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 811-4008
Fidelity Investment Trust
(Exact name of registrant as specified in charter)
82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)
Eric D. Roiter, Secretary
82 Devonshire St.
Boston, Massachusetts 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | October 31 |
Date of reporting period: | April 30, 2003 |
Item 1. Reports to Stockholders
Fidelity's
Targeted International Equity
Funds®
Fidelity® Canada Fund
Fidelity China Region Fund
Fidelity Emerging Markets Fund
Fidelity Europe Fund
Fidelity Europe Capital Appreciation Fund
Fidelity Japan Fund
Fidelity Japan Smaller Companies Fund
Fidelity Latin America Fund
Fidelity Nordic Fund
Fidelity Pacific Basin Fund
Fidelity Southeast Asia Fund
Semiannual Report
April 30, 2003
(2_fidelity_logos) (Registered_Trademark)
Contents
Canada Fund | 4 | Investment Changes |
5 | Investments | |
8 | Financial Statements | |
China Region Fund | 11 | Investment Changes |
12 | Investments | |
15 | Financial Statements | |
Emerging Markets Fund | 17 | Investment Changes |
18 | Investments | |
21 | Financial Statements | |
Europe Fund | 23 | Investment Changes |
24 | Investments | |
26 | Financial Statements | |
Europe Capital Appreciation Fund | 28 | Investment Changes |
29 | Investments | |
32 | Financial Statements | |
Japan Fund | 34 | Investment Changes |
35 | Investments | |
37 | Financial Statements | |
Japan Smaller Companies Fund | 39 | Investment Changes |
40 | Investments | |
43 | Financial Statements | |
Latin America Fund | 45 | Investment Changes |
46 | Investments | |
48 | Financial Statements | |
Nordic Fund | 50 | Investment Changes |
51 | Investments | |
52 | Financial Statements | |
Pacific Basin Fund | 54 | Investment Changes |
55 | Investments | |
57 | Financial Statements | |
Southeast Asia Fund | 59 | Investment Changes |
60 | Investments | |
62 | Financial Statements | |
Notes to Financial Statements | 64 | Notes to the Financial Statements |
Semiannual Report
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by
Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.
(Recycle graphic) This report is printed on recycled paper using soy-based inks.
The views expressed in this report reflect those of each fund's portfolio manager only through the end of the period of the report as stated on the cover and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.
Neither the funds nor Fidelity Distributors Corporation is a bank. For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2003 | |||
Canada | 92.4% | ||
United States of America | 7.6% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2002 | |||
Canada | 94.2% | ||
United States of America | 5.8% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 94.7 | 96.2 |
Short-Term Investments and Net Other Assets | 5.3 | 3.8 |
Top Ten Stocks as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
Royal Bank of Canada (Banks) | 6.0 | 5.9 |
EnCana Corp. (Oil & Gas) | 4.4 | 4.1 |
BCE, Inc. (Diversified Telecommunication Services) | 4.3 | 5.5 |
Sun Life Financial Services of Canada, Inc. (Insurance) | 3.6 | 3.6 |
Bank of Nova Scotia (Banks) | 3.6 | 2.7 |
TransCanada PipeLines Ltd. (Gas Utilities) | 2.9 | 3.7 |
Petro-Canada (Oil & Gas) | 2.9 | 2.0 |
Canadian National Railway Co. (Road & Rail) | 2.8 | 2.7 |
Alcan, Inc. (Metals & Mining) | 2.8 | 3.9 |
Biovail Corp. (Pharmaceuticals) | 2.4 | 3.3 |
35.7 | ||
Market Sectors as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
Financials | 28.3 | 28.3 |
Energy | 15.8 | 17.4 |
Materials | 11.9 | 15.3 |
Industrials | 7.7 | 6.7 |
Telecommunication Services | 6.9 | 6.8 |
Information Technology | 6.3 | 2.8 |
Consumer Staples | 5.5 | 6.2 |
Consumer Discretionary | 5.4 | 4.0 |
Utilities | 3.9 | 5.0 |
Health Care | 3.0 | 3.7 |
Semiannual Report
Investments April 30, 2003 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.7% | |||
Shares | Value (Note 1) | ||
CONSUMER DISCRETIONARY - 5.4% | |||
Auto Components - 0.4% | |||
Magna International, Inc. Class A | 6,000 | $ 352,633 | |
Hotels, Restaurants & Leisure - 0.4% | |||
Fairmont Hotels & Resorts, Inc. | 15,000 | 345,309 | |
Leisure Equipment & Products - 1.1% | |||
Mega Bloks, Inc. | 56,000 | 898,500 | |
Mega Bloks, Inc. (a)(c) | 4,000 | 64,179 | |
962,679 | |||
Media - 2.5% | |||
Astral Media, Inc. Class A (non-vtg.) | 49,000 | 823,788 | |
Quebecor World, Inc. (sub. vtg.) | 20,000 | 334,147 | |
Rogers Communications, Inc. Class B (non-vtg.) (a) | 54,000 | 708,197 | |
Thomson Corp. | 15,000 | 443,565 | |
2,309,697 | |||
Specialty Retail - 0.6% | |||
Forzani Group Ltd. Class A (a) | 25,000 | 270,317 | |
RONA, Inc. | 25,000 | 275,026 | |
545,343 | |||
Textiles, Apparel & Luxury Goods - 0.4% | |||
Gildan Activewear, Inc. Class A (sub. vtg.) (a) | 15,000 | 413,850 | |
TOTAL CONSUMER DISCRETIONARY | 4,929,511 | ||
CONSUMER STAPLES - 5.5% | |||
Beverages - 1.0% | |||
Molson, Inc. Class A | 40,000 | 920,823 | |
Food & Drug Retailing - 3.3% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) (a) | 84,000 | 784,039 | |
Jean Coutu Group, Inc. Class A | 25,000 | 263,341 | |
Loblaw Companies Ltd. | 18,000 | 703,174 | |
Metro, Inc. Class A (sub. vtg.) | 20,000 | 268,573 | |
Sobeys, Inc. | 36,000 | 931,706 | |
2,950,833 | |||
Food Products - 1.2% | |||
Canada Bread Co. Ltd. | 26,000 | 426,230 | |
Saputo, Inc. | 40,000 | 704,569 | |
1,130,799 | |||
TOTAL CONSUMER STAPLES | 5,002,455 | ||
ENERGY - 15.8% | |||
Energy Equipment & Services - 5.2% | |||
CCS Income Trust unit | 32,000 | 435,298 | |
CHC Helicopter Corp. Class A (sub. vtg.) | 120,000 | 2,172,306 | |
Ensign Resource Service Group, Inc. | 30,000 | 384,862 | |
Shares | Value (Note 1) | ||
Precision Drilling Corp. (a) | 36,000 | $ 1,232,313 | |
Trican Well Service Ltd. (a) | 36,000 | 497,244 | |
4,722,023 | |||
Oil & Gas - 10.6% | |||
EnCana Corp. | 123,016 | 4,034,170 | |
Hurricane Hydrocarbons Class A (a) | 35,000 | 383,328 | |
Penn West Petroleum Ltd. (a) | 25,000 | 667,074 | |
Petro-Canada | 79,000 | 2,605,044 | |
Peyto Exploration & Development Corp. (a) | 30,000 | 291,943 | |
Talisman Energy, Inc. | 33,000 | 1,317,468 | |
Thunder Energy, Inc. (a) | 80,000 | 351,587 | |
9,650,614 | |||
TOTAL ENERGY | 14,372,637 | ||
FINANCIALS - 28.3% | |||
Banks - 16.2% | |||
Bank of Montreal, Quebec | 60,000 | 1,678,409 | |
Bank of Nova Scotia | 84,000 | 3,269,173 | |
Canadian Imperial Bank of Commerce | 35,000 | 1,167,074 | |
Laurentian Bank of Canada | 25,000 | 470,875 | |
National Bank of Canada | 75,000 | 1,825,950 | |
Royal Bank of Canada | 131,000 | 5,464,808 | |
Toronto-Dominion Bank | 37,000 | 876,024 | |
14,752,313 | |||
Diversified Financials - 3.8% | |||
C.I. Fund Management, Inc. | 130,000 | 997,558 | |
Home Capital Group, Inc. Class B (sub. vtg.) | 45,000 | 506,976 | |
Investors Group, Inc. | 28,000 | 524,451 | |
Power Corp. of Canada (sub. vtg.) | 23,000 | 645,797 | |
Power Financial Corp. | 25,000 | 719,393 | |
3,394,175 | |||
Insurance - 8.3% | |||
Great-West Lifeco, Inc. | 49,000 | 1,329,341 | |
Industrial Alliance Life Insurance Co. | 44,000 | 1,146,425 | |
Manulife Financial Corp. | 66,000 | 1,760,614 | |
Sun Life Financial Services of Canada, Inc. | 160,951 | 3,306,597 | |
7,542,977 | |||
TOTAL FINANCIALS | 25,689,465 | ||
HEALTH CARE - 3.0% | |||
Pharmaceuticals - 3.0% | |||
Biovail Corp. (a) | 61,000 | 2,226,809 | |
Merck & Co., Inc. | 9,000 | 523,620 | |
2,750,429 | |||
INDUSTRIALS - 7.7% | |||
Aerospace & Defense - 0.6% | |||
Bombardier, Inc. Class B (sub. vtg.) | 230,000 | 556,749 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
INDUSTRIALS - continued | |||
Building Products - 0.5% | |||
Maax, Inc. | 20,000 | $ 251,134 | |
Masonite International Corp. (a) | 14,000 | 238,786 | |
489,920 | |||
Commercial Services & Supplies - 0.7% | |||
MacDonald Dettwiler & Associates Ltd. (a) | 37,000 | 598,814 | |
Marine - 0.9% | |||
CP Ships Ltd. | 53,000 | 774,573 | |
Road & Rail - 4.6% | |||
Canadian National Railway Co. | 52,000 | 2,526,543 | |
Canadian Pacific Railway Ltd. | 50,000 | 1,161,493 | |
Kansas City Southern (a) | 20,000 | 221,400 | |
Mullen Transportation, Inc. | 14,000 | 297,872 | |
4,207,308 | |||
Trading Companies & Distributors - 0.4% | |||
Finning Ltd. | 20,000 | 393,443 | |
TOTAL INDUSTRIALS | 7,020,807 | ||
INFORMATION TECHNOLOGY - 6.3% | |||
Communications Equipment - 1.0% | |||
Nortel Networks Corp. (a) | 350,000 | 903,000 | |
Computers & Peripherals - 1.0% | |||
ATI Technologies, Inc. (a) | 140,000 | 882,874 | |
Electronic Equipment & Instruments - 1.9% | |||
Celestica, Inc. (sub. vtg.) (a) | 70,000 | 805,720 | |
Dalsa Corp. (a) | 30,000 | 358,912 | |
Dalsa Corp. (a)(c) | 12,400 | 148,350 | |
Onex Corp. (sub. vtg.) | 40,000 | 412,975 | |
1,725,957 | |||
IT Consulting & Services - 1.4% | |||
Affiliated Computer Services, Inc. Class A (a) | 10,000 | 477,000 | |
CGI Group, Inc. Class A (sub. vtg.) (a) | 160,000 | 782,421 | |
1,259,421 | |||
Semiconductor Equipment & Products - 0.4% | |||
Texas Instruments, Inc. | 20,000 | 369,800 | |
Software - 0.6% | |||
Cognos, Inc. (a) | 22,000 | 598,535 | |
TOTAL INFORMATION TECHNOLOGY | 5,739,587 | ||
Shares | Value (Note 1) | ||
MATERIALS - 11.9% | |||
Chemicals - 1.5% | |||
Methanex Corp. | 30,000 | $ 285,664 | |
NOVA Chemicals Corp. | 16,000 | 343,216 | |
Potash Corp. of Saskatchewan | 11,000 | 676,728 | |
1,305,608 | |||
Metals & Mining - 9.2% | |||
Aber Diamond Corp. (a) | 31,000 | 606,592 | |
Agnico-Eagle Mines Ltd. | 42,000 | 421,904 | |
Alcan, Inc. | 86,000 | 2,519,707 | |
Cameco Corp. | 18,000 | 466,355 | |
Dofasco, Inc. | 30,000 | 574,259 | |
Falconbridge Ltd. | 40,000 | 468,783 | |
Gerdau AmeriSteel Corp. (a) | 176,000 | 186,620 | |
Goldcorp, Inc. | 62,000 | 647,032 | |
Inco Ltd. (a) | 18,000 | 329,487 | |
Kinross Gold Corp. (a) | 96,332 | 594,725 | |
Meridian Gold, Inc. (a) | 35,000 | 355,249 | |
Newmont Mining Corp. Holding Co. | 17,000 | 459,340 | |
Phelps Dodge Corp. (a) | 2,000 | 62,380 | |
SouthernEra Resources Ltd. (a) | 82,100 | 338,480 | |
Teck Cominco Ltd. Class B (sub. vtg.) | 47,000 | 336,393 | |
8,367,306 | |||
Paper & Forest Products - 1.2% | |||
Abitibi-Consolidated, Inc. | 45,000 | 315,487 | |
Domtar, Inc. | 75,000 | 792,640 | |
1,108,127 | |||
TOTAL MATERIALS | 10,781,041 | ||
TELECOMMUNICATION SERVICES - 6.9% | |||
Diversified Telecommunication Services - 6.9% | |||
BCE, Inc. | 200,000 | 3,955,354 | |
Manitoba Telecom Services, Inc. | 23,000 | 592,047 | |
TELUS Corp. (non-vtg.) | 125,000 | 1,682,944 | |
6,230,345 | |||
UTILITIES - 3.9% | |||
Electric Utilities - 0.5% | |||
Fortis, Inc. | 13,000 | 461,144 | |
Gas Utilities - 3.4% | |||
BC Gas, Inc. | 17,000 | 456,575 | |
TransCanada PipeLines Ltd. | 165,000 | 2,635,856 | |
3,092,431 | |||
TOTAL UTILITIES | 3,553,575 | ||
TOTAL COMMON STOCKS (Cost $70,874,891) | 86,069,852 | ||
Money Market Funds - 10.0% | |||
Shares | Value (Note 1) | ||
Fidelity Cash Central Fund, 1.29% (b) | 4,557,191 | $ 4,557,191 | |
Fidelity Securities Lending Cash Central Fund, 1.3% (b) | 4,557,610 | 4,557,610 | |
TOTAL MONEY MARKET FUNDS (Cost $9,114,801) | 9,114,801 | ||
TOTAL INVESTMENT PORTFOLIO - 104.7% (Cost $79,989,692) | 95,184,653 | ||
NET OTHER ASSETS - (4.7)% | (4,251,170) | ||
NET ASSETS - 100% | $ 90,933,483 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request. |
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $212,529 or 0.2% of net assets. |
Other Information |
Purchases and sales of securities, other than short-term securities, aggregated $20,490,229 and $18,726,985, respectively. |
The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $42 for the period. |
Income Tax Information |
At October 31, 2002, the fund had a capital loss carryforward of approximately $27,433,000 of which $1,156,000 and $26,277,000 will expire on October 31, 2006 and 2009, respectively. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
April 30, 2003 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $4,318,170) (cost $79,989,692) - See accompanying schedule | $ 95,184,653 | |
Cash | 6 | |
Receivable for investments sold | 502,809 | |
Receivable for fund shares sold | 315,707 | |
Dividends receivable | 102,525 | |
Interest receivable | 5,141 | |
Redemption fees receivable | 120 | |
Other receivables | 8,938 | |
Total assets | 96,119,899 | |
Liabilities | ||
Payable for investments purchased | $ 438,746 | |
Payable for fund shares redeemed | 71,626 | |
Accrued management fee | 69,640 | |
Other payables and accrued expenses | 48,794 | |
Collateral on securities loaned, at value | 4,557,610 | |
Total liabilities | 5,186,416 | |
Net Assets | $ 90,933,483 | |
Net Assets consist of: | ||
Paid in capital | $ 102,214,226 | |
Distributions in excess of net investment income | (112,079) | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (26,365,165) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 15,196,501 | |
Net Assets, for 4,600,811 shares outstanding | $ 90,933,483 | |
Net Asset Value, offering price and redemption price per share ($90,933,483 ÷ 4,600,811 shares) | $ 19.76 |
Statement of Operations
Six months ended April 30, 2003 (Unaudited) | ||
Investment Income | ||
Dividends | $ 728,975 | |
Interest | 22,939 | |
Security lending | 72,247 | |
824,161 | ||
Less foreign taxes withheld | (108,110) | |
Total income | 716,051 | |
Expenses | ||
Management fee | $ 298,918 | |
Performance adjustment | 99,424 | |
Transfer agent fees | 135,134 | |
Accounting and security lending fees | 30,829 | |
Non-interested trustees' compensation | 130 | |
Custodian fees and expenses | 22,669 | |
Registration fees | 7,849 | |
Audit | 20,673 | |
Legal | 180 | |
Miscellaneous | 319 | |
Total expenses before reductions | 616,125 | |
Expense reductions | (14,666) | 601,459 |
Net investment income (loss) | 114,592 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities | 1,669,201 | |
Foreign currency transactions | (13,339) | |
Total net realized gain (loss) | 1,655,862 | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 8,367,248 | |
Assets and liabilities in foreign currencies | 3,411 | |
Total change in net unrealized appreciation (depreciation) | 8,370,659 | |
Net gain (loss) | 10,026,521 | |
Net increase (decrease) in net assets resulting from operations | $ 10,141,113 | |
Other Information | ||
Sales charges paid to FDC | $ 4,588 | |
Deferred sales charges withheld by FDC | $ 234 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Canada Fund Name
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 114,592 | $ 104,598 |
Net realized gain (loss) | 1,655,862 | 2,272,697 |
Change in net unrealized appreciation (depreciation) | 8,370,659 | (1,493,960) |
Net increase (decrease) in net assets resulting from operations | 10,141,113 | 883,335 |
Distributions to shareholders from net investment income | (173,335) | (137,404) |
Share transactions | 16,456,051 | 23,992,071 |
Reinvestment of distributions | 167,386 | 132,873 |
Cost of shares redeemed | (12,923,276) | (28,901,658) |
Net increase (decrease) in net assets resulting from share transactions | 3,700,161 | (4,776,714) |
Redemption fees | 14,974 | 68,844 |
Total increase (decrease) in net assets | 13,682,913 | (3,961,939) |
Net Assets | ||
Beginning of period | 77,250,570 | 81,212,509 |
End of period (including distributions in excess of net investment income of $112,079 and distributions in excess of net investment income of $53,336, respectively) | $ 90,933,483 | $ 77,250,570 |
Other Information Shares | ||
Sold | 880,338 | 1,236,594 |
Issued in reinvestment of distributions | 9,258 | 7,128 |
Redeemed | (699,291) | (1,547,364) |
Net increase (decrease) | 190,305 | (303,642) |
Financial Highlights
Six months ended | Years ended October 31, | |||||
(Unaudited) | 2002 | 2001 | 2000 | 1999 | 1998 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 17.52 | $ 17.23 | $ 22.27 | $ 15.91 | $ 13.14 | $ 18.88 |
Income from Investment Operations | ||||||
Net investment income (loss)F | .03 | .02 | .02 | 1.98G | .04 | .09 |
Net realized and unrealized gain (loss) | 2.25 | .28 | (4.04) | 4.32 | 2.78 | (3.70) |
Total from investment operations | 2.28 | .30 | (4.02) | 6.30 | 2.82 | (3.61) |
Distributions from net investment income | (.04) | (.03) | (1.04) | (.03) | (.07) | (.05) |
Distributions from net realized gain | - | - | - | - | - | (2.08) |
Total distributions | (.04) | (.03) | (1.04) | (.03) | (.07) | (2.13) |
Redemption fees added to paid in capitalF | - I | .02 | .02 | .09 | .02 | - I |
Net asset value, end of period | $ 19.76 | $ 17.52 | $ 17.23 | $ 22.27 | $ 15.91 | $ 13.14 |
Total ReturnB, C,D,E | 13.03% | 1.85% | (18.87)% | 40.22% | 21.71% | (21.27)% |
Ratios to Average Net AssetsH | ||||||
Expenses before expense reductions | 1.51% A | 1.52% | 1.33% | 1.09% | 1.22% | .94% |
Expenses net of voluntary waivers, if any | 1.51% A | 1.52% | 1.33% | 1.09% | 1.22% | .94% |
Expenses net of all reductions | 1.48% A | 1.46% | 1.20% | 1.06% | 1.06% | .80% |
Net investment income (loss) | .28% A | .12% | .11% | 9.00% | .26% | .57% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $ 90,933 | $ 77,251 | $ 81,213 | $ 163,025 | $ 43,770 | $ 47,422 |
Portfolio turnover rate | 48% A | 98% | 93% | 97% | 286% | 215% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Total returns do not include the effect of the contingent deferred sales charge. F Calculated based on average shares outstanding during the period. G Investment income per share reflects a special dividend which amounted to $1.97 per share. H Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. I Amount represents less than $.01 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2003 | |||
Hong Kong | 56.9% | ||
United Kingdom | 15.9% | ||
Taiwan | 12.1% | ||
China | 5.5% | ||
United States of America | 4.6% | ||
Korea (South) | 2.1% | ||
Australia | 1.4% | ||
Singapore | 0.9% | ||
Bermuda | 0.5% | ||
Other | 0.1% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2002 | |||
Hong Kong | 64.8% | ||
United Kingdom | 14.9% | ||
Taiwan | 10.9% | ||
United States of America | 5.1% | ||
Korea (South) | 1.9% | ||
China | 1.3% | ||
Singapore | 0.7% | ||
Cayman Islands | 0.4% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 95.4 | 94.9 |
Short-Term Investments and Net Other Assets | 4.6 | 5.1 |
Top Ten Stocks as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
HSBC Holdings PLC (Hong Kong) (Reg.) (Banks) | 14.7 | 14.4 |
Hutchison Whampoa Ltd. (Industrial Conglomerates) | 8.5 | 9.1 |
Guoco Group Ltd. (Diversified Financials) | 5.3 | 5.7 |
Hang Seng Bank Ltd. (Banks) | 4.8 | 6.0 |
CLP Holdings Ltd. (Electric Utilities) | 4.6 | 4.6 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductor Equipment & Products) | 3.2 | 2.8 |
Sun Hung Kai Properties Ltd. (Real Estate) | 2.9 | 5.4 |
Cafe de Coral Holdings Ltd. (Hotels, Restaurants & Leisure) | 2.7 | 3.0 |
Cheung Kong Holdings Ltd. (Real Estate) | 2.6 | 4.8 |
China Mobile (Hong Kong) Ltd. (Wireless Telecommunication Services) | 2.6 | 4.4 |
51.9 | ||
Market Sectors as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
Financials | 38.8 | 44.1 |
Industrials | 11.9 | 10.0 |
Consumer Discretionary | 11.6 | 7.2 |
Information Technology | 10.9 | 11.4 |
Utilities | 8.4 | 10.5 |
Telecommunication Services | 5.7 | 5.8 |
Energy | 3.7 | 2.1 |
Materials | 2.3 | 1.1 |
Consumer Staples | 1.8 | 2.7 |
Health Care | 0.3 | 0.0 |
Semiannual Report
Investments April 30, 2003 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.4% | |||
Shares | Value (Note 1) | ||
CONSUMER DISCRETIONARY - 11.6% | |||
Distributors - 2.3% | |||
Li & Fung Ltd. | 2,215,400 | $ 2,485,495 | |
Hotels, Restaurants & Leisure - 3.1% | |||
Cafe de Coral Holdings Ltd. | 4,650,000 | 2,891,661 | |
Shangri-La Asia Ltd. | 562,000 | 354,891 | |
3,246,552 | |||
Household Durables - 0.9% | |||
Basso Industry Corp. Ltd. | 317,000 | 513,931 | |
Techtronic Industries Co. | 384,000 | 482,514 | |
996,445 | |||
Leisure Equipment & Products - 0.5% | |||
Altek Corp. | 179,000 | 451,994 | |
Playmates Holdings Ltd. (a) | 1,664,000 | 104,545 | |
556,539 | |||
Media - 2.2% | |||
Clear Media Ltd. (a) | 472,000 | 214,844 | |
Television Broadcasts Ltd. | 686,000 | 2,097,806 | |
2,312,650 | |||
Specialty Retail - 1.0% | |||
Giordano International Ltd. | 3,716,000 | 1,000,571 | |
Textiles, Apparel & Luxury Goods - 1.6% | |||
Glorious Sun Enterprises Ltd. | 3,434,000 | 748,517 | |
Nien Hsing Textile Co. Ltd. | 583,000 | 543,687 | |
Yue Yuen Industrial Holdings Ltd. | 217,572 | 446,350 | |
1,738,554 | |||
TOTAL CONSUMER DISCRETIONARY | 12,336,806 | ||
CONSUMER STAPLES - 1.8% | |||
Beverages - 0.5% | |||
Tsingtao Brewery Co. Ltd. (H Shares) (a) | 842,000 | 550,598 | |
Food & Drug Retailing - 1.3% | |||
Convenience Retail Asia Ltd. (a) | 1,782,200 | 386,185 | |
President Chain Store Corp. | 746,400 | 944,512 | |
1,330,697 | |||
Food Products - 0.0% | |||
Kuala Lumpur Kepong BHD | 21,000 | 31,500 | |
TOTAL CONSUMER STAPLES | 1,912,795 | ||
ENERGY - 3.7% | |||
Oil & Gas - 3.7% | |||
China Petroleum & Chemical Corp. (H Shares) | 4,130,000 | 815,499 | |
CNOOC Ltd. | 1,712,000 | 2,249,989 | |
PetroChina Co. Ltd. (H Shares) | 3,550,000 | 810,217 | |
3,875,705 | |||
Shares | Value (Note 1) | ||
FINANCIALS - 38.8% | |||
Banks - 24.8% | |||
Bank of East Asia Ltd. | 800,000 | $ 1,482,213 | |
Chinatrust Financial Holding Co. (a) | 490,000 | 382,439 | |
Citic International Financial Holdings Ltd. | 4,272,000 | 980,476 | |
Dah Sing Financial Holdings Ltd. | 46,000 | 209,972 | |
Hang Seng Bank Ltd. | 515,500 | 5,105,989 | |
HSBC Holdings PLC: | |||
(Hong Kong) (Reg.) | 1,423,582 | 15,571,143 | |
(United Kingdom) (Reg.) | 62,060 | 678,812 | |
Liu Chong Hing Bank Ltd. | 735,000 | 669,111 | |
Standard Chartered PLC | 52,358 | 584,844 | |
Taishin Financial Holdings Co. Ltd. (a) | 650,000 | 294,692 | |
Wing Lung Bank Ltd. | 100,000 | 364,783 | |
26,324,474 | |||
Diversified Financials - 6.9% | |||
Aeon Credit Service (Asia) Co. Ltd. | 317,600 | 98,752 | |
Fubon Financial Holding Co. Ltd. | 808,000 | 551,805 | |
Guoco Group Ltd. | 972,366 | 5,622,883 | |
Jardine Strategic Holdings Ltd. | 100,000 | 250,000 | |
Shun Tak Holdings Ltd. | 899,000 | 205,179 | |
Wharf Holdings Ltd. | 330,685 | 578,762 | |
7,307,381 | |||
Real Estate - 7.1% | |||
Cheung Kong Holdings Ltd. | 512,000 | 2,829,437 | |
Henderson Land Development Co. Ltd. | 671,000 | 1,664,778 | |
Sun Hung Kai Properties Ltd. | 653,021 | 3,064,509 | |
7,558,724 | |||
TOTAL FINANCIALS | 41,190,579 | ||
HEALTH CARE - 0.3% | |||
Health Care Equipment & Supplies - 0.3% | |||
Pihsiang Machinery Manufacturing Co. | 130,000 | 341,320 | |
INDUSTRIALS - 11.9% | |||
Air Freight & Logistics - 0.7% | |||
Sinotrans Ltd. (H Shares) | 3,170,000 | 784,457 | |
Airlines - 0.4% | |||
China National Aviation Co. Ltd. | 2,402,000 | 255,625 | |
EVA Airways Corp. (a) | 680,000 | 208,780 | |
464,405 | |||
Commercial Services & Supplies - 0.1% | |||
Travelsky Technology Ltd. (H Shares) | 182,000 | 109,095 | |
Electrical Equipment - 1.7% | |||
Byd Co. Ltd. (H Shares) | 177,000 | 350,634 | |
Johnson Electric Holdings Ltd. | 1,315,820 | 1,417,191 | |
1,767,825 | |||
Industrial Conglomerates - 8.5% | |||
Hutchison Whampoa Ltd. | 1,630,500 | 9,073,258 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
INDUSTRIALS - continued | |||
Transportation Infrastructure - 0.5% | |||
Sembcorp Logistics Ltd. | 130,000 | $ 131,246 | |
Zhejiang Expressway Co. Ltd. (H Shares) | 904,000 | 347,730 | |
478,976 | |||
TOTAL INDUSTRIALS | 12,678,016 | ||
INFORMATION TECHNOLOGY - 10.9% | |||
Communications Equipment - 0.3% | |||
Datacraft Asia Ltd. (a) | 210,000 | 111,300 | |
Gemtek Technology Corp. | 90,000 | 179,484 | |
290,784 | |||
Computers & Peripherals - 2.4% | |||
Ambit Microsystems Corp. | 129,830 | 370,677 | |
ASUSTeK Computer, Inc. | 958,750 | 1,870,732 | |
Quanta Computer, Inc. | 201,537 | 352,762 | |
2,594,171 | |||
Electronic Equipment & Instruments - 2.5% | |||
Elec & Eltek International Co. Ltd. | 235,000 | 418,300 | |
Hon Hai Precision Industries Co. Ltd. | 385,984 | 1,207,238 | |
Kingboard Chemical Holdings Ltd. | 370,000 | 298,879 | |
Varitronix International Ltd. | 560,000 | 337,473 | |
Venture Corp. Ltd. | 40,000 | 333,897 | |
2,595,787 | |||
Semiconductor Equipment & Products - 5.7% | |||
Samsung Electronics Co. Ltd. | 8,200 | 2,059,283 | |
Taiwan Semiconductor Manufacturing Co. Ltd. (a) | 2,487,774 | 3,412,212 | |
United Microelectronics Corp. (a) | 1,041,693 | 597,815 | |
6,069,310 | |||
TOTAL INFORMATION TECHNOLOGY | 11,550,052 | ||
MATERIALS - 2.3% | |||
Chemicals - 0.5% | |||
LG Chemical Ltd. | 6,800 | 225,640 | |
SINOPEC Yizheng Chemical Fibre Co. Ltd. (H Shares) | 2,848,000 | 321,348 | |
546,988 | |||
Metals & Mining - 1.8% | |||
Aquarius Platinum Ltd. (Australia) | 81,000 | 263,945 | |
PT Aneka Tambang Tbk | 1,201,500 | 100,431 | |
PT International Nickel Indonesia Tbk | 64,500 | 48,337 | |
Rio Tinto Ltd. | 72,000 | 1,433,875 | |
1,846,588 | |||
TOTAL MATERIALS | 2,393,576 | ||
Shares | Value (Note 1) | ||
TELECOMMUNICATION SERVICES - 5.7% | |||
Diversified Telecommunication Services - 2.9% | |||
Asia Satellite Telecommunications Holdings Ltd. | 255,000 | $ 353,115 | |
China Telecom Corp. Ltd. (H Shares) | 8,700,000 | 1,662,104 | |
Chunghwa Telecom Co. Ltd. | 342,000 | 505,395 | |
PCCW Ltd. (a) | 872,400 | 553,699 | |
3,074,313 | |||
Wireless Telecommunication Services - 2.8% | |||
China Mobile (Hong Kong) Ltd. | 1,368,500 | 2,739,737 | |
SmarTone Telecommunications Holdings Ltd. | 216,000 | 247,873 | |
2,987,610 | |||
TOTAL TELECOMMUNICATION SERVICES | 6,061,923 | ||
UTILITIES - 8.4% | |||
Electric Utilities - 6.4% | |||
CLP Holdings Ltd. | 1,209,200 | 4,945,857 | |
Hong Kong Electric Holdings Ltd. | 477,000 | 1,914,324 | |
6,860,181 | |||
Gas Utilities - 2.0% | |||
Hong Kong & China Gas Co. Ltd. | 1,775,400 | 2,094,290 | |
TOTAL UTILITIES | 8,954,471 | ||
TOTAL COMMON STOCKS (Cost $99,455,162) | 101,295,243 | ||
Money Market Funds - 2.2% | |||
Fidelity Cash Central Fund, 1.29% (b) | 2,327,485 | 2,327,485 | |
TOTAL INVESTMENT PORTFOLIO - 97.6% (Cost $101,782,647) | 103,622,728 | ||
NET OTHER ASSETS - 2.4% | 2,555,203 | ||
NET ASSETS - 100% | $ 106,177,931 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request. |
Other Information |
Purchases and sales of securities, other than short-term securities, aggregated $27,452,804 and $24,116,415, respectively. |
The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $534 for the period. |
Income Tax Information |
At October 31, 2002, the fund had a capital loss carryforward of approximately $49,735,000 of which $40,369,000, $1,350,000 and $8,016,000 will expire on October 31, 2005, 2009 and 2010, respectively. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
April 30, 2003 (Unaudited) | ||
Assets | ||
Investment in securities, at value (cost $101,782,647) - See accompanying schedule | $ 103,622,728 | |
Foreign currency held at value (cost $904,543) | 901,030 | |
Receivable for investments sold | 1,111,278 | |
Receivable for fund shares sold | 154,884 | |
Dividends receivable | 996,212 | |
Interest receivable | 2,740 | |
Redemption fees receivable | 158 | |
Total assets | 106,789,030 | |
Liabilities | ||
Payable for investments purchased | $ 404,449 | |
Payable for fund shares redeemed | 66,187 | |
Accrued management fee | 64,826 | |
Other payables and accrued expenses | 75,637 | |
Total liabilities | 611,099 | |
Net Assets | $ 106,177,931 | |
Net Assets consist of: | ||
Paid in capital | $ 154,258,004 | |
Undistributed net investment income | 980,762 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (50,895,823) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 1,834,988 | |
Net Assets, for 10,160,059 shares outstanding | $ 106,177,931 | |
Net Asset Value, offering price and redemption price per share ($106,177,931 ÷ 10,160,059 shares) | $ 10.45 |
Statement of Operations
Six months ended April 30, 2003 (Unaudited) | ||
Investment Income | ||
Dividends | $ 2,044,798 | |
Interest | 23,992 | |
2,068,790 | ||
Less foreign taxes withheld | (56,988) | |
Total income | 2,011,802 | |
Expenses | ||
Management fee | $ 406,516 | |
Transfer agent fees | 208,812 | |
Accounting fees and expenses | 33,560 | |
Non-interested trustees' compensation | 226 | |
Custodian fees and expenses | 56,440 | |
Registration fees | 4,903 | |
Audit | 28,908 | |
Legal | 247 | |
Miscellaneous | 620 | |
Total expenses | 740,232 | |
Net investment income (loss) | 1,271,570 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities | (990,677) | |
Foreign currency transactions | 3,231 | |
Total net realized gain (loss) | (987,446) | |
Change in net unrealized appreciation (depreciation) on: Investment securities | (5,747,374) | |
Assets and liabilities in foreign currencies | (8,652) | |
Total change in net unrealized appreciation (depreciation) | (5,756,026) | |
Net gain (loss) | (6,743,472) | |
Net increase (decrease) in net assets resulting from operations | $ (5,471,902) | |
Other Information | ||
Sales charges paid to FDC | $ 28,265 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
China Region Fund Name
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 1,271,570 | $ 1,957,028 |
Net realized gain (loss) | (987,446) | (5,432,051) |
Change in net unrealized appreciation (depreciation) | (5,756,026) | 4,125,986 |
Net increase (decrease) in net assets resulting from operations | (5,471,902) | 650,963 |
Distributions to shareholders from net investment income | (1,902,675) | (1,673,748) |
Share transactions | 13,290,994 | 20,684,464 |
Reinvestment of distributions | 1,835,453 | 1,610,891 |
Cost of shares redeemed | (11,961,020) | (27,726,577) |
Net increase (decrease) in net assets resulting from share transactions | 3,165,427 | (5,431,222) |
Redemption fees | 27,635 | 59,725 |
Total increase (decrease) in net assets | (4,181,515) | (6,394,282) |
Net Assets | ||
Beginning of period | 110,359,446 | 116,753,728 |
End of period (including undistributed net investment income of $980,762 and undistributed net investment income of $1,611,867, respectively) | $ 106,177,931 | $ 110,359,446 |
Other Information Shares | ||
Sold | 1,217,724 | 1,632,861 |
Issued in reinvestment of distributions | 160,162 | 122,130 |
Redeemed | (1,109,095) | (2,219,979) |
Net increase (decrease) | 268,791 | (464,988) |
Financial Highlights
Six months ended | Years ended October 31, | |||||
(Unaudited) | 2002 | 2001 | 2000 | 1999 | 1998 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 11.16 | $ 11.27 | $ 14.96 | $ 14.15 | $ 10.25 | $ 11.06 |
Income from Investment Operations | ||||||
Net investment income (loss)E | .13 | .19 | .14 | .10 | .19 | .31 |
Net realized and unrealized gain (loss) | (.65) | (.15) | (3.29) | .80 | 3.98 | (1.10) |
Total from investment operations | (.52) | .04 | (3.15) | .90 | 4.17 | (.79) |
Distributions from net investment income | (.19) | (.16) | (.56) | (.17) | (.32) | (.06) |
Redemption fees added to paid in capitalE | -G | .01 | .02 | .08 | .05 | .04 |
Net asset value, end of period | $ 10.45 | $ 11.16 | $ 11.27 | $ 14.96 | $ 14.15 | $ 10.25 |
Total ReturnB, C,D | (4.81)% | .23% | (21.82)% | 6.77% | 42.44% | (6.85)% |
Ratios to Average Net AssetsF | ||||||
Expenses before expense reductions | 1.34%A | 1.32% | 1.32% | 1.22% | 1.34% | 1.41% |
Expenses net of voluntary waivers, if any | 1.34%A | 1.32% | 1.32% | 1.22% | 1.34% | 1.41% |
Expenses net of all reductions | 1.34%A | 1.31% | 1.30% | 1.21% | 1.32% | 1.40% |
Net investment income (loss) | 2.30%A | 1.52% | 1.03% | .55% | 1.59% | 3.07% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $ 106,178 | $ 110,359 | $ 116,754 | $ 179,709 | $ 161,518 | $ 140,824 |
Portfolio turnover rate | 46%A | 53% | 75% | 103% | 84% | 109% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. G Amount represents less than $.01 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2003 | |||
Korea (South) | 18.4% | ||
Taiwan | 13.4% | ||
Brazil | 10.9% | ||
Mexico | 8.6% | ||
Russia | 7.8% | ||
South Africa | 7.4% | ||
India | 6.2% | ||
China | 5.4% | ||
Malaysia | 3.3% | ||
Other | 18.6% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2002 | |||
Korea (South) | 22.4% | ||
Taiwan | 10.0% | ||
Malaysia | 8.9% | ||
Mexico | 8.6% | ||
South Africa | 8.0% | ||
Brazil | 7.6% | ||
India | 6.9% | ||
Hong Kong | 4.6% | ||
Russia | 4.5% | ||
Other | 18.5% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 98.0 | 98.0 |
Bonds | 0.0 | 0.4 |
Short-Term Investments and Net Other Assets | 2.0 | 1.6 |
Top Ten Stocks as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
Samsung Electronics Co. Ltd. (Korea (South), Semiconductor Equipment & Products) | 6.6 | 8.4 |
Anglo American PLC (South Africa) (United Kingdom, | 2.8 | 3.1 |
KT Corp. (Korea (South), Diversified Telecommunication Services) | 2.6 | 1.3 |
YUKOS Corp. sponsored ADR (Russia, Oil & Gas) | 2.6 | 1.4 |
Lukoil Oil Co. sponsored ADR (Russia, Oil & Gas) | 2.5 | 0.6 |
Telefonos de Mexico SA de CV sponsored ADR (Mexico, Diversified Telecommunication Services) | 2.5 | 2.6 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductor Equipment & Products) | 2.4 | 1.0 |
Chinatrust Financial Holding Co. (Taiwan, Banks) | 2.0 | 1.1 |
America Movil SA de CV sponsored ADR (Mexico, Wireless Telecommunication Services) | 2.0 | 1.1 |
Samsung Fire & Marine Insurance Co. Ltd. (Korea (South), Insurance) | 2.0 | 1.5 |
28.0 | ||
Market Sectors as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
Financials | 18.2 | 15.3 |
Information Technology | 15.7 | 20.6 |
Telecommunication Services | 15.6 | 13.6 |
Energy | 11.9 | 10.0 |
Materials | 11.6 | 12.2 |
Consumer Discretionary | 10.5 | 11.1 |
Consumer Staples | 5.6 | 5.5 |
Health Care | 3.7 | 2.2 |
Utilities | 2.7 | 3.3 |
Industrials | 2.5 | 4.6 |
Semiannual Report
Investments April 30, 2003 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.0% | |||
Shares | Value (Note 1) | ||
Argentina - 0.1% | |||
Perez Companc SA sponsored ADR (a) | 39,900 | $ 295,659 | |
Bermuda - 0.1% | |||
Lerado Group Holding Co. Ltd. | 2,308,000 | 346,238 | |
Brazil - 10.9% | |||
Aracruz Celulose SA sponsored ADR | 58,600 | 1,230,600 | |
Banco Bradesco SA (PN) | 324,703,800 | 1,337,409 | |
Banco Itau Holding Financeira SA (PN) | 41,686,500 | 2,763,825 | |
Companhia Brasileira de Distribuicao Grupo Pao de Acucar sponsored ADR | 91,400 | 1,325,300 | |
Companhia de Bebidas das Americas (AmBev) sponsored ADR | 143,682 | 2,857,835 | |
Companhia Vale do Rio Doce: | |||
(PN-A) | 23,900 | 635,390 | |
sponsored: | |||
ADR | 54,700 | 1,529,412 | |
ADR (non-vtg.) | 24,200 | 638,880 | |
Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR | 44,500 | 617,215 | |
Gerdau SA sponsored ADR | 70,900 | 862,144 | |
Petroleo Brasileiro SA Petrobras: | |||
(PN) | 132,400 | 2,265,036 | |
sponsored: | |||
ADR | 90,200 | 1,673,210 | |
ADR (non-vtg.) | 106,900 | 1,829,059 | |
Telebras sponsored ADR | 170,700 | 4,434,786 | |
Uniao de Bancos Brasileiros SA (Unibanco) GDR | 220,300 | 3,998,445 | |
TOTAL BRAZIL | 27,998,546 | ||
Chile - 0.3% | |||
Banco Santander Chile sponsored ADR | 38,152 | 832,477 | |
China - 5.4% | |||
China Petroleum & Chemical Corp. (H Shares) | 10,905,000 | 2,153,273 | |
China Shipping Development Co. Ltd. (H Shares) (a) | 5,864,000 | 1,503,754 | |
Huaneng Power International, Inc. (H Shares) | 5,276,000 | 5,005,981 | |
Sinopec Shanghai Petrochemical Co. Ltd. (H Shares) (a) | 7,254,000 | 1,125,423 | |
Yanzhou Coal Mining Co. Ltd. (H Shares) | 6,832,000 | 2,496,580 | |
Zhejiang Expressway Co. Ltd. (H Shares) | 4,000,000 | 1,538,629 | |
TOTAL CHINA | 13,823,640 | ||
Czech Republic - 1.2% | |||
Ceske Energeticke Zavody AS | 489,500 | 1,829,058 | |
Philip Morris CR AS | 3,136 | 1,241,661 | |
TOTAL CZECH REPUBLIC | 3,070,719 | ||
Shares | Value (Note 1) | ||
Hong Kong - 2.0% | |||
China Mobile (Hong Kong) Ltd. | 1,451,000 | $ 2,904,902 | |
CNOOC Ltd. | 1,813,500 | 2,383,385 | |
TOTAL HONG KONG | 5,288,287 | ||
Hungary - 1.7% | |||
Matav Rt. sponsored ADR | 135,200 | 2,624,232 | |
MOL Magyar Olay-es Gazipari RT Series A (For. Reg.) | 66,600 | 1,741,830 | |
TOTAL HUNGARY | 4,366,062 | ||
India - 6.2% | |||
Bajaj Auto Ltd. | 138,890 | 1,417,664 | |
Dr. Reddy's Laboratories Ltd. | 83,050 | 1,533,143 | |
Infosys Technologies Ltd. | 50,006 | 2,949,054 | |
ITC Ltd. | 100 | 1,441 | |
Ranbaxy Laboratories Ltd. | 253,412 | 3,614,816 | |
Reliance Industries Ltd. | 485,620 | 2,821,152 | |
State Bank of India | 443,700 | 2,611,848 | |
Tata Engineering & Locomotive Co. Ltd. (a) | 336,790 | 1,073,999 | |
TOTAL INDIA | 16,023,117 | ||
Indonesia - 1.1% | |||
PT Telkomunikasi Indonesia Tbk | 5,833,000 | 2,757,291 | |
Israel - 2.5% | |||
AudioCodes Ltd. (a) | 263,700 | 936,135 | |
Check Point Software Technologies Ltd. (a) | 91,350 | 1,436,936 | |
ECtel Ltd. (a) | 59,000 | 326,270 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 80,500 | 3,759,350 | |
TOTAL ISRAEL | 6,458,691 | ||
Korea (South) - 18.4% | |||
Amorepacific Corp. | 13,640 | 1,207,328 | |
Hyundai Motor Co. Ltd. | 136,930 | 3,235,809 | |
Kookmin Bank | 109,240 | 3,067,175 | |
KT Corp. | 160,890 | 6,610,465 | |
KT&G Corp. | 164,260 | 2,515,632 | |
LG Ad, Inc. | 135,410 | 1,800,635 | |
POSCO | 29,160 | 2,461,012 | |
Samsung Electronics Co. Ltd. | 68,005 | 17,078,243 | |
Samsung Fire & Marine Insurance Co. Ltd. | 102,200 | 5,048,991 | |
Samsung SDI Co. Ltd. | 40,280 | 2,520,609 | |
Shinsegae Co. Ltd. | 16,080 | 1,919,802 | |
TOTAL KOREA (SOUTH) | 47,465,701 | ||
Malaysia - 3.3% | |||
British American Tobacco (Malaysia) BHD | 200,400 | 2,004,000 | |
Genting BHD | 421,000 | 1,329,474 | |
Maxis Communications BHD | 918,600 | 1,269,118 | |
Star Publications (Malaysia) BHD | 1,315,000 | 2,110,921 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Malaysia - continued | |||
Tanjong PLC | 449,000 | $ 1,104,776 | |
Telekom Malaysia BHD | 384,000 | 747,789 | |
TOTAL MALAYSIA | 8,566,078 | ||
Mexico - 8.6% | |||
America Movil SA de CV sponsored ADR | 301,100 | 5,049,447 | |
Fomento Economico Mexicano SA de CV sponsored ADR | 57,600 | 2,186,496 | |
Grupo Financiero BBVA Bancomer SA Series B (a) | 2,492,400 | 2,170,154 | |
Grupo Televisa SA de CV sponsored ADR (a) | 100,275 | 3,042,344 | |
Telefonos de Mexico SA de CV sponsored ADR | 209,000 | 6,313,890 | |
Wal-Mart de Mexico SA de CV Series C | 1,338,131 | 3,406,744 | |
TOTAL MEXICO | 22,169,075 | ||
Poland - 1.0% | |||
Telekomunikacja Polska SA sponsored GDR (a) | 745,400 | 2,489,636 | |
Russia - 7.8% | |||
Lukoil Oil Co. sponsored ADR | 92,200 | 6,380,240 | |
Mobile TeleSystems OJSC: | |||
GDR (c) | 44,100 | 2,094,750 | |
sponsored ADR (a) | 15,500 | 744,000 | |
Sibneft sponsored ADR (a) | 56,700 | 1,321,677 | |
Surgutneftegaz JSC sponsored ADR | 58,800 | 1,149,540 | |
Vimpel Communications sponsored ADR (a) | 42,800 | 1,706,008 | |
YUKOS Corp. sponsored ADR | 37,700 | 6,597,500 | |
TOTAL RUSSIA | 19,993,715 | ||
South Africa - 7.4% | |||
ABSA Group Ltd. | 602,000 | 2,633,327 | |
African Bank Investments Ltd. | 2,113,200 | 1,593,753 | |
Alexander Forbes Ltd. | 937,100 | 1,283,716 | |
FirstRand Ltd. | 3,382,700 | 3,293,362 | |
Impala Platinum Holdings Ltd. | 94,000 | 4,640,320 | |
Naspers Ltd. sponsored ADR (a) | 51,870 | 1,545,726 | |
Nedcor Ltd. | 306,900 | 4,124,208 | |
TOTAL SOUTH AFRICA | 19,114,412 | ||
Taiwan - 13.4% | |||
ASUSTeK Computer, Inc. | 963,000 | 1,879,024 | |
China Motor Co. Ltd. | 1,285,000 | 2,046,413 | |
Chinatrust Financial Holding Co. (a) | 6,494,085 | 5,068,554 | |
Compal Electronics, Inc. | 1,566,000 | 1,689,572 | |
Evergreen Marine Corp. | 1,506,000 | 920,453 | |
Formosa Chemicals & Fibre Corp. | 2,286,000 | 2,204,006 | |
Formosa Plastic Corp. | 3,255,650 | 4,017,014 | |
Mega Financial Holding Co. Ltd. (a) | 5,555,000 | 2,470,660 | |
Pihsiang Machinery Manufacturing Co. | 244,000 | 640,631 | |
Shares | Value (Note 1) | ||
Siliconware Precision Industries Co. Ltd. (a) | 2,852,000 | $ 1,350,301 | |
Taishin Financial Holdings Co. Ltd. (a) | 3,167,000 | 1,435,828 | |
Taiwan Semiconductor Manufacturing Co. Ltd. (a) | 4,528,798 | 6,211,666 | |
United Microelectronics Corp. (a) | 7,950,857 | 4,562,902 | |
TOTAL TAIWAN | 34,497,024 | ||
Thailand - 2.0% | |||
Bangkok Bank Ltd. PCL (For. Reg.) (a) | 1,998,000 | 2,801,917 | |
BEC World PCL (For. Reg.) | 465,100 | 2,239,350 | |
TOTAL THAILAND | 5,041,267 | ||
Turkey - 1.4% | |||
Anadolu Efes Biracilk Ve Malt Sanyii AS | 45,168,300 | 901,954 | |
Dogan Yayin Holding AS (a) | 479,418,700 | 664,776 | |
Enka Insaat ve Sanayi AS | 55,365,445 | 1,928,129 | |
Koytas Tekstil Sanayi ve Ticaret AS (a) | 26,770,000 | 5 | |
TOTAL TURKEY | 3,494,864 | ||
United Kingdom - 3.2% | |||
Anglo American PLC (South Africa) | 502,807 | 7,267,073 | |
Antofagasta PLC | 102,500 | 1,032,574 | |
TOTAL UNITED KINGDOM | 8,299,647 | ||
TOTAL COMMON STOCKS (Cost $229,408,411) | 252,392,146 | ||
Money Market Funds - 4.3% | |||
Fidelity Cash Central Fund, 1.29% (b) | 5,114,481 | 5,114,481 | |
Fidelity Securities Lending Cash Central Fund, 1.3% (b) | 6,052,000 | 6,052,000 | |
TOTAL MONEY MARKET FUNDS (Cost $11,166,481) | 11,166,481 | ||
TOTAL INVESTMENT PORTFOLIO - 102.3% (Cost $240,574,892) | 263,558,627 | ||
NET OTHER ASSETS - (2.3)% | (6,021,843) | ||
NET ASSETS - 100% | $ 257,536,784 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request. |
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $2,094,750 or 0.8% of net assets. |
Other Information |
Purchases and sales of securities, other than short-term securities, aggregated $127,221,814 and $141,500,352 respectively. |
The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $212 for the period. |
Income Tax Information |
At September 30, 2002, the fund had a capital loss carryforward of approximately $511,736,000 of which $96,913,000, $19,326,000, $309,416,000, $46,041,000 and $40,040,000 will expire on September 30, 2004, 2006, 2007, 2008 and 2010, respectively. |
The fund intends to elect to defer to its fiscal year ending September 30, 2003 approximately $11,543,000 of losses recognized during the period November 1, 2001 to September 30, 2002. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
April 30, 2003 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $5,967,000) (cost $240,574,892) - See accompanying schedule | $ 263,558,627 | |
Foreign currency held at value (cost $2,402,590) | 2,389,057 | |
Receivable for investments sold | 1,003,827 | |
Receivable for fund shares sold | 287,168 | |
Dividends receivable | 1,182,583 | |
Interest receivable | 9,674 | |
Redemption fees receivable | 327 | |
Other receivables | 793 | |
Total assets | 268,432,056 | |
Liabilities | ||
Payable for investments purchased | $ 3,342,403 | |
Payable for fund shares redeemed | 1,198,974 | |
Accrued management fee | 154,759 | |
Other payables and accrued expenses | 147,136 | |
Collateral on securities loaned, at value | 6,052,000 | |
Total liabilities | 10,895,272 | |
Net Assets | $ 257,536,784 | |
Net Assets consist of: | ||
Paid in capital | $ 777,199,694 | |
Undistributed net investment income | 1,243,771 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (543,905,649) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 22,998,968 | |
Net Assets, for 35,700,631 shares outstanding | $ 257,536,784 | |
