UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811- 1400
Fidelity Contrafund
(Exact name of registrant as specified in charter)
82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)
Eric D. Roiter, Secretary
82 Devonshire St.
Boston, Massachusetts 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | December 31 |
Date of reporting period: | June 30, 2004 |
Item 1. Reports to Stockholders
Fidelity®
Contrafund®
Semiannual Report
June 30, 2004
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | 3 | Ned Johnson's message to shareholders. |
Investment Changes | 4 | A summary of major shifts in the fund's investments over the past six months. |
Investments | 5 | A complete list of the fund's investments with their market values. |
Financial Statements | 24 | Statements of assets and liabilities, operations, and changes in net assets, |
Notes | 28 | Notes to the financial statements. |
For a free copy of the fund's proxy voting guidelines visit www.fidelity.com/goto/proxyguidelines, call 1-800-544-8544, or visit the Securities and Exchange Commission (SEC)'s web site at www.sec.gov.
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.
(Recycle graphic) This report is printed on recycled paper using soy-based inks.
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.
Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.
Neither the fund nor Fidelity Distributors Corporation is a bank.
For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Many of you have read or heard news stories recently that were critical of mutual funds and made allegations that the mutual fund industry has been less than forthright. I find these reports unsettling and not necessarily an accurate picture of the overall industry, and I would like you to know where we at Fidelity stand.
With specific regard to allegations that certain mutual fund companies were violating the Securities and Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities, I want to say two things:
First, Fidelity does not have agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not to say that someone could not deceive the company through fraudulent acts. But I underscore that we have no so-called "agreements" which would permit this illegal practice.
Second, Fidelity has been on record for years opposing predatory short-term trading which adversely affects other shareholders in a mutual fund. In fact, in the 1980s, we began charging a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. What's more, several years ago we took the industry lead in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. It is reasonable to assume that another structure can be developed that would alter the system to make it much more difficult for predatory traders to operate. This, however, will only be achieved through close cooperation among regulators, legislators and the industry.
Certainly no industry is perfect, and there have been instances of unethical and illegal activity from time to time within the mutual fund industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. Clearly, every system can be improved. We applaud well thought out improvements by regulators, legislators and industry representatives that achieve the common goal of building and protecting the value of investors' holdings. But we remain concerned about the risk of over-regulation and the quick application of simplistic solutions to intricate problems.
For more than 57 years, Fidelity Investments has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946, we had only a few hundred customers. Many of them were family and friends. Today, we serve more than 18 million customers including individual investors and participants in retirement plans across America.
Let me close by saying that we do not take your trust in us for granted, and we realize that we must always work to improve all aspects of our service to you. In turn, we urge you to continue your active participation with your financial matters, so that your interests can be well served.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Investment Changes
Top Ten Stocks as of June 30, 2004 | ||
% of fund's | % of fund's net assets | |
Avon Products, Inc. | 3.3 | 2.5 |
3M Co. | 3.2 | 3.4 |
Berkshire Hathaway, Inc. Class A | 2.9 | 3.0 |
EnCana Corp. | 1.9 | 1.9 |
Yahoo!, Inc. | 1.8 | 1.2 |
Genentech, Inc. | 1.8 | 1.3 |
Colgate-Palmolive Co. | 1.6 | 2.2 |
Samsung Electronics Co. Ltd. | 1.3 | 1.1 |
Nextel Communications, Inc. Class A | 1.3 | 1.3 |
Patterson Dental Co. | 1.2 | 1.1 |
20.3 | ||
Top Five Market Sectors as of June 30, 2004 | ||
% of fund's | % of fund's net assets | |
Health Care | 15.8 | 15.6 |
Information Technology | 13.2 | 12.4 |
Consumer Discretionary | 13.1 | 16.8 |
Financials | 12.7 | 15.5 |
Industrials | 10.9 | 13.3 |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2004* | As of December 31, 2003** | ||||||
![]() | Stocks 89.5% | ![]() | Stocks 96.7% | ||||
![]() | Bonds 0.9% | ![]() | Bonds 0.0% | ||||
![]() | Convertible | ![]() | Convertible | ||||
![]() | Short-Term | ![]() | Short-Term | ||||
* Foreign | 21.8% | ** Foreign | 24.0% |
Semiannual Report
Investments June 30, 2004 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 89.5% | |||
Shares | Value (Note 1) (000s) | ||
CONSUMER DISCRETIONARY - 13.0% | |||
Auto Components - 0.2% | |||
Gentex Corp. | 2,041,000 | $ 80,987 | |
Automobiles - 0.5% | |||
Harley-Davidson, Inc. | 291,100 | 18,031 | |
Toyota Motor Corp. | 4,349,000 | 177,483 | |
195,514 | |||
Hotels, Restaurants & Leisure - 2.6% | |||
Ameristar Casinos, Inc. | 64,653 | 2,171 | |
Boyd Gaming Corp. | 922,300 | 24,506 | |
Buffalo Wild Wings, Inc. | 245,000 | 6,774 | |
Four Seasons Hotels, Inc. | 100 | 6 | |
GTECH Holdings Corp. | 700,200 | 32,426 | |
Hilton Group PLC | 5,306,102 | 26,645 | |
International Game Technology | 1,771,150 | 68,366 | |
Kerzner International Ltd. (a) | 451,900 | 21,492 | |
Krispy Kreme Doughnuts, Inc. (a)(c) | 3,500,900 | 66,832 | |
Lakes Entertainment, Inc. (a) | 728,060 | 8,438 | |
Life Time Fitness, Inc. | 384,100 | 8,066 | |
McDonald's Corp. | 687,000 | 17,862 | |
Outback Steakhouse, Inc. | 922,200 | 38,142 | |
P.F. Chang's China Bistro, Inc. (a) | 1,111,950 | 45,757 | |
Panera Bread Co. Class A (a)(c) | 2,841,200 | 101,942 | |
Penn National Gaming, Inc. (a) | 275,962 | 9,162 | |
Pinnacle Entertainment, Inc. (a) | 155,200 | 1,957 | |
Rank Group PLC | 1,396,060 | 7,620 | |
Red Robin Gourmet Burgers, Inc. (a) | 766,220 | 20,971 | |
Shuffle Master, Inc. (a) | 891,991 | 32,388 | |
Stanley Leisure PLC | 2,282,998 | 17,394 | |
Starbucks Corp. (a) | 4,325,100 | 188,055 | |
Station Casinos, Inc. | 2,188,300 | 105,914 | |
The Cheesecake Factory, Inc. (a) | 1,294,676 | 51,515 | |
William Hill PLC | 10,744,090 | 108,295 | |
Wynn Resorts Ltd. (a) | 266,496 | 10,295 | |
1,022,991 | |||
Household Durables - 1.3% | |||
D.R. Horton, Inc. | 4,544,390 | 129,061 | |
Fortune Brands, Inc. | 1,146,600 | 86,488 | |
Harman International Industries, Inc. | 2,290,800 | 208,463 | |
Leggett & Platt, Inc. | 309,900 | 8,277 | |
LG Electronics, Inc. | 398,890 | 18,934 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
CONSUMER DISCRETIONARY - continued | |||
Household Durables - continued | |||
Pulte Homes, Inc. | 657,100 | $ 34,189 | |
Sharp Corp. | 1,094,000 | 17,732 | |
503,144 | |||
Internet & Catalog Retail - 1.7% | |||
Blue Nile, Inc. | 288,384 | 10,846 | |
eBay, Inc. (a) | 4,882,300 | 448,927 | |
InterActiveCorp (a) | 7,075,872 | 213,267 | |
673,040 | |||
Media - 1.9% | |||
Citadel Broadcasting Corp. | 349,500 | 5,092 | |
E.W. Scripps Co. Class A | 881,600 | 92,568 | |
Fox Entertainment Group, Inc. Class A (a) | 4,179,200 | 111,585 | |
Getty Images, Inc. (a) | 585,100 | 35,106 | |
McGraw-Hill Companies, Inc. | 244,600 | 18,729 | |
Meredith Corp. | 200,600 | 11,025 | |
News Corp. Ltd. ADR | 1,353,000 | 47,923 | |
Pixar (a) | 2,002,937 | 139,224 | |
SBS Broadcasting SA (a) | 773,290 | 23,748 | |
Sogecable SA (a) | 388,300 | 15,699 | |
The DIRECTV Group, Inc. (a) | 2,562,600 | 43,820 | |
Univision Communications, Inc. Class A (a) | 632,900 | 20,208 | |
Viacom, Inc. Class B (non-vtg.) | 851,067 | 30,400 | |
Vivendi Universal SA sponsored ADR (a) | 661,600 | 18,459 | |
Washington Post Co. Class B | 101,170 | 94,089 | |
XM Satellite Radio Holdings, Inc. Class A (a) | 1,411,533 | 38,521 | |
746,196 | |||
Multiline Retail - 0.4% | |||
99 Cents Only Stores (a)(c) | 4,993,133 | 76,145 | |
JCPenney Co., Inc. | 1,326,600 | 50,092 | |
Neiman Marcus Group, Inc. Class A | 419,100 | 23,323 | |
149,560 | |||
Specialty Retail - 3.5% | |||
AC Moore Arts & Crafts, Inc. (a) | 686,100 | 18,875 | |
Advance Auto Parts, Inc. (a) | 2,545,600 | 112,465 | |
AnnTaylor Stores Corp. (a)(c) | 5,052,300 | 146,416 | |
Bed Bath & Beyond, Inc. (a) | 4,675,500 | 179,773 | |
Best Buy Co., Inc. | 406,600 | 20,631 | |
Cabela's, Inc. Class A | 205,200 | 5,530 | |
Chico's FAS, Inc. (a) | 3,246,000 | 146,589 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
CONSUMER DISCRETIONARY - continued | |||
Specialty Retail - continued | |||
Claire's Stores, Inc. | 382,400 | $ 8,298 | |
Dick's Sporting Goods, Inc. (a) | 687,900 | 22,941 | |
Guitar Center, Inc. (a) | 271,600 | 12,078 | |
Halfords Group PLC | 3,256,634 | 15,998 | |
Hot Topic, Inc. (a) | 393,050 | 8,054 | |
Lowe's Companies, Inc. | 796,900 | 41,877 | |
Pacific Sunwear of California, Inc. (a)(c) | 4,498,928 | 88,044 | |
PETCO Animal Supplies, Inc. (a) | 2,116,300 | 68,166 | |
PETsMART, Inc. | 3,186,800 | 103,412 | |
Regis Corp. | 371,500 | 16,565 | |
Signet Group PLC | 8,160,737 | 17,001 | |
Staples, Inc. | 2,059,100 | 60,352 | |
The Pep Boys - Manny, Moe & Jack (c) | 3,147,600 | 79,792 | |
TJX Companies, Inc. | 4,111,000 | 99,240 | |
United Auto Group, Inc. | 182,300 | 5,587 | |
Urban Outfitters, Inc. (a) | 1,057,100 | 64,388 | |
1,342,072 | |||
Textiles Apparel & Luxury Goods - 0.9% | |||
Brown Shoe Co., Inc. | 193,900 | 7,936 | |
Burberry Ltd. | 9,788,200 | 72,793 | |
Carter's, Inc. | 266,400 | 7,755 | |
Coach, Inc. (a) | 4,220,676 | 190,732 | |
Fossil, Inc. (a) | 769,800 | 20,977 | |
NIKE, Inc. Class B | 199,300 | 15,097 | |
Puma AG | 108,032 | 27,520 | |
Quiksilver, Inc. (a) | 313,800 | 7,472 | |
350,282 | |||
TOTAL CONSUMER DISCRETIONARY | 5,063,786 | ||
CONSUMER STAPLES - 8.7% | |||
Beverages - 0.5% | |||
Anheuser-Busch Companies, Inc. | 747,200 | 40,349 | |
Coca-Cola Hellenic Bottling Co. SA (Bearer) | 1,093,200 | 25,599 | |
Cott Corp. (a) | 1,539,100 | 49,961 | |
Cott Corp. (a)(d) | 779,500 | 25,256 | |
PepsiCo, Inc. | 718,790 | 38,728 | |
The Coca-Cola Co. | 300,700 | 15,179 | |
195,072 | |||
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
CONSUMER STAPLES - continued | |||
Food & Staples Retailing - 1.7% | |||
Smart & Final, Inc. (a) | 107,400 | $ 1,291 | |
Sysco Corp. | 8,544,900 | 306,506 | |
Tesco PLC | 8,055,913 | 39,024 | |
The Pantry, Inc. (a) | 706,000 | 15,391 | |
United Natural Foods, Inc. (a) | 1,120,748 | 32,401 | |
Wal-Mart Stores, Inc. | 456,100 | 24,064 | |
Walgreen Co. | 233,000 | 8,437 | |
Whole Foods Market, Inc. | 1,440,375 | 137,484 | |
William Morrison Supermarkets PLC | 26,472,074 | 111,618 | |
676,216 | |||
Food Products - 0.7% | |||
Dean Foods Co. (a) | 753,600 | 28,117 | |
Hershey Foods Corp. | 1,455,800 | 67,360 | |
Kellogg Co. | 1,594,600 | 66,734 | |
People's Food Holdings Ltd. | 3,048,000 | 2,005 | |
Saputo, Inc. | 454,510 | 10,880 | |
Smithfield Foods, Inc. (a) | 870,300 | 25,587 | |
SunOpta, Inc. (a) | 2,484,900 | 21,311 | |
Wm. Wrigley Jr. Co. | 939,200 | 59,217 | |
281,211 | |||
Household Products - 1.6% | |||
Colgate-Palmolive Co. | 10,783,600 | 630,301 | |
Personal Products - 4.2% | |||
Avon Products, Inc. (c) | 27,486,744 | 1,268,232 | |
Gillette Co. | 8,600,200 | 364,648 | |
NBTY, Inc. (a) | 71,800 | 2,110 | |
1,634,990 | |||
TOTAL CONSUMER STAPLES | 3,417,790 | ||
ENERGY - 6.9% | |||
Energy Equipment & Services - 0.7% | |||
BJ Services Co. (a) | 542,700 | 24,877 | |
Carbo Ceramics, Inc. | 55,100 | 3,761 | |
Schlumberger Ltd. (NY Shares) | 2,538,300 | 161,207 | |
Smith International, Inc. (a) | 1,692,590 | 94,379 | |
284,224 | |||
Oil & Gas - 6.2% | |||
Apache Corp. | 1,994,740 | 86,871 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
ENERGY - continued | |||
Oil & Gas - continued | |||
Blackrock Ventures, Inc. (a) | 3,006,000 | $ 16,992 | |
BP PLC sponsored ADR | 3,057,466 | 163,788 | |
Burlington Resources, Inc. | 2,707,620 | 97,962 | |
Cabot Oil & Gas Corp. Class A | 325,600 | 13,773 | |
Canadian Natural Resources Ltd. | 156,600 | 4,702 | |
Chesapeake Energy Corp. | 1,725,800 | 25,404 | |
China Petroleum & Chemical Corp. sponsored ADR | 1,789,600 | 66,126 | |
Comstock Resources, Inc. (a) | 310,400 | 6,040 | |
ConocoPhillips | 155,100 | 11,833 | |
Denbury Resources, Inc. (a) | 465,600 | 9,754 | |
Devon Energy Corp. | 116,400 | 7,682 | |
EnCana Corp. | 17,306,824 | 747,597 | |
Encore Acquisition Co. (a) | 828,300 | 23,110 | |
ENI Spa sponsored ADR | 229,300 | 23,008 | |
EOG Resources, Inc. | 492,500 | 29,407 | |
Evergreen Resources, Inc. (a) | 454,100 | 18,346 | |
Exxon Mobil Corp. | 2,626,700 | 116,652 | |
Houston Exploration Co. (a) | 1,087,700 | 56,386 | |
Magnum Hunter Resources, Inc. (a) | 432,700 | 4,491 | |
Murphy Oil Corp. | 3,160,800 | 232,951 | |
Newfield Exploration Co. (a) | 415,100 | 23,138 | |
Noble Energy, Inc. | 305,400 | 15,575 | |
Occidental Petroleum Corp. | 604,400 | 29,259 | |
Patina Oil & Gas Corp. | 756,200 | 22,588 | |
PetroChina Co. Ltd. sponsored ADR | 438,200 | 20,289 | |
PetroKazakhstan, Inc. Class A | 477,800 | 12,978 | |
Pioneer Natural Resources Co. | 1,711,900 | 60,053 | |
Pogo Producing Co. | 45,500 | 2,248 | |
Premcor, Inc. (a)(c) | 5,015,900 | 188,096 | |
Prima Energy Corp. (a) | 110,200 | 4,361 | |
Quicksilver Resources, Inc. (a) | 640,400 | 42,952 | |
Talisman Energy, Inc. | 874,890 | 19,086 | |
Total SA sponsored ADR | 1,161,600 | 111,607 | |
Tsakos Energy Navigation Ltd. | 232,600 | 7,899 | |
Valero Energy Corp. | 225,400 | 16,626 | |
Vintage Petroleum, Inc. | 81,900 | 1,390 | |
XTO Energy, Inc. | 2,278,300 | 67,871 | |
2,408,891 | |||
TOTAL ENERGY | 2,693,115 | ||
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
FINANCIALS - 12.5% | |||
Capital Markets - 0.3% | |||
Goldman Sachs Group, Inc. | 164,400 | $ 15,480 | |
Lehman Brothers Holdings, Inc. | 668,400 | 50,297 | |
Merrill Lynch & Co., Inc. | 1,322,500 | 71,389 | |
137,166 | |||
Commercial Banks - 1.4% | |||
Bank of Ireland | 3,942,007 | 52,692 | |
Bank One Corp. | 1,530,400 | 78,050 | |
Banknorth Group, Inc. | 580,000 | 18,838 | |
Commerce Bancorp, Inc., New Jersey | 944,718 | 51,969 | |
East West Bancorp, Inc. | 243,600 | 7,479 | |
Fifth Third Bancorp | 446,436 | 24,009 | |
M&T Bank Corp. | 1,028,000 | 89,744 | |
PrivateBancorp, Inc. | 91,620 | 2,516 | |
Royal Bank of Scotland Group PLC | 2,410,026 | 69,631 | |
SouthTrust Corp. | 1,868,100 | 72,501 | |
UCBH Holdings, Inc. | 582,500 | 23,020 | |
Wells Fargo & Co. | 272,400 | 15,589 | |
Westcorp | 574,280 | 26,101 | |
Wintrust Financial Corp. | 189,000 | 9,546 | |
541,685 | |||
Consumer Finance - 1.0% | |||
MBNA Corp. | 2,414,900 | 62,280 | |
SLM Corp. | 7,928,100 | 320,692 | |
382,972 | |||
Diversified Financial Services - 0.6% | |||
Brascan Corp. Class A (ltd. vtg.) | 687,000 | 19,272 | |
CapitalSource, Inc. | 154,400 | 3,775 | |
Citigroup, Inc. | 796,800 | 37,051 | |
Moody's Corp. | 2,487,000 | 160,809 | |
220,907 | |||
Insurance - 7.7% | |||
ACE Ltd. | 1,420,000 | 60,038 | |
AFLAC, Inc. | 2,018,300 | 82,367 | |
Allstate Corp. | 1,876,500 | 87,351 | |
AMBAC Financial Group, Inc. | 97,400 | 7,153 | |
American International Group, Inc. | 6,506,126 | 463,757 | |
Arch Capital Group Ltd. (a) | 108,692 | 4,335 | |
Assurant, Inc. | 1,195,000 | 31,524 | |
Axis Capital Holdings Ltd. | 150,700 | 4,220 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
FINANCIALS - continued | |||
Insurance - continued | |||
Berkshire Hathaway, Inc. Class A (a) | 12,839 | $ 1,142,029 | |
Brit Insurance Holdings PLC | 13,779,500 | 20,808 | |
Brown & Brown, Inc. | 155,400 | 6,698 | |
Cincinnati Financial Corp. | 11,765 | 512 | |
Endurance Specialty Holdings Ltd. | 1,870,000 | 65,076 | |
Everest Re Group Ltd. (c) | 2,792,020 | 224,367 | |
Great-West Lifeco, Inc. | 233,000 | 8,419 | |
HCC Insurance Holdings, Inc. | 1,741,800 | 58,194 | |
Infinity Property & Casualty Corp. | 194,200 | 6,409 | |
IPC Holdings Ltd. | 563,800 | 20,821 | |
Markel Corp. (a) | 101,450 | 28,152 | |
Mercury General Corp. | 408,600 | 20,287 | |
MetLife, Inc. | 509,400 | 18,262 | |
Montpelier Re Holdings Ltd. (c) | 5,020,900 | 175,480 | |
PartnerRe Ltd. | 1,292,700 | 73,335 | |
Penn-America Group, Inc. | 92,200 | 1,291 | |
Progressive Corp. | 313,700 | 26,759 | |
RenaissanceRe Holdings Ltd. | 2,562,410 | 138,242 | |
StanCorp Financial Group, Inc. | 230,800 | 15,464 | |
UICI (a) | 194,900 | 4,641 | |
USI Holdings Corp. (a)(c) | 3,262,118 | 51,541 | |
W.R. Berkley Corp. | 1,043,500 | 44,818 | |
White Mountains Insurance Group Ltd. | 42,300 | 21,573 | |
Willis Group Holdings Ltd. | 2,671,100 | 100,033 | |
3,013,956 | |||
Real Estate - 0.1% | |||
CBL & Associates Properties, Inc. | 374,560 | 20,601 | |
Simon Property Group, Inc. | 139,000 | 7,147 | |
The Rouse Co. | 155,280 | 7,376 | |
35,124 | |||
Thrifts & Mortgage Finance - 1.4% | |||
Countrywide Financial Corp. | 724,415 | 50,890 | |
Doral Financial Corp. | 1,228,625 | 42,388 | |
