212 | $ | 10,816 | ||||||
2/28/1970 |
$ | 10,442 | $ | 11,835 | $ | 11,480 | ||||||
2/28/1971 |
$ | 11,713 | $ | 12,643 | $ | 12,054 | ||||||
2/29/1972 |
$ | 13,305 | $ | 14,902 | $ | 12,477 | ||||||
2/28/1973 |
$ | 14,345 | $ | 13,978 | $ | 12,961 | ||||||
2/28/1974 |
$ | 12,776 | $ | 11,037 | $ | 14,260 | ||||||
2/28/1975 |
$ | 11,354 | $ | 9,903 | $ | 15,861 | ||||||
2/29/1976 |
$ | 14,453 | $ | 13,883 | $ | 16,858 | ||||||
2/28/1977 |
$ | 15,062 | $ | 14,173 | $ | 17,855 | ||||||
2/28/1978 |
$ | 13,807 | $ | 16,612 | $ | 19,003 | ||||||
2/28/1979 |
$ | 16,105 | $ | 22,738 | $ | 20,876 | ||||||
2/29/1980 |
$ | 20,071 | $ | 33,541 | $ | 23,837 | ||||||
2/28/1981 |
$ | 24,400 | $ | 40,548 | $ | 26,556 | ||||||
2/28/1982 |
$ | 22,175 | $ | 42,643 | $ | 28,580 | ||||||
2/28/1983 |
$ | 30,690 | $ | 61,456 | $ | 29,577 | ||||||
2/29/1984 |
$ | 34,013 | $ | 62,128 | $ | 30,937 | ||||||
2/28/1985 |
$ | 41,108 | $ | 72,165 | $ | 32,024 | ||||||
2/28/1986 |
$ | 53,636 | $ | 88,738 | $ | 33,021 | ||||||
2/28/1987 |
$ | 69,462 | $ | 115,664 | $ | 33,716 | ||||||
2/29/1988 |
$ | 67,586 | $ | 112,037 | $ | 35,045 | ||||||
2/28/1989 |
$ | 75,608 | $ | 122,827 | $ | 36,737 | ||||||
2/28/1990 |
$ | 89,863 | $ | 140,027 | $ | 38,671 | ||||||
2/28/1991 |
$ | 103,018 | $ | 163,492 | $ | 40,725 | ||||||
2/29/1992 |
$ | 119,450 | $ | 196,856 | $ | 41,873 | ||||||
2/28/1993 |
$ | 132,158 | $ | 208,557 | $ | 43,233 | ||||||
2/28/1994 |
$ | 143,149 | $ | 232,137 | $ | 44,320 | ||||||
2/28/1995 |
$ | 153,672 | $ | 240,047 | $ | 45,589 | ||||||
2/29/1996 |
$ | 206,941 | $ | 310,345 | $ | 46,798 | ||||||
2/28/1997 |
$ | 261,046 | $ | 346,783 | $ | 48,218 | ||||||
2/28/1998 |
$ | 352,382 | $ | 475,003 | $ | 48,912 | ||||||
2/28/1999 |
$ | 421,935 | $ | 575,089 | $ | 49,698 | ||||||
2/29/2000 |
$ | 471,431 | $ | 703,358 | $ | 51,299 | ||||||
2/28/2001 |
$ | 432,799 | $ | 724,638 | $ | 53,112 | ||||||
2/28/2002 |
$ | 391,654 | $ | 673,327 | $ | 53,716 | ||||||
2/28/2003 |
$ | 302,860 | $ | 567,618 | $ | 55,317 | ||||||
2/29/2004 |
$ | 419,452 | $ | 777,420 | $ | 56,254 | ||||||
2/28/2005 |
$ | 448,688 | $ | 808,037 | $ | 57,946 | ||||||
2/28/2006 |
$ | 486,349 | $ | 895,855 | $ | 60,030 | ||||||
2/28/2007 |
$ | 544,532 | $ | 968,098 | $ | 61,480 | ||||||
2/29/2008 |
$ | 524,909 | $ | 937,689 | $ | 63,956 |
Year
ended |
||||||||||||||||||||||||||||
February 28
or 29 |
1968 | 3 |
1969 |
1970 |
1971 |
1972 |
1973 |
1974 |
||||||||||||||||||||
Total
value |
||||||||||||||||||||||||||||
(dollars in
thousands) |
||||||||||||||||||||||||||||
Dividends
reinvested |
— | $ | .1 | .2 | .2 | .2 | .2 | .2 | ||||||||||||||||||||
Value at
fiscal year-end1 |
$ | 10.1 | 12.2 | 11.8 | 12.6 | 14.9 | 14.0 | 11.0 | ||||||||||||||||||||
AMCAP total
return |
0.6 | % | 21.4 | (3.1 | ) | 6.8 | 17.9 | (6.2 | ) | (21.0 | ) | |||||||||||||||||
Year
ended |
||||||||||||||||||||||||||||
February 28
or 29 |
1975 |
1976 |
1977 |
1978 |
1979 |
1980 |
1981 |
|||||||||||||||||||||
Total
value |
||||||||||||||||||||||||||||
(dollars in
thousands) |
||||||||||||||||||||||||||||
Dividends
reinvested |
.3 | .3 | .2 | .3 | .3 | .4 | .7 | |||||||||||||||||||||
Value at
fiscal year-end1 |
9.9 | 13.9 | 14.2 | 16.6 | 22.7 | 33.5 | 40.5 | |||||||||||||||||||||
AMCAP total
return |
(10.3 | ) | 40.2 | 2.1 | 17.2 | 36.9 | 47.5 | 20.9 | ||||||||||||||||||||
Year
ended |
||||||||||||||||||||||||||||
February 28
or 29 |
1982 |
1983 |
1984 |
1985 |
1986 |
1987 |
1988 |
|||||||||||||||||||||
Total
value |
||||||||||||||||||||||||||||
(dollars in
thousands) |
||||||||||||||||||||||||||||
Dividends
reinvested |
2.6 | 1.2 | 1.6 | 1.9 | 1.5 | 1.6 | 3.0 | |||||||||||||||||||||
Value at
fiscal year-end1 |
42.6 | 61.5 | 62.1 | 72.2 | 88.7 | 115.7 | 112.0 | |||||||||||||||||||||
AMCAP total
return |
5.2 | 44.1 | 1.1 | 16.2 | 23.0 | 30.3 | (3.1 | ) | ||||||||||||||||||||
Year
ended |
||||||||||||||||||||||||||||
February 28
or 29 |
1989 |
1990 |
1991 |
1992 |
1993 |
1994 |
1995 |
|||||||||||||||||||||
Total
value |
||||||||||||||||||||||||||||
(dollars in
thousands) |
||||||||||||||||||||||||||||
Dividends
reinvested |
3.2 | 3.2 | 3.3 | 2.2 | 2.3 | 1.9 | 2.4 | |||||||||||||||||||||
Value at
fiscal year-end1 |
122.8 | 140.0 | 163.5 | 196.9 | 208.6 | 232.1 | 240.0 | |||||||||||||||||||||
AMCAP total
return |
9.6 | 14.0 | 16.8 | 20.4 | 5.9 | 11.3 | 3.4 | |||||||||||||||||||||
Year
ended |
||||||||||||||||||||||||||||
February 28
or 29 |
1996 |
1997 |
1998 |
1999 |
2000 |
2001 |
2002 |
|||||||||||||||||||||
Total
value |
||||||||||||||||||||||||||||
(dollars in
thousands) |
||||||||||||||||||||||||||||
Dividends
reinvested |
3.4 | 2.6 | 2.5 | 3.7 | 3.3 | 4.1 | 3.7 | |||||||||||||||||||||
Value at
fiscal year-end1 |
310.3 | 346.8 | 475.0 | 575.1 | 703.4 | 724.6 | 673.3 | |||||||||||||||||||||
AMCAP total
return |
29.3 | 11.7 | 37.0 | 21.1 | 22.3 | 3.0 | (7.1 | ) | ||||||||||||||||||||
Year
ended |
||||||||||||||||||||||||||||
February 28
or 29 |
2003 |
2004 |
2005 |
2006 |
2007 |
2008 |
||||||||||||||||||||||
Total
value |
||||||||||||||||||||||||||||
(dollars in
thousands) |
||||||||||||||||||||||||||||
Dividends
reinvested |
1.1 | .1 | 2.0 | 4.1 | 7.2 | 11.4 | ||||||||||||||||||||||
Value at
fiscal year-end1 |
576.6 | 777.4 | 808.0 | 895.9 | 968.1 | 937.7 | ||||||||||||||||||||||
AMCAP total
return |
(15.7 | ) | 37.0 | 3.9 | 10.9 | 8.1 | (3.1 | ) |
|
1As
outlined in the prospectus, the sales charge is reduced for accounts (and
aggregated investments) of $25,000 or more and is eliminated for purchases
of $1 million or more. There is no sales charge on dividends or capital
gain distributions that are reinvested in additional
shares. |
|
2The
maximum initial sales charge was 8.5% prior to July 1,
1988. |
|
3For
the period May 1, 1967 (when the fund began operations), through February
29, 1968. |
|
4Includes
reinvested dividends of $84,803 and reinvested capital gain distributions
of $597,900. |
|
5The
S&P 500 cannot be invested in
directly. |
|
6Computed
from data supplied by the U.S. Department of Labor, Bureau of Labor
Statistics. |
A
wealth of experience |
|
AMCAP Fund’s
four portfolio counselors bring together 119 years of investment
experience to managing your investment. Here are the specific years of
experience for these primary decision-makers for the
fund: | |
Years
of | |
investment | |
Portfolio
counselor |
experience |
| |
R.
