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UNITED STATES FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-1400
Fidelity Contrafund 82 Devonshire St., Boston, Massachusetts 02109 Eric D. Roiter, Secretary
82 Devonshire St.
Boston, Massachusetts 02109 Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end:
December 31
Date of reporting period:
June 30, 2007
Item 1. Reports to Stockholders
(Fidelity Investment logo)(registered trademark) Fund - Class A, Class T, Class B Semiannual Report
June 30, 2007
(2_fidelity_logos) (Registered_Trademark)
Chairman's Message
Ned Johnson's message to shareholders.
Note to Shareholders
An explanation of the changes to the fund.
Shareholder Expense Example
An example of shareholder expenses.
Investment Changes
A summary of major shifts in the fund's investments over the past six
months.
Investments
A complete list of the fund's investments with their market values.
Financial Statements
Statements of assets and liabilities, operations, and changes in net assets, Notes
Notes to the financial statements.
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit
the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.
This report and the financial statements contained herein are submitted for the general information
of the shareholders of the fund. This report is not authorized for distribution to prospective investors
in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third
quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at
http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference
Room in Washington, DC. Information regarding the operation of the SEC's Public Reference
Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio
holdings, view the most recent holdings report, semiannual report, or annual report on Fidelity's
web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Exact name of registrant as specified in charter)
(Address of principal executive offices) (Zip code)
(Name and address of agent for service)
Fidelity® Advisor
New Insights
and Class C
Contents
as well as financial highlights.
Semiannual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Stocks are currently on pace to register their fifth-straight year of positive returns, although gains could be trimmed if the U.S. economy continues to slow. While financial markets are always unpredictable, there are a number of time-tested principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
In December 2006, the Board of Trustees approved a new management contract for Fidelity® Advisor New Insights Fund. Fund shareholders have been asked to vote on the new management contract at a shareholder meeting on or about September 19, 2007. If approved by shareholders, the new management contract will add a performance adjustment component to the management fee based on the fund's performance versus the Standard & Poor's 500SM Index and will allow the Board of Trustees to designate an alternate performance adjustment index in the future, without a shareholder vote, when permitted by applicable law.
The note above is not a solicitation of any proxy. More detailed information is contained in the proxy statement.
Semiannual Report
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2007 to June 30, 2007).
Actual Expenses
The first line of the accompanying table for each class of the Fund 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 $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. 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% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of 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.
Semiannual Report
Investments - continued
|
Beginning |
Ending |
Expenses Paid |
Class A |
|
|
|
Actual |
$ 1,000.00 |
$ 1,093.60 |
$ 5.61 |
HypotheticalA |
$ 1,000.00 |
$ 1,019.44 |
$ 5.41 |
Class T |
|
|
|
Actual |
$ 1,000.00 |
$ 1,091.90 |
$ 6.69 |
HypotheticalA |
$ 1,000.00 |
$ 1,018.40 |
$ 6.46 |
Class B |
|
|
|
Actual |
$ 1,000.00 |
$ 1,088.50 |
$ 9.74 |
HypotheticalA |
$ 1,000.00 |
$ 1,015.47 |
$ 9.39 |
Class C |
|
|
|
Actual |
$ 1,000.00 |
$ 1,089.40 |
$ 9.38 |
HypotheticalA |
$ 1,000.00 |
$ 1,015.82 |
$ 9.05 |
Institutional Class |
|
|
|
Actual |
$ 1,000.00 |
$ 1,095.00 |
$ 4.16 |
HypotheticalA |
$ 1,000.00 |
$ 1,020.83 |
$ 4.01 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
|
Annualized |
Class A |
1.08% |
Class T |
1.29% |
Class B |
1.88% |
Class C |
1.81% |
Institutional Class |
.80% |
Semiannual Report
Top Ten Stocks as of June 30, 2007 |
||
|
% of fund's |
% of fund's net assets |
Google, Inc. Class A (sub. vtg.) |
4.5 |
4.4 |
Hewlett-Packard Co. |
3.4 |
3.2 |
Apple, Inc. |
2.6 |
1.8 |
Berkshire Hathaway, Inc. Class A |
2.6 |
2.8 |
America Movil SAB de CV Series L sponsored ADR |
2.6 |
1.9 |
Exxon Mobil Corp. |
2.5 |
1.5 |
AT&T, Inc. |
2.0 |
1.2 |
Genentech, Inc. |
1.9 |
2.3 |
Procter & Gamble Co. |
1.8 |
2.1 |
Schlumberger Ltd. (NY Shares) |
1.7 |
1.2 |
|
25.6 |
|
Top Five Market Sectors as of June 30, 2007 |
||
|
% of fund's |
% of fund's net assets |
Information Technology |
21.2 |
19.2 |
Financials |
14.8 |
20.9 |
Health Care |
11.3 |
10.2 |
Energy |
10.4 |
7.0 |
Industrials |
8.8 |
7.5 |
Asset Allocation (% of fund's net assets) |
|||||||
As of June 30, 2007* |
As of December 31, 2006** |
||||||
![]() |
Stocks 93.4% |
|
![]() |
Stocks 92.6% |
|
||
![]() |
Convertible |
|
![]() |
Convertible |
|
||
![]() |
Short-Term |
|
![]() |
Short-Term |
|
||
* Foreign investments |
25.1% |
|
** Foreign investments |
24.2% |
|
Semiannual Report
Showing Percentage of Net Assets
Common Stocks - 93.4% |
|||
Shares |
Value (000s) |
||
CONSUMER DISCRETIONARY - 7.9% |
|||
Auto Components - 0.1% |
|||
Gentex Corp. |
44,300 |
$ 872 |
|
Johnson Controls, Inc. |
53,600 |
6,205 |
|
The Goodyear Tire & Rubber Co. (a) |
73,500 |
2,555 |
|
|
9,632 |
||
Automobiles - 0.5% |
|||
DaimlerChrysler AG |
36,100 |
3,319 |
|
Toyota Motor Corp. |
617,200 |
38,847 |
|
|
42,166 |
||
Distributors - 0.1% |
|||
Li & Fung Ltd. |
1,541,200 |
5,548 |
|
Hotels, Restaurants & Leisure - 1.3% |
|||
California Pizza Kitchen, Inc. (a) |
228,150 |
4,901 |
|
Chipotle Mexican Grill, Inc.: |
|
|
|
Class A (a) |
192,000 |
16,374 |
|
Class B (a) |
5,528 |
435 |
|
Marriott International, Inc. Class A |
232,300 |
10,045 |
|
McDonald's Corp. |
677,927 |
34,412 |
|
Panera Bread Co. Class A (a)(d) |
54,464 |
2,509 |
|
PokerTek, Inc. (a)(d) |
200,000 |
2,506 |
|
Red Robin Gourmet Burgers, Inc. (a) |
19,000 |
767 |
|
Tim Hortons, Inc. |
1,123,000 |
34,532 |
|
|
106,481 |
||
Household Durables - 1.2% |
|||
Desarrolladora Homex Sab de CV sponsored ADR (a) |
12,900 |
782 |
|
Fourlis Holdings SA |
527,400 |
15,703 |
|
Gafisa SA ADR (a)(d) |
158,700 |
4,951 |
|
Garmin Ltd. |
594,200 |
43,953 |
|
Koninklijke Philips Electronics NV (NY Shares) |
218,900 |
9,264 |
|
Mohawk Industries, Inc. (a) |
16,700 |
1,683 |
|
Snap-On, Inc. |
154,400 |
7,799 |
|
Sony Corp. |
94,000 |
4,829 |
|
Sony Corp. sponsored ADR |
10,600 |
545 |
|
TomTom Group BV (a)(d) |
89,400 |
4,589 |
|
|
94,098 |
||
Internet & Catalog Retail - 0.3% |
|||
Amazon.com, Inc. (a) |
71,200 |
4,871 |
|
Liberty Media Corp. New - Interactive Series A (a) |
442,200 |
9,874 |
|
Priceline.com, Inc. (a) |
99,000 |
6,805 |
|
|
21,550 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
CONSUMER DISCRETIONARY - continued |
|||
Media - 2.4% |
|||
Central European Media Enterprises Ltd. Class A (a) |
9,000 |
$ 878 |
|
CKX, Inc. (a) |
41,529 |
574 |
|
Comcast Corp. Class A (special) (non-vtg.) |
447,500 |
12,512 |
|
EchoStar Communications Corp. Class A (a) |
390,100 |
16,919 |
|
Focus Media Holding Ltd. ADR (a)(d) |
211,500 |
10,681 |
|
Grupo Televisa SA de CV (CPO) sponsored ADR |
139,400 |
3,849 |
|
McGraw-Hill Companies, Inc. |
58,400 |
3,976 |
|
National CineMedia, Inc. |
39,000 |
1,092 |
|
News Corp. Class B |
682,400 |
15,654 |
|
Reuters Group PLC |
13,900 |
173 |
|
The Walt Disney Co. |
3,581,900 |
122,286 |
|
The Weinstein Co. III Holdings, LLC Class A-1 (a)(f) |
2,267 |
2,267 |
|
Time Warner, Inc. |
366,400 |
7,709 |
|
|
198,570 |
||
Multiline Retail - 0.6% |
|||
Kohl's Corp. (a) |
36,700 |
2,607 |
|
Marks & Spencer Group PLC |
2,818,500 |
35,544 |
|
Saks, Inc. |
66,200 |
1,413 |
|
Target Corp. |
128,900 |
8,198 |
|
|
47,762 |
||
Specialty Retail - 1.0% |
|||
American Eagle Outfitters, Inc. |
357,500 |
9,173 |
|
Gamestop Corp. Class A (a) |
453,400 |
17,728 |
|
Hennes & Mauritz AB (H&M) (B Shares) |
33,150 |
1,970 |
|
Inditex SA |
65,700 |
3,892 |
|
J. Crew Group, Inc. |
503,600 |
27,240 |
|
Payless ShoeSource, Inc. (a) |
25,000 |
789 |
|
Sports Direct International PLC |
229,500 |
836 |
|
TJX Companies, Inc. |
630,100 |
17,328 |
|
Tween Brands, Inc. (a) |
18,800 |
838 |
|
Zumiez, Inc. (a) |
91,100 |
3,442 |
|
|
83,236 |
||
Textiles, Apparel & Luxury Goods - 0.4% |
|||
Burberry Group PLC |
61,000 |
842 |
|
Coach, Inc. (a) |
273,600 |
12,966 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
CONSUMER DISCRETIONARY - continued |
|||
Textiles, Apparel & Luxury Goods - continued |
|||
NIKE, Inc. Class B |
316,300 |
$ 18,437 |
|
Polo Ralph Lauren Corp. Class A |
25,100 |
2,463 |
|
|
34,708 |
||
TOTAL CONSUMER DISCRETIONARY |
643,751 |
||
CONSUMER STAPLES - 6.3% |
|||
Beverages - 2.5% |
|||
Boston Beer Co., Inc. Class A (a) |
43,700 |
1,720 |
|
C&C Group PLC |
55,700 |
752 |
|
Diageo PLC sponsored ADR |
277,500 |
23,119 |
|
InBev SA |
20,000 |
1,592 |
|
PepsiCo, Inc. |
1,397,600 |
90,634 |
|
The Coca-Cola Co. |
1,600,900 |
83,743 |
|
|
201,560 |
||
Food & Staples Retailing - 0.4% |
|||
Kroger Co. |
21,700 |
610 |
|
SUPERVALU, Inc. |
17,500 |
811 |
|
Susser Holdings Corp. |
181,862 |
2,948 |
|
Tesco PLC |
3,214,200 |
27,321 |
|
Walgreen Co. |
64,200 |
2,795 |
|
|
34,485 |
||
Food Products - 0.9% |
|||
Groupe Danone |
394,800 |
32,070 |
|
Kellogg Co. |
150,800 |
7,810 |
|
Marine Harvest ASA (a) |
4,218,000 |
4,592 |
|
Nestle SA (Reg.) |
46,218 |
17,683 |
|
TreeHouse Foods, Inc. (a) |
432,993 |
11,522 |
|
|
73,677 |
||
Household Products - 2.3% |
|||
Colgate-Palmolive Co. |
694,100 |
45,012 |
|
Procter & Gamble Co. |
2,358,867 |
144,339 |
|
|
189,351 |
||
Personal Products - 0.2% |
|||
Bare Escentuals, Inc. |
245,983 |
8,400 |
|
Estee Lauder Companies, Inc. Class A |
113,800 |
5,179 |
|
|
13,579 |
||
TOTAL CONSUMER STAPLES |
512,652 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
ENERGY - 10.4% |
|||
Energy Equipment & Services - 2.3% |
|||
FMC Technologies, Inc. (a) |
65,000 |
$ 5,149 |
|
National Oilwell Varco, Inc. (a) |
89,400 |
9,319 |
|
Schlumberger Ltd. (NY Shares) |
1,579,100 |
134,129 |
|
Smith International, Inc. |
613,344 |
35,966 |
|
|
184,563 |
||
Oil, Gas & Consumable Fuels - 8.1% |
|||
Addax Petroleum, Inc. |
56,800 |
2,124 |
|
Apache Corp. |
84,800 |
6,919 |
|
BG Group PLC sponsored ADR |
80,400 |
6,576 |
|
Cameco Corp. |
158,100 |
8,014 |
|
Canadian Natural Resources Ltd. |
186,500 |
12,392 |
|
Canadian Oil Sands Trust unit |
470,500 |
14,549 |
|
Chesapeake Energy Corp. |
340,600 |
11,785 |
|
China Shenhua Energy Co. Ltd. (H Shares) |
1,215,000 |
4,242 |
|
EnCana Corp. |
1,686,400 |
103,725 |
|
EOG Resources, Inc. |
346,900 |
25,345 |
|
Exxon Mobil Corp. |
2,427,802 |
203,644 |
|
Murphy Oil Corp. |
258,100 |
15,341 |
|
Newfield Exploration Co. (a) |
17,000 |
774 |
|
Noble Energy, Inc. |
675,300 |
42,132 |
|
Petroleo Brasileiro SA Petrobras sponsored ADR |
246,500 |
29,893 |
|
Petroplus Holdings AG |
431,783 |
44,465 |
|
Plains Exploration & Production Co. (a) |
31,000 |
1,482 |
|
Range Resources Corp. |
52,200 |
1,953 |
|
Suncor Energy, Inc. |
123,000 |
11,080 |
|
Talisman Energy, Inc. |
110,800 |
2,143 |
|
Tesoro Corp. |
126,200 |
7,212 |
|
Valero Energy Corp. |
1,022,834 |
75,547 |
|
W&T Offshore, Inc. |
120,800 |
3,381 |
|
XTO Energy, Inc. |
406,100 |
24,407 |
|
|
659,125 |
||
TOTAL ENERGY |
843,688 |
||
FINANCIALS - 14.8% |
|||
Capital Markets - 1.2% |
|||
Charles Schwab Corp. |
1,228,400 |
25,207 |
|
Franklin Resources, Inc. |
102,300 |
13,552 |
|
Goldman Sachs Group, Inc. |
174,800 |
37,888 |
|
Mellon Financial Corp. |
260,500 |
11,462 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
FINANCIALS - continued |
|||
Capital Markets - continued |
|||
SEI Investments Co. |
259,800 |
$ 7,545 |
|
State Street Corp. |
32,500 |
2,223 |
|
|
97,877 |
||
Commercial Banks - 1.9% |
|||
Allied Irish Banks PLC |
199,100 |
5,471 |
|
Banco Itau Holding Financeira SA sponsored ADR (non-vtg.) |
75,100 |
3,337 |
|
Bank of Ireland |
372,206 |
7,551 |
|
Center Financial Corp., California |
50,000 |
846 |
|
Compass Bancshares, Inc. |
78,400 |
5,408 |
|
HDFC Bank Ltd. sponsored ADR (d) |
16,500 |
1,390 |
|
M&T Bank Corp. |
184,200 |
19,691 |
|
National Australia Bank Ltd. |
228,000 |
7,931 |
|
Standard Chartered PLC (United Kingdom) |
199,300 |
6,523 |
|
Toronto-Dominion Bank |
84,800 |
5,800 |
|
Uniao de Bancos Brasileiros SA (Unibanco) GDR |
22,600 |
2,551 |
|
Wells Fargo & Co. |
2,577,200 |
90,640 |
|
|
157,139 |
||
Consumer Finance - 0.8% |
|||
American Express Co. |
1,119,000 |
68,460 |
|
Diversified Financial Services - 2.1% |
|||
Bank of America Corp. |
671,700 |
32,839 |
|
CBOT Holdings, Inc. Class A (a) |
53,900 |
11,136 |
|
Chicago Mercantile Exchange Holdings, Inc. Class A |
7,385 |
3,946 |
|
Citigroup, Inc. |
1,464,800 |
75,130 |
|
JPMorgan Chase & Co. |
852,700 |
41,313 |
|
Symmetry Holdings, Inc. unit |
225,000 |
1,969 |
|
|
166,333 |
||
Insurance - 8.7% |
|||
Admiral Group PLC |
893,400 |
15,949 |
|
Allstate Corp. |
803,400 |
49,417 |
|
American International Group, Inc. |
1,005,800 |
70,436 |
|
Assurant, Inc. |
372,100 |
21,924 |
|
Axis Capital Holdings Ltd. |
321,900 |
13,085 |
|
Berkshire Hathaway, Inc. Class A (a) |
1,936 |
211,944 |
|
Everest Re Group Ltd. |
64,465 |
7,003 |
|
Lincoln National Corp. |
365,781 |
25,952 |
|
Loews Corp. |
755,800 |
38,531 |
|
Markel Corp. (a) |
12,400 |
6,009 |
|
MetLife, Inc. |
1,361,600 |
87,796 |
|
MetLife, Inc. unit |
406,600 |
13,158 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
FINANCIALS - continued |
|||
Insurance - continued |
|||
ProAssurance Corp. (a) |
5,000 |
$ 278 |
|
Prudential Financial, Inc. |
685,700 |
66,671 |
|
The Chubb Corp. |
1,085,100 |
58,747 |
|
The Travelers Companies, Inc. |
66,800 |
3,574 |
|
Torchmark Corp. |
11,900 |
797 |
|
W.R. Berkley Corp. |
192,761 |
6,272 |
|
White Mountains Insurance Group Ltd. |
7,394 |
4,481 |
|
Willis Group Holdings Ltd. |
90,200 |
3,974 |
|
Zenith National Insurance Corp. |
61,500 |
2,896 |
|
|
708,894 |
||
Real Estate Management & Development - 0.1% |
|||
CB Richard Ellis Group, Inc. Class A (a) |
108,400 |
3,957 |
|
TOTAL FINANCIALS |
1,202,660 |
||
HEALTH CARE - 11.1% |
|||
Biotechnology - 3.9% |
|||
Actelion Ltd. (Reg.) (a) |
113,925 |
5,097 |
|
Arena Pharmaceuticals, Inc. (a) |
316,200 |
3,475 |
|
Celgene Corp. (a) |
523,600 |
30,018 |
|
Cephalon, Inc. (a) |
19,900 |
1,600 |
|
Cougar Biotechnology, Inc. (a)(f) |
622,500 |
14,691 |
|
Genentech, Inc. (a) |
2,018,100 |
152,689 |
|
Genmab AS (a) |
83,200 |
5,349 |
|
Gilead Sciences, Inc. (a) |
1,838,200 |
71,267 |
|
GTx, Inc. (a) |
124,009 |
2,008 |
|
Human Genome Sciences, Inc. (a) |
59,800 |
533 |
|
MannKind Corp. (a)(d) |
478,506 |
5,900 |
|
MannKind Corp. warrants 8/3/10 (a)(f) |
29,881 |
138 |
|
Medarex, Inc. (a) |
867,900 |
12,402 |
|
Omrix Biopharmaceuticals, Inc. |
46,300 |
1,457 |
|
OREXIGEN Therapeutics, Inc. |
15,295 |
230 |
|
Seattle Genetics, Inc. (a) |
94,500 |
927 |
|
Tanox, Inc. (a) |
70,300 |
1,365 |
|
Targacept, Inc. |
841,800 |
7,702 |
|
|
316,848 |
||
Health Care Equipment & Supplies - 1.5% |
|||
Alcon, Inc. |
81,500 |
10,995 |
|
Align Technology, Inc. (a) |
7,100 |
172 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
HEALTH CARE - continued |
|||
Health Care Equipment & Supplies - continued |
|||
Becton, Dickinson & Co. |
163,100 |
$ 12,151 |
|
C.R. Bard, Inc. |
219,799 |
18,162 |
|
DENTSPLY International, Inc. |
519,500 |
19,876 |
|
Gen-Probe, Inc. (a) |
21,500 |
1,299 |
|
Hillenbrand Industries, Inc. |
12,200 |
793 |
|
Hologic, Inc. (a) |
20,200 |
1,117 |
|
Intuitive Surgical, Inc. (a) |
54,100 |
7,507 |
|
Inverness Medical Innovations, Inc. (a) |
37,500 |
1,914 |
|
IRIS International, Inc. (a) |
445,400 |
7,501 |
|
Kyphon, Inc. (a) |
217,100 |
10,453 |
|
Mentor Corp. |
46,000 |
1,871 |
|
Mindray Medical International Ltd. sponsored ADR |
55,700 |
1,701 |
|
Nobel Biocare Holding AG (Switzerland) |
21,154 |
6,935 |
|
Northstar Neuroscience, Inc. |
120,000 |
1,396 |
|
NuVasive, Inc. (a) |
120,500 |
3,255 |
|
Sirona Dental Systems, Inc. (d) |
52,400 |
1,982 |
|
Smith & Nephew PLC |
125,200 |
1,553 |
|
St. Jude Medical, Inc. (a) |
10,300 |
427 |
|
Stryker Corp. |
179,900 |
11,350 |
|
TomoTherapy, Inc. |
76,000 |
1,666 |
|
Zimmer Holdings, Inc. (a) |
18,000 |
1,528 |
|
|
125,604 |
||
Health Care Providers & Services - 0.3% |
|||
Emeritus Corp. (a) |
102,200 |
3,166 |
|
Henry Schein, Inc. (a) |
29,700 |
1,587 |
|
HMS Holdings Corp. (a) |
500,000 |
9,570 |
|
Humana, Inc. (a) |
17,957 |
1,094 |
|
Medco Health Solutions, Inc. (a) |
27,700 |
2,160 |
|
Nighthawk Radiology Holdings, Inc. (a)(d) |
251,692 |
4,543 |
|
UnitedHealth Group, Inc. |
12,500 |
639 |
|
VCA Antech, Inc. (a) |
63,600 |
2,397 |
|
|
25,156 |
||
Health Care Technology - 0.2% |
|||
Cerner Corp. (a) |
58,700 |
3,256 |
|
Health Corp. (a) |
512,200 |
7,176 |
|
IMS Health, Inc. |
77,200 |
2,480 |
|
Vital Images, Inc. (a) |
29,300 |
796 |
|
|
13,708 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
HEALTH CARE - continued |
|||
Life Sciences Tools & Services - 0.4% |
|||
Dionex Corp. (a) |
17,500 |
$ 1,242 |
|
Medivation, Inc. (a) |
42,285 |
864 |
|
Millipore Corp. (a) |
46,400 |
3,484 |
|
PRA International (a) |
160,000 |
4,048 |
|
QIAGEN NV (a) |
94,900 |
1,688 |
|
Techne Corp. (a) |
68,400 |
3,913 |
|
Thermo Fisher Scientific, Inc. (a) |
30,800 |
1,593 |
|
Waters Corp. (a) |
215,700 |
12,804 |
|
|
29,636 |
||
Pharmaceuticals - 4.8% |
|||
Abbott Laboratories |
606,100 |
32,457 |
|
Allergan, Inc. |
28,300 |
1,631 |
|
BioMimetic Therapeutics, Inc. |
69,000 |
1,078 |
|
Bristol-Myers Squibb Co. |
567,700 |
17,917 |
|
Johnson & Johnson |
438,100 |
26,996 |
|
Merck & Co., Inc. |
1,868,700 |
93,061 |
|
Novo Nordisk AS Series B |
52,500 |
5,729 |
|
Pfizer, Inc. |
1,768,700 |
45,226 |
|
Roche Holding AG (participation certificate) |
619,234 |
110,162 |
|
Schering-Plough Corp. |
1,427,700 |
43,459 |
|
Shire PLC |
199,900 |
4,940 |
|
Sirtris Pharmaceuticals, Inc. |
96,400 |
951 |
|
Xenoport, Inc. (a) |
44,700 |
1,986 |
|
|
385,593 |
||
TOTAL HEALTH CARE |
896,545 |
||
INDUSTRIALS - 8.8% |
|||
Aerospace & Defense - 1.4% |
|||
General Dynamics Corp. |
59,600 |
4,662 |
|
Heico Corp. Class A |
585,000 |
20,563 |
|
Lockheed Martin Corp. |
446,700 |
42,048 |
|
Precision Castparts Corp. |
52,700 |
6,396 |
|
Spirit AeroSystems Holdings, Inc. Class A |