Golden West Financial Corp., Delaware | 3,608,590 | 383,774 | |
New York Community Bancorp, Inc. | 3,171,210 | 62,251 | |
W Holding Co., Inc. | 543,811 | 9,337 | |
548,640 | |||
TOTAL FINANCIALS | 4,880,450 | ||
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
HEALTH CARE - 15.8% | |||
Biotechnology - 2.9% | |||
Affymetrix, Inc. (a) | 131,600 | $ 4,307 | |
Biogen Idec, Inc. (a) | 1,632,500 | 103,256 | |
Celgene Corp. (a) | 17,670 | 1,012 | |
ConjuChem, Inc. (a) | 1,878,310 | 18,024 | |
Dyax Corp. (a) | 620,300 | 7,289 | |
Gen-Probe, Inc. (a) | 1,416,600 | 67,034 | |
Genentech, Inc. (a) | 12,545,300 | 705,046 | |
Gilead Sciences, Inc. (a) | 287,800 | 19,283 | |
IDEXX Laboratories, Inc. (a) | 952,880 | 59,974 | |
Invitrogen Corp. (a) | 82,300 | 5,925 | |
Keryx Biopharmaceuticals, Inc. (a) | 155,400 | 1,967 | |
Ligand Pharmaceuticals, Inc. Class B (a) | 430,600 | 7,484 | |
Martek Biosciences (a) | 766,900 | 43,077 | |
Millennium Pharmaceuticals, Inc. (a) | 2,396,900 | 33,077 | |
ONYX Pharmaceuticals, Inc. (a) | 251,800 | 10,666 | |
Pharmion Corp. | 581,100 | 28,427 | |
Seattle Genetics, Inc. (a)(c) | 2,477,300 | 17,415 | |
1,133,263 | |||
Health Care Equipment & Supplies - 6.3% | |||
Advanced Medical Optics, Inc. (a) | 644,900 | 27,453 | |
Advanced Neuromodulation Systems, Inc. (a)(c) | 1,324,152 | 43,432 | |
Alcon, Inc. | 3,893,000 | 306,184 | |
American Medical Systems Holdings, Inc. (a) | 585,000 | 19,715 | |
Animas Corp. | 10,500 | 196 | |
Apogent Technologies, Inc. (a) | 1,031,800 | 33,018 | |
Becton, Dickinson & Co. | 313,900 | 16,260 | |
Bio-Rad Laboratories, Inc. Class A (a) | 758,600 | 44,651 | |
Biomet, Inc. | 543,250 | 24,142 | |
Boston Scientific Corp. (a) | 2,991,000 | 128,015 | |
C.R. Bard, Inc. | 1,004,200 | 56,888 | |
Cooper Companies, Inc. | 509,937 | 32,213 | |
Cytyc Corp. (a) | 387,800 | 9,838 | |
DENTSPLY International, Inc. (c) | 5,674,237 | 295,628 | |
Epix Medical, Inc. (a) | 756,300 | 15,958 | |
Fisher Scientific International, Inc. (a) | 634,700 | 36,654 | |
Given Imaging Ltd. (a) | 456,400 | 16,161 | |
INAMED Corp. (a) | 64,000 | 4,022 | |
Integra LifeSciences Holdings Corp. (a) | 906,000 | 31,955 | |
Kensey Nash Corp. (a) | 232,700 | 8,028 | |
Kinetic Concepts, Inc. | 161,100 | 8,039 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
HEALTH CARE - continued | |||
Health Care Equipment & Supplies - continued | |||
Kyphon, Inc. (a) | 241,600 | $ 6,808 | |
Medtronic, Inc. | 885,600 | 43,146 | |
Nobel Biocare Holding AG (Switzerland) | 115,283 | 18,085 | |
Phonak Holding AG | 285,545 | 8,902 | |
ResMed, Inc. (a) | 311,400 | 15,869 | |
Smith & Nephew PLC | 37,045,485 | 409,501 | |
St. Jude Medical, Inc. (a) | 1,271,100 | 96,159 | |
Stryker Corp. | 3,241,200 | 178,266 | |
Synthes, Inc. | 555,456 | 63,464 | |
Varian Medical Systems, Inc. (a) | 12,500 | 992 | |
Zimmer Holdings, Inc. (a) | 5,244,829 | 462,594 | |
2,462,236 | |||
Health Care Providers & Services - 3.3% | |||
Aetna, Inc. | 2,883,330 | 245,083 | |
Anthem, Inc. (a) | 276,500 | 24,763 | |
Caremark Rx, Inc. (a) | 3,189,336 | 105,057 | |
DaVita, Inc. (a) | 173,700 | 5,355 | |
eResearchTechnology, Inc. (a) | 886,400 | 24,819 | |
Health Management Associates, Inc. Class A | 891,810 | 19,994 | |
ICON PLC sponsored ADR (a) | 70,000 | 3,079 | |
Inveresk Research Group, Inc. (a) | 1,181,868 | 36,449 | |
Molina Healthcare, Inc. | 38,300 | 1,462 | |
Omnicare, Inc. | 416,500 | 17,830 | |
Patterson Dental Co. (a)(c) | 6,096,298 | 466,306 | |
Pediatrix Medical Group, Inc. (a) | 213,500 | 14,913 | |
ProxyMed, Inc. (a) | 27,800 | 469 | |
UnitedHealth Group, Inc. | 4,819,890 | 300,038 | |
VCA Antech, Inc. (a) | 15,300 | 686 | |
WebMD Corp. (a) | 416,800 | 3,885 | |
WellPoint Health Networks, Inc. (a) | 281,700 | 31,553 | |
1,301,741 | |||
Pharmaceuticals - 3.3% | |||
Altana AG | 575,543 | 34,697 | |
AstraZeneca PLC sponsored ADR | 2,555,800 | 116,647 | |
Atherogenics, Inc. (a) | 1,080,700 | 20,566 | |
Cypress Bioscience, Inc. (a) | 1,056,400 | 14,504 | |
Elan Corp. PLC sponsored ADR (a) | 2,703,100 | 66,875 | |
Endo Pharmaceuticals Holdings, Inc. (a) | 18,900 | 443 | |
Eon Labs, Inc. (a) | 292,828 | 11,985 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
HEALTH CARE - continued | |||
Pharmaceuticals - continued | |||
IVAX Corp. (a) | 744,300 | $ 17,856 | |
Johnson & Johnson | 2,130,850 | 118,688 | |
Kos Pharmaceuticals, Inc. (a) | 743,200 | 24,503 | |
Merck & Co., Inc. | 134,100 | 6,370 | |
MGI Pharma, Inc. (a) | 403,400 | 10,896 | |
Nektar Therapeutics (a) | 216,300 | 4,317 | |
Novartis AG sponsored ADR | 2,390,900 | 106,395 | |
Novo Nordisk AS Series B | 4,121,502 | 212,710 | |
Pfizer, Inc. | 1,565,435 | 53,663 | |
Roche Holding AG (participation certificate) | 2,082,062 | 206,640 | |
Schering-Plough Corp. | 3,662,400 | 67,681 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 2,556,800 | 172,047 | |
1,267,483 | |||
TOTAL HEALTH CARE | 6,164,723 | ||
INDUSTRIALS - 10.9% | |||
Aerospace & Defense - 1.2% | |||
Bombardier, Inc. Class B (sub. vtg.) | 4,174,200 | 12,580 | |
Lockheed Martin Corp. | 7,808,095 | 406,646 | |
Precision Castparts Corp. | 652,614 | 35,691 | |
454,917 | |||
Air Freight & Logistics - 0.9% | |||
C.H. Robinson Worldwide, Inc. | 3,917,334 | 179,571 | |
Dynamex, Inc. (a) | 201,300 | 2,800 | |
Expeditors International of Washington, Inc. | 169,560 | 8,378 | |
United Parcel Service, Inc. Class B | 2,161,400 | 162,472 | |
353,221 | |||
Airlines - 1.1% | |||
ExpressJet Holdings, Inc. Class A (a) | 467,879 | 5,680 | |
JetBlue Airways Corp. (a) | 5,000,411 | 146,912 | |
Jetsgo Corp.: | |||
warrants (a)(e) | 125,000 | 0 | |
warrants (a)(e) | 1 | 0 | |
Class B (a)(e) | 1,250,000 | 9,371 | |
Ryanair Holdings PLC sponsored ADR (a) | 7,227,700 | 236,924 | |
Southwest Airlines Co. | 1,396,100 | 23,413 | |
422,300 | |||
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
INDUSTRIALS - continued | |||
Building Products - 0.1% | |||
Lennox International, Inc. | 736,800 | $ 13,336 | |
Masco Corp. | 871,600 | 27,176 | |
40,512 | |||
Commercial Services & Supplies - 1.4% | |||
Apollo Group, Inc. Class A (a) | 2,037,228 | 179,867 | |
Aramark Corp. Class B | 3,675,000 | 105,693 | |
Copart, Inc. (a) | 387,900 | 10,357 | |
Corporate Executive Board Co. | 13,900 | 803 | |
Education Management Corp. (a) | 1,304,100 | 42,853 | |
H&R Block, Inc. | 652,600 | 31,116 | |
R.R. Donnelley & Sons Co. | 733,500 | 24,220 | |
Resources Connection, Inc. (a) | 434,900 | 17,009 | |
Robert Half International, Inc. | 793,900 | 23,634 | |
Strayer Education, Inc. (c) | 909,599 | 101,484 | |
Universal Technical Institute, Inc. | 272,900 | 10,908 | |
547,944 | |||
Construction & Engineering - 0.1% | |||
Jacobs Engineering Group, Inc. (a) | 1,057,766 | 41,655 | |
Perini Corp. (a) | 1,060,000 | 11,310 | |
52,965 | |||
Electrical Equipment - 0.4% | |||
Cooper Industries Ltd. Class A | 1,499,000 | 89,056 | |
Roper Industries, Inc. | 736,100 | 41,884 | |
Ultralife Batteries, Inc. (a)(c) | 959,800 | 18,582 | |
149,522 | |||
Industrial Conglomerates - 3.4% | |||
3M Co. | 13,864,480 | 1,247,942 | |
Carlisle Companies, Inc. | 78,100 | 4,862 | |
Hutchison Whampoa Ltd. | 3,514,000 | 23,990 | |
Tyco International Ltd. | 1,819,400 | 60,295 | |
1,337,089 | |||
Machinery - 2.0% | |||
Briggs & Stratton Corp. | 353,900 | 31,267 | |
Danaher Corp. | 8,677,340 | 449,920 | |
Deere & Co. | 319,900 | 22,438 | |
IDEX Corp. | 436,650 | 14,999 | |
Illinois Tool Works, Inc. | 215,700 | 20,683 | |
Ingersoll-Rand Co. Ltd. Class A | 271,600 | 18,553 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
INDUSTRIALS - continued | |||
Machinery - continued | |||
Joy Global, Inc. | 1,271,200 | $ 38,060 | |
Oshkosh Truck Co. | 272,000 | 15,588 | |
PACCAR, Inc. | 2,748,656 | 159,395 | |
Volvo AB ADR | 494,100 | 17,299 | |
788,202 | |||
Road & Rail - 0.2% | |||
Dollar Thrifty Automotive Group, Inc. (a) | 12,600 | 346 | |
Heartland Express, Inc. | 1,131,417 | 30,956 | |
Knight Transportation, Inc. (a) | 483,594 | 13,894 | |
Landstar System, Inc. (a) | 958,431 | 50,672 | |
95,868 | |||
Trading Companies & Distributors - 0.1% | |||
Fastenal Co. | 372,088 | 21,146 | |
TOTAL INDUSTRIALS | 4,263,686 | ||
INFORMATION TECHNOLOGY - 13.2% | |||
Communications Equipment - 2.5% | |||
Comverse Technology, Inc. (a) | 387,700 | 7,731 | |
Ditech Communications Corp. (a) | 551,660 | 12,876 | |
Harris Corp. | 1,598,900 | 81,144 | |
Juniper Networks, Inc. (a) | 2,247,114 | 55,212 | |
Motorola, Inc. | 6,646,700 | 121,302 | |
Plantronics, Inc. (a) | 232,700 | 9,797 | |
QUALCOMM, Inc. | 4,094,500 | 298,817 | |
Research in Motion Ltd. (a) | 2,429,900 | 166,226 | |
Scientific-Atlanta, Inc. | 1,837,100 | 63,380 | |
Telefonaktiebolaget LM Ericsson ADR (a) | 5,138,691 | 153,750 | |
970,235 | |||
Computers & Peripherals - 0.5% | |||
Apple Computer, Inc. (a) | 1,074,800 | 34,974 | |
Dell, Inc. (a) | 2,901,600 | 103,935 | |
PalmOne, Inc. (a) | 339,900 | 11,818 | |
Seagate Technology | 78,036 | 1,126 | |
Synaptics, Inc. (a) | 1,206,431 | 23,103 | |
174,956 | |||
Electronic Equipment & Instruments - 0.9% | |||
Amphenol Corp. Class A (a) | 1,232,830 | 41,078 | |
AU Optronics Corp. sponsored ADR | 84,690 | 1,384 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Electronic Equipment & Instruments - continued | |||
FARO Technologies, Inc. (a) | 226,868 | $ 5,824 | |
Flir Systems, Inc. (a)(c) | 3,004,200 | 164,931 | |
Mettler-Toledo International, Inc. (a) | 52,600 | 2,585 | |
Molex, Inc. | 155,300 | 4,982 | |
National Instruments Corp. | 764,245 | 23,424 | |
Symbol Technologies, Inc. | 2,610,900 | 38,485 | |
Thermo Electron Corp. (a) | 491,600 | 15,112 | |
Waters Corp. (a) | 1,387,700 | 66,304 | |
364,109 | |||
Internet Software & Services - 2.2% | |||
Akamai Technologies, Inc. (a) | 4,281,807 | 76,858 | |
Blue Coat Systems, Inc. (a) | 86,556 | 2,899 | |
iVillage, Inc. (a) | 382,600 | 2,430 | |
Lastminute.com PLC (a) | 2,971,801 | 9,759 | |
Open Text Corp. (a) | 756,300 | 24,210 | |
Sina Corp. (a) | 640,700 | 21,137 | |
Websense, Inc. (a) | 351,758 | 13,096 | |
Yahoo!, Inc. (a) | 19,602,224 | 712,149 | |
862,538 | |||
IT Services - 1.8% | |||
Accenture Ltd. Class A (a) | 232,700 | 6,395 | |
Alliance Data Systems Corp. (a) | 2,511,200 | 106,098 | |
Anteon International Corp. (a)(c) | 2,719,400 | 88,707 | |
Cognizant Technology Solutions Corp. Class A (a) | 5,457,586 | 138,677 | |
CSG Systems International, Inc. (a) | 296,200 | 6,131 | |
First Data Corp. | 2,343,700 | 104,342 | |
Infosys Technologies Ltd. sponsored ADR | 1,398,700 | 129,757 | |
Iron Mountain, Inc. (a) | 937,600 | 45,249 | |
SRA International, Inc. Class A (a)(c) | 1,359,100 | 57,517 | |
The BISYS Group, Inc. (a) | 2,166,100 | 30,455 | |
713,328 | |||
Office Electronics - 0.1% | |||
Canon, Inc. | 312,100 | 16,666 | |
Zebra Technologies Corp. Class A (a) | 337,100 | 29,328 | |
45,994 | |||
Semiconductors & Semiconductor Equipment - 4.0% | |||
Analog Devices, Inc. | 5,809,000 | 273,488 | |
ATI Technologies, Inc. (a) | 752,200 | 14,188 | |
Cree, Inc. (a) | 421,100 | 9,803 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Semiconductors & Semiconductor Equipment - continued | |||
Intel Corp. | 349,700 | $ 9,652 | |
International Rectifier Corp. (a)(c) | 3,352,500 | 138,861 | |
Linear Technology Corp. | 873,500 | 34,477 | |
Marvell Technology Group Ltd. (a) | 11,917,000 | 318,184 | |
Microchip Technology, Inc. | 232,700 | 7,339 | |
National Semiconductor Corp. (a) | 1,338,400 | 29,431 | |
Pixelworks, Inc. (a) | 310,400 | 4,755 | |
Samsung Electronics Co. Ltd. | 1,215,130 | 502,050 | |
Sigmatel, Inc. | 603,612 | 17,541 | |
Silicon Laboratories, Inc. (a)(c) | 4,458,490 | 206,651 | |
Tundra Semiconductor Corp. Ltd. (a)(d) | 122,700 | 2,093 | |
1,568,513 | |||
Software - 1.2% | |||
Adobe Systems, Inc. | 1,569,311 | 72,973 | |
Altiris, Inc. (a)(c) | 2,623,874 | 72,445 | |
Autodesk, Inc. | 1,233,800 | 52,819 | |
Electronic Arts, Inc. (a) | 382,600 | 20,871 | |
FileNET Corp. (a) | 462,532 | 14,602 | |
Kronos, Inc. (a) | 815,425 | 33,596 | |
Macrovision Corp. (a) | 111,600 | 2,793 | |
Magma Design Automation, Inc. (a) | 427,789 | 8,226 | |
Microsoft Corp. | 640,400 | 18,290 | |
Quality Systems, Inc. (a) | 91,309 | 4,482 | |
Red Hat, Inc. (a) | 804,953 | 18,490 | |
SAP AG sponsored ADR | 193,900 | 8,107 | |
Sonic Solutions, Inc. (a)(c) | 1,945,111 | 41,334 | |
Symantec Corp. (a) | 2,213,697 | 96,916 | |
Ultimate Software Group, Inc. (a) | 11,379 | 115 | |
466,059 | |||
TOTAL INFORMATION TECHNOLOGY | 5,165,732 | ||
MATERIALS - 4.7% | |||
Chemicals - 0.8% | |||
Ecolab, Inc. | 5,786,600 | 183,435 | |
Methanex Corp. | 1,304,200 | 17,306 | |
Potash Corp. of Saskatchewan | 709,000 | 68,248 | |
Sinopec Shanghai Petrochemical Co. Ltd. sponsored ADR | 477,000 | 15,832 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
MATERIALS - continued | |||
Chemicals - continued | |||
The Scotts Co. Class A (a) | 324,900 | $ 20,755 | |
Valspar Corp. | 201,700 | 10,164 | |
315,740 | |||
Construction Materials - 0.1% | |||
Eagle Materials, Inc. | 353,200 | 25,084 | |
Containers & Packaging - 0.1% | |||
Ball Corp. | 292,426 | 21,069 | |
Metals & Mining - 3.6% | |||
Aber Diamond Corp. (a) | 1,348,200 | 40,075 | |
Anglo American PLC ADR | 3,169,825 | 66,154 | |
Apex Silver Mines Ltd. (a) | 1,903,800 | 32,460 | |
Companhia Vale do Rio Doce sponsored ADR | 492,300 | 23,409 | |
Compania de Minas Buenaventura SA sponsored ADR | 4,816,100 | 106,436 | |
First Quantum Minerals Ltd. (a) | 976,500 | 10,359 | |
Freeport-McMoRan Copper & Gold, Inc. Class B | 5,535,908 | 183,515 | |
Glamis Gold Ltd. (a) | 5,630,900 | 98,991 | |
Goldcorp, Inc. (c) | 14,266,728 | 166,529 | |
International Steel Group, Inc. | 542,700 | 16,145 | |
IPSCO, Inc. | 778,800 | 17,562 | |
Ivanhoe Mines Ltd. (a) | 2,571,800 | 13,882 | |
Ivanhoe Mines Ltd. warrants 12/19/05 (a) | 699,550 | 524 | |
Newcrest Mining Ltd. | 2,700,200 | 26,007 | |
Newmont Mining Corp. | 9,419,849 | 365,113 | |
Nucor Corp. | 537,400 | 41,251 | |
Peabody Energy Corp. | 155,100 | 8,684 | |
POSCO sponsored ADR | 232,800 | 7,801 | |
Rio Tinto PLC (Reg.) | 7,950,238 | 194,880 | |
SouthernEra Resources Ltd. (a) | 2,047,600 | 5,603 | |
1,425,380 | |||
Paper & Forest Products - 0.1% | |||
Sappi Ltd. | 2,052,361 | 31,590 | |
TOTAL MATERIALS | 1,818,863 | ||
TELECOMMUNICATION SERVICES - 3.7% | |||
Diversified Telecommunication Services - 0.0% | |||
PT Indosat Tbk | 13,172,500 | 5,640 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
TELECOMMUNICATION SERVICES - continued | |||
Diversified Telecommunication Services - continued | |||
PT Indosat Tbk sponsored ADR | 438,700 | $ 9,300 | |
PT Telkomunikasi Indonesia Tbk sponsored ADR | 195,400 | 3,038 | |
17,978 | |||
Wireless Telecommunication Services - 3.7% | |||
America Movil SA de CV sponsored ADR | 5,612,600 | 204,130 | |
KDDI Corp. | 5,359 | 31,096 | |
mmO2 PLC (a) | 8,086,081 | 13,645 | |
Mobile TeleSystems OJSC sponsored ADR | 379,600 | 46,311 | |
MTN Group Ltd. (a) | 1,552,700 | 7,193 | |
Nextel Communications, Inc. Class A (a) | 18,582,700 | 495,415 | |
Nextel Partners, Inc. Class A (a) | 7,674,700 | 122,181 | |
NII Holdings, Inc. (a) | 3,101,747 | 104,498 | |
Vimpel Communications sponsored ADR (a)(c) | 1,981,000 | 191,067 | |
Vodafone Group PLC sponsored ADR | 8,795,300 | 194,376 | |
Western Wireless Corp. Class A (a) | 1,037,400 | 29,991 | |
1,439,903 | |||
TOTAL TELECOMMUNICATION SERVICES | 1,457,881 | ||
UTILITIES - 0.1% | |||
Electric Utilities - 0.1% | |||
Entergy Corp. | 155,200 | 8,693 | |
Exelon Corp. | 271,500 | 9,038 | |
PG&E Corp. (a) | 1,130,000 | 31,572 | |
49,303 | |||
Multi-Utilities & Unregulated Power - 0.0% | |||
AES Corp. (a) | 775,200 | 7,698 | |
TOTAL UTILITIES | 57,001 | ||
TOTAL COMMON STOCKS (Cost $25,115,432) | 34,983,027 | ||
Convertible Preferred Stocks - 0.3% | |||
FINANCIALS - 0.1% | |||
Diversified Financial Services - 0.1% | |||
Xerox Capital Trust II 7.50% (d) | 690,100 | 56,184 | |
Convertible Preferred Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
UTILITIES - 0.2% | |||
Electric Utilities - 0.2% | |||
TXU Corp. 8.75% | 1,187,500 | $ 56,258 | |
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $86,893) | 112,442 |
Convertible Bonds - 0.3% | ||||
Principal Amount (000s) | ||||
CONSUMER DISCRETIONARY - 0.1% | ||||
Leisure Equipment & Products - 0.1% | ||||
Eastman Kodak Co. 3.375% 10/15/33 | $ 27,960 | 30,844 | ||
FINANCIALS - 0.1% | ||||
Diversified Financial Services - 0.1% | ||||
Tyco International Group SA yankee 3.125% 1/15/23 | 10,860 | 17,562 | ||
INFORMATION TECHNOLOGY - 0.0% | ||||
Software - 0.0% | ||||
Red Hat, Inc. 0.5% 1/15/24 (d) | 10,094 | 11,394 | ||
TELECOMMUNICATION SERVICES - 0.1% | ||||
Wireless Telecommunication Services - 0.1% | ||||
Nextel Communications, Inc. 5.25% 1/15/10 | 34,600 | 33,562 | ||
UTILITIES - 0.0% | ||||
Multi-Utilities & Unregulated Power - 0.0% | ||||
AES Corp. 4.5% 8/15/05 | 7,900 | 7,827 | ||
TOTAL CONVERTIBLE BONDS (Cost $86,486) | 101,189 | |||
U.S. Treasury Obligations - 0.9% | ||||
U.S. Treasury Notes: | ||||
4.25% 8/15/13 | 156,700 | 152,966 | ||
4.25% 11/15/13 | 155,400 | 151,254 | ||
4.75% 5/15/14 | 39,300 | 39,710 | ||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $342,457) | 343,930 |
Money Market Funds - 9.7% | |||
Shares | Value (Note 1) (000s) | ||
Fidelity Cash Central Fund, 1.16% (b) | 3,429,048,832 | $ 3,429,049 | |
Fidelity Securities Lending Cash Central Fund, 1.18% (b) | 367,530,700 | 367,531 | |
