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)
Scott C. Goebel, 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, 2011 |
Item 1. Reports to Stockholders
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
New Insights
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
June 30, 2011
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | The Chairman's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(photo_of_James_C_Curvey)
Dear Shareholder:
Despite bouts of short-term volatility, U.S. equities gained ground in the first half of 2011, buoyed by solid corporate earnings and modest improvement in employment. A strong start had the market up more than 100% off its March 2009 low, but investors were unnerved by this past March's natural disaster in Japan, while weaker economic data and new concern about Greek debt hurt performance during May and June. The longer-term outlook remains clouded by the impact of inflationary pressure and persistently high unemployment. Financial markets are always unpredictable, of course, but there are several time-tested investment principles that can help put the odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
(The acting chairman's signature appears here.)
James C. Curvey
Acting Chairman
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 to June 30, 2011).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning | Ending | Expenses Paid |
Class A | 1.06% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,040.30 | $ 5.36 |
Hypothetical A |
| $ 1,000.00 | $ 1,019.54 | $ 5.31 |
Class T | 1.30% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,039.20 | $ 6.57 |
Hypothetical A |
| $ 1,000.00 | $ 1,018.35 | $ 6.51 |
Class B | 1.87% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,036.40 | $ 9.44 |
Hypothetical A |
| $ 1,000.00 | $ 1,015.52 | $ 9.35 |
Class C | 1.80% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,036.80 | $ 9.09 |
Hypothetical A |
| $ 1,000.00 | $ 1,015.87 | $ 9.00 |
Institutional Class | .79% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,041.90 | $ 4.00 |
Hypothetical A |
| $ 1,000.00 | $ 1,020.88 | $ 3.96 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Top Ten Stocks as of June 30, 2011 | ||
| % of fund's | % of fund's net assets |
Apple, Inc. | 6.4 | 6.6 |
Google, Inc. Class A | 4.0 | 4.9 |
McDonald's Corp. | 2.5 | 2.0 |
Berkshire Hathaway, Inc. Class A | 2.4 | 2.8 |
The Coca-Cola Co. | 2.2 | 2.1 |
The Walt Disney Co. | 1.9 | 2.0 |
Noble Energy, Inc. | 1.8 | 1.5 |
Wells Fargo & Co. | 1.6 | 2.2 |
Amazon.com, Inc. | 1.6 | 1.4 |
Oracle Corp. | 1.5 | 1.2 |
| 25.9 | |
Top Five Market Sectors as of June 30, 2011 | ||
| % of fund's | % of fund's net assets |
Information Technology | 29.6 | 31.3 |
Consumer Discretionary | 18.5 | 17.5 |
Health Care | 10.3 | 8.1 |
Financials | 8.6 | 9.6 |
Energy | 7.9 | 5.7 |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2011* | As of December 31, 2010** | ||||||
![]() | Stocks 93.2% |
| ![]() | Stocks 91.4% |
| ||
![]() | Bonds† 0.0% |
| ![]() | Bonds† 0.0% |
| ||
![]() | Convertible |
| ![]() | Convertible |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
| ||
* Foreign investments | 18.5% |
| ** Foreign investments | 21.1% |
|
† Amount represents less than 0.1%
Semiannual Report
Investments June 30, 2011 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.2% | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - 18.3% | |||
Auto Components - 0.4% | |||
Autoliv, Inc. | 221,200 | $ 17,353 | |
Gentex Corp. | 711,200 | 21,500 | |
Lear Corp. | 52,800 | 2,824 | |
TRW Automotive Holdings Corp. (a) | 430,900 | 25,436 | |
| 67,113 | ||
Automobiles - 0.5% | |||
Ford Motor Co. (a) | 1,197,600 | 16,515 | |
Honda Motor Co. Ltd. sponsored ADR | 46,000 | 1,776 | |
Hyundai Motor Co. | 192,695 | 42,801 | |
Tesla Motors, Inc. (a)(d) | 769,500 | 22,416 | |
| 83,508 | ||
Diversified Consumer Services - 0.2% | |||
Anhanguera Educacional Participacoes SA | 390,744 | 8,315 | |
Kroton Educacional SA unit (a) | 524,100 | 6,798 | |
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | 63,300 | 7,072 | |
Weight Watchers International, Inc. | 150,700 | 11,373 | |
| 33,558 | ||
Hotels, Restaurants & Leisure - 5.4% | |||
Ajisen (China) Holdings Ltd. | 5,260,000 | 10,896 | |
Arcos Dorados Holdings, Inc. | 699,900 | 14,761 | |
Buffalo Wild Wings, Inc. (a) | 132,467 | 8,784 | |
Chipotle Mexican Grill, Inc. (a) | 582,628 | 179,560 | |
Galaxy Entertainment Group Ltd. (a) | 7,164,000 | 15,319 | |
InterContinental Hotel Group PLC | 229,300 | 4,694 | |
Las Vegas Sands Corp. (a) | 642,822 | 27,134 | |
Little Sheep Group Ltd. | 5,812,000 | 4,653 | |
McDonald's Corp. | 5,164,652 | 435,483 | |
Red Robin Gourmet Burgers, Inc. (a) | 80,400 | 2,925 | |
Sands China Ltd. (a) | 77,200 | 208 | |
Starbucks Corp. | 2,462,363 | 97,239 | |
Tim Hortons, Inc. (Canada) | 2,742,700 | 133,921 | |
Wynn Resorts Ltd. | 160,800 | 23,081 | |
Yum! Brands, Inc. | 31,800 | 1,757 | |
| 960,415 | ||
Household Durables - 0.2% | |||
SodaStream International Ltd. | 125,200 | 7,613 | |
Tempur-Pedic International, Inc. (a) | 444,325 | 30,134 | |
| 37,747 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - continued | |||
Internet & Catalog Retail - 2.6% | |||
Amazon.com, Inc. (a) | 1,414,500 | $ 289,251 | |
ASOS PLC (a)(d) | 340,081 | 13,099 | |
Netflix, Inc. (a)(d) | 94,800 | 24,903 | |
Ocado Group PLC (a)(d) | 4,956,900 | 14,503 | |
Priceline.com, Inc. (a) | 244,200 | 125,013 | |
| 466,769 | ||
Media - 3.5% | |||
DIRECTV (a) | 1,461,856 | 74,292 | |
Discovery Communications, Inc. (a) | 3,168,200 | 129,769 | |
DreamWorks Animation SKG, Inc. Class A (a) | 45,424 | 913 | |
Legend Pictures LLC (f)(h) | 5,533 | 4,150 | |
Liberty Media Corp. Capital Series A (a) | 153,732 | 13,183 | |
Naspers Ltd. Class N | 217,728 | 12,299 | |
Pandora Media, Inc. | 43,700 | 826 | |
Scripps Networks Interactive, Inc. Class A | 999,100 | 48,836 | |
The Walt Disney Co. | 8,656,180 | 337,937 | |
The Weinstein Co. III Holdings, LLC Class A-1 (a)(f)(h) | 2,267 | 850 | |
Virgin Media, Inc. | 227,700 | 6,815 | |
| 629,870 | ||
Multiline Retail - 1.0% | |||
Dollar Tree, Inc. (a) | 2,070,109 | 137,911 | |
Dollarama, Inc. | 285,400 | 9,668 | |
Dollarama, Inc. (e) | 229,600 | 7,778 | |
Macy's, Inc. | 434,800 | 12,714 | |
Maoye International Holdings Ltd. | 7,993,000 | 3,985 | |
Marisa Lojas SA | 208,500 | 3,179 | |
Springland International Holdings Ltd. | 83,000 | 69 | |
| 175,304 | ||
Specialty Retail - 2.5% | |||
AutoZone, Inc. (a) | 57,100 | 16,836 | |
Bed Bath & Beyond, Inc. (a) | 1,080,900 | 63,092 | |
DSW, Inc. Class A (a) | 43,569 | 2,205 | |
Express, Inc. | 40,500 | 883 | |
Foschini Ltd. | 267,100 | 3,484 | |
Fourlis Holdings SA | 251,930 | 1,513 | |
L'Occitane Ltd. (a) | 226,750 | 606 | |
Limited Brands, Inc. | 477,000 | 18,341 | |
Luk Fook Holdings International Ltd. | 186,000 | 902 | |
O'Reilly Automotive, Inc. (a) | 265,300 | 17,380 | |
Penske Automotive Group, Inc. | 80,100 | 1,821 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - continued | |||
Specialty Retail - continued | |||
Ross Stores, Inc. | 959,573 | $ 76,881 | |
Sally Beauty Holdings, Inc. (a) | 305,746 | 5,228 | |
Tiffany & Co., Inc. | 68,600 | 5,386 | |
TJX Companies, Inc. | 4,166,000 | 218,840 | |
Tractor Supply Co. | 13,400 | 896 | |
Ulta Salon, Cosmetics & Fragrance, Inc. (a) | 132,502 | 8,557 | |
Vitamin Shoppe, Inc. (a) | 196,435 | 8,989 | |
| 451,840 | ||
Textiles, Apparel & Luxury Goods - 2.0% | |||
Arezzo Industria e Comercio SA | 44,000 | 616 | |
Burberry Group PLC | 1,863,400 | 43,363 | |
China Hongxing Sports Ltd. | 6,000,000 | 562 | |
Coach, Inc. | 274,000 | 17,517 | |
Deckers Outdoor Corp. (a) | 76,900 | 6,778 | |
lululemon athletica, Inc. (a) | 77,000 | 8,610 | |
NIKE, Inc. Class B | 2,551,300 | 229,566 | |
Phillips-Van Heusen Corp. | 99,316 | 6,502 | |
Polo Ralph Lauren Corp. Class A | 70,451 | 9,343 | |
Under Armour, Inc. Class A (sub. vtg.) (a)(d) | 156,100 | 12,068 | |
Vera Bradley, Inc. | 115,900 | 4,427 | |
VF Corp. | 65,000 | 7,056 | |
Wolverine World Wide, Inc. | 39,961 | 1,668 | |
| 348,076 | ||
TOTAL CONSUMER DISCRETIONARY | 3,254,200 | ||
CONSUMER STAPLES - 5.8% | |||
Beverages - 2.4% | |||
Anheuser-Busch InBev SA NV | 81,311 | 4,720 | |
Boston Beer Co., Inc. Class A (a) | 20,500 | 1,837 | |
Coca-Cola Icecek AS | 259,000 | 3,822 | |
Dr Pepper Snapple Group, Inc. | 289,100 | 12,122 | |
Hansen Natural Corp. (a) | 25,000 | 2,024 | |
The Coca-Cola Co. | 5,862,287 | 394,473 | |
| 418,998 | ||
Food & Staples Retailing - 0.6% | |||
Bim Birlesik Magazalar AS JSC | 243,000 | 7,897 | |
China Resources Enterprise Ltd. | 1,890,000 | 7,723 | |
Costco Wholesale Corp. | 789,600 | 64,147 | |
Droga Raia SA | 343,000 | 5,713 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER STAPLES - continued | |||
Food & Staples Retailing - continued | |||
Eurocash SA | 170,900 | $ 1,838 | |
Shoprite Holdings Ltd. | 217,600 | 3,276 | |
Wal-Mart de Mexico SA de CV Series V | 3,727,800 | 11,045 | |
Walgreen Co. | 82,000 | 3,482 | |
Whole Foods Market, Inc. | 95,300 | 6,047 | |
| 111,168 | ||
Food Products - 1.0% | |||
Danone | 50,600 | 3,776 | |
Diamond Foods, Inc. (d) | 406,118 | 31,003 | |
General Mills, Inc. | 222,600 | 8,285 | |
Green Mountain Coffee Roasters, Inc. (a) | 617,400 | 55,109 | |
Kraft Foods, Inc. Class A | 48,400 | 1,705 | |
Mead Johnson Nutrition Co. Class A | 131,900 | 8,910 | |
Nestle SA | 42,201 | 2,623 | |
Orion Corp. | 694 | 297 | |
Shenguan Holdings Group Ltd. | 4,640,000 | 3,279 | |
Tingyi (Cayman Islands) Holding Corp. | 2,888,000 | 8,926 | |
TreeHouse Foods, Inc. (a) | 608,893 | 33,252 | |
Want Want China Holdings Ltd. | 25,201,000 | 24,450 | |
| 181,615 | ||
Household Products - 1.1% | |||
Colgate-Palmolive Co. | 2,043,200 | 178,596 | |
Procter & Gamble Co. | 93,667 | 5,954 | |
| 184,550 | ||
Personal Products - 0.7% | |||
Estee Lauder Companies, Inc. Class A | 1,143,400 | 120,274 | |
Nu Skin Enterprises, Inc. Class A | 281,600 | 10,574 | |
| 130,848 | ||
Tobacco - 0.0% | |||
Philip Morris International, Inc. | 26,739 | 1,785 | |
TOTAL CONSUMER STAPLES | 1,028,964 | ||
ENERGY - 7.9% | |||
Energy Equipment & Services - 1.0% | |||
Dresser-Rand Group, Inc. (a) | 33,200 | 1,785 | |
Schlumberger Ltd. | 2,026,100 | 175,055 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
ENERGY - continued | |||
Energy Equipment & Services - continued | |||
Seadrill Ltd. | 169,600 | $ 5,970 | |
Weatherford International Ltd. (a) | 72,848 | 1,366 | |
| 184,176 | ||
Oil, Gas & Consumable Fuels - 6.9% | |||
Anadarko Petroleum Corp. | 1,866,000 | 143,234 | |
Apache Corp. | 478,861 | 59,087 | |
Baytex Energy Corp. (d) | 29,600 | 1,618 | |
BG Group PLC | 730,939 | 16,587 | |
Birchcliff Energy Ltd. (a) | 1,304,400 | 17,610 | |
Canadian Natural Resources Ltd. | 995,400 | 41,730 | |
Chesapeake Energy Corp. | 42,000 | 1,247 | |
Clean Energy Fuels Corp. (a)(d) | 97,300 | 1,279 | |
CNOOC Ltd. sponsored ADR (d) | 69,200 | 16,326 | |
Concho Resources, Inc. (a) | 1,087,080 | 99,848 | |
Continental Resources, Inc. (a) | 665,700 | 43,211 | |
El Paso Corp. | 85,100 | 1,719 | |
EnCana Corp. | 40,900 | 1,263 | |
EOG Resources, Inc. | 636,400 | 66,536 | |
GoviEx Uranium, Inc. (a)(f) | 3,477,000 | 6,954 | |
Gran Tierra Energy, Inc. (Canada) (a) | 156,200 | 1,028 | |
Ivanhoe Energy, Inc. (a)(e) | 772,500 | 1,466 | |
Kosmos Energy Ltd. | 423,000 | 7,183 | |
Noble Energy, Inc. | 3,526,700 | 316,098 | |
Oasis Petroleum, Inc. (a) | 411,452 | 12,212 | |
Occidental Petroleum Corp. | 2,127,100 | 221,303 | |
OGX Petroleo e Gas Participacoes SA (a) | 406,900 | 3,803 | |
Painted Pony Petroleum Ltd. Class A (a) | 324,811 | 3,769 | |
QEP Resources, Inc. | 217,500 | 9,098 | |
Range Resources Corp. | 95,700 | 5,311 | |
Sable Mining Africa Ltd. (a) | 38,756,373 | 11,974 | |
Skope Energy, Inc. (e) | 784,000 | 7,690 | |
Southwestern Energy Co. (a) | 316,100 | 13,554 | |
Tourmaline Oil Corp. (a) | 1,026,100 | 34,090 | |
Tourmaline Oil Corp. (a)(e) | 303,400 | 10,080 | |
TransAtlantic Petroleum Ltd. (a)(e) | 918,400 | 1,514 | |
Tullow Oil PLC | 387,600 | 7,714 | |
Ultrapar Participacoes SA | 570,000 | 10,096 | |
Whiting Petroleum Corp. (a) | 255,200 | 14,523 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
ENERGY - continued | |||
Oil, Gas & Consumable Fuels - continued | |||
Williams Companies, Inc. | 175,800 | $ 5,318 | |
World Fuel Services Corp. | 50,500 | 1,814 | |
| 1,217,887 | ||
TOTAL ENERGY | 1,402,063 | ||
FINANCIALS - 8.6% | |||
Capital Markets - 0.4% | |||
BlackRock, Inc. Class A | 287,300 | 55,107 | |
Charles Schwab Corp. | 327,000 | 5,379 | |
Evercore Partners, Inc. Class A | 76,100 | 2,536 | |
T. Rowe Price Group, Inc. | 148,300 | 8,948 | |
| 71,970 | ||
Commercial Banks - 2.5% | |||
Banco Bradesco SA (PN) sponsored ADR | 169,600 | 3,475 | |
Banco do Brasil SA | 130,100 | 2,333 | |
BanColombia SA sponsored ADR | 27,800 | 1,855 | |
Bank of China Ltd. (H Shares) | 9,007,000 | 4,387 | |
HDFC Bank Ltd. sponsored ADR | 23,400 | 4,128 | |
Industrial & Commercial Bank of China Ltd. (H Shares) | 10,159,000 | 7,715 | |
Itau Unibanco Banco Multiplo SA sponsored ADR | 2,451,300 | 57,728 | |
M&T Bank Corp. | 212,100 | 18,654 | |
PT Bank Central Asia Tbk | 7,269,500 | 6,484 | |
PT Bank Tabungan Negara Tbk | 3,648,000 | 719 | |
Royal Bank of Canada | 111,200 | 6,357 | |
Standard Chartered PLC (United Kingdom) | 873,975 | 22,975 | |
The Toronto-Dominion Bank | 120,000 | 10,176 | |
Wells Fargo & Co. | 10,340,485 | 290,154 | |
| 437,140 | ||
Consumer Finance - 0.0% | |||
American Express Co. | 33,700 | 1,742 | |
Credit Acceptance Corp. (a) | 38,700 | 3,269 | |
Discover Financial Services | 91,000 | 2,434 | |
| 7,445 | ||
Diversified Financial Services - 1.5% | |||
Citigroup, Inc. | 3,713,770 | 154,641 | |
ING Groep NV (Certificaten Van Aandelen) (a) | 936,500 | 11,542 | |
JPMorgan Chase & Co. | 2,348,517 | 96,148 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
FINANCIALS - continued | |||
Diversified Financial Services - continued | |||
MSCI, Inc. Class A (a) | 120,861 | $ 4,554 | |
NBH Holdings Corp. Class A (a)(e) | 10,500 | 189 | |
| 267,074 | ||
Insurance - 3.8% | |||
ACE Ltd. | 291,900 | 19,213 | |
Admiral Group | 1,600,100 | 42,654 | |
AIA Group Ltd. | 5,844,400 | 20,241 | |
Berkshire Hathaway, Inc. Class A (a) | 3,659 | 424,828 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 34,700 | 13,889 | |
MetLife, Inc. | 675,700 | 29,643 | |
Prudential Financial, Inc. | 191,600 | 12,184 | |
Qualicorp SA | 585,000 | 5,584 | |
The Chubb Corp. | 1,168,800 | 73,179 | |
The Travelers Companies, Inc. | 408,400 | 23,842 | |
| 665,257 | ||
Real Estate Investment Trusts - 0.0% | |||
Simon Property Group, Inc. | 11,172 | 1,299 | |
Real Estate Management & Development - 0.3% | |||
BR Malls Participacoes SA | 3,613,250 | 41,315 | |
CB Richard Ellis Group, Inc. Class A (a) | 328,100 | 8,239 | |
Wharf Holdings Ltd. | 374,000 | 2,598 | |
| 52,152 | ||
Thrifts & Mortgage Finance - 0.1% | |||
BankUnited, Inc. | 508,500 | 13,496 | |
TOTAL FINANCIALS | 1,515,833 | ||
HEALTH CARE - 10.2% | |||
Biotechnology - 2.9% | |||
Achillion Pharmaceuticals, Inc. (a) | 483,400 | 3,596 | |
Alexion Pharmaceuticals, Inc. (a) | 1,081,200 | 50,849 | |
Amarin Corp. PLC ADR (a) | 1,011,400 | 14,635 | |
Amgen, Inc. (a) | 536,200 | 31,287 | |
Anthera Pharmaceuticals, Inc. (a) | 157,300 | 1,285 | |
ARIAD Pharmaceuticals, Inc. (a) | 2,535,472 | 28,727 | |
ArQule, Inc. (a) | 1,251,236 | 7,820 | |
AVEO Pharmaceuticals, Inc. (a) | 240,900 | 4,965 | |
Biogen Idec, Inc. (a) | 1,333,200 | 142,546 | |
BioMarin Pharmaceutical, Inc. (a) | 131,900 | 3,589 | |
Celgene Corp. (a) | 2,900 | 175 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
HEALTH CARE - continued | |||
Biotechnology - continued | |||
Gilead Sciences, Inc. (a) | 3,878,200 | $ 160,596 | |
Human Genome Sciences, Inc. (a) | 505,400 | 12,403 | |
Incyte Corp. (a)(d) | 614,300 | 11,635 | |
Inhibitex, Inc. (a) | 252,900 | 991 | |
NPS Pharmaceuticals, Inc. (a) | 263,400 | 2,489 | |
ONYX Pharmaceuticals, Inc. (a) | 121,208 | 4,279 | |
RXi Pharmaceuticals Corp. warrants 2/4/15 (a) | 228,571 | 71 | |
Targacept, Inc. (a) | 1,215,200 | 25,604 | |
Theravance, Inc. (a) | 111,600 | 2,479 | |
Vertex Pharmaceuticals, Inc. (a) | 204,500 | 10,632 | |
| 520,653 | ||
Health Care Equipment & Supplies - 1.3% | |||
Boston Scientific Corp. (a) | 231,100 | 1,597 | |
C. R. Bard, Inc. | 95,599 | 10,503 | |
Covidien PLC | 160,600 | 8,549 | |
Cyberonics, Inc. (a) | 24,500 | 685 | |
DENTSPLY International, Inc. | 45,800 | 1,744 | |
Edwards Lifesciences Corp. (a) | 538,697 | 46,964 | |
Gen-Probe, Inc. (a) | 107,200 | 7,413 | |
Hill-Rom Holdings, Inc. | 1,371,919 | 63,163 | |
I-Pulse, Inc. (a) | 58,562 | 94 | |
ICU Medical, Inc. (a) | 122,800 | 5,366 | |
Intuitive Surgical, Inc. (a) | 23,900 | 8,893 | |
Neogen Corp. (a) | 11,880 | 537 | |
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares) | 8,892,000 | 12,821 | |
Sirona Dental Systems, Inc. (a) | 126,100 | 6,696 | |
St. Jude Medical, Inc. | 345,800 | 16,488 | |
Stryker Corp. | 28,000 | 1,643 | |
Varian Medical Systems, Inc. (a) | 296,700 | 20,775 | |
Volcano Corp. (a) | 160,933 | 5,197 | |
| 219,128 | ||
Health Care Providers & Services - 1.1% | |||
Aetna, Inc. | 156,000 | 6,878 | |
AmerisourceBergen Corp. | 126,700 | 5,245 | |
Cardinal Health, Inc. | 432,100 | 19,626 | |
Diagnosticos da America SA | 234,000 | 3,148 | |
Express Scripts, Inc. (a) | 176,600 | 9,533 | |
HealthSouth Corp. (a) | 68,800 | 1,806 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
HEALTH CARE - continued | |||
Health Care Providers & Services - continued | |||
HMS Holdings Corp. (a) | 141,700 | $ 10,892 | |
Humana, Inc. | 42,600 | 3,431 | |
Laboratory Corp. of America Holdings (a) | 36,900 | 3,572 | |
McKesson Corp. | 82,800 | 6,926 | |
Medco Health Solutions, Inc. (a) | 345,100 | 19,505 | |
MedQuist Holdings, Inc. (a) | 28,900 | 373 | |
Molina Healthcare, Inc. (a) | 93,937 | 2,548 | |
UnitedHealth Group, Inc. | 1,487,700 | 76,736 | |
Universal Health Services, Inc. Class B | 234,100 | 12,063 | |
Wellcare Health Plans, Inc. (a) | 51,400 | 2,642 | |
WellPoint, Inc. | 159,100 | 12,532 | |
| 197,456 | ||
Health Care Technology - 0.6% | |||
Cerner Corp. (a) | 1,106,546 | 67,621 | |
Quality Systems, Inc. (d) | 360,600 | 31,480 | |
| 99,101 | ||
Life Sciences Tools & Services - 1.6% | |||
Agilent Technologies, Inc. (a) | 1,230,100 | 62,870 | |
Fluidigm Corp. (f) | 112,607 | 1,700 | |
Illumina, Inc. (a) | 170,000 | 12,776 | |
Mettler-Toledo International, Inc. (a) | 715,300 | 120,650 | |
Sequenom, Inc. (a) | 25,369 | 192 | |
Thermo Fisher Scientific, Inc. (a) | 54,400 | 3,503 | |
Waters Corp. (a) | 866,700 | 82,978 | |
| 284,669 | ||
Pharmaceuticals - 2.7% | |||
Abbott Laboratories | 698,628 | 36,762 | |
Allergan, Inc. | 129,600 | 10,789 | |
AstraZeneca PLC (United Kingdom) | 466,703 | 23,326 | |
Bayer AG | 439,684 | 35,353 | |
Bristol-Myers Squibb Co. | 125,100 | 3,623 | |
Dr. Reddy's Laboratories Ltd. sponsored ADR | 7,900 | 271 | |
Forest Laboratories, Inc. (a) | 110,200 | 4,335 | |
Lupin Ltd. | 300,019 | 3,020 | |
MAP Pharmaceuticals, Inc. (a) | 599,800 | 9,579 | |
Mylan, Inc. (a) | 508,300 | 12,540 | |
Novo Nordisk A/S Series B | 835,720 | 104,713 | |
Perrigo Co. | 566,600 | 49,787 | |
Pfizer, Inc. | 1,191,319 | 24,541 | |
Piramal Healthcare Ltd. | 7,377 | 66 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
HEALTH CARE - continued | |||
Pharmaceuticals - continued | |||
Questcor Pharmaceuticals, Inc. (a) | 500,000 | $ 12,050 | |
Shire PLC | 1,480,000 | 46,273 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 377,400 | 18,198 | |
The Medicines Company (a) | 657,600 | 10,857 | |
Valeant Pharmaceuticals International, Inc. (Canada) | 1,035,206 | 53,832 | |
ViroPharma, Inc. (a) | 88,600 | 1,639 | |
Warner Chilcott PLC | 386,100 | 9,317 | |
Watson Pharmaceuticals, Inc. (a) | 178,100 | 12,241 | |
| 483,112 | ||
TOTAL HEALTH CARE | 1,804,119 | ||
INDUSTRIALS - 6.5% | |||
Aerospace & Defense - 0.2% | |||
AeroVironment, Inc. (a)(d) | 97,700 | 3,454 | |
Precision Castparts Corp. | 67,900 | 11,180 | |
TransDigm Group, Inc. (a) | 69,400 | 6,329 | |
United Technologies Corp. | 159,500 | 14,117 | |
| 35,080 | ||
Air Freight & Logistics - 0.6% | |||
C.H. Robinson Worldwide, Inc. | 1,204,472 | 94,961 | |
Expeditors International of Washington, Inc. | 259,600 | 13,289 | |
| 108,250 | ||
Commercial Services & Supplies - 0.6% | |||
Aggreko PLC | 153,200 | 4,743 | |
Edenred | 394,300 | 12,032 | |
KAR Auction Services, Inc. (a) | 245,500 | 4,642 | |
Stericycle, Inc. (a) | 676,515 | 60,291 | |
Swisher Hygiene, Inc. (f) | 1,395,310 | 7,856 | |
Waste Connections, Inc. | 476,600 | 15,123 | |
| 104,687 | ||
Electrical Equipment - 0.8% | |||
AMETEK, Inc. | 38,200 | 1,715 | |
Cooper Industries PLC Class A | 622,245 | 37,129 | |
II-VI, Inc. (a) | 66,600 | 1,705 | |
Polypore International, Inc. (a) | 469,363 | 31,842 | |
Rockwell Automation, Inc. | 208,700 | 18,107 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INDUSTRIALS - continued | |||
Electrical Equipment - continued | |||
Roper Industries, Inc. | 392,000 | $ 32,654 | |
Sensata Technologies Holding BV (a) | 408,000 | 15,361 | |
| 138,513 | ||
Industrial Conglomerates - 0.0% | |||
3M Co. | 92,300 | 8,755 | |
Hutchison Whampoa Ltd. | 135,000 | 1,457 | |
| 10,212 | ||
Machinery - 1.9% | |||
Caterpillar, Inc. | 215,200 | 22,910 | |
China Automation Group Ltd. | 6,215,000 | 4,353 | |
Cummins, Inc. | 261,100 | 27,021 | |
Danaher Corp. | 2,978,554 | 157,834 | |
Deere & Co. | 220,400 | 18,172 | |
Donaldson Co., Inc. | 8,100 | 492 | |
Dover Corp. | 403,000 | 27,323 | |
Gardner Denver, Inc. | 44,400 | 3,732 | |
Graco, Inc. | 109,300 | 5,537 | |
IDEX Corp. | 36,000 | 1,651 | |
Nordson Corp. | 608,600 | 33,382 | |
Pall Corp. | 425,900 | 23,948 | |
Rotork PLC | 55,900 | 1,513 | |
WABCO Holdings, Inc. (a) | 173,000 | 11,947 | |
| 339,815 | ||
Professional Services - 0.2% | |||
Experian PLC | 671,500 | 8,551 | |
IHS, Inc. Class A (a) | 212,895 | 17,760 | |
Michael Page International PLC | 199,200 | 1,710 | |
Nielsen Holdings B.V. (a) | 262,500 | 8,180 | |
| 36,201 | ||
Road & Rail - 1.8% | |||
Canadian National Railway Co. | 1,037,500 | 82,987 | |
CSX Corp. | 3,518,700 | 92,260 | |
Hertz Global Holdings, Inc. (a) | 212,100 | 3,368 | |
Localiza Rent A Car SA | 573,000 | 10,241 | |
Norfolk Southern Corp. | 133,000 | 9,966 | |
Union Pacific Corp. | 1,087,600 | 113,545 | |
Zipcar, Inc. (a)(d) | 68,300 | 1,394 | |
| 313,761 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
INDUSTRIALS - continued | |||
Trading Companies & Distributors - 0.4% | |||
Air Lease Corp.: | |||
Class A (a)(e) | 320,800 | $ 7,792 | |
Class A (d) | 416,800 | 10,124 | |
Mills Estruturas e Servicos de Engenharia SA | 252,000 | 3,632 | |
Noble Group Ltd. | 7,089,000 | 11,370 | |
W.W. Grainger, Inc. | 223,200 | 34,295 | |
| 67,213 | ||
Transportation Infrastructure - 0.0% | |||
Hutchison Port Holdings Trust | 14,600 | 12 | |
TOTAL INDUSTRIALS | 1,153,744 | ||
INFORMATION TECHNOLOGY - 29.5% | |||
Communications Equipment - 2.0% | |||
Acme Packet, Inc. (a) | 596,700 | 41,847 | |
Aruba Networks, Inc. (a) | 944,949 | 27,923 | |
Calix Networks, Inc. (a) | 415,034 | 8,641 | |
F5 Networks, Inc. (a) | 131,000 | 14,443 | |
HTC Corp. | 1,675,850 | 56,214 | |
Juniper Networks, Inc. (a) | 371,281 | 11,695 | |
Motorola Solutions, Inc. | 111,600 | 5,138 | |
Polycom, Inc. (a) | 591,300 | 38,021 | |
QUALCOMM, Inc. | 2,137,951 | 121,414 | |
Riverbed Technology, Inc. (a) | 828,000 | 32,781 | |
| 358,117 | ||
Computers & Peripherals - 7.7% | |||
Apple, Inc. (a) | 3,363,546 | 1,129,039 | |
Dell, Inc. (a) | 1,413,200 | 23,558 | |
EMC Corp. (a) | 4,533,500 | 124,898 | |
NetApp, Inc. (a) | 1,698,515 | 89,648 | |
| 1,367,143 | ||
Electronic Equipment & Components - 1.0% | |||
Amphenol Corp. Class A | 2,377,740 | 128,374 | |
Arrow Electronics, Inc. (a) | 238,900 | 9,914 | |
E Ink Holdings, Inc. GDR (a)(e) | 89,500 | 1,675 | |
IPG Photonics Corp. (a) | 291,786 | 21,216 | |
National Instruments Corp. | 286,600 | 8,509 | |
| 169,688 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Internet Software & Services - 5.8% | |||
Active Network, Inc. | 220,552 | $ 3,882 | |
AOL, Inc. (a) | 785,300 | 15,596 | |
Baidu.com, Inc. sponsored ADR (a) | 508,300 | 71,228 | |
Constant Contact, Inc. (a)(d) | 405,700 | 10,297 | |
Dice Holdings, Inc. (a) | 347,600 | 4,700 | |
eBay, Inc. (a) | 2,220,961 | 71,670 | |
Facebook, Inc. Class B (a)(f) | 763,842 | 19,096 | |
Google, Inc. Class A (a) | 1,388,905 | 703,314 | |
LogMeIn, Inc. (a)(d) | 221,200 | 8,532 | |
Mercadolibre, Inc. (d) | 367,700 | 29,173 | |
Open Text Corp. (a) | 35,500 | 2,276 | |
OpenTable, Inc. (a)(d) | 373,500 | 31,045 | |
Tencent Holdings Ltd. | 1,676,100 | 45,490 | |
WebMD Health Corp. (a) | 193,336 | 8,812 | |
| 1,025,111 | ||
IT Services - 2.5% | |||
Accenture PLC Class A | 2,436,700 | 147,225 | |
Alliance Data Systems Corp. (a) | 60,400 | 5,682 | |
Atos Origin SA | 29,623 | 1,674 | |
Broadridge Financial Solutions, Inc. | 49,109 | 1,182 | |
Cognizant Technology Solutions Corp. Class A (a) | 942,700 | 69,138 | |
Fidelity National Information Services, Inc. | 729,697 | 22,467 | |
Fiserv, Inc. (a) | 299,681 | 18,769 | |
International Business Machines Corp. | 128,500 | 22,044 | |
MasterCard, Inc. Class A | 72,000 | 21,696 | |
ServiceSource International, Inc. | 314,300 | 6,984 | |
Teradata Corp. (a) | 58,300 | 3,510 | |
Visa, Inc. Class A | 1,440,800 | 121,402 | |
| 441,773 | ||
Semiconductors & Semiconductor Equipment - 4.6% | |||
Altera Corp. | 3,990,600 | 184,964 | |
Analog Devices, Inc. | 1,307,900 | 51,191 | |
ARM Holdings PLC sponsored ADR (d) | 2,250,100 | 63,970 | |
ASML Holding NV | 847,000 | 31,305 | |
Atmel Corp. (a) | 2,708,300 | 38,106 | |
Avago Technologies Ltd. | 2,165,800 | 82,300 | |
Broadcom Corp. Class A | 745,700 | 25,085 | |
Cavium, Inc. (a)(d) | 659,500 | 28,748 | |
Cymer, Inc. (a) | 184,600 | 9,140 | |
GT Solar International, Inc. (a)(d) | 717,900 | 11,630 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Semiconductors & Semiconductor Equipment - continued | |||
Hittite Microwave Corp. (a) | 37,800 | $ 2,340 | |
Linear Technology Corp. | 1,074,200 | 35,470 | |
LSI Corp. (a) | 233,400 | 1,662 | |
Marvell Technology Group Ltd. (a) | 600,200 | 8,862 | |
Maxim Integrated Products, Inc. | 863,700 | 22,076 | |
Micrel, Inc. | 39,077 | 413 | |
Microchip Technology, Inc. (d) | 178,200 | 6,756 | |
Netlogic Microsystems, Inc. (a) | 237,087 | 9,583 | |
Novellus Systems, Inc. (a) | 172,900 | 6,249 | |
NVIDIA Corp. (a) | 1,244,800 | 19,836 | |
Omnivision Technologies, Inc. (a) | 394,000 | 13,715 | |
Samsung Electronics Co. Ltd. | 124,336 | 96,253 | |
Semtech Corp. (a) | 103,700 | 2,835 | |
Skyworks Solutions, Inc. (a) | 2,490,976 | 57,243 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 633,346 | 7,986 | |
