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: 811-05888
SMALLCAP World Fund, Inc.
(Exact Name of Registrant as Specified in Charter)
333 South Hope Street
Los Angeles, California 90071
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (213) 486-9200
Date of fiscal year end: September 30
Date of reporting period: March 31, 2008
Chad L. Norton
Capital Research and Management Company
333 South Hope Street
Los Angeles, California 90071
(Name and Address of Agent for Service)
Copies to:
Mark D. Perlow
Kirkpatrick & Lockhart Preston Gates Ellis LLP
55 Second Street, Suite 1700
San Francisco, California 94105
(Counsel for the Registrant)
ITEM 1 – Reports to Stockholders
[logo - American Funds®]
The right choice for the long term®
SMALLCAP World Fund
[photo – rows of globes]
Semi-annual report for the six months ended March 31, 2008
SMALLCAP World Fund® seeks long-term growth of capital through investments in smaller companies in the United States and around the world.
This fund is one of the 30 American Funds. American Funds is one of the nation’s largest mutual fund families. For more than 75 years, Capital Research and Management Company,SM the American Funds adviser, has invested with a long-term focus based on thorough research and attention to risk.
Fund results shown in this report, unless otherwise indicated, are for Class A shares at net asset value. If a sales charge (maximum 5.75%) had been deducted, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity. For current information and month-end results, visit americanfunds.com.
Here are the average annual total returns on a $1,000 investment with all distributions reinvested for periods ended March 31, 2008:
Class A shares | 1 year | 5 years | 10 years | |||||||||
Reflecting 5.75% maximum sales charge | –7.35 | % | 21.24 | % | 7.01 | % |
The total annual fund operating expense ratio for Class A shares as of the most recent fiscal year-end was 1.04%. This figure does not reflect a fee waiver currently in effect; therefore, the actual expense ratio is lower.
The fund’s investment adviser waived 5% of its management fees from September 1, 2004, through March 31, 2005, and increased the waiver to 10% on April 1, 2005. Fund results shown reflect actual expenses, with the waiver applied. Fund results would have been lower without the waiver. Please see the Financial Highlights table on pages 26 to 29 for details.
Results for other share classes can be found on page 32.
Investing outside the United States may be subject to additional risks, such as currency fluctuations and political instability, which are detailed in the fund’s prospectus. Investing in small-capitalization stocks can involve greater risk than is customarily associated with investing in stocks of larger, more established companies.
Fellow shareholders:
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SMALLCAP World Fund suffered amid turbulent markets in the United States and around the world during the first six months of its fiscal year. In a global downturn that battered most equity markets, the fund was down 14.4% for the six months ended March 31, 2008. The fund’s result includes a reinvested dividend of $0.76 per share and capital gain distribution of $4.17 per share. For the year ended March 31, 2008, the fund’s result was –1.7%, comparing favorably to the –7.3% return of the Lipper Global Small-Cap Funds Average and the –5.1% return of the unmanaged S&P/Citigroup Global Index over the same period, as shown in the table below.
[Begin Sidebar]
Results at a glance
For periods ended March 31, 2008, with all distributions reinvested
Total returns | Average annual total returns | |||||||||||||||||||
Lifetime | ||||||||||||||||||||
(since | ||||||||||||||||||||
6 months | 1 year | 5 years | 10 years | 4/30/90) | ||||||||||||||||
SMALLCAP World Fund | ||||||||||||||||||||
(Class A shares) | –14.4 | % | –1.7 | % | 22.7 | % | 7.6 | % | 11.1 | % | ||||||||||
S&P/Citigroup | ||||||||||||||||||||
Global/World Indexes | –12.6 | –5.1 | 23.2 | 9.3 | 9.9 | |||||||||||||||
Lipper Global Small-Cap | ||||||||||||||||||||
Funds Average | –14.5 | –7.3 | 20.6 | 8.7 | 11.0 |
All market indexes cited in this report are unmanaged and their results include reinvestment of all distributions. Returns for the S&P/Citigroup Global/World Indexes reflect a combination of two S&P/Citigroup Global indexes and two S&P/Citigroup World indexes that corresponds to the market capitalization ranges used by the fund during comparable periods. The S&P/Citigroup Global indexes, which track publicly traded stocks around the world with market capitalizations less than $3 billion and less than $2 billion, were used from May 2006 to the present and May 2004 to April 2006, respectively. These indexes better reflect the fund’s investments in developing countries during this period. The S&P/Citigroup World indexes, which only include stocks in developed countries and reflect market capitalizations less than $1.5 billion and less than $1.2 billion, were used from 2000 to April 2004 and from 1990 to 1999, respectively.
[End Sidebar]
Continued volatility
As we cautioned in our last few reports, markets are cyclical in nature. After several years of strong returns for SMALLCAP World Fund, the fund’s holdings were not immune from recent sharp market gyrations. It was not only small-cap companies that suffered; credit difficulties in global markets hurt most asset classes, from municipal bonds to small-cap equities. The negative returns reflected investor fears of a U.S. recession that could spread to impact global growth, concerns about rising inflation driven by higher commodity and energy costs, and worries over the unfolding global credit crunch.
After a brief positive start to the fund’s fiscal year in October, the market struggled for the duration of the six-month period. The rapidly developing liquidity crunch, which had been sparked by the subprime mortgage crisis, continued to impact financial markets. Stocks pulled back dramatically as the full extent of losses at financial companies and the possibility of further economic weakness came into focus. The Federal Reserve stepped in aggressively to bolster market liquidity — lowering interest rates and dramatically expanding its lending facilities. The Fed reduced the benchmark federal funds rate five times in the six-month period, cutting the rate from 4.75% to 2.25%. The softening of the economy and pressure on credit was further exacerbated by a simultaneous weakening of the U.S. dollar.
Portfolio review
Most sectors felt the pain; in fact, nine out of the fund’s largest 10 holdings fell. The financial and consumer discretionary industries had a particularly difficult period. Banks, which made up more than 6.4% of the fund, suffered, including the fund’s fourth-largest holding, Pusan Bank (–31.7%), and its seventh-largest holding, Daegu Bank (–27.4%), both based in South Korea; as well as Indiabulls Financial Services (–30.3%) and Kotak Mahindra Bank (–32.3%), both based in India. Other financial sectors, including mortgage finance companies, fared poorly as well. The consumer discretionary industry, which was SMALLCAP’s largest group at 17.4% of the fund, was weak. This included the fund’s sixth-largest holding, Greek toy retailer Jumbo (–11.9%); ninth-largest holding, Greek household goods seller Fourlis (–12.9%); and U.S.-based sportswear maker lululemon athletica (–32.4%).
[Begin Sidebar]
Where are SMALLCAP’s holdings located?
[begin pie chart]
As of March 31, 2008 | Percent of net assets | |||
United States | 31.3 | % | ||
Asia & Pacific Basin | 30.6 | |||
Europe | 21.0 | |||
Other (including Canada & Latin America) | 7.4 | |||
Short-term securities & other assets less liabilities | 9.7 |
[end pie chart]
[begin pie chart]
As of September 30, 2007 | Percent of net assets | |||
United States | 32.3 | % | ||
Asia & Pacific Basin | 32.0 | |||
Europe | 19.4 | |||
Other (including Canada & Latin America) | 8.5 | |||
Short-term securities & other assets less liabilities | 7.8 |
[end pie chart]
[End Sidebar]
A few sectors escaped the downturn, including energy, which made up 5.9% of the fund. Oil production company Concho Resources (+73.1%) and oil and gas producer Quicksilver Resources (+55.3%), both U.S.-based, were some of the highlights. Pacific Rubiales Energy, a Canadian-based crude oil producer, rose 99.2% (albeit a smaller holding in the fund). Not all energy stocks did well; that was the case for Canada’s OPTI Canada (–10.2%), the fund’s largest holding, and Oilexco (–9.7%), the fund’s eighth-largest holding. The metals and mining industry was also a bright spot. Advanced Metallurgical Group, the Netherlands-based specialty metals company that was the fund’s fifth-largest holding, rose 47.6% in the six months. Canada’s Eastern Platinum, which mines platinum in South Africa, was up 38.6%, and Central African Mining & Exploration, a cobalt producer headquartered in London, rose 99.7%. We ended the period with nearly 10% of the fund’s net assets in cash, so the fund could be in a good position when the right opportunities surface.
Looking ahead
We do not yet know the full scope of the market downturn, and we believe it will take time for all the ramifications of the credit crisis to work through the global financial system. However, we maintain a long-term focus despite short-term market troubles. Although the issues plaguing the market today will likely continue to have implications in the years ahead, we believe these issues also have created significant opportunities. Many small-cap companies with strong business models and excellent financials are now trading at attractive valuation levels. We believe the current environment should prove to be fertile ground for the patient, long-term investor.
We continue to use a disciplined, long-term strategy for the fund, and we urge you to keep a long-term view of your investments as well in these difficult market times.
Cordially,
/s/ Gordon Crawford
Gordon Crawford
Gordon Crawford
Vice Chairman
/s/ Gregory W. Wendt
Gregory W. Wendt
President
President
May 8, 2008
For current information about the fund, visit americanfunds.com.
Summary investment portfolio March 31, 2008
unaudited
[begin pie chart]
Industry sector diversification | Percent of net assets | |||
Consumer discretionary | 17.41 | % | ||
Industrials | 17.28 | |||
Financials | 11.41 | |||
Information technology | 11.20 | |||
Health care | 9.80 | |||
Other industries | 23.14 | |||
Short-term securities & other assets less liabilities | 9.68 | |||
Bonds & notes | 0.08 |
[end pie chart]
Country diversification (percent of net assets) | ||||
United States | 31.3 | % | ||
Euro zone (*) | 11.2 | |||
South Korea | 5.4 | |||
United Kingdom | 5.1 | |||
India | 4.2 | |||
Canada | 4.1 | |||
Hong Kong | 3.6 | |||
Australia | 3.5 | |||
Japan | 3.0 | |||
Singapore | 2.5 | |||
Other countries | 16.4 | |||
Short-term securities & other assets less liabilities | 9.7 | |||
(*)Countries using the euro as a common currency; those represendted in the fund's portfolio are Austria, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Slovenia and Spain. |
Shares | Market | Percent | ||||||||||
value | of net | |||||||||||
Common stocks - 90.05% | (000 | ) | assets | |||||||||
Consumer discretionary - 17.41% | ||||||||||||
Jumbo SA (1) (2) | 4,844,956 | $ | 145,897 | .65 | % | |||||||
Fourlis (1) (2) | 4,074,000 | 133,304 | .59 | |||||||||
Schibsted ASA (1) (2) | 4,234,850 | 127,225 | .56 | |||||||||
Nitori Co., Ltd. (1) | 2,184,600 | 124,372 | .55 | |||||||||
Central European Media Enterprises Ltd., Class A (3) | 1,403,500 | 119,620 | .53 | |||||||||
Lojas Renner SA, ordinary nominative | 5,950,000 | 112,476 | .50 | |||||||||
lululemon athletica inc. (2) (3) | 3,668,414 | 104,293 | .46 | |||||||||
Praktiker Bau- und Heimwerkermärkte Holding AG (1) (2) | 3,843,883 | 102,670 | .45 | |||||||||
Kuoni Reisen Holding AG, Class B (1) (2) | 165,134 | 91,681 | .40 | |||||||||
Saks Inc. (3) | 6,507,500 | 81,149 | .36 | |||||||||
Lions Gate Entertainment Corp. (2) (3) | 8,250,000 | 80,437 | .36 | |||||||||
Rightmove PLC (1) (2) | 7,757,657 | 75,305 | .33 | |||||||||
Billabong International Ltd. (1) | 6,263,500 | 74,789 | .33 | |||||||||
CarMax, Inc. (3) | 3,800,000 | 73,796 | .33 | |||||||||
Nishimatsuya Chain Co., Ltd. (1) (2) | 5,562,000 | 67,126 | .30 | |||||||||
Cyrela Brazil Realty SA, ordinary nominative | 5,000,000 | 65,677 | .29 | |||||||||
Cheil Industries Inc. (1) | 1,300,000 | 63,363 | .28 | |||||||||
Other securities | 2,290,047 | 10.14 | ||||||||||
3,933,227 | 17.41 | |||||||||||
Industrials - 17.28% | ||||||||||||
Samsung Engineering Co., Ltd. (1) | 1,812,640 | 168,622 | .75 | |||||||||
Downer EDI Ltd. (1) (2) | 22,074,889 | 127,105 | .56 | |||||||||
Container Corp. of India Ltd. (1) | 2,891,794 | 124,814 | .55 | |||||||||
BayWa AG (1) (2) | 1,849,985 | 109,953 | .49 | |||||||||
Michael Page International PLC (1) (2) | 17,941,190 | 107,589 | .48 | |||||||||
MSC Industrial Direct Co., Inc., Class A | 2,106,000 | 88,978 | .39 | |||||||||
Kaba Holding AG (1) (2) | 250,800 | 84,667 | .37 | |||||||||
SIA Engineering Co. Ltd. (1) | 28,405,000 | 81,580 | .36 | |||||||||
Aalberts Industries NV (1) | 3,651,000 | 78,047 | .35 | |||||||||
ELLINIKI TECHNODOMIKI TEB SA (1) | 6,153,000 | 75,482 | .33 | |||||||||
LS Industrial Systems Co., Ltd. (1) | 1,149,660 | 71,636 | .32 | |||||||||
IVRCL Infrastructures & Projects Ltd. (1) | 6,629,316 | 67,772 | .30 | |||||||||
Murray & Roberts Holdings Ltd. (1) | 5,660,746 | 66,681 | .30 | |||||||||
Actuant Corp., Class A | 2,150,000 | 64,951 | .29 | |||||||||
Boart Longyear Ltd. (1) (4) | 33,000,000 | 55,371 | ||||||||||
Boart Longyear Ltd. (1) | 4,730,926 | 7,938 | .28 | |||||||||
Other securities | 2,523,043 | 11.16 | ||||||||||
3,904,229 | 17.28 | |||||||||||
Financials - 11.41% | ||||||||||||
Pusan Bank (1) (2) | 11,726,500 | 147,095 | .65 | |||||||||
Daegu Bank, Ltd. (1) (2) | 10,570,000 | 142,142 | .63 | |||||||||
Indiabulls Real Estate Ltd. (1) (3) | 7,209,778 | 88,495 | .39 | |||||||||
MCB Bank Ltd. (1) | 13,099,742 | 86,984 | .39 | |||||||||
Kotak Mahindra Bank Ltd. (1) | 5,493,262 | 86,465 | .38 | |||||||||
Dolphin Capital Investors Ltd. (1) (2) (3) | 31,123,920 | 81,821 | .36 | |||||||||
Dah Sing Financial Holdings Ltd. (1) | 11,174,600 | 73,776 | .33 | |||||||||
Other securities | 1,870,601 | 8.28 | ||||||||||
2,577,379 | 11.41 | |||||||||||
Information technology - 11.20% | ||||||||||||
Kingboard Chemical Holdings Ltd. (1) (2) | 49,934,200 | 178,035 | .79 | |||||||||
Tripod Technology Corp. (1) (2) | 34,375,108 | 117,028 | .52 | |||||||||
Novell, Inc. (2) (3) | 17,978,000 | 113,082 | .50 | |||||||||
SkillSoft PLC (ADR) (2) (3) | 7,225,000 | 75,646 | .33 | |||||||||
Other securities | 2,045,931 | 9.06 | ||||||||||
2,529,722 | 11.20 | |||||||||||
Health care - 9.80% | ||||||||||||
ResMed Inc (3) | 2,983,200 | 125,831 | ||||||||||
ResMed Inc (CDI) (1) (3) | 1,500,000 | 6,223 | .58 | |||||||||
Integra LifeSciences Holdings Corp. (2) (3) | 2,065,377 | 89,782 | .40 | |||||||||
American Medical Systems Holdings, Inc. (2) (3) | 5,370,000 | 76,200 | .34 | |||||||||
Gerresheimer AG, non-registered shares (1) (3) | 1,435,000 | 72,211 | .32 | |||||||||
Grifols, SA (1) | 2,706,125 | 71,235 | .31 | |||||||||
ArthroCare Corp. (2) (3) | 2,070,000 | 69,035 | .31 | |||||||||
Beckman Coulter, Inc. | 997,500 | 64,389 | .28 | |||||||||
Hikma Pharmaceuticals PLC (1) | 6,769,153 | 63,356 | .28 | |||||||||
Other securities | 1,576,348 | 6.98 | ||||||||||
2,214,610 | 9.80 | |||||||||||
Energy - 5.85% | ||||||||||||
OPTI Canada Inc. (2) (3) | 14,849,000 | 250,061 | ||||||||||
OPTI Canada Inc. (2) (3) (4) | 420,000 | 7,073 | 1.14 | |||||||||
Oilexco Inc. (3) | 6,808,600 | 89,009 | ||||||||||
Oilexco Inc. (GBP denominated) (1) (3) (4) | 2,900,000 | 38,067 | ||||||||||
Oilexco Inc. (3) (4) | 520,000 | 6,798 | .59 | |||||||||
Concho Resources Inc. (2) (3) | 4,929,120 | 126,383 | .56 | |||||||||
Quicksilver Resources Inc. (3) | 3,011,500 | 110,010 | .48 | |||||||||
Banpu PCL (1) | 6,951,700 | 92,744 | .41 | |||||||||
Straits Asia Resources Ltd. (1) | 37,066,000 | 88,029 | .39 | |||||||||
Heritage Oil Corp. (2) (3) | 1,564,900 | 78,572 | .35 | |||||||||
Other securities | 435,908 | 1.93 | ||||||||||
1,322,654 | 5.85 | |||||||||||
Materials - 5.01% | ||||||||||||
AMG Advanced Metallurgical Group NV (1) (2) (3) | 1,823,000 | 147,004 | .65 | |||||||||
Peter Hambro Mining PLC (1) (3) | 2,676,000 | 68,493 | .30 | |||||||||
Other securities | 917,069 | 4.06 | ||||||||||
1,132,566 | 5.01 | |||||||||||
Consumer staples - 3.57% | ||||||||||||
Bare Escentuals, Inc. (2) (3) | 4,744,400 | 111,114 | .49 | |||||||||
Lindt & Sprüngli AG, participation certificate (1) | 19,166 | 63,706 | .28 | |||||||||
Other securities | 631,222 | 2.80 | ||||||||||
806,042 | 3.57 | |||||||||||
Telecommunication services - 1.85% | ||||||||||||
Partner Communications Co. Ltd. (1) | 2,835,000 | 63,223 | ||||||||||
Partner Communications Co. Ltd. (ADR) | 125,000 | 2,806 | .29 | |||||||||
Time Warner Telecom Inc., Class A (3) | 4,100,000 | 63,509 | .28 | |||||||||
Other securities | 288,645 | 1.28 | ||||||||||
418,183 | 1.85 | |||||||||||
Utilities - 1.70% | ||||||||||||
Xinao Gas Holdings Ltd. (1) (2) | 51,038,000 | 92,256 | .41 | |||||||||
Other securities | 292,484 | 1.29 | ||||||||||
384,740 | 1.70 | |||||||||||
Miscellaneous - 4.97% | ||||||||||||
Other common stocks in initial period of acquisition | 1,122,148 | 4.97 | ||||||||||
Total common stocks (cost: $18,283,785,000) | 20,345,500 | 90.05 | ||||||||||
Rights & warrants - 0.06% | ||||||||||||
Materials - 0.03% | ||||||||||||
Other securities | 7,190 | .03 | ||||||||||
Energy - 0.02% | ||||||||||||
OPTI Canada Inc., warrants, expire 2008 (1) (2) (3) (4) | 105,000 | 769 | .00 | |||||||||
Other securities | 3,812 | .02 | ||||||||||
4,581 | .02 | |||||||||||
Miscellaneous - 0.01% | ||||||||||||
Other rights & warrants in initial period of acquisition | 2,301 | .01 | ||||||||||
Total rights & warrants (cost: $5,520,000) | 14,072 | .06 | ||||||||||
Convertible securities - 0.13% | ||||||||||||
Other - 0.13% | ||||||||||||
Other securities | 28,951 | .13 | ||||||||||
Total convertible securities (cost: $25,115,000) | 28,951 | .13 | ||||||||||
Bonds & notes - 0.08% | ||||||||||||
Other - 0.08% | ||||||||||||
Other securities | 17,546 | .08 | ||||||||||
Total bonds & notes (cost: $17,187,000) | 17,546 | .08 | ||||||||||
Principal | ||||||||||||
amount | ||||||||||||
Short-term securities - 9.64% | (000 | ) | ||||||||||
Federal Home Loan Bank 2.07%-2.68% due 4/16-6/18/2008 | $ | 239,600 | 238,813 | 1.06 | ||||||||
CBA (Delaware) Finance Inc. 2.88%-3.05% due 4/7-5/30/2008 | 173,000 | 172,358 | .76 | |||||||||
BASF AG 2.20%-3.315% due 4/4-6/26/2008 (5) | 137,200 | 136,721 | .61 | |||||||||