Michael Shanahan |
43 |
Claudia
P. Huntington |
35 |
Timothy
D. Armour |
25 |
C.
Ross Sappenfield |
16 |
Years of
experience as of May 1, 2008. |
Industry
sector diversification |
Percent of
net assets |
|||
Information
technology |
18.19 | % | ||
Consumer
discretionary |
16.81 | |||
Health
care |
14.10 | |||
Financials |
10.87 | |||
Consumer
staples |
7.88 | |||
Other
industries |
17.74 | |||
Short-term
securities & other assets less liabilities |
14.41 |
Common
stocks - 85.59% |
Shares |
Market
value (000) |
Percent
of net assets |
|||||||||
Information
technology - 18.19% |
||||||||||||
Cisco
Systems, Inc. (1) |
24,704,300 | $ | 602,044 | 2.44 | % | |||||||
Microsoft
Corp. |
20,895,000 | 568,762 | 2.31 | |||||||||
Yahoo! Inc.
(1) |
14,175,000 | 393,781 | 1.60 | |||||||||
Oracle Corp.
(1) |
20,221,659 | 380,167 | 1.54 | |||||||||
Intel
Corp. |
18,267,000 | 364,427 | 1.48 | |||||||||
SAP AG
(2) |
5,801,892 | 276,437 | 1.12 | |||||||||
Texas
Instruments Inc. |
7,250,000 | 217,210 | .88 | |||||||||
Google Inc.,
Class A (1) |
380,800 | 179,425 | .73 | |||||||||
Other
securities |
1,502,569 | 6.09 | ||||||||||
4,484,822 | 18.19 | |||||||||||
Consumer
discretionary - 16.81% |
||||||||||||
Lowe's
Companies, Inc. |
24,189,700 | 579,827 | 2.35 | |||||||||
Target
Corp. |
8,316,000 | 437,505 | 1.77 | |||||||||
Best Buy Co.,
Inc. |
9,200,000 | 395,692 | 1.60 | |||||||||
Carnival
Corp., units |
8,525,200 | 335,467 | 1.36 | |||||||||
Johnson
Controls, Inc. |
8,570,000 | 281,610 | 1.14 | |||||||||
YUM! Brands,
Inc. |
7,476,000 | 257,548 | 1.04 | |||||||||
O'Reilly
Automotive, Inc. (1) (3) |
6,794,800 | 183,188 | .74 | |||||||||
Time Warner
Inc. |
11,681,500 | 182,348 | .74 | |||||||||
Kohl's Corp.
(1) |
4,025,000 | 178,871 | .73 | |||||||||
Other
securities |
1,314,164 | 5.34 | ||||||||||
4,146,220 | 16.81 | |||||||||||
Health
care - 14.10% |
||||||||||||
UnitedHealth
Group Inc. |
12,680,000 | 589,366 | 2.39 | |||||||||
WellPoint,
Inc. (1) |
6,950,000 | 487,056 | 1.97 | |||||||||
Medtronic,
Inc. |
5,200,000 | 256,672 | 1.04 | |||||||||
Roche Holding
AG (2) |
1,262,000 | 247,763 | 1.00 | |||||||||
Amgen Inc.
(1) |
4,370,000 | 198,922 | .81 | |||||||||
St. Jude
Medical, Inc. (1) |
4,005,000 | 172,135 | .70 | |||||||||
Varian
Medical Systems, Inc. (1) |
3,100,000 | 162,595 | .66 | |||||||||
Other
securities |
1,363,465 | 5.53 | ||||||||||
3,477,974 | 14.10 | |||||||||||
Financials -
10.87% |
||||||||||||
American
International Group, Inc. |
10,750,000 | 503,745 | 2.04 | |||||||||
Wachovia
Corp. |
12,404,909 | 379,838 | 1.54 | |||||||||
Citigroup
Inc. |
14,640,000 | 347,115 | 1.41 | |||||||||
Fannie
Mae |
10,605,000 | 293,228 | 1.19 | |||||||||
Capital One
Financial Corp. |
6,151,200 | 283,140 | 1.15 | |||||||||
Hudson City
Bancorp, Inc. |
12,700,000 | 201,549 | .82 | |||||||||
Wells Fargo
& Co. |
6,440,000 | 188,241 | .76 | |||||||||
Freddie
Mac |
6,050,000 | 152,339 | .62 | |||||||||
Other
securities |
331,188 | 1.34 | ||||||||||
2,680,383 | 10.87 | |||||||||||
Consumer
staples - 7.88% |
||||||||||||
Walgreen
Co. |
13,375,800 | 488,350 | 1.98 | |||||||||
PepsiCo,
Inc. |
5,000,000 | 347,800 | 1.41 | |||||||||
L'Oréal SA
(2) |
1,850,000 | 219,347 | .89 | |||||||||
Avon
Products, Inc. |
5,045,000 | 192,013 | .78 | |||||||||
Altria Group,
Inc. |
2,500,000 | 182,850 | .74 | |||||||||
Other
securities |
512,401 | 2.08 | ||||||||||
1,942,761 | 7.88 | |||||||||||
Energy -
6.76% |
||||||||||||
Schlumberger
Ltd. |
4,990,000 | 431,386 | 1.75 | |||||||||
EOG
Resources, Inc. |
2,122,900 | 252,604 | 1.02 | |||||||||
Newfield
Exploration Co. (1) |
3,795,000 | 210,167 | .85 | |||||||||
Murphy Oil
Corp. |
2,200,000 | 176,836 | .72 | |||||||||
Other
securities |
596,470 | 2.42 | ||||||||||
1,667,463 | 6.76 | |||||||||||
Industrials -
5.31% |
||||||||||||
Precision
Castparts Corp. |
3,440,000 | 379,742 | 1.54 | |||||||||
United Parcel
Service, Inc., Class B |
3,200,000 | 224,768 | .91 | |||||||||
General
Electric Co. |
6,400,000 | 212,096 | .86 | |||||||||
Robert Half
International Inc. |
6,800,000 | 183,260 | .74 | |||||||||
Other
securities |
310,162 | 1.26 | ||||||||||
1,310,028 | 5.31 | |||||||||||
Telecommunication
services - 1.43% |
||||||||||||
Other
securities |
353,830 | 1.43 | ||||||||||
Other
- 0.52% |
||||||||||||
Other
securities |
128,558 | .52 | ||||||||||
MISCELLANEOUS - 3.72% |
||||||||||||
Other common
stocks in initial period of acquisition |
917,037 | 3.72 | ||||||||||
Total
common stocks (cost: $18,696,646,000) |
21,109,076 | 85.59 | ||||||||||
Short-term
securities - 14.24% |
|
|||||||||||
Federal Home
Loan Bank 2.52%-4.285% due 3/13-8/27/2008 |
$ | 576,452 | 574,284 | 2.33 | ||||||||
Freddie Mac
2.50%-4.23% due 3/3-9/10/2008 |
308,700 | 307,635 | 1.25 | |||||||||
Wells Fargo
& Co. 2.97%-3.17% due 3/13-3/18/2008 |
247,500 | 247,154 | 1.00 | |||||||||
General
Electric Capital Corp. 3.00%-4.37% due 4/24-5/8/2008 |
160,000 | 159,138 | ||||||||||
General
Electric Co. 4.51% due 3/26/2008 |
35,000 | 34,918 | ||||||||||
Edison Asset
Securitization LLC 4.49% due 3/14/2008 (4) |
25,000 | 24,955 | .89 | |||||||||
Procter &
Gamble International Funding S.C.A. 2.85%-4.22% due 3/7-3/17/2008
(4) |
192,000 | 191,774 | .78 | |||||||||
Coca-Cola Co.
