UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

Investment Company Act File Number: 811-02333

New Perspective Fund

(Exact Name of Registrant as Specified in Charter)

333 South Hope Street

Los Angeles, California 90071

(Address of Principal Executive Offices)

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

Date of fiscal year end: September 30

Date of reporting period: March 31, 2022

Brian C. Janssen

New Perspective Fund

6455 Irvine Center Drive

Los Angeles, California 90071

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

New Perspective Fund^®   Semi-annual report
for the six months ended
March 31, 2022

Tap into the
growth potential of
global equities

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

This fund is one of more than 40 offered by Capital Group, home of American Funds, one of the nation’s largest mutual fund families. For over 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

Fund results shown in this report, unless otherwise indicated, are for Class F-2 and Class A shares at net asset value. If a sales charge (maximum 5.75% for Class A shares) had been deducted, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com.

Here are the average annual total returns on a $1,000 investment for periods ended March 31, 2022 (the most recent calendar quarter-end):

	1 year			5 years			10 years
Class F-2 shares		3.86	%		15.52	%		13.01	%
Class A shares (Reflecting 5.75% maximum sales charge)		–2.29			13.93			12.11

For other share class results, visit capitalgroup.com and americanfundsretirement.com.

The total annual fund operating expense ratios were 0.52% for Class F-2 shares and 0.72% for Class A shares as of the prospectus dated December 1, 2021.

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

Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the prospectus. These risks may be heightened in connection with investments in developing countries. Small-company stocks entail additional risks, and they can fluctuate in price more than larger company stocks.

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

Fellow investors:

Results for New Perspective Fund for the periods ended March 31, 2022, are shown in the table below, as well as results of the fund’s benchmark.

For additional information about the fund, its investment results, holdings and portfolio managers, visit capitalgroup.com/individual/investments/fund/ANWFX. You can also access information about Capital Group’s American Funds and read our insights about the markets, retirement, saving for college, investing fundamentals and more at capitalgroup.com.

Contents

1	Results at a glance
2	Investment portfolio
9	Financial statements
13	Notes to financial statements
23	Financial highlights

Results at a glance

(for periods ended March 31, 2022, with all distributions reinvested)

	Cumulative total returns						Average annual total returns
	6 months			1 year			5 years			10 years			Lifetime1
New Perspective Fund (Class F-2 shares)2		–3.96	%		3.86	%		15.52	%		13.01	%		12.69	%
New Perspective Fund (Class A shares)		–4.05			3.67			15.28			12.77			12.46
MSCI All Country World Index (ACWI)3		0.96			7.28			11.64			10.00			8.90	4

1	Lifetime returns are as of March 13, 1973, the inception date of Class A shares.
2	Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.
3	MSCI All Country World Index (ACWI) is a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes. The index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. Source: MSCI.
4	From March 13, 1973, through December 31, 1987, the MSCI World Index was used because the MSCI ACWI did not exist. MSCI World Index results reflect dividends net of withholding taxes, and MSCI ACWI results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter.

New Perspective Fund 1

Investment portfolio March 31, 2022 unaudited

Sector diversification Percent of net assets

Country diversification by domicile	Percent of net assets
United States		56.72	%
Eurozone*		13.05
United Kingdom		3.72
Japan		3.02
Taiwan		3.00
Switzerland		2.26
Canada		2.21
Denmark		2.07
Hong Kong		1.58
Other countries		7.77
Short-term securities & other assets less liabilities		4.60

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

Common stocks 95.34%	Shares		Value (000)
Information technology 21.87%
Microsoft Corp.		17,615,638	$	5,431,077
Taiwan Semiconductor Manufacturing Company, Ltd.1		183,803,941		3,800,042
ASML Holding NV1		2,772,864		1,849,499
ASML Holding NV (New York registered) (ADR)		1,328,041		887,038
Broadcom, Inc.		2,539,168		1,598,863
Samsung Electronics Co., Ltd.1		15,707,286		897,320
Adobe, Inc.2		1,929,462		879,102
STMicroelectronics NV1		16,440,517		714,196
Applied Materials, Inc.		5,131,108		676,280
GoDaddy, Inc., Class A2		7,951,327		665,526
PayPal Holdings, Inc.2		5,468,249		632,403
Mastercard, Inc., Class A		1,694,083		605,431
TE Connectivity, Ltd.		4,329,977		567,140
Apple, Inc.		3,123,479		545,391
Keyence Corp.1		1,073,740		499,212
Motorola Solutions, Inc.		1,981,925		480,022
ServiceNow, Inc.2		843,039		469,480
SAP SE1		4,182,282		466,673
Trimble, Inc.2		6,225,617		449,116
Shopify, Inc., Class A, subordinate voting shares2		611,320		413,228
ON Semiconductor Corp.2		6,536,542		409,253
Wolfspeed, Inc.2		3,478,971		396,116
NVIDIA Corp.		1,392,702		380,013
Sinch AB1,2,3,4		54,784,197		370,949
Visa, Inc., Class A		1,649,453		365,799
Edenred SA1		6,924,242		342,304
HubSpot, Inc.2,4		709,640		337,036
Zendesk, Inc.2		2,465,527		296,578
Amadeus IT Group SA, Class A, non-registered shares1,2		4,459,190		290,454
Block, Inc., Class A2		1,835,066		248,835
Block, Inc., Class A (CDI)1,2		215,029		28,365
Micron Technology, Inc.		3,156,104		245,829
Fidelity National Information Services, Inc.		2,417,807		242,796
Adyen NV1,2		105,464		208,352
Tokyo Electron, Ltd.1		384,253		197,304
FleetCor Technologies, Inc.2		787,848		196,221
Hexagon AB, Class B1		13,621,247		191,102
Infosys, Ltd. (ADR)		7,624,106		189,764
MediaTek, Inc.1		5,550,000		173,043
Nice, Ltd. (ADR)2,4		773,062		169,301
Smartsheet, Inc., Class A2		2,860,254		156,685
AVEVA Group PLC1		4,590,590		146,563
Halma PLC1		4,266,816		139,276
Dassault Systemes SE1		2,532,337		124,781

2 New Perspective Fund

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
Cloudflare, Inc., Class A2		988,311	$	118,301
Alteryx, Inc., Class A2		1,494,258		106,884
Worldline SA, non-registered shares1,2		2,158,142		93,562
Nexi SpA1,2		6,877,469		79,442
Concentrix Corp.		447,995		74,618
Workday, Inc., Class A2		293,663		70,321
Lightspeed Commerce, Inc., subordinate voting shares (CAD denominated)2		1,833,484		55,922
				28,972,808
Consumer discretionary 19.64%
Tesla, Inc.2		10,402,836		11,210,096
Amazon.com, Inc.2		849,438		2,769,125
LVMH Moët Hennessy-Louis Vuitton SE1		1,740,993		1,239,708
NIKE, Inc., Class B		7,131,103		959,561
Home Depot, Inc.		2,703,983		809,383
Hermès International1,4		566,965		804,173
Booking Holdings, Inc.2		335,276		787,379
Prosus NV, Class N1		13,218,240		699,739
Kering SA1		980,158		619,164
Royal Caribbean Cruises, Ltd.2		7,359,450		616,575
Hilton Worldwide Holdings, Inc.2		3,240,082		491,650
EssilorLuxottica1		2,472,010		451,253
lululemon athletica, inc.2		905,554		330,736
General Motors Company2		7,385,842		323,057
MercadoLibre, Inc.2		260,712		310,112
YUM! Brands, Inc.		2,490,423		295,190
Restaurant Brands International, Inc.		4,339,507		253,384
Hilton Grand Vacations, Inc.2		4,789,787		249,117
Renault SA1,2		8,415,358		219,974
Stellantis NV1		13,008,361		210,507
Etsy, Inc.2		1,685,057		209,419
Cie. Financière Richemont SA, Class A1		1,623,843		205,982
Industria de Diseño Textil, SA1		8,947,778		194,693
Evolution AB1		1,859,228		189,743
Galaxy Entertainment Group, Ltd.1		31,098,000		184,824
Flutter Entertainment PLC1,2		1,460,849		167,568
Mercedes-Benz Group AG1,2		2,148,779		150,923
Entain PLC1,2		6,061,561		130,011
Suzuki Motor Corp.1		3,587,525		122,974
Trip.com Group, Ltd. (ADR)2		5,141,678		118,876
adidas AG1		499,997		116,758
Wayfair, Inc., Class A2,4		888,480		98,426
Nitori Holdings Co., Ltd.1		755,100		94,827
Domino’s Pizza, Inc.		198,720		80,881
Airbnb, Inc., Class A2		410,871		70,571
Melco Resorts & Entertainment, Ltd. (ADR)2		8,375,839		63,991
McDonald’s Corp.		215,000		53,165
Wynn Macau, Ltd.1,2		66,132,800		47,968
Valeo SA, non-registered shares1		2,093,229		38,459
Farfetch, Ltd., Class A2		1,561,998		23,617
Naspers, Ltd., Class N1		146,327		16,566
				26,030,125
Health care 12.19%
AstraZeneca PLC1		10,956,064		1,452,897
Intuitive Surgical, Inc.2		4,358,471		1,314,864
Thermo Fisher Scientific, Inc.		2,012,802		1,188,861
Zoetis, Inc., Class A		5,122,384		966,030
Novo Nordisk A/S, Class B1		8,450,505		935,865
Regeneron Pharmaceuticals, Inc.2		1,299,816		907,817
Vertex Pharmaceuticals, Inc.2		2,942,430		767,886
Pfizer, Inc.		13,173,784		682,007
Danaher Corp.		2,279,419		668,622
Eli Lilly and Company		2,322,518		665,099
Edwards Lifesciences Corp.2		4,857,131		571,781
Seagen, Inc.2		3,770,131		543,087
Insulet Corp.2		2,024,736		539,369
IDEXX Laboratories, Inc.2		871,001		476,490