Westpac Banking Corp. 2.70%-4.40% due 4/9-6/5/2008 (5) | 133,800 | 133,405 | .59 | |||||||||
ANZ National (International) Ltd. 2.52%-3.16% due 5/1-6/12/2008 (5) | 122,300 | 121,911 | .54 | |||||||||
Danske Corp. 3.81% due 4/16/2008 (5) | 100,000 | 99,864 | .44 | |||||||||
HSBC USA Inc. 2.73%-3.73% due 4/22-5/28/2008 | 97,100 | 96,814 | .43 | |||||||||
ING (U.S.) Funding LLC 2.77%-3.00% due 4/14-6/12/2008 | 94,300 | 93,957 | .42 | |||||||||
Eksportfinans ASA 2.80%-2.85% due 5/13-5/14/2008 (5) | 92,200 | 91,889 | .41 | |||||||||
American Honda Finance Corp. 2.80%-2.90% due 4/16/-4/23/2008 | 90,300 | 90,155 | .40 | |||||||||
Calyon North America Inc. 3.035%-4.44% due 4/3-4/29/2008 | 84,700 | 84,547 | .37 | |||||||||
Swedish Export Credit Corp. 2.13%-2.78% due 4/25-6/19/2008 | 82,600 | 82,200 | .36 | |||||||||
Allied Irish Banks North America Inc. 4.38% due 4/7/2008 (5) | 77,800 | 77,753 | .34 | |||||||||
Royal Bank of Scotland PLC 2.96%-4.52% due 4/28-5/8/2008 | 73,500 | 73,307 | .33 | |||||||||
Other securities | 583,873 | 2.58 | ||||||||||
Total short-term securities (cost: $2,177,306,000) | 2,177,567 | 9.64 | ||||||||||
Total investment securities (cost: $20,508,913,000) | 22,583,636 | 99.96 | ||||||||||
Other assets less liabilities | 8,381 | .04 | ||||||||||
Net assets | $ | 22,592,017 | 100.00 | % | ||||||||
"Miscellaneous" securities include holdings in their initial period of acquisition that have not previously been publicly disclosed. | ||||||||||||
“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. |
Investments in affiliates |
A company is considered to be an affiliate of the fund under the Investment Company Act of 1940 if the |
fund's holdings in that company represent 5% or more of the outstanding voting shares of that company. |
The fund's affiliated holdings listed below are either shown in the preceding summary investment portfolio |
or included in the market value of "Other securities" under their respective industry sectors. Further |
details on these holdings and related transactions during the six months ended March 31, 2008, appear below. |
Beginning shares | Additions | Reductions | Ending shares | Dividend income (000) | Market value of affiliates at 3/31/08 (000) | |||||||||||||||||||
OPTI Canada Inc.(3) | 12,051,600 | 2,797,400 | - | 14,849,000 | $ | - | $ | 250,061 | ||||||||||||||||
OPTI Canada Inc.(3) (4) | 420,000 | - | - | 420,000 | - | 7,073 | ||||||||||||||||||
OPTI Canada Inc., warrants, expire 2008 (1) (3) (4) | 105,000 | - | - | 105,000 | - | 769 | ||||||||||||||||||
Kingboard Chemical Holdings Ltd. (1) | 49,934,200 | - | - | 49,934,200 | - | 178,035 | ||||||||||||||||||
Pusan Bank (1) | 11,726,500 | - | - | 11,726,500 | 5,937 | 147,095 | ||||||||||||||||||
AMG Advanced Metallurgical Group NV (1) (3) | 1,456,000 | 367,000 | - | 1,823,000 | - | 147,004 | ||||||||||||||||||
Jumbo SA (1) | 4,844,956 | - | - | 4,844,956 | 2,225 | 145,897 | ||||||||||||||||||
Daegu Bank, Ltd. (1) | 10,570,000 | - | - | 10,570,000 | 5,634 | 142,142 | ||||||||||||||||||
Fourlis (1) | 4,074,000 | - | - | 4,074,000 | - | 133,304 | ||||||||||||||||||
Schibsted ASA (1) | 3,138,000 | 1,096,850 | - | 4,234,850 | - | 127,225 | ||||||||||||||||||
Downer EDI Ltd. (1) | 15,773,919 | 6,300,970 | - | 22,074,889 | 2,410 | 127,105 | ||||||||||||||||||
Concho Resources Inc.(3) | 2,161,240 | 2,767,880 | - | 4,929,120 | - | 126,383 | ||||||||||||||||||
Tripod Technology Corp. (1) | 28,477,108 | 5,898,000 | - | 34,375,108 | - | 117,028 | ||||||||||||||||||
Novell, Inc.(3) | 17,978,000 | - | - | 17,978,000 | - | 113,082 | ||||||||||||||||||
Bare Escentuals, Inc.(3) | 2,124,300 | 3,055,000 | 434,900 | 4,744,400 | - | 111,114 | ||||||||||||||||||
BayWa AG (1) | 1,892,790 | 331,744 | 374,549 | 1,849,985 | - | 109,953 | ||||||||||||||||||
Michael Page International PLC (1) | 8,771,190 | 9,170,000 | - | 17,941,190 | - | 107,589 | ||||||||||||||||||
lululemon athletica inc.(3) (6) | 2,698,000 | 970,414 | - | 3,668,414 | - | 104,293 | ||||||||||||||||||
Praktiker Bau- und Heimwerkermärkte Holding AG (1) | 2,748,983 | 1,094,900 | - | 3,843,883 | - | 102,670 | ||||||||||||||||||
Xinao Gas Holdings Ltd. (1) | 56,438,000 | - | 5,400,000 | 51,038,000 | - | 92,256 | ||||||||||||||||||
Kuoni Reisen Holding AG, Class B (1) | 43,309 | 121,825 | - | 165,134 | - | 91,681 | ||||||||||||||||||
Integra LifeSciences Holdings Corp.(3) | 1,578,000 | 645,000 | 157,623 | 2,065,377 | - | 89,782 | ||||||||||||||||||
Kaba Holding AG (1) | 107,000 | 143,800 | - | 250,800 | 758 | 84,667 | ||||||||||||||||||
Dolphin Capital Investors Ltd. (1) (3) | 32,021,860 | 1,935,000 | 2,832,940 | 31,123,920 | - | 81,821 | ||||||||||||||||||
Lions Gate Entertainment Corp.(3) | 7,728,500 | 521,500 | - | 8,250,000 | - | 80,437 | ||||||||||||||||||
Heritage Oil Corp.(3) | - | 1,564,900 | - | 1,564,900 | - | 78,572 | ||||||||||||||||||
American Medical Systems Holdings, Inc.(3) | 3,725,000 | 1,645,000 | - | 5,370,000 | - | 76,200 | ||||||||||||||||||
SkillSoft PLC (ADR)(3) | 6,450,000 | 775,000 | - | 7,225,000 | - | 75,646 | ||||||||||||||||||
Rightmove PLC (1) | 6,209,450 | 2,398,207 | 850,000 | 7,757,657 | - | 75,305 | ||||||||||||||||||
ArthroCare Corp.(3) | 1,394,000 | 676,000 | - | 2,070,000 | - | 69,035 | ||||||||||||||||||
Nishimatsuya Chain Co., Ltd. (1) | 3,855,500 | 1,706,500 | - | 5,562,000 | 383 | 67,126 | ||||||||||||||||||
Heartland Payment Systems, Inc. | 1,200,000 | 1,495,000 | - | 2,695,000 | 333 | 62,012 | ||||||||||||||||||
Café de Coral Holdings Ltd. (1) | 23,750,000 | 7,800,000 | - | 31,550,000 | 457 | 60,543 | ||||||||||||||||||
Medicis Pharmaceutical Corp., Class A | 3,545,000 | 600,000 | 1,125,000 | 3,020,000 | 193 | 59,464 | ||||||||||||||||||
Blue Nile, Inc.(3) | 1,037,940 | - | - | 1,037,940 | - | 56,204 | ||||||||||||||||||
Andersons, Inc. | 1,000,000 | 247,000 | - | 1,247,000 | 193 | 55,629 | ||||||||||||||||||
Jammu and Kashmir Bank Ltd. (1) | 3,149,500 | - | - | 3,149,500 | - | 53,868 | ||||||||||||||||||
Vital Signs, Inc. | 859,690 | 200,000 | - | 1,059,690 | 210 | 53,673 | ||||||||||||||||||
Ekornes ASA (1) | 2,237,598 | 700,000 | - | 2,937,598 | - | 53,453 | ||||||||||||||||||
ACI Worldwide, Inc.(3) | - | 2,584,000 | - | 2,584,000 | - | 51,473 | ||||||||||||||||||
TK Corp. (1) (3) | 1,580,000 | 79,000 | - | 1,659,000 | - | 50,665 | ||||||||||||||||||
Nakanishi Inc. (1) | 219,800 | 271,300 | - | 491,100 | 258 | 50,569 | ||||||||||||||||||
Resources Connection, Inc.(3) (6) | 900,000 | 1,857,500 | - | 2,757,500 | - | 49,277 | ||||||||||||||||||
Northgate PLC (1) | 2,230,000 | 1,884,822 | - | 4,114,822 | 752 | 46,412 | ||||||||||||||||||
Grontmij NV, depository receipts (1) | 790,000 | 399,213 | - | 1,189,213 | - | 44,518 | ||||||||||||||||||
Pyeong San Co., Ltd. (1) | 1,220,032 | - | 145,032 | 1,075,000 | 57 | 43,861 | ||||||||||||||||||
TradeDoubler AB (1) | 1,820,000 | 300,000 | - | 2,120,000 | - | 43,731 | ||||||||||||||||||
Manila Water Co., Inc. (1) | 35,000,000 | 66,175,600 | - | 101,175,600 | - | 43,604 | ||||||||||||||||||
First Calgary Petroleums Ltd.(3) | 9,048,000 | 1,798,000 | - | 10,846,000 | - | 30,512 | ||||||||||||||||||
First Calgary Petroleums Ltd. (GBP denominated) (1) (3) | 4,800,000 | - | - | 4,800,000 | - | 12,808 | ||||||||||||||||||
Apollo Hospitals Enterprise Ltd. (1) | 3,275,000 | - | - | 3,275,000 | - | 42,046 | ||||||||||||||||||
Genesis Lease Ltd. (ADR) | 2,415,000 | 469,000 | - | 2,884,000 | 2,632 | 41,962 | ||||||||||||||||||
Banyan Tree Holdings Ltd. (1) | 45,405,000 | 4,236,000 | 8,712,000 | 40,929,000 | - | 40,990 | ||||||||||||||||||
Interhyp AG (1) | 454,850 | 73,000 | - | 527,850 | - | 40,333 | ||||||||||||||||||
Kenmare Resources PLC (1) (3) | 39,316,000 | 5,775,000 | - | 45,091,000 | - | 40,170 | ||||||||||||||||||
Kenmare Resources PLC, warrants, expire 2009 | 5,775,000 | - | 5,775,000 | - | - | - | ||||||||||||||||||
Honeys Co., Ltd. (1) | 1,725,000 | 493,000 | - | 2,218,000 | - | 37,880 | ||||||||||||||||||
SonoSite, Inc.(3) | 93,819 | 1,237,281 | - | 1,331,100 | - | 37,843 | ||||||||||||||||||
Trinity Ltd. (1) (3) (4) | - | 82,337,500 | - | 82,337,500 | - | 37,559 | ||||||||||||||||||
Navitas Ltd. (1) | 21,727,690 | - | - | 21,727,690 | 914 | 36,170 | ||||||||||||||||||
Veeco Instruments Inc.(3) | 1,598,523 | 508,648 | - | 2,107,171 | - | 35,042 | ||||||||||||||||||
Michaniki SA (1) | 4,314,400 | - | 379,400 | 3,935,000 | - | 30,026 | ||||||||||||||||||
Michaniki SA, preference shares (1) | 1,626,276 | - | 754,376 | 871,900 | - | 4,541 | ||||||||||||||||||
Volcano Corp.(3) | 2,436,800 | 308,700 | - | 2,745,500 | - | 34,319 | ||||||||||||||||||
Downey Financial Corp. | 875,000 | 1,350,000 | 400,000 | 1,825,000 | 372 | 33,544 | ||||||||||||||||||
Unitech Corporate Parks PLC (1) (3) | 23,399,700 | - | 4,533,900 | 18,865,800 | - | 32,948 | ||||||||||||||||||
Allscripts Healthcare Solutions, Inc.(3) | 425,000 | 2,575,000 | - | 3,000,000 | - | 30,960 | ||||||||||||||||||
UnionBank of the Philippines (1) | 35,823,500 | - | - | 35,823,500 | - | 30,382 | ||||||||||||||||||
Unisteel Technology Ltd. (1) | 28,607,000 | 3,224,000 | - | 31,831,000 | - | 30,360 | ||||||||||||||||||
Emeco Holdings Ltd. (1) | 28,710,000 | 12,317,381 | - | 41,027,381 | 768 | 30,215 | ||||||||||||||||||
Internet Capital Group, Inc.(3) | 2,600,000 | 269,000 | - | 2,869,000 | - | 30,038 | ||||||||||||||||||
Hung Poo Real Estate Development Corp. (1) | 19,101,120 | - | 2,329,000 | 16,772,120 | - | 29,868 | ||||||||||||||||||
eHealth, Inc. (3) | 866,400 | 405,000 | - | 1,271,400 | - | 28,060 | ||||||||||||||||||
InfoSpace.com, Inc. | 1,294,100 | 1,127,100 | - | 2,421,200 | 2,835 | 28,013 | ||||||||||||||||||
Ipca Laboratories Ltd. (1) | 1,794,000 | - | - | 1,794,000 | 160 | 27,672 | ||||||||||||||||||
Jackson Hewitt Tax Service Inc. | 2,396,000 | - | - | 2,396,000 | 863 | 27,482 | ||||||||||||||||||
Winnebago Industries, Inc. | - | 1,623,000 | - | 1,623,000 | 161 | 27,429 | ||||||||||||||||||
austriamicrosystems AG, non-registered shares (1) (3) | 575,000 | 140,000 | - | 715,000 | - | 27,373 | ||||||||||||||||||
Abaxis, Inc.(3) | - | 1,168,828 | - | 1,168,828 | - | 27,082 | ||||||||||||||||||
Beacon Roofing Supply, Inc.(3) | 2,695,400 | - | - | 2,695,400 | - | 26,954 | ||||||||||||||||||
Houston Wire & Cable Co. | 600,000 | 1,078,900 | - | 1,678,900 | 269 | 26,896 | ||||||||||||||||||
Hutchinson Technology Inc.(3) | 1,286,035 | 400,000 | - | 1,686,035 | - | 26,825 | ||||||||||||||||||
Altra Holdings, Inc.(3) | 1,905,548 | - | - | 1,905,548 | - | 25,630 | ||||||||||||||||||
Regal Petroleum PLC (1) (3) | 7,817,000 | 2,500,000 | - | 10,317,000 | - | 24,975 | ||||||||||||||||||
Peet's Coffee & Tea, Inc.(3) | 1,015,000 | - | - | 1,015,000 | - | 23,863 | ||||||||||||||||||
JVM Co., Ltd. (1) | 506,000 | - | - | 506,000 | 135 | 23,002 | ||||||||||||||||||
I-Flow Corp.(3) | 1,658,800 | - | 86,800 | 1,572,000 | - | 22,055 | ||||||||||||||||||
Halla Engineering & Construction Corp. (1) | 626,000 | - | - | 626,000 | 278 | 21,398 | ||||||||||||||||||
Cougar Biotechnology, Inc. (3) (4) | - | 1,000,000 | - | 1,000,000 | - | 21,000 | ||||||||||||||||||
Infotech Enterprises Ltd. (1) | 3,000,000 | - | - | 3,000,000 | - | 20,998 | ||||||||||||||||||
Mineral Deposits Ltd. (1) (3) | 16,220,000 | - | - | 16,220,000 | - | 14,828 | ||||||||||||||||||
Mineral Deposits Ltd. (CAD denominated) (1) (3) | - | 6,300,000 | - | 6,300,000 | 5,759 | |||||||||||||||||||
Thinkware Systems Corp. (1) (3) | - | 626,120 | - | 626,120 | - | 20,556 | ||||||||||||||||||
Gruppo MutuiOnline SpA (1) (3) | 3,160,000 | - | - | 3,160,000 | - | 20,463 | ||||||||||||||||||
Cascal NV(3) | - | 1,693,800 | - | 1,693,800 | - | 20,326 | ||||||||||||||||||
Vital Images, Inc.(3) | 1,023,000 | 589,000 | 250,000 | 1,362,000 | - | 20,185 | ||||||||||||||||||
FirstFed Financial Corp.(3) | - | 735,000 | - | 735,000 | - | 19,955 | ||||||||||||||||||
Lonrho PLC (1) (3) | - | 26,350,000 | - | 26,350,000 | - | 19,608 | ||||||||||||||||||
Funcom NV (1) (3) | 2,628,750 | 371,250 | - | 3,000,000 | - | 18,765 | ||||||||||||||||||
Bloomsbury Publishing PLC (1) | 5,405,000 | - | - | 5,405,000 | 78 | 17,691 | ||||||||||||||||||
Arpida Ltd.(1) (3) | 1,231,509 | - | - | 1,231,509 | - | 17,298 | ||||||||||||||||||
G-Shank Enterprise Co., Ltd. (1) | 5,884,320 | 9,150,000 | - | 15,034,320 | - | 16,812 | ||||||||||||||||||
PetMed Express, Inc.(3) | 1,500,000 | - | - | 1,500,000 | - | 16,635 | ||||||||||||||||||
Home Federal Bancorp, Inc. | 380,000 | 1,030,751 | 26,502 | 1,384,249 | 76 | 16,597 | ||||||||||||||||||
Cpl Resources PLC (1) | 2,784,000 | - | 186,502 | 2,597,498 | 96 | 16,406 | ||||||||||||||||||
Domino's Pizza Enterprises Ltd. (1) | - | 4,498,000 | - | 4,498,000 | 170 | 13,378 | ||||||||||||||||||
Trigon Agri A/S(1) (3) | - | 3,875,000 | - | 3,875,000 | - | 12,492 | ||||||||||||||||||
Dore Holdings Ltd. (1) | 78,934,000 | 15,888,368 | - | 94,822,368 | 619 | 12,433 | ||||||||||||||||||
ValueVision Media, Inc., Class A (3) | 1,930,000 | - | 30,000 | 1,900,000 | - | 10,526 | ||||||||||||||||||
TICON Property Fund (1) | 30,400,000 | - | - | 30,400,000 | 206 | 10,466 | ||||||||||||||||||
TICON Property Fund, rights, expire 2007 | 6,175,000 | - | 6,175,000 | - | - | - | ||||||||||||||||||
TICON Property Fund, rights, expire 2007 | 1,425,000 | - | 1,425,000 | - | - | - | ||||||||||||||||||
Solomon Mutual Savings Bank (1) | 1,062,023 | - | - | 1,062,023 | - | 10,404 | ||||||||||||||||||
SourceForge, Inc.(3) (6) | 1,000 | 4,699,000 | - | 4,700,000 | - | 9,353 | ||||||||||||||||||
AtriCure, Inc.(3) (6) | 87,257 | 643,243 | - | 730,500 | - | 9,307 | ||||||||||||||||||
Chuang's China Investments Ltd. (1) | 95,968,000 | 24,027,000 | - | 119,995,000 | 77 | 9,101 | ||||||||||||||||||
Entertainment Rights PLC (1) (3) | 42,500,000 | - | - | 42,500,000 | - | 8,643 | ||||||||||||||||||
Norfolk Group Ltd.(1) (3) | 6,500,000 | - | - | 6,500,000 | - | 8,378 | ||||||||||||||||||
Introgen Therapeutics, Inc.(3) | 2,677,100 | - | - | 2,677,100 | - | 8,326 | ||||||||||||||||||
Spark Networks, Inc.(3) | 2,392,200 | - | 456,900 | 1,935,300 | - | 8,283 | ||||||||||||||||||
YBM Sisa.com Inc. (1) | 824,930 | - | - | 824,930 | 440 | 8,097 | ||||||||||||||||||
Hyflux Water Trust (1) (3) | - | 19,500,000 | - | 19,500,000 | - | 8,008 | ||||||||||||||||||
Ono Sokki Co., Ltd. (1) | 1,609,000 | - | - | 1,609,000 | 131 | 7,960 | ||||||||||||||||||
Vical Inc.(3) | 2,250,279 | - | - | 2,250,279 | - | 7,921 | ||||||||||||||||||
MEMSIC, Inc.(3) | - | 1,200,000 | - | 1,200,000 | - | 7,212 | ||||||||||||||||||
Vision-Sciences, Inc.(3) | 2,096,733 | 103,267 | - | 2,200,000 | - | 7,194 | ||||||||||||||||||
Gaming VC Holdings SA (1) | 2,023,800 | - | - | 2,023,800 | 486 | 6,703 | ||||||||||||||||||
CEC Unet PLC (1) (3) | - | 35,100,775 | - | 35,100,775 | - | 3,483 | ||||||||||||||||||
Zoloto Resources Ltd.(3) | 5,425,000 | - | - | 5,425,000 | - | 3,168 | ||||||||||||||||||
Phoenix PDE Co., Ltd. (1) (3) | 1,500,000 | - | - | 1,500,000 | - | 2,842 | ||||||||||||||||||
Energem Resources Inc.(3) | 8,002,500 | - | 500,000 | 7,502,500 | - | 1,680 | ||||||||||||||||||
Energem Resources Inc. (3) (4) | 2,200,000 | - | - | 2,200,000 | - | 492 | ||||||||||||||||||
Energem Resources Inc., warrants, expire 2009 (1) (3) (4) | 2,200,000 | - | - | 2,200,000 | - | 27 | ||||||||||||||||||
Energem Resources Inc., warrants, expire 2008 (1) (3) | 1,200,000 | - | - | 1,200,000 | - | - | ||||||||||||||||||
Redline Communications Group Inc.(3) | - | 787,500 | 89,000 | 698,500 | - | 700 | ||||||||||||||||||
Redline Communications Inc. | 3,150,000 | - | 3,150,000 | - | - | - | ||||||||||||||||||
Imagelinx PLC (1) (3) | 21,385,714 | - | - | 21,385,714 | - | 318 | ||||||||||||||||||
ZOOTS (1) (3) (4) | 25,173 | - | - | 25,173 | - | 234 | ||||||||||||||||||
AB Lindex (7) | 5,118,000 | - | 5,118,000 | - | - | - | ||||||||||||||||||
Arbitron Inc. (7) | 1,496,760 | - | 185,000 | 1,311,760 | 299 | - | ||||||||||||||||||
A-TEC Industries AG (1) (7) | 436,800 | 35,000 | 172,250 | 299,550 | - | - | ||||||||||||||||||
BA Energy Inc. (7) | 5,661,692 | - | 5,661,692 | - | - | - | ||||||||||||||||||
Caspian Energy Inc. (GBP denominated) (7) | 3,450,000 | - | 3,450,000 | - | - | - | ||||||||||||||||||
Caspian Energy Inc. (7) | 2,450,000 | - | 2,450,000 | - | - | - | ||||||||||||||||||
CDNetworks Co., Ltd. (1) (3) (7) | 685,615 | - | 30,114 | 655,501 | - | - | ||||||||||||||||||
Chart Industries, Inc. (7) | 1,555,274 | - | 1,555,274 | - | - | - | ||||||||||||||||||
China Medical Technologies, Inc. (ADR) (7) | 1,686,606 | - | 1,086,606 | 600,000 | - | - | ||||||||||||||||||
CNET Networks, Inc. (3) (7) | 10,655,000 | - | 8,000,000 | 2,655,000 | - | - | ||||||||||||||||||
Eastern Property Holdings Ltd. (7) | 219,978 | - | 219,978 | - | - | - | ||||||||||||||||||
Eastern Property Holdings Ltd., rights, expire 2007 (7) | - | 202,797 | 202,797 | - | - | - | ||||||||||||||||||
Echelon Corp. (3) (7) | 2,000,000 | - | - | 2,000,000 | - | - | ||||||||||||||||||
Fleetwood Enterprises, Inc. (3) (7) | 4,405,000 | - | 3,801,600 | 603,400 | - | - | ||||||||||||||||||
FoxHollow Technologies, Inc. (7) | 2,176,400 | - | 2,176,400 | - | - | - | ||||||||||||||||||
Gentium SpA (ADR) (7) | 750,000 | 90,000 | 840,000 | - | - | - | ||||||||||||||||||
Gentium SpA (ADR), warrants, expire 2011 (7) | 90,000 | - | 90,000 | - | - | - | ||||||||||||||||||
Greatbatch, Inc. (3) (7) | 1,359,700 | - | 369,300 | 990,400 | - | - | ||||||||||||||||||
GVK Power & Infrastructure Ltd. (1) (3) (7) | 3,357,464 | 30,217,176 | - | 33,574,640 | - | - | ||||||||||||||||||
Hythiam, Inc. (3) (7) | 2,475,000 | 225,000 | - | 2,700,000 | - | - | ||||||||||||||||||
Insulet Corp. (3) (7) | 2,012,680 | - | 1,002,680 | 1,010,000 | - | - | ||||||||||||||||||
JetBlue Airways Corp. (3) (7) | 9,950,000 | - | 5,950,000 | 4,000,000 | - | - | ||||||||||||||||||
Major Drilling Group International Inc. (3) (7) | 1,637,500 | - | 837,500 | 800,000 | - | - | ||||||||||||||||||
Nien Made Enterprise Co. Ltd. (7) | 28,170,012 | - | 28,170,012 | - | - | - | ||||||||||||||||||
Orco Property Group SA (1) (7) | 710,454 | - | 633,524 | 76,930 | - | - | ||||||||||||||||||
Samsung Engineering Co., Ltd. (1) (7) | 2,437,640 | - | 625,000 | 1,812,640 | 1,985 | - | ||||||||||||||||||
SFA Engineering Corp. (7) | 592,140 | - | 592,140 | - | - | - | ||||||||||||||||||
Sharper Image Corp. (7) | 950,000 | - | 950,000 | - | - | - | ||||||||||||||||||
SupportSoft, Inc. (3) (7) | 2,554,400 | - | 1,819,400 | 735,000 | - | - | ||||||||||||||||||
Synenco Energy Inc., Class A (7) | 800,000 | - | 800,000 | - | - | - | ||||||||||||||||||
Synenco Energy Inc., Class A (3) (7) | 2,050,000 | - | - | 2,050,000 | - | - | ||||||||||||||||||
$ | 33,850 | $ | 5,805,542 |
The following footnotes apply to either the individual securities noted or one or more of the securities aggregared as a single line item. | ||||