2.67%-2.93% due 4/10-5/16/2008 (4) |
183,400 | 182,564 | .74 | |||||||||
United Parcel
Service Inc. 4.17%-4.40% due 3/3-3/31/2008 (4) |
144,800 | 144,608 | .59 | |||||||||
Variable
Funding Capital Corp. 3.90%-4.25% due 3/4-3/14/2008 (4) |
132,300 | 132,151 | .54 | |||||||||
Lowe's Cos.
Inc. 2.80%-2.85% due 3/5-3/24/2008 |
119,300 | 119,180 | .48 | |||||||||
Fannie Mae
4.05%-4.27% due 3/12-5/28/2008 |
75,500 | 75,127 | .30 | |||||||||
Other
securities |
1,317,323 | 5.34 | ||||||||||
3,510,811 | 14.24 | |||||||||||
Total
short-term securities (cost: $3,509,844,000) |
3,510,811 | 14.24 | ||||||||||
Total
investment securities (cost: $22,206,490,000) |
24,619,887 | 99.83 | ||||||||||
Other
assets less liabilities |
42,923 | .17 | ||||||||||
Net
assets |
$ | 24,662,810 | 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. |
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 market value of "Other securities" under their respective industry
sectors. Further |
details on
these holdings and related transactions during the year ended February 29,
2008, appear below. |
Beginning
shares |
Additions |
Reductions |
Ending
shares |
Dividend
income
(000) |
Market value
of affiliates at 2/29/2008 (000) |
|||||||||||||||||||
O'Reilly
Automotive, Inc. (1) (5) |
2,140,000 | 4,654,800 | - | 6,794,800 | $ | - | $ | 183,188 | ||||||||||||||||
Williams-Sonoma,
Inc. |
6,000,000 | - | - | 6,000,000 | 2,760 | 140,160 | ||||||||||||||||||
Tractor
Supply Co. (1) |
2,525,000 | - | - | 2,525,000 | - | 94,536 | ||||||||||||||||||
Medicis
Pharmaceutical Corp., Class A |
3,625,000 | - | - | 3,625,000 | 435 | 74,349 | ||||||||||||||||||
P.F. Chang's
China Bistro, Inc. (1) |
1,650,000 | - | - | 1,650,000 | - | 47,074 | ||||||||||||||||||
Talbots,
Inc. (5) |
2,413,225 | 644,500 | - | 3,057,725 | 1,590 | 25,012 | ||||||||||||||||||
Mine Safety
Appliances Co. (6) |
1,942,750 | - | 1,061,700 | 881,050 | 1,242 | - | ||||||||||||||||||
$ | 6,027 | $ | 564,319 |
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 $983,529,000. |
||||||||||||
(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
$1,470,205,000, which represented 5.96% of the net assets of the
fund. |
||||||||||||
(5) This
security was in its initial period of acquisition at 2/28/2007 and was not
publicly disclosed. |
||||||||||||
(6)
Unaffiliated issuer at 2/29/2008. |
||||||||||||
See Notes to
Financial Statements |
Statement
of assets and liabilities |
||||||||
at February
29, 2008 |
(dollars and
shares in thousands, except per-share amounts) |
|||||||
Assets: |
||||||||
Investment
securities at market: |
||||||||
Unaffiliated
issuers (cost: $21,424,297) |
$ | 24,055,568 | ||||||
Affiliated
issuers (cost: $782,193) |
564,319 | $ | 24,619,887 | |||||
Cash |
161 | |||||||
Receivables
for: |
||||||||
Sales
of investments |
40,948 | |||||||
Sales
of fund's shares |
39,454 | |||||||
Dividends
and interest |
33,937 | 114,339 | ||||||
24,734,387 | ||||||||
Liabilities: |
||||||||
Payables
for: |
||||||||
Purchases
of investments |
17,946 | |||||||
Repurchases
of fund's shares |
26,524 | |||||||
Investment
advisory services |
5,734 | |||||||
Services
provided by affiliates |
18,675 | |||||||
Directors'
deferred compensation |
2,267 | |||||||
Other |
431 | 71,577 | ||||||
Net
assets at February 29, 2008 |
$ | 24,662,810 | ||||||
Net
assets consist of: |
||||||||
Capital
paid in on shares of capital stock |
$ | 21,313,739 | ||||||
Distributions
in excess of net investment income |
(2,267 | ) | ||||||
Undistributed
net realized gain |
937,841 | |||||||
Net
unrealized appreciation |
2,413,497 | |||||||
Net
assets at February 29, 2008 |
$ | 24,662,810 |
Total
authorized capital stock - 2,000,000 shares, $1.00 par value (1,347,841
total shares outstanding) |
||||||||||||
Net
assets |
Shares
outstanding |
Net asset
value per share* |
||||||||||
Class
A |
$ | 16,387,568 | 890,290 | $ | 18.41 | |||||||
Class
B |
1,030,719 | 58,056 | 17.75 | |||||||||
Class
C |
1,518,902 | 86,165 | 17.63 | |||||||||
Class
F |
2,492,460 | 136,107 | 18.31 | |||||||||
Class
529-A |
466,893 | 25,428 | 18.36 | |||||||||
Class
529-B |
83,586 | 4,694 | 17.81 | |||||||||
Class
529-C |
143,631 | 8,062 | 17.82 | |||||||||
Class
529-E |
26,594 | 1,462 | 18.20 | |||||||||
Class
529-F |
18,502 | 1,008 | 18.36 | |||||||||
Class
R-1 |
40,355 | 2,248 | 17.95 | |||||||||
Class
R-2 |
414,968 | 23,134 | 17.94 | |||||||||
Class
R-3 |
723,842 | 39,749 | 18.21 | |||||||||
Class
R-4 |
528,100 | 28,805 | 18.33 | |||||||||
Class
R-5 |
786,690 | 42,633 | 18.45 | |||||||||
(*) Maximum
offering price and redemption price per share were equal to the net asset
value per share for all share classes, except for Class A and 529-A, for
which the maximum offering prices per share were $19.53 and $19.48,
respectively. |
||||||||||||
See Notes to
Financial Statements |
Statement
of operations |
||||||||
for the year
ended February 29, 2008 |
(dollars in
thousands) |
|||||||
Investment
income: |
||||||||
Income: |
||||||||
Dividends
(net of non-U.S. taxes of $1,968; also includes $6,027 from
affiliates) |
$ | 285,951 | ||||||
Interest |
216,007 | $ | 501,958 | |||||
Fees
and expenses*: |
||||||||
Investment
advisory services |
85,798 | |||||||
Distribution
services |
90,510 | |||||||
Transfer
agent services |
21,654 | |||||||
Administrative
services |
12,436 | |||||||
Reports
to shareholders |
818 | |||||||
Registration
statement and prospectus |
1,069 | |||||||
Postage,
stationery and supplies |
2,528 | |||||||
Directors'
compensation |
513 | |||||||
Auditing
and legal |
187 | |||||||
Custodian |
355 | |||||||
State
and local taxes |
272 | |||||||
Other |
114 | |||||||
Total
fees and expenses before reimbursements/waivers |
216,254 | |||||||
Less
reimbursements/waivers of fees and expenses: |
||||||||
Investment
advisory services |
8,580 | |||||||
Administrative
services |
135 | |||||||
Total
fees and expenses after reimbursements/waivers |
207,539 | |||||||
Net
investment income |
294,419 | |||||||
Net
realized gain and unrealized depreciation on investments and
currency: |
||||||||
Net
realized gain on: |
||||||||
Investments
(including $7,144 net gain from affiliates) |
2,289,028 | |||||||
Currency
transactions |
558 | 2,289,586 | ||||||
Net
unrealized (depreciation) appreciation on: |
||||||||
Investments |
(3,427,494 | ) | ||||||
Currency
translations |
76 | (3,427,418 | ) | |||||
Net
realized gain and unrealized depreciation on investments and
currency |
(1,137,832 | ) | ||||||
Net
decrease in net assets resulting from operations |
$ | (843,413 | ) | |||||
(*)
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) |
|||||||
Year ended
February 29, 2008 |
Year ended
February 28, 2007 | |||||||
Operations: |
||||||||
Net
investment income |
$ | 294,419 | $ | 189,175 | ||||
Net
realized gain on investments and currency transactions |
2,289,586 | 706,008 | ||||||
Net
unrealized (depreciation) appreciation on investments and currency
translations |
