Filed On 6/17/94 · SEC File 2-90649 · Accession Number 708191-94-10
As Of Filer Filing On/For/As Docs:Pgs Issuer Agent
6/17/94 Fidelity Investment Trust 485BPOS 6/21/94 12:432 Fidelity Financial Trust
Document/Exhibit Description Pages Size
1: 485BPOS Post-Effective Amendment 201± 855K
2: EX-99.B12 Miscellaneous Exhibit 182± 815K
3: EX-99.B5 Miscellaneous Exhibit 4± 25K
4: EX-99.B5 Miscellaneous Exhibit 4± 25K
5: EX-99.B5 Miscellaneous Exhibit 4± 25K
6: EX-99.B5 Miscellaneous Exhibit 4± 26K
7: EX-99.B5 Miscellaneous Exhibit 5± 31K
8: EX-99.B5 Miscellaneous Exhibit 5± 31K
9: EX-99.B6 Miscellaneous Exhibit 6± 31K
10: EX-99.B6 Miscellaneous Exhibit 6± 31K
11: EX-99.B6 Miscellaneous Exhibit 6± 31K
12: EX-99.B6 Miscellaneous Exhibit 5± 31K
(2_FIDELITY_LOGOS)FIDELITY
INTERNATIONAL EQUITY
FUNDS
Broadly Diversified Funds
FIDELITY DIVERSIFIED INTERNATIONAL FUND
FIDELITY INTERNATIONAL GROWTH & INCOME FUND
FIDELITY OVERSEAS FUND
FIDELITY WORLDWIDE FUND
Regional/Single Country Funds
FIDELITY CANADA FUND
FIDELITY EUROPE FUND
FIDELITY EUROPE CAPITAL
APPRECIATION FUND
FIDELITY JAPAN FUND
FIDELITY PACIFIC BASIN FUND
Emerging Markets Funds
FIDELITY EMERGING MARKETS FUND
FIDELITY LATIN AMERICA FUND
FIDELITY SOUTHEAST ASIA FUND
SEMIANNUAL REPORT
APRIL 30, 1994
CANADA
INVESTMENTS APRIL 30, 1994 (UNAUDITED)
Showing Percentage of Total Value of Investment in Securities
COMMON STOCKS - 96.5%
SHARES VALUE (NOTE 1)
BASIC INDUSTRIES - 20.7%
CHEMICALS & PLASTICS - 5.6%
AT Plastics, Inc. 50,000 $ 302,849 00194710
Cominco Fertilizer Ltd. 50,000 940,189 20043C10
Dupont Canada Class A, Series 1 8,900 334,707 26590210
Intertape Polymer Group, Inc. 52,000 808,563 46091910
Maax, Inc. (b) 278,300 2,641,707 57777C10
Maax, Inc. (warrants) (b) 8,333 40,680 57777C11
NOVA Corp. of Alberta Class A 424,900 3,265,034 66977110
Tarxien Corp. 70,000 784,696 87651E20
Winpak Ltd. 30,000 515,296 97535P10
9,633,721
IRON & STEEL - 0.9%
Co-Steel, Inc. (sub.-vtg.) (b) 31,200 609,243 18975N10
Linamar Corp. 30,000 496,312 53278L10
Samuel Manu-Tech, Inc. 25,000 433,933 79606J10
Shaw Industries Ltd. Class A 6,300 54,676 82090420
1,594,164
METALS & MINING - 7.1%
Alcan Aluminium Ltd. 150,210 3,150,423 01371610
American Gem Corp. 30,000 107,398 0263E108
Cameco, Inc. 30,000 507,160 13321L10
Cominco Ltd. 123,200 1,882,259 20043510
Dia Met Minerals Ltd. (b) 28,000 559,413 25243K10
Kookaburra Resources Ltd. 150,000 234,324 50050D10
Noranda, Inc. 307,944 5,372,930 65542210
Southernera Resources Ltd. (b) 57,000 273,107 84390110
12,087,014
PAPER & FOREST PRODUCTS - 7.1%
Abitibi-Price, Inc. 175,900 2,083,143 00368010
Abitibi-Price, Inc. installment receipts (d) 9,200 49,071 00368070
Ainsworth Lumber Ltd. (b) 50,000 555,977 00891410
Avenor, Inc. 48,000 733,348 05356K10
Canfor Corp. 18,000 572,792 13790210
Domain Industries Ltd. Class B (non-vtg.),
Series 2 40,000 437,550 25703930
Donohue, Inc. Class B (b) 41,600 394,880 25804110
Fletcher Challenge Ltd.:
Class A 91,639 1,292,370 33932D10
Receipts 10,000 83,171 33932D20
International Forest Products Class A (b) 50,000 587,618 45953E10
Longview Fibre Co. 10,000 176,250 54321310
Merfin Hygenic Products Ltd. (b) 543,700 1,612,185 58950K10
Noranda Forest, Inc. (b) 177,000 1,664,135 65542L10
Norwall Group, Inc. 40,000 336,298 66920H10
Pacific Forest Products Ltd. 10,000 115,716 69428P10
Riverside Forest Products 56,100 1,024,463 76890410
Slocan Forest Products Ltd. 18,900 377,604 83158C10
12,096,571
TOTAL BASIC INDUSTRIES 35,411,470
CONGLOMERATES - 3.0%
Brascan Ltd. Class A 310,000 3,951,508 10550240
Federal Industries Ltd. Class A cv (b) 49,800 270,124 31345330
Suncor, Inc. 40,000 904,028 86722910
5,125,660
CONSTRUCTION & REAL ESTATE - 1.8%
BUILDING MATERIALS - 0.2%
Global Stone (b) 100,000 357,995 37936Q10
CONSTRUCTION - 0.6%
Firan Corp. (special warrants) (b)(c) 150,000 458,668 31809192
Royal Lepage Ltd. (b) 100,000 289,289 78033W10
Viceroy Homes Ltd. Class A 109,100 335,341 92562710
1,083,298
SHARES VALUE (NOTE 1)
ENGINEERING - 0.1%
Agra Industries Ltd. Class B (b) 20,000 $ 106,675 00848940
REAL ESTATE - 0.9%
Cambridge Shopping Centres Ltd. 105,900 1,225,428 13250910
Markborough Properties, Inc. 200,000 390,540 57052F10
1,615,968
TOTAL CONSTRUCTION & REAL ESTATE 3,163,936
DURABLES - 3.5%
AUTOS, TIRES, & ACCESSORIES - 1.8%
Hayes-Dana, Inc. 11,300 131,780 42077610
Meridian Technologies, Inc. (b) 214,600 1,493,835 58978510
Stackpole Ltd. (b) 105,000 968,214 85232N10
UAP, Inc. Class A 30,100 481,639 90255810
3,075,468
CONSUMER DURABLES - 0.4%
Unican Security Systems Ltd. Class B 45,000 691,582 90458940
HOME FURNISHINGS - 1.3%
Dorel Industries:
Class A (vtg.) (c) 105,000 816,337 25822C30
Class B (sub.-vtg.) (b)(c) 82,000 652,347 25822C20
Leons Furniture Ltd. 80,000 694,294 52668210
2,162,978
TOTAL DURABLES 5,930,028
ENERGY - 24.4%
ENERGY SERVICES - 1.8%
Akita Drilling Ltd. Class A (non-vtg.) (b) 60,700 175,598 00990510
Dreco Energy Services Ltd. Class A (b) 5,700 52,725 26152820
Enserv Corp. (b) 84,700 888,226 29357B10
Nowsco Well Service Ltd. 77,000 1,280,827 67012210
Precision Drilling Class A (b) 53,900 638,325 74022D10
3,035,701
OIL & GAS - 22.6%
Anderson Exploration Ltd. (b) 5,400 133,272 03390110
Archer Resources Ltd. (b) 59,700 825,748 03950K10
Ballistic Energy Corp. 20,000 108,483 05865K10
Battle Creek Developments Ltd. (b) 220,000 410,500 07134E10
Beau Canada Exploration 600,000 985,032 07428010
Canadian Natural Resources Ltd. (b) 67,900 1,012,828 13638510
Canadian Occidental Petroleum Ltd. 90,000 1,822,522 13642010
Chancellor Energy Resources (b) 380,000 769,508 15882910
Czar Resources Ltd. (b) 105,600 141,289 23282910
DEKALB Energy Corp. Class B (b) 79,500 1,113,000 24487410
Dorset Exploration Ltd. (b) 241,200 2,071,491 25842E10
Encal Energy Ltd. (b) 515,900 1,026,053 29250D10
Ensign Resource Service Group Ord. (b) 81,900 399,815 29357T10
Excel Energy, Inc. (warrants) (b) 25,000 3,616 30065492
Gardiner Oil & Gas, Ltd. (b) 104,400 575,721 36553R10
Grad & Walker Energy Corp. 54,400 580,314 38391010
Gulf Canada Corp. (b) 50,000 166,341 40218L30
HCO Energy Ltd. 70,000 106,314 40390410
Intensity Resources Ltd. (b) 342,900 709,261 45816E10
Inverness Petroleum Ltd. (b) 409,300 3,034,153 46190810
Jordan Petroleum Ltd. Class A (b) 3,000 21,154 48076110
Morgan Hydrocarbons, Inc. (b) 247,000 982,497 61790010
Morrison Petroleums Ltd. 566,500 4,660,403 61847310
Northridge Exploration Ltd. (b) 100,800 72,172 66667T10
Northstar Energy Corp. (b) 20,200 427,316 66703R10
Nugas Ltd. 30,000 101,974 67051K10
Pancanadian Petroleum Ltd. 24,200 774,463 69890020
Paramount Resources Ltd. (b) 86,800 1,263,362 69932010
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
ENERGY - CONTINUED
OIL & GAS - CONTINUED
Plastibec Ltd. (special warrants) (b) 60,000 $ 278,282 72753D92
Poco Petroleums Ltd. (b) 190,000 1,425,654 73036110
Remington Energy Ltd. 25,000 66,898 75958D10
Renaissance Energy Ltd. (b) 149,622 3,354,510 75966610
Richland Petroleum Corp. Class A 56,800 195,126 76390110
Rigel Energy Corp. (b) 73,000 1,062,505 76655L10
Rio Alto Exploration Ltd. (b) 93,300 598,855 76689210
Summit Resources Ltd. 85,600 588,125 86624610
Talisman Energy, Inc. (b) 105,000 2,420,536 87425E10
Tarragon Oil & Gas Ltd. (b) 257,000 3,020,359 87629E20
Tri Link Resources Ltd. Class A (b) 64,900 574,980 89557D10
Ulster Petroleums Ltd. (b) 50,000 159,109 90384010
Wascana Energy, Inc. 36,500 263,976 93690110
Winfield Energy Ltd. 160,000 543,864 97390510
38,851,381
TOTAL ENERGY 41,887,082
FINANCE - 2.9%
CREDIT & OTHER FINANCE - 0.9%
Power Corporation of Canada 55,000 835,322 73923910
Trimark Financial Corp. (b) 26,400 706,444 89621H10
1,541,766
INSURANCE - 0.3%
Crownx, Inc. Class A (b) 101,500 587,257 22870220
SECURITIES INDUSTRY - 1.7%
First Marathon, Inc. Class A (non-vtg.) 66,200 694,222 32076L20
Investors Group, Inc. 40,000 542,417 46152H10
Mackenzie Financial Corp. 151,000 1,051,114 55453110
Power Financial Corp. 20,000 482,751 73927C10
20/20 Financial Corp. 11,900 109,731 90136T10
2,880,235
TOTAL FINANCE 5,009,258
HEALTH - 0.6%
DRUGS & PHARMACEUTICALS - 0.4%
Allelix Biopharmaceuticals, Inc. 10,000 50,626 01749H10
Zenon Environmental, Inc. 78,200 551,421 98942B10
602,047
MEDICAL FACILITIES MANAGEMENT - 0.2%
Spectral Diagnostics, Inc. 10,000 263,976 84757410
TOTAL HEALTH 866,023
INDUSTRIAL MACHINERY & EQUIPMENT - 6.9%
ELECTRICAL EQUIPMENT - 0.1%
Noma Industries Ltd. Class A (b)(c) 26,200 111,322 65531630
INDUSTRIAL MACHINERY & EQUIPMENT - 6.8%
Champion Road Machinery Ltd. (c) 20,000 178,998 15864C92
Eagle Precision Tech. (b) 178,500 1,355,500 26990010
Enerflex Systems Ltd. 15,000 197,982 29265B10
Exco Technologies Ltd. (b) 572,800 3,935,491 30150P10
Finning Ltd. 118,300 1,946,428 31807140
Hawker Siddeley Canada, Inc.
(special warrants) (b) 35,700 570,291 42012892
Laperriere & Verreault, Inc. (b) 11,300 21,657 39945L20
Osmonics, Inc. 15,000 238,125 68835010
Trojan Technologies Corp. (b) 290,400 2,599,045 89692410
Valmont Industries, Inc. 48,700 754,850 92025310
11,798,367
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 11,909,689
SHARES VALUE (NOTE 1)
MEDIA & LEISURE - 8.4%
BROADCASTING - 0.8%
Chum Ltd. Class B (b) 7,000 $ 97,454 17132220
Cogeco, Inc. 40,000 339,915 19238T10
Shaw Cablesystems Ltd. Class B cv (b)(c) 44,000 815,434 82028K20
Videotron Group Ltd. 16,800 174,658 92558H10
1,427,461
ENTERTAINMENT - 1.2%
Astral Bellevue Pathe, Inc. Class A 122,000 1,510,993 04634620
Cinar Films, Inc. (b) 82,000 511,500 17190510
2,022,493
LODGING & GAMING - 1.8%
Four Seasons Hotels, Inc. 351,500 3,114,107 35100E10
PUBLISHING - 4.4%
Hollinger, Inc. (b) 30,000 339,010 43556C10
Southam, Inc. 135,100 1,856,440 84084010
Thomson Corp. 171,798 2,158,812 88490310
Toronto Sun Publishing Co. (b) 8,000 88,956 89199110
Torstar Corp. Class B 169,000 3,116,728 89147420
7,559,946
RESTAURANTS - 0.2%
Cara Operations Ltd. (b) 91,500 271,317 14075420
Spectra Group of Great Restaurants, Inc.
Class A (non-vtg.) 4,900 24,807 84756E20
296,124
TOTAL MEDIA & LEISURE 14,420,131
NONDURABLES - 3.1%
AGRICULTURE - 0.1%
Chai-Na-Ta Ginseng Products (b) 20,705 97,333 15745J10
DEKALB Genetics Corp. Class B 4,900 155,575 24487820
252,908
BEVERAGES - 0.3%
Coca Cola Beverages Canada 100,000 347,147 19108T10
Corby Distilleries Ltd. 6,000 160,555 21834310
507,702
FOODS - 2.7%
Ault Foods Ltd. 197,300 2,247,397 05150E10
Tootsie Roll Industries, Inc. 9,937 638,452 89051610
Weston George Ltd. 55,000 1,710,422 96114850
4,596,271
TOTAL NONDURABLES 5,356,881
PRECIOUS METALS - 6.2%
Aber Resources Ltd. 80,000 248,789 00291110
Agnico Eagle Mines Ltd. 66,000 721,957 00847410
American Barrick Resources Corp. 45,000 1,037,372 02451E10
Canaarc Resources Corp. 10,000 32,545 13722D10
Euro-Nevada Mining Corp. 43,000 1,166,197 29870P10
Franco Nevada Mining Corp. 35,600 1,834,454 35186010
Pegasus Gold, Inc. 50,000 818,145 70556K10
Placer Dome, Inc. 140,000 2,885,659 72590610
Prime Resources Group, Inc. (b) 50,300 327,403 74157L10
Rayrock Yellowknife Resources, Inc. (b) 46,200 639,021 75509N10
Teck Corp. Class B (sub.-vtg.) 50,000 858,827 87874220
Viceroy Resources Corp. (b) 10,000 74,130 92564C10
10,644,499
RETAIL & WHOLESALE - 5.2%
GENERAL MERCHANDISE STORES - 1.3%
Hudson's Bay Co. Ord. 46,000 952,303 44420410
Sears Canada, Inc. 200,000 1,175,236 81234D10
2,127,539
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
RETAIL & WHOLESALE - CONTINUED
GROCERY STORES - 3.7%
Empire Ltd. Class A 19,600 $ 228,575 29184340
Loblaw Companies Ltd. 70,100 1,204,075 53948110
Oshawa Group Ltd. Class A 45,000 703,786 68820520
Stop & Shop Companies, Inc. (b) 99,800 2,669,650 86209910
Van Houtte (A.L.) (b) 175,500 1,602,436 92090410
6,408,522
RETAIL & WHOLESALE, MISCELLANEOUS - 0.2%
Forzani Group Ltd. Class A 40,000 303,754 34990710
TOTAL RETAIL & WHOLESALE 8,839,815
SERVICES - 1.5%
PRINTING - 0.7%
GTC Transcontinental Group Class A 74,900 473,982 36229K20
MDC Corp. Class A (sub.-vtg.) (b) 150,000 297,792 55267W10
Moore Corporation Ltd. 20,000 363,419 61578510
1,135,193
SERVICES - 0.8%
Arbor Memorial Services, Inc. Class B
(non-vtg.) (b) 43,300 454,075 03891620
G&K Services, Inc. Class A 67,500 961,875 36126810
1,415,950
TOTAL SERVICES 2,551,143
TECHNOLOGY - 1.5%
COMMUNICATIONS EQUIPMENT - 0.5%
Northern Telecom Ltd. 10,000 297,425 66581510
SR Telecom, Inc. 44,100 430,571 78464P10
Telular Canada, Inc. 66,000 162,291 87970B10
890,287
COMPUTER SERVICES & SOFTWARE - 0.7%
EICON Technology Corp. (b) 45,000 423,085 28248F10
Electronic Retailing Systems (b) 34,500 310,500 28582510
ISG Technologies, Inc. (b) 5,000 42,500 45021P30
Telepanel Systems, Inc. 95,000 446,590 87943U20
1,222,675
ELECTRONIC INSTRUMENTS - 0.3%
Mosaid Technologies, Inc. 69,300 488,663 61945Q10
TOTAL TECHNOLOGY 2,601,625
TRANSPORTATION - 3.7%
AIR TRANSPORTATION - 0.6%
Air Canada, Inc. (b) 225,000 1,078,054 00891110
RAILROADS - 3.1%
Canadian Pacific Ltd. Ord. 334,000 5,374,628 13644030
TOTAL TRANSPORTATION 6,452,682
UTILITIES - 3.1%
CELLULAR - 3.1%
BCE Mobile Communications, Inc. 26,900 739,278 05534G10
Call-Net Enterprises, Inc. (b) 78,000 564,114 13091010
Call-Net Enterprises (non-vtg.) Class B (b) 78,000 542,960 13091020
Rogers Cantel Mobile Communications,
Inc. Class B (non-vtg.) (b) 20,000 493,599 77510210
Rogers Communications, Inc. Class B (b) 208,600 3,017,283 77510920
5,357,234
TOTAL COMMON STOCKS
(Cost $162,291,937) 165,527,156
CONVERTIBLE PREFERRED STOCKS - 0.1%
SHARES VALUE (NOTE 1)
ENERGY - 0.0%
OIL & GAS - 0.0%
Valero Energy Corp. $3.125 2,000 $ 100,250 91913840
PRECIOUS METALS - 0.1%
Battle Gold Co. 2,000 119,000 07159330
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $200,000) 219,250
CORPORATE BONDS - 1.8%
MOODY'S PRINCIPAL
RATINGS (E) AMOUNT (A)
CONVERTIBLE BONDS - 1.7%
BASIC INDUSTRIES - 0.6%
PAPER & FOREST PRODUCTS - 0.6%
Abitibi-Price, Inc. 7.85%,
3/1/03 - CAD 1,000,000 914,877 003680AD
Avenor, Inc. 7 1/2%, 2/8/04 - CAD 147,000 129,171 05356KAA
1,044,048
CONSTRUCTION & REAL ESTATE - 1.1%
REAL ESTATE - 1.1%
Markborough Properties, Inc.
6%, 3/14/04 - CAD 2,700,000 1,816,012 57052FAA
TOTAL CONVERTIBLE BONDS 2,860,060
NONCONVERTIBLE BONDS - 0.1%
PRECIOUS METALS - 0.1%
Agnico Eagle Mines Ltd. yankee
3 1/2%, 1/27/04 B1 $ 220,000 173,800 008474AA
TOTAL CORPORATE BONDS
(Cost $3,164,689) 3,033,860
REPURCHASE AGREEMENTS - 1.6%
MATURITY
AMOUNT
Investments in repurchase agreements
(U.S. Treasury obligations), in a joint
trading account at 3.56% dated
4/29/94 due 5/2/94 $ 2,743,814 2,743,000
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $168,399,626) $ 171,523,266
CURRENCY ABBREVIATIONS
CAD - Canadian dollar
LEGEND
(a) Principal amount is stated in United States dollars unless otherwise
noted.
(b) Non-income producing
(c) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $3,033,106 or 1.8% of net
assets.
(d) Market value reflects the payment of the first installment. Additional
equal payments of CAD 46,000 are payable in January and October of 1995.
(e) Standard & Poor's Corporation credit ratings are used in the
absence of a rating by Moody's Investors Service, Inc.
OTHER INFORMATION
Purchases and sales of securities, other than short-term securities,
aggregated $115,703,067 and $31,649,352 respectively.
The fund placed a portion of its portfolio transactions with brokerage
firms which are affiliates of FMR. The commissions paid to these affiliated
firms were $4,328 for the period (see Note 4 of Notes to Financial
Statements).
The fund participated in the bank borrowing program. The maximum loan and
the average daily loan balances during the period for which loans were
outstanding amounted to $1,799,400 and $3,867,000, respectively. The
weighted average interest rate was 4.15%. Interest expense includes $1,037
paid under the bank borrowing program (see Note 5 of Notes to Financial
Statements).
INCOME TAX INFORMATION
At April 30, 1994, the aggregate cost of investment securities for income
tax purposes was $168,969,425. Net unrealized appreciation aggregated
$2,553,841, of which $13,476,104 related to appreciated investment
securities and $10,922,263 related to depreciated investment securities.
CANADA
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
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APRIL 30, 1994 (UNAUDITED)
ASSETS
Investment in securities, at value (including repurchase agreements of $2,743,000) (cost $168,399,626) (Notes $ 171,523,266
1 and 2) - See accompanying schedule
Cash 594
Receivable for investments sold 1,065,839
Receivable for fund shares sold 776,907
Dividends receivable 142,923
Interest receivable 29,113
Other receivables 36,832
TOTAL ASSETS 173,575,474
LIABILITIES
Payable for fund shares redeemed $ 484,691
Payable for investments purchased 712
Accrued management fee 110,474
Other payables and accrued expenses 149,669
TOTAL LIABILITIES 745,546
NET ASSETS $ 172,829,928
Net Assets consist of (Note 1):
Paid in capital $ 171,814,078
Accumulated net investment (loss) (336,797
)
Accumulated undistributed net realized gain (loss) on investments (1,770,993
)
Net unrealized appreciation (depreciation) on investment securities 3,123,640
NET ASSETS, for 9,943,673 shares outstanding $ 172,829,928
NET ASSET VALUE, offering price and redemption price per share ($172,829,928 (divided by) 9,943,673 shares)(Note 4) $17.38
STATEMENT OF OPERATIONS
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SIX MONTHS ENDED APRIL 30, 1994 (UNAUDITED)
INVESTMENT INCOME $ 845,922
Dividends
Interest 180,908
1,026,830
Less foreign taxes withheld (Note 1) (123,466
)
TOTAL INCOME 903,364
EXPENSES
Management fee (Note 4) $ 553,812
Basic fee
Performance adjustment 39,161
Transfer agent fees (Note 4) 540,228
Accounting fees and expenses 43,938
(Note 4)
Non-interested trustees' compensation 402
Custodian fees and expenses 19,938
Registration fees 25,265
Audit 14,666
Legal 833
Interest (Note 5) 1,037
Miscellaneous 758
TOTAL EXPENSES 1,240,038
NET INVESTMENT INCOME (LOSS) (336,674
)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE 1) (1,128,584
Net realized gain (loss) on investment securities )
Change in net unrealized appreciation (depreciation) on investment securities (7,374,818
)
NET GAIN (LOSS) (8,503,402
)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (8,840,076
)
OTHER INFORMATION
Deferred sales charges withheld by $3,432
FDC (Note 4)
Accounting fees paid to FSC $43,756
(Note 4)
STATEMENT OF CHANGES IN NET ASSETS
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INCREASE (DECREASE) IN NET ASSETS SIX MONTHS YEAR ENDED
ENDED APRIL 30, OCTOBER 31,
1994 1993
(UNAUDITED)
Operations $ (336,674 $ (406,210
Net investment income (loss) ) )
Net realized gain (loss) on investments (1,128,584 (215,792
) )
Change in net unrealized appreciation (depreciation) on investments (7,374,818 9,798,514
)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS (8,840,076 9,176,512
)
Distributions to shareholders - (30,615
From net investment income )
In excess of net realized gain (242,990 -
)
TOTAL DISTRIBUTIONS (242,990 (30,615
) )
Share transactions 214,691,266 232,403,520
Net proceeds from sales of shares
Reinvestment of distributions 238,389 29,289
Cost of shares redeemed (128,994,157 (167,302,323
) )
Net increase (decrease) in net assets resulting from share transactions 85,935,498 65,130,486
TOTAL INCREASE (DECREASE) IN NET ASSETS 76,852,432 74,276,383
NET ASSETS
Beginning of period 95,977,496 21,701,113
End of period (including accumulated net investment (loss) of $(336,797) and $(237,885),
respectively) $ 172,829,928 $ 95,977,496
OTHER INFORMATION
Shares
Sold 11,692,592 13,751,993
Issued in reinvestment of distributions 13,408 2,020
Redeemed (7,146,795 (9,894,449
) )
Net increase (decrease) 4,559,205 3,859,564
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS
· Enlarge/Download Table
SIX MONTHS YEARS ENDED OCTOBER 31,
ENDED
APRIL 30, 1994
(UNAUDITED)
SELECTED PER-SHARE DATA
1993 1992 1991 1990 1989
Net asset value, beginning of period
$ 17.82 $ 14.23 $ 16.28 $ 13.57 $ 15.45 $ 12.74
Income from Investment Operations
Net investment income
(.03) (.15) (.02)** .03** .05** .02**
Net realized and unrealized gain (loss) on investments
(.37) 3.76 (1.11) 3.59 (1.24) 2.96
Total from investment operations
(.40) 3.61 (1.13) 3.62 (1.19) 2.98
Less Distributions
From net investment income
- (.02) - (.06) (.01) (.12)
From net realized gain
- - (.92) (.85) (.68) (.15)(S DIAMOND)
In excess of net realized gain
(.04) - - - - -
Total distributions
(.04) (.02) (.92) (.91) (.69) (.27)
Net asset value, end of period
$ 17.38 $ 17.82 $ 14.23 $ 16.28 $ 13.57 $ 15.45
TOTAL RETURN (dagger)(diamond)
(2.25)% 25.40% (7.09)% 28.13% (8.16)% 23.94%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)
$ 172,830 $ 95,977 $ 21,701 $ 23,327 $ 17,736 $ 24,331
Ratio of expenses to average net assets
1.74%* 2.00% 2.00% 2.01% 2.05% 2.06%
Ratio of expenses to average net assets before expense
1.74%* 2.00% 2.07% 2.26% 2.31% 2.87%
reductions
Ratio of net investment income to average net assets
(.47)%* (.66)% (.11)% .17% .34% .16%
Portfolio turnover rate
47%* 131% 55% 68% 164% 152%
* ANNUALIZED
** NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED USING AVERAGE
SHARES OUTSTANDING.
(S DIAMOND) INCLUDES AMOUNTS DISTRIBUTED FROM NET REALIZED GAINS ON FOREIGN
CURRENCY RELATED TRANSACTIONS TAXABLE AS ORDINARY INCOME.
(diamond) THE TOTAL RETURN WOULD HAVE BEEN LOWER IF THE ADVISER HAD NOT
REDUCED EXPENSES OF THE FUND DURING THE PERIODS SHOWN.
(dagger) TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
EUROPE
INVESTMENTS APRIL 30, 1994 (UNAUDITED)
Showing Percentage of Total Value of Investment in Securities
COMMON STOCKS - 93.8%
SHARES VALUE (NOTE 1)
BELGIUM - 6.1%
Audiofina 16,836 $ 8,589,166
Audiofina (rights) (b) 16,836 27,150 05099296
Colruyt NV NPV 13,100 3,111,137 19681599
GB-INNO-BM Group SA 89,665 4,127,484 36149699
Generale de Banque SA 17,802 4,520,115 37199592
Immob de Belgique (b) 24,695 2,353,180 45099592
Quick Restaurants SA (b) 55,695 3,853,817 74899B22
UCB Group (b) 3,797 2,610,636 90262799
29,192,685
BERMUDA - 0.4%
Bona Shipholdings Ltd. 200,000 1,875,000 09776C92
DENMARK - 0.6%
Tele Denmark AS Class B 63,235 3,036,683 87924292
FINLAND - 5.5%
Amer Group Ltd. Class A 126,675 3,263,570 02351210
Kone Corp. Class B Ord. 28,850 3,350,111 50400092
Nokia AB Free shares 160,600 13,791,970 65599992
Outokumpu OY Class A (b) 69,000 1,110,400 69099992
Repola OY 187,100 3,325,323 75999A92
WSOY (Werner Soderstrom) Class B (b) 24,600 1,676,297 94299J23
26,517,671
FRANCE - 11.3%
Assurances Generales (Reg.) 37,605 3,608,964 04557510
BIC 21,375 5,043,412 08899292
BNP (b) 11,788 2,208,427 05599994
BNP Ord. 102,095 4,788,973 05599996
Ecco SA 27,165 3,543,261 27399292
Eiffage SA (b) 11,220 2,538,282 27599522
Eurafrance (Societe) (b) 415 153,296 29899892
Fructivie SA 96 13,234 33099092
Immeubles de France, Ste Des (b) 36,576 3,652,429 44999C22
Omnium Gestion Financement SA 19,286 2,928,009 68099792
Publications Filippachi 14,500 2,362,849 75599999
Renault SA Part. Cert. (b) 10,470 4,552,174 75999F92
Salomon SA 7,164 2,671,622 93099292
Scor SA 25,900 2,352,881 80999992
TF-1 59,100 4,951,113 90399999
Taittinger SA 4,400 2,239,661 87657794
Thomson C.S.F 77,200 2,325,005 88431610
Total Compagnie Francaise des Petroles
Class B 65,158 3,788,791 20434510
Union Assurances Federale SA 7,000 728,703 91899F24
54,451,086
GERMANY - 9.3%
Ava Alg Handels Verbrauchen 6,914 3,356,676 05399692
Bayerische Motor Werke (BMW) (b) 8,000 4,357,920 05528310
Bayer AG 20,336 4,841,788 07273010
Duerr Beteiligungs AG 10,050 4,271,554 26499292
Gehe AG 16,781 5,945,384 68199492
Gehe AG (Rfd.) 4,709 1,625,658 68199497
Holsten Brauerei AG 5,254 1,810,629 43899D92
Otto Reichelt AG 17,820 4,029,432 69199A92
Schering 15,700 10,507,780 80658510
Veba Vereinigte Elektrizetaets &
Bergwerks AG Ord. 13,491 4,191,672 92239110
44,938,493
IRELAND - 1.2%
CRH PLC 578,950 3,356,086 12626K10
IWP International (U.K. Reg.) 450,000 2,526,638 45199A93
5,882,724
SHARES VALUE (NOTE 1)
ITALY - 3.9%
Edison Spa 728,150 $ 4,132,713 28099092
Fila Holding Spa sponsored ADR (b) 187,200 2,597,400 31685010
Istituto Mobiliare Italiano 169,550 1,406,033 45777M92
SIP Spa 3,469,200 10,380,958 78401792
18,517,104
NETHERLANDS - 5.1%
Heineken NV 39,425 5,024,484 42301210
International Nederlanden Groep CVA 103,070 4,308,231 46099892
PolyGram NV Ord. 87,200 3,602,607 73173392
Unilever NV ADR 43,110 4,785,210 90478450
VNU Ord. (b) 56,410 5,441,978 92399010
Wereldhave NV 25,000 1,483,975 95199E22
24,646,485
NORWAY - 1.6%
Color Lines 590,285 2,388,783 19699492
Smedvig Tankships Ltd. (b) 10,350 96,768 83169E92
Smedvig Tankships Ltd. Ord. (c) 258,500 2,358,813 83169E20
Veidekke AS 111,800 2,964,234 93699592
7,808,598
PORTUGAL - 0.7%
Banco Espirito Santo (Lisbon) (Reg.) 185,600 3,436,028 06699M22
SPAIN - 6.6%
Banco Popular Espanol 23,410 2,723,124 05999110
Corporacion Financiera Alba 99,700 4,450,860 15199010
Corporacion Mapfre International Reas
(Reg.) (b) 101,180 4,291,460 16899192
El Aguila SA 279,130 3,244,853 28299292
Empresa Nacional de Electricidad SA
Ord. 83,530 4,144,701 29244710
FOCSA (Fomento de Obras Y
Construcciones SA) 42,905 4,764,566 34418599
Hidro Cantabrico 70,500 2,194,206 42899999
Iberdrola SA 311,095 2,234,570 45499892
Repsol SA Ord. (b) 110,870 3,697,725 76026T10
31,746,065
SWEDEN - 6.2%
Arjo AB 144,100 2,289,073 04069792
Astra A Free shares 171,585 3,559,153 04632292
Avesta Sheffield AB Ord. Free shares (b) 392,850 2,578,738 05399892
Bergman & Beving AB B Free shares 147,910 2,815,633 08399622
Custos AB A Free shares 141,200 2,168,857 23299A22
ICB Shipping Class B (b) 432,100 5,218,943 44999B92
SKF AB Ord. (b) 155,600 3,207,153 78437530
Skandia Forsikring (rights) (b) 211,450 241,512 83055592
Skandia International Holding Co.
