New Perspective Fund – ‘N-30D’ for 3/31/98

As of:  Wednesday, 6/10/98   ·   For:  3/31/98   ·   Accession #:  71516-98-7   ·   File #:  811-02333

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Annual or Semi-Annual Report Mailed to Shareholders   —   Rule 30d-1
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-30D       Annual or Semi-Annual Report Mailed to                23±   106K 
                          Shareholders                                           


[The American Funds Group(r)]                                                   

NEW PERSPECTIVE FUND                                                            

1998 Semi-Annual Report                                                         
for the six months ended March 31                                               

[sketch: one dimensional view of globe]                                         

New Perspective Fund(r) seeks long-term growth of capital through investments   
all over the world, including the United States.                                

New Perspective Fund is one of the 28 mutual funds in The American Funds        
Group(r),  managed by Capital Research and Management Company. Since 1931,      
Capital has invested with a long-term focus based on thorough research and      
attention to risk.                                                              

About our cover: The Fuller Projection Dymaxion(tm) map                         

The word "Dymaxion" and the Fuller Projection Dymaxion Map design are           
trademarks of the Buckminster Fuller Institute, Santa Barbara, California,      
(c)1938, 1967 & 1992. All rights reserved.                                      

Fund results in this report were computed without a sales charge unless         
otherwise indicated. Here are the total returns and average annual compound     
returns with all distributions reinvested for periods ended March 31, 1998,     
assuming payment of the 5.75% maximum sales charge at the beginning of the      
stated periods (sales charges are lower for accounts of $50,000 or more):       

                                                                [Download Table]

                 Total                    Average Annual 
                 Return                   Compound Return
                                                         
10 years          +285.80%                +14.46%        
 5 years          +121.62%                +17.25%        
12 months         + 21.68%                -              

The figures in this report reflect past results and are not predictive of       
future results. Share price and return will vary, so you may lose money by      
investing in the fund. The shorter the time period of your investment, the      
greater the possibility of loss. Fund shares are not deposits or obligations    
of, or insured or guaranteed by, the U.S. government, the Federal Deposit       
Insurance Corporation, or any other agency, entity or person. Investing outside 
the United States is subject to additional risks, such as currency fluctuations 
and political instability, which are detailed in the fund's prospectus.         

Fellow Shareholders:                                                            

New Perspective Fund posted a solid gain during the first half of its fiscal    
year. For the six months ended March 31, the value of your investment rose 9.8% 
if, like most shareholders, you reinvested the income dividend of 19 cents a    
share and the capital gain distribution of $1.21 a share, both of which were    
paid in December.                                                               

Over the six months, the 205 global stock funds tracked by Lipper Analytical    
Services rose an average of 7.8% with dividends reinvested. On the same basis,  
the unmanaged Morgan Stanley Capital International (MSCI) World Index, which    
measures 23 major markets including the U.S., gained 11.7%.                     

The six months provided a study in contrasts. Markets worldwide declined        
sharply soon after the period began. By March, however, most had recovered lost 
ground, and many had reached record levels. Asia was the glaring exception,     
with markets ending the period lower than where they began.                     

IN THE UNITED STATES, where NPF had the largest concentration of assets, equity 
prices rose 18.1%, as measured by the unmanaged MSCI USA Index. The nation's    
"Goldilocks" economy - not too hot, not too cold - once again created a         
favorable environment for stocks. Productivity and corporate profits continued  
to increase, bolstered by benign inflation, low interest rates and steady       
economic growth. The Asian crisis has reduced the possibility of rising         
inflation in the near future, as the flood of cheap imports from the region has 
put pressure on U.S. manufacturers to keep prices low. At the same time,        
companies that do significant business in Asia may see profits squeezed as      
demand there contracts. Elsewhere in North America, the Canadian market rose    
8.8% in U.S. dollars for the six months. Mexico, on the other hand, was hurt by 
falling oil prices and lost 9.5% in dollar terms.                               

IN EUROPE, markets showed broad strength, with most recording double-digit      
gains for the six months. The rise in stock prices was fueled by a heady        
combination of positive news on corporate earnings, a wave of industry          
consolidations and a strong U.S. dollar, which made European manufacturers more 
competitive. Interest rates and inflation remained low throughout the           
continent, as governments reduced budget deficits to meet the various criteria  
for the European Monetary Union next January.                                   

Many markets outpaced even the U.S. market's impressive gain. They included     
Spain, where stock prices rose 36.0% in U.S. dollars, Switzerland (+25.9%),     
France (+23.3%) and the U.K. (+18.4%). Italy, where stock prices increased an   
astonishing 40.9% for the six-month period, was Europe's biggest gainer. With   
more than a third of net assets invested in European companies, the fund was    
well-positioned to take advantage of the market's strength.                     

WHERE NPF'S ASSETS                                                              
WERE INVESTED                                                                   
(percent invested by country)                                                   

                                                                [Download Table]

                                                               
                          3/31/98                       9/30/97
ASIA/PACIFIC RIM          10.7%                         12.0%  
Japan                     5.2                           5.6    
Australia                 2.8                           3.4    
Hong Kong                 1.2                           1.6    
Taiwan                    .6                            .5     
New Zealand               .5                            .8     
South Korea               .4                            .1     

EUROPE                    34.4%                         31.9%  
United Kingdom            7.3                           6.5    
France                    6.8                           5.6    
Sweden                    3.6                           4.2    
Germany                   3.5                           2.4    
Netherlands               3.4                           3.6    
Switzerland               3.1                           3.1    
Spain                     2.3                           2.0    
Finland                   1.8                           1.6    
Italy                     1.5                           1.8    
Denmark                   .6                            .4     
Norway                    .4                            .6     
Luxembourg                .1                            .1     

NORTH AMERICA             40.0%                         41.1%  
United States             33.2                          33.8   
Canada                    5.4                           5.8    
Mexico                    1.4                           1.5    

OTHER                     3.1%                          3.6%   

CASH & EQUIVALENTS        11.8%                         11.4%  

                          100.0%                        100.0% 

IN ASIA AND THE PACIFIC RIM, by contrast, markets fared poorly. Japan, still    
struggling with a banking crisis, a weakening yen and stubborn economic         
problems, was further battered, sliding 18.0% on top of earlier losses. With    
about 5% of net assets invested in Japanese companies, the fund was not immune  
to the decline, but the drop in stock prices provided buying opportunities for  
a number of Japanese holdings that we believe have good prospects over the long 
term.                                                                           

Meanwhile, Southeast Asia's currency turmoil that began last summer sparked a   
chain of market routs that left stocks throughout the region considerably       
weaker, particularly when measured in U.S. dollars. Most recovered a bit in the 
last quarter as investors cautiously returned to the region. With minimal       
investments in Southeast Asia, the crisis had little direct impact on the fund. 

As always, our primary focus remains on individual companies, regardless of     
region or industry. Of the ten largest holdings in the portfolio, many made     
significant contributions to the fund's six-month results. They include Pfizer  
(+66.0%), the U.S.-based pharmaceuticals company; Mannesmann (+53.1%), a German 
provider of wireless phone service; and U.S. cruise-line operator Carnival      
(+50.8%). Viacom (+70.0%), the U.S. entertainment company, recovered from its   
doldrums of recent years to post impressive gains.                              

An emphasis on individual companies can sometimes lead to large concentrations  
in sectors where our analysts have found particularly attractive values. A case 
in point is telecommunications, the fund's second-largest industry              
concentration. Many service providers are benefiting from worldwide             
deregulation and are forming alliances at a rapid rate as they expand their     
borders of operations. Telef<UNDEF>nica de Espa<UNDEF>a (+39.6%) and Telecom    
Italia (+30.1%), for example, have been courted by large long-distance          
carriers. Both companies also operate highly profitable mobile phone            
businesses. A number of NPF's other telecommunications holdings, such as Tele   
Danmark (+71.4%) and MCI (+68.5%), also did extremely well.                     