Net Asset Value, offering price and redemption price per share ($257,536,784 ÷ 35,700,631 shares) | $ 7.21 |
Statement of Operations
Six months ended April 30, 2003 (Unaudited) | ||
Investment Income | ||
Dividends | $ 3,689,769 | |
Interest | 83,572 | |
Security lending | 6,320 | |
3,779,661 | ||
Less foreign taxes withheld | (387,500) | |
Total income | 3,392,161 | |
Expenses | ||
Management fee | $ 954,024 | |
Transfer agent fees | 588,478 | |
Accounting and security lending fees | 79,123 | |
Non-interested trustees' compensation | 430 | |
Custodian fees and expenses | 156,843 | |
Registration fees | 11,549 | |
Audit | 36,683 | |
Legal | 586 | |
Miscellaneous | 14,178 | |
Total expenses before reductions | 1,841,894 | |
Expense reductions | (239) | 1,841,655 |
Net investment income (loss) | 1,550,506 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities | (17,054,514) | |
Foreign currency transactions | (298,893) | |
Total net realized gain (loss) | (17,353,407) | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 24,204,410 | |
Assets and liabilities in foreign currencies | 80,975 | |
Total change in net unrealized appreciation (depreciation) | 24,285,385 | |
Net gain (loss) | 6,931,978 | |
Net increase (decrease) in net assets resulting from operations | $ 8,482,484 | |
Other Information | ||
Sales charges paid to FDC | $ 18,740 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Emerging Markets
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 1,550,506 | $ 2,153,675 |
Net realized gain (loss) | (17,353,407) | (18,602,882) |
Change in net unrealized appreciation (depreciation) | 24,285,385 | 16,888,089 |
Net increase (decrease) in net assets resulting from operations | 8,482,484 | 438,882 |
Distributions to shareholders from net investment income | (1,836,578) | (936,196) |
Share transactions | 26,917,989 | 180,799,404 |
Reinvestment of distributions | 1,776,666 | 910,011 |
Cost of shares redeemed | (41,570,311) | (122,138,443) |
Net increase (decrease) in net assets resulting from share transactions | (12,875,656) | 59,570,972 |
Redemption fees | 37,773 | 491,509 |
Total increase (decrease) in net assets | (6,191,977) | 59,565,167 |
Net Assets | ||
Beginning of period | 263,728,761 | 204,163,594 |
End of period (including undistributed net investment income of $1,243,771 and undistributed net investment income of $1,529,843, respectively) | $ 257,536,784 | $ 263,728,761 |
Other Information Shares | ||
Sold | 3,779,748 | 21,706,976 |
Issued in reinvestment of distributions | 243,379 | 120,213 |
Redeemed | (5,821,238) | (15,624,566) |
Net increase (decrease) | (1,798,111) | 6,202,623 |
Financial Highlights
Six months ended | Years ended October 31, | |||||
(Unaudited) | 2002 | 2001 | 2000 | 1999 | 1998 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 7.03 | $ 6.52 | $ 8.71 | $ 9.35 | $ 6.74 | $ 10.35 |
Income from Investment Operations | ||||||
Net investment income (loss)E | .04 | .06G | .06 | .02F | .07 | .09 |
Net realized and unrealized gain (loss) | .19 | .47H | (2.22) | (.68) | 2.53 | (3.47) |
Total from investment operations | .23 | .53 | (2.16) | (.66) | 2.60 | (3.38) |
Distributions from net investment income | (.05) | (.03) | (.03) | - | - | (.08) |
Distributions in excess of net investment income | - | - | - | - | - | (.15) |
Total distributions | (.05) | (.03) | (.03) | - | - | (.23) |
Redemption fees added to paid in capitalE | - J | .01 | - J | .02 | .01 | - J |
Net asset value, end of period | $ 7.21 | $ 7.03 | $ 6.52 | $ 8.71 | $ 9.35 | $ 6.74 |
Total Return B, C,D | 3.26% | 8.25% | (24.87)% | (6.84) % | 38.72% | (33.23)% |
Ratios to Average Net Assets I | ||||||
Expenses before expense reductions | 1.42%A | 1.44% | 1.54% | 1.39% | 1.45% | 1.59% |
Expenses net of voluntary waivers, if any | 1.42%A | 1.44% | 1.54% | 1.39% | 1.45% | 1.59% |
Expenses net of all reductions | 1.42%A | 1.39% | 1.45% | 1.35% | 1.42% | 1.56% |
Net investment income (loss) | 1.19%A | .73% | .78% | .15% | .90% | 1.01% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $ 257,537 | $ 263,729 | $ 204,164 | $ 304,445 | $ 402,392 | $ 270,709 |
Portfolio turnover rate | 101%A | 120% | 113% | 100% | 94% | 87% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Calculated based on average shares outstanding during the period. F Investment income per share reflects a special dividend which amounted to $.02 per share. G Investment income per share reflects a special dividend which amounted to $.01 per share. H The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the fund. I Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. J Amount represents less than $.01 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2003 | |||
France | 18.3% | ||
Switzerland | 14.5% | ||
Italy | 12.1% | ||
Germany | 11.0% | ||
United Kingdom | 8.5% | ||
Spain | 8.4% | ||
Netherlands | 7.4% | ||
United States of America | 5.7% | ||
Russia | 4.7% | ||
Other | 9.4% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2002 | |||
United Kingdom | 19.3% | ||
France | 19.2% | ||
Switzerland | 15.6% | ||
Italy | 10.2% | ||
Germany | 10.1% | ||
Netherlands | 6.5% | ||
United States of America | 5.9% | ||
Finland | 4.4% | ||
Russia | 2.6% | ||
Other | 6.2% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 97.4 | 97.6 |
Bonds | 0.0 | 1.1 |
Short-Term Investments and Net Other Assets | 2.6 | 1.3 |
Top Ten Stocks as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
Telecom Italia Spa (Italy, Diversified Telecommunication Services) | 4.4 | 0.0 |
AXA SA (France, Insurance) | 4.2 | 2.5 |
Nokia Corp. (Finland, Communications Equipment) | 3.7 | 4.1 |
Zurich Financial Services AG (Switzerland, Insurance) | 3.6 | 1.4 |
Banca Intesa Spa (Risp) (Italy, Banks) | 3.3 | 0.0 |
Synthes-Stratec, Inc. (United States of America, Health Care Equipment & Supplies) | 3.1 | 3.4 |
Deutsche Telekom AG (Reg.) (Germany, Diversified Telecommunication Services) | 3.0 | 0.0 |
ASML Holding NV (Netherlands, Semiconductor Equipment & Products) | 3.0 | 2.8 |
Unicredito Italiano Spa (Italy, Banks) | 3.0 | 0.0 |
UBS AG (Reg.) (Switzerland, Banks) | 2.9 | 0.0 |
34.2 | ||
Market Sectors as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
Financials | 25.3 | 20.2 |
Health Care | 15.8 | 25.2 |
Consumer Discretionary | 13.8 | 11.3 |
Energy | 11.7 | 6.7 |
Information Technology | 11.7 | 22.5 |
Telecommunication Services | 8.4 | 2.2 |
Consumer Staples | 6.7 | 1.3 |
Industrials | 4.0 | 8.5 |
Materials | 0.0 | 0.8 |
Semiannual Report
Investments April 30, 2003 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 91.3% | |||
Shares | Value (Note 1) | ||
Belgium - 0.7% | |||
Colruyt NV | 110,800 | $ 7,254,144 | |
Denmark - 3.6% | |||
Coloplast AS Series B | 66,941 | 4,955,981 | |
Danske Bank AS | 526,900 | 10,148,702 | |
Group 4 Falck AS | 1,112,509 | 19,419,313 | |
TOTAL DENMARK | 34,523,996 | ||
Finland - 3.7% | |||
Nokia Corp. | 2,159,986 | 35,790,972 | |
France - 18.3% | |||
AXA SA | 2,672,069 | 40,665,422 | |
BNP Paribas SA | 416,400 | 19,583,913 | |
Essilor International SA | 500,600 | 20,537,995 | |
Financiere Marc de Lacharriere SA (Fimalac) | 234,681 | 5,615,794 | |
L'Oreal SA | 287,900 | 20,619,602 | |
Technip-Coflexip SA | 297,778 | 24,440,391 | |
Television Francaise 1 SA | 136,000 | 3,827,733 | |
TotalFinaElf SA Series B | 124,900 | 16,411,859 | |
Vivendi Universal SA | 1,510,600 | 24,661,633 | |
TOTAL FRANCE | 176,364,342 | ||
Germany - 8.2% | |||
Continental AG | 543,136 | 9,735,575 | |
Deutsche Telekom AG (Reg.) | 2,177,600 | 29,179,828 | |
Puma AG | 98,800 | 9,505,541 | |
Rational AG | 148,900 | 5,744,249 | |
SAP AG | 239,000 | 24,533,532 | |
TOTAL GERMANY | 78,698,725 | ||
Italy - 8.8% | |||
Amplifon Spa | 126,404 | 2,036,357 | |
Banca Intesa Spa | 437,500 | 1,137,908 | |
Saeco International Group | 1,385,938 | 5,331,160 | |
Saipem Spa | 730,000 | 5,105,869 | |
Telecom Italia Spa | 5,239,400 | 42,470,577 | |
Unicredito Italiano Spa | 6,567,700 | 28,803,176 | |
TOTAL ITALY | 84,885,047 | ||
Netherlands - 7.4% | |||
ASML Holding NV (a) | 3,337,399 | 28,884,748 | |
Euronext NV | 432,562 | 9,577,078 | |
IHC Caland NV | 178,538 | 9,233,405 | |
Unilever NV (Certificaten Van Aandelen) | 380,500 | 24,018,069 | |
TOTAL NETHERLANDS | 71,713,300 | ||
Panama - 0.3% | |||
Carnival Corp. unit | 100,767 | 2,780,162 | |
Russia - 4.7% | |||
Sibneft sponsored ADR (a) | 576,700 | 13,442,877 | |
Shares | Value (Note 1) | ||
Vimpel Communications sponsored ADR (a) | 245,800 | $ 9,797,588 | |
YUKOS Corp. sponsored ADR | 123,856 | 21,674,800 | |
TOTAL RUSSIA | 44,915,265 | ||
Spain - 8.4% | |||
Actividades de Construccion y Servicios SA (ACS) | 246,400 | 9,298,951 | |
Altadis SA (Spain) | 483,800 | 12,496,757 | |
Banco Santander Central Hispano SA | 3,311,703 | 26,070,150 | |
Compania de Distribucion Integral Logista SA | 215,641 | 4,822,595 | |
Iberia Lineas Aereas de Espana SA | 2,881,300 | 5,058,335 | |
Repsol YPF SA | 1,555,400 | 22,697,190 | |
TOTAL SPAIN | 80,443,978 | ||
Sweden - 1.1% | |||
Hennes & Mauritz AB (H&M) (B Shares) | 481,300 | 10,741,986 | |
Switzerland - 14.5% | |||
Actelion Ltd. (Reg.) (a) | 275,499 | 17,666,190 | |
Geberit AG (Reg.) | 14,901 | 4,697,820 | |
Logitech International SA (Reg.) (a) | 263,000 | 9,709,096 | |
Novartis AG (Reg.) | 236,810 | 9,354,205 | |
Roche Holding AG (participation certificate) | 386,570 | 24,631,565 | |
Straumann Holding AG | 123,017 | 10,990,148 | |
UBS AG (Reg.) | 588,750 | 27,972,580 | |
Zurich Financial Services AG | 327,353 | 34,562,521 | |
TOTAL SWITZERLAND | 139,584,125 | ||
United Kingdom - 8.5% | |||
3i Group PLC | 1,110,215 | 8,261,548 | |
ARM Holdings PLC (a) | 13,271,561 | 13,592,627 | |
AstraZeneca PLC (United Kingdom) | 571,291 | 22,777,373 | |
Axis Shield PLC (a) | 112,569 | 234,187 | |
Carnival PLC | 217,686 | 5,441,429 | |
Intercontinental Hotels Group PLC | 1,648,861 | 10,026,955 | |
Intermediate Capital Group PLC | 348,800 | 4,889,697 | |
Shire Pharmaceuticals Group PLC (a) | 1,486,200 | 9,561,031 | |
Stanley Leisure PLC | 1,601,241 | 6,995,532 | |
TOTAL UNITED KINGDOM | 81,780,379 | ||
United States of America - 3.1% | |||
Synthes-Stratec, Inc. | 46,643 | 29,444,599 | |
TOTAL COMMON STOCKS (Cost $771,995,468) | 878,921,020 | ||
Nonconvertible Preferred Stocks - 6.1% | |||
Germany - 2.8% | |||
Porsche AG (non-vtg.) | 72,100 | 26,605,333 | |
Nonconvertible Preferred Stocks - continued | |||
Shares | Value (Note 1) | ||
Italy - 3.3% | |||
Banca Intesa Spa (Risp) | 17,500,000 | $ 31,740,107 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $53,224,158) | 58,345,440 | ||
Money Market Funds - 23.9% | |||
Fidelity Cash Central Fund, 1.29% (b) | 35,595,355 | 35,595,355 | |
Fidelity Securities Lending Cash Central Fund, 1.3% (b) | 194,608,112 | 194,608,112 | |
TOTAL MONEY MARKET FUNDS (Cost $230,203,467) | 230,203,467 | ||
TOTAL INVESTMENT PORTFOLIO - 121.3% (Cost $1,055,423,093) | 1,167,469,927 | ||
NET OTHER ASSETS - (21.3)% | (205,014,418) | ||
NET ASSETS - 100% | $ 962,455,509 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request. |
Other Information |
Purchases and sales of securities, other than short-term securities, aggregated $811,955,079 and $777,200,281, respectively. |
The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $721 for the period. |
The fund participated in the interfund lending program as a borrower. The average daily loan balance during the period for which the loan was outstanding amounted to $7,551,000. The weighted average interest rate was 1.38%. At period end there were no interfund loans outstanding. |
Income Tax Information |
At October 31, 2002, the fund had a capital loss carryforward of approximately $234,986,000 of which $252,000, $107,086,000 and $127,648,000 will expire on October 31, 2006, 2009 and 2010, respectively. Of the loss carryforwards expiring on October 31, 2006, $252,000 was acquired in the merger of the Fidelity Germany Fund and is available to offset future capital gains of the fund to the extent provided by regulations. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
April 30, 2003 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $184,944,620) (cost $1,055,423,093) - See accompanying schedule | $ 1,167,469,927 | |
Receivable for investments sold | 2,922,480 | |
Receivable for fund shares sold | 1,220,456 | |
Dividends receivable | 1,043,785 | |
Interest receivable | 25,709 | |
Redemption fees receivable | 454 | |
Other receivables | 305,835 | |
Total assets | 1,172,988,646 | |
Liabilities | ||
Payable for investments purchased | $ 14,295,103 | |
Payable for fund shares redeemed | 1,093,229 | |
Accrued management fee | 398,709 | |
Other payables and accrued expenses | 137,984 | |
Collateral on securities loaned, at value | 194,608,112 | |
Total liabilities | 210,533,137 | |
Net Assets | $ 962,455,509 | |
Net Assets consist of: | ||
Paid in capital | $ 1,386,324,161 | |
Undistributed net investment income | 3,317,152 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (539,365,264) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 112,179,460 | |
Net Assets, for 50,604,613 shares outstanding | $ 962,455,509 | |
Net Asset Value, offering price and redemption price per share ($962,455,509 ÷ 50,604,613 shares) | $ 19.02 |
Statement of Operations
Six months ended April 30, 2003 (Unaudited) | ||
Investment Income | ||
Dividends | $ 6,787,535 | |
Special Dividends | 1,169,009 | |
Interest | 632,580 | |
Security lending | 526,258 | |
9,115,382 | ||
Less foreign taxes withheld | (816,405) | |
Total income | 8,298,977 | |
Expenses | ||
Management fee | $ 3,236,281 | |
Performance adjustment | (641,060) | |
Transfer agent fees | 1,420,698 | |
Accounting and security lending fees | 241,663 | |
Non-interested trustees' compensation | 724 | |
Custodian fees and expenses | 209,278 | |
Registration fees | 13,938 | |
Audit | 31,761 | |
Legal | 1,916 | |
Interest | 1,154 | |
Miscellaneous | 3,324 | |
Total expenses before reductions | 4,519,677 | |
Expense reductions | (241,070) | 4,278,607 |
Net investment income (loss) | 4,020,370 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities | (280,610,251) | |
Foreign currency transactions | (21,777) | |
Total net realized gain (loss) | (280,632,028) | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 318,764,627 | |
Assets and liabilities in foreign currencies | 55,171 | |
Total change in net unrealized appreciation (depreciation) | 318,819,798 | |
Net gain (loss) | 38,187,770 | |
Net increase (decrease) in net assets resulting from operations | $ 42,208,140 | |
Other Information | ||
Deferred sales charges withheld by FDC | $ 11,900 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Europe
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended April 30, 2003 (Unaudited) | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 4,020,370 | $ 5,472,286 |
Net realized gain (loss) | (280,632,028) | (137,081,813) |
Change in net unrealized appreciation (depreciation) | 318,819,798 | (65,157,304) |
Net increase (decrease) in net assets resulting from operations | 42,208,140 | (196,766,831) |
Distributions to shareholders from net investment income | (6,786,158) | (11,245,807) |
Share transactions | 127,937,478 | 255,088,891 |
Reinvestment of distributions | 6,549,333 | 10,834,933 |
Cost of shares redeemed | (83,507,289) | (241,463,201) |
Net increase (decrease) in net assets resulting from share transactions | 50,979,522 | 24,460,623 |
Redemption fees | 58,861 | 179,135 |
Total increase (decrease) in net assets | 86,460,365 | (183,372,880) |
Net Assets | ||
Beginning of period | 875,995,144 | 1,059,368,024 |
End of period (including undistributed net investment income of $3,317,152 and undistributed net investment income of $6,082,940, respectively) | $ 962,455,509 | $ 875,995,144 |
Other Information Shares | ||
Sold | 7,153,177 | 11,691,869 |
Issued in reinvestment of distributions | 347,814 | 434,443 |
Redeemed | (4,741,110) | (10,988,169) |
Net increase (decrease) | 2,759,881 | 1,138,143 |
Financial Highlights
Six months ended April 30, 2003 | Years ended October 31, | |||||
(Unaudited) | 2002 | 2001 | 2000 | 1999 | 1998 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 18.31 | $ 22.68 | $ 34.88 | $ 34.09 | $ 32.82 | $ 31.05 |
Income from Investment Operations | ||||||
Net investment income (loss) F | .08K | .12G | .12 | .20 | .25 | .39 |
Net realized and unrealized gain (loss) | .77 | (4.25) | (8.11) | 2.70 | 3.54 | 4.10 |
Total from investment operations | .85 | (4.13) | (7.99) | 2.90 | 3.79 | 4.49 |
Distributions from net investment income | (.14) | (.24) | (.12) | (.18) | (.28) | (.39) |
Distributions from net realized gain | - | - | (4.09) | (1.94) | (2.25) | (2.35) |
Total distributions | (.14) | (.24) | (4.21) | (2.12) | (2.53) | (2.74) |
Redemption fees added to paid in capital F | - J | - J | - J | .01 | .01 | .02 |
Net asset value, end of period | $ 19.02 | $ 18.31 | $ 22.68 | $ 34.88 | $ 34.09 | $ 32.82 |
Total Return B, C,D,E | 4.65% | (18.49)% | (25.64)% | 8.51% | 12.18% | 15.45% |
Ratios to Average Net Assets H | ||||||
Expenses before expense reductions | 1.03%A | 1.20% | 1.06% | 1.09% | .96% | 1.10% |
Expenses net of voluntary waivers, if any | 1.03%A | 1.20% | 1.06% | 1.09% | .96% | 1.10% |
Expenses net of all reductions | .97%A | 1.13% | .99% | 1.05% | .89% | 1.09% |
Net investment income (loss) | .91%A | .52% | .45% | .54% | .76% | 1.15% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $ 962,456 | $ 875,995 | $ 1,059,368 | $ 1,425,092 | $ 1,317,402 | $ 1,586,358 |
Portfolio turnover rate | 181% A | 127% | 123% | 144%I | 106% | 114% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Total returns do not include the effect of the contingent deferred sales charge. F Calculated based on average shares outstanding during the period. G Investment income per share reflects a special dividend which amounted to $.05 per share. H Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. I The portfolio turnover rate does not include the assets acquired in the merger of Fidelity France, Fidelity Germany and Fidelity United Kingdom Funds. J Amount represents less than $.01 per-share. K Investment income per share reflects a special dividend which amounts to $.02 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2003 | |||
United Kingdom | 32.8% | ||
Germany | 18.3% | ||
France | 13.0% | ||
Switzerland | 11.0% | ||
Spain | 6.6% | ||
United States of America | 4.3% | ||
Italy | 4.3% | ||
Netherlands | 3.1% | ||
Russia | 2.0% | ||
Other | 4.6% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2002 | |||
United Kingdom | 26.1% | ||
France | 24.2% | ||
Germany | 14.5% | ||
United States of America | 8.7% | ||
Spain | 4.7% | ||
Netherlands | 4.6% | ||
Switzerland | 3.1% | ||
Ireland | 2.8% | ||
Italy | 2.7% | ||
Other | 8.6% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 96.1 | 91.3 |
Short-Term Investments and Net Other Assets | 3.9 | 8.7 |
Top Ten Stocks as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
Deutsche Boerse AG (Germany, Diversified Financials) | 6.4 | 5.2 |
Novartis AG (Switzerland, Pharmaceuticals) | 3.8 | 0.0 |
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services) | 3.7 | 0.0 |
GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals) | 3.3 | 0.0 |
BP PLC sponsored ADR (United Kingdom, Oil & Gas) | 3.2 | 0.0 |
Shell Transport & Trading Co. PLC (Reg.) (United Kingdom, Oil & Gas) | 2.9 | 0.0 |
Unilever PLC (United Kingdom, Food Products) | 2.7 | 6.3 |
SEB SA (France, Household Durables) | 2.1 | 5.4 |
TotalFinaElf SA Series B (France, Oil & Gas) | 2.0 | 6.1 |
Nestle SA (Reg.) (Switzerland, Food Products) | 1.9 | 0.0 |
32.0 | ||
Market Sectors as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
Financials | 20.7 | 26.6 |
Consumer Discretionary | 15.6 | 16.9 |
Health Care | 14.1 | 5.3 |
Consumer Staples | 12.8 | 22.6 |
Energy | 12.2 | 7.1 |
Telecommunication Services | 10.9 | 3.6 |
Information Technology | 4.1 | 0.8 |
Materials | 2.1 | 3.1 |
Industrials | 2.0 | 4.4 |
Utilities | 1.6 | 0.9 |
Semiannual Report
Investments April 30, 2003 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.1% | |||
Shares | Value (Note 1) | ||
Austria - 0.5% | |||
OMV AG | 13,700 | $ 1,648,361 | |
Belgium - 0.5% | |||
Mobistar SA (a) | 53,100 | 1,733,791 | |
Denmark - 0.8% | |||
Novo Nordisk AS Series B | 81,500 | 2,955,609 | |
Finland - 1.0% | |||
Nokia Corp. | 215,700 | 3,574,149 | |
France - 13.0% | |||
Alcatel SA sponsored ADR | 197,000 | 1,587,820 | |
Aventis SA (France) | 16,697 | 840,527 | |
AXA SA sponsored ADR | 132,100 | 2,006,599 | |
Casino Guichard Perrachon et Compagnie | 27,400 | 1,868,959 | |
CNP Assurances | 43,000 | 1,731,935 | |
Credit Agricole SA | 83,400 | 1,537,822 | |
GrandVision SA | 53,600 | 993,731 | |
L'Air Liquide SA | 7,600 | 1,153,222 | |
L'Oreal SA | 41,800 | 2,993,746 | |
Naf Naf SA (a) | 94,600 | 1,904,071 | |
NRJ Group | 63,700 | 997,211 | |
Pernod-Ricard | 36,275 | 3,190,257 | |
Peugeot Citroen SA | 40,000 | 1,875,892 | |
Renault SA | 76,800 | 3,327,763 | |
Sanofi-Synthelabo SA | 15,800 | 944,331 | |
SEB SA | 82,000 | 7,702,162 | |
Skis Rossignol SA | 72,140 | 847,003 | |
Suez SA (France) | 189,400 | 3,089,974 | |
TotalFinaElf SA Series B | 54,000 | 7,095,600 | |
Vivendi Universal SA sponsored ADR | 85,400 | 1,401,414 | |
TOTAL FRANCE | 47,090,039 | ||
Germany - 16.5% | |||
Adidas-Salomon AG | 20,600 | 1,775,992 | |
Allianz AG (Reg.) | 39,371 | 2,788,962 | |
Altana AG | 37,200 | 1,826,110 | |
BASF AG | 51,400 | 2,297,295 | |
Bayer AG | 97,600 | 1,784,379 | |
Deutsche Bank AG | 127,300 | 6,555,950 | |
Deutsche Boerse AG | 495,680 | 23,279,317 | |
Deutsche Telekom AG (Reg.) | 414,100 | 5,548,938 | |
E.On AG | 28,800 | 1,381,236 | |
ESCADA AG | 99,192 | 823,000 | |
Puma AG | 10,000 | 962,099 | |
SAP AG | 15,600 | 1,601,352 | |
Schering AG | 39,500 | 1,762,339 | |
Sixt AG | 127,900 | 1,044,030 | |
Suedzucker AG (Bearer) | 60,700 | 1,030,339 | |
T-Online International AG (a) | 140,000 | 1,102,098 | |
Zapf Creation AG | 115,037 | 4,221,780 | |
TOTAL GERMANY | 59,785,216 | ||
Shares | Value (Note 1) | ||
Italy - 3.1% | |||
Banca Intesa Spa | 460,634 | $ 1,198,078 | |
Banca Nazionale del Lavoro (BNL) (a) | 1,383,600 | 2,244,902 | |
Bulgari Spa | 306,700 | 1,431,481 | |
Saeco International Group | 281,900 | 1,084,359 | |
Telecom Italia Spa | 479,100 | 3,883,584 | |
Unicredito Italiano Spa | 289,800 | 1,270,941 | |
TOTAL ITALY | 11,113,345 | ||
Netherlands - 3.1% | |||
ING Groep NV (Certificaten Van Aandelen) | 166,298 | 2,705,637 | |
Koninklijke Philips Electronics NV | 129,800 | 2,419,523 | |
Koninklijke Philips Electronics NV (NY Shares) | 65,700 | 1,227,276 | |
Royal Dutch Petroleum Co. (Hague Registry) | 70,700 | 2,890,216 | |
Samas Groep NV (Certificaten Van Aandelen) | 165,600 | 592,557 | |
Van der Moolen Holding NV sponsored ADR | 147,600 | 1,564,560 | |
TOTAL NETHERLANDS | 11,399,769 | ||
Russia - 2.0% | |||
OAO Gazprom sponsored ADR | 49,300 | 776,475 | |
Surgutneftegaz JSC sponsored ADR | 70,100 | 1,370,455 | |
Vimpel Communications sponsored ADR (a) | 39,400 | 1,570,484 | |
YUKOS Corp. sponsored ADR | 21,200 | 3,710,000 | |
TOTAL RUSSIA | 7,427,414 | ||
Spain - 6.6% | |||
Altadis SA (Spain) | 240,300 | 6,207,050 | |
Amadeus Global Travel Distribution SA Series A | 210,800 | 1,056,010 | |
Banco Espanol de Credito SA (Reg.) | 144,000 | 1,183,503 | |
Banco Santander Central Hispano SA | 255,300 | 2,009,754 | |
Corporacion Mapfre SA (Reg.) | 308,300 | 2,895,825 | |
Grupo Auxiliar Metalurgico SA (Gamesa) (a) | 53,600 | 1,101,016 | |
Repsol YPF SA | 309,000 | 4,509,086 | |
Telefonica SA | 163,000 | 1,806,262 | |
Telefonica SA sponsored ADR | 99,254 | 3,300,196 | |
TOTAL SPAIN | 24,068,702 | ||
Sweden - 1.8% | |||
Electrolux AB (B Shares) | 65,200 | 1,227,307 | |
Song Networks Holding AB (a) | 10,000 | 43,080 | |
Telefonaktiebolaget LM Ericsson (B Shares) (a) | 4,513,400 | 4,089,142 | |
TeliaSonera AB | 301,600 | 1,076,271 | |
TOTAL SWEDEN | 6,435,800 | ||
Switzerland - 11.0% | |||
Actelion Ltd. (Reg.) (a) | 47,791 | 3,064,566 | |
Barry Callebaut AG | 11,460 | 1,633,033 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Switzerland - continued | |||
Centerpulse AG (Reg.) (a) | 5,400 | $ 1,182,147 | |
Credit Suisse Group sponsored ADR | 129,000 | 3,083,100 | |
Leica Geosystems AG (a) | 5,350 | 450,310 | |
Nestle SA (Reg.) | 33,352 | 6,808,792 | |
Novartis AG: | |||
(Reg.) | 56,200 | 2,219,950 | |
sponsored ADR | 296,400 | 11,701,872 | |
Roche Holding AG (participation certificate) | 32,000 | 2,038,984 | |
Saurer AG (Reg.) (a) | 65,520 | 1,714,917 | |
Sulzer AG (Reg.) | 9,400 | 1,160,772 | |
UBS AG (NY Shares) | 84,100 | 3,990,545 | |
Zurich Financial Services AG | 10,110 | 1,067,432 | |
TOTAL SWITZERLAND | 40,116,420 | ||
Turkey - 0.0% | |||
Turkcell Iletisim Hizmet AS sponsored ADR (a) | 1,700 | 25,415 | |
United Kingdom - 32.8% | |||
3i Group PLC | 443,800 | 3,302,491 | |
Alliance & Leicester PLC | 104,100 | 1,351,055 | |
AstraZeneca PLC sponsored ADR | 130,100 | 5,187,087 | |
Autonomy Corp. PLC (a) | 348,700 | 904,000 | |
Avis Europe PLC | 215,000 | 295,035 | |
Barratt Developments PLC | 227,800 | 1,523,812 | |
Berkeley Group PLC | 89,200 | 892,167 | |
Boots Group PLC | 310,200 | 2,841,965 | |
BP PLC sponsored ADR | 304,400 | 11,731,576 | |
BPB PLC | 194,400 | 964,405 | |
British Sky Broadcasting | 297,500 | 3,087,439 | |
BT Group PLC | 815,900 | 2,371,816 | |
Cable & Wireless PLC | 275,600 | 331,885 | |
Carlton Communications PLC | 1,087,200 | 1,826,838 | |
Cattles PLC | 171,400 | 868,132 | |
Celltech Group PLC (a) | 155,700 | 636,621 | |
Corin Group PLC | 28,000 | 60,886 | |
Debenhams PLC | 166,600 | 866,482 | |
Diageo PLC | 194,700 | 2,162,354 | |
GlaxoSmithKline PLC | 589,000 | 11,933,144 | |
HBOS PLC | 301,500 | 3,536,655 | |
Lloyds TSB Group PLC | 310,800 | 2,046,691 | |
London Stock Exchange PLC | 227,100 | 1,181,141 | |
Maiden Group PLC | 321,500 | 1,021,275 | |
Medisys PLC (a) | 1,047,100 | 230,405 | |
MyTravel Group PLC | 3,152,200 | 554,891 | |
NDS Group PLC sponsored ADR (a) | 58,300 | 749,155 | |
Next PLC | 145,200 | 2,192,350 | |
Northgate PLC | 322,000 | 2,143,634 | |
Prudential PLC | 287,100 | 1,759,679 | |
Shares | Value (Note 1) | ||
Reckitt Benckiser PLC | 127,700 | $ 2,255,094 | |
Redrow PLC Class L | 194,500 | 803,047 | |
Rio Tinto PLC sponsored ADR | 19,700 | 1,510,990 | |
Shell Transport & Trading Co. PLC (Reg.) | 1,751,800 | 10,537,076 | |
SMG PLC | 658,601 | 827,358 | |
Somerfield PLC | 769,400 | 1,172,785 | |
Spirent PLC | 4,531,000 | 1,522,701 | |
Sygen International PLC | 1,794,600 | 1,263,635 | |
Tesco PLC | 1,045,100 | 3,311,498 | |
Trinity Mirror PLC | 233,700 | 1,630,597 | |
Unilever PLC | 996,600 | 9,784,125 | |
Vodafone Group PLC | 6,418,100 | 12,682,181 | |
Vodafone Group PLC sponsored ADR | 27,900 | 551,304 | |
Wilson Connolly Holdings PLC | 175,400 | 487,002 | |
Woolworths Group PLC | 1,431,300 | 801,678 | |
Wyevale Garden Centres PLC | 252,000 | 1,407,432 | |
TOTAL UNITED KINGDOM | 119,103,569 | ||
United States of America - 0.4% | |||
Synthes-Stratec, Inc. | 2,400 | 1,515,062 | |
TOTAL COMMON STOCKS (Cost $309,134,174) | 337,992,661 | ||
Nonconvertible Preferred Stocks - 3.0% | |||
Germany - 1.8% | |||
Fresenius Medical Care AG | 59,000 | 2,104,564 | |
Hugo Boss AG | 57,300 | 794,503 | |
Porsche AG (non-vtg.) | 9,500 | 3,505,557 | |
TOTAL GERMANY | 6,404,624 | ||
Italy - 1.2% | |||
Telecom Italia Spa Risp (non-vtg.) | 892,600 | 4,383,679 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $10,093,970) | 10,788,303 | ||
Money Market Funds - 15.4% | |||
Fidelity Cash Central Fund, 1.29% (b) | 14,443,823 | 14,443,823 | |
Fidelity Securities Lending Cash Central Fund, 1.3% (b) | 41,268,250 | 41,268,250 | |
TOTAL MONEY MARKET FUNDS (Cost $55,712,073) | 55,712,073 | ||
TOTAL INVESTMENT PORTFOLIO - 111.5% (Cost $374,940,217) | 404,493,037 | ||
NET OTHER ASSETS - (11.5)% | (41,565,941) | ||
NET ASSETS - 100% | $ 362,927,096 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request. |
Other Information |
Purchases and sales of securities, other than short-term securities, aggregated $401,175,785 and $447,057,159, respectively. |
The fund participated in the interfund lending program as a borrower. The average daily loan balance during the period for which loans were outstanding amounted to $2,926,429. The weighted average interest rate was 1.37%. At period end there were no interfund loans outstanding. |
Income Tax Information |
At October 31, 2002, the fund had a capital loss carryforward of approximately $95,627,000 of which $22,962,000 and $72,665,000 will expire on October 31, 2009 and 2010, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
April 30, 2003 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $39,386,730) (cost $374,940,217) - See accompanying schedule | $ 404,493,037 | |
Receivable for investments sold | 5,115,835 | |
Receivable for fund shares sold | 348,525 | |
Dividends receivable | 1,635,249 | |
Interest receivable | 14,948 | |
Redemption fees receivable | 89 | |
Other receivables | 134,654 | |
Total assets | 411,742,337 | |
Liabilities | ||
Payable for investments purchased | $ 6,551,545 | |
Payable for fund shares redeemed | 653,721 | |
Accrued management fee | 267,889 | |
Other payables and accrued expenses | 73,836 | |
Collateral on securities loaned, at value | 41,268,250 | |
Total liabilities | 48,815,241 | |
Net Assets | $ 362,927,096 | |
Net Assets consist of: | ||
Paid in capital | $ 459,593,256 | |
Undistributed net investment income | 893,708 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (127,161,873) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 29,602,005 | |
Net Assets, for 25,856,336 shares outstanding | $ 362,927,096 | |
Net Asset Value, offering price and redemption price per share ($362,927,096 ÷ 25,856,336 shares) | $ 14.04 |
Statement of Operations
Six months ended April 30, 2003 (Unaudited) | ||
Investment Income | ||
Dividends | $ 4,174,191 | |
Interest | 168,035 | |
Security lending | 106,581 | |
4,448,807 | ||
Less foreign taxes withheld | (592,569) | |
Total income | 3,856,238 | |
Expenses | ||
Management fee | $ 1,382,007 | |
Performance adjustment | 424,102 | |
Transfer agent fees | 539,824 | |
Accounting and security lending fees | 115,287 | |
Non-interested trustees' compensation | 687 | |
Custodian fees and expenses | 98,540 | |
Registration fees | 19,605 | |
Audit | 20,156 | |
Legal | 914 | |
Interest | 777 | |
Miscellaneous | 1,507 | |
Total expenses before reductions | 2,603,406 | |
Expense reductions | (158,090) | 2,445,316 |
Net investment income (loss) | 1,410,922 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities | (27,035,199) | |
Foreign currency transactions | 119,566 | |
Total net realized gain (loss) | (26,915,633) | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 34,536,507 | |
Assets and liabilities in foreign currencies | (958) | |
Total change in net unrealized appreciation (depreciation) | 34,535,549 | |
Net gain (loss) | 7,619,916 | |
Net increase (decrease) in net assets resulting from operations | $ 9,030,838 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Europe Capital Appreciation
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 1,410,922 | $ 5,542,295 |
Net realized gain (loss) | (26,915,633) | (72,257,802) |
Change in net unrealized appreciation (depreciation) | 34,535,549 | 12,471,905 |
Net increase (decrease) in net assets resulting from operations | 9,030,838 | (54,243,602) |
Distributions to shareholders from net investment income | (5,760,340) | (4,425,446) |
Share transactions | 31,480,152 | 189,963,917 |
Reinvestment of distributions | 5,388,395 | 4,122,592 |
Cost of shares redeemed | (101,227,349) | (118,273,597) |
Net increase (decrease) in net assets resulting from share transactions | (64,358,802) | 75,812,912 |
Redemption fees | 9,317 | 91,605 |
Total increase (decrease) in net assets | (61,078,987) | 17,235,469 |
Net Assets | ||
Beginning of period | 424,006,083 | 406,770,614 |
End of period (including undistributed net investment income of $893,708 and undistributed net investment income of $5,243,126, respectively) | $ 362,927,096 | $ 424,006,083 |
Other Information Shares | ||
Sold | 2,347,186 | 11,629,937 |
Issued in reinvestment of distributions | 395,914 | 255,585 |
Redeemed | (7,490,971) | (7,642,179) |
Net increase (decrease) | (4,747,871) | 4,243,343 |
Financial Highlights
Six months ended | Years ended October 31, | |||||
(Unaudited) | 2002 | 2001 | 2000 | 1999 | 1998 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 13.85 | $ 15.43 | $ 19.58 | $ 18.64 | $ 16.28 | $ 16.57 |
Income from Investment Operations | ||||||
Net investment income (loss)E | .05 | .19 | .16 | .14 | .15 | .15 |
Net realized and unrealized gain (loss) | .33 | (1.60) | (3.33) | 1.39 | 2.20 | 1.79 |
Total from investment operations | .38 | (1.41) | (3.17) | 1.53 | 2.35 | 1.94 |
Distributions from net investment income | (.19) | (.17) | (.11) | (.13) | - | (.17) |
Distributions from net realized gain | - | - | (.87) | (.47) | - | (2.08) |
Total distributions | (.19) | (.17) | (.98) | (.60) | - | (2.25) |
Redemption fees added to paid in capitalE | -G | -G | -G | .01 | .01 | .02 |
Net asset value, end of period | $ 14.04 | $ 13.85 | $ 15.43 | $ 19.58 | $ 18.64 | $ 16.28 |
Total Return B, C,D | 2.79% | (9.29)% | (16.97)% | 8.19% | 14.50% | 13.65% |
Ratios to Average Net AssetsF | ||||||
Expenses before expense reductions | 1.38%A | 1.37% | 1.26% | 1.09% | 1.07% | 1.12% |
Expenses net of voluntary waivers, if any | 1.38%A | 1.37% | 1.26% | 1.09% | 1.07% | 1.12% |
Expenses net of all reductions | 1.30%A | 1.32% | 1.21% | 1.04% | .97% | 1.08% |
Net investment income (loss) | .75%A | 1.18% | .90% | .68% | .86% | .89% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $ 362,927 | $ 424,006 | $ 406,771 | $ 643,150 | $ 474,755 | $ 650,807 |
Portfolio turnover rate | 228%A | 121% | 67% | 156% | 150% | 179% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. G Amount represents less than $.01 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2003 | |||
Japan | 97.7% | ||
United States of America | 2.3% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2002 | |||
Japan | 98.9% | ||
United States of America | 1.1% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 97.7 | 98.9 |
Short-Term Investments and Net Other Assets | 2.3 | 1.1 |
Top Ten Stocks as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
Nissan Motor Co. Ltd. (Automobiles) | 6.9 | 6.3 |
Stanley Electric Co. Ltd. (Auto Components) | 5.1 | 5.7 |
KDDI Corp. (Wireless Telecommunication Services) | 5.0 | 2.7 |
Takeda Chemical Industries Ltd. (Pharmaceuticals) | 5.0 | 4.9 |
Yamada Denki Co. Ltd. (Specialty Retail) | 4.5 | 4.0 |
Shin-Etsu Chemical Co. Ltd. (Chemicals) | 4.4 | 4.5 |
Suzuki Motor Corp. (Automobiles) | 3.9 | 4.2 |
Bridgestone Corp. (Auto Components) | 3.8 | 1.3 |
Canon, Inc. (Office Electronics) | 3.5 | 2.0 |
Hoya Corp. (Electronic Equipment & Instruments) | 2.9 | 4.4 |
45.0 | ||
Market Sectors as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
Consumer Discretionary | 40.9 | 41.0 |
Information Technology | 16.3 | 14.9 |
Health Care | 11.5 | 9.4 |
Materials | 7.4 | 7.6 |
Industrials | 6.1 | 5.1 |
Financials | 5.3 | 11.8 |
Telecommunication Services | 5.1 | 3.0 |
Consumer Staples | 5.1 | 6.1 |
Semiannual Report
Investments April 30, 2003 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.7% | |||
Shares | Value (Note 1) | ||
CONSUMER DISCRETIONARY - 40.9% | |||
Auto Components - 10.8% | |||
Bridgestone Corp. | 953,000 | $ 10,844,939 | |
Denso Corp. | 57,300 | 819,294 | |
Stanley Electric Co. Ltd. | 1,177,000 | 14,849,237 | |
Toyoda Gosei Co. Ltd. | 258,800 | 4,625,510 | |
31,138,980 | |||
Automobiles - 12.6% | |||
Fuji Heavy Industries Ltd. | 273,000 | 980,453 | |
Honda Motor Co. Ltd. | 123,300 | 4,113,288 | |
Nissan Motor Co. Ltd. | 2,598,700 | 19,919,038 | |
Suzuki Motor Corp. | 932,000 | 11,068,456 | |
Toyota Motor Corp. | 5,500 | 124,520 | |
36,205,755 | |||
Hotels, Restaurants & Leisure - 0.0% | |||
Skylark Co. Ltd. | 6,000 | 64,595 | |
Household Durables - 2.9% | |||
Casio Computer Co. Ltd. | 303,000 | 1,847,639 | |
Daito Trust Construction Co. | 108,000 | 2,066,529 | |
Funai Electric Co. Ltd. | 39,600 | 3,996,804 | |
Matsushita Electric Industrial Co. Ltd. | 29,000 | 230,260 | |
Nintendo Co. Ltd. | 1,500 | 117,583 | |
8,258,815 | |||
Internet & Catalog Retail - 0.4% | |||
Nissen Co. Ltd. | 106,000 | 1,145,633 | |
Leisure Equipment & Products - 6.5% | |||
Bandai Co. Ltd. | 3,800 | 141,268 | |
Fuji Photo Film Co. Ltd. | 10,000 | 255,688 | |
Heiwa Corp. | 237,500 | 3,579,629 | |
Konami Corp. | 278,500 | 3,672,888 | |
Konica Corp. | 608,000 | 5,579,108 | |
Nidec Copal Corp. | 144,000 | 2,240,633 | |
Noritsu Koki Co. Ltd. | 29,300 | 887,169 | |
Sankyo Co. Ltd. (Gunma) | 17,100 | 351,651 | |
Takara Co. Ltd. | 308,000 | 1,961,025 | |
18,669,059 | |||
Multiline Retail - 2.2% | |||
Don Quijote Co. Ltd. | 67,400 | 6,139,384 | |
Ryohin Keikaku Co. Ltd. | 6,800 | 125,825 | |
6,265,209 | |||
Specialty Retail - 5.5% | |||
Shimamura Co. Ltd. | 7,400 | 410,783 | |
USS Co. Ltd. | 51,120 | 2,614,152 | |
Yamada Denki Co. Ltd. | 662,200 | 12,810,127 | |
15,835,062 | |||
TOTAL CONSUMER DISCRETIONARY | 117,583,108 | ||
Shares | Value (Note 1) | ||
CONSUMER STAPLES - 5.1% | |||
Food & Drug Retailing - 1.4% | |||
Lawson, Inc. | 123,600 | $ 3,804,836 | |
Seven Eleven Japan Co. Ltd. | 10,000 | 238,866 | |
4,043,702 | |||
Household Products - 2.8% | |||
Kao Corp. | 7,000 | 128,054 | |
Uni-Charm Corp. | 195,100 | 7,794,483 | |
7,922,537 | |||
Personal Products - 0.9% | |||
Kose Corp. | 10,100 | 321,107 | |
Shiseido Co. Ltd. | 243,000 | 2,225,720 | |
2,546,827 | |||
TOTAL CONSUMER STAPLES | 14,513,066 | ||
FINANCIALS - 5.3% | |||
Banks - 1.6% | |||
Mitsubishi Tokyo Finance | 1,257 | 4,424,640 | |
Sumitomo Mitsui Financial Group, Inc. | 60 | 94,369 | |
4,519,009 | |||
Diversified Financials - 3.4% | |||
Daiwa Securities Group, Inc. | 30,000 | 118,340 | |
JAFCO Co. Ltd. | 28,400 | 1,029,513 | |
Nikko Cordial Corp. | 86,000 | 231,465 | |
Nomura Holdings, Inc. | 524,000 | 5,204,963 | |
Sumitomo Trust & Banking Ltd. | 1,092,000 | 3,104,386 | |
9,688,667 | |||
Insurance - 0.3% | |||
Sompo Japan Insurance, Inc. | 223,000 | 1,022,205 | |
TOTAL FINANCIALS | 15,229,881 | ||
HEALTH CARE - 11.5% | |||
Health Care Equipment & Supplies - 1.2% | |||
Olympus Optical Co. Ltd. | 16,000 | 277,892 | |
Terumo Corp. | 196,100 | 3,270,670 | |
3,548,562 | |||
Pharmaceuticals - 10.3% | |||
Fujisawa Pharmaceutical Co. Ltd. | 423,000 | 7,186,678 | |
Kissei Pharmaceutical Co. Ltd. | 120,000 | 1,407,965 | |
Takeda Chemical Industries Ltd. | 387,400 | 14,238,934 | |
Yamanouchi Pharmaceutical Co. Ltd. | 266,300 | 6,741,772 | |
29,575,349 | |||
TOTAL HEALTH CARE | 33,123,911 | ||
INDUSTRIALS - 6.1% | |||
Building Products - 0.3% | |||
Daikin Industries Ltd. | 51,000 | 851,037 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
INDUSTRIALS - continued | |||
Construction & Engineering - 1.6% | |||
JGC Corp. | 645,000 | $ 4,556,962 | |
Machinery - 3.8% | |||
Fanuc Ltd. | 6,700 | 274,999 | |
Hino Motors Ltd. | 1,379,000 | 6,587,931 | |
Koyo Seiko Co. Ltd. | 380,000 | 2,205,307 | |
NTN Corp. | 390,000 | 1,495,774 | |
SMC Corp. | 3,400 | 256,798 | |
THK Co. Ltd. | 10,500 | 97,145 | |
10,917,954 | |||
Road & Rail - 0.4% | |||
Nippon Express Co. Ltd. | 327,000 | 1,223,895 | |
TOTAL INDUSTRIALS | 17,549,848 | ||
INFORMATION TECHNOLOGY - 16.3% | |||
Electronic Equipment & Instruments - 7.3% | |||
Hoya Corp. | 138,600 | 8,218,428 | |
Kyocera Corp. | 4,500 | 220,278 | |
Murata Manufacturing Co. Ltd. | 3,000 | 107,237 | |
Nidec Corp. | 2,800 | 148,131 | |
Omron Corp. | 267,000 | 4,311,704 | |
Yokogawa Electric Corp. | 1,100,000 | 7,864,082 | |
20,869,860 | |||
Office Electronics - 7.5% | |||
Canon, Inc. | 252,000 | 10,107,720 | |
Minolta Co. Ltd. (a) | 935,000 | 5,190,294 | |
Ricoh Co. Ltd. | 400,000 | 6,153,329 | |
21,451,343 | |||
Semiconductor Equipment & Products - 1.5% | |||
Nikon Corp. (a) | 27,000 | 180,537 | |
Rohm Co. Ltd. | 8,100 | 837,285 | |
Sanken Electric Co. Ltd. | 347,000 | 3,035,283 | |
Tokyo Electron Ltd. | 10,200 | 383,481 | |
4,436,586 | |||
TOTAL INFORMATION TECHNOLOGY | 46,757,789 | ||
MATERIALS - 7.4% | |||
Chemicals - 7.4% | |||
Hitachi Chemical Co. Ltd. | 41,600 | 377,180 | |
JSR Corp. | 362,000 | 3,787,611 | |
Nitto Denko Corp. | 5,700 | 164,439 | |
Shin-Etsu Chemical Co. Ltd. | 424,700 | 12,752,253 | |
Tosoh Corp. | 1,899,000 | 4,296,489 | |
21,377,972 | |||
TELECOMMUNICATION SERVICES - 5.1% | |||
Wireless Telecommunication Services - 5.1% | |||
KDDI Corp. | 4,692 | 14,285,749 | |
Shares | Value (Note 1) | ||
NTT DoCoMo, Inc. | 100 | $ 206,905 | |
NTT DoCoMo, Inc. (c) | 50 | 103,453 | |
14,596,107 | |||
TOTAL COMMON STOCKS (Cost $301,121,699) | 280,731,682 | ||
Money Market Funds - 16.1% | |||
Fidelity Cash Central Fund, 1.29% (b) | 4,478,100 | 4,478,100 | |
Fidelity Securities Lending Cash Central Fund, 1.3% (b) | 41,938,427 | 41,938,427 | |
TOTAL MONEY MARKET FUNDS (Cost $46,416,527) | 46,416,527 | ||
TOTAL INVESTMENT PORTFOLIO - 113.8% (Cost $347,538,226) | 327,148,209 | ||
NET OTHER ASSETS - (13.8)% | (39,710,684) | ||
NET ASSETS - 100% | $ 287,437,525 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request. |
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $103,453 or 0.0% of net assets. |
Other Information |
Purchases and sales of securities, other than short-term securities, aggregated $100,477,362 and $88,665,030, respectively. |
The fund participated in the security lending program during the period. Cash collateral includes amounts received for unsettled security loans. |
Income Tax Information |
At October 31, 2002, the fund had a capital loss carryforward of approximately $138,461,000 of which $62,465,000 and $75,996,000 will expire on October 31, 2009 and 2010, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
April 30, 2003 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $39,218,957) (cost $347,538,226) - See accompanying schedule | $ 327,148,209 | |
Receivable for investments sold | 2,396,859 | |
Receivable for fund shares sold | 626,239 | |
Dividends receivable | 1,306,793 | |
Interest receivable | 8,234 | |
Redemption fees receivable | 556 | |
Other receivables | 48,052 | |
Total assets | 331,534,942 | |
Liabilities | ||
Payable for investments purchased | $ 1,679,643 | |
Payable for fund shares redeemed | 211,292 | |
Accrued management fee | 144,321 | |
Other payables and accrued expenses | 123,734 | |
Collateral on securities loaned, at value | 41,938,427 | |
Total liabilities | 44,097,417 | |
Net Assets | $ 287,437,525 | |
Net Assets consist of: | ||
Paid in capital | $ 479,596,651 | |
Undistributed net investment income | 115,516 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (171,890,671) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | (20,383,971) | |
Net Assets, for 36,268,556 shares outstanding | $ 287,437,525 | |
Net Asset Value, offering price and redemption price per share ($287,437,525 ÷ 36,268,556 shares) | $ 7.93 |
Statement of Operations
Six months ended April 30, 2003 (Unaudited) | ||
Investment Income | ||