AB ADR 211,450 3,803,108 83055510
Volvo Aktiebolaget Class B 43,200 4,032,401 92885630
29,914,571
SWITZERLAND - 9.7%
Ares Serono SA B (Bearer) 9,090 4,929,972 03999392
BBC Brown Boveri & Cie (Bearer) 6,150 5,654,064 05599099
Baloise Holding (Reg.) (b) 2,525 4,624,773 05899195
Intershop Holding AG (Bearer) 5,200 2,334,747 46299592
Nestle SA (Reg.) 3,556 2,972,731 64106992
Oerlikon-Buhrle Holding Ltd. (Reg.) (b) 50,475 5,395,895 67199092
Reisebuero Kuoni AG:
(Bearer) 50 1,567,901 75999593
Part. Cert. 4,966 7,786,195 75999592
Roche Holdings Ltd. Part. Cert. 816 3,908,007 77157092
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
SWITZERLAND - CONTINUED
Swiss Bank Corp. (Bearer) (b) 13,100 $ 3,659,765 87083610
Swiss Reinsurance Corp.:
(Reg.) (b) 9,043 3,853,981 87099393
(warrants) (b) 8,650 29,282 87099D22
46,717,313
UNITED KINGDOM - 24.6%
Abbey National PLC Ord. 455,940 3,009,717 00281099
Allied Lyons PLC (b) 294,850 2,626,443 01925510
Angerstein Underwriting Trust PLC 1,755,000 2,716,477 03499A22
Argyll Group PLC Ord. 729,141 2,544,884 04099210
Arjo Wiggins Appleton PLC 555,600 2,655,837 04199592
Associated British Ports Ord. 797,780 3,353,448 04599392
BAA PLC Ord. 228,667 3,386,741 10999999
Burton Group PLC Ord. 2,199,150 1,835,466 12304910
CLM Insurance Fund PLC 1,580,000 2,373,674 18899322
Cadbury-Schweppes PLC Ord. 615,116 4,461,836 12720910
Chubb Security (b) 499,600 2,987,083 17299B92
Compass Group Ord. 507,800 2,442,759 20499192
De La Rue Co. (b) 186,733 2,616,897 24642110
Hazlewood Foods Ord. 886,600 2,004,669 42199292
Kingfisher PLC 329,284 2,883,204 98088610
Kwik Save Group PLC Ord. (b) 204,305 1,705,181 50124310
London Insurance Market Investment
Trust PLC 90,000 135,210 54199F22
MFI Furniture Group PLC 1,305,777 3,170,427 55299392
McDonnell Info. Systems Group PLC 292,576 1,145,479 58099722
Mirror Group Newspaper PLC (b) 1,799,100 4,668,539 60499792
North West Water Ord. 344,050 2,521,725 67299195
Pearson PLC 273,000 2,696,948 70509991
Prudential Corp. 835,355 3,904,366 74399992
Racal Electronics Ltd. Ord. (b) 1,047,400 3,790,792 74981510
Rank Organization PLC 532,500 3,470,654 75304110
Royal Bank of Scotland Ord. 596,000 3,644,853 78009792
Scottish & Newcastle Brewers PLC 523,662 4,148,110 80987810
Scottish Hydro-Electric PLC Ord. 284,075 1,476,462 81013395
Scottish Power PLC 32,700 176,407 81013T96
Scottish Power PLC ADR (c) 41,300 2,168,250 81013T40
Scottish Television PLC (b) 685,640 4,609,232 81099210
Smith (W.H.) Group A Ord. 362,000 2,735,688 83199392
SmithKline Beecham PLC Ord. units 496,050 2,679,811 83237850
Takare PLC Ord. 1,267,000 4,941,268 94499792
Tesco PLC Ord. (b) 1,323,800 4,218,620 88157510
Ulster Television Ord. (b) 285,000 2,646,823 94299492
United Newspapers PLC Ord. 265,260 2,531,927 91120210
Vendome Luxury Group PLC SA units (b) 397,569 2,624,403 92299E22
Vodafone Group PLC (b) 403,925 3,331,417 92857T92
Wickes PLC 1,547,900 2,525,109 96699392
Willis Coroon PLC Ord. (b) 810,500 2,828,848 97062410
Zeneca Group PLC Ord. (b) 200,500 2,093,300 98934D92
118,488,984
UNITED STATES OF AMERICA - 1.0%
International Cabletel, Inc. (b) 215,000 4,676,250 45921610
TOTAL COMMON STOCKS
(Cost $377,994,216) 451,845,740
PREFERRED STOCKS - 3.5%
SHARES VALUE (NOTE 1)
CONVERTIBLE PREFERRED STOCKS - 0.2%
UNITED KINGDOM - 0.2%
Mai PLC 5.90% cumulative 507,530 $ 831,791 55699093
NONCONVERTIBLE PREFERRED STOCKS - 3.3%
FINLAND - 1.1%
Nokia AB 63,900 5,439,872 65599910
GERMANY - 2.2%
Boss (Hugo) AG 5,800 3,688,996 44451094
Krones AG 575 990,780 50199A93
Moebel Walther AG 5,900 2,407,799 61099B22
Porsche AG NV:
Ord. (b) 5,150 2,718,229
(Rfd.) 1,287 665,287 73380193
10,471,091
TOTAL NONCONVERTIBLE PREFERRED STOCKS 15,910,963
TOTAL PREFERRED STOCKS
(Cost $10,449,234) 16,742,754
CONVERTIBLE BONDS - 0.1%
MOODY'S RATINGS PRINCIPAL
AMOUNT (A)
NORWAY - 0.1%
Color Lines 7 1/2%,
12/31/00 (Cost $349,082) - NOK 2,433 349,700 73380193
REPURCHASE AGREEMENTS - 2.6%
MATURITY
AMOUNT
Investments in repurchase agreements
(U.S. Treasury obligations), in a
joint trading account at 3.56% dated
4/29/94 due 5/2/94 $ 12,725,774 12,722,000
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $401,514,532) $ 481,660,194
FORWARD FOREIGN CURRENCY CONTRACTS
SETTLEMENT UNREALIZED
DATE(S) VALUE GAIN/(LOSS)
CONTRACTS TO BUY
3,643,750,000 ESP 5/3/94 $ 27,053,264 $ (37,814)
7,881,600 NLG 5/2/94 4,244,791 45,750
TOTAL CONTRACTS TO BUY
(Payable amount $31,290,119) $ 31,298,055 $ 7,936
THE VALUE OF CONTRACTS TO BUY AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 6.5%
FORWARD FOREIGN CURRENCY CONTRACTS - CONTINUED
SETTLEMENT UNREALIZED
DATE(S) VALUE GAIN/(LOSS)
CONTRACTS TO SELL
12,778,665 BEF 5/4/94 $ 13,483,777 $ (705,112)
7,287,500,000 ESP 5/3/94 to
8/4/94 53,901,806 (1,465,580)
15,763,200 NLG 5/2/94 to
8/2/94 8,480,571 (277,950)
70,830,500 NOK 5/5/94 9,293,180 (428,841)
TOTAL CONTRACTS TO SELL
(Receivable amount $82,281,851) $ 85,159,334 $ (2,877,483)
THE VALUE OF CONTRACTS TO SELL AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 17.7%
CURRENCY ABBREVIATIONS
BEF - Belgian franc
NLG - Dutch guilder
NOK - Norwegian krone
ESP - Spanish peseta
LEGEND
(a) Principal amount is stated in United States dollars unless otherwise
noted.
(b) Non-income producing
(c) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $4,527,063 or 0.9% of net
assets.
OTHER INFORMATION
Purchases and sales of securities, other than short-term securities,
aggregated $144,387,468 and $223,840,405, respectively.
The fund participated in the bank borrowing program. The maximum loan and
the average daily loan balances during the period for which loans were
outstanding amounted to $61,887,000 and $19,804,595, respectively. The
weighted average interest rate was 3.58%. Interest expense includes $72,956
paid under the bank borrowing program (see Note 5 of Notes to Financial
Statements).
INCOME TAX INFORMATION
At April 30, 1994, the aggregate cost of investment securities for income
tax purposes was $401,845,971. Net unrealized appreciation aggregated
$79,814,223, of which $95,490,093 related to appreciated investment
securities and $15,675,870 related to depreciated investment securities.
At October 31, 1993, the fund had a capital loss carryforward of
approximately $49,180,000 of which $7,285,000, $4,932,000 and $36,963,000
will expire on October 31, 1996, 1998, and 1999, respectively.
INDUSTRY DIVERSIFICATION
As a Percentage of Total Value of Investments
Aerospace & Defense 1.6%
Basic Industries 3.0
Construction & Real Estate 5.8
Durables 6.9
Energy 1.6
Finance 16.3
Health 9.4
Industrial Machinery & Equipment 5.0
Media & Leisure 14.6
Nondurables 6.9
Repurchase Agreements 2.6
Retail & Wholesale 6.8
Services 2.5
Technology 4.8
Transportation 4.0
Utilities 8.2
100.0%
EUROPE
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
· Enlarge/Download Table
APRIL 30, 1994 (UNAUDITED)
ASSETS
Investment in securities, at value (including repurchase agreements of $12,722,000) (cost $401,514,532) $ 481,660,194
(Notes 1 and 2) - See accompanying schedule
Long foreign currency contracts held, at value (cost $31,290,119) 31,298,055
(Note 2)
Short foreign currency contracts (Note 2) $ (85,159,334
Contracts held, at value )
Receivable for contracts held 82,281,851 (2,877,483
)
Cash 745
Receivable for investments sold 8,007,486
Receivable for fund shares sold 3,894,823
Dividends receivable 2,958,016
Other receivables 976,885
TOTAL ASSETS 525,918,721
LIABILITIES
Payable for foreign currency contracts held (Note 2) 31,290,119
Payable for investments purchased 6,620,826
Payable for fund shares redeemed 2,666,869
Accrued management fee 270,961
Other payables and accrued expenses 472,388
TOTAL LIABILITIES 41,321,163
NET ASSETS $ 484,597,558
Net Assets consist of (Note 1):
Paid in capital $ 418,675,407
Distributions in excess of net investment income (857,715
)
Accumulated undistributed net realized gain (loss) on investments (10,496,249
)
Net unrealized appreciation (depreciation) on:
Investment securities 80,145,662
Foreign currency contracts (2,869,547
)
NET ASSETS, for 24,205,928 shares outstanding $ 484,597,558
NET ASSET VALUE and redemption price per share ($484,597,558 (divided by) 24,205,928 shares) (Note 4) $20.02
Maximum offering price per share (100/97.00 of $20.02) (Note 4) $20.64
STATEMENT OF OPERATIONS
· Enlarge/Download Table
SIX MONTHS ENDED APRIL 30, 1994 (UNAUDITED)
INVESTMENT INCOME $ 4,449,730
Dividends
Interest 569,592
5,019,322
Less foreign taxes withheld (Note 1) (848,986
)
TOTAL INCOME 4,170,336
EXPENSES
Management fee (Note 4) $ 1,970,380
Basic fee
Performance adjustment (281,012
)
Transfer agent fees (Note 4) 1,136,303
Accounting fees and expenses 151,651
(Note 4)
Non-interested trustees' compensation 1,619
Custodian fees and expenses 179,100
Registration fees 47,869
Audit 19,148
Legal 4,309
Interest (Note 5) 72,956
Miscellaneous 3,522
Total expenses before reductions 3,305,845
Expense reductions (Note 6) (3,406 3,302,439
)
NET INVESTMENT INCOME 867,897
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTES 1 AND 2)
Net realized gain (loss) on:
Investment securities 37,942,941
Foreign currency contracts 1,496,110 39,439,051
Change in net unrealized appreciation (depreciation) on:
Investment securities 4,948,245
Foreign currency contracts (4,467,188 481,057
)
NET GAIN (LOSS) 39,920,108
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 40,788,005
OTHER INFORMATION $583,554
Sales charges paid to FDC (Note 4)
Deferred sales charges withheld by $52,149
FDC (Note 4)
Accounting fees paid to FSC $150,946
(Note 4)
STATEMENT OF CHANGES IN NET ASSETS
· Enlarge/Download Table
INCREASE (DECREASE) IN NET ASSETS SIX MONTHS YEAR ENDED
ENDED APRIL 30, OCTOBER 31,
1994 1993
(UNAUDITED)
Operations $ 867,897 $ 7,012,018
Net investment income
Net realized gain (loss) on investments 39,439,051 (2,768,371
)
Change in net unrealized appreciation (depreciation) on investments 481,057 93,922,600
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 40,788,005 98,166,247
Distributions to shareholders from net investment income (2,098,090 (8,045,499
) )
Share transactions 318,038,416 549,154,003
Net proceeds from sales of shares
Reinvestment of distributions 2,047,929 7,889,216
Cost of shares redeemed (403,107,457 (549,458,481
) )
Net increase (decrease) in net assets resulting from share transactions (83,021,112 7,584,738
)
TOTAL INCREASE (DECREASE) IN NET ASSETS (44,331,197 97,705,486
)
NET ASSETS
Beginning of period 528,928,755 431,223,269
End of period (including under (over) distribution of net investment income of $(857,715)
and $9,334,982, $ 484,597,558 $ 528,928,755
respectively)
OTHER INFORMATION
Shares
Sold 16,437,403 33,375,671
Issued in reinvestment of distributions 109,636 525,251
Redeemed (21,039,641 (33,714,940
) )
Net increase (decrease) (4,492,602 185,982
)
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS
· Enlarge/Download Table
SIX MONTHS ENDED YEARS ENDED OCTOBER 31,
APRIL 30, 1994
(UNAUDITED)
SELECTED PER-SHARE DATA
1993 1992(TRI) 1991 1990 1989
Net asset value, beginning of period
$ 18.43 $ 15.12 $ 15.93 $ 16.28 $ 15.04 $ 12.96
Income from Investment Operations
Net investment income
.03 .25 .27 .43(sub section) .46 .25(I TRI)
Net realized and unrealized gain (loss) on investments
1.64 3.35 (.57) (.40) .97 2.11
Total from investment operations
1.67 3.60 (.30) .03 1.43 2.36
Less Distributions
From net investment income
(.08) (.29) (.48) (.35) (.19) (.24)
From net realized gain
- - (.03)(S DIAMOND)(.03)(S DIAMOND) - (.04)(S DIAMOND)
Total distributions
(.08) (.29) (.51) (.38) (.19) (.28)
Net asset value, end of period
$ 20.02 $ 18.43 $ 15.12 $ 15.93 $ 16.28 $ 15.04
TOTAL RETURN (dagger)
9.09% 24.24% (1.89)% .15% 9.50% 18.62%
(I TRI)
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)
$ 484,598 $ 528,929 $ 431,223 $ 297,831 $ 389,273 $ 97,288
Ratio of expenses to average net assets
1.31%* 1.25% 1.22% 1.31% 1.45% 1.89%
(I TRI)
Ratio of expenses to average net assets before expense
1.31%* 1.25% 1.22% 1.31% 1.45% 1.94%
reductions
Ratio of net investment income to average net assets
.34%* 1.44% 2.38% 2.83% 2.87% 1.67%
Portfolio turnover rate
61%* 76% 95% 80% 148% 160%
* ANNUALIZED
(dagger) TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR PERIODS OF LESS THAN ONE
YEAR ARE NOT ANNUALIZED.
(S DIAMOND) INCLUDES AMOUNTS DISTRIBUTED FROM NET REALIZED GAINS ON FOREIGN CURRENCY RELATED
TRANSACTIONS TAXABLE AS ORDINARY INCOME.
(TRI) AS OF NOVEMBER 1, 1991, THE FUND DISCONTINUED THE USE OF EQUALIZATION ACCOUNTING.
(I TRI) NET INVESTMENT INCOME PER SHARE INCLUDES A REIMBURSEMENT OF $.008 PER SHARE FROM
FIDELITY SERVICE CO. FOR ADJUSTMENTS TO PRIOR PERIODS' FEES. IF THIS EXPENSE
REDUCTION HAD NOT EXISTED, THE TOTAL RETURN WOULD HAVE BEEN LOWER.
(sub section) INCLUDES $.05 PER SHARE FROM RECOVERY OF FOREIGN TAXES PREVIOUSLY WITHHELD ON
DIVIDEND AND INTEREST PAYMENTS.
EUROPE CAPITAL APPRECIATION
INVESTMENTS APRIL 30, 1994 (UNAUDITED)
Showing Percentage of Total Value of Investment in Securities
COMMON STOCKS - 82.0%
SHARES VALUE (NOTE 1)
AUSTRIA - 0.6%
Hemingway Holdings AG 7,500 $ 510,006 42399F22
Maculan Holding AG Ord. 14,800 1,426,813 55699592
1,936,819
BELGIUM - 2.5%
CMB (Cie Maritime Belge) Ord. 36,300 2,660,783 19999092
Generale De Belgique SA SOC Ord. 34,700 2,741,897 44999G22
Solvay 5,000 2,433,554 83425810
7,836,234
CZECH REPUBLIC - 0.9%
BVV Brno 2,100 346,458 12499322
Cement Hranice 1,200 57,372 15199K22
Fatra AS 6,139 723,481 31199622
IPS AS 9,035 577,969 44999H22
Tatra AS 20,000 262,000 87799B22
ZPS Zlin 9,600 769,248 98999T22
2,736,528
DENMARK - 0.5%
Thorkild Kristensen 30,000 1,481,424 88599A24
FINLAND - 0.9%
Interbank Osakepankki Class B 100,000 448,058 46299G22
Metsa Serla B 20,000 840,109 59299992
Okobank Class A (b) 25,000 247,365 69299222
Unitas Bank Ltd. B Free shares 517,500 1,381,559 90499123
2,917,091
FRANCE - 15.5%
BIS SA Ord. 56,000 3,186,992 05528110
BNP Ord. 120,000 5,628,844 05599996
Bollore Technologies SA (b) 14,100 897,137 09799E92
Carbonne-Lorraine (LE) 2,304 280,161 14199992
Cerus (Cie European Reunies):
Ord. 25,000 493,549 15799592
(rights) (b) 25,000 15,951 15799593
Club Mediterranee Ord. 5,000 365,854 18947230
Credit Lyonnais 20,350 1,988,963 22799392
Deveaux SA 900 85,737 25199L22
EBF (Epeda Bertrand Faure) SA 4,000 636,267 27899292
Elf Aquitaine 100,000 7,327,678 28627199
Euro Rscg. Worldwide SA 12,510 1,492,444 47299692
Louvre (Societe Du) Ord. 60,000 2,598,091 54690099
Lyonnaise des Eaux Dumez SA 60,000 6,288,441 55160010
Metaleurop SA 60,000 922,588 60299892
Michel Thierry SA 12,185 1,636,727 60099492
Pinault Printemps SA 15,000 2,709,438 72199393
SAGA (Soc. de Gerance & D'Armen) 15,000 1,617,179 78599E22
Thomson C.S.F 180,000 5,420,997 88431610
Total Compagnie Francaise des Petroles
Class B 50,000 2,907,388 20434510
Unibail (b) 2,825 254,639 90499592
Vallourec (b) 25,000 1,451,485 92017610
48,206,550
GERMANY - 9.5%
BASF AG 30,000 5,972,793 05526230
Hoechst AG Ord. 30,000 6,611,245 43439010
KSB (Klein Schanzlin & Becker) AG 1,000 329,504 49299794
Karstadt AG 10,000 3,802,902 48576499
Man AG Ord. (Frankfurt Reg.) (b) 15,000 4,167,171 56154210
Sixt AG Ord. (b) 3,809 1,255,082 83002199
Thyssen AG Ord. 12,000 2,077,146 88629110
Thyssen Industries AG 25,000 3,242,140 94499892
Volkswagen AG 6,500 2,067,110 92866210
29,525,093
SHARES VALUE (NOTE 1)
HUNGARY - 1.1%
Fotex (First Hung-Am Photo):
(Reg.) Aust. Ctf. (c) 305,000 $ 1,258,125 35099294
Ord. 450,000 2,207,875 35099293
Pick Szeged RT sponsored GDS
(b) (c) 1,000 60,000 71957110
3,526,000
ITALY - 6.3%
Caffaro Spa (Sta L'Ind Chim) Ord. 700,000 1,286,789 12799492
Fidis Spa Ord. 900,000 3,723,219 31650010
Marzotto Manf. Gae & Figli Spa Ord 351,000 2,595,326 57418910
Montedison Spa Ord. 1,000,000 996,390 61237610
SIP Spa 3,350,200 10,024,870 78401792
Sogefi Spa 300,000 888,237 83499L22
19,514,831
LUXEMBOURG - 0.7%
Arbed SA 15,000 2,155,014 03899030
NETHERLANDS - 16.8%
Ahrend Groep NV Ord. 5,200 419,305 00868899
Bam Groep NV 32,300 2,000,808 05999892
Hoogovens en Staalfabrieken (b) 80,000 3,111,231 43888410
KBB (Kon Bijenkorf Beheer) NV
Ord. 45,000 2,576,622 48130092
KLM Royal Dutch Airlines Ord. (b) 200,000 5,763,534 48251620
MacIntosh Confectionary Works (b) 90,400 2,980,060 58199292
Ned Lloyd (b) 120,000 5,009,426 63983210
Norit NV 100,000 1,185,026 61089099
Philips Electronics (b) 500,000 14,624,295 71833799
Pirelli Tyre Holdings NV Ord. (b) 686,175 6,837,727 72499092
Polynorm NV Ord. 40,700 3,957,097 73199E22
Samas-Groep NV 65,100 2,033,827 79499110
Schuttersveld Holdings NV 50,000 1,125,774 80899C22
Wereldhave NV 11,000 652,949 95199E22
52,277,681
NORWAY - 2.0%
Christiania Bank Free shares Ord. (b) 460,000 927,562 17100792
Den Norske Bank Class A Free shares (b) 370,000 999,078 25299792
Norsk Forsvarsteknologi AS 35,000 810,762 67599G22
Norske Skogindustrier AS:
Free shares (b) 100,000 2,372,281 66499594
(rights) (b) 100,000 26,514 66499596
Olav Thon Eiendomsselskp Ord. 38,000 551,486 67941099
Tomra Systems AS 230,000 436,499 95699692
Veidekke AS 10,000 265,137 93699592
6,389,319
PORTUGAL - 0.3%
Banco Portuguese Inv. Ord. 45,000 893,917 05999G93
SPAIN - 7.2%
Banco Central SA (Reg.) 170,000 3,712,535 05947010
Banco Pastor SA (b) 16,600 779,291 05999792
Fasa Renault Ord. 50,000 2,711,235 31199292
Hisalba (b) 163,600 2,928,698 46199592
Prosegur Comp Securidad SA (Reg.) 104,500 2,251,068 74291699
Telefonica de Espana SA Ord. 500,000 6,796,660 87938210
Uralita SA (b) 300,000 3,119,778 91799310
22,299,265
SWEDEN - 8.2%
ASG AB Class B Free shares Ord. 50,000 853,343 16599C22
Aritmos AB Free 6,000 96,892 04099A22
Celsius Industrier AB Class B 47,100 1,255,241 15199D22
Ericsson (L.M.) Telephone Co. Class B ADR 35,000 1,583,750 29482140
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
Foreningsbanken AB Class A Ord. (b) 700,000 $ 1,451,996 34599E22
Hoganas AB Class B Free shares (c) 36,000 486,800 43899M22
Investor AB Free shares B 106,600 2,613,035 46199A92
Mo Och Domsjoe (Modo) AB 68,700 2,705,754 61399792
Munksjo AB 400,000 3,098,292 62599922
SKF AB Ord. (b) 150,000 3,091,728 78437530
Scribona AB B Free shares (b) 7,100 46,606 81199B92
Skandinaviska Enskilda Banken Class C 200,200 1,274,723 88099224
Skane-Gripen AB Ord. 300,000 2,579,721 93056099
Stena Line AB B Free shares 100,000 741,752 85899422
Svedala (b) 20,000 488,375 91199A92
Trellebord AB Class C Free shares 50,000 735,188 89491092
Volvo Aktiebolaget Class B 25,000 2,330,712 92885630
25,433,908
SWITZERLAND - 3.0%
Baloise Holding AG 665 1,189,573 05899192
Globus Magazine Part. Cert. 366 243,887 37957792
Interdiscount Holding Part. Cert. 33,525 5,136,924 45899594
Rentsch Industries Holding AG 250 374,158 76099A22
Von Moos Holdings AG Ord. 10,275 1,237,555 94099293
Zschokke Holding AG (Bearer) 900 506,717 98999R23
Zuercher Zieheleien Holding (Bearer) 1,000 726,936 91099292
9,415,750
TURKEY - 0.5%
Netas SA B Ord. (Bearer) 700,000 286,223 64199527
Trakya Cam Sanayii AS 2,230,000 499,096 89299D22
Turk Sise Ve Cam Fabrikalari 17,000,000 804,866 90099C22
1,590,185
UNITED KINGDOM - 5.5%
Barratt Developments PLC (b) 35,800 122,506 06818210
Bradstock Group PLC Ord. 325,000 626,350 10499192
British Borneo Petroleum 225,000 819,450 11099D22
British Gas PLC Ord. 400,000 1,736,020 11090199
British Petroleum PLC:
ADR 42,000 2,940,000 11088940
Ord. 58,000 339,738 11088910
Hanson Trust PLC Ord. 280,000 1,159,978 41135210
Hartstone Group PLC Ord. (b) 1,000,000 698,050 41722610
McAlpine (Alfred) Ord. 32,750 138,658 57999010
Next PLC (b) 300,000 1,019,259 64399999
Pentos Ltd. PLC:
Ord. 1,300,000 512,915 70967010
(right) (b) 1,733,333 52,607 70967093
Sedgwick Group 403,061 1,204,943 81482610
Takare PLC Ord. 730,000 2,846,985 94499792
Willis Coroon PLC Ord. (b) 800,000 2,792,200 97062410
17,009,659
TOTAL COMMON STOCKS
(Cost $245,896,968) 255,145,268
NONCONVERTIBLE PREFERRED STOCKS - 3.7%
AUSTRIA - 0.2%
Maculan Holding Ord. 7,500 722,402 55699594
GERMANY - 2.8%
Bayerische Motor Werke (BMW) AG 13,000 5,187,424 05528393
Glunz AG Ord. 10,000 1,494,559 37999392
Rheinmetal Berlin (b) 13,000 2,012,092 76299092
8,694,075
SHARES VALUE (NOTE 1)
ITALY - 0.7%
Banco di Napoli Ord. 2,000,000 $ 2,169,360 42799594
TOTAL NONCONVERTIBLE PREFERRED STOCKS
(Cost $10,795,559) 11,585,837
REPURCHASE AGREEMENTS - 14.3%
MATURITY
AMOUNT
Investments in repurchase agreements
U.S. Treasury obligations), in a joint
trading account at 3.56% dated
4/29/94 due 5/2/94 $ 44,342,385 44,338,000
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $301,030,527) $ 311,069,105
LEGEND
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $1,804,925 or 0.6% of net
assets.
OTHER INFORMATION
Purchases and sales of securities, other than short-term securities,
aggregated $410,911,614 and $158,485,509, respectively.
The fund placed a portion of its portfolio transactions with brokerage
firms which are affiliates of FMR. The commissions paid to these affiliated
firms were $3,777 for the period (see Note 4 of Notes to Financial
Statements).
INCOME TAX INFORMATION
At April 30, 1994, the aggregate cost of investment securities for income
tax purposes was $301,030,527. Net unrealized appreciation aggregated
$10,038,578, of which $17,855,476 related to appreciated investment
securities and $7,816,898 related to depreciated investment securities.
INDUSTRY DIVERSIFICATION
As a Percentage of Total Value of Investments
Aerospace & Defense 2.4%
Basic Industries 13.9
Conglomerates 0.4
Construction & Real Estate 5.4
Durables 8.9
Energy 6.1
Finance 13.8
Health 0.9
Industrial Machinery & Equipment 7.9
Media & Leisure 1.0
Nondurables 0.7
Repurchase Agreements 14.3
Retail & Wholesale 7.2
Services 2.7
Technology 0.7
Transportation 5.6
Utilities 8.1
100.0%
EUROPE CAPITAL APPRECIATION
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
· Enlarge/Download Table
APRIL 30, 1994 (UNAUDITED)
ASSETS
Investment in securities, at value (including repurchase agreements of $44,338,000) (cost $301,030,527) $ 311,069,105
(Notes 1 and 2) - See accompanying schedule
Cash 155,256
Receivable for investments sold 28,659,349
Receivable for fund shares sold 29,152,230
Dividends receivable 287,984
Prepaid expenses 22,611
TOTAL ASSETS 369,346,535
LIABILITIES
Payable for investments purchased $ 40,264,359
Payable for fund shares redeemed 3,827,957
Accrued management fee 172,757
Other payables and accrued expenses 254,860
TOTAL LIABILITIES 44,519,933
NET ASSETS $ 324,826,602
Net Assets consist of (Note 1):
Paid in capital $ 310,545,010
Undistributed net investment income 5,857
Accumulated undistributed net realized gain (loss) on investments 4,237,157
Net unrealized appreciation (depreciation) on investment securities 10,038,578
NET ASSETS, for 28,023,945 shares outstanding $ 324,826,602
NET ASSET VALUE, offering price and redemption price per share ($324,826,602 (divided by)
28,023,945 shares) (Note 4) $11.59
STATEMENT OF OPERATIONS
· Enlarge/Download Table
DECEMBER 21, 1993 (COMMENCEMENT OF OPERATIONS) TO
APRIL 30, 1994 (UNAUDITED)
INVESTMENT INCOME $ 731,931
Dividends
Interest 420,453
1,152,384
Less foreign taxes withheld (146,649
)
TOTAL INCOME 1,005,735
EXPENSES
Management fee (Note 4) $ 467,445
Transfer agent fees (Note 4) 379,074
Accounting fees and expenses 39,315
(Note 4)
Non-interested trustees' compensation 217
Custodian fees and expenses 43,840
Registration fees 58,339
Audit 11,455
Legal 43
Miscellaneous 150
TOTAL EXPENSES 999,878
NET INVESTMENT INCOME 5,857
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE 1) 4,237,157
Net realized gain (loss) on investment securities
Change in net unrealized appreciation (depreciation) on investment securities 10,038,578
NET GAIN (LOSS) 14,275,735
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 14,281,592
OTHER INFORMATION
Accounting fees paid to FSC $39,044
(Note 4)
STATEMENT OF CHANGES IN NET ASSETS
· Enlarge/Download Table
DECEMBER 21,
1993
(COMMENCEMENT
OF OPERATIONS) TO
APRIL 30, 1994
(UNAUDITED)
INCREASE (DECREASE) IN NET ASSETS
Operations $ 5,857
Net investment income
Net realized gain (loss) on investments 4,237,157
Change in net unrealized appreciation (depreciation) on investments 10,038,578
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 14,281,592
Share transactions 475,770,615
Net proceeds from sales of shares
Cost of shares redeemed (165,225,605)
Net increase (decrease) in net assets resulting from share transactions 310,545,010
TOTAL INCREASE (DECREASE) IN NET ASSETS 324,826,602
NET ASSETS
Beginning of period -
End of period (including undistributed net investment income of $5,857) $ 324,826,602
OTHER INFORMATION
Shares
Sold 42,886,188
Redeemed (14,862,243)
Net increase (decrease) 28,023,945
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS
· Enlarge/Download Table
DECEMBER 21,
1993
(COMMENCEMENT
OF OPERATIONS) TO
APRIL 30, 1994
(UNAUDITED)
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 10.00
Income from Investment Operations
Net investment income -
Net realized and unrealized gain (loss) on investments 1.59
Total from investment operations 1.59
Net asset value, end of period $ 11.59
TOTAL RETURN(dagger) 15.90%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 324,827
Ratio of expenses to average net assets 1.70%*
Ratio of net investment income to average net assets .01%*
Portfolio turnover rate 294%*
* ANNUALIZED
(dagger) TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
JAPAN
INVESTMENTS APRIL 30, 1994 (UNAUDITED)
Showing Percentage of Total Value of Investment in Securities
COMMON STOCKS - 77.9%
SHARES VALUE (NOTE 1)
AEROSPACE & DEFENSE - 0.3%
SHIP BUILDING & REPAIR - 0.3%
Namura Shipbuilding (b) 157,000 $ 1,118,005 62999892
BASIC INDUSTRIES - 4.2%
CHEMICALS & PLASTICS - 2.0%
Denki Kagaku Kogyo 350,000 1,365,115 24899092
Gun-Ei Chemical Industries Co. Ltd.