All in all, the fund is broadly diversified. As you can see by the listing      
beginning on page 4, the 231 companies in the portfolio represented 36          
industries and were based in 26 countries on six continents. Most are           
businesses with a global focus, seeking to serve a world clientele.             

New Perspective Fund's latest six-month return brings its 12-month total return 
through March 31, 1998 to +29.1% versus +32.5% for the MSCI World Index and     
+27.1% for the Lipper average of global funds. Over longer, more meaningful     
periods, NPF has continued to outpace the unmanaged index and its category      
average:                                                                        

                                                                [Download Table]

                 Average Annual Compound Returns                        
                 5 years                 10 years        Lifetime       
                 4/1/93-3/31/98          4/1/88-3/31/98  3/13/73-3/31/98
                                                                        
New Perspective                                                         
  Fund           +18.6%                  +15.1%          +15.3%         
MSCI World                                                              
  Index          +17.1%                  +11.4%          +12.3%         
Global funds                                                            
   average       +15.5%                  +12.4%          +14.4%         


Global funds average calculated at net asset value by Lipper Analytical         
Services. Results assume distributions were reinvested.                         

In a six-month period that saw extreme volatility on the upside as well as the  
downside, the value of a long-term perspective becomes increasingly apparent.   
As New Perspective Fund marks its 25th anniversary, we believe our long view    
has been a primary factor in the fund's success.                                

We look forward to reviewing the past quarter-century with you six months from  
now in the annual report.                                                       

Cordially,                                                                      

[/s/ Walter P. Stern]                                                           
Walter P. Stern                                                                 
Chairman of the Board                                                           

[/s/ Gina h. Despres]                                                           
Gina H. Despres                                                                 
President                                                                       

May 12, 1998                                                                    

                                                        [Enlarge/Download Table]
New Perspective Fund                                                                                 
Investment Portfolio, March 31, 1998                                                                 
                                                                                             Percent 
Largest Industry Holdings                                   Largest Individual                of Net 
11.41% Health & Personal Care                                        Holdings                 Assets 
11.30% Telecommunications                                              Pfizer                  2.58% 
6.45%  Banking                                                    Time Warner                   2.45 
6.42%  Broadcasting & Publishing                                        Astra                   2.25 
5.13%  Electronic Components                                         Novartis                   2.03 
47.32% Other Industries                                            Mannesmann                   1.97 
                                                            Telefonica de Espana                1.91 
11.97% Bonds, Cash and Equivalents                              Philip Morris                   1.65 
                                                                       Viacom                   1.61 
                                                                        Nokia                   1.56 
                                                                     Carnival                   1.26 

                                                                                                     

                                                                    Shares or     Market    Percent  
                                                                    Principal      Value      of Net 
Equity Securities                                                      Amount (Millions)      Assets 
-----------------------------------------                        ------------ -----------------------

Health & Personal Care - 11.41%                                                                      
Pfizer Inc (USA)                                                     4,870,000   $485.478       2.58%
AB Astra, Class A (Sweden)                                          11,826,833    243.654            
AB Astra, Class A (American Depositary Receipts)                       413,333      8.577            
AB Astra, Class B                                                    8,590,533    170.545       2.25 
Novartis AG (Switzerland)                                              216,231    382.176       2.03 
SmithKline Beecham PLC (American Depositary Receipts)                                                
 (United Kingdom)                                                    2,200,000    137.637        .73 
Teva Pharmaceutical Industries Ltd. (American Depositary                                             
 Receipts) (Israel)                                                  2,635,000    112.646        .60 
Merck & Co., Inc. (USA)                                                690,500     88.643        .47 
Zeneca Group PLC (United Kingdom)                                    1,207,200     51.961            
Zeneca Group PLC (American Depositary Receipts)                        185,000     24.235        .41 
Glaxo Wellcome PLC (United Kingdom)                                    563,264     15.061            
Glaxo Wellcome PLC (American Depositary Receipts)                    1,044,000     56.506        .38 
Johnson & Johnson (USA)                                                800,000     58.650        .31 
Shiseido Co., Ltd. (Japan)                                           4,283,000     49.197        .26 
Alza Corp. (USA) (1)                                                 1,000,000     44.812        .24 
Genentech, Inc., callable putable common stock (USA) (1)               600,000     42.262        .22 
Avon Products, Inc. (USA)                                              500,000     39.000        .21 
Bristol-Myers Squibb Co. (USA)                                         275,000     28.686        .15 
Amgen Inc. (USA) (1)                                                   400,000     24.350        .13 
Gillette Co. (USA)                                                     203,400     24.141        .13 
Pharmacia & Upjohn, Inc. (USA)                                         500,000     21.875        .12 
Guidant Corp. (USA)                                                    250,000     18.344        .10 
Medtronic, Inc. (USA)                                                  315,000     16.341        .09 

Telecommunications - 11.30%                                                                          
Mannesmann AG (Germany)                                                507,500    371.275       1.97 
Telefonica de Espana, SA (Spain)                                     7,906,000    348.291            
Telefonica de Espana, SA (American Depositary Receipts)                 76,000     10.051       1.91 
Telefonos de Mexico, SA de CV, Class L (American                                                     
 Depositary Receipts) (Mexico)                                       3,134,530    176.709        .94 
AirTouch Communications (USA) (1)                                    3,525,000    172.505        .92 
Vodafone Group PLC (American Depositary Receipts) (United                                            
 Kingdom)                                                            1,428,500    148.385        .79 
Tele Danmark AS, Class B (Denmark)                                     672,000     60.945            
Tele Danmark AS, Class B (American Depositary Receipts)              1,233,700     56.288        .62 
MCI Communications Corp. (USA)                                       2,325,000    115.087        .61 
Telecom Italia SpA, ordinary shares (Italy)                          4,187,500     33.004            
Telecom Italia SpA, nonconvertible savings shares                   12,500,000     76.330        .58 
AT&T Corp. (USA)                                                     1,535,000    100.734        .54 
Koninklijke PTT Nederland NV (Netherlands)                           1,629,500     84.382        .45 
France Telecom (France)                                              1,410,000     74.327        .40 
Telecom Corp. of New Zealand Ltd. (New Zealand)                     10,671,100     50.794            
Telecom Corp. of New Zealand Ltd. (2)                                4,917,700     23.408        .39 
Deutsche Telekom AG (Germany)                                        3,412,260     74.023        .39 
Sprint Corp. (USA)                                                     883,400     59.795        .32 
British Telecommunications PLC (United Kingdom)                      3,000,000     32.608        .17 
Hong Kong Telecommunications Ltd. (Hong Kong)                        7,428,745     15.340            
Hong Kong Telecommunications Ltd. (American Depositary                                               
 Receipts)                                                             451,479      9.453        .13 
DDI Corp. (Japan)                                                        9,074     22.344        .12 
Telecomunicacoes Brasileiras SA, preferred nominative                                                
  (American Depositary Receipts) (Brazil)                               76,439      9.923        .05 

Banking - 6.45%                                                                                      
Bank of Nova Scotia (Canada)                                         6,959,000    188.618       1.00 
Royal Bank of Canada (Canada)                                        2,717,000    161.170        .86 
Westpac Banking Corp. (Australia)                                   17,567,630    117.675            
Westpac Banking Corp., warrants, expire 2000 (1)                     3,000,000     17.951        .72 
BankAmerica Corp. (USA)                                              1,200,000     99.150        .53 
Citicorp (USA)                                                         590,000     83.780        .45 
Banque Nationale de Paris (France)                                   1,021,549     79.341        .42 
Banco de Santander, SA (Spain)                                       1,000,000     49.784            
Banco de Santander, SA (American Depositary Receipts)                  540,000     26.696        .41 
Cie. Financiere de Paribas, Class A (France)                           750,000     75.853        .40 
Sakura Bank, Ltd. (Japan)                                           17,700,000     62.854        .33 
Chase Manhattan Corp. (USA)                                            375,000     50.578        .27 
Australia and New Zealand Banking Group Ltd. (Australia)             7,371,411     49.279        .26 
Fuji Bank, Ltd. (Japan)                                              7,910,000     47.507        .25 
ABN AMRO Bank Holding NV (Netherlands)                               1,672,960     38.583        .21 
Toronto-Dominion Bank (Canada)                                         750,000     32.356        .17 
Istituto Mobiliare Italiano SpA (Italy)                              1,980,000     32.091        .17 