TOTAL MONEY MARKET FUNDS (Cost $3,796,580) | 3,796,580 | ||
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $29,427,848) | 39,337,168 | ||
NET OTHER ASSETS - (0.7)% | (265,454) | ||
NET ASSETS - 100% | $ 39,071,714 |
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 listing of the fund's holdings as of its most recent fiscal year end is available upon request. |
(c) Affiliated company |
(d) 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 period end, the value of these securities amounted to $94,927,000 or 0.2% of net assets. |
(e) 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 $9,371,000 or 0.0% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
Jetsgo Corp. warrants | 3/1/04 | $ 0 |
Jetsgo Corp. warrants | 3/1/04 | $ 0 |
Jetsgo Corp. Class B | 3/1/04 | $ 9,334 |
Other Information |
Distribution of investments by country of issue, as a percentage of total net assets, is as follows: |
United States of America | 78.2% |
United Kingdom | 4.3% |
Canada | 3.8% |
Bermuda | 3.5% |
Switzerland | 1.7% |
Korea (South) | 1.4% |
Others (individually less than 1%) | 7.1% |
100.0% |
Purchases and sales of securities, other than short-term securities, aggregated $11,285,106,000 and $12,973,608,000, respectively, of which long-term U.S. government and government agency obligations aggregated $342,386,000 and $0, respectively. |
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 $634,000 for the period. |
Income Tax Information |
At December 31, 2003, the fund had a capital loss carryforward of approximately $3,025,127,000 of which $758,883,000 and $2,266,244,000 will expire on December 31, 2009 and 2010, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amount) | June 30, 2004 (Unaudited) | |
Assets | ||
Investment in securities, at value (including securities loaned of $360,250) (cost $29,427,848) - See accompanying schedule | $ 39,337,168 | |
Foreign currency held at value (cost $6,544) | 6,520 | |
Receivable for investments sold | 377,952 | |
Receivable for fund shares sold | 40,695 | |
Dividends receivable | 22,677 | |
Interest receivable | 8,177 | |
Prepaid expenses | 77 | |
Other affiliated receivables | 114 | |
Other receivables | 2,149 | |
Total assets | 39,795,529 | |
Liabilities | ||
Payable to custodian bank | $ 20,187 | |
Payable for investments purchased | 257,127 | |
Payable for fund shares redeemed | 48,241 | |
Accrued management fee | 23,683 | |
Other affiliated payables | 6,726 | |
Other payables and accrued expenses | 320 | |
Collateral on securities loaned, at value | 367,531 | |
Total liabilities | 723,815 | |
Net Assets | $ 39,071,714 | |
Net Assets consist of: | ||
Paid in capital | $ 31,552,996 | |
Distributions in excess of net investment income | (8,975) | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (2,381,785) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 9,909,478 | |
Net Assets, for 745,619 shares outstanding | $ 39,071,714 | |
Net Asset Value, offering price and redemption price per share ($39,071,714 ÷ 745,619 shares) | $ 52.40 |
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, 2004 (Unaudited) | |
Investment Income | ||
Dividends (including $14,906 received from affiliated issuers) | $ 156,710 | |
Interest | 16,516 | |
Security lending | 2,580 | |
Total income | 175,806 | |
Expenses | ||
Management fee | $ 107,446 | |
Performance adjustment | 31,623 | |
Transfer agent fees | 34,528 | |
Accounting and security lending fees | 1,092 | |
Non-interested trustees' compensation | 88 | |
Appreciation in deferred trustee compensation account | 95 | |
Custodian fees and expenses | 1,200 | |
Registration fees | 275 | |
Audit | 121 | |
Legal | 42 | |
Miscellaneous | 222 | |
Total expenses before reductions | 176,732 | |
Expense reductions | (4,218) | 172,514 |
Net investment income (loss) | 3,292 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities (Including realized gain (loss) of $4,433 on sales of investments in affiliated issuers) | 750,190 | |
Foreign currency transactions | 189 | |
Total net realized gain (loss) | 750,379 | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 1,500,332 | |
Assets and liabilities in foreign currencies | (1,296) | |
Total change in net unrealized appreciation (depreciation) | 1,499,036 | |
Net gain (loss) | 2,249,415 | |
Net increase (decrease) in net assets resulting from operations | $ 2,252,707 |
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 | Year ended |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 3,292 | $ 2,861 |
Net realized gain (loss) | 750,379 | 1,911,505 |
Change in net unrealized appreciation (depreciation) | 1,499,036 | 5,839,988 |
Net increase (decrease) in net assets resulting | 2,252,707 | 7,754,354 |
Distributions to shareholders from net investment income | (7,322) | (29,177) |
Share transactions | 3,486,813 | 4,634,446 |
Reinvestment of distributions | 7,161 | 28,535 |
Cost of shares redeemed | (2,600,375) | (4,040,969) |
Net increase (decrease) in net assets resulting from share transactions | 893,599 | 622,012 |
Total increase (decrease) in net assets | 3,138,984 | 8,347,189 |
Net Assets | ||
Beginning of period | 35,932,730 | 27,585,541 |
End of period (including distributions in excess of net investment income of $8,975 and distributions in excess of net investment income of $4,945, respectively) | $ 39,071,714 | $ 35,932,730 |
Other Information Shares | ||
Sold | 68,822 | 109,244 |
Issued in reinvestment of distributions | 142 | 587 |
Redeemed | (51,429) | (96,322) |
Net increase (decrease) | 17,535 | 13,509 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
Six months ended | Years ended December 31, | |||||
(Unaudited) | 2003 | 2002 | 2001 | 2000 | 1999 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 49.35 | $ 38.60 | $ 42.77 | $ 49.18 | $ 60.02 | $ 56.81 |
Income from Investment Operations | ||||||
Net investment income (loss)E | -G | -G | .06 | .21 | .26 | .29 |
Net realized and unrealized gain (loss) | 3.06 | 10.79 | (4.18) | (6.40) | (4.24) | 13.42 |
Total from investment operations | 3.06 | 10.79 | (4.12) | (6.19) | (3.98) | 13.71 |
Distributions from net investment income | (.01) | (.04) | (.05) | (.22) | (.24) | (.28) |
Distributions from net realized gain | - | - | - | - | (5.59) | (10.22) |
Distributions in excess of net realized gain | - | - | - | - | (1.03) | - |
Total distributions | (.01) | (.04) | (.05) | (.22) | (6.86) | (10.50) |
Net asset value, end of period | $ 52.40 | $ 49.35 | $ 38.60 | $ 42.77 | $ 49.18 | $ 60.02 |
Total ReturnB,C,D | 6.20% | 27.95% | (9.63)% | (12.59)% | (6.80)% | 25.03% |
Ratios to Average Net AssetsF | ||||||
Expenses before expense reductions | .95%A | 1.00% | 1.03% | .96% | .87% | .65% |
Expenses net of voluntary waivers, if any | .95%A | 1.00% | 1.03% | .96% | .87% | .65% |
Expenses net of all reductions | .92%A | .98% | .99% | .91% | .84% | .62% |
Net investment income (loss) | .02%A | .01% | .14% | .49% | .45% | .48% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $ 39,072 | $ 35,933 | $ 27,586 | $ 32,159 | $ 40,220 | $ 46,912 |
Portfolio turnover rate | 64%A | 67% | 80% | 141% | 166% | 177% |
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 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 any voluntary 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.
G Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2004 (Unaudited)
(Amounts in thousands except ratios)
1. Significant Accounting Policies.
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. 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities, including restricted securities, for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. Debt securities, including restricted securities, for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and valuation models. If prices are not readily available or do not accurately reflect fair value for a security, or if a security's value has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, that security may be valued by another method that the Board of Trustees believes accurately reflects fair value. A security's valuation may differ depending on the method used for determining value. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.
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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
1. Significant Accounting Policies - continued
Foreign Currency - continued
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. Security transactions are accounted for as of trade date. 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 nontaxable distributions or capital gain distributions for income tax purposes. Interest income is accrued as earned. 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 the funds in the trust.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), non-interested 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 treated as though equivalent dollar amounts had been invested in shares of the fund or are invested in a cross-section of other Fidelity funds, and are marked-to-market. Deferred amounts remain in the fund until distributed in accordance with the Plan.
Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Semiannual Report
1. 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.
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, passive foreign investment companies (PFIC), market discount, 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 | $ 10,246,563 | | |
Unrealized depreciation | (414,107) | |
Net unrealized appreciation (depreciation) | $ 9,832,456 | |
Cost for federal income tax purposes | $ 29,504,712 |
2. Operating Policies.
Repurchase Agreements. Fidelity Management & Research Company (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. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. Collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Collateral is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Purchases and Sales of Investments.
Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.
4. 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 .28% 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 .74% 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 .18% of average net assets.
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.
Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $12,816 for the period.
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 are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.
Semiannual Report
5. 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 participating fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.
6. Security Lending.
The fund lends portfolio securities from time to time in order to earn additional income. 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. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.
7. 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 $4,001 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 $108 and $109, respectively.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Transactions with Affiliated Companies.
An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Companies which are affiliates of the fund at period-end are noted in the fund's Schedule of Investments. Transactions during the period with companies which are or were affiliates are as follows:
Affiliate | Value, | Purchases | Sales | Dividend | Value, |
99 Cents Only Stores | $ 187,327 | $ 4,359 | $ 52,429 | $ - | $ 76,145 |
Advanced Neuromodulation Systems, Inc. | 48,599 | 13,534 | 5,524 | - | 43,432 |
Altiris, Inc. | 93,424 | 1,676 | - | - | 72,445 |
AnnTaylor Stores Corp. | 91,252 | 41,986 | - | - | 146,416 |
Anteon International Corp. | 98,034 | - | - | - | 88,707 |
Avon Products, Inc. | 909,024 | 33,420 | 9,603 | 7,561 | 1,268,232 |
DENTSPLY International, Inc. | 254,440 | 9,066 | 7,107 | 589 | 295,628 |
Everest Re Group Ltd. | 236,205 | - | - | 559 | 224,367 |
Flir Systems, Inc. | 109,106 | 671 | - | - | 164,931 |
Goldcorp, Inc. | 231,200 | - | 4,364 | 2,331 | 166,529 |
International Rectifier Corp. | 60,888 | 108,724 | 7,624 | - | 138,861 |
JetBlue Airways Corp. | 157,107 | 186 | 22,254 | - | - |
K-Swiss, Inc, Class A | 42,290 | - | 36,664 | 36 | - |
Krispy Kreme Doughnuts, Inc. | 125,553 | 2,338 | - | - | 66,832 |
Montpelier Re Holdings Ltd. | 174,898 | 9,592 | - | 3,414 | 175,480 |
P.F. Chang's China Bistro, Inc. | 121,295 | 4,006 | 58,362 | - | - |
Pacific Sunwear of California, Inc. | 110,226 | 11,631 | 26,799 | - | 88,044 |
Panera Bread Co. Class A | 100,991 | 10,145 | - | - | 101,942 |
Patterson Dental Co. | 381,579 | 15,708 | 6,240 | - | 466,306 |
The Pep Boys - Manny, Moe & Jack | 32,336 | 42,735 | - | 318 | 79,792 |
Premcor, Inc. | 76,211 | 70,484 | - | - | 188,096 |
SRA International, Inc. Class A | 45,613 | 12,190 | - | - | 57,517 |
Seattle Genetics, Inc. | - | 22,039 | - | - | 17,415 |
Silicon Laboratories, Inc. | 120,796 | 90,609 | - | - | 206,651 |
Sonic Solutions, Inc. | 23,202 | 11,318 | 3,086 | - | 41,334 |
Strayer Education, Inc. | 64,155 | 33,759 | - | 98 | 101,484 |
USI Holdings Corp. | 28,097 | 16,564 | - | - | 51,541 |
Ultralife Batteries, Inc. | - | 17,089 | - | - | 18,582 |
Vimpel Communications sponsored ADR | 126,560 | 36,861 | 14,819 | - | 191,067 |
TOTALS | $ 4,050,408 | $ 620,690 | $ 254,875 | $ 14,906 | $ 4,537,776 |
Semiannual Report
Managing Your Investments
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.
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By PC
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* 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
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Semiannual Report
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Semiannual Report
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Semiannual Report
Semiannual Report
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
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(Far East) Inc.
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Advisors
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Advisors (U.K.) Limited
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Boston, MA
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Servicing Agent
Fidelity Service Company, Inc. Boston, MA
Custodian
Brown Brothers Harriman & Co.
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Fund - Class A, Class T, Class B
and Class C
Semiannual Report
June 30, 2004
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | 3 | Ned Johnson's message to shareholders. |
Investment Changes | 4 | A summary of major shifts in the fund's investments over the past six months. |
Investments | 5 | A complete list of the fund's investments with their market values. |
Financial Statements | 21 | Statements of assets and liabilities, operations, and changes in net assets, |
Notes | 30 | Notes to the financial statements. |
For a free copy of the fund's proxy voting guidelines call 1-800-544-8544, or visit the Securities and Exchange Commission (SEC)'s web site at www.sec.gov.
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Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Many of you have read or heard news stories recently that were critical of mutual funds and made allegations that the mutual fund industry has been less than forthright. I find these reports unsettling and not necessarily an accurate picture of the overall industry, and I would like you to know where we at Fidelity stand.
With specific regard to allegations that certain mutual fund companies were violating the Securities and Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities, I want to say two things:
First, Fidelity does not have agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not to say that someone could not deceive the company through fraudulent acts. But I underscore that we have no so-called "agreements" which would permit this illegal practice.
Second, Fidelity has been on record for years opposing predatory short-term trading which adversely affects other shareholders in a mutual fund. In fact, in the 1980s, we began charging a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. What's more, several years ago we took the industry lead in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. It is reasonable to assume that another structure can be developed that would alter the system to make it much more difficult for predatory traders to operate. This, however, will only be achieved through close cooperation among regulators, legislators and the industry.
Certainly no industry is perfect, and there have been instances of unethical and illegal activity from time to time within the mutual fund industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. Clearly, every system can be improved. We applaud well thought out improvements by regulators, legislators and industry representatives that achieve the common goal of building and protecting the value of investors' holdings. But we remain concerned about the risk of over-regulation and the quick application of simplistic solutions to intricate problems.
For more than 57 years, Fidelity Investments has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946, we had only a few hundred customers. Many of them were family and friends. Today, we serve more than 18 million customers including individual investors and participants in retirement plans across America.