Ord. 200,000 1,146,460 40280799
JSP Corp. 13,000 248,399 47399492
Kanegafuchi Chemical, Inc. 268,000 1,776,459 48418199
Tayca Corp. 256,000 1,182,546 94799392
Toyo Ink Manufacturing Co. Ltd. 200,000 1,276,470 89227499
6,995,449
IRON & STEEL - 0.6%
Araya Industrial 50,000 234,906 03899592
Kawasaki Steel Corp. 566,000 2,068,215 48636810
2,303,121
METALS & MINING - 0.5%
QNI Ltd. 200,000 228,896 74799B92
Teikoku Oil Co. 200,000 1,404,512 87999692
1,633,408
PACKAGING & CONTAINERS - 0.2%
Dai Nippon Shigyo Co. Ltd. 9,000 94,849 23599592
Yamamura Glass Co. Ltd. 100,000 789,914 98599592
884,763
PAPER & FOREST PRODUCTS - 0.9%
Chuetsu Pulp & Paper Co. Ltd. 283,000 1,223,650 17199092
Daio Paper Corp. 38,000 434,158 24299492
Indah Kiat Pulp & Paper (For. Reg.) 200,000 273,588 45499B23
Rengo Co. Ltd. 145,000 1,165,369 75999292
Tjiwa Kimia Pabrik Kertas 100,000 222,579 95499292
3,319,344
TOTAL BASIC INDUSTRIES 15,136,085
CONSTRUCTION & REAL ESTATE - 3.7%
BUILDING MATERIALS - 1.0%
Chichibu Cement Co. 36,000 421,944 16899010
Chofu Seisakusho Co. Ltd. 27,000 678,125 16999999
Dainichi Co. Ltd. 14,000 274,402 23499E22
Natoco Paint Co. Ltd. 7,000 227,519 63199C22
Nippon Sheet Glass Co. Ltd. 175,000 941,101 65461399
Tostem Corp. 30,000 1,019,403 89299110
3,562,494
CONSTRUCTION - 0.9%
Kaneshita Construction Co. Ltd. Ord. (b) 45,000 780,065 49099592
Sekisui House Ltd. 100,000 1,250,862 81607810
Subaru Enterprise Co. Ltd. Ord. 47,000 442,549 86499292
Taisei Rotec Corp. 80,000 782,429 87599492
3,255,905
ENGINEERING - 0.8%
C Cube Corporation 61,000 859,155 17499793
Nippon Denwa Shisetsu Ord. 127,800 2,076,923 68599292
2,936,078
REAL ESTATE - 1.0%
Hankyu Realty Co. Ltd. Ord. 48,000 402,324 41099292
Keihanshin Real Estate Co. Ltd. 52,000 435,339 48799692
Mitsubishi Estate Ltd. 150,000 1,743,327 60678310
Nichimo Corp. 221,000 979,514 68599492
3,560,504
TOTAL CONSTRUCTION & REAL ESTATE 13,314,981
SHARES VALUE (NOTE 1)
DURABLES - 21.3%
AUTOS, TIRES, & ACCESSORIES - 9.6%
Autobacs Seven Co. Ltd. 6,400 $ 819,462 05299392
Bridgestone Corp. 200,000 2,994,190 10844110
Calsonic Corp. 110,000 682,557 13199292
Daido Metal Co. 42,000 252,339 45599792
Daikin Manufacturing Co. Ltd. 60,000 933,714 24199192
Gastec Service, Inc. 15,000 107,111 37599292
Honda Motor Co. Ltd. 285,000 4,715,847 43812810
Kamei Corp. 91,000 1,174,136 48399792
Mazda Motor Corp. 430,000 2,236,185 57878592
Mitsubishi Motors Corp. 227,000 2,007,742 60899692
Nippon Cable Systems 77,000 910,076 65799392
Nissan Diesel Motor Co. Ord. 75,000 369,349 68099492
Nissan Motor Co. Ltd. Ord. 414,000 3,506,746 65474491
Sumitomo Rubber Industries 277,000 2,700,974 86699892
Suzuki Motor Corp. 213,000 2,832,167 86958592
Toyoda Gosei Co. 86,000 770,807 90399292
Toyota Motor Corp. 204,000 3,998,424 89399999
Yamaha Motor Co. Ltd. (b) 344,000 3,049,347 98456092
Yamakawa Industries Co. Ltd. 3,000 25,323 99199922
Yorozu Corp. 25,000 566,335 99199792
34,652,831
CONSUMER DURABLES - 0.3%
Sankyo Co. Ltd. 11,000 706,392 82299792
Super Tool Co. Ltd. 40,000 354,181 86899B22
1,060,573
CONSUMER ELECTRONICS - 6.8%
Daiichi Corp. Ord. 30,000 771,201 23599B92
Kenwood Corp. 40,000 346,302 49178692
Matsushita Electric Industrial Co. Ltd. 636,000 10,461,144 57687910
Orient Watch Industrial Co. 4,360 434,542 68899B22
Pioneer Electronic Corp. 70,000 1,799,468 72365710
Rinnai Corp. Ord. 25,000 768,246 76681999
Sharp Corp. 90,000 1,471,486 81989991
Sony Corp. 137,000 7,772,284 83569999
Zojirushi Thermos 44,000 689,058 91199492
24,513,731
HOME FURNISHINGS - 0.6%
Daiwa Rakuda Industry Co. Ltd. 11,000 253,521 51899392
Lilycolor Co. Ltd. 27,000 239,338 53299592
Matsuya Denki Co. Ltd. 34,000 338,225 57699890
Nitori Co. Ltd. 10,000 365,409 68599793
Nitori Co. Ltd. (warrants #2) (b) 500 88,016 68599794
Pricerite Group Ltd. 120,000 20,195 74199D22
Shimachu 23,000 962,770 82399010
2,267,474
TEXTILES & APPAREL - 4.0%
Atsugi Nylon Industrial 200,000 1,274,500 04984010
Daidoh Ltd. 29,000 264,208 56299292
Daiwabo Spinning Co. Ltd. 206,000 706,077 23699792
Kimuratan Co. Ltd. 137,000 770,481 49439999
Kurabo Industries Ltd. 450,000 1,865,952 50157710
Morishita Co. Ltd. 20,000 439,279 61799N22
Nippon Felt Co. Ltd. 64,000 450,704 65899592
Nisshinbo Industries, Inc. 377,000 3,973,113 65411310
Sangetsu Company Ltd. 55,000 2,015,168 80019999
Sotoh Co. Ltd. 32,000 457,008 83599592
Teijin 200,000 1,004,630 87999410
Toyobo Co. 250,000 1,110,510 90899392
14,331,630
TOTAL DURABLES 76,826,239
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
ENERGY - 1.5%
OIL & GAS - 1.5%
Cosmo Oil Co. Ltd. 340,000 $ 2,799,567 22199092
Hokuriku Gas Co. (b) 40,000 205,260 43899592
Showa Shell Sekiyu (b) 180,000 2,446,567 82510310
5,451,394
FINANCE - 11.0%
BANKS - 3.8%
Akita Bank 337,000 2,423,027 00999692
Bank of the Ryukyus 8,000 457,008 83499192
Bank of Saga Ord. 64,000 497,981 88299692
Eighteenth Bank 67,000 613,710 26899192
Higo Bank Ltd. Ord. 97,000 742,332 43299192
Kagoshima Bank Ltd. 216,000 1,595,588 48299592
Mitsubishi Trust & Banking 225,000 3,324,141 60699410
Mitsui Trust & Banking 40,000 433,370 60684699
Okinawa Bank 9,100 488,476 67899792
Sumitomo Trust & Banking Co. 225,000 3,102,532 86599310
13,678,165
CREDIT & OTHER FINANCE - 0.9%
Nichiei Co. Ltd. 7,700 686,349 68999392
Promise Co. Ltd. (b) 37,500 2,411,849 74499E22
3,098,198
INSURANCE - 1.4%
Dai-Tokyo Fire & Marine Insurance
Ord. 241,000 1,851,473 23399210
Sumitomo Marine and Fire 170,000 1,650,941 94599392
Tokio Marine & Fire Insurance Co. Ltd.
(The) 110,000 1,408,451 88909099
4,910,865
SECURITIES INDUSTRY - 4.9%
Boo Kook Securities Co. Ltd. 448 9,596 09899122
Daiwa Securities Ltd. 460,000 7,203,784 23499010
Nikko Securities 85,000 1,021,373 65399010
Nomura Securities Co. Ltd. 320,000 6,965,430 65536130
Osaka Securities Finance Co. Ltd. Ord. 130,000 883,483 68799192
Osaka Shoken Daiko Co. Ltd. 13,000 172,855 68799C22
Seoul Securities Co. (b) 1,000 17,581 83599P22
Tokyo Securities Co. Ltd. 93,000 761,184 89799C92
Wako Securities 81,000 797,794 93199010
17,833,080
TOTAL FINANCE 39,520,308
HEALTH - 0.4%
DRUGS & PHARMACEUTICALS - 0.3%
Fuji Rebio 48,000 553,137 35999410
Seikagaku Corp. 13,000 640,205 81599892
1,193,342
MEDICAL EQUIPMENT & SUPPLIES - 0.1%
Hitachi Medical Corp. Ord. 20,000 443,219 43999792
TOTAL HEALTH 1,636,561
INDUSTRIAL MACHINERY & EQUIPMENT - 6.8%
ELECTRICAL EQUIPMENT - 3.2%
Fanuc Ltd. 18,000 758,791 30729599
Hokuetsu Industries Co. Ltd. 47,000 201,369 43699392
ICOM, Inc. 117,000 1,878,361 44999A92
Keyence Corp. 18,700 1,989,166 49399292
Mitsubishi Electric Co. Ord. 400,000 2,387,472 60673220
Mori Seiki Co. Ord. 121,000 2,812,568 61799999
SHARES VALUE (NOTE 1)
Nifco, Inc. 70,000 $ 992,810 66099892
Yaesu Musen Co. Ltd. 33,000 529,794 98499F92
11,550,331
INDUSTRIAL MACHINERY & EQUIPMENT - 3.6%
AIDA Engineering Ltd. Ord. 70,000 517,778 00871210
Amada Ltd. (b) 82,000 904,560 02263110
Amadasonoike Co. Ltd. 109,000 826,653 02499492
Daewoo Heavy Industries Ltd. 3,000 41,971 23999492
Fuji Machine Manufacturing Co. Ltd.
Ord. 60,000 1,595,588 36099892
Hamada Printing Press Co. Ltd. 28,000 160,504 40699B22
Hitachi Const. Machinery Co. Ltd. 155,000 2,198,365 47199692
Kato Works Co. Ltd. 102,000 689,175 48699192
Kobe Diesel Co. 51,000 218,507 49999692
Kyokuto Kaihatsi Kogyo Co. Ltd. Ord. 25,000 637,742 74599692
Okuma Corp. 143,000 1,133,803 67999192
SMC Corp. 23,000 878,952 83199292
Shibuya Industries 24,000 288,388 88699092
Shintokogio Ltd. (b) 69,000 534,167 97199392
Star Micronics Co. Ltd. Ord. (b) 87,000 985,423 58999492
Tsugami Corp. 201,000 892,850 89853699
Zuiko Corp. 32,000 605,141 91399892
13,109,567
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 24,659,898
MEDIA & LEISURE - 2.0%
BROADCASTING - 0.2%
Asahi Broadcasting Corp. 5,000 709,150 04399292
LEISURE DURABLES & TOYS - 1.0%
Combi Corp. 5,000 65,990 20099522
Shimano Inc. (b) 30,000 788,929 82498099
Takara Co. Ltd. 59,000 691,520 87599892
Yamaha Corp. 160,000 1,922,584 98463499
3,469,023
RESTAURANTS - 0.8%
Joyfull Co. Ltd. (b) 21,000 459,175 49499F22
Kentucky Fried Chicken Japan 24,000 546,046 49199292
Ohsho Food Service Corp. 5,000 169,408 68899992
Royal Co. Ltd. 65,900 973,604 77999110
Yoshinoya D&C Co. Ltd. Ord. 33 611,051 98999192
2,759,284
TOTAL MEDIA & LEISURE 6,937,457
NONDURABLES - 4.6%
AGRICULTURE - 0.1%
Yonkyu Co. Ltd. 13,200 468,039 98699B22
BEVERAGES - 1.7%
Fuju Coca-Cola Bottling Co. Ltd. 1,000 16,744 36499D22
Hokkaido Coca-Cola Bottling Co. 16,000 296,267 43499C22
Kinki Coca-Cola Bottling Co. 40,000 795,824 49699392
Kirin Brewery Co. Ltd. 187,000 2,247,020 49712510
Mikuni Coca-Cola Bottling Co. 75,000 1,351,817 60241010
Nikka Whiskey Distilling Co. 44,000 468,039 65499E22
Sanyo Coca-Cola Bottling Co. 35,000 672,215 80399999
Shikoku Coca-Cola Bottling Co. Ltd. (b) 12,400 219,836 80099B22
6,067,762
FOODS - 1.9%
Chubu Suisan 185,000 1,056,831 17199A22
Ezaki Glicko Co. 180,000 1,932,433 30199492
Nippon Suisan Kaisha Ltd. (b) 450,000 2,007,783
Sonton Food Industry Co. Ltd. 41,600 610,500 83599692
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
NONDURABLES - CONTINUED
FOODS - CONTINUED
Toho Co. Ltd. Store 70,000 $ 944,548 94499B22
Toho Co. Ltd. Store (warrants) (b) 900 203,328 94499B23
6,755,423
HOUSEHOLD PRODUCTS - 0.9%
Nicca Chemical Co. Ltd. Ord. 11,000 162,514 65399D22
Pigeon Corp. 15,000 440,264 72099292
Uni Charm Corp. Ord. 90,000 2,570,669 90456910
3,173,447
TOTAL NONDURABLES 16,464,671
RETAIL & WHOLESALE - 4.1%
APPAREL STORES - 0.6%
Charle Co. Ltd. 51,000 1,230,671 15999392
Sagami Co. Ltd. 34,000 291,008 78699492
Xebio Co. Ltd. 15,000 540,727 98399192
2,062,406
APPLIANCE STORES - 0.2%
Japan CBM Corp. 23,000 724,909 47099B22
GENERAL MERCHANDISE STORES - 1.8%
Aoyama Trading Co. Ord. 15,000 694,376 03799092
Ito Yokado Co. Ltd. 50,000 2,634,689 46571410
Marui Co. Ltd. 137,000 2,266,916 60444310
Matsuzakaya Co. Ltd. 55,000 785,482 57699492
6,381,463
GROCERY STORES - 0.7%
Izumi Co. Ord. 42,000 1,009,357 46399292
Marukyo Corp. 30,000 1,063,725 57899792
Matsumoto, Inc. 17,000 514,035 57899A22
Yamae Hisano Co. 1,000 12,016 98899392
2,599,133
RETAIL & WHOLESALE, MISCELLANEOUS - 0.5%
Juel Verite Ohkubo Co. Ltd. 19,000 207,722 49499892
Senshukai Co. Ltd. 38,500 1,327,194 81719999
Tachibana Shokai Ltd. 37,000 364,424 88699192
1,899,340
TRADING COMPANIES - 0.3%
Kanematsu-Gosho Ltd. 251,000 1,236,087 48418999
Nam Sung Corp. (b) 1,200 20,057 63299D22
1,256,144
TOTAL RETAIL & WHOLESALE 14,923,395
SERVICES - 2.1%
LEASING & RENTAL - 0.8%
Nishio Rent All Co. Ltd. Ord. 24,000 685,512 68399692
Orix Corp. 60,000 2,287,009 68616710
2,972,521
PRINTING - 0.8%
Komori Corp. 79,000 2,131,981 50046299
Toppan Printing Co. Ltd. 60,000 768,246 89074799
2,900,227
SERVICES - 0.5%
Nippon Kanzai Co. Ltd. 16,800 736,334 68399192
Tasaki Shinju Co. Ltd.:
Ord. 57,000 887,028 87899392
(warrants) (b) 70 113,750 87899393
1,737,112
TOTAL SERVICES 7,609,860
SHARES VALUE (NOTE 1)
TECHNOLOGY - 12.9%
COMMUNICATIONS EQUIPMENT - 0.4%
Uniden 40,000 $ 1,339,506 90499392
COMPUTER SERVICES & SOFTWARE - 0.3%
Ines Corp. Ord. 97,000 1,241,998 45699192
COMPUTERS & OFFICE EQUIPMENT - 3.2%
Aseed Co. Ltd. 18,000 468,039 09699922
Canon, Inc. 270,000 4,387,864 13780199
Casio Computer Co. Ltd. Ord. 276,000 3,425,196 14761893
Fujitsu Ltd. 200,000 2,009,258 35959010
Katsuragawa Electric Co. 17,000 385,108 48799C92
Nakamichi Corp. 68,000 472,176 62899592
Nissho Electronics Corp. 18,000 287,206 68299892
11,434,847
ELECTRONIC INSTRUMENTS - 0.5%
Advantest Corp. 39,000 1,325,224 00799010
Dainippon Screen Manufacturing Co. 71,000 513,986 23699492
1,839,210
ELECTRONICS - 8.5%
ADO Electronic Industrial Co. 13,000 434,059 00699992
Alps Electric Co. Ltd. 93,000 1,300,699 02199292
Fujitsu Business Systems Ltd. 22,000 860,238 38199592
Futaba Corp. 60,000 2,369,743 36399292
Hitachi Ltd. 375,000 3,545,749 43357810
Hitachi Maxell Ltd. 115,000 2,321,974 43358990
Kinseki Ord. (b) 70,000 1,130,700 49799092
Kyocera Corporation 15,000 945,533 50155610
Nichicon Corp. 227,000 3,040,679 66199793
Ryoden Trading Co. Ltd. 135,000 1,223,284 78379999
Ryosan Co. Ltd. 40,000 1,201,615 78399999
Ryoyo Electro Corp. Ord. 71,000 2,069,930 74999999
Sanshin Electronic Co. Ltd. 32,000 441,249 80199892
Shinko Shoji 36,000 446,765 90699492
TDK Corp. 91,000 4,104,994 87235110
Tabai Espec Corp. 40,000 531,862 88199592
Taiyo Yuden Co. Ltd. 65,000 710,627 87404799
Tokyo Electron Ltd. 70,000 2,226,928 89499999
Toshiba Corp. 150,000 1,137,595 89149310
U-Shin Ltd. 43,000 334,581 91399293
Varitronix International Ltd. 180,000 256,320 95099792
30,635,124
TOTAL TECHNOLOGY 46,490,685
TRANSPORTATION - 3.0%
AIR TRANSPORTATION - 0.2%
Airport Facilities Co. Ltd. 15,000 212,745 01399692
Japan Airport Terminal 50,000 654,979 47299892
867,724
RAILROADS - 0.6%
East Japan Railway Ord. (b) 350 1,661,578 27399722
Hanshin Electric Railway Co. Ltd. 100,000 489,511 41899492
2,151,089
SHIPPING - 1.3%
Isewan Terminal Service Co. Ltd. 36,000 224,091 46499D22
Kawasaki Kisen Kaisha Ltd. 436,000 1,507,300 48639892
Mitsui OSK Lines 660,000 2,346,696 60799792
Shinwa Kaiun Kaisha Ltd. 193,000 703,338 98499092
Tokyo Kisen Co. Ltd. 12,000 93,844 88999999
4,875,269
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TRANSPORTATION - CONTINUED
TRUCKING & FREIGHT - 0.9%
Fukuyama Transporting Co. Ltd. (b) 50,000 $ 586,033 35959110
Hitachi Transport System Co. 79,000 902,591 43699992
Yamato Transport Co. Ltd. 140,000 1,737,413 99399892
3,226,037
TOTAL TRANSPORTATION 11,120,119
TOTAL COMMON STOCKS
(Cost $263,270,671) 281,209,658
CONVERTIBLE BONDS - 0.1%
MOODY'S RATINGS PRINCIPAL
AMOUNT (A)
RETAIL & WHOLESALE - 0.1%
GENERAL MERCHANDISE STORES - 0.1%
Aoyama Trading Co. Ltd. 0%,
9/30/97 - JPY 30,000,000 267,999 037990AB
RETAIL & WHOLESALE, MISCELLANEOUS - 0.0%
Laox Co. Ltd. 1.90%,
3/31/03 - JPY 10,000,000 110,608 539993AA
TOTAL RETAIL & WHOLESALE 378,607
TECHNOLOGY - 0.0%
COMMUNICATIONS EQUIPMENT - 0.0%
Uniden Corp. 1 3/5%,
3/30/01 - JPY 5,000,000 54,122 904993AA
TOTAL CONVERTIBLE BONDS
(Cost $393,425) 432,729
U.S. TREASURY OBLIGATIONS - 0.5%
U.S. Treasury Bill 0%,
7/7/94 (Cost $1,987,001) Aaa $ 2,000,000 1,986,180
REPURCHASE AGREEMENTS - 21.5%
MATURITY
AMOUNT
Investments in repurchase agreements
(U.S. Treasury obligations), in a joint
trading account at 3.56% dated
4/29/94 due 5/2/94 $ 77,548,999 77,526,000
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $343,177,097) $ 361,154,567
FUTURES CONTRACTS
EXPIRATION UNDERLYING FACE UNREALIZED
DATE AMOUNT AT VALUE GAIN/(LOSS)
PURCHASED
435 Nikkei Stock
Average
Contracts June, 1994 $ 43,367,150 $ (737,150)
THE FACE VALUE OF FUTURES PURCHASED AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 12.0%
FORWARD FOREIGN CURRENCY CONTRACTS
SETTLEMENT UNREALIZED
DATE(S) VALUE GAIN/(LOSS)
CONTRACTS TO SELL
3,422,765,000 JPY 5/20/94 to
6/6/94 $ 33,764,097 $ (704,498)
(Receivable amount $33,059,599)
THE VALUE OF CONTRACTS TO SELL AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 9.3%
CURRENCY ABBREVIATIONS
JPY - Japanese yen
LEGEND
(a) Principal amount is stated in United States dollars unless otherwise
noted.
(b) Non-income producing
OTHER INFORMATION
Purchases and sales of securities, other than short-term securities,
aggregated $310,629,292 and $163,704,479, respectively.
The market value of futures contracts opened and closed amounted to
$131,351,475 and $87,984,325, respectively.
The fund participated in the bank borrowing program. The maximum loan and
the average daily loan balances during the period for which loans were
outstanding amounted to $5,604,000 and $2,478,200, respectively. The
weighted average interest rate was 3.99%. Interest expense includes $1,374
paid under the bank borrowing program (see Note 5 of Notes to Financial
Statements).
INCOME TAX INFORMATION
At April 30, 1994, the aggregate cost of investment securities for income
tax purposes was $343,199,158. Net unrealized appreciation aggregated
$17,955,409, of which $20,877,655 related to appreciated investment
securities and $2,922,246 related to depreciated investment securities.
JAPAN
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
· Enlarge/Download Table
APRIL 30, 1994 (UNAUDITED)
ASSETS
Investment in securities, at value (including repurchase agreements of $77,526,000) (cost $343,177,097) $ 361,154,567
(Notes 1 and 2) - See accompanying schedule
Short foreign currency contracts $ (33,764,097
(Note 2)
Contracts held, at value
Receivable for contracts held 33,059,599 (704,498
)
Cash 46,964
Receivable for investments sold 2,934,821
Receivable for fund shares sold 10,044,384
Dividends receivable 692,159
Interest receivable 222
Receivable for daily variation on futures contracts 43,500
TOTAL ASSETS 374,212,119
LIABILITIES
Payable for investments purchased 6,537,090
Payable for fund shares redeemed 13,640,329
Accrued management fee 189,683
Other payables and accrued expenses 218,465
TOTAL LIABILITIES 20,585,567
NET ASSETS $ 353,626,552
Net Assets consist of (Note 1)
Paid in capital $ 335,876,803
Accumulated net investment (loss) (1,350,074
)
Accumulated undistributed net realized gain (loss) on investments 2,564,001
Net unrealized appreciation (depreciation) on:
Investment securities 17,977,470
Foreign currency contracts (704,498
)
Futures contracts (737,150
)
NET ASSETS, for 25,864,513 shares outstanding $ 353,626,552
NET ASSET VALUE, offering price and redemption price per share ($353,626,552 (divided by) 25,864,513 shares)
(Note 4) $13.67
STATEMENT OF OPERATIONS
· Enlarge/Download Table
SIX MONTHS ENDED APRIL 30, 1994 (UNAUDITED)
INVESTMENT INCOME $ 914,013
Dividends
Interest 463,733
1,377,746
Less foreign taxes withheld (Note 1) (135,209
)
TOTAL INCOME 1,242,537
EXPENSES
Management fee (Note 4) $ 690,285
Basic fee
Performance adjustment (21,323
)
Transfer agent fees (Note 4) 638,085
Accounting fees and expenses 54,641
(Note 4)
Non-interested trustees' compensation 482
Custodian fees and expenses 67,690
Registration fees 25,469
Audit 12,420
Legal 1,240
Interest (Note 5) 1,374
Miscellaneous 518
TOTAL EXPENSES 1,470,881
NET INVESTMENT INCOME (LOSS) (228,344
)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTES 1 AND 2)
Net realized gain (loss) on:
Investment securities 2,820,836
Foreign currency contracts 75,419
Futures contracts (280,800 2,615,455
)
Change in net unrealized appreciation (depreciation) on:
Investment securities 16,089,968
Foreign currency contracts (1,089,954
)
Futures contracts (737,150 14,262,864
)
NET GAIN (LOSS) 16,878,319
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 16,649,975
OTHER INFORMATION
Accounting fees paid to FSC $54,305
(Note 4)
STATEMENT OF CHANGES IN NET ASSETS
· Enlarge/Download Table
INCREASE (DECREASE) IN NET ASSETS SIX MONTHS YEAR ENDED
ENDED APRIL 30, OCTOBER 31,
1994 1993
(UNAUDITED)
Operations $ (228,344 $ (757,305
Net investment income (loss) ) )
Net realized gain (loss) on investments 2,615,455 4,923,789
Change in net unrealized appreciation (depreciation) on investments 14,262,864 2,318,483
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 16,649,975 6,484,967
Distributions to shareholders from net realized gains (2,956,715 -
)
Share transactions 688,437,764 473,221,868
Net proceeds from sales of shares
Reinvestment of distributions 2,893,589 -
Cost of shares redeemed (469,593,194 (364,464,963
) )
Net increase (decrease) in net assets resulting from share transactions 221,738,159 108,756,905
TOTAL INCREASE (DECREASE) IN NET ASSETS 235,431,419 115,241,872
NET ASSETS
Beginning of period 118,195,133 2,953,261
End of period (including accumulated net investment loss of $(1,350,074) and $(757,225),
respectively) $ 353,626,552 $ 118,195,133
OTHER INFORMATION
Shares
Sold 52,975,157 36,026,261
Issued in reinvestment of distributions 247,315 -
Redeemed (36,211,649 (27,472,802
) )
Net increase (decrease) 17,010,823 8,553,459
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS
· Enlarge/Download Table
SIX MONTHS YEAR ENDED SEPTEMBER 15,
ENDED APRIL 30, OCTOBER 31, 1992
1994 1993 (COMMENCEMENT
(UNAUDITED) OF OPERATIONS) TO
OCTOBER 31, 1992
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 13.35 $ 9.84 $ 10.00
Income from Investment Operations
Net investment income (.02)** (.09) -
Net realized and unrealized gain (loss) on investments .73 3.60 (.16)
Total from investment operations .71 3.51 (.16)
Less Distributions
From net realized gain (.39) - -
Net asset value, end of period $ 13.67 $ 13.35 $ 9.84
TOTAL RETURN(dagger)(diamond) 5.81% 35.67% (1.60)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 353,627 $ 118,195 $ 2,953
Ratio of expenses to average net assets 1.66%* 1.71% 2.00%*
Ratio of expenses to average net assets before expense reductions1.66%* 1.71% 3.59%*(diamond)
Ratio of net investment income to average net assets (.26)%* (.77)% .03%*
Portfolio turnover rate 206%* 257% -%
* ANNUALIZED
(dagger) TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
** NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
(diamond) EXPENSES LIMITED IN ACCORDANCE WITH A STATE EXPENSE LIMITATION. TOTAL RETURN WOULD HAVE BEEN LOWER HAD
THE LIMITATION NOT BEEN IN EFFECT.
PACIFIC BASIN
INVESTMENTS APRIL 30, 1994 (UNAUDITED)
Showing Percentage of Total Value of Investment in Securities
COMMON STOCKS - 92.1%
SHARES VALUE (NOTE 1)
AUSTRALIA - 7.7%
Accor Asia Pacific Ltd. 750,000 $ 590,125 00499N22
Amcor Ltd. 126,885 880,380 02341R10
Ampolex Ltd. Ord. 1,040,000 3,273,213 03212792
Broken Hill Proprietary Co. Ltd. (The) 325,034 3,952,446 05599810
Burns Philp & Co. 209,225 598,635 12239310
CRA Ltd. Ord. 41,000 486,247 12627210
CSR Ltd. 150,000 515,016 12639610
Coca-Cola Amatil Ltd. (b) 125,936 765,697 19108593
Comalco Ltd. 252,000 838,190 19983099
Commonwealth Bank of Australia (c) 324,886 1,910,253 20299492
Country Road Ltd. (b) 750,000 686,688 22299392
Fosters Brewing Group Ltd. 500,000 439,910 35025810
Gold Mines Kalgoorlie 479,390 435,492 38065310
Mount Burgess Gold Mining Co. (b) 634,000 90,700 62499922
National Foods Limited 7,977 11,012 63699292
Nine Network Australia Ltd. 350,000 1,326,881 68999792
Oil Search Ltd. 1,285,000 799,668 67799992
Pacific BBA Ltd. (c) 1,080,000 2,974,223 69399292
Parbury Ltd. (b) 100,000 44,349 69999392
Plutonic Resources Ltd. 658,125 3,389,449 72999192
QNI Ltd. 1,694,880 1,939,756 74799B92
Rothmans Holdings Ltd. Ord. (b) 344,500 1,626,378 77869910
Shomega Ltd. 715,000 987,079 82599M22
TNT Ltd. (b) 1,500,000 2,296,110 93599292
Vox Ltd. 1,010,000 505,717 92899B92
WD & HO Wills Holdings Ltd. 155,700 456,626
Western Mining Corp. Holdings Ltd. 322,237 1,613,473 95869410
Woodside Petroleum Ltd. 500,000 1,545,050 98022810
Woolworths Ltd. 306,098 680,939 98088892
35,659,702
GRAND CAYMAN - 0.0%
Sanzo Finance #5 (warrants) (b) 250 128,125 80599B22
HONG KONG - 8.1%
Allan International Holdings Ltd. 100,000 10,745 01699522
Amway Asia Pacific Ltd. (b) 2,000 75,750 03299H22
Applied International Holdings Ord. 2,000,000 647,280 03792310
Associates International Hotels Ltd. (b) 300,000 300,984 04599492
Benelux International Ltd. (b) 3,000,000 504,870 08199922
CDL Hotels International Ltd. 1,070,937 408,980 14999792
Chen Hsong Holdings Ltd. 1,230,000 752,354 16599292
Chimney Investments Ltd. (b) 8,302,000 1,655,087 16999B22
China Paint Holdings Ltd. (b) 2,000,000 245,960 17799392
Chow Sang Sang Holdings Ltd. 2,000,000 893,240 17399K92
Culturecom Holdings Ltd. 5,116,664 576,290 23099322
Culturecom Holdings Ltd. (warrants) (b) 1,523,332 48,518 23099324
Denway Investment Ltd. 1,000,000 178,650 24999C23
Dickson Concepts International 3,150,000 2,120,485 25399210
First Pacific Co. Ltd. 1,530,991 688,732 33699192
Fortei Holdings Ltd. 1,500,000 299,040 34999D22
Genting International 290,000 710,500 37245393
Grand Hotel Holdings Ltd. Class A 1,500,000 606,825 38599292
Grande Holdings Ltd. 246,000 334,383 38699622
Great Wall Electronics International Ltd. (b) 750,000 94,177 39199922
Great Wall Electronics International Ltd.