(3,427,418 | ) | 969,475 | |||||
Net
(decrease) increase in net assets resulting from
operations |
(843,413 | ) | 1,864,658 | |||||
Dividends
and distributions paid to shareholders: |
||||||||
Dividends
from net investment income and currency gain |
(272,105 | ) | (161,301 | ) | ||||
Distributions
from net realized gain on investments |
(1,437,511 | ) | (713,424 | ) | ||||
Total
dividends and distributions paid to shareholders |
(1,709,616 | ) | (874,725 | ) | ||||
Net
capital share transactions |
1,562,312 | 1,323,416 | ||||||
Total
(decrease) increase in net assets |
(990,717 | ) | 2,313,349 | |||||
Net
assets: |
||||||||
Beginning
of year |
25,653,527 | 23,340,178 | ||||||
End of
year (including distributions in excess of and undistributed net
investment income: $(2,267) and $46,727, respectively) |
$ | 24,662,810 | $ | 25,653,527 | ||||
See Notes to
Financial Statements |
Share
class |
Initial
sales charge |
Contingent
deferred sales charge upon redemption |
Conversion
feature |
Class 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 |
Class B and
529-B |
None |
Declines from
5% to 0% for redemptions within six years of purchase |
Class B and
529-B convert to Class 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 after 10 years |
Class
529-C |
None |
1% for
redemptions within one year of purchase |
None |
Class
529-E |
None |
None |
None |
Class F and
529-F |
None |
None |
None |
Class R-1,
R-2, R-3, R-4 and R-5 |
None |
None |
None
|
(dollars in thousands) | ||||
Undistributed
long-term capital gain |
$ | 937,922 | ||
Gross
unrealized appreciation on investment securities |
4,202,172 | |||
Gross
unrealized depreciation on investment securities |
(1,788,856 | ) | ||
Net
unrealized appreciation on investment securities |
2,413,316 | |||
Cost of
investment securities |
22,206,571 |
Year
ended February 29, 2008 |
Year
ended February 28, 2007 |
|||||||||||||||||||||||
Ordinary
income |
Long-term
capital gains |
Total
distributions paid |
Ordinary
income |
Long-term
capital gains |
Total
distributions paid |
|||||||||||||||||||
Share
class |
||||||||||||||||||||||||
Class
A |
$ | 202,493 | $ | 949,313 | $ | 1,151,806 | $ | 138,143 | $ | 474,443 | $ | 612,586 | ||||||||||||
Class
B |
3,095 | 63,326 | 66,421 | 665 | 33,768 | 34,433 | ||||||||||||||||||
Class
C |
3,933 | 93,635 | 97,568 | 945 | 48,247 | 49,192 | ||||||||||||||||||
Class
F |
31,829 | 147,270 | 179,099 | 19,657 | 66,410 | 86,067 | ||||||||||||||||||
Class
529-A |
5,167 | 25,950 | 31,117 | 3,126 | 11,205 | 14,331 | ||||||||||||||||||
Class
529-B |
164 | 4,950 | 5,114 | 44 | 2,354 | 2,398 | ||||||||||||||||||
Class
529-C |
337 | 8,394 | 8,731 | 67 | 3,667 | 3,734 | ||||||||||||||||||
Class
529-E |
209 | 1,508 | 1,717 | 109 | 663 | 772 | ||||||||||||||||||
Class
529-F |
237 | 968 | 1,205 | 120 | 341 | 461 | ||||||||||||||||||
Class
R-1 |
118 | 2,486 | 2,604 | 21 | 1,177 | 1,198 | ||||||||||||||||||
Class
R-2 |
1,108 | 24,659 | 25,767 | 215 | 11,654 | 11,869 | ||||||||||||||||||
Class
R-3 |
5,891 | 42,508 | 48,399 | 3,213 | 20,676 | 23,889 | ||||||||||||||||||
Class
R-4 |
6,712 | 32,121 | 38,833 | 3,285 | 12,219 | 15,504 | ||||||||||||||||||
Class
R-5 |
10,812 | 40,423 | 51,235 | 5,167 | 13,124 | 18,291 | ||||||||||||||||||
Total |
$ | 272,105 | $ | 1,437,511 | $ | 1,709,616 | $ | 174,777 | $ | 699,948 | $ | 874,725 |
Share
class |
Currently
approved limits |
Plan
limits |
Class
A |
0.25% |
0.25% |
Class
529-A |
0.25 |
0.50 |
Class B and
529-B |
1.00 |
1.00 |
Class C,
529-C and R-1 |
1.00 |
1.00 |
Class
R-2 |
0.75 |
1.00 |
Class 529-E
and R-3 |
0.50 |
0.75 |
Class F,
529-F and R-4 |
0.25 |
0.50 |
Share
class |
Distribution
services |
Transfer
agent services |
Administrative
services | ||
CRMC
administrative services |
Transfer
agent services |
Commonwealth
of Virginia administrative services | |||
Class
A |
$41,932 |
$20,350 |
Not
applicable |
Not
applicable |
Not
applicable |
Class
B |
11,764 |
1,304 |
Not
applicable |
Not
applicable |
Not
applicable |
Class
C |
17,127 |
Included
in
administrative
services |
$2,376 |
$348 |
Not
applicable |
Class
F |
6,840 |
2,494 |
237 |
Not
applicable | |
Class
529-A |
982 |
495 |
73 |
$
480 | |
Class
529-B |
901 |
93 |
26 |
90 | |
Class
529-C |
1,507 |
156 |
38 |
151 | |
Class
529-E |
139 |
29 |
4 |
27 | |
Class
529-F |
- |
17 |
3 |
17 | |
Class
R-1 |
446 |
52 |
21 |
Not
applicable | |
Class
R-2 |
3,418 |
661 |
1,396 |
Not
applicable | |
Class
R-3 |
3,970 |
1,126 |
494 |
Not
applicable | |
Class
R-4 |
1,484 |
858 |
27 |
Not
applicable | |
Class
R-5 |
Not
applicable |
634 |
13 |
Not
applicable | |
Total |
$90,510 |
$21,654 |
$8,991 |
$2,680 |
$765 |
Share
class |
Sales* |
Reinvestments
of dividends and distributions |
Repurchases* |
Net
increase (decrease) |
||||||||||||||||||||||||||||
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
|||||||||||||||||||||||||
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 |
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 |
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 | ||||||||||||||||||
Year ended
February 28, 2007 |
||||||||||||||||||||||||||||||||
Class
A |
$ | 2,452,797 | 124,436 | $ | 584,816 | 29,600 | $ | (2,466,827 | ) | (125,268 | ) | $ | 570,786 | 28,768 | ||||||||||||||||||
Class
B |
106,571 | 5,614 | 33,035 | 1,734 | (160,492 | ) | (8,454 | ) | (20,886 | ) | (1,106 | ) | ||||||||||||||||||||
Class
C |
271,113 | 14,343 | 46,681 | 2,465 | (320,656 | ) | (17,014 | ) | (2,862 | ) | (206 | ) | ||||||||||||||||||||
Class
F |
757,923 | 38,524 | 77,095 | 3,918 | (553,473 | ) | (28,268 | ) | 281,545 | 14,174 | ||||||||||||||||||||||
Class
529-A |
93,121 | 4,721 | 14,329 | 726 | (30,939 | ) | (1,573 | ) | 76,511 | 3,874 | ||||||||||||||||||||||
Class
529-B |
11,842 | 620 | 2,398 | 126 | (6,334 | ) | (332 | ) | 7,906 | 414 | ||||||||||||||||||||||
Class
529-C |
31,635 | 1,651 | 3,733 | 194 | (13,915 | ) | (729 | ) | 21,453 | 1,116 | ||||||||||||||||||||||
Class
529-E |
5,470 | 280 | 772 | 39 | (2,230 | ) | (114 | ) | 4,012 | 205 | ||||||||||||||||||||||
Class
529-F |
4,701 | 239 | 459 | 23 | (1,812 | ) | (92 | ) | 3,348 | 170 | ||||||||||||||||||||||
Class
R-1 |
18,747 | 973 | 1,192 | 62 | (12,866 | ) | (667 | ) | 7,073 | 368 | ||||||||||||||||||||||
Class
R-2 |
142,090 | 7,398 | 11,863 | 615 | (100,614 | ) | (5,226 | ) | 53,339 | 2,787 | ||||||||||||||||||||||
Class
R-3 |
243,454 | 12,483 | 23,865 | 1,221 | (212,286 | ) | (10,855 | ) | 55,033 | 2,849 | ||||||||||||||||||||||
Class
R-4 |
261,251 | 13,135 | 15,462 | 786 | (146,292 | ) | (7,369 | ) | 130,421 | 6,552 | ||||||||||||||||||||||
Class
R-5 |
207,095 | 10,475 | 18,095 | 912 | (89,453 | ) | (4,511 | ) | 135,737 | 6,876 | ||||||||||||||||||||||
Total net
increase |
||||||||||||||||||||||||||||||||
(decrease) |
$ | 4,607,810 | 234,892 | $ | 833,795 | 42,421 | $ | (4,118,189 | ) | (210,472 | ) | $ | 1,323,416 | 66,841 | ||||||||||||||||||
* Includes
exchanges between share classes of the fund. |