New Perspective Fund 3

Common stocks (continued)	Shares		Value (000)
Health care (continued)
BeiGene, Ltd. (ADR)2		2,281,191	$	430,233
Abbott Laboratories		3,597,081		425,750
NovoCure, Ltd.2		4,108,551		340,393
Catalent, Inc.2		2,285,233		253,432
Mettler-Toledo International, Inc.2		184,232		252,986
Sanofi1		2,427,203		247,537
Grifols, SA, Class B (ADR)		11,441,511		133,637
Grifols, SA, Class A, non-registered shares1		5,540,866		100,231
Lonza Group AG1		266,831		193,315
Bristol-Myers Squibb Company		2,549,306		186,176
Siemens Healthineers AG1		2,761,851		171,259
Alnylam Pharmaceuticals, Inc.2		1,024,344		167,265
Tandem Diabetes Care, Inc.2		1,255,409		145,992
Bayer AG1		1,941,105		132,805
CRISPR Therapeutics AG2,4		1,931,055		121,212
Amplifon SpA1		2,652,315		118,431
M3, Inc.1		3,172,700		114,825
Olympus Corp.1		5,380,800		102,227
Novartis AG1		1,162,142		101,922
DexCom, Inc.2		198,558		101,582
Ultragenyx Pharmaceutical, Inc.2		1,306,655		94,889
Incyte Corp.2		1,164,860		92,513
Carl Zeiss Meditec AG, non-registered shares1		564,965		91,608
WuXi Biologics (Cayman), Inc.1,2		10,689,000		86,712
Genmab A/S1,2		190,782		69,113
Vir Biotechnology, Inc.2		2,191,880		56,375
Straumann Holding AG1		28,483		45,577
Shionogi & Co., Ltd.1,4		701,600		43,088
Merck KGaA1		153,118		32,067
BioNTech SE (ADR)2		57,087		9,737
Viatris, Inc.		675,058		7,345
				16,150,909
Financials 9.94%
AIA Group, Ltd.1		129,761,283		1,358,527
JPMorgan Chase & Co.		9,355,379		1,275,325
CME Group, Inc., Class A		4,231,407		1,006,483
Chubb, Ltd.		3,985,779		852,558
London Stock Exchange Group PLC1		7,028,037		734,259
BlackRock, Inc.		837,926		640,318
DBS Group Holdings, Ltd.1		22,411,400		589,203
Aon PLC, Class A		1,738,741		566,186
DNB Bank ASA1		24,972,215		565,381
Moody’s Corp.		1,609,593		543,093
Bank of America Corp.		12,801,592		527,682
Brookfield Asset Management, Inc., Class A		9,299,664		526,082
SVB Financial Group2		803,973		449,783
ICICI Bank, Ltd.1		22,240,773		213,182
ICICI Bank, Ltd. (ADR)		10,706,870		202,788
Arch Capital Group, Ltd.2		6,563,334		317,797
S&P Global, Inc.		756,493		310,298
AXA SA1		7,981,157		233,081
Hong Kong Exchanges and Clearing, Ltd.1		4,733,664		223,083
Société Générale1		7,163,900		191,647
Macquarie Group, Ltd.1		1,213,140		182,491
Hiscox, Ltd.1		13,895,620		179,145
Zurich Insurance Group AG1		345,710		170,445
Blackstone, Inc., nonvoting shares		1,273,609		161,672
UniCredit SpA1		14,129,616		152,557
Tradeweb Markets, Inc., Class A		1,694,059		148,857
Prudential PLC1		8,724,255		128,873
TMX Group, Ltd.		1,202,062		123,634
Citigroup, Inc.		1,962,176		104,780
Morgan Stanley		1,026,406		89,708
Aviva PLC1		13,535,742		79,900
UBS Group AG1		4,011,110		78,365
Goldman Sachs Group, Inc.		211,929		69,958
EQT AB1		1,717,629		67,263

4 New Perspective Fund

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Skandinaviska Enskilda Banken AB, Class A1		4,418,896	$	47,848
Everest Re Group, Ltd.		130,620		39,366
Intercontinental Exchange, Inc.		168,588		22,274
				13,173,892
Industrials 8.90%
Carrier Global Corp.		24,525,509		1,124,985
DSV A/S1		4,376,164		836,796
Airbus SE, non-registered shares1,2		6,821,026		824,482
Caterpillar, Inc.		3,503,522		780,655
Safran SA1		4,824,720		567,050
Schneider Electric SE1,2		2,815,279		470,029
Daikin Industries, Ltd.1		2,541,000		462,652
Copart, Inc.2		3,337,486		418,754
Canadian Pacific Railway, Ltd.		4,961,480		409,521
Equifax, Inc.		1,603,743		380,247
ASSA ABLOY AB, Class B1		12,364,862		333,400
ABB, Ltd.1		10,214,239		330,467
Mitsui & Co., Ltd.1,4		12,092,000		329,383
Ryanair Holdings PLC (ADR)2		3,473,924		302,648
AB Volvo, Class B1		15,047,929		280,667
Spirax-Sarco Engineering PLC1		1,675,736		274,607
SMC Corp.1		480,800		268,533
BAE Systems PLC1		28,129,805		265,165
Nidec Corp.1		3,262,972		258,511
Uber Technologies, Inc.2		6,943,960		247,761
Komatsu, Ltd.1		9,610,800		230,618
TransDigm Group, Inc.2		347,927		226,688
Aalberts NV, non-registered shares1		4,104,883		212,154
Honeywell International, Inc.		1,054,339		205,153
Delta Air Lines, Inc.2		5,149,420		203,763
Chart Industries, Inc.2		1,142,509		196,249
Rockwell Automation		594,159		166,382
RELX PLC1		5,159,609		160,712
Regal Rexnord Corp.		944,416		140,510
Techtronic Industries Co., Ltd.1		7,607,516		122,555
Epiroc AB, Class A1		2,954,657		63,226
Epiroc AB, Class B1		3,189,165		57,406
Experian PLC1		3,075,420		118,604
Boeing Company2		601,236		115,137
ITT, Inc.		919,567		69,161
Axon Enterprise, Inc.2		438,364		60,376
General Electric Co.		510,016		46,666
Hitachi, Ltd.1		923,300		46,265
L3Harris Technologies, Inc.		159,405		39,607
Recruit Holdings Co., Ltd.1		857,783		37,551
Northrop Grumman Corp.		83,641		37,406
IDEX Corp.		166,779		31,977
Grab Holdings, Ltd., Class A2		8,001,361		28,005
NIBE Industrier AB, Class B1		729,233		8,037
				11,790,521
Communication services 7.62%
Alphabet, Inc., Class C2		700,853		1,957,476
Alphabet, Inc., Class A2		692,183		1,925,203
Meta Platforms, Inc., Class A2		12,753,539		2,835,877
Netflix, Inc.2		2,789,768		1,045,019
Sea, Ltd., Class A (ADR)2		3,660,791		438,526
Cellnex Telecom, SA, non-registered shares1		8,885,439		425,897
América Móvil, SAB de CV, Series L (ADR)		19,406,900		410,456
MTN Group, Ltd.1,4		25,771,201		333,926
Endeavor Group Holdings, Inc., Class A2		6,129,264		180,936
Activision Blizzard, Inc.		2,223,889		178,156
Electronic Arts, Inc.		1,096,035		138,659
Adevinta ASA1,2		11,144,208		101,538

New Perspective Fund 5

Common stocks (continued)	Shares		Value (000)
Communication services (continued)
Z Holdings Corp.1		17,787,400	$	77,231
Pinterest, Inc., Class A2		1,014,452		24,966
Snap, Inc., Class A, nonvoting shares2		640,991		23,069
				10,096,935
Materials 6.01%
Vale SA, ordinary nominative shares (ADR)		59,428,392		1,187,974
Vale SA, ordinary nominative shares		23,145,036		464,743
Koninklijke DSM NV1		4,572,811		817,250
Sherwin-Williams Company		3,183,180		794,585
Shin-Etsu Chemical Co., Ltd.1		4,861,600		740,836
Linde PLC		2,084,969		666,002
Sika AG1		1,700,767		560,329
First Quantum Minerals, Ltd.		12,401,601		429,341
Barrick Gold Corp.		16,390,758		402,065
Gerdau SA (ADR)		55,583,632		357,403
Asahi Kasei Corp.1,4		32,056,473		277,490
International Flavors & Fragrances, Inc.		2,028,354		266,384
LANXESS AG1,3		4,720,227		208,751
Air Liquide SA, non-registered shares1		1,119,906		195,915
Nutrien, Ltd. (CAD denominated)4		1,143,881		118,236
Mosaic Co.2		1,725,207		114,726
Grupo México, SAB de CV, Series B		18,140,000		108,530
Sociedad Química y Minera de Chile SA, Class B (ADR)2		1,086,454		93,000
Ball Corp.		996,281		89,665
Air Products and Chemicals, Inc.		100,040		25,001
Anglo American PLC1		309,843		15,981
Glencore PLC1,2		2,381,012		15,474
Impala Platinum Holdings, Ltd.1		834,485		12,840
				7,962,521
Consumer staples 5.18%
Nestlé SA1		10,016,643		1,300,369
Costco Wholesale Corp.		1,713,771		986,875
Bunge, Ltd.		5,062,632		560,990
Carlsberg A/S, Class B1,4		4,012,860		489,948
Philip Morris International, Inc.		4,672,012		438,889
Mondelez International, Inc.		6,478,910		406,746
Pernod Ricard SA1		1,660,393		364,161
L’Oréal SA, bonus shares1		686,197		274,661
L’Oréal SA, non-registered shares1		157,637		63,097
British American Tobacco PLC1		7,489,873		313,274
Anheuser-Busch InBev SA/NV1		4,822,320		289,240
Walgreens Boots Alliance, Inc.		5,991,389		268,234
Reckitt Benckiser Group PLC1		2,922,574		223,393
Constellation Brands, Inc., Class A		685,441		157,871
Monster Beverage Corp.2		1,756,444		140,340
General Mills, Inc.		1,605,215		108,705
KOSÉ Corp.1		903,800		94,527
Archer Daniels Midland Company		924,218		83,420
Danone SA1		1,487,171		81,925
Unilever PLC (EUR denominated)1		941,333		42,609
Unilever PLC (GBP denominated)1		828,176		37,491
Coca-Cola HBC AG (CDI)1		3,835,931		79,995
Associated British Foods PLC1		2,378,375		51,652
Ocado Group PLC1,2		670,571		10,250
				6,868,662
Energy 2.15%
Reliance Industries, Ltd.1		27,116,480		938,558
ConocoPhillips		3,424,867		342,487
BP PLC1		61,773,039		301,887
Schlumberger, Ltd.		7,116,087		293,965
EOG Resources, Inc.		1,783,879		212,692
TC Energy Corp. (CAD denominated)4		3,509,161		197,921
Baker Hughes Co., Class A		5,128,877		186,742
TotalEnergies SE1		2,627,335		133,308
Aker BP ASA1,2,4		3,226,225		120,213