TriQuint Semiconductor, Inc. (a) | 588,419 | 5,996 | |
| 823,714 | ||
Software - 5.9% | |||
ANSYS, Inc. (a) | 229,900 | 12,569 | |
BMC Software, Inc. (a) | 1,388,800 | 75,967 | |
BroadSoft, Inc. (a) | 45,900 | 1,750 | |
Check Point Software Technologies Ltd. (a) | 1,478,900 | 84,075 | |
Citrix Systems, Inc. (a) | 1,191,500 | 95,320 | |
CommVault Systems, Inc. (a) | 176,983 | 7,867 | |
Fortinet, Inc. (a) | 1,211,700 | 33,067 | |
Informatica Corp. (a) | 1,256,879 | 73,439 | |
Intuit, Inc. (a) | 1,277,600 | 66,256 | |
NetSuite, Inc. (a)(d) | 273,900 | 10,737 | |
Nuance Communications, Inc. (a) | 165,900 | 3,562 | |
Oracle Corp. | 7,887,350 | 259,573 | |
Pegasystems, Inc. | 38,203 | 1,778 | |
QLIK Technologies, Inc. | 218,400 | 7,439 | |
RealPage, Inc. | 208,303 | 5,514 | |
Red Hat, Inc. (a) | 369,900 | 16,978 | |
Rovi Corp. (a) | 885,700 | 50,804 | |
salesforce.com, Inc. (a) | 1,059,700 | 157,874 | |
SAP AG sponsored ADR (d) | 79,700 | 4,834 | |
Solera Holdings, Inc. | 460,100 | 27,220 | |
SuccessFactors, Inc. (a) | 48,200 | 1,417 | |
TIBCO Software, Inc. (a) | 879,100 | 25,511 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Software - continued | |||
Trion World Network, Inc. warrants 8/10/17 (a)(f) | 18,952 | $ 0 | |
VMware, Inc. Class A (a) | 251,000 | 25,158 | |
| 1,048,709 | ||
TOTAL INFORMATION TECHNOLOGY | 5,234,255 | ||
MATERIALS - 5.6% | |||
Chemicals - 0.4% | |||
Albemarle Corp. | 108,300 | 7,494 | |
Celanese Corp. Class A | 112,800 | 6,013 | |
Ecolab, Inc. | 183,800 | 10,363 | |
Huabao International Holdings Ltd. | 2,652,000 | 2,413 | |
PPG Industries, Inc. | 247,900 | 22,507 | |
Praxair, Inc. | 92,200 | 9,994 | |
Sherwin-Williams Co. | 20,500 | 1,719 | |
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR (d) | 29,300 | 1,896 | |
Valspar Corp. | 86,100 | 3,105 | |
W.R. Grace & Co. (a) | 37,100 | 1,693 | |
| 67,197 | ||
Containers & Packaging - 0.2% | |||
Ball Corp. | 181,800 | 6,992 | |
Crown Holdings, Inc. (a) | 181,400 | 7,042 | |
Lock & Lock Co. Ltd. | 27,270 | 1,108 | |
Rock-Tenn Co. Class A | 175,700 | 11,656 | |
Silgan Holdings, Inc. | 148,892 | 6,100 | |
| 32,898 | ||
Metals & Mining - 5.0% | |||
Allied Nevada Gold Corp. (Canada) (a) | 466,500 | 16,451 | |
AngloGold Ashanti Ltd. sponsored ADR | 1,068,600 | 44,977 | |
Aurizon Mines Ltd. (a) | 562,800 | 3,151 | |
Avion Gold Corp. (a) | 5,587,800 | 11,240 | |
B2Gold Corp. (a) | 6,142,000 | 20,762 | |
B2Gold Corp. (a)(e) | 660,000 | 2,231 | |
Canaco Resources, Inc. (a) | 391,300 | 1,351 | |
Canaco Resources, Inc. (e) | 1,013,500 | 3,500 | |
Centerra Gold, Inc. | 24,100 | 400 | |
Dalradian Resources, Inc. (a) | 883,300 | 1,383 | |
Eldorado Gold Corp. | 4,564,803 | 67,355 | |
Extorre Gold Mines Ltd. (a) | 1,525,400 | 19,629 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
MATERIALS - continued | |||
Metals & Mining - continued | |||
Extorre Gold Mines Ltd. (a)(e) | 128,900 | $ 1,659 | |
First Quantum Minerals Ltd. | 17,000 | 2,479 | |
Fortescue Metals Group Ltd. | 522,805 | 3,560 | |
Franco-Nevada Corp. | 2,032,900 | 75,886 | |
Franco-Nevada Corp. (e) | 126,300 | 4,715 | |
Franco-Nevada Corp. warrants 6/16/17 (a)(e) | 63,150 | 399 | |
Freeport-McMoRan Copper & Gold, Inc. | 844,300 | 44,663 | |
Goldcorp, Inc. | 2,852,601 | 137,986 | |
Intrepid Mines Ltd. (Australia) (a) | 548,909 | 836 | |
Ivanhoe Australia Ltd. (a) | 214,982 | 553 | |
Ivanhoe Mines Ltd. (a) | 4,967,555 | 125,528 | |
Kinross Gold Corp. warrants 9/17/14 (a) | 141,922 | 361 | |
Kirkland Lake Gold, Inc. (a) | 113,500 | 1,789 | |
Medusa Mining Ltd. | 2,789,770 | 19,717 | |
New Gold, Inc. (a) | 1,869,700 | 19,290 | |
Newcrest Mining Ltd. | 4,500,688 | 182,026 | |
Osisko Mining Corp. (a) | 930,000 | 14,455 | |
Perseus Mining Ltd. (Canada) (a) | 319,000 | 893 | |
Pilot Gold, Inc. (a) | 95,875 | 219 | |
Premier Gold Mines Ltd. (a) | 249,900 | 1,469 | |
Rainy River Resources Ltd. (a) | 985,800 | 9,557 | |
Randgold Resources Ltd. sponsored ADR | 145,222 | 12,206 | |
Romarco Minerals, Inc. (a) | 487,400 | 829 | |
Royal Gold, Inc. | 125,200 | 7,333 | |
Sabina Gold & Silver Corp. (a) | 151,900 | 929 | |
San Gold Corp. (a) | 1,017,900 | 3,441 | |
SEMAFO, Inc. (a) | 1,103,100 | 8,453 | |
Tahoe Resources, Inc. (e) | 1,170,900 | 21,854 | |
Tigray Resources, Inc. | 280,960 | 0 | |
Torex Gold Resources, Inc. (a)(d) | 1,000,000 | 1,804 | |
US Gold Corp. (a)(d) | 543,200 | 3,275 | |
| 900,594 | ||
TOTAL MATERIALS | 1,000,689 | ||
TELECOMMUNICATION SERVICES - 0.7% | |||
Diversified Telecommunication Services - 0.2% | |||
AboveNet, Inc. | 21,500 | 1,515 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
TELECOMMUNICATION SERVICES - continued | |||
Diversified Telecommunication Services - continued | |||
Telecomunicacoes de Sao Paulo SA sponsored ADR | 1,091,975 | $ 32,432 | |
tw telecom, inc. (a) | 86,700 | 1,780 | |
| 35,727 | ||
Wireless Telecommunication Services - 0.5% | |||
American Tower Corp. Class A (a) | 974,900 | 51,017 | |
Millicom International Cellular SA | 16,800 | 1,743 | |
Millicom International Cellular SA unit | 31,600 | 3,298 | |
SOFTBANK CORP. | 133,200 | 5,043 | |
TIM Participacoes SA sponsored ADR (non-vtg.) | 479,900 | 23,616 | |
| 84,717 | ||
TOTAL TELECOMMUNICATION SERVICES | 120,444 | ||
UTILITIES - 0.1% | |||
Gas Utilities - 0.1% | |||
ONEOK, Inc. | 174,200 | 12,893 | |
Multi-Utilities - 0.0% | |||
YTL Corp. Bhd | 18,974,550 | 9,740 | |
TOTAL UTILITIES | 22,633 | ||
TOTAL COMMON STOCKS (Cost $11,799,123) | 16,536,944 | ||
Preferred Stocks - 0.4% | |||
|
|
|
|
Convertible Preferred Stocks - 0.4% | |||
CONSUMER DISCRETIONARY - 0.2% | |||
Diversified Consumer Services - 0.1% | |||
Groupon, Inc. Series G (a)(f) | 539,680 | 17,048 | |
Media - 0.1% | |||
Zynga Game Network, Inc. (a)(f) | 1,265,654 | 17,756 | |
TOTAL CONSUMER DISCRETIONARY | 34,804 | ||
Preferred Stocks - continued | |||
Shares | Value (000s) | ||
Convertible Preferred Stocks - continued | |||
HEALTH CARE - 0.1% | |||
Biotechnology - 0.1% | |||
Light Sciences Oncology, Inc. (a)(f) | 463,700 | $ 3,881 | |
Light Sciences Oncology, Inc. Series B (a)(f) | 1,792,115 | 15,000 | |
| 18,881 | ||
Health Care Equipment & Supplies - 0.0% | |||
superDimension Ltd.: | |||
Series D, 6.00% (a)(f) | 91,600 | 1,963 | |
Series E, 6.00% (a)(f) | 6,622 | 142 | |
superDimension Ltd. warrants 6/16/20 (a)(f) | 1,656 | 0 | |
| 2,105 | ||
TOTAL HEALTH CARE | 20,986 | ||
INFORMATION TECHNOLOGY - 0.1% | |||
Internet Software & Services - 0.1% | |||
Digg, Inc. Series C, 8.00% (a)(f) | 64,821 | 316 | |
Ning, Inc. Series D 8.00% (a)(f) | 541,260 | 3,191 | |
| 3,507 | ||
Software - 0.0% | |||
Trion World Network, Inc.: | |||
Series C, 8.00% (a)(f) | 602,295 | 2,578 | |
Series C-1, 8.00% (a)(f) | 47,380 | 203 | |
| 2,781 | ||
TOTAL INFORMATION TECHNOLOGY | 6,288 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS | 62,078 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Volkswagen AG | 11,534 | 2,381 | |
TOTAL PREFERRED STOCKS (Cost $65,103) | 64,459 |
Nonconvertible Bonds - 0.0% | ||||
| Principal Amount (000s) | Value (000s) | ||
CONSUMER DISCRETIONARY - 0.0% | ||||
Specialty Retail - 0.0% | ||||
J. Crew Group, Inc. 8.125% 3/1/19 (e) (Cost $220) | $ 220 | $ 214 | ||
Notes - 0.0% | ||||
| ||||
HEALTH CARE - 0.0% | ||||
Biotechnology - 0.0% | ||||
Light Sciences Oncology, Inc. convertible note | ||||
15% 11/4/11 (f)(g) (Cost $3,210) | 3,210 | 3,210 |
Money Market Funds - 8.0% | |||
Shares |
| ||
Fidelity Cash Central Fund, 0.11% (b) | 1,264,755,740 | 1,264,756 | |
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c) | 157,447,600 | 157,448 | |
TOTAL MONEY MARKET FUNDS (Cost $1,422,204) | 1,422,204 | ||
TOTAL INVESTMENT PORTFOLIO - 101.6% (Cost $13,289,860) | 18,027,031 | ||
NET OTHER ASSETS (LIABILITIES) - (1.6)% | (278,505) | ||
NET ASSETS - 100% | $ 17,748,526 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $72,756,000 or 0.4% of net assets. |
(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $105,894,000 or 0.6% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
Digg, Inc. Series C, 8.00% | 9/23/08 | $ 683 |
Facebook, Inc. Class B | 3/31/11 - 5/19/11 | $ 19,102 |
Fluidigm Corp. | 10/9/07 - 1/6/11 | $ 1,991 |
Security | Acquisition Date | Acquisition Cost (000s) |
GoviEx Uranium, Inc. | 9/28/07 - 4/6/10 | $ 7,499 |
Groupon, Inc. | 12/17/10 | $ 17,048 |
Legend Pictures LLC | 9/23/10 | $ 4,150 |
Light Sciences Oncology, Inc. | 7/9/08 | $ 3,881 |
Light Sciences Oncology, Inc. convertible note 15% 11/4/11 | 5/4/10 - 6/6/11 | $ 3,210 |
Light Sciences Oncology, Inc. Series B | 4/4/07 | $ 15,000 |
Ning, Inc. Series D 8.00% | 3/19/08 | $ 3,870 |
superDimension Ltd. Series D, 6.00% | 2/27/08 - 5/22/08 | $ 1,963 |
superDimension Ltd. Series E, 6.00% | 6/15/10 | $ 142 |
superDimension Ltd. warrants | 6/15/10 - 6/16/20 | $ 0 |
Swisher Hygiene, Inc. | 3/22/11 | $ 6,977 |
The Weinstein Co. III Holdings, LLC Class A-1 | 10/19/05 | $ 2,267 |
Trion World Network, Inc. warrants 8/10/17 | 8/10/10 | $ 0 |
Trion World Network, Inc. Series C, 8.00% | 8/22/08 | $ 3,307 |
Trion World Network, Inc. Series C-1, 8.00% | 8/10/10 | $ 260 |
Zynga Game Network, Inc. | 2/18/11 | $ 17,756 |
(g) Includes a facility warrant |
(h) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes which is owned by the Fund. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 884 |
Fidelity Securities Lending Cash Central Fund | 779 |
Total | $ 1,663 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, |
Sable Mining Africa Ltd. | $ 26,460 | $ - | $ 10,029 | $ - | $ - |
Total | $ 26,460 | $ - | $ 10,029 | $ - | $ - |
Other Information |
The following is a summary of the inputs used, as of June 30, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 3,291,385 | $ 3,246,325 | $ 4,694 | $ 40,366 |
Consumer Staples | 1,028,964 | 1,024,244 | 4,720 | - |
Energy | 1,402,063 | 1,395,109 | - | 6,954 |
Financials | 1,515,833 | 1,504,102 | 11,542 | 189 |
Health Care | 1,825,105 | 1,627,942 | 176,083 | 21,080 |
Industrials | 1,153,744 | 1,153,744 | - | - |
Information Technology | 5,240,543 | 5,215,159 | - | 25,384 |
Materials | 1,000,689 | 1,000,689 | - | - |
Telecommunication Services | 120,444 | 115,401 | 5,043 | - |
Utilities | 22,633 | 22,633 | - | - |
Corporate Bonds | 214 | - | 214 | - |
Notes | 3,210 | - | - | 3,210 |
Money Market Funds | 1,422,204 | 1,422,204 | - | - |
Total Investments in Securities: | $ 18,027,031 | $ 17,727,552 | $ 202,296 | $ 97,183 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
(Amounts in thousands) |
|
Investments in Securities: | |
Beginning Balance | $ 39,538 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | 9,651 |
Cost of Purchases | 37,950 |
Proceeds of Sales | (1,177) |
Amortization/Accretion | - |
Transfers in to Level 3 | 17,797 |
Transfers out of Level 3 | (6,576) |
Ending Balance | $ 97,183 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2011 | $ 9,651 |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited) |
United States of America | 81.5% |
Canada | 5.7% |
United Kingdom | 1.6% |
Brazil | 1.2% |
Australia | 1.1% |
Ireland | 1.1% |
Netherlands Antilles | 1.0% |
Others (Individually Less Than 1%) | 6.8% |
| 100.0% |
Income Tax Information |
At December 31, 2010, the Fund had a capital loss carryforward of approximately $1,673,348,000 of which $3,073,000, $6,900,000, $726,035,000, $824,136,000 and $113,204,000 will expire in fiscal 2014, 2015, 2016, 2017 and 2018, respectively. |
A capital loss carryforward of approximately $9,973,000 was acquired from the Fidelity Advisor Fifty Fund, of which $3,073,000 and $6,900,000 will expire in fiscal 2014 and 2015, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. |
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 amounts) | June 30, 2011 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $154,688) - See accompanying schedule: Unaffiliated issuers (cost $11,867,656) | $ 16,604,827 |
|
Fidelity Central Funds (cost $1,422,204) | 1,422,204 |
|
Total Investments (cost $13,289,860) |
| $ 18,027,031 |
Cash | 195 | |
Foreign currency held at value (cost $757) | 761 | |
Receivable for investments sold | 33,985 | |
Receivable for fund shares sold | 38,324 | |
Dividends receivable | 10,906 | |
Interest receivable | 351 | |
Distributions receivable from Fidelity Central Funds | 195 | |
Other receivables | 426 | |
Total assets | 18,112,174 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 168,189 | |
Payable for fund shares redeemed | 23,034 | |
Accrued management fee | 7,175 | |
Distribution and service plan fees payable | 4,169 | |
Other affiliated payables | 3,172 | |
Other payables and accrued expenses | 461 | |
Collateral on securities loaned, at value | 157,448 | |
Total liabilities | 363,648 | |
|
|
|
Net Assets | $ 17,748,526 | |
Net Assets consist of: |
| |
Paid in capital | $ 14,693,608 | |
Accumulated net investment loss | (26,173) | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (1,656,113) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 4,737,204 | |
Net Assets | $ 17,748,526 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | June 30, 2011 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price | $ 20.73 | |
|
|
|
Maximum offering price per share (100/94.25 of $20.73) | $ 21.99 | |
Class T: | $ 20.48 | |
|
|
|
Maximum offering price per share (100/96.50 of $20.48) | $ 21.22 | |
Class B: | $ 19.64 | |
|
|
|
Class C: | $ 19.73 | |
|
|
|
|
|
|
Institutional Class: | $ 20.95 |
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
Financial Statements - continued
Statement of Operations
Amounts in thousands | Six months ended June 30, 2011 (Unaudited) | |
|
|
|
Investment Income |
|
|
Dividends |
| $ 65,665 |
Interest |
| 192 |
Income from Fidelity Central Funds |
| 1,663 |
Total income |
| 67,520 |
|
|
|
Expenses | ||
Management fee | $ 47,660 | |
Performance adjustment | 1,225 | |
Transfer agent fees | 17,979 | |
Distribution and service plan fees | 25,376 | |
Accounting and security lending fees | 809 | |
Custodian fees and expenses | 408 | |
Independent trustees' compensation | 43 | |
Registration fees | 471 | |
Audit | 24 | |
Legal | 23 | |
Miscellaneous | 86 | |
Total expenses before reductions | 94,104 | |
Expense reductions | (519) | 93,585 |
Net investment income (loss) | (26,065) | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 183,999 | |
Other affiliated issuers | (2,036) |
|
Foreign currency transactions | (897) | |
Total net realized gain (loss) |
| 181,066 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 497,736 | |
Assets and liabilities in foreign currencies | (54) | |
Total change in net unrealized appreciation (depreciation) |
| 497,682 |
Net gain (loss) | 678,748 | |
Net increase (decrease) in net assets resulting from operations | $ 652,683 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands | Six months ended June 30, 2011 (Unaudited) | Year ended December 31, 2010 |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ (26,065) | $ (46,327) |
Net realized gain (loss) | 181,066 | 30,271 |
Change in net unrealized appreciation (depreciation) | 497,682 | 2,071,680 |
Net increase (decrease) in net assets resulting | 652,683 | 2,055,624 |
Distributions to shareholders from net realized gain | (24,043) | (40,949) |
Share transactions - net increase (decrease) | 1,314,482 | 1,543,873 |
Total increase (decrease) in net assets | 1,943,122 | 3,558,548 |
|
|
|
Net Assets | ||
Beginning of period | 15,805,404 | 12,246,856 |
End of period (including accumulated net investment loss of $26,173 and accumulated net investment loss of $108, respectively) | $ 17,748,526 | $ 15,805,404 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 19.96 | $ 17.24 | $ 13.36 | $ 21.65 | $ 18.37 | $ 16.65 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.03) | (.05) | - J | .05 | .08 | .06 |
Net realized and unrealized gain (loss) | .84 | 2.81 | 3.89 | (8.22) | 3.65 | 1.78 |
Total from investment operations | .81 | 2.76 | 3.89 | (8.17) | 3.73 | 1.84 |
Distributions from net investment income | - | - | - | - J | (.06) | (.03) |
Distributions from net realized gain | (.04) | (.04) | (.01) | (.12) | (.39) | (.08) |
Total distributions | (.04) | (.04) | (.01) | (.12) | (.45) | (.12) K |
Net asset value, end of period | $ 20.73 | $ 19.96 | $ 17.24 | $ 13.36 | $ 21.65 | $ 18.37 |
Total Return B, C, D | 4.03% | 16.07% | 29.12% | (37.92)% | 20.26% | 11.06% |
Ratios to Average Net AssetsF, H |
|
|
|
|
| |
Expenses before reductions | 1.06% A | 1.14% | 1.19% | 1.10% | 1.09% | 1.12% |
Expenses net of fee waivers, if any | 1.06% A | 1.14% | 1.19% | 1.10% | 1.09% | 1.12% |
Expenses net of all reductions | 1.05% A | 1.13% | 1.18% | 1.10% | 1.08% | 1.11% |
Net investment income (loss) | (.26)% A | (.28)% | -% L | .26% | .42% | .37% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 6,211 | $ 5,603 | $ 4,265 | $ 2,614 | $ 2,630 | $ 1,823 |
Portfolio turnover rate G | 57% A | 47% I | 58% | 74% | 57% | 79% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I The portfolio turnover rate does not include the assets acquired in the merger.
J Amount represents less than $.01 per share.
K Total distributions of $.12 per share is comprised of distributions from net investment income of $.034 and distributions from net realized gain of $.083 per share.
L Amount represents less than .01%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 19.74 | $ 17.08 | $ 13.26 | $ 21.56 | $ 18.29 | $ 16.57 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.05) | (.09) | (.04) | - J | .04 | .03 |
Net realized and unrealized gain (loss) | .83 | 2.78 | 3.86 | (8.18) | 3.62 | 1.77 |
Total from investment operations | .78 | 2.69 | 3.82 | (8.18) | 3.66 | 1.80 |
Distributions from net realized gain | (.04) | (.03) | - | (.12) | (.39) | (.08) |
Net asset value, end of period | $ 20.48 | $ 19.74 | $ 17.08 | $ 13.26 | $ 21.56 | $ 18.29 |
Total Return B, C, D | 3.92% | 15.81% | 28.81% | (38.13)% | 20.00% | 10.90% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.30% A | 1.38% | 1.45% | 1.34% | 1.31% | 1.32% |
Expenses net of fee waivers, if any | 1.30% A | 1.38% | 1.45% | 1.34% | 1.31% | 1.32% |
Expenses net of all reductions | 1.30% A | 1.38% | 1.44% | 1.34% | 1.31% | 1.31% |
Net investment income (loss) | (.51)% A | (.52)% | (.25)% | .02% | .19% | .17% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 1,825 | $ 1,756 | $ 1,557 | $ 1,254 | $ 2,185 | $ 2,165 |
Portfolio turnover rate G | 57% A | 47% I | 58% | 74% | 57% | 79% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I The portfolio turnover rate does not include the assets acquired in the merger.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 18.95 | $ 16.49 | $ 12.88 | $ 21.04 | $ 17.97 | $ 16.35 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.10) | (.19) | (.11) | (.10) | (.08) | (.07) |
Net realized and unrealized gain (loss) | .79 | 2.68 | 3.72 | (7.94) | 3.54 | 1.74 |
Total from investment operations | .69 | 2.49 | 3.61 | (8.04) | 3.46 | 1.67 |
Distributions from net realized gain | - | (.03) | - | (.12) | (.39) | (.05) |
Net asset value, end of period | $ 19.64 | $ 18.95 | $ 16.49 | $ 12.88 | $ 21.04 | $ 17.97 |
Total Return B, C, D | 3.64% | 15.14% | 28.03% | (38.41)% | 19.24% | 10.23% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.87% A | 1.96% | 2.01% | 1.91% | 1.89% | 1.93% |
Expenses net of fee waivers, if any | 1.87% A | 1.96% | 2.00% | 1.91% | 1.89% | 1.93% |
Expenses net of all reductions | 1.86% A | 1.95% | 1.99% | 1.91% | 1.89% | 1.92% |
Net investment income (loss) | (1.07)% A | (1.10)% | (.81)% | (.55)% | (.39)% | (.44)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 375 | $ 410 | $ 401 | $ 313 | $ 489 | $ 452 |
Portfolio turnover rate G | 57% A | 47% I | 58% | 74% | 57% | 79% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 19.03 | $ 16.55 | $ 12.92 | $ 21.10 | $ 18.00 | $ 16.37 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.10) | (.17) | (.11) | (.09) | (.06) | (.06) |
Net realized and unrealized gain (loss) | .80 | 2.68 | 3.74 | (7.97) | 3.55 | 1.74 |
Total from investment operations | .70 | 2.51 | 3.63 | (8.06) | 3.49 | 1.68 |
Distributions from net realized gain | - | (.03) | - | (.12) | (.39) | (.05) |
Net asset value, end of period | $ 19.73 | $ 19.03 | $ 16.55 | $ 12.92 | $ 21.10 | $ 18.00 |
Total Return B, C, D | 3.68% | 15.21% | 28.10% | (38.39)% | 19.37% | 10.28% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.80% A | 1.88% | 1.95% | 1.85% | 1.82% | 1.85% |
Expenses net of fee waivers, if any | 1.80% A | 1.88% | 1.95% | 1.85% | 1.82% | 1.85% |
Expenses net of all reductions | 1.80% A | 1.88% | 1.94% | 1.85% | 1.82% | 1.83% |
Net investment income (loss) | (1.01)% A | (1.02)% | (.76)% | (.49)% | (.32)% | (.35)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 2,308 | $ 2,138 | $ 1,799 | $ 1,355 | $ 1,879 | $ 1,596 |
Portfolio turnover rate G | 57% A | 47% I | 58% | 74% | 57% | 79% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 20.14 | $ 17.39 | $ 13.49 | $ 21.84 | $ 18.52 | $ 16.78 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | - J | (.01) | .03 | .09 | .14 | .12 |
Net realized and unrealized gain (loss) | .85 | 2.85 | 3.93 | (8.30) | 3.67 | 1.79 |
Total from investment operations | .85 | 2.84 | 3.96 | (8.21) | 3.81 | 1.91 |
Distributions from net investment income | - | - | (.02) | (.02) | (.10) | (.09) |
Distributions from net realized gain | (.04) | (.09) | (.04) | (.12) | (.39) | (.08) |
Total distributions | (.04) | (.09) | (.06) | (.14) | (.49) | (.17) K |
Net asset value, end of period | $ 20.95 | $ 20.14 | $ 17.39 | $ 13.49 | $ 21.84 | $ 18.52 |
Total Return B, C | 4.19% | 16.34% | 29.37% | (37.76)% | 20.57% | 11.40% |
Ratios to Average Net Assets E, H |
|
|
|
|
| |
Expenses before reductions | .79% A | .89% | .96% | .86% | .81% | .83% |
Expenses net of fee waivers, if any | .79% A | .89% | .96% | .86% | .81% | .83% |
Expenses net of all reductions | .79% A | .89% | .95% | .85% | .81% | .82% |
Net investment income (loss) | -% A, G | (.04)% | .24% | .50% | .69% | .66% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 7,030 | $ 5,898 | $ 4,225 | $ 2,793 | $ 2,309 | $ 1,540 |
Portfolio turnover rate F | 57% A | 47% I | 58% | 74% | 57% | 79% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Amount represents less than .01%.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I The portfolio turnover rate does not include the assets acquired in the merger.
J Amount represents less than $.01 per share.
K Total distributions of $.17 per share is comprised of distributions from net investment income of $.086 and distributions from net realized gain of $.083 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2011 (Unaudited)
(Amounts in thousands except ratios)
1. Organization.
Fidelity Advisor New Insights Fund (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. 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 C and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments, by existing shareholders. 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 may also differ by class.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the
Semiannual Report
3. Significant Accounting Policies - continued
date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of June 30, 2011, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Security Valuation - continued
Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. For restricted debt and private placements were observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds,including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified
Semiannual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. 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. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and 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 GAAP.
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, deferred trustee compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 4,757,133 |
Gross unrealized depreciation | (157,818) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 4,599,315 |
|
|
Tax cost | $ 13,427,716 |
Under the recently enacted Regulated Investment Company Modernization Act of 2010 (the Act), the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The Fund's first fiscal year end subject to the Act will be December 31, 2011.
New Accounting Pronouncement. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) -Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update changes the wording used to describe the requirements in GAAP for measuring fair value and for disclosing information about fair value measurements. The update is effective during interim and annual periods beginning after December 15, 2011. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
4. Operating Policies.
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
4. Operating Policies - continued
Loans and Other Direct Debt Instruments. The Fund may invest in loans and loan participations, trade claims or other receivables. These investments may include standby financing commitments, including revolving credit facilities, that obligate the Fund to supply additional cash to the borrower on demand. Loan participations involve a risk of insolvency of the lending bank or other financial intermediary. The Fund may be contractually obligated to receive approval from the agent bank and/or borrower prior to the sale of these investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $6,069,989 and $4,623,162, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Institutional Class of the Fund as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .57% of the Fund's average net assets.
Distribution and Service Plan Fees. 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, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total Fees | Retained |
Class A | -% | .25% | $ 7,532 | $ 322 |
Class T | .25% | .25% | 4,544 | 37 |
Class B | .75% | .25% | 1,983 | 1,493 |
Class C | .75% | .25% | 11,317 | 2,365 |
|
|
| $ 25,376 | $ 4,217 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
6. Fees and Other Transactions with Affiliates - continued
Sales Load. FDC may receive 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. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 871 |
Class T | 131 |
Class B* | 308 |
Class C* | 81 |
| $ 1,391 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 6,501 | .22 |
Class T | 1,910 | .21 |
Class B | 540 | .27 |
Class C | 2,402 | .21 |
Institutional Class | 6,626 | .20 |
| $ 17,979 |
|
* 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.
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $90 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $27 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. The lending agent may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $779, including $5 from securities loaned to FCM.
9. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $514 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 custody expenses by $5.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net realized gain |
|
|
Class A | $ 10,098 | $ 11,131 |
Class T | 3,142 | 3,007 |
Class B | - | 728 |
Class C | - | 3,267 |
Institutional Class | 10,803 | 22,816 |
Total | $ 24,043 | $ 40,949 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class A |
|
|
|
|
Shares sold | 54,011 | 91,786 | $ 1,110,109 | $ 1,651,137 |
Issued in exchange for shares of Fidelity Advisor Fifty Fund | - | 1,092 | - | 21,706 |
Reinvestment of distributions | 439 | 602 | 9,175 | 10,377 |
Shares redeemed | (35,680) | (60,094) | (732,188) | (1,062,739) |
Net increase (decrease) | 18,770 | 33,386 | $ 387,096 | $ 620,481 |
Class T |
|
|
|
|
Shares sold | 11,596 | 19,041 | $ 235,625 | $ 337,853 |
Issued in exchange for shares of Fidelity Advisor Fifty Fund | - | 768 | - | 15,102 |
Reinvestment of distributions | 139 | 171 | 2,869 | 2,799 |
Shares redeemed | (11,628) | (22,149) | (236,443) | (388,951) |
Net increase (decrease) | 107 | (2,169) | $ 2,051 | $ (33,197) |
Class B |
|
|
|
|
Shares sold | 289 | 2,821 | $ 5,632 | $ 47,070 |
Issued in exchange for shares of Fidelity Advisor Fifty Fund | - | 262 | - | 4,955 |
Reinvestment of distributions | - | 40 | - | 619 |
Shares redeemed | (2,846) | (5,808) | (55,469) | (98,796) |
Net increase (decrease) | (2,557) | (2,685) | $ (49,837) | $ (46,152) |
Semiannual Report
11. Share Transactions - continued
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class C |
|
|
|
|
Shares sold | 14,267 | 22,710 | $ 279,466 | $ 390,515 |
Issued in exchange for shares of Fidelity Advisor Fifty Fund | - | 510 | - | 9,679 |
Reinvestment of distributions | - | 162 | - | 2,521 |
Shares redeemed | (9,669) | (19,704) | (189,018) | (333,891) |
Net increase (decrease) | 4,598 | 3,678 | $ 90,448 | $ 68,824 |
Institutional Class |
|
|
|
|
Shares sold | 71,735 | 144,821 | $ 1,487,015 | $ 2,621,843 |
Issued in exchange for shares of Fidelity Advisor Fifty Fund | - | 124 | - | 2,491 |
Reinvestment of distributions | 404 | 957 | 8,538 | 17,962 |
Shares redeemed | (29,480) | (95,998) | (610,829) | (1,708,379) |
Net increase (decrease) | 42,659 | 49,904 | $ 884,724 | $ 933,917 |
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
13. Merger Information.
On December 17, 2010 the Fund acquired all of the assets and assumed all of the liabilities of the Fidelity Advisor Fifty Fund ("Target Fund") pursuant to an agreement and plan of reorganization approved by the Board of Trustees ("The Board") on July 14, 2010. The reorganization provides shareholders of the Target Fund access to a larger portfolio with the same investment objective and lower expenses. The acquisition was accomplished by an exchange of 1,092 Class A shares, 768 Class T shares, 262 Class B shares, 510 Class C shares, and 124 Institutional Class shares of the Fund, respectively, for 2,357 Class A shares, 1,682 Class T shares, 576 Class B shares, 1,133 Class C shares, and 262 Institutional Class shares then outstanding (valued at $9.21, $8.98, $8.61, $8.55 and $9.50 per share for Class A, Class T, Class B, Class C, and Institutional Class, respectively) of
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
13. Merger Information - continued
the Target Fund. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders. The Target Fund's net assets, including securities of $53,669, unrealized appreciation of $7,533 and net other assets of $265, were combined with the Fund's net assets of $15,520,226 for total net assets after the acquisition of $15,574,160.
Pro forma results of operations of the combined entity for the entire year ended December 31, 2010, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:
Net investment income (loss) | $ (46,458) |
Total net realized gain (loss) | 36,573 |
Total change in net unrealized appreciation (depreciation) | 2,073,492 |
Net increase (decrease) in net assets resulting from operations | $ 2,063,607 |
Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that have been included in the Fund's accompanying Statement of Operations since December 17, 2010.
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
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Brown Brothers Harriman & Co.
Boston, MA
ANIF-USAN-0811
1.803541.107
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
New Insights
Fund - Institutional Class
Semiannual Report
June 30, 2011
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | The Chairman's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(photo_of_James_C_Curvey)
Dear Shareholder:
Despite bouts of short-term volatility, U.S. equities gained ground in the first half of 2011, buoyed by solid corporate earnings and modest improvement in employment. A strong start had the market up more than 100% off its March 2009 low, but investors were unnerved by this past March's natural disaster in Japan, while weaker economic data and new concern about Greek debt hurt performance during May and June. The longer-term outlook remains clouded by the impact of inflationary pressure and persistently high unemployment. Financial markets are always unpredictable, of course, but there are several time-tested investment principles that can help put the odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
(The acting chairman's signature appears here.)
James C. Curvey
Acting Chairman
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 to June 30, 2011).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning | Ending | Expenses Paid |
Class A | 1.06% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,040.30 | $ 5.36 |
Hypothetical A |
| $ 1,000.00 | $ 1,019.54 | $ 5.31 |
Class T | 1.30% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,039.20 | $ 6.57 |
Hypothetical A |
| $ 1,000.00 | $ 1,018.35 | $ 6.51 |
Class B | 1.87% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,036.40 | $ 9.44 |
Hypothetical A |
| $ 1,000.00 | $ 1,015.52 | $ 9.35 |
Class C | 1.80% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,036.80 | $ 9.09 |
Hypothetical A |
| $ 1,000.00 | $ 1,015.87 | $ 9.00 |
Institutional Class | .79% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,041.90 | $ 4.00 |
Hypothetical A |
| $ 1,000.00 | $ 1,020.88 | $ 3.96 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Top Ten Stocks as of June 30, 2011 | ||
| % of fund's | % of fund's net assets |
Apple, Inc. | 6.4 | 6.6 |
Google, Inc. Class A | 4.0 | 4.9 |
McDonald's Corp. | 2.5 | 2.0 |
Berkshire Hathaway, Inc. Class A | 2.4 | 2.8 |
The Coca-Cola Co. | 2.2 | 2.1 |
The Walt Disney Co. | 1.9 | 2.0 |
Noble Energy, Inc. | 1.8 | 1.5 |
Wells Fargo & Co. | 1.6 | 2.2 |
Amazon.com, Inc. | 1.6 | 1.4 |
Oracle Corp. | 1.5 | 1.2 |
| 25.9 | |
Top Five Market Sectors as of June 30, 2011 | ||
| % of fund's | % of fund's net assets |
Information Technology | 29.6 | 31.3 |
Consumer Discretionary | 18.5 | 17.5 |
Health Care | 10.3 | 8.1 |
Financials | 8.6 | 9.6 |
Energy | 7.9 | 5.7 |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2011* | As of December 31, 2010** | ||||||
![]() | Stocks 93.2% |
| ![]() | Stocks 91.4% |
| ||
![]() | Bonds† 0.0% |
| ![]() | Bonds† 0.0% |
| ||
![]() | Convertible |
| ![]() | Convertible |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
| ||
* Foreign investments | 18.5% |
| ** Foreign investments | 21.1% |
|
† Amount represents less than 0.1%
Semiannual Report
Investments June 30, 2011 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.2% | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - 18.3% | |||
Auto Components - 0.4% | |||
Autoliv, Inc. | 221,200 | $ 17,353 | |
Gentex Corp. | 711,200 | 21,500 | |
Lear Corp. | 52,800 | 2,824 | |
TRW Automotive Holdings Corp. (a) | 430,900 | 25,436 | |
| 67,113 | ||
Automobiles - 0.5% | |||
Ford Motor Co. (a) | 1,197,600 | 16,515 | |
Honda Motor Co. Ltd. sponsored ADR | 46,000 | 1,776 | |
Hyundai Motor Co. | 192,695 | 42,801 | |
Tesla Motors, Inc. (a)(d) | 769,500 | 22,416 | |
| 83,508 | ||
Diversified Consumer Services - 0.2% | |||
Anhanguera Educacional Participacoes SA | 390,744 | 8,315 | |
Kroton Educacional SA unit (a) | 524,100 | 6,798 | |
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | 63,300 | 7,072 | |
Weight Watchers International, Inc. | 150,700 | 11,373 | |
| 33,558 | ||
Hotels, Restaurants & Leisure - 5.4% | |||
Ajisen (China) Holdings Ltd. | 5,260,000 | 10,896 | |
Arcos Dorados Holdings, Inc. | 699,900 | 14,761 | |
Buffalo Wild Wings, Inc. (a) | 132,467 | 8,784 | |
Chipotle Mexican Grill, Inc. (a) | 582,628 | 179,560 | |
Galaxy Entertainment Group Ltd. (a) | 7,164,000 | 15,319 | |
InterContinental Hotel Group PLC | 229,300 | 4,694 | |
Las Vegas Sands Corp. (a) | 642,822 | 27,134 | |
Little Sheep Group Ltd. | 5,812,000 | 4,653 | |
McDonald's Corp. | 5,164,652 | 435,483 | |
Red Robin Gourmet Burgers, Inc. (a) | 80,400 | 2,925 | |
Sands China Ltd. (a) | 77,200 | 208 | |
Starbucks Corp. | 2,462,363 | 97,239 | |
Tim Hortons, Inc. (Canada) | 2,742,700 | 133,921 | |
Wynn Resorts Ltd. | 160,800 | 23,081 | |
Yum! Brands, Inc. | 31,800 | 1,757 | |
| 960,415 | ||
Household Durables - 0.2% | |||
SodaStream International Ltd. | 125,200 | 7,613 | |
Tempur-Pedic International, Inc. (a) | 444,325 | 30,134 | |
| 37,747 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - continued | |||
Internet & Catalog Retail - 2.6% | |||
Amazon.com, Inc. (a) | 1,414,500 | $ 289,251 | |
ASOS PLC (a)(d) | 340,081 | 13,099 | |
Netflix, Inc. (a)(d) | 94,800 | 24,903 | |
Ocado Group PLC (a)(d) | 4,956,900 | 14,503 | |
Priceline.com, Inc. (a) | 244,200 | 125,013 | |
| 466,769 | ||
Media - 3.5% | |||
DIRECTV (a) | 1,461,856 | 74,292 | |
Discovery Communications, Inc. (a) | 3,168,200 | 129,769 | |
DreamWorks Animation SKG, Inc. Class A (a) | 45,424 | 913 | |
Legend Pictures LLC (f)(h) | 5,533 | 4,150 | |
Liberty Media Corp. Capital Series A (a) | 153,732 | 13,183 | |
Naspers Ltd. Class N | 217,728 | 12,299 | |
Pandora Media, Inc. | 43,700 | 826 | |
Scripps Networks Interactive, Inc. Class A | 999,100 | 48,836 | |
The Walt Disney Co. | 8,656,180 | 337,937 | |
The Weinstein Co. III Holdings, LLC Class A-1 (a)(f)(h) | 2,267 | 850 | |
Virgin Media, Inc. | 227,700 | 6,815 | |
| 629,870 | ||
Multiline Retail - 1.0% | |||
Dollar Tree, Inc. (a) | 2,070,109 | 137,911 | |
Dollarama, Inc. | 285,400 | 9,668 | |
Dollarama, Inc. (e) | 229,600 | 7,778 | |
Macy's, Inc. | 434,800 | 12,714 | |
Maoye International Holdings Ltd. | 7,993,000 | 3,985 | |
Marisa Lojas SA | 208,500 | 3,179 | |
Springland International Holdings Ltd. | 83,000 | 69 | |
| 175,304 | ||
Specialty Retail - 2.5% | |||
AutoZone, Inc. (a) | 57,100 | 16,836 | |
Bed Bath & Beyond, Inc. (a) | 1,080,900 | 63,092 | |
DSW, Inc. Class A (a) | 43,569 | 2,205 | |
Express, Inc. | 40,500 | 883 | |
Foschini Ltd. | 267,100 | 3,484 | |
Fourlis Holdings SA | 251,930 | 1,513 | |
L'Occitane Ltd. (a) | 226,750 | 606 | |
Limited Brands, Inc. | 477,000 | 18,341 | |
Luk Fook Holdings International Ltd. | 186,000 | 902 | |
O'Reilly Automotive, Inc. (a) | 265,300 | 17,380 | |
Penske Automotive Group, Inc. | 80,100 | 1,821 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - continued | |||
Specialty Retail - continued | |||
Ross Stores, Inc. | 959,573 | $ 76,881 | |
Sally Beauty Holdings, Inc. (a) | 305,746 | 5,228 | |
Tiffany & Co., Inc. | 68,600 | 5,386 | |
TJX Companies, Inc. | 4,166,000 | 218,840 | |
Tractor Supply Co. | 13,400 | 896 | |
Ulta Salon, Cosmetics & Fragrance, Inc. (a) | 132,502 | 8,557 | |
Vitamin Shoppe, Inc. (a) | 196,435 | 8,989 | |
| 451,840 | ||
Textiles, Apparel & Luxury Goods - 2.0% | |||
Arezzo Industria e Comercio SA | 44,000 | 616 | |
Burberry Group PLC | 1,863,400 | 43,363 | |
China Hongxing Sports Ltd. | 6,000,000 | 562 | |
Coach, Inc. | 274,000 | 17,517 | |
Deckers Outdoor Corp. (a) | 76,900 | 6,778 | |
lululemon athletica, Inc. (a) | 77,000 | 8,610 | |
NIKE, Inc. Class B | 2,551,300 | 229,566 | |
Phillips-Van Heusen Corp. | 99,316 | 6,502 | |
Polo Ralph Lauren Corp. Class A | 70,451 | 9,343 | |
Under Armour, Inc. Class A (sub. vtg.) (a)(d) | 156,100 | 12,068 | |
Vera Bradley, Inc. | 115,900 | 4,427 | |
VF Corp. | 65,000 | 7,056 | |
Wolverine World Wide, Inc. | 39,961 | 1,668 | |
| 348,076 | ||
TOTAL CONSUMER DISCRETIONARY | 3,254,200 | ||
CONSUMER STAPLES - 5.8% | |||
Beverages - 2.4% | |||
Anheuser-Busch InBev SA NV | 81,311 | 4,720 | |
Boston Beer Co., Inc. Class A (a) | 20,500 | 1,837 | |
Coca-Cola Icecek AS | 259,000 | 3,822 | |
Dr Pepper Snapple Group, Inc. | 289,100 | 12,122 | |
Hansen Natural Corp. (a) | 25,000 | 2,024 | |
The Coca-Cola Co. | 5,862,287 | 394,473 | |
| 418,998 | ||
Food & Staples Retailing - 0.6% | |||
Bim Birlesik Magazalar AS JSC | 243,000 | 7,897 | |
China Resources Enterprise Ltd. | 1,890,000 | 7,723 | |
Costco Wholesale Corp. | 789,600 | 64,147 | |
Droga Raia SA | 343,000 | 5,713 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER STAPLES - continued | |||
Food & Staples Retailing - continued | |||
Eurocash SA | 170,900 | $ 1,838 | |
Shoprite Holdings Ltd. | 217,600 | 3,276 | |
Wal-Mart de Mexico SA de CV Series V | 3,727,800 | 11,045 | |
Walgreen Co. | 82,000 | 3,482 | |
Whole Foods Market, Inc. | 95,300 | 6,047 | |
| 111,168 | ||
Food Products - 1.0% | |||
Danone | 50,600 | 3,776 | |
Diamond Foods, Inc. (d) | 406,118 | 31,003 | |
General Mills, Inc. | 222,600 | 8,285 | |
Green Mountain Coffee Roasters, Inc. (a) | 617,400 | 55,109 | |
Kraft Foods, Inc. Class A | 48,400 | 1,705 | |
Mead Johnson Nutrition Co. Class A | 131,900 | 8,910 | |
Nestle SA | 42,201 | 2,623 | |
Orion Corp. | 694 | 297 | |
Shenguan Holdings Group Ltd. | 4,640,000 | 3,279 | |
Tingyi (Cayman Islands) Holding Corp. | 2,888,000 | 8,926 | |
TreeHouse Foods, Inc. (a) | 608,893 | 33,252 | |
Want Want China Holdings Ltd. | 25,201,000 | 24,450 | |
| 181,615 | ||
Household Products - 1.1% | |||
Colgate-Palmolive Co. | 2,043,200 | 178,596 | |
Procter & Gamble Co. | 93,667 | 5,954 | |
| 184,550 | ||
Personal Products - 0.7% | |||
Estee Lauder Companies, Inc. Class A | 1,143,400 | 120,274 | |
Nu Skin Enterprises, Inc. Class A | 281,600 | 10,574 | |
| 130,848 | ||
Tobacco - 0.0% | |||
Philip Morris International, Inc. | 26,739 | 1,785 | |
TOTAL CONSUMER STAPLES | 1,028,964 | ||
ENERGY - 7.9% | |||
Energy Equipment & Services - 1.0% | |||
Dresser-Rand Group, Inc. (a) | 33,200 | 1,785 | |
Schlumberger Ltd. | 2,026,100 | 175,055 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
ENERGY - continued | |||
Energy Equipment & Services - continued | |||
Seadrill Ltd. | 169,600 | $ 5,970 | |
Weatherford International Ltd. (a) | 72,848 | 1,366 | |
| 184,176 | ||
Oil, Gas & Consumable Fuels - 6.9% | |||
Anadarko Petroleum Corp. | 1,866,000 | 143,234 | |
Apache Corp. | 478,861 | 59,087 | |
Baytex Energy Corp. (d) | 29,600 | 1,618 | |
BG Group PLC | 730,939 | 16,587 | |
Birchcliff Energy Ltd. (a) | 1,304,400 | 17,610 | |
Canadian Natural Resources Ltd. | 995,400 | 41,730 | |
Chesapeake Energy Corp. | 42,000 | 1,247 | |
Clean Energy Fuels Corp. (a)(d) | 97,300 | 1,279 | |
CNOOC Ltd. sponsored ADR (d) | 69,200 | 16,326 | |
Concho Resources, Inc. (a) | 1,087,080 | 99,848 | |
Continental Resources, Inc. (a) | 665,700 | 43,211 | |
El Paso Corp. | 85,100 | 1,719 | |
EnCana Corp. | 40,900 | 1,263 | |
EOG Resources, Inc. | 636,400 | 66,536 | |
GoviEx Uranium, Inc. (a)(f) | 3,477,000 | 6,954 | |
Gran Tierra Energy, Inc. (Canada) (a) | 156,200 | 1,028 | |
Ivanhoe Energy, Inc. (a)(e) | 772,500 | 1,466 | |
Kosmos Energy Ltd. | 423,000 | 7,183 | |
Noble Energy, Inc. | 3,526,700 | 316,098 | |
Oasis Petroleum, Inc. (a) | 411,452 | 12,212 | |
Occidental Petroleum Corp. | 2,127,100 | 221,303 | |
OGX Petroleo e Gas Participacoes SA (a) | 406,900 | 3,803 | |
Painted Pony Petroleum Ltd. Class A (a) | 324,811 | 3,769 | |
QEP Resources, Inc. | 217,500 | 9,098 | |
Range Resources Corp. | 95,700 | 5,311 | |
Sable Mining Africa Ltd. (a) | 38,756,373 | 11,974 | |
Skope Energy, Inc. (e) | 784,000 | 7,690 | |
Southwestern Energy Co. (a) | 316,100 | 13,554 | |
Tourmaline Oil Corp. (a) | 1,026,100 | 34,090 | |
Tourmaline Oil Corp. (a)(e) | 303,400 | 10,080 | |
TransAtlantic Petroleum Ltd. (a)(e) | 918,400 | 1,514 | |
Tullow Oil PLC | 387,600 | 7,714 | |
Ultrapar Participacoes SA | 570,000 | 10,096 | |
Whiting Petroleum Corp. (a) | 255,200 | 14,523 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
ENERGY - continued | |||
Oil, Gas & Consumable Fuels - continued | |||
Williams Companies, Inc. | 175,800 | $ 5,318 | |
World Fuel Services Corp. | 50,500 | 1,814 | |
| 1,217,887 | ||
TOTAL ENERGY | 1,402,063 | ||
FINANCIALS - 8.6% | |||
Capital Markets - 0.4% | |||
BlackRock, Inc. Class A | 287,300 | 55,107 | |
Charles Schwab Corp. | 327,000 | 5,379 | |
Evercore Partners, Inc. Class A | 76,100 | 2,536 | |
T. Rowe Price Group, Inc. | 148,300 | 8,948 | |
| 71,970 | ||
Commercial Banks - 2.5% | |||
Banco Bradesco SA (PN) sponsored ADR | 169,600 | 3,475 | |
Banco do Brasil SA | 130,100 | 2,333 | |
BanColombia SA sponsored ADR | 27,800 | 1,855 | |
Bank of China Ltd. (H Shares) | 9,007,000 | 4,387 | |
HDFC Bank Ltd. sponsored ADR | 23,400 | 4,128 | |
Industrial & Commercial Bank of China Ltd. (H Shares) | 10,159,000 | 7,715 | |
Itau Unibanco Banco Multiplo SA sponsored ADR | 2,451,300 | 57,728 | |
M&T Bank Corp. | 212,100 | 18,654 | |
PT Bank Central Asia Tbk | 7,269,500 | 6,484 | |
PT Bank Tabungan Negara Tbk | 3,648,000 | 719 | |
Royal Bank of Canada | 111,200 | 6,357 | |
Standard Chartered PLC (United Kingdom) | 873,975 | 22,975 | |
The Toronto-Dominion Bank | 120,000 | 10,176 | |
Wells Fargo & Co. | 10,340,485 | 290,154 | |
| 437,140 | ||
Consumer Finance - 0.0% | |||
American Express Co. | 33,700 | 1,742 | |
Credit Acceptance Corp. (a) | 38,700 | 3,269 | |
Discover Financial Services | 91,000 | 2,434 | |
| 7,445 | ||
Diversified Financial Services - 1.5% | |||
Citigroup, Inc. | 3,713,770 | 154,641 | |
ING Groep NV (Certificaten Van Aandelen) (a) | 936,500 | 11,542 | |
JPMorgan Chase & Co. | 2,348,517 | 96,148 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
FINANCIALS - continued | |||
Diversified Financial Services - continued | |||
MSCI, Inc. Class A (a) | 120,861 | $ 4,554 | |
NBH Holdings Corp. Class A (a)(e) | 10,500 | 189 | |
| 267,074 | ||
Insurance - 3.8% | |||
ACE Ltd. | 291,900 | 19,213 | |
Admiral Group | 1,600,100 | 42,654 | |
AIA Group Ltd. | 5,844,400 | 20,241 | |
Berkshire Hathaway, Inc. Class A (a) | 3,659 | 424,828 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 34,700 | 13,889 | |
MetLife, Inc. | 675,700 | 29,643 | |
Prudential Financial, Inc. | 191,600 | 12,184 | |
Qualicorp SA | 585,000 | 5,584 | |
The Chubb Corp. | 1,168,800 | 73,179 | |
The Travelers Companies, Inc. | 408,400 | 23,842 | |
| 665,257 | ||
Real Estate Investment Trusts - 0.0% | |||
Simon Property Group, Inc. | 11,172 | 1,299 | |
Real Estate Management & Development - 0.3% | |||
BR Malls Participacoes SA | 3,613,250 | 41,315 | |
CB Richard Ellis Group, Inc. Class A (a) | 328,100 | 8,239 | |
Wharf Holdings Ltd. | 374,000 | 2,598 | |
| 52,152 | ||
Thrifts & Mortgage Finance - 0.1% | |||
BankUnited, Inc. | 508,500 | 13,496 | |
TOTAL FINANCIALS | 1,515,833 | ||
HEALTH CARE - 10.2% | |||
Biotechnology - 2.9% | |||
Achillion Pharmaceuticals, Inc. (a) | 483,400 | 3,596 | |
Alexion Pharmaceuticals, Inc. (a) | 1,081,200 | 50,849 | |
Amarin Corp. PLC ADR (a) | 1,011,400 | 14,635 | |
Amgen, Inc. (a) | 536,200 | 31,287 | |
Anthera Pharmaceuticals, Inc. (a) | 157,300 | 1,285 | |
ARIAD Pharmaceuticals, Inc. (a) | 2,535,472 | 28,727 | |
ArQule, Inc. (a) | 1,251,236 | 7,820 | |
AVEO Pharmaceuticals, Inc. (a) | 240,900 | 4,965 | |
Biogen Idec, Inc. (a) | 1,333,200 | 142,546 | |
BioMarin Pharmaceutical, Inc. (a) | 131,900 | 3,589 | |
Celgene Corp. (a) | 2,900 | 175 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
HEALTH CARE - continued | |||
Biotechnology - continued | |||
Gilead Sciences, Inc. (a) | 3,878,200 | $ 160,596 | |
Human Genome Sciences, Inc. (a) | 505,400 | 12,403 | |
Incyte Corp. (a)(d) | 614,300 | 11,635 | |
Inhibitex, Inc. (a) | 252,900 | 991 | |
NPS Pharmaceuticals, Inc. (a) | 263,400 | 2,489 | |
ONYX Pharmaceuticals, Inc. (a) | 121,208 | 4,279 | |
RXi Pharmaceuticals Corp. warrants 2/4/15 (a) | 228,571 | 71 | |
Targacept, Inc. (a) | 1,215,200 | 25,604 | |
Theravance, Inc. (a) | 111,600 | 2,479 | |
Vertex Pharmaceuticals, Inc. (a) | 204,500 | 10,632 | |
| 520,653 | ||
Health Care Equipment & Supplies - 1.3% | |||
Boston Scientific Corp. (a) | 231,100 | 1,597 | |
C. R. Bard, Inc. | 95,599 | 10,503 | |
Covidien PLC | 160,600 | 8,549 | |
Cyberonics, Inc. (a) | 24,500 | 685 | |
DENTSPLY International, Inc. | 45,800 | 1,744 | |
Edwards Lifesciences Corp. (a) | 538,697 | 46,964 | |
Gen-Probe, Inc. (a) | 107,200 | 7,413 | |
Hill-Rom Holdings, Inc. | 1,371,919 | 63,163 | |
I-Pulse, Inc. (a) | 58,562 | 94 | |
ICU Medical, Inc. (a) | 122,800 | 5,366 | |
Intuitive Surgical, Inc. (a) | 23,900 | 8,893 | |
Neogen Corp. (a) | 11,880 | 537 | |
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares) | 8,892,000 | 12,821 | |
Sirona Dental Systems, Inc. (a) | 126,100 | 6,696 | |
St. Jude Medical, Inc. | 345,800 | 16,488 | |
Stryker Corp. | 28,000 | 1,643 | |
Varian Medical Systems, Inc. (a) | 296,700 | 20,775 | |
Volcano Corp. (a) | 160,933 | 5,197 | |
| 219,128 | ||
Health Care Providers & Services - 1.1% | |||
Aetna, Inc. | 156,000 | 6,878 | |
AmerisourceBergen Corp. | 126,700 | 5,245 | |
Cardinal Health, Inc. | 432,100 | 19,626 | |
Diagnosticos da America SA | 234,000 | 3,148 | |
Express Scripts, Inc. (a) | 176,600 | 9,533 | |
HealthSouth Corp. (a) | 68,800 | 1,806 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
HEALTH CARE - continued | |||
Health Care Providers & Services - continued | |||
HMS Holdings Corp. (a) | 141,700 | $ 10,892 | |
Humana, Inc. | 42,600 | 3,431 | |
Laboratory Corp. of America Holdings (a) | 36,900 | 3,572 | |
McKesson Corp. | 82,800 | 6,926 | |
Medco Health Solutions, Inc. (a) | 345,100 | 19,505 | |
MedQuist Holdings, Inc. (a) | 28,900 | 373 | |
Molina Healthcare, Inc. (a) | 93,937 | 2,548 | |
UnitedHealth Group, Inc. | 1,487,700 | 76,736 | |
Universal Health Services, Inc. Class B | 234,100 | 12,063 | |
Wellcare Health Plans, Inc. (a) | 51,400 | 2,642 | |
WellPoint, Inc. | 159,100 | 12,532 | |
| 197,456 | ||
Health Care Technology - 0.6% | |||
Cerner Corp. (a) | 1,106,546 | 67,621 | |
Quality Systems, Inc. (d) | 360,600 | 31,480 | |
| 99,101 | ||
Life Sciences Tools & Services - 1.6% | |||
Agilent Technologies, Inc. (a) | 1,230,100 | 62,870 | |
Fluidigm Corp. (f) | 112,607 | 1,700 | |
Illumina, Inc. (a) | 170,000 | 12,776 | |
Mettler-Toledo International, Inc. (a) | 715,300 | 120,650 | |
Sequenom, Inc. (a) | 25,369 | 192 | |
Thermo Fisher Scientific, Inc. (a) | 54,400 | 3,503 | |
Waters Corp. (a) | 866,700 | 82,978 | |
| 284,669 | ||
Pharmaceuticals - 2.7% | |||
Abbott Laboratories | 698,628 | 36,762 | |
Allergan, Inc. | 129,600 | 10,789 | |
AstraZeneca PLC (United Kingdom) | 466,703 | 23,326 | |
Bayer AG | 439,684 | 35,353 | |
Bristol-Myers Squibb Co. | 125,100 | 3,623 | |
Dr. Reddy's Laboratories Ltd. sponsored ADR | 7,900 | 271 | |
Forest Laboratories, Inc. (a) | 110,200 | 4,335 | |
Lupin Ltd. | 300,019 | 3,020 | |
MAP Pharmaceuticals, Inc. (a) | 599,800 | 9,579 | |
Mylan, Inc. (a) | 508,300 | 12,540 | |
Novo Nordisk A/S Series B | 835,720 | 104,713 | |
Perrigo Co. | 566,600 | 49,787 | |
Pfizer, Inc. | 1,191,319 | 24,541 | |
Piramal Healthcare Ltd. | 7,377 | 66 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
HEALTH CARE - continued | |||
Pharmaceuticals - continued | |||
Questcor Pharmaceuticals, Inc. (a) | 500,000 | $ 12,050 | |
Shire PLC | 1,480,000 | 46,273 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 377,400 | 18,198 | |
The Medicines Company (a) | 657,600 | 10,857 | |
Valeant Pharmaceuticals International, Inc. (Canada) | 1,035,206 | 53,832 | |
ViroPharma, Inc. (a) | 88,600 | 1,639 | |
Warner Chilcott PLC | 386,100 | 9,317 | |
Watson Pharmaceuticals, Inc. (a) | 178,100 | 12,241 | |
| 483,112 | ||
TOTAL HEALTH CARE | 1,804,119 | ||
INDUSTRIALS - 6.5% | |||
Aerospace & Defense - 0.2% | |||
AeroVironment, Inc. (a)(d) | 97,700 | 3,454 | |
Precision Castparts Corp. | 67,900 | 11,180 | |
TransDigm Group, Inc. (a) | 69,400 | 6,329 | |
United Technologies Corp. | 159,500 | 14,117 | |
| 35,080 | ||
Air Freight & Logistics - 0.6% | |||
C.H. Robinson Worldwide, Inc. | 1,204,472 | 94,961 | |
Expeditors International of Washington, Inc. | 259,600 | 13,289 | |
| 108,250 | ||
Commercial Services & Supplies - 0.6% | |||
Aggreko PLC | 153,200 | 4,743 | |
Edenred | 394,300 | 12,032 | |
KAR Auction Services, Inc. (a) | 245,500 | 4,642 | |
Stericycle, Inc. (a) | 676,515 | 60,291 | |
Swisher Hygiene, Inc. (f) | 1,395,310 | 7,856 | |
Waste Connections, Inc. | 476,600 | 15,123 | |
| 104,687 | ||
Electrical Equipment - 0.8% | |||
AMETEK, Inc. | 38,200 | 1,715 | |
Cooper Industries PLC Class A | 622,245 | 37,129 | |
II-VI, Inc. (a) | 66,600 | 1,705 | |
Polypore International, Inc. (a) | 469,363 | 31,842 | |
Rockwell Automation, Inc. | 208,700 | 18,107 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INDUSTRIALS - continued | |||
Electrical Equipment - continued | |||
Roper Industries, Inc. | 392,000 | $ 32,654 | |
Sensata Technologies Holding BV (a) | 408,000 | 15,361 | |
| 138,513 | ||
Industrial Conglomerates - 0.0% | |||
3M Co. | 92,300 | 8,755 | |
Hutchison Whampoa Ltd. | 135,000 | 1,457 | |
| 10,212 | ||
Machinery - 1.9% | |||
Caterpillar, Inc. | 215,200 | 22,910 | |
China Automation Group Ltd. | 6,215,000 | 4,353 | |
Cummins, Inc. | 261,100 | 27,021 | |
Danaher Corp. | 2,978,554 | 157,834 | |
Deere & Co. | 220,400 | 18,172 | |
Donaldson Co., Inc. | 8,100 | 492 | |
Dover Corp. | 403,000 | 27,323 | |
Gardner Denver, Inc. | 44,400 | 3,732 | |
Graco, Inc. | 109,300 | 5,537 | |
IDEX Corp. | 36,000 | 1,651 | |
Nordson Corp. | 608,600 | 33,382 | |
Pall Corp. | 425,900 | 23,948 | |
Rotork PLC | 55,900 | 1,513 | |
WABCO Holdings, Inc. (a) | 173,000 | 11,947 | |
| 339,815 | ||
Professional Services - 0.2% | |||
Experian PLC | 671,500 | 8,551 | |
IHS, Inc. Class A (a) | 212,895 | 17,760 | |
Michael Page International PLC | 199,200 | 1,710 | |
Nielsen Holdings B.V. (a) | 262,500 | 8,180 | |
| 36,201 | ||
Road & Rail - 1.8% | |||
Canadian National Railway Co. | 1,037,500 | 82,987 | |
CSX Corp. | 3,518,700 | 92,260 | |
Hertz Global Holdings, Inc. (a) | 212,100 | 3,368 | |
Localiza Rent A Car SA | 573,000 | 10,241 | |
Norfolk Southern Corp. | 133,000 | 9,966 | |
Union Pacific Corp. | 1,087,600 | 113,545 | |
Zipcar, Inc. (a)(d) | 68,300 | 1,394 | |
| 313,761 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
INDUSTRIALS - continued | |||
Trading Companies & Distributors - 0.4% | |||
Air Lease Corp.: | |||
Class A (a)(e) | 320,800 | $ 7,792 | |
Class A (d) | 416,800 | 10,124 | |
Mills Estruturas e Servicos de Engenharia SA | 252,000 | 3,632 | |
Noble Group Ltd. | 7,089,000 | 11,370 | |
W.W. Grainger, Inc. | 223,200 | 34,295 | |
| 67,213 | ||
Transportation Infrastructure - 0.0% | |||
Hutchison Port Holdings Trust | 14,600 | 12 | |
TOTAL INDUSTRIALS | 1,153,744 | ||
INFORMATION TECHNOLOGY - 29.5% | |||
Communications Equipment - 2.0% | |||
Acme Packet, Inc. (a) | 596,700 | 41,847 | |
Aruba Networks, Inc. (a) | 944,949 | 27,923 | |
Calix Networks, Inc. (a) | 415,034 | 8,641 | |
F5 Networks, Inc. (a) | 131,000 | 14,443 | |
HTC Corp. | 1,675,850 | 56,214 | |
Juniper Networks, Inc. (a) | 371,281 | 11,695 | |
Motorola Solutions, Inc. | 111,600 | 5,138 | |
Polycom, Inc. (a) | 591,300 | 38,021 | |
QUALCOMM, Inc. | 2,137,951 | 121,414 | |