236,100 |
8,511 |
|
The Boeing Co. |
308,400 |
29,656 |
|
United Technologies Corp. |
58,200 |
4,128 |
|
|
115,964 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INDUSTRIALS - continued |
|||
Air Freight & Logistics - 0.6% |
|||
C.H. Robinson Worldwide, Inc. |
950,372 |
$ 49,914 |
|
Expeditors International of Washington, Inc. |
14,100 |
582 |
|
|
50,496 |
||
Airlines - 0.3% |
|||
Republic Airways Holdings, Inc. (a) |
82,100 |
1,671 |
|
Ryanair Holdings PLC sponsored ADR (a) |
498,026 |
18,800 |
|
|
20,471 |
||
Building Products - 0.1% |
|||
American Standard Companies, Inc. |
74,100 |
4,370 |
|
Commercial Services & Supplies - 0.3% |
|||
Advisory Board Co. (a) |
16,400 |
911 |
|
Covanta Holding Corp. (a) |
50,300 |
1,240 |
|
Equifax, Inc. |
94,100 |
4,180 |
|
Fuel Tech, Inc. (a) |
46,200 |
1,582 |
|
IHS, Inc. Class A (a) |
18,500 |
851 |
|
Interface, Inc. Class A |
93,100 |
1,756 |
|
Kenexa Corp. (a) |
82,570 |
3,114 |
|
Seek Ltd. |
1,000,000 |
6,258 |
|
Stericycle, Inc. (a) |
56,000 |
2,490 |
|
Taleo Corp. Class A (a) |
122,077 |
2,750 |
|
|
25,132 |
||
Construction & Engineering - 0.5% |
|||
Jacobs Engineering Group, Inc. (a) |
732,800 |
42,143 |
|
Electrical Equipment - 2.4% |
|||
ABB Ltd. sponsored ADR |
431,200 |
9,745 |
|
Cooper Industries Ltd. Class A |
1,432,300 |
81,770 |
|
First Solar, Inc. |
20,600 |
1,839 |
|
GrafTech International Ltd. (a) |
500,000 |
8,420 |
|
JA Solar Holdings Co. Ltd. ADR (d) |
28,100 |
948 |
|
Prysmian SpA |
117,800 |
2,863 |
|
Q-Cells AG (d) |
378,200 |
32,856 |
|
Renewable Energy Corp. AS |
844,300 |
32,929 |
|
SolarWorld AG (d) |
447,200 |
20,699 |
|
|
192,069 |
||
Industrial Conglomerates - 0.2% |
|||
3M Co. |
18,900 |
1,640 |
|
General Electric Co. |
188,000 |
7,197 |
|
Hutchison Whampoa Ltd. |
674,000 |
6,693 |
|
|
15,530 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INDUSTRIALS - continued |
|||
Machinery - 2.3% |
|||
Bucyrus International, Inc. Class A |
60,000 |
$ 4,247 |
|
Cummins, Inc. |
127,300 |
12,884 |
|
Danaher Corp. |
904,577 |
68,296 |
|
Deere & Co. |
34,200 |
4,129 |
|
Dover Corp. |
31,400 |
1,606 |
|
IDEX Corp. |
410,100 |
15,805 |
|
ITT Corp. |
48,100 |
3,284 |
|
Kennametal, Inc. |
10,100 |
829 |
|
PACCAR, Inc. |
700,849 |
61,002 |
|
Pall Corp. |
295,600 |
13,595 |
|
|
185,677 |
||
Marine - 0.0% |
|||
American Commercial Lines, Inc. (a)(d) |
104,700 |
2,727 |
|
Kuehne & Nagel International AG |
9,013 |
832 |
|
|
3,559 |
||
Road & Rail - 0.6% |
|||
Burlington Northern Santa Fe Corp. |
130,700 |
11,128 |
|
Canadian National Railway Co. |
533,400 |
27,139 |
|
Hertz Global Holdings, Inc. |
82,100 |
2,181 |
|
Knight Transportation, Inc. |
50,900 |
986 |
|
Union Pacific Corp. |
42,400 |
4,882 |
|
|
46,316 |
||
Trading Companies & Distributors - 0.1% |
|||
Mitsui & Co. Ltd. |
461,000 |
9,189 |
|
TOTAL INDUSTRIALS |
710,916 |
||
INFORMATION TECHNOLOGY - 21.2% |
|||
Communications Equipment - 2.8% |
|||
Balda AG |
704,000 |
10,109 |
|
Cisco Systems, Inc. (a) |
1,944,600 |
54,157 |
|
Corning, Inc. (a) |
33,100 |
846 |
|
F5 Networks, Inc. (a) |
92,200 |
7,431 |
|
Juniper Networks, Inc. (a) |
49,900 |
1,256 |
|
Nice Systems Ltd. sponsored ADR |
551,000 |
19,142 |
|
Nokia Corp. sponsored ADR |
1,267,200 |
35,621 |
|
Polycom, Inc. (a) |
78,200 |
2,628 |
|
QUALCOMM, Inc. |
470,500 |
20,415 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INFORMATION TECHNOLOGY - continued |
|||
Communications Equipment - continued |
|||
Research In Motion Ltd. (a) |
331,400 |
$ 66,277 |
|
Riverbed Technology, Inc. |
122,200 |
5,355 |
|
|
223,237 |
||
Computers & Peripherals - 7.1% |
|||
Apple, Inc. (a) |
1,737,300 |
212,020 |
|
Dell, Inc. (a) |
1,403,300 |
40,064 |
|
Diebold, Inc. |
38,500 |
2,010 |
|
EMC Corp. (a) |
594,200 |
10,755 |
|
Hewlett-Packard Co. |
6,210,100 |
277,095 |
|
NCR Corp. (a) |
236,900 |
12,447 |
|
Network Appliance, Inc. (a) |
450,760 |
13,162 |
|
Sun Microsystems, Inc. (a) |
1,380,900 |
7,264 |
|
|
574,817 |
||
Electronic Equipment & Instruments - 0.7% |
|||
Agilent Technologies, Inc. (a) |
106,100 |
4,078 |
|
Amphenol Corp. Class A |
668,140 |
23,819 |
|
FLIR Systems, Inc. (a) |
299,500 |
13,852 |
|
Hon Hai Precision Industry Co. Ltd. (Foxconn) |
378,724 |
3,285 |
|
Mettler-Toledo International, Inc. (a) |
83,500 |
7,975 |
|
Sunpower Corp. Class A (a) |
13,400 |
845 |
|
Trimble Navigation Ltd. (a) |
182,800 |
5,886 |
|
|
59,740 |
||
Internet Software & Services - 5.2% |
|||
Akamai Technologies, Inc. (a) |
704,100 |
34,247 |
|
Baidu.com, Inc. sponsored ADR (a)(d) |
53,500 |
8,987 |
|
Blinkx PLC |
259,200 |
226 |
|
Google, Inc. Class A (sub. vtg.) (a) |
690,894 |
361,607 |
|
NHN Corp. |
14,486 |
2,642 |
|
ValueClick, Inc. (a) |
52,100 |
1,535 |
|
VistaPrint Ltd. (a) |
289,100 |
11,058 |
|
|
420,302 |
||
IT Services - 1.8% |
|||
Accenture Ltd. Class A |
715,900 |
30,705 |
|
Alliance Data Systems Corp. (a) |
135,400 |
10,464 |
|
Cognizant Technology Solutions Corp. Class A (a) |
124,422 |
9,343 |
|
ExlService Holdings, Inc. |
40,100 |
751 |
|
Fidelity National Information Services, Inc. |
53,600 |
2,909 |
|
Fiserv, Inc. (a) |
14,300 |
812 |
|
Infosys Technologies Ltd. sponsored ADR |
106,200 |
5,350 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INFORMATION TECHNOLOGY - continued |
|||
IT Services - continued |
|||
Mastercard, Inc. Class A |
232,700 |
$ 38,598 |
|
Paychex, Inc. |
266,700 |
10,433 |
|
SRA International, Inc. Class A (a) |
201,561 |
5,091 |
|
The Western Union Co. |
744,800 |
15,514 |
|
VeriFone Holdings, Inc. (a)(d) |
560,200 |
19,747 |
|
|
149,717 |
||
Office Electronics - 0.0% |
|||
Zebra Technologies Corp. Class A (a) |
16,100 |
624 |
|
Semiconductors & Semiconductor Equipment - 1.4% |
|||
Altera Corp. |
138,100 |
3,056 |
|
Analog Devices, Inc. |
80,300 |
3,022 |
|
Applied Materials, Inc. |
534,100 |
10,613 |
|
ASML Holding NV (NY Shares) (a) |
202,000 |
5,545 |
|
Cavium Networks, Inc. |
53,500 |
1,210 |
|
FEI Co. (a) |
84,613 |
2,747 |
|
Lam Research Corp. (a) |
279,400 |
14,361 |
|
Linear Technology Corp. |
264,300 |
9,562 |
|
Marvell Technology Group Ltd. (a) |
1,464,500 |
26,669 |
|
MediaTek, Inc. |
55,000 |
860 |
|
Microchip Technology, Inc. |
41,500 |
1,537 |
|
NVIDIA Corp. (a) |
67,600 |
2,793 |
|
O2Micro International Ltd. sponsored ADR (a) |
3,000 |
33 |
|
ON Semiconductor Corp. (a) |
488,000 |
5,231 |
|
Richtek Technology Corp. |
70,000 |
1,112 |
|
Samsung Electronics Co. Ltd. |
26,984 |
16,532 |
|
Silicon Motion Technology Corp. sponsored ADR (a) |
168,600 |
4,186 |
|
Tessera Technologies, Inc. (a) |
55,500 |
2,251 |
|
Texas Instruments, Inc. |
48,200 |
1,814 |
|
Xilinx, Inc. |
55,400 |
1,483 |
|
|
114,617 |
||
Software - 2.2% |
|||
Activision, Inc. (a) |
223,400 |
4,171 |
|
Adobe Systems, Inc. (a) |
826,406 |
33,180 |
|
Autonomy Corp. PLC (a) |
259,200 |
3,748 |
|
BMC Software, Inc. (a) |
333,700 |
10,111 |
|
Cadence Design Systems, Inc. (a) |
142,600 |
3,131 |
|
CommVault Systems, Inc. |
263,468 |
4,550 |
|
Electronic Arts, Inc. (a) |
58,400 |
2,763 |
|
McAfee, Inc. (a) |
319,900 |
11,260 |
|
Nintendo Co. Ltd. |
50,500 |
18,523 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INFORMATION TECHNOLOGY - continued |
|||
Software - continued |
|||
Nuance Communications, Inc. (a)(d) |
905,000 |
$ 15,141 |
|
Opsware, Inc. (a)(d) |
698,787 |
6,645 |
|
Oracle Corp. (a) |
1,480,050 |
29,172 |
|
Salesforce.com, Inc. (a) |
222,100 |
9,519 |
|
The9 Ltd. sponsored ADR (a)(d) |
134,800 |
6,236 |
|
THQ, Inc. (a) |
194,100 |
5,924 |
|
Ubisoft Entertainment SA (a) |
162,800 |
8,626 |
|
Ultimate Software Group, Inc. (a) |
51,943 |
1,503 |
|
Utimaco Safeware AG |
350,000 |
5,542 |
|
|
179,745 |
||
TOTAL INFORMATION TECHNOLOGY |
1,722,799 |
||
MATERIALS - 5.9% |
|||
Chemicals - 2.2% |
|||
Airgas, Inc. |
18,100 |
867 |
|
Bayer AG |
539,000 |
40,587 |
|
Celanese Corp. Class A |
24,600 |
954 |
|
Ecolab, Inc. |
620,700 |
26,504 |
|
Monsanto Co. |
475,300 |
32,102 |
|
Nalco Holding Co. |
296,300 |
8,133 |
|
Potash Corp. of Saskatchewan, Inc. |
71,300 |
5,559 |
|
Praxair, Inc. |
571,000 |
41,106 |
|
Rohm & Haas Co. |
40,300 |
2,204 |
|
The Mosaic Co. (a) |
129,500 |
5,053 |
|
Zoltek Companies, Inc. (a) |
339,000 |
14,079 |
|
|
177,148 |
||
Metals & Mining - 3.6% |
|||
Agnico-Eagle Mines Ltd. |
112,200 |
4,078 |
|
Allegheny Technologies, Inc. |
43,200 |
4,531 |
|
Anglo American PLC ADR |
1,406,100 |
41,255 |
|
Anglo Platinum Ltd. |
9,300 |
1,532 |
|
Aquarius Platinum Ltd. (Australia) |
598,000 |
18,214 |
|
Arcelor Mittal |
184,000 |
11,482 |
|
BHP Billiton Ltd. sponsored ADR (d) |
622,800 |
37,212 |
|
Companhia Vale do Rio Doce sponsored ADR |
90,300 |
4,023 |
|
Compania de Minas Buenaventura SA sponsored ADR |
137,900 |
5,166 |
|
Eldorado Gold Corp. (a) |
608,400 |
3,564 |
|
First Quantum Minerals Ltd. |
29,100 |
2,483 |
|
Freeport-McMoRan Copper & Gold, Inc. Class B |
364,400 |
30,180 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
MATERIALS - continued |
|||
Metals & Mining - continued |
|||
Goldcorp, Inc. (d) |
1,477,901 |
$ 35,087 |
|
Impala Platinum Holdings Ltd. |
33,600 |
1,027 |
|
Ivanhoe Mines Ltd. (a) |
1,348,600 |
19,117 |
|
Kinross Gold Corp. (a) |
458,376 |
5,331 |
|
Lihir Gold Ltd. (a) |
5,211,467 |
13,257 |
|
Newmont Mining Corp. |
120,400 |
4,703 |
|
Nucor Corp. |
221,400 |
12,985 |
|
POSCO sponsored ADR |
126,900 |
15,228 |
|
Rio Tinto PLC (Reg.) |
193,200 |
14,786 |
|
Steel Dynamics, Inc. |
89,500 |
3,751 |
|
Teck Cominco Ltd. Class B (sub. vtg.) |
66,800 |
2,834 |
|
United States Steel Corp. |
55,800 |
6,068 |
|
|
297,894 |
||
Paper & Forest Products - 0.1% |
|||
Nine Dragons Paper (Holdings) Ltd. |
2,491,000 |
5,804 |
|
TOTAL MATERIALS |
480,846 |
||
TELECOMMUNICATION SERVICES - 6.3% |
|||
Diversified Telecommunication Services - 2.3% |
|||
AT&T, Inc. |
3,796,032 |
157,535 |
|
Cbeyond, Inc. (a) |
87,564 |
3,372 |
|
Hellenic Telecommunication Organization SA (OTE) |
24,800 |
769 |
|
Iliad Group SA |
29,700 |
3,015 |
|
Qwest Communications International, Inc. (a) |
1,357,800 |
13,171 |
|
Telenor ASA sponsored ADR |
134,900 |
7,959 |
|
|
185,821 |
||
Wireless Telecommunication Services - 4.0% |
|||
America Movil SAB de CV Series L sponsored ADR |
3,378,300 |
209,218 |
|
American Tower Corp. Class A (a) |
106,527 |
4,474 |
|
Bharti Airtel Ltd. (a) |
409,466 |
8,497 |
|
Cellcom Israel Ltd. |
35,000 |
926 |
|
China Mobile (Hong Kong) Ltd. sponsored ADR |
117,800 |
6,349 |
|
Clearwire Corp. (d) |
143,800 |
3,513 |
|
Leap Wireless International, Inc. (a) |
73,100 |
6,177 |
|
MetroPCS Communications, Inc. |
117,700 |
3,889 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
TELECOMMUNICATION SERVICES - continued |
|||
Wireless Telecommunication Services - continued |
|||
NII Holdings, Inc. (a) |
902,647 |
$ 72,880 |
|
Rogers Communications, Inc. Class B (non-vtg.) |
137,000 |
5,841 |
|
|
321,764 |
||
TOTAL TELECOMMUNICATION SERVICES |
507,585 |
||
UTILITIES - 0.7% |
|||
Electric Utilities - 0.3% |
|||
Allegheny Energy, Inc. (a) |
16,400 |
849 |
|
E.ON AG sponsored ADR |
178,900 |
9,954 |
|
Entergy Corp. |
38,400 |
4,122 |
|
Exelon Corp. |
62,000 |
4,501 |
|
FirstEnergy Corp. |
69,800 |
4,518 |
|
|
23,944 |
||
Gas Utilities - 0.1% |
|||
Energen Corp. |
39,600 |
2,176 |
|
Questar Corp. |
15,100 |
798 |
|
Southern Union Co. |
180,275 |
5,875 |
|
|
8,849 |
||
Independent Power Producers & Energy Traders - 0.2% |
|||
AES Corp. (a) |
274,086 |
5,997 |
|
Constellation Energy Group, Inc. |
28,200 |
2,458 |
|
International Power PLC |
650,100 |
5,607 |
|
NRG Energy, Inc. (a) |
9,600 |
399 |
|
|
14,461 |
||
Multi-Utilities - 0.1% |
|||
Sempra Energy |
54,000 |
3,198 |
|
Veolia Environnement |
30,100 |
2,364 |
|
YTL Corp. BHD |
1,621,900 |
3,876 |
|
|
9,438 |
||
TOTAL UTILITIES |
56,692 |
||
TOTAL COMMON STOCKS (Cost $5,799,145) |
7,578,134 |
||
Convertible Preferred Stocks - 0.2% |
|||
Shares |
Value (000s) |
||
HEALTH CARE - 0.2% |
|||
Biotechnology - 0.2% |
|||
Light Sciences Oncology, Inc. Series B (a)(f) |
1,792,115 |
$ 15,000 |
|
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $15,000) |
15,000 |
||
Convertible Bonds - 0.0% |
|||
|
Principal Amount (000s) |
|
|
HEALTH CARE - 0.0% |
|||
Health Care Equipment & Supplies - 0.0% |
|||
Kyphon, Inc.: |
|
|
|
1% 2/1/12 (e) |
$ 470 |
471 |
|
1.25% 2/1/14 (e) |
390 |
389 |
|
|
860 |
||
INFORMATION TECHNOLOGY - 0.0% |
|||
Electronic Equipment & Instruments - 0.0% |
|||
Sunpower Corp. 1.25% 2/15/27 |
860 |
1,083 |
|
TOTAL CONVERTIBLE BONDS (Cost $1,720) |
1,943 |
||
Money Market Funds - 7.4% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 5.32% (b) |
473,890,472 |
473,890 |
|
Fidelity Securities Lending Cash Central Fund, 5.4% (b)(c) |
128,751,372 |
128,751 |
|
TOTAL MONEY MARKET FUNDS (Cost $602,641) |
602,641 |
||
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $6,418,506) |
8,197,718 |
||
NET OTHER ASSETS - (1.0)% |
(83,972) |
||
NET ASSETS - 100% |
$ 8,113,746 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $860,000 or 0.0% of net assets. |
(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $32,096,000 or 0.4% of net assets. |
Additional information on each holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost (000s) |
Cougar Biotechnology, Inc. |
5/3/07 |
$ 12,450 |
Light Sciences Oncology, Inc. Series B |
4/4/07 |
$ 15,000 |
MannKind Corp. warrants 8/3/10 |
8/3/05 |
$ 1 |
The Weinstein Co. III Holdings, LLC Class A-1 |
10/19/05 |
$ 2,267 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 12,873 |
Fidelity Securities Lending Cash Central Fund |
1,008 |
Total |
$ 13,881 |
Other Affiliated Issuers |
An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, beginning of period |
Purchases |
Sales Proceeds |
Dividend Income |
Value, end of period |
Double-Take Software, Inc. |
$ - |
$ 21,535 |
$ 19,955 |
$ - |
$ - |
Other Information |
Distribution of investments by country of issue, as a percentage of total net assets, is as follows: |
United States of America |
74.9% |
Canada |
4.0% |
Mexico |
2.6% |
Switzerland |
2.6% |
United Kingdom |
2.5% |
Bermuda |
2.4% |
Netherlands Antilles |
1.7% |
Germany |
1.5% |
Others (individually less than 1%) |
7.8% |
|
100.0% |
Income Tax Information |
At December 31, 2006, the fund had a capital loss carryforward of approximately $98,900,000 all of which will expire on December 31, 2014. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) |
June 30, 2007 (Unaudited) |
|
|
|
|
Assets |
|
|
Investment in securities, at value (including securities loaned of $125,021) - See accompanying schedule: Unaffiliated issuers (cost $5,815,865) |
$ 7,595,077 |
|
Fidelity Central Funds (cost $602,641) |
602,641 |
|
Total Investments (cost $6,418,506) |
|
$ 8,197,718 |
Cash |
|
700 |
Receivable for investments sold |
|
60,549 |
Receivable for fund shares sold |
|
6,288 |
Dividends receivable |
|
6,592 |
Interest receivable |
|
8 |
Distributions receivable from Fidelity Central Funds |
|
2,120 |
Prepaid expenses |
|
16 |
Other receivables |
|
74 |
Total assets |
|
8,274,065 |
|
|
|
Liabilities |
|
|
Payable for investments purchased |
$ 13,339 |
|
Payable for fund shares redeemed |
8,912 |
|
Accrued management fee |
3,785 |
|
Distribution fees payable |
3,135 |
|
Other affiliated payables |
1,520 |
|
Other payables and accrued expenses |
877 |
|
Collateral on securities loaned, at value |
128,751 |
|
Total liabilities |
|
160,319 |
|
|
|
Net Assets |
|
$ 8,113,746 |
Net Assets consist of: |
|
|
Paid in capital |
|
$ 6,285,589 |
Undistributed net investment income |
|
4,667 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions |
|
44,481 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies |
|
1,779,009 |
Net Assets |
|
$ 8,113,746 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) |
June 30, 2007 (Unaudited) |
|
|
|
|
Calculation of Maximum Offering Price |
|
$ 20.09 |
|
|
|
Maximum offering price per share (100/94.25 of $20.09) |
|
$ 21.32 |
Class T: |
|
$ 19.97 |
|
|
|
Maximum offering price per share (100/96.50 of $19.97) |
|
$ 20.69 |
Class B: |
|
$ 19.56 |
|
|
|
Class C: |
|
$ 19.61 |
|
|
|
Institutional Class: |
|
$ 20.28 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Amounts in thousands |
Six months ended June 30, 2007 (Unaudited) |
|
|
|
|
Investment Income |
|
|
Dividends |
|
$ 40,714 |
Interest |
|
14 |
Income from Fidelity Central Funds |
|
13,881 |
Total income |
|
54,609 |
|
|
|
Expenses |
|
|
Management fee |
$ 21,957 |
|
Transfer agent fees |
8,372 |
|
Distribution fees |
18,336 |
|
Accounting and security lending fees |
616 |
|
Custodian fees and expenses |
254 |
|
Independent trustees' compensation |
12 |
|
Registration fees |
(63) |
|
Audit |
51 |
|
Legal |
20 |
|
Miscellaneous |
589 |
|
Total expenses before reductions |
50,144 |
|
Expense reductions |
(202) |
49,942 |
Net investment income (loss) |
|
4,667 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
Investment securities: |
|
|
Unaffiliated issuers |
160,323 |
|
Other affiliated issuers |
(1,580) |
|
Foreign currency transactions |
(83) |
|
Total net realized gain (loss) |
|
158,660 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $186) |
528,148 |
|
Assets and liabilities in foreign currencies |
(2) |
|
Total change in net unrealized appreciation (depreciation) |
|
528,146 |
Net gain (loss) |
|
686,806 |
Net increase (decrease) in net assets resulting from operations |
|
$ 691,473 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands |
Six months ended |
Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) |
$ 4,667 |
$ 9,962 |
Net realized gain (loss) |
158,660 |
(97,322) |
Change in net unrealized appreciation (depreciation) |
528,146 |
700,051 |
Net increase (decrease) in net assets resulting |
691,473 |
612,691 |
Distributions to shareholders from net investment income |
- |
(10,473) |
Distributions to shareholders from net realized gain |
- |
(24,707) |
Total distributions |
- |
(35,180) |
Share transactions - net increase (decrease) |
(153,947) |
2,743,651 |
Total increase (decrease) in net assets |
537,526 |
3,321,162 |
|
|
|
Net Assets |
|
|
Beginning of period |
7,576,220 |
4,255,058 |
End of period (including undistributed net investment income of $4,667 and accumulated net investment loss of $0, respectively) |
$ 8,113,746 |
$ 7,576,220 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
|
Six months ended June 30, 2007 |
Years ended December 31, |
|||
|
(Unaudited) |
2006 |
2005 |
2004 |
2003 H |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, |
$ 18.37 |
$ 16.65 |
$ 13.99 |
$ 11.79 |
$ 10.00 |
Income from Investment Operations |
|
|
|
|
|
Net investment income (loss) E |
.03 |
.06 |
.02 |
(.03) |
(.04) |
Net realized and unrealized gain (loss) |
1.69 |
1.78 |
2.64 |
2.24 |
1.87 |
Total from investment operations |
1.72 |
1.84 |
2.66 |
2.21 |
1.83 |
Distributions from net investment income |
- |
(.03) |
- |
(.01) |
(.03) |
Distributions from net |