6 New Perspective Fund

Common stocks (continued)	Shares		Value (000)
Energy (continued)
Equinor ASA1,2		3,198,500	$	120,018
Gazprom PJSC (ADR)1,5		42,438,325		—	6
LUKOIL Oil Co. PJSC (ADR)1,5		580,410		—	6
Rosneft Oil Company PJSC (GDR)1,5		40,028,340		—	6
				2,847,791
Utilities 1.25%
AES Corp.		17,870,348		459,804
Ørsted AS1,2		3,311,436		416,982
Sempra Energy		2,067,626		347,609
Enel SpA1		39,797,212		265,768
Engie SA1		12,485,839		163,669
				1,653,832
Real estate 0.59%
Equinix, Inc. REIT		433,396		321,415
Goodman Logistics (HK), Ltd. REIT1		16,546,608		281,040
ESR Cayman, Ltd.1,2		29,144,400		90,226
American Tower Corp. REIT		343,548		86,306
				778,987
Total common stocks (cost: $66,930,017,000)				126,326,983
Preferred securities 0.06%
Health care 0.04%
Grifols, SA, Class B, nonvoting non-registered preferred shares1		3,813,436		45,176
Information technology 0.02%
Samsung Electronics Co., Ltd., nonvoting preferred shares1		596,200		30,838
Total preferred securities (cost: $73,097,000)				76,014
Rights & warrants 0.00%
Consumer discretionary 0.00%
Compagnie Financière Richemont SA, Class A, warrants, expire 20232		4,265,381		3,369
Total rights & warrants (cost: $0)				3,369
Short-term securities 5.19%
Money market investments 4.87%
Capital Group Central Cash Fund 0.32%3,7		64,548,786		6,454,879
Money market investments purchased with collateral from securities on loan 0.32%
Capital Group Central Cash Fund 0.32%3,7,8		1,174,024		117,402
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.25%7,8		93,174,762		93,175
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.25%7,8		74,000,000		74,000
BlackRock Liquidity Funds – FedFund, Institutional Shares 0.23%7,8		67,800,000		67,800
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 0.23%7,8		28,700,000		28,700

New Perspective Fund 7

Short-term securities (continued)	Shares		Value (000)
Money market investments purchased with collateral from securities on loan (continued)
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.25%7,8		24,600,000	$	24,600
RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 0.19%7,8		14,300,000		14,300
Fidelity Investments Money Market Government Portfolio, Class I 0.12%7,8		6,100,000		6,100
				426,077
Total short-term securities (cost: $6,880,733,000)				6,880,956
Total investment securities 100.59% (cost: $73,883,847,000)				133,287,322
Other assets less liabilities (0.59)%				(784,536	)
Net assets 100.00%			$	132,502,786

Investments in affiliates³

	Value of affiliates at 10/1/2021 (000)		Additions (000)			Reductions (000)		Net realized (loss) gain (000)			Net unrealized depreciation (000)			Value of affiliates at 3/31/2022 (000)		Dividend income (000)
Common stocks 0.44%
Information technology 0.28%
Sinch AB1,2,4	$	634,485	$	239,101		$	1,598	$	(125	)	$	(500,914	)	$	370,949	$	—
Materials 0.16%
LANXESS AG1		254,188		60,659			846		(205	)		(105,045	)		208,751		—
Total common stocks															579,700
Short-term securities 4.96%
Money market investments 4.87%
Capital Group Central Cash Fund 0.32%7		5,313,747		6,143,983			5,002,463		205			(593	)		6,454,879		3,153
Money market investments purchased with collateral from securities on loan 0.09%
Capital Group Central Cash Fund 0.32%7,8		29,828		87,574	9										117,402		—	10
Total short-term securities															6,572,281
Total 5.40%								$	(125	)	$	(606,552	)	$	7,151,981	$	3,153

1	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $42,719,585,000, which represented 32.24% of the net assets of the fund. This amount includes $42,444,924,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.
2	Security did not produce income during the last 12 months.
3	Affiliate of the fund or part of the same “group of investment companies” as the fund, as defined under the Investment Company Act of 1940, as amended.
4	All or a portion of this security was on loan. The total value of all such securities was $709,026,000, which represented .54% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
5	Value determined using significant unobservable inputs.
6	Amount less than one thousand.
7	Rate represents the seven-day yield at 3/31/2022.
8	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
9	Represents net activity. Refer to Note 5 for more information on securities lending.
10	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

EUR = Euros

GBP = British pounds

GDR = Global Depositary Receipts

See notes to financial statements.

8 New Perspective Fund

Financial statements

Statement of assets and liabilities
at March 31, 2022 unaudited
(dollars in thousands)

Assets:
Investment securities, at value (includes $709,026 of investment securities on loan):
Unaffiliated issuers (cost: $66,186,635)	$	126,135,341
Affiliated issuers (cost: $7,697,212)		7,151,981	$	133,287,322
Cash				584
Cash denominated in currencies other than U.S. dollars (cost: $7,026)				7,016
Receivables for:
Sales of investments		127,383
Sales of fund’s shares		109,732
Dividends and interest		161,104
Securities lending income		9
Other		453		398,681
				133,693,603
Liabilities:
Collateral for securities on loan				426,077
Payables for:
Purchases of investments		426,172
Repurchases of fund’s shares		145,772
Investment advisory services		39,665
Services provided by related parties		22,136
Trustees’ deferred compensation		6,915
U.S. and non-U.S. taxes		121,935
Other		2,145		764,740
Net assets at March 31, 2022			$	132,502,786
Net assets consist of:
Capital paid in on shares of beneficial interest			$	68,341,007
Total distributable earnings				64,161,779
Net assets at March 31, 2022			$	132,502,786

See notes to financial statements.

New Perspective Fund 9

Financial statements (continued)

Statement of assets and liabilities at March 31, 2022 (continued)	unaudited
(dollars and shares in thousands, except per-share amounts)

Shares of beneficial interest issued and outstanding (no stated par value) —
unlimited shares authorized (2,223,007 total shares outstanding)

	Net assets		Shares outstanding			Net asset value per share
Class A	$	60,515,311		1,012,817		$	59.75
Class C		1,475,836		26,276			56.17
Class T		16		—	*		59.72
Class F-1		1,714,063		28,900			59.31
Class F-2		18,165,555		305,178			59.52
Class F-3		10,968,058		183,425			59.80
Class 529-A		3,216,018		54,638			58.86
Class 529-C		102,847		1,837			55.99
Class 529-E		100,620		1,733			58.08
Class 529-T		21		—	*		59.70
Class 529-F-1		12		—	*		58.61
Class 529-F-2		262,464		4,397			59.70
Class 529-F-3		13		—	*		59.63
Class R-1		66,088		1,188			55.62
Class R-2		590,821		10,510			56.21
Class R-2E		72,219		1,240			58.26
Class R-3		1,599,710		27,589			57.98
Class R-4		2,303,592		39,222			58.73
Class R-5E		300,634		5,077			59.22
Class R-5		1,907,452		31,937			59.73
Class R-6		29,141,436		487,043			59.83

* Amount less than one thousand.

See notes to financial statements.

10 New Perspective Fund

Financial statements (continued)

Statement of operations
for the six months ended March 31, 2022 unaudited
(dollars in thousands)

Investment income:
Income:
Dividends (net of non-U.S. taxes of $30,276; also includes $3,153 from affiliates)	$	677,585
Securities lending income (net of fees)		3,184
Interest		14		$	680,783
Fees and expenses*:
Investment advisory services		256,422
Distribution services		105,610
Transfer agent services		35,320
Administrative services		21,059
529 plan services		1,109
Reports to shareholders		1,236
Registration statement and prospectus		1,204
Trustees’ compensation		(426	)
Auditing and legal		56
Custodian		4,040
Other		173
Total fees and expenses before waiver		425,803
Less waiver of fees and expenses:
Investment advisory services waiver		23
Total fees and expenses after waiver					425,780
Net investment income					255,003
Net realized gain and unrealized depreciation:
Net realized gain (loss) on:
Investments (net of non-U.S. taxes of $5,159):
Unaffiliated issuers		4,640,438
Affiliated issuers		(125	)
In-kind redemptions		241,273
Currency transactions		(2,784	)		4,878,802
Net unrealized (depreciation) appreciation on:
Investments (net of non-U.S. taxes of $63,084):
Unaffiliated issuers		(10,049,333	)
Affiliated issuers		(606,552	)
Currency translations		1,278			(10,654,607	)
Net realized gain and unrealized depreciation					(5,775,805	)
Net decrease in net assets resulting from operations				$	(5,520,802	)

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

See notes to financial statements.

New Perspective Fund 11

Financial statements (continued)

Statements of changes in net assets
	(dollars in thousands)

	Six months ended March 31, 2022*			Year ended September 30, 2021
Operations:
Net investment income	$	255,003		$	814,190
Net realized gain		4,878,802			11,574,877
Net unrealized (depreciation) appreciation		(10,654,607	)		20,213,639
Net (decrease) increase in net assets resulting from operations		(5,520,802	)		32,602,706
Distributions paid to shareholders		(9,964,562	)		(5,300,914	)
Net capital share transactions		7,020,651			2,082,922
Total (decrease) increase in net assets		(8,464,713	)		29,384,714
Net assets:
Beginning of period		140,967,499			111,582,785
End of period	$	132,502,786		$	140,967,499

* Unaudited.