(warrants) (b) 75,000 2,194 39199923
Guangdong Investments Ltd. Ord. 2,000,000 1,126,260 40199492
Guangzhou Investment Co. Ltd. 4,750,000 1,352,800 40099G22
HKR International Ltd. 2,249,600 2,096,807 43999192
Henderson Investment Ltd. 1,100,000 818,807 42599422
Herald Holdings 1,000,000 204,540 42699892
Hong Kong Telecommunications Ltd. 1,000,000 1,915,930 43857991
International Bank of Asia Ltd. 250,000 103,565 45899E22
International Tak Cheung Holdings 3,898,149 1,513,885 46399892
JCG Holdings 130,000 82,884 46799792
SHARES VALUE (NOTE 1)
Jardine International Motor Corp. 918,000 $ 909,123 47499292
K. Wah International Holdings Ord. (b) 7,442,288 2,215,941 49099292
Kumagai Gumi (b) 1,000,000 1,061,530 50099210
Lam Soon Food Industries Ltd. 1,624,000 425,732 51299592
Lamex Holdings Ltd. 750,000 291,270 51399292
Le Saunda Holdings Ltd. (b) (c) 900,000 133,983 52199792
Leefung Asco Printers Holdings Ltd. (b) 2,387,000 423,334 52499692
M.C. Packaging 1,213,333 467,291 62399092
Mingly Corp. 1,500,000 287,385 60399C22
National Mutual Asia Ltd. (b) 3,500,000 1,778,385 63699592
Prod-Art Technology Holdings Ltd. 1,970,000 288,172 74499C92
S Megga International 2,000,000 582,540 99999C92
S Megga International (warrants) (b) 1,250,000 221,687 99999C93
SHK Hong Kong Industries Ltd. 330,000 41,438 90699B92
Shougang Concord International
Enterprises Co. (b) 2,000,000 627,860 99099L22
Sime Darby Hong Kong Ltd. 500,000 802,620 82899392
Siu Fung Ceramics Holdings Ltd. (b) 1,000,000 281,560 82999G22
South China Brokerage Co. Ltd. 530,000 124,184 83799E22
Star Paging International Holdings Ltd. 718,000 253,282 85599692
Stone Electronic Technology 200,000 60,196 86199B22
Sun Hung Kai Properties Ltd. 300,000 1,805,895 86676H10
Swire Pacific Class A 200,000 1,436,950 87079410
Tai Cheung Holdings Ltd. (b) 477,970 686,819 93499892
Wing Shan International 1,000,000 278,330 97499722
World Houseware Holdings Ltd. 435,000 202,727 98199A22
Yaohan International Caterers Ltd. (b) 542,000 175,413 99099692
Yips Hang Cheung Holdings Ltd. 1,524,000 434,035 99599592
Yue Yuen Industrial Holdings Ltd 4,000,000 932,080 98899D92
37,600,284
INDIA - 1.1%
Bombay Dyeing & Manu. Co. Ltd. GDR 35,000 315,000 09799H23
CESC Ltd. GDR (5 shares GDR &
2 warrants) (c) 19,000 969,000 15712820
Great Eastern Shipping Co. Ltd. GDR 25,000 218,750 39099823
Himalayan Fund NV IS (b) 60,000 900,000 43299792
Himalayan Fund NV IS:
Class C 15,000 108,750 43299794
(warrants) (b) 12,000 33,000 43299793
ITC Ltd. (b)(c):
GDS (1 share & 1/2 warrant) 21,000 388,500 45031810
(warrants) 7,000 52,500 45031811
Indo Gulf Fertilizer and Chemicals
GDR (c) 17,000 51,000 45577P10
Southern Petrochemical Industries GDS (b) 130,000 1,722,500 84361310
Tata Electric Companies GDR (c) 210 91,350 87656610
4,850,350
INDONESIA - 6.7%
Andayani Megah PT (b) 400,000 1,168,540 03399722
Argha Karya Prima PT (b) 150,000 243,445 01099992
Astra International PT (For. Reg.) 321,600 2,445,700 04699894
Bank Dagang Nas Indonesia PT 525,000 766,857 06099Q22
Bank International Indonesia Ord. (b) 760,000 2,202,609 06199B92
Bank Mashill Utama PT (For. Reg.) 276,500 403,878 06399L22
Bank Tiara Asia PT (b) 290,000 490,834 06599J22
Barito Pacific Timber PT (For. Reg.) (b) 240,000 957,091 06799F23
Ciputra Development PT (For. Reg.) 90,500 260,186 14999H22
Dharmala International Land 120,000 208,668 25399592
Duta Anggada Realty Ord. 332,500 743,932 26699192
Gadjah Tunniggal Ord. 242,000 389,954 36599292
Indah Kiat Pulp & Paper PT (For. Reg.) 2,195,000 3,002,628 45499B23
Indonesia Development Fund Ltd. (b) 70,000 595,000 71499722
Kabelmetal Indonesia PT (b) 280,000 766,044 84599B92
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
INDONESIA - CONTINUED
Kalbe Farma (b) 240,000 $ 1,290,960 48699992
Mayora Indah PT (c) 390,000 1,989,304 83099A92
Modern Photo Film PT (b) 442,500 1,744,118 61299792
Modernland Realty PT (b) 247,000 801,750 60999A92
Mulia Industrindo PT (For. Reg.) 225,000 479,936 62499B23
PT Inco 93,000 202,686 78999992
Pakuwon Jati Ord. 620,250 877,226 69599392
Panin Bank (For. Reg.) 1,300,000 1,989,299 69899823
Sampoerna, Hanjaya Mandala 643,000 4,919,702 82299892
Semen Cibinong PT (For. Reg.) (b) 180,000 1,001,606 81799693
Sucaco (b) 61,300 355,316 89399292
Tigaraksa Satria PT (b) 100,000 394,151 95099892
Unilever Indonesia 12,802 246,360 94399592
30,937,780
JAPAN - 38.0%
Acom Co. Ltd. (b) 35,000 1,844,283 00499M22
Aplus Co. Ltd. (b) 50,000 270,856 03899A92
Asahi Diamond Industrial Co. Ltd 103,000 1,602,876 04399010
Aucnet, Inc. (b) 22,000 1,235,103 05099592
Bandai Co. Ltd. 22,800 1,003,802 06099192
Bandai Co. Ltd. (warrants) (b) 100 182,500 06099193
Beltecno Corp. (b) 200 6,402 08099322
C. Itoh Fuel Co. Ltd. #3 (warrants) (b) 360 265,500 73299194
Casio Computer Co. Ltd. (warrants) (b) 200 395,000 14761897
Catena Corp. 95,000 3,087,757 14899792
Charle Co. Ltd. 26,000 627,401 15999392
Chiyoda Corporation 120,000 1,489,216 17098910
Chiyoda Fire & Marine Insurance Ltd. 200,000 1,315,868 17099010
Chuetsu Pulp & Paper Co. Ltd. 2,000 8,648 17199092
Chuo Trust & Banking 85,000 1,138,580 17499492
Citizens Watch Co. Ltd. (warrants) (b) 500 418,750 17560092
DIA Kensetsu Co. Ltd. 89,000 1,314,882 25299492
Daiki Co. Ltd. (b) 26,000 704,225 23999D22
Daito Trust Construction 80,000 2,127,450 24999492
Daiwa House Industry Co. Ltd.
(warrants) (b) 1,000 575,000 23406298
Denki Kogyo Co. 200,000 2,679,012 24899792
Denki Kogyo Co. Ltd. (warrants) (b) 2,500 356,341 24899793
Denyo Co. Ltd. (warrants) (b) 740 1,017,500 24999193
East Japan Railway Ord. (b) 430 2,041,367 27399722
Enix Corp. 24,000 1,160,642 29399A22
Fanuc Ltd. 125,000 5,269,379 30729599
Fuji Coca-Cola Bottling Co. Ltd. 27,000 452,083 36499D22
Fuji Electric Co. Ltd. (b) 850,000 4,169,207 36599492
Fuji Oil Co. (warrants) (b) 200 112,500 35999392
Fujisah Co. Ltd. (b) 14,700 288,122 36099C22
Fujitsu Kiden 15,000 237,861 39599092
Funai Consulting Co. Ltd. (b) 32,000 579,927 36499492
Fuso Pharmaceutical Industries Ltd. 97,000 874,176 36113299
Heiwa Corp. (b) 50,000 1,172,067 42399792
Hitachi Ltd. 300,000 2,836,599 43357810
Hitachi Ltd. ADR 26,800 2,542,650 43357850
Hitachi Transport System Co. 150,000 1,713,780 43699992
Hokko Chemical Industries 69,000 452,615 43599592
Hokuriku Seiyaku Ord. (b) 18,000 283,660 50699392
Honda Motor Co. Ltd. 200,000 3,309,366 43812810
Ichiken Co. (b) 28,000 383,335 73299092
Idec Izumi Corp. 1,000 8,470 45199392
Impact 21 Co. Ltd. 44,400 594,741 45299C22
Inui Tatemono Co. Ltd. (b) 27,000 372,304 46299892
Japan Associated Finance Co. 2,000 258,052 47099692
Kagoshima Bank Ltd. 150,000 1,108,047 48299592
Kawasaki Heavy Industries Ltd. 850,000 3,398,997 48639991
SHARES VALUE (NOTE 1)
Kawasaki Heavy Industries Ltd.
(warrants) (b) 1,000 $ 225,000 48639992
Kawasaki Kisen Kaisha Ltd. (b) 1,250,000 4,321,387 48639892
Kawasaki Steel #1 (warrants) (b) 400 10,000 48636893
Kinki Nippon Railway Co. Ltd. #3
(warrants) (b) 3,000 352,778 49570093
Koa Fire & Marine Insurance Co. Ltd. 11,000 76,273 49999010
Komatsu Limited Ord. 623,000 5,571,595 50045899
Kyocera Corp. (warrants) (b) 650 609,375 50155695
Kyushu Matsushita Electric Co. Ltd. 150,000 4,343,544 50199110
Mabuchi Motor Co. Ltd. 100 7,190 55409799
Marui Co. Ltd. 150,000 2,482,024 60444310
Marukyo Corp. 27,000 957,352 57899792
Matsushita Electric Works
(warrants) (b) 400 564,000 57688192
Matsuzakaya Co. Ltd. 113,200 1,616,665 57699492
Miroku Jyoho Service Co. Ltd. 14,000 330,937 60499D92
Mitsubishi Gas Chemical 680,000 3,060,768 60678899
Mitsubishi Heavy Industry 500,000 3,324,140 60699310
Mitsubishi Kasei Corp. (warrants) (b) 400 270,000
Mitsubishi Oil #5 (warrants) (b) 200 197,500 60799923
Mitsubishi Petrochemical Co. 170,000 1,138,580 60690910
Mitsubishi Rayon Co. Ltd. 200,000 770,216 60681010
Mitsui High-Tec, Inc. 80,000 1,977,741 61099092
Miyosha Oil & Fat Co. Ltd. Ord. 150,000 930,759 59999192
NEC Corp. 200,000 2,225,944 62999410
NGK Insulators Ltd. #2 (warrants) (b) 1,000 675,000 64350093
NSK Ltd. 200,000 1,341,476 63799192
Nakayama Steel Works Ltd. 128,000 810,637 62999310
Namura Shipbuilding (b) 320,000 2,278,736 62999892
Navix Line Ltd. (b) 500,000 1,718,705 63899592
Nichicon Corp. 160,000 2,143,210 66199793
Nichii Co. (warrants) (b) 2,000 210,954 65299195
Nippon Crane Works Ltd. (b) 100,000 324,042 68299492
Nippon Kokan 2,000,000 5,042,840 65457410
Nippon Shokubai Kagaku Kagyo 200,000 1,518,762 65499710
Nissan Chemical Industries Co. 155,000 989,264 65699692
Nissan Fire & Marine Insurance (b) 200,000 1,447,848 66699492
Nissei Build Kogyo Co. Ltd. (b) 41,000 573,426 67299792
Nissha Printing Co. Ltd. 80,000 2,166,847 66999492
Nisshin Steel Ltd. (b) 1,000,000 4,067,760 65476310
Nomura Securities Co. Ltd. 350,000 7,618,439 65536130
Obayashi Corp. 950,000 6,456,219 67090410
Oliver Corp. (warrants) (b) 2,000 256,566 68099193
Omron Corp. (warrants) (b) 900 450,000 68215192
Orient Finance Co. Ltd. 300,000 2,053,581 68616610
Promise Co. Ltd. (b) 78,500 5,048,804 74499E22
Sampei Construction Co. Ltd. (b) 3 36,977 79599G22
San-In Godo Bank 30,000 257,067 79999492
Sanken Electric Co. Ltd. (warrants) (b) 2,000 158,215 80099294
Sanwa Shutter Corp. #4 (warrants) (b) 1,500 393,750 80302493
Sanyo Coca-Cola Bottling Co. 55,000 1,056,338 80399999
Seiren Co. Ltd. (b) 175,000 1,827,045 81699692
Sekisui House (warrants) (b) 500 368,750 81607897
Senko Co. Ltd. (warrants) (b) 450 225,000 81799293
Shikoku Coca-Cola Bottling Co. Ltd. (b) 24,000 425,490 80099B22
Shinko Shoji 70,000 868,709 90699492
Sieno Transport (warrants) (b) 500 362,500 81605293
Sony Corp. 40,000 2,269,280 83569999
Sumitomo Metal Industries Ltd. 1,575,000 4,421,104 86599999
Sumitomo Sitix Corporation 120,000 1,654,684 68799692
Sun Wave Corp. #1 (warrants) (b) 1,000 725,000 86699B93
Super Daiei Co. Ltd. (b) 12,000 148,922 98499H22
Tada Corp. 80,000 472,766 87499592
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
JAPAN - CONTINUED
Taisei Corp. 250,000 $ 1,711,317 87346610
Tanseisha Co. Ltd. 30,000 449,128 87599292
Tasaki Shinju Co. Ord. 50,000 778,095 87899392
Techno Ryowa Ltd. (b) 22,000 626,219 95999892
Tohoku Telecom Construction (b) 20,000 281,690 89099792
Tokyo Electric Power Co., Inc. 20,000 636,265 88910710
Tokyo Kososushi Co. Ltd. 27,500 639,220 91599C22
Tokyo Securities Co. Ltd. 234,000 1,915,236 89799C92
Tomoku Co. Ltd. 43,000 335,851 90099892
Toshiba Chemical 16,000 182,803 90199792
Toshiba Corp. 550,000 4,171,183 89149310
Toyobo Co. 300,000 1,332,612 90899392
UBE Industries Ltd. 750,000 2,733,180 90261099
Valor Co. Ltd. (b) 6,000 130,602 92099B22
Yamaichi Securities 200,000 1,684,232 98499210
Yaohan Japan Corp. (warrants) (b) 200 125,000 98899894
Yokogawa Electric 100,000 940,609 98605299
Yorozu Corp. 10,000 226,534 99199792
Yoshinoya D&C Co. Ltd. Ord. 30 555,501 98999192
174,970,657
KOREA (SOUTH) - 3.6%
Boram Bank (b) 30,000 386,282 09999322
Boram Bank (New) 7,130 71,503 09999325
Boram Securities Co. Ltd. (b) 25,000 436,424 18599622
Cheil Investment Finance (b) 30,000 486,567 16399B22
Coryo Securities 100,000 1,819,982 22199822
Daewoo Electronics Co. Ltd. 41,200 586,604 23899C22
Daeyu Securities Co. Ltd. (b) 71,820 1,382,692 23399G22
Dong Ah Construction Industries Co. Ltd. 21,277 921,994 25799K22
Hanil Development Co. 35,020 693,723 41099822
Hanshin Securities Co. Ltd. 22,440 486,195 41899722
Kolon Industries, Inc. 9,882 379,277 50899292
Korean Air (b) 45,000 1,426,271 52299522
Miwon Co. Ltd. 20,600 515,191 61299693
Miwon Co. Ltd. (New) (b) 5,428 109,541 61299695
Nam Sung Corp. (b) 52,000 869,134 63299D22
Nong Shim Co. (b) 20,000 921,134 65599C22
Sam Yang (warrants) (b) 300 510,000 83999B23
Ssangyong Cement Co. (b) 19,712 671,140 76899392
Ssangyong Investment & Securities 41,200 1,050,786 77699522
Tong Yang Investment & Finance (b) 45,000 1,242,416 93899D22
Tong Yang Securities Co. Ltd. (b) 20,400 419,264 93999B22
Yukong Ltd. (b) 25,000 1,269,035 98899K22
16,655,155
MALAYSIA - 11.6%
Advance Synergy BHD 300,000 756,219 00799B22
Affin Holdings BHD 800,000 1,308,536 00899492
Aokam Perdana BHD (b) 100,000 970,946 01899792
Arab Malaysian Corp. 150,000 375,307 00499F92
Arab Malaysian Development BHD 100,000 99,709 00599622
Bandar Raya Development BHD 2,000 3,062 06000210
Berjaya Leisure BHD 350,000 394,726 08410592
Berjaya Leisure BHD (warrants) (b) 265,000 1 08410594
Berjaya Simger BHD (b) 100,000 156,845 08499A92
Berjaya Sports Toto BHD (b) 100,000 179,252 08499E22
Bolton Properties BHD 768,000 912,031 09799592
CHG Industries BHD 285,000 941,911 16699892
CI Holdings BHD 5,000 16,711 12099492
Commerce Asset (warrants) (b) 66,666 89,127 20099493
Consolidated Plantations BHD 590,000 806,406 20999510
Development & Commercial Bank 388,000 818,657 25199692
SHARES VALUE (NOTE 1)
Diversified Resources BHD (Malaysia) (b) 200,000 $ 586,302 25499F22
Dunlop Estates BHD 500,000 1,493,765 26599392
Ekovest BHD 200,000 873,852 28299922
Ekran Berhad Ord. (b) 200,000 1,695,422 28299792
Faber Group BHD 100,000 137,426 30299892
Genting BHD 125,000 1,400,404 37245210
Golden Frontier BHD 200,000 336,096 38299E22
Golden Pharos BHD (b) 1,100,000 3,676,530 38299D22
Golden Plus Holdings BHD (b) 250,000 1,148,330 38399492
Golden Plus Holdings BHD A (New) 83,333 382,775 38399493
Hong Leong Properties BHD 235,000 329,973 43899L22
Hume Industries Malay BHD 280,000 1,019,494 44599692
Idris Hydraulic Malaysia BHD (b) 600,000 1,165,134 45199B92
Kemayan Oil Palm BHD 100,000 185,227 48999H22
Kian Joo Can Factory BHD (b) 202,000 754,351 48899392
Kim Hin Industry BHD 75,000 437,645 49499C92
Kuala Lumpur Kepong BHD Ord. 352,000 676,973 49399792
Kumpulan Emas BHD (b) 300,000 423,483 52399493
Land & General BHD 350,000 1,189,408 51499693
Linatex Process Rubber BHD 100,000 541,489 53299B22
MBF Holdings BHD Class A (b) 125,000 78,890 61799L24
Magnum Corp. BHD 250,500 589,346 55999392
Malaysian Banking (b) 60,500 341,157 56090499
Malaysian Helicopter Services BHD 100,000 440,660 56099M22
Malaysian Resources Corp. BHD 1,500,000 3,052,875 56099793
Mega First Corp. BHD 177,000 216,806 59399F22
Mercury Industry BHD (b) 96,000 215,102 58999A22
Minho BHD 500,000 961,610 60399822
Mycom BHD 250,000 583,502 63199892
Nylex Malaysia BHD 5,000 11,110 69199592
Olympia Industries BHD 300,000 412,278 68199D92
Pacific Chemicals BHD (b) 178,000 1,243,035 69599H22
Pan Malaysian Cement Works 113,000 177,235 69834099
Pengkalen Holdings BHD 256,000 401,523 70799322
Public Finance BHD:
(For. Reg.) 235,000 368,586 87799994
(Loc. Reg.) 354,000 515,573 87799992
Resorts World BHD 250,000 1,400,402 76199592
Rothmans Pallmall Malaysia Ord. 100,000 653,522 77869810
Sedap Food & Confectionary BHD 23,000 120,248 81599A22
Sungei Way Holdings (b) 478,000 2,088,506 86799892
Super Enterprise Holdings BHD 126,000 192,920 98999Q22
Syarikat Pembinaan Setia BHD 371,000 699,661 93599E22
Tan & Tan Development BHD (b) 900,000 1,075,509 89699B22
Tanjong PLC 415,000 2,014,713 87599993
Technology Resources 140,000 601,240 93699692
Telekom Malaysia BHD 455,000 3,398,313 94099892
Time Engineering BHD (b) 122,000 384,981 93099592
Tongkah Holdings BHD 178,000 327,045 94999C92
Tongkah Holdings BHD:
(rights 5/12/94) 133,333 64,729 94999C97
(rights 5/13/94) 80,000 50,190 94999C95
United Engineers Malaysia BHD 300,000 1,310,778 93099692
YTL Corporation (b) 240,000 1,102,397
Yangtzekiang BHD 250,000 1,867,205 98499G22
53,245,172
NEW ZEALAND - 1.1%
Brierley Investments Ltd. 2,153,738 1,629,066 10901410
Carter Holt Harvey Ltd. 1,342,263 2,859,839 14699292
Ceramco Corp. Ltd. (b) 200,000 652,462 15699692
Ubix Business Machines Ltd. 100,000 138,576 90299J22
5,279,943
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
PAKISTAN - 0.7%
Adamjee Insurance 99,600 $ 1,018,208 00599492
Bank of Punjab (b) 42,900 115,264 79899A92
National Development Leasing Corp. 361,400 805,228 63599492
Pakistan International Airway (b) 247,500 170,300 69599B92
Pakistan State Oil 108,720 1,193,375 34799292
Pakistan Suzuki Motors (b) 26,000 39,827 43499A92
3,342,202
PHILIPPINES - 1.0%
Ayala Corp. CLass B 200,000 268,748 05499092
Ayala Land, Inc. Class B 1,324,400 1,683,458 05499392
Filinvest Land, Inc. Ord. (b) 1,875,000 510,712 31699J22
JG Summit Holdings, Inc. Class B (b) 2,450,000 978,750 46615292
Manila Mining Corp. Class B 14,025,000 132,396 59399C22
Universal Robina Corp. 1,270,500 899,755 91399F22
4,473,819
SINGAPORE - 5.5%
Bukit Sembawang Estates 25,000 434,111 12099892
Clipsal Industries Holdings Ltd. (b) 558,000 3,236,400 18899192
Clipsal Industries Holdings Ltd.
(warrants) (b) 41,600 87,360 18899193
Courts Sing Ltd. (b) 500,000 755,675 22299992
Falmac Ltd. 150,000 94,057 30699722
First Capital Corp. Ltd. (b) 400,015 1,376,348 31999792
Fraser & Neave (warrants) (b) 100,159 531,425 35499393
Hotel Properties Ltd. 760,000 1,148,626 44199492
Hotel Properties Ltd. (warrants) (b) 190,000 171,072 44199494
Informatics Holdings Ltd. 226,000 261,624 45699D22
Jurong Shipyard Ltd. 207,000 1,983,600 48254699
Metro Holdings Ltd. 85,000 251,463 59162410
Overseas Chinese Banking Corp. (b) 469,693 4,289,434 68999610
Pacific Can Investment Holdings (b) 200,000 276,546 69499C22
Pacific Can Investment Holdings
(warrants) (b) 60,000 52,672 69499C24
Parkway Holding (b) 1,500,000 3,067,725 70199192
Parkway Holding (warrants) (b) 550,000 654,384 70199193
Pentex Schweizer Circuits Ltd. 125,000 188,919 70999222
Singapore Computer Systems Ltd. 522,000 453,211 83899A92
United Overseas Bank (warrants) (b) 168,750 689,151 91199E92
Wing Tai Holdings Ltd. (b) 2,984,000 5,143,163 97499392
25,146,966
SRI LANKA - 1.1%
Associated Motorways Ltd. 13,500 50,032 04599H22
Ceylon Tea Services Ltd. 100,000 631,186 15799B22
Development Co. of Ceylon 214,933 2,172,412 25199C92
Distillery Co. of Sri Lanka (b) 2,542,000 521,898 25499D92
John Keells Holdings Ltd. GDR (c) 70,000 927,500 48730210
Kelani Tyres Ltd. (Loc. Reg.) 233,000 236,728 48799N22
National Development Bank 47,000 331,544 63599B22
4,871,300
TAIWAN (FREE CHINA) - 0.1%
R.O.C. Taiwan Fund (SBI) 52,500 525,000 74965110
THAILAND - 5.8%
Asia Fiber Co. (For. Reg.) 400,000 401,112 04499592
Asia Securities Trading Co. (For. Reg.) 750,000 2,680,702 04599D23
Bangkok Metropolitan Bank Public
(For. Reg.) 1,200,000 929,304 06199E23
Bangkok Steel Industry Co. Ltd.
(For. Reg.) 250,000 600,675 06099P23
SHARES VALUE (NOTE 1)
Bank of Ayudhya (For. Reg.) 120,000 $ 374,106 05999998
Dhana Siam Finance & Securities
(For. Reg.) 12,000 261,160 24299593
Finance One Public Co. (For. Reg.) 45,000 632,646 31799E93
First Bangkok City Bank (For. 31799E96Reg.) 790,000 556,887 31899D93
Five Star Property Co. Ltd. (For. Reg.) 200,000 857,824 33899223
General Finance & Securities Public
Co. Ltd. (For. Reg.) 100,000 897,538 36999693
Goodyear (Thailand) Ltd. 23,600 487,371 38399893
International Engineering (For. Reg.) 27,000 621,922 46299A93
Kiatnakin Finance & Securities
(For. Reg.) 19,000 295,790 49699794
Krisda Mahanakorn Company
(For. Reg.) (b) 400,000 1,191,420 50199D93
Land & House (For. Reg.) 105,000 2,393,566 51499393
MDX Co. Ltd. (For. Reg.) 242,000 1,460,843 55699293
National Finance & Securities Co.
(For. Reg.) 94,500 1,215,966 63199593
Padaeng Industry Co. Ltd. (For. Reg.) 470,000 802,619 69199922
Phatra Thanakit Public Co. Ltd.
(For. Reg.) 15,100 513,328 71799593
Pizza Co. (Thailand) Ltd. (For. Reg.) 150,000 416,997 72599593
Ruang Khao Unit Trust (For. Reg.) (b) 2,282,200 1,427,516 77399393
Saha Union Corp. (For. Reg.) 401,363 510,072 78699594
Shinawatra Computer & Communication
Co. (For. Reg.) (b) 50,000 1,151,707 94799193
Siam Cement (For. Reg.) 15,000 652,899 78799010
Siam City Bank Ltd. (For. Reg.) 1,850,000 1,377,584 81199593
Telecomasia Corp. Pub. Ltd. (For. Reg.) 150,000 595,711 87928D93
Thai Farmers Bank 146,000 753,773 90199010
Thai German Ceramic Industry
(For. Reg.) 200,000 1,294,678 94699893
Thai Military Bank (For. Reg.) 320,000 902,304 90199989
Thai President Food Co. (For. Reg.) 30,500 341,580 90299992
United Foods Co. Ltd. (For. Reg.) 114,200 258,515 91699B93
26,858,115
TOTAL COMMON STOCKS
(Cost $370,692,510) 424,544,570
PREFERRED STOCKS - 0.5%
CONVERTIBLE PREFERRED STOCKS - 0.2%
AUSTRALIA - 0.2%
Ampolex Ltd. 8% 300,000 982,821 03210593
NONCONVERTIBLE PREFERRED STOCKS - 0.3%
KOREA (SOUTH) - 0.0%
Dongbu Construction (b) 10,910 140,478 25799M23
SINGAPORE - 0.3%
Thai Prime Fund (b) 75,000 1,125,000 92599B23
TOTAL NONCONVERTIBLE PREFERRED STOCKS 1,265,478
TOTAL PREFERRED STOCKS
(Cost $2,070,737) 2,248,299
CORPORATE BONDS - 3.3%
MOODY'S RATINGS PRINCIPAL
AMOUNT (A)
CONVERTIBLE BONDS - 3.2%
GRAND CAYMAN - 0.7%
Bangkok Land euro 4 1/2%,
10/13/03 (c) - $ 900,000 $ 796,500 06099LAA
Henderson Capital euro 4%,
10/27/96 (c) - 1,500,000 1,417,500 4247309A
JG Summit Cayman Ltd. euro
3 1/2%, 12/23/03 - 1,000,000 880,000 46699CAA
3,094,000
HONG KONG - 0.8%
Hon Kwok Land Treasury Ltd.
euro 4 7/8%, 2/15/00 - 1,000,000 850,000 43899JAA
Lai Fung O/S Finance Ltd.
euro 5 1/4%, 2/5/98 (d) - 500,000 410,000 50699CAA
Sino Land euro 5%,
10/21/00 (c) - 1,000,000 1,055,000 8293109A
Stelux Holdings Ltd. 1 3/4%,
3/31/01 - CHF 2,000,000 1,161,672 858991AA
3,476,672
INDIA - 0.2%
Jindal Strip euro 4 1/4%,
3/31/99 (c) - 280,000 277,200 642994AA
Scici Ltd. euro 3 1/2%,
4/1/04 (c) - 640,000 710,400 79599KAA
Sterlite Industry India Ltd.
3 1/2%, 6/30/99 (c) - 125,000 119,375 859737AA
1,106,975
KOREA (SOUTH) - 0.1%
Ssangyong Oil Refining euro
3 3/4%, 12/31/08 - 550,000 643,500 78099AAA
MALAYSIA - 0.2%
United Engineers Malaysia BHD
2%, 3/1/04 (c) - 880,000 814,000 910213AA
PHILIPPINES - 0.0%
Benpress Holdings Corp.
4 1/5%, 12/31/49 (c) - 43,000 137,750 082300AA
THAILAND - 1.2%
Asia Credit 3 3/4%,
11/17/03 (c) - 505,000 486,062 044909AA
Hemaraj Land DV euro
3 1/2%, 9/9/03 - 500,000 412,500 42399BAA
Juldis Development Co. Ltd.
euro 4 1/4%, 12/22/03 - 700,000 567,000 48199AAA
Phatra Thanakit Public Co. Ltd.
euro 3 1/2%, 12/13/03 - 1,100,000 1,130,250 717995AA
Thai CN Chemical euro
3 3/4%, 10/25/03 - 1,250,000 1,165,625 94299GAA
Wattachak Co. Ltd. euro
3 1/2%, 12/6/03 - 1,800,000 1,962,000 94299HAA
5,723,437
TOTAL CONVERTIBLE BONDS 14,996,334
MOODY'S RATINGS PRINCIPAL
AMOUNT (A)
NONCONVERTIBLE BONDS - 0.1%
MALAYSIA - 0.0%
Berjaya Leisure BHD 5%,
1/18/99 - MYR 265,000 $ 89,066 0841059A
United Engineers Malaysia BHD
4%, 3/9/98 - MYR 250,000 84,024 9102139E
173,090
SINGAPORE - 0.1%
Hotel Properties Ltd. 3 1/2%,
10/15/98 - SGD 304,000 171,072 441994AA
Pacific Can Investment Holdings
2 1/2%, 4/30/99 - SGD 60,000 34,730 69499CAA
205,802
THAILAND - 0.0%
Finance One Public Co.
3 3/4%, 2/7/01 - THB 818 32,486 31799EAA
TOTAL NONCONVERTIBLE BONDS 411,378
TOTAL CORPORATE BONDS
(Cost $16,280,708) 15,407,712
REPURCHASE AGREEMENTS - 4.1%
MATURITY
AMOUNT
Investments in repurchase agreements
(U.S. Treasury obligations), in a joint
trading account at 3.56% dated
4/29/94 due 5/2/94 $ 18,792,573 18,787,000
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $407,830,955) $ 460,987,581
CURRENCY ABBREVIATIONS
MYR - Malaysian ringgit
SGD - Singapore dollar
CHF - Swiss franc
THB - Thai baht
LEGEND
(a) Principal amount is stated in United States dollars unless otherwise
noted.
(b) Non-income producing
(c) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $15,301,400 or 3.3% of net
assets.
(d) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
OTHER INFORMATION
Purchases and sales of securities, other than short-term securities,
aggregated $214,231,758 and $293,216,442, respectively.
The fund participated in the bank borrowing program. The maximum loan and
the average daily loan balances during the period for which loans were
outstanding amounted to $33,549,000 and $11,562,000, respectively. The
weighted average interest rate was 3.54%. Interest expense includes $28,400
paid under the bank borrowing program (see Note 5 of Notes to Financial
Statements).
INCOME TAX INFORMATION
At April 30, 1994, the aggregate cost of investment securities for income
tax purposes was $407,913,063. Net unrealized appreciation aggregated
$53,074,518, of which $80,268,200 related to appreciated investment
securities and $27,193,682 related to depreciated investment securities.
INDUSTRY DIVERSIFICATION
As a Percentage of Total Value of Investments
Aerospace & Defense 0.9%
Basic Industries 12.9
Conglomerates 0.4
Construction & Real Estate 15.3
Durables 6.9
Energy 2.2
Finance 19.8
Health 0.9
Industrial Machinery & Equipment 9.6
Media & Leisure 3.8
Nondurables 5.1
Precious Metals 1.2
Repurchase Agreements 4.1
Retail & Wholesale 3.0
Services 2.3
Technology 5.1
Transportation 3.8
Utilities 2.7
100.0%
PACIFIC BASIN
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
· Enlarge/Download Table
APRIL 30, 1994 (UNAUDITED)
ASSETS
Investment in securities, at value (including repurchase agreements of $18,787,000) (cost $407,830,955) $ 460,987,581
(Notes 1 and 2) - See accompanying schedule
Cash 747
Receivable for investments sold 4,419,155
Receivable for fund shares sold 2,104,216
Dividends receivable 1,231,138
Interest receivable 233,370
TOTAL ASSETS 468,976,207
LIABILITIES
Payable for investments purchased $ 4,638,499
Payable for fund shares redeemed 4,598,040
Accrued management fee 324,745
Other payables and accrued expenses 549,165
TOTAL LIABILITIES 10,110,449
NET ASSETS $ 458,865,758
Net Assets consist of (Note 1):
Paid in capital $ 344,449,011
Distributions in excess of net investment income (3,670,797
)
Accumulated undistributed net realized gain (loss) on investments 64,930,918
Net unrealized appreciation (depreciation) on investment securities 53,156,626
NET ASSETS, for 24,751,550 shares outstanding $ 458,865,758
NET ASSET VALUE and redemption price per share ($458,865,758 (divided by) 24,751,550 shares) (Note 4) $18.54
Maximum offering price per share (100/97.00 of $18.54) (Note 4) $19.11
STATEMENT OF OPERATIONS
· Enlarge/Download Table
SIX MONTHS ENDED APRIL 30, 1994 (UNAUDITED)
INVESTMENT INCOME $ 3,342,621
Dividends
Interest 497,131
3,839,752
Less foreign taxes withheld (Note 1) (414,712
)
TOTAL INCOME 3,425,040
EXPENSES
Management fee (Note 4) $ 1,909,523
Basic fee
Performance adjustment 187,978
Transfer agent fees (Note 4) 1,121,541
Accounting fees and expenses 148,341
(Note 4)
Non-interested trustees' compensation 1,517
Custodian fees and expenses 404,396
Registration fees 54,083
Audit 21,135
Legal 3,553
Interest (Note 5) 28,400
Miscellaneous 2,331
TOTAL EXPENSES 3,882,798
NET INVESTMENT INCOME (LOSS) (457,758
)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE 1) 64,927,705
Net realized gain (loss) on investment securities
Change in net unrealized appreciation (depreciation) on investment securities (30,437,384
)
NET GAIN (LOSS) 34,490,321
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 34,032,563
OTHER INFORMATION $1,606,639
Sales charges paid to FDC (Note 4)
Deferred sales charges withheld by $20,820
FDC (Note 4)
Accounting fees paid to FSC $146,762
(Note 4)
STATEMENT OF CHANGES IN NET ASSETS
· Enlarge/Download Table
INCREASE (DECREASE) IN NET ASSETS SIX MONTHS YEAR ENDED
ENDED APRIL 30, OCTOBER 31,
1994 1993
(UNAUDITED)
Operations $ (457,758 $ 382,796
Net investment income (loss) )
Net realized gain (loss) on investments 64,927,705 17,437,804
Change in net unrealized appreciation (depreciation) on investments (30,437,384 80,580,451
)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 34,032,563 98,401,051
Distributions to shareholders: (1,630,288 (1,023,177
From net investment income ) )
In excess of net investment income (1,576,094 -
)
From net realized gain (6,660,054 -
)
TOTAL DISTRIBUTIONS (9,866,436 (1,023,177
) )
Share transactions 486,295,014 607,340,439
Net proceeds from sales of shares
Reinvestment of distributions 9,613,066 1,000,772
Cost of shares redeemed (554,741,747 (328,462,549
) )
Net increase (decrease) in net assets resulting from share transactions (58,833,667 279,878,662
)
TOTAL INCREASE (DECREASE) IN NET ASSETS (34,667,540 377,256,536
)
NET ASSETS
Beginning of period 493,533,298 116,276,762
End of period (including distributions in excess of net investment income
of $(3,670,797) and $(2,348,481), $ 458,865,758 $ 493,533,298
respectively)
OTHER INFORMATION
Shares
Sold 26,519,752 40,739,229
Issued in reinvestment of distributions 566,137 87,252
Redeemed (30,567,796 (22,282,360
) )
Net increase (decrease) (3,481,907 18,544,121
)
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS
· Enlarge/Download Table
SIX MONTHS ENDED YEARS ENDED OCTOBER 31,
APRIL 30, 1994
(UNAUDITED)
SELECTED PER-SHARE DATA 1993 1992(TRI) 1991 1990 1989
Net asset value,
beginning of period $ 17.48 $ 12.00 $ 13.15 $ 12.89 $ 15.78 $ 13.99
Income from Investment
Operations
Net investment income (.02) .20 .08** .02** .12 (.027)**
Net realized and unrealized
gain (loss) on investments 1.48 5.39 (1.23) .40 (2.37) 1.927
Total from investment operations1.46 5.59 (1.15) .42 (2.25) 1.900
Less Distributions
From net investment income (.07) (.11) - (.16) (.01) (.003)
In excess of net investment
income (.06) - - - - -
From net realized gain (.27) - - - (.63) (.107)(S DIAMOND)
Total distributions (.40) (.11) - (.16) (.64) (.110)
Net asset value, end of period $ 18.54 $ 17.48 $ 12.00 $ 13.15 $ 12.89 $ 15.78
TOTAL RETURN (dagger) 8.56% 47.06% (8.75)% 3.37% (14.99)% 13.65%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period
(000 omitted) $ 458,866 $ 493,533 $ 116,277 $ 95,051 $ 86,354 $ 111,811
Ratio of expenses to average
net assets 1.59%* 1.59% 1.84% 1.88% 1.59% 1.40%
Ratio of net investment income
to average net assets (.19)%* .15% .65% .12% .88% (.18)%
Portfolio turnover rate 169%* 77% 105% 143% 118% 133%
* ANNUALIZED
(TRI) AS OF NOVEMBER 1, 1991, THE FUND DISCONTINUED THE USE OF EQUALIZATION ACCOUNTING.