Broadcasting & Publishing - 6.42%                                                                    
Time Warner Inc. (USA)                                               6,406,225    461.248       2.45 
Viacom Inc., Class B (USA) (1)                                       5,640,000    303.150       1.61 
News Corp. Ltd. (Australia)                                          3,958,997     26.126            
News Corp. Ltd. (American Depositary Receipts)                       3,991,600    107.524            
News Corp. Ltd., preferred shares                                    2,037,002     11.514            
News Corp. Ltd., preferred shares (American Depositary                                               
 Receipts)                                                           1,995,800     45.903       1.02 
CANAL+ (France)                                                        267,145     50.072        .27 
CBS Corp. (formerly Westinghouse Electric Corp.) (USA)               1,045,000     35.465        .19 
Grupo Televisa, SA, ordinary participation certificates                                              
 (American Depositary Receipts) (Mexico) (1)                           825,000     30.216        .16 
Elsevier NV (Netherlands)                                            1,700,000     27.958        .15 
Pearson PLC (United Kingdom)                                         1,700,000     27.575        .15 
Wolters Kluwer NV (Netherlands)                                        162,516     23.221        .12 
Dow Jones & Co., Inc. (USA)                                            434,900     23.023        .12 
AUDIOFINA (Luxembourg)                                                 415,300     16.427        .09 
Carlton Communications PLC (United Kingdom)                          2,015,000     15.988        .09 

Electronic Components - 5.13%                                                                        
Micron Technology, Inc. (USA) (1)                                    7,500,000    217.969       1.16 
Advanced Micro Devices, Inc. (USA) (1)                               7,050,000    204.891       1.09 
Intel Corp. (USA)                                                    1,650,000    128.803        .69 
Bay Networks, Inc. (USA) (1)                                         3,516,900     95.396        .51 
Analog Devices, Inc. (USA) (1)                                       1,710,000     56.858        .30 
Altera Corp. (USA) (1)                                               1,250,000     47.187        .25 
Murata Manufacturing Co., Ltd. (Japan)                               1,590,000     43.928        .23 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)                 7,900,000     39.018        .21 
Seagate Technology (USA) (1)                                         1,400,000     35.350        .19 
Asustek Computer Inc. (Taiwan) (1)                                   1,200,000     27.293        .15 
Hirose Electric Co., Ltd. (Japan)                                      400,000     19.940        .11 
Rohm Co., Ltd. (Japan)                                                 200,000     18.318        .10 
Texas Instruments Inc. (USA)                                           300,000     16.237        .09 
Kyocera Corp. (Japan)                                                  176,000      9.249        .05 

Electrical & Electronics - 4.11%                                                                     
Nokia Corp., Class A (Finland)                                         580,000     62.283            
Nokia Corp., Class A (American Depositary Receipts)                  1,690,000    182.414            
Nokia Corp., Class K                                                   460,000     49.503       1.56 
Telefonaktiebolaget LM Ericsson, Class B (Sweden)                    2,811,000    133.372            
Telefonaktiebolaget LM Ericsson, Class B (American                                                   
 Depositary Receipts)                                                  800,000     38.050        .91 
Alcatel Alsthom (France)                                               445,000     83.480        .44 
Northern Telecom Ltd. (Canada)                                         914,600     59.106        .31 
Siemens AG (Germany)                                                   600,000     40.134        .21 
Schneider SA (France)                                                  500,000     38.471        .20 
General Electric Co. (USA)                                             440,000     37.923        .20 
York International Corp. (USA)                                         680,000     30.600        .16 
General Instrument Corp. (USA) (1)                                   1,055,200     22.093        .12 

Multi-Industry - 4.00%                                                                               
Siebe PLC (United Kingdom)                                           6,770,000    147.510        .78 
Williams Holdings PLC (United Kingdom)                              12,000,000     95.917        .51 
Lend Lease Corp. Ltd. (Australia)                                    4,058,860     94.567        .50 
Hutchison Whampoa Ltd. (Hong Kong)                                  13,216,000     92.960        .49 
Suez Lyonnaise des Eaux (France)                                       500,000     72.183        .38 
FMC Corp. (USA) (1)                                                    754,800     59.252        .32 
LTV Corp. (USA)                                                      3,975,000     52.172        .28 
Lagardere Groupe SCA (France)                                          850,000     34.277        .18 
Canadian Pacific Ltd. (Canada)                                       1,000,000     29.500        .16 
Investor AB (Sweden)                                                   520,000     27.854        .15 
Swire Pacific Ltd., Class A (Hong Kong)                              4,350,000     23.018        .12 
AlliedSignal Inc. (USA)                                                400,000     16.800        .09 
B.A.T Industries PLC (United Kingdom)                                  755,559      7.625        .04 

Energy Sources - 3.85%                                                                               
TOTAL, Class B (France)                                                131,077     15.731            
TOTAL, Class B (American Depositary Receipts)                        3,109,814    186.783       1.08 
Royal Dutch Petroleum Co. (New York Registered                                                       
 Shares) (Netherlands)                                               1,952,000    110.898            
 'Shell' Transport and Trading Co., PLC (United Kingdom)             3,000,000     22.023        .71 
ENI SpA (Italy)                                                     11,000,000     74.514        .40 
Elf Aquitaine (France)                                                 400,000     52.391            
Elf Aquitaine (American Depositary Receipts)                           250,000     16.188        .36 
Mobil Corp. (USA)                                                      700,000     53.638        .29 
Talisman Energy Inc. (Canada) (1)                                    1,400,000     42.189        .22 
YPF SA, Class D (American Depositary Receipts) (Argentina)           1,200,000     40.800        .22 
Phillips Petroleum Co. (USA)                                           700,000     34.956        .19 
RAO Gazprom (American Depositary Receipts) (Russia)                  1,341,000     28.429        .15 
Anadarko Petroleum Corp. (USA)                                         400,000     27.600        .15 
Enterprise Oil PLC (United Kingdom)                                  1,221,300     11.008        .06 
Broken Hill Proprietary Co. Ltd. (Australia)                           371,938      3.801        .02 

Automobiles - 3.21%                                                                                  
Regie Nationale des Usines Renault, SA (France)                      3,800,000    169.175        .90 
Honda Motor Co., Ltd. (Japan)                                        3,200,000    115.315        .61 
Bayerische Motoren Werke AG (Germany)                                   69,500     76.792            
Bayerische Motoren Werke AG, preferred shares                           20,318     15.095        .49 
Chrysler Corp. (USA)                                                 1,500,000     62.344        .33 
Ford Motor Co., Class A (USA)                                        1,229,500     54.175        .29 
Suzuki Motor Corp. (Japan)                                           4,379,000     41.094        .22 
Volvo AB, Class B (Sweden)                                           1,000,000     31.777        .17 
Daimler-Benz AG, 4.125% convertible debentures                                                       
 2003 (Germany) (2)                                              DM28,000,000      25.265        .13 
Toyota Motor Corp. (Japan)                                             500,000     13.326        .07 
General Motors Corp. (USA)                                              12,500      0.843        .00 

Chemicals - 3.19%                                                                                    
Praxair, Inc. (USA)                                                  2,781,400    143.068        .76 
BOC Group PLC (United Kingdom)                                       6,058,300     96.647        .51 
Sherwin-Williams Co. (USA)                                           1,962,000     69.651        .37 
Methanex Corp. (Canada) (1)                                          7,250,000     63.628        .34 
Georgia Gulf Corp. (USA) (3)                                         1,975,000     53.572        .28 
Valspar Corp. (USA)                                                  1,160,000     45.530        .24 
E.I. du Pont de Nemours and Co. (USA)                                  600,000     40.800        .22 
Bayer AG (Germany)                                                     850,000     38.853        .21 
L'Air Liquide (France)                                                 110,097     18.647        .10 
AGA AB, Class A (Sweden)                                               800,000     11.687            
AGA AB, Class B                                                        300,000      4.083        .08 
Engelhard Corp. (USA)                                                  813,100     15.449        .08 
                                                                            .                        