- |
(.08) |
- |
- |
(.01) |
Total distributions |
- |
(.12) J |
- |
(.01) |
(.04) |
Net asset value, |
$ 20.09 |
$ 18.37 |
$ 16.65 |
$ 13.99 |
$ 11.79 |
Total Return B, C, D |
9.36% |
11.06% |
19.01% |
18.76% |
18.23% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
Expenses before reductions |
1.08% A |
1.12% |
1.17% |
1.22% |
1.39% A |
Expenses net of fee waivers, if any |
1.08% A |
1.12% |
1.17% |
1.22% |
1.39% A |
Expenses net of all reductions |
1.07% A |
1.11% |
1.13% |
1.17% |
1.28% A |
Net investment income (loss) |
.32% A |
.37% |
.13% |
(.26)% |
(.81)% A |
Supplemental Data |
|
|
|
|
|
Net assets, end of period |
$ 2,003 |
$ 1,823 |
$ 1,019 |
$ 230 |
$ 37 |
Portfolio turnover rate G |
69% A |
79% |
65% |
87% |
77% A |
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period July 31, 2003 (commencement of operations) to December 31, 2003.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Total distributions of $.12 per share is comprised of distributions from net investment income of $.034 and distributions from net realized gain of $.083 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
|
Six months ended June 30, 2007 |
Years ended December 31, |
|||
|
(Unaudited) |
2006 |
2005 |
2004 |
2003 H |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, |
$ 18.29 |
$ 16.57 |
$ 13.96 |
$ 11.78 |
$ 10.00 |
Income from Investment Operations |
|
|
|
|
|
Net investment income (loss) E |
.01 |
.03 |
(.01) |
(.06) |
(.05) |
Net realized and unrealized gain (loss) |
1.67 |
1.77 |
2.62 |
2.25 |
1.86 |
Total from investment operations |
1.68 |
1.80 |
2.61 |
2.19 |
1.81 |
Distributions from net investment income |
- |
- |
- |
(.01) |
(.02) |
Distributions from net |
- |
(.08) |
- |
- |
(.01) |
Total distributions |
- |
(.08) J |
- |
(.01) |
(.03) |
Net asset value, |
$ 19.97 |
$ 18.29 |
$ 16.57 |
$ 13.96 |
$ 11.78 |
Total Return B, C, D |
9.19% |
10.90% |
18.70% |
18.60% |
18.08% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
Expenses before reductions |
1.29% A |
1.32% |
1.38% |
1.43% |
1.62% A |
Expenses net of fee waivers, if any |
1.29% A |
1.32% |
1.38% |
1.43% |
1.62% A |
Expenses net of all reductions |
1.29% A |
1.31% |
1.34% |
1.39% |
1.51% A |
Net investment income (loss) |
.10% A |
.17% |
(.08)% |
(.48)% |
(1.04)% A |
Supplemental Data |
|
|
|
|
|
Net assets, end of period |
$ 2,235 |
$ 2,165 |
$ 1,393 |
$ 325 |
$ 62 |
Portfolio turnover rate G |
69% A |
79% |
65% |
87% |
77% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period July 31, 2003 (commencement of operations) to December 31, 2003.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Total distributions of $.08 per share is comprised of distributions from net investment income of $.000 and distributions from net realized gain of $.083 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
|
Six months ended June 30, 2007 |
Years ended December 31, |
|||
|
(Unaudited) |
2006 |
2005 |
2004 |
2003 H |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, |
$ 17.97 |
$ 16.35 |
$ 13.85 |
$ 11.76 |
$ 10.00 |
Income from Investment Operations |
|
|
|
|
|
Net investment income (loss) E |
(.05) |
(.07) |
(.10) |
(.13) |
(.07) |
Net realized and unrealized gain (loss) |
1.64 |
1.74 |
2.60 |
2.23 |
1.85 |
Total from investment operations |
1.59 |
1.67 |
2.50 |
2.10 |
1.78 |
Distributions from net investment income |
- |
- |
- |
(.01) |
(.01) |
Distributions from net |
- |
(.05) |
- |
- |
(.01) |
Total distributions |
- |
(.05) J |
- |
(.01) |
(.02) |
Net asset value, |
$ 19.56 |
$ 17.97 |
$ 16.35 |
$ 13.85 |
$ 11.76 |
Total Return B, C, D |
8.85% |
10.23% |
18.05% |
17.87% |
17.75% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
Expenses before reductions |
1.88% A |
1.93% |
1.98% |
2.02% |
2.19% A |
Expenses net of fee waivers, if any |
1.88% A |
1.93% |
1.98% |
2.02% |
2.19% A |
Expenses net of all reductions |
1.88% A |
1.92% |
1.94% |
1.97% |
2.08% A |
Net investment income (loss) |
(.48)% A |
(.44)% |
(.68)% |
(1.06)% |
(1.61)% A |
Supplemental Data |
|
|
|
|
|
Net assets, end of period |
$ 458 |
$ 452 |
$ 339 |
$ 109 |
$ 27 |
Portfolio turnover rate G |
69% A |
79% |
65% |
87% |
77% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period July 31, 2003 (commencement of operations) to December 31, 2003.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Total distributions of $.05 per share is comprised of distributions from net investment income of $.000 and distributions from net realized gain of $.050 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
|
Six months ended June 30, 2007 |
Years ended December 31, |
|||
|
(Unaudited) |
2006 |
2005 |
2004 |
2003 H |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, |
$ 18.00 |
$ 16.37 |
$ 13.86 |
$ 11.76 |
$ 10.00 |
Income from Investment Operations |
|
|
|
|
|
Net investment income (loss) E |
(.04) |
(.06) |
(.09) |
(.12) |
(.07) |
Net realized and unrealized gain (loss) |
1.65 |
1.74 |
2.60 |
2.23 |
1.85 |
Total from investment operations |
1.61 |
1.68 |
2.51 |
2.11 |
1.78 |
Distributions from net investment income |
- |
- |
- |
(.01) |
(.01) |
Distributions from net |
- |
(.05) |
- |
- |
(.01) |
Total distributions |
- |
(.05) J |
- |
(.01) |
(.02) |
Net asset value, |
$ 19.61 |
$ 18.00 |
$ 16.37 |
$ 13.86 |
$ 11.76 |
Total Return B, C, D |
8.94% |
10.28% |
18.11% |
17.95% |
17.77% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
Expenses before reductions |
1.81% A |
1.85% |
1.89% |
1.94% |
2.14% A |
Expenses net of fee waivers, if any |
1.81% A |
1.85% |
1.89% |
1.94% |
2.14% A |
Expenses net of all reductions |
1.81% A |
1.83% |
1.85% |
1.89% |
2.03% A |
Net investment income (loss) |
(.41)% A |
(.35)% |
(.59)% |
(.98)% |
(1.55)% A |
Supplemental Data |
|
|
|
|
|
Net assets, end of period |
$ 1,667 |
$ 1,596 |
$ 1,006 |
$ 246 |
$ 49 |
Portfolio turnover rate G |
69% A |
79% |
65% |
87% |
77% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period July 31, 2003 (commencement of operations) to December 31, 2003.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Total distributions of $.05 per share is comprised of distributions from net investment income of $.000 and distributions from net realized gain of $.050 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
|
Six months ended June 30, 2007 |
Years ended December 31, |
|||
|
(Unaudited) |
2006 |
2005 |
2004 |
2003 G |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, |
$ 18.52 |
$ 16.78 |
$ 14.05 |
$ 11.79 |
$ 10.00 |
Income from Investment Operations |
|
|
|
|
|
Net investment income (loss) D |
.06 |
.12 |
.07 |
.01 |
(.02) |
Net realized and unrealized gain (loss) |
1.70 |
1.79 |
2.66 |
2.26 |
1.86 |
Total from investment operations |
1.76 |
1.91 |
2.73 |
2.27 |
1.84 |
Distributions from net investment income |
- |
(.09) |
- |
(.01) |
(.04) |
Distributions from net |
- |
(.08) |
- |
- |
(.01) |
Total distributions |
- |
(.17) I |
- |
(.01) |
(.05) |
Net asset value, |
$ 20.28 |
$ 18.52 |
$ 16.78 |
$ 14.05 |
$ 11.79 |
Total Return B, C |
9.50% |
11.40% |
19.43% |
19.27% |
18.31% |
Ratios to Average Net Assets E, H |
|
|
|
|
|
Expenses before reductions |
.80% A |
.83% |
.84% |
.86% |
1.07% A |
Expenses net of fee waivers, if any |
.80% A |
.83% |
.84% |
.86% |
1.07% A |
Expenses net of all reductions |
.79% A |
.82% |
.79% |
.82% |
.96% A |
Net investment income (loss) |
.60% A |
.66% |
.47% |
.10% |
(.49)% A |
Supplemental Data |
|
|
|
|
|
Net assets, end of period |
$ 1,751 |
$ 1,540 |
$ 498 |
$ 120 |
$ 23 |
Portfolio turnover rate F |
69% A |
79% |
65% |
87% |
77% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period July 31, 2003 (commencement of operations) to December 31, 2003.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Total distributions of $.17 per share is comprised of distributions from net investment income of $.086 and distributions from net realized gain of $.083 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended June 30, 2007 (Unaudited)
(Amounts in thousands except ratios)
1. Organization.
Fidelity Advisor New Insights Fund (the Fund) is a fund of Fidelity Contrafund (the trust) and is authorized to issue an unlimited number of shares. Effective the close of business on April 28, 2006, the Fund was closed to most new accounts. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
The Fund offers Class A, Class T, Class B, Class C, and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.
2. Investments in Fidelity Central Funds.
The Fund may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Security Valuation - continued
(NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.
Foreign Currency. The Fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
Semiannual Report
3. Significant Accounting Policies - continued
Foreign Currency - continued
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. The Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund adopted the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes, on June 29, 2007. FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the tax years in the three year period ended June 29, 2007, remains subject to examination by the Internal Revenue Service. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, partnerships, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation |
$ 1,822,342 |
|
Unrealized depreciation |
(50,893) |
|
Net unrealized appreciation (depreciation) |
$ 1,771,449 |
|
Cost for federal income tax purposes |
$ 6,426,269 |
|
New Accounting Pronouncement. In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.
4. Operating Policies.
Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the Fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default
Semiannual Report
4. Operating Policies - continued
Repurchase Agreements - continued
of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $2,527,511 and $2,634,207, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and a group fee rate that averaged ..26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .56% of the Fund's average net assets.
In December 2006, the Board of Trustees approved a new management contract for the Fund. Shareholders have been asked to vote on the new contract on or about September 19, 2007. If approved by the shareholders, the new contract will add a performance adjustment component to the management fee based on the Fund's performance, calculated by reference to the investment performance of the Fund's Institutional Class relative to an appropriate benchmark index.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
6. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:
|
Distribution |
Service |
Paid to |
Retained |
Class A |
-% |
.25% |
$ 2,382 |
$ 204 |
Class T |
.25% |
.25% |
5,534 |
103 |
Class B |
.75% |
.25% |
2,272 |
1,727 |
Class C |
.75% |
.25% |
8,148 |
1,364 |
|
|
|
$ 18,336 |
$ 3,398 |
Sales Load. FDC receives a front-end sales charge of up to 5.75% for selling Class A shares, and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
|
Retained |
Class A |
$ 175 |
Class T |
74 |
Class B* |
373 |
Class C* |
76 |
|
$ 698 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales
are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class to FIIOC, were as follows:
|
Amount |
% of |
Class A |
$ 2,186 |
.23 |
Class T |
2,177 |
.20 |
Class B |
641 |
.28 |
Class C |
1,730 |
.21 |
Institutional Class |
1,638 |
.20 |
|
$ 8,372 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $14 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro rata portion of the line of credit, which amounted to $9 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
8. Security Lending - continued
delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $1,008.
9. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $145 for the period. In addition, through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $8. During the period, credits reduced each class' transfer agent expense as noted in the table below.
|
Transfer Agent |
|
Class A |
$ 19 |
|
Class T |
9 |
|
Institutional Class |
5 |
|
|
$ 33 |
|
10. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising 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 as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
In September 2006, FIIOC, the Fund's transfer agent, notified the Fund that the Fund's books and records did not reflect a conversion of certain Class B to Class A shares upon their conversion date. In March 2007, FIIOC converted the relevant Class B shares to
Semiannual Report
10. Other - continued
Class A shares and recorded the conversion in the books and records of the Fund which did not result in a material impact to the Fund's reported net assets or results of operations in the accompanying financial statements. FIIOC has reimbursed the Fund for related audit and legal expenses and, beginning in June 2007, remediated affected shareholders.
The United States Securities and Exchange Commission ("SEC") is conducting an investigation of FMR (covering the years 2002 to 2004) arising from gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during that period. FMR is in discussions with the SEC staff regarding the possible resolution of the matter, but as of period-end no final resolution has been reached.
In December 2006, the Independent Trustees completed their own investigation of the matter with the assistance of independent counsel. The Independent Trustees and FMR agree that, despite the absence of proof that the Fidelity mutual funds experienced diminished execution quality as a result of the improper receipt of gifts and business entertainment, the conduct at issue was serious and is worthy of redress. Accordingly, the Independent Trustees have requested and FMR has agreed to pay $42 million to Fidelity mutual funds, plus interest to be determined at the time that payment is made. A method of allocating this payment among the funds has not yet been determined. The total payment to the Fund is not anticipated to have a material impact on the Fund's net assets. In addition, FMR reimbursed related legal expenses which are recorded in the accompanying Statement of Operations as an expense reduction.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Six months ended |
Year ended |
From net investment income |
|
|
Class A |
$ - |
$ 3,373 |
Institutional Class |
- |
7,100 |
Total |
$ - |
$ 10,473 |
From net realized gain |
|
|
Class A |
$ - |
$ 6,877 |
Class T |
- |
8,598 |
Class B |
- |
1,130 |
Class C |
- |
3,506 |
Institutional Class |
- |
4,596 |
Total |
$ - |
$ 24,707 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
12. Share Transactions.
Transactions for each class of shares were as follows:
|
Shares |
Dollars |
||
|
Six months ended |
Year ended |
Six months ended |
Year ended |
Class A |
|
|
|
|
Shares sold |
11,087 |
56,857 |
$ 212,168 |
$ 987,944 |
Reinvestment of distributions |
- |
510 |
- |
9,102 |
Shares redeemed |
(10,594) |
(19,382) |
(202,115) |
(338,857) |
Net increase (decrease) |
493 |
37,985 |
$ 10,053 |
$ 658,189 |
Class T |
|
|
|
|
Shares sold |
5,982 |
49,748 |
$ 113,516 |
$ 860,917 |
Reinvestment of distributions |
- |
464 |
- |
8,157 |
Shares redeemed |
(12,445) |
(15,864) |
(238,135) |
(273,911) |
Net increase (decrease) |
(6,463) |
34,348 |
$ (124,619) |
$ 595,163 |
Class B |
|
|
|
|
Shares sold |
761 |
8,880 |
$ 14,141 |
$ 151,398 |
Reinvestment of distributions |
- |
56 |
- |
941 |
Shares redeemed |
(2,540) |
(4,507) |
(47,298) |
(76,579) |
Net increase (decrease) |
(1,779) |
4,429 |
$ (33,157) |
$ 75,760 |
Class C |
|
|
|
|
Shares sold |
3,073 |
36,136 |
$ 57,258 |
$ 616,428 |
Reinvestment of distributions |
- |
154 |
- |
2,604 |
Shares redeemed |
(6,678) |
(9,125) |
(124,918) |
(154,499) |
Net increase (decrease) |
(3,605) |
27,165 |
$ (67,660) |
$ 464,533 |
Institutional Class |
|
|
|
|
Shares sold |
11,930 |
68,189 |
$ 229,539 |
$ 1,206,339 |
Reinvestment of distributions |
- |
432 |
- |
7,867 |
Shares redeemed |
(8,755) |
(15,120) |
(168,103) |
(264,200) |
Net increase (decrease) |
3,175 |
53,501 |
$ 61,436 |
$ 950,006 |
Semiannual Report
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Adviser
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Research & Analysis Company
Fidelity Investments Japan Limited
Fidelity International Investment Advisors
Fidelity International Investment
Advisors (U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Brown Brothers Harriman & Co.
Boston, MA
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
ANIF-USAN-0807
1.803541.103
(Fidelity Investment logo)(registered trademark)
Fidelity® Advisor
Fund - Institutional Class
Semiannual Report
June 30, 2007
(2_fidelity_logos) (Registered_Trademark)
Chairman's Message |
Ned Johnson's message to shareholders. |
|
Note to Shareholders |
An explanation of the changes to the fund. |
|
Shareholder Expense Example |
An example of shareholder expenses. |
|
Investment Changes |
A summary of major shifts in the fund's investments over the past six months. |
|
Investments |
A complete list of the fund's investments with their market values. |
|
Financial Statements |
Statements of assets and liabilities, operations, and changes in net assets, |
|
Notes |
Notes to the financial statements. |
|
|
|
|
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings report, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Stocks are currently on pace to register their fifth-straight year of positive returns, although gains could be trimmed if the U.S. economy continues to slow. While financial markets are always unpredictable, there are a number of time-tested principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
In December 2006, the Board of Trustees approved a new management contract for Fidelity® Advisor New Insights Fund. Fund shareholders have been asked to vote on the new management contract at a shareholder meeting on or about September 19, 2007. If approved by shareholders, the new management contract will add a performance adjustment component to the management fee based on the fund's performance versus the Standard & Poor's 500SM Index and will allow the Board of Trustees to designate an alternate performance adjustment index in the future, without a shareholder vote, when permitted by applicable law.
The note above is not a solicitation of any proxy. More detailed information is contained in the proxy statement.
Semiannual Report
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2007 to June 30, 2007).
Actual Expenses
The first line of the accompanying table for each class of the Fund 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 $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. 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% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of 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.