(dagger) TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR PERIODS OF LESS THAN ONE YEAR ARE NOT
ANNUALIZED.
** NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
(S DIAMOND) INCLUDES AMOUNTS DISTRIBUTED FROM NET REALIZED GAINS ON FOREIGN CURRENCY RELATED TRANSACTIONS TAXABLE AS
ORDINARY INCOME.
DIVERSIFIED INTERNATIONAL
INVESTMENTS APRIL 30, 1994 (UNAUDITED)
Showing Percentage of Total Value of Investment in Securities
COMMON STOCKS - 90.1%
SHARES VALUE (NOTE 1)
ARGENTINA - 0.8%
Banco de Galicia Y Buenos Aires SA
sponsored ADR representing Class B
shares 50,000 $ 1,518,750 05953820
Telecom Argentina Stet France 150,000 823,647 90899992
YPF Sociedad Anonima sponsored ADR
representing Class D shares 20,000 495,000 98424510
2,837,397
AUSTRALIA - 4.7%
Adelaide Brighton Cement Ord. 329,025 388,332 00699692
Advance Bank Australia Ltd. 150,000 1,040,761 00699210
Alcan Australia Ltd (b) 250,000 366,592 06099G92
Australia & New Zealand Banking
Group Ltd. (b) 658,286 2,217,805 05252810
Boral Ltd. Ord. 330,000 856,858 09950910
CSR Ltd. 400,000 1,373,376 12639610
Caltex Australia Ltd. 500,000 1,072,950 13199392
Commonwealth Bank of Australia (c) 100,000 587,977 20299492
Email Ltd. 230,285 817,026 29099292
Metal Manufactures Ltd. 400,000 1,101,564 60199B92
National Australia Bank Ltd. 300,000 2,549,328 63252510
Pioneer International Ltd. 100,000 206,006 72371110
QBE Insurance Group Ltd. Ord. 100,000 393,415 74799892
Santos Ltd. (b) 422,602 1,206,127 80302110
Weston (George) Foods Ltd. 150,000 863,725 96199F22
Westpac Banking Corp. 200,000 679,536 96121410
Westralian Sands Ltd. 145,700 416,877 96199A22
16,138,255
AUSTRIA - 0.2%
Verbund Gesellschaft 10,000 532,817 92299999
BELGIUM - 0.6%
Delhaize 13,000 520,663 24650010
Union Miniere SA (b) 20,000 1,521,704 90707392
Union Miniere SA (warrants) (b) 20,000 160,673 90707393
2,203,040
BRAZIL - 0.6%
Telebras PN (Pfd. Reg.) 60,000,000 2,163,428 95499792
CANADA - 1.4%
Abitibi-Price, Inc. 100,000 1,184,277 00368010
Canadian Pacific Ltd. Ord. 100,000 1,609,170 13644030
Dreco Energy Services Ltd. Class A (b) 20,000 185,000 26152820
FCA International Ltd. (b) 173,300 470,005 30290110
Germany Fund of Canada Trust 10,000 103,963 37390110
Intera Information Technologies Corp.
Class A (b) 24,000 112,823 45837K10
Midland Walwyn, Inc. (b) 150,000 1,193,317 59780110
4,858,555
FINLAND - 2.9%
Cultor OY, Series II Ord. (b) 30,000 795,303 23099093
Instrumentarium Class B (b) 63,000 1,681,898 45780510
Lassila & Tikahoja OY 14,000 436,483 66899D22
Metsa Serla B 20,000 840,109 59299992
Nokia AB free shares 50,000 4,293,888 65599992
Repola OY 49,100 872,653 75999A92
Tietotehdas OY B 60,000 1,041,735 93999892
9,962,069
FRANCE - 10.3%
Alcatel Alsthom CGE 12,000 1,452,810 01390492
Assurances Generales (Reg.) 8,000 767,762 04557510
Bertrand Faure SA (b) 1,075 108,108 08599392
Bon Marche (AU) SA 15,000 2,134,146 09799492
SHARES VALUE (NOTE 1)
CGIP 14,000 $ 2,956,875 12506610
Credit Commercial France Ord. (b) 277 1,248 22499398
Credit Local De France (c) 15,000 1,100,212 22699892
De Dietrich et CIE 6,000 2,969,247 24699293
Eridania Beghin SAY Group Ord. (b) 20,000 3,209,615 07720310
Essilor International SA 6,000 780,488 29728599
Eurafrance (Societe) (b) 100 36,939 29899892
Europeene de Prop (Sep) 24,455 1,638,113 29899792
Finextel 50,000 1,316,719 32299292
Generale des Eaux 32 14,614 37099210
IDIA (Inst. de Devel. des Ind. Agr.) 30,000 1,172,322 45199D22
Lafarge Coppee 25,000 2,028,102 50586310
Pechiney International 5,400 155,567 71099094
Pernod-Ricard 15,000 1,012,725 71404310
Peugeot SA Ord. (b) 10,000 1,581,831 71682510
Schneider SA (b) 20,833 1,671,648 80687410
Societe Generale Class A 20,000 2,255,214 83357799
Thomson C.S.F. 20,000 602,333 88431610
Total Compagnie Francaise des Petroles
Class B 49,228 2,862,498 20434510
UIC (Union Inds. de Credit) (b) 5,081 389,741 90299E92
Vallourec (b) 30,000 1,741,782 92017610
Zodiac SA (b) 3,193 1,256,207 96599492
35,216,866
GERMANY - 8.5%
Andrea Noris Zahn 10,000 2,318,621 03499892
Bayer AG 20,000 4,761,790 07273010
Colonia Verischerung AG 1,200 983,071 19619991
Commerzbank AG 10,000 2,170,496 20259710
Commerzbank (warrants) (b) 300 63,120 20299033
Deutsche Babcock AG 20,000 3,230,955 25159991
Deutsche Bank AG 13,000 6,140,024 25152592
Herlitz AG 4,000 1,013,301 42799392
Holsten Brauerei AG 2,666 918,755 43899D92
IKB AG (Deutsche Industriebank) 5,600 1,029,262 45999992
Karstadt AG 3,000 1,140,871 48576499
Kaufhof AG 2,000 659,008 48615210
New Germany Fund, Inc. (The) 100,000 1,250,000 64446510
Pfaff (GM) Ord (b) 8,000 1,257,557 71699592
Rosenthal AG 6,600 1,217,050 77774310
Thyssen AG Ord. 5,000 865,480 88629110
29,019,361
HONG KONG - 3.3%
Cafe de Coral Holdings Ltd. 1,000,000 618,150 12799092
Cathay Pacific Airways Ltd. 200,000 289,978 14890610
Cheung Kong Ltd. 350,000 1,653,785 16674410
Culturecom Holdings Ltd. 2,000,000 225,260 23099322
Dairy Farm International Holdings
Ltd. Ord. 550,000 804,562 23385910
Hang Lung Development Corp. 200,000 344,350 41099310
Hong Kong Electric Holdings Ord. 150,000 442,735 43858010
Hong Kong Land Holdings Ltd. 200,000 561,834 43858292
Hopewell Holdings Ltd. 1,000,000 893,240 44099999
Hutchison Whampoa Ltd. Ord. 350,000 1,438,566 44841510
Jardine Matheson & Co. Ltd. Ord. 24 157 47111510
Lai Sun Garment International Ltd. 300,000 563,130 50699093
Mandarin Oriental International Ltd. Ord. 400,000 522,996 56259499
Shun Tak Holdings Ltd. 685,244 731,841 82799192
Sime Darby Hong Kong Ltd. 200,000 321,048 82899392
Sing Tao Holdings Ltd. 250,000 343,055 82877099
Sun Hung Kai Properties Ltd. 200,500 1,206,940 86676H10
Winsor Industrial 300,000 442,737 97551099
11,404,364
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
INDIA - 0.1%
Reliance Industries Ltd. GDS (c) 30,000 $ 510,000 75947093
INDONESIA - 0.1%
Bank Dagang Nas Indonesia PT 275,000 401,687 06099Q22
IRELAND - 1.0%.
Bank of Ireland U.S. Holdings, Inc. 150,000 616,864 06278793
Crean (James) Ltd. Ord. 100,000 421,130 22699D25
Elan PLC ADR 12,400 407,650 28413120
IAWS Group PLC A (U.K. Reg.) 300,000 400,620 45399H23
Independent News 192,496 963,972 45399E92
Waterford Foods PLC Class A 300,000 464,355 94199392
3,274,591
ISRAEL - 0.3%
ECI Telecom Ltd. 50,000 1,031,250 26825810
ITALY - 3.6%
Fiat Spa 700,000 3,045,924 31562110
SIP Spa 1,376,010 4,117,462 78401792
Stet (Societa Finanziaria Telefonica
Spa) Ord. 1,300,000 5,041,855 85982510
12,205,241
JAPAN - 28.0%
Aichi Machine Industries 100,000 644,145 02299192
Aisin Seiki Co. Ltd. 50,000 595,883 00999999
Akita Bank 100,000 718,999 00999692
Aoyama Trading Co. Ord. 16,000 740,668 03799092
Aplus Co. Ltd. 150,000 812,568 03899A92
Bandai Co. Ltd. (warrants #3) 400 730,000 06099193
Canon, Inc. 100,000 1,625,135 13780199
Dai-Tokyo Fire & Marine Insurance Ord. 150,000 1,152,369 23399210
Daidoh Ltd. 150,000 1,366,591 56299292
Daiwa Securities 200,000 3,132,080 23499010
Ezaki Glicko Co. 75,000 805,180 30199492
Fuji Oil Co. Ltd. 150,000 1,375,455 35999310
Fuji Photo Film Co. Ltd. 50,000 1,078,499 35958610
Futaba Corp. 50,000 1,974,786 36399292
Hanshin Department Store 242,000 1,906,824 41199292
Hisamitsu Pharmaceutical Co. 70,000 675,662 46699092
Hitachi Ltd. 800,000 7,564,264 43357810
Honda Motor Co. Ltd. 100,000 1,654,683 43812810
House Food Industrial 55,000 1,159,263 44144610
Izumiya Co. Ltd. 100,000 1,881,217 46599310
Kao Corporation 250,000 3,028,662 48599210
Kasumi Stores 80,000 776,126 48599310
Kirin Brewery Co. Ltd. 200,000 2,403,230 49712510
Konica Corp. 109,000 719,295 50046M10
Matsushita Electric Industrial Co. Ltd. 400,000 6,579,336 57687910
Matsuya Denki Co. Ltd. 60,000 596,868 57699890
Mitsubishi Heavy Industry 200,000 1,329,656 60699310
Nakayama Steel Works Ltd. 100,000 633,310 62999310
Nippon Trust Bank Ltd. Ord. 150,000 749,040 66799892
Nissei Sangyo 100,000 1,408,451 66699592
Nomura Securities Co. Ltd. 200,000 4,353,394 65536130
Ohbayashi Corp. 200,000 1,359,204 67090410
Omron Corp. 100,000 1,585,738 68215110
Pokka Corp. 50,000 822,417 73299999
RICOH Co. Ltd. Ord. 200,000 1,701,960 76565999
Renown Look, Inc. 70,000 758,397 75999J22
Royal Co. Ltd. 165,000 2,437,703 77999110
Sekisui Chemical 200,000 2,048,656 81699210
Sekisui House Ltd. 150,000 1,876,293 81607810
Shintokogio Ltd. 80,000 619,324 97199392
Sony Corp. 100,000 5,673,200 83569999
TDK Corp. 75,000 3,383,236 87235110
SHARES VALUE (NOTE 1)
Takasago Thermal Engineering Co. 40,000 $ 618,536 87699892
Takeda Chemical Industries Ltd. 300,000 3,545,751 87405810
Takuma Co. Ltd. 70,000 1,041,071 87406099
Toenec Corporation. 55,000 666,306 96599592
Tokyo Style Co. Ltd. 150,000 2,733,183 88999410
Toshiba Corp. 250,000 1,895,992 89149310
Toyoda Boshoku Corp. 150,000 723,924 89799B92
Toyota Motor Corporation 200,000 3,920,024 89399999
Yamaha Motor Co. Ltd. 100,000 886,438 98456092
Yamatake Honeywell Co. Ltd. 130,000 2,074,264 98491099
Zenitaka Corp. 150,000 1,032,699 64099292
95,575,955
KOREA (SOUTH) - 0.6%
Samsung Electronics Co. Ltd.:
GDR representing common (b) (c) 1,516 69,357 79605060
GDS (c). 30,000 1,920,000 79605020
1,989,357
LUXEMBOURG - 0.7%
Minorco SA ADR 120,000 2,385,000 60434020
MEXICO - 0.8%
Banacci SA de CV Class C 40,000 271,363 06399893
Cemex SA, Series B 50,000 1,084,226 15299293
Groupo Televisa GDS (c) 10,000 528,125 40049J20
Grupo Carso SA de CV Class A-1 50,000 498,468 40099594
Grupo Financiero Bancomer SA de CV
sponsored ADR, Series C (c) 20,000 492,500 40048610
2,874,682
NETHERLANDS - 3.3%
Akzo NV Ord. 7,000 843,469 01019910
Borsumij Wehry NV 5,100 448,327 09985610
International Nederlanden Groep CVA 15,000 626,986 46099892
MacIntosh Confectionary Works 12,600 415,362 58199292
Philips Electronics 55,000 1,608,672 71833799
Pirelli Tyre Holdings NV Ord. 38,700 385,645 72499092
Royal Dutch Petroleum Co. 40,000 4,360,000 78025770
Telegraaf CVA 15,000 1,325,074 87940410
Twentsche Kabel Holding NV 10,000 1,104,228 91030099
Volmac Software Groep NV 27,700 337,204 92899292
11,454,967
NETHERLANDS ANTILLES - 0.1%
Intrum Justitia NV (Reg.) 160,000 262,224 46299292
NEW ZEALAND - 0.8%
Brierley Investments Ltd. 2,578,459 1,950,321 10901410
Fletcher Challenge Ltd. (Reg.) 350,000 681,044 33999592
Wrightson Ltd. 100,000 59,472 98299322
2,690,837
NORWAY - 2.2%
Bergesen Group Class A 50,000 1,109,390 08399010
Bonheur AS 14,000 275,464 09799399
Color Lines 130,815 529,386 19699492
Ganger Rolf 14,000 271,556 36472010
Helikopter Services 15,000 192,573 42499192
Norsk Hydro AS ADR (b) 15,000 508,125 65653160
Orkla AS Class B (non-vtg.) 20,000 633,538 39299192
Saga Petroleum AS B 100,000 1,102,413 84099794
Smedvig Tankships Ltd. Ord. (c) 40,000 365,000 83169E20
Unitor AS 60,500 1,207,282 91699392
Wilrig AS 310,800 1,236,070 97199092
7,430,797
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
PANAMA - 0.1%
Banco Latino Americano de Exportaciones
SA Class E 10,000 $ 380,000 06199A92
PHILIPPINES - 0.3%
First Philippine Fund 50,000 893,750 33610010
PORTUGAL - 0.1%
Banco Portuguese Invest. SA:
(Reg.) 10,500 208,581 05999G93
(New) 1,400 27,811 05999G95
236,392
SINGAPORE - 0.2%
Hour Glass Ltd. 732,500 819,697 44199E22
SOUTH AFRICA - 0.2%
Rustenberg Platinum Holding Ltd. ADR 35,000 621,250 78307820
SPAIN - 2.7%
Argentaria Corp. Bancaria de ESP 4,200 182,507 21991392
Banco de Andalucia (Reg.) 2,000 226,555 08599193
Banco Popular Espanol 2,500 290,808 05999110
Corporacion Bancaria de Espana SA
sponsored ADR 60,000 1,305,000 21991310
Electric Zaragosa 7,500 207,242 29599192
Electricas Reunidas Zaragoza (New) 1,875 50,877 29599194
Growth Fund of Spain, Inc. 150,000 1,518,750 39987710
Hidro Cantabrico 40,000 1,244,940 42899999
Iberdrola SA 26,000 186,756 45499892
Repsol SA sponsored ADR 73,900 2,438,700 76026T20
Telefonica de Espana SA sponsored ADR 35,000 1,426,250 87938220
9,078,385
SWEDEN - 0.6%
Astra A Free 20,500 425,227 04632292
Frontline 114,000 306,809 35999F22
Mo Och Domsjoe (Modo) AB 20,000 787,701 61399792
SKF AB Ord. 5,300 109,241 78437530
Svenska Handelsbanken 30,000 464,744 86959991
2,093,722
SWITZERLAND - 3.7%
Also Holding AG (Reg.) 6,000 1,069,023 02199F93
Bank of International Settlements 100 762,570 06299B22
Bucher Holding AG (Bearer) 400 1,356,947 08699292
Ciba-Geigy AG (Reg.) 320 190,885 17199492
Ciba Geigy Corp. (warrants) (b) 120 855 17199494
George Fischer AG (Bearer) (b) 700 743,328 33771110
Industrieholding Cham AG (Reg.) 1,200 966,397 85599922
Nestle SA (Reg.) 1,000 835,976 64106992
Oerlikon-Buhrle Holding Ltd. (Reg.) (b) 10,000 1,069,023 67199092
Pelikan Holdings AG 5,000 447,208 70599A22
Prodega AG (Bearer). 1,000 1,211,560 74599992
Roche Holdings Ltd. Part. Cert. 200 957,845 77157092
Sandoz PC 100 264,405 80005220
Sulzer Gebrueder PC 1,000 709,831 86557799
Swiss Reinsurance Corp.:
(Reg.) (b) 1,100 468,802 87099393
A (warrants) (b) 1,000 3,385 87099D22
B (warrants) (b) 1,000 3,920 87099399
Winterthur Schweiz (Bearer) (b) 1,000 484,624 97629993
Zurich Versicherungs (Bearer) 1,000 930,050 99499592
12,476,634
THAILAND - 0.1%
Thai Euro Fund IDR 10 270,000
UNITED KINGDOM - 7.2%
Allied Lyons PLC (b) 90,000 801,696 01925510
Amstrad 600,000 291,360 03299110
SHARES VALUE (NOTE 1)
Associated British Foods Ltd. Ord. (b). 150,000 $ 1,358,922 04551910
B.A.T. Industries PLC Ord. . 90,000 640,537 05527010
British Petroleum PLC:
ADR 20,000 1,400,000 11088940
Ord. 3 18 11088910
British Telecommunications PLC Ord. 100,000 559,958 11102110
Cater Allen Holdings PLC 200,000 1,714,776 14899192
Cattles Holdings 333,917 749,944 14999B22
Clinton Cards PLC 100,000 235,213 18799292
East Midland Electricity PLC 70,000 590,080 27365394
Finlay (James) PLC 200,000 242,800 31799F92
Guinness PLC Ord. 100,000 727,641 40203310
Imperial Chemical Industries Ord. 110,000 1,370,455 45270440
Invesco Mim PLC 500,000 1,244,350 46199C92
Lilley PLC 300,000 17,073 53299692
Lloyds Chemists PLC 122,352 616,422 54099092
London & Manchester Group PLC 200,000 1,083,496 54190099
London International Group 300,000 478,014 54183310
Lonrho Ltd. Ord. 155,067 331,794 54337410
Manweb PLC 80,000 805,489 56508495
Northern Electricity PLC 50,000 469,666 68499B92
Norweb PLC 50,000 481,047 66934493
Peninsular & Oriental Steam
Navigation Co. 100,000 1,077,425 70719030
Royale Insurance Co. Ltd. 305,084 1,217,599 78074910
Scottish Metro Property PLC 100,000 147,198 80999292
Seeboard PLC 90,000 421,334 81570594
SmithKline Beecham PLC ADR 50,000 1,362,500 83237840
South Wales Electricity PLC 45,000 435,674 84060794
Standard Chartered Bank 45,461 689,871 85256810
Tesco PLC Ord. 44,939 143,209 88157510
Vodafone Group PLC 81,648 673,401 92857T92
Vsel Consortium PLC 40,000 603,965 91828599
Watmoughs (Holdings) PLC 230,000 1,588,065 95599492
24,570,992
TOTAL COMMON STOCKS
(Cost $283,063,996) 307,863,562
NONCONVERTIBLE PREFERRED STOCKS - 2.4%
AUSTRIA - 0.3%
Creditanstaldt Bank 17,000 999,441 22539210
BELGIUM - 0.2%
Cockerill Sambre SA 100,000 560,011 19199392
CANADA - 0.6%
Trilon Financial Corp. Class 1, Series A 192,200 2,154,552 89590330
GERMANY - 0.5%
Hornback Holdings AG 500 498,791 44050799
Wella AG 2,000 1,076,179 94599999
1,574,970
ITALY - 0.8%
Fiat Spa Privilege 1,000,000 2,784,210 31562120
TOTAL NONCONVERTIBLE PREFERRED STOCKS
(Cost $6,262,232) 8,073,184
CORPORATE BONDS - 0.5%
MOODY'S PRINCIPAL
RATINGS (E) AMOUNT (A)
CONVERTIBLE BONDS - 0.4%
CANADA - 0.4%
Brascan Ltd. 7%, 10/15/02 - CAD 2,000,000 $ 1,403,052 105502AA
NONCONVERTIBLE BONDS - 0.1%
CANADA - 0.1%
Stelco, Inc. 10 7/8%, 9/15/94 - CAD 500,000 361,612 8585258Y
TOTAL CORPORATE BONDS
(Cost $1,606,578) 1,764,664
REPURCHASE AGREEMENTS - 7.0%
MATURITY
AMOUNT
Investments in repurchase agreements
(U.S. Treasury obligations), in a
joint trading account at 3.56%
dated 4/29/94 due 5/2/94 $ 24,076,141 24,069,000
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $315,001,806) $ 341,770,410
FORWARD FOREIGN CURRENCY CONTRACTS
SETTLEMENT UNREALIZED
DATE(S) VALUE GAIN/(LOSS)
CONTRACTS TO BUY
28,861,200 DEM 5/13/94 $ 17,437,090 $ 157,004
(Payable amount $17,280,086)
THE VALUE OF CONTRACTS TO BUY AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 5.1%
CONTRACTS TO SELL
28,861,200 DEM 5/13/94 $ 17,437,091 $ (880,643)
2,678,400,000 JPY 7/11/94 26,490,223 (661,872)
TOTAL CONTRACTS TO SELL
(Receivable amount $42,384,799) $ 43,927,314 $ (1,542,515)
THE VALUE OF CONTRACTS TO SELL AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES -- 12.9%
CURRENCY ABBREVIATIONS
CAD - Canadian dollar
DEM - German Deutsche mark
JPY - Japanese yen
LEGEND
(a) Principal amount is stated in United States dollars unless otherwise
noted.
(b) Non-income producing
(c) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $5,573,171 or 1.7% of net
assets.
(d) Standard & Poor's Corporation credit ratings are used in the
absence of a rating by Moody's Investors Service, Inc.
OTHER INFORMATION
Purchases and sales of securities, other than short-term securities,
aggregated $196,010,859 and $125,285,532, respectively.
The fund placed a portion of its portfolio transactions with brokerage
firms which are affiliates of FMR. The commissions paid to these affiliated
firms were $7,120 for the period (see Note 4 of Notes to Financial
Statements).
The fund participated in the bank borrowing program. The maximum loan and
the average daily loan balances during the period for which loans were
outstanding amounted to $3,190,000. The weighted average interest rate was
4.19%. Interest expense includes $1,113 paid under the bank borrowing
program (see Note 5 of Notes to Financial Statements).
INCOME TAX INFORMATION
At April 30, 1994, the aggregate cost of investment securities for income
tax purposes was $315,011,018. Net unrealized appreciation aggregated
$26,759,392, of which $37,571,590 related to appreciated investment
securities and $10,812,198 related to depreciated investment securities.
INDUSTRY DIVERSIFICATION
As a Percentage of Total Value of Investments
Aerospace & Defense 1.2%
Basic Industries 8.4
Conglomerates 0.4
Construction & Real Estate 4.6
Durables 12.0
Energy 5.4
Finance 17.9
Health 3.7
Industrial Machinery & Equipment 6.2
Media & Leisure 2.7
Nondurables 7.2
Repurchase Agreements 7.0
Retail & Wholesale 4.8
Services 1.2
Technology 9.2
Transportation 2.0
Utilities 6.1
100.0%
DIVERSIFIED INTERNATIONAL
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
· Enlarge/Download Table
APRIL 30, 1994 (UNAUDITED)
ASSETS
Investment in securities, at value (including repurchase agreements of $24,069,000) (cost $315,001,806) $ 341,770,410
(Notes 1 and 2) - See accompanying schedule
Long foreign currency contracts held, at value (cost $17,280,086) (Note 2) 17,437,090
Short foreign currency contracts $ (43,927,314
(Note 2) )
Contracts held, at value
Receivable for contracts held 42,384,799 (1,542,515
)
Cash 525
Receivable for investments sold 2,494,040
Receivable for fund shares sold 2,779,003
Dividends receivable 992,722
Interest receivable 20,671
Other receivables 14,259
TOTAL ASSETS 363,966,205
LIABILITIES
Payable for foreign currency contracts held (Note 2) 17,280,086
Payable for investments purchased 11,476,381
Payable for fund shares redeemed 1,057,187
Accrued management fee 188,610
Other payables and accrued expenses 220,826
TOTAL LIABILITIES 30,223,090
NET ASSETS $ 333,743,115
Net Assets consist of (Note 1):
Paid in capital $ 297,582,542
Undistributed net investment income 100,732
Accumulated undistributed net realized gain (loss) on investments 10,676,748
Net unrealized appreciation (depreciation) on:
Investment securities 26,768,604
Foreign currency contracts (1,385,511
)
NET ASSETS, for 27,683,717 shares outstanding $ 333,743,115
NET ASSET VALUE, offering price and redemption price per share ($333,743,115 (divided by) 27,683,717 shares)(Note 4)$12.06
STATEMENT OF OPERATIONS
· Enlarge/Download Table
SIX MONTHS ENDED APRIL 30, 1994 (UNAUDITED)
INVESTMENT INCOME $ 2,318,427
Dividends
Interest 589,910
2,908,337
Less foreign taxes withheld (Note 1) (383,419
)
TOTAL INCOME 2,524,918
EXPENSES
Management fee (Note 4) $ 1,096,161
Basic fee
Performance adjustment (39,158
)
Transfer agent fees (Note 4) 558,328
Accounting fees and expenses 86,359
(Note 4)
Non-interested trustees' compensation 835
Custodian fees and expenses 126,385
Registration fees 59,597
Audit 14,062
Legal 1,857
Interest (Note 5) 1,113
Miscellaneous 1,135
TOTAL EXPENSES 1,906,674
NET INVESTMENT INCOME 618,244
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTES 1 AND 2)
Net realized gain (loss) on:
Investment securities 10,988,477
Foreign currency contracts (384,348 10,604,129
)
Change in net unrealized appreciation (depreciation) on:
Investment securities 6,387,312
Foreign currency contracts (1,385,511 5,001,801
)
NET GAIN (LOSS) 15,605,930
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 16,224,174
OTHER INFORMATION $86,301
Accounting fees paid to FSC
(Note 4)
STATEMENT OF CHANGES IN NET ASSETS
· Enlarge/Download Table
INCREASE (DECREASE) IN NET ASSETS SIX MONTHS YEAR ENDED
ENDED APRIL 30, OCTOBER 31,
1994 1993
(UNAUDITED)
Operations $ 618,244 $ 998,691
Net investment income
Net realized gain (loss) on investments 10,604,129 2,534,162
Change in net unrealized appreciation (depreciation) on investments 5,001,801 24,127,201
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 16,224,174 27,660,054
Distributions to shareholders (212,611 (425,331
From net investment income ) )
From net realized gain (2,126,206 -
)
TOTAL DISTRIBUTIONS (2,338,817 (425,331
) )
Share transactions 289,940,150 368,965,606
Net proceeds from sales of shares
Reinvestment of distributions 2,282,423 411,649
Cost of shares redeemed (227,393,669 (178,021,677
) )
Net increase (decrease) in net assets resulting from share transactions 64,828,904 191,355,578
TOTAL INCREASE (DECREASE) IN NET ASSETS 78,714,261 218,590,301
NET ASSETS
Beginning of period 255,028,854 36,438,553
End of period (including undistributed net investment income of $100,732 and $893,244,
respectively) $ 333,743,115 $ 255,028,854
OTHER INFORMATION
Shares
Sold 24,297,825 35,207,206
Issued in reinvestment of distributions 201,262 48,543
Redeemed (19,352,953 (17,022,973
) )
Net increase (decrease) 5,146,134 18,232,776
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS
· Enlarge/Download Table
SIX MONTHS YEAR ENDED DECEMBER 27, 1991
ENDED APRIL 30, OCTOBER 31, (COMMENCEMENT
1994 1993 OF OPERATIONS) TO
(UNAUDITED) OCTOBER 31, 1992
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 11.32 $ 8.46 $ 10.00
Income from Investment Operations
Net investment income .03 .07 .07
Net realized and unrealized gain (loss) on investments .82 2.89 (1.61)
Total from investment operations .85 2.96 (1.54)
Less Distributions
From net investment income (.01) (.10) -
From net realized gain (.10) - -
Total distributions (.11) (.10) -
Net asset value, end of period $ 12.06 $ 11.32 $ 8.46
TOTAL RETURN (dagger)(diamond) 7.57% 35.38% (15.40)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 333,743 $ 255,029 $ 36,439
Ratio of expenses to average net assets 1.36%* 1.47% 2.00%*
Ratio of expenses to average net assets before
expense reductions 1.36%* 1.47% 2.34%*
Ratio of net investment income to average net assets .44%* .84% 1.38%*
Portfolio turnover rate 99%* 56% 56%*
* ANNUALIZED
(dagger) TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
(diamond) THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE PERIODS SHOWN.
INTERNATIONAL GROWTH & INCOME
INVESTMENTS APRIL 30, 1994 (UNAUDITED)
Showing Percentage of Total Value of Investment in Securities
COMMON STOCKS - 49.4%
SHARES VALUE (NOTE 1)
AUSTRALIA - 0.3%
Goodman Fielder Ltd. Ord. 4,500,000 $ 4,892,670 38238210
AUSTRIA - 0.2%
Mayr Melnhof Karton AG (d) 50,000 3,193,458 57847192
BELGIUM - 0.2%
Tessenderlo Chemie NV 8,900 2,648,615 88161299
BERMUDA - 0.4%
ACE Ltd. 200,000 5,700,000 00499G92
CANADA - 2.6%
Alcan Aluminum Ltd. 491,000 10,297,969 01371610
American Barrick Resources Corp. 53,000 1,221,794 02451E10
Canadian Pacific Ltd. Ord. 244,700 3,937,639 13644030
Cominco Fertilizer Ltd. 139,000 2,613,727 20043C10
Inco Ltd. 20,000 484,559 45325840
Methanex Corp. 450,400 4,845,376 59151K10
Midland Walwyn, Inc. (b) 500,000 3,977,725 59780110
Noranda, Inc. 154,000 2,686,953 65542210
QUNO Corp. 47,200 810,733 74726H10
Sherritt Gordon Mines Ltd. (b) 792,200 6,732,013 82428010
37,608,488
CHINA (PEOPLES REPUBLIC) - 0.1%
Yizheng Chemical Fibre Co.