Let me close by saying that we do not take your trust in us for granted, and we realize that we must always work to improve all aspects of our service to you. In turn, we urge you to continue your active participation with your financial matters, so that your interests can be well served.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Investment Changes
Top Ten Stocks as of June 30, 2004 | ||
% of fund's | % of fund's net assets | |
Yahoo!, Inc. | 3.2 | 3.5 |
Genentech, Inc. | 2.5 | 4.1 |
eBay, Inc. | 1.8 | 2.2 |
Marvell Technology Group Ltd. | 1.7 | 1.3 |
Nextel Communications, Inc. Class A | 1.7 | 3.2 |
America Movil SA de CV sponsored ADR | 1.6 | 1.1 |
Avon Products, Inc. | 1.5 | 0.4 |
Berkshire Hathaway, Inc. Class A | 1.4 | 1.8 |
Danaher Corp. | 1.4 | 0.3 |
QUALCOMM, Inc. | 1.3 | 2.0 |
18.1 | ||
Top Five Market Sectors as of June 30, 2004 | ||
% of fund's | % of fund's net assets | |
Information Technology | 19.4 | 23.6 |
Health Care | 15.7 | 15.4 |
Consumer Discretionary | 13.4 | 20.4 |
Energy | 9.3 | 3.5 |
Industrials | 6.7 | 5.7 |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2004* | As of December 31, 2003** | ||||||
![]() | Stocks 84.5% | ![]() | Stocks 92.0% | ||||
![]() | Bonds 0.9% | ![]() | Bonds 0.0% | ||||
![]() | Convertible | ![]() | Convertible | ||||
![]() | Short-Term | ![]() | Short-Term | ||||
* Foreign investments | 17.9% | ** Foreign investments | 18.2% |
Semiannual Report
Investments June 30, 2004 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 84.5% | |||
Shares | Value (Note 1) | ||
CONSUMER DISCRETIONARY - 13.3% | |||
Auto Components - 0.0% | |||
LKQ Corp. | 100 | $ 1,853 | |
Automobiles - 0.2% | |||
Harley-Davidson, Inc. | 5,300 | 328,282 | |
Toyota Motor Corp. | 10,600 | 432,586 | |
760,868 | |||
Hotels, Restaurants & Leisure - 3.6% | |||
Ameristar Casinos, Inc. | 500 | 16,790 | |
Boyd Gaming Corp. | 16,000 | 425,120 | |
Buffalo Wild Wings, Inc. | 1,700 | 47,005 | |
GTECH Holdings Corp. | 3,900 | 180,609 | |
Hilton Group PLC | 41,270 | 207,239 | |
International Game Technology | 14,900 | 575,140 | |
Kerzner International Ltd. (a) | 5,400 | 256,824 | |
Krispy Kreme Doughnuts, Inc. (a) | 28,200 | 538,338 | |
Lakes Entertainment, Inc. (a) | 87,300 | 1,011,807 | |
Life Time Fitness, Inc. | 4,300 | 90,300 | |
Outback Steakhouse, Inc. | 6,700 | 277,112 | |
Panera Bread Co. Class A (a) | 19,300 | 692,484 | |
Penn National Gaming, Inc. (a) | 6,500 | 215,800 | |
Red Robin Gourmet Burgers, Inc. (a) | 14,900 | 407,813 | |
Shuffle Master, Inc. (a) | 32,800 | 1,190,968 | |
Stanley Leisure PLC | 16,400 | 124,947 | |
Starbucks Corp. (a) | 129,700 | 5,639,356 | |
Station Casinos, Inc. | 72,300 | 3,499,320 | |
The Cheesecake Factory, Inc. (a) | 14,800 | 588,892 | |
William Hill PLC | 18,500 | 186,470 | |
Wynn Resorts Ltd. (a) | 1,200 | 46,356 | |
16,218,690 | |||
Household Durables - 0.8% | |||
D.R. Horton, Inc. | 44,600 | 1,266,640 | |
Fortune Brands, Inc. | 10,000 | 754,300 | |
Harman International Industries, Inc. | 8,100 | 737,100 | |
LG Electronics, Inc. | 4,970 | 235,908 | |
Pulte Homes, Inc. | 10,400 | 541,112 | |
3,535,060 | |||
Internet & Catalog Retail - 1.8% | |||
Blue Nile, Inc. | 100 | 3,761 | |
eBay, Inc. (a) | 85,400 | 7,852,530 | |
7,856,291 | |||
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
CONSUMER DISCRETIONARY - continued | |||
Leisure Equipment & Products - 0.0% | |||
RC2 Corp. (a) | 2,200 | $ 78,100 | |
Media - 1.6% | |||
Citadel Broadcasting Corp. | 500 | 7,285 | |
Getty Images, Inc. (a) | 5,000 | 300,000 | |
News Corp. Ltd. ADR | 29,300 | 1,037,806 | |
Pixar (a) | 22,394 | 1,556,607 | |
SBS Broadcasting SA (a) | 16,400 | 503,644 | |
Sogecable SA (a) | 11,000 | 444,727 | |
Spanish Broadcasting System, Inc. Class A (a) | 25,400 | 236,474 | |
The DIRECTV Group, Inc. (a) | 42,300 | 723,330 | |
Univision Communications, Inc. Class A (a) | 14,500 | 462,985 | |
Vivendi Universal SA sponsored ADR (a) | 6,400 | 178,560 | |
Washington Post Co. Class B | 700 | 651,007 | |
XM Satellite Radio Holdings, Inc. Class A (a) | 40,600 | 1,107,974 | |
7,210,399 | |||
Multiline Retail - 0.3% | |||
99 Cents Only Stores (a) | 1,800 | 27,450 | |
JCPenney Co., Inc. | 22,200 | 838,272 | |
Neiman Marcus Group, Inc. Class A | 12,100 | 673,365 | |
1,539,087 | |||
Specialty Retail - 4.0% | |||
AC Moore Arts & Crafts, Inc. (a) | 3,700 | 101,787 | |
Advance Auto Parts, Inc. (a) | 22,100 | 976,378 | |
America's Car Mart, Inc. (a) | 600 | 18,018 | |
AnnTaylor Stores Corp. (a) | 78,150 | 2,264,787 | |
Bakers Footwear Group, Inc. | 15,000 | 151,500 | |
Bed Bath & Beyond, Inc. (a) | 21,000 | 807,450 | |
Best Buy Co., Inc. | 4,900 | 248,626 | |
Cabela's, Inc. Class A | 10,700 | 288,365 | |
Chico's FAS, Inc. (a) | 94,700 | 4,276,652 | |
Dick's Sporting Goods, Inc. (a) | 28,900 | 963,815 | |
Guitar Center, Inc. (a) | 6,600 | 293,502 | |
Pacific Sunwear of California, Inc. (a) | 30,600 | 598,842 | |
PETCO Animal Supplies, Inc. (a) | 7,200 | 231,912 | |
PETsMART, Inc. | 45,300 | 1,469,985 | |
Regis Corp. | 21,300 | 949,767 | |
Signet Group PLC | 86,648 | 180,506 | |
Staples, Inc. | 19,400 | 568,614 | |
The Pep Boys - Manny, Moe & Jack | 28,400 | 719,940 | |
TJX Companies, Inc. | 20,200 | 487,628 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
CONSUMER DISCRETIONARY - continued | |||
Specialty Retail - continued | |||
Tweeter Home Entertainment Group, Inc. (a) | 5,000 | $ 27,000 | |
United Auto Group, Inc. | 1,600 | 49,040 | |
Urban Outfitters, Inc. (a) | 34,300 | 2,089,213 | |
17,763,327 | |||
Textiles Apparel & Luxury Goods - 1.0% | |||
Carter's, Inc. | 5,500 | 160,105 | |
Coach, Inc. (a) | 55,400 | 2,503,526 | |
Fossil, Inc. (a) | 7,700 | 209,825 | |
Hartmarx Corp. (a) | 220,000 | 1,386,000 | |
4,259,456 | |||
TOTAL CONSUMER DISCRETIONARY | 59,223,131 | ||
CONSUMER STAPLES - 5.1% | |||
Beverages - 0.5% | |||
Coca-Cola Hellenic Bottling Co. SA (Bearer) | 730 | 17,094 | |
Corby Distilleries Ltd. Class A | 20,000 | 989,430 | |
Cott Corp. (a) | 10,000 | 324,612 | |
Cott Corp. (a)(c) | 2,900 | 93,960 | |
PepsiCo, Inc. | 12,300 | 662,724 | |
The Coca-Cola Co. | 3,500 | 176,680 | |
2,264,500 | |||
Food & Staples Retailing - 1.6% | |||
Smart & Final, Inc. (a) | 1,100 | 13,222 | |
Sysco Corp. | 98,400 | 3,529,608 | |
Tesco PLC | 42,085 | 203,866 | |
The Pantry, Inc. (a) | 30,000 | 654,000 | |
United Natural Foods, Inc. (a) | 34,500 | 997,395 | |
Wal-Mart Stores, Inc. | 1,500 | 79,140 | |
Walgreen Co. | 3,800 | 137,598 | |
Whole Foods Market, Inc. | 9,985 | 953,068 | |
William Morrison Supermarkets PLC | 94,500 | 398,455 | |
6,966,352 | |||
Food Products - 0.7% | |||
Hershey Foods Corp. | 13,800 | 638,526 | |
Kellogg Co. | 30,600 | 1,280,610 | |
Peet's Coffee & Tea, Inc. (a) | 5,000 | 124,950 | |
People's Food Holdings Ltd. | 9,000 | 5,920 | |
Smithfield Foods, Inc. (a) | 15,800 | 464,520 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
CONSUMER STAPLES - continued | |||
Food Products - continued | |||
SunOpta, Inc. (a) | 33,300 | $ 285,593 | |
Wm. Wrigley Jr. Co. | 7,800 | 491,790 | |
3,291,909 | |||
Household Products - 0.0% | |||
Procter & Gamble Co. | 2,800 | 152,432 | |
Personal Products - 2.3% | |||
Avon Products, Inc. | 142,800 | 6,588,792 | |
Gillette Co. | 80,800 | 3,425,920 | |
NBTY, Inc. (a) | 800 | 23,512 | |
10,038,224 | |||
TOTAL CONSUMER STAPLES | 22,713,417 | ||
ENERGY - 9.3% | |||
Energy Equipment & Services - 1.4% | |||
BJ Services Co. (a) | 12,200 | 559,248 | |
Carbo Ceramics, Inc. | 20,700 | 1,412,775 | |
Offshore Logistics, Inc. (a) | 30,100 | 846,412 | |
Schlumberger Ltd. (NY Shares) | 53,000 | 3,366,030 | |
Smith International, Inc. (a) | 3,100 | 172,856 | |
6,357,321 | |||
Oil & Gas - 7.9% | |||
Apache Corp. | 21,200 | 923,260 | |
Blackrock Ventures, Inc. (a) | 164,600 | 930,418 | |
BP PLC sponsored ADR | 65,100 | 3,487,407 | |
Burlington Resources, Inc. | 43,300 | 1,566,594 | |
Cabot Oil & Gas Corp. Class A | 6,000 | 253,800 | |
Chesapeake Energy Corp. | 51,900 | 763,968 | |
China Petroleum & Chemical Corp. sponsored ADR | 6,800 | 251,260 | |
Comstock Resources, Inc. (a) | 8,000 | 155,680 | |
ConocoPhillips | 2,500 | 190,725 | |
Denbury Resources, Inc. (a) | 8,900 | 186,455 | |
Devon Energy Corp. | 1,100 | 72,600 | |
EnCana Corp. | 62,600 | 2,704,110 | |
Encore Acquisition Co. (a) | 9,900 | 276,210 | |
ENI Spa sponsored ADR | 4,500 | 451,530 | |
EOG Resources, Inc. | 7,100 | 423,941 | |
Evergreen Resources, Inc. (a) | 4,200 | 169,680 | |
Exxon Mobil Corp. | 73,800 | 3,277,458 | |
Houston Exploration Co. (a) | 12,000 | 622,080 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
ENERGY - continued | |||
Oil & Gas - continued | |||
Magnum Hunter Resources, Inc. (a) | 4,500 | $ 46,710 | |
Murphy Oil Corp. | 63,600 | 4,687,320 | |
Newfield Exploration Co. (a) | 8,500 | 473,790 | |
Occidental Petroleum Corp. | 14,400 | 697,104 | |
Patina Oil & Gas Corp. | 11,700 | 349,479 | |
PetroKazakhstan, Inc. Class A | 13,800 | 374,821 | |
Pioneer Natural Resources Co. | 16,000 | 561,280 | |
Premcor, Inc. (a) | 72,600 | 2,722,500 | |
Prima Energy Corp. (a) | 1,300 | 51,441 | |
Quicksilver Resources, Inc. (a) | 18,700 | 1,254,209 | |
Talisman Energy, Inc. | 17,400 | 379,594 | |
Total SA sponsored ADR | 22,000 | 2,113,760 | |
Tsakos Energy Navigation Ltd. | 5,500 | 186,780 | |
Valero Energy Corp. | 4,600 | 339,296 | |
Vintage Petroleum, Inc. | 900 | 15,273 | |
XTO Energy, Inc. | 132,100 | 3,935,259 | |
34,895,792 | |||
TOTAL ENERGY | 41,253,113 | ||
FINANCIALS - 6.3% | |||
Capital Markets - 0.3% | |||
Goldman Sachs Group, Inc. | 600 | 56,496 | |
Lehman Brothers Holdings, Inc. | 11,700 | 880,425 | |
UBS AG (NY Shares) | 3,600 | 255,816 | |
1,192,737 | |||
Commercial Banks - 0.9% | |||
Bank One Corp. | 18,700 | 953,700 | |
Banknorth Group, Inc. | 25,500 | 828,240 | |
East West Bancorp, Inc. | 10,600 | 325,420 | |
HSBC Holdings PLC sponsored ADR | 1,300 | 97,383 | |
PrivateBancorp, Inc. | 1,000 | 27,460 | |
Texas Regional Bancshares, Inc. Class A | 1,500 | 68,865 | |
UCBH Holdings, Inc. | 10,600 | 418,912 | |
Wells Fargo & Co. | 3,000 | 171,690 | |
Westcorp | 19,200 | 872,640 | |
Wintrust Financial Corp. | 3,200 | 161,632 | |
3,925,942 | |||
Consumer Finance - 0.1% | |||
MBNA Corp. | 14,000 | 361,060 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
FINANCIALS - continued | |||
Diversified Financial Services - 0.1% | |||
Brascan Corp. Class A (ltd. vtg.) | 17,250 | $ 483,916 | |
Insurance - 4.3% | |||
ACE Ltd. | 7,400 | 312,872 | |
AFLAC, Inc. | 24,300 | 991,683 | |
Allstate Corp. | 4,700 | 218,785 | |
American International Group, Inc. | 51,500 | 3,670,920 | |
Assurant, Inc. | 64,700 | 1,706,786 | |
Axis Capital Holdings Ltd. | 1,700 | 47,600 | |
Berkshire Hathaway, Inc. Class A (a) | 69 | 6,137,550 | |
Brown & Brown, Inc. | 3,300 | 142,230 | |
Endurance Specialty Holdings Ltd. | 16,700 | 581,160 | |
Everest Re Group Ltd. | 10,900 | 875,924 | |
Great-West Lifeco, Inc. | 3,300 | 119,244 | |
HCC Insurance Holdings, Inc. | 40,100 | 1,339,741 | |
Infinity Property & Casualty Corp. | 4,800 | 158,400 | |
Mercury General Corp. | 4,900 | 243,285 | |
MetLife, Inc. | 5,600 | 200,760 | |
Montpelier Re Holdings Ltd. | 9,700 | 339,015 | |
Penn-America Group, Inc. | 200 | 2,800 | |
ProAssurance Corp. (a) | 5,000 | 170,550 | |
UICI (a) | 1,900 | 45,239 | |
USI Holdings Corp. (a) | 60,500 | 955,900 | |
W.R. Berkley Corp. | 15,100 | 648,545 | |
White Mountains Insurance Group Ltd. | 400 | 204,000 | |
Willis Group Holdings Ltd. | 6,900 | 258,405 | |
19,371,394 | |||
Real Estate - 0.1% | |||
CBL & Associates Properties, Inc. | 6,000 | 330,000 | |
The Rouse Co. | 2,800 | 133,000 | |
463,000 | |||
Thrifts & Mortgage Finance - 0.5% | |||
Countrywide Financial Corp. | 5,350 | 375,838 | |
Golden West Financial Corp., Delaware | 18,800 | 1,999,380 | |
New York Community Bancorp, Inc. | 6,733 | 132,169 | |
W Holding Co., Inc. | 800 | 13,736 | |
2,521,123 | |||
TOTAL FINANCIALS | 28,319,172 | ||
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
HEALTH CARE - 15.7% | |||
Biotechnology - 4.4% | |||
Affymetrix, Inc. (a) | 10,300 | $ 337,119 | |
Biogen Idec, Inc. (a) | 35,200 | 2,226,400 | |
Connetics Corp. (a) | 10,900 | 220,180 | |
Dyax Corp. (a) | 2,100 | 24,675 | |
Gen-Probe, Inc. (a) | 24,700 | 1,168,804 | |
Genentech, Inc. (a) | 195,900 | 11,009,580 | |
Gilead Sciences, Inc. (a) | 19,200 | 1,286,400 | |
IDEXX Laboratories, Inc. (a) | 15,100 | 950,394 | |
Keryx Biopharmaceuticals, Inc. (a) | 10,700 | 135,462 | |
Ligand Pharmaceuticals, Inc. Class B (a) | 13,500 | 234,630 | |
Martek Biosciences (a) | 6,900 | 387,573 | |
ONYX Pharmaceuticals, Inc. (a) | 2,200 | 93,192 | |
Pharmion Corp. | 22,300 | 1,090,916 | |
Seattle Genetics, Inc. (a) | 25,800 | 181,374 | |
Serologicals Corp. (a) | 1,000 | 19,990 | |
19,366,689 | |||
Health Care Equipment & Supplies - 5.4% | |||
Advanced Medical Optics, Inc. (a) | 15,600 | 664,092 | |
Advanced Neuromodulation Systems, Inc. (a) | 14,100 | 462,480 | |
Alcon, Inc. | 44,500 | 3,499,925 | |
American Medical Systems Holdings, Inc. (a) | 1,000 | 33,700 | |
Animas Corp. | 100 | 1,865 | |
Apogent Technologies, Inc. (a) | 23,400 | 748,800 | |
Bio-Rad Laboratories, Inc. Class A (a) | 800 | 47,088 | |
Boston Scientific Corp. (a) | 45,000 | 1,926,000 | |
C.R. Bard, Inc. | 18,400 | 1,042,360 | |
Cooper Companies, Inc. | 7,300 | 461,141 | |
Cyberonics, Inc. (a) | 2,200 | 73,392 | |
Dade Behring Holdings, Inc. (a) | 200 | 9,504 | |
DENTSPLY International, Inc. | 36,600 | 1,906,860 | |
Epix Medical, Inc. (a) | 10,100 | 213,110 | |
Fisher Scientific International, Inc. (a) | 13,500 | 779,625 | |
Given Imaging Ltd. (a) | 2,000 | 70,820 | |
Immucor, Inc. (a) | 40,000 | 1,302,000 | |
Integra LifeSciences Holdings Corp. (a) | 7,400 | 260,998 | |
IRIS International, Inc. (a) | 400,000 | 3,020,000 | |
Kensey Nash Corp. (a) | 5,300 | 182,850 | |
Kinetic Concepts, Inc. | 3,600 | 179,640 | |
Kyphon, Inc. (a) | 4,600 | 129,628 | |
Medtronic, Inc. | 3,500 | 170,520 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
HEALTH CARE - continued | |||
Health Care Equipment & Supplies - continued | |||
Nobel Biocare Holding AG (Switzerland) | 1,037 | $ 162,680 | |
Phonak Holding AG | 2,576 | 80,307 | |
Smith & Nephew PLC | 317,847 | 3,513,481 | |
St. Jude Medical, Inc. (a) | 10,600 | 801,890 | |
Stryker Corp. | 34,200 | 1,881,000 | |
Synthes, Inc. | 4,360 | 498,151 | |
24,123,907 | |||
Health Care Providers & Services - 3.7% | |||
Aetna, Inc. | 55,200 | 4,692,000 | |
Anthem, Inc. (a) | 1,900 | 170,164 | |
Caremark Rx, Inc. (a) | 74,300 | 2,447,442 | |
DaVita, Inc. (a) | 1,500 | 46,245 | |
eResearchTechnology, Inc. (a) | 16,200 | 453,600 | |
ICON PLC sponsored ADR (a) | 800 | 35,192 | |
Inveresk Research Group, Inc. (a) | 1,400 | 43,176 | |
Matria Healthcare, Inc. (a) | 1,600 | 40,112 | |
Molina Healthcare, Inc. | 600 | 22,908 | |
Omnicare, Inc. | 6,700 | 286,827 | |
Patterson Dental Co. (a) | 63,300 | 4,841,817 | |
Pediatrix Medical Group, Inc. (a) | 5,000 | 349,250 | |
ProxyMed, Inc. (a) | 300 | 5,058 | |
UnitedHealth Group, Inc. | 45,414 | 2,827,022 | |
VCA Antech, Inc. (a) | 200 | 8,964 | |
WebMD Corp. (a) | 5,300 | 49,396 | |
WellPoint Health Networks, Inc. (a) | 2,000 | 224,020 | |
16,543,193 | |||
Pharmaceuticals - 2.2% | |||
Atherogenics, Inc. (a) | 12,100 | 230,263 | |
Atrix Laboratories, Inc. (a) | 5,500 | 188,540 | |
Bentley Pharmaceuticals, Inc. (a) | 300 | 4,122 | |
Cypress Bioscience, Inc. (a) | 16,000 | 219,680 | |
Elan Corp. PLC sponsored ADR (a) | 87,200 | 2,157,328 | |
Endo Pharmaceuticals Holdings, Inc. (a) | 700 | 16,415 | |
Eon Labs, Inc. (a) | 3,400 | 139,162 | |
IVAX Corp. (a) | 17,500 | 419,825 | |
Kos Pharmaceuticals, Inc. (a) | 26,700 | 880,299 | |
MGI Pharma, Inc. (a) | 3,000 | 81,030 | |
Nektar Therapeutics (a) | 2,900 | 57,884 | |
Novo Nordisk AS Series B | 54,400 | 2,807,575 | |
Roche Holding AG (participation certificate) | 18,922 | 1,877,964 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
HEALTH CARE - continued | |||
Pharmaceuticals - continued | |||
Schering-Plough Corp. | 23,500 | $ 434,280 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 6,000 | 403,740 | |
9,918,107 | |||
TOTAL HEALTH CARE | 69,951,896 | ||
INDUSTRIALS - 6.7% | |||
Aerospace & Defense - 0.0% | |||
Precision Castparts Corp. | 4,100 | 224,229 | |
Air Freight & Logistics - 0.5% | |||
C.H. Robinson Worldwide, Inc. | 700 | 32,088 | |
Dynamex, Inc. (a) | 2,300 | 31,993 | |
Expeditors International of Washington, Inc. | 1,500 | 74,115 | |
United Parcel Service, Inc. Class B | 28,700 | 2,157,379 | |
2,295,575 | |||
Airlines - 0.3% | |||
Southwest Airlines Co. | 87,300 | 1,464,021 | |
Building Products - 0.5% | |||
Lennox International, Inc. | 11,100 | 200,910 | |
Masco Corp. | 53,500 | 1,668,130 | |
Quixote Corp. | 9,500 | 190,475 | |
2,059,515 | |||
Commercial Services & Supplies - 1.9% | |||
Apollo Group, Inc. Class A (a) | 28,900 | 2,551,581 | |
Aramark Corp. Class B | 21,600 | 621,216 | |
Copart, Inc. (a) | 38,100 | 1,017,270 | |
Education Management Corp. (a) | 39,100 | 1,284,826 | |
R.R. Donnelley & Sons Co. | 25,000 | 825,500 | |
Resources Connection, Inc. (a) | 10,100 | 395,011 | |
Robert Half International, Inc. | 20,300 | 604,331 | |
Strayer Education, Inc. | 10,146 | 1,131,989 | |
Universal Technical Institute, Inc. | 3,500 | 139,895 | |
8,571,619 | |||
Construction & Engineering - 0.0% | |||
Perini Corp. (a) | 9,000 | 96,030 | |
Electrical Equipment - 0.8% | |||
Cooper Industries Ltd. Class A | 27,900 | 1,657,539 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
INDUSTRIALS - continued | |||
Electrical Equipment - continued | |||
Roper Industries, Inc. | 24,000 | $ 1,365,600 | |
Ultralife Batteries, Inc. (a) | 22,200 | 429,792 | |
3,452,931 | |||
Industrial Conglomerates - 0.4% | |||
3M Co. | 17,200 | 1,548,172 | |
Hutchison Whampoa Ltd. | 34,000 | 232,121 | |
1,780,293 | |||
Machinery - 2.1% | |||
Astec Industries, Inc. (a) | 2,867 | 53,986 | |
Danaher Corp. | 116,800 | 6,056,080 | |
Deere & Co. | 4,700 | 329,658 | |
IDEX Corp. | 1,650 | 56,678 | |
Illinois Tool Works, Inc. | 4,800 | 460,272 | |
Ingersoll-Rand Co. Ltd. Class A | 1,200 | 81,972 | |
Joy Global, Inc. | 14,400 | 431,136 | |
Oshkosh Truck Co. | 4,100 | 234,971 | |
PACCAR, Inc. | 17,850 | 1,035,122 | |
Volvo AB ADR | 12,100 | 423,633 | |
9,163,508 | |||
Road & Rail - 0.2% | |||
Dollar Thrifty Automotive Group, Inc. (a) | 200 | 5,488 | |
Knight Transportation, Inc. (a) | 447 | 12,842 | |
Landstar System, Inc. (a) | 12,900 | 682,023 | |
700,353 | |||
Trading Companies & Distributors - 0.0% | |||
Fastenal Co. | 3,000 | 170,490 | |
TOTAL INDUSTRIALS | 29,978,564 | ||
INFORMATION TECHNOLOGY - 19.4% | |||
Communications Equipment - 3.6% | |||
Comverse Technology, Inc. (a) | 21,000 | 418,740 | |
Ditech Communications Corp. (a) | 6,100 | 142,374 | |
Harris Corp. | 33,300 | 1,689,975 | |
Juniper Networks, Inc. (a) | 5,781 | 142,039 | |
Motorola, Inc. | 282,200 | 5,150,150 | |
Plantronics, Inc. (a) | 4,400 | 185,240 | |
QUALCOMM, Inc. | 78,900 | 5,758,122 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
INFORMATION TECHNOLOGY - continued | |||
Communications Equipment - continued | |||
Research in Motion Ltd. (a) | 35,700 | $ 2,442,181 | |
Scientific-Atlanta, Inc. | 4,300 | 148,350 | |
16,077,171 | |||
Computers & Peripherals - 0.6% | |||
Apple Computer, Inc. (a) | 25,100 | 816,754 | |
Dell, Inc. (a) | 23,100 | 827,442 | |
PalmOne, Inc. (a) | 17,600 | 611,952 | |
Synaptics, Inc. (a) | 21,800 | 417,470 | |
2,673,618 | |||
Electronic Equipment & Instruments - 0.8% | |||
Agilent Technologies, Inc. (a) | 2,700 | 79,056 | |
Amphenol Corp. Class A (a) | 4,600 | 153,272 | |
AU Optronics Corp. sponsored ADR | 1,600 | 26,144 | |
Benchmark Electronics, Inc. (a) | 1,100 | 32,010 | |
Dionex Corp. (a) | 600 | 33,102 | |
FARO Technologies, Inc. (a) | 1,800 | 46,206 | |
Flir Systems, Inc. (a) | 15,691 | 861,436 | |
Hon Hai Precision Industries Co. Ltd. | 27,000 | 100,536 | |
Molex, Inc. | 5,000 | 160,400 | |
National Instruments Corp. | 9,600 | 294,240 | |
Sigmatron International, Inc. (a) | 4,100 | 51,127 | |
Thermo Electron Corp. (a) | 13,000 | 399,620 | |
Waters Corp. (a) | 31,100 | 1,485,958 | |
3,723,107 | |||
Internet Software & Services - 4.1% | |||
Akamai Technologies, Inc. (a) | 26,600 | 477,470 | |