Semiannual Report
Investments - continued
|
Beginning |
Ending |
Expenses Paid |
Class A |
|
|
|
Actual |
$ 1,000.00 |
$ 1,093.60 |
$ 5.61 |
HypotheticalA |
$ 1,000.00 |
$ 1,019.44 |
$ 5.41 |
Class T |
|
|
|
Actual |
$ 1,000.00 |
$ 1,091.90 |
$ 6.69 |
HypotheticalA |
$ 1,000.00 |
$ 1,018.40 |
$ 6.46 |
Class B |
|
|
|
Actual |
$ 1,000.00 |
$ 1,088.50 |
$ 9.74 |
HypotheticalA |
$ 1,000.00 |
$ 1,015.47 |
$ 9.39 |
Class C |
|
|
|
Actual |
$ 1,000.00 |
$ 1,089.40 |
$ 9.38 |
HypotheticalA |
$ 1,000.00 |
$ 1,015.82 |
$ 9.05 |
Institutional Class |
|
|
|
Actual |
$ 1,000.00 |
$ 1,095.00 |
$ 4.16 |
HypotheticalA |
$ 1,000.00 |
$ 1,020.83 |
$ 4.01 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
|
Annualized |
Class A |
1.08% |
Class T |
1.29% |
Class B |
1.88% |
Class C |
1.81% |
Institutional Class |
.80% |
Semiannual Report
Top Ten Stocks as of June 30, 2007 |
||
|
% of fund's |
% of fund's net assets |
Google, Inc. Class A (sub. vtg.) |
4.5 |
4.4 |
Hewlett-Packard Co. |
3.4 |
3.2 |
Apple, Inc. |
2.6 |
1.8 |
Berkshire Hathaway, Inc. Class A |
2.6 |
2.8 |
America Movil SAB de CV Series L sponsored ADR |
2.6 |
1.9 |
Exxon Mobil Corp. |
2.5 |
1.5 |
AT&T, Inc. |
2.0 |
1.2 |
Genentech, Inc. |
1.9 |
2.3 |
Procter & Gamble Co. |
1.8 |
2.1 |
Schlumberger Ltd. (NY Shares) |
1.7 |
1.2 |
|
25.6 |
|
Top Five Market Sectors as of June 30, 2007 |
||
|
% of fund's |
% of fund's net assets |
Information Technology |
21.2 |
19.2 |
Financials |
14.8 |
20.9 |
Health Care |
11.3 |
10.2 |
Energy |
10.4 |
7.0 |
Industrials |
8.8 |
7.5 |
Asset Allocation (% of fund's net assets) |
|||||||
As of June 30, 2007* |
As of December 31, 2006** |
||||||
![]() |
Stocks 93.4% |
|
![]() |
Stocks 92.6% |
|
||
![]() |
Convertible |
|
![]() |
Convertible |
|
||
![]() |
Short-Term |
|
![]() |
Short-Term |
|
||
* Foreign investments |
25.1% |
|
** Foreign investments |
24.2% |
|
Semiannual Report
Showing Percentage of Net Assets
Common Stocks - 93.4% |
|||
Shares |
Value (000s) |
||
CONSUMER DISCRETIONARY - 7.9% |
|||
Auto Components - 0.1% |
|||
Gentex Corp. |
44,300 |
$ 872 |
|
Johnson Controls, Inc. |
53,600 |
6,205 |
|
The Goodyear Tire & Rubber Co. (a) |
73,500 |
2,555 |
|
|
9,632 |
||
Automobiles - 0.5% |
|||
DaimlerChrysler AG |
36,100 |
3,319 |
|
Toyota Motor Corp. |
617,200 |
38,847 |
|
|
42,166 |
||
Distributors - 0.1% |
|||
Li & Fung Ltd. |
1,541,200 |
5,548 |
|
Hotels, Restaurants & Leisure - 1.3% |
|||
California Pizza Kitchen, Inc. (a) |
228,150 |
4,901 |
|
Chipotle Mexican Grill, Inc.: |
|
|
|
Class A (a) |
192,000 |
16,374 |
|
Class B (a) |
5,528 |
435 |
|
Marriott International, Inc. Class A |
232,300 |
10,045 |
|
McDonald's Corp. |
677,927 |
34,412 |
|
Panera Bread Co. Class A (a)(d) |
54,464 |
2,509 |
|
PokerTek, Inc. (a)(d) |
200,000 |
2,506 |
|
Red Robin Gourmet Burgers, Inc. (a) |
19,000 |
767 |
|
Tim Hortons, Inc. |
1,123,000 |
34,532 |
|
|
106,481 |
||
Household Durables - 1.2% |
|||
Desarrolladora Homex Sab de CV sponsored ADR (a) |
12,900 |
782 |
|
Fourlis Holdings SA |
527,400 |
15,703 |
|
Gafisa SA ADR (a)(d) |
158,700 |
4,951 |
|
Garmin Ltd. |
594,200 |
43,953 |
|
Koninklijke Philips Electronics NV (NY Shares) |
218,900 |
9,264 |
|
Mohawk Industries, Inc. (a) |
16,700 |
1,683 |
|
Snap-On, Inc. |
154,400 |
7,799 |
|
Sony Corp. |
94,000 |
4,829 |
|
Sony Corp. sponsored ADR |
10,600 |
545 |
|
TomTom Group BV (a)(d) |
89,400 |
4,589 |
|
|
94,098 |
||
Internet & Catalog Retail - 0.3% |
|||
Amazon.com, Inc. (a) |
71,200 |
4,871 |
|
Liberty Media Corp. New - Interactive Series A (a) |
442,200 |
9,874 |
|
Priceline.com, Inc. (a) |
99,000 |
6,805 |
|
|
21,550 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
CONSUMER DISCRETIONARY - continued |
|||
Media - 2.4% |
|||
Central European Media Enterprises Ltd. Class A (a) |
9,000 |
$ 878 |
|
CKX, Inc. (a) |
41,529 |
574 |
|
Comcast Corp. Class A (special) (non-vtg.) |
447,500 |
12,512 |
|
EchoStar Communications Corp. Class A (a) |
390,100 |
16,919 |
|
Focus Media Holding Ltd. ADR (a)(d) |
211,500 |
10,681 |
|
Grupo Televisa SA de CV (CPO) sponsored ADR |
139,400 |
3,849 |
|
McGraw-Hill Companies, Inc. |
58,400 |
3,976 |
|
National CineMedia, Inc. |
39,000 |
1,092 |
|
News Corp. Class B |
682,400 |
15,654 |
|
Reuters Group PLC |
13,900 |
173 |
|
The Walt Disney Co. |
3,581,900 |
122,286 |
|
The Weinstein Co. III Holdings, LLC Class A-1 (a)(f) |
2,267 |
2,267 |
|
Time Warner, Inc. |
366,400 |
7,709 |
|
|
198,570 |
||
Multiline Retail - 0.6% |
|||
Kohl's Corp. (a) |
36,700 |
2,607 |
|
Marks & Spencer Group PLC |
2,818,500 |
35,544 |
|
Saks, Inc. |
66,200 |
1,413 |
|
Target Corp. |
128,900 |
8,198 |
|
|
47,762 |
||
Specialty Retail - 1.0% |
|||
American Eagle Outfitters, Inc. |
357,500 |
9,173 |
|
Gamestop Corp. Class A (a) |
453,400 |
17,728 |
|
Hennes & Mauritz AB (H&M) (B Shares) |
33,150 |
1,970 |
|
Inditex SA |
65,700 |
3,892 |
|
J. Crew Group, Inc. |
503,600 |
27,240 |
|
Payless ShoeSource, Inc. (a) |
25,000 |
789 |
|
Sports Direct International PLC |
229,500 |
836 |
|
TJX Companies, Inc. |
630,100 |
17,328 |
|
Tween Brands, Inc. (a) |
18,800 |
838 |
|
Zumiez, Inc. (a) |
91,100 |
3,442 |
|
|
83,236 |
||
Textiles, Apparel & Luxury Goods - 0.4% |
|||
Burberry Group PLC |
61,000 |
842 |
|
Coach, Inc. (a) |
273,600 |
12,966 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
CONSUMER DISCRETIONARY - continued |
|||
Textiles, Apparel & Luxury Goods - continued |
|||
NIKE, Inc. Class B |
316,300 |
$ 18,437 |
|
Polo Ralph Lauren Corp. Class A |
25,100 |
2,463 |
|
|
34,708 |
||
TOTAL CONSUMER DISCRETIONARY |
643,751 |
||
CONSUMER STAPLES - 6.3% |
|||
Beverages - 2.5% |
|||
Boston Beer Co., Inc. Class A (a) |
43,700 |
1,720 |
|
C&C Group PLC |
55,700 |
752 |
|
Diageo PLC sponsored ADR |
277,500 |
23,119 |
|
InBev SA |
20,000 |
1,592 |
|
PepsiCo, Inc. |
1,397,600 |
90,634 |
|
The Coca-Cola Co. |
1,600,900 |
83,743 |
|
|
201,560 |
||
Food & Staples Retailing - 0.4% |
|||
Kroger Co. |
21,700 |
610 |
|
SUPERVALU, Inc. |
17,500 |
811 |
|
Susser Holdings Corp. |
181,862 |
2,948 |
|
Tesco PLC |
3,214,200 |
27,321 |
|
Walgreen Co. |
64,200 |
2,795 |
|
|
34,485 |
||
Food Products - 0.9% |
|||
Groupe Danone |
394,800 |
32,070 |
|
Kellogg Co. |
150,800 |
7,810 |
|
Marine Harvest ASA (a) |
4,218,000 |
4,592 |
|
Nestle SA (Reg.) |
46,218 |
17,683 |
|
TreeHouse Foods, Inc. (a) |
432,993 |
11,522 |
|
|
73,677 |
||
Household Products - 2.3% |
|||
Colgate-Palmolive Co. |
694,100 |
45,012 |
|
Procter & Gamble Co. |
2,358,867 |
144,339 |
|
|
189,351 |
||
Personal Products - 0.2% |
|||
Bare Escentuals, Inc. |
245,983 |
8,400 |
|
Estee Lauder Companies, Inc. Class A |
113,800 |
5,179 |
|
|
13,579 |
||
TOTAL CONSUMER STAPLES |
512,652 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
ENERGY - 10.4% |
|||
Energy Equipment & Services - 2.3% |
|||
FMC Technologies, Inc. (a) |
65,000 |
$ 5,149 |
|
National Oilwell Varco, Inc. (a) |
89,400 |
9,319 |
|
Schlumberger Ltd. (NY Shares) |
1,579,100 |
134,129 |
|
Smith International, Inc. |
613,344 |
35,966 |
|
|
184,563 |
||
Oil, Gas & Consumable Fuels - 8.1% |
|||
Addax Petroleum, Inc. |
56,800 |
2,124 |
|
Apache Corp. |
84,800 |
6,919 |
|
BG Group PLC sponsored ADR |
80,400 |
6,576 |
|
Cameco Corp. |
158,100 |
8,014 |
|
Canadian Natural Resources Ltd. |
186,500 |
12,392 |
|
Canadian Oil Sands Trust unit |
470,500 |
14,549 |
|
Chesapeake Energy Corp. |
340,600 |
11,785 |
|
China Shenhua Energy Co. Ltd. (H Shares) |
1,215,000 |
4,242 |
|
EnCana Corp. |
1,686,400 |
103,725 |
|
EOG Resources, Inc. |
346,900 |
25,345 |
|
Exxon Mobil Corp. |
2,427,802 |
203,644 |
|
Murphy Oil Corp. |
258,100 |
15,341 |
|
Newfield Exploration Co. (a) |
17,000 |
774 |
|
Noble Energy, Inc. |
675,300 |
42,132 |
|
Petroleo Brasileiro SA Petrobras sponsored ADR |
246,500 |
29,893 |
|
Petroplus Holdings AG |
431,783 |
44,465 |
|
Plains Exploration & Production Co. (a) |
31,000 |
1,482 |
|
Range Resources Corp. |
52,200 |
1,953 |
|
Suncor Energy, Inc. |
123,000 |
11,080 |
|
Talisman Energy, Inc. |
110,800 |
2,143 |
|
Tesoro Corp. |
126,200 |
7,212 |
|
Valero Energy Corp. |
1,022,834 |
75,547 |
|
W&T Offshore, Inc. |
120,800 |
3,381 |
|
XTO Energy, Inc. |
406,100 |
24,407 |
|
|
659,125 |
||
TOTAL ENERGY |
843,688 |
||
FINANCIALS - 14.8% |
|||
Capital Markets - 1.2% |
|||
Charles Schwab Corp. |
1,228,400 |
25,207 |
|
Franklin Resources, Inc. |
102,300 |
13,552 |
|
Goldman Sachs Group, Inc. |
174,800 |
37,888 |
|
Mellon Financial Corp. |
260,500 |
11,462 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
FINANCIALS - continued |
|||
Capital Markets - continued |
|||
SEI Investments Co. |
259,800 |
$ 7,545 |
|
State Street Corp. |
32,500 |
2,223 |
|
|
97,877 |
||
Commercial Banks - 1.9% |
|||
Allied Irish Banks PLC |
199,100 |
5,471 |
|
Banco Itau Holding Financeira SA sponsored ADR (non-vtg.) |
75,100 |
3,337 |
|
Bank of Ireland |
372,206 |
7,551 |
|
Center Financial Corp., California |
50,000 |
846 |
|
Compass Bancshares, Inc. |
78,400 |
5,408 |
|
HDFC Bank Ltd. sponsored ADR (d) |
16,500 |
1,390 |
|
M&T Bank Corp. |
184,200 |
19,691 |
|
National Australia Bank Ltd. |
228,000 |
7,931 |
|
Standard Chartered PLC (United Kingdom) |
199,300 |
6,523 |
|
Toronto-Dominion Bank |
84,800 |
5,800 |
|
Uniao de Bancos Brasileiros SA (Unibanco) GDR |
22,600 |
2,551 |
|
Wells Fargo & Co. |
2,577,200 |
90,640 |
|
|
157,139 |
||
Consumer Finance - 0.8% |
|||
American Express Co. |
1,119,000 |
68,460 |
|
Diversified Financial Services - 2.1% |
|||
Bank of America Corp. |
671,700 |
32,839 |
|
CBOT Holdings, Inc. Class A (a) |
53,900 |
11,136 |
|
Chicago Mercantile Exchange Holdings, Inc. Class A |
7,385 |
3,946 |
|
Citigroup, Inc. |
1,464,800 |
75,130 |
|
JPMorgan Chase & Co. |
852,700 |
41,313 |
|
Symmetry Holdings, Inc. unit |
225,000 |
1,969 |
|
|
166,333 |
||
Insurance - 8.7% |
|||
Admiral Group PLC |
893,400 |
15,949 |
|
Allstate Corp. |
803,400 |
49,417 |
|
American International Group, Inc. |
1,005,800 |
70,436 |
|
Assurant, Inc. |
372,100 |
21,924 |
|
Axis Capital Holdings Ltd. |
321,900 |
13,085 |
|
Berkshire Hathaway, Inc. Class A (a) |
1,936 |
211,944 |
|
Everest Re Group Ltd. |
64,465 |
7,003 |
|
Lincoln National Corp. |
365,781 |
25,952 |
|
Loews Corp. |
755,800 |
38,531 |
|
Markel Corp. (a) |
12,400 |
6,009 |
|
MetLife, Inc. |
1,361,600 |
87,796 |
|
MetLife, Inc. unit |
406,600 |
13,158 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
FINANCIALS - continued |
|||
Insurance - continued |
|||
ProAssurance Corp. (a) |
5,000 |
$ 278 |
|
Prudential Financial, Inc. |
685,700 |
66,671 |
|
The Chubb Corp. |
1,085,100 |
58,747 |
|
The Travelers Companies, Inc. |
66,800 |
3,574 |
|
Torchmark Corp. |
11,900 |
797 |
|
W.R. Berkley Corp. |
192,761 |
6,272 |
|
White Mountains Insurance Group Ltd. |
7,394 |
4,481 |
|
Willis Group Holdings Ltd. |
90,200 |
3,974 |
|
Zenith National Insurance Corp. |
61,500 |
2,896 |
|
|
708,894 |
||
Real Estate Management & Development - 0.1% |
|||
CB Richard Ellis Group, Inc. Class A (a) |
108,400 |
3,957 |
|
TOTAL FINANCIALS |
1,202,660 |
||
HEALTH CARE - 11.1% |
|||
Biotechnology - 3.9% |
|||
Actelion Ltd. (Reg.) (a) |
113,925 |
5,097 |
|
Arena Pharmaceuticals, Inc. (a) |
316,200 |
3,475 |
|
Celgene Corp. (a) |
523,600 |
30,018 |
|
Cephalon, Inc. (a) |
19,900 |
1,600 |
|
Cougar Biotechnology, Inc. (a)(f) |
622,500 |
14,691 |
|
Genentech, Inc. (a) |
2,018,100 |
152,689 |
|
Genmab AS (a) |
83,200 |
5,349 |
|
Gilead Sciences, Inc. (a) |
1,838,200 |
71,267 |
|
GTx, Inc. (a) |
124,009 |
2,008 |
|
Human Genome Sciences, Inc. (a) |
59,800 |
533 |
|
MannKind Corp. (a)(d) |
478,506 |
5,900 |
|
MannKind Corp. warrants 8/3/10 (a)(f) |
29,881 |
138 |
|
Medarex, Inc. (a) |
867,900 |
12,402 |
|
Omrix Biopharmaceuticals, Inc. |
46,300 |
1,457 |
|
OREXIGEN Therapeutics, Inc. |
15,295 |
230 |
|
Seattle Genetics, Inc. (a) |
94,500 |
927 |
|
Tanox, Inc. (a) |
70,300 |
1,365 |
|
Targacept, Inc. |
841,800 |
7,702 |
|
|
316,848 |
||
Health Care Equipment & Supplies - 1.5% |
|||
Alcon, Inc. |
81,500 |
10,995 |
|
Align Technology, Inc. (a) |
7,100 |
172 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
HEALTH CARE - continued |
|||
Health Care Equipment & Supplies - continued |
|||
Becton, Dickinson & Co. |
163,100 |
$ 12,151 |
|
C.R. Bard, Inc. |
219,799 |
18,162 |
|
DENTSPLY International, Inc. |
519,500 |
19,876 |
|
Gen-Probe, Inc. (a) |
21,500 |
1,299 |
|
Hillenbrand Industries, Inc. |
12,200 |
793 |
|
Hologic, Inc. (a) |
20,200 |
1,117 |
|
Intuitive Surgical, Inc. (a) |
54,100 |
7,507 |
|
Inverness Medical Innovations, Inc. (a) |
37,500 |
1,914 |
|
IRIS International, Inc. (a) |
445,400 |
7,501 |
|
Kyphon, Inc. (a) |
217,100 |
10,453 |
|
Mentor Corp. |
46,000 |
1,871 |
|
Mindray Medical International Ltd. sponsored ADR |
55,700 |
1,701 |
|
Nobel Biocare Holding AG (Switzerland) |
21,154 |
6,935 |
|
Northstar Neuroscience, Inc. |
120,000 |
1,396 |
|
NuVasive, Inc. (a) |
120,500 |
3,255 |
|
Sirona Dental Systems, Inc. (d) |
52,400 |
1,982 |
|
Smith & Nephew PLC |
125,200 |
1,553 |
|
St. Jude Medical, Inc. (a) |
10,300 |
427 |
|
Stryker Corp. |
179,900 |
11,350 |
|
TomoTherapy, Inc. |
76,000 |
1,666 |
|
Zimmer Holdings, Inc. (a) |
18,000 |
1,528 |
|
|
125,604 |
||
Health Care Providers & Services - 0.3% |
|||
Emeritus Corp. (a) |
102,200 |
3,166 |
|
Henry Schein, Inc. (a) |
29,700 |
1,587 |
|
HMS Holdings Corp. (a) |
500,000 |
9,570 |
|
Humana, Inc. (a) |
17,957 |
1,094 |
|
Medco Health Solutions, Inc. (a) |
27,700 |
2,160 |
|
Nighthawk Radiology Holdings, Inc. (a)(d) |
251,692 |
4,543 |
|
UnitedHealth Group, Inc. |
12,500 |
639 |
|
VCA Antech, Inc. (a) |
63,600 |
2,397 |
|
|
25,156 |
||
Health Care Technology - 0.2% |
|||
Cerner Corp. (a) |
58,700 |
3,256 |
|
Health Corp. (a) |
512,200 |
7,176 |
|
IMS Health, Inc. |
77,200 |
2,480 |
|
Vital Images, Inc. (a) |
29,300 |
796 |
|
|
13,708 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
HEALTH CARE - continued |
|||
Life Sciences Tools & Services - 0.4% |
|||
Dionex Corp. (a) |
17,500 |
$ 1,242 |
|
Medivation, Inc. (a) |
42,285 |
864 |
|
Millipore Corp. (a) |
46,400 |
3,484 |
|
PRA International (a) |
160,000 |
4,048 |
|
QIAGEN NV (a) |
94,900 |
1,688 |
|
Techne Corp. (a) |
68,400 |
3,913 |
|
Thermo Fisher Scientific, Inc. (a) |
30,800 |
1,593 |
|
Waters Corp. (a) |
215,700 |
12,804 |
|
|
29,636 |
||
Pharmaceuticals - 4.8% |
|||
Abbott Laboratories |
606,100 |
32,457 |
|
Allergan, Inc. |
28,300 |
1,631 |
|
BioMimetic Therapeutics, Inc. |
69,000 |
1,078 |
|
Bristol-Myers Squibb Co. |
567,700 |
17,917 |
|
Johnson & Johnson |
438,100 |
26,996 |
|
Merck & Co., Inc. |
1,868,700 |
93,061 |
|
Novo Nordisk AS Series B |
52,500 |
5,729 |
|
Pfizer, Inc. |
1,768,700 |
45,226 |
|
Roche Holding AG (participation certificate) |
619,234 |
110,162 |
|
Schering-Plough Corp. |
1,427,700 |
43,459 |
|
Shire PLC |
199,900 |
4,940 |
|
Sirtris Pharmaceuticals, Inc. |
96,400 |
951 |
|
Xenoport, Inc. (a) |
44,700 |
1,986 |
|
|
385,593 |
||
TOTAL HEALTH CARE |
896,545 |
||
INDUSTRIALS - 8.8% |
|||
Aerospace & Defense - 1.4% |
|||
General Dynamics Corp. |
59,600 |
4,662 |
|
Heico Corp. Class A |
585,000 |
20,563 |
|
Lockheed Martin Corp. |
446,700 |
42,048 |
|
Precision Castparts Corp. |
52,700 |
6,396 |
|
Spirit AeroSystems Holdings, Inc. Class A |
236,100 |
8,511 |
|
The Boeing Co. |
308,400 |
29,656 |
|
United Technologies Corp. |
58,200 |
4,128 |
|
|
115,964 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INDUSTRIALS - continued |
|||
Air Freight & Logistics - 0.6% |
|||
C.H. Robinson Worldwide, Inc. |
950,372 |
$ 49,914 |
|
Expeditors International of Washington, Inc. |
14,100 |
582 |
|
|
50,496 |
||
Airlines - 0.3% |
|||
Republic Airways Holdings, Inc. (a) |
82,100 |
1,671 |
|
Ryanair Holdings PLC sponsored ADR (a) |
498,026 |
18,800 |
|
|
20,471 |
||
Building Products - 0.1% |
|||
American Standard Companies, Inc. |
74,100 |
4,370 |
|
Commercial Services & Supplies - 0.3% |
|||
Advisory Board Co. (a) |
16,400 |
911 |
|
Covanta Holding Corp. (a) |
50,300 |
1,240 |
|
Equifax, Inc. |
94,100 |
4,180 |
|
Fuel Tech, Inc. (a) |
46,200 |
1,582 |
|
IHS, Inc. Class A (a) |
18,500 |
851 |
|
Interface, Inc. Class A |
93,100 |
1,756 |
|
Kenexa Corp. (a) |
82,570 |
3,114 |
|
Seek Ltd. |
1,000,000 |
6,258 |
|
Stericycle, Inc. (a) |
56,000 |
2,490 |
|
Taleo Corp. Class A (a) |
122,077 |
2,750 |
|
|
25,132 |
||
Construction & Engineering - 0.5% |
|||
Jacobs Engineering Group, Inc. (a) |
732,800 |
42,143 |
|
Electrical Equipment - 2.4% |
|||
ABB Ltd. sponsored ADR |
431,200 |
9,745 |
|
Cooper Industries Ltd. Class A |
1,432,300 |
81,770 |
|
First Solar, Inc. |
20,600 |
1,839 |
|
GrafTech International Ltd. (a) |
500,000 |
8,420 |
|
JA Solar Holdings Co. Ltd. ADR (d) |
28,100 |
948 |
|
Prysmian SpA |
117,800 |
2,863 |
|
Q-Cells AG (d) |
378,200 |
32,856 |
|
Renewable Energy Corp. AS |
844,300 |
32,929 |
|
SolarWorld AG (d) |
447,200 |
20,699 |
|
|
192,069 |
||
Industrial Conglomerates - 0.2% |
|||
3M Co. |
18,900 |
1,640 |
|
General Electric Co. |
188,000 |
7,197 |
|
Hutchison Whampoa Ltd. |
674,000 |
6,693 |
|
|
15,530 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INDUSTRIALS - continued |
|||
Machinery - 2.3% |
|||
Bucyrus International, Inc. Class A |
60,000 |
$ 4,247 |
|
Cummins, Inc. |
127,300 |
12,884 |
|
Danaher Corp. |
904,577 |
68,296 |
|
Deere & Co. |
34,200 |
4,129 |
|
Dover Corp. |
31,400 |
1,606 |
|
IDEX Corp. |
410,100 |
15,805 |
|
ITT Corp. |
48,100 |
3,284 |
|
Kennametal, Inc. |
10,100 |
829 |
|
PACCAR, Inc. |
700,849 |
61,002 |
|
Pall Corp. |
295,600 |
13,595 |
|
|
185,677 |
||
Marine - 0.0% |
|||
American Commercial Lines, Inc. (a)(d) |
104,700 |
2,727 |
|
Kuehne & Nagel International AG |
9,013 |
832 |
|
|
3,559 |
||
Road & Rail - 0.6% |
|||
Burlington Northern Santa Fe Corp. |
130,700 |
11,128 |
|
Canadian National Railway Co. |
533,400 |
27,139 |
|
Hertz Global Holdings, Inc. |
82,100 |
2,181 |
|
Knight Transportation, Inc. |
50,900 |
986 |
|
Union Pacific Corp. |
42,400 |
4,882 |
|
|
46,316 |
||
Trading Companies & Distributors - 0.1% |
|||
Mitsui & Co. Ltd. |
461,000 |
9,189 |
|
TOTAL INDUSTRIALS |
710,916 |
||
INFORMATION TECHNOLOGY - 21.2% |
|||
Communications Equipment - 2.8% |
|||
Balda AG |
704,000 |
10,109 |
|
Cisco Systems, Inc. (a) |
1,944,600 |
54,157 |
|
Corning, Inc. (a) |
33,100 |
846 |
|
F5 Networks, Inc. (a) |
92,200 |
7,431 |
|
Juniper Networks, Inc. (a) |
49,900 |
1,256 |
|
Nice Systems Ltd. sponsored ADR |
551,000 |
19,142 |
|
Nokia Corp. sponsored ADR |
1,267,200 |
35,621 |
|
Polycom, Inc. (a) |
78,200 |
2,628 |
|
QUALCOMM, Inc. |
470,500 |
20,415 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INFORMATION TECHNOLOGY - continued |
|||
Communications Equipment - continued |
|||
Research In Motion Ltd. (a) |
331,400 |
$ 66,277 |
|
Riverbed Technology, Inc. |
122,200 |
5,355 |
|
|
223,237 |
||
Computers & Peripherals - 7.1% |
|||
Apple, Inc. (a) |
1,737,300 |
212,020 |
|
Dell, Inc. (a) |
1,403,300 |
40,064 |
|
Diebold, Inc. |
38,500 |
2,010 |
|
EMC Corp. (a) |
594,200 |
10,755 |
|
Hewlett-Packard Co. |
6,210,100 |
277,095 |
|
NCR Corp. (a) |
236,900 |
12,447 |
|
Network Appliance, Inc. (a) |
450,760 |
13,162 |
|
Sun Microsystems, Inc. (a) |
1,380,900 |
7,264 |
|
|
574,817 |
||
Electronic Equipment & Instruments - 0.7% |
|||
Agilent Technologies, Inc. (a) |
106,100 |
4,078 |
|
Amphenol Corp. Class A |
668,140 |
23,819 |