(1)Valued under fair value procedures adopted by authority of the board of directors. The total value of all such securities, including those in “Miscellaneous” and “Other securities,” was $11,802,000,000, which represented 52.24% of the net assets of the fund. | ||||
(2) Represents an affiliated company as defined under the Investment Company Act of 1940. | ||||
(3) Security did not produce income during the last 12 months. | ||||
(4) Purchased in a transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below. |
Acquisition date(s) | Cost (000) | Market value (000) | Percent of net assets | ||||||||||
Boart Longyear Ltd. | 4/4/2007 | $ | 49,573 | $ | 55,371 | .25 | % | ||||||
Oilexco Inc. (GBP denominated) | 12/15/2005 | 9,456 | �� | 38,067 | .17 | ||||||||
Oilexco Inc. | 3/7/2007 | 3,454 | 6,798 | .03 | |||||||||
Trinity Ltd. | 12/6/2007 | 37,508 | 37,559 | .17 | |||||||||
Value Creation Inc. | 8/25/2005-9/1/2006 | 33,229 | 33,364 | .15 | |||||||||
Cougar Biotechnology, Inc. | 12/17/2007 | 29,000 | 21,000 | .09 | |||||||||
OPTI Canada Inc. | 6/1/2005 | 4,610 | 7,073 | .03 | |||||||||
OPTI Canada Inc., warrants, expire 2008 | 6/1/2005 | 355 | 769 | .00 | |||||||||
Energem Resources Inc. | 3/6/2007 | 1,035 | 492 | .00 | |||||||||
Energem Resources Inc., warrants, expire 2009 | 3/6/2007 | 367 | 27 | .00 | |||||||||
ZOOTS | 1/30/2001-4/3/2001 | 8,167 | 234 | .00 | |||||||||
Other restricted securities | 140,481 | 149,074 | .66 | ||||||||||
Total restricted securities | $ | 317,235 | $ | 349,828 | 1.55 | % |
(5) Purchased in a transaction exempt from registration under the Securities Act of 1933. May be resold in the United States in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in "Other securities," was $846,858,000, which represented 3.75% of the net assets of the fund. | ||||
(6) This security was in its intial period of acquisition at 9/30/2007 and was not publicly disclosed. | ||||
(7) Unaffiliated issuer at 3/31/2008. | ||||
ADR = American Depositary Receipts | ||||
CAD = Canadian Dollar | ||||
CDI = CREST Depository Interest | ||||
GBP = British Pound |
See Notes to Financial Statements |
Financial statements
unaudited
Statement of assets and liabilities | ||||||||
at March 31, 2008 | (dollars and shares in thousands, except per-share amounts) | |||||||
Assets: | ||||||||
Investment securities at market: | ||||||||
Unaffiliated issuers (cost: $15,128,279) | $ | 16,778,094 | ||||||
Affiliated issuers (cost: $5,380,634) | 5,805,542 | $ | 22,583,636 | |||||
Cash denominated in currencies other than U.S. dollars (cost: $12,825) | 12,797 | |||||||
Cash | 151 | |||||||
Receivables for: | ||||||||
Sales of investments | 53,114 | |||||||
Sales of fund's shares | 34,070 | |||||||
Dividends and interest | 51,475 | |||||||
Other | 257 | 138,916 | ||||||
22,735,500 | ||||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Purchases of investments | 92,142 | |||||||
Repurchases of fund's shares | 29,704 | |||||||
Investment advisory services | 10,821 | |||||||
Services provided by affiliates | 8,635 | |||||||
Directors' deferred compensation | 1,603 | �� | ||||||
Other | 578 | 143,483 | ||||||
Net assets at March 31, 2008 | $ | 22,592,017 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of capital stock | $ | 19,726,308 | ||||||
Distributions in excess of net investment income | (467,449 | ) | ||||||
Undistributed net realized gain | 1,259,504 | |||||||
Net unrealized appreciation | 2,073,654 | |||||||
Net assets at March 31, 2008 | $ | 22,592,017 |
Total authorized capital stock - 800,000 shares, $.01 par value (626,683 total shares outstanding) | ||||||||||||
Net assets | Shares outstanding | Net asset value per share* | ||||||||||
Class A | $ | 17,560,323 | 484,440 | $ | 36.25 | |||||||
Class B | 682,140 | 19,643 | 34.73 | |||||||||
Class C | 974,623 | 28,300 | 34.44 | |||||||||
Class F | 767,409 | 21,356 | 35.93 | |||||||||
Class 529-A | 448,613 | 12,434 | 36.08 | |||||||||
Class 529-B | 62,128 | 1,768 | 35.14 | |||||||||
Class 529-C | 171,310 | 4,882 | 35.09 | |||||||||
Class 529-E | 27,123 | 759 | 35.73 | |||||||||
Class 529-F | 33,245 | 922 | 36.06 | |||||||||
Class R-1 | 35,543 | 1,011 | 35.17 | |||||||||
Class R-2 | 602,827 | 17,100 | 35.25 | |||||||||
Class R-3 | 527,620 | 14,798 | 35.66 | |||||||||
Class R-4 | 263,570 | 7,314 | 36.04 | |||||||||
Class R-5 | 435,543 | 11,956 | 36.43 | |||||||||
(*) Maximum offering price and redemption price per share were equal to the net asset value per share for all share classes, except for Class A and 529-A, for which the maximum offering prices per share were $38.46 and $38.28, respectively. | ||||||||||||
See Notes to Financial Statements |
Statement of operations | unaudited | |||||||
for the six months ended March 31, 2008 | (dollars in thousands) | |||||||
Investment income: | ||||||||
Income: | ||||||||
Dividends (net of non-U.S. taxes of $11,592; also includes $33,850 from affiliates) | $ | 121,594 | ||||||
Interest | 58,182 | $ | 179,776 | |||||
Fees and expenses*: | ||||||||
Investment advisory services | 78,040 | |||||||
Distribution services | 39,392 | |||||||
Transfer agent services | 13,525 | |||||||
Administrative services | 5,107 | |||||||
Reports to shareholders | 724 | |||||||
Registration statement and prospectus | 514 | |||||||
Postage, stationery and supplies | 1,424 | |||||||
Directors' compensation | 119 | |||||||
Auditing and legal | 26 | |||||||
Custodian | 2,541 | |||||||
State and local taxes | 460 | |||||||
Other | 172 | |||||||
Total fees and expenses before reimbursements/waivers | 142,044 | |||||||
Less reimbursements/waivers of fees and expenses: | ||||||||
Investment advisory services | 7,804 | |||||||
Administrative services | 96 | |||||||
Total fees and expenses after reimbursements/waivers | 134,144 | |||||||
Net investment income | 45,632 | |||||||
Net realized gain and unrealized depreciation on investments and currency: | ||||||||
Net realized gain (loss) on: | ||||||||
Investments (including $103,171 net gain from affiliates) | 1,666,626 | |||||||
Currency transactions | (5,424 | ) | 1,661,202 | |||||
Net unrealized depreciation on: | ||||||||
Investments | (5,540,646 | ) | ||||||
Currency translations | (1,253 | ) | (5,541,899 | ) | ||||
Net realized gain and unrealized depreciation on investments and currency | (3,880,697 | ) | ||||||
Net decrease in net assets resulting from operations | $ | (3,835,065 | ) | |||||
* Additional information related to class-specific fees and expenses is included in the Notes to Financial Statements. | ||||||||
See Notes to Financial Statements | ||||||||
Statements of changes in net assets | (dollars in thousands) | |||||||
Six months | Year ended | |||||||
ended March 31, | September 30, | |||||||
2008* | 2007 | |||||||
Operations: | ||||||||
Net investment income | $ | 45,632 | $ | 173,780 | ||||
Net realized gain on investments and currency transactions | 1,661,202 | 2,504,365 | ||||||
Net unrealized (depreciation) appreciation on investments and currency translations | (5,541,899 | ) | 3,981,821 | |||||
Net (decrease) increase in net assets resulting from operations | (3,835,065 | ) | 6,659,966 | |||||
Dividends and distributions paid to shareholders: | ||||||||
Dividends from net investment income and currency gain | (408,316 | ) | (318,872 | ) | ||||
Distributions from net realized gain on investments | (2,355,191 | ) | (1,736,095 | ) | ||||
Total dividends and distributions paid to shareholders | (2,763,507 | ) | (2,054,967 | ) | ||||
Net capital share transactions | 2,810,078 | 3,305,969 | ||||||
Total (decrease) increase in net assets | (3,788,494 | ) | 7,910,968 | |||||
Net assets: | ||||||||
Beginning of period | 26,380,511 | 18,469,543 | ||||||
End of period (including distributions in excess of net investment income: $(467,449) and $(104,765), respectively) | $ | 22,592,017 | $ | 26,380,511 | ||||
*Unaudited. | ||||||||
See Notes to Financial Statements |
Notes to financial statements
unaudited
1. Organization and significant accounting policies
Organization – SMALLCAP World Fund, Inc. (the "fund") is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The fund seeks long-term growth of capital through investments in smaller companies in the U.S. and around the world.
The fund offers 14 share classes consisting of four retail share classes, five 529 college savings plan share classes and five retirement plan share classes. The 529 college savings plan share classes (529-A, 529-B, 529-C, 529-E and 529-F) can be used to save for college education. The five retirement plan share classes (R-1, R-2, R-3, R-4 and R-5) are sold without any sales charges and do not carry any conversion rights. The fund’s share classes are described below:
Share class | Initial sales charge | Contingent deferred sales charge upon redemption | Conversion feature |
Class A and 529-A | Up to 5.75% | None (except 1% for certain redemptions within one year of purchase without an initial sales charge) | None |
Class B and 529-B | None | Declines from 5% to 0% for redemptions within six years of purchase | Class B and 529-B convert to Class A and 529-A, respectively, after eight years |
Class C | None | 1% for redemptions within one year of purchase | Class C converts to Class F after 10 years |
Class 529-C | None | 1% for redemptions within one year of purchase | None |
Class 529-E | None | None | None |
Class F and 529-F | None | None | None |
Class R-1, R-2, R-3, R-4 and R-5 | None | None | None |
Holders of all share classes have equal pro rata rights to assets, dividends and liquidation proceeds. Each share class has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for distribution, administrative and shareholder services. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class.
Significant accounting policies – The financial statements have been prepared to comply with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of the significant accounting policies followed by the fund:
Security valuation – Equity securities are valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market in which the security trades. Fixed-income securities, including short-term securities purchased with more than 60 days left to maturity, are valued at prices obtained from an independent pricing service when such prices are available. However, where the investment adviser deems it appropriate, such securities will be valued at the mean quoted bid and asked prices (or bid prices, if asked prices are not available) or at prices for securities of comparable maturity, quality and type. Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are valued in the manner described above for either equity or fixed-income securities, depending on which method is deemed most appropriate by the investment adviser. Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par when they reach 60 days or less remaining to maturity. The ability of the issuers of the debt securities held by the fund to meet their obligations may be affected by economic developments in a specific industry, state or region.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the investment adviser are fair valued as determined in good faith under procedures adopted by authority of the fund's board of directors. Market quotations may be considered unreliable if events occur that materially affect the value of securities (particularly securities outside the U.S.) between the close of trading in those securities and the close of regular trading on the New York Stock Exchange. Various factors may be reviewed in order to make a good faith determination of a security’s fair value. These factors include, but are not limited to, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions.
Security transactions and related investment income – Security transactions are recorded by the fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.
Class allocations – Income, fees and expenses (other than class-specific fees and expenses) and realized and unrealized gains and losses are allocated daily among the various share classes based on their relative net assets. Class-specific fees and expenses, such as distribution, administrative and shareholder services, are charged directly to the respective share class.
Dividends and distributions to shareholders – Dividends and distributions paid to shareholders are recorded on the ex-dividend date.
Currency translation – Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. On the accompanying financial statements, the effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.
2. Investments outside the U.S.
Investment risk – The risks of investing in securities of issuers outside the U.S. may include, but are not limited to, investment and repatriation restrictions; revaluation of currencies; adverse political, social and economic developments; government involvement in the private sector; limited and less reliable investor information; lack of liquidity; certain local tax law considerations; and limited regulation of the securities markets.
Taxation – Dividend and interest income is recorded net of non-U.S. taxes paid. Gains realized by the fund on the sale of securities in certain countries are subject to non-U.S. taxes. The fund records a liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities. For the six months ended March 31, 2008, non-U.S. taxes paid on realized gains were $5,384,000. As of March 31, 2008, there were no non-U.S. taxes provided on unrealized gains.
3. Federal income taxation and distributions
The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its net taxable income and net capital gains each year. The fund is not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.
As of and during the period ended March 31, 2008, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any interest or penalties.
The fund is not subject to examination by U.S. federal tax authorities for tax years before 2003, by state tax authorities for tax years before 2002 and by tax authorities outside the U.S. for tax years before 2000.
Distributions – Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to differing treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; non-U.S. taxes on capital gains; and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes.
The components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of September 30, 2007, the fund had tax basis undistributed ordinary income of $350,623,000 and undistributed long-term capital gains of $1,954,164,000.
As of March 31, 2008, the tax basis unrealized appreciation (depreciation) and cost of investment securities were as follows:
(dollars in thousands) | ||||
Gross unrealized appreciation on investment securities | $ | 4,232,111 | ||
Gross unrealized depreciation on investment securities | (2,659,843 | ) | ||
Net unrealized appreciation on investment securities | 1,572,268 | |||
Cost of investment securities | 21,011,368 |
The tax character of distributions paid to shareholders was as follows (dollars in thousands):
Six months ended March 31, 2008 | Year ended September 30, 2007 | |||||||||||||||||||||||
Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | |||||||||||||||||||
Share class | ||||||||||||||||||||||||
Class A | $ | 334,613 | $ | 1,839,490 | $ | 2,174,103 | $ | 408,840 | $ | 1,271,426 | $ | 1,680,266 | ||||||||||||
Class B | 8,096 | 75,117 | 83,213 | 11,225 | 51,014 | 62,239 | ||||||||||||||||||
Class C | 11,674 | 105,862 | 117,536 | 14,213 | 62,804 | 77,017 | ||||||||||||||||||
Class F | 14,518 | 77,790 | 92,308 | 13,503 | 40,771 | 54,274 | ||||||||||||||||||
Class 529-A | 7,942 | 44,192 | 52,134 | 8,151 | 25,160 | 33,311 | ||||||||||||||||||
Class 529-B | 637 | 6,527 | 7,164 | 882 | 4,194 | 5,076 | ||||||||||||||||||
Class 529-C | 1,785 | 17,598 | 19,383 | 2,285 | 10,443 | 12,728 | ||||||||||||||||||
Class 529-E | 408 | 2,737 | 3,145 | 464 | 1,635 | 2,099 | ||||||||||||||||||
Class 529-F | 643 | 3,239 | 3,882 | 588 | 1,702 | 2,290 | ||||||||||||||||||
Class R-1 | 412 | 3,688 | 4,100 | 476 | 2,004 | 2,480 | ||||||||||||||||||
Class R-2 | 6,744 | 62,474 | 69,218 | 8,616 | 37,175 | 45,791 | ||||||||||||||||||
Class R-3 | 7,952 | 52,541 | 60,493 | 7,972 | 28,485 | 36,457 | ||||||||||||||||||
Class R-4 | 4,695 | 25,247 | 29,942 | 3,801 | 11,572 | 15,373 | ||||||||||||||||||
Class R-5 | 8,197 | 38,689 | 46,886 | 6,796 | 18,770 | 25,566 | ||||||||||||||||||
Total | $ | 408,316 | $ | 2,355,191 | $ | 2,763,507 | $ | 487,812 | $ | 1,567,155 | $ | 2,054,967 |
4. Fees and transactions with related parties
Capital Research and Management Company ("CRMC"), the fund’s investment adviser, is the parent company of American Funds Service Company ® ("AFS"), the fund’s transfer agent, and American Funds Distributors, ® Inc. ("AFD"), the principal underwriter of the fund’s shares.
Investment advisory services - The Investment Advisory and Service Agreement with CRMC provides for monthly fees accrued daily. These fees are based on a declining series of annual rates beginning with 0.800% on the first billion dollars of daily net assets and decreasing to 0.595% on such assets in excess of $27 billion. CRMC is currently waiving 10% of investment advisory services fees. During the six months ended March 31, 2008, total investment advisory services fees waived by CRMC were $7,804,000. As a result, the fee shown on the accompanying financial statements of $78,040,000, which was equivalent to an annualized rate of 0.632%, was reduced to $70,236,000, or 0.568% of average daily net assets.
Class-specific fees and expenses – Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are described below:
Distribution services – The fund has adopted plans of distribution for all share classes, except Class R-5. Under the plans, the board of directors approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.30% to 1.00% as noted on the following page. In some cases, the board of directors has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.
For Class A and 529-A, the board of directors has also approved the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limit of 0.30% is not exceeded. As of March 31, 2008, there were no unreimbursed expenses subject to reimbursement for Class A or 529-A.
Share class | Currently approved limits | Plan limits |
Class A | 0.30% | 0.30% |
Class 529-A | 0.30 | 0.50 |
Class B and 529-B | 1.00 | 1.00 |
Class C, 529-C and R-1 | 1.00 | 1.00 |
Class R-2 | 0.75 | 1.00 |
Class 529-E and R-3 | 0.50 | 0.75 |
Class F, 529-F and R-4 | 0.25 | 0.50 |
Transfer agent services – The fund has a transfer agent agreement with AFS for Class A and B. Under this agreement, these share classes compensate AFS for transfer agent services including shareholder recordkeeping, communications and transaction processing. AFS is also compensated for certain transfer agent services provided to all other share classes from the administrative services fees paid to CRMC described below.