Food & Household Products - 3.10%                                                                    
Nestle SA (Switzerland)                                                100,782    192.321       1.02 
Reckitt & Colman PLC (United Kingdom)                                6,056,250    112.109        .60 
Groupe Danone (France)                                                 443,586    107.042        .57 
Unilever NV (Netherlands)                                            1,340,000     90.335        .48 
Cadbury Schweppes PLC (United Kingdom)                               3,350,000     45.235        .24 
Archer Daniels Midland Co. (USA)                                     1,050,000     23.034        .12 
Colgate-Palmolive Co. (USA)                                            150,000     12.994        .07 

Beverages & Tobacco - 3.05%                                                                          
Philip Morris Companies Inc. (USA)                                   7,455,000    310.780       1.65 
Seagram Co. Ltd. (Canada)                                            2,800,000    106.925        .57 
Asahi Breweries, Ltd. (Japan)                                        2,777,000     36.693            
Asahi Breweries, Ltd. 1.00% convertible debentures 2003          Y924,000,000      10.405            
Asahi Breweries, Ltd. 0.95% convertible debentures 2002          Y410,000,000       4.540            
Asahi Breweries, Ltd. 0.90% convertible debentures 2001          Y520,000,000       5.817        .31 
PepsiCo, Inc. (USA)                                                  1,000,000     42.688        .23 
Cia. Cervejaria Brahma, preferred nominative (Brazil)               39,172,000     30.355            
Cia. Cervejaria Brahma, preferred nominative (American                                               
 Depositary Receipts)                                                  100,000      1.550        .17 
LVMH Moet Hennessy Louis Vuitton (France)                               80,000     16.956        .09 
Gallaher Group PLC (American Depositary Receipts)                                                    
 (United Kingdom)                                                      300,000      6.488        .03 

Insurance - 2.67%                                                                                    
ING Groep NV (Netherlands)                                           2,683,278    152.202        .81 
Fairfax Financial Holdings Ltd. (Canada)                               289,700     99.453            
Fairfax Financial Holdings Ltd. (USA) (2)                               93,000     31.926        .70 
American International Group, Inc. (USA)                               819,843    103.249        .55 
Assicurazioni Generali SpA (Italy)                                   1,508,000     46.664        .25 
Guardian Royal Exchange PLC (United Kingdom)                         4,350,000     31.097        .17 
Allianz AG (Germany)                                                    65,000     19.614        .10 
Istituto Nazionale delle Assicurazioni SpA (Italy)                   5,000,000     16.338        .09 

Data Processing & Reproduction - 2.25%                                                               
Oracle Corp. (USA) (1)                                               3,100,000     97.844        .52 
Fujitsu Ltd. (Japan)                                                 8,072,000     84.235        .45 
Ascend Communications, Inc. (USA) (1)                                1,850,000     70.069        .37 
Microsoft Corp. (USA) (1)                                              710,000     63.545        .34 
Cisco Systems, Inc. (USA) (1)                                          500,000     34.187        .18 
International Business Machines Corp. (USA)                            300,000     31.162        .17 
Silicon Graphics, Inc. (USA) (1)                                     2,100,000     29.269        .16 
Computer Associates International, Inc. (USA)                          200,000     11.550        .06 

Leisure & Tourism - 1.76%                                                                            
Carnival Corp., Class A (USA)                                        3,400,000    237.150       1.26 
Walt Disney Co. (USA)                                                  600,000     64.050        .34 
Accor SA (France)                                                      120,000     30.777        .16 

Forest Products & Paper - 1.63%                                                                      
Champion International Corp. (USA)                                   2,200,000    119.488        .64 
Louisiana-Pacific Corp. (USA)                                        2,550,000     59.288        .32 
UPM-Kymmene Corp. (Finland)                                          1,953,000     49.776        .26 
International Paper Co. (USA)                                          600,000     28.088        .15 
Rayonier Inc. (USA)                                                    600,000     27.412        .15 
Jefferson Smurfit Corp. (USA) (1)                                    1,255,700     21.268        .11 

Appliances & Household Durables - 1.40%                                                              
Sony Corp. (Japan)                                                   1,177,000     99.851        .53 
Philips Electronics NV (Netherlands)                                 1,108,200     81.298            
Philips Electronics NV, warrants, expire 1998 (1)                      250,000     14.264        .51 
Samsung Electronics Co., Ltd. (South Korea)                            986,077     52.011            
Samsung Electronics Co., Ltd. (Global Depositary Receipts)             562,500     15.328        .36 

Merchandising - 1.36%                                                                                
Wal-Mart Stores, Inc. (USA)                                          3,450,000    175.303        .93 
Home Depot, Inc. (USA)                                                 722,500     48.723        .26 
Cifra, SA de CV, Class C (Mexico)                                    3,624,400      6.385            
Cifra, SA de CV, Class V                                            10,995,004     20.118        .14 
Carrefour SA (France)                                                    9,000      5.299        .03 

Gold Mines - 1.34%                                                                                   
Newmont Mining Corp. (USA)                                           3,100,000     94.744        .50 
Placer Dome Inc. (Canada)                                            5,500,000     72.531        .39 
Barrick Gold Corp. (Canada)                                          3,000,000     64.875        .35 
Gold Fields of South Africa Ltd. (South Africa)                      1,400,000     19.186        .10 

Recreation & Other Consumer Products - 1.07%                                                         
Hasbro, Inc. (USA)                                                   1,800,000     63.563        .34 
Nintendo Co., Ltd. (Japan)                                             622,500     53.744        .29 
EMI Group PLC (United Kingdom)                                       3,975,569     33.040        .18 
Eastman Kodak Co. (USA)                                                400,000     25.950        .14 
PolyGram NV (New York Registered Shares) (Netherlands)                 259,900     12.053        .06 
Fuji Photo Film Co., Ltd. (Japan)                                      300,000     11.171        .06 

Machinery & Engineering - 1.05%                                                                      
Caterpillar Inc. (USA)                                               2,300,000    126.644        .67 
Deere & Co. (USA)                                                      500,000     30.969        .16 
Kvaerner AS, Class A (Norway)                                          659,240     29.706        .16 
UNOVA Inc.  (USA) (1)                                                  440,000      8.800        .05 
Kawasaki Heavy Industries, Ltd. (Japan)                              1,243,000      2.491        .01 

Utilities: Electric & Gas - 1.05%                                                                    
National Power PLC (United Kingdom)                                  9,300,000     95.330        .51 
Williams Companies, Inc. (USA)                                       2,869,125     91.812        .49 
Hongkong Electric Holdings Ltd. (Hong Kong)                          2,775,100      9.527        .05 

Business & Public Services - 0.94%                                                                   
Reuters Group PLC  (United Kingdom)                                  4,397,900     47.361            
Reuters Group PLC (American Depositary Receipts)                       208,000     13.429        .32 
United Utilities PLC (United Kingdom)                                3,017,286     44.678        .24 
Cie. Generale des Eaux (France)                                        203,808     33.072            
Cie. Generale des Eaux, warrants, expire 2001 (1)                      203,808      0.229        .18 
Rentokil Group PLC (United Kingdom)                                  4,200,000     24.757        .13 
Electronic Data Systems Corp. (USA)                                    300,000     13.762        .07 