|
FLIR Systems, Inc. (a) |
299,500 |
13,852 |
|
Hon Hai Precision Industry Co. Ltd. (Foxconn) |
378,724 |
3,285 |
|
Mettler-Toledo International, Inc. (a) |
83,500 |
7,975 |
|
Sunpower Corp. Class A (a) |
13,400 |
845 |
|
Trimble Navigation Ltd. (a) |
182,800 |
5,886 |
|
|
59,740 |
||
Internet Software & Services - 5.2% |
|||
Akamai Technologies, Inc. (a) |
704,100 |
34,247 |
|
Baidu.com, Inc. sponsored ADR (a)(d) |
53,500 |
8,987 |
|
Blinkx PLC |
259,200 |
226 |
|
Google, Inc. Class A (sub. vtg.) (a) |
690,894 |
361,607 |
|
NHN Corp. |
14,486 |
2,642 |
|
ValueClick, Inc. (a) |
52,100 |
1,535 |
|
VistaPrint Ltd. (a) |
289,100 |
11,058 |
|
|
420,302 |
||
IT Services - 1.8% |
|||
Accenture Ltd. Class A |
715,900 |
30,705 |
|
Alliance Data Systems Corp. (a) |
135,400 |
10,464 |
|
Cognizant Technology Solutions Corp. Class A (a) |
124,422 |
9,343 |
|
ExlService Holdings, Inc. |
40,100 |
751 |
|
Fidelity National Information Services, Inc. |
53,600 |
2,909 |
|
Fiserv, Inc. (a) |
14,300 |
812 |
|
Infosys Technologies Ltd. sponsored ADR |
106,200 |
5,350 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INFORMATION TECHNOLOGY - continued |
|||
IT Services - continued |
|||
Mastercard, Inc. Class A |
232,700 |
$ 38,598 |
|
Paychex, Inc. |
266,700 |
10,433 |
|
SRA International, Inc. Class A (a) |
201,561 |
5,091 |
|
The Western Union Co. |
744,800 |
15,514 |
|
VeriFone Holdings, Inc. (a)(d) |
560,200 |
19,747 |
|
|
149,717 |
||
Office Electronics - 0.0% |
|||
Zebra Technologies Corp. Class A (a) |
16,100 |
624 |
|
Semiconductors & Semiconductor Equipment - 1.4% |
|||
Altera Corp. |
138,100 |
3,056 |
|
Analog Devices, Inc. |
80,300 |
3,022 |
|
Applied Materials, Inc. |
534,100 |
10,613 |
|
ASML Holding NV (NY Shares) (a) |
202,000 |
5,545 |
|
Cavium Networks, Inc. |
53,500 |
1,210 |
|
FEI Co. (a) |
84,613 |
2,747 |
|
Lam Research Corp. (a) |
279,400 |
14,361 |
|
Linear Technology Corp. |
264,300 |
9,562 |
|
Marvell Technology Group Ltd. (a) |
1,464,500 |
26,669 |
|
MediaTek, Inc. |
55,000 |
860 |
|
Microchip Technology, Inc. |
41,500 |
1,537 |
|
NVIDIA Corp. (a) |
67,600 |
2,793 |
|
O2Micro International Ltd. sponsored ADR (a) |
3,000 |
33 |
|
ON Semiconductor Corp. (a) |
488,000 |
5,231 |
|
Richtek Technology Corp. |
70,000 |
1,112 |
|
Samsung Electronics Co. Ltd. |
26,984 |
16,532 |
|
Silicon Motion Technology Corp. sponsored ADR (a) |
168,600 |
4,186 |
|
Tessera Technologies, Inc. (a) |
55,500 |
2,251 |
|
Texas Instruments, Inc. |
48,200 |
1,814 |
|
Xilinx, Inc. |
55,400 |
1,483 |
|
|
114,617 |
||
Software - 2.2% |
|||
Activision, Inc. (a) |
223,400 |
4,171 |
|
Adobe Systems, Inc. (a) |
826,406 |
33,180 |
|
Autonomy Corp. PLC (a) |
259,200 |
3,748 |
|
BMC Software, Inc. (a) |
333,700 |
10,111 |
|
Cadence Design Systems, Inc. (a) |
142,600 |
3,131 |
|
CommVault Systems, Inc. |
263,468 |
4,550 |
|
Electronic Arts, Inc. (a) |
58,400 |
2,763 |
|
McAfee, Inc. (a) |
319,900 |
11,260 |
|
Nintendo Co. Ltd. |
50,500 |
18,523 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INFORMATION TECHNOLOGY - continued |
|||
Software - continued |
|||
Nuance Communications, Inc. (a)(d) |
905,000 |
$ 15,141 |
|
Opsware, Inc. (a)(d) |
698,787 |
6,645 |
|
Oracle Corp. (a) |
1,480,050 |
29,172 |
|
Salesforce.com, Inc. (a) |
222,100 |
9,519 |
|
The9 Ltd. sponsored ADR (a)(d) |
134,800 |
6,236 |
|
THQ, Inc. (a) |
194,100 |
5,924 |
|
Ubisoft Entertainment SA (a) |
162,800 |
8,626 |
|
Ultimate Software Group, Inc. (a) |
51,943 |
1,503 |
|
Utimaco Safeware AG |
350,000 |
5,542 |
|
|
179,745 |
||
TOTAL INFORMATION TECHNOLOGY |
1,722,799 |
||
MATERIALS - 5.9% |
|||
Chemicals - 2.2% |
|||
Airgas, Inc. |
18,100 |
867 |
|
Bayer AG |
539,000 |
40,587 |
|
Celanese Corp. Class A |
24,600 |
954 |
|
Ecolab, Inc. |
620,700 |
26,504 |
|
Monsanto Co. |
475,300 |
32,102 |
|
Nalco Holding Co. |
296,300 |
8,133 |
|
Potash Corp. of Saskatchewan, Inc. |
71,300 |
5,559 |
|
Praxair, Inc. |
571,000 |
41,106 |
|
Rohm & Haas Co. |
40,300 |
2,204 |
|
The Mosaic Co. (a) |
129,500 |
5,053 |
|
Zoltek Companies, Inc. (a) |
339,000 |
14,079 |
|
|
177,148 |
||
Metals & Mining - 3.6% |
|||
Agnico-Eagle Mines Ltd. |
112,200 |
4,078 |
|
Allegheny Technologies, Inc. |
43,200 |
4,531 |
|
Anglo American PLC ADR |
1,406,100 |
41,255 |
|
Anglo Platinum Ltd. |
9,300 |
1,532 |
|
Aquarius Platinum Ltd. (Australia) |
598,000 |
18,214 |
|
Arcelor Mittal |
184,000 |
11,482 |
|
BHP Billiton Ltd. sponsored ADR (d) |
622,800 |
37,212 |
|
Companhia Vale do Rio Doce sponsored ADR |
90,300 |
4,023 |
|
Compania de Minas Buenaventura SA sponsored ADR |
137,900 |
5,166 |
|
Eldorado Gold Corp. (a) |
608,400 |
3,564 |
|
First Quantum Minerals Ltd. |
29,100 |
2,483 |
|
Freeport-McMoRan Copper & Gold, Inc. Class B |
364,400 |
30,180 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
MATERIALS - continued |
|||
Metals & Mining - continued |
|||
Goldcorp, Inc. (d) |
1,477,901 |
$ 35,087 |
|
Impala Platinum Holdings Ltd. |
33,600 |
1,027 |
|
Ivanhoe Mines Ltd. (a) |
1,348,600 |
19,117 |
|
Kinross Gold Corp. (a) |
458,376 |
5,331 |
|
Lihir Gold Ltd. (a) |
5,211,467 |
13,257 |
|
Newmont Mining Corp. |
120,400 |
4,703 |
|
Nucor Corp. |
221,400 |
12,985 |
|
POSCO sponsored ADR |
126,900 |
15,228 |
|
Rio Tinto PLC (Reg.) |
193,200 |
14,786 |
|
Steel Dynamics, Inc. |
89,500 |
3,751 |
|
Teck Cominco Ltd. Class B (sub. vtg.) |
66,800 |
2,834 |
|
United States Steel Corp. |
55,800 |
6,068 |
|
|
297,894 |
||
Paper & Forest Products - 0.1% |
|||
Nine Dragons Paper (Holdings) Ltd. |
2,491,000 |
5,804 |
|
TOTAL MATERIALS |
480,846 |
||
TELECOMMUNICATION SERVICES - 6.3% |
|||
Diversified Telecommunication Services - 2.3% |
|||
AT&T, Inc. |
3,796,032 |
157,535 |
|
Cbeyond, Inc. (a) |
87,564 |
3,372 |
|
Hellenic Telecommunication Organization SA (OTE) |
24,800 |
769 |
|
Iliad Group SA |
29,700 |
3,015 |
|
Qwest Communications International, Inc. (a) |
1,357,800 |
13,171 |
|
Telenor ASA sponsored ADR |
134,900 |
7,959 |
|
|
185,821 |
||
Wireless Telecommunication Services - 4.0% |
|||
America Movil SAB de CV Series L sponsored ADR |
3,378,300 |
209,218 |
|
American Tower Corp. Class A (a) |
106,527 |
4,474 |
|
Bharti Airtel Ltd. (a) |
409,466 |
8,497 |
|
Cellcom Israel Ltd. |
35,000 |
926 |
|
China Mobile (Hong Kong) Ltd. sponsored ADR |
117,800 |
6,349 |
|
Clearwire Corp. (d) |
143,800 |
3,513 |
|
Leap Wireless International, Inc. (a) |
73,100 |
6,177 |
|
MetroPCS Communications, Inc. |
117,700 |
3,889 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
TELECOMMUNICATION SERVICES - continued |
|||
Wireless Telecommunication Services - continued |
|||
NII Holdings, Inc. (a) |
902,647 |
$ 72,880 |
|
Rogers Communications, Inc. Class B (non-vtg.) |
137,000 |
5,841 |
|
|
321,764 |
||
TOTAL TELECOMMUNICATION SERVICES |
507,585 |
||
UTILITIES - 0.7% |
|||
Electric Utilities - 0.3% |
|||
Allegheny Energy, Inc. (a) |
16,400 |
849 |
|
E.ON AG sponsored ADR |
178,900 |
9,954 |
|
Entergy Corp. |
38,400 |
4,122 |
|
Exelon Corp. |
62,000 |
4,501 |
|
FirstEnergy Corp. |
69,800 |
4,518 |
|
|
23,944 |
||
Gas Utilities - 0.1% |
|||
Energen Corp. |
39,600 |
2,176 |
|
Questar Corp. |
15,100 |
798 |
|
Southern Union Co. |
180,275 |
5,875 |
|
|
8,849 |
||
Independent Power Producers & Energy Traders - 0.2% |
|||
AES Corp. (a) |
274,086 |
5,997 |
|
Constellation Energy Group, Inc. |
28,200 |
2,458 |
|
International Power PLC |
650,100 |
5,607 |
|
NRG Energy, Inc. (a) |
9,600 |
399 |
|
|
14,461 |
||
Multi-Utilities - 0.1% |
|||
Sempra Energy |
54,000 |
3,198 |
|
Veolia Environnement |
30,100 |
2,364 |
|
YTL Corp. BHD |
1,621,900 |
3,876 |
|
|
9,438 |
||
TOTAL UTILITIES |
56,692 |
||
TOTAL COMMON STOCKS (Cost $5,799,145) |
7,578,134 |
||
Convertible Preferred Stocks - 0.2% |
|||
Shares |
Value (000s) |
||
HEALTH CARE - 0.2% |
|||
Biotechnology - 0.2% |
|||
Light Sciences Oncology, Inc. Series B (a)(f) |
1,792,115 |
$ 15,000 |
|
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $15,000) |
15,000 |
||
Convertible Bonds - 0.0% |
|||
|
Principal Amount (000s) |
|
|
HEALTH CARE - 0.0% |
|||
Health Care Equipment & Supplies - 0.0% |
|||
Kyphon, Inc.: |
|
|
|
1% 2/1/12 (e) |
$ 470 |
471 |
|
1.25% 2/1/14 (e) |
390 |
389 |
|
|
860 |
||
INFORMATION TECHNOLOGY - 0.0% |
|||
Electronic Equipment & Instruments - 0.0% |
|||
Sunpower Corp. 1.25% 2/15/27 |
860 |
1,083 |
|
TOTAL CONVERTIBLE BONDS (Cost $1,720) |
1,943 |
||
Money Market Funds - 7.4% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 5.32% (b) |
473,890,472 |
473,890 |
|
Fidelity Securities Lending Cash Central Fund, 5.4% (b)(c) |
128,751,372 |
128,751 |
|
TOTAL MONEY MARKET FUNDS (Cost $602,641) |
602,641 |
||
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $6,418,506) |
8,197,718 |
||
NET OTHER ASSETS - (1.0)% |
(83,972) |
||
NET ASSETS - 100% |
$ 8,113,746 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $860,000 or 0.0% of net assets. |
(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $32,096,000 or 0.4% of net assets. |
Additional information on each holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost (000s) |
Cougar Biotechnology, Inc. |
5/3/07 |
$ 12,450 |
Light Sciences Oncology, Inc. Series B |
4/4/07 |
$ 15,000 |
MannKind Corp. warrants 8/3/10 |
8/3/05 |
$ 1 |
The Weinstein Co. III Holdings, LLC Class A-1 |
10/19/05 |
$ 2,267 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 12,873 |
Fidelity Securities Lending Cash Central Fund |
1,008 |
Total |
$ 13,881 |
Other Affiliated Issuers |
An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, beginning of period |
Purchases |
Sales Proceeds |
Dividend Income |
Value, end of period |
Double-Take Software, Inc. |
$ - |
$ 21,535 |
$ 19,955 |
$ - |
$ - |
Other Information |
Distribution of investments by country of issue, as a percentage of total net assets, is as follows: |
United States of America |
74.9% |
Canada |
4.0% |
Mexico |
2.6% |
Switzerland |
2.6% |
United Kingdom |
2.5% |
Bermuda |
2.4% |
Netherlands Antilles |
1.7% |
Germany |
1.5% |
Others (individually less than 1%) |
7.8% |
|
100.0% |
Income Tax Information |
At December 31, 2006, the fund had a capital loss carryforward of approximately $98,900,000 all of which will expire on December 31, 2014. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) |
June 30, 2007 (Unaudited) |
|
|
|
|
Assets |
|
|
Investment in securities, at value (including securities loaned of $125,021) - See accompanying schedule: Unaffiliated issuers (cost $5,815,865) |
$ 7,595,077 |
|
Fidelity Central Funds (cost $602,641) |
602,641 |
|
Total Investments (cost $6,418,506) |
|
$ 8,197,718 |
Cash |
|
700 |
Receivable for investments sold |
|
60,549 |
Receivable for fund shares sold |
|
6,288 |
Dividends receivable |
|
6,592 |
Interest receivable |
|
8 |
Distributions receivable from Fidelity Central Funds |
|
2,120 |
Prepaid expenses |
|
16 |
Other receivables |
|
74 |
Total assets |
|
8,274,065 |
|
|
|
Liabilities |
|
|
Payable for investments purchased |
$ 13,339 |
|
Payable for fund shares redeemed |
8,912 |
|
Accrued management fee |
3,785 |
|
Distribution fees payable |
3,135 |
|
Other affiliated payables |
1,520 |
|
Other payables and accrued expenses |
877 |
|
Collateral on securities loaned, at value |
128,751 |
|
Total liabilities |
|
160,319 |
|
|
|
Net Assets |
|
$ 8,113,746 |
Net Assets consist of: |
|
|
Paid in capital |
|
$ 6,285,589 |
Undistributed net investment income |
|
4,667 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions |
|
44,481 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies |
|
1,779,009 |
Net Assets |
|
$ 8,113,746 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) |
June 30, 2007 (Unaudited) |
|
|
|
|
Calculation of Maximum Offering Price |
|
$ 20.09 |
|
|
|
Maximum offering price per share (100/94.25 of $20.09) |
|
$ 21.32 |
Class T: |
|
$ 19.97 |
|
|
|
Maximum offering price per share (100/96.50 of $19.97) |
|
$ 20.69 |
Class B: |
|
$ 19.56 |
|
|
|
Class C: |
|
$ 19.61 |
|
|
|
Institutional Class: |
|
$ 20.28 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Amounts in thousands |
Six months ended June 30, 2007 (Unaudited) |
|
|
|
|
Investment Income |
|
|
Dividends |
|
$ 40,714 |
Interest |
|
14 |
Income from Fidelity Central Funds |
|
13,881 |
Total income |
|
54,609 |
|
|
|
Expenses |
|
|
Management fee |
$ 21,957 |
|
Transfer agent fees |
8,372 |
|
Distribution fees |
18,336 |
|
Accounting and security lending fees |
616 |
|
Custodian fees and expenses |
254 |
|
Independent trustees' compensation |
12 |
|
Registration fees |
(63) |
|
Audit |
51 |
|
Legal |
20 |
|
Miscellaneous |
589 |
|
Total expenses before reductions |
50,144 |
|
Expense reductions |
(202) |
49,942 |
Net investment income (loss) |
|
4,667 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
Investment securities: |
|
|
Unaffiliated issuers |
160,323 |
|
Other affiliated issuers |
(1,580) |
|
Foreign currency transactions |
(83) |
|
Total net realized gain (loss) |
|
158,660 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $186) |
528,148 |
|
Assets and liabilities in foreign currencies |
(2) |
|
Total change in net unrealized appreciation (depreciation) |
|
528,146 |
Net gain (loss) |
|
686,806 |
Net increase (decrease) in net assets resulting from operations |
|
$ 691,473 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands |
Six months ended |
Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) |
$ 4,667 |
$ 9,962 |
Net realized gain (loss) |
158,660 |
(97,322) |
Change in net unrealized appreciation (depreciation) |
528,146 |
700,051 |
Net increase (decrease) in net assets resulting |
691,473 |
612,691 |
Distributions to shareholders from net investment income |
- |
(10,473) |
Distributions to shareholders from net realized gain |
- |
(24,707) |
Total distributions |
- |
(35,180) |
Share transactions - net increase (decrease) |
(153,947) |
2,743,651 |
Total increase (decrease) in net assets |
537,526 |
3,321,162 |
|
|
|
Net Assets |
|
|
Beginning of period |
7,576,220 |
4,255,058 |
End of period (including undistributed net investment income of $4,667 and accumulated net investment loss of $0, respectively) |
$ 8,113,746 |
$ 7,576,220 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
|
Six months ended June 30, 2007 |
Years ended December 31, |
|||
|
(Unaudited) |
2006 |
2005 |
2004 |
2003 H |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, |
$ 18.37 |
$ 16.65 |
$ 13.99 |
$ 11.79 |
$ 10.00 |
Income from Investment Operations |
|
|
|
|
|
Net investment income (loss) E |
.03 |
.06 |
.02 |
(.03) |
(.04) |
Net realized and unrealized gain (loss) |
1.69 |
1.78 |
2.64 |
2.24 |
1.87 |
Total from investment operations |
1.72 |
1.84 |
2.66 |
2.21 |
1.83 |
Distributions from net investment income |
- |
(.03) |
- |
(.01) |
(.03) |
Distributions from net |
- |
(.08) |
- |
- |
(.01) |
Total distributions |
- |
(.12) J |
- |
(.01) |
(.04) |
Net asset value, |
$ 20.09 |
$ 18.37 |
$ 16.65 |
$ 13.99 |
$ 11.79 |
Total Return B, C, D |
9.36% |
11.06% |
19.01% |
18.76% |
18.23% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
Expenses before reductions |
1.08% A |
1.12% |
1.17% |
1.22% |
1.39% A |
Expenses net of fee waivers, if any |
1.08% A |
1.12% |
1.17% |
1.22% |
1.39% A |
Expenses net of all reductions |
1.07% A |
1.11% |
1.13% |
1.17% |
1.28% A |
Net investment income (loss) |
.32% A |
.37% |
.13% |
(.26)% |
(.81)% A |
Supplemental Data |
|
|
|
|
|
Net assets, end of period |
$ 2,003 |
$ 1,823 |
$ 1,019 |
$ 230 |
$ 37 |
Portfolio turnover rate G |
69% A |
79% |
65% |
87% |
77% A |
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period July 31, 2003 (commencement of operations) to December 31, 2003.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Total distributions of $.12 per share is comprised of distributions from net investment income of $.034 and distributions from net realized gain of $.083 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
|
Six months ended June 30, 2007 |
Years ended December 31, |
|||
|
(Unaudited) |
2006 |
2005 |
2004 |
2003 H |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, |
$ 18.29 |
$ 16.57 |
$ 13.96 |
$ 11.78 |
$ 10.00 |
Income from Investment Operations |
|
|
|
|
|
Net investment income (loss) E |
.01 |
.03 |
(.01) |
(.06) |
(.05) |
Net realized and unrealized gain (loss) |
1.67 |
1.77 |
2.62 |
2.25 |
1.86 |
Total from investment operations |
1.68 |
1.80 |
2.61 |
2.19 |
1.81 |
Distributions from net investment income |
- |
- |
- |
(.01) |
(.02) |
Distributions from net |
- |
(.08) |
- |
- |
(.01) |
Total distributions |
- |
(.08) J |
- |
(.01) |
(.03) |
Net asset value, |
$ 19.97 |
$ 18.29 |
$ 16.57 |
$ 13.96 |
$ 11.78 |
Total Return B, C, D |
9.19% |
10.90% |
18.70% |
18.60% |
18.08% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
Expenses before reductions |
1.29% A |
1.32% |
1.38% |
1.43% |
1.62% A |
Expenses net of fee waivers, if any |
1.29% A |
1.32% |
1.38% |
1.43% |
1.62% A |
Expenses net of all reductions |
1.29% A |
1.31% |
1.34% |
1.39% |
1.51% A |
Net investment income (loss) |
.10% A |
.17% |
(.08)% |
(.48)% |
(1.04)% A |
Supplemental Data |
|
|
|
|
|
Net assets, end of period |
$ 2,235 |
$ 2,165 |
$ 1,393 |
$ 325 |
$ 62 |
Portfolio turnover rate G |
69% A |
79% |
65% |
87% |
77% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period July 31, 2003 (commencement of operations) to December 31, 2003.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Total distributions of $.08 per share is comprised of distributions from net investment income of $.000 and distributions from net realized gain of $.083 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
|
Six months ended June 30, 2007 |
Years ended December 31, |
|||
|
(Unaudited) |
2006 |
2005 |
2004 |
2003 H |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, |
$ 17.97 |
$ 16.35 |
$ 13.85 |
$ 11.76 |
$ 10.00 |
Income from Investment Operations |
|
|
|
|
|
Net investment income (loss) E |
(.05) |
(.07) |
(.10) |
(.13) |
(.07) |
Net realized and unrealized gain (loss) |
1.64 |
1.74 |
2.60 |
2.23 |
1.85 |
Total from investment operations |
1.59 |
1.67 |
2.50 |
2.10 |
1.78 |
Distributions from net investment income |
- |
- |
- |
(.01) |
(.01) |
Distributions from net |
- |
(.05) |
- |
- |
(.01) |
Total distributions |
- |
(.05) J |
- |
(.01) |
(.02) |
Net asset value, |
$ 19.56 |
$ 17.97 |
$ 16.35 |
$ 13.85 |
$ 11.76 |
Total Return B, C, D |
8.85% |
10.23% |
18.05% |
17.87% |
17.75% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
Expenses before reductions |
1.88% A |
1.93% |
1.98% |
2.02% |
2.19% A |
Expenses net of fee waivers, if any |
1.88% A |
1.93% |
1.98% |
2.02% |
2.19% A |
Expenses net of all reductions |
1.88% A |
1.92% |
1.94% |
1.97% |
2.08% A |
Net investment income (loss) |
(.48)% A |
(.44)% |
(.68)% |
(1.06)% |
(1.61)% A |
Supplemental Data |
|
|
|
|
|
Net assets, end of period |
$ 458 |
$ 452 |
$ 339 |
$ 109 |
$ 27 |
Portfolio turnover rate G |
69% A |
79% |
65% |
87% |
77% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period July 31, 2003 (commencement of operations) to December 31, 2003.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Total distributions of $.05 per share is comprised of distributions from net investment income of $.000 and distributions from net realized gain of $.050 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
|
Six months ended June 30, 2007 |