Riverbed Technology, Inc. (a) | 828,000 | 32,781 | |
| 358,117 | ||
Computers & Peripherals - 7.7% | |||
Apple, Inc. (a) | 3,363,546 | 1,129,039 | |
Dell, Inc. (a) | 1,413,200 | 23,558 | |
EMC Corp. (a) | 4,533,500 | 124,898 | |
NetApp, Inc. (a) | 1,698,515 | 89,648 | |
| 1,367,143 | ||
Electronic Equipment & Components - 1.0% | |||
Amphenol Corp. Class A | 2,377,740 | 128,374 | |
Arrow Electronics, Inc. (a) | 238,900 | 9,914 | |
E Ink Holdings, Inc. GDR (a)(e) | 89,500 | 1,675 | |
IPG Photonics Corp. (a) | 291,786 | 21,216 | |
National Instruments Corp. | 286,600 | 8,509 | |
| 169,688 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Internet Software & Services - 5.8% | |||
Active Network, Inc. | 220,552 | $ 3,882 | |
AOL, Inc. (a) | 785,300 | 15,596 | |
Baidu.com, Inc. sponsored ADR (a) | 508,300 | 71,228 | |
Constant Contact, Inc. (a)(d) | 405,700 | 10,297 | |
Dice Holdings, Inc. (a) | 347,600 | 4,700 | |
eBay, Inc. (a) | 2,220,961 | 71,670 | |
Facebook, Inc. Class B (a)(f) | 763,842 | 19,096 | |
Google, Inc. Class A (a) | 1,388,905 | 703,314 | |
LogMeIn, Inc. (a)(d) | 221,200 | 8,532 | |
Mercadolibre, Inc. (d) | 367,700 | 29,173 | |
Open Text Corp. (a) | 35,500 | 2,276 | |
OpenTable, Inc. (a)(d) | 373,500 | 31,045 | |
Tencent Holdings Ltd. | 1,676,100 | 45,490 | |
WebMD Health Corp. (a) | 193,336 | 8,812 | |
| 1,025,111 | ||
IT Services - 2.5% | |||
Accenture PLC Class A | 2,436,700 | 147,225 | |
Alliance Data Systems Corp. (a) | 60,400 | 5,682 | |
Atos Origin SA | 29,623 | 1,674 | |
Broadridge Financial Solutions, Inc. | 49,109 | 1,182 | |
Cognizant Technology Solutions Corp. Class A (a) | 942,700 | 69,138 | |
Fidelity National Information Services, Inc. | 729,697 | 22,467 | |
Fiserv, Inc. (a) | 299,681 | 18,769 | |
International Business Machines Corp. | 128,500 | 22,044 | |
MasterCard, Inc. Class A | 72,000 | 21,696 | |
ServiceSource International, Inc. | 314,300 | 6,984 | |
Teradata Corp. (a) | 58,300 | 3,510 | |
Visa, Inc. Class A | 1,440,800 | 121,402 | |
| 441,773 | ||
Semiconductors & Semiconductor Equipment - 4.6% | |||
Altera Corp. | 3,990,600 | 184,964 | |
Analog Devices, Inc. | 1,307,900 | 51,191 | |
ARM Holdings PLC sponsored ADR (d) | 2,250,100 | 63,970 | |
ASML Holding NV | 847,000 | 31,305 | |
Atmel Corp. (a) | 2,708,300 | 38,106 | |
Avago Technologies Ltd. | 2,165,800 | 82,300 | |
Broadcom Corp. Class A | 745,700 | 25,085 | |
Cavium, Inc. (a)(d) | 659,500 | 28,748 | |
Cymer, Inc. (a) | 184,600 | 9,140 | |
GT Solar International, Inc. (a)(d) | 717,900 | 11,630 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Semiconductors & Semiconductor Equipment - continued | |||
Hittite Microwave Corp. (a) | 37,800 | $ 2,340 | |
Linear Technology Corp. | 1,074,200 | 35,470 | |
LSI Corp. (a) | 233,400 | 1,662 | |
Marvell Technology Group Ltd. (a) | 600,200 | 8,862 | |
Maxim Integrated Products, Inc. | 863,700 | 22,076 | |
Micrel, Inc. | 39,077 | 413 | |
Microchip Technology, Inc. (d) | 178,200 | 6,756 | |
Netlogic Microsystems, Inc. (a) | 237,087 | 9,583 | |
Novellus Systems, Inc. (a) | 172,900 | 6,249 | |
NVIDIA Corp. (a) | 1,244,800 | 19,836 | |
Omnivision Technologies, Inc. (a) | 394,000 | 13,715 | |
Samsung Electronics Co. Ltd. | 124,336 | 96,253 | |
Semtech Corp. (a) | 103,700 | 2,835 | |
Skyworks Solutions, Inc. (a) | 2,490,976 | 57,243 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 633,346 | 7,986 | |
TriQuint Semiconductor, Inc. (a) | 588,419 | 5,996 | |
| 823,714 | ||
Software - 5.9% | |||
ANSYS, Inc. (a) | 229,900 | 12,569 | |
BMC Software, Inc. (a) | 1,388,800 | 75,967 | |
BroadSoft, Inc. (a) | 45,900 | 1,750 | |
Check Point Software Technologies Ltd. (a) | 1,478,900 | 84,075 | |
Citrix Systems, Inc. (a) | 1,191,500 | 95,320 | |
CommVault Systems, Inc. (a) | 176,983 | 7,867 | |
Fortinet, Inc. (a) | 1,211,700 | 33,067 | |
Informatica Corp. (a) | 1,256,879 | 73,439 | |
Intuit, Inc. (a) | 1,277,600 | 66,256 | |
NetSuite, Inc. (a)(d) | 273,900 | 10,737 | |
Nuance Communications, Inc. (a) | 165,900 | 3,562 | |
Oracle Corp. | 7,887,350 | 259,573 | |
Pegasystems, Inc. | 38,203 | 1,778 | |
QLIK Technologies, Inc. | 218,400 | 7,439 | |
RealPage, Inc. | 208,303 | 5,514 | |
Red Hat, Inc. (a) | 369,900 | 16,978 | |
Rovi Corp. (a) | 885,700 | 50,804 | |
salesforce.com, Inc. (a) | 1,059,700 | 157,874 | |
SAP AG sponsored ADR (d) | 79,700 | 4,834 | |
Solera Holdings, Inc. | 460,100 | 27,220 | |
SuccessFactors, Inc. (a) | 48,200 | 1,417 | |
TIBCO Software, Inc. (a) | 879,100 | 25,511 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Software - continued | |||
Trion World Network, Inc. warrants 8/10/17 (a)(f) | 18,952 | $ 0 | |
VMware, Inc. Class A (a) | 251,000 | 25,158 | |
| 1,048,709 | ||
TOTAL INFORMATION TECHNOLOGY | 5,234,255 | ||
MATERIALS - 5.6% | |||
Chemicals - 0.4% | |||
Albemarle Corp. | 108,300 | 7,494 | |
Celanese Corp. Class A | 112,800 | 6,013 | |
Ecolab, Inc. | 183,800 | 10,363 | |
Huabao International Holdings Ltd. | 2,652,000 | 2,413 | |
PPG Industries, Inc. | 247,900 | 22,507 | |
Praxair, Inc. | 92,200 | 9,994 | |
Sherwin-Williams Co. | 20,500 | 1,719 | |
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR (d) | 29,300 | 1,896 | |
Valspar Corp. | 86,100 | 3,105 | |
W.R. Grace & Co. (a) | 37,100 | 1,693 | |
| 67,197 | ||
Containers & Packaging - 0.2% | |||
Ball Corp. | 181,800 | 6,992 | |
Crown Holdings, Inc. (a) | 181,400 | 7,042 | |
Lock & Lock Co. Ltd. | 27,270 | 1,108 | |
Rock-Tenn Co. Class A | 175,700 | 11,656 | |
Silgan Holdings, Inc. | 148,892 | 6,100 | |
| 32,898 | ||
Metals & Mining - 5.0% | |||
Allied Nevada Gold Corp. (Canada) (a) | 466,500 | 16,451 | |
AngloGold Ashanti Ltd. sponsored ADR | 1,068,600 | 44,977 | |
Aurizon Mines Ltd. (a) | 562,800 | 3,151 | |
Avion Gold Corp. (a) | 5,587,800 | 11,240 | |
B2Gold Corp. (a) | 6,142,000 | 20,762 | |
B2Gold Corp. (a)(e) | 660,000 | 2,231 | |
Canaco Resources, Inc. (a) | 391,300 | 1,351 | |
Canaco Resources, Inc. (e) | 1,013,500 | 3,500 | |
Centerra Gold, Inc. | 24,100 | 400 | |
Dalradian Resources, Inc. (a) | 883,300 | 1,383 | |
Eldorado Gold Corp. | 4,564,803 | 67,355 | |
Extorre Gold Mines Ltd. (a) | 1,525,400 | 19,629 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
MATERIALS - continued | |||
Metals & Mining - continued | |||
Extorre Gold Mines Ltd. (a)(e) | 128,900 | $ 1,659 | |
First Quantum Minerals Ltd. | 17,000 | 2,479 | |
Fortescue Metals Group Ltd. | 522,805 | 3,560 | |
Franco-Nevada Corp. | 2,032,900 | 75,886 | |
Franco-Nevada Corp. (e) | 126,300 | 4,715 | |
Franco-Nevada Corp. warrants 6/16/17 (a)(e) | 63,150 | 399 | |
Freeport-McMoRan Copper & Gold, Inc. | 844,300 | 44,663 | |
Goldcorp, Inc. | 2,852,601 | 137,986 | |
Intrepid Mines Ltd. (Australia) (a) | 548,909 | 836 | |
Ivanhoe Australia Ltd. (a) | 214,982 | 553 | |
Ivanhoe Mines Ltd. (a) | 4,967,555 | 125,528 | |
Kinross Gold Corp. warrants 9/17/14 (a) | 141,922 | 361 | |
Kirkland Lake Gold, Inc. (a) | 113,500 | 1,789 | |
Medusa Mining Ltd. | 2,789,770 | 19,717 | |
New Gold, Inc. (a) | 1,869,700 | 19,290 | |
Newcrest Mining Ltd. | 4,500,688 | 182,026 | |
Osisko Mining Corp. (a) | 930,000 | 14,455 | |
Perseus Mining Ltd. (Canada) (a) | 319,000 | 893 | |
Pilot Gold, Inc. (a) | 95,875 | 219 | |
Premier Gold Mines Ltd. (a) | 249,900 | 1,469 | |
Rainy River Resources Ltd. (a) | 985,800 | 9,557 | |
Randgold Resources Ltd. sponsored ADR | 145,222 | 12,206 | |
Romarco Minerals, Inc. (a) | 487,400 | 829 | |
Royal Gold, Inc. | 125,200 | 7,333 | |
Sabina Gold & Silver Corp. (a) | 151,900 | 929 | |
San Gold Corp. (a) | 1,017,900 | 3,441 | |
SEMAFO, Inc. (a) | 1,103,100 | 8,453 | |
Tahoe Resources, Inc. (e) | 1,170,900 | 21,854 | |
Tigray Resources, Inc. | 280,960 | 0 | |
Torex Gold Resources, Inc. (a)(d) | 1,000,000 | 1,804 | |
US Gold Corp. (a)(d) | 543,200 | 3,275 | |
| 900,594 | ||
TOTAL MATERIALS | 1,000,689 | ||
TELECOMMUNICATION SERVICES - 0.7% | |||
Diversified Telecommunication Services - 0.2% | |||
AboveNet, Inc. | 21,500 | 1,515 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
TELECOMMUNICATION SERVICES - continued | |||
Diversified Telecommunication Services - continued | |||
Telecomunicacoes de Sao Paulo SA sponsored ADR | 1,091,975 | $ 32,432 | |
tw telecom, inc. (a) | 86,700 | 1,780 | |
| 35,727 | ||
Wireless Telecommunication Services - 0.5% | |||
American Tower Corp. Class A (a) | 974,900 | 51,017 | |
Millicom International Cellular SA | 16,800 | 1,743 | |
Millicom International Cellular SA unit | 31,600 | 3,298 | |
SOFTBANK CORP. | 133,200 | 5,043 | |
TIM Participacoes SA sponsored ADR (non-vtg.) | 479,900 | 23,616 | |
| 84,717 | ||
TOTAL TELECOMMUNICATION SERVICES | 120,444 | ||
UTILITIES - 0.1% | |||
Gas Utilities - 0.1% | |||
ONEOK, Inc. | 174,200 | 12,893 | |
Multi-Utilities - 0.0% | |||
YTL Corp. Bhd | 18,974,550 | 9,740 | |
TOTAL UTILITIES | 22,633 | ||
TOTAL COMMON STOCKS (Cost $11,799,123) | 16,536,944 | ||
Preferred Stocks - 0.4% | |||
|
|
|
|
Convertible Preferred Stocks - 0.4% | |||
CONSUMER DISCRETIONARY - 0.2% | |||
Diversified Consumer Services - 0.1% | |||
Groupon, Inc. Series G (a)(f) | 539,680 | 17,048 | |
Media - 0.1% | |||
Zynga Game Network, Inc. (a)(f) | 1,265,654 | 17,756 | |
TOTAL CONSUMER DISCRETIONARY | 34,804 | ||
Preferred Stocks - continued | |||
Shares | Value (000s) | ||
Convertible Preferred Stocks - continued | |||
HEALTH CARE - 0.1% | |||
Biotechnology - 0.1% | |||
Light Sciences Oncology, Inc. (a)(f) | 463,700 | $ 3,881 | |
Light Sciences Oncology, Inc. Series B (a)(f) | 1,792,115 | 15,000 | |
| 18,881 | ||
Health Care Equipment & Supplies - 0.0% | |||
superDimension Ltd.: | |||
Series D, 6.00% (a)(f) | 91,600 | 1,963 | |
Series E, 6.00% (a)(f) | 6,622 | 142 | |
superDimension Ltd. warrants 6/16/20 (a)(f) | 1,656 | 0 | |
| 2,105 | ||
TOTAL HEALTH CARE | 20,986 | ||
INFORMATION TECHNOLOGY - 0.1% | |||
Internet Software & Services - 0.1% | |||
Digg, Inc. Series C, 8.00% (a)(f) | 64,821 | 316 | |
Ning, Inc. Series D 8.00% (a)(f) | 541,260 | 3,191 | |
| 3,507 | ||
Software - 0.0% | |||
Trion World Network, Inc.: | |||
Series C, 8.00% (a)(f) | 602,295 | 2,578 | |
Series C-1, 8.00% (a)(f) | 47,380 | 203 | |
| 2,781 | ||
TOTAL INFORMATION TECHNOLOGY | 6,288 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS | 62,078 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Volkswagen AG | 11,534 | 2,381 | |
TOTAL PREFERRED STOCKS (Cost $65,103) | 64,459 |
Nonconvertible Bonds - 0.0% | ||||
| Principal Amount (000s) | Value (000s) | ||
CONSUMER DISCRETIONARY - 0.0% | ||||
Specialty Retail - 0.0% | ||||
J. Crew Group, Inc. 8.125% 3/1/19 (e) (Cost $220) | $ 220 | $ 214 | ||
Notes - 0.0% | ||||
| ||||
HEALTH CARE - 0.0% | ||||
Biotechnology - 0.0% | ||||
Light Sciences Oncology, Inc. convertible note | ||||
15% 11/4/11 (f)(g) (Cost $3,210) | 3,210 | 3,210 |
Money Market Funds - 8.0% | |||
Shares |
| ||
Fidelity Cash Central Fund, 0.11% (b) | 1,264,755,740 | 1,264,756 | |
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c) | 157,447,600 | 157,448 | |
TOTAL MONEY MARKET FUNDS (Cost $1,422,204) | 1,422,204 | ||
TOTAL INVESTMENT PORTFOLIO - 101.6% (Cost $13,289,860) | 18,027,031 | ||
NET OTHER ASSETS (LIABILITIES) - (1.6)% | (278,505) | ||
NET ASSETS - 100% | $ 17,748,526 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $72,756,000 or 0.4% of net assets. |
(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $105,894,000 or 0.6% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
Digg, Inc. Series C, 8.00% | 9/23/08 | $ 683 |
Facebook, Inc. Class B | 3/31/11 - 5/19/11 | $ 19,102 |
Fluidigm Corp. | 10/9/07 - 1/6/11 | $ 1,991 |
Security | Acquisition Date | Acquisition Cost (000s) |
GoviEx Uranium, Inc. | 9/28/07 - 4/6/10 | $ 7,499 |
Groupon, Inc. | 12/17/10 | $ 17,048 |
Legend Pictures LLC | 9/23/10 | $ 4,150 |
Light Sciences Oncology, Inc. | 7/9/08 | $ 3,881 |
Light Sciences Oncology, Inc. convertible note 15% 11/4/11 | 5/4/10 - 6/6/11 | $ 3,210 |
Light Sciences Oncology, Inc. Series B | 4/4/07 | $ 15,000 |
Ning, Inc. Series D 8.00% | 3/19/08 | $ 3,870 |
superDimension Ltd. Series D, 6.00% | 2/27/08 - 5/22/08 | $ 1,963 |
superDimension Ltd. Series E, 6.00% | 6/15/10 | $ 142 |
superDimension Ltd. warrants | 6/15/10 - 6/16/20 | $ 0 |
Swisher Hygiene, Inc. | 3/22/11 | $ 6,977 |
The Weinstein Co. III Holdings, LLC Class A-1 | 10/19/05 | $ 2,267 |
Trion World Network, Inc. warrants 8/10/17 | 8/10/10 | $ 0 |
Trion World Network, Inc. Series C, 8.00% | 8/22/08 | $ 3,307 |
Trion World Network, Inc. Series C-1, 8.00% | 8/10/10 | $ 260 |
Zynga Game Network, Inc. | 2/18/11 | $ 17,756 |
(g) Includes a facility warrant |
(h) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes which is owned by the Fund. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 884 |
Fidelity Securities Lending Cash Central Fund | 779 |
Total | $ 1,663 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, |
Sable Mining Africa Ltd. | $ 26,460 | $ - | $ 10,029 | $ - | $ - |
Total | $ 26,460 | $ - | $ 10,029 | $ - | $ - |
Other Information |
The following is a summary of the inputs used, as of June 30, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 3,291,385 | $ 3,246,325 | $ 4,694 | $ 40,366 |
Consumer Staples | 1,028,964 | 1,024,244 | 4,720 | - |
Energy | 1,402,063 | 1,395,109 | - | 6,954 |
Financials | 1,515,833 | 1,504,102 | 11,542 | 189 |
Health Care | 1,825,105 | 1,627,942 | 176,083 | 21,080 |
Industrials | 1,153,744 | 1,153,744 | - | - |
Information Technology | 5,240,543 | 5,215,159 | - | 25,384 |
Materials | 1,000,689 | 1,000,689 | - | - |
Telecommunication Services | 120,444 | 115,401 | 5,043 | - |
Utilities | 22,633 | 22,633 | - | - |
Corporate Bonds | 214 | - | 214 | - |
Notes | 3,210 | - | - | 3,210 |
Money Market Funds | 1,422,204 | 1,422,204 | - | - |
Total Investments in Securities: | $ 18,027,031 | $ 17,727,552 | $ 202,296 | $ 97,183 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
(Amounts in thousands) |
|
Investments in Securities: | |
Beginning Balance | $ 39,538 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | 9,651 |
Cost of Purchases | 37,950 |
Proceeds of Sales | (1,177) |
Amortization/Accretion | - |
Transfers in to Level 3 | 17,797 |
Transfers out of Level 3 | (6,576) |
Ending Balance | $ 97,183 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2011 | $ 9,651 |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited) |
United States of America | 81.5% |
Canada | 5.7% |
United Kingdom | 1.6% |
Brazil | 1.2% |
Australia | 1.1% |
Ireland | 1.1% |
Netherlands Antilles | 1.0% |
Others (Individually Less Than 1%) | 6.8% |
| 100.0% |
Income Tax Information |
At December 31, 2010, the Fund had a capital loss carryforward of approximately $1,673,348,000 of which $3,073,000, $6,900,000, $726,035,000, $824,136,000 and $113,204,000 will expire in fiscal 2014, 2015, 2016, 2017 and 2018, respectively. |
A capital loss carryforward of approximately $9,973,000 was acquired from the Fidelity Advisor Fifty Fund, of which $3,073,000 and $6,900,000 will expire in fiscal 2014 and 2015, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. |
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 amounts) | June 30, 2011 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $154,688) - See accompanying schedule: Unaffiliated issuers (cost $11,867,656) | $ 16,604,827 |
|
Fidelity Central Funds (cost $1,422,204) | 1,422,204 |
|
Total Investments (cost $13,289,860) |
| $ 18,027,031 |
Cash | 195 | |
Foreign currency held at value (cost $757) | 761 | |
Receivable for investments sold | 33,985 | |
Receivable for fund shares sold | 38,324 | |
Dividends receivable | 10,906 | |
Interest receivable | 351 | |
Distributions receivable from Fidelity Central Funds | 195 | |
Other receivables | 426 | |
Total assets | 18,112,174 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 168,189 | |
Payable for fund shares redeemed | 23,034 | |
Accrued management fee | 7,175 | |
Distribution and service plan fees payable | 4,169 | |
Other affiliated payables | 3,172 | |
Other payables and accrued expenses | 461 | |
Collateral on securities loaned, at value | 157,448 | |
Total liabilities | 363,648 | |
|
|
|
Net Assets | $ 17,748,526 | |
Net Assets consist of: |
| |
Paid in capital | $ 14,693,608 | |
Accumulated net investment loss | (26,173) | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (1,656,113) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 4,737,204 | |
Net Assets | $ 17,748,526 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | June 30, 2011 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price | $ 20.73 | |
|
|
|
Maximum offering price per share (100/94.25 of $20.73) | $ 21.99 | |
Class T: | $ 20.48 | |
|
|
|
Maximum offering price per share (100/96.50 of $20.48) | $ 21.22 | |
Class B: | $ 19.64 | |
|
|
|
Class C: | $ 19.73 | |
|
|
|
|
|
|
Institutional Class: | $ 20.95 |
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
Financial Statements - continued
Statement of Operations
Amounts in thousands | Six months ended June 30, 2011 (Unaudited) | |
|
|
|
Investment Income |
|
|
Dividends |
| $ 65,665 |
Interest |
| 192 |
Income from Fidelity Central Funds |
| 1,663 |
Total income |
| 67,520 |
|
|
|
Expenses | ||
Management fee | $ 47,660 | |
Performance adjustment | 1,225 | |
Transfer agent fees | 17,979 | |
Distribution and service plan fees | 25,376 | |
Accounting and security lending fees | 809 | |
Custodian fees and expenses | 408 | |
Independent trustees' compensation | 43 | |
Registration fees | 471 | |
Audit | 24 | |
Legal | 23 | |
Miscellaneous | 86 | |
Total expenses before reductions | 94,104 | |
Expense reductions | (519) | 93,585 |
Net investment income (loss) | (26,065) | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 183,999 | |
Other affiliated issuers | (2,036) |
|
Foreign currency transactions | (897) | |
Total net realized gain (loss) |
| 181,066 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 497,736 | |
Assets and liabilities in foreign currencies | (54) | |
Total change in net unrealized appreciation (depreciation) |
| 497,682 |
Net gain (loss) | 678,748 | |
Net increase (decrease) in net assets resulting from operations | $ 652,683 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands | Six months ended June 30, 2011 (Unaudited) | Year ended December 31, 2010 |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ (26,065) | $ (46,327) |
Net realized gain (loss) | 181,066 | 30,271 |
Change in net unrealized appreciation (depreciation) | 497,682 | 2,071,680 |
Net increase (decrease) in net assets resulting | 652,683 | 2,055,624 |
Distributions to shareholders from net realized gain | (24,043) | (40,949) |
Share transactions - net increase (decrease) | 1,314,482 | 1,543,873 |
Total increase (decrease) in net assets | 1,943,122 | 3,558,548 |
|
|
|
Net Assets | ||
Beginning of period | 15,805,404 | 12,246,856 |
End of period (including accumulated net investment loss of $26,173 and accumulated net investment loss of $108, respectively) | $ 17,748,526 | $ 15,805,404 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 19.96 | $ 17.24 | $ 13.36 | $ 21.65 | $ 18.37 | $ 16.65 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.03) | (.05) | - J | .05 | .08 | .06 |
Net realized and unrealized gain (loss) | .84 | 2.81 | 3.89 | (8.22) | 3.65 | 1.78 |
Total from investment operations | .81 | 2.76 | 3.89 | (8.17) | 3.73 | 1.84 |
Distributions from net investment income | - | - | - | - J | (.06) | (.03) |
Distributions from net realized gain | (.04) | (.04) | (.01) | (.12) | (.39) | (.08) |
Total distributions | (.04) | (.04) | (.01) | (.12) | (.45) | (.12) K |
Net asset value, end of period | $ 20.73 | $ 19.96 | $ 17.24 | $ 13.36 | $ 21.65 | $ 18.37 |
Total Return B, C, D | 4.03% | 16.07% | 29.12% | (37.92)% | 20.26% | 11.06% |
Ratios to Average Net AssetsF, H |
|
|
|
|
| |
Expenses before reductions | 1.06% A | 1.14% | 1.19% | 1.10% | 1.09% | 1.12% |
Expenses net of fee waivers, if any | 1.06% A | 1.14% | 1.19% | 1.10% | 1.09% | 1.12% |
Expenses net of all reductions | 1.05% A | 1.13% | 1.18% | 1.10% | 1.08% | 1.11% |
Net investment income (loss) | (.26)% A | (.28)% | -% L | .26% | .42% | .37% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 6,211 | $ 5,603 | $ 4,265 | $ 2,614 | $ 2,630 | $ 1,823 |
Portfolio turnover rate G | 57% A | 47% I | 58% | 74% | 57% | 79% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I The portfolio turnover rate does not include the assets acquired in the merger.
J Amount represents less than $.01 per share.
K Total distributions of $.12 per share is comprised of distributions from net investment income of $.034 and distributions from net realized gain of $.083 per share.
L Amount represents less than .01%.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 19.74 | $ 17.08 | $ 13.26 | $ 21.56 | $ 18.29 | $ 16.57 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.05) | (.09) | (.04) | - J | .04 | .03 |
Net realized and unrealized gain (loss) | .83 | 2.78 | 3.86 | (8.18) | 3.62 | 1.77 |
Total from investment operations | .78 | 2.69 | 3.82 | (8.18) | 3.66 | 1.80 |
Distributions from net realized gain | (.04) | (.03) | - | (.12) | (.39) | (.08) |
Net asset value, end of period | $ 20.48 | $ 19.74 | $ 17.08 | $ 13.26 | $ 21.56 | $ 18.29 |
Total Return B, C, D | 3.92% | 15.81% | 28.81% | (38.13)% | 20.00% | 10.90% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.30% A | 1.38% | 1.45% | 1.34% | 1.31% | 1.32% |
Expenses net of fee waivers, if any | 1.30% A | 1.38% | 1.45% | 1.34% | 1.31% | 1.32% |
Expenses net of all reductions | 1.30% A | 1.38% | 1.44% | 1.34% | 1.31% | 1.31% |
Net investment income (loss) | (.51)% A | (.52)% | (.25)% | .02% | .19% | .17% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 1,825 | $ 1,756 | $ 1,557 | $ 1,254 | $ 2,185 | $ 2,165 |
Portfolio turnover rate G | 57% A | 47% I | 58% | 74% | 57% | 79% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I The portfolio turnover rate does not include the assets acquired in the merger.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 18.95 | $ 16.49 | $ 12.88 | $ 21.04 | $ 17.97 | $ 16.35 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.10) | (.19) | (.11) | (.10) | (.08) | (.07) |
Net realized and unrealized gain (loss) | .79 | 2.68 | 3.72 | (7.94) | 3.54 | 1.74 |
Total from investment operations | .69 | 2.49 | 3.61 | (8.04) | 3.46 | 1.67 |
Distributions from net realized gain | - | (.03) | - | (.12) | (.39) | (.05) |
Net asset value, end of period | $ 19.64 | $ 18.95 | $ 16.49 | $ 12.88 | $ 21.04 | $ 17.97 |
Total Return B, C, D | 3.64% | 15.14% | 28.03% | (38.41)% | 19.24% | 10.23% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.87% A | 1.96% | 2.01% | 1.91% | 1.89% | 1.93% |
Expenses net of fee waivers, if any | 1.87% A | 1.96% | 2.00% | 1.91% | 1.89% | 1.93% |
Expenses net of all reductions | 1.86% A | 1.95% | 1.99% | 1.91% | 1.89% | 1.92% |
Net investment income (loss) | (1.07)% A | (1.10)% | (.81)% | (.55)% | (.39)% | (.44)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 375 | $ 410 | $ 401 | $ 313 | $ 489 | $ 452 |
Portfolio turnover rate G | 57% A | 47% I | 58% | 74% | 57% | 79% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 19.03 | $ 16.55 | $ 12.92 | $ 21.10 | $ 18.00 | $ 16.37 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.10) | (.17) | (.11) | (.09) | (.06) | (.06) |
Net realized and unrealized gain (loss) | .80 | 2.68 | 3.74 | (7.97) | 3.55 | 1.74 |
Total from investment operations | .70 | 2.51 | 3.63 | (8.06) | 3.49 | 1.68 |
Distributions from net realized gain | - | (.03) | - | (.12) | (.39) | (.05) |
Net asset value, end of period | $ 19.73 | $ 19.03 | $ 16.55 | $ 12.92 | $ 21.10 | $ 18.00 |
Total Return B, C, D | 3.68% | 15.21% | 28.10% | (38.39)% | 19.37% | 10.28% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.80% A | 1.88% | 1.95% | 1.85% | 1.82% | 1.85% |
Expenses net of fee waivers, if any | 1.80% A | 1.88% | 1.95% | 1.85% | 1.82% | 1.85% |
Expenses net of all reductions | 1.80% A | 1.88% | 1.94% | 1.85% | 1.82% | 1.83% |
Net investment income (loss) | (1.01)% A | (1.02)% | (.76)% | (.49)% | (.32)% | (.35)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 2,308 | $ 2,138 | $ 1,799 | $ 1,355 | $ 1,879 | $ 1,596 |
Portfolio turnover rate G | 57% A | 47% I | 58% | 74% | 57% | 79% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 20.14 | $ 17.39 | $ 13.49 | $ 21.84 | $ 18.52 | $ 16.78 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | - J | (.01) | .03 | .09 | .14 | .12 |
Net realized and unrealized gain (loss) | .85 | 2.85 | 3.93 | (8.30) | 3.67 | 1.79 |
Total from investment operations | .85 | 2.84 | 3.96 | (8.21) | 3.81 | 1.91 |
Distributions from net investment income | - | - | (.02) | (.02) | (.10) | (.09) |
Distributions from net realized gain | (.04) | (.09) | (.04) | (.12) | (.39) | (.08) |
Total distributions | (.04) | (.09) | (.06) | (.14) | (.49) | (.17) K |
Net asset value, end of period | $ 20.95 | $ 20.14 | $ 17.39 | $ 13.49 | $ 21.84 | $ 18.52 |
Total Return B, C | 4.19% | 16.34% | 29.37% | (37.76)% | 20.57% | 11.40% |
Ratios to Average Net Assets E, H |
|
|
|
|
| |
Expenses before reductions | .79% A | .89% | .96% | .86% | .81% | .83% |
Expenses net of fee waivers, if any | .79% A | .89% | .96% | .86% | .81% | .83% |
Expenses net of all reductions | .79% A | .89% | .95% | .85% | .81% | .82% |
Net investment income (loss) | -% A, G | (.04)% | .24% | .50% | .69% | .66% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 7,030 | $ 5,898 | $ 4,225 | $ 2,793 | $ 2,309 | $ 1,540 |
Portfolio turnover rate F | 57% A | 47% I | 58% | 74% | 57% | 79% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Amount represents less than .01%.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I The portfolio turnover rate does not include the assets acquired in the merger.
J Amount represents less than $.01 per share.
K Total distributions of $.17 per share is comprised of distributions from net investment income of $.086 and distributions from net realized gain of $.083 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2011 (Unaudited)
(Amounts in thousands except ratios)
1. Organization.
Fidelity Advisor New Insights Fund (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. 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 C and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments, by existing shareholders. 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 may also differ by class.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the
Semiannual Report
3. Significant Accounting Policies - continued
date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of June 30, 2011, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Security Valuation - continued
Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. For restricted debt and private placements were observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds,including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified
Semiannual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. 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. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and 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 GAAP.
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, deferred trustee compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 4,757,133 |
Gross unrealized depreciation | (157,818) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 4,599,315 |
|
|
Tax cost | $ 13,427,716 |
Under the recently enacted Regulated Investment Company Modernization Act of 2010 (the Act), the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The Fund's first fiscal year end subject to the Act will be December 31, 2011.