See notes to financial statements.

12 New Perspective Fund

Notes to financial statements unaudited

1. Organization

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

The fund has 21 share classes consisting of six retail share classes (Classes A, C, T, F-1, F-2 and F-3), seven 529 college savings plan share classes (Classes 529-A, 529-C, 529-E, 529-T, 529-F-1, 529-F-2 and 529-F-3) and eight retirement plan share classes (Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6). The 529 college savings plan share classes can be used to save for college education. The retirement plan share classes are generally offered only through eligible employer-sponsored retirement plans. The fund’s share classes are described further in the following table:

Share class	Initial sales charge	Contingent deferred sales charge upon redemption	Conversion feature
Classes A and 529-A	Up to 5.75% for Class A; up to 3.50% for Class 529-A	None (except 1.00% for certain redemptions within 18 months of purchase without an initial sales charge)	None
Classes C and 529-C	None	1.00% for redemptions within one year of purchase	Class C converts to Class A after eight years and Class 529-C converts to Class 529-A after five years
Class 529-E	None	None	None
Classes T and 529-T*	Up to 2.50%	None	None
Classes F-1, F-2, F-3, 529-F-1, 529-F-2 and 529-F-3	None	None	None
Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6	None	None	None

* Class T and 529-T shares are not available for purchase.

Holders of all share classes have equal pro rata rights to the assets, dividends and liquidation proceeds of the fund. Each share class has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for distribution, transfer agent and administrative services. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each share class.

2. Significant accounting policies

The fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the fund’s investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The fund follows the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

Security transactions and related investment income — Security transactions are recorded by the fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the fund will segregate liquid assets sufficient to meet its payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

Class allocations — Income, fees and expenses (other than class-specific fees and expenses), realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes based on their relative net assets. Class-specific fees and expenses, such as distribution, transfer agent and administrative services, are charged directly to the respective share class.

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

New Perspective Fund 13

Currency translation — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the fund’s statement of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

In-kind redemptions — The fund normally redeems shares in cash; however, under certain conditions and circumstances, payment of the redemption price wholly or partly with portfolio securities or other fund assets may be permitted. A redemption of shares in-kind is based upon the closing value of the shares being redeemed as of the trade date. Realized gains/losses resulting from redemptions of shares in-kind are reflected separately in the fund’s statement of operations.

3. Valuation

Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

Methods and inputs — The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Equity securities are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.

Fixed-income securities, including short-term securities, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security.

Fixed-income class	Examples of standard inputs
All	Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)
Corporate bonds, notes & loans; convertible securities	Standard inputs and underlying equity of the issuer
Bonds & notes of governments & government agencies	Standard inputs and interest rate volatilities
Mortgage-backed; asset-backed obligations	Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information

When the fund’s investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or deemed to be not representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.

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

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by authority of the fund’s board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange

14 New Perspective Fund

Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Processes and structure — The fund’s board of trustees has delegated authority to the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.

The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group.

Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following table presents the fund’s valuation levels as of March 31, 2022 (dollars in thousands):

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Information technology	$	18,360,369	$	10,612,439	$	—		$	28,972,808
Consumer discretionary		20,124,311		5,905,814		—			26,030,125
Health care		12,111,430		4,039,479		—			16,150,909
Financials		7,978,642		5,195,250		—			13,173,892
Industrials		5,231,651		6,558,870		—			11,790,521
Communication services		9,158,343		938,592		—			10,096,935
Materials		5,117,655		2,844,866		—			7,962,521
Consumer staples		3,152,070		3,716,592		—			6,868,662
Energy		1,233,807		1,613,984		—	*		2,847,791
Utilities		807,413		846,419		—			1,653,832
Real estate		407,721		371,266		—			778,987
Preferred securities		—		76,014		—			76,014
Rights & warrants		3,369		—		—			3,369
Short-term securities		6,880,956		—		—			6,880,956
Total	$	90,567,737	$	42,719,585	$	—	*	$	133,287,322

* Amount less than one thousand.

New Perspective Fund 15

4. Risk factors

Investing in the fund may involve certain risks including, but not limited to, those described below.

Market conditions — The prices of, and the income generated by, the securities held by the fund may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

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

Issuer risks — The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

Investing in growth-oriented stocks — Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments.

Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different accounting and auditing practices and standards and different regulatory, legal and reporting requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

Management — The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

5. Certain investment techniques

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

Securities lending transactions are entered into by the fund under a securities lending agent agreement with the lending agent. The lending agent facilitates the exchange of securities between the fund and approved borrowers, ensures that securities loans are properly coordinated and documented, marks-to-market the value of collateral daily, secures additional collateral from a borrower if it falls below preset terms, and may reinvest cash collateral on behalf of the fund according to agreed parameters. The lending agent provides indemnification to the fund against losses resulting from a borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if a borrower fails to return securities, collateral investments decline in value or the lending agent fails to perform.

16 New Perspective Fund

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

As of March 31, 2022, the total value of securities on loan was $709,026,000, and the total value of collateral received was $747,160,000. Collateral received includes cash of $426,077,000 and U.S. government securities of $321,083,000. Investment securities purchased from cash collateral are disclosed in the fund’s investment portfolio as short-term securities. Securities received as collateral are not recognized as fund assets. The contractual maturity of cash collateral received under the securities lending agreement is classified as overnight and continuous.

Collateral — The fund receives highly liquid assets, such as cash or U.S. government securities, as collateral in exchange for lending investment securities. The purpose of the collateral is to cover potential losses that could occur in the event the borrower cannot meet its contractual obligation. The lending agent may reinvest cash collateral from securities lending transactions according to agreed parameters. Cash collateral reinvested by the lending agent, if any, is disclosed in the fund’s investment portfolio.

6. Taxation and distributions

Federal income taxation — The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The fund is not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the period ended March 31, 2022, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any significant interest or penalties.

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

Non-U.S. taxation — Dividend and interest income are recorded net of non-U.S. taxes paid. The fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the fund filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. Gains realized by the fund on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. If applicable, the fund records an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

Distributions — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; cost of investments sold; non-U.S. taxes on capital gains and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes.

The components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of September 30, 2021, the components of distributable earnings on a tax basis were as follows (dollars in thousands):

Undistributed ordinary income	$	587,237
Undistributed long-term capital gains		9,084,325

New Perspective Fund 17

As of March 31, 2022, the tax basis unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

Gross unrealized appreciation on investments	$	62,793,862
Gross unrealized depreciation on investments		(3,553,497	)
Net unrealized appreciation on investments		59,240,365
Cost of investments		74,046,957

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

	Six months ended March 31, 2022							Year ended September 30, 2021
Share class	Ordinary income			Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	212,417		$	4,260,431	$	4,472,848	$	72,537		$	2,283,311		$	2,355,848
Class C		—			113,317		113,317		—			64,882			64,882
Class T		—	*		1		1		—	*		1			1
Class F-1		4,611			123,163		127,774		1,528			81,396			82,924
Class F-2		104,361			1,280,310		1,384,671		51,643			643,271			694,914
Class F-3		72,932			753,086		826,018		35,746			357,168			392,914
Class 529-A		10,151			227,774		237,925		3,187			122,632			125,819
Class 529-C		—			8,087		8,087		—			5,292			5,292
Class 529-E		61			7,447		7,508		—			4,188			4,188
Class 529-T		—	*		1		1		—	*		1			1
Class 529-F-1		—	*		1		1		—	*		—	*		—	*
Class 529-F-2†		1,401			17,623		19,024		620			8,374			8,994
Class 529-F-3†		—	*		1		1		—	*		1			1
Class R-1		—			5,258		5,258		—			3,173			3,173
Class R-2		—			45,072		45,072		—			26,217			26,217
Class R-2E		—			5,132		5,132		—			3,155			3,155
Class R-3		—			118,688		118,688		—			71,423			71,423
Class R-4		7,215			167,504		174,719		2,663			97,168			99,831
Class R-5E		1,755			23,331		25,086		872			11,398			12,270
Class R-5		12,060			135,522		147,582		6,943			76,886			83,829
Class R-6		197,997			2,047,852		2,245,849		115,755			1,149,483			1,265,238
Total	$	624,961		$	9,339,601	$	9,964,562	$	291,494		$	5,009,420		$	5,300,914

*	Amount less than one thousand.
†	Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.

7. Fees and transactions with related parties

CRMC, the fund’s investment adviser, is the parent company of American Funds Distributors^®, Inc. (“AFD”), the principal underwriter of the fund’s shares, and American Funds Service Company^® (“AFS”), the fund’s transfer agent. CRMC, AFD and AFS are considered related parties to the fund.

Investment advisory services — The fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. At the beginning of the year, these fees were based on a series of decreasing annual rates beginning with 0.600% on the first $500 million of daily net assets and decreasing to 0.350% on such assets in excess of $115 billion. On December 9, 2021, the fund’s board of trustees approved an amended investment advisory and service agreement effective February 1, 2022, decreasing the annual rate to 0.348% on daily net assets in excess of $144 billion. CRMC waived investment advisory services fees of $23,000 in advance of the amended investment advisory agreement. CRMC does not intend to recoup this waiver. As a result, the fees shown on the fund’s statement of operations of $256,422,000 were reduced to $256,399,000, both of which were equivalent to an annualized rate of 0.365% of average daily net assets.

18 New Perspective Fund

Class-specific fees and expenses — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

Distribution services — The fund has plans of distribution for all share classes, except Class F-2, F-3, 529-F-2, 529-F-3, R-5E, R-5 and R-6 shares. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.25% to 1.00% as noted in this section. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.

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

For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These share classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limits are not exceeded. As of March 31, 2022, there were no unreimbursed expenses subject to reimbursement for Class A or 529-A shares.