(Loss) income from investment operations (1) |
Dividends and
distributions |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset
value, beginning of year |
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 year |
Total return (2)
(3) |
Net assets,
end of year (in millions) |
Ratio of
expenses to average net assets before reimbursements
/waivers |
Ratio of expenses to average net
assets after reimbursements
/waivers
(3) |
Ratio of net income (loss) to
average net assets (3) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Class
A: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | - | (4) | - | - | (4) | 17.50 | 36.96 | 11,086 | .73 | .73 | .11 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class
B: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | - | (4) | - | - | (4) | 17.41 | 36.81 | 978 | .78 | .78 | .05 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class
529-A: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | - | (4) | 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: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | - | (4) | 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: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | - | (4) | - | - | (4) | 17.46 | 36.66 | 3 | .89 | .89 | (.07 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Class
R-1: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | - | (4) | - | - | (4) | 17.26 | 35.80 | 130 | 1.91 | 1.53 | (.70 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Class
R-3: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | - | (4) | .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 | - | (4) | - | - | (4) | 17.37 | 36.27 | 189 | 1.16 | 1.15 | (.32 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Class
R-4: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
Year ended
February 28 or 29 |
||||||||||||||||||||
2008 |
2007 |
2006 |
2005 |
2004 |
||||||||||||||||
Portfolio
turnover rate for all classes of shares |
29 | % | 20 | % | 20 | % | 16 | % | 17 | % |
(1) Based on
average shares outstanding. |
|||||||||||||
(2) Total
returns exclude any applicable sales charges, including contingent
deferred sales charges. | |||||||||||||
(3) This
column reflects the impact, if any, of certain reimbursements/waivers from
CRMC. |
|||||||||||||
During
some of the years shown, CRMC reduced fees for investment advisory
services. In addition, during | |||||||||||||
some
of the years shown, CRMC paid a portion of the fund's transfer agent fees
for certain retirement plan share classes. | |||||||||||||
(4) Amount
less than $.01. |
|||||||||||||
See Notes to
Financial Statements |
Beginning
account value 9/1/2007 |
Ending
account value 2/29/2008 |
Expenses paid
during period* |
Annualized
expense ratio |
|||||||||||||
Class A --
actual return |
$ | 1,000.00 | $ | 905.46 | $ | 3.09 | .65 | % | ||||||||
Class A --
assumed 5% return |
1,000.00 | 1,021.69 | 3.28 | .65 | ||||||||||||
Class B --
actual return |
1,000.00 | 901.81 | 6.73 | 1.42 | ||||||||||||
Class B --
assumed 5% return |
1,000.00 | 1,017.85 | 7.14 | 1.42 | ||||||||||||
Class C --
actual return |
1,000.00 | 901.88 | 6.92 | 1.46 | ||||||||||||
Class C --
assumed 5% return |
1,000.00 | 1,017.65 | 7.34 | 1.46 | ||||||||||||
Class F --
actual return |
1,000.00 | 905.14 | 3.09 | .65 | ||||||||||||
Class F --
assumed 5% return |
1,000.00 | 1,021.69 | 3.28 | .65 | ||||||||||||
Class 529-A
-- actual return |
1,000.00 | 905.09 | 3.47 | .73 | ||||||||||||
Class 529-A
-- assumed 5% return |
1,000.00 | 1,021.29 | 3.68 | .73 | ||||||||||||
Class 529-B
-- actual return |
1,000.00 | 901.45 | 7.25 | 1.53 | ||||||||||||
Class 529-B
-- assumed 5% return |
1,000.00 | 1,017.30 | 7.70 | 1.53 | ||||||||||||
Class 529-C
-- actual return |
1,000.00 | 901.80 | 7.25 | 1.53 | ||||||||||||
Class 529-C
-- assumed 5% return |
1,000.00 | 1,017.30 | 7.70 | 1.53 | ||||||||||||
Class 529-E
-- actual return |
1,000.00 | 903.98 | 4.84 | 1.02 | ||||||||||||
Class 529-E
-- assumed 5% return |
1,000.00 | 1,019.85 | 5.14 | 1.02 | ||||||||||||
Class 529-F
-- actual return |
1,000.00 | 905.83 | 2.47 | .52 | ||||||||||||
Class 529-F
-- assumed 5% return |
1,000.00 | 1,022.34 | 2.62 | .52 | ||||||||||||
Class R-1 --
actual return |
1,000.00 | 901.93 | 6.88 | 1.45 | ||||||||||||
Class R-1 --
assumed 5% return |
1,000.00 | 1,017.70 | 7.29 | 1.45 | ||||||||||||
Class R-2 --
actual return |
1,000.00 | 901.65 | 7.02 | 1.48 | ||||||||||||
Class R-2 --
assumed 5% return |
1,000.00 | 1,017.55 | 7.44 | 1.48 | ||||||||||||
Class R-3 --
actual return |
1,000.00 | 903.93 | 4.75 | 1.00 | ||||||||||||
Class R-3 --
assumed 5% return |
1,000.00 | 1,019.95 | 5.04 | 1.00 | ||||||||||||
Class R-4 --
actual return |
1,000.00 | 904.84 | 3.32 | .70 | ||||||||||||
Class R-4 --
assumed 5% return |
1,000.00 | 1,021.44 | 3.53 | .70 | ||||||||||||
Class R-5 --
actual return |
1,000.00 | 906.43 | 1.90 | .40 | ||||||||||||
Class R-5 --
assumed 5% return |
1,000.00 | 1,022.94 | 2.02 | .40 |
Long-term
capital gains |
$ | 1,437,511,000 | ||
Qualified
dividend income |
100 | % | ||
Corporate
dividends received deduction |
$ | 281,744,000 | ||
U.S.
government income that may be exempt from state taxation |
$ | 11,941,000 |
“Independent”
directors |
||
Year
first |
||
elected |
||
a
director |
||
Name
and age |
of the fund1 |
Principal
occupation(s) during past five years |
H. Frederick
Christie, 74 |
1998 |
Private
investor; former President and CEO, |
Chairman of
the Board |
The Mission
Group (non-utility holding company, | |
(Independent
and Non-Executive) |
subsidiary of
Southern California Edison Company) | |
Mary Anne
Dolan, 61 |
1998 |
Founder and
President, M.A.D., Inc. (communications company); former Editor-in-Chief,
The Los Angeles Herald Examiner |
Martin
Fenton, 72 |
1990 |
Chairman of
the Board, Senior Resource Group LLC (development and management of senior
living communities) |
William D.
Jones, 52 |
2006 |
President and
CEO, CityLink Investment Corporation (real estate development and
management) |
Mary Myers
Kauppila, 54 |
1998 |
Private
investor; Chairman of the Board and CEO, Ladera Management Company
(venture capital and agriculture); former owner and President, Energy
Investment, Inc. |
William H.
Kling, 66 |
2006 |
President and
CEO, American Public Media Group |
Bailey
Morris-Eck, 63 |
1999 |
Director and
Programming Chair, WYPR Baltimore/ Washington (public radio station);
Senior Adviser, Financial News (London); Senior Fellow, Institute for
International Economics; former Senior Associate and head of the Global
Policy Initiative, Reuters Foundation |
Kirk P.
Pendleton, 68 |
1986 |
Chairman of
the Board and CEO, Cairnwood, Inc. (venture capital
investment) |
Olin C.
Robison, Ph.D., 71 |
1998 |
Fellow, The
Oxford Centre for the Study of Christianity and Culture; Director, The
Oxford Project on Religion and Public Policy; President Emeritus of the
Salzburg Seminar; President Emeritus, Middlebury
College |
Stephen B.