Years ended December 31, |
|||
|
(Unaudited) |
2006 |
2005 |
2004 |
2003 H |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, |
$ 18.00 |
$ 16.37 |
$ 13.86 |
$ 11.76 |
$ 10.00 |
Income from Investment Operations |
|
|
|
|
|
Net investment income (loss) E |
(.04) |
(.06) |
(.09) |
(.12) |
(.07) |
Net realized and unrealized gain (loss) |
1.65 |
1.74 |
2.60 |
2.23 |
1.85 |
Total from investment operations |
1.61 |
1.68 |
2.51 |
2.11 |
1.78 |
Distributions from net investment income |
- |
- |
- |
(.01) |
(.01) |
Distributions from net |
- |
(.05) |
- |
- |
(.01) |
Total distributions |
- |
(.05) J |
- |
(.01) |
(.02) |
Net asset value, |
$ 19.61 |
$ 18.00 |
$ 16.37 |
$ 13.86 |
$ 11.76 |
Total Return B, C, D |
8.94% |
10.28% |
18.11% |
17.95% |
17.77% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
Expenses before reductions |
1.81% A |
1.85% |
1.89% |
1.94% |
2.14% A |
Expenses net of fee waivers, if any |
1.81% A |
1.85% |
1.89% |
1.94% |
2.14% A |
Expenses net of all reductions |
1.81% A |
1.83% |
1.85% |
1.89% |
2.03% A |
Net investment income (loss) |
(.41)% A |
(.35)% |
(.59)% |
(.98)% |
(1.55)% A |
Supplemental Data |
|
|
|
|
|
Net assets, end of period |
$ 1,667 |
$ 1,596 |
$ 1,006 |
$ 246 |
$ 49 |
Portfolio turnover rate G |
69% A |
79% |
65% |
87% |
77% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period July 31, 2003 (commencement of operations) to December 31, 2003.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Total distributions of $.05 per share is comprised of distributions from net investment income of $.000 and distributions from net realized gain of $.050 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
|
Six months ended June 30, 2007 |
Years ended December 31, |
|||
|
(Unaudited) |
2006 |
2005 |
2004 |
2003 G |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, |
$ 18.52 |
$ 16.78 |
$ 14.05 |
$ 11.79 |
$ 10.00 |
Income from Investment Operations |
|
|
|
|
|
Net investment income (loss) D |
.06 |
.12 |
.07 |
.01 |
(.02) |
Net realized and unrealized gain (loss) |
1.70 |
1.79 |
2.66 |
2.26 |
1.86 |
Total from investment operations |
1.76 |
1.91 |
2.73 |
2.27 |
1.84 |
Distributions from net investment income |
- |
(.09) |
- |
(.01) |
(.04) |
Distributions from net |
- |
(.08) |
- |
- |
(.01) |
Total distributions |
- |
(.17) I |
- |
(.01) |
(.05) |
Net asset value, |
$ 20.28 |
$ 18.52 |
$ 16.78 |
$ 14.05 |
$ 11.79 |
Total Return B, C |
9.50% |
11.40% |
19.43% |
19.27% |
18.31% |
Ratios to Average Net Assets E, H |
|
|
|
|
|
Expenses before reductions |
.80% A |
.83% |
.84% |
.86% |
1.07% A |
Expenses net of fee waivers, if any |
.80% A |
.83% |
.84% |
.86% |
1.07% A |
Expenses net of all reductions |
.79% A |
.82% |
.79% |
.82% |
.96% A |
Net investment income (loss) |
.60% A |
.66% |
.47% |
.10% |
(.49)% A |
Supplemental Data |
|
|
|
|
|
Net assets, end of period |
$ 1,751 |
$ 1,540 |
$ 498 |
$ 120 |
$ 23 |
Portfolio turnover rate F |
69% A |
79% |
65% |
87% |
77% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period July 31, 2003 (commencement of operations) to December 31, 2003.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Total distributions of $.17 per share is comprised of distributions from net investment income of $.086 and distributions from net realized gain of $.083 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended June 30, 2007 (Unaudited)
(Amounts in thousands except ratios)
1. Organization.
Fidelity Advisor New Insights Fund (the Fund) is a fund of Fidelity Contrafund (the trust) and is authorized to issue an unlimited number of shares. Effective the close of business on April 28, 2006, the Fund was closed to most new accounts. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
The Fund offers Class A, Class T, Class B, Class C, and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.
2. Investments in Fidelity Central Funds.
The Fund may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Security Valuation - continued
(NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.
Foreign Currency. The Fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
Semiannual Report
3. Significant Accounting Policies - continued
Foreign Currency - continued
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. The Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund adopted the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes, on June 29, 2007. FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the tax years in the three year period ended June 29, 2007, remains subject to examination by the Internal Revenue Service. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, partnerships, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation |
$ 1,822,342 |
|
Unrealized depreciation |
(50,893) |
|
Net unrealized appreciation (depreciation) |
$ 1,771,449 |
|
Cost for federal income tax purposes |
$ 6,426,269 |
|
New Accounting Pronouncement. In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.
4. Operating Policies.
Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the Fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default
Semiannual Report
4. Operating Policies - continued
Repurchase Agreements - continued
of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $2,527,511 and $2,634,207, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and a group fee rate that averaged ..26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .56% of the Fund's average net assets.
In December 2006, the Board of Trustees approved a new management contract for the Fund. Shareholders have been asked to vote on the new contract on or about September 19, 2007. If approved by the shareholders, the new contract will add a performance adjustment component to the management fee based on the Fund's performance, calculated by reference to the investment performance of the Fund's Institutional Class relative to an appropriate benchmark index.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
6. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:
|
Distribution |
Service |
Paid to |
Retained |
Class A |
-% |
.25% |
$ 2,382 |
$ 204 |
Class T |
.25% |
.25% |
5,534 |
103 |
Class B |
.75% |
.25% |
2,272 |
1,727 |
Class C |
.75% |
.25% |
8,148 |
1,364 |
|
|
|
$ 18,336 |
$ 3,398 |
Sales Load. FDC receives a front-end sales charge of up to 5.75% for selling Class A shares, and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
|
Retained |
Class A |
$ 175 |
Class T |
74 |
Class B* |
373 |
Class C* |
76 |
|
$ 698 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales
are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class to FIIOC, were as follows:
|
Amount |
% of |
Class A |
$ 2,186 |
.23 |
Class T |
2,177 |
.20 |
Class B |
641 |
.28 |
Class C |
1,730 |
.21 |
Institutional Class |
1,638 |
.20 |
|
$ 8,372 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $14 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro rata portion of the line of credit, which amounted to $9 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
8. Security Lending - continued
delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $1,008.
9. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $145 for the period. In addition, through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $8. During the period, credits reduced each class' transfer agent expense as noted in the table below.
|
Transfer Agent |
|
Class A |
$ 19 |
|
Class T |
9 |
|
Institutional Class |
5 |
|
|
$ 33 |
|
10. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising 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 as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
In September 2006, FIIOC, the Fund's transfer agent, notified the Fund that the Fund's books and records did not reflect a conversion of certain Class B to Class A shares upon their conversion date. In March 2007, FIIOC converted the relevant Class B shares to
Semiannual Report
10. Other - continued
Class A shares and recorded the conversion in the books and records of the Fund which did not result in a material impact to the Fund's reported net assets or results of operations in the accompanying financial statements. FIIOC has reimbursed the Fund for related audit and legal expenses and, beginning in June 2007, remediated affected shareholders.
The United States Securities and Exchange Commission ("SEC") is conducting an investigation of FMR (covering the years 2002 to 2004) arising from gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during that period. FMR is in discussions with the SEC staff regarding the possible resolution of the matter, but as of period-end no final resolution has been reached.
In December 2006, the Independent Trustees completed their own investigation of the matter with the assistance of independent counsel. The Independent Trustees and FMR agree that, despite the absence of proof that the Fidelity mutual funds experienced diminished execution quality as a result of the improper receipt of gifts and business entertainment, the conduct at issue was serious and is worthy of redress. Accordingly, the Independent Trustees have requested and FMR has agreed to pay $42 million to Fidelity mutual funds, plus interest to be determined at the time that payment is made. A method of allocating this payment among the funds has not yet been determined. The total payment to the Fund is not anticipated to have a material impact on the Fund's net assets. In addition, FMR reimbursed related legal expenses which are recorded in the accompanying Statement of Operations as an expense reduction.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Six months ended |
Year ended |
From net investment income |
|
|
Class A |
$ - |
$ 3,373 |
Institutional Class |
- |
7,100 |
Total |
$ - |
$ 10,473 |
From net realized gain |
|
|
Class A |
$ - |
$ 6,877 |
Class T |
- |
8,598 |
Class B |
- |
1,130 |
Class C |
- |
3,506 |
Institutional Class |
- |
4,596 |
Total |
$ - |
$ 24,707 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
12. Share Transactions.
Transactions for each class of shares were as follows:
|
Shares |
Dollars |
||
|
Six months ended |
Year ended |
Six months ended |
Year ended |
Class A |
|
|
|
|
Shares sold |
11,087 |
56,857 |
$ 212,168 |
$ 987,944 |
Reinvestment of distributions |
- |
510 |
- |
9,102 |
Shares redeemed |
(10,594) |
(19,382) |
(202,115) |
(338,857) |
Net increase (decrease) |
493 |
37,985 |
$ 10,053 |
$ 658,189 |
Class T |
|
|
|
|
Shares sold |
5,982 |
49,748 |
$ 113,516 |
$ 860,917 |
Reinvestment of distributions |
- |
464 |
- |
8,157 |
Shares redeemed |
(12,445) |
(15,864) |
(238,135) |
(273,911) |
Net increase (decrease) |
(6,463) |
34,348 |
$ (124,619) |
$ 595,163 |
Class B |
|
|
|
|
Shares sold |
761 |
8,880 |
$ 14,141 |
$ 151,398 |
Reinvestment of distributions |
- |
56 |
- |
941 |
Shares redeemed |
(2,540) |
(4,507) |
(47,298) |
(76,579) |
Net increase (decrease) |
(1,779) |
4,429 |
$ (33,157) |
$ 75,760 |
Class C |
|
|
|
|
Shares sold |
3,073 |
36,136 |
$ 57,258 |
$ 616,428 |
Reinvestment of distributions |
- |
154 |
- |
2,604 |
Shares redeemed |
(6,678) |
(9,125) |
(124,918) |
(154,499) |
Net increase (decrease) |
(3,605) |
27,165 |
$ (67,660) |
$ 464,533 |
Institutional Class |
|
|
|
|
Shares sold |
11,930 |
68,189 |
$ 229,539 |
$ 1,206,339 |
Reinvestment of distributions |
- |
432 |
- |
7,867 |
Shares redeemed |
(8,755) |
(15,120) |
(168,103) |
(264,200) |
Net increase (decrease) |
3,175 |
53,501 |
$ 61,436 |
$ 950,006 |
Semiannual Report
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Adviser
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Research & Analysis Company
Fidelity Investments Japan Limited
Fidelity International Investment Advisors
Fidelity International Investment
Advisors (U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Brown Brothers Harriman & Co.
Boston, MA
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
ANIFI-USAN-0807
1.803544.103
Fidelity®
Semiannual Report
June 30, 2007
(2_fidelity_logos) (Registered_Trademark)
Chairman's Message |
Ned Johnson's message to shareholders. |
|
Shareholder Expense Example |
An example of shareholder expenses. |
|
Investment Changes |
A summary of major shifts in the fund's investments over the past six months. |
|
Investments |
A complete list of the fund's investments with their market values. |
|
Financial Statements |
Statements of assets and liabilities, operations, and changes in net assets, |
|
Notes |
Notes to the financial statements. |
|
Report of Independent Registered Public Accounting Firm |
|
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings report, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Annual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Stocks are currently on pace to register their fifth-straight year of positive returns, although gains could be trimmed if the U.S. economy continues to slow. While financial markets are always unpredictable, there are a number of time-tested principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2007 to June 30, 2007).
Actual Expenses
The first line of the accompanying table 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 $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. 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% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Investments - continued
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
|
Beginning |
Ending |
Expenses Paid |
Actual |
$ 1,000.00 |
$ 1,090.20 |
$ 4.61 |
Hypothetical (5% return per year before expenses) |
$ 1,000.00 |
$ 1,020.38 |
$ 4.46 |
* Expenses are equal to the Fund's annualized expense ratio of .89%; multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Top Ten Stocks as of June 30, 2007 |
||
|
% of fund's |
% of fund's net assets |
Google, Inc. Class A (sub. vtg.) |
4.4 |
4.3 |
Hewlett-Packard Co. |
2.6 |
2.4 |
Exxon Mobil Corp. |
2.6 |
1.5 |
Apple, Inc. |
2.6 |
1.8 |
Berkshire Hathaway, Inc. Class A |
2.5 |
2.7 |
America Movil SA de CV Series L sponsored ADR |
2.4 |
2.0 |
AT&T, Inc. |
1.9 |
1.1 |
Procter & Gamble Co. |
1.8 |
2.0 |
Genentech, Inc. |
1.8 |
2.3 |
Schlumberger Ltd. (NY Shares) |
1.6 |
1.1 |
|
24.2 |
|
Top Five Market Sectors as of June 30, 2007 |
||
|
% of fund's |
% of fund's net assets |
Information Technology |
20.4 |
17.9 |
Financials |
15.0 |
21.7 |
Health Care |
10.6 |
10.4 |
Energy |
10.5 |
7.0 |
Industrials |
8.3 |
7.3 |
Asset Allocation (% of fund's net assets) |
|||||||
As of June 30, 2007* |
As of December 31, 2006** |
||||||
![]() |
Stocks 91.4% |
|
![]() |
Stocks 92.5% |
|
||
![]() |
Short-Term |
|
![]() |
Short-Term |
|
||
* Foreign investments |
24.4% |
|
** Foreign investments |
24.0% |
|
Semiannual Report
Showing Percentage of Net Assets
Common Stocks - 91.4% |
|||
Shares |
Value (000s) |
||
CONSUMER DISCRETIONARY - 7.9% |
|||
Auto Components - 0.1% |
|||
Gentex Corp. |
806,400 |
$ 15,878 |
|
Johnson Controls, Inc. |
382,100 |
44,236 |
|
The Goodyear Tire & Rubber Co. (a) |
657,200 |
22,844 |
|
|
82,958 |
||
Automobiles - 0.5% |
|||
DaimlerChrysler AG |
336,500 |
30,941 |
|
Toyota Motor Corp. |
5,831,400 |
367,028 |
|
|
397,969 |
||
Distributors - 0.1% |
|||
Li & Fung Ltd. |
10,927,200 |
39,339 |
|
Hotels, Restaurants & Leisure - 1.3% |
|||
California Pizza Kitchen, Inc. (a)(e) |
2,237,502 |
48,062 |
|
Chipotle Mexican Grill, Inc.: |
|
|
|
Class A (a)(d) |
1,855,800 |
158,263 |
|
Class B (a) |
64,372 |
5,062 |
|
Marriott International, Inc. Class A |
2,177,190 |
94,142 |
|
McDonald's Corp. |
6,033,070 |
306,239 |
|
Tim Hortons, Inc. (e) |
10,059,732 |
309,337 |
|
|
921,105 |
||
Household Durables - 1.0% |
|||
Desarrolladora Homex Sab de CV sponsored ADR (a) |
121,600 |
7,368 |
|
Gafisa SA ADR (a)(d) |
1,530,700 |
47,758 |
|
Garmin Ltd. (d) |
5,536,349 |
409,524 |
|
Koninklijke Philips Electronics NV (NY Shares) |
2,108,900 |
89,249 |
|
Mohawk Industries, Inc. (a) |
165,000 |
16,630 |
|
Snap-On, Inc. |
1,515,900 |
76,568 |
|
Sony Corp. |
760,400 |
39,062 |
|
TomTom Group BV (a)(d) |
677,100 |
34,759 |
|
|
720,918 |
||
Internet & Catalog Retail - 0.3% |
|||
Amazon.com, Inc. (a) |
700,308 |
47,908 |
|
Liberty Media Corp. New - Interactive Series A (a) |
3,744,744 |
83,620 |
|
Priceline.com, Inc. (a) |
976,600 |
67,131 |
|
|
198,659 |
||
Media - 2.5% |
|||
Central European Media Enterprises Ltd. Class A (a) |
79,900 |
7,797 |
|
Comcast Corp. Class A (special) (non-vtg.) |
4,185,750 |
117,034 |
|
EchoStar Communications Corp. Class A (a) |
3,633,194 |
157,572 |
|
Focus Media Holding Ltd. ADR (a) |
1,704,738 |
86,089 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
CONSUMER DISCRETIONARY - continued |
|||
Media - continued |
|||
Grupo Televisa SA de CV (CPO) sponsored ADR |
1,169,800 |
$ 32,298 |
|
McGraw-Hill Companies, Inc. |
201,966 |
13,750 |
|
National CineMedia, Inc. |
382,500 |
10,714 |
|
News Corp. Class B |
6,518,744 |
149,540 |
|
The Walt Disney Co. |
32,748,906 |
1,118,048 |
|
The Weinstein Co. Holdings, LLC Class A-1 (a)(g) |
41,234 |
41,234 |
|
Time Warner, Inc. |
3,605,200 |
75,853 |
|
|
1,809,929 |
||
Multiline Retail - 0.6% |
|||
Kohl's Corp. (a) |
434,477 |
30,861 |
|
Marks & Spencer Group PLC |
26,740,047 |
337,215 |
|
Saks, Inc. |
574,800 |
12,272 |
|
Target Corp. |
1,199,700 |
76,301 |
|
|
456,649 |
||
Specialty Retail - 1.1% |
|||
American Eagle Outfitters, Inc. |
3,304,167 |
84,785 |
|
Gamestop Corp. Class A (a) |
4,253,640 |
166,317 |
|
Hennes & Mauritz AB (H&M) (B Shares) |
377,728 |
22,450 |
|
Inditex SA |
961,100 |
56,934 |
|
J. Crew Group, Inc. (e) |
4,905,308 |
265,328 |
|
Payless ShoeSource, Inc. (a) |
234,800 |
7,408 |
|
Sports Direct International PLC |
2,147,142 |
7,826 |
|
TJX Companies, Inc. |
5,409,948 |
148,774 |
|
Tween Brands, Inc. (a) |
176,800 |
7,885 |
|
Zumiez, Inc. (a) |
1,133,223 |
42,813 |
|
|
810,520 |
||
Textiles, Apparel & Luxury Goods - 0.4% |
|||
Burberry Group PLC |
572,600 |
7,899 |
|
Coach, Inc. (a) |
2,444,600 |
115,850 |
|
NIKE, Inc. Class B |
3,128,700 |
182,372 |
|
Polo Ralph Lauren Corp. Class A |
232,200 |
22,781 |
|
|
328,902 |
||
TOTAL CONSUMER DISCRETIONARY |
5,766,948 |
||
CONSUMER STAPLES - 6.4% |
|||
Beverages - 2.4% |
|||
Boston Beer Co., Inc. Class A (a) |
160,800 |
6,327 |
|
C&C Group PLC |
474,100 |
6,404 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
CONSUMER STAPLES - continued |
|||
Beverages - continued |
|||
Diageo PLC sponsored ADR |
2,300,700 |
$ 191,671 |
|
InBev SA |
234,183 |
18,646 |
|
PepsiCo, Inc. |
12,379,273 |
802,796 |
|
The Coca-Cola Co. |
14,596,991 |
763,569 |
|
|
1,789,413 |
||
Food & Staples Retailing - 0.5% |
|||
Kroger Co. |
744,090 |
20,931 |
|
SUPERVALU, Inc. |
163,700 |
7,583 |
|
Susser Holdings Corp. (e) |
1,133,019 |
18,366 |
|
Tesco PLC |
28,089,176 |
238,758 |
|
Walgreen Co. |
843,700 |
36,735 |
|
|
322,373 |
||
Food Products - 0.9% |
|||
Groupe Danone |
3,718,294 |
302,041 |
|
Kellogg Co. |
1,354,734 |
70,162 |
|
Marine Harvest ASA (a) |
40,966,000 |
44,598 |
|
Nestle SA (Reg.) |
418,580 |
160,149 |
|
TreeHouse Foods, Inc. (a)(e) |
3,119,827 |
83,019 |
|
|
659,969 |
||
Household Products - 2.4% |
|||
Colgate-Palmolive Co. |
6,726,711 |
436,227 |
|
Procter & Gamble Co. |
21,995,770 |
1,345,921 |
|
|
1,782,148 |
||
Personal Products - 0.2% |
|||
Avon Products, Inc. |