Blue Coat Systems, Inc. (a) | 5,300 | 177,497 | |
CNET Networks, Inc. (a) | 12,300 | 136,161 | |
InfoSpace, Inc. (a) | 7,900 | 300,516 | |
iVillage, Inc. (a) | 4,200 | 26,670 | |
j2 Global Communications, Inc. (a) | 4,500 | 125,100 | |
Lastminute.com PLC (a) | 34,600 | 113,627 | |
Open Text Corp. (a) | 34,800 | 1,113,997 | |
Opsware, Inc. (a) | 2,600 | 20,592 | |
Sina Corp. (a) | 30,500 | 1,006,195 | |
Websense, Inc. (a) | 12,743 | 474,422 | |
Yahoo!, Inc. (a) | 390,000 | 14,168,697 | |
18,140,944 | |||
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
INFORMATION TECHNOLOGY - continued | |||
IT Services - 2.5% | |||
Accenture Ltd. Class A (a) | 7,600 | $ 208,848 | |
Alliance Data Systems Corp. (a) | 63,200 | 2,670,200 | |
Anteon International Corp. (a) | 39,600 | 1,291,752 | |
Cognizant Technology Solutions Corp. Class A (a) | 51,614 | 1,311,512 | |
CSG Systems International, Inc. (a) | 20,000 | 414,000 | |
Infosys Technologies Ltd. sponsored ADR | 31,400 | 2,912,978 | |
iPayment, Inc. | 2,800 | 114,800 | |
SRA International, Inc. Class A (a) | 51,400 | 2,175,248 | |
The BISYS Group, Inc. (a) | 1,500 | 21,090 | |
11,120,428 | |||
Office Electronics - 0.1% | |||
Zebra Technologies Corp. Class A (a) | 3,100 | 269,700 | |
Semiconductors & Semiconductor Equipment - 5.9% | |||
Analog Devices, Inc. | 85,700 | 4,034,756 | |
ATI Technologies, Inc. (a) | 20,300 | 382,898 | |
Cree, Inc. (a) | 24,500 | 570,360 | |
International Rectifier Corp. (a) | 91,800 | 3,802,356 | |
Marvell Technology Group Ltd. (a) | 285,600 | 7,625,520 | |
Microchip Technology, Inc. | 16,900 | 533,026 | |
National Semiconductor Corp. (a) | 19,100 | 420,009 | |
O2Micro International Ltd. (a) | 3,000 | 51,090 | |
Pixelworks, Inc. (a) | 8,900 | 136,348 | |
Samsung Electronics Co. Ltd. | 11,576 | 4,782,809 | |
Sigmatel, Inc. | 5,100 | 148,206 | |
Silicon Laboratories, Inc. (a) | 87,200 | 4,041,720 | |
Trident Microsystems, Inc. (a) | 300 | 3,363 | |
Tundra Semiconductor Corp. Ltd. (a)(c) | 1,000 | 17,055 | |
26,549,516 | |||
Software - 1.8% | |||
Activision, Inc. (a) | 9,800 | 155,820 | |
Adobe Systems, Inc. | 20,400 | 948,600 | |
Altiris, Inc. (a) | 25,600 | 706,816 | |
Autodesk, Inc. | 40,400 | 1,729,524 | |
FileNET Corp. (a) | 3,800 | 119,966 | |
Macrovision Corp. (a) | 1,000 | 25,030 | |
Merge Technologies, Inc. (a) | 17,300 | 253,099 | |
Microsoft Corp. | 12,800 | 365,568 | |
Quality Systems, Inc. (a) | 6,200 | 304,358 | |
Red Hat, Inc. (a) | 42,500 | 976,225 | |
SAP AG sponsored ADR | 4,800 | 200,688 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
INFORMATION TECHNOLOGY - continued | |||
Software - continued | |||
Sonic Solutions, Inc. (a) | 26,500 | $ 563,125 | |
Symantec Corp. (a) | 40,100 | 1,755,578 | |
Ultimate Software Group, Inc. (a) | 396 | 4,000 | |
VERITAS Software Corp. (a) | 700 | 19,390 | |
8,127,787 | |||
TOTAL INFORMATION TECHNOLOGY | 86,682,271 | ||
MATERIALS - 2.7% | |||
Chemicals - 0.6% | |||
Methanex Corp. | 47,500 | 630,295 | |
Potash Corp. of Saskatchewan | 16,100 | 1,549,771 | |
The Scotts Co. Class A (a) | 7,000 | 447,160 | |
2,627,226 | |||
Construction Materials - 0.0% | |||
Florida Rock Industries, Inc. | 2,050 | 86,449 | |
Containers & Packaging - 0.1% | |||
Ball Corp. | 7,300 | 525,965 | |
Metals & Mining - 2.0% | |||
Aber Diamond Corp. (a) | 1,900 | 56,477 | |
Anglo American PLC ADR | 1,400 | 29,218 | |
Apex Silver Mines Ltd. (a) | 10,200 | 173,910 | |
Compania de Minas Buenaventura SA sponsored ADR | 13,600 | 300,560 | |
First Quantum Minerals Ltd. (a) | 155,400 | 1,648,482 | |
Freeport-McMoRan Copper & Gold, Inc. Class B | 1,500 | 49,725 | |
Gabriel Resources Ltd. (a) | 157,300 | 152,123 | |
Glamis Gold Ltd. (a) | 180,200 | 3,167,921 | |
Goldcorp, Inc. | 19,000 | 221,778 | |
International Steel Group, Inc. | 21,300 | 633,675 | |
Ivanhoe Mines Ltd. (a) | 21,900 | 118,210 | |
Ivanhoe Mines Ltd. warrants 12/19/05 (a) | 300 | 225 | |
Newmont Mining Corp. | 24,600 | 953,496 | |
Novagold Resources, Inc. (a) | 122,400 | 566,165 | |
Nucor Corp. | 8,100 | 621,756 | |
8,693,721 | |||
TOTAL MATERIALS | 11,933,361 | ||
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
TELECOMMUNICATION SERVICES - 5.8% | |||
Diversified Telecommunication Services - 0.0% | |||
PT Indosat Tbk sponsored ADR | 4,100 | $ 86,920 | |
Wireless Telecommunication Services - 5.8% | |||
America Movil SA de CV sponsored ADR | 198,400 | 7,215,808 | |
mmO2 PLC (a) | 105,200 | 177,524 | |
Mobile TeleSystems OJSC sponsored ADR | 200 | 24,400 | |
Nextel Communications, Inc. Class A (a) | 276,600 | 7,374,156 | |
Nextel Partners, Inc. Class A (a) | 330,800 | 5,266,336 | |
NII Holdings, Inc. (a) | 103,700 | 3,493,653 | |
Telesystem International Wireless, Inc. (a) | 25,400 | 250,020 | |
Vimpel Communications sponsored ADR (a) | 900 | 86,805 | |
Vodafone Group PLC sponsored ADR | 57,000 | 1,259,700 | |
Western Wireless Corp. Class A (a) | 19,500 | 563,745 | |
25,712,147 | |||
TOTAL TELECOMMUNICATION SERVICES | 25,799,067 | ||
UTILITIES - 0.2% | |||
Electric Utilities - 0.1% | |||
Entergy Corp. | 3,500 | 196,035 | |
Exelon Corp. | 5,700 | 189,753 | |
PG&E Corp. (a) | 6,800 | 189,992 | |
575,780 | |||
Multi-Utilities & Unregulated Power - 0.1% | |||
AES Corp. (a) | 21,200 | 210,516 | |
TOTAL UTILITIES | 786,296 | ||
TOTAL COMMON STOCKS (Cost $340,125,417) | 376,640,288 | ||
Convertible Preferred Stocks - 0.1% | |||
UTILITIES - 0.1% | |||
Electric Utilities - 0.1% | |||
TXU Corp. 8.75% | 5,400 | 255,825 | |
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $228,744) | 255,825 |
Convertible Bonds - 0.2% | ||||
Principal Amount | Value | |||
CONSUMER DISCRETIONARY - 0.1% | ||||
Leisure Equipment & Products - 0.1% | ||||
Eastman Kodak Co. 3.375% 10/15/33 | $ 350,000 | $ 386,106 | ||
FINANCIALS - 0.1% | ||||
Diversified Financial Services - 0.1% | ||||
Tyco International Group SA yankee 3.125% 1/15/23 | 250,000 | 404,275 | ||
UTILITIES - 0.0% | ||||
Multi-Utilities & Unregulated Power - 0.0% | ||||
AES Corp. 4.5% 8/15/05 | 180,000 | 178,330 | ||
TOTAL CONVERTIBLE BONDS (Cost $931,800) | 968,711 | |||
U.S. Treasury Obligations - 0.9% | ||||
U.S. Treasury Notes: | ||||
4.25% 8/15/13 | 1,660,000 | 1,620,446 | ||
4.25% 11/15/13 | 1,650,000 | 1,605,978 | ||
4.75% 5/15/14 | 600,000 | 606,258 | ||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $3,819,486) | 3,832,682 |
Money Market Funds - 13.1% | |||
Shares | |||
Fidelity Cash Central Fund, 1.16% (b) | 52,441,234 | 52,441,234 | |
Fidelity Securities Lending Cash Central Fund, 1.18% (b) | 6,080,450 | 6,080,450 | |
TOTAL MONEY MARKET FUNDS (Cost $58,521,684) | 58,521,684 | ||
TOTAL INVESTMENT PORTFOLIO - 98.8% (Cost $403,627,131) | 440,219,190 | ||
NET OTHER ASSETS - 1.2% | 5,554,098 | ||
NET ASSETS - 100% | $ 445,773,288 |
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 listing of the fund's holdings as of its most recent fiscal year end is available upon request. |
(c) 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 period end, the value of these securities amounted to $111,015 or 0.0% of net assets. |
Other Information |
Distribution of investments by country of issue, as a percentage of total net assets, is as follows: |
United States of America | 82.1% |
Canada | 4.4% |
Bermuda | 2.8% |
United Kingdom | 2.1% |
Mexico | 1.6% |
Switzerland | 1.3% |
Korea (South) | 1.1% |
Others (individually less than 1%) | 4.6% |
100.0% |
Purchases and sales of securities, other than short-term securities, aggregated $334,576,091 and $158,098,807, respectively. |
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 $17,263 for the period. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
June 30, 2004 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $6,083,456) (cost $403,627,131) - See accompanying schedule | $ 440,219,190 | |
Foreign currency held at value (cost $ 879,961) | 870,393 | |
Receivable for investments sold | 9,536,241 | |
Receivable for fund shares sold | 12,426,115 | |
Dividends receivable | 156,756 | |
Interest receivable | 109,196 | |
Prepaid expenses | 7,895 | |
Other receivables | 43,075 | |
Total assets | 463,368,861 | |
Liabilities | ||
Payable for investments purchased | $ 10,670,799 | |
Payable for fund shares redeemed | 323,557 | |
Accrued management fee | 194,667 | |
Distribution fees payable | 198,430 | |
Other affiliated payables | 92,591 | |
Other payables and accrued expenses | 35,079 | |
Collateral on securities loaned, at value | 6,080,450 | |
Total liabilities | 17,595,573 | |
Net Assets | $ 445,773,288 | |
Net Assets consist of: | ||
Paid in capital | $ 409,681,872 | |
Accumulated net investment loss | (1,780,078) | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 1,288,904 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 36,582,590 | |
Net Assets | $ 445,773,288 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
June 30, 2004 (Unaudited) | ||
Calculation of Maximum Offering Price | $ 12.71 | |
Maximum offering price per share (100/94.25 of $12.71) | $ 13.49 | |
Class T: | $ 12.69 | |
Maximum offering price per share (100/96.50 of $12.69) | $ 13.15 | |
Class B: | $ 12.63 | |
Class C: | $ 12.63 | |
Institutional Class: | $ 12.74 |
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
Six months ended June 30, 2004 (Unaudited) | ||
Investment Income | ||
Dividends | $ 771,344 | |
Interest | 247,866 | |
Security lending | 19,622 | |
Total income | 1,038,832 | |
Expenses | ||
Management fee | $ 898,124 | |
Transfer agent fees | 397,062 | |
Distribution fees | 923,418 | |
Accounting and security lending fees | 64,862 | |
Non-interested trustees' compensation | 623 | |
Custodian fees and expenses | 46,755 | |
Registration fees | 117,349 | |
Audit | 12,871 | |
Legal | 4,764 | |
Miscellaneous | 226 | |
Total expenses before reductions | 2,466,054 | |
Expense reductions | (78,742) | 2,387,312 |
Net investment income (loss) | (1,348,480) | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities | 1,553,255 | |
Foreign currency transactions | (37,052) | |
Total net realized gain (loss) | 1,516,203 | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 21,441,512 | |
Assets and liabilities in foreign currencies | (9,544) | |
Total change in net unrealized appreciation (depreciation) | 21,431,968 | |
Net gain (loss) | 22,948,171 | |
Net increase (decrease) in net assets resulting from operations | $ 21,599,691 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended | For the period | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ (1,348,480) | $ (451,550) |
Net realized gain (loss) | 1,516,203 | 414,114 |
Change in net unrealized appreciation | 21,431,968 | 15,150,622 |
Net increase (decrease) in net assets resulting | 21,599,691 | 15,113,186 |
Distributions to shareholders from net investment income | (206,475) | (334,230) |
Distributions to shareholders from net realized gain | - | (80,756) |
Total distributions | (206,475) | (414,986) |
Share transactions - net increase (decrease) | 226,370,519 | 183,311,353 |
Total increase (decrease) in net assets | 247,763,735 | 198,009,553 |
Net Assets | ||
Beginning of period | 198,009,553 | - |
End of period (including accumulated net investment loss of $1,780,078 and accumulated net investment loss of $225,138, respectively) | $ 445,773,288 | $ 198,009,553 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
Six months ended | Year ended | |
(Unaudited) | 2003 F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 11.79 | $ 10.00 |
Income from Investment Operations | ||
Net investment income (loss) E | (.03) | (.04) |
Net realized and unrealized gain (loss) | .96 | 1.87 |
Total from investment operations | .93 | 1.83 |
Distributions from net investment income | (.01) | (.03) |
Distributions from net realized gain | - | (.01) |
Total distributions | (.01) | (.04) |
Net asset value, end of period | $ 12.71 | $ 11.79 |
Total Return B, C, D | 7.89% | 18.23% |
Ratios to Average Net Assets G | ||
Expenses before expense reductions | 1.26% A | 1.39% A |
Expenses net of voluntary waivers, if any | 1.26% A | 1.39% A |
Expenses net of all reductions | 1.21% A | 1.28% A |
Net investment income (loss) | (.54)% A | (.81)% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ 88,696 | $ 37,296 |
Portfolio turnover rate | 115% A | 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 For the period July 31, 2003 (commencement of operations) to December 31, 2003.
G 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 any voluntary 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
Six months ended | Year ended | |
(Unaudited) | 2003 F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 11.78 | $ 10.00 |
Income from Investment Operations | ||
Net investment income (loss) E | (.05) | (.05) |
Net realized and unrealized gain (loss) | .97 | 1.86 |
Total from investment operations | .92 | 1.81 |
Distributions from net investment income | (.01) | (.02) |
Distributions from net realized gain | - | (.01) |
Total distributions | (.01) | (.03) |
Net asset value, end of period | $ 12.69 | $ 11.78 |
Total Return B, C, D | 7.81% | 18.08% |
Ratios to Average Net Assets G | ||
Expenses before expense reductions | 1.48% A | 1.62% A |
Expenses net of voluntary waivers, if any | 1.48% A | 1.62% A |
Expenses net of all reductions | 1.43% A | 1.51% A |
Net investment income (loss) | (.76)% A | (1.04)% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ 137,207 | $ 61,997 |
Portfolio turnover rate | 115% A | 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 For the period July 31, 2003 (commencement of operations) to December 31, 2003.
G 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 any voluntary 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
Six months ended | Year ended | |
(Unaudited) | 2003 F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 11.76 | $ 10.00 |
Income from Investment Operations | ||
Net investment income (loss) E | (.08) | (.07) |
Net realized and unrealized gain (loss) | .96 | 1.85 |
Total from investment operations | .88 | 1.78 |
Distributions from net investment income | (.01) | (.01) |
Distributions from net realized gain | - | (.01) |
Total distributions | (.01) | (.02) |
Net asset value, end of period | $ 12.63 | $ 11.76 |
Total Return B, C, D | 7.49% | 17.75% |
Ratios to Average Net Assets G | ||
Expenses before expense reductions | 2.05% A | 2.19% A |
Expenses net of voluntary waivers, if any | 2.05% A | 2.19% A |
Expenses net of all reductions | 2.00% A | 2.08% A |
Net investment income (loss) | (1.34)% A | (1.61)% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ 58,034 | $ 26,936 |
Portfolio turnover rate | 115% A | 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 For the period July 31, 2003 (commencement of operations) to December 31, 2003.
G 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 any voluntary 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
Six months ended | Year ended | |
(Unaudited) | 2003 F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 11.76 | $ 10.00 |
Income from Investment Operations | ||
Net investment income (loss) E | (.08) | (.07) |
Net realized and unrealized gain (loss) | .96 | 1.85 |
Total from investment operations | .88 | 1.78 |
Distributions from net investment income | (.01) | (.01) |
Distributions from net realized gain | - | (.01) |
Total distributions | (.01) | (.02) |
Net asset value, end of period | $ 12.63 | $ 11.76 |
Total Return B, C, D | 7.49% | 17.77% |
Ratios to Average Net Assets G | ||
Expenses before expense reductions | 1.98% A | 2.14% A |
Expenses net of voluntary waivers, if any | 1.98% A | 2.14% A |
Expenses net of all reductions | 1.93% A | 2.03% A |
Net investment income (loss) | (1.27)% A | (1.55)% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ 110,543 | $ 48,669 |
Portfolio turnover rate | 115% A | 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 For the period July 31, 2003 (commencement of operations) to December 31, 2003.
G 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 any voluntary 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
Six months ended | Year ended | |
(Unaudited) | 2003 E | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 11.79 | $ 10.00 |
Income from Investment Operations | ||
Net investment income (loss) D | (.01) | (.02) |
Net realized and unrealized gain (loss) | .97 | 1.86 |
Total from investment operations | .96 | 1.84 |
Distributions from net investment income | (.01) | (.04) |
Distributions from net realized gain | - | (.01) |
Total distributions | (.01) | (.05) |
Net asset value, end of period | $ 12.74 | $ 11.79 |
Total Return B, C | 8.15% | 18.31% |
Ratios to Average Net Assets F | ||
Expenses before expense reductions | .89% A | 1.07% A |
Expenses net of voluntary waivers, if any | .89% A | 1.07% A |
Expenses net of all reductions | .84% A | .96% A |
Net investment income (loss) | (.18)% A | (.49)% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ 51,293 | $ 23,112 |
Portfolio turnover rate | 115% A | 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 For the period July 31, 2003 (commencement of operations) to December 31, 2003.
F 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 any voluntary 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2004 (Unaudited)
1. Significant Accounting Policies.
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. 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.
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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities, including restricted securities, for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. Debt securities, including restricted securities, for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and valuation models. If prices are not readily available or do not accurately reflect fair value for a security, or if a security's value has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, that security may be valued by another method that the Board of Trustees believes accurately reflects fair value. A security's valuation may differ depending on the method used for determining value. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
1. Significant Accounting Policies - continued
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. Security transactions are accounted for as of trade date. 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 nontaxable distributions or capital gain distributions for income tax purposes. Interest income is accrued as earned. 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 the funds in the trust.
Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
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.
Semiannual Report
1. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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, passive foreign investment companies (PFIC) and losses deferred due to wash sales and excise tax regulations.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 43,847,050 | |
Unrealized depreciation | (7,777,739) | |
Net unrealized appreciation (depreciation) | $ 36,069,311 | |
Cost for federal income tax purposes | $ 404,149,879 |
2. Operating Policies.
Repurchase Agreements. Fidelity Management & Research Company (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. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. Collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Collateral is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).
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.
3. Purchases and Sales of Investments.
Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. 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 .28% 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 .57% of the fund's average net assets.
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 | 0% | .25% | $ 71,555 | $ 53 |
Class T | .25% | .25% | 243,874 | 33,240 |
Class B | .75% | .25% | 212,015 | 159,106 |
Class C | .75% | .25% | 395,974 | 340,283 |
$ 923,418 | $ 532,682 |
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, and .25% for certain purchases of Class A and Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained | |
Class A | $ 154,297 |
Class T | 49,389 |
Class B* | 27,215 |
Class C* | 11,585 |
$ 242,486 |
* 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.