Sample, Ph.D., 67 |
1999 |
President,
University of Southern California |
“Independent”
directors |
||
Number
of |
||
portfolios |
||
in
fund |
||
complex2 |
||
overseen
by |
||
Name
and age |
director |
Other
directorships3
held by director |
H. Frederick
Christie, 74 |
21 |
AECOM
Technology Corporation; |
Chairman of
the Board |
Ducommun
Incorporated; | |
(Independent
and Non-Executive) |
IHOP
Corporation; Southwest Water Company | |
Mary Anne
Dolan, 61 |
5 |
None |
Martin
Fenton, 72 |
18 |
None |
William D.
Jones, 52 |
2 |
Sempra
Energy; Southwest Water Company |
Mary Myers
Kauppila, 54 |
6 |
None |
William H.
Kling, 66 |
7 |
Irwin
Financial Corporation |
Bailey
Morris-Eck, 63 |
3 |
None |
Kirk P.
Pendleton, 68 |
7 |
None |
Olin C.
Robison, Ph.D., 71 |
3 |
American
Shared Hospital Services |
Stephen B.
Sample, Ph.D., 67 |
2 |
Intermec,
Inc.; William Wrigley Jr. Company |
“Interested” directors4 |
||
Year
first |
||
elected
a |
||
director
or |
Principal
occupation(s) during past five years and | |
Name,
age and |
officer
of |
positions
held with affiliated entities or the principal |
position
with fund |
the
fund1
|
underwriter
of the fund |
R. Michael
Shanahan, 69 |
1986 |
Director and
Chairman Emeritus, Capital Research |
Vice Chairman
of the Board |
and
Management Company; Director, American Funds Distributors, Inc.;5
Chairman of the Executive Committee, The Capital Group Companies,
Inc.;5
Chairman of the Board, Capital Management Services, Inc.;5
Director, Capital Strategy Research, Inc.5 | |
Claudia P.
Huntington, 56 |
1992–1994 |
Senior Vice
President — Capital Research Global |
President |
1996 |
Investors,
Capital Research and Management Company; Director, The Capital Group
Companies, Inc.5 |
“Interested” directors4 |
||
Number
of |
||
portfolios |
||
in
fund |
||
complex2 |
||
Name,
age and |
overseen
by |
|
position
with fund |
director |
Other
directorships3
held by director |
R. Michael
Shanahan, 69 |
2 |
None |
Vice Chairman
of the Board |
||
Claudia P.
Huntington, 56 |
1 |
None |
President |
|
1Directors
and officers of the fund serve until their resignation, removal or
retirement. |
|
2Capital
Research and Management Company manages the American Funds, consisting of
30 funds. Capital Research and Management Company also manages American
Funds Insurance Series,®
which is composed of 15 funds and serves as the underlying investment
vehicle for certain variable insurance contracts; American Funds Target
Date Retirement Series,®
Inc., which is composed of nine funds and is available to investors in
tax-deferred retirement plans and IRAs; and Endowments, which is composed
of two portfolios and is available to certain nonprofit
organizations. |
|
3This
includes all directorships (other than those in the American Funds or
other funds managed by Capital Research and Management Company) that are
held by each director as a director of a public company or a registered
investment company. |
|
4“Interested
persons” within the meaning of the 1940 Act, on the basis of their
affiliation with the fund’s investment adviser, Capital Research and
Management Company, or affiliated entities (including the fund’s principal
underwriter). |
|
5Company
affiliated with Capital Research and Management
Company. |
Other
officers |
||
Year
first |
||
elected |
Principal
occupation(s) during past five years and | |
Name,
age and |
an
officer |
positions
held with affiliated entities |
position
with fund |
of the fund1 |
or
the principal underwriter of the fund |
Timothy D.
Armour, 47 |
1996 |
President and
Director, Capital Research and |
Senior Vice
President |
Management
Company; Senior Vice President — Capital Research Global Investors,
Capital Research and Management Company; Director, The Capital Group
Companies, Inc.5 | |
Paul F. Roye,
54 |
2007 |
Senior Vice
President — Fund Business |
Senior Vice
President |
Management
Group, Capital Research and Management Company; Director, American Funds
Service Company;5
former Director of Investment Management, United States Securities and
Exchange Commission | |
Barry S.
Crosthwaite, 49 |
2006 |
Senior Vice
President — Capital Research Global |
Vice
President |
Investors,
Capital Research Company5 | |
C. Ross
Sappenfield, 42 |
1999 |
Senior Vice
President — Capital Research Global Investors, Capital Research
Company5 |
James
Terrile, 42 |
2006 |
Senior Vice
President — Capital Research Global |
Vice
President |
Investors,
Capital Research Company5 | |
Vincent P.
Corti, 51 |
1998 |
Vice
President — Fund Business Management |
Secretary |
Group,
Capital Research and Management Company | |
Karl C.
Grauman, 40 |
2006 |
Vice
President — Fund Business Management |
Treasurer |
Group,
Capital Research and Management Company | |
Courtney R.
Taylor, 33 |
2007 |
Assistant
Vice President — Fund Business |
Assistant
Secretary |
Management
Group, Capital Research and Management Company | |
Jeffrey P.
Regal, 36 |
2003 |
Vice
President — Fund Business Management |
Assistant
Treasurer |
Group,
Capital Research and Management Company | |
Chairman
Emeritus |
||
James D.
Fullerton, 91 |
Retired;
former Chairman of the Board, The Capital Group Companies, Inc.5 |
|
•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. |
|
•Growth
funds |
|
Emphasis on
long-term growth through stocks |
>
|
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 |
|
Emphasis on
long-term growth and dividends through
stocks |
|
American
Mutual Fund® |
|
Capital World
Growth and Income FundSM |
|
Fundamental
InvestorsSM |
|
The
Investment Company of America® |
|
Washington
Mutual Investors FundSM |
|
•Equity-income
funds |
|
Emphasis on
above-average income and growth through stocks and/or
bonds |
|
Capital
Income Builder® |
The Income
Fund of America® |
|
•Balanced
fund |
|
Emphasis on
long-term growth and current income through stocks and
bonds |
|
American
Balanced Fund® |
|
•Bond
funds |
|
Emphasis on
current income through bonds |
|
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 |
|
Emphasis on
tax-free current income through municipal
bonds |
|
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® |
Registrant: | ||||
a) Audit
Fees: | ||||
2007 |
$67,000 | |||
2008 |
$72,000 | |||
b) Audit-Related
Fees: | ||||
2007 |
$7,000 | |||
2008 |
$10,000 | |||
The
audit-related fees consist of assurance and related services relating to
the examination of the Registrant’s investment adviser conducted in
accordance with Statement on Auditing Standards Number 70 issued by the
American Institute of Certified Public Accountants. | ||||
c) Tax
Fees: | ||||
2007 |
$6,000 | |||
2008 |
$6,000 | |||
The tax fees
consist of professional services relating to the preparation of the
Registrant’s tax returns. | ||||
d) All
Other Fees: | ||||
2007 |
None | |||
2008 |
None | |||
Adviser and
affiliates (includes only fees for non-audit services billed to the
adviser and affiliates for engagements that relate directly to the
operations and financial reporting of the Registrant and were subject to
the pre-approval policies described below): | ||||
a) Not
Applicable
| ||||
b) Audit-Related
Fees: | ||||
2007 |
$744,000 | |||
2008 |
$1,060,000 | |||
The
audit–related fees consist of assurance and related services relating to
the examination of the Registrant’s transfer agent, principal underwriter
and investment adviser conducted in accordance with Statement on Auditing
Standards Number 70 issued by the American Institute of Certified Public
Accountants. | ||||
c) Tax
Fees: | ||||
2007 |
$12,000 | |||
2008 |
$3,000 | |||
The tax fees
consist of consulting services relating to the Registrant’s
investments. | ||||
d) All
Other Fees: | ||||
2007 |
None | |||
2008 |
None | |||
The other
fees consist of consulting services related to the Registrant’s compliance
program. |
Common stocks
— 85.59% |
Shares |
Market
value
(000) |
||||||
INFORMATION
TECHNOLOGY — 18.19% |
||||||||
Cisco
Systems, Inc.1 |
24,704,300 | $ | 602,044 | |||||
Microsoft
Corp. |
20,895,000 | 568,762 | ||||||
Yahoo!