Transfer agent services — The fund has a shareholder services agreement with AFS under which the fund compensates AFS for providing transfer agent services to each of the fund’s share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the fund reimburses AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

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

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

Prior to January 1, 2022, the quarterly fees were based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $100 billion. Effective January 1, 2022, the quarterly fees were amended to a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $75 billion. The fees for any given calendar quarter are accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. For the six months ended March 31, 2022, the 529 plan services fees were $1,109,000, which were equivalent to 0.057% of the average daily net assets of each 529 share class.

New Perspective Fund 19

For the six months ended March 31, 2022, class-specific expenses under the agreements were as follows (dollars in thousands):

Share class	Distribution services	Transfer agent services		Administrative services		529 plan services
Class A	$80,215	$17,777		$9,626		Not applicable
Class C	8,040	443		241		Not applicable
Class T	—	—	*	—	*	Not applicable
Class F-1	2,293	1,092		275		Not applicable
Class F-2	Not applicable	10,131		2,879		Not applicable
Class F-3	Not applicable	69		1,714		Not applicable
Class 529-A	3,809	877		509		$969
Class 529-C	572	30		17		33
Class 529-E	270	14		16		31
Class 529-T	—	—	*	—	*	—	*
Class 529-F-1	—	—	*	—	*	—	*
Class 529-F-2	Not applicable	60		40		76
Class 529-F-3	Not applicable	—	*	—	*	—	*
Class R-1	363	33		11		Not applicable
Class R-2	2,388	1,133		96		Not applicable
Class R-2E	230	80		12		Not applicable
Class R-3	4,322	1,330		259		Not applicable
Class R-4	3,108	1,275		373		Not applicable
Class R-5E	Not applicable	271		51		Not applicable
Class R-5	Not applicable	518		305		Not applicable
Class R-6	Not applicable	187		4,635		Not applicable
Total class-specific expenses	$105,610	$35,320		$21,059		$1,109

* Amount less than one thousand.

Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Trustees’ compensation of $(426,000) in the fund’s statement of operations reflects $228,000 in current fees (either paid in cash or deferred) and a net decrease of $654,000 in the value of the deferred amounts.

Affiliated officers and trustees — Officers and certain trustees of the fund are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from the fund.

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

Security transactions with related funds — The fund purchased securities from, and sold securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. Each transaction was executed at the current market price of the security and no brokerage commissions or fees were paid in accordance with Rule 17a-7 of the 1940 Act. During the six months ended March 31, 2022, the fund engaged in such purchase and sale transactions with related funds in the amounts of $970,733,000 and $508,438,000, respectively, which generated $223,070,000 of net realized gains from such sales.

Interfund lending — Pursuant to an exemptive order issued by the SEC, the fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the six months ended March 31, 2022.

20 New Perspective Fund

8. Indemnifications

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

9. Capital share transactions

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

	Sales1				Reinvestments of distributions					Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Six months ended March 31, 2022
Class A	$	1,902,595		29,619	$	4,369,040		67,979		$	(3,406,432	)		(53,085	)	$	2,865,203			44,513
Class C		96,626		1,595		112,508		1,858			(201,508	)		(3,355	)		7,626			98
Class T		—		—		—		—			—			—			—			—
Class F-1		98,286		1,538		126,426		1,981			(162,770	)		(2,585	)		61,942			934
Class F-2		2,122,727		33,395		1,318,970		20,612			(2,237,627	)		(35,704	)		1,204,070			18,303
Class F-3		1,252,303		19,642		818,463		12,737			(1,124,293	)		(17,801	)		946,473			14,578
Class 529-A		161,180		2,537		237,893		3,757			(208,075	)		(3,270	)		190,998			3,024
Class 529-C		9,493		157		8,087		134			(23,511	)		(387	)		(5,931	)		(96	)
Class 529-E		4,662		74		7,507		120			(9,651	)		(155	)		2,518			39
Class 529-T		—		—		2		—	2		—			—			2			—	2
Class 529-F-1		—		—		1		—	2		—			—			1			—	2
Class 529-F-2		30,360		471		19,021		296			(17,644	)		(272	)		31,737			495
Class 529-F-3		—		—		1		—	2		—			—			1			—	2
Class R-1		3,681		62		5,200		87			(11,240	)		(187	)		(2,359	)		(38	)
Class R-2		49,806		823		45,012		743			(96,728	)		(1,569	)		(1,910	)		(3	)
Class R-2E		8,909		142		5,132		82			(12,219	)		(191	)		1,822			33
Class R-3		139,513		2,219		118,561		1,899			(239,871	)		(3,827	)		18,203			291
Class R-4		139,279		2,190		174,708		2,765			(283,582	)		(4,453	)		30,405			502
Class R-5E		62,909		989		25,086		394			(114,321	)		(1,741	)		(26,326	)		(358	)
Class R-5		132,443		2,029		147,451		2,297			(208,999	)		(3,254	)		70,895			1,072
Class R-6		2,106,451		33,611		2,237,982		34,800			(2,719,152	)		(43,476	)		1,625,281			24,935
Total net increase (decrease)	$	8,321,223		131,093	$	9,777,051		152,541		$	(11,077,623	)		(175,312	)	$	7,020,651			108,322

See end of table for footnotes.

New Perspective Fund 21

	Sales1					Reinvestments of distributions						Repurchases1						Net increase (decrease)
Share class	Amount		Shares			Amount			Shares			Amount			Shares			Amount			Shares
Year ended September 30, 2021
Class A	$	4,845,776		76,906		$	2,301,515			38,571		$	(5,942,231	)		(94,739	)	$	1,205,060			20,738
Class C		251,881		4,221			64,349			1,135			(383,023	)		(6,403	)		(66,793	)		(1,047	)
Class T		—		—			—			—			—			—			—			—
Class F-1		249,033		4,016			81,101			1,369			(707,223	)		(11,178	)		(377,089	)		(5,793	)
Class F-2		4,616,699		73,686			661,320			11,128			(3,709,773	)		(59,072	)		1,568,246			25,742
Class F-3		2,921,159		46,248			389,189			6,523			(1,789,777	)		(28,326	)		1,520,571			24,445
Class 529-A		339,337		5,466			125,801			2,138			(423,235	)		(6,770	)		41,903			834
Class 529-C		23,765		400			5,289			94			(53,029	)		(890	)		(23,975	)		(396	)
Class 529-E		10,888		178			4,187			72			(18,466	)		(296	)		(3,391	)		(46	)
Class 529-T		—		—			1			—	2		—			—			1			—	2
Class 529-F-1		4,541		84			—	2		—	2		(178,950	)		(3,473	)		(174,409	)		(3,389	)
Class 529-F-23		233,643		4,270			8,992			151			(33,214	)		(519	)		209,421			3,902
Class 529-F-33		10		—	2		1			—	2		—			—			11			—	2
Class R-1		11,249		189			3,145			56			(22,051	)		(376	)		(7,657	)		(131	)
Class R-2		119,789		2,012			26,201			462			(181,942	)		(3,080	)		(35,952	)		(606	)
Class R-2E		18,381		307			3,155			54			(27,498	)		(447	)		(5,962	)		(86	)
Class R-3		297,140		4,899			71,343			1,228			(521,635	)		(8,550	)		(153,152	)		(2,423	)
Class R-4		325,662		5,323			99,826			1,699			(563,478	)		(9,186	)		(137,990	)		(2,164	)
Class R-5E		137,241		2,259			12,269			207			(71,770	)		(1,154	)		77,740			1,312
Class R-5		255,199		4,090			83,756			1,405			(435,743	)		(6,986	)		(96,788	)		(1,491	)
Class R-6		5,727,091		90,738			1,260,974			21,122			(8,444,938	)		(134,015	)		(1,456,873	)		(22,155	)
Total net increase (decrease)	$	20,388,484		325,292		$	5,202,414			87,414		$	(23,507,976	)		(375,460	)	$	2,082,922			37,246

1	Includes exchanges between share classes of the fund.
2	Amount less than one thousand.
3	Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.

10. Investment transactions

The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $13,530,965,000 and $17,299,208,000, respectively, during the six months ended March 31, 2022.