Metals: Nonferrous - 0.89%                                                                           
Alumax Inc. (USA) (1)                                                1,200,000     54.225        .29 
WMC Ltd. (Australia)                                                12,389,336     42.478        .23 
Alcan Aluminium Ltd. (Canada)                                          800,000     25.000        .13 
Phelps Dodge Corp. (USA)                                               300,000     19.369        .10 
Pechiney, Class A (France)                                             366,527     16.850        .09 
Teck Corp., Class B (Canada)                                           700,000     10.116        .05 

Energy Equipment - 0.79%                                                                             
Halliburton Co. (USA)                                                1,178,300     59.136        .31 
Western Atlas Inc. (USA) (1)                                           591,000     45.729        .24 
Schlumberger Ltd. (Netherlands Antilles)                               598,300     45.321        .24 

Metals: Steel - 0.70%                                                                                
Allegheny Teledyne Inc. (USA)                                        2,040,000     56.737        .30 
Usinor Sacilor (France)                                              2,800,000     46.791        .25 
Cia. Vale do Rio Doce, ordinary nominative (Brazil)                     38,400       .848            
Cia. Vale do Rio Doce, preferred nominative (4)                         38,400       .000            
Cia. Vale do Rio Doce, preferred nominative (American                                                
 Depositary Receipts)                                                1,184,000     28.268        .15 

Real Estate - 0.54%                                                                                  
Cheung Kong (Holdings) Ltd. (Hong Kong)                             11,320,000     80.354        .43 
Security Capital Group Inc., Class A (USA) (1)                          13,839     20.759        .11 

Electronic Instruments - 0.49%                                                                       
ADVANTEST CORP. (Japan)                                              1,100,000     71.434        .38 
Applied Materials, Inc. (USA) (1)                                      400,000     14.125        .08 
Tokyo Electron Ltd. (Japan)                                            173,000      5.832        .03 

Transportation: Shipping - 0.46%                                                                     
Bergesen d.y. AS, Class A (Norway)                                   1,500,000     31.830            
Bergesen d.y. AS, Class B                                              795,000     16.766        .26 
Nippon Yusen KK (Japan)                                             10,500,000     37.759        .20 

Miscellaneous Materials & Commodities - 0.40%                                                        
Cie. de Saint-Gobain (France)                                          320,000     52.650        .28 
De Beers/Centenary linked units (South Africa)                       1,000,000     21.807        .12 

Aerospace & Military Technology - 0.23%                                                              
Boeing Co. (USA)                                                       795,000     41.440        .22 
Raytheon Co., Class A (USA)                                             25,508      1.451        .01 

Industrial Components - 0.20%                                                                        
Bridgestone Corp. (Japan)                                            1,571,000     35.619        .19 
Rockwell International Corp. (USA)                                      42,700      2.450        .01 

Building Materials & Components - 0.19%                                                              
CEMEX, SA de CV, Class A (Mexico)                                    2,362,225     10.542            
CEMEX, SA de CV CPO                                                  5,540,000     24.593        .19 

Financial Services - 0.11%                                                                           
Associates First Capital Corp., Class A (USA) (1)                      259,883     20.531        .11 

Transportation: Rail & Road - 0.09%                                                                  
Union Pacific Corp. (USA)                                              317,300     17.828        .09 

Textiles & Apparel - 0.06%                                                                           
NIKE, Inc., Class B (USA)                                              260,000     11.505        .06 

Miscellaneous - 1.14%                                                                                
Other equity securities in initial period of                                                         
 acquisition                                                                      215.007       1.14 
                                                                              -----------------------

TOTAL EQUITY SECURITIES                                                                              
(cost: $10,447.600 million)                                                    16,551.842      88.03 
                                                                              -----------------------

                                                                   Principal                         
                                                                       Amount                        
Bonds                                                              (Millions)                        
---------------------------------------                          ------------                        

New Zealand Government - 0.14%                                                                       
New Zealand 8.00% November 2006                                     NZ$44.500      25.993        .14 

                                                                              ---------------------- 
TOTAL BONDS (cost: $29.832 million)                                                25.993        .14 
                                                                              ---------------------- 

TOTAL INVESTMENT SECURITIES (cost: $10,477.432 million)                        16,577.835      88.17 
                                                                              ---------------------- 

Short-Term Securities                                                                                
------------------------------------------                                                           

Corporate Short-Term Notes - 8.49%                                                                   
Svenska Handelsbanken Group 5.35%-5.58% due 4/7-4/13/98               $111.500    111.348        .59 
National Australia Funding (Delaware) Inc. 5.44%-5.50%                                               
 due 4/9-5/15/98                                                       103.500    103.175        .55 
Toronto-Dominion Holdings USA Inc. 5.40%-5.54% due 4/3-                                              
 5/8/98                                                                 99.227     98.726        .52 
Canada Bills 5.40%-5.46% due 4/3-6/19/98                                98.850     98.393        .52 
Societe Generale NA Inc. 5.40%-5.52% due 4/15-5/18/98                   84.700     84.344        .45 
Daimler-Benz North America Corp. 5.46%-5.51% due 5/14-                                               
 6/8/98                                                                 81.500     80.741        .43 
Commonwealth Bank of Australia 5.40%-5.52% due 4/3-                                                  
 4/21/98                                                                80.000     79.882        .42 
Lloyds Bank PLC  5.41%-5.45% due 5/11-6/9/98                            77.700     77.041        .41 
General Electric Capital Corp. 5.48%-5.51% due 4/2-                                                  
 6/10/98                                                                77.200     76.704        .41 
Ford Credit Europe PLC 5.49%-5.51% due 5/21-6/3/98                      76.300     75.661        .40 
Caisse d'amortissement de la dette sociale 5.44%-5.50%                                               
 due 4/20-5/7/98                                                        75.000     74.708        .40 
Abbey National North America 5.42%-5.43% due 4/22-                                                   
 5/6/98                                                                 72.000     71.576        .38 
Rank Xerox Capital (Europe) PLC  5.43%-5.45%  due 4/1-                                               
 4/28/98                                                                71.015     70.879        .38 
International Lease Finance Corp. 5.36%-5.48% due 4/17-                                              
 7/1/98                                                                 67.800     67.230        .36 
American Express Credit Corp. 5.49%-5.51% due 4/22-                                                  
 5/26/98                                                                63.900     63.556        .34 
Siemens Corp. 5.41%-5.43% due 4/16-4/17/98                              63.900     63.742        .34 
Canadian Wheat Board 5.40%-5.45% due 5/14-6/12/98                       61.500     60.971        .32 
Barclays U.S. Funding Corp. 5.415%-5.49% due 4/20-5/8/98                57.300     57.083        .30 
ANZ (Delaware) Inc. 5.425% due 4/13/98                                  50.000     49.901        .27 
Export Development Corp. 5.43%-5.44% due 4/8/98                         48.900     48.841        .26 
France Telecom 5.45%-5.47% due 5/12-6/11/98                             47.205     46.801        .25 
Repsol International Finance B.V. 5.43% due 5/1-5/5/98                  35.000     34.826        .19 

Federal Agency Discount Notes - 1.86%                                                                
Federal Home Loan Banks 5.34%-5.41% due  4/15-4/24/98                  134.100    133.730        .71 
Freddie Mac 5.32%-5.42% due 5/29-6/8/98                                 84.300     83.458        .44 
Fannie Mae 5.33%-5.405% due 4/16-6/12/98                                93.957     93.311        .50 
International Bank for Reconstruction and Development                                                
 5.36%-5.40% due 5/15-6/8/98                                            40.000     39.655        .21 

Certificates of Deposit - 1.19%                                                                      
Canadian Imperial Bank of Commerce 5.55%-5.57%                                                       
 due 5/5-6/25/98                                                        85.000     84.999        .45 
National Westminster Bank PLC 5.595% due 4/15/98                        50.000     50.001        .27 
ABN-AMRO Bank NV 5.56%-5.62% due 4/6-6/19/98                            49.000     48.998        .26 
Abbey National PLC 5.52% due 5/7/98                                     40.000     39.998        .21 

U.S. Treasury Obligations - 0.27%                                                                    
5.295% April 1998                                                       50.000     49.841        .27 