Dividends | $ 1,518,952 | |
Interest | 27,639 | |
Security lending | 216,241 | |
1,762,832 | ||
Less foreign taxes withheld | (156,089) | |
Total income | 1,606,743 | |
Expenses | ||
Management fee | $ 1,037,793 | |
Performance adjustment | (191,963) | |
Transfer agent fees | 487,370 | |
Accounting and security lending fees | 88,082 | |
Non-interested trustees' compensation | 517 | |
Custodian fees and expenses | 62,672 | |
Audit | 7,435 | |
Total expenses before reductions | 1,491,906 | |
Expense reductions | (679) | 1,491,227 |
Net investment income (loss) | 115,516 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities | (31,967,427) | |
Foreign currency transactions | (13,414) | |
Total net realized gain (loss) | (31,980,841) | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 20,843,309 | |
Assets and liabilities in foreign currencies | 2,151 | |
Total change in net unrealized appreciation (depreciation) | 20,845,460 | |
Net gain (loss) | (11,135,381) | |
Net increase (decrease) in net assets resulting from operations | $ (11,019,865) | |
Other Information | ||
Sales charges paid to FDC | $ 19,479 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Japan
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 115,516 | $ (2,388,437) |
Net realized gain (loss) | (31,980,841) | (75,158,771) |
Change in net unrealized appreciation (depreciation) | 20,845,460 | 27,066,413 |
Net increase (decrease) in net assets resulting from operations | (11,019,865) | (50,480,795) |
Share transactions | 48,788,967 | 130,653,779 |
Cost of shares redeemed | (33,673,449) | (120,425,242) |
Net increase (decrease) in net assets resulting from share transactions | 15,115,518 | 10,228,537 |
Redemption fees | 49,133 | 608,690 |
Total increase (decrease) in net assets | 4,144,786 | (39,643,568) |
Net Assets | ||
Beginning of period | 283,292,739 | 322,936,307 |
End of period (including undistributed net investment income of $115,516 and accumulated net investment loss of $0, respectively.) | $ 287,437,525 | $ 283,292,739 |
Other Information Shares | ||
Sold | 5,997,785 | 13,871,240 |
Redeemed | (4,088,512) | (12,909,221) |
Net increase (decrease) | 1,909,273 | 962,019 |
Financial Highlights
Six months ended | Years ended October 31, | |||||
(Unaudited) | 2002 | 2001 | 2000 | 1999 | 1998 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 8.25 | $ 9.67 | $ 20.43 | $ 21.77 | $ 10.09 | $ 11.10 |
Income from Investment Operations | ||||||
Net investment income (loss)E | -G | (.07) | (.07) | (.14) | (.07) | (.04) |
Net realized and unrealized gain (loss) | (.32) | (1.37) | (6.64) | (.81) | 11.74 | (.81) |
Total from investment operations | (.32) | (1.44) | (6.71) | (.95) | 11.67 | (.85) |
Distributions from net investment income | - | - | - | (.30) | - | - |
Distributions in excess of net investment income | - | - | - | (.16) | (.03) | (.18) |
Distributions from net realized gain | - | - | (4.07) | - | - | - |
Total distributions | - | - | (4.07) | (.46) | (.03) | (.18) |
Redemption fees added to paid in capitalE | -G | .02 | .02 | .07 | .04 | .02 |
Net asset value, end of period | $ 7.93 | $ 8.25 | $ 9.67 | $ 20.43 | $ 21.77 | $ 10.09 |
Total Return B, C,D | (3.88)% | (14.68)% | (40.35)% | (4.35)% | 116.35% | (7.52)% |
Ratios to Average Net AssetsF | ||||||
Expenses before expense reductions | 1.06%A | 1.50% | 1.42% | 1.17% | 1.24% | 1.49% |
Expenses net of voluntary waivers, if any | 1.06%A | 1.50% | 1.42% | 1.17% | 1.24% | 1.49% |
Expenses net of all reductions | 1.06%A | 1.50% | 1.40% | 1.16% | 1.23% | 1.48% |
Net investment income (loss) | .08%A | (.77)% | (.57)% | (.58)% | (.47)% | (.37)% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $ 287,438 | $ 283,293 | $ 322,936 | $ 623,950 | $ 891,241 | $ 265,395 |
Portfolio turnover rate | 63%A | 66% | 75% | 124% | 79% | 62% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. G Amount represents less than $.01 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2003 | |||
Japan | 96.4% | ||
United States of America | 3.6% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2002 | |||
Japan | 96.3% | ||
United States of America | 3.7% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 96.4 | 96.3 |
Short-Term Investments and Net Other Assets | 3.6 | 3.7 |
Top Ten Stocks as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
USS Co. Ltd. (Specialty Retail) | 7.2 | 5.3 |
Don Quijote Co. Ltd. (Multiline Retail) | 5.1 | 5.1 |
Nishimatsuya Chain Co. Ltd. (Specialty Retail) | 4.1 | 3.5 |
Yamada Denki Co. Ltd. (Specialty Retail) | 3.7 | 4.1 |
NOK Corp. (Auto Components) | 3.5 | 2.2 |
Enplas Corp. (Electronic Equipment & Instruments) | 3.0 | 3.2 |
Kappa Create Co. Ltd. (Hotels, Restaurants & Leisure) | 2.9 | 3.2 |
Nichii Gakkan Co. (Health Care Providers & Services) | 2.8 | 3.8 |
Culture Convenience Club Co. Ltd. (Specialty Retail) | 2.8 | 1.8 |
Chiyoda Integre Co. Ltd. (Electrical Equipment) | 2.7 | 1.9 |
37.8 | ||
Market Sectors as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
Consumer Discretionary | 45.0 | 43.9 |
Information Technology | 21.4 | 20.8 |
Industrials | 13.5 | 11.4 |
Health Care | 8.2 | 8.2 |
Materials | 2.9 | 3.1 |
Financials | 2.7 | 4.2 |
Consumer Staples | 2.7 | 4.7 |
Semiannual Report
Investments April 30, 2003 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.4% | |||
Shares | Value (Note 1) | ||
CONSUMER DISCRETIONARY - 45.0% | |||
Auto Components - 5.7% | |||
Nissin Kogyo Co. Ltd. | 48,300 | $ 956,697 | |
NOK Corp. | 889,000 | 12,367,266 | |
Pacific Industrial Co. Ltd. | 262,000 | 643,459 | |
Phoenix Electric Co. Ltd. (a) | 188,300 | 1,464,969 | |
Stanley Electric Co. Ltd. | 100,000 | 1,261,617 | |
Toyoda Gosei Co. Ltd. | 207,900 | 3,715,779 | |
20,409,787 | |||
Distributors - 0.8% | |||
Ohashi Technica, Inc. | 231,700 | 2,786,753 | |
Telewave, Inc. | 15 | 23,340 | |
2,810,093 | |||
Hotels, Restaurants & Leisure - 6.0% | |||
Colowide Co. Ltd. | 164,000 | 1,179,360 | |
H.I.S. Co. Ltd. | 336,100 | 3,598,598 | |
Kappa Create Co. Ltd. | 197,950 | 10,189,277 | |
Reins International, Inc. | 1,000 | 6,308,087 | |
21,275,322 | |||
Household Durables - 2.1% | |||
Funai Electric Co. Ltd. | 53,900 | 5,440,094 | |
Sanko Soflan Co., Inc. | 188,000 | 1,865,848 | |
7,305,942 | |||
Internet & Catalog Retail - 0.4% | |||
Cybozu, Inc. (a) | 146 | 109,290 | |
Nissen Co. Ltd. | 134,300 | 1,451,495 | |
1,560,785 | |||
Leisure Equipment & Products - 1.2% | |||
Aruze Corp. | 100,000 | 2,279,322 | |
Salomon & Taylor Made Co. Ltd. | 277,000 | 2,148,064 | |
4,427,386 | |||
Media - 1.5% | |||
Apamanshop Co. Ltd. | 2,056 | 3,423,929 | |
Intage, Inc. | 173,000 | 1,818,832 | |
XNET Corp. | 190 | 186,972 | |
5,429,733 | |||
Multiline Retail - 5.7% | |||
Can Do Co. Ltd. | 805 | 1,151,016 | |
Don Quijote Co. Ltd. | 200,100 | 18,226,865 | |
Thanks Japan Corp. | 236,300 | 1,003,671 | |
20,381,552 | |||
Specialty Retail - 21.3% | |||
Arc Land Sakamoto Co. Ltd. | 561,200 | 4,248,118 | |
Culture Convenience Club Co. Ltd. | 400,000 | 4,911,897 | |
Culture Convenience Club Co. Ltd. New | 400,000 | 4,911,897 | |
Nishimatsuya Chain Co. Ltd. | 665,600 | 14,751,302 | |
Pal Co. Ltd. | 186,100 | 2,942,664 | |
Studio Alice Co. Ltd. | 175,400 | 4,425,754 | |
Shares | Value (Note 1) | ||
Top Culture Co. Ltd. | 226,100 | $ 988,873 | |
USS Co. Ltd. | 500,000 | 25,568,783 | |
Yamada Denki Co. Ltd. | 684,800 | 13,247,320 | |
75,996,608 | |||
Textiles, Apparel & Luxury Goods - 0.3% | |||
Workman Co. Ltd. | 60,300 | 862,189 | |
TOTAL CONSUMER DISCRETIONARY | 160,459,397 | ||
CONSUMER STAPLES - 2.7% | |||
Food & Drug Retailing - 2.4% | |||
C Two-Network Co. Ltd. | 183,800 | 3,965,238 | |
Kirindo Co. Ltd. | 17,000 | 131,402 | |
Kraft, Inc. | 97,800 | 448,303 | |
Plant Co. Ltd. | 261,100 | 4,084,663 | |
8,629,606 | |||
Food Products - 0.3% | |||
Natori Co. Ltd. | 44,500 | 281,084 | |
Pickles Corp. | 188,000 | 561,336 | |
842,420 | |||
TOTAL CONSUMER STAPLES | 9,472,026 | ||
FINANCIALS - 2.7% | |||
Diversified Financials - 1.7% | |||
Matsui Securities Co. Ltd. | 490,000 | 3,070,356 | |
Mitsubishi Securities Co. Ltd. | 650,000 | 2,864,713 | |
5,935,069 | |||
Real Estate - 1.0% | |||
Aeon Mall Co. Ltd. | 72,400 | 1,647,185 | |
Diamond City Co. Ltd. | 121,500 | 1,486,879 | |
Kyoritsu Maintenance Co. Ltd. | 30,250 | 454,914 | |
3,588,978 | |||
TOTAL FINANCIALS | 9,524,047 | ||
HEALTH CARE - 8.2% | |||
Health Care Equipment & Supplies - 3.4% | |||
Hogy Medical Co. | 156,800 | 6,659,994 | |
Japan Medical Dynamic Marketing, Inc. | 268,200 | 3,658,862 | |
Nakanishi, Inc. | 57,000 | 1,802,599 | |
12,121,455 | |||
Health Care Providers & Services - 3.4% | |||
AS One Corp. | 131,120 | 1,438,080 | |
Hoshiiryou Sanki Co. Ltd. | 67,800 | 667,194 | |
Nichii Gakkan Co. | 193,600 | 9,900,232 | |
12,005,506 | |||
Pharmaceuticals - 1.4% | |||
Kissei Pharmaceutical Co. Ltd. | 16,000 | 187,729 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
HEALTH CARE - continued | |||
Pharmaceuticals - continued | |||
Sawai Pharmaceutical Co. Ltd. | 55,900 | $ 1,354,069 | |
Seikagaku Corp. | 258,000 | 3,493,671 | |
5,035,469 | |||
TOTAL HEALTH CARE | 29,162,430 | ||
INDUSTRIALS - 13.5% | |||
Air Freight & Logistics - 0.6% | |||
Kintetsu World Express, Inc. | 274,300 | 2,260,936 | |
Airlines - 0.2% | |||
Skymark Airlines Co. Ltd. (a) | 2,259 | 737,198 | |
Commercial Services & Supplies - 3.2% | |||
ARRK Corp. | 155,200 | 6,004,626 | |
en-japan, Inc. | 422 | 2,484,545 | |
Fullcast Co. Ltd. | 198 | 827,672 | |
Heian Ceremony Service Co. Ltd. | 25,000 | 91,467 | |
Hu-Management Japan Co. Ltd. | 506 | 1,042,685 | |
Hybrid Service Co. Ltd. | 988 | 432,943 | |
Moshi Moshi Hotline, Inc. | 10,000 | 395,307 | |
11,279,245 | |||
Electrical Equipment - 4.7% | |||
Chiyoda Integre Co. Ltd. (c) | 628,300 | 9,792,169 | |
Cosel Co. Ltd. | 219,300 | 4,306,872 | |
Fujikura Ltd. | 593,000 | 1,341,663 | |
Sansha Electric Manufacturing Co. Ltd. | 220,000 | 1,332,268 | |
16,772,972 | |||
Machinery - 3.0% | |||
Glory Ltd. | 14,000 | 288,490 | |
Nihon Trim Co. Ltd. | 130,650 | 4,175,701 | |
NTN Corp. | 800,000 | 3,068,254 | |
OSG Corp. Co. Ltd. | 89,100 | 464,628 | |
THK Co. Ltd. | 306,300 | 2,833,845 | |
10,830,918 | |||
Marine - 0.9% | |||
Mitsui O.S.K Lines Ltd. | 1,200,000 | 3,148,997 | |
Road & Rail - 0.9% | |||
Hamakyorex Co. Ltd. | 246,500 | 3,095,374 | |
Trading Companies & Distributors - 0.0% | |||
Onoken Co. Ltd. | 40,000 | 215,316 | |
TOTAL INDUSTRIALS | 48,340,956 | ||
INFORMATION TECHNOLOGY - 21.4% | |||
Computers & Peripherals - 0.2% | |||
Meiko Electronics Co. Ltd. (a) | 155,000 | 847,386 | |
Electronic Equipment & Instruments - 9.5% | |||
Almedio, Inc. | 13,000 | 83,645 | |
Arisawa Manufacturing Co. Ltd. | 21,780 | 506,512 | |
Citizen Electronics Co. Ltd. | 171,700 | 7,220,657 | |
Shares | Value (Note 1) | ||
EM Systems Co. Ltd. | 221,700 | $ 1,529,030 | |
Enplas Corp. | 455,200 | 10,605,190 | |
Faith, Inc. | 383 | 1,658,985 | |
Hakuto Co. Ltd. | 71,100 | 852,160 | |
KAGA ELECTRONICS Co. Ltd. | 445,900 | 4,822,973 | |
Nagano Keiki Co. Ltd. | 205,000 | 1,482,821 | |
Siix Corp. | 245,700 | 4,753,017 | |
Tosei Engineering Corp. | 36,000 | 227,091 | |
Yamaichi Electronics Co. Ltd. | 20,400 | 270,238 | |
34,012,319 | |||
Internet Software & Services - 2.0% | |||
Fuji Technica, Inc. | 49,000 | 189,579 | |
G-mode Co. Ltd. | 350 | 883,132 | |
Index Corp. | 500 | 2,514,824 | |
Livin' on the EDGE Co. Ltd. (a) | 450 | 492,031 | |
VIC Tokai Corp. | 177,900 | 1,810,497 | |
Yahoo Japan Corp. (a) | 100 | 1,127,045 | |
7,017,108 | |||
IT Consulting & Services - 2.8% | |||
Gigno System Japan, Inc. | 1,868 | 3,692,165 | |
ITX Corp. (a) | 1,525 | 743,934 | |
JIEC Co. Ltd. | 411 | 138,273 | |
Kawatetsu Systems, Inc. | 639 | 618,066 | |
Matsushita Electric Works Information Systems Co. Ltd. | 1,776 | 4,780,016 | |
9,972,454 | |||
Office Electronics - 2.9% | |||
Minolta Co. Ltd. (a) | 500,000 | 2,775,558 | |
Riso Kagaku Corp. | 220,000 | 7,438,497 | |
10,214,055 | |||
Semiconductor Equipment & Products - 1.8% | |||
AOI Electronics Co. Ltd. | 71,700 | 639,236 | |
Disco Corp. | 19,800 | 661,138 | |
NEC Machinery Corp. | 10,000 | 42,895 | |
Nikon Corp. (a) | 128,000 | 855,881 | |
Shinkawa Ltd. | 49,400 | 714,647 | |
Techno Quartz, Inc. | 69,000 | 236,200 | |
Tokyo Seimitsu Co. Ltd. | 61,200 | 1,057,791 | |
UMC Japan (a) | 3,024 | 2,390,816 | |
6,598,604 | |||
Software - 2.2% | |||
Core Corp. | 24,000 | 102,948 | |
Konami Computer Tokyo, Inc. | 305,200 | 3,516,750 | |
Works Applications Co. Ltd. (a) | 840 | 4,168,384 | |
7,788,082 | |||
TOTAL INFORMATION TECHNOLOGY | 76,450,008 | ||
MATERIALS - 2.9% | |||
Chemicals - 2.0% | |||
C. Uyemura & Co. Ltd. | 235,000 | 3,953,068 | |
Kaneka Corp. | 148,000 | 673,435 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
MATERIALS - continued | |||
Chemicals - continued | |||
NE Chemcat Corp. | 144,000 | $ 1,441,272 | |
Tosoh Corp. | 494,000 | 1,117,675 | |
7,185,450 | |||
Containers & Packaging - 0.7% | |||
Taisei Lamick Co. Ltd. | 82,100 | 2,430,649 | |
Metals & Mining - 0.1% | |||
Yodogawa Steel Works Ltd. | 198,000 | 536,238 | |
Paper & Forest Products - 0.1% | |||
Kokusai Chart Corp. | 71,000 | 250,810 | |
TOTAL MATERIALS | 10,403,147 | ||
TOTAL COMMON STOCKS (Cost $316,592,994) | 343,812,011 | ||
Money Market Funds - 25.9% | |||
Fidelity Cash Central Fund, 1.29% (b) | 10,638,397 | 10,638,397 | |
Fidelity Securities Lending Cash Central Fund, 1.3% (b) | 81,743,969 | 81,743,969 | |
TOTAL MONEY MARKET FUNDS (Cost $92,382,366) | 92,382,366 | ||
TOTAL INVESTMENT PORTFOLIO - 122.3% (Cost $408,975,360) | 436,194,377 | ||
NET OTHER ASSETS - (22.3)% | (79,512,373) | ||
NET ASSETS - 100% | $ 356,682,004 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request. |
(c) Affiliated company |
Other Information |
Purchases and sales of securities, other than short-term securities, aggregated $43,060,616 and $90,646,427, respectively. |
The fund participated in the security lending program during the period. Cash collateral includes amounts received for unsettled security loans. |
Transactions during the period with companies which are or were affiliates are as follows: |
Affiliate | Purchase | Sales | Dividend | Value |
Chiyoda Integre Co. Ltd. | $ 433,473 | $ 404,186 | $ - | $ 9,792,169 |
Income Tax Information |
At October 31, 2002, the fund had a capital loss carryforward of approximately $92,662,000 of which $47,586,000 and $45,076,000 will expire on October 31, 2009 and 2010, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
April 30, 2003 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $76,069,750) (cost $408,975,360) - See accompanying schedule | $ 436,194,377 | |
Receivable for investments sold | 1,893,392 | |
Receivable for fund shares sold | 397,678 | |
Dividends receivable | 1,449,928 | |
Interest receivable | 10,866 | |
Redemption fees receivable | 134 | |
Other receivables | 173,300 | |
Total assets | 440,119,675 | |
Liabilities | ||
Payable for investments purchased | $ 1,133,641 | |
Payable for fund shares redeemed | 194,984 | |
Accrued management fee | 211,162 | |
Other payables and accrued expenses | 153,915 | |
Collateral on securities loaned, at value | 81,743,969 | |
Total liabilities | 83,437,671 | |
Net Assets | $ 356,682,004 | |
Net Assets consist of: | ||
Paid in capital | $ 436,581,618 | |
Undistributed net investment income | 863,116 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (107,990,115) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 27,227,385 | |
Net Assets, for 54,619,167 shares outstanding | $ 356,682,004 | |
Net Asset Value, offering price and redemption price per share ($356,682,004 ÷ 54,619,167 shares) | $ 6.53 |
Statement of Operations
Six months ended April 30, 2003 (Unaudited) | ||
Investment Income | ||
Dividends | $ 1,909,977 | |
Interest | 77,090 | |
Security lending | 1,211,550 | |
3,198,617 | ||
Less foreign taxes withheld | (215,528) | |
Total income | 2,983,089 | |
Expenses | ||
Management fee | $ 1,313,450 | |
Transfer agent fees | 532,404 | |
Accounting and security lending fees | 117,376 | |
Non-interested trustees' compensation | 757 | |
Custodian fees and expenses | 110,645 | |
Registration fees | 11,608 | |
Audit | 16,217 | |
Legal | 849 | |
Miscellaneous | 1,987 | |
Total expenses before reductions | 2,105,293 | |
Expense reductions | (1,791) | 2,103,502 |
Net investment income (loss) | 879,587 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities (including realized gain (loss) of ($63,154) on sales of investments in affiliated issuers) | (15,074,971) | |
Foreign currency transactions | 51,962 | |
Total net realized gain (loss) | (15,023,009) | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 12,899,370 | |
Assets and liabilities in foreign currencies | 4,520 | |
Total change in net unrealized appreciation (depreciation) | 12,903,890 | |
Net gain (loss) | (2,119,119) | |
Net increase (decrease) in net assets resulting from operations | $ (1,239,532) | |
Other Information | ||
Sales charges paid to FDC | $ 29,145 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Japan Smaller Companies
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 879,587 | $ (221,949) |
Net realized gain (loss) | (15,023,009) | (45,135,419) |
Change in net unrealized appreciation (depreciation) | 12,903,890 | (7,998,629) |
Net increase (decrease) in net assets resulting from operations | (1,239,532) | (53,355,997) |
Share transactions | 38,716,141 | 327,123,364 |
Cost of shares redeemed | (89,580,866) | (205,162,629) |
Net increase (decrease) in net assets resulting from share transactions | (50,864,725) | 121,960,735 |
Redemption fees | 175,556 | 876,424 |
Total increase (decrease) in net assets | (51,928,701) | 69,481,162 |
Net Assets | ||
Beginning of period | 408,610,705 | 339,129,543 |
End of period (including undistributed net investment income of $863,116 and accumulated net investment loss of $16,471, respectively) | $ 356,682,004 | $ 408,610,705 |
Other Information Shares | ||
Sold | 6,105,031 | 43,162,404 |
Redeemed | (14,176,583) | (29,135,810) |
Net increase (decrease) | (8,071,552) | 14,026,594 |
Financial Highlights
Six months ended | Years ended October 31, | |||||
(Unaudited) | 2002 | 2001 | 2000 | 1999 | 1998 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 6.52 | $ 6.97 | $ 14.25 | $ 20.56 | $ 6.01 | $ 6.47 |
Income from Investment Operations | ||||||
Net investment income (loss)E | .02 | - G | (.03) | (.12) | (.03) | (.01) |
Net realized and unrealized gain (loss) | (.01) | (.47) | (2.80) | (6.13) | 14.45 | (.45) |
Total from investment operations | .01 | (.47) | (2.83) | (6.25) | 14.42 | (.46) |
Distributions in excess of net investment income | - | - | - | (.15) | - | (.01) |
Distributions from net realized gain | - | - | (4.46) | - | - | - |
Total distributions | - | - | (4.46) | (.15) | - | (.01) |
Redemption fees added to paid in capitalE | - G | .02 | .01 | .09 | .13 | .01 |
Net asset value, end of period | $ 6.53 | $ 6.52 | $ 6.97 | $ 14.25 | $ 20.56 | $ 6.01 |
Total Return B, C,D | .15% | (6.46)% | (25.96)% | (30.24)% | 242.10% | (6.94)% |
Ratios to Average Net AssetsF | ||||||
Expenses before expense reductions | 1.18% A | 1.19% | 1.21% | 1.07% | 1.07% | 1.23% |
Expenses net of voluntary waivers, if any | 1.18% A | 1.19% | 1.21% | 1.07% | 1.07% | 1.23% |
Expenses net of all reductions | 1.18% A | 1.19% | 1.19% | 1.06% | 1.07% | 1.23% |
Net investment income (loss) | .49% A | (.06)% | (.40)% | (.57)% | (.22)% | (.20)% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $ 356,682 | $ 408,611 | $ 339,130 | $ 559,577 | $ 1,780,012 | $ 99,987 |
Portfolio turnover rate | 25% A | 50% | 52% | 39% | 39% | 39% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. G Amount represents less than $.01 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2003 | |||
Brazil | 45.2% | ||
Mexico | 42.2% | ||
United States of America | 5.1% | ||
United Kingdom | 2.7% | ||
Chile | 2.1% | ||
Luxembourg | 1.1% | ||
Colombia | 0.9% | ||
Argentina | 0.7% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2002 | |||
Mexico | 46.1% | ||
Brazil | 42.4% | ||
Chile | 3.5% | ||
United States of America | 2.7% | ||
United Kingdom | 2.7% | ||
Argentina | 1.9% | ||
Colombia | 0.7% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 94.9 | 97.3 |
Short-Term Investments and Net Other Assets | 5.1 | 2.7 |
Top Ten Stocks as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
Telefonos de Mexico SA de CV sponsored ADR (Mexico, Diversified Telecommunication Services) | 11.3 | 14.3 |
America Movil SA de CV sponsored ADR (Mexico, Wireless Telecommunication Services) | 7.7 | 6.0 |
Petroleo Brasileiro SA Petrobras (Brazil, Oil & Gas) | 7.1 | 5.5 |
Wal-Mart de Mexico SA de CV Series C (Mexico, Multiline Retail) | 5.3 | 4.8 |
Companhia de Bebidas das Americas (AmBev) sponsored ADR (Brazil, Beverages) | 5.2 | 3.5 |
Grupo Televisa SA de CV sponsored ADR (Mexico, Media) | 4.8 | 5.1 |
Banco Itau Holding Financeira SA (PN) (Brazil, Banks) | 4.2 | 3.4 |
Cemex SA de CV sponsored ADR (Mexico, Construction Materials) | 4.0 | 5.0 |
Fomento Economico Mexicano SA de CV sponsored ADR (Mexico, Beverages) | 3.5 | 4.1 |
Petroleo Brasileiro SA Petrobras sponsored ADR (Brazil, Oil & Gas) | 3.5 | 5.5 |
56.6 | ||
Market Sectors as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
Telecommunication Services | 25.9 | 24.8 |
Materials | 16.0 | 19.0 |
Financials | 14.4 | 11.7 |
Energy | 12.4 | 12.1 |
Consumer Staples | 11.9 | 14.6 |
Consumer Discretionary | 10.9 | 10.9 |
Utilities | 2.3 | 1.4 |
Industrials | 1.1 | 2.8 |
Semiannual Report
Investments April 30, 2003 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.9% | |||
Shares | Value (Note 1) | ||
Argentina - 0.7% | |||
Perez Companc SA sponsored ADR (a) | 160,554 | $ 1,189,705 | |
Brazil - 45.2% | |||
Aracruz Celulose SA sponsored ADR | 73,000 | 1,533,000 | |
Banco Bradesco SA: | |||
(PN) | 584,943,900 | 2,409,302 | |
sponsored ADR | 129,200 | 2,661,520 | |
Banco Itau Holding Financeira SA (PN) | 109,774,600 | 7,278,082 | |
Brasil Telecom Participacoes SA sponsored ADR | 87,300 | 3,090,420 | |
Centrais Electricas Brasileiras (Electrobras) SA (PN-B) | 232,416,700 | 1,984,045 | |
Companhia Brasileira de Distribuicao Grupo Pao de Acucar sponsored ADR | 154,100 | 2,234,450 | |
Companhia de Bebidas das Americas (AmBev) | 589,135 | 102,203 | |
Companhia de Bebidas das Americas (AmBev) sponsored ADR | 453,326 | 9,016,654 | |
Companhia Energetica Minas Gerais (CEMIG) (PN) (a) | 146,336,854 | 1,553,352 | |
Companhia Paranaense de Energia-Copel sponsored ADR | 177,000 | 573,480 | |
Companhia Vale do Rio Doce: | |||
(PN-A) | 68,000 | 1,807,805 | |
sponsored: | |||
ADR | 162,800 | 4,551,888 | |
ADR (non-vtg.) | 113,900 | 3,006,960 | |
Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR | 133,343 | 1,849,467 | |
Empresa Nacional de Comercio Redito e Participacoes SA (PN) (a) | 11,465,310 | 11,619 | |
Gerdau SA sponsored ADR | 146,700 | 1,783,872 | |
Petroleo Brasileiro SA Petrobras: | |||
(PN) | 306,570 | 5,244,653 | |
sponsored: | |||
ADR | 324,300 | 6,015,765 | |
ADR (non-vtg.) | 418,500 | 7,160,535 | |
Tele Norte Leste Participacoes SA ADR | 463,000 | 5,023,550 | |
Telebras sponsored ADR | 149,300 | 3,878,814 | |
Uniao de Bancos Brasileiros SA (Unibanco) GDR | 142,800 | 2,591,820 | |
Usinas Siderurgicas de Minas Gerais SA (Usiminas) (PN-A) | 587,400 | 2,199,471 | |
Votorantim Celulose e Papel SA (PN) | 28,656,099 | 1,074,973 | |
TOTAL BRAZIL | 78,637,700 | ||
Chile - 2.1% | |||
Banco Santander Chile sponsored ADR | 142,228 | 3,103,415 | |
Vina Concha y Toro SA sponsored ADR | 14,900 | 577,375 | |
TOTAL CHILE | 3,680,790 | ||
Shares | Value (Note 1) | ||
Colombia - 0.9% | |||
Suramericana de Inversiones SA | 1,761,400 | $ 1,534,589 | |
Luxembourg - 1.1% | |||
Tenaris SA sponsored ADR (a) | 86,069 | 2,022,622 | |
Mexico - 42.2% | |||
America Movil SA de CV | 803,200 | 13,469,664 | |
Cemex SA de CV sponsored ADR | 306,288 | 6,998,681 | |
Consorcio ARA SA de CV (a) | 535,000 | 988,975 | |
Fomento Economico Mexicano SA de CV sponsored ADR | 159,000 | 6,035,640 | |
Grupo Bimbo SA de CV Series A | 451,000 | 712,024 | |
Grupo Financiero BBVA Bancomer SA Series B (a) | 6,143,700 | 5,349,372 | |
Grupo Modelo SA de CV Series C | 825,700 | 1,844,807 | |
Grupo Televisa SA de CV sponsored ADR (a) | 276,700 | 8,395,078 | |
Industrias Penoles SA de CV | 206,100 | 393,432 | |
Telefonos de Mexico SA de CV sponsored ADR | 652,300 | 19,705,984 | |
TV Azteca SA de CV sponsored ADR | 67,800 | 393,240 | |
Wal-Mart de Mexico SA de CV Series C | 3,644,281 | 9,277,965 | |
TOTAL MEXICO | 73,564,862 | ||
United Kingdom - 2.7% | |||
Antofagasta PLC | 462,200 | 4,656,151 | |
TOTAL COMMON STOCKS (Cost $146,372,024) | 165,286,419 |
Nonconvertible Bonds - 0.0% | ||||
Principal | ||||
Brazil - 0.0% | ||||
Companhia Vale do Rio Doce | BRL | 290,000 | 0 |
Money Market Funds - 13.5% | |||
Fidelity Cash Central Fund, 1.29% (b) | 8,838,408 | 8,838,408 | |
Fidelity Securities Lending Cash Central Fund, 1.3% (b) | 14,588,600 | 14,588,600 | |
TOTAL MONEY MARKET FUNDS (Cost $23,427,008) | 23,427,008 | ||
TOTAL INVESTMENT PORTFOLIO - 108.4% (Cost $169,799,032) | 188,713,427 | ||
NET OTHER ASSETS - (8.4)% | (14,619,257) | ||
NET ASSETS - 100% | $ 174,094,170 |
Currency Abbreviations | ||
BRL | - | Brazilian real |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request. |
Other Information |
Purchases and sales of securities, other than short-term securities, aggregated $25,307,815 and $24,645,995, respectively. |
The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $894 for the period. |
Income Tax Information |
At October 31, 2002, the fund had a capital loss carryforward of approximately $127,588,000 of which $36,899,000, $37,615,000, $22,657,000, $11,151,000, $7,285,000 and $11,981,000 will expire on October 31, 2003, 2004, 2007, 2008, 2009 and 2010, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
April 30, 2003 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $13,731,735) (cost $169,799,032) - See accompanying schedule | $ 188,713,427 | |
Receivable for fund shares sold | 1,322,077 | |
Dividends receivable | 871,641 | |
Interest receivable | 6,231 | |
Redemption fees receivable | 2 | |
Other receivables | 3,464 | |
Total assets | 190,916,842 | |
Liabilities | ||
Payable for investments purchased | $ 1,944,710 | |
Payable for fund shares redeemed | 102,941 | |
Accrued management fee | 96,874 | |
Other payables and accrued expenses | 89,547 | |
Collateral on securities loaned, at value | 14,588,600 | |
Total liabilities | 16,822,672 | |
Net Assets | $ 174,094,170 | |
Net Assets consist of: | ||
Paid in capital | $ 290,791,473 | |
Undistributed net investment income | 1,096,468 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (136,737,541) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 18,943,770 | |
Net Assets, for 16,323,044 shares outstanding | $ 174,094,170 | |
Net Asset Value, offering price and redemption price per share ($174,094,170 ÷ 16,323,044 shares) | $ 10.67 |
Statement of Operations
Six months ended April 30, 2003 (Unaudited) | ||
Investment Income | ||
Dividends | $ 3,011,962 | |
Interest | 21,081 | |
Security lending | 17,073 | |
3,050,116 | ||
Less foreign taxes withheld | (311,602) | |
Total income | 2,738,514 | |
Expenses | ||
Management fee | $ 533,085 | |
Transfer agent fees | 357,914 | |
Accounting and security lending fees | 44,730 | |
Custodian fees and expenses | 43,565 | |
Registration fees | 12,029 | |
Audit | 27,088 | |
Legal | 310 | |
Miscellaneous | 17,710 | |
Total expenses before reductions | 1,036,431 | |
Expense reductions | (534) | 1,035,897 |
Net investment income (loss) | 1,702,617 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities | (6,103,519) | |
Foreign currency transactions | (192,533) | |
Total net realized gain (loss) | (6,296,052) | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 34,132,562 | |
Assets and liabilities in foreign currencies | 215,183 | |
Total change in net unrealized appreciation (depreciation) | 34,347,745 | |
Net gain (loss) | 28,051,693 | |
Net increase (decrease) in net assets resulting from operations | $ 29,754,310 | |
Other Information | ||
Sales charges paid to FDC | $ 12,296 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Latin America
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 1,702,617 | $ 2,935,437 |
Net realized gain (loss) | (6,296,052) | (13,524,865) |
Change in net unrealized appreciation (depreciation) | 34,347,745 | (7,635,344) |
Net increase (decrease) in net assets resulting from operations | 29,754,310 | (18,224,772) |
Distributions to shareholders from net investment income | (2,628,539) | (4,311,069) |
Share transactions | 18,906,242 | 20,347,096 |
Reinvestment of distributions | 2,504,746 | 4,134,096 |
Cost of shares redeemed | (14,918,406) | (46,144,032) |
Net increase (decrease) in net assets resulting from share transactions | 6,492,582 | (21,662,840) |
Redemption fees | 76,757 | 140,974 |
Total increase (decrease) in net assets | 33,695,110 | (44,057,707) |
Net Assets | ||
Beginning of period | 140,399,060 | 184,456,767 |
End of period (including undistributed net investment income of $1,096,468 and undistributed net investment income of $2,022,390, respectively) | $ 174,094,170 | $ 140,399,060 |
Other Information Shares | ||
Sold | 1,935,931 | 1,720,446 |
Issued in reinvestment of distributions | 277,688 | 359,487 |
Redeemed | (1,624,423) | (4,083,278) |
Net increase (decrease) | 589,196 | (2,003,345) |
Financial Highlights
Six months ended | Years ended October 31, | |||||
(Unaudited) | 2002 | 2001 | 2000 | 1999 | 1998 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 8.92 | $ 10.40 | $ 13.87 | $ 12.31 | $ 10.73 | $ 15.51 |
Income from Investment Operations | ||||||
Net investment income (loss)E | .11 | .17 | .27G | .07 | .18 | .22F |
Net realized and unrealized gain (loss) | 1.81 | (1.41) | (3.68) | 1.61 | 1.61 | (4.81) |
Total from investment operations | 1.92 | (1.24) | (3.41) | 1.68 | 1.79 | (4.59) |
Distributions from net investment income | (.17) | (.25) | (.07) | (.14) | (.25) | (.20) |
Redemption fees added to paid in capitalE | -I | .01 | .01 | .02 | .04 | .01 |
Net asset value, end of period | $ 10.67 | $ 8.92 | $ 10.40 | $ 13.87 | $ 12.31 | $ 10.73 |
Total Return B, C,D | 21.87% | (12.37)% | (24.61)% | 13.76% | 17.46% | (30.01)% |
Ratios to Average Net AssetsH | ||||||
Expenses before expense reductions | 1.43%A | 1.44% | 1.41% | 1.25% | 1.32% | 1.34% |
Expenses net of voluntary waivers, if any | 1.43%A | 1.44% | 1.41% | 1.25% | 1.32% | 1.34% |
Expenses net of all reductions | 1.43%A | 1.41% | 1.35% | 1.23% | 1.30% | 1.33% |
Net investment income (loss) | 2.34%A | 1.57% | 2.14% | .44% | 1.55% | 1.49% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $ 174,094 | $ 140,399 | $ 184,457 | $ 297,265 | $ 307,336 | $ 332,240 |
Portfolio turnover rate | 35%A | 128% | 96% | 51% | 49% | 31% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Calculated based on average shares outstanding during the period. F Investment income per share reflects a special dividend which amounted to $.06 per share. G Investment income per share reflects a special dividend which amounted to $.07 per share. H Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. I Amount represents less than $.01 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2003 | |||
Sweden | 43.3% | ||
Norway | 18.3% | ||
Finland | 14.7% | ||
Denmark | 10.9% | ||
United Kingdom | 4.7% | ||
Switzerland | 4.1% | ||
United States of America | 3.8% | ||
Cayman Islands | 0.2% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2002 | |||
Sweden | 38.4% | ||
Norway | 21.2% | ||
Finland | 19.1% | ||
Denmark | 15.7% | ||
Switzerland | 4.1% | ||
United Kingdom | 1.9% | ||
United States of America | (0.4)% | * |
* Amount not included in pie chart. Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 96.2 | 100.4 |
Short-Term Investments and Net Other Assets | 3.8 | (0.4) |
Top Ten Stocks as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
Nokia Corp. (Finland, Communications Equipment) | 9.2 | 9.7 |
Svenska Handelsbanken AB (A Shares) (Sweden, Banks) | 4.9 | 3.3 |
AstraZeneca PLC (Sweden) (United Kingdom, Pharmaceuticals) | 4.7 | 1.9 |
Telefonaktiebolaget LM Ericsson (B Shares) (Sweden, Communications Equipment) | 4.3 | 2.5 |
Nordea AB (Sweden, Banks) | 4.1 | 1.8 |
Nobel Biocare Holding AG (Switzerland) (Switzerland, Health Care Equipment & Supplies) | 4.1 | 4.1 |
DnB Holding ASA (Norway, Banks) | 3.8 | 3.5 |
Coloplast AS Series B (Denmark, Health Care Equipment & Supplies) | 3.3 | 2.9 |
Storebrand ASA (A Shares) (Norway, Insurance) | 3.2 | 1.6 |
Munters AB (Sweden, Machinery) | 3.1 | 3.0 |
44.7 | ||
Market Sectors as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
Financials | 25.6 | 18.6 |
Health Care | 20.0 | 17.1 |
Information Technology | 16.6 | 19.0 |
Industrials | 12.6 | 19.0 |
Consumer Discretionary | 7.0 | 9.0 |
Consumer Staples | 5.7 | 4.9 |
Telecommunication Services | 4.9 | 1.5 |
Materials | 2.8 | 7.8 |
Energy | 1.0 | 3.5 |
Semiannual Report
Investments April 30, 2003 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.2% | |||
Shares | Value (Note 1) | ||
Cayman Islands - 0.2% | |||
DSND, Inc. (a) | 94,700 | $ 142,113 | |
Denmark - 10.9% | |||
Carlsberg AS Series B | 8,600 | 313,174 | |
Coloplast AS Series B | 31,800 | 2,354,315 | |
D/S 1912 Series B | 78 | 700,715 | |
Danske Bank AS | 77,020 | 1,483,494 | |
Group 4 Falck AS | 33,065 | 577,163 | |
ISS AS | 12,300 | 460,868 | |
Novo Nordisk AS Series B | 52,295 | 1,896,486 | |
TOTAL DENMARK | 7,786,215 | ||
Finland - 14.7% | |||
Amer Group PLC (A Shares) | 18,000 | 543,445 | |
Finnair OY | 66,700 | 261,790 | |
Nokia Corp. | 395,095 | 6,546,727 | |
TietoEnator Oyj | 64,100 | 1,064,398 | |
UPM-Kymmene Corp. | 71,700 | 1,050,292 | |
Vacon Oyj | 108,900 | 1,028,973 | |
TOTAL FINLAND | 10,495,625 | ||
Norway - 18.3% | |||
Bolig- og Naeringsbanken ASA | 20,000 | 517,372 | |
DnB Holding ASA | 560,295 | 2,674,592 | |
Ekornes AS | 44,200 | 593,806 | |
Frontline Ltd. | 27,600 | 291,901 | |
Gjensidige NOR ASA | 53,110 | 1,840,697 | |
Norman ASA | 47,000 | 298,918 | |
Orkla ASA (A Shares) | 85,785 | 1,495,772 | |
Schibsted AS (B Shares) | 98,000 | 1,134,502 | |
Storebrand ASA (A Shares) (a) | 555,700 | 2,263,495 | |
Telenor ASA | 356,300 | 1,425,831 | |
TGS Nopec Geophysical Co. ASA (a) | 29,100 | 291,129 | |
VISMA ASA | 29,600 | 211,522 | |
TOTAL NORWAY | 13,039,537 | ||
Sweden - 43.3% | |||
Assa Abloy AB (B Shares) | 27,502 | 263,061 | |
Axfood AB | 35,600 | 667,942 | |
Capio AB (a) | 129,760 | 907,012 | |
Concordia Maritime AB (B Shares) | 11,400 | 16,356 | |
Elekta AB (B Shares) (a) | 83,300 | 909,143 | |
Eniro AB | 76,600 | 587,092 | |
Getinge AB (B Shares) | 21,790 | 494,341 | |
Hennes & Mauritz AB (H&M) (B Shares) | 76,740 | 1,712,736 | |
Hexagon AB (B Shares) | 37,700 | 684,227 | |
Intrum Justitia AB | 146,500 | 709,630 | |
Karo Bio AB (a) | 29,350 | 100,777 | |
Kinnevik Industrifoervaltng AB (B Shares) | 12,600 | 196,233 | |
Modern Times Group AB (MTG) (B Shares) (a) | 40,800 | 457,803 | |
Munters AB | 109,180 | 2,235,923 | |
Shares | Value (Note 1) | ||
Nordea AB | 550,600 | $ 2,930,376 | |
Observer AB | 188,083 | 438,228 | |
OM AB | 197,600 | 1,131,621 | |
ORC Software AB | 50,300 | 302,247 | |
Q-Med AB (a) | 59,360 | 829,843 | |
Readsoft AB (B Shares) (a) | 388,556 | 238,243 | |
Sectra AB (B Shares) | 96,700 | 450,617 | |
Securitas AB (B Shares) | 138,425 | 1,629,608 | |
Skandia Foersaekrings AB | 634,600 | 1,852,142 | |
Svenska Cellulosa AB (SCA) (B Shares) | 21,000 | 713,340 | |
Svenska Handelsbanken AB (A Shares) | 217,616 | 3,469,217 | |
Swedish Match Co. | 221,100 | 1,640,369 | |
Tele2 AB (B Shares) (a) | 41,000 | 1,372,600 | |
Teleca AB (B Shares) | 38,350 | 128,859 | |
Telefonaktiebolaget LM Ericsson (B Shares) (a) | 3,375,100 | 3,057,842 | |
TeliaSonera AB | 202,905 | 724,074 | |
TOTAL SWEDEN | 30,851,502 | ||
Switzerland - 4.1% | |||
Nobel Biocare Holding AG (Switzerland) | 52,450 | 2,904,423 | |
United Kingdom - 4.7% | |||
AstraZeneca PLC (Sweden) | 83,300 | 3,309,690 | |
TOTAL COMMON STOCKS (Cost $60,744,303) | 68,529,105 | ||
Money Market Funds - 27.4% | |||
Fidelity Cash Central Fund, 1.29% (b) | 2,721,741 | 2,721,741 | |
Fidelity Securities Lending Cash Central Fund, 1.3% (b) | 16,842,030 | 16,842,030 | |
TOTAL MONEY MARKET FUNDS (Cost $19,563,771) | 19,563,771 | ||
TOTAL INVESTMENT PORTFOLIO - 123.6% (Cost $80,308,074) | 88,092,876 | ||
NET OTHER ASSETS - (23.6)% | (16,831,027) | ||
NET ASSETS - 100% | $ 71,261,849 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request. |
Other Information |
Purchases and sales of securities, other than short-term securities, aggregated $41,170,547 and $47,951,152, respectively. |
Income Tax Information |
At October 31, 2002, the fund had a capital loss carryforward of approximately $22,901,000 of which $16,400,000 and $6,501,000 will expire on October 31, 2009 and 2010, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
April 30, 2003 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $15,844,535) (cost $80,308,074) - See accompanying schedule | $ 88,092,876 | |
Receivable for investments sold | 835,564 | |
Receivable for fund shares sold | 42,195 | |
Dividends receivable | 664,125 | |
Interest receivable | 2,501 | |
Other receivables | 41,349 | |
Total assets | 89,678,610 | |
Liabilities | ||
Payable for investments purchased | $ 1,388,083 | |
Payable for fund shares redeemed | 82,979 | |
Accrued management fee | 40,675 | |
Other payables and accrued expenses | 62,994 | |
Collateral on securities loaned, at value | 16,842,030 | |
Total liabilities | 18,416,761 | |
Net Assets | $ 71,261,849 | |
Net Assets consist of: | ||
Paid in capital | $ 97,241,627 | |
Undistributed net investment income | 645,340 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (34,421,367) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 7,796,249 | |
Net Assets, for 4,542,744 shares outstanding | $ 71,261,849 | |
Net Asset Value, offering price and redemption price per share ($71,261,849 ÷ 4,542,744 shares) | $ 15.69 |
Statement of Operations
Six months ended April 30, 2003 (Unaudited) | ||
Investment Income | ||
Dividends | $ 1,303,295 | |
Interest | 19,682 | |
Security lending | 86,175 | |
1,409,152 | ||
Less foreign taxes withheld | (192,635) | |
Total income | 1,216,517 | |
Expenses | ||
Management fee | $ 260,724 | |
Transfer agent fees | 146,446 | |
Accounting and security lending fees | 30,743 | |
Non-interested trustees' compensation | 144 | |
Custodian fees and expenses | 47,646 | |
Registration fees | 6,702 | |
Audit | 33,763 | |
Legal | 162 | |
Miscellaneous | 397 | |
Total expenses before reductions | 526,727 | |
Expense reductions | (8,775) | 517,952 |
Net investment income (loss) | 698,565 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities | (4,357,687) | |
Foreign currency transactions | 8,093 | |
Total net realized gain (loss) | (4,349,594) | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 5,376,369 | |
Assets and liabilities in foreign currencies | 11,232 | |
Total change in net unrealized appreciation (depreciation) | 5,387,601 | |
Net gain (loss) | 1,038,007 | |
Net increase (decrease) in net assets resulting from operations | $ 1,736,572 | |
Other Information | ||
Sales charges paid to FDC | $ 1,690 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Nordic
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 698,565 | $ 530,752 |
Net realized gain (loss) | (4,349,594) | (8,835,690) |
Change in net unrealized appreciation (depreciation) | 5,387,601 | (530,663) |
Net increase (decrease) in net assets resulting from operations | 1,736,572 | (8,835,601) |
Distributions to shareholders from net investment income | (575,077) | (333,684) |
Share transactions | 3,025,886 | 8,004,565 |
Reinvestment of distributions | 556,144 | 321,742 |
Cost of shares redeemed | (7,480,080) | (23,609,374) |
Net increase (decrease) in net assets resulting from share transactions | (3,898,050) | (15,283,067) |
Redemption fees | 6,039 | 10,552 |
Total increase (decrease) in net assets | (2,730,516) | (24,441,800) |
Net Assets | ||
Beginning of period | 73,992,365 | 98,434,165 |
End of period (including undistributed net investment income of $645,340 and undistributed net investment income of $521,852, respectively) | $ 71,261,849 | $ 73,992,365 |
Other Information Shares | ||
Sold | 199,303 | 442,868 |
Issued in reinvestment of distributions | 35,973 | 17,591 |
Redeemed | (508,637) | (1,330,791) |
Net increase (decrease) | (273,361) | (870,332) |
Financial Highlights
Six months ended | Years ended October 31, | |||||
(Unaudited) | 2002 | 2001 | 2000 | 1999 | 1998 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 15.36 | $ 17.31 | $ 27.19 | $ 22.49 | $ 16.26 | $ 15.94 |
Income from Investment Operations | ||||||
Net investment income (loss)E | .15 | .10 | .07 | .05 | .07 | .03 |
Net realized and unrealized gain (loss) | .30 | (1.99) | (9.71) | 5.10 | 6.14 | 1.46 |
Total from investment operations | .45 | (1.89) | (9.64) | 5.15 | 6.21 | 1.49 |
Distributions from net investment income | (.12) | (.06) | (.03) | (.06) | - | (.07) |
Distributions from net realized gain | - | - | (.22) | (.45) | - | (1.18) |
Total distributions | (.12) | (.06) | (.25) | (.51) | - | (1.25) |
Redemption fees added to paid in capitalE | -G | -G | .01 | .06 | .02 | .08 |
Net asset value, end of period | $ 15.69 | $ 15.36 | $ 17.31 | $ 27.19 | $ 22.49 | $ 16.26 |
Total Return B, C,D | 2.94% | (10.97)% | (35.72)% | 23.21% | 38.31% | 10.99% |
Ratios to Average Net AssetsF | ||||||
Expenses before expense reductions | 1.50%A | 1.35% | 1.26% | 1.17% | 1.27% | 1.35% |
Expenses net of voluntary waivers, if any | 1.50%A | 1.35% | 1.26% | 1.17% | 1.27% | 1.35% |
Expenses net of all reductions | 1.48%A | 1.30% | 1.20% | 1.15% | 1.23% | 1.35% |
Net investment income (loss) | 1.99%A | .57% | .34% | .18% | .37% | .20% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $ 71,262 | $ 73,992 | $ 98,434 | $ 200,872 | $ 111,388 | $ 101,858 |
Portfolio turnover rate | 122%A | 106% | 88% | 80% | 70% | 69% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. G Amount represents less than $.01 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2003 | |||
Japan | 56.9% | ||
Australia | 16.5% | ||
Korea (South) | 7.2% | ||
United States of America | 5.6% | ||
Taiwan | 3.8% | ||
Hong Kong | 3.3% | ||
Singapore | 2.4% | ||
China | 2.2% | ||
Malaysia | 1.0% | ||
Other | 1.1% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2002 | |||
Japan | 59.8% | ||
Australia | 14.4% | ||
Hong Kong | 6.3% | ||
Korea (South) | 6.1% | ||
Taiwan | 3.1% | ||
United States of America | 2.7% | ||
Singapore | 2.2% | ||
Malaysia | 1.7% | ||
China | 1.5% | ||
Other | 2.2% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 94.7 | 97.5 |
Short-Term Investments and Net Other Assets | 5.3 | 2.5 |
Top Ten Stocks as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
Canon, Inc. (Japan, Office Electronics) | 3.1 | 2.7 |
Toyota Motor Corp. (Japan, Automobiles) | 3.0 | 2.8 |
Samsung Electronics Co. Ltd. (Korea (South), Semiconductor Equipment & Products) | 2.9 | 2.3 |