22 New Perspective Fund

Financial highlights

			(Loss) income from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Ratio of net income (loss) to average net assets3
Class A:
3/31/20225,6	$	66.78	$	.08		$	(2.46	)	$	(2.38	)	$	(.22	)	$	(4.43	)	$	(4.65	)	$	59.75		(4.05	)%7	$	60,515			.71	%8		.71	%8		.26	%8
9/30/2021		53.81		.32			15.15			15.47			(.08	)		(2.42	)		(2.50	)		66.78		29.31			64,660			.72			.72			.50
9/30/2020		44.52		.27			10.76			11.03			(.48	)		(1.26	)		(1.74	)		53.81		25.33			50,986			.75			.75			.57
9/30/2019		46.89		.37			.12			.49			(.45	)		(2.41	)		(2.86	)		44.52		2.55			42,567			.75			.75			.85
9/30/2018		43.54		.38			5.34			5.72			(.19	)		(2.18	)		(2.37	)		46.89		13.48			43,958			.74			.74			.85
9/30/2017		37.41		.39			7.11			7.50			(.29	)		(1.08	)		(1.37	)		43.54		20.87			40,527			.75			.75			.98
Class C:
3/31/20225,6		63.06		(.15	)		(2.31	)		(2.46	)		—			(4.43	)		(4.43	)		56.17		(4.40	)7		1,476			1.46	8		1.46	8		(.49	)8
9/30/2021		51.23		(.15	)		14.40			14.25			—			(2.42	)		(2.42	)		63.06		28.36			1,651			1.47			1.47			(.25	)
9/30/2020		42.46		(.08	)		10.25			10.17			(.14	)		(1.26	)		(1.40	)		51.23		24.39			1,395			1.49			1.49			(.18	)
9/30/2019		44.80		.03			.14			.17			(.10	)		(2.41	)		(2.51	)		42.46		1.76			1,442			1.52			1.52			.07
9/30/2018		41.82		.02			5.14			5.16			—			(2.18	)		(2.18	)		44.80		12.62			1,576			1.53			1.53			.06
9/30/2017		35.98		.07			6.85			6.92			—			(1.08	)		(1.08	)		41.82		19.88			1,448			1.55			1.55			.18
Class T:
3/31/20225,6		66.82		.16			(2.46	)		(2.30	)		(.37	)		(4.43	)		(4.80	)		59.72		(3.93	)7,9		—	10		.47	8,9		.47	8,9		.49	8,9
9/30/2021		53.83		.46			15.15			15.61			(.20	)		(2.42	)		(2.62	)		66.82		29.60	9		—	10		.50	9		.50	9		.73	9
9/30/2020		44.53		.38			10.76			11.14			(.58	)		(1.26	)		(1.84	)		53.83		25.62	9		—	10		.50	9		.50	9		.82	9
9/30/2019		46.91		.46			.11			.57			(.54	)		(2.41	)		(2.95	)		44.53		2.80	9		—	10		.53	9		.53	9		1.07	9
9/30/2018		43.57		.47			5.34			5.81			(.29	)		(2.18	)		(2.47	)		46.91		13.71	9		—	10		.53	9		.53	9		1.04	9
9/30/20175,11		38.61		.27			4.69			4.96			—			—			—			43.57		12.85	7,9		—	10		.27	7,9		.27	7,9		.64	7,9
Class F-1:
3/31/20225,6		66.29		.06			(2.44	)		(2.38	)		(.17	)		(4.43	)		(4.60	)		59.31		(4.08	)7		1,714			.77	8		.77	8		.19	8
9/30/2021		53.43		.27			15.06			15.33			(.05	)		(2.42	)		(2.47	)		66.29		29.24			1,854			.78			.78			.43
9/30/2020		44.21		.24			10.69			10.93			(.45	)		(1.26	)		(1.71	)		53.43		25.27			1,804			.79			.79			.52
9/30/2019		46.57		.33			.12			.45			(.40	)		(2.41	)		(2.81	)		44.21		2.47			1,677			.82			.82			.78
9/30/2018		43.26		.36			5.30			5.66			(.17	)		(2.18	)		(2.35	)		46.57		13.40			1,795			.81			.81			.79
9/30/2017		37.19		.35			7.07			7.42			(.27	)		(1.08	)		(1.35	)		43.26		20.76			1,717			.83			.83			.91
Class F-2:
3/31/20225,6		66.61		.15			(2.45	)		(2.30	)		(.36	)		(4.43	)		(4.79	)		59.52		(3.96	)7		18,166			.51	8		.51	8		.46	8
9/30/2021		53.67		.45			15.10			15.55			(.19	)		(2.42	)		(2.61	)		66.61		29.60			19,110			.51			.51			.72
9/30/2020		44.40		.38			10.73			11.11			(.58	)		(1.26	)		(1.84	)		53.67		25.61			14,016			.53			.53			.80
9/30/2019		46.81		.46			.09			.55			(.55	)		(2.41	)		(2.96	)		44.40		2.74			10,234			.54			.54			1.07
9/30/2018		43.47		.47			5.33			5.80			(.28	)		(2.18	)		(2.46	)		46.81		13.71			8,560			.54			.54			1.05
9/30/2017		37.38		.47			7.08			7.55			(.38	)		(1.08	)		(1.46	)		43.47		21.09			5,611			.55			.55			1.19
Class F-3:
3/31/20225,6		66.93		.18			(2.45	)		(2.27	)		(.43	)		(4.43	)		(4.86	)		59.80		(3.90	)7		10,968			.41	8		.41	8		.57	8
9/30/2021		53.90		.53			15.16			15.69			(.24	)		(2.42	)		(2.66	)		66.93		29.72			11,301			.41			.41			.83
9/30/2020		44.58		.43			10.77			11.20			(.62	)		(1.26	)		(1.88	)		53.90		25.74			7,784			.42			.42			.91
9/30/2019		46.98		.51			.08			.59			(.58	)		(2.41	)		(2.99	)		44.58		2.85			5,324			.44			.44			1.18
9/30/2018		43.63		.52			5.34			5.86			(.33	)		(2.18	)		(2.51	)		46.98		13.81			4,260			.45			.45			1.16
9/30/20175,12		37.16		.36			6.11			6.47			—			—			—			43.63		17.41	7		2,478			.45	8		.45	8		1.27	8
Class 529-A:
3/31/20225,6		65.84		.07			(2.42	)		(2.35	)		(.20	)		(4.43	)		(4.63	)		58.86		(4.07	)7		3,216			.74	8		.74	8		.23	8
9/30/2021		53.09		.29			14.94			15.23			(.06	)		(2.42	)		(2.48	)		65.84		29.26			3,398			.76			.76			.46
9/30/2020		43.94		.25			10.61			10.86			(.45	)		(1.26	)		(1.71	)		53.09		25.27			2,696			.79			.79			.53
9/30/2019		46.31		.33			.12			.45			(.41	)		(2.41	)		(2.82	)		43.94		2.47			2,163			.82			.82			.78
9/30/2018		43.05		.35			5.27			5.62			(.18	)		(2.18	)		(2.36	)		46.31		13.41			2,227			.82			.82			.78
9/30/2017		37.01		.35			7.03			7.38			(.26	)		(1.08	)		(1.34	)		43.05		20.76			1,893			.82			.82			.91

See end of table for footnotes.

New Perspective Fund 23

Financial highlights (continued)

			(Loss) income from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Ratio of net income (loss) to average net assets3
Class 529-C:
3/31/20225,6	$	62.88	$	(.17	)	$	(2.29	)	$	(2.46	)	$	—		$	(4.43	)	$	(4.43	)	$	55.99		(4.44	)%7	$	103			1.51	%8		1.51	%8		(.55	)%8
9/30/2021		51.12		(.18	)		14.36			14.18			—			(2.42	)		(2.42	)		62.88		28.30			121			1.52			1.52			(.30	)
9/30/2020		42.35		(.11	)		10.24			10.13			(.10	)		(1.26	)		(1.36	)		51.12		24.35			119			1.54			1.54			(.24	)
9/30/2019		44.66		.01			.15			.16			(.06	)		(2.41	)		(2.47	)		42.35		1.71			240			1.57			1.57			.02
9/30/2018		41.72		(.01	)		5.13			5.12			—			(2.18	)		(2.18	)		44.66		12.54			286			1.58			1.58			(.03	)
9/30/2017		35.92		.05			6.83			6.88			—			(1.08	)		(1.08	)		41.72		19.80			393			1.60			1.60			.13
Class 529-E:
3/31/20225,6		64.94		(.01	)		(2.38	)		(2.39	)		(.04	)		(4.43	)		(4.47	)		58.08		(4.17	)7		101			.99	8		.99	8		(.02	)8
9/30/2021		52.46		.14			14.76			14.90			—			(2.42	)		(2.42	)		64.94		28.94			110			1.00			1.00			.23
9/30/2020		43.44		.14			10.49			10.63			(.35	)		(1.26	)		(1.61	)		52.46		24.99			91			1.01			1.01			.30
9/30/2019		45.79		.23			.14			.37			(.31	)		(2.41	)		(2.72	)		43.44		2.24			82			1.04			1.04			.55
9/30/2018		42.58		.24			5.22			5.46			(.07	)		(2.18	)		(2.25	)		45.79		13.15			89			1.05			1.05			.55
9/30/2017		36.62		.26			6.96			7.22			(.18	)		(1.08	)		(1.26	)		42.58		20.47			84			1.06			1.06			.67
Class 529-T:
3/31/20225,6		66.78		.14			(2.45	)		(2.31	)		(.34	)		(4.43	)		(4.77	)		59.70		(3.95	)7,9		—	10		.53	8,9		.53	8,9		.45	8,9
9/30/2021		53.80		.43			15.14			15.57			(.17	)		(2.42	)		(2.59	)		66.78		29.53	9		—	10		.55	9		.55	9		.68	9
9/30/2020		44.51		.36			10.75			11.11			(.56	)		(1.26	)		(1.82	)		53.80		25.55	9		—	10		.56	9		.56	9		.77	9
9/30/2019		46.89		.44			.11			.55			(.52	)		(2.41	)		(2.93	)		44.51		2.73	9		—	10		.57	9		.57	9		1.03	9
9/30/2018		43.56		.45			5.34			5.79			(.28	)		(2.18	)		(2.46	)		46.89		13.65	9		—	10		.59	9		.59	9		.99	9
9/30/20175,11		38.61		.26			4.69			4.95			—			—			—			43.56		12.82	7,9		—	10		.29	7,9		.29	7,9		.62	7,9
Class 529-F-1:
3/31/20225,6		65.65		.12			(2.41	)		(2.29	)		(.32	)		(4.43	)		(4.75	)		58.61		(4.00	)7,9		—	10		.59	8,9		.59	8,9		.39	8,9
9/30/2021		52.99		(.02	)		15.34			15.32			(.24	)		(2.42	)		(2.66	)		65.65		29.51	9		—	10		.51	9		.51	9		(.04	)9
9/30/2020		43.86		.35			10.60			10.95			(.56	)		(1.26	)		(1.82	)		52.99		25.55			180			.56			.56			.76
9/30/2019		46.28		.43			.09			.52			(.53	)		(2.41	)		(2.94	)		43.86		2.72			142			.59			.59			1.03
9/30/2018		43.00		.45			5.27			5.72			(.26	)		(2.18	)		(2.44	)		46.28		13.67			119			.59			.59			1.00
9/30/2017		36.98		.44			7.01			7.45			(.35	)		(1.08	)		(1.43	)		43.00		21.02			97			.61			.61			1.13
Class 529-F-2:
3/31/20225,6		66.78		.15			(2.45	)		(2.30	)		(.35	)		(4.43	)		(4.78	)		59.70		(3.95	)7		262			.51	8		.51	8		.47	8
9/30/20215,13		52.26		.44			16.68			17.12			(.18	)		(2.42	)		(2.60	)		66.78		33.39	7		260			.54	8		.54	8		.75	8
Class 529-F-3:
3/31/20225,6		66.74		.16			(2.45	)		(2.29	)		(.39	)		(4.43	)		(4.82	)		59.63		(3.92	)7		—	10		.46	8		.46	8		.51	8
9/30/20215,13		52.26		.48			16.67			17.15			(.25	)		(2.42	)		(2.67	)		66.74		33.44	7		—	10		.52	8		.47	8		.82	8
Class R-1:
3/31/20225,6		62.49		(.16	)		(2.28	)		(2.44	)		—			(4.43	)		(4.43	)		55.62		(4.41	)7		66			1.49	8		1.49	8		(.52	)8
9/30/2021		50.81		(.17	)		14.27			14.10			—			(2.42	)		(2.42	)		62.49		28.29			77			1.50			1.50			(.28	)
9/30/2020		42.09		(.09	)		10.17			10.08			(.10	)		(1.26	)		(1.36	)		50.81		24.38			69			1.52			1.52			(.21	)
9/30/2019		44.41		.02			.15			.17			(.08	)		(2.41	)		(2.49	)		42.09		1.73			71			1.54			1.54			.05
9/30/2018		41.49		.02			5.08			5.10			—			(2.18	)		(2.18	)		44.41		12.59			88			1.54			1.54			.04
9/30/2017		35.70		.07			6.80			6.87			—			(1.08	)		(1.08	)		41.49		19.89			85			1.54			1.54			.18

See end of table for footnotes.