Inc.1 |
14,175,000 | 393,781 | ||||||
Oracle
Corp.1 |
20,221,659 | 380,167 | ||||||
Intel
Corp. |
18,267,000 | 364,427 | ||||||
SAP AG2 |
5,801,892 | 276,437 | ||||||
Texas
Instruments Inc. |
7,250,000 | 217,210 | ||||||
Google Inc.,
Class A1 |
380,800 | 179,425 | ||||||
Hon Hai
Precision Industry Co., Ltd.2 |
25,000,000 | 148,720 | ||||||
Automatic
Data Processing, Inc. |
3,500,000 | 139,825 | ||||||
eBay
Inc.1 |
4,900,000 | 129,164 | ||||||
Logitech
International SA1 |
4,550,000 | 116,389 | ||||||
EMC
Corp.1 |
6,100,000 | 94,794 | ||||||
Apple
Inc.1 |
750,000 | 93,765 | ||||||
Global
Payments Inc. |
2,250,000 | 89,257 | ||||||
Linear
Technology Corp. |
3,200,000 | 88,672 | ||||||
Maxim
Integrated Products, Inc. |
4,645,000 | 84,864 | ||||||
KLA-Tencor
Corp. |
1,985,000 | 83,390 | ||||||
Microchip
Technology Inc. |
2,500,000 | 76,950 | ||||||
Xilinx,
Inc. |
2,500,000 | 55,900 | ||||||
Applied
Materials, Inc. |
2,700,000 | 51,759 | ||||||
Paychex,
Inc. |
1,600,000 | 50,336 | ||||||
Analog
Devices, Inc. |
1,750,000 | 47,110 | ||||||
Dell
Inc.1 |
2,300,000 | 45,655 | ||||||
QUALCOMM
Inc. |
1,000,000 | 42,370 | ||||||
Delta
Electronics, Inc.
2 |
12,075,000 | 34,038 | ||||||
Rogers
Corp.1 |
667,700 | 21,153 | ||||||
Cadence
Design Systems, Inc.1 |
796,400 | 8,458 | ||||||
4,484,822 | ||||||||
CONSUMER
DISCRETIONARY — 16.81% |
||||||||
Lowe’s
Companies, Inc. |
24,189,700 | 579,827 | ||||||
Target
Corp. |
8,316,000 | 437,505 | ||||||
Best Buy Co.,
Inc. |
9,200,000 | 395,692 | ||||||
Carnival
Corp., units |
8,525,200 | 335,467 | ||||||
Johnson
Controls, Inc. |
8,570,000 | 281,610 | ||||||
YUM! Brands,
Inc. |
7,476,000 | 257,548 | ||||||
O’Reilly
Automotive, Inc.1,3 |
6,794,800 | 183,188 | ||||||
Time Warner
Inc. |
11,681,500 | 182,348 | ||||||
Kohl’s
Corp.1 |
4,025,000 | 178,871 | ||||||
Williams-Sonoma,
Inc.3 |
6,000,000 | 140,160 | ||||||
Walt Disney
Co. |
4,000,000 | 129,640 | ||||||
Ross Stores,
Inc. |
4,625,000 | 128,806 | ||||||
E. W. Scripps
Co., Class A |
2,600,000 | 108,602 | ||||||
Harley-Davidson,
Inc. |
2,896,900 | 107,649 | ||||||
Tractor
Supply Co.1,3 |
2,525,000 | 94,536 | ||||||
Brinker
International, Inc. |
4,687,500 | 86,438 | ||||||
Gentex
Corp. |
5,130,000 | 82,696 | ||||||
Comcast
Corp., Class A, special nonvoting stock1 |
3,750,000 | 72,563 | ||||||
Harman
International Industries, Inc. |
1,728,901 | 71,231 | ||||||
Apollo Group,
Inc., Class A1 |
900,000 | 55,242 | ||||||
Timberland
Co., Class A1 |
3,264,000 | 49,025 | ||||||
P.F. Chang’s
China Bistro, Inc.1,3 |
1,650,000 | 47,074 | ||||||
MGM Mirage,
Inc.1 |
678,942 | 41,816 | ||||||
Life Time
Fitness, Inc.1 |
900,000 | 26,154 | ||||||
Liberty Media
Holding Corp., Liberty Interactive, Series A1 |
1,750,000 | 25,130 | ||||||
Talbots,
Inc.3 |
3,057,725 | 25,012 | ||||||
Expedia,
Inc.1 |
700,000 | 16,051 | ||||||
Fossil,
Inc.1 |
197,000 | 6,339 | ||||||
4,146,220 | ||||||||
HEALTH
CARE — 14.10% |
||||||||
UnitedHealth
Group Inc. |
12,680,000 | 589,366 | ||||||
WellPoint,
Inc.1 |
6,950,000 | 487,056 | ||||||
Medtronic,
Inc. |
5,200,000 | 256,672 | ||||||
Roche Holding
AG2 |
1,262,000 | 247,763 | ||||||
Amgen
Inc.1 |
4,370,000 | 198,922 | ||||||
St. Jude
Medical, Inc.1 |
4,005,000 | 172,135 | ||||||
Varian
Medical Systems, Inc.1 |
3,100,000 | 162,595 | ||||||
Forest
Laboratories, Inc.1 |
3,445,000 | 137,008 | ||||||
Genentech,
Inc.1 |
1,510,000 | 114,383 | ||||||
Becton,
Dickinson and Co. |
1,200,000 | 108,504 | ||||||
Express
Scripts, Inc.1 |
1,800,000 | 106,380 | ||||||
Respironics,
Inc.1 |
1,578,600 | 103,682 | ||||||
Cephalon,
Inc.1 |
1,700,000 | 102,578 | ||||||
Medco Health
Solutions, Inc.1 |
2,200,000 | 97,482 | ||||||
Abbott
Laboratories |
1,400,000 | 74,970 | ||||||
Medicis
Pharmaceutical Corp., Class A3 |
3,625,000 | 74,349 | ||||||
Haemonetics
Corp.1 |
1,190,000 | 69,139 | ||||||
McKesson
Corp. |
1,100,000 | 64,636 | ||||||
Beckman
Coulter, Inc. |
936,400 | 63,207 | ||||||
Bristol-Myers
Squibb Co. |
2,000,000 | 45,220 | ||||||
Schering-Plough
Corp. |
2,000,000 | 43,400 | ||||||
ResMed
Inc1 |
828,000 | 33,526 | ||||||
Boston
Scientific Corp.1 |
2,547,890 | 32,078 | ||||||
Johnson &
Johnson |
500,000 | 30,980 | ||||||
Henry Schein,
Inc.1 |
500,000 | 29,910 | ||||||
Gilead
Sciences, Inc.1 |
500,000 | 23,660 | ||||||
Mentor
Corp. |
282,300 | 8,373 | ||||||
3,477,974 | ||||||||
FINANCIALS
— 10.87% |
||||||||
American
International Group, Inc. |
10,750,000 | 503,745 | ||||||
Wachovia
Corp. |
12,404,909 | 379,838 | ||||||
Citigroup
Inc. |
14,640,000 | 347,115 | ||||||
Fannie
Mae |
10,605,000 | 293,228 | ||||||
Capital One
Financial Corp. |
6,151,200 | 283,140 | ||||||
Hudson City
Bancorp, Inc. |
12,700,000 | 201,549 | ||||||
Wells Fargo
& Co. |
6,440,000 | 188,241 | ||||||
Freddie
Mac |
6,050,000 | 152,339 | ||||||
State Street
Corp. |
1,600,000 | 125,680 | ||||||
M&T Bank
Corp. |
1,124,230 | 92,277 | ||||||
Bank of New
York Mellon Corp. |
2,070,000 | 90,811 | ||||||
Arthur J.