Administrative services – The fund has an administrative services agreement with CRMC to provide transfer agent and other related shareholder services for all share classes other than Class A and B. Each relevant share class pays CRMC annual fees up to 0.15% (0.10% for Class R-5) based on its respective average daily net assets. Each relevant share class also pays AFS additional amounts for certain transfer agent services. CRMC and AFS may use these fees to compensate third parties for performing these services. CRMC has agreed to pay AFS on the fund's behalf for a portion of the transfer agent services fees for some of the retirement plan share classes. For the six months ended March 31, 2008, the total administrative services fees paid by CRMC were $96,000 for Class R-2. Administrative services fees are presented gross of any payments made by CRMC. Each 529 share class is subject to an additional annual administrative services fee of 0.10% of its respective average daily net assets; this fee is payable to the Commonwealth of Virginia for the maintenance of the 529 college savings plan. Although these amounts are included with administrative services fees on the accompanying financial statements, the Commonwealth of Virginia is not considered a related party.
Expenses under the agreements described on the previous pages for the six months ended March 31, 2008, were as follows (dollars in thousands):
Share class | Distribution services | Transfer agent services | Administrative services | ||
CRMC administrative services | Transfer agent services | Commonwealth of Virginia administrative services | |||
Class A | $23,227 | $13,014 | Not applicable | Not applicable | Not applicable |
Class B | 3,789 | 511 | Not applicable | Not applicable | Not applicable |
Class C | 5,291 | Included in administrative services | $785 | $141 | Not applicable |
Class F | 1,010 | 466 | 95 | Not applicable | |
Class 529-A | 462 | 260 | 44 | $ 234 | |
Class 529-B | 335 | 37 | 12 | 34 | |
Class 529-C | 904 | 101 | 29 | 90 | |
Class 529-E | 72 | 16 | 3 | 14 | |
Class 529-F | - | 19 | 3 | 17 | |
Class R-1 | 187 | 19 | 16 | Not applicable | |
Class R-2 | 2,406 | 461 | 1,146 | Not applicable | |
Class R-3 | 1,375 | 390 | 287 | Not applicable | |
Class R-4 | 334 | 182 | 11 | Not applicable | |
Class R-5 | Not applicable | 190 | 5 | Not applicable | |
Total | $39,392 | $13,525 | $2,926 | $1,792 | $389 |
Directors’ deferred compensation – Since the adoption of the deferred compensation plan in 1993, directors who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Directors’ compensation of $119,000, shown on the accompanying financial statements, includes $213,000 in current fees (either paid in cash or deferred) and a net decrease of $94,000 in the value of the deferred amounts.
Affiliated officers and directors – Officers and certain directors of the fund are or may be considered to be affiliated with CRMC, AFS and AFD. No affiliated officers or directors received any compensation directly from the fund.
5. Capital share transactions
Capital share transactions in the fund were as follows (dollars and shares in thousands):
Share class | Sales* | Reinvestments of dividends and distributions | Repurchases* | Net increase | ||||||||||||||||||||||||||||
Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | |||||||||||||||||||||||||
Six months ended March 31, 2008 | ||||||||||||||||||||||||||||||||
Class A | $ | 1,380,872 | 33,053 | $ | 2,089,917 | 51,123 | $ | (1,654,782 | ) | (40,687 | ) | $ | 1,816,007 | 43,489 | ||||||||||||||||||
Class B | 50,758 | 1,258 | 80,744 | 2,057 | (60,784 | ) | (1,585 | ) | 70,718 | 1,730 | ||||||||||||||||||||||
Class C | 142,907 | 3,559 | 113,932 | 2,927 | (102,375 | ) | (2,687 | ) | 154,464 | 3,799 | ||||||||||||||||||||||
Class F | 228,114 | 5,544 | 83,622 | 2,063 | (140,015 | ) | (3,567 | ) | 171,721 | 4,040 | ||||||||||||||||||||||
Class 529-A | 61,245 | 1,481 | 52,125 | 1,281 | (19,001 | ) | (469 | ) | 94,369 | 2,293 | ||||||||||||||||||||||
Class 529-B | 4,724 | 117 | 7,161 | 180 | (2,716 | ) | (69 | ) | 9,169 | 228 | ||||||||||||||||||||||
Class 529-C | 22,420 | 557 | 19,380 | 489 | (10,110 | ) | (253 | ) | 31,690 | 793 | ||||||||||||||||||||||
Class 529-E | 3,094 | 75 | 3,145 | 78 | (1,176 | ) | (30 | ) | 5,063 | 123 | ||||||||||||||||||||||
Class 529-F | 5,618 | 136 | 3,882 | 95 | (2,028 | ) | (49 | ) | 7,472 | 182 | ||||||||||||||||||||||
Class R-1 | 10,369 | 257 | 4,081 | 103 | (6,536 | ) | (169 | ) | 7,914 | 191 | ||||||||||||||||||||||
Class R-2 | 135,119 | 3,391 | 69,130 | 1,735 | (103,313 | ) | (2,622 | ) | 100,936 | 2,504 | ||||||||||||||||||||||
Class R-3 | 153,011 | 3,726 | 60,439 | 1,502 | (93,355 | ) | (2,323 | ) | 120,095 | 2,905 | ||||||||||||||||||||||
Class R-4 | 94,132 | 2,265 | 29,940 | 738 | (47,200 | ) | (1,177 | ) | 76,872 | 1,826 | ||||||||||||||||||||||
Class R-5 | 127,954 | 3,152 | 46,062 | 1,122 | (30,428 | ) | (760 | ) | 143,588 | 3,514 | ||||||||||||||||||||||
Total net increase | ||||||||||||||||||||||||||||||||
(decrease) | $ | 2,420,337 | 58,571 | $ | 2,663,560 | 65,493 | $ | (2,273,819 | ) | (56,447 | ) | $ | 2,810,078 | 67,617 | ||||||||||||||||||
Year ended September 30, 2007 | ||||||||||||||||||||||||||||||||
Class A | $ | 2,930,661 | 68,561 | $ | 1,616,206 | 41,314 | $ | (2,518,024 | ) | (59,080 | ) | $ | 2,028,843 | 50,795 | ||||||||||||||||||
Class B | 115,985 | 2,822 | 60,457 | 1,602 | (83,699 | ) | (2,044 | ) | 92,743 | 2,380 | ||||||||||||||||||||||
Class C | 290,599 | 7,105 | 74,749 | 1,993 | (134,061 | ) | (3,289 | ) | 231,287 | 5,809 | ||||||||||||||||||||||
Class F | 329,353 | 7,708 | 48,959 | 1,261 | (135,080 | ) | (3,177 | ) | 243,232 | 5,792 | ||||||||||||||||||||||
Class 529-A | 108,306 | 2,552 | 33,308 | 854 | (24,578 | ) | (575 | ) | 117,036 | 2,831 | ||||||||||||||||||||||
Class 529-B | 9,795 | 236 | 5,074 | 133 | (3,527 | ) | (85 | ) | 11,342 | 284 | ||||||||||||||||||||||
Class 529-C | 42,098 | 1,018 | 12,727 | 334 | (12,831 | ) | (308 | ) | 41,994 | 1,044 | ||||||||||||||||||||||
Class 529-E | 6,392 | 152 | 2,099 | 54 | (1,951 | ) | (46 | ) | 6,540 | 160 | ||||||||||||||||||||||
Class 529-F | 10,353 | 244 | 2,290 | 59 | (2,530 | ) | (59 | ) | 10,113 | 244 | ||||||||||||||||||||||
Class R-1 | 18,702 | 449 | 2,465 | 64 | (10,488 | ) | (251 | ) | 10,679 | 262 | ||||||||||||||||||||||
Class R-2 | 254,368 | 6,115 | 45,744 | 1,195 | (152,206 | ) | (3,636 | ) | 147,906 | 3,674 | ||||||||||||||||||||||
Class R-3 | 241,982 | 5,753 | 36,433 | 943 | (131,973 | ) | (3,131 | ) | 146,442 | 3,565 | ||||||||||||||||||||||
Class R-4 | 130,964 | 3,088 | 15,370 | 395 | (53,194 | ) | (1,256 | ) | 93,140 | 2,227 | ||||||||||||||||||||||
Class R-5 | 143,393 | 3,282 | 24,707 | 629 | (43,428 | ) | (996 | ) | 124,672 | 2,915 | ||||||||||||||||||||||
Total net increase | ||||||||||||||||||||||||||||||||
(decrease) | $ | 4,632,951 | 109,085 | $ | 1,980,588 | 50,830 | $ | (3,307,570 | ) | (77,933 | ) | $ | 3,305,969 | 81,982 | ||||||||||||||||||
* Includes exchanges between share classes of the fund. |
6. Investment transactions
The fund made purchases and sales of investment securities, excluding short-term securities, of $6,138,902,000 and $6,129,703,000, respectively, during the six months ended March 31, 2008.
(Loss) income from investment operations(2) | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) | Net (losses) gains on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of period | Total return (3) (4) | Net assets, end of period (in millions) | Ratio of expenses to average net assets before reimbursements /waivers | Ratio of expenses to average net assets after reimbursements /waivers (4) | Ratio of net income (loss) to average net assets (4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 3/31/2008 | (5 | ) | $ | 47.43 | $ | .10 | $ | (6.35 | ) | $ | (6.25 | ) | $ | (.76 | ) | $ | (4.17 | ) | $ | (4.93 | ) | $ | 36.25 | (14.36 | %) | $ | 17,560 | 1.05 | % | (6 | ) | .99 | % | (6 | ) | .46 | % | (6 | ) | |||||||||||||||||||||||||||||||||||||
Year ended 9/30/2007 | 38.87 | .37 | 12.50 | 12.87 | (.70 | ) | (3.61 | ) | (4.31 | ) | 47.43 | 35.41 | 20,913 | 1.04 | .98 | .86 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2006 | 34.77 | .25 | 4.94 | 5.19 | (.41 | ) | (.68 | ) | (1.09 | ) | 38.87 | 15.27 | 15,167 | 1.08 | 1.01 | .68 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2005 | 27.82 | .24 | 7.02 | 7.26 | (.31 | ) | - | (.31 | ) | 34.77 | 26.28 | 12,544 | 1.09 | 1.04 | .76 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2004 | 23.22 | .02 | 4.61 | 4.63 | (.03 | ) | - | (.03 | ) | 27.82 | 19.95 | 9,771 | 1.12 | 1.12 | .06 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2003 | 17.53 | (.01 | ) | 5.70 | 5.69 | - | - | - | 23.22 | 32.46 | 7,833 | 1.19 | 1.19 | (.07 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 3/31/2008 | (5 | ) | 45.49 | (.06 | ) | (6.08 | ) | (6.14 | ) | (.45 | ) | (4.17 | ) | (4.62 | ) | 34.73 | (14.67 | ) | 682 | 1.82 | (6 | ) | 1.75 | (6 | ) | (.30 | ) | (6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2007 | 37.41 | .04 | 12.02 | 12.06 | (.37 | ) | (3.61 | ) | (3.98 | ) | 45.49 | 34.40 | 815 | 1.81 | 1.74 | .10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2006 | 33.59 | (.03 | ) | 4.78 | 4.75 | (.25 | ) | (.68 | ) | (.93 | ) | 37.41 | 14.39 | 581 | 1.85 | 1.78 | (.09 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2005 | 26.90 | - | (7 | ) | 6.79 | 6.79 | (.10 | ) | - | (.10 | ) | 33.59 | 25.31 | 457 | 1.86 | 1.81 | (.01 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2004 | 22.60 | (.18 | ) | 4.48 | 4.30 | - | - | - | 26.90 | 19.03 | 329 | 1.88 | 1.88 | (.69 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2003 | 17.20 | (.16 | ) | 5.56 | 5.40 | - | - | - | 22.60 | 31.40 | 201 | 1.97 | 1.97 | (.85 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 3/31/2008 | (5 | ) | 45.18 | (.07 | ) | (6.04 | ) | (6.11 | ) | (.46 | ) | (4.17 | ) | (4.63 | ) | 34.44 | (14.71 | ) | 975 | 1.86 | (6 | ) | 1.79 | (6 | ) | (.33 | ) | (6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2007 | 37.21 | .02 | 11.95 | 11.97 | (.39 | ) | (3.61 | ) | (4.00 | ) | 45.18 | 34.35 | 1,107 | 1.85 | 1.79 | .04 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2006 | 33.45 | (.04 | ) | 4.74 | 4.70 | (.26 | ) | (.68 | ) | (.94 | ) | 37.21 | 14.33 | 696 | 1.89 | 1.83 | (.12 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2005 | 26.82 | (.02 | ) | 6.78 | 6.76 | (.13 | ) | - | (.13 | ) | 33.45 | 25.27 | 457 | 1.90 | 1.85 | (.05 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2004 | 22.54 | (.19 | ) | 4.47 | 4.28 | - | - | - | 26.82 | 18.99 | 274 | 1.92 | 1.91 | (.71 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2003 | 17.15 | (.16 | ) | 5.55 | 5.39 | - | - | - | 22.54 | 31.43 | 124 | 1.97 | 1.97 | (.85 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class F: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 3/31/2008 | (5 | ) | 47.08 | .10 | (6.30 | ) | (6.20 | ) | (.78 | ) | (4.17 | ) | (4.95 | ) | 35.93 | (14.37 | ) | 767 | 1.06 | (6 | ) | 1.00 | (6 | ) | .47 | (6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2007 | 38.65 | .36 | 12.41 | 12.77 | (.73 | ) | (3.61 | ) | (4.34 | ) | 47.08 | 35.41 | 815 | 1.05 | .98 | .84 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2006 | 34.58 | .26 | 4.91 | 5.17 | (.42 | ) | (.68 | ) | (1.10 | ) | 38.65 | 15.28 | 446 | 1.08 | 1.01 | .70 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2005 | 27.70 | .23 | 6.98 | 7.21 | (.33 | ) | - | (.33 | ) | 34.58 | 26.23 | 253 | 1.12 | 1.07 | .72 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2004 | 23.16 | .02 | 4.58 | 4.60 | (.06 | ) | - | (.06 | ) | 27.70 | 19.90 | 128 | 1.15 | 1.14 | .06 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2003 | 17.48 | (.01 | ) | 5.69 | 5.68 | - | - | - | 23.16 | 32.49 | 57 | 1.18 | 1.18 | (.06 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 529-A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 3/31/2008 | (5 | ) | 47.23 | .09 | (6.32 | ) | (6.23 | ) | (.75 | ) | (4.17 | ) | (4.92 | ) | 36.08 | (14.38 | ) | 449 | 1.11 | (6 | ) | 1.05 | (6 | ) | .42 | (6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2007 | 38.76 | .34 | 12.44 | 12.78 | (.70 | ) | (3.61 | ) | (4.31 | ) | 47.23 | 35.33 | 479 | 1.10 | 1.04 | .79 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2006 | 34.68 | .25 | 4.93 | 5.18 | (.42 | ) | (.68 | ) | (1.10 | ) | 38.76 | 15.25 | 284 | 1.11 | 1.05 | .66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2005 | 27.79 | .22 | 7.00 | 7.22 | (.33 | ) | - | (.33 | ) | 34.68 | 26.19 | 178 | 1.14 | 1.08 | .71 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2004 | 23.24 | .02 | 4.60 | 4.62 | (.07 | ) | - | (.07 | ) | 27.79 | 19.90 | 97 | 1.14 | 1.14 | .06 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2003 | 17.53 | .01 | 5.70 | 5.71 | - | - | - | 23.24 | 32.57 | 42 | 1.11 | 1.11 | .03 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 529-B: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 3/31/2008 | (5 | ) | 45.96 | (.08 | ) | (6.16 | ) | (6.24 | ) | (.41 | ) | (4.17 | ) | (4.58 | ) | 35.14 | (14.74 | ) | 62 | 1.93 | (6 | ) | 1.86 | (6 | ) | (.41 | ) | (6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2007 | 37.77 | (.01 | ) | 12.14 | 12.13 | (.33 | ) | (3.61 | ) | (3.94 | ) | 45.96 | 34.25 | 71 | 1.92 | 1.86 | (.02 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2006 | 33.93 | (.07 | ) | 4.82 | 4.75 | (.23 | ) | (.68 | ) | (.91 | ) | 37.77 | 14.24 | 48 | 1.97 | 1.90 | (.20 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2005 | 27.20 | (.05 | ) | 6.87 | 6.82 | (.09 | ) | - | (.09 | ) | 33.93 | 25.11 | 34 | 2.02 | 1.96 | (.17 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2004 | 22.88 | (.23 | ) | 4.55 | 4.32 | - | - | - | 27.20 | 18.88 | 22 | 2.04 | 2.04 | (.84 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2003 | 17.43 | (.19 | ) | 5.64 | 5.45 | - | - | - | 22.88 | 31.27 | 10 | 2.09 | 2.09 | (.95 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 529-C: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 3/31/2008 | (5 | ) | 45.92 | (.08 | ) | (6.16 | ) | (6.24 | ) | (.42 | ) | (4.17 | ) | (4.59 | ) | 35.09 | (14.75 | ) | 171 | 1.92 | (6 | ) | 1.86 | (6 | ) | (.40 | ) | (6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2007 | 37.77 | (.01 | ) | 12.13 | 12.12 | (.36 | ) | (3.61 | ) | (3.97 | ) | 45.92 | 34.23 | 188 | 1.92 | 1.86 | (.02 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2006 | 33.94 | (.07 | ) | 4.83 | 4.76 | (.25 | ) | (.68 | ) | (.93 | ) | 37.77 | 14.27 | 115 | 1.96 | 1.90 | (.19 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2005 | 27.21 | (.05 | ) | 6.87 | 6.82 | (.09 | ) | - | (.09 | ) | 33.94 | 25.13 | 77 | 2.00 | 1.95 | (.16 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2004 | 22.89 | (.22 | ) | 4.54 | 4.32 | - | - | - | 27.21 | 18.87 | 43 | 2.03 | 2.03 | (.83 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2003 | 17.44 | (.18 | ) | 5.63 | 5.45 | - | - | - | 22.89 | 31.25 | 20 | 2.07 | 2.07 | (.94 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 529-E: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 3/31/2008 | (5 | ) | 46.76 | .02 | (6.26 | ) | (6.24 | ) | (.62 | ) | (4.17 | ) | (4.79 | ) | 35.73 | (14.51 | ) | 27 | 1.41 | (6 | ) | 1.35 | (6 | ) | .12 | (6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2007 | 38.40 | .21 | 12.33 | 12.54 | (.57 | ) | (3.61 | ) | (4.18 | ) | 46.76 | 34.93 | 30 | 1.41 | 1.35 | .49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2006 | 34.42 | .12 | 4.89 | 5.01 | (.35 | ) | (.68 | ) | (1.03 | ) | 38.40 | 14.86 | 18 | 1.44 | 1.37 | .34 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2005 | 27.58 | .12 | 6.96 | 7.08 | (.24 | ) | - | (.24 | ) | 34.42 | 25.81 | 12 | 1.47 | 1.42 | .37 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2004 | 23.09 | (.08 | ) | 4.59 | 4.51 | (.02 | ) | - | (.02 | ) | 27.58 | 19.52 | 6 | 1.50 | 1.49 | (.29 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2003 | 17.50 | (.07 | ) | 5.66 | 5.59 | - | - | - | 23.09 | 31.94 | 3 | 1.53 | 1.53 | (.38 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 529-F: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 3/31/2008 | (5 | ) | $ | 47.24 | $ | .13 | $ | (6.31 | ) | $ | (6.18 | ) | $ | (.83 | ) | (4.17 | ) | $ | (5.00 | ) | $ | 36.06 | (14.29 | %) | $ | 33 | .91 | % | (6 | ) | .85 | % | (6 | ) | .62 | % | (6 | ) | ||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2007 | 38.77 | .42 | 12.44 | 12.86 | (.78 | ) | (3.61 | ) | (4.39 | ) | 47.24 | 35.56 | 35 | .91 | .85 | .98 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2006 | 34.64 | .31 | 4.93 | 5.24 | (.43 | ) | (.68 | ) | (1.11 | ) | 38.77 | 15.44 | 19 | .94 | .87 | .83 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2005 | 27.72 | .23 | 6.99 | 7.22 | (.30 | ) | - | (.30 | ) | 34.64 | 26.22 | 12 | 1.11 | 1.06 | .74 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2004 | 23.20 | (.01 | ) | 4.60 | 4.59 | (.07 | ) | - | (.07 | ) | 27.72 | 19.81 | 7 | 1.25 | 1.24 | (.04 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2003 | 17.53 | (.02 | ) | 5.69 | 5.67 | - | - | - | 23.20 | 32.34 | 3 | 1.27 | 1.27 | (.10 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R-1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 3/31/2008 | (5 | ) | 46.04 | (.07 | ) | (6.16 | ) | (6.23 | ) | (.47 | ) | (4.17 | ) | (4.64 | ) | 35.17 | (14.71 | ) | 36 | 1.86 | (6 | ) | 1.80 | (6 | ) | (.33 | ) | (6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2007 | 37.89 | .01 | 12.17 | 12.18 | (.42 | ) | (3.61 | ) | (4.03 | ) | 46.04 | 34.32 | 38 | 1.88 | 1.80 | .03 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2006 | 34.07 | (.04 | ) | 4.83 | 4.79 | (.29 | ) | (.68 | ) | (.97 | ) | 37.89 | 14.31 | 21 | 1.92 | 1.82 | (.11 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2005 | 27.34 | (.01 | ) | 6.90 | 6.89 | (.16 | ) | - | (.16 | ) | 34.07 | 25.27 | 12 | 1.97 | 1.85 | (.05 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2004 | 23.00 | (.19 | ) | 4.55 | 4.36 | (.02 | ) | - | (.02 | ) | 27.34 | 18.98 | 6 | 2.01 | 1.91 | (.71 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2003 | 17.49 | (.16 | ) | 5.67 | 5.51 | - | - | - | 23.00 | 31.50 | 2 | 2.43 | 1.93 | (.78 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R-2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 3/31/2008 | (5 | ) | 46.13 | (.07 | ) | (6.19 | ) | (6.26 | ) | (.45 | ) | (4.17 | ) | (4.62 | ) | 35.25 | (14.73 | ) | 603 | 1.92 | (6 | ) | 1.83 | (6 | ) | (.37 | ) | (6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2007 | 37.93 | .03 | 12.18 | 12.21 | (.40 | ) | (3.61 | ) | (4.01 | ) | 46.13 | 34.36 | 673 | 1.93 | 1.77 | .06 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2006 | 34.09 | (.03 | ) | 4.83 | 4.80 | (.28 | ) | (.68 | ) | (.96 | ) | 37.93 | 14.35 | 414 | 2.06 | 1.80 | (.09 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2005 | 27.36 | (.01 | ) | 6.90 | 6.89 | (.16 | ) | - | (.16 | ) | 34.09 | 25.28 | 258 | 2.17 | 1.82 | (.03 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2004 | 23.00 | (.18 | ) | 4.56 | 4.38 | (.02 | ) | - | (.02 | ) | 27.36 | 19.05 | 131 | 2.30 | 1.88 | (.67 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2003 | 17.49 | (.15 | ) | 5.66 | 5.51 | - | - | - | 23.00 | 31.50 | 46 | 2.59 | 1.89 | (.75 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R-3: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 3/31/2008 | (5 | ) | 46.68 | .02 | (6.24 | ) | (6.22 | ) | (.63 | ) | (4.17 | ) | (4.80 | ) | 35.66 | (14.50 | ) | 528 | 1.42 | (6 | ) | 1.36 | (6 | ) | .11 | (6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2007 | 38.34 | .20 | 12.31 | 12.51 | (.56 | ) | (3.61 | ) | (4.17 | ) | 46.68 | 34.88 | 555 | 1.42 | 1.35 | .47 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2006 | 34.39 | .11 | 4.87 | 4.98 | (.35 | ) | (.68 | ) | (1.03 | ) | 38.34 | 14.82 | 319 | 1.49 | 1.42 | .30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2005 | 27.58 | .11 | 6.96 | 7.07 | (.26 | ) | - | (.26 | ) | 34.39 | 25.75 | 188 | 1.51 | 1.44 | .36 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2004 | 23.12 | (.08 | ) | 4.59 | 4.51 | (.05 | ) | - | (.05 | ) | 27.58 | 19.52 | 85 | 1.55 | 1.49 | (.28 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2003 | 17.51 | (.07 | ) | 5.68 | 5.61 | - | - | - | 23.12 | 32.04 | 30 | 1.67 | 1.51 | (.37 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R-4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 3/31/2008 | (5 | ) | 47.20 | .10 | (6.32 | ) | (6.22 | ) | (.77 | ) | (4.17 | ) | (4.94 | ) | 36.04 | (14.39 | ) | 264 | 1.07 | (6 | ) | 1.00 | (6 | ) | .47 | (6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2007 | 38.73 | .35 | 12.45 | 12.80 | (.72 | ) | (3.61 | ) | (4.33 | ) | 47.20 | 35.41 | 259 | 1.06 | 1.00 | .82 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2006 | 34.68 | .25 | 4.91 | 5.16 | (.43 | ) | (.68 | ) | (1.11 | ) | 38.73 | 15.20 | 126 | 1.11 | 1.04 | .67 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2005 | 27.79 | .23 | 7.01 | 7.24 | (.35 | ) | - | (.35 | ) | 34.68 | 26.25 | 67 | 1.12 | 1.06 | .74 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2004 | 23.22 | .02 | 4.61 | 4.63 | (.06 | ) | - | (.06 | ) | 27.79 | 19.95 | 20 | 1.13 | 1.13 | .07 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2003 | 17.53 | - | (7 | ) | 5.69 | 5.69 | - | - | - | 23.22 | 32.46 | 10 | 1.17 | 1.16 | (.02 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R-5: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 3/31/2008 | (5 | ) | 47.70 | .16 | (6.38 | ) | (6.22 | ) | (.88 | ) | (4.17 | ) | (5.05 | ) | 36.43 | (14.23 | ) | 435 | .77 | (6 | ) | .71 | (6 | ) | .78 | (6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2007 | 39.10 | .48 | 12.56 | 13.04 | (.83 | ) | (3.61 | ) | (4.44 | ) | 47.70 | 35.77 | 403 | .77 | .71 | 1.11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2006 | 34.93 | .36 | 4.97 | 5.33 | (.48 | ) | (.68 | ) | (1.16 | ) | 39.10 | 15.60 | 216 | .80 | .74 | .97 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2005 | 27.97 | .33 | 7.05 | 7.38 | (.42 | ) | - | (.42 | ) | 34.93 | 26.62 | 142 | .81 | .76 | 1.04 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2004 | 23.33 | .10 | 4.64 | 4.74 | (.10 | ) | - | (.10 | ) | 27.97 | 20.34 | 105 | .82 | .81 | .36 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 9/30/2003 | 17.55 | .05 | 5.73 | 5.78 | - | - | - | 23.33 | 32.93 | 72 | .83 | .83 | .28 |
Six months ended | Year ended September 30 | |||||||||||||||||||||||
March 31, 2008(5) | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||
Portfolio turnover rate for all classes of shares | 27 | % | 48 | % | 45 | % | 45 | % | 48 | % | 49 | % |
(1) Based on operations for the periods shown (unless otherwise noted) and, accordingly, may not be representative of a full year. |
(2) Based on average shares outstanding. |
(3) Total returns exclude any applicable sales charges, including contingent deferred sales charges. |
(4) This column reflects the impact, if any, of certain reimbursements/waivers from CRMC. During some of the periods shown, CRMC reduced fees for investment advisory services. In addition, during some of the periods shown, CRMC paid a portion of the fund's transfer agent fees for certain retirement plan share classes. |
(5) Unaudited. |
(6) Annualized. |
(7) Amount less than $.01. |
See Notes to Financial Statements |
Expense example
unaudited
As a shareholder of the fund, you incur two types of costs: (1) transaction costs such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2007, through March 31, 2008).