24 New Perspective Fund

Financial highlights (continued)

			(Loss) income from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)		Ratio of expenses to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Ratio of net income (loss) to average net assets3
Class R-2:
3/31/20225,6	$	63.12	$	(.17	)	$	(2.31	)	$	(2.48	)	$	—		$	(4.43	)	$	(4.43	)	$	56.21		(4.44	)%7	$	591		1.51	%8		1.51	%8		(.54	)%8
9/30/2021		51.30		(.17	)		14.41			14.24			—			(2.42	)		(2.42	)		63.12		28.30			663		1.50			1.50			(.28	)
9/30/2020		42.52		(.09	)		10.27			10.18			(.14	)		(1.26	)		(1.40	)		51.30		24.38			571		1.52			1.52			(.20	)
9/30/2019		44.85		.02			.15			.17			(.09	)		(2.41	)		(2.50	)		42.52		1.73			518		1.54			1.54			.06
9/30/2018		41.87		.02			5.14			5.16			—			(2.18	)		(2.18	)		44.85		12.60			570		1.54			1.54			.05
9/30/2017		36.03		.07			6.85			6.92			—	14		(1.08	)		(1.08	)		41.87		19.87			557		1.55			1.55			.18
Class R-2E:
3/31/20225,6		65.16		(.08	)		(2.39	)		(2.47	)		—			(4.43	)		(4.43	)		58.26		(4.29	)7		72		1.21	8		1.21	8		(.25	)8
9/30/2021		52.74		.01			14.83			14.84			—			(2.42	)		(2.42	)		65.16		28.69			79		1.21			1.21			.02
9/30/2020		43.68		.04			10.55			10.59			(.27	)		(1.26	)		(1.53	)		52.74		24.73			68		1.23			1.23			.09
9/30/2019		46.02		.16			.13			.29			(.22	)		(2.41	)		(2.63	)		43.68		2.05			65		1.24			1.24			.38
9/30/2018		42.85		.15			5.26			5.41			(.06	)		(2.18	)		(2.24	)		46.02		12.92			60		1.24			1.24			.33
9/30/2017		37.01		.20			7.00			7.20			(.28	)		(1.08	)		(1.36	)		42.85		20.26			53		1.24			1.24			.51
Class R-3:
3/31/20225,6		64.83		(.03	)		(2.39	)		(2.42	)		—			(4.43	)		(4.43	)		57.98		(4.22	)7		1,600		1.06	8		1.06	8		(.09	)8
9/30/2021		52.40		.10			14.75			14.85			—			(2.42	)		(2.42	)		64.83		28.88			1,770		1.06			1.06			.16
9/30/2020		43.39		.11			10.48			10.59			(.32	)		(1.26	)		(1.58	)		52.40		24.91			1,557		1.07			1.07			.25
9/30/2019		45.73		.21			.13			.34			(.27	)		(2.41	)		(2.68	)		43.39		2.21			1,488		1.09			1.09			.50
9/30/2018		42.52		.22			5.22			5.44			(.05	)		(2.18	)		(2.23	)		45.73		13.09			1,728		1.09			1.09			.49
9/30/2017		36.57		.25			6.95			7.20			(.17	)		(1.08	)		(1.25	)		42.52		20.44			1,750		1.09			1.09			.64
Class R-4:
3/31/20225,6		65.70		.07			(2.42	)		(2.35	)		(.19	)		(4.43	)		(4.62	)		58.73		(4.06	)7		2,304		.76	8		.76	8		.21	8
9/30/2021		52.98		.29			14.92			15.21			(.07	)		(2.42	)		(2.49	)		65.70		29.26			2,544		.76			.76			.47
9/30/2020		43.85		.25			10.60			10.85			(.46	)		(1.26	)		(1.72	)		52.98		25.30			2,166		.77			.77			.55
9/30/2019		46.23		.34			.11			.45			(.42	)		(2.41	)		(2.83	)		43.85		2.49			1,977		.79			.79			.81
9/30/2018		42.96		.35			5.28			5.63			(.18	)		(2.18	)		(2.36	)		46.23		13.44			2,149		.79			.79			.80
9/30/2017		36.94		.37			7.01			7.38			(.28	)		(1.08	)		(1.36	)		42.96		20.80			2,092		.79			.79			.95
Class R-5E:
3/31/20225,6		66.28		.13			(2.43	)		(2.30	)		(.33	)		(4.43	)		(4.76	)		59.22		(3.98	)7		301		.56	8		.56	8		.40	8
9/30/2021		53.43		.43			15.03			15.46			(.19	)		(2.42	)		(2.61	)		66.28		29.54			360		.55			.55			.69
9/30/2020		44.22		.36			10.68			11.04			(.57	)		(1.26	)		(1.83	)		53.43		25.56			220		.56			.56			.76
9/30/2019		46.69		.48			.05			.53			(.59	)		(2.41	)		(3.00	)		44.22		2.72			123		.57			.57			1.13
9/30/2018		43.40		.31			5.47			5.78			(.31	)		(2.18	)		(2.49	)		46.69		13.68			36		.57			.57			.68
9/30/2017		37.30		.47			7.04			7.51			(.33	)		(1.08	)		(1.41	)		43.40		20.98			2		.59			.59			1.17
Class R-5:
3/31/20225,6		66.84		.17			(2.46	)		(2.29	)		(.39	)		(4.43	)		(4.82	)		59.73		(3.92	)7		1,907		.45	8		.45	8		.51	8
9/30/2021		53.84		.48			15.16			15.64			(.22	)		(2.42	)		(2.64	)		66.84		29.65			2,063		.46			.46			.77
9/30/2020		44.53		.40			10.77			11.17			(.60	)		(1.26	)		(1.86	)		53.84		25.68			1,742		.46			.46			.85
9/30/2019		46.92		.48			.10			.58			(.56	)		(2.41	)		(2.97	)		44.53		2.82			1,606		.49			.49			1.11
9/30/2018		43.56		.50			5.34			5.84			(.30	)		(2.18	)		(2.48	)		46.92		13.79			1,798		.49			.49			1.10
9/30/2017		37.44		.49			7.10			7.59			(.39	)		(1.08	)		(1.47	)		43.56		21.16			1,691		.49			.49			1.24
Class R-6:
3/31/20225,6		66.97		.18			(2.46	)		(2.28	)		(.43	)		(4.43	)		(4.86	)		59.83		(3.91	)7		29,141		.41	8		.41	8		.57	8
9/30/2021		53.94		.52			15.17			15.69			(.24	)		(2.42	)		(2.66	)		66.97		29.71			30,946		.41			.41			.81
9/30/2020		44.61		.43			10.78			11.21			(.62	)		(1.26	)		(1.88	)		53.94		25.74			26,119		.42			.42			.91
9/30/2019		47.00		.51			.09			.60			(.58	)		(2.41	)		(2.99	)		44.61		2.88			19,586		.44			.44			1.18
9/30/2018		43.64		.52			5.34			5.86			(.32	)		(2.18	)		(2.50	)		47.00		13.82			16,772		.44			.44			1.15
9/30/2017		37.51		.51			7.11			7.62			(.41	)		(1.08	)		(1.49	)		43.64		21.22			12,727		.45			.45			1.29

See end of table for footnotes.

New Perspective Fund 25

Financial highlights (continued)

	Six months ended March 31,			Year ended September 30,
	20225,6,7			2021			2020			2019			2018			2017
Portfolio turnover rate for all share classes15		10	%		22	%		26	%16		20	%		23	%		28	%

1	Based on average shares outstanding.
2	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
3	This column reflects the impact, if any, of certain reimbursements from CRMC. During one of the periods shown, CRMC reimbursed a portion of transfer agent services fees for Class 529-F-3 shares.
4	Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.
5	Based on operations for a period that is less than a full year.
6	Unaudited.
7	Not annualized.
8	Annualized.
9	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
10	Amount less than $1 million.
11	Class T and 529-T shares began investment operations on April 7, 2017.
12	Class F-3 shares began investment operations on January 27, 2017.
13	Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.
14	Amount less than $.01.
15	Rates do not include the fund’s portfolio activity with respect to any Central Funds.
16	Includes the value of securities sold due to redemptions of shares in-kind. The rates would have been 25% for the year ended September 30, 2020, if the value of securities sold due to in-kind redemptions were excluded.

See notes to financial statements.

26 New Perspective Fund

Expense example unaudited

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (October 1, 2021, through March 31, 2022).