New Accounting Pronouncement. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) -Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update changes the wording used to describe the requirements in GAAP for measuring fair value and for disclosing information about fair value measurements. The update is effective during interim and annual periods beginning after December 15, 2011. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
4. Operating Policies.
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
4. Operating Policies - continued
Loans and Other Direct Debt Instruments. The Fund may invest in loans and loan participations, trade claims or other receivables. These investments may include standby financing commitments, including revolving credit facilities, that obligate the Fund to supply additional cash to the borrower on demand. Loan participations involve a risk of insolvency of the lending bank or other financial intermediary. The Fund may be contractually obligated to receive approval from the agent bank and/or borrower prior to the sale of these investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $6,069,989 and $4,623,162, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Institutional Class of the Fund as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .57% of the Fund's average net assets.
Distribution and Service Plan Fees. 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, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total Fees | Retained |
Class A | -% | .25% | $ 7,532 | $ 322 |
Class T | .25% | .25% | 4,544 | 37 |
Class B | .75% | .25% | 1,983 | 1,493 |
Class C | .75% | .25% | 11,317 | 2,365 |
|
|
| $ 25,376 | $ 4,217 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
6. Fees and Other Transactions with Affiliates - continued
Sales Load. FDC may receive 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. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 871 |
Class T | 131 |
Class B* | 308 |
Class C* | 81 |
| $ 1,391 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 6,501 | .22 |
Class T | 1,910 | .21 |
Class B | 540 | .27 |
Class C | 2,402 | .21 |
Institutional Class | 6,626 | .20 |
| $ 17,979 |
|
* 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.
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $90 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $27 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. The lending agent may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $779, including $5 from securities loaned to FCM.
9. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $514 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 custody expenses by $5.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net realized gain |
|
|
Class A | $ 10,098 | $ 11,131 |
Class T | 3,142 | 3,007 |
Class B | - | 728 |
Class C | - | 3,267 |
Institutional Class | 10,803 | 22,816 |
Total | $ 24,043 | $ 40,949 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class A |
|
|
|
|
Shares sold | 54,011 | 91,786 | $ 1,110,109 | $ 1,651,137 |
Issued in exchange for shares of Fidelity Advisor Fifty Fund | - | 1,092 | - | 21,706 |
Reinvestment of distributions | 439 | 602 | 9,175 | 10,377 |
Shares redeemed | (35,680) | (60,094) | (732,188) | (1,062,739) |
Net increase (decrease) | 18,770 | 33,386 | $ 387,096 | $ 620,481 |
Class T |
|
|
|
|
Shares sold | 11,596 | 19,041 | $ 235,625 | $ 337,853 |
Issued in exchange for shares of Fidelity Advisor Fifty Fund | - | 768 | - | 15,102 |
Reinvestment of distributions | 139 | 171 | 2,869 | 2,799 |
Shares redeemed | (11,628) | (22,149) | (236,443) | (388,951) |
Net increase (decrease) | 107 | (2,169) | $ 2,051 | $ (33,197) |
Class B |
|
|
|
|
Shares sold | 289 | 2,821 | $ 5,632 | $ 47,070 |
Issued in exchange for shares of Fidelity Advisor Fifty Fund | - | 262 | - | 4,955 |
Reinvestment of distributions | - | 40 | - | 619 |
Shares redeemed | (2,846) | (5,808) | (55,469) | (98,796) |
Net increase (decrease) | (2,557) | (2,685) | $ (49,837) | $ (46,152) |
Semiannual Report
11. Share Transactions - continued
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class C |
|
|
|
|
Shares sold | 14,267 | 22,710 | $ 279,466 | $ 390,515 |
Issued in exchange for shares of Fidelity Advisor Fifty Fund | - | 510 | - | 9,679 |
Reinvestment of distributions | - | 162 | - | 2,521 |
Shares redeemed | (9,669) | (19,704) | (189,018) | (333,891) |
Net increase (decrease) | 4,598 | 3,678 | $ 90,448 | $ 68,824 |
Institutional Class |
|
|
|
|
Shares sold | 71,735 | 144,821 | $ 1,487,015 | $ 2,621,843 |
Issued in exchange for shares of Fidelity Advisor Fifty Fund | - | 124 | - | 2,491 |
Reinvestment of distributions | 404 | 957 | 8,538 | 17,962 |
Shares redeemed | (29,480) | (95,998) | (610,829) | (1,708,379) |
Net increase (decrease) | 42,659 | 49,904 | $ 884,724 | $ 933,917 |
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
13. Merger Information.
On December 17, 2010 the Fund acquired all of the assets and assumed all of the liabilities of the Fidelity Advisor Fifty Fund ("Target Fund") pursuant to an agreement and plan of reorganization approved by the Board of Trustees ("The Board") on July 14, 2010. The reorganization provides shareholders of the Target Fund access to a larger portfolio with the same investment objective and lower expenses. The acquisition was accomplished by an exchange of 1,092 Class A shares, 768 Class T shares, 262 Class B shares, 510 Class C shares, and 124 Institutional Class shares of the Fund, respectively, for 2,357 Class A shares, 1,682 Class T shares, 576 Class B shares, 1,133 Class C shares, and 262 Institutional Class shares then outstanding (valued at $9.21, $8.98, $8.61, $8.55 and $9.50 per share for Class A, Class T, Class B, Class C, and Institutional Class, respectively) of
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
13. Merger Information - continued
the Target Fund. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders. The Target Fund's net assets, including securities of $53,669, unrealized appreciation of $7,533 and net other assets of $265, were combined with the Fund's net assets of $15,520,226 for total net assets after the acquisition of $15,574,160.
Pro forma results of operations of the combined entity for the entire year ended December 31, 2010, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:
Net investment income (loss) | $ (46,458) |
Total net realized gain (loss) | 36,573 |
Total change in net unrealized appreciation (depreciation) | 2,073,492 |
Net increase (decrease) in net assets resulting from operations | $ 2,063,607 |
Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that have been included in the Fund's accompanying Statement of Operations since December 17, 2010.
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
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Brown Brothers Harriman & Co.
Boston, MA
ANIFI-USAN-0811
1.803544.107
Fidelity®
Contrafund®
Semiannual Report
June 30, 2011
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | The Chairman's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. | |
Report of Independent Registered Public Accounting Firm |
|
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(photo_of_James_C_Curvey)
Dear Shareholder:
Despite bouts of short-term volatility, U.S. equities gained ground in the first half of 2011, buoyed by solid corporate earnings and modest improvement in employment. A strong start had the market up more than 100% off its March 2009 low, but investors were unnerved by this past March's natural disaster in Japan, while weaker economic data and new concern about Greek debt hurt performance during May and June. The longer-term outlook remains clouded by the impact of inflationary pressure and persistently high unemployment. Financial markets are always unpredictable, of course, but there are several time-tested investment principles that can help put the odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
(The acting chairman's signature appears here.)
James C. Curvey
Acting Chairman
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 to June 30, 2011).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Semiannual Report
| Annualized | Beginning | Ending | Expenses Paid |
Contrafund | .79% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,043.80 | $ 4.00 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.88 | $ 3.96 |
Class K | .67% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,044.40 | $ 3.40 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.47 | $ 3.36 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Top Ten Stocks as of June 30, 2011 | ||
| % of fund's | % of fund's net assets |
Apple, Inc. | 6.9 | 7.1 |
Google, Inc. Class A | 4.0 | 5.1 |
Berkshire Hathaway, Inc. Class A | 3.0 | 3.3 |
McDonald's Corp. | 2.4 | 2.4 |
The Coca-Cola Co. | 2.2 | 2.1 |
The Walt Disney Co. | 2.0 | 2.1 |
Noble Energy, Inc. | 1.8 | 1.5 |
Wells Fargo & Co. | 1.8 | 2.3 |
Amazon.com, Inc. | 1.6 | 1.4 |
Oracle Corp. | 1.5 | 1.3 |
| 27.2 | |
Top Five Market Sectors as of June 30, 2011 | ||
| % of fund's | % of fund's net assets |
Information Technology | 30.5 | 32.7 |
Consumer Discretionary | 18.8 | 18.3 |
Health Care | 9.8 | 8.2 |
Financials | 9.4 | 10.5 |
Energy | 7.8 | 5.7 |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2011 * | As of December 31, 2010 ** | ||||||
![]() | Stocks 95.3% |
| ![]() | Stocks 95.8% |
| ||
![]() | Convertible |
| ![]() | Convertible |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
| ||
* Foreign investments | 18.8% |
| ** Foreign investments | 22.4% |
|
Semiannual Report
Investments June 30, 2011
Showing Percentage of Net Assets
Common Stocks - 95.3% | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - 18.6% | |||
Auto Components - 0.3% | |||
Autoliv, Inc. | 1,109,700 | $ 87,056 | |
Gentex Corp. | 3,064,308 | 92,634 | |
Lear Corp. | 255,800 | 13,680 | |
| 193,370 | ||
Automobiles - 0.5% | |||
Ford Motor Co. (a) | 4,804,000 | 66,247 | |
Honda Motor Co. Ltd. sponsored ADR | 210,000 | 8,108 | |
Hyundai Motor Co. | 835,181 | 185,509 | |
Tesla Motors, Inc. (a)(d) | 3,583,141 | 104,377 | |
| 364,241 | ||
Diversified Consumer Services - 0.2% | |||
Anhanguera Educacional Participacoes SA | 2,109,809 | 44,896 | |
Kroton Educacional SA unit (a) | 2,317,300 | 30,059 | |
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | 372,238 | 41,586 | |
Weight Watchers International, Inc. | 578,060 | 43,626 | |
| 160,167 | ||
Hotels, Restaurants & Leisure - 5.6% | |||
Ajisen (China) Holdings Ltd. | 24,987,000 | 51,761 | |
Arcos Dorados Holdings, Inc. | 3,311,300 | 69,835 | |
Buffalo Wild Wings, Inc. (a) | 605,267 | 40,135 | |
Chipotle Mexican Grill, Inc. (a)(e) | 2,971,480 | 915,780 | |
Galaxy Entertainment Group Ltd. (a) | 33,581,000 | 71,807 | |
InterContinental Hotel Group PLC | 1,200,881 | 24,582 | |
Las Vegas Sands Corp. (a) | 2,890,700 | 122,016 | |
Little Sheep Group Ltd. | 31,302,000 | 25,060 | |
McDonald's Corp. | 22,789,870 | 1,921,642 | |
Red Robin Gourmet Burgers, Inc. (a) | 356,000 | 12,951 | |
Sands China Ltd. (a) | 805,200 | 2,173 | |
Starbucks Corp. | 10,840,354 | 428,086 | |
Tim Hortons, Inc. (Canada) | 12,168,732 | 594,178 | |
Wynn Resorts Ltd. | 700,500 | 100,550 | |
Yum! Brands, Inc. | 145,000 | 8,010 | |
| 4,388,566 | ||
Household Durables - 0.2% | |||
SodaStream International Ltd. | 569,889 | 34,655 | |
Tempur-Pedic International, Inc. (a) | 2,080,052 | 141,069 | |
| 175,724 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - continued | |||
Internet & Catalog Retail - 2.6% | |||
Amazon.com, Inc. (a) | 6,221,408 | $ 1,272,216 | |
ASOS PLC (a)(d) | 1,225,638 | 47,209 | |
Netflix, Inc. (a) | 423,400 | 111,223 | |
Ocado Group PLC (a) | 19,785,281 | 57,886 | |
Priceline.com, Inc. (a) | 1,139,000 | 583,088 | |
| 2,071,622 | ||
Media - 3.7% | |||
DIRECTV (a) | 5,995,733 | 304,703 | |
Discovery Communications, Inc. (a)(e) | 14,175,005 | 580,608 | |
DreamWorks Animation SKG, Inc. Class A (a) | 474,000 | 9,527 | |
Legend Pictures LLC (h)(i) | 27,800 | 20,850 | |
Liberty Media Corp. Capital Series A (a) | 758,338 | 65,027 | |
Naspers Ltd. Class N | 1,066,100 | 60,220 | |
Pandora Media, Inc. | 193,100 | 3,652 | |
Scripps Networks Interactive, Inc. Class A | 4,620,152 | 225,833 | |
The Walt Disney Co. | 39,865,119 | 1,556,334 | |
The Weinstein Co. Holdings, LLC Class A-1 (a)(h)(i) | 41,234 | 15,463 | |
Virgin Media, Inc. | 1,091,200 | 32,660 | |
| 2,874,877 | ||
Multiline Retail - 1.0% | |||
Dollar Tree, Inc. (a)(e) | 9,198,800 | 612,824 | |
Dollarama, Inc. | 1,471,150 | 49,837 | |
Dollarama, Inc. (f) | 1,194,200 | 40,455 | |
Macy's, Inc. | 1,828,900 | 53,477 | |
Maoye International Holdings Ltd. | 35,569,000 | 17,735 | |
Marisa Lojas SA | 985,800 | 15,029 | |
Springland International Holdings Ltd. | 372,000 | 309 | |
| 789,666 | ||
Specialty Retail - 2.6% | |||
AutoZone, Inc. (a) | 255,110 | 75,219 | |
Bed Bath & Beyond, Inc. (a) | 4,733,603 | 276,300 | |
DSW, Inc. Class A (a) | 360,633 | 18,252 | |
Express, Inc. | 221,166 | 4,821 | |
Foschini Ltd. | 1,210,000 | 15,785 | |
L'Occitane Ltd. (a) | 1,002,500 | 2,680 | |
Limited Brands, Inc. | 2,239,900 | 86,124 | |
Luk Fook Holdings International Ltd. | 824,000 | 3,997 | |
O'Reilly Automotive, Inc. (a) | 1,179,200 | 77,249 | |
Penske Automotive Group, Inc. | 375,000 | 8,528 | |
Ross Stores, Inc. | 4,384,394 | 351,278 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - continued | |||
Specialty Retail - continued | |||
Sally Beauty Holdings, Inc. (a) | 1,454,409 | $ 24,870 | |
Tiffany & Co., Inc. | 310,700 | 24,396 | |
TJX Companies, Inc. | 18,689,262 | 981,747 | |
Tractor Supply Co. | 106,700 | 7,136 | |
Ulta Salon, Cosmetics & Fragrance, Inc. (a) | 809,560 | 52,281 | |
Vitamin Shoppe, Inc. (a) | 881,572 | 40,341 | |
| 2,051,004 | ||
Textiles, Apparel & Luxury Goods - 1.9% | |||
Burberry Group PLC | 8,213,914 | 191,146 | |
Coach, Inc. | 1,266,667 | 80,978 | |
Deckers Outdoor Corp. (a) | 403,872 | 35,597 | |
lululemon athletica, Inc. (a) | 122,200 | 13,664 | |
NIKE, Inc. Class B | 11,301,800 | 1,016,936 | |
Polo Ralph Lauren Corp. Class A | 339,436 | 45,013 | |
Under Armour, Inc. Class A (sub. vtg.) (a)(d) | 734,600 | 56,792 | |
Vera Bradley, Inc. | 522,400 | 19,956 | |
VF Corp. | 289,900 | 31,472 | |
Wolverine World Wide, Inc. | 178,938 | 7,471 | |
| 1,499,025 | ||
TOTAL CONSUMER DISCRETIONARY | 14,568,262 | ||
CONSUMER STAPLES - 6.0% | |||
Beverages - 2.4% | |||
Anheuser-Busch InBev SA NV | 398,954 | 23,157 | |
Boston Beer Co., Inc. Class A (a) | 165,807 | 14,856 | |
Coca-Cola Icecek AS | 1,163,500 | 17,168 | |
Dr Pepper Snapple Group, Inc. | 1,509,600 | 63,298 | |
Hansen Natural Corp. (a) | 125,000 | 10,119 | |
The Coca-Cola Co. | 25,919,091 | 1,744,096 | |
| 1,872,694 | ||
Food & Staples Retailing - 0.6% | |||
Bim Birlesik Magazalar AS JSC | 916,000 | 29,770 | |
China Resources Enterprise Ltd. | 7,222,000 | 29,513 | |
Costco Wholesale Corp. | 3,485,423 | 283,156 | |
Droga Raia SA | 1,673,400 | 27,870 | |
Eurocash SA | 78,250 | 842 | |
Shoprite Holdings Ltd. | 1,040,200 | 15,660 | |
Wal-Mart de Mexico SA de CV Series V | 18,506,300 | 54,830 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER STAPLES - continued | |||
Food & Staples Retailing - continued | |||
Walgreen Co. | 377,400 | $ 16,024 | |
Whole Foods Market, Inc. | 460,400 | 29,212 | |
| 486,877 | ||
Food Products - 1.2% | |||
Danone | 220,000 | 16,416 | |
Diamond Foods, Inc. (d)(e) | 1,607,334 | 122,704 | |
General Mills, Inc. | 1,003,300 | 37,343 | |
Green Mountain Coffee Roasters, Inc. (a) | 2,762,500 | 246,581 | |
Kraft Foods, Inc. Class A | 238,700 | 8,409 | |
Mead Johnson Nutrition Co. Class A | 596,100 | 40,267 | |
Nestle SA | 1,221,913 | 75,943 | |
Orion Corp. | 3,103 | 1,326 | |
Shenguan Holdings Group Ltd. | 23,612,000 | 16,689 | |
Tingyi (Cayman Islands) Holding Corp. | 12,824,000 | 39,633 | |
TreeHouse Foods, Inc. (a)(e) | 3,408,796 | 186,154 | |
Want Want China Holdings Ltd. | 116,632,000 | 113,159 | |
| 904,624 | ||
Household Products - 1.1% | |||
Colgate-Palmolive Co. | 9,108,011 | 796,131 | |
Procter & Gamble Co. | 1,516,719 | 96,418 | |
| 892,549 | ||
Personal Products - 0.7% | |||
Estee Lauder Companies, Inc. Class A | 4,910,900 | 516,578 | |
Nu Skin Enterprises, Inc. Class A | 1,452,125 | 54,527 | |
| 571,105 | ||
TOTAL CONSUMER STAPLES | 4,727,849 | ||
ENERGY - 7.8% | |||
Energy Equipment & Services - 1.0% | |||
Dresser-Rand Group, Inc. (a) | 160,000 | 8,600 | |
Schlumberger Ltd. | 9,064,400 | 783,164 | |
Seadrill Ltd. | 660,900 | 23,266 | |
| 815,030 | ||
Oil, Gas & Consumable Fuels - 6.8% | |||
Anadarko Petroleum Corp. | 8,114,770 | 622,890 | |
Apache Corp. | 2,086,069 | 257,400 | |
Baytex Energy Corp. (d) | 132,800 | 7,260 | |
BG Group PLC | 3,440,867 | 78,085 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
ENERGY - continued | |||
Oil, Gas & Consumable Fuels - continued | |||
Birchcliff Energy Ltd. (a)(e) | 8,465,100 | $ 114,284 | |
Canadian Natural Resources Ltd. | 4,313,712 | 180,841 | |
Chesapeake Energy Corp. | 219,200 | 6,508 | |
Clean Energy Fuels Corp. (a)(d) | 678,208 | 8,918 | |
CNOOC Ltd. sponsored ADR (d) | 284,166 | 67,043 | |
Concho Resources, Inc. (a) | 4,949,259 | 454,589 | |
Continental Resources, Inc. (a) | 2,928,600 | 190,095 | |
El Paso Corp. | 378,200 | 7,640 | |
EnCana Corp. | 586,148 | 18,100 | |
EOG Resources, Inc. | 2,861,657 | 299,186 | |
Gran Tierra Energy, Inc. (a) | 2,100,400 | 13,830 | |
Ivanhoe Energy, Inc. (a)(f) | 4,102,500 | 7,785 | |
Kosmos Energy Ltd. | 1,886,660 | 32,035 | |
Noble Energy, Inc. (e) | 15,787,236 | 1,415,010 | |
Oasis Petroleum, Inc. (a) | 1,802,826 | 53,508 | |
Occidental Petroleum Corp. | 9,495,841 | 987,947 | |
OGX Petroleo e Gas Participacoes SA (a) | 1,972,300 | 18,433 | |
QEP Resources, Inc. | 992,200 | 41,504 | |
Range Resources Corp. | 441,400 | 24,498 | |
Southwestern Energy Co. (a) | 1,438,959 | 61,703 | |
Tourmaline Oil Corp. (a) | 4,453,900 | 147,971 | |
Tourmaline Oil Corp. (a)(f) | 1,363,300 | 45,293 | |
TransAtlantic Petroleum Ltd. (a)(f) | 4,894,651 | 8,070 | |
Tullow Oil PLC | 1,812,900 | 36,078 | |
Ultrapar Participacoes SA | 2,500,000 | 44,280 | |
Whiting Petroleum Corp. (a) | 981,528 | 55,859 | |
Williams Companies, Inc. | 829,600 | 25,095 | |
World Fuel Services Corp. | 240,000 | 8,623 | |
| 5,340,361 | ||
TOTAL ENERGY | 6,155,391 | ||
FINANCIALS - 9.4% | |||
Capital Markets - 0.4% | |||
BlackRock, Inc. Class A | 1,344,400 | 257,869 | |
Charles Schwab Corp. | 1,355,175 | 22,293 | |
Evercore Partners, Inc. Class A | 336,200 | 11,202 | |
T. Rowe Price Group, Inc. | 778,196 | 46,956 | |
| 338,320 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
FINANCIALS - continued | |||
Commercial Banks - 2.7% | |||
Banco Bradesco SA (PN) sponsored ADR | 1,025,000 | $ 21,002 | |
Banco do Brasil SA | 769,300 | 13,798 | |
BanColombia SA sponsored ADR | 130,000 | 8,675 | |
Bank of China Ltd. (H Shares) | 40,823,000 | 19,882 | |
HDFC Bank Ltd. sponsored ADR | 145,000 | 25,577 | |
Industrial & Commercial Bank of China Ltd. (H Shares) | 49,855,000 | 37,863 | |
Itau Unibanco Banco Multiplo SA sponsored ADR | 10,861,000 | 255,777 | |
M&T Bank Corp. | 1,041,900 | 91,635 | |
Metro Bank PLC Class A (a)(e)(h) | 1,658,250 | 23,952 | |
PT Bank Central Asia Tbk | 37,962,000 | 33,861 | |
PT Bank Tabungan Negara Tbk | 16,470,500 | 3,246 | |
Royal Bank of Canada | 521,700 | 29,823 | |
Standard Chartered PLC (United Kingdom) | 4,337,494 | 114,025 | |
The Toronto-Dominion Bank | 558,300 | 47,343 | |
Wells Fargo & Co. | 48,954,997 | 1,373,677 | |
| 2,100,136 | ||
Consumer Finance - 0.0% | |||
American Express Co. | 140,700 | 7,274 | |
Credit Acceptance Corp. (a) | 246,122 | 20,790 | |
Discover Financial Services | 443,369 | 11,860 | |
| 39,924 | ||
Diversified Financial Services - 1.5% | |||
Citigroup, Inc. | 16,459,720 | 685,383 | |
ING Groep NV (Certificaten Van Aandelen) (a) | 3,796,700 | 46,794 | |
JPMorgan Chase & Co. | 10,364,229 | 424,312 | |
MSCI, Inc. Class A (a) | 552,967 | 20,836 | |
| 1,177,325 | ||
Insurance - 4.4% | |||
ACE Ltd. | 1,233,600 | 81,196 | |
Admiral Group | 7,156,659 | 190,778 | |
AIA Group Ltd. | 23,178,000 | 80,271 | |
Berkshire Hathaway, Inc. Class A (a) | 20,292 | 2,356,003 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 195,422 | 78,217 | |
MetLife, Inc. | 3,385,800 | 148,535 | |
Prudential Financial, Inc. | 977,700 | 62,172 | |
Qualicorp SA | 2,581,000 | 24,634 | |
The Chubb Corp. | 5,157,800 | 322,930 | |
The Travelers Companies, Inc. | 1,728,228 | 100,894 | |
| 3,445,630 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
FINANCIALS - continued | |||
Real Estate Investment Trusts - 0.0% | |||
Simon Property Group, Inc. | 51,020 | $ 5,930 | |
Real Estate Management & Development - 0.3% | |||
BR Malls Participacoes SA | 16,624,400 | 190,087 | |
CB Richard Ellis Group, Inc. Class A (a) | 1,510,850 | 37,937 | |
Wharf Holdings Ltd. | 1,727,000 | 11,995 | |
| 240,019 | ||
Thrifts & Mortgage Finance - 0.1% | |||
BankUnited, Inc. | 2,367,800 | 62,841 | |
TOTAL FINANCIALS | 7,410,125 | ||
HEALTH CARE - 9.8% | |||
Biotechnology - 2.5% | |||
Achillion Pharmaceuticals, Inc. (a) | 2,137,903 | 15,906 | |
Alexion Pharmaceuticals, Inc. (a) | 3,473,360 | 163,352 | |
Amarin Corp. PLC ADR (a) | 726,685 | 10,515 | |
Amgen, Inc. (a) | 2,420,540 | 141,239 | |
Anthera Pharmaceuticals, Inc. (a) | 696,700 | 5,692 | |
ARIAD Pharmaceuticals, Inc. (a) | 2,217,023 | 25,119 | |
ArQule, Inc. (a) | 106,300 | 664 | |
AVEO Pharmaceuticals, Inc. (a) | 1,197,970 | 24,690 | |
Biogen Idec, Inc. (a) | 5,518,200 | 590,006 | |
BioMarin Pharmaceutical, Inc. (a) | 671,560 | 18,273 | |
Celgene Corp. (a) | 139,604 | 8,421 | |
Gilead Sciences, Inc. (a) | 18,043,497 | 747,181 | |
Human Genome Sciences, Inc. (a) | 1,611,196 | 39,539 | |
Incyte Corp. (a)(d) | 3,096,900 | 58,655 | |
Inhibitex, Inc. (a) | 1,123,584 | 4,404 | |
NPS Pharmaceuticals, Inc. (a) | 1,236,400 | 11,684 | |
ONYX Pharmaceuticals, Inc. (a) | 416,793 | 14,713 | |
Targacept, Inc. (a)(e) | 2,012,929 | 42,412 | |
Theravance, Inc. (a) | 550,000 | 12,216 | |
Vertex Pharmaceuticals, Inc. (a) | 1,004,100 | 52,203 | |
| 1,986,884 | ||
Health Care Equipment & Supplies - 1.2% | |||
Boston Scientific Corp. (a) | 1,004,449 | 6,941 | |
C. R. Bard, Inc. | 488,040 | 53,616 | |
Covidien PLC | 741,600 | 39,475 | |
Cyberonics, Inc. (a) | 130,147 | 3,638 | |
DENTSPLY International, Inc. | 202,200 | 7,700 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
HEALTH CARE - continued | |||
Health Care Equipment & Supplies - continued | |||
Edwards Lifesciences Corp. (a) | 2,374,258 | $ 206,988 | |
Gen-Probe, Inc. (a) | 304,405 | 21,050 | |
Hill-Rom Holdings, Inc. (e) | 5,758,338 | 265,114 | |
ICU Medical, Inc. (a) | 381,600 | 16,676 | |
Intuitive Surgical, Inc. (a) | 110,500 | 41,118 | |
Neogen Corp. (a) | 50,470 | 2,282 | |
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares) | 47,320,000 | 68,228 | |
Sirona Dental Systems, Inc. (a) | 534,500 | 28,382 | |
St. Jude Medical, Inc. | 1,638,900 | 78,143 | |
Stryker Corp. | 135,000 | 7,923 | |
The Cooper Companies, Inc. | 105,000 | 8,320 | |
Varian Medical Systems, Inc. (a) | 1,300,100 | 91,033 | |
Volcano Corp. (a) | 779,815 | 25,180 | |
| 971,807 | ||
Health Care Providers & Services - 1.2% | |||
Aetna, Inc. | 690,400 | 30,440 | |
AmerisourceBergen Corp. | 574,700 | 23,793 | |
Cardinal Health, Inc. | 1,802,800 | 81,883 | |
Diagnosticos da America SA | 1,125,000 | 15,134 | |
Express Scripts, Inc. (a) | 705,100 | 38,061 | |
HealthSouth Corp. (a) | 345,000 | 9,056 | |
HMS Holdings Corp. (a) | 743,700 | 57,168 | |
Humana, Inc. | 188,300 | 15,166 | |
Laboratory Corp. of America Holdings (a) | 180,000 | 17,422 | |
McKesson Corp. | 383,600 | 32,088 | |
Medco Health Solutions, Inc. (a) | 1,989,702 | 112,458 | |
MedQuist Holdings, Inc. (a) | 127,434 | 1,646 | |
UnitedHealth Group, Inc. | 6,799,900 | 350,739 | |
Universal Health Services, Inc. Class B | 1,228,300 | 63,294 | |
Wellcare Health Plans, Inc. (a) | 238,200 | 12,246 | |
WellPoint, Inc. | 700,210 | 55,156 | |
| 915,750 | ||
Health Care Technology - 0.6% | |||
Cerner Corp. (a) | 4,768,974 | 291,432 | |
Quality Systems, Inc. (d)(e) | 1,916,792 | 167,336 | |
| 458,768 | ||
Life Sciences Tools & Services - 1.6% | |||
Agilent Technologies, Inc. (a) | 5,310,705 | 271,430 | |
Fluidigm Corp. (h) | 1,027,385 | 15,506 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
HEALTH CARE - continued | |||
Life Sciences Tools & Services - continued | |||
Illumina, Inc. (a) | 756,800 | $ 56,874 | |
Mettler-Toledo International, Inc. (a)(e) | 3,234,000 | 545,479 | |
Thermo Fisher Scientific, Inc. (a) | 241,900 | 15,576 | |
Waters Corp. (a) | 3,705,557 | 354,770 | |
| 1,259,635 | ||
Pharmaceuticals - 2.7% | |||
Abbott Laboratories | 4,756,655 | 250,295 | |
Allergan, Inc. | 594,500 | 49,492 | |
AstraZeneca PLC (United Kingdom) | 2,110,828 | 105,499 | |
Bayer AG | 1,957,661 | 157,405 | |
Bristol-Myers Squibb Co. | 556,300 | 16,110 | |
Dr. Reddy's Laboratories Ltd. sponsored ADR (d) | 232,600 | 7,985 | |
Forest Laboratories, Inc. (a) | 507,300 | 19,957 | |
Lupin Ltd. | 1,450,000 | 14,594 | |
MAP Pharmaceuticals, Inc. (a) | 775,598 | 12,386 | |
Mylan, Inc. (a) | 2,158,700 | 53,255 | |
Novo Nordisk A/S Series B | 3,825,855 | 479,366 | |
Perrigo Co. | 2,589,600 | 227,548 | |
Pfizer, Inc. | 5,115,700 | 105,383 | |
Piramal Healthcare Ltd. | 35,231 | 314 | |
Shire PLC | 6,648,000 | 207,854 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 1,501,800 | 72,417 | |
The Medicines Company (a) | 437,250 | 7,219 | |
Valeant Pharmaceuticals International, Inc. (Canada) | 4,741,377 | 246,558 | |
ViroPharma, Inc. (a) | 430,000 | 7,955 | |
Warner Chilcott PLC | 1,493,426 | 36,036 | |
Watson Pharmaceuticals, Inc. (a) | 676,100 | 46,468 | |
| 2,124,096 | ||
TOTAL HEALTH CARE | 7,716,940 | ||
INDUSTRIALS - 6.6% | |||
Aerospace & Defense - 0.2% | |||
AeroVironment, Inc. (a) | 448,003 | 15,837 | |
Precision Castparts Corp. | 308,900 | 50,860 | |
TransDigm Group, Inc. (a) | 340,738 | 31,072 | |
United Technologies Corp. | 815,800 | 72,206 | |
| 169,975 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
INDUSTRIALS - continued | |||
Air Freight & Logistics - 0.6% | |||
C.H. Robinson Worldwide, Inc. | 5,316,625 | $ 419,163 | |
Expeditors International of Washington, Inc. | 1,287,000 | 65,882 | |
| 485,045 | ||
Building Products - 0.0% | |||
Armstrong World Industries, Inc. | 185,000 | 8,429 | |
Commercial Services & Supplies - 0.6% | |||
Aggreko PLC | 683,736 | 21,167 | |
Edenred (d) | 1,964,281 | 59,939 | |
KAR Auction Services, Inc. (a) | 1,060,676 | 20,057 | |
Stericycle, Inc. (a) | 3,084,308 | 274,874 | |
Swisher Hygiene, Inc. (h) | 6,357,060 | 35,790 | |
Waste Connections, Inc. | 1,835,096 | 58,228 | |
| 470,055 | ||
Construction & Engineering - 0.0% | |||
Jacobs Engineering Group, Inc. (a) | 214,779 | 9,289 | |
Electrical Equipment - 0.8% | |||
AMETEK, Inc. | 171,500 | 7,700 | |
Cooper Industries PLC Class A | 2,805,341 | 167,395 | |
II-VI, Inc. (a) | 299,400 | 7,665 | |
Polypore International, Inc. (a) | 2,163,221 | 146,753 | |
Rockwell Automation, Inc. | 994,300 | 86,265 | |
Roper Industries, Inc. | 1,799,100 | 149,865 | |
Sensata Technologies Holding BV (a) | 1,766,565 | 66,511 | |
| 632,154 | ||
Industrial Conglomerates - 0.1% | |||
3M Co. | 411,900 | 39,069 | |
Hutchison Whampoa Ltd. | 661,000 | 7,135 | |
| 46,204 | ||
Machinery - 1.9% | |||
Caterpillar, Inc. | 602,500 | 64,142 | |
China Automation Group Ltd. | 35,291,000 | 24,716 | |
Cummins, Inc. | 957,453 | 99,087 | |
Danaher Corp. | 13,119,327 | 695,193 | |
Deere & Co. | 959,000 | 79,070 | |
Donaldson Co., Inc. | 66,369 | 4,027 | |
Dover Corp. | 1,819,200 | 123,342 | |
Gardner Denver, Inc. | 110,100 | 9,254 | |
Graco, Inc. | 488,400 | 24,742 | |
IDEX Corp. | 194,100 | 8,899 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INDUSTRIALS - continued | |||
Machinery - continued | |||
Nordson Corp. | 2,751,208 | $ 150,904 | |
PACCAR, Inc. | 383,341 | 19,585 | |
Pall Corp. | 1,965,600 | 110,526 | |
Rotork PLC | 272,800 | 7,382 | |
WABCO Holdings, Inc. (a) | 714,700 | 49,357 | |
| 1,470,226 | ||
Professional Services - 0.2% | |||
Experian PLC | 3,187,300 | 40,590 | |
IHS, Inc. Class A (a) | 1,047,099 | 87,349 | |
Nielsen Holdings B.V. (a) | 1,252,470 | 39,027 | |
| 166,966 | ||
Road & Rail - 1.8% | |||
Canadian National Railway Co. | 5,058,300 | 404,601 | |
CSX Corp. | 15,296,700 | 401,079 | |
Hertz Global Holdings, Inc. (a) | 491,900 | 7,811 | |
Localiza Rent A Car SA | 2,909,200 | 51,993 | |