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
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 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 | $ 79,696 | .28 |
Class T | 119,920 | .25 |
Class B | 69,049 | .32 |
Class C | 99,980 | .25 |
Institutional Class | 28,417 | .16 |
$ 397,062 |
* 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.
Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $219,599 for the period.
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 are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. 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 participating fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.
6. Security Lending.
The fund lends portfolio securities from time to time in order to earn additional income. 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. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.
7. 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 $77,986 for the period. In addition, through arrangements with the fund's custodian, 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 expenses by $756.
8. Other Information.
At the end of the period, two otherwise unaffiliated shareholders were the owners of record of 28% of the total outstanding shares of the fund.
Semiannual Report
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | For the period | |
From net investment income | ||
Class A | $ 37,579 | $ 86,217 |
Class T | 64,123 | 115,237 |
Class B | 28,149 | 22,248 |
Class C | 52,499 | 48,917 |
Institutional Class | 24,125 | 61,611 |
Total | $ 206,475 | $ 334,230 |
From net realized gain | ||
Class A | $ - | $ 15,396 |
Class T | - | 25,052 |
Class B | - | 11,124 |
Class C | - | 20,382 |
Institutional Class | - | 8,802 |
Total | $ - | $ 80,756 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions.
Transactions for each class of shares were as follows:
Shares | Dollars | |||
Six months ended | For the period | Six months ended | For the period | |
Class A | ||||
Shares sold | 4,263,283 | 3,325,916 | $ 52,803,173 | $ 36,472,035 |
Reinvestment of distributions | 2,600 | 7,212 | 31,808 | 83,877 |
Shares redeemed | (449,971) | (169,923) | (5,516,590) | (1,927,043) |
Net increase (decrease) | 3,815,912 | 3,163,205 | $ 47,318,391 | $ 34,628,869 |
Class T | ||||
Shares sold | 5,923,972 | 5,440,874 | $ 72,990,403 | $ 59,499,322 |
Reinvestment of distributions | 4,793 | 11,278 | 58,625 | 131,049 |
Shares redeemed | (379,073) | (190,783) | (4,629,523) | (2,152,963) |
Net increase (decrease) | 5,549,692 | 5,261,369 | $ 68,419,505 | $ 57,477,408 |
Class B | ||||
Shares sold | 2,424,804 | 2,417,898 | $ 29,817,868 | $ 26,564,025 |
Reinvestment of distributions | 1,577 | 1,921 | 19,259 | 22,287 |
Shares redeemed | (122,311) | (130,176) | (1,502,225) | (1,477,650) |
Net increase (decrease) | 2,304,070 | 2,289,643 | $ 28,334,902 | $ 25,108,662 |
Class C | ||||
Shares sold | 4,846,130 | 4,280,867 | $ 59,475,824 | $ 46,868,653 |
Reinvestment of distributions | 2,872 | 3,932 | 35,038 | 45,610 |
Shares redeemed | (236,763) | (145,743) | (2,897,072) | (1,655,531) |
Net increase (decrease) | 4,612,239 | 4,139,056 | $ 56,613,790 | $ 45,258,732 |
Institutional Class | ||||
Shares sold | 2,109,429 | 2,064,833 | $ 26,217,352 | $ 22,042,780 |
Reinvestment of distributions | 912 | 2,785 | 11,178 | 32,385 |
Shares redeemed | (43,961) | (107,889) | (544,599) | (1,237,483) |
Net increase (decrease) | 2,066,380 | 1,959,729 | $ 25,683,931 | $ 20,837,682 |
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 Management & Research
(Far East) Inc.
Fidelity Investments Japan Limited
Fidelity International Investment Advisors
Fidelity International Investment
Advisors (U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Shareholder
Servicing Agent
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Custodian
Brown Brothers Harriman & Co.
Boston, MA
Semiannual Report
Fidelity Advisor Aggressive Growth Fund |
Fidelity Advisor Asset Allocation Fund |
Fidelity Advisor Balanced Fund |
Fidelity Advisor Biotechnology Fund |
Fidelity Advisor California Municipal Income Fund |
Fidelity Advisor Consumer Industries Fund |
Fidelity Advisor Cyclical Industries Fund |
Fidelity Advisor Developing Communications Fund |
Fidelity Advisor Diversified International Fund |
Fidelity Advisor Dividend Growth Fund |
Fidelity Advisor Dynamic Capital |
Fidelity Advisor Electronics Fund |
Fidelity Advisor Emerging Asia Fund |
Fidelity Advisor Emerging Markets Fund |
Fidelity Advisor Emerging Markets Income Fund |
Fidelity Advisor Equity Growth Fund |
Fidelity Advisor Equity Income Fund |
Fidelity Advisor Equity Value Fund |
Fidelity Advisor Europe Capital |
Fidelity Advisor Fifty Fund |
Fidelity Advisor Financial Services Fund |
Fidelity Advisor Floating Rate High Income Fund |
Fidelity Advisor Freedom Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040 FundsSM |
Fidelity Advisor Global Equity Fund |
Fidelity Advisor Government Investment Fund |
Fidelity Advisor Growth & Income Fund |
Fidelity Advisor Growth Opportunities Fund |
Fidelity Advisor Health Care Fund |
Fidelity Advisor High Income Advantage Fund |
Fidelity Advisor High Income Fund |
Fidelity Advisor Inflation-Protected Bond Fund |
Fidelity Advisor Intermediate Bond Fund |
Fidelity Advisor International Capital Appreciation Fund |
Fidelity Advisor International |
Fidelity Advisor Investment Grade Bond Fund |
Fidelity Advisor Japan Fund |
Fidelity Advisor Korea Fund |
Fidelity Advisor Large Cap Fund |
Fidelity Advisor Latin America Fund |
Fidelity Advisor Leveraged Company Stock Fund |
Fidelity Advisor Mid Cap Fund |
Fidelity Advisor Mortgage Securities Fund |
Fidelity Advisor Municipal Income Fund |
Fidelity Advisor Natural Resources Fund |
Fidelity Advisor New Insights Fund |
Fidelity Advisor New York Municipal |
Fidelity Advisor Overseas Fund |
Fidelity Advisor Real Estate Fund |
Fidelity Advisor Short Fixed-Income Fund |
Fidelity Advisor Short Intermediate Municipal Income Fund |
Fidelity Advisor Small Cap Fund |
Fidelity Advisor Strategic Dividend & |
Fidelity Advisor Strategic Growth Fund |
Fidelity Advisor Strategic Income Fund |
Fidelity Advisor Tax Managed Stock Fund |
Fidelity Advisor Technology Fund |
Fidelity Advisor Telecommunications & |
Fidelity Advisor Total Bond Fund |
Fidelity Advisor Ultra-Short Bond Fund |
Fidelity Advisor Value Fund |
Fidelity Advisor Value Leaders Fund |
Fidelity Advisor Value Strategies Fund |
Prime Fund |
Tax-Exempt Fund |
Treasury Fund |
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
ANIF-USAN-0804
1.803541.100
Fidelity® Advisor
New Insights
Fund - Institutional Class
Semiannual Report
June 30, 2004
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | 3 | Ned Johnson's message to shareholders. |
Investment Changes | 4 | A summary of major shifts in the fund's investments over the past six months. |
Investments | 5 | A complete list of the fund's investments with their market values. |
Financial Statements | 21 | Statements of assets and liabilities, operations, and changes in net assets, |
Notes | 30 | Notes to the financial statements. |
For a free copy of the fund's proxy voting guidelines call 1-800-544-8544, or visit the Securities and Exchange Commission (SEC)'s web site at www.sec.gov.
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.
(Recycle graphic) This report is printed on recycled paper using soy-based inks.
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.
Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.
Neither the fund nor Fidelity Distributors Corporation is a bank.
For more information on any Fidelity Advisor fund, including charges and expenses, contact your investment professional for a free prospectus. Read it carefully before you invest or send money.
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Many of you have read or heard news stories recently that were critical of mutual funds and made allegations that the mutual fund industry has been less than forthright. I find these reports unsettling and not necessarily an accurate picture of the overall industry, and I would like you to know where we at Fidelity stand.
With specific regard to allegations that certain mutual fund companies were violating the Securities and Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities, I want to say two things:
First, Fidelity does not have agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not to say that someone could not deceive the company through fraudulent acts. But I underscore that we have no so-called "agreements" which would permit this illegal practice.
Second, Fidelity has been on record for years opposing predatory short-term trading which adversely affects other shareholders in a mutual fund. In fact, in the 1980s, we began charging a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. What's more, several years ago we took the industry lead in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. It is reasonable to assume that another structure can be developed that would alter the system to make it much more difficult for predatory traders to operate. This, however, will only be achieved through close cooperation among regulators, legislators and the industry.
Certainly no industry is perfect, and there have been instances of unethical and illegal activity from time to time within the mutual fund industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. Clearly, every system can be improved. We applaud well thought out improvements by regulators, legislators and industry representatives that achieve the common goal of building and protecting the value of investors' holdings. But we remain concerned about the risk of over-regulation and the quick application of simplistic solutions to intricate problems.
For more than 57 years, Fidelity Investments has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946, we had only a few hundred customers. Many of them were family and friends. Today, we serve more than 18 million customers including individual investors and participants in retirement plans across America.
Let me close by saying that we do not take your trust in us for granted, and we realize that we must always work to improve all aspects of our service to you. In turn, we urge you to continue your active participation with your financial matters, so that your interests can be well served.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Investment Changes
Top Ten Stocks as of June 30, 2004 | ||
% of fund's | % of fund's net assets | |
Yahoo!, Inc. | 3.2 | 3.5 |
Genentech, Inc. | 2.5 | 4.1 |
eBay, Inc. | 1.8 | 2.2 |
Marvell Technology Group Ltd. | 1.7 | 1.3 |
Nextel Communications, Inc. Class A | 1.7 | 3.2 |
America Movil SA de CV sponsored ADR | 1.6 | 1.1 |
Avon Products, Inc. | 1.5 | 0.4 |
Berkshire Hathaway, Inc. Class A | 1.4 | 1.8 |
Danaher Corp. | 1.4 | 0.3 |
QUALCOMM, Inc. | 1.3 | 2.0 |
18.1 | ||
Top Five Market Sectors as of June 30, 2004 | ||
% of fund's | % of fund's net assets | |
Information Technology | 19.4 | 23.6 |
Health Care | 15.7 | 15.4 |
Consumer Discretionary | 13.4 | 20.4 |
Energy | 9.3 | 3.5 |
Industrials | 6.7 | 5.7 |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2004* | As of December 31, 2003** | ||||||
![]() | Stocks 84.5% | ![]() | Stocks 92.0% | ||||
![]() | Bonds 0.9% | ![]() | Bonds 0.0% | ||||
![]() | Convertible | ![]() | Convertible | ||||
![]() | Short-Term | ![]() | Short-Term | ||||
* Foreign investments | 17.9% | ** Foreign investments | 18.2% |
Semiannual Report
Investments June 30, 2004 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 84.5% | |||
Shares | Value (Note 1) | ||
CONSUMER DISCRETIONARY - 13.3% | |||
Auto Components - 0.0% | |||
LKQ Corp. | 100 | $ 1,853 | |
Automobiles - 0.2% | |||
Harley-Davidson, Inc. | 5,300 | 328,282 | |
Toyota Motor Corp. | 10,600 | 432,586 | |
760,868 | |||
Hotels, Restaurants & Leisure - 3.6% | |||
Ameristar Casinos, Inc. | 500 | 16,790 | |
Boyd Gaming Corp. | 16,000 | 425,120 | |
Buffalo Wild Wings, Inc. | 1,700 | 47,005 | |
GTECH Holdings Corp. | 3,900 | 180,609 | |
Hilton Group PLC | 41,270 | 207,239 | |
International Game Technology | 14,900 | 575,140 | |
Kerzner International Ltd. (a) | 5,400 | 256,824 | |
Krispy Kreme Doughnuts, Inc. (a) | 28,200 | 538,338 | |
Lakes Entertainment, Inc. (a) | 87,300 | 1,011,807 | |
Life Time Fitness, Inc. | 4,300 | 90,300 | |
Outback Steakhouse, Inc. | 6,700 | 277,112 | |
Panera Bread Co. Class A (a) | 19,300 | 692,484 | |
Penn National Gaming, Inc. (a) | 6,500 | 215,800 | |
Red Robin Gourmet Burgers, Inc. (a) | 14,900 | 407,813 | |
Shuffle Master, Inc. (a) | 32,800 | 1,190,968 | |
Stanley Leisure PLC | 16,400 | 124,947 | |
Starbucks Corp. (a) | 129,700 | 5,639,356 | |
Station Casinos, Inc. | 72,300 | 3,499,320 | |
The Cheesecake Factory, Inc. (a) | 14,800 | 588,892 | |
William Hill PLC | 18,500 | 186,470 | |
Wynn Resorts Ltd. (a) | 1,200 | 46,356 | |
16,218,690 | |||
Household Durables - 0.8% | |||
D.R. Horton, Inc. | 44,600 | 1,266,640 | |
Fortune Brands, Inc. | 10,000 | 754,300 | |
Harman International Industries, Inc. | 8,100 | 737,100 | |
LG Electronics, Inc. | 4,970 | 235,908 | |
Pulte Homes, Inc. | 10,400 | 541,112 | |
3,535,060 | |||
Internet & Catalog Retail - 1.8% | |||
Blue Nile, Inc. | 100 | 3,761 | |
eBay, Inc. (a) | 85,400 | 7,852,530 | |
7,856,291 | |||
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
CONSUMER DISCRETIONARY - continued | |||
Leisure Equipment & Products - 0.0% | |||
RC2 Corp. (a) | 2,200 | $ 78,100 | |
Media - 1.6% | |||
Citadel Broadcasting Corp. | 500 | 7,285 | |
Getty Images, Inc. (a) | 5,000 | 300,000 | |
News Corp. Ltd. ADR | 29,300 | 1,037,806 | |
Pixar (a) | 22,394 | 1,556,607 | |
SBS Broadcasting SA (a) | 16,400 | 503,644 | |
Sogecable SA (a) | 11,000 | 444,727 | |
Spanish Broadcasting System, Inc. Class A (a) | 25,400 | 236,474 | |
The DIRECTV Group, Inc. (a) | 42,300 | 723,330 | |
Univision Communications, Inc. Class A (a) | 14,500 | 462,985 | |
Vivendi Universal SA sponsored ADR (a) | 6,400 | 178,560 | |
Washington Post Co. Class B | 700 | 651,007 | |
XM Satellite Radio Holdings, Inc. Class A (a) | 40,600 | 1,107,974 | |
7,210,399 | |||
Multiline Retail - 0.3% | |||
99 Cents Only Stores (a) | 1,800 | 27,450 | |
JCPenney Co., Inc. | 22,200 | 838,272 | |
Neiman Marcus Group, Inc. Class A | 12,100 | 673,365 | |
1,539,087 | |||
Specialty Retail - 4.0% | |||
AC Moore Arts & Crafts, Inc. (a) | 3,700 | 101,787 | |
Advance Auto Parts, Inc. (a) | 22,100 | 976,378 | |
America's Car Mart, Inc. (a) | 600 | 18,018 | |
AnnTaylor Stores Corp. (a) | 78,150 | 2,264,787 | |
Bakers Footwear Group, Inc. | 15,000 | 151,500 | |
Bed Bath & Beyond, Inc. (a) | 21,000 | 807,450 | |
Best Buy Co., Inc. | 4,900 | 248,626 | |
Cabela's, Inc. Class A | 10,700 | 288,365 | |
Chico's FAS, Inc. (a) | 94,700 | 4,276,652 | |
Dick's Sporting Goods, Inc. (a) | 28,900 | 963,815 | |
Guitar Center, Inc. (a) | 6,600 | 293,502 | |
Pacific Sunwear of California, Inc. (a) | 30,600 | 598,842 | |
PETCO Animal Supplies, Inc. (a) | 7,200 | 231,912 | |
PETsMART, Inc. | 45,300 | 1,469,985 | |
Regis Corp. | 21,300 | 949,767 | |
Signet Group PLC | 86,648 | 180,506 | |
Staples, Inc. | 19,400 | 568,614 | |
The Pep Boys - Manny, Moe & Jack | 28,400 | 719,940 | |
TJX Companies, Inc. | 20,200 | 487,628 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
CONSUMER DISCRETIONARY - continued | |||
Specialty Retail - continued | |||
Tweeter Home Entertainment Group, Inc. (a) | 5,000 | $ 27,000 | |
United Auto Group, Inc. | 1,600 | 49,040 | |
Urban Outfitters, Inc. (a) | 34,300 | 2,089,213 | |
17,763,327 | |||
Textiles Apparel & Luxury Goods - 1.0% | |||
Carter's, Inc. | 5,500 | 160,105 | |
Coach, Inc. (a) | 55,400 | 2,503,526 | |
Fossil, Inc. (a) | 7,700 | 209,825 | |
Hartmarx Corp. (a) | 220,000 | 1,386,000 | |
4,259,456 | |||
TOTAL CONSUMER DISCRETIONARY | 59,223,131 | ||
CONSUMER STAPLES - 5.1% | |||
Beverages - 0.5% | |||
Coca-Cola Hellenic Bottling Co. SA (Bearer) | 730 | 17,094 | |
Corby Distilleries Ltd. Class A | 20,000 | 989,430 | |
Cott Corp. (a) | 10,000 | 324,612 | |
Cott Corp. (a)(c) | 2,900 | 93,960 | |
PepsiCo, Inc. | 12,300 | 662,724 | |
The Coca-Cola Co. | 3,500 | 176,680 | |
2,264,500 | |||
Food & Staples Retailing - 1.6% | |||
Smart & Final, Inc. (a) | 1,100 | 13,222 | |
Sysco Corp. | 98,400 | 3,529,608 | |
Tesco PLC | 42,085 | 203,866 | |
The Pantry, Inc. (a) | 30,000 | 654,000 | |
United Natural Foods, Inc. (a) | 34,500 | 997,395 | |
Wal-Mart Stores, Inc. | 1,500 | 79,140 | |
Walgreen Co. | 3,800 | 137,598 | |
Whole Foods Market, Inc. | 9,985 | 953,068 | |
William Morrison Supermarkets PLC | 94,500 | 398,455 | |
6,966,352 | |||
Food Products - 0.7% | |||
Hershey Foods Corp. | 13,800 | 638,526 | |
Kellogg Co. | 30,600 | 1,280,610 | |
Peet's Coffee & Tea, Inc. (a) | 5,000 | 124,950 | |
People's Food Holdings Ltd. | 9,000 | 5,920 | |
Smithfield Foods, Inc. (a) | 15,800 | 464,520 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
CONSUMER STAPLES - continued | |||
Food Products - continued | |||
SunOpta, Inc. (a) | 33,300 | $ 285,593 | |
Wm. Wrigley Jr. Co. | 7,800 | 491,790 | |
3,291,909 | |||
Household Products - 0.0% | |||
Procter & Gamble Co. | 2,800 | 152,432 | |
Personal Products - 2.3% | |||
Avon Products, Inc. | 142,800 | 6,588,792 | |
Gillette Co. | 80,800 | 3,425,920 | |
NBTY, Inc. (a) | 800 | 23,512 | |
10,038,224 | |||
TOTAL CONSUMER STAPLES | 22,713,417 | ||
ENERGY - 9.3% | |||
Energy Equipment & Services - 1.4% | |||
BJ Services Co. (a) | 12,200 | 559,248 | |
Carbo Ceramics, Inc. | 20,700 | 1,412,775 | |
Offshore Logistics, Inc. (a) | 30,100 | 846,412 | |
Schlumberger Ltd. (NY Shares) | 53,000 | 3,366,030 | |
Smith International, Inc. (a) | 3,100 | 172,856 | |
6,357,321 | |||
Oil & Gas - 7.9% | |||
Apache Corp. | 21,200 | 923,260 | |
Blackrock Ventures, Inc. (a) | 164,600 | 930,418 | |
BP PLC sponsored ADR | 65,100 | 3,487,407 | |
Burlington Resources, Inc. | 43,300 | 1,566,594 | |
Cabot Oil & Gas Corp. Class A | 6,000 | 253,800 | |
Chesapeake Energy Corp. | 51,900 | 763,968 | |
China Petroleum & Chemical Corp. sponsored ADR | 6,800 | 251,260 | |
Comstock Resources, Inc. (a) | 8,000 | 155,680 | |
ConocoPhillips | 2,500 | 190,725 | |
Denbury Resources, Inc. (a) | 8,900 | 186,455 | |
Devon Energy Corp. | 1,100 | 72,600 | |
EnCana Corp. | 62,600 | 2,704,110 | |
Encore Acquisition Co. (a) | 9,900 | 276,210 | |
ENI Spa sponsored ADR | 4,500 | 451,530 | |
EOG Resources, Inc. | 7,100 | 423,941 | |
Evergreen Resources, Inc. (a) | 4,200 | 169,680 | |
Exxon Mobil Corp. | 73,800 | 3,277,458 | |
Houston Exploration Co. (a) | 12,000 | 622,080 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
ENERGY - continued | |||
Oil & Gas - continued | |||
Magnum Hunter Resources, Inc. (a) | 4,500 | $ 46,710 | |
Murphy Oil Corp. | 63,600 | 4,687,320 | |
Newfield Exploration Co. (a) | 8,500 | 473,790 | |
Occidental Petroleum Corp. | 14,400 | 697,104 | |
Patina Oil & Gas Corp. | 11,700 | 349,479 | |
PetroKazakhstan, Inc. Class A | 13,800 | 374,821 | |
Pioneer Natural Resources Co. | 16,000 | 561,280 | |
Premcor, Inc. (a) | 72,600 | 2,722,500 | |
Prima Energy Corp. (a) | 1,300 | 51,441 | |
Quicksilver Resources, Inc. (a) | 18,700 | 1,254,209 | |
Talisman Energy, Inc. | 17,400 | 379,594 | |
Total SA sponsored ADR | 22,000 | 2,113,760 | |