Takeda Chemical Industries Ltd. (Japan, Pharmaceuticals) | 2.8 | 3.4 |
National Australia Bank Ltd. (Australia, Banks) | 2.2 | 1.4 |
Australia & New Zealand Banking Group Ltd. (Australia, Banks) | 2.2 | 2.4 |
QBE Insurance Group Ltd. (Australia, Insurance) | 2.0 | 1.2 |
BHP Billiton Ltd. (Australia, Metals & Mining) | 2.0 | 1.6 |
Tokyo Electric Power Co. (Japan, Electric Utilities) | 2.0 | 1.7 |
Nomura Holdings, Inc. (Japan, Diversified Financials) | 2.0 | 2.0 |
24.2 | ||
Market Sectors as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
Financials | 22.6 | 24.7 |
Consumer Discretionary | 20.5 | 26.0 |
Information Technology | 19.9 | 18.3 |
Consumer Staples | 6.0 | 6.2 |
Industrials | 5.9 | 4.6 |
Telecommunication Services | 5.5 | 3.6 |
Materials | 5.4 | 4.6 |
Health Care | 4.4 | 5.6 |
Utilities | 2.9 | 2.7 |
Energy | 1.6 | 1.2 |
Semiannual Report
Investments April 30, 2003 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.7% | |||
Shares | Value (Note 1) | ||
Australia - 16.5% | |||
Amcor Ltd. | 321,869 | $ 1,676,120 | |
Australia & New Zealand Banking Group Ltd. | 476,431 | 5,568,060 | |
BHP Billiton Ltd. | 922,827 | 5,227,737 | |
Billabong International Ltd. | 414,362 | 1,477,465 | |
Fosters Group Ltd. | 353,741 | 993,090 | |
Harvey Norman Holdings Ltd. | 669,174 | 956,090 | |
John Fairfax Holdings Ltd. | 452,007 | 863,913 | |
Leighton Holdings Ltd. | 169,559 | 1,032,790 | |
Macquarie Bank Ltd. | 55,947 | 879,284 | |
National Australia Bank Ltd. | 278,493 | 5,671,823 | |
News Corp. Ltd. | 622,780 | 4,403,053 | |
Publishing & Broadcasting Ltd. | 268,337 | 1,484,794 | |
QBE Insurance Group Ltd. | 981,538 | 5,252,790 | |
Rio Tinto Ltd. | 96,326 | 1,918,326 | |
Westfield Holdings Ltd. | 185,527 | 1,697,403 | |
Westpac Banking Corp. | 348,377 | 3,473,319 | |
TOTAL AUSTRALIA | 42,576,057 | ||
China - 2.2% | |||
China Oilfield Services Ltd. (H Shares) | 3,436,000 | 726,925 | |
China Petroleum & Chemical Corp. (H Shares) | 12,950,000 | 2,557,074 | |
China Telecom Corp. Ltd. (H Shares) | 10,210,000 | 1,950,584 | |
PetroChina Co. Ltd. (H Shares) | 2,234,000 | 509,866 | |
TOTAL CHINA | 5,744,449 | ||
Hong Kong - 3.3% | |||
Cheung Kong Holdings Ltd. | 241,000 | 1,331,825 | |
CNOOC Ltd. | 261,000 | 343,018 | |
Esprit Holdings Ltd. | 1,138,500 | 2,233,455 | |
Hong Kong Exchanges & Clearing Ltd. | 1,536,000 | 1,792,195 | |
Hutchison Whampoa Ltd. | 483,700 | 2,691,650 | |
TOTAL HONG KONG | 8,392,143 | ||
Indonesia - 0.3% | |||
PT Telkomunikasi Indonesia Tbk | 1,829,500 | 864,815 | |
Japan - 56.9% | |||
Aeon Credit Service Ltd. | 32,440 | 776,246 | |
Ajinomoto Co., Inc. | 224,000 | 2,279,659 | |
Bank of Yokohama Ltd. | 381,000 | 1,349,098 | |
Bridgestone Corp. | 136,000 | 1,547,651 | |
Canon, Inc. | 203,000 | 8,142,332 | |
Citizen Electronics Co. Ltd. | 13,000 | 546,701 | |
Credit Saison Co. Ltd. | 95,700 | 1,807,027 | |
Daito Trust Construction Co. | 152,000 | 2,908,449 | |
Denso Corp. | 59,600 | 852,181 | |
Dentsu, Inc. | 414 | 1,236,133 | |
Don Quijote Co. Ltd. | 38,400 | 3,497,809 | |
East Japan Railway Co. | 951 | 4,319,274 | |
FamilyMart Co. Ltd. | 100,300 | 1,919,193 | |
Fuji Photo Film Co. Ltd. | 97,000 | 2,480,172 | |
Shares | Value (Note 1) | ||
Fuji Seal, Inc. | 23,400 | $ 954,540 | |
Fujisawa Pharmaceutical Co. Ltd. | 63,000 | 1,070,356 | |
Hankyu Department Stores, Inc. | 132,000 | 724,976 | |
Hitachi Chemical Co. Ltd. | 108,300 | 981,937 | |
Hitachi Information Systems Co. Ltd. | 27,700 | 524,202 | |
Honda Motor Co. Ltd. | 107,200 | 3,576,192 | |
Hoya Corp. | 37,700 | 2,235,460 | |
Ito-Yokado Co. Ltd. | 67,000 | 1,580,681 | |
JAFCO Co. Ltd. | 47,900 | 1,736,398 | |
Japan Medical Dynamic Marketing, Inc. | 40,900 | 557,970 | |
Japan Tobacco, Inc. | 102 | 596,240 | |
JGC Corp. | 202,000 | 1,427,142 | |
Kao Corp. | 83,000 | 1,518,357 | |
Kawasaki Kisen Kaisha Ltd. | 269,000 | 617,663 | |
KDDI Corp. | 828 | 2,521,014 | |
Keyence Corp. | 7,510 | 1,210,873 | |
Kissei Pharmaceutical Co. Ltd. | 42,000 | 492,788 | |
Konica Corp. | 27,000 | 247,756 | |
Kyocera Corp. | 52,700 | 2,579,705 | |
Kyushu Electric Power Co., Inc. | 155,900 | 2,431,041 | |
Lawson, Inc. | 33,200 | 1,022,011 | |
Matsushita Electric Industrial Co. Ltd. | 493,000 | 3,914,420 | |
Meitec Corp. | 52,500 | 1,337,945 | |
Minolta Co. Ltd. (a) | 480,000 | 2,664,536 | |
Mitsubishi Tokyo Finance Group, Inc. (MTFG) | 464 | 1,633,280 | |
Mitsui & Co. Ltd. | 257,000 | 1,221,288 | |
NEC Corp. | 209,000 | 655,679 | |
Nichicon Corp. | 130,300 | 1,332,645 | |
Nikko Cordial Corp. | 770,000 | 2,072,417 | |
Nikon Corp. (a) | 147,000 | 982,926 | |
Nintendo Co. Ltd. | 25,500 | 1,998,907 | |
Nippon Express Co. Ltd. | 308,000 | 1,152,782 | |
Nippon System Development Co. Ltd. | 46,500 | 459,544 | |
Nippon Telegraph & Telephone Corp. | 771 | 2,689,248 | |
Nishimatsuya Chain Co. Ltd. | 32,800 | 726,927 | |
Nissan Motor Co. Ltd. | 616,800 | 4,727,772 | |
Nomura Holdings, Inc. | 521,000 | 5,175,163 | |
Nomura Research Institute Ltd. | 14,100 | 845,561 | |
NTT DoCoMo, Inc. | 724 | 1,497,994 | |
ORIX Corp. | 24,000 | 1,100,130 | |
Ricoh Co. Ltd. | 196,000 | 3,015,131 | |
Rohm Co. Ltd. | 34,400 | 3,555,877 | |
Shin-Etsu Chemical Co. Ltd. | 91,000 | 2,732,411 | |
Shiseido Co. Ltd. | 179,000 | 1,639,522 | |
SMC Corp. | 12,900 | 974,322 | |
Sompo Japan Insurance, Inc. | 314,000 | 1,439,337 | |
Sumitomo Mitsui Financial Group, Inc. | 880 | 1,384,078 | |
Takeda Chemical Industries Ltd. | 200,200 | 7,358,375 | |
THK Co. Ltd. | 124,400 | 1,150,932 | |
Tokyo Electric Power Co. | 254,900 | 5,188,259 | |
Tokyo Electron Ltd. | 99,000 | 3,722,024 | |
Toyota Motor Corp. | 343,300 | 7,772,312 | |
UMC Japan (a) | 2,518 | 1,990,765 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Japan - continued | |||
Uni-Charm Corp. | 79,300 | $ 3,168,132 | |
Yamada Denki Co. Ltd. | 82,900 | 1,603,684 | |
Yamanouchi Pharmaceutical Co. Ltd. | 50,400 | 1,275,949 | |
Yokogawa Electric Corp. | 138,000 | 986,585 | |
TOTAL JAPAN | 147,416,086 | ||
Korea (South) - 7.2% | |||
Amorepacific Corp. | 13,030 | 1,153,335 | |
Cheil Industries, Inc. | 124,460 | 1,573,043 | |
Hana Bank | 91,176 | 784,511 | |
Hyundai Merchant Marine Co. Ltd. (a) | 460,000 | 721,531 | |
Kookmin Bank | 84,646 | 2,376,639 | |
KT Corp. | 42,810 | 1,758,929 | |
Samsung Electronics Co. Ltd. | 29,950 | 7,521,407 | |
Samsung Fire & Marine Insurance Co. Ltd. | 34,900 | 1,724,166 | |
SK Telecom Co. Ltd. | 7,430 | 1,033,899 | |
TOTAL KOREA (SOUTH) | 18,647,460 | ||
Malaysia - 1.0% | |||
British American Tobacco (Malaysia) BHD | 124,400 | 1,244,000 | |
Malayan Banking BHD | 330,600 | 687,300 | |
Public Bank BHD (For. Reg.) | 1,164,250 | 735,316 | |
TOTAL MALAYSIA | 2,666,616 | ||
Singapore - 2.4% | |||
CapitaLand Ltd. | 1,608,000 | 934,146 | |
Great Eastern Holdings Ltd. | 85,000 | 453,046 | |
MobileOne Ltd. | 969,000 | 688,629 | |
United Overseas Bank Ltd. | 527,675 | 3,095,217 | |
Venture Corp. Ltd. | 116,000 | 968,302 | |
TOTAL SINGAPORE | 6,139,340 | ||
Taiwan - 3.8% | |||
Chinatrust Financial Holding Co. (a) | 2,431,000 | 1,897,366 | |
Compal Electronics, Inc. | 981,000 | 1,058,410 | |
Fubon Financial Holding Co. Ltd. | 3,110,016 | 2,123,913 | |
Hon Hai Precision Industries Co. Ltd. | 411,000 | 1,285,481 | |
Optimax Technology Corp. | 797,000 | 914,778 | |
Taiwan Semiconductor Manufacturing Co. Ltd. (a) | 1,277,944 | 1,752,818 | |
United Microelectronics Corp. (a) | 1,320,194 | 757,644 | |
TOTAL TAIWAN | 9,790,410 | ||
Thailand - 0.8% | |||
Advanced Info Service PCL (For. Reg.) | 974,700 | 1,025,161 | |
BEC World PCL (For. Reg.) | 48,600 | 233,998 | |
Land & House PCL (For. Reg.) | 2,435,900 | 438,388 | |
Siam Cement PCL (For. Reg.) | 157,250 | 466,770 | |
TelecomAsia Corp. PCL (a) | 1 | 0 | |
TelecomAsia Corp. PCL rights 4/30/08 (a) | 206,113 | 0 | |
TOTAL THAILAND | 2,164,317 | ||
Shares | Value (Note 1) | ||
United States of America - 0.3% | |||
Resmed, Inc. unit (a) | 220,638 | $ 796,394 | |
TOTAL COMMON STOCKS (Cost $267,743,395) | 245,198,087 | ||
Money Market Funds - 13.1% | |||
Fidelity Cash Central Fund, 1.29% (b) | 10,559,356 | 10,559,356 | |
Fidelity Securities Lending Cash Central Fund, 1.3% (b) | 23,394,977 | 23,394,977 | |
TOTAL MONEY MARKET FUNDS (Cost $33,954,333) | 33,954,333 | ||
TOTAL INVESTMENT PORTFOLIO - 107.8% (Cost $301,697,728) | 279,152,420 | ||
NET OTHER ASSETS - (7.8)% | (20,117,603) | ||
NET ASSETS - 100% | $ 259,034,817 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request. |
Other Information |
Purchases and sales of securities, other than short-term securities, aggregated $55,197,156 and $92,748,778, respectively. |
Income Tax Information |
At October 31, 2002, the fund had a capital loss carryforward of approximately $93,938,000 of which $63,443,000 and $30,495,000 will expire on October 31, 2009 and 2010, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
April 30, 2003 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $22,211,069) (cost $301,697,728) - See accompanying schedule | $ 279,152,420 | |
Foreign currency held at value (cost $1,228,389) | 1,225,188 | |
Receivable for investments sold | 2,019,613 | |
Receivable for fund shares sold | 422,904 | |
Dividends receivable | 1,005,017 | |
Interest receivable | 7,915 | |
Redemption fees receivable | 37 | |
Other receivables | 118,493 | |
Total assets | 283,951,587 | |
Liabilities | ||
Payable for investments purchased | $ 414,827 | |
Payable for fund shares redeemed | 832,953 | |
Accrued management fee | 131,712 | |
Other payables and accrued expenses | 142,301 | |
Collateral on securities loaned, at value | 23,394,977 | |
Total liabilities | 24,916,770 | |
Net Assets | $ 259,034,817 | |
Net Assets consist of: | ||
Paid in capital | $ 387,408,879 | |
Undistributed net investment income | 420,364 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (106,250,306) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | (22,544,120) | |
Net Assets, for 21,412,011 shares outstanding | $ 259,034,817 | |
Net Asset Value, offering price and redemption price per share ($259,034,817 ÷ 21,412,011 shares) | $ 12.10 |
Statement of Operations
Six months ended April 30, 2003 (Unaudited) | ||
Investment Income | ||
Dividends | $ 2,386,813 | |
Interest | 44,851 | |
Security lending | 131,163 | |
2,562,827 | ||
Less foreign taxes withheld | (200,836) | |
Total income | 2,361,991 | |
Expenses | ||
Management fee | $ 1,050,547 | |
Performance adjustment | (197,450) | |
Transfer agent fees | 532,478 | |
Accounting and security lending fees | 88,294 | |
Non-interested trustees' compensation | 465 | |
Custodian fees and expenses | 88,963 | |
Registration fees | 10,624 | |
Audit | 35,245 | |
Legal | 664 | |
Miscellaneous | 1,970 | |
Total expenses before reductions | 1,611,800 | |
Expense reductions | (8,670) | 1,603,130 |
Net investment income (loss) | 758,861 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities | (9,727,470) | |
Foreign currency transactions | (50,724) | |
Total net realized gain (loss) | (9,778,194) | |
Change in net unrealized appreciation (depreciation) on: Investment securities | (6,037,886) | |
Assets and liabilities in foreign currencies | 31,763 | |
Total change in net unrealized appreciation (depreciation) | (6,006,123) | |
Net gain (loss) | (15,784,317) | |
Net increase (decrease) in net assets resulting from operations | $ (15,025,456) | |
Other Information | ||
Sales charges paid to FDC | $ 5,562 | |
Deferred sales charges withheld by FDC | $ 1,213 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Pacific Basin
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 758,861 | $ (502,467) |
Net realized gain (loss) | (9,778,194) | (27,520,461) |
Change in net unrealized appreciation (depreciation) | (6,006,123) | 15,275,614 |
Net increase (decrease) in net assets resulting from operations | (15,025,456) | (12,747,314) |
Share transactions | 34,592,911 | 135,325,171 |
Cost of shares redeemed | (66,821,605) | (120,492,210) |
Net increase (decrease) in net assets resulting from share transactions | (32,228,694) | 14,832,961 |
Redemption fees | 83,173 | 448,127 |
Total increase (decrease) in net assets | (47,170,977) | 2,533,774 |
Net Assets | ||
Beginning of period | 306,205,794 | 303,672,020 |
End of period (including undistributed net investment income of $420,364 and accumulated net investment loss of $338,497, respectively) | $ 259,034,817 | $ 306,205,794 |
Other Information Shares | ||
Sold | 2,796,785 | 9,455,650 |
Redeemed | (5,432,632) | (8,606,996) |
Net increase (decrease) | (2,635,847) | 848,654 |
Financial Highlights
Six months ended | Years ended October 31, | |||||
(Unaudited) | 2002 | 2001 | 2000 | 1999 | 1998 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 12.73 | $ 13.09 | $ 20.32 | $ 22.48 | $ 11.89 | $ 13.41 |
Income from Investment Operations | ||||||
Net investment income (loss)F | .03 | (.02) | (.02) | (.10) | (.04) | (.02) |
Net realized and unrealized gain (loss) | (.66) | (.36) | (5.91) | (1.86) | 10.62 | (1.26) |
Total from investment operations | (.63) | (.38) | (5.93) | (1.96) | 10.58 | (1.28) |
Distributions from net investment income | - | - | (1.10) | - | - | - |
Distributions in excess of net investment income | - | - | - | (.28) | (.02) | (.25) |
Distributions from net realized gain | - | - | (.23) | - | - | - |
Total distributions | - | - | (1.33) | (.28) | (.02) | (.25) |
Redemption fees added to paid in capitalF | -H | .02 | .03 | .08 | .03 | .01 |
Net asset value, end of period | $ 12.10 | $ 12.73 | $ 13.09 | $ 20.32 | $ 22.48 | $ 11.89 |
Total ReturnB, C,D,E | (4.95)% | (2.75)% | (30.79)% | (8.61)% | 89.36% | (9.52)% |
Ratios to Average Net AssetsG | ||||||
Expenses before expense reductions | 1.13%A | 1.51% | 1.48% | 1.25% | 1.37% | 1.73% |
Expenses net of voluntary waivers, if any | 1.13%A | 1.51% | 1.48% | 1.25% | 1.37% | 1.73% |
Expenses net of all reductions | 1.12%A | 1.50% | 1.45% | 1.22% | 1.36% | 1.72% |
Net investment income (loss) | .53%A | (.15)% | (.11)% | (.42)% | (.24)% | (.16)% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $ 259,035 | $ 306,206 | $ 303,672 | $ 516,769 | $ 659,881 | $ 195,464 |
Portfolio turnover rate | 40%A | 98% | 123% | 144% | 101% | 57% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Total returns do not include the effect of the contingent deferred sales charge. F Calculated based on average shares outstanding during the period. G Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. H Amount represents less than $.01 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2003 | |||
Korea (South) | 34.3% | ||
Taiwan | 17.7% | ||
Hong Kong | 16.3% | ||
Thailand | 5.4% | ||
United Kingdom | 4.9% | ||
Malaysia | 4.7% | ||
Singapore | 4.6% | ||
China | 4.4% | ||
United States of America | 4.0% | ||
Other | 3.7% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2002 | |||
Korea (South) | 39.8% | ||
Hong Kong | 20.2% | ||
Taiwan | 10.5% | ||
Singapore | 9.0% | ||
United States of America | 8.0% | ||
Malaysia | 3.7% | ||
Thailand | 3.5% | ||
United Kingdom | 2.8% | ||
China | 1.0% | ||
Other | 1.5% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 96.0 | 92.0 |
Short-Term Investments and Net Other Assets | 4.0 | 8.0 |
Top Ten Stocks as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
Samsung Electronics Co. Ltd. (Korea (South), Semiconductor Equipment & Products) | 9.9 | 10.4 |
HSBC Holdings PLC (Hong Kong) (Reg.) (United Kingdom, Banks) | 4.9 | 2.8 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductor Equipment & Products) | 3.7 | 0.9 |
United Overseas Bank Ltd. (Singapore, Banks) | 3.0 | 4.5 |
Formosa Plastic Corp. (Taiwan, Chemicals) | 2.2 | 0.5 |
Hang Seng Bank Ltd. (Hong Kong, Banks) | 2.0 | 2.2 |
Hutchison Whampoa Ltd. (Hong Kong, Industrial Conglomerates) | 2.0 | 2.7 |
Honam Petrochemical Corp. (Korea (South), Chemicals) | 1.9 | 0.6 |
LG Chemical Ltd. (Korea (South), Chemicals) | 1.6 | 0.4 |
Cheung Kong Holdings Ltd. (Hong Kong, Real Estate) | 1.5 | 2.6 |
32.7 | ||
Market Sectors as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
Financials | 24.8 | 33.8 |
Materials | 18.6 | 5.9 |
Information Technology | 18.4 | 18.4 |
Consumer Discretionary | 14.4 | 11.0 |
Industrials | 7.7 | 8.5 |
Telecommunication Services | 3.7 | 6.1 |
Energy | 3.4 | 0.7 |
Consumer Staples | 3.0 | 6.0 |
Health Care | 1.1 | 0.8 |
Utilities | 0.9 | 0.8 |
Semiannual Report
Investments April 30, 2003 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.5% | |||
Shares | Value (Note 1) | ||
Australia - 1.6% | |||
Rio Tinto Ltd. | 145,000 | $ 2,887,666 | |
WMC Resources Ltd. (a) | 350,000 | 877,310 | |
TOTAL AUSTRALIA | 3,764,976 | ||
China - 4.4% | |||
Aluminum Corp. of China Ltd. (H Shares) | 6,900,000 | 1,203,208 | |
China Oilfield Services Ltd. (H Shares) | 330,000 | 69,815 | |
China Petroleum & Chemical Corp. (H Shares) | 11,310,000 | 2,233,243 | |
China Southern Airlines Ltd. (H Shares) | 2,800,000 | 599,553 | |
Jiangxi Copper Co. Ltd. (H Shares) | 1,509,000 | 185,743 | |
PetroChina Co. Ltd. (H Shares) | 11,344,000 | 2,589,041 | |
Sinopec Beijing Yanhua Petrochemical Co. Ltd. (H Shares) (a) | 7,700,000 | 849,067 | |
Sinopec Shanghai Petrochemical Co. Ltd. (H Shares) (a) | 6,800,000 | 1,054,987 | |
Zhenhai Refining & Chemical Co. (H Shares) | 4,500,000 | 1,355,917 | |
TOTAL CHINA | 10,140,574 | ||
Hong Kong - 16.3% | |||
Cathay Pacific Airways Ltd. | 871,000 | 1,049,781 | |
Cheung Kong Holdings Ltd. | 612,000 | 3,382,061 | |
CNOOC Ltd. | 630,000 | 827,975 | |
Cosco Pacific Ltd. | 620,000 | 532,622 | |
Esprit Holdings Ltd. | 1,124,000 | 2,205,009 | |
Fountain Set (Holdings) Ltd. | 3,270,000 | 2,222,165 | |
Guoco Group Ltd. | 385,421 | 2,228,767 | |
Hang Seng Bank Ltd. | 462,300 | 4,579,047 | |
Hong Kong & China Gas Co. Ltd. | 1,362,000 | 1,606,637 | |
Hutchison Whampoa Ltd. | 817,700 | 4,550,263 | |
Johnson Electric Holdings Ltd. | 1,292,000 | 1,391,536 | |
Kingboard Chemical Holdings Ltd. | 2,864,000 | 2,313,483 | |
Li & Fung Ltd. | 1,448,000 | 1,624,536 | |
Sun Hung Kai Properties Ltd. | 494,310 | 2,319,707 | |
Techtronic Industries Co. | 2,580,000 | 3,241,892 | |
Wharf Holdings Ltd. | 377,000 | 659,822 | |
Wing Hang Bank Ltd. | 580,000 | 1,825,712 | |
Yue Yuen Industrial Holdings Ltd. | 419,746 | 861,111 | |
TOTAL HONG KONG | 37,422,126 | ||
India - 1.1% | |||
Ranbaxy Laboratories Ltd. | 172,200 | 2,456,361 | |
Indonesia - 1.0% | |||
PT Aneka Tambang Tbk | 1,500,000 | 125,382 | |
PT International Nickel Indonesia Tbk | 200,000 | 149,882 | |
PT Telkomunikasi Indonesia Tbk | 4,080,000 | 1,928,638 | |
TOTAL INDONESIA | 2,203,902 | ||
Korea (South) - 31.1% | |||
Amorepacific Corp. | 10,080 | 892,219 | |
Daelim Industrial Co. | 67,000 | 1,092,301 | |
Hanwha Chemical Corp. (a) | 780,000 | 2,414,821 | |
Honam Petrochemical Corp. | 170,000 | 4,276,245 | |
Shares | Value (Note 1) | ||
Hyundai Fire & Marine Insurance Co. | 55,760 | $ 1,269,464 | |
Hyundai Motor Co. Ltd. | 25,000 | 590,778 | |
INI Steel Co. | 140,000 | 674,351 | |
Keumkang Ltd. | 11,500 | 980,033 | |
Kookmin Bank | 119,430 | 3,353,283 | |
Korean Air Co. Ltd. | 120,000 | 1,141,210 | |
Korean Reinsurance Co. | 117,000 | 2,403,581 | |
KT Corp. | 53,500 | 2,198,147 | |
LG Chemical Ltd. | 112,400 | 3,729,699 | |
LG Electronics, Inc. | 52,850 | 1,823,314 | |
LG Insurance Co. Ltd. | 353,000 | 1,055,076 | |
LG Petrochemical Co. Ltd. | 154,000 | 2,193,660 | |
Lotte Chilsung Beverage Co. Ltd. | 6,100 | 3,023,631 | |
Lotte Confectionery Co. Ltd. | 4,000 | 1,452,449 | |
POSCO | 38,000 | 3,207,081 | |
Pusan Bank | 195,000 | 783,532 | |
S-Oil Corp. | 2,370 | 38,638 | |
Samsung Electro-Mechanics Co. Ltd. | 10,000 | 295,183 | |
Samsung Electronics Co. Ltd. | 90,254 | 22,665,679 | |
Samsung Fire & Marine Insurance Co. Ltd. | 52,850 | 2,610,951 | |
Samsung SDI Co. Ltd. | 26,500 | 1,658,295 | |
Seoul Semiconductor Co. Ltd. | 67,840 | 776,431 | |
Shinsegae Co. Ltd. | 19,000 | 2,268,423 | |
SK Telecom Co. Ltd. | 16,600 | 2,309,921 | |
Taegu Department Store Co. Ltd. | 51,192 | 368,397 | |
TOTAL KOREA (SOUTH) | 71,546,793 | ||
Malaysia - 4.7% | |||
British American Tobacco (Malaysia) BHD | 100,000 | 1,000,000 | |
Edaran Otomobil Nasional BHD (EON) | 102,000 | 234,868 | |
Genting BHD | 610,000 | 1,926,316 | |
Hong Leong Bank BHD | 196,000 | 211,474 | |
IOI Corp. BHD | 516,000 | 685,737 | |
Malayan Banking BHD | 770,000 | 1,600,789 | |
Mesiniaga BHD | 196,000 | 213,537 | |
OYL Industries BHD | 205,000 | 1,246,184 | |
Public Bank BHD (For. Reg.) | 1,675,000 | 1,057,895 | |
Resorts World BHD | 610,000 | 1,340,395 | |
Tanjong PLC | 330,000 | 811,974 | |
YTL Power International BHD | 600,000 | 443,684 | |
TOTAL MALAYSIA | 10,772,853 | ||
Singapore - 4.6% | |||
Keppel Corp. Ltd. | 140,000 | 352,171 | |
Oversea-Chinese Banking Corp. Ltd. | 182,000 | 970,051 | |
Singapore Airlines Ltd. | 200,000 | 1,065,990 | |
Singapore Press Holdings Ltd. | 129,076 | 1,201,215 | |
United Overseas Bank Ltd. | 1,175,280 | 6,893,915 | |
TOTAL SINGAPORE | 10,483,342 | ||
Taiwan - 17.7% | |||
Basso Industry Corp. Ltd. | 790,000 | 1,280,775 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Taiwan - continued | |||
China Manmade Fibers (a) | 1,306,000 | $ 348,517 | |
China Motor Co. Ltd. | 400,000 | 637,016 | |
China Steel Corp. | 1,592,800 | 891,237 | |
Chinatrust Financial Holding Co. (a) | 1,130,000 | 881,951 | |
Chung Hwa Pulp Corp. (a) | 2,778,000 | 1,004,385 | |
EVA Airways Corp. (a) | 3,898,266 | 1,196,885 | |
Evergreen Marine Corp. | 2,220,000 | 1,356,844 | |
Far Eastern Textile Ltd. | 1,850,000 | 541,463 | |
Formosa Chemicals & Fibre Corp. | 2,670,800 | 2,575,004 | |
Formosa Plastic Corp. | 4,106,000 | 5,066,227 | |
Fubon Financial Holding Co. Ltd. | 2,451,874 | 1,674,451 | |
Hon Hai Precision Industries Co. Ltd. | 286,737 | 896,824 | |
Hua Nan Financial Holdings Co. Ltd. | 1,050,000 | 596,557 | |
King Yuan Electronics Co. Ltd. (a) | 500,000 | 178,623 | |
Nan Ya Plastics Corp. | 2,550,000 | 2,209,756 | |
Nanya Technology Corp. (a) | 300,000 | 163,558 | |
Nien Hsing Textile Co. Ltd. | 900,000 | 839,311 | |
Nien Made Enterprise Co. Ltd. (a) | 1,210,000 | 2,551,937 | |
Oriental Union Chemical Corp. | 1,699,000 | 1,418,677 | |
Siliconware Precision Industries Co. Ltd. (a) | 2,400,000 | 1,136,298 | |
Taiwan Polypropylene Co. Ltd. | 500,000 | 340,029 | |
Taiwan Pulp & Paper Co. Ltd. (a) | 4,225,000 | 535,854 | |
Taiwan Semiconductor Manufacturing Co. Ltd. (a) | 6,123,808 | 8,399,369 | |
Tong Yang Industry Co. Ltd. | 1,636,000 | 1,962,261 | |
TYC Brother Industrial Co. | 780,000 | 1,331,707 | |
Yang Ming Marine Trnsport Corp. (a) | 1,540,000 | 647,374 | |
TOTAL TAIWAN | 40,662,890 | ||
Thailand - 5.1% | |||
Advanced Info Service PCL (For. Reg.) | 1,526,000 | 1,605,002 | |
Bangkok Bank Ltd. PCL (For. Reg.) (a) | 895,000 | 1,255,113 | |
BEC World PCL (For. Reg.) | 44,000 | 211,850 | |
Delta Electronics PCL (For. Reg.) | 1,140,000 | 759,378 | |
Grammy Entertainment PCL (For. Reg.) | 600,000 | 304,312 | |
Land & House PCL (For. Reg.) | 498,900 | 89,787 | |
National Petrochemical PCL (For. Reg.) | 1,200,000 | 1,402,361 | |
PTT PCL (For. Reg.) | 543,424 | 596,960 | |
Shin Corp. PCL (For. Reg.) | 1,400,000 | 474,465 | |
Siam Cement PCL (For. Reg.) | 913,000 | 2,710,085 | |
Siam City Cement PCL | 150,000 | 708,192 | |
Siam Commercial Bank PCL (For. Reg.) (a) | 1,961,100 | 1,569,888 | |
TOTAL THAILAND | 11,687,393 | ||
United Kingdom - 4.9% | |||
HSBC Holdings PLC (Hong Kong) (Reg.) | 1,036,350 | 11,335,596 | |
TOTAL COMMON STOCKS (Cost $196,280,915) | 212,476,806 | ||
Preferred Stocks - 3.5% | |||
Shares | Value (Note 1) | ||
Convertible Preferred Stocks - 0.5% | |||
Korea (South) - 0.2% | |||
Shinsegae Co. Ltd. | 3,800 | $ 406,752 | |
Thailand - 0.3% | |||
Siam Commercial Bank PCL $1.365 | 970,000 | 770,831 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 1,177,583 | ||
Nonconvertible Preferred Stocks - 3.0% | |||
Korea (South) - 3.0% | |||
Daishin Securities Co. Ltd. | 113,000 | 638,271 | |
Hyundai Motor Co. Ltd. | 219,000 | 2,452,367 | |
Samsung Electronics Co. Ltd. | 22,870 | 2,805,788 | |
Samsung Fire & Marine Insurance Co. Ltd. | 36,000 | 886,291 | |
TOTAL KOREA (SOUTH) | 6,782,717 | ||
TOTAL PREFERRED STOCKS (Cost $6,007,385) | 7,960,300 | ||
Money Market Funds - 1.7% | |||
Fidelity Cash Central Fund, 1.29% (b) | 4,000,656 | 4,000,656 | |
TOTAL INVESTMENT PORTFOLIO - 97.7% (Cost $206,288,956) | 224,437,762 | ||
NET OTHER ASSETS - 2.3% | 5,303,625 | ||
NET ASSETS - 100% | $ 229,741,387 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request. |
Other Information |
Purchases and sales of securities, other than short-term securities, aggregated $138,921,154 and $127,097,552, respectively. |
Income Tax Information |
At October 31, 2002, the fund had a capital loss carryforward of approximately $117,816,000 of which $88,101,000, $324,000 and $29,391,000 will expire on October 31, 2006, 2007 and 2009, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
April 30, 2003 (Unaudited) | ||
Assets | ||
Investment in securities, at value (cost $206,288,956) - See accompanying schedule | $ 224,437,762 | |
Foreign currency held at value (cost $1,809,226) | 1,808,807 | |
Receivable for investments sold | 3,878,390 | |
Receivable for fund shares sold | 721,914 | |
Dividends receivable | 783,114 | |
Interest receivable | 7,446 | |
Redemption fees receivable | 150 | |
Other receivables | 55,354 | |
Total assets | 231,692,937 | |
Liabilities | ||
Payable to custodian bank | $ 42,940 | |
Payable for investments purchased | 1,116,513 | |
Payable for fund shares redeemed | 335,326 | |
Accrued management fee | 128,586 | |
Other payables and accrued expenses | 328,185 | |
Total liabilities | 1,951,550 | |
Net Assets | $ 229,741,387 | |
Net Assets consist of: | ||
Paid in capital | $ 339,272,899 | |
Undistributed net investment income | 856,079 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (128,537,500) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 18,149,909 | |
Net Assets, for 24,822,472 shares outstanding | $ 229,741,387 | |
Net Asset Value, offering price and redemption price per share ($229,741,387 ÷ 24,822,472 shares) | $ 9.26 |
Statement of Operations
Six months ended April 30, 2003 (Unaudited) | ||
Investment Income | ||
Dividends | $ 3,859,943 | |
Interest | 44,058 | |
3,904,001 | ||
Less foreign taxes withheld | (453,901) | |
Total income | 3,450,100 | |
Expenses | ||
Management fee | $ 886,620 | |
Performance adjustment | 43,441 | |
Transfer agent fees | 420,811 | |
Accounting fees and expenses | 73,212 | |
Non-interested trustees' compensation | 358 | |
Custodian fees and expenses | 196,320 | |
Registration fees | 15,712 | |
Audit | 35,632 | |
Legal | 545 | |
Miscellaneous | 938 | |
Total expenses before reductions | 1,673,589 | |
Expense reductions | (243) | 1,673,346 |
Net investment income (loss) | 1,776,754 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities | (8,578,643) | |
Foreign currency transactions | (287,455) | |
Total net realized gain (loss) | (8,866,098) | |
Change in net unrealized appreciation (depreciation) on: Investment securities | (8,780,765) | |
Assets and liabilities in foreign currencies | (4,718) | |
Total change in net unrealized appreciation (depreciation) | (8,785,483) | |
Net gain (loss) | (17,651,581) | |
Net increase (decrease) in net assets resulting from operations | $ (15,874,827) | |
Other Information | ||
Sales charges paid to FDC | $ 8,514 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Southeast Asia
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 1,776,754 | $ 1,560,642 |
Net realized gain (loss) | (8,866,098) | 2,987,626 |
Change in net unrealized appreciation (depreciation) | (8,785,483) | 8,418,893 |
Net increase (decrease) in net assets resulting from operations | (15,874,827) | 12,967,161 |
Distributions to shareholders from net investment income | (1,964,939) | (685,205) |
Share transactions | 31,777,222 | 149,751,138 |
Reinvestment of distributions | 1,889,991 | 658,925 |
Cost of shares redeemed | (31,852,864) | (123,563,758) |
Net increase (decrease) in net assets resulting from share transactions | 1,814,349 | 26,846,305 |
Redemption fees | 115,637 | 511,306 |
Total increase (decrease) in net assets | (15,909,780) | 39,639,567 |
Net Assets | ||
Beginning of period | 245,651,167 | 206,011,600 |
End of period (including undistributed net investment income of $856,079 and undistributed net investment income of $1,044,264, respectively) | $ 229,741,387 | $ 245,651,167 |
Other Information Shares | ||
Sold | 3,294,408 | 12,782,942 |
Issued in reinvestment of distributions | 181,730 | 59,523 |
Redeemed | (3,319,824) | (10,817,390) |
Net increase (decrease) | 156,314 | 2,025,075 |
Financial Highlights
Six months ended | Years ended October 31, | |||||
(Unaudited) | 2002 | 2001 | 2000 | 1999 | 1998 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 9.96 | $ 9.10 | $ 11.74 | $ 12.15 | $ 8.13 | $ 9.55 |
Income from Investment Operations | ||||||
Net investment income (loss)E | .07 | .06 | .03 | (.04) | .03 | .09 |
Net realized and unrealized gain (loss) | (.69) | .81 | (2.68) | (.38) | 3.97 | (1.48) |
Total from investment operations | (.62) | .87 | (2.65) | (.42) | 4.00 | (1.39) |
Distributions from net investment income | (.08) | (.03) | - | (.02) | (.02) | (.05) |
Redemption fees added to paid in capitalE | -G | .02 | .01 | .03 | .04 | .02 |
Net asset value, end of period | $ 9.26 | $ 9.96 | $ 9.10 | $ 11.74 | $ 12.15 | $ 8.13 |
Total ReturnB, C,D | (6.31)% | 9.75% | (22.49)% | (3.24)% | 49.80% | (14.44)% |
Ratios to Average Net AssetsF | ||||||
Expenses before expense reductions | 1.39%A | 1.54% | 1.55% | 1.37% | 1.46% | 1.83% |
Expenses net of voluntary waivers, if any | 1.39%A | 1.54% | 1.55% | 1.37% | 1.46% | 1.83% |
Expenses net of all reductions | 1.39%A | 1.50% | 1.52% | 1.35% | 1.43% | 1.79% |
Net investment income (loss) | 1.47%A | .54% | .24% | (.23)% | .28% | 1.07% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $ 229,741 | $ 245,651 | $ 206,012 | $ 290,998 | $ 360,682 | $ 223,339 |
Portfolio turnover rate | 110%A | 131% | 91% | 88% | 93% | 95% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. G Amount represents less than $.01 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2003 (Unaudited)
1. Significant Accounting Policies.
Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, Fidelity Europe Capital Appreciation Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic Fund, Fidelity Pacific Basin Fund and Fidelity Southeast Asia Fund (the funds) are funds of Fidelity Investment Trust (the trust). 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. Each fund is authorized to issue an unlimited number of shares. Certain funds' investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the funds:
Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. Debt securities for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and electronic data processing techniques. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.
Foreign Currency. Certain funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, which includes amortization of premium and accretion of discount on debt securities, as required, is accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.
Income Tax Information and Distributions to Shareholders. Each year each fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Distributions are recorded on the ex-dividend date.
Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to futures transactions, foreign currency transactions, passive foreign investment companies (PFIC), market discount, net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
1. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows for each fund:
Cost for Federal | Unrealized | Unrealized | Net Unrealized | |
Canada | $ 80,567,779 | $ 17,079,738 | $ (2,462,864) | $ 14,616,874 |
China Region | 102,031,899 | 13,179,112 | (11,588,283) | 1,590,829 |
Emerging Markets | 241,446,923 | 38,966,427 | (16,854,723) | 22,111,704 |
Europe | 1,063,082,341 | 135,474,033 | (31,086,447) | 104,387,586 |
Europe Capital Appreciation | 378,885,377 | 42,640,562 | (17,032,902) | 25,607,660 |
Japan | 349,252,557 | 23,099,136 | (45,203,484) | (22,104,348) |
Japan Smaller Companies | 409,286,147 | 72,809,390 | (45,901,160) | 26,908,230 |
Latin America | 171,987,099 | 36,573,395 | (19,847,067) | 16,726,328 |
Nordic | 81,905,900 | 13,119,278 | (6,932,302) | 6,186,976 |
Pacific Basin | 303,891,695 | 23,058,901 | (47,798,176) | (24,739,275) |
Southeast Asia | 207,439,607 | 31,784,826 | (14,786,671) | 16,998,155 |
Short-Term Trading (Redemption) Fees. Shares held in Canada, China Region, Emerging Markets, Japan, Japan Smaller Companies, Latin America, Nordic, Pacific Basin and Southeast Asia less than 90 days are subject to a short-term trading fee equal to 1.50% of the proceeds of the redeemed shares. Shares held in Europe and Europe Capital Appreciation less than 30 days are subject to a short-term trading fee equal to 1.00% of the proceeds of the redeemed shares. These fees, which are retained by the funds, are accounted for as an addition to paid in capital.
2. Operating Policies.
Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the funds and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. Certain funds may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).
Restricted Securities. Certain funds 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 under the captions "Legend" and/or "Other Information" at the end of each applicable fund's Schedule of Investments.
3. Purchases and Sales of Investments.
Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of each applicable fund's Schedule of Investments.
4. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the funds with investment management related services for which the funds pay a monthly management fee.
The management fee is the sum of an individual fund fee rate and a group fee rate. The individual fund fee rate is applied to each fund's average net assets. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee for Canada, Europe, Europe Capital Appreciation, Japan, Pacific Basin, and Southeast Asia is subject to a performance adjustment (up to a maximum ±.20% of each applicable fund's average net assets over a 36 month performance period). The upward or downward adjustment to
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
the management fee is based on each fund's relative investment performance as compared to an appropriate benchmark index. For the period, each fund's annualized management fee rate expressed as a percentage of each fund's average net assets, including the performance adjustment, if applicable was as follows:
Individual Rate | Group Rate | Total | |
Canada | .45% | .28% | .98%* |
China Region | .45% | .28% | .74%* |
Emerging Markets | .45% | .28% | .73%* |
Europe | .45% | .28% | .59%* |
Europe Capital Appreciation | .45% | .28% | .96%* |
Japan | .45% | .28% | .60%* |
Japan Smaller Companies | .45% | .28% | .73%* |
Latin America | .45% | .28% | .73%* |
Nordic | .45% | .28% | .74%* |
Pacific Basin | .45% | .28% | .60%* |
Southeast Asia | .45% | .28% | .77%* |
* Annualized
Sales Load. Effective February 25, 2003, Canada, China Region, Emerging Markets, Japan, Japan Smaller Companies, Latin America, Nordic, Pacific Basin and Southeast Asia's 3% sales charge was eliminated. Shares of Canada, Europe, and Pacific Basin purchased prior to October 12, 1990, are subject to a 1% deferred sales charge upon redemption. The amounts received and retained by Fidelity Distributors Corporation (FDC), an affiliate of FMR, are shown under the caption "Other Information" on each fund's Statement of Operations.
Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the funds' transfer, dividend disbursing and shareholder servicing agent. FSC receives account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of all shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:
Canada | .33%* | |
China Region | .38%* | |
Emerging Markets | .45%* | |
Europe | .32%* | |
Europe Capital Appreciation | .29%* | |
Japan | .35%* | |
Japan Smaller Companies | .30%* | |
Latin America | .49%* | |
Nordic | .42%* | |
Pacific Basin | .37%* | |
Southeast Asia | .35%* |
* Annualized
Accounting and Security Lending Fees. FSC maintains each fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Fees and Other Transactions with Affiliates - continued
Central Funds. The funds may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the funds are recorded as income in the accompanying financial statements. Distributions from the Central Funds are noted in the table below:
Income Distributions | ||
Canada | $ 22,925 | |
China Region | 21,857 | |
Emerging Markets | 27,593 | |
Europe | 181,602 | |
Europe Capital Appreciation | 168,023 | |
Japan | 27,434 | |
Japan Smaller Companies | 77,075 | |
Latin America | 21,068 | |
Nordic | 19,553 | |
Pacific Basin | 40,867 | |
Southeast Asia | 40,787 |
Brokerage Commissions. Certain funds placed a portion of their portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of each applicable fund's Schedule of Investments.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the funds, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. Information regarding each applicable fund's participation in the program is included under the caption "Other Information" at the end of each applicable fund's Schedule of Investments.
5. Committed Line of Credit.
Certain funds participate with other funds managed by FMR in a $3.5 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 funds have agreed to pay commitment fees on their pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.
6. Security Lending.
Certain funds lend portfolio securities from time to time in order to earn additional income. Each applicable 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 funds and any additional required collateral is delivered to the funds on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on each applicable fund's Statement of Assets and Liabilities. Additional information regarding security lending is included under the caption "Other Information" at the end of each applicable fund's Schedule of Investments.
Semiannual Report
7. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of certain funds provided services to these funds in addition to trade execution. These services included payments of expenses on behalf of each applicable fund. In addition, through arrangements with each applicable fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce each applicable fund's expenses. All of the applicable expense reductions are noted in the table below.
Directed | Custody | Transfer | |
Canada | $ 14,666 | $ - | $ - |
China Region | - | - | - |
Emerging Markets | - | 36 | 203 |
Europe | 240,181 | 471 | 418 |
Europe Capital Appreciation | 157,970 | 120 | - |
Japan | - | - | 679 |
Japan Smaller Companies | - | - | 1,791 |
Latin America | - | 534 | - |
Nordic | 8,775 | - | - |
Pacific Basin | 8,343 | - | 327 |
Southeast Asia | - | 243 | - |
8. Other Information.
At the end of the period, FMR or its affiliates and certain unaffiliated shareholders each were owners of record of more than 10% of the outstanding shares of the following funds:
Affiliated % | Number of | Unaffiliated | |
Canada Europe Japan Japan Smaller Companies Pacific Basin | - 39 41 25 - | 1 - - - 1 | 10 - - - 11 |
At the end of the period, Fidelity Freedom Fund 2020 was the owner of record of approximately 15% and 13% of the total outstanding shares of Europe and Japan, respectively. Fidelity Freedom Fund 2030 was the owner of record of approximately 11% and 10% of the total outstanding shares of Europe and Japan, respectively. The Fidelity Freedom Funds were the owners of record, in the aggregate, of approximately 39%, 33% and 23% of the total outstanding shares of Europe, Japan and Southeast Asia, respectively.
9. Litigation.
The Latin America Fund is engaged in litigation against the obligor on the inflation adjusted debt of Siderurgica Brasileiras SA, contesting the calculation of the principal adjustment. The probability of success of this litigation cannot be predicted and the amount of recovery cannot be estimated. Any recovery from this litigation would inure to the benefit of the fund. As of period end, the fund no longer holds Siderurgica Brasileiras SA debt securities.
10. Transactions with Affiliated Companies.
An affiliated company is a company which the fund has ownership of at least 5% of the voting securities. Information regarding transactions with affiliated companies is included in "Other Information" at the end of each applicable fund's Schedule of Investments.
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
1 For mutual fund and brokerage trading.
2 For quotes.*
3 For account balances and holdings.
4 To review orders and mutual fund activity.
5 To change your PIN.
*0 To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Semiannual Report
To Write Fidelity
We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.
(letter_graphic)Making Changes
To Your Account
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
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Semiannual Report
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Semiannual Report
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TIF-USAN-0603
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Printed on Recycled Paper
Fidelity's
Broadly Diversified International Equity
Funds
Fidelity® Global Balanced Fund
Fidelity International Growth & Income Fund
Fidelity Diversified International Fund
Fidelity Aggressive International Fund
Fidelity Overseas Fund
Fidelity Worldwide Fund
Fidelity International Small Cap Fund
Semiannual Report
April 30, 2003
(2_fidelity_logos) (Registered_Trademark)
Contents
Global Balanced Fund | 3 | Investment Changes |
4 | Investments | |
10 | Financial Statements | |
International Growth & Income Fund | 12 | Investment Changes |
13 | Investments | |
17 | Financial Statements | |
Diversified International Fund | 20 | Investment Changes |
21 | Investments | |
26 | Financial Statements | |
Aggressive International Fund | 29 | Investment Changes |
30 | Investments | |
32 | Financial Statements | |
Overseas Fund | 34 | Investment Changes |
35 | Investments | |
38 | Financial Statements | |
Worldwide Fund | 40 | Investment Changes |
41 | Investments | |
46 | Financial Statements | |
International Small Cap Fund | 48 | Investment Changes |
49 | Investments | |
52 | Financial Statements | |
Notes to Financial Statements | 53 | Notes to the Financial Statements |
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
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(automated graphic) This report is printed on recycled paper using soy-based inks.
The views expressed in this report reflect those of each fund's portfolio manager only through the end of the period of the report as stated on the cover and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
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Neither the funds nor Fidelity Distributors Corporation is a bank. For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.