Actual expenses:

The first line of each share class in the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:

Retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F-1, F-2, F-3, 529-F-1, 529-F-2 and 529-F-3 shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the table on the following page are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

New Perspective Fund 27

Expense example (continued)

		Beginning account value 10/1/2021		Ending account value 3/31/2022		Expenses paid during period*	Annualized expense ratio
Class A – actual return	$	1,000.00	$	959.53	$	3.47	.71	%
Class A – assumed 5% return		1,000.00		1,021.39		3.58	.71
Class C – actual return		1,000.00		955.96		7.12	1.46
Class C – assumed 5% return		1,000.00		1,017.65		7.34	1.46
Class T – actual return		1,000.00		960.66		2.30	.47
Class T – assumed 5% return		1,000.00		1,022.59		2.37	.47
Class F-1 – actual return		1,000.00		959.16		3.76	.77
Class F-1 – assumed 5% return		1,000.00		1,021.09		3.88	.77
Class F-2 – actual return		1,000.00		960.41		2.49	.51
Class F-2 – assumed 5% return		1,000.00		1,022.39		2.57	.51
Class F-3 – actual return		1,000.00		961.05		2.00	.41
Class F-3 – assumed 5% return		1,000.00		1,022.89		2.07	.41
Class 529-A – actual return		1,000.00		959.30		3.61	.74
Class 529-A – assumed 5% return		1,000.00		1,021.24		3.73	.74
Class 529-C – actual return		1,000.00		955.64		7.36	1.51
Class 529-C – assumed 5% return		1,000.00		1,017.40		7.59	1.51
Class 529-E – actual return		1,000.00		958.32		4.83	.99
Class 529-E – assumed 5% return		1,000.00		1,020.00		4.99	.99
Class 529-T – actual return		1,000.00		960.45		2.59	.53
Class 529-T – assumed 5% return		1,000.00		1,022.29		2.67	.53
Class 529-F-1 – actual return		1,000.00		960.03		2.88	.59
Class 529-F-1 – assumed 5% return		1,000.00		1,021.99		2.97	.59
Class 529-F-2 – actual return		1,000.00		960.45		2.49	.51
Class 529-F-2 – assumed 5% return		1,000.00		1,022.39		2.57	.51
Class 529-F-3 – actual return		1,000.00		960.76		2.25	.46
Class 529-F-3 – assumed 5% return		1,000.00		1,022.64		2.32	.46
Class R-1 – actual return		1,000.00		955.89		7.27	1.49
Class R-1 – assumed 5% return		1,000.00		1,017.50		7.49	1.49
Class R-2 – actual return		1,000.00		955.63		7.36	1.51
Class R-2 – assumed 5% return		1,000.00		1,017.40		7.59	1.51
Class R-2E – actual return		1,000.00		957.10		5.90	1.21
Class R-2E – assumed 5% return		1,000.00		1,018.90		6.09	1.21
Class R-3 – actual return		1,000.00		957.83		5.17	1.06
Class R-3 – assumed 5% return		1,000.00		1,019.65		5.34	1.06
Class R-4 – actual return		1,000.00		959.35		3.71	.76
Class R-4 – assumed 5% return		1,000.00		1,021.14		3.83	.76
Class R-5E – actual return		1,000.00		960.19		2.74	.56
Class R-5E – assumed 5% return		1,000.00		1,022.14		2.82	.56
Class R-5 – actual return		1,000.00		960.82		2.20	.45
Class R-5 – assumed 5% return		1,000.00		1,022.69		2.27	.45
Class R-6 – actual return		1,000.00		960.87		2.00	.41
Class R-6 – assumed 5% return		1,000.00		1,022.89		2.07	.41

* The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).

28 New Perspective Fund

Approval of Investment Advisory and Service Agreement

The fund’s board has approved the continuation of the fund’s Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through January 31, 2023. The agreement was amended to add an additional advisory fee breakpoint for when the fund’s net assets exceed $144 billion. The board approved the agreement following the recommendation of the fund’s Contracts Committee (the “committee”), which is composed of all the fund’s independent board members. The board and the committee determined in the exercise of their business judgment that the fund’s advisory fee structure was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of the fund and its shareholders.

In reaching this decision, the board and the committee took into account their interaction with CRMC and information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and they were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which the fund’s assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative and shareholder services provided by CRMC to the fund under the agreement and other agreements, as well as the benefits to fund shareholders from investing in a fund that is part of a large family of funds. The board and the committee considered the risks assumed by CRMC in providing services to the fund, including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit the fund and its shareholders.

2. Investment results

The board and the committee considered the investment results of the fund in light of its objective. They compared the fund’s investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which the fund is included), and data such as relevant market and fund indexes over various periods (including the fund’s lifetime) through June 30, 2021. They generally placed greater emphasis on longer term periods. On the basis of this evaluation and the board’s and the committee’s ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that the fund’s investment results have been satisfactory for renewal of the agreement, and that CRMC’s record in managing the fund indicated that its continued management should benefit the fund and its shareholders.

3. Advisory fees and total expenses

The board and the committee compared the advisory fees and total expense levels of the fund to those of other relevant funds. They observed that the fund’s advisory fees and expenses were generally competitive with those of other similar funds included in the comparable Lipper category. The board and the committee also considered the breakpoint discounts in the fund’s advisory fee structure that reduce the level of fees charged by CRMC to the fund as fund assets increase. In addition, they reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by the fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the fund and the other clients. The board and the committee concluded that the fund’s cost structure was fair and reasonable in relation to the services provided, as well as in relation to the risks assumed by the adviser in sponsoring and managing the fund, and that the fund’s shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by the fund.

New Perspective Fund 29

4. Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with the fund and other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the fund’s principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that since 2019, CRMC has borne the cost of third-party research. The board and committee also noted that CRMC benefited from the use of commissions from portfolio transactions made on behalf of the fund to facilitate payment to certain broker-dealers for research to comply with regulatory requirements applicable to these firms, with all such amounts reimbursed to the fund by CRMC. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC by the fund.

5. Adviser financial information

The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and related cost allocation methodology, as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the fund’s advisory fee structure and CRMC’s sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that the fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and the fund’s shareholders.

30 New Perspective Fund

Liquidity Risk Management Program unaudited

The fund has adopted a liquidity risk management program (the “program”). The fund’s board has designated Capital Research and Management Company (“CRMC”) as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk Management Committee.

Under the program, CRMC manages the fund’s liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the fund. This risk is managed by monitoring the degree of liquidity of the fund’s investments, limiting the amount of the fund’s illiquid investments, and utilizing various risk management tools and facilities available to the fund for meeting shareholder redemptions, among other means. CRMC’s process of determining the degree of liquidity of the fund’s investments is supported by one or more third-party liquidity assessment vendors.

The fund’s board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2020, through September 30, 2021. No significant liquidity events impacting the fund were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing the fund’s liquidity risk.

New Perspective Fund 31

This page was intentionally left blank.

32 New Perspective Fund

This page was intentionally left blank.

New Perspective Fund 33

This page was intentionally left blank.

34 New Perspective Fund

This page was intentionally left blank.

New Perspective Fund 35

Office of the fund

333 South Hope Street

Los Angeles, CA 90071-1406

Investment adviser

Capital Research and Management Company

333 South Hope Street

Los Angeles, CA 90071-1406

Transfer agent for shareholder accounts

American Funds Service Company

(Write to the address nearest you.)

P.O. Box 6007

Indianapolis, IN 46206-6007

P.O. Box 2280

Norfolk, VA 23501-2280

Custodian of assets

JPMorgan Chase Bank

270 Park Avenue

New York, NY 10017-2070

Counsel

Dechert LLP

One Bush Street, Suite 1600

San Francisco, CA 94104-4446

Independent registered public accounting firm

Deloitte & Touche LLP

695 Town Center Drive

Suite 1000

Costa Mesa, CA 92626-7188

Principal underwriter

American Funds Distributors, Inc.

333 South Hope Street

Los Angeles, CA 90071-1406

36 New Perspective Fund

Investors should carefully consider investment objectives, risks charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.

“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on our website or upon request by calling AFS. The fund files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on our website.

New Perspective Fund files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The list of portfolio holdings is available free of charge on the SEC website and on our website.

This report is for the information of shareholders of New Perspective Fund, but it also may be used as sales literature when preceded or accompanied by the current prospectus or summary prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after June 30, 2022, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

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

American Funds Distributors, Inc., member FINRA.

The Capital Advantage^®

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

Aligned with investor success

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. Our portfolio managers average 27 years of investment industry experience, including 21 years at our company, reflecting a career commitment to our long-term approach.¹

The Capital System

The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.

American Funds’ superior outcomes

Equity funds have beaten their Lipper peer indexes in 90% of 10-year periods and 99% of 20-year periods.² Fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.³ Fund management fees have been among the lowest in the industry.⁴

1	Investment industry experience as of December 31, 2021.
2	Based on Class F-2 share results for rolling calendar-year periods starting the first full calendar year after each fund’s inception through December 31, 2021. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date (except Capital Income Builder and SMALLCAP World Fund, for which the Lipper average was used). Expenses differ for each share class, so results will vary.
3	Based on Class F-2 share results as of December 31, 2021. Thirteen of the 17 fixed income American Funds that have been in existence for the three-year period showed a three-year correlation below 0.3. S&P 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.
4	On average, our management fees were in the lowest quintile 63% of the time, based on the 20-year period ended December 31, 2021, versus comparable Lipper categories, excluding funds of funds.

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

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

ITEM 2 – Code of Ethics

Not applicable for filing of semi-annual reports to shareholders.

ITEM 3 – Audit Committee Financial Expert

Not applicable for filing of semi-annual reports to shareholders.

ITEM 4 – Principal Accountant Fees and Services

Not applicable for filing of semi-annual reports to shareholders.

ITEM 5 – Audit Committee of Listed Registrants

Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.

ITEM 6 – Schedule of Investments

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

ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 10 – Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.

ITEM 11 – Controls and Procedures

(a)	The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.
(b)	There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12 – Exhibits

(a)(1)	Not applicable for filing of semi-annual reports to shareholders.
(a)(2)	The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

NEW PERSPECTIVE FUND

By __/s/ Walter R. Burkley____________________

Walter R. Burkley,

Principal Executive Officer

Date: May 31, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By __/s/ Walter R. Burkley_________________

Walter R. Burkley,

Principal Executive Officer

Date: May 31, 2022

By ___/s/ Brian C. Janssen    __________

Brian C. Janssen, Treasurer and

Principal Financial Officer

Date: May 31, 2022