                                                                              ---------------------- 

Non U.S. Currency - 0.05%                                                                            
New Taiwanese Dollar                                               NT$295.390       9.006        .05 

TOTAL SHORT-TERM SECURITIES (cost: $2,230.537 million)                          2,229.126      11.86 
Excess of cash and receivables over payables                                      (4.293)      (0.03)
                                                                              -----------------------

TOTAL SHORT-TERM SECURITIES AND NET CASH                                        2,224.833      11.83 
                                                                              -----------------------

NET ASSETS                                                                    $18,802.668     100.00%
                                                                              ====================== 

(1) Non-income-producing securities                                                                  

(2) Purchased in a private placement                                                                 
 transaction; resale to the public may                                                               
 require registration or sale only                                                                   
 to qualified institutional buyers.                                                                  

(3) The fund owns 6.14% of the outstanding voting                                                    
 securities of Georgia Gulf Corp., which represent an                                                
 investment in an affiliate as defined in the Investment                                             
 Company Act of 1940.                                                                                

(4) Valued under procedures established by the Board of                                              
 Directors.                                                                                          

The descriptions of the companies shown in the portfolio,                                            
 which were obtained from published reports and other                                                
 sources believed to be reliable, are supplemental and                                               
 are not covered by the Report of Independent Accountants.                                           

See Notes to Financial Statements                                                                    

New Perspective Fund                                                                                 

Equity-Type Securities Appearing in the                                                              
Portfolio Since September 30, 1997                                                                   

ADVANTEST                                                                                            
Allianz Holdings                                                                                     
Amgen                                                                                                
Asustek Computer                                                                                     
Avon Products                                                                                        
Bristol-Myers Squibb                                                                                 
Carrefour                                                                                            
France Telecom                                                                                       
Guardian Royal Exchange                                                                              
Hasbro                                                                                               
Hirose Electric                                                                                      
Investor AB                                                                                          
Istituto Nazionale delle Assicurazioni                                                               
Phelps Dodge                                                                                         
Rohm                                                                                                 
Security Capital Group                                                                               
Taiwan Seimconductor                                                                                 
Texas Instruments                                                                                    
Union Pacific                                                                                        
Williams Companies                                                                                   

Equity-Type Securities Eliminated from the                                                           
Portfolio Since September 30, 1997                                                                   

ABB                                                                                                  
Abbott Laboratories                                                                                  
Acer                                                                                                 
Aluminum Co. of America                                                                              
Arrow Electronics                                                                                    
Bank of Tokyo-Mitsubishi                                                                             
Carter Holt Harvey                                                                                   
CSX                                                                                                  
Digital Equipment                                                                                    
Electrocomponents                                                                                    
Enersis                                                                                              
Euro Disney                                                                                          
Fortune Brands                                                                                       
Gucci Group                                                                                          
Holderbank Financiere                                                                                
HSBC Holdings                                                                                        
Ito-Yokado                                                                                           
Lion Nathan                                                                                          
Mattel                                                                                               
Nan Ya Plastics                                                                                      
NextLevel Systems                                                                                    
Potash                                                                                               
Quintiles Transnational                                                                              
Sankyo                                                                                               
Societe Centrale (de Assurances Generales)                                                           
Sumitomo Bank                                                                                        
Sybase                                                                                               
Thorn                                                                                                
US West Media Group                                                                                  
Waste Management                                                                                     
WHSmith Group                                                                                        

                                                                [Download Table]
New Perspective Fund                                                             
Financial Statements                                                   Unaudited 
----------------------------------------------   --------------------------------
Statement of Assets and Liabilities                                  (dollars in 
at March 31, 1998                                                      millions) 
----------------------------------------------   --------------------------------
                                                                                 
Assets:                                                                          
Investment securities at market                                                  
 (cost: $10,477.432)                                                 $16,577.835 
Short-term securities                                                            
 (cost: $2,230.537)                                                    2,229.126 
Cash                                                                        .732 
Receivables for-                                                                 
 Sales of investments                                    $38.837                 
 Sales of fund's shares                                   26.986                 
 Dividends and accrued interest                           38.355         104.178 
                                                 --------------------------------
                                                                      18,911.871 
Liabilities:                                                                     
Payables for-                                                                    
 Purchases of investments                                 78.811                 
 Repurchases of fund's shares                             19.772                 
 Management services                                       6.362                 
 Accrued expenses                                          4.258          109.203
                                                 --------------------------------
Net Assets at March 31, 1998-                                                    
 Equivalent to $22.36 per share on                                               
 840,840,376 shares of $1 par value                                              
 capital stock outstanding (authorized                                           
 capital stock--1,000,000,000 shares)                                $18,802.668 
                                                                 ================

Statement of Operations                                                          
for the six months ended March 31, 1998                                Unaudited 
                                                                     (dollars in 
                                                                       millions) 
----------------------------------------------   --------------------------------
Investment Income:                                                               
Income:                                                                          
 Dividends                                              $ 89.236                 
 Interest                                                 63.317       $ 152.553 
                                                 ----------------                
Expenses:                                                                        
 Management services fee                                  34.523                 
 Distribution expenses                                    19.322                 
 Transfer agent fee                                        6.689                 
 Reports to shareholders                                    .421                 
 Registration statement and prospectus                     1.016                 
 Postage, stationery and supplies                          1.651                 
 Directors' and Advisory Board fees                         .195                 
 Auditing and legal fees                                    .085                 
 Custodian fee                                             1.895                 
 Taxes other than federal                                                        
  income tax                                                .222                 
 Other expenses                                             .137           66.156
                                                 --------------------------------
 Net investment income                                                     86.397
                                                                 ----------------
Realized Gain and Increase in Unrealized                                         
 Appreciation on Investments:                                                    
Net realized gain                                                         562.385
Net increase in unrealized appreciation on                                       
 investments:                                                                    
 Beginning of period                                   5,073.194                 
 End of period                                         6,098.387        1,025.193
                                                 --------------------------------
 Net realized gain and unrealized appreciation                                   
  on investments                                                        1,587.578
                                                                 ----------------
Net Increase in Net Assets Resulting                                             
 from Operations                                                     $ 1,673.975 
                                                                 ================

----------------------------------------------   --------------------------------
Statement of Changes in Net Assets                   (dollars in                 
                                                       millions)                 
                                                 Six months ended     Year ended 
                                                       March 31,   September 30, 
                                                           1998*             1997
----------------------------------------------   --------------------------------
Operations:                                                                      
Net investment income                                $    86.397     $   221.926 
Net realized gain on investments                         562.385         922.766 
Net increase in unrealized appreciation                                          
 on investments                                        1,025.193       2,567.733 
                                                 --------------------------------
 Net increase in net assets                                                      
 resulting from operations                             1,673.975       3,712.425 
                                                 --------------------------------

Dividends and Distributions Paid to                                              
 Shareholders:                                                                   
Dividends from net investment income                    (148.242)       (224.557)
Distributions from net realized gain on                                          
 investments                                            (944.065)       (462.037)
                                                 --------------------------------
 Total dividends and distributions                    (1,092.307)       (686.594)
                                                 --------------------------------

Capital Share Transactions:                                                      
Proceeds from shares sold: 64,675,717                                            
 and 160,556,117 shares, respectively                  1,336.251       3,126.904 
Proceeds from shares issued in reinvestment                                      
 of net investment income dividends and                                          
 distributions of net realized gain on                                           
 investments: 54,693,713 and 36,204,990 shares,                                  
 respectively                                          1,038.033         650.157 
Cost of shares repurchased: 54,169,491                                           
 and 78,902,097 shares, respectively                  (1,109.368)     (1,534.468)
                                                 --------------------------------

 Increase in net assets resulting from                                           
  capital share transactions                           1,264.916       2,242.593 
                                                 --------------------------------