Annual Report
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2003 | |||
United States of America | 51.9% | ||
Japan | 13.3% | ||
United Kingdom | 9.8% | ||
Germany | 6.3% | ||
France | 4.6% | ||
Netherlands | 2.1% | ||
Multi-National | 1.9% | ||
Switzerland | 1.9% | ||
Spain | 1.2% | ||
Other | 7.0% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2002 | |||
United States of America | 40.6% | ||
Japan | 13.4% | ||
Germany | 11.0% | ||
United Kingdom | 9.9% | ||
France | 9.3% | ||
Luxembourg | 2.2% | ||
Multi-National | 1.8% | ||
Spain | 1.4% | ||
Italy | 1.4% | ||
Other | 9.0% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks and Equity Futures | 69.2 | 65.7 |
Bonds | 30.1 | 31.4 |
Short-Term Investments | 0.7 | 2.9 |
Top Five Stocks as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
General Electric Co. (United States of America) | 1.1 | 0.6 |
Microsoft Corp. (United States of America) | 1.0 | 1.2 |
Pfizer, Inc. (United States of America) | 0.8 | 0.7 |
Canon, Inc. (Japan) | 0.8 | 0.7 |
Wal-Mart Stores, Inc. (United States of America) | 0.8 | 0.5 |
4.5 | ||
Top Five Bond Issuers as of April 30, 2003 | ||
(with maturities greater than one year) | % of fund's | % of fund's net assets |
U.S. Treasury Obligations | 16.5 | 9.6 |
United Kingdom, Great Britain & Northern Ireland | 3.9 | 5.5 |
Kreditanstalt Fuer Wiederaufbau | 1.8 | 2.6 |
NTL, Inc. | 1.6 | 0.0 |
German Federal Republic | 1.4 | 4.8 |
25.2 | ||
Market Sectors as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
Financials | 17.0 | 15.7 |
Consumer Discretionary | 11.6 | 12.4 |
Information Technology | 8.7 | 7.4 |
Health Care | 8.5 | 6.9 |
Consumer Staples | 5.8 | 6.6 |
Telecommunication Services | 5.6 | 3.5 |
Industrials | 5.1 | 7.6 |
Energy | 4.5 | 3.9 |
Materials | 2.4 | 1.4 |
Utilities | 1.0 | 0.3 |
Semiannual Report
Investments April 30, 2003 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 64.0% | |||
Shares | Value (Note 1) | ||
Australia - 0.1% | |||
News Corp. Ltd. | 13,815 | $ 97,672 | |
Austria - 0.1% | |||
Telekom Austria AG (a) | 5,800 | 59,537 | |
Belgium - 0.1% | |||
Colruyt NV | 1,500 | 98,206 | |
Bermuda - 0.2% | |||
ACE Ltd. | 2,300 | 76,084 | |
Arch Capital Group Ltd. (a) | 1,600 | 55,696 | |
TOTAL BERMUDA | 131,780 | ||
Brazil - 0.0% | |||
Uniao de Bancos Brasileiros SA (Unibanco) GDR | 1,650 | 29,948 | |
Canada - 1.0% | |||
Alcan, Inc. | 700 | 20,509 | |
Bro-X Minerals Ltd. (a) | 600 | 0 | |
EnCana Corp. | 6,300 | 206,601 | |
Moore Corp. Ltd. (a) | 3,000 | 34,154 | |
Newmont Mining Corp. of Canada Ltd. (exchangeable shares) | 400 | 10,821 | |
Sun Life Financial Services of | 1,100 | 22,599 | |
Talisman Energy, Inc. | 15,670 | 625,598 | |
TOTAL CANADA | 920,282 | ||
Cayman Islands - 0.2% | |||
Garmin Ltd. (a) | 2,000 | 84,760 | |
Noble Corp. (a) | 2,600 | 80,470 | |
TOTAL CAYMAN ISLANDS | 165,230 | ||
Denmark - 0.4% | |||
Coloplast AS Series B | 1,400 | 103,649 | |
Danske Bank AS | 5,400 | 104,010 | |
Novo Nordisk AS Series B | 4,450 | 161,380 | |
TOTAL DENMARK | 369,039 | ||
Finland - 0.4% | |||
Nokia Corp. sponsored ADR | 20,200 | 334,714 | |
France - 2.3% | |||
Alcatel SA (RFD) | 13,000 | 104,780 | |
AXA SA | 1,800 | 27,394 | |
AXA SA sponsored ADR | 4,800 | 72,912 | |
Bacou Dalloz (a) | 555 | 45,738 | |
BNP Paribas SA | 6,900 | 324,517 | |
CNP Assurances | 2,233 | 89,940 | |
L'Air Liquide SA | 1,430 | 216,988 | |
L'Oreal SA | 2,050 | 146,822 | |
Naf Naf SA (a) | 9,300 | 187,187 | |
Pernod-Ricard | 2,125 | 186,886 | |
Renault SA | 4,650 | 201,486 | |
SEB SA | 1,850 | 173,768 | |
Shares | Value (Note 1) | ||
Television Francaise 1 SA | 2,600 | $ 73,177 | |
TotalFinaElf SA Series B | 1,823 | 239,542 | |
TOTAL FRANCE | 2,091,137 | ||
Germany - 2.2% | |||
Adidas-Salomon AG | 1,775 | 153,028 | |
Allianz AG sponsored ADR | 9,200 | 65,688 | |
Altana AG sponsored ADR (a) | 2,000 | 98,380 | |
BASF AG | 900 | 40,225 | |
Deutsche Bank AG | 1,300 | 66,950 | |
Deutsche Bank AG (NY Shares) | 2,700 | 139,050 | |
Deutsche Boerse AG | 9,050 | 425,028 | |
Deutsche Telekom AG (Reg.) | 11,100 | 148,740 | |
Infineon Technologies AG | 9,500 | 72,295 | |
Muenchener Rueckversicherungs-Gesellschaft | 400 | 40,032 | |
Schwarz Pharma AG | 2,200 | 95,942 | |
Stada Arzneimittel AG | 2,743 | 143,853 | |
Suedzucker AG (Bearer) | 5,900 | 100,148 | |
Wella AG | 1,800 | 183,463 | |
Zapf Creation AG | 5,400 | 198,176 | |
TOTAL GERMANY | 1,970,998 | ||
Greece - 0.1% | |||
Cosmote Mobile Telecommunications SA | 5,900 | 61,224 | |
Hong Kong - 0.6% | |||
China Mobile (Hong Kong) Ltd. | 57,750 | 115,616 | |
Hong Kong Exchanges & Clearing Ltd. | 254,000 | 296,366 | |
Hutchison Whampoa Ltd. | 11,400 | 63,438 | |
Li & Fung Ltd. | 16,000 | 17,951 | |
TOTAL HONG KONG | 493,371 | ||
Ireland - 0.3% | |||
Fyffes PLC (Ireland) | 97,300 | 151,233 | |
IAWS Group PLC (Ireland) | 3,600 | 29,185 | |
Paddy Power PLC | 16,000 | 89,456 | |
TOTAL IRELAND | 269,874 | ||
Italy - 0.2% | |||
ENI Spa sponsored ADR | 2,000 | 142,100 | |
Riunione Adriatica di Sicurta Spa (RAS) | 4,500 | 65,052 | |
TOTAL ITALY | 207,152 | ||
Japan - 13.3% | |||
Access Co. Ltd. (a) | 3 | 56,268 | |
Ajinomoto Co., Inc. | 8,000 | 81,416 | |
Bank of Yokohama Ltd. | 24,000 | 84,983 | |
Bridgestone Corp. | 31,000 | 352,773 | |
Canon, Inc. | 18,000 | 721,980 | |
Citizen Electronics Co. Ltd. | 1,500 | 63,081 | |
Credit Saison Co. Ltd. | 14,400 | 271,904 | |
D&M Holdings, Inc. (a) | 7,000 | 17,074 | |
Dai Nippon Printing Co. Ltd. | 7,000 | 68,178 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Japan - continued | |||
Daiichi Pharmaceutical Co. Ltd. | 7,800 | $ 99,062 | |
Daikin Industries Ltd. | 5,000 | 83,435 | |
Daito Trust Construction Co. | 8,400 | 160,730 | |
Daiwa Securities Group, Inc. | 38,000 | 149,897 | |
Denso Corp. | 6,700 | 95,799 | |
Don Quijote Co. Ltd. | 2,400 | 218,613 | |
East Japan Railway Co. | 34 | 154,422 | |
Enplas Corp. | 3,300 | 76,883 | |
Faith, Inc. | 11 | 47,647 | |
Fanuc Ltd. | 1,600 | 65,671 | |
FCC Co. Ltd. | 4,000 | 94,201 | |
Fuji Photo Film Co. Ltd. | 10,000 | 255,688 | |
Fuji Television Network, Inc. | 39 | 138,097 | |
Funai Electric Co. Ltd. | 1,000 | 100,929 | |
Heiwa Corp. | 10,000 | 150,721 | |
Hoya Corp. | 1,400 | 83,014 | |
Ito-Yokado Co. Ltd. | 6,000 | 141,553 | |
JAFCO Co. Ltd. | 2,500 | 90,626 | |
Japan Medical Dynamic Marketing, Inc. | 7,000 | 95,496 | |
Japan Real Estate Investment Corp. | 39 | 209,933 | |
Japan Retail Fund Investment Corp. | 36 | 175,314 | |
Japan Tobacco, Inc. | 55 | 321,502 | |
JGC Corp. | 25,000 | 176,626 | |
KDDI Corp. | 155 | 471,929 | |
Keyence Corp. | 1,100 | 177,358 | |
Konica Corp. | 7,000 | 64,233 | |
Kyocera Corp. | 1,800 | 88,111 | |
Matsushita Electric Industrial Co. Ltd. | 25,000 | 198,500 | |
Minolta Co. Ltd. (a) | 34,000 | 188,738 | |
Mitsubishi Tokyo Finance Group, | 38 | 133,760 | |
Mitsui & Co. Ltd. | 28,000 | 133,059 | |
Mitsui Fudosan Co. Ltd. | 17,000 | 91,795 | |
Mitsui O.S.K Lines Ltd. | 45,000 | 118,087 | |
Nichicon Corp. | 9,000 | 92,048 | |
Nichii Gakkan Co. | 1,200 | 61,365 | |
Nihon Trim Co. Ltd. | 2,750 | 87,893 | |
Nikko Cordial Corp. | 92,000 | 247,613 | |
Nikon Corp. (a) | 27,000 | 180,537 | |
Nintendo Co. Ltd. | 1,100 | 86,227 | |
Nissan Motor Co. Ltd. | 68,600 | 525,819 | |
Nissen Co. Ltd. | 10,600 | 114,563 | |
Nomura Research Institute Ltd. | 1,200 | 71,963 | |
ORIX Corp. | 5,000 | 229,194 | |
Rohm Co. Ltd. | 1,200 | 124,042 | |
Salomon & Taylor Made Co. Ltd. | 2,000 | 15,509 | |
Shin-Etsu Chemical Co. Ltd. | 9,200 | 276,244 | |
Shionogi & Co. Ltd. | 6,000 | 71,458 | |
Siix Corp. | 3,300 | 63,838 | |
SMC Corp. | 1,700 | 128,399 | |
Sompo Japan Insurance, Inc. | 19,000 | 87,094 | |
Sony Corp. | 2,200 | 54,428 | |
Shares | Value (Note 1) | ||
Sumitomo Chemical Co. Ltd. | 38,000 | $ 103,234 | |
Sumitomo Electric Industries Ltd. | 14,000 | 78,540 | |
Sumitomo Mitsui Financial Group, Inc. | 41 | 64,485 | |
Sumitomo Trust & Banking Ltd. | 20,000 | 56,857 | |
Takeda Chemical Industries Ltd. | 9,900 | 363,876 | |
The Daimaru, Inc. | 39,000 | 140,721 | |
THK Co. Ltd. | 5,900 | 54,586 | |
Tokyo Electric Power Co. | 20,100 | 409,117 | |
Tokyo Electron Ltd. | 6,400 | 240,616 | |
Tosoh Corp. | 42,000 | 95,025 | |
Toyota Motor Corp. | 18,600 | 421,104 | |
Tsumura & Co. (a) | 13,000 | 127,381 | |
UMC Japan (a) | 137 | 108,314 | |
United Arrows Ltd. | 4,600 | 113,554 | |
USS Co. Ltd. | 1,500 | 76,706 | |
Yamada Denki Co. Ltd. | 4,500 | 87,052 | |
Yamato Transport Co. Ltd. | 11,000 | 123,420 | |
Yokogawa Electric Corp. | 14,000 | 100,088 | |
TOTAL JAPAN | 11,851,996 | ||
Korea (South) - 0.6% | |||
KT Corp. sponsored ADR | 4,500 | 91,080 | |
Samsung Electronics Co. Ltd. | 1,640 | 411,857 | |
TOTAL KOREA (SOUTH) | 502,937 | ||
Mexico - 1.1% | |||
Grupo Televisa SA de CV | 10,200 | 309,468 | |
Telefonos de Mexico SA de CV sponsored ADR | 16,700 | 504,507 | |
TV Azteca SA de CV sponsored ADR | 34,100 | 197,780 | |
TOTAL MEXICO | 1,011,755 | ||
Netherlands - 0.9% | |||
ABN-AMRO Holding NV sponsored ADR | 5,400 | 89,316 | |
ASML Holding NV (NY Shares) (a) | 9,100 | 80,171 | |
Euronext NV | 8,275 | 183,211 | |
ING Groep NV (Certificaten | 5,400 | 87,857 | |
Koninklijke Philips Electronics NV | 2,300 | 42,873 | |
Koninklijke Philips Electronics NV | 4,600 | 85,928 | |
Unilever NV (NY Shares) | 2,400 | 151,128 | |
VNU NV | 3,700 | 107,571 | |
TOTAL NETHERLANDS | 828,055 | ||
Russia - 0.5% | |||
JSC MMC 'Norilsk Nickel' | 5,400 | 122,850 | |
Mobile TeleSystems OJSC | 1,500 | 72,000 | |
Surgutneftegaz JSC sponsored ADR | 8,300 | 162,265 | |
YUKOS Corp. sponsored ADR | 600 | 105,000 | |
TOTAL RUSSIA | 462,115 | ||
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Singapore - 0.0% | |||
Venture Corp. Ltd. | 3,000 | $ 25,042 | |
Spain - 1.2% | |||
Acerinox SA (Reg.) | 1,700 | 63,472 | |
Altadis SA (Spain) | 11,500 | 297,050 | |
Banco Popular Espanol SA (Reg.) | 3,300 | 160,296 | |
Compania de Distribucion Integral Logista SA | 3,900 | 87,220 | |
Corporacion Mapfre SA (Reg.) | 5,223 | 49,059 | |
Iberdrola SA | 9,600 | 154,902 | |
Inditex SA | 2,850 | 56,918 | |
Repsol YPF SA | 6,300 | 91,933 | |
Telefonica SA sponsored ADR | 3,200 | 106,400 | |
TOTAL SPAIN | 1,067,250 | ||
Sweden - 0.5% | |||
Eniro AB | 19,800 | 151,755 | |
Hennes & Mauritz AB (H&M) (B Shares) | 2,950 | 65,840 | |
Svenska Handelsbanken AB (A Shares) | 6,300 | 100,434 | |
Tele2 AB (B Shares) (a) | 3,100 | 103,782 | |
Telefonaktiebolaget LM Ericsson ADR (a) | 5,100 | 46,206 | |
TOTAL SWEDEN | 468,017 | ||
Switzerland - 1.9% | |||
Actelion Ltd. (Reg.) (a) | 1,300 | 83,362 | |
Centerpulse AG sponsored ADR | 6,800 | 150,824 | |
Converium Holding AG | 1,000 | 45,223 | |
Credit Suisse Group sponsored ADR | 10,700 | 255,730 | |
Julius Baer Holding AG (Bearer) | 340 | 71,545 | |
Nobel Biocare Holding AG (Switzerland) | 660 | 36,548 | |
Novartis AG (Reg.) | 12,620 | 498,501 | |
Saurer AG (Reg.) (a) | 3,340 | 87,421 | |
Swiss Reinsurance Co. (Reg.) | 1,220 | 79,808 | |
Swisscom AG (Reg.) | 240 | 74,336 | |
UBS AG (NY Shares) | 4,600 | 218,270 | |
Zurich Financial Services AG | 540 | 57,014 | |
TOTAL SWITZERLAND | 1,658,582 | ||
Taiwan - 0.4% | |||
ASUSTeK Computer, Inc. | 47,000 | 91,707 | |
Hon Hai Precision Industries Co. Ltd. | 27,000 | 84,448 | |
Taiwan Semiconductor Manufacturing Co. Ltd. (a) | 129,980 | 178,280 | |
Winbond Electronics Corp. (a) | 101,000 | 34,488 | |
TOTAL TAIWAN | 388,923 | ||
United Kingdom - 5.9% | |||
3i Group PLC | 18,700 | 139,154 | |
Alliance & Leicester PLC | 12,000 | 155,741 | |
Amvescap PLC | 20,100 | 109,365 | |
Anglo American PLC (United Kingdom) | 4,300 | 61,656 | |
AstraZeneca PLC (United Kingdom) | 7,000 | 279,090 | |
Aviva PLC | 9,500 | 66,893 | |
BP PLC sponsored ADR | 6,600 | 254,364 | |
Shares | Value (Note 1) | ||
British Sky Broadcasting Group PLC (BSkyB) sponsored ADR (a) | 2,750 | $ 115,775 | |
French Connection Group PLC | 3,700 | 67,501 | |
Galen Holdings PLC sponsored ADR | 3,800 | 107,654 | |
Games Workshop Group PLC | 6,400 | 52,592 | |
GlaxoSmithKline PLC | 24,300 | 492,318 | |
HBOS PLC | 15,500 | 181,818 | |
HSBC Holdings PLC: | |||
(Hong Kong) (Reg.) | 1,468 | 16,057 | |
(United Kingdom) (Reg.) | 43,200 | 472,522 | |
sponsored ADR | 49 | 2,680 | |
Intertek Testing Services PLC | 9,900 | 57,431 | |
Lloyds TSB Group PLC | 21,600 | 142,241 | |
London Stock Exchange PLC | 14,100 | 73,334 | |
Prudential PLC | 16,100 | 98,679 | |
Reckitt Benckiser PLC | 11,800 | 208,380 | |
Rio Tinto PLC sponsored ADR | 1,800 | 138,060 | |
Royal Bank of Scotland Group PLC | 12,500 | 328,262 | |
Shell Transport & Trading Co. PLC (Reg.) | 56,700 | 341,050 | |
Shire Pharmaceuticals Group PLC (a) | 10,400 | 66,905 | |
Smith & Nephew PLC sponsored ADR | 1,600 | 108,000 | |
Standard Chartered PLC | 7,800 | 87,127 | |
Tate & Lyle PLC | 19,900 | 94,583 | |
Trinity Mirror PLC | 13,700 | 95,589 | |
Unilever PLC | 27,100 | 266,054 | |
Vodafone Group PLC sponsored ADR | 27,700 | 547,352 | |
WPP Group PLC | 10,700 | 76,241 | |
TOTAL UNITED KINGDOM | 5,304,468 | ||
United States of America - 29.5% | |||
3M Co. | 50 | 6,302 | |
Abbott Laboratories | 6,300 | 255,969 | |
Adobe Systems, Inc. | 3,800 | 131,328 | |
AFLAC, Inc. | 7,500 | 245,325 | |
Agere Systems, Inc.: | |||
Class A (a) | 287 | 514 | |
Class B (a) | 463 | 792 | |
Agilent Technologies, Inc. (a) | 4,100 | 65,682 | |
Allstate Corp. | 5,800 | 219,182 | |
Altria Group, Inc. | 4,800 | 147,648 | |
AMBAC Financial Group, Inc. | 1,000 | 58,350 | |
American Eagle Outfitters, Inc. (a) | 50 | 875 | |
American Express Co. | 5,500 | 208,230 | |
American International Group, Inc. | 5,187 | 300,587 | |
Amgen, Inc. (a) | 4,400 | 269,764 | |
Amphenol Corp. Class A (a) | 1,200 | 53,148 | |
Analog Devices, Inc. (a) | 4,100 | 135,792 | |
Anthem, Inc. (a) | 43 | 2,952 | |
AOL Time Warner, Inc. (a) | 4,800 | 65,664 | |
Apache Corp. | 2,740 | 156,865 | |
Apple Computer, Inc. (a) | 900 | 12,780 | |
Applied Materials, Inc. (a) | 4,100 | 59,860 | |
AT&T Corp. | 60 | 1,023 | |
Avon Products, Inc. | 2,200 | 127,974 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
United States of America - continued | |||
Baker Hughes, Inc. | 3,500 | $ 98,000 | |
Bank of America Corp. | 6,400 | 473,920 | |
Bank of New York Co., Inc. | 3,800 | 100,510 | |
Bank One Corp. | 8,300 | 299,215 | |
Bear Stearns Companies, Inc. | 1,200 | 80,208 | |
BellSouth Corp. | 6,500 | 165,685 | |
Best Buy Co., Inc. (a) | 2,900 | 100,282 | |
Biomet, Inc. | 2,300 | 70,058 | |
BJ Services Co. (a) | 4,600 | 167,946 | |
Boise Cascade Corp. | 2,900 | 66,613 | |
Boston Scientific Corp. (a) | 2,400 | 103,320 | |
Bowater, Inc. | 2,400 | 93,432 | |
Bristol-Myers Squibb Co. | 8,500 | 217,090 | |
Burlington Resources, Inc. | 1,100 | 50,941 | |
C.R. Bard, Inc. | 1,200 | 76,056 | |
Central Garden & Pet Co. Class A (a) | 2,900 | 70,267 | |
Ceridian Corp. (a) | 4,800 | 66,960 | |
Charles River Laboratories | 3,000 | 81,450 | |
Charles Schwab Corp. | 6,400 | 55,232 | |
ChevronTexaco Corp. | 3,300 | 207,273 | |
ChoicePoint, Inc. (a) | 1,300 | 45,864 | |
Cintas Corp. | 1,600 | 57,440 | |
Cisco Systems, Inc. (a) | 8,900 | 133,856 | |
Citigroup, Inc. | 17,068 | 669,919 | |
Citizens Communications Co. (a) | 6,400 | 69,952 | |
Clear Channel Communications, Inc. (a) | 3,796 | 148,462 | |
Coachmen Industries, Inc. | 2,900 | 36,685 | |
Colgate-Palmolive Co. | 2,900 | 165,793 | |
Comcast Corp. Class A (a) | 7,375 | 235,336 | |
Comverse Technology, Inc. (a) | 100 | 1,307 | |
ConocoPhillips | 6,423 | 323,077 | |
Cooper Companies, Inc. | 100 | 2,790 | |
CVS Corp. | 3,900 | 94,419 | |
Danaher Corp. | 800 | 55,184 | |
Dean Foods Co. (a) | 1,800 | 78,354 | |
Dell Computer Corp. (a) | 7,100 | 205,261 | |
Delta Air Lines, Inc. | 1,900 | 24,301 | |
Dow Chemical Co. | 9,000 | 293,760 | |
Duke Realty Corp. | 2,300 | 63,020 | |
E.W. Scripps Co. Class A | 600 | 47,550 | |
Eastman Kodak Co. | 800 | 23,928 | |
Electronic Arts, Inc. (a) | 1,000 | 59,270 | |
Eli Lilly & Co. | 2,300 | 146,786 | |
ENSCO International, Inc. | 5,000 | 127,000 | |
EOG Resources, Inc. | 3,000 | 112,140 | |
Exact Sciences Corp. (a) | 5,100 | 48,654 | |
Fannie Mae | 4,500 | 325,755 | |
FedEx Corp. | 400 | 23,952 | |
Fifth Third Bancorp | 2,900 | 142,941 | |
First Data Corp. | 14,300 | 560,989 | |
FirstEnergy Corp. | 2,600 | 87,698 | |
Shares | Value (Note 1) | ||
Florida Rock Industries, Inc. | 1,200 | $ 45,600 | |
Fluor Corp. | 3,200 | 110,624 | |
Forest Laboratories, Inc. (a) | 3,800 | 196,536 | |
Fox Entertainment Group, Inc. Class A (a) | 12,800 | 325,120 | |
Fred's, Inc. Class A | 2,800 | 90,860 | |
Gap, Inc. | 200 | 3,326 | |
General Electric Co. | 32,400 | 954,180 | |
General Motors Corp. Class H (a) | 6,700 | 79,060 | |
Goldman Sachs Group, Inc. | 2,600 | 197,340 | |
Grant Prideco, Inc. (a) | 500 | 5,705 | |
Guidant Corp. | 1,500 | 58,485 | |
HCA, Inc. | 1,600 | 51,360 | |
Hewlett-Packard Co. | 12,000 | 195,600 | |
Home Depot, Inc. | 11,850 | 333,341 | |
IKON Office Solutions, Inc. | 8,100 | 62,856 | |
Illinois Tool Works, Inc. | 1,500 | 95,970 | |
Ingersoll-Rand Co. Ltd. Class A | 2,500 | 110,200 | |
Intel Corp. | 15,700 | 288,880 | |
International Business Machines Corp. | 5,200 | 441,480 | |
International Paper Co. | 2,000 | 71,500 | |
Intersil Corp. Class A (a) | 4,100 | 75,850 | |
J.P. Morgan Chase & Co. | 7,700 | 225,995 | |
Johnson & Johnson | 9,500 | 535,420 | |
KLA-Tencor Corp. (a) | 3,000 | 123,000 | |
Kohl's Corp. (a) | 1,800 | 102,240 | |
Labor Ready, Inc. (a) | 200 | 1,290 | |
Lee Enterprises, Inc. | 1,500 | 53,805 | |
Leggett & Platt, Inc. | 3,000 | 61,950 | |
Lehman Brothers Holdings, Inc. | 3,200 | 201,504 | |
Liberty Media Corp. Class A (a) | 9,048 | 99,528 | |
Liz Claiborne, Inc. | 2,300 | 74,819 | |
Lowe's Companies, Inc. | 1,900 | 83,391 | |
Lucent Technologies, Inc. (a) | 27,600 | 49,680 | |
Lyondell Chemical Co. | 15,300 | 222,615 | |
Manpower, Inc. | 4,200 | 138,096 | |
ManTech International Corp. Class A | 5,600 | 87,360 | |
Marsh & McLennan Companies, Inc. | 1,500 | 71,520 | |
Masco Corp. | 100 | 2,107 | |
MBIA, Inc. | 1,250 | 55,875 | |
McCormick & Co., Inc. (non-vtg.) | 2,600 | 64,454 | |
McDonald's Corp. | 6,100 | 104,310 | |
Medtronic, Inc. | 3,200 | 152,768 | |
Merck & Co., Inc. | 10,900 | 634,162 | |
Merrill Lynch & Co., Inc. | 6,100 | 250,405 | |
Micron Technology, Inc. (a) | 3,800 | 32,300 | |
Microsoft Corp. | 34,600 | 884,722 | |
Millennium Chemicals, Inc. | 11,800 | 164,138 | |
Monsanto Co. | 170 | 2,958 | |
Morgan Stanley | 6,800 | 304,300 | |
Motorola, Inc. | 7,700 | 60,907 | |
Nabors Industries Ltd. (a) | 2,400 | 94,080 | |
National Semiconductor Corp. (a) | 1,700 | 31,841 | |
National-Oilwell, Inc. (a) | 5,000 | 104,950 | |
NetScreen Technologies, Inc. (a) | 2,500 | 50,700 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
United States of America - continued | |||
Network Associates, Inc. (a) | 3,900 | $ 44,577 | |
NIKE, Inc. Class B | 2,200 | 117,766 | |
Nordstrom, Inc. | 2,900 | 50,257 | |
Northrop Grumman Corp. | 1,100 | 96,745 | |
NVIDIA Corp. (a) | 5,500 | 78,485 | |
Oracle Corp. (a) | 4,700 | 55,836 | |
Patterson-UTI Energy, Inc. (a) | 2,800 | 92,652 | |
Paychex, Inc. | 4,300 | 133,902 | |
PepsiCo, Inc. | 3,090 | 133,735 | |
Perry Ellis International, Inc. (a) | 2,800 | 53,085 | |
PETsMART, Inc. (a) | 5,100 | 77,163 | |
Pfizer, Inc. | 23,865 | 733,849 | |
PPG Industries, Inc. | 1,600 | 77,616 | |
Praxair, Inc. | 1,250 | 72,600 | |
Pride International, Inc. (a) | 7,500 | 116,400 | |
Priority Healthcare Corp. Class B (a) | 1,100 | 25,080 | |
PrivateBancorp, Inc. | 3,300 | 79,266 | |
Procter & Gamble Co. | 3,800 | 341,430 | |
Qwest Communications | 10,000 | 37,700 | |
Radio One, Inc. Class A (a) | 100 | 1,553 | |
Reebok International Ltd. (a) | 2,500 | 77,650 | |
Rowan Companies, Inc. | 5,300 | 108,650 | |
SBC Communications, Inc. | 10,900 | 254,624 | |
Schering-Plough Corp. | 500 | 9,050 | |
Siliconix, Inc. (a) | 1,900 | 53,675 | |
Simon Property Group, Inc. | 2,600 | 95,472 | |
SLM Corp. | 1,400 | 156,800 | |
Smurfit-Stone Container Corp. (a) | 6,200 | 87,234 | |
Southern Co. | 2,800 | 81,452 | |
Southwest Airlines Co. | 50 | 798 | |
Sovereign Bancorp, Inc. | 5,600 | 86,520 | |
St. Jude Medical, Inc. (a) | 2,500 | 131,150 | |
Staples, Inc. (a) | 2,720 | 51,789 | |
Sun Microsystems, Inc. (a) | 300 | 990 | |
Synthes-Stratec, Inc. | 245 | 154,663 | |
Sysco Corp. | 4,900 | 140,777 | |
T. Rowe Price Group, Inc. | 1,500 | 45,780 | |
Take-Two Interactive Software, Inc. (a) | 100 | 2,250 | |
Texas Instruments, Inc. | 7,300 | 134,977 | |
The Coca-Cola Co. | 8,700 | 351,480 | |
The J.M. Smucker Co. | 60 | 2,177 | |
Travelers Property Casualty Corp.: | |||
Class A | 20 | 325 | |
Class B | 75 | 1,219 | |
TXU Corp. | 3,100 | 61,752 | |
Tyco International Ltd. | 21,600 | 336,960 | |
United Parcel Service, Inc. Class B | 3,300 | 204,996 | |
United Technologies Corp. | 1,900 | 117,439 | |
UnitedHealth Group, Inc. | 2,100 | 193,473 | |
Verizon Communications, Inc. | 12,300 | 459,774 | |
Viacom, Inc. Class B (non-vtg.) (a) | 10,241 | 444,562 | |
Shares | Value (Note 1) | ||
W.R. Berkley Corp. | 1,200 | $ 55,728 | |
Wachovia Corp. | 6,321 | 241,525 | |
Wal-Mart Stores, Inc. | 12,200 | 687,104 | |
Weatherford International Ltd. (a) | 2,500 | 100,575 | |
Williams-Sonoma, Inc. (a) | 3,300 | 85,404 | |
Wyeth | 4,100 | 178,473 | |
Xerox Corp. (a) | 5,600 | 55,216 | |
Xilinx, Inc. (a) | 3,800 | 102,866 | |
Yahoo!, Inc. (a) | 2,200 | 54,516 | |
Zimmer Holdings, Inc. (a) | 1,800 | 84,420 | |
TOTAL UNITED STATES OF AMERICA | 26,417,552 | ||
TOTAL COMMON STOCKS (Cost $55,586,623) | 57,286,856 | ||
Nonconvertible Preferred Stocks - 0.2% | |||
Italy - 0.2% | |||
Telecom Italia Spa Risp (non-vtg.) | 31,000 | 152,245 |
Nonconvertible Bonds - 6.0% | ||||
Principal Amount (d) | ||||
Germany - 1.8% | ||||
Kreditanstalt Fuer Wiederaufbau 3.5% 11/15/05 | EUR | 1,450,000 | 1,652,646 | |
Netherlands - 1.2% | ||||
Koninklijke Ahold NV 5.875% 5/9/08 | EUR | 1,230,000 | 1,089,223 | |
United States of America - 3.0% | ||||
Ahold Finance USA, Inc. euro 6.375% 6/8/05 | EUR | 1,230,000 | 1,206,904 | |
NTL, Inc. 19% 1/1/10 (e) | 1,550,000 | 1,472,500 | ||
TOTAL UNITED STATES OF AMERICA | 2,679,404 | |||
TOTAL NONCONVERTIBLE BONDS (Cost $5,004,216) | 5,421,273 | |||
Government Obligations - 24.7% | ||||
France - 2.3% | ||||
French Government 4% 1/12/04 | EUR | 1,800,000 | 2,034,699 | |
Germany - 1.4% | ||||
German Federal Republic4.5% 8/18/06 | EUR | 1,075,000 | 1,263,491 | |
United Kingdom - 3.9% | ||||
United Kingdom, Great Britain & Northern Ireland 8.5% 12/7/05 | GBP | 1,935,000 | 3,467,861 | |
United States of America - 17.1% | ||||
U.S. Treasury Bills, yield at date of purchase 1.1% 7/3/03 (c) | 550,000 | 548,927 | ||
U.S. Treasury Notes: | ||||
2% 11/30/04 | 3,125,000 | 3,157,350 | ||
5.625% 2/15/06 | 3,000,000 | 3,307,032 | ||
Government Obligations - continued | ||||
Principal Amount (d) | Value | |||
United States of America - continued | ||||
U.S. Treasury Notes: - continued | ||||
5.75% 11/15/05 | $ 4,010,000 | $ 4,407,078 | ||
7% 7/15/06 | 3,420,000 | 3,937,408 | ||
TOTAL UNITED STATES OF AMERICA | 15,357,795 | |||
TOTAL GOVERNMENT OBLIGATIONS (Cost $20,886,905) | 22,123,846 |
Money Market Funds - 6.3% | |||
Shares | |||
Fidelity Cash Central Fund, 1.29% (b) | 5,092,193 | 5,092,193 | |
Fidelity Securities Lending Cash Central Fund, 1.3% (b) | 518,232 | 518,232 | |
TOTAL MONEY MARKET FUNDS (Cost $5,610,425) | 5,610,425 | ||
TOTAL INVESTMENT PORTFOLIO - 101.2% (Cost $87,239,274) | 90,594,645 | ||
NET OTHER ASSETS - (1.2)% | (1,062,772) | ||
NET ASSETS - 100% | $ 89,531,873 |
Futures Contracts | |||||
Expiration Date | Underlying Face Amount at | Unrealized Gain/(Loss) | |||
Purchased | |||||
Equity Index Contracts | |||||
10 DAX 100 Index Contracts (Germany) | June 2003 | $ 819,920 | $ 77,649 | ||
65 Dow Jones Euro Stoxx 50 Index Contracts | June 2003 | 1,665,894 | 90,345 | ||
10 Nasdaq 100 Index Contracts | June 2003 | 1,108,000 | 140,490 | ||
4 S&P 500 Index Contracts | June 2003 | 916,100 | 108,276 | ||
TOTAL EQUITY INDEX | $ 4,509,914 | $ 416,760 |
The face value of futures purchased as a percentage of net assets - 5.0% |
Currency Abbreviations | ||
EUR | - | European Monetary Unit |
GBP | - | British pound |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request. |
(c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $548,927. |
(d) Principal amount is stated in United States dollars unless otherwise noted. |
(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 period end, the value of these securities amounted to $1,472,500 or 1.6% of net assets. |
Other Information |
The composition of credit quality ratings as a percentage of net assets is as follows (ratings are unaudited): |
U.S.Government and U.S.Government Agency Obligations | 16.5% |
AAA,AA,A | 9.4% |
BBB | 0.0% |
BB | 0.0% |
B | 2.6% |
CCC,CC,C | 0.0% |
Not Rated | 1.6% |
Equities | 69.2% |
Short-Term Investments and Net Other Assets | 0.7% |
We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P ratings. Percentages are adjusted for the effect of futures contracts, if applicable. |
Purchases and sales of securities, other than short-term securities, aggregated $50,266,312 and $49,134,256, respectively, of which long-term U.S. government and government agency obligations aggregated $6,408,604 and $0, respectively. |
The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $3,626 for the period. |
Income Tax Information |
At October 31, 2002, the fund had a capital loss carryforward of approximately $8,790,000 of which $1,895,000 and $6,895,000 will expire on October 31, 2009 and 2010, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
April 30, 2003 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $498,091) (cost $87,239,274) - See accompanying schedule | $ 90,594,645 | |
Foreign currency held at value (cost $1,141,113) | 1,133,814 | |
Receivable for investments sold | 578,255 | |
Receivable for fund shares sold | 205,207 | |
Dividends receivable | 199,160 | |
Interest receivable | 590,616 | |
Redemption fees receivable | 2 | |
Other receivables | 521 | |
Total assets | 93,302,220 | |
Liabilities | ||
Payable to custodian bank | $ 20,133 | |
Payable for investments purchased | 3,044,656 | |
Payable for fund shares redeemed | 61,526 | |
Accrued management fee | 53,543 | |
Payable for daily variation on futures contracts | 9,115 | |
Other payables and accrued expenses | 63,142 | |
Collateral on securities loaned, at value | 518,232 | |
Total liabilities | 3,770,347 | |
Net Assets | $ 89,531,873 | |
Net Assets consist of: | ||
Paid in capital | $ 97,735,389 | |
Undistributed net investment income | 333,674 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (12,316,801) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 3,779,611 | |
Net Assets, for 5,958,452 shares outstanding | $ 89,531,873 | |
Net Asset Value, offering price and redemption price per share ($89,531,873 ÷ 5,958,452 shares) | $ 15.03 |
Statement of Operations
Six months ended April 30, 2003 (Unaudited) | ||
Investment Income | ||
Dividends | $ 488,672 | |
Interest | 564,431 | |
Security lending | 1,937 | |
1,055,040 | ||
Less foreign taxes withheld | (34,480) | |
Total income | 1,020,560 | |
Expenses | ||
Management fee | $ 324,184 | |
Transfer agent fees | 133,523 | |
Accounting and security lending fees | 30,393 | |
Non-interested trustees' compensation | 135 | |
Custodian fees and expenses | 53,309 | |
Registration fees | 12,361 | |
Audit | 28,322 | |
Legal | 227 | |
Miscellaneous | 342 | |
Total expenses before reductions | 582,796 | |
Expense reductions | (10,200) | 572,596 |
Net investment income (loss) | 447,964 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities | (2,172,093) | |
Foreign currency transactions | (101,833) | |
Futures contracts | (337,884) | |
Total net realized gain (loss) | (2,611,810) | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 4,251,231 | |
Assets and liabilities in foreign currencies | (4,260) | |
Futures contracts | 272,283 | |
Total change in net unrealized appreciation (depreciation) | 4,519,254 | |
Net gain (loss) | 1,907,444 | |
Net increase (decrease) in net assets resulting from operations | $ 2,355,408 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Global Balanced
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended April 30, 2003 (Unaudited) | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 447,964 | $ 984,994 |
Net realized gain (loss) | (2,611,810) | (6,463,440) |
Change in net unrealized appreciation (depreciation) | 4,519,254 | 2,239,240 |
Net increase (decrease) in net assets resulting from operations | 2,355,408 | (3,239,206) |
Distributions to shareholders from net investment income | (1,305,711) | (173,044) |
Share transactions | 8,988,641 | 21,822,549 |
Reinvestment of distributions | 1,224,310 | 162,113 |
Cost of shares redeemed | (9,998,052) | (19,127,519) |
Net increase (decrease) in net assets resulting from share transactions | 214,899 | 2,857,143 |
Redemption fees | 4,092 | 9,266 |
Total increase (decrease) in net assets | 1,268,688 | (545,841) |
Net Assets | ||
Beginning of period | 88,263,185 | 88,809,026 |
End of period (including undistributed net investment income of $333,674 and undistributed net investment income of $1,191,421, respectively) | $ 89,531,873 | $ 88,263,185 |
Other Information Shares | ||
Sold | 610,164 | 1,385,526 |
Issued in reinvestment of distributions | 82,113 | 10,113 |
Redeemed | (682,260) | (1,229,128) |
Net increase (decrease) | 10,017 | 166,511 |
Financial Highlights
Six months ended April 30, 2003 | Years ended October 31, | Three months ended | Years ended July 31, | ||||
(Unaudited) | 2002 | 2001 | 2000 | 1999 | 1999 | 1998 | |
Selected Per-Share Data | |||||||
Net asset value, beginning of period | $ 14.84 | $ 15.36 | $ 19.10 | $ 18.67 | $ 18.02 | $ 16.62 | $ 15.45 |
Income from Investment Operations | |||||||
Net investment income (loss)D | .07 | .17G | .28 | .36E | .08 | .31 | .30 |
Net realized and unrealized gain (loss) | .34 | (.66)G | (2.46) | .47 | .74 | 1.37 | 1.27 |
Total from investment operations | .41 | (.49) | (2.18) | .83 | .82 | 1.68 | 1.57 |
Distributions from net investment income | (.22) | (.03) | (.32) | (.15) | (.17) | (.28) | (.40) |
Distributions from net realized gain | - | - | (1.24) | (.25) | - | - | - |
Total distributions | (.22) | (.03) | (1.56) | (.40) | (.17) | (.28) | (.40) |
Redemption fees added to paid in capitalD | -H | -H | -H | -H | - | - | - |
Net asset value, end of period | $ 15.03 | $ 14.84 | $ 15.36 | $ 19.10 | $ 18.67 | $ 18.02 | $ 16.62 |
Total ReturnB,C | 2.77% | (3.20)% | (12.36)% | 4.45% | 4.57% | 10.39% | 10.53% |
Ratios to Average Net AssetsF | |||||||
Expenses before expense reductions | 1.32%A | 1.29% | 1.29% | 1.26% | 1.20%A | 1.32% | 1.39% |
Expenses net of voluntary waivers, if any | 1.32%A | 1.29% | 1.29% | 1.26% | 1.20%A | 1.32% | 1.39% |
Expenses net of all reductions | 1.30%A | 1.27% | 1.27% | 1.25% | 1.19%A | 1.30% | 1.37% |
Net investment income (loss) | 1.02%A | 1.07%G | 1.69% | 1.81% | 1.74%A | 1.83% | 1.95% |
Supplemental Data | |||||||
Net assets, end of period (000 omitted) | $ 89,532 | $ 88,263 | $ 88,809 | $ 104,820 | $ 97,468 | $ 101,756 | $ 94,961 |
Portfolio turnover rate | 120%A | 126% | 102% | 62% | 80%A | 100% | 81% |
A Annualized BTotal returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Investment income per share reflects a special dividend which amounted to $.04 per share. F Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. G Effective November 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change. H Amount represents less than $.01 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2003 | |||
Japan | 17.1% | ||
United Kingdom | 15.9% | ||
United States of America | 10.2% | ||
France | 9.8% | ||
Netherlands | 7.9% | ||
Switzerland | 7.7% | ||
Germany | 7.3% | ||
Italy | 4.2% | ||
Spain | 3.9% | ||
Other | 16.0% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2002 | |||
Japan | 20.0% | ||
United States of America | 14.8% | ||
United Kingdom | 14.3% | ||
France | 8.8% | ||
Switzerland | 7.8% | ||
Netherlands | 6.6% | ||
Germany | 5.3% | ||
Spain | 3.7% | ||
Hong Kong | 2.9% | ||
Other | 15.8% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks and Equity Futures | 91.5 | 87.6 |
Short-Term Investments | 8.5 | 12.4 |
Top Ten Stocks as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
TotalFinaElf SA (France, Oil & Gas) | 3.8 | 2.9 |
Shell Transport & Trading Co. PLC (Reg.) (United Kingdom, Oil & Gas) | 2.6 | 1.3 |
Novartis AG (Reg.) (Switzerland, Pharmaceuticals) | 2.2 | 1.7 |
Unilever NV (NY Shares) (Netherlands, Food Products) | 2.1 | 1.3 |
GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals) | 2.0 | 1.4 |
BP PLC sponsored ADR (United Kingdom, Oil & Gas) | 1.6 | 1.6 |
Nokia Corp. sponsored ADR (Finland, Communications Equipment) | 1.5 | 0.9 |
Telefonica SA sponsored ADR (Spain, Diversified Telecommunication Services) | 1.3 | 0.4 |
Unilever PLC sponsored ADR (United Kingdom, Food Products) | 1.2 | 0.8 |
Nomura Holdings, Inc. (Japan, Diversified Financials) | 1.1 | 1.3 |
19.4 | ||
Market Sectors as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
Financials | 24.0 | 22.5 |
Health Care | 11.0 | 11.9 |
Information Technology | 10.7 | 11.5 |
Consumer Discretionary | 10.9 | 11.4 |
Energy | 10.8 | 7.0 |
Consumer Staples | 6.5 | 7.6 |
Telecommunication Services | 5.9 | 3.7 |
Materials | 5.7 | 5.6 |
Industrials | 3.5 | 3.4 |
Utilities | 2.2 | 2.6 |
Semiannual Report
Investments April 30, 2003 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 90.0% | |||
Shares | Value (Note 1) | ||
Australia - 1.0% | |||
John Fairfax Holdings Ltd. | 1,931,100 | $ 3,690,878 | |
News Corp. Ltd. ADR | 170,000 | 4,807,600 | |
TOTAL AUSTRALIA | 8,498,478 | ||
Austria - 0.3% | |||
voestalpine AG | 92,800 | 2,614,978 | |
Belgium - 1.1% | |||
Agfa-Gevaert NV | 33,400 | 664,792 | |
Electrabel SA | 11,100 | 2,666,102 | |
Fortis | 225,000 | 3,783,989 | |
Solvay SA | 41,000 | 2,902,064 | |
TOTAL BELGIUM | 10,016,947 | ||
Brazil - 0.2% | |||
Banco Itau Holding Financeira SA (PN) | 27,439,000 | 1,819,212 | |
Canada - 0.4% | |||
Molson, Inc. Class A | 89,500 | 2,060,342 | |
Teck Cominco Ltd. Class B (sub. vtg.) | 225,500 | 1,613,973 | |
TOTAL CANADA | 3,674,315 | ||
China - 0.2% | |||
China Oilfield Services Ltd. (H Shares) | 9,600,000 | 2,030,991 | |
Croatia - 0.2% | |||
Pliva D.D. GDR | 117,300 | 1,612,875 | |
Denmark - 1.3% | |||
Coloplast AS Series B | 35,000 | 2,591,227 | |
Danske Bank AS | 132,100 | 2,544,398 | |
ISS AS | 400 | 14,988 | |
Novozymes AS Series B | 245,000 | 5,990,896 | |
TOTAL DENMARK | 11,141,509 | ||
Finland - 1.8% | |||
Nokia Corp. sponsored ADR | 834,100 | 13,821,037 | |
Outokumpu Oyj (A Shares) | 312,397 | 2,584,985 | |
TOTAL FINLAND | 16,406,022 | ||
France - 9.8% | |||
Air France Compagnie (Reg.) | 237,300 | 2,648,182 | |
Alcatel SA sponsored ADR | 95,000 | 765,700 | |
Aventis SA sponsored ADR | 111,700 | 5,622,978 | |
AXA SA | 460,400 | 7,006,690 | |
Bacou Dalloz (a) | 24,596 | 2,026,989 | |
BNP Paribas SA | 64,990 | 3,056,577 | |
Bouygues SA | 64,900 | 1,590,760 | |
CNP Assurances | 100,200 | 4,035,812 | |
Credit Agricole SA | 165,000 | 3,042,454 | |
Credit Lyonnais SA | 34,700 | 2,155,426 | |
Elior SA | 223,700 | 1,300,735 | |
Euler & Hermes SA | 51,900 | 1,683,003 | |
Michelin SA (Compagnie Generale des Etablissements) Series B | 58,200 | 2,157,377 | |
Shares | Value (Note 1) | ||
Neopost SA (a) | 121,379 | $ 4,207,506 | |
NRJ Group | 155,000 | 2,426,494 | |
Pechiney SA Series A | 80,900 | 2,338,453 | |
Rhodia SA | 283,900 | 1,777,759 | |
TotalFinaElf SA: | |||
Series B | 223,744 | 29,399,962 | |
sponsored ADR | 68,400 | 4,493,880 | |
Vivendi Environnement | 184,700 | 3,996,385 | |
Vivendi Universal SA sponsored ADR | 141,200 | 2,317,092 | |
TOTAL FRANCE | 88,050,214 | ||
Germany - 6.6% | |||
Allianz AG (Reg.) | 74,059 | 5,246,189 | |
Altana AG | 68,000 | 3,338,051 | |
AMB Generali Holding AG | 54,100 | 3,115,473 | |
BASF AG sponsored ADR | 55,600 | 2,479,760 | |
Bewag AG Series A | 93,400 | 1,357,718 | |
Degussa AG | 65,000 | 1,889,758 | |
Deutsche Bank AG | 133,500 | 6,875,250 | |
Deutsche Boerse AG | 137,875 | 6,475,217 | |
Deutsche Telekom AG sponsored ADR | 255,800 | 3,427,720 | |
Infineon Technologies AG sponsored ADR (a) | 345,000 | 2,625,450 | |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) | 68,500 | 6,855,405 | |
Salzgitter AG | 289,800 | 2,235,975 | |
SAP AG | 16,400 | 1,683,472 | |
Siemens AG sponsored ADR | 30,000 | 1,497,000 | |
Stada Arzneimittel AG | 88,061 | 4,618,234 | |
Suedzucker AG (Bearer) | 328,200 | 5,570,957 | |
TOTAL GERMANY | 59,291,629 | ||
Greece - 0.6% | |||
Greek Organization of Football Prognostics SA | 134,020 | 1,225,864 | |
Public Power Corp. of Greece GDR (a)(c) | 250,000 | 3,796,289 | |
TOTAL GREECE | 5,022,153 | ||
Hong Kong - 1.4% | |||
ASM Pacific Technology Ltd. | 800,000 | 1,984,832 | |
Cheung Kong Holdings Ltd. | 194,000 | 1,072,091 | |
China Unicom Ltd. sponsored ADR | 110,000 | 590,700 | |
Hong Kong Exchanges & Clearing Ltd. | 2,670,000 | 3,115,340 | |
Hutchison Whampoa Ltd. | 595,100 | 3,311,558 | |
SmarTone Telecommunications Holdings Ltd. | 1,189,470 | 1,364,989 | |
Sun Hung Kai Properties Ltd. | 200,000 | 938,564 | |
TOTAL HONG KONG | 12,378,074 | ||
India - 1.2% | |||
Dr. Reddy's Laboratories Ltd. | 173,900 | 3,210,278 | |
Satyam Computer Services Ltd. | 819,500 | 2,639,303 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
India - continued | |||
State Bank of India | 315,000 | $ 1,854,253 | |
Sun Pharmaceutical Industries Ltd. | 470,974 | 2,759,955 | |
TOTAL INDIA | 10,463,789 | ||
Ireland - 0.4% | |||
Independent News & Media PLC: | |||
rights 12/31/03 (a) | 483,813 | 254,270 | |
(Ireland) | 1,814,300 | 2,393,925 | |
Kerry Group PLC Class A | 90,000 | 1,333,454 | |
TOTAL IRELAND | 3,981,649 | ||
Italy - 3.7% | |||
Assicurazioni Generali Spa | 200,000 | 4,613,693 | |
Banca Intesa Spa | 1,654,093 | 4,302,185 | |
Banco Popolare di Verona e Novara | 413,800 | 5,633,508 | |
Cassa Di Risparmio Di Firenze | 1,949,500 | 2,480,761 | |
ENI Spa sponsored ADR | 110,000 | 7,815,500 | |
Parmalat Finanziaria Spa | 1,299,571 | 3,333,596 | |
San Paolo IMI Spa | 131,700 | 1,091,837 | |
Snam Rete Gas Spa | 350,000 | 1,271,953 | |
Telecom Italia Spa | 330,000 | 2,674,980 | |
TOTAL ITALY | 33,218,013 | ||
Japan - 16.8% | |||
Aeon Credit Service Ltd. | 44,440 | 1,063,390 | |
Anritsu Corp. | 218,000 | 711,418 | |
Asahi National Broadcasting Co. | 1,517 | 1,799,041 | |
Canon Sales Co., Inc. | 403,000 | 3,026,864 | |
Canon, Inc. | 179,000 | 7,179,690 | |
Credit Saison Co. Ltd. | 175,000 | 3,304,386 | |
Daito Trust Construction Co. | 104,000 | 1,989,991 | |
Daiwa Securities Group, Inc. | 1,246,000 | 4,915,043 | |
Denso Corp. | 111,000 | 1,587,115 | |
Don Quijote Co. Ltd. | 28,600 | 2,605,139 | |
East Japan Railway Co. | 402 | 1,825,813 | |
FamilyMart Co. Ltd. | 22,000 | 420,960 | |
Fuji Photo Film Co. Ltd. | 100,000 | 2,556,878 | |
Fuji Soft ABC, Inc. | 54,700 | 579,688 | |
Fujisawa Pharmaceutical Co. Ltd. | 75,000 | 1,274,234 | |
Fujitsu Ltd. | 291,000 | 815,030 | |
Heiwa Corp. | 55,600 | 838,010 | |
Hitachi Chemical Co. Ltd. | 297,500 | 2,697,380 | |
Hitachi Information Systems Co. Ltd. | 112,300 | 2,125,195 | |
Ito-Yokado Co. Ltd. | 60,000 | 1,415,535 | |
JAFCO Co. Ltd. | 55,000 | 1,993,776 | |
Japan Real Estate Investment Corp. | 579 | 3,116,700 | |
KDDI Corp. | 1,050 | 3,196,939 | |
Kirin Beverage Corp. | 155,000 | 2,499,138 | |
Kirin Brewery Co. Ltd. | 383,000 | 2,963,624 | |
Konica Corp. | 156,000 | 1,431,482 | |
Kyocera Corp. | 54,400 | 2,662,921 | |
Matsushita Electric Industrial Co. Ltd. | 236,000 | 1,873,840 | |
Minolta Co. Ltd. (a) | 351,000 | 1,948,442 | |
Shares | Value (Note 1) | ||
Mitsubishi Electric Corp. | 700,000 | $ 1,819,252 | |
Mitsubishi Tokyo Finance Group, Inc. (MTFG) | 370 | 1,302,400 | |
Mitsui & Co. Ltd. | 329,000 | 1,563,438 | |
Mitsui O.S.K Lines Ltd. | 1,081,000 | 2,836,722 | |
Mitsumi Electric Co. Ltd. | 103,000 | 783,145 | |
Murata Manufacturing Co. Ltd. | 49,500 | 1,769,418 | |
Nichicon Corp. | 385,000 | 3,937,592 | |
Nikko Cordial Corp. | 2,187,000 | 5,886,202 | |
Nikon Corp. (a) | 141,000 | 942,807 | |
Nippon Telegraph & Telephone Corp. | 1,364 | 4,757,632 | |
Nomura Holdings, Inc. | 719,000 | 7,141,924 | |
Nomura Holdings, Inc. sponsored ADR | 300,000 | 3,012,000 | |
NTT DoCoMo, Inc. | 1,736 | 3,591,875 | |
NTT DoCoMo, Inc. sponsored ADR | 120,000 | 2,514,000 | |
Rohm Co. Ltd. | 31,700 | 3,276,782 | |
Sanken Electric Co. Ltd. | 250,000 | 2,186,804 | |
Sanyo Electric Co. Ltd. | 900,000 | 2,823,500 | |
Sony Corp. | 35,900 | 888,166 | |
Sumitomo Bakelite Co. Ltd. | 673,000 | 2,388,713 | |
Sumitomo Chemical Co. Ltd. | 526,000 | 1,428,975 | |
Sumitomo Mitsui Financial Group, Inc. | 467 | 734,505 | |
Taiyo Yuden Co. Ltd. | 206,000 | 1,574,953 | |
Takeda Chemical Industries Ltd. | 53,000 | 1,948,021 | |
Tanabe Seiyaku Co. Ltd. | 263,000 | 1,734,236 | |
THK Co. Ltd. | 160,000 | 1,480,298 | |
Tohoku Electric Power Co., Inc. | 205,400 | 3,280,665 | |
Tokyo Broadcasting System, Inc. | 28,000 | 329,467 | |
Tokyo Electron Ltd. | 82,000 | 3,082,888 | |
Tosoh Corp. | 585,000 | 1,323,563 | |
Toyota Motor Corp. | 244,000 | 5,524,160 | |
Tsumura & Co. (a) | 68,000 | 666,302 | |
UMC Japan (a) | 3,838 | 3,034,375 | |
Uni-Charm Corp. | 61,100 | 2,441,019 | |
Uny Co. Ltd. | 480,000 | 4,073,510 | |
TOTAL JAPAN | 150,496,971 | ||
Luxembourg - 0.2% | |||
RTL Group | 38,800 | 1,481,637 | |
Mexico - 0.5% | |||
Grupo Televisa SA de CV sponsored ADR (a) | 93,000 | 2,821,620 | |
Telefonos de Mexico SA de CV sponsored ADR | 67,000 | 2,024,070 | |
TOTAL MEXICO | 4,845,690 | ||
Netherlands - 7.9% | |||
Akzo Nobel NV | 161,500 | 3,597,339 | |
ASM International NV (Nasdaq) (a) | 135,000 | 1,840,050 | |
ASML Holding NV (NY Shares) (a) | 335,000 | 2,951,350 | |
Euronext NV | 439,200 | 9,724,046 | |
Hunter Douglas NV | 47,800 | 1,400,389 | |
ING Groep NV (Certificaten Van Aandelen) | 560,444 | 9,118,317 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Netherlands - continued | |||
Koninklijke Philips Electronics NV (NY Shares) | 341,900 | $ 6,386,692 | |
OPG Groep NV | 50,000 | 1,565,480 | |
Royal Dutch Petroleum Co. (NY Shares) | 186,500 | 7,624,120 | |
TPG NV | 68,600 | 1,072,385 | |
Unilever NV (NY Shares) | 300,000 | 18,891,000 | |
Unit 4 Agresso NV (a) | 100,000 | 415,970 | |
Van der Moolen Holding NV sponsored ADR | 109,300 | 1,158,580 | |
Vedior NV (Certificaten Van Aandelen) | 157,000 | 1,037,544 | |
VNU NV | 82,800 | 2,407,261 | |
Wegener NV | 279,300 | 1,227,391 | |
TOTAL NETHERLANDS | 70,417,914 | ||
Norway - 0.9% | |||
DnB Holding ASA | 552,200 | 2,635,950 | |
Statoil ASA | 636,800 | 5,051,151 | |
TOTAL NORWAY | 7,687,101 | ||
Russia - 0.2% | |||
Lukoil Oil Co. sponsored ADR | 21,000 | 1,453,200 | |
Singapore - 0.5% | |||
Flextronics International Ltd. (a) | 270,100 | 2,363,375 | |
MobileOne Ltd. | 500,000 | 355,330 | |
Oversea-Chinese Banking Corp. Ltd. | 350,000 | 1,865,482 | |
TOTAL SINGAPORE | 4,584,187 | ||
Spain - 3.9% | |||
Acerinox SA (Reg.) | 103,700 | 3,871,816 | |
Banco Bilbao Vizcaya Argentaria SA | 325,000 | 3,278,003 | |
Banco Bilbao Vizcaya Argentaria SA sponsored ADR | 64,500 | 654,675 | |
Banco Popular Espanol SA (Reg.) | 30,000 | 1,457,238 | |
Banco Santander Central Hispano SA | 1,250,060 | 9,840,632 | |
Cementos Portland SA | 11,911 | 473,353 | |
NH Hoteles SA (a) | 298,000 | 2,682,450 | |
Prosegur Comp Securidad SA (Reg.) | 87,000 | 1,128,487 | |
Telefonica SA sponsored ADR | 355,776 | 11,829,552 | |
TOTAL SPAIN | 35,216,206 | ||
Sweden - 1.7% | |||
Eniro AB | 321,000 | 2,460,268 | |
Gambro AB (A Shares) | 300,400 | 1,694,553 | |
Nordea AB | 464,300 | 2,471,074 | |
Securitas AB (B Shares) | 243,000 | 2,860,717 | |
Svenska Handelsbanken AB (A Shares) | 291,600 | 4,648,665 | |
TeliaSonera AB | 173,900 | 620,569 | |
TOTAL SWEDEN | 14,755,846 | ||
Switzerland - 7.7% | |||
Actelion Ltd. (Reg.) (a) | 27,802 | 1,782,785 | |
Bank Sarasin & Compagnie AG Series B (Reg.) | 2,431 | 2,782,081 | |
Converium Holding AG | 110,000 | 4,974,527 | |
Shares | Value (Note 1) | ||
Credit Suisse Group (Reg.) | 403,600 | $ 9,654,932 | |
Givaudan AG | 3,060 | 1,186,134 | |
Julius Baer Holding AG (Bearer) | 7,820 | 1,645,526 | |
Nestle SA (Reg.) | 9,760 | 1,992,499 | |
Nobel Biocare Holding AG (Switzerland) | 40,200 | 2,226,078 | |
Novartis AG (Reg.) | 501,520 | 19,810,484 | |