Gallagher & Co. |
950,000 | 22,420 | ||||||
2,680,383 | ||||||||
CONSUMER
STAPLES — 7.88% |
||||||||
Walgreen
Co. |
13,375,800 | 488,350 | ||||||
PepsiCo,
Inc. |
5,000,000 | 347,800 | ||||||
L’Oréal
SA2 |
1,850,000 | 219,347 | ||||||
Avon
Products, Inc. |
5,045,000 | 192,013 | ||||||
Altria Group,
Inc. |
2,500,000 | 182,850 | ||||||
McCormick
& Co. |
4,435,000 | 152,786 | ||||||
Wm. Wrigley
Jr. Co. |
1,870,000 | 111,938 | ||||||
Costco
Wholesale Corp. |
1,600,000 | 99,072 | ||||||
Dean Foods
Co. |
2,500,000 | 53,800 | ||||||
Whole Foods
Market, Inc. |
1,200,000 | 42,180 | ||||||
Kraft Foods
Inc., Class A |
1,211,042 | 37,748 | ||||||
Wal-Mart
Stores, Inc. |
300,000 | 14,877 | ||||||
1,942,761 | ||||||||
ENERGY
— 6.76% |
||||||||
Schlumberger
Ltd. |
4,990,000 | 431,386 | ||||||
EOG
Resources, Inc. |
2,122,900 | 252,604 | ||||||
Newfield
Exploration Co.1 |
3,795,000 | 210,167 | ||||||
Murphy Oil
Corp. |
2,200,000 | 176,836 | ||||||
FMC
Technologies, Inc.1 |
2,745,000 | 155,532 | ||||||
Apache
Corp. |
1,320,000 | 151,417 | ||||||
Smith
International, Inc. |
2,130,000 | 134,254 | ||||||
Devon Energy
Corp. |
1,270,000 | 130,454 | ||||||
ConocoPhillips |
300,000 | 24,813 | ||||||
1,667,463 | ||||||||
INDUSTRIALS
— 5.31% |
||||||||
Precision
Castparts Corp. |
3,440,000 | 379,742 | ||||||
United Parcel
Service, Inc., Class B |
3,200,000 | 224,768 | ||||||
General
Electric Co. |
6,400,000 | 212,096 | ||||||
Robert Half
International Inc. |
6,800,000 | 183,260 | ||||||
Avery
Dennison Corp. |
1,744,200 | 89,512 | ||||||
United
Technologies Corp. |
1,000,000 | 70,510 | ||||||
FedEx
Corp. |
790,000 | 69,623 | ||||||
Southwest
Airlines Co. |
3,685,000 | 45,178 | ||||||
Mine Safety
Appliances Co. |
881,050 | 35,339 | ||||||
1,310,028 | ||||||||
TELECOMMUNICATION
SERVICES — 1.43% |
||||||||
Telephone and
Data Systems, Inc., Special Common Shares |
2,000,900 | 86,239 | ||||||
Telephone and
Data Systems, Inc. |
1,737,500 | 81,489 | ||||||
Sprint Nextel
Corp., Series 1 |
17,200,000 | 122,292 | ||||||
CenturyTel,
Inc. |
890,000 | 32,209 | ||||||
United States
Cellular Corp.1 |
501,600 | 31,601 | ||||||
353,830 | ||||||||
MATERIALS
— 0.43% |
||||||||
Sealed Air
Corp. |
2,400,000 | 58,104 | ||||||
Potash Corp.
of Saskatchewan Inc. |
300,000 | 47,670 | ||||||
105,774 | ||||||||
UTILITIES
— 0.09% |
||||||||
Duke Energy
Corp. |
1,299,000 | 22,784 | ||||||
MISCELLANEOUS
— 3.72% |
||||||||
Other common
stocks in initial period of acquisition |
917,037 | |||||||
Total
common stocks (cost: $18,696,646,000) |
21,109,076 | |||||||
Principal
amount |
||||||||
Short-term
securities — 14.24% |
(000 | ) | ||||||
Federal Home
Loan Bank 2.52%–4.285% due 3/13–8/27/2008 |
$ | 576,452 | 574,284 | |||||
Freddie Mac
2.50%–4.23% due 3/3–9/10/2008 |
308,700 | 307,635 | ||||||
Wells Fargo
& Co. 2.97%–3.17% due 3/13–3/18/2008 |
247,500 | 247,154 | ||||||
General
Electric Capital Corp. 3.00%–4.37% due 4/24–5/8/2008 |
160,000 | 159,138 | ||||||
General
Electric Co. 4.51% due 3/26/2008 |
35,000 | 34,918 | ||||||
Edison Asset
Securitization LLC 4.49% due 3/14/20084 |
25,000 | 24,955 | ||||||
Procter &
Gamble International Funding S.C.A. 2.85%–4.22% due 3/7–3/17/20084 |
192,000 | 191,774 | ||||||
Coca-Cola Co.
2.67%–2.93% due 4/10–5/16/20084 |
183,400 | 182,564 | ||||||
United Parcel
Service Inc. 4.17%–4.40% due 3/3–3/31/20084 |
144,800 | 144,608 | ||||||
Variable
Funding Capital Corp. 3.90%–4.25% due 3/4–3/14/20084 |
132,300 | 132,151 | ||||||
Hewlett-Packard
Co. 2.82%–3.00% due 3/27–4/11/20084 |
127,800 | 127,478 | ||||||
Lowe’s Cos.
Inc. 2.80%–2.85% due 3/5–3/24/2008 |
119,300 | 119,180 | ||||||
John Deere
Capital Corp. 3.75%–3.78% due 3/27/20084 |
115,000 | 114,719 | ||||||
Ranger
Funding Co. LLC 3.45% due 4/24/20084 |
59,500 | 59,179 | ||||||
Bank of
America Corp. 3.015% due 4/8/2008 |
50,000 | 49,833 | ||||||
FCAR Owner
Trust II 3.33% due 3/17/2008 |
58,000 | 57,909 | ||||||
FCAR Owner
Trust I 3.27% due 3/17/2008 |
50,000 | 49,923 | ||||||
Walt Disney
Co. 2.73%–2.75% due 4/22–5/2/2008 |
94,905 | 94,428 | ||||||
Wal-Mart
Stores Inc. 2.72%–3.65% due 3/4–4/22/20084 |
88,400 | 88,292 | ||||||
U.S. Treasury
Bills 2.305%–3.505% due 4/15–4/24/2008 |
76,700 | 76,463 | ||||||
Fannie Mae
4.05%–4.27% due 3/12–5/28/2008 |
75,500 | 75,127 | ||||||
Chevron Corp.
2.85% due 3/18/2008 |
50,000 | 49,929 | ||||||
Chevron
Funding Corp. 2.85% due 3/20/2008 |
25,000 | 24,960 | ||||||
Park Avenue
Receivables Co., LLC 3.30% due 3/28/20084 |
50,000 | 49,872 | ||||||
Jupiter
Securitization Co., LLC 4.65% due 3/20/20084 |
25,000 | 24,941 | ||||||
Pfizer Inc
4.33% due 6/13/20084 |
53,300 | 52,831 | ||||||
Paccar
Financial Corp. 3.60%–4.17% due 3/26–4/17/2008 |
52,600 | 52,411 | ||||||
Private
Export Funding Corp. 4.25%–4.37% due 3/6–3/26/20084 |
51,000 | 50,922 | ||||||
Honeywell
International Inc. 2.78% due 3/19/20084 |
50,000 | 49,927 | ||||||
Colgate-Palmolive
Co. 2.82% due 3/25/20084 |
50,000 | 49,902 | ||||||
Federal Farm
Credit Banks 3.31% due 8/14/2008 |
40,000 | 39,485 | ||||||
IBM
International Group Capital LLC 2.72% due 4/21/20084 |
34,000 | 33,866 | ||||||
AT&T Inc.
2.73% due 5/22/20084 |
33,110 | 32,876 | ||||||
Union Bank of
California, N.A. 3.86% due 4/17/2008 |
27,800 | 27,829 | ||||||
Johnson &
Johnson 2.70%–3.60% due 3/27–4/24/20084 |
27,400 | 27,293 | ||||||
NetJets Inc.
4.18% due 3/10/20084 |
25,000 | 24,970 | ||||||
Harley-Davidson
Funding Corp. 2.85% due 3/26/20084 |
7,100 | 7,085 | ||||||
Total
short-term securities (cost: $3,509,844,000) |
$ | 3,510,811 | ||||||
Total
investment securities (cost: $22,206,490,000) |
24,619,887 | |||||||
Other
assets less liabilities |
42,923 | |||||||
Net
assets |
$ | 24,662,810 |
(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. |
(a)(1) |
The Code of
Ethics that is the subject of the disclosure required by Item 2 is
attached as an exhibit hereto. |
(a)(2) |
The
certifications required by Rule 30a-2 of the Investment Company Act of
1940, as amended, and Sections 302 and 906 of the Sarbanes-Oxley Act of
2002 are attached as exhibits
hereto. |
AMCAP FUND,
INC. | |
By /s/ Claudia P.
Huntington | |
Claudia P. Huntington, President
and
Principal Executive
Officer | |
Date: May 8,
2008 |
By /s/ Claudia P.
Huntington |
Claudia P. Huntington, President
and
Principal Executive
Officer |
Date: May 8,
2008 |
By /s/ Karl C.
Grauman |
Karl C. Grauman, Treasurer
and
Principal Financial
Officer |
Date: May 8,
2008 |