Actual expenses:
The first line of each share class in the table on the next page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses paid during period" to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes:
The second line of each share class in the table on the next page provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.
Notes:
There are some account fees that are charged to certain types of accounts, such as individual retirement accounts and 529 college savings plan accounts (generally, a $10 fee is charged to set up the account and an additional $10 fee is charged to the account annually) that would increase the amount of expenses paid on your account. In addition, retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F and 529-F shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would also be lower by the amount of these fees.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning account value 10/1/2007 | Ending account value 3/31/2008 | Expenses paid during period* | Annualized expense ratio | |||||||||||||
Class A -- actual return | $ | 1,000.00 | $ | 856.37 | $ | 4.59 | .99 | % | ||||||||
Class A -- assumed 5% return | 1,000.00 | 1,020.05 | 5.00 | .99 | ||||||||||||
Class B -- actual return | 1,000.00 | 853.28 | 8.11 | 1.75 | ||||||||||||
Class B -- assumed 5% return | 1,000.00 | 1,016.25 | 8.82 | 1.75 | ||||||||||||
Class C -- actual return | 1,000.00 | 852.91 | 8.29 | 1.79 | ||||||||||||
Class C -- assumed 5% return | 1,000.00 | 1,016.05 | 9.02 | 1.79 | ||||||||||||
Class F -- actual return | 1,000.00 | 856.28 | 4.64 | 1.00 | ||||||||||||
Class F -- assumed 5% return | 1,000.00 | 1,020.00 | 5.05 | 1.00 | ||||||||||||
Class 529-A -- actual return | 1,000.00 | 856.21 | 4.87 | 1.05 | ||||||||||||
Class 529-A -- assumed 5% return | 1,000.00 | 1,019.75 | 5.30 | 1.05 | ||||||||||||
Class 529-B -- actual return | 1,000.00 | 852.64 | 8.61 | 1.86 | ||||||||||||
Class 529-B -- assumed 5% return | 1,000.00 | 1,015.70 | 9.37 | 1.86 | ||||||||||||
Class 529-C -- actual return | 1,000.00 | 852.55 | 8.61 | 1.86 | ||||||||||||
Class 529-C -- assumed 5% return | 1,000.00 | 1,015.70 | 9.37 | 1.86 | ||||||||||||
Class 529-E -- actual return | 1,000.00 | 854.88 | 6.26 | 1.35 | ||||||||||||
Class 529-E -- assumed 5% return | 1,000.00 | 1,018.25 | 6.81 | 1.35 | ||||||||||||
Class 529-F -- actual return | 1,000.00 | 857.15 | 3.95 | .85 | ||||||||||||
Class 529-F -- assumed 5% return | 1,000.00 | 1,020.75 | 4.29 | .85 | ||||||||||||
Class R-1 -- actual return | 1,000.00 | 852.91 | 8.34 | 1.80 | ||||||||||||
Class R-1 -- assumed 5% return | 1,000.00 | 1,016.00 | 9.07 | 1.80 | ||||||||||||
Class R-2 -- actual return | 1,000.00 | 852.70 | 8.48 | 1.83 | ||||||||||||
Class R-2 -- assumed 5% return | 1,000.00 | 1,015.85 | 9.22 | 1.83 | ||||||||||||
Class R-3 -- actual return | 1,000.00 | 854.98 | 6.31 | 1.36 | ||||||||||||
Class R-3 -- assumed 5% return | 1,000.00 | 1,018.20 | 6.86 | 1.36 | ||||||||||||
Class R-4 -- actual return | 1,000.00 | 856.14 | 4.64 | 1.00 | ||||||||||||
Class R-4 -- assumed 5% return | 1,000.00 | 1,020.00 | 5.05 | 1.00 | ||||||||||||
Class R-5 -- actual return | 1,000.00 | 857.67 | 3.30 | .71 | ||||||||||||
Class R-5 -- assumed 5% return | 1,000.00 | 1,021.45 | 3.59 | .71 |
*The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period (183), and divided by 366 (to reflect the one-half year period).
Other share class results
unaudited
Class B, Class C, Class F and Class 529
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com.
Average annual total returns for periods ended March 31, 2008: | ||||||||||||
1 year | 5 years | Life of class | ||||||||||
Class B shares — first sold 3/15/00 | ||||||||||||
Reflecting applicable contingent deferred sales | ||||||||||||
charge (CDSC), maximum of 5%, payable only if | ||||||||||||
shares are sold within six years of purchase | –6.79 | % | 21.57 | % | 1.40 | % | ||||||
Not reflecting CDSC | –2.43 | 21.75 | 1.40 | |||||||||
Class C shares — first sold 3/15/01 | ||||||||||||
Reflecting CDSC, maximum of 1%, payable only if | ||||||||||||
shares are sold within one year of purchase | –3.34 | 21.70 | 9.61 | |||||||||
Not reflecting CDSC | –2.47 | 21.70 | 9.61 | |||||||||
Class F shares* — first sold 3/15/01 | ||||||||||||
Not reflecting annual asset-based fee charged by | ||||||||||||
sponsoring firm | –1.72 | 22.67 | 10.49 | |||||||||
Class 529-A shares† — first sold 2/19/02 | ||||||||||||
Reflecting 5.75% maximum sales charge | –7.40 | 21.19 | 12.39 | |||||||||
Not reflecting maximum sales charge | –1.76 | 22.63 | 13.48 | |||||||||
Class 529-B shares† — first sold 2/20/02 | ||||||||||||
Reflecting applicable CDSC, maximum of 5%, payable | ||||||||||||
only if shares are sold within six years of purchase | –6.92 | 21.40 | 12.38 | |||||||||
Not reflecting CDSC | –2.55 | 21.58 | 12.38 | |||||||||
Class 529-C shares† — first sold 2/20/02 | ||||||||||||
Reflecting CDSC, maximum of 1%, payable only if | ||||||||||||
shares are sold within one year of purchase | –3.44 | 21.58 | 12.39 | |||||||||
Not reflecting CDSC | –2.57 | 21.58 | 12.39 | |||||||||
Class 529-E shares*† — first sold 3/15/02 | –2.05 | 22.23 | 11.98 | |||||||||
Class 529-F shares*† — first sold 9/17/02 | ||||||||||||
Not reflecting annual asset-based fee charged by | ||||||||||||
sponsoring firm | –1.56 | 22.72 | 18.68 | |||||||||
*These shares are sold without any initial or contingent deferred sales charge. | ||||||||||||
† Results shown do not reflect the $10 initial account setup fee and an annual $10 account maintenance fee. |
The fund’s investment adviser waived 5% of its management fees from September 1, 2004, through March 31, 2005, and increased the waiver to 10% on April 1, 2005. Fund results shown reflect the waiver, without which they would have been lower. Please see the Financial Highlights table on pages 26 to 29 for details.
For information regarding the differences among the various share classes, please refer to the fund’s prospectus.
Offices
Offices of the fund and of the
investment adviser
Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406
6455 Irvine Center Drive
Irvine, CA 92618
Transfer agent for shareholder accounts
American Funds Service Company
(Please write to the address nearest you.)
P.O. Box 25065
Santa Ana, CA 92799-5065
P.O. Box 659522
San Antonio, TX 78265-9522
P.O. Box 6007
Indianapolis, IN 46206-6007
P.O. Box 2280
Norfolk, VA 23501-2280
Custodian of assets
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
Counsel
Kirkpatrick & Lockhart Preston Gates Ellis LLP
55 Second Street, Suite 1700
San Francisco, CA 94105
Independent registered public accounting firm
Deloitte & Touche LLP
695 Town Center Drive
Suite 1200
Costa Mesa, CA 92626-7188
Principal underwriter
American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, CA 90071-1406
Investors should carefully consider the investment objectives, risks, charges and expenses of the American Funds. This and other important information is contained in the fund’s prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at 800/421-0180 or visit the American Funds website at americanfunds.com.
“American Funds Proxy Voting Guidelines” — which describes how we vote proxies relating to portfolio securities — is available free of charge on the U.S. Securities and Exchange Commission (SEC) website at sec.gov, on the American Funds website or upon request by calling AFS. The fund files its proxy voting record with the SEC for the 12 months ended June 30 by August 31. The report also is available on the SEC and American Funds websites.
A complete March 31, 2008, portfolio of SMALLCAP World Fund’s investments is available free of charge by calling AFS or visiting the SEC website (where it is part of Form N-CSR).
SMALLCAP World Fund files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. This filing is available free of charge on the SEC website. You may also review or, for a fee, copy this filing at the SEC’s Public Reference Room in Washington, D.C. (800/SEC-0330). Additionally, the list of portfolio holdings also is available by calling AFS.
This report is for the information of shareholders of SMALLCAP World Fund, but it also may be used as sales literature when preceded or accompanied by the current prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after June 30, 2008, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.
[logo - American Funds®]
The right choice for the long term®
What makes American Funds different?
For more than 75 years, we have followed a consistent philosophy to benefit our investors. Our 30 carefully conceived, broadly diversified funds, in addition to the target date retirement series, offer opportunities that have attracted over 50 million shareholder accounts.
Our unique combination of strengths includes these five factors:
•A long-term, value-oriented approach |
We seek to buy securities at reasonable prices relative to their prospects and hold them for the long term. |
•An extensive global research effort |
Our investment professionals travel the world to find the best investment opportunities and gain a comprehensive understanding of companies and markets. |
•The multiple portfolio counselor system |
Our unique method of portfolio management, developed 50 years ago, blends teamwork with individual accountability and has provided American Funds with a sustainable method of achieving fund objectives. |
•Experienced investment professionals |
American Funds portfolio counselors have an average of 26 years of investment experience, providing a wealth of knowledge and experience that few organizations have. |
•A commitment to low operating expenses |
The American Funds provide exceptional value for shareholders, with operating expenses that are among the lowest in the mutual fund industry. |
American Funds span a range of investment objectives
•Growth funds |
AMCAP Fund® |
EuroPacific Growth Fund® |
The Growth Fund of America® |
The New Economy Fund® |
New Perspective Fund® |
New World FundSM |
>SMALLCAP World Fund® |
•Growth-and-income funds |
American Mutual Fund® |
Capital World Growth and Income FundSM |
Fundamental InvestorsSM |
The Investment Company of America® |
Washington Mutual Investors FundSM |
•Equity-income funds |
Capital Income Builder® |
The Income Fund of America® |
•Balanced fund |
American Balanced Fund® |
•Bond funds |
American High-Income TrustSM |
The Bond Fund of AmericaSM |
Capital World Bond Fund® |
Intermediate Bond Fund of America® |
Short-Term Bond Fund of AmericaSM |
U.S. Government Securities FundSM |
•Tax-exempt bond funds |
American High-Income Municipal Bond Fund® |
Limited Term Tax-Exempt Bond Fund of AmericaSM |
The Tax-Exempt Bond Fund of America® |
State-specific tax-exempt funds |
The Tax-Exempt Fund of California® |
The Tax-Exempt Fund of Maryland® |
The Tax-Exempt Fund of Virginia® |
•Money market funds |
The Cash Management Trust of America® |
The Tax-Exempt Money Fund of AmericaSM |
The U.S. Treasury Money Fund of AmericaSM |
•American Funds Target Date Retirement Series® |
The Capital Group Companies
American Funds Capital Research and Management Capital International Capital Guardian Capital Bank and Trust
Lit. No. MFGESR-935-0508P
Litho in USA BBC/AL/8094-S10072
10% post-consumer waste
Printed with inks containing soy and/or vegetable oil
ITEM 2 – Code of Ethics
Not applicable for filing of semi-annual reports to shareholders.
ITEM 3 – Audit Committee Financial Expert
Not applicable for filing of semi-annual reports to shareholders.
ITEM 4 – Principal Accountant Fees and Services
Not applicable for filing of semi-annual reports to shareholders.
ITEM 5 – Audit Committee of Listed Registrants
Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.