Tsakos Energy Navigation Ltd. | 5,500 | 186,780 | |
Valero Energy Corp. | 4,600 | 339,296 | |
Vintage Petroleum, Inc. | 900 | 15,273 | |
XTO Energy, Inc. | 132,100 | 3,935,259 | |
34,895,792 | |||
TOTAL ENERGY | 41,253,113 | ||
FINANCIALS - 6.3% | |||
Capital Markets - 0.3% | |||
Goldman Sachs Group, Inc. | 600 | 56,496 | |
Lehman Brothers Holdings, Inc. | 11,700 | 880,425 | |
UBS AG (NY Shares) | 3,600 | 255,816 | |
1,192,737 | |||
Commercial Banks - 0.9% | |||
Bank One Corp. | 18,700 | 953,700 | |
Banknorth Group, Inc. | 25,500 | 828,240 | |
East West Bancorp, Inc. | 10,600 | 325,420 | |
HSBC Holdings PLC sponsored ADR | 1,300 | 97,383 | |
PrivateBancorp, Inc. | 1,000 | 27,460 | |
Texas Regional Bancshares, Inc. Class A | 1,500 | 68,865 | |
UCBH Holdings, Inc. | 10,600 | 418,912 | |
Wells Fargo & Co. | 3,000 | 171,690 | |
Westcorp | 19,200 | 872,640 | |
Wintrust Financial Corp. | 3,200 | 161,632 | |
3,925,942 | |||
Consumer Finance - 0.1% | |||
MBNA Corp. | 14,000 | 361,060 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
FINANCIALS - continued | |||
Diversified Financial Services - 0.1% | |||
Brascan Corp. Class A (ltd. vtg.) | 17,250 | $ 483,916 | |
Insurance - 4.3% | |||
ACE Ltd. | 7,400 | 312,872 | |
AFLAC, Inc. | 24,300 | 991,683 | |
Allstate Corp. | 4,700 | 218,785 | |
American International Group, Inc. | 51,500 | 3,670,920 | |
Assurant, Inc. | 64,700 | 1,706,786 | |
Axis Capital Holdings Ltd. | 1,700 | 47,600 | |
Berkshire Hathaway, Inc. Class A (a) | 69 | 6,137,550 | |
Brown & Brown, Inc. | 3,300 | 142,230 | |
Endurance Specialty Holdings Ltd. | 16,700 | 581,160 | |
Everest Re Group Ltd. | 10,900 | 875,924 | |
Great-West Lifeco, Inc. | 3,300 | 119,244 | |
HCC Insurance Holdings, Inc. | 40,100 | 1,339,741 | |
Infinity Property & Casualty Corp. | 4,800 | 158,400 | |
Mercury General Corp. | 4,900 | 243,285 | |
MetLife, Inc. | 5,600 | 200,760 | |
Montpelier Re Holdings Ltd. | 9,700 | 339,015 | |
Penn-America Group, Inc. | 200 | 2,800 | |
ProAssurance Corp. (a) | 5,000 | 170,550 | |
UICI (a) | 1,900 | 45,239 | |
USI Holdings Corp. (a) | 60,500 | 955,900 | |
W.R. Berkley Corp. | 15,100 | 648,545 | |
White Mountains Insurance Group Ltd. | 400 | 204,000 | |
Willis Group Holdings Ltd. | 6,900 | 258,405 | |
19,371,394 | |||
Real Estate - 0.1% | |||
CBL & Associates Properties, Inc. | 6,000 | 330,000 | |
The Rouse Co. | 2,800 | 133,000 | |
463,000 | |||
Thrifts & Mortgage Finance - 0.5% | |||
Countrywide Financial Corp. | 5,350 | 375,838 | |
Golden West Financial Corp., Delaware | 18,800 | 1,999,380 | |
New York Community Bancorp, Inc. | 6,733 | 132,169 | |
W Holding Co., Inc. | 800 | 13,736 | |
2,521,123 | |||
TOTAL FINANCIALS | 28,319,172 | ||
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
HEALTH CARE - 15.7% | |||
Biotechnology - 4.4% | |||
Affymetrix, Inc. (a) | 10,300 | $ 337,119 | |
Biogen Idec, Inc. (a) | 35,200 | 2,226,400 | |
Connetics Corp. (a) | 10,900 | 220,180 | |
Dyax Corp. (a) | 2,100 | 24,675 | |
Gen-Probe, Inc. (a) | 24,700 | 1,168,804 | |
Genentech, Inc. (a) | 195,900 | 11,009,580 | |
Gilead Sciences, Inc. (a) | 19,200 | 1,286,400 | |
IDEXX Laboratories, Inc. (a) | 15,100 | 950,394 | |
Keryx Biopharmaceuticals, Inc. (a) | 10,700 | 135,462 | |
Ligand Pharmaceuticals, Inc. Class B (a) | 13,500 | 234,630 | |
Martek Biosciences (a) | 6,900 | 387,573 | |
ONYX Pharmaceuticals, Inc. (a) | 2,200 | 93,192 | |
Pharmion Corp. | 22,300 | 1,090,916 | |
Seattle Genetics, Inc. (a) | 25,800 | 181,374 | |
Serologicals Corp. (a) | 1,000 | 19,990 | |
19,366,689 | |||
Health Care Equipment & Supplies - 5.4% | |||
Advanced Medical Optics, Inc. (a) | 15,600 | 664,092 | |
Advanced Neuromodulation Systems, Inc. (a) | 14,100 | 462,480 | |
Alcon, Inc. | 44,500 | 3,499,925 | |
American Medical Systems Holdings, Inc. (a) | 1,000 | 33,700 | |
Animas Corp. | 100 | 1,865 | |
Apogent Technologies, Inc. (a) | 23,400 | 748,800 | |
Bio-Rad Laboratories, Inc. Class A (a) | 800 | 47,088 | |
Boston Scientific Corp. (a) | 45,000 | 1,926,000 | |
C.R. Bard, Inc. | 18,400 | 1,042,360 | |
Cooper Companies, Inc. | 7,300 | 461,141 | |
Cyberonics, Inc. (a) | 2,200 | 73,392 | |
Dade Behring Holdings, Inc. (a) | 200 | 9,504 | |
DENTSPLY International, Inc. | 36,600 | 1,906,860 | |
Epix Medical, Inc. (a) | 10,100 | 213,110 | |
Fisher Scientific International, Inc. (a) | 13,500 | 779,625 | |
Given Imaging Ltd. (a) | 2,000 | 70,820 | |
Immucor, Inc. (a) | 40,000 | 1,302,000 | |
Integra LifeSciences Holdings Corp. (a) | 7,400 | 260,998 | |
IRIS International, Inc. (a) | 400,000 | 3,020,000 | |
Kensey Nash Corp. (a) | 5,300 | 182,850 | |
Kinetic Concepts, Inc. | 3,600 | 179,640 | |
Kyphon, Inc. (a) | 4,600 | 129,628 | |
Medtronic, Inc. | 3,500 | 170,520 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
HEALTH CARE - continued | |||
Health Care Equipment & Supplies - continued | |||
Nobel Biocare Holding AG (Switzerland) | 1,037 | $ 162,680 | |
Phonak Holding AG | 2,576 | 80,307 | |
Smith & Nephew PLC | 317,847 | 3,513,481 | |
St. Jude Medical, Inc. (a) | 10,600 | 801,890 | |
Stryker Corp. | 34,200 | 1,881,000 | |
Synthes, Inc. | 4,360 | 498,151 | |
24,123,907 | |||
Health Care Providers & Services - 3.7% | |||
Aetna, Inc. | 55,200 | 4,692,000 | |
Anthem, Inc. (a) | 1,900 | 170,164 | |
Caremark Rx, Inc. (a) | 74,300 | 2,447,442 | |
DaVita, Inc. (a) | 1,500 | 46,245 | |
eResearchTechnology, Inc. (a) | 16,200 | 453,600 | |
ICON PLC sponsored ADR (a) | 800 | 35,192 | |
Inveresk Research Group, Inc. (a) | 1,400 | 43,176 | |
Matria Healthcare, Inc. (a) | 1,600 | 40,112 | |
Molina Healthcare, Inc. | 600 | 22,908 | |
Omnicare, Inc. | 6,700 | 286,827 | |
Patterson Dental Co. (a) | 63,300 | 4,841,817 | |
Pediatrix Medical Group, Inc. (a) | 5,000 | 349,250 | |
ProxyMed, Inc. (a) | 300 | 5,058 | |
UnitedHealth Group, Inc. | 45,414 | 2,827,022 | |
VCA Antech, Inc. (a) | 200 | 8,964 | |
WebMD Corp. (a) | 5,300 | 49,396 | |
WellPoint Health Networks, Inc. (a) | 2,000 | 224,020 | |
16,543,193 | |||
Pharmaceuticals - 2.2% | |||
Atherogenics, Inc. (a) | 12,100 | 230,263 | |
Atrix Laboratories, Inc. (a) | 5,500 | 188,540 | |
Bentley Pharmaceuticals, Inc. (a) | 300 | 4,122 | |
Cypress Bioscience, Inc. (a) | 16,000 | 219,680 | |
Elan Corp. PLC sponsored ADR (a) | 87,200 | 2,157,328 | |
Endo Pharmaceuticals Holdings, Inc. (a) | 700 | 16,415 | |
Eon Labs, Inc. (a) | 3,400 | 139,162 | |
IVAX Corp. (a) | 17,500 | 419,825 | |
Kos Pharmaceuticals, Inc. (a) | 26,700 | 880,299 | |
MGI Pharma, Inc. (a) | 3,000 | 81,030 | |
Nektar Therapeutics (a) | 2,900 | 57,884 | |
Novo Nordisk AS Series B | 54,400 | 2,807,575 | |
Roche Holding AG (participation certificate) | 18,922 | 1,877,964 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
HEALTH CARE - continued | |||
Pharmaceuticals - continued | |||
Schering-Plough Corp. | 23,500 | $ 434,280 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 6,000 | 403,740 | |
9,918,107 | |||
TOTAL HEALTH CARE | 69,951,896 | ||
INDUSTRIALS - 6.7% | |||
Aerospace & Defense - 0.0% | |||
Precision Castparts Corp. | 4,100 | 224,229 | |
Air Freight & Logistics - 0.5% | |||
C.H. Robinson Worldwide, Inc. | 700 | 32,088 | |
Dynamex, Inc. (a) | 2,300 | 31,993 | |
Expeditors International of Washington, Inc. | 1,500 | 74,115 | |
United Parcel Service, Inc. Class B | 28,700 | 2,157,379 | |
2,295,575 | |||
Airlines - 0.3% | |||
Southwest Airlines Co. | 87,300 | 1,464,021 | |
Building Products - 0.5% | |||
Lennox International, Inc. | 11,100 | 200,910 | |
Masco Corp. | 53,500 | 1,668,130 | |
Quixote Corp. | 9,500 | 190,475 | |
2,059,515 | |||
Commercial Services & Supplies - 1.9% | |||
Apollo Group, Inc. Class A (a) | 28,900 | 2,551,581 | |
Aramark Corp. Class B | 21,600 | 621,216 | |
Copart, Inc. (a) | 38,100 | 1,017,270 | |
Education Management Corp. (a) | 39,100 | 1,284,826 | |
R.R. Donnelley & Sons Co. | 25,000 | 825,500 | |
Resources Connection, Inc. (a) | 10,100 | 395,011 | |
Robert Half International, Inc. | 20,300 | 604,331 | |
Strayer Education, Inc. | 10,146 | 1,131,989 | |
Universal Technical Institute, Inc. | 3,500 | 139,895 | |
8,571,619 | |||
Construction & Engineering - 0.0% | |||
Perini Corp. (a) | 9,000 | 96,030 | |
Electrical Equipment - 0.8% | |||
Cooper Industries Ltd. Class A | 27,900 | 1,657,539 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
INDUSTRIALS - continued | |||
Electrical Equipment - continued | |||
Roper Industries, Inc. | 24,000 | $ 1,365,600 | |
Ultralife Batteries, Inc. (a) | 22,200 | 429,792 | |
3,452,931 | |||
Industrial Conglomerates - 0.4% | |||
3M Co. | 17,200 | 1,548,172 | |
Hutchison Whampoa Ltd. | 34,000 | 232,121 | |
1,780,293 | |||
Machinery - 2.1% | |||
Astec Industries, Inc. (a) | 2,867 | 53,986 | |
Danaher Corp. | 116,800 | 6,056,080 | |
Deere & Co. | 4,700 | 329,658 | |
IDEX Corp. | 1,650 | 56,678 | |
Illinois Tool Works, Inc. | 4,800 | 460,272 | |
Ingersoll-Rand Co. Ltd. Class A | 1,200 | 81,972 | |
Joy Global, Inc. | 14,400 | 431,136 | |
Oshkosh Truck Co. | 4,100 | 234,971 | |
PACCAR, Inc. | 17,850 | 1,035,122 | |
Volvo AB ADR | 12,100 | 423,633 | |
9,163,508 | |||
Road & Rail - 0.2% | |||
Dollar Thrifty Automotive Group, Inc. (a) | 200 | 5,488 | |
Knight Transportation, Inc. (a) | 447 | 12,842 | |
Landstar System, Inc. (a) | 12,900 | 682,023 | |
700,353 | |||
Trading Companies & Distributors - 0.0% | |||
Fastenal Co. | 3,000 | 170,490 | |
TOTAL INDUSTRIALS | 29,978,564 | ||
INFORMATION TECHNOLOGY - 19.4% | |||
Communications Equipment - 3.6% | |||
Comverse Technology, Inc. (a) | 21,000 | 418,740 | |
Ditech Communications Corp. (a) | 6,100 | 142,374 | |
Harris Corp. | 33,300 | 1,689,975 | |
Juniper Networks, Inc. (a) | 5,781 | 142,039 | |
Motorola, Inc. | 282,200 | 5,150,150 | |
Plantronics, Inc. (a) | 4,400 | 185,240 | |
QUALCOMM, Inc. | 78,900 | 5,758,122 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
INFORMATION TECHNOLOGY - continued | |||
Communications Equipment - continued | |||
Research in Motion Ltd. (a) | 35,700 | $ 2,442,181 | |
Scientific-Atlanta, Inc. | 4,300 | 148,350 | |
16,077,171 | |||
Computers & Peripherals - 0.6% | |||
Apple Computer, Inc. (a) | 25,100 | 816,754 | |
Dell, Inc. (a) | 23,100 | 827,442 | |
PalmOne, Inc. (a) | 17,600 | 611,952 | |
Synaptics, Inc. (a) | 21,800 | 417,470 | |
2,673,618 | |||
Electronic Equipment & Instruments - 0.8% | |||
Agilent Technologies, Inc. (a) | 2,700 | 79,056 | |
Amphenol Corp. Class A (a) | 4,600 | 153,272 | |
AU Optronics Corp. sponsored ADR | 1,600 | 26,144 | |
Benchmark Electronics, Inc. (a) | 1,100 | 32,010 | |
Dionex Corp. (a) | 600 | 33,102 | |
FARO Technologies, Inc. (a) | 1,800 | 46,206 | |
Flir Systems, Inc. (a) | 15,691 | 861,436 | |
Hon Hai Precision Industries Co. Ltd. | 27,000 | 100,536 | |
Molex, Inc. | 5,000 | 160,400 | |
National Instruments Corp. | 9,600 | 294,240 | |
Sigmatron International, Inc. (a) | 4,100 | 51,127 | |
Thermo Electron Corp. (a) | 13,000 | 399,620 | |
Waters Corp. (a) | 31,100 | 1,485,958 | |
3,723,107 | |||
Internet Software & Services - 4.1% | |||
Akamai Technologies, Inc. (a) | 26,600 | 477,470 | |
Blue Coat Systems, Inc. (a) | 5,300 | 177,497 | |
CNET Networks, Inc. (a) | 12,300 | 136,161 | |
InfoSpace, Inc. (a) | 7,900 | 300,516 | |
iVillage, Inc. (a) | 4,200 | 26,670 | |
j2 Global Communications, Inc. (a) | 4,500 | 125,100 | |
Lastminute.com PLC (a) | 34,600 | 113,627 | |
Open Text Corp. (a) | 34,800 | 1,113,997 | |
Opsware, Inc. (a) | 2,600 | 20,592 | |
Sina Corp. (a) | 30,500 | 1,006,195 | |
Websense, Inc. (a) | 12,743 | 474,422 | |
Yahoo!, Inc. (a) | 390,000 | 14,168,697 | |
18,140,944 | |||
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
INFORMATION TECHNOLOGY - continued | |||
IT Services - 2.5% | |||
Accenture Ltd. Class A (a) | 7,600 | $ 208,848 | |
Alliance Data Systems Corp. (a) | 63,200 | 2,670,200 | |
Anteon International Corp. (a) | 39,600 | 1,291,752 | |
Cognizant Technology Solutions Corp. Class A (a) | 51,614 | 1,311,512 | |
CSG Systems International, Inc. (a) | 20,000 | 414,000 | |
Infosys Technologies Ltd. sponsored ADR | 31,400 | 2,912,978 | |
iPayment, Inc. | 2,800 | 114,800 | |
SRA International, Inc. Class A (a) | 51,400 | 2,175,248 | |
The BISYS Group, Inc. (a) | 1,500 | 21,090 | |
11,120,428 | |||
Office Electronics - 0.1% | |||
Zebra Technologies Corp. Class A (a) | 3,100 | 269,700 | |
Semiconductors & Semiconductor Equipment - 5.9% | |||
Analog Devices, Inc. | 85,700 | 4,034,756 | |
ATI Technologies, Inc. (a) | 20,300 | 382,898 | |
Cree, Inc. (a) | 24,500 | 570,360 | |
International Rectifier Corp. (a) | 91,800 | 3,802,356 | |
Marvell Technology Group Ltd. (a) | 285,600 | 7,625,520 | |
Microchip Technology, Inc. | 16,900 | 533,026 | |
National Semiconductor Corp. (a) | 19,100 | 420,009 | |
O2Micro International Ltd. (a) | 3,000 | 51,090 | |
Pixelworks, Inc. (a) | 8,900 | 136,348 | |
Samsung Electronics Co. Ltd. | 11,576 | 4,782,809 | |
Sigmatel, Inc. | 5,100 | 148,206 | |
Silicon Laboratories, Inc. (a) | 87,200 | 4,041,720 | |
Trident Microsystems, Inc. (a) | 300 | 3,363 | |
Tundra Semiconductor Corp. Ltd. (a)(c) | 1,000 | 17,055 | |
26,549,516 | |||
Software - 1.8% | |||
Activision, Inc. (a) | 9,800 | 155,820 | |
Adobe Systems, Inc. | 20,400 | 948,600 | |
Altiris, Inc. (a) | 25,600 | 706,816 | |
Autodesk, Inc. | 40,400 | 1,729,524 | |
FileNET Corp. (a) | 3,800 | 119,966 | |
Macrovision Corp. (a) | 1,000 | 25,030 | |
Merge Technologies, Inc. (a) | 17,300 | 253,099 | |
Microsoft Corp. | 12,800 | 365,568 | |
Quality Systems, Inc. (a) | 6,200 | 304,358 | |
Red Hat, Inc. (a) | 42,500 | 976,225 | |
SAP AG sponsored ADR | 4,800 | 200,688 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
INFORMATION TECHNOLOGY - continued | |||
Software - continued | |||
Sonic Solutions, Inc. (a) | 26,500 | $ 563,125 | |
Symantec Corp. (a) | 40,100 | 1,755,578 | |
Ultimate Software Group, Inc. (a) | 396 | 4,000 | |
VERITAS Software Corp. (a) | 700 | 19,390 | |
8,127,787 | |||
TOTAL INFORMATION TECHNOLOGY | 86,682,271 | ||
MATERIALS - 2.7% | |||
Chemicals - 0.6% | |||
Methanex Corp. | 47,500 | 630,295 | |
Potash Corp. of Saskatchewan | 16,100 | 1,549,771 | |
The Scotts Co. Class A (a) | 7,000 | 447,160 | |
2,627,226 | |||
Construction Materials - 0.0% | |||
Florida Rock Industries, Inc. | 2,050 | 86,449 | |
Containers & Packaging - 0.1% | |||
Ball Corp. | 7,300 | 525,965 | |
Metals & Mining - 2.0% | |||
Aber Diamond Corp. (a) | 1,900 | 56,477 | |
Anglo American PLC ADR | 1,400 | 29,218 | |
Apex Silver Mines Ltd. (a) | 10,200 | 173,910 | |
Compania de Minas Buenaventura SA sponsored ADR | 13,600 | 300,560 | |
First Quantum Minerals Ltd. (a) | 155,400 | 1,648,482 | |
Freeport-McMoRan Copper & Gold, Inc. Class B | 1,500 | 49,725 | |
Gabriel Resources Ltd. (a) | 157,300 | 152,123 | |
Glamis Gold Ltd. (a) | 180,200 | 3,167,921 | |
Goldcorp, Inc. | 19,000 | 221,778 | |
International Steel Group, Inc. | 21,300 | 633,675 | |
Ivanhoe Mines Ltd. (a) | 21,900 | 118,210 | |
Ivanhoe Mines Ltd. warrants 12/19/05 (a) | 300 | 225 | |
Newmont Mining Corp. | 24,600 | 953,496 | |
Novagold Resources, Inc. (a) | 122,400 | 566,165 | |
Nucor Corp. | 8,100 | 621,756 | |
8,693,721 | |||
TOTAL MATERIALS | 11,933,361 | ||
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
TELECOMMUNICATION SERVICES - 5.8% | |||
Diversified Telecommunication Services - 0.0% | |||
PT Indosat Tbk sponsored ADR | 4,100 | $ 86,920 | |
Wireless Telecommunication Services - 5.8% | |||
America Movil SA de CV sponsored ADR | 198,400 | 7,215,808 | |
mmO2 PLC (a) | 105,200 | 177,524 | |
Mobile TeleSystems OJSC sponsored ADR | 200 | 24,400 | |
Nextel Communications, Inc. Class A (a) | 276,600 | 7,374,156 | |
Nextel Partners, Inc. Class A (a) | 330,800 | 5,266,336 | |
NII Holdings, Inc. (a) | 103,700 | 3,493,653 | |
Telesystem International Wireless, Inc. (a) | 25,400 | 250,020 | |
Vimpel Communications sponsored ADR (a) | 900 | 86,805 | |
Vodafone Group PLC sponsored ADR | 57,000 | 1,259,700 | |
Western Wireless Corp. Class A (a) | 19,500 | 563,745 | |
25,712,147 | |||
TOTAL TELECOMMUNICATION SERVICES | 25,799,067 | ||
UTILITIES - 0.2% | |||
Electric Utilities - 0.1% | |||
Entergy Corp. | 3,500 | 196,035 | |
Exelon Corp. | 5,700 | 189,753 | |
PG&E Corp. (a) | 6,800 | 189,992 | |
575,780 | |||
Multi-Utilities & Unregulated Power - 0.1% | |||
AES Corp. (a) | 21,200 | 210,516 | |
TOTAL UTILITIES | 786,296 | ||
TOTAL COMMON STOCKS (Cost $340,125,417) | 376,640,288 | ||
Convertible Preferred Stocks - 0.1% | |||
UTILITIES - 0.1% | |||
Electric Utilities - 0.1% | |||
TXU Corp. 8.75% | 5,400 | 255,825 | |
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $228,744) | 255,825 |
Convertible Bonds - 0.2% | ||||
Principal Amount | Value | |||
CONSUMER DISCRETIONARY - 0.1% | ||||
Leisure Equipment & Products - 0.1% | ||||
Eastman Kodak Co. 3.375% 10/15/33 | $ 350,000 | $ 386,106 | ||
FINANCIALS - 0.1% | ||||
Diversified Financial Services - 0.1% | ||||
Tyco International Group SA yankee 3.125% 1/15/23 | 250,000 | 404,275 | ||
UTILITIES - 0.0% | ||||
Multi-Utilities & Unregulated Power - 0.0% | ||||
AES Corp. 4.5% 8/15/05 | 180,000 | 178,330 | ||
TOTAL CONVERTIBLE BONDS (Cost $931,800) | 968,711 | |||
U.S. Treasury Obligations - 0.9% | ||||
U.S. Treasury Notes: | ||||
4.25% 8/15/13 | 1,660,000 | 1,620,446 | ||
4.25% 11/15/13 | 1,650,000 | 1,605,978 | ||
4.75% 5/15/14 | 600,000 | 606,258 | ||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $3,819,486) | 3,832,682 |
Money Market Funds - 13.1% | |||
Shares | |||
Fidelity Cash Central Fund, 1.16% (b) | 52,441,234 | 52,441,234 | |
Fidelity Securities Lending Cash Central Fund, 1.18% (b) | 6,080,450 | 6,080,450 | |
TOTAL MONEY MARKET FUNDS (Cost $58,521,684) | 58,521,684 | ||
TOTAL INVESTMENT PORTFOLIO - 98.8% (Cost $403,627,131) | 440,219,190 | ||
NET OTHER ASSETS - 1.2% | 5,554,098 | ||
NET ASSETS - 100% | $ 445,773,288 |
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 listing of the fund's holdings as of its most recent fiscal year end is available upon request. |
(c) 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 period end, the value of these securities amounted to $111,015 or 0.0% of net assets. |
Other Information |
Distribution of investments by country of issue, as a percentage of total net assets, is as follows: |
United States of America | 82.1% |
Canada | 4.4% |
Bermuda | 2.8% |
United Kingdom | 2.1% |
Mexico | 1.6% |
Switzerland | 1.3% |
Korea (South) | 1.1% |
Others (individually less than 1%) | 4.6% |
100.0% |
Purchases and sales of securities, other than short-term securities, aggregated $334,576,091 and $158,098,807, respectively. |
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 $17,263 for the period. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
June 30, 2004 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $6,083,456) (cost $403,627,131) - See accompanying schedule | $ 440,219,190 | |
Foreign currency held at value (cost $ 879,961) | 870,393 | |
Receivable for investments sold | 9,536,241 | |
Receivable for fund shares sold | 12,426,115 | |
Dividends receivable | 156,756 | |
Interest receivable | 109,196 | |
Prepaid expenses | 7,895 | |
Other receivables | 43,075 | |
Total assets | 463,368,861 | |
Liabilities | ||
Payable for investments purchased | $ 10,670,799 | |
Payable for fund shares redeemed | 323,557 | |
Accrued management fee | 194,667 | |