Roche Holding AG (participation certificate) | 133,190 | 8,486,634 | |
SIG Holding AG | 24,122 | 2,497,867 | |
Swiss Reinsurance Co. (Reg.) | 15,160 | 991,713 | |
UBS AG (NY Shares) | 164,650 | 7,812,643 | |
Zurich Financial Services AG | 27,451 | 2,898,326 | |
TOTAL SWITZERLAND | 68,742,229 | ||
Taiwan - 1.9% | |||
Advanced Semiconductor Engineering, Inc. sponsored ADR (a) | 480,000 | 1,238,400 | |
ASE Test Ltd. (a) | 390,000 | 1,341,600 | |
ASUSTeK Computer, Inc. | 1,044,000 | 2,037,073 | |
Fubon Financial Holding Co. Ltd. | 2,804,506 | 1,915,272 | |
Taiwan Semiconductor Manufacturing Co. Ltd. (a) | 2,619,000 | 3,592,201 | |
United Microelectronics Corp. (a) | 4,224,702 | 2,424,506 | |
Via Technologies, Inc. | 2,710,000 | 3,110,474 | |
Yageo Corp. (a) | 8,944,000 | 1,719,506 | |
TOTAL TAIWAN | 17,379,032 | ||
United Kingdom - 15.9% | |||
3i Group PLC | 330,200 | 2,457,149 | |
AstraZeneca PLC sponsored ADR | 133,700 | 5,330,619 | |
Aviva PLC | 389,000 | 2,739,073 | |
BOC Group PLC | 256,000 | 3,232,350 | |
BP PLC sponsored ADR | 374,800 | 14,444,792 | |
BPB PLC | 640,400 | 3,176,980 | |
British Sky Broadcasting Group PLC (BSkyB) (a) | 144,300 | 1,497,538 | |
Capital Radio PLC | 59,875 | 440,763 | |
Centrica PLC | 900,000 | 2,394,449 | |
EMAP PLC | 162,500 | 2,088,191 | |
GlaxoSmithKline PLC | 873,731 | 17,701,795 | |
Granada PLC | 2,698,200 | 2,946,987 | |
HBOS PLC | 460,000 | 5,395,892 | |
HSBC Holdings PLC sponsored ADR | 132,000 | 7,219,080 | |
Intercontinental Hotels Group PLC | 341,700 | 2,077,926 | |
Lloyds TSB Group PLC | 382,300 | 2,517,535 | |
LogicaCMG PLC | 802,400 | 1,418,909 | |
Pearson PLC | 70,400 | 587,528 | |
Punch Taverns Ltd. | 772,000 | 2,634,558 | |
Serco Group PLC | 660,000 | 1,652,950 | |
Severn Trent PLC | 149,100 | 1,706,024 | |
Shell Transport & Trading Co. PLC (Reg.) | 3,884,100 | 23,362,860 | |
SMG PLC | 362,650 | 455,574 | |
Tesco PLC | 1,456,400 | 4,614,740 | |
Trinity Mirror PLC | 575,000 | 4,011,952 | |
Unilever PLC sponsored ADR | 278,000 | 10,917,060 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
United Kingdom - continued | |||
Vodafone Group PLC | 4,753,481 | $ 9,392,890 | |
Whitbread PLC | 293,803 | 2,912,721 | |
William Hill PLC | 512,500 | 1,915,059 | |
Xstrata PLC | 100,000 | 890,567 | |
TOTAL UNITED KINGDOM | 142,134,511 | ||
United States of America - 1.7% | |||
Avon Products, Inc. | 37,500 | 2,181,375 | |
DENTSPLY International, Inc. | 105,000 | 3,932,250 | |
Fox Entertainment Group, Inc. Class A (a) | 100,000 | 2,540,000 | |
Ingram Micro, Inc. Class A (a) | 212,000 | 2,120,000 | |
Manpower, Inc. | 65,400 | 2,150,352 | |
Micron Technology, Inc. (a) | 80,000 | 680,000 | |
Motorola, Inc. | 248,000 | 1,961,680 | |
TOTAL UNITED STATES OF AMERICA | 15,565,657 | ||
TOTAL COMMON STOCKS (Cost $875,198,133) | 804,981,029 | ||
Nonconvertible Preferred Stocks - 1.2% | |||
Germany - 0.7% | |||
Fresenius Medical Care AG | 181,800 | 6,484,911 | |
Italy - 0.5% | |||
Telecom Italia Spa Risp (non-vtg.) | 821,900 | 4,036,461 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $9,374,493) | 10,521,372 |
Government Obligations - 0.0% | ||||
Principal Amount | ||||
United States of America - 0.0% | ||||
U.S. Treasury Bills, yield at date of purchase 1.1% 7/3/03 (d) | $ 500,000 | 499,025 |
Money Market Funds - 18.5% | |||
Shares | |||
Fidelity Cash Central Fund, 1.29% (b) | 45,810,352 | 45,810,352 | |
Fidelity Securities Lending Cash Central Fund, 1.3% (b) | 119,652,203 | 119,652,203 | |
TOTAL MONEY MARKET FUNDS (Cost $165,462,555) | 165,462,555 | ||
TOTAL INVESTMENT PORTFOLIO - 109.7% (Cost $1,050,534,203) | 981,463,981 | ||
NET OTHER ASSETS - (9.7)% | (86,803,012) | ||
NET ASSETS - 100% | $ 894,660,969 |
Futures Contracts | |||||
Expiration Date | Underlying Face Amount at Value | Unrealized Gain/(Loss) | |||
Purchased | |||||
Equity Index Contracts | |||||
80 Nikkei 225 Index Contracts (Japan) | June 2003 | $ 3,116,000 | $ (24,480) |
The face value of futures purchased as a percentage of net assets - 0.3% |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request. |
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $3,796,289 or 0.4% of net assets. |
(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $499,025. |
Other Information |
Purchases and sales of securities, other than short-term securities, aggregated $276,747,536 and $247,217,322, respectively. |
Income Tax Information |
At October 31, 2002, the fund had a capital loss carryforward of approximately $99,763,000 of which $63,867,000 and $35,896,000 will expire on October 31, 2009 and 2010, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
April 30, 2003 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $114,195,752) (cost $1,050,534,203) - See accompanying schedule | $ 981,463,981 | |
Foreign currency held at value (cost $22,105,676) | 21,958,493 | |
Receivable for investments sold | 10,911,276 | |
Receivable for fund shares sold | 934,413 | |
Dividends receivable | 4,221,928 | |
Interest receivable | 47,940 | |
Redemption fees receivable | 62 | |
Receivable for daily variation on futures contracts | 14,000 | |
Other receivables | 183,917 | |
Total assets | 1,019,736,010 | |
Liabilities | ||
Payable for investments purchased | $ 3,701,861 | |
Payable for fund shares redeemed | 919,318 | |
Accrued management fee | 527,560 | |
Other payables and accrued expenses | 274,099 | |
Collateral on securities loaned, at value | 119,652,203 | |
Total liabilities | 125,075,041 | |
Net Assets | $ 894,660,969 | |
Net Assets consist of: | ||
Paid in capital | $ 1,090,841,499 | |
Undistributed net investment income | 2,984,958 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (130,004,804) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | (69,160,684) | |
Net Assets, for 53,146,286 shares outstanding | $ 894,660,969 | |
Net Asset Value, offering price and redemption price per share ($894,660,969 ÷ 53,146,286 shares) | $ 16.83 |
Statement of Operations
Six months ended April 30, 2003 (Unaudited) | ||
Investment Income | ||
Dividends | $ 8,386,392 | |
Interest | 569,196 | |
Security lending | 402,474 | |
9,358,062 | ||
Less foreign taxes withheld | (1,040,803) | |
Total income | 8,317,259 | |
Expenses | ||
Management fee | $ 3,230,277 | |
Transfer agent fees | 1,400,702 | |
Accounting and security lending fees | 240,042 | |
Non-interested trustees' compensation | 1,541 | |
Custodian fees and expenses | 160,751 | |
Registration fees | 20,000 | |
Audit | 41,522 | |
Legal | 1,962 | |
Miscellaneous | 2,883 | |
Total expenses before reductions | 5,099,680 | |
Expense reductions | (114,900) | 4,984,780 |
Net investment income (loss) | 3,332,479 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities | (26,876,293) | |
Foreign currency transactions | 4,751 | |
Futures contracts | (541,527) | |
Total net realized gain (loss) | (27,413,069) | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 36,750,500 | |
Assets and liabilities in foreign currencies | (37,945) | |
Futures contracts | 223,607 | |
Total change in net unrealized appreciation (depreciation) | 36,936,162 | |
Net gain (loss) | 9,523,093 | |
Net increase (decrease) in net assets resulting from operations | $ 12,855,572 | |
Other Information | ||
Deferred sales charges withheld by FDC | $ 933 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
International Growth & Income
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended April 30, 2003 (Unaudited) | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 3,332,479 | $ 5,468,685 |
Net realized gain (loss) | (27,413,069) | (31,561,666) |
Change in net unrealized appreciation (depreciation) | 36,936,162 | (25,153,951) |
Net increase (decrease) in net assets resulting from operations | 12,855,572 | (51,246,932) |
Distributions to shareholders from net investment income | (4,820,833) | - |
Share transactions | 118,044,142 | 304,424,728 |
Reinvestment of distributions | 4,358,553 | - |
Cost of shares redeemed | (125,931,854) | (245,616,474) |
Net increase (decrease) in net assets resulting from share transactions | (3,529,159) | 58,808,254 |
Redemption fees | 25,293 | 114,433 |
Total increase (decrease) in net assets | 4,530,873 | 7,675,755 |
Net Assets | ||
Beginning of period | 890,130,096 | 882,454,341 |
End of period (including undistributed net investment income of $2,984,958 and undistributed net investment income of $4,473,312, respectively) | $ 894,660,969 | $ 890,130,096 |
Other Information Shares | ||
Sold | 7,240,127 | 16,847,643 |
Issued in reinvestment of distributions | 257,142 | - |
Redeemed | (7,780,070) | (13,535,789) |
Net increase (decrease) | (282,801) | 3,311,854 |
Financial Highlights
Six months ended April 30, 2003 | Years ended October 31, | |||||
(Unaudited) | 2002 | 2001 | 2000 | 1999 | 1998 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 16.66 | $ 17.61 | $ 26.70 | $ 26.02 | $ 19.75 | $ 20.88 |
Income from Investment Operations | ||||||
Net investment income (loss) E | .06 | .11 | .19 G | .18 F | .15 | .34 |
Net realized and unrealized gain (loss) | .20 | (1.06) | (6.11) | 2.33 | 6.84 | (.22) |
Total from investment operations | .26 | (.95) | (5.92) | 2.51 | 6.99 | .12 |
Distributions from net investment income | (.09) | - | (.51) | (.33) | (.09) | (.37) |
Distributions from net realized gain | - | - | (2.66) | (1.50) | (.63) | (.88) |
Total distributions | (.09) | - | (3.17) | (1.83) | (.72) | (1.25) |
Redemption fees added to paid in capital E | - I | - I | - I | - I | - | - |
Net asset value, end of period | $ 16.83 | $ 16.66 | $ 17.61 | $ 26.70 | $ 26.02 | $ 19.75 |
Total ReturnB, C, D | 1.56% | (5.39)% | (24.91)% | 9.57% | 36.51% | .55% |
Ratios to Average Net Assets H | ||||||
Expenses before expense reductions | 1.16% A | 1.14% | 1.14% | 1.07% | 1.13% | 1.17% |
Expenses net of voluntary waivers, if any | 1.16% A | 1.14% | 1.14% | 1.07% | 1.13% | 1.17% |
Expenses net of all reductions | 1.13% A | 1.12% | 1.09% | 1.05% | 1.10% | 1.13% |
Net investment income (loss) | .76% A | .59% | .91% | .63% | .69% | 1.62% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $ 894,661 | $ 890,130 | $ 882,454 | $ 1,252,584 | $ 1,080,055 | $ 817,765 |
Portfolio turnover rate | 63% A | 63% | 81% | 104% | 94% | 143% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Investment income per share reflects a special dividend which amounted to $.07 per share. G Investment income per share reflects a special dividend which amounted to $.04 per share. H Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. I Amount represents less than $.01 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2003 | |||
United Kingdom | 15.1% | ||
Japan | 11.1% | ||
United States of America | 9.7% | ||
France | 7.2% | ||
Switzerland | 7.2% | ||
Netherlands | 6.8% | ||
Canada | 5.8% | ||
Germany | 4.2% | ||
Spain | 4.0% | ||
Other | 28.9% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2002 | |||
United Kingdom | 12.2% | ||
Japan | 11.8% | ||
France | 10.4% | ||
United States of America | 9.9% | ||
Netherlands | 7.8% | ||
Canada | 6.4% | ||
Switzerland | 6.0% | ||
Germany | 4.8% | ||
Spain | 4.0% | ||
Other | 26.7% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks and Investment Companies | 93.4 | 91.2 |
Bonds | 1.3 | 2.9 |
Short-Term Investments | 5.3 | 5.9 |
Top Ten Stocks as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
Novartis AG (Reg.) (Switzerland, Pharmaceuticals) | 2.4 | 1.9 |
Unilever NV (NY Shares) (Netherlands, Food Products) | 2.0 | 2.2 |
GlaxoSmithKline PLC sponsored ADR (United Kingdom, Pharmaceuticals) | 1.6 | 1.0 |
Altadis SA (Spain) (Spain, Tobacco) | 1.4 | 1.2 |
HSBC Holdings PLC (United Kingdom, Banks) | 1.2 | 0.2 |
TotalFinaElf SA (France, Oil & Gas) | 1.2 | 1.8 |
Nomura Holdings, Inc. (Japan, Diversified Financials) | 1.1 | 0.9 |
Novo Nordisk AS Series B (Denmark, Pharmaceuticals) | 1.0 | 0.9 |
Canon, Inc. ADR (Japan, Office Electronics) | 1.0 | 1.1 |
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services) | 0.9 | 0.9 |
13.8 | ||
Market Sectors as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
Financials | 22.2 | 22.7 |
Health Care | 14.2 | 14.3 |
Consumer Discretionary | 12.4 | 9.6 |
Consumer Staples | 11.1 | 11.2 |
Information Technology | 9.2 | 8.6 |
Energy | 8.9 | 8.7 |
Materials | 6.5 | 6.8 |
Industrials | 4.3 | 4.7 |
Telecommunication Services | 3.6 | 2.9 |
Utilities | 1.1 | 1.3 |
Semiannual Report
Investments April 30, 2003 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.9% | |||
Shares | Value (Note 1) | ||
Australia - 2.7% | |||
Australia & New Zealand Banking Group Ltd. | 2,708,900 | $ 31,658,975 | |
Australian Gas Light Co. | 2,379,919 | 17,046,430 | |
Billabong International Ltd. | 924,100 | 3,295,007 | |
CSL Ltd. | 2,352,500 | 23,056,396 | |
Fosters Group Ltd. | 4,711,458 | 13,226,909 | |
Macquarie Bank Ltd. | 936,727 | 14,721,959 | |
National Australia Bank Ltd. | 1,444,800 | 29,424,977 | |
News Corp. Ltd. sponsored ADR | 417,700 | 9,799,242 | |
QBE Insurance Group Ltd. | 6,999,400 | 37,457,926 | |
Suncorp-Metway Ltd. | 2,248,000 | 16,017,024 | |
Westfield Holdings Ltd. | 2,153,000 | 19,697,991 | |
TOTAL AUSTRALIA | 215,402,836 | ||
Belgium - 0.5% | |||
Agfa-Gevaert NV | 1,338,814 | 26,647,700 | |
Groupe Bruxelles Lambert SA (GBL) | 188,966 | 7,786,471 | |
Melexis NV | 943,950 | 6,966,464 | |
TOTAL BELGIUM | 41,400,635 | ||
Bermuda - 0.3% | |||
Aquarius Platinum Ltd.: | |||
(Australia) | 2,874,145 | 9,365,631 | |
(United Kingdom) | 232,500 | 775,765 | |
Clear Media Ltd. (a) | 23,850,500 | 10,856,218 | |
TOTAL BERMUDA | 20,997,614 | ||
Brazil - 1.6% | |||
Aracruz Celulose SA sponsored ADR | 1,154,800 | 24,250,800 | |
Banco Itau Holding Financeira SA (PN) | 153,978,000 | 10,208,778 | |
Companhia Brasileira de Distribuicao Grupo Pao de Acucar sponsored ADR | 417,100 | 6,047,950 | |
Companhia Vale do Rio Doce sponsored ADR | 1,117,900 | 31,256,484 | |
Petroleo Brasileiro SA Petrobras sponsored ADR | 983,000 | 18,234,650 | |
Uniao de Bancos Brasileiros SA (Unibanco) GDR | 1,789,400 | 32,477,610 | |
Votorantim Celulose e Papel SA sponsored ADR | 232,500 | 4,417,500 | |
TOTAL BRAZIL | 126,893,772 | ||
Canada - 5.8% | |||
Alcan, Inc. | 391,200 | 11,461,737 | |
Barrick Gold Corp. | 539,100 | 8,194,621 | |
Bombardier, Inc. Class B (sub. vtg.) | 4,624,700 | 11,194,774 | |
Brascan Corp. Class A (ltd. vtg.) | 380,500 | 8,586,798 | |
Canadian Natural Resources Ltd. | 473,500 | 15,788,838 | |
Canadian Western Bank, Edmonton | 200,000 | 4,115,800 | |
EnCana Corp. | 1,613,641 | 52,917,519 | |
Hurricane Hydrocarbons Class A (a) | 1,077,100 | 11,796,631 | |
ITF Optical Technologies, Inc. | 39,827 | 49,784 | |
Shares | Value (Note 1) | ||
Kinross Gold Corp. (a) | 1,632,466 | $ 10,078,357 | |
Loblaw Companies Ltd. | 201,800 | 7,883,362 | |
Mega Bloks, Inc. | 189,100 | 3,034,043 | |
Mega Bloks, Inc. (a)(d) | 345,000 | 5,535,403 | |
Metro, Inc. Class A (sub. vtg.) | 570,600 | 7,662,400 | |
Molson, Inc. Class A | 510,900 | 11,761,214 | |
National Bank of Canada | 828,900 | 20,180,405 | |
OZ Optics Ltd. unit (e) | 102,000 | 1,504,500 | |
Petro-Canada | 1,882,200 | 62,065,988 | |
Potash Corp. of Saskatchewan | 71,380 | 4,391,351 | |
Power Corp. of Canada (sub. vtg.) | 1,000,000 | 28,078,130 | |
Precision Drilling Corp. (a) | 1,116,500 | 38,218,804 | |
Saputo, Inc. | 753,800 | 13,277,607 | |
Sun Life Financial Services of Canada, Inc. | 1,279,905 | 26,294,525 | |
Talisman Energy, Inc. | 948,500 | 37,867,217 | |
Teck Cominco Ltd. Class B (sub. vtg.) | 231,000 | 1,653,338 | |
Tembec, Inc. (a) | 272,900 | 1,384,013 | |
Thunder Energy, Inc. (a) | 936,900 | 4,117,524 | |
TimberWest Forest Corp. unit | 2,052,400 | 17,553,138 | |
TransCanada PipeLines Ltd. | 1,228,800 | 19,629,941 | |
Trican Well Service Ltd. (a) | 592,600 | 8,185,197 | |
TOTAL CANADA | 454,462,959 | ||
Cayman Islands - 0.2% | |||
Apex Silver Mines Ltd. (a) | 1,008,500 | 13,160,925 | |
China - 0.1% | |||
Byd Co. Ltd. (H Shares) | 3,628,000 | 7,187,014 | |
PetroChina Co. Ltd. sponsored ADR | 184,800 | 4,300,296 | |
TOTAL CHINA | 11,487,310 | ||
Croatia - 0.1% | |||
Pliva D.D. GDR | 748,900 | 10,297,375 | |
Denmark - 2.8% | |||
Coloplast AS Series B | 433,625 | 32,103,454 | |
D/S 1912: | |||
Series A | 459 | 4,040,554 | |
Series B | 676 | 6,072,861 | |
Danske Bank AS | 2,029,550 | 39,091,475 | |
Group 4 Falck AS | 1,459,415 | 25,474,703 | |
Novo Nordisk AS Series B | 2,157,722 | 78,250,094 | |
Novozymes AS Series B | 1,433,300 | 35,047,965 | |
TOTAL DENMARK | 220,081,106 | ||
Finland - 0.8% | |||
Nokia Corp. sponsored ADR | 3,664,600 | 60,722,422 | |
France - 7.2% | |||
Alcatel SA sponsored ADR | 139,100 | 1,121,146 | |
AXA SA sponsored ADR | 1,618,300 | 24,581,977 | |
Bacou Dalloz (a) | 112,831 | 9,298,554 | |
BNP Paribas SA | 1,420,600 | 66,812,938 | |
Carbone Lorraine | 317,159 | 8,015,027 | |
CNP Assurances | 729,507 | 29,382,765 | |
Dassault Aviation SA | 26,842 | 6,753,313 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
France - continued | |||
Elior SA | 1,725,893 | $ 10,035,446 | |
Essilor International SA | 607,422 | 24,920,555 | |
Eurazeo SA | 172,025 | 8,781,159 | |
Financiere Marc de Lacharriere SA (Fimalac) | 422,815 | 10,117,743 | |
Financiere Marc de Lacharriere SA (Fimalac) warrants 12/31/06 (a) | 60,402 | 114,821 | |
Ipsos SA | 139,447 | 7,172,763 | |
L'Air Liquide SA | 179,600 | 27,252,457 | |
L'Oreal SA | 301,379 | 21,584,978 | |
Marionnaud Parfumeries SA (a) | 170,290 | 4,617,643 | |
Michelin SA (Compagnie Generale des Etablissements) Series B | 389,648 | 14,443,601 | |
Neopost SA (a) | 1,170,940 | 40,589,698 | |
NRJ Group | 897,399 | 14,048,602 | |
Pernod-Ricard | 465,937 | 40,977,496 | |
Remy Cointreau SA | 118,624 | 3,428,882 | |
Schneider Electric SA | 109,316 | 5,185,300 | |
Suez SA (France) | 463,300 | 7,558,525 | |
Technip-Coflexip SA | 570,747 | 46,844,562 | |
Television Francaise 1 SA | 1,113,267 | 31,333,004 | |
TotalFinaElf SA: | |||
Series B | 225,000 | 29,564,999 | |
sponsored ADR | 1,026,000 | 67,408,200 | |
Vinci SA | 120,500 | 7,862,260 | |
TOTAL FRANCE | 569,808,414 | ||
Germany - 4.2% | |||
Adidas-Salomon AG | 46,400 | 4,000,293 | |
Allianz AG: | |||
(Reg.) | 263,000 | 18,630,386 | |
sponsored ADR | 924,800 | 6,603,072 | |
Altana AG | 575,650 | 28,258,071 | |
Amadeus AG | 147,300 | 724,728 | |
Celanese AG (Reg.) | 792,472 | 17,545,615 | |
Deutsche Boerse AG | 1,147,286 | 53,881,599 | |
Deutsche Telekom AG sponsored ADR | 3,379,000 | 45,278,600 | |
DIS Deutscher Industrie Service AG | 346,770 | 5,428,615 | |
Gehe AG | 409,557 | 16,276,134 | |
Infineon Technologies AG sponsored ADR (a) | 2,477,000 | 18,849,970 | |
Lambda Physik AG (a) | 210,234 | 2,132,209 | |
Metro AG | 525,100 | 14,614,582 | |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) | 147,400 | 14,751,630 | |
Rhoen-Klinikum AG | 58,354 | 2,185,923 | |
Schering AG sponsored ADR | 372,300 | 16,600,857 | |
Schwarz Pharma AG | 235,476 | 10,269,061 | |
Stada Arzneimittel AG | 712,647 | 37,373,760 | |
Wella AG | 163,118 | 16,625,628 | |
TOTAL GERMANY | 330,030,733 | ||
Shares | Value (Note 1) | ||
Greece - 0.6% | |||
Coca-Cola Hellenic Bottling Co. SA (Bearer) | 949,480 | $ 13,908,382 | |
Cosmote Mobile Telecommunications SA | 923,900 | 9,587,214 | |
Hellenic Technodomiki Tev SA | 749,090 | 4,690,742 | |
Public Power Corp. of Greece | 1,011,990 | 15,367,226 | |
Technical Olympic SA (Reg.) | 1,217,900 | 3,935,763 | |
TOTAL GREECE | 47,489,327 | ||
Hong Kong - 1.6% | |||
Aeon Credit Service (Asia) Co. Ltd. | 6,062,000 | 1,884,866 | |
China Mobile (Hong Kong) Ltd. sponsored ADR | 1,914,900 | 19,168,149 | |
CNOOC Ltd. sponsored ADR | 943,100 | 24,728,082 | |
Esprit Holdings Ltd. | 6,079,500 | 11,926,473 | |
Hong Kong Exchanges & Clearing Ltd. | 6,558,000 | 7,651,834 | |
Li & Fung Ltd. | 9,662,000 | 10,839,963 | |
Techtronic Industries Co. | 15,856,000 | 19,923,812 | |
Television Broadcasts Ltd. | 3,737,000 | 11,427,842 | |
Yue Yuen Industrial Holdings Ltd. | 8,294,447 | 17,016,105 | |
TOTAL HONG KONG | 124,567,126 | ||
India - 1.6% | |||
Bajaj Auto Ltd. | 555,600 | 5,671,065 | |
Dr. Reddy's Laboratories Ltd. | 1,725,860 | 31,860,206 | |
Infosys Technologies Ltd. | 180,590 | 10,650,116 | |
Ranbaxy Laboratories Ltd. | 3,029,440 | 43,213,693 | |
Satyam Computer Services Ltd. | 4,262,600 | 13,728,238 | |
State Bank of India | 2,920,800 | 17,193,339 | |
TOTAL INDIA | 122,316,657 | ||
Indonesia - 0.1% | |||
PT Telkomunikasi Indonesia Tbk sponsored ADR | 1,164,600 | 10,784,196 | |
Ireland - 2.5% | |||
Allied Irish Banks PLC | 1,309,300 | 20,204,018 | |
Bank of Ireland | 4,407,623 | 54,461,075 | |
CRH PLC | 1,034,000 | 15,909,571 | |
DCC PLC (Ireland) | 425,250 | 5,278,212 | |
IAWS Group PLC: | |||
(Ireland) | 2,460,727 | 19,948,991 | |
(United Kingdom) (Reg.) | 353,000 | 2,844,301 | |
Independent News & Media PLC: | |||
rights 12/31/03 (a) | 1,537,302 | 807,935 | |
(Ireland) | 5,764,886 | 7,606,629 | |
Irish Life & Permanent PLC | 1,251,400 | 14,552,881 | |
Kerry Group PLC Class A | 708,500 | 10,497,242 | |
Ryanair Holdings PLC sponsored ADR (a) | 1,173,000 | 46,532,910 | |
TOTAL IRELAND | 198,643,765 | ||
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Israel - 0.5% | |||
Check Point Software Technologies Ltd. (a) | 430,800 | $ 6,776,484 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 674,500 | 31,499,150 | |
TOTAL ISRAEL | 38,275,634 | ||
Italy - 1.6% | |||
Banca Intesa Spa | 9,580,675 | 24,918,696 | |
Banco Popolare di Verona e Novara | 1,480,782 | 20,159,492 | |
Cassa Di Risparmio Di Firenze | 4,609,875 | 5,866,119 | |
Credito Emiliano Spa | 1,886,000 | 11,388,196 | |
Luxottica Group Spa sponsored ADR | 1,639,100 | 18,374,311 | |
Saipem Spa | 927,284 | 6,485,741 | |
Telecom Italia Spa sponsored ADR | 504,400 | 40,886,664 | |
TOTAL ITALY | 128,079,219 | ||
Japan - 11.1% | |||
Aeon Credit Service Ltd. | 250,080 | 5,984,084 | |
Asahi National Broadcasting Co. | 1,891 | 2,242,575 | |
Canon, Inc. ADR | 1,947,700 | 78,122,247 | |
Credit Saison Co. Ltd. | 1,760,000 | 33,232,686 | |
Daito Trust Construction Co. | 633,500 | 12,121,726 | |
Daiwa Securities Group, Inc. | 14,961,000 | 59,016,017 | |
Fuji Photo Film Co. Ltd. | 356,000 | 9,102,486 | |
Fuji Television Network, Inc. | 1,331 | 4,712,991 | |
Hokkaido Coca-Cola Bottling Co. Ltd. | 31,000 | 135,582 | |
Hoya Corp. | 527,100 | 31,254,932 | |
Ito-Yokado Co. Ltd. | 342,000 | 8,068,548 | |
JAFCO Co. Ltd. | 413,000 | 14,971,446 | |
KDDI Corp. | 929 | 2,828,530 | |
Keyence Corp. | 127,600 | 20,573,549 | |
Kobayashi Pharmaceutical Co. Ltd. | 55,900 | 1,937,071 | |
Konica Corp. | 2,217,000 | 20,343,556 | |
Kyocera Corp. | 550,400 | 26,942,497 | |
Minolta Co. Ltd. (a) | 2,042,000 | 11,335,380 | |
Mitsui O.S.K Lines Ltd. | 927,000 | 2,432,600 | |
Murata Manufacturing Co. Ltd. | 445,500 | 15,924,766 | |
Nikko Cordial Corp. | 24,508,000 | 65,962,070 | |
Nikon Corp. (a) | 1,669,000 | 11,159,889 | |
Nintendo Co. Ltd. | 92,700 | 7,266,614 | |
Nissan Motor Co. Ltd. | 6,864,700 | 52,617,928 | |
Nomura Holdings, Inc. | 8,552,000 | 84,948,168 | |
Olympus Optical Co. Ltd. | 821,000 | 14,259,347 | |
ORIX Corp. | 747,500 | 34,264,479 | |
Rohm Co. Ltd. | 339,800 | 35,124,624 | |
Shin-Etsu Chemical Co. Ltd. | 1,384,600 | 41,574,685 | |
Sompo Japan Insurance, Inc. | 1,019,000 | 4,670,970 | |
Sony Corp. sponsored ADR | 350,100 | 8,661,474 | |
Stanley Electric Co. Ltd. | 818,000 | 10,320,031 | |
Sumisho Lease Co. Ltd. | 92,500 | 1,293,032 | |
Takeda Chemical Industries Ltd. | 947,100 | 34,810,776 | |
Tanabe Seiyaku Co. Ltd. | 334,000 | 2,202,414 | |
Terumo Corp. | 964,800 | 16,091,497 | |
Shares | Value (Note 1) | ||
Tokyo Electron Ltd. | 817,700 | $ 30,742,413 | |
Toyota Industries Corp. | 800,000 | 11,876,026 | |
Toyota Motor Corp. ADR | 842,400 | 38,143,872 | |
Yamada Denki Co. Ltd. | 299,100 | 5,786,030 | |
TOTAL JAPAN | 873,059,608 | ||
Korea (South) - 1.3% | |||
Amorepacific Corp. | 114,800 | 10,161,382 | |
Cheil Industries, Inc. | 281,000 | 3,551,543 | |
KT Corp. sponsored ADR | 1,092,200 | 22,106,128 | |
KT&G Corp. | 185,440 | 2,840,003 | |
LG Electronics, Inc. | 231,800 | 7,997,051 | |
Samsung Electro-Mechanics Co. Ltd. | 46,800 | 1,381,457 | |
Samsung Electronics Co. Ltd. | 208,300 | 52,310,821 | |
TOTAL KOREA (SOUTH) | 100,348,385 | ||
Luxembourg - 0.2% | |||
Espirito Santo Financial Holding SA ADR | 1,090,616 | 19,162,123 | |
Mexico - 1.4% | |||
Coca-Cola Femsa SA de CV sponsored ADR | 1,294,500 | 27,508,125 | |
Fomento Economico Mexicano SA de CV sponsored ADR | 279,700 | 10,617,412 | |
Grupo Radio Centro SA de CV sponsored ADR (a) | 1,109,100 | 4,092,579 | |
Grupo Televisa SA de CV sponsored ADR (a) | 103,900 | 3,152,326 | |
Telefonos de Mexico SA de CV sponsored ADR | 1,335,100 | 40,333,371 | |
TV Azteca SA de CV sponsored ADR | 3,577,100 | 20,747,180 | |
TOTAL MEXICO | 106,450,993 | ||
Netherlands - 6.5% | |||
ASM International NV (Nasdaq) (a) | 354,300 | 4,829,109 | |
ASML Holding NV (NY Shares) (a) | 4,610,200 | 40,615,862 | |
Euronext NV | 2,017,453 | 44,667,136 | |
Fugro NV (Certificaten Van Aandelen) | 442,700 | 17,994,237 | |
Heineken Holding NV (A Shares) | 716,700 | 20,828,748 | |
Hunter Douglas NV | 119,120 | 3,489,840 | |
ING Groep NV (Certificaten Van Aandelen) | 2,564,000 | 41,715,793 | |
Koninklijke Philips Electronics NV (NY Shares) | 1,416,000 | 26,450,880 | |
OPG Groep NV | 441,200 | 13,813,796 | |
Royal Dutch Petroleum Co. (NY Shares) | 1,265,900 | 51,749,992 | |
Unilever NV (NY Shares) | 2,487,400 | 156,631,578 | |
Van der Moolen Holding NV sponsored ADR | 675,900 | 7,164,540 | |
Vedior NV (Certificaten Van Aandelen) | 2,313,554 | 15,289,265 | |
VNU NV | 1,338,251 | 38,907,239 | |
Wolters Kluwer NV (Certificaten Van Aandelen) | 1,993,700 | 26,016,577 | |
TOTAL NETHERLANDS | 510,164,592 | ||
Netherlands Antilles - 0.4% | |||
Schlumberger Ltd. (NY Shares) | 814,800 | 34,164,564 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Norway - 1.0% | |||
DnB Holding ASA | 6,115,300 | $ 29,191,645 | |
Gjensidige NOR ASA | 600,900 | 20,826,116 | |
ProSafe ASA (a) | 511,400 | 8,624,562 | |
Schibsted AS (B Shares) | 862,300 | 9,982,464 | |
Storebrand ASA (A Shares) (a) | 2,574,400 | 10,486,130 | |
TOTAL NORWAY | 79,110,917 | ||
Panama - 0.1% | |||
Banco Latin Americano de Exporaciones SA (BLADEX) | 808,400 | 6,992,660 | |
Russia - 1.4% | |||
JSC MMC 'Norilsk Nickel' sponsored ADR | 605,300 | 13,770,575 | |
Lukoil Oil Co. sponsored ADR | 240,500 | 16,642,600 | |
Mobile TeleSystems OJSC sponsored ADR (a) | 185,200 | 8,889,600 | |
OAO Gazprom sponsored ADR | 277,200 | 4,365,900 | |
Sibneft sponsored ADR (a) | 558,400 | 13,016,304 | |
YUKOS Corp. sponsored ADR | 324,000 | 56,700,000 | |
TOTAL RUSSIA | 113,384,979 | ||
Singapore - 1.0% | |||
DBS Group Holdings Ltd. | 2,141,500 | 10,508,206 | |
Flextronics International Ltd. (a) | 5,241,800 | 45,865,750 | |
Fraser & Neave Ltd. | 954,000 | 4,304,569 | |
Singapore Exchange Ltd. | 8,027,000 | 5,523,373 | |
Want Want Holdings Ltd. | 12,644,000 | 8,345,040 | |
TOTAL SINGAPORE | 74,546,938 | ||
South Africa - 1.0% | |||
Anglo American Platinum Corp. Ltd. | 213,000 | 5,958,369 | |
Gold Fields Ltd. sponsored ADR | 775,700 | 7,873,355 | |
Harmony Gold Mining Co. Ltd. | 1,000,000 | 10,558,648 | |
Harmony Gold Mining Co. Ltd. sponsored ADR | 1,639,600 | 17,215,800 | |
Sappi Ltd. | 3,086,800 | 38,052,727 | |
TOTAL SOUTH AFRICA | 79,658,899 | ||
Spain - 4.0% | |||
Actividades de Construccion y Servicios SA (ACS) | 312,800 | 11,804,837 | |
Altadis SA (Spain) | 4,219,640 | 108,995,073 | |
Banco Bilbao Vizcaya Argentaria SA sponsored ADR | 1,605,100 | 16,291,765 | |
Banco Popular Espanol SA (Reg.) | 803,724 | 39,040,578 | |
Banco Santander Central Hispano SA ADR | 6,677,600 | 52,485,936 | |
Compania de Distribucion Integral Logista SA | 468,172 | 10,470,199 | |
Fomento Construcciones y Contratas SA (FOCSA) | 1,023,832 | 26,262,835 | |
Grupo Ferrovial SA | 698,229 | 18,566,465 | |
Shares | Value (Note 1) | ||
Inditex SA | 1,514,644 | $ 30,249,034 | |
Telefonica SA sponsored ADR | 12,281 | 408,343 | |
TOTAL SPAIN | 314,575,065 | ||
Sweden - 2.0% | |||
Eniro AB | 1,989,800 | 15,250,595 | |
Getinge AB (B Shares) | 778,700 | 17,666,041 | |
Hennes & Mauritz AB (H&M) (B Shares) | 1,379,800 | 30,795,330 | |
Nordea AB | 2,965,400 | 15,782,302 | |
Securitas AB (B Shares) | 1,341,300 | 15,790,450 | |
Svenska Cellulosa AB (SCA) (B Shares) | 887,750 | 30,155,587 | |
Swedish Match Co. | 3,677,700 | 27,285,317 | |
TV 4 AB (A Shares) | 105,520 | 1,319,873 | |
TOTAL SWEDEN | 154,045,495 | ||
Switzerland - 7.2% | |||
Actelion Ltd. (Reg.) (a) | 185,993 | 11,926,678 | |
Alcon, Inc. | 625,100 | 27,535,655 | |
Centerpulse AG sponsored ADR | 1,913,450 | 42,440,321 | |
Converium Holding AG | 753,776 | 34,087,995 | |
Credit Suisse Group sponsored ADR | 1,957,200 | 46,777,080 | |
INFICON Holding AG (a)(c) | 128,297 | 7,568,614 | |
Nestle SA (Reg.) | 255,263 | 52,111,798 | |
Nobel Biocare Holding AG (Switzerland) | 802,181 | 44,420,832 | |
Novartis AG (Reg.) | 4,853,429 | 191,714,747 | |
Roche Holding AG (participation certificate) | 351,530 | 22,398,877 | |
Schindler Holding AG (Reg'd.) | 67,400 | 12,042,823 | |
SIG Holding AG | 102,030 | 10,565,348 | |
Swiss Reinsurance Co. (Reg.) | 276,573 | 18,092,416 | |
Tecan Group AG | 222,539 | 5,857,587 | |
The Swatch Group AG (Reg.) | 1,505,482 | 25,843,515 | |
UBS AG (NY Shares) | 231,853 | 11,001,425 | |
Unilabs SA | 248,767 | 3,618,362 | |
TOTAL SWITZERLAND | 568,004,073 | ||
Taiwan - 1.0% | |||
Chinatrust Financial Holding Co. (a) | 28,254,000 | 22,051,903 | |
Fubon Financial Holding Co. Ltd. | 13,584,910 | 9,277,500 | |
Taiwan Semiconductor Manufacturing Co. Ltd. (a) | 18,433,460 | 25,283,197 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (a) | 2,420,200 | 20,257,074 | |
Yuanta Core Pacific Securities Co. Ltd. | 9,276,834 | 3,992,898 | |
TOTAL TAIWAN | 80,862,572 | ||
Thailand - 0.0% | |||
BEC World PCL (For. Reg.) | 108,300 | 521,440 | |
United Kingdom - 15.1% | |||
Amdocs Ltd. (a) | 938,800 | 16,579,208 | |
Amvescap PLC | 3,204,400 | 17,435,204 | |
Anglo American PLC: | |||
ADR | 272,444 | 3,887,776 | |
(United Kingdom) | 600,000 | 8,603,213 | |
ARM Holdings PLC sponsored ADR (a) | 4,438,400 | 13,670,272 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
United Kingdom - continued | |||
AstraZeneca PLC sponsored ADR | 931,100 | $ 37,122,957 | |
BBA Group PLC | 4,139,200 | 12,867,046 | |
BOC Group PLC | 1,835,673 | 23,177,881 | |
BP PLC sponsored ADR | 978,900 | 37,726,806 | |
British American Tobacco PLC | 468,000 | 4,493,642 | |
British American Tobacco PLC sponsored ADR | 1,080,700 | 20,738,633 | |
British Sky Broadcasting Group PLC (BSkyB) sponsored ADR (a) | 115,600 | 4,866,760 | |
Capital Radio PLC | 1,297,878 | 9,554,173 | |
Celltech Group PLC (a) | 1,672,888 | 6,840,048 | |
Centrica PLC | 11,732,400 | 31,214,036 | |
Danka Business Systems PLC sponsored ADR (a) | 2,216,800 | 8,623,352 | |
Diageo PLC | 2,189,200 | 24,313,435 | |
Enterprise Inns PLC | 832,863 | 8,316,863 | |
Gallaher Group PLC sponsored ADR | 732,400 | 27,743,312 | |
GlaxoSmithKline PLC sponsored ADR | 3,060,875 | 124,026,655 | |
GWR Group PLC | 1,224,300 | 3,222,962 | |
HBOS PLC | 2,334,116 | 27,379,645 | |
HSBC Holdings PLC sponsored ADR | 1,786,400 | 97,698,216 | |
Inchcape PLC | 1,180,040 | 13,804,336 | |
Informa Group PLC | 948,100 | 2,897,937 | |
Intertek Testing Services PLC | 1,587,200 | 9,207,486 | |
Johnson Service Group PLC | 1,972,567 | 9,217,561 | |
Johnston Press PLC | 1,825,800 | 10,971,463 | |
Kingfisher PLC | 10,251,014 | 40,109,486 | |
London Stock Exchange PLC | 2,532,277 | 13,170,309 | |
Maiden Group PLC | 1,585,000 | 5,034,904 | |
Next PLC | 2,194,100 | 33,128,344 | |
Northern Rock PLC | 3,217,300 | 36,838,556 | |
Pearson PLC sponsored ADR | 1,443,800 | 12,257,862 | |
PHS Group PLC | 9,354,392 | 9,880,090 | |
Premier Oil PLC (a) | 2,781,000 | 1,234,996 | |
Professional Staff PLC sponsored ADR (a)(c) | 800,000 | 1,600,000 | |
Prudential PLC | 6,349,300 | 38,915,806 | |
Punch Taverns Ltd. | 2,555,500 | 8,721,001 | |
Reckitt Benckiser PLC | 3,428,000 | 60,536,116 | |
Rentokil Initial PLC | 5,431,500 | 16,254,095 | |
Rio Tinto PLC (Reg.) | 1,412,000 | 27,025,098 | |
SMG PLC | 6,890,643 | 8,656,270 | |
Smith & Nephew PLC | 4,096,700 | 27,354,697 | |
Standard Chartered PLC | 561,800 | 6,275,359 | |
Taylor Nelson Sofres PLC | 7,242,080 | 15,471,983 | |
Tesco PLC | 21,159,900 | 67,047,132 | |
Trinity Mirror PLC | 3,424,958 | 23,896,987 | |
Ultraframe PLC | 768,913 | 2,910,112 | |
United Business Media PLC | 2,725,591 | 10,904,408 | |
Vodafone Group PLC sponsored ADR | 3,604,600 | 71,226,896 | |
William Hill PLC | 1,387,300 | 5,183,925 | |
Shares | Value (Note 1) | ||
WPP Group PLC | 924,100 | $ 6,584,523 | |
Xstrata PLC | 1,948,688 | 17,354,371 | |
TOTAL UNITED KINGDOM | 1,183,774,204 | ||
United States of America - 3.4% | |||
Avon Products, Inc. | 137,000 | 7,969,290 | |
Baxter International, Inc. | 498,500 | 11,465,500 | |
Coherent, Inc. (a) | 92,400 | 2,125,200 | |
Forest Laboratories, Inc. (a) | 422,400 | 21,846,528 | |
Fox Entertainment Group, Inc. | 508,400 | 12,913,360 | |
Freeport-McMoRan Copper & Gold, Inc. Class B | 1,141,300 | 19,755,903 | |
Mettler-Toledo International, Inc. (a) | 969,200 | 34,406,600 | |
Motorola, Inc. | 4,595,300 | 36,348,823 | |
Newmont Mining Corp. Holding Co. | 757,680 | 20,472,514 | |
NTL, Inc. (a) | 734,000 | 12,478,000 | |
Orthofix International NV (a)(c) | 720,500 | 20,282,075 | |
Phelps Dodge Corp. (a) | 334,600 | 10,436,174 | |
Synthes-Stratec, Inc. | 49,123 | 31,010,163 | |
Transocean, Inc. | 1,268,300 | 24,161,115 | |
TOTAL UNITED STATES OF AMERICA | 265,671,245 | ||
TOTAL COMMON STOCKS (Cost $7,143,636,160) | 7,309,400,777 | ||
Preferred Stocks - 0.1% | |||
Convertible Preferred Stocks - 0.0% | |||
Canada - 0.0% | |||
Metrophotonics, Inc. Series 2 (e) | 198,000 | 1,980,000 | |
Nonconvertible Preferred Stocks - 0.1% | |||
Italy - 0.1% | |||
Telecom Italia Spa Risp (non-vtg.) | 624,200 | 3,065,530 | |
TOTAL PREFERRED STOCKS (Cost $4,821,953) | 5,045,530 | ||
Investment Companies - 0.4% | |||
China - 0.1% | |||
China Fund, Inc. | 300,000 | 4,785,000 | |
Templeton China World Fund, Inc. | 565,000 | 6,277,150 | |
TOTAL CHINA | 11,062,150 | ||
India - 0.1% | |||
India Fund | 612,278 | 5,896,237 | |
Multi-National - 0.2% | |||
Templeton Dragon Fund, Inc. | 1,535,000 | 13,753,600 | |
TOTAL INVESTMENT COMPANIES (Cost $27,106,669) | 30,711,987 |
Corporate Bonds - 0.5% | ||||
Principal Amount (f) | Value | |||
Convertible Bonds - 0.2% | ||||
Netherlands - 0.2% | ||||
Koninklijke Ahold NV: | ||||
3% 9/30/03 | NLG | 25,250,000 | $ 11,530,499 | |
4% 5/19/05 | EUR | 6,640,000 | 5,784,163 | |
TOTAL NETHERLANDS | 17,314,662 | |||
Nonconvertible Bonds - 0.3% | ||||
Netherlands - 0.1% | ||||
Koninklijke Ahold NV 5.875% 5/9/08 | EUR | 11,750,000 | 10,405,181 | |
United States of America - 0.2% | ||||
Ahold Finance USA, Inc.: | ||||
6.5% 3/14/17 | GBP | 4,500,000 | 5,244,983 | |
euro 6.375% 6/8/05 | EUR | 10,800,000 | 10,597,206 | |
TOTAL UNITED STATES OF AMERICA | 15,842,189 | |||
TOTAL NONCONVERTIBLE BONDS | 26,247,370 | |||
TOTAL CORPORATE BONDS (Cost $39,889,352) | 43,562,032 | |||
Government Obligations - 0.8% | ||||
United States of America - 0.8% | ||||
Freddie Mac 5.25% 1/15/06 | EUR | 50,950,000 | 60,522,268 |
Money Market Funds - 13.3% | |||
Shares | |||
Fidelity Cash Central Fund, 1.29% (b) | 349,631,825 | 349,631,825 | |
Fidelity Securities Lending Cash Central Fund, 1.3% (b) | 694,788,560 | 694,788,560 | |
TOTAL MONEY MARKET FUNDS (Cost $1,044,420,385) | 1,044,420,385 | ||
Cash Equivalents - 0.0% | |||
Maturity Amount | |||
Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 1.27%, dated 4/30/03 due 5/1/03) | $ 3,577,126 | 3,577,000 | |
TOTAL INVESTMENT PORTFOLIO - 108.0% (Cost $8,310,675,439) | 8,497,239,979 | ||
NET OTHER ASSETS - (8.0)% | (631,935,295) | ||
NET ASSETS - 100% | $ 7,865,304,684 |
Currency Abbreviations | ||
EUR | - | European Monetary Unit |
GBP | - | British pound |
NLG | - | Dutch guilder |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request. |
(c) Affiliated company |
(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $5,535,403 or 0.1% of net assets. |
(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost | |
ITF Optical Technologies, Inc. | 10/11/00 | $ 1,999,935 | |
Metrophotonics, Inc. Series 2 | 9/29/00 | $ 1,980,000 | |
OZ Optics Ltd. unit | 8/18/00 | $ 1,505,520 |
(f) Principal amount is stated in United States dollars unless otherwise noted. |
Other Information |
Transactions during the period with companies which are or were affiliates are as follows: |
Affiliate | Purchase | Sales | Dividend | Value |
INFICON Holding AG | $ 136,793 | $ - | $ - | $ 7,568,614 |
Orthofix International NV | - | - | - | 20,282,075 |
Professional Staff PLC sponsored ADR | - | - | - | 1,600,000 |
TOTALS | $ 136,793 | $ - | $ - | $ 29,450,689 |
Purchases and sales of securities, other than short-term securities, aggregated $2,690,282,460 and $1,872,151,933, respectively, of which long-term U.S. government and government agency obligations aggregated $0 and $55,245,896, respectively. |
The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $18,832 for the period. |
The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,534,284 or 0.0% of net assets. |
Income Tax Information |
At October 31, 2002, the fund had a capital loss carryforward of approximately $956,965,000 of which $490,102,000 and $466,863,000 will expire on October 31, 2009 and 2010, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
April 30, 2003 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $659,369,079 and repurchase agreements of $3,577,000) (cost $8,310,675,439) - See accompanying schedule | $ 8,497,239,979 | |
Cash | 170 | |
Foreign currency held at value (cost $33,915,169) | 33,759,415 | |
Receivable for investments sold | 23,519,461 | |
Receivable for fund shares sold | 31,873,516 | |
Dividends receivable | 37,632,056 | |
Interest receivable | 3,237,187 | |
Redemption fees receivable | 1,361 | |
Other receivables | 972,303 | |
Total assets | 8,628,235,448 | |
Liabilities | ||
Payable for investments purchased | $ 54,538,314 | |
Payable for fund shares redeemed | 6,257,585 | |
Accrued management fee | 5,679,108 | |
Other payables and accrued expenses | 1,667,197 | |
Collateral on securities loaned, at value | 694,788,560 | |
Total liabilities | 762,930,764 | |
Net Assets | $ 7,865,304,684 | |
Net Assets consist of: | ||
Paid in capital | $ 8,823,715,338 | |
Undistributed net investment income | 34,209,266 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (1,179,923,763) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 187,303,843 | |
Net Assets, for 448,860,499 shares outstanding | $ 7,865,304,684 | |
Net Asset Value, offering price and redemption price per share ($7,865,304,684 ÷ 448,860,499 shares) | $ 17.52 |
Statement of Operations
Six months ended April 30, 2003 (Unaudited) | ||
Investment Income | ||
Dividends | $ 82,683,057 | |
Interest | 8,871,492 | |
Security lending | 1,994,720 | |
93,549,269 | ||
Less foreign taxes withheld | (9,465,037) | |
Total income | 84,084,232 | |
Expenses | ||
Management fee | $ 26,369,378 | |
Performance adjustment | 6,462,432 | |
Transfer agent fees | 10,983,978 | |
Accounting and security lending fees | 786,501 | |
Non-interested trustees' compensation | 14,301 | |
Appreciation in deferred trustee compensation | 959 | |
Custodian fees and expenses | 1,215,767 | |
Registration fees | 62,805 | |
Audit | 46,375 | |
Legal | 15,140 | |
Miscellaneous | 22,523 | |
Total expenses before reductions | 45,980,159 | |
Expense reductions | (828,108) | 45,152,051 |
Net investment income (loss) | 38,932,181 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities | (185,432,002) | |
Foreign currency transactions | 406,989 | |
Total net realized gain (loss) | (185,025,013) | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 474,025,472 | |
Assets and liabilities in foreign currencies | 26,266 | |
Total change in net unrealized appreciation (depreciation) | 474,051,738 | |
Net gain (loss) | 289,026,725 | |
Net increase (decrease) in net assets resulting from operations | $ 327,958,906 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Diversified International
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended April 30, 2003 (Unaudited) | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 38,932,181 | $ 52,383,077 |
Net realized gain (loss) | (185,025,013) | (480,299,687) |
Change in net unrealized appreciation (depreciation) | 474,051,738 | (90,197,703) |
Net increase (decrease) in net assets resulting from operations | 327,958,906 | (518,114,313) |
Distributions to shareholders from net investment income | (53,240,749) | (3,276,430) |
Share transactions | 1,597,113,313 | 2,979,765,165 |
Reinvestment of distributions | 50,696,697 | 3,128,958 |
Cost of shares redeemed | (792,924,784) | (1,570,408,548) |
Net increase (decrease) in net assets resulting from share transactions | 854,885,226 | 1,412,485,575 |
Redemption fees | 228,975 | 632,765 |
Total increase (decrease) in net assets | 1,129,832,358 | 891,727,597 |
Net Assets | ||
Beginning of period | 6,735,472,326 | 5,843,744,729 |
End of period (including undistributed net investment income of $34,209,266 and undistributed net investment income of $48,517,834, respectively) | $ 7,865,304,684 | $ 6,735,472,326 |
Other Information Shares | ||
Sold | 94,257,856 | 160,294,241 |
Issued in reinvestment of distributions | 2,989,192 | 167,324 |
Redeemed | (46,979,300) | (85,513,680) |
Net increase (decrease) | 50,267,748 | 74,947,885 |
Financial Highlights
Six months ended April 30, 2003 | Years ended October 31, | |||||
(Unaudited) | 2002 | 2001 | 2000 | 1999 | 1998 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 16.90 | $ 18.06 | $ 22.98 | $ 21.34 | $ 17.21 | $ 16.57 |
Income from Investment Operations | ||||||
Net investment income (loss)D | .09 | .14 | .22 | .39F | .18 | .26 |
Net realized and unrealized gain (loss) | .66 | (1.29) | (3.78) | 2.20 | 4.65 | .98 |
Total from investment operations | .75 | (1.15) | (3.56) | 2.59 | 4.83 | 1.24 |
Distributions from net investment income | (.13) | (.01) | (.55) | (.25) | (.23) | (.19) |
Distributions from net realized gain | - | - | (.81) | (.70) | (.47) | (.41) |
Total distributions | (.13) | (.01) | (1.36) | (.95) | (.70) | (.60) |
Redemption fees added to paid in capitalD | -G | -G | -G | -G | - | - |
Net asset value, end of period | $ 17.52 | $ 16.90 | $ 18.06 | $ 22.98 | $ 21.34 | $ 17.21 |
Total ReturnB,C | 4.46% | (6.37)% | (16.45)% | 12.20% | 29.12% | 7.72% |
Ratios to Average Net AssetsE | ||||||
Expenses before expense reductions | 1.28%A | 1.22% | 1.21% | 1.14% | 1.21% | 1.22% |
Expenses net of voluntary waivers, if any | 1.28%A | 1.22% | 1.21% | 1.14% | 1.21% | 1.22% |
Expenses net of all reductions | 1.26%A | 1.19% | 1.16% | 1.12% | 1.18% | 1.19% |
Net investment income (loss) | 1.08%A | .77% | 1.08% | 1.62% | .94% | 1.46% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $ 7,865,305 | $ 6,735,472 | $ 5,843,745 | $ 6,287,669 | $ 3,579,586 | $ 1,944,815 |
Portfolio turnover rate | 55%A | 55% | 86% | 94% | 73% | 95% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. F Investment income per share reflects a special dividend which amounted to $.19 per share. G Amount represents less than $.01 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2003 | |||
Germany | 13.6% | ||
Netherlands | 11.6% | ||
Switzerland | 11.3% | ||
France | 10.7% | ||
Japan | 10.6% | ||
United Kingdom | 8.0% | ||
Spain | 7.6% | ||
United States of America | 6.2% | ||
Brazil | 4.5% | ||
Other | 15.9% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2002 | |||
France | 14.6% | ||
Netherlands | 11.9% | ||
Switzerland | 11.1% | ||
United States of America | 9.8% | ||
Spain | 9.0% | ||
Japan | 6.7% | ||
United Kingdom | 6.2% | ||
Germany | 5.1% | ||
Canada | 4.2% | ||
Other | 21.4% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 96.1 | 91.9 |
Short-Term Investments | 3.9 | 8.1 |
Top Ten Stocks as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
ASML Holding NV (NY Shares) (Netherlands, Semiconductor Equipment & Products) | 4.7 | 6.1 |
Deutsche Telekom AG (Reg.) (Germany, Diversified Telecommunication Services) | 4.0 | 0.0 |
Deutsche Boerse AG (Germany, Diversified Financials) | 3.1 | 2.5 |