Norfolk Southern Corp. | 692,000 | 51,852 | |
Union Pacific Corp. | 4,720,854 | 492,857 | |
Zipcar, Inc. (a)(d) | 316,300 | 6,456 | |
| 1,416,649 | ||
Trading Companies & Distributors - 0.4% | |||
Air Lease Corp.: | |||
Class A (a)(f) | 1,624,500 | 39,459 | |
Class A | 1,878,677 | 45,633 | |
Mills Estruturas e Servicos de Engenharia SA | 1,678,700 | 24,195 | |
Noble Group Ltd. | 33,663,000 | 53,990 | |
W.W. Grainger, Inc. | 892,044 | 137,063 | |
| 300,340 | ||
Transportation Infrastructure - 0.0% | |||
Hutchison Port Holdings Trust | 67,300 | 57 | |
TOTAL INDUSTRIALS | 5,175,389 | ||
INFORMATION TECHNOLOGY - 30.4% | |||
Communications Equipment - 2.1% | |||
Acme Packet, Inc. (a) | 2,636,734 | 184,914 | |
Aruba Networks, Inc. (a) | 4,268,386 | 126,131 | |
Calix Networks, Inc. (a) | 1,890,023 | 39,350 | |
F5 Networks, Inc. (a) | 828,824 | 91,378 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Communications Equipment - continued | |||
HTC Corp. | 7,638,650 | $ 256,226 | |
Juniper Networks, Inc. (a) | 1,714,955 | 54,021 | |
Motorola Solutions, Inc. | 493,100 | 22,702 | |
Polycom, Inc. (a) | 2,539,200 | 163,271 | |
QUALCOMM, Inc. | 9,384,743 | 532,960 | |
Riverbed Technology, Inc. (a) | 3,888,766 | 153,956 | |
| 1,624,909 | ||
Computers & Peripherals - 8.2% | |||
Apple, Inc. (a) | 15,978,147 | 5,363,381 | |
Dell, Inc. (a) | 6,319,600 | 105,348 | |
EMC Corp. (a) | 19,754,300 | 544,231 | |
NetApp, Inc. (a) | 7,447,385 | 393,073 | |
| 6,406,033 | ||
Electronic Equipment & Components - 1.0% | |||
Amphenol Corp. Class A (e) | 11,224,572 | 606,015 | |
Arrow Electronics, Inc. (a) | 1,267,517 | 52,602 | |
E Ink Holdings, Inc. GDR (a)(f) | 471,100 | 8,817 | |
IPG Photonics Corp. (a) | 1,394,871 | 101,421 | |
National Instruments Corp. | 1,369,345 | 40,656 | |
| 809,511 | ||
Internet Software & Services - 5.8% | |||
Active Network, Inc. | 961,781 | 16,927 | |
AOL, Inc. (a) | 3,486,156 | 69,235 | |
Baidu.com, Inc. sponsored ADR (a) | 2,221,402 | 311,285 | |
Constant Contact, Inc. (a)(d)(e) | 1,854,870 | 47,077 | |
Dice Holdings, Inc. (a) | 1,485,642 | 20,086 | |
eBay, Inc. (a) | 10,506,509 | 339,045 | |
Facebook, Inc. Class B (a)(h) | 3,464,225 | 86,606 | |
Google, Inc. Class A (a) | 6,263,848 | 3,171,887 | |
LogMeIn, Inc. (a)(d) | 1,115,303 | 43,017 | |
Mercadolibre, Inc. (d) | 1,645,624 | 130,564 | |
Open Text Corp. (a) | 239,500 | 15,355 | |
OpenTable, Inc. (a) | 43,236 | 3,594 | |
Tencent Holdings Ltd. | 7,530,800 | 204,389 | |
WebMD Health Corp. (a) | 902,804 | 41,150 | |
| 4,500,217 | ||
IT Services - 2.5% | |||
Accenture PLC Class A | 10,720,700 | 647,745 | |
Alliance Data Systems Corp. (a) | 277,800 | 26,133 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
IT Services - continued | |||
Atos Origin SA | 135,000 | $ 7,628 | |
Broadridge Financial Solutions, Inc. | 216,900 | 5,221 | |
Cognizant Technology Solutions Corp. Class A (a) | 4,222,822 | 309,702 | |
Fidelity National Information Services, Inc. | 3,615,558 | 111,323 | |
Fiserv, Inc. (a) | 1,232,000 | 77,160 | |
International Business Machines Corp. | 639,814 | 109,760 | |
MasterCard, Inc. Class A | 332,546 | 100,209 | |
ServiceSource International, Inc. | 1,433,039 | 31,842 | |
Teradata Corp. (a) | 256,414 | 15,436 | |
Visa, Inc. Class A | 6,444,393 | 543,005 | |
| 1,985,164 | ||
Semiconductors & Semiconductor Equipment - 4.8% | |||
Altera Corp. (e) | 18,427,900 | 854,133 | |
Analog Devices, Inc. | 6,102,154 | 238,838 | |
ARM Holdings PLC sponsored ADR (d) | 10,167,900 | 289,073 | |
ASML Holding NV | 3,390,900 | 125,328 | |
Atmel Corp. (a) | 12,076,900 | 169,922 | |
Avago Technologies Ltd. | 9,586,490 | 364,287 | |
Broadcom Corp. Class A | 4,128,700 | 138,889 | |
Cavium, Inc. (a)(e) | 2,801,316 | 122,109 | |
Cymer, Inc. (a) | 798,900 | 39,554 | |
GT Solar International, Inc. (a)(d) | 2,961,419 | 47,975 | |
Hittite Microwave Corp. (a) | 201,755 | 12,491 | |
Linear Technology Corp. | 4,644,100 | 153,348 | |
LSI Corp. (a) | 1,200,000 | 8,544 | |
Marvell Technology Group Ltd. (a) | 2,266,014 | 33,458 | |
Maxim Integrated Products, Inc. | 3,830,991 | 97,920 | |
Micrel, Inc. | 180,117 | 1,906 | |
Microchip Technology, Inc. (d) | 850,800 | 32,254 | |
Netlogic Microsystems, Inc. (a) | 899,430 | 36,355 | |
Novellus Systems, Inc. (a) | 728,100 | 26,314 | |
NVIDIA Corp. (a) | 6,281,556 | 100,097 | |
Omnivision Technologies, Inc. (a) | 1,784,700 | 62,125 | |
Samsung Electronics Co. Ltd. | 621,650 | 481,240 | |
Semtech Corp. (a) | 512,029 | 13,999 | |
Skyworks Solutions, Inc. (a)(e) | 11,116,289 | 255,452 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 2,452,280 | 30,923 | |
TriQuint Semiconductor, Inc. (a) | 2,676,498 | 27,274 | |
| 3,763,808 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Software - 6.0% | |||
ANSYS, Inc. (a) | 1,084,783 | $ 59,305 | |
BMC Software, Inc. (a) | 6,274,547 | 343,218 | |
BroadSoft, Inc. (a) | 202,900 | 7,737 | |
Check Point Software Technologies Ltd. (a) | 7,282,100 | 413,987 | |
Citrix Systems, Inc. (a) | 5,440,200 | 435,216 | |
CommVault Systems, Inc. (a) | 781,528 | 34,739 | |
Fortinet, Inc. (a) | 5,362,221 | 146,335 | |
Informatica Corp. (a)(e) | 5,433,927 | 317,504 | |
Intuit, Inc. (a) | 5,626,800 | 291,806 | |
NetSuite, Inc. (a)(d) | 1,306,246 | 51,205 | |
Nuance Communications, Inc. (a) | 738,800 | 15,862 | |
Oracle Corp. | 34,724,444 | 1,142,781 | |
Pegasystems, Inc. | 167,672 | 7,805 | |
QLIK Technologies, Inc. | 1,137,600 | 38,747 | |
RealPage, Inc. | 1,025,377 | 27,142 | |
Red Hat, Inc. (a) | 1,951,425 | 89,570 | |
Rovi Corp. (a) | 3,869,240 | 221,940 | |
salesforce.com, Inc. (a) | 4,671,235 | 695,921 | |
SAP AG sponsored ADR (d) | 376,000 | 22,804 | |
Solera Holdings, Inc. | 1,932,888 | 114,350 | |
SuccessFactors, Inc. (a) | 330,444 | 9,715 | |
TIBCO Software, Inc. (a) | 3,751,700 | 108,874 | |
Trion World Network, Inc. warrants 8/10/17 (a)(h) | 124,282 | 0* | |
VMware, Inc. Class A (a) | 1,152,400 | 115,505 | |
| 4,712,068 | ||
TOTAL INFORMATION TECHNOLOGY | 23,801,710 | ||
MATERIALS - 5.8% | |||
Chemicals - 0.4% | |||
Albemarle Corp. | 489,000 | 33,839 | |
Celanese Corp. Class A | 531,500 | 28,334 | |
Ecolab, Inc. | 1,240,463 | 69,937 | |
Huabao International Holdings Ltd. | 15,561,000 | 14,158 | |
PPG Industries, Inc. | 1,104,900 | 100,314 | |
Praxair, Inc. | 411,000 | 44,548 | |
Sherwin-Williams Co. | 100,000 | 8,387 | |
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR (d) | 130,300 | 8,433 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
MATERIALS - continued | |||
Chemicals - continued | |||
Valspar Corp. | 430,600 | $ 15,527 | |
W.R. Grace & Co. (a) | 165,495 | 7,552 | |
| 331,029 | ||
Containers & Packaging - 0.2% | |||
Ball Corp. | 886,693 | 34,102 | |
Crown Holdings, Inc. (a) | 868,600 | 33,719 | |
Lock & Lock Co. Ltd. | 120,400 | 4,892 | |
Rock-Tenn Co. Class A | 819,300 | 54,352 | |
Silgan Holdings, Inc. | 677,700 | 27,765 | |
| 154,830 | ||
Metals & Mining - 5.2% | |||
Allied Nevada Gold Corp. (Canada) (a) | 2,080,600 | 73,373 | |
AngloGold Ashanti Ltd. sponsored ADR | 4,797,758 | 201,938 | |
Aurizon Mines Ltd. (a) | 3,012,800 | 16,870 | |
Avion Gold Corp. (a)(e) | 25,194,997 | 50,683 | |
B2Gold Corp. (a)(e) | 26,896,442 | 90,919 | |
B2Gold Corp. (a)(e)(f) | 5,850,000 | 19,775 | |
Canaco Resources, Inc. (a) | 1,811,400 | 6,255 | |
Canaco Resources, Inc. (f) | 4,674,900 | 16,142 | |
Centerra Gold, Inc. | 107,100 | 1,777 | |
Dalradian Resources, Inc. (a)(e) | 3,991,600 | 6,250 | |
Eldorado Gold Corp. | 17,880,288 | 263,829 | |
Extorre Gold Mines Ltd. (a)(e) | 6,795,068 | 87,440 | |
Extorre Gold Mines Ltd. (a)(e)(f)(g) | 569,000 | 7,322 | |
First Quantum Minerals Ltd. | 101,400 | 14,785 | |
Fortescue Metals Group Ltd. | 2,371,837 | 16,153 | |
Franco-Nevada Corp. (e) | 9,506,600 | 354,871 | |
Franco-Nevada Corp. (e)(f) | 695,100 | 25,947 | |
Franco-Nevada Corp. warrants 6/16/17 (a)(e)(f) | 347,550 | 2,198 | |
Freeport-McMoRan Copper & Gold, Inc. | 3,274,700 | 173,232 | |
Goldcorp, Inc. | 12,767,483 | 617,589 | |
Intrepid Mines Ltd. (Australia) (a) | 2,900,573 | 4,417 | |
Ivanhoe Australia Ltd. (a) | 995,732 | 2,563 | |
Ivanhoe Mines Ltd. (a)(d) | 22,148,540 | 559,685 | |
Kinross Gold Corp. | 955,827 | 15,095 | |
Kinross Gold Corp. warrants 9/17/14 (a) | 1,155,458 | 2,935 | |
Kirkland Lake Gold, Inc. (a) | 550,000 | 8,669 | |
Medusa Mining Ltd. (e) | 13,207,907 | 93,351 | |
New Gold, Inc. (a) | 9,632,011 | 99,376 | |
Newcrest Mining Ltd. | 20,225,853 | 818,014 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
MATERIALS - continued | |||
Metals & Mining - continued | |||
Osisko Mining Corp. (a) | 4,327,800 | $ 67,268 | |
Perseus Mining Ltd. (Canada) (a) | 1,408,200 | 3,942 | |
Pilot Gold, Inc. (a) | 489,297 | 1,116 | |
Premier Gold Mines Ltd. (a) | 1,156,600 | 6,800 | |
Rainy River Resources Ltd. (a) | 1,107,800 | 10,740 | |
Randgold Resources Ltd. sponsored ADR | 838,746 | 70,497 | |
Romarco Minerals, Inc. (a) | 2,436,500 | 4,143 | |
Royal Gold, Inc. | 561,944 | 32,913 | |
Sabina Gold & Silver Corp. (a) | 685,700 | 4,195 | |
San Gold Corp. (a) | 5,432,500 | 18,364 | |
SEMAFO, Inc. (a) | 4,178,500 | 32,019 | |
Tahoe Resources, Inc. (f) | 5,816,500 | 108,562 | |
Tigray Resources, Inc. | 1,297,260 | 0 | |
US Gold Corp. (a)(d) | 2,512,600 | 15,151 | |
| 4,027,163 | ||
TOTAL MATERIALS | 4,513,022 | ||
TELECOMMUNICATION SERVICES - 0.7% | |||
Diversified Telecommunication Services - 0.2% | |||
AboveNet, Inc. | 103,500 | 7,293 | |
Telecomunicacoes de Sao Paulo SA sponsored ADR | 5,174,830 | 153,692 | |
tw telecom, inc. (a) | 400,000 | 8,212 | |
| 169,197 | ||
Wireless Telecommunication Services - 0.5% | |||
American Tower Corp. Class A (a) | 4,440,700 | 232,382 | |
Millicom International Cellular SA | 74,600 | 7,740 | |
Millicom International Cellular SA unit | 140,300 | 14,641 | |
SOFTBANK CORP. | 602,300 | 22,805 | |
TIM Participacoes SA sponsored ADR (non-vtg.) | 1,997,862 | 98,315 | |
| 375,883 | ||
TOTAL TELECOMMUNICATION SERVICES | 545,080 | ||
UTILITIES - 0.2% | |||
Gas Utilities - 0.1% | |||
ONEOK, Inc. | 787,100 | 58,253 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
UTILITIES - continued | |||
Multi-Utilities - 0.1% | |||
YTL Corp. Bhd | 124,728,150 | $ 64,027 | |
TOTAL UTILITIES | 122,280 | ||
TOTAL COMMON STOCKS (Cost $48,070,559) | 74,736,048 | ||
Convertible Preferred Stocks - 0.3% | |||
|
|
|
|
CONSUMER DISCRETIONARY - 0.2% | |||
Diversified Consumer Services - 0.1% | |||
Groupon, Inc. Series G (a)(h) | 2,625,879 | 82,952 | |
Media - 0.1% | |||
Zynga Game Network, Inc. (a)(h) | 5,862,380 | 82,244 | |
TOTAL CONSUMER DISCRETIONARY | 165,196 | ||
HEALTH CARE - 0.0% | |||
Health Care Equipment & Supplies - 0.0% | |||
superDimension Ltd.: | |||
Series D, 6.00% (a)(h) | 698,064 | 14,960 | |
Series E, 6.00% (a)(h) | 48,567 | 1,041 | |
warrants 6/16/20 (a)(h) | 12,142 | 0 | |
| 16,001 | ||
INFORMATION TECHNOLOGY - 0.1% | |||
Internet Software & Services - 0.1% | |||
Digg, Inc. Series C, 8.00% (a)(h) | 410,013 | 2,001 | |
Ning, Inc. Series D 8.00% (a)(h) | 4,021,166 | 23,705 | |
| 25,706 | ||
Software - 0.0% | |||
Trion World Network, Inc.: | |||
Series C, 8.00% (a)(h) | 3,950,196 | 16,907 | |
Series C-1, 8.00% (a)(h) | 310,705 | 1,330 | |
| 18,237 | ||
TOTAL INFORMATION TECHNOLOGY | 43,943 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $237,662) | 225,140 |
Nonconvertible Bonds - 0.0% | ||||
| Principal Amount (000s) | Value (000s) | ||
CONSUMER DISCRETIONARY - 0.0% | ||||
Specialty Retail - 0.0% | ||||
J. Crew Group, Inc. 8.125% 3/1/19 (f) (Cost $1,000) | $ 1,000 | $ 973 |
Money Market Funds - 5.3% | |||
Shares |
| ||
Fidelity Cash Central Fund, 0.11% (b) | 3,751,083,908 | 3,751,084 | |
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c) | 382,616,803 | 382,617 | |
TOTAL MONEY MARKET FUNDS (Cost $4,133,701) | 4,133,701 | ||
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $52,442,922) | 79,095,862 | ||
NET OTHER ASSETS (LIABILITIES) - (0.9)% | (671,671) | ||
NET ASSETS - 100% | $ 78,424,191 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $330,798,000 or 0.4% of net assets. |
(g) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(h) 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 $480,823,000 or 0.6% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
Concho Resources, Inc. | 7/20/10 | $ 28,368 |
Digg, Inc. Series C, 8.00% | 9/23/08 | $ 4,317 |
Facebook, Inc. Class B | 3/31/11 - 5/19/11 | $ 86,629 |
Fluidigm Corp. | 10/9/07 - 1/6/11 | $ 18,170 |
Groupon, Inc. | 12/17/10 | $ 82,952 |
Legend Pictures LLC | 9/23/10 | $ 20,850 |
Metro Bank PLC Class A | 12/8/09 - 12/1/10 | $ 21,310 |
Ning, Inc. Series D 8.00% | 3/19/08 | $ 28,751 |
superDimension Ltd. Series D, 6.00% | 2/27/08 - 5/22/08 | $ 14,960 |
Security | Acquisition Date | Acquisition Cost (000s) |
superDimension Ltd. Series E, 6.00% | 6/15/10 | $ 1,041 |
superDimension Ltd. warrants 6/16/20 | 6/15/10 | $ 0 |
Swisher Hygiene, Inc. | 3/22/11 | $ 31,785 |
The Weinstein Co. Holdings, LLC Class A-1 | 10/19/05 | $ 41,234 |
Trion World Network, Inc. warrants 8/10/17 | 8/10/10 | $ 0* |
Trion World Network, Inc. Series C, 8.00% | 8/22/08 | $ 21,691 |
Trion World Network, Inc. Series C-1, 8.00% | 8/10/10 | $ 1,706 |
Zynga Game Network, Inc. | 2/18/11 | $ 82,244 |
(i) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes which is owned by the Fund. |
* Amount represents less than $1,000. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 2,136 |
Fidelity Securities Lending Cash Central Fund | 2,338 |
Total | $ 4,474 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate | Value, | Purchases | Sales | Dividend | Value, |
Altera Corp. | $ 634,370 | $ 55,551 | $ 30,390 | $ 2,221 | $ 854,133 |
Amphenol Corp. Class A | 550,918 | 43,345 | - | 330 | 606,015 |
Avion Gold Corp. | - | 42,200 | - | - | 50,683 |
B2Gold Corp. | 74,594 | 13,161 | - | - | 110,694 |
Birchcliff Energy Ltd. | 80,976 | - | - | - | 114,284 |
Cavium, Inc. | 100,452 | 47,862 | 38,062 | - | 122,109 |
Chipotle Mexican Grill, Inc. | 631,915 | - | - | - | 915,780 |
Cirrus Logic, Inc. | 66,844 | 16,478 | 79,969 | - | - |
Constant Contact, Inc. | 57,482 | - | - | - | 47,077 |
Dalradian Resources, Inc. | - | 8,089 | - | - | 6,250 |
Diamond Foods, Inc. | 74,649 | 23,504 | 8,710 | 121 | 122,704 |
Discovery Communications, Inc. | 559,889 | 31,516 | - | - | 580,608 |
Dollar Tree, Inc. | 508,287 | 53,068 | 40,470 | - | 612,824 |
Extorre Gold Mines Ltd. | - | 75,810 | - | - | 94,762 |
Franco-Nevada Corp. | 331,629 | 12,574 | - | 1,309 | 383,016 |
Hill-Rom Holdings, Inc. | 127,108 | 106,420 | - | 1,039 | 265,114 |
Informatica Corp. | 207,780 | 64,241 | 23,423 | - | 317,504 |
J. Crew Group, Inc. | 275,365 | - | 277,661 | - | - |
Medusa Mining Ltd. | - | 43,981 | - | 447 | 93,351 |
Metro Bank PLC Class A | 23,284 | - | - | - | 23,952 |
Mettler-Toledo International, Inc. | 489,149 | 7,138 | 7,903 | - | 545,479 |
Micrel, Inc. | 81,148 | - | 71,337 | 351 | - |
Noble Energy, Inc. | 1,143,438 | 229,998 | - | 5,187 | 1,415,010 |
Polypore International, Inc. | 95,480 | 5,263 | 15,428 | - | - |
Quality Systems, Inc. | 133,299 | 14,242 | 13,245 | 1,320 | 167,336 |
Skyworks Solutions, Inc. | 358,487 | 17,435 | 54,112 | - | 255,452 |
Targacept, Inc. | 41,953 | 8,811 | - | - | 42,412 |
Tim Hortons, Inc. | 480,467 | 7,572 | - | - | - |
TJX Companies, Inc. | 909,199 | 16,163 | 106,766 | 6,994 | - |
TreeHouse Foods, Inc. | 174,155 | - | - | - | 186,154 |
Total | $ 8,212,317 | $ 944,422 | $ 767,476 | $ 19,319 | $ 7,932,703 |
Other Information |
The following is a summary of the inputs used, as of June 30, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 14,733,458 | $ 14,507,367 | $ 24,582 | $ 201,509 |
Consumer Staples | 4,727,849 | 4,704,692 | 23,157 | - |
Energy | 6,155,391 | 6,155,391 | - | - |
Financials | 7,410,125 | 7,339,379 | 46,794 | 23,952 |
Health Care | 7,732,941 | 6,908,715 | 808,225 | 16,001 |
Industrials | 5,175,389 | 5,175,389 | - | - |
Information Technology | 23,845,653 | 23,715,104 | - | 130,549 |
Materials | 4,513,022 | 4,513,022 | - | - |
Telecommunication Services | 545,080 | 522,275 | 22,805 | - |
Utilities | 122,280 | 122,280 | - | - |
Corporate Bonds | 973 | - | 973 | - |
Money Market Funds | 4,133,701 | 4,133,701 | - | - |
Total Investments in Securities: | $ 79,095,862 | $ 77,797,315 | $ 926,536 | $ 372,011 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
(Amounts in thousands) |
|
Investments in Securities: | |
Beginning Balance | $ 162,291 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | 644 |
Cost of Purchases | 169,914 |
Proceeds of Sales | (10,488) |
Amortization/Accretion | - |
Transfers in to Level 3 | 82,952 |
Transfers out of Level 3 | (33,302) |
Ending Balance | $ 372,011 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2011 | $ 644 |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited) |
United States of America | 81.2% |
Canada | 5.7% |
United Kingdom | 1.6% |
Australia | 1.2% |
Ireland | 1.2% |
Brazil | 1.1% |
Netherlands Antilles | 1.0% |
Others (Individually Less Than 1%) | 7.0% |
| 100.0% |
Income Tax Information |
At December 31, 2010, the Fund had a capital loss carryforward of approximately $5,133,096,000 of which $2,230,781,000 and $2,902,315,000 will expire in fiscal 2016 and 2017, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. |
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 amounts) | June 30, 2011 | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $376,287) - See accompanying schedule: Unaffiliated issuers (cost $43,871,460) | $ 67,029,458 |
|
Fidelity Central Funds (cost $4,133,701) | 4,133,701 |
|
Other affiliated issuers (cost $4,437,761) | 7,932,703 |
|
Total Investments (cost $52,442,922) |
| $ 79,095,862 |
Cash | 2,087 | |
Foreign currency held at value (cost $48) | 48 | |
Receivable for investments sold | 147,649 | |
Receivable for fund shares sold | 117,528 | |
Dividends receivable | 50,498 | |
Interest receivable | 26 | |
Distributions receivable from Fidelity Central Funds | 610 | |
Other receivables | 2,742 | |
Total assets | 79,417,050 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 447,740 | |
Delayed delivery | 6,195 | |
Payable for fund shares redeemed | 111,211 | |
Accrued management fee | 32,820 | |
Other affiliated payables | 9,953 | |
Other payables and accrued expenses | 2,323 | |
Collateral on securities loaned, at value | 382,617 | |
Total liabilities | 992,859 | |
|
|
|
Net Assets | $ 78,424,191 | |
Net Assets consist of: |
| |
Paid in capital | $ 56,200,275 | |
Undistributed net investment income | 24,757 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (4,453,599) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 26,652,758 | |
Net Assets | $ 78,424,191 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | June 30, 2011 | |
|
|
|
Contrafund: | $ 70.61 | |
|
|
|
Class K: | $ 70.62 |
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, 2011 | |
|
|
|
Investment Income |
|
|
Dividends (including $19,319 earned from other affiliated issuers) |
| $ 317,053 |
Interest |
| 24 |
Income from Fidelity Central Funds |
| 4,474 |
Total income |
| 321,551 |
|
|
|
Expenses | ||
Management fee | $ 216,410 | |
Performance adjustment | 18,169 | |
Transfer agent fees | 58,309 | |
Accounting and security lending fees | 1,511 | |
Custodian fees and expenses | 1,523 | |
Independent trustees' compensation | 198 | |
Appreciation in deferred trustee compensation account | 1 | |
Registration fees | 525 | |
Audit | 120 | |
Legal | 77 | |
Miscellaneous | 456 | |
Total expenses before reductions | 297,299 | |
Expense reductions | (1,976) | 295,323 |
Net investment income (loss) | 26,228 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 1,351,400 | |
Other affiliated issuers | 125,959 |
|
Foreign currency transactions | (3,297) | |
Total net realized gain (loss) |
| 1,474,062 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 1,791,061 | |
Assets and liabilities in foreign currencies | (549) | |
Total change in net unrealized appreciation (depreciation) |
| 1,790,512 |
Net gain (loss) | 3,264,574 | |
Net increase (decrease) in net assets resulting from operations | $ 3,290,802 |
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) | $ 26,228 | $ (5,365) |
Net realized gain (loss) | 1,474,062 | 1,184,715 |
Change in net unrealized appreciation (depreciation) | 1,790,512 | 9,616,515 |
Net increase (decrease) in net assets resulting | 3,290,802 | 10,795,865 |
Distributions to shareholders from net investment income | - | (11,023) |
Distributions to shareholders from net realized gain | (94,475) | (443,362) |
Total distributions | (94,475) | (454,385) |
Share transactions - net increase (decrease) | 695,763 | 216,951 |
Total increase (decrease) in net assets | 3,892,090 | 10,558,431 |
|
|
|
Net Assets | ||
Beginning of period | 74,532,101 | 63,973,670 |
End of period (including undistributed net investment income of $24,757 and accumulated net investment loss of $1,471, respectively) | $ 78,424,191 | $ 74,532,101 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Contrafund
| Six months ended | Years ended December 31, | ||||
| 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 67.73 | $ 58.28 | $ 45.26 | $ 73.11 | $ 65.21 | $ 64.76 |
Income from Investment |
|
|
|
|
| |
Net investment income (loss) D | .01 | (.02) | .11 | .23 | .48 | .41 |
Net realized and unrealized gain (loss) | 2.96 | 9.86 | 13.11 | (27.22) | 12.34 | 6.92 |
Total from investment operations | 2.97 | 9.84 | 13.22 | (26.99) | 12.82 | 7.33 |
Distributions from net investment income | - | (.01) | (.11) | (.21) | (.44) | (.39) |
Distributions from net realized gain | (.09) | (.38) | (.09) | (.65) | (4.48) | (6.49) |
Total distributions | (.09) | (.39) | (.20) H | (.86) | (4.92) | (6.88) |
Net asset value, end of period | $ 70.61 | $ 67.73 | $ 58.28 | $ 45.26 | $ 73.11 | $ 65.21 |
Total Return B, C | 4.38% | 16.93% | 29.23% | (37.16)% | 19.78% | 11.54% |
Ratios to Average Net Assets E, G |
|
|
|
|
| |
Expenses before reductions | .79% A | .92% | 1.02% | .95% | .89% | .90% |
Expenses net of fee waivers, if any | .79% A | .92% | 1.02% | .95% | .89% | .90% |
Expenses net of all reductions | .78% A | .91% | 1.01% | .94% | .89% | .89% |
Net investment income (loss) | .04% A | (.03)% | .22% | .37% | .68% | .62% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 61,647 | $ 60,498 | $ 57,225 | $ 45,149 | $ 81,144 | $ 68,576 |
Portfolio turnover rate F | 57% A | 46% | 58% | 78% | 56% | 76% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G 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 reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Total distributions of $.20 per share is comprised of distributions from net investment income of $.113 and distributions from net realized gain of $.085 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class K
| Six months ended | Years ended December 31, | ||
| 2011 | 2010 | 2009 | 2008 G |
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period | $ 67.70 | $ 58.25 | $ 45.23 | $ 68.59 |
Income from Investment Operations |
|
|
|
|
Net investment income (loss) D | .06 | .06 | .19 | .22 |
Net realized and unrealized gain (loss) | 2.95 | 9.87 | 13.11 | (23.30) |
Total from investment operations | 3.01 | 9.93 | 13.30 | (23.08) |
Distributions from net investment income | - | (.01) | (.20) | (.28) |
Distributions from net realized gain | (.09) | (.47) | (.09) | - |
Total distributions | (.09) | (.48) | (.28) I | (.28) |
Net asset value, end of period | $ 70.62 | $ 67.70 | $ 58.25 | $ 45.23 |
Total Return B, C | 4.44% | 17.09% | 29.43% | (33.63)% |
Ratios to Average Net Assets E, H |
|
|
|
|
Expenses before reductions | .67% A | .79% | .86% | .82% A |
Expenses net of fee waivers, if any | .67% A | .79% | .86% | .82% A |
Expenses net of all reductions | .66% A | .78% | .85% | .82% A |
Net investment income (loss) | .17% A | .10% | .38% | .75% A |
Supplemental Data |
|
|
|
|
Net assets, end of period (in millions) | $ 16,778 | $ 14,034 | $ 6,749 | $ 3,301 |
Portfolio turnover rate F | 57% A | 46% | 58% | 78% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period May 9, 2008 (commencement of sale of shares) to December 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Total distributions of $.28 per share is comprised of distributions from net investment income of $.196 and distributions from net realized gain of $.085 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, 2011
(Amounts in thousands except ratios)
1. Organization.
Fidelity Contrafund (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Contrafund and Class K 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. 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 fees incurred. Certain expense reductions may also differ by class.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of June 30, 2011, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain 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
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. 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. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and 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 GAAP.
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.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, partnerships, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 26,448,169 |
Gross unrealized depreciation | (452,679) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 25,995,490 |
Tax cost | $ 53,100,372 |
Under the recently enacted Regulated Investment Company Modernization Act of 2010 (the Act), the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The Fund's first fiscal year end subject to the Act will be December 31, 2011.
New Accounting Pronouncement. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update changes the wording used to describe the requirements in GAAP for measuring fair value and for disclosing information about fair value measurements. The update is effective during interim and annual periods beginning after December 15, 2011. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
4. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $21,656,841 and $21,522,029, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Contrafund as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .60% of the Fund's average net assets.
Semiannual Report
6. 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 Contrafund. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Contrafund | $ 54,234 | .17 |
Class K | 4,075 | .05 |
| $ 58,309 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $373 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $130 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. The lending agent may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
8. Security Lending - continued
U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $5,065. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $2,338, including $18 from securities loaned to FCM.
9. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $1,950 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 custody expenses by $26.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Contrafund | $ - | $ 9,746 |
Class K | - | 1,277 |
Total | $ - | $ 11,023 |
From net realized gain |
|
|
Contrafund | $ 76,134 | $ 351,760 |
Class K | 18,341 | 91,602 |
Total | $ 94,475 | $ 443,362 |
Semiannual Report
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
Six months ended June 30, | Year ended | Six months ended | Year ended | |
Contrafund |
|
|
|
|
Shares sold | 78,242 | 140,195 | $ 5,460,446 | $ 8,546,117 |
Reinvestment of distributions | 1,058 | 5,490 | 73,836 | 351,012 |
Shares redeemed | (99,447) | (234,389) | (6,941,640) | (14,056,256) |
Net increase (decrease) | (20,147) | (88,704) | $ (1,407,358) | $ (5,159,127) |
Class K |
|
|
|
|
Shares sold | 52,708 | 121,022 | $ 3,668,854 | $ 7,167,377 |
Reinvestment of distributions | 263 | 1,416 | 18,341 | 92,878 |
Shares redeemed | (22,691) | (30,996) | (1,584,074) | (1,884,177) |
Net increase (decrease) | 30,280 | 91,442 | $ 2,103,121 | $ 5,376,078 |
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Contrafund and the Shareholders of Fidelity Contrafund:
In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Contrafund (a fund of Fidelity Contrafund) at June 30, 2011, the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Contrafund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Boston, Massachusetts
August 11, 2011
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.