Class H (d) 2,598,000 807,173 99599E22
DENMARK - 0.7%
Den Danske Bank Group AS (b) 49,900 2,764,415 24820692
FLS Industries (Smidth) Class B 24,800 2,066,587 35599092
Unidanmark AS Class A 150,000 5,300,721 92399792
10,131,723
FINLAND - 0.6%
Kone Corp. Class B Ord. 11,000 1,277,339 50400092
Outokumpu OY Class A 215,800 3,472,815 69099992
Repola OY 178,700 3,176,030 75999A92
7,926,184
FRANCE - 0.6%
Alcatel Alsthom CGE 38,000 4,600,566 01390492
Unibail (b) 18,550 1,672,057 90499592
UFB Locabail SA 33,400 2,526,546 90599B92
8,799,169
HONG KONG - 0.2%
Sun Hung Kai & Co. Ltd. 3,678,000 1,999,765 86690810
Sun Hung Kai Properties Ltd. 187,000 1,125,675 86676H10
3,125,440
GERMANY - 5.5%
Bayer AG 32,600 7,761,717 07273010
Bayerische Motor Werke (BMW) (b) 22,500 12,256,650 05528310
Continental Gummi-Werke AG (b) 65,600 11,493,882 21199010
Deutsche Bank AG 26,000 12,280,048 25152592
Douglas Holdings AG 15,500 5,585,248 25950099
Hoechst AG Ord. 22,500 4,958,434 43439010
Karstadt AG 5,000 1,901,451 48576499
Kaufhof AG 17,700 5,832,225 48615210
Veba Vereinigte Elektrizetaets &
Bergwerks AG Ord. 55,400 17,212,854 92239110
79,282,509
INDIA - 0.0%
ITC Ltd. GDS (1 share &
1/3 warrant) (b)(d) 39,000 721,500 45031810
IRELAND - 0.1%
Smurfit (Jeff) Group PLC 241,300 1,171,753 84699793
SHARES VALUE (NOTE 1)
ITALY - 0.9%
Fiat Spa 1,515,000 $ 6,592,250 31562110
SIP Spa 2,310,000 6,912,259 78401792
13,504,509
JAPAN - 22.9%
Aiwa Co. Ltd. 169,000 4,327,786 00959999
Aoyama Trading Co. Ord. 119,000 5,508,717 03799092
Bridgestone Corp. 311,000 4,655,965 10844110
Canon, Inc. 706,000 11,473,453 13780199
Casio Computer Co. Ltd.:
Ord. 832,000 10,325,228 14761893
(warrants) (b) 800 380,000 14761896
Daiwa Securities 1,009,000 15,801,344 23499010
Fujitsu Ltd. (b) 926,000 9,302,865 35959010
Hitachi Ltd. 1,848,000 17,473,450 43357810
Hitachi Ltd. ADR 77,000 7,305,375 43357850
Hitachi Maxell Ltd. 575,000 11,609,871 43358990
Honda Motor Co. Ltd. 1,000,000 16,546,830 43812810
Honda Motor Co. Ltd. ADR 130,000 4,290,000 43812830
Kamei Corp. 205,000 2,645,031 48399792
Kaneshita Construction Co. Ltd.
Ord. (b) 137,000 2,374,865 49099592
Kenwood Corp. 263,000 2,276,933 49178692
Kokusai Securities 382,000 7,374,372 50299092
Komori Corp. 154,000 4,156,013 50046299
Kyocera Corporation 30,000 1,891,067 50155610
Marui Co. Ltd. 392,000 6,486,357 60444310
Matsushita Electric Industrial Co. Ltd. 946,000 15,560,130 57687910
Matsushita Electric Works Ltd. 530,000 6,003,151 57688110
Matsuzakaya Co. Ltd. 8,800 125,677 57699492
Nikko Securities 496,000 5,960,010 65399010
Nishimatsu Construction 185,000 2,113,662 65299C22
Nissan Motor Co. Ltd. Ord. 1,138,000 9,639,315 65474491
Nisshinbo Industries 385,000 4,057,423 65411310
Nitto Denko Corp. 370,000 5,357,038 65480230
Nomura Securities Co. Ltd. 662,000 14,409,734 65536130
Sekisui Chemical 774,000 7,928,299 81699210
Shinetsu Chemical 105,000 2,161,430 82499210
Sony Corp. 240,500 13,644,046 83569999
Sony Corp. ADR 36,100 2,017,088 83569930
Suzuki Motor Corp. 1,813,000 24,106,663 86958592
TDK Corp. 277,000 12,495,420 87235110
Taiyo Yuden Co. Ltd. 407,000 4,449,621 87404799
Tokyo Style Co. Ltd. 231,000 4,209,102 88999410
Toshiba Corp. 861,000 6,529,798 89149310
Toyobo Co. 1,575,000 6,996,213 90899392
Toyota Motor Corp. 716,000 14,033,686 89399999
Toyota Motor Corp. ADR 175,000 6,803,125 89233130
Uny Co. Ltd. 351,000 5,047,376 91529010
Yurtec Corp. (b) 154,000 3,837,486 97299492
Zexel Corp. 643,000 3,964,526 99099392
327,655,541
KOREA (SOUTH) - 0.2%
Asia Motors Co., Inc. 61,200 992,596 04499B22
Korea Electric Power Corp. 35,000 1,213,321 50099B92
2,205,917
MALAYSIA - 0.0%
Tenega Nasional BHD 3,000 16,693 92099992
MEXICO - 0.6%
Grupo Financiero Bancomer SA de
CV sponsored ADR, Series C (d) 182,000 4,481,750 40048610
Telefonos de Mexico SA sponsored ADR
representing shares Ord. Class L 75,000 4,415,625 87940378
8,897,375
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
NETHERLANDS - 3.9%
Akzo Nobel NV Ord. 83,300 $ 10,037,280 01019910
DSM NV 119,400 8,901,136 23332H92
International Nederlanden Groep CVA 90,000 3,761,917 46099892
KBB NV Ord. 71,600 4,099,694 48130092
KLM Royal Dutch Airlines Ord. (b) 110,000 3,169,944 48251620
Pirelli Tyre Holdings NV Ord. (b) 938,900 9,356,129 72499092
Schlumberger Ltd. 279,200 15,356,000 80685710
Twentsche Kabel Holding NV 15,000 1,656,343 91030099
56,338,443
NEW ZEALAND - 0.4%
Brierley Investments Ltd. 7,147,211 5,406,079 10901410
NORWAY - 1.9%
Bergesen Group Class B 50,000 1,109,390 08399011
Norsk Hydro AS:
ADR (b) 47,300 1,602,288 65653160
Ord. 249,600 8,463,851 65653150
Olav Thon Eiendomsselskp Ord. 106,700 1,548,514 67941099
Orkla AS Class A Free shares 330,400 10,834,903 39299193
Saga Petroleum AS B Free shares 278,000 3,064,708 84099794
26,623,654
SINGAPORE - 0.0%
Kim Eng Holdings Ltd. 310,000 550,259 49499D92
SOUTH AFRICA - 0.7%
Anglo American Corp. of South
Africa Ltd.:
ADR 3,200 157,600 03486130
(Reg.) (b) 30,700 1,559,892 03486110
Buffelsfontein Gold Mining Co. Ltd.:
ADR 76,300 758,231 11987120
Ord. 11,500 106,919 11987110
De Beers Consolidated Mines Ltd. ADR 25,600 608,000 24025330
Driefontein Consolidated Ltd.:
ADR 42,500 488,750 26202640
Ord. 75,500 889,675 26202630
Free State Consolidated Gold Mines Ltd.:
ADR 148,382 1,984,609 35614220
Ord. 25,578 352,562 35614210
Vaal Reefs Exploration & Mining Co.
Ltd.:
ADR 60,000 521,250 91850640
(Reg.) (b) 9,400 845,492 91850610
Western Deep Levels Ltd.:
ADR 18,300 683,963 95807720
Ord. 14,700 572,108 95807710
9,529,051
SPAIN - 1.5%
Argentaria Corp. Bancaria de Esp 264,000 11,471,867 21991392
FEC SA (Fuerzas Electricas Cataluna)
Class E 750,000 5,565,457 35899E22
Union Electrica Fenosa 800,000 4,005,200 90659510
21,042,524
SWEDEN - 2.3%
Aktiebolaget Electrolux 247,000 13,165,379 01019810
Avest Sheffield AB Ord. Free shares (b) 835,000 5,481,090 05399892
Frontline (b) 760,000 2,045,396 35999F22
SKF AB Ord. (b) 387,200 7,980,781 78437530
Scribona AB B Free shares (b) 68,500 449,646 81199B92
Skandinaviska Enskilda Banken Class A
Free shares (b) 300,000 2,067,717 88099222
Trelleborg AB Class B Free shares (b) 100,000 1,378,477 89491010
32,568,486
SHARES VALUE (NOTE 1)
SWITZERLAND - 0.1%
Globus Magazine Part. Cert. 3,175 $ 2,115,686 37957792
UNITED KINGDOM - 1.4%
British Petroleum PLC:
ADR 76,500 5,355,000 11088940
Ord. 2,404,500 14,084,479 11088910
19,439,479
UNITED STATES OF AMERICA - 1.1%
Amerada Hess Corp. 118,700 5,964,675 02355110
American Cyanamid Co. 120,700 5,672,900 02532110
American President Companies Ltd. 43,100 878,163 02910310
Imo Industries, Inc. 19,200 201,600 45254010
Kerr-McGee Corp. 61,000 2,729,750 49238610
15,447,088
TOTAL COMMON STOCKS
(Cost $657,726,276) 707,349,466
PREFERRED STOCKS - 0.7%
CONVERTIBLE PREFERRED STOCKS - 0.1%
AUSTRALIA - 0.0%
TNT Ltd. 8% 309,600 504,920 93599293
UNITED STATES OF AMERICA - 0.1%
Unocal Corp. $3.50 (d) 28,800 1,548,000 91528920
TOTAL CONVERTIBLE PREFERRED STOCKS 2,052,920
NONCONVERTIBLE PREFERRED STOCKS - 0.6%
AUSTRIA - 0.0%
Maculan Holding Ord. 9,000 866,882 55699594
ITALY - 0.5%
Fiat Spa D Risp Ord. 2,609,600 6,944,772 31599C95
KOREA (SOUTH) - 0.1%
Daewoo Heavy Industries Ltd. 74,827 935,685 23999494
TOTAL NONCONVERTIBLE PREFERRED STOCKS 8,747,339
TOTAL PREFERRED STOCKS
(Cost $9,095,382) 10,800,259
CORPORATE BONDS - 5.7%
MOODY'S RATINGS PRINCIPAL
AMOUNT (A)
CONVERTIBLE BONDS - 5.1%
ITALY - 0.9%
Softe SA euro 4 1/4%,
7/30/98 (c) - ITL 15,865,000 12,706,200 84499DAA
JAPAN (C) - 4.2%
Bridgestone Corp.:
3.70%, 12/31/98 - JPY 166,000 2,084,611 1084419A
3 4/5%, 12/31/99 - JPY 170,000 2,134,843 1084419C
Canon, Inc. 1.30%,
12/19/08 - JPY 1,569,000 17,617,046 1378019A
Matsushita Electric Industrial
Co. Ltd. 3.30%,
5/20/94 Aa2 JPY 1,113,000 10,962,271 5768799B
CORPORATE BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL
AMOUNT (A)
CONVERTIBLE BONDS - CONTINUED
JAPAN - CONTINUED
Matsushita Electric Works Co.
Ltd. 2.70%, 5/31/02 - JPY 1,079,000 $ 12,859,198 5768819A
Nippondenso Co. Ltd. 1 3/5%,
12/20/02 - JPY 813,000 9,769,171 6546379D
Nishimatsu Construction
3.90%, 3/31/99 - JPY 264,000 3,081,250 65299CAA
Shin-Etsu Chemical Co. Ltd.
1.30%, 3/31/99 A2 JPY 181,000 2,089,355 824992AA
60,597,745
TOTAL CONVERTIBLE BONDS 73,303,945
NONCONVERTIBLE BONDS - 0.6%
CZECH REPUBLIC - 0.0%
Komercni Banka 0%,
5/3/98 (e)(g) - CSK 30,000,000 998,637 50499CAB
MEXICO - 0.6%
Bancomext:
euro:
8%, 4/14/00 Ba2 $ 1,000,000 907,500 0596129A
8%, 8/5/03 Ba2 1,500,000 1,276,875 0596129C
8%, 8/5/03 (d) Ba2 1,500,000 1,276,875 059612AD
Cemex SA notes 8 7/8%,
6/10/98 (d) Ba2 3,000,000 2,932,500 151290AG
Empaques Ponderosa SA
euro 8 3/4%, 12/6/96 - 530,000 514,100 2915789B
Empresas La Moderna SA
10 1/4%, 11/12/97 (d) - 1,000,000 1,030,000 292449AA
7,937,850
TOTAL NONCONVERTIBLE BONDS 8,936,487
TOTAL CORPORATE BONDS
(Cost $80,922,246) 82,240,432
GOVERNMENT OBLIGATIONS (H) - 23.6%
ARGENTINA - 6.7%
Argentina Republic (e):
BOCON:
0%, 4/1/01 - ARP 6,451,666 3,900,737 039995AH
0%, 4/1/01 B1 47,897,433 33,509,523 039995AF
0%, 9/1/02 - ARP 2,886,328 1,432,776 039995AJ
0%, 9/1/02 - 7,382,760 4,669,153 039995AM
0%, 4/1/07 - ARP 14,347,455 6,089,518 039995AW
Brady euro 4 1/2%,
3/31/23 B1 28,000,000 14,805,000 039995AD
euro 5%, 3/31/05 - 43,500,000 31,700,625 039995AU
Province of Chaco 11 7/8%,
9/10/97 (g) - 300,000 297,750 74399JAA
96,405,082
BRAZIL - 0.7%
Brazil Federative Republic IDU
euro 4.3125%, 1/1/01 (e) - 12,870,000 9,346,837 1057569E
MOODY'S RATINGS PRINCIPAL
AMOUNT (A)
CANADA - 2.7%
Canadian Government:
6 1/2%, 6/1/04 Aaa CAD 17,000,000 $ 10,856,295 135087VD
9 1/2%, 6/1/10 Aaa CAD 17,000,000 13,416,808 135087RS
Province of Ontario 7 3/4%,
12/8/03 Aa2 CAD 20,000,000 13,483,474 6832349H
37,756,577
CZECH REPUBLIC - 0.1%
Czech Republic 14%, 7/8/96 - CSK 30,000,000 1,089,699 23299BAB
DENMARK (C) - 2.4%
Danish Government Bullet:
8%, 5/15/03 Aa1 DKK 104,300 16,959,368 249998AG
7%, 2/15/04 Aa1 DKK 116,250 17,679,009 249998AV
34,638,377
FINLAND - 0.7%
Finnish Government 9 1/2%,
3/15/04 Aa2 FIM 52,000,000 10,361,265 3178739V
FRANCE (C) - 4.7%
French Government:
OAT:
8 1/2%, 11/25/02 Aaa FRF 10,500 2,067,339 3517779U
8 1/2%, 4/25/03 Aaa FRF 50,000 9,840,050 351996AQ
8 1/2%, 4/25/23 Aaa FRF 25,000 5,001,325 351996AC
Strips 4/25/23 Aaa FRF 1,327,500 27,239,769
8 1/2%, 12/26/12 Aaa FRF 120,000 23,567,340 3517779J
67,715,823
ITALY (C) - 2.9%
Italian Government:
euro 5 1/8%, 7/29/03 A1 ITL 500,000 5,111,800 46599BAY
11%, 6/1/03 Aa3 ITL 48,980,000 33,006,983 46599BAD
10%, 8/1/03 Aa3 ITL 4,700,000 3,046,070 46599BAW
41,164,853
MEXICO - 0.4%
Mexican Government Brady
6.63%, 12/31/19 Ba2 FRF 54,750,000 5,951,090 597998VQ
NEW ZEALAND - 1.7%
Government of New Zealand
8%, 4/15/04 Aa3 NZD 40,900,000 24,804,408 6501629K
UNITED STATES OF AMERICA - 0.6%
U.S. Treasury Bills 0%,
5/5/94 Aaa $ 6,500,000 6,498,015 912794K4
U.S. Treasury Notes 9 1/4%,
1/15/96 Aaa 2,000,000 2,116,560 912827XB
8,614,575
TOTAL GOVERNMENT OBLIGATIONS
(Cost $358,671,315) 337,848,586
INDEXED SECURITIES - 2.3%
PRINCIPAL VALUE (NOTE 1)
AMOUNT (A)
UNITED STATES OF AMERICA - 2.3%
Bankers Trust Company:
0%, 9/16/94 (indexed to value
of 2.5-year United Kingdom
securities, multipled 8,
min. 92.43% of par) (e) $ 3,747,000 $ 3,503,070 06699DAU
4%, 9/29/94 (indexed to value
of 2.5-year United Kingdom
securities, multipled 8,
min. 92.4% of par) (e) 1,650,000 1,550,010 06699DBD
0%, 12/23/94 (coupon
inversely indexed to CAD
Banker's Acceptance rate
and principal indexed to
value of 1-year Canadian
securities, both multiplied
by 13) (f) 2,000,000 1,077,200 0669919R
4.81%, 12/29/94 (coupon
inversely indexed to
HELIBOR and principal
indexed to value of
2-year Finnish securities,
both multiplied by 8) (f) 2,000,000 1,427,600 0669919S
0%, 1/26/95 (coupon
inversely indexed to STIBOR
and principal indexed
to value of 2-year Swedish
securities, both multiplied
by 9) (f) 2,000,000 1,086,800 0669919Y
0%, 1/31/95 (coupon
inversely indexed to
STIBOR and principal
indexed to value
of 2-year Swedish
securities, both multiplied
by 9) (f) 1,200,000 683,400 06699DAC
0%, 2/22/99 (indexed to
Japanese stock index
minus S&P 500, multiplied
by 1.226%) 3,000,000 2,780,700 06699DAL
Bayerische Landesbank cert.
of dep.:
4.9525%, 12/22/94
(coupon inversely indexed
to HELIBOR and principal
indexed to value of 2-year
Finnish securities, both
multiplied by 8) (f) 5,000,000 3,635,000 072999AP
0%, 1/25/95 (inversely
indexed to 2-year SEK
LIBOR, multiplied by 9) 1,000,000 553,300 072999AR
22.31%, 3/22/95 (coupon
inversely indexed to
HELIBOR and principal
indexed to value of 3-year
Finnish securities, both
multiplied by 7) (f) 1,000,000 962,500 072999AX
PRINCIPAL VALUE (NOTE 1)
AMOUNT (A)
Citibank Nassau:
4%, 9/29/94 (indexed to
value of 2.5-year British
securities, multiplied by 8,
min. 92.11% of par) (e) $ 4,650,000 $ 4,316,595 223991CP
0%, 12/23/94 (coupon
inversely indexed to
STIBOR and principal
indexed to value of 2-year
Swedish securities, both
multiplied by 9) (f) 5,000,000 3,050,500 223991BM
0%, 12/29/94 (coupon
inversely indexed to CAD
Banker's Acceptance rate
and principal indexed
to value of 1-year
Canadian securities, both
multiplied by 13) (f) 750,000 395,475 223991BP
0%, 1/18/95 (coupon
inversely indexed to
STIBOR and principal
indexed to 2-year Swedish
securities, both multiplied
by 9) (f) 1,000,000 564,700 223991BQ
ITT Corp. 3.66%, 6/27/94
(inversely indexed to 1-year
SEK swap rate, multiplied
by 10) 5,000,000 4,800,500 4506799M
Merrill Lynch & Co. Inc. Japan
Index equity participation
securities 0%, 1/31/00 2,730,000 2,648,100 590188FE
TOTAL INDEXED SECURITIES
(Cost $41,727,000) 33,035,450
CERTIFICATES OF DEPOSIT - 0.1%
MALAYSIA - 0.1%
Public Bank Malaysia 6 1/2%,
9/14/94 (Cost $741,636) MYR 2,000,000 746,414
COMMERCIAL PAPER - 1.2%
INDONESIA - 0.6%
Indonesian Bank (SBI) (c):
0%, 5/13/94 IDR 3,500,000 $ 1,616,320 06099MAF
0%, 1/6/95 IDR 6,000,000 2,573,574 06099MAD
0%, 1/13/95 IDR 9,000,000 3,852,000 06099MAE
8,041,894
MALAYSIA - 0.6%
Bank Negara Malaysia 0%,
9/7/94 MYR 25,000,000 9,137,285 06399DAP
TOTAL COMMERCIAL PAPER
(Cost $17,359,013) 17,179,179
REPURCHASE AGREEMENTS - 17.0%
MATURITY
AMOUNT
Investments in repurchase agreements
(U.S. Treasury obligations), in a joint
trading account at 3.56% dated
4/29/94 due 5/2/94 $ 243,592,244 $243,520,000
PURCHASED OPTIONS - 0.0%
EXPIRATION
DATE/ UNDERLYING FACE
STRIKE PRICE AMOUNT AT VALUE
Put Option on JPY July 94/109.50 $ 26,962,474 $ 72,481 73499342
Put Option on JPY Aug. 94/103.71 19,407,958 283,033
TOTAL PURCHASED OPTIONS
(Cost $1,237,289) 355,514
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $1,411,000,157) $ 1,433,075,300
WRITTEN OPTIONS
EXPIRATION DATE/ UNDERLYING FACE UNREALIZED
STRIKE PRICE AMOUNT AT VALUE GAIN/(LOSS)
Call Option on JPY July 94/106.50 $ 26,223,776 $ (918,783)
Call Option on JPY Aug. 94/102.50 19,181,523 (95,038)
TOTAL WRITTEN OPTIONS
(Premium Received $1,186,602) $ 45,405,299 $ (1,013,821)
THE FACE VALUE OF WRITTEN CALL OPTIONS AS A PERCENTAGE OF TOTAL INVESTMENT
IN SECURITIES - 3.2%
FUTURES CONTRACTS
EXPIRATION UNDERLYING FACE UNREALIZED
DATE AMOUNT AT VALUE GAIN/(LOSS)
PURCHASED
1,490 Nikkei Stock Average
Contracts June 1994 $ 149,517,850 $ (3,497,850)
THE FACE VALUE OF FUTURES PURCHASED AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 10.4%
FORWARD FOREIGN CURRENCY CONTRACTS
SETTLEMENT UNREALIZED
DATE(S) VALUE GAIN/(LOSS)
CONTRACTS TO BUY
57,984,888 ATS 5/10/94 $ 4,988,861 $ 191,051
15,081,500 CHF 5/2/94 10,748,163 134,116
436,080,216 ESP 5/3/94 15,907,790 382,616
29,798,500 FRF 5/2/94 5,265,683 62,068
4,674,834 GBP 5/16/94 to
6/29/94 7,084,232 111,253
14,046,900 NLG 5/10/94 to
6/6/94 25,863,551 585,669
40,902,500 SEK 5/5/94 5,366,536 184,544
TOTAL CONTRACTS TO BUY
(Payable amount $73,573,499) $ 75,224,816 $ 1,651,317
THE VALUE OF CONTRACTS TO BUY AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 5.2%
FORWARD FOREIGN CURRENCY CONTRACTS
SETTLEMENT UNREALIZED
DATE(S) VALUE GAIN/(LOSS)
CONTRACTS TO SELL
86,437,500 ATS 5/10/94 $ 7,436,846 $ (317,972)
911,402,478 BEF 5/4/94 to
6/30/94 26,691,766 (1,043,721)
34,189,203 CAD 5/18/94 to
6/29/94 24,654,156 109,783
30,163,000 CHF 5/2/94 to
8/2/94 21,511,130 (517,935)
62,747,600 DEM 5/11/94 to
7/18/94 37,910,257 (2,135,257)
40,175,400 DKK 7/7/94 6,176,175 (176,175)
2,142,588,492 ESP 5/3/94 15,907,791 (902,583)
483,259,930 FRF 5/2/94 to
8/8/94 85,201,080 (1,885,885)
4,674,834 GBP 5/16/94 to
6/29/94 7,084,232 (125,729)
32,855,839,375 JPY 5/31/94 to
7/25/94 324,297,021 (14,144,997)
138,720,515 NLG 5/10/94 to
6/13/94 74,640,877 (2,304,895)
40,902,500 SEK 5/5/94 5,366,536 (247,645)
TOTAL CONTRACTS TO SELL
(Receivable amount $613,184,856) $ 636,877,867 $ (23,693,011)
THE VALUE OF CONTRACTS TO SELL AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 44.4%
CURRENCY ABBREVIATIONS
ARP - Argentinean peso
ATS - Austrian schilling
BEF - Belgian franc
GBP - British pound
CAD - Canadian dollar
CSK - Czech koruna
DKK - Danish krone
NLG - Dutch guilder
FIM - Finnish markka
FRF - French franc
DEM - German Deutsche mark
IDR - Indonesian rupiah
ITL - Italian lira
JPY - Japanese yen
MYR - Malaysian ringgit
NZD - New Zealand dollar
SEK - Swedish krona
CHF - Swiss franc
LEGEND
(a) Principal amount is stated in United States dollars unless otherwise
noted.
(b) Non-income producing
(c) Principal amount in thousands
(d) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $15,991,256 or 1.1% of net
assets.
(e) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(f) Inverse floating rate security is a security where the coupon is
inversely indexed to a floating interest rate multiplied by a specified
factor. If the floating rate is high enough, the coupon rate may be zero or
be a negative amount that is carried forward to reduce future interest
and/or principal payments. The price may be considerably more volatile than
the price of a comparable fixed rate security.
(g) Restricted securities - investment in securities not registered under
the Securities Act of 1933 (see Note 2 of Notes to Financial Statements).
Additional information on each holding is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
Province of Chaco 11 7/8%,
9/10/97 3/9/94 $ 308,208
Komercni Banka 0%, 5/3/98 3/3/94 $ 1,006,711
(h) Most foreign government obligations have not been individually rated by
S&P or Moody's. The ratings listed are assigned to securities by FMR,
the fund's investment adviser, based principally on S&P and Moody's
ratings of the sovereign credit of the issuing government.
OTHER INFORMATION
The composition of long-term debt holdings as a percentage of total value
of investment in securities, is as follows:
MOODY'S RATINGS S&P RATINGS
Aaa, Aa, A 14.9% AAA, AA, A 15.1%
Baa 0.0% BBB 0.0%
Ba 0.9% BB 2.8%
B 4.1% B 0.0%
Caa 0.0% CCC 0.0%
Ca, C 0.0% CC, C 0.0%
D 0.0%
For some foreign government obligations, FMR has assigned the ratings of
the sovereign credit of the issuing government. The percentage not rated by
either S&P or Moody's amounted to 3.6%. FMR has determined that unrated
debt securities that are lower quality account for 0.4% of the total value
of investment in securities.
At the end of the period, restricted securities (excluding 144A issues)
amounted to $1,296,387 or 0.1% of net assets.
Purchases and sales of securities, other than short-term securities,
aggregated $1,176,229,208 and $856,869,097, respectively.
The market value of futures contracts opened and closed amounted to
$289,800,600 and $140,282,750, respectively.
The following is a summary of the fund's written options activity:
AGGREGATE
NUMBER OF FACE VALUE
CONTRACTS OF CONTRACTS
Call Option on JPY:
Outstanding at November 1, 1993 - -
Contracts opened 2 $ 46,419,120
Contracts closed - -
Outstanding at April 30, 1994 2 $ 46,419,120
The fund placed a portion of its portfolio transactions with brokerage
firms which are affiliates of FMR. The commissions paid to these affiliated
firms were $9,815 for the period.
The fund participated in the bank borrowing program. The maximum loan and
the average daily loan balances during the period for which loans were
outstanding amounted to $14,177,000 and $14,177,000, respectively. The
weighted average interest rate was 3 7/8%. Interest expense includes $1,526
paid under the bank borrowing program (see Note 5 of Notes to Financial
Statements).
INCOME TAX INFORMATION
At April 30, 1994, the aggregate cost of investment securities for income
tax purposes was $1,411,041,681. Net unrealized appreciation aggregated
$22,033,619, of which $98,921,557 related to appreciated investment
securities and $76,887,938 related to depreciated investment securities.
INDUSTRY DIVERSIFICATION
As a Percentage of Total Value of Investments
Basic Industries 6.6%
Conglomerates 0.4
Construction & Real Estate 1.9
Durables 14.9
Energy 4.1
Finance 10.2
Government Obligations 24.1
Health 0.4
Industrial Machinery & Equipment 2.7
Nondurables 1.2
Precious Metals 0.5
Repurchase Agreements 17.0
Retail & Wholesale 2.6
Services 0.5
Technology 8.4
Transportation 0.8
Utilities 3.7
100.0%
INTERNATIONAL GROWTH & INCOME
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
· Enlarge/Download Table
APRIL 30, 1994 (UNAUDITED)
ASSETS
Investment in securities, at value (including repurchase agreements of $243,520,000) (cost $1,411,000,157) $ 1,433,075,300
(Notes 1 and 2) - See accompanying schedule
Long foreign currency contracts held, at value (cost $73,573,499) 75,224,816
(Note 2)
Short foreign currency contracts (Note 2) $ (636,877,867
Contracts held, at value )
Receivable for contracts held 613,184,856 (23,693,011)
Cash 255,588
Receivable for investments sold 16,987,725
Receivable for fund shares sold 4,850,441
Dividends receivable 1,900,643
Interest receivable 9,131,479
Receivable for daily variation on futures contracts 149,000
TOTAL ASSETS 1,517,881,981
LIABILITIES
Payable for foreign currency contracts held (Note 2) 73,573,499
Payable for investments purchased 34,906,042
Net payable for closed foreign currency contracts 54,654
Payable for fund shares redeemed 3,902,049
Accrued management fee 890,336
Written options, at value (premium received $1,186,602) 2,200,423
Other payables and accrued expenses 839,353
TOTAL LIABILITIES 116,366,356
NET ASSETS $ 1,401,515,625
Net Assets consist of (Note 1):
Paid in capital $ 1,328,901,985
Undistributed net investment income 5,829,438
Accumulated undistributed net realized gain (loss) on investments 71,262,424
Net unrealized appreciation (depreciation) on:
Investment securities 22,075,143
Foreign currency contracts (22,041,694)
Futures contracts (3,497,850)
Written options (1,013,821)
NET ASSETS, for 80,470,637 shares outstanding $ 1,401,515,625
NET ASSET VALUE offering price and redemption price per share ($1,401,515,625 (divided by) 80,470,637 shares)(Note 4)$17.42
STATEMENT OF OPERATIONS
· Enlarge/Download Table
SIX MONTHS ENDED APRIL 30, 1994 (UNAUDITED)
INVESTMENT INCOME $ 5,305,663
Dividends
Interest 12,468,044
17,773,707
Less foreign taxes withheld (Note 1) (771,552
)
TOTAL INCOME 17,002,155
EXPENSES
Management fee (Note 4) $ 4,730,611
Transfer agent fees (Note 4) 2,023,176
Accounting fees and expenses 261,998
(Note 4)
Non-interested trustees' compensation 3,450
Custodian fees and expenses 486,697
Registration fees 56,570
Audit 22,120
Legal 6,610
Interest (Note 5) 1,526
Miscellaneous 3,589
TOTAL EXPENSES 7,596,347
NET INVESTMENT INCOME 9,405,808
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTES 1 AND 2)
Net realized gain (loss) on:
Investment securities 67,735,791
Foreign currency contracts (4,728,562
)
Futures contracts 8,479,350 71,486,579
Change in net unrealized appreciation (depreciation) on:
Investment securities (48,663,759
)
Foreign currency contracts (23,468,383
)
Futures contracts (3,497,850
)
Written options (1,013,821 (76,643,813
) )
NET GAIN (LOSS) (5,157,234
)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 4,248,574
OTHER INFORMATION
Deferred sales charges withheld by $4,893
FDC (Note 4)
Accounting fees paid to FSC $258,637
(Note 4)
STATEMENT OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS SIX MONTHS YEAR ENDED
ENDED APRIL 30, OCTOBER 31,
1994 1993
(UNAUDITED)
· Enlarge/Download Table
Operations $ 9,405,808 $ 2,629,481
Net investment income
Net realized gain (loss) on investments 71,486,579 1,087,001
Change in net unrealized appreciation (depreciation) on investments (76,643,813) 73,793,319
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 4,248,574 77,509,801
Distributions to shareholders (3,499,228) (1,389,982)
From net investment income
From net realized gain (1,269,232) (29,697)
In excess of net realized gain (1,646,787) -
TOTAL DISTRIBUTIONS (6,415,247) (1,419,679)
Share transactions 825,452,361 1,037,700,151
Net proceeds from sales of shares
Reinvestment of distributions 6,281,537 1,310,736
Cost of shares redeemed (430,898,657) (172,260,456)
Net increase (decrease) in net assets resulting from share transactions 400,835,241 866,750,431
TOTAL INCREASE (DECREASE) IN NET ASSETS 398,668,568 942,840,553
NET ASSETS
Beginning of period 1,002,847,057 60,006,504
End of period (including undistributed net investment income of $5,829,438 and $3,611,891,
respectively) $ 1,401,515,625 $ 1,002,847,057
OTHER INFORMATION
Shares
Sold 46,666,227 64,336,913
Issued in reinvestment of distributions 363,935 99,073
Redeemed (24,692,694) (10,819,492)
Net increase (decrease) 22,337,468 53,616,494
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS
· Enlarge/Download Table
SIX MONTHS ENDED YEARS ENDED OCTOBER 31,
APRIL 30, 1994
(UNAUDITED)
SELECTED PER-SHARE DATA
1993 1992 1991 1990 1989
Net asset value, beginning of period
$ 17.25 $ 13.29 $ 13.99 $ 13.71 $ 12.87 $ 11.81
Income from Investment Operations
Net investment income
.13 .14** .31 .30(sub section) .25 .30
Net realized and unrealized gain (loss) on investments
.15# 4.14 (.84) .41 .75 .96
Total from investment operations
.28 4.28 (.53) .71 1.00 1.26
Less Distributions
From net investment income
(.06) (.31) (.16) (.38) (.16) (.13)
From net realized gain
(.02) (.01)(S DIAMOND) (.01)(S DIAMOND) (.05)(S DIAMOND) - (.07)(S DIAMOND)
In excess of net realized gain
(.03) - - - - -
Total distributions
(.11) (.32) (.17) (.43) (.16) (.20)
Net asset value, end of period
$ 17.42 $ 17.25 $ 13.29 $ 13.99 $ 13.71 $ 12.87
TOTAL RETURN (dagger)(diamond)
1.63% 32.94% (3.81)% 5.43% 7.79% 10.85%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted)
$ 1,401,516 $ 1,002,847 $ 60,007 $ 49,738 $ 35,380 $ 26,333
Ratio of expenses to average net assets
1.26%* 1.52% 1.62% 1.89% 1.98% 1.92%
Ratio of expenses to average net assets before expense
1.26%* 1.52% 1.62% 1.89% 1.98% 2.16%
reductions
Ratio of net investment income to average net assets
1.56%* .87% 2.78% 2.86% 2.31% 1.98%
Portfolio turnover rate
184%* 24% 76% 117% 102% 147%
* ANNUALIZED
(sub section) INCLUDES $.02 PER SHARE FROM RECOVERY OF FOREIGN TAXES PREVIOUSLY WITHHELD ON DIVIDEND AND INTEREST PAYMENTS.