Total Increase in Net Assets                           1,846.584       5,268.424 

Net Assets:                                                                      
Beginning of period                                   16,956.084      11,687.660 
                                                 --------------------------------
End of period (including undistributed                                           
 net investment income: $53.819                                                  
 and $115.664, respectively)                         $18,802.668     $16,956.084 
                                                 ================================

* Unaudited                                                                      

See Notes to Financial Statements                                                

Notes to Financial Statements                                                   

1. New Perspective 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 through investments all over the     
world, including the United States. The following paragraphs summarize the      
significant accounting policies consistently followed by the fund in the        
preparation of its financial statements:                                        

Equity securities, including depositary receipts, are valued at 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. In cases where equity  
securities are traded on more than one exchange, the securities are valued on   
the exchange or market determined by the investment adviser to be the broadest  
and most representative market, which may be either a securities exchange or    
the over-the-counter market. Fixed-income securities are valued at prices       
obtained from a pricing service, when such prices are available; however, in    
circumstances where the investment adviser deems it appropriate to do so, such  
securities will be valued at the mean quoted bid and asked prices or at prices  
for securities of comparable maturity, quality, and type. Securities with       
original maturities of one year or less having 60 days or less to maturity are  
amortized to maturity based on their cost if acquired within 60 days of         
maturity or, if already held on the 60th day, based on the value determined on  
the 61st day. Assets or liabilities initially expressed in terms of foreign     
currencies are translated prior to the next determination of the net asset      
value of the fund's shares into U.S. dollars at the prevailing market rates at  
the end of the reporting period. Purchases and sales of securities and income   
and expenses are translated into U.S. dollars at the prevailing market rates on 
the dates of such transactions. The effects of changes in foreign currency      
exchange rates on investment securities are included with the net realized and  
unrealized gain or loss on investment securities. Securities and assets for     
which representative market quotations are not readily available are valued at  
fair value as determined in good faith by a committee appointed by the Board of 
Directors.                                                                      

As is customary in the mutual fund industry, securities transactions are    
accounted for on the date the securities are purchased or sold. In the event    
the fund purchases securities on a delayed delivery or "when-issued" basis, it  
will segregate with its custodian liquid assets in an amount sufficient to meet 
its payment obligations in these transactions. Realized gains and losses from   
securities transactions are reported on an identified cost basis. Dividend and  
interest income is reported on the accrual basis. Discounts and premiums on     
securities purchased are amortized. Dividends and distributions paid to         
shareholders are recorded on the ex-dividend date.                              

2. It is the fund's policy to continue to comply with the requirements of the   
Internal Revenue Code applicable to regulated investment companies and to       
distribute all of its net taxable income, including any net realized gain on    
investments, to its shareholders.  Therefore, no federal income tax provision   
is required.                                                                    

As of March 31, 1998, net unrealized appreciation on invest-                
ments for federal income tax purposes aggregated $6,099,980,000 of which        
$6,572,956,000 related to appreciated securities and $472,976,000 related to    
depreciated securities. During the six months ended March 31, 1998, the fund    
realized, on a tax basis, a net capital gain of $563,347,000 on securities      
transactions. Net losses related to non-U.S. currency and other transactions of 
$962,000 were treated as an adjustment to ordinary income for federal income    
tax purposes. The cost of portfolio securities for federal income tax purposes  
was $12,706,980,000 at March 31, 1998.                                          

3. The fee of $34,523,000 for management services was incurred pursuant to an   
agreement with Capital Research and Management Company (CRMC), with which       
certain officers and Directors of the fund are affiliated.  The Investment      
Advisory and Service Agreement provides for monthly fees, accrued daily, based  
on an annual rate of 0.60% of the first $500 million of average net assets;     
0.50% of such assets in excess of $500 million but not exceeding $1 billion;    
0.46% of such assets in excess of $1 billion but not exceeding $1.5 billion;    
0.43% of such assets in excess of $1.5 billion but not exceeding $2.5 billion;  
0.41% of such assets in excess of $2.5 billion but not exceeding $4 billion;    
0.40% of such assets in excess of $4 billion but not exceeding $6.5 billion;    
0.395% of such assets in excess of $6.5 billion but not exceeding $10.5         
billion; 0.39% of such assets in excess of $10.5 billion but not exceeding $17  
billion; and 0.385% of such assets in excess of $17 billion.                    

Pursuant to a Plan of Distribution, the fund may expend up to 0.25% of its  
average net assets annually for any activities primarily intended to result in  
sales of fund shares, provided the categories of expenses for which             
reimbursement is made are approved by the fund's Board of Directors. Fund       
expenses under the Plan include payments to dealers to compensate them for      
their selling and servicing efforts. During the six months ended March 31,      
1998, distribution expenses under the Plan were $19,322,000.  As of March 31,   
1998, accrued and unpaid distribution expenses were $3,163,000.                 

American Funds Service Company (AFS), the transfer agent for the fund, was  
paid a fee of $6,689,000. American Funds Distributors, Inc. (AFD), the          
principal underwriter of the fund's shares, received $5,007,000 (after          
allowances to dealers) as its portion of the sales charges paid by purchasers   
of the fund's shares. Such sales charges are not an expense of the fund and,    
hence, are not reflected in the accompanying statement of operations.           

 Directors and Advisory Board members who are unaffiliated with CRMC may elect
to defer part or all of the fees earned for services as members of the Board.   
Amounts deferred are not funded and are general unsecured liabilities of the    
fund. As of March 31, 1998, aggregate amounts deferred and earnings thereon     
were $519,000.                                                                  

CRMC is owned by The Capital Group Companies, Inc. AFS and AFD are both     
wholly owned subsidiaries of CRMC. Certain Directors and officers of the fund   
are or may be considered to be affiliated with CRMC, AFS and AFD. No such       
persons received any remuneration directly from the fund.                       

4. As of March 31, 1998, accumulated undistributed net realized gain on         
investments and currency was $466,611,000 and additional paid-in capital was    
$11,343,011,000.                                                                

The fund made purchases and sales of investment securities, excluding       
short-term securities, of $2,054,794,000 and $2,088,067,000, respectively,      
during the six months ended March 31, 1998.                                     

Pursuant to the custodian agreement, the fund receives credits against its  
custodian fee for imputed interest on certain balances with the custodian bank. 
The custodian fee of $1,895,000 includes $61,000 that was paid by these credits 
rather than in cash.                                                            

Dividend and interest income is recorded net of non-U.S. taxes paid. For the
six months ended March 31, 1998, such non-U.S. taxes were $5,545,000. Net       
realized currency losses on dividends, interest and withholding taxes           
reclaimable, on a book basis, were $1,590,000 for the six months ended March    
31, 1998.                                                                       

                                                        [Enlarge/Download Table]
                                         Six months                                                         
                                              ended Year ended                                              
                                           March 31 September 30                                            
                                            1998(1)         1997        1996      1995       1994      1993 
                                        ----------- ----------- ----------- --------------------------------
                                                                                                            
Net Asset Value, Beginning of Period         $21.86      $17.77      $16.98    $15.40     $14.21     $12.25 
                                        ----------- ----------- ----------- --------------------------------
 Income from Investment Operations:                                                                         
  Net investment income                         .11         .29         .32       .31        .22        .17 
  Net realized gain and increase in                                                                         
   unrealized appreciation on investment       1.79        4.81        1.40      2.35       1.54       2.04 
                                        ----------- ----------- ----------- --------------------------------
   Total income from                                                                                        
 investment operations                         1.90        5.10        1.72      2.66       1.76       2.21 
                                        ----------- ----------- ----------- --------------------------------
 Less Distributions:                                                                                        
  Dividends from net                                                                                        
 investment income                            (.190)      (.323)      (.321)    (.237)     (.173)     (.178)
  Dividends from net realized                                                                               
 non-U.S. currency gains(2)                       -       (.007)      (.009)    (.003)     (.027)     (.022)
  Distributions from net                                                                                    
 realized gains                              (1.210)      (.680)      (.600)    (.840)     (.370)     (.050)
                                        ----------- ----------- ----------- --------------------------------
   Total distributions                        (1.40)      (1.01)       (.93)    (1.08)      (.57)      (.25)
                                        ----------- ----------- ----------- --------------------------------
Net Asset Value, End of Period               $22.36      $21.86      $17.77    $16.98     $15.40     $14.21 
                                        ====================================================================