(phone_graphic)
Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
For mutual fund and brokerage trading.
For quotes.*
For account balances and holdings.
To review orders and mutual
fund activity.
To change your PIN.
To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)
Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains distributions, and the effects of any sales charges.
Semiannual Report
To Visit Fidelity
For directions and hours,
please call 1-800-544-9797.
Arizona
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Scottsdale, AZ
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Delaware
400 Delaware Avenue
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1400 Glades Road
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2465 State Road 7
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Illinois
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Chicago, IL
401 North Michigan Avenue
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Highland Park, IL
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15105 S LaGrange Road
Orland Park, IL
1572 East Golf Road
Schaumburg, IL
1823 Freedom Drive
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Indiana
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Kansas
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Maine
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Maryland
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Bethesda, MD
610 York Road
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Massachusetts
801 Boylston Street
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300 Granite Street
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44 Mall Road
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238 Main Street
Cambridge, MA
200 Endicott Street
Danvers, MA
Semiannual Report
405 Cochituate Road
Framingham, MA
551 Boston Turnpike
Shrewsbury, MA
Michigan
500 E. Eisenhower Pkwy.
Ann Arbor, MI
280 N. Old Woodward Ave.
Birmingham, MI
30200 Northwestern Hwy.
Farmington Hills, MI
43420 Grand River Avenue
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3480 28th Street
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2425 S. Linden Road STE E
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Minnesota
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8342 3rd Street North
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Missouri
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St. Louis, MO
Nevada
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New Jersey
501 Route 73 South
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150 Essex Street
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35 Morris Street
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396 Route 17, North
Paramus, NJ
3518 Route 1 North
Princeton, NJ
530 Broad Street
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New Mexico
2261 Q Street NE
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New York
1130 Franklin Avenue
Garden City, NY
37 West Jericho Turnpike
Huntington Station, NY
1271 Avenue of the Americas
New York, NY
980 Madison Avenue
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61 Broadway
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350 Park Avenue
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200 Fifth Avenue
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733 Third Avenue
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2070 Broadway
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1075 Northern Blvd.
Roslyn, NY
799 Central Park Avenue
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3349 Monroe Avenue
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North Carolina
4611 Sharon Road
Charlotte, NC
7011 Fayetteville Road
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Ohio
3805 Edwards Road
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1324 Polaris Parkway
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1800 Crocker Road
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28699 Chagrin Boulevard
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Oregon
7493 SW Bridgeport Road
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Pennsylvania
600 West DeKalb Pike
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1735 Market Street
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12001 Perry Highway
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Rhode Island
10 Memorial Boulevard
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2035 Mallory Lane
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Texas
10000 Research Boulevard
Austin, TX
4001 Northwest Parkway
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12532 Memorial Drive
Houston, TX
2701 Drexel Drive
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6560 Fannin Street
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Irving, TX
6005 West Park Boulevard
Plano, TX
1576 East Southlake Blvd.
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15600 Southwest Freeway
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139 N. Loop 1604 East
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Utah
279 West South Temple
Salt Lake City, UT
Virginia
1861 International Drive
McLean, VA
11957 Democracy Drive
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Washington
10500 NE 8th Street
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1518 6th Avenue
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304 Strander Blvd
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Washington, DC
1900 K Street, N.W.
Washington, DC
Wisconsin
16020 West Bluemound Road
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Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc. Boston, MA
Custodian
Brown Brothers Harriman & Co.
Boston, MA
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
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and Account Assistance 1-800-544-6666
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Telephone (FAST®) 1-800-544-5555
Automated line for quickest service
CON-USAN-0811
1.787777.108
Fidelity®
Contrafund®-
Class K
Semiannual Report
June 30, 2011
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | The Chairman's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. | |
Report of Independent Registered Public Accounting Firm |
|
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(photo_of_James_C_Curvey)
Dear Shareholder:
Despite bouts of short-term volatility, U.S. equities gained ground in the first half of 2011, buoyed by solid corporate earnings and modest improvement in employment. A strong start had the market up more than 100% off its March 2009 low, but investors were unnerved by this past March's natural disaster in Japan, while weaker economic data and new concern about Greek debt hurt performance during May and June. The longer-term outlook remains clouded by the impact of inflationary pressure and persistently high unemployment. Financial markets are always unpredictable, of course, but there are several time-tested investment principles that can help put the odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
(The acting chairman's signature appears here.)
James C. Curvey
Acting Chairman
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 to June 30, 2011).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Semiannual Report
| Annualized | Beginning | Ending | Expenses Paid |
Contrafund | .79% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,043.80 | $ 4.00 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.88 | $ 3.96 |
Class K | .67% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,044.40 | $ 3.40 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.47 | $ 3.36 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Top Ten Stocks as of June 30, 2011 | ||
| % of fund's | % of fund's net assets |
Apple, Inc. | 6.9 | 7.1 |
Google, Inc. Class A | 4.0 | 5.1 |
Berkshire Hathaway, Inc. Class A | 3.0 | 3.3 |
McDonald's Corp. | 2.4 | 2.4 |
The Coca-Cola Co. | 2.2 | 2.1 |
The Walt Disney Co. | 2.0 | 2.1 |
Noble Energy, Inc. | 1.8 | 1.5 |
Wells Fargo & Co. | 1.8 | 2.3 |
Amazon.com, Inc. | 1.6 | 1.4 |
Oracle Corp. | 1.5 | 1.3 |
| 27.2 | |
Top Five Market Sectors as of June 30, 2011 | ||
| % of fund's | % of fund's net assets |
Information Technology | 30.5 | 32.7 |
Consumer Discretionary | 18.8 | 18.3 |
Health Care | 9.8 | 8.2 |
Financials | 9.4 | 10.5 |
Energy | 7.8 | 5.7 |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2011 * | As of December 31, 2010 ** | ||||||
![]() | Stocks 95.3% |
| ![]() | Stocks 95.8% |
| ||
![]() | Convertible |
| ![]() | Convertible |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
| ||
* Foreign investments | 18.8% |
| ** Foreign investments | 22.4% |
|
Semiannual Report
Investments June 30, 2011
Showing Percentage of Net Assets
Common Stocks - 95.3% | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - 18.6% | |||
Auto Components - 0.3% | |||
Autoliv, Inc. | 1,109,700 | $ 87,056 | |
Gentex Corp. | 3,064,308 | 92,634 | |
Lear Corp. | 255,800 | 13,680 | |
| 193,370 | ||
Automobiles - 0.5% | |||
Ford Motor Co. (a) | 4,804,000 | 66,247 | |
Honda Motor Co. Ltd. sponsored ADR | 210,000 | 8,108 | |
Hyundai Motor Co. | 835,181 | 185,509 | |
Tesla Motors, Inc. (a)(d) | 3,583,141 | 104,377 | |
| 364,241 | ||
Diversified Consumer Services - 0.2% | |||
Anhanguera Educacional Participacoes SA | 2,109,809 | 44,896 | |
Kroton Educacional SA unit (a) | 2,317,300 | 30,059 | |
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | 372,238 | 41,586 | |
Weight Watchers International, Inc. | 578,060 | 43,626 | |
| 160,167 | ||
Hotels, Restaurants & Leisure - 5.6% | |||
Ajisen (China) Holdings Ltd. | 24,987,000 | 51,761 | |
Arcos Dorados Holdings, Inc. | 3,311,300 | 69,835 | |
Buffalo Wild Wings, Inc. (a) | 605,267 | 40,135 | |
Chipotle Mexican Grill, Inc. (a)(e) | 2,971,480 | 915,780 | |
Galaxy Entertainment Group Ltd. (a) | 33,581,000 | 71,807 | |
InterContinental Hotel Group PLC | 1,200,881 | 24,582 | |
Las Vegas Sands Corp. (a) | 2,890,700 | 122,016 | |
Little Sheep Group Ltd. | 31,302,000 | 25,060 | |
McDonald's Corp. | 22,789,870 | 1,921,642 | |
Red Robin Gourmet Burgers, Inc. (a) | 356,000 | 12,951 | |
Sands China Ltd. (a) | 805,200 | 2,173 | |
Starbucks Corp. | 10,840,354 | 428,086 | |
Tim Hortons, Inc. (Canada) | 12,168,732 | 594,178 | |
Wynn Resorts Ltd. | 700,500 | 100,550 | |
Yum! Brands, Inc. | 145,000 | 8,010 | |
| 4,388,566 | ||
Household Durables - 0.2% | |||
SodaStream International Ltd. | 569,889 | 34,655 | |
Tempur-Pedic International, Inc. (a) | 2,080,052 | 141,069 | |
| 175,724 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - continued | |||
Internet & Catalog Retail - 2.6% | |||
Amazon.com, Inc. (a) | 6,221,408 | $ 1,272,216 | |
ASOS PLC (a)(d) | 1,225,638 | 47,209 | |
Netflix, Inc. (a) | 423,400 | 111,223 | |
Ocado Group PLC (a) | 19,785,281 | 57,886 | |
Priceline.com, Inc. (a) | 1,139,000 | 583,088 | |
| 2,071,622 | ||
Media - 3.7% | |||
DIRECTV (a) | 5,995,733 | 304,703 | |
Discovery Communications, Inc. (a)(e) | 14,175,005 | 580,608 | |
DreamWorks Animation SKG, Inc. Class A (a) | 474,000 | 9,527 | |
Legend Pictures LLC (h)(i) | 27,800 | 20,850 | |
Liberty Media Corp. Capital Series A (a) | 758,338 | 65,027 | |
Naspers Ltd. Class N | 1,066,100 | 60,220 | |
Pandora Media, Inc. | 193,100 | 3,652 | |
Scripps Networks Interactive, Inc. Class A | 4,620,152 | 225,833 | |
The Walt Disney Co. | 39,865,119 | 1,556,334 | |
The Weinstein Co. Holdings, LLC Class A-1 (a)(h)(i) | 41,234 | 15,463 | |
Virgin Media, Inc. | 1,091,200 | 32,660 | |
| 2,874,877 | ||
Multiline Retail - 1.0% | |||
Dollar Tree, Inc. (a)(e) | 9,198,800 | 612,824 | |
Dollarama, Inc. | 1,471,150 | 49,837 | |
Dollarama, Inc. (f) | 1,194,200 | 40,455 | |
Macy's, Inc. | 1,828,900 | 53,477 | |
Maoye International Holdings Ltd. | 35,569,000 | 17,735 | |
Marisa Lojas SA | 985,800 | 15,029 | |
Springland International Holdings Ltd. | 372,000 | 309 | |
| 789,666 | ||
Specialty Retail - 2.6% | |||
AutoZone, Inc. (a) | 255,110 | 75,219 | |
Bed Bath & Beyond, Inc. (a) | 4,733,603 | 276,300 | |
DSW, Inc. Class A (a) | 360,633 | 18,252 | |
Express, Inc. | 221,166 | 4,821 | |
Foschini Ltd. | 1,210,000 | 15,785 | |
L'Occitane Ltd. (a) | 1,002,500 | 2,680 | |
Limited Brands, Inc. | 2,239,900 | 86,124 | |
Luk Fook Holdings International Ltd. | 824,000 | 3,997 | |
O'Reilly Automotive, Inc. (a) | 1,179,200 | 77,249 | |
Penske Automotive Group, Inc. | 375,000 | 8,528 | |
Ross Stores, Inc. | 4,384,394 | 351,278 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - continued | |||
Specialty Retail - continued | |||
Sally Beauty Holdings, Inc. (a) | 1,454,409 | $ 24,870 | |
Tiffany & Co., Inc. | 310,700 | 24,396 | |
TJX Companies, Inc. | 18,689,262 | 981,747 | |
Tractor Supply Co. | 106,700 | 7,136 | |
Ulta Salon, Cosmetics & Fragrance, Inc. (a) | 809,560 | 52,281 | |
Vitamin Shoppe, Inc. (a) | 881,572 | 40,341 | |
| 2,051,004 | ||
Textiles, Apparel & Luxury Goods - 1.9% | |||
Burberry Group PLC | 8,213,914 | 191,146 | |
Coach, Inc. | 1,266,667 | 80,978 | |
Deckers Outdoor Corp. (a) | 403,872 | 35,597 | |
lululemon athletica, Inc. (a) | 122,200 | 13,664 | |
NIKE, Inc. Class B | 11,301,800 | 1,016,936 | |
Polo Ralph Lauren Corp. Class A | 339,436 | 45,013 | |
Under Armour, Inc. Class A (sub. vtg.) (a)(d) | 734,600 | 56,792 | |
Vera Bradley, Inc. | 522,400 | 19,956 | |
VF Corp. | 289,900 | 31,472 | |
Wolverine World Wide, Inc. | 178,938 | 7,471 | |
| 1,499,025 | ||
TOTAL CONSUMER DISCRETIONARY | 14,568,262 | ||
CONSUMER STAPLES - 6.0% | |||
Beverages - 2.4% | |||
Anheuser-Busch InBev SA NV | 398,954 | 23,157 | |
Boston Beer Co., Inc. Class A (a) | 165,807 | 14,856 | |
Coca-Cola Icecek AS | 1,163,500 | 17,168 | |
Dr Pepper Snapple Group, Inc. | 1,509,600 | 63,298 | |
Hansen Natural Corp. (a) | 125,000 | 10,119 | |
The Coca-Cola Co. | 25,919,091 | 1,744,096 | |
| 1,872,694 | ||
Food & Staples Retailing - 0.6% | |||
Bim Birlesik Magazalar AS JSC | 916,000 | 29,770 | |
China Resources Enterprise Ltd. | 7,222,000 | 29,513 | |
Costco Wholesale Corp. | 3,485,423 | 283,156 | |
Droga Raia SA | 1,673,400 | 27,870 | |
Eurocash SA | 78,250 | 842 | |
Shoprite Holdings Ltd. | 1,040,200 | 15,660 | |
Wal-Mart de Mexico SA de CV Series V | 18,506,300 | 54,830 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER STAPLES - continued | |||
Food & Staples Retailing - continued | |||
Walgreen Co. | 377,400 | $ 16,024 | |
Whole Foods Market, Inc. | 460,400 | 29,212 | |
| 486,877 | ||
Food Products - 1.2% | |||
Danone | 220,000 | 16,416 | |
Diamond Foods, Inc. (d)(e) | 1,607,334 | 122,704 | |
General Mills, Inc. | 1,003,300 | 37,343 | |
Green Mountain Coffee Roasters, Inc. (a) | 2,762,500 | 246,581 | |
Kraft Foods, Inc. Class A | 238,700 | 8,409 | |
Mead Johnson Nutrition Co. Class A | 596,100 | 40,267 | |
Nestle SA | 1,221,913 | 75,943 | |
Orion Corp. | 3,103 | 1,326 | |
Shenguan Holdings Group Ltd. | 23,612,000 | 16,689 | |
Tingyi (Cayman Islands) Holding Corp. | 12,824,000 | 39,633 | |
TreeHouse Foods, Inc. (a)(e) | 3,408,796 | 186,154 | |
Want Want China Holdings Ltd. | 116,632,000 | 113,159 | |
| 904,624 | ||
Household Products - 1.1% | |||
Colgate-Palmolive Co. | 9,108,011 | 796,131 | |
Procter & Gamble Co. | 1,516,719 | 96,418 | |
| 892,549 | ||
Personal Products - 0.7% | |||
Estee Lauder Companies, Inc. Class A | 4,910,900 | 516,578 | |
Nu Skin Enterprises, Inc. Class A | 1,452,125 | 54,527 | |
| 571,105 | ||
TOTAL CONSUMER STAPLES | 4,727,849 | ||
ENERGY - 7.8% | |||
Energy Equipment & Services - 1.0% | |||
Dresser-Rand Group, Inc. (a) | 160,000 | 8,600 | |
Schlumberger Ltd. | 9,064,400 | 783,164 | |
Seadrill Ltd. | 660,900 | 23,266 | |
| 815,030 | ||
Oil, Gas & Consumable Fuels - 6.8% | |||
Anadarko Petroleum Corp. | 8,114,770 | 622,890 | |
Apache Corp. | 2,086,069 | 257,400 | |
Baytex Energy Corp. (d) | 132,800 | 7,260 | |
BG Group PLC | 3,440,867 | 78,085 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
ENERGY - continued | |||
Oil, Gas & Consumable Fuels - continued | |||
Birchcliff Energy Ltd. (a)(e) | 8,465,100 | $ 114,284 | |
Canadian Natural Resources Ltd. | 4,313,712 | 180,841 | |
Chesapeake Energy Corp. | 219,200 | 6,508 | |
Clean Energy Fuels Corp. (a)(d) | 678,208 | 8,918 | |
CNOOC Ltd. sponsored ADR (d) | 284,166 | 67,043 | |
Concho Resources, Inc. (a) | 4,949,259 | 454,589 | |
Continental Resources, Inc. (a) | 2,928,600 | 190,095 | |
El Paso Corp. | 378,200 | 7,640 | |
EnCana Corp. | 586,148 | 18,100 | |
EOG Resources, Inc. | 2,861,657 | 299,186 | |
Gran Tierra Energy, Inc. (a) | 2,100,400 | 13,830 | |
Ivanhoe Energy, Inc. (a)(f) | 4,102,500 | 7,785 | |
Kosmos Energy Ltd. | 1,886,660 | 32,035 | |
Noble Energy, Inc. (e) | 15,787,236 | 1,415,010 | |
Oasis Petroleum, Inc. (a) | 1,802,826 | 53,508 | |
Occidental Petroleum Corp. | 9,495,841 | 987,947 | |
OGX Petroleo e Gas Participacoes SA (a) | 1,972,300 | 18,433 | |
QEP Resources, Inc. | 992,200 | 41,504 | |
Range Resources Corp. | 441,400 | 24,498 | |
Southwestern Energy Co. (a) | 1,438,959 | 61,703 | |
Tourmaline Oil Corp. (a) | 4,453,900 | 147,971 | |
Tourmaline Oil Corp. (a)(f) | 1,363,300 | 45,293 | |
TransAtlantic Petroleum Ltd. (a)(f) | 4,894,651 | 8,070 | |
Tullow Oil PLC | 1,812,900 | 36,078 | |
Ultrapar Participacoes SA | 2,500,000 | 44,280 | |
Whiting Petroleum Corp. (a) | 981,528 | 55,859 | |
Williams Companies, Inc. | 829,600 | 25,095 | |
World Fuel Services Corp. | 240,000 | 8,623 | |
| 5,340,361 | ||
TOTAL ENERGY | 6,155,391 | ||
FINANCIALS - 9.4% | |||
Capital Markets - 0.4% | |||
BlackRock, Inc. Class A | 1,344,400 | 257,869 | |
Charles Schwab Corp. | 1,355,175 | 22,293 | |
Evercore Partners, Inc. Class A | 336,200 | 11,202 | |
T. Rowe Price Group, Inc. | 778,196 | 46,956 | |
| 338,320 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
FINANCIALS - continued | |||
Commercial Banks - 2.7% | |||
Banco Bradesco SA (PN) sponsored ADR | 1,025,000 | $ 21,002 | |
Banco do Brasil SA | 769,300 | 13,798 | |
BanColombia SA sponsored ADR | 130,000 | 8,675 | |
Bank of China Ltd. (H Shares) | 40,823,000 | 19,882 | |
HDFC Bank Ltd. sponsored ADR | 145,000 | 25,577 | |
Industrial & Commercial Bank of China Ltd. (H Shares) | 49,855,000 | 37,863 | |
Itau Unibanco Banco Multiplo SA sponsored ADR | 10,861,000 | 255,777 | |
M&T Bank Corp. | 1,041,900 | 91,635 | |
Metro Bank PLC Class A (a)(e)(h) | 1,658,250 | 23,952 | |
PT Bank Central Asia Tbk | 37,962,000 | 33,861 | |
PT Bank Tabungan Negara Tbk | 16,470,500 | 3,246 | |
Royal Bank of Canada | 521,700 | 29,823 | |
Standard Chartered PLC (United Kingdom) | 4,337,494 | 114,025 | |
The Toronto-Dominion Bank | 558,300 | 47,343 | |
Wells Fargo & Co. | 48,954,997 | 1,373,677 | |
| 2,100,136 | ||
Consumer Finance - 0.0% | |||
American Express Co. | 140,700 | 7,274 | |
Credit Acceptance Corp. (a) | 246,122 | 20,790 | |
Discover Financial Services | 443,369 | 11,860 | |
| 39,924 | ||
Diversified Financial Services - 1.5% | |||
Citigroup, Inc. | 16,459,720 | 685,383 | |
ING Groep NV (Certificaten Van Aandelen) (a) | 3,796,700 | 46,794 | |
JPMorgan Chase & Co. | 10,364,229 | 424,312 | |
MSCI, Inc. Class A (a) | 552,967 | 20,836 | |
| 1,177,325 | ||
Insurance - 4.4% | |||
ACE Ltd. | 1,233,600 | 81,196 | |
Admiral Group | 7,156,659 | 190,778 | |
AIA Group Ltd. | 23,178,000 | 80,271 | |
Berkshire Hathaway, Inc. Class A (a) | 20,292 | 2,356,003 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 195,422 | 78,217 | |
MetLife, Inc. | 3,385,800 | 148,535 | |
Prudential Financial, Inc. | 977,700 | 62,172 | |
Qualicorp SA | 2,581,000 | 24,634 | |
The Chubb Corp. | 5,157,800 | 322,930 | |
The Travelers Companies, Inc. | 1,728,228 | 100,894 | |
| 3,445,630 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
FINANCIALS - continued | |||
Real Estate Investment Trusts - 0.0% | |||
Simon Property Group, Inc. | 51,020 | $ 5,930 | |
Real Estate Management & Development - 0.3% | |||
BR Malls Participacoes SA | 16,624,400 | 190,087 | |
CB Richard Ellis Group, Inc. Class A (a) | 1,510,850 | 37,937 | |
Wharf Holdings Ltd. | 1,727,000 | 11,995 | |
| 240,019 | ||
Thrifts & Mortgage Finance - 0.1% | |||
BankUnited, Inc. | 2,367,800 | 62,841 | |
TOTAL FINANCIALS | 7,410,125 | ||
HEALTH CARE - 9.8% | |||
Biotechnology - 2.5% | |||
Achillion Pharmaceuticals, Inc. (a) | 2,137,903 | 15,906 | |
Alexion Pharmaceuticals, Inc. (a) | 3,473,360 | 163,352 | |
Amarin Corp. PLC ADR (a) | 726,685 | 10,515 | |
Amgen, Inc. (a) | 2,420,540 | 141,239 | |
Anthera Pharmaceuticals, Inc. (a) | 696,700 | 5,692 | |
ARIAD Pharmaceuticals, Inc. (a) | 2,217,023 | 25,119 | |
ArQule, Inc. (a) | 106,300 | 664 | |
AVEO Pharmaceuticals, Inc. (a) | 1,197,970 | 24,690 | |
Biogen Idec, Inc. (a) | 5,518,200 | 590,006 | |
BioMarin Pharmaceutical, Inc. (a) | 671,560 | 18,273 | |
Celgene Corp. (a) | 139,604 | 8,421 | |
Gilead Sciences, Inc. (a) | 18,043,497 | 747,181 | |
Human Genome Sciences, Inc. (a) | 1,611,196 | 39,539 | |
Incyte Corp. (a)(d) | 3,096,900 | 58,655 | |
Inhibitex, Inc. (a) | 1,123,584 | 4,404 | |
NPS Pharmaceuticals, Inc. (a) | 1,236,400 | 11,684 | |
ONYX Pharmaceuticals, Inc. (a) | 416,793 | 14,713 | |
Targacept, Inc. (a)(e) | 2,012,929 | 42,412 | |
Theravance, Inc. (a) | 550,000 | 12,216 | |
Vertex Pharmaceuticals, Inc. (a) | 1,004,100 | 52,203 | |
| 1,986,884 | ||
Health Care Equipment & Supplies - 1.2% | |||
Boston Scientific Corp. (a) | 1,004,449 | 6,941 | |
C. R. Bard, Inc. | 488,040 | 53,616 | |
Covidien PLC | 741,600 | 39,475 | |
Cyberonics, Inc. (a) | 130,147 | 3,638 | |
DENTSPLY International, Inc. | 202,200 | 7,700 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
HEALTH CARE - continued | |||
Health Care Equipment & Supplies - continued | |||
Edwards Lifesciences Corp. (a) | 2,374,258 | $ 206,988 | |
Gen-Probe, Inc. (a) | 304,405 | 21,050 | |
Hill-Rom Holdings, Inc. (e) | 5,758,338 | 265,114 | |
ICU Medical, Inc. (a) | 381,600 | 16,676 | |
Intuitive Surgical, Inc. (a) | 110,500 | 41,118 | |
Neogen Corp. (a) | 50,470 | 2,282 | |
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares) | 47,320,000 | 68,228 | |
Sirona Dental Systems, Inc. (a) | 534,500 | 28,382 | |
St. Jude Medical, Inc. | 1,638,900 | 78,143 | |
Stryker Corp. | 135,000 | 7,923 | |
The Cooper Companies, Inc. | 105,000 | 8,320 | |
Varian Medical Systems, Inc. (a) | 1,300,100 | 91,033 | |
Volcano Corp. (a) | 779,815 | 25,180 | |
| 971,807 | ||
Health Care Providers & Services - 1.2% | |||
Aetna, Inc. | 690,400 | 30,440 | |
AmerisourceBergen Corp. | 574,700 | 23,793 | |
Cardinal Health, Inc. | 1,802,800 | 81,883 | |
Diagnosticos da America SA | 1,125,000 | 15,134 | |
Express Scripts, Inc. (a) | 705,100 | 38,061 | |
HealthSouth Corp. (a) | 345,000 | 9,056 | |
HMS Holdings Corp. (a) | 743,700 | 57,168 | |
Humana, Inc. | 188,300 | 15,166 | |
Laboratory Corp. of America Holdings (a) | 180,000 | 17,422 | |
McKesson Corp. | 383,600 | 32,088 | |
Medco Health Solutions, Inc. (a) | 1,989,702 | 112,458 | |
MedQuist Holdings, Inc. (a) | 127,434 | 1,646 | |
UnitedHealth Group, Inc. | 6,799,900 | 350,739 | |
Universal Health Services, Inc. Class B | 1,228,300 | 63,294 | |
Wellcare Health Plans, Inc. (a) | 238,200 | 12,246 | |
WellPoint, Inc. | 700,210 | 55,156 | |
| 915,750 | ||
Health Care Technology - 0.6% | |||
Cerner Corp. (a) | 4,768,974 | 291,432 | |
Quality Systems, Inc. (d)(e) | 1,916,792 | 167,336 | |
| 458,768 | ||
Life Sciences Tools & Services - 1.6% | |||
Agilent Technologies, Inc. (a) | 5,310,705 | 271,430 | |
Fluidigm Corp. (h) | 1,027,385 | 15,506 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
HEALTH CARE - continued | |||
Life Sciences Tools & Services - continued | |||
Illumina, Inc. (a) | 756,800 | $ 56,874 | |
Mettler-Toledo International, Inc. (a)(e) | 3,234,000 | 545,479 | |
Thermo Fisher Scientific, Inc. (a) | 241,900 | 15,576 | |
Waters Corp. (a) | 3,705,557 | 354,770 | |
| 1,259,635 | ||
Pharmaceuticals - 2.7% | |||
Abbott Laboratories | 4,756,655 | 250,295 | |
Allergan, Inc. | 594,500 | 49,492 | |
AstraZeneca PLC (United Kingdom) | 2,110,828 | 105,499 | |
Bayer AG | 1,957,661 | 157,405 | |
Bristol-Myers Squibb Co. | 556,300 | 16,110 | |
Dr. Reddy's Laboratories Ltd. sponsored ADR (d) | 232,600 | 7,985 | |
Forest Laboratories, Inc. (a) | 507,300 | 19,957 | |
Lupin Ltd. | 1,450,000 | 14,594 | |
MAP Pharmaceuticals, Inc. (a) | 775,598 | 12,386 | |
Mylan, Inc. (a) | 2,158,700 | 53,255 | |
Novo Nordisk A/S Series B | 3,825,855 | 479,366 | |
Perrigo Co. | 2,589,600 | 227,548 | |
Pfizer, Inc. | 5,115,700 | 105,383 | |
Piramal Healthcare Ltd. | 35,231 | 314 | |
Shire PLC | 6,648,000 | 207,854 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 1,501,800 | 72,417 | |
The Medicines Company (a) | 437,250 | 7,219 | |
Valeant Pharmaceuticals International, Inc. (Canada) | 4,741,377 | 246,558 | |
ViroPharma, Inc. (a) | 430,000 | 7,955 | |
Warner Chilcott PLC | 1,493,426 | 36,036 | |
Watson Pharmaceuticals, Inc. (a) | 676,100 | 46,468 | |
| 2,124,096 | ||
TOTAL HEALTH CARE | 7,716,940 | ||
INDUSTRIALS - 6.6% | |||
Aerospace & Defense - 0.2% | |||
AeroVironment, Inc. (a) | 448,003 | 15,837 | |
Precision Castparts Corp. | 308,900 | 50,860 | |
TransDigm Group, Inc. (a) | 340,738 | 31,072 | |
United Technologies Corp. | 815,800 | 72,206 | |
| 169,975 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
INDUSTRIALS - continued | |||
Air Freight & Logistics - 0.6% | |||
C.H. Robinson Worldwide, Inc. | 5,316,625 | $ 419,163 | |
Expeditors International of Washington, Inc. | 1,287,000 | 65,882 | |
| 485,045 | ||
Building Products - 0.0% | |||
Armstrong World Industries, Inc. | 185,000 | 8,429 | |
Commercial Services & Supplies - 0.6% | |||
Aggreko PLC | 683,736 | 21,167 | |
Edenred (d) | 1,964,281 | 59,939 | |
KAR Auction Services, Inc. (a) | 1,060,676 | 20,057 | |
Stericycle, Inc. (a) | 3,084,308 | 274,874 | |
Swisher Hygiene, Inc. (h) | 6,357,060 | 35,790 | |
Waste Connections, Inc. | 1,835,096 | 58,228 | |
| 470,055 | ||
Construction & Engineering - 0.0% | |||
Jacobs Engineering Group, Inc. (a) | 214,779 | 9,289 | |
Electrical Equipment - 0.8% | |||
AMETEK, Inc. | 171,500 | 7,700 | |
Cooper Industries PLC Class A | 2,805,341 | 167,395 | |
II-VI, Inc. (a) | 299,400 | 7,665 | |
Polypore International, Inc. (a) | 2,163,221 | 146,753 | |
Rockwell Automation, Inc. | 994,300 | 86,265 | |
Roper Industries, Inc. | 1,799,100 | 149,865 | |
Sensata Technologies Holding BV (a) | 1,766,565 | 66,511 | |
| 632,154 | ||
Industrial Conglomerates - 0.1% | |||
3M Co. | 411,900 | 39,069 | |
Hutchison Whampoa Ltd. | 661,000 | 7,135 | |
| 46,204 | ||
Machinery - 1.9% | |||
Caterpillar, Inc. | 602,500 | 64,142 | |
China Automation Group Ltd. | 35,291,000 | 24,716 | |
Cummins, Inc. | 957,453 | 99,087 | |
Danaher Corp. | 13,119,327 | 695,193 | |
Deere & Co. | 959,000 | 79,070 | |
Donaldson Co., Inc. | 66,369 | 4,027 | |
Dover Corp. | 1,819,200 | 123,342 | |
Gardner Denver, Inc. | 110,100 | 9,254 | |
Graco, Inc. | 488,400 | 24,742 | |
IDEX Corp. | 194,100 | 8,899 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INDUSTRIALS - continued | |||
Machinery - continued | |||
Nordson Corp. | 2,751,208 | $ 150,904 | |
PACCAR, Inc. | 383,341 | 19,585 | |
Pall Corp. | 1,965,600 | 110,526 | |
Rotork PLC | 272,800 | 7,382 | |
WABCO Holdings, Inc. (a) | 714,700 | 49,357 | |
| 1,470,226 | ||
Professional Services - 0.2% | |||
Experian PLC | 3,187,300 | 40,590 | |
IHS, Inc. Class A (a) | 1,047,099 | 87,349 | |
Nielsen Holdings B.V. (a) | 1,252,470 | 39,027 | |
| 166,966 | ||
Road & Rail - 1.8% | |||
Canadian National Railway Co. | 5,058,300 | 404,601 | |
CSX Corp. | 15,296,700 | 401,079 | |
Hertz Global Holdings, Inc. (a) | 491,900 | 7,811 | |
Localiza Rent A Car SA | 2,909,200 | 51,993 | |
Norfolk Southern Corp. | 692,000 | 51,852 | |
Union Pacific Corp. | 4,720,854 | 492,857 | |
Zipcar, Inc. (a)(d) | 316,300 | 6,456 | |
| 1,416,649 | ||
Trading Companies & Distributors - 0.4% | |||
Air Lease Corp.: | |||
Class A (a)(f) | 1,624,500 | 39,459 | |
Class A | 1,878,677 | 45,633 | |
Mills Estruturas e Servicos de Engenharia SA | 1,678,700 | 24,195 | |
Noble Group Ltd. | 33,663,000 | 53,990 | |
W.W. Grainger, Inc. | 892,044 | 137,063 | |
| 300,340 | ||
Transportation Infrastructure - 0.0% | |||
Hutchison Port Holdings Trust | 67,300 | 57 | |
TOTAL INDUSTRIALS | 5,175,389 | ||
INFORMATION TECHNOLOGY - 30.4% | |||
Communications Equipment - 2.1% | |||
Acme Packet, Inc. (a) | 2,636,734 | 184,914 | |
Aruba Networks, Inc. (a) | 4,268,386 | 126,131 | |
Calix Networks, Inc. (a) | 1,890,023 | 39,350 | |
F5 Networks, Inc. (a) | 828,824 | 91,378 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Communications Equipment - continued | |||
HTC Corp. | 7,638,650 | $ 256,226 | |
Juniper Networks, Inc. (a) | 1,714,955 | 54,021 | |
Motorola Solutions, Inc. | 493,100 | 22,702 | |
Polycom, Inc. (a) | 2,539,200 | 163,271 | |
QUALCOMM, Inc. | 9,384,743 | 532,960 | |
Riverbed Technology, Inc. (a) | 3,888,766 | 153,956 | |
| 1,624,909 | ||
Computers & Peripherals - 8.2% | |||
Apple, Inc. (a) | 15,978,147 | 5,363,381 | |
Dell, Inc. (a) | 6,319,600 | 105,348 | |