308,319 |
11,331 |
|
Bare Escentuals, Inc. |
2,696,598 |
92,089 |
|
Estee Lauder Companies, Inc. Class A |
1,134,700 |
51,640 |
|
|
155,060 |
||
TOTAL CONSUMER STAPLES |
4,708,963 |
||
ENERGY - 10.5% |
|||
Energy Equipment & Services - 2.2% |
|||
FMC Technologies, Inc. (a) |
622,334 |
49,301 |
|
National Oilwell Varco, Inc. (a) |
908,800 |
94,733 |
|
Schlumberger Ltd. (NY Shares) |
13,861,215 |
1,177,372 |
|
Smith International, Inc. |
5,483,579 |
321,557 |
|
|
1,642,963 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
ENERGY - continued |
|||
Oil, Gas & Consumable Fuels - 8.3% |
|||
Addax Petroleum, Inc. |
559,800 |
$ 20,936 |
|
Apache Corp. |
820,000 |
66,904 |
|
BG Group PLC sponsored ADR |
778,500 |
63,674 |
|
Cameco Corp. |
1,363,322 |
69,110 |
|
Canadian Natural Resources Ltd. |
1,703,200 |
113,168 |
|
Canadian Oil Sands Trust |
3,827,200 |
118,346 |
|
Chesapeake Energy Corp. |
3,259,195 |
112,768 |
|
China Shenhua Energy Co. Ltd. (H Shares) |
11,904,000 |
41,562 |
|
EnCana Corp. |
14,690,348 |
903,555 |
|
EOG Resources, Inc. |
3,584,700 |
261,898 |
|
Exxon Mobil Corp. |
23,063,256 |
1,934,546 |
|
Murphy Oil Corp. |
2,406,400 |
143,036 |
|
Newfield Exploration Co. (a) |
158,100 |
7,201 |
|
Noble Energy, Inc. |
6,384,866 |
398,352 |
|
Petroleo Brasileiro SA Petrobras sponsored ADR |
2,315,200 |
280,764 |
|
Petroplus Holdings AG (e) |
3,744,051 |
385,561 |
|
Plains Exploration & Production Co. (a) |
277,100 |
13,248 |
|
Range Resources Corp. |
466,700 |
17,459 |
|
Suncor Energy, Inc. |
1,204,700 |
108,522 |
|
Talisman Energy, Inc. |
1,046,600 |
20,239 |
|
Tesoro Corp. |
1,233,800 |
70,512 |
|
Valero Energy Corp. |
9,046,075 |
668,143 |
|
W&T Offshore, Inc. |
1,134,700 |
31,760 |
|
Williams Companies, Inc. |
227,900 |
7,206 |
|
XTO Energy, Inc. |
3,688,233 |
221,663 |
|
|
6,080,133 |
||
TOTAL ENERGY |
7,723,096 |
||
FINANCIALS - 15.0% |
|||
Capital Markets - 1.2% |
|||
Charles Schwab Corp. |
10,858,394 |
222,814 |
|
Franklin Resources, Inc. |
992,295 |
131,449 |
|
Goldman Sachs Group, Inc. |
1,541,400 |
334,098 |
|
Mellon Financial Corp. |
2,525,018 |
111,101 |
|
SEI Investments Co. |
2,642,470 |
76,737 |
|
State Street Corp. |
371,900 |
25,438 |
|
|
901,637 |
||
Commercial Banks - 1.9% |
|||
Allied Irish Banks PLC |
1,628,410 |
44,749 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
FINANCIALS - continued |
|||
Commercial Banks - continued |
|||
Banco Itau Holding Financeira SA sponsored ADR (non-vtg.) |
713,100 |
$ 31,690 |
|
Bank of Ireland |
3,148,937 |
63,884 |
|
Compass Bancshares, Inc. |
684,773 |
47,236 |
|
HDFC Bank Ltd. sponsored ADR (d) |
212,900 |
17,939 |
|
M&T Bank Corp. |
1,519,100 |
162,392 |
|
National Australia Bank Ltd. |
2,290,700 |
79,677 |
|
Standard Chartered PLC (United Kingdom) |
1,727,600 |
56,548 |
|
Toronto-Dominion Bank |
851,400 |
58,233 |
|
Uniao de Bancos Brasileiros SA (Unibanco) GDR |
221,000 |
24,944 |
|
Wells Fargo & Co. |
22,819,389 |
802,558 |
|
|
1,389,850 |
||
Consumer Finance - 0.9% |
|||
American Express Co. |
10,474,250 |
640,815 |
|
Diversified Financial Services - 2.1% |
|||
Bank of America Corp. |
4,759,625 |
232,698 |
|
CBOT Holdings, Inc. Class A (a) |
485,233 |
100,249 |
|
Chicago Mercantile Exchange Holdings, Inc. Class A |
49,671 |
26,542 |
|
Citigroup, Inc. |
14,482,078 |
742,786 |
|
JPMorgan Chase & Co. |
8,273,500 |
400,851 |
|
Moody's Corp. |
67,300 |
4,186 |
|
Symmetry Holdings, Inc. unit |
1,069,200 |
9,356 |
|
|
1,516,668 |
||
Insurance - 8.9% |
|||
Admiral Group PLC |
8,769,322 |
156,550 |
|
Allstate Corp. |
7,210,873 |
443,541 |
|
American International Group, Inc. |
10,147,726 |
710,645 |
|
Assurant, Inc. |
3,326,620 |
196,004 |
|
Axis Capital Holdings Ltd. |
2,824,100 |
114,800 |
|
Berkshire Hathaway, Inc. Class A (a) |
17,003 |
1,861,403 |
|
Everest Re Group Ltd. |
1,519,520 |
165,081 |
|
Lincoln National Corp. |
3,240,408 |
229,907 |
|
Loews Corp. |
6,360,984 |
324,283 |
|
Markel Corp. (a) |
78,750 |
38,159 |
|
MetLife, Inc. |
9,761,600 |
629,428 |
|
MetLife, Inc. unit |
3,634,300 |
117,606 |
|
Prudential Financial, Inc. |
6,102,575 |
593,353 |
|
The Chubb Corp. |
9,849,000 |
533,225 |
|
The Travelers Companies, Inc. |
1,489,100 |
79,667 |
|
Torchmark Corp. |
105,500 |
7,069 |
|
W.R. Berkley Corp. |
4,213,800 |
137,117 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
FINANCIALS - continued |
|||
Insurance - continued |
|||
White Mountains Insurance Group Ltd. |
147,450 |
$ 89,358 |
|
Willis Group Holdings Ltd. |
877,400 |
38,658 |
|
Zenith National Insurance Corp. |
901,900 |
42,470 |
|
|
6,508,324 |
||
Real Estate Management & Development - 0.0% |
|||
CB Richard Ellis Group, Inc. Class A (a) |
1,091,908 |
39,855 |
|
TOTAL FINANCIALS |
10,997,149 |
||
HEALTH CARE - 10.6% |
|||
Biotechnology - 3.6% |
|||
Actelion Ltd. (Reg.) (a) |
1,135,975 |
50,819 |
|
Arena Pharmaceuticals, Inc. (a)(d)(e) |
3,389,783 |
37,254 |
|
Celgene Corp. (a) |
4,594,904 |
263,426 |
|
Cephalon, Inc. (a) |
195,000 |
15,676 |
|
Genentech, Inc. (a) |
17,671,242 |
1,337,006 |
|
Genmab AS (a) |
954,000 |
61,332 |
|
Gilead Sciences, Inc. (a) |
15,987,594 |
619,839 |
|
GTx, Inc. (a) |
921,507 |
14,919 |
|
MannKind Corp. (a)(d) |
4,769,359 |
58,806 |
|
MannKind Corp. warrants 8/3/10 (a)(g) |
304,338 |
1,403 |
|
Medarex, Inc. (a)(e) |
7,875,303 |
112,538 |
|
Omrix Biopharmaceuticals, Inc. |
375,453 |
11,812 |
|
OREXIGEN Therapeutics, Inc. |
132,928 |
1,997 |
|
Seattle Genetics, Inc. (a) |
849,376 |
8,332 |
|
Tanox, Inc. (a) |
1,050,790 |
20,396 |
|
|
2,615,555 |
||
Health Care Equipment & Supplies - 1.6% |
|||
Alcon, Inc. |
794,700 |
107,213 |
|
Align Technology, Inc. (a) |
64,200 |
1,551 |
|
Becton, Dickinson & Co. |
1,634,296 |
121,755 |
|
C.R. Bard, Inc. |
1,965,740 |
162,429 |
|
DENTSPLY International, Inc. |
4,738,374 |
181,290 |
|
Gen-Probe, Inc. (a) |
1,434,000 |
86,642 |
|
Hillenbrand Industries, Inc. |
112,900 |
7,339 |
|
Hologic, Inc. (a) |
312,125 |
17,264 |
|
Intuitive Surgical, Inc. (a) |
530,553 |
73,625 |
|
Inverness Medical Innovations, Inc. (a) |
171,300 |
8,740 |
|
Kyphon, Inc. (a)(e) |
2,528,444 |
121,745 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
HEALTH CARE - continued |
|||
Health Care Equipment & Supplies - continued |
|||
Mindray Medical International Ltd. sponsored ADR |
562,000 |
$ 17,158 |
|
Nobel Biocare Holding AG (Switzerland) |
150,756 |
49,425 |
|
Northstar Neuroscience, Inc. |
1,087,888 |
12,652 |
|
NuVasive, Inc. (a) |
1,163,663 |
31,431 |
|
Sirona Dental Systems, Inc. |
472,004 |
17,856 |
|
Smith & Nephew PLC |
1,212,200 |
15,039 |
|
St. Jude Medical, Inc. (a) |
710,100 |
29,462 |
|
Stryker Corp. |
1,650,900 |
104,155 |
|
TomoTherapy, Inc. |
711,528 |
15,597 |
|
Zimmer Holdings, Inc. (a) |
193,200 |
16,401 |
|
|
1,198,769 |
||
Health Care Providers & Services - 0.3% |
|||
Emeritus Corp. (a) |
917,965 |
28,439 |
|
Henry Schein, Inc. (a) |
286,951 |
15,332 |
|
Humana, Inc. (a) |
190,206 |
11,585 |
|
Medco Health Solutions, Inc. (a) |
230,000 |
17,938 |
|
Nighthawk Radiology Holdings, Inc. (a)(e) |
2,102,450 |
37,949 |
|
Patterson Companies, Inc. (a) |
1,430,271 |
53,306 |
|
UnitedHealth Group, Inc. |
529,109 |
27,059 |
|
VCA Antech, Inc. (a) |
706,751 |
26,637 |
|
|
218,245 |
||
Health Care Technology - 0.1% |
|||
Cerner Corp. (a) |
151,800 |
8,420 |
|
Health Corp. (a) |
4,844,479 |
67,871 |
|
IMS Health, Inc. |
712,800 |
22,902 |
|
Vital Images, Inc. (a) |
268,200 |
7,284 |
|
|
106,477 |
||
Life Sciences Tools & Services - 0.3% |
|||
Dionex Corp. (a) |
152,037 |
10,793 |
|
Medivation, Inc. (a) |
379,442 |
7,752 |
|
Millipore Corp. (a) |
434,812 |
32,650 |
|
QIAGEN NV (a) |
919,000 |
16,349 |
|
Techne Corp. (a) |
652,446 |
37,326 |
|
Thermo Fisher Scientific, Inc. (a) |
304,600 |
15,754 |
|
Waters Corp. (a) |
1,898,703 |
112,707 |
|
|
233,331 |
||
Pharmaceuticals - 4.7% |
|||
Abbott Laboratories (d) |
5,889,083 |
315,360 |
|
Allergan, Inc. |
131,000 |
7,551 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
HEALTH CARE - continued |
|||
Pharmaceuticals - continued |
|||
BioMimetic Therapeutics, Inc. |
621,241 |
$ 9,710 |
|
Bristol-Myers Squibb Co. |
5,115,200 |
161,436 |
|
Johnson & Johnson |
4,260,700 |
262,544 |
|
Merck & Co., Inc. |
16,087,350 |
801,150 |
|
Novo Nordisk AS Series B |
511,200 |
55,781 |
|
Pfizer, Inc. |
14,645,400 |
374,483 |
|
Roche Holding AG (participation certificate) |
5,458,078 |
970,992 |
|
Schering-Plough Corp. |
12,819,862 |
390,237 |
|
Shire PLC |
1,736,000 |
42,897 |
|
Sirtris Pharmaceuticals, Inc. |
759,886 |
7,500 |
|
Xenoport, Inc. (a) |
438,010 |
19,456 |
|
|
3,419,097 |
||
TOTAL HEALTH CARE |
7,791,474 |
||
INDUSTRIALS - 8.3% |
|||
Aerospace & Defense - 1.2% |
|||
General Dynamics Corp. |
582,254 |
45,544 |
|
Lockheed Martin Corp. |
4,097,195 |
385,669 |
|
Precision Castparts Corp. |
404,300 |
49,066 |
|
Spirit AeroSystems Holdings, Inc. Class A |
1,849,100 |
66,660 |
|
The Boeing Co. |
2,876,674 |
276,621 |
|
United Technologies Corp. |
853,400 |
60,532 |
|
|
884,092 |
||
Air Freight & Logistics - 0.6% |
|||
C.H. Robinson Worldwide, Inc. (d) |
8,558,225 |
449,478 |
|
Airlines - 0.3% |
|||
Republic Airways Holdings, Inc. (a) |
1,210,417 |
24,632 |
|
Ryanair Holdings PLC sponsored ADR (a) |
5,529,982 |
208,757 |
|
|
233,389 |
||
Building Products - 0.1% |
|||
American Standard Companies, Inc. |
899,100 |
53,029 |
|
Commercial Services & Supplies - 0.3% |
|||
Advisory Board Co. (a) |
154,619 |
8,591 |
|
Covanta Holding Corp. (a) |
463,100 |
11,415 |
|
Equifax, Inc. |
948,695 |
42,141 |
|
Fuel Tech, Inc. (a) |
412,653 |
14,133 |
|
IHS, Inc. Class A (a) |
170,900 |
7,861 |
|
Interface, Inc. Class A |
864,103 |
16,297 |
|
Kenexa Corp. (a) |
851,567 |
32,113 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INDUSTRIALS - continued |
|||
Commercial Services & Supplies - continued |
|||
Stericycle, Inc. (a) |
575,000 |
$ 25,565 |
|
Taleo Corp. Class A (a) |
1,098,145 |
24,741 |
|
|
182,857 |
||
Construction & Engineering - 0.5% |
|||
Jacobs Engineering Group, Inc. (a)(e) |
6,702,454 |
385,458 |
|
Electrical Equipment - 2.2% |
|||
ABB Ltd. sponsored ADR |
4,114,700 |
92,992 |
|
Cooper Industries Ltd. Class A (e) |
12,274,241 |
700,736 |
|
First Solar, Inc. |
193,500 |
17,278 |
|
JA Solar Holdings Co. Ltd. ADR |
254,600 |
8,588 |
|
Prysmian SpA |
1,054,900 |
25,642 |
|
Q-Cells AG (d) |
3,289,581 |
285,782 |
|
Renewable Energy Corp. AS (d) |
8,118,475 |
316,633 |
|
SolarWorld AG (d) |
2,698,184 |
124,889 |
|
|
1,572,540 |
||
Industrial Conglomerates - 0.2% |
|||
3M Co. |
188,400 |
16,351 |
|
General Electric Co. |
2,044,233 |
78,253 |
|
Hutchison Whampoa Ltd. |
6,326,000 |
62,822 |
|
|
157,426 |
||
Machinery - 2.3% |
|||
Bucyrus International, Inc. Class A |
567,400 |
40,161 |
|
Cummins, Inc. |
1,107,700 |
112,110 |
|
Danaher Corp. |
8,173,609 |
617,107 |
|
Deere & Co. |
304,000 |
36,705 |
|
Dover Corp. |
303,900 |
15,544 |
|
IDEX Corp. |
2,967,349 |
114,362 |
|
ITT Corp. |
465,800 |
31,805 |
|
Kennametal, Inc. |
94,800 |
7,776 |
|
PACCAR, Inc. |
6,491,302 |
565,003 |
|
Pall Corp. |
2,769,200 |
127,356 |
|
Valmont Industries, Inc. |
180,005 |
13,097 |
|
|
1,681,026 |
||
Marine - 0.0% |
|||
American Commercial Lines, Inc. (a)(d) |
550,569 |
14,342 |
|
Kuehne & Nagel International AG |
99,049 |
9,146 |
|
|
23,488 |
||
Road & Rail - 0.6% |
|||
Burlington Northern Santa Fe Corp. |
1,269,400 |
108,077 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INDUSTRIALS - continued |
|||
Road & Rail - continued |
|||
Canadian National Railway Co. |
4,841,400 |
$ 246,331 |
|
Hertz Global Holdings, Inc. |
832,300 |
22,114 |
|
Knight Transportation, Inc. |
624,375 |
12,100 |
|
Landstar System, Inc. |
216,089 |
10,426 |
|
Union Pacific Corp. |
355,500 |
40,936 |
|
|
439,984 |
||
TOTAL INDUSTRIALS |
6,062,767 |
||
INFORMATION TECHNOLOGY - 20.4% |
|||
Communications Equipment - 2.5% |
|||
Cisco Systems, Inc. (a) |
18,833,400 |
524,510 |
|
Corning, Inc. (a) |
310,000 |
7,921 |
|
F5 Networks, Inc. (a) |
766,460 |
61,777 |
|
Juniper Networks, Inc. (a) |
445,496 |
11,213 |
|
Nice Systems Ltd. sponsored ADR |
751,100 |
26,093 |
|
Nokia Corp. sponsored ADR |
12,398,886 |
348,533 |
|
Polycom, Inc. (a) |
1,370,182 |
46,038 |
|
QUALCOMM, Inc. |
3,302,103 |
143,278 |
|
Research In Motion Ltd. (a) |
2,980,003 |
595,971 |
|
Riverbed Technology, Inc. |
1,144,636 |
50,158 |
|
|
1,815,492 |
||
Computers & Peripherals - 6.3% |
|||
Apple, Inc. (a) |
15,478,737 |
1,889,025 |
|
Dell, Inc. (a) |
12,974,492 |
370,422 |
|
Diebold, Inc. |
414,000 |
21,611 |
|
EMC Corp. (a) |
5,897,900 |
106,752 |
|
Hewlett-Packard Co. |
43,539,500 |
1,942,732 |
|
NCR Corp. (a) |
2,308,300 |
121,278 |
|
Network Appliance, Inc. (a) |
4,179,630 |
122,045 |
|
Sun Microsystems, Inc. (a) |
9,696,424 |
51,003 |
|
|
4,624,868 |
||
Electronic Equipment & Instruments - 1.0% |
|||
Agilent Technologies, Inc. (a) |
1,025,200 |
39,409 |
|
Amphenol Corp. Class A |
5,998,760 |
213,856 |
|
FLIR Systems, Inc. (a) |
3,116,903 |
144,157 |
|
Hon Hai Precision Industry Co. Ltd. (Foxconn) |
17,539,285 |
152,143 |
|
Mettler-Toledo International, Inc. (a) |
1,133,600 |
108,270 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INFORMATION TECHNOLOGY - continued |
|||
Electronic Equipment & Instruments - continued |
|||
Sunpower Corp. Class A (a)(d) |
265,600 |
$ 16,746 |
|
Trimble Navigation Ltd. (a) |
1,708,475 |
55,013 |
|
|
729,594 |
||
Internet Software & Services - 5.1% |
|||
Akamai Technologies, Inc. (a) |
6,923,492 |
336,759 |
|
Baidu.com, Inc. sponsored ADR (a) |
450,718 |
75,712 |
|
Blinkx PLC |
2,449,353 |
2,140 |
|
Google, Inc. Class A (sub. vtg.) (a) |
6,193,304 |
3,241,448 |
|
NHN Corp. |
159,566 |
29,103 |
|
Perficient, Inc. (a) |
24,953 |
517 |
|
ValueClick, Inc. (a) |
342,700 |
10,096 |
|
VistaPrint Ltd. (a)(e) |
2,474,887 |
94,664 |
|
|
3,790,439 |
||
IT Services - 1.8% |
|||
Accenture Ltd. Class A |
6,480,500 |
277,949 |
|
Alliance Data Systems Corp. (a) |
1,303,100 |
100,704 |
|
Cognizant Technology Solutions Corp. Class A (a) |
1,012,966 |
76,064 |
|
ExlService Holdings, Inc. |
399,100 |
7,479 |
|
Fidelity National Information Services, Inc. |
614,800 |
33,371 |
|
Fiserv, Inc. (a) |
134,900 |
7,662 |
|
Infosys Technologies Ltd. sponsored ADR |
508,800 |
25,633 |
|
Mastercard, Inc. Class A (d) |
2,073,250 |
343,890 |
|
Paychex, Inc. |
2,799,821 |
109,529 |
|
SRA International, Inc. Class A (a) |
3,726,200 |
94,124 |
|
The Western Union Co. |
6,882,001 |
143,352 |
|
VeriFone Holdings, Inc. (a) |
3,310,865 |
116,708 |
|
|
1,336,465 |
||
Office Electronics - 0.0% |
|||
Zebra Technologies Corp. Class A (a) |
145,000 |
5,617 |
|
Semiconductors & Semiconductor Equipment - 1.4% |
|||
Altera Corp. |
1,327,200 |
29,371 |
|
Analog Devices, Inc. |
1,062,100 |
39,977 |
|
Applied Materials, Inc. |
4,725,800 |
93,902 |
|
ASML Holding NV (NY Shares) (a) |
1,775,500 |
48,737 |
|
Cavium Networks, Inc. |
496,810 |
11,238 |
|
Cypress Semiconductor Corp. (a) |
336,400 |
7,835 |
|
FEI Co. (a) |
725,459 |
23,548 |
|
Lam Research Corp. (a) |
2,010,316 |
103,330 |
|
Linear Technology Corp. |
2,613,381 |
94,552 |
|
Marvell Technology Group Ltd. (a) |
15,008,875 |
273,312 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INFORMATION TECHNOLOGY - continued |
|||
Semiconductors & Semiconductor Equipment - continued |
|||
MediaTek, Inc. |
569,000 |
$ 8,898 |
|
Microchip Technology, Inc. |
428,500 |
15,872 |
|
NVIDIA Corp. (a) |
642,800 |
26,554 |
|
Richtek Technology Corp. |
759,000 |
12,055 |
|
Samsung Electronics Co. Ltd. |
296,583 |
181,703 |
|
Tessera Technologies, Inc. (a) |
551,844 |
22,377 |
|
Texas Instruments, Inc. |
453,000 |
17,046 |
|
Xilinx, Inc. |
530,000 |
14,188 |
|
|
1,024,495 |
||
Software - 2.3% |
|||
Activision, Inc. (a) |
1,882,151 |
35,140 |
|
Adobe Systems, Inc. (a) |
7,212,108 |
289,566 |
|
Autonomy Corp. PLC (a) |
2,449,353 |
35,414 |
|
BMC Software, Inc. (a) |
2,422,950 |
73,415 |
|
Cadence Design Systems, Inc. (a) |
1,381,665 |
30,341 |
|
CommVault Systems, Inc. (e) |
4,249,287 |
73,385 |
|
Electronic Arts, Inc. (a) |
581,100 |
27,498 |
|
McAfee, Inc. (a) |
3,388,000 |
119,258 |
|
Nintendo Co. Ltd. |
494,800 |
181,493 |
|
Nuance Communications, Inc. (a)(d) |
7,585,357 |
126,903 |
|
Opsware, Inc. (a)(e) |
6,189,520 |
58,862 |
|
Oracle Corp. (a) |
15,085,900 |
297,343 |
|
Salesforce.com, Inc. (a) |
2,638,474 |
113,085 |
|
The9 Ltd. sponsored ADR (a) |
1,185,724 |
54,852 |
|
THQ, Inc. (a) |
1,965,300 |
59,981 |
|
Ubisoft Entertainment SA (a) |
1,439,057 |
76,249 |
|
Ultimate Software Group, Inc. (a) |
482,769 |
13,967 |
|
|
1,666,752 |
||
TOTAL INFORMATION TECHNOLOGY |
14,993,722 |
||
MATERIALS - 5.4% |
|||
Chemicals - 2.0% |
|||
Airgas, Inc. |
171,000 |
8,191 |
|
Bayer AG |
4,804,432 |
361,774 |
|
Celanese Corp. Class A |
220,000 |
8,532 |
|
Ecolab, Inc. |
5,460,863 |
233,179 |
|
Monsanto Co. |
4,437,904 |
299,736 |
|
Nalco Holding Co. |
3,190,873 |
87,589 |
|
Potash Corp. of Saskatchewan, Inc. |
529,000 |
41,246 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
MATERIALS - continued |
|||
Chemicals - continued |
|||
Praxair, Inc. |
5,221,172 |
$ 375,872 |
|
Rohm & Haas Co. |
435,400 |
23,808 |
|
The Mosaic Co. (a) |
1,305,600 |
50,945 |
|
|
1,490,872 |
||
Metals & Mining - 3.3% |
|||
Agnico-Eagle Mines Ltd. |
205,100 |
7,455 |
|
Allegheny Technologies, Inc. |
385,319 |
40,412 |
|
Anglo American PLC ADR |
12,777,404 |
374,889 |
|
Anglo Platinum Ltd. |
88,531 |
14,581 |
|
Arcelor Mittal |
1,831,929 |
114,312 |
|
BHP Billiton Ltd. sponsored ADR (d) |
5,613,330 |
335,396 |
|
Companhia Vale do Rio Doce sponsored ADR |
872,500 |
38,870 |
|
Compania de Minas Buenaventura SA sponsored ADR |
1,251,500 |
46,881 |
|
Eldorado Gold Corp. (a) |
9,022,400 |
52,851 |
|
First Quantum Minerals Ltd. |
269,900 |
23,031 |
|
Freeport-McMoRan Copper & Gold, Inc. Class B |
3,247,487 |
268,957 |
|
Goldcorp, Inc. (d) |
11,870,623 |
281,819 |
|
Impala Platinum Holdings Ltd. |
315,200 |
9,633 |
|
Ivanhoe Mines Ltd. (a) |
11,592,900 |
164,330 |
|
Kinross Gold Corp. (a) |
4,803,479 |
55,870 |
|
Lihir Gold Ltd. (a) |
44,996,841 |
114,465 |
|
Newmont Mining Corp. |
862,788 |
33,700 |
|
Nucor Corp. |
1,613,651 |
94,641 |
|
POSCO sponsored ADR |
1,146,300 |
137,556 |
|
Rio Tinto PLC (Reg.) |
1,807,126 |
138,299 |
|
Steel Dynamics, Inc. |
713,646 |
29,909 |
|
United States Steel Corp. |
557,900 |
60,672 |
|
|
2,438,529 |
||
Paper & Forest Products - 0.1% |
|||
Nine Dragons Paper (Holdings) Ltd. |
29,805,000 |
69,450 |
|
TOTAL MATERIALS |
3,998,851 |
||
TELECOMMUNICATION SERVICES - 6.1% |
|||
Diversified Telecommunication Services - 2.3% |
|||
AT&T, Inc. |
34,118,033 |
1,415,898 |
|
Cbeyond, Inc. (a) |
762,220 |
29,353 |
|
Hellenic Telecommunication Organization SA (OTE) |
268,200 |
8,312 |
|
Iliad Group SA |
291,860 |
29,625 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
TELECOMMUNICATION SERVICES - continued |
|||
Diversified Telecommunication Services - continued |
|||
Qwest Communications International, Inc. (a) |
10,015,794 |
$ 97,153 |
|
Telenor ASA sponsored ADR |
1,272,896 |
75,101 |
|
|
1,655,442 |
||
Wireless Telecommunication Services - 3.8% |
|||
America Movil SAB de CV Series L sponsored ADR |
28,721,100 |
1,778,698 |
|
American Tower Corp. Class A (a) |
813,894 |
34,184 |
|
Bharti Airtel Ltd. (a) |
3,932,757 |
81,612 |
|
Cellcom Israel Ltd. |
323,100 |
8,552 |
|