Total Return(3)                                9.83%     29.97%      10.64%     18.63%     12.61%     18.34%

Ratios/Supplemental Data:                                                                                   
  Net assets, end of                                                                                        
 period (in millions)                       $18,803     $16,956     $11,688    $8,817     $6,279     $4,417 
  Ratio of expenses to average                                                                              
 net assets                                     .39%        .79%        .82%      .83%      .84%        .87%
  Ratio of net income to                                                                                    
 average net assets                             .51%       1.56%       2.00%     2.12%     1.48%       1.40%
  Average commissions paid per share (5)      2.06c        .50c       4.30c      .72c      1.05c      1.74c 
  Portfolio turnover rate                    13.98%      25.68%      18.12%     22.40%     25.33%     15.02%

(1) Unaudited                                                                                               
(2) Realized non-U.S. currency gains                                                                        
 are treated as ordinary income for                                                                         
 federal income tax purposes.                                                                               
(3) Excludes maximum sales charge of 5.75%.                                                                 
(4) Based on operations for the period shown                                                                
 and, accordingly, not representative of a                                                                  
 full year.                                                                                                 
(5) Brokerage commissions paid on                                                                           
 portfolio transactions increase                                                                            
 the cost of securities purchased or                                                                        
 reduce the proceeds of securities                                                                          
 sold, and are not separately reflected                                                                     
 in the fund's statement of operations.                                                                     
 Shares traded on a principal basis                                                                         
 (without commissions), such as most                                                                        
 over-the-counter and fixed-income                                                                          
 transactions, are excluded. Generally,                                                                     
 non-U.S. commissions are lower than                                                                        
 U.S. commissions when expressed as                                                                         
 cents per share but higher when ex-                                                                        
 pressed as a percentage of transaction amount                                                              
 because of the lower per-share                                                                             
 prices of many non-U.S. securities.                                                                        

The American Funds Group(r) Shareholder Services                                

Services to match your lifestyle                                                

AMERICAN FUNDSLINE(R) AND FUNDSLINE ONLINE(SM) - Use our 24-hour phone line or  
visit our Web site to get fund information and handle numerous transactions -   
all on your timetable.                                                          

AMERICAN FUNDSLINK(SM)  - Link your American Funds accounts with your bank      
account. You can have fund dividends or automatic fund withdrawals deposited    
directly into your bank account. Or you can invest money directly from your     
bank account into your fund account on either a systematic or on-demand basis.  

OTHER AUTOMATIC TRANSACTIONS - You can reinvest dividends into the same fund or 
another fund, make withdrawals, and exchange shares between funds - quarterly,  
monthly or during the months you specify.                                       

DIVIDEND AND CAPITAL GAIN OPTIONS - Use your dividend and capital gain          
distributions to meet your changing needs. You may:                             

- Automatically reinvest distributions back into the fund at no sales charge.   
-Cross-reinvest dividends into another fund at no sales charge. (Certain        
restrictions apply.)                                                            
- Have dividends mailed or sent electronically to you or to someone else.       

EXCHANGE PRIVILEGES - When it's time to adjust your portfolio to meet your      
changing investment goals, you can easily exchange shares from one American     
Fund to another - usually without paying a sales charge. Certain restrictions   
apply and there generally are tax consequences. Please consult your financial   
adviser and read the prospectus before you exchange shares.                     

QUESTIONS?                                                                      

For more information about these services or any of the American Funds, please  
read a current prospectus, which you may obtain from your financial adviser. To 
contact American Funds:                                                         

-  Shareholder Services Representative, toll-free, 8 a.m. to 8 p.m. ET -        
800/421-0180                                                                    
-  American FundsLine, toll-free 24-hour voice response unit - 800/325-3590     
-  FundsLine Online, Web site - www.americanfunds.com                           
-  By mail - Write to the service center nearest you. If you live outside the   
U.S., please write to the Western Service Center                                

To talk to a Shareholder Services Representative, call toll-free (8 a.m. to 8   
p.m. ET) from anywhere in the U.S.: 800/421-0180. Visit www.americanfunds.com   
on the World Wide Web.                                                          

[map of the United States]                                                      

WESTERN                                                                         
SERVICE CENTER                                                                  
American Funds                                                                  
Service Company                                                                 
P.O. Box 2205                                                                   
Brea, California                                                                
92822-2205                                                                      

WEST CENTRAL                                                                    
SERVICE CENTER                                                                  
American Funds                                                                  
Service Company                                                                 
P.O. Box 659522                                                                 
San Antonio, Texas                                                              
78265-9522                                                                      

EAST CENTRAL                                                                    
SERVICE CENTER                                                                  
American Funds                                                                  
Service Company                                                                 
P.O. Box 6007                                                                   
Indianapolis, Indiana                                                           
46206-6007                                                                      

EASTERN                                                                         
SERVICE CENTER                                                                  
American Funds                                                                  
Service Company                                                                 
P.O. Box 2280                                                                   
Norfolk, Virginia                                                               
23501-2280                                                                      

These services are subject to change or termination.                            

[The American Funds Group(r)]                                                   

OFFICES OF THE FUND AND OF THE                                                  
INVESTMENT ADVISER,                                                             
CAPITAL RESEARCH AND MANAGEMENT COMPANY                                         
333 South Hope Street                                                           
Los Angeles, California 90071-1443                                              

135 South State College Boulevard                                               
Brea, California 92821-5804                                                     
TRANSFER AGENT FOR SHAREHOLDER ACCOUNTS                                         
American Funds Service Company                                                  
(Please write to the address nearest you.)                                      

P.O. Box 2205                                                                   
Brea, California 92822-2205                                                     

P.O. Box 659522                                                                 
San Antonio, Texas 78265-9522                                                   

P.O. Box 6007                                                                   
Indianapolis, Indiana 46206-6007                                                

P.O. Box 2280                                                                   
Norfolk, Virginia 23501-2280                                                    

CUSTODIAN OF ASSETS                                                             
The Chase Manhattan Bank                                                        
One Chase Manhattan Plaza                                                       
New York, New York 10081-0001                                                   

COUNSEL                                                                         
O'Melveny & Myers LLP                                                           
400 South Hope Street                                                           
Los Angeles, California 90071-2899                                              

PRINCIPAL UNDERWRITER                                                           
American Funds Distributors, Inc.                                               
333 South Hope Street                                                           
Los Angeles, California 90071-1462                                              

FOR INFORMATION ABOUT YOUR ACCOUNT OR ANY OF THE FUND'S SERVICES, PLEASE        
CONTACT YOUR FINANCIAL ADVISER. YOU MAY ALSO CALL AMERICAN FUNDS SERVICE        
COMPANY, TOLL-FREE, AT 800/421-0180 OR VISIT WWW.AMERICANFUNDS.COM ON THE WORLD 
WIDE WEB.                                                                       

This report is for the information of shareholders of New Perspective Fund, but 
it may also be used as sales literature when preceded or accompanied by the     
current prospectus, which gives details about charges, expenses, investment     
objectives and operating policies of the fund. If used as sales material after  
June 30, 1998, this report must be accompanied by an American Funds Group       
Quarterly Statistical Update for the most recently completed calendar quarter.  

Printed on recycled paper                                                       
Litho in USA AGD/GRS/3767                                                       
Lit. No. NPF-013-0598                                                           

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘N-30D’ Filing		Date		Other Filings
		9/30/98		24F-2NT,  485APOS,  N-30D,  NSAR-B
		6/30/98
Filed on:		6/10/98
		5/12/98
For Period End:		3/31/98		NSAR-A
		9/30/97		24F-2NT,  N-30D,  NSAR-B
				List all Filings