(S DIAMOND) INCLUDES AMOUNTS DISTRIBUTED FROM NET REALIZED GAINS ON FOREIGN CURRENCY RELATED TRANSACTIONS TAXABLE AS ORDINARY
INCOME.
** NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
(dagger) TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
# THE AMOUNT SHOWN FOR A SHARE OUTSTANDING DOES NOT CORRESPOND WITH THE AGGREGATE NET GAIN (LOSS) ON INVESTMENTS FOR THE
PERIOD ENDED DUE TO THE TIMING OF
SALES AND REPURCHASES OF FUND SHARES IN RELATION TO FLUCTUATING MARKET VALUES OF THE INVESTMENTS OF THE FUND.
(diamond) THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE PERIODS SHOWN.
OVERSEAS
INVESTMENTS APRIL 30, 1994 (UNAUDITED)
Showing Percentage of Total Value of Investment in Securities
COMMON STOCKS - 76.8%
SHARES VALUE (NOTE 1)
ARGENTINA - 0.1%
YPF Sociedad Anonima sponsored ADR
representing Class D shares 83,500 $ 2,066,625 98424510
AUSTRALIA - 2.0%
Ampolex Ltd. Ord. 1,631,500 5,134,853 03212792
Brambles Industries 404,000 4,167,111 10599010
FAI Insurance Ltd. Ord. 3,866,800 2,655,293 30239330
Hazelton Airlines Ltd. 721,400 1,444,849 42199522
Lend Lease Corp. Ltd. 190,000 2,321,291 52599292
Pioneer International Ltd. 966,700 1,991,460 72371110
TNT Ltd. (b) 3,141,200 4,808,360 93599292
Westpac Banking Corp. 4,924,181 16,730,791 96121410
39,254,008
AUSTRIA - 0.6%
Austrian Airlines/Oster Luftve 4,400 753,691 05299A22
Mayr Melnhof Karton AG (c) 33,000 2,107,682 57847192
OEMV AG 48,800 4,099,746 67399592
Steyr Daimler Puch AG 83,500 1,746,546 86099322
Verbund Gesellschaft 46,000 2,450,958 92299999
11,158,623
BELGIUM - 1.1%
Delhaize 137,700 5,515,025 24650010
Petrofina SA 9,200 2,879,510 71648510
Solvay 27,505 13,386,979 83425810
21,781,514
BERMUDA - 0.2%
Consolidated Electric Power Asia Ltd.
sponsored ADR (c) 67,400 968,875 20855210
Jardine Strategic Holdings Ord. 894,500 3,277,063 47199020
4,245,938
BRAZIL - 0.7%
Coteminas PN 4,900,000 1,328,390 22199692
Telebras PN (Pfd. Reg.) 344,286,800 12,413,994 95499792
13,742,384
CANADA - 0.6%
Abitibi-Price, Inc. 274,700 3,253,209 00368010
Noranda, Inc. 460,700 8,038,178 65542210
11,291,387
FINLAND - 0.8%
Amer Group Ltd. Class A 221,900 5,716,883 02351210
Huhtamaki Ord. 83,900 3,336,295 44499392
Kansallis-Osake-Pankki 322,600 728,740 48199210
Outokumpu OY Class A (b) 270,100 4,346,652 69099992
Repola OY 65,200 1,158,798 75999A92
Unitas Bank Ltd. B Free shares 109,200 291,529 90499123
15,578,897
FRANCE - 6.5%
Accor SA 63,700 8,286,179 00439991
Assurances Generales (Reg.) 32,400 3,109,438 04557510
BNP Ord. 221,520 10,390,845 05599996
Bail Investissement (b) 7,900 1,354,365 05699092
Club Mediterranee 3,700 280,937
Credit Lyonnais CI 31,900 3,117,833 22799392
Elf Aquitaine 207,400 15,197,604 28627199
Financiere Bank de Suez Cie 105,900 6,118,542 31799110
GAN (Groupe des Assur. Natl.) 89,900 6,975,274 36599792
Klepierre SA (b) 3,600 402,121 49899822
Lafarge Coppee 187,400 15,202,651 50586310
Paribas SA (Cie Financiere) Class A (b) 57,600 4,415,186 73999192
SHARES VALUE (NOTE 1)
Pechiney SA CIP 32,150 $ 2,284,252 70599310
Peugeot SA Ord. (b) 124,400 19,677,978 71682510
Plastic Omnium Cie 28,850 3,803,835 72799622
Rhone Poulenc SA Class A 292,750 8,014,667 76242695
Salomon SA 3,600 1,342,524 93099292
Skis Rossignol SA 710 253,482 83099C22
Sophia SA 12,375 1,058,590 84199C22
Total Compagnie Francaise des Petroles
Class B 175,700 10,216,561 20434510
Unibail 47,340 4,267,126 90499592
Vallourec 51,500 2,990,059 92017610
128,760,049
GERMANY - 6.6%
Allianz Versich Holdings Ord.
(Reg.) (b) 3,350 5,241,717 01882495
BASF AG 26,900 5,355,605 05526230
Bayer AG 97,700 23,261,342 07273010
Bayerische Motor Werke (BMW) (b) 19,500 10,622,430 05528310
Computer AG (b) 8,600 3,847,642 20599492
Continental Gummi-Werke AG (b) 65,000 11,388,755 21199010
Deutsche Bank AG 33,300 15,727,908 25152592
Hoechst AG Ord. 101,300 22,323,972 43439010
Kolbenschmidt AG 9,300 1,326,965 50799792
Sixt AG Ord. (b) 6,035 1,988,558 83002199
Thyssen AG Ord. 87,400 15,128,549 88629110
Veba Vereinigte Elektrizetaets &
Bergwerks AG Ord. 42,430 13,183,057 92239110
129,396,500
GHANA - 0.1%
Ashanti Goldfields GDR (c) 49,000 1,078,000
HONG KONG - 0.5%
Dairy Farm International Holdings Ltd.
Ord. 1,196,000 1,749,557 23385910
Dickson Concept 3,952,000 2,660,368 25399210
Hong Kong Land Holdings Ltd. 1,311,000 3,682,822 43858292
Jardine Matheson & Co. Ltd. Ord. 316,000 2,065,841 47111510
10,158,588
INDIA - 0.0%
ITC Ltd. GDS (warrants) (b)(c) 19,000 142,500 45031811
INDONESIA - 0.6%
Astra International (For. Reg.) 110,000 836,527 04699894
Bank International Indonesia Ord. (b) 1,556,300 4,510,422 06199B92
Jakarta International Hotels &
Development Ord. 3,017,400 4,337,482 47399693
Sampoerna, Hanjaya Mandala 400,000 3,060,468 82299892
12,744,899
IRELAND - 0.4%
Bank of Ireland U.S. Holdings, Inc. 727,000 2,989,737 06278793
Fyffes PLC 1,306,100 1,922,553 34999G22
Independent 381,750 1,911,709 45399E92
Smurfit (Jeff) Group PLC 356,100 1,729,222 84699793
8,553,221
ITALY - 2.0%
Alitalia (Linee Aeree Italy) Class A 3,333,000 3,110,789 01608910
Assicurazioni Generali Spa 478,200 13,962,474 04542910
Montedison Spa Ord. 6,337,300 6,314,422 61237610
SAI (Soc. Assicur Industriale) 355,000 5,160,255 78399110
SIP Spa 3,031,600 9,071,517 78401792
Safilo (Sta Azionaria Fab) Spa 371,800 2,203,986 78499999
39,823,443
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
JAPAN - 20.5%
ADO Electronic Industrial Co. 76,000 $ 2,537,575 00699992
Advantest Corp. 143,000 4,859,156 00799010
Alpine Electronics, Inc. (warrant #1) 150 367,500 02099193
Alps Electric Co. Ltd. 271,000 3,790,209 02199292
Amadasonoike Co. Ltd. 219,000 1,660,889 02499492
Aoyama Trading Co. Ord. 105,000 4,860,633 03799092
Asahi Glass (warrants) (b) 200 200,000 04339392
Autobacs Seven Co. Ltd. 34,700 4,443,022 05299392
Bridgestone Corp. 441,000 6,602,189 10844110
Canon, Inc. 984,000 15,991,328 13780199
Canon, Inc. (warrants) (b) 150 150,000 13800695
Casio Computer Co. Ltd. Ord. 224,000 2,779,869 14761893
Chudenko Corporation 43,000 1,655,964 17123410
Cosmo Oil Company Ltd. 306,000 2,519,610 22199092
Daiwa House Industry Co. Ltd. 72,000 1,085,000 23406299
Daiwa House Industry Co. Ltd.
(warrants) (b) 75 75,000 23406297
East Japan Railway Ord. (b) 1,100 5,222,102 27399722
Fujitsu Ltd. (b) 1,274,000 12,798,973 35959010
Futaba Industrial Co. Ltd. (b) 123,000 2,301,783 38299192
Hanshin Department Store 88,000 693,391 41199292
Hitachi Ltd. 2,409,000 22,777,890 43357810
Hitachi Maxell Ltd. 514,000 10,378,215 43358990
Honda Motor Co. Ltd. 622,000 10,292,128 43812810
Ishihara Sangyo Kaisha Ltd. 657,000 2,763,112 46427899
Izumi Co. Ord. 86,000 2,066,779 46399292
Japan Airlines Co. Ltd. 623,000 4,356,645 47103420
Joshin Denki Co. Ltd. Ord. 178,000 2,822,614 48199999
Kawasaki Steel Corp. 1,058,000 3,866,027 48636810
Komatsu Ltd. Ord. 693,000 6,197,617 50045899
Kyocera Corporation 26,000 1,638,925 50155610
Marubeni Corp. (b) 662,000 3,384,005 57381010
Marukyo Corp. 55,000 1,950,162 57899792
Matsushita Electric Industrial Co. Ltd. 779,000 12,813,257 57687910
Minebea Co. 924,000 6,188,518 60299392
Mitsubishi Heavy Industry 583,000 3,875,947 60699310
Mitsubishi Petro Chemical 464,000 3,107,654 60690910
Mitsubishi Trust & Banking 682,000 10,075,841 60699410
Mitsui Petrochemical Industries, Inc. (b) 385,000 3,090,464 60691110
Mitsui Trust and Banking 206,000 2,231,853 60684699
Murata Manufacturing Co. Ord. 403,000 17,464,791 62699110
NGK Spark Plug Co. (warrants) (b) 150 465,000 64499922
Nichido Fire & Marine Insurance Co. 710,000 5,860,141 65399920
Nikko Securities 269,000 3,232,344 65399010
Nippon Sheet Glass (warrants) (b) 350 153,125 65461393
Nippon Shinpan Ltd. 226,000 2,136,905 65461710
Nippon Telegraph & Telephone Ord. (b) 600 5,212,253 65462492
Nissan Motor Co. Ltd. Ord. 824,000 6,979,610 65474491
Nomura Securities Co. Ltd. 702,000 15,280,413 65536130
Oji Paper Ltd. (b) 359,000 3,429,825 67811810
Orix Corp. 441,000 16,809,513 68616710
Pioneer Electronic Corp. 134,000 3,444,696 72365710
Rohm Co. Ltd. 245,000 9,700,581 77536110
Sanwa Bank 183,000 3,965,330 80399410
Sharp Corp. 246,000 4,022,063 81989991
Sharp Corp. (warrants #1) (b) 900 522,752 81989994
Sony Corp. 278,700 15,811,208 83569999
Sumitomo Realty & Development Co. Ltd. 479,000 3,113,759 86562310
Sumitomo Rubber Industries 187,000 1,823,401 86699892
Sumitomo Trust & Banking Co. 414,000 5,708,658 86599310
Suzuki Motor Corp. 443,000 5,890,376 86958592
TDK Corp. 397,000 17,908,599 87235110
Tokio Marine & Fire Insurance Co. Ltd.
(The) 675,000 8,642,767 88909099
Tokyo Electron Ltd. 75,000 2,385,994 89499999
SHARES VALUE (NOTE 1)
Tokyo Electron Ltd. (warrant #2) (b) 500 $ 262,500 89499922
Tokyo Style Co. Ltd. 659,000 12,007,784 88999410
Toppan Printing (warrants) (b) 200 90,000 89074792
Toshiba Corp. 2,649,000 20,089,937 89149310
Toyobo Co. 713,000 3,167,175 90899392
Toyota Motor Corp. 1,007,000 19,737,321 89399999
Yamaha Motor Co. Ltd. (b) 22,000 195,016 98456092
403,985,683
KOREA (SOUTH) - 0.7%
Cho Hing Bank Co. Ltd. 79,000 821,592 17099E22
Korea Electric Power Corp. 285,000 9,879,901 50099B92
Korea First Securities Co. (b) 5,100 104,816 50099K22
Kyungki Bank Ltd. (b) 135,000 1,462,486 61999922
Seoul Securities Co. (b) 120,870 2,124,989 83599P22
14,393,784
LUXEMBOURG - 0.3%
Arbed SA 35,100 5,042,734 03899030
MALAYSIA - 0.6%
Ekran BHD Ord. (b) 313,000 2,653,335 28299792
KL Industries Holdings BHD 570,000 898,274 49799B92
Magnum Corp. BHD 960,000 2,258,573 55999392
Resorts World BHD 497,000 2,784,000 76199592
Telekom Malaysia BHD 324,000 2,419,898 94099892
Time Engineering BHD (b) 317,000 1,000,319 93099592
12,014,399
MEXICO - 1.0%
Grupo Dina (Consorcio G) ADR (b) 117,200 1,508,950 21030610
Grupo Financiero Bancomer SA de CV
sponsored ADR, Series C (c) 189,800 4,673,825 40048610
Telefonos de Mexico SA sponsored ADR
representing shares Ord. Class L 230,400 13,564,800 87940378
19,747,575
NETHERLANDS - 5.1%
Akzo Nobel NV Ord. 135,400 16,315,099 01019910
DSM NV 122,400 9,124,783 23332H92
Fokker Aircraft Ord. 79,500 710,854 34419010
Frans Maas Groep NV (Koninklj) 90,600 2,464,476 35399322
Hoogovens en Staalfabrieken (b) 128,800 5,009,082 43888410
International Nederlanden Groep CVA 223,000 9,321,195 46099892
KBB (Kon Bijenkorf Beheer) NV:
Ord. 56,700 3,246,544 48130092
(right) 56,700 24,433 48130095
KLM Royal Dutch Airlines Ord. (b) 145,100 4,181,444 48251620
Oce Van Der Grinten NV 288,500 12,680,637 67462710
Philips Electronics (b) 623,300 18,230,646 71833799
Pirelli Tyre Holdings NV Ord. (b) 1,788,000 17,817,402 72499092
Wereldhave NV 33,600 1,994,463 95199E22
101,121,058
NEW ZEALAND - 0.2%.
Fletcher Challenge Ltd. (Reg.) (b) 1,665,500 3,240,797 33999592
NORWAY - 1.8%
Bergesen Group:
Class A 168,800 3,745,301 08399010
Class B 347,200 7,703,604 08399011
Christiania Bank Free shares Ord. (b) 1,760,000 3,548,934 17100792
Den Norske Bank Class A
Free shares (b) 1,267,700 3,423,056 25299792
Norsk Hydro AS ADR (b) 66,200 2,242,525 65653160
Norske Skogindustrier AS:
A Free shares (b) 127,200 3,017,541 66499594
(rights) (b) 127,200 33,726 66499596
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
NORWAY - CONTINUED
Olav Thon Eiendomsselskp Ord. 81,300 $ 1,179,889 67941099
Orkla AS Class B (non-vtg.) 152,400 4,827,563 39299192
Unitor AS 286,300 5,713,137 91699392
35,435,276
SINGAPORE - 0.7%
Neptune Orient Lines Ltd. (b) 9,003,000 13,143,480 64099610
Van Der Horst Ltd. 244,000 1,161,233 92099C22
14,304,713
SPAIN - 4.7%
Acerinox SA (Reg.) 35,775 3,744,251 00499192
Argentaria Corp. Bancaria de Esp 108,600 4,719,109 21991392
Banco Bilbao Vizcaya SA Ord. (Reg.) 472,900 11,293,396 05945891
Banco Intercontinental Espanol 100,750 8,980,501 24699592
Corporacion Mapfre International Reas
(Reg.) (b) 188,250 7,984,456 16899192
Empresa Nacional de Celulosa SA 92,300 1,600,896 29299N22
FOCSA (Fomento Construciones
Contrata) 43,975 4,883,389 34418599
FOCSA (Fomento Construciones
Contrata) (c) 16,000 1,776,787 34418593
Iberdrola SA 729,500 5,239,940 45499892
Repsol SA:
Ord. (b) 359,700 11,996,678 76026T10
sponsored ADR 46,600 1,537,800 76026T20
Telefonica de Espana SA Ord. 1,422,400 19,335,138 87938210
Union Electrica Fenosa 1,513,200 7,575,836 90659510
Uralita SA (b) 238,450 2,479,704 91799310
Vallehermoso SA 25,583 494,082 91899224
93,641,963
SWEDEN - 3.7%
ASG AB Class B Free Shares Ord. 84,200 1,437,030 16599C22
Aktiebolaget Electrolux 251,700 13,415,894 01019810
Frontline (b) 453,000 1,219,163 35999F22
ICB Shipping Class B (b) 108,333 1,308,456 44999B92
Investor AB B Free shares 114,700 2,815,888 46199A92
Marieberg Tidnings A Free shares (b) 84,000 2,216,592 56799392
SKF AB Ord. (b) 660,600 13,615,970 78437530
Scribona AB B Free shares 17,900 117,499 81199B92
Skandia Forsikring (rights) 114,600 130,893 83055592
Skandia International Holding Co. AB
ADR 114,600 2,061,178 83055510
Skandinaviska Enskilda Banken Class A
Free shares 1,178,600 8,123,371 88099222
Skanska Class B (b) 487,200 12,024,734 93899392
Volvo Aktiebolaget Class B 160,700 15,000,157 92885630
73,486,825
SWITZERLAND - 5.7%
Adia SA (Bearer) 46,800 8,138,260 00699793
Alusuisse Lonza (Reg.) 33,611 16,288,693 02239994
Baloise Holding (Reg.) (b) 6,700 12,271,674 05899195
C.S. Holdings (Reg.) (b) 135,600 11,548,445 17599795
Ciba-Geigy AG:
(Reg.) 36,665 21,871,222 17199492
(warrants) (b) 1,480 10,548 17199494
Fischer (Georg) AG (Reg.) 23,300 4,616,328 33771192
Globus Magazine Part. Cert. 9,400 6,263,764 37957792
Holderbank Financiere AG PC (Bearer) 28,325 19,379,254 43479593
Surveillance, Societe Generale (Bearer) (b) 1,690 2,541,353 86901193
Swiss Bank Corp. (Bearer) (b) 31,050 8,674,482 87083610
Von Roll AG (Reg.) 17,350 1,854,755 94599094
113,458,778
SHARES VALUE (NOTE 1)
THAILAND - 0.2%
Phatra Thanakit (For. Reg.) 11,300 $ 384,146 71799593
Ruam Pattana Fund II (For. Reg.) 2,683,000 1,571,648 76999523
Ruang Khao Unit Trust (For. Reg.) (b) 2,633,900 1,647,504 77399393
3,603,298
UNITED KINGDOM - 8.8%
Avon Rubber 147,800 1,356,934 05399010
BET Public Ltd. Co. Ord. 4,570,000 8,599,369 05538H10
Barclays PLC Ord. 1,396,700 10,809,410 06738E10
Bass PLC Ord. 753,400 6,505,293 06990492
British Petroleum PLC Ord. 1,296,300 7,593,142 11088910
British Steel PLC Ord. 6,075,300 14,059,399 11101510
British Vita Ord. 1,115,900 5,198,677 11199192
English China Clay PLC 1,248,800 9,153,117 29321792
Forte PLC (b) 1,521,100 5,470,606 34999592
General Electric PLC Ord. 1,165,100 5,357,165 36963940
Great Universal Stores PLC Ord. Class A 658,400 5,994,732 39133420
Ladbroke Group PLC Ord. 4,086,800 11,504,179 50572799
Lloyds Abbey Life 589,200 3,384,212 53801099
London International Group 783,900 1,249,051 54183310
Midlands Electricity PLC 856,200 7,405,916 59780293
National Westminster Bank PLC Ord. 918,080 6,290,234 63853930
North West Water Ord. 721,600 5,288,989 67299195
RTZ Corp. PLC Ord. (b) 273,400 3,509,923 74974K50
Rolls Royce Ltd. Ord. 1,600,399 4,942,208 77577910
Royale Insurance Co. Ltd. 825,500 3,294,595 78074910
Sainsbury J. PLC Ord. 501,200 2,829,324 78710310
Sedgwick Group 307,400 918,966 81482610
Shanks & McEwan Group PLC 704,200 1,143,431 81999294
Taylor Woodrow PLC 1,177,500 2,644,547 87667410
Trafalgar House PLC Ord. 1,020,900 1,626,682 89270710
Vickers PLC Ord. units 5,188,775 15,747,932 92549310
Vodafone Group PLC 490,000 4,041,329 92857T92
Whitbread Class A 1,346,600 11,116,452 96341499
Willis Coroon PLC Ord. (b) 1,760,900 6,145,866 97062410
173,181,680
TOTAL COMMON STOCKS
(Cost $1,237,442,272) . . . . . . . . . . . . . . . . . . . .
1,516,435,139
NONCONVERTIBLE PREFERRED STOCKS - 4.8%
AUSTRIA - 0.6%
Creditanstaldt Bank (b) 160,500 9,435,895 22539210
Maculan Holding Ord. 18,300 1,762,660 55699594
11,198,555
GERMANY - 0.7%
Boss (Hugo) AG 4,250 2,703,144 44451094
FAG Kugelfischer Georg Schaef 35,200 5,022,491 50105492
Porsche AG Ord. 10,300 5,436,457 73380110
13,162,092
ITALY - 3.4%
Banco Ambro Veneto N/C Risp 2,320,900 4,873,844 06399592
Fiat Spa Priv. cumulative 5,409,600 15,061,462 31562120
Gilardini Risp Spa 460,400 926,187 40099392
SAI (Sta. Assicur. Industriale) N/C Risp 1,190,200 9,217,016 78399192
SIP (Societa Ital. Per L'Eser) Spa Di Risp
N/C Ord. 350,000 866,323 78401796
Stet (Societa Finanziaria
Telefonica Spa) 10,868,400 35,571,730 85982592
Unicem Di Risp 368,900 1,884,367 91199792
68,400,929
NONCONVERTIBLE PREFERRED STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
KOREA (SOUTH) - 0.1%.
Korea First Securities Co. (b) 67,462 $ 1,261,205 50099K23
TOTAL NONCONVERTIBLE PREFERRED STOCKS
(Cost $58,784,694) 94,022,781
CORPORATE BONDS - 0.1%
MOODY'S RATINGS PRINCIPAL
AMOUNT (A)
CONVERTIBLE BONDS - 0.1%
GRAND CAYMAN - 0.1%
Bangkok Land euro 4 1/2%,
10/13/03 (c) - $ 600,000 531,000 06099LAA
CTII Overseas Finance Ltd. euro
4 1/4%, 11/18/98 (c) - 605,000 490,050 126995AA
Peregrine Investment Financial
Cayman Ltd. 4 1/2%,
12/1/00 (c) - 1,200,000 954,000 693393AA
TOTAL CORPORATE BONDS
(Cost $2,405,000) 1,975,050
GOVERNMENT OBLIGATIONS (F) - 1.9%
ARGENTINA - 0.5%
Argentina Republic BOCON
4%, 4/1/01 (d) B1 14,720,251 10,298,435 039995AF
BRAZIL - 0.5%
Brazil Federative Republic IDU
euro 4.3125%, 1/1/01 (d) B2 13,315,500 9,670,382 1057569E
DENMARK - 0.5%
Danish Government Bullet 7%,
12/15/04 Aa1 DKK 62,500,000 9,504,845 249998AV
FRANCE - 0.4%
French Government Strips
0%, 4/25/23 Aaa FRF 420,000,000 8,618,232 351996BL
TOTAL GOVERNMENT OBLIGATIONS
(Cost $40,691,887) 38,091,894
INDEXED SECURITIES - 0.6%
UNITED STATES OF AMERICA - 0.6%
Bankers Trust Company 0%,
1/31/95 (coupon inversely
indexed to STIBOR and
principal indexed to value of
2-year Swedish securities,
both multiplied by 9) (e) 1,000,000 569,500 06699DAC
Bayerische Landesbank cert. of
dep. 6.2675%, 1/27/95
(coupon inversely indexed
to HELIBOR and principal
indexed to value of 2-year
Finnish securities, both
multiplied by 8) (e) 8,300,000 5,121,100 072999AU
PRINCIPAL VALUE (NOTE 1)
AMOUNT (A)
Citibank Nassau:
0%, 1/31/95 (coupon
inversely indexed to STIBOR
and principal indexed to
2-year Swedish securities,
both multiplied by 9) (e) $ 700,000 $ 412,860 223991BT
4 5/8%, 7/30/96 (inversely
indexed to 1-year SEK
swap rate, multiplied
by 10) (d) 1,125,000 883,462 223991AH
ITT Corp. 3.66%, 6/27/94
(inversely indexed to 1-year
SEK swap rate, multiplied
by 10) 5,000,000 4,800,500 4506799M
TOTAL INDEXED SECURITIES
(Cost $16,125,000) 11,787,422
REPURCHASE AGREEMENTS - 15.8%
MATURITY
AMOUNT
Investments in repurchase agreements
(U.S. Treasury obligations), in a joint
trading account at 3.56% dated
4/29/94 due 5/2/94 $ 311,756,460 311,664,000
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $1,667,112,853) . . . . . . . . . . . . . . . . . . . .
$1,973,976,286
FORWARD FOREIGN CURRENCY CONTRACTS
SETTLEMENT UNREALIZED
DATE(S) VALUE GAIN/(LOSS)
CONTRACTS TO BUY
1,172,422,435 BEF 5/4/94 $ 34,366,702 $ 661,874
75,419,000 CHF 5/9/94 53,748,628 965,621
79,820,931 DKK 5/16/94 12,304,070 281,759
3,956,826,000 ESP 5/3/94 29,377,717 625,057
59,195,000 FIM 5/5/94 11,049,038 457,129
73,880,000 NOK 5/2/94 10,308,574 221,328
90,507,500 SEK 5/5/94 11,874,866 459,043
TOTAL CONTRACTS TO BUY
(Payable amount $159,357,784) $ 163,029,595 $ 3,671,811
THE VALUE OF CONTRACTS TO BUY AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 8.3%
FORWARD FOREIGN CURRENCY CONTRACTS - CONTINUED
SETTLEMENT UNREALIZED
DATE(S) VALUE GAIN/(LOSS)
CONTRACTS TO SELL
1,172,422,435 BEF 5/4/94 $ 34,366,702 $ (1,797,150)
75,419,000 CHF 5/9/94 53,748,628 (1,847,202)
79,820,931 DKK 5/16/94 12,304,070 (540,441)
3,956,826,000 ESP 5/3/94 29,377,717 (1,591,505)
59,195,000 FIM 5/5/94 11,049,038 (377,504)
425,178,909 FRF 5/16/94 75,076,044 (2,941,532)
5,889,637,000 JPY 7/6/94 58,230,216 (1,230,216)
21,434,577 NLG 6/13/94 11,529,049 (113,226)
73,880,000 NOK 5/2/94 10,308,574 (433,549)
90,507,500 SEK 5/5/94 11,874,866 (547,978)
TOTAL CONTRACTS TO SELL
(Receivable amount $296,444,601) $ 307,864,904 $ (11,420,303)
THE VALUE OF CONTRACTS TO SELL AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 15.6%
CURRENCY ABBREVIATIONS
BEF - Belgian franc
DKK - Danish krone
NLG - Dutch guilder
FIM - Finnish markka
FRF - French franc
JPY - Japanese yen
NOK - Norwegian krone
ESP - Spanish peseta
SEK - Swedish krona
CHF - Swiss franc
LEGEND
(a) Principal amount is stated in United States dollars unless otherwise
noted.
(b) Non-income producing
(c) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $12,722,719 or 0.6% of net
assets.
(d) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(e) Inverse floating rate security is a security where the coupon is
inversely indexed to a floating interest rate multiplied by a specified
factor. If the floating rate is high enough, the coupon rate may be zero or
be a negative amount that is carried forward to reduce future interest
and/or principal payments. The price may be considerably more volatile than
the price of a comparable fixed rate security.
(f) For some foreign government obligations have not been rated by S&P
or Moody's. The ratings listed are assigned to securities by FMR, the
fund's investment adviser, based principally on S&P and Moody's ratings
of the sovereign credit of the issuing government.
OTHER INFORMATION
Purchases and sales of securities, other than short-term securities,
aggregated $650,869,056 and $496,426,949, respectively.
The fund placed a portion of its portfolio transactions with brokerage
firms which are affiliates of FMR. The commissions paid to these affiliated
firms were $3,822 for the period.
INCOME TAX INFORMATION
At April 30, 1994, the aggregate cost of investment securities for income
tax purposes was $1,667,315,363. Net unrealized appreciation aggregated
$306,660,923, of which $342,407,559 related to appreciated investment
securities and $35,746,636 related to depreciated investment securities.
At October 31, 1993, the fund had a capital loss carryforward of
approximately $46,417,000 which will expire on October 31, 2001.