Distribution fees payable | 198,430 | |
Other affiliated payables | 92,591 | |
Other payables and accrued expenses | 35,079 | |
Collateral on securities loaned, at value | 6,080,450 | |
Total liabilities | 17,595,573 | |
Net Assets | $ 445,773,288 | |
Net Assets consist of: | ||
Paid in capital | $ 409,681,872 | |
Accumulated net investment loss | (1,780,078) | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 1,288,904 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 36,582,590 | |
Net Assets | $ 445,773,288 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
June 30, 2004 (Unaudited) | ||
Calculation of Maximum Offering Price | $ 12.71 | |
Maximum offering price per share (100/94.25 of $12.71) | $ 13.49 | |
Class T: | $ 12.69 | |
Maximum offering price per share (100/96.50 of $12.69) | $ 13.15 | |
Class B: | $ 12.63 | |
Class C: | $ 12.63 | |
Institutional Class: | $ 12.74 |
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
Six months ended June 30, 2004 (Unaudited) | ||
Investment Income | ||
Dividends | $ 771,344 | |
Interest | 247,866 | |
Security lending | 19,622 | |
Total income | 1,038,832 | |
Expenses | ||
Management fee | $ 898,124 | |
Transfer agent fees | 397,062 | |
Distribution fees | 923,418 | |
Accounting and security lending fees | 64,862 | |
Non-interested trustees' compensation | 623 | |
Custodian fees and expenses | 46,755 | |
Registration fees | 117,349 | |
Audit | 12,871 | |
Legal | 4,764 | |
Miscellaneous | 226 | |
Total expenses before reductions | 2,466,054 | |
Expense reductions | (78,742) | 2,387,312 |
Net investment income (loss) | (1,348,480) | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities | 1,553,255 | |
Foreign currency transactions | (37,052) | |
Total net realized gain (loss) | 1,516,203 | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 21,441,512 | |
Assets and liabilities in foreign currencies | (9,544) | |
Total change in net unrealized appreciation (depreciation) | 21,431,968 | |
Net gain (loss) | 22,948,171 | |
Net increase (decrease) in net assets resulting from operations | $ 21,599,691 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended | For the period | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ (1,348,480) | $ (451,550) |
Net realized gain (loss) | 1,516,203 | 414,114 |
Change in net unrealized appreciation | 21,431,968 | 15,150,622 |
Net increase (decrease) in net assets resulting | 21,599,691 | 15,113,186 |
Distributions to shareholders from net investment income | (206,475) | (334,230) |
Distributions to shareholders from net realized gain | - | (80,756) |
Total distributions | (206,475) | (414,986) |
Share transactions - net increase (decrease) | 226,370,519 | 183,311,353 |
Total increase (decrease) in net assets | 247,763,735 | 198,009,553 |
Net Assets | ||
Beginning of period | 198,009,553 | - |
End of period (including accumulated net investment loss of $1,780,078 and accumulated net investment loss of $225,138, respectively) | $ 445,773,288 | $ 198,009,553 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
Six months ended | Year ended | |
(Unaudited) | 2003 F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 11.79 | $ 10.00 |
Income from Investment Operations | ||
Net investment income (loss) E | (.03) | (.04) |
Net realized and unrealized gain (loss) | .96 | 1.87 |
Total from investment operations | .93 | 1.83 |
Distributions from net investment income | (.01) | (.03) |
Distributions from net realized gain | - | (.01) |
Total distributions | (.01) | (.04) |
Net asset value, end of period | $ 12.71 | $ 11.79 |
Total Return B, C, D | 7.89% | 18.23% |
Ratios to Average Net Assets G | ||
Expenses before expense reductions | 1.26% A | 1.39% A |
Expenses net of voluntary waivers, if any | 1.26% A | 1.39% A |
Expenses net of all reductions | 1.21% A | 1.28% A |
Net investment income (loss) | (.54)% A | (.81)% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ 88,696 | $ 37,296 |
Portfolio turnover rate | 115% A | 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 For the period July 31, 2003 (commencement of operations) to December 31, 2003.
G 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 any voluntary 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
Six months ended | Year ended | |
(Unaudited) | 2003 F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 11.78 | $ 10.00 |
Income from Investment Operations | ||
Net investment income (loss) E | (.05) | (.05) |
Net realized and unrealized gain (loss) | .97 | 1.86 |
Total from investment operations | .92 | 1.81 |
Distributions from net investment income | (.01) | (.02) |
Distributions from net realized gain | - | (.01) |
Total distributions | (.01) | (.03) |
Net asset value, end of period | $ 12.69 | $ 11.78 |
Total Return B, C, D | 7.81% | 18.08% |
Ratios to Average Net Assets G | ||
Expenses before expense reductions | 1.48% A | 1.62% A |
Expenses net of voluntary waivers, if any | 1.48% A | 1.62% A |
Expenses net of all reductions | 1.43% A | 1.51% A |
Net investment income (loss) | (.76)% A | (1.04)% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ 137,207 | $ 61,997 |
Portfolio turnover rate | 115% A | 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 For the period July 31, 2003 (commencement of operations) to December 31, 2003.
G 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 any voluntary 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
Six months ended | Year ended | |
(Unaudited) | 2003 F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 11.76 | $ 10.00 |
Income from Investment Operations | ||
Net investment income (loss) E | (.08) | (.07) |
Net realized and unrealized gain (loss) | .96 | 1.85 |
Total from investment operations | .88 | 1.78 |
Distributions from net investment income | (.01) | (.01) |
Distributions from net realized gain | - | (.01) |
Total distributions | (.01) | (.02) |
Net asset value, end of period | $ 12.63 | $ 11.76 |
Total Return B, C, D | 7.49% | 17.75% |
Ratios to Average Net Assets G | ||
Expenses before expense reductions | 2.05% A | 2.19% A |
Expenses net of voluntary waivers, if any | 2.05% A | 2.19% A |
Expenses net of all reductions | 2.00% A | 2.08% A |
Net investment income (loss) | (1.34)% A | (1.61)% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ 58,034 | $ 26,936 |
Portfolio turnover rate | 115% A | 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 For the period July 31, 2003 (commencement of operations) to December 31, 2003.
G 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 any voluntary 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
Six months ended | Year ended | |
(Unaudited) | 2003 F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 11.76 | $ 10.00 |
Income from Investment Operations | ||
Net investment income (loss) E | (.08) | (.07) |
Net realized and unrealized gain (loss) | .96 | 1.85 |
Total from investment operations | .88 | 1.78 |
Distributions from net investment income | (.01) | (.01) |
Distributions from net realized gain | - | (.01) |
Total distributions | (.01) | (.02) |
Net asset value, end of period | $ 12.63 | $ 11.76 |
Total Return B, C, D | 7.49% | 17.77% |
Ratios to Average Net Assets G | ||
Expenses before expense reductions | 1.98% A | 2.14% A |
Expenses net of voluntary waivers, if any | 1.98% A | 2.14% A |
Expenses net of all reductions | 1.93% A | 2.03% A |
Net investment income (loss) | (1.27)% A | (1.55)% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ 110,543 | $ 48,669 |
Portfolio turnover rate | 115% A | 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 For the period July 31, 2003 (commencement of operations) to December 31, 2003.
G 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 any voluntary 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
Six months ended | Year ended | |
(Unaudited) | 2003 E | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 11.79 | $ 10.00 |
Income from Investment Operations | ||
Net investment income (loss) D | (.01) | (.02) |
Net realized and unrealized gain (loss) | .97 | 1.86 |
Total from investment operations | .96 | 1.84 |
Distributions from net investment income | (.01) | (.04) |
Distributions from net realized gain | - | (.01) |
Total distributions | (.01) | (.05) |
Net asset value, end of period | $ 12.74 | $ 11.79 |
Total Return B, C | 8.15% | 18.31% |
Ratios to Average Net Assets F | ||
Expenses before expense reductions | .89% A | 1.07% A |
Expenses net of voluntary waivers, if any | .89% A | 1.07% A |
Expenses net of all reductions | .84% A | .96% A |
Net investment income (loss) | (.18)% A | (.49)% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ 51,293 | $ 23,112 |
Portfolio turnover rate | 115% A | 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 For the period July 31, 2003 (commencement of operations) to December 31, 2003.
F 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 any voluntary 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2004 (Unaudited)
1. Significant Accounting Policies.
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. 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.
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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities, including restricted securities, for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. Debt securities, including restricted securities, for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and valuation models. If prices are not readily available or do not accurately reflect fair value for a security, or if a security's value has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, that security may be valued by another method that the Board of Trustees believes accurately reflects fair value. A security's valuation may differ depending on the method used for determining value. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
1. Significant Accounting Policies - continued
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. Security transactions are accounted for as of trade date. 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 nontaxable distributions or capital gain distributions for income tax purposes. Interest income is accrued as earned. 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 the funds in the trust.
Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
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.
Semiannual Report
1. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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, passive foreign investment companies (PFIC) and losses deferred due to wash sales and excise tax regulations.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 43,847,050 | |
Unrealized depreciation | (7,777,739) | |
Net unrealized appreciation (depreciation) | $ 36,069,311 | |
Cost for federal income tax purposes | $ 404,149,879 |
2. Operating Policies.
Repurchase Agreements. Fidelity Management & Research Company (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. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. Collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Collateral is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).
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.
3. Purchases and Sales of Investments.
Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. 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 .28% 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 .57% of the fund's average net assets.
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 | 0% | .25% | $ 71,555 | $ 53 |
Class T | .25% | .25% | 243,874 | 33,240 |
Class B | .75% | .25% | 212,015 | 159,106 |
Class C | .75% | .25% | 395,974 | 340,283 |
$ 923,418 | $ 532,682 |
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, and .25% for certain purchases of Class A and Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained | |
Class A | $ 154,297 |
Class T | 49,389 |
Class B* | 27,215 |
Class C* | 11,585 |
$ 242,486 |
* 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.
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
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 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 | $ 79,696 | .28 |
Class T | 119,920 | .25 |
Class B | 69,049 | .32 |
Class C | 99,980 | .25 |
Institutional Class | 28,417 | .16 |
$ 397,062 |
* 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.
Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $219,599 for the period.
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 are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. 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 participating fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.
6. Security Lending.
The fund lends portfolio securities from time to time in order to earn additional income. 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. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.
7. 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 $77,986 for the period. In addition, through arrangements with the fund's custodian, 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 expenses by $756.
8. Other Information.
At the end of the period, two otherwise unaffiliated shareholders were the owners of record of 28% of the total outstanding shares of the fund.
Semiannual Report
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | For the period | |
From net investment income | ||
Class A | $ 37,579 | $ 86,217 |
Class T | 64,123 | 115,237 |
Class B | 28,149 | 22,248 |
Class C | 52,499 | 48,917 |
Institutional Class | 24,125 | 61,611 |
Total | $ 206,475 | $ 334,230 |
From net realized gain | ||
Class A | $ - | $ 15,396 |
Class T | - | 25,052 |
Class B | - | 11,124 |
Class C | - | 20,382 |
Institutional Class | - | 8,802 |
Total | $ - | $ 80,756 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions.
Transactions for each class of shares were as follows:
Shares | Dollars | |||
Six months ended | For the period | Six months ended | For the period | |
Class A | ||||
Shares sold | 4,263,283 | 3,325,916 | $ 52,803,173 | $ 36,472,035 |
Reinvestment of distributions | 2,600 | 7,212 | 31,808 | 83,877 |
Shares redeemed | (449,971) | (169,923) | (5,516,590) | (1,927,043) |
Net increase (decrease) | 3,815,912 | 3,163,205 | $ 47,318,391 | $ 34,628,869 |
Class T | ||||
Shares sold | 5,923,972 | 5,440,874 | $ 72,990,403 | $ 59,499,322 |
Reinvestment of distributions | 4,793 | 11,278 | 58,625 | 131,049 |
Shares redeemed | (379,073) | (190,783) | (4,629,523) | (2,152,963) |
Net increase (decrease) | 5,549,692 | 5,261,369 | $ 68,419,505 | $ 57,477,408 |
Class B | ||||
Shares sold | 2,424,804 | 2,417,898 | $ 29,817,868 | $ 26,564,025 |
Reinvestment of distributions | 1,577 | 1,921 | 19,259 | 22,287 |
Shares redeemed | (122,311) | (130,176) | (1,502,225) | (1,477,650) |
Net increase (decrease) | 2,304,070 | 2,289,643 | $ 28,334,902 | $ 25,108,662 |
Class C | ||||
Shares sold | 4,846,130 | 4,280,867 | $ 59,475,824 | $ 46,868,653 |
Reinvestment of distributions | 2,872 | 3,932 | 35,038 | 45,610 |
Shares redeemed | (236,763) | (145,743) | (2,897,072) | (1,655,531) |
Net increase (decrease) | 4,612,239 | 4,139,056 | $ 56,613,790 | $ 45,258,732 |
Institutional Class | ||||
Shares sold | 2,109,429 | 2,064,833 | $ 26,217,352 | $ 22,042,780 |
Reinvestment of distributions | 912 | 2,785 | 11,178 | 32,385 |
Shares redeemed | (43,961) | (107,889) | (544,599) | (1,237,483) |
Net increase (decrease) | 2,066,380 | 1,959,729 | $ 25,683,931 | $ 20,837,682 |
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 Management & Research
(Far East) Inc.
Fidelity Investments Japan Limited
Fidelity International Investment Advisors
Fidelity International Investment
Advisors (U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Shareholder
Servicing Agent
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Custodian
Brown Brothers Harriman & Co.
Boston, MA
Semiannual Report
Fidelity Advisor Aggressive Growth Fund |
Fidelity Advisor Asset Allocation Fund |
Fidelity Advisor Balanced Fund |
Fidelity Advisor Biotechnology Fund |
Fidelity Advisor California Municipal Income Fund |
Fidelity Advisor Consumer Industries Fund |
Fidelity Advisor Cyclical Industries Fund |
Fidelity Advisor Developing Communications Fund |
Fidelity Advisor Diversified International Fund |
Fidelity Advisor Dividend Growth Fund |
Fidelity Advisor Dynamic Capital |
Fidelity Advisor Electronics Fund |
Fidelity Advisor Emerging Asia Fund |
Fidelity Advisor Emerging Markets Fund |
Fidelity Advisor Emerging Markets Income Fund |
Fidelity Advisor Equity Growth Fund |
Fidelity Advisor Equity Income Fund |
Fidelity Advisor Equity Value Fund |
Fidelity Advisor Europe Capital |
Fidelity Advisor Fifty Fund |
Fidelity Advisor Financial Services Fund |
Fidelity Advisor Floating Rate High Income Fund |
Fidelity Advisor Freedom Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040 FundsSM |
Fidelity Advisor Global Equity Fund |
Fidelity Advisor Government Investment Fund |
Fidelity Advisor Growth & Income Fund |
Fidelity Advisor Growth Opportunities Fund |
Fidelity Advisor Health Care Fund |
Fidelity Advisor High Income Advantage Fund |
Fidelity Advisor High Income Fund |
Fidelity Advisor Inflation-Protected Bond Fund |
Fidelity Advisor Intermediate Bond Fund |
Fidelity Advisor International Capital Appreciation Fund |
Fidelity Advisor International |
Fidelity Advisor Investment Grade Bond Fund |
Fidelity Advisor Japan Fund |
Fidelity Advisor Korea Fund |
Fidelity Advisor Large Cap Fund |
Fidelity Advisor Latin America Fund |
Fidelity Advisor Leveraged Company Stock Fund |
Fidelity Advisor Mid Cap Fund |
Fidelity Advisor Mortgage Securities Fund |
Fidelity Advisor Municipal Income Fund |
Fidelity Advisor Natural Resources Fund |
Fidelity Advisor New Insights Fund |
Fidelity Advisor New York Municipal |
Fidelity Advisor Overseas Fund |
Fidelity Advisor Real Estate Fund |
Fidelity Advisor Short Fixed-Income Fund |
Fidelity Advisor Short Intermediate Municipal Income Fund |
Fidelity Advisor Small Cap Fund |
Fidelity Advisor Strategic Dividend & |
Fidelity Advisor Strategic Growth Fund |
Fidelity Advisor Strategic Income Fund |
Fidelity Advisor Tax Managed Stock Fund |
Fidelity Advisor Technology Fund |
Fidelity Advisor Telecommunications & |
Fidelity Advisor Total Bond Fund |
Fidelity Advisor Ultra-Short Bond Fund |
Fidelity Advisor Value Fund |
Fidelity Advisor Value Leaders Fund |
Fidelity Advisor Value Strategies Fund |
Prime Fund |
Tax-Exempt Fund |
Treasury Fund |
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
ANIFI-USAN-0804
1.803544.100
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. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 9. 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 10. 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 Trust's last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 11. 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/Christine Reynolds |
Christine Reynolds | |
President and Treasurer | |
Date: | August 12, 2004 |
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/Christine Reynolds |
Christine Reynolds | |
President and Treasurer | |
Date: | August 12, 2004 |
By: | /s/Timothy F. Hayes |
Timothy F. Hayes | |
Chief Financial Officer | |
Date: | August 12, 2004 |