EMC Corp. (a) | 19,754,300 | 544,231 | |
NetApp, Inc. (a) | 7,447,385 | 393,073 | |
| 6,406,033 | ||
Electronic Equipment & Components - 1.0% | |||
Amphenol Corp. Class A (e) | 11,224,572 | 606,015 | |
Arrow Electronics, Inc. (a) | 1,267,517 | 52,602 | |
E Ink Holdings, Inc. GDR (a)(f) | 471,100 | 8,817 | |
IPG Photonics Corp. (a) | 1,394,871 | 101,421 | |
National Instruments Corp. | 1,369,345 | 40,656 | |
| 809,511 | ||
Internet Software & Services - 5.8% | |||
Active Network, Inc. | 961,781 | 16,927 | |
AOL, Inc. (a) | 3,486,156 | 69,235 | |
Baidu.com, Inc. sponsored ADR (a) | 2,221,402 | 311,285 | |
Constant Contact, Inc. (a)(d)(e) | 1,854,870 | 47,077 | |
Dice Holdings, Inc. (a) | 1,485,642 | 20,086 | |
eBay, Inc. (a) | 10,506,509 | 339,045 | |
Facebook, Inc. Class B (a)(h) | 3,464,225 | 86,606 | |
Google, Inc. Class A (a) | 6,263,848 | 3,171,887 | |
LogMeIn, Inc. (a)(d) | 1,115,303 | 43,017 | |
Mercadolibre, Inc. (d) | 1,645,624 | 130,564 | |
Open Text Corp. (a) | 239,500 | 15,355 | |
OpenTable, Inc. (a) | 43,236 | 3,594 | |
Tencent Holdings Ltd. | 7,530,800 | 204,389 | |
WebMD Health Corp. (a) | 902,804 | 41,150 | |
| 4,500,217 | ||
IT Services - 2.5% | |||
Accenture PLC Class A | 10,720,700 | 647,745 | |
Alliance Data Systems Corp. (a) | 277,800 | 26,133 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
IT Services - continued | |||
Atos Origin SA | 135,000 | $ 7,628 | |
Broadridge Financial Solutions, Inc. | 216,900 | 5,221 | |
Cognizant Technology Solutions Corp. Class A (a) | 4,222,822 | 309,702 | |
Fidelity National Information Services, Inc. | 3,615,558 | 111,323 | |
Fiserv, Inc. (a) | 1,232,000 | 77,160 | |
International Business Machines Corp. | 639,814 | 109,760 | |
MasterCard, Inc. Class A | 332,546 | 100,209 | |
ServiceSource International, Inc. | 1,433,039 | 31,842 | |
Teradata Corp. (a) | 256,414 | 15,436 | |
Visa, Inc. Class A | 6,444,393 | 543,005 | |
| 1,985,164 | ||
Semiconductors & Semiconductor Equipment - 4.8% | |||
Altera Corp. (e) | 18,427,900 | 854,133 | |
Analog Devices, Inc. | 6,102,154 | 238,838 | |
ARM Holdings PLC sponsored ADR (d) | 10,167,900 | 289,073 | |
ASML Holding NV | 3,390,900 | 125,328 | |
Atmel Corp. (a) | 12,076,900 | 169,922 | |
Avago Technologies Ltd. | 9,586,490 | 364,287 | |
Broadcom Corp. Class A | 4,128,700 | 138,889 | |
Cavium, Inc. (a)(e) | 2,801,316 | 122,109 | |
Cymer, Inc. (a) | 798,900 | 39,554 | |
GT Solar International, Inc. (a)(d) | 2,961,419 | 47,975 | |
Hittite Microwave Corp. (a) | 201,755 | 12,491 | |
Linear Technology Corp. | 4,644,100 | 153,348 | |
LSI Corp. (a) | 1,200,000 | 8,544 | |
Marvell Technology Group Ltd. (a) | 2,266,014 | 33,458 | |
Maxim Integrated Products, Inc. | 3,830,991 | 97,920 | |
Micrel, Inc. | 180,117 | 1,906 | |
Microchip Technology, Inc. (d) | 850,800 | 32,254 | |
Netlogic Microsystems, Inc. (a) | 899,430 | 36,355 | |
Novellus Systems, Inc. (a) | 728,100 | 26,314 | |
NVIDIA Corp. (a) | 6,281,556 | 100,097 | |
Omnivision Technologies, Inc. (a) | 1,784,700 | 62,125 | |
Samsung Electronics Co. Ltd. | 621,650 | 481,240 | |
Semtech Corp. (a) | 512,029 | 13,999 | |
Skyworks Solutions, Inc. (a)(e) | 11,116,289 | 255,452 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 2,452,280 | 30,923 | |
TriQuint Semiconductor, Inc. (a) | 2,676,498 | 27,274 | |
| 3,763,808 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Software - 6.0% | |||
ANSYS, Inc. (a) | 1,084,783 | $ 59,305 | |
BMC Software, Inc. (a) | 6,274,547 | 343,218 | |
BroadSoft, Inc. (a) | 202,900 | 7,737 | |
Check Point Software Technologies Ltd. (a) | 7,282,100 | 413,987 | |
Citrix Systems, Inc. (a) | 5,440,200 | 435,216 | |
CommVault Systems, Inc. (a) | 781,528 | 34,739 | |
Fortinet, Inc. (a) | 5,362,221 | 146,335 | |
Informatica Corp. (a)(e) | 5,433,927 | 317,504 | |
Intuit, Inc. (a) | 5,626,800 | 291,806 | |
NetSuite, Inc. (a)(d) | 1,306,246 | 51,205 | |
Nuance Communications, Inc. (a) | 738,800 | 15,862 | |
Oracle Corp. | 34,724,444 | 1,142,781 | |
Pegasystems, Inc. | 167,672 | 7,805 | |
QLIK Technologies, Inc. | 1,137,600 | 38,747 | |
RealPage, Inc. | 1,025,377 | 27,142 | |
Red Hat, Inc. (a) | 1,951,425 | 89,570 | |
Rovi Corp. (a) | 3,869,240 | 221,940 | |
salesforce.com, Inc. (a) | 4,671,235 | 695,921 | |
SAP AG sponsored ADR (d) | 376,000 | 22,804 | |
Solera Holdings, Inc. | 1,932,888 | 114,350 | |
SuccessFactors, Inc. (a) | 330,444 | 9,715 | |
TIBCO Software, Inc. (a) | 3,751,700 | 108,874 | |
Trion World Network, Inc. warrants 8/10/17 (a)(h) | 124,282 | 0* | |
VMware, Inc. Class A (a) | 1,152,400 | 115,505 | |
| 4,712,068 | ||
TOTAL INFORMATION TECHNOLOGY | 23,801,710 | ||
MATERIALS - 5.8% | |||
Chemicals - 0.4% | |||
Albemarle Corp. | 489,000 | 33,839 | |
Celanese Corp. Class A | 531,500 | 28,334 | |
Ecolab, Inc. | 1,240,463 | 69,937 | |
Huabao International Holdings Ltd. | 15,561,000 | 14,158 | |
PPG Industries, Inc. | 1,104,900 | 100,314 | |
Praxair, Inc. | 411,000 | 44,548 | |
Sherwin-Williams Co. | 100,000 | 8,387 | |
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR (d) | 130,300 | 8,433 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
MATERIALS - continued | |||
Chemicals - continued | |||
Valspar Corp. | 430,600 | $ 15,527 | |
W.R. Grace & Co. (a) | 165,495 | 7,552 | |
| 331,029 | ||
Containers & Packaging - 0.2% | |||
Ball Corp. | 886,693 | 34,102 | |
Crown Holdings, Inc. (a) | 868,600 | 33,719 | |
Lock & Lock Co. Ltd. | 120,400 | 4,892 | |
Rock-Tenn Co. Class A | 819,300 | 54,352 | |
Silgan Holdings, Inc. | 677,700 | 27,765 | |
| 154,830 | ||
Metals & Mining - 5.2% | |||
Allied Nevada Gold Corp. (Canada) (a) | 2,080,600 | 73,373 | |
AngloGold Ashanti Ltd. sponsored ADR | 4,797,758 | 201,938 | |
Aurizon Mines Ltd. (a) | 3,012,800 | 16,870 | |
Avion Gold Corp. (a)(e) | 25,194,997 | 50,683 | |
B2Gold Corp. (a)(e) | 26,896,442 | 90,919 | |
B2Gold Corp. (a)(e)(f) | 5,850,000 | 19,775 | |
Canaco Resources, Inc. (a) | 1,811,400 | 6,255 | |
Canaco Resources, Inc. (f) | 4,674,900 | 16,142 | |
Centerra Gold, Inc. | 107,100 | 1,777 | |
Dalradian Resources, Inc. (a)(e) | 3,991,600 | 6,250 | |
Eldorado Gold Corp. | 17,880,288 | 263,829 | |
Extorre Gold Mines Ltd. (a)(e) | 6,795,068 | 87,440 | |
Extorre Gold Mines Ltd. (a)(e)(f)(g) | 569,000 | 7,322 | |
First Quantum Minerals Ltd. | 101,400 | 14,785 | |
Fortescue Metals Group Ltd. | 2,371,837 | 16,153 | |
Franco-Nevada Corp. (e) | 9,506,600 | 354,871 | |
Franco-Nevada Corp. (e)(f) | 695,100 | 25,947 | |
Franco-Nevada Corp. warrants 6/16/17 (a)(e)(f) | 347,550 | 2,198 | |
Freeport-McMoRan Copper & Gold, Inc. | 3,274,700 | 173,232 | |
Goldcorp, Inc. | 12,767,483 | 617,589 | |
Intrepid Mines Ltd. (Australia) (a) | 2,900,573 | 4,417 | |
Ivanhoe Australia Ltd. (a) | 995,732 | 2,563 | |
Ivanhoe Mines Ltd. (a)(d) | 22,148,540 | 559,685 | |
Kinross Gold Corp. | 955,827 | 15,095 | |
Kinross Gold Corp. warrants 9/17/14 (a) | 1,155,458 | 2,935 | |
Kirkland Lake Gold, Inc. (a) | 550,000 | 8,669 | |
Medusa Mining Ltd. (e) | 13,207,907 | 93,351 | |
New Gold, Inc. (a) | 9,632,011 | 99,376 | |
Newcrest Mining Ltd. | 20,225,853 | 818,014 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
MATERIALS - continued | |||
Metals & Mining - continued | |||
Osisko Mining Corp. (a) | 4,327,800 | $ 67,268 | |
Perseus Mining Ltd. (Canada) (a) | 1,408,200 | 3,942 | |
Pilot Gold, Inc. (a) | 489,297 | 1,116 | |
Premier Gold Mines Ltd. (a) | 1,156,600 | 6,800 | |
Rainy River Resources Ltd. (a) | 1,107,800 | 10,740 | |
Randgold Resources Ltd. sponsored ADR | 838,746 | 70,497 | |
Romarco Minerals, Inc. (a) | 2,436,500 | 4,143 | |
Royal Gold, Inc. | 561,944 | 32,913 | |
Sabina Gold & Silver Corp. (a) | 685,700 | 4,195 | |
San Gold Corp. (a) | 5,432,500 | 18,364 | |
SEMAFO, Inc. (a) | 4,178,500 | 32,019 | |
Tahoe Resources, Inc. (f) | 5,816,500 | 108,562 | |
Tigray Resources, Inc. | 1,297,260 | 0 | |
US Gold Corp. (a)(d) | 2,512,600 | 15,151 | |
| 4,027,163 | ||
TOTAL MATERIALS | 4,513,022 | ||
TELECOMMUNICATION SERVICES - 0.7% | |||
Diversified Telecommunication Services - 0.2% | |||
AboveNet, Inc. | 103,500 | 7,293 | |
Telecomunicacoes de Sao Paulo SA sponsored ADR | 5,174,830 | 153,692 | |
tw telecom, inc. (a) | 400,000 | 8,212 | |
| 169,197 | ||
Wireless Telecommunication Services - 0.5% | |||
American Tower Corp. Class A (a) | 4,440,700 | 232,382 | |
Millicom International Cellular SA | 74,600 | 7,740 | |
Millicom International Cellular SA unit | 140,300 | 14,641 | |
SOFTBANK CORP. | 602,300 | 22,805 | |
TIM Participacoes SA sponsored ADR (non-vtg.) | 1,997,862 | 98,315 | |
| 375,883 | ||
TOTAL TELECOMMUNICATION SERVICES | 545,080 | ||
UTILITIES - 0.2% | |||
Gas Utilities - 0.1% | |||
ONEOK, Inc. | 787,100 | 58,253 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
UTILITIES - continued | |||
Multi-Utilities - 0.1% | |||
YTL Corp. Bhd | 124,728,150 | $ 64,027 | |
TOTAL UTILITIES | 122,280 | ||
TOTAL COMMON STOCKS (Cost $48,070,559) | 74,736,048 | ||
Convertible Preferred Stocks - 0.3% | |||
|
|
|
|
CONSUMER DISCRETIONARY - 0.2% | |||
Diversified Consumer Services - 0.1% | |||
Groupon, Inc. Series G (a)(h) | 2,625,879 | 82,952 | |
Media - 0.1% | |||
Zynga Game Network, Inc. (a)(h) | 5,862,380 | 82,244 | |
TOTAL CONSUMER DISCRETIONARY | 165,196 | ||
HEALTH CARE - 0.0% | |||
Health Care Equipment & Supplies - 0.0% | |||
superDimension Ltd.: | |||
Series D, 6.00% (a)(h) | 698,064 | 14,960 | |
Series E, 6.00% (a)(h) | 48,567 | 1,041 | |
warrants 6/16/20 (a)(h) | 12,142 | 0 | |
| 16,001 | ||
INFORMATION TECHNOLOGY - 0.1% | |||
Internet Software & Services - 0.1% | |||
Digg, Inc. Series C, 8.00% (a)(h) | 410,013 | 2,001 | |
Ning, Inc. Series D 8.00% (a)(h) | 4,021,166 | 23,705 | |
| 25,706 | ||
Software - 0.0% | |||
Trion World Network, Inc.: | |||
Series C, 8.00% (a)(h) | 3,950,196 | 16,907 | |
Series C-1, 8.00% (a)(h) | 310,705 | 1,330 | |
| 18,237 | ||
TOTAL INFORMATION TECHNOLOGY | 43,943 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $237,662) | 225,140 |
Nonconvertible Bonds - 0.0% | ||||
| Principal Amount (000s) | Value (000s) | ||
CONSUMER DISCRETIONARY - 0.0% | ||||
Specialty Retail - 0.0% | ||||
J. Crew Group, Inc. 8.125% 3/1/19 (f) (Cost $1,000) | $ 1,000 | $ 973 |
Money Market Funds - 5.3% | |||
Shares |
| ||
Fidelity Cash Central Fund, 0.11% (b) | 3,751,083,908 | 3,751,084 | |
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c) | 382,616,803 | 382,617 | |
TOTAL MONEY MARKET FUNDS (Cost $4,133,701) | 4,133,701 | ||
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $52,442,922) | 79,095,862 | ||
NET OTHER ASSETS (LIABILITIES) - (0.9)% | (671,671) | ||
NET ASSETS - 100% | $ 78,424,191 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $330,798,000 or 0.4% of net assets. |
(g) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(h) 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 $480,823,000 or 0.6% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
Concho Resources, Inc. | 7/20/10 | $ 28,368 |
Digg, Inc. Series C, 8.00% | 9/23/08 | $ 4,317 |
Facebook, Inc. Class B | 3/31/11 - 5/19/11 | $ 86,629 |
Fluidigm Corp. | 10/9/07 - 1/6/11 | $ 18,170 |
Groupon, Inc. | 12/17/10 | $ 82,952 |
Legend Pictures LLC | 9/23/10 | $ 20,850 |
Metro Bank PLC Class A | 12/8/09 - 12/1/10 | $ 21,310 |
Ning, Inc. Series D 8.00% | 3/19/08 | $ 28,751 |
superDimension Ltd. Series D, 6.00% | 2/27/08 - 5/22/08 | $ 14,960 |
Security | Acquisition Date | Acquisition Cost (000s) |
superDimension Ltd. Series E, 6.00% | 6/15/10 | $ 1,041 |
superDimension Ltd. warrants 6/16/20 | 6/15/10 | $ 0 |
Swisher Hygiene, Inc. | 3/22/11 | $ 31,785 |
The Weinstein Co. Holdings, LLC Class A-1 | 10/19/05 | $ 41,234 |
Trion World Network, Inc. warrants 8/10/17 | 8/10/10 | $ 0* |
Trion World Network, Inc. Series C, 8.00% | 8/22/08 | $ 21,691 |
Trion World Network, Inc. Series C-1, 8.00% | 8/10/10 | $ 1,706 |
Zynga Game Network, Inc. | 2/18/11 | $ 82,244 |
(i) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes which is owned by the Fund. |
* Amount represents less than $1,000. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 2,136 |
Fidelity Securities Lending Cash Central Fund | 2,338 |
Total | $ 4,474 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate | Value, | Purchases | Sales | Dividend | Value, |
Altera Corp. | $ 634,370 | $ 55,551 | $ 30,390 | $ 2,221 | $ 854,133 |
Amphenol Corp. Class A | 550,918 | 43,345 | - | 330 | 606,015 |
Avion Gold Corp. | - | 42,200 | - | - | 50,683 |
B2Gold Corp. | 74,594 | 13,161 | - | - | 110,694 |
Birchcliff Energy Ltd. | 80,976 | - | - | - | 114,284 |
Cavium, Inc. | 100,452 | 47,862 | 38,062 | - | 122,109 |
Chipotle Mexican Grill, Inc. | 631,915 | - | - | - | 915,780 |
Cirrus Logic, Inc. | 66,844 | 16,478 | 79,969 | - | - |
Constant Contact, Inc. | 57,482 | - | - | - | 47,077 |
Dalradian Resources, Inc. | - | 8,089 | - | - | 6,250 |
Diamond Foods, Inc. | 74,649 | 23,504 | 8,710 | 121 | 122,704 |
Discovery Communications, Inc. | 559,889 | 31,516 | - | - | 580,608 |
Dollar Tree, Inc. | 508,287 | 53,068 | 40,470 | - | 612,824 |
Extorre Gold Mines Ltd. | - | 75,810 | - | - | 94,762 |
Franco-Nevada Corp. | 331,629 | 12,574 | - | 1,309 | 383,016 |
Hill-Rom Holdings, Inc. | 127,108 | 106,420 | - | 1,039 | 265,114 |
Informatica Corp. | 207,780 | 64,241 | 23,423 | - | 317,504 |
J. Crew Group, Inc. | 275,365 | - | 277,661 | - | - |
Medusa Mining Ltd. | - | 43,981 | - | 447 | 93,351 |
Metro Bank PLC Class A | 23,284 | - | - | - | 23,952 |
Mettler-Toledo International, Inc. | 489,149 | 7,138 | 7,903 | - | 545,479 |
Micrel, Inc. | 81,148 | - | 71,337 | 351 | - |
Noble Energy, Inc. | 1,143,438 | 229,998 | - | 5,187 | 1,415,010 |
Polypore International, Inc. | 95,480 | 5,263 | 15,428 | - | - |
Quality Systems, Inc. | 133,299 | 14,242 | 13,245 | 1,320 | 167,336 |
Skyworks Solutions, Inc. | 358,487 | 17,435 | 54,112 | - | 255,452 |
Targacept, Inc. | 41,953 | 8,811 | - | - | 42,412 |
Tim Hortons, Inc. | 480,467 | 7,572 | - | - | - |
TJX Companies, Inc. | 909,199 | 16,163 | 106,766 | 6,994 | - |
TreeHouse Foods, Inc. | 174,155 | - | - | - | 186,154 |
Total | $ 8,212,317 | $ 944,422 | $ 767,476 | $ 19,319 | $ 7,932,703 |
Other Information |
The following is a summary of the inputs used, as of June 30, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 14,733,458 | $ 14,507,367 | $ 24,582 | $ 201,509 |
Consumer Staples | 4,727,849 | 4,704,692 | 23,157 | - |
Energy | 6,155,391 | 6,155,391 | - | - |
Financials | 7,410,125 | 7,339,379 | 46,794 | 23,952 |
Health Care | 7,732,941 | 6,908,715 | 808,225 | 16,001 |
Industrials | 5,175,389 | 5,175,389 | - | - |
Information Technology | 23,845,653 | 23,715,104 | - | 130,549 |
Materials | 4,513,022 | 4,513,022 | - | - |
Telecommunication Services | 545,080 | 522,275 | 22,805 | - |
Utilities | 122,280 | 122,280 | - | - |
Corporate Bonds | 973 | - | 973 | - |
Money Market Funds | 4,133,701 | 4,133,701 | - | - |
Total Investments in Securities: | $ 79,095,862 | $ 77,797,315 | $ 926,536 | $ 372,011 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
(Amounts in thousands) |
|
Investments in Securities: | |
Beginning Balance | $ 162,291 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | 644 |
Cost of Purchases | 169,914 |
Proceeds of Sales | (10,488) |
Amortization/Accretion | - |
Transfers in to Level 3 | 82,952 |
Transfers out of Level 3 | (33,302) |
Ending Balance | $ 372,011 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2011 | $ 644 |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited) |
United States of America | 81.2% |
Canada | 5.7% |
United Kingdom | 1.6% |
Australia | 1.2% |
Ireland | 1.2% |
Brazil | 1.1% |
Netherlands Antilles | 1.0% |
Others (Individually Less Than 1%) | 7.0% |
| 100.0% |
Income Tax Information |
At December 31, 2010, the Fund had a capital loss carryforward of approximately $5,133,096,000 of which $2,230,781,000 and $2,902,315,000 will expire in fiscal 2016 and 2017, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. |
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 amounts) | June 30, 2011 | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $376,287) - See accompanying schedule: Unaffiliated issuers (cost $43,871,460) | $ 67,029,458 |
|
Fidelity Central Funds (cost $4,133,701) | 4,133,701 |
|
Other affiliated issuers (cost $4,437,761) | 7,932,703 |
|
Total Investments (cost $52,442,922) |
| $ 79,095,862 |
Cash | 2,087 | |
Foreign currency held at value (cost $48) | 48 | |
Receivable for investments sold | 147,649 | |
Receivable for fund shares sold | 117,528 | |
Dividends receivable | 50,498 | |
Interest receivable | 26 | |
Distributions receivable from Fidelity Central Funds | 610 | |
Other receivables | 2,742 | |
Total assets | 79,417,050 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 447,740 | |
Delayed delivery | 6,195 | |
Payable for fund shares redeemed | 111,211 | |
Accrued management fee | 32,820 | |
Other affiliated payables | 9,953 | |
Other payables and accrued expenses | 2,323 | |
Collateral on securities loaned, at value | 382,617 | |
Total liabilities | 992,859 | |
|
|
|
Net Assets | $ 78,424,191 | |
Net Assets consist of: |
| |
Paid in capital | $ 56,200,275 | |
Undistributed net investment income | 24,757 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (4,453,599) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 26,652,758 | |
Net Assets | $ 78,424,191 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | June 30, 2011 | |
|
|
|
Contrafund: | $ 70.61 | |
|
|
|
Class K: | $ 70.62 |
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, 2011 | |
|
|
|
Investment Income |
|
|
Dividends (including $19,319 earned from other affiliated issuers) |
| $ 317,053 |
Interest |
| 24 |
Income from Fidelity Central Funds |
| 4,474 |
Total income |
| 321,551 |
|
|
|
Expenses | ||
Management fee | $ 216,410 | |
Performance adjustment | 18,169 | |
Transfer agent fees | 58,309 | |
Accounting and security lending fees | 1,511 | |
Custodian fees and expenses | 1,523 | |
Independent trustees' compensation | 198 | |
Appreciation in deferred trustee compensation account | 1 | |
Registration fees | 525 | |
Audit | 120 | |
Legal | 77 | |
Miscellaneous | 456 | |
Total expenses before reductions | 297,299 | |
Expense reductions | (1,976) | 295,323 |
Net investment income (loss) | 26,228 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 1,351,400 | |
Other affiliated issuers | 125,959 |
|
Foreign currency transactions | (3,297) | |
Total net realized gain (loss) |
| 1,474,062 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 1,791,061 | |
Assets and liabilities in foreign currencies | (549) | |
Total change in net unrealized appreciation (depreciation) |
| 1,790,512 |
Net gain (loss) | 3,264,574 | |
Net increase (decrease) in net assets resulting from operations | $ 3,290,802 |
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) | $ 26,228 | $ (5,365) |
Net realized gain (loss) | 1,474,062 | 1,184,715 |
Change in net unrealized appreciation (depreciation) | 1,790,512 | 9,616,515 |
Net increase (decrease) in net assets resulting | 3,290,802 | 10,795,865 |
Distributions to shareholders from net investment income | - | (11,023) |
Distributions to shareholders from net realized gain | (94,475) | (443,362) |
Total distributions | (94,475) | (454,385) |
Share transactions - net increase (decrease) | 695,763 | 216,951 |
Total increase (decrease) in net assets | 3,892,090 | 10,558,431 |
|
|
|
Net Assets | ||
Beginning of period | 74,532,101 | 63,973,670 |
End of period (including undistributed net investment income of $24,757 and accumulated net investment loss of $1,471, respectively) | $ 78,424,191 | $ 74,532,101 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Contrafund
| Six months ended | Years ended December 31, | ||||
| 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 67.73 | $ 58.28 | $ 45.26 | $ 73.11 | $ 65.21 | $ 64.76 |
Income from Investment |
|
|
|
|
| |
Net investment income (loss) D | .01 | (.02) | .11 | .23 | .48 | .41 |
Net realized and unrealized gain (loss) | 2.96 | 9.86 | 13.11 | (27.22) | 12.34 | 6.92 |
Total from investment operations | 2.97 | 9.84 | 13.22 | (26.99) | 12.82 | 7.33 |
Distributions from net investment income | - | (.01) | (.11) | (.21) | (.44) | (.39) |
Distributions from net realized gain | (.09) | (.38) | (.09) | (.65) | (4.48) | (6.49) |
Total distributions | (.09) | (.39) | (.20) H | (.86) | (4.92) | (6.88) |
Net asset value, end of period | $ 70.61 | $ 67.73 | $ 58.28 | $ 45.26 | $ 73.11 | $ 65.21 |
Total Return B, C | 4.38% | 16.93% | 29.23% | (37.16)% | 19.78% | 11.54% |
Ratios to Average Net Assets E, G |
|
|
|
|
| |
Expenses before reductions | .79% A | .92% | 1.02% | .95% | .89% | .90% |
Expenses net of fee waivers, if any | .79% A | .92% | 1.02% | .95% | .89% | .90% |
Expenses net of all reductions | .78% A | .91% | 1.01% | .94% | .89% | .89% |
Net investment income (loss) | .04% A | (.03)% | .22% | .37% | .68% | .62% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 61,647 | $ 60,498 | $ 57,225 | $ 45,149 | $ 81,144 | $ 68,576 |
Portfolio turnover rate F | 57% A | 46% | 58% | 78% | 56% | 76% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G 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 reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Total distributions of $.20 per share is comprised of distributions from net investment income of $.113 and distributions from net realized gain of $.085 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class K
| Six months ended | Years ended December 31, | ||
| 2011 | 2010 | 2009 | 2008 G |
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period | $ 67.70 | $ 58.25 | $ 45.23 | $ 68.59 |
Income from Investment Operations |
|
|
|
|
Net investment income (loss) D | .06 | .06 | .19 | .22 |
Net realized and unrealized gain (loss) | 2.95 | 9.87 | 13.11 | (23.30) |
Total from investment operations | 3.01 | 9.93 | 13.30 | (23.08) |
Distributions from net investment income | - | (.01) | (.20) | (.28) |
Distributions from net realized gain | (.09) | (.47) | (.09) | - |
Total distributions | (.09) | (.48) | (.28) I | (.28) |
Net asset value, end of period | $ 70.62 | $ 67.70 | $ 58.25 | $ 45.23 |
Total Return B, C | 4.44% | 17.09% | 29.43% | (33.63)% |
Ratios to Average Net Assets E, H |
|
|
|
|
Expenses before reductions | .67% A | .79% | .86% | .82% A |
Expenses net of fee waivers, if any | .67% A | .79% | .86% | .82% A |
Expenses net of all reductions | .66% A | .78% | .85% | .82% A |
Net investment income (loss) | .17% A | .10% | .38% | .75% A |
Supplemental Data |
|
|
|
|
Net assets, end of period (in millions) | $ 16,778 | $ 14,034 | $ 6,749 | $ 3,301 |
Portfolio turnover rate F | 57% A | 46% | 58% | 78% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period May 9, 2008 (commencement of sale of shares) to December 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Total distributions of $.28 per share is comprised of distributions from net investment income of $.196 and distributions from net realized gain of $.085 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, 2011
(Amounts in thousands except ratios)
1. Organization.
Fidelity Contrafund (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Contrafund and Class K 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. 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 fees incurred. Certain expense reductions may also differ by class.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of June 30, 2011, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain 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
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. 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. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and 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 GAAP.
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.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, partnerships, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 26,448,169 |
Gross unrealized depreciation | (452,679) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 25,995,490 |
Tax cost | $ 53,100,372 |
Under the recently enacted Regulated Investment Company Modernization Act of 2010 (the Act), the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The Fund's first fiscal year end subject to the Act will be December 31, 2011.
New Accounting Pronouncement. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update changes the wording used to describe the requirements in GAAP for measuring fair value and for disclosing information about fair value measurements. The update is effective during interim and annual periods beginning after December 15, 2011. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
4. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $21,656,841 and $21,522,029, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Contrafund as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .60% of the Fund's average net assets.
Semiannual Report
6. 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 Contrafund. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Contrafund | $ 54,234 | .17 |
Class K | 4,075 | .05 |
| $ 58,309 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $373 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $130 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. The lending agent may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
8. Security Lending - continued
U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $5,065. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $2,338, including $18 from securities loaned to FCM.
9. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $1,950 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 custody expenses by $26.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Contrafund | $ - | $ 9,746 |
Class K | - | 1,277 |
Total | $ - | $ 11,023 |
From net realized gain |
|
|
Contrafund | $ 76,134 | $ 351,760 |
Class K | 18,341 | 91,602 |
Total | $ 94,475 | $ 443,362 |
Semiannual Report
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
Six months ended June 30, | Year ended | Six months ended | Year ended | |
Contrafund |
|
|
|
|
Shares sold | 78,242 | 140,195 | $ 5,460,446 | $ 8,546,117 |
Reinvestment of distributions | 1,058 | 5,490 | 73,836 | 351,012 |
Shares redeemed | (99,447) | (234,389) | (6,941,640) | (14,056,256) |
Net increase (decrease) | (20,147) | (88,704) | $ (1,407,358) | $ (5,159,127) |
Class K |
|
|
|
|
Shares sold | 52,708 | 121,022 | $ 3,668,854 | $ 7,167,377 |
Reinvestment of distributions | 263 | 1,416 | 18,341 | 92,878 |
Shares redeemed | (22,691) | (30,996) | (1,584,074) | (1,884,177) |
Net increase (decrease) | 30,280 | 91,442 | $ 2,103,121 | $ 5,376,078 |
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Contrafund and the Shareholders of Fidelity Contrafund:
In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Contrafund (a fund of Fidelity Contrafund) at June 30, 2011, the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Contrafund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Boston, Massachusetts
August 11, 2011
Semiannual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your workplace benefits (including your workplace savings plan, investments, and additional services) via your telephone or PC. You can access your plan and account information and research your investments 24 hours a day.
By Phone
Fidelity provides a single toll-free number to access plan information, account balances, positions, and quotes*. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)
Fidelity Workplace
Investing
1-800-835-5092
By PC
Fidelity's web site on the Internet provides a wide range of information, including plan information, daily financial news, fund performance, interactive planning tools, and news about Fidelity products and services.
(computer_graphic)
Fidelity's Web Site
www.401k.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains distributions, and the effects of any sales charges.
Semiannual Report
To Write Fidelity
We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.
(letter_graphic)
For Non-Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
(letter_graphic)
For Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc. Boston, MA
Custodian
Brown Brothers Harriman & Co.
Boston, MA
CON-K-USAN-0811
1.863192.102
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. Investments
(a) Not applicable.
(b) Not applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Contrafund's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Contrafund's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 12. Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) |
| Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Contrafund
By: | /s/Kenneth B. Robins |
| Kenneth B. Robins |
| President and Treasurer |
|
|
Date: | August 31, 2011 |
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/Kenneth B. Robins |
| Kenneth B. Robins |
| President and Treasurer |
|
|
Date: | August 31, 2011 |
By: | /s/Christine Reynolds |
| Christine Reynolds |
| Chief Financial Officer |
|
|
Date: | August 31, 2011 |