INDUSTRY DIVERSIFICATION
As a Percentage of Total Value of Investments
Aerospace & Defense 0.3%
Basic Industries 11.4
Conglomerates 0.2
Construction & Real Estate 4.4
Durables 12.6
Energy 3.6
Finance 17.5
Government Obligations 1.9
Health 1.6
Industrial Machinery & Equipment 3.8
Media & Leisure 2.1
Nondurables 1.9
Precious Metals 0.1
Repurchase Agreements 15.8
Retail & Wholesale 2.0
Services 2.4
Technology 7.6
Transportation 3.0
Utilities 7.8
100.0%
OVERSEAS
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
· Enlarge/Download Table
APRIL 30, 1994 (UNAUDITED)
ASSETS
Investment in securities, at value (including repurchase agreements of $311,664,000) (cost $1,667,112,853) $ 1,973,976,286
(Notes 1 and 2) - See accompanying schedule
Long foreign currency contracts held, at value (cost $159,357,784) (Note 2) 163,029,595
Short foreign currency contracts $ (307,864,904
(Note 2) )
Contracts held, at value
Receivable for contracts held 296,444,601 (11,420,303)
Cash 121,399
Receivable for investments sold 12,880,917
Receivable for fund shares sold 10,546,710
Dividends receivable 5,220,075
Interest receivable 916,851
Other receivables 15,417
TOTAL ASSETS 2,155,286,947
LIABILITIES
Payable for foreign currency contracts held (Note 2) 159,357,784
Payable for investments purchased 28,615,163
Payable for fund shares redeemed 2,940,025
Accrued management fee 1,328,718
Other payables and accrued expenses 1,308,601
TOTAL LIABILITIES 193,550,291
NET ASSETS $ 1,961,736,656
Net Assets consist of (Note 1)
Paid in capital $ 1,647,091,794
Distributions in excess of net investment income (14,895,486)
Accumulated undistributed net realized gain (loss) on investments 30,425,407
Net unrealized appreciation (depreciation) on:
Investment securities 306,863,433
Foreign currency contracts (7,748,492)
NET ASSETS, for 67,780,950 shares outstanding 1,961,736,656
NET ASSET VALUE and redemption price per share ($1,961,736,656 (divided by) 67,780,950 shares) (Note 4) $28.94
Maximum offering price per share (100/97.00 of $28.94) (Note 4) $29.84
STATEMENT OF OPERATIONS
· Enlarge/Download Table
SIX MONTHS ENDED APRIL 30, 1994 (UNAUDITED)
INVESTMENT INCOME $ 11,298,515
Dividends
Interest 5,135,710
16,434,225
Less foreign taxes withheld (Note 1) (911,587
)
TOTAL INCOME 15,522,638
EXPENSES
Management fee (Note 4) $ 6,432,030
Basic fee
Performance adjustment 264,345
Transfer agent fees (Note 4) 2,608,135
Accounting fees and expenses 330,062
(Note 4)
Non-interested trustees' compensation 4,909
Custodian fees and expenses 736,020
Registration fees 99,284
Audit 42,759
Legal 11,508
Miscellaneous 8,439
TOTAL EXPENSES 10,537,491
NET INVESTMENT INCOME 4,985,147
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTES 1 AND 2)
Net realized gain (loss) on:
Investment securities 78,583,929
Foreign currency contracts (1,547,765 77,036,164
)
Change in net unrealized appreciation (depreciation) on:
Investment securities 58,545,163
Foreign currency contracts (11,307,078 47,238,085
)
NET GAIN (LOSS) 124,274,249
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 129,259,396
OTHER INFORMATION $997,546
Sales charges paid to FDC (Note 4)
Accounting fees paid to $330,034
FSC (Note 4)
STATEMENT OF CHANGES IN NET ASSETS
· Enlarge/Download Table
INCREASE (DECREASE) IN NET ASSETS SIX MONTHS YEAR ENDED
ENDED APRIL 30, OCTOBER 31,
1994 1993
(UNAUDITED)
Operations $ 4,985,147 $ 10,233,528
Net investment income
Net realized gain (loss) on investments 77,036,164 (49,776,636)
Change in net unrealized appreciation (depreciation) on investments 47,238,085 370,524,952
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 129,259,396 330,981,844
Distributions to shareholders (13,783,657) (11,187,669)
From net investment income
In excess of net investment income (9,769,269) -
From net realized gain - (75,938,524)
TOTAL DISTRIBUTIONS (23,552,926) (87,126,193)
Share transactions 865,135,868 854,803,474
Net proceeds from sales of shares
Reinvestment of distributions 22,885,934 84,813,750
Cost of shares redeemed (522,657,933) (494,651,306)
Net increase (decrease) in net assets resulting from share transactions 365,363,869 444,965,918
TOTAL INCREASE (DECREASE) IN NET ASSETS 471,070,339 688,821,569
NET ASSETS
Beginning of period 1,490,666,317 801,844,748
End of period (including under (over) distribution
of net investment income of $(14,895,486) and $ 1,961,736,656 $ 1,490,666,317
$7,779,873, respectively)
OTHER INFORMATION
Shares
Sold 30,931,925 35,327,981
Issued in reinvestment of distributions 855,350 4,255,602
Redeemed (18,895,005) (21,200,545)
Net increase (decrease) 12,892,270 18,383,038
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS
· Enlarge/Download Table
SIX MONTHS ENDED YEARS ENDED OCTOBER 31,
APRIL 30, 1994
(UNAUDITED)
SELECTED PER-SHARE DATA
1993 1992(TRI) 1991 1990 1989
Net asset value, beginning of period
$ 27.16 $ 21.96 $ 26.92 $ 27.47 $ 26.30 $ 25.30
Income from Investment Operations
Net investment income
.14 .27 .46 .54(sub section) .35 .30
Net realized and unrealized gain (loss) on investments
2.07 7.40 (3.82) .45 2.16 1.28
Total from investment operations
2.21 7.67 (3.36) .99 2.51 1.58
Less Distributions
From net investment income
(.25) (.37) (.44) (.46) (.21) (.24)
In excess of net investment income
(.18) - - - - -
From net realized gain
- (2.10)(S DIAMOND) (1.16) (1.08)(S DIAMOND) (1.13)(S DIAMOND) (.34)(S DIAMOND)
Total distributions
(.43) (2.47) (1.60) (1.54) (1.34) (.58)
Net asset value, end of period
$ 28.94 $ 27.16 $ 21.96 $ 26.92 $ 27.47 $ 26.30
TOTAL RETURN (dagger)
8.27% 39.01% (13.05)% 4.12% 9.58% 6.40%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted)
$ 1,961,737 $ 1,490,666 $ 801,845 $ 969,436 $ 1,011,152 $ 876,567
Ratio of expenses to average net assets
1.28%* 1.27% 1.52% 1.53% 1.26% 1.06%
Ratio of net investment income to average net assets
.61%* 1.00% 1.78% 2.19% 1.34% 1.06%
Portfolio turnover rate
67%* 64% 122% 132% 96% 100%
* ANNUALIZED
(TRI) AS OF NOVEMBER 1, 1991, THE FUND DISCONTINUED THE USE OF EQUALIZATION ACCOUNTING.
(dagger) TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
(sub section) INCLUDES $.08 PER SHARE FROM RECOVERY OF FOREIGN TAXES PREVIOUSLY WITHHELD ON DIVIDEND AND INTEREST PAYMENTS.
(S DIAMOND) INCLUDES AMOUNTS DISTRIBUTED FROM NET REALIZED GAINS ON FOREIGN CURRENCY RELATED TRANSACTIONS TAXABLE AS ORDINARY
INCOME.
WORLDWIDE
INVESTMENTS APRIL 30, 1994 (UNAUDITED)
Showing Percentage of Total Value of Investment in Securities
COMMON STOCKS - 75.8%
SHARES VALUE (NOTE 1)
ARGENTINA - 0.1%
Cinba SA Ord. 131,159 $ 420,550 17899B92
AUSTRALIA - 0.2%
Fosters Brewing Group Ltd. 1,212,500 1,066,782 35025810
BELGIUM - 0.5%
GB-INNO-BM SA GIB 50,000 2,301,614 36149699
DENMARK - 0.8%
Burmeister & Wain Holdings AS,
Series B (New) 3,120 209,436 12299296
Unidanmark AS Class A 115,000 4,063,830 92399792
4,273,266
FINLAND - 1.6%
Enso Gutzeit OY R Free shares 195,000 1,397,941 29357810
Kansallis-Osake-Pankki 585,000 1,321,492 48199210
Kone Corp. Class B Ord. 13,000 1,509,582 50400092
Repola OY 87,600 1,556,912 75999A92
Unitas Bank Ltd. 90499122:
A Free shares 270,000 766,179
B Free shares 591,700 1,579,650 90499123
8,131,756
FRANCE - 4.3%
Bail Investissement (b) 27,300 4,680,276 05699092
Coflexip sponsored ADR 108,000 2,443,500 19238410
Immeubles de France, Ste Des (b) 37,655 3,760,176 44999C22
Klepierre SA (b) 34,400 3,842,489 49899822
Pechiney SA CIP 27,000 1,918,346 70599310
UFB Locabail SA 34,000 2,571,933 90499592
Unibail (b) 28,000 2,523,860 90599B92
21,740,580
GERMANY - 4.1%
Bayer AG 7,200 1,714,244 07273010
Bremer Vulkan AG 98,000 5,925,030 10689999
Commerzbank (Rfd) 250 52,600 20299033
Commerzbank AG 2,509 544,577 20259710
Deutsche Babcock AG 5,500 888,513 25159991
Deutsche Bank AG (warrants) (b) 9,500 1,404,897 25152596
Felten & Guilleaume Enrg. AG (b) 1,900 416,415 31499292
Herlitz AG 2,800 709,311 42799392
Hoesch AG 3,100 412,334 43438199
Karstadt AG DM 50 3,000 1,140,871 48576499
Linotype-Hell AG (Bearer) (b) 6,400 1,509,069 53599092
Mannesmann AG (Rfd.) 912 256,948 56311595
Mannesmann AG Ord. 7,300 2,085,399 56377510
Rheinhold & Mahla AG 6,200 1,450,665 76299692
Sixt AG 16,000 1,033,132 83002195
Sixt AG Ord. (b) 748 246,469 83002199
Thyssen AG Ord. 4,200 727,001 88629110
20,517,475
HONG KONG - 0.8%
First Pacific Co. Ltd. 2,428,000 1,092,260 33699192
Fortei Holdings Ltd. 7,012,000 1,397,912 34999D22
Kong Wah Holdings Ltd. (b) 2,520,000 544,799 50599B92
Kumagai Gumi (b) 922,000 978,731 50099210
4,013,702
INDIA - 0.7%
Arvind Mills Ltd. units (c) 210,800 1,159,400 04334810
Indian Aluminum Ltd. GDR (c) 273,700 2,189,600 45410110
3,349,000
INDONESIA - 0.6%
Astra International (For. Reg.) 11,000 83,653 04699894
Bank Dagang Nas Indonesia PT 45,500 66,461 06099Q22
SHARES VALUE (NOTE 1)
Barito Pacific Timber (For. Reg.) (b) 171,000 $ 681,927 06799F23
Dharmala International Land 975,000 1,695,427 25399592
Pan Brothers Textile PT 900,000 573,840 69799492
3,101,308
IRELAND - 0.1%
Aran Energy (b) 1,536,000 675,963 03899999
ITALY - 2.7%
Cementerie di Sardegna Spa 538,000 2,663,321 15199F22
Cogefar-Impresit Cost Gen Spa 1,300,000 2,106,923 19199092
Consorzio di Credit Oper. Pubbl.
(Cogefar) (warrants) 1,300,000 1,459,263 21099922
Fidis Spa Ord. 1,100,000 4,550,601 31650010
Fila Holding Spa sponsored ADR (b) 153,000 2,122,875 31685010
Istituto Mobiliare Italiano 24,000 199,026 45777M92
Simint Ord. (b) 465,600 518,827 83799492
13,620,836
JAPAN - 14.3%
Akita Bank 132,000 949,079 00999692
Aomori Bank Ltd. 260,000 1,633,804 02399592
Bandai Co. Ltd. 46,800 2,060,436 06099192
Bank of the Ryukyus 17,000 971,141 83499192
Bridgestone Corp. 155,000 2,320,497 10844110
Charle Co. Ltd. 55,000 1,327,194 15999392
Daiichi Corp. Ord. 122,000 3,136,216 23599B92
Daito Trust Construction 76,000 2,021,078 24999492
Daiwa Securities 96,000 1,503,398 23499010
Fuji Distribution Co. 182,600 1,501,733 36299992
Fukushima Bank Ltd. 287,000 1,580,153 36099A92
Hankyu Department Stores, Inc. 167,000 2,171,180 41099192
Hanshin Department Store 403,000 3,175,414 41199292
Higo Bank Ltd. Ord. 178,000 1,362,218 43299192
Hyogo Bank Ltd. 392,000 1,304,995 44999292
Iwate Bank 32,000 1,733,478 45699392
Joyfull Co. Ltd. (b) 39,000 852,753 49499F22
Kanamoto Co. Ltd. 51,000 1,537,083 48399B22
Kaneshita Construction Co. Ltd. Ord. (b) 145,000 2,513,543 49099592
Kanto Auto Works Co. Ltd., Yokosuka 202,000 1,378,765 48599092
Keio Teito Electric Railway (b) 234,000 1,288,348 48766710
Kenwood Corp. 99,000 857,096 49178692
Koa Fire & Marine Insurance Co. Ltd. 167,000 1,157,963 49999010
Kumagai Gumi Co. Ltd. (warrants) 7,600 570,000 50125193
Matsuya Co. Ltd. 181,000 1,167,685 57699E22
Mazda Motor Corp. (b) 255,000 1,326,110 57878592
Michinoku Bank 195,000 1,569,142 59499392
Mitsubishi Motors Corp. (b) 198,000 1,751,247 60899692
Mitsubishi Trust & Banking 105,000 1,551,266 60699410
Namura Shipbuilding (b) 90,000 640,894 62999892
Nichii Co. Ltd. 66,000 1,001,083 65299110
Nomura Securities Co. Ltd. 117,000 2,546,735 65536130
Onward Kashiyama Co. Ltd.
(warrants) (b) 850 977,500 48551393
Shimzu Bank Ltd. 29,000 2,230,769 82499592
Sogo Co. Ltd. 387,000 2,515,709 83599K22
Sony Corp. ADR 21,000 1,173,375 83569930
Sumitomo Marine and Fire 220,000 2,136,512 94599392
Sumitomo Trust & Banking Co. 134,000 1,847,730 86599310
Tachi-S Co. Ltd. 120,000 1,157,096 88099392
Tobu Railway Co. Ltd. (warrants) (b) 500 175,000 88739192
Toho Bank Ord. 195,000 1,402,048 91799192
Tokio Marine & Fire Insurance Co. Ltd.
(The) 110,000 1,408,451 88909099
Tokyo Nissan Auto Sales Co. Ltd. 262,000 2,528,908 88998599
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
JAPAN - CONTINUED
Tokyu Department Stores Co. Ltd. 364,000 $ 2,384,124 88914593
Toyoda Auto Loom Works Ltd. 130,000 2,240,718 89200910
72,639,667
LUXEMBOURG - 0.4%
Scandinavian Broadcasting Corp. (b) 71,000 1,828,250 80699E92
MEXICO - 3.7%
Banacci SA de CV:
Class B (b) 245,000 1,500,765 06399896
Class C 55,000 373,124 06399893
Class L (b) 92,000 624,134 06399895
Cemex SA, Series B 90,000 1,951,608 15299293
Grupo Carso SA de CV Class A-1 (b) 315,000 3,140,352 40099594
Grupo Financiero Bancomer SA de CV
sponsored ADR, Series C (c) 89,000 2,191,625 40048610
Grupo Tribasa SA de CV
sponsored AD R (b) 300,042 7,351,029 40049F10
Telefonos de Mexico SA sponsored ADR
representing shares Ord. Class L 29,000 1,707,375 87940378
18,840,012
NETHERLANDS - 5.3%
Akzo NV Ord. 10,400 1,253,154 01019910
Bam Groep NV 18,600 1,152,168 05999892
CVG (Crown Van Gelder) 26,000 2,247,778 12699292
Draka Holding NV 48,700 1,114,867 26199B22
Econosto NV 170,000 2,215,998 27903299
Geveke Trade 88,200 1,724,568 37431310
Heidemij NV (b) 100,400 1,066,750 42099522
Hoogovens en Staalfabrieken (b) 49,300 1,917,296 43888410
KBB (Kon Bijenkorf Beheer) NV:
Ord. 13,800 790,164 48130092
(rights) 13,800 5,947 48130095
Kempen & Company NV 269,000 1,999,568 48899D22
MacIntosh Confectionary Works (b) 62,000 2,043,846 58199292
Philips Electronics (b) 29,400 859,909 71833799
Pirelli Tyre Holdings NV Ord. (b) 171,500 1,708,996 72499092
Samas-Groep NV 57,250 1,788,580 79499110
Telegraaf 23,700 2,093,617 87940410
Volker Stevin NV 42,600 2,111,069 92868894
Wereldhave NV 8,800 522,359 95199E22
26,616,634
NORWAY - 2.3%
Bolig Og Naerings Banken 113,000 2,317,997 09799F22
Color Lines 312,600 1,265,039 19699492
Den Norske Bank Class A Free shares (b) 674,700 1,821,832 25299792
Mosvold Shipping AS B 221,700 1,299,368 62099294
Petroleum Geo Services AS (b) 53,000 739,593 71699E92
Smedvig AS 92,200 1,055,023 79799892
Smedvig AS (rights) 92,200 3,217 79799895
Sparebanken Norway Prime share
cert. (b) 75,000 1,412,902 84699E22
Vital Forsikring Free shares 186,500 1,899,848 93999692
11,814,819
PORTUGAL - 0.5%
Engil Soc. de Const. 21,000 307,934 29299192
Engil Soc. de Const. (New) 12,600 184,760 29299197
Mundicenter Soc Imobil SA 72,000 2,073,465 62699592
2,566,159
SINGAPORE - 0.7%
Jurong Cement (b) 1,110,000 3,355,197 48299792
SHARES VALUE (NOTE 1)
SOUTH AFRICA - 0.4%
Anglo American Corp. of South
Africa Ltd.:
ADR 10,000 $ 492,500 03486110
(Reg.) (b) 30,000 1,524,324 03486130
2,016,824
SPAIN - 2.9%
Banco Bilbao Vizcaya SA Ord. (Reg.) 154,600 3,692,026 05945891
Banco Central SA (Reg.) 101,000 2,205,682 05947010
Banco de Santander Ord. (Reg.) 8,000 351,792 05957410
Banco de Valencia SA (Reg.) 210,000 2,573,817
Banco Pastor SA (b) 80,475 3,777,917 05999792
Conservera Campo Frio 34,000 1,742,618 20899292
Hisalba (b) 15,000 268,524 46199592
14,612,376
SWEDEN - 7.4%
ASG AB Class B Free shares Ord. 79,700 1,360,229 16599C22
Arjo AB (c) 168,000 2,668,732 04069792
Avest Sheffield AB Ord. Free shares (b) 430,000 2,822,597 05399892
Catena AB Class A Free shares 140,000 1,157,920 14999G22
Celsius Industrier AB Class B 85,000 2,265,298 15199D22
Enator Information System AB B Free
shares (b) 312,600 1,723,648 29299H22
Foreningsbanken AB Ord. Class A (b) 683,000 1,416,733 34599E22
Hennes & Mauritz AB B Free shares 27,900 1,384,543 42599110
Hoganas AB Class B Free shares (c) 70,000 946,555 43899M22
Marieberg Tidnings A (b) 160,000 4,222,080 56799392
Munksjo AB 628,000 4,864,318 62599922
NCC AB B Free shares 479,000 3,835,976 63399192
Rottneros Bruk AB Free shares 4,000,000 4,201,080 77899522
Scribona AB B Free shares (b) 66,100 433,892 81199B92
Skanska Class B (b) 40,000 987,252 93899392
Trelleborg AB Class C Free shares 156,000 2,293,787 89491092
Trustor AB B Free shares 185,500 1,120,242 89899D22
37,704,882
SWITZERLAND - 3.9%
Bucher Holding AG (Bearer) 350 1,187,329 08699292
CS Holdings (Bearer) (b) 2,830 1,218,202 17599792
Globus Magazine Part. Cert. 1,800 1,199,444 37957792
Industrieholding Cham AG (Reg.) 1,500 1,207,996 85599922
Jelmoli Grand Magasins SA (Reg.) 15,000 1,662,331 47469993
Jelmoli Grands Magasins SA 1,150 686,812 47469910
Merkur Holdings AG Ord. (Reg.) 6,000 1,492,356 59099393
Reisebuero Kuoni Part. Cert. 1,400 2,195,061 75999592
SMH (Schweiz Gesel UHR) (Bearer) 3,500 2,120,229 80899294
Swiss Bank Corp. (Reg.) 10,936 1,519,809 87083694
Swiss Reinsurance Corp.:
(Reg.) (b) 1,500 639,276 87099393
A (warrants) (b) 1,500 5,078 87099D22
B (warrants) (b) 1,500 5,880 87099399
Von Moos Holdings AG Ord 33,500 4,034,850 94099293
Winterthur Schweiz (Reg.) 1,750 808,182 97629994
19,982,835
THAILAND - 0.2%
Eastern Wire Co. Ltd. (For. Reg.) 325,000 884,133 27799423
UNITED KINGDOM - 3.3%
Brown & Jackson PLC 19,000,000 1,513,730 11599092
Guinness PLC Ord. 160,000 1,164,226 40203310
Hammerson Property Investment &
Development Corp. PLC Ord. 194,333 1,172,228 40831510
Hanson Trust PLC Ord. 190,000 787,128 41135210
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
UNITED KINGDOM - CONTINUED
Hartstone Group PLC Ord. (b) 829,200 $ 578,823 41722610
Imperial Chemical Industries PLC:
ADR (New) 15,000 746,250 45270450
Ord. 50,000 622,934 45270440
Ladbroke Group PLC Ord. 570,000 1,604,527 50572799
Royale Insurance Co. Ltd. 350,000 1,396,860 78074910
Sedgwick Group 240,000 717,475 81482610
Shanks & McEwan Group PLC 1,400,000 2,273,222 81999294
Trafalgar House PLC Ord. 925,000 1,473,876 89270710
Wates City of London Property (b) 1,574,999 1,912,049 94299092
Wellcome PLC sponsored ADR 90,000 720,000 94947820
16,683,328
UNITED STATES OF AMERICA - 13.9%
AMR Corp. (b) 25,000 1,515,625 00176510
Allstate Corp. 56,700 1,353,713 02000210
Alumax, Inc. (b) 13,300 317,538 02219710
Amerada Hess Corp. 42,700 2,145,675 02355110
American Eagle Outfitters, Inc. 1,000 15,625 02553D10
American Ecology Corp. 25,400 266,700 02553310
American Stores Co. 68,800 1,720,000 03009610
Astec Industries, Inc. (b) 67,000 1,005,000 04622410
BJ Services Co. (b) 19,300 354,638 05548210
Baker (J.), Inc. 51,000 1,083,750 05723210
Bank of Boston Corp. 32,551 838,188 06071610
Bruno's, Inc. 150,000 1,143,750 11688110
Burlington Industries, Inc. 41,000 625,250 12169310
Cliffs Drilling Co. (b) 18,000 229,500 18682C10
Cobra Industries, Inc. (b) 71,000 426,000 19104E10
Cyprus Amax Minerals Co. 13,300 374,063 23280910
Dayton Hudson Corp. 32,900 2,599,100 23975310
Deposit Guaranty Corp. 25,000 706,250 24955510
Dresser Industries, Inc. 48,000 1,092,000 26159710
Eastman Kodak Co. 42,000 1,743,000 27746110
Enterra Corp. (b) 25,600 515,200 29380510
Exxon Corp. 15,000 943,125 30229010
GEON Co. 28,000 773,500 37246W10
Georgia Gulf Corp. (b) 23,800 687,225 37320020
Global Marine, Inc. (New) (b) 285,000 1,140,000 37935240
Global Ocean Carriers Ltd. (b) 26,200 88,425 37935710
Grace (W.R.) & Co. 10,900 444,175 38388310
Great Atlantic & Pacific Tea Co., Inc. 13,300 332,500 39006410
Halliburton Co. 14,000 414,750 40621610
Harveys Casino Resorts 24,500 410,375 41782610
Helmerich & Payne, Inc. 32,000 836,000 42345210
International Business Machines Corp. 63,700 3,646,825 45920010
Kentucky Electric Steel, Inc. (b) 28,600 293,150 49127B10
Kerr-McGee Corp. 54,600 2,443,350 49238610
Kroger Co. (The) (b) 70,000 1,592,500 50104410
Lafarge Corp. 36,200 819,025 50586210
Liz Claiborne, Inc. 90,000 2,250,000 53932010
Medusa Corp. 47,400 1,179,075 58507230
Mellon Bank Corp. 21,589 1,203,587 58550910
Micropolis Corp. (b) 54,050 391,863 59490710
Mobil Corp. 8,000 626,000 60705910
OM Group, Inc. (b) 70,000 1,400,000 67087210
Oryx Energy Co. 22,200 374,625 68763F10
Pfizer, Inc. 31,000 1,829,000 71708110
Philip Morris Companies, Inc. 26,000 1,417,000 71815410
RJR Nabisco Holdings Corp. (b) 228,700 1,457,963 74960K10
Reynolds Metals Co. 28,200 1,184,400 76176310
Rite Aid Corporation 55,000 1,058,750 76775410
Ross Stores, Inc. (b) 62,900 1,061,438 77829610
SHARES VALUE (NOTE 1)
Santa Fe Pacific Corp. 44,000 $ 979,000 80218310
Schering-Plough Corp. 39,000 2,379,000 80660510
Sears, Roebuck & Co. 33,000 1,551,000 81238710
Serv-Tech, Inc. (b) 18,200 177,450 81753910
Shawmut National Corp. 55,000 1,230,625 82048410
Standard Pacific Corp. 65,000 593,125 85375C10
Stop & Shop Companies, Inc. (b) 27,700 740,975 86209910
Supervalu, Inc. 17,000 554,625 86853610
Tech Data Corp. (b) 20,000 357,500 87823710
Texaco, Inc. 10,300 663,063 88169410
Textron, Inc. 19,000 1,002,250 88320310
Tidewater, Inc. 17,000 357,000 88642310
Tuboscope Vetco Corp. (b) 151,000 868,250 89860010
UAL Corp. (b) 8,000 1,033,000 90254910
UDC Homes, Inc. 60,200 413,875 90264610
Union Planters Corp. 62,407 1,653,786 90806810
Unisys Corp. (b) 70,000 761,250 90921410
United States Banknote Corp. (b) 125,000 437,500 91162310
Vons Companies, Inc. (b) 39,300 717,225 92886910
Weatherford International, Inc. (b) 42,500 456,875 94707610
Western Co. of North America (b) 55,000 701,250 95804340
Westpoint Stevens, Inc. Class A (b) 60,400 973,950 96123810
Whitney Holding Corp. 27,000 621,000 96661210
Wolverine Tube, Inc. (b) 36,000 828,000 97809310
70,420,765
VENEZUELA - 0.1%
CA Venepal GDR Class A ADR (b) (c) 134,502 437,132 12477610
TOTAL COMMON STOCKS
(Cost $350,845,237) 383,615,845
PREFERRED STOCKS - 4.3%
CONVERTIBLE PREFERRED STOCKS - 0.9%
UNITED KINGDOM - 0.1%
Trafalgar House PLC Ord. 6% 200,000 411,242 89270797
UNITED STATES OF AMERICA - 0.8%
Chiles Offshore Corp. $1.50 (b) 13,000 295,750 16888720
Consolidated Freightways, Inc., Series C,
$1.54 67,300 1,514,250 20923720
Kaiser Aluminum Corp. $0.96 (b) 19,000 178,125 48300740
Reynolds Metals Co. $3.31 21,500 991,688 76176350
Unisys Corp., Series A, $3.75 (b) 26,600 1,060,675 90921420
4,040,488
TOTAL CONVERTIBLE PREFERRED STOCKS 4,451,730
NONCONVERTIBLE PREFERRED STOCKS - 3.4%
GERMANY - 3.4%
Bayerische Motor Werke (BMW) AG 4,000 1,596,131 05528393
Escada AG (non-vtg.) 22,000 5,160,822 29605192
FAG Kugelfischer Georg Schaef 16,000 2,282,950 50105492
Herlitz AG 15,000 3,400,846 42799393
Kaufhof AG 5,800 1,465,780 48615294
Moebel Walther AG 3,600 1,469,166 61099B22
Schwabengarage AG 7,900 1,838,875 80899392
17,214,570
PREFERRED STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
NONCONVERTIBLE PREFERRED STOCKS - CONTINUED
PORTUGAL - 0.0%
Engil Soc. de Const. 10,000 $ 128,122 29299194
Engil Soc. de Const. (New) 6,000 76,873 29299198
204,995
TOTAL NONCONVERTIBLE PREFERRED STOCKS 17,419,565
TOTAL PREFERRED STOCKS
(Cost $18,001,868) 21,871,295
CORPORATE BONDS - 1.1%
MOODY'S RATINGS PRINCIPAL
AMOUNT (A)
CONVERTIBLE BONDS - 1.0%
DENMARK - 0.1%
Burmeister & Wain Holdings
AS 7%, 10/4/98 - DKK 3,160,000 726,577 122992AA
GERMANY - 0.1%
Commerzbank AG 7%,
12/31/00 - DEM 500,000 471,584 202990MS
GRAND CAYMAN - 0.5%
Filinvest (Cayman Island) Ltd.
3 3/4%, 2/28/04 (c) - $ 3,000,000 2,640,000 317015AA
SPAIN - 0.1%
Banco Santander euro 9%,
6/24/94 A1 ESP 50,000,000 393,685 0595749B
UNITED KINGDOM - 0.1%
Royal Insurance Holdings PLC
euro 7 1/4%, 12/12/07 - GBP 375,000 598,938 7807499B
TOTAL CONVERTIBLE BONDS 4,830,784
NONCONVERTIBLE BONDS - 0.1%
ITALY - 0.1%
Consorzio di Credit Oper.
Pubbl. 6%, 3/31/99 - ITL 1,300,000 758,328 210999AA
TOTAL CORPORATE BONDS
(Cost $5,722,555) 5,589,112
GOVERNMENT OBLIGATIONS (E) - 2.7%
ARGENTINA - 1.6%
Argentina Republic 5%,
3/31/05 (c) (d) - 187,000 136,276 039995AT
Argentina Republic:
BOCON 3 1/4%, 4/1/01 B1 1,472,024 1,029,843 039995AF
Brady:
euro 4%, 3/31/23 B1 10,000,000 5,287,500
4%, 3/31/23 (c) - 3,315,000 1,752,806 0401149Y
8,206,425
MEXICO - 0.9%
Mexican Government 10 3/5%,
10/20/94 - MXN 15,000,000 4,593,768 597998TH
MOODY'S RATINGS PRINCIPAL
AMOUNT (A)
SWEDEN - 0.2%
Swedish Government 11 1/2%,
9/1/95 Aa2 SEK 6,000,000 $ 822,409 8702009B
TOTAL GOVERNMENT OBLIGATIONS
(Cost $13,522,127) 13,622,602
REPURCHASE AGREEMENTS - 16.1%
MATURITY
AMOUNT
Investments in repurchase agreements
(U.S. Treasury obligations), in a joint
trading account at 3.56% dated
4/29/94 due 5/2/94 $ 81,773,252 81,749,000
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $469,840,787) $ 506,447,854
FORWARD FOREIGN CURRENCY CONTRACTS
SETTLEMENT UNREALIZED
DATE(S) VALUE GAIN/(LOSS)
CONTRACTS TO BUY
197,712,500 ESP 5/3/94 $ 1,467,930 $ 74,607
(Payable amount $1,393,323)
THE VALUE OF CONTRACTS TO BUY AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 0.3%
CONTRACTS TO SELL
197,712,500 ESP 5/3/94 $ 1,467,930 $ (79,524)
33,265,250 NOK 6/28/94 4,633,753 (77,806)
638,700,000 JPY 7/1/94 6,312,574 (111,964)
TOTAL CONTRACTS TO SELL
(Receivable amount $12,144,963) $ 12,414,257 $ (269,294)
THE VALUE OF CONTRACTS TO SELL AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 2.5%
CURRENCY ABBREVIATIONS
DKK - Danish krone
DEM - German Deutsche mark
ESP - Spanish peseta
GBP - British pound
ITL - Italian lira
JPY - Japanese yen
MXN - Mexican peso
NOK - Norwegian krone
SEK - Swedish krona
LEGEND
(a) Principal amount is stated in United States dollars unless otherwise
noted.
(b) Non-income producing
(c) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $14,122,126 or 2.8% of net
assets.
(d) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(e) Most foreign government obligations have not been individually rated by
S&P or Moody's. The ratings listed are assigned to securities by FMR,
the fund's investment adviser, based principally on S&P and Moody's
ratings of the sovereign credit of the issuing government.
(f) Standard & Poor's Corporation credit ratings are used in the
absence of a rating by Moody's Investors Service, Inc.
OTHER INFORMATION
Purchases and sales of securities, other than short-term securities,
aggregated $243,065,530 and $91,607,208, respectively.
The fund placed a portion of its portfolio transactions with brokerage
firms which are affiliates of FMR. The commissions paid to these affiliated
firms were $21,940 for the period (see Note 4 of Notes to Financial
Statements).
INCOME TAX INFORMATION
At April 30, 1994, the aggregate cost of investment securities for income
tax purposes was $469,903,144. Net unrealized appreciation aggregated
$36,544,710, of which $59,459,988 related to appreciated investment
securities and $22,915,278 related to depreciated investment securities.
INDUSTRY DIVERSIFICATION
As a Percentage of Total Value of Investments
Aerospace & Defense 1.9%
Basic Industries 10.2
Conglomerates 0.4
Construction & Real Estate 12.5
Durables 8.5
Energy 3.7
Finance 18.9
Government Obligations 2.7
Health 1.5
Industrial Machinery & Equipment 3.0
Media & Leisure 3.1
Nondurables 1.5
Precious Metals 0.4
Repurchase Agreements 16.1
Retail & Wholesale 8.6
Services 1.5
Technology 3.1
Transportation 2.1
Utilities 0.3
100.0%
WORLDWIDE
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
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APRIL 30, 1994 (UNAUDITED)
ASSETS
Investment in securities, at value (including repurchase agreements of $81,749,000) (cost $469,840,787) $ 506,447,854
(Notes 1 and 2) - See accompanying schedule
Long foreign currency contracts held, at value (cost $1,393,323) (Note 2) 1,467,930
Short foreign currency contracts $ (12,414,257
(Note 2) )
Contracts held, at value
Receivable for contracts held 12,144,963 (269,294
)
Receivable for investments sold 8,042,635
Receivable for fund shares sold 17,009,053
Dividends receivable 893,189
Interest receivable 422,471
Other receivables 7,487
TOTAL ASSETS 534,021,325
LIABILITIES
Payable for foreign currency contracts held (Note 2) 1,393,323
Payable for investments purchased 623,007
Payable for fund shares redeemed 4,344,385
Accrued management fee 314,869
Other payables and accrued expenses 390,309
TOTAL LIABILITIES 7,065,893
NET ASSETS $ 526,955,432
Net Assets consist of (Note 1):
Paid in capital $ 468,911,677
Undistributed net investment income 1,291,214
Accumulated undistributed net realized gain (loss) on investments 20,340,161
Net unrealized appreciation (depreciation) on:
Investment securities 36,607,067
Foreign currency contracts (194,687
)
NET ASSETS, for 38,489,069 shares outstanding $ 526,955,432
NET ASSET VALUE, offering price and redemption price per share ($526,955,432 (divided by) 38,489,069 shares)(Note 4)$13.69
STATEMENT OF OPERATIONS
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SIX MONTHS ENDED APRIL 30, 1994 (UNAUDITED)
INVESTMENT INCOME $ 2,883,315
Dividends
Interest 1,919,073
4,802,388
Less foreign taxes withheld (Note 1) (253,778
)
TOTAL INCOME 4,548,610
EXPENSES
Management fee (Note 4) $ 1,606,216
Transfer agent fees (Note 4) 826,968
Accounting fees and expenses 125,451
(Note 4)
Non-interested trustees' compensation 1,140
Custodian fees and expenses 179,574
Registration fees 87,934
Audit 25,002
Legal 2,179
Miscellaneous 1,544
Total expenses 2,856,008
Expense reductions (Note 6) (2,558 2,853,450
)
NET INVESTMENT INCOME 1,695,160
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTES 1 AND 2)
Net realized gain (loss) on:
Investment securities 20,810,808
Foreign currency contracts (146,783 20,664,025
)
Change in net unrealized appreciation (depreciation) on:
Investment securities 9,592,747
Foreign currency contracts (373,435 9,219,312
)
NET GAIN (LOSS) 29,883,337
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 31,578,497
OTHER INFORMATION
Accounting fees paid to FSC $124,430
(Note 4)
STATEMENT OF CHANGES IN NET ASSETS
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INCREASE (DECREASE) IN NET ASSETS 