China Mobile (Hong Kong) Ltd. sponsored ADR |
983,300 |
53,000 |
|
Clearwire Corp. (d) |
1,326,055 |
32,396 |
|
Leap Wireless International, Inc. (a) |
477,675 |
40,364 |
|
MetroPCS Communications, Inc. |
1,283,333 |
42,401 |
|
NII Holdings, Inc. (a)(e) |
8,569,911 |
691,935 |
|
Rogers Communications, Inc. Class B (non-vtg.) |
1,419,800 |
60,537 |
|
|
2,823,679 |
||
TOTAL TELECOMMUNICATION SERVICES |
4,479,121 |
||
UTILITIES - 0.8% |
|||
Electric Utilities - 0.4% |
|||
E.ON AG sponsored ADR |
1,715,900 |
95,473 |
|
Entergy Corp. |
401,700 |
43,122 |
|
Exelon Corp. |
951,600 |
69,086 |
|
FirstEnergy Corp. |
799,700 |
51,765 |
|
|
259,446 |
||
Gas Utilities - 0.1% |
|||
Energen Corp. |
385,000 |
21,152 |
|
Questar Corp. |
141,000 |
7,452 |
|
Southern Union Co. |
2,384,130 |
77,699 |
|
|
106,303 |
||
Independent Power Producers & Energy Traders - 0.2% |
|||
AES Corp. (a) |
2,627,800 |
57,496 |
|
Constellation Energy Group, Inc. |
203,285 |
17,720 |
|
International Power PLC |
5,890,400 |
50,803 |
|
NRG Energy, Inc. (a) |
345,200 |
14,350 |
|
|
140,369 |
||
Multi-Utilities - 0.1% |
|||
Sempra Energy |
617,320 |
36,564 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
UTILITIES - continued |
|||
Multi-Utilities - continued |
|||
Veolia Environnement |
293,986 |
$ 23,089 |
|
YTL Corp. BHD |
16,252,000 |
38,835 |
|
|
98,488 |
||
TOTAL UTILITIES |
604,606 |
||
TOTAL COMMON STOCKS (Cost $47,201,289) |
67,126,697 |
Convertible Bonds - 0.0% |
||||
|
Principal Amount (000s) |
|
||
HEALTH CARE - 0.0% |
||||
Health Care Equipment & Supplies - 0.0% |
||||
Kyphon, Inc.: |
|
|
|
|
1% 2/1/12 (f) |
|
$ 4,230 |
4,240 |
|
1.25% 2/1/14 (f) |
|
3,530 |
3,525 |
|
|
7,765 |
|||
INFORMATION TECHNOLOGY - 0.0% |
||||
Electronic Equipment & Instruments - 0.0% |
||||
Sunpower Corp. 1.25% 2/15/27 |
|
7,760 |
9,768 |
|
TOTAL CONVERTIBLE BONDS (Cost $15,520) |
17,533 |
Money Market Funds - 8.3% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 5.32% (b) |
5,237,626,727 |
5,237,627 |
|
Fidelity Securities Lending Cash Central Fund, 5.4% (b)(c) |
864,702,203 |
864,702 |
|
TOTAL MONEY MARKET FUNDS (Cost $6,102,329) |
6,102,329 |
||
Cash Equivalents - 0.0% |
|||
Maturity Amount (000s) |
Value (000s) |
||
Investments in repurchase agreements in a joint trading account at 4.32%, dated 6/29/07 due 7/2/07
(Collateralized by U.S. Treasury Obligations) # |
5,169 |
$ 5,167 |
|
TOTAL INVESTMENT PORTFOLIO - 99.7% (Cost $53,324,305) |
73,251,726 |
||
NET OTHER ASSETS - 0.3% |
244,268 |
||
NET ASSETS - 100% |
$ 73,495,994 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $ 7,765,000 or 0.0% of net assets. |
(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $42,637,000 or 0.1% of net assets. |
Additional information on each holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost (000s) |
MannKind Corp. warrants 8/3/10 |
8/3/05 |
$ 8 |
The Weinstein Co. Holdings, LLC Class A-1 |
10/19/05 |
$ 41,234 |
# Additional Information on each counterparty to the repurchase agreement is as follows: |
Repurchase Agreement / Counterparty |
Value |
$5,167,000 due 7/02/07 at 4.32% |
|
Banc of America Securities LLC |
$ 974 |
Bear Stearns & Co., Inc. |
2,271 |
Lehman Brothers, Inc. |
1,922 |
|
$ 5,167 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 126,225 |
Fidelity Securities Lending Cash Central Fund |
7,939 |
Total |
$ 134,164 |
Other Affiliated Issuers |
An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, beginning of period |
Purchases |
Sales Proceeds |
Dividend Income |
Value, |
Akamai Technologies, Inc. |
$ 447,760 |
$ 28,429 |
$ 92,091 |
$ - |
$ - |
American Commercial Lines, Inc. |
141,680 |
- |
105,962 |
- |
- |
Arena Pharmaceuticals, Inc. |
43,762 |
- |
- |
- |
37,254 |
California Pizza Kitchen, Inc. |
25,536 |
25,742 |
- |
- |
48,062 |
CommVault Systems, Inc. |
- |
74,087 |
- |
- |
73,385 |
Cooper Industries Ltd. Class A |
497,976 |
61,881 |
- |
- |
700,736 |
J. Crew Group, Inc. |
129,543 |
59,505 |
1,880 |
- |
265,328 |
Jacobs Engineering Group, Inc. |
143,128 |
161,388 |
7,453 |
- |
385,458 |
Kyphon, Inc. |
95,357 |
6,889 |
- |
- |
121,745 |
Medarex, Inc. |
116,476 |
- |
- |
- |
112,538 |
Nighthawk Radiology Holdings, Inc. |
44,047 |
9,849 |
- |
- |
37,949 |
NII Holdings, Inc. |
628,113 |
23,052 |
100,886 |
- |
691,935 |
Opsware, Inc. |
54,592 |
- |
- |
- |
58,862 |
Panera Bread Co. Class A |
140,063 |
- |
142,154 |
- |
- |
Petroplus Holdings AG |
134,674 |
114,939 |
- |
- |
385,561 |
Susser Holdings Corp. |
16,957 |
2,994 |
- |
- |
18,366 |
Tim Hortons, Inc. |
234,667 |
57,350 |
- |
1,243 |
309,337 |
TreeHouse Foods, Inc. |
79,336 |
17,304 |
- |
- |
83,019 |
VistaPrint Ltd. |
52,539 |
35,481 |
- |
- |
94,664 |
Total |
$ 3,026,206 |
$ 678,890 |
$ 450,426 |
$ 1,243 |
$ 3,424,199 |
Other Information |
Distribution of investments by country of issue, as a percentage of total net assets, is as follows: |
United States of America |
75.6% |
Canada |
4.1% |
Switzerland |
2.5% |
Mexico |
2.5% |
Bermuda |
2.5% |
United Kingdom |
2.5% |
Netherlands Antilles |
1.6% |
Germany |
1.2% |
Others (individually less than 1%) |
7.5% |
|
100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
Amounts in thousands (except per-share amount) |
June 30, 2007 |
|
|
|
|
Assets |
|
|
Investment in securities, at value (including securities loaned of $846,575 and repurchase agreements of $5,167) - See accompanying schedule: Unaffiliated issuers (cost $45,052,142) |
$ 63,725,198 |
|
Fidelity Central Funds (cost $6,102,329) |
6,102,329 |
|
Other affiliated issuers (cost $2,169,834) |
3,424,199 |
|
Total Investments (cost $53,324,305) |
|
$ 73,251,726 |
Cash |
|
53 |
Foreign currency held at value (cost $286) |
|
286 |
Receivable for investments sold |
|
590,632 |
Receivable for fund shares sold |
|
693,451 |
Dividends receivable |
|
58,255 |
Interest receivable |
|
73 |
Distributions receivable from Fidelity Central Funds |
|
22,316 |
Prepaid expenses |
|
325 |
Other receivables |
|
1,743 |
Total assets |
|
74,618,860 |
|
|
|
Liabilities |
|
|
Payable for investments purchased |
$ 122,681 |
|
Payable for fund shares redeemed |
78,039 |
|
Accrued management fee |
43,376 |
|
Other affiliated payables |
10,435 |
|
Other payables and accrued expenses |
3,633 |
|
Collateral on securities loaned, at value |
864,702 |
|
Total liabilities |
|
1,122,866 |
|
|
|
Net Assets |
|
$ 73,495,994 |
Net Assets consist of: |
|
|
Paid in capital |
|
$ 50,648,765 |
Undistributed net investment income |
|
204,458 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions |
|
2,717,306 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies |
|
19,925,465 |
Net Assets, for 1,044,322 shares outstanding |
|
$ 73,495,994 |
Net Asset Value, offering price and redemption price per share ($73,495,994 ÷ 1,044,322 shares) |
|
$ 70.38 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Amounts in thousands |
Six months ended June 30, 2007 |
|
|
|
|
Investment Income |
|
|
Dividends (including $1,243 earned from other affiliated issuers) |
|
$ 374,389 |
Interest |
|
338 |
Income from Fidelity Central Funds |
|
134,164 |
Total income |
|
508,891 |
|
|
|
Expenses |
|
|
Management fee |
$ 197,051 |
|
Performance adjustment |
54,611 |
|
Transfer agent fees |
59,827 |
|
Accounting and security lending fees |
1,475 |
|
Custodian fees and expenses |
1,430 |
|
Independent trustees' compensation |
108 |
|
Appreciation in deferred trustee compensation account |
2 |
|
Registration fees |
(455) |
|
Audit |
221 |
|
Legal |
123 |
|
Interest |
4 |
|
Miscellaneous |
170 |
|
Total expenses before reductions |
314,567 |
|
Expense reductions |
(3,087) |
311,480 |
Net investment income (loss) |
|
197,411 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
Investment securities: |
|
|
Unaffiliated issuers |
2,796,436 |
|
Other affiliated issuers |
54,325 |
|
Foreign currency transactions |
(783) |
|
Total net realized gain (loss) |
|
2,849,978 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $1,789) |
3,036,900 |
|
Assets and liabilities in foreign currencies |
(40) |
|
Total change in net unrealized appreciation (depreciation) |
|
3,036,860 |
Net gain (loss) |
|
5,886,838 |
Net increase (decrease) in net assets resulting from operations |
|
$ 6,084,249 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands |
Six months ended June 30, |
Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) |
$ 197,411 |
$ 401,287 |
Net realized gain (loss) |
2,849,978 |
6,309,858 |
Change in net unrealized appreciation (depreciation) |
3,036,860 |
323,789 |
Net increase (decrease) in net assets resulting |
6,084,249 |
7,034,934 |
Distributions to shareholders from net investment income |
- |
(378,165) |
Distributions to shareholders from net realized gain |
(702,691) |
(6,270,983) |
Total distributions |
(702,691) |
(6,649,148) |
Share transactions |
5,035,599 |
12,219,016 |
Reinvestment of distributions |
689,699 |
6,514,186 |
Cost of shares redeemed |
(6,187,134) |
(10,685,444) |
Net increase (decrease) in net assets resulting from share transactions |
(461,836) |
8,047,758 |
Total increase (decrease) in net assets |
4,919,722 |
8,433,544 |
|
|
|
Net Assets |
|
|
Beginning of period |
68,576,272 |
60,142,728 |
End of period (including undistributed net investment income of $204,458 and undistributed net investment income of $14,332, respectively) |
$ 73,495,994 |
$ 68,576,272 |
Other Information Shares |
|
|
Sold |
74,494 |
183,232 |
Issued in reinvestment of distributions |
10,411 |
100,360 |
Redeemed |
(92,276) |
(160,606) |
Net increase (decrease) |
(7,371) |
122,986 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
|
Six months ended June 30, |
Years ended December 31, |
||||
|
2007 |
2006 |
2005 |
2004 |
2003 |
2002 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 65.21 |
$ 64.76 |
$ 56.74 |
$ 49.35 |
$ 38.60 |
$ 42.77 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E |
.19 |
.41 |
.27 |
.04 |
- I |
.06 |
Net realized and unrealized gain (loss) |
5.65 |
6.92 |
8.95 |
7.40 |
10.79 |
(4.18) |
Total from investment operations |
5.84 |
7.33 |
9.22 |
7.44 |
10.79 |
(4.12) |
Distributions from net investment income |
- |
(.39) |
(.23) |
(.05) |
(.04) |
(.05) |
Distributions from net realized gain |
(.67) |
(6.49) |
(.97) |
- |
- |
- |
Total distributions |
(.67) |
(6.88) |
(1.20) |
(.05) |
(.04) |
(.05) |
Net asset value, end of period |
$ 70.38 |
$ 65.21 |
$ 64.76 |
$ 56.74 |
$ 49.35 |
$ 38.60 |
Total Return B, C, D |
9.02% |
11.54% |
16.23% |
15.07% |
27.95% |
(9.63)% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions |
.89% A |
.90% |
.91% |
.94% |
1.00% |
1.03% |
Expenses net of fee waivers, if any |
.89% A |
.90% |
.91% |
.94% |
1.00% |
1.03% |
Expenses net of all reductions |
.89% A |
.89% |
.88% |
.92% |
.98% |
.99% |
Net investment income (loss) |
.56% A |
.62% |
.46% |
.08% |
.01% |
.14% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 73,496 |
$ 68,576 |
$ 60,143 |
$ 44,477 |
$ 35,933 |
$ 27,586 |
Portfolio turnover rate G |
67% A |
76% |
60% |
64% |
67% |
80% |
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Total returns do not include the effect of the former sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended June 30, 2007
(Amounts in thousands except ratios)
1. Organization.
Fidelity Contrafund (the Fund) is a fund of Fidelity Contrafund (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
The Fund may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Security Valuation - continued
yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.
Foreign Currency. The Fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain
Semiannual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), Independent Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. The Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund adopted the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes, on June 29, 2007. FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the tax years in the three year period ended June 29, 2007, remains subject to examination by the Internal Revenue Service. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, partnerships, deferred trustees compensation and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation |
$ 20,190,012 |
|
Unrealized depreciation |
(343,142) |
|
Net unrealized appreciation (depreciation) |
$ 19,846,870 |
|
Cost for federal income tax purposes |
$ 53,404,856 |
|
New Accounting Pronouncements. In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.
4. Operating Policies.
Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the Fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default
Semiannual Report
4. Operating Policies - continued
Repurchase Agreements - continued
of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $21,849,684 and $24,029,628, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and a group fee rate that averaged ..26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .72% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FSC receives account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period the transfer agent fees were equivalent to an annualized rate of .17% of average net assets.
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
6. Fees and Other Transactions with Affiliates - continued
Accounting and Security Lending Fees. FSC maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $123 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro rata portion of the line of credit, which amounted to $84 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $7,939.
Semiannual Report
9. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. The average daily loan balance during the period for which loans were outstanding amounted to $7,653. The weighted average interest rate was 5.56%. The interest expense amounted to $4 under the bank borrowing program. At period end, there were no bank borrowings outstanding.
10. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $1,398 for the period. In addition, through arrangements with the Fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody and transfer agent expenses by $68 and $1,606, respectively.
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising 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 as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
The United States Securities and Exchange Commission ("SEC") is conducting an investigation of FMR (covering the years 2002 to 2004) arising from gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during that period. FMR is in discussions with the SEC staff regarding the possible resolution of the matter, but as of period-end no final resolution has been reached.
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
11. Other - continued
In December 2006, the Independent Trustees completed their own investigation of the matter with the assistance of independent counsel. The Independent Trustees and FMR agree that, despite the absence of proof that the Fidelity mutual funds experienced diminished execution quality as a result of the improper receipt of gifts and business entertainment, the conduct at issue was serious and is worthy of redress. Accordingly, the Independent Trustees have requested and FMR has agreed to pay $42 million to Fidelity mutual funds, plus interest to be determined at the time that payment is made. A method of allocating this payment among the funds has not yet been determined. The total payment to the Fund is not anticipated to have a material impact on the Fund's net assets. In addition, FMR reimbursed related legal expenses which are recorded in the accompanying Statement of Operations as an expense reduction.
Semiannual Report
To the Trustees of Fidelity Contrafund and the Shareholders of Fidelity Contrafund:
In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Contrafund (a fund of Fidelity Contrafund) at June 30, 2007, the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Contrafund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2007 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Boston, Massachusetts
August 15, 2007
Semiannual Report
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)
Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
1 For mutual fund and brokerage trading.
2 For quotes.*
3 For account balances and holdings.
4 To review orders and mutual
fund activity.
5 To change your PIN.
*0 To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)
Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Semiannual Report
We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.
(letter_graphic)
Making Changes
To Your Account
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
(letter_graphic)
For Non-Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
(letter_graphic)
For Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Research & Analysis Company
Fidelity Investments Japan Limited
Fidelity International Investment
Advisors
Fidelity International Investment
Advisors (U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agent
Fidelity Service Company, Inc. Boston, MA
Custodian
Brown Brothers Harriman & Co.
Boston, MA
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®) (automated graphic)   1-800-544-5555
(automated graphic)   Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
CON-USAN-0807
1.787777.104
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Contrafund's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Contrafund's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 12. Exhibits
(a) |
(1) |
Not applicable. |
(a) |
(2) |
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) |
(3) |
Not applicable. |
(b) |
|
Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
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.
Fidelity Contrafund
By: |
/s/Kimberley Monasterio |
|
Kimberley Monasterio |
|
President and Treasurer |
|
|
Date: |
August 16, 2007 |
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/Kimberley Monasterio |
|
Kimberley Monasterio |
|
President and Treasurer |
|
|
Date: |
August 16, 2007 |
By: |
/s/Joseph B. Hollis |
|
Joseph B. Hollis |
|
Chief Financial Officer |
|
|
Date: |
August 16, 2007 |
Exhibit EX-99.CERT
I, Kimberley Monasterio, certify that:
1. I have reviewed this report on Form N-CSR of Fidelity Contrafund;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and
d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: August 16, 2007
/s/Kimberley Monasterio |
Kimberley Monasterio |
President and Treasurer |
I, Joseph B. Hollis, certify that:
1. I have reviewed this report on Form N-CSR of Fidelity Contrafund;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and
d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: August 16, 2007
/s/Joseph B. Hollis |
Joseph B. Hollis |
Chief Financial Officer |
Exhibit EX-99.906CERT
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)
In connection with the attached Report of Fidelity Contrafund (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:
1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.
Dated: August 16, 2007
/s/Kimberley Monasterio |
Kimberley Monasterio |
President and Treasurer |
Dated: August 16, 2007
/s/Joseph B. Hollis |
Joseph B. Hollis |
Chief Financial Officer |
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.