ITEM 6 – Schedule of Investments
[logo – American Funds®]
SMALLCAP World Fund®
Investment portfolio
March 31, 2008
unaudited
Common stocks — 90.05% | Shares | Market value (000) | ||||||
CONSUMER DISCRETIONARY — 17.41% | ||||||||
Jumbo SA1,2 | 4,844,956 | $ | 145,897 | |||||
Fourlis1,2 | 4,074,000 | 133,304 | ||||||
Schibsted ASA1,2 | 4,234,850 | 127,225 | ||||||
Nitori Co., Ltd.1 | 2,184,600 | 124,372 | ||||||
Central European Media Enterprises Ltd., Class A3 | 1,403,500 | 119,620 | ||||||
Lojas Renner SA, ordinary nominative | 5,950,000 | 112,476 | ||||||
lululemon athletica inc.2,3 | 3,668,414 | 104,293 | ||||||
Praktiker Bau- und Heimwerkermärkte Holding AG1,2 | 3,843,883 | 102,670 | ||||||
Kuoni Reisen Holding AG, Class B1,2 | 165,134 | 91,681 | ||||||
Saks Inc.3 | 6,507,500 | 81,149 | ||||||
Lions Gate Entertainment Corp.2,3 | 8,250,000 | 80,437 | ||||||
Rightmove PLC1,2 | 7,757,657 | 75,305 | ||||||
Billabong International Ltd.1 | 6,263,500 | 74,789 | ||||||
CarMax, Inc.3 | 3,800,000 | 73,796 | ||||||
Nishimatsuya Chain Co., Ltd.1,2 | 5,562,000 | 67,126 | ||||||
Cyrela Brazil Realty SA, ordinary nominative | 5,000,000 | 65,677 | ||||||
Cheil Industries Inc.1 | 1,300,000 | 63,363 | ||||||
GOME Electrical Appliances Holding Ltd.1 | 27,163,000 | 62,365 | ||||||
CTC Media, Inc.3 | 2,200,000 | 61,050 | ||||||
Café de Coral Holdings Ltd.1,2 | 31,550,000 | 60,543 | ||||||
Pantaloon Retail (India) Ltd.1 | 5,500,000 | 59,107 | ||||||
Chipotle Mexican Grill, Inc., Class A3 | 255,000 | 28,925 | ||||||
Chipotle Mexican Grill, Inc., Class B3 | 288,000 | 27,962 | ||||||
Arbitron Inc. | 1,311,760 | 56,616 | ||||||
Blue Nile, Inc.2,3 | 1,037,940 | 56,204 | ||||||
Ekornes ASA1,2 | 2,937,598 | 53,453 | ||||||
Aristocrat Leisure Ltd.1 | 6,075,304 | 53,448 | ||||||
Hotai Motor Co., Ltd.1 | 17,003,415 | 49,789 | ||||||
Scientific Games Corp., Class A3 | 2,300,000 | 48,553 | ||||||
Live Nation, Inc.3 | 3,475,000 | 42,152 | ||||||
Tokai Rika Co., Ltd.1 | 1,568,100 | 41,090 | ||||||
Banyan Tree Holdings Ltd.1,2 | 40,929,000 | 40,990 | ||||||
Honeys Co., Ltd.1,2 | 2,218,000 | 37,880 | ||||||
Timberland Co., Class A3 | 2,737,000 | 37,579 | ||||||
Trinity Ltd.1,2,3,4 | 82,337,500 | 37,559 | ||||||
ElringKlinger AG1 | 334,000 | 37,333 | ||||||
Quiksilver, Inc.3 | 3,800,000 | 37,278 | ||||||
Life Time Fitness, Inc.3 | 1,183,100 | 36,925 | ||||||
Polaris Industries Inc. | 900,000 | 36,909 | ||||||
GEOX SpA1 | 2,346,080 | 36,377 | ||||||
Navitas Ltd.1,2 | 21,727,690 | 36,170 | ||||||
Korea Kumho Petrochemical Co., Ltd.1 | 610,940 | 35,448 | ||||||
American Axle & Manufacturing Holdings, Inc. | 1,632,300 | 33,462 | ||||||
Hankook Tire Co., Ltd.1 | 2,080,000 | 33,324 | ||||||
NVR, Inc.3 | 55,000 | 32,862 | ||||||
Galaxy Entertainment Group Ltd.1,3 | 41,245,000 | 30,831 | ||||||
SeLoger.com1,3 | 580,000 | 30,706 | ||||||
Pinnacle Entertainment, Inc.3 | 2,300,000 | 29,440 | ||||||
Keihin Corp.1 | 2,019,000 | 29,264 | ||||||
Jackson Hewitt Tax Service Inc.2 | 2,396,000 | 27,482 | ||||||
Winnebago Industries, Inc.2 | 1,623,000 | 27,429 | ||||||
Tractor Supply Co.3 | 688,700 | 27,217 | ||||||
Toyoda Gosei Co., Ltd.1 | 706,000 | 26,955 | ||||||
Hürriyet Gazetecilik ve Matbaacilik AS1,3 | 16,906,958 | 25,933 | ||||||
Amtek Auto Ltd.1 | 4,020,000 | 25,930 | ||||||
Williams-Sonoma, Inc. | 1,055,000 | 25,573 | ||||||
PETsMART, Inc. | 1,250,000 | 25,550 | ||||||
CKE Restaurants, Inc. | 2,200,000 | 24,684 | ||||||
Peet’s Coffee & Tea, Inc.2,3 | 1,015,000 | 23,863 | ||||||
Halfords Group PLC1 | 4,200,000 | 23,625 | ||||||
Brunswick Corp. | 1,460,000 | 23,316 | ||||||
Fontainebleau Resorts LLC, Class A, non-voting units1,3,4 | 1,900,000 | 22,800 | ||||||
P.F. Chang’s China Bistro, Inc.3 | 800,000 | 22,752 | ||||||
Urban Outfitters, Inc.3 | 675,000 | 21,161 | ||||||
ASICS Corporation1 | 1,805,000 | 21,013 | ||||||
Crocs, Inc.3 | 1,200,000 | 20,964 | ||||||
XM Satellite Radio Holdings Inc., Class A3 | 1,800,000 | 20,916 | ||||||
Bijou Brigitte modische Accessoires AG1 | 127,000 | 20,059 | ||||||
TAKKT AG1 | 1,071,778 | 19,275 | ||||||
Spot Runner, Inc.1,3,4 | 2,980,544 | 17,883 | ||||||
Debenhams PLC1 | 15,780,000 | 17,767 | ||||||
Bloomsbury Publishing PLC1,2 | 5,405,000 | 17,691 | ||||||
Hana Tour Service Inc.1 | 338,200 | 17,169 | ||||||
DeVry Inc. | 400,000 | 16,736 | ||||||
Dolan Media Co.3 | 829,014 | 16,671 | ||||||
PetMed Express, Inc.2,3 | 1,500,000 | 16,635 | ||||||
Pool Corp. | 810,000 | 15,301 | ||||||
Gafisa SA, ordinary nominative | 900,000 | 14,911 | ||||||
Talbots, Inc. | 1,349,875 | 14,552 | ||||||
Cabela’s Inc.3 | 1,000,000 | 14,160 | ||||||
Boyd Gaming Corp. | 700,000 | 14,000 | ||||||
Denny’s Corp.3 | 4,500,000 | 13,410 | ||||||
Domino’s Pizza Enterprises Ltd.1,2 | 4,498,000 | 13,378 | ||||||
Bob Evans Farms, Inc. | 475,000 | 13,105 | ||||||
American Public Education, Inc.3 | 425,000 | 12,907 | ||||||
PartyGaming PLC1,3 | 30,750,000 | 12,660 | ||||||
Jo-Ann Stores, Inc.3 | 770,000 | 11,342 | ||||||
Asahi India Glass Ltd.1,3 | 6,721,886 | 11,302 | ||||||
HUGO BOSS AG1 | 215,000 | 10,875 | ||||||
ValueVision Media, Inc., Class A2,3 | 1,900,000 | 10,526 | ||||||
C C Land Holdings Ltd.1 | 10,418,000 | 10,085 | ||||||
TOD’S SpA1 | 162,000 | 9,964 | ||||||
CKX, Inc.3 | 1,000,000 | 9,520 | ||||||
JJB Sports PLC1 | 4,390,500 | 9,496 | ||||||
Chuang’s China Investments Ltd.1,2 | 119,995,000 | 9,101 | ||||||
Formosa International Hotels Corp.1 | 540,756 | 8,762 | ||||||
Next Media Ltd.1 | 22,100,000 | 8,656 | ||||||
Entertainment Rights PLC1,2,3 | 42,500,000 | 8,643 | ||||||
1-800-FLOWERS.COM, Inc., Class A3 | 1,000,000 | 8,510 | ||||||
Shuffle Master, Inc.3 | 1,550,224 | 8,294 | ||||||
Prime Success International Group Ltd.1 | 15,200,000 | 8,190 | ||||||
YBM Sisa.com Inc.1,2 | 824,930 | 8,097 | ||||||
Largan Precision Co., Ltd.1 | 688,500 | 7,111 | ||||||
TVN SA1 | 666,005 | 6,879 | ||||||
Gaming VC Holdings SA1,2 | 2,023,800 | 6,703 | ||||||
Getty Images, Inc.3 | 200,000 | 6,400 | ||||||
Rambler Media Ltd.1,3 | 246,066 | 6,115 | ||||||
Haseko Corp.1 | 3,950,000 | 5,952 | ||||||
Cosi, Inc.3 | 2,000,000 | 5,740 | ||||||
Agora SA1 | 299,900 | 5,735 | ||||||
Riken Corp.1 | 1,075,000 | 5,053 | ||||||
Restaurant Group PLC1 | 1,590,000 | 4,858 | ||||||
OSIM International Ltd.1 | 18,750,000 | 4,783 | ||||||
CEC Unet PLC1,2,3 | 35,100,775 | 3,483 | ||||||
Fleetwood Enterprises, Inc.3 | 603,400 | 2,776 | ||||||
Hi-Lex Corp.1 | 3,200 | 45 | ||||||
Mobile Travel Guide, Inc.1,3,4 | 96,033 | 24 | ||||||
3,933,227 | ||||||||
INDUSTRIALS — 17.28% | ||||||||
Samsung Engineering Co., Ltd.1 | 1,812,640 | 168,622 | ||||||
Downer EDI Ltd.1,2 | 22,074,889 | 127,105 | ||||||
Container Corp. of India Ltd.1 | 2,891,794 | 124,814 | ||||||
BayWa AG1,2 | 1,849,985 | 109,953 | ||||||
Michael Page International PLC1,2 | 17,941,190 | 107,589 | ||||||
MSC Industrial Direct Co., Inc., Class A | 2,106,000 | 88,978 | ||||||
Kaba Holding AG1,2 | 250,800 | 84,667 | ||||||
SIA Engineering Co. Ltd.1 | 28,405,000 | 81,580 | ||||||
Aalberts Industries NV1 | 3,651,000 | 78,047 | ||||||
ELLINIKI TECHNODOMIKI TEB SA1 | 6,153,000 | 75,482 | ||||||
LS Industrial Systems Co., Ltd.1 | 1,149,660 | 71,636 | ||||||
IVRCL Infrastructures & Projects Ltd.1 | 6,629,316 | 67,772 | ||||||
Murray & Roberts Holdings Ltd.1 | 5,660,746 | 66,681 | ||||||
Actuant Corp., Class A | 2,150,000 | 64,951 | ||||||
Boart Longyear Ltd.1,4 | 33,000,000 | 55,371 | ||||||
Boart Longyear Ltd.1 | 4,730,926 | 7,938 | ||||||
Watsco, Inc. | 1,519,000 | 62,917 | ||||||
Danieli & C. Officine Meccaniche SpA1 | 2,592,500 | 61,501 | ||||||
GfK AG1 | 1,365,500 | 53,996 | ||||||
Delachaux SA1 | 636,423 | 52,772 | ||||||
IJM Corp. Bhd.1 | 27,340,000 | 52,285 | ||||||
Mine Safety Appliances Co. | 1,249,800 | 51,479 | ||||||
TK Corp.1,2,3 | 1,659,000 | 50,665 | ||||||
KBR, Inc. | 1,798,000 | 49,859 | ||||||
Resources Connection, Inc.2 | 2,757,500 | 49,277 | ||||||
Singapore Post Private Ltd.1 | 57,475,000 | 48,106 | ||||||
Hopewell Holdings Ltd.1 | 12,229,000 | 46,712 | ||||||
Northgate PLC1,2 | 4,114,822 | 46,412 | ||||||
Koninklijke BAM Groep NV1 | 1,940,000 | 45,711 | ||||||
Grontmij NV, depository receipts1,2 | 1,189,213 | 44,518 | ||||||
Graco Inc. | 1,215,000 | 44,056 | ||||||
Pyeong San Co., Ltd.1,2 | 1,075,000 | 43,861 | ||||||
MISUMI Group Inc.1 | 2,462,000 | 43,766 | ||||||
Uponor Oyj1 | 1,839,000 | 43,263 | ||||||
Genesis Lease Ltd. (ADR)2 | 2,884,000 | 41,962 | ||||||
MITIE Group PLC1 | 8,700,000 | 41,773 | ||||||
United Stationers Inc.3 | 868,700 | 41,437 | ||||||
Corrections Corporation of America3 | 1,500,000 | 41,280 | ||||||
Samsung Techwin Co., Ltd.1 | 743,700 | 40,642 | ||||||
Nabtesco Corp.1 | 2,778,000 | 38,133 | ||||||
GS Engineering & Construction Corp.1 | 247,127 | 36,307 | ||||||
Corporate Executive Board Co. | 867,700 | 35,124 | ||||||
Sintex Industries Ltd.1 | 3,918,684 | 35,051 | ||||||
Michaniki SA1,2 | 3,935,000 | 30,026 | ||||||
Michaniki SA, preference shares1,2 | 871,900 | 4,541 | ||||||
Nagarjuna Construction Co. Ltd.1 | 6,404,543 | 34,412 | ||||||
Shenzhen Expressway Co. Ltd., Class H1,3 | 42,916,000 | 33,043 | ||||||
Emeco Holdings Ltd.1,2 | 41,027,381 | 30,215 | ||||||
Grupo Aeroportuario del Pacífico, SAB de CV, Class B (ADR) | 659,300 | 29,668 | ||||||
TaeWoong Co., Ltd.1 | 369,000 | 28,777 | ||||||
EnerSys3 | 1,200,000 | 28,704 | ||||||
Beacon Roofing Supply, Inc.2,3 | 2,695,400 | 26,954 | ||||||
Houston Wire & Cable Co.2 | 1,678,900 | 26,896 | ||||||
Wilh. Wilhelmsen ASA, Class A1 | 799,600 | 26,743 | ||||||
Altra Holdings, Inc.2,3 | 1,905,548 | 25,630 | ||||||
STX Engine Co., Ltd.1 | 544,140 | 25,351 | ||||||
Continental Airlines, Inc., Class B3 | 1,310,000 | 25,191 | ||||||
Advisory Board Co.3 | 455,000 | 24,998 | ||||||
A-TEC Industries AG1 | 299,550 | 24,841 | ||||||
Melco International Development Ltd.1 | 17,210,000 | 24,152 | ||||||
JetBlue Airways Corp.3 | 4,000,000 | 23,200 | ||||||
JVM Co., Ltd.1,2 | 506,000 | 23,002 | ||||||
Goodpack Ltd.1 | 19,678,000 | 22,720 | ||||||
Trakya Cam Sanayii AS1 | 17,552,622 | 22,193 | ||||||
AirAsia Bhd.1,3 | 51,221,900 | 21,998 | ||||||
Halla Engineering & Construction Corp.1,2 | 626,000 | 21,398 | ||||||
URS Corp.3 | 650,000 | 21,248 | ||||||
Aboitiz Equity Ventures, Inc.1 | 134,250,000 | 20,771 | ||||||
Federal Signal Corp. | 1,425,000 | 19,893 | ||||||
Lonrho PLC1,2,3 | 26,350,000 | 19,608 | ||||||
Acuity Brands, Inc. | 445,300 | 19,126 | ||||||
Jain Irrigation Systems Ltd.1 | 1,248,000 | 18,583 | ||||||
ALL - América Latina Logística, units | 1,750,000 | 17,690 | ||||||
G-Shank Enterprise Co., Ltd.1,2 | 15,034,320 | 16,812 | ||||||
Kelly Services, Inc., Class A | 800,000 | 16,448 | ||||||
Cpl Resources PLC1,2 | 2,597,498 | 16,406 | ||||||
Daelim Industrial Co., Ltd.1 | 127,000 | 16,275 | ||||||
Pentair, Inc. | 500,000 | 15,950 | ||||||
InnerWorkings, Inc.3 | 1,125,000 | 15,784 | ||||||
AeroVironment, Inc.3 | 744,650 | 15,228 | ||||||
Herman Miller, Inc. | 567,444 | 13,942 | ||||||
Kingspan Group PLC1 | 1,020,000 | 13,624 | ||||||
Krones AG1 | 165,000 | 13,460 | ||||||
Chen Hsong Holdings Ltd.1 | 27,746,000 | 13,328 | ||||||
PRONEXUS INC.1 | 1,627,000 | 13,149 | ||||||
Chung-Hsin Electric and Machinery Manufacturing Corp.1 | 15,000,000 | 13,147 | ||||||
Georg Fischer Ltd1,3 | 25,850 | 12,825 | ||||||
NCI Building Systems, Inc.3 | 520,000 | 12,584 | ||||||
Dore Holdings Ltd.1,2 | 94,822,368 | 12,433 | ||||||
Spirax-Sarco Engineering PLC1 | 605,000 | 12,328 | ||||||
Crane Group Ltd.1 | 871,573 | 12,183 | ||||||
Ennis, Inc. | 720,000 | 12,082 | ||||||
Prosegur Compañía de Seguridad, SA1 | 282,000 | 11,832 | ||||||
Permasteelisa SpA1 | 615,000 | 11,748 | ||||||
Havell’s India Ltd.1 | 1,000,000 | 11,694 | ||||||
Copa Holdings, SA, Class A | 300,000 | 11,433 | ||||||
ESCO Technologies Inc.3 | 285,700 | 11,348 | ||||||
Pacer International, Inc. | 685,000 | 11,255 | ||||||
Curtiss-Wright Corp. | 268,600 | 11,142 | ||||||
Geberit AG1 | 74,000 | 11,028 | ||||||
Hyunjin Materials Co., Ltd.1 | 322,100 | 10,949 | ||||||
Hubbell Inc., Class B | 250,000 | 10,922 | ||||||
Aker American Shipping ASA1,3 | 544,600 | 10,496 | ||||||
KCC Corp.1 | 22,480 | 10,315 | ||||||
Seobu Truck Terminal Co., Ltd.1,3 | 562,200 | 9,941 | ||||||
SThree PLC1 | 2,550,000 | 9,874 | ||||||
S1 Corp.1 | 179,000 | 9,336 | ||||||
I. Kloukinas – I. Lappas SA1 | 1,080,000 | 8,668 | ||||||
Intertek Group PLC1 | 415,000 | 8,497 | ||||||
Gehl Co.3 | 500,000 | 8,470 | ||||||
Norfolk Group Ltd.1,2,3 | 6,500,000 | 8,378 | ||||||
Hyflux Water Trust1,2,3 | 19,500,000 | 8,008 | ||||||
Rollins, Inc. | 445,500 | 7,881 | ||||||
Wabash National Corp. | 800,000 | 7,192 | ||||||
BELIMO Holding AG1 | 6,300 | 6,853 | ||||||
Korea Electric Terminal Co., Ltd.1 | 350,000 | 6,826 | ||||||
Hopewell Highway Infrastructure Ltd.1 | 8,774,600 | 6,756 | ||||||
Max India Ltd.1,3 | 1,795,000 | 6,703 | ||||||
Latécoère SA1 | 323,626 | 6,694 | ||||||
sia Abrasives Holding AG1 | 16,479 | 6,606 | ||||||
Hong Kong Aircraft Engineering Co. Ltd.1 | 355,600 | 5,862 | ||||||
Ansaldo STS SpA1,3 | 390,000 | 5,483 | ||||||
Grafton Group PLC, units1 | 575,000 | 5,295 | ||||||
NEPES Corp.1,3 | 701,634 | 4,743 | ||||||
CoStar Group, Inc.3 | 100,000 | 4,300 | ||||||
Aker Philadelphia Shipyard ASA1,3,4 | 346,000 | 3,538 | ||||||
Imagelinx PLC1,2,3 | 21,385,714 | 318 | ||||||
ZOOTS1,2,3,4 | 25,173 | 234 | ||||||
3,904,229 | ||||||||
FINANCIALS — 11.41% | ||||||||
Pusan Bank1,2 | 11,726,500 | 147,095 | ||||||
Daegu Bank, Ltd.1,2 | 10,570,000 | 142,142 | ||||||
Indiabulls Real Estate Ltd.1,3 | 7,209,778 | 88,495 | ||||||
MCB Bank Ltd.1 | 13,099,742 | 86,984 | ||||||
Kotak Mahindra Bank Ltd.1 | 5,493,262 | 86,465 | ||||||
Dolphin Capital Investors Ltd.1,2,3 | 31,123,920 | 81,821 | ||||||
Dah Sing Financial Holdings Ltd.1 | 11,174,600 | 73,776 | ||||||
Indiabulls Securities Ltd.1,3 | 6,193,648 | 58,733 | ||||||
Jammu and Kashmir Bank Ltd.1,2 | 3,149,500 | 53,868 | ||||||
Redwood Trust, Inc. | 1,440,000 | 52,344 | ||||||
Central Pattana PCL1 | 56,461,000 | 50,912 | ||||||
Hargreaves Lansdown PLC1 | 14,244,718 | 50,518 | ||||||
East West Bancorp, Inc. | 2,801,628 | 49,729 | ||||||
Indiabulls Financial Services Ltd.1 | 4,285,135 | 45,046 | ||||||
Banco de Oro-EPCI, Inc.1 | 34,600,000 | 43,518 | ||||||
Assured Guaranty Ltd. | 1,800,000 | 42,732 | ||||||
Banco Sofisa SA, preferred nominative | 8,116,400 | 40,559 | ||||||
Interhyp AG1,2 | 527,850 | 40,333 | ||||||
Mercury General Corp. | 902,724 | 40,000 | ||||||
Topdanmark A/S1,3 | 235,700 | 39,630 | ||||||
Industrial and Commercial Bank of China (Asia) Ltd.1 | 15,275,000 | 38,065 | ||||||
Banco Macro SA, Class B (ADR) | 1,365,800 | 34,623 | ||||||
Downey Financial Corp.2 | 1,825,000 | 33,544 | ||||||
Unitech Corporate Parks PLC1,2,3 | 18,865,800 | 32,948 | ||||||
National Bank of Pakistan1 | 8,793,774 | 32,736 | ||||||
Ascendas Real Estate Investment Trust1 | 18,336,550 | 31,928 | ||||||
BOK Financial Corp. | 601,791 | 31,432 | ||||||
China Banking Corp.1 | 2,142,187 | 31,269 | ||||||
Northwest Bancorp, Inc. | 1,130,000 | 30,883 | ||||||
UnionBank of the Philippines1,2 | 35,823,500 | 30,382 | ||||||
Hung Poo Real Estate Development Corp.1,2 | 16,772,120 | 29,868 | ||||||
First Pacific Co. Ltd.1 | 44,300,000 | 29,366 | ||||||
eHealth, Inc.2,3 | 1,271,400 | 28,060 | ||||||
Farglory Land Development Co., Ltd.1 | 7,681,000 | 27,798 | ||||||
Azimut Holding SpA1 | 2,630,000 | 27,357 | ||||||
Oslo Børs VPS Holding ASA1 | 1,002,335 | 27,005 | ||||||
Megaworld Corp.1 | 444,400,000 | 26,506 | ||||||
IG Group Holdings PLC1 | 3,861,000 | 25,068 | ||||||
Challenger Financial Services Group Ltd.1 | 14,886,353 | 24,944 | ||||||
Bank of Georgia (GDR)1,3 | 675,000 | 17,217 | ||||||
Bank of Georgia (GDR)1,3,5 | 300,000 | 7,652 | ||||||
Wing Tai Holdings Ltd.1 | 15,286,000 | 24,468 | ||||||
Alm. Brand A/S1,3 | 385,000 | 24,188 | ||||||