Altadis SA (Spain) (Spain, Tobacco) | 3.0 | 4.7 |
TV Azteca SA de CV sponsored ADR (Mexico, Media) | 2.8 | 2.5 |
Julius Baer Holding AG (Bearer) (Switzerland, Diversified Financials) | 2.8 | 1.6 |
Telefonaktiebolaget LM Ericsson (B Shares) (Sweden, Communications Equipment) | 2.8 | 1.0 |
Nomura Holdings, Inc. (Japan, Diversified Financials) | 2.7 | 1.2 |
BNP Paribas SA (France, Banks) | 2.4 | 1.8 |
Synthes-Stratec, Inc. (United States of America, Health Care Equipment & Supplies) | 2.3 | 0.0 |
30.6 | ||
Market Sectors as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
Financials | 21.2 | 22.2 |
Health Care | 19.0 | 6.6 |
Information Technology | 17.8 | 20.0 |
Consumer Discretionary | 14.3 | 16.9 |
Consumer Staples | 8.3 | 12.7 |
Telecommunication Services | 7.6 | 2.0 |
Materials | 4.0 | 1.5 |
Energy | 2.3 | 7.3 |
Industrials | 1.6 | 2.7 |
Semiannual Report
Investments April 30, 2003 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.1% | |||
Shares | Value (Note 1) | ||
Brazil - 4.5% | |||
Aracruz Celulose SA sponsored ADR | 299,300 | $ 6,285,300 | |
Banco Itau Holding Financeira SA (PN) | 71,184,000 | 4,719,516 | |
Telesp Celular Participacoes SA ADR (a) | 800,400 | 3,081,540 | |
TOTAL BRAZIL | 14,086,356 | ||
Canada - 2.3% | |||
Precision Drilling Corp. (a) | 84,700 | 2,899,358 | |
Talisman Energy, Inc. | 106,900 | 4,267,797 | |
TOTAL CANADA | 7,167,155 | ||
Denmark - 0.6% | |||
Coloplast AS Series B | 23,700 | 1,754,631 | |
France - 10.7% | |||
BNP Paribas SA | 159,100 | 7,482,710 | |
Dassault Systemes SA | 121,200 | 3,508,764 | |
L'Air Liquide SA | 41,900 | 6,357,895 | |
NRJ Group | 317,524 | 4,970,775 | |
Pernod-Ricard | 55,700 | 4,898,616 | |
Television Francaise 1 SA | 222,600 | 6,265,098 | |
TOTAL FRANCE | 33,483,858 | ||
Germany - 13.6% | |||
Deutsche Boerse AG | 203,820 | 9,572,284 | |
Deutsche Telekom AG (Reg.) | 934,200 | 12,518,275 | |
Fresenius Medical Care AG | 135,400 | 6,808,650 | |
Infineon Technologies AG (a) | 906,100 | 6,737,787 | |
SAP AG | 34,500 | 3,541,451 | |
Stada Arzneimittel AG | 66,562 | 3,490,750 | |
TOTAL GERMANY | 42,669,197 | ||
Hong Kong - 2.3% | |||
Esprit Holdings Ltd. | 1,337,000 | 2,622,863 | |
Hong Kong Exchanges & Clearing Ltd. | 3,964,000 | 4,625,171 | |
TOTAL HONG KONG | 7,248,034 | ||
India - 2.6% | |||
Dr. Reddy's Laboratories Ltd. | 262,788 | 4,851,193 | |
Ranbaxy Laboratories Ltd. | 226,600 | 3,232,354 | |
TOTAL INDIA | 8,083,547 | ||
Italy - 1.5% | |||
Bulgari Spa | 649,700 | 3,032,388 | |
Unicredito Italiano Spa | 422,000 | 1,850,715 | |
TOTAL ITALY | 4,883,103 | ||
Japan - 10.6% | |||
Canon, Inc. | 140,000 | 5,615,400 | |
JAFCO Co. Ltd. | 83,000 | 3,008,789 | |
Konica Corp. | 383,000 | 3,514,471 | |
Nikko Cordial Corp. | 1,658,000 | 4,462,425 | |
Nintendo Co. Ltd. | 26,000 | 2,038,101 | |
Shares | Value (Note 1) | ||
Nomura Holdings, Inc. | 844,000 | $ 8,383,566 | |
Rohm Co. Ltd. | 33,300 | 3,442,172 | |
Tokyo Electron Ltd. | 79,100 | 2,973,859 | |
TOTAL JAPAN | 33,438,783 | ||
Mexico - 2.8% | |||
TV Azteca SA de CV sponsored ADR | 1,537,400 | 8,916,920 | |
Netherlands - 11.6% | |||
ASM International NV (Netherlands) (a) | 501,900 | 6,863,777 | |
ASML Holding NV (NY Shares) (a) | 1,665,200 | 14,670,411 | |
Hunter Douglas NV | 68,700 | 2,012,693 | |
Koninklijke Ahold NV | 718,500 | 3,294,049 | |
Unilever NV (NY Shares) | 84,900 | 5,346,153 | |
VNU NV | 147,400 | 4,285,390 | |
TOTAL NETHERLANDS | 36,472,473 | ||
Spain - 7.6% | |||
Altadis SA (Spain) | 363,600 | 9,391,941 | |
Amadeus Global Travel Distribution SA Series A | 1,002,900 | 5,024,064 | |
Banco Popular Espanol SA (Reg.) | 82,200 | 3,992,833 | |
Banco Santander Central Hispano SA | 477,500 | 3,758,941 | |
Telefonica Moviles SA (a) | 248,000 | 1,796,992 | |
TOTAL SPAIN | 23,964,771 | ||
Sweden - 2.8% | |||
Telefonaktiebolaget LM Ericsson (B Shares) (a) | 9,557,800 | 8,659,370 | |
Switzerland - 11.3% | |||
Actelion Ltd. (Reg.) (a) | 85,401 | 5,476,282 | |
Centerpulse AG (Reg.) (a) | 10,490 | 2,296,430 | |
Julius Baer Holding AG (Bearer) | 41,700 | 8,774,734 | |
Novartis AG (Reg.) | 144,640 | 5,713,408 | |
Roche Holding AG (participation certificate) | 46,020 | 2,932,314 | |
Serono SA Series B | 8,645 | 4,697,815 | |
Swiss Reinsurance Co. (Reg.) | 85,740 | 5,608,804 | |
TOTAL SWITZERLAND | 35,499,787 | ||
Turkey - 1.0% | |||
Turkcell Iletisim Hizmet AS sponsored ADR (a) | 210,200 | 3,142,490 | |
United Kingdom - 8.0% | |||
AstraZeneca PLC (United Kingdom) | 101,300 | 4,038,831 | |
British American Tobacco PLC | 327,100 | 3,140,749 | |
EMAP PLC | 318,400 | 4,091,570 | |
Kingfisher PLC | 940,555 | 3,680,141 | |
Shire Pharmaceuticals Group PLC (a) | 1,056,000 | 6,793,466 | |
Vodafone Group PLC | 1,668,500 | 3,296,960 | |
TOTAL UNITED KINGDOM | 25,041,717 | ||
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
United States of America - 2.3% | |||
Synthes-Stratec, Inc. | 11,473 | $ 7,242,628 | |
TOTAL COMMON STOCKS (Cost $277,216,123) | 301,754,820 | ||
Money Market Funds - 16.5% | |||
Fidelity Cash Central Fund, 1.29% (b) | 8,904,373 | 8,904,373 | |
Fidelity Securities Lending Cash Central Fund, 1.3% (b) | 42,882,140 | 42,882,140 | |
TOTAL MONEY MARKET FUNDS (Cost $51,786,513) | 51,786,513 | ||
TOTAL INVESTMENT PORTFOLIO - 112.6% (Cost $329,002,636) | 353,541,333 | ||
NET OTHER ASSETS - (12.6)% | (39,503,813) | ||
NET ASSETS - 100% | $ 314,037,520 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request. |
Other Information |
Purchases and sales of securities, other than short-term securities, aggregated $275,757,059 and $258,925,862, respectively. |
Income Tax Information |
At October 31, 2002, the fund had a capital loss carryforward of approximately $119,920,000 of which $99,447,000 and $20,473,000 will expire on October 31, 2009 and 2010, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
April 30, 2003 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $40,118,307) (cost $329,002,636) - See accompanying schedule | $ 353,541,333 | |
Foreign currency held at value (cost $7,306,253) | 6,895,722 | |
Receivable for investments sold | 2,699,033 | |
Receivable for fund shares sold | 380,166 | |
Dividends receivable | 396,440 | |
Interest receivable | 16,384 | |
Redemption fees receivable | 6 | |
Other receivables | 59,265 | |
Total assets | 363,988,349 | |
Liabilities | ||
Payable for investments purchased | $ 6,331,496 | |
Payable for fund shares redeemed | 478,791 | |
Accrued management fee | 178,214 | |
Other payables and accrued expenses | 80,188 | |
Collateral on securities loaned, at value | 42,882,140 | |
Total liabilities | 49,950,829 | |
Net Assets | $ 314,037,520 | |
Net Assets consist of: | ||
Paid in capital | $ 426,047,154 | |
Undistributed net investment income | 336,432 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (136,486,192) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 24,140,126 | |
Net Assets, for 28,128,890 shares outstanding | $ 314,037,520 | |
Net Asset Value, offering price and redemption price per share ($314,037,520 ÷ 28,128,890 shares) | $ 11.16 |
Statement of Operations
Six months ended April 30, 2003 (Unaudited) | ||
Investment Income | ||
Dividends | $ 1,915,664 | |
Interest | 235,333 | |
Security lending | 56,010 | |
2,207,007 | ||
Less foreign taxes withheld | (177,333) | |
Total income | 2,029,674 | |
Expenses | ||
Management fee | $ 1,099,053 | |
Performance adjustment | (69,468) | |
Transfer agent fees | 531,468 | |
Accounting and security lending fees | 91,855 | |
Non-interested trustees' compensation | 605 | |
Custodian fees and expenses | 58,734 | |
Registration fees | 13,558 | |
Audit | 22,577 | |
Legal | 662 | |
Miscellaneous | 1,240 | |
Total expenses before reductions | 1,750,284 | |
Expense reductions | (74,606) | 1,675,678 |
Net investment income (loss) | 353,996 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities | (15,777,256) | |
Foreign currency transactions | (114,734) | |
Total net realized gain (loss) | (15,891,990) | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 26,343,948 | |
Assets and liabilities in foreign currencies | (37,460) | |
Total change in net unrealized appreciation (depreciation) | 26,306,488 | |
Net gain (loss) | 10,414,498 | |
Net increase (decrease) in net assets resulting from operations | $ 10,768,494 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Aggressive International
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended April 30, 2003 (Unaudited) | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 353,996 | $ 341,594 |
Net realized gain (loss) | (15,891,990) | (19,521,357) |
Change in net unrealized appreciation (depreciation) | 26,306,488 | 8,778,554 |
Net increase (decrease) in net assets resulting from operations | 10,768,494 | (10,401,209) |
Distributions to shareholders from net investment income | (285,614) | (1,108,095) |
Share transactions | 61,902,090 | 208,162,125 |
Reinvestment of distributions | 266,849 | 1,055,971 |
Cost of shares redeemed | (57,120,407) | (102,437,026) |
Net increase (decrease) in net assets resulting from share transactions | 5,048,532 | 106,781,070 |
Redemption fees | 28,249 | 98,860 |
Total increase (decrease) in net assets | 15,559,661 | 95,370,626 |
Net Assets | ||
Beginning of period | 298,477,859 | 203,107,233 |
End of period (including undistributed net investment income of $336,432 and undistributed net investment income of $268,050, respectively) | $ 314,037,520 | $ 298,477,859 |
Other Information Shares | ||
Sold | 5,890,451 | 17,476,401 |
Issued in reinvestment of distributions | 24,685 | 88,812 |
Redeemed | (5,465,350) | (8,733,236) |
Net increase (decrease) | 449,786 | 8,831,977 |
Financial Highlights
Six months ended | Years ended October 31, | |||||
(Unaudited) | 2002 | 2001 | 2000 | 1999 | 1998 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 10.78 | $ 10.78 | $ 15.08 | $ 16.68 | $ 12.36 | $ 12.47 |
Income from Investment Operations | ||||||
Net investment income (loss) D | .01 | .02 | .04 | .02 | .11 | .09 |
Net realized and unrealized gain (loss) | .38 | .04 E | (3.63) | (.65) | 4.26 | .14 |
Total from investment operations | .39 | .06 | (3.59) | (.63) | 4.37 | .23 |
Distributions from net investment income | (.01) | (.06) | (.02) | (.08) | (.05) | (.06) |
Distributions from net realized gain | - | - | (.70) | (.90) | - | (.28) |
Total distributions | (.01) | (.06) | (.72) | (.98) | (.05) | (.34) |
Redemption fees added to paid in capital D | - G | -G | .01 | .01 | - | - |
Net asset value, end of period | $ 11.16 | $ 10.78 | $ 10.78 | $ 15.08 | $ 16.68 | $ 12.36 |
Total Return B, C | 3.62% | .50% | (24.71)% | (4.66)% | 35.47% | 1.95% |
Ratios to Average Net Assets F | ||||||
Expenses before expense reductions | 1.17% A | 1.54% | 1.16% | 1.21% | 1.21% | 1.23% |
Expenses net of voluntary waivers, if any | 1.17% A | 1.54% | 1.16% | 1.21% | 1.21% | 1.23% |
Expenses net of all reductions | 1.12% A | 1.40% | 1.02% | 1.16% | 1.14% | 1.21% |
Net investment income (loss) | .24% A | .13% | .35% | .12% | .75% | .71% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $ 314,038 | $ 298,478 | $ 203,107 | $ 459,222 | $ 535,941 | $ 408,755 |
Portfolio turnover rate | 195% A | 188% | 242% | 344% | 173% | 137% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the fund. F Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. G Amount represents less than $.01 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2003 | |||
Japan | 20.2% | ||
United Kingdom | 14.8% | ||
United States of America | 10.7% | ||
Netherlands | 8.3% | ||
France | 8.3% | ||
Switzerland | 8.0% | ||
Germany | 7.1% | ||
Canada | 3.2% | ||
Spain | 2.9% | ||
Other | 16.5% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2002 | |||
Japan | 22.1% | ||
United Kingdom | 14.9% | ||
United States of America | 12.2% | ||
France | 9.4% | ||
Netherlands | 8.4% | ||
Switzerland | 7.6% | ||
Canada | 4.7% | ||
Germany | 4.3% | ||
Finland | 3.6% | ||
Other | 12.8% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks and Investment Companies | 95.9 | 93.3 |
Bonds | 0.5 | 0.4 |
Short-Term Investments | 3.6 | 6.3 |
Top Ten Stocks as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
Nomura Holdings, Inc. (Japan, Diversified Financials) | 3.3 | 3.0 |
Unilever NV (Certificaten Van Aandelen) (Netherlands, Food Products) | 2.9 | 2.5 |
Nikko Cordial Corp. (Japan, Diversified Financials) | 2.7 | 3.1 |
Credit Suisse Group (Reg.) (Switzerland, Banks) | 2.6 | 2.2 |
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services) | 2.5 | 3.6 |
TotalFinaElf SA Series B (France, Oil & Gas) | 2.3 | 2.7 |
GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals) | 2.2 | 2.4 |
Daiwa Securities Group, Inc. (Japan, Diversified Financials) | 2.2 | 1.8 |
Nokia Corp. (Finland, Communications Equipment) | 2.0 | 3.6 |
Novartis AG (Reg.) (Switzerland, Pharmaceuticals) | 1.9 | 2.0 |
24.6 | ||
Market Sectors as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
Financials | 28.7 | 26.5 |
Information Technology | 17.9 | 18.9 |
Energy | 10.5 | 9.5 |
Health Care | 9.8 | 10.9 |
Consumer Discretionary | 9.6 | 7.3 |
Telecommunication Services | 7.4 | 8.3 |
Consumer Staples | 6.1 | 5.6 |
Materials | 4.0 | 3.6 |
Industrials | 2.2 | 2.9 |
Utilities | 0.2 | 0.2 |
Semiannual Report
Investments April 30, 2003 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.8% | |||
Shares | Value (Note 1) | ||
Australia - 1.1% | |||
News Corp. Ltd. sponsored ADR | 1,324,900 | $ 31,082,154 | |
Belgium - 0.2% | |||
Fortis | 283,600 | 4,769,508 | |
Brazil - 0.2% | |||
Aracruz Celulose SA sponsored ADR | 212,700 | 4,466,700 | |
Canada - 3.2% | |||
Alcan, Inc. | 298,800 | 8,754,517 | |
Canadian Natural Resources Ltd. | 298,500 | 9,953,471 | |
EnCana Corp. | 594,500 | 19,495,950 | |
Falconbridge Ltd. | 92,300 | 1,081,716 | |
NOVA Chemicals Corp. | 73,200 | 1,570,213 | |
Precision Drilling Corp. (a) | 217,000 | 7,428,106 | |
Talisman Energy, Inc. | 970,400 | 38,741,536 | |
Tembec, Inc. (a) | 446,400 | 2,263,919 | |
TOTAL CANADA | 89,289,428 | ||
Cayman Islands - 0.4% | |||
Noble Corp. (a) | 405,500 | 12,550,225 | |
Denmark - 0.6% | |||
Novo Nordisk AS Series B | 479,900 | 17,403,642 | |
Finland - 2.3% | |||
Nokia Corp. | 3,368,800 | 55,821,023 | |
Stora Enso Oyj sponsored ADR | 257,500 | 2,801,600 | |
UPM-Kymmene Corp. sponsored ADR | 342,800 | 5,142,000 | |
TOTAL FINLAND | 63,764,623 | ||
France - 8.3% | |||
Alcatel SA (RFD) | 761,600 | 6,138,494 | |
Aventis SA (France) | 162,438 | 8,177,129 | |
AXA SA | 1,262,360 | 19,211,481 | |
BNP Paribas SA | 1,130,598 | 53,173,711 | |
L'Air Liquide SA | 39,800 | 6,039,242 | |
Pechiney SA Series A | 205,208 | 5,931,634 | |
Pernod-Ricard | 147,600 | 12,980,893 | |
Sanofi-Synthelabo SA | 117,200 | 7,004,785 | |
Schneider Electric SA | 75,800 | 3,595,501 | |
Television Francaise 1 SA | 957,000 | 26,934,855 | |
TotalFinaElf SA Series B | 485,769 | 63,830,044 | |
Vivendi Universal SA sponsored ADR | 1,164,400 | 19,107,804 | |
TOTAL FRANCE | 232,125,573 | ||
Germany - 7.1% | |||
Allianz AG (Reg.) | 460,400 | 32,613,801 | |
Altana AG sponsored ADR (a) | 137,200 | 6,748,868 | |
BASF AG | 304,700 | 13,618,400 | |
Bayer AG | 542,100 | 9,910,981 | |
Deutsche Boerse AG | 850,435 | 39,940,170 | |
Deutsche Telekom AG: | |||
(Reg.) | 505,900 | 6,779,057 | |
sponsored ADR | 1,661,600 | 22,265,440 | |
Shares | Value (Note 1) | ||
Infineon Technologies AG (a) | 5,548,200 | $ 41,256,582 | |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) | 244,600 | 24,479,299 | |
TOTAL GERMANY | 197,612,598 | ||
Hong Kong - 1.4% | |||
China Mobile (Hong Kong) Ltd. | 4,653,750 | 9,316,809 | |
CNOOC Ltd. | 3,445,000 | 4,527,577 | |
Hong Kong Exchanges & Clearing Ltd. | 5,668,000 | 6,613,387 | |
Hutchison Whampoa Ltd. | 3,141,300 | 17,480,420 | |
TOTAL HONG KONG | 37,938,193 | ||
India - 0.6% | |||
Dr. Reddy's Laboratories Ltd. | 336,500 | 6,211,952 | |
Infosys Technologies Ltd. | 37,800 | 2,229,217 | |
Ranbaxy Laboratories Ltd. | 495,300 | 7,065,247 | |
Satyam Computer Services Ltd. | 652,700 | 2,102,102 | |
TOTAL INDIA | 17,608,518 | ||
Italy - 1.5% | |||
Banca Intesa Spa | 2,393,375 | 6,225,008 | |
Telecom Italia Spa | 3,115,570 | 25,254,809 | |
Unicredito Italiano Spa | 2,125,100 | 9,319,797 | |
TOTAL ITALY | 40,799,614 | ||
Japan - 20.2% | |||
Advantest Corp. | 302,000 | 10,160,226 | |
Canon, Inc. | 992,000 | 39,789,122 | |
Credit Saison Co. Ltd. | 620,800 | 11,722,075 | |
Daikin Industries Ltd. | 156,000 | 2,603,171 | |
Daiwa Securities Group, Inc. | 15,679,000 | 61,848,281 | |
Fuji Photo Film Co. Ltd. | 178,000 | 4,551,243 | |
Ito-Yokado Co. Ltd. | 1,075,600 | 25,375,820 | |
JAFCO Co. Ltd. | 435,400 | 15,783,457 | |
Japan Telecom Holdings Co. Ltd. | 2,050 | 5,620,926 | |
KDDI Corp. | 4,483 | 13,649,406 | |
Keyence Corp. | 3,220 | 519,176 | |
Kyocera Corp. | 265,800 | 13,011,111 | |
Matsushita Electric Industrial Co. Ltd. | 665,800 | 5,286,452 | |
Mizuho Financial Group, Inc. (a) | 3,288 | 1,761,601 | |
Murata Manufacturing Co. Ltd. | 456,500 | 16,317,970 | |
Nikko Cordial Corp. | 27,952,000 | 75,231,426 | |
Nikon Corp. (a) | 845,000 | 5,650,154 | |
Nintendo Co. Ltd. | 143,500 | 11,248,749 | |
Nissan Motor Co. Ltd. | 1,843,250 | 14,128,512 | |
Nomura Holdings, Inc. | 9,242,000 | 91,802,034 | |
ORIX Corp. | 510,000 | 23,377,771 | |
Rohm Co. Ltd. | 227,100 | 23,474,992 | |
Shin-Etsu Chemical Co. Ltd. | 397,500 | 11,935,532 | |
SMC Corp. | 34,800 | 2,628,403 | |
Sony Corp. | 320,900 | 7,939,066 | |
Sumitomo Electric Industries Ltd. | 1,489,000 | 8,353,278 | |
Sumitomo Mitsui Financial Group, Inc. | 1,420 | 2,233,399 | |
Takeda Chemical Industries Ltd. | 500,300 | 18,388,587 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Japan - continued | |||
Tokyo Electron Ltd. | 629,000 | $ 23,648,010 | |
Toshiba Corp. | 1,495,000 | 3,998,570 | |
Toyota Motor Corp. | 453,100 | 10,258,184 | |
TOTAL JAPAN | 562,296,704 | ||
Korea (South) - 2.1% | |||
Kookmin Bank | 56,250 | 1,579,353 | |
KT Corp. sponsored ADR | 273,300 | 5,531,592 | |
Samsung Electronics Co. Ltd. | 196,820 | 49,427,824 | |
Shinsegae Co. Ltd. | 9,900 | 1,181,968 | |
TOTAL KOREA (SOUTH) | 57,720,737 | ||
Mexico - 1.7% | |||
Grupo Televisa SA de CV sponsored ADR (a) | 585,300 | 17,758,002 | |
Telefonos de Mexico SA de CV sponsored ADR | 823,500 | 24,877,935 | |
TV Azteca SA de CV sponsored ADR | 727,700 | 4,220,660 | |
TOTAL MEXICO | 46,856,597 | ||
Netherlands - 7.9% | |||
Akzo Nobel NV | 294,200 | 6,553,171 | |
ASML Holding NV (a) | 5,212,100 | 45,110,037 | |
ING Groep NV (Certificaten Van Aandelen) | 2,422,964 | 39,421,164 | |
Koninklijke Ahold NV | 1,591,500 | 7,296,423 | |
Koninklijke Philips Electronics NV | 936,200 | 17,451,137 | |
STMicroelectronics NV (NY Shares) | 164,600 | 3,389,114 | |
Unilever NV (Certificaten Van Aandelen) | 1,258,000 | 79,407,967 | |
VNU NV | 669,200 | 19,455,785 | |
Wolters Kluwer NV (Certificaten Van Aandelen) | 221,300 | 2,887,831 | |
TOTAL NETHERLANDS | 220,972,629 | ||
Norway - 0.7% | |||
Norsk Hydro AS | 188,900 | 7,991,310 | |
Statoil ASA | 1,347,800 | 10,690,863 | |
TOTAL NORWAY | 18,682,173 | ||
Russia - 0.6% | |||
JSC MMC 'Norilsk Nickel' sponsored ADR | 248,000 | 5,642,000 | |
YUKOS Corp. sponsored ADR | 71,800 | 12,565,000 | |
TOTAL RUSSIA | 18,207,000 | ||
Singapore - 0.5% | |||
Flextronics International Ltd. (a) | 1,618,600 | 14,162,750 | |
Spain - 2.9% | |||
Altadis SA (Spain) | 609,100 | 15,733,309 | |
Banco Popular Espanol SA (Reg.) | 357,800 | 17,379,995 | |
Banco Santander Central Hispano SA | 3,281,116 | 25,829,365 | |
Shares | Value (Note 1) | ||
NH Hoteles SA (a) | 721,500 | $ 6,494,589 | |
Telefonica SA | 1,416,946 | 15,701,692 | |
TOTAL SPAIN | 81,138,950 | ||
Sweden - 1.3% | |||
Nordea AB | 2,388,500 | 12,711,954 | |
Telefonaktiebolaget LM Ericsson ADR (a) | 2,681,900 | 24,298,014 | |
TOTAL SWEDEN | 37,009,968 | ||
Switzerland - 8.0% | |||
Converium Holding AG | 156,960 | 7,098,198 | |
Credit Suisse Group (Reg.) | 2,993,780 | 71,617,301 | |
Nestle SA (Reg.) | 69,152 | 14,117,342 | |
Novartis AG (Reg.) | 1,367,210 | 54,006,006 | |
Roche Holding AG (participation certificate) | 503,370 | 32,073,856 | |
Swiss Reinsurance Co. (Reg.) | 333,829 | 21,837,898 | |
UBS AG (Reg.) | 379,056 | 18,009,638 | |
Zurich Financial Services AG | 45,655 | 4,820,337 | |
TOTAL SWITZERLAND | 223,580,576 | ||
Taiwan - 1.2% | |||
ASUSTeK Computer, Inc. | 2,580,000 | 5,034,146 | |
Hon Hai Precision Industries Co. Ltd. | 953,000 | 2,980,689 | |
Taiwan Semiconductor Manufacturing Co. Ltd. (a) | 12,680,153 | 17,392,004 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (a) | 270,300 | 2,262,411 | |
Winbond Electronics Corp. (a) | 19,337,000 | 6,602,878 | |
TOTAL TAIWAN | 34,272,128 | ||
United Kingdom - 14.8% | |||
3i Group PLC | 1,662,440 | 12,370,873 | |
Abbey National PLC | 873,800 | 6,215,631 | |
Amvescap PLC | 2,180,600 | 11,864,688 | |
AstraZeneca PLC (United Kingdom) | 1,024,900 | 40,862,765 | |
BHP Billiton PLC | 738,700 | 3,782,853 | |
BP PLC | 7,277,400 | 46,745,157 | |
British Sky Broadcasting Group PLC (BSkyB) (a) | 1,564,110 | 16,232,248 | |
Cable & Wireless PLC | 3,055,900 | 3,679,993 | |
Carlton Communications PLC | 1,993,803 | 3,350,217 | |
Centrica PLC | 1,912,900 | 5,089,268 | |
Diageo PLC | 356,100 | 3,954,876 | |
GlaxoSmithKline PLC | 3,089,764 | 62,598,637 | |
HBOS PLC | 1,044,500 | 12,252,193 | |
HSBC Holdings PLC (United Kingdom) (Reg.) | 2,053,200 | 22,457,907 | |
Kingfisher PLC | 3,173,100 | 12,415,495 | |
Lloyds TSB Group PLC | 1,138,700 | 7,498,607 | |
Prudential PLC | 3,053,700 | 18,716,582 | |
Reckitt Benckiser PLC | 453,300 | 8,004,965 | |
Reed Elsevier PLC | 1,040,400 | 8,308,111 | |
Rio Tinto PLC (Reg.) | 691,900 | 13,242,681 | |
Schroders PLC | 219,800 | 2,137,736 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
United Kingdom - continued | |||
Shire Pharmaceuticals Group PLC sponsored ADR (a) | 435,000 | $ 8,656,500 | |
Tesco PLC | 4,199,300 | 13,305,877 | |
Vodafone Group PLC | 35,223,103 | 69,600,937 | |
TOTAL UNITED KINGDOM | 413,344,797 | ||
United States of America - 7.0% | |||
Baker Hughes, Inc. | 430,000 | 12,040,000 | |
BJ Services Co. (a) | 179,600 | 6,557,196 | |
ENSCO International, Inc. | 559,600 | 14,213,840 | |
Freeport-McMoRan Copper & Gold, Inc. Class B | 579,100 | 10,024,221 | |
Grant Prideco, Inc. (a) | 832,700 | 9,501,107 | |
Micron Technology, Inc. (a) | 5,037,074 | 42,815,129 | |
Motorola, Inc. | 5,589,700 | 44,214,527 | |
NTL, Inc. (a) | 188,200 | 3,199,400 | |
Smith International, Inc. (a) | 48,600 | 1,728,216 | |
Synthes-Stratec, Inc. | 16,966 | 10,710,226 | |
Transocean, Inc. | 317,300 | 6,044,565 | |
Tyco International Ltd. | 1,857,200 | 28,972,320 | |
Weatherford International Ltd. (a) | 109,600 | 4,409,208 | |
TOTAL UNITED STATES OF AMERICA | 194,429,955 | ||
TOTAL COMMON STOCKS (Cost $2,988,041,113) | 2,672,085,740 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
Italy - 0.1% | |||
Telecom Italia Spa Risp (non-vtg.) | 500,800 | 2,459,496 | |
Investment Companies - 0.0% | |||
Multi-National - 0.0% | |||
European Warrant Fund, Inc. | 437,580 | 918,918 |
Corporate Bonds - 0.5% | ||||
Principal Amount | ||||
Convertible Bonds - 0.4% | ||||
Netherlands - 0.4% | ||||
Koninklijke Ahold NV: | ||||
3% 9/30/03 | NLG | 16,340,000 | 7,461,717 | |
4% 5/19/05 | EUR | 2,810,000 | 2,447,816 | |
TOTAL NETHERLANDS | 9,909,533 | |||
Nonconvertible Bonds - 0.1% | ||||
Netherlands - 0.0% | ||||
Koninklijke Ahold NV 5.875% 5/9/08 | EUR | 1,860,000 | 1,647,118 | |
Principal Amount | Value | |||
United States of America - 0.1% | ||||
Ahold Finance USA, Inc. euro 6.375% 6/8/05 | EUR | 1,860,000 | $ 1,825,074 | |
TOTAL NONCONVERTIBLE BONDS | 3,472,192 | |||
TOTAL CORPORATE BONDS (Cost $12,421,547) | 13,381,725 |
Money Market Funds - 14.3% | |||
Shares | |||
Fidelity Cash Central Fund, 1.29% (b) | 104,531,104 | 104,531,104 | |
Fidelity Securities Lending Cash Central Fund, 1.3% (b) | 292,949,624 | 292,949,624 | |
TOTAL MONEY MARKET FUNDS (Cost $397,480,728) | 397,480,728 | ||
TOTAL INVESTMENT PORTFOLIO - 110.7% (Cost $3,406,035,073) | 3,086,326,607 | ||
NET OTHER ASSETS - (10.7)% | (297,109,814) | ||
NET ASSETS - 100% | $ 2,789,216,793 |
Currency Abbreviations | ||
EUR | - | European Monetary Unit |
NLG | - | Dutch guilder |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request. |
Other Information |
Purchases and sales of securities, other than short-term securities, aggregated $1,035,732,931 and $930,555,644, respectively. |
Income Tax Information |
At October 31, 2002, the fund had a capital loss carryforward of approximately $932,429,000 of which $610,809,000 and $321,620,000 will expire on October 31, 2009 and 2010, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
April 30, 2003 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $279,880,158) (cost $3,406,035,073) - See accompanying schedule | $ 3,086,326,607 | |
Foreign currency held at value (cost $15,759,373) | 15,692,874 | |
Receivable for investments sold | 9,584,727 | |
Receivable for fund shares sold | 3,514,560 | |
Dividends receivable | 11,773,190 | |
Interest receivable | 615,198 | |
Redemption fees receivable | 721 | |
Other receivables | 328,942 | |
Total assets | 3,127,836,819 | |
Liabilities | ||
Payable to custodian bank | $ 42,207 | |
Payable for investments purchased | 32,008,140 | |
Payable for fund shares redeemed | 11,463,029 | |
Accrued management fee | 1,288,677 | |
Other payables and accrued expenses | 868,349 | |
Collateral on securities loaned, at value | 292,949,624 | |
Total liabilities | 338,620,026 | |
Net Assets | $ 2,789,216,793 | |
Net Assets consist of: | ||
Paid in capital | $ 4,234,311,249 | |
Undistributed net investment income | 6,097,232 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (1,131,628,122) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | (319,563,566) | |
Net Assets, for 129,528,533 shares outstanding | $ 2,789,216,793 | |
Net Asset Value, offering price and redemption price per share ($2,789,216,793 ÷ 129,528,533 shares) | $ 21.53 |
Statement of Operations
Six months ended April 30, 2003 (Unaudited) | ||
Investment Income | ||
Dividends | $ 26,657,365 | |
Interest | 1,715,206 | |
Security lending | 677,480 | |
29,050,051 | ||
Less foreign taxes withheld | (3,246,200) | |
Total income | 25,803,851 | |
Expenses | ||
Management fee | $ 10,205,644 | |
Performance adjustment | (1,897,249) | |
Transfer agent fees | 4,705,525 | |
Accounting and security lending fees | 665,121 | |
Non-interested trustees' compensation | 5,683 | |
Depreciation in deferred trustee compensation | (7,797) | |
Custodian fees and expenses | 470,671 | |
Registration fees | 23,368 | |
Audit | 46,104 | |
Legal | 6,279 | |
Miscellaneous | 9,075 | |
Total expenses before reductions | 14,232,424 | |
Expense reductions | (461,052) | 13,771,372 |
Net investment income (loss) | 12,032,479 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities | (133,504,751) | |
Foreign currency transactions | 7,183 | |
Total net realized gain (loss) | (133,497,568) | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 28,507,568 | |
Assets and liabilities in foreign currencies | 77,904 | |
Total change in net unrealized appreciation (depreciation) | 28,585,472 | |
Net gain (loss) | (104,912,096) | |
Net increase (decrease) in net assets resulting from operations | $ (92,879,617) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Overseas
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 12,032,479 | $ 14,288,562 |
Net realized gain (loss) | (133,497,568) | (326,686,395) |
Change in net unrealized appreciation (depreciation) | 28,585,472 | (158,285,425) |
Net increase (decrease) in net assets resulting from operations | (92,879,617) | (470,683,258) |
Distributions to shareholders from net investment income | (11,619,947) | - |
Share transactions | 375,168,559 | 884,200,436 |
Reinvestment of distributions | 11,360,173 | - |
Cost of shares redeemed | (355,007,920) | (944,486,865) |
Net increase (decrease) in net assets resulting from share transactions | 31,520,812 | (60,286,429) |
Redemption fees | 94,109 | 331,117 |
Total increase (decrease) in net assets | (72,884,643) | (530,638,570) |
Net Assets | ||
Beginning of period | 2,862,101,436 | 3,392,740,006 |
End of period (including undistributed net investment income of $6,097,232 and undistributed net investment income of $5,684,700, respectively) | $ 2,789,216,793 | $ 2,862,101,436 |
Other Information Shares | ||
Sold | 17,397,598 | 33,973,801 |
Issued in reinvestment of distributions | 499,568 | - |
Redeemed | (16,483,380) | (36,467,283) |
Net increase (decrease) | 1,413,786 | (2,493,482) |
Financial Highlights
Six months ended April 30, 2003 | Years ended October 31, | |||||
(Unaudited) | 2002 | 2001 | 2000 | 1999 | 1998 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 22.34 | $ 25.98 | $ 40.72 | $ 42.84 | $ 33.95 | $ 34.12 |
Income from Investment Operations | ||||||
Net investment income (loss) D | .09 | .11 | .20 | .25 G | .32 | .29 |
Net realized and unrealized gain (loss) | (.81) | (3.75) | (9.96) | .71 | 9.28 | 1.22 |
Total from investment operations | (.72) | (3.64) | (9.76) | .96 | 9.60 | 1.51 |
Distributions from net investment income | (.09) | - | (.86) | (.45) | (.20) | (.34) |
Distributions from net realized gain | - | - | (4.12) | (2.63) | (.51) | (1.34) |
Total distributions | (.09) | - | (4.98) | (3.08) | (.71) | (1.68) |
Redemption fees added to paid in capital D | -F | -F | -F | -F | - | - |
Net asset value, end of period | $ 21.53 | $ 22.34 | $ 25.98 | $ 40.72 | $ 42.84 | $ 33.95 |
Total Return B, C | (3.24)% | (14.01)% | (27.21)% | 1.78% | 28.77% | 4.60% |
Ratios to Average Net Assets E | ||||||
Expenses before expense reductions | 1.02% A | 1.21% | 1.18% | 1.19% | 1.27% | 1.26% |
Expenses net of voluntary waivers, if any | 1.02% A | 1.21% | 1.18% | 1.19% | 1.27% | 1.26% |
Expenses net of all reductions | .99% A | 1.16% | 1.12% | 1.16% | 1.23% | 1.24% |
Net investment income (loss) | .87% A | .42% | .63% | .55% | .85% | .82% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $ 2,789,217 | $ 2,862,101 | $ 3,392,740 | $ 4,858,872 | $ 4,482,044 | $ 3,603,342 |
Portfolio turnover rate | 71% A | 72% | 95% | 132% | 85% | 69% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. EExpense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. F Amount represents less than $.01 per share. G Investment income per share reflects a special dividend which amounted to $.08 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2003 | |||
United States of America | 58.7% | ||
Japan | 8.6% | ||
United Kingdom | 7.1% | ||
Germany | 4.8% | ||
France | 3.8% | ||
Netherlands | 2.8% | ||
Switzerland | 2.7% | ||
Canada | 1.7% | ||
Spain | 1.2% | ||
Other | 8.6% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2002 | |||
United States of America | 62.7% | ||
Japan | 8.3% | ||
France | 5.8% | ||
United Kingdom | 5.6% | ||
Germany | 3.5% | ||
Netherlands | 2.7% | ||
Hong Kong | 1.7% | ||
Canada | 1.3% | ||
Switzerland | 1.3% | ||
Other | 7.1% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 99.8 | 97.5 |
Bonds | 0.2 | 0.0 |
Short-Term Investments | 0.0 | 2.5 |
Top Ten Stocks as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
General Electric Co. (United States of America, Industrial Conglomerates) | 2.4 | 1.8 |
Merck & Co., Inc. (United States of America, Pharmaceuticals) | 1.9 | 1.6 |
Tyco International Ltd. (United States of America, Industrial Conglomerates) | 1.6 | 1.3 |
Microsoft Corp. (United States of America, Software) | 1.6 | 2.2 |
Deutsche Boerse AG (Germany, Diversified Financials) | 1.5 | 1.1 |
Pfizer, Inc. (United States of America, Pharmaceuticals) | 1.5 | 1.4 |
American International Group, Inc. (United States of America, Insurance) | 1.4 | 1.4 |
AOL Time Warner, Inc. (United States of America, Media) | 1.3 | 0.7 |
Johnson & Johnson (United States of America, Pharmaceuticals) | 1.3 | 1.3 |
Unilever PLC (United Kingdom, Food Products) | 1.3 | 1.2 |
15.8 | ||
Market Sectors as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
Financials | 24.8 | 20.9 |
Information Technology | 14.9 | 16.8 |
Health Care | 12.9 | 13.6 |
Consumer Discretionary | 12.6 | 12.9 |
Industrials | 10.3 | 10.1 |
Energy | 8.5 | 6.4 |
Consumer Staples | 5.7 | 9.9 |
Telecommunication Services | 4.4 | 4.1 |
Materials | 4.1 | 2.1 |
Utilities | 1.8 | 0.7 |
Semiannual Report
Investments April 30, 2003 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.8% | |||
Shares | Value (Note 1) | ||
Australia - 0.3% | |||
News Corp. Ltd. ADR | 69,200 | $ 1,956,976 | |
Belgium - 0.1% | |||
Fortis | 56,600 | 951,883 | |
Bermuda - 0.4% | |||
ACE Ltd. | 70,000 | 2,315,600 | |
Brazil - 0.1% | |||
Aracruz Celulose SA sponsored ADR | 25,000 | 525,000 | |
Canada - 1.7% | |||
Biovail Corp. (a) | 10,000 | 365,051 | |
Canadian Natural Resources Ltd. | 45,400 | 1,513,861 | |
EnCana Corp. | 69,900 | 2,292,291 | |
Talisman Energy, Inc. | 156,200 | 6,236,014 | |
Tembec, Inc. (a) | 82,800 | 419,920 | |
TOTAL CANADA | 10,827,137 | ||
Cayman Islands - 0.3% | |||
Garmin Ltd. (a) | 13,000 | 550,940 | |
GlobalSantaFe Corp. | 65,000 | 1,375,400 | |
TOTAL CAYMAN ISLANDS | 1,926,340 | ||
Denmark - 0.3% | |||
Novo Nordisk AS Series B | 57,400 | 2,081,619 | |
Finland - 1.1% | |||
Nokia Corp. sponsored ADR | 400,400 | 6,634,628 | |
Stora Enso Oyj sponsored ADR | 25,400 | 276,352 | |
UPM-Kymmene Corp. sponsored ADR | 33,800 | 507,000 | |
TOTAL FINLAND | 7,417,980 | ||
France - 3.8% | |||
Aventis SA (France) | 8,500 | 427,890 | |
AXA SA | 63,300 | 963,344 | |
BNP Paribas SA | 84,420 | 3,970,399 | |
CNP Assurances | 14,600 | 588,052 | |
L'Air Liquide SA | 4,000 | 606,959 | |
Pechiney SA Series A | 33,600 | 971,224 | |
Pernod-Ricard | 36,900 | 3,245,223 | |
Rhodia SA | 73,400 | 459,625 | |
Schneider Electric SA | 15,400 | 730,484 | |
SEB SA | 7,000 | 657,502 | |
Television Francaise 1 SA | 88,100 | 2,479,583 | |
TotalFinaElf SA Series B | 57,724 | 7,584,933 | |
Vivendi Universal SA sponsored ADR | 117,900 | 1,934,739 | |
TOTAL FRANCE | 24,619,957 | ||
Germany - 4.8% | |||
Allianz AG (Reg.) | 66,500 | 4,710,725 | |
Altana AG sponsored ADR (a) | 5,000 | 245,950 | |
Celanese AG (Reg.) | 31,600 | 699,635 | |
Deutsche Boerse AG | 207,951 | 9,766,294 | |
Deutsche Telekom AG sponsored ADR | 246,700 | 3,305,780 | |
Infineon Technologies AG sponsored ADR (a) | 786,500 | 5,985,265 | |
Shares | Value (Note 1) | ||
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) | 52,000 | $ 5,204,103 | |
Zapf Creation AG | 32,000 | 1,174,378 | |
TOTAL GERMANY | 31,092,130 | ||
Hong Kong - 0.9% | |||
China Mobile (Hong Kong) Ltd. | 746,250 | 1,493,993 | |
CNOOC Ltd. | 600,000 | 788,547 | |
Hong Kong Exchanges & Clearing Ltd. | 1,376,000 | 1,605,508 | |
Hutchison Whampoa Ltd. | 306,000 | 1,702,801 | |
TOTAL HONG KONG | 5,590,849 | ||
India - 0.2% | |||
Dr. Reddy's Laboratories Ltd. | 31,000 | 572,275 | |
Ranbaxy Laboratories Ltd. | 45,000 | 641,906 | |
TOTAL INDIA | 1,214,181 | ||
Ireland - 0.0% | |||
IWP International PLC (United Kingdom) (Reg.) | 364,700 | 99,217 | |
Italy - 0.9% | |||
Banca Intesa Spa | 257,787 | 670,487 | |
Banco Popolare di Verona e Novara | 112,728 | 1,534,689 | |
Cassa Di Risparmio Di Firenze | 893,800 | 1,137,371 | |
Telecom Italia Spa sponsored ADR | 12,300 | 997,038 | |
Unicredito Italiano Spa | 273,100 | 1,197,702 | |
TOTAL ITALY | 5,537,287 | ||
Japan - 8.6% | |||
Canon, Inc. | 96,000 | 3,850,560 | |
Daikin Industries Ltd. | 37,000 | 617,419 | |
Daiwa Securities Group, Inc. | 1,133,000 | 4,469,297 | |
Fuji Photo Film Co. Ltd. | 27,000 | 690,357 | |
Ito-Yokado Co. Ltd. | 112,000 | 2,642,332 | |
JAFCO Co. Ltd. | 60,600 | 2,196,779 | |
Japan Telecom Holdings Co. Ltd. | 263 | 721,124 | |
KDDI Corp. | 342 | 1,041,289 | |
Keyence Corp. | 890 | 143,499 | |
Kyocera Corp. | 20,000 | 979,015 | |
Matsushita Electric Industrial Co. Ltd. | 81,000 | 643,140 | |
Mizuho Financial Group, Inc. (a) | 667 | 357,357 | |
Murata Manufacturing Co. Ltd. | 62,500 | 2,234,114 | |
Nichicon Corp. | 115,000 | 1,176,164 | |
Nikko Cordial Corp. | 1,923,000 | 5,175,659 | |
Nikon Corp. (a) | 102,000 | 682,030 | |
Nintendo Co. Ltd. | 21,700 | 1,701,030 | |
Nissan Motor Co. Ltd. | 178,000 | 1,364,370 | |
Nomura Holdings, Inc. | 692,000 | 6,873,729 | |
ORIX Corp. | 58,900 | 2,699,903 | |
Rohm Co. Ltd. | 24,800 | 2,563,539 | |
Shin-Etsu Chemical Co. Ltd. | 107,400 | 3,224,846 | |
SMC Corp. | 8,000 | 604,231 | |
Sony Corp. | 21,000 | 519,540 | |
Sumitomo Electric Industries Ltd. | 208,000 | 1,166,878 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Japan - continued | |||
Sumitomo Mitsui Financial Group, Inc. | 289 | $ 454,544 | |
Takeda Chemical Industries Ltd. | 37,500 | 1,378,317 | |
Tokyo Electron Ltd. | 98,400 | 3,699,466 | |
Toyota Motor Corp. | 45,100 | 1,021,064 | |
UMC Japan (a) | 632 | 499,668 | |
TOTAL JAPAN | 55,391,260 | ||
Korea (South) - 1.0% | |||
KT Corp. sponsored ADR | 21,600 | 437,184 | |
Samsung Electronics Co. Ltd. | 24,030 | 6,034,705 | |
TOTAL KOREA (SOUTH) | 6,471,889 | ||
Mexico - 1.0% | |||
Grupo Televisa SA de CV sponsored ADR (a) | 68,900 | 2,090,426 | |
Telefonos de Mexico SA de CV sponsored ADR | 100,300 | 3,030,063 | |
TV Azteca SA de CV sponsored ADR | 211,400 | 1,226,120 | |
TOTAL MEXICO | 6,346,609 | ||
Netherlands - 2.6% | |||
Akzo Nobel NV | 35,200 | 784,064 | |
ASML Holding NV (NY Shares) (a) | 761,200 | 6,706,172 | |
ING Groep NV (Certificaten Van Aandelen) | 242,400 | 3,943,802 | |
Koninklijke Ahold NV | 144,900 | 664,311 | |
Koninklijke Philips Electronics NV | 116,108 | 2,164,299 | |
STMicroelectronics NV (NY Shares) | 17,700 | 364,443 | |
Van der Moolen Holding NV sponsored ADR | 20,000 | 212,000 | |
VNU NV | 62,200 | 1,808,353 | |
TOTAL NETHERLANDS | 16,647,444 | ||
Norway - 0.2% | |||
Norsk Hydro AS | 13,500 | 571,110 | |
Statoil ASA | 63,600 | 504,481 | |
TOTAL NORWAY | 1,075,591 | ||
Russia - 0.5% | |||
JSC MMC 'Norilsk Nickel' sponsored ADR | 20,600 | 468,650 | |
YUKOS Corp. sponsored ADR | 14,200 | 2,485,000 | |
TOTAL RUSSIA | 2,953,650 | ||
Singapore - 0.1% | |||
Flextronics International Ltd. (a) | 100,000 | 875,000 | |
Spain - 1.2% | |||
Altadis SA (Spain) | 101,000 | 2,608,872 | |
Banco Santander Central Hispano SA | 263,100 | 2,071,157 | |
Corporacion Mapfre SA (Reg.) | 130,700 | 1,227,649 | |
NH Hoteles SA (a) | 87,500 | 787,632 | |
Telefonica SA sponsored ADR | 34,333 | 1,141,572 | |
TOTAL SPAIN | 7,836,882 | ||
Shares | Value (Note 1) | ||
Sweden - 0.5% | |||
Telefonaktiebolaget LM Ericsson ADR (a) | 395,400 | $ 3,582,324 | |
Switzerland - 2.7% | |||
Alcon, Inc. | 25,000 | 1,101,250 | |
Credit Suisse Group (Reg.) | 282,885 | 6,767,184 | |
Novartis AG sponsored ADR | 88,800 | 3,505,824 | |
Roche Holding AG (participation certificate) | 31,582 | 2,012,350 | |
Saurer AG (Reg.) (a) | 62,887 | 1,646,001 | |
Swiss Reinsurance Co. (Reg.) | 19,570 | 1,280,199 | |
Zurich Financial Services AG | 9,090 | 959,739 | |
TOTAL SWITZERLAND | 17,272,547 | ||
Taiwan - 0.7% | |||
ASUSTeK Computer, Inc. | 355,000 | 692,683 | |
Hon Hai Precision Industries Co. Ltd. | 205,000 | 641,176 | |
Taiwan Semiconductor Manufacturing Co. Ltd. (a) | 1,617,502 | 2,218,554 | |
Winbond Electronics Corp. (a) | 3,760,000 | 1,283,902 | |
TOTAL TAIWAN | 4,836,315 | ||
United Kingdom - 7.1% | |||
3i Group PLC | 333,000 | 2,477,985 | |
Abbey National PLC | 92,900 | 660,829 | |
Amvescap PLC | 387,000 | 2,105,675 | |
AstraZeneca PLC sponsored ADR | 83,000 | 3,309,210 | |
BHP Billiton PLC | 53,900 | 276,020 | |
BP PLC sponsored ADR | 100,000 | 3,854,000 | |
British Sky Broadcasting Group PLC (BSkyB) (a) | 150,600 | 1,562,919 | |
Carlton Communications PLC | 236,200 | 396,890 | |
Centrica PLC | 637,300 | 1,695,536 | |
EGG PLC (a) | 407,900 | 603,805 | |
GlaxoSmithKline PLC sponsored ADR | 78,128 | 3,165,747 | |
HSBC Holdings PLC sponsored ADR | 35,000 | 1,914,150 | |
Kingfisher PLC | 418,700 | 1,638,262 | |
London Stock Exchange PLC | 282,800 | 1,470,836 | |
Prudential PLC | 482,800 | 2,959,153 | |
Reckitt Benckiser PLC | 60,200 | 1,063,090 | |
Rio Tinto PLC (Reg.) | 27,300 | 522,511 | |
Royal & Sun Alliance Insurance Group PLC | 358,600 | 626,950 | |
Schroders PLC | 27,000 | 262,597 | |
Shire Pharmaceuticals Group PLC sponsored ADR (a) | 61,400 | 1,221,860 | |
SMG PLC | 204,600 | 257,026 | |
Tesco PLC | 342,400 | 1,084,927 | |
Unilever PLC | 824,900 | 8,098,459 | |
Vodafone Group PLC sponsored ADR | 244,700 | 4,835,272 | |
TOTAL UNITED KINGDOM | 46,063,709 | ||
United States of America - 58.7% | |||
3M Co. | 30,000 | 3,781,200 | |
Abbott Laboratories | 57,000 | 2,315,910 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
United States of America - continued | |||
Adobe Systems, Inc. | 30,000 | $ 1,036,800 | |
AES Corp. (a) | 450,000 | 2,704,500 | |
Affiliated Computer Services, Inc. | 20,000 | 954,000 | |
AFLAC, Inc. | 55,000 | 1,799,050 | |
Agilent Technologies, Inc. (a) | 125,000 | 2,002,500 | |
Alcoa, Inc. | 20,000 | 458,600 | |
Allstate Corp. | 80,000 | 3,023,200 | |
Altria Group, Inc. | 70,000 | 2,153,200 | |
American International Group, Inc. | 160,000 | 9,272,000 | |
Amgen, Inc. (a) | 37,000 | 2,268,470 | |
Amphenol Corp. Class A (a) | 3,200 | 141,728 | |
Analog Devices, Inc. (a) | 70,000 | 2,318,400 | |
AOL Time Warner, Inc. (a) | 625,000 | 8,550,000 | |
Apache Corp. | 39,950 | 2,287,138 | |
Arkansas Best Corp. | 20,100 | 509,535 | |
Ashland, Inc. | 15,000 | 444,750 | |
Autodesk, Inc. | 40,000 | 622,400 | |
Avon Products, Inc. | 29,969 | 1,743,297 | |
Baker Hughes, Inc. | 15,000 | 420,000 | |
Bank of America Corp. | 100,000 | 7,405,000 | |
Bank of New York Co., Inc. | 53,800 | 1,423,010 | |
Bank One Corp. | 115,000 | 4,145,750 | |
Bausch & Lomb, Inc. | 15,000 | 527,400 | |
Bear Stearns Companies, Inc. | 25,000 | 1,671,000 | |
Best Buy Co., Inc. (a) | 13,950 | 482,391 | |
Big Lots, Inc. (a) | 40,000 | 500,800 | |
Biogen, Inc. (a) | 25,000 | 949,750 | |
Biosite, Inc. (a) | 10,000 | 426,800 | |
BJ Services Co. (a) | 45,000 | 1,642,950 | |
Boeing Co. | 1,000 | 27,280 | |
Borders Group, Inc. (a) | 25,000 | 400,000 | |
Boston Scientific Corp. (a) | 55,000 | 2,367,750 | |
Bowater, Inc. | 40,000 | 1,557,200 | |
Bristol-Myers Squibb Co. | 19,972 | 510,085 | |
Burlington Resources, Inc. | 23,700 | 1,097,547 | |
Cabot Microelectronics Corp. (a) | 7,500 | 324,150 | |
CarMax, Inc. (a) | 10,985 | 232,333 | |
CDW Computer Centers, Inc. (a) | 7,000 | 298,480 | |
Cephalon, Inc. (a) | 50,000 | 2,042,000 | |
ChevronTexaco Corp. | 45,000 | 2,826,450 | |
Christopher & Banks Corp. (a) | 17,600 | 442,816 | |
Cintas Corp. | 55,000 | 1,974,500 | |
Citigroup, Inc. | 165,000 | 6,476,250 | |
Citizens Communications Co. (a) | 110,000 | 1,202,300 | |
Clear Channel Communications, Inc. (a) | 65,000 | 2,542,150 | |
CNF, Inc. | 7,000 | 212,380 | |
Comcast Corp.: | |||
Class A (a) | 103,520 | 3,303,323 | |
Class A (special) (a) | 45,000 | 1,352,700 | |
Concord EFS, Inc. (a) | 65,000 | 898,950 | |
ConocoPhillips | 45,027 | 2,264,858 | |
Shares | Value (Note 1) | ||
Cox Communications, Inc. Class A (a) | 10,000 | $ 331,000 | |
Cymer, Inc. (a) | 10,000 | 285,500 | |
Cypress Semiconductor Corp. (a) | 50,000 | 436,000 | |
Darden Restaurants, Inc. | 10,000 | 175,100 | |
Dell Computer Corp. (a) | 120,000 | 3,469,200 | |
Delta Air Lines, Inc. | 100,000 | 1,279,000 | |
Devon Energy Corp. | 25,000 | 1,181,250 | |
E.W. Scripps Co. Class A | 5,000 | 396,250 | |
EchoStar Communications Corp. | 175 | 5,243 | |
Ecolab, Inc. | 20,000 | 1,021,800 | |
Edison International (a) | 30,000 | 437,700 | |
Eli Lilly & Co. | 20,000 | 1,276,400 | |
ENSCO International, Inc. | 95,000 | 2,413,000 | |
Entergy Corp. | 13,000 | 605,930 | |
Exxon Mobil Corp. | 50,000 | 1,760,000 | |
Fannie Mae | 70,000 | 5,067,300 | |
Farmer Mac Class C (non-vtg.) (a) | 30,000 | 711,000 | |
Federated Investors, Inc. Class B (non-vtg.) | 20,000 | 545,800 | |
Fifth Third Bancorp | 88,000 | 4,337,520 | |
First Data Corp. | 95,000 | 3,726,850 | |
FirstEnergy Corp. | 30,000 | 1,011,900 | |
Fisher Scientific International, Inc. (a) | 20,900 | 602,129 | |
FleetBoston Financial Corp. | 45,000 | 1,193,400 | |
Fluor Corp. | 45,000 | 1,555,650 | |
Forest Laboratories, Inc. (a) | 10,000 | 517,200 | |
Fox Entertainment Group, Inc. Class A (a) | 100,000 | 2,540,000 | |
Fred's, Inc. Class A | 20,000 | 649,000 | |
Freddie Mac | 43,000 | 2,489,700 | |
Freeport-McMoRan Copper & Gold, Inc. Class B | 125,000 | 2,163,750 | |
Gap, Inc. | 40,000 | 665,200 | |
General Electric Co. | 530,000 | 15,608,500 | |
General Motors Corp. Class H (a) | 45,000 | 531,000 | |
Gillette Co. | 140,000 | 4,263,000 | |
Granite Construction, Inc. | 27,700 | 465,360 | |
Grant Prideco, Inc. (a) | 40,000 | 456,400 | |
Harley-Davidson, Inc. | 20,000 | 888,800 | |
HCA, Inc. | 25,000 | 802,500 | |
Health Management Associates, Inc. Class A | 25,000 | 426,500 | |
Hewlett-Packard Co. | 50,000 | 815,000 | |
Hilton Hotels Corp. | 25,000 | 333,000 | |
Home Depot, Inc. | 270,000 | 7,595,100 | |
Honeywell International, Inc. | 30,000 | 708,000 | |
IKON Office Solutions, Inc. | 75,000 | 582,000 | |
Imation Corp. (a) | 10,000 | 343,000 | |
Intel Corp. | 55,000 | 1,012,000 | |
InterCept, Inc. (a) | 50,000 | 359,500 | |
International Business Machines Corp. | 35,000 | 2,971,500 | |
International Paper Co. | 35,000 | 1,251,250 | |
Interstate Bakeries Corp. | 50,000 | 523,500 | |
Intuit, Inc. (a) | 15,000 | 581,700 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
United States of America - continued | |||
J.P. Morgan Chase & Co. | 185,000 | $ 5,429,750 | |
Johnson & Johnson | 145,000 | 8,172,200 | |
KeySpan Corp. | 20,000 | 677,400 | |
Kohl's Corp. (a) | 30,000 | 1,704,000 | |
Lehman Brothers Holdings, Inc. | 45,000 | 2,833,650 | |
Liberty Media Corp. Class A (a) | 90,000 | 990,000 | |
Lockheed Martin Corp. | 85,000 | 4,254,250 | |
Lowe's Companies, Inc. | 5,000 | 219,450 | |
Lucent Technologies, Inc. (a) | 50,000 | 90,000 | |
Lyondell Chemical Co. | 135,000 | 1,964,250 | |
Manpower, Inc. | 55,000 | 1,808,400 | |
Masco Corp. | 75,000 | 1,580,250 | |
Massey Energy Corp. | 38,000 | 396,340 | |
MBNA Corp. | 160,000 | 3,024,000 | |
McDonald's Corp. | 90,000 | 1,539,000 | |
McKesson Corp. | 25,000 | 693,500 | |
MedImmune, Inc. (a) | 20,000 | 705,400 | |
Medtronic, Inc. | 65,000 | 3,103,100 | |
Merck & Co., Inc. | 210,000 | 12,217,800 | |
Meredith Corp. | 15,000 | 648,300 | |
Merrill Lynch & Co., Inc. | 110,000 | 4,515,500 | |
Micrel, Inc. (a) | 25,000 | 292,750 | |
Micron Technology, Inc. (a) | 184,800 | 1,570,800 | |
Microsoft Corp. | 410,000 | 10,483,700 | |
Mohawk Industries, Inc. (a) | 26 | 1,442 | |
Morgan Stanley | 50,000 | 2,237,500 | |
Motorola, Inc. | 600,000 | 4,746,000 | |
Murphy Oil Corp. | 20,000 | 833,000 | |
National Semiconductor Corp. (a) | 32,300 | 604,979 | |
National-Oilwell, Inc. (a) | 56,100 | 1,177,539 | |
Nationwide Financial Services, Inc. | 21,241 | 597,934 | |
Navistar International Corp. (a) | 10,000 | 279,000 | |
Network Associates, Inc. (a) | 50,000 | 571,500 | |
Newmont Mining Corp. Holding Co. | 75,000 | 2,026,500 | |
Nextel Communications, Inc. Class A (a) | 50,000 | 739,500 | |
Northrop Grumman Corp. | 20,000 | 1,759,000 | |
Northwest Airlines Corp. Class A (a) | 65,000 | 534,950 | |
Nucor Corp. | 7,000 | 285,950 | |
NVIDIA Corp. (a) | 80,700 | 1,151,589 | |
Office Depot, Inc. (a) | 27,200 | 344,352 | |
Olin Corp. | 50,000 | 906,000 | |
Omnicom Group, Inc. | 8,000 | 495,200 | |
Oracle Corp. (a) | 25,000 | 297,000 | |
Overture Services, Inc. (a) | 35,000 | 374,500 | |
Owens-Illinois, Inc. (a) | 63,200 | 561,848 | |
Pentair, Inc. | 15,000 | 578,100 | |
PerkinElmer, Inc. | 100,000 | 992,000 | |
Pfizer, Inc. | 310,001 | 9,532,531 | |
PG&E Corp. (a) | 12,000 | 179,760 | |
Phelps Dodge Corp. (a) | 10,000 | 311,900 | |
Pope & Talbot, Inc. | 44,900 | 596,721 | |
Shares | Value (Note 1) | ||
Praxair, Inc. | 40,000 | $ 2,323,200 | |
Pride International, Inc. (a) | 125,000 | 1,940,000 | |
Qwest Communications International, Inc. (a) | 350,000 | 1,319,500 | |
Radio One, Inc.: | |||
Class A (a) | 15,000 | 232,950 | |
Class D (non-vtg.) (a) | 15,000 | 229,500 | |
Reebok International Ltd. (a) | 15,000 | 465,900 | |
Reliant Resources, Inc. (a) | 50,000 | 281,000 | |
Robert Half International, Inc. (a) | 125,000 | 2,035,000 | |
Ryland Group, Inc. | 55,000 | 2,982,650 | |
Safeway, Inc. (a) | 25,000 | 415,500 | |
Sangstat Medical Corp. (a) | 15,000 | 189,000 | |
SBC Communications, Inc. | 115,000 | 2,686,400 | |
SCANA Corp. | 20,000 | 634,800 | |
Schering-Plough Corp. | 110,000 | 1,991,000 | |
Sealed Air Corp. | 10,000 | 428,500 | |
Smurfit-Stone Container Corp. (a) | 60,000 | 844,200 | |
Sonic Automotive, Inc. Class A (a) | 4,500 | 77,625 | |
Southern Co. | 65,000 | 1,890,850 | |
Southwest Airlines Co. | 75,000 | 1,197,000 | |
Spartan Motors, Inc. | 10,000 | 93,600 | |
SPX Corp. (a) | 10,000 | 338,000 | |
St. Jude Medical, Inc. (a) | 20,000 | 1,049,200 | |
St. Paul Companies, Inc. | 30,000 | 1,030,200 | |
Sun Microsystems, Inc. (a) | 400,000 | 1,320,000 | |
Synthes-Stratec, Inc. | 2,104 | 1,328,204 | |
Sysco Corp. | 80,000 | 2,298,400 | |
Take-Two Interactive Software, Inc. (a) | 50,000 | 1,125,000 | |
Tenet Healthcare Corp. (a) | 45,000 | 667,800 | |
Terex Corp. (a) | 26,839 | 444,185 | |
Texas Industries, Inc. | 12,000 | 236,880 | |
Texas Instruments, Inc. | 190,000 | 3,513,100 | |
Textron, Inc. | 30,000 | 884,700 | |
The Coca-Cola Co. | 125,000 | 5,050,000 | |
Thermo Electron Corp. (a) | 65,000 | 1,181,050 | |
TMP Worldwide, Inc. (a) | 60,000 | 1,006,200 | |
Transocean, Inc. | 20,000 | 381,000 | |
Travelers Property Casualty Corp.: | |||
Class A | 85,028 | 1,380,004 | |
Class B | 50,046 | 813,248 | |
TXU Corp. | 75,000 | 1,494,000 | |
Tyco International Ltd. | 675,000 | 10,530,000 | |
United Technologies Corp. | 10,000 | 618,100 | |
UnitedHealth Group, Inc. | 50,000 | 4,606,500 | |
Univision Communications, Inc. Class A (a) | 25,000 | 757,000 | |
Valero Energy Corp. | 15,000 | 551,250 | |
Varian Medical Systems, Inc. (a) | 30,000 | 1,615,800 | |
Veridian Corp. | 20,000 | 379,800 | |
VERITAS Software Corp. (a) | 20,000 | 440,200 | |
Verizon Communications, Inc. | 140,000 | 5,233,200 | |
Viacom, Inc. Class B (non-vtg.) (a) | 85,000 | 3,689,850 | |
Vishay Intertechnology, Inc. (a) | 27,200 | 340,000 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
United States of America - continued | |||
Wachovia Corp. | 95,009 | $ 3,630,294 | |
Wal-Mart Stores, Inc. | 95,000 | 5,350,400 | |
Weatherford International Ltd. (a) | 109,999 | 4,425,260 | |
Weight Watchers International, Inc. (a) | 10,000 | 469,800 | |
Whole Foods Market, Inc. (a) | 11,000 | 652,960 | |
Wyeth | 33,000 | 1,436,490 | |
Yahoo!, Inc. (a) | 15,000 | 371,700 | |
TOTAL UNITED STATES OF AMERICA | 378,230,448 | ||
TOTAL COMMON STOCKS (Cost $666,336,986) | 643,739,824 |
Convertible Bonds - 0.2% | ||||
Principal | ||||
Netherlands - 0.2% | ||||
Koninklijke Ahold NV: | ||||
3% 9/30/03 | NLG | 2,070,000 | 945,273 | |
4% 5/19/05 | EUR | 560,000 | 487,821 | |
TOTAL CONVERTIBLE BONDS (Cost $1,328,637) | 1,433,094 |
Money Market Funds - 3.1% | |||
Shares | |||
Fidelity Cash Central Fund, 1.29% (b) | 5,142,982 | 5,142,982 | |
Fidelity Securities Lending Cash Central Fund, 1.3% (b) | 14,739,017 | 14,739,017 | |
TOTAL MONEY MARKET FUNDS (Cost $19,881,999) | 19,881,999 | ||
TOTAL INVESTMENT PORTFOLIO - 103.1% (Cost $687,547,622) | 665,054,917 | ||
NET OTHER ASSETS - (3.1)% | (20,253,349) | ||
NET ASSETS - 100% | $ 644,801,568 |
Currency Abbreviations | ||
EUR | - | European Monetary Unit |
NLG | - | Dutch guilder |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request. |
Other Information |
Purchases and sales of securities, other than short-term securities, aggregated $308,808,542 and $309,772,564, respectively. |
The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $43,253 for the period. |
Income Tax Information |
At October 31, 2002, the fund had a capital loss carryforward of approximately $116,131,000 of which $68,264,000 and $47,867,000 will expire on October 31, 2009 and 2010, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
April 30, 2003 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $13,607,933) (cost $687,547,622) - See accompanying schedule | $ 665,054,917 | |
Foreign currency held at value (cost $2,828,590) | 2,816,040 | |
Receivable for investments sold | 10,322,946 | |
Receivable for fund shares sold | 421,244 | |
Dividends receivable | 1,427,737 | |
Interest receivable | 50,850 | |
Redemption fees receivable | 218 | |
Other receivables | 21,696 | |
Total assets | 680,115,648 | |
Liabilities | ||
Payable for investments purchased | $ 17,685,926 | |
Payable for fund shares redeemed | 2,294,401 | |
Accrued management fee | 451,159 | |
Other payables and accrued expenses | 143,577 | |
Collateral on securities loaned, at value | 14,739,017 | |
Total liabilities | 35,314,080 | |
Net Assets | $ 644,801,568 | |
Net Assets consist of: | ||
Paid in capital | $ 818,194,590 | |
Undistributed net investment income | 719,917 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (151,642,134) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | (22,470,805) | |
Net Assets, for 52,927,965 shares outstanding | $ 644,801,568 | |
Net Asset Value, offering price and redemption price per share ($644,801,568 ÷ 52,927,965 shares) | $ 12.18 |
Statement of Operations
Six months ended April 30, 2003 (Unaudited) | ||
Investment Income | ||
Dividends | $ 5,177,663 | |
Interest | 151,636 | |
Security lending | 51,626 | |
5,380,925 | ||
Less foreign taxes withheld | (286,159) | |
Total income | 5,094,766 | |
Expenses | ||
Management fee | $ 2,316,011 | |
Performance adjustment | 501,447 | |
Transfer agent fees | 1,024,229 | |
Accounting and security lending fees | 181,175 | |
Non-interested trustees' compensation | 875 | |
Custodian fees and expenses | 63,829 | |
Registration fees | 14,833 | |
Audit | 46,006 | |
Legal | 1,503 | |
Miscellaneous | 4,328 | |
Total expenses before reductions | 4,154,236 | |
Expense reductions | (124,426) | 4,029,810 |
Net investment income (loss) | 1,064,956 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities | (25,365,845) | |
Foreign currency transactions | (19,365) | |
Total net realized gain (loss) | (25,385,210) | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 39,148,070 | |
Assets and liabilities in foreign currencies | 43,892 | |
Total change in net unrealized appreciation (depreciation) | 39,191,962 | |
Net gain (loss) | 13,806,752 | |
Net increase (decrease) in net assets resulting from operations | $ 14,871,708 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Worldwide
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 1,064,956 | $ 1,451,626 |
Net realized gain (loss) | (25,385,210) | (55,969,858) |
Change in net unrealized appreciation (depreciation) | 39,191,962 | (31,178,956) |
Net increase (decrease) in net assets resulting from operations | 14,871,708 | (85,697,188) |
Distributions to shareholders from net investment income | (1,083,362) | - |
Share transactions | 62,813,660 | 155,435,991 |
Reinvestment of distributions | 1,031,556 | - |
Cost of shares redeemed | (80,648,820) | (164,266,887) |
Net increase (decrease) in net assets resulting from share transactions | (16,803,604) | (8,830,896) |
Redemption fees | 27,448 | 23,607 |
Total increase (decrease) in net assets | (2,987,810) | (94,504,477) |
Net Assets | ||
Beginning of period | 647,789,378 | 742,293,855 |
End of period (including undistributed net investment income of $719,917 and undistributed net investment income of $738,323, respectively) | $ 644,801,568 | $ 647,789,378 |
Other Information Shares | ||
Sold | 5,395,198 | 11,337,298 |
Issued in reinvestment of distributions | 86,178 | - |
Redeemed | (6,928,759) | (12,022,718) |
Net increase (decrease) | (1,447,383) | (685,420) |
Financial Highlights
Six months ended | Years ended October 31, | |||||
(Unaudited) | 2002 | 2001 | 2000 | 1999 | 1998 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 11.91 | $ 13.48 | $ 19.07 | $ 18.87 | $ 15.59 | $ 17.27 |
Income from Investment Operations | ||||||
Net investment income (loss) D | .02 | .03 | .04 | .09 | .08 | .16 |
Net realized and unrealized gain (loss) | .27 | (1.60) | (2.98) | 1.73 | 3.74 | (.57) |
Total from investment operations | .29 | (1.57) | (2.94) | 1.82 | 3.82 | (.41) |
Distributions from net investment income | (.02) | - | (.40) | (.10) | (.10) | (.11) |
Distributions from net realized gain | - | - | (2.25) | (1.52) | (.44) | (1.16) |
Total distributions | (.02) | - | (2.65) | (1.62) | (.54) | (1.27) |
Redemption fees added to paid in capital D | - F | - F | - F | - F | - | - |
Net asset value, end of period | $ 12.18 | $ 11.91 | $ 13.48 | $ 19.07 | $ 18.87 | $ 15.59 |
Total Return B,C | 2.44% | (11.65)% | (17.21)% | 9.80% | 25.18% | (2.38)% |
Ratios to Average Net Assets E | ||||||
Expenses before expense reductions | 1.32% A | 1.24% | 1.12% | 1.09% | 1.12% | 1.15% |
Expenses net of voluntary waivers, if any | 1.32% A | 1.24% | 1.12% | 1.09% | 1.12% | 1.15% |
Expenses net of all reductions | 1.28% A | 1.20% | 1.05% | 1.04% | 1.07% | 1.12% |
Net investment income (loss) | .34% A | .19% | .29% | .48% | .47% | .91% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $ 644,802 | $ 647,789 | $ 742,294 | $ 984,038 | $ 980,835 | $ 972,105 |
Portfolio turnover rate | 100% A | 120% | 152% | 235% | 164% | 100% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. F Amount represents less than $.01 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2003 | |||
Japan | 27.8% | ||
United Kingdom | 22.6% | ||
United States of America | 7.7% | ||
Germany | 7.6% | ||
Australia | 7.2% | ||
Switzerland | 3.8% | ||
Hong Kong | 3.4% | ||
Finland | 3.2% | ||
Norway | 3.0% | ||
Other | 13.7% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2002 | |||
Japan | 27.1% | ||
United Kingdom | 17.9% | ||
Germany | 8.6% | ||
United States of America | 6.6% | ||
Australia | 5.9% | ||
Netherlands | 5.7% | ||
Sweden | 5.5% | ||
Denmark | 4.7% | ||
France | 4.2% | ||
Other | 13.8% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 92.8 | 94.5 |
Bonds | 0.2 | 0.0 |
Short-Term Investments | 7.0 | 5.5 |
Top Ten Stocks as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
Hyrican Informationssysteme AG (Germany, Computers & Peripherals) | 3.8 | 0.0 |
Tsumura & Co. (Japan, Pharmaceuticals) | 2.7 | 1.5 |
NOK Corp. (Japan, Auto Components) | 2.3 | 1.0 |
Centerpulse AG (Reg.) (Switzerland, Health Care Equipment & Supplies) | 2.1 | 0.6 |
SimCorp AS (Denmark, Software) | 2.0 | 2.4 |
Lambert Howarth Group PLC (United Kingdom, Textiles, Apparel & Luxury Goods) | 1.9 | 1.4 |
Nichii Gakkan Co. (Japan, Health Care Providers & Services) | 1.9 | 1.3 |
USS Co. Ltd. (Japan, Specialty Retail) | 1.8 | 2.3 |
ARRK Corp. (Japan, Commercial Services & Supplies) | 1.5 | 1.2 |
Lawrence PLC (United Kingdom, Chemicals) | 1.5 | 0.0 |
21.5 | ||
Market Sectors as of April 30, 2003 | ||
% of fund's | % of fund's net assets | |
Consumer Discretionary | 24.5 | 27.7 |
Information Technology | 20.8 | 15.7 |
Health Care | 13.5 | 14.3 |
Industrials | 12.8 | 12.7 |
Financials | 11.3 | 13.3 |
Materials | 5.4 | 6.3 |
Consumer Staples | 2.2 | 1.3 |
Energy | 1.3 | 1.6 |
Utilities | 0.6 | 0.0 |
Telecommunication Services | 0.6 | 1.6 |
Semiannual Report
Investments April 30, 2003 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.1% | |||
Shares | Value (Note 1) | ||
Australia - 7.2% | |||
Amcor Ltd. | 80,936 | $ 421,471 | |
Australian Stock Exchange Ltd. | 80,163 | 577,693 | |
Billabong International Ltd. | 24,128 | 86,032 | |
Boral Ltd. | 177,044 | 528,096 | |
Centamin Egypt Ltd. (a) | 760,127 | 109,479 | |
Patrick Corp. Ltd. | 16,366 | 133,222 | |
QBE Insurance Group Ltd. | 109,633 | 586,711 | |
Stockland | 94,481 | 296,033 | |
Westpac Banking Corp. | 44,706 | 445,719 | |
TOTAL AUSTRALIA | 3,184,456 | ||
Denmark - 2.7% | |||
Bang & Olufsen AS Series B | 2,414 | 48,676 | |
Radiometer AS Series B | 4,254 | 243,250 | |
SimCorp AS | 38,452 | 896,857 | |
TOTAL DENMARK | 1,188,783 | ||
Finland - 3.2% | |||
Alma Media Corp. | 14,022 | 297,909 | |
Elcoteq Network Corp. Class A | 7,230 | 101,300 | |
Hackman Oyj AB (A Shares) | 10,760 | 229,206 | |
Nokian Tyres Ltd. | 1,328 | 54,944 | |
Novo Group Oyj | 47,615 | 125,654 | |
Vacon Oyj | 65,874 | 622,430 | |
TOTAL FINLAND | 1,431,443 | ||
France - 2.6% | |||
Bacou Dalloz (a) | 285 | 23,487 | |
Compagnie des Alpes | 870 | 45,431 | |
Eiffage SA | 894 | 77,574 | |
Galeries Lafayette SA | 460 | 54,729 | |
High Co. (a) | 5,766 | 45,133 | |
Ioltech | 670 | 27,795 | |
Ipsos SA | 1,817 | 93,461 | |
Medidep SA (a) | 341 | 5,605 | |
Stedim SA | 6,810 | 325,843 | |
Trigano SA | 17,875 | 459,720 | |
TOTAL FRANCE | 1,158,778 | ||
Germany - 7.5% | |||
Bijou Brigitte Modische Accessoires AG | 4,212 | 286,359 | |
Hyrican Informationssysteme AG | 155,937 | 1,700,096 | |
Medion AG | 149 | 5,580 | |
Pfeiffer Vacuum Technology AG | 3,539 | 96,004 | |
Pulsion Medical Systems AG (a) | 71,953 | 201,145 | |
REPower Systems AG | 10,512 | 281,521 | |
Suedzucker AG (Bearer) | 3,478 | 59,037 | |
United Internet AG | 44,784 | 569,381 | |
Vossloh AG | 78 | 2,740 | |
Zapf Creation AG | 3,414 | 125,292 | |
TOTAL GERMANY | 3,327,155 | ||
Shares | Value (Note 1) | ||
Greece - 0.4% | |||
Chipita International SA | 10,927 | $ 44,964 | |
Germanos SA | 6,280 | 89,605 | |
Hyatt Regency SA (Reg.) | 6,026 | 47,168 | |
TOTAL GREECE | 181,737 | ||
Hong Kong - 3.4% | |||
ASM Pacific Technology Ltd. | 93,000 | 230,737 | |
China Insurance International Holdings Co. Ltd. | 564,000 | 276,607 | |
China Pharmaceutical Enterprise and Investment Corp. Ltd. | 918,000 | 256,009 | |
Hang Lung Group Ltd. | 82,000 | 64,135 | |
Harbin Brewery Group Ltd. | 902,000 | 271,786 | |
JCG Holdings Ltd. | 594,000 | 274,184 | |
Kingboard Chemical Holdings Ltd. | 172,000 | 138,938 | |
TOTAL HONG KONG | 1,512,396 | ||
Ireland - 1.6% | |||
First Active PLC | 54,576 | 326,494 | |
IAWS Group PLC (Ireland) | 2,829 | 22,935 | |
ICON PLC sponsored ADR (a) | 200 | 5,180 | |
Independent News & Media PLC: | |||
rights 12/31/03 (a) | 19,017 | 9,994 | |
(Ireland) | 71,317 | 94,101 | |
Irish Continental Group PLC | 12,820 | 121,420 | |
Paddy Power PLC | 18,797 | 105,094 | |
TOTAL IRELAND | 685,218 | ||
Italy - 0.8% | |||
Amplifon Spa | 18,004 | 290,043 | |
Cassa Di Risparmio Di Firenze | 50,132 | 63,794 | |
TOTAL ITALY | 353,837 | ||
Japan - 27.8% | |||
Able, Inc. | 10,000 | 189,243 | |
Amiyaki Tei Co. Ltd. | 47 | 164,052 | |
Amiyaki Tei Co. Ltd. New (a) | 47 | 164,052 | |
ARRK Corp. | 17,300 | 669,330 | |
Bank of Yokohama Ltd. | 106,000 | 375,340 | |
Citizen Electronics Co. Ltd. | 9,000 | 378,485 | |
Culture Convenience Club Co. Ltd. | 16,000 | 196,476 | |
Culture Convenience Club Co. Ltd. New (a) | 16,000 | 196,476 | |
Disco Corp. | 11,600 | 387,333 | |
Enplas Corp. | 3,900 | 90,862 | |
Faith, Inc. | 38 | 164,599 | |
Fuji Seal, Inc. | 3,200 | 130,535 | |
Fujikura Ltd. | 177,000 | 400,463 | |
G-mode Co. Ltd. | 45 | 113,546 | |
Heian Ceremony Service Co. Ltd. | 48,000 | 175,617 | |
Japan Pure Chemical Co. Ltd. | 29 | 164,153 | |
Jastec Co. Ltd. | 16,700 | 224,034 | |
Kawasaki Heavy Industries Ltd. (a) | 22,000 | 18,134 | |
Kura Corp. Ltd. | 52 | 117,650 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Japan - continued | |||
Nichii Gakkan Co. | 16,500 | $ 843,770 | |
Nidec Corp. | 4,400 | 232,777 | |
Nihon Dempa Kogyo Co. Ltd. | 26,000 | 214,525 | |
Nipro Corp. | 2,000 | 31,961 | |
Nissin Co. Ltd. | 25,400 | 111,517 | |
Nissin Co. Ltd. New (a) | 34,600 | 151,909 | |
Nissin Kogyo Co. Ltd. | 31,400 | 621,952 | |
NOK Corp. | 73,000 | 1,015,535 | |
Phoenix Electric Co. Ltd. (a) | 12,200 | 94,916 | |
Riso Kagaku Corp. | 12,000 | 405,736 | |
Salomon & Taylor Made Co. Ltd. | 4,000 | 31,019 | |
Sankyo Aluminum Industry Co. Ltd. (a) | 248,000 | 306,624 | |
Stanley Electric Co. Ltd. | 35,000 | 441,566 | |
Sumitomo Corp. | 65,000 | 262,416 | |
Taisei Lamick Co. Ltd. | 7,500 | 222,045 | |
Teikoku Tsushin Kogyo Co. Ltd. | 27,000 | 90,836 | |
Toyoda Gosei Co. Ltd. | 6,400 | 114,387 | |
Tsumura & Co. (a) | 124,000 | 1,215,022 | |
USS Co. Ltd. | 15,400 | 787,518 | |
Works Applications Co. Ltd. (a) | 94 | 466,462 | |
Yamada Denki Co. Ltd. | 15,300 | 295,975 | |
TOTAL JAPAN | 12,278,848 | ||
Luxembourg - 0.3% | |||
Stolt Offshore SA (a) | 69,120 | 114,592 | |
Netherlands - 2.4% | |||
Airspray NV | 6,012 | 121,074 | |
Exact Holdings NV (a) | 6,227 | 75,897 | |
Fugro NV (Certificaten Van Aandelen) | 1,153 | 46,866 | |
Hagemeyer NV | 7,900 | 38,339 | |
Hunter Douglas NV | 178 | 5,215 | |
OPG Groep NV | 2,918 | 91,361 | |
Teleplan International NV (a) | 83,923 | 335,018 | |
Trader Classified Media NV | 15,293 | 134,240 | |
Van der Moolen Holding NV | 14,278 | 146,884 | |
Vedior NV (Certificaten Van Aandelen) | 11,648 | 76,977 | |
TOTAL NETHERLANDS | 1,071,871 | ||
New Zealand - 0.3% | |||
The Warehouse Group Ltd. | 41,075 | 129,053 | |
Norway - 3.0% | |||
Bolig- og Naeringsbanken ASA | 179 | 4,630 | |
Hafslund ASA (B Shares) | 56,922 | 272,533 | |
Komplett ASA | 20,840 | 256,148 | |
Orkla ASA (A Shares) | 8,768 | 152,881 | |
P4 Radio Hele Norge ASA | 141,400 | 100,034 | |
Smedvig ASA (A Shares) | 21,662 | 105,881 | |
Tandberg ASA | 39,816 | 154,782 | |
TGS Nopec Geophysical Co. ASA (a) | 27,690 | 277,023 | |
TOTAL NORWAY | 1,323,912 | ||
Shares | Value (Note 1) | ||
Spain - 0.8% | |||
Amadeus Global Travel Distribution SA Series A | 22,105 | $ 110,736 | |
Banco Pastor SA (Reg.) | 4,743 | 104,534 | |
Recoletos Grupo de Comunicacion SA | 21,987 | 127,846 | |
TOTAL SPAIN | 343,116 | ||
Sweden - 1.2% | |||
Hexagon AB (B Shares) | 4,774 | 86,645 | |
Karo Bio AB (a) | 2,456 | 8,433 | |
Micronic Laser Systems AB (a) | 5,904 | 25,702 | |
Munters AB | 8,189 | 167,704 | |
ORC Software AB | 17,989 | 108,094 | |
Sectra AB (B Shares) | 29,120 | 135,698 | |
TOTAL SWEDEN | 532,276 | ||
Switzerland - 3.8% | |||
Actelion Ltd. (Reg.) (a) | 2,890 | 185,319 | |
Belimo Holding AG (Reg.) | 1,418 | 387,374 | |
Centerpulse AG (Reg.) (a) | 4,186 | 916,383 | |
Nobel Biocare Holding AG (Switzerland) | 1,004 | 55,597 | |
Temenos Group AG (a) | 108,457 | 144,140 | |
TOTAL SWITZERLAND | 1,688,813 | ||
United Kingdom - 22.4% | |||
AFA Systems PLC (a) | 147,242 | 35,934 | |
Amlin PLC | 138,052 | 262,900 | |
Ask Central PLC | 39,575 | 78,215 | |
Atkins (WS) PLC | 136,578 | 453,524 | |
Atrium Underwriting PLC (a) | 182,710 | 372,798 | |
Autonomy Corp. PLC (a) | 34,696 | 89,949 | |
Beazley Group PLC | 35,000 | 51,810 | |
Boosey & Hawkes PLC (a) | 99,605 | 219,172 | |
Brown & Jackson PLC (a) | 11,227 | 14,014 | |
Carphone Warehouse Group PLC (a) | 144,261 | 140,825 | |
Charles Taylor Consulting PLC | 24,083 | 93,074 | |
Chime Communications PLC | 763,809 | 210,851 | |
Computacenter PLC | 58,834 | 269,746 | |
CSS Stellar PLC | 46,500 | 42,416 | |
De La Rue PLC | 29,741 | 109,229 | |
Dicom Group PLC | 15,291 | 89,316 | |
easyJet PLC (a) | 28,615 | 86,548 | |
First Choice Holidays PLC | 84,808 | 127,575 | |
Flomerics Group PLC | 280,583 | 242,469 | |
French Connection Group PLC | 3,363 | 61,353 | |
Future Network PLC (a) | 132,560 | 118,796 | |
Games Workshop Group PLC | 21,918 | 180,112 | |
Gresham Computing PLC (a) | 9,900 | 13,902 | |
Gyrus Group PLC (a) | 82,083 | 262,058 | |
Hardy Underwriting Group PLC | 68,301 | 239,372 | |
Highbury House Communications PLC | 853,947 | 232,317 | |
Hornby PLC | 16,573 | 148,522 | |
Integrated Dental Holdings PLC | 33,843 | 17,060 | |
Intercontinental Hotels Group PLC (a) | 38,795 | 235,918 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
United Kingdom - continued | |||
Interior Services Group PLC | 41,275 | $ 85,868 | |
KBC Advanced Technologies PLC | 107,708 | 49,124 | |
Kiln PLC | 23,571 | 32,251 | |
Lambert Howarth Group PLC | 304,305 | 857,084 | |
Lawrence PLC | 213,078 | 639,354 | |
London Stock Exchange PLC | 19,888 | 103,437 | |
Luminar PLC | 14,770 | 84,146 | |
Medisys PLC (a) | 1,114,047 | 245,136 | |
Merchant Retail Group PLC | 42,165 | 81,647 | |
MyTravel Group PLC | 517,228 | 91,049 | |
Oystertec PLC (a) | 1,846,522 | 295,499 | |
Pace Micro Technology PLC | 158,774 | 85,119 | |
Pendragon PLC | 34,000 | 180,914 | |
Premier Farnell PLC | 1,661 | 5,462 | |
QA PLC (a) | 2,392,862 | 201,038 | |
RM PLC | 2,607 | 4,693 | |
Safeway PLC | 1,857 | 8,083 | |
Sanctuary Group PLC | 544,928 | 298,677 | |
Sherwood International PLC | 15,366 | 23,975 | |
Shire Pharmaceuticals Group PLC (a) | 15,208 | 97,836 | |
Signet Group PLC | 21,286 | 28,614 | |
SkyePharma PLC (a) | 230,380 | 182,495 | |
Sportingbet PLC (a) | 62,500 | 28,505 | |
SSL International PLC | 10,909 | 37,970 | |
Staffware PLC | 18,766 | 111,116 | |
Stanley Leisure PLC | 24,739 | 108,080 | |
Sygen International PLC | 365,643 | 257,461 | |
Synstar PLC (a) | 568,571 | 539,106 | |
Ted Baker PLC | 34,690 | 126,850 | |
The Game Group PLC | 131,597 | 100,032 | |
Thistle Hotels PLC | 88,891 | 183,505 | |
Tibbett & Britten Group PLC | 9,244 | 62,871 | |
Vernalis Group PLC (a) | 107,568 | 68,856 | |
Wellington Underwriting PLC (a) | 55,543 | 76,886 | |
TOTAL UNITED KINGDOM | 9,882,514 | ||
United States of America - 0.7% | |||
ActivCard Corp. (a) | 20,066 | 189,624 | |
Resmed, Inc. unit (a) | 33,871 | 122,258 | |
TOTAL UNITED STATES OF AMERICA | 311,882 | ||
TOTAL COMMON STOCKS (Cost $37,116,404) | 40,700,680 | ||
Nonconvertible Preferred Stocks - 0.7% | |||
Germany - 0.1% | |||
Fresenius Medical Care AG | 1,550 | 55,289 | |
Italy - 0.6% | |||
Telecom Italia Spa Risp (non-vtg.) | 50,458 | 247,806 | |
TOTAL NONCONVERTIBLE PREFERRED (Cost $275,994) | 303,095 |
Convertible Bonds - 0.2% | ||||
Principal | Value | |||
United Kingdom - 0.2% | ||||
MyTravel Group PLC 5.75% 1/5/04 | GBP | 178,896 | $ 77,298 |
Money Market Funds - 15.5% | |||
Shares | |||
Fidelity Cash Central Fund, 1.29% (b) | 2,856,356 | 2,856,356 | |
Fidelity Securities Lending Cash Central Fund, 1.3% (b) | 4,020,025 | 4,020,025 | |
TOTAL MONEY MARKET FUNDS (Cost $6,876,381) | 6,876,381 | ||
TOTAL INVESTMENT PORTFOLIO - 108.5% (Cost $44,477,412) | 47,957,454 | ||
NET OTHER ASSETS - (8.5)% | (3,771,880) | ||
NET ASSETS - 100% | $ 44,185,574 |
Currency Abbreviations | ||
GBP | - | British pound |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request. |
Other Information |
Purchases and sales of securities, other than short-term securities, aggregated $50,586,085 and $16,148,500, respectively. |
The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $120 for the period. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
April 30, 2003 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $3,828,030) (cost $44,477,412) - See accompanying schedule | $ 47,957,454 | |
Foreign currency held at value (cost $342,030) | 343,125 | |
Receivable for investments sold | 1,001,041 | |
Receivable for fund shares sold | 265,496 | |
Dividends receivable | 204,287 | |
Interest receivable | 7,298 | |
Redemption fees receivable | 86 | |
Prepaid expenses | 10,489 | |
Other receivables | 7,460 | |
Total assets | 49,796,736 | |
Liabilities | ||
Payable for investments purchased | $ 1,138,287 | |
Payable for fund shares redeemed | 383,934 | |
Accrued management fee | 31,643 | |
Other payables and accrued expenses | 37,273 | |
Collateral on securities loaned, at value | 4,020,025 | |
Total liabilities | 5,611,162 | |
Net Assets | $ 44,185,574 | |
Net Assets consist of: | ||
Paid in capital | $ 40,754,633 | |
Undistributed net investment income | 254,194 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (303,256) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 3,480,003 | |
Net Assets, for 3,856,794 shares outstanding | $ 44,185,574 | |
Net Asset Value, offering price and redemption price per share ($44,185,574 ÷ 3,856,794 shares) | $ 11.46 |
Statement of Operations
Six months ended April 30, 2003 (Unaudited) | ||
Investment Income | ||
Dividends | $ 403,323 | |
Special Dividends | 58,925 | |
Interest | 66,718 | |
Security lending | 9,415 | |
538,381 | ||
Less foreign taxes withheld | (41,073) | |
Total income | 497,308 | |
Expenses | ||
Management fee | $ 121,134 | |
Transfer agent fees | 34,073 | |
Accounting and security lending fees | 30,154 | |
Non-interested trustees' compensation | 44 | |
Custodian fees and expenses | 82,467 | |
Registration fees | 20,980 | |
Audit | 18,238 | |
Legal | 25 | |
Miscellaneous | 16 | |
Total expenses before reductions | 307,131 | |
Expense reductions | (66,137) | 240,994 |
Net investment income (loss) | 256,314 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities | (280,274) | |
Foreign currency transactions | (14,969) | |
Total net realized gain (loss) | (295,243) | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 3,477,602 | |
Assets and liabilities in foreign currencies | 115 | |
Total change in net unrealized appreciation (depreciation) | 3,477,717 | |
Net gain (loss) | 3,182,474 | |
Net increase (decrease) in net assets resulting from operations | $ 3,438,788 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
International Small Cap
Financial Statements - continued
Statement of Changes in Net Assets
Six months | For the period | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 256,314 | $ (1,766) |
Net realized gain (loss) | (295,243) | 18,692 |
Change in net unrealized appreciation (depreciation) | 3,477,717 | 2,286 |
Net increase (decrease) in net assets resulting from operations | 3,438,788 | 19,212 |
Distributions to shareholders from net realized gain | (27,060) | - |
Share transactions | 47,198,313 | 3,437,639 |
Reinvestment of distributions | 25,785 | - |
Cost of shares redeemed | (9,924,463) | (31,878) |
Net increase (decrease) in net assets resulting from share transactions | 37,299,635 | 3,405,761 |
Redemption fees | 48,600 | 638 |
Total increase (decrease) in net assets | 40,759,963 | 3,425,611 |
Net Assets | ||
Beginning of period | 3,425,611 | - |
End of period (including undistributed net investment income of $254,194 and accumulated net investment loss of $2,120, respectively) | $ 44,185,574 | $ 3,425,611 |
Other Information Shares | ||
Sold | 4,449,239 | 350,328 |
Issued in reinvestment of distributions | 2,491 | - |
Redeemed | (941,852) | (3,412) |
Net increase (decrease) | 3,509,878 | 346,916 |
Financial Highlights
Six months ended | Year ended | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 9.87 | $ 10.00 |
Income from Investment Operations | ||
Net investment income (loss) D | .10 E | (.01) |
Net realized and unrealized gain (loss) | 1.49 | (.12) F |
Total from investment operations | 1.59 | (.13) |
Distributions from net realized gain | (.02) | - |
Redemption fees added to paid in capital D | .02 | - I |
Net asset value, end of period | $ 11.46 | $ 9.87 |
Total Return B,C | 16.33% | (1.30)% |
Ratios to Average Net Assets H | ||
Expenses before expense reductions | 2.24% A | 13.70% A |
Expenses net of voluntary waivers, if any | 1.80% A | 1.80% A |
Expenses net of all reductions | 1.76% A | 1.80% A |
Net investment income (loss) | 1.87% A | (.56)% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ 44,186 | $ 3,426 |
Portfolio turnover rate | 129% A | 85% A |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Investment income per share reflects a special dividend which amounted to $.02 per share. F The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the fund. G For the period September 18, 2002 (commencement of operations) to October 31, 2002. H Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. I Amount represents less than $.01 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2003 (Unaudited)
1. Significant Accounting Policies.
Fidelity Global Balanced Fund, Fidelity International Growth & Income Fund, Fidelity Diversified International Fund, Fidelity Aggressive International Fund, Fidelity Overseas Fund, Fidelity Worldwide Fund and Fidelity International Small Cap Fund (the funds) are funds of Fidelity Investment Trust (the trust). 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. Each fund is authorized to issue an unlimited number of shares. On March 20, 2003, the Board of Trustees of Fidelity International Small Cap Fund approved the creation of additional classes of shares; Class A, Class T, Class B, Class C and Institutional Class shares. Each class will differ with respect to its distribution and service plan, front-end sales load and contingent deferred sales charges. Offering of these new classes of shares commenced on May 27, 2003. Certain funds' investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the funds:
Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. Debt securities for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and electronic data processing techniques. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.
Foreign Currency. Certain funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the funds are 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. Interest income, which includes amortization of premium and accretion of discount on debt securities, as required, is accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), non-interested Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of each applicable fund or are invested in a cross-section of other Fidelity funds, and are marked to market. Deferred amounts remain in the fund until distributed in accordance with the Plan.
Prepaid Expenses. Fidelity Management & Research Company (FMR) bears all organizational expenses of each applicable fund, except for the cost of registering and qualifying new shares for distribution under federal and state securities law. These registration expenses are borne by each applicable fund and amortized over one year.
Income Tax Information and Distributions to Shareholders. Each year each fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Distributions are recorded on the ex-dividend date.
Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
1. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
are primarily due to futures transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), prior period premium and discount on debt securities, market discount, non-taxable dividends, net operating losses, capital loss carryforwards, and losses deferred due to wash sales and futures transactions.
The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows for each fund:
Cost for | Unrealized | Unrealized | Net Unrealized | |
Global Balanced | $ 87,638,941 | $ 7,134,854 | $ (4,179,150) | $ 2,955,704 |
International Growth & Income | 1,053,576,792 | 77,432,470 | (149,545,281) | (72,112,811) |
Diversified International | 8,347,694,030 | 915,082,450 | (765,536,501) | 149,545,949 |
Aggressive International | 330,182,596 | 36,248,955 | (12,890,218) | 23,358,737 |
Overseas | 3,467,285,882 | 288,069,988 | (669,029,263) | (380,959,275) |
Worldwide | 698,397,833 | 52,330,167 | (85,673,083) | (33,342,916) |
International Small Cap | 44,499,531 | 4,985,547 | (1,527,624) | 3,457,923 |
Short-Term Trading (Redemption) Fees. Shares held in Global Balanced, International Growth & Income, Diversified International, Aggressive International, Overseas and Worldwide less than 30 days are subject to a short-term trading fee equal to 1% of the proceeds of the redeemed shares. Shares held in International Small Cap less than 90 days are subject to a short-term trading fee equal to 2% of the proceeds of the redeemed shares. These fees, which are retained by the funds, are accounted for as an addition to paid in capital.
2. Operating Policies.
Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the funds and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. Certain funds may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).
Futures Contracts. Certain funds may use futures contracts to manage their exposure to the stock market and to fluctuations in currency values. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument or hedge other fund investments. Futures contracts involve, to varying degrees, risk of loss in excess of the futures variation margin reflected in each applicable fund's Statement of Assets and Liabilities. The underlying face amount at value of any open futures contracts at period end is shown in each applicable fund's Schedule of Investments under the caption Futures Contracts. This amount reflects each contract's exposure to the underlying instrument at period end. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contracts' terms. Gains (losses) are realized upon the expiration or closing of the futures contracts. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.
Restricted Securities. Certain funds 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 under the captions "Legend" and/or "Other Information" at the end of each applicable fund's Schedule of Investments.
3. Purchases and Sales of Investments.
Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of each applicable fund's Schedule of Investments.
4. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the funds with investment management related services for which the funds pay a monthly management fee.
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
The management fee is the sum of an individual fund fee rate and a group fee rate. The individual fund fee rate is applied to each fund's average net assets. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee for Diversified International, Aggressive International, Overseas and Worldwide is subject to a performance adjustment (up to a maximum ±.20% of each applicable fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on each fund's relative investment performance as compared to an appropriate benchmark index. International Small Cap's performance adjustment will not take effect until September, 2003. Subsequent months will be added until the performance period includes 36 months. Worldwide's performance adjustment took effect in March, 2002. Subsequent months will be added until the performance period includes 36 months. For the period, each fund's annualized management fee rate expressed as a percentage of each fund's average net assets, including the performance adjustment, if applicable, was as follows:
Individual Rate | Group Rate | Total | |
Global Balanced | .45% | .28% | .73%* |
International Growth & Income | .45% | .28% | .73%* |
Diversified International | .45% | .28% | .91%* |
Aggressive International | .45% | .28% | .69%* |
Overseas | .45% | .28% | .60%* |
Worldwide | .45% | .28% | .89%* |
International Small Cap | .60% | .28% | .88%* |
* Annualized
Sales Load. Fidelity Distributors Corporation (FDC), an affiliate of FMR, receives a 1% deferred sales charge upon redemption of the fund shares of International Growth & Income purchased prior to October 12, 1990. The amounts received by FDC, if any, are shown under the caption "Other Information" on the fund's Statement of Operations.
Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the funds' transfer, dividend disbursing and shareholder servicing agent. FSC receives account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of all shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:
Global Balanced | .30%* | | |
International Growth & Income | .32%* | |
Diversified International | .31%* | |
Aggressive International | .36%* | |
Overseas | .34%* | |
Worldwide | .32%* | |
International Small Cap | .25%* |
* Annualized
Accounting and Security Lending Fees. FSC maintains each fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.
Central Funds. The funds may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the funds are recorded as income in the accompanying financial statements. Distributions from the Central Funds are noted in the table below:
Income | ||
Global Balanced | $ 34,858 | |
International Growth & Income | 497,730 | |
Diversified International | 2,450,209 | |
Aggressive International | 221,827 | |
Overseas | 1,028,316 | |
Worldwide | 79,158 | |
International Small Cap | 5,316 |
Brokerage Commissions. Certain funds placed a portion of their portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of each applicable fund's Schedule of Investments.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Committed Line of Credit.
Certain funds participate with other funds managed by FMR in a $3.5 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 funds have agreed to pay commitment fees on their pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.
6. Security Lending.
Certain funds lend portfolio securities from time to time in order to earn additional income. Each applicable 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 funds and any additional required collateral is delivered to the funds on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on each applicable fund's Statement of Assets and Liabilities.
7. Expense Reductions.
FMR agreed to reimburse certain funds to the extent operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.
Expense | Reimbursement | |
International Small Cap | 1.80% | $ 61,179 |
Many of the brokers with whom FMR places trades on behalf of certain funds provided services to these funds in addition to trade execution. These services included payments of expenses on behalf of each applicable fund. In addition, through arrangements with each applicable fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce each applicable fund's expenses. All of the applicable expense reductions are noted in the table below.
Directed | Custody | Transfer Agent | |
Global Balanced | $ 10,200 | $ - | $ - |
International Growth & Income | 109,079 | 1,058 | 4,763 |
Diversified International | 783,078 | 1,623 | 43,407 |
Aggressive International | 74,541 | 65 | - |
Overseas | 444,127 | 1,837 | 15,088 |
Worldwide | 121,962 | - | 2,464 |
International Small Cap | 4,958 | - | - |
8. Transactions with Affiliated Companies.
An affiliated company is a company which the fund has ownership of at least 5% of the voting securities. Information regarding transactions with affiliated companies is included in "Other Information" at the end of each applicable fund's Schedule of Investments.
9. Other Information.
At the end of the period, FMR or its affiliates were owners of record of more than 10% of the outstanding shares of the following funds:
Affiliated % | Number of Unaffiliated | Unaffiliated | |
International Small Cap | 30% | - | - |
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 (Far East) Inc.
Fidelity International Investment Advisors
Fidelity International Investment Advisors
(U.K.) Limited
Fidelity Investments Japan Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Shareholder
Servicing Agent
Fidelity Service Company, Inc.
Boston, MA
Custodians
Brown Brothers Harriman & Co.
Boston, MA
Global Balanced Fund
JPMorgan Chase Bank
New York, NY
Aggressive International Fund, Diversified International Fund, International Growth & Income Fund, Overseas Fund, Worldwide Fund
Mellon Bank
Pittsburgh, PA
International Small Cap Fund
Fidelity's International Equity Funds
Aggressive International Fund
Canada Fund
China Region Fund
Diversified International Fund
Emerging Markets Fund
Europe Fund
Europe Capital Appreciation Fund
Global Balanced Fund
International Growth & Income Fund
International Small Cap Fund
Japan Fund
Japan Smaller Companies Fund
Latin America Fund
Nordic Fund
Overseas Fund
Pacific Basin Fund
Southeast Asia Fund
Worldwide Fund
Corporate Headquarters
82 Devonshire Street
Boston, MA 02109
1-800-544-8888
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®) (automated graphic) 1-800-544-5555
(automated graphic) Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
IBD-USAN-0603
1.784910.100
Printed on Recycled Paper
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. Reserved
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Reserved
Item 9. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Investment Trust disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Fidelity Investment 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 were no significant changes in Fidelity Investment Trust internal controls or in other factors that could significantly affect these controls subsequent to the date of the evaluation referenced in (a)(i) above.
Item 10. Exhibits
(a) | Not applicable. | |
(b) | (1) | Certification pursuant to Rule 30a-2 under the Investment Company Act of 1940 (17 CFR 270.30a-2) attached hereto as Exhibit 99.CERT. |
(2) | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 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 Investment Trust
By: | /s/Maria Dwyer |
Maria Dwyer | |
President and Treasurer | |
Date: | June 30, 2003 |
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/Maria Dwyer |
Maria Dwyer | |
President and Treasurer | |
Date: | June 30, 2003 |
By: | /s/Timothy F. Hayes |
Timothy F. Hayes | |
Chief Financial Officer | |
Date: | June 30, 2003 |