Allied Bank Ltd. 1 | 12,060,000 | 23,242 | ||||||
JSE Ltd.1 | 2,745,000 | 22,005 | ||||||
Cathay General Bancorp, Inc. | 1,000,000 | 20,730 | ||||||
Gruppo MutuiOnline SpA1,2,3 | 3,160,000 | 20,463 | ||||||
Montréal Exchange Inc.3 | 630,000 | 20,287 | ||||||
Federal Agricultural Mortgage Corp., Class C | 777,000 | 20,280 | ||||||
FirstFed Financial Corp.2,3 | 735,000 | 19,955 | ||||||
AEON Mall Co., Ltd.1 | 706,800 | 19,836 | ||||||
Asya Katilim Bankasi AS, Class B1,3 | 2,912,760 | 18,306 | ||||||
PT Bank Niaga Tbk1 | 222,354,000 | 18,261 | ||||||
Paraná Banco SA, preferred nominative | 3,554,720 | 18,068 | ||||||
CapitaRetail China Trust1,3 | 18,780,100 | 17,844 | ||||||
Banco ABC Brasil SA, preferred nominative | 3,060,700 | 16,781 | ||||||
Home Federal Bancorp, Inc.2 | 1,384,249 | 16,597 | ||||||
Banner Corp. | 710,000 | 16,358 | ||||||
S P Setia Bhd.1 | 13,950,000 | 16,330 | ||||||
Banco Daycoval SA, preferred nominative | 2,539,300 | 15,822 | ||||||
Cathay Real Estate Development Co. Ltd.1 | 17,400,000 | 15,631 | ||||||
Greek Postal Savings Bank SA1 | 849,030 | 15,602 | ||||||
Wilmington Trust Corp. | 500,000 | 15,550 | ||||||
Amata Corp. PCL1 | 26,800,000 | 14,490 | ||||||
UCBH Holdings, Inc. | 1,800,000 | 13,968 | ||||||
Union Bank of India1 | 3,750,000 | 13,270 | ||||||
First State Bancorporation | 952,800 | 12,758 | ||||||
CastlePoint Holdings, Ltd. | 1,295,000 | 12,600 | ||||||
Banco Cruzeiro do Sol SA, preferred nominative | 2,863,100 | 12,345 | ||||||
Brascan Residential Properties SA, ordinary nominative | 2,364,000 | 11,678 | ||||||
Gladstone Capital Corp. | 619,000 | 11,581 | ||||||
P/F Føroya Banki1 | 354,760 | 11,265 | ||||||
Kiatnakin Bank PCL1 | 12,200,000 | 11,204 | ||||||
TICON Property Fund1,2 | 30,400,000 | 10,466 | ||||||
Solomon Mutual Savings Bank1,2 | 1,062,023 | 10,404 | ||||||
VastNed Retail NV1 | 97,000 | 10,320 | ||||||
Robinsons Land Corp., Class B1 | 41,188,300 | 10,207 | ||||||
SpareBank 1 SR-Bank1 | 961,333 | 9,974 | ||||||
City National Corp. | 200,000 | 9,892 | ||||||
Banco Patagonia SA, Class B (BDR)3 | 559,000 | 9,127 | ||||||
First Niagara Financial Group, Inc. | 550,000 | 7,475 | ||||||
TICON Industrial Connection PCL1 | 11,298,800 | 6,921 | ||||||
Orco Property Group SA1 | 76,930 | 6,894 | ||||||
AmericanWest Bancorporation | 790,200 | 6,891 | ||||||
Cyrela Commercial Properties SA, ordinary nominative3 | 1,000,000 | 5,511 | ||||||
Sparebanken Midt-Norge1 | 463,700 | 4,651 | ||||||
Eurobancshares, Inc.3 | 800,000 | 4,256 | ||||||
Sumitomo Real Estate Sales Co., Ltd.1 | 100,000 | 3,406 | ||||||
Chimera Investment Corp. | 267,500 | 3,290 | ||||||
MGIC Investment Corp. | 220,350 | 2,320 | ||||||
CitySpring Infrastructure Trust1 | 500,000 | 260 | ||||||
2,577,379 | ||||||||
INFORMATION TECHNOLOGY — 11.20% | ||||||||
Kingboard Chemical Holdings Ltd.1,2 | 49,934,200 | 178,035 | ||||||
Tripod Technology Corp.1,2 | 34,375,108 | 117,028 | ||||||
Novell, Inc.2,3 | 17,978,000 | 113,082 | ||||||
SkillSoft PLC (ADR)2,3 | 7,225,000 | 75,646 | ||||||
Heartland Payment Systems, Inc.2 | 2,695,000 | 62,012 | ||||||
Moneysupermarket.com Group PLC1 | 23,905,000 | 59,225 | ||||||
THQ Inc.3 | 2,621,000 | 57,138 | ||||||
Konami Corp.1 | 1,412,600 | 53,684 | ||||||
ACI Worldwide, Inc.2,3 | 2,584,000 | 51,473 | ||||||
Digital River, Inc.3 | 1,500,000 | 46,455 | ||||||
Venture Corp. Ltd.1 | 5,969,600 | 45,998 | ||||||
TradeDoubler AB1,2 | 2,120,000 | 43,731 | ||||||
Verifone Holdings, Inc.3 | 2,676,500 | 42,476 | ||||||
SEEK Ltd.1 | 8,640,810 | 41,923 | ||||||
Xchanging PLC1,3 | 7,293,160 | 40,516 | ||||||
Euronet Worldwide, Inc.3 | 1,814,500 | 34,947 | ||||||
Euronet Worldwide, Inc.3,4 | 200,000 | 3,852 | ||||||
Mentor Graphics Corp.3 | 4,315,500 | 38,106 | ||||||
TIBCO Software Inc.3 | 5,281,200 | 37,708 | ||||||
Wacom Co., Ltd.1 | 17,312 | 36,774 | ||||||
SRA International, Inc., Class A3 | 1,500,000 | 36,465 | ||||||
Veeco Instruments Inc.2,3 | 2,107,171 | 35,042 | ||||||
Kingboard Laminates Holdings Ltd.1 | 54,686,236 | 32,165 | ||||||
Avid Technology, Inc.3 | 1,315,700 | 32,024 | ||||||
MacDonald, Dettwiler and Associates Ltd.3 | 700,000 | 31,678 | ||||||
Solera Holdings, Inc.3 | 1,250,000 | 30,450 | ||||||
Unisteel Technology Ltd.1,2 | 31,831,000 | 30,360 | ||||||
ValueClick, Inc.3 | 1,750,000 | 30,187 | ||||||
Internet Capital Group, Inc.2,3 | 2,869,000 | 30,038 | ||||||
Semtech Corp.3 | 2,076,053 | 29,750 | ||||||
Littelfuse, Inc.3 | 850,000 | 29,724 | ||||||
Tessera Technologies, Inc.3 | 1,400,000 | 29,120 | ||||||
Red Hat, Inc.3 | 1,550,000 | 28,505 | ||||||
Concur Technologies, Inc.3 | 914,750 | 28,403 | ||||||
InfoSpace.com, Inc.2 | 2,421,200 | 28,013 | ||||||
ASM Pacific Technology Ltd.1 | 3,840,000 | 27,879 | ||||||
Chartered Semiconductor Manufacturing Ltd1,3 | 52,236,000 | 27,499 | ||||||
austriamicrosystems AG, non-registered shares1,2,3 | 715,000 | 27,373 | ||||||
Echelon Corp.3 | 2,000,000 | 27,000 | ||||||
Intersil Corp., Class A | 1,050,000 | 26,953 | ||||||
Hutchinson Technology Inc.2,3 | 1,686,035 | 26,825 | ||||||
Polycom, Inc.3 | 1,100,000 | 24,794 | ||||||
Hana Microelectronics PCL1 | 40,425,000 | 23,893 | ||||||
Dice Holdings, Inc.3 | 2,477,600 | 22,075 | ||||||
Infotech Enterprises Ltd.1,2 | 3,000,000 | 20,998 | ||||||
Orbotech Ltd.3 | 1,128,317 | 20,693 | ||||||
Thinkware Systems Corp.1,2,3 | 626,120 | 20,556 | ||||||
NCsoft Corp.1 | 428,400 | 19,974 | ||||||
Gartner, Inc.3 | 1,002,475 | 19,388 | ||||||
Compal Electronics, Inc.1 | 20,100,000 | 19,323 | ||||||
CNET Networks, Inc.3 | 2,655,000 | 18,851 | ||||||
Diebold, Inc. | 500,000 | 18,775 | ||||||
Funcom NV1,2,3 | 3,000,000 | 18,765 | ||||||
Halma PLC1 | 4,745,000 | 18,240 | ||||||
Net 1 UEPS Technologies, Inc.3 | 805,143 | 18,156 | ||||||
Intermec, Inc.3 | 816,700 | 18,123 | ||||||
Finisar Corp.3 | 13,280,000 | 16,998 | ||||||
Kapsch TrafficCom AG1,3 | 335,989 | 16,918 | ||||||
McAfee, Inc.3 | 500,000 | 16,545 | ||||||
Applied Micro Circuits Corp.3 | 2,250,000 | 16,155 | ||||||
Standard Microsystems Corp.3 | 550,000 | 16,049 | ||||||
National Instruments Corp. | 600,000 | 15,684 | ||||||
Advantech Co., Ltd.1 | 6,432,314 | 15,222 | ||||||
Varian Semiconductor Equipment Associates, Inc.3 | 487,500 | 13,723 | ||||||
Verigy Ltd.3 | 700,000 | 13,188 | ||||||
Renishaw PLC1 | 970,000 | 13,116 | ||||||
Sanmina-SCI Corp.3 | 8,000,000 | 12,960 | ||||||
LoopNet, Inc.3 | 1,001,500 | 12,719 | ||||||
Wintek Corp.1 | 13,917,273 | 12,696 | ||||||
Chicony Electronics Co., Ltd.1 | 7,048,850 | 12,551 | ||||||
SINA Corp.3 | 355,000 | 12,514 | ||||||
Wistron Corp.1 | 7,586,737 | 11,989 | ||||||
DTS, Inc.3 | 482,300 | 11,575 | ||||||
i2 Technologies, Inc.3 | 1,001,500 | 11,277 | ||||||
Internet Brands, Inc., Class A3 | 1,504,395 | 11,087 | ||||||
VistaPrint Ltd.3 | 311,900 | 10,901 | ||||||
CDNetworks Co., Ltd.1,3 | 655,501 | 10,507 | ||||||
Cadence Design Systems, Inc.3 | 915,000 | 9,772 | ||||||
Global Unichip Corp.1 | 1,400,000 | 9,478 | ||||||
Stratasys, Inc.3 | 532,000 | 9,470 | ||||||
SourceForge, Inc.2,3 | 4,700,000 | 9,353 | ||||||
SMARTRAC NV1,3 | 187,214 | 9,059 | ||||||
Techwell, Inc.3 | 825,000 | 8,943 | ||||||
Cogent, Inc.3 | 900,000 | 8,487 | ||||||
Spark Networks, Inc.2,3 | 1,935,300 | 8,283 | ||||||
Delta Electronics (Thailand) PCL1 | 12,150,000 | 8,178 | ||||||
Ono Sokki Co., Ltd.1,2 | 1,609,000 | 7,960 | ||||||
Rogers Corp.3 | 225,968 | 7,550 | ||||||
MEMSIC, Inc.2,3 | 1,200,000 | 7,212 | ||||||
Simmtech Co., Ltd.1 | 1,020,000 | 6,363 | ||||||
Oakton Ltd.1 | 1,520,000 | 5,067 | ||||||
ORBCOMM Inc.3 | 1,000,000 | 4,960 | ||||||
HSW International, Inc.1,3,4 | 1,109,908 | 3,995 | ||||||
Phoenix PDE Co., Ltd.1,2,3 | 1,500,000 | 2,842 | ||||||
SupportSoft, Inc.3 | 735,000 | 2,426 | ||||||
PDF Solutions, Inc.3 | 357,900 | 1,972 | ||||||
Spansion Inc., Class A3 | 574,500 | 1,580 | ||||||
KEC Holdings Co. Ltd.1 | 781,249 | 1,402 | ||||||
DK UIL Co., Ltd.1,3 | 140,000 | 928 | ||||||
Advanced Semiconductor Manufacturing Corp. Ltd., Class H1,3 | 24,250,000 | 787 | ||||||
Redline Communications Group Inc.2,3 | 698,500 | 700 | ||||||
Infoteria Corp.1,3 | 2,577 | 502 | ||||||
Orbiscom Ltd.1,3,4 | 3,905,874 | 156 | ||||||
PixelFusion PLC1,3,4 | 2,300,000 | 31 | ||||||
KEC Corp.1,3 | 20,000 | 26 | ||||||
2,529,722 | ||||||||
HEALTH CARE — 9.80% | ||||||||
ResMed Inc3 | 2,983,200 | 125,831 | ||||||
ResMed Inc (CDI)1,3 | 1,500,000 | 6,223 | ||||||
Integra LifeSciences Holdings Corp.2,3 | 2,065,377 | 89,782 | ||||||
American Medical Systems Holdings, Inc.2,3 | 5,370,000 | 76,200 | ||||||
Gerresheimer AG, non-registered shares1,3 | 1,435,000 | 72,211 | ||||||
Grifols, SA1 | 2,706,125 | 71,235 | ||||||
ArthroCare Corp.2,3 | 2,070,000 | 69,035 | ||||||
Beckman Coulter, Inc. | 997,500 | 64,389 | ||||||
Hikma Pharmaceuticals PLC1 | 6,769,153 | 63,356 | ||||||
Medicis Pharmaceutical Corp., Class A2 | 3,020,000 | 59,464 | ||||||
Vital Signs, Inc.2 | 1,059,690 | 53,673 | ||||||
Nakanishi Inc.1,2 | 491,100 | 50,569 | ||||||
Laboratorios Almirall, SA1,3 | 2,423,300 | 49,434 | ||||||
BioMarin Pharmaceutical Inc.3 | 1,350,000 | 47,750 | ||||||
Cochlear Ltd.1 | 918,610 | 46,144 | ||||||
Haemonetics Corp.3 | 721,000 | 42,957 | ||||||
Apollo Hospitals Enterprise Ltd.1,2 | 3,275,000 | 42,046 | ||||||
Rhön-Klinikum AG, non-registered shares1 | 1,410,400 | 41,773 | ||||||
Fisher & Paykel Healthcare Corp. Ltd.1 | 16,600,000 | 38,411 | ||||||
SonoSite, Inc.2,3 | 1,331,100 | 37,843 | ||||||
Applera Corp., Celera group3 | 2,537,000 | 37,294 | ||||||
Sirona Dental Systems, Inc.3 | 1,345,000 | 36,275 | ||||||
NuVasive, Inc.3 | 1,042,829 | 35,988 | ||||||
DiaSorin SpA1,3 | 1,754,300 | 35,921 | ||||||
Volcano Corp.2,3 | 2,745,500 | 34,319 | ||||||
Mentor Corp. | 1,250,700 | 32,168 | ||||||
Intuitive Surgical, Inc.3 | 96,934 | 31,441 | ||||||
Allscripts Healthcare Solutions, Inc.2,3 | 3,000,000 | 30,960 | ||||||
ev3 Inc.3 | 3,588,258 | 29,208 | ||||||
Masimo Corp.3 | 1,066,000 | 27,716 | ||||||
Ipca Laboratories Ltd.1,2 | 1,794,000 | 27,672 | ||||||
Abaxis, Inc.2,3 | 1,168,828 | 27,082 | ||||||
China Medical Technologies, Inc. (ADR) | 600,000 | 24,654 | ||||||
Bumrungrad Hospital PCL1 | 20,655,300 | 22,501 | ||||||
Acorda Therapeutics, Inc.3 | 1,250,000 | 22,438 | ||||||
United Laboratories International Holdings Ltd.1,3 | 58,260,000 | 22,377 | ||||||
I-Flow Corp.2,3 | 1,572,000 | 22,055 | ||||||
Hisamitsu Pharmaceutical Co., Inc.1 | 600,000 | 21,847 | ||||||
United Therapeutics Corp.3 | 250,000 | 21,675 | ||||||
Cougar Biotechnology, Inc.2,3,4 | 1,000,000 | 21,000 | ||||||
Invacare Corp. | 935,000 | 20,832 | ||||||
AMAG Pharmaceuticals, Inc.3 | 500,000 | 20,215 | ||||||
Vital Images, Inc.2,3 | 1,362,000 | 20,185 | ||||||
Savient Pharmaceuticals, Inc.3 | 1,000,000 | 20,000 | ||||||
ICU Medical, Inc.3 | 654,000 | 18,816 | ||||||
Greatbatch, Inc.3 | 990,400 | 18,233 | ||||||
Arpida Ltd.1,2,3 | 1,231,509 | 17,298 | ||||||
Auxilium Pharmaceuticals, Inc.3 | 600,000 | 16,044 | ||||||
Kendle International Inc.3 | 357,000 | 16,036 | ||||||
Eclipsys Corp.3 | 775,000 | 15,198 | ||||||
Biosensors International Group, Ltd.1,3 | 27,650,000 | 14,846 | ||||||
Insulet Corp.3 | 1,010,000 | 14,544 | ||||||
Kensey Nash Corp.3 | 500,000 | 14,475 | ||||||
Orion Oyj, Class B1 | 655,000 | 14,190 | ||||||
ABIOMED, Inc.3 | 1,030,000 | 13,534 | ||||||
Tecan Group AG1 | 215,586 | 12,987 | ||||||
Cardiome Pharma Corp.3 | 1,500,000 | 12,600 | ||||||
PSS World Medical, Inc.3 | 750,000 | 12,495 | ||||||
Exelixis, Inc.3 | 1,775,000 | 12,336 | ||||||
Alexion Pharmaceuticals, Inc.3 | 200,000 | 11,860 | ||||||
EGIS NYRT1 | 107,000 | 11,616 | ||||||
Amplifon SpA1 | 3,325,980 | 11,297 | ||||||
Array BioPharma Inc.3 | 1,520,000 | 10,655 | ||||||
A&D Pharma Holdings NV (GDR)1 | 958,000 | 10,590 | ||||||
Advanced Medical Optics, Inc.3 | 520,000 | 10,556 | ||||||
Phase Forward Inc.3 | 615,000 | 10,504 | ||||||
Top Glove Corp. Bhd.1 | 8,220,500 | 10,097 | ||||||
Clínica Baviera, SA1,3 | 420,000 | 9,935 | ||||||
Recordati SpA1 | 1,300,000 | 9,706 | ||||||
AngioDynamics, Inc.3 | 800,000 | 9,248 | ||||||
Newron Pharmaceuticals SpA1,3 | 257,000 | 8,890 | ||||||
Introgen Therapeutics, Inc.2,3 | 2,677,100 | 8,326 | ||||||
Simcere Pharmaceutical Group (ADR)3 | 770,000 | 8,054 | ||||||
Vical Inc.2,3 | 2,250,279 | 7,921 | ||||||
Sigma Pharmaceuticals Ltd.1 | 6,805,898 | 7,772 | ||||||
Vision-Sciences, Inc.2,3 | 2,200,000 | 7,194 | ||||||
LifeCycle Pharma A/S1,3 | 1,300,000 | 6,620 | ||||||
Senomyx, Inc.3 | 1,024,400 | 6,044 | ||||||
AS ONE Corp.1 | 253,000 | 5,776 | ||||||
Krka, dd, Novo mesto1 | 27,820 | 4,086 | ||||||
Apria Healthcare Group Inc.3 | 180,000 | 3,555 | ||||||
Hythiam, Inc.3 | 2,700,000 | 3,267 | ||||||
Arcadia Resources, Inc.3,4 | 3,749,999 | 3,225 | ||||||
Allied Medical Ltd.1,3 | 147,030 | 35 | ||||||
2,214,610 | ||||||||
ENERGY — 5.85% | ||||||||
OPTI Canada Inc.2,3 | 14,849,000 | 250,061 | ||||||
OPTI Canada Inc.2,3,4 | 420,000 | 7,073 | ||||||
Oilexco Inc.3 | 6,808,600 | 89,009 | ||||||
Oilexco Inc. (GBP denominated)1,3,4 | 2,900,000 | 38,067 | ||||||
Oilexco Inc.3,4 | 520,000 | 6,798 | ||||||
Concho Resources Inc.2,3 | 4,929,120 | 126,383 | ||||||
Quicksilver Resources Inc.3 | 3,011,500 | 110,010 | ||||||
Banpu PCL1 | 6,951,700 | 92,744 | ||||||
Straits Asia Resources Ltd.1 | 37,066,000 | 88,029 | ||||||
Heritage Oil Corp.2,3 | 1,564,900 | 78,572 | ||||||
KNM Group Bhd.1 | 32,013,600 | 53,293 | ||||||
First Calgary Petroleums Ltd.2,3 | 10,846,000 | 30,512 | ||||||
First Calgary Petroleums Ltd. (GBP denominated)1,2,3 | 4,800,000 | 12,808 | ||||||
FMC Technologies, Inc.3 | 700,000 | 39,823 | ||||||
Expro International Group PLC1 | 1,500,000 | 34,641 | ||||||
Value Creation Inc.1,3,4,6 | 4,727,512 | 33,364 | ||||||
Bill Barrett Corp.3 | 700,000 | 33,075 | ||||||
WorleyParsons Ltd.1 | 889,556 | 27,313 | ||||||
Bankers Petroleum Ltd.3 | 13,703,800 | 22,411 | ||||||
Bankers Petroleum Ltd.3,4 | 2,200,000 | 3,598 | ||||||
Regal Petroleum PLC1,2,3 | 10,317,000 | 24,975 | ||||||
Centennial Coal Co. Ltd.1 | 5,927,391 | 22,040 | ||||||
Synenco Energy Inc., Class A3 | 2,050,000 | 14,467 | ||||||
Denbury Resources Inc.3 | 500,000 | 14,275 | ||||||
Core Laboratories NV3 | 100,000 | 11,930 | ||||||
Pacific Rubiales Energy Corp.3,4 | 8,000,000 | 11,603 | ||||||
VeraSun Energy Corp.3 | 1,168,030 | 8,585 | ||||||
Zhaikmunai LP (GDR)3,5 | 790,000 | 8,271 | ||||||
Alpha Natural Resources, Inc.3 | 190,000 | 8,254 | ||||||
Uranium One Inc.3 | 2,250,000 | 7,403 | ||||||
Sterling Energy PLC1,3 | 37,700,000 | 5,985 | ||||||
Mart Resources, Inc.3,4 | 12,459,375 | 5,822 | ||||||
High Arctic Energy Services Inc.3 | 1,923,000 | 1,460 | ||||||
1,322,654 | ||||||||
MATERIALS — 5.01% | ||||||||
AMG Advanced Metallurgical Group NV1,2,3 | 1,823,000 | 147,004 | ||||||
Peter Hambro Mining PLC1,3 | 2,676,000 | 68,493 | ||||||
AptarGroup, Inc. | 1,464,000 | 56,993 | ||||||
Croda International PLC1 | 3,860,000 | 50,778 | ||||||
James Hardie Industries NV1 | 8,750,000 | 50,145 | ||||||
Central African Mining & Exploration Co. PLC1,3 | 39,546,569 | 42,377 | ||||||
Major Drilling Group International Inc.3 | 800,000 | 41,663 | ||||||
Kenmare Resources PLC1,2,3 | 45,091,000 | 40,170 | ||||||
KazakhGold Group Ltd. (GDR)1,3,5 | 948,000 | 23,340 | ||||||
KazakhGold Group Ltd. (GDR)1,3 | 611,907 | 15,065 | ||||||
Kemira Oyj1 | 2,445,000 | 37,445 | ||||||
Macarthur Coal Ltd.1 | 2,870,000 | 34,417 | ||||||
Symrise AG1,3 | 1,325,000 | 34,207 | ||||||
Eastern Platinum Ltd.3 | 8,061,700 | 25,426 | ||||||
Eastern Platinum Ltd.3,4 | 2,500,000 | 7,885 | ||||||
Valspar Corp. | 1,600,000 | 31,744 | ||||||
Lynas Corp. Ltd.1,3 | 24,865,969 | 29,453 | ||||||
Taiwan Cement Corp.1 | 14,000,000 | 27,502 | ||||||
Minerals Technologies Inc. | 395,000 | 24,806 | ||||||
Mineral Deposits Ltd.1,2,3 | 16,220,000 | 14,828 | ||||||
Mineral Deposits Ltd. (CAD denominated)1,2,3 | 6,300,000 | 5,759 | ||||||
Asian Paints Ltd.1 | 670,200 | 20,171 | ||||||
SSCP Co., Ltd.1,3 | 890,000 | 20,157 | ||||||
FUCHS PETROLUB AG1 | 212,200 | 20,141 | ||||||
United Phosphorus Ltd.1,3 | 3,070,000 | 20,125 | ||||||
Yamana Gold Inc. | 1,200,000 | 17,592 | ||||||
LANXESS AG1 | 425,000 | 17,057 | ||||||
Peak Gold Ltd.3,4 | 19,166,667 | 12,687 | ||||||
Peak Gold Ltd.3 | 6,000,000 | 3,972 | ||||||
PT Indocement Tunggal Prakarsa Tbk1 | 21,125,000 | 16,276 | ||||||
Northern Iron Ltd.1,3 | 5,155,000 | 15,659 | ||||||
Cementir Holding SpA1 | 1,600,000 | 14,913 | ||||||
PT Semen Gresik1 | 27,150,000 | 14,857 | ||||||
Sidenor Steel Products Manufacturing Co. SA1 | 1,108,036 | 14,023 | ||||||
Sino-Forest Corp.3 | 900,000 | 14,017 | ||||||
Gem Diamonds Ltd.1,3 | 800,000 | 13,951 | ||||||
Banro Corp.3,4 | 1,700,300 | 13,919 | ||||||
Ta Ann Holdings Bhd.1 | 5,300,000 | 11,327 | ||||||
Nihon Parkerizing Co., Ltd.1 | 820,000 | 11,003 | ||||||
Cleveland-Cliffs Inc | 83,516 | 10,007 | ||||||
Shree Cement Ltd.1,3 | 350,000 | 9,609 | ||||||
Samling Global Ltd.1 | 53,410,000 | 7,545 | ||||||
Oxus Gold PLC1,3 | 15,915,000 | 6,236 | ||||||
Hung Hing Printing Group Ltd.1 | 17,199,000 | 5,745 | ||||||
Mwana Africa PLC1,3,4 | 5,980,000 | 4,866 | ||||||
Zoloto Resources Ltd.2,3 | 5,425,000 | 3,168 | ||||||
Energem Resources Inc.2,3 | 7,502,500 | 1,680 | ||||||
Energem Resources Inc.2,3,4 | 2,200,000 | 492 | ||||||
Georgia Gulf Corp. | 270,000 | 1,871 | ||||||
1,132,566 | ||||||||
CONSUMER STAPLES — 3.57% | ||||||||
Lindt & Sprüngli AG, participation certificate1 | 19,166 | 63,706 | ||||||
Lindt & Sprüngli AG1 | 1,694 | 60,015 | ||||||
Bare Escentuals, Inc.2,3 | 4,744,400 | 111,114 | ||||||
Andersons, Inc.2 | 1,247,000 | 55,629 | ||||||
Olam International Ltd.1 | 31,856,000 | 50,190 | ||||||
Hain Celestial Group, Inc.3 | 1,480,000 | 43,660 | ||||||
China Mengniu Dairy Co.1 | 14,313,000 | 42,075 | ||||||
Coca-Cola Icecek AS, Class C1 | 5,076,380 | 40,486 | ||||||
MARR SpA1 | 3,202,500 | 35,982 | ||||||
China Yurun Food Group Ltd.1 | 26,020,000 | 33,052 | ||||||
Poslovni sistem Mercator, dd1 | 69,933 | 32,142 | ||||||
Origin Enterprises PLC1,3 | 3,213,300 | 26,385 | ||||||
Hite Brewery Co., Ltd.1 | 210,000 | 23,672 | ||||||
IAWS Group PLC1 | 952,000 | 22,253 | ||||||
AMOREPACIFIC Corp.1 | 36,702 | 19,857 | ||||||
Anadolu Efes Biracilik ve Malt Sanayii AS1 | 2,140,000 | 19,166 | ||||||
Universal Robina Corp.1 | 51,235,000 | 17,378 | ||||||
Emmi AG1 | 95,800 | 13,787 | ||||||
Trigon Agri A/S1,2,3 | 3,875,000 | 12,492 | ||||||
Fresh Del Monte Produce Inc.3 | 324,500 | 11,812 | ||||||
Synear Food Holdings Ltd.1 | 26,500,000 | 10,985 | ||||||
China Milk Products Group Ltd.1 | 22,200,000 | 10,550 | ||||||
PrimeAg Australia Ltd.1,3 | 7,000,000 | 10,532 | ||||||
Asiatic Development Bhd.1 | 3,740,000 | 9,860 | ||||||
PT Indofood Sukses Makmur Tbk1 | 34,000,000 | 8,659 | ||||||
Central Garden & Pet Co., Class A3 | 1,250,000 | 5,550 | ||||||
Central Garden & Pet Co.3 | 500,000 | 2,305 | ||||||
PT Astra Agro Lestari Tbk1 | 2,420,000 | 6,857 | ||||||
China Huiyuan Juice Group Ltd.1,3 | 7,843,500 | 5,891 | ||||||
806,042 | ||||||||
TELECOMMUNICATION SERVICES — 1.85% | ||||||||
Partner Communications Co. Ltd.1 | 2,835,000 | 63,223 | ||||||
Partner Communications Co. Ltd. (ADR) | 125,000 | 2,806 | ||||||
Time Warner Telecom Inc., Class A3 | 4,100,000 | 63,509 | ||||||
LG Telecom Ltd.1 | 6,370,000 | 50,516 | ||||||
Cellcom Israel Ltd. | 950,000 | 29,858 | ||||||
Cellcom Israel Ltd.1 | 350,000 | 11,802 | ||||||
Manitoba Telecom Services Inc. | 1,070,000 | 40,788 | ||||||
NTELOS Holdings Corp. | 1,604,175 | 38,821 | ||||||
Telemig Celular Participações SA, preferred nominative | 524,843 | 15,047 | ||||||
Telemig Celular Participações SA, preferred nominative (ADR) | 163,000 | 9,236 | ||||||
DiGi.Com Bhd.1 | 2,927,500 | 22,383 | ||||||
Total Access Communication PCL1,3 | 17,046,000 | 21,047 | ||||||
Globe Telecom, Inc.1 | 526,867 | 19,252 | ||||||
True Corp. PCL1,3 | 107,000,000 | 17,465 | ||||||
StarHub Ltd1 | 3,246,840 | 7,178 | ||||||
QSC AG1,3 | 1,969,863 | 5,252 | ||||||
418,183 | ||||||||
UTILITIES — 1.70% | ||||||||
Xinao Gas Holdings Ltd.1,2 | 51,038,000 | 92,256 | ||||||
Manila Water Co., Inc.1,2 | 101,175,600 | 43,604 | ||||||
Glow Energy PCL1 | 37,970,000 | 38,856 | ||||||
GVK Power & Infrastructure Ltd.1,3 | 33,574,640 | 33,858 | ||||||
PNOC Energy Development Corp.1 | 208,263,000 | 29,667 | ||||||
Northumbrian Water Group PLC1 | 4,170,000 | 28,896 | ||||||
First Gen Corp.1 | 28,463,300 | 27,517 | ||||||
Cascal NV2,3 | 1,693,800 | 20,326 | ||||||
AES Tietê SA, preferred nominative | 600,000,000 | 20,011 | ||||||
Energen Corp. | 200,000 | 12,460 | ||||||
Ratchaburi Electricity Generating Holding PCL1 | 7,560,000 | 11,155 | ||||||
Empire District Electric Co. | 430,000 | 8,708 | ||||||
Electricity Generating PCL1 | 2,285,000 | 6,998 | ||||||
CESC Ltd.1 | 630,000 | 6,540 | ||||||
EDF Energies Nouvelles SA1 | 63,400 | 3,888 | ||||||
384,740 | ||||||||
MISCELLANEOUS — 4.97% | ||||||||
Other common stocks in initial period of acquisition | 1,122,148 | |||||||
Total common stocks (cost: $18,283,785,000) | 20,345,500 | |||||||
Market value | ||||||||
Rights & warrants — 0.06% | Shares | (000 | ) | |||||
MATERIALS — 0.03% | ||||||||
Eastern Platinum Ltd., warrants, expire 20093 | 1,750,000 | $ | 2,709 | |||||
Eastern Platinum Ltd., warrants, expire 20083 | 2,043,750 | 2,347 | ||||||
Peak Gold Ltd., warrants, expire 20123,4 | 3,333,333 | 1,103 | ||||||
Peak Gold Ltd., warrants, expire 20123,4 | 6,250,000 | 1,004 | ||||||
Energem Resources Inc., warrants, expire 20091,2,3,4 | 2,200,000 | 27 | ||||||
Energem Resources Inc., warrants, expire 20081,2,3 | 1,200,000 | — | ||||||
7,190 | ||||||||
ENERGY — 0.02% | ||||||||
Pacific Rubiales Energy Corp., warrants, expire 20123,4 | 4,000,000 | 2,687 | ||||||
Bankers Petroleum Ltd., warrants, expire 20123,4 | 1,100,000 | 1,125 | ||||||
OPTI Canada Inc., warrants, expire 20081,2,3,4 | 105,000 | 769 | ||||||
4,581 | ||||||||
MISCELLANEOUS — 0.01% | ||||||||
Other rights & warrants in initial period of acquisition | 2,301 | |||||||
Total rights & warrants (cost: $5,520,000) | 14,072 | |||||||
Shares or | ||||||||
Convertible securities — 0.13% | principal amount | |||||||
INFORMATION TECHNOLOGY — 0.08% | ||||||||
Fluidigm Corp., Series E, convertible preferred1,3,4 | 4,378,695 | 17,515 | ||||||
CONSUMER DISCRETIONARY — 0.04% | ||||||||
Spot Runner, Inc., Series C, convertible preferred1,3,4 | 1,626,016 | 9,756 | ||||||
TELECOMMUNICATION SERVICES — 0.01% | ||||||||
Time Warner Telecom Inc. 2.375% convertible debentures 2026 | $ | 1,600,000 | 1,680 | |||||
Total convertible securities (cost: $25,115,000) | 28,951 | |||||||
Principal amount | ||||||||
Bonds & notes — 0.08% | (000 | ) | ||||||
CONSUMER DISCRETIONARY — 0.07% | ||||||||
XM Satellite Radio Inc. and XM Satellite Radio Holdings Inc. 9.75% 2014 | $ | 16,600 | 16,102 | |||||
ENERGY — 0.01% | ||||||||
International Coal Group, Inc. 10.25% 2014 | 1,500 | 1,444 | ||||||
Total bonds & notes (cost: $17,187,000) | 17,546 | |||||||
Principal amount | Market value | |||||||
Short-term securities — 9.64% | (000 | ) | (000 | ) | ||||
Federal Home Loan Bank 2.07%–2.68% due 4/16–6/18/2008 | $ | 239,600 | $ | 238,813 | ||||
CBA (Delaware) Finance Inc. 2.88%–3.05% due 4/7–5/30/2008 | 173,000 | 172,358 | ||||||
BASF AG 2.20%–3.315% due 4/4–6/26/20085 | 137,200 | 136,721 | ||||||
Westpac Banking Corp. 2.70%–4.40% due 4/9–6/5/20085 | 133,800 | 133,405 | ||||||
ANZ National (International) Ltd. 2.52%–3.16% due 5/1–6/12/20085 | 122,300 | 121,911 | ||||||
Danske Corp. 3.81% due 4/16/20085 | 100,000 | 99,864 | ||||||
HSBC USA Inc. 2.73%–3.73% due 4/22–5/28/2008 | 97,100 | 96,814 | ||||||
ING (U.S.) Funding LLC 2.77%–3.00% due 4/14–6/12/2008 | 94,300 | 93,957 | ||||||
Eksportfinans ASA 2.80%–2.85% due 5/13–5/14/20085 | 92,200 | 91,889 | ||||||
American Honda Finance Corp. 2.80%–2.90% due 4/16–4/23/2008 | 90,300 | 90,155 | ||||||
Calyon North America Inc. 3.035%–4.44% due 4/3–4/29/2008 | 84,700 | 84,547 | ||||||
Swedish Export Credit Corp. 2.13%–2.78% due 4/25–6/19/2008 | 82,600 | 82,200 | ||||||
Allied Irish Banks North America Inc. 4.38% due 4/7/20085 | 77,800 | 77,753 | ||||||
Royal Bank of Scotland PLC 2.96%–4.52% due 4/28–5/8/2008 | 73,500 | 73,307 | ||||||
Nestlé Finance International Ltd. 2.25% due 6/17–7/18/2008 | 44,225 | 43,933 | ||||||
Alcon Capital Corp. 2.39% due 4/1/20085 | 10,000 | 9,999 | ||||||
U.S. Treasury Bills 2.21% due 5/22/2008 | 50,000 | 49,977 | ||||||
Svenska Handelsbanken Inc. 3.75% due 4/17/2008 | 50,000 | 49,928 | ||||||
Barclays U.S. Funding Corp. 3.765% due 4/18/2008 | 50,000 | 49,924 | ||||||
BNP Paribas Finance Inc. 2.65% due 5/28/2008 | 50,000 | 49,782 | ||||||
Canadian Imperial Holdings Inc. 2.55% due 5/19/2008 | 48,400 | 48,230 | ||||||
Siemens Capital Co. LLC 2.83% due 5/5/20085 | 42,300 | 42,176 | ||||||
Bank of Scotland PLC 4.30% due 4/8/2008 | 35,000 | 34,976 | ||||||
BMW U.S. Capital LLC 2.90% due 4/1/20085 | 33,800 | 33,797 | ||||||
Lloyds Bank PLC 2.66% due 5/15/2008 | 30,500 | 30,394 | ||||||
Toronto-Dominion Holdings USA Inc. 2.48% due 5/6/20085 | 26,700 | 26,634 | ||||||
Old Line Funding, LLC 3.23% due 4/11/20085 | 25,000 | 24,975 | ||||||
Freddie Mac 2.42% due 6/2/2008 | 23,600 | 23,509 | ||||||
Bank of Nova Scotia 2.61% due 5/27/2008 | 20,800 | 20,712 | ||||||
UBS Finance (Delaware) LLC 3.82% due 4/14/2008 | 18,800 | 18,778 | ||||||
Société Générale North America, Inc. 4.05% due 4/15/2008 | 17,700 | 17,678 | ||||||
National Australia Funding (Delaware) Inc. 2.32% due 5/23/20085 | 8,500 | 8,471 | ||||||
Total short-term securities (cost: $2,177,306,000) | 2,177,567 | |||||||
Total investment securities (cost: $20,508,913,000) | 22,583,636 | |||||||
Other assets less liabilities | 8,381 | |||||||
Net assets | $ | 22,592,017 |
“Miscellaneous” securities include holdings in their initial period of acquisition that have not previously been publicly disclosed.
1Valued under fair value procedures adopted by authority of the board of directors. The total value of all such securities, including those in "Miscellaneous," |
was $11,802,000,000, which represented 52.24% of the net assets of the fund. |
2Represents an affiliated company as defined under the Investment Company Act of 1940. |
3Security did not produce income during the last 12 months. |
4Purchased in a transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale.
Further details on these holdings appear below and on the following page. |
Acquisition date(s) | Cost (000) | Market value (000) | Percent of net assets | ||||||||||
Boart Longyear Ltd. | 4/4/2007 | $ | 49,573 | $ | 55,371 | .25 | % | ||||||
Oilexco Inc. (GBP denominated) | 12/15/2005 | 9,456 | 38,067 | .17 | |||||||||
Oilexco Inc. | 3/7/2007 | 3,454 | 6,798 | .03 | |||||||||
Trinity Ltd. | 12/6/2007 | 37,508 | 37,559 | .17 | |||||||||
Value Creation Inc. | 8/25/2005–9/1/2006 | 33,229 | 33,364 | .15 | |||||||||
Spot Runner, Inc. | 10/25/2006–3/20/2008 | 15,071 | 17,883 | .08 | |||||||||
Spot Runner, Inc., Series C, convertible preferred | 10/25/2006 | 6,000 | 9,756 | .04 | |||||||||
Fontainebleau Resorts LLC, Class A, non-voting units | 10/5/2005–6/1/2007 | 21,500 | 22,800 | .10 | |||||||||
Cougar Biotechnology, Inc. | 12/17/2007 | 29,000 | 21,000 | .09 | |||||||||
Fluidigm Corp., Series E, convertible preferred | 12/21/2006–10/24/2007 | 17,515 | 17,515 | .08 | |||||||||
Peak Gold Ltd. | 3/21/2007–11/26/2007 | 11,434 | 12,687 | .06 | |||||||||
Peak Gold Ltd., warrants, expire 2012 | 11/26/2007 | 336 | 1,103 | .00 | |||||||||
Peak Gold Ltd., warrants, expire 2012 | 3/21/2007 | 1,386 | 1,004 | .00 | |||||||||
Pacific Rubiales Energy Corp. | 7/9/2007 | 5,551 | 11,603 | .05 | |||||||||
Pacific Rubiales Energy Corp., warrants, expire 2012 | 7/9/2007 | 932 | 2,687 | .01 | |||||||||
Banro Corp. | 7/26/2005 | 7,258 | 13,919 | .06 | |||||||||
Eastern Platinum Ltd. | 4/30/2007 | 4,100 | 7,885 | .03 | |||||||||
OPTI Canada Inc. | 6/1/2005 | 4,610 | 7,073 | .03 | |||||||||
OPTI Canada Inc., warrants, expire 2008 | 6/1/2005 | 355 | 769 | .00 | |||||||||
Mart Resources, Inc. | 1/16/2007–9/07/2007 | 5,594 | 5,822 | .03 | |||||||||
Mwana Africa PLC | 12/7/2005 | 5,032 | 4,866 | .03 | |||||||||
Bankers Petroleum Ltd. | 2/22/2007 | 1,328 | 3,598 | .02 | |||||||||
Bankers Petroleum Ltd., warrants, expire 2012 | 2/22/2007 | — | 1,125 | .00 | |||||||||
HSW International, Inc. | 10/2/2007–12/17/2007 | 3,907 | 3,995 | .02 | |||||||||
Euronet Worldwide, Inc. | 3/8/2007 | 5,000 | 3,852 | .02 | |||||||||
Aker Philadelphia Shipyard ASA | 12/5/2007 | 3,626 | 3,538 | .02 | |||||||||
Arcadia Resources, Inc. | 12/29/2006 | 7,500 | 3,225 | .01 | |||||||||
Energem Resources Inc. | 3/6/2007 | 1,035 | 492 | .00 | |||||||||
Energem Resources Inc., warrants, expire 2009 | 3/6/2007 | 367 | 27 | .00 | |||||||||
ZOOTS | 1/30/2001–4/3/2001 | 8,167 | 234 | .00 | |||||||||
Orbiscom Ltd. | 9/28/2000 | 12,144 | 156 | .00 | |||||||||
PixelFusion PLC | 6/2/2000 | 5,243 | 31 | .00 | |||||||||
Mobil Travel Guide, Inc. | 12/17/2007 | 24 | 24 | .00 | |||||||||
Total restricted securities | $ | 317,235 | $ | 349,828 | 1.55 | % |
5Purchased in a transaction exempt from registration under the Securities Act of 1933. May be resold in the United States in transactions exempt from
registration, normally to qualified institutional buyers. The total value of all such securities was $846,858,000, which represented 3.75% of the net
assets of the fund.
6Share balance estimated based on acquisition of BA Energy Inc. by Value Creation Inc. effective 2/26/2008. Estimated exchange ratio based on the best
information available as of 3/31/2008 was 0.835 shares of Value Creation Inc. for every one share of BA Energy Inc. Value Creation Inc. will announce the
final exchange ratio on or before June 20, 2008 within a range of 0.67 to 0.87.
ADR = American Depositary Receipts | CDI = CREST Depository Interest |
BDR = Brazilian Depositary Receipts | GBP = British Pound |
CAD = Canadian Dollar | GDR = Global Depositary Receipts |
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so you may lose money.
Investors should carefully consider the investment objectives, risks, charges and expenses of the American Funds. This and other important information
is contained in each fund’s prospectus, which can be obtained from your financial professional and should be read carefully before investing.
MFGEFP-935-0508O-S10857
ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 10 – Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of directors since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a committee on governance comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of directors. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the committee on governance of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the committee on governance.
ITEM 11 – Controls and Procedures
(a) | The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule. |
(b) | There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
ITEM 12 – Exhibits
(a)(1) | Not applicable for filing of semi-annual reports to shareholders. |
(a)(2) | The certifications required by Rule 30a-2 of the Investment Company Act of 1940, as amended, and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SMALLCAP WORLD FUND, INC. | |
By /s/ Paul F. Roye | |
Paul F. Roye, Executive Vice President and Principal Executive Officer | |
Date: June 6, 2008 |
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/ Paul F. Roye |
Paul F. Roye, Executive Vice President and Principal Executive Officer |
Date: June 6, 2008 |
By /s/ David A. Pritchett |
David A. Pritchett, Treasurer and Principal Financial Officer |
Date: June